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CoRover.ai partners with Persistent to launch GenAI-powered conversational solutions

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CoRover.ai partners with Persistent to launch GenAI-powered conversational solutions

Persistent Systems has joined CoRover.ai to drive innovation and create value in the fast-evolving sector of multilingual conversational platforms powered by Generative AI (GenAI).

This partnership leverages CoRover’s expertise in sovereign AI alongside Persistent’s Proficiency in Digital Engineering and its AI-focused, platform-driven approach. According to the announcement, they aim to meet emerging market needs, enhance customer experiences, and unlock new business revenue opportunities.

Ankush Sabharwal, Founder & CEO of CoRover.ai, expressed enthusiasm for the collaboration, “The combination of CoRover.ai’s AI products and platforms with Persistent’s Global services expertise will redefine enterprise AI solutions. Together, we aim to empower businesses with cutting-edge AI-driven efficiency, innovation, and growth, transforming customer engagement and operational workflows.”

Vijay Verma, Chief Revenue Officer – Service Lines at Persistent, highlighted the alignment of the partnership with Persistent’s AI-led strategy: “We are delighted to join forces with CoRover.ai as their global business and implementation partner. CoRover.ai’s AI-powered multilingual conversational platform addresses key market needs and accelerates go-to-market initiatives. By integrating their advanced capabilities with Persistent’s expertise in digital transformation, enterprises can revolutionize customer engagement, streamline operations, and foster innovation. This partnership aligns seamlessly with our Re(AI)magining™ the world vision, driving impactful outcomes for businesses worldwide.”

The strategic collaboration also focuses on achieving economies of scale, strengthening operational resilience, and accelerating market readiness, all while remaining at the forefront of AI innovation.

With its leadership in Conversational GenAI, CoRover.ai delivers human-centric, multilingual, multi-modal, and multi-channel virtual assistants and AI agents. This partnership is poised to set a new standard in conversational AI, reshaping how businesses engage with their customers.

Syngenta signs US$4.5 Billion ESG loan, Asia’s biggest this year

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Syngenta signs US$4.5 Billion ESG loan, Asia’s biggest this year

Agrochemical giant Syngenta Group Co has secured a $4.5 billion sustainability-linked loan, as announced in a company statement on December 23. This deal marks the largest dollar-denominated ESG facility in Asia this year.

Initially targeted at $3 billion, the loan was increased due to strong demand, with over 40 banks participating, including branches from mainland China and Singapore, according to sources familiar with the matter who spoke anonymously.

The funding will enable the Sinochem-owned company to optimize its debt structure and extend its maturity profile by replacing short-term borrowing with long-term financing.

The financing equals the record set by Syngenta in 2022, when it secured its first $4.5 billion loan tied to environmental, social, and governance (ESG) criteria. This record highlights the growing appeal of such instruments as regional companies intensify their decarbonization efforts.

Data compiled by Bloomberg indicates that borrowers across the Asia-Pacific region, excluding Japan, have raised the equivalent of $57 billion in ESG-linked loans this year, reflecting a 19% increase compared to the same period in 2023.

Bank of China Hong Kong and Credit Agricole SA acted as sustainability structuring coordinators for Syngenta’s latest deal, which includes three- and five-year terms. Sources stated Syngenta will use the funds for refinancing and general corporate purposes.

The company spokesman said Syngenta has no near-term plans to re-list, as it is “in a comfortable liquidity position in the short-to-medium term.” He added that the group has secured funding by issuing perpetual debt in the 2023 financial year.

Indian Startup OrbitAID’s Patented Technology Passes Zero Gravity Test in Florida

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Indian Startup OrbitAID’s Patented Technology Passes Zero Gravity Test in Florida

OrbitAID Aerospace, an Indian space startup focused on satellite refueling in space, has successfully tested its patented Standard Interface for Docking and Refueling (SIDRP) during a zero gravity flight in Florida.

This milestone validates SIDRP’s potential for on-orbit satellite servicing under simulated space conditions, including docking, refueling, and proximity operations.

The test took place aboard a Zero-G flight, with OrbitAID’s founder and CEO, Sakthikumar R, and co-founder and COO, Nikhil Balasubramanian, overseeing the operations. The successful demonstration showcases SIDRP’s precision and reliability in microgravity, marking a significant advancement in satellite servicing technology.

A zero-gravity (zero-g) flight is a unique airplane experience that mimics the sensation of floating in space while still on Earth. The aircraft follows a “parabola” flight pattern, ascending and diving in a curve. During the descent, both the plane and everything inside it fall at the same speed, creating a brief period of weightlessness, similar to the experience of astronauts. NASA has used this technique for over 50 years to simulate space conditions for experiments.

