BharatPe turns EBITDA positive: Clocks October 2023 as the first profitable month

● Annualized revenue crosses Rs. 1,500 Cr
● Facilitated over Rs. 640 crores of loans to its merchants in October on its platform; 36% increase
on a Y-o-Y basis

 Mumbai, November 29, 2023: BharatPe, one of India’s leading players in the fintech sector, today announced that it has turned EBITDA positive in October 2023. Additionally, it shared that its annualized revenue has surged past Rs. 1,500 Cr, a growth of 31% from FY23. This financial milestone is attributed to consistent growth across all its business lines. The company has also significantly cut down its EBITDA burn—which was averaging at Rs. 60 Cr per month in FY23—to attain EBITDA positivity. This significant milestone in conjunction with strong growth is a testament to the efforts of the team, enabled by strategic guidance from the Board. The company will continue taking strides toward being a market-leading financial services platform for the 50 million small businesses across India.

 The company has experienced consistent growth in its lending vertical over the past several months. In October, it facilitated loans exceeding Rs. 640 crores for its merchants in partnership with its NBFC partners, demonstrating a spike of 36% Y-o-Y. BharatPe has facilitated loans totaling over Rs. 12,400 crores since its foray into this segment in late 2019. Additionally, it recorded growth across verticals – including its payment products. The company also saw remarkable growth in the number and amount of transactions done on its soundbox devices. BharatPe, in October, also recorded a monthly TPV of over Rs. 14,000 crores across its diverse range of payment products.

 Speaking on the milestone, Nalin Negi, CFO and Interim CEO, of BharatPe, said, “BharatPe was started with the vision of empowering millions of offline merchants and MSMEs across the country, with best-in-class fintech products. This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crores merchant partners. October was a great month for us- we achieved significant growth with loans facilitated on our platform. Also, our digital payments verticals grew considerably, boasting a monthly transaction count exceeding 37 crores. We will continue to cater to the needs of our merchant partners as well as customers and our strategic focus will be to ensure sustained profitability across our business lines. In the coming months, we’ll focus on scaling our lending, POS, and soundbox businesses. We will also focus on launching new products tailored for our merchant partners while concentrating on the development of our consumer and NBFC businesses.”

 Added Nalin, “This achievement is a testament to the dedication and hard work of our team. I would like to congratulate each and every team member of BharatPe for achieving this milestone. Moving forward, we continue to stay committed to build a sustainable business with growth across business lines. We will continue to focus on driving financial inclusion across Bharat, empowering more offline merchant businesses. Our goal is to establish BharatPe as one of the largest merchant-first fintech companies in the country.”

Zell Education’s New Campaign Inspires the Finance Leaders of Tomorrow

Mumbai: 29th November 2023: Zell Education is excited to announce the launch of its latest campaign, “Finance Forward.” This initiative is dedicated to empowering young professionals aspiring to build successful careers in the finance industry. With the goal of giving back to society and enlightening the youth in finance, “Finance Forward” showcases the inspiring journeys and invaluable insights of industry legends.

 Anant Bengani, the Co-Founder and director of Zell Education, is passionate about the campaign’s mission. He emphasizes, “Our commitment to this initiative stems from our unwavering belief in the power of knowledge and mentorship. ‘Finance Forward’ aims to bridge the gap between ambition and achievement for young finance enthusiasts. Through the inspiring stories and practical wisdom of renowned finance professionals, we hope to provide the guidance and inspiration needed to nurture the leaders of tomorrow.”

 In the recent Finance Forward episode featuring Suresh Prabhu, the former Minister of Railways in India and Chancellor of Rishihood University, he shares profound insights and personal anecdotes. Emphasizing the vital link between education and practical application, Prabhu underscores the historical disconnect between academia and real-life scenarios. Having actively engaged with universities for over three decades, he advocates for students to break free from the confines of traditional education and explore the realities beyond classroom walls. Commending the positive impact of the new education policy in India, Prabhu highlights the need for a seamless integration of theoretical knowledge and real-world application.

 The episode serves as a compelling call for an education system that prepares students to navigate the complexities of life beyond academia. “Finance Forward” will continue to feature top finance professionals, offering a diverse range of perspectives, advice, and success stories. The campaign aims to inspire, educate, and guide the next generation of finance leaders as they embark on their own journeys toward success.

Novotel Guwahati Introduces Accor Key for Enhanced Guest Experience

Guwahati, 29th November’23: Novotel Guwahati is delighted to announce the launch of “Accor Key,” a cutting-edge digital solution designed to offer guests a contactless and convenient journey. As part of Accor’s commitment to innovation and guest-centric solutions, “Accor Key” sets a new standard for the hotel’s contactless experience.

