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Venkatesan, the executive vice president and chief technology officer of PayPal, is in charge of the payment company's new AI-driven personalization products. In this role, Venkatesan uses PayPal's 200 petabytes of transaction data to help small businesses and large enterprises sell more products and to help save money for consumers. Before joining PayPal in June, Venkatesan was EVP of the Walmart US Omni Platforms and Tech organization, where he helped use AI to blur the lines between offline and online shopping.See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Srini Venkatesan is responsible for PayPal's new AI-powered personalization features

<ul class="summary-list"><li><keyword id="80487" type="COMPANY" weightage="60" keywordseo="walmart">Walmart</keyword> has announced its intent to acquire peer-to-peer <keyword id="6355447" type="PERSON" weightage="60" keywordseo="delivery">delivery</keyword> company <keyword id="10343553" type="UNKNOWN" weightage="60" keywordseo="joyrun">JoyRun</keyword>.</li><li>"We'll be able to explore how the technology could complement ours," Srini Venkatesan, Walmart's executive vice president of global technology, told Business Insider in a statement.</li><li>Walmart has long worked to dominate "last mile" delivery in order to better compete against rivals like Amazon.</li></ul>Walmart is taking yet another run at honing its <keyword id="1972299" type="PERSON" weightage="60" keywordseo="Last-mile-delivery">last mile delivery</keyword> capabilities, this time by announcing its intent to acquire the talent, technology platform and intellectual property of technology company JoyRun.JoyRun is a peer-to-peer delivery app that was founded in 2015. The app allows users to request an order from a local store. If another users accepts the order, they can serve as a "runner" by picking it up and delivering it for a fee, or for free. JoyRun's has cultivated a network of 30,000 such "runners," as well as around 540 merchant partners. Srini Venkatesan, Walmart's executive vice president of global technology, said that the tech company has a national presence that has been "historically concentrated around campuses and military communities." Venkatesan, Walmart's executive vice president of global technology, spoke to Business Insider about the <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> giant's impending purchase, and what it means for its fulfillment strategy. "The team from JoyRun will join our Supply Chain Technology team once the deal closes," he told Business Insider in a statement. "At that time, we'll be able to explore how the technology could complement ours."The Arkansas-based retailer experimented with many technologies in its bid to win retail's <a href="https://www.businessinsider.com/walmart-invests-in-drones-as-amazon-delivery-war-heats-up-2019-6">delivery war</a> against rivals like Amazon. Earlier this year, Walmart announced partnerships with a trio of <a href="https://www.businessinsider.com/walmart-drone-delivery-partnerships-tom-ward-2020-9">drone companies</a> and a <a href="https://www.businessinsider.com/walmart-teams-with-electric-self-driving-car-company-cruise-2020-11">self-driving car </a>business for various fulfillment pilots. According to Venkatesan, JoyRun could give the company even more of an edge in terms of "last mile" delivery. In supply chain management, the "last mile" refers to the transportation of an order to its final destination. Walmart holds a key "last mile" advantage over smaller retail rivals and e-commerce outfits like Amazon in the form of its fleet of 4,700 plus stores. "When executed strategically, last-mile offers the benefits of speed and lower costs, since the order is only traveling a short distance," Venkatesan said.Venkatesan noted that Walmart currently employs a variety of different shipping nodes, including an e-commerce fulfillment center that can ship across a 500-mile radius, <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.linkedin.com_pulse_technology-2Dsupply-2Dchain-2Dworking-2Dtogether-2Dustomers-2Dsrini-2Dvenkatesan_&amp;d=DwMFAg&amp;c=tq9bLrSQ8zIr87VusnUS9yAL0Jw_xnDiPuZjNR4EDIQ&amp;r=mR2IbGnfn6NTFO1ZUFhWnQs60tfAi3LST5uG9s6zoxI&amp;m=hLAYX1fhCYcAUQE-Wi5qmIwCn0QPnWFwFOR9Zax_-u4&amp;s=ZbCCmf9R9zrZ6GoV82Ywm9qCm1BVQfZpI6Qei4A1iAo&amp;e=BVQfZpI6Qei4A1iAo&amp;e=">pop-up distribution centers</a> that can ship across a 100-mile radius, and Walmart stores that can ship across a 10-mile radius.He said that the retailer has developed an artificial intelligence-driven concept called "intelligent flow," which helps the team "quickly understand where products need to be allocated throughout our fulfillment network." Machine learning also helps Walmart truck inventory to stores and "designate quantities for the sales floor or for e-commerce.""All of this enables us to allocate forward-deployed inventory at a lower cost, and easily leverage our existing last-mile delivery capabilities to serve customers quickly and efficiently," Venkatesan said. In his <a href="https://www.linkedin.com/posts/srini-venkatesan_this-acquisition-allows-us-to-further-augment-activity-6735295576902115328-Q4au">LinkedIn</a> post on the acquisition, Venkatesan wrote that JoyRun could complement the company's <a href="https://www.drive4spark.com/">SPARK</a> program for independent contractors or its existing third-party delivery providers. He told Business Insider that "it's too early to speculate" about how exactly these capabilities could dovetail with JoyRun's technology."Once the deal closes, the app and existing service will temporarily be unavailable while we actively explore ways in which we might integrate JoyRun's unique IP and technology into our last-mile delivery capabilities," he said. "Having multiple options for delivering to customers allows us more flexibility to serve customers."Venkatesan said that JoyRun will not factor into Walmart's strategy for the ongoing 2020 holiday season. He noted that the companies only just signed the agreement, and that they "anticipate the deal will close in the coming weeks."And as for whether or not shoppers can expect to be able to officially pickup deliveries for their friends and neighbors soon, Venkatesan said that Walmart stores already act as informal community hubs."With 4,700 plus stores located within 10 miles of 90% of the US population, the proximity to our customers allows us to think creatively about how our stores can be used to not only for in-store shopping, but also to serve the increasing needs of omni shoppers," he said.

