16, May 2024
VĀSA Indica Your way to the new Indica
New Delhi, 16th May 2024, Amidst the lively streets of New Delhi, VĀSA Indica is set to open its doors on May 17th at Regency One, marking the dawn of a revolutionary era in retail. Over 60 emerging designers will display their curated assortments. Nestled near Dhan Mill, the 5000 sq. ft. retail space offers a meticulously crafted haven where each brand’s vision can be explored and appreciated in an environment that is as inviting as it is inspiring.
Founded by a trio whose expertise spans BUSINESS, DESIGN, and STRATEGY, VĀSA Indica is the brainchild of Rishi Sakhuja, Devika Sakhuja, and Yuvraj Singh Shergill. Each brings a distinctive perspective to this brainchild: Rishi’s strategic direction and experience in the direct-to-consumer market, Devika’s impeccable eye for curation and luxury, and Yuvraj’s prowess in retail and real estate development. Together, they embody the ethos of The New Indica, offering strong support to Indian brands while boldly championing the essence of the Indica values.
One of the founders of VĀSA Rishi Sakhuja further adds “We seek to revolutionize Indian fashion, curating selections that reflect contemporary trends. Empowering modern buyers to express individuality with confidence, it envisions a future synonymous with accessible and diverse fashion and lifestyle”.
” VĀSA Indica offers modern consumers personalized styling assistance, handpicked events, and exclusive previews, shaping the environment into a dynamic nexus where craftsmanship, style, and commerce harmonize. Featuring brands like Ka-Sha from Pune, Divya Sheth from Kolkata, Mimamsa from Lucknow,Tilla from Ahmedabad,Ekadi from Bihar, Naushad Ali from Pondicherry, Art Chives from Mumbai & Ode-to-Odd from Ranchi amongst others who proudly champions the essence of the Indica ethos, With prices ranging from INR 10,000 to INR 75,000, luxury becomes accessible, bridging India’s artisanal heritage with modern aspirations.
The result is a destination where exclusivity feels accessible and where every piece of clothing or accessories comes with a narrative that adds to the larger story of Indian fashion. VĀSA Indica is poised to make its mark on Delhi’s style landscape, offering a refreshing, thoughtfully curated take on contemporary fashion that celebrates the best of India’s evolving identity.
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- By Rabindra
16, May 2024
Makoonites Celebrate Mother’s Day In Their Respective Branches
New Delhi, May 16th, 2024: Makoons Play School, one of the leading play school chains in India, celebrated International Mother’s Day to honour all the SuperMoms on May 12th 2024, across all their branches. To celebrate the spirit of motherhood, Makoons Play School has organised a day filled with fun activities and bonding sessions between the moms and kids.
The day started with Art and Craft Workshop, wherein children prepared handmade gifts for their moms as souvenirs. The second activity was the Talent Show Extravaganza, wherein children performed different shows of small durations on the theme of Motherhood. The third event on the list was Bonding with Mom, in which the children and their moms came forward to play various games in an association, which promoted bonding and fostered a spirit of teamwork between moms and their children. The day concluded with Luncheon With Mommy, in which a designated space, for lunch and tea with tables, chairs, and food items, was set up. In this event, children were at their free will to invite their moms to enjoy the event collectively with them. All the activities took place within the school premises, and under adult supervision.
Speaking expressly about the planned campaign Dr. Shalini Agarwal, Director of Academics at Makoons Group of Schools said, ‘The importance of mothers cannot be estimated in the lives of their children. In the absence of a mother, a child would go astray. It is always the mother who lays the foundation of an intellectual of the future. To pay homage to all the mothers of the community, and to strengthen the bond of a child with their mothers, we are committed to organising such events in future, because we want our children to be equally sound in values and ethics as they are in academics.’
Institutions and society must work together to further these important morals and values in the children today, who are growing up in a scientifically advanced society, wherein these aspects of personality are not so well catered to. Without brooding their moral and ethical understanding, they cannot grow into becoming well-rounded intellectuals of tomorrow solely on the strength of academics.
