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Schneider Electric Invests Rs 200 Crore into Expansive Bengaluru Campus

In a significant move bolstering its presence in India, Schneider Electric has dedicated Rs 200 crore towards erecting one of its largest global campuses in Bengaluru. Spanning an impressive 630,000 square feet, the campus boasts a multifaceted infrastructure, encompassing a global innovation hub, training center, research and development (R&D) facility, skills center, and digital hub.

With a capacity to host over 8,000 professionals, this investment underscores Schneider Electric’s steadfast commitment to fostering growth in India’s burgeoning landscape.

Peter Herweck, the CEO of Schneider Electric, voiced his enthusiasm, stating, “I am thrilled to inaugurate one of our largest employee campuses globally in India. This substantial investment reaffirms our dedication to propelling India’s rapid advancement, serving as a catalyst for innovative endeavors that not only cater to local clientele but also leave a resounding impact on a global scale.”

Deepak Sharma, Zone President – Greater India and CEO of Schneider Electric India, echoed this sentiment, highlighting the campus’s role in cultivating a hands-on learning environment focused on energy management and industrial automation. “Through this campus, we aspire to nurture a workforce equipped to spearhead the development of cutting-edge products and solutions, not just for India but for global markets,” Sharma remarked.

The inauguration of the campus, which transpired on Thursday, heralds an “immersive” experience meticulously integrating Schneider Electric’s diverse offerings. By embracing this innovative approach, Schneider Electric underscores its unwavering commitment to delivering comprehensive solutions that drive sustainable practices and outcomes.

Central to the campus’s ethos is a state-of-the-art training center, offering interactive demonstrations, workshops, and expert-led sessions. Geared towards employees, partners, and customers, this facility aims to impart practical knowledge and expertise in the latest technologies and solutions.

Located within the Bagmane Tech Park in Bengaluru, the campus exemplifies Schneider Electric’s dedication to sustainability. Leveraging off-site green power, energy-efficient chiller systems, and a sewage treatment plant enabling 100% greywater reuse, the campus embodies a holistic commitment to environmental stewardship.

NEET trending on X, 67 candidates Secured AIR 1

On Monday morning, social media platform X (formerly Twitter) was abuzz with the hashtag #NEET as the National Testing Agency (NTA) announced the NEET UG Result 2024 on June 5. This year, 24,06,079 candidates registered for the examination, with 23,33,297 appearing for the test.

The NEET UG exam, conducted by the NTA, took place on May 5, 2024, across 4,750 centers in 571 cities nationwide. The test was available in 13 languages, catering to over 24 lakh candidates. Notably, this year saw an unprecedented 67 students topping the NEET UG, all achieving a percentile of 99.997129.

neet ugFollowing the examination, the NTA addressed concerns raised by some candidates regarding time loss during the test on May 5. These concerns, which led to representations and court cases, were taken into account, and the normalization formula, as per the Supreme Court’s 2018 judgment, was applied to mitigate the impact of the time loss.

Also read: Centre approves Indian Institute of Management in Assam

The NTA explained, “Candidates who experienced loss of examination time were compensated with grace marks. Therefore, some candidates’ scores may be 718 or 719.” According to the marking scheme, candidates receive four marks for each correct answer, with one mark deducted for incorrect answers. The highest possible score is 720, making 716 the second highest score achievable. Scores of 718 and 719 were widely shared on social media, capturing public interest.

The NEET UG Result 2024 has sparked significant discussion and interest online, reflecting the high stakes and widespread participation in this national examination.

Leveraging Auto-Scaling & Technology Important for Seamless Business Growth and Security: Jithendran C K, CTO, Blubirch

Transformation being no longer a luxury but a necessity for businesses to stay competitive and relevant. Companies that fail to adapt risk falling behind. Digital transformation involves integrating digital technologies within an organization to boost productivity, efficiency, and sustainability. This concept gained significant attention during the COVID-19 pandemic and now signifies a broad cultural shift towards more agile and intelligent business practices. Core transformative technologies include artificial intelligence (AI), big data, and the cloud, which have extensive applications across various industries.jitendra

In the fast-paced transition of modern business, employing an auto-scaling mechanism is crucial for synchronizing infrastructure with company expansion, enabling effortless scalability and cost-effectiveness. By implementing stringent user and data visibility controls, organizations can ensure security while maintaining detailed oversight. Additionally, the integration of cutting-edge technologies is vital for staying competitive, driving innovation, and boosting operational flexibility. These strategies empower businesses to adeptly manage growth, protect their data, and lead in technological advancements. Siddharth Mala, Correspondent, ObserveNow, interacted with Jithendran C K, Chief Technology Officer, Blubirch, to gather his insights on the matter.

