IBM to launch GenAI Innovation Center in Kochi

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July 8, 2024

Tech giant IBM has announced the launch of their GenAI Innovation Center in Kochi, India. This center is designed to be a hub for businesses of all sizes, from established enterprises to budding startups, to explore and develop the latest generative AI technology. IBM says the GenAI Innovation Center will not only accelerate advancements in AI but also boost productivity and solidify India’s expertise in generative AI.

“As organizations transition from AI experimentation to deployment for adding business value, they often find AI projects too complex or difficult to integrate due to limited skills or expertise,” it said.

IBM will provide access to their expert staff and powerful technologies designed to help organizations build, scale, and effectively implement enterprise-grade AI solutions.

This center is built on a cutting-edge foundation. It utilizes InstructLab, a new technology co-developed by IBM and Red Hat, which allows businesses to customize AI models using their data. Additionally, the centre will leverage IBM’s robust AI and data platform, Watson, and AI assistant technologies to provide a comprehensive suite of tools.

The GenAI Innovation Center will be a part of the IBM India Software Lab in Kochi and will be managed by IBM’s technical experts.

“With access to the latest in generative AI technology, LLMs, case studies, and IBM experts, the centre will nurture a community focused on harnessing the power of generative AI to address societal and business challenges ranging from sustainability, public infrastructure, healthcare education, and inclusion,” IBM said.

Welspun One raises Rs 2,275-Cr for second fund to build warehousing assets

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July 8, 2024

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Welspun One raises Rs 2,275-Cr for second fund to build warehousing assets — Anshul Singhal, Managing Director, Welspun One

Welspun One, a company managing funds and development projects, announced raising a massive ₹2,275 crore for their second fund. This fund will be used to build warehouses in India. Welspun One has already invested nearly 40% of the funds across four projects. They plan to allocate the remaining amount over the next 3 to 4 quarters. This will significantly increase their portfolio, adding 8 million square feet of warehousing space.

The company successfully closed this fund on Monday, making it the most significant domestic fundraising in this sector. They secured capital from a wide range of investors, including around 800 high-net-worth individuals, family offices, and businesses.

This will significantly increase their portfolio, adding 8 million square feet of warehousing space for a total of around 18 million square feet.

The new warehouses will focus on modern facilities, like those in cities for fast distribution, cold storage for perishable goods, agriculture logistics, and those near ports and airports.

Balkrishan Goenka, Chairman of Welspun World, said, “Our commitment to advancing critical logistics infrastructure is in perfect alignment with India’s strategic objective of reducing logistics costs from 14% to 8%, thereby enhancing the global competitiveness of our industries.”

The fund aims to streamline logistics operations and stimulate industrial growth by making investments in essential infrastructure, he added.

Anshul Singhal, Managing Director, Welspun One, said, “Embarking on the exploration of new-age warehousing assets represents an exciting journey for us at Welspun One. Our progress has been remarkable, having successfully established a well-capitalised platform poised to achieve an AUM of over $1 billion.”

Welspun One completed fundraising for their first fund of ₹500 crore. That fund invested in six projects across five cities, totalling 7.2 million square feet of warehousing space. Half of these projects are already finished, with the remaining half on track for completion in the next 4-6 quarters.

Their impressive client list for this fund includes big names like Tata Croma and Delhivery.

Welspun One is part of the larger Welspun World company, a global conglomerate worth $5 billion. Welspun World deals in various businesses, including pipes, home textiles, and flooring solutions.

Truck aggregator BlackBuck files for IPO to raise Rs 550-Cr

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July 8, 2024

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Truck aggregator BlackBuck files for IPO to raise Rs 550 crore — (Left to right) BlackBuck co-founders Ramasubramaniam B., Rajesh Yabaji and Chanakya Hridaya

In a move towards going public, Flipkart-backed logistics startup BlackBuck has filed its draft prospectus with the Indian securities regulator, SEBI. This document outlines their plan to raise Rs 550 crore through an IPO (Initial Public Offering).

BlackBuck’s IPO will consist of two parts. First, they will issue new shares worth Rs 550 crore. Second, existing shareholders will offer 21.6 million shares in an offer for sale (OFS).

Rajesh Yabaji, Chanakya Hridaya, and Rama Subramaniam, the company’s co-founders and promoters, will each offer a portion of their holdings for sale. Yabaji will sell 2.2 million shares, while Hridaya and Subramaniam will each sell 1.1 million shares.

