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Apple starts manufacturing iPhone 14 in India

Apple has started assembling the iPhone 14 models in India, it said Monday, locally producing the current lineup for the first time in the same calendar year in the world’s second largest smartphone market as analysts predict a greater shift in the American giant’s future manufacturing. The company’s global partner Foxconn is manufacturing the device in the Sriperumbudur facility near Chennai. The locally produced iPhone units will go on sale in the country later this year. Apple began locally assembling smartphones in India in 2017, but until this year, the iPhone-maker has used the manufacturing facilities in India to assemble older generation handsets. Apple launched the iPhone 14 models earlier this month . Analysts estimate that Apple will turn India into a global iPhone manufacturing hub by 2025 as it slowly cuts its reliance on China, where it has been producing the vast majority of its devices for over a decade. In a report earlier this month, JP Morgan analysts said Apple w
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Interpol issues red notice for Terraform founder Do Kwon

Interpol has issued a red notice for Do Kwon, requesting law enforcement agencies worldwide to locate and arrest the Terraform Labs founder whose blockchain startup collapsed earlier this year and wiped out investors’ $40 billion. Kwon faces charges in South Korea for the wipeout of investors’ money, the prosectors said. The notice against Kwon — which a spokesperson for the South Korean prosecutors confirmed to TechCrunch — may set a wrong precedent for the crypto industry and hurt innovation, especially if Kwon didn’t knowingly defraud investors and customers, several industry executives have said in recent weeks. “Having met Do Kwon … leaving how he is a person aside … I think the criminalization of Terra is a dangerous precedent,” said Haseeb Qureshi, Managing Partner of crypto investment fund Dragonfly, on a recent podcast. Qureshi, however, cautioned that he, like many others, don’t know all the details. South Korean prosecutors have doubled down on their probe into Kwon in
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Disperse, which brings AI-fuelled data to construction projects, raises $16M

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Disperse , a U.K.-based construction tech company that offers an artificial intelligence (AI)-powered platform to help project managers track work and capture data from building sites, has raised $16 million in funding. Founded out of London in 2015, Disperse effectively creates a digital version of an entire construction site, including visual snapshots that track the progress of work to help all stakeholders — regardless of where they’re based — keep up with things. For this, someone employed on the site (e.g. a project manager) walks around equipped with a standard 360° camera at regular intervals, and the resulting imagery is fed directly into the Disperse platform which processes the visuals and applies computer vision techniques to figure out what’s happening. For example, this can help to show the state of a project at a given moment in time, and solve disputes should they arise in terms of determining whether a job was completed as it should’ve been. It also automatically spo
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Conservative capitalists are funding their vision of the future

Given the political climate and Peter Thiel’s political views, it initially seemed ironic that Thiel Capital chose now as the ideal time to back 28, a self-described “femtech” company that offers fitness and wellness recommendations based on the phases of one’s menstrual cycle. Then, you start to do the math. Thiel is known for having quite right-leaning interests and has poured money into PACs supporting the Senate campaigns of various populist Republicans. For example, early last year, he gave $10 million to a PAC supporting J.D. Vance’s run for an Ohio Senate seat . Vance infamously compared abortion to slavery . Thiel also backed Blake Masters, a Trump-endorsed Senate candidate from Arizona whose website once stated he was completely pro-life and supported “a federal personhood law that recognizes that unborn babies are human beings that may not be killed.” The entry has since been deleted , NBC News reported. Vance and Masters are former venture capitalists who won their resp
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The unicorn valuation gambit

Happy Sunday, fellow startup nerds. Today we’re talking about risk in the gambling sense of the word. You see, there’s a way for unicorns to avoid painful dilution when they next raise capital, and it appears that a good number of the world’s billion-dollar startups are taking the wager. But new data indicates that the bet some of the most well-financed startups in the world are taking could be more wishful thinking than intelligent gambit. Here’s the gist: Unicorns, many of which raised capital during the 2021 boom at valuations that no longer square with market norms, are holding off raising capital until conditions improve. The bet they are taking is that they can survive off their last cash haul long enough to make it through a valuation trough and raise on the other side, when prices improve. To understand what’s going on, let’s talk unicorn funding events, the state of valuations and how much longer things might be Somewhat Shit when it comes to revenue multiples. This is goi
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Insurtech goes niche

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Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up  here  so you can receive it directly in the future. Every week, I’ll take a look at the hottest fintech news of the previous week. This will include everything from funding rounds to trends to an analysis of a particular space to hot takes on a particular company or phenomenon. There’s a lot of fintech news out there and it’s my job to stay on top of it — and make sense of it — so you can stay in the know. —  Mary Ann Last week, I wrote four companies that had an insurance technology angle. One thing they all had in common? They each had a very specialized focus. This is notable if you consider the fact that many general insurance technology companies have struggled over the past year. As my colleague Alex Wilhelm points out in Friday’s Equity podcast : Root has zeroed out value, and Metromile subsumed into Lemona
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GTA 6 footage leaks, Revolut gets hacked, and Wipro fires 300 for “moonlighting”

Hi, friends! Welcome back to Week in Review , the newsletter where we very quickly sum up the most read TechCrunch stories from the past week. Want it in your inbox every Saturday morning? Get it here. most read GTA 6 footage leaks : Roughly 90 clips of the next Grand Theft Auto game leaked out this week, with the uploader claiming to have hacked Rockstar Games’ internal Slack. Rockstar confirmed the “network intrusion,” adding that they are “extremely disappointed” to see things leaked this way but that development will “continue as planned.” Wipro fires 300 employees for moonlighting : India’s IT giant Wipro “has fired 300 employees in recent months who were found to be moonlighting for competitors,” writes Manish, with Wipro chairman Rishad Premji calling moonlighting an “act of integrity violation.” Revolut hacked : Banking/financial services startup Revolut confirmed this week that hackers were able to breach details for a “small percentage” of its customers. The company dec
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