
Infinix has partnered with UNESCO to provide practical training in artificial intelligence (AI) and robotics to over 30 students from the University of Ibadan (UI). The workshop which took place on Saturday, November 16, 2024, at the Infinix ICT Resource Centre at the University of Ibadan. aims to inspire young Nigerian innovators through new CogLabs modules. “We are thrilled to celebrate our partnership with this university and support the growth of the ICT Centre alongside UNESCO and our technical partners. Through this workshop, we introduce new CogLabs modules in AI, robotics, and programming to empower Nigeria’s youth as the innovators of tomorrow,” said Oluwayemisi Ode. Public Relations Manager for Infinix Nigeria. Dr. Eugene Masinde, a trainer for UNESCO CogLabs, emphasized the workshop’s goal of making STEM education accessible. Joan Nadal, founder of E3BOT and Master Trainer for UNESCO CogLabs Workshops, added, “We aim to bring STEM education and robotics to everyone. Thank you, Infinix, for making this possible.” Participants received training in courses such as AI with Teachable Machines, coding with Scratch, and smartphone sensor testing. Representing the University of Ibadan, Dr. Demola Lewis, described the event “a dream come true” and praised Infinix for their commitment to AI training. “Anyone not aligned with AI will become irrelevant in the next decade,” he stated. Community Manager Olumide revealed that the workshop aimed to train 30 participants, with 20 selected as peer trainers. These trainers were provided with Infinix smartphones, branded items, cash stipends, and resources to help continue training others. Computer science student Ruth Tijani highlighted how smartphones would enhance participants’ learning and productivity. “It’s one thing to know, and another to have the tools to apply it,” she noted. The top 20 participants were awarded certificates, Infinix smartphones, and branded gifts, enabling them to train others in their communities. This event reinforces Infinix Nigeria’s commitment to advancing STEM education and AI in Nigeria.PharmEasy’s revenue from operations fell 14.75% to INR 5,664.2 Cr in FY24 from INR 6,643.9 Cr in FY23 The epharmacy charted somewhat of a turnaround in FY24 as its outgo due to exceptional items declined 65% to INR 1,026.9 Cr in FY24 from INR 2,921.9 Cr in FY23 PharmEasy's total expenditure declined 19.16% to INR 7,254.8 Cr in FY24 from INR 8,974 Cr in FY23 Digital pharmacy PharmEasy saw its consolidated net loss halve to INR 2,531.1 Cr in the financial year 2023-24 (FY24) on the back of a decline in its expenses and exceptional items. The company’s net loss declined 51.35% from INR 5,202.5 Cr in FY23. However, it also saw a decrease in its operating revenue. PharmEasy’s revenue from operations fell 14.75% to INR 5,664.2 Cr in FY24 from INR 6,643.9 Cr in FY23. The company primarily generated revenue from its medicine marketplace, which contributed INR 5,007.7 Cr to its total top line in FY24. On the other hand, it earned INR 652.3 Cr in revenue from sale of services, which comprised diagnostic services, teleconsulting and licensing of its software and other offerings. Founded in 2015 by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Siddharth Shah, and Hardik Dedhia, PharmEasy sells medicines through its flagship online platform and offers diagnostic services through its subsidiaries. Having faced a funding crunch for the majority of the past two years, the epharmacy charted somewhat of a turnaround in FY24 as its outgo due to exceptional items declined 65% to INR 1,026.9 Cr in FY24 from INR 2,921.9 Cr in FY23. Under the exceptional items head, the company’s goodwill impairment fell nearly 80% to INR 582.5 Cr in FY24 from INR 2,825.6 Cr in FY23. However, the fiscal under review saw an additional expenditure in the mix as PharmEasy incurred “early redemption charges” for non-convertible debentures (NCD) worth INR 342.5 Cr, which were nil last fiscal. The reduction in loss comes as good news for PharmEasy, which has been marred by significant financial and operational struggles in the recent past. The company’s valuation plummeted by 90% during its INR 1,804 Cr fundraise in April this year compared to its peak $5.6 Bn