Investors such as Accel, Tiger Global, and Peak XV Partners are all expected to participate in the offer for sale (OFS) by selling a part of their shares in the company.

Accel, the largest shareholder in the firm with a 14% stake, will sell 4.3 million shares and 923,282 shares through its two units in the OFS. Singapore-based Quickroutes International will sell 3.9 million shares, while World Bank-backed International Finance Corporation will sell 1.7 million shares and 628,315 shares through two entities. US-based Sands Capital will sell 1.3 million shares, 514,745 shares and 302,328 shares, respectively, through its three entities participating in the OFS.

Several other venture capital firms besides Accel will also be participating in BlackBuck’s IPO by selling shares through the Offer for Sale (OFS). These include prominent names like Tiger Global Management (selling 883,322 shares), Peak XV Partners (selling 640,409 shares), and B Capital (selling 529,993 shares).

The funds raised through the IPO will be strategically allocated towards two key areas. First, BlackBuck plans to invest Rs 200 crore in sales and marketing initiatives to strengthen its market presence further. Second, they will dedicate Rs 140 crore to their non-banking financial company (NBFC) subsidiary, BlackBuck Finserve, to support its growth.

“The net proceeds invested into the NBFC subsidiary will be utilized by BFPL for financing the augmentation of its capital base to meet its future capital requirements,” said the draft red herring prospectus.

BlackBuck is experiencing significant growth, boasting a user base of 963,345 truck operators as of March 31, 2024. They also saw a notable increase in monthly active users on their BlackBuck app, with 597,638 registered transacting truck operators in 2023-24 compared to 458,025 the year before.

To capitalize on this growth, BlackBuck plans to allocate a portion of the IPO proceeds towards strategic investments. Rs 200 crore will be directed towards sales and marketing efforts, while Rs 75 crore will be invested in product development to enhance their offerings further. Additionally, Rs 140 crore will be dedicated to their NBFC subsidiary, BlackBuck Finserve.

BlackBuck’s financial performance also reflects their growth trajectory. Operating revenue for 2023-24 reached Rs 296 crore, up from Rs 175 crore in the previous year. While they still report a loss from continuing operations (Rs 166 crore in 2023-24 compared to Rs 236 crore the year before), the loss has narrowed.

The IPO will be managed by a consortium of book-running lead managers, including Axis Capital, Morgan Stanley, JM Financial, and IIFL Securities.

Ashok Travels & Tours becomes official travel partner for Team India at 2024 Paris Olympics

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July 6, 2024

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Ashok Travels & Tours (ATT), the travel arm of India Tourism Development Corporation (ITDC), has secured the prestigious role of official travel partner for Team India at the upcoming 2024 Paris Olympics. This partnership underscores ATT’s dedication to exceptional service and its proven expertise in managing travel logistics.

M.R. Synrem, IAS managing director, India Tourism Development Corporation (ITDC), said, “ATT’s collaboration with Team India exemplifies our commitment to promoting Indian sports and assisting our athletes on their journey to greatness. We look forward to providing exceptional service to Team India, helping them focus on their performance and bring home the glory from the 2024 Paris Olympics. We are thrilled to be a part of this historic event and wish our athletes the best.”

ATT will be coordinating and managing all travel arrangements for Team India, from athletes and coaches to the entire contingent. This includes flights, accommodation, and logistics, ensuring a smooth and comfortable journey for everyone involved. It’s a clear sign of ATT’s travel management expertise and their commitment to supporting Indian athletes on the world’s biggest sporting stage.

Sanjay Singh, General Manager, Ashok Travels & Tours (ATT) said, “We are incredibly proud to support our nation’s athletes as they represent India on the global stage. At Ashok Travels & Tours, we believe in the power of sports to unite and inspire, and have handled similar contingents successfully in the recent past as well.”

The announcement was made at the send-off event hosted by the Indian Olympic Association (IOA) at The Ashok, New Delhi.

Stotrak Hotels expands in Mussoorie with Sangam by Stotrak

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July 6, 2024

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Stotrak Hotels, an amalgamated experiential hotels chain with a presence in Uttarakhand, Himachal Pradesh and Rajasthan, has announced the opening of Sangam by Stotrak, strategically located in the heart of Mussoorie in the scenic state of Uttarakhand.

This new hotel marks its fourth property in Mussoorie, offering guests a blend of comfort and convenience in a sought-after location. Ideally situated near Jhula Ghar on the iconic Mall Road, Sangam by Stotrak boasts stunning views, making it the perfect place to relax and enjoy Mussoorie’s charm.

