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Billionaire Flipkart Founder Ready to Launch Stealth AI Startup

Billionaire Flipkart Founder Ready to Launch Stealth AI Startup

Former Flipkart co-founder, Binny Bansal, is embarking on a new entrepreneurial journey, this time in the field of artificial intelligence. 

According to sources cited by Bloomberg, Bansal’s latest venture is set to make a significant impact on the AI landscape, with a focus on serving corporate clients worldwide. The startup, currently shrouded in secrecy, plans to provide AI expertise, products, and services, following a model reminiscent of IT giants like TCS and Infosys.

Billionaire Flipkart Founder Ready to Launch Stealth AI Startup

Image Source: bnn.network

Bansal, a 40-year-old billionaire who co-founded the e-commerce behemoth Flipkart and realized substantial gains from selling his stake to Walmart Inc., is now setting his sights on India’s vast English-speaking youth population. His goal is to nurture the next generation of AI professionals and offer innovative AI services. This ambitious project revolves around talent development and service offerings, with a particular emphasis on smaller Indian cities that are often overlooked by tech giants.

Although the startup is keeping product details under wraps, it is believed to be targeting the e-commerce and legal sectors in its initial stages. Future expansions are anticipated in the realms of analytics, data science, and financial services. The official product launch is scheduled for the second half of 2024.

From Bengaluru to Singapore: A Global Vision Takes Shape

While the startup is headquartered in Bengaluru, it is officially headquartered in Singapore, a city where Binny Bansal has made his home since his tenure at Flipkart. The project is currently in stealth mode for product development in Singapore, with strategic plans for expanding into the lucrative US market in the future.

Binny Bansal and Sanchin Bansal, both alumni of the prestigious Indian Institute of Technology, Delhi, co-founded Flipkart, which eventually evolved into a local e-commerce giant competing with Amazon. Notably, Binny Bansal served as the CEO of Flipkart when he orchestrated the high-profile sale to Walmart for a staggering $16 billion in 2018. Despite relinquishing his executive role, he maintains a presence on the Flipkart board and retains shares in PhonePe, Flipkart’s digital payment service. Furthermore, Binny Bansal has actively been investing in technology startups, displaying a keen interest in fostering India’s burgeoning tech ecosystem.

As Binny Bansal’s stealth AI startup takes shape in the heart of India’s tech hub, it has the potential to become a formidable player in the global AI landscape. With a visionary founder, a focus on talent development, and a commitment to innovative service offerings, the startup is poised to make waves in the industry, much like Bansal’s previous endeavors. As the countdown begins for the official product launch in 2024, the tech world eagerly anticipates the unveiling of this intriguing venture and its potential to redefine the AI landscape.

E-Commerce Startup Udaan to Trim Costs Ahead of 2025 IPO

E-Commerce Startup Udaan to Trim Costs Ahead of 2025 IPO

Before its anticipated IPO in 2025, Indian e-commerce firm Udaan is concentrating on cutting expenses and establishing partnerships with consumer goods companies. Operating profitability is the business’s goal, according to the chief executive officer Vaibhav Gupta, and it should happen in 18 months. Lightspeed Venture Partners-backed Udaan is among a slew of Indian startups aiming to capitalise on the expanding economy of the nation while satisfying investor expectations for profitability. With its financial technology division, Udaan, which provides small merchants with an online marketplace and logistical network, is also branching out into lending.

The priority “is steady and predictable financial performance,” Gupta said. “Second, strategically we want to ensure that we are top of mind with shopkeepers, with big manufacturers, and we maintain our relative market share”, he added.

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Udaan Aims to capitalize on India's customer base

funded by Lightspeed Venture Partners Amongst the businesses attempting to capitalise on India’s customer base and economy’s explosive expansion is Udaan, which is also aiming to satisfy investor requests for revenue generation.

At the height of its employment, Udaan brought in thousands of people. Last year, it, along with other Indian startups, reduced employment and tightened internal controls as well as compliance.

With around 1,800 employees as of right now, Gupta would not say if more layoffs are necessary.

