6, Feb 2024
Iex Power Market Update, January24
Mumbai, 06 February 2024: Indian Energy Exchange, India’s premier electricity exchange, achieved the highest ever total volumes in January 2024, reaching 10,893 million units (MU) – marking a 26.1% year-over-year increase. This volume comprises of 9,137 MU from the conventional power market segment, 236 MU from the green market segment, and 15.20 lakh Renewable Energy Certificates (RECs) (equivalent to 1,520 MU).
According to government data published in January’24, the country’s energy consumption reached 133.8 BUs, representing a 6 % increase on a year-on-year basis. The Market Clearing Price in Day Ahead Market during January ‘24 was Rs. 5.83/unit, down approximately 6% year-on-year, due to easing supply side constraints. Increased electricity consumption coupled with easing supply side constraints led to an increase in the volumes of electricity traded on the Exchange which is expected to continue going forward.
ELECTRICITY MARKET: DAY-AHEAD, TERM- AHEAD & REAL-TIME MARKET
The Day-Ahead Market (DAM) volume was at 5,540 MU in January ’24, as compared to 4,893 MU in January ’23, registering an increase of 13.2% YoY.
The Real-Time Electricity Market (RTM) volume increased to 2,380 MU in January ‘24, from 2102 MU in January’23, registering an increase of 13.2 % YoY.
Day Ahead Contingency and Term-Ahead Market (TAM), comprising of contingency, daily & weekly and monthly contracts up to 3 months, traded 1,217 MU during January ’24, higher by 34.9% on YoY basis.
The longer duration contracts have demonstrated steady growth throughout the year. Notably, with this growth momentum, volumes exceeded 10 BU mark on an annual basis (year-to-date) in FY’24, increasing by more than 600% YoY.
Indian Energy Exchange Ltd
GREEN MARKET: GREEN DAY-AHEAD & GREEN TERM-AHEAD MARKET
IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 236 MU volume during January’24.
The Green Day-Ahead Market (G-DAM) achieved 210 MU volume during the month, with a weighted average price of Rs 5.87 per unit. The segment saw participation from 189 market participants during the month.
The Green Term-Ahead Market (G-TAM) achieved 26 MU volume in January ‘24, with average monthly price of Non-Solar- Rs 6.57/unit.
RENEWABLE ENERGY CERTIFICATE MARKET (REC MARKET)
A total of 15.20 lac RECs (equivalent to 1520 MU) were traded in the trading sessions held on 10 th January ’24 and 31 st January’24, at a clearing price of Rs. 360/REC. This is the highest REC volume in the current financial year.
REC Price on the exchange has been experiencing a downward trend and is currently at its lowest levels this financial year. This presents an opportunity for obligated consumers (Discoms, Open Access Consumers and Captive Power Producers) to meet their Renewable Purchase Obligations (RPO) at more affordable rates.
The next REC trading sessions at the Exchange are scheduled on 14 th February’24 and 28 th February’24.
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- By Rabindra
6, Feb 2024
Must Include Essentials in Your Grocery Basket for Preparing the Perfect Meal
Cooking is an art that requires preparation and attention to create that perfect soul-touching food that brings the entire family together. Food can almost act as a time capsule capturing all the beautiful memories we share together. Thus, it is important to get it as close to perfect as possible. Before embarking on a culinary journey down memory lane, it’s crucial to make sure you are well-equipped to prepare your ingredients so that your food not only tastes divine but is also the safest to consume.
Komal Verma, a Mom Influencer from Bangalore vouched for this notion and said, “My grocery list is humungous since I have to make sure I incorporate a lot of nutritional value into my meals to nourish my children. I make sure that I pre-plan the list so that I add all my essential items in my grocery basket. Over the years I have realized that it is not enough to make the perfect meal. We need to pay a closer attention to the fruits and vegetables we purchase because in todays day and age we can never be sure if the produce we buy is truly free of contaminants. The level of contamination now is high enough that the process of cooking is not enough to get rid of it. We must go the extra mile to make sure our ingredients are truly safe for consumption. For the safety of my family, I have incorporated my trusted fruit and vegetable wash, ITC Nimwash, as an important step in my meal prep routine and I strongly recommend you do so as well. Its 100% natural action assures the effective removal of pesticides and 99.9% germs from fruits & vegetables. Hence, I most certainly recommend adding ITC Nimwash to your grocery basket.”