Yogita N Goyal, co-founder of Stotrak Hotels, expressed her enthusiasm for the new launch, stating, “With “Sangam by Stotrak” we now offer an inventory of over 85 rooms in this Queen of Hill station. All our hotels here provide guests with the perfect blend of luxury, comfort, and accessibility, ensuring a memorable stay in Mussoorie.”

Sangam by Stotrak promises a peaceful and comfortable escape for guests. This new hotel features ten beautifully designed rooms with stunning valley views. Each room is equipped with modern amenities to guarantee a relaxing stay.

The hotel’s central location is a significant perk. Guests can easily access popular attractions nearby, including the historic CJM Hampton Court School, the exciting ropeway to Gunn Hill Point, the vibrant local Tibetan market, and the solemn Martyrs Memorial. For an even more enriching experience, Sangam by Stotrak boasts an all-day café offering delicious multi-cuisine dishes with a breathtaking panoramic view of the picturesque valley.

Manish Goyal, founder of Stotrak Hotels, added, “With Sangam by Stotrak, not only are we expanding our footprint in Mussoorie, we are also enhancing our portfolio of properties that offer exceptional and diverse experiences to our guests. This hotel is a testament to our dedication to creating unforgettable memories for our visitors.”

Beyond Mussoorie, Stotrak Hotels offers a diverse portfolio of experiences across India. Guests can find tranquillity at Sukoon – A Wellness Resort in Dakpathar, indulge in delicious meals at Spice Hotel in Selaqui (Dehradun), or explore the historic charm of Kenilworth (another Mussoorie property). For those seeking cultural immersion, the Nangal Resort in Shekhawati is a perfect choice. And for wildlife enthusiasts, The Earth Resort & Spa at Ranthambore provides a luxurious escape near the famous national park.

Foreign investors infuse $3.1 billion in Indian real estate in first half of 2024: JLL

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July 5, 2024

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A new report by JLL India reveals a significant increase in foreign investment in Indian real estate during the first half of 2024. According to their data, foreign investors poured USD 3.1 billion into the sector, accounting for a whopping 65% of the total institutional investment during this period. This is a major jump compared to the same period last year, when foreign investment reached USD 2,939 million.

JLL India’s data also shows a healthy overall growth in institutional real estate investment. The total investment figure for the first half of 2024 sits at USD 4,760 million, reflecting a 62% increase year-over-year (compared to USD 2,939 million in H1 2023).

It’s important to note that this data contrasts with a recent report by Colliers India. They reported a 6% decline in total institutional investment for H1 2024, reaching USD 3,523.6 million compared to USD 3,764.7 million in the first half of 2023.

According to JLL India, institutional investments in real estate surged to USD 4.8 billion in January-June this year.

“This already represents 81 per cent of the total investments in 2023, which amounted to USD 5.8 billion,” the consultant said, adding that “unshakeable investor confidence in India prevails amidst global uncertainties and the election season, exemplifying the country’s robust economic growth story.”

The JLL India report also dives into the specific types of real estate attracting investment. Warehousing emerged as the most popular sector, capturing 34% of the total investment pie. Residential and office spaces followed closely behind,each claiming a 33% and 27% share, respectively.

This surge in investment activity is further highlighted by the significant increase in deal volume. The first half of 2024 saw nearly double the number of real estate deals compared to the same period in 2023. Interestingly, the average deal size during this period remained steady at USD 113 million.

“Foreign Institutional Investors (FIIs) dominate Indian investments amounting to USD 3.1 billion which is a 65 per cent share of the total investments in January-June 2024,” JLL said.

While foreign investment is a key story, the JLL India report also sheds light on domestic investor participation. In 2023,domestic investors significantly increased their activity, contributing 37% of total investments compared to a mere 19% average over the previous five years.

This trend seems to be holding steady in the first half of 2024, with domestic investors still holding a respectable 35% share of the investment pie.

California-based AI firm Glean Technologies expands to India

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July 5, 2024

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California-based AI firm Glean Technologies expands to India — Arvind Jain, Founder and CEO at Glean Technologies

California-based AI company Glean Technologies is expanding its global presence with a brand new office in Bengaluru, India. This 26,000-square-foot space will serve as the central hub for all their Indian operations, encompassing finance, sales, research and development, and business functions.

