Quick commerce companies quizzed by government over FDI, operating model

Senior executives from Blinkit, Swiggy Instamart, Zepto, and Bigbasket met with Indian government officials. They discussed warehouse ownership, compliance with FDI norms, and the impact on kirana stores. The officials expressed concerns about delivery safety and competition for small shops. Representatives argued their services supplement demand. Quick commerce firms are growing rapidly and raising capital.

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West Virginia awards $5 million grant to Catholic college for expansion and think tank

The West Virginia Water Development Authority approved a $5 million grant to the College of St. Joseph the Worker, an Ohio-based Catholic college, to expand into the state. The grant will fund vocational training, a satellite campus, and a conservative think tank. While the project is set to benefit the region's workforce, it has raised concerns due to the lack of a required recommendation from state officials and the college’s focus on political advocacy, reports the Herald Star.

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Companies grapple with costs, complexity of overlapping cybersecurity laws

India's digital economy faces increasing compliance burdens due to overlapping cybersecurity laws from various regulatory bodies. Companies are challenged with inconsistent requirements in breach reporting, audits, and vulnerability assessments. Experts call for harmonization under a single governance body to reduce complexity and costs, especially urging the Data Protection Board under the DPDP Act to take on this role.

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Small language models set to be the next big thing in AI

Large language models (LLMs), SLMs can generate human-like language but are trained on smaller datasets with fewer parameters. They are said to be easier to train and use, consuming less computational power, more cost-effective, and better suited for specific tasks. The year 2024 saw launches of a slew of lightweight models, from Microsoft’s Phi family of SLMs to Google’s Gemma and a smaller variant of Meta’s Llama model.

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Musk effect: Behind Trump's changing stance on H-1B visas

Trump supports immigration visas for high-skilled workers amid H-1B visa controversy, backing Elon Musk. Despite restrictions during his first term, he now acknowledges the US engineering talent shortage. Trump emphasises the economic contribution of foreign graduates from US universities. Online racist remarks against Indian-origin CEOs and Musk's response highlight ongoing tensions.

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Brands ride ‘quick’ sleigh as quick commerce dons the Santa hat

The Christmas gifting season saw a 20-30% sales boost for D2C brands in categories such as personal care, desserts, eatables, and activewear, driven by convenience, personalization, and premium offerings. Quick commerce platforms like Zepto, Blinkit, and Swiggy Instamart, among others, played a key role in fuelling gifting-focused sales, enabling last-minute purchases, according to several brands.

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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AI specialists hit pay dirt as talent war rages

Companies will compete aggressively to hire AI talent, increasing salaries by 15-20% in the next 12-18 months. AI demand is expected to double by 2027. Firms must offer competitive packages, upskilling, and career opportunities to attract top AI professionals. Salaries for AI jobs are already 30% higher than traditional IT roles.

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Centre eyes January start to India AI datasets collection, aggregation

The ministry of electronics and information technology also plans to allow the trained data to be used by domestic startups and companies to build application programming interfaces, which can interact with the language models built on top of the database and provide specialised services, a government official said.

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UPPSC PCS Prelims Answer Key 2024 out, raise objections by Dec 30: Direct link here

UPPSC PCS Prelims Answer Key 2024: The UPPSC released the 2024 PCS Prelims Answer Key for General Studies Papers 1 and 2. Candidates can review the answer key on the official website and raise objections until December 30, 2024. The prelims concluded peacefully with around 42% attendance. Here's the direct link to login.

from Latest Education news - Board Exam Results, Admit Cards, Exam Paper Analysis and Question Papers | Times of India
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Year in Review: EVs lose the funding race as investors drive a hard bargain

India’s electric vehicle sector funding halved from $934 million in 2022 to $586 million in 2024. Policy changes and reduced subsidies impacted original equipment manufacturers. Sales growth slowed but the sector still expanded with over 1.9 million EVs sold in 2024. Investors see opportunities in component manufacturing, charging infrastructure, and battery swapping.

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Cloud kitchen firms cut their losses to cook up healthy numbers

India's cloud kitchen startups achieved revenue growth and reduced losses in FY24 by managing expenses. However, high inflation may impact margins this fiscal year. Rebel Foods, Curefoods, Biryani by Kilo, and Freshmenu showed significant improvements. Zomato and Swiggy's food delivery GOV also grew, with a positive industry outlook despite rising costs.

