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xAI, Musk’s Startup, Eyes $1B Funding

This marks the first publicly known fundraising round for Musk’s AI startup…reports Asian Lite News

Elon Musk’s artificial intelligence venture, xAI, has recently disclosed its intention to secure up to a billion dollars in funding, as indicated in a filing with the Securities and Exchange Commission, Fox Business reported.

The filing on Tuesday by X.AI Corp (dba xAI) outlined a plan to raise USD 1 billion in an equity offering, with more than USD 134 million already successfully raised. The document revealed that the company had entered into a binding agreement for the sale and purchase of the remaining USD 865 million.

Responding to a post by Gene Munster of Deepwater Asset Management on the financing, Elon Musk clarified on Wednesday, saying, “We are not raising money right now.” Munster’s post suggested that Musk’s fundraising efforts were aimed at competing with OpenAI and Anthropic.

According to a source cited by the New York Post, xAI is “raising money at a valuation that will likely be between $4 billion and $10 billion,” adding that the revelation is the first known fundraising round for Musk’s start-up.

This marks the first publicly known fundraising round for Musk’s AI startup, according to Fox Business.

Govt goes bullish on startups with ESOP holiday, tax relief.

The filing follows Musk’s announcement a month ago that xAI’s “Grok” chatbot, designed to rival OpenAI’s ChatGPT and Google’s Bard, had entered the beta testing phase.

Musk, who co-founded OpenAI in 2015 and resigned from its board in 2018, launched xAI to compete with ChatGPT and other major players in the AI domain. He has been outspoken about his concerns regarding what he perceives as censorship in Big Tech firms’ AI initiatives and has expressed his intent to develop a truth-seeking AI that seeks to understand the universe.

Since its inception in July, xAI has attracted talent from notable AI research firms such as Google’s DeepMind unit and Microsoft.

Musk, also the CEO of Tesla and the proprietor of the X social media platform, clarified that xAI and the X social media platform are distinct entities, despite working closely together. xAI is actively collaborating with Tesla in addition to its interaction with the X social media platform, Fox Business reported. (ANI)

ALSO READ: Mastering Indian Real Estate: Your Key is Dhananjai Agarwal’s Guide

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Mastering Indian Real Estate: Your Key is Dhananjai Agarwal’s Guide

Agarwal having spent years, living overseas is aware of these struggles and so he has covered practical solutions to such problems in his book NRI Guide to Manage Real Estate in India….reports Asian Lite News

Here is good news for NRIs who have always wished to carry a book in their hand that would unfurl the solutions page by page to address the long-standing challenges in managing their real estate assets in India.

Dhananjai Agarwal, a multifarious personality with multilingual abilities, a scholar par excellence who has unveiled a must-read guide for the NRIs titled ” NRI Guide to Manage Real Estate in India “.

Since time immemorial, NRIs have been facing the daunting tasks of managing the challenges pertaining to their self-owned or inherited real estate assets in India. The legal entanglements, the irreparable family scuffles over properties, the hassles pertaining to long distance travel and the inability to accrue a one-stop-solution, have been the most common challenges faced by NRIs.

Moreover, the book highlights on the seemingly never ending struggles of NRIs holding immovable assets in India as they are constantly caught up in a web of struggles addressing problems such as tax liabilities among a lot others. The long-time taken for legal redressals coupled with the rounds that need to be taken trying to find the right solution, almost drains off the resources as well as the patience of the NRIs.

Agarwal having spent years, living overseas is aware of these struggles and so he has covered practical solutions to such problems in his book NRI Guide to Manage Real Estate in India. This book has all the useful resources that would equip the NRI with the right knowledge, tools, and solutions and enable them to steer clear every hurdle coming in their way while addressing the various property matters in India.

“This book is a game-changer for NRIs dealing with real estate matters in India,” says Dhananjai Agarwal MD and CEO – ITSL Limited. “It’s time to break free from the shackles of the past and equip ourselves with the knowledge needed to navigate the complexities of property management in India. From tax liabilities to legal documentations, this book is a comprehensive guide that promises to transform the way NRIs approach and manage their real estate assets.”

