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A guide to Investwell: A boon to financial advisors

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Founded in response to the challenges faced by financial advisors in the early 2000s, Investwell has evolved into an industry leader in supporting RIAs, IFAs & MFDs. 

The financial advisory landscape was fraught with challenges, necessitating a paradigm shift. Investwell recognized the need for simplified portfolio & client management. Born out of a commitment to simplify wealth management, Investwell embarked on a journey to leverage technology with insights from a dedicated team and financial experts turned clients. 

The goal was clear – provide effective solutions to financial advisors to cover all their needs.

Introducing Mint: One-stop solution for financial advisors

Investwell fulfils its mission with the help of its cloud-based solution: Mint.

It is a comprehensive platform designed for RIAs, IFAs, and MFDs. It is a full-stack solution for any wealth manager to automate data handling, portfolio management, client management, error reconciliation, report generation, and more. This automation reduces risks that have an impact on advisor efficiency, allowing them to focus on properly managing assets and balancing portfolios.

A Truly Digital Solution

Investwell Mint is a complete cloud-based mutual fund software for distributors and advisors. As a result, it may be accessed via web browsers on a wide range of devices and operating systems. It is also available on the Android and iOS app stores so that advisors can have quick access on their smartphones. As an additional service, Investwell also creates white-labeled custom mobile apps. They currently have 500+ such mobile apps on the Android and iOS App Stores.

Quantifying Success: Investwell in numbers

Investwell’s impact is not just measured in innovation; it’s also quantified by the growing community of financial advisors and the assets under their management (AUM). With a network of over 3,000+ MFDs & RIAs actively utilizing the platform, Investwell has become a cornerstone for financial professionals seeking efficiency and excellence. The total AUM managed through the platform has surged to an impressive 3 Lakh+ Crores, highlighting the trust placed in Investwell’s capabilities. 

Features

Mint offers a suite of powerful features catering to every need of financial advisors:

Portfolio Management: Mint redefines portfolio management, offering advisors a powerful tool to organize and analyze client portfolios. This feature provides performance monitoring, and deep insights facilitating well-informed decision-making and strategic planning.

Intuitive Dashboards: Navigating through complex financial data becomes effortless with their platform’s intuitive dashboards. Designed for user-friendliness, these dashboards offer at-a-glance views of crucial information.

Easily Transact Online: Investwell empowers financial advisors with the ability to seamlessly transact on major exchanges: NSE, BSE, and MFU. Recognizing the dynamic nature of financial transactions, Investwell provides robust support for bulk orders as well.

Market Analysis: This includes evaluating top schemes, analyzing market data, and providing valuable information to inform investment decisions effectively.

Regulatory Compliance: Efficiently manage KYC, link Aadhar, and nominations, ensuring advisors navigate regulatory compliance.

Innovative Streaks and Industry Leadership

The history of Investwell is interwoven with layers of innovation. From groundbreaking features such as brokerage payout analysis to seamless multilateral exchange integration, Investwell consistently leads in technological innovation within the wealth management space. These innovations not only adapt but set industry standards, showcasing Investwell’s commitment to staying ahead of the curve.

What does the future look like?

Investwell remains focused on the future, aiming to extend its reach to P2P platforms, domestic stocks, and the US market. Scheduled integration with the NPS reflects Investwell’s commitment to constant change, adapting to the evolving demands of advisors and investors. As the financial landscape transforms, Investwell remains a driving force, ensuring a future where advisors and clients not only overcome challenges but thrive in a mutually beneficial partnership. 

Summing up, Investwell’s journey continues to be a beacon in the financial advisory landscape. It stands as a testament to the power of technological solutions in simplifying wealth management and driving positive change. As Investwell evolves, it remains a reliable source of software and a driving force behind improvements in wealth management. The commitment to innovation ensures that Investwell is not just part of the industry; it leads the way, setting new standards for excellence. Investwell is not just a solution—it’s a transformative partner for financial advisors.

MyGate rejigs senior leadership, elevates Abhishek Kumar as CEO 

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MyGate, the housing society management app, has announced adjustments to its management team. Abhishek Kumar, a co-founder who previously held the position of Chief Operating Officer, has been promoted to Chief Executive. Kumar’s background includes serving as Vice President at the American investment bank Goldman Sachs.

