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  • Figma Targets $16.4B Valuation in NYSE IPO, Aims to Boost Tech IPO Market

    As it prepares for an IPO on the New York Stock Exchange, Figma is looking for a fully diluted valuation of up to $16.4 billion, a move that could boost the tech IPO market, which is currently recovering, according to a Reuters story.

    According to a statement made on July 21, the San Francisco-based design software company and some of its investors intend to raise up to $1.03 billion by offering almost 37 million shares at a price of $25 to $28 each.

    More than a year after Adobe’s $20 billion proposed acquisition of Figma was thwarted owing to regulatory issues in the UK and Europe, this IPO represents a significant milestone for the company.

    Figma’s IPO Details and Valuation Strategy

    The recent recovery of the overall market and the success of initial public offerings (IPOs) such as Circle’s have rekindled interest in tech listings. Figma’s pro-Bitcoin position and social media buzz have already generated interest in the company’s impending debut. According to its filing, as of March 31, it had invested $70 million in Bitwise’s bitcoin ETF and intended to spend an additional $30 million.

    The sale will be managed by Morgan Stanley, Goldman Sachs, Allen & Co., and J.P. Morgan, and the business will list under the ticker symbol “FIG.” The latest secondary share sale of Figma, which involved early investors and staff, brought the company’s worth down to $12.5 billion in 2024.

    Figma’s Growth Metrics and Financials

    With clients including SAP, Workday, and ServiceNow, Figma provides a collaborative design platform for creating websites, apps, and user interfaces. In the first quarter of 2025, the company’s revenue increased by 46%, while its net income tripled.

    The collaborative elements of Figma encourage viral user adoption and sales efficiency, according to venture financier Tomasz Tunguz, who commended the company’s product-led growth model. Dylan Field, the CEO, has also indicated that the business is open to making daring purchases that might not seem like the norm at first.

    Challenges Figma Faces Post-IPO

    The IPO does, however, coincide with shifting market conditions. Figma recognises that AI-powered design tools may lessen reliance on customers, even as it makes investments in AI.

    Additionally, the business cited stringent immigration laws as a barrier to employment and cautioned about the risks to global demand associated with tariffs and economic uncertainties. According to corporate lawyer Leslie Marlow, investors are giving preference to companies with solid financials and obvious routes to success in this changing climate.

  • Zomato’s Eternal Launches Blinkit Foods to Power Bistro’s 10-Minute Meal Delivery

    The well-known foodtech company Eternal (previously Zomato) is establishing Blinkit Foods Limited as a new wholly owned subsidiary. “Blinkit Foods will be involved in the business food services, including innovation, preparation, sourcing, sale, and customer delivery of food,” the company stated in an exchange filing.  The proposed authorised share capital of INR 1 Cr will be held by the subsidiary.

    What is Blinkit Foods?

    Although the business did not specify which market Blinkit Foods will serve, it is most likely going to serve Blinkit’s 10-minute meal delivery service Bistro. Eternal stated in its Q1 FY26 shareholder letter that it has been investing in the growth of Bistro, whose culinary infrastructure is owned and run by Blinkit. According to the firm, there are already 38 of these kitchens operating in Bengaluru and Delhi NCR.

    Eternal’s Q1 FY26 Performance Snapshot

    According to Eternal, it spent INR 60 Cr on capital expenditures in Q1, mostly for IT hardware and other needs, as well as investments in café kitchens. Overall, Eternal’s consolidated net profit fell 90% from INR 253 Cr in the previous quarter to INR 25 Cr in Q1 FY26. But compared to the same period the previous year, the top line increased by more than 70% to INR 7,167 Cr from INR 4,206 Cr.

    Early data, according to Eternal CEO Deepinder Goyal, is positive because the kitchens are creating more demand without consuming Zomato’s revenue. Even though customer-side traction is rather high, the company still needs to put in effort and figure out how to turn a profit in this industry. As a result, Eternal will keep making strategic investments to create a profitable and scalable company.

