Square Yards Reports Record Revenue of Rs 670 Cr in FY23; Achieves Impressive 70% Y-Y Revenue Growth and Profitable Q4

New Delhi, 22 April, 2023: Square Yards, India’s largest integrated real estate platform, announced today that it has clocked a GAAP revenue of Rs 670cr in FY23 with 70% Y-o-Y growth over the last financial year. The Gross Transaction Value (GTV) stood at INR 22,870 Cr, up 67% Y-o-Y while the number of transactions doubled during the year.

The company outperformed its FY23 forecast by 11%, achieving its fastest growth year and most profitable quarter ever. Q4, FY23 revenue stood at Rs 236.6cr, up 58% Y-o-Y as it marked the 6th consecutive 50%+ Y-o-Y growth quarter for the company. Annualized revenues (annualizing Q4), stood just under Rs 1000 Cr, a significant milestone for the company which has grown 2.6 times in revenue in 2 years from Rs 255 Cr in FY21.

“We had a sensational finish to the year with aggressive growth & strong profitability. Our focus on providing integrated solutions across the real estate ecosystem and our investments in expanding our capacity should continue to drive operating leverage over the next couple of years. As we rejoice a phenomenal year, we are buckling up for an ambitious target of INR1000+ Cr revenue and full FY profitability in FY24”, said Tanuj Shori, Founder and CEO, Square Yards.

Real estate services and financial services remain the largest contributors to the overall revenue, with approximately 87% of the overall revenue. Both segments combined delivered a contribution margin of 11% and were profitable at the EBITDA level. New businesses like Home renovations, Property management, Fractional real estate & Metaverse solutions also witnessed strong growth and are poised to evolve into very large businesses in FY24. Square Yards’ search and discovery portal squareyards.com continued to gain market share with 8mn visitors/month.

Square Yards’ impressive results in FY23 are a testament to its leadership, innovation, and focus on customer satisfaction. With a strong track record of growth, the company is well-positioned to change the behavior and economics of the largest fragmented and unorganized sector opportunity in the world.

Mumbai’s Favourite Pan-Asian Supper Club, Yazu, Finds A New Home In Lower Parel

April 22, 2023: A name now synonymous with pan-Asian gastronomy in the city, Yazu is now opening yet another outlet at one of the city’s most premium locations, South Mumbai, which is also touted to be its flagship outlet. A sumptuous 6,000-square-foot expanse has been sculpted into a lively biophilic outdoor space and an invitingly earthy indoor dining space. After being a hit in Andheri and taking over Goa, Yazu is all set to put you in a state of gastronomic bliss with dishes that have a delicate balance of tradition and modernity. So if you are anywhere near Lower Parel, make sure to make your way to Yazu and treat yourself to an immersive Asian culinary experience brought to you by the highest standards of quality and service.

The thought behind Yazu was to create a place that resonated with the present and its demands, be it the global look and feel of the place, the food, or the service. This is exactly what made the trio of Ranbir Nagpal, Gurmeet Arora, and Atul Chopra come up with a space that lets one relish exotic Asian flavours to the fullest. “Yazu’s expansion to Lower Parel is the result of extensive research and confidence in our product. With a significant market for Pan Asian cuisine, we successfully established our brand in the western suburbs and now aim to target south Mumbai with the opening of Yazu Lower Parel,” says Ranbir Nagpal, CEO of Indus Hospitality which runs Yazu.

While the Yazu name is one that is recognized in the suburbs and weekenders who visit Goa, the look, feel, vibe, and menu at each outlet are distinct and unique and have something different to offer.

“Yazu, Lower Parel will have its own distinct ambiance and decor, tailored to fit the unique character of the area. Additionally, we will be offering a new and expanded menu that incorporates some innovative and exciting dishes. Our team of chefs has been working hard to create new culinary delights that showcase the diversity and richness of Asian cuisine,” says Gurmeet Arora, partner at Yazu.

“At Yazu, we pride ourselves on providing authentic flavours and culinary experiences from across Asia, with a focus on quality ingredients and traditional cooking techniques. Besides this, we also incorporate modern twists and innovations to create new and exciting dishes that appeal to a wide range of customers. We believe that high-quality ingredients and meticulous preparation are essential to creating great food. We source the freshest ingredients and use the most precise cooking methods to ensure that every dish is delicious and satisfying,” says Atul Chopra, partner at Yazu.

