Avendus, India’s leading investment bank for venture deals, is looking to raise about $300 million for its private equity unit, according to three sources familiar with the matter.
With its third private equity fund, Avendus plans to write larger checks more frequently, one of the sources said.
The firm raised its second fund, amounting to around $185 million, in 2021.
Avendus employs over 150 bankers and was the top financial advisor in India last year.
In the past decade, similar to financial advisors in other regions, Avendus has diversified its offerings, venturing into wealth management, credit financing, and private equity.
Amazon has quietly introduced a “special store” called Bazaar in India, featuring affordable and trendy fashion and lifestyle products, as it ramps up efforts against Walmart-owned Flipkart and Reliance’s Ajio, which have made deeper inroads in the Indian fast-fashion market.
“India e-commerce category mix is changing; Mobiles and Consumer electronics share is declining.
Fashion has seen the strongest growth since FY19, and now holds the highest category share,” Bernstein analysts wrote in a note last month.
India is a key overseas market for Amazon, which has invested more than $11 billion in the country to date.
The fast-fashion e-commerce market has gained significant traction in India in recent years, with local startups drawing inspiration from global pioneers like Zara, H&M, and Uniqlo.
India, grappling with election misinfo, weighs up labels and its own AI safety coalition An Adobe-backed association wants to help organizations in the country with an AI standardIndia, long in the tooth when it comes to co-opting tech to persuade the public, has become a global hotspot when it comes to how AI is being used, and abused, in political discourse, and specifically the democratic process.
Tech companies, who built the tools in the first place, are making trips to the country to push solutions.
Using its open standard, the C2PA has developed a digital nutrition label for content called Content Credentials.
It also automatically attaches to AI content generated by Adobe’s AI model Firefly.
“That’s a little ‘CR’… it’s two western letters like most Adobe tools, but this indicates there’s more context to be shown,” he said.
Weeks before the national elections in India, Elon Musk-owned X said it is rolling out support for posting Community Notes — the company’s crowd-sourced fact-checking program — in the key overseas market.
The first set of contributors from India will start posting notes from today and more will be accepted over time, X said.
Community Notes now active on India!
Over time, the company has allowed members from different countries to start posting Community Notes to provide local context better.
India was one of the last major markets where Community Notes had not previously expanded.
Aneja’s current research focuses on the societal impact of algorithmic decision-making systems in India, where she’s based, and platform governance.
Aneja recently authored a study on the current uses of AI in India, reviewing use cases across sectors including policing and agriculture.
At the same time, India had launched its Digital India mission and National Strategy for Artificial Intelligence.
What are some issues AI users should be aware of?
Investors need to consider the entire life cycle of AI production — not just the outputs or outcomes of AI applications.
All VC firms have also grown increasingly focused on making early-stage investments in India in recent years and finding the next Flipkart at the seed stage.
Accel has been trying to find the right fit for its early-stage accelerator program for nearly half a decade now.
SkoobSkoob is a generative AI platform which is revolutionizing the way readers interact with books.
More than 800 startups applied to be in Atoms 3.0, and about 300-400 applicants were AI startups.
Swaroop said nearly two-thirds of all pitches focused on AI startups that sought to solve HR and marketing problems.
Crypto exchange OKX is ceasing services for users in India, it said in an email to customers Thursday, advising them to withdraw their funds by April-end.
The move follows Apple and Google pulling the eponymous app of OKX in the country after an Indian government agency said many crypto exchanges were operating illegally in the South Asian market.
Financial Intelligence Unit, the government agency, named Binance, Kraken, Huobi and Gate.io among apps operating “illegally” in India but hadn’t named OKX in its public statement.
OKX has advised customers in India to close all their active margin positions and withdraw all funds by April 30.
While India-based crypto exchanges continued to require rigorous know-your-customer verifications before onboarding new users, the same hasn’t been true of many global platforms.
In India, a government-run agency will now monitor and undertake fact-checking for government related matters on social media even as tech giants expressed grave concerns about it last year.
The Ministry of Electronics and IT on Wednesday wrote in a gazette notification that it is cementing into law its proposal from last year about making the fact checking unit of Press Information Bureau the dedicated arbiter of truth for New Delhi matters.
The Ministry of Information and Broadcast established the fact checking unit of Press Information Bureau in 2019 with the aim to dispel misinformation about government matters.
The unit, however, has been criticized for falsely labelling information critical to the government as misleading.
Relying on a government agency such as the Press Information Bureau as the sole source to fact-check government business without giving it a clear definition or providing clear checks and balances “may lead to misuse during implementation of the law, which will profoundly infringe on press freedom,” Asia Internet Coalition, an industry group that represents Meta, Amazon, Google and Apple cautioned last year.
India is walking back on a recent AI advisory after receiving criticism from many local and global entrepreneurs and investors.
The Ministry of Electronics and IT shared an updated AI advisory with industry stakeholders on Friday that no longer asked them to take the government approval before launching or deploying an AI model to users in the South Asian market.
Under the revised guidelines, firms are instead advised to label under-tested and unreliable AI models to inform users of their potential fallibility or unreliability.
The revision follows India’s IT ministry receiving severe criticism earlier this month from many high-profile individuals.
Less than a year ago, the ministry had declined to regulate AI growth, identifying the sector as vital to India’s strategic interests.
India’s antitrust regulator has ordered an investigation into Alphabet’s Google, alleging the U.S. tech giant abused its dominant position in the country’s online market by imposing unfair terms and discriminatory practices in its popular app store.
The order came in response to complaint filed by multiple Indian app developers and industry groups, many of whom have also publicly raised concerns about what they allege is unfair practices by Google.
CCI’s allegations centre around Google’s billing system for in-app purchases and paid apps on its Play Store.
The watchdog’s decision is the latest headache for Google in India, its biggest market by users but one where it has long faced allegations of anti-competitive practices.
The U.S. giant has previously defended its Play Store policies, saying the service fee supports its investments in Android and Play Store, allowing it to provide developers with tools and a global platform to access billions of consumers around the world.
