Business – Insight

Koo, the Indian social media platform, has announced its shutdown.

Pranjali Pandey — Sat, 06 Jul 2024 14:28:19 +0000

Koo, the homegrown social media platform frequently lauded as India’s version of Twitter, has decided to close shop. In no time since its March 2020 launch, Koo aced its game by providing a microblogging site that catered to users in multiple regional languages; hence, creating an avenue for pluralistic opinions in India’s cyber domain.

The Rise of Koo

Koo was founded by entrepreneurs Aprameya Radhakrishna and Mayank Bidawatka with the vision of creating a social media platform tailored to the needs of Indian users. The app gained significant traction, particularly during periods of heightened tensions between the Indian government and international tech giants like Twitter. Prominent figures, including politicians, celebrities, and government officials, were quick to adopt Koo, leveraging its multilingual capabilities to reach a broader audience.

Why Koo Stood Out

One of Koo’s standout features was its support for a variety of Indian languages, including Hindi, Kannada, Tamil, Telugu, Bengali, and more. This linguistic inclusivity allowed users from different regions to communicate and share their thoughts in their native languages, making the platform a unique and inclusive digital space.

Additionally, Koo’s user-friendly interface and commitment to adhering to local laws and regulations helped it gain favor among Indian users who were seeking an alternative to Western social media platforms. The app’s ability to provide a space for regional discourse and its alignment with the “Vocal for Local” initiative resonated deeply with its user base.

Challenges Faced by Koo

Despite its initial success and rapid growth, Koo faced several challenges that ultimately led to its shutdown. The primary issue cited by the founders was the difficulty in sustaining business operations amidst fierce competition from well-established global platforms. Monetization proved to be a significant hurdle, as the platform struggled to attract enough advertisers and generate sufficient revenue to cover its operational costs.

Furthermore, the rapid pace of technological advancements and user expectations in the social media space posed a constant challenge. Koo had to continuously innovate and upgrade its platform to keep up with the evolving digital landscape, which required substantial investment and resources.

Official Announcement and User Reactions

In their official statement, Koo’s founders expressed their gratitude to the millions of users who supported the platform. They assured users that their data would be securely handled during the shutdown process and thanked the community for being a part of Koo’s journey.

The news of Koo’s shutdown was met with a mix of disappointment and nostalgia from its user base. Many users took to social media to express their regret over losing a platform that had become an integral part of their digital lives. Some users reminisced about their favorite moments on Koo, while others voiced their hopes for the emergence of similar homegrown alternatives in the future.

Conclusion

Koo’s shutdown marks the end of a notable chapter in India’s social media landscape. While the platform faced insurmountable challenges, its legacy as a pioneer in promoting regional language discourse and digital inclusivity will be remembered. As the digital world continues to evolve, the story of Koo serves as a reminder of the importance of innovation, adaptability, and the unique needs of diverse user communities in the ever-changing social media sphere.

Lakshadweep’s Ambitious Water Villa Project: A New Era in Indian Ecotourism

Pihu Sharma — Wed, 29 May 2024 13:39:28 +0000

India’s tourism landscape is on the cusp of a significant transformation with the introduction of premium Maldives-style water villas in the picturesque islands of Lakshadweep. This groundbreaking initiative aims to establish Lakshadweep as a premier destination for ecotourism, blending luxurious accommodations with environmental sustainability. The project is not only a testament to India’s growing tourism ambitions but also an exemplary model of sustainable development and public-private partnership.

Project Overview

The administration of Lakshadweep has announced the development of three premium water villa projects on the Minicoy, Suheli, and Kadmat islands. With an estimated investment of INR 800 crore, this project marks India’s first venture into the realm of water villas, similar to those that attract tourists to the Maldives. The villas will offer a unique, immersive experience, allowing guests to stay in luxurious accommodations set above the turquoise waters of the Indian Ocean.

