30/08/2022
Summary
- Nazara Technologies has acquired a US-based children’s interactive entertainment company WildWorks.
- Noida-based Coforge Limited has announced to set up its center of excellence (CoE) for the metaverse and Web3.
- Reliance Jio announced the debut of a new Jio AIR FIBER plug-and-play device to experience fiber-like speed over the air without any wires.
Nazara Technologies acquires US firm WildWorks
Nazara Technologies, a mobile gaming and sports media platform, announced today that it has acquired a US-based children’s interactive entertainment company WildWorks.
The deal is valued at $10.4 million and will be done in an all-cash transaction.
WildWorks was started in 2003 by Kris Johnson, Clark Stacey, and Jeff Amis. It is a game development studio focused on gamified early learning for 8-12-year-olds. The company claims that its mobile apps have attracted over 150 million players in the past decade.
Coforge opens CoE to promote metaverse, Web3 research
Noida-based Coforge Limited has announced to set up its center of excellence (CoE) for the metaverse and Web3.
In Web3, users and the community will have decentralized ownership and control over the web. On the other side, the metaverse is a shared digital environment where users can communicate, create economies, and engage in real-time interaction.
The new building on the Greater Noida Campus will encourage interdisciplinary study and point out various applications of the metaverse and its intersection with digital technologies like blockchain, smart contracts, artificial intelligence (AI), machine learning (ML), cognitive, data, and analytics, and integration with other enterprise systems.
Reliance AGM 2022: Akash Ambani announces AIR FIBER plug and play device
Reliance Jio Chairman Akash Ambani announced the debut of a new Jio AIR FIBER plug-and-play device during the 45th Annual General Meeting of RIL, allowing consumers to experience fiber-like speed over the air without any wires.
A personal WiFi hotspot at home or at the office that is connected to super-fast Jio True 5G internet will be provided by the single device solution.
“Jio True 5G delivers a breakthrough increase in broadband speed and drastically lowers latency. We don’t get 1 Gbps even on many of the fixed broadband networks in our country,” Akash Ambani said.
Meta announces no-cost EMI for advertisers in India
To satisfy the requirement for working capital, Facebook’s parent company, Meta Platforms Inc., today announced the availability of no-cost EMI for advertisers in India.
According to Meta Platforms, the new option will let advertisers pay Meta for their advertising campaigns in simple, equal monthly installments over three months without incurring any additional interest fees. The first nation in Meta where No Cost EMI has been introduced in India.
“Meta will bear the applicable interest payable to the bank, and give it as an upfront discount to the business on its ad spends. Working capital access is a concern for many new and growing businesses in the country. With no-cost EMI billing, they can choose any amount between Rs 3,200 and Rs 5 lakh to convert to EMIs,” the company said.
Accenture Venture invests in satellite startup Pixxel
On Tuesday, Accenture disclosed that it has invested strategically in Pixxel, a provider of earth imaging technologies, through Accenture Ventures.
To provide the industry with AI-powered insights that find, resolve, and predict climate issues at a fraction of the cost of conventional satellites, Bengaluru-based Pixxel, which also has a presence in Los Angeles, is developing the world’s highest resolution hyperspectral imaging satellite constellation.
“We continue to take great interest in startups within the burgeoning space industry, which some have forecasted will reach $1 trillion in revenue by the year 2040, and Pixxel is a particularly exciting company sitting at the intersection of space technology and sustainability,” said Tom Lounibos, managing director, Accenture Ventures.
HUL to invest in plastic waste management startups
Hindustan Unilever Limited (HUL) announced the initiation of a program today that will provide funding and mentorship to five Indian tech entrepreneurs engaged in the circular economy and management of plastic trash.
Unilever, the UK’s Foreign, Commonwealth and Development Office (FCDO), EY, and Social Alpha are all partners in the “Transform Plastics Challenge.”
Five Indian start-ups participating in the initiative will each earn up to 1.6 crore through grant funding and equity investments, as well as mentorship and support for growing their businesses.
Digital lending startup EarlySalary raises $110M
EarlySalary, a digital lending fintech firm, has raised $110 million co-led by private equity majors TPG’s Rise Fund and Norwest Venture Partners.
The company’s existing investors Piramal Capital & Housing Finance Ltd also took part in the round.
The Pune-based company stated that it intended to utilize the investment to expand the breadth of its buy-now-pay-later (BNPL) business, expand its footprint to 150 locations, and accelerate the growth of its loan book.
Microsoft India launches Azure Blogathon
The Azure Blogathon, a year-long technical blogging competition that allows people to share their experiences with developing solutions on Azure, has been started by Microsoft India.
The company added that developers can become leaders in the developer community and receive rewards by blogging about their ideas, discoveries, and innovations.
Early-stage cloud developers from Microsoft, seasoned Azure developers, and students studying science and technology will not only share their knowledge but also inspire the global developer community, it was said.
PwC to hire 10,000 staff in India in five years
Over the next three to four years, PricewaterhouseCoopers (PwC), a consulting and professional services organization, plans to hire about 10,000 people in India. According to Sanjeev Krishan, Chairman of PwC in India, the hiring will be in fields including cloud, digital, analytics, cyber security, and new technologies.
The hiring follows a period of high economic momentum brought on by the Indian economy’s recovery from the second Covid-19 wave, PwC said.
KKR launches Third InvIT Highways Infrastructure Trust in India
In addition to Virescent Renewable Energy Trust, a renewable energy InvIT, and India Grid Trust, a transmissions InvIT, private equity firm KKR has introduced Highways Infrastructure Trust (HIT), its third infrastructure investment trust (InvIT).
These platforms operate and manage 33 assets totaling more than $3.8 billion throughout 22 Indian states and union territories.
HIT is also thinking about a pipeline of targets for acquisition, including through sponsors. According to a press release from KKR, the platform has substantial development potential and wants to invest in high-quality businesses, including through bolt-on acquisitions.