19, Dec 2023
U Gro Capital’s Impact Financing Receives Endorsement of Dutch Entrepreneurial Development Bank, Fmo
Mumbai, December 19, 2023: U GRO Capital, a leading DataTech NBFC focused on MSME lending, announced today that it has successfully raised ~INR 2,500 million through Non-Convertible Debentures (NCDs) from FMO, the Dutch entrepreneurial development bank. The INR-denominated NCDs issuance was fully subscribed by FMO, reflecting the bank’s commitment to fostering inclusive and sustainable prosperity by supporting entrepreneurs.
U GRO Capital has been focused on bridging the credit gap in India’s MSME Sector. Over the past 5 years, it has provided credit to more than 80,000 small businesses and has facilitated economic growth and employment. In a recent survey, it was found that 94% of the survey participants witnessed growth in their business turnover and there was a 36% growth in employment post availing loans from UGRO.
In its 5-year journey, the Company has received endorsement of its Impact Financing program in the form of Equity Capital from IFU of Rs. 2,400 million in May 2023. In addition to this, of its total borrowings, ~20% consist of Development Financial Institution and Impact Funds, both in India and globally, such as ResponsAbility, Calvert Impact Capital, Enabling Qapital, SIDBI and others.
U GRO Capital’s diversified borrowing profiles and an impact-driven business model have ensured that its liability is well diversified and not to be fully dependent upon the Banking system of India which is also the regulatory guidance. This has happened due to its unwavering commitment towards the Micro Enterprises of India and its ability to demonstrate the impact being generated by its lending to these customers.
Mr. Shachindra Nath, Founder and Managing Director of U GRO Capital, commented on the collaboration, saying, “This transaction is proof of U GRO Capital’s ability to forge partnerships with and attract funding from reputed global DFIs. We share a common vision of financial inclusion with impact funding organizations and are excited to collaborate with FMO to meet the diverse financial needs of India’s underserved MSMEs. Impact investors are critical funding partners in enabling us to bridge India’s massive credit gap in the MSME sector, and we will continue to leverage our technology and credit expertise to service MSMEs across the spectrum via our multi-channel distribution model.”
Ms Aleksandra Gazy, Senior Investment Officer at FMO said, “We are pleased to partner with U GRO Capital in their mission to empower MSMEs in India. MSME Finance is a key driver for financial inclusion, and U GRO Capital’s mission to solve the small business credit need is in line with our vision of promoting inclusive and sustainable prosperity. We are confident that together we will positively impact the lives of MSME borrowers. The association will help strengthen our commitment towards greater financial inclusion in India.”
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- By Rabindra
19, Dec 2023
The impact on businesses when a leader unexpectedly passes away.
The passing of a business leader who played a pivotal role in its success can have profound effects. Such events often trigger changes in strategy, leadership dynamics, and company culture, impacting stakeholders and the business trajectory. As leadership transitions occur, maintaining the founder’s vision becomes crucial for sustained success. The sudden loss of a visionary leader can send ripples through the business world, reshaping the landscape they once dominated. In India, the demise of Dhirubhai Ambani, the driving force behind Reliance Industries, marked a turning point. His sons, Mukesh and Anil Ambani, navigated the intricate challenge of carrying forward their father’s legacy while forging their distinct paths.
Globally, the tech giant Apple faced a similar scenario with the death of Steve Jobs. Jobs was synonymous with Apple’s innovation and success, and his passing raised concerns about the company’s future. While Apple has continued to thrive under new leadership, Jobs’ imprint on its culture and product philosophy endures.
The passing of a charismatic leader often triggers fluctuations in a company’s finances and stock performance. In India, Reliance Industries faced initial uncertainties after Dhirubhai Ambani’s death, leading to stock volatility. The perceived stability associated with the founder was temporarily disrupted, impacting investor confidence.
Globally, Apple experienced a similar pattern following Steve Jobs’ passing. The market initially responded with caution, reflecting concerns about the company’s ability to sustain its innovative edge without Jobs at the helm. Apple’s stock saw fluctuations during this period, showcasing the direct link between leadership perception and market dynamics.