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Women in tech; IT hiring revival

India's tech industry has seen a surge of women leaders. This and more in today’s ETtech Morning Dispatch.

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No wonder! Women blast through global tech's glass ceiling in India

The global capability centre (GCC) boom in India has helped women to assume leadership positions. About 25% of the women employed in the technology sector are in GCCs and the figure is expected to rise to 27% by 2027, industry data shows. Kumar Rajagopalan, vice president at staffing firm Dexian said that while the trend of appointing women to leadership positions is noteworthy, it cannot stop there.

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Meta is in a spot of bother as ChatGPT comes to WhatsApp

ChatGPT creator OpenAI has launched its own WhatsApp account. This is likely to impact Meta AI’s reach, especially in markets such as India, Brazil and Mexico, which are among the largest user bases for WhatsApp and the mainstream communication medium for businesses.

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Microsoft works to add non-OpenAI models into 365 Copilot products, sources say

Microsoft is integrating internal and third-party AI models into its Microsoft 365 Copilot. This aims to reduce dependence on OpenAI and cut costs. The company is working to customize other open-weight models for better efficiency. Microsoft tracks these efforts closely, aiming for cost-efficiency and potentially passing savings to customers.

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Accenture quarterly numbers point to strong GenAI prospects

Accenture's latest earnings boost Indian IT sector outlook. GenAI bookings hit a record high. North American demand shows signs of recovery. The company raised its FY25 growth forecast. Indian IT firms expect strong Q3 results and a robust FY26. Accenture's hiring continues to grow, mostly in India.

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VCs bullish on AI startups in India despite a fall in funding

Indian AI startups saw a funding dip in 2024, but deal volume increased, with a focus on application-layer ventures. Investors are optimistic about this trend, particularly for applications targeting the US market, mirroring the enterprise software sector. While foundational models remain a US stronghold, India sees opportunities in infrastructure and applications, despite challenges in talent acquisition and rapidly evolving technology.

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Central Government Sanctions Rs 85 Crore for Higher Education Projects in Jammu & Kashmir

The Central government has sanctioned Rs 85 crore for nine higher education projects in Jammu & Kashmir under the PM-USHA program. This funding will support infrastructure development at Baba Ghulam Shah Badshah University and three degree colleges, and construct five new girls' hostels in focus districts.

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CBSE hosts National Adolescent Summit 2024, focusing on life skills and mental health of students

The Central Board of Secondary Education (CBSE) successfully organised the National Adolescent Summit 2024 on December 20-21 at the National Bal Bhawan, New Delhi. Themed "Life Skills, Mental Health, Safety, and Well-being," the two-day event brought together over 850 participants from India and abroad, fostering dialogue and collaboration on critical adolescent issues. Aligned with the vision of the National Education Policy (NEP) 2020, the summit provided a platform to empower students and educators, promoting holistic development, said a press release from the Secretary, CBSE.

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The (Mona) Lisa effect: AMD's transformation since CEO Su's takeover

In the chip-making business, AMD was languishing as Intel hogged the limelight, and market share, for most of the last 50 years. But the chipmaker’s fortunes have turned around since Lisa Su took over as CEO 10 years ago. In 2014, AMD's share in the data-centre chip market was negligible; however, today, the company has achieved stronger margin growth and ranks second only to Nvidia in the graphics processing unit (GPU) market.

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Accel nears close of new India fund at $650 million

Accel India has secured $650 million for its eighth fund, while its global growth fund has raised $1.35 billion. A portion of this will be invested in pre-IPO rounds of Indian startups, bringing Accel's total India commitments to nearly $3 billion. This move comes as several Accel-backed companies, including Bluestone, are preparing for IPOs.

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Google Layoffs: Sundar Pichai announces major job cuts in these top roles amid threat from OpenAI

Google has announced major job cuts in managerial roles, CEO Sundar Pichai said in an all-hands meeting on Wednesday. Google's CEO said it had cut managers, directors, and VPs by 10% as part of its efficiency drive. The company has been boosting efficiency by reducing layers and reorganizing teams. The move comes amid threats from OpenAI and other AI rivals.

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TCS to increase fresher hiring further in FY26, says CHRO Milind Lakkad

TCS is poised to amplify fresher hiring from engineering campuses in FY26, exceeding the current fiscal year's 40,000 target. This expansion aligns with positive growth projections and a resurgence in campus recruitment. The company is also bolstering its higher cadre workforce and investing in training programs, including AI and GenAI skills development, to meet evolving industry demands.

