India’s Zepto scores $5B valuation in monster raise

Wednesday, August 14, 2024 Posted by bloggerdaddy

Wednesday, August 14, 2024

Welcome to TechCrunch AM! This morning, we're looking at what risks AI poses to society, India's instant delivery phenomenon, and what looks like the dawn of defense tech M&A. We've also got the low-down on the new version of X's Grok; the latest cybersecurity unicorn; Meta and Amazon's bid to hide their emissions data; and a win for Spotify. — Rebecca

TechCrunch Top 3

Image Credits: Ariya Sontrapornpol / Getty Images

1. All you need to know about AI risks: As the debate rages on around AI regulation's potential to stifle innovation or protect society, it's important to know what risks people, companies and governments face. Thankfully, a bunch of researchers at MIT have released a repository of over 700 AI risks grouped into various categories. Read More

2. India is all-in on instant delivery: Case in point? A monster round for Zepto. The quick-commerce startup raised $340 million at a $5 billion valuation, with hotshot backers like General Catalyst and Mars Growth Capital. Read More

3. Defense tech is going to see some M&A: Hadrian mass-produces parts for space and defense companies, and its CEO had been loath to bring on startups that might disrupt its lucrative flow. Until Hadrian encountered Datum Source, a software company that seems to perfectly mesh with Hadrian's product. Read More

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Morning Must-Reads

Image Credits: WeRide

🚖 WeRide at dawn! TC got the scoop that Chinese autonomous vehicle startup WeRide has been approved to ply its robotaxis in California. It's weird timing for WeRide as the startup gears up for its U.S. IPO while the U.S. government weighs a ban on Chinese-built AV software. Read More

✖️ X launches new AI model: Elon Musk's xAI has dropped a new version of Grok that brings image generation capabilities. And surprise, surprise! It has no guardrails to prevent generating images of political figures. Keep that deepfake to X pipeline strong. Read More

🦄 Introducing the next cybersecurity unicorn: IT breaches are becoming commonplace, but funding is still hard to find for cybersecurity startups. That's why it's notable that Kiteworks, which suffered its own breach in 2021, just raised a $456 million round at a $1 billion valuation. Read More

🫠 Yet another setback for Byju's: India's top court has cleared the way for the former edtech unicorn's insolvency proceedings to continue. A tribunal had halted those proceedings previously, but the Indian Supreme Court sided with Byju's U.S. creditors. Read More

🏠 Oh, good. More chatbots in customer service: EliseAI thinks AI chatbots are the answer to administration issues around messaging rental tenants. The startup's chatbots can send texts and emails, and respond to calls, but early reviews say nuance isn't the AI's strong suit. Read More

A Message from Daniel P McLaughlin & Co. Auctioneers

Public Auction on August 20

You're invited to join a public auction for the business assets of InvestFin, a former fintech startup based in Delaware. Assets include finserv software and various intellectual property. The auction takes place on Tuesday, August 20, in New York City at the offices of Feuerstein Kulick LLP. Bid in person or by teleconference.

Learn More

Around the Web

💔 DOJ considers breaking up Google: Bloomberg reports that the U.S. Justice Department is considering breaking up Alphabet's Google on grounds that the company has monopolized the online search market. The DOJ could take less severe measures, too, like forcing Google to share more data with competitors. Read More

♻️ Big Tech wants to hide their emission data: Amazon and Meta say they have already hit 100% renewable energy and "net-zero" emissions, but the Financial Times investigated and found their emissions are significantly higher than they let on. In the background, both companies are working to rewrite the rules on how pollution from power use is disclosed. Read More

🔍 Tracking down a sex trafficking ringleader: Michael James Pratt trafficked women in plain sight on PornHub. He was on the run from the FBI, but a ragtag group of ex-military, ex-intelligence officers and a lawyer managed to track him down by following his love of sneakers and crypto, according to this 404 Media deep dive. Read More

Before You Go

Image Credits: hocus-focus / Getty Images

🏆 Spotify gets a win in Europe: The streaming app is taking advantage of new EU antitrust guidelines that force Apple to give developers more freedom over how they can promote their content on its platform. Now, Spotify users in Europe will be able to see pricing information on their iOS devices. Read More