After Walt Disney died in 1966, the Walt Disney Company faced a period of uncertainty and transition. Walt Disney was not only the co-founder of the company but also the creative force behind many of its successful ventures, including iconic characters like Mickey Mouse and Disneyland. Following his passing, the company struggled initially to find the same level of creative direction. However, under the leadership of executives like Roy O. Disney, Walt’s brother, and subsequent CEOs, the company underwent a revitalization. They diversified into areas such as theme parks, television, and film, expanding Disney’s influence globally. While Walt Disney’s death marked the end of an era, the company demonstrated resilience by evolving its business strategies and continuing to be a major player in the entertainment industry.
These examples illustrate the critical role a founder plays in shaping a company’s identity. The departure of such leaders prompts strategic recalibration, with businesses striving to balance continuity and evolution. Navigating leadership transitions requires preserving the core values instilled by the departed leader while adapting to new challenges and opportunities.
In essence, the impact of a leader’s passing transcends financial metrics, shaping the very essence of a company. It underscores the importance of succession planning, organizational resilience, and the enduring influence of a founder’s vision. As businesses grapple with such profound losses, the ability to embrace change becomes paramount for sustained success.
The impact on finances and stocks underscores the psychological aspect of leadership in investor perceptions. The initial turbulence often gives way to a reassessment of the company’s fundamentals and strategic direction. As investors gain confidence in the continuity of a sound business strategy, stock performance can rebound, highlighting the resilience of well-established companies in the face of leadership transitions.
19, Dec 2023
Unveiling Acer FA200 PCIe 4.0 SSD: Elevate Your Digital Experience to New Heights
New Delhi, 19th December 2023: BIWIN Storage Technology introduces the Acer FA200, a cutting-edge PCIe 4.0 SSD for the discerning needs of gamers and content creators. With a combination of a high-performance controller, premium NAND flash ICs, and the latest NVMe 2.0 interface, the FA200 offers sequential read speed of up to 7200 MB/s. Its sleek single-sided design ensures compatibility across a wide range of devices, from desktops and laptops to the PS5, making it the ultimate choice for storage expansion and upgrades.
Reasons To Buy
· Faster Read & Write Speeds
· PCIe Gen 4 x4 NVMe 2.0
· Single-sided design
· Heat Dissipation
· Power Management
· HMB technology, plus SLC Cache
“The dynamic digital ecosystem evolves rapidly and it is paramount to ensure a seamless digital experience without any lag. This assumes all the more significance for a few intensive tasks like 3D rendering, AAA gaming as well as design, and Acer FA200 is the most perfect cutting-edge solution. We are happy to take it to Indian consumers,” said Rajesh Khurana, Country Manager at Consumer Business for Biwin, adding that Acer FA200 PCIe 4.0 SSD would be made available across the country by Fortune Marketing and its channel partners.
Acer FA200 uses a state-of-the-art PCIe Gen 4 x4 NVMe controller with the NVMe 2.0 interface, bringing in a new era of responsiveness. With lightning-fast application launches, swift game gamers loading, and seamless multitasking, content creators will appreciate a smoother workflow, while will enjoy better performance.
Acer FA200 includes Host Memory Buffer (HMB) technology, along with SLC cache, speeding up computer boot times, file transfers, and game-loading speeds.
Offering a Thermal Throttle mechanism and dedicated Power Management, FA200 dynamically regulates the SSD’s operating temperature and power consumption. With a high thermal conductivity graphene pad, it guarantees optimal performance even during intensive tasks such as design, 3D rendering, and AAA gaming.
Acer FA200 includes a customized version of Acronis True Image. This useful cloning software allows effortless data transfer and backup capabilities. This ensures the preservation of your data, security, and privacy.
19, Dec 2023
HDFC Life enters into a Corporate Agency tie-up with Karur Vysya Bank (KVB) to offer life insurance solutions to its customers
Mumbai, December 19, 2023: HDFC Life, one of India’s leading life insurers, and Karur Vysya Bank have entered into a Corporate Agency (CA) arrangement, today.
This CA arrangement will enable customers of Karur Vysya Bank to avail HDFC Life’s wide range of life insurance products which include solutions for protection, savings and investment, retirement and critical illness.
India is largely under-insured. The protection gap in India is higher than that of most developed markets. For every individual with responsibilities, it is necessary to secure themselves and their families financially. Life insurance is a product that not only provides financial security but also enables individuals to save over the long term in a disciplined manner thus fulfilling their long-term financial goals.