How Walmart's latest tech acquisition could make 'last-mile' delivery fast and affordable — and beat Amazon at its own game

In a bid to transform state-run banks, the Indian Government is determined to hire outside talent and bureaucrats in <keyword id="6355548" type="ORGANIZATION" weightage="80" keywordseo="Public-Sector-Banks">public sector banks</keyword>. The Government is going to appoint Ravi Venkatesan, an independent director on the <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> board, and former revenue secretary Sumit Bose as chairmen of two public-sector banks. 
 Also, TN Manoharan, who is on the board of <keyword id="43217" type="CITY" weightage="80" keywordseo="Tech-Mahindra">Tech Mahindra</keyword>, and former petroleum secretary GC Chaturvedi are going to head two other banks. 
 
However, names of the banks they will be soon heading could not be confirmed. 
 
"Approvals have been sought for the candidature of Ravi Venkatesan and Sumit Bose," a senior official with the department of personnel &amp; training told Economic Times. The official also confirmed the news about appointment of Manoharan and Chaturvedi to head other banks. 
 
The Government wants to hire chairmen of eight banks as it wants to reform the state-run banking system. 
 
"It should take at least a week for the announcement of chairmen of eight PSBs," another official, aware of the developments, told ET, adding, “the move shows the resolve of the government to give more autonomy to state-run banks and transform the way banking is done at these institutions.” 
 
The official said the shortlisted candidates were industry leaders, veteran bankers and reputed bureaucrats, which will further empower individual bank boards. 
 
Venkatesan was the chairman of Microsoft India between 2004 and 2011. He is also a fellow of the Center for Higher Ambition Leadership, Boston. 
 
The financial daily reported that the Government had appointed Manoharan on Satyam’s board after it took control of the scam-hit company. The company was later on acquired by Tech Mahindra and Manoharan is now a director on the board of Tech Mahindra. He served as the president of Institute of Chartered Accountants of India during 2006-07. 
 