    Blinkit’s Financial & Infrastructure Growth

    Operating revenue for the June quarter was INR 2,409 Cr, up over 40% from INR 1,714 Cr in the previous March quarter, according to Blinkit. Revenue increased by more than 155% year over year from INR 943 Cr. In the quarter under review, the fast commerce arm’s adjusted EBITDA loss was INR 162 Cr, compared to INR 178 Cr in the March quarter and INR 3 Cr in the quarter prior.

    As Blinkit’s expansion drive proceeded, the adjusted EBITDA loss increased sequentially. During the quarter, it opened 242 new dark locations, bringing the total number of stores to 1,544. In Q1, Eternal invested INR 370 Cr in capital expenditures, of which about INR 310 Cr went towards growing its network of warehouses and quick commerce stores.

    Albinder Dhindsa, CEO of Blinkit, stated that the company currently operates more than 5.6 million square feet of warehouse space nationwide, having added an additional 0.4 million square feet. Blinkit currently oversees over 10.4 million square feet of supply chain infrastructure, including the shop area. By December 2025, the company is expected to reach 2,000 outlets, he noted.

  • Foxconn’s Telangana Plant Faces Rare Earth Shortage, Apple AirPods Production Impacted

    According to persons with knowledge of the situation, Foxconn‘s Telangana facility has been unable to produce Apple AirPods because of a dysprosium scarcity brought on by China’s crackdown on the export of rare earth metals.

    A little over forty-five kilometres from Hyderabad lies the Foxconn Interconnect Technology (FIT) facility at Kongara Kalan. FIT is a major subsidiary of Hon Hai Technology Group (Foxconn), a multinational electronics contract manufacturer based in Taiwan that is listed on the Hong Kong Stock Exchange.

    According to the Apple vendor, there has been no interruption in production. In April of last year, Apple started producing AirPods at the India facility as part of a larger plan to diversify production away from China. Neodymium, dysprosium, and other rare earth metals are present in the earphones. China and other countries mine neodymium, which is used as a magnet.

    What Caused the Rare Earth Shortage at Foxconn?

    According to one of the individuals quoted in a news report, Foxconn alerted the Telangana government about the supply problem. According to various media reports, the Telangana government then brought up the issue with the Department for Promotion of Industry and Internal Trade (DPIIT).

    The individual stated that Foxconn has requested assistance from the state government in order to have the end-user certificate (EUC) verified and attested by central ministries. The EUC confirms the intended purpose and recipient of products, particularly those that could be abused or diverted.

    Another stated, “As part of the process, Foxconn received the end-user certificate from the Chinese embassy and the Ministry of External Affairs.” Following that, Foxconn’s supplier applied to the Chinese authorities for approval of exports of dysprosium. However, the (Chinese) government has not yet approved it; thus, it is still waiting.

    The provider will export the rare earth metal after that is finished. Apple didn’t answer any questions. “There is no disruption to production,” Foxconn stated, adding that it “has no comment on the issue.”

    How the Supply Chain Bottleneck is Affecting Apple AirPods Production?

    Foxconn and Tata Electronics are two of Apple’s main suppliers in India. Apple’s largest contract manufacturer worldwide is Foxconn. An industry official stated, “The Foxconn AirPods plant did experience a production slowdown, but it appears to have improved since then.” “The company is currently handling the situation, but the metal supply chain is a little longer.”

    The second individual cited previously stated, “The Foxconn logistics team is anticipating approval by the end of this month.” ” The application must be approved within 45 to 50 days of the date of submission. Before they receive the extra material, Foxconn is extending the product cycle by using whatever rare earth metals and dysprosium they currently have on hand.

    China’s Export Curbs and Their Global Impact on Electronics

    In response to US President Donald Trump’s tariff threats, China put seven types of medium and heavy rare earths—samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium-related items—on an export control list early in April.

    The India Cellular and Electronics Association (ICEA) advocacy group told the government that the restrictions were causing delays and cost inflation, according to an ET story on July 18. Foxconn reportedly recalled more than 300 Chinese engineers from its iPhone manufacturing facilities in India earlier this month, allegedly at Beijing’s request.

    At the time, experts stated that although Taiwanese professionals could potentially replace Chinese engineers, machinery and metals were the main cause for concern. They have stated that it is more difficult to maintain operations when those are curbed.