HDFC Life constantly endeavors to reach out to individuals across geographies thus ensuring that they are protected with a financial safety net. This partnership with Karur VysyaBank will further strengthen HDFC Life’s efforts towards Insuring India.
Karur Vysya Bank has a 107-year-old banking legacy and has been at the forefront of providing professional banking services and quality customer service. The Bank has a wide presence with a network of 827 branches spread across 20 states and 3 Union Territories.
This partnership will enable both HDFC Life and Karur Vysya Bank to offer superior life insurance products and services to their customers at scale.
Mr. B Ramesh Babu, Managing Director & CEO of the Bank said, “Karur Vysya Bank has always endeavored to offer the best of financial services under one roof. Our Corporate tie-up with HDFC Life will provide one more option to our customers while charting their insurance plans. Since HDFC Life offers claim intimation process online, our customers can avail the services without stepping out of their homes. Together we look forward to creating a seamless experience that aligns with our shared value of trust, reliability and customer-centricity.”
Speaking on the arrangement, Mr. Suresh Badami, Deputy Managing Director of HDFC Life said, “We are delighted to partner with Karur Vysya Bank, a well-respected bank with a rich legacy of over 100 years. This tie-up will enable us to offer our strong product proposition to their customers. We will work closely together to achieve India’s vision of ‘Insurance for All’ by 2047.”
Speaking on the development, Mr.Dolphy Jose, Chief General Manager & Head- Consumer Banking, Karur Vysya Bank said “We are thrilled to announce our strategic partnership with HDFC Life. This collaboration is a testament to our commitment to providing comprehensive financial solutions. This alliance will enable us to offer a diverse range of life insurance products tailored to meet varying needs and our focus remains on simplifying the path to financial wellbeing for our customers.”
19, Dec 2023
Platform 65 Hosts a Magical Christmas Celebration!
Hyderabad, 19 December 2023: Platform 65 Restaurant, the largest toy train-themed restaurant in India, is delighted to announce an extended Christmas celebration, creating a magical experience for the community to revel in the holiday spirit. Starting on December 10, the restaurant has transformed its venue into a continuous winter wonderland, offering guests an ongoing experience filled with joy, festive decor, and delightful activities. All 11 branches of Platform 65 will be partaking in this grand celebration, ensuring the festive cheer of Christmas is embraced in each location.
As part of the ongoing celebration, Platform 65 invites guests to immerse themselves in the holiday ambience with a festive selfie frame and a beautifully decorated Christmas tree, adorned with charming ornaments such as Christmas stars, which serve as the centrepiece of the venue.
Throughout the ongoing celebration, the dedicated team at Platform 65 will be dressed in Christmas-themed attire with Christmas caps, embodying the spirit of the season. It also includes a Christmas drawing contest for kids, and a series of entertaining activities, with the popular Secret Santa taking centre stage. Guests can look forward to the continuous distribution of carefully selected gifts, fostering an atmosphere of joy and excitement. Under the expert guidance of Mr. Srikanth Bandaru, the Corporate General Manager at Platform 65, these initiatives at all the branches continue to spread the spirit of joy and excitement throughout the season.
Sadgun Patha, Managing Director and Founder of Platform 65 “Platform 65 stands as a culinary station where the magic of Christmas is served on every plate. Our ongoing celebration is an invitation for families, friends, and food enthusiasts to gather, dine, and make lasting memories together.”
Mr. Venkatesh, Vice President of Platform 65 said, “Platform 65 is not just a dining experience; it’s a festive destination where every meal is a celebration, and every guest is part of our joyous culinary journey. Join us this Christmas for an unforgettable ride filled with laughter, flavours, and the spirit of the season.”
Platform 65 is committed to offering an extended period of festive joy, where families and friends can come together to create lasting memories. The combination of ongoing festive decorations, a dedicated and joyful staff, and engaging activities promises to make this Christmas celebration an enduring and special experience for all.
19, Dec 2023
Skip the waiting queue: Pre-Booking Opens for Most-Premium Compact SUV Sonet from tonight
New Delhi, 19th December 2023: Kia, India’s leading mass premium carmaker, today, announced the commencement of bookings for the New Sonet from December 20, 2023, starting tonight. The most premium value Compact SUV, Sonet, premiered globally from India on December 14th, 2023.
