Rhea and Showik Chakraborty’s Chapter 2 Drip Announces Strategic Investment and First Retail Launch

Mumbai, India – 14th MAY 2025 — Chapter 2 Drip, the purpose-led fashion label founded by Rhea Chakraborty and Showik Chakraborty, has announced the successful close of a strategic investment round. Backed by a growing community and guided by mentors Ashni Biyani and Kishore Biyani—stalwarts of the Indian retail landscape—this milestone marks a new phase for the brand.

Rooted in storytelling, transformation, and emotional authenticity, Chapter 2 Drip has steadily built a community that connects through shared experiences, second chances, and bold self-expression—using fashion as a canvas for deeper meaning.

Following successful collaborations with cultural icons like Tinder and Kingfisher, Chapter 2 Drip will now open its first on-ground experiential store in the second half of May 2025. The space aims to be more than just a retail destination—it’s a sanctuary for self-expression, community, and creativity.

“This partnership is deeply personal and profoundly strategic,” said Rhea Chakraborty, co-founder of Chapter 2 Drip. “We believe clothing is a medium of self-expression, transformation, and healing. This next phase allows us to bring that belief to life in a more tangible, immersive way.”

Showik Chakraborty, co-founder and CEO, added, “From the beginning, Chapter 2 Drip has been about people—about stories that deserve to be seen, heard, and worn. With this new support and our first physical space, we’re excited to welcome our community into the world we’ve been building.”

The investment will support Chapter 2 Drip’s continued digital growth, launch of its flagship store, and further development of emotionally resonant fashion that empowers individuality and embraces vulnerability.

Research Reports on Life Insurance, Tata Motors, AB Capital, Cipla, Man Industries, KIMS, Tata Steel and SRF by Emkay Global Financial Services

As expected, the Life insurance industry reported flat YoY Retail APE growth during Apr-25, with the private sector posting a lackluster 1.9% YoY growth and LIC seeing a 3.7% decline. Our restrained growth expectations for H1FY26 are underpinned by 1) the strong growth base of H1FY25; 2) new surrender value regulations-led product and channel adjustments culling lower ticket-size policies in some products; and 3) a relatively volatile equity market possibly leading to moderate ULIP growth. On 2Y CAGR basis, the private sector clocked 12.7% YoY Retail APE growth, while LIC saw 6.6% growth; this led to 10.5% growth for the industry. During Apr-25, the industry logged 17% YoY Group APE growth, driven by 36.5% growth in the Private sector whereas LIC posted a muted 2.9% growth. The healthy growth in Group APE was driven by strong growth in OYRGTA Premiums (suggesting some pricing improvement). Overall, during Apr-25, total APE for the industry grew 4.4% on the back of 8.3% growth in the private sector offset by LIC reporting a 1.3% decline. The number of individual policies sold during Apr-25 witnessed a 13.2% decline, primarily owing to a 15.3% decline in LIC and the Private sector seeing a 9.5% decline. Among private listed players, Axis Max Life topped the charts, logging a strong 23.5% Retail APE growth despite the strong base. HDFC Life/SBI Life posted a subdued 3.3%/2.4% YoY Retail APE growth, respectively, in Apr-25. However, IPRU Life witnessed a 14.4% decline in its reported Retail APE while RWRP declined 15.7%. While we remain optimistic about medium-to-long-term growth in the Life Insurance (LI) industry driven by the huge opportunity, we expect the LI industry’s Retail APE to grow ~11-12%, led by the private sector delivering ~14-15% growth and LIC reporting ~7-8% growth.

No surprises – Industry starts the Fiscal on a muted note

The Life Insurance industry reported flat Retail APE growth during Apr-25 with the private sector posting a muted 1.9% retail APE growth whereas LIC posted a 3.7% decline. Owing to a high base impact, flat growth for the industry did not involve any surprise elements. The total APE for the industry grew 4.4% during Apr-25 with the Private Sector growing 8.3% whereas LIC posted a 1.3% decline. The number of individual policies sold during Apr-25 witnessed a 13% decline, primarily led by ~15% decline for LIC while the private sector reported a ~10% decline.