Meanwhile, co-founder Vijay Arisetty, formerly the Chief Executive, now serves as Chairman of the Board. Arisetty will provide strategic guidance and continue mentoring the leadership team.

“The company is well capitalised for its next phase of growth and has planned a strategic leadership transition as it gets poised for a new financial year,” MyGate said in a statement. 

Additionally, the company disclosed that co-founder and Chief Technology Officer Shreyans Daga will now oversee product, technology, and new business initiatives in an expanded role. Daga, who previously held positions at Oracle and Digit as Project Head, takes on these responsibilities.

Moreover, Rohit Jindal, a longstanding member of the company since 2017, has been promoted to Chief Business Officer. Jindal’s experience includes working as a Sales Leader at Tencent-backed healthcare and diagnostics platform Practo.

“MyGate is in its strongest financial position that it has ever been with proven revenue streams that have started to scale up. We had continuous three months of zero cash burn…The foundation is set for a strong and profitable FY25,” said Kumar. 

The company reported a revenue of over Rs 100 crore in FY24, marking a 35% increase from Rs 77 crore in FY23. Its primary revenue streams include subscriptions from Resident Welfare Associations (RWAs) and advertising partnerships with brands.

Established in 2016 by Kumar, Arisetty, and Daga, the company secured Rs 100 crore in funding in 2022 in a round co-led by Urban Company and Acko.

“Abhishek, Shreyans and Vijay are a golden team that have successfully navigated the early-stage challenges of a category creating company with a customer-centric mindset, a first principles thinking, and an extraordinary work ethic. We believe that the most exciting phase of the company’s growth is in the years ahead,” said Sanjay Swamy, co-founder and managing partner, Priven Advisors, advisory to Prime Venture Partners, the first institutional investors in MyGate. 

Scrut Automation raises $10 million in funding 

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(L-R) Aayush Ghosh Choudhury, Jayesh Gadewar and Kush Kaushik, founders of Scrut Automation

Scrut Automation, a Governance, Risk, and Compliance (GRC) platform, announced raising $10 million in growth capital from current investors Lightspeed Venture Partners, MassMutual Ventures, and Endiya Partners.

The firm plans to use the funds to improve platform features, integrate generative artificial intelligence for risk and compliance teams, and expand into North American and European markets.

With this latest funding round, the firm founded in 2021 has amassed $20.5 million. Scrut addresses risk and compliance challenges encountered by mid-market technology companies, particularly those in heavily regulated sectors like financial services and healthcare.

Scrut’s platform assists clients in streamlining compliance and risk management processes, contextualizing risks, minimizing redundant efforts, and automating control monitoring.

“A financial services company in the lending space will have very different regulations, compliance frameworks and risks from a healthcare services company for hospitals… We have also built practice areas for regulated industries like healthcare, financial services and enterprise software that allow the platform to embed expertise in addition to automation,” Aayush Ghosh Choudhury, co-founder and CEO of Scrut Automation, said. 

According to Choudhury, about 40% of Scrut Automation’s revenue comes from the United States, a market it ventured into just a year ago.

“Given the increase in the number of breaches and attacks over the past few years as well as increase in regulatory compliance requirements, mid-size enterprises are now adopting strong governance, risk, and compliance (GRC) practices,” Dev Khare, partner at Lightspeed, said in a statement. 

Before establishing Scrut Automation, co-founders Choudhury and Jayesh Gadewar were developing Gomigo, a procurement software suite for enterprise clients. They later joined forces with Kush Kaushik to create Scrut Automation.

Hair products maker Traya raises Rs 75-Cr in funding

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Saloni Anand, co-founder of Traya

Traya, a manufacturer of hair care products, secured Rs 75 crore in funding from Mumbai-based private equity fund Xponentia Capital. 

Specializing in products addressing hair loss and related concerns, Traya has raised approximately $3 million from investors such as Fireside Ventures, Stride Ventures, Kae Capital, and Whiteboard Capital.

“This funding enables us to further our mission of providing personalized, effective solutions to address the unique hair related needs of each individual. We are dedicated to helping people take control of hair loss and helping them feel confident again,” Saloni Anand, co-founder of Traya said in a statement.

The company did not provide detailed information about how it plans to use the funds. However, it stated that it boasts over 10 lakh customers who use its products.

