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The lenders have been in negotiation with the company over prepayment of a $1.2 billion term loan taken by its US subsidiary, Byjus Alpha, even as the two sides also continued to fight a legal battle in US courts.

Rario is winding down its current product and users can withdraw their wallet cash balances. The company will launch a new version of Rario in March, which will have new cricket-based games. The current Rario cards will not be usable in the new platform, but the company will offer perks to lure old users. Rarios losses increased to Rs 560 crore in FY23, partly due to a write-off of intangible assets. The operating revenue grew to Rs 39 crore in FY23.

Earlier in February last year, SoftBank held a 13.24% stake in fintech major Paytm and has continued to dilute its stake through the course of last year. After the latest sale, SoftBank now holds a 5.06% stake in One 97 Communications, the parent entity that operates the Paytm brand.

Dutch tech giant ASML, which supplies chipmaking machines to the semiconductor industry, reported Wednesday a rise in annual net profit despite a high-tech trade spat between China and the West. ASML announced earlier this month that it had been blocked from exporting "a small number" of its advanced machines to China, amid reports of US pressure on the Dutch government.

The US coffee chain Starbucks Corporation and Tata Starbucks had alleged that certain imposters were seeking information from the general public to apply for Starbucks franchise opportunities, which does not exist in India.

SAP said it expects generative AI to fundamentally change its business and has pledged to invest more than $1 billion by backing AI-powered technology startups through its enterprise capital firm Sapphire Ventures.

Fixerra fundraise saw participation from investors such as Jaideep Hansraj, MD of Kotak securities, Shailesh Haribhakti, chairman of Shailesh Haribhakti & Associates, Oisharya Das, CEO of Kotak Private. The family office of Harish Shah, managing director of Signet Excipients also took part in the funding.

S Krishnan said that while institutes like Indian Institute of Science are training several Mtech graduates and PhDs, in design of semiconductors, the people who are in most demand are technicians, he said.

Tesla CEO Elon Musk has long whetted fans and investors appetites for affordable electric vehicles and self-driving robotaxis that are expected to be made on next-generation, cheaper electric car platforms.

Based in the US, Rao was the chief business officer of the banking, financial services and insurance (BFSI) vertical at LTIMindtree (with Mindtree before the merger with L&T Infotech) for over four years. Prior to LTIMindtree, Rao worked for seven years at global rival Cognizant leaving as vice president & managing partner in November 2019.