Category Archives: Business

Pine Labs and Visa announce partnership to boost digital payments adoption across Bharat

Mumbai, August 29, 2024 – Leading fintech Pine Labs and Visa, the global leader in global payments have come together to scale digital payments acceptance and further India’s vision of a digital economy by unveiling Pine Labs Mini, a soundbox-enabled device for QR, Near Field Communication (NFC) and card payments.

The partnership aims to significantly upgrade the in-store payment experience of millions of merchants across the country who currently rely on only printed QR codes or low-tech solutions. This development will also provide a valuable choice to the millions of consumers who want to pay digitally at the time of checkout.

Announced on the sidelines of the Global Fintech Fest (GFF) in Mumbai by Pine Labs’ Chief Business Officer Kush Mehra and Visa India and South Asia’s Head of Merchant Sales & Acquiring (MS&A) Rishi Chhabra, Pine Labs Mini is a payment acceptance device built for the masses. This eco-friendly and economical digital payment device – equipped with QR, card, and NFC capabilities – is specifically designed for small and medium-sized merchants. It will enable them to capitalise on the growing consumer adoption of tap-to-pay card (and smartphone) payments and UPI in India.

“Pine Labs Mini unveiled in partnership with Visa today caters to the needs of India’s micropreneurs and small-scale businesses who have so far stayed away from digital payments adoption due to the perceived cost barriers. We believe Mini’s launch will pave the way for others to start building for mass-use, digital-first payment products,” said B Amrish Rau, CEO of Pine Labs.

Commenting on the partnership Rishi Chhabra, Vice President, Head of Merchant Sales & Acquiring (MS&A) Visa India and South Asia, said, “Visa is delighted to partner with Pine Labs to accelerate digitization among merchants with the launch of the new Pine Labs Mini. We believe this will transform the way small businesses accept transactions, especially contactless payments through cards and smartphones. We continue strengthening our commitment to delivering inclusive, economically viable solutions for merchants of all sizes to accept digital payments in India.”

Earlier this month, Pine Labs subsidiary Setu had announced the launch of UPISetu, a platform for businesses and developers to make the most of the advances happening in the UPI space.

Eastern Unveils Onam Campaign, Celebrating 40 Years of Kerala’s Rich Culinary Heritage

Kerala, 28th August, 2024 – As Onam approaches, Eastern, a leading player in the Indian spice market and part of Orkla India, launches its Onam campaign, marking 40 years of delivering authentic flavors to Malayali cuisine. For four decades, Eastern has been at the heart of Onam celebrations, trusted by Malayalees worldwide as Kerala’s leading spice brand.

 Eastern’s deep-rooted connection with Kerala’s cuisine is reflected in its dominance in the market. With a penetration rate of more than 70%, Eastern Sambar Powder is the undisputed leader in Kerala, making it the preferred choice across the state. This unrivalled love and trust from consumers have made Eastern the No. 1 Sambar brand in Kerala, a legacy that the brand proudly brings to life in its new Onam campaign.

This year’s campaign is a heartfelt tribute to Eastern’s enduring legacy, celebrating four decades of bringing the rich culinary heritage of Kerala to life. As the true ‘son of the soil,’ Eastern has consistently ensured that each Onam dish is infused with the authentic taste that makes the festival so special. The campaign centers around Eastern’s Sambar Powder range, crafted to cater to the diverse palates of Kerala’s consumers. Eastern allows every family to enjoy their Sambar just the way they like it, preserving the authentic flavors that have been passed down through generations.

Commenting on the campaign, Mr. Manoj Lalwani, Chief Marketing Officer, said, “We are thrilled to unveil a TV campaign that beautifully encapsulates our 40-year journey. The film not only celebrates Eastern’s deep-rooted bond with Kerala but also highlights the brand’s commitment to preserving and enhancing the state’s rich culinary traditions. It is a vibrant, nostalgic journey through the decades, showcasing how Eastern Spices has been an integral part of every Onam celebration, from traditional family feasts to modern-day gatherings.”

EKA Mobility Partners with IKEA to Supply Electric Delivery Vans, Accelerating Fleet Electrification

New Delhi, Tuesday, 28th August 2024: EKA Mobility, a leading innovator in the electric vehicle (EV) sector, has announced a strategic partnership with IKEA to supply electric delivery vans as part of IKEA’s initiative to electrify its last-mile delivery fleet in India. With backing from prominent equity partners such as Mitsui & Co., Ltd. (Japan) and VDL Groep (Netherlands), EKA Mobility continues to be at the forefront of sustainable transportation, driving the shift towards a greener future.

