Zurich Insurance 🤝🏻 Kotak General Insurance, Global AI Safety Summit🌐
India's Digital GDP Ambitions, Straive's Acquisition, Direct Overseas Listings, Funding Deals and more.
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Tech Updates
Zurich Insurance Acquires 51% Stake in Kotak General Insurance for ₹4,051 Crore🤝
In a significant move, Zurich Insurance Company Ltd has acquired a 51% stake in Kotak General Insurance, a subsidiary of Kotak Mahindra Bank. The deal, valued at ₹4,051 crore, marks a strategic collaboration in the insurance sector, enhancing the capabilities and offerings of both companies. 💼
World's First AI Safety Summit Takes Place in the UK🤖
In a groundbreaking event, the world's first major summit focusing on artificial intelligence (AI) safety commenced in the UK. Bringing together political and tech leaders, the summit aims to discuss and strategize responses to the societal impact of this transformative technology. 🌐
India Aims to Digitize 20% of GDP by 2025-26: MoS Rajeev Chandrasekhar at Global AI Summit📊
At a global AI summit, Minister of State (MoS) for Electronics and Information Technology, Rajeev Chandrasekhar, highlighted India's rapid digitization efforts. He stated that the country has significantly increased its digital economy from about 4.5% of the total GDP to the current 11%. The ambitious goal is to digitize 20% of India's GDP by 2025-26, showcasing India's commitment to harnessing technology for economic growth and development. 💼
Straive Acquires Gramener to Enhance Data, Analytics & AI Capabilities📚
Straive, a technology-driven data and AI solutions provider, has acquired Gramener, a design-led data science company. This acquisition aims to bolster Straive's capabilities in data, analytics, and artificial intelligence, enabling them to offer more comprehensive and innovative solutions to their global clients in EdTech, research, and information services. 🚀
India Allows Direct Listing of Companies in Overseas Markets💹
In a significant move, Indian companies have been given the green light to directly list on foreign stock exchanges. The Ministry of Corporate Affairs (MCA) has issued a notification pertaining to Section 5 of the Companies Amendment Act, 2020, paving the way for this development. The process is expected to commence with listings on GIFT City's International Financial Services Centre (IFCS), followed by a broader implementation of direct listings. 🌍
Funding Deals
Alternative credit platform BlackSoil has raised another $40 million in debt through various financial instruments, including non-convertible debentures (NCDs), NCD co-investments, and term loans from banks.
Gaming platform Kratos Studios launched the Kratos Games Network programme, under which it would use a Rs 50 crore grant to persuade gaming studios to shift their games to its blockchain platform.
Java Capital, a deep tech venture capital fund, has announced the final close of Rs 50 crore (approximately $6 million) fund. The fund saw participation from established founders from the Indian startup ecosystem, HNIs based in India, Middle East and the US. The fund has already made 5 investments in companies, including AuditCue, Okulo Aerospace, Oorja, Pre-image, and Frigate.
Mikro Grafeio, a startup offering integrated workspace and workforce solutions has bagged $1.2 million in Pre-Series A funding round led by several existing and new investors.
Tweet of the day🐥
“It’s hard to beat a person who never gives up.”
- Babe Ruth
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