“It’s time to break free from the shackles of the past and equip ourselves with the knowledge needed to navigate the complexities of property management in India.”

Let us extract precious pearls of wisdom from “NRI Guide to Manage Real Estate in India”:

1. Sure-shot solution: Agarwal uses his 30 years of expertise and experience in the real estate domain to provide practical solutions to long-standing problems faced by NRIs be it pertaining to immovable properties, legalities or by providing personalized and tailored solutions to their specific real estate related challenges.

2. Valuable knowledge dissemination: Right from addressing tax liabilities, legal documentations, and timely responses to compliance notices, Agarwal shares insights and value additions for the optimum benefit of the NRIs so that they are equipped to face any challenges coming their way and are ready to make informed decisions.

3. Practical guide on how to manage assets from afar: This book throws light on the realistic scenarios and opens up one’s minds to believe in a more practical solution than be guided by the emotional or imposed beliefs set by family traditions.

4. Save time, effort and money: Right from getting the right direction, right resources and easy access to concerned Indian authorities for redresses and solutions pertaining to various real estate challenges to saving time and effort making countless trips to India, this book is indeed a blessing for the NRIs.

Reach out to your nearest leading bookstores and online retailers to lay your hands on this incredible book. To know more about the book or to schedule an interview with Dhananjai Agarwal, please reach out to dhananjai@dhananjai.com .

Dhananjai Agarwal, MD and CEO – ITSL Limited is a multifarious personality – a stalwart, a multilingual expert, an avid traveller, a successful entrepreneur and professional with over 30 years of expertise across Real Estate and Finance domains. He is the author of the book ‘NRI Guide to Manage Real Estate in India’. This book is a ready reckoner that empowers NRIs with the knowledge and tools required to mitigate the challenges and seamlessly manage their real estate assets in India.

ALSO READ: Adani Climbs to 15th Richest Globally

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Business Dubai UAE News

AQUA Properties Dives into the Future

Having successfully completed four residential and commercial projects in the UAE, AQUA Properties offers high-quality living spaces and attractive investment opportunities….reports Asian Lite News

AQUA Properties, a premier real estate firm in the UAE, is set to launch two groundbreaking projects in the next six months with a combined valuation of AED 3 billion, its Founder Ali Tumbi has announced.

Known for its comprehensive development approach, AQUA Properties specializes in delivering high-caliber residential and commercial properties tailored to meet clients’ expectations in quality finishes, smart home features, and prime locations.

“Currently overseeing three ongoing projects with two more in the pipeline, including upscale apartments and strategically located mixed-use developments, AQUA Properties stands at the forefront of innovative real estate solutions,” Tumbi said.

Among the upcoming projects is a distinguished more than 50-storey luxury tower on Sheikh Zayed Road and a sprawling 300,000 sq.ft. plot, marking the largest land parcel in the Arjan area. Having successfully completed four residential and commercial projects in the UAE, AQUA Properties offers high-quality living spaces and attractive investment opportunities.

Tumbi affirmed the company’s ambitious goal to deliver over 500 residential and commercial units in the first quarter of 2024. Noteworthy completed projects include J5, J8, O Ten, and Mysk, contributing to positive client responses, high occupancy rates in completed projects, and robust investor interest in ongoing developments.

“AQUA Properties aims to provide clients with exceptional real estate solutions, leveraging our expertise and extensive network to offer a wide range of property solutions and investment opportunities,” stated Tumbi.

This year, AQUA Properties achieved a historic milestone by acquiring the largest piece of land in Arjan, spanning an impressive 300,000 sq.ft., surpassing any previous land purchases in neighbouring communities to-date.