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AI's energy hunger fuels geothermal startups but natural gas rivalry clouds future

Geothermal energy startups are gaining traction as tech giants like Google and Meta seek clean energy for their data centres. However, significant upfront costs and competition from natural gas, championed by oil majors, pose challenges to widespread geothermal adoption despite growing interest and government support.

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CAT 2024 Result declared, check direct link here

IIM Calcutta has declared the CAT 2024 results on iimcat.ac.in. The exam, held on November 24 at 389 centers, lasted 120 minutes. Response sheets and provisional answer keys were released on November 29, with objections accepted until December 5. The final answer key was published earlier this week.

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Deep-tech startups must explore alternative funding options, says VC report

Indian deep tech startups have seen a 5.3 times increase in average seed check size over the past eight years, fueled by government initiatives and VC confidence. However, alternative funding is crucial to navigate initial challenges. While the sector is nascent, fostering exits is vital for building investor trust and driving future growth.

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Space Bill draft to be put up for stakeholder consultation in Q1 of FY26, says IN-SPACe chairman

This bill is envisioned to cover international and national obligations, define offences and subsequent punishments, barrier of entry for private companies, and liability for damages caused. Pawan Goenka, chairman of IN-SPACe, said that the venture capital fund announced in the Union Budget for space startups will also become operational by the first quarter of the next fiscal year.

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We plan to have a significant ramp up in India: Krafton CEO CH Kim

The CEO said that the company has invested up to $170 million in gaming and gaming adjacent industries as well as consumer industries that are based on IT and tech. They are planning to invest $140 million more in the future as well. It is also increasing its focus on proprietary games in India, such as BGMI, Bullet Echo India, Road To Valor Empires, and others.

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From digital to doorstep, insurtech startups take the offline route, will it work?

Indian insurtech startups, initially focused on online sales, are now rapidly expanding their networks of physical agents. This shift, driven by competition and the pursuit of market share, raises concerns about commission-driven growth, sustainability, and potential regulatory scrutiny. The industry faces challenges balancing growth with profitability and navigating the evolving insurance landscape.

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ETtech Explainer: What’s behind the Rs 803-crore GST demand on Zomato?

Indian food delivery giant Zomato received Rs 803 crore GST notice. The government says Zomato should pay tax on delivery fees. Zomato argues it passes fees to delivery workers. This dispute covers October 2019 to March 2022. Zomato plans to fight the demand. A similar notice was sent to Swiggy. This case could impact other delivery services.

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Exotel’s FY24 loss narrows to a third, operating revenue up 6%

Exotel, a cloud telephony provider, narrowed its FY24 net loss to Rs 39 crore while achieving Ebitda profitability in the last two quarters. The company prioritized operational efficiency and product development, including AI offerings, over rapid expansion after integrating acquisitions. Exotel projects 100% Ebitda growth for FY25, driven by improved sales execution and expansion in markets like the Middle East.

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Big-bracket investments push states to create social infrastructure

Indian states are bolstering social infrastructure around large electronics manufacturing facilities to support the growing workforce. Initiatives include housing, shopping complexes, recreational spaces, and essential amenities, mirroring successful models in China and Taiwan. This aims to attract investment and enhance the sector's growth.

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Uttarakhand school apologises after girl forced to remove tilak

A Class-8 student in Uttarakhand was asked by her teacher to remove a tilak from her forehead before entering the classroom, claiming it was not allowed. The student complied but later informed her parents, sparking a protest by Hindu groups. The protest led to the school's principal apologizing to the girl's family and the groups. The Director General of School Education has ordered an investigation into the incident.

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India’s power surge

The country’s electronics manufacturing sector is set to be strengthened through a major government initiative that will spur the components ecosystem. Experts maintain that India's next step would be to work on increasing the domestic value addition and develop the almost non-existent electronic component supply base. Let's take a closer look at this initiative and what this entails going forward.

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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RS Sharma steps down as ONDC non-executive chairperson

Ram Sewak Sharma stepped down as non-executive chairperson of Open Network for Digital Commerce (ONDC) due to personal reasons. He remains on the advisory council. The ONDC board will seek a new chairperson as the network expands and gains interest from various states.