The breakdown of the projects includes 150 keys for Minicoy at a cost of INR 319 crore, 110 keys for Suheli at INR 247 crore, and another 110 keys for Kadmat with an investment of INR 240 crore. This distribution is based on a comprehensive analysis of location suitability, technical feasibility, and financial viability. The administration has also ensured that all necessary clearances, including Coastal Regulation Zone (CRZ) approvals, are secured in advance, expediting the project’s progress.

Economic and Environmental Balance

The project’s core objective is to bolster maritime economic growth with a strong emphasis on sustainable tourism. The administration’s commitment to environmental protection is evident in its approach to development. By employing eco-friendly materials and pre-cast concrete technology, the ecological footprint of the construction is minimized. Additionally, the use of renewable energy sources, such as solar power, further underscores the project’s sustainable ethos.

The National Centre for Sustainable Coastal Management (NCSCM) has played a pivotal role in assessing the viability and environmental impact of the water villas. Their involvement ensures that the development harmonizes with the delicate marine ecosystem, particularly the fragile coral reefs that are integral to the region’s biodiversity. This scientific approach guarantees a balance between enhancing local livelihoods and preserving natural resources.

Boosting Local Economy and Employment

One of the most significant benefits of the water villa project is its potential to boost the local economy. Tourism is a powerful engine for economic growth, and the development of high-end accommodations will attract both domestic and international visitors. This influx of tourists will create numerous employment opportunities for the local population, ranging from hospitality services to ancillary support sectors such as transportation and local crafts.

Furthermore, the public-private partnership model ensures that the project is financially sustainable and beneficial for all stakeholders involved. The government’s proactive role in facilitating permits and clearances reduces bureaucratic hurdles, encouraging private investors to participate in the region’s development.

A Paradigm Shift in Indian Tourism

The Lakshadweep water villa project represents a paradigm shift in Indian tourism, positioning the country as a competitor to established luxury destinations like the Maldives. This initiative is part of a broader strategy to diversify India’s tourism offerings, providing unique experiences that cater to high-end travelers.

In conjunction with similar projects in the Andaman and Nicobar Islands, India is poised to become a leader in sustainable island tourism. These developments are aligned with the goals of NITI Aayog and the central government’s vision of creating a world-class tourism infrastructure that is both economically viable and environmentally responsible.

RELEASED: GPAI’s New Delhi declaration

Pihu Sharma — Wed, 13 Dec 2023 14:44:03 +0000

On December 13, 2023, the GPAI Ministers convened in New Delhi for their annual summit, hosted by the Ministry of Electronics and Information Technology (MeitY) in collaboration with the Centre for Responsible AI (CeRAI) at IIT Madras. Blessed by the presence of Honorable PM Narendra Modi, the event included a Research Symposium and a Global AI Expo. This year’s symposium, themed “Responsible AI in Public-Sector Applications,” provided a global platform for researchers to share insights. The Expo showcased AI innovations addressing critical challenges and benefiting society, with the participation of industry leaders, policymakers, innovators, and stakeholders from 38 countries and the EU, including Mr. Ashwini Vaishnaw, serving as the Minister for Railways, Communications, Electronics & Information Technology; and Mr. Rajeev Chandrasekhar, holding the position of Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology, and Jal Shakti in Government of Bharat.

GPAI collaborates to negotiate a consensus on the approach to AI by crafting a declaration document. Here is what the GPAI’s New Delhi Ministerial Declaration says:

GPAI New Delhi Ministerial Declaration

1. We, Ministers of the Global Partnership on Artificial Intelligence (GPAI), convening in New Delhi on 13^th December 2023:

2. Reiterate our unwavering commitment, since the GPAI Council Meeting in Japan last year, to the principles for responsible stewardship of trustworthy AI and values reflected in the OECD Recommendation on AI, as noted in GPAI’s Terms of Reference, rooted in democratic values and human rights, safeguarding dignity and well-being, ensuring personal data protection, protection of applicable intellectual property rights, privacy, and security, fostering innovation, and promoting, trustworthy, responsible, sustainable and human-centred use of AI.