“This is a landmark achievement for OrbitAID and a proud moment for the team. The successful test of SIDRP in microgravity conditions brings us closer to our vision of sustainable satellite operations through on-orbit servicing. This test showcases SIDRP’s precision and robustness in simulated space conditions and validates our commitment to advancing space sustainability. The hands-on experience during the zero-gravity flight has been invaluable, offering insights that will guide us as we prepare for the next phase: demonstrating docking and refueling in orbit,” said Sakthikumar.

“This test not only proves the reliability of SIDRP but also underscores its potential to transform satellite operations. Extending satellite lifespans and reducing space debris are vital steps toward achieving sustainable space exploration. The successful test of SIDRP in microgravity conditions brings us closer to our vision of sustainable satellite operations through on-orbit servicing. We are thrilled to see SIDRP’s potential validated under microgravity conditions and look forward to continuing our work to redefine space sustainability,” said Balasubramanian.

OrbitAID’s SIDRP technology offers a standardized interface for docking and refueling, enabling cost-effective and sustainable satellite operations. This achievement solidifies OrbitAID’s standing as a global leader in space innovation, with the next milestone being the demonstration of docking and refueling in orbit, scheduled for early next year.

Sarovar Hotels & Ishaan Group unveil Ishaan Sarovar Portico in Deoghar

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Sarovar Hotels & Ishaan Group unveil Ishaan Sarovar Portico in Deoghar

Sarovar Hotels and Ishaan Group have unveiled the opening of Ishaan Sarovar Portico in Deoghar, a welcoming destination for pilgrims, leisure travelers, and business guests.

Located strategically in the holy city of Deoghar, the hotel combines contemporary hospitality with the tranquil and spiritual atmosphere of the area, providing a unique experience for all visitors. According to Sarovar Hotels, this new addition to the Sarovar portfolio sets a high standard for luxury hospitality in the region, featuring modern amenities, outstanding service, and a memorable stay for business and leisure travelers.

Ajay K. Bakaya, chairman of Sarovar Hotels and director of Louvre Hotels India, expressed his excitement about the launch: “We are delighted to open Ishaan Sarovar Portico in Deoghar, a city that holds immense spiritual and cultural significance. This hotel reflects our vision of creating unique experiences that blend modern hospitality with the cultural essence of each destination. As part of our strategic expansion in Eastern India, this property not only caters to the growing demand for high-quality accommodations in the region but also reinforces our commitment to delivering exceptional service and memorable stays to our guests.”

Rajesh Ranjan, sr. V.P-development, Sarovar Hotels, shared, “We are excited to introduce the Sarovar experience to Deoghar, a city that attracts thousands of visitors each year. Ishaan Sarovar Portico is designed to meet the growing demand for world-class accommodation, blending modern luxury with the city’s rich cultural heritage. Our goal is to provide an unforgettable experience, paired with unparalleled service and hospitality.”

Adding to the sentiments, Chandan Srivastava, managing director of Ishaan Group, said: “The launch of Ishaan Sarovar Portico is a proud moment for us as it marks a significant milestone in our journey to enhance the hospitality landscape of Deoghar. With its thoughtful design, comprehensive amenities, and strategic location, this hotel offers a perfect balance of comfort and convenience for travelers visiting this sacred city. We are confident that this partnership with Sarovar Hotels will create a benchmark for hospitality excellence in the region and attract both domestic and international visitors.”

Speaking on the occasion of the hotel’s opening, Rajan Srivastava, director of Ishaan Group, said, “It is a moment of immense pride for us as it represents a significant milestone in our commitment to enhancing the hospitality landscape of Deoghar. With its meticulous design, state-of-the-art amenities, and strategically prime location, the hotel offers the perfect blend of comfort and convenience for travelers to this revered city. We are confident that this collaboration with Sarovar Hotels will set a new benchmark for excellence in hospitality, attracting both domestic and international visitors while elevating the experience for all those who stay with us”.

Ishaan Sarovar Portico features 52 elegantly designed rooms and suites, including deluxe premium and executive suites, setting a new benchmark for comfort and sophistication in Deoghar.

The hotel offers a variety of dining and leisure options, such as Punita, an all-day multi-cuisine restaurant that serves expertly prepared Indian, international, and local dishes. Guests can also enjoy Fursat, a stylish lounge bar offering handcrafted cocktails and premium spirits in a lively atmosphere. For relaxation, guests can visit Sukoon, the in-house spa providing signature treatments and therapeutic massages, or Kasrat, a fully equipped fitness center.

