Breaking: Infy veteran Richard Lobo joins Byju's as advisor to lead human resources function. 

One quick thing: The Zuck vs Musk cage fight is off, at least for now.

• The Meta chief said Musk "isn't serious and it's time to move on", while X (formerly Twitter) owner continues to take potshots in his own inimitable way 

In today’s newsletter:

• AI to Indian edtech's rescue
• Banks and NBFCs eye EV financing
• Data Law: Companies face uphill task

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Programming note: Wishing all our readers a Happy Independence Day. There will be no edition of MC Tech3 on August 15 and we’ll be back in your inbox on Wednesday (August 16)!

Indian edtech seems to have discovered a genie in a bottle, giving it hope for a new lease of life.

• That genie is artificial intelligence (AI)

Once the poster child of the Indian startup ecosystem, the edtech industry is now embracing generative AI to navigate through its challenges.

Edtech founders are exploring all options, from incorporating AI into back-end operations to rebranding into an AI venture, to reduce cash burn and growth hiring.

• For example, Disprz expects to shift many of its core functions to AI in the next 12 months 

Founder Subramanian Viswanathan said that while the company previously needed to hire 100 people to meet an 80% growth rate, that demand can be met with 20-30 people now.

Similarly, Ashish Munjal, the founder of upskilling startup Sunstone, said that the company scaled 2.5 times without increasing its headcount over the past year with the help of AI.

Edtech companies have also been experimenting with new use cases, such as feedback and remedy, co-pilot for teachers and students, and even sprucing up CVs of students for placement support.

“Many tasks involving standardised processes can now be automated using AI. It won't entirely replace jobs but will expedite processes,” said Disprz’s Viswanathan.

Go deeper

The old saying "Make hay while the sun shines" is certainly true for some of the top banks and non-banking finance companies (NBFCs) in India.

Banks and non-banking financial companies (NBFCs) are entering the electric vehicle (EV) financing business, especially in the two-wheeler segment. This is because the price of EVs is expected to soar in the coming days, coupled with a rise in demand.

• Ola Electric, India’s largest electric vehicle company, has partnered with Shriram City Union Finance
  
  
• Similarly, Ather Energy has tied up with IDFC First Bank, HDFC Bank, ICICI Bank, Bajaj Finance Ltd, Axis Bank, Hero FinCorp, and Cholamandalam Finance
  
  
• Last week, Hero Electric also announced signing a strategic collaboration with IDFC FIRST Bank

Financing for internal combustion engine (ICE) vehicles has been around for years and is very common. However, EV financing is a fairly new segment. Banks and NBFCs were waiting to see increased adoption and demand before they could lend for EVs.

However, the business is getting very lucrative due to multiple factors. 

• Customers seek affordable financing for EVs as FAME II subsidy reduction on e-two wheelers are set to drive up prices

• The demand for financing options for EVs is also increasing in tier III and IV cities, as well as in rural areas

With the successful enactment of the Digital Personal Data Protection Act, India has reached a significant milestone in its quest for data protection.

• However, for enterprises and startups, this achievement signals not an end, but a new beginning on their journey

As the country awaits the enforcement of the new law, enterprises and startups have a long list of tasks to complete to ensure that their operations are compliant with the DPDP Act.

Experts have identified two significant challenges within companies when it comes to their handling of data.

• Proliferation of personally identifiable information across various systems
  
  
• Challenge in exerting control on data access

Also read: What the Digital Personal Data Protection Act means for you

Companies must conduct privacy impact assessments to identify the types of data flowing within their organizations, Kanishk Gaur, founder and CEO of Delhi-based think tank India Future Foundation, said.

Consulting firm Deloitte also recommended that firms conduct gap assessments to evaluate their readiness for the DPDP Act.

• The firm also advised companies to conduct data inventories using data discovery techniques

Go deeper

The explosive growth of 4G network and smartphones accelerated the digitalisation of Indian consumers, and the transformation in payments through UPI has been nothing short of a revolution. From less than 3 million transactions in 2016, the number of monthly transactions has skyrocketed to around 10 billion in July of this year.

This eye-popping growth has surprised even the most optimistic observers in the country's payments ecosystem.

• With the active support of the RBI and the government, UPI is now looking to go international for both business payments and remittances

Given its popularity among consumers and merchants, it is highly unlikely that it will fail. Find out more

This article is part of a special series capturing India's rising economic might as it emerges stronger from a pandemic amid a sluggish world economy. Read all stories.

• The RBI has chosen McKinsey & Company India and Accenture Solutions to develop AI and machine learning systems for supervisory tasks.

•  South Korea's largest telco SK Telecom said it will invest $100 million in Google-backed Anthropic to strengthen its telecommunications-driven AI business.

As India celebrates its 77th Independence Day, it is a time to reflect on the sacrifices made by countless individuals who fought valiantly for the nation’s freedom.

One remarkable way to immerse oneself in the rich history of India’s independence struggle is through the lens of cinema. Here is a selection of films to watch:

• Lagaan (2001)
• Rang De Basanti (2006)
• Gandhi (1982)
• Shaheed (1965)
• The Legend of Bhagat Singh (2002)
• Netaji Subhas Chandra Bose: The Forgotten Hero (2005)

So gather your family and friends, pop some popcorn, and enjoy a night of patriotic entertainment!

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