Software Financial News

fintech startup Vegapay has raised $5.5 million in an equity funding round led by Elevation Capital, with participation from existing investor Eximius Ventures. It had raised $1.1 million in its first institutional funding round in 2023 led by Eximius.

bench strength at top Indian outsourcers has nearly halved in a very short span of time, but that isn’t necessarily a very bad thing for the global services leaders. Higher utilization and generative artificial intelligence (GenAI) are helping them drive efficiencies through the talent pyramid as the $254-billion industry rides out its toughest business cycle since the global financial crisis. “Large IT services companies typically maintained a bench of 20-30% of their workforce. This has significantly reduced, with many companies now reporting a bench size of around 10%,” said Krishna Vij, business head at staffing firm TeamLease Digital. “This shift can be attributed to increased focus on upskilling and training bench employees for redeployment.”

Check out the companies making headlines in extended trading:

Also Read: Unemployment rate in India doubles among educated youth: Former CEA Kaushik Basu says, ‘Change is coming’Dr Basu took to microblogging platform ‘X’ and said, ‘’Latest data from India’s CMIE shows India’s youth unemployment rate has reached the alarming level of 45.4 per cent—among the highest in the world. This is doing deep damage. For the sake of the country we must not hide behind slogans, must put politics aside & take corrective measures.''The ex-CEA, who now teaches economics at Cornell University, stated that the rising unemployment is doing ‘’deep damage''.

Wayve has raised $1 billion to put its self-driving software into modern cars. The funding mostly came from existing investors including Microsoft, Nvidia and Softbank, and it came just days before the UK also passed a comprehensive law that will let driverless cars onto British roads by 2026. The regulations are the first to address one of the industry’s big problems: exaggeration.

Apple WWDC 2024: Apple's WWDC 2024 is just a few weeks away, and the company has confirmed the date and timing for the keynote event. This year's WWDC is expected to be one of the biggest yet, offering developers and attendees a closer look at new software upgrades and AI advancements that Apple has been developing over the past few years.Also Read | Apple after Tim Cook? A look at the likely next CEO John TernusThe company has not officially hinted at any specific AI news, but Tim Cook, Apple's CEO, has been vocal about its plans recently, which is hardly surprising now that the Worldwide Developers Conference (WWDC) 2024 is just around the corner.Also Read | Is Apple planning a self-healing foldable screen? Here's what the report suggestsAlso Read | Apple iOS 18 to introduce AI-powered ‘Emoji Customization,’ suggests Mark GurmanApple WWDC 2024 will start on June 10 and continue until June 14.

Value Buys? Low PE stocks, often regarded as value stocks, are typically favoured for long-term investment strategies. According to Trendlyne data, PI Industries, ACC and Federal Bank are currently trading at lower PE ratios compared to their respective industry averages. Despite belonging to different sectors, these stocks have the potential to rally by up to 21%, as suggested by Trendlyne data.

₹1,59,990, the Zenbook Duo offers fantastic value. The top-end variant, which I reviewed, maxes out at ₹2,39,990. Nonetheless, it’s a good price for a laptop of this stature.

The project stands to revolutionize how data is accessed, utilized, and secured, boldly challenging the centralized industry giants that have dominated the AI lifecycle

Polygon Labs has undergone a key structural change to improve its focus on building zero-knowledge (ZK) technology solutions. On Tuesday, the software company announced that it had expanded the co-founder and executive chairman Sandeep Nailwal’s role to chief business officer (CBO).

LPL continues to grow its advisory network with a pair of advisors, including a veteran with nearly three decades of experience.

Boeing is now aiming for its first astronaut launch at the beginning of June

banking tech startup Gravity has raised $1 million in a funding round led by early-stage venture fund Kettleborough VC. The funds will be employed to enhance “our engineering strength to build the product and take it to the next version, offering the best in product engineering we can,” cofounder and chief executive Satish Krishnaswamy told ET.