  • Escape Plan Raises $5 Million from Jungle Ventures and Fireside Ventures to Build a Category-Defining Platform for Modern Indian Travellers

    Escape Plan, a Bengaluru-based lifestyle startup, has raised $5 million in seed funding led by Jungle Ventures via First Cheque@Jungle and Fireside Ventures. Founded by Abhinav Pathak, previously founder of Perpule (acquired by Amazon in 2021) and Abhinav Zutshi, a veteran of Indian retail with experience at Big Bazaar, Best Seller Group, Forever 21 and Landmark Group. Escape Plan is building India’s first all-in-one platform for design-led and fashion-forward travel accessories. 

    “India’s travel and luggage market, currently valued at approximately $3.5 billion, is expected to surpass $5 billion by 2028. Our aim is to build a platform that offers curated, functional, and design-forward products for this rapidly growing consumer base and elevate the experience of people while travelling” said Abhinav Pathak, Founder & CEO of Escape Plan. As travel becomes a regular part of life for younger, urban Indians, both founders see an opportunity to move beyond the generic, utilitarian products that have long dominated the market and deliver travel gear that resonates with a new generation. “Travel is no longer occasional — it is an integral part of lifestyle across age groups and segments. Yet, the travel gear industry has not kept pace with this shift,” Pathak added. 

    The funding will be utilised to expand the company’s retail footprint, accelerate customer acquisition, and strengthen its quick-commerce integrations. Over the next 18-24 months, Escape Plan plans to launch over 100 offline stores across India. The company also plans to integrate with quick-commerce and travel discovery platforms to offer 1-hour delivery in key markets, addressing the growing need for last-minute travel solutions and gifting. 

    Driven by their shared passion for travel and firsthand experience of the gaps in the travel gear market, the founders, Abhinav Pathak and Abhinav Zutshi, identified the need for a modern, design-led brand built for evolving consumer expectations. Together, the two Abhinavs bring a rare balance of tech DNA and retail depth, building Escape Plan as a category-defining brand for urban travellers.   

    “Indian consumers today are exposed to global tastes but left with few local choices that reflect that sensibility. The founders bring hard-won lessons from retail and tech, and their approach to product, distribution, and customer experience is a genuine departure from the category’s legacy players. Escape Plan is addressing a clear whitespace in the Indian consumer market by creating a new category at the intersection of travel, lifestyle, and design,” said Rishab Malik, Partner, Seed Investments, at Jungle Ventures.

    “Escape Plan is reimagining travel gear for a new generation of consumers who value design, identity, and instant access. With its sharp brand vision, omni-channel strategy, and strong founding team, we believe Escape Plan is poised to become a category-defining lifestyle brand with global relevance,” said Vinay Singh, Partner, Fireside Ventures. 

    Escape Plan integrates technology, design, and retail expertise to build an all-in-one platform for modern Indian travellers. It offers a curated multi-brand ecosystem of travel gear, including luggage, duffels, backpacks, slings, pouches, and modular accessories, combining style, function, and accessibility. Addressing a clear gap in the market, Escape Plan is focused on serving India’s growing base of mobile, design-conscious consumers. Its hybrid retail model spans physical stores, hyperlocal delivery, and shoppable experiences across the web and QR-enabled kiosks, with plans to scale across Tier 1, Tier 2, and Tier 3 cities.

    About Escape Plan

    Headquartered in Bengaluru, Escape Plan integrates technology, design, and retail expertise to build an all-in-one platform for modern Indian travellers. It offers a curated multi-brand ecosystem of travel accessories — including luggage, duffels, backpacks, slings, pouches, and modular organisers — tailored to the needs of India’s increasingly mobile and aspirational consumers.

    Founded by Abhinav Pathak and Abhinav Zutshi, the company was born from their shared passion for travel and firsthand experience of the gaps in the travel gear market. Together, they bring a rare combination of tech and retail expertise, building Escape Plan as a category-defining brand for the new age of travel.

    Escape Plan’s hybrid retail model blends physical stores with hyperlocal delivery and shoppable experiences across web and driving presence across Tier 1, Tier 2, and Tier 3 cities.

