- U.S. e-commerce giant Walmart has confirmed that it had already paid the Indian government most of the nearly $1 billion in tax owed after digital payments company PhonePe shifted its headquarters from Singapore to India, per a Bloomberg report.The bill stems from the relocation and rise in the
- Salesforce has announced that it will cut approximately 10% of its workforce, which equates to more than 7,000 employees, and will also close offices in certain markets.CEO Marc Benioff attributed the move to the challenging economic environment and a more cautious approach being taken by customers…
- Global cellular IoT module shipments grew by only 2% YoY in Q3 2022, according to the latest research from Counterpoint.China’s shipments decreased 8% YoY in this quarter due to a resurgence of COVID-19 cases while other markets such as North America, Western Europe, India, Japan, Latin America,
- South Korean startup Kurly, which offers next-day grocery delivery, has announced that it will postpone its initial public offering (IPO) on the Korea Exchange due to economic uncertainty and weak market sentiment.The company, which received preliminary approval for listing on August 22, 2022 and…
- The US electric vehicle (EV) sales* grew by almost 52% YoY during Q3 2022 despite macroeconomic headwinds, according to the latest research from Counterpoint.
- Samsung again took first place in the quarter, though its semiconductor revenue suffered headwinds on memory business performance, largely due to customers’ inventory adjustments, according to a new report.
- Meta, the parent company of Facebook and Instagram, has been issued two substantial financial penalties totaling $414 million by the Irish Data Protection Commission (DPC) due to violations of the European Union's General Data Protection Regulation (GDPR).The DPC found that Meta's advertising and…
- The New York State Department of Financial Services has announced that it has reached a settlement with Coinbase, one of the world's largest cryptocurrency exchanges, after finding that the company had violated anti-money laundering laws by failing to conduct proper background checks.As part of the…
- Nigerian-based real estate investment platform Purple delivered a solid performance in its announced unaudited results for the nine months that ended 30 September 2022, with three-digit service revenue growth of 207% across its entire market.The real estate firm recently announced the launch of its…
- The China Banking and Insurance Regulatory Commission division has approved Jack Ma’s Ant Group Co.'s plan to raise 10.5 billion yuan ($1.5 billion USD) for its consumer unit, per a report by Bloomberg.The approval by the regulatory body will allow the company to
- India’s smartphone shipments are projected to witness a yearly decline in 2022 due to macroeconomic factors affecting consumer demand in the entry and budget segments.However, 5G has been a driving force and will continue to push smartphone demand in 2023 as well.
- E-commerce giant Amazon says it has reached an agreement with certain lenders for an $8 billion unsecured loan.The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes, per a Reuters report."
- Microsoft Corp is reportedly in the works to launch a version of its search engine, Bing, using the artificial intelligence behind OpenAI-launched chatbot ChatGPT, The Information reported, citing two people with direct knowledge of the plans.
- The LEGO Foundation has announced the recipients of its Build a World of Play Challenge, which aims to fund innovative solutions focused on early childhood development.LEGO Foundation will grant DKK 200 million ($28.4 million) each to three organizations and DKK 100 million ($14.2 million) each to…
- Digantara, a Bengaluru-based space tech startup on Tuesday launched its second satellite Pushan-Alpha as a rideshare onboard SpaceX's Transporter-6 mission for internal space data calibration purposes.The satellite, named after the Hindu solar deity, will serve as a space weather testbed in the sun…
- Singapore-based start-up AlterPacks has raised $1 million in pre-seed funding from Plug and Play APAC, Seed Capital, Earth Venture Capital and angel investor Alice Foo.AlterPacks uses spent grains, a by-product of the production of food including beer, to create food containers that can be moulded…
- A Mumbai-based venture capital firm is reportedly in the process of raising a $700 million fund, the second-largest of its kind in the country within the past year, with the intention of investing in technology firms based in India and the United States.