Bose and Chaturvedi are seasoned bureaucrats, as the former was revenue and disinvestment secretary while the latter held the charge of additional secretary, financial services, before he went on to become petroleum secretary. 
 
(Image: Indiatimes)

Big public banks to now have tough
corporate bosses from Infosys and Tech Mahindra

<keyword id="2038187" type="COMPANY" weightage="20" keywordseo="Thinkers50">Thinkers50</keyword> India released the definitive list of most influential management thinkers from India for the year 2015, who created, expanded and enhanced thought leadership in India. 
 
Among the Thinkers50 include Nirmalya Kumar, Ravi Venkatesan, Tarun Khanna, Gurcharan Das. 
 
Nirmalya Kumar of Tata Sons contributed to the theory and practice of management include authoring six books in the domain of marketing strategy and publishing extensively in the Journal of Marketing Research and Harvard Business Review. 
 
Venkatesan of Social Venture Partners has had powerful bearing in recent years on management thinking especially for multinationals by publishing the much acclaimed book on how to succeed in Indian context and drawing lessons for markets elsewhere. 
 
Other thinkers on the list include dons from Harvard Business School, Kellogg School of Management and the all important Indian Institute of Management system and ISB, etc. 
 Among professors, Prof. Tarun Khanna, expert in the areas of innovation and <keyword id="107737" type="ORGANIZATION" weightage="20" keywordseo="Entrepreneurship">entrepreneurship</keyword> in emerging markets, Prof. Rakesh Khurana, forefront of organizational theory and leadership development, were also named. 
 
Prof. TT Ram Mohan from IIM Ahmedabad and Prof. R. Vaidyanathan, similarly are known for their work in the areas of finance, banking and capital markets. Their seminal work has led to considerable developments in the areas of banking and finance in India. 
 
Dr. Amit Kapoor, Editor-in-Chief, Thinkers and Curator of Thinkers50 India said, “India has always been at the forefront of thought leadership in the domain of management. But the challenge has been in recognizing management thinking and practice. Thinkers 50 India list 2015 is an embodiment of this spirit and I hope in the coming years several pathbreaking ideas in the domain of management come from Indian Thinkers.” 
 
(Image: Thinkstock)

The definitive list of 50 of India’s best Management Minds!

<ul><li>The survey conducted among MSMEs during and post the lockdown period delves into major problems faced by entrepreneurs .</li><li>This study shows that of those surveyed only 31 per cent were aware of schemes launched under the 'Atmanirbhar Bharat' initiative.</li><li>The study was conducted over 2020 and 2021 in two rounds, each across 1955 micro businesses.</li></ul> A study on the impact of Covid-19 on microbusinesses in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> has found that nearly 40 per cent of them were denied loans (both formal/informal) as they did not have sufficient collateral or lacked positive credit history. According to non-profit organisation '<keyword id="6815383" type="General" weightage="50" keywordseo="global-alliance-for-mass-entrepreneurship" source="Orion">Global Alliance for Mass Entrepreneurship</keyword>' (GAME), which conducted the study, 21 per cent of the microbusinesses lacked requisite documentation for the application. The report, titled '<keyword id="15622525" type="General" weightage="20" keywordseo="road-to-recovery-examining-the" source="Orion">Road to Recovery: Examining the</keyword> impact of Covid-19 on microbusinesses in India', released recently, is a nationwide study on how the Indian MSME (micro, small and medium enterprises) sector managed the pandemic period lockdowns, GAME said. The survey conducted among MSMEs during and post the lockdown period delves into major problems faced by entrepreneurs regarding financial impact, business confidence, and stress management, it said. The study conducted over 2020 and 2021 in two rounds, each across 1955 micro businesses, pointed out that over 50 per cent of enterprises reported having no coping strategies or mechanisms to cushion the pandemic's impact, GAME said in a statement. GAME Founder, Ravi <keyword id="205709" type="General" weightage="80" keywordseo="venkatesan" source="Orion">Venkatesan</keyword> said there is a dire need for building adequate knowledge of bank managers, field officers, and banking correspondents on bank and government schemes. This study shows that of those surveyed only 31 per cent were aware of schemes launched under the 'Atmanirbhar Bharat' initiative, he said. "As part of the package, financial institutions introduced a credit product for MSMEs whose loan accounts were categorised as special mention accounts by lending institutions. While this was created to support MSMEs unable to repay loans, similarly, financial solutions can be created to encourage business modifications as a response to external challenges", Venkatesan said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-may-produce-alternative-smartphones-to-compete-with-apple-android/articleshow/95780494.cms">Elon Musk may produce 'alternative' smartphones to compete with Apple, Android</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-sees-a-single-day-rise-of-new-389-coronavirus-infections-tally-rises-to-530608/articleshow/95779680.cms">India sees a single-day rise of new 389 coronavirus infections, tally rises to 5,30,608</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/centre-releases-17000-cr-as-gst-compensation-to-states/uts/articleshow/95768144.cms">Centre releases ₹17,000 cr as GST compensation to States/UTs</a>

