BenQ has expanded its product portfolio in the country with the launch of the new monitor. The SW272U monitor is aimed at content creation and is designed specifically to meet the requirements of professional photographers, videographers and creative professionals. The company claims that this monitor offers a combination of improved colour accuracy, resolution, and connectivity. BenQ SW272U monitor: Price, availability and offersThe BenQ SW272U is available for purchase at authorised retailers, BenQ online brand stores and e-commerce platforms nationwide. The SW272U is available atAmazon India at a special introductory price of Rs1,39,990 and customers can avail of no-cost EMI for up to one year. BenQ has also announced a partnership with Pantone Connect. Users who have purchased or already own any of the PD/SW products are eligible for a one-year free Pantone Connect Premium subscription, valid until September 30. Pantone Connect is a platform that helps designers to access Pantone Colour Libraries, colour values and navigation tools.BenQ SW272U monitor: Key specsThe BenQ SW272U display is equipped with a new technology to ensure that photographers and creative individuals get the very best out of their photos and creations. The A.R.T (Advanced Reflectionless Technology) display offers colour accuracy with a wide colour gamut that covers 99% of Adobe RGB, 99% of P3, and 100% of sRGB colour spaces. With Delta E ≤ 1.5 and BenQ ICC sync, this monitor delivers accurate and vibrant colour reproduction. The monitor comes with a Factory Calibration report and supports Hardware Calibration through Palette Master Ultimate, BenQ’s proprietary software for hardware calibration.The SW272U boasts a UHD (Ultra High Definition) resolution. With a 10-bit colour depth and other technologies like Paper Colour Sync and AQ colour tech, BenQ claims to offer better colour performance. This monitor is equipped with an accessory, shading hood (landscape & portrait), and AGLR (Anti-Glare and Low Reflection) panel, that simulates paper texture on-screen. The panel also ensures precise soft-proofing and the PIP/PBP functions allow users to work with two different windows simultaneously. For connectivity, the SW272U offers USB Type-C options that allow direct input from compatible PCs and laptops. It also has an SD Card Reader to enable seamless connectivity with cameras. The monitor provides a maximum power delivery of 90W and comes with a wireless Hotkey Puck G3. This tool helps colour-critical professionals to enable easier colour-accuracy management.To further guarantee colour accuracy, BenQ PhotoVue monitors have earned Calman Verified, Pantone and Pantone SkinTone Validated status. SW272U Resolution 3840×2160 A.R.T Display Brightness (typ.) 400 nits HDR10, HLG Color Gamut :100% sRGB, 99% P3, 99% Adobe RGB Software’s: B+W, DICOM, HDR, M-Book, Paper Color Sync Color Depth: 1.07 billion colors Accessories: Calibration Report, Hotkey Puck G3, IO Cover, QSG, Shading Hood (landscape and portrait), Warranty Card Certifications: Calman Verified, Pantone Validated and Pantone SkinTone Validated certifications 90 W Power Delivery

Saudi Arabia will start adopting USB Type-Cas the charging port for all mobile phones and other electronic gadgets starting in 2025. According to a report by Gulf News, this move comes as a part of a broader initiative to improve the user experience and ensure high-quality charging as well as data transfer technology. The report notes that this move will also boost environmental sustainability by reducing electronic waste. Saudi Arabia USB-C mandate: TimelineThis mandate will be enforced in two phases. The first phase which will commence on January 1, 2025, will account for devices like mobile phones, tablets, digital cameras, e-readers, portable video game devices, headphones, earphones, amplifiers, keyboards, computer mice, portable navigation systems, portable speakers, and wireless routers. The second phase which is set to begin on April 1, 2026, will include laptops. To comply with the mandate, companies have to start shipping products with USB Type-C charging standards. Why Saudi Arabia is putting such a mandateAs per the report, the Saudi Standards, Metrology and Quality Organisation, along with the Communications, Space and Technology Commission announced the mandatory stages of this transition. These departments emphasised that the directive aims to enhance users’ experience without imposing additional costs on them. Apart from this, the kingdom has claimed that this move will reduce over 2.2 million units in the annual domestic consumption of charging equipment. The report mentions that this will save 170 million Saudi Riyals ($45.3 million) for Saudi consumers. This change will also contribute to the kingdom’s environmental goals of reducing electronic waste by nearly 15 tons every year. Importance of USB Type-CUSB Type-C is the universal standard for wired connection of smart devices. It is also an industry-standard connector that can be used for transmitting both data and power through a single cable. USB-C ports also help in faster charging speeds and data transfer rates.

