BITS Pilani is launching IGNITE 2024, its flagship startup pitching competition, on November 9th-10th at the BITS School of Management (BITSOM), Mumbai. Aimed at early-stage startups, this event offers an unparalleled chance to pitch to over 70 of India’s leading venture capitalists and angel investors, including Anthill Ventures, Acumen, and Unicorn India Ventures. Startups will have the opportunity to secure crucial investments and build long-term relationships that can accelerate their growth journey.
IGNITE 2024 isn’t just about the pitch instead it’s about creating lasting and impactful connections. The top startups will be granted exclusive access to a network of incubators, built in collaboration with the event’s key stakeholders. These incubators span across the country, providing selected startups with co-working spaces, mentorship, resources, and industry expertise. This ecosystem will help startups refine their ideas, enhance their product-market fit, and scale efficiently, giving them the support they need to succeed.
Startups competing in IGNITE 2024 stand to benefit from a prize pool of over 1 million+ and $25,000 in tech credits. Beyond financial rewards, the top 100 startups will receive a chance to incubate at PIEDS, BITS Pilani’s startup incubator.
BITS Pilani, with its long-standing legacy of fostering entrepreneurial talent and innovation, ensures that IGNITE 2024 transcends the conventional startup competition model. Leveraging its deeply connected alumni network and proven track record of producing successful ventures, BITS Pilani aims to embed participants into one of the most vibrant and influential startup ecosystems in India. Startups will not only compete for funding but also become part of a larger community that champions innovation, collaboration, and business growth.
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IGNITE 2024
The application deadline for IGNITE 2024 is September 22nd. Startups eager to scale their businesses and be at the forefront of India’s innovation wave should not miss this opportunity. Apply here to secure your place and take your startup to the next level.
For more information and to apply, visit: www.ignite-bitspilani.org
While Ola Electric, a manufacturer of battery-powered scooters, is struggling to deal with an increasing number of service complaints from consumers, the company has decided to form a new support team.
As a result of the approximately 80,000 complaints that the Bengaluru-based company has been receiving each month, the company’s service centers are having a difficult time keeping up with the volume of complaints. According to a media report, there are days when the number of clients reaches a peak of 6,000 to 7,000 per day, which results in lengthy delays, leaves service staff feeling stressed out, and makes customers frustrated.
In order to tighten its focus on its service operations, the manufacturer of the S1 line of electric scooters has assembled a new team, which includes employees from the product and operations divisions, amongst others.
Sales of Ola Scooter Deteriorating
The problem of service delays that Ola Electric is experiencing corresponds with a decrease in sales. It saw its lowest monthly sales of the year in August, selling 27,506 units, which is a 34% decrease from July’s total. Additionally, its market share dropped from 39% to 31% during this month. In the market for electric two-wheelers, competitors Bajaj Auto Ltd. and TVS Motor Company Ltd. continue to maintain their levels of stability.
Based on the information provided on the company’s website, Ola Electric has successfully sold more than 6.8 lakh electric scooters since its beginning. Additionally, the company has 430 service stations throughout the country.
Lack of Personnel and Resources
Numerous users have referred to the Ola electric service station as a “graveyard of scooters” due to the fact that the entire area is cluttered with about 500 to 600 scooters that have broken down. A group of four technicians is having trouble keeping up with repairs that require a crew of ten, according to a story that was published in the media.
As a result of the removal of the authorised service board from the centre, consumers are left wondering when or if their vehicles would be repaired. After the company closed a service centre in New Delhi, the situation became much more dire, and some customers from that area have even gone so far as to approach the authorities after waiting for repairs for more than six weeks.
Ola’s Market Report
Ola Electric’s recent market share loss was identified as a “risk” for the company by the broking firm HSBC last week, and the company’s sales volume predictions for FY25-26 were reduced by 15-20% following the announcement. The shares of the corporation, on the other hand, experienced a 10% increase and reached the upper circuit on September 17th, following the introduction of coverage on the stock by Bank of America and Goldman Sachs. By placing their bets on the company’s market leadership and efforts to vertically integrate, the brokerages forecast an upside of between 35 and 50 percent.
In a research published on September 17, Bank of America stated that electric two-wheeler adoption in India is at “an important inflexion on EV curve” due to the fact that e-scooters are currently priced lower than petrol scooters. The report cited Ola as the largest electric two-wheeler company in India, which holds a share of approximately 40%. Bank feels that Ola has sorted out essential pieces of the electric vehicle puzzle, despite the fact that it is a new entrant. These critical pieces include a proven and expanding product range (not just a concept), decent financial availability, brand and distribution reach, research and development/technology focus, and a big addressable market, according to the report.
