&w=3840&q=100)
OpenAI eyes India, Saudi, UAE backing in $40 billion AI funding round
The report said these investors could each contribute hundreds of millions of dollars to the round.
Stargate project and next-gen AI models drive funding push
The fundraising drive is aimed at supporting OpenAI's next phase of model development and the ambitious infrastructure initiative dubbed 'Stargate'. The effort is being led by Japanese investment giant SoftBank.
Earlier this year, OpenAI CEO Sam Altman held a meeting with Union Minister Ashwini Vaishnaw to discuss the country's plans for a low-cost AI ecosystem. Following that, Altman reportedly intended to visit the UAE for further discussions with Abu Dhabi-based MGX about potential investments, Reuters reported.
More global investors approached, $17 bn target by 2027
The Information report also noted that OpenAI has approached other potential investors such as Coatue Management and Founders Fund, seeking at least $100 million from each. Additionally, the company is projecting to secure a further $17 billion in funding by 2027.
India poised to lead global AI stack, says Jason Kwon
India is fast becoming a major force in the global artificial intelligence (AI) landscape, according to OpenAI's Chief Strategy Officer, Jason Kwon. He highlighted that India now has the second-largest user base of ChatGPT and is among the top 10 countries worldwide in terms of developers building on OpenAI's APIs.
'With the vast and growing pool of AI talent, a vibrant entrepreneurial spirit, and strong government support to expand the critical infrastructure, India is poised to succeed at all layers of the AI stack,' Kwon said during his visit to India last week.
OpenAI Academy India expands AI education and skills
Marking a significant milestone in its international outreach, OpenAI launched the OpenAI Academy India — the company's first overseas expansion of its educational initiative. The programme aims to support the IndiaAI Mission's 'FutureSkills' pillar by widening access to AI training across multiple segments including students, developers, educators, civil servants, nonprofit leaders, and small business owners, the company announced.
New API grants fuel AI tools for social good in India
Last week, OpenAI also announced a new round of API credit grants for 11 Indian non-profit organisations. The beneficiaries include Rocket Learning, Noora Health, and Udhyam, among others. The initiative is aimed at fostering the development of AI-powered tools that can drive social good.
'Over the last year, the India cohort has developed and deployed AI-powered applications across sectors, including healthcare, education, agriculture, disability inclusion, and gender equity, creating a tangible and measurable impact in underserved communities,' the company said in a statement.
AI-powered apps transform early learning and patient care
As part of OpenAI's global support program under the Academy, selected organisations receive hands-on technical assistance, cohort-based learning opportunities, and early access to OpenAI's tools.
In India, Rocket Learning uses generative AI and WhatsApp to deliver personalised early learning experiences for parents and daycare providers. Noora Health works to improve patient outcomes by sharing life-saving information with caregivers and families.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
24 minutes ago
- Hans India
S&P further improves 10 FIs' ratings
New Delhi: S&P Global Ratings on Friday upgraded ratings of top 10 financial institutions, including SBI, HDFC Bank and Tata Capital, a day after the US-based agency raised India's sovereign credit rating. 'India's financial institutions will continue to ride the country's good economic growth momentum. These entities will benefit from their domestic focus and structural improvements in the system such as in the recovery of bad loans,' S&P said. S&P has raised long-term issuer credit ratings on seven Indian banks -- State Bank of India, ICICI Bank, HDFC Bank, Axis Bank Ltd, Kotak Mahindra Bank, Union Bank of India, and Indian Bank -- and three finance companies -- Bajaj Finance, Tata Capital, and L&T Finance. 'We expect India's banks to maintain adequate asset quality, good profitability, and enhanced capitalization over the next 12-24 months. This is despite some pockets of stress,' S&P said, adding, credit risk in the system has reduced. S&P had on Thursday upgraded India's credit rating to 'BBB', after a gap of over 18 years, as it expects India's sound economic fundamentals to underpin growth momentum over the next 2-3 years. It also said monetary policy settings have become increasingly conducive to managing inflationary expectations. The ratings on many Indian financial institutions are capped by our sovereign rating on India. This is due to the direct and indirect influence that the sovereign has on financial institutions operating in the country, S&P said. It also said that the insolvency and bankruptcy code (IBC) has improved the payment culture and rule of law in India. The code, introduced in 2016, has tilted the balance in favour of the creditors. It has also promoted a credit culture that encourages restructuring of going-concern entities. On Thursday, S&P Global Ratings had also raised credit ratings on Oil and Natural Gas Corp. Ltd. (ONGC), Power Grid Corp. of India Ltd., NTPC Ltd., and Tata Power Co. Ltd. to 'BBB' from 'BBB-'. The outlooks are stable. S&P Global Ratings also raised its long-term issuer credit ratings on the Export-Import Bank of India (India Exim) and Indian Railway Finance Corp.
The Hindu
24 minutes ago
- The Hindu
OpenAI staff looking to sell $6 billion in stock to SoftBank, others, source says
Current and former employees of OpenAI are looking to sell nearly $6 billion worth of the ChatGPT maker's shares to investors including SoftBank Group and Thrive Capital, a source familiar with the matter told Reuters on Friday. The potential deal would value the company at $500 billion, up from $300 billion currently, underscoring both OpenAI's rapid gains in users and revenue, as well as the intense competition among artificial intelligence firms for talent. SoftBank, Thrive and Dragoneer Investment Group did not immediately respond to requests for comment. All three investment firms are existing OpenAI investors. Bloomberg News, which had earlier reported the development, said discussions are in early stages and the size of the sale could change. The secondary share sale investment adds to SoftBank's role in leading OpenAI's $40 billion primary funding round. Bolstered by its flagship product ChatGPT, OpenAI doubled its revenue in the first seven months of the year, reaching an annualized run rate of $12 billion, and is on track to reach $20 billion by the end of the year, Reuters reported earlier in August. Microsoft-backed OpenAI has about 700 million weekly active users for its ChatGPT products, a surge from about 400 million in February.
Time of India
43 minutes ago
- Time of India
Revaluation gains lift India's forex kitty to $693.6 billion
India's foreign exchange reserves rose by $4.7 billion in the week ending August 8, taking the total to $693.6 billion, the RBI data released on Friday showed. In the previous week ending August 1, foreign exchange reserves had fallen by $9.3 billion, mainly because the central bank likely intensified efforts to curb the rupee's slide against the dollar. "The rise in reserves is mainly on account of revaluation gains to the tune of around $10 billion due to a weaker dollar and rise in gold prices during the week under review. The gains were partially offset by RBI's likely market intervention, including delivery of $5 billion of FX swaps," said Gaura Sengupta, chief economist at IDFC First Bank . Foreign currency assets , which form over 84% of the total reserves, rose by $2.4 billion during the week to August 8. These assets are maintained as a multi-currency portfolio comprising major currencies such as the US dollar, euro, British pound, and Japanese yen, but expressed in dollar terms. Meanwhile, gold reserves , which are also part of the overall foreign exchange kitty, rose by $2.2 billion to $86.2 billion. Live Events The RBI's stated stance has been that it intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate.
