Moonlight or not?

Earlier this week, Rishad Premji, the boss of IT company Wipro, said he had terminated the services of 300 employees who worked for its competitors while still on the company’s payroll. As the debate rages over whether to work in the moonlight or not, Minister of State for Electronics and Computers Rajeev Chandrasekhar said on Friday that IT companies trying to prevent employees from working in their own startups or to consult other companies “is an exercise doomed to failure”. .

No need for IT companies to prevent moonlighting: Rajeev Chandrasekhar

Rajeev Chandrasekhar

Companies that try to prevent employees from working at their own startups or consulting other companies “is an exercise doomed to failure”, said Minister of State for Electronics and Computing Rajeev Chandrasekhar, referring to the controversial issue of moonlighting.

At least 1% of IT professionals have more than one job, recruiters estimate: Remote work during the pandemic may have increased the incidence of moonlighting, with at least one in 100 IT service workers likely to have more than one job, executives from several staffing service firms told us.

Wipro fires 300 staff who moonlighted for competitors: Wipro terminated the services of 300 staff members who he discovered were working for his competitors while still on the company’s payroll, the company’s executive chairman, Rishad Premji, said on Wednesday.

Employees must work for a company in order to earn the trust of the employer: Co-founder of Infosys: employees should only work for one organization in order to earn the trust of their employer and fully commit to their assigned task, said Infosys co-founder Kris Gopalakrishnan, weighing on the ongoing controversy over “black work”, or duplication.


Technical Policy Updates

UIDAI will verify the ‘vividness’ of fingerprints to combat Aadhaar payment fraud

Adhar

The Unique Identification Authority of India (UIDAI) has introduces a new layer of security in the Aadhaar Compatible Payment System (AEPS). Called fingerprint “vivacity,” the feature aims to prevent fake fingerprints from being used to fraudulently withdraw cash through AePS, a senior government official told us.

Experts warn of duplication as center redraws tech and telecom rules: The unity government must clearly define the competence of regulators in a series of new laws being drafted to oversee India’s telecommunications and information technology sectors to avoid regulatory discord in the future, several cyber policy experts told us.

WinZo opposes a self-regulatory structure for online gambling: Online gaming startup WinZo has opposed to the idea of ​​joining a self-regulatory organization (SRO) for online gaming companies, two sources with knowledge of the matter told us. The development comes amid government efforts to draft rules for online gambling companies.


Fintech News

Major global tech companies worried about recurring payments from October 1

RBI

Netflix, Microsoft, Spotify and Disney+Hotstar are among the companies that have raised questions about the feasibility of make recurring payments via mandatory tokens from October 1st.

NPCI consults with government and stakeholders on UPI market share cap as part of extension requests: The National Payments Corporation of India (NPCI), which operates the Unified Payment Interface (UPI), is talk to government and industry stakeholders about the implications of delaying its implementation of a market share cap for UPI apps, people briefed on the matter told us.

Lending apps on Google Play Store must display a link to the partner bank or NBFC: Loan disbursement apps and credit aggregators on the Google Play Store in India must prominently display a link to the partner bank or Non-Banking Financial Corporation (NBFC).

The Fintech industry must work hard on security to maintain people’s trust, the Prime Minister says: Prime Minister Narendra Modi said India the fintech industry has gained goodwill by being a catalyst for inclusion, and there is a need to continue to focus on empowering the poorest of the poor by providing them with quality financial services. He added that the industry must work hard on safety and reliability to maintain people’s trust.


semiconductor boost

Cabinet approves flat 50% incentive for semiconductor companies

Semiconductor manufacturing

The Union Cabinet on Wednesday approved a uniform incentive of 50% of project cost for setting up manufacturing units for semiconductors, screens and compound semiconductors. Previously, all three schemes had an incentive range of 30-50%.

Foxconn chairman to meet Prime Minister Modi in November for semiconductor talks: President of Foxconn Young Liu to meet Prime Minister Narendra Modi in November as the Taiwanese giant seeks to pursue its ambitious plans to manufacture semiconductors in India, two people with knowledge of Liu’s plans in India told us.


IPOs of startups

Pepperfry to File Draft IPO Documents Next Quarter for 2023 Listing

Pepperfry IPO

Omnichannel Furniture Seller Pepperfry Seeks to File Proposed IPO Documents with the Securities and Exchange Board of India (Sebi) between October and December, and aims to go public next year, a person familiar with the matter told us.

