TMT
Facebook Acquires 9.99% Stake In Reliance Jio With $5.7 Bn Investment

Facebook is looking to help 60 Mn small businesses on their way to the digital economy. Reliance had set up Jio Platforms as a subsidiary for its digital services business
 

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Tech
Orbo.ai Acquires US-based Gemia To Enhance Facial Recognition Stack

Orbo.ai will continue to offer Gemia’s products and services. Orbo.ai uses deep learning-powered technology to automatically improve images. Gemia is an online tool which helps people to improve the quality of photographs
 

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TMT
Paytm Slashes Costs By 20%, Revenue From Bus, Movie Tickets Nosedive

Paytm’s founder Vijay Shekhar Sharma said that the company has been cutting costs by 15-20% since the last two months. It is cutting down costs across verticals like marketing and cloud-usage. It is continuing with its annual appraisal cycle

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Ecommerce
Grofers Plans $15 Mn Investment To Meet Surging Demand

The company plans to invest $50 Mn in its business over the next two years. It has sent 70 employees on furloughs from offline sales and beauty business division. Zomato is said to be in talks to acquire Grofers for $750 Mn

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