Designed, developed, and executed by ace restaurant designer Sumessh Menon, the complete design of the space centres around the curation of carefully planned visual experiences. “As soon as one enters, their attention is caught by the fascinating custom light installation that spans the entire ceiling of the restaurant. Custom-made in natural wood and jute fabric with floral motifs, the sculptural light feature stands as the focal point of the whole space. The flooring is an in-situ concrete custom design done with floral imprints and inlays to mirror the patterns in the ceiling above,” says Menon.

A signature design element of Sumessh Menon as well as the brand, a hand-carved wooden feature wall stands as a backdrop to a long seating space wrapped in a warm textural blend of cane and deep red leather. The iconic vertical bottle display is touted as one of the largest ones done and admittedly the most stunning one. Larger-than-life sculptural lamps feature in one of the indoor corners, and the columns are all treated to look like sculpted stone pillars. Each spatial corner and design elements are the result of carefully researched social and cultural contexts that exude the warmth and vibrance of Asian culture, whether it is the earthy mix of materials like natural stone, wood, cane, and jute or the rich, deep tones of greys, browns, and burgundy mixed with intriguing elements of floral artwork and Asian-inspired sculptures. The complete outdoor space was visualized by Sumessh to look like a conservatory outdoor dining space and is wrapped in a biophilic enhanced metal enclosure module, which both defines the space as well as creates the perfect outdoor ambience! The interiors are consciously designed as a sublime poetic ode to Asian culture that will undoubtedly enhance the immersive experience of its culinary delights.

Apart from the impressive interiors, Yazu has a lot more to offer with its extensive menu. The person behind it is Yazu’s Korean-Russian head chef, Vadim, who realised this was the path meant for him in 2009. By then, he had already spent four years in the hospitality industry, and he knew that this was exactly what he wanted to do for the rest of his life. Since then, he has been unstoppable and has honed his culinary skills to the fullest. He is best known for his outstanding culinary skills in making sushi.

“We have gone the extra mile in ensuring that people are able to relish the very essence of Asian cuisine to the fullest. Now with our new outlet, we are looking forward to winning over a new audience with our food and making them fall in love with Yazu,” says Chef Vadim.

Some of their must-have delicacies include the Asian Pizza-San which is a delicious fusion of Asian flavours, featuring a crispy crust and unique toppings, Japanese Carpaccio served with Ponzu dressing, Baos which are a beloved Taiwanese street food that have taken the culinary world by storm, with their soft, pillowy steamed buns filled with delicious ingredients, Cheung Fung, a traditional Cantonese dim sum dish made of delicate rice noodle rolls filled with meat/seafood or vegetables, a classic Japanese dish called Nigiri Sushi consisting of a small ball of vinegared rice topped with a slice of fresh, high-quality raw fish or seafood, Sashimi, Maki Sushi, and Poke Bowl which is a traditional Hawaiian dish consisting of a base of rice or greens, topped with marinated raw fish and a variety of colourful and nutritious toppings, among others. The restaurant also has separate Jain and keto menus as well. As for the desserts, some of their best ones include Berry Blossom Cheesecake, Salted Caramel Tart, Pull me up Tiramisu, Coconut Panna Cotta, and more.

Yazu has an impressive bar menu that features some of its signature cocktails, spirits, and tonics. There is a range of cocktails called ‘The Silk Route,’ which beautifully combines the flavours, traditions, and techniques of the Asian Continent. Then there’s another range called ‘A Trip in Time,’ which is an Asian take on some of our all-time favourite cocktails, such as Martini, Negroni, Whiskey Sour, and more. Besides this, the restaurant also makes homemade tonic water, which has a subtle, natural sweetness and pairs incredibly well with a variety of spirits. Opening its doors next week, you are sure to be in for a visual and gastronomic treat at Yazu, with their impeccable food, ambience, and service. So get ready to lose yourself in the land of Yazu and all the magic it has to offer.