Kia India also reintroduced the ‘K-Code’ priority booking initiative to skip the waiting queue. Customers can avail of the K-Code from any existing Kia customer, which can be used for booking through the Kia India website (www.kia.com/in) and the ‘MyKia’ app and is valid only for December 20th, 2023, starting from 12 AM to 11:59 PM. The new Sonet deliveries will commence in January 2024, except for the Diesel MT variants, which is scheduled for February 2024.
The New Sonet is also one of the safest Compact SUVs in the segment with 25 safety features, including Robust 15 Hi-Safety Package and 10 ADAS features. It is also one of the most tech-enabled Compact SUV with 70+ connected car features like Find My Car with Surround View Monitor (SVM), Hinglish Commands, and Valet Mode, to name a few. Positioned as the most premium vehicle in the Compact SUV segment, the New Sonet is also the most value-driven choice for the customer.
According to a study by Frost & Sullivan, Sonet’s maintenance cost is 16% and 14% lower than the segment average in Petrol and Diesel variants, respectively. With this, Kia India also becomes the only OEM in the mass PV segment to offer 6 airbags standard across its portfolio. With segment-best features like LED sound-ambient lighting, connected 10.25” HD Touchscreen Navigation and 10.25” Cluster Panel, and Find My Car with surround view monitor, to name a few, Sonet wears the badge of being the most innovative product in its segment.
Mr. Tae-Jin Park, MD & CEO, Kia India, said, “We are thrilled to announce the commencement of pre-booking for our highly anticipated second bestseller, the Sonet. This innovative model has played a pivotal role in establishing our presence in India, following the remarkable success of the Seltos. A heartfelt thank you to our existing customers for their unwavering faith in the brand, contributing significantly to Kia’s growth journey. The new Sonet premium value proposition at the back of highest segment-leading connected features, a refreshed design, and the reintroduction of manual transmission in the diesel variants will definitely garner even more admiration from our valued customers.”
The Sonet is Kia’s second best-selling vehicle, with more than 3.6 lakh vehicles sold globally. In India, Kia has sold 2.84 lakh vehicles, contributing 33% to Kia India’s overall domestic sales. In the most competitive Compact SUV segment, the Sonet has continuously maintained close to 13% segment share on an average in the last 3 years.
19, Dec 2023
Global Recruitment Firm Redrob raises $4M seed round by Murex Partners and DS & Partners
Murex Partners and DS & Partners notable investments include South Korean tech unicorns such as Musinsa, Market Kurly, and Yanolja.
New Delhi, 19th December, 2023 – Redrob the global recruitment platform, announced the $4M seed round funding by Murex Partners and DS & Partners. Redrob is bringing AI to every stage of recruitment – from candidate search to messaging to interviews. The company also announced the release of Redrob Online Skill Tests. After the fundraising, Redrob is expanding its online testing platform with ‘Redrob Global People Search’, which uses AI to reorganize the world’s people data into a more universally understandable format to enable sales, networking, and recruitment.
Redrob Online Skill Tests helps companies design and deploy skill assessments to job applicants in as little as 30 seconds, allowing them to predict on-the-job performance without human bias.
“65% of the world’s population is online, yet so few businesses are truly global,” says Redrob’s co-founder and CEO Felix Kim. “The greatest obstacle to hiring and selling globally is a lack of contextual knowledge. For example, U.S. recruiters don’t know about the local Ivy League in India, while Indian salespeople don’t know much about local distributors in the U.S.”
“Redrob will break down country-specific silos of contextual knowledge, and in doing so we’ll revolutionize the way people meet online,” he added.
Commenting on this funding Mr. Jinyoung Park, Senior Associate at Murex Partners said – “With India’s economic rise, we believe Redrob will be able to connect Indian talent to companies around the world.”
“South Korean and U.S. companies are increasingly looking to hire Indian talent but do not know where to start. We hope Redrob will be able to solve this problem of information asymmetry.” said, Han Joon Lee, Senior Vice President at DS & Partners.
In parallel, as Redrob predicts more companies will become globally distributed, it will be expanding its Employer of Record (EOR) product line. Redrob Employer of Record helps companies avoid outsourcing firms and directly hire talent from countries such as India without the need to set up an office or handle payroll, so even small startups can emulate the 24/7 operations of the Fortune 500 and their global subsidiaries.