16, May 2024
Viacom18 Consumer Products launches ‘Back to School’ SS’24 collection, featuring kids’ favorite toons
May 16 2024; Mumbai, India:Viacom18 Consumer Products, the licensing and merchandising arm of Viacom18, announces the launch of an all-new range of exciting ‘Back to School’ collection. Designed to make the return to the classroom a fun and happy occasion, this vibrant range showcases beloved characters including Motu Patlu, PAW Patrol, Dora The Explorer, Baby Shark, Miraculous, LOL Surprise, and Masha and The Bear bringing kids a step closer to their favorite toons!
Spanning across essential categories, the Back to School range is an attractive collection comprising school bags, lunch boxes, pencil boxes, water bottles and activity books, in bright colors and appealing designs.
Speaking on the launch of its all-new ‘Back to School’ range, Sachin Puntambekar, Head – Viacom18 Consumer Products, said, “At Viacom18 Consumer Products, we are committed to offering innovative and engaging products that resonate with our consumers across product categories. Our ‘Back to School’ range promises to bring young fans closer to their favourite characters and make the return to school a memorable experience for kids. This year again, we’ve meticulously curated our latest collection of kids’ merchandise to cater to children across ages thus ensuring that every child finds joy and inspiration in our offerings.”
The launch of the new Back to School range of Viacom18 Consumer Products will be supported by a robust multi-screen marketing plan comprising of on-air promotions across Viacom18 network channels and JioCinema, retail store activations, influencer collaborations with mommy bloggers, and social media promotions. In addition to this, a giveaway contest on Viacom18 Consumer Product’s social media pages will award 10 winners with merchandise.
Attractively priced between Rs. 50 to Rs. 1299, the products will be available at leading kids’ favourite stores such as Hamleys, Reliance Retail, Landmark, Toys R Us, Dmart, Vmart and Crosswords across 1000+ retail touch points nationwide. Additionally, the Back to School range will be accessible on prominent e-commerce platforms like Amazon, Flipkart, First Cry & more.
16, May 2024
HDFC Life Declares Rs. 3,722 cr. Bonus for Policyholders
Mumbai, May 16, 2024: HDFC Life, one of India’s leading life insurers, announced its highest-ever bonus of Rs. 3,722 cr. on participating plans during the Company’s board meeting in April 2024. This substantial bonus will benefit ~22.23 lakh policyholders.
Participating or par plans are a distinctive type of life insurance policy that provide policyholders with profit-sharing benefits in the form of bonuses. These plans allow policyholders to share in the company’s profits, reflecting a mutual partnership between the insurer and policyholders.
Out of the total bonus amount, Rs. 2,798 cr. will be disbursed to policies in the current financial year, either as maturity bonuses or cash bonuses. The remaining bonus will be payable in the future upon policy maturity, death or surrender.
Vibha Padalkar, MD & CEO, HDFC Life expressed satisfaction, stating, “We are delighted to announce an increase in the bonuses for our valued policyholders this year. Life insurance policies are designed for the long term, and bonuses serve as a reward for the loyalty of policyholders throughout the policy term. We are committed to providing the best products and services to our policyholders, ensuring value for all our stakeholders.”
This significant bonus distribution underscores HDFC Life’s dedication to providing financial security and rewards its policyholders, fostering a relationship built on trust and mutual benefit.
16, May 2024
io.finnet Launches Its Cutting-Edge Digital Asset Custody Solution for institutions: io.vault
LONDON, May, 16th 2024 – io.finnet, the pioneering Tech company, is thrilled to announce the launch of io.vault, its groundbreaking digital asset self-custody solution for institutions. io.vault is already gaining traction, with io.finnet onboarding some of the most prominent institutional actors in the digital asset space including Ibanera and Evo Exchange among others.
io.vault empowers corporate clients to securely hold and transact digital assets, offering a scalable and secure solution designed for OTCs, DeFi platforms, cryptocurrency exchanges, active trading funds, and more. io.vault can be tailored to the specific needs of any company managing digital assets.
This cutting-edge technology is based on io.finnet’s proprietary Trustless Multi-Party-Computation (tMPC), which enhances security by distributing weighted signing authority among multiple participants. The solution, audited by Kudelski Security, provides both scalability and security for managing digital assets. Additionally, configurable signing requirements enable customization to fit specific organizational needs while maintaining user autonomy over assets.
“Scalability is a major hurdle for companies managing digital assets,” said Gregory Pepin, CEO of io.finnet. “Traditional solutions lack the security and seamless integration needed. io.vault solves this problem by empowering companies to securely manage their assets without relinquishing control.”
