It’s a wrap: News this week (Aug 10 – Aug 16)

There have been multiple developments this week on the tech front. From deals of the week to Ola’s latest artificial intelligence (AI) updates, this is the list of the most important developments for a quick catch-up:

Kyndryl’s new cyber hub in Bengaluru

IT infrastructure services provider Kyndryl launched a security operations center (SOC) in Bengaluru on Monday. The center provided support and artificial intelligence (AI)-based advanced protection capabilities for the entire cyber threat lifecycle.  The Bengaluru SOC will be an around-the-clock cyber defence hub, collaborating with Kyndryl’s global network of cybersecurity experts. It will also be a center of excellence for cybersecurity management with specialised skills, certifications, and technologies to support security events, operational management and monitoring. 

Q1FY25 Results

Happiest Minds Technologies, an Indian mid-sized IT services firm, announced its Q1 2025 results on Monday, revealing that its Generative AI Business Services (GBS) unit contributed ₹7.13 crore to the revenue for the quarter ending 30 June. In comparison to the preceding quarter, revenue experienced an increase of 11.15%, whereas profit encountered a significant decrease of 29.11%. This suggests that Happiest Minds Technologies faced difficulties in profitability during this quarter, despite the favourable revenue trends.

Small cap IT services Magellanic Cloud announced its results on Friday.  has a reported 40% increase in net profit year on year. The revenue dropped by 4% to ₹132.17 crore in Q1 FY25. Group CEO Joseph Sudheer Reddy told TechCircle that the company aims to grow its headcount from 1,400 to 5,000 in the next three years.

Veefin Group acquires Nityo Tech

Mumbai-headquartered Veefin Group of Companies (Veefin) which operates in the supply chain finance space on Tuesday said that the company has fully acquired Nityo Tech Pvt Ltd, part of Nityo Infotech Singapore’s India-invested business. This marks the second acquisition by the Veefin group in the past two months. The parent company Nityo Infotech is one of the leading providers of Artificial Intelligence (AI) and Machine Learning (ML) solutions in the financial services sector with a presence in over 44 countries and more than 3,000 clients served globally.

Ola to launch AI chip by 2026

At Ola’s Sankalp event on August 15, CEO Bhavish Agarwal announced that Krutrim, an AI startup by the company would be launching AI chips by 2026. "We are challenging state of art AI chip performance by 2028. We have to build towards this vision, this is our big moonshot project,” he said. Further, he added that Krutrim’s AI customer care tool is in Ola Electric and Ola Cabs.  A major highlight of the event was Ola’s rebranding to Ola Consumer. “With a vision to democratise and transform commerce, Ola Consumer launched innovations around ONDC, 100% electric logistics, AI-driven discovery, accessible credit, efficient and automated warehousing, robust manufacturing tech systems and loyalty program,” the company said in a statement.