Over 50% of microbusinesses had no mechanisms to cushion Covid impact, Road to Recovery report says

Country's second largest software services firm <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> announced the appointment of <keyword id="4715674" type="UNKNOWN" weightage="100" keywordseo="d-sundaram">D Sundaram</keyword> as an independent director with effect from July 14, according to PTI news report. The appointment is based on the recommendations of the Nomination and Remuneration Committee of the Board, Infosys said in a statement. <keyword id="120337" type="COMPANY" weightage="20" keywordseo="Sundaram">Sundaram</keyword> is currently the Vice Chairman and MD of TVS Capital Funds Ltd. He joined Unilever Group in 1975 and has served in various leadership capacities in Unilever Group in a career spanning over 34 years. "He (Sundaram) brings extensive experience in the field of finance and strategy execution," Infosys Chairman <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> said. Other independent directors on Infosys Board include Prof John W Etchemendy (<keyword id="101399" type="ORGANIZATION" weightage="20" keywordseo="Stanford-University">Stanford University</keyword>'s Provost), Roopa Kudva (former MD and CEO, Crisil), Dr Punita Kumar-Sinha (former Senior MD of Blackstone) and Jeffrey Sean Lehman (vice chancellor of <keyword id="4716260" type="UNKNOWN" weightage="20" keywordseo="nyu-shanghai">NYU Shanghai</keyword>). Ravi Venkatesan (former Microsoft India Chairman), Kiran Mazumdar-Shaw (Chairperson and MD of <keyword id="6358361" type="CITY" weightage="20" keywordseo="Biocon">Biocon</keyword>) and D N Prahlad (CEO of <keyword id="4716261" type="UNKNOWN" weightage="20" keywordseo="surya-software-systems">Surya Software Systems</keyword>) are also on Infosys' Board as independent directors.

Infosys appoints D Sundaram as independent director

Air India launched direct flights from New Delhi-San Francisco from December 2. This is the first-ever non-stop flight from India’s national capital to the popular tech city. 
 
The flight AI 173 from New Delhi with 230 passengers on board landed here at 5:40 AM with airport traffic control tower lit in the Indian tricolour to welcome the maiden Air India flight to the city. The passengers applauded when the aircraft touched down. 
 
"It is a remarkable day and today is a great day for Air India," said Indian Consul General Venkatesan Ashok. 
 
The city mayor's office declared this day as 'Air India Day', a symbolic gesture to celebrate the arrival of the first direct flight from India here. 
 
The flight offers a 3-cabin configuration, with 8 seats in First Class, 35 in Business Class and 195 in Economy Class. 
 
