Tag: technology

  • Abdul Jaleel Dudekula: A Leader Redefining Boundaries of Technological Development in Banking

    Abdul Jaleel Dudekula

    The stakes in the banking industry are high, but Abdul Jaleel Dudekula is playing the game. As the vice president of platform engineering at The Goldman Sachs Group, he has led technological initiatives that have improved the financial arena and generated billions of dollars.

    Dudekula’s Academic Journey

    Born in a small village with limited educational resources, Dudekula overcame numerous obstacles to achieve academic and professional success.

    The lack of facilities and teachers in his early education made subjects like mathematics and science seem challenging. However, these ignited a determination in him to learn despite the odds.

    He relied on outdated textbooks and makeshift classrooms, spending hours poring over limited resources and seeking help from anyone who could assist. His dedication paid off when he secured the top position in his village, a proud moment that showcased his perseverance and self-reliance.

    His academic excellence continued through his higher education. He received multiple scholarships based on his outstanding academic performance, allowing him to focus entirely on his studies and eventually start his career.

    Improving Capital One’s Home Loans Department

    When Dudekula joined Capital One, the home loans department dealt with outdated legacy systems for loan origination, funding, and servicing. These systems caused significant delays in customer engagement and failed to provide end-to-end services, reducing Capital One’s customer base and intensifying competition with industry giants.

    Recognizing the urgent need for modernization, Dudekula overhauled these legacy systems. As a cloud architect, he created a scalable, distributed data ingestion and streaming service capable of handling the live processing of one million transactions and 100 petabytes of historical customer data. This allowed for the developing of complex machine learning (ML) models for predicting loan threat analysis, enhancing the department’s ability to manage risk and improve customer service.

    Dukedula also developed nearly 1,500 real-time microservices platforms using trending open-source technologies such as Docker, Chronos, Mesos, Amazon Web Services (AWS) Cloud, Kafka, Google Cloud, BigTable, and Spark Streaming. The impact of these was profound. The new system achieved a 25% growth in home loans over three years, creating $1 billion in revenue for Capital One.

    Between 2017 and 2019, Dudekula also improved the auto loans department. He reimagined the company’s data ingestion, data streaming, and cloud platform strategies, deploying in-house and open-source products from scratch.

    Some examples include a scalable open-source scheduling platform using Airflow and a distributed self-service machine learning platform using open-source technologies, which reduced vendor product costs by $10 million.

    From 2019 to 2021, Dudekula was promoted to engineering manager. There, he reimagined Capital One’s data strategy and cloud operations by developing a next-generation foundation for machine learning algorithms. This improved the customer base by 20% and made over $2 billion within the first six months.

    Notably, his efforts were recognized with numerous prestigious awards, including the Tech and Performance Excellence awards. Using distributed open-source techniques, Dudekula’s work saved nearly 600 hours per year for 3,000 engineers and implemented autonomous data ingestion and streaming capabilities.

    Excellence at Goldman Sachs

    The next chapter of his career at Goldman Sachs is equally as vibrant. Here, he served as vice president of platform engineering—a role that requires extensive professional experience and specialized knowledge of information technology and computational analysis.

    Leading the Engineering division’s Continuous Integration / Continuous Delivery (CI/CD) team, he streamlined the CI/CD experience for the firm’s 35,000 engineers and billions of customers. Additionally, he delivered CI/CD solutions that support cloud-native development and deployments.

    One of his key achievements is developing a scalable, distributed Software Development Life Cycle (SDLC) platform to enhance the developer experience and improve global customer interactions in financial and trading services, which has generated billions in revenue since 2021. His cloud designs and advanced ML algorithms have also positioned him as a leader within the organization.

    Aside from his technical achievements, Dudekula is recognized as an industry mentor dedicated to training and serving as a role model within the company. He mentors junior associates and contributes to the organization’s talent development efforts.

    Driving Efficiency In Banking

    The banking industry often feels like a constant game of catch-up. Dudekula makes tangible developments to enhance the banking industry’s developer experience for thousands of engineers and improve global customer interactions.

    His contributions highlight the importance of having professionals who can drive growth, which is needed in the sector’s quest for a future where technology and finance converge.

  • Ola Electric Faces Data Theft Allegations Amid IPO Preparations

    Ola electric

    IANS

    Ola Electric, the electric vehicle arm of ride-hailing giant Ola, has been accused of data theft by CE Info Systems Ltd, the parent company of MapMyIndia. The allegations, which have been vehemently denied by Ola Electric, have sparked a legal battle that could have far-reaching implications for both companies.

