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Hello,

Old notice, new problem.

On Monday, fintech company Paytm notified the Indian bourses that a show-cause notice to its promoter Vijay Shekhar Sharma from SEBI was not new. The notice alleged misrepresentation of facts during its November 2021 IPO and was cited in recent media reports.

After Moneycontrol reported the story on the notice, Paytm parent One97 Communications’ shares fell from Rs 555.55 to Rs 530 apiece at closing time. 

In other news, Infosys’ new recruits can breathe easy as CEO Salil Parekh has indicated the IT services giant will honour offers given to freshers, although there has been some change in dates.

According to media reports, the company had delayed onboarding as many as 2,000 fresh engineering graduates from the 2022 batch.

Elsewhere, X owner Elon Musk has come to the defence of Telegram founder Pavel Durov, calling for the release of the 39-year-old from French custody.

Durov’s arrest has sparked debate on whether Musk could be next. 

Like Telegram, Musk’s X has had problems in Europe, with the EU Commission recently reminding him of the platform’s failure to observe the Digital Services Act that requires large platform owners to clamp down on misleading content.

Lastly, Indian startups are changing how people interact with AI with voice bots priced as low as one rupee a minute.

In today’s newsletter, we will talk about 

• PhonePe’s swing to profit
• AI-powered water conservation
• Simplifying urban waste collection

Here’s your trivia for today: What colour is liquid oxygen?

News

PhonePe’s swing to profit

Digital payments giant PhonePe said that it has turned its adjusted profit after tax (PAT) positive with a profit of Rs 197 crore excluding ESOP-related costs in FY23-24, recovering from a loss of Rs 738 crore in FY22-23.

PhonePe attributed its growth and profitability to its market leadership, platform reliability, and its strategic focus on cross-selling a diverse product portfolio.

Recovering results: 

• The payments app also reported a revenue growth of 74% year-on-year to Rs 5,064 crore, from Rs 2,914 crore in the previous fiscal year.
• PhonePe’s standalone payments business was a significant contributor, achieving an adjusted PAT of Rs 710 crore, compared to a loss of Rs 194 crore in the prior year.
• PhonePe is the topmost player in the Indian UPI landscape, processing over 10 lakh crore worth of payments from 6.98 billion customer-initiated transactions to date, according to NPCI UPI ecosystem data.

Funding Alert

Startup: HouseEazy

Amount: $7M

Round: Series A

Startup: BundleOJoy

Amount: Rs 7 Cr

Round: Seed

Startup

AI-powered water conservation

Amid rapid industrial growth and escalating water scarcity, water management has become a critical concern for industries worldwide. India, with its burgeoning industrial sector, is experiencing acute water challenges. 

Amid this critical point in time, entrepreneur Ganesh Shankar realised the urgent need for innovative solutions in water management and founded FluxGen in 2019, aiming to optimise industrial water usage.

Tech integration:

• The Bengaluru-based startup developed an advanced water management system called AquaGen, which monitors water flow and levels in real-time to optimise water usage, enhance efficiency, and ensure sustainability in industrial settings.
• The startup primarily operates in healthcare, manufacturing, commercial real estate, and public services sectors and serves over 110 customers including Tata Steel, Microsoft, and Adani Group.
• The startup is in talks with investors to raise around $5 million and plans to close it in the coming 2-3 months. It aims to achieve Rs 100 crore in revenue within the next three years.

Startup

Simplifying urban waste collection

Waste management in India is a complex process riddled with many challenges. When waste isn’t collected on time, it sets off a chain of problems—including piling garbage and pollution, ultimately impacting public health and safety. 

Recognising these woes, Abhishek Gupta and Abhinav Shekhar Vashistha set up WeVOIS Labs in 2018 to streamline door-to-door waste collection in urban areas using technology. 

Intelligent sanitation solutions:

• WeVOIS’ waste management process—driven by an IoT-based (internet of things) navigation system—ensures that the collection staff pick up waste from all households and commercial establishments assigned to them. 
• Collection vehicles can be tracked in real-time so that citizens know where exactly the vehicle is and make quick adjustments, as needed. Currently, WeVOIS operates 600 vehicles, serving 5 lakh households every day.
• The Jaipur-based startup works with municipal authorities and civic bodies in 18 cities, including Jammu, Jaipur, Pali, Dehradun, and Goa, on large-scale waste management and public sanitation solutions.

News & updates

• AI label: ChatGPT developer OpenAI is supporting a California bill that would require tech companies to label AI-generated content, which can range from harmless memes to deepfakes aimed at spreading misinformation about political candidates.
• Job cuts: IBM will completely shut its China R&D operation, affecting more than 1,000 jobs, the US technology company said on Monday. The cuts come amid the company’s struggles with falling demand for its hardware and challenges in growth markets like China.
• Happy birthday: John Alfred Tinniswood was born the same year the Titanic sank. On Monday, the world’s oldest living man, who was born on August 26, 1912, celebrated his 112th birthday.

What colour is liquid oxygen?

Answer: Pale blue

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