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  • Coforge Secures RBI Approval for $1 Billion Overseas Investment to Acquire Encora

    This article was generated by AI and cites original sources.

    IT services company Coforge has obtained approval from the Reserve Bank of India (RBI) for an overseas direct investment (ODI) exceeding $1 billion to finalize its $2.35 billion acquisition of US-based AI solutions provider Encora. The combined entity is projected to reach $2 billion in revenue by 2027, operate at a 14% margin, and become earnings per share (EPS) accretive.

    Coforge’s acquisition of Encora, supported by Advent International and Warburg Pincus, aims to enhance its offerings in AI solutions spanning product, cloud, and data engineering domains. The deal structure involves financing the $1.89 billion equity portion through preference shares issuance at Rs 1,815.91 each, while Encora shareholders will hold a 20% stake in the merged entity.

    To clear Encora’s debt, Coforge plans to raise up to $550 million through a bridge loan or a qualified institutional placement of its shares. The revenue figures from fiscal year 2025 indicate significant growth potential for the combined businesses, with Coforge reporting $1.34 billion and Encora recording $516 million in turnover.

    Source: Tech-Economic Times

  • Future Wealth Investments Launches $50 Million Fund to Support Early-Stage Tech Startups

    This article was generated by AI and cites original sources.

    Future Wealth Investments, an investment firm, has introduced its inaugural venture fund targeting $50 million with a green shoe option of $10 million, potentially reaching $60 million in total size.

    The fund aims to support startups from the pre-seed to Series A stages, providing initial funding ranging from $250,000 to $5 million. It plans to nurture around 20 companies, focusing on sectors like artificial intelligence, consumer businesses, supply chain, logistics, and hardware innovation.

    Backed by an advisory board of founders from India, the UAE, and a network across Silicon Valley and Asia, Future Wealth Investments has already invested in companies such as Heads Up For Tails, Tantrayut, B4U Media, Mobipay, Zippee, and Vivos.

    India’s venture capital and private equity market have witnessed a significant increase, with over $12.1 billion in new funds launched, with a strong focus of 58% on early-stage investments. The firm is actively seeking promising founders in India, the UAE, and Singapore.

    Source: Entrackr : Latest Posts

  • Former Deloitte India Chairman Joins VerSe Innovation to Strengthen Governance

    This article was generated by AI and cites original sources.

    PR Ramesh, the former chairman of Deloitte India, has taken on a new role as an independent director at VerSe Innovation. In this position, Ramesh will lead the company’s audit committee, overseeing financial reporting, internal controls, risk management, and compliance. This move aims to fortify VerSe Innovation’s governance following previous audit-related issues.

    VerSe Innovation, which has attracted investments from CPPIB, Lupa Systems, Z47, and other backers, has successfully raised over $2 billion and currently boasts a valuation of nearly $5 billion.

    Source: Tech-Economic Times

  • Razorpay Introduces Biometric Authentication ‘Passkey’ for Secure Online Payments

    This article was generated by AI and cites original sources.

    Razorpay, a leading omnichannel payments platform, has unveiled a new biometric authentication solution called ‘Passkey’ to comply with RBI regulations. This technology, developed in collaboration with Mastercard and Visa, allows cardholders to verify online transactions using fingerprints or facial recognition, eliminating the need for OTPs and enhancing the speed and security of checkouts.

    In India, authentication challenges like delayed OTPs contribute to about 35% of payment failures, while digital payment fraud poses a significant threat, with over 13,500 internet fraud cases and losses exceeding Rs 520 crore in FY25 according to RBI data.

    Razorpay’s solution aims to address these issues by leveraging device-bound secure biometrics and passkey protocols endorsed by major payment networks. By enabling direct authentication on users’ devices through biometrics, the system streamlines the payment process by eliminating OTP delays, manual entries, and redirects, ensuring a smooth and trustworthy payment experience.

    This advancement enhances security and convenience for customers, while also boosting reliability and conversion rates for businesses, ensuring compliance with evolving industry standards. By employing payment passkeys that secure card details and prevent unauthorized access, Razorpay’s solution offers a seamless and secure payment experience, facilitating high-value transactions without interruptions.

    As biometric authentication and payment passkeys gain traction, Razorpay’s initiative is set to shape the future of digital commerce in India, fostering a landscape where transactions are secure, efficient, and aligned with user intent.

    Source: Entrackr : Latest Posts

  • India’s IT Services Sector Faces Talent Crunch as Bench Strength Declines

    This article was generated by AI and cites original sources.

    India’s IT services industry is experiencing a significant decline in bench strength, a crucial aspect that has historically served as a safety net for companies. According to industry experts cited by Tech-Economic Times, major players like Tata Consultancy Services, Infosys, Wipro, HCLTech, and Tech Mahindra have collectively reduced their bench by approximately 75,000 employees over the past two years. This decline represents a 25% reduction, dropping from around 300,000 to about 225,000.

    The dwindling bench strength underscores a potential talent shortage and the challenges companies may face in maintaining service quality and delivery timelines. The bench strength, akin to a reserve workforce, plays a vital role in ensuring operational continuity and scalability for IT service providers. The inability to replenish the bench even with potential growth on the horizon raises concerns about the industry’s ability to adapt and respond effectively to changing demands.

    While in cricket, bench strength signifies depth and readiness, in the IT sector, it reflects the capacity to quickly deploy skilled resources to meet client needs. The reduction in bench strength highlights the need for IT companies to reevaluate their talent management strategies to ensure they can meet the evolving needs of their clients.

    Source: Tech-Economic Times

  • Microsoft Invests $1 Billion in Thailand to Expand Cloud and AI Capabilities

    This article was generated by AI and cites original sources.