    CE Info Systems alleges that Ola Electric copied its data and reverse-engineered its app to create its own mapping service, Ola Maps. This, they claim, is a breach of the license agreement between the two companies. In 2022, Ola Electric had onboarded MapMyIndia to provide navigation services for its S1 Pro electric scooter, a partnership that now appears to be on shaky ground.

    The news of the legal notice against Ola Electric emerged on July 29, 2024, a time when the electric vehicle firm was gearing up for its much-anticipated Initial Public Offering (IPO) scheduled for August 2.

    In response to the allegations, Ola Electric issued a statement in which it categorically denied the claims made by CE Info Systems. We would like to state unequivocally that these allegations are false, malicious, and misleading. Ola Electric stands by the integrity of its business practices. We will suitably respond to the notice shortly, said an Ola Electric spokesperson.

    Ola electric

    IANS

    The market reaction to the news was swift, with MapMyIndia’s stock experiencing a surge. The stock opened higher on the exchanges the day after the news broke and at one point peaked at a 6.1% increase compared to the previous close. However, the gains were later pared, and the stock traded at a more modest increase.

    The allegations and the ensuing legal battle have put both companies in a precarious position. The outcome could significantly impact their business operations and reputations in the market.

    For Ola Electric, which had a 35 percent market share in the electric two-wheeler (E2W) segment by the end of fiscal 2024, up significantly from 21 percent in the previous financial year, the stakes are particularly high. The situation remains tense as both companies prepare for potential legal battles. CE Info Systems has declined to comment on the matter, adding to the uncertainty.

    Meanwhile, Ola Electric has been proactive in its response, with Bhavish Aggarwal, the company’s CEO, updating the pricing structure for Ola Maps with a completely free tier for five million API (Application Programming Interface) calls per month. This is not the first time that tech companies have been embroiled in legal battles over data theft. In the past, similar allegations have been made, leading to protracted legal battles that have often resulted in significant financial and reputational damage for the parties involved.

    The legal battle between Ola Electric and CE Info Systems over allegations of data theft is a significant development in the Indian tech industry. The outcome of this dispute could have far-reaching implications for both companies and the industry as a whole. As the situation unfolds, all eyes will be on the court’s decision and its impact on the future of these two tech giants.

  • AI and robotics firms dominate office space usage in Bengaluru, says Q2 report

    AI

     AI & robotics firms dominate office space absorption in Bengaluru in Q2INTERNET

    Rapid global advancement in artificial intelligence has spurred demand for office space, and AI and robotics companies accounted for 21 per cent of the city’s absorption in the April-June quarter, a report said on Tuesday.

    Overall, the IT-ITeS sector, including AI and robotics, accounted for 69 per cent of the city’s absorption in the second quarter (Q2) this year, according to the report by Vestian, an occupier-focused workplace solutions firm.

    Bengaluru contributed the highest to pan-India absorption with a 25 per cent share in Q2, followed by Hyderabad and Mumbai at 20 per cent each.

    5G

    AI and robotics companies accounted for 21 per cent of the city’s absorption in the April-June quarterpixabay

    “Despite global geopolitical challenges, India’s office markets reported robust real estate activities during Q2 2024. The quarter has already set the tone for robust leasing and construction activities for the current calendar year,” said Shrinivas Rao, FRICS, CEO, Vestian.

    “Flex spaces are also likely to play a pivotal role in the growth of office markets in India,” Rao added.

    Pune reported the highest quarterly growth, around 307 per cent, in value terms whereas absorption declined by 48 per cent in Chennai during Q2 2024.

    All the cities, except Chennai and Delhi-NCR, reported an increase in absorption on quarter and on year, the report mentioned.

    The first half of this year witnessed absorption of over 30 million square feet, registering an uptick of 18 per cent compared to H1 2023.

    Bengaluru dominated new completions with a 28 per cent share, closely followed by Mumbai with 27 per cent.

    Southern cities (Bengaluru, Chennai and Hyderabad) accounted for 57 per cent of the total new completions reported in Q2 2024.

    “Real estate activities are anticipated to increase further on the back of strengthened demand from IT-ITeS and BFSI sectors,” said Rao.

