NBFC Dvara KGFS secures $14.4M from Impact Investment Exchange

By

-

March 21, 2024

Dvara Kshetriya Gramin Financials Pvt Ltd (Dvara KGFS), a prominent NBFC serving remote rural areas in India, has raised US $14.4 million through Listed Non-Convertible Debentures (NCDs) from Impact Investment Exchange (IIX). This capital infusion was facilitated by IIX through the US$100 million Women’s Livelihood Bond™ 6 (WLB6), recognized as the largest Orange and Sustainability labelled Bond in the market. Orange Bonds stand as the sole asset class bridging gender equity and climate action in emerging markets.

As frequent beneficiaries of the WLB Series, Dvara KGFS is enthusiastic about extending its partnership with IIX, an investor that has injected over US$150 million into India through the Series. Both Dvara KGFS and IIX are dedicated to fostering positive transformations through innovative financial solutions.

Dvara’s involvement in IIX’s latest Orange Bond highlights the company’s commitment to driving meaningful change while supporting the impactful initiatives of the Orange Movement™ within India’s financial inclusion landscape. Together, Dvara KGFS aims to make significant contributions towards the movement’s objective of mobilizing US$10 billion to empower 100 million women, girls, and gender minorities by 2030.

Dvara KGFS aims to positively influence 87,900 women and girls throughout the WLB6’s four-year duration, utilizing the IIX Values™ platform to ensure transparent impact assessment. The WLB6 issuance is designed to generate impact across various UN Sustainable Development Goals (SDGs), with a particular focus on advancing SDG 5: Gender Equality and SDG 13: Climate Action. Additionally, a portion of the proceeds allocated to Dvara will contribute towards SDG 6: Clean Water and Sanitation.

“Dvara KGFS is a mission-oriented financial institution and has been working in the gender-inclusive finance space to empower women and help them become more economically resilient, especially in the country’s rural hinterlands. We are delighted to have received this funding from IIX as we continue to bolster our efforts to innovate and enhance our product offerings, while driving value for our customers and stakeholders,” said LVLN Murty, MD & CEO, Dvara KGFS.

Shilpa Bhatter, CFO, Dvara KGFS, said, “The funds raised through the NCD issuance will be utilized to disburse Joint Liability Group (JLG), Micro Enterprise Loan (MEL), and Water, Sanitation, and Hygiene (WASH) loans for the benefit of women borrowers. Dvara KGFS remains committed to fostering financial inclusion, maintaining operational excellence, and creating sustainable value for all stakeholders.”

Rabiaah Bhatia: Empowering Minds, Inspiring Change

By

Kanika Mahtoliya

-

March 21, 2024

0

Dr. Rabiaah Bhatia, CEO (2) — Rabiaah Bhatia, CEO eD WebStudio Channel

Dr. Rabiaah Bhatia – Introduction

Meet Dr. Rabiaah Bhatia, a remarkable figure whose journey from despair to global influence is genuinely inspiring. Holding a pivotal role as a Mentor at Niti Aayog, Dr. Bhatia has emerged as a guiding light, delivering over 550 impactful talks and earning acclaim as a LinkedIn Top Voice. Ms. Bhatia’s life of overcoming challenges has positioned her as a beacon of hope, inspiring countless individuals to navigate their paths to success. With her expertise in Transformation Skills, she works as a Global SDG Ambassador, promoting positive change on a global scale. Additionally, she’s known as a Lifestyle Model and Brand Ambassador, representing empowerment and leadership.

Business Review Live had the opportunity to speak with Rabiaah Bhatia, who generously shared her experiences and insights. Her words serve as a source of empowerment for the youth, inspiring them to reach for their dreams and make a positive impact on the world.

1. Career Transformation:

Can you share more about transitioning from a BPO customer care executive to your current brand ambassador and public speaker role at the eD WebStudio Channel?

