Tech updates for 4th week of July 2022

Tech updates for 4th week of July 2022

Latest trending news about Meta, CommerceIQ, Flipkart, Crypso, TCS news.

TCS to tap private telecom business with indigenously-developed technology

Tata Consultancy Services (TCS) intends to utilise indigenous next-generation technologies to capitalise on business opportunities in the private telecom sector. The company's main goal is to manufacture the necessary equipment in India and provide BSNL with it.

TCS and BSNL are currently having discussions about a number of 4G rollouts, including commercial propositions.  The rollout will be completed by the two companies in 18 to 24 months. Subramaniam said that the 5G NSA (non-standalone) core and the radios are undergoing final laboratory tests, and the TCS-backed consortium is geared to start equipment deployment before the end of this year.


Ecommerce SaaS startup CommerceIQ acquires DSA provider e.fundamentals

When CommerceIQ raised $115 million in fundraising in March under the direction of SoftBank Vision Fund II, it became the 12th Indian company unicorn of the year.

According to Guru Hariharan, founder and CEO of CommerceIQ, "Our acquisition of e.fundamentals brings digital shelf analytics and support for over 450 retailers across 41 countries."

The first merged solution from this acquisition will combine modern processes, deeper analytics, and options for retail media targeting. It will be made available as a free trial to all current CommerceIQ and e.fundamentals customers as well as a few new prospects.

 

Flipkart Rejig: Adarsh Menon to take over Shopsy, Cleartrip, used phone business

According to an internal memo from Flipkart Group CEO Kalyan Krishnamurthy, senior executive Adarsh Menon would oversee the company's new business verticals, including social commerce venture Shopsy, travel site Cleartrip, and re-commerce business.

Prakash Sikaria will be replaced by Adarsh Menon as the head of Flipkart's engagement and loyalty programme, which also includes Supercoins.

Only after Big Billion Days, the company's signature holiday sale event, near Diwali is Sikaria anticipated to exit the organisation.

 

Crypto trading platform Crypso raises $3 million in funding from Hashed Emergent, others

Crypso, a community-led crypto trading platform, has raised $3 million (about Rs 24 crore) in seed funding from Hashed Emergent, Athera Venture Partners, Better Capital and Whiteboard Capital. 

Crypso lets crypto users learn and discover the latest crypto trends and invest via trade signals on various altcoins generated by crypto experts. 

The business will use the additional funding to expand its user base, product offerings, and technological capabilities.

Our goal is to help individuals decide where to invest, and if we succeed, we believe there will be a tremendous market for consumer goods. Crypso has 50,000 users who have signed up. It intends to reach a million active users in the next 8-12 months.

 

Facebook parent Meta reports its first-ever revenue decline and foresees future shocks.

According to its second quarter 2022 results report, total revenue decreased by 1% YoY to $28.8 billion, and the business expects third quarter revenue to decline even more, to about $26 billion. Mark Zuckerberg's metaverse aspirations are being worked on by Reality Labs, a branch of Meta, which lost close to $2.8 billion during the quarter.

The drop in revenue is noteworthy because Meta survived several COVID-19 waves while everyone else was worried about the economy. According to Meta, the third quarter of 2022 will see a continuation of the "weak advertising demand condition" that was present in the second quarter, with total revenue expected to be in the range of $26-28.5 billion.

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