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Akshaya Patra Foundation receives $1M pledge from Vista Equity Partners; raises $500K at annual event

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Akshaya Patra Foundation
Akshaya Patra Foundation

Robert F. Smith (center), Founder, Chairman and CEO of Vista Equity Partners alongside Hardeep Gulati (left), CEO of PowerSchool, and Shridhar Venkat (right), CEO of The Akshaya Patra Foundation.

 

SAN FRANCISO (Diya TV) — Vista Equity Partners, the world’s leading private equity firm pledged $1 million to Akshaya Patra over five years to aid in the Foundation’s mid-day meal plan. Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners announced the collaboration alongside Hardeep Gulati, CEO of PowerSchool, and Shridhar Venkat, CEO of The Akshaya Patra Foundation.

The pledge was announced during the opening of the new offices of the education-technology firm, PowerSchool.  PowerSchool provides software solutions to schools in over 70 countries, it will continue to hire talent, and expand its presence in Bengaluru, joining eight other Vista portfolio companies with operations in India.

The initial investment will be used to purchase trucks to transport meals to schools in various areas of the country. With $200,000 granted each year, contributions will aid the delivery of meals to 80,000 students per day, and over 18 million meals per year.

“Our culture at Vista emphasizes the importance of positively impacting and engaging with the communities in which we live and work,” said Smith. “At Vista, we invest in the future. And Akshaya Patra’s work does that.  By ensuring that students across India have the nourishment they need to be able to learn, the foundation plays an integral role in the education of Indian youth, and we are honored to help them execute on their mission.”

“We are honored to partner with Vista Equity Partners and companies to continue to ensure that our children are well-nourished, and able to learn,” said Venkat. “This commitment will immensely expand our ability to deliver meals to schools and students across India, and will help us in furthering the mission of serving five million children by 2020”

Akshaya Patra Bay Area Benefit Event Raises $500,000

Over 300 business philanthropic community leaders attended the Akshaya Patra Foundation’s 2017 Bay Area Benefit Galaraising $500,000 for the organization’s school meal program.

Dheeraj Pandey, Founder, CEO and Chairman of Nutanix  was the event’s keynote speaker. Nutanix India employees have volunteered in Akshaya Patra’s Bangalore kitchen and schools.

The event also featured Diane Greene, Google’s Senior Vice President of Google Cloud Business, who accepted an award on behalf of Google. The award recognizes Google as Akshaya Patra’s “Corporate Partner of the Year”.

The annual fundraiser event is organized by Akshaya Patra’s Bay Area Volunteer Chapter led by Advisory Board members.

Akshaya Patra Foundation is a not-for-profit organization headquartered in Bengaluru, India.  The organization established its school meal program in 2000. Akshaya Patra Foundation serves wholesome food to over 1.6 million children from 13,839 schools across 12 states in India.

Vista Equity Partners is a U.S.-based investment firm with more than $30 billion in cumulative capital commitments.

PowerSchool is a K-12 education technology provider of solutions that improve the education experience for 100 million students, teachers, and parents in over 70 countries around the world.

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FTX’s Nishad Singh got $543 million loan

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More fallout from the FTX cryptocurrency platform collapse. Court documents show its affiliate Alameda Research loaned executives like Sam Bankman Fried $1 billion and more than $500 million to Indian American Nishad Singh, FTX’s top engineer. FTX’s interim CEO says never in his career has he seen such complete failure of corporate controls and a complete absence of trustworthy financial information. The company filed for Chapter 11 bankruptcy after it was unable to come up with customer funds.

Elizabeth Holmes was sentenced to more than 11 years in prison after her conviction in January for defrauding investors while running the failed blood testing start up Theranos.In her trial, Holmes alleged she was in the midst of a decade-long abusive relationship with her then-boyfriend and Theranos COO Ramesh “Sunny” Balwani. The Indian American was also found guilty for his role in this fraud and will be sentenced later.

Starting next month, India will assume the G20 presidency for a year and chair more than 200 meetings, leading the way for global economic growth. Prime Minister Narendra Modi said his country’s leadership here will be inclusive, ambitious, and decisive.

Ravi Kapur contributed to this report.

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Arvind Venkat & Tarik Khan win Pennsylvania State seats

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WASHINGTON D.C. (Diya TV) – Looking back at the midterm elections, Arvind Venkat and Tarik Khan made history as the first South Asian Americans elected to the Pennsylvania State Legislature. Advocacy group Indian American Impact played a major role on the ground, saying it trained and mobilized 200 volunteers to go door-to-door, to engage voters and provide info they needed to elect new leadership.

After 35 years, the Nancy Pelosi era is officially coming to an end. The speaker from San Francisco announced she’s bowing out of leadership, but will retain her House seat. The midterms cost Pelosi’s Democratic party the House and effectively ended her speakership.

Two former Indian American executives at Meta Platforms will launch a new non fungible token start up for creators. Kirthiga Reddy and Saurabh Doshi have raised more than $8 million for their new company called Virtualness. But they are facing headwinds as the FTX cryptocurrency exchange collapse is putting pressure on the entire industry.

Ravi Kapur contributed to this report.

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Meet FTX insider Nishad Singh

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SAN FRANCISCO (Diya TV) – The controversy around failed cryptocurrency exchange FTX continues to captivate the world. Part of the scrutiny is now on the people involved, including Indian American Nishad Singh. According to new reports, this techie was part of FTX’s inner circle, which lived together and ran the cryptocurrency empire from the Bahamas. The software engineer was also reportedly aware that FTX secretly transferred customer funds worth billions of dollars to its sister firm Alameda Research. Currently, no one is facing any criminal charges. Diya TV featured Singh more than a decade ago for running ultra marathons as a 17 year old getting ready for college. 

Former President Donald Trump has officially announced he is running for president in 2024, marking his third bid for the White House. Trump had been hinting at this announcement for months, as the embattled former president faces multiple criminal and civil litigations and as his party is grappling with a worse than expected showing in the midterm elections. 

At the G20 Summit in Bali, world leaders including Indian Prime Minister Narendra Modi and U.S. President Joe Biden are coming together to condemn the rising threat of nuclear weapons as Russia’s war against Ukraine continues to raise tension and anxiety around the world.

Ravi Kapur contributed to this report.

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