Microsoft developing its own AI chip: Report

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April 18, 2023

Microsoft Corp is developing its artificial intelligence chip code-named “Athena” to power the technology behind AI chatbots like ChatGPT, The Information reported on Tuesday, citing two people familiar with the matter.

According to the report, a small group of Microsoft and OpenAI employees is testing the chip, which has been in development since 2019. The company, an early backer of ChatGPT’s owner OpenAI, has been working on it.

According to the report, the chips will train large-language models and support inference, which is needed for generative AI like ChatGPT, which process massive amounts of data, identifies patterns, and create new outputs that mimic human conversation.

According to the report, Microsoft hopes the chip will perform better than what it now buys from other vendors, saving it time and money on its costly AI initiatives. Amazon and Google, two other significant tech firms, also make their in-house AI chips.

Nvidia, a chip maker, currently dominates the market for these chips.

After ChatGPT’s success, Microsoft is speeding up the rollout, according to the report. To compete with Google and capitalize on its partnership with OpenAI, the Windows maker introduced Bing AI, its AI-powered search engine, earlier this year.

Inflection Point Ventures collaborates with IIT-Madras for startup investing

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April 18, 2023

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Inflection Point Ventures, an angel investor, and the IIT-Madras alumni association have partnered to spread awareness about startup investing. IPV will organize curated masterclasses, knowledge sessions, and meet-ups with investors to educate alumni about investing in startups and introduce them to this new field as an asset class.

The partnership will also make it easier for interested IIT alumni to connect with startups founded by fellow IIT alums.

“At IPV, we believe that startup investment has the potential to emerge as a long-term wealth creation asset class. While we have one of the largest investor networks of seasoned professionals, through alumni partnerships like IITMAA, we are keen to bring the benefits, pros and cons of startup investing to a younger audience and we hope to introduce them to our vast network and domain expertise built over the years,” said Ankur Mittal, Co-founder of Inflection Point Ventures.

The partnership between IPV and IITMAA aims to facilitate professional networking between alumni, professors, and current students to foster mutual benefits in academic, professional, and business fields. It includes creating an “Employment Network” to help new graduates, alumni seeking career advancements or changes, and those laid off.

“IITMAA has collaborated with IPV to engage its alums who would be looking forward to learning more about startup investing and build a robust Start-Up ecosystem for IITM Alumni Startups. The collaboration will enable IPV to share their knowledge and expertise with us, to improve startup & investor experiences and ensure future growth,” said Nishani Manohar, Executive Director of IITMAA.

As part of the partnership, IPV helps IITMAA alumni connect with and interact with other alumni who are already a part of IPV’s investor community. In return, IITMAA will make IPV available to its global chapters and organize in-person events like fish market events where alumni can showcase their start-ups and businesses to the IIT community. At these events, IPV will be invited as a partner for knowledge sharing, investment, and speaking engagements to promote startup and angel investing.

India identified digital health as top priority, gained expertise: UNICEF

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April 18, 2023

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India has identified digital health as one of its top priorities and has gained excellent expertise in developing and implementing digital health programmes, said UNICEF India’s chief of health Luigi d’Aquino.

The COVID-19 pandemic has led people worldwide to understand the potential of digital services to improve the availability, accessibility, and efficiency of numerous health programmes through different applications and initiatives, said d’Aquino, who participated at the second G20 Health Working Group conference.

While there has been much advancement in the field of digital health, he claims that numerous opportunities and challenges still need to be explored. Nevertheless, he said that access to digital health services has become easier for citizens due to the evolving tools, strategies, and vision.

“For instance, the CoWin app has enabled millions of people to access COVID-19 vaccines while telemedicine has provided essential care to many citizens when access to healthcare facilities was constrained due to the coronavirus pandemic,” d’Aquino said.

“At UNICEF, we prioritise children’s rights, including the fundamental rights to life, health and development. Therefore, we actively support and promote digital health initiatives that can assist healthcare workers such as ASHA, ANMs, and nurses,” UNICEF India’s chief of health said.

To that end, UNICEF is redefining the Reproductive and Child Health Portal in collaboration with the Ministry of Health and Family Welfare. Healthcare workers will be able to give real-time data on women and children, which, highlighted d’Aquino, will improve children’s health outcomes by influencing planning, decision-making, and tracking of the most marginalized or at risk population.

“We also work with various states of India to conceptualise, implement, monitor, and scale up digital health solutions that can enhance access to healthy behaviours, practices, and services,” he added.