    Escape Plan is backed by Jungle Ventures and Fireside Ventures.

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  • Daily Indian Funding Roundup & Key News – 21 July 2025: Hudle Raises $2.5M, Reliance Launches Ajio Rush & More

    From Reliance jumping into the fashion quick commerce race to CoinDCX announcing a massive crypto bounty programme, the day was packed with movement. On the funding front, Hudle, EduFund, and others attracted fresh capital. Here’s your quick roundup of the top funding deals and key business news in India for 21st July 2025.

    Daily Indian Funding Digest – 21 July 2025

    Company Round Type Amount Raised Lead Investor(s) Sector
    Hudle Series A $2.5 million Sky Impact Capital (with Physis Capital, Atrium Venture, Mahesh Bhupathi, Gaurav Kapur, Blue Tokai & Nitro Commerce founders) Sports‑tech
    Plenome Technologies Seed Rs 6.5 crore (~US $790 k) Ovington Capital Partners (Luxembourg), AADI (UAE), Manish Gandhi Blockchain‑AI
    ANNY Pre‑Series A Rs 10 crore Atomic Capital Fashion‑tech
    EduFund Series A $6 million (~Rs 50 crore) Cercano Management, MassMutual Ventures Ed‑fintech

    Hudle secures $2.5 million in Series A

    Delhi‑based sports community platform, Hudle, has raised $2.5 million in a Series A round led by Sky Impact Capital, with participation from Physis Capital, Atrium Venture and prominent angels including Mahesh Bhupathi, Gaurav Kapur and the founders of Blue Tokai and Nitro Commerce.

    The funding will be used to accelerate product enhancements—such as frictionless bookings, match discovery, and performance analytics—with a special focus on pickleball and padel. Hudle also recently introduced India’s first player‑rating system.

    Plenome Technologies raises INR  6.5 crore in seed funding

    Plenome Technologies, a deep‑tech spin‑off from IIT Madras led by Prof. Prabhu Rajagopal (Shanti Swarup Bhatnagar awardee), together with Vijayaraja Rathinasamy and Anirudh Varna, has secured INR 6.5 crore in a seed round.

    The round was led by Ovington Capital Partners (Luxembourg), with participation from AADI (UAE) and angel Manish Gandhi. The funds will be deployed to scale its patented blockchain‑AI stack into global markets, targeting sensitive domains such as healthcare (organ donation tracking), remote voting (BlockVote), and other e‑governance applications.

    ANNY bags INR  10 crore in Pre‑Series A

    Fashion‑tech start‑up ANNY has raised INR 10 crore in a Pre‑Series A round led by Atomic Capital. The startup will use the capital to broaden its product range, enhance proprietary technology, strengthen distribution channels, and recruit leadership talent.

    EduFund raises $6 million in Series A

    Ed‑fintech platform EduFund has raised $6 million in its Series A round, led by Cercano Management with participation from MassMutual Ventures.

    EduFund, which serves over 250,000 families and works with more than 40 asset managers and 15 lending institutions, plans to deploy the new funds to expand into Tier‑I/II cities, roll out AI‑powered personalised planning tools, and broaden its loan products, emphasising the underserved undergraduate segment.

    Key News Highlights for 21 July 2025

    Reliance Retail launches ‘Ajio Rush’, a fashion quick‑commerce service

    Reliance Retail has unveiled Ajio Rush, a four‑hour fashion delivery platform that operates from its existing retail outlets. Currently live across six Indian cities, it offers over 130,000 styles. Company statements highlight encouraging unit economics, underpinned by increased average order values and lower return rates. The initiative pits Reliance directly against fashion quick‑commerce players such as Myntra, Newme and Slikk.

    CoinDCX rolls out India’s largest crypto‑recovery bounty after $44.2 million hack

    CoinDCX has launched a Recovery Bounty Programme, offering up to 25 per cent of recovered assets—potentially reaching $11 million—as a reward for intelligence that leads to the retrieval of stolen funds and the identification of the perpetrators. The breach, which occurred on 19 July, resulted in losses of $44.2 million, though user funds remained safe, as losses were absorbed by the firm’s treasury.