“Traya has developed expertise in understanding hair loss and has demonstrated success in solving it through innovative combinations of Ayurveda, Allopathy, and Nutrition. Our investment in Traya fits Xponentia’s thesis to back fast growing and profitable digitally native consumer brands,” said Rahul Bahri, Director at Xponentia Capital. 

Several consumer brands, particularly in their initial phases, have secured funding in recent months. For instance, skincare company Foxtale Consumer raised approximately $14 million last month. Similarly, beauty products and content company Good Glamm Group raised around $30 million through a rights issue, maintaining a flat valuation of $1.2 billion.

KreedOn’s Journey to Empower Indian Sports

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Prateek Goyal, CEO KreedOn

Introducing Mr Prateek Goyal, CEO of KreedOn, a platform dedicated to transforming Indian sports. With a deep-rooted commitment to equality and recognition, Mr Goyal spearheads KreedOn’s mission to empower athletes nationwide. Inspired by Usain Bolt’s ethos of perseverance, KreedOn has emerged as a beacon of hope in the sporting arena, navigating challenges with strength and determination.

He adds that at KreedOn, “our journey is fueled by the belief that every athlete deserves an equal opportunity to succeed, regardless of background or gender. Through our innovative initiatives and engaging content, we strive to bridge the gap between cricket and non-cricket sports, ensuring that every sport and athlete receives the recognition they deserve. With a focus on inclusivity and excellence, we continue to champion the stories and achievements of athletes from all walks of life”.

KreedOn has become a trusted platform for sports enthusiasts and athletes, driving India to its rightful place as a leading sporting nation. 

Behind KreedOn’s inception, a deep-rooted conviction has undoubtedly existed that it would address the challenges related to recognition and sustainability faced by Indian sports stakeholders. Could you provide further insights into this profound motivation?

Absolutely, when we started KreedOn in 2016, it was a time of reflection following the Olympics, where India secured just one medal. This stark reality made us question why a country with a population of over 1.4 billion couldn’t capitalize on its immense talent pool to excel in global sports.

Through extensive research and conversations within the sports industry, we discovered many issues plaguing Indian sports. The ecosystem seemed tangled in a web of challenges, from bureaucratic levels to infrastructural deficiencies. However, amidst this complexity, one core problem stood out – the lack of recognition for athletes. Athletes were largely unrecognizable and couldn’t get the attention or resources they needed to become world-class. They failed to capture sponsors’ attention and funding, damaging their chances of high-quality training, nutrition, and equipment. This vicious circle intensified the attitude of negligence in non-cricket sports. This system of systemic neglect eventually aggravated the issue.

KreedOn emerged as India’s first AI-powered fan engagement platform showcasing Indian athletes’ stories, achievements, and struggles. We sought to bridge the gap between athletes and the wider audience through compelling narratives and comprehensive coverage. We aimed to raise awareness and attract investment and support for deserving athletes across various disciplines.

Our mission was clear—to empower Indian sports by giving athletes the recognition and visibility they deserved. By doing so, we envisioned a future where every talented individual, regardless of background or sport, could thrive and represent India globally. This vision continues to drive us forward, and KreedOn emerged as the Voice of Indian sports.

Without a shred of uncertainty, India’s status as a cricketing nation is indisputable, accompanied by an unparalleled and indescribable fan following. With this in mind, could you elaborate on the hurdles you’ve encountered in your efforts to promote non-cricketing sports and sports entities in India?

Promoting non-cricketing sports and sports entities in India has been a journey fraught with hurdles. Cricket’s undeniable dominance in the Indian sporting landscape, fueled by legendary figures like Mohinder Amarnath, Kapil Dev, and Sachin Tendulkar, has made cricket a religion for people. The storied successes of these cricketing icons captured the hearts and imaginations of millions, leading to a surge in popularity and resources for the sport. However, the same level of exposure and support has not been for non-cricketing sports and athletes.

One of the primary hurdles KreedOn encountered in efforts to promote non-cricketing sports was the entrenched mindset of the Indian populace. Generations grew up idolizing cricketers. Breaking through this cricket-centric mindset and attracting attention for other sports required a concerted effort to shift perceptions and highlight the achievements of athletes across diverse disciplines. Furthermore, the unorganized sports industry posed significant challenges in identifying and accessing the right resources for athletes and sports entities. 