The second meeting of the G20 health working group aims to consolidate all existing initiatives in health emergencies, prevention, and preparedness by utilizing the advocacy power of the forum. Apart from India, the conference is attended by delegates from 19 G20 member states, 10 countries, and 22 international organizations.

Godrej Capital launches NIRMAAN, a digital platform to help MSMEs expand their businesses

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April 17, 2023

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Godrej Capital, the financial services arm of the Godrej Group, announced its new digital platform, Nirmaan, to provide MSME owners with an all-inclusive opportunity to grow their businesses. Carefully curated, Godrej Capital Nirmaan packs a range of partners that provide services critical to the growth of MSMEs.

The company said in a statement that it has also partnered with players like Amazon Global Selling, Onsurity, Zolvit, and MSMEx to offer solutions to problems faced by these companies.

According to the company, partnering with other companies would help increase the potential market reach, streamline legal and regulatory requirements, enhance employee health and welfare, and offer business mentoring to small enterprises.

The platform will look into challenges, including limited market access, difficulties with geographic expansion, lack of knowledge of legal and regulatory compliance requirements, limited access to technology, difficulties finding and retaining a skilled workforce, and limited access to credit.

According to the statement, Godrej Capital Nirmaan aims to solve these problems and provide services under the categories of Grow the Business, Ease Business Operations, and Transformation through upskilling.

Speaking on the launch, Manish Shah, MD & CEO at Godrej Capital, said in a statement, “The Godrej Group has a longstanding commitment to contributing to the growth of the Indian economy, and through Godrej Capital, we are proud to launch Nirmaan, which will enable MSMEs to grow their fullest potential and thus drive economic growth of the country. We have closely studied the growth challenges of MSMEs in the country, and along with the lending services we already provide, with Nirmaan, we can help solve some of those challenges and support the sector’s growth.”

Since its inception in November 2020, Godrej Capital has established its presence across 13 Indian cities and disbursed approximately Rs 5,300 crore in housing, SME, and MSME loans, according to data provided by the company.

The statement said that while services would be made available across India, they would initially be promoted in 30 key markets in India.

BetterPlace acquires Malaysia-based recruitment firm TROOPERS

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April 17, 2023

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BetterPlace, an India-based software-as-a-service (SaaS) platform for frontline workforce management, announced the acquisition of TROOPERS, Malaysia’s flexi talent solutions technology player.

BetterPlace’s acquisition of TROOPERS will strengthen its presence in Southeast Asia and expedite the firm’s presence there, according to a statement from the company.

BetterPlace’s comprehensive SaaS platform will integrate TROOPERS’ automated gig matching and rostering features through the acquisition.

Joshua Tan and Kelvin Lee, the co-founders of TROOPERS, established it in 2017. As a flexi-talent solutions platform, TROOPERS offers businesses on-demand, pre-screened, part-time frontline workers so they can scale up their gig workforce to meet operational demands. TROOPERS claims that it has helped over 50,000 gig workers in Malaysia find jobs since its inception, with a machine learning algorithm achieving a 95% matching rate.

With the gig economy growing by 31% since 2017, exceeding the growth in the conventional workforce, Pravin Agarwala, Co-Founder and Group CEO of BetterPlace, said Southeast Asia would experience a significant growth in the demand for gig workers over the next five years. Only in Malaysia 84% of hiring managers prefer gig workers.

“We are pleased to offer a robust SaaS solution catering to the growing market demand. Our comprehensive SaaS platform and artificial intelligence (AI) based algorithms, combined with TROOPERS’ innovative flexi-talent solutions, enables enterprises to effectively tackle challenges such as high attrition rates, escalating labour and management costs, and skilled workforce shortages. Concurrently, frontline workers can optimise their earning potential through TROOPERS’ proprietary gig matching algorithms,” Agarwala added.

According to Joshua Tan, Co-Founder and CEO of TROOPERS, the majority of Southeast Asia’s workforce ecosystem is informal, making it challenging for workers to find supplementary jobs or increase their earning potential. Additionally, employees lack the skills to meet the business’s growing requirements.

“Building on the principles of transparency, accountability, and legitimacy, we started TROOPERS to address talent shortage and workforce productivity for enterprises while creating better livelihoods for workers in Malaysia. We are eager to utilise BetterPlace’s technological prowess and industry knowledge to scale our offering, potentially transforming the landscape of frontline work in Southeast Asia,” Tan added.