    Microsoft has announced plans to invest $1 billion in Thailand over the next two years, focusing on expanding its cloud services and AI capabilities, as reported by Tech-Economic Times. The Thai government confirmed Microsoft’s intention to bolster its presence in the region through this significant investment.

    This strategic move by Microsoft underscores the company’s commitment to advancing cloud technology and artificial intelligence solutions. By injecting substantial funds into Thailand, Microsoft aims to strengthen its position in the market and drive innovation in cloud services and AI applications.

    Thailand stands to benefit from this investment by gaining access to cutting-edge technologies and expertise from Microsoft. The infusion of capital is expected to fuel the growth of the local tech ecosystem, opening up new opportunities for businesses and developers in the region.

    This investment signals Microsoft’s focus on leveraging cloud services and AI to drive digital transformation and empower businesses globally. As technology enthusiasts look forward to the developments that will arise from this investment, Microsoft’s commitment to advancing technological capabilities remains evident.

    Source: Tech-Economic Times

  • Fanon Secures $1 Million Pre-Seed Funding for Fandom Storytelling Platform

    This article was generated by AI and cites original sources.

    Fanon, a platform dedicated to fandom storytelling and discussion, has secured $1 million in a pre-seed funding round. The investment was led by Kalaari Capital and Gruhas, indicating confidence in Fanon’s potential within the tech industry.

    Established in 2024 by Jatin Nayak, Nesar Rao, and Arvindmani Satyanarayan, Fanon allows users to create and share alternative narratives from popular movies, TV series, anime, games, and books. The platform offers a blend of fanfiction, comics, videos, and interactive discussions, providing a comprehensive space for fans to explore their favorite content universes.

    Fanon caters to over 150,000 users globally, predominantly Gen Z with a notable female user base, and is most popular in the US, Canada, the UK, and Europe. The platform covers a wide array of fandoms, including Harry Potter, Marvel, and My Hero Academia, fostering a diverse and engaged community.

    One key aspect driving Fanon’s growth is its partnership with Arka Media Works, known for the Baahubali franchise. This collaboration enables fans to craft and monetize new storylines featuring beloved Baahubali characters, enhancing the platform’s appeal and creative opportunities.

    With the rise of fan-centric content generating billions of views annually on social platforms, Fanon’s growth aligns with the increasing demand for immersive and interactive fan experiences. The company’s commitment to enhancing discovery and storytelling tools underscores its dedication to serving the evolving needs of fandom-driven content creation.

    Source: Entrackr : Latest Posts

  • Apple Unveils iOS 26.5 Beta 1 Update: New Features and Enhanced Security Measures

    This article was generated by AI and cites original sources.

    Apple has released the iOS 26.5 beta 1 update, introducing a range of new features and security enhancements to its mobile ecosystem. The update includes new emojis, keyboard accuracy improvements, and hints at upcoming functionalities. While speculation suggested significant AI upgrades for Siri, Apple appears to be saving those for iOS 27, set to be unveiled in June at WWDC 2026.

    One notable addition in the iOS 26.5 beta is the introduction of ads to Apple Maps. The ‘Suggested Places’ section will now provide recommendations based on local trends and recent searches, eventually evolving to display advertisements for businesses in search results and the suggestions menu.

    Furthermore, the update brings long-awaited end-to-end encryption (E2EE) for RCS messaging between iPhone and Android users. Initially teased in a previous update, this security feature is now enabled by default in the Settings app, ensuring secure cross-platform text conversations.

    In compliance with the EU’s Digital Markets Act, Apple is also testing enhanced interoperability for third-party wearables. Non-Apple earbuds will soon benefit from seamless proximity pairing akin to AirPods, while smartwatches and other accessories will enjoy improved connectivity features.

    Source: mint – technology

  • India Allocates $860 Million to Boost Electronic Component Manufacturing

    This article was generated by AI and cites original sources.

    The Ministry of Electronics and Information Technology (MeitY) has approved 29 proposals worth Rs 7,104 crore ($860 million) under the Electronic Component Manufacturing Scheme. The selected firms include industry leaders like Foxconn, TDK subsidiaries, Dixon, Syrma SGS, and NeST Group.

    These projects aim to generate an estimated Rs 84,515 crore ($10.3 billion) in production value and create around 14,246 job opportunities in India. The initiatives cover a wide range of electronic components, from rare-earth magnets to flexible PCBs, showcasing the government’s efforts to bolster domestic manufacturing capabilities and establish India as a hub for high-quality electronic components.

    By fostering partnerships with key industry players, the government is laying the groundwork for a more self-reliant and technologically advanced ecosystem within the country.

    Source: Tech-Economic Times

  • Apple Removes ‘Anything’ App from App Store for Violating App Review Guidelines

    This article was generated by AI and cites original sources.

    Apple recently took action against vibe-coded apps by removing the app ‘Anything’ from the App Store, citing a breach of the self-containment rule outlined in its App Review Guidelines. This move came after Apple had been halting updates to the app since December last year, as reported by The Information.

    According to Apple, the issue with ‘Anything’ and similar vibe-coding apps like Replit and Vibecoding was not the vibe coding itself, but rather the violation of specific sections of the App Review Guidelines and Developer Program License. These apps were found to be in conflict with the iOS rule that prohibits apps from running code that alters their functionality or that of other apps.

    Despite efforts by the ‘Anything’ developers to address Apple’s concerns by proposing an update allowing users to view previews of vibe-coded apps in a web browser instead of within the app, Apple rejected this compromise. Subsequently, the app was removed entirely from the App Store.

    Interestingly, Apple had integrated advanced AI-powered coding capabilities into Xcode earlier this year, leveraging tools from Anthropic and OpenAI. This move showcases Apple’s commitment to enhancing developer experiences with cutting-edge technology.

    Source: mint – technology