Technology

Invesco raises its valuation of Swiggy to $13.3B

Published

3 hours ago

October 1, 2024

Invesco raises its valuation of Swiggy to $13.3B

U.S. asset manager Invesco has raised the value of its stake in Swiggy, ascribing an implied valuation of about $13.3 billion to the Indian food-delivery and quick-commerce startup that is on track to go public in about a month.

In a disclosure on Tuesday, Invesco’s Developing Markets Fund said it valued the 28,844 shares it owns in Swiggy at $219.25 million as of the end of July 2024. The asset manager bought the shares in Swiggy for $190.47 million.

Invesco invested in Swiggy in early 2022, leading a $700 million round in the Bengaluru-based startup. The round valued the company at $10.7 billion.

Invesco has been fairly conservative with its assessment of its holdings in Swiggy. When the market dipped in 2023, Invesco lowered its estimated value of Swiggy to $5.5 billion at the end of July 2023, and held it at about $12.3 billion at the end of April this year.

Firms use different methodologies to calculate the valuation of privately-held companies. Generally, they use the market performance of a publicly listed rival to benchmark such companies. Zomato, Swiggy’s chief rival, has had a market cap between $22 billion and $30 billion in recent months.

Baron, another investor in Swiggy (though it owns fewer shares in the food delivery startup than Invesco), valued the Indian firm at $15.1 billion at the end of March this year.

“Swiggy is well positioned to benefit from structural growth in online food delivery in India, in our view,” Baron said in a letter in June. “We believe India’s food delivery industry is still in its infancy and will continue to scale over the next several years thanks to a growing middle class, rising disposable income, higher smartphone penetration, and structural shifts in consumer preferences driven by a tech-savvy, younger population. The industry has also become a duopoly between Swiggy and Zomato, which bodes well for the future profitability and scale of the company.”

The mark up in valuation comes at a time when many investors have cut the value of their holdings in several Indian and overseas startups. In a June update to its investors, wealth and asset manager 360 One said it valued VerSe, an Indian startup that operates the popular news aggregator Dailyhunt, at $2.9 billion, down from the $5 billion price tag at which VerSe raised its last private round in April 2022.

#60 One ascribed a valuation of about $900 million to online meat and seafood retailer Licious, and $1.9 billion to edtech company upGrad, TechCrunch previously reported.

Swiggy is seeking to raise as much as $1.4 billion in the IPO at a valuation range of $13 billion to $15 billion.

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Technology

AMD launches Epyc embedded processors for compute-intensive, low-energy devices

Published

4 mins ago

October 1, 2024

NewsAdmin

AMD Epyc Embedded chips are hitting their fourth generation.

AMD launched its Epyc Embedded 8004 Series processors, driving its high-performance, low-wattage computing into the embedded market. Over the years, AMD has set the industry standard with its Epyc embedded processors offering exceptional performance, efficiency, connectivity, and innovation for networking, storage, and industrial applications. Toda…Read More

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Technology

Beta Technologies unveils first passenger carrying electric aircraft

Published

29 mins ago

October 1, 2024

NewsAdmin

Beta Technologies unveils first passenger carrying electric aircraft

Beta Technologies unveiled Monday the next electric aircraft in its lineup — a passenger-carrying version of its ALIA vertical takeoff and landing and fixed-wing vehicles.

Electric vertical takeoff and landing (eVTOL) vehicles don’t rely on a runway, whereas fixed-wing aircraft do.

The Vermont-based startup, which has raised over $860 million in equity to date from heavy hitters like Amazon’s The Climate Pledge, is pursuing electric aviation a little differently, and more discreetly, than others in the industry. Unlike competitors Joby Aviation and Archer Aviation, Beta doesn’t want to operate its own urban air taxi network. Rather, Beta has positioned itself as the OEM that will sell aircraft and charging solutions to a host of customers.

So far, Beta has secured customers across defense, cargo delivery, and medical logistics – like United Therapeutics, UPS, Air New Zealand, and the U.S. Air Force – with a plan to launch in those markets by 2025. Customers like Archer rely on Beta’s charging network, which consists of 34 active sites, with more than 50 sites in progress.