Elon Musk has highlighted the revolutionary power of artificial intelligence (AI) as well as the dangers it could cause to humanity in two separate scenarios. Earlier, Musk, the CEO of Tesla, gave an interview to the podcast titled “All In” in which he discussed his thoughts on the development of artificial intelligence and humanoid robots.
With the assertion that the technology has an 80% chance of being beneficial to society, he proposed that AI technologies would soon be able to outperform humans in practically all tasks. In addition, he offered a stern warning, suggesting that there is a 20% chance of “human elimination” as a result of the unrestricted development of artificial intelligence.
“Elon Musk’s prediction of an 80% chance of AI success and a 20% risk of human extinction captures the dichotomy of our technological progress. These percentages represent not just a prediction, but a critical turning point in our relationship with artificial intelligence. On the one hand, 80% represents AI’s immense potential for revolutionizing industries, solving complex problems, and improving our daily lives. With innovation comes the promise of smarter healthcare, cleaner energy, and unprecedented connectivity, which could usher in a new era of prosperity,” said Manish Mohta, Founder of Learning Spiral.
Sharing his views on the topic, Bhaskar Ganguli, Co-Founder & Director Marketing, Mass Software Solutions stated, “Elon Musk’s recent comment concerning AI emphasises its potential as a double-edged sword. The IT industry is grappling with improving operations management and problem resolution in complicated IT settings. AI, a key breakthrough, provides solutions, having already achieved progress in a variety of disciplines. However, the progress of artificial intelligence raises concerns about repercussions that may lead to the situation such as loss of job opportunities, gradual loss of privacy, and development of autonomous weaponry.”
However, he further mentioned that maintaining a balanced perspective is vital while considering the potential repercussions and opportunities presented by AI. Notably, everyone is accountable for aiding in the advancement of AI in an ethical, responsible, and societally appropriate manner.
Vipin Vindal, CEO, Quarks Technosoft, opined that Elon Musk’s prediction of an 80% success rate for AI and a 20% risk of human extinction serves as a timely reminder of the potential benefits and challenges associated with artificial intelligence. While AI has demonstrated remarkable capabilities in various domains, its development requires careful consideration of ethical implications and potential unintended consequences. A 2023 Oxford study estimates that there’s a 50% chance of AI exceeding human capabilities across all tasks within 45 years. To mitigate risks and ensure AI’s positive impact, it’s imperative to invest in research on AI safety and alignment, establish international standards for AI ethics, and develop robust regulatory frameworks.
A 2023 global survey conducted by Pew Research Center found that 75% of respondents believe AI will have a significant impact on their lives within the next 50 years, highlighting the need for proactive measures to shape AI’s development beneficially. To ensure that this impact is positive, it’s imperative to invest in AI safety research, establish international governance frameworks, and prioritize human values in AI design.
Tesla’s Development of “Optimus
Musk described Tesla’s creation of “Optimus,” a humanoid robot that is still in the process of being developed. He believes that this robot has the potential to revolutionise common tasks such as landscaping, babysitting, and dog walking.
His prediction was that in the not-too-distant future, these multi-functional robots, which would most likely cost somewhere around $20,000, will become an indispensable component of houses. Apparently, after these robots take over many of the duties that people no longer choose to do, “there’s no actual limit to the size of the economy,” as reported by a media house.
AI Might Become Threat to the Society
Although Musk highlighted the potential benefits and economic effects of AI, he also discussed the social issues that could arise as a result of this technology. As a result of the replacement of persons in tasks that have historically been considered fundamental to human labour, he projected that artificial intelligence and autonomous robots could lead to a “crisis of meaning” for individuals. One of the most important concerns that Musk raised in his study was the topic of what humans will do with their time in a society that is dominated by machines. He pointed out that some people may have difficulty finding a purpose in their lives.
Musk forecasted that within the next 30 years, the number of robots would significantly surpass that of humans. Despite the fact that he admitted that his estimates are typically unduly optimistic, he anticipated that it would take Tesla approximately 5 to 6 years to build one million Optimus robots on an annual basis. Musk has maintained that many people, particularly seniors, are already enjoying life outside of the working, which suggests that humans may be able to adapt to this shifting landscape. This is despite the fact that artificial intelligence presents a number of obstacles.