The hotel offers three flexible banqueting and conferencing spaces that can accommodate up to 450 guests, making it ideal for weddings, social events, and corporate functions in Deoghar.

Zomato becomes first startup to join Sensex, replacing JSW Steel

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Zomato becomes first startup to join Sensex, replacing JSW Steel

Food delivery giant Zomato Ltd has made history as the first startup to join the Bombay Stock Exchange’s (BSE) Sensex, replacing major steel company JSW Steel Ltd in the benchmark index of India’s top 30 companies. Effective December 23, 2024, this significant inclusion is projected to bring inflows of ₹4,362.35 crore into Zomato while triggering outflows of ₹2,142.91 crore from JSW Steel, as per estimates by brokerage firm Nuvama.

Zomato’s shares have soared, gaining nearly 43% in the past six months and 126% over the past year, driven by improved unit economics in its quick-commerce segment, reinforcing investor confidence. The company reported an impressive 69% year-on-year growth in consolidated revenue, reaching ₹4,799 crore in Q2 FY2024-25, alongside a fivefold increase in net profit to ₹176 crore.

JSW Steel, in comparison, had gained just about 9% over the year.

“Over the past 18 months, as Zomato started to demonstrate its ability to gradually improve unit economics and move towards breakeven and beyond (especially in the qcom segment), the stock rallied by almost 150%,” the report quoted brokerage firm UBS as having said in its latest report.

Brokerage firm Nuvama anticipates significant fund flows as institutional investors rebalance their portfolios to match the revised index composition. Investors plan to inject $513 million into Zomato, demonstrating heightened interest in the tech-driven company. Meanwhile, they intend to withdraw $252 million from JSW Steel as it exits the index.

The food delivery giant’s market cap of ₹2.72 lakh crore surpassed JSW Steel’s ₹2.24 lakh crore.

This milestone underscores Zomato’s remarkable growth and reflects the increasing influence of tech-driven companies within India’s corporate landscape, marking a shift in the country’s economic dynamics.

CherriLearn expands presence in Kalyana Karnataka Region; Neelkanteshwar School in Kalaburagi onboards 55 students

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CherriLearn expands presence in Kalyana Karnataka Region; Neelkanteshwar School in Kalaburagi onboards 55 students

Kalaburagi, Karnataka – December 23, 2024: CherriLearn, a leading ed-tech platform focused on empowering young learners, has announced its expansion into the Kalyana Karnataka region, starting with the onboarding of Neelkanteshwar School in Kalaburagi. This marks a significant milestone in the company’s mission to make quality education accessible and engaging for students across regional and rural areas.

Neelkanteshwar School, a Kannada medium institution, has become the first school in the region to adopt the CherriLearn platform, enabling 55 students to benefit from its interactive and innovative approach to learning. Shrinidhi R S, Founder & CEO of CherriLearn, expressed his excitement about the expansion, stating, “The onboarding of Neelkanteshwar School in Kalaburagi marks an important step in our journey to make quality education accessible to every child, regardless of location. At CherriLearn, we are committed to transforming learning experiences through innovation and inclusivity, ensuring that students not only excel academically but also build the skills they need for the future.”

Mahanthesh, a teacher at Neelkanteshwar School, expressed enthusiasm about the initiative, stating, “After the demonstration, I am very confident that the CherriLearn app greatly improves children’s learning. It will be extremely helpful for our children in the future. Because of this, they will study with much more enthusiasm. I am happy to say that I will encourage every child to use it.”

Parents and guardians have also expressed excitement about the app’s positive impact. Gangamma, a grandmother of three young learners, remarked, “My grandchild in 4th grade, along with two others in 2nd grade and LKG, is benefiting from the app. It helps them understand lessons better and learn faster, especially in competitive subjects. I’m grateful for the app and teachers’ support. It’s a great tool for future learning.”

For students like Suresh, a 6th-grade student, the app has transformed how they approach education. “The activities and the interactive approach are very useful. It helps me understand better and improve my skills. I plan to use it daily for more learning and growth,” he said.

CherriLearn’s innovative platform offers personalized learning experiences that cater to students of varying academic levels and help bridge the gap in educational resources. The company’s expansion into the Kalyana Karnataka region highlights its commitment to enhancing learning outcomes in underserved areas.

This onboarding marks the beginning of a larger rollout in the region as CherriLearn collaborates with more schools to equip students with the tools needed to excel academically and prepare for future challenges. 

