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Mark Rocket: Who is Mark Rocket? The Christchurch entrepreneur who just became the first New Zealander in space

Mark Rocket: Who is Mark Rocket? The Christchurch entrepreneur who just became the first New Zealander in space

Time of India2 days ago

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With a name like Rocket, it was only a matter of time. On Sunday, Christchurch aerospace entrepreneur Mark Rocket lived up to his name, becoming the first New Zealander to fly to space.The 55-year-old soared aboard Virgin Galactic 's Galactic 07 mission, a suborbital flight launched from Spaceport America in New Mexico. As the spacecraft arced above Earth, reaching an altitude of about 88 kilometres, Rocket joined a rare group of civilians who have witnessed the planet from the edge of space and returned safely.'I've been dreaming of this for a long time,' Rocket said after the flight. 'It was surreal. The Earth looked incredible from up there.'Born Mark Stevens, he legally changed his name to Mark Rocket in 2003 to reflect his passion for space. He was an early investor and the first customer of Rocket Lab, New Zealand's prominent space launch company, although he is no longer involved.Rocket co-founded Kea Aerospace , a Christchurch-based company developing solar-powered aircraft to collect high-altitude data. He is also the current president of the Aerospace New Zealand industry group, which supports the country's growing space sector.'This flight isn't just about me,' Rocket said. 'It's about inspiring others in Aotearoa to dream bigger, reach higher, and see space as part of our future.'The Virgin Galactic flight lasted around 90 minutes from takeoff to landing. Rocket was joined on board by passengers from the US, Ukraine, and Austria, as well as two Virgin Galactic crew members.The spacecraft, VSS Unity , was carried into the sky by a mothership before being released to fire its rocket engine and soar into space. It was Unity's final flight, and it is now being retired after completing seven commercial missions.Rocket said he had been training for the experience since 2022 and felt honored to represent New Zealand. 'The view, the weightlessness — it was all incredible,' he said. 'I feel extremely grateful.'Prime Minister Christopher Luxon congratulated Rocket, calling the flight 'a proud moment for New Zealand's science and technology sector.''It's only the beginning,' Rocket said. 'There's so much more we can achieve.'

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Wealthtech startup Stable Money raises $20 million in round led by Nilekani's Fundamentum Partnership
Wealthtech startup Stable Money raises $20 million in round led by Nilekani's Fundamentum Partnership

Time of India

time16 minutes ago

  • Time of India

Wealthtech startup Stable Money raises $20 million in round led by Nilekani's Fundamentum Partnership

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Pushing value meals and 10-min food delivery to revive growth: Swiggy's Rohit Kapoor
Pushing value meals and 10-min food delivery to revive growth: Swiggy's Rohit Kapoor

Time of India

time16 minutes ago

  • Time of India

Pushing value meals and 10-min food delivery to revive growth: Swiggy's Rohit Kapoor

Amid a slowdown in the food delivery market, aggregators are chasing the next phase of growth with Bengaluru-based Swiggy focusing on three areas to drive demand. These are expanding in delivery-friendly categories , targeting low-frequency users with value options and scaling its 10-minute offering to unlock new use cases, Rohit Kapoor, the company's food marketplace CEO, told ET in an interaction. Rival Eternal's chief executive, Deepinder Goyal, also told ET in a March interview that its food delivery platform Zomato was planning to roll out multiple new initiatives to tackle the slowdown. For the January-March quarter, Swiggy's food delivery segment marked 17.6% year-on-year growth in gross order value, narrowly missing the lower end of its 18-22% guidance. Zomato posted 16% growth . "There's significant headroom for growth when you look at the broader market landscape. Even in major metros like Delhi-NCR or Bengaluru, penetration levels don't come close to global benchmarks. This isn't just about food delivery…it reflects a gap across the entire food ecosystem,' Kapoor said. 'The real issue lies on the supply side, not the demand side. It often appears to be a consumer problem because consumption trends and income data are easily tracked, but the supply constraints are far less visible." Reviving growth in food delivery is crucial for Swiggy and Eternal, as both companies are investing heavily in their quick commerce businesses — denting the profits from food delivery, which remains their largest revenue driver. Supply-side constraints Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Kapoor underscored the need for more restaurants to open to address the latent demand for food delivery, which is increasing as a result of systemic long-term changes such as growing GDP per capita, increased participation of women in the workforce and evolution of eating habits. But he also acknowledged the bottlenecks. 'Structurally it's very hard to open a restaurant. The constraints are very local in nature. It's getting better but still not there yet. The biggest acceleration in the food business has come on the back of aggregators,' he said. On one hand there are debates and discussions over commissions, while on the other, operation of cloud kitchens has become much more viable, he said. Admitting the need for a greater level of dialogue between restaurants and aggregators over issues such as platform commissions, Kapoor said the architecture of economics has changed over time. 'I acknowledge there's a dialogue to be had, but like any industry, there's a normal curve…some players are deeply profitable, others are not. You have to look at the full picture. For instance, in a world without aggregators, opening a restaurant in Bengaluru meant a 2-3 km catchment area. Today, that's expanded to 10 km. The market has grown fourfold (for a restaurant) without a single rupee of added capex (capital expenditure),' he said. To cover the whole of Bengaluru, restaurant chains would need to open 40 outlets if aggregators were not present, he said, adding that with the platforms, they could do it with 8-10 restaurants. 'There's a cost to delivery, and someone has to bear it because consumers aren't willing to pay the full price. It's a shared cost. The commission we charge is visible, but the loss we incur on delivery isn't,' Kapoor said. 'Our industry has two players, who are doing decently well, but it's not a supernormal profit situation at all.' Also Read: How Swiggy and Zomato are dealing with the slowdown in food delivery Next phase of growth Online food delivery, which is present in around 700 cities in India, is unlikely to see further growth from geographical expansion, Kapoor said. 'The growth in food delivery will not come from geographic expansion anymore. It's there in roughly 700 cities already. The density of cities is increasing, which is a much bigger vector of growth,' he said. 'More and more categories will have to become delivery friendly. A few years ago tea or coffee wasn't a delivery friendly category but now the restaurant industry has figured it out.' He also pointed out that the segment will find growth from a push towards value — something which Swiggy is experimenting on. 'The growth is not going to come from the highest frequency user ordering more. It is going to come from 'new-to-category' consumers or low frequency consumers,' he said. The company, which went public last year, has launched value offerings targeted at students and junior-level corporate employees. Swiggy is doubling down on 10-minute food delivery through its Bolt offering, where it aggregates restaurants doing quick delivery. 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Krutrim finds few takers for its LLMs and cloud products
Krutrim finds few takers for its LLMs and cloud products