Life is full of challenges; the more challenges, the stronger you become and change your perspective. This is how and why I started my professional journey. My career journey began as a simple BPO customer care executive, then a Manager in the Banking sector, which took me to a position where I could never have dreamt of working as an HR and PR Head in a Marketing and Consulting firm with stakeholders in the Hospitality Industry. Having spent 23 years as a working professional, I have had an enriching experience working on and understanding varied industries.

What motivated you to shift to the education sector and embark on your entrepreneurial journey in 2017?

After working with almost all sectors, I found no mental peace or inner satisfaction. I stopped myself and took a break from my work for two years. There was a 360degree turn around in my vision because of this one thought to have a purposeful life, due to which I joined the education sector in 2015 with a mission of touching and nurturing millions and millions of lives and raising them to be leaders who can make this world a better place to live in and then started my entrepreneurial journey in 2017.

2. Mentoring and Personal Branding:

How do you approach mentoring and personal branding for individuals and organizations?

My approach to mentoring and personal branding is holistic and results-driven. Leveraging my diverse background in public speaking, social media influence, HR, and communications, I provide personalized guidance to help individuals and organizations reach their full potential. I emphasize authenticity, storytelling, and developing soft skills to create compelling personal brands. Through workshops, training sessions, and counseling, I empower individuals to differentiate themselves and succeed in today’s competitive landscape.

3. Philosophy and Values:

Your philosophy of defining success on your terms is inspiring. How did you develop this mindset, and how has this shaped your journey?

Where there is life, there are “Ups” and “Downs.” Life is not easy, but we can all make our lives beautiful with just one understanding—”We are born for a purpose which only we can fulfill.”

I worked hard, strived hard, and persevered for 18 years in various industry domains in different positions and designations to learn and fulfill my mission. Then, one day, in 2018, I started my small venture as an eD WebStudio Channel to promote eco-friendliness and sustainability in the community. My hard work and dedication have turned my passion into a successful business venture that serves people worldwide.

4. Notable Achievements:

Congratulations on being recognized as one of the Top 200 Biggest Voices in Leadership in 2023. How do such accolades motivate you to continue your mission?

Life is full of achievements, accolades, honors, and world-class experiences that work towards bringing peace and harmony to society.

As a leader, I believe in fostering every child and every human being in a free and unconstrained atmosphere.

I am a women leader whose passion is to create a peaceful society, spread happiness, and inspire many other women to lead lives with a purpose. My vision & mission is to open children’s eyes to the wonder of the world around them and their role as guardians of their environment.

5. Balancing Roles:

Being a public figure, multi-award-winning educator, keynote speaker, and author requires careful balance. How do you manage these diverse roles effectively?

Balancing my roles as a public figure, multi-award-winning eduleader, keynote speaker, and author involves careful prioritization, effective time management, and delegation.

I make it a point to prioritize tasks based on their significance and urgency, ensuring that I allocate my time and energy efficiently across all my responsibilities. Utilizing organizational tools such as calendars and to-do lists helps me maintain a structured approach to my schedule. Additionally, I’m not afraid to delegate tasks to trusted individuals or teams, allowing me to focus on high-priority activities while addressing all responsibilities. Furthermore, I prioritize self-care and continuous learning to maintain my physical and mental well-being, ensuring I have the resilience needed to excel in each role.

Be The Change To Bring The Change!. – My Motto

Life is strange. Isn’t it? But yes, it unfolds in its way. I am unwavering in my vision and always want to be a better version of myself.

Can you share insights into maintaining inner peace and satisfaction amidst a dynamic and demanding career?

I believe in “Never Give up.” Every failure is a learning experience and a road to success. My life is based on the Art of “Gratitude,” as Gratitude changes your life and opens the Heart. I believe in spreading happiness, peace, and harmony in society by collaborating and learning from each other.

6. Advice for Aspiring Leaders:

What advice would you offer to individuals aspiring to build a purposeful life and make a meaningful impact in their chosen fields?

Create a mission for yourself and work towards that mission. This is how we can make our lives meaningful and purposeful and overcome all obstacles.