- Indian-based fintech startup SarvaGram Solutions has completed a Series C funding round, raising $35 million from investors including Elevar Equity, Elevation Capital, Temasek, and TVS Capital Funds.SarvaGram was founded by banking industry veterans Isser and Sameer Mishra in 2019 and is…
- Following a record-smashing tech IPO year in 2021 that saw 15 IPOs raise at least $1 billion in 2021, 2022 was a complete dud, as investors bail on risk and the promise of future growth, in favour of profitable businesses and sustained higher interest rates.While 2021 featured the IPO
- Ride-hailing company Ola is planning to start its own electric vehicle (EV) cab service and will begin the pilot in Bengaluru with around 1,000 cabs, The Economic Times reported quoting people aware of the matter.The service, which will be available on the Ola app as a "premium
- The South Korean antitrust regulator, the Korea Fair Trade Commission (KFTC), announced that it will be fining Tesla $2.2 million for failing to inform customers about the shortened driving range of its electric vehicles (EVs) in low temperatures, according to a Reuters report.According to the KFTC…
- ‘Made in India’ smartphone shipments declined 8% YoY in Q3 2022 (July-September) to reach over 52 million units in what is the first decline in the year, according to research from Counterpoint.In the previous quarter, 'Made in India' smartphones recorded a 16% year-on-year increase in
- ByteDance, the Chinese parent company of video app TikTok, has laid off hundreds of employees across multiple departments at the end of 2022 as part of a cost-cutting measure, the South China Morning Post reported.Last November, the company claimed that it will hire thousands of engineers across…
- Tesla reported 1.31 million electric vehicle deliveries in its published fourth-quarter vehicle production and delivery report for year-end 2022 missing its goal of achieving 50% growth year-over-year. Analysts were hoping for a robust 1.8 million delivery in the year, the automaker had also set a…
- The world's largest iPhone plant, Foxconn, is nearly resuming operations at its peak capacity, following supply chain disruptions caused by the Covid-19 lockdown in a district in Zhengzhou city – home to Foxconn – after a break out in the region late last year.Supply chain disruptions caused
- SpaceX, the aerospace manufacturer and space transport services company founded by Elon Musk, is reportedly raising $750 million in a new funding round that values the company at $137 billion, according to CNBC.This round is expected to be led by venture capital firm Andreessen Horowitz (a16z),…
- India’s smartphone shipments are expected to fall 5% YoY in 2022 , dipping for the second time in the last three years, according to Counterpoint's projections. The inflationary macro environment, component shortages and rise in their prices, and wild cards like the Russia-Ukraine war and weakness…
- Indiana's state attorney General Todd Rokita has announced that Google will pay Indiana $20 million to resolve the state’s lawsuit against the technology giant over allegedly deceptive location tracking practices.Rokita had filed a separate lawsuit against Google when negotiations between the…
- Mexico’s mobile handset market, the second biggest in Latin America, reported a 14% YoY sales decline in Q3 2022 – but the country’s feature phone sales volume more than doubled YoY in Q2 and Q3, recovering to pre-COVID levels according to a report by Counterpoint.The
- The United States has bid its final goodbye to the 3G network as Verizon begins disconnecting its customers who were still using the technology, cutting off their phones’ ability to use data, make calls, and send texts.The telecom giant was the last major U.S. carrier to do
- Messaging app, Telegram has released new updates, outfitting the app with a bunch of new tools to edit image or videos, change storage settings and several other custom features to enhance the user experience.In an update on its blog, Telegram says it’s introducing a new blur tool
- The Draft by Techloy brings you data-driven news and insights into technology across the world's largest emerging markets from trusted sources.Become a Techloy member today to gain unlimited access.Techloy's last edition of The Draft for the year 2022 puts a spotlight on the top
- Self-driving truck technology company TuSimple, which have offices in Arizona, Texas, and China, has announced plans to lay off 25% of its workforce, approximately 350 employees, as part of a restructuring plan designed to ensure the company's financial stability.The layoffs come after TuSimple and…
- Wrocław-based Apeiron Synthesis has secured a $4.8 million investment for its catalyst for olefin-based chemical reactions.The funding round was led by Aper Ventures, a CEE-focused deep tech investor, and also included participation from Polish pharmaceutical company Adamed's "special…
- Zero One Hundred, a VC firm focused on startup investments in Bratislava, Prague, and Cyprus has announced plans to significantly expand its operations and invest €60 million (~$64 million) in young, innovative companies from Central and Eastern Europe over the coming years, through its second fund…
- Cryptocurrency exchange Kraken has announced its decision to exit the Japanese market and deregister from the Financial Services Agency (FSA) as of January 31st, 2021.The company cited the current market conditions in Japan and the general weakness of the global cryptocurrency market as the primary…
- Global foldable smartphone shipments are expected to grow 52% YoY in FY 2023 to reach 22.7 million units, according to Counterpoint Research’s report.Analysts at Counterpoint Research forecasted that global foldable shipments for the 2022 financial year, will amount to 14.9 million units.