SoftBank cuts valuation of IPO-linked Oyo to $2.7 billion: SoftBank Group has reduced the valuation of Oyo hotels on its books by more than 20% as the once high-flying Indian startup prepares for an initial public offering (IPO).

Oyo restates FY22 losses at Rs 2,140 crores and files new IPO documents: Hotel company Oyo reported operating revenue of Rs 1,459.3 crore in the first quarter of fiscal 2023 pursuant to an addendum filed with Sebi. Its restated loss for the quarter from continuing operations was Rs 414 crore, even as the company said it was its first EBITDA-positive quarter.


Computer corner

IT companies have absorbed 1.2 lakh gig workers since the start of Covid

Recruitment_Jobs

Faced with a shortage of talent, Indian service companies have exploited the networks of former students, women on career break, and the Big Four accounting firms, to provide full-time equivalent/employment (FTE) opportunities to gig workers.

Europe’s energy crisis is weighing on the outlook for IT companies, analysts say: Europe’s Energy Crisis and Macroeconomic Headwinds are weighing on the outlook for IT services segments such as retail, manufacturing and automotive, analysts told us.

Demand for industry-ready technicians remains robust despite slowing hiring: Demand for industry-ready IT professionals critical to business continuity, remains robust, withstanding the obvious slowness of job additions in the technology sector, which is the biggest laggard in the stock markets this year, both in the United States and in India.

TCS is struggling to bring millennials back to the office: Tata Consultancy Services (TCS) is struggling with continued reluctance from the majority of its employees Generation Y employees to return to work. The company is keen to end the work-from-home arrangement that was put in place following the outbreak of the pandemic in early 2020.


Urban mobility

Uber pilots in-vehicle tablets in Delhi and Mumbai to boost ad revenue

Uber is testing in-car tablets

carpooling company Uber is testing in-car tablets to deliver advertisements to passengers in Delhi and Mumbai as part of a global rollout. These tablets will be attached behind the front seat facing the driver and are a way to monetize and create additional revenue streams.

No plans to exit India or merge, says senior Uber executive: Uber is also not selling its India business is also not in talks to merge its operations with another mobility solutions company here, Andrew Macdonald, head of global mobility and business operations at Uber, told us.

Ola Electric will open “experience centers” across the country amid falling sales of its flagship Ola S1 Pro electric scooter.


ET E-Commerce Index

We have launched three indices – ET Ecommerce, ET Ecommerce Profitable and ET Ecommerce Non-Profitable – to track the performance of recently listed technology companies. Here’s how they’ve done so far.

ET eCommerce Tracking

Deals concluded by ETech

seed_funding

■ Gift solutions business Join Ventures raised $23.5 million (Rs 187 crore) in funding round led by MO Alternate Investment Advisors

■ Starting voice technology Murf AI announces that it has raised $10 million in financing led by Matrix Partners India.

■ Start audio streaming Kuku FM said it raised $21.8 million in funding led by Nandan Nilekani’s venture capital fund Fundamentum Partnership.

■ Solvy Tech Solutions, which operates the insurtech Zopper platform, has raised $75 million from investors led by Creaegis to finance its expansion plan.

Deals Digest_Graphic_19-23 September 2022_2022_ETTEC

In other news

Tata Group to inject another Rs 3,462 crore into Tata Digital

Tata digital

The Tata Group’s e-commerce flagship, Tata Digital, is increasing its authorized share capital from Rs 15,000 crore to Rs 20,000 crore, according to a regulatory filing last week, paving the way for another capital injection by its parent company Tata Sons.

UPI, AA and ONDC will revamp the Indian supply chain: Nilekani: The Unified Payment Interface (UPI), Account Aggregation Framework (AA) and Open Network for Digital Commerce (ONDC) will combine to revolutionizing the Indian supply chain ecosystem, said Infosys President Nandan Nilekani.

Lido Learning sends a final settlement offer to employees: Edtech Lido Learning has being offers of final settlement to its employees, several sources told us. Depending on the offer, employees will receive 50-75% of their dues, which will be settled in two weeks. Approximately 75% of its employees accepted the final settlement offer.