Unlike custodial services that hold private keys, io.vault ensures companies maintain direct control of their assets. It provides a fully customizable solution for transaction validation, giving companies the flexibility and security to scale their operations. This addresses the growing distrust in third-party custodians following high-profile failures like Celsius and BlockFi. Companies can now break free from the vulnerabilities and dependencies associated with outsourced custody, gaining complete control over their digital assets.
“io.vault is a game-changer,” continued Pepin. “It provides a scalable, secure, and trustworthy alternative to traditional custodian services, positioning io.finnet as a leader in addressing the evolving needs of the digital asset management landscape.”
With the launch of io.vault alongside existing offerings, io.finnet envisions itself as a trailblazer in paving the way to an open and decentralized financial network using revolutionary technologies. This innovative approach sets io.finnet apart in the rapidly evolving digital asset management space.
16, May 2024
Farmers’ Association Report: Agriculture Budget Surges 300 percent in 9 Years
New Delhi, 16 May 2024: The Federation of All India Farmer Associations (FAIFA), a non-profit organization representing the cause of millions of farmers and farm workers of commercial crops across the States of Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, Telangana, Karnataka etc. convened a seminar today at the Constitution Club of India, New Delhi – Ensuring Farmer Livelihoods: Enhancing Farmer Incomes Through Sustainable Farming Practices.
During the seminar, FAIFA released a Report titled – TRANSFORMATION IN INDIA’S AGRICULTURE which highlighted key achievements in the agriculture sector in the last decade. The Report also put forward strategies to enhance farmer incomes in a sustainable manner. The seminar was graced by Sh. GVL Narasimha Rao, Former Member of Parliament, Rajya Sabha. The Key Speakers in the seminar were Prof MV Ashok, Senior Adviser BAIF Research and Development Foundation Pune and Former Chief General Manager, NABARD and Dr. JP Tandon, Former Director, Indian Council of Agricultural Research.
While addressing the audience during the seminar Chief Guest Sh. GVL Narasimha Rao, Former Member of Parliament, Rajya Sabha said, “With my extensive experience in the agriculture sector including the dairy sector, I understand the challenges confronting farmers. So I can say with some conviction that farmers must unite and collaborate to address these challenges collectively. Through initiatives such as Farmer Producer Organizations (FPOs) or cooperatives, they can harness the strength of the collective organization to better their circumstances and secure a brighter future for themselves.”
“Indian agriculture is currently undergoing a significant transformation, driven by the remarkable accomplishments of our government, under the leadership of our Honourable Prime Minister. Over the past decade, we have consistently achieved a commendable growth rate of 4 percent in the sector and I am optimistic that this momentum will only accelerate in the coming years, surpassing even the 4 percent mark. With the projected annual population growth rate of 2.5 percent, our nation is poised to not only meet its own food requirements but also have surplus produce for export to global markets. It’s a ‘Modi Ki Guarantee’ that in the next 10 years there will be bumper growth for farmers and the agricultural sector.” Sh. Narasimha added.
The FAIFA Report put the spotlight on the term “Jai Kisan,” emphasizing that the diverse fabric of India’s agricultural economy has been a consistent aspect of its identity throughout history. It acclaimed the farmers or the Annadaatas and stated that they have earned the foremost access to opportunities without question. The FAIFA Report commended the government’s decade-long efforts, acknowledging a comprehensive approach that has borne fruit. From initiatives supporting farmers’ income, agricultural insurance schemes and expanded irrigation coverage to promoting organic farming, empowering women farmers, bolstering infrastructure and digitizing services, the government has embraced a holistic strategy in championing the cause of the farmers.