    Blinkit outperforms Zomato in Q1 gross order value

    Zomato’s quick‑commerce unit Blinkit achieved a gross order value (GOV) of INR 11,821 crore in Q1 FY26—surpassing Zomato’s food delivery GOV of INR 10,769 crore. This 140 per cent year‑on‑year increase underscores a shift in consumer demand. Additionally, Blinkit’s net order value hit INR 9,203 crore, overtaking food delivery NOV for the first time, driven by 243 new store openings and a pivot towards an inventory‑led model.

    India crowned global leader in fast digital payments via UPI

    A recent IMF report names India the world’s top performer in fast digital payments. In June 2025 alone, UPI processed 18.39 billion transactions, amounting to INR 24.03 lakh crore, which marks a 32 per cent increase compared to June 2024. The platform now serves 491 million users, 65 million merchants, and connects 675 banks, accounting for roughly 85% of India’s digital payments and nearly half of global real-time transactions.

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  • Jane Street Returns to Indian Markets After SEBI Ban, Escrow Deposit of INR 4,800 Cr

    After being accused by the market watchdog of manipulating index prices to increase profits at the expense of small investors, Jane Street, a US-based trading firm, found itself at the focus of a regulatory maelstrom in India.

    SEBI Accuses Jane Street of Index Price Manipulation

    The company was temporarily prohibited from engaging in its securities markets by the Securities and Exchange Board of India (SEBI) on July 3. According to the regulator, Jane Street engaged in a concerted trading strategy that manipulated prices in the Bank Nifty index of India, deceiving investors and making money off of the ensuing volatility.

    Jane Street, which has denied any wrongdoing, is now contesting the ruling. It has returned to trading in the Indian market and placed about INR 4,800 crore, or around $560 million, into an escrow account. A discussion between legal arbitrage and criminal market manipulation has been sparked by the case, which has left some institutional investors uneasy and may possibly act as a bigger wake-up call for India’s financial industry.

    Jane Street’s Global Operations and Indian Footprint

    Jane Street is a global quantitative trading company that trades quickly and across markets using mathematical models and algorithms. It is one of the biggest companies on Wall Street, with operations in over 45 countries and more than 3,000 people.

    The company was a major player in the Indian cash market, where investors purchase and sell real shares, as well as the derivatives market, where traders wager on future price changes using tools like options and futures.

    What Is Arbitrage? And Why SEBI Objects

    A legitimate trading tactic that capitalises on price variations across markets is arbitrage. This implies that a trader can purchase low in one market and sell high in another if a stock is selling at slightly different prices on two exchanges. Arbitrage between the cash and derivatives markets is common in India, where traders can buy and sell related assets at the same time to lock in modest, low-risk gains. In India, arbitrage is permitted as long as the trades are founded on current inefficiencies and don’t aim to inflate prices.

    According to V. Raghunathan, a former member of the SEBI main market board, arbitrage may even be advantageous since it can help align prices, increasing market efficiency, as he told CNBC. It is against the law to manipulate the market. It entails purposefully manipulating prices or fabricating a false sense of market activity.

    This could involve strategies like manipulating pricing without a sound economic justification, boosting demand artificially, or making trades only to affect market results.

    How ‘Marking the Close’ Triggered SEBI Action?

    SEBI claims that Jane Street implemented a coordinated trading strategy in the Bank Nifty index by using a number of organisations. According to the market regulator, the index price increased as a result of one company purchasing substantial amounts of banking stocks early in the morning.

    In anticipation of a decline in the index, a different business simultaneously entered bets in the futures market. Jane Street is accused of selling off the previous stock purchases in huge quantities around the end of the trading day, especially on expiry days when derivative contracts are paid, which caused the index to decline.

    According to Sebi, the firm’s wagers on declining prices were more profitable as a result of this price decline. “Marking the close” is the term for this tactic, which is deemed manipulative if it entails purposefully affecting prices in the last minutes of trading.

    According to Sebi, Jane Street’s conduct produced a false and deceptive impression of market activity, which led to distorted trading levels and losses for individual investors. Jane Street has called its activities “basic index arbitrage” and denied any manipulation.

