India’s Paytm considers buying back shares following a rough year

Indian financial services firm Paytm said Thursday evening it is considering repurchasing its shares, following a tremulous year that has seen its stock price fall by over 60%.

In a stock exchange filing, Paytm said it will consider a proposal to buyback the fully paid-up equity shares of the company and discuss it in a meeting with board on December 13.

“The management believes that given the company’s prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders. The outcome of the Board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on December 13, 2022, in accordance with the applicable provisions of the SEBI Listing Regulations,” it said in the filing.

Buybacks are not uncommon and are generally seen as a way companies could reward their shareholders. Many firms have ramped up repurchasing their shares this year, taking advantage of the falling prices in the public markets globally.

The move is especially notable for Paytm, whose shares have fallen over 65% since listing late last year and have never recovered to touch the issue price of $25.2. Its shares ended Thursday at $6.2.

(More to follow)

India’s Paytm considers buying back shares following a rough year by Manish Singh originally published on TechCrunch

NFT-focused startup Metagood raises $5 million to grow ‘social good’ impact

Metagood, a for-profit social impact NFT startup, has raised $5 million in its pre-seed round, the team exclusively told TechCrunch.

“We launched the company on the concept of using NFTs as an expression where everyone does good things for each other and the good stuff is tokenized and exchangeable,” Bill Tai, co-founder and chairman of Metagood, said to TechCrunch.

The company launched its flagship NFT collection OnChainMonkey to create tokenized value for community members. It also aims to give members the chance to promote and fund social good projects through its DAO, which raised 2,000 ETH in just one year, he added.

Its DAO distributed 55 ETH, or $68,500 at current prices, to 28 projects across 10 weeks in its “Season 1,” Amanda Terry, co-founder of Metagood, said to TechCrunch. Some of its projects include funding the rehabilitation of a skate park in Rio de Janeiro, Brazil, with art from OnChainMonkey and helping Afghan refugees evacuate to Italy.

Investors in the recent funding round include Animoca Brands, Morgan Creek Capital founder and CEO Mark Yusko, and Virgin Group investment manager Freddie Andrewes, to name a few.

“We appeal to a certain kind of person that wants to have a positive impact on the world,” Tai said. “Many of our investors have experienced good success in their careers and want to use their influence to do other good things in the world.”

Previous investors include a number of high-profile celebrities or executives like actor Owen Wilson, Virgin Unite chair Holly Branson, and Rotten Tomatoes co-founders Patrick Lee and Stephen Wang, as well as crypto investments from Dapper Labs co-founder Roham Gharegozlou, Axie Infinity co-founder Jeffrey Zirlin and The Sandbox co-founder Sebastien Borget, among others.

“Holly Branson sees this as a vehicle to extend what she’s doing,” Tai said. “That’s the common theme here. Culturally, we attract good-hearted people that want to lead the world into better places.”

The capital will be used toward growing the company, hiring new talent, and building OnChainMonkey’s community and tools, Terry said. “We’ve been profitable off our pre-seed but we want to keep growing. We’re sitting on about 3,000 ETH from our public mint and other revenues.”

Metagood believes that web3 can be a positive force in creating an economy of good karma, where people are rewarded for doing good things, Tai said. The startup aims to combine rewards through charitable giving and the prices of the OnChainMonkey NFTs. “As the karma spreads, the economy grows.”

The DAO model allows for a maximum amount of funds to go toward projects— and fast, Tai said.

The skate park mentioned above is an example of a “micro charity grant that would be very hard to administer with a large organization, and we were able to pull that off within days,” Tai said.

“We want the rubber to meet the road between causes and giving, Tai said. “We can address things that large centralized charity organizations who have a lot of authorities can’t do. […] It wouldn’t surprise me if years from now we would be doing thousands of these a year.”

NFT-focused startup Metagood raises $5 million to grow ‘social good’ impact by Jacquelyn Melinek originally published on TechCrunch

Cinder’s content moderation software is custom-built for trust and safety teams

A startup from former Meta employees aims to streamline the content moderation process for companies grappling with some of the internet’s most complex, dangerous challenges.

Cinder, which likes to describe itself as an “operating system for trust and safety,” boasts years of combined experience in security and content policy work. That includes CEO and co-founder Glen Wise, a former red team engineer at Meta, Philip Brennan and Declan Cummings, who worked on threat intelligence at Meta, and Brian Fishman, the former director of Facebook’s counterterrorism and dangerous organizations team.

Cinder is backed by venture firm Accel, which led a seed round in May and a $12.8 million Series A this month, with participation from Y Combinator. The company was created in January of this year and has raised a total of $14 million to date.

Speaking with TechCrunch, Wise likened Cinder to business software platforms like Salesforce and Zendesk that can pull scattered sets of data together into a single user interface. But with Cinder, instead of sales or customer service teams tracking and sifting data, content moderators and other members of a company’s trust and safety teams can centralize a sensitive workflow into one purpose-built tool.

Wise says that companies without robust workflows in place for trust and safety right now awkwardly rely on systems that were built for different use cases, like bug tracking.

“I started talking to a lot of heads of trust and safety [and] a lot of other large internet companies, honestly a lot outside of social media as well, and they were struggling with operationally how to solve a lot of this, Wise told TechCrunch. “They would hire really smart people but they’d be stuck in spreadsheets, they’d be stuck in SQL statements and be stuck in this kind of world of the past, because they had no tools custom built for this.”