The Report conducted an extensive analysis of the government’s achievements, providing a wealth of facts and figures. Some noteworthy highlights provided in the document include:
A remarkable 300 percent plus increase in budget allocation for agriculture over the span of 9 years
Over 11 crore farmers benefited from the PM Kisan scheme
A massive 7350 percent increase in pulses procurement at MSP
Production of over 330.5 million metric tons of food grains in the fiscal year 2022-23
Creation of 4.60 lakh Seed Villages and production of over 102 million metric tons of seeds
Recognition of over 7,000 Agri and allied start-ups in the agricultural sector
Coverage of 76 lakh hectares under the Per Drop More Crop (Drip Irrigation) initiative since 2015
Achievement of 221.06 million metric tons of milk production, marking a 51 percent increase over 9 years
Coverage of over 11 lakh hectares under the Paramparagat Krishi Vikas Yojana (PKVY) since 2016, among various other notable accomplishments
Mr. Javare Gowda, President, Federation of All India Farmer Associations (FAIFA) on the release of the Report said, “The strides made by the government in the agriculture sector and for farmers are commendable. Efforts are being tirelessly invested in augmenting farmer income and ensuring their security, aiding our invaluable ‘Annadata’ in feeding our nation and the world too. Key policy initiatives like the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) and Pradhan Mantri Fasal Bima Yojana (PMFBY) have played pivotal roles in extending financial and income support to farmers. For instance, the PM-KISAN Samman Yojana annually provides direct financial assistance to lakhs of farmers, including marginal and small farmers, totalling over Rs 2.80 lakh crore disbursed so far. Also, crop insurance coverage has been extended to 4 crore farmers under PMFBY.”
The comprehensive crop insurance policy serves as a vital shield for farmers, offering protection against unforeseeable natural calamities thereby safeguarding their livelihoods and preventing financial ruin. Another significant achievement highlighted in the Report is the historic increase in Minimum Support Prices (MSPs), where for the first time the MSP for all 22 crops was set at a minimum of 50 percent more than the production cost. The government has ensured this since the agricultural year 2018-19.
Notably, there has been a consistent upward trajectory in MSPs for 22 Kharif and Rabi crops. Over the past decade, farmers have received nearly Rs. 18 lakh crore as MSP for paddy and wheat crops alone, a figure 2.5 times higher than the preceding decade before 2014. Additionally, government procurement of oilseeds and pulses crops, which was previously negligible, has seen a significant increase. In the last decade, farmers producing oilseeds and pulses have received over Rs. 1.25 lakh crore as MSP, underscoring a tangible commitment to supporting farmers across diverse crop categories.
Mr. Ather Matheen, Vice-President, Federation of All India Farmer Associations (FAIFA), “The MSP initiatives by the government have been a tremendous relief for farmers across the country. The significant increase in Minimum Support Prices for various crops has provided much-needed stability and assurance to farmers, enabling them to invest confidently in their agricultural endeavors. We also earnestly appeal to the government to continue this commendable work and further promote digital platforms for the benefit of farmers. Platforms like e-NAM hold immense potential to revolutionize the agricultural landscape by facilitating seamless online trading of agriculture and horticulture commodities, empowering farmers with greater market access and fairer prices. Moreover, initiatives like the Agriculture Infrastructure Fund will play a pivotal role in boosting farmer incomes in the long run, fostering sustainability and prosperity within the agricultural sector.”
Launched on July 8, 2020, the Agriculture Infrastructure Fund (AIF) is a financing facility aimed at developing post-harvest management infrastructure and community farm assets, focusing on infrastructure at the farm gate. The scheme offers medium to long-term debt financing for viable projects through interest subvention and credit guarantee support. Under AIF, financing facility are being provided to create and modernise post-harvest management infrastructure like dry and cold storage infrastructure, ripening chambers, pack houses, primary processing centres, assaying units, cold chains, supply chain infrastructure including e-marketing platform, logistic facility alongside community farming assets like bio-stimulant production, farm and harvest automation, infrastructure for smart and precision farming, organic input production, remote sensing and IoT- based farming infrastructure among others.
The FAIFA Report also pointed out the government’s effort to actively promote digital inclusion and mechanization to foster productivity and stressed on the continuity of such initiatives. The launch of the digital platform e-NAM (National Agriculture Market) in 2016 has facilitated the integration of Agriculture Produce Marketing Committees (APMC) mandis and has provided multi-faceted benefits to farmers, farmer-producer organizations (FPOs), buyers and traders. The number of markets linked to the e-NAM platform has increased from 250 in 2016 to 1,389 in 2023, facilitating the online trading of 209 agriculture and horticulture commodities. The platform has witnessed the registration of over 1.8 crore farmers and 2.5 lakh traders promoting market opportunities through a transparent price discovery system and online payment facility. Further, the value of trade on the platform has increased from Rs 0.3 lakh crore in August 2017 to over Rs 3 lakh crore in November 2023.