E-Commerce Startup Udaan to Trim Costs Ahead of 2025 IPO

Image Source: moneycontrol.com

Corporate governance errors at Byju’s, an Indian online teaching company that was once the country’s most valuable startup with a 22-billion-dollar value, exposed the particular difficulties encountered by South Asian entrepreneurs and encouraged other businesses to exercise greater caution.

“We continue to move towards more professionalized management, professionalized board and also institutionalized shareholders as we go towards public markets,” Gupta said.

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Udaan has not yet decided if it will be listed internationally or in India. According to a report by September Business Standard, it was in discussions to raise a total of 400 million dollars and was estimated at more than three billion dollars in a 2021 investment round. Tencent Holdings Ltd. owns 6 percent of Udaan, while Lightspeed owns approximately 35 percent.

In 2016, three developers who worked before at Flipkart launched the firm. Until Vaibhav Gupta, who was among the founders, took on the role of the chief executive officer in 2021, the three of them jointly managed Udaan. Amod Malviya and Sujeet Kumar, the other two founders, are members of the board.

From Unicorns to Camels: How AI Startups Transcend The Divide in Tech Investment

From Unicorns to Camels: How AI Startups Transcend The Divide in Tech Investment

In the ever-evolving landscape of technology, artificial intelligence (AI) startups are emerging as the true pioneers, defying conventional constraints and making significant strides in the global tech arena. 

From Unicorns to Camels: How AI Startups Transcend The Divide in Tech Investment
Image Source: smill49.medium.com

Venture capital firms, traditionally inclined towards Silicon Valley giants, are now realigning their focus to recognize the exceptional prospects within this burgeoning field. What sets these AI startups apart is their ability to adapt and innovate, irrespective of their geographical location. Whether nestled in the familiar confines of Silicon Valley or flourishing in lesser-known tech hubs, AI startups are showcasing remarkable adaptability. Their ingenious use of AI technology has allowed them to create groundbreaking solutions, disrupting established industries and pushing the boundaries of what was once deemed possible.

The core of this revolution lies in advanced algorithms and rapid computing power that, astonishingly, didn’t exist a mere decade ago. These technological advancements have enabled AI startups to seamlessly overcome the limitations of traditional setups, opening up new possibilities and reshaping industries. As a testament to their potential, the AI market is expected to witness exponential growth, with a projected value of nearly $100 billion ballooning twentyfold by 2030, reaching nearly $2 trillion.

AI startups are not confining their impact to a single industry; they are leading the charge across various sectors. One notable example is the fintech industry, which has experienced a remarkable transformation due to AI-powered products. In 2018, AI-related investments in fintech amounted to a modest $408 million. Fast forward to the present, and the sector has witnessed a seismic shift, with investments reaching unprecedented levels. The fintech industry’s value, propelled by AI innovations, now stands at a staggering figure, illustrating the transformative power of these startups.

Moreover, AI is penetrating diverse sectors, including supply chains, marketing, product manufacturing, research, and analysis. The versatility of AI applications is a testament to its far-reaching impact on the business landscape. As AI startups continue to refine their offerings and expand their reach, they are set to become key players in shaping the future of industries worldwide.

Also Read: OpenAI Seeks $90 Billion Valuation in Possible Share Sale, WSJ Says

In this era where unicorns symbolize tech success, AI startups are introducing a new metaphor – that of camels, resilient and adaptable creatures that traverse diverse landscapes. The adaptability of AI startups to different environments and their transformative impact on industries make them the camels of the tech investment desert, traversing terrains that were once thought impassable and proving that the future belongs to those who can harness the power of artificial intelligence.

Drone Startup Shield AI Valued at $2.5 Billion in New Funding Round

Drone Startup Shield AI Valued at $2.5 Billion in New Funding Round

In a groundbreaking development for the autonomous drone technology sector, Shield AI, a startup specializing in military applications, is set to raise an impressive $150 million in funding. 

Drone Startup Shield AI Valued at $2.5 Billion in New Funding Round
Image Source: ts2.space

Sources familiar with the discussions have revealed that this latest round of financing will value the company at an impressive $2.5 billion. While Shield AI has not officially commented on this news, it marks a significant milestone in the company’s journey.