“Musk has long advocated for a cautious approach to AI development, warning that if not properly regulated and controlled, AI could evolve in unpredictable and potentially dangerous ways. His fear stems from the rapid advancement in AI capabilities, which could surpass human intelligence and act in ways that are not aligned with human values or safety,” stated Eric Fonseca, VP Marketing, INDOAI Technologies Pvt. Ltd.
“This dichotomy—where AI is seen as a powerful tool for good but also a potential existential threat—reflects the growing debate within the tech community. Musk’s forecast underscores the importance of ethical AI development, advocating for safety measures, global regulations, and transparent oversight to ensure that AI remains a force for progress rather than destruction,” Fonseca added further.
Musk’s Future Plans
Elon Musk, however, made passing reference to his own ambitions, suggesting that he had no plans to retire from work anytime soon, even though artificial intelligence was on the increase. There are currently 6 firms that he is involved with, one of which is his most recent endeavour, xAI, which is an artificial intelligence startup that is pitching itself as a competitor to OpenAI.
In addition, he made an understated reference to the fact that he would be willing to participate as an advisor in a government efficiency commission in the event that former President Donald Trump were to return to power.
“Project Next” is a career growth project that has been created by Swiggy, which is on its way to becoming an initial public offering (IPO). The company is looking to tap into the partner network to speed up the process of restaurant onboarding.
By participating in this effort, the platform’s delivery partners are allowed to assume new positions within the organization, including sales executives, amongst other positions. The project is a component of Swiggy Skills, a bigger initiative that provides individuals in a variety of jobs with opportunities for employment, internships, and training, as well as opportunities to acquire new skills.
Earlier this month, Swiggy Skills was introduced to the public in conjunction with the Ministry of Skill Development and Entrepreneurship.
How Project Next Can Further Support Delivery Partners?
By means of Project Next, delivery partners are anticipated to be accountable for the onboarding and management of Swiggy’s expanding restaurant network, particularly in Tier II and Tier III locations, to provide eateries with high-quality service on the platform.
Across India, Swiggy collaborates with close to 4 lakh delivery partners. While a lot of people appreciate the site since it offers flexible income opportunities, some want more.
“As part of Swiggy Skills effort, we developed Project Next to empower this particular demographic.” According to Rohit Kapoor, the Chief Executive Officer of Swiggy Food Marketplace, this one-of-a-kind program assists delivery partners in making the transition from “blue collar” to “white collar” workers.
According to a statement released by the firm, Project Next has successfully led to the transformation of one hundred Swiggy delivery partners into sales executives. These sales executives have successfully onboarded nearly 350 eateries. The company intends to broaden the scope of this program by initiating the transition of hundreds of additional delivery partners across more than 150 expanding regions. These markets include Vadodara, Amritsar, Nashik, Agra, and Dharwad.
Project Next is the most recent initiative to be revealed as part of the ‘Swiggy Skills’ initiative, which was announced earlier this month in collaboration with the Union Ministry of Skill Development and Entrepreneurship.
It was stated in the release that Swiggy will collaborate with the discovery of employment opportunities for 3,000 individuals in restaurant operations and various aspects of retail management. Additionally, Swiggy will facilitate online skill development and upskilling for almost 240,000 delivery partners and the staff of its 200,000 restaurant partners as part of the initiative.
With the acquisition of a 49% equity stake in Pflege Home Healthcare for INR 30 crore and a 30% stake in Rollins International for INR 60 crore, the online travel platform EaseMyTrip announced on 17 September 2024 that it would be entering the rapidly expanding medical tourism market.
The board of directors of EaseMyTrip has given its approval to purchases totaling INR 90 crore to expand into the medical tourism industry, the firm stated in a filing with the exchange.
The Deal of EaseMyTrip and Pflege Home Healthcare Offerings
Through the acquisition of a 49% equity investment in Pflege Home Healthcare, which is located in Dubai, EaseMyTrip has made its debut in the healthcare service market. The transaction was completed at a cost of INR 30 crore. In addition to providing crucial medical equipment like ventilators and oxygen, Pflege is well-known for its comprehensive range of home-based medical care services, which include visits of the doctor, nursing care, physiotherapy, and the provision of additional medical equipment.
This patient-centered approach, which places an emphasis on providing compassionate care in the comfort of the patient’s own home, will now be incorporated into the services that EaseMyTrip provides to clients who are looking for medical treatments in other countries.