UAE realty market and outlook

Reflecting on the UAE realty market, Tumbi emphasized its consistent robustness, driven by investor confidence in developing infrastructure and the attraction of new developers amid global increases in interest rates. Dubai’s distinctive market dynamics, influenced by cash transactions, continue to position it as a preferred destination for real estate investments, he added.

According to recent data from the Dubai Land Department, Dubai recorded 116,116 new property transactions worth approximately Dh430 billion, or $117 billion, in the first nine months of 2023. The real estate sector registered significant growth, with transactions surging by 33.8% annually and values rising by over 36.7% during the period.

In closing, Tumbi remarked, “This significant development sends a powerful message to international investors who are eager to safeguard their wealth by investing in real estate, which is increasingly recognized as the new global currency.”

Established in 2005, AQUA Properties FZ LLC has emerged as a leading real estate firm in the UAE. Committed to excellence and customer satisfaction, the company transitioned into a full-service development entity in 2010, offering a diverse range of residential and commercial properties designed to meet clients’ needs. AQUA Properties provides comprehensive property services, including marketing, brokerage, leasing, property management, project planning and development, contracting, and homeowner’s association management.

ALSO READ: Paytm Expands Credit Business

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Paytm Expands Credit Business

Paytm.

Paytm continues to focus on merchant loans that are lended to MSME as business loans. …reports Asian Lite News

Paytm, India’s leading mobile payments and financial services distribution company, on Wednesday said it will expand its credit distribution business in partnership with large banks and NBFCs by offering higher ticket personal and merchant loans to lower risk and high credit-worthy customers.

Owing to the strong portfolio performance and widespread acceptance of loan distribution, Paytm witnessed encouraging early trends when the company started working in this direction last quarter.

“As the lending distribution business is maturing, we see newer opportunities of expansion to offer high-value personal and merchant loans. We will continue to focus on originating the high portfolio quality for our lending partners, along with strict adherence to risk and compliance. We have seen great scale and acceptance for our loan distribution business, so we believe this expansion will further aid us to grow the business,” said a Paytm spokesperson.

In the light of recent macro development and regulatory guidance and in consultation with lending partners, the company remains focused on driving a healthy portfolio and has recalibrated the portfolio origination of less than Rs 50,000 – prominently the postpaid loan product will now be a smaller part of its loan distribution business moving forward.

Paytm continues to focus on merchant loans that are lended to MSME as business loans. Given that these loans are extended for business purposes to support small merchants, they remain unaffected by the recent regulatory guidance.

The company said it continues to add banks and NBFCs as its lending partners for its loan distribution business.

ALSO READ: Pakistan’s NEPRA Sanctions Electricity Price Hike

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Hero, Ather Unveil Fast-Charging Network

Through the collaboration, EV users will be able to seamlessly use both Hero VIDA and Ather Grids across the country….reports Asian Lite News

Hero MotoCorp and electric vehicle manufacturer Ather Energy on Wednesday entered into a partnership for an interoperable fast-charging network in the country, touted as the first-ever interoperable fast-charging network for EV two-wheelers anywhere in the world.

Through the collaboration, EV users will be able to seamlessly use both Hero VIDA and Ather Grids across the country. The combined network will cover 100 cities with over 1,900 fast-charging points.

“This largest charging network in the country will go a long way in providing a seamless and convenient ownership experience to customers. This fastest-growing network utilises the government approved connector-standard, thus ensuring current and future customers will be able to use and charge their vehicles without any hassles in the future,” said Dr Swadesh Srivastava, Chief Business Officer, Emerging Mobility BU, Hero MotoCorp.

The Bureau of Indian Standards (BIS) recently approved Light Electric Combined Charging System (LECCS), India’s first-ever indigenously developed AC and DC Combined Charging connector standard for light electric vehicles.

Customers will be able to locate and navigate to the charging stations through the “My VIDA” and Ather App. The interoperability will enable them to discover only compatible locations, locate their nearest charging station, view its availability, and navigate to the station.