We will be recommending must-have essentials in your grocery basket that will help you prepare not only delicious but healthy meals.
Spicing things up: Spices are the soul of a dish. It can make or break the entire flavour, so it is of utmost importance to start there. Having the strongest flavours in your arsenal will be your aid to make your cooking stand out from the mundane. Don’t be afraid to experiment and try different combinations of spices to finally create your own signature style.
Freshest of fresh ingredients: Before you start cooking, list down all the necessary ingredients you will need so that you don’t have to waste time whilst you are in the midst of cooking. Analyze all that you might need based on all the dishes your family enjoys and enjoy the process of cooking a hearty meal of them. Try to maintain a list so that you never forget any ingredients before you head out for your grocery shopping.
Fruits and vegetable wash: Most often than not, fruits and vegetables sometimes contain pesticides and germs, thus, washing them with a fruit and vegetable wash is a practice which needs to be inhabited. Rinsing your fruits and vegetables with water is no longer enough, to truly bring out the health benefits of fruits and vegetables it is best to opt for a 100% natural action fruit and vegetable wash like ITC Nimwash which can get rid of 99.9% of germs and pesticides.
Feast for the eyes: Most of us see plating as a practice only necessary for culinary experts. It can’t be further from the truth. How we present our food greatly impacts on the overall experience of eating more than you might think. Contrary to what you might think, it is possible to elevate your dining experience without breaking the bank or spending hours making it look artistic. Simple changes like upgrading your cutlery from steel to ceramic might make all the difference. The food you make requires time and skill, don’t be shy to present it in the best way possible to showcase your creation.
By making sure you are equipped with all these essentials you can be confident that your cooking is not only delectable but also safe and nutritious. It is a small yet significant step towards making cooking a joyous and worry-free everyday activity. These steps help with safeguarding your health and enhancing your experience of making all your favorite meals.
6, Feb 2024
Pantomath Capital Advisors Pvt Ltd appoints Mr. Ajay Jain as Managing Partner
New Delhi, Monday, February 6, 2024: Pantomath Capital Advisors Private Limited, a leading mid-market investment bank and financial services house has appointed the Former Executive Director of Centrum Capital, Mr. Ajay Jain as Managing Partner, Investment Banking. In this strategic role, Mr. Ajay Jain will lead Business Development vertical of the Investment Banking Division at Pantomath, bringing over two decades of invaluable experience to drive the Group’s strategic initiatives.
Mr. Ajay Jain is a Chartered Accountant with an Executive MBA and Independent Director certification, having over 25 years of leadership experience. Formerly Chairman & MD at Monal Capital (P) Ltd. and Executive Director at Centrum Capital, his expertise spans across sectors such as BFSI, FMCG, auto & auto ancillaries, education, real estate & infrastructure, energy, logistics, metal, textiles, pharma, chemical and building materials.
Mr. Ajay Jain excels in fundraising, M&A, wealth management, and business restructuring, contributing significantly to renowned companies over the last two decades, including Centrum Capital, Sun Capital, Birla Group, Man Industries, and Lloyds Steel.
Mr. Ajay Jain is recognized with CFO Awards (2011-2014), BFSI Awards (2019-2023), Excellence in Leadership Award (2023), and “CEO with Highest Quality Orientation” award (2023).
Mr. Mahavir Lunawat, Managing Director, said, “We are glad to welcome Mr. Ajay Jain to lead Business Development vertical of the Investment Banking Division at Pantomath. His extensive experience in diverse financial functions shall be a guiding force to the team. We look forward to leveraging his expertise to drive our strategic growth initiatives further”.