The COVID-19 pandemic added another challenge, halting sports for an extended period. The absence of live events and competitions disrupted the momentum gained in promoting non-cricketing sports and posed existential threats to many sports entities.

However, we always tried our best. We adopted innovative strategies like providing engaging content tailored to diverse sporting interests. We aimed to captivate audiences and broaden their horizons beyond cricket. Additionally, KreedOn initiatives, such as rewarding sports fans for consuming content on KreedOn, are incentives to drive greater engagement and support for non-cricketing sports. While the journey to elevate non-cricketing sports in India may be challenging, the resilience and determination of athletes inspire us to continue our efforts.

To add to the previous question, could you explain the measures implemented by KreedOn to guarantee that athletes from marginalized or underrepresented communities are provided equitable opportunities and support?

At KreedOn, our commitment to equality extends to all athletes, regardless of their background or level of recognition. We firmly believe in providing equitable opportunities and support to athletes from marginalized or underrepresented communities. This means that we do not differentiate between famous athletes and those who may not have received the same level of recognition. Every athlete is treated with the same level of respect and support.

In our efforts to reach athletes from all corners of the country, we leverage the power of digital media and the internet. Recognizing that even remote areas now have access to the internet, we ensure that our content is accessible to everyone. KreedOn also provides media solutions including display advertising, native articles/ads, sports news takeover, branded content, social media promotions, sports influencer marketing, fan engagement activities, sports PR, and lead generation/sales support. The company collaborates with various network partners and has worked with numerous brands, athletes, and events, showcasing impressive results and a wide range of capabilities

The digital medium has provided a powerful tool to reach even the most remote communities, ensuring no athlete is left behind. Through our inclusive approach and dedication to providing resources and support, we work to create a level playing field for all athletes, enabling them to pursue their dreams and reach their full potential.

While KreedOn’s efforts to support sports federations and athletes in nurturing budding talent are noteworthy, what measures has the organization taken to address the gender gap in sports and support female athletes in India?

At KreedOn, we believe in the power of sports to unite people, transcending gender barriers. Our commitment to equality extends to all athletes, and we actively engage with female athletes to ensure their voices are heard. While there may be disparities in the viewership of male and female sports leagues, such as IPL and WPL, we strive to bridge this gap by spotlighting women’s sports. Through our various social media platforms like X, Facebook, and Instagram, we promote content showcasing female athletes’ diversity and excellence, encouraging a broader audience to engage with their stories.  Moreover, we recognize the growing interest in athletes’ lifestyles beyond their performance on the field. People want to know about their favorite athletes’ daily routines, diets, and training regimens. To meet this demand, we provide insightful content that delves into athletes’ personal and professional lives, including their fashion choices, dietary habits, and workout routines. By offering a holistic view of athletes’ lives, we aim to attract a broader audience and cultivate a deeper appreciation for the dedication and hard work that goes into sports. Through these initiatives, we continue to redefine the Indian sports landscape and elevate India’s stature as a leading sporting nation.

As we wrap up, reflecting on your journey thus far, what professional and personal achievements or milestones stand out as your proudest accomplishments?

Looking back on my journey with KreedOn, I am immensely proud of our professional achievements. Despite the challenges, we’ve persevered and thrived, especially during the unprecedented COVID-19 pandemic. While many businesses faced collapse, KreedOn survived and continued to grow. On a personal level, this journey has been transformative. I’ve undergone significant growth, both professionally and personally. My thought process and approach to problem-solving have matured, allowing me to tackle challenges with a broader perspective and greater confidence. Through this experience, I’ve become more composed and resilient, equipped to navigate business uncertainties gracefully.  Moreover, I take immense pride in the culture we’ve cultivated at KreedOn – one of collaboration, dedication, and passion. Our team shares a common goal and puts their heart and soul into their work, driving us toward our shared vision of revolutionising the sports industry. With such remarkable individuals by our side, I am confident that KreedOn will continue to make waves and leave a lasting impact on the sports landscape.

Ascott Limited marks 5 years of its global loyalty platform 

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The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), marked the 5th year of its global loyalty platform, Ascott Star Rewards (ASR), with record results from FY 2023. Since its inception in April 2019, ASR has seen substantial growth. Last year, ASR generated its highest-ever room revenue, exceeding SGD 342 million, marking a staggering 63 percent increase from FY 2022. With 350 participating properties spanning 14 brands, ASR members contributed over 60 percent of the repeat stay revenue.

