HDFC said it plans to shift to a new digital platform instead of just scaling up the current systems. It is also moving its operations to the cloud and has added 50 new people as a part of its digital factory initiative. The bank denied any comments on official investments made in tech. The outages reported were non-repetitive and were not due to large volumes, the bank said. The focus will now be on upgrading It systems over the expansion of the bank.
Nasscom in a statement has said that the top 5 IT firms of India will be adding 96,000 new jobs. In FY21, the IT industry hired almost 138,000 people and has a strong plan for FY22. At present, 250,000 people are getting upskilled in digital skills and 40,000 have been hired. Nasscom pointed out that the BPM industry of India hires 1.4 mn people and not 9 mn as reported by a BoA study. As of March 2021, the IT-BPM sector has employed 4.5 mn people.
Pune-based startup Cuelogic technologies have been acquired by L&T Infotech for $8.4mn. This is L&T’s seventh acquisition since 2016. The acquisition will provide L&T with 300+ employees and 100+ products. Cuelogic focuses on cloud-native web and mobile apps. They reported revenue of $5.5 mn in FY21 and work in areas like UX Consulting, DevOps, AI Consulting, IoT, Applications Modernisation, and Cloud Architecture & Integration.
India’s first gaming firm, Nazara Technologies backed by Rakesh Jhunjhunwala, is looking to buy a majority stake in PublishMe. The investment will be around Rs 20 cr for 69.82 % stake in Publishme’s parent Arrakis Tanitim Organizasyon Pazarlama. Post deal PublishMe will become a full-fledged publisher in the MENA region. PublishMe CEO Özgür Özalp will be joining the ‘Friends of Nazara’ network to work alongside other companies acquired by Nazara.
Twitter has assured that it will make every effort to comply with the new IT rules of India. The microblogging site, in India, has lost its status as an intermediary platform. MeitY is being updated with every step of the process by its officials. Twitter said it has appointed mandated officials and was doing everything to adhere to the new rules. The new rules have come into effect since May 26 but MietY had given an extension to Twitter till June 5 to comply.
Bengaluru-based fintech startup announced raising $38mn in Series A round. Overall funds raised to date amount to $ 42.7mn. The app enables teenagers to make offline and online payments. The app takes consent from parents before allowing teenagers to make online payments as well as provide numberless cards. FamPay aims to become a neo-bank for youngsters. The startup currently has over 2 mn users. It plans to expand its user base and hire engineers.
Cyber threat intelligence company, Cyble has hired Rishi Mehta as their new CISO. The company specialises in empowering global organisations with dark web, cybercrime monitoring and mitigation services. Mehta is a veteran with experience of over two decades. He formerly worked with Target for six years as Senior Director, Technology. He has also worked with Religare, CitiFinancial, and Genpact. At Cyble he is expected to manage infosec functions.
Vodafone has partnered with Dell, NEC, Samsung, Wind River, Capgemini Engineering, and Keysight Technologies to build Europe’s first commercial open Radio Access Network (RAN). Vodafone and the six partners will also build one of the largest Open RAN labs in England, and digital skills hubs in Malaga, Spain, and Germany. Telcos and govts are encouraging the development of Open RAN tech to help more vendors enter into the space dominated by Huawei, Ericsson, and Nokia.
Bitcoin hit close to $40,000, a two-week high, on Monday. This is after Tesla CEO Elon Musk while defending criticism over his influence on the market, said the carmaker may resume transactions using digital currency. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk Tweeted. Bitcoin rose 33% this year but went south from a record peak of above $60,000.