In an internal mail to employees, MPL cofounder and CEO Sai Srinivas said the decision was part of the unicorn’s efforts to cut costs Placing the blame squarely on the levy of 28% GST on full face value for real-money gaming, Srinivas said it has increased the tax burden on the company by as much as 350-400% In May, the Bengaluru-based startup fired more than 100 employees and shut its cash-guzzling Indonesia business In what appears to be the first casualty of the GST Council’s decision to levy a 28% GST on real-money gaming, gaming unicorn Mobile Premier League (MPL) has decided to slash 350 jobs to cut down costs. In an internal mail to employees, MPL cofounder and CEO Sai Srinivas said that the Peak XV Partners (formerly Sequoia India)-backed startup would lay off about 350 employees. As per the company’s LinkedIn profile, it has around 900 employees. Placing the blame squarely on the levy of 28% GST on full face value for real-money gaming, Srinivas told employees that the new levy has increased the tax burden on the company by as much as 350-400%.  “As a digital company, our variable costs predominantly involve people, server and office infrastructure… We have already initiated work on revisiting our server and office infrastructure costs. However, despite this, we will still have to reduce our people related costs. Regrettably, we will have to let go of around 350 of you,” said Srinivas.  Terming the current times ‘uncertain’, Srinivas told employees that the company spent a ‘lot of time evaluating and re-evaluating’ the layoffs. He added that the unicorn eventually decided that ‘the sooner we are able to deliver certainty to everyone, the better’. A mail sent by Inc42 to MPL seeking a comment on the latest development didn’t elicit any response till the time of publishing this story.  Last month, the GST Council decided to impose a 28% GST on the amount being paid at the entry level for online gaming. Solidifying the move, Finance Minister Nirmala Sitharaman said earlier this month that the government is looking to amend the GST Act during the ongoing Monsoon Session of the Parliament, with an eye on effective implementation by October 1. The move prompted huge hue and cry from all segments of the gaming ecosystem. Many termed the new taxation regime ‘unconstitutional’ and ‘irrational’, while others called for the revocation of the proposed mandates.  A clutch of investors also wrote to the union government calling for the rollback of the 28% GST on online gaming, citing adverse impact on the local gaming industry.  The new tax appears to have wreaked havoc at MPL, which, as per Srinivas’ internal mail, recorded its ‘best ever month in terms of business performance’ in June and subsequently in July.  “As a business, one can prepare for a 50% or even a 100% increase (in tax burden), but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” the mail said.  Caught In A Storm Curiously, this is not the first time that MPL has laid off employees. In May, the Bengaluru-based startup fired more than 100 employees and shut its Indonesia business. Founded in 2018 by Sai Srinivas Kiran G and Shubham Malhotra, MPL offers a bouquet of offerings, including fantasy sports, sports games, puzzles, casual and board games. The startup turned unicorn in 2021 after raising a mega $150 Mn Series E funding round from the likes of Legatum Capital, Accrete Capital, among others, at a valuation of $2.3 Bn.  However, the ongoing funding winter has affected MPL as well, like many other startups. The company was reported to be in talks with now-defunct crypto exchange FTX to raise a new round of investment but the deal failed to materialise.  Meanwhile, its losses continue to mount. MPL’s loss zoomed 3X to $149.3 Mn in the financial year 2021-22 (FY22) from $48.3 Mn in FY21. Meanwhile, revenue from operations jumped only 29% to $65.6 Mn from $50.8 Mn in FY21. The company has also been marred by legal cases with various state governments over the legality of online gaming and unclear regulations in the space. Meanwhile, competitors continue to be on the prowl. MPL competes with the likes of Dream11, WinZo Games, and Junglee Games. 