In FY 2023, Ascott witnessed an unprecedented surge with a record one million new ASR members joining. ASR members dominated direct web and mobile app bookings, accounting for over 90 percent. Consequently, booking revenue through this channel soared by more than 40 percent compared to 2022. ASR members also exhibited higher spending habits, with their average transaction amount surpassing non-members by over 50 percent.

The travel preferences of ASR members in 2023 underscored the dominance of pan-Asian travel. Among the top 10 destinations, eight were in Asia. China, Singapore, the USA, Indonesia, and Australia emerged as the top five feeder markets for international stays.

With a strong start in 1Q 2024, witnessing a 25 percent year-on-year increase in member revenue, Ascott anticipates another remarkable year for ASR in 2024.

Tan Bee Leng, Chief Commercial Officer, Ascott said: “Riding on a strong momentum of travel recovery, Ascott saw the highest number of property openings in 2023. This brought about a record number of properties on boarded onto the Ascott Star Rewards programme last year, which included the successful integration of the newly acquired Oakwood portfolio into Ascott’s operational framework. Ascott was able to provide higher value offerings and more choices, across brands and geographies, to our ASR members.   

Our pipeline of property openings following several consecutive years of record signings will propel ASR towards further expansion and innovation in the year ahead.”

“With a robust database of ASR members with an Asian stronghold driving an active member rate of over 60 percent, we have a deep appreciation of evolving travel trends and the hospitality landscape, especially in the Asia Pacific region. As Ascott continues its growth upswing globally, we will be distilling insights from member preferences to enhance and refine our offerings. All to ensure that Ascott remains the preferred accommodation of choice; and ASR to not only foster loyalty but to drive substantial business growth too,” Been Leng.

To mark its loyalty program’s 5th anniversary, Ascott is unveiling an updated brand commitment. This includes invitations to exclusive global events, special room rates, free upgrades, access to unique amenities, and bonus loyalty points for free stays or rewards. Ascott aims to redefine travel rewards with these offerings.

Rakuten Group aims to integrate bank, fintech units 

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Rakuten Group announced its plan to consolidate its fintech operations into one group to enhance cooperation and attract more customers. This move aims to streamline operations across various sectors, such as online banking, credit cards, securities, and insurance. 

Rakuten Group and Rakuten Bank have signed a memorandum of understanding regarding this reorganization, which is scheduled to be implemented in October.

They added that Rakuten Bank would remain listed on the Tokyo exchange following the integration.

Since launching a mobile carrier in 2020, Rakuten’s parent company, centered on the Rakuten Ichiba e-commerce platform, has faced financial challenges, experiencing 14 consecutive quarters of operating losses. 

Rakuten has utilized various strategies to raise funds, including issuing equity and debt and divesting assets. For instance, Rakuten Bank was listed in April 2023. 

Additionally, Rakuten applied to list its securities arm in July 2023. However, this process was delayed until November, when Rakuten opted to sell a 30% stake in the company to Mizuho Financial Group.

The group stated that it may reconsider its plans to list Rakuten Securities following the reorganization.

TCS claims it trained 3.5 lakh employees in generative AI skills 

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TCS, the largest IT services company in the country, announced that it has provided generative AI skills training to 350,000 employees. Earlier in January, the company had disclosed that 150,000 employees had been trained in these skill sets, marking a significant investment in what is considered a major opportunity for the future of IT services. This increase brings the total number of trained employees to more than half of TCS’s workforce.

“With over 350,000 employees trained on foundational skills in GenAI, TCS is well-poised to build one of the largest AI-ready workforces in the world,” an official statement said.

In 2023, it became the inaugural technology company to establish a specialized business unit dedicated to AI and cloud, aimed at meeting the escalating demands of customers for cloud and AI integration.

TCS has been actively utilizing GenAI to elevate customer experience within the airline industry, enabling natural conversations with customers during flight delays or cancellations, and presenting alternative routing options. Additionally, it has leveraged GenAI capabilities to optimize and simplify the contract review process, including clause identification and validation, as stated in the announcement.