As a result of this agreement, EaseMyTrip intends to offer opportunities for individuals who are looking for healthcare solutions that are easily accessible, particularly in Dubai, which is a significant centre for medical tourists from all over the world.
The Chief Executive Officer and Co-Founder of EaseMyTrip, Nishant Pitti, stated that the addition of Rollins International and Pflege Home Healthcare has resulted in a considerable expansion of the company’s portfolio. “As a result of this change, we are able to reinvent medical tourism by making it more accessible and easy for our clients. For both domestic and foreign tourists, we are dedicated to providing care that is both seamless and of the highest possible quality, whether they are seeking medical treatment or wellness retreats,” Pitti added.
The Deal of EaseMyTrip and Rollins International and Offerings
Rollins International is a firm that specialises in gluten-free, lactose-free, and allergen-free food products, health supplements, and new-age wellness therapies. EaseMyTrip has also bought a 30% share in Rollins International, which was valued at INR 60 crore at the time of the acquisition.
The wellness centres that Rollins maintains may be found in various major cities in India, such as New Delhi, Mumbai, Bengaluru, and Hyderabad. It is anticipated that Rollins will continue to expand its operations. Through the acquisition of this company, EaseMyTrip will be able to serve a growing market of health-conscious travellers who place a high priority on their wellness and nutritional requirements while they are away.
Through the incorporation of Rollins’ expertise in wellness and allergen-free products, EaseMyTrip intends to develop travel experiences that cater to the specific health and lifestyle requirements of its consumers.
Following a number of years spent attempting to revitalize the company in the face of declining demand, Tupperware Brand is reportedly making preparations to file for bankruptcy as soon as this week, according to media reports.
After violating the conditions of its debt and enlisting legal and financial experts, the home-goods business, which has defined food storage for a significant portion of a century, is seeking to enter court protection.
After an extended time of negotiations between Tupperware and its lenders regarding how to manage more than 700 million dollars in debt, the company has begun the process of filing for bankruptcy. This year, the lenders reached an agreement to provide the company with some breathing room about the loan terms that were breached; yet, the company continued to decline. However, these plans are not yet finalized and may undergo modifications in the future.
Tupperware Made Several Re-Arrangements but Failed to Hit Profit
Tupperware has been warning for years that there is uncertainty over the company’s capacity to continue operating. It announced in June that it intended to close its one and only factory in the United States and lay off over 150 workers. Last year, as part of an effort to turn the company around, it appointed Laurie Ann Goldman as the new Chief Executive Officer. This was done in addition to replacing Miguel Fernandez, who had been serving as Chief Executive Officer, and other board members.
It was in 1946 when Tupperware made its plastic products available to the general public, following the invention of their flexible airtight seal containers by the company’s founder, Earl Tupper. To a significant extent, sales parties that were organised by suburban women were responsible for the brand’s explosion into American homes.
Throughout its nearly eight decades of existence, the company has maintained its reliance on direct sales conducted by a huge number of amateur vendors. As of the year 2022, the corporation’s regulatory filings estimate that it has more than 300,000 independent salesmen.
Other Companies That Have Declared Bankruptcy
In June 2024, Red Lobster filed for bankruptcy, which resulted in the closure of at least fifty outlets and the request to a judge for permission to close one hundred more. The seafood restaurant has been engulfed by problems, including questionable management by the private equity firm that controlled it and an Endless Shrimp campaign that went wrong, according to sources. All of these problems had been hurting the operation. Over the course of the previous month, it was bought as a component of a restructuring agreement.
In March 2024, the store of fabrics and crafts known as Joann submitted a petition for bankruptcy. A bankruptcy judge gave his approval to a restructuring agreement that enabled the company to keep its 815 stores operational while simultaneously reducing its debt by $505 million.
Earlier this year, in April, the clothing retailer Express filed for bankruptcy, and shortly thereafter, a consortium led by the brand management company WHP Global bought the company.
Representatives from the Solvent Extraction Association of India (SEAI), the Indian Vegetable Oil Producers’ Association (IVPA), and the Soyabean Oil Producers Association (SOPA) were present in a meeting that was chaired by the Secretary of the Department of Food and Public Distribution (DFPD) of the Government of India on 17 September. The purpose of the meeting was to discuss the pricing strategy. To ensure that the maximum retail price (MRP) of each oil is maintained until the availability of edible oil stocks imported at 0% and 12.5% Basic Customs Duty (BCD), the leading Edible Oil Associations were asked to meet with their members as soon as possible and discuss the matter.