This partnership has already seen the successful delivery of 10 electric vans to IKEA, with plans to expand the fleet across multiple regions in India. This collaboration is a pivotal step in IKEA’s global sustainability efforts, aimed at reducing carbon emissions and achieving a fully electrified delivery network.

The transition to electric delivery vans is expected to significantly reduce IKEA’s carbon footprint, contributing to a more sustainable and environmentally friendly logistics operation. EKA’s electric vans are equipped with state-of-the-art battery technology, providing reliable, efficient, and profitable service in urban environments. This partnership not only supports IKEA’s sustainability goals but also sets a new standard in the retail sector for the adoption of electric mobility solutions.

Mr. Rohit Srivastava, Chief Growth Officer of EKA Mobility, said, “Our partnership with IKEA represents a significant milestone in our mission to revolutionize urban logistics through sustainable electric mobility solutions. By supplying IKEA with our advanced electric delivery vans, we are not only contributing to a cleaner environment but also showcasing the potential of electric vehicles in transforming the logistics industry. We are committed to continuing our collaboration with IKEA and look forward to expanding our efforts in the near future.”

Saiba Suri, Country Customer Fulfilment Manager, IKEA India said, “Our approach to sustainable logistics at IKEA India goes beyond adopting EVs—we are focused on building an efficient infrastructure, skill building initiatives and future opportunities for all in the value chain. As we grow in India with an EV first approach, IKEA India is now more prepared to address the challenges related to it and committed to investing in long-term, innovative solutions. We’re truly grateful for partners who share this vision with us. As we enter new markets, our priority is to ensure they are equipped for this change, laying the groundwork for the future of our supply chain.”

As IKEA continues to pursue its commitment to sustainability, this collaboration with EKA Mobility represents a significant milestone in its journey toward a more sustainable future. EKA’s cutting-edge electric vehicles are perfectly aligned with IKEA’s mission to reduce its environmental impact while maintaining operational excellence.

E2E Cloud and AIC-IIIT Kottayam Join Hands to Boost the Indian Startup Ecosystem

India, 28th August 2024: E2E Cloud, India’s leading AI-first MeitY-empanelled cloud service provider (CSP), has signed a Memorandum of Understanding (MoU) with AIC-IIIT Kottayam, an incubation centre sanctioned under the Atal Innovation Mission scheme of the Government of India. The AIC-IIIT Kottayam Foundation is a non-profit Sec.8 company; the centre provides mentoring and training to entrepreneurs. This partnership aims to nurture and accelerate the growth of deep tech and AI startups across India.

Through this collaboration, startups will gain access to E2E Cloud’s unmatched cloud GPU infrastructure, ranging from HGX H100 and A100 cloud GPUs, to InfiniBand-powered cluster configurations like 64xH100 (Deep64) and 2048xH100. As part of the agreement, E2E Cloud will offer cloud GPU resources, workshops, guidance, mentorship, and technical support to AI startups incubated at AIC-IIIT Kottayam.

This alliance is set to create a robust ecosystem for AI startups at IIIT Kottayam, enabling them to leverage state-of-the-art technology to develop scalable and effective solutions. “We are thrilled to collaborate with AIC-IIIT Kottayam. Our goal is to empower the deep-tech startups being incubated at AIC-IIIT Kottayam with our advanced AI-first infrastructure, along with additional support structures to help them scale. We’re proud to join forces with AIC-IIIT Kottayam to foster and strengthen the AI startup ecosystem in India,” said Kesava Reddy, CRO of E2E Cloud.

Dr Shajulin Benedict, Director of AIC IIIT Kottayam Foundation noted: “Leveraging cloud-based computational resources can heavily reduce the initial operational costs of startups. AIC-IIIT Kottayam is proud to join hands with E2E to nourish our dynamic startups and contribute to creating a self-reliant nation.”

E2E Cloud is proactively exploring collaborations with top incubators and accelerators across the country to accelerate AI development in India and bolster the growth of the startup ecosystem. The partnership between E2E Cloud and AIC-IIIT Kottayam is anticipated to be instrumental in shaping the future of AI startups in India, fostering innovation, and advancing technological progress on a global scale.

VitrA’s Memoria Collection by Christophe Pillet

VitrA, a global leader in innovative bathroom solutions, presents the Memoria collection, designed by the renowned Christophe Pillet along with the VitrA Design Team. This collection redefines modern luxury with its distinctive design elements and sophisticated craftsmanship.

