VARINDIA IT MAGAZINE

Premji Invest buys a major stake in SB Packagings:  In   SB Packagings , a manufacturer of flexible packaging for the hygiene segment,   Premji   Invest has bought a major stake.   Invest has not disclosed the quantum of the stake purchased.   As per SB Packagings, the transaction primarily involves partial stake sale by shareholders and infusion of primary capital for capacity expansion and acquisitions.   The company was founded in 1989 and it supplies flexible packaging materials in India to customers including  P&G ,  J&J ,  Unicharm , Kimberly Clark, Nobel Hygiene, Walmart, Future Group, PepsiCo, Dabur, and Tata.   After the transaction, Managing Director of SB Packagings  Amit Banga  will remain a significant shareholder and would continue to drive the business.... Read More

Jensen Huang to Receive Semiconductor Industry's Top Honor:  T The   Semiconductor Industry Association (SIA)   today announced   Jensen Huang, founder and CEO of NVIDIA   and a trailblazer in building accelerated computing platforms, is the 2021 recipient of the industry’s highest honor, the Robert N. Noyce Award.   SIA presents the Noyce Award annually in recognition of a leader who has made outstanding contributions to the semiconductor industry in technology or public policy. Huang will accept the award at the SIA Awards Dinner on Nov. 18, 2021.   “Jensen Huang’s extraordinary vision and tireless execution have greatly strengthened our industry, revolutionized computing, and advanced artificial intelligence,” said  John Neuffer, SIA president and CEO . “Jensen’s accomplishments have fueled countless innovations - from gaming to scientific computing to self-driving cars - and he continues to advance technologies that will transform ou...

Dailyhunt's parent raises $450 Mn valued breaches $3 billion:  VerSe Innovation Pvt. Ltd, the parent company of online news and content firm   Dailyhunt   and short video app   Josh , has raised $450 million as a part of its new Series I funding round, just around six months after it secured Series H funding.   VerSe Innovation   said in a statement that its valuation has more than doubled in the past five months.   The company will use the fresh capital to consolidate its position in the content space, and deepen and broaden its artificial intelligence, machine learning and data science capabilities. However, Dailyhunt’s operating revenue reaches Rs 268 Cr in FY20 and the losses jump Rs 400 Cr mark. With this, VerSe Innovation’s valuation stands at nearly $3 billion.   With this, VerSe Innovation’s valuation stands at nearly $3 billion. Dailyhunt claims to serve over 300 million users every month whereas the short video app Josh claims to have 11...

Reddit valued crosses raises $10 billion, after the fresh funding:  Reddit   has raised a fresh $410 million in funding, valuing it at more than $10 billion. The round, led by   Fidelity Investments , has increased Reddit's valuation from the $6 billion it achieved six months ago. The move gives Reddit more of a war chest to build its business and attract new users.   The company makes most of its money selling advertising, which appears in the feeds of users who browse the many “subreddits,” or topic-focused forums, across the site.   Steve Huffman, Reddit’s co-founder and chief executive , said more than 50 million people now visit Reddit daily, and the site has more than 100,000 active subreddits.   The company will use the new funds to improve product features, focusing on how to make it easier for newcomers to explore and quickly understand the site, Mr. Huffman said. Reddit is also enhancing its video products with an eye toward more advertising.... R...

Extreme Networks may buy Infovista's Ipanema SD-WAN business:  Extreme Networks   announced the intent to acquire a newly created entity called Ipanematech SAS ("Ipanema"), the   SD-WAN division of Infovista . The acquisition will expand its ExtremeCloud portfolio, offering new cloud-managed SD-WAN and security solutions required to power the Infinite Enterprise.   Ipanema's solution automatically and dynamically adjusts application traffic flows based on real-time network conditions, providing increased performance and improved quality of experience, even under diverse conditions across various types of cloud-managed WAN connectivity. Extreme plans to leverage these capabilities to establish an infinitely distributed and secure solution within the ExtremeCloud portfolio. This will add more flexibility, capability, and security when connecting locations, applications, and devices, enabling Extreme to provide the best possible experience to customers and their consume...

Odisha to enhance the sports infrastructure with ₹693 crore investments:  The   Odisha Cabinet   has approved the   State Sports Infrastructure Development Project   worth ₹693.35 crore, under which 89 multi-purpose indoor stadiums will be built.   Odisha Chief Secretary Suresh Chandra Mahapatra   said the stadiums will be used for multiple sports. The stadiums will be designed to withstand a wind speed of up to 200kmph so that in the event of natural calamities like flood, cyclone, the stadiums can be used as cyclone shelters.   The cabinet also appreciated the medal winners. "The Cabinet also mentioned special appreciation for the  Indian Hockey  for its spectacular performance," Chief Secretary S C Mohapatra said after the meeting. The stadiums, under the Urban Sports Infrastructure Development Project, will be completed over the next 18 months. This will provide a major boost for the development of sports in the State, said  Spo...