Fosfor And Snowflake Deepen Joint Commitment To Enable Faster And Better Decisions For Enterprises With GPT, Its Integrations

* Snowflake-native integrations enable data analysts, ML engineers, and business users to bring their data and Machine Learning models to life as secure, interactive applications — all within Snowflake

Fosfor, the Data Products Unit of LTIMindtree [NSE: LTIM, BSE: 540005], today announced a series of new integrations with Snowflake at its annual user conference, Snowflake Summit 2023. These integrations will allow Snowflake customers to leverage the Data Cloud to realize the full power of the Fosfor Decision Cloud, accelerating their adoption of Artificial Intelligence (AI) and Machine Learning (ML) workloads and optimizing decision intelligence capabilities at enterprise scale. The announcement comes on the heels of the Fosfor product suite being certified as a Snowflake Ready technology. 

A growing number of businesses are pursuing business transformation by leveraging the power of Snowflake Data Cloud. The Fosfor Decision Cloud helps enterprises further maximize the business value of their data in the Data Cloud by providing: 

·         Generative AI to enhance productivity in the ML build lifecycle and democratize insights consumption: Refract Wave, the newest capability in the Refract ML Engineering product, now integrates with GAI to help ML architects with faster data onboarding and effortless execution of ML pipelines. Lumin Flow, a new capability of Fosfor’s decision intelligence product, is powered by GPT, making it possible for Snowflake customers to get actionable insights quickly, safely, and securely. 

·         Streamlit integration to create apps to scale the accessibility of insights: Refract’s Streamlit integration enhances the model performance of existing Streamlit apps and simplifies the creation of custom models for new applications. Lumin provides a Streamlit SDK pack, combining the Snowflake tech stack with Lumin’s decision intelligence capabilities.

·         Snowpark integration to accelerate the generation of insights within the Snowflake ecosystem: Refract’s Snowpark integration provides a simple, end-to-end integrated workbench for ML workloads on Snowpark, which reduces both the time and complexity required for data science and ML practitioners to achieve their goals. With Refract, ML models can be run directly on Snowflake by leveraging Snowpark, ensuring real-time insights, better data governance, and higher quality decisions on the Data Cloud. Lumin’s natural language search capability and NLP-based insights enable customers to fully exploit the power of Snowpark and aid new use cases, which were not previously possible, while optimizing TCO and simplifying infrastructure needs.

·         Pre-built industry solutions leveraging the combined power of Fosfor and the Data Cloud: Fosfor is rolling out a series of Snowflake-integrated industry solutions to address insight-related use cases commonly faced by Data Cloud users. These include FinOps insights, marketing campaign analytics, nursing attrition analytics, and IT incident analytics on ServiceNow using Snowflake’s native ServiceNow connector.

Extending the depth of its platform, Fosfor — combined with Snowflake’s best-in-class cloud technology — is unlocking new ways to transform the industry and accelerate data-driven outcomes for customers. 

“Fosfor and Snowflake are united in our shared goal of enabling the new breed of data-driven enterprises. With Refract’s native integration with Snowpark, we’re giving builders the data access and tools they need to securely accelerate their innovation pace under Snowflake’s unified platform. By bringing the power of GPT to Lumin, our vision is to democratize decision making on the Data Cloud,” said Debasis Satpathy, Chief Business Officer, Fosfor. “We are thrilled to deepen our Snowflake partnership and see our combined efforts accelerate the journey from data to optimized business decisions seamlessly and at scale.”

“We are excited that Fosfor is introducing new and unique Generative AI, Snowpark, and Streamlit innovations to enhance its integrations with the Snowflake Data Cloud,” said Krishnan Parasuraman, Vice President, Field CTO Office, Snowflake. "Fosfor’s announcements represent an important milestone in our continued partnership as we focus on helping customers across the globe easily and securely get actionable insights from their data."

At the Snowflake Summit 2023 in Las Vegas, happening June 26-29, 2023, attendees can get a glimpse of the latest features and much more at the Fosfor Booth, number 2741.

Be sure to check out the Snowflake Summit 2023 keynotes live or on-demand here and stay on top of the latest news and announcements from Snowflake on LinkedIn and Twitter.

About Fosfor

The Fosfor Decision Cloud is the only end-to-end suite for optimizing all aspects of the data-to-decisions lifecycle. Fosfor helps you make better decisions, ensuring you have the right data in more hands in the fastest time possible. The Fosfor Decision Cloud is made up of Spectra, a comprehensive DataOps product; Refract, a data science and MLOps product; and Lumin, a decision intelligence product. Taken together, the Fosfor suite helps businesses discover the hidden value in their data. The Fosfor Data Products Unit is part of LTIMindtree, a global technology consulting and digital solutions company with hundreds of clients and operations in more than 30 countries. For more information, visit www.fosfor.com.