3. We further affirm our commitment to continue to work within our respective jurisdictions to advance safe, secure, and trustworthy AI, including, as appropriate, through the development of relevant regulations, policies, standards, and other initiatives.

4. We acknowledge the noteworthy progress and achievements under the leadership of Japan as the 2023 Lead Chair with India as the Incoming Support Chair and France as the Outgoing Support Chair. This includes significant efforts related to the strengthening of GPAI as a diverse and inclusive multistakeholder initiative.

5. We applaud the contributions of the Multistakeholder Experts Group (MEG) towards the GPAI projects. We affirm our commitment to supporting the sustainability of GPAI projects by undertaking the adoption of relevant projects, in line with country-specific contexts and priorities as well as the shared interests and priorities of the GPAI community.

6. We recognize the rapid pace of improvement in advanced AI systems and their potential to generate economic growth, innovation, and jobs across various sectors as well as to benefit societies. We acknowledge the need to harness new opportunities and mitigate the risks arising from the development, deployment, and use of such technologies. This includes concerns around misinformation and disinformation, unemployment, lack of transparency and fairness, protection of intellectual property and personal data, and threats to human rights and democratic values. We further acknowledge the need for equitable access to resources, which must be considered, accounted for, or addressed in order for societies to benefit from and build competitive AI solutions. We underscore GPAI’s pivotal role in addressing contemporary AI issues, including generative AI, through applied AI projects aimed at addressing societal problems and global challenges, maximising the benefits and mitigating associated risks.

7. We support the intention of India, as Lead Chair for 2024, in its endeavour to promote collaborative AI for global partnership among GPAI members by supporting projects aimed at promoting equitable access to critical resources for AI research and innovation, such as AI computing, high quality diverse datasets, algorithms, software, testbeds, and other AI-relevant resources in compliance with applicable intellectual property protections and data protection legislations. We reaffirm the importance of fostering (US DEL an) equitable AI ecosystem (US Add s) that ensures diverse, inclusive and multistakeholder engagement, including from under-represented groups and communities facing vulnerabilities towards the responsible design, development, deployment, and sustainable use of trustworthy AI.

8. We support the development, in a collaborative manner, of necessary knowledge, skills, infrastructure, policies, risk management frameworks and governance mechanisms to effectively and responsibly leverage AI technologies and applications, including among low and middle-income countries to harness the potential of AI advancements and manage the associated risks, including ensuring robust protection of rights, safety, and security.

9. We embrace the use of AI innovation in supporting sustainable agriculture as a new thematic priority for GPAI. We acknowledge the importance of promoting the development of and access to risk-proportionate trustworthy AI applications for ensuring sustainable food production systems and implementing resilient agricultural practices that increase productivity and production, help regenerate ecosystems, strengthen capacity for mitigation and adaptation to climate change, extreme weather, drought, flooding and other disasters, and that progressively improve land and soil quality, as well as promote inclusion and empowerment of workers in the agricultural supply chain.

10. We commend the efforts undertaken by India, the incoming support chair, the GPAI secretariat, the Expert Support Centres, and the Executive Council to foster enhanced member-expert collaboration and increase the visibility of GPAI, through efforts such as the member-facilitated GPAI working group convenings and the GPAI Innovation Workshop.

11. We are committed to continuing and strengthening our advocacy efforts to enhance the public visibility of GPAI’s outputs and facilitate the adoption of relevant work wherever feasible.

12. We note the international community’s efforts over the year to drive international collaboration on AI. To this end, we acknowledge GPAI’s contribution to the G7 leaders’ statement on the Hiroshima AI Process, the Bletchley Declaration, and the G20 New Delhi leaders’ declaration as steps towards working together, in an inclusive manner, to promote trustworthy AI that supports the good of all.