The maximum retail price (MRP) of edible oils like sunflower oil, soybean oil, and mustard oil was decreased by the industry earlier as a result of talks that the Department had with the key groups for edible oils. The decline in the price of oil was a consequence of the fall in international prices as well as the reduction in the import duty on edible oils, which resulted in the oils becoming more affordable. It has been suggested to the industry regularly that the domestic prices should be brought into line with the international rates to reduce the burden that is placed on the consumers.
Hiking the Basic Customs Duty on Various Edible Oils
For the purpose of bolstering the prices of indigenous oilseeds, the government of India implemented an increase in the Basic Customs Duty that is applied to a variety of edible oils. Starting on September 14, 2024, the Basic Customs Duty on Crude Soybean Oil, Crude Palm Oil, and Crude Sunflower Oil will be increased from 0% to 20%. This would result in the effective duty on crude oils being raised to 27.5%. Furthermore, the effective duty on refined oils has been raised from 12.5% to 32.5%, resulting in a total of 35.75% from the Basic Customs Duty on Refined Palm Oil, Refined Sunflower Oil, and Refined Soybean Oil.
These modifications are a part of the continuous efforts that the government is making to support domestic oilseed producers, particularly in light of the fact that new soybean and groundnut crops are anticipated to arrive in markets beginning in October for the year 2024.
Factors Behind This Move
Several variables, including increasing global output of soybeans, oil palm, and other oilseeds; higher global ending inventories of edible oils compared to the previous year; and dropping global prices due to surplus production, all played a role in the decision-making process, which was preceded by extensive deliberations. This situation has resulted in an increase in imports of low-cost oils, which has resulted in a downward pressure on the prices of domestic products. The purpose of these policies is to improve domestic oilseed prices, stimulate expanded production, and guarantee that farmers receive fair compensation for their produce.
Central Government is also aware of the fact that there is a supply of edible oils, approximately 30 LMT, that has been imported at a reduced duty. This stock is adequate for domestic consumption for 45 to 50 days.
The fashion store Myntra, which is owned by Flipkart, is supposedly testing a four-hour delivery service in four cities, including Bengaluru and New Delhi, according to various media reports.
This represents a considerable departure from the platform’s typical delivery period of two to three days, and it is in line with the growing demand for faster deliveries in India’s rapidly expanding quick commerce industry.
During this trial period, the company is providing a limited selection of items for speedier delivery. However, by the end of the year, the company intends to expand the service to include additional cities.
Increasing Need for Rapid Trade
The decision to investigate the possibility of implementing a four-hour delivery window comes at a time when speedy commerce is rapidly gaining popularity in India. This is especially true in industries like as grocery and office supplies, where companies such as Blinkit and Zepto have created delivery times as fast as 10-15 minutes.
The shift towards faster delivery that Myntra has made is reflective of a broader trend that is occurring across many sectors, as customers are increasingly anticipating shorter wait periods for online purchases.
Effects on the state of eCommerce in India
Myntra’s foray into the world of fast commerce is indicative of a more widespread shift in the marketplace for online shopping in India. Additionally, competitors such as Amazon and Flipkart are paying attention to the growing demand for services that are delivered more quickly.
Flipkart, which is the parent company of Myntra, has already introduced its own fast delivery service, which is called Flipkart Minutes, in a few cities. This is in contrast to Amazon, which has not yet completely embraced the competition to become the fastest retailer.
As an increasing number of eCommerce platforms make investments in reducing delivery times in order to seize a portion of this fast expanding market, the rivalry is expected to get more intense.
Constraints Faced by the Fashion Sector
Due to the extensive selection of products and the greater rate of returns from customers, the fashion category has always been one of the most difficult categories for e-commerce platforms in India since its inception.
Although Myntra has over 40 million users that transact on an annual basis, the company is still exploring new ways to improve the pace at which it delivers its products.
A number of the company’s services have been gradually improved over the years. In 2022, the company introduced a service called “M-Express,” which had the objective of delivering things within 24 to 48 hours in certain cities. The continuing trial of a delivery service that operates for four hours represents the next stage in the company’s quest to meet the ever-changing expectations of its customers.
As Amazon prepares to abandon its hybrid work arrangement, the company has ordered its employees to return to the office five days a week. As stated in a statement sent to employees, Andy Jassy, the chief executive officer of Amazon, stated that the change will take effect beginning in January.
According to him, the firm has concluded that it is going to go back to working in the office in the same manner that it did before the introduction of COVID-19. He also mentioned that this would assist the staff in being better equipped to innovate, collaborate, and be sufficiently connected.