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One Card secures $25.5 million from QED Investors, BTV, Peak XV Partners and Z47

FPL Technologies has raised $262 million in equity funding over multiple funding rounds. The fresh funds will be used for enhancing its technology infrastructure and invest in the development of new products by collaborating closely with regulated entities like banks.

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Intel executives say a manufacturing spinoff is possible

Intel's interim co-CEOs acknowledged the possibility of selling the company's manufacturing operations if its new 18A chipmaking technology fails next year. This comes after the recent ouster of former CEO Pat Gelsinger and a significant drop in the company's value. While Intel is separating its manufacturing division financially, the executives remain uncertain about a complete split.

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Small cities, towns to drive next round of GCC expansion

Cities such as Ahmedabad (GIFT City), Kochi, Coimbatore, Chandigarh, Thiruvananthapuram, Jaipur, Visakhapatnam, Vadodara, Nasik, Bhubaneswar and Indore are expected to benefit from this expansion. GCCs are expected to grow in these cities due to factors such as growing tech talent pools, favourable government policies, operational efficiencies, lower costs of living than in big cities, and hybrid work models.

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Supreme Court won't decide Nvidia securities fraud case after all

The Supreme Court dismissed a securities fraud lawsuit against Nvidia, citing it had been a mistake to take up the case. The justices expressed difficulty evaluating the technical arguments and left in place an appeals court decision allowing the case to proceed. This follows a similar dismissal in a case against Facebook.

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GCCs may receive sops to set up units in tier-2 and 3 towns

India is planning a new policy to boost global capability centres. The policy will offer incentives like tax breaks. It aims to attract GCCs to smaller cities. The government wants to develop large and small GCCs. The GCC market is expected to grow significantly. The policy will also focus on talent development in areas like AI.

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Higher borrowing costs leave a strain on new-age NBFC profits

New-age non-banking finance companies (NBFCs) witnessed declining profits in the September quarter. Increased borrowing costs and tighter lending conditions, particularly in the unsecured loan segment, impacted profitability. While some NBFCs maintained flat profits, others reported losses, prompting concerns about a potential shift back to informal financing channels for some borrowers.

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Reverse flip in cart, Flipkart plans IPO delivery in 12-15 months

Flipkart, India's leading e-commerce giant, is gearing up for a landmark IPO within the next 12-15 months. The Walmart-owned company has initiated the process by shifting its domicile to India, aiming for a public listing by late 2025 or early 2026. ET was the first to report on May 13 about Flipkart’s plans to move its parent company back to India.

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Open dialogue and collaboration can drive regulations that ensure safety and foster crypto innovation: Bitget COO Vugar Usi Zade

Bitget's COO, Vugar Usi Zade, revealed plans to secure Indian government approvals and open a local office by New Year. Zade discussed Bitget's India growth strategy, the potential impact of the Trump presidency on crypto, and the evolving role of crypto in a post-AI world, emphasizing the importance of balanced crypto regulations and highlighting Dubai's emergence as a crypto hub.

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US spending on TikTok Shop gains as TikTok faces threat of ban, data shows

A US federal appeals court on Friday upheld a law requiring Chinese-based ByteDance to divest TikTok in the US by early next year or face a ban. A ban of the popular short video app, if it happens, could extend to TikTok Shop, too.

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Bluesky is different from X for now

On social media, the political is personal; migrating Bluesky users are signaling political separation from an increasingly conservative X and giving up on the idea of a town square that holds all voices simultaneously.

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Paytm to add Rs 2,364 crore to its kitty through sale of PayPay shares

On Saturday, in a stock exchange filing, the Noida-based fintech announced that the shares will be transferred to SoftBank Vision Fund 2. The deal values PayPay at 1.06 trillion Japanese yen (approximately $7 billion). This comes after Paytm divested its entertainment and ticketing business Paytm Insider to Zomato for Rs 2,048 crore.

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US regulator places Google Payment under supervision, company sues

The regulator's step and the subsequent lawsuit marked a government tussle with a Silicon Valley behemoth in the final weeks of President Joe Biden's administration. The regulator's move could be reversed after President-elect Donald Trump returns to the White House in January.

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AI triggers boom in flexi-work options for technology professionals

Skilled tech professionals, particularly in AI, are increasingly choosing freelance work, commanding high hourly rates on platforms like Upwork and Appen. Indians are prominent, offering competitive rates while demand for AI skills like data annotation and training surges. This shift allows workers flexibility and higher earnings compared to traditional employment.

