Additionally within the letter:
■ Micron’s seeks a design associate
■ Govt’s fund for AI mannequin builders
■ CapGrid raises fund
Caught digital lenders look to RBI to ease unsecured mortgage guidelines
The digital lending business is urging the Reserve Bank of India (RBI) to reinstate short-term credit score merchandise, underscoring a transparent want throughout the economic system.
Driving the information: Two senior executives instructed ET that business representatives have sought a gathering with the RBI after elevating the problem with the Union authorities, banks, and different non-banking finance corporations (NBFCs).
Inform me extra: As a result of RBI’s stricter guidelines on unsecured shopper loans, many NBFCs are steering away from short-duration credit score, which frequently carries very excessive rates of interest for patrons. They like to stay to the 30% efficient rate of interest cap, which has resulted within the suspension of short-term merchandise, adversely impacting the enterprise of those fintech platforms.
What subsequent?: Trade insiders instructed us they’re gathering knowledge to point out the RBI the need for these merchandise. Throughout their assembly with senior officers, they goal as an example that buyers missing entry to those fintechs’ companies take loans from offline cash lenders that impose exorbitant charges.
Additionally Learn: Digital lending sector sees slowdown in growth, higher bad loans as regulator increases scrutiny
Peak XV’s Shailesh Lakhani, Abheek Anand give up VC agency including to top-level churn
(L-R) Shailesh Lakhani, Abheek Anand
Shailesh Lakhani and Abheek Anand, managing administrators at Peak XV Companions (previously Sequoia Capital India), have resigned. This marks the newest in a string of senior-level departures on the enterprise capital agency over the previous yr.
- Lakhani led Peak XV’s funding within the skincare startup Minimalist. Hindustan Unilever later acquired the company, incomes the VC agency an Rs 810 crore revenue.
- Anand, who co-led Peak XV’s investments in Southeast Asia, has backed startups corresponding to Grofers (now Zomato-owned Blinkit), Freo, Cuemath, and the Indonesian ecommerce platform Ula.
Additionally Learn: Peak XV downsizes its $2.85 billion fund by 16% a year after Sequoia US-India split
Context:
Current exits:
- In April final yr, managing director Piyush Gupta left to launch his personal secondary-focused funding agency. Gupta was not a part of the funding crew.
- Different senior executives in operations and advertising, corresponding to Gayatri Yadav, Shweta Rajpal Kohli, and Anandamoy Roychowdhary (Surge), have additionally just lately left.
VC reset:
Micron seeks associate to assemble phase-2 of Sanand chip plant
Sanjay Mehrotra, CEO, Micron Expertise
US-based chipmaker Micron Expertise has invited bids from construction partners for the second part of its Gujarat challenge.
Particulars: Sources instructed ET that Larsen & Toubro and KEC Worldwide are among the many bidders. Micron is in search of proposals for designing and establishing an outsourced semiconductor meeting and testing (OSAT) facility.
Inform me extra: An OSAT facility manages the ultimate phases of semiconductor manufacturing, packaging, and testing chips to make sure they perform appropriately and meet high quality requirements.
Following up: Micron’s meeting and check facility is being arrange in Gujarat’s Sanand. Initially set for launch in 2024, the primary part is expected to be operational by early 2025. Whereas Tata Initiatives oversaw the primary part in 2023, Micron is exploring different companions for the second part.
Background: This $2.75 billion challenge was the first approved beneath the federal government’s India Semiconductor Mission (ISM), with Micron investing $825 million.
AI Mission CEO pegs funding window for fashions at Rs 1,500 crore
Abhishek Singh, CEO, IndiaAI
The IndiaAI Mission will make Rs 1,500 crore price of funds obtainable for builders of foundational synthetic intelligence fashions, its chief govt officer Abhishek Singh stated.
Cashing in: Singh, a further secretary on the Ministry of Electronics and Info Expertise (MeitY), stated this corpus is meant for 5 years. This follows a January 30 notification by which the IndiaAI mission invited proposals for constructing homegrown foundational fashions.
Extra from India: Singh, attending the AI Motion Summit in Paris, stated everybody expects huge issues from India in AI. “We’ve got seen in panels the swagger of the Chinese language due to the DeepSeek mannequin they’ve made. Everybody we meet says the place is India and asks what India can do,” he stated.
Modi’s speaks: On the Summit, prime minister Narendra Modi highlighted AI’s growing influence on economies, safety, and society.
Different High Tales By Our Reporters
CapGrid Options raises $5 million: Nexus Enterprise Companions-backed business-to-business (B2B) manufacturing startup CapGrid Solutions has raised $5 million (round Rs 45 crore) in a funding spherical led by Anicut Development Fund, founder and chief govt Dheeraj Tiwari instructed ET.
Awfis Q3 working income up 44% to Rs 318 crore: Coworking firm Awfis posted a 44% year-on-year (YoY) improve in its working income at Rs 318 crore for the quarter ended December 2024, on account of a rise in contributions from newly added seats and better occupancy charges at current centres.
Elon Musk-led group affords $97.4 billion to purchase Open AI: An Elon Musk-led consortium is offering approximately $97.4 billion to amass OpenAI, escalating an ongoing authorized battle with the AI firm Musk as soon as helped set up. In response, OpenAI CEO Sam Altman took to X and jokingly stated, “No thanks, however we’ll purchase Twitter for $9.74 billion if you would like.”
World Picks We Are Studying
I dated a number of AI companions without delay. It acquired actual bizarre (Wired)
Elon Musk gatecrashes OpenAI restructuring (FT)
AI crawler wars threaten to make the net extra closed for everybody (MIT Technology Review)
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