Even though Jassy has been known for a long time to be skeptical of remote work, Amazon employees were previously permitted to work from home on two days per week. There has been a source of stress within Amazon, which employs more than 1.5 million people worldwide in full-time and part-time employment, as a result of the company’s efforts to get corporate workers back into the office.
Employees’ Protest at Seattle’s Headquarters
Last year, employees at the company’s headquarters in Seattle organised a demonstration in response to the company’s decision to reduce the full remote work allowance that had been implemented during the pandemic. Following the demonstration, Amazon terminated the individual who had organised it, which led to allegations of unfair punishment.
In addition to resuming work five days a week, Amazon has announced that it will discontinue the practice of hot-desking in the United States, but it will remain in the majority of European countries. As was the situation prior to the pandemic, the company stated that employees could continue work from home in exceptional circumstances, such as when a kid was unexpectedly unwell or when there was an emergency at home.
Amazon’s Stance With UK Government
The method used by Amazon is in contrast to the approach taken by the government of the United Kingdom, which has pledged to make flexible working a default right from the very beginning as part of a new employment rights bill that is scheduled to be released the following month.
Speaking to a media outlet, Jonathan Reynolds, the government’s secretary of business, stated that they want to put an end to the “culture of presenteeism” and that individuals can reap “real economic benefits” by working remotely. He mentioned that there was a need to strike a balance, but he also mentioned that flexible working arrangements may assist organisations in recruiting from a larger pool of individuals.
Seven Indian businesses that are experts in generative artificial intelligence have been chosen to participate in the Global Generative AI Accelerator program offered by Amazon Web Services (AWS).
These seven Indian startups—Convrse, House of Models, Neural Garage, Orbo.ai, Phot.ai, Unscript AI, and Zocket—represent some of the most promising AI-driven enterprises out of the 80 companies that were selected from around the world about artificial intelligence. India’s batch highlights the nation’s expanding importance in the artificial intelligence business. Notably, it also has the most number of startups picked from any Asia-Pacific region.
Fostering and Providing Resources for Development
Startups that are chosen to participate in the accelerator programme will be eligible to receive up to one million dollars in Amazon Web Services credits. The startups will be able to design, train, test, and deploy their generative artificial intelligence solutions with the assistance of these credits by utilising tools like as Amazon SageMaker and Amazon Bedrock. In addition, Amazon Web Services (AWS) will make available access to additional services, such as computing, storage, and database technologies, as well as specialised artificial intelligence chips, such as AWS Trainium and AWS Inferentia2.
Through the use of AWS’s infrastructure and expertise, the programme will assist these entrepreneurs in scaling their artificial intelligence solutions on a worldwide scale.
According to Amitabh Nagpal, who is the Head of Startup Business Development at Amazon Web Services India, “Our commitment of $230 million and global expansion of the generative AI accelerator reflects our continued focus on supporting startups to develop, build, and scale their unique ideas using generative AI.”
AWS Continues to Support Generative AI Startups
Through initiatives like as AWS GenAI Loft, which is a collaborative display space that was recently hosted in Bangalore to stimulate innovation in artificial intelligence, Amazon Web Services (AWS) continues to provide assistance to generative artificial intelligence (AI) businesses in India. It provided visitors with a one-of-a-kind platform to gather insights and investigate real-world uses of generative artificial intelligence across a variety of companies.
As of the year 2024, PitchBook Data, Inc. reports that 1,813 artificial intelligence and machine learning firms have brought in capital in India, totalling over 82 billion dollars in investments. Nevertheless, only 35% of generative AI companies worldwide have offices in locations other than their headquarters country, indicating that there is still room for improvement in the support of entrepreneurs in achieving their growth aspirations.
According to Brendan Burke, Senior Analyst, Emerging Technology Research at PitchBook, Asia-Pacific-based generative artificial intelligence startups have raised more than $2.5 billion in 2024, which is more than had been raised in the three years prior combined. In order to train personalised models based on one-of-a-kind cultural and linguistic data, developers and businesses are making the most of the chance.
Furthermore, renowned researchers in the field of artificial intelligence are currently working on a wide variety of transformer models in multimodal domains such as synthetic voice, interactive media, and three-dimensional graphics. AI applications of the future will be dependent on specialist model architectures, and in order for startups to realise their vision, they will require cloud infrastructure of the highest possible quality.
Avantika Bhardwaj