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 84,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information, visit https://www.ltimindtree.com/.

GotChosen Has Announced The Launch of “GotChosen Lite”, A Lighter And Faster Version of Its Short-Form Video Platform

* Social Media Platform ‘GotChosen’ launches Lite version 

* Developed exclusively for the Indian market 

* GotChosen Lite is one of the lightest in the category at under 30 MB 

GotChosen, the social media platform that prioritises monetization for influencers announced the launch of “GotChosen Lite”, a lighter and faster version of its short-form video platform. The application was created for the Indian market, with the aim to optimise it for a wide range of users and focus on low-end mobile devices that don’t have a very fast processor, storage, or memory.  

At under 30 MB download size, GotChosen Lite is now available to download for any smartphone, including low-end mobile devices. Users can view and upload short-form videos on the app, as well as engage, create, and monetize their content. Prior to the launch of GotChosen Lite, the standard or main version of GotChosen app was being offered to a limit audience on Google Play for mobile devices with over 3 MB memory ram. 

With a reduced size of download and storage, GotChosen Lite also consumes significantly less resources from the device, without compromising on the experience of the user. While offering a similar user experience to the standard GotChosen app, the Lite version does not offer the full suite of features of content creation. However, content creators can easily create and post videos from the gallery of their mobile devices and also use the app camera with basic features. 

Commenting on the light version, Oz Silva, Founder and CEO, GotChosen said. “We developed GotChosen Lite with the aim to ensure that the size of our application does not become a deterrent for creators and users. We wanted a user-friendly app, which requires minimum resources, and allows them to create and consume content, as well as monetize it.” 

“We are committed to providing the best experience for the users, while not forgetting the core of our operations – monetization. We are focussed towards adding value to the creator space in India, while making sure we are transparent with our audience in all aspects”, he further added. 

GotChosen Lite is available for all the android users and can be downloaded through Google Play Store. The standard version of GotChosen is available on Google Play Store and iOS.  

An Indian Cybersecurity Company: SecureEyes Wins Tech Service Award At Central Banking Awards 2023, UK

SecurEyes, an Indian cybersecurity specialist company, has been awarded the Technology Services Award at the Central Banking Awards 2023 for its flagship Suptech product SE-RegTrac.

The Central Banking Awards 2023 recognize excellence in a community that had faced significant policy and operational challenges amid heightened inflationary pressures, rapid technological change, and environmental transition. Through this time, many Central Banks have made significant improvements in their governance, operations, communications, economics, currency, reserves, and market infrastructure capabilities.

SecurEyes won the Technology Services Award for its SE-RegTrac product, which has been designed to simplify the process of regulatory supervision, making it easier for regulators to engage institutions under their purview via centralized, automated, compliance management; sector-wide risk visibility; tiered remediation management; and dashboards for informed decision making. Mr. Karmendra Kohli, CEO & Director,  SecurEyes and Mr. Seemanta Patnaik, Co-Founder and Chief Technology Officer at SecurEyes, said that the product “will go a long way” towards helping central banks “with risk-based supervisory capabilities to manage risks and compliance.”

"We are honored to receive this prestigious award. This recognition is a testament to the hard work and dedication of our team in developing innovative solutions that address the growing cyber security threats facing the banking industry. We remain committed to helping central banks and financial institutions around the world enhance their cyber defences and achieve their business objectives,” said both the co-founders.

The Central Banking Awards, now in their 8th year, are highly regarded in the banking industry and recognize excellence in a range of categories, including technology services, governance, reserve management, and more.

In addition to the SecurEyes' win, Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), was named Governor of the Year at the same forum. Governor Das has cemented critical reforms, overseen world-leading payments innovation, and steered India through difficult times during Covid 19 pandemic with a steady hand.

ABOUT SECUREYES:

SecurEyes is a trusted supervisory technology partner of regulatory bodies, governments, and multinationals across the globe. With integrated security solutions for governance, risk, and compliance, we enable you to proactively monitor your business while balancing customer needs, performance, and innovation. Our flagship product line digitizes supervisory activities for regulators; automates compliance management and regulatory reporting for enterprises; manages supply chain cybersecurity risks; provides cybersecurity awareness packages.

Frost & Sullivan Honours AdaniConneX With South Asian Company Of The Year For Excellence In Data Center Infrastructure & Operations

* AdaniConneX has emerged as a market leader for delivering scalable, transparent, secure, and flexible digital infrastructure solutions in line with customers’ business objectives via its consultative approach.

