Tag: peak xv

Tiger Global, Other Investors Ask Indian Government to Reconsider Online Gaming Tax, Cite Investment Risk

Tiger Global, Peak XV and Steadview Capital are among 30 foreign and domestic investors asking Indian Prime Minister Narendra Modi to review a 28 percent gaming tax, saying the levy would adversely impact $4 billion (roughly Rs. 32,811 crore) in prospective investments, a letter showed.

India last week announced the tax on the funds that online gaming companies collect from their customers. Games such as fantasy cricket have become increasingly popular in recent years, but have also raised concerns about addiction among players.

The tax decision “has caused shock and dismay, (and) will substantially and meaningfully erode investor confidence in the backing of this or any other sunrise sector in the Indian tech ecosystem,” said the letter, signed by the investors and seen by Reuters.

The decision will “adversely impact prospective investments to the tune of at least $4 billion (roughly Rs. 32,811 crore) in the next 3-4 years and hence the growth of the gaming sector in India,” added the letter, the first instance of direct lobbying by investors against the tax move.

PM Modi’s office did not respond to a request for comment. The tax proposal is pending parliament’s approval.

Tiger Global and Peak XV, previously known as Sequoia Capital India, have invested in Indian gaming companies such as Dream11 and Mobile Premier League.

Despite the industry’s pleas, India’s government has said many ministers in the government tax panel viewed bets on online gaming platforms as a “social evil”, and there was no need to further consult the gaming industry on the matter.

Over 100 gaming firms wrote a letter recently to the finance ministry with a similar request, saying the tax will stifle foreign investment and put $2.5 billion (roughly Rs. 20,500 crore) already invested in the sector at risk. 

© Thomson Reuters 2023 

Will the Nothing Phone 2 serve as the successor to the Phone 1, or will the two co-exist? We discuss the company’s recently launched handset and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Microsoft-Backed AI4Bharat Said to Raise $12 Million Funding From Peak XV, Lightspeed

Researchers at AI4Bharat, a start-up backed by Microsoft, are raising $12 million (nearly Rs. 100 crore) from venture capital firms Peak XV and Lightspeed Venture, according to three people familiar with the matter.

The larger-than-usual seed funding round underscores the growing interest in generative AI, after OpenAI‘s ChatGPT dazzled users with its ability to engage in human-like conversations. Most seed rounds are usually up to $1 million (nearly Rs. 8,300 crore) to $2 million (nearly Rs. 16,500 crore).

AI4Bharat, which is also backed by the Indian government, has been developing AI models for speech recognition and translation. It unveiled in May a mobile assistant that aims to make information on government schemes accessible in multiple languages.

AI4Bharat, Peak XV and Lightspeed did not immediately respond to Reuters’ requests for comment.

Incubated at the Indian Institute of Technology in Madras and supported by a grant from Infosys co-founder Nandan Nilekani, AI4Bharat is also working with payments agency National Payments of India to develop systems for voice-based payments on feature phones.

The investment is among the first from Peak XV Partners after rebranding from Sequoia Capital India and SEA following a split with its US-based parent fund last month.

Peak XV’s other AI investments include voice assistant firm AI Rudder, computer vision firm Mad Street Den and enterprise marketing platform Insider, according to its website.

The buzz around generative AI among both consumers and businesses has helped related start-ups draw funding even as an uncertain economy saps investments for other companies.

Indian AI start-ups have raised $583 million (nearly Rs. 4,800 crore) this year, as of June, according to data from Venture Intelligence. They raised a total of $2.45 billion (nearly Rs. 20,650 crore) last year.

© Thomson Reuters 2023

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AI4Bharat Researchers Said to Raise $12 Million Funding From Peak XV, Lightspeed

Researchers at India’s AI4Bharat are raising $12 million (nearly Rs. 100 crore) from venture capital firms Peak XV and Lightspeed Venture for an artificial intelligence startup, according to three people familiar with the matter.

The larger-than-usual seed funding round underscores the growing interest in generative AI, after OpenAI‘s ChatGPT dazzled users with its ability to engage in human-like conversations. Most seed rounds are usually up to $1 million (nearly Rs. 8 crore) to $2 million (nearly Rs. 16 crore).

Vivek Raghavan and Pratyush Kumar, who worked on developing AI models for speech recognition and translation at AI4Bharat, are launching a new venture called Sarvam that will develop custom-made large language models (LLMs) for India-centric use-cases, the sources said. 

Peak XV and Lightspeed did not respond to Reuters requests for comment.

LLMs are computer algorithms that understand and generate text in a human-like fashion. They power virtual assistants widely in use on smartphones and the Internet.

The move comes months after Indian-government backed AI4Bharat unveiled a mobile assistant that aims to make information on government schemes accessible in multiple languages.

The investment is among the first from Peak XV Partners after rebranding from Sequoia Capital India and SEA following a split with its US-based parent fund last month.

Peak XV’s other AI investments include voice assistant firm AI Rudder, computer vision firm Mad Street Den and enterprise marketing platform Insider, according to its website.

The buzz around generative AI among both consumers and businesses has helped related start-ups draw funding even as an uncertain economy saps investments for other companies.

Indian AI start-ups have raised $583 million (nearly Rs. 4,800 crore) this year, as of June, according to data from Venture Intelligence. They raised a total of $2.45 billion (nearly Rs. 20,650 crore) last year.

© Thomson Reuters 2023

From the Nothing Phone 2 to the Motorola Razr 40 Ultra, several new smartphones are expected to make their debut in July. We discuss all of the most exciting smartphones coming this month and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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