Category Archives: Business

Chola MS and Mahindra Finance join hands to offer motor and other non-life insurance solutions

New Delhi, 8th August, 2024: Chola MS General Insurance, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited of Japan, has announced a strategic partnership with Mahindra Finance, one of India’s leading Non-Banking Finance Companies. This collaboration will provide motor and other non-life insurance solutions to over 10 million customers of Mahindra Finance.

Leveraging Mahindra Finance’s extensive distribution network across India, Chola MS plans to enrich its general insurance offerings with customized digital solutions. These customer-centric solutions are designed to provide long-term financial protection to customers and their families. Both organizations are committed to delivering excellence through innovation and consistency catering to the diverse needs of the customers.

V. Suryanarayanan, MD of Chola MS, stated, “This partnership with MMFSL will further strengthen our distribution network, unlocking growth opportunities through extensive reach. With our wide presence across 26 states, encompassing 600+ touchpoints and a diverse range of products including motor, home, health, personal accident, fire and more, we can cater to various customer segments across India.”

Raul Rebello, Managing Director & CEO, Mahindra Finance, said: “We are pleased to announce our strategic collaboration with Chola MS General Insurance to offer customized motor and other non-life insurance solutions to our customers. This partnership is yet another step in enabling a personalized customer experience while reaffirming our commitment towards being a responsible financial solution partner to Emerging India”.

H&M and Bal Raksha Bharat Launch Tikau Fashion for Circular Economy in Bengaluru

Bengaluru, 8th August 2024: In response to Bengaluru’s mounting waste management challenges, H&M Hennes & Mauritz Retail Pvt. Ltd., H&M Services and Bal Raksha Bharat (also known as Save the Children India) proudly announce the launch of Tikau Fashion, a pioneering circular economy project designed to revolutionize waste management and promote sustainable practices in the city.

The project will harness the creative potential of Bengaluru’s youth to tackle both waste management and unemployment through practical, circular economy solutions. Central to this initiative is the recycling and upcycling of old clothes into new, trendy fashion items and other products such as bags, rugs, and quilts.

This project will build on the successes of the Youth Innovation and Action Lab (YIAL), which has already demonstrated its effectiveness in fostering youth-led innovation across multiple states. By integrating technology and providing ongoing mentorship, Tikau Fashion will not only create job opportunities but also drive significant environmental benefits.

This effort not only addresses the waste generated by the textile industry but also promotes awareness about sustainable fashion practices.

Key Features of the Tikau Fashion Initiative

Waste Reduction: Turning textile waste into high-quality, new products, thereby minimizing the environmental footprint of the fashion industry.

Youth Empowerment: Engaging young people in the creation of eco-friendly products while providing them with valuable skills in design, entrepreneurship, and sustainability.

Community Education: Raising awareness about the importance of responsible waste management and sustainable fashion choices.

Ms Yanira Ramirez, Country Sales Manager for H&M Hennes & Mauritz Retail Private Limited shared “At H&M, we firmly believe in the transformative power of collaboration to drive positive change.This initiative by Bal Raksha Bharat, exemplifies our shared dedication to sustainability and community empowerment. By transforming textile waste into eco-friendly products, this initiative addresses Bengaluru’s waste management challenges while creating valuable opportunities for local youth. This project aligns seamlessly with our global sustainability goals, showcasing how innovative circular economy solutions can make a lasting environmental and social impact. We are thrilled to see Tikau Fashion inspire a new generation of conscious consumers while fostering a more resilient and inclusive future for all.”

Speaking on the occasion, Sudarshan Suchi, CEO, Bal Raksha Bharat said, “We are thrilled to launch Tikau Fashion in partnership with H&M, marking a significant step towards transforming waste management practices in Bengaluru. This initiative embodies our commitment to sustainability and youth empowerment. By integrating circular economy principles, we are not only addressing the pressing issue of textile waste but also providing valuable skills and opportunities to the next generation. Through Tikau Fashion, we aim to create a positive environmental impact while fostering economic growth and innovation among marginalized youth. Together, we can build a greener and more inclusive future.”

