Flipkart to pursue ESOP buyback of $700 million during PhonePe funding

The buyback is a part of the most recent $1.5-2 billion investment round for PhonePe, led by Walmart. Walmart and General Atlantic will contribute roughly $1 billion in primary capital, with the remaining funds coming from the sale of additional shares.

The overall purchase will also cause Flipkart’s valuation to be revised from $37.6 billion to roughly $33 billion.

RBI launches e₹-R, Central Bank Digital Currency pilot

RBI’s CBDC pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants.

  • The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued.
  • It would be distributed through intermediaries, i.e., banks. Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices.

OpenAI adds Davinci to make GPT-3 better (and it’s much awesome now)

The OpenAI API now includes ‘text-davinci-003’ among its main GPT-3 models, which can perform all tasks that other models can while also ensuring high quality, longer output, and better instruction-following.

Davinci is the most competent and can perform all tasks the other models can, often with fewer instructions.

100 companies in UK switch to four-day working week with no pay cut

Atom Bank and global marketing company Awin, both of which have around 450 employees in the UK, are among the 100 companies that have signed up to adopt the four-day working week.

The supporters of the four-day week argue that the five-day pattern is a relic of a previous economic era.

Swiggy delivery boys strike hits hard in Kochi

While the indefinite strike by delivery executives demanding higher pay continues in Kochi, the restive truce in Thiruvananthapuram looks set to implode. The issue flared up about two months ago, when Swiggy signed up with third-party app-based agencies (chiefly Shadowfax) for deliveries.

“As frustration mounts, the situation will go out of control. We need to resolve this deadlock fast.”

Dailyhunt parent VerSe sacks 150 staff, declares company-wide pay cuts

The parent firm of the news aggregator Dailyhunt and the short video platform Josh, VerSe Innovation, has let go around 5% of its workers.

The company, which had raised $805 million at a $5 billion valuation, has reduced compensation for workers making more than Rs 10 lakh annually by up to 11%.

Irish watchdog fines Meta €265m over data protection breach that affected 500m users

Data on Facebook users from all around the world was scraped from public profiles in 2018 and 2019, according to the Data Protection Commission, which found Meta in violation of the EU’s data protection regulations.

Along with the penalties, it “imposed a reprimand and an order” forcing Meta to bring its processing into compliance by taking a range of specified remedial actions.

Apple’s Oceanic+ app for Apple Watch Ultra is now available on App Store

The app functions as a dive computer for recreational scuba diving down to 40 meters/130 feet.

The Oceanic+ dive computer displays a diver’s current depth, dive time, no-decompression time, water temperature, time to surface, maximum depth, ascending speed, battery level, selected gas mix (air or Nitrox mix up to 40%), and other information.

BlockFi files for bankruptcy owing to FTX exposure

In order to stabilise its operations and give the company the chance to complete a thorough restructuring transaction, BlockFi initiated voluntary procedures under Chapter 11 of the U.S. Bankruptcy Code.

The Company will concentrate on collecting any debts due to BlockFi by its counterparties, including FTX, as part of its restructuring efforts.

Project ‘Highland’: Tesla is redesigning Model 3

The leading EV manufacturer, Tesla, is working on an updated Model 3 in an effort to reduce production costs and increase demand for the five-year-old electric automobile.

One goal of the ‘Highland’ redesign is to simplify the interior of the Model 3 while concentrating on things that Tesla customers enjoy.


Apple set to lose 6 million iPhone Pros due to unrest at Foxconn plant in China

There will probably be a production shortage of up to 6 million iPhone Pro devices this year owing to turmoil at Apple Inc.’s primary manufacturing base in Zhengzhou.

The situation at the factory is still unstable, therefore the estimate of lost production could change. Much will depend on how quickly Foxconn Technology Group can return workers to the assembly lines.

WhatsApp quashes data breach claims that say nearly 500M phone numbers leaked

CyberNews reported on Saturday that a threat actor was in the business of selling a database containing the phone numbers of more than 487 million WhatsApp users.

The data breach report was “based on unsubstantiated screenshots,” a WhatsApp spokesperson claimed, and the business had “no evidence of a ‘data leak’.”

“There is no BharatPe without me,” says Ashneer Grover amid top exec exits

As reports of senior employees leaving BharatPe, including the chief technology officer and chief product officer, surfaced, Ashneer Grover again criticised his former company.

“Good people don’t work for companies. They work with magical Founders to create, build and grow! There is no BharatPe without Ashneer Grover,” the founder wrote on Twitter, sharing the report.