On this occasion, Mr. Ajay Jain, Managing Partner, Investment Banking- Pantomath Capital Advisors, said, “I am very much delighted to be part of Pantomath Group. Pantomath is very diversified financial services Group with global presence. It is one stop solution to financial needs of client such as investment (broking, wealth management, investing in our own AIF), equity fund raises (IPO, QIP, Rights Issue, PE), M&A. Each business is supported with in-depth research & market intelligence. Pantomath has focused approach to make entrepreneur & support team members in achieving it. I am sure with my learning of last 25 years I could be instrumental in exponential growth of the Group across business verticals”.
6, Feb 2024
Tourism, Telecom/ISP, and BFSI sectors witness growth, budget allocations to further increase talent demand
Mumbai, February 06, 2024 – foundit (formerly Monster APAC & ME), India’s leading talent platform, published the foundit Insights Tracker (fit), presenting the latest findings on hiring trends for January 2024.
According to the latest tracker, the hiring activity across sectors has gradually increased, showcasing a 3% month-on-month growth in hiring. Although, on a year-on-year (YoY) scale, the overall index reflected a 5% decline, the hiring trend in the past months has been positive. The index progressed from 255 in December 2023 to 262 in January 2024. With the announcement of the Interim Budget 2024, the employment outlook for the Indian job market remains optimistic, with huge potential for growth and economic progress in the months to come. Across diverse sectors including Travel & Tourism, Telecom/ISP, BFSI, and Logistics, Courier/Freight/Transport, there has been consistent and positive momentum in hiring activities. This collective effort from various industries has resulted in a noteworthy 5% overall growth in job posting activity observed over the past three months, indicating a robust recovery in employment opportunities.
Offering a hiring overview for January 2024, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “The Interim Budget 2024 has identified the acceleration of growth and job creation as key priorities for economic development, while undoubtedly reiterating the need for Indian youth to be skilled and employable. Through our tracker, we could trace the steady growth of the tourism industry, which aligns with global trends and the government’s interests. The budget’s focus on developing iconic tourist destinations and promoting spiritual tourism aligns with the increasing demand for unique and immersive travel experiences. This forward-thinking approach aligns perfectly with the evolving trends we observed at foundit, where the travel and tourism sector has seen an impressive 21% year-on-year hiring growth. We also feel that upskilling initiatives should be encouraged as it will not only empower the workforce but also align the recruitment industry with the evolving demands of the digital era. Overall, we anticipate more stability and growth in the coming months, creating new job prospects in the market.”
Broadband penetration and GDP growth drive job spikes in Telecom/ISP and BFSI sector
On a month-on-month basis, the Telecom/ISP, BFSI, and Logistics, Courier/Freight/Transport sectors showed a 5% increase in job postings. The steady growth trajectory showcased by these sectors speaks volumes about the untapped potential of these industries to act as a key driver for employment generation, economic growth, and infrastructural development. With policies around the wider adoption of broadband, the introduction of 5G services, and the relaxation in GST, the Telecom/ISP sector will further boost in the coming months. The banking, financial services, and insurance (BFSI) sector has always been fundamental to economic development, serving as a key player in capital allocation, risk management, and the promotion of financial inclusivity. With the country’s GDP poised for growth, the BFSI sector is a key facilitator, positioned to thrive alongside the overall economic expansion. Additionally, the advancement and integration of technology into various sectors have only fostered sustainable growth across the country.
The year started positively, with many previously lagging sectors having recovered and showcased an optimistic outlook for the future. The travel & tourism sector’s post-pandemic rebound was remarkable and has strongly contributed to the Indian economy. On a MoM basis, the sector (6%) showed the maximum increase in job postings. Considering the recent budget allocations given to the tourism sector and with the support from Government initiatives such as ‘Swadesh Darshan’ and ‘Dekho Apna Desh’, India is looking ahead to create a more balanced and accessible tourism ecosystem. The country’s scenic landscapes, diverse cultures, and historical wonders lay the platter for the sector to perform well.
Southern cities, Chennai and Hyderabad lead in hiring; northern cities report third
Chennai stands out with a remarkable 9% MoM increase in hiring, potentially attributed to the setting up of numerous manufacturing units in the state and business expansion plans implemented by corporations who wish to expand to southern states. Chennai is also an important centre for international shipping routes, enhancing its accessibility and connectivity.
