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News on Medial
Paytm eyes India-scale AI system; fintech investing to build new software stack
Livemint
·
2y ago
Medial
Paytm's parent company, One97 Communications, is investing in artificial intelligence (AI) to develop an artificial general intelligence software stack. In its annual report, the company emphasized its AI ambitions and CEO Vijay Shekhar Sharma's letter to shareholders highlighted their pioneering role in Indian mobile payments and plans for small mobile credit with high credit quality. Paytm's Q1FY24 results showed a narrowed net loss of ₹357 crore YoY, with 39.4% growth in revenue to ₹2,341 crore and a 167% YoY growth in its credit distribution business.
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AppsForBharat Nets $18 Mn To Boost Operations Of Its Spiritual App Sri Mandir, Eyes Offline Expansion
Inc42
·
11m ago
Medial
AppsForBharat has raised funds to expand its Sri Mandir app, which aims to provide services for the devotional ecosystem. The funds will be used to scale up operations, onboard new temples, launch additional services, and build a comprehensive tech stack. The Sri Mandir app achieved contribution margin positivity in February 2024 and the founder expects it to become profitable within the next 18-24 months. Additionally, there are plans to expand Sri Mandir into offline channels within the next six months.
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Poshn, Gyan Live, and 50Fin Raise Early-Stage Funding
Inshorts
·
1y ago
Medial
The Indian foodtech startup Poshn, government exam prep platform Gyan Live, and fintech startup 50Fin have disclosed initial fundraising rounds. Poshn plans to use the fresh funds to further build its innovative stack of solutions that address the gaps in the system. Gyan Live plans to expand its offerings to include central government and school exam preparation in regional languages.
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Paytm Begins Migration Of Users To Other Handles Following NPCI’s Nod
Inc42
·
1y ago
Medial
Paytm, a leading fintech company in India, has received approval from the National Payment Corporation of India (NPCI) to migrate its UPI users to new payment system provider (PSP) bank handles. This comes after the NPCI approved Paytm as a third-party application provider on the multi-bank model. Paytm has expedited its integration with Axis Bank, HDFC Bank, SBI, and YES Bank, and has started transitioning its users to these PSP banks to ensure smooth UPI payments.
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Paytm eyes global expansion with ₹100 Crore investment in GIFT City
Livemint
·
1y ago
Medial
Indian fintech giant Paytm has announced a strategic investment of ₹100 crore in Gujarat International Finance Tec-City (GIFT City) to establish a global financial ecosystem. The company aims to leverage GIFT City's infrastructure to develop artificial intelligence-powered cross-border remittance solutions, offering faster and cheaper options for global transactions. Paytm plans to create a development center in GIFT City to build advanced financial products and services, serving as a hub for its global technology initiatives. This move aligns with Paytm's ambitions to expand beyond the domestic market.
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Top tech executives, VCs push govt to build infra to realise AI dreams
Economic Times
·
1y ago
Medial
India aims to extend its outsourcing success to artificial intelligence (AI) innovation by investing in a common AI compute infrastructure. Currently, India has a significant gap in AI infrastructure compared to the US. For instance, India's largest cluster of graphics processing units (GPUs) is around 2,000-2,500, whereas the US has 20,000 or more. NVIDIA, a key player in AI technology, emphasizes the need for improved infrastructure to support AI growth, and experts suggest that the government should build a large-scale GPU cluster to facilitate AI development. This investment could leverage India's strengths in population-scale projects at a low cost.
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India to have 500 million payment consumers, 100 million merchants soon: Paytm's Vijay Shekhar Sharma
Money Control
·
2y ago
Medial
Paytm's CEO, Vijay Shekhar Sharma, stated in the Annual Report that India could become a net exporter of payment tech, software, and hardware. He highlighted the potential as the country heads towards 500 million payment consumers and 100 million merchants. Paytm is investing in AI to help various financial institutions capture possible risks and frauds
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Africa-focused PE firm Helios leads $102 mn funding in India’s M2P Fintech
VCCircle
·
11m ago
Medial
Indian banking technology infrastructure provider, M2P Fintech, has raised $102 million in a recent funding round led by Africa-focused private equity firm Helios Investment Partners. The funds will be used to strengthen M2P's market leadership in India and expand its international franchise, particularly in Africa. M2P plans to enhance its technology stack, leverage AI, and develop advanced data capabilities to scale its partnerships with financial institutions. The funding round valued the firm at $783.6 million. M2P Fintech operates in over 30 markets and provides services to more than 200 banks and 800 fintech companies.
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InMobi’s Mohit Saxena on building an indigenous tech stack in the AI age at ET Soonicorns Summit 2025 - The Economic Times
Economic Times
·
1m ago
Medial
Mohit Saxena, Co-founder of InMobi, is set to explore India’s potential in building its AI-native tech stack at the ET Soonicorns Summit 2025. The discussion will cover key themes such as original tech thinking, infrastructure challenges, and AI integration in foundational software architecture. Saxena emphasizes the importance of India overcoming its reliance on global tech entities and nurturing indigenous innovation to build scalable, purpose-built tech for future AI startups. The Summit aims to fuel India's innovation and growth ambitions.
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Accenture, NVIDIA announce new business group to help enterprises scale AI adoption
Money Control
·
11m ago
Medial
- Accenture and NVIDIA have formed a new business group to help enterprises scale their AI adoption. - The Accenture-NVIDIA Business Group will focus on reinventing processes and scaling enterprise AI adoption with AI agents. - The group aims to accelerate momentum with Generative AI (Gen AI) and drive new levels of productivity and growth. - Accenture's AI Refinery, which utilizes the full NVIDIA AI stack, will help clients lay the foundation for agentic AI functionality. - Accenture's Gen AI bookings have been steadily increasing, with $1 billion in new bookings in Q4 alone. - Accenture will also debut an agent blueprint for virtual facility robot fleet simulation to enable autonomous, robot-operated software-defined factories.
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Can $1 billion turn startup Scale AI into an AI data juggernaut?
Livemint
·
1y ago
Medial
Scale AI, an AI startup, recently raised $1 billion in a venture round, elevating its standing in the competitive AI industry. The company aims to go beyond assisting customers in preparing data for AI and evolve into a software platform that allows customers to build custom AI solutions. Scale's recent funding round was led by Accel, with involvement from Y Combinator, Founders Fund, Tiger Global Management, and new investors such as Cisco Investments and Amazon. Scale plans to utilize the funding to expand its team and international presence and enhance its technology and services.
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