19, Dec 2023
Malabar Gold & Diamonds Procures 100% Traceable ‘Randpure’ Gold From Rand Refinery, South Africa; Reaffirms Its Commitment to Ethical Sourcing
Mumbai, 19 December 2023: Malabar Gold & Diamonds, a leading jewellery retailer, partners with Rand Refinery, one of the world’s foremost gold and silver refiners, to source 100% traceable ‘RandPure’ gold. Malabar Gold & Diamonds, MD – International Operations, Mr. Shamlal Ahamed, received the first shipment of 100% traceable and ethically sourced, ‘RandPure’ gold from Mr. Praveen Baijnath (CEO – Rand Refinery), in the presence of Mr. Dean Subramanian (CFO – Rand Refinery) and other senior officials from Malabar Gold & Diamonds.
Accredited by the London Bullion Market Association (LBMA), Rand Refinery holds the unique status of being the sole referee status refiner in the southern hemisphere. They have played a pivotal role in establishing industry standards through their dedication to producing 100% traceable and certified ‘RandPure’ Gold. RandPure Gold, sourced entirely through ethical means, boasts fully traceable origins. Exclusively procured from Rand Refinery’s Securities Exchange-listed mines, the raw materials undergo processing in a dedicated production line. Each batch of RandPure Gold bears a distinctive ‘RandPure’ mark and a ‘Certificate of Assurance,’ offering customers essential details about the raw material, including its country of origin, mining period, conflict-free nature, and more.
“Sustainability and responsible business practices have formed the core of our operations at Malabar Gold & Diamonds. Through our association with Rand Refinery and procurement of RandPure gold, we are reaffirming our commitment to responsible and ethical sourcing by opting for gold that meets the strictest industry norms, commented Malabar Group Chairman, M.P Ahammed.
With over 335 stores across 12 countries, Malabar Gold & Diamonds continues to be the 6th largest jeweller globally. ESG (Environmental, Social & Governance) initiative has been the primary commitment of Malabar Group since its inception in 1993, with 5% of net profits set aside towards such initiatives in each country of operations.
19, Dec 2023
Ashwin Sheth Group plans to expand its residential and commercial portfolio in the MMR region
Key Highlights:
- Strengthened its senior leadership team at the CXO level
- In the last three quarters, increased the sales growth ranging between 25%-35%
- Implemented cutting-edge apps like HONO and SMART APP
- The brand will expand its luxury residential and commercial portfolio in 2024 and plans to foray into other cities
Bengaluru, 19 th December 2023: 37 years of legacy, known for its strategic locations and design, Ashwin Sheth Group, a leading real estate developer in India, announces a year of significant milestones, innovation, and continued growth in the Indian real estate sector. Despite the challenges posed by the global landscape, Ashwin Sheth Group remained resilient, adaptive, and committed to delivering unparalleled quality and innovation to its homebuyers, employees and stakeholders.
The company, in the last three quarters, increased the sales growth ranging between 25%- 35% compared to the previous years across its luxury residential portfolio for its ongoing projects such as Sheth Zuri, Sheth Avalon, Montana, Avante, Vasant Lawns and 72 West. The group marked its entry back with its 15 th landmark in Kandivali with the successful launch of EDMONT Aurelia, a 51-storey skyscraper and one of the tallest towers in the area. Highlighting the company’s dedication to excellence, skilled craftsmanship and consumer- centric designs, the company is looking forward to new launches in 2024 across the residential and commercial segments spanning approx. 5-10 million sq. Ft.
The year 2023 has played a pivotal role in stabilizing the real estate sector and as per analysts, India’s real estate market has emerged as the most preferred destination for global investors in the Asia-Pacific region, receiving over $23 billion since 2018 and is expected to expand to $5.8 trillion by 2047. Termed as the “turn-around year,” 2023 marked a sustained recovery for the Indian real estate sector, especially in the residential and commercial segments, following two years impacted by the COVID-19 pandemic. The residential sector, in particular, has witnessed a remarkable revival, poised to surpass decade-highs in apartment sales. This surge is fuelled by a significant interest from the HNIs, UHNIs and the NRIs.