“In today’s fast-evolving world, we understand that guests seek a seamless and contactless stay experience,” says Mr. Nitin Pathak, General Manager at Novotel Guwahati. “With ‘Accor Key,’ we not only fulfil this need but also contribute to sustainability by reducing plastic and cardboard waste associated with traditional key cards. Our guests can now enjoy a streamlined and eco-friendly stay, aligned with the high standards of Novotel Guwahati.”

The “Accor Key” solution allows guests to access their rooms without a physical key card, ensuring a smooth check-in and check-out process. Novotel Guwahati is committed to providing a memorable and environmentally responsible stay experience, setting the bar high for the industry.

Huawei and Sharp Sign Long-Term Global Patent Cross- licensing Agreement

[Shenzhen, China, November 29, 2023] Huawei and Sharp announced today the signing of a new long-term global patent cross-licensing agreement, which covers Cellular Standard Essential Patents, including 4G and 5G.

 “We are delighted to reach a new agreement with Sharp through amicable discussions,” said Alan Fan, Head of Huawei’s Intellectual Property Department.

 “This license represents mutual recognition of intellectual property of two standard contributors, which promotes standardization collaboration. We’ve enjoyed working together with Japanese and global peers in developing standards and will continue to do so. Advanced technical standards enhance user experience, promotes competition, and reduce device and service cost,” Fan added.

 “We are pleased to have reached this global patent cross-licensing agreement with Huawei under fair, reasonable, and non-discriminatory conditions. This agreement reflects that both parties respect the high value of each intellectual property,” stated by Mototaka Taneya, Executive Managing Officer, Chief Technical Officer, and Head of R&D at Sharp.

Tata International expands operations in Nigeria at Lagos Free Zone

Hyderabad: November 2023: Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ). The agreement was signed in the presence of Anand Sen, Managing Director of Tata International Limited, by Managing Director of Tata Africa Holdings Pty Ltd, Len Brand. This marks a significant milestone in the company’s commitment to the region.

 With a rich legacy spanning over four decades, Tata International is a key contributor to the economic landscape of the African continent. In 2006, Tata International established operations in Nigeria and since then has made a significant contribution to the country, upholding the core values of Tata’s business ethics and commitment to corporate social responsibility.

 “As a brand synonymous with quality products and ethical business operations in Africa, Tata International is excited to join the Lagos Free Zone. This strategic move reflects our commitment to fuelling growth in Nigeria and the wider African continent”, says Anand Sen, MD, Tata International.

 Promoted by Tolaram, a Singaporean conglomerate with over four decades of experience in Nigeria, LFZ is in Lekki, the sunrise development corridor earmarked by the Lagos State Government for driving industrialization over the next two decades. The agreement with LFZ involves the leasing of a state-of-the-art 6000-square-meter facility within LFZ, a move aimed at enhancing Tata International’s operational capabilities in the region.

 “The participation in Lagos Free Zone is the next level of commitment for Tata International’s longstanding presence in Nigeria and the African continent as a whole. This collaboration with Tolaram underscores our dedication to fostering economic growth and increased competitiveness. We aim for this partnership to lead to greater efficiency, innovation, and specialization in the region,” added Len Brand, MD of Tata Africa Holdings.

 The signing ceremony took place in the Lagos Free Zone area and was attended by key representatives from Tata International, Tolaram, and Lagos Free Zone. The event signifies the dawn of a new era in the relationship between the entities, aiming to contribute to economic development in the region and attract new investors to Nigeria, recognized as one of the key economies in the continent.

 “Tata International remains steadfast in its vision to build and sustain relationships in Africa. The company’s entry into the Lagos Free Zone reaffirms its commitment to creating opportunities and making a positive impact on local communities. We stand by our pledge to strengthen our already robust footprint on the African continent,” concluded Brand.

 Navin Nahata, a member of the Tolaram Board and the Managing Director of its infrastructure and fintech business, added: “We are delighted that Tata International, one of our most prestigious international clients, has decided to expand their operations in Nigeria through our ready-to-lease Standard Industrial Facility at the LFZ. We are committed to supporting the next phase of growth in Nigeria for Tata International.”

 “LFZ is the first and only free zone in Nigeria that is uniquely integrated with the deepest seaport in the region, the Lekki Port, which commenced operations in April 2023. LFZ thus offers a unique location that will provide our valued tenants with seamless and cost-efficient access to domestic, regional, and international markets.”, said Dinesh Rathi, CEO and Managing Director at Lagos Free Zone.