Latest news with #Gurugram-based
The Hindu
19 hours ago
- Business
- The Hindu
Three more start-ups selected to get GPU access for Indian AI models
Three firms — Gurugram-based Soket AI, Delhi-based and Bengaluru-based — have been selected in the IndiaAI Mission's ongoing drive to facilitate the development of an indigenous foundational AI large language model (LLM). 'Like Sarvam AI, which was selected earlier this year as the first such firm, these three teams also have a very big target in front of them,' Union Minister for Electronics and Information Technology Ashwini Vaishnaw said. By being selected, these firms will get access to the Common Compute facility, giving them access to thousands of graphics processing units (GPUs) on which AI models are trained and deployed. With the government's facility, operated by a clutch of large tech firms like Sify, set to have a total of 34,000 GPUs soon, Mr. Vaishnaw said that the 'worry' of whether 'India will be able to get that kind of compute' is 'practically over'. co-founder Ganesh Gopalan said that the company had been 'developing voice-to-voice large language models for India and the world, because we believe transformative AI must speak the language of the people it serves.' The Ministry of Electronics and Information Technology's Additional Secretary Abhishek Singh said that the IndiaAI Mission has also been working on hackathons with 'allied Ministries' like the Ministry of Home Affairs — for classifying cyber crimes — and with the Geological Survey of India for mineral discovery. 'Very soon we will be working with the Ministry of Education, the Ministry of Health and Family Welfare and other ministries for launching more problem statements to give opportunities to our startups and researchers to contribute to solutions,' he said.
Economic Times
2 days ago
- Business
- Economic Times
Lender Oxyzo's revenue rises 34% to Rs 1,207 crore in FY25; net profit up 17%
Oxyzo Financial Services, the lending arm of SoftBank-backed B2B commerce startup OfBusiness, reported a 33.6% jump in operating revenue to Rs 1,207 crore for the fiscal year ended March 2025, driven by a 32% increase in interest income. The Gurugram-based company posted a net profit of Rs 339.1 crore for the year, up 16.7% from Rs 290.5 crore the previous fiscal year. Interest income from loan disbursements contributed Rs 1,140.6 crore, accounting for 95% of Oxyzo's operating revenue. The remainder largely came from fee and commission in 2015 by Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta and Nitin Jain, IPO-bound OfBusiness operates an ecommerce platform that enables manufacturing companies to source raw materials online. Its catalogue includes steel, non-ferrous metals, chemicals, agricultural products, polymers, energy commodities, textiles, construction materials and majority-owned by OfBusiness, works closely with the parent platform to offer credit facilities to its customers. Despite the improved financial performance, the company's total expenses rose 46% year-on-year to Rs 754.6 crore in FY25, up from Rs 514.2 crore. Finance costs increased 38.3%, while employee benefit expenses rose 24.3% to Rs 143 crore. In 2022, ET reported that Oxyzo raised its first external funding round of $200 million at a post-money valuation of $1 billion, making it a unicorn.'We've grown with prudence — focusing not just on scale, but on the quality of our book, our risk practices, and our deepening presence across core sectors of the Indian economy,' Kalra, CEO and cofounder, said in a statement. According to data from Tracxn, OfBusiness holds a 67.5% stake in Oxyzo, while Alpha Wave Global owns around 7.1% and Tiger Global holds about 4.3%. OfBusiness converted into a public entity in January, a key step toward its planned initial public offering, which is expected to raise between $750 million and $1 billion when it happens, according to reports.