Time of India

time16 minutes ago

  • Time of India

Krutrim finds few takers for its LLMs and cloud products

Krutrim , the artificial intelligence (AI) arm of the Ola group , has received tepid response for its large language models (LLMs) and cloud products, according to some founders and developers who have evaluated these offerings. This is in large part due to the poor documentation of Krutrim's products, as well as a lack of adequate technical maturity, they said, with startups preferring hypescalers such as Google Cloud and Amazon Web Services over Krutrim's cloud service. Bengaluru-based Krutrim became India's first AI startup to reach unicorn status after it secured $50 million in funding in 2024 at a $1 billion valuation. The people cited earlier also said that the leadership churn at Krutrim since 2024, which saw the exit of more than 20 people, including key executives and those at the junior and mid-management levels, has not helped either. Two early-stage founders told ET that they had signed up for Krutrim Cloud but have now moved to hyperscalers Google Cloud and Amazon Web Services. Live Events ETtech Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Mehul Mohan, chief executive officer of Codedamn, an AI tutoring platform, in a YouTube video aired on February 1, said that while Krutrim offers several models on its cloud, there is not enough documentation available and lacks transparency compared with global players such as Amazon, for similar pricing. In response to ET's query about lack of takers for its products, Krutrim's spokesperson issued a statement saying they are building the AI stack for India, including frontier AI model development, AI Cloud and silicon design, which require continuous innovation and investment in the rapidly evolving AI landscape. 'We highly value user feedback and regularly benchmark our performance against industry standards,' the statement said. 'All Krutrim offerings are under active development and will see significant enhancements in the coming quarters.' Lack of technical maturity Ola founder Aggarwal first announced Krutrim in December 2023, launching an LLM that could support 10 Indian languages, starting with Krutrim chatbot in February 2024, and cloud offering shortly after. Two founders told ET recently that repeated sign-in attempts were blocked by a persistent 'logged out of session' error, making sign-up via mobile or Gmail difficult. Similar issues were found with Krutrim cloud, where messages such as 'invalid credentials' and 'invalid captcha' create problems for signing up, the founders said, adding that login issues persist with Krutrim's products. ET has independently verified the issues. Rajiv Ranjan, lead analyst, India cloud and data center services, International Data Corporation (IDC), said one of the challenges a new player like Krutrim cloud might face is that enterprises already have existing contracts with hyperscalers. So, moving to a new platform can be risky due to lack of familiarity, potential integration challenges with existing cloud platforms, and the need to train internal staff with a new set of tools. Newer firms like Krutrim will have to offer higher performance, and cost-effective products to attract customers to try the new platform for specific use cases, Ranjan said. High latency Krutrim's AI model, marked by high latency, which refers to response time, has trouble attracting users as well. A former Krutrim employee ET spoke with said, "Less than 10,000 people use their chat version, and more than 60% of it are random testers.' While chat and web search are fast, Shashank Agarwal, founder, Noveum, said the app failed on other accounts such as academic, audio and image search. ET reviewed and found that Krutrim's AI chatbot took 41 seconds to generate a response for a prompt. In contrast, ChatGPT-4o and DeepSeek took less than 10 seconds. The number of downloads for Krutrim's two AI models--Krutrim 1 and Krutrim 2--have not seen much traction. According to data from HuggingFace, in the past month, the former has seen 76 downloads and the latter, 1,445. In contrast, India-based rival Sarvam's 2B parameter model has seen 3,405 downloads . However, both the Indian platforms lag global models such as Mistral (7B model) and DeepSeek-R1, which have been downloaded 1 million and 680,000 times, respectively, in the past month. Naresh Singh, senior director, analyst, at Gartner did not directly respond to a query on Krutrim's performance, but said the initial performance of the Indian AI models does not stand up in comparison to global models. 'They should be open to scrutiny and give their models up for people to study. But that has not happened yet,' Singh said. With inputs from Suraksha P

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