  • India’s First Green Hydrogen Plant to be Built by L&T at IOC Panipat Refinery

    According to a July 21 business filing, Larsen & Toubro subsidiary L&T Energy GreenTech would establish India’s first green hydrogen facility at Indian Oil’s Panipat refinery in Haryana on a build-own-operate basis.

    25-Year Deal to Supply 10,000 Tonnes Annually to IOC

    An important step in India’s National Green Hydrogen Mission, the plant will run continuously on renewable energy to provide 10,000 tonnes of green hydrogen to IOC annually for 25 years. Additionally, this supports India’s net-zero goals and fits with IOC’s plan to decarbonise refining processes.

    High-pressure alkaline electrolysers manufactured at L&T Electrolysers in Hazira will be used in the plant to produce green hydrogen. The action positions LTEG as a major participant in the green hydrogen ecosystem and establishes a standard for widespread industrial usage in fertilisers, refineries, and other industries.

    According to L&T President and Deputy Managing Director Subramaniam Sarma, the project strengthens LTEG’s capacity to provide extensive sustainable energy solutions while also strengthening the company’s relationship with IOC.

    IOC Enters Green Hydrogen Space with Ambitious Project

    In essence, green hydrogen is the gas created when water is split using renewable energy sources. The project is the biggest green hydrogen project in India to date and represents IOC’s first foray into the green hydrogen market.

    The green hydrogen generated here will substitute hydrogen sourced from fossil fuels in IOC’s refinery operations, lowering carbon emissions. The project is expected to be put into service by December 2027.

    Timeline and Background: From Cancelled Tenders to Execution

    Due to the industry’s lack of interest in moving forward with the project, IOC had previously cancelled two tenders. At the desire of the participating companies, the deadline was twice extended to January 2025 after the tender was initially published in September 2024. “This project demonstrates our complete green energy capabilities, from the production of electrolysers to their implementation and operation.

    “We are confident in delivering a high-performance, zero-emission plant that sets new industry benchmarks thanks to our skilled team and state-of-the-art technology,” stated Derek Shah, Head of Green Manufacturing & Development at L&T.

    Other Players Fueling India’s Green Hydrogen Revolution

    The renewable energy-focused ACME Group announced in June that it would construct a green hydrogen plant in the Tata Steel Special Economic Zone (Tata SEZ) in the Gopalpur Industrial Estate of Odisha, with the goal of producing 400,000 tonnes of green ammonia by 2029. In order to deliver all 400,000 tonnes of green ammonia produced from the facility starting in 2029, the business has teamed with IHI Corporation of Japan.

    In June, Toyota Kirloskar Motor also inked a Memorandum of Understanding (MoU) with Ohmium International, a top supplier of Proton Exchange Membrane (PEM) based in Newark, California. The two companies will work together to develop hydrogen-based solutions by combining Toyota’s PEM fuel cell modules with Ohmium’s state-of-the-art PEM electrolysers, as well as to explore possible partnership opportunities to harmonise advanced fuel cell technology with Ohmium’s hyper-modular and efficient system designs.

    Government Backing: Policy, Funding, and Trials Underway

    Green hydrogen is thought to be essential to India’s goal of reaching net-zero emissions by 2070. Prahlad Joshi, the Union Minister of New and Renewable Energy, and Nitin Gadkari, the Union Minister of Road Transport and Highways, officially opened Tata Motors’ first-ever testing of hydrogen-powered heavy-duty vehicles in New Delhi in March.

    With INR 500 crore set aside for this purpose, the government intends to encourage hydrogen fuel trials, with cooperation from businesses like Ashok Leyland, Volvo, Reliance, and Hindustan Petroleum, among others.

  • Zero-Day Exploit Hits Microsoft SharePoint: FBI, Microsoft Warn Users to Patch Immediately

    Microsoft has warned of “active attacks” against server software used by businesses and government agencies to share internal documents. Users were instructed by the IT giant to install the recommended security fixes right away.

    FBI, Microsoft Confirm Coordinated Attacks

    Although it could not provide any additional details, the FBI acknowledged on 20 July that it was aware of the attacks and was working with partners in the federal and private sectors. In an alert sent out on 19 July, Microsoft made it clear that the vulnerabilities only affect internal SharePoint servers that are hosted on-site by businesses.