Frost & Sullivan has honoured AdaniConneX with the 2023 South Asian Company of the Year Award for delivering data center infrastructure and operational excellence. Bringing the energy infrastructure expertise of the Adani Group and Data Center expertise of EdgeConneX, AdaniConneX is emerging as the torchbearer in the region when it comes to implementing Everything-as-a-Service (XaaS), starting with Data Center and Energy infrastructure services, and building towards a seamless common service orchestration and management fabric for digital infrastructure.

India’s soaring Data Growth along with rapid adoption of emerging technologies such as Cloud, AI, IoT, etc., is driving the need for reliable and sustainable Digital Infrastructure, necessary to sustain India’s momentum towards becoming a digital-first nation. In light of these Mega Trends, AdaniConneX has emerged as a key player that is offering an integrated approach towards building digital infrastructure with full-stack solutions, addressing regional requirement with global standards. It delivers products and solutions that address current market gaps, while driving business and technological innovations anticipating future customer needs. The company’s targeted innovation addresses the shortcomings of existing solutions and the technology voids responsible for customer pain points and frustrations.

The company’s ability to leverage its extensive know-how in energy supply management has empowered it to offer customers end-to-end energy security and control, with cutting-edge Data Center solutions that encompass complete digital infrastructure lifecycle, including Data Center Design, Construction, and Operations.

“AdaniConneX adopts a collaborative approach through its holistic end-to-end solutions to engage customers and goes above and beyond just offering services. It acts as a consultant and strategic partner that strives to support customers in achieving their long-term visions,” said Gautham Gnanajothi, global vice-president of research, Frost & Sullivan. 

AdaniConneX’s excellence in implementing visionary scenarios through the use of Mega Trends creates new market opportunities, leading to customer satisfaction while establishing a strong product positioning strategy. This strategy focuses on sustainability, resiliency, and life cycle performance, including cost efficiency, time to market, and the flexibility to adapt to changes. The company serves various vertical segments with solutions tailored to suit individual sector requirements, further fostering its growth. It leads the market by staying at the forefront of technological development and innovations while promoting workforce diversity, inclusion, and skills development.

“AdaniConneX’s futuristic approach towards product and solution development combined with its staunch resolve to fill market voids and customer challenges has placed it in the forefront of this highly competitive industry. Its deep-rooted engineering expertise, along with its strong focus on delivering excellence, have resulted in path-breaking infrastructure and operational best practices, ultimately enhancing customer value,” added Gnanajothi. With its strong overall performance, AdaniConneX earns Frost & Sullivan’s 2023 South Asian Company of the Year Award in the Data Center Infrastructure and Operations industry.

“Our success as the Frost and Sullivan Company of the Year is a testament to the collective efforts of our team, partners, and customers. As we continue to innovate, collaborate, and strive for excellence, we are shaping an industry that is not just about data, but about empowering business, transforming lives, and driving change.", said Sanjay Bhutani, Chief Business Officer, AdaniConneX.

Each year, Frost & Sullivan presents a Company of the Year award to an organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About AdaniConneX

AdaniConneX, a 50:50 JV between Adani Enterprises and EdgeConneX, was founded with a vision to redefine the data center landscape in India. AdaniConneX envisions to build an environmentally and socially conscious 1GW data center infrastructure platform by leveraging the complementary capacity of the Adani Group, India’s largest infrastructure player, and EdgeConneX, one of the largest private data center operators. In a land of innovators, data center solutions need to be ahead to accelerate ambition and AdaniConneX mirrors this vision of Digital India.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success.

SIDBI Achieves Another Major Milestone; Asset Base Crosses Rs 4 Trillion Mark

The Small Industries Development Bank of India (SIDBI) held its 25th Annual General Meeting on June 26, 2023, at its Head Office in Lucknow. The audited financial results of SIDBI for the year ended March 31, 2023 were approved at the Annual General Meeting.

Shri Sivasubramanian Ramann, IA&AS, Chairman and Managing Director of SIDBI, addressed the members and outlined SIDBI’s financial and operational performance for FY 2022–2023. SIDBI achieved the highest-ever outstanding, income, net-profit and balance sheet. SIDBI witnessed significant growth in all business spheres. SIDBI crossed the milestone figure of balance sheet of ?4 lakh crore. SIDBI's disbursements jumped by 93%, from ?1,43,758 crore in FY 2022 to ?2,76,755 crore in FY 2023. ‘Loans & Advances’ of SIDBI increased from ?2,02,252 crore in FY 2022 to ?3,56,439 crore in FY 2023, growth of 76%. The Asset Base of the Bank has shown growth of 63% from ?2,47,379 crore to ?4,02,383 crore. In FY 2023, the Bank registered income of ?18,485 crore, an increase of 102% over previous year and net profit of ?3,344 crore an increase of 71% over previous year. The Earnings Per Share (EPS) was ?58.81 in FY 2023. Gross and Net NPA ratios declined further to 0.01% and 0.00%, respectively as on March 31, 2023. The AGM approved the payment of a dividend of 20% for FY 2023.

