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News on Medial
Google fails to ‘wow’ as AI bills mount
Livemint
·
1y ago
Medial
Alphabet, Google's parent company, reported strong Q2 results with robust advertising and cloud revenue. However, the results failed to excite investors. Overall revenue barely beat Wall Street projections, and YouTube advertising revenue was lower than expected. The company anticipates a more challenging second half of the year due to tougher comparisons and increased spending on artificial intelligence infrastructure. Despite cost-cutting measures, capital expenditures will continue to be high, with an estimated total of over $49 billion for the year. Google's attempts to make acquisitions and navigate through regulatory challenges have also hit roadblocks recently.
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Google agrees to curb power use for AI data centers to ease strain on US grid - The Economic Times
Economic Times
·
25d ago
Medial
Google has signed agreements with Indiana Michigan Power and Tennessee Power Authority to scale back AI data center power consumption during high-demand periods, addressing grid strain. As AI-related electricity demand surpasses supply, concerns about increased bills and blackouts have risen. These agreements, part of Google's new demand-response strategy, aim to alleviate grid pressure without additional infrastructure, marking a novel approach for AI data centers. Demand-response programs, typically used by heavy industries, might become more common.
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Wow! Momo raises Rs 85 Cr in debt from Stride Ventures
Entrackr
·
2m ago
Medial
Wow! Momo raises Rs 85 Cr in debt from Stride Ventures Quick-service restaurant chain Wow! Momo Foods has raised Rs 85 crore (around $10 million) in debt funding from Stride Ventures. The proceeds will be used to refinance existing loans and drive expansion across its QSR and FMCG verticals. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets in 70 cities, and owns brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. “This support from Stride Ventures will help us scale new heights and introduce more formats to reach wider audiences,” said Sagar Daryani, Co-founder & CEO of Wow! Momo. The company plans to scale its FMCG business to Rs 100 crore, grow its HORECA division, and expand to 1,500 stores across 100 cities in the next three years. As per TheKredible, Wow! Momo’s revenue from operations grew to Rs 470 crore in FY24 from Rs 413 crore in FY23. It maintained steady losses at Rs 114 crore in FY24.
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Google just made a $250M deal with California to support journalism — here’s what it means
TechCrunch
·
1y ago
Medial
Google has made a $250 million deal with California to support local journalism, preventing bills that would have forced tech companies to pay for news content. The deal funds two initiatives: the News Transformation Fund, aiding California newsrooms, and the National AI Innovation Accelerator. While some praise the support, critics argue it’s insufficient and leaves out other tech giants like Meta and Amazon.
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Regulating AI Decision Making: Facing Headwinds from All Directions
Economic Times
·
1y ago
Medial
Lawmakers in several states, including Colorado, Connecticut, and Texas, are proposing bills to address bias in AI decision making. However, these proposals face challenges from civil rights-oriented groups and the industry. The bills aim to increase transparency and accountability in AI systems and provide legal recourse for citizens affected by AI discrimination. While labor unions and advocacy groups support these measures, the industry raises concerns about trade secrets and the risk of lawsuits. The lawmakers emphasize the importance of collaboration, compromise, and consistent regulations across states. The proposed bills represent a first step but can be further refined over time.
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Tiger Global-backed Wow! Momo raises venture debt
VCCircle
·
3m ago
Medial
Wow! Momo, a Kolkata-based quick-service restaurant chain backed by Tiger Global and Khazanah Nasional Berhad, has raised Rs 195 crore through venture debt. The company operates more than 630 outlets in 35 cities under three brands: Wow! Momo, Wow! China, and Wow! Chicken. This fresh funding is expected to support its expansion and operational strategies, enhancing its presence in India's fast-food market.
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Wow! Momo raises Rs 130-150 Cr led by Haldiram’s Kamal Agrawal and Khazanah
Entrackr
·
4m ago
Medial
Wow! Momo has reportedly raised Rs 130–150 crore in a bridge funding round led by Kamal Agrawal from the Haldiram promoter family and Malaysian fund Khazanah Nasional. Economic Times, which reported the development first, added that the funding is structured through convertible notes, with the valuation to be decided in the next round. According to the report, the Kolkata-based quick service restaurant chain is planning to raise $75–80 million (about Rs 600–700 crore) in its next funding round, expected to close in the October–December quarter of 2025. Wow! Momo has raised over Rs 600 crore to date including $42 million (Rs 350 crore) in its Series D led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Other investors in the current round include family offices and high-net-worth individuals. Agrawal was earlier linked to the Nagpur unit of Haldiram, which later merged with its Delhi counterpart. Wow! Momo operates under four brands: Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. It runs 680 outlets and plans to add 200–250 more by next year. As per TheKredible, Wow! Momo’s revenue from operations grew to Rs 470 crore in the last fiscal year from Rs 413 crore in FY23. It maintained steady losses at Rs 114 crore in FY24. The company is also growing its FMCG business, with frozen momos generating Rs 5 crore in monthly sales, mainly through quick commerce platforms.