Apart from Chennai, Hyderabad and Bengaluru, known as the IT hubs, experienced a 5% and 3% month-on-month rise in hiring activity, respectively. Tech talent recruitment has been largely dominated by Bengaluru, followed by Hyderabad. It was also noted that even the non-tech industries have started adopting technology for efficiency. Following suit, Baroda showcased a 5% increase in job opportunities, and the cities Jaipur, Ahmedabad, Pune, and Mumbai maintained a relatively stable hiring environment with a 2% increase in hiring in each city.
Meanwhile, cities, including Kolkata, Kochi, and Chandigarh, faced declining hiring percentages, dropping by (-1%), (-2%), and (0%) respectively. However, the subtle decline in other cities only signifies a muted growth in the job market.
Legal, Marketing & Communications Job Roles Drive 7% Growth in Hiring
Job roles in legal, marketing, and communications topped the list of job functions with a 7% increase in online hiring activity. Despite the global headwinds and geopolitical tensions over the past year, the Indian economy has remained resilient with the continued adoption of new-age technologies. This rise underscores the industry’s increasing reliance on experts who can navigate the complex landscape of digital marketing and communication tactics. Considering the global banking crisis and the unprecedented wave of employee layoffs, most firms are still in a wait-and-watch mode. However, hiring for GCCs and Indian enterprises, especially for job roles including Sales & Business Development (2%), HR and Admin (2%), and Finance & Accounts (1%), have been positive. Professionals with a blend of financial expertise and technological acumen are always particularly sought after.
There was a downward trend in hiring for Purchase/Logistics/Supply chain (-3%) job roles, followed by Engineering/Production (-2%), Customer Service (-2%), and Senior Management positions (-2%). This month, the demand for Hospitality & Travel jobs, Software, Hardware, Telecom, and Healthcare job roles were moderate.
Senior and mid-senior level professionals see a downturn in hiring
In the current job market, characterised by a global economic slowdown, senior and mid-senior level professionals with 7+ years of experience witnessed a downturn trend in hiring. However, freshers with 0 to 3 years of experience and younger professionals with 4-6 years of experience have showcased subdued growth.
Hybrid work model trend continues to prevail
The year 2023 introduced the concept of hybrid flexibility for front-line workers, especially in Healthcare. Organisations encouraged Pre-emptive relaxation, aimed at sustaining emotional resilience and performance amongst employees. While many organisations witnessed their employees ‘quiet quitting,’ many corporates also flipped the script by adopting ‘quiet hiring strategies, a method to acquire fresh skills and capabilities without the need for expanding their full-time employee base.
The data suggests an almost similar trend in 2024 when compared to 2023, the hybrid work model is still prevalent. Although we are in the midst of an employer-centric market due to the global economic slowdown, the employees still choose flexibility and better work-life balance. According to the current figures, 21% of jobs account for hybrid work and a mere 9% for WFH while the job seekers seeking hybrid and remote job opportunities are still 44% and 17% respectively.
The IT sector, which holds the highest share of remote jobs on foundit continues to lead, contributing 44% of both permanent and temporary remote job postings online. The breakdown comprises 31% for hybrid roles and 13% for fully remote positions, experiencing a notable 14% decline on a year-over-year basis. As organizations navigate the evolving work landscape, the growing emphasis on workplace flexibility has sparked discussions around the adoption of a four-day work week as well, indicating a broader shift towards innovative approaches to work-life balance.
5, Feb 2024
What this budget meant for logistics Industry
Bengaluru February 5, 2024– Finance Minister of India Ms Nirmala Sitaraman presented her annual but interim budget (due to ensuing elections) very recently. It had slew of offerings for logistics industry. The logistics sector has received a major push in the Interim Budget 2024 as the government plans to set up three major economic railway corridors to reduce congestion and logistics costs in India. Industry stakeholders welcomed the government’s plans but have highlighted that certain areas still require attention. Industry stakeholders welcomed the government’s plans but have highlighted that certain areas still require attention.