Shri Ramann stated that the Bank’s Direct and Indirect finance activities have substantially increased flow of lower-cost credit to the MSME sector. The share of MSME borrowing in SIDBI Balance Sheet has increased from 7% to 17% over 2 years and the aim is to increase it to 25% in another 2 years with support of Department of Financial Services and Reserve Bank of India. Providing lower cost finance to the MSME sector through refinance to Banks and NBFCs as also Direct finance support by way of debt and equity through fully digital platforms is the mandate of SIDBI. Implementing govt schemes for MSME like PM SVANidhi and PM VIKAS is an important component of credit-delivery by SIDBI.

Along with the financing role, SIDBI has remained at the forefront of developing innovative solutions to address challenges faced by the MSME sector. The Bank has made significant strides in developing many digital ecosystem initiatives and applying financial tools to encourage MSMEs to embrace green practices. SIDBI has leveraged the India Stack to undertake new digital initiatives to strengthen the MSME ecosystem such as,

·       Udyam Assist Platform- to bring Informal Micro Entities (IMEs) into formal economy by issuing Udyam Certificate. This shall enable access to markets, financial services, and government schemes to IMEs. Over 30 lakh IMEs have registered as part of the project.

·       GST Sahay- The Bank has developed a new App named GST Sahay which facilitates collateral free lending based on cashflow assessment. The App would digitally provide ‘on tap’ invoice-based collateral free financing for MSMEs sector.

·       FIT Rank- SIDBI has mentored Finance Income and Trade data-based rank (FIT Rank) for MSME which uses GST, ITR and Bank Statements to assign FIT Rank reflecting relative Probability of default (PD)/ performance/ strength of MSMEs. The FIT Rank will benefit MSMEs to become more creditworthy. The rank will also enable assessment of New / First time Credit borrowers.

SIDBI has undertaken several new initiatives and supported new financial intermediaries to better serve the MSME sector. In FY 2023, Bank has recommenced refinance assistance to RRBs & Scheduled Urban Cooperative Banks, launched a scheme for mainstreaming assistance to lower rated NBFCs, introduced Risk Based Exposure Framework for AAA rated and upper layer NBFCs, setting-up special corpus with the objective of building bond market for smaller and low rated MFIs/ NBFCs/ Fintech. These measures are expected to increase flow of credit to the MSME sector, especially the relatively unserved/ underserved enterprises.

SIDBI has focused on continuous improvements/ refinements in processes as well as digitisation of the credit process to improve the quality and delivery of credit under Direct Finance operations. SIDBI has introduced a credit product based on ‘Finance Income and Trade (FIT) Rank’ and ‘CIBIL MSME Rank (CMR)’ to accord sanction through a Straight Through Process which is intended to boost digital lending and flow of credit to the MSME sector. SIDBI has also introduced several schemes for extending Green Finance to MSMEs. The green finance portfolio of SIDBI rose 16 times in FY 2023 with expected annual energy savings of 330 GWh and reduction of 0.23 Mn tCO2eq of GHG emission.

In FY 2023, the SIDBI Cluster Development Fund gained traction in extending financial assistance to State Governments for the development of MSME infrastructure.  Cumulatively, 91 projects (64 greenfield & 27 brownfield) have received commitments of ?5,496 crore up to FY 2023.

Shri Ramann stated that in FY 2024, the Bank will continue to build on the many initiatives undertaken for the development of the MSME ecosystem as well as explore new areas / collaborations to address the various challenges faced by the MSME sector in order to enable its unhindered growth.

About SIDBI:

Since its formation in 1990, SIDBI has been touching the lives of citizens across various strata of society through its integrated, innovative and inclusive approach. SIDBI has directly or indirectly impacted the lives of Micro and Small Enterprises (MSEs) through various credit and developmental measures whether they are traditional, domestic small entrepreneurs, bottom-of-the-pyramid entrepreneurs, or high-end knowledge-based entrepreneurs.

