From Swiggy’s block deal to HyperVerge’s plans to streamline KYC. YourStory brings you today’s headlines with the latest developments across sectors.
Features stories
How HyperVerge taps AI to streamline KYC, simplify user onboarding
Since 2009, from their JEE and IIT Madras days until now, Kishore Natarajan, Kedar Kulkarni, and Vignesh Krishnakumar shared a deep passion for computer vision technology.
The then-young engineers tackled an eclectic mix of challenges, or as Natarajan puts it, ‘toy problems’. The group of friends first built a hairstyle modification system for US salon apps using cutting-edge deep learning. They also built volumetric analysis for Kerala’s rubber plantations and created automated weld inspection systems for car manufacturer Renault-Nissan.
Latest news
Swiggy block deal: 3.2 lakh shares worth Rs 12.2 Cr change hands
Citigroup Global Markets has sold shares of foodtech major Swiggy worth Rs 12.2 crore to BNP Paribas Financial Market in a block deal on BSE. On Thursday (July 3), 3,20,421 shares changed hands at a price of Rs 381 a piece on BSE, according to data from the exchange.
Nykaa’s early investor Harindarpal Singh Banga sells shares worth Rs 1,215 Cr
Harindarpal Singh Banga, an early investor in Nykaa, has sold shares worth Rs 1,215 crore of FSN E-Commerce Ventures, the parent company of the beauty and personal care marketplace, in a block deal on BSE.
Banga sold 6 crore shares at a price of Rs 202.57 apiece on BSE on Thursday (July 3), according to data from the exchange.
Funding
FES Cafe raises Rs 3 Cr in seed round to fund expansion plans
FES Cafe, a dessert-focused café chain positioning itself as India’s first scalable model in the segment, has raised Rs 3 crore in a seed funding round led by entrepreneur Aakash Anand and his venture studio, Wolfpack Labs.
The funds will support the company’s expansion strategy, including its upcoming launch in Delhi in July, as it works toward building a nationwide presence with a target of over 100 locations by FY 2027.
Other news
Infibeam’s Phronetic signs MoU with Nawgati to develop AI solutions
Neuromind Technologies Private Limited (“Phronetic”), a deep-tech AI company owned by Infibeam Avenues Ltd, has signed a Memorandum of Understanding (MoU) with Nawgati Tech Private Limited, a technology company focused on fuel and mobility infrastructure. Under the agreement, the two companies will collaborate to develop AI-based solutions for the fueling, fleet, and energy sectors.
The goal is to enhance real-time decision-making using CCTV video inputs through automated reasoning capabilities.
Phronetic’s ABM platform integrates Video-Language Models (Video-LLMs) with a reasoning model. While the Video-LLMs help interpret visual environments, the reasoning model is designed to contextualize the information to support decision-making processes.
The copy will be updated with the latest news throughout the day
