IPRS is now ranked as the 4th largest Society by revenue in the Asia-Pacific region per CISAC Global Collection Report

New Delhi, 28 October 2023: In the recently unveiled CISAC Global Collections Report 2023, based on the 2022 collections data, the global music landscape experienced a resurgence, with total global royalties collected from creators reaching a record high of EUR 10.83 billion in 2022 – up by a remarkable 28% – as the world broke free from the pandemic. This growth was fueled by a rebound in live and public performances and a continuous robust expansion in digital revenue. The total sum of creators’ global royalties emanating from digital sources is a whooping EUR 4.1bn. In barely little over a decade, streaming has transformed life for CISAC members and the five million creators it works for.

According to the CISAC report, The Indian Performing Right Society Ltd. (IPRS) ranked as the 4th largest Society by revenues in the Asia-Pacific region and India ranked 23rd amongst the top 50 societies in Collections from Music globally, growing from the earlier 47th position in 2018.

The report reveals that IPRS collected Euro 68 million in revenue in 2022, a remarkable surge of 92.5% over the previous year. These results are indicative of India’s thriving music industry, displaying notable overall growth. It is also a result that corroborates the effort IPRS has put toward making this eye-popping turnaround a reality.

In India, the growth was attributed to the recovery in General Public Performance – Events / Background, Television broadcasting income revenue and the increased digital revenues permeated through the year. This highlights a positive development as the Society reduced its reliance on digital revenues, whose proportion of the income pool fell from more than 80% in FY 2021-2022 to 67.1% in FY 2022-2023. This diversification gives IPRS more stability and indicates its growing penetration in the market. The outcome was wonderful news for both the music industry as a whole and for the authors/composers and music publishers in particular. The digital revenue growth from 2019 to 2022 soared by an overwhelming 532.7%, reflecting India’s evolving music industry landscape.

The Government has also played a significant role in fortifying the creators’ rights and strengthening IPRS’s presence in the industry. While we are thankful for this support, we look forward to the authorities for adequate enforcement of the music licensing norms for better compliance.

Furthermore, IPRS has undertaken the significant responsibility of fostering the development of similar collection societies in neighboring countries. This commitment extends to the support and promotion of sister collection societies in countries such as Nepal, Sri Lanka, and Bangladesh, ensuring they receive the necessary attention during their initial stages of establishment.

Commenting on the same Mr. Javed Akhtar, Chairman of IPRS said, “IPRS, as a Music Copyright Society has been one of the strongest proponents of the rights of the music creator and publisher community in India. It has stood for credit and royalties for its members against odds of non-compliance and reluctance of music users to procure license for music consumption. It is indeed a matter of immense pride that IPRS has managed to garner the outstanding result of ranking the 4th largest Asia Pacific society by collection. The story of the toil behind this feat and the perseverance of our team members is a saga for all time and needs special mention. The age of music streaming has brought in a major shift in music consumption and has further intensified the role of collection societies like IPRS who must constantly tap in and be ever receptive to a stream of continuously emerging revenue models.

With the scourge of the pandemic behind us, we at IPRS are grooming ourselves and the large Indian music community to be abreast with the opportunities and the challenges AI is bound to bring into the new mix of the music ecosystem in the digital age.”

Sharing his views, CISAC President Björn Ulvaeus, looks ahead to the future impact of AI on creators’ collections. “This year’s results show that the collective management system, despite all the enormous challenges it faces in adapting to digital, is still robust and effective. CMOs have the backs of the creators they serve and are now delivering more money to more creators than ever before. Fresh from COVID and the economic squeeze, what we now face is another serious, existential challenge – that of Artificial intelligence. AI will radically change the world for creators and the creative industry. It demands international leadership and a strong united front from all parts of the creative industry.”

Commenting on the CISAC Report, Mr.Rakesh Nigam, the CEO of The Indian Performing Right Society Limited (IPRS), said, “We are incredibly proud of the IPRS’s remarkable achievement as the 4th largest Society by revenue in the Asia-Pacific region, according to the recent CISAC Global Collections Report. This recognition reaffirms our efforts in safeguarding the royalty rights of our creators. The significant growth, particularly in the digital domain, highlights the ever-evolving music landscape. Licensing agreements with major media entities and a notable increase in income from public performances of music have contributed to a substantial boost in revenues. The challenges in compliance remain an area of serious concern. In the changing music landscape inundated with challenges and opportunities, we remain committed to fostering a thriving environment for our creators and continuing our efforts to better India’s position on the global music stage.”

