Tech

India’s booming tech sector hit by crisis

Published

1 year ago

March 7, 2024

India’s tech industry, once hailed as a beacon of innovation and growth, is facing a significant setback as two of its leading startups, Byju’s and Paytm, grapple with regulatory scrutiny.

The past couple of years have been a reality check for India’s corporate governance practices, according to Karan Mohla, a general partner at venture capital firm B Capital Group. Paytm, once revered as a fintech success story, has been embroiled in controversy since March 2022 when the Reserve Bank of India ordered its banking unit to cease onboarding new customers due to regulatory concerns.

The central bank’s subsequent audit revealed persistent non-compliances and supervisory concerns, leading to restrictions on Paytm’s operations, including the suspension of accepting fresh deposits.

Moreover, the company is under investigation by the federal anti-fraud agency for potential violations of foreign exchange laws.

Amidst this turmoil, Paytm’s stock price has plummeted over 70% since its IPO in November 2021, prompting major investors like SoftBank and Ant Group to reduce their stakes.

Drastic fall

Byju’s, once valued at $22 billion, has also witnessed a drastic fall in its valuation to $1 billion amidst allegations of accounting irregularities and mismanagement.

The edtech giant, which attracted substantial investments during the pandemic, is under scrutiny following an inspection ordered by the Indian government into its financial practices.

The downfall of these tech giants reflects broader challenges in India’s startup ecosystem. While the country experienced a surge in startup registrations and funding during the pandemic, funding for Indian startups plummeted by 83% in 2023 from its peak in 2021.

Byju’s valuation plummeted by 95%, and Paytm’s valuation decreased to $3 billion, indicating a sharp decline from their previous highs.

Tech

Amazon extends Prime Day to week-long sales event

Amazon extends Prime Day to a week, aiming for higher sales and new Prime memberships amid consumer tariff concerns.

Published

12 hours ago

July 8, 2025

Ahron Young

Amazon extends Prime Day to a week, aiming for higher sales and new Prime memberships amid consumer tariff concerns.

In Short:
Amazon is extending Prime Day to a full week to boost sales and attract new members, with projections of $12.9 billion in U.S. sales. The longer event allows for more advertising opportunities and themed discount days to entice shoppers amidst declining consumer confidence.

Amazon is extending Prime Day to a full week, aiming to attract more shoppers and gain new Prime members. The promotion, starting Tuesday, is projected to generate $12.9 billion in U.S. sales, a 53% increase from last year.

Previously a one-day event offering significant discounts, Prime Day has expanded, now including themed days like book day and pet day. Sales growth during Prime Day has slowed, remaining in single digits recently, prompting Amazon to innovate with discounts year-round.

Shoppers are expected to look for bargains on electronics and goods potentially affected by tariffs this year, reflecting declining consumer confidence. Brandon Fuhrmann, a third-party seller, expects to see notable sales but cannot predict demand due to the promotion’s length. He anticipates outpacing regular July sales, even toward the end of the week. The longer event increases advertising opportunities, contributing to Amazon’s growing advertising revenue, which exceeds $50 billion annually.

Many sellers plan to invest heavily in advertisements to outperform competitors during this extended period. Ryan Close, CEO of Bartesian, intends to use the event to test Amazon’s advertising tools and attract attention to his products with significant discounts.

Amazon aims to recruit new subscribers for its $139 annual Prime membership, promoting benefits like rapid shipping and streaming services.

Tech

Trump retreats in tech war with China – But why?

Trump reverses software rule for semiconductors; is the U.S.-China tech war calming? Insights from Brad Gastwirth.

Published

5 days ago

July 4, 2025

Ahron Young

Trump reverses software rule for semiconductors; is the U.S.-China tech war calming? Insights from Brad Gastwirth.

In a stunning shift, the Trump administration has reversed a key rule restricting U.S. software used to design semiconductors.

Is the tech war with China cooling? Or is this just a calculated pause?

We ask Brad Gastwirth about the role of rare earths, diplomacy, and what it means for global chipmakers.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker
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#TechWar #ChinaTrade #Semiconductors #TrumpPolicy #ChipMakers #EDA #BradGastwirth #TickerNews

Tech

Qantas cyber attack affects six million customers’ data

Qantas reports cyber attack affecting up to six million customers, compromising personal data but not financial details.

Published

7 days ago

July 2, 2025

Ahron Young

Qantas reports cyber attack affecting up to six million customers, compromising personal data but not financial details.

In Short:
Qantas confirmed a cyber attack affecting up to six million customers, compromising personal information like names and email addresses, but not financial details. CEO Vanessa Hudson apologised and reassured that operations remain safe, while urging customers to utilise online security measures.

Qantas has confirmed that up to six million customers have been impacted by a significant cyber attack.

The airline stated that while passport and financial details were not compromised, hackers accessed personal information including names, email addresses, frequent flyer numbers, and dates of birth.

Suspicious activity was detected on Monday concerning a third-party platform utilized by Qantas contact centres. The airline acted immediately to contain the breach, asserting that operations and safety remain untouched.

Qantas specified that credit card information, financial data, and passport details were not stored in the compromised system. No frequent flyer accounts, passwords, or PINs were affected.

Qantas can confirm that a cyber incident has occurred in one of its contact centres impacting customer data. The system is now contained.

We understand this will be concerning for customers. We are currently contacting customers to make them aware of the incident, apologise and provide details on the support available.

The incident occurred when a cyber criminal targeted a call centre and gained access to a third party customer servicing platform.

There is no impact to Qantas’ operations or the safety of the airline.

Chief executive Vanessa Hudson apologised to customers and ensured collaboration with various cybersecurity authorities, including the Australian Cyber Security Centre and the Federal Police.

Hudson acknowledged the anxiety this incident may cause, affirming their commitment to customer data protection. Qantas is in the process of reaching out to affected customers to offer support.

The cyber attack follows similar incidents affecting other airlines, underlining the ongoing risks to travel companies.

A government spokesperson recommended that customers contact Qantas for assistance and suggested basic online security measures such as updating software, using strong passwords, and enabling multi-factor authentication.