Infosys is pivoting to a GenAI first company, Salil Parekh, chief executive and managing director of India’s second-largest software services firm told ET. In a wide-ranging interview with Sameer Ranjan Bakshi, Beena Parmar and Surabhi Agarwal, he spoke of his plans to prepare the $18.6 billion software services giant — through its Topaz platform — for the GenAI-led transformation that will take root as global macro-economic concerns ease. For now, as clients postpone large digital transformation projects amid uncertain demand for technology services, Infosys will choose profitability over growth. The 59-year-old — whose second tenure as Infosys CEO extends until 2027—said his spare time these days is devoted to experimenting with different AI tools. Edited Excerpts The current financial year was supposed to be one of recovery, how has it been so far?

investment group EQT will now look at deals of $50 million-250 million in India from its newly raised $1.6 billion BPEA EQT Mid-Market Growth Partnership (MMG Fund). The new fund, in addition to the large-cap buyout Asia fund, will look at deals primarily in closely held companies. «As the flagship fund becomes bigger, there is that opportunity in the mid-market space with a ticket size of between $50 million and $250 million that is getting left out,» Hari Gopalakrishnan, partner, EQT, told ET. «So, we are targeting that space with this mid-market strategy. We set out to raise $750 million, but the demand was quite strong. So, we ended up raising twice what we expected.»

HCLTech on Monday said it has partnered with British semiconductor and software design company Arm to work on custom silicon chips that support AI-driven business operations. A semiconductor designed for a specific task is referred as custom silicon chip. The partnership will enable semiconductor manufacturers, system OEMs (original equipment manufacturers) and cloud services providers to enhance the computing efficiency of their data centre environments, HCLTech said in a statement.

online trading scam that started on the instant messaging platform WhatsApp. The victims were lured to significant profits via online trading. One of the victims is a resident of Charholi Budruk and according to the FIR filed by him, the cybercriminals added the complainant to a WhatsApp group and told him that he could earn huge profits through online share trading. Later, they added his brother to the same WhatsApp group, a Times of India (ToI) report said.

Honor Magic 6 Pro was launched in the global market at a price of 1299 Euros (around ₹1,16,000) for the 12GB RAM/512GB storage variant. However, we'll have to wait for the official launch of the device by HTech to get clarity on the price of the upcoming smartphone.While HTech hasn't revealed any features about the latest phone, a look at the specifications of the Magic 6 Pro global variant should give us a fair idea about the device coming to India.The Magic 6 Pro comes with a 6.8-inch Full HD+ curved OLED display with a 120Hz refresh rate and a peak brightness of 5,000 nits.

Generative AI (GenAI) represents a new age of human productivity and scientific discovery, says Bryan Harris, executive vice-president & chief technology officer (CTO), SAS. In this interview, he talks to Sudhir Chowdhary about some of the major trends in data and AI space, and the strategic role of the firm’s Pune R&D facility in the overall scheme of things.

Mark Mobius, Chairman, Mobius Emerging Opportunities Fund, says that there are lots of steam left in the global market, and we are seeing a lot more interest in equities globally, particularly in the US, and that helps India as well because if people are making a lot of money in the US, they want to diversify globally. They want to put their eggs in more baskets. And one of the most important baskets now is India. Mobius further says that India is a huge market and there are lots of opportunities for global investors.They are going to take advantage of that opportunity. I wanted to glean out a bit because overall we have seen that there has been a shift towards China as well because the valuations there were fairly comfortable. For you, I see that it is still one of the least preferred countries in terms of your geographical portfolio breakdown. What is the thesis there? Are you looking at perhaps increasing the weights in China and even the US for that matter is fairly underweight at just 9%? Mark Mobius: Yes, we are looking at China again now and you have seen that the Hong Kong market has had a pretty good recovery.

Nutanix sees its India growth rate outpacing its projected global metrics for Annual Recurring Revenue (ARR) and profitability, CEO Rajiv Ramaswami told ET in an exclusive interaction on the sidelines of the company's annual .NEXT conference being held here.