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India ranks 3rd in fintech funding globally in Jan-June period

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Bengaluru, July 5 (IANS) India’s fintech ecosystem achieved a significant milestone in the first half of this year by ranking among the top three funded globally, alongside the US and the UK, a report showed on Friday.

The domestic fintech sector received funding of $795 million in the first half (H1) of 2024, a decline of 11 per cent from H2 2023, according to the report by Tracxn, a leading market intelligence platform.

Perfios was the only unicorn created in 2024, while the fintech sector saw six acquisitions and five IPOs in the January-June period.

Bengaluru emerged as the leader in total fintech funding raised in 2024, followed by Mumbai and Pune, further solidifying the emergence of multiple fintech hubs across the country’s diverse startup ecosystem.

“Despite the global funding slowdown, India’s FinTech ecosystem shows agility and adaptability, supported by robust economic fundamentals,” said Neha Singh, Co-Founder at Tracxn.

The fintech sector remains dynamic, and “we are optimistic that a supportive policy environment and technological advancements will create new opportunities for growth and innovation in the near future,” she added.

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Late-stage funding in H1 2024 stood at $551 million, a 26 per cent increase from $436 million in H2 2023.

Seed-stage funding amounted to $65 million, a 7.4 per cent rise from $60.5 million in H2 2023, said the report.

Peak XV Partners, Y Combinator, and LetsVenture emerged as the leading investors in the sector.

–IANS

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Will make Rajasthan hub of solar energy production: Energy Minister

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Jaipur, July 8 (IANS) Rajasthan Energy Minister Hiralal Nagar on Monday said that the state government is promoting the solar sector which is aimed to make the desert state a hub of solar energy.

“Our effort is to make Rajasthan a hub of solar energy production, a centre for assembling and manufacturing of solar equipment. Entrepreneurs associated with solar equipment manufacturing units should give suggestions to us,” he said while addressing the India Solar Component Expo organised by the Rajasthan Solar Association at Rajasthan International Center on Monday.

He said that setting up solar component manufacturing units at the local level will reduce the manufacturing cost of solar panels, solar cables, aluminium structures etc. and the youth will get better employment opportunities in this emerging sector.

He said that solar energy is the need of the future and there are immense possibilities of investment in the field of solar energy in our state.

Referring to the amendment in the provisions of Renewable Energy Policy-2023 and Rajasthan Land Revenue Rules, 2007 recently made by the State Cabinet to promote solar energy, the Energy Minister said that now land can be allotted for solar energy projects in the state at seven and a half per cent of the DLC rate.

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“This will not only use the abundant amount of natural solar radiation here but will also promote investment and employment in solar component manufacturing,” he said.

The Energy Minister said that proposals for works worth Rs 10000 crore are being prepared through the RDSS scheme for strengthening the power system in the state.

“Due to this, works like construction of new 33/11 kV grid substations and feeder improvement will get momentum and uninterrupted power supply to the consumers will be possible,” the minister said.

–IANS

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Indian scientists trace plasma composition’s effect on astrophysical jets from celestial bodies

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New Delhi, July 8 (IANS) A team of scientists from the Aryabhatta Research Institute of observational sciences (ARIES), an autonomous institute of the Department of Science and Technology (DST), on Monday said they have traced the effect of plasma composition on dynamics of astrophysical jets from celestial bodies.

Astrophysical jets are outflows of ionised matter that are emitted as extended beams from celestial objects such as black holes, neutron stars, and pulsars.

The scientists showed that the change in plasma composition leads to the difference in propagation velocities of the jets even if the initial parameters for the jets remain the same.

“Jets composed of electrons and positrons were found to be slowest in comparison to jets containing protons, contrary to expectation. Protons are about two thousand times more massive than electrons or positrons,” the Ministry of Science & Technology said in a statement.

Despite years of research, it is not known what kind of matter astrophysical jets are composed of — whether they are made of bare electrons or protons or whether positively charged electrons called positrons are also present.

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Knowing the jet composition is vital as it will allow scientists to pinpoint the exact physical process at work near black holes and neutron stars.

The research, led by Raj Kishor Joshi and Dr Indranil Chattopadhyay from ARIES, was published in the Astrophysical Journal. The authors upgraded a numerical simulation code earlier developed by Dr Chattopadhyay and used the said equation of state to study the dynamics of astrophysical jets composed of a mixture of electrons, positrons (positively charged electrons), and protons.

