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Startup Summary | Swiggy’s ‘confidential’ IPO filing, PhonePe’s UPI play in Sri Lanka, Google’s new AI launches, OpenAI and AWS see high-profile exits

Swiggy IPO: a “confidential” file is already on SEBI’s table

Indian food and grocery delivery giant Swiggy filed its much-anticipated initial public offering (IPO) confidentially over two weeks ago. Norwest Venture, one of Swiggy’s investors, confirmed the filing in an interview with CNBC-TV18.

The Bengaluru-based startup has shareholder approval to raise ₹10,414 crore ($1.2 billion), of which shares worth ₹3,750 crore will be a fresh issue and the remaining ₹6,664 crore will be sold by existing investors.

The decade-old startup is now awaiting approval from the market regulator, namely the Securities and Exchange Board of India (SEBI).

PhonePe collaborates with LankaPay to enable UPI in Sri Lanka

Walmart-backed PhonePe, in collaboration with LankaPay, has enabled the acceptance of UPI payments at LankaQR merchant points in Colombo, Sri Lanka. The alliance is facilitated by LankaPay’s partnership with NPCI International Payments Limited (NIPL).

PhonePe users traveling to Sri Lanka can simply scan the LankaQR code to make secure and fast payments without having to carry cash or calculate currency conversions, the company said. The user’s account will be debited in INR, indicating the exchange rate.

Transactions are facilitated by the Unified Payments Interface (UPI) and the national payment network LankaPay.

RED.Health raises $20 million to expand emergency ambulance services in more Indian cities

Hyderabad-based RED.Health, a medical emergency response platform that dispatches ambulances within eight minutes, has raised $20 million in its Series B funding led by Jungle Ventures. The round also saw participation from existing and new investors, including HealthQuad, HealthX and Alteria Capital.

Founded by Prabhdeep Singh in 2016, RED.Health (formerly StanPlus) currently operates a multi-city fleet of over 6,000 ambulances in partnership with over 100 hospitals and 70 companies across 20 cities in India. A portion of the freshly raised capital has been earmarked for expansion into over 40 cities and over 500 hospitals.

Currently, the startup offers services in the top 20 cities of the country, including Mumbai, Bengaluru, New Delhi, Chennai, Kolkata, Hyderabad and Pune.

Sajjan-backed venture fund Jindal Family Trust invests in sports analytics startup

Gurugram-based Stupa Sports Analytics got 28 crore in a pre-Series A funding round led by Center Court Capital and PeerCapital, backed by Sajjan Jindal Family Trust.

Founded in 2020 by Megha Gambhir and Deepak Malik (former Indian table tennis coach), the startup offers a suite of AI-based solutions for advanced analysis of player performance data, streaming capabilities and tools sports digitalization for athletes, sports federations, broadcasters and fans. communities around the world.

Stupa’s technology is currently used by 15 global sports governing bodies and federations, primarily in Europe. With the latest pool of funds, the company aims to expand globally in markets including the US, UK, Australia and the Middle East, while strengthening its existing presence in regions like Europe and Asia. Part of the funds will be deployed to attract top AI/ML and engineering talent to create advanced solutions.

Classplus introduces “share appreciation rights” for its customers

B2B edtech startup Classplus, which helps content creators and educators launch and grow their online coaching businesses, announced the granting of “stock appreciation rights” to its customers, suppliers and partners .

Dubbed “Gratitude SARs,” the initiative aims to reward and show appreciation to content creators and educators who have helped make Classplus the leading edtech platform it is today, the company said in a statement.

Stock appreciation rights (SARs) are a form of incentive that allows beneficiaries to benefit from the growth of a company without needing to purchase shares. Traditionally, employee stock ownership plans (ESOP) or stock options linked to the valuation of a company are reserved for permanent employees only.

Sprect increases 50 lakh in angel funding from Siddharth Shetty

Sprect, a customer-to-customer (C2C) advisory marketplace, has raised Rs 50 lakhs in angel funding from Siddharth Shetty, director of business development at ServiceChannel. With this funding, Sprect plans to accelerate product development, expand its team, boost marketing efforts and increase sales.

Launched by Mohit Khadaria and Vishal Rupani in August 2023, Sprect (short for Super Connect) aims to bridge the gap between individuals and professionals in various fields, by making them easily accessible to each other online.

Sprect encourages professionals to take individual calls while maintaining their confidentiality. The marketplace has a roster of professionals from companies like Airtel, Google, Times Internet and educational institutions like IIM, IIT, ISB and UCLA. Government officials, including the Chief Commissioner of Income Tax and the Mumbai Police Commissioner, as well as Indian Olympic athletes, are present on the platform.

OpenAI’s chief scientist leaves the company

Ilya Sutskever, chief scientist and co-founder of OpenAI, is leaving the artificial intelligence company. The move ends speculation about Sutskever moving to the Generative AI company after playing a role in Sam Altman’s brief exit and return last year.

Sutskever will be replaced by research director Jakub Pachocki, OpenAI said on its blog.

In an article on X, Altman wrote: “Jakub is also undoubtedly one of the greatest minds of our generation; I’m delighted that he’s taking over here. He has led many of our most important projects and I am confident he will do so. leads us to move quickly and safely toward our mission of ensuring AGI benefits everyone.

Amazon Web Services CEO to resign in June

Amazon Web Services CEO Adam Selipsky will step down next month and pass the baton to another longtime executive, the company announced in a blog post Tuesday (May 14). Selipsky was also part of Amazon CEO Andy Jassy’s advisory team.

Senior Vice President Matt Garman, who has been with the company for 18 years, will take over as the new CEO on June 3.

The move comes amid a significant challenge posed by Microsoft’s Azure offerings, which leverage the artificial intelligence prowess made possible by the partnership with OpenAI.

Google I/O 2024: new AI features coming to Android this year

Google revealed the integration of advanced AI features directly into the Android operating system at the annual developer conference, Google I/O, on Tuesday, May 14. With Google’s AI now at the heart of Android, users can expect a host of new features and innovations. ways to interact with their smartphones.

With AI features becoming essential components of the Android operating system, the updates will introduce innovative ways for users to interact with their smartphones, including advanced search gestures, a new AI assistant, accessibility multimodal and real-time scam detection during phone calls.

Additionally, Gemini, a new AI-powered assistant built into Android, is poised to become even more proficient at understanding contextual information on-screen and in apps. Users will soon be able to use Gemini’s overlay to perform various tasks, such as dragging and dropping generated images into emails or tapping “Request this video” to extract specific information from YouTube videos.

Among various announcements made at this year’s Google I/O, the tech giant showed off two new generative media technologies: Veo, its latest video generation model, and Imagen 3, its fastest-growing text-to-image conversion model. most advanced to date.


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