Author: News Desk

The fixed income platform Jiraaf, owned by AI Growth Pvt Ltd, has raised $8.7 million in equity as part of Series B funding round. The round was co-led by Accel and Harmony Partners. It also saw participation from Capital A and other angel investors. The fund infusion will support the company bringing high quality fixed income instruments in a transparent and convenient manner. “We are thrilled and humbled by the trust from our customers, investors and partners. Over the last 2 years, our endeavour has been to enable investors to deepen their fixed income portfolio by curating high quality opportunities…

The US Space Force has temporarily halted the use of web-based generative artificial intelligence (AI) tools, such as ChatGPT, due to data security concerns. According to a Memo sent in September, addressing Guardians (the Space Force workforce), states that personnel are prohibited from using these AI tools on government computers until formal approval is granted by the Chief Technology and Innovation Office. The reports also suggest that the temporary ban is due to data aggregation risks. Space Force’s Chief Technology and Innovation Officer Lisa Costa reportedly wrote in the memo, “Generative AI will undoubtedly revolutionize our workforce and enhance Guardian’s ability…

OORJAA, a logistics solutions company, has successfully raised INR 5.35 crore in its pre-Series A funding round 2 from Inflection Point Ventures (IPV), Vinners Platform, Soonicorn Ventures and HEM Angels. The funds will be dedicated to scale the PiE KART platform, advance technology and expand the team. While highlighting the company’s impressive 5.0 times growth since Round 1, led by IPV, Sandeep Patil, CEO and Co-founder of OORJAA said,”With this Round 2 funding and the recent launch of PiE KART, we are entering the next phase of our expansion. Our commitment is to revolutionize last-mile and mid-mile logistics through advanced…

India Ratings and Research (Ind-Ra) has recently lowered Vedanta Ltd’s (VDL) Long-Term Issuer Rating from “AA” to “AA-,” citing concerns over heightened liquidity risk and constrained financial flexibility. The primary trigger for this downgrade was the delay in securing refinancing. This rating revision also comes with Negative Implications, marking a notable shift from the previous Negative Outlook. Comprehensive Evaluation of VDL Group Ind-Ra maintains a holistic view when assessing VDL and its subsidiary entities, collectively referred to as the VDL group. This approach is grounded in the interconnectedness of their strategic, operational, and financial facets. In the rating determination process,…

As the Israel-Hamas war intensified, India on Wednesday, announced that it is planning to launch ‘Operation Ajay’ to bring back Indian citizens from there. Reportedly, there are 18,000 Indians in Israel. Taking to the social media platform X, External Foreign Affairs Minister S Jaishankar has shared, “Launching #OperationAjay to facilitate the return from Israel of our citizens who wish to return. Special charter flights and other arrangements are being put in place. Fully committed to the safety and well-being of our nationals abroad.” Additionally, the Indian embassy in Tel Aviv informed X that it has emailed the first lot of registered…

Zerodha co-founder Nikhil Kamath has launched a funding and mentorship programme, WTF Fund, for entrepreneurs under the age of 22. The fund aims to back young entrepreneurs working in the beauty, home, fashion and lifestyle segments. The entrepreneurs will also receive mentorship from Kamath, Ananth Narayanan (founder of Mensa Brands), Raj Shamani (content creator) and Kishore Biyani (founder of Future Group). “Introducing the #WTFFund! Young entrepreneurs under 22 years of age can now grab the opportunity to secure funding and receive mentorship in the home, fashion, beauty or lifestyle sectors,” announced Nikhil Kamath on X. Eligible entrepreneurs can be part of…

InsuranceDekho, India’s Insurtech player, has raised $60 million in its ongoing Series B funding round. As per the company, with this latest capital infusion, a mix of equity and debt, the company has attracted new marquee investors to its cap table while reaffirming the confidence of existing investors.  The company plans to utilize the proceeds from this funding round to boost its marketing activities, further expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities, and for new initiatives like Reinsurance to continue democratizing and revolutionizing the insurance landscape in India. According to…

Tata Group is reportedly considering entering India’s semiconductor sector. The industry conglomerate is submitting a proposal over the next 3 to 6 months for the Indian government’s semiconductor subsidy scheme. According to a BL report citing close sources aware of the matter, Tata Group is evaluating business plans across the value chain for semiconductors. In addition to the Centre’s subsidy, various State governments, including Gujarat, Karnataka and Tamil Nadu, are wooing Tata with various sops. Earlier in May 2023, the Group had revealed its plans to enter the semiconductor segment and its search for its electronics manufacturing facility in Tamil Nadu’s Krishnagiri district. Part of Tata’s $90-billion…

The International Monetary Fund’s (IMF) latest assessment, released on a Tuesday, paints a concerning picture of the global economic recovery. This warning coincides with the eruption of a new conflict in the Middle East, which threatens to destabilise an already fragile world economy reeling from a series of concurrent crises. The Middle East Conflict Unsettles Markets The recent clashes between Israel and Hamas over the weekend have sent shockwaves throughout the region. These events reflect the increasing difficulty of shielding economies from the impact of frequent and unpredictable global shocks. The conflict has cast a shadow over the annual meetings…

Hex20, a registered startup under the Kerala Start-up Mission, has come forward to contribute to the global institutions participating in the Chandrayaan mission, specifically for Chandrayaan-3. This collaboration involves Skyroot Aerospace and ISRO, which is now a part of the international space race. With a focus on cost-effective satellite production for the Chandrayaan mission, Hex20 aims to make its mark in the realm of space exploration. Hex20’s Role in Space Endeavours Skyroot Aerospace, headquartered in Hyderabad, is a private satellite manufacturing company. Similarly, the Japanese-based ISpace, known for its participation in lunar exploration research in Azerbaijan, has also joined hands…