One Thing Today in Tech
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India's 5G auction underway; PhonePe seeking $12 bln valuation; Google warns of uncertainty ahead
The auction for the 5G spectrum got underway yesterday in India and the government received bids worth $18 billion on the first day from conglomerates including the Reliance Group and Adani Group, TechCrunch reports. PhonePe, one of the largest fintech businesses in India, is seeking a massive valuation ahead of its separation from parent Flipkart, ET reports. And Google's parent Alphabet missed earnings estimates yesterday and warned of uncertainty ahead
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Zomato falls 11 percent; Walmart cuts forecast; 'Stop mimicking TikTok,' Kardashians tell Instagram
Zomato's shares fell as much as 14 percent yesterday, after a post-IPO lock-in period ended for the loss-making food delivery service and tech platform company. Walmart issued an earnings warning, lowering its projections for the current quarter and the full year, signalling the deepening slowdown. Atlassian names Rajeev Rajan CTO. And the Kardashians don't like where Instagram is headed
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Infosys reports the highest Q1 growth in over 10 years, and the lowest margins this century
Infosys reported its highest fiscal first-quarter revenue growth in more than 10 years, and its lowest Q1 operating margins of this century, so far, as the company joins rivals in prioritising growth amid another global economic slowdown. Revenue for the three months ended June 30 was $4.44 billion, a 21.4 percent increase over the year-earlier period, the highest since Q1 of FY12. Operating margins came in at 20 percent
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Wipro forecasts strong growth; Minecraft makers rip into NFTs, ban them; OnePlus 10T set for Aug 3 NY event
Wipro says its order pipeline is at an "all-time high" and expects to grow as much as 5 percent sequentially in the current quarter. Mojang Studios, the makers of the hugely popular online game and platform Minecraft, has banned any NFT implementation within the game, they said in a scathing post yesterday, criticising the culture of exclusion that NFTs promote. OnePlus fans in New York can buy tickets to attend an in-person launch of the OnePlus 10T 5G phone and get earbuds as goodies. Others can watch the live stream on August 3
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Ather launches 450X-Gen3; Shiprocket buys Omuni; PharmEasy in funding talks; IIT-K innovates memory muscle for space robots
Ather Energy, an electric scooter maker in Bengaluru, has released the next iteration of its popular 450X high-performance scooter. The Ather 450X-Gen3 has a bigger battery and more RAM. It will set you back by about Rs. 1,50,000. Shiprocket is expanding via Rs 200 crore stock-and-cash acquisition. And IIT Kanpur engineers have innovated a memory-muscle-based actuator that could improve India's space robotics efforts
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Pratt & Whitney opens 500-person India centre; Bharti Airtel trials 5G private network at Bosch
Pratt & Whitney, an aerospace company that is part of the multinational defence conglomerate Raytheon Technologies, announced the establishment of a state-of-the-art India Engineering Center (IEC) in Bengaluru, which is planned to open in January 2023. Bharti Airtel tested a private 5G network at German automotive company Bosch's centre in Bengaluru. And the RBI wants cryptos banned, Finance Minister Nirmala Sitharaman reiterated in parliament yesterday
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India working on 'right to repair' framework; IAMAI walks away from crypto; Microsoft wins Netflix partnership
India is working on a 'Right to Repair' framework aimed at serving the dual purpose of making it hassle-free for consumers to get their products repaired at a reasonable cost, and boosting the country's circular economy, the central government said in a statement last week. IAMAI, one of the country's biggest tech lobbies, is walking away from crypto. And Microsoft has emerged as Netflix's exclusive partner to build its ad-supported service
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Infosys acquires BASE life science; Agnikul opens rocket factory; Truecaller maker launches Clubhouse rival Open Doors
Infosys announced a definitive agreement to acquire BASE life science, a technology and consulting firm in the life sciences industry, in Europe, adding 200 multidisciplinary consultants. Agnikul Cosmos opened its first rocket factory in Chennai with the capacity to make two fully 3D-printed engines every week. And Truecaller gets into the audio social app space with Open Doors — think latest Clubhouse rival
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Google to slow hiring through 2023; HCL Tech reports strong Q1 numbers; Lightspeed India closes $500 mln fund
Google's parent Alphabet will slow the pace of hiring and investments through 2023, responding to the global economic slowdown, CEO Sundar Pichai said in an email to employees on Tuesday, CNBC reports. HCL Technologies reported its services business grew strongly in its fiscal first quarter, joining TCS in signalling customers continue to invest in the move to the cloud. And Lightspeed announced a half-a-billion-dollar fund close for India and south-east Asia
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MFine merges with LifeCell's unit in JV; Vegrow raises $25 mln; Apple slips in PC shipments
MFine, a mobile health app and digital healthcare platform provider facing a money crunch in the slowdown, is merging with the diagnostics business of LifeCell International, a stem cell bank and reproductive genetic testing services company, to form a new entity called LifeWell. Vegrow, a fruits marketplace, has raised more money. And Apple slipped in Q2CY22 worldwide PC shipment rankings, IDC says
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TCS CEO says prospects remain strong; Elon Musk seeks to end Twitter deal; String Bio raises Series B funding
Rajesh Gopinathan, CEO and MD of Tata Consultancy Services, said on Friday the company continues to see strong deal prospects ahead, amid a global economic slowdown, as customers continue to invest in technology. Elon Musk wants to walk away from his proposed $44 billion Twitter deal. And Bengaluru biotech startup String Bio has raised more money, including from an Australian oil and gas company