Inside Infibeam’s AI ambitions; Redefining tech services with AI

Hello,

Someone stole the Pink Panther.

India’s largest crypto exchange, CoinDCX, suffered a security breach that resulted in the loss of approximately $44 million from one of its internal operational wallets. While CoinDCX has not confirmed this figure, it has acknowledged that the hack did not involve customer wallets.

The hack comes exactly a year after WazirX disclosed a massive breach in which attackers siphoned off roughly $235 million worth of digital assets. That incident has been attributed to the North Korea-linked Lazarus Group.

In fact, the group was also responsible for the $1.5-billion hack of ByBit earlier this year—the largest single hack in crypto history. 

According to a UN report, North Korean hackers use advanced social engineering tactics, including the infiltration of crypto-related services through compromised IT personnel. This results in tech firms unknowingly hiring thousands of North Korean workers.

But this may only be a small bump in the road, as the highly attractive Bitcoin is now converting more sceptics.

Now, more of India’s rich are putting a slice of their gold-backed wealth into cryptocurrency. According to crypto exchange Mudrex, about 30% of its volumes come from HNIs, who invest 2-5% of their wealth in digital assets.

All that glitters isn’t gold.

In today’s newsletter, we will talk about 

• Inside Infibeam’s AI ambitions
• Redefining tech services with AI

Here’s your trivia for today: What is the only Bollywood movie to feature Hollywood actor Will Smith?

Featured

Inside Infibeam’s AI ambitions

Infibeam Avenues is branching out by placing a bold bet on artificial intelligence. The Ahmedabad-based fintech is launching a rights issue worth nearly Rs 700 crore to fund what its founder Vishal Mehta calls the “full-stack agent AI ecosystem of the future.”

Of the Rs 700 crore capital, the company plans to set aside nearly Rs 300 crore for its AI initiatives, which rest on three pillars—reasoning models, agentic frameworks, and real-world deployment platforms.

Beyond fintech:

• At present, Infibeam’s video large language model—originally conceptualised for gas stations and retail payments—interprets real-time camera footage, identifies objects, understands scene context, and analyses human activity. 
• Unlike closed ecosystems like Salesforce’s AgentForce, Infibeam’s agents are designed to work across platforms, allowing developers and businesses to retain control over tools, data, and IP. It will distribute these agents via Rediff.com, now repositioned as an open marketplace for digital tools.
• This year, it released an early version of its reasoning model RZN-T—a compact model optimised for task-specific inference—on the open-source model repository, Hugging Face. 

Startup

Redefining tech services with AI

Flyers Soft builds backend systems and initially offered services like mobile and web development. Over time, it has expanded to 11 different areas, including AI, data governance, QA automation, MuleSoft services, Oracle Fusion, AR/VR, cybersecurity, and animation.

“The market has software talent, but lacks people who understand and solve problems end-to-end,” says its founder Uday Kanth.

Key takeaways:

• The company extensively uses AI-powered tools like GitHub Co-pilot, Cursor, and Bold to improve developer productivity. “Clean data leads to accurate AI results. That’s our focus,” Kanth notes.
• Flyers Soft is developing a banking accelerator to facilitate API integrations, such as payment gateways and credit card systems. Another accelerator is being developed to automate 30-40% of manual ETL work in data governance.
• To date, the firm has served over 50 clients and maintains active partnerships with 15, including Indian firms like Jio and Infosys. The company engaged Jio to help build its 360-degree sports viewing feature using their Unity developers.

News & updates

• Turnaround: China’s exports of rare earth magnets to the United States in June soared to more than seven times their May level, marking a sharp recovery in the flow of critical minerals used in electric vehicles and wind turbines after a Sino-US trade deal.
• AI reach: Samsung Electronics has announced plans to double the reach of Galaxy AI across its device portfolio, targeting over 400 million handheld devices by the end of 2025. This is part of the company’s 2024 milestone of integrating Galaxy AI into more than 200 million devices, beginning with the Galaxy S24 series launch.
• Save face: Astronomer CEO Andy Byron has resigned after his viral appearance at a Coldplay concert outside Boston, US. “The Board will begin a search for our next Chief Executive as Cofounder and Chief Product Officer Pete DeJoy continues to serve as interim CEO,” the company stated.

What you should watch out for

• Earnings season: Zomato and Blinkit parent Eternal is set to announce its financial results for the first quarter of FY26 at the close of markets on July 21. According to brokerages, the Deepinder Goyal-led company is expected to improve its net profit to Rs 78.5 crore from Rs 39 crore in the previous quarter. Both Blinkit and Zomato are expected to report double-digit growth in gross order value. The week will also see Infosys, Paytm parent One97 Communications, and Ideaforge Technology, among others, release their Q1 FY26 results.
• Legal matter: The Supreme Court will hear the plea filed by the promoters of BYJU’S parent Think & Learn Pvt Ltd, challenging the decision by the National Company Law Appellate Tribunal denying the withdrawal of insolvency proceedings initiated by the Board of Control for Cricket in India. The apex court will consider interim relief to BYJU’S, which says it had initiated a full and final settlement of dues prior to the constitution of the Committee of Creditors. Last year, the top court had annulled the debt-ridden edtech firm’s Rs 158-crore settlement with the BCCI towards sponsorship of the Indian cricket team.

What is the only Bollywood movie to feature Hollywood actor Will Smith?

Answer: Student of the Year 2. He appeared in the song “Radha Teri Chunri”.

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