Axis Max Life tops the charts; other private listed players deliver a muted show

Among private listed players, Axis Max Life emerged as a consistent and the fastest growing player, clocking 23.5% retail APE growth during Apr-25 despite a strong base (32% Retail APE growth in Apr-24). HDFC Life and SBI Life saw muted Retail APE growth of 3.3% and 2.4%, respectively. IPRU Life witnessed a 15.7% decline in RWRP, whereas reported Retail APE saw a 14.4% decline. On total APE basis, Axis Max Life logged a strong 23% YoY growth, followed by HDFC Life (+9.9% YoY), SBI Life (+7.6% YoY), and IPRU Life (+4.8% WRP growth; 5.3% reported APE decline). Resultantly, Axis Max Life saw a significant RWRP market share gain, from 5.2% in Apr-24 to 6.4% in Apr-25. Consequently, IPRU Life’s RWRP market share contracted by 120bps to 6.1%. Among other private players, TATA AIA (-2.1% YoY), BALIC (-2.2% YoY) and Kotak Life (-6.7% YoY) reported a decline in Retail APE, whereas Aditya Birla Sun Life posted a muted 1.9% Retail APE growth in Apr-25.

We expect the industry to deliver ~11-12% Retail APE growth in FY26

Given the huge opportunity, we remain optimistic on the medium-to-long term growth of the Life Insurance industry. We expect private sector Retail APE to grow ~14-15% and LIC to report ~7-8% growth, leading to ~11-12 Retail APE growth for the industry. Owing to a high base, growth during H1FY26 is expected to be subdued, while we expect healthy growth in H2FY26 on account of the impact of Surrender regulations coming in the base. The upside risk to growth in H1 could emerge from accelerated sales of guaranteed non-par, in case deposit rates fall sharply.

Q4 results were largely in line with consensus (flattish revenue and EBITDA), with India margin flattish QoQ and JLR margin up 115bps to 15.3% on higher volumes; JLR delivered £1.35bn/1.5bn FCF in Q4/FY25 with consolidated net auto debt at (Rs10bn) vs Rs160bn in FY24. JLR acknowledged near-term volume pressure and refrained from providing margin guidance amid ongoing global uncertainties, However, it highlighted it would continue to focus on costs as a key driver for protecting profitability. India CV outlook has improved at the margin (single-digit growth led by HCVs); double-digit margin in CVs to sustain with PVs also on track to achieve double-digit margin. India CV outlook has improved at the margin (single-digit growth led by HCVs); double-digit margin in CVs to sustain with PVs also on track to achieve double-digit margin. While near-term growth challenges persist, we believe profitability (and thus balance sheet health) should largely sustain, led by focus on mix and costs; valuation is comfortable (trades at ~1.6x FY27E P/B despite strong operational/financial improvements in the past few years; refer to our recent note). We trim FY26E/27E EPS by ~2-3%; We retain BUY with unchanged SoTP-based TP of Rs800.

Q4 results largely in line; sharp working capital improvement drives FCF

Consolidated revenue/EBITDA were flattish YoY at Rs1,195bn/Rs166.3bn (largely in line with consensus) and EBITDA margin was up 290bps QoQ to 13.9% on lower other expenses. Revenue dipped ~2% YoY to £7.7bn with ASPs down ~3% QoQ; EBITDA margin was up 115bps QoQ to 15.3%. India CV/PV margins were flattish QoQ at 12.2%/7.7%. JLR generated ~£1.35bn FCF in Q4, with working capital improving by £1bn, taking overall FY25 FCF to ~£1.5bn, achieving net cash status (£278mn); on a consolidated basis, net automotive debt stood at (Rs10bn) vs Rs160bn in FY24.Â