Japan’s defence networks were compromised by Chinese military hackers. The People’s Liberation Army’s cyberspies infiltrated Japan‘s most sensitive computer systems. China has had “deep, persistent access” to Japanese defence networks, reports the Washington Post. The National Security Agency discovered a breach in late 2020 and NSA Chief and Commander of US Cyber Command General Paul Nakasone, along with White House deputy national security advisor Matthew Pottinger, visited Japan to inform officials of the breach.During a meeting with Japanese officials, it was revealed that Beijing had successfully infiltrated Tokyo’s defence networks, resulting in one of the most destructive hacks in the country’s recent history. The Japanese officials were surprised by the news but promised to investigate the matter. Initially, US Cyber Command offered to help Japan remove malware from its systems. However, Japan declined the offer because they were uncomfortable with another nation’s military accessing their systems. Instead, Japan decided to hire domestic commercial security firms to identify vulnerabilities. They only relied on the US for guidance on what those firms found. Over time, Japan developed a more active national security strategy. This included setting up a new cyber command to monitor networks 24/7 and employing up to 4,000 cybersecurity personnel.When asked about the Washington Post’s report on Chinese hackers breaching its defence cyber networks, Japan’s top government spokesperson stated on Tuesday that they cannot confirm if any security information has been leaked.During a press conference, Japan’s Chief Cabinet Secretary Hirokazu Matsuno stated that Japan and the United States have maintained close communication across multiple levels. While he could not provide further details due to the matter’s sensitive nature, Matsuno confirmed that there is no evidence of security information being leaked due to cyber attacks. He emphasised the importance of cyber security in maintaining the Japan-U.S. alliance and assured Japan is committed to keeping its network secure and stable.

Many of us have experienced that stomach-churning, palm-sweating sensation of standing before a crowd. The experience can range from mildly uncomfortable to downright paralyzing. If you’re an entrepreneur, the fear of public speaking can be a significant obstacle to your success. Yet, with the right strategies, you can transform this fear into a potent personal and professional growth source. photo credit: Marcos Luis Photograph / Unsplash What is Glossophobia? According to a study, 89.4 percent of people with anxiety have a concurrent fear of public speaking, with 10 percent suffering from glossophobia. Interestingly, this phobia is more prevalent in younger generations. Eighty-four percent of respondents aged 18 to 34 confessed to feeling apprehensive when delivering a speech to an audience. The prospect of standing before an audience and delivering a speech can trigger anxiety. It can lead to symptoms such as increased heart rate, sweaty palms, and even shortness of breath. For entrepreneurs, this fear can be particularly problematic. Given the nature of entrepreneurship, public speaking opportunities, such as pitching to investors or speaking at conferences, are frequently unavoidable. Tips for Handling Glossophobia as an Entrepreneur Here are some actionable tips to help you conquer the fear of public speaking: 1. Acknowledge and accept your fear The first step in managing glossophobia is to acknowledge and accept it. Many people tend to shy away from admitting their fears, especially in a professional context. However, acknowledging the problem is essential to addressing it. It’s okay to be nervous about public speaking. Many seasoned speakers still experience a degree of anxiety before hitting the stage. Accepting this fear doesn’t mean you’re weak or incapable. It means you’re human. Remember, most fears lose their power when faced head-on. 2. Practice makes perfect No skill is developed overnight, and public speaking is no exception. Start by practicing in a safe environment, perhaps with friends, family, or supportive colleagues. The more familiar you become with your presentation, the less anxiety you’ll experience when it’s time to deliver it. Consider joining groups like Toastmasters, a worldwide organization aimed at helping members improve their public speaking and leadership skills. These groups offer a supportive environment to hone your skills and receive constructive feedback. 3. Use visualization techniques Visualization is a powerful tool for overcoming glossophobia. The process involves picturing yourself delivering a successful presentation and imagining the positive reactions from your audience. This technique can help you develop a more optimistic outlook toward public speaking, replacing anxiety with confidence. To make the most of visualization, you can use a few specific techniques. One of them is the “Movie Technique.” Picture yourself as the star of a movie delivering an outstanding speech. Watch yourself, as if from the audience, articulating your ideas clearly and engaging the crowd effortlessly. Feel the sense of pride and achievement as the audience applauds at the end of your speech. 4. Employ stress-reducing techniques Mindfulness strategies, like meditation and deep breathing, can aid in managing the physical symptoms of glossophobia. Breathing routines can slow your heart rate and help calm your nerves, while meditation can help clear your mind and improve focus. Before giving a presentation, spend a few minutes focusing on your breath. Pay attention to how it feels as you inhale and exhale. If your mind starts to wander or negative thoughts about your speech starts to creep in, gently bring your attention back to your breath. Don’t dismiss the value of a good night’s sleep and regular physical exercise. Both are known to reduce stress and improve overall mental health. 5. Seek professional help If glossophobia continues to be a significant hindrance, consider seeking professional help. Cognitive-behavioral therapy (CBT), for instance, has proven effective in treating phobias. It identifies negative thoughts and replaces them with more positive, realistic ones. In some cases, a professional coach or a public speaking course might be beneficial. Turn your Fear Into your Strength Remember that every successful public speaker has been in your shoes at some point. They, too, have felt the glossophobia grip tighten. But they used, molded, and turned it into their strength. With understanding, practice, and the right strategies, you can turn your fear of public speaking into a well-honed skill. As an entrepreneur, your voice is one of your most powerful tools. By managing glossophobia, you ensure it’s heard loud and clear.