IndiaMART Q2FY24 Results: Consolidated Revenue from Operations grew by 22percent YoY to Rs. 295 Crore

Financial Highlights (Q2 FY2024): 

IndiaMART reported consolidated Revenue from Operations of Rs. 295 Crore in Q2 FY24, a growth of 22% YoY. Standalone Revenue from Operations of IndiaMART grew by 23% YOY to Rs. 281 Crore, primarily driven by 12 % growth in number of paying subscription suppliers as compared to last year. Revenue from operations of Busy Infotech grew by 24% YoY to Rs. 13 Crore. Consolidated Deferred Revenue increased by 26% YoY to Rs. 1,244 Crore as on September 30, 2023.

The Company continued making growth investments in manpower, product and technology, sales and servicing resulting into growth in revenue and paying subscription suppliers. As a result, Standalone EBITDA stood at Rs. 81 Crore for Q2 FY24 representing EBITDA margin of 29%. Consolidated EBITDA stood at Rs. 80 Crore for Q2 FY24 representing EBITDA margin of 27%.

Consolidated Profit before Tax was at Rs. 93 Crore and Consolidated Net Profit for this quarter was Rs. 69 Crore representing margin of 28% and 21% respectively.

Consolidated Cash Flow from Operations for the quarter was at Rs. 102 Crore. Consolidated Cash and Investments balance stood at Rs. 1,910 Crore as on September 30, 2023.

Operational Highlights (Q2 FY2024):                 

IndiaMART registered traffic of 288 million and Unique business enquiries of 24 million in Q2 FY24; representing a YoY growth of 10% and 6% respectively. Supplier Storefronts grew to 7.7 million, an increase of 5% YoY and paying subscription suppliers grew to 2,09,747 representing net addition of 2,064 subscribers during the quarter.

Commenting on the performance, Mr. Dinesh Agarwal, Chief Executive Officer, said:  

We are happy to report continued growth in revenue, deferred revenue, and healthy operating margins in this quarter. This is the result of investments made in further strengthening our value proposition and enhancing the user experience for businesses. With the rising internet adoption and on the back of healthy cash flows, we are confident of the long-term growth and sustained value creation for all our stakeholders.

Q2 FY24 Earnings Conference Call  

IndiaMART InterMESH Ltd, will host earnings webinar for investors and analysts on Friday,27^th October 2023 at 17:00 hours IST to discuss its results and developments for the quarter ended September 30, 2023. The senior management of the company will be present to address the webinar.

Rise Infraventures’ Samidha Welfare: Empowering Girls for a Brighter Future

Gurgaon, 28th October 2023 – Rise Infraventures Limited, a prominent real estate advisory firm, has been setting benchmarks by not only providing the best solutions in the sector but also in the segment of corporate social responsibility (CSR). The organisation has been leaving an indelible mark on society by actively contributing to the empowerment of underprivileged girls through the Samidha Welfare.

Samidha Welfare, the social initiative of Rise Infraventures Limited, is dedicated to enhancing the lives of underprivileged girls and differently-abled children through a range of initiatives. These include financial support for higher education, access to quality healthcare, skill development programs, medical assistance, including life-changing surgeries, and the distribution of essential aid to those in need. Rise Infraventures Limited aims to help the most in need in every possible way.

Mr. Sachin Gawri, Founder and CEO, Rise Infraventures Limited, states, “Our desires are more than just marking real estate achievements; we aim to transform the lives of as many as possible for a better tomorrow through vital measures. Our initiative extends a helping hand to underprivileged girls and differently-abled children in every segment that we can reach, to ensure that they are not deprived of the basic necessities in life. Rise Infraventures Limited wishes to improve lives, fostering a positive and enduring change in the lives of those in need.”

Samidha Welfare has earned a reputation as one of the leading organisations dedicated to girls’ empowerment through numerous measures. Rise Infraventures is committed to making a difference in society through its unwavering dedication to community development.

SBI General Insurance extends support to those affected by floods in Sikkim

Mumbai, October 28th, 2023: In the wake of a devastating natural calamity, SBI General Insurance has stepped up to provide much-needed support to its customers. The heavy rains that lashed the northeastern state of Sikkim unleashed a chain of events that led to the glacial South Lhonak lake breaching its banks, resulting in a catastrophic glacial lake outburst flood.