About CherriLearn 

CherriLearn, incorporated in 2021, provides interactive education to school students in tier-3 and tier-4 cities across India. With a vision of “Democratizing Quality Education,” CherriLearn focuses on delivering outcome-driven, affordable education, particularly to those studying in vernacular language mediums. The platform is accessible for just ₹1 per day, making it affordable for students from diverse economic backgrounds.

Mintifi reports ₹92-Cr profit on ₹384-Cr revenue in FY24

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Mintifi reports ₹92-Cr profit on ₹384-Cr revenue in FY24

Supply-chain financing startup Mintifi has raised $180 million in a Series E funding round this month, with GTV and Prosus as co-leads. This funding follows a remarkable 4X profit after tax (PAT) surge and a 72% year-on-year growth in operating scale during FY24.

Before diving into Mintifi’s expense trends, let’s examine the company’s revenue streams and performance over the past fiscal year.

As per its consolidated annual financial statements filed with the Registrar of Companies (RoC), Mintifi’s operating revenue increased to ₹384 crore in FY24, up from ₹223 crore in FY23.

Established in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi specializes in last-mile distribution networks, providing SMEs across various sectors with payment, invoicing, and financing solutions.

Interest income from loan disbursements made up 80% of Mintifi’s revenue, doubling to ₹308 crore in FY24. The remaining revenue came from selling goods, primarily textiles, recorded as inventory and purchased by distributors or retailers on deferred payment terms.

Additionally, Mintifi generated ₹17 crore from interest on current investments, bringing its total revenue to ₹401 crore, a 76.6% increase compared to ₹227 crore in FY23.

The Mumbai-based firm’s employee benefit expenses rose by 65% to ₹66 crore in FY24, while the cost of inventory procurement reached ₹70 crore during the same period. Finance costs grew by 54% to ₹54 crore in the last fiscal year, reflecting the company’s expanding operations.

Overall, the Premji Invest-backed company’s expenditures, driven by legal, training, recruitment, impairment losses, and other overhead costs, increased by 44.3% to ₹277 crore in FY24, up from ₹192 crore in FY23.

Mintifi achieved a 3.7X jump in profits, reaching ₹92.5 crore in FY24, compared to ₹24.8 crore in FY23, driven by significant scale and controlled spending growth. The company also saw improvements in its financial metrics, with its ROCE rising to 12.2% and EBITDA margins reaching 46.7%. Its expense-to-earnings ratio stood at ₹0.72. As per its annual report, Mintifi’s current assets totaled ₹2,343 crore, including ₹200 crore in cash and bank balances as of March 2024.

Mintifi has raised approximately $340 million, including its recent $180 million Series E round—a mix of primary and secondary funding—valued at $850 million. Founded seven years ago, the firm counts Prosus, Elevation Capital, Premji Invest, and Lok Capital among its key investors.

Mintifi has successfully leveraged the inefficiencies in public sector bank lending and the broader banking sector to build a robust financing-focused business. However, it faces growing competition from startups that initially offered a wider range of solutions but later identified financing as a scalable and profitable niche.

Despite the competition, Mintifi has shown remarkable business acumen, earning investors’ trust and scaling rapidly. At its current pace, the company could gear up for an IPO in 2025, achieving valuations well beyond the unicorn threshold.

The Claridges New Delhi relaunches Sevilla restaurant 

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The Claridges New Delhi relaunches Sevilla restaurant 

The Claridges New Delhi has announced the grand reopening of Sevilla restaurant, the city’s iconic Spanish and Mediterranean dining spot. Following a thorough makeover, Sevilla reopens with a fresh, captivating look, offering an exceptional culinary experience that engages both the taste buds and the senses.

Renowned for its charming alfresco atmosphere, Sevilla has been reimagined as a Mediterranean haven, featuring several new enhancements. According to a statement from the hotel, the expansive restaurant, located a little distance from the main hotel building, provides intimate indoor and outdoor seating options.

Chef Alex Rodriguez, the master chef at Sevilla, The Claridges New Delhi, is the creative force behind the restaurant’s revamped menu. With over 20 years of international culinary experience, Chef Rodriguez is a graduate of the esteemed Culinary Institute of America. He has honed his skills at renowned establishments like the Waldorf Astoria, Four Seasons, and St. Regis in New York. According to the release, his culinary journey across Spain, the Caribbean, and Europe has influenced his unique style, which combines traditional Mediterranean flavors with contemporary cooking techniques.