How do you see the role of leadership evolving, and what qualities do you believe are crucial for leaders in the current landscape?

Without a doubt, each person has an innate talent. The question is: How do you discover that talent? The only way is to exert yourself in whatever is before you. Your true potential will emerge when you give everything you’ve got to your studies, sports, extracurricular activities, entrepreneurship, or whatever you are engaged in. The important thing is that you get into the habit of challenging yourself to the limit and never give up.

Optimo Loan raises $10 million in funding

By

BRL Editor

-

March 20, 2024

0

Optimo Loan, a startup focusing on lending to small businesses, has raised $10 million in its first equity funding round from Blume and Omnivore, along with additional investment from Prashant Pitti, the founder.

Previously employed at financial institutions like Capital One and HSBC in the United States, Pitti, the cofounder of publicly listed travel platform Easemytrip, brings his expertise to Optimo.

With Optimo, Pitti aims to address the $530 billion credit gap in MSME lending in India. The company plans to use technology and a phygital distribution model to provide credit to small businesses. Optimo is developing a co-lending platform for MSMEs, incorporating an underwriting method that will provide detailed insights into the financial health of its customers.

“Optimo lending operations commenced in November 2023, and we are scaling swiftly, yet prudently. We aim to establish an asset-light company by primarily leveraging co-lending agreements with banks and larger NBFCs,” said Pitti who will be running this venture parallel to Easemytrip.

Reihem Roy, partner at Omnivore, highlighted that out of 53 million businesses in need of credit, only 25% of MSMEs have access to formal credit. This underscores the massive opportunity in this space.

“We believe in Optimo’s mission to democratise access to finance for MSMEs in rural India, especially considering their significant contribution of 29% to GDP. To achieve the ambitious goal of elevating this contribution from 4 to 15 Tn over the next 15-20 years, it’s imperative to explore more effective collaboration avenues. Prashant’s rich expertise and network will be invaluable in navigating towards this mission,” said Ashish Fafadia, partner at Blume Ventures.

Novamax Appliances to close FY24 at 160-Cr, reveals ambitious expansion blueprint

By

BRL Editor

-

March 20, 2024

0

Novamax Appliances to close FY24 at 160 Cr, Reveals Ambitious Expansion Blueprint — I

19th March 2024: Novamax Appliances, a pioneering home appliance brand, aims to double its numbers by the next financial year and introduce a new product line to captivate the market. The brand had launched a range of home appliances, including an iron, mixer grinder, TV, electric kettle and speakers. With an initial investment of 5.25Cr, the brand has experienced remarkable success. Additionally, the brand’s dedication to quality control and customer satisfaction has led to an impressive 25% increase in online sales this year.

Harshit Aggarwal, Founder & CEO of Novamax, comments on the company’s future endeavours, stating, “We are thrilled to embark on this ambitious journey of doubling our numbers and venturing into new product categories. Our commitment to manufacturing excellence and customer-centric innovation has driven our success so far.”

With a targeted financial closure of 160 Crores for FY24, Novamax Appliance aims for financial milestones and is set to diversify its product offerings. Mr Aggarwal revealed, “In the next four months, we are excited to launch a state-of-the-art washing machine set-up. This marks a significant step in our journey to provide comprehensive home solutions to our customers.”

Furthermore, Mr Aggarwal emphasized the brand’s commitment to serving customers in tier 2 and tier 3 cities, saying, “Our success is deeply rooted in the trust and loyalty of our customers, especially those in smaller towns and cities. We are dedicated to providing them with top-notch products and excellent service.”

Novamax Appliance’s vision for the future involves business expansion and a steadfast commitment to innovation, quality, and customer satisfaction. The brand’s journey to doubling its growth and introducing new products signifies a landmark moment in its evolution as a home appliance industry market leader.

About Novamax Appliances

Founded in 2019, Novamax Appliances is one of India’s top air cooler manufacturing brands. With a dedicated team strength of approximately 250 professionals, Novamax aims to meet the demands of today’s consumers by ensuring world-class manufacturing and innovation.