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Wow! Momo raises $9 Mn more in Series D round
Entrackr
·
1y ago
Medial
Quick service restaurant chain Wow! Momo has raised Rs 70 crore (approximately $9 million) in an extended Series D round from Z3 Partners. With this, the firm has raised Rs 480 crore ($51 million) in Series D which includes Rs 270 crore primary and Rs 210 crore secondary. As per a media report, Indian Angel Network and Lighthouse Funds participated in the secondary purchase. Wow! Momo scooped up Rs 350 crore (approximately $42 million) in the first tranche of Series D round led by Khazanah Nasional Berhad in January this year. The company was valued at over $300 million as per startup data intelligence platform TheKredible. As per the company, the new proceeds will be used for growth and expansion of the quick service restaurant brand, strengthening the distribution and research and development for the FMCG arm. The firm entered the FMCG segment in July 2021. Launched by Sagar Daryani & Binod Homagai, 16-year-old Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China and Wow Chicken. The firm claims to have 630 outlets across 38 cities and directly employs 6,000 people. The company aims to expand with an additional 200 outlets during the ongoing fiscal year (FY25). Wow! Momo aims to reach a topline of Rs 650-700 crore this fiscal year (FY24), up from Rs 435 crore in FY23. While the firm is yet to file its financial statements for the last fiscal year (FY23), its revenue from operations grew two-fold to Rs 220 in FY22 from Rs 106 crore in FY21.
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Wow Skin Science revenue drops to Rs 258 crore in FY23; losses also rise
IndianStartupNews
·
1y ago
Medial
Skincare brand Wow Skin Sciences has experienced a decline in its income and an increase in losses. Its operational income decreased by 24.1% to Rs 258 crore in FY23, down from Rs 340 crore in FY22. The decline was particularly noticeable in the US market. Despite this, Wow Skin Sciences plans to re-enter the US market directly and aims to achieve Rs 1,000 crore in revenue by FY26. The company's parent company, Body Cupid Pvt. Ltd., has four brands: WOW Skin Science, WOW Life Science, Body Cupid, and Nature Derma.
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Wow Skin Science forays into cosmetic category with launch of ‘Color Cupid’
Entrackr
·
1y ago
Medial
Body Cupid, the parent company of the personal care brand Wow Skin Science, has ventured into the cosmetics category with the launch of a new brand, Color Cupid. Designed and curated for younger demographics, Color Cupid features nearly 40 stock keeping units (SKU’s) including kajal, eyeliners, lipsticks, foundation, BB cream, primer, makeup remover, and more. “We aim to revolutionize the beauty industry by bridging the gap between your inner world and outer expression, helping you find the look that reflects who you are, without seeking validation or judgment,” said Manish Chowdhary, co-founder of WOW Skin Science. The newly launched brand will be available both online and offline with over 300 beauty advisors and more than 1,000 makeup stores. Color Cupid will focus on regions such as Delhi-NCR, Punjab, Lucknow, Mumbai, Pune, and Vadodara, the company said in a press release. That said, the GIC-backed firm already has four brands namely Wow Skin Science, Wow Life Science, Body Cupid, and Nature Derma. In 2019 the company expanded its operations to the US, increasing its global presence to 22 countries. Wow Skin Science says it draws around 10-12% of its revenue from the international market. As per startup data intelligence platform TheKredible, Wow Skin’s parent company has raised over $95 million to date including a $48 million round led by Singapore GIC in November 2022.
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Tiger Global-backed Wow! Momo cooks new fundraising plan
VCCircle
·
6m ago
Medial
Wow Momo Foods Pvt. Ltd, which operates the Wow! Momo quick-service restaurant chain, plans to initiate a new round of equity funding. The company, supported by investors like New York-based Tiger Global and Malaysia's Khazanah Nasional Berhad, seeks to expand its financial backing. Wow! Momo currently runs over 630 outlets across 35 cities, demonstrating its expansive reach in the quick-service restaurant sector.
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