Recently, on Friday, the Tata group firm declared that Amazon Web Services (AWS) has acknowledged it as a Generative AI competency partner.

“Achieving AWS generative competency as a launch partner is a result of TCS’ industry-leading and forward-looking investments along with our deep collaboration with AWS,” its deputy head of AI.Cloud unit Krishna Mohan said.

Edelweiss invests Rs 775-Cr in Prateek Realtors and Suruchi Properties 

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Delhi-based Prateek Realtors has secured ₹325 crore, while Suruchi Properties, based in Bengaluru, obtained ₹450 crore in debt from Edelweiss Special Situations Fund at interest rates ranging from 18-20%. This follows a pattern of substantial investments by private credit funds in the real estate industry.

“Edelweiss has done two investments in the real estate side from its special situation fund ₹11,000 crore in the last week and is closing on with the next investment in a manufacturing company,” said a source. “They have invested ₹325 crore in Prateek and ₹450 crore in Suruchi Properties. Both the deals have happened at around 18-20% and Edelweiss has financed the completed, constructed and fully ready projects.”

Suruchi Properties, a member of the Century group, is a real estate firm situated in Bangalore. The company specializes in constructing residential projects such as Golfview in Indiranagar, Bangalore, boasting a total saleable area of 8,73,238 square feet. 

Acuite has rated Suruchi Properties as B stable due to the early stage of all projects, heavy reliance on refinancing debt through the issuance of NCDs, significant dependence on sales and timely collections from customers for financial sources, and exposure to risks in the real estate sector.

Prateek Realtors is currently developing the affordable group housing project Grand City, spanning 40 acres of land in Ghaziabad. The company has previously defaulted on its NCD payments. Acuite has expressed concerns about the concentration of revenue in specific geographical areas, past project completion delays, and vulnerability to cyclical fluctuations in real estate project completion. Consequently, the paper has been rated as C by Acuite.

Sysotel.ai launches next-gen intelligent booking engine version 2 for hotels 

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Raj Sahu, founder & CEO, Sysotel.ai

Sysotel.ai, a top provider of hospitality tech solutions, unveiled its latest Intelligent Booking Engine Version 2. This new engine aims to simplify hotel bookings for hotels and guests while increasing hotel profits.

According to the company, this advanced booking engine will enable hotels to secure more direct bookings, reduce commissions paid to third-party channels (OTAs), and improve the guest experience.

Announcing the launch of the next-generation solution, Raj Sahu, founder & CEO of Sysotel.ai, said, “In today’s competitive hospitality landscape, hotels need innovative solutions to optimize their bottom line and capture a larger share of direct bookings. Our Intelligent Booking Engine empowers hotels to achieve just that by streamlining the booking process, offering a user-friendly experience that rivals OTAs, and ultimately reducing dependence on costly commission fees. This translates to significant revenue gains and increased profitability for hotels.”

Recognizing the significance of a seamless booking process for today’s travelers, the updated booking engine features a user-friendly interface. This interface mirrors the functionalities of well-known OTAs, allowing customers to complete bookings in just three simple steps. This helps reduce booking difficulties and boosts conversion rates.

The updated solution includes features to help hotels increase revenue by creating and overseeing promotions, early bird discounts, last-minute deals, and custom packages. Its data-driven insights provide valuable information on guest behavior.

The new booking engine also offers advanced SEO optimization tools to improve a hotel’s visibility on search engines, attracting more organic traffic and direct bookings. It seamlessly integrates with Google Hotels, enabling hotels to showcase free booking links on the platform, expanding their reach and attracting potential guests.

Hotels can personalize the booking engine with custom theme colors and fonts, ensuring seamless alignment with their brand identity. It offers multi-payment gateway integration, enabling secure payments through various popular gateways and giving guests options and convenience. The integrated Chatbot feature provides guests real-time support and answers to common questions.

On the guest interface, guests can ask questions and receive immediate responses. They can also leave reviews directly through the booking engine, offering valuable feedback. The engine integrates with nearby place listings, including distance calculations, assisting guests in exploring the area, and planning activities.

Operating independently, the Intelligent Booking Engine grants hotels complete control over bookings and guest data. It seamlessly integrates with an Extranet, allowing hotels to manage rates, inventory, and restrictions across multiple channels from a unified platform.