    (With inputs from IANS)

     

  • Ola Electric IPO to open in Rs 72-76 price band for subscription onAugust 2

    Ola Electric ends FY24 with record 115 pc growth

    Ola Electric ends FY24 with record 115 pc growthIANS

    Homegrown EV firm Ola Electric is set to offer shares in the price band of Rs 72-76 in its initial public offering (IPO) worth Rs 5,500 crore that will open for subscription on August 2 and close on August 6.

    Around 10 per cent of the IPO will be reserved for retail investors.

    The IPO will have an offer for sale (OFS) component of up to 84.94 million which translates to Rs 645.96 crore (at the upper price band).

    With this, the total issue size will be at Rs 6,145.96 crore, taking Ola Electric’s market cap to nearly Rs 33,500 crore.

    Ola Electric

    Ola Electric IPO to open in Rs 72-76 price band for subscription on August 2IANS

    Ola Electric’s promoters Bhavish Aggarwal and Indus Trust will sell 3.79 crore and 41.79 lakh shares, respectively.

    Other investors in the EV firm, like SVF II Ostrich (DE) LLC, Alpha Wave Ventures II LP, Alpine Opportunity Fund VI LP, Internet Fund III Pte, Matrix Partners India Investments III LLC and Ashna Advisors LLP, will also offload their shares via the OFS route.

    Ola Electric gears up to spend around Rs 1,227 crore from its IPO raise for the capacity expansion of its cell manufacturing plant.

    The EV firm will also spend the IPO money on research, product development and business expansion.

    In FY24, Ola Electric’s net loss jumped 7.6 per cent to Rs 1,584.4 crore, from Rs 1,472.1 crore in the previous fiscal.

    The company reported a 90 per cent rise in its operating revenue at Rs 5,009.8 crore, from Rs 2,630.9 crore in FY23, as per its red herring prospectus (RHP).

    (With inputs from IANS)

     

  • Apple AI features won’t be rolled out with iPhone 16-series launch; delayed till October

    Apple Intelligence across products

    Apple Intelligence will be rolled out across productsApple Official Website

    Some of Apple’s much anticipated AI features will be rolled out slightly later than expected, now slated for October 2024.

    Reports have indicated that this release will take place later than the initial launch of other upcoming iPhone and iPad software enhancements in September 2024.

    According to a report from Bloomberg, Apple’s AI features will arrive a few weeks after the initial iOS 18 and iPadOS 18 releases.

    As part of its Worldwide Developers Conference (WWDC) in June 2024, Apple released a wide range of new features and enhancements along with its expected AI-backed developments and ‘Apple Intelligence’. These were scheduled to be released in a phased manner from September 2024 onward until next year.

    Apple Intelligence features will now debut with iOS 18.1, which is expected to roll out in October. This means that the next generation of iPhones will come without the new AI features, until October 2024.

    Apple Intelligence

    Apple Official Website

    It has been reported that “Apple is planning to make Apple Intelligence available to software developers for the first time for early testing as soon as this week via iOS 18.1 and iPadOS 18.1 betas.” Apple Intelligence, which uses AI to create text, images and other content on command will therefore be slightly delayed.  

    According to the Bloomberg report, features such as Image Playground and Genmoji are expected to be first in line for release, whereas features like the new Siri and ChatGPT integration will be delayed till spring 2025.

    “The report comes after Apple in late June delayed launching three new artificial intelligence features because landmark European Union tech rules require it to ensure that rival products and services can function with its device.” These features are Phone Mirroring, SharePlay Screen Sharing enhancements, and Apple Intelligence.

    According to Bloomberg, delaying Apple Intelligence to 18.1 will let the company fix bugs and other issues for a more seamless user experience.

  • IIT Guwahati researchers develop a new method to boost crop yield

    IIT Guwahati researchers develop a new method to boost crop yield

    IIT Guwahati researchers develop a new method to boost crop yieldIANS

    A cost-effective microfluidic system to replicate soil-like conditions, has been developed by researchers at the Indian Institute of Technology (IIT) Guwahati to help boost crop yield, the institute said on Monday.

    According to the team, the innovation can help enhance nutrient flow for improved root growth and nitrogen uptake.

    The primary root of a germinating seed functions as the plant’s anchor, absorbing water and nutrients. This root must navigate a variety of soil conditions during its early growth, which is critical to plant survival.

    Nutrient supply, pH levels, soil composition, aeration, and temperature, all have a significant influence on root development.

    crop yielding

    crop yieldingBioFlora

    However, studying root dynamics has proven difficult due to the constraints of traditional experimental setups, which frequently require large containers and complex handling.