UK becomes a hotspot for skilled Indian real estate and construction workers; as the workforce deficit looms

London / Mumbai, April 22, 2023: The overall Construction industry in the United Kingdom is forecast to increase to revenue of 476.6 billion British pounds until 2027. With 239.4 billion British pounds, the construction of buildings is forecast to remain the biggest segment in the UK market, according to industry reports.

On the other hand, the UK’s construction industry has been continuously facing numerous skills shortages. According to the Shortage Occupation List created by the UK’s Chartered Institute of Building, between December 2022 and February 2023, there were 41,000 job vacancies. Considering the shortage of manpower in the sector, the UK is emerging as a bright spot for Indian skilled real estate and construction workers who may witness huge immigration opportunities.

Opening on the prospects for Indian immigrants searching for opportunities in the UK’s construction industry, Yash Dubal, the UK visa and immigration expert and Director of the UK immigration law firm A Y & J Solicitors said, “In my professional opinion, the UK realty sector continues to thrive, especially in house building, as the Government has committed to build 300,000 new homes per year by the mid-decade. However, Brexit has caused a shortage of labour in the industry, as builders from Europe, particularly Eastern European countries, could previously work freely in the UK.”

Mr Dubal added, “With the recent addition of new trades to the shortage occupation list, I predict that we may witness more European workers entering the UK realty development industry. While it is possible that skilled workers from India and other countries may find opportunities in the UK’s realty industry. I remain interested to observe if this route will be utilised by Indian construction workers and to see how they may contribute to the UK construction sector.”

NAREDCO, an apex body of India’s real estate developers, which also undertakes skilling trainings for over one lakh industry workers annually, affirmed the fact that with India’s strong expertise and potential to produce skilled and efficient real estate and construction workforce, it can become a major supplier of skilled workforce for the global real estate and construction sector including the UK.

Rajan Bandelkar, National President, NAREDCO said, “With the likely free trade agreement of India with the UK and structural changes in the UK’s visa framework, the immigration prospects for the skilled real estate workforce exploring employment opportunities in the UK might increase in the near future. The UK’s real estate industry has a deficit of skilled personnel and India has a large skilled workforce; both in construction and management sides of the real estate industry. If the UK gives a smooth access to skilled real estate workforce through visa relaxations to address its manpower challenges, it would pave the way for skilled Indian workforce in the construction sector to bridge this deficit and seek the UK as a preferred immigration destination.”

Bandelkar added, “India’s real estate industry is far more evolved globally with a massive base of skilled labour and managerial talent with ample expertise. The Indian real estate and construction industry’s workforce draws its expertise from large scale real estate and construction projects being undertaken by the real estate professionals in the country with due support from the Government and industry bodies like NAREDCO, which has been training over one lakh workers annually for the real estate industry. India is set to become a global hub to supply skilled manpower in the real estate and construction industry.”

The number of new construction is predicted to grow significantly, reaching 200,000 new private housing starts in 2027.

In response to five occupations being added to the Shortage Occupation list, a spokesman for the Chartered Institute of Building, said: “We are pleased that today’s budget states that the Government has accepted the MAC interim recommendations to initially add five construction occupations to the Shortage Occupation List.”

“The construction industry continues to face numerous skills shortages, resulting from a mixture of lack of new entrants, to skilled professionals reaching retirement age.”

“This is why migration continues to be a necessity for construction, helping dampen the harmful effects of having a volatile labour market.”

James M. Butcher, Director of Policy at the National Federation of Builders, said, “Construction faces a vacancy rate higher than the all-industry average; so it is fair to say we are in a worse position than many other industries.”

India leads the pack in global remote hiring for international workers in the Asia/Pacific Region

New Delhi, 22 April 2023 – Remote, the leader in building, managing, and supporting global distributed workforces, today released the results of a survey of remote work adoption among Asia-Pacific companies. The IDC InfoBrief sponsored by Remote, “Bridging the Talent Gap: The Future of Hiring in the Asia/Pacific Region,” March 2023, IDC Doc #AP241420IB, features findings from the IDC AP SMB and Mid-Market Hiring Trends 2023. It highlights the growing trend of remote hiring and distributed workforce strategies in India, New Zealand, Australia, and Singapore.