Earnings Call KTAs

1) JLR–Q1 volumes to be weaker than Q4 amid inventory push in Q4 in anticipation of tariff disruption; geographic mix to remain stable (UK, Germany, and overseas markets to fare better). JLR to remain cautious on Chinese inventory levels but is looking to fill distribution white spaces, awaiting finer details of the recent US-UK trade deal to assess impact on operations (exports from the UK to attract 10% tariffs, exports from Europe to attract 27.5% tariffs). Jaguar’s new 4 door model to go on sale in 2026; Range Rover BEV has 62K waitlist; maintained £18bn investment target over five years (would be funded by internal accruals). The company has deferred its EBIT guidance considering recent global macro uncertainties, albeit it aims to protect profitability via cost control measures and strengthening of brand loyalty and China operations. 2) India CVs–Domestic industry to grow in a single digit in FY26 with heavy CVs to grow faster amid improving macro and sentiment (particularly tippers); aims to increase SCV market share with product actions and targets continued strong double-digit margin, cash flows, and return ratios. 3) India PVs–Industry growth to be similar to FY25 with segmental trends continuing; expects to outperform amid refreshed hatchback models and new EV launches. Cost reduction, pricing optimization and better mix to deliver ~300bps margin uptick, partially offset by higher RM; on track for double-digit margins; aspires to sustain EV market share over 50% on product actions.

India’s Hospitality Industry Set to Cross Rs1 Trillion by FY2026: Rubix Data Sciences

Mumbai, May 14, 2025: Amid renewed tensions in the subcontinent and broader geopolitical uncertainty, India’s economic weight continues to draw global interest—reflected in a hospitality sector that remains resilient, ambitious, and poised for growth. Rubix Data Sciences’ latest industry report projects a robust future for India’s hospitality sector, with the market expected to surpass ₹1.1 trillion in revenue by FY2027, growing at a CAGR of 10.5%. The report reveals that key performance indicators are at decade highs, driven by resurgent domestic tourism, increasing Foreign Tourist Arrivals (FTAs), and rapid growth in the Meetings, Incentives, Conferences, and Exhibitions (MICE) segment.

According to the Rubix Industry Insights, India’s hospitality sector has made a dramatic comeback from its pandemic low of 35% occupancy, reaching 68% in FY2024. Branded and organised hotels recorded a decade-high performance, with an Average Daily Rate (ADR) of ₹7,500 and a Revenue Per Available Room (RevPAR) of ₹5,439.

This recovery is far from temporary. According to the report, demand will continue to outpace supply, growing at 10.5% annually versus just 8% on the supply side, driving occupancy up to 73% by FY2027. This demand-supply gap is expected to fuel stronger pricing power, pushing ADR to ₹8,900 and RevPAR to ₹6,497. Room inventory will also expand from 1.88 lakh (in FY2024) to 2.41 lakh.

The growth story spans well beyond metros: Western India leads with a 69.5% occupancy rate and the country’s top RevPAR, while destinations like Rishikesh, Udaipur, and Varanasi are emerging as high-yield markets.

Rubix also highlights a shift in demand drivers, with domestic travellers contributing 50% of incremental revenue growth, followed by foreign tourist arrivals at 30% and the MICE segment at 20%. FTAs, a key driver of premium hotel performance, are projected to reach 30.5 million by 2028, reinforcing the sector’s shift toward higher-value travel.

Speaking about the report, Mohan Ramaswamy, CEO and Co-Founder, Rubix Data Sciences said, “India’s hospitality sector is no longer metro-centric; it is thriving in new routes driven by local demand, spiritual tourism, and mid-range experiences. With the industry set to cross $1 trillion by FY2027, the size of the opportunity is huge, but so is the need for risk-aware growth. Our latest report equips stakeholders to facilitate this shift with better visibility and greater strategic confidence.”