Mr. Ashwin Sheth, Chairman and Managing Director, of Ashwin Sheth Group, stated, “In 2023, we witnessed the upsurge in sales and launches in the luxury residential sector and we will foresee the same momentum in the coming years. India’s real estate market has emerged as the most preferred destination for global investors in Asia–the Pacific region as per the experts and this will aid the Indian real estate market to boom in terms of foreign investments, help the economy and robust pipelines of real estate projects in India. Despite the competition, the MMR region has seen the highest sales in the luxury residential market”.
Mr Sheth further added, “Our strategic investments have been pivotal in propelling our vision forward, empowering us to create exceptional spaces and innovative experiences that redefine the very essence of modern living. With our strong revenue growth, Ashwin Sheth Group remains committed to redefining the real estate landscape in India by consistently delivering exceptional projects that resonate with our customers’ aspirations. We will be aggressively expanding our residential and commercial portfolio next year with a couple of launches in the MMR region and plans to foray into other cities in India”.
Mr. Bhavik Bhandari, CSMO, of Ashwin Sheth Group, said, “The surge in infrastructural development seen in both Tier 1 and Tier 2 cities is attracting significant real estate investments from the Indian Diaspora as well, propelling growth in both the residential and commercial sectors. This year we have further witnessed a boom in smart homes, mostly driven by tech, AI and automation systems. Our contextual campaigns on Ganesh Chaturthi, Navratri and Diwali brought forth a profound message that aligns seamlessly with our mission of fostering a sense of belonging and inclusion. These campaigns have been instrumental in not just showcasing our diverse portfolio of offerings but in forging meaningful connections with our audience. As we step into 2024, we are excited about the upcoming launches that will further elevate our portfolio and reinforce our position as industry trailblazers.”
Ashwin Sheth Group’s pipeline for 2024 reflects its dedication to innovation, customer satisfaction, and a vision to create spaces that not only meet but exceed the evolving needs of discerning homebuyers and businesses across India.
19, Dec 2023
JustMyRoots Inaugurates its Maiden Retail Outlet at IOCL Petrol Pump
Bengaluru, December 19, 2023: On Friday, JustMyRoots, a pioneering food aggregator start-up, unveiled its inaugural Food and Convenience Retail Centre in Bengaluru, marking a unique initiative in the culinary landscape.
JustMyRoots is dedicated to presenting a diverse array of fresh and delightful delicacies from various regions across the country to its retail customers. The recently acquired start-up, The State Plate, will be featuring their regional collections in this innovative venture.
Setting a new trend, JustMyRoots introduces the concept of a start-up corner at a retail site within a petrol pump in India, providing local start-ups with an affordable platform to showcase their products.
In collaboration with Indian Oil Corporation Limited, a Maharatna company, JustMyRoots initiated this pilot project at its first centre in India located at the Krishnarajapura company-owned and operated fuel station in Bengaluru. The organization plans to replicate this success by launching more experience centres across Bengaluru and Karnataka.
“It has been our constant endeavour to provide value-added services to our customers. This is yet another step taken to provide intercity food to Bangaloreans,” said Sri Gur Prasad, Executive Director and State Head, Karnataka of Indian Oil Corporation Ltd.
“A pioneering Retail Outlet, the cosmopolitan crowd of Bengaluru now has an ideal destination to access their preferred food choices 24×7. The concept is to offer regional delicacies at affordable prices without compromising on food quality. The start-up corner will provide a unique opportunity for budding entrepreneurs seeking a platform to showcase their products,” stated Samiran Sengupta, Founder and CEO at JustMyRoots.
Chirantan Chandran, Senior VP & CMO of JustMyRoots, mentioned, “JustMyRoots On-The- Go retail is a brand with a difference. The regular fuel station convenience store has been transformed into an experience centre, offering much more than regular convenience items. Imagine waking into a petrol pump convenience store and walking out with your favourite Mutton Biryani from Arsalan Kolkata, or Galawati Kebab from Tunday Kababi of Lucknow or Choley Bhature from SitaRam of Pahargunj, Delhi. The list continues providing many more reasons to make this premium chain of outlets into a destination for people looking at convenience as well as their favourite food from across the country.”
JustMyRoots aims to generate substantial revenue through this 24/7 model.