“Flying passengers has always been a part of the plan,” Kyle Clark, Beta’s founder and CEO, told TechCrunch. “We designed everything in the aircraft from a safety and space configuration standpoint to accommodate passengers. It just made more sense, from a certification and customer acquisition standpoint, to first focus on medical and cargo, and then go to passenger,” he added.

Beta hasn’t yet built a full passenger-carrying prototype, but the concept relies on much of the same design and engineering as Beta’s existing models. Clark says this creates a streamlined path to certification, manufacturing, and commercialization.

The biggest notable differences are that the passenger variant has more windows so people can look outside, and the interior features five seats plus a cabin for the pilot, a luggage compartment, and “some accouterments for people in the back to be comfortable,” like light switches and ventilation controls, according to Clark.

All versions will be able to carry around 1,400 pounds, and in some cases they already are. Beta’s aircraft has already tested cargo-carrying missions for the military, and Clark says the startup has more flight hours than any other company in the industry.

“I contend that we will have tens, if not hundreds, of cargo aircraft flying with tens of thousands of flight hours, generating the most important thing in aviation, which is trust in the safety of the product, before we start flying passengers,” Clark said.

“I believe this strategy will actually have us flying passengers before anybody else because of the trust that we developed and the regulatory path we’ve chosen to get us through those wickets faster.”

Clark estimates that Beta’s aircraft are 13 to 14 months away from Federal Aviation Administration (FAA) certification. Today, Beta has secured a “market survey ticket,” which allows the startup to fly with potential customers so their pilots can test and evaluate the aircraft.

And that strategy has already helped secure customers in the passenger arena. On-demand aviation startup Blade, which today helps the wealthy book helicopters or seaplanes to beat the traffic, placed their financially backed order for up to 20 of Beta’s eVTOLs in 2021. Other customers include aviation company LCI, which will use Beta’s aircraft to transport guests to the Aria Hotels in Greece, and Helijet, which has placed a firm order on four eVTOLs with an option to buy four more for cargo and passenger missions.

Beta is gearing up to fill those orders and more over the next couple years. The company built its first aircraft in a prototype facility, but in January, Beta opened the doors to its production facility in South Burlington. Clark said the FAA has kept a tight watch on production, which means “it’s not rocket fast,” but he expects the facility to produce hundreds of aircraft in the next year and a half. In four years, Clark expects the facility to hit a maximum capacity of 300 aircraft per year.

Clark is most excited about a future in which electric aviation can bring down the cost of regional flight significantly, allowing people who normally have to drive two to three hours to reach a commercial airport to instead get there within minutes without breaking the bank.

He noted that short regional flights today are so expensive because jet engine fuel is pricey and so are the recurring maintenance costs for jet engines themselves.

“When you go from a turbine or jet-powered aircraft to an electric aircraft, you can effectively half the cost of carriage,” Clark said. “That opens up about 10 times more markets for transporting people.”

Correction: A previous version of this article stated Beta had 20 charging sites active based on an old number the company provided to TechCrunch.

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Servers computers

Dell PowerEdge R920 Rack Server Being Tested By ShopEzIT

Published

35 mins ago

October 1, 2024

NewsAdmin

Dell PowerEdge R920 Rack Server

Here is the newest and best server by Dell

Dell R920

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Technology

eBay is off the hook for selling harmful products

Published

50 mins ago

October 1, 2024

NewsAdmin

eBay is off the hook for selling harmful products

A US government lawsuit accusing eBay of selling almost 350,000 polluting and environmentally harmful products — including pesticides and “defeat” devices that let motor vehicles evade emission controls — has been dismissed by a federal judge. On Monday, District Judge Orelia Merchant ruled that eBay isn’t liable for items that users sell on the digital marketplace due to civil protections that Section 230 of the Communications Decency Act provides for online platforms.

