Zoho profit rises📈, Razorpay’s forex service💱, China's ChatGPT🤖
Zoho profit rises📈, Razorpay’s forex service💱, China's ChatGPT🤖
Zoho India unit profit rises 43%, Razorpay to help founders transfer fund, Baidu to launch ChatGPT-style bot, Funding Deals and more.
Start your day right with Rise & Shine!
1 Mail | 2 Mins | 3 Stories.
Join now for free!
Zoho India unit profit rises 43%📈
The Indian unit of global business software provider Zoho Corporation reported a 43% increase in yearly consolidated profit, as per the latest financials it filed with the Ministry of Corporate Affairs on Saturday.
The company said its total profit attributable to shareholders rose to Rs 2,748.83 crore, in the financial year ended March 2022, from Rs 1,917.72 crore, a year earlier. Total revenue rose about 29% to Rs 6,998.82 crore.
On a standalone basis, the unit booked profits of Rs 2,386 crore in the reported period, on total revenues of Rs 5,309.05 crore. Year-over-year, the standalone figure is a 21% jump in profit and about 19% up in revenue.
Razorpay’s forex service to help founders transfer funding to India💱
Razorpay has set up a team of dedicated experts for the forex service, to help handhold startup founders through the process. According to Razorpay's chief business officer, Rahul Kothari, the forex offering under the company's digital banking proposition, Razorpay X, would help startup founders reduce the time taken to bring back their funds to almost 48 hours from up to two months in some cases.
The launch of the new product comes at a time when RBI stopped Razorpay from onboarding new merchants on its payment gateway product in December last year, and asked it to submit a system audit report as a part of the final authorization process for its payment-aggregator license.
Hot Shorts⚡
Biotech company Enzene Biosciences, a subsidiary of Mumbai-based drug maker Alkem Laboratories, has raised $50 million (or roughly Rs 408 crore) in fresh equity funding from Eight Roads Ventures and healthcare investor F-Prime Capital.
Electric scooter and swappable-battery company Bounce Infinity has secured $20 million (Rs 163 crore) in funding from Sequoia, Innoven Capital, Accel, B Capital, Falcon Edge, Qualcomm, Chirate, Omidyar Network and Maverick Capital.
Gurgaon-based CapGrid, a B2B cloud manufacturing startup for precision parts and components, has raised $7 million (about Rs 57 crore) in a Series A round led by Nexus Venture Partners.
Chinese search giant Baidu to launch ChatGPT-style bot🤖
Baidu Inc. is planning to roll out an artificial intelligence chatbot service similar to OpenAI’s ChatGPT.
China’s largest search engine company plans to debut a ChatGPT-style application in March, initially embedding it into its main search services.
The tool, whose name hasn’t been decided, will allow users to get conversation-style search results much like OpenAI’s popular platform.
Baidu has spent billions of dollars researching AI in a years-long effort to transition from online marketing to deeper technology. Its Ernie system — a large-scale machine-learning model that’s been trained on data over several years — will be the foundation of its upcoming ChatGPT-like tool.
Tweet of the day🐥
Other Top Stories
🗣️ Hindenburg's response to Adani: 'Fraud cannot be obfuscated by nationalism'
📉 Fall in Indian startup valuations has created an interesting opportunity: Tim Draper
"Be selective in your battles. Sometimes peace is better than being right."
Thanks for reading😊
Share with your friends/colleagues, if you enjoyed the newsletter. It’s FREE!!!