Now, Indians working in Silicon Valley will be able to fly directly from San Francisco to New Delhi and vice-versa. 
 
In a bid to welcome Air India, US' San Francisco International Airport (SFO) had launched a contest, titled #NonstopAirIndia.

Good news! Air India starts direct flights to
San Francisco

<keyword id="11441043" type="COMPANY" weightage="20" keywordseo="SimpliContract">SimpliContract</keyword>, an AI and SaaS-based contract lifecycle management (<keyword id="3467940" type="COMPANY" weightage="20" keywordseo="clm">CLM</keyword>) platform, said on Monday it has raised <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> 1.8 million in a <keyword id="948731" type="PERSON" weightage="20" keywordseo="seed-funding">seed funding</keyword> round led by <keyword id="1397792" type="COMPANY" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword> with participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital. This funding will drive its efforts in engineering, <keyword id="6019235" type="COMPANY" weightage="20" keywordseo="ai-research">AI research</keyword>, and marketing, the Bengaluru-headquartered company said in a statement. SimpliContract's product supports organisations across the contract lifecycle from request to renewal and enables effective collaboration for internal and external stakeholders such as vendors and customers, it said. The platform, built with customisable and intelligent workflows, seamlessly integrates with enterprise applications and provides actionable insights to users across procurement, sales, and legal functions, the statement said. Partner at Kalaari Capital, <keyword id="154262" type="PERSON" weightage="20" keywordseo="Ravinder-Singh">Ravinder Singh</keyword>, said, "90 per cent of global enterprises and 50 per cent of midsize organisations will have CLM solutions in place by 2023. The Global CLM market is expected to grow from USD 1.5 billion today to USD 5.2 billion by 2027. We believe that the AI- powered CLM platform of SimpliContract will drive and ride this growth." "We are seeing significant interest and adoption in the market within a few months of launch. SimpliContracts AI-driven platform supports over 4,000 enterprise users and manages 30,000-plus contracts worth over USD two billion in value," CEO of SimpliContract, Guru Venkatesan, said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a>

SaaS startup SimpliContract raises $1.8 million in seed funding led by Kalaari Capital

<ul><li><keyword id="6612" type="PERSON" weightage="20" keywordseo="Smriti-Irani">Smriti Irani</keyword>, Minister for Women and Child Development along with 30 participating organisations launched ‘<keyword id="8282463" type="UNKNOWN" weightage="20" keywordseo="yuwaah">YuWaah</keyword>’ — <keyword id="8282462" type="UNKNOWN" weightage="20" keywordseo="generation-unlimited">Generation Unlimited</keyword>’ — to train youth between 10 and 24 years of age. </li><li>The initiative supported by <keyword id="56000" type="COMPANY" weightage="20" keywordseo="UNICEF">UNICEF</keyword>, aims to engage over 300 million youngsters in education, skill training or employment over the next decade. </li><li>In 2018, UNICEF initiated the Generation Unlimited partnership, globally. India is one of the first countries to partner with the initiative. </li></ul>Every month a million people in India turn 18, ready to take up jobs. To help them, Smriti Irani, Minister for Women and Child Development launched ‘YuWaah’ — Generation Unlimited’. The government partnered with 30 participating to train the youth between the ages of 10 and 24. The initiative is supported by UNICEF. It aims to engage over 300 million youngsters in education, skills training or employment over the next decade. “The government is determined to make YuWaah a transformational alliance that brings a national step change in preparing young people for the transition from education to 21st century work,” Irani said at the launch. India is in dire need of skills training as its efforts have to be intensified by ten fold. Skilling needs to be much more aspirational, KP Krishnan, Secretary, Ministry of Skill Development and Entrepreneurship said. In 2018, UNICEF initiated the Generation Unlimited partnership globally. “An engineering degree has a validity of 18 months to 5 years. Hence, the youth today should learn agility — learn, unlearn and relearn. Soft skills — creativity, teamwork, growth mindset — are the future. This can only be learnt experientially, said Ravi Venkatesan, UNICEF representative. The programme is focused to create economic opportunities for 100 million youth through job matching and entrepreneurship. See also: <a href="https://www.businessinsider.in/soft-skills-can-save-your-job-from-the-machines-but-young-professionals-are-severely-short-of-it/articleshow/70243130.cms">Soft skills can save your job from the machines but young professionals are severely short of it</a> <a href="https://www.businessinsider.in/skill-india-mission-employment-rate-is-too-low/articleshow/70459576.cms">Only one in five people trained under government's Skill India Mission found jobs</a>