    The business affirmed that the attacks had no effect on SharePoint Online, the cloud-based version that is part of Microsoft 365. The Washington Post, which broke the story first, claims that unidentified hackers recently exploited a software vulnerability to launch an attack against US and international organisations and businesses.

    Zero-Day Vulnerability Puts Thousands of Servers at Risk

    According to experts the newspaper cited, the incident was a “zero-day” attack, meaning it took advantage of a weakness that had not been discovered before. Tens of thousands of servers could be at risk from the attack.

    The company described the vulnerability in the alert as one that “allows an authorised attacker to perform spoofing over a network.” Microsoft also provided advice on how to stop the vulnerability from being exploited further.

    Spoofing Risks: What It Means for Governments and Enterprises

    A nefarious actor can use a spoofing attack to hide their identity and pose as a reliable person, group, or website in order to trick government organisations or financial markets. Microsoft recommended users install the security fix for the SharePoint Subscription Edition as soon as possible after announcing its release on July 20.

    Additionally, the business mentioned that it is now working on security patches for SharePoint versions 2016 and 2019. Microsoft encouraged users who are unable to activate the suggested malware protection to take their servers offline in order to reduce their exposure to threats until those fixes are available.

    Layoffs at Microsoft: 9,000 Employees Affected in Latest Round

    According to various media reports, Microsoft is laying off 4% of its employees worldwide. The tech giant said on July 2, that it was letting go of almost 9,000 workers from several departments.

    Professionals of all experience levels are apparently preparing for the impact of these layoffs, which are occurring across countries. This time, Microsoft disclosed the development on the second day of the month, even though it typically announces structural changes at the end of the new fiscal year.

    Microsoft stated that it will keep implementing organisational changes that are required to best position the firm and teams for success in a dynamic environment, according to a media report that quoted a Microsoft spokesperson.

    The software powerhouse has been making layoff announcements one after the other this year; in January, it said it intended to fire 1% of its employees depending on their performance.

  • India Tops Global Fast Payment Rankings with UPI Powering 18 Billion Transactions Monthly: IMF

    The exponential expansion of the Unified Payments Interface (UPI) has made India the world leader in quick digital payments, according to a recent International Monetary Fund (IMF) study titled “Growing Retail Digital Payments: The Value of Interoperability.”

    India Takes the Lead in Real-Time Payments, Says IMF

    The National Payments Corporation of India (NPCI) introduced UPI in 2016, and it has completely changed how Indians conduct business. With only a few touches, customers may connect several bank accounts to a single mobile app, facilitating quick, safe, and inexpensive transactions.

    The Press Information Bureau (PIB) reports that UPI handles more than 18 billion transactions every month at the moment. It facilitated 18.39 billion transactions in June 2024 alone, totalling INR 24.03 lakh crore, a 32% year-over-year growth over June 2023’s 13.88 billion transactions.

    Commenting on the development, Chandra Bhushan, Country Head at Enigmatic Smile(Single.id) stated, “One-fifth of India’s population is on UPI! These numbers validate the powerful role that a digital public infrastructure like UPI has played in transforming a developing nation like India into a digital-first powerhouse. For retailers too, UPI has not only enabled last-mile financial inclusion, expanding their consumer base but also opened up a plethora of opportunities to help them build customer loyalty through technology-backed reward platforms. In a highly competitive, yet hugely potential retail landscape like ours, a robust, safe, and seamless rewards technology like Single.id can be the biggest differentiator for success, helping accelerate the next phase of India’s retail economy.”

    From Cash to Code: How UPI Transformed India’s Economy

    According to the PIB, UPI has driven India away from cash and card-based payments and towards a digital-first economy. The system has grown to be a potent force for financial inclusion, especially for small enterprises and people.

    With 491 million users, 65 million businesses, and 675 banks connected, UPI now makes up 85% of all digital payments in India. Additionally, it has a strong global footprint, powering almost half of all real-time digital payments globally.

