Welcome to this week’s edition of the Weekly Tech Digest by AC MVIT! In a rapidly evolving technological landscape, we’re here to keep you informed about the latest happenings in the world of technology, from groundbreaking product launches to significant corporate partnerships and investments. Let’s dive into the highlights of the week!

Top Tech News of the Week

1. Apple Confirms M4 Macs Launch

Apple’s marketing chief, Greg Joswiak, has officially confirmed the launch of new Mac models next week, featuring the highly anticipated AI-focused M4 chip lineup. This announcement builds excitement among tech enthusiasts as it is expected to include updates for the 14-inch and 16-inch MacBook Pro, the 24-inch iMac, and the Mac mini. The M4 chips are designed to enhance artificial intelligence processing capabilities, making these machines more powerful and efficient. The entry-level MacBook Pro will reportedly feature the base M4 chip, while the higher-end models will utilize the more advanced M4 Pro and M4 Max chips. The 24-inch iMac is also set to receive its first update since the October 2023 release of the M3 chip, signifying Apple's commitment to integrating AI across its product lines. The new Mac mini is expected to come with a refreshed design and updated configurations. Following this initial launch, Apple plans to roll out M4 updates to additional Mac models throughout 2025, including the MacBook Air. The event will kick off Monday morning, where specific features, pricing, and availability details will be unveiled.

2. Recursion and Google Cloud Expand Partnership

Recursion, a pioneering TechBio company focused on decoding biology to enhance healthcare, has expanded its partnership with Google Cloud to further support its drug discovery platform. This strategic collaboration will leverage Google Cloud's advanced technologies, including generative AI capabilities like the Gemini models, to streamline the drug development process. Recursion aims to reduce the time and cost associated with bringing new therapies to market, addressing critical challenges in the biopharmaceutical industry. The partnership will enable Recursion to manage its massive datasets more effectively, utilizing Google Cloud’s infrastructure for advanced computations and insights. By optimizing their research capabilities, Recursion hopes to accelerate the development of life-saving treatments. The average cost to develop a new drug has skyrocketed, and this collaboration seeks to mitigate those rising costs. Both companies have a longstanding history of successful collaboration, and this expanded partnership promises to deepen their impact on healthcare innovation. As Recursion continues to enhance its drug discovery processes, it aims to revolutionize how new therapies are developed and delivered to patients globally.

3.Temasek Invests $60M in Upgrad, Founder Ronnie Screwvala Increases Stake

Singapore’s sovereign wealth fund, Temasek, has invested an additional $60 million into Indian edtech company Upgrad, maintaining its valuation at $2.25 billion. Separately, Upgrad's founder and chairman, Ronnie Screwvala, bought out Bharti Enterprises' 1% stake for $20 million, reinforcing his commitment and bringing his total ownership to 45%.

Upgrad has made significant strides in enterprise learning, growing through acquisitions like Centum Learning, which focuses on corporate upskilling. With strong quarterly revenue growth reaching around Rs 600 crore, Upgrad is projected to hit Rs 2,400 crore by year-end, with Screwvala reportedly planning to take the company public within the next 7-8 quarters.

This funding round, totaling $80 million including Screwvala’s secondary purchase, is one of the largest in the edtech sector amid a general funding downturn. While total edtech funding has dropped from $4.1 billion in 2021 to around $650 million so far this year, Upgrad’s profitability in specific business lines and customer acquisition cost improvements reflect its strategic shifts.

Screwvala’s return is expected to attract public market interest as Upgrad prepares for an IPO, positioning itself alongside other major edtech players like Eruditus and PhysicsWallah, which recently secured $150 million and $210 million in funding, respectively.

4. Zomato to Raise Rs 8,500 Crore via QIP

Zomato has announced plans to raise ₹8,500 crore through a qualified institutional placement (QIP) to bolster its position against quick commerce competitors. This marks the first fundraising effort since its IPO in July 2021. The decision comes as Zomato reported a remarkable 68% year-on-year increase in operating revenue, reaching ₹4,799 crore, with net profit soaring nearly fivefold to ₹176 crore.The growth has been fueled by its quick commerce unit, Blinkit, which is expanding rapidly. Zomato's CEO, Deepinder Goyal, emphasized the need for additional capital despite having over ₹10,000 crore on hand to stay competitive. CFO Akshant Goyal mentioned that the final amount raised would depend on market conditions at the time of the QIP launch.Zomato's plans come amid its rival Swiggy's efforts to raise $1.25 billion through an IPO and Blinkit's competitor, Zepto, which recently raised approximately $1 billion. Although the new funds could enable Blinkit to discount aggressively, Zomato clarified that the primary goal is to strengthen its balance sheet.

Despite a significant year-on-year profit increase, Zomato faced a sequential decline in net profit due to a ₹76 crore tax payment. The company's adjusted EBITDA improved, primarily driven by better performance in its food delivery segment, which saw a 21% year-on-year growth in gross order value (GOV).In the coming months, Zomato plans to expand Blinkit’s infrastructure, including opening new dark stores, aiming for 1,000 by March 2025. Additionally, the company is enhancing its going-out business through its acquisition of Paytm's events and ticketing segment, which is expected to gain traction with the launch of a new app, District.

5. Nvidia CEO Jensen Huang: India Poised to Lead in Next-Gen AI Software and Chip Development

At the Nvidia Artificial Intelligence (AI) Summit on Thursday, Nvidia CEO Jensen Huang highlighted India's potential to become a global leader in next-gen AI software, emphasizing the country’s data infrastructure, talent, and innovation ecosystem. According to Huang, India possesses all the necessary ingredients to create AI solutions that can be exported worldwide, from data harvesting capabilities to AI intelligence development.

Huang’s visit has already fostered multiple partnerships with prominent Indian companies, including Reliance Jio, Tata Group, Infosys, and Larsen & Toubro. These collaborations aim to accelerate AI adoption and create impactful tech innovations across various industries in India.

In addition, Nvidia has proposed a joint chip development initiative with India, an endeavor that would harness India’s semiconductor design expertise. This strategic move could deepen Nvidia’s foothold in India's rapidly growing technology market and enhance India's role in the global semiconductor ecosystem.

As we wrap up this week’s tech highlights, it’s clear that the tech landscape is buzzing with innovation and strategic moves aimed at shaping the future. From Apple’s promising new launches to significant partnerships in the biopharmaceutical and education sectors, the momentum is building. Stay tuned for more insights and updates in our next edition!

Thank you for reading, and we hope you found this week’s tech news informative and engaging. Don’t forget to share your thoughts with us, and see you next week for another round of exciting tech news!