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Chingari registers 2.3 fold revenue growth in FY23, trims losses by 70%

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Chingari registers 2.3 fold revenue growth in FY23, trims losses by 70%

New Delhi, Feb 6 (IANS) Homegrown short-video making platform Chingari has registered Rs 113 crore in revenue in the fiscal year ended March 2023, up 2.3 times from FY22.

Chingari also managed to reduce its losses by 70 per cent to Rs 42 crore in FY23 from Rs 139 crore in FY22, according to its financial statement filed with the Registrar of Companies (RoC).

The application development constituted 32 per cent of the overall expenditure which increased by 16.3 per cent to Rs 50 crore in FY23, reports Entrackr.

Chingari’s employee benefits cost surged 3.8 times to Rs 46 crore in FY23.

The short-video making platform Chingari last year laid off up to 50 per cent of its workforce. Chingari was reportedly left with around 50-60 employees.

The company had said in a statement that it was “one of the toughest decisions for our management and we understand the impact they have on our employees”.

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“We are recognising the contribution and dedication of the affected employees by offering a severance package equal to two months’ salary to assist them during this transition,” the company added.

The platform had crossed 100 million downloads on the Google Play store.

In October 2021, Chingari raised over $19 million for its token round across more than 30 venture funds and individual investors.

In August 2022, Chingari launched its crypto token called $GARI and was set to make a debut on six global exchange platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, and MEXC Global.

–IANS

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Over 14 billion smartphones shipped in last 10 years, shows data

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Over 14 billion smartphones shipped in last 10 years, shows data

Over 14 billion smartphones shipped in last 10 years, shows data

New Delhi, July 30 (IANS) The global number of smartphone shipments continues to rise and in the last 10 years, a whopping 14 billion smartphones have been shipped worldwide, a report showed on Tuesday.

Samsung once again proved to be the leader, with 2.99 billion shipped units in the past decade. Moreover, the South Korean tech giant outsold its biggest competitor Apple by 743 million units, as the latter sold 2.24 billion smartphones since 2014, according to data presented by AltIndex.com.

“After shifting back and forth, the global demand for new devices is expected to plunge again this year, prolonging the long-awaited market recovery,” the report mentioned.

However, despite the market struggling to retain the growth rates seen in 2021, the total number of smartphone shipments continues to rise, pushing the 10-year figures to impressive highs.

IDC’s ‘Worldwide Mobile Phone Tracker’ survey showed smartphone producers have shipped more than 14 billion units worldwide since Q1 2014. The statistics also showed that 2015, 2016, and 2017 were the best years for global smartphone sales, with an average of 1.4 billion shipments. The following years saw much lower figures, with shipments plunging to 1.28 billion during the first year of the pandemic.

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Although 2021 brought a recovery, the negative trend continued throughout 2022 and 2023, with shipments falling by another 13 per cent, the report noted.

In 2024, global smartphone sales are expected to generate $486 billion in revenue, down from more than $500 billion in 2021, according to Statista market projections.

While Samsung is at the top of global smartphone sales, its market share has dropped over the past 10 years, primarily due to Chinese competitors. Statistics showed Apple’s market share remained unchanged, at 15.8 per cent in Q2 2024. According to the IDC, global smartphone shipments increased 6.5 per cent (year-over-year) to 285.4 million units in the second quarter of 2024.

–IANS

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South Korean researchers advance all-solid-state battery technology

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South Korean researchers advance all-solid-state battery technology

South Korean researchers advance all-solid-state battery technology

New Delhi, July 30 (IANS) Researchers in South Korea have united to tackle the challenges in the commercialisation of all-solid-state batteries.

Yoon-Cheol Ha from the Next Generation Battery Research Center of Korea Electrotechnology Research Institute (KERI) collaborated with teams led by Professor Byung Gon Kim of Kyung Hee University, Professor Janghyuk Moon of Chung-Ang University, and Professor Seung-Ki Lee of Pusan National University to develop a technology for optimally mixing cathode materials with sulphide solid electrolytes in all-solid-state batteries.

All-solid-state batteries are gaining attention as a next-generation technology due to their low risk of fire or explosion, the research team said.

However, they require advanced technology compared to conventional batteries with liquid electrolytes.

The key challenge is the effective mixing and dispersion of cathode-active materials with solid electrolytes, conductive additives, and binders to create pathways for efficient electron and lithium-ion transfer and low interfacial resistance on the cathode-electrolyte interfaces.

The research team utilised a novel method of partially coating cathode active materials with solid electrolytes. Given the sensitivity of sulphide solid electrolytes to oxygen and moisture, the team developed a blade mill that uses inert gases to prevent chemical reactions. This innovation allowed them to study various solid electrolyte coating structures and optimise the mixture ratio and process conditions.

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Simulations demonstrated significant improvements in active material utilisation and rate capability. These findings were validated with a prototype (pouch cell), confirming the enhanced performance of the all-solid-state battery. The research, published in Energy Storage Materials, a leading international journal with an impact factor of 18.9, highlights the team’s success.

Yoon-Cheol Ha emphasised the importance of enhancing performance and reducing costs of solid electrolytes, along with designing and manufacturing composite electrodes.

He noted, “By using a composite material with partially coated cathode active material, we can significantly improve the performance of all-solid-state batteries.”

KERI plans to secure patents related to the technology and pursue commercialisation, aiming to attract manufacturers of materials and equipment for all solid-state batteries.

–IANS

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POCO M6 Plus 5G drops on August 1 with premium glass design, superior performance

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POCO M6 Plus 5G drops on August 1 with premium glass design, superior performance

POCO M6 Plus 5G drops on August 1 with premium glass design, superior performance

New Delhi, July 30 (IANS) Smartphone brand POCO is set to launch the highly-anticipated M6 Plus 5G in India on August 1, alongside the POCO Buds X1.

