
A startup was said to be ‘passing off' humans as AI. That's not why it collapsed
It is the most ' high-profile ' AI startup collapse in recent times. And a convoluted story ties it to India.That story begins with a startup that said it could help anyone put together an app without any code — in 2016 , long before ChatGPT and Claude made it look so easy. The London and Los Angeles-based startup was founded by a British entrepreneur of Indian origin, Sachin Dev Duggal , and would eventually be known as Builder.ai . And, as the 'ai' in its name indicated, it would use artificial intelligence to turn app-building into what it said would be a process ' as easy as ordering a pizza '.

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Mint
27 minutes ago
- Mint
Saraswat Co-operative Bank to acquire fraud-hit New India Co-operative Bank
Saraswat Co-operative Bank Ltd (SCBL) on Tuesday said it will acquire the beleaguered New India Co-operative Bank Ltd (NICBL), in a relief to depositors who were unable to fully access their funds after the central bank imposed restrictions following a ₹ 122-crore scam. The Reserve Bank of India has given its in-principle approval after Saraswat Bank approached the central bank with its proposal for amalgamation, and a final nod will depend on the shareholders of both the banks. Following the merger, Saraswat Bank will take over all assets and liabilities of New India Co-operative Bank, and the interests of depositors will be fully protected, its chairman Gautam E. Thakur said at a press conference in Mumbai. The merger of the entities is expected to happen in August-September and the turnaround of the fraud-hit bank might take one-two years, Thakur said. Due diligence has been conducted and a special audit is being conducted for the merger. The bank is working with the Economic Offences Wing (EOW) and other law enforcement agencies to ensure fairness and accountability, he added. Mint earlier reported that the Reserve Bank of India in February allowed depositors to withdraw up to ₹ 25,000 from New India Co-operative Bank, after superseding the board of the Mumbai-based New India Co-operative Bank due to poor governance standards and irregularities in its lending business. A former general manager of the bank, Hitesh Pravinchand Mehta, was allegedly involved in siphoning ₹ 122 crore from the lender. He was later arrested. NICBL has recorded a negative net worth of ₹ 102.74 crore for FY25. It reported a total business of ₹ 3,560.52 crore, which includes deposits of ₹ 2,397.85 crore and advances of ₹ 1,162.67 crore. NICBL has around 200 employees currently and 90 employees have resigned after the scam. Saraswat Bank has reported a total business of ₹ 91,814 crore as on 31 March 2025, including deposits of ₹ 55,481 crore and advances of ₹ 36,333 crore. The bank reported a net profit of ₹ 518.25 crore in FY25. It has maintained gross NPAs at 2.25% and net NPAs at zero for the third consecutive year. The capital to risk-weighted assets ratio (CRAR) of the bank stands at 17.43% Saraswat Bank, India's largest urban co-operative bank, has acquired more than seven financially weak co-operative banks over the past few years, rescuing over 800,000 depositors. Saraswat Bank has helped troubled depositors without any haircut, ensuring full protection of interest of depositors, Thakur said. After the acquisitions, the combined business of these seven weak banks has grown from ₹ 1,900 crore to ₹ 9,200 crore in five years.


Hindustan Times
37 minutes ago
- Hindustan Times
Woman uses ChatGPT to slash ₹10 lakh credit card debt in 30 days
A woman in Delaware, United States, made ChatGPT her personal financial adviser and used the AI chatbot's tips to pay off credit card debt, which is $23,000. Allan thought of using AI to give her the 'momentum' to pay off the credit card debt.(Pexels) Jennifer Allan, 35, took inspiration from the 30-day challenges trending on social media platforms. She decided to use ChatGPT every day for 30 days, paying off more than $12,000 of her debt ( ₹ 10,27,000). '…Whether that was brainstorming side hustles or just giving me a little structure', she told Newsweek. The realtor and content creator recounted her 'struggle with money' during her whole adult life. Allan said that while she makes enough, she was never taught financial literacy. 'I avoided budgeting and I figured if I just kept working harder, I could out-earn the problem,' she said. Allan said that it worked for a while, 'until it didn't'. She said that things 'unravelled' after the birth of her daughter, with NICU, postpartum recovery and other expenses that come along with a newborn. Allan recalled that she 'shut down emotionally', using credit cards to keep things afloat, according to Newsweek. 'We weren't living lavishly. We were just surviving,' she said, adding that the debt kept piling up. Following this, Allan thought of using AI to give her the 'momentum' to pay off the credit card debt. ChatGPT's one-challenge-a-day for Allan According to Newsweek, ChatGPT would suggest one challenge every day which would help Allan in saving or earning a little money. These included cancelling a subscription, filing for unclaimed money, selling items through Facebook Marketplace. The chatbot even suggested searching for coins in old purses and in between couch cushions. This earned Allan about $100. ChatGPT also advised her to look through her apps and accounts. Following this advice, Allan discovered more than $10,000 lying in a brokerage account and from finance apps like Venmo. 'I'm super, super happy with that. I've essentially paid half of my debt off,' Allan said in a clip posted to her TikTok account


The Print
41 minutes ago
- The Print
Laxmi Group acquires majority stake in UK-based Brew Tea Co
Co-founders Phil and Aideen Kirby will retain a 20 per cent stake and will continue to lead Brew Tea Co as part of the partnership. Founded in Manchester by Phil and Aideen Kirby, Brew Tea Co has grown into one of the UK's leading specialty tea brands. Its subscription service, delivering 500 g of loose leaf or proper tea bags on a regular basis, now reaches nearly 10,000 homes across the UK, a statement by Luxmi Group said. Kolkata, Jul 1 (PTI) Kolkata-based Luxmi Group, which owns the iconic Makaibari Darjeeling brand, on Tuesday announced that it has acquired a majority stake in UK-based Brew Tea Co, a fast-growing firm which focuses on whole-leaf teas and is known for ethical sourcing and its innovative direct-to-consumer model. 'Their vision, hands-on leadership, and deep focus on quality remain central to Brew Tea's growing success,' the statement said. 'We're excited that with Luxmi, we can now take that same customer promise even further, with even better access to exceptional teas,' the co-founders said as quoted. Luxmi Group brings over 100 years of expertise from its estates in Assam, Darjeeling, and Rwanda, known for ethical cultivation, premium leaves, and community development. 'By way of this partnership, Luxmi and Brew Tea Co shall create a rare and complete farm-to-cup model', Luxmi Group MD Rudra Chatterjee said. 'As India celebrates its bicentennial of tea, grown first in Assam, we are honoured to help bring the traditional craft that made Indian tea world-famous back into global focus,' says Chatterjee. PTI dc NN This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.