The acquisition of TROOPERS is an integral part of BetterPlace’s strategy of expanding its presence in Southeast Asia. This move followed BetterPlace’s earlier foray into the region when it acquired MyRobin, Indonesia’s top platform for fulfilling blue-collar workers, in February 2023. This was BetterPlace’s initial entry into Southeast Asia.

Wakao Foods brings its range of plant-based products to Singapore

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April 17, 2023

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Wakao Foods, a plant-based food brand, has announced its entry into the Singaporean market. In the Singapore market, the company will launch seven popular products, including Butter Jack, BBQ Jack, Raw Jack, Continental Burger Patty, Jack Supreme Burger Patty, Hot & Spicy Sausages, and American Herbs Sausages.

The products will be available in retail stores, including Everyday Vegan Grocer and HoReCa, and online through popular e-commerce websites like Shopee, Lazada, Amazon Singapore, and Redmart.

“We are thrilled to be bringing our range of delicious and healthy plant-based products to Singapore,” said Sairaj Dhond, founder and CEO of Wakao Foods. “Our products have high-quality ingredients, and we believe they will be well-received by the Singaporean market. We are excited to be partnering with Everyday Vegan Grocer, HoReCa, and various e-commerce platforms to make our products easily accessible to consumers across the country.”

The market for plant-based foods in Singapore is expected to grow at a CAGR of 16.9% from 2021 to 2026, according to a recent report by ResearchAndMarkets.com. Health concerns, the increasing veganism trend, and consumer demand for sustainable and ethically produced foods are the key drivers of this growth.

Palate Sensations, a culinary school in Singapore, will also use Wakao Foods’ products in addition to retail stores and e-commerce platforms. The products from Wakao Foods fit in perfectly with the school’s innovative and sustainable approach to cooking.

The use of jackfruit by companies like Wakao Foods may help small farmers by reducing wastage and creating employment, according to VK Vidyarthi, general manager of the Agricultural and Processed Food Products Export Development Authority (APEDA). Through its National Programme on Vegan Products, APEDA assists plant-based companies like Wakao.

The Indian plant-based market is forecasted to reach USD 2.2 billion by 2030, with a USD 1.1 billion export potential, according to GFI India and Deloitte India. By utilizing readily available raw materials in the region, Indian plant-based companies can benefit from the diversity of the country’s agriculture.

Tata Digital enters Edtech, launches upskilling platform NeuSkills

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April 15, 2023

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Tata Digital’s super app TataNeu has introduced NeuSkills, a reskilling vertical when edtech is struggling under macroeconomic headwinds.

On the website for the vertical, Tata NeuSkills, two bootcamp-based courses — data analytics and frontend development — will begin to be offered later this month. Two hackathons will be held on April 28 by the new platform for both long-term programmes.

A person has to complete a capstone project to receive certification for these allegedly six-month-long courses. According to Tata NeuSkills, a student must dedicate at least 15 hours per week to enrol in long-term courses.

Reportedly, TataNeu is offering the courses for an ‘introductory price’ of INR 60,000, excluding tax. However, the website mentions INR 1 Lakh + GST pricing for the course.

Additionally, NeuSkills is launching a short-term programme for Google’s Flutter app-building software.

On the NeuSkills website, it was also mentioned that students who complete the programme with at least 80% attendance and at least 80% on the MCQ and HOC exams would have the opportunity to be hired by a member of the Tata Group or a partner company.

BigBasket, 1mg, Cult.fit, TCS, Croma, Air Asia, Westside, Tata Cliq, and other companies belong to this category. Furthermore, the platform states that based on the learner’s performance, they may be eligible for a 40% hike or more after being hired.

A person will also have the option to work as an intern for one to three months at these companies during the course.

The new platform from Tata Digital, the digital classroom solution Tata ClassEdge, is the second edtech venture across the larger Tata Group. Interestingly, upskilling has recently become a significant subsector of edtech, with increasing amounts of funding poured into startups operating there.

Tata NeuSkills is entering a market dominated by a handful of incumbents, particularly in the data analytics and frontend programming categories, including companies like upGrad, Great Learning, and Scalar in India.

Dimon says JPMorgan headcount to stay flat after 8% annual jump

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April 15, 2023

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Jamie Dimon, chief executive officer of JPMorgan Chase & Co., said that the headcount at the largest US bank is expected to stay flat for the rest of the year after increasing by more than 8%.