Artificial intelligence researchers may wonder whether they’re in a modern-day arms race for more powerful AI systems. If so, who is it between? China and the US—or the handful of mostly US-based labs developing these systems? It might not matter. One lesson from The Making of the Atomic Bomb is that imagined races are just as powerful a motivator as real ones. If an AI lab goes quiet, is that because it’s struggling to push the science forward, or is it a sign that something major is on the way? When OpenAI released ChatGPT in November 2022, Google’s management announced a code red situation for its AI strategy, and other labs doubled-down on their efforts to bring products to the public. “The attention [OpenAI] got clearly created some level of race dynamics,” says David Manheim, head of policy and research at the Association for Long Term Existence and Resilience in Israel. More transparency between companies could help head off such dynamics. The US kept the Manhattan Project a secret from the USSR, only informing its ally of its devastating new weapon a week after the Trinity test. At the Potsdam conference on July 24, 1945, President Truman shrugged off his translator and sidled over to the Soviet premier to tell him the news. Joseph Stalin seemed unimpressed by the revelation, only saying that he hoped the US would make use of the weapon against the Japanese. In lectures he gave nearly 20 years later, Oppenheimer suggested that this was the moment the world lost the chance to avoid a deadly nuclear arms race after the war. In July 2023, the White House secured a handful of voluntary commitments from AI labs that at least nodded toward some element of transparency. Seven AI companies, including OpenAI, Google, and Meta, agreed to have their systems tested by internal and external experts before their release and also to share information on managing AI risks with governments, civil society, and academia. But if transparency is crucial, governments need to be specific about the kinds of dangers they’re protecting against. Although the first atomic bombs were “of unusual destructive force”—to use Truman’s phrase—the kind of citywide destruction they could wreak was not wholly unknown during the war. On the nights of March 9 and 10, 1945, American bombers dropped more than 2,000 tons of incendiary bombs on Tokyo in a raid that killed more than 100,000 residents—a similar number as were killed in the Hiroshima bombing. One of the main reasons why Hiroshima and Nagasaki were chosen as the targets of the first atomic bombs was that they were two of the few Japanese cities that had not been utterly decimated by bombing raids. US generals thought it would be impossible to assess the destructive power of these new weapons if they were dropped on cities that were already gutted. “I think one of our biggest risks is fighting about whether short-term versus long-term impacts are more important when we’re not spending enough time thinking about either.” Future Matters consultant Kyle Gracey When US scientists visited Hiroshima and Nagasaki after the war, they saw that these two cities didn’t look all that different from other cities that had been firebombed with more conventional weapons. “There was a general sense that, when you could fight a war with nuclear weapons, deterrence or not, you would need quite a few of them to do it right,” Rhodes said recently on the podcast The Lunar Society. But the most powerful fusion nuclear weapons developed after the War were thousands of times more powerful than the fission weapons dropped on Japan. It was difficult to truly appreciate the amount of stockpiled destruction during the Cold War simply because earlier nuclear weapons were so small by comparison. There is an order of magnitude problem when it comes to AI too. Biased algorithms and poorly-implemented AI systems already threaten livelihoods and liberty today—particularly for people in marginalized communities. But the worst risks from AI lurk somewhere in the future. What is the real magnitude of risk that we’re preparing for—and what can we do about it?