“It’s a massive win for Indian original equipment manufacturers (OEMs) to collaborate on scaling up charging infrastructure. This partnership will pave the way for consumers to access an extensive network of charging stations across the country, alleviating range anxiety,” said Swapnil Jain, Co-founder and CTO, Ather Energy.

Any OEM which adopts the LECCS standard will have access to Ather Grid across India, he added.

ALSO READ: Spotify Strikes a Sour Note

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Adani Climbs to 15th Richest Globally

Adani was back in the list of top 20 richest people in the world in November following the rally in Adani Group stocks…writes Sanjeev Sharma

Gautam Adani, Adani Group Chairman is now the 15th richest in the world after adding more than $ 12 billion in a massive rally in Adani Group stocks.

Adani was back in the list of top 20 richest people in the world in November following the rally in Adani Group stocks

As per the Bloomberg Billionaires Index, Adani is now the 15th richest person in the world, with a net worth of $82.5 billion. Adani’s wealth jumped by more than $ 12 billion following the rally in Adani Group stocks on Tuesday.

Adani Group market cap hit an 11-month high, reaching Rs 13.8 lakh crore in mcap in Tuesday’s trade.

The Adani conglomerate clinched its best-ever single-day market performance adding Rs 1.92 lakh crore in one day gains.

Tuesday’s strong gains also come on the heels of reports indicating that the US International Development Finance Corp (DFC) did not find the allegations of corporate fraud by short-seller Hindenburg Research relevant. Before extending a significant loan to the conglomerate for a port project in Sri Lanka, the DFC reportedly conducted a thorough examination of the claims against the Adani Group.

All 10 stocks in the Adani group clocked gains ranging from 7-20 per cent with Adani Green Energy and Adani Energy Solutions hitting gains of 20 per cent. The Group’s flagship company Adani Enterprises Ltd (AEL) saw a staggering rise in its share price by 16.91 per cent, increasing its market valuation by a substantial Rs 48,809 crore. Adani Ports and Special Economic Zone (APSEZ) also performed solidly with a 15.3 per cent gain in share price, contributing Rs 29,043 crore to the market cap.

Other group stocks also gained with Adani Energy Solutions and Adani Green Energy Solutions clocking gains of 20 per cent each. Both stocks added over Rs 55,600 crore to the group’s market cap. Adani Power Ltd (APL) and Adani Total Gas Limited (ATGL) registered gains of 15.81 per cent and 19.88 per cent, respectively.

ALSO READ: RBI Eyes Status Quo on Rates

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RBI Eyes Status Quo on Rates

According to credit rating agency CARE Ratings, the RBI will continue with its cautious pause with the repo rate at 6.5 per cent….reports Asian Lite News

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) is expected to maintain the repo rate at 6.5 per cent and there would be no rate hike this fiscal, said economists at credit rating agencies and Bank of Baroda.

They also said RBI’s MPC at its upcoming meeting would revise upward the gross domestic product (GDP) forecast.

According to credit rating agency CARE Ratings, the RBI will continue with its cautious pause with the repo rate at 6.5 per cent.

The repo rate is the rate at which banks borrow from the RBI.

“The economic outlook has improved significantly with a robust expansion of economic output in H1 led by upward surprise in Q2 GDP growth. The RBI may revise its earlier growth projections for FY24 up by about 20-30 bps,” CARE Ratings said.

Despite the commendable overall economic performance, specific challenges persist in certain pockets, particularly in rural demand. Agricultural growth remains muted amid lower-than-expected kharif output and lower reservoir levels impacting rabi sowing, said CARE Ratings.

Inflation pressures eased but food prices remain a cause of concern. A decline in agricultural production could pose an additional upside risk to inflation figures.

According to CARE Ratings, the RBI will focus on liquidity management and personal credit. While an overall tight liquidity situation is anticipated, the RBI aims to ensure that it does not unduly impede credit growth.

The RBI is likely to continue supporting economic growth, while remaining cautious on inflation.