Game Theory partners with Credence Family Office to expand tech-driven sports facilities

By

BRL Editor

-

March 19, 2024

0

Game Theory and Credence Family Office, a multi-family office, have formed a strategic partnership. The goal is to speed up Game Theory’s expansion in Bengaluru, bringing its cutting-edge multi-sport facilities and immersive training platforms to more sports enthusiasts.

Through this collaboration, Game Theory will use Credence’s vast investor network to fuel the rollout of around 20 new multi-sport centers by March 2025. These centers will offer various sports like swimming, badminton, squash, football, and paddle tennis, integrating Game Theory’s computer vision and gamification approach for real sports players.

Talking about the partnership, Sudeep Kulkarni, founder, Game Theory, said, “We are thrilled to partner with Credence Family Office as we accelerate our vision of reinventing how sports are played and experienced. With their support, we can now bring our immersive, data-driven training to many more athletes across Bengaluru. Our combined focus on innovation, personalisation, and enhancing the consumer experience is a step in the right direction to drive the future of sports development.”

Moreover, Game Theory plans to expand its facilities through the Franchise Owned Company Operated (FOCO) model. In this model, strategic partners invest in the facilities while Game Theory implements its proven playbook to maximize returns. Unlike traditional sports facilities, Game Theory’s multi-sport centers use technology like computer vision and matchmaking to improve the real sports experience, leading to increased utilization and revenue for partners.

“Game Theory is truly revolutionising sports training through innovative technology. Their multi-sport facilities provide a uniquely engaging experience that’s driving the future of athletic development. We’re excited to support their growth plans and offer this exceptional platform to our investors,” Mitesh Shah, founder and CEO, Credence Family Office, added.

TravClan launches OnTrip: Empowering agents to elevate customer travel experiences

By

BRL Editor

-

March 19, 2024

0

TravClan, a prominent global B2B travel tech platform, recently introduced its mobile application, OnTrip. This app aims to ease the challenges faced by travelers worldwide by acting as a personal on-trip concierge, ensuring a hassle-free journey from beginning to end. Since its recent release, OnTrip has gained popularity among customers worldwide, especially in the Middle East, India, and Southeast Asia.

Travelers often encounter various difficulties, from chaotic airport pickups to managing scattered vouchers and tickets. To tackle these challenges and improve the overall travel experience, OnTrip offers instant access to all trip-related details, personalized assistance, essential information, and round-the-clock support on a single platform.

The launch of OnTrip has been praised by travel agents as a game-changer, enabling them to confidently provide more travel services to their customers. With this app, customers can stay updated about their entire travel itinerary, accessing details about transfers, accommodation vouchers, entry tickets, as well as other useful information like traffic advisories, weather alerts, food and shopping recommendations, and upcoming events.

In response, Arun Bagaria, Co-Founder & CEO of TravClan, said, “OnTrip is your trustworthy travel companion – it is more than simply an app. We know how frustrating it can be to find your way around unfamiliar places, which is why we created an app that makes sure travellers do not have to worry about anything and can just enjoy the journey. We believe that OnTrip will transform the travel industry and offer more than 3 lakh travellers worldwide a smooth, easy, and stress-free travel experience.”

Arun elaborated, saying, “OnTrip’s real-time driver details sharing, which provides travellers access to contact details, pickup timings, and live status updates, is one of its best features. This guarantees a stress-free pickup experience, addresses foreign travel safety worries, and adds reliability to the trip.”

OnTrip also allows travel agencies to provide a personalized mobile application experience under their own brand name, strengthening brand loyalty and trust. The app has garnered widespread acclaim, with users appreciating its premium experience and likening it to having a personalized trip concierge.

TravClan remains at the forefront of reshaping the travel industry, empowering over 15,000 travel agents and achieving sales exceeding USD 100 million. With a commitment to leveraging technology for superior and cost-effective travel services, TravClan has become the world’s first tech-enabled global tour operator, delivering delightful experiences to customers across 18 destinations worldwide.