Not surprisingly, I agree. I have been wondering—can an AI-generated piece of music have soul? Yes. I signed an NDA, so I’m not allowed to say, but I’ve seen things that have extremely blown me away. I do worry about the future of art a bit. I think future cities will have low-tech zones, or low-tech schools, and there’ll be boutique analog artists. Would you spend time in a low-tech zone? I like the high-tech zone. I’m a very pro-adventure person. I never would have guessed. I get my joie de vivre from exciting, novel things and experimenting and exploring. If you had an opportunity to go back to, like, any recording session ever, what would you choose? I would go see Beethoven. But that’s not a recording session. I’d try to check if Beethoven was actually deaf. But the Ninth, that’d be sick. That’s what I like. I know it’s basic, but I love, love Vivaldi’s Four Seasons. So I’d probably go see that, I guess. Also, I think I could be wrong about this. But Vivaldi was at a school for girls, writing all this music and getting 10-year-old girls to play it. I like the idea. It seems so aesthetically ridiculous. How about films, are you interested in that? I think cinema is still the best art form, although games can be up there. I do want to make films. A Midsummer Night’s Dream update would be so sick. It maps on to AI really well—what if the fairies were actually made of artificial intelligence? What other themes would you look at? I’m obsessed with inaccurate historical text. The past five years of my life have been super bananas crazy, but not in a manner that I can publicly speak about. So I want to write the Icelandic saga version of my life—a super over-the-top, magical, inaccurate version, like a historical text based on a true story. Like Sofia Coppola did with Marie Antoinette? I’d be even more bananas than that. I want to get to that bananas life … I’ve got NDAs. It’s hard to talk about things very explicitly without saying things about other people’s lives who are very private. Well, I do want to ask about Elon. You get one Elon question. We’ll see. But here’s a question. Both of you are super unique people. I’m curious what you learned from him. And what he learned from you. I learned from him, like, the best internship ever. People don’t like talking about Elon, but it was incredible to be right there watching all that SpaceX stuff happen. That’s a master class in leadership and engineering and makes you understand how rare it is to have a leader of that quality. And Twitter? I know, the stuff on Twitter doesn’t make it look like that. He didn’t build the culture there. And the cultural fit has obviously been very intense. He holds his people to really high standards. Watching him, I understand how difficult it is to be a great general and do something of that magnitude. Elon has an old-world kind of discipline I really respect. And I think it rubs a lot of people the wrong way. They don’t want to be in that hardcore zone. If you’re not consenting to being in that hardcore zone, I get it. But he’s challenged me a lot. I learned a lot about running my own team and my own life. I’m now way tougher and smarter than I used to be.

BYJU’S has offered to repay the funds it has availed of from the loan and the interest on that amount, essentially giving Davidson Kempner an exit It has also been reported that Manipal Group chairman Ranjan Pai has finalised an $80 Mn investment in Aakash to repay Davidson Kempner Even as BYJU’S tries to placate Davidson Kempner, it has scheduled crunch talks this week with the steering committee of its $1.2 Bn Term Loan B to sign new terms BYJU’S and New York-based Davidson Kempner have begun negotiations to settle their dispute over the breach of a loan covenant by the edtech giant’s offline test prep arm, Aakash Educational Services Limited (AESL). BYJU’S has offered to repay the funds it has availed of from the loan and the interest on that amount, essentially giving Davidson Kempner an exit from the edtech firm after a prolonged boardroom saga, ET said in a report citing sources. The two parties are some way off still – DK is seeking interest on the entire amount for one to two years, while BYJU’S founder Byju Raveendran has proposed a quarter’s interest. The talks between the two companies are centred on the exact payout and a formal proposal is expected this week by the two parties. Meanwhile, Manipal Group chairman Ranjan Pai is said to have finalised an $80 Mn investment in Aakash. The investment will be used to repay Davidson Kempner, and Raveendran will transfer Aakash’s shares to Pai in exchange for investment. The Davidson Kempner Saga This May, BYJU’S signed a $250 Mn (around INR 2,000 Cr) structured credit deal with Davidson Kempner against Aakash’s cash flow. However, the edtech has only received INR 800 Cr from the loan. Incidentally, BYJU’S has reportedly used up over INR 600 Cr from the facility. Over the past few weeks, a breach of the loan term covenant triggered the US-based investor to start talks to return the money. At the same time, Davidson Kempner allegedly restructured Aakash’s board of directors. Though neither party commented on the development at the time, media reports were strife with speculation around Aakash’s future. Even as BYJU’S tries to placate Davidson Kempner, it has scheduled crunch talks this week with the steering committee of its $1.2 Bn Term Loan B to sign new terms. Last month, the steering committee, which owns about 85% of the loan amount, said they had agreed to close the terms after discussions with the edtech firm. Per their statement, the terms were to be signed by August 3, but a formal announcement is yet to be made by either party. BYJU’S is also said to have written to Aakash founders – the Chaudhry family – and investment fund Blackstone, asking them to honour the pending stock swap part of the deal announced two years ago. However, the two parties have opposed the demand. The Chaudhrys and Blackstone have reportedly cited a breach of terms, including a delay in furnishing the fiscal 2022 audited financials of BYJU’S parent firm, for the refusal, making it yet another case of delayed financial reporting haunting the edtech giant. In any case, Raveendran and CFO Ajay Goel have promised shareholders that audited financials for FY22 would be filed by September and audited FY23 results by December.