- Zagreb-based API monitoring and analytics startup Treblle has raised $7 million to increase its team and expand abroad, led by existing investor Nauta Capital.Founded in early 2020 by mobile app and website developers Vedran Cindrić and Darko Blaževic, Treblle develops an all-in…
- Digital commerce in India is estimated to be a $45 billion annual industry, and up until now has been largely controlled by Amazon and Walmart – both with more than 60% of the market – squeezing out kirana stores, the locally-owned shops that provide daily supplies and essentials to small
- It has been a roller coaster ride with a lot of trending topics this year, including Russia’s invasion of Ukraine, China-US political distrust and tensions, inflationary pressures and weakening national currencies, a crypto crash, massive company layoffs, a growing fear of recession, and many more.…
- The global smartphone market declined by 12% YoY even as it grew by 2% QoQ to reach 301 million units in Q3 2022. The market remained under pressure given global deteriorating economic conditions, according to research from Counterpoint.Weakened demand caused by Russia’s escalating war in Ukraine,…
- Semiconductor maker Micron says it would reduce its headcount by about 10% in 2023, representing about 5000 of its 48,000-strong workforce.The company, whose market value is currently over $53 billion, said it would hit its reduction target through voluntary departures as well as layoffs and is…
- Blockchain payments firm Centbee has announced the successful completion of its $1 million pre-Series A funding round led by Ayre Ventures, a company founded by entrepreneur Calvin Ayre.Centbee, which is headquartered in London with additional offices in South Africa, was founded by Co-CEOs Lorien…
- The South African financial service industry has seen massive improvements over the last few years as banks make digital payment technology to their users.It is one of the first markets for this product in Africa, making it easy for users to save and easily and securely access their payment
- Coinbase, the second-largest crypto exchange globally, has launched a new tool to help its customers recover more than 4,000 unsupported ERC-20 tokens sent to its ledger, TechCrunch wrote in a report.The ERC-20 self-service asset recovery tool allows customers to recover different kinds of tokens…
- Taiwanese chipmaker TSMC is in advanced talks with key suppliers about the possibility of setting up its first European plant in Dresden, Germany, according to a report by Financial Times.The move would allow TSMC to capitalise on the growing demand from the region's car industry and comes
- China's smartphone shipments slumped 22% in the first 10 months of the year, according to the latest government data, as the industry’s largest market has been beset by cooling domestic demand and turmoil in its manufacturing supply chain.Total smartphone shipments reached 214.5 million units
- Avatar: The Way of Water has achieved a major milestone at the box office, surpassing $1 billion (as of December 29, 2022) in global ticket sales following a high turnout during the Christmas weekend.The film, directed by James Cameron, generated impressive figures of $31.5 million in the U.
- According to data from IDC's Worldwide Quarterly Mobile Phone Tracker, shipments of mobile phones to the Gulf Cooperation Council (GCC) region decreased by 5.9% quarter-on-quarter (QoQ) in Q3 2022, totalling 5.23 million units.Smartphone shipments also saw a QoQ decline of 5.7% to 4.74
- The President of Brazil, Jair Bolsonaro, has signed a bill into law that establishes a regulatory framework for the use and trading of bitcoin in the country.The law, which takes effect 180 days after being signed, recognizes bitcoin as a digital representation of value that can be used as