As Bengaluru grapples with escalating solid waste issues exacerbated by rapid urbanization and insufficient infrastructure, the need for innovative solutions has never been more critical. Current waste management strategies, including those under programs like Swachh Bharat Abhiyan, have made strides. To accentuate the government’s efforts and accelerate waste segregation, proper disposal, and an advanced technology integration, Bal Raksha Bharat and H&M have stepped up to address the pressing need for community education.

Tikau Fashion aims to address these challenges by embracing the principles of a circular economy—a sustainable model that focuses on minimizing waste and maximizing resource use. Unlike traditional linear models, the circular economy promotes recycling, reuse, and remanufacturing, ensuring that products are designed to be easily repaired, upgraded, or disassembled. This innovative approach not only reduces environmental impact but also fosters economic growth and sustainability.

GoTo Names Peter Mahoney CCO and Nicholas Asadorian Interim CFO in Leadership Shake-Up

Bengaluru, India – August 7, 2024 – GoTo, the company making IT management, support, and business communications easy, today announced that Peter Mahoney, its Chief Marketing Officer, has assumed the role of Chief Commercial Officer, where he will oversee both sales and marketing efforts for the company. Additionally, company veteran Nicholas Asadorian, GoTo’s Vice President of Corporate Financial Planning & Analysis, has been appointed to Interim Chief Financial Officer. Both Mahoney and Asadorian have a breadth of experience that will allow them to bring a new level of operational rigor to not only their roles but also the business as a whole.

In the newly created CCO role, Mahoney will continue to oversee the company’s marketing efforts in addition to assuming leadership of the sales organization, which was previously led by Bill Robinson, the former Chief Revenue Officer. Asadorian will take over CFO duties from CEO Rich Veldran, who had been acting as joint CEO and CFO since his appointment to the lead executive role in January 2024.

“After assuming the role of CEO six months ago, I’ve worked with our entire executive team to discover new opportunities for GoTo and continue to push the company into our next phase of growth,” says Veldran, CEO of GoTo. “Both Peter and Nick bring a high-level of operational savviness to their roles, and these moves reinforce that operational rigor and planning remain a top priority in pursuit of a strong go-to-market strategy.”

Mahoney, who joined GoTo as CMO in August 2023, brings over 35 years of experience in general management, marketing, and product development. He has had previous success running high-velocity sales and marketing organizations, including as Founder and CEO of Plannuh and GM of the Dragon voice recognition and healthcare documentation businesses at Nuance Communications, and he also served for almost four years as Nuance’s Chief Marketing Officer.

Asadorian has been a part of the GoTo team for over eight years, where he most recently led financial planning and analysis. His prior experience includes nearly a decade at Dell EMC where he served as Manager, Global Business Operations FP&A.

Launches 7 outlets in one go, announces launch of another 5 in its first month

Bangalore, Wednesday, August 7, 2024

abCoffee, India’s pioneering tech-enabled, grab-and-go specialty coffee chain is excited to announce its expansion into Bengaluru. With a focus on democratizing specialty coffee, combined with cutting-edge technology, abCoffee aims to cater to the fast-paced lifestyle of Bengaluru’s tech-savvy population.

The brand’s seven new decks (outlets) are strategically located at:

1. Sunriver, Embassy Golf Links

2. Prestige Tech Park

3. Brigade Magnum

4. Brigade Opus

5. Prestige Tech Cloud

6. Prestige Pacific Tech Park

7. Indiranagar (Home Delivery)

To celebrate this significant expansion, abCoffee is offering the first 50 customers at each location unlimited refills of their Signature Cold Coffee and Cappuccino.

abCoffee has redefined the coffee culture with its innovative grab-and-go concept, reflecting the fast-paced lifestyle. It caters to office workers, millennials, and coffee aficionados by blending technology with artisanal craftsmanship. The brand aims to transform daily coffee routines by delivering a premium experience at an honest price.