If a content moderator using one of those systems wants to review a social media post, for example, they’d have to leave that environment and follow a URL to view the content in question before coming back into the bug tracking tool to view any relevant context and provide their input.

“Then like an hour and a half later, they can actually make a decision, Wise said. “And so we want to do all of that out of the box.” Wise says that so far Cinder mostly appeals to large companies that have established trust and safety operations or ones in the process of figuring out what those workflows should look like.

For social networks and other companies hosting user-generated content, the threats that trust and safety teams face are as complex as they are varied. Companies building out trust and safety must weave together expertise on everything from targeted harassment and hate groups to child sexual abuse material (CSAM) and state-sponsored influence operations.

Making moderation decisions in those areas can be as simple as flagging a single text post that uses a racial slur — a decision that might only take a few seconds — or as nuanced as linking together hundreds of accounts operating a covert government-sponsored influence campaign over the course of many months.

While some content is outright illegal, with official detection and reporting workflows to reflect that, most enforcement decisions fall to private companies to sort out. And as we’ve seen time and time again in recent years, the rules that define what content is allowed online and what content isn’t are living documents that respond, double back and evolve in real-time.

Cinder aims to centralize those policies and the necessary context, enabling straightforward decision making at scale while still facilitating “dynamic investigations” — the kind of work that a disinformation campaign or a coordinated effort to undermine an election might require. The platform doesn’t do any detection itself and it doesn’t set the rules, that’s all up to the companies that license its software. (For now, Cinder isn’t naming any of its clients.)

Wise also notes that because Cinder was designed for the content review process, the company has been able to accommodate the human element of some of the web’s most emotionally demanding work, building for those needs “from the ground up.” That includes emerging industry-standard practices like blurring and grayscaling or prompting moderators to take a break after viewing something particularly challenging. Those interventions and others can mitigate what might otherwise be lasting harm to content reviewers.

“I think a lot of people understand how hard of a job it is to be a moderator and to look at a lot of this content,” Wise told TechCrunch. “What’s been really rewarding about this is that companies are really trying to invest in safety measures and are looking to a third party to help provide them.”

Beyond moderator safety concerns, Wise says Cinder is built with security and privacy considered at every level, which comes naturally to a team with a strong security pedigree. He describes a “robust” permissioning system within the software that makes it possible to obscure sensitive identifying information or other data easily, allowing different levels of access to pre-defined groups.

“We have a few customers on board and using the product and they’re really happy about it,” Wise said. “People never really had the tools built for this… and people are really excited to see that, okay, there’s a company of people who’ve done this before, who can help build for the exact use case, which has been really great.”

Cinder’s content moderation software is custom-built for trust and safety teams by Taylor Hatmaker originally published on TechCrunch

This time, the DoD gives four tech titans equal shot at piece of $9B cloud contract

It seems perhaps the rules of fairness your parents taught you as children also apply to large multi-billion dollar defense contracts. This week the DoD announced that it was awarding four big tech companies – Amazon, Microsoft, Google and Oracle – an equal opportunity to share in a $9 billion contract to bring the department to the cloud.

The new program, which is dubbed the Joint Warfighting Cloud Capability (JWCC), has a five and a half year window through 2028 with the four companies having an equal opportunity to access the $9 billion in funds, but with none being actually allocated as of yet to any of them.

“No funds will be obligated at the time of award; funds will be obligated on individual orders as they are issued,” the department said in a statement.

“The purpose of this contract is to provide the Department of Defense with enterprise-wide globally available cloud services across all security domains and classification levels, from the strategic level to the tactical edge.”

Whether this new contract solves the issues that arose around the original ill-fated DoD cloud procurement deal remains unclear. For those of you unfamiliar with the saga, the DoD cloud journey has been a long and twisted one.

It began in 2018 when the department announced the Joint Enterprise Defense Infrastructure orJEDI for short. The cutesie Star Wars reference aside, the deal came under intense scrutiny because of its winner-take-all component, which immediately had companies complaining and jockeying for position for what was a $10 billion deal.

Oracle, which you’ll note has equal access in this deal, was particularly vocal, complaining that Amazon had an unfair advantage for a variety of reasons. In the end, it wasn’t Amazon that won the deal though, it was Microsoft. But that wasn’t the end of the story as Amazon challenged the result in court, claiming the previous president had a bias against former Amazon board chair (and former CEO) Jeff Bezos, who also owns the Washington Post newspaper.

After a lot of additional drama, the department finally pulled the plug on the whole thing in July 2021 and went back to square one.

And this week’s announcement is the culmination of that decision. The fact that it left the entire thing open-ended this time begs the question how this will all finally get resolved, but we have another five years to figure it out and see if the DoD can finally enter the cloud age without making the four major players (really, three and Oracle) unhappy again with who gets what.

Maybe mom really was right, and life isn’t cut up into equal pieces of pie.

This time, the DoD gives four tech titans equal shot at piece of $9B cloud contract by Ron Miller originally published on TechCrunch

Hyundai, SK to build new battery plant in Georgia

Hyundai Motor Group and SK On, the lithium-ion battery subsidiary branch of SK Innovation, recently signed a memorandum of understanding (MOU) for a new EV battery manufacturing facility, with details of the partnership still in development, the companies said.

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