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| Happy Monday, Insiders! Here are our top stories: - Grocery delivery platform FoodPanda lays off staff and considers selling a portion of its business.
- Amazon announces a $4B investment in AI firm Anthropic.
- California Governor Gavin Newsom vetoes autonomous vehicle legislation.
Scroll down to answer our Question of the Week: What tech innovation are you patiently looking forward to in the pipeline? If you find this newsletter useful, please share it with your friends and colleagues. Thank you! Robel
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| 1 | | Foodpanda has announced another round of job cuts to become "more agile." Delivery Hero, Foodpanda's owner, is in preliminary discussions to sell parts of its food delivery business in selected Southeast Asian markets, with Grab being a potential buyer. More: - This marks Foodpanda's third round of layoffs since job cuts in February and September 2022 as part of efforts to streamline operations and become more efficient.
- The Singapore-based company did not say how many workers will be let go or what departments will be affected.
- The move comes as food delivery companies strive to increase profitability amid challenges including strong competition and a shortage of workers.
- Delivery Hero reported a net loss for the first half of 2023.
- Rivals Grab and Deliveroo have also announced layoffs.
Q: Is the food delivery industry a zero-interest rate phenomenon, or do companies have the potential to achieve long-term profitability through innovative strategies and market differentiation? Join the conversation. |     | |
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| 3 | | PhonePe launched the Indus AppStore Developer Platform in an effort to compete with Google. The Indian-based fintech company will offer zero platform fees and no commission on in-app purchases to attract Android developers in India. More: - For the first year, developers can register and upload their apps on the app store with no listing fee.
- PhonePe aims to address the concerns of local developers dissatisfied with Google's delayed responses, U.S. timezone operating hours, and 15% service fee take rate.
- The fintech startup, which Walmart backs, has expanded into various categories, including e-commerce and stock market investments.
- The company has raised a cumulative total of $850M and achieved a valuation of $12B during its last funding round in 2023.
- With over 700 million internet users, India is a huge overseas market for Google.
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| 4 | | HSBC has committed $1B to support startups developing clean tech solutions. The funding will focus on electric vehicle charging, battery storage, sustainable food and agriculture, and carbon removal technologies. More: - Through earlier initiatives, including Innovation Banking and the Climate Tech Venture Capital strategy, the bank has financed startups addressing climate change in various sectors.
- HSBC investments have included technologies like direct air capture, clean hydrogen, long-term energy storage, and sustainable aviation fuel.
- In 2022, climate tech venture funding reached a total of $70.1B, an 89% increase compared to 2021.
- The investments aim to help HSBC achieve net-zero emissions in its operations, supply chain, and financing portfolio by 2050.
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| 5 | | California Governor Gavin Newsom vetoed a bill that would have mandated human drivers in self-driving trucks. According to the Office of Business and Economic Development, the proposed legislation would have encouraged companies involved in self-driving technologies to relocate to other states. More: - The bill mandated that self-driving trucks weighing over 10,000 pounds have a driver on board when operating on public roads.
- Supporters argued the bill was necessary to protect jobs and address safety concerns, while opponents believed existing laws and regulations were sufficient.
- The veto comes amid ongoing debates about the role of self-driving technology and its impact on the workforce.
- Cruise and Waymo have been authorized to offer robotaxi services in San Francisco. Amazon's Zoox in February received approval to test self-driving vehicles in the Bay Area.
- The California legislature could override the veto with a 2/3rds majority from the state assembly and senate.
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| 6 | | Amazon plans to invest up to $4B in AI firm Anthropic and acquire a minority ownership stake. The collaboration will include a strategic partnership to advance generative AI, with Anthropic selecting Amazon Web Services (AWS) as its primary cloud provider. More: - Anthropic in July unveiled its AI chatbot, Claude 2, a competitor to OpenAI's ChatGPT.
- AWS customers will have early access to model customization and the fine-tuning features Anthropic provides.
- Anthropic will use custom AWS-designed semiconductors to train its foundational AI models, challenging Nvidia's generative AI chip market dominance.
- Google and Salesforce Ventures have previously invested in Anthropic, highlighting the growing interest in AI within the tech industry.
- In May, Anthropic raised a $450M Series C.
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- The Federal Trade Commission (FTC) is expected to file a lawsuit against Amazon this week for alleged antitrust violations, with the focus likely on Prime subscription services and the company's marketplace. The lawsuit will mark the agency's fourth attempt this year to address antitrust concerns at Amazon.
- U.S.-based semiconductor company Micron has started building a $2.75B manufacturing plant in Gujarat, India.
- Dawn Capital secured $700M in funding across two new funds to invest in tech startups.
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INSIDE TECH LEADERBOARD (7 DAYS) |
 | Writer | | Born and raised in the Bay Area, Robel is passionate about all things tech, venture, and financial education. He has previously served both universities and state governments in their engagement strategy and tracking legislation. | | This newsletter was edited by Eduardo Garcia | |
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