Shield AI is renowned for its innovative software, Hivemind, which essentially acts as a self-driving pilot for aircraft without the reliance on communications or GPS. This unique technology enables drones to operate seamlessly in situations where interference from enemy forces could otherwise disrupt navigation. Such capabilities have garnered Shield AI multiple contracts with the US military, solidifying its position as a key player in the defense technology landscape.

Notably, earlier this year, Shield AI made headlines by announcing a strategic partnership with aerospace giant Boeing Co. The collaboration aims to expedite the integration of Shield AI’s autonomous aircraft software into military applications, underscoring the growing importance of autonomous systems in modern warfare.

Shield AI’s journey began in 2015, when it was founded by Ryan Tseng and his brother, Brandon Tseng, a former Navy SEAL who now serves as the company’s president. Alongside them, Andrew Reiter, a technical fellow at the company, contributed to the development of their groundbreaking technology. Shield AI quickly emerged as a star in the defense technology sector, attracting significant attention and venture capital investments.

The startup’s impressive growth trajectory has been supported by several high-profile investors, including Andreessen Horowitz, Point72 Ventures, and Snowpoint Ventures. These investments have not only fueled Shield AI’s research and development efforts but have also positioned the company as a leader in autonomous drone technology.

Also Read: T-Mobile to Buy Up to $3.3 Billion of Airwaves From Comcast

The $2.5 billion valuation is a testament to Shield AI’s dedication to pushing the boundaries of autonomous technology. It reflects the growing recognition of the strategic importance of such innovations in modern defense and security operations. As conflicts evolve, autonomous drones like those developed by Shield AI are becoming essential tools for gathering critical intelligence and executing missions while minimizing risks to human personnel.

In conclusion, Shield AI’s latest funding round signifies a major milestone in the development of autonomous drone technology for military applications. With a valuation of $2.5 billion, the company is poised to continue driving innovation in the defense technology sector, ensuring that cutting-edge autonomous systems become an integral part of the modern military arsenal. The partnership with Boeing and continued support from investors further solidify Shield AI’s position as a frontrunner in this rapidly evolving field.

TechCrunch Select Omnisient As One Of World’s Top 200 Game-Changing Startups

TechCrunch Select Omnisient as One of World’s Top 200 Game-Changing Startups

In order to select the top 200 businesses to compete in their Startup Battlefield 200 contest at the yearly TechCrunch Disrupt event in San Francisco, USA, TechCrunch analysed over 3,000 early-stage startup nominations from across the world. The Startup Battlefield 200 is the premier startup competition in the world, where 200 businesses are given the opportunity to train and present to financiers along with TechCrunch editors. Participants in this season’s Startup Battlefield come from a variety of industries, including exploration of space, security, banking, and software as a service (SaaS).

TechCrunch Select Omnisient As One Of World’s Top 200 Game-Changing Startups
Image Source: techcrunch.com

“One of the cool advantages of being a first-party witness to the thousands of companies that come through our application pipeline every year is that we see emergent trends bubbling up far sooner than most do. It’s a huge privilege to be able to see the future this way and one of the most exciting parts of our job,” says Matthew Panzarino, Editor-in-Chief of TechCrunch.

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With the help of cutting-edge cryptography, sophisticated analytics, and artificial intelligence (AI), Omnisient is the Data Collaboration service that enables Financial Services Institutions (FSIs) to use fresh consumer data sources safely and legally. Local banks are currently able to make use of retail consumer data from Omnisient’s platform to determine 3.2 million people as trustworthy who would have otherwise been turned down for credit owing to a lack of background information.

Speaking about the fintech category of the competition, Panzarino added, “Fintech is going deep over the next year building infrastructure in huge but un-addressed world economies rather than over-indexing on the western markets. Whatever holdover grip that foreign banking and social norms have on those systems is getting unravelled by startups that are creating new ways for populations in those markets to engage with finances.”

techfinancials.co.za

The Moscone Centre in San Francisco will play host to TechCrunch Disrupt 2023 from September 19 Tuesday, through September 21, Thursday,

Featuring more than 10,000 individuals attending, TechCrunch Disrupt is the premier event in the world for launching ground-breaking firms, showcasing groundbreaking innovations, and talking about what the greatest innovators in the tech sector are thinking about right now. This year, Disrupt brings together the smartest and greatest tech enthusiasts, investors, hackers, as well as entrepreneurs for communication, screenings, demos, and Startup Battlefield 200.