Under Section 230, online platforms cannot be held responsible for hosted content unless “it assisted in the development of what made the content unlawful.” The lawsuit filed by the US Department of Justice last year alleged that eBay had violated the Clean Air Act (CAA) by knowingly selling, or offering unlawful products for sale.

Merchant dismissed the DOJ’s claim, ruling that eBay “must own or possess an item” to be considered a seller. Merchant also ruled that administrative and technical support that eBay provides to sellers, such as messages, email notifications, and processing payments, doesn’t materially contribute to the “alleged unlawfulness” of illegal products.

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Servers computers

42U Network & Server Cabinet: GR800-Series | FS

Published

1 hour ago

October 1, 2024

NewsAdmin

42U Network & Server Cabinet: GR800-Series | FS

To meet the increasing high-density cabling, FS.COM tailors this multifunctional 42U network & server cabinet ( https://goo.gl/FwMXLT ) for you. This 42U GR800-Series cabinet will be equipped with PDU brackets and vertical cable managers for your flexible cable management. Watch this video, we will show you its features and application scenario. Also, the proper matching equipment suggestions have also been provided by our professional experts. .

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Technology

New Epson portable laser projectors with Google TV get US pricing and release date

Published

1 hour ago

October 1, 2024

NewsAdmin

Epson EF-22 portable projector on green background

Projector maker Epson has dropped details about a pair of new models joining its “Mini” lineup. The EF-22 ($999.99) and EF-21 ($899.99) are portable projectors designed for easy set-up that beam images as big as 150 inches. These models feature Google TV for streaming – a welcome upgrade over the company’s earlier portable projectors, which used the more bare-bones Android TV platform.

The new Epson pair has better brightness specs than what you typically get with the best portable projectors. Both models are rated for 1,000 lumens (ISO) of white and color brightness. Image resolution is 1080p Full HD, and both support HDR10 high dynamic range.

Epson’s proprietary EpiqSense technology automatically sizes, focuses, and aligns pictures when the projectors are set up and positioned. The EF-22 model also features a 360-degree swivel stand that can tilt to project images at any angle, even on the ceiling.

With a 2x 5W Dolby Audio speaker system, both the EF-22 and EF-21 are all-in-one home entertainment systems. They also feature a 3.5mm audio output for connecting headphones and an HDMI input for connecting one of the best 4K Blu-ray players or a laptop computer.

Color options for the EF-22 and EF-21 include Diamond White, Opal Green and Quartz Rose, and the EF-22 also comes in Stone Blue and Onyx Black. An optional EpiqVision Mini Custom Travel Case for taking your projector on the go is available for $49.99.

The Epson EF-22 and EF-21 will be available starting in early October.

Epson EF-21 portable projector on white background

Epson’s EF-21 portable projector lacks the built-in swivel stand of its EF-22 big brother (shown at top) (Image credit: Epson)

A promising pair of portables

Epson is well known for its home theater projectors, including the Epson Pro Cinema LS12000 , which tops our list of the best 4K projectors as the best overall model. However, it has only taken tentative steps into portable “lifestyle” projectors. The new EF-22 and EF-21 look to be the company’s best portables yet, with Google TV built-in for streaming and a sleek new design with multiple color options.

The portable projector space has become fairly oversaturated, with projectors like Samsung’s The Freestyle and LG CineBeam Q competing with models from XGIMI, Anker, JMGO, Dangbei, and other brands, including super-cheap projectors on Amazon. Given the crowded nature of the portable market, will Epson be able to make a name for itself in this space as well?

A key advantage Epson has going for it is its reliable, no-nonsense specifications. Epson uses the internationally recognized ISO 21118 standard to create brightness specs for its projectors, portable models included, so when Epson says its projector puts out 1,000 lumens, you can count on that number being accurate. That stands in contrast to multiple other projector manufacturers, a number of which have been sued by Epson for making misleading or downright false projector brightness claims.

We can’t wait to get an up-close look at Epson’s new portable projectors and expect they might just join the ranks of the best portable projectors after we’ve completed our review.