With coffee starting at just ₹77, abCoffee is set to make specialty coffee culture accessible to a broader audience. Coffee enthusiasts can visit the new outlets or order online through Zomato, and Swiggy. The customers can pre-order their coffees for pick up on their web app. (order.abcoffee.in)

Speaking on the occasion of the launch, Abhijeet Anand, Founder of abCoffee, shared, “We are thrilled to bring the abCoffee experience to the tech city of Bengaluru with the launch of seven new outlets. Our focus on delivering affordable, specialty coffee in a grab-and-go format has resonated strongly with guests across India. All abCoffee locations will offer quick, friendly service with an inviting vibe, perfect for grabbing your favourite coffee and savouries on the go. Bengaluru, with its vibrant IT and start-up crowd, provides the perfect backdrop for abCoffee’s model for “to-go” specialty coffee beverages and quick eats enabled by efficient and technology-powered interfaces.”

abCoffee has scaled the growth at an unmatchable rate and became India’s first-ever coffee chain to reach 50 outlets in just 2 years covering Mumbai, Delhi, NCR and now in Bengaluru. abCoffee’s unique selling proposition lies in its efficient and streamlined system, which ensures quality coffee is served within minutes, eliminating unnecessary frills typically associated with coffee consumption in India.

Indian Finance Conference 2024 to Convene Leading Minds in Finance at IIM Raipur

Date: 6th August 2024, Place Naya Raipur; Indian Institute of Management (IIM) Raipur will host the prestigious Indian Finance Conference 2024 from December 19 to 21, 2024. This monumental event will bring together finance scholars, researchers, and industry executives from the world to exchange ground-breaking knowledge and explore the latest, most transformative trends in the field of finance. The annual conference is being jointly organized by Indian Institute of Management Calcutta (IIMC), Indian Institute of Management Bangalore (IIMB), and Indian Institute of Management Ahmedabad (IIMA).The registration deadline is 30th November 2024. The paper submission deadline is 31st August 2024. The conference will launch with an exclusive pre-conference tutorial on December 18, 2024, offering participants unparalleled insights into finance and accounting research.

The keynote speaker for this illustrious event will be Professor Yakov Amihud, the Ira Rennert Professor of Entrepreneurial Finance at New York University’s Stern School of Business. Renowned globally for his pioneering research, Professor Amihud will share his invaluable perspectives on the most pressing challenges and emerging trends in entrepreneurial finance. The conference is distinguished by the presentation of prestigious honors that are designed to encourage the development of research excellence in finance. The BlackRock Research Award, valued at $10,000, will acknowledge exceptional contributions to the discipline. Furthermore, the conference will include the Best Paper Awards, which will be presented with a grant of $1000. These awards are intended to recognize innovative research that advances financial knowledge and practice.

 The Indian Finance Conference 2024 boasts sponsorship from some of the most influential industry leaders, including Motilal Oswal, BlackRock, and the National Stock Exchange (NSE). Their support highlights the conference’s critical role in fostering collaboration and knowledge exchange between academia and industry. Prof. Ram Kumar Kakani, Director of IIM Raipur, expressed his enthusiasm for the Indian Finance Conference 2024. “With Professor Yakov Amihud’s keynote address and generous support from industry giants like Motilal Oswal, BlackRock, and the National Stock Exchange (NSE), this conference promises to be a pivotal event for the finance community in India and beyond”, he said.

NXP Delivers Customization for Payment Cards with JCOP Pay

New Delhi, 6th August: NXP® Semiconductors today announced JCOP Pay operating on JCOP 5 EMV®, designed to deliver a high degree of customer customization of payment cards, while simultaneously enhancing their security. With the most recently obtained EMVCo certification, JCOP Pay operating on JCOP 5 EMV enables customers to achieve a long lifetime for card issuance.

Inventory management represents a challenge for payment card manufacturers, as they need to be able to adapt to constantly changing consumer needs in a highly competitive industry. JCOP Pay operating on JCOP 5 EMV features flexible and secure reconfiguration up to the point of card issuance to the end consumer, allowing changes in payment scheme applications and settings. This enables efficient inventory management for customers, as well as accommodating special multi-application requests, giving customers improved customization options and increasing their overall flexibility.

“Customization and adaptability are crucial for payment card issuers,” said Christian Lackner, Senior Director, Secure Payment & Identification, NXP. “The flexible and secure reconfiguration options enabled by this newest generation of JCOP Pay allow our customers to rapidly shift existing inventory towards a changing set of consumer needs, ultimately giving them the flexibility needed to succeed in a competitive industry.”

