OnePlus under scanner; Razorpay invests in Pop

Time of India

4 hours ago

OnePlus under scanner; Razorpay invests in Pop
Also in the letter:
OnePlus India audit flags glitches, PF payment lags
Driving the news:
Hosting its accounting software and maintaining financial records on physical servers outside India, in Dongguan, China.
Using software with programming code in a foreign language, which auditors found difficult to review and verify.
Delays in depositing employee provident fund contributions.
The other side:
Rival watch:
Razorpay invests $30 million into consumer payments startup Pop
Deal details:
ET had reported on February 18 that Pop was in talks with Razorpay for a potential investment.
The startup operates a rewards-first Unified Payments Interface (UPI) payments app, designed to build loyalty in a competitive market.
With the new capital, Pop plans to double down on product innovation and build deeper partnerships with merchants, particularly across direct-to-consumer (D2C) platforms.
Yes, and:
Fintech startup Saswat Finance raises $2.6 million:
OpenAI executives have discussed accusing Microsoft of anticompetitive behaviour: Report
Driving the news:
The report added that OpenAI may push for a federal review of its contract with Microsoft over potential antitrust violations. It is also mulling a public campaign to highlight its concerns.
Such a move could strain one of the most important alliances in the AI industry.
At the same time, OpenAI still requires Microsoft's sign-off to complete its transition to a public-benefit corporation.
However, sources said that talks between the two sides have stalled for months without a resolution.
Also Read:
Yes, but:
Microsoft invested $1 billion in OpenAI in 2019 to help develop AI tools on its Azure cloud platform.
Since then, OpenAI has been trying to reduce its reliance on Microsoft and is looking to onboard Google Cloud to meet growing compute demands.
Meanwhile, Microsoft is also moving towards greater independence. It has started integrating internal and third-party AI models into Microsoft 365 Copilot, which currently leans heavily on OpenAI's technology.
OpenAI wins $200 million US defence contract:
Details:
Game on: Phonemakers tap eSports to woo young Indians
Current state:
India is home to nearly 450 million mobile gamers, a number expected to surge to 720 million by 2028, according to Krafton India, the publisher of Battlegrounds Mobile India (BGMI).
The widespread availability of affordable smartphones and low-cost data plans is fueling this rapid growth. Brands are now capitalising on this momentum to push device sales.
Expert take:
Tell me more:
(AI)gorithm turns recruiter
Talent shopping:
At HCLTech and Wipro, AI is actively involved in shortlisting and interviewing around 55,000 candidates for entry- and mid-level positions.
Infosys CHRO Shaji Mathew said the company has integrated AI across its entire HR workflow, from hiring to retirement.
Wipro COO Sanjeev Jain added that AI tools are used throughout the hiring journey – from scanning CVs and conducting first-level interviews to assessing communication skills and verifying backgrounds.
Expert take:
Also Read:
The auditor of smartphone maker OnePlus Technology India has flagged issues with its bookkeeping processes. This and more in today's ETtech Top 5.■ OpenAI and Microsoft's troubles■ Phonemakers woo young gamers■ AI turns recruiterThe statutory auditor of OnePlus Technology India has flagged several concerns with the Chinese smartphone manufacturer, including regulatory action by the Enforcement Directorate (ED) and the Income Tax Department.Key issues raised in the audit include:Shah & Jain Chartered Accountants serve as the statutory auditor, while Grant Thornton Bharat is the internal auditor.In a regulatory filing, OnePlus said it is in the process of upgrading its IT systems. It added that it has initiated payments for the outstanding provident fund dues for FY2023–24 and has deposited an amount against disputed corporate income tax claims.OnePlus remains under the ED scrutiny for alleged financial irregularities under the Foreign Exchange Management Act (FEMA).Other Chinese smartphone firms, including Oppo India and Realme India, are facing similar scrutiny . Their auditors have raised red flags over gaps in bookkeeping, internal processes, and incomplete records.Chinese firms have come under sustained pressure in India over the past four to five years, as authorities continue to allege violations involving customs duties, tax evasion, and money laundering.(L-R) Harshil Mathur and Shashank Kumar, cofounders, RazorpayConsumer payments platform Pop has secured $30 million in funding from fintech major Razorpay, as it looks to tackle rising customer acquisition costs for merchants and boost rewards for users.Launched in June last year, Pop has already crossed one million monthly active users and facilitates over six lakh daily UPI transactions. In partnership with Yes Bank, it has also issued more than 40,000 RuPay credit cards.For Razorpay, this marks a deeper push into loyalty and commerce enablement. The company had earlier acquired PoshVine , another loyalty and rewards platform. The Pop investment leans into that strategy.Cofounder and CEO Harshil Mathur stated that the Pop deal is designed to serve D2C merchants better. 'In today's crowded D2C space, brands need more than just payment solutions; they need tools to earn trust, drive repeat purchases, and build real loyalty,' he said.(L-R) Indrajyoti Bhattacharjee, Ravi Ranjan Chaudhary (above), Arun Tiwari, Rahul Nischal, cofounders, Saswat FinanceRural India-focused fintech startup Saswat Finance has raised $2.6 million in a funding round led by early-stage investor Ankur Capital, with participation from existing backer Incubate Fund Asia.The Mumbai-based startup will use the capital to expand its technology stack, launch new financial products, and scale operations across Maharashtra, Karnataka, and Uttar Pradesh. The funding will also support investments in data and analytics to sharpen its offerings.OpenAI executives have considered accusing key backer Microsoft of anticompetitive conduct in their partnership, the Wall Street Journal reported on Monday, citing sources familiar with the matter.In a separate development, OpenAI has won a $200 million contract to provide artificial intelligence (AI) tools to the US Department of Defence, the Pentagon confirmed on Monday.The project will be executed in and around Washington and is scheduled for completion by July 2026, according to the Pentagon.Smartphone manufacturers are turning to India's booming eSports sector to boost visibility and drive sales amid a slowdown in the wider market.Companies such as OnePlus, Realme, iQOO, and Infinix are actively sponsoring top-tier mobile gaming tournaments. They are also partnering with prominent eSports squads as part of a core marketing play, recognising the growing influence of mobile gaming on young Indian consumers, industry experts said.Smartphone shipments in India fell by 5.5% year-on-year in the March quarter, with 32 million units shipped, according to IDC. In response, both smartphone brands and telecom operators are doubling down on eSports sponsorships, ensuring their devices are featured prominently during gameplay and tournaments.Artificial intelligence (AI) is no longer just a tool for boosting employee productivity – it's now central to how recruiters identify the right talent . With IT firms hiring tens of thousands each year, AI handles 70–80% of the initial screening process.Neeti Sharma, CEO of Teamlease Digital, said that recruiters are saving up to 23 hours a week thanks to AI-driven efficiencies.