“Therefore, we anticipate that the RBI will keep its policy rates and stance unchanged. We do not anticipate any further rate hikes by the RBI in this fiscal year,” CARE Ratings said.

“With the GDP data for Q2 FY2024 appreciably higher than the MPC’s last forecast, and continuing concerns on various aspects of food inflation, we expect the MPC to pause in its December 2023 review, amidst a fairly hawkish tone of the policy document,” said Aditi Nayar, Chief Economist, Head Research and Outreach, ICRA Ltd

“The high growth witnessed in Q2 in GDP will provide assurance that the economy is on track. The low core inflation numbers in the last few months will provide comfort that there is no need to increase rates even while headline inflation is likely to be volatile in the upward direction,” said Madan Sabnavis, Chief Economist, Bank of Baroda.

“Some direction on liquidity will be useful to the market as the system is in deficit for quite some time. There can be some upward revision in the GDP growth numbers though will not be very significant. We believe an upward revision of 0.1-0.2% can be expected here. Inflation forecasts may remain unchanged and, if at all there is a revision, will be upwards,” he added.

ALSO READ: Vinod Khosla Backs Murthy’s Work Anthem

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Spotify Strikes a Sour Note

Spotify founder and CEO Daniel Ek said in a note to staff that right-sizing the workforce is critical for the company to face the “challenges ahead”….reports Asian Lite News

Music streaming giant Spotify on Monday announced to eliminate about 17 per cent of its workforce across the company as it looks to become “both productive and efficient”.

Spotify founder and CEO Daniel Ek said in a note to staff that right-sizing the workforce is critical for the company to face the “challenges ahead”.

He cited slowing economic growth and increased capital costs as reasons for the layoffs, claiming that the company used lower-cost capital in 2020 and 2021 to invest heavily in the business.

“I have made the difficult decision to reduce our total headcount by approximately 17 per cent across the company. I recognise this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us,” Ek said.

Spotify employs about 8,800 people, and this job cut move will impact over 1,500 employees, according to TechCrunch.

Under Severance pay, the company will start with a baseline for all employees, with the average employee receiving approximately five months of severance. This will be calculated based on local notice period requirements and employee tenure.

The company will continue to cover healthcare for employees during their severance period. All employees will be eligible for outplacement services for two months.

“I realise that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and our performance. We debated making smaller reductions throughout 2024 and 2025,” the CEO wrote.

This is Spotify’s third round of layoffs this year.

In June, the company sacked 200 employees, or 2 per cent of its workforce, from its podcast division as part of a corporate reorganisation, while in January, it slashed 6 per cent of its workforce, or about 600 staffers, globally.

ALSO READ: Dell Enables 2M Indians in Digital Skills

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Dell Enables 2M Indians in Digital Skills

In partnership with the Common Service Centres Scheme (CSC), Dell and Learning Links Foundation have successfully deployed solar-powered hubs in six aspirational districts as identified by the government….reports Asian Lite News

Dell Technologies on Tuesday announced that it has met its target of positively impacting two million beneficiaries in India through the Mobile Solar Community Hubs launched last year and is set to expand the programme further.

These mobile hubs are technology-enabled and equipped with requisite devices, including laptops, television screens for broadcasting messages, solar panels to power devices, 4G internet hotspot facility and self-paced learning content, to help the community access online services.

“Partnering with the government over the years in various activities has helped drive transformational change and address the digital divide,” Alok Ohrie, president and managing director, Dell Technologies India, said in a statement.

In partnership with the Common Service Centres Scheme (CSC), Dell and Learning Links Foundation have successfully deployed solar-powered hubs in six aspirational districts as identified by the government. Key beneficiaries include students, youth, and women who were supported with training in digital and financial literacy, technical skills, entrepreneurship, career guidance and revenue-generating services.

Dell is now extending the reach of the Mobile Solar Community Hubs to five additional districts — Pauri Garhwal (Uttarakhand), Ramgarh (Jharkhand), Jhansi (Uttar Pradesh), Pathankot (Punjab), and Gurugram (Haryana).