    The team used microfluidics to study how primary roots absorb nutrients, offering insights into optimising nutrient delivery in agriculture. Their work was supported by the Science and Engineering Research Board, Department of Science and Technology, and published in the journal Lab on a Chip.

    The research focused on the high-yielding mustard variety, Pusa Jai Kisan, examining how different nutrient flows affect root growth and nitrogen uptake.

    The findings reveal that an optimal nutrient flow rate can enhance root length and nutrient uptake, while excessive flow can stress the roots, reducing their growth.

    The study highlights the importance of managed nutrient flow in promoting plant growth.

    “Our study provides new insights into plant root dynamics using microfluidic devices, offering practical implications for agriculture,” said Pranab Kumar Mondal, Department of Mechanical Engineering, IIT Guwahati.

    The team plans to further explore the molecular mechanisms of flow-induced changes in root growth, aiming to develop resilient hydroponic systems for soilless crop production.

    (With inputs from)

     

  • OpenAI begins testing SearchGPT to rival Google and other search engines

    AI Model

    OpenAIIANS

    Last week, OpenAI launched a temporary prototype of its new AI search engine- SearchGPT aimed at giving users “fast and timely answers with clear and relevant sources.”

    According to the company “SearchGPT will quickly and directly respond to your questions with up-to-date information from the web.” The prototype of new search features is designed to combine the strength of the company’s AI models with information from the web. It has been launching to a “small group of users and publishers to get feedback.”

    While this prototype is temporary, the long term plan is to integrate these features directly into ChatGPT.

    SearchGPT

    Image of SearchGPT prototype engine resultsOpenAI Website

    How SearchGPT claims to be different?

    • Using enhanced conversational capabilities of OpenAI’s models, combined with real-time information from the web, results for users can be made faster and easier.
    • According to the company, “SearchGPT is designed to help users connect with publishers by prominently citing and linking to them in searches. Responses have clear, in-line, named attribution and links so users know where information is coming from and can quickly engage with even more results in a sidebar with source links.”
    • Partnering with agencies is another approach being adopted. For instance, Nicholas Thompson, CEO of The Atlantic said “AI search is going to become one of the key ways that people navigate the internet, and it’s crucial, in these early days, that the technology is built in a way that values, respects, and protects journalism and publishers. We look forward to partnering with OpenAI in the process, and creating a new way for readers to discover The Atlantic.”
    • SearchGPT also uses visual responses with images and video in an easy-to-understand format.
    • The search further aims at improving the experience in areas like local information and commerce.

  • IIT Mandi launches new centre to foster innovation in Himalayas

    IIT Mandi launches new centre to foster innovation in Himalayas

    IIT Mandi launches new centre to foster innovation in HimalayasIIT Mandi launches new centre to foster innovation in Himalayas

    Indian Institute of Technology (IIT) Mandi, on Monday, announced the inauguration of the BioNEST-IIT Mandi Catalyst Centre, a pioneering initiative sponsored by the Biotechnology Industry Research Assistance Council (BIRAC), a funding agency, under the Department of Biotechnology.

    With an initial funding of Rupees five crore, the centre aims to drive innovation and entrepreneurship in biotechnology and healthcare sectors, particularly addressing the unique challenges of the Himalayan region.

    Its primary focus is on healthcare innovation, including the development of disease detection methods, affordable healthcare solutions, medical devices, prosthetics, tissue engineering, and regenerative medicine.

    In addition, the centre will explore biotechnology applications, such as drug discovery, bioactive compounds, supplements, and functional foods, to enhance health and wellness.

    “The BioNEST-IIT Mandi Catalyst Centre will support business ventures in the biotechnology and healthcare sectors that can generate significant economic opportunities by creating jobs,” said Dr Satvasheel Ramesh Powar, Faculty-in-charge, IIT Mandi Catalyst.

    Himalayas Spiti

    The Himalayas [Representational Image]Samuel Bourne/Getty Images

    “The centre will enhance collaboration and knowledge exchange by establishing strong networks among entrepreneurs, investors, industry partners, and academic institutions. In addition, the centre is committed to promoting sustainable development by encouraging startups to pioneer environmentally friendly technologies and solutions,” Dr Powar added.

    The centre aims to enhance the entrepreneurial ecosystem in the Himalayan region, offering vital incubation support to startups, including funding, mentorship, and access to cutting-edge facilities.