valuation in October 2021. It was also the worst-performing Indian investment in Prosus’ portfolio during H1 FY24, registering an internal rate of return (IRR) of -41%. Furthermore, PharmEasy also grabbed negative headlines for undertaking mass layoffs and a major restructuring exercise in the past one year. PharmEasy’s total expenditure declined 19.16% to INR 7,254.8 Cr. in FY24 from INR 8,974 Cr in FY23. Here is a breakdown of the startup’s biggest cost centres: Purchase Of Stock-In-Trade : Expenses under this bucket decreased 17.04% to INR 4,572.8 Cr in FY24 from INR 5,512 Cr in FY23. Employee Benefit Expenses : The company spent INR 699.3 Cr on employee-related benefits in FY24, down 45.51% from INR 1,283.3 Cr in the previous year. Finance Costs : Expenses under this head increased 9.38% to INR 727.9 Cr in the fiscal under review from INR 665.5 Cr in the financial year ended March 2023. Expected Credit Loss On Financial Assets: The healthtech major’s expected credit loss on financial assets increased 147.3% to INR 169.2 Cr in FY24 from INR 68.3 Cr in FY23. Contractual Payments For Delivery Executives : Costs under this bucket declined 27% to INR 78.6 Cr during the year under review from INR 108.7 Cr in FY23. Legal Expenses : The company spent nearly INR 60 Cr towards legal and professional fees in FY24, down 46% from INR 112 Cr in the previous fiscal. Sales Promotion & Marketing Expenses: PharmEasy trimmed its marketing expenditure by nearly 90% to INR 24.4 Cr in FY24 from INR 235 Cr in FY23. Step up your startup journey with BHASKAR! From resources to networking, BHASKAR connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.
IGM Financial Inc. (TSE:IGM) Announces Quarterly Dividend of $0.56
The Land Transportation Franchising and Regulatory Board (LTFRB) said Saturday it has made significant strides in modernizing public transportation in 2024, marking a pivotal year for the agency. LTFRB chairman Atty. Teofilo Guadiz III said the agency celebrated numerous achievements aligned with the government’s vision of a safer, more efficient, and environmentally sustainable transport system. He explained that central to the LTFRB’s efforts was the consolidation of public utility vehicles (PUVs) under the Public Transport Modernization Program (PTMP), launched in 2017. By year-end, 85.6 percent of PUV units — totaling 164,137 — had been consolidated into modernized fleets, marking a big accomplishment after seven years of extensions, Guadiz pointed out. “This is considered a milestone, not just for the LTFRB, but for the entire government. Despite objections, strikes, and calls to suspend the program, we remain committed to modernization,” Guadiz stated. He said that franchise consolidation and route rationalization played key roles, optimizing transport availability and reducing inefficiencies in Metro Manila and other urban areas. Temporary extensions were likewise granted to operators who failed to meet consolidation deadlines, ensuring continued service while adhering to modernization goals, the LTFRB chief said. He added that the LTFRB also expanded the ride-hailing market by accrediting new transport network companies bringing the total to 20. The move increased commuter options and competition in the transport sector. Platforms like Angkas gained accreditation, reflecting the agency’s support for innovation, he pointed out. Additionally, the LTFRB approved a P10 increase in taxi flag-down rates, raising them to P50. Further fare adjustments are under review, balancing operator demands and inflation concerns. The agency maintained that it had enhanced its support programs for workers affected by modernization, including initiatives like “EnTSUPERneur” and “Tsuper Iskolar.” The programs offered financial aid and training, helping transport workers transition to new opportunities. While the modernization program faced protests and transport strikes, the LTFRB maintained operations by organizing alternative transport services, Guadiz said Safety was also prioritized through stricter vehicle inspections and higher standards for modernized fleets, he averred. Likewise, the LTFRB pushed environmental sustainability by incorporating advanced, low-emission technologies into modernized PUVs.