The government said these projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. These commodity-specific economic rail corridors aim to address congestion issues in rail lines, particularly in the eastern region. These dedicated corridors will facilitate faster movement of freight and improve turnaround times, reducing logistics costs for India. Currently, logistics costs account for approximately 12% of India’s GDP, which hampers its competitiveness, particularly in the manufacturing sector, compared with competing countries. Industry stakeholders say that by reducing traffic on transportation routes and improving the efficiency of freight transportation, the county can increase its logistical competitiveness.
Giving his views on the budget Lobb Logistics Chief Executive Officer Venu Kondur said, “This will be an added boost to Tech led logistics businesses “All forms of infrastructure – digital, social, physical – are being built in record time”, he went on to say “the government must adopt economic policies that will sustain growth and contribute in powering investment and fulfil aspirations. The commitment of renewed assurance on logistics policy and connecting multi-model through technology is going to be key. Increasing road network for motorable roads is also an added fillip to us. The government will take up next generation reforms and build consensus with the states and stakeholders to ensure effective implementation, Policy priority to provide training for MSMEs to compete globally. The government promise to expand and strengthen the EV ecosystem by supporting manufacturing and charging infrastructure”.
5, Feb 2024
VST Tillers Tractors Ltd Net profit surged by 65 Percent to Rs 86.39 Cr for the Nine months ended Dec 23
Bengaluru, February’ 2024: VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, announced their Quarter 3 and Nine-month results for the financial year 2023-24.
For Nine months, VST has achieved a turnover of Rs 694.61 Crore compared to Rs 683.82 Crore during the corresponding period of the previous financial year, an increase of 1.60%. Earnings before interest, taxes, depreciation & amortization (EBIDTA) rose by 45% to Rs 134.5 Cr compared to Rs 92.4 Cr during the same nine-month period of the previous year. Net profit stood at Rs 86.39 crore for YTD Dec 23 compared to Rs.52.22 crore YTD Dec 22 with a growth of 65%.
For the quarter, VST reported a turnover of Rs. 169.96 crores. The company’s earnings before interest, taxes, depreciation & amortization (EBITDA) stood at Rs 27.70 crore for Quarter 3, which is 14.7 % of total revenue. In the previous year Q3, the EBITDA margin was 14.6%.
The company has also registered growth of 38% in the export of tractors for nine months of FY24. The joint venture entity, VST Zetor Pvt Ltd., between the company and HTC Investments a.s (owner of the brand “Zetor”) commenced operations in the quarter.
3, Feb 2024
Sitaram Kandi announced as the new CHRO of Tata Motors
Bengaluru, February 3, 2024: Tata Motors, India’s leading automobile and mobility solutions company today announced that Mr. Sitaram Kandi is being appointed to the role of Chief Human Resources Officer (CHRO) of the company, effective 1st April 2024.
As CHRO, Mr. Kandi will also join the Tata Motors Executive Committee.
In his current role, Mr. Kandi heads Human Resources for Tata Motors’ Passenger Vehicle and Electric vehicle businesses and leads Employee Relations and Skill Building for Tata Motors.
Mr. Kandi will be taking over from Mr. Ravindra Kumar G.P, who has been serving as the CHRO of Tata Motors since 2018 and will be moving on to a new responsibility within the Tata Group.
A career HR professional with thirty years of experience and an alumnus of the Symbiosis Institute of Management Studies, Mr. Kandi has worked on diverse facets of HR and Industrial Relations with global companies including Bosch, Monsanto and General Electric, in India and overseas, prior to joining Tata Motors in 2019.
3, Feb 2024
Sundram Fasteners Limited reports increase in Consolidated Net Profits at Rs 129.44 crores
Bangalore, February 3, 2024: The Board of Directors of Sundram Fasteners Limited today announced the unaudited Financial Results for the third quarter ended December 31, 2023.
Highlights: Quarter ended December 31, 2023: FY 2023-2024
Standalone Financials
The revenue from operations was at Rs 1,180.62 crores for the quarter ended December 31, 2023 as against Rs 1,226.87 crores during the same period in the previous year.
The domestic sales for the quarter ended December 31, 2023 were at Rs 812.46 crores as against Rs 813.38 crores during the previous year.
The export sales for the quarter ended December 31, 2023 were at Rs 339.15 crores as against Rs 364.64 crores during the previous year.