13. We reaffirm our dedication to strengthening GPAI’s independent and unique identity as a key multilateral initiative for practical approaches to advancing the trustworthy development, deployment, and use of AI. We are committed to positioning GPAI as a nodal initiative that plays a key role in global cooperation on AI innovation and governance, along with its expert support centres. Towards this, we support GPAI’s further engagement with other relevant international fora such as the G20, G7, OECD, UNESCO and other UN bodies, to leverage synergies and avoid duplication of efforts.

14. We reaffirm our commitment to pursuing a diverse membership, with a particular focus on low and middle-income countries to ensure a broad range of expertise, national and regional views and experiences based on our shared values. We are committed to ensuring that GPAI’s mission has a global impact, and helps address diverse global and societal challenges.

Infra space may replicate 2003-07 boom, last for 4-6 years: Vijay Kedia

Yashvarya Mehta — Wed, 30 Aug 2023 13:13:38 +0000

Source – MoneyControl
The infrastructure sector is into a boom phase since the past six to seven months, Vijay Kedia, investor and director of Atul Auto, said in an interaction with Moneycontrol on August 29.

The market veteran believes that the infrastructure sector will see the similar trends it had seen during 2003 to 2007. The primary reason for latest boom, according to Kedia, is the increased government spending on infrastructure.

“Additionally, the private sector capacity has also reached around 75 to 80 percent. So, this is the high time from where private capital expenditure (capex) will start,” he said.

Between 2003 and 2007, capex was primarily centred around conventional industries like thermal energy, roads and railways, construction, and real estate. In contrast, the present cycle of capex is more diverse, concentrating on improving and modernising emerging sectors, with a strong emphasis on manufacturing.

The primary areas of attention include development of renewable energy, transitioning to cleaner energy sources, adopting electrification for vehicles and railways, promoting manufacturing through initiatives like production-linked incentive (PLI) scheme, localisation, indigenisation, modernising railways, advancing mobility through metro systems and high-speed rails, and strengthening the defence sector.

Any company related to the infrastructure sector is set to benefit as this theme enters into a bullish phase, Kedia said, highlighting that this uptrend could last for up to four-six years.

He is strongly bullish on the sector and considers infrastructure to be a “red hot theme”.

Insight | Rise of the India Gaming Industry

Yashvarya Mehta — Wed, 30 Aug 2023 12:28:58 +0000

Discover the tremendous growth of the gaming industry with us! Get ready to be transported to a world where gaming is beyond your wildest imagination, offering a level of realism that rivals real life. The gaming industry is undergoing a rapid transformation, driven by the rapid advancement of technology, high-speed internet, and the 2020 pandemic. India is at the forefront of this revolution, leading the way as a global leader in IT. Join us as we delve into the exciting future developments of the thriving Indian gaming industry and uncover its potential for growth.

WhiteHat Jr CEO Ananya Tripathi resigns, in another top level exit at Byju’s

Yashvarya Mehta — Wed, 30 Aug 2023 11:47:00 +0000

Source: Moneycontrol

Ananya Tripathi, the CEO of WhiteHat Jr, a wholly-owned subsidiary of Byju’s, has tendered her resignation, marking another senior-level exit at India’s most-valued startup.

Tripathi, who has been on maternity leave since May of this year, has decided to move on, according to four people familiar with the matter told Moneycontrol. Byju’s has not yet formally accepted her resignation and is still trying to persuade her to stay, the people said on the condition of anonymity.

Arjun Mohan, who rejoined Byju’s in July to lead its international operations, has been supporting the team in Tripathi’s absence, the people added.

Byju’s did not respond to queries sent by Moneycontrol.

Tripathi joined WhiteHat Jr in April of last year. She was the Managing Director at KKR Capstone before joining WhiteHat Jr. A McKinsey alumni, Tripathi also served as the Chief Strategy Officer of Myntra for almost four years.