For more information, visit:  https://www.sidbi.in/ 

“Residential Demand Increased” 7.8% YoY And 10.4% QoQ, Reports Magicbricks’ PropIndex (April – June 2023)

* Gurugram (28.9%), Bengaluru (19.7%), Greater Noida (18.1%) and Delhi (17.7%) witnessed the highest QoQ growth in residential demand 

* Pan India, average property rates increased 2.2% QoQ and 14.7% YoY 

* Residential supply declined by 7.4% QoQ and 8.3% YoY 

Magicbricks, India's leading real estate platform, released its flagship PropIndex Report for April-June 2023, observing that the residential demand across 13 Indian cities increased 7.8% YoY and 10.4% QoQ during the said period.  

Based on the behavior and preferences of over 2 crore customers on Magicbricks platform and over 15 lakh listings, PropIndex also observed that employment hubs Gurugram (28.9%), Bengaluru (19.7%), Greater Noida (18.1%) and Delhi (17.7%) were at the forefront of this growing residential demand. At the same time, the report also observed a decline of 7.4% QoQ and 8.3% YoY in residential supply, indicating a tightening of inventory. Owing to the supply-demand mismatch, the average property rates increased 14.7% YoY and 2.2% QoQ.  

Elaborating on the trends, Sudhir Pai, CEO of Magicbricks, said "Despite global macro-economic factors which have increased interest rates, the residential demand in India has shown robust growth, especially backed by the growing importance of home ownership and the sentiment of security it brings. However, we have also observed that there is a sizable mismatch between budget thresholds of buyers and the residential prices in many micro markets. Hence, there is an urgent need to ramp up the supply to meet the growing demand, especially in the affordable and mid-segments.” 

The report also observed that the average rates of Ready-to-move (RTM) properties increased 2.4% QoQ and 9.8% YoY, and average rates of Under-construction (UC) increased 1.9% QoQ and 16.3% YoY.   

According to Magicbricks Research, Greater Noida saw the highest increase in its average rate (32.4%), followed by Noida (28.7%), Hyderabad (23.3%) and Gurugram (23.1%). Among the major cities, Chennai (4.0%), Kolkata (8.0%) and Pune (10.1%) remained the most affordable during the last two years. 

Deliveroo’s India Development Centre Forms 'Women In Tech' Team To Promote Inclusivity In Technical Fields’

The Hyderabad-based Deliveroo India Development Centre announces the introduction of 'India Women in Tech' Group as a component of Deliveroo’s global Women in Tech Employee Resource Group (ERG) dedicated to enhancing gender diversity and empowering women in technical positions.

The primary objective of the Women in Tech ERG is to provide assistance and facilitate the progress and advancement of women occupying technical positions. This initiative strives to create broader prospects for women in technical roles within Deliveroo while fostering an inclusive and supportive work environment.

“Our mission is to improve gender diversity in technical roles not only within Deliveroo but also beyond our organization, while simultaneously supporting our women employees through mentoring and other means to aid their career advancement.” said Shubhi Shrivastava, Program Leader at IDC. “We believe that by empowering women in tech and providing them with a strong support system, we can drive positive change and create a more inclusive and diverse tech industry.” 

The ‘India Women in Tech’ team consists of a group of enthusiastic and passionate women based at the India Development Centre (IDC). Currently comprising 26 members, the team aims to be proportionally represented in various spheres and make significant contributions to Deliveroo’s global Women in Tech ERG. 

In 2023, the 'Women in Tech' team in India aims to enhance gender diversity and engagement by increasing the hiring of women in technical roles. They will leverage Deliveroo's global engagement programs and ERG initiatives to provide valuable opportunities for Indian team members. The team will strategically plan global events, networking activities, mentorship programmes, and invite distinguished women speakers to share their experiences of career-family balance, overcoming gender bias, and engaging in technical discussions. These initiatives will empower team members for professional growth and advancement.

Commenting on the launch, Sashi Somavarapu, Vice President of Engineering and Country Head, Deliveroo India said: “We are thrilled to launch the ‘India Women in Tech’ team as part of our global Women in Tech ERG. At Deliveroo, we are committed to fostering an inclusive work environment that celebrates diversity and empowers women. We recognise and embrace the positives that women bring to the table and through this initiative, we aim to bridge the gender gap in technical roles and contribute to a more inclusive and diverse tech ecosystem.” 

About Deliveroo: 

Deliveroo is an award-winning delivery service founded in 2013 by William Shu and Greg Orlowski. Deliveroo works with approximately 176,000 best-loved restaurants and grocery partners, as well as around 150,000 riders to provide the best food delivery experience in the world. Deliveroo is headquartered in London, with offices around the globe. Deliveroo operates across 10 markets, including Belgium, France, Hong Kong, Italy, Ireland, Qatar, Singapore, United Arab Emirates, Kuwait and the United Kingdom.