16, May 2024
Experience a Universe of Emotions with Harsha Agrawal’s Debut ‘In Four Billion Years’
India, May 16, 2024: Harsha Agrawal has launched her highly anticipated debut book of poetry, ‘In Four Billion Years,’ published by Story Mirror. As a spoken-word poet and storyteller, Harsha presents a collection of 50 poignant poems that promise to lead the readers on an emotional journey through the complexities and nuances of love.
In her book ‘In Four Billion Years,’ Harsha delves into the wide spectrum of love, from personal to cosmic and divine. Within the collection, some poems portray a love so stubborn that it defies death, seeking countless ways to reunite with a lover. Others illustrate the complete surrender of a lover. Certain verses seamlessly blend the divine and the sensuous, blurring the boundaries between love and God with sincere conviction. Additionally, there are poems that capture the ordinary aspects of familiar love alongside those that delve into the irresistible allure of forbidden love.
Overall, it promises readers different aspects of love, evoking bittersweet nostalgia for lovers, family, and moments of affection through carefully crafted titles and footnotes.
Within the book, she has deliberately titled poems such as ‘An Experiment in Slavery (Not The BDSM Kind)’, ‘Rumi At A House Party’, ‘Feminism Convicted Me Of A Crime’, and ‘Love In the Times of Dementia’ to evoke speculations through their unconventional themes. Meanwhile, a few titles, such as ‘A Christmas Miracle’ and ‘I Have Thank-You Notes Ready For The Gifts I Am Yet To Receive’, suggest fascinating narratives and will emotionally resonate with the readers on a personal level.
Drawing inspiration from the rich tapestry of life, Harsha juggles her role effortlessly as a director at Collins India with being a doting mother to her 5-year-old. Reflecting on her creative process and intentions for writing the book, she said, “From what I have read in a book, evolutionary wisdom suggests our DNA’s inherent selfishness, where it always strives to protect itself. Yet love, in its diverse manifestations, inspires us to fight our intrinsic selfishness. It wants us to be selfless, compelling us to champion the happiness and well-being of others.”
Through the poems, she hopes that readers experience a state of love washing over them. She hopes that they fill them with a profound sense of gratitude and an urgent need to reach out to their loved ones to appreciate their presence and warmth—generously, loudly, and unabashedly. Harsha states, “I believe love expressed is love compounded.”
In recognition of her talent, she won a nationwide poetry contest held by Story Mirror and Mirchi Mehfil in 2021, earning her the opportunity to publish this book. ‘In Four Billion Years’ is now available for purchase in both print and ebook formats on major online platforms, including Amazon. For those who appreciate the beauty of language and the power of poetry, this collection promises to be a captivating read.
16, May 2024
MSME Growth Conclave organised by MSME Development Forum WB
Kolkata, 16th May, 2024: MSME Development Forum, West Bengal a renowned platform that promotes the cause of the MSME sector in the state organised a MSME Growth Conclave at The Spring Club, Kolkata. The event was inaugurated by Chief Guest: Sri. Vivek Gupta, MLA and was organised by CS (Dr.) Adv. Mamta Binani, President of MSME Development Forum WB Chapter. The Guest of Honour was Sri. Rajnish Goenka, Chairman of MSME Development Forum; Sri. P C Khurana, Zonal Head of Central Bank of India East & many other eminent personalities.
On this occasion, Sri. Vivek Gupta, MLA said, “I am elated to inaugurate The MSME Growth Conclave which aims to catalyse the next wave of growth opportunities, tackle challenges and foster knowledge exchange and networking to establish the groundwork for sustainable growth in Indian MSMEs and mentioned about West Bengal having the second highest number of MSMEs. He congratulated the Kolkata Chapter for inaugurating the MSME office in Salt Lake.”
Speaking to the media, CS (Dr.) Adv. Mamta Binani, President of MSME Development Forum WB Chapter said, “The conclave was held with an objective to showcase the talent and entrepreneurship of West Bengal in the very vital space of MSMEs. West Bengal houses very passionate MSMEs in the country and this program was held with the objective of disseminating the advantages that MSMEs have and the various schemes that the Government has for them.”
