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An AI-controlled fighter jet took the Air Force leader for a historic ride. What that means for war

Economic TimesEconomic Times · 1y ago
An AI-controlled fighter jet took the Air Force leader for a historic ride. What that means for war
Medial

The U.S. Air Force has successfully tested an AI-controlled F-16 fighter jet in a dogfight. The experimental aircraft, called Vista, showcased its lightning-fast maneuvers and engaged with a human-piloted F-16. Air Force Secretary Frank Kendall, who flew in the AI-controlled jet, expressed confidence in the future role of AI in air combat. The Air Force plans to have a fleet of over 1,000 unmanned AI-enabled warplanes by 2028. However, concerns about the autonomy of AI in making life-and-death decisions, such as launching weapons, have been raised by arms control experts and humanitarian groups. The military's shift towards AI-driven planes is driven by security, cost, and strategic capability.

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Travel Boutique Online’s PAT crosses Rs 200 Cr in FY24

EntrackrEntrackr · 1y ago
Travel Boutique Online’s PAT crosses Rs 200 Cr in FY24
Medial

Online B2B travel distribution platform Travel Boutique Online (TBO) demonstrated a decent 30.8% Y-O-Y growth during the fiscal year ended March 2024. At the same time, the profits (PAT) of the company spiked with the same pace and surpassed Rs 200 crore in the same period. Travel Boutique’s revenue from operations grew to Rs 1,393 crore in FY24 from Rs 1,065 crore in FY23, its consolidated financial statements accessed from the National Stock Exchange (NSE) show. TBO Tek TBO is a travel distribution platform that extends white-label solutions to travel agents and tour operators. By facilitating air travel, hotel bookings, and tour packages, the platform makes money on commissions on these services. The commission from hotels and packages formed a significant 72.8% of the total operating revenue which increased 40.4% to Rs 1,014 crore during FY24. Commission from air ticketing contributed Rs 347 crore to its operating income. For the B2B travel distribution platform, the cost of providing services for air ticketing, hotels, and packages accounted for 40% of the overall expenditure. This cost grew 41.9% to Rs 471 crore in FY24. Travel Boutique’s spending on employee benefits grew by 21.5% in FY24. Its legal, professional, advertising, technology, and other overheads took the overall expenditure up by 29.2% to Rs 1,181 crore in FY24. Head to TheKredible for the complete expense breakup. The controlled cost mechanism increased Travel Boutique’s profit by 35.8% to Rs 201 crore in FY24 from Rs 148 crore. Its ROCE and EBITDA margins stood at 31% and 19.9% respectively. On a unit level, it spent Rs 0.85 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 19% 19.9% Expense/₹ of Op Revenue ₹0.86 ₹0.85 ROCE 43% 31% TBO Tek was listed on the stock exchange on 15th May 2024. Currently, the share price of the firm stands at Rs 1,410.3 (as of 31st May 2025) with a total market cap of Rs 15,314 crore.

Uber India made Rs 807 Cr from ride-hailing in FY24

EntrackrEntrackr · 6m ago
Uber India made Rs 807 Cr from ride-hailing in FY24
Medial