Supported by strong infrastructure spending, state-level tourism pushes, and digital-first travel behaviour, India’s hospitality industry is entering a structurally stronger phase. The Rubix sectoral report offers actionable insights for hotel chains, investors, NBFCs, and policymakers charting the sector’s next decade.

iQOO Neo 10 to Debut Soon as India’s First Smartphone with Snapdragon 8s Gen 4

New Delhi, May 14, 2025: iQOO, the high-performance smartphone brand, is all set to redefine mobile performance with the launch of the all-new iQOO Neo 10 in India on May 26, 2025.

Targeted primarily at multitasking young professionals and early jobbers, the iQOO Neo 10 is India’s fastest smartphone in the segment1, which provides flagship-level performance, innovation and speed with its dual chip power. It is India’s first smartphone to feature the Snapdragon 8s Gen 4 processor, delivering flagship-grade speed and efficiency. Paired with iQOO’s proprietary SuperComputing Chip Q1, it boasts an impressive AnTuTu benchmark score of over 2.42 million, redefining expectations in its segment. The smartphone also features the segment’s only 144fps gaming in a smartphone2, with a massive 7000mm2 Vapour Cooling Chamber.

The Neo 10 is also India’s slimmest smartphone3 with a 7000mAh battery, measuring just 0.809 cm in thickness. Combined with 120W FlashCharge, it supports users who are constantly navigating work and their daily lives.

For an immersive experience, it features the segment’s brightest 1.5K 144Hz AMOLED display smartphone4 with a peak screen brightness of 5500 nits. iQOO Neo 10 packs a 50MP Sony IMX882 OIS camera, 8MP ultra wide, and a 32MP front camera, with 4K video at 60FPS both rear and front for pro-level shots and videos. It will launch in two color variants: Inferno Red and Titanium Chrome.

Continuing iQOO’s commitment to ‘Make in India’, iQOO Neo 10 will be manufactured at vivo’s Greater Noida facility. Also, to ensure a hassle-free after-sales service experience to its valued customers, iQOO customers can now visit any of the 670+ company-owned service centers located across the country.

RAH Infotech Collaborates with ViewSonic to Accelerate India’s Visual Innovation and Digital Transformation Journey

NEW DELHI, India – May 14, 2025

RAH Infotech, India’s leading value-added distributor in the digital transformation and critical IT infrastructure space, today announced a strategic partnership with ViewSonic, a global leader in visual display solutions. This collaboration aims to cater to India’s rapidly evolving digital ecosystem by delivering cutting-edge visual technology solutions across education, enterprise, government, and high-tech industry segments.

With this partnership, RAH Infotech will leverage its robust partner ecosystem and pan-India distribution network to bring ViewSonic’s innovative portfolio, ranging from interactive flat panels to projectors to a wider audience . The alliance reinforces RAH Infotech’s positioning not just as a networking and security distributor, but as a holistic value added distributor with strong focus on next-gen technologies in critical infrastructure, digital transformation, and high-impact verticals.

Mr. Ashok Kumar, MD and Founder at RAH Infotech, expressing his enthusiasm about the partnership, said, “We are delighted to collaborate with ViewSonic, the No. 1 IFP brand for the last five years in terms of market share – a name synonymous with innovation and visual excellence. At RAH Infotech, we’ve been consistently working towards building a strong technology portfolio that addresses the evolving needs of digital-first enterprises and institutions. This partnership strengthens our value proposition in delivering cutting-edge visual communication solutions that are vital in today’s hybrid, connected world – be it classrooms, corporate boardrooms, control centers, or command hubs. With our deep expertise in critical IT infrastructure and a growing presence in Government and Hi-Tech verticals, we are confident that this collaboration will drive tangible outcomes for our partners and end customers alike.”

This collaboration is a step toward enhancing both organizations’ ability to serve India’s technology-driven future, with a shared commitment to innovation, reach, and reliability.