On this occasion, Sri. Rajnish Goenka, Chairman of MSME Development Forum said, “This conclave provides a platform for policymakers, business leaders, and entrepreneurs to exchange ideas, strategies, and success stories, fostering a collaborative environment that highlights the importance of MSMEs in achieving sustainable and inclusive economic growth.”On this occasion, Sri. P C Khurana, Zonal Head of Central Bank of India East said, “MSMEs, or micro, small, and medium enterprises, are vital for the economic growth and development of India. They provide employment opportunities, contribute to manufacturing and exports, and support innovation and entrepreneurship.”
The MSME Growth Conclave had sessions on the pathways available for the MSME, including the Initial Public Offering route given by the stock exchanges that is the SME IPO route powered by GYR Capital Advisors. The MSME Growth Conclave was followed by the Book Launch on MSME Sector which is Co Authored by CS (Dr.) Adv. Mamta Binani, President of MSME Development Forum WB Chapter & CA Sanjib Sanghi, Chairman EIRC of ICAI. The program had multiple moderated panel sessions along with a fireside chat. Following the MSME Growth Conclave & Chat Session the announcement of a new office of MSME at Salt Lake was made & gratitude was extended to Sri Ashish Mittal, Director, Golden Tulip Hotel for his support.
16, May 2024
Hack-O-NiT by Narula Institute of Technology Culminated in a Spectacular Closing Ceremony
Kolkata, 16th May 2024: The inaugural edition of Hack-O-NiT, the first ever overnight Hackathon by Narula Institute of Technology, concluded with a flourish, marking the beginning of a new era in technological innovation. The event was graced by dignitaries including Mr. Soujit Das, Senior Manager, Incubation & Portfolio Management, IIM – Calcutta, Prof (Dr) N.R. Bandyopadhyay, Professor & Former Head, Dr M.N. Dastur School of Materials Science IIEST, Shibpur and Former Chairman, Metallurgical & Materials Engineering Division Board, The Institution of Engineers (India) Council Member, Materials Research Society of India; Mr. Prateek Chaudhary, FCA, DISA (ICAI) Chairman, Council of Start Ups Merchants’ Chamber of Commerce & Industry; Mr. Abhay Agarwal, Chartered Accountant; Mr. Arijit Das, Co-Founder and Director at Aeonix Research & Innovations LLP; Mr. Sambhu Nath Surai, ITA (Information Technology Analyst) in TCS and Co-founder of ATX Extention, Robotics Technology.
Hack-O-NiT, the first-ever overnight Hackathon hosted by Narula Institute of Technology, witnessed enthusiastic participation from budding technocrats. With problem statements spanning across diverse domains such as Health Care, Automation & IoT, Cloud Computing, Knowledge Management, New Gen Games, Infrastructure, Telecom, and Open Innovation, the event provided a fertile ground for innovation and collaboration in a realistic environment.
The Hack-O-NiT covered both hardware and software Tracks. Some of the remarkable products developed in this Hackathon are Various Health Care solutions like Identification of Brain Cancer from Images, AI based Diabetic detection Online Learning management systems, Robots for Mining Application etc.
More than 90 teams submitted their Ideas and Prototypes. Out of which 70 teams were screened in the second round and total 18 teams competed in the Grand Finale. Student Teams from different college across West Bengal like Adamas University, Techno Main Salt Lake, Government College of engineering and Textile Technology, Serampore, Techno International, NewTown, JIS College of Engineering, Gurunanak Institute of Technology, Asansol Engineering College and Narula Institute of Technology registered for the event.
In addition to the Hack-O-NiT, Kritanj 2024 featured an array of competitions based on robotics, coding, elektron, Apt Venture, mechanical, civil engineering, and management games. These competitions showcased the ingenuity and technical acumen of participants, attracting some of the brightest minds from across the state.
The closing ceremony served as a fitting finale to the two-day extravaganza, featuring inspiring addresses from esteemed guests, recognition of outstanding projects and teams across all events, and a captivating showcase of cutting-edge technologies developed during the hackathon and other competitions.
Speaking on the occasion, Sardar Simarpreet Singh, Director, JIS Group, said, “We are immensely proud of the achievements of our students and the innovative solutions presented during Kritanj 2024 and Hack-O-NiT. This kind of event not only brings forth creativity and technical excellence but also facilitates meaningful collaboration among participants from diverse backgrounds.”