Smugglers often come up with creative ways to bring contraband into foreign countries, but one man’s attempt to smuggle 68 iPhones into China was particularly brazen. On July 31, a man arrived at Qingdao Port in China and tried to pass through customs without declaring the iPhones he was carrying. The venture, while daring, lacked a certain level of ingenuity. The man’s appearance and attire raised suspicions among authorities. Clad in a navy blue shirt, his physical proportions seemed curiously askew. This prompted authorities to subject him to a closer examination. The inspection revealed that he was carrying a total of 68 old iPhones meticulously affixed to various parts of his body—his waist, lower legs, and abdomen. The iPhones, far from being the latest models, were meticulously swathed and secured around his frame using adhesive tape. Subsequently, the man was promptly apprehended, facing charges of smuggling. The motivation behind his elaborate smuggling attempt remains shrouded in mystery. While his intentions are unclear, it’s plausible that he had plans for selling the iPhones on the grey market. There is a huge demand for old iPhones on the grey market as people are often on the lookout for getting their hands on devices on the cheap.Smuggling of Apple products isn’t a new thing as there have been many reports about them. There have been reports about fake AirPods being smuggled into various countries as well. In 2017, a woman was arrested for smuggling 102 iPhones and 15 high-end watches into the country by hiding them in her clothes. And in 2015, a man was caught trying to smuggle 94 iPhones into China by taping them to his body at the Hong Kong border. Many cases do end up coming out of China. In China and most other countries, it is illegal to import goods without paying the appropriate taxes.

One97 Communications has appointed SR Batliboi & Associates as the B2B vertical’s new auditor with immediate effect Paytm said the outgoing auditor has not raised any concern or issue with its B2B arm PwC said its resignation was considering One97’s ‘understandable practice’ to align the auditor of PPSL, being a material subsidiary, with the auditor of the holding company PricewaterhouseCoopers (PwC) India resigned as the auditor of Paytm Payments Services on Monday (August 7). The fintech major has appointed SR Batliboi & Associates as the auditor of the B2B vertical with immediate effect. “… we wish to inform you that M/s.Price Waterhouse Chartered Accountants LLP… statutory auditors of material subsidiary i.e. Paytm Payments Services Limited (PPSL) have resigned with effect from August 07, 2023,” Paytm said in a regulatory filing with the bourses.  Paytm Payments Services, a wholly-owned subsidiary of One97 Communications, offers digital payments solutions and tools for businesses. Paytm said that the outgoing auditor has not raised any concern or issue with its B2B arm, and the resignation of PwC was approved by the company’s board of directors.  The decision comes a week after Paytm informed PwC India that there was a change of auditors at the board level. In its resignation letter to the fintech major, PwC India said that the resignation was necessitated by Paytm’s ‘understandable practice’ to align the auditor of PPSL with the auditor of the holding company’. “…Consequently, keeping in mind your understandable practice to align the auditor of PPSL, being a material subsidiary, with the auditor of the holding company in order to bring in synergies and maintain consistency in the audit process of the Group, we hereby tender our resignation as the statutory auditors of PPSL,” said PwC India in its resignation letter.  PwC furnished financial statements for the year ended March 2023 and a limited review report on the ‘unaudited special purpose interim condensed financial statements’ for the first quarter of financial year 2023-24 (FY24) prior to its resignation.  PwC India was appointed by PPSL as its auditor at its annual general meeting (AGM) held in September 2021. The auditor was appointed for a period of five years till FY26 but its journey was cut short due to considerations around ‘consistencies in the audit process’. PPSL was incorporated as a subsidiary of Paytm in the later half of 2020. PPSL acquired a persona of its own after Paytm transferred its online payment aggregation business to PPSL in 2021. It, however, ran into controversy in 2022 after the Reserve Bank of India (RBI) asked it to reapply for a payment aggregator licence. Since then, PPSL has introduced sweeping changes while chasing the central bank for the payment aggregator licence to onboard more merchants on its rolls.  The latest development came on the same day as the fintech giant announced that its CEO Vijay Shekhar Sharma would acquire a 10.3% stake in the company from the Netherlands-based Antfin Holdings BV, an arm of Chinese conglomerate Ant Group. The development comes at a time when Paytm has rapidly scaled its loan business and merchants payments verticals. It has also been cutting its losses by focussing on profitability and shoring up its revenue. Paytm’s consolidated net loss narrowed to INR 358.4 Cr in Q1 FY24 compared to INR 645.4 Cr in Q1 FY23. Paytm shares closed 6.95% higher at INR 850.75 on the BSE on Monday (August 7).