Founded in 2019 by Arvind Jain, Vishwanath T R, Tony Gentilcore, and Piyush Prahladka, Glean Technologies specializes in enterprise search and knowledge management solutions.

“We are thrilled to establish our presence in India, especially in Bengaluru, the Silicon Valley of the country, and a market with immense potential and a steady demand for advanced AI solutions. Our Bengaluru office will enable us to closely collaborate with Indian enterprises, helping them unlock the full potential of their knowledge through our state-of-the-art AI platform,” said Arvind Jain, Founder and CEO at Glean Technologies.

“Additionally, this office will serve as a crucial hub for our global operations, driving a significant portion of our international projects. In fact, it will be our biggest investment outside of the US,” he added.

Glean Technologies’ core technology connects a company’s various applications and databases. This allows users to search for, access, and manage their data and information seamlessly across different platforms.

Despite being founded just a few years ago, in 2019, the Palo Alto-based company has achieved impressive success. The company has secured $350 million in funding from top investment firms and boasts a current valuation exceeding $2.2 billion.

To fuel its growth, Glean Technologies plans to significantly expand its workforce, aiming to increase from 150 employees to over 450 within the following year. This expansion includes targeting top graduates from India’s prestigious IITs (Indian Institutes of Technology) in Bombay, Delhi, Kanpur, Madras, and Kharagpur. In fact, they’ve already hired around 12 talented students since December of last year.

Glean Technologies has developed conversational AI assistants that utilize advanced language models. These AI assistants can access a company’s internal information systems to provide personalized summaries and responses to user queries.

Looking to expand its reach, Glean Technologies is actively building its customer base in the Asia-Pacific (APAC) region. The firm has already secured partnerships with several prominent companies, including a Southeast Asian commercial bank, a global electronics and entertainment firm, and a global automotive manufacturer.

Streaming giants challenge new Canadian revenue-sharing rules

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July 5, 2024

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Major global streaming companies are fighting back against new Canadian regulations. On Thursday, these companies argued that the rules, which require them to contribute to the funding of local news, are unreasonable and lack legal justification.

The Canadian government, through its broadcasting regulator, the CRTC, introduced these regulations in June. The CRTC mandated that major streaming services set aside 5% of their Canadian revenue to support the domestic broadcasting system, which includes funding for news production.

The Motion Picture Association-Canada (MPAC), representing companies like Netflix and Disney, is leading the charge against the new regulations. They filed an appeal in a federal court, arguing that the CRTC overstepped its bounds. The MPAC is requesting a judicial review of the rules, claiming the government failed to provide a legal justification for demanding financial contributions from streaming services.

“The decision does not reveal any basis for the CRTC’s conclusion that it is appropriate to require foreign online undertakings to contribute to news production,” it said in a legal filing.

“The CRTC acted unreasonably in compelling foreign online undertakings to contribute monies to support news production.”

Meanwhile, the CRTC maintains that the collected funds will address critical needs within the Canadian broadcasting system. Their priorities include supporting local news on radio and television, as well as content produced in French and by Indigenous creators.

The CRTC, unsurprisingly, declined to comment while the legal battle unfolds in court. Previously, they estimated the new regulations, set to take effect in September, would generate roughly C$200 million (around $146 million) annually.

These regulations stem from a law passed last year. The Canadian government’s stated goal is to ensure online streaming services contribute to the country’s cultural landscape. This includes promoting Canadian music and stories while also supporting jobs in the Canadian entertainment industry.

The Motion Picture Association-Canada (MPAC) represents a wide range of streaming platforms beyond just Netflix and Disney. Their membership includes services offered by Paramount, Sony, NBCUniversal, and Warner Bros Discovery.

Cloud resources biggest targets for cyberattacks in India, says study

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July 4, 2024

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A new study by a multinational firm reveals a worrying trend for Indian businesses. Cloud resources are emerging as the primary targets for cyberattacks in the country. This information comes from the 2024 Thales Cloud Security Study, a report released by Thales. The study surveyed nearly 3,000 IT and security professionals across 18 countries and 37 industries, providing a broad assessment of current cloud security threats.

“The study was based on a global survey of 2,961 respondents, aimed at professionals in security and IT management,” it said.

The study “identifies cloud resources as the biggest targets for cyberattacks in India.”

Cloud security spending now “tops all other security spending categories,” it added.