The VitrA Memoria collection introduces a striking new look to the bathroom with its sharply delineated outlines and exquisitely slender forms. The washbasins, including the Memoria Infinit, are crafted from the mineral cast, offering both elegance and durability. Their smooth and glossy surfaces, paired with delicate lines and graceful curves, exude an air of effortless sophistication.

The collection consists of washbasins and WCs, offered in an array of colors including white, matt white, matt black, and matt taupe. These elements provide a cohesive and luxurious bathroom experience, seamlessly integrating with various design aesthetics. VitrA offers a 10-year warranty on the ceramic sanitaryware products, ensuring peace of mind and long-lasting quality.

The VitrA Memoria collection, with its clean-lined ceramic washbasins and a range of color options, ensures that modern luxury is accessible and adaptable to diverse bathroom styles. Whether enhancing the minimalist appeal of the Memoria Infinit washbasin or blending harmoniously with other bathroom elements, this collection stands as a testament to VitrA’s commitment to innovation and design excellence.

The Noise Buds N1 Pro have arrived

India, 27 August 2024: Noise, India’s leading connected lifestyle brand, announced the latest TWS, Noise Buds N1 Pro is available for sale starting tomorrow on Amazon. Available in four stylish colours – Chrome Black, Chrome Green, Chrome Purple and Chrome Beige.

Building on the phenomenal success of the Noise Buds N1, Noise introduced its highly anticipated successor Noise Buds N1 Pro last week. The latest offering redefines audio luxury, seamlessly blending cutting-edge technology with sophisticated design. Powered by advanced Active Noise Cancellation (ANC), Noise Buds N1 Pro filter out background noise and offer consumers a sonic escape from the world around them. With a refined chrome and metallic finish, the new earbuds seamlessly blend premium aesthetics with advanced engineering, making them the ideal choice for those who demand both style and substance in their audio gear.

The Noise Buds N1 Pro delivers an enhanced audio experience with its 11mm drivers, offering unmatched dynamic sound and powerful bass, making it an ideal travel companion. Equipped with Noise’s proprietary Instacharge™ technology, these wireless buds provide an impressive 60 hours of total playtime, including 200 minutes of continuous playback with just 10 minutes of charging. Featuring ultra-low latency of up to 40ms for lag-free gaming and video playback, the Noise Buds N1 Pro also incorporates HyperSync™ technology for a quick, hassle-free one-step connection experience. With BT v5.3 ensuring fast and stable connectivity and Quad Mic ENC (Environmental Noise Cancellation) providing crystal-clear calls by eliminating unwanted background noise, these earbuds offer a seamless and enjoyable audio experience.

The Noise Buds N1 Pro seamlessly blends cutting-edge technology with sophisticated aesthetics. Packed with premium features, it’s the perfect companion for style-conscious individuals seeking unparalleled audio experiences.

Product Specifications

Apex Restaurant & Market Solutions Caters Tyson Family Fair Day

Missouri-based food service company provides lunch for the fifth consecutive year to 3,500 stakeholders and collaborators at Tyson Foods’ annual event.

(St. Louis, Mo., Aug. 27, 2024) – Apex Restaurant & Market Solutions recently catered the annual Tyson Family Fair Day at the Missouri State Fair. More than 3,500 Tyson Foods team members, vendors and contractors from its Sedalia Complex were treated to a day of food and fun at the Missouri State Fair held in Sedalia, Mo.

Tyson Foods is one of the world’s largest food companies and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair. Founded in 1935, the company is headquartered in Northwest Arkansas.

“The Tyson Family Fair Day is an annual opportunity for us to show appreciation to our stakeholders and collaborators, as well as recognize employee achievements such as ‘Team Member of the Year’ and ‘Length of Service awards’,” said Tyson Foods’ Sedalia Complex Manager Dustin Tippin. “Our Sedalia Complex was established in 1994, so this year was special because we recognized team members who have dedicated 30 years of service to our company.”

The event featured various activities centered around family enjoyment including raffle giveaways for bikes, camping gear, grills, sporting events, and concert tickets. Apex provided lunch for the fifth consecutive year to attendees, enhancing the festive atmosphere of the fair day. Tippin added, “It was a wonderful experience, and we look forward to many more years of celebrating our team at the Missouri State Fair.”

Apex Restaurant & Market Solutions is the largest independently owned corporate food service company based in Missouri with headquarters in St. Louis and Kansas City, Mo. The organization expanded its reach by opening offices in Columbia, Mo., Des Moines, Iowa and Denver, Colo.