Below are some edited excerpts from the interview: 

Can you elaborate on the auto-scaling mechanisms in place to align infrastructure with business growth and ensure consistent performance regardless of business volume? 

Growing business is our priority. Infrastructure should scale automatically to support the business accordingly.  Being a SAAS platform, the option is not to keep a very high infrastructure at all times as there will be periods where we are experiencing high, medium and rather low traffic as well.  Entire infrastructure for production is hosted in AWS and Google Cloud with autoscaling in place.  This allows the application servers to be made available in required numbers as per the demand.  

Further optimisation is done using Kubernetes where the applications services are containerized in respective pods and the pods are replicated to take care of the peak load traffic.  With this mechanism in place, the services will be available consistently on 24/7 basis and the cost is always kept proportional to the revenue.  Based on the criticality of services, there are infrastructure we can opt as on-demand, spot and reserved instances can be allocated for high profile services as well. 

How does your platform manage user and data visibility control, and what methods of multi-factor authentication and end-to-end data encryption do you employ? 

Data is the strength of every organization and user/customer profile is the most important asset that cannot be compromised.  Backend users are controlled by IAM user management where the access roles are defined accordingly.  This ensures the database access is restricted to the thin list of required users.  The data visibility in the platform is controlled by the user roles and every query is managed by the user roles to ensure that only filtered information is provided to the users as per the role.  

OKTA is a tool that provides the user and role management for the organisation and enables MFA support.  This is extended for the customer implementations as required.  We are using AES encryption for the data in transit.  Data stored in database is encrypted by default and the database access is always kept through firewall.  We have used MFA for all our logins and without multiple challenges no users are given access to our platform.  We have implemented single sign-on with our client and partner platforms with MFA so that the security is not compromised even by chance.

Can you describe the recent technologies utilized in your platform and how they enhance its functionality and performance? What is your process for evaluating and integrating new technologies to stay ahead of advancements?

Infrastructure is based on Cloud technologies such as AWS and GCP.  These cloud platforms provides high availability and scalability ensuring high performing products for the customers.  OKTA is used for user and role management including authentication, that provides the distribution of data with segregation as required.  KAFKA is used for que management to ensure guaranteed deliveries using asynchronous process.  24×7 is used for cloud and application monitoring.  AWS WAF is used for security firewall for the infrastructure.  There are multiple AI platforms from AWS and Google for hosting and implementing AI models.  Flutter is the hybrid technology used for mobile development to enable triple platform support for Android, IOS and Windows as required. 

We adopt technical evaluation of products to ensure proper decision is being taken in case of build vs. buy so that we can concentrate on our business instead of building all the supporting functions inhouse.  Overall solution design is divided into key features, supporting features, integration, security and data distribution. Key features for the product will be developed in house.  Any customisation required will be provided in the transformation layer that can be customised by our customers for integration according to their need.  New technologies are evaluated by POCs and will be tested with the key products for integration in defined sprints.  This makes the go no go decision faster and that saves effort, time and cost.  As the product is layered, short sprints will be able to get the results of the POCs faster.  The tools and technologies that passes the POCs will be adopted as part of the technical solution provided to the business users. 

What built-in failover mechanisms are implemented to ensure uninterrupted availability, and how do you test these mechanisms to ensure reliability during actual failure scenarios?

It is very important for our organization to ensure Business continuity for the users and customers.  We always talk about DR and BCP.  However it is really required to take care fail over mechanism that manages even a API transaction failure.  Identification of the interface that has caused a failure, notification to the appropriate teams for every failure, feature for retriggering the transactions are important parts of the failure management process.  All the products are enabled with our native Error management console which is the observability platform that takes care of every transaction that can be a potential failure and provides intelligent resolutions and enables manual resolution as configured.    

For DR and BCP, provision provided by cloud providers are utilized such as multiple region backups, automatic switch over in case of DR and BCP is as good as backup power in case of a power shutdown.  However all automated DR – BCP are costly affair so they are only provided to the elite customers who has opted for these services.  There are mock runs conducted on a frequency of 15 days to test the effectiveness of the BCP and DR processes.  

What do you consider the main competitive advantages of your platform, and how do you plan to maintain and enhance these advantages in the future?

Our platform is the largest Return automation platform that caters to several B2B customers.  This is ecosystem for the OEMs and Resellers for returns.  The technologies used ensure highest availability 99% and scalability up to 8 times in a matter of seconds that caters B2B customers during their high traffic promotional days.   The platform is highly user friendly and user driven where 99% off incident management can be addressed by regular support team of the customer support teams.