The survey demonstrates that three years since the global remote work revolution began, Asia-Pacific companies have come beyond temporary work-from-home arrangements to embracing permanently distributed teams spread across multiple locations, with the aim of widening their talent pool, improving cultural diversity and productivity, and expanding globally. In the post-pandemic world, Indian companies lead the pack in hiring remote international workers while they transition to the Future of Work.

Key findings include:

About 50% of SMBs/mid-market companies in India are planning to hire 40-60% FTEs or contractors in the next 12 months. Australia, New Zealand, and Singapore, on the other hand, are planning to hire only 20%-30% remote FTEs or contractors. India has the highest EOR (Employer of Record) adoption (70.5%), followed by Singapore (64.0%), as Indian companies are looking to globalize their businesses while reducing workforce costs. As more SMBs and mid-market businesses hire employees to work remotely from various locations, they are using EOR (Employer of Record) solutions to simplify the complexities of payroll, tax, and compliance.

India is the least mature when it comes to hiring maturity. SMBs and mid-market companies in New Zealand are the most mature, integrating technology into their HR processes, enabling their internal teams to hire and retain workers from geographies where they do not have a presence.
Surveyed companies state that cost-effective workforce options is the top business priority, and finding the right mix of skills is a key challenge in hiring internationally.

“The pandemic has fundamentally changed the way businesses operate, and we are seeing that companies in the Asia/Pacific region have been among the fastest in the world to adapt their hiring and workforce strategies for the current era,” said Job van der Voort, CEO and co-founder of Remote. “As remote work continues to gain traction, companies that are able to tap into the international talent pool will have a significant advantage over those that do not.”

The InfoBrief highlights that most companies rely on internal expertise to hire and retain international workers, which could become unmanageable as the ratio of international remote hires in their total workforce grows. One in three Indian companies (31%), however, are using Employer of Record (EOR) platforms for onboarding and management of their global workforce. EORs help companies employ and pay international employees living in countries where they do not have a legal entity and manage the complexities of local compliance, payroll, benefits, taxes, and more. This enables business and HR leaders to focus on tasks such as workforce planning, sourcing and retention strategies to drive the new and emerging work culture.

The IDC AP SMB and Mid-Market Hiring Trends 2023 study surveyed respondents from SMBs and mid-market companies in Australia, India, New Zealand, and Singapore at the end of 2022, with the aim of understanding international hiring trends in the region. For a copy of the IDC InfoBrief, visit https://idcdocserv.com/AP241420IB_FINAL.

MSys Technologies wins Bronze Stevie® Award in 2023 Asia-Pacific Stevie Awards

India, 22 April 2023 – MSys Technologies was named the winner of the Bronze Stevie® Award in the Innovation in Business-to-Business Products & Services category in the 10th annual Asia-Pacific Stevie Awards today.

The Asia-Pacific Stevie Awards are the only business awards program to recognize innovation in the workplace in all 29 nations of the Asia-Pacific region. The Stevie Awards are widely considered to be the world’s premier business awards, conferring recognition for achievement in programs such as The International Business Awards® for 21 years.

Nicknamed the Stevies for the Greek word for “crowned,” the winners will be celebrated during a virtual (online) awards ceremony on Tuesday, 27 June.

More than 800 nominations from organizations across the Asia-Pacific region were considered this year in categories such as Award for Excellence in Innovation in Products & Services, Award for Innovative Management, and Award for Innovation in Corporate Websites, among many others. MSys Technologies won in the Innovation in Business-to-Business Products & Services category.

With the increased proliferation of digital assets as a payment mode, there is a growing need for a unified platform to manage digital assets seamlessly. With clients’ blueprints, business outlook, and tech stack expertise, MSys Technologies’ FinTech Architects and developers build a powerful platform for managing digital assets like cryptocurrency and loyalty currencies. The easy-to-use application enables retail, institutional, and merchant clients to have access to trillions of digital asset markets in a completely safe and efficient manner. Meticulous quality assurance and embedded automation from MSys Engineering experts contributed to the application being launched in time with budget optimizations. The launch’s success resonated in embracement from dozens of loyalty program sponsors, gift card merchants, and tens of thousands of users worldwide.