The earnings before interest, depreciation and taxes (EBITDA) for the quarter ended December 31, 2023 was at Rs 201.19 crores as against Rs 188.20 crores during the same period in the previous year. The Company has improved its EBITDA margin at 16.80% as against 15.10% during the same period in the previous year. This has been due to stringent cost control measures and improvement in operational efficiency.
The finance cost for the quarter ended December 31, 2023, after accounting for exchange differences, was at Rs 3.41 crores, as against Rs 6.27 crores for the corresponding quarter in the previous year. The reduction in finance costs was due to a reduction in borrowings on account of efficient working capital management.
The Company continues to have an all-time low debt-equity ratio of 0.11.
The Profit before Tax (PBT) for the quarter ended December 31, 2023 was at Rs 155.58 crores as against Rs 142.05 crores during the previous year.
Despite the impact of the floods on the operations in the factories located in Chennai in December 2023, the Company has recorded a net profit of Rs. 116.19 crores for the quarter ended December 31, 2023 as against Rs 106.13 crores during the previous year.
Earnings per share for the quarter ended December 31, 2023 amounted to Rs 5.53 and was Rs 5.05 in the corresponding period last year.
Consolidated Financials
The Company’s consolidated revenue from operations posted for the quarter ended December 31, 2023 was at Rs 1,367.25 crores as against Rs 1,403.03 Crores during the same period in the previous year.
The consolidated net profit for the quarter ended December 31, 2023 was at Rs 129.44 crores as against Rs 118.07 crores during the previous year.
The consolidated earnings per share (EPS) for the quarter ended December 31, 2023 amounted to Rs. 6.12 and was Rs 5.57 in the corresponding period last year.
Highlights: Nine months ended December 31, 2023: FY 2023-2024
Standalone Financials
The revenue from operations was at Rs 3,630.58 crores for the nine months ended December 31, 2023 as against Rs 3,684.70 crores during the same period in the previous year. The net profit for the nine months ended December 31, 2023 was at Rs 346.65 crores as against net profit of Rs 347.99 Crores during the same period in the previous year.
Consolidated Financials
The Company’s consolidated revenue from operations posted for the nine months ended December 31, 2023 was at Rs 4,199.83 crores as against Rs 4,214.80 Crores during the same period in the previous year. The consolidated net profit for the nine months ended December 31, 2023 was at Rs 391.23 crores as against net profit of Rs. 372.88 Crores during the same period in the previous year.
Memorandum of Understanding with the Government of Tamil Nadu
The Company has entered into a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for the proposed investment of Rs 1,411 crores in its factories in the State of Tamil Nadu. The planned investments span up to 2027-28 and will be used for capacity expansion of existing products, including components for electric vehicles.
Capital expenditure
The Company has incurred capital expenditure for the nine months ended December 31, 2023 in line with its planned capital expenditure of Rs 300 crores for the financial year 2023-24. In keeping with the large EV orders secured by the Company and the Memorandum of Understanding entered with the Government of Tamil Nadu, capital allocation and development of products are in accordance with the timelines planned by the Company.
3, Feb 2024
CL Educate announces Q3 FY24 results, Total Revenue & EBITDA up by 11%
Delhi, February 3rd, 2024: CL Educate Ltd. (BSE: 540403), (NSE: CLEDUCATE), has reported 11% growth in its Total Revenue & EBITDA on a Y-o-Y basis. The total revenue generated by the company has grown to ₹254.9 crore during the period ended 31 December 2023 from ₹229.2 crore for the same period in 2022.
The Profit After Tax generated from business (excluding exceptional items) stood at ₹12.8 crore for the period ended 31 December 2023 similar to the profit for the same period in 2022.
Review of consolidated financial performance for the Period ended 31 December 2023:
• Total Revenue grew to ₹254.9 crore for the period ended 31 December 2023 as compared to ₹229.2 crore for the same period in 2022.
• The company has witnessed enhancement in its MarTech business margins, leading to a 11% increase in EBITDA. For the period ended 31 December 2023, the EBITDA stood at ₹29.7 crore as compared to ₹26.7 crore for same period in 2022.