The study also delves into the specific situation in India. A concerning statistic is that nearly half (46%) of Indian respondents believe all their cloud-stored data is sensitive. This highlights the high stakes for businesses in protecting their cloud resources. Furthermore, 37% of Indian organizations surveyed admitted to experiencing a cloud data breach, with 14% facing one within the last year. These numbers paint a clear picture of the growing threat landscape for cyberattacks in Indian businesses using cloud technologies.

The study explores additional trends specific to India. Interestingly, 35% of Indian organizations recognize the importance of “digital sovereignty initiatives” for protecting their cloud data in the long term. This concept refers to a country’s ability to control its data and limit reliance on foreign cloud providers.

However, the report also highlights a global challenge: managing compliance and privacy regulations in the cloud. Nearly half of all organizations surveyed worldwide found this to be more difficult compared to traditional on-premises data storage.

Finally, the study identifies the most common causes of cloud data breaches. Human error and misconfiguration were the biggest culprits, accounting for 34% of breaches. This emphasizes the importance of proper training and security protocols for cloud users.

Exploiting previously unknown vulnerabilities (32%) and known vulnerabilities (21%) also pose significant threats. Additionally, failing to use multi-factor authentication, a security measure requiring two or more verification steps, contributed to 11% of breaches. These findings highlight the need for a multi-layered approach to cloud security.

“As the use of the cloud continues to be strategically vital to many organizations, cloud resources have become the biggest targets for cyber attacks, with cloud storage (30 percent), SaaS applications (30 percent), and Cloud Management Infrastructure (28 percent) cited as the leading categories of attack in India.

“As a result, protecting cloud environments has risen as the top security priority ahead of all other security disciplines,” the statement said.

Cygnett Hotels & Resorts launches comprehensive leadership program

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July 3, 2024

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Cygnett Hotels & Resorts launches comprehensive leadership program — Sarbendra Sarkar, founder and chairman of Cygnett Hotels & Resorts

Cygnett Hotels & Resorts is launching a new program to train future hospitality leaders. This Comprehensive Cygnett Leadership Development Program (CLDP) shows the company’s commitment to developing its staff, driving innovation, and achieving long-term success.

The program is designed to address a critical need in the hospitality industry: a lack of skilled leaders. These leaders are essential for adapting to changing markets, keeping guests happy, and managing teams effectively. Without them, hotels struggle to operate efficiently, innovate, and maintain high service standards.

The CLDP is an intensive nine-month program divided into three phases. This comprehensive training will equip participants with the skills they need to become successful hospitality leaders.

“We recognise the importance of nurturing and empowering future leaders at Cygnett Hotels & Resorts. Today’s competitive market requires a pipeline of visionary leaders who can help build and secure an edge over the rest. CLDP provides insight into real life examples so hospitality leaders understand how the right mindset, attitude, and communication directly impacts team performance,” said Sarbendra Sarkar, founder and chairman of Cygnett Hotels & Resorts.

Cygnett Hotels & Resorts designed the CLDP to be well-rounded and provide a clear structure for learning. The program covers a wide range of topics, including essential people and leadership skills, the latest digital tools, strategic approaches for key hotel departments, and even areas like HR, accounting basics, finance, marketing, and auditing. Cultural transformation is another key focus area.

To ensure a well-rounded learning experience, the CLDP incorporates various methods. Participants will have access to reference materials, tackle daily operational tasks to apply their learnings, and participate in interactive virtual sessions. Assignments will test their knowledge, and one-on-one interactions with industry experts offer valuable mentorship. This comprehensive approach ensures participants gain practical skills alongside theoretical knowledge.

Finally, the CLDP aligns with international standards and even offers an internationally recognized certification upon completion. This program positions graduates as highly qualified and competitive leaders in the hospitality industry.

“The leadership development program offers an exceptional opportunity for our team members to develop advanced leadership skills, rethink strategies, and adapt to ensure the organisation remains at the forefront of progress. This comprehensive program will empower our key leaders to foresee future trends and unlock new avenues for business growth,” said Sachin Gaur, associate director of learning & development and quality assurance at Cygnett Hotels & Resorts.

Cygnett Hotels & Resorts takes another step towards building a solid talent pool with the launch of the Comprehensive Cygnett Leadership Development Program (CLDP). This intensive program complements the existing Cygnett Learning Academy, known for its diverse training programs. From job-specific skills to brand immersion and soft skills development, the Academy caters to both internal staff and external participants. This commitment to continuous learning has been instrumental in empowering Cygnett’s team throughout their careers.

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