Apex Restaurant & Market Solutions

Apex is a full-service provider that supplies catering, in-office cafes and coffee, and vending services for its corporate clients. Apex has more than 270 micro markets located in office and manufacturing facilities across Missouri, Colorado, and Iowa. These convenient self-checkout markets offer employees a wide selection of healthy food and quality beverage options. Approximately 10% of Apex’s micro markets are hybrid facilities, which feature a chef-prepared hot food component available for purchase. Apex also offers Elite Cuisine, its flagship culinary experience that handles all corporate dining and catering services. For more information about Apex Restaurant & Market Solutions, call (866) 607-4400 and visit www.apexrefresh.com.

India’s famed Khurja pottery gets a digital makeover

August 27, 2024, Export-Import Bank of India (India Exim Bank), under its Grassroots Initiatives for Development (GRID) programme, has engaged with Khurja Pottery Manufacturers Association (KPMA) to establish a 3D Design Studio. Earlier this year, the Bank organised a design development workshop for 25 master artisans, in association with National Institute of Design, working in this sector in Khurja. The objective of the programme is to empower local pottery makers and artisans in Khurja with advanced design skills and technologies for making their products globally competitive. Khurja boasts over 300 manufacturing units engaged in tableware crockery and technical ceramics, that provide employment to more than 30,000 skilled and unskilled workers.

 The design studio was inaugurated today at Khurja, by Ms. Harsha Bangari, Managing Director, India Exim Bank, in the presence of Mr. Ravi Rana, President, KPMA; Mr. Darshan Chhatwal, Vice President, KPMA; Mr. Savan Kumar Sharma, Scientist & Head of Central Glass and Ceramic Research Institute, Khurja Centre (CGCRI); Mr. Ashutosh Singh, General Manager, District Industry Centre; and Ms. Deepali Agrawal, Deputy Managing Director, Exim Bank.

 Design development has long been a critical challenge for Khurja pottery, which is renowned for its heritage potters, limiting their ability to create innovative and marketable products. This also has been limiting their potential to produce potteries which are in sync with the market demand. The Bank’s support to set up a 3D Design Studio addresses this challenge by providing access to advanced design tools and expertise and promises to catalyse the growth of the age-old industry and improve its export potential.

 The 3D design studio offers several benefits to the 250+ local pottery units who are members of KPMA, by providing access to state-of-the-art technology and expert guidance. The studio will empower them to experiment with new designs, reduce production costs, and improve the overall quality of their products. Further, the studio’s training programme equips pottery makers with the skills necessary to create intricate designs and patterns that are both aesthetically pleasing and commercially viable. The contemporary designs developed have an international appeal. The potters of Khurja have been able to secure orders from global brands and the Bank has also supported them by enabling their participation in prestigious art festivals such as Kala Ghoda Arts Festival.

 During the inauguration of the studio, Ms. Bangari emphasised the Bank’s unwavering commitment to supporting micro, small, and medium enterprises (MSMEs) in Uttar Pradesh. She highlighted the 3D design studio’s role in modernising the ceramic industry, enabling local manufacturers to elevate their design capabilities and compete effectively in the global market. Recognising the export potential of these MSMEs in the state, the Bank has recently opened its regional office in Lucknow. Ms. Bangari also mentioned about the support provided by Bank’s GRID programme to several clusters in UP through organising skill development training programs for weavers of Banarasi Silk sarees and Zari Zardozi artisans and sponsoring the participation of several artisans in renowned festivals like the Surajkund International Craft Mela, Kala Ghoda Arts Festival, and the Bank’s flagship event, Exim Bazaar.

 The Bank envisages to provide a holistic and sustainable intervention and therefore besides setting up a 3D design studio, it has also installed solar panels and provided trained technicians in collaboration with the National Institute of Design (NID), Ahmedabad.

 India Exim Bank, through its Grassroots Initiatives for Development (GRID), and Marketing Advisory Services (MAS) programmes, has actively supported artisans, master craftsmen, weavers, clusters, self-help groups, NGOs, grassroot and micro-enterprises, for their various needs through capacity-building, setting up common facility centres, augment operational efficiencies, achieve higher value addition, and widen market access to support and build international linkages for such entities. The 3D Design Studio demonstrates Exim Bank’s continued commitment to foster economic growth and development in India’s hinterland.

Autonom8 Partners with HDB Financial Services to Revolutionize Customer Loan Journey

Chennai/Mumbai, 26th August 2024: Autonom8, a provider of GenAI-enabled automation solutions provider is pleased to announce a strategic partnership with HDB Financial Services (HDBFS), a leading NBFC in India. HDBFS aims to upgrade its customer loan experience by leveraging Autonom8’s low code technology.