The New York-based company reported that its total employee count increased to 296,877 in the first quarter from 273,948 a year earlier. According to JPMorgan, more headcount, greater compensation, and wage inflation contributed to a nearly 5% growth in non-interest expenses.

In a conference call with reporters on Friday after the bank released its quarterly results, Chief Financial Officer Jeremy Barnum referred to the increase in headcount as “BAU” — business as usual.

Due to inflation, a decline in deal activity, and the potential for a recession, Wall Street has leaned on headcount reductions and hiring freezes to help limit costs. While Citigroup Inc. has cut hundreds of jobs this year, Morgan Stanley cut 1,600 workers in December. In 2023, Goldman Sachs Group Inc. started one of its largest layoffs, eliminating around 3,200 workers.

On Friday, JPMorgan executives also discussed the bank’s decision to call its managing directors back to the office five days a week, eliminating the hybrid work pattern developed during the pandemic.

“We think leaders need to be accessible to their people all the time,” Dimon said. Many other employees are allowed to come in three days a week.

“We know some people weren’t following three days a week, and we want them to be there three days a week,” Dimon said. “We completely understand some people don’t want to do it. They can not do it elsewhere.”

ITC to add 3 properties under Welcomhotel brand

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April 15, 2023

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Welcomhotel, an upper upmarket brand of the ITC Hotel Group, plans to expand with three new properties in the states of Madhya Pradesh, Himachal Pradesh, and Uttarakhand. ITC has signed a deal to build the 136-room Welcomhotel Gwalior, which would take up 7 acres and debut in 2025, according to a statement from the hospitality company.

The company will open a 46-key hotel in Manali in the coming months.

A management contract with Unique Hotels and Restaurants will enable the company to open a hotel in Dehradun. The existing property is now being converted into a 78-key hotel.

“The signing of more properties under the upper upscale Brand Welcomhotel is in line with ITC Hotels’ expansion plan to take our brand and services to tier II markets in addition to prime metro cities,” ITC Hotels Divisional Chief Executive Anil Chadha said.

Fairmont Hotels & Resorts to open new property in Agra

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April 14, 2023

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Fairmont Hotels & Resorts today announced the signing of a new property in Agra, the city of the Taj Mahal, one of the seven wonders of the world and a UNESCO World Heritage Site. Guests can expect an incredible experience seamlessly blending outstanding hospitality with the enticing beauty of one of India’s most legendary destinations. Guests can expect an incredible experience seamlessly blending outstanding hospitality with the enticing beauty of one of India’s most legendary destinations.

Fairmont Hotels & Resorts has partnered with Shekhar Resorts Limited, introducing the first Fairmont in Agra.

“We are delighted to partner with Fairmont, an iconic luxury brand within the Accor Group. Given Accor’s expertise in luxury hospitality management and knowledge of the markets they operate in, we found Fairmont and Accor as the most adept partners to manage the upcoming Fairmont Agra. We believe that the property will stand out and elevate the luxury hospitality experience in Agra and northern India. We are excited to start our first partnership with Fairmont and Accor and to bring the most unique and memorable experiences to our guests,” says Anuj Jain, Director of Shekhar Resorts Limited, Agra.

The Taj Mahal is approximately two kilometres from Fairmont Agra, offering guests convenient access to this outstanding architectural achievement. The hotel is located in the populous city of Agra, in the northern state of Uttar Pradesh, on the banks of the Yamuna River. It is just two hours away from the bustling capital city of New Delhi.

“This is a great addition to our brand portfolio,” says Mark Willis, CEO of Fairmont Hotels & Resorts. “Fairmont Agra will be situated in one of the most awe-inspiring destinations in the world, and I am confident that its strategic location, architecture, and breathtaking views will make it one of our top iconic properties. With the brand’s exceptional standards, Fairmont Agra is set to offer an unforgettable experience to its guests.”

Fairmont is one of Accor‘s leading luxury hotel brands with more than a century of history. Its iconic hotels include The Plaza in New York City, The Savoy in London, Fairmont Peace Hotel in Shanghai, and Fairmont Royal Palm in Marrakech. Over the next two years, Fairmont will open other hotels in Udaipur, Mumbai, and Shimla Fagu in addition to the luxurious Fairmont Jaipur, already operating in India.

Willis adds: “Fairmont is gaining momentum in India, with four exciting new properties under development. With Agra on the horizon, the brand will complete India’s northern Golden Triangle, alongside Jaipur and Udaipur.”

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