Amidst these heavy rains and adverse situation, SBI General Insurance urges you to stay indoors and protect your properties and vehicles from any damage.

SBI General Insurance stands by its customers during these testing times. The team has set the standard operating process in motion and has set up a task force to manage queries and claims on fast-track mode. It is monitoring the incoming information and is equipped to respond to all the queries.

Customers can intimate / register claim via various means:

1.Call the company’s toll-free number 1800 102 1111
2.SMS to 561612
3.Send details on email: customer.care@sbigeneral.in
4.Visit Claims Intimation Section on www.sbigeneral.in

To avoid any delays in the claim settlement procedure, the Company has contacted a panel of surveyors. SBI General follows a process of ‘Express Claims’ settlement for losses of up to Rs. 10 lakhs for affected customers. Customers have experienced challenges and losses because of the floods and heavy rainfall, SBI General will waive the paperwork requirement wherever practicable. In the case of some smaller claims, immediate settlements will be offered with efforts to help those affected recover. SBI General is devoted to assisting their customers and get them back on their feet as quickly as possible. Having invested in digital readiness and a thorough Business Continuity Plan, SBI General is well placed to help the customers when they need it the most.

The Monk Eyewear Unveils the Radiant Diwali Collection: Illuminate Your Festivities in Style

Monk Eyewear presents its gorgeous Radiant Diwali Collection this Diwali, an extravagant selection of eyewear meant to make your seasonal festivities even more spectacular. The spirit of Diwali, a celebration of light, prosperity, and joy, is captured in this collection, which combines classic beauty with contemporary flare.

Each pair in the Radiant Diwali Collection is expertly crafted and radiates a distinct combination of modern style and traditional workmanship, making them the ideal present for your loved ones. Every item in the collection, from stylish cat-eye frames to timeless aviators, exemplifies Monk Eyewear’s dedication to both quality and creativity.

This festive season, share the gift of style and sophistication with Monk Eyewear’s Radiant Diwali Collection. Visit our stores or explore our online catalog to discover the perfect pair that will light up your Diwali!

BTEA and Connections Luxury Unite for a Spectacular Showcase of Bahrain’s Luxurious Wonders

India, 28th October 2023 – Bahrain Tourism and Exhibitions Authority (BTEA) and Connections Luxury announced its partnership aimed at showcasing the kingdom’s premier luxury products to a select international audience of elite luxury buyers. This collaboration delivered exclusive experiences, establishing significant connections between elite travelers and the Middle East’s jewel, Bahrain. The prestigious event, “Connections Luxury Bahrain,” took place from October 15th to 18th, 2023, and has already made an extensive impact in the world of luxury travel.

The primary objective of this partnership between Bahrain Tourism and Exhibitions Authority (BTEA) and Connections Luxury is to significantly profile and position Bahrain as a leading tourism destination among prominent global tour operators. This outcome represents a key milestone in promoting Bahrain as a go-to luxury destination in the Middle East. The event brought together an elite gathering of exceptional international tour operators and representatives from the global luxury tourism sector and destination management companies. Over a span of three days, participants were granted an exclusive opportunity to discover the diverse attractions offered by Bahrain, laying the foundation for the kingdom to shine on the global stage.

The event garnered immense acclaim and feedback from participants, emphasizing the kingdom’s prominence in the realm of luxury travel. Participants at “Connections Luxury Bahrain” were offered a plethora of experiences that captured the essence of Bahrain’s luxury offerings. Among these, spa treatments at luxurious hotels proved to be a highlight for many. One participant remarked, “They had an amazing experience, with offerings from the hotel, such as spa treatments, which were incredibly relaxing. The experience was truly enjoyable.”

The adventurous had the chance to hold a falcon, which, although petrifying, left an indelible mark, and the calligraphy session where participants had their names written in Arabic, providing a unique and personalized memento. A leisurely walk around the resort added to the overall charm. As one participant summed it up, “This was a nice experience, and now I can go back to the UK and passionately sell the products.”

Another participant highlighted the diversity of experiences, stating, “So far, I have taken part in two experiences. One involved trying on an outfit with a helmet at Bahrain Circuit, and the other was off-roading. These experiences not only showcased Bahrain International Circuit but also shed light on the kind of adventures that await in Bahrain.”