16, May 2024
BLS E-Services Limited Q4 & FY24 Financial & Operational Performance
Mumbai, 16th May 2024: BLS E-Services Limited (BLSe), a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and financial year ended 31st March 2024.
Speaking about the performance and recent updates, Mr. Shikhar Aggarwal, Chairman, BLS E-Services Ltd. said: “We are pleased to announce the financial performance in FY24, marked by a significant growth in Total Revenue and PAT, which increased strongly by 25.7% and 65.0% respectively. During the year, we have also increased our reach and network to over 100,000 Touchpoints and more than 1,000 BLS Stores. We are ushering in an era of unparalleled financial inclusion and digital empowerment, as evidenced by our transformative initiatives across various sectors. Our collaboration with the National Health Authority for the Ayushman Bharat Quality Check (QC) in Uttar Pradesh, under the visionary National Digital Health Mission, heralds a new chapter in healthcare accessibility.
Similarly, our partnership with Public and Private Sector Banks through initiatives like ‘Har Ghar Suraksha,’ a social security campaign by the Department of Financial Services and PSU banks, and the ‘DSB Dastak’ campaign, part of the EASE 2.0 guidelines, is a testament to our commitment to bringing banking services to every doorstep.
From facilitating over 133 million transactions worth more than Rs. 72,700 Crores this year through our 21,000+ BC Centers, we have generated leads of over Rs. 580 Crores of loans & deposits in a quarter for our partners in the private sector banking space through our Business Facilitator model, a testament to our competitive edge.
As we forge ahead, our focus remains on expanding our network and reach through our BCs and digital stores, invest in building an advanced digital infrastructure which can withstand the quantum of transactions being envisaged given the trajectory of our economy. We would like to set new industry benchmarks and create a more equitable and sustainable future for all.”
FY24
· Total Revenue increased by 25.7% YoY to Rs. 309.6 Crores as against Rs. 246.3 Crores in FY23
· EBITDA at Rs. 49.9 Crores as against Rs. 36.3 Crores in FY23, up by 37.6%; EBITDA margin at 16.1% in FY24 as against 14.7% in FY23, expanded by 139 bps
· PBT before exceptional items in FY24 grew robustly by 54.5%, at Rs. 45.7 Crores, as compared to Rs. 29.6 Crores
· PAT in FY24 grew by 65.0%, at Rs. 33.5 Crores, as compared to Rs. 20.3 Crores; PAT Margin at 10.8% in FY24, expanded by 258 bps, from 8.3% in FY23
Q4FY24
· Total Revenue grew by 6.9% YoY, to Rs. 78.7 Crores, as compared to Rs. 73.6 Crores in Q4FY23
· EBITDA at Rs. 16.0 Crores, as against Rs. 13.1 Crores in Q4FY23; up by 21.8% YoY; EBITDA Margin stood at 20.3% as compared to 17.8% in Q4FY23, an expansion of 248 bps
· PBT before exceptional items stood at Rs. 14.4 Crores, up 24.6% from Rs. 11.6 Crores in Q4FY23
Other Highlights
· In February 2024, the company successfully completed its listing on BSE & NSE, with a ~ Rs. 300 Crores IPO. The net proceeds from the IPO will be deployed to strengthen the technology infrastructure, consolidate the existing platform, funding for setting up BLS Stores and also for inorganic opportunities.
· Commencement of door-step-banking services for elderly population in 25 states/UT
· Business facilitation agreements with private banks HDFC, Kotak and Karur Vysya Bank
· Business correspondent RFPs wins with Indian Overseas Bank, Indian Bank, Baroda Gujarat Gramin Bank and Baroda Rajasthan Kshetriya Gramin Bank
· Penetrating in rural region through various initiatives including CSP+ project covering 200+ gram panchayats in Orrisa, Ayushman Bharat Quality Check and initiation of Aadhaar demographic update service in Karnataka
· Expansion of assisted e-services with Hospicash & Wellness drive with over 22,000 customer enrolments
· Launch of BLS Store mobile application
· Tie up with India Post Payments Bank (IPPB) through the Directorate of Electronic Delivery of Citizen Services (EDCS), E-Governance Department of Personnel and Administrative Reforms (DPAR), Govt of Karnataka (GoK)