We are constantly working on distributed systems architecture to isolate the services and this makes every service used in our products scalable independently.  Our proprietary observability platform ensures that all the incidents or even errors are logged in and communicated to the teams for faster resolution to make the customer experience outstanding.

In a nut shell, our uniqueness include the one of its kind business platform, highest availability, high performance, easy to use and self-healing enables highest customer satisfaction for our users.  

We are in the process of constantly testing our limits on performance, transaction timings, higher percentage of guaranteed deliveries even in the case of asynchronous transactions.  We will be looking for light weight components that can be used for integrations, data transformation and creation of plugins that can gel well with our platform to elevate our unique business and technical proposition.

Integers.Ai Appoints Shilpi Chhabra as Chief Human Resources Officer

Integers.Ai has announced the appointment of Shilpi Chhabra as its new Chief Human Resources Officer (CHRO). Chhabra brings a wealth of experience to the role, having previously served as CHRO and Vice President of Technology at Peel-Works. Her extensive career also includes positions at Dogsee Chew, Khanal Foods, Himalayan Natives, and CGI.

In a LinkedIn post, Integers.Ai expressed their excitement about Chhabra joining the team, highlighting her nearly two decades of HR leadership experience and her impressive track record. “We are thrilled to welcome Shilpi as our new CHRO at Integers.AI. She is set to drive our HR strategy and foster a dynamic workplace,” the company stated.

Chhabra shared her enthusiasm about the new role, saying, “Super excited to join this amazing team and contribute to our shared vision. I look forward to creating exceptional experiences for our employees and clients, and driving innovation together.”

Microsoft Announces $3.2 Billion Investment in Swedish Cloud and AI Infrastructure

Microsoft has unveiled plans to invest 33.7 billion Swedish crowns ($3.21 billion) to enhance its cloud and artificial intelligence (AI) capabilities in Sweden over the next two years. This marks Microsoft’s largest investment in the country to date.

As part of the initiative, the tech giant aims to train 250,000 individuals in AI skills, which represents approximately 2.4% of Sweden’s population, in a bid to bolster the nation’s competitive edge. Additionally, Microsoft will deploy 20,000 cutting-edge graphics processing units (GPUs) across its data centers in Sandviken, Gavle, and Staffanstorp to accelerate computational processes.

The announcement coincides with a scheduled meeting between Microsoft President Brad Smith and Swedish Prime Minister Ulf Kristersson in Stockholm on Monday. Microsoft reaffirmed its commitment to fostering AI adoption throughout the Nordic region, which includes Sweden, Denmark, Finland, Iceland, and Norway.

Lendingkart Secures Rs 100 Crore Debt Funding from Stride Ventures

Ahmedabad-based digital lending platform, Lendingkart, has raised Rs 100 crore ($12 million) in debt and Rs 8 crore ($1 million) in equity from Stride Ventures. This marks the second significant debt closure for Lendingkart within the past year.

The board at Lendingkart has authorized the issuance of 10,000 non-convertible debentures and 454 Series D5 CCPS, aiming to raise a total of Rs 108 crore ($13 million), as per regulatory filings from the Registrar of Companies (RoC).

Backed by Temasek, Lendingkart has accumulated Rs 318 crore ($38 million) in debt so far. The new debt will be disbursed in two tranches of Rs 50 crore ($6 million) each, with a 14% annual coupon rate. According to startup data intelligence platform TheKredible, the company’s post-allotment valuation stands at approximately $690 million.

Last month, Lendingkart also secured $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard. To date, the company has raised Rs 1,050 crore ($126 million) in equity capital from investors such as Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient.

Lendingkart provides loans to MSME business owners with an average ticket size of Rs 5 lakh to Rs 6 lakh. According to its website, the platform has disbursed over Rs 18,700 crore to more than 300,000 businesses across 4,100 cities.

In FY23, Lendingkart reported a 33.4% increase in revenue from operations, reaching Rs 858 crore, and posted a profit of Rs 119 crore. The company’s financial results for FY24 are yet to be filed.

BJP Struggles to Achieve Majority, Lok Sabha Election Live Updates Till 2PM

The results of the 18th Lok Sabha Election are almost in, and the Bharatiya Janata Party (BJP) finds itself in a tight spot. Despite pre-election claims of winning over 400 seats, the party has not yet crossed the 272-seat majority threshold required to form the government.

The current trends show that the National Democratic Alliance (NDA), led by the BJP, is leading with 297 seats, while the INDIA Alliance is close behind with 236 seats. Interestingly, Madhya Pradesh is the only state where the BJP is the sole dominant party.