India will start skilling its youth starting from those who are ten years old

Infosys elevates Ravi Venkatesan as co-chairman of the board. Here’s why he matters

<ul class="summary-list"><li><keyword id="80487" type="COMPANY" weightage="60" keywordseo="walmart">Walmart</keyword> plans to add 42 "pop-up eCommerce Distribution Centers" to help handle the surge of orders with the upcoming holiday season. </li><li>These pop-ups will be added to regional distribution centers, and are expected to handle about 30% of the retailer's holiday shipments. </li><li>This is another measure to keep ecommerce orders processing smoothly this holiday season. Walmart is hiring 20,000 employees to help as well.</li></ul>As Walmart prepares for <keyword id="847717" type="PERSON" weightage="60" keywordseo="Holiday-Shopping">holiday shopping</keyword>, the company will add 42 ecommerce fulfillment centers to already existing regional distribution centers in order to help process orders, <a href="https://corporate.walmart.com/newsroom/2020/11/12/pop-up-edcs-help-meet-the-demand-for-holiday-ecommerce-orders">the company announced</a>.By adding these ecommerce centers, "facilities that have traditionally only supplied products to stores are now equipped to also fulfill online orders," according to a press release. These "pop-up eCommerce Distribution Centers" will ship up to 30% of Walmart's holiday orders, <a href="https://www.linkedin.com/pulse/technology-supply-chain-working-together-ustomers-srini-venkatesan/">according to a different statement from the company</a>."It is a seamless merge of stores and <keyword id="35621" type="PERSON" weightage="60" keywordseo="e-commerce">e-commerce</keyword>, so our buildings can do either one," said Srini Venkatesan, executive vice president for Walmart <a href="https://www.wsj.com/articles/walmart-adding-pop-up-centers-for-online-holiday-sales-11605216505?mod=business_lead_pos6">told the Wall Street Journal</a>. He added that by combining the two facilities, the company can cut down on transportation costs that are often associated with delivery.Read more: <a href="https://www.businessinsider.com/retail-holiday-shopping-season-deal-fatigue-coronavirus-2020-10?r=bs-sub">Never-ending holiday deals provide a short-term sales win for retailers as growing brand devotion takes a back seat, experts warn</a>In order to pull this off, Walmart's technology team implemented new technology "software to synchronize logistics systems for the stores with e-commerce systems and to integrate with the third-party carriers picking up loads from the sites," the WSJ reported. Since the coronavirus pandemic led to stay-at-home orders in March, retailers like Walmart have been dealing with more online orders than in the past. The company has hired 500,000 new employees since March, and will hire <a href="https://www.businessinsider.com/walmart-holidays-hiring-spree-early-deals-online-demand-2020-9">20,000 employees for ecommerce during the holidays</a>.Retailers big and small are expecting <a href="https://www.businessinsider.com/online-sales-surge-holiday-shopping-shipageddon-chart-2020-11">more orders than ever this holiday season</a>, and online orders will make up $190.47 billion of the total $1.013 trillion analysts are expecting shoppers to spend this holiday, Business Insider's Avery Hartmans previously reported. Driving sales too is so-called <a href="https://www.businessinsider.com/analysts-predict-surge-of-guilt-gifting-this-holiday-season-2020-11">"guilt-gifting,"</a> as people are forced to spend the season away from their families.

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