Read more: Japan’s Newest Billionaire is a College Dropout Who Built a Global Udon Noodle Empire

The event is renowned for showcasing the hottest businesses, revealing revolutionary technology, and talking about what the brightest minds in the tech sector are thinking about right now. Disrupt has previously seen the launches of businesses including Dropbox, Cloudflare,  Mint, Fitbit, as well as Yammer.

Telenor

Telenor: One of the Largest and Globally known Mobile Telecommunications Company

Telenor ASA is one of the biggest mobile telecommunications firms in the world, with activities around the world but mostly in Scandinavia and Asia. It has 10-year-old research and business line for Machine-to-Machine technology, as well as vast broadband and TV distribution activities in four Nordic countries. Telenor manages and operates networks in nine countries.

Telenor, The Telephone Company

Telenor began as Telegrafverket, a state-owned monopoly provider of telegraph services, in 1855. Televerket started by linking Christiania (now Oslo) to Sweden, as well as Christiania and Drammen.

In 1878, the first telephone service in Norway was established between Arendal and Tvedestrand, and in 1893, the first international telephone service was established between Christiania and Stockholm. The telephone system was automated beginning in 1920 and completed in 1985.

Telenor
Image Source: typenetwork.com

Always Moving Forward with Telenor

In the Nordic countries, Telenor provides a wide range of telecommunication networks, including mobile and fixed telephony, Internet connectivity, and cable TV access and video. Facing competition from Telia and others, Telenor remains Norway’s largest player. The company has a significant presence in the Scandinavian broadband and television industry, both in terms of subscribers and service area. With operations in five Asian countries, Telenor is a major player in the region.

Telenor’s Asian business currently comprises around 1.2 billion people, of which around 150 million are Telenor subscribers. Less than 20 percent of them are active mobile data users. The company’s ‘Internet for All’ strategy aims to capitalize on this important revenue and growth potential in a region with low penetration of the fixed network and the decline in the prices of devices.

The company’s Asian markets have seen unprecedented growth and demand for mobile data over the past two years. The number of mobile broadband connections in the Asia-Pacific region is expected to double to 2.1 billion in 2017. Telenor Group is strategically managing the voice-to-data transition, focusing on delivering innovative telecommunications and digital services based on the real needs of people in their markets.

Thailand and Malaysia are currently leading Telenor’s growth in the region. 32% and 37% of customers, respectively, are active mobile data users. However, the pace is accelerating in all Asian companies. In Bangladesh, 5.2 million are currently active data users, or 11 percent, while Uninor in India and Telenor Pakistan have 4.7 million and 5.3 million active users, or 15 percent, respectively.

Working for the Crowd

In order to achieve a profitable expansion of the mobile Internet, the Telenor Group has identified four key elements: building efficient, faster, and more intelligent networks, right prices and packages, increasing device quality, and using digital services and partnerships for a quick introduction.

To promote usage and meet customer needs, Telenor works with social media and entertainment players like Facebook, Wikipedia, and WhatsApp, targeting other digital offerings, including financial services, access to knowledge, and affordable and accessible health services.

The CEO: Sigve Brekke

On December 15, 1959, Sigve Brekke was born. He is the President and CEO of Telenor Group, a multinational telecommunications firm with operations in 13 Nordic, European, and Asian countries.

He was formerly the EVP and Head of Region Asia. He has played a key role in expanding Telenor’s presence in the area. He has been a key driver and shaper in transforming Telenor into a leading power in key Asian markets since helping to set the initial trajectory in 1999.

He began his career with Telenor as an analyst, later rising to the role of Manager for Business Development, where he was instrumental in developing the company’s Asian growth strategy. He has been the CEO of Dtac and Uninor since then. He’s already been involved in mergers and acquisitions, and he’s recently entered the Myanmar market.