“Our collaboration is driven by the goal to support underrepresented communities to achieve digital equity, where they find themselves equipped with the technology capacity needed for full participation in the society and economy,” said Archana Sahay, regional giving manager, Asia Pacific & Japan at Dell Technologies.

Additionally, the programme aims to upskill and digitally empower 200 ex-servicemen/retiring junior-ranked personnel of the Indian Armed Forces.

The hubs will also assist wards of military personnel or 4,000 students at Defence schools, by introducing them to digital skills such as coding and block-programming, the company said.

“The expansion plan will be critical in transforming the lives of rural underrepresented communities, and ex-servicemen and retiring junior-ranked personnel from the Indian Armed Forces,” said Nuriya Ansari of Learning Links Foundation.

“These dedicated individuals face difficulties transitioning to civilian life due to a lack of opportunities for skill acquisition and learning during their military service,” she added.

ALSO READ: Vinod Khosla Backs Murthy’s Work Anthem

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Vinod Khosla Backs Murthy’s Work Anthem

The 68-year-old billionaire had said in the past that he works 80-hour weeks, and that the “grind doesn’t appear to stop anytime soon”…reports Asian Lite News

Indian-American businessman and co-founder of Sun Microsystems, Vinod Khosla has backed Infosys founder NR Narayana Murthy’s suggestion that India’s youth must work 70 hours every week to improve the country’s overall work productivity.

Responding to a question by a user on X, Khosla, the ace venture capitalist, said those who felt “attacked” by Murthy’s opinion needed mental health therapy.

“For people who ‘felt attacked’ by this they need mental health therapy. They should learn to ‘toughen up’ and not feel attacked. OK to not work 70 hrs/wk and live with the consequences of the choices you make. He is speaking to ‘career ambitious’ young people but there are other ways to live with different choices,” his post read.

The 68-year-old billionaire had said in the past that he works 80-hour weeks, and that the “grind doesn’t appear to stop anytime soon”.

Further, Khosla said that one should be internally-driven as bigger titles, bigger houses don’t make everyone happy.

Infosys co-founder NR Narayana Murthy(twitter)

“Not working 70 hrs/wk may not get you the biggest house or car to show to your neighbors, but you can make that choice. Lots of other things make people happy. Be internally driven and not externally driven by what others expect of success: bigger titles, bigger house don’t make everyone happy,” the Silicon Valley veteran said.

In a recent episode of the “The Cerebral Valley Podcast”, Khosla said he plans on investing for the next 25 years if his health permits.

“I have this saying ‘You grow old when you retire, you don’t retire when you grow old,'” the investor continued. “I’ve seen too many people retire and grow old. So I clearly plan to do — health permitting — this for the next 25 years. And then I’ll be Warren Buffet’s age and he’s still doing it.”

Khosla’s investing career began after he became a general partner at Kleiner Perkins Caufield & Byers in 1986. In 2004, he started his own VC firm he called Khosla Ventures, which backed companies like Instacart, Impossible Foods, and DoorDash.

SoftBank-backed Unicommerce to hire over 150 people in next 2-3 months.

Murthy had sparked a debate after he said in a YouTube podcast that if India wants to compete with developed economies that have made remarkable progress in recent decades, young people should work for 70 hours a week.

In a recent interaction with Zerodha co-founder Nikhil Kamath at the Bengaluru Tech Summit, he also advised infrastructure sector employees to work in three shifts instead of one.

While some people agreed with Murthy, the majority were sceptical and worried about the health implications of such a demanding work schedule.

Prior to Khosla, Chairman of JSW Group Sajjan Jindal and Bollywood actor Suniel Shetty, backed Murthy’s views.

CRED founder Kunal Shah said that “no big achievement can come with work-life balance” while mentioning that choosing “work-life balance is a personal choice”.

ALSO READ: ‘GenAI Requires Cultural Fluency Like Humans’