Building on the success of the POCO M6 Pro, the POCO M6 Plus 5G is designed for those who refuse to compromise.

It’s the perfect blend of head-turning style, pro-grade photography, and power that keeps up with your every move on a budget.

The POCO M6 Plus 5G is all about premium vibes. It features the segment’s only dual-sided glass and stylish ring flash design. With an 8.32 mm profile, corning gorilla glass 3 protection on the display, and an IP53 rating for water and dust resistance, the POCO M6 Plus 5G ensures both elegance and durability. You can choose from sophisticated misty lavender, ice silver, or classic graphite black.

The device offers the largest display ever on a 5G phone – a stunning 6.79 inch FHD+ display with 120Hz adaptive sync that brings everything to life. Moreover, the device comes with a fast-side fingerprint sensor that seamlessly blends security and convenience.

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It also houses segments’ only 108MP dual rear camera system on a 5G phone. The 9-in-1 pixel binning technology on the smartphone will further enhance image quality, while the 13MP front camera is selfie-ready.

Low light? No problem. The M6 Plus laughs in the face of darkness.

Powered by the Qualcomm Snapdragon 4 Gen 2 AE processor, the POCO M6 Plus delivers the ultimate 5G experience. The device comes with an impressive AnTuTu benchmark score of approximately 460K and up to 16GB of RAM, including 8GB of virtual RAM, for effortless multitasking and a buttery-smooth user experience.

The POCO M6 Plus 5G runs on Xiaomi HyperOS making it the first smartphone in the POCO M series to feature this innovative software out-of-the-box, along with Android 14.

You can watch the live launch of POCO M6 Plus on the company’s official X account on August 1 and get ready to experience the next level of style and performance.

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–IANS

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Sensex, Nifty close flat amid volatility

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Sensex, Nifty close flat amid volatility

Sensex, Nifty close flat amid volatility

Mumbai, July 30 (IANS) Indian equity indices closed flat on Tuesday amid volatile sessions.

During the day, the Sensex traded in the range of 81,230 to 81,815 points and Nifty traded between 23,798 to 24,971.

At the end of trading, the Sensex was up by 99 points at 81,455 and Nifty was up by 21 points at 24,857.

A buying trend was seen in midcap and smallcap shares.

The Nifty Midcap 100 index closed at 58,623, up 261 points or 0.45 per cent, and the Nifty Smallcap 100 index closed at 19,207, up 164 points or 0.86 per cent.

Market experts said, “Market focus will shift to the upcoming US Fed meeting, which is anticipated to provide a timeline for a potential rate cut in 2024, along with Q1 results from major domestic companies.”

Among the sectoral indices, “Auto, Fin Service, Metal, Realty, Energy and Infra were the major gainers. IT, Pharma and FMCG were major laggards.”

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Shrey Jain, Founder and CEO of SAS Online said, “Today, the Sensex and Nifty benchmarks are trading higher following a flat start, driven by mixed global trends.

“The Nifty continues its solid near-term uptrend, facing resistance around the 25,000 level and support expected at 24,700.”

“In the short term, the market may experience some volatility or a slight decline before potentially trending upwards,” he added.

The rupee remained range-bound near 83.72 as the dollar held steady at $104.20. The rupee showed little reaction to dollar movements, with stable crude prices contributing to a flat trading session.

–IANS

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Clean mobility ecosystem to become $250 billion opportunity in India by FY30

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Clean mobility ecosystem to become 0 billion opportunity in India
 by FY30

Clean mobility ecosystem to become $250 billion opportunity in India
 by FY30

New Delhi, July 30 (IANS) As the government doubles down on clean and sustainable transportation, the clean mobility ecosystem in the country is expected to become a $250 billion opportunity by FY30, growing at a compound annual growth rate (CAGR) of 38 per cent, a new report said on Tuesday.

By FY30, the overall mobility market in India is expected to reach $1.2 trillion, with clean and electric mobility accounting for about 20 per cent of the overall market, according to the report by Praxis Global Alliance.

“India’s journey towards electrifying its transportation sector is not just a leap towards a sustainable future but also a significant economic opportunity,” said Aryaman Tandon, Managing Partner, mobility, energy and transportation, Praxis Global Alliance.

India has an EV-to-charging station ratio of 9:1. To reach the globally acceptable standard ratio of 4:1, the government has taken multiple initiatives, including significant allocations in FAME II (over $120 million) and the reduction of GST rates on EV chargers.

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“Despite challenges faced by the global EV market due to geopolitical shifts and fluctuating manufacturing costs, India remains a beacon of resilience,” the report mentioned.

The country’s strategic positioning, coupled with favourable domestic conditions and a robust policy framework, creates an environment conducive to rapid clean mobility adoption.

According to the findings, India’s emphasis on developing an integrated clean mobility ecosystem not only boosts EV adoption but also fosters innovation in supporting industries, such as charging infrastructure, battery technology, and sustainable supply chains.

“There is significant foreign direct investment (FDI) and private equity investment in this sector, which is a key growth driver,” it added.

By FY30, clean mobility product opportunities are projected to hit $94 billion, with overall penetration rising significantly to 23 per cent.

Mobility services opportunity in India is worth $450 billion in FY24, with more than 80 per cent of the opportunity lying in transportation and logistics services.

According to the report, the software solutions opportunity size is estimated at $0.37 billion in FY24, expected to grow at a CAGR of 27 per cent, reaching $1.58 billion by FY30.

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–IANS

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