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Walmart, Amazon holiday spending rise as Target, Best Buy stumble, data shows

Walmart, Shein, and Temu achieved record-breaking Black Friday and Cyber Monday sales, outperforming struggling retailers like Target and Best Buy. Amazon also saw strong growth, driven by popular items like Fire TVs and Shark vacuums. Temu and Shein experienced double-digit percentage growth, while Best Buy faced sales declines despite investor optimism.

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Crypto chaos: WazirX hack leaves investors in financial turmoil

A July 18 hack on cryptocurrency exchange WazirX wiped out $235 million, affecting 15 million investors. Victims face financial ruin, anxiety, and legal uncertainty as stolen funds are laundered. WazirX pledged partial repayment but set a controversial cut-off date, enraging investors amid rising crypto values. Ownership disputes, transparency issues, and legal grey areas exacerbate challenges for affected users seeking recourse.

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Jewellery retailer Bluestone plans to raise Rs 1,000 crore in fresh capital

Bluestone’s board has approved an IPO to raise Rs 1,000 crore, with filing expected soon. Proceeds will fund offline store expansion. Founded in 2011, it reported Rs 1,265.8 crore revenue in FY24 and aims to grow its retail footprint to 400 stores.

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Meta pushes zero-carbon energy strategy with solar deal

Meta inked deals with Invenergy for 760 megawatts of solar power across four US states, boosting its renewable energy portfolio to over 1 gigawatt. This move supports Meta's goal of 100% renewable energy operations, fueled by increasing energy demands from AI adoption. The solar facilities are expected to be operational between 2024 and 2027.

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Swiggy’s Instamart pushes for higher average order value; analysts say metric's growth key to improve profitability

Swiggy Instamart's average order value (AOV) of Rs 499 has come in low compared to its competitors like Blinkit and Zepto. Although the company has indicated that its AOV is in an upward path, analysts have emphasised the need for the quick commerce platform to push this metric to sustain revenue momentum and maximise profitability.

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Allen Institute held talks to acquire Unacademy valuing edtech firm at $800 million in a cut-price deal: sources

The Bengaluru-based Unacademy, valued at $3.4 billion in 2021, will likely be merged with Allen; founders expected to exit. The edtech company has around $160 million of cash in the bank but revenues have been flat after the highs of Covid-19 even as its pivoted to an offline model.

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Judge faults Apple for withholding documents in Epic Games case

A US judge ruled that Apple misused attorney-client confidentiality to avoid disclosing documents in Epic Games' lawsuit regarding App Store practices. Apple must release withheld documents, as attorney-client privilege claims were deemed improper for certain business decisions. This ruling follows accusations by Epic of Apple's non-compliance and broad privilege claims.

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Black Friday weekend sales grow 17-18% on year for ecommerce players

Direct-to-consumer brands and ecommerce marketplaces saw a 17-18% rise in Black Friday order volumes compared to last year, with beauty, wellness, personal care, and home decor driving sales. Gross merchandise value grew over 24%, boosted by festive excitement. Higher average order values were noted in wearables, fashion, and electronics. India embraced the trend with growing consumer interest.

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Apple accused of silencing workers, spying on personal devices

Apple faces a lawsuit accusing it of illegally monitoring employees' personal devices and iCloud accounts while restricting discussions about pay and working conditions. Filed by Amar Bhakta, the suit claims Apple requires software installation on personal devices, enabling access to private data. Apple denies the allegations and asserts its commitment to employee rights.

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ETtech Explainer: Behind PhonePe call to end third-party deals

PhonePe will offer payment solutions directly to merchants, ending partnerships with payment aggregators like Juspay. This move may help merchants save on transaction fees. Juspay, with a new license, will provide full-stack services. The move reflects a trend of payment aggregators building in-house routing technologies for direct merchant integrations.

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Banks boost fraud checks; AI & relationship apps

Happy Monday! Banks intensify checks to tackle rising employee-linked fraud and financial scams. This and more in today’s ETtech Morning Dispatch.

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IT outlook is positive, weakness in stock price to be temporary, say analysts

India's $254 billion software services industry sees temporary weaknesses in stock prices likely caused by US inflation concerns but maintains a positive outlook. Experts predict business growth and an uptick in technology spending as the economic policies of the Trump administration clarify and rate cuts commence.

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