Byju’s acquired WhiteHat Jr, a code-learning platform, in August 2020, in a whopping $300 million cash deal. The deal had given Karan Bajaj, the founder of WhiteHat Jr, one of the biggest exits ever in India’s startup ecosystem.

Bajaj continued to serve as the CEO of WhiteHat Jr but resigned in August 2021, exactly a year after the company was acquired. Trupti Mukker, a Byju’s executive, had been appointed as the CEO of WhiteHat Jr before Tripathi took charge.

Tripathi has joined a growing list of senior executives to leave the world’s most valued edtech startup, which is currently grappling with myriad challenges. Earlier this week, Moneycontrol reported that three more senior executives, including Byju’s Chief Business Officer Prathyusha Agarwal, quit the company.

WhiteHat Jr’s challenges

In 2020, WhiteHat Jr faced significant criticism due to its aggressive sales strategies. The company had then launched a campaign featuring a fictitious 12-year-old named Wolf Gupta. The campaign depicted Wolf Gupta securing a job worth Rs 1.2 crore at Google after mastering artificial intelligence (AI) through WhiteHat Jr’s programmes.

Additionally, it was reported that WhiteHat Jr disregarded the guidelines set forth by the Advertising Standards Council of India (ASCI). The company was accused of making questionable and unsupported claims, according to an article in The News Minute.

While WhiteHat Jr had withdrawn the Wolf-Gupta campaign, it continued spending heavily on customer acquisition costs. According to Byju’s FY21 results, WhiteHat Jr contributed Rs 326.66 crore of total revenue and a loss of Rs 1,548.76 crore to the loss before tax from operations of the company.

To be sure, Byju Raveendran, co-founder and CEO of Byju’s, in his media interactions has been pretty vocal about how WhiteHat Jr is the company’s only acquisition that has struggled. In an interview with Moneycontrol in January this year, Raveendran said, “WhiteHat Jr has been a challenge on the cost side. Solving its customer acquisition cost is the only business challenge we have.”

“Most of our core businesses are already at break-even or profitable. We are burning cash only in WhiteHat Jr,” he had said.

Earlier this year, a Tech Crunch report also suggested that Byju’s discussed shutting down WhiteHat Jr due to its high burn and struggles with the product market fit.

Byju’s woes

The four senior-level exits, including Tripathi’s, have come at a time when Byju’s has been facing a range of challenges on both domestic and international fronts. In June, Byju’s encountered a significant setback as three crucial investor board members decided to step down due to disagreements with the founder, Byju Raveendran. These disagreements primarily revolved around operational matters.

Adding to this, Byju’s long-standing auditor, Deloitte, who had been associated with the company since 2015, also resigned in June. The reason cited for this resignation was the delay in releasing the financial results for the fiscal year 2021-22.

Simultaneously, Byju’s is currently engaged in discussions with creditors, including Term Loan B lenders and Davidson Kempner. The company is eagerly awaiting an infusion of funds that holds paramount importance in helping it navigate an impending liquidity crisis.

In an effort to address its challenges, Byju’s has made significant organisational changes. This includes a workforce reduction of more than 2,000 employees throughout the year, shifting a majority to a contractual basis and relinquishing its largest office space in Bengaluru.

Byju’s has come under scrutiny due to dissatisfaction from both students and parents. Moneycontrol previously reported that more than 60 percent of Byju’s Tuition Tuition Centre (BTC) customers requested refunds within the last two years.

However, Byju’s has been taking steps to reverse the situation over the past three months. It introduced a board advisory council, with the inclusion of industry veterans such as TV Mohandas Pai and Rajnish Kumar as advisors. In addition, Byju’s has recently appointed Richard Lobo to lead its human resources department. Lobo is expected to assume his role in September.

Byju’s, in March 2022, Byju’s secured a massive $800 million in funding, propelling its valuation to over $22 billion. Byju’s, conceptualised by former educator Raveendran more than a decade ago, has effectively raised nearly $6 billion in funding over its operational history.