Online mobility platform Uber India recorded a 41.1% year-on-year surge in revenue, which surpassed Rs 3,700 crore in the fiscal year ending March 2024. However, despite this growth, the company's losses shrank by 71.4% during the same period. According to the consolidated financial statements of Uber India System Private Limited, its revenue from operations increased to Rs 3,762 crore in FY24 from Rs 2,666 crore in FY23. Moving to revenue recognition, collection from Uber rides (ride-hailing) accounted for 21.45% of the total operating revenue which increased by 18.9% to Rs 807 crore in FY24 from Rs 679 crore in FY23. The remaining income came from Uber BV, generated through engineering support services, back-office, and other support services, billed under a cost-plus model. The company also added Rs 99 crore from interest on current investment and other miscellaneous sources (non-operating) which tallied the overall revenue to Rs 3,860 crore in FY24 from Rs 2,744 crore in FY23. According to its consolidated statements, Uber India spent 67.6% of its overall cost on employee benefits. This cost grew by 29.4% to Rs 2,690 crore in FY24, compared to Rs 2,079 crore in FY23. Its cost of consumables amounted to Rs 657 crore in the previous fiscal year (FY24). Legal/professional fees, advertising, rent, repairs, safety security, and other overheads took the total expenditure up by 26.4% to Rs 3,977 crore in FY24 from Rs 3,146 crore in FY23. Uber India’s over 40% growth and controlled expenditure led its net losses to shrink by 71.4% to Rs 89 crore in FY24, compared to Rs 311 crore in FY23. On a unit level, it spent Rs 1.06 to earn a rupee in FY24. While continuing to play out like a mid-tier software firm with low margins and a division that is a drag (the cab services), Uber India seems the closest it will ever get to profitability, especially if it acquires Blusmart mobility, as some reports will have it. Even without that, for most lay observers, it's a wonder that the firm continues to make losses, when we consider that its best in terms of service quality and ‘partner morale’ or driver satisfaction, is well behind it. Granted, the firm has had to virtually create and make up a business model as it has gone along, but considering the not insignificant role it plays in many cities in India as a service provider, the numbers are underwhelming. Selling software services to its parent has been a good fix to cover up for what has surely been a very rough ride in India so far, but the bigger tragedy is that very few people or customers will sympathise. It is frankly incomprehensible that the firm has to struggle to make enough here, and get earn nothing but criticism most of the time. As it completes a dozen years in India this year, one can only hope that the firm makes a breakthrough financially, morally and efficiency wise.

Yaantra co-founder Jayant Jha launches BytePe, a smartphone subscription platform

EntrackrEntrackr · 2d ago
Yaantra co-founder Jayant Jha launches BytePe, a smartphone subscription platform
Medial

Yaantra co-founder Jayant Jha launches BytePe, a smartphone subscription platform BytePe, a tech subscription platform, has launched to offer consumers an easier way to get the latest smartphones. Founded by Jayant Jha, former Flipkart leader and co-founder of Yaantra, BytePe aims to make premium technology more affordable and flexible for Indian consumers. For years, Indians have followed the traditional ownership model by saving money, taking EMIs, and keeping old devices. BytePe changes this by offering a subscription service where users pay monthly fees lower than EMIs, upgrade to new models each year, and use the service without extra costs or lock-ins. At launch, consumers can access the newly released iPhone 17 Series, including iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max, through BytePe’s subscription plans. Subscribers receive one-time damage protection, upgrade options at the end of the tenure, and assured buyback benefits. For customers preferring upfront purchases, BytePe offers 50% assured buyback at the end of 12 or 24 months, along with comprehensive protection. Under its “Pay for what you use” model, BytePe claims users can save up to 50% compared to EMIs, with no upfront costs or hidden charges. The platform also plans to introduce options that include insurance, buyback, and flexible upgrades under one plan.

Ola ride-hailing biz falls 11% in FY24, turns EBITDA profitable

EntrackrEntrackr · 7m ago
Ola ride-hailing biz falls 11% in FY24, turns EBITDA profitable
Medial