India Gazette
2 days ago
- Politics
- India Gazette
Delhi HC permits Excise policy case accused Amit Arora to travel Dubai for treatment
New Delhi [India], May 29 (ANI): The Delhi High Court on Thursday granted permission to Delhi Excise policy money laundering case accused Amit Arora to travel to Dubai from June 6 to June 16. Arora had approached the court seeking permission to travel for medical treatment for himself and his minor son. Justice Ravinder Dudeja allowed the application to be moved on behalf of businessman Amit Arora, who is seeking permission to travel to Dubai. The High Court has directed the suspension of the LOC opened against him during this period. Arora moved an application through advocate Prabhav Ralli and sought permission to travel to Dubai, suspension of LOC, and release of his passport. The high court allowed the application subject to certain conditions, including that he furnish an FDR of Rs 20 Lakh. The bench has asked the counsel to appear before the joint registrar to fulfil the conditions. Advocate Prabhav Ralli submitted that the petitioner needs to travel to Dubai for medical reasons and does not pose a flight risk, as all necessary details have been disclosed in the petition. Arora had previously been granted interim bail on medical grounds and was later granted regular bail by the High Court on September 17, 2024. Amit Arora is the director of Gurugram-based Buddy Retail Pvt Ltd and is one of the key accused in the Delhi excise policy-linked money laundering case being probed by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA). The case also accuses political figures, including former Delhi Chief Minister Arvind Kejriwal, former Deputy Chief Minister Manish Sisodia, and AAP MP Sanjay Singh. After completing their investigations, the Enforcement Directorate and the Central Bureau of Investigation (CBI) filed charge sheets. The Supreme Court had granted Manish Sisodia bail in the excise policy matter. (ANI)
Hindustan Times
2 days ago
- Hindustan Times
After murdering parents, Bengal man stabs 4 people at orphanage; arrested
Kolkata, A man allegedly murdered his parents in West Bengal's Purba Bardhaman district and hours later stabbed four people at an orphanage run by a madrasa in another district, over 120 km away, a senior police officer said on Thursday. The accused was arrested soon after the violent attack at Sharif Orphanage in Bongaon in North 24 Parganas on Wednesday, where he stabbed two teachers and two staff members. Soon after his arrest, a mob stormed the Bongaon police station demanding that the accused, identified as Humayun Kabir, an alumnus of a prominent state university and former engineer at an MNC, be handed over to them. Two police personnel — a constable and an assistant sub-inspector — were injured in the mob attack, North 24 Parganas SP Dinesh Kumar said. Bodies of Kabir's parents Musfatizur Rahman and Mumtaj Parveen were found in a pool of blood on the road in front of their Memari residence with multiple stab injuries. Kabir, who worked with a Gurugram-based MNC but quit the job, was staying with his parents. After being taken into custody, Kabir disclosed his identity and address, revealing his connection to the double murder in Memari. Kumar said there is a strong possibility that he had murdered his parents. He was being interrogated, but had yet to confess to the crime of murder, he said. A senior police officer in Purba Bardhaman said locals had claimed Kabir was suffering from mental health issues following a divorce and the loss of his job. "We are exploring all possible angles to determine the motive behind both the killings and the stabbing spree," the officer said. Ten people have been arrested for rioting and attacking police officers. Additional raids are ongoing in the area, the SP said. Kabir's sister Tamanna Rahman, teacher of a madrasa in Howrah district, had lodged a complaint against unnamed persons about the discovery of blood-stained bodies of her parents. She, however, refused to speak about the developments in Bongaon.
The Hindu
3 days ago
- Politics
- The Hindu
‘Social media vetting': students hopeful of studying in U.S. now looking at colleges in other countries
Reports of enhanced screening, including 'social media vetting', of foreign students by the Donald Trump administration have left many students in Delhi-NCR, who were looking forward to studying in the U.S., now weighing options in other countries, such as England and Australia, as well as those in Europe. Students and parents The Hindu spoke to, all of whom requested anonymity, said the recent developments, which follow visa cancellations of international students over minor infractions, have discouraged them from pursuing studies in the U.S. An 18-year-old Delhi-based student who received an acceptance letter from a college in the U.S. in February is still waiting for her visa interview. 'I haven't heard about the visa appointment. Meanwhile, the university has been in constant touch and has mailed us regarding sessions with a guidance counsellor,' the student said. Her academic session will start by the end of August. The student had been working on her portfolio over the last three years. She had applied to five colleges in various countries and was accepted to two in the U.K., in addition to one in the U.S., which was her top choice. 'Constant anxiety' 'I am now considering my options in the U.K. Every day, we wake up to discover something new about U.S. education policies. I don't know if it's worth the constant anxiety,' she said. A Gurugram-based woman, whose teenage daughter is looking forward to studying economics and finance in the U.S., said the reported changes in the visa rules have come 'at the eleventh hour' for students who have to join their colleges within two months. 'The last-minute changes are impacting the students and their parents adversely,' she said, adding that parents in the WhatsApp group of her daughter's school had expressed worry over the recent developments. The 44-year-old woman, however, said that every country has the right to decide what kind of people it wants to allow on its soil. Another Gurugram-based parent said, 'My daughter was preparing to study in the U.S. next year. But we are now considering a few countries in Europe as well. I believe students should have the freedom to express themselves freely.' 'Dreamt of Harvard' A 16-year-old student, currently in Class 12, said she has since childhood dreamt of studying at Harvard University, but the recent developments have disrupted her plans. 'My plan was to apply for admission to study Psychology in the university's 2026 fall session. To prepare for it, I have been participating in debates and extracurricular activities since I was in Class 6, apart from working on my academics. However, now I'm not so sure. I might consider studying in Australia now.' (With inputs from Ashok Kumar)