This partnership enables HDBFS adapt faster to customer insights towards offering them a superior experience. Customers now have access to seamless self-service options ensuring smoother and more efficient loan journey by automating and streamlining intricate workflows. The integration of low code platform has led to exceptional customer satisfaction and positive response. Additionally, this platform also enables customised journey for a better experience.

Venkata Swamy, Chief Digital and Marketing Officer, HDBFS said “Digitization is core to our strategy and underpins our commitment for better customer engagement and efficient business processes in driving sustainable growth. Our online platform provides seamless credit access promoting financial inclusion. We look forward to enhancing our service capabilities and continue to offer superior experience to our customers using advanced technologies, prioritizing customer satisfaction.”

Balakrishnan Kavikkal, Co-Founder and CEO at Autonom8 said, “We are excited to partner with HDBFS as this partnership aligns with our mission to leverage advanced technologies to transform business processes. Our low-code platform is designed to automate and streamline complex workflows, enhancing both operational efficiency and customer satisfaction. We are delighted that HDBFS has chosen us as their strategic partner to drive significant improvements in service delivery and customer experience through innovative technology.”

Aeron Composite Ltd planning to raise up to Rs. 56.10 crore from public issue; IPO opens August 28

Bengaluru, 26 August 2024: Ahmedabad based Aeron Composite Ltd, leading company engaged in manufacturing and supply of fibre glass reinforced polymer products is planning to raise up to Rs. 56.10 crore from its SME public issue. The company has received approval to launch its public issue on NSE Emerge Platform of National Stock Exchange. The public issue opens for subscription on August 28 and closes on August 30. Out of the proceeds of the public issue, Rs. 39 crore will be utilized to fund the capital expenditure requirements towards setting up of a manufacturing unit at Mehsana, Gujarat and general corporate purpose. Hem Securities Ltd is the book running lead manager of the issue.

The initial public offering of Rs. 56.10 crore, comprises of a fresh issue of 44.88 lakh equity shares of face value Rs. 10 each. Company has finalized price band of Rs. 121-125 per equity share for the public issue. The minimum lot size for retail investors is 1,000 shares amounting to minimum investment of Rs 1,25,000 at the upper price band of Rs. 125 per share. Retail investor quota for the IPO is kept at not less than 35% of the net offer, HNI quota is kept at not less than 15% of the offer and QIB portion is kept at not more than 50% of the offer.

Aeron Composite Ltd

Incorporated in the year 2011, Aeron Composite Ltd is engaged in the business of manufacturing and supplying of Fiber Glass Reinforce Polymer Products i.e. FRP products including FRP Pultruded Products, FRP Moulded Gratings & FRP Rods tailored for various industrial applications. FRP product is a composite material consisting of a polymer matrix (resins) reinforced with fibers such as fiberglass, carbon or aramid. This combination offers benefits, including corrosion resistance, chemical resistance, high strength, lightweight properties, electrical and thermal non-conductivity, and ease of fabrication. Company provides comprehensive solution which includes conceptual design, prototype development, testing, manufacturing, logistic support, installation and after sales service.

The company’s manufacturing facility certified by ISO 9001:2015 is located in Saket Industrial Estate at Changodar, Ahmedabad and is spread over 26,320 square metres. The manufacturing facility is certified for the design, manufacture and supply of FRP pultruded products, FRP Handrails, FRP cable trays, FRP fencing, FRP moulded gratings, FRP Cross arm, FRP poles, FRP rods and module mounting structures for solar panels (MMS). Company exports to more than 30 countries

Key Financial Performance:-

Company has reported excellent operational and financial performance over years. The Company has witnessed a multi-fold growth in revenue and profitability over the years. For FY23-24 (till February, 2024), company has reported net profit of Rs. 9.42 crore (PAT Margin 5.26%), EBITDA of Rs. 14.27 crore (EBITDA margin 7.97%) and revenue from operations of Rs. 179.14 crore. For Full year of FY2022-23, company had reported net profit of Rs. 6.61 crore (PAT Margin 3.69%), EBITDA of Rs. 9.82 crore (EBITDA margin 5.48%) and revenue from operations of Rs. 179.38 crore.

As on February 2024, Net Worth of the company was reported at Rs. 34.78 crore, Reserves & Surplus at Rs. 33.21 crore and Asset base of Rs. 99.79 crore. As on Feb 2024, ROE of the company was 31.33%, ROCE at 29.67% and RONW at 27.09% with a healthy debt/equity ratio of 0.35 times. Promoter Group shareholding in the company will be 73.63% post the public issue. Shares of the company will be listed on NSE’s Emerge platform.