Mr. Muneer Ahmad, Vice President, Sales and Marketing-AV at ViewSonic, added, “At ViewSonic, we believe that impactful visual solutions play a critical role in driving digital transformation. Our collaboration with RAH Infotech aligns with our strategic focus on bringing immersive and intelligent display technologies to the forefront of India’s innovation landscape. With RAH’s proven track record in sales enablement and their ability to navigate complex B2B environments, we are confident that this partnership will create new opportunities and deliver exceptional value for our customers and partners across the country.”

RAH Infotech offers a comprehensive range of solutions to effectively manage data, network, security, regulatory environment, or operating sector through an integrated ecosystem. The company’s distribution and reseller program nurtures partners to ensure their success. RAH Infotech has always been focused on developing a strong partner ecosystem by aligning its business with emerging technologies that are reflected in its product portfolio.

Veritas Partners with edForce to Elevate Data Protection and Cyber Resilience Training in India

India, 14th May 2025 — Veritas Technologies, headquartered in Santa Clara, California, a global leader in data protection and cyber resilience solutions, is pleased to announce its strategic partnership with edForce, a premier Workforce Upskilling Accelerator based in Bengaluru, India. This collaboration aims to provide cutting-edge training in data protection and management, enabling businesses across India to meet growing cybersecurity challenges head-on.

Veritas, trusted by 91% of Fortune 100 companies, is recognized globally for its industry-leading solutions in data backup, disaster recovery, and multi-cloud data management. As organizations increasingly adopt digital transformation strategies, data breaches and cyberattacks have become more prevalent, highlighting the importance of secure data management. The global cybercrime market is projected to cost businesses $10.5 trillion annually by 2025, and the demand for data protection professionals is on the rise globally.

The partnership between Veritas and edForce will provide enterprises in India with comprehensive training programs covering essential topics such as data backup, disaster recovery, data governance, and multi-cloud management. As cyber threats become more sophisticated, these programs will ensure that businesses remain ahead of the curve by implementing effective data protection measures.

Ravi Kaklasaria, Co-founder & CEO of edForce, added: “We are honored to partner with Veritas, a name synonymous with data protection excellence. This collaboration significantly enhances our ability to offer state-of-the-art training and certification programs in data security and cyber resilience. Our goal is to bridge the skills gap and equip professionals with the knowledge and tools they need to secure critical enterprise data and lead their organizations through successful digital transformations”.

This collaboration will empower professionals in industries such as finance, healthcare, retail, and manufacturing to optimize their data protection strategies, reduce the risk of data breaches, and maintain compliance with regulatory requirements. By addressing the critical skills shortage in cybersecurity and data management, Veritas and edForce are committed to building a stronger, more secure digital future for enterprises in India.

Magma General Insurance partners with Toyota Tsusho Insurance Broker India to expand Passenger Vehicle penetration

Mumbai, 14th May 2025: Magma General Insurance Limited (Magma) (erstwhile Magma HDI General Insurance Company Limited), a leading name in India’s general insurance sector, has announced a strategic partnership with Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI), marking a significant step towards expanding its footprint in the passenger car insurance segment.

Toyota Tsusho Insurance Broker India Pvt. Ltd. will distribute Magma’s comprehensive motor insurance products for private and commercial passenger vehicles through its 150 dealer network. The partnership aims to make Magma’s motor insurance offerings—covering accidents, theft, natural disasters, and third-party liabilities – more accessible and efficient for customers.

Sharing his thoughts on the partnership, Mr. Rajive Kumaraswami, Managing Director and CEO of Magma General Insurance Limited, said “We are delighted to join hands with Toyota Tsusho Insurance Broker India. This partnership is a strategic move to strengthen our business in the passenger car segment, particularly private cars. With our shared values of integrity, fairness, and trust, we are confident that this partnership will enable us to deliver an exceptional service experience to our customers.”