Some key updates from the hot seats and its leading candidates:

– North East Delhi: Manoj Tiwary, Bharatiya Janata Party

– Varanasi: NARENDRA MODI, Bharatiya Janata Party

– Kannauj: AKHILESH YADAV, Samajwadi Party

– Mainpuri: DIMPLE YADAV, Samajwadi Party

– Amethi: KISHORI LAL, Indian National Congress

– Rae Baraeily: RAHUL GANDHI, Indian National Congress

– Gorakhpur: RAVINDRA SHUKLA ALIAS RAVI KISHAN, Bharatiya Janata Party

– Lucknow: RAJ NATH SINGH, Bharatiya Janata Party

– Kairana: IQRA CHOUDHARY, Samajwadi Party

– Hyderabad: ASADUDDIN OWAISI, All India Majlis-E-Ittehadul Muslimeen

– Chhindwara: BUNTY VIVEK SAHU, Bharatiya Janata Party

– New Delhi: BANSURI SWARAJ, Bharatiya Janata Party

– Mandi: KANGNA RANAUT, Bharatiya Janata Party

– Puri: Sambit Patra, Bharatiya Janata Party

The results so far suggest a tight race, with the BJP struggling to secure a clear majority. The final outcome will be closely watched as it will determine the shape of the next government.

Centre approves Indian Institute of Management in Assam

The central government has approved the establishment of an Indian Institute of Management (IIM) in Assam, to be located near Guwahati.

This development will position Guwahati among the select cities in India hosting top educational institutions, Chief Minister Himanta Biswa Sarma announced on June 2.

IIM-Ahmedabad, as the mentor institute, has been tasked with preparing a detailed project report for the new Indian Institute of Management at Assam in collaboration with the Higher Education Department and the Assam government, Chief Minister Himanta Biswa Sarma said on June 2.

Taking to X, Sarma said, “Following our request in 2023, Hon PM Shri @narendramodi ji has given a special gift to the people of Assam by approving an Indian Institute of Management near Guwahati, making it among the few cities to house an IIT, AIIMS, Nat’l Law Univ & now IIM.

Accordingly, state government identified four plots of land and provided the details of the said land to this Ministry for selection. The Site Selection Committee, under the Chairpersonship of Prof. V. K. Paul, Professor, School of Planning and Architecture, New Delhi has finalized the plot situated at Marabhita measuring 574 bighaa 1 katha-12 lessa = 76.8332 hectare, Dag no. 71 and 124, category of land VGR The Secretary, Higher Education Department, Goverment of Assam vide letter dated February 16, 2024 has agreed to all the recommendations made by the Site Selection Committee in its report.”

In the earlier letters addressed to Prime Minister Narendra Modi and Education Minister Dharmendra Pradhan in April 2023, Chief Minister Sarma emphasised the strategic importance of establishing an IIM in Assam. He underscored the potential for economic development in the North Eastern Region, citing Assam’s diverse industrial sectors and its proximity to South Asian countries.

PNB and IIFCL Collaborate to Finance Infrastructure Projects

In a significant development, Punjab National Bank (PNB) and India Infrastructure Finance Company Ltd (IIFCL) have forged an alliance aimed at providing substantial financial backing to sustainable infrastructure ventures.

The agreement, formalized on Monday, entails a commitment to extend long-term financial aid to feasible infrastructure projects. Through this collaboration, both entities will pool resources to support such projects, utilizing consortium or multiple lending frameworks.

This collaboration, outlined in a Memorandum of Understanding (MoU), was sealed in a ceremony attended by Atul Kumar Goel, MD & CEO of PNB, and Padmanabhan Raja Jaishankar, MD of IIFCL. The agreement marks a significant step towards facilitating funding for the nation’s infrastructure projects, with both parties expressing their unwavering commitment to the endeavor.

Adani Ventures into Credit Card Market with ICICI Bank Partnership

In a significant move into retail finance, Adani Group chairman Gautam Adani has launched a new credit card in collaboration with ICICI Bank. This strategic partnership aims to challenge established players like Tata, Reliance, and Aditya Birla groups in India’s competitive market.

The credit card, introduced via Adani’s digital platform Adani One and in association with Visa, offers airport-related benefits and up to 7% reward points on purchases within the Adani ecosystem. Cardholders can use these points for bookings on the Adani One app, which covers flights, hotels, trains, buses, and cabs. Additionally, rewards are applicable for spending at Adani-managed airports, CNG pumps, and on Adani electricity bills.

This initiative comes as Mukesh Ambani’s Reliance Industries makes significant strides in financial services, having launched a co-branded credit card with SBI on the RuPay network last year. Similarly, Aditya Birla Group has partnered with SBI and AU Small Finance Bank for its own co-branded credit cards.

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