Ola recorded a 5.5% year-on-year decline in revenue for the fiscal year ending March 2024, indicating no growth during the period. Despite the revenue drop, the firm managed to turn EBITDA profitable, driven by cost reductions in employee benefits and communication costs. Ola’s revenue from operations declined 5.5% to Rs 2,012 crore in FY24 from Rs 2,128 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Income from Ola's ride-hailing business contributed 87.5% of the total operating revenue in FY24, but it decreased by 11.3% to Rs 1,761 crore, down from Rs 1,985 crore in FY23. Ola's financial services business recorded a 3.6X growth in FY24, with revenue increasing to Rs 227 crore from Rs 63 crore in FY23. This segment focuses on selling insurance policies and providing financing services for vehicle purchases, primarily for Ola Electric. The company also added Rs 192 crore mainly from the interest on deposits which brought its overall income to Rs 2,204 crore in FY24, compared to Rs 2,277 crore in FY23. For Ola's ride-hailing business, transportation costs made up 28.8% of total expenses. Due to reduced mobility, these costs dropped by 15.2% to Rs 607 crore in FY24. Its employee benefit expenses shrank 42% to Rs 334 crore, while telephone and postage costs fell by 28% to Rs 280 crore. Surprisingly, its spending grew 2.6X to Rs 107 crore in FY24. Its legal, rent, and other overheads took the overall cost to Rs 2,107 crore in FY24 from Rs 2,517 crore in FY23. Note: We have excluded the cost of allowance for impairment of goodwill and other intangible assets in the calculation of losses which stood at Rs 319 crore and 149 crore in FY24 and FY23, respectively, due to its non-cash in nature. Despite the decline in its ride-hailing business, Ola effectively controlled its costs, resulting in a loss of Rs 10 crore in FY24, compared to a Rs 623 crore loss in FY23. Notably, the firm becomes EBITDA profitable during the previous fiscal year. On a unit level, the company spent Re 0.89 to earn a rupee of operating revenue during the fiscal year. In August 2024, Bhavish Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, bringing together its financial services, cloud kitchens, and electric logistics under one platform. The company is also moving closer to its initial public offering (IPO). According to sources, Ola’s parent company, ANI Technologies Private Limited, has scheduled an extraordinary general meeting (EGM) for November 14, 2024, to discuss matters related to the IPO. However, Ola hasn’t provided an official comment on the timeline for its public listing. In August 2024, Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, integrating financial services, cloud kitchens, and electric logistics under one umbrella. The company has also faced valuation markdowns by its investors in recent years. In August 2024, Vanguard adjusted Ola’s valuation to approximately $2 billion. Earlier, the investment advisor had reduced the valuation to $1.88 billion as of November 30, 2023. This marks a significant decline from 2021, when Ola was valued at $7.3 billion.

Exclusive: LifeWell set to raise $22 Mn more led by OrbiMed

EntrackrEntrackr · 1y ago
Exclusive: LifeWell set to raise $22 Mn more led by OrbiMed
Medial

Diagnosis and stem cell bank LifeWell (the merged entity of mFine and LifeCell International’s diagnostic business) is raising Rs 184 crore (approximately $22 million) in what appears to be a pre-IPO round led by existing backer OrbiMed. This will be the first round of investment for the Chennai-based company this year. The board at LifeWell has passed a special resolution to issue 43,18,865 compulsory convertible preference to issue Rs 426.71 each to raise to Rs 184 crore, as per the company’s regulatory filing accessed from the Registrar of Companies (RoC) shows. OrbiMed will inject Rs 150 crore while Cellution Biostorage will pump Rs 30 crore in LifeWell. Individuals including S. Vinod Kumar, Sanjay Singh Kumar Jain, Siremal Kothjari, and others will also invest in this round. The allotment was done on partly paid-up capital via the right basis issue which means 25% of the new round has already been injected. The rest of the amount will come as decided by the board. In July 2022, healthcare platform mFine announced its merger with LifeCell’s diagnostics business. At that time, the duo claimed to have a combined user base of more than six million. The combined entity had set a target to serve more than 50 million users by 2026. As a part of the merger, the combined entity also scooped up $80 million in funding from OrbiMed. Before that, mFine had managed to raise $75 million until its Series C round. The merger came soon after mass firings at mFine in which more than 50% of its workforce were asked to leave. mFine and LifeCell’s diagnostic business was one of the notable consolidations in the digital healthcare space since January 2020. Earlier, DocsApp was merged with MediBuddy while Pristyn Care acquired Lybrate. All of these were distressed sales. The list also includes the acquisitions of ThyroCare, Medlife and Aknamed by PharmEasy while Reliance took over NetMeds.

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