“As the master chef of Sevilla, I bring decades of culinary expertise from Spain to New Delhi. Our reimagined menu celebrates the rich Spanish and Mediterranean heritage, combining authentic flavors with contemporary culinary techniques. Inspired by my family’s culinary legacy and the vibrant aromas of roasted peppers, saffron, olive oil, and fresh fish from my grandmother’s kitchen, every dish at Sevilla tells the story of Spain.

From the iconic Paella of Valencia to other signature offerings, I am committed to delivering an extraordinary dining experience that connects our guests to the heart of Spanish cuisine,” said Rodriguez.

“We are elated to welcome chef Alex Rodriguez to The Claridges family and Sevilla. His unparalleled expertise and passion for Spanish and Mediterranean cuisine perfectly align with our vision of offering authentic and unforgettable dining experiences. Chef Alex’s innovative approach and commitment to culinary excellence will undoubtedly set a new benchmark for Spanish and Mediterranean dining in Delhi,” said Hemendra Singh, general manager of The Claridges New Delhi.

Info Edge arm plans to increase stake in Brainsight

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Info Edge arm plans to increase stake in Brainsight

Redstart Labs, a subsidiary of online classifieds giant Info Edge, is set to purchase an additional stake in Bengaluru-based healthcare startup Brainsight Technology for a cash investment of INR 3 Cr (approximately $353K). This move will increase its shareholding from 4.68% to 5.27%.

In a regulatory filing, the Sanjeev Bikhchandani-led company announced that Redstart has secured board approval to acquire 385 compulsorily convertible preference shares of Brainsight. Established in 2019 by Laina Emmanuel and Rimjhim Agrawal, Brainsight specializes in AI-driven solutions for functional brain mapping, with its current offerings including two products, Voxelbox and Snowdrop.

Voxelbox provides clinicians with an fMRI processing engine and machine learning models for report generation, while Snowdrop is a patient care application.

According to the filing, Brainsight reported a loss of INR 4.76 Cr during the 2023-24 financial year (FY24), currently valued at INR 3.74 Cr.

Info Edge has been actively investing in recent times. Last month, the internet company announced plans to invest INR 4 Cr in its portfolio company, LegitQuest, through its wholly-owned subsidiary, Startup Investments (Holdings) Ltd. Earlier, in October, the company disclosed that its executive directors’ committee approved an investment of INR 30 Cr in Redstart Labs. Info Edge’s portfolio includes prominent listed companies like foodtech leader Zomato, insurtech firm PB Fintech, and unlisted edtech company Adda247.

In its financial results for Q2 FY25, Info Edge reported a significant 64.6% drop in net profit, which fell to INR 84.73 Cr from INR 239.74 Cr in the same quarter of the previous year. Despite the decline in profit, the company saw a nearly 12% rise in operating revenue, reaching INR 700.82 Cr, compared to INR 625.84 Cr in Q2 FY24.

While Info Edge faces a dip in profitability, it continues to pursue strategic investments, signaling confidence in its long-term growth prospects despite short-term challenges.

Minimalist Hotels to launch new property in Varanasi by March 2025

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Minimalist Hotels to launch new property in Varanasi by March 2025

Minimalist Hotels, a fast-growing name in the lifestyle hospitality sector, is preparing to broaden its presence by launching its second property in Varanasi, Uttar Pradesh. Slated to open in March 2025, Minimalist Hotel, Varanasi, promises a premium hospitality experience for domestic and international guests. Situated just 2 km from its current property in DIG Colony, the new hotel will feature 25 meticulously designed rooms, addressing the rising demand for quality accommodations in the city.

This strategic move responds to Varanasi’s increasing appeal as a travel hotspot fueled by its rich cultural heritage and the rising demand for unique, high-quality accommodations. The need for premium hotels has soared with the city gearing up for the Kumbh Mela, a significant pilgrimage event. Minimalist Hotels is well-positioned to cater to this growing influx of visitors.

Gautam Munjal, Founder of Minimalist Hotels, expressed, “We recognized the pressing need for more rooms in Varanasi, especially with the growing number of visitors being attracted to experience the rich culture of the city. Our new property not only addresses the upsurge in demand but also solidifies our position as an upcoming hospitality brand in the region.”

The new property will showcase contemporary architecture, minimalist interiors, and an on-site casual dining restaurant featuring a pizzeria. The restaurant will offer curated dishes in a laid-back atmosphere. Located close to Varanasi’s iconic landmarks, the hotel aims to provide personalized guest experiences, seamlessly combining subtle luxury with functionality.

Minimalist Hotel, Varanasi aims to redefine luxury in the city by blending comfort with style, further solidifying the brand’s foothold in the rapidly expanding hospitality market.

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