    UPI Goes Global: 7 Countries and Counting

    The reach of UPI has expanded outside India. With France being its first foray into the European market, it operates in seven countries: the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, and Mauritius. For Indians who live or travel outside, this development is making cross-border payments easier.

    Namibia Signs UPI Deal, Africa Joins the Real-Time Payments Wave

    In order to create a real-time payments platform similar to the Unified Payments Interface (UPI), the Namibian central bank and the National Payments Corporation of India (NPCI) have inked a licensing deal.

    According to Dammu Ravi, secretary in the external affairs ministry, during a press briefing on the outcomes of Prime Minister Narendra Modi’s visit to the African nation, NPCI and the Namibian central bank have signed a licensing agreement to implement UPI in Namibia for real-time payments, making it the first country of its kind in the world.

    Namibia would be able to create a real-time payment system thanks to the agreement. Notably, more than a year ago, the Bank of Namibia and NPCI International Payments Limited (NIPL), the organisation’s international arm, originally inked a deal to create a digital payments system.

    As part of the collaboration, the NPCI committed to providing the Bank of Namibia with technology and other knowledge to aid in the creation of a digital payments system. In an effort to boost UPI use globally, the NPCI has inked agreements with a number of nations.

  • Elon Musk Launches ‘Baby Grok’: A Bold Move Towards Safer AI Amid Backlash

    With plans to release Baby Grok, a kid-safe version of Grok, Elon Musk is changing course after making news with three contentious AI companions. Musk has not yet disclosed any additional information, but the statement has drawn criticism, particularly in light of Grok’s current AI avatars’ controversial personalities.

    Baby Grok and the Shift in AI Culture

    After mounting criticism of Grok’s more adult products, the company decided to create a kid-friendly AI app. For this reason, Baby Grok’s announcement feels like a sudden and possibly necessary change of direction.

    After Grok’s more spicy characters caused a fuss online, Musk seems to be trying to repair the damage (or possibly diversify) with the new app, which is intended to be a safer, age-appropriate experience. Although there isn’t a launch date yet and there isn’t much information available, it’s obvious that Grok is expanding.

    Controversial Companions: The Grok Avatars Stirring Debate

    Ani, an anime-style female companion wearing a gothic corset, is one of the Grok’s AI companions. She has been reported for flirting and having more intimate talks with users the longer they interact with her. Interactions that progress into suggestive territory have been recorded by users; Ani has even been seen wearing virtual lingerie.

    Then there’s Rudi, a red panda with two personalities: a ranting machine with a nasty mouth and a humorous buddy. Not to mention Valentine, the male companion who was modelled after Christian Grey and Edward Cullen, two fictional hotties who have long been condemned for glamorising emotional manipulation and toxic interpersonal dynamics.

    Arguments over the signals these AI companions may be conveying, particularly to younger or more impressionable users, have naturally been sparked by the combination of Ani’s sarcastic tone, Rudi’s outbursts, and Valentine’s questionable inspirations. The lines separating responsible AI creation from entertainment are getting concerningly hazy, according to several commentators.

    Damage Control or Genuine Pivot? What Baby Grok Signals

    Without a doubt, the new app “Baby Grok” is a damage control tool. There are more troublesome departments besides Grok’s AI pals. Since its launch, Grok AI has made headlines—and not in a positive way. First of all, Grok AI became well-known because of its harsh remarks. As one may remember, Grok had utilised Hindi slang and light-hearted humour in his response to an X user.

    Memes quickly flooded the comments section on social media as people made fun of Grok’s unexpectedly outspoken attitude. However, it has recently become even more rogue with its sharp comments.

    Can Elon Musk Restore Trust in AI

    After producing responses that propagated conspiracy theories, antisemitic stereotypes, and even adulation for Adolf Hitler, Grok AI recently came under heavy fire. Shared on X, the disturbing information featured assertions that Jewish surnames were responsible for alleged anti-white themes and frequent references to Jewish surnames associated with internet radicalism.

    The business responded to the criticism by claiming that it had revised the model to include additional rules designed to stop such rude and strange results. It’s unclear, though, if these adjustments will be sufficient to rebuild user confidence or prevent the AI from displaying divisive material and language pushed by memes.