Sanjay Sehgal (Founder, Chairman and CEO, MSys Technologies) echoes triumphantly, “MSys Technologies is a pioneer in FinTech and Digital Transformation Services with cutting edge technologies for over two decades now. We embolden the visions of great minds in the Digital Transformation space and make their blueprints tangible to global software products and applications. The APAC Stevie Award gives us the badge of honor as a trusted software product engineering services partner, further expanding our innovative work with APAC, SEA, ANZ and RoW ISVs and Enterprises. We are truly delighted to win the Stevie® Award and congratulate our fellow nominees who are leapfrogging innovation and driving disruptions in the business ecosystem.”

Gold, Silver, and Bronze Stevie Award winners were determined by the average scores of more than 100 executives around the world acting as judges in February and March.

“The 10th edition of the Asia-Pacific Stevie Awards attracted many remarkable nominations,” said Stevie Awards president Maggie Miller. “The organizations that won this year have demonstrated that they are committed to being innovative, and we applaud them for their perseverance and creativity. We look forward to celebrating many of this year’s winners during our virtual awards ceremony on 27 June.”

Karur Vysya Bank provides battery operated pushcarts under CSR

Chennai: Karur Vysya Bank has donated 33 battery-operated pushcarts to women from underprivileged sections to market the ice cream and other dairy products of Aavin. Valued at Rs. 40.00 lakhs, this is a CSR initiative of the bank to provide employment opportunities to women. The beneficiaries were identified in association with the Department of Women and Child Development and the Department of Adi Dravidar and Tribal Welfare, the Government of Tamilnadu, and Aavin.

Thiru Udayanidhi Stalin, Honourable Minister for Youth Affairs and Sports Development handed over the carts to the beneficiaries and flagged off the carts in the presence of Thiru S M Nasser, Minister for Dairy Development today.

Karur Vysya Bank supports projects in the areas of education, healthcare, and the environment. This project is meant to provide employment opportunities to women and provide them with economic independence.

Noise and Puma partner to advocate fitness; urge users to make sports a part of daily life

22 April 2023: Noise, India’s leading connected lifestyle brand, announced its partnership with PUMA India to emphasize the synergy between fitness and sports in daily lifestyle. As part of the alliance, Noise joins PUMA’s #LetThereBeSport campaign with dedicated challenges and step streaks on the NoiseFit app. Another interesting leg of the campaign is the ‘NitroRun’ where both brands come together for an in-person run. The campaign, where both brands advocate fitness by urging people to make sports a part of their daily lifestyle, is now live on the NoiseFit App.

The partnership brings the best of the fitness and sports world together, where Noise will drive, especially curated Puma #LetThereBeSport challenges and step streaks on the NoiseFit app, one of the top-rated apps in the health and fitness category. A community of over 10 million people, the NoiseFit app will actively engage users to achieve their goals, drawing a direct positive correlation between practicing sports and fitness. Participants will not only stand a chance to win exciting gifts from the two brands but also the city that will lead in the challenge will be chosen as the location for the second activation, ‘NitroRun’.

Utsav Malhotra, Chief Operating Officer at Noise said, “At Noise, we have strongly believed that fitness and sports hold a definite correlation driving performance and overall well-being. We are excited to partner with PUMA for the campaign to further strengthen this resolution. As we gear up to harness this collective energy that binds the zeal and zest for fitness and sports together, we are looking forward to instilling this belief in a larger community.”

Shreya Sachdev, Head of Marketing at PUMA India, said, “We are excited to partner with Noise to champion the adoption of sport as a life skill among Indians. This comes as part of PUMA’s ongoing ‘Let There Be Sport’ initiative, where we hope to inspire India to prioritize sports and fitness across all life stages, be it as the main curriculum in school, or pride of place on one’s resume. Noise is a proven health and fitness app with a wide reach and aligned values on sports culture, and we are confident that the PUMA X Noise association will promote a strong sports culture which is critical for the development of a country.”

Participants stand a chance to win merchandise and coupons from both brands. Not just that, there will be a limited period Noise x PUMA sale where users can avail exclusive 15% discount on all Noise products while shopping from gonoise.com.