PhonePe is set to enter the stockbroking business. The fintech startup has applied for the license from the SEBI and is waiting for the mandatory approvals. PhonePe aims to tap its existing user base to foray into the broking business by encouraging them to invest a part of the unutilised funds in wallets in stocks. PhonePe, in March, processed 1.19 bn UPI transactions to the tune of Rs 2.31 lakh cr to grab 44% of the UPI market share.
Dell would spin off its 81% stake in VMware to lower its long-term debt of $41.62 bn, mostly taken during its 2016 acquisition of EMC. The cloud computing firm will disburse a special cash dividend of around $12 bn to all its stakeholders, including Dell, which will receive around $9.7 bn, in a likely tax-free transaction. Dell, with the spinoff, will also get an investment-grade rating and simplify the capital structure. VMware, at present, is Dell’s best-performing unit.
Bharti Airtel switched to a new corporate structure to focus on digital opportunities and enable its true potential. Airtel Digital will now have all the digital assets — Wynk Music, Airtel X stream, Airtel Thanks, Mitra Payments platform — and will part of its listed entity Bharti Airtel. It will also have future digital products and services — Airtel Ads, Airtel IQ, Airtel Secure, Airtel Cloud. The telecom business will be under a newly created entity Airtel Limited, a wholly-owned subsidiary of Bharti Airtel.
Facebook is testing a new video speed-dating app called ‘Sparked’. Developed by FB’s experimental app team, NPE, the app is different from Facebook Dating. Sparked has a dedicated website, which isn’t available in India. The new dating app, unlike the competition, is a video chatting platform that lasts for four min and can be extended to 10 if “you both have a great time.” The users, later, will be able to contact each other via Instagram, iMessage or email.
China’s Geely Holding owned Volvo Cars will use a new generation of high-powered chips developed by Nvidia to give more autonomous driving functions in its future cars, starting from the next year. Volvo, like many others car manufactures, is putting digital processing power ahead of the traditional horsepower as they try to catch up with Tesla. Nvidia, because of the computing power race among car manufacturer, has benefited the most among chipmaker.
Flipkart and Adani Group join hands to build a Tier 4 data centre and 534,000 sq. ft. fulfilment centre. The centre will be set up at the Adani Logistics hub in Mumbai and will be operational in the Q3 of 2022. It will house 10 mn units of sellers’ inventory and offer direct employment to about 2,500 people. The data centre will be built at AdaniConnecX’s facility in Chennai. AdaniConnecX is a 50:50 joint venture of Adani Enterprises and EdgeConneX.
Nvidia has announced the manufacturing of a new “Grace” server processor chip that will be based on technology from Arm. The new chip will be pitting it against direct competition with Intel. Further, it will also add a layer of complexity to the antitrust review of Nvidia’s $40 bn acquisition of Arm. Intel is the world’s biggest maker of central processors and Nvidia will be the largest chip firm, so far, to challenge its dominance,
Kyndryl will be the name of IBM’s new independent Managed Infrastructure Services company. The new company, headquartered in New York City, will help IBM to streamline its operating model, consolidate shared services, and concentrate on cloud and new markets, including AI and hybrid cloud business, which includes Red Hat also. IBM, with the transition, aims to earn half its revenue in services with more than 50% of sales from recurring revenue.
Microsoft will acquire speech to text software firm Nuance Communications for $19.7 bn to increase its presence in healthcare. Nuance has 10,000 healthcare customers which include AthenaHealth, Johns Hopkins, Mass General Brigham and Cleveland Clinic etc. CEO Mark Benjamin will continue to lead the firm and report to Scott Guthrie, Microsoft’s EVP in charge of the cloud and AI group. Nuance has 6,000 employees in 27 countries.