AVIVA SIGNATURE GUARANTEED INCOME PLAN Named ‘Product of the Year 2024’ in Life Insurance

New Delhi, 06 August 2024: Aviva Life Insurance, India’s most trusted private life insurance company is happy to announce that its Aviva Signature Guaranteed Income Plan has been awarded the prestigious “Product of the Year 2024” in the Life Insurance – Guaranteed Income Plan category. The accolade, part of the 16th edition of Product of the Year, is a testament to Aviva India’s commitment to product innovation and excellence in meeting consumer needs.

Product of the Year is the world’s leading consumer-voted award for product innovation, recognizing the best and most innovative products across various categories. Product of the Year (POY) is selected through consumer research conducted by Neilson across India to identify innovation through a 100% face to face consumer voting via an in-depth survey. This research is the direct outcome of the pulse of consumers in India and follows a robust methodology.

Commenting on the recognition, Mr. Asit Rath, CEO & MD, Aviva India said, “We are honored to receive the Product of the Year award for our Aviva Signature Guaranteed Income Plan. This recognition is a testament to our relentless focus on innovation and our commitment to providing our customers with products that truly make a difference in their lives. At Aviva India, we believe in a holistic approach to wellness. Aviva Signature Guaranteed Income Plan not only ensures financial security but also supports overall well-being by providing peace of mind and stability for our customers’ future. We thank our consumers for their trust and support and we remain dedicated to delivering exceptional value and financial security to Indian families. Congratulations to all the winners!”

Commenting on the winner announcement, Raj Arora, CEO, Product of the Year India, said, “We are pleased to acknowledge Aviva India for winning the Product of the Year Award in the Life Insurance – Guaranteed Income Plan category. This recognition highlights Aviva India’s dedication to providing innovative and customer-centric financial solutions. Congratulations to the Aviva India team on this well-deserved accolade.”

The Aviva Signature Guaranteed Income Plan is a premier life insurance product designed to provide policyholders with a secure and predictable income stream. This plan offers guaranteed payouts starting as early as 2nd policy anniversary, ensuring financial stability and peace of mind for the long run. With flexible premium payment options and attractive benefits, it is tailored to meet diverse financial goals of Indian families, including retirement planning, children’s education, and long-term wealth accumulation.

Aviva Signature Guaranteed Income Plan is part of Aviva’s innovative Signature series that includes Aviva Signature Monthly Income Plan for lifelong retirement income, Aviva Signature Investment Plan- Platinum for market linked wealth creation, and Aviva Signature 3D Term Plan, their flagship term insurance plan. With a customer centric and innovative product portfolio, Aviva India is confident in winning more such laurels and serving their customers for the long run.

STAAH’s new ‘Day-use’ room feature enables hotels to diversify revenue stream

Mumbai: August 6th, 2024 – STAAH, a leading New Zealand-based hospitality solutions provider that has transformed the business processes of its partner hotels in India and across the world with its stack of hospi-tech solutions, has launched yet another feature that will benefit both travellers as well as hotels.

STAAH’s ‘Day-use room’ feature enables travellers, especially business travellers, to reserve short-term stays at hotels during long layovers between flights rather than endure extended waits in airport lounges. The feature also empowers hotels to attract this new breed of customers, enhance the overall guest experience and generate an additional revenue stream.

Day use rooms are designed to cater to the needs of travellers who require a comfortable space for a portion of the day, rather than an overnight stay. They are becoming increasingly popular and are much in demand these days, as they allow hotels to capitalise their room inventory during quieter periods.

“The evolving needs of travellers today are driving our partner hotels to adapt and cater to new demands. Our new ‘Day-use’ room feature fits right in as it caters to these shifts in the hospitality sector. Hotels can cash in on a new revenue stream coming in from short-term stays, and travellers can benefit from convenient booking processes and clear communication channels via our platforms like SwiftBook,” said Shoaib Ali, the National Sales Head of India, STAAH.

Travellers jet-setting between cities in India and across the world are reserving day-use rooms to freshen up, catch up on work emails, and even rest while on short business trips or before continuing on their journey. They prefer a few hours’ stay at the hotel to also ensure that their luggage is secure while they go about exploring the city.