–IANS

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Microsoft rolls out spellcheck, autocorrect for Notepad users in Windows 11

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New Delhi, July 8 (IANS) In good news for Notepad users, Microsoft has rolled out spellcheck and autocorrect in the Notepad app in Windows 11 — 40 years after the text editor was first introduced in Windows in 1983.

The tech giant started testing both features in March. According to multiple reports, it has now quietly begun rolling out both the features for Windows 11 users.

The spellcheck feature is nearly identical to how Word or Microsoft Edge highlight misspelled words, with a red underline to show errors.

The users can enable or disable spellcheck on a file type basis in Notepad for Windows 11.

Microsoft has been adding new features to its Notepad app for Windows 11.

Notepad now offers character count, dark mode, tabs, Copilot integration, and even a virtual fidget spinner.

In December last year, Notepad app on Windows 11 received a character count feature at the bottom, similar to how Microsoft Word counts the number of words in a document.

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When text is selected, the status bar shows the character count for both the selected text and the entire document.

Another latest addition is an autosave feature that eliminates the need for the pop-up save prompt when closing the app.

–IANS

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Accenture acquires Bengaluru-based chip design services provider Excelmax

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Bengaluru, July 8 (IANS) Global IT services firm Accenture on Monday said it has acquired Excelmax Technologies, a Bengaluru-based semiconductor design services provider, for an undisclosed sum.

The acquisition will enhance Accenture’s growing silicon design and engineering capabilities, the company said in a statement.

Excelmax provides custom silicon solutions used in consumer devices, data centres, artificial intelligence (AI) and computational platforms that enable edge AI deployments, to clients in the automotive, telecommunications and high-tech industries.

Karthik Narain, group chief executive-Technology at Accenture, said that the acquisition of Excelmax “enhances our expertise across every aspect of silicon design and development — from concept to production — so we can help our clients fuel innovation and drive growth.”

Founded in 2019, Excelmax will add approximately 450 professionals to Accenture in key areas such as emulation, automotive, physical design, analog, logic design and verification, expanding Accenture’s ability to help global clients accelerate edge computing innovation.

“Our focus has always been on developing the best talent to deliver tailor-made solutions for our global clients that help them build and maintain competitive advantage,” said Shekhar Patil, Founder and CEO, Excelmax Technologies.

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“Joining Accenture enables us to remain at the forefront of innovation, providing new and exciting opportunities for both our clients and our people,” he added.

The semiconductor market is experiencing a surge in demand for silicon design engineering, driven by the proliferation of data centers and the increasing use of AI and edge computing.

This acquisition by Accenture follows the addition of XtremeEDA, a Canada-based silicon design services company, in 2022.

–IANS

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Indian economy among the few where investment rates rose between 2015-2023: Report

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New Delhi, July 8 (IANS) The Indian economy is among the few in the region where investment rates rose between 2015 and 2023, a report showed on Monday.

The broad narrative around the pick-up in the investment upcycle is that it is driven mostly by the public sector, led by the Central government, according to a research note by DBS Bank.

According to Radhika Rao, Executive Director and Senior Economist, and Daisy Sharma, Data Analytics, DBS Bank, the private sector has led the pickup in capital formation post-pandemic, driven by households.

“Overall gross capital formation (GCF) rose to 33 per cent of nominal GDP in FY24, better than in recent years but still lower than a decade ago,” the report mentioned.

Digging deeper, the composition of investments showed that the share of the public sector in GCF was at 22 per cent in FY23, with the rest accounted for by the private sector – corporates and households – making up the bulk of the overall GCF.

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Within the private sector, households led the pack with a 40 per cent share in FY23, followed by non-financial corporates at 37 per cent.

“Household investments rose to the highest in a decade in FY23 and, alongside corporates, totalling 25 per cent of GDP. Public sector financial as well as non-financial entities and general government comprise the rest 7 per cent of GDP,” read the note.

According to the note, dwellings and buildings have been at the forefront, also reflecting higher public sector participation.

“An upturn in machinery and equipment is a work in progress. We see similar stirrings in the sectoral breakdown as well. Lastly, we construct a multivariate regression model to gauge the drivers and outlook of gross fixed investments,” said Rao.

–IANS

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