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After the COO leaves, Paytm’s stock declines; India’s first microcontroller chip

Monday was a rough day for One 97 Communications, the company behind Paytm, as its shares took a 5% hit following the announcement of Bhavesh Gupta’s departure. The stock closed at its day’s low of Rs 351.7 on the BSE, hitting its lower circuit limit, amidst broader market stability.

Gupta’s exit marks another significant change in Paytm’s leadership landscape, with the seasoned executive transitioning into an advisory role due to personal reasons. His departure adds to a series of top-level shifts within the company, including Varun Sridhar’s move from CEO of Paytm Money to chief executive of Paytm Services, and Rakesh Singh’s appointment to lead Paytm Money.

Despite these changes, Paytm’s troubles persist, particularly in its banking unit, which has seen a drastic slowdown in its mobile wallet business following regulatory actions by the central bank. The declining transaction numbers paint a challenging picture for the fintech giant.

In contrast to Paytm’s struggles, Mindgrove Technologies’ launch of Secure IoT, India’s first commercial high-performance SoC, offers a beacon of innovation. The chip’s potential to reduce costs for local companies while maintaining high-end features could drive significant advancements in India’s IoT ecosystem.

Meanwhile, the hiring landscape in the IT sector reflects a broader trend of contraction, with major players like Cognizant and Capgemini scaling back their hiring efforts amidst an oversupply of talent and changing industry dynamics. This shift underscores the challenges faced by service providers in adapting to evolving market conditions.

In the realm of influencer marketing, brands in the beauty and cosmetics industry are grappling with the challenge of engaging with the right audience. The prevalence of male followers among influencers raises questions about the effectiveness and credibility of marketing campaigns, prompting brands to reassess their strategies to ensure alignment with their target demographics.

As the AI landscape continues to evolve, the emergence of closed-source models highlights the ongoing competition for performance superiority. Despite the proliferation of open-source models, closed-source counterparts maintain a median performance advantage, underscoring the complexities of AI development and deployment.

Overall, these developments reflect the dynamic nature of the technology and business landscapes, where innovation, leadership changes, and market fluctuations constantly shape the trajectory of companies and industries.


Trish Basangar

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