    (With inputs from IANS)

     

  • iPhone exports from India touch new all-time high in April-June quarter

    APPLE

    India-made iPhone shipments may grow 20% globally by 2024IANS

    In yet another success story of India’s local manufacturing push, iPhone maker Apple has achieved record exports numbers in the April-June quarter in the country, reaching around $3.8 billion.

    Riding on the government’s production-linked incentive (PLI) scheme, Apple reached a new all-time high in the Q1 FY25, according to industry data, as manufacturers continue to look at the ‘China + 1 business strategy’ to avoid investing only in the neighbouring country and diversify business into other territories.

    In the last fiscal (FY24), the Cupertino-based tech giant saw its sales hitting new highs amid increased manufacturing and a growing premiumisation trend.

    The tech giant saw robust around $8 billion sales in India in the last fiscal — a nearly 33 per cent surge (on-year).

    The growth came amid the premiumisation trend that has solidified in the world’s second-largest smartphone market.

    Apple Design Awards 2024

    Apple Design Awards 2024Apple

    According to industry estimates, iPhone shipments are projected to increase by over 20 per cent this year on the back of domestic manufacturing support and strong distribution.

    Industry experts said that Apple continues to enjoy the strong brand pull and lately expanding its channel presence in the country which helped it to grow further.

    In the Union Budget 2024-2025, the government has announced to reduce the basic customs duty (BCD) on mobile phones, printed circuit board assembly (PCBA) and mobile chargers to 15 per cent from the current 20 per cent.

    Finance Minister Nirmala Sitharaman said that with a three-fold increase in domestic production and an almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured.

    India’s electronics sector experienced rapid growth, reaching $155 billion in FY23.

    Production nearly doubled from $48 billion in FY17 to $101 billion in FY23, driven primarily by mobile phones, which now constitute 43 per cent of total electronics production.

    The country has significantly reduced its reliance on smartphone imports and is now manufacturing 99 per cent devices domestically.

    (With inputs from IANS)

  • Muzaffarpur businessman cheated by cyber criminals of Rs 89.90 lakh

    Indian-origin hacker gets 51 months jail for computer fraud in US

    Indian-origin hacker gets 51 months jail for computer fraud in USIANS

    Cyber cheats defrauded a Muzaffarpur businessman of Rs 89.90 lakh by alleging his involvement in a money laundering case, an official said on Saturday.

    The complainant has lodged an FIR in the Muzaffarpur cyber police station and the matter is under investigation by Bihar Police’s cyber cell.

    As per the FIR, the victim said that he received a call from an unknown number and the caller who posed as a Telecom Regulatory Authority of India (TRAI) official told him that his phone number would be disconnected within two hours.

    The caller informed the victim that another mobile number (8945392862) was active and his Aadhaar number had been given in the documentation. The caller said this number had been used to send illegal messages.

    5G

    Cyber cheats dupe Muzaffarpur businessman of Rs 89.90 lakhpixabay

    He stated that an FIR had been registered in Tilak Nagar Police Station in Mumbai and the victim had to appear before the officers.

    The caller transferred the victim’s call to another number (+91 7453951616) and a person wearing a police uniform interacted with him via a video call.

    “That man in the police uniform claimed to be an officer of the Tilak Nagar Police Station and he took the victim’s statement.

    “He also informed him that a bank account had been opened in Canara Bank using his Aadhaar number and that account was used in the money laundering case of one Naresh Goyal with illegal transactions to the tune of Rs 2.5 crore,” said Seema Devi, DSP of cyber cell Muzaffarpur.

    “He further informed the victim that an arrest warrant had been issued by the Supreme Court and asked him to appear at the Tilak Nagar Police Station. When the victim expressed his inability to reach Mumbai on such a short notice, the caller asked him to upload the details of the source of his earnings on the website of the Supreme Court. That caller also gave him a link http://www.main-scoi.in/,” the officer said.

    “When the victim opened the link, an arrest warrant was shown in his name. Hence, he uploaded his bank details on that website. Soon after, the cyber conmen withdrew Rs 89.90 lakh from his account. The victim lodged an FIR on July 24 and we are investigating the matter,” she said.

    The DSP did not reveal the name of the victim and said that four other FIRs had been registered in Muzaffarpur where fraudsters had used the same modus operandi to dupe people.

    (With inputs from IANS)