Mr. Takayuki Ueda San, Managing Director and CEO of Toyota Tsusho Insurance Broker India Pvt. Ltd; added, “We are committed to enhancing insurance penetration by offering reliable and high-quality solutions in association with trusted partners like Magma. This tie-up enables us to deliver superior products and a premium experience to our customers.”

This collaboration reinforces Magma General Insurance’s commitment to customer-centric growth and market expansion. Together with TTIBI, the company aims to simplify access to quality motor insurance across India.

MediaTek Delivers More Flagship-Class Experiences with Dimensity 9400e Mobile Platform

HSINCHU, Taiwan – May 14, 2025 – Today, MediaTek unveiled its latest chipset in the flagship space, the MediaTek Dimensity 9400e. Featuring the company’s advanced All Big Core architecture, the Dimensity 9400e is the latest addition to MediaTek’s family of flagship-class processors, providing a wider variety of options and functionality for device makers, and delivering exceptional performance and energy efficiency for outstanding artificial intelligence, connectivity, imaging, and gaming for users.

“With the launch of the MediaTek Dimensity 9400e, we are expanding our family of leading mobile platforms to ensure both device makers and users can select from a larger range of flagship experiences than ever before,” said Dr. Yenchi Lee, General Manager of MediaTek’s Wireless Communications Business Unit. “We remain committed to exceeding expectations in top-tier performance, energy efficiency, and AI capabilities by combining powerful hardware with advanced MediaTek-driven technologies.”

Built on TSMC’s third-generation 4nm process, the MediaTek Dimensity 9400e features an All Big Core CPU architecture, including four Cortex-X4 super cores with clock speeds of up to 3.4GHz and four Cortex-A720 big cores with clock speeds of 2.0GHz. This robust architecture easily meets the performance demands of multitasking and complex applications while maintaining excellent energy efficiency. The chipset is equipped with a flagship 12-core GPU, Immortalis-G720, providing powerful graphics rendering capabilities for smartphone enthusiasts and gamers. Additionally, it supports hardware-level mobile ray tracing technology, delivering outstanding performance and console-level global illumination effects to significantly enhance gaming immersion.

With MediaTek HyperEngine technology, the Dimensity 9400e allows gaming enthusiasts to enjoy smooth, long-lasting, and responsive gaming experiences. The chipset supports MediaTek Adaptive Gaming Technology (MAGT 2.0), enabling real-time performance scheduling between the chipset and gaming applications for excellent high-frame-rate stability and low power consumption. Furthermore, the Dimensity 9400e supports MediaTek Frame Rate Converter (MFRC 2.0+), which can reduce power consumption by up to 40% when enabled.

The Dimensity 9400e supports the latest MediaTek NeuroPilot SDK, enabling generative AI applications and services to deliver fast, personalized, and secure experiences. It features enhanced inference decoding technology (SpD+), accelerating the computational efficiency of large language models. It also supports global mainstream large language models and small language models, enabling on-device operation of DeepSeek-R1-Distill (Qwen1.5B/Llama7B/Llama8B) models, as well as Gemini Nano with Multimodality, LLaVA-1.5 7B, and more.

The MediaTek Dimensity 9400e is equipped with a flagship 18-bit RAW ISP, supporting AI semantic segmentation video engines capable of 16-layer image semantic segmentation. It also supports high- dynamic noise reduction for recordings with three microphones. Leveraging advanced image and audio capture technologies, the chipset delivers professional-grade video recording effects for smartphone photography enthusiasts.

Key features of the MediaTek Dimensity 9400e mobile chipset include:

• Bluetooth connection range between phones up to 5km within line of sight
• Sub-6GHz four-carrier aggregation (4CC-CA) with theoretical peak network download speeds of up to 7Gbps
• Wi-Fi 7 tri-band concurrency (5 data streams) with theoretical peak transmission speeds of up to 7.3Gbps
• MediaTek 5G UltraSave 3.0 power-saving technology
• Multi-mode dual-SIM dual-active functionality