Twitter acquires image search startup – Madbits

Twitter has quietly acquired visual intelligence technology developing start-up Madbits. Twitter’s game plan is to use Madbit’s brilliant deep-learning-based computer vision technology with the images that are being uploaded every day to the social network. Madbit’s technology basically allows to assign relevant meta information to the raw images and bolster the image search. LINK

Intuit India Acquires Jaipur Based KDK Software

Intuit India has acquired Jaipur based KDK Software, a company that provides cost-effective software solutions to tax professionals and SMEs in the country. KDK has about 20k customers & serves 1 in 5 practicing chartered accountants in India, which gives Intuit the needed warchest to take on the competitors like Tally. Looks like Intuit wants to invade the Indian market now. Link

RBI Circular to shut down IT Startups and SMEs in India

RBI has released a circular that requires every exporter of software products or services to submit export invoices for certification to STPI (Software Technology Park of India), being the nodal designated agency irrespective of whatever value. This will enable multiple issues for IT and software startups in India. Basically, RBI wants to regulate and track incoming foreign exchange but that is quite well done as all payments coming in India are tracked anyway through bank. Read more

Apple to Buy Radio App Swell for $30 Million

Multiple resources report that Apple is close to buying the radio app Swell for about $30 Million. Swell’s iOS app created personalized streams of various podcasts and shows.The Swell app is to be shut down this week.Much of the Swell team is to join Apple. This deal is yet another in the string of content apps that Apple have picked up over the past few months. LINK

Zomato CMO Alok Jain Quits

Zomato CMO Alok Jain has quit 10 months after his appointment. A replacement haven’t been announced yet. Zomato was trying to become a global brand and had stated plans of expanding to 22 new countries across Europe, Southeast Asia, Australia and the Americas. Recently, they launched in Chile and acquired a New Zealand-based online restaurant guide. LINK