No need for IT companies to prevent moonlighting: Rajeev Chandrasekhar
Companies trying to block employees from working in their own startups or consulting with other companies ‘is an exercise in failure’, said Minister of State for Electronics and IT Rajeev Chandrasekhar, referring to the controversial issue of moonlighting.
At least 1% of IT professionals have more than one job, recruiters estimate: Remote work during the pandemic may have increased the incidence of moonlighting, with at least one in 100 IT service workers likely to have more than one job, executives from several service companies told us. recruitment.
Wipro fires 300 staff who moonlighted for competitors: Wipro has terminated the services of 300 staff members it says worked for its competitors while still on the company’s payroll, the company’s executive chairman Rishad Premji said Wednesday.
Employees must work for a company in order to earn the trust of the employer: Infosys co-founder: Employees should only work for one organization in order to earn their employer’s trust and fully commit to the task at hand, says Infosys co-founder Kris Gopalakrishnan, speaking on the ongoing controversy over “black work”, or duplication.
Technical Policy Updates
UIDAI will verify the ‘vividness’ of fingerprints to combat Aadhaar payment fraud
The Unique Identification Authority of India (UIDAI) has introduced a new layer of security in the Aadhaar Compatible Payment System (AEPS). Called fingerprint “vivacity,” the feature aims to prevent fake fingerprints from being used to fraudulently withdraw cash through AePS, a senior government official told us.
Experts warn of duplication as center redraws tech and telecom rules: The Union government must clearly define the jurisdiction of regulators in a series of new laws being drafted to oversee India’s telecom and IT sectors to avoid regulatory discord in the future , several cyberpolitics experts told us.
WinZo opposes a self-regulatory structure for online gambling: Online gaming startup WinZo has opposed the idea of joining a self-regulatory body (SRO) for online gaming companies, two sources with knowledge of the matter tell us. The development comes amid government efforts to draft rules for online gambling companies.
Major global tech companies worried about recurring payments from October 1
Netflix, Microsoft, Spotify and Disney+Hotstar are among the companies that have questioned the feasibility of making recurring payments via mandatory tokens from October 1.
NPCI consults with government and stakeholders on UPI market share cap as part of extension requests: The National Payments Corporation of India (NPCI), which operates the Unified Payments Interface (UPI), is talking to government and industry stakeholders about the implications of delaying its implementation of a payment cap. market share for UPI applications, people have been told about it tell us.
Lending apps on Google Play Store must display a link to the partner bank or NBFC: Loan disbursement apps and credit aggregators on the Google Play Store in India must prominently display a link to the partner bank or non-bank financial company (NBFC).
The Fintech industry must work hard on security to maintain people’s trust, the Prime Minister says: Prime Minister Narendra Modi said India’s fintech industry has earned goodwill by being a catalyst for inclusion, and there is a need to continue focusing on empowering the poorest of the poor in providing them with quality financial services. He added that the industry must work hard on safety and reliability to maintain people’s trust.
Cabinet approves flat 50% incentive for semiconductor companies
The Union cabinet on Wednesday approved a uniform incentive of 50 percent of the project cost for setting up semiconductor, display and compound semiconductor manufacturing units. Previously, all three schemes had an incentive range of 30-50%.
Foxconn chairman to meet Prime Minister Modi in November for semiconductor talks: Foxconn Chairman Young Liu is set to meet Prime Minister Narendra Modi in November as the Taiwanese giant seeks to pursue its ambitious plans to manufacture semiconductors in India, two people with knowledge of Liu’s plans in India have told us. .
IPOs of startups
Pepperfry to File Draft IPO Documents Next Quarter for 2023 Listing
Omnichannel furniture seller Pepperfry is seeking to file its draft initial public offering (IPO) documents with the Securities and Exchange Board of India (Sebi) between October and December, and aims to list next year, a person aware of the matter tell us.
SoftBank cuts valuation of IPO-linked Oyo to $2.7 billion: SoftBank Group has slashed Oyo Hotels’ valuation on its books by more than 20% as the once-high-flying Indian startup prepares for an initial public offering (IPO).
Oyo restates FY22 losses at Rs 2,140 crores and files new IPO documents: Hotel company Oyo reported operating revenue of Rs 1,459.3 crore in the first quarter of fiscal 2023 according to an addendum filed with Sebi. Its restated loss for the quarter from continuing operations was Rs 414 crore, even as the company said it was its first EBITDA-positive quarter.
IT companies have absorbed 1.2 lakh gig workers since the start of Covid
Faced with a talent shortage, Indian IT services companies have tapped into alumni networks, career-breakers and the Big Four accounting firms to provide full-time equivalent/employment opportunities ( ETP) to site workers.
Europe’s energy crisis is weighing on the outlook for IT companies, analysts say: Europe’s energy crisis and macroeconomic headwinds are weighing on the outlook for IT services segments such as retail, manufacturing and automotive, analysts told us.
Demand for industry-ready technicians remains robust despite slowing hiring: Demand for industry-ready IT professionals critical to business continuity remains robust, countering the evident slow job creation in the tech sector, which is lagging the markets the most. scholarship recipients this year, both in the United States and in India.
TCS is struggling to bring millennials back to the office: Tata Consultancy Services (TCS) is grappling with the continued reluctance of the majority of its millennial employees to return to the workplace. The company is keen to end the work-from-home arrangement that was put in place following the outbreak of the pandemic in early 2020.
Uber pilots in-vehicle tablets in Delhi and Mumbai to boost ad revenue
Ride-sharing company Uber is piloting in-vehicle tablets to serve ads to passengers in Delhi and Mumbai as part of a global rollout. These tablets will be attached behind the front seat facing the driver and are a way to monetize and create additional revenue streams.
No plans to exit India or merge, says senior Uber executive: Uber is not selling its business in India and is not in talks to merge its operations with another mobility solutions company here, Andrew Macdonald, head of global mobility and business operations at Uber, told us.
Ola Electric will open “experience centers” across the country amid declining sales of its flagship Ola S1 Pro electric scooter.
ET E-Commerce Index
We have launched three indices – ET Ecommerce, ET Ecommerce Profitable and ET Ecommerce Non-Profitable – to track the performance of recently listed technology companies. Here’s how they’ve fared so far.
Closed deals ETtech
■ Gift solutions company Join Ventures has raised $23.5 million (Rs 187 crore) in a funding round led by MO Alternate Investment Advisors
■ Voice technology startup Murf AI said it raised $10 million in funding led by Matrix Partners India.
■ Audio streaming startup Kuku FM said it raised $21.8 million in funding led by Nandan Nilekani’s Fundamentum Partnership venture capital fund.
■ Solvy Tech Solutions, which manages the insurtech Zopper platform, raised $75 million from investors led by Creaegis to finance its expansion plan.
In other news
Tata Group to inject another Rs 3,462 crore into Tata Digital
Tata Group’s e-commerce flagship, Tata Digital, is increasing its authorized share capital from Rs 15,000 crore to Rs 20,000 crore, according to a regulatory filing last week, paving the way for another capital injection by its parent company Tata Sounds.
UPI, AA and ONDC will revamp the Indian supply chain: Nilekani: The Unified Payment Interface (UPI), Account Aggregation Framework (AA) and Open Network for Digital Commerce (ONDC) will combine to revolutionize the Indian supply chain ecosystem, said said Infosys President Nandan Nilekani.
Lido Learning sends a final settlement offer to employees: Edtech Lido Learning has sent final settlement offers to its employees, multiple sources tell us. Depending on the offer, employees will receive 50-75% of their dues, which will be settled in two weeks. Approximately 75% of its employees accepted the final settlement offer.