In a statement, Dr. Nasser Ali Qaedi, CEO, Bahrain Tourism and Exhibitions Authority (BTEA), said, “Bahrain has always been a hidden gem in the world of luxury travel, and “Connections Luxury Bahrain” amplifies the charms of our destination. The event’s resounding success further solidifies Bahrain’s position as a premier luxury destination in the Middle East. It stands as a testament to our commitment to showcasing Bahrain’s unparalleled offerings to the world and elevating its position in the luxury travel industry.”

The “Connections Luxury Bahrain” event drew in attendees from across the globe, creating a diverse and dynamic atmosphere. Guests had the chance to partake in exclusive tours, experiences, and one-on-one meetings with key stakeholders in Bahrain’s luxury industry. The occasion celebrated the essence of Bahrain’s unique blend of history, culture, and modern luxury.

Sensorise Announces India’s Only Travel eSIM for Global Connectivity

Mumbai, October 28, 2023: Sensorise, India’s leading M2M service provider, today announces India’s only existing consumer travel eSIM. This eSIM is targeted at corporate travellers, leisure travellers, students and provides a cost-competitive alternative to traditional telecom international roaming solutions. This eSIM will be available in over 190 countries, via the Sensorise mobile App.

The Sensorise Travel eSIM eliminates the need for traditional physical SIM cards, costly operator roaming charges, and the hassle of hunting for public Wi-Fi networks in foreign countries. With this cutting-edge solution, travellers can effortlessly access mobile data and enjoy significant cost savings. Sensorise travel eSIM is designed to empower users with an integrated system that not only provides connectivity but also offers comprehensive tools for monitoring, controlling, protecting, and enhancing their digital lives, ensuring data privacy and identity security.

Hon’ble Minister appreciated the novel solution by Sensorise for millions of Indian travellers.

Mr. Karn Nagpal, President, Rosmerta Technologies said, “We are thrilled to announce our eSIM solution at Asia’s biggest telecom event- India Mobile Congress 2023, in presence of Hon’ble Minister Shri Ashwini Vaishnav. This innovation represents a significant leap forward in global travel connectivity for Indians. The eSIM solution is not only a testament to our technical solutions, but also a reflection of our commitment to creating solutions that simplify and enhance the lives of individuals. We envision a future where seamless connectivity is a fundamental part of every traveller’s journey.”

An eSIM is a digital SIM card that allows users to subscribe to data and internet packages without the need for a physical SIM card replacement and provides an option for customisable plans, country-wise or region-wise. Using Sensorise Travel eSIM is as simple as scanning a QR code, enabling instant connectivity for compatible devices. These eSIM data plans will be available for use in over 190 countries worldwide, boasting the most extensive coverage for eSIM data plans globally.

Qdesq secures investment from Gruhas

After JLL, Qdesq bags funding from Gruhas, a VC with focused investments in PropTech Consumer and ClimateTech. Qdesq owns and operates India’s largest and fastest-growing flexible workspace marketplace and brokerage platform (Qdesq.com). Along with Qdesq, the company is building an enterprise SaaS platform called Qudify, which upgrades and digitises enterprises and workspaces with QR-based visitor management, meeting rooms and complaint management system.

Qdesq marketplace has 4300 centres listed on its platform, with market coverage of 100 cities in India. Their monthly run rate is 6500 desk bookings, providing clients with coworking, private offices, and on-demand workspaces like meeting rooms, virtual offices and day passes.

Qudify SaaS started in September 2022, has 125+ clients empowering 2,00,000 interactions of enterprise employees and visitors and aims to grow 3x Year-on-Year.

Paaras S Arora, Founder CEO at Qdesq says, “We are encouraged and excited to have been backed by Gruhas. It is our second investment from a venture capital firm after JLL Spark. This investment will enable us to enhance our overall team strength and capability, thus fuelling growth and scale in both businesses.

Abhijeet Pai, Co-Founder Gruhas, said, “Co-working and managed offices have seen a surge in demand post the pandemic. Qdesq has been at the forefront of this transformation by leading the charge with its nationwide network. Flexible and ready-to-move workspaces have become a way of life for corporates, small businesses, and startups alike. Qdesq has been an opportune enabler for businesses and entrepreneurship by offering marketplace as well as software solutions for the ecosystem, and is positioned to be a market leader shaping the future of work”

This funding round marks a significant milestone in Qdesq’s journey and validates investors’ confidence in the company’s vision and potential for growth. Qdesq is proud to have the support of a diverse group of investors who believe in its mission to create the most compelling, loved and efficient platform powered by technology and people to provide workspaces and tech solutions to corporates and enterprises.