• The company has reported a PAT of ₹12.8 crores for the period ended 31 December 2023 similar to profit generated from business operations for same period in 2022..
Review of consolidated financial performance for the Quarter ended 30 September 2023:
· Total Revenue grew by 3% to ₹68.6 crore for the quarter ended 31 December 2023 as compared to ₹66.8 crore for the quarter ended 31 December 2022.
· As expected, the EBITDA was recorded at ₹6.9 crore for the quarter ended 31 December 2023 as compared to ₹8.1 crore for the quarter ended 31 December 2022, which was boosted by certain one-time write backs.
Commenting on the half yearly results, Mr. Arjun Wadhwa, CFO, CL Educate said: “As anticipated Q3 was a muted quarter in India due to the prolonged festive season whose impact was accentuated by the change in the law exam season. Our international businesses, both MarTech & EdTech, continue to exhibit excellent growth across all key markets including Singapore, the Middle East, the US and Indonesia. Overall, revenue and EBITDA are in line with our growth plans for FY24, with January also providing indications that we will end the fiscal year on a positive note.”
3, Feb 2024
T-Hub and Bala Vikasa Partners to Propel Rural, Social, and Frugal Innovation
Hyderabad, 3rd Feb 2024 – T-Hub, India’s leading startup incubator has today announced partnership with Bala Vikasa, a trailblazing community development innovator. This collaboration aims to foster innovation, address grassroots challenges, and drive large-scale social impact. The Memorandum of Understanding (MoU) was signed at the Social Start-up Expo organized by the Bala Vikasa Center in the esteemed presence of Duddilla Sridhar Babu, Minister for IT & EC, Industry and Commerce, Telangana Government.
This strategic collaboration aligns with the imminent plans of the Telangana state government, poised to unveil a new Micro, Small, and Medium Enterprises (MSMEs) policy. With a deliberate emphasis on intertwining social entrepreneurship within this policy framework, the government aims to fortify Telangana’s position as a central hub for social innovation and entrepreneurial growth in the foreseeable future. The partnership between Bala Vikasa and T-Hub will be instrumental in realizing this vision, focusing on Social Innovation, Frugal Innovation, and Rural Innovation, with the shared goal of transcending urban boundaries and making a substantial impact in rural spaces.
Under this partnership, T-Hub is set to provide robust support to startups, offering specialized capacity-building programs in collaboration with Bala Vikasa to elevate skills and knowledge. Additionally, the collaboration formalizes Bala Vikasa as a valued Program Partner, signifies a strategic commitment to mentorship and knowledge exchange initiatives aligned with shared objectives. T-Hub will further facilitate Market Access Support by Bala Vikasa, empowering startups within T-Hub programs, streamlining market access, and creating pivotal opportunities for pilot projects. The collaboration also envisions the Cross Utilization of Infrastructure, marking a shared commitment to maximizing operational efficiency and fostering innovation in India’s dynamic startup ecosystem.
Anthony Anish, Chief Operating Officer, T-Hub, expressed enthusiasm about the collaboration, stating, “As T-Hub embarks on this transformative partnership with Bala Vikasa, we are dedicated to fostering startups that make a tangible impact. Our commitment is to build a new vertical with a strong focus on rural, social, and frugal innovation. We aim to support promising innovations that cater to untapped rural markets and address critical social issues through accessible and affordable solutions. Together, we strive to empower startups, drive innovation, and create meaningful change in the startup ecosystem.”
Shoury Reddy Singareddy, Executive Director of Bala Vikasa, emphasized, “While we will be working on multiple activities in the realm of capacity building, mentoring, knowledge development, and ecosystem-strengthening in the coming days, we will be supporting the social business accelerator program by T-Hub immediately.”
Till now, T-Hub has nurtured nearly 110 social impact startups. Among these success stories are Banyan Nation, a pioneer in plastic recycling with a unique circular economy approach; Donatekart, revolutionizing crowdfunding with a focus on transparency; Financepeer, providing crucial support for education payments during the pandemic; and Kisanwala, a digital agri marketplace empowering farmers. T-Hub continues to be a catalyst for transformative ventures, fostering innovation and social change.