Climate tech startup Sprih raises $3 million in funding

By

BRL Editor

-

March 19, 2024

0

Climate tech startup Sprih raises $3 million in funding — (L-R) Sprih cofounders Rohit Toshniwal, Akash Keshav, Hemant Joshi and Ravi Singhal

Sprih, a platform for managing carbon emissions, raised $3 million in funding, with early-stage venture capital firm Leo Capital taking the lead.

These funds will support global expansion efforts in sales, talent acquisition for AI model development addressing climate concerns, and the expansion of partner networks.

“We are trying to bring all the climate data in one place…and for that, we are going to keep investing in research and product development,” cofounder and chief executive Akash Keshav said.

Established in 2022, the company provides businesses with a comprehensive software tool to streamline measuring, comparing against industry standards, and reporting emissions across their operations and supply chain.

The company is conducting pilot programs in the US to expand its clientele in India and penetrate markets in the US, Europe, and other global regions where climate regulations are enforced. “These countries have committed to reducing their carbon footprint, and it will only decrease when corporations truly start taking it seriously.”

“This year, our focus is to expand globally, and we are definitely targeting around 40-50 customers globally,” he said.

Presently, Sprih boasts over 12 customers, including notable names such as Indigo Paints, Hero MotoCorp, Arvind SmartSpaces, Espi Industries, and InfoBeans.

As a company, we would like to cross $6-7 million in revenue in a few years,” he added.

Commenting on the investment, Ravi Srivastava, partner at Leo Capital, said, “With increasing top-down commitments towards net zero, sustainability is steadily becoming a crucial part of businesses’ growth agenda. However, without any prior framework, most companies struggle to develop a viable path to their sustainability goals.”

Cedar Capital announces first close of Rs 240 crore Fintech VC fund

By

BRL Editor

-

March 18, 2024

0

Cedar Capital, a collaboration between Cedar Consulting and fintech market intelligence platform IBS Intelligence, declared the first close of its Rs 240 crore ($30 million) Fintech Venture Capital fund. The fund has secured capital within the Rs 50 to 75 crore range.

With an initial cheque size ranging from Rs 4 to 10 crore, the fund aims to invest in approximately 15 early-stage startups. Its primary focus will be banking technology and business-to-business (B2B) fintech startups.

The statement mentioned that leading family offices and institutional investors from India and the Middle East are among the limited partners involved in this round.

This development occurs as India’s banking and fintech landscape undergoes heightened scrutiny and regulatory modifications from the Reserve Bank of India. These adjustments include raising the risk weight on consumer credit for both banks and non-banking financial companies (NBFCs) and increased oversight of credit card operations.

“The fund will focus heavily on backing seasoned entrepreneurs who are building solutions and technology in the area of BankTech; Enterprise fintechs that are solving for use cases and problems within banks, insurance companies, NBFCs, and other financial services players,” the company said in a statement.

In March 2023, Cedar Capital unveiled its fintech-focused venture capital fund’s launch, focusing on regions like India, the Gulf Cooperation Council (GCC), and other markets. It brought on board Subit Saurav from the impact investment firm Aavishkar Capital to co-lead investments alongside founder Sahil Anand. Additionally, Sunny Desa from YES Bank was appointed to manage investor relations and fintech investments.

The advisory board of Cedar Capital boasts industry veterans such as Sanjiv Anand, chairman of Cedar Group, Pradip Shah, founder of CRISIL and HDFC, Bobby Parikh, cofounder of BMR Advisors, and Felipe Martinez, chief investment officer of Revolut, among others.

Canadian payments company Nuvei to evaluate offers to go private

By

BRL Editor

-

March 18, 2024

0

Nuvei, a Canadian payments technology company, announced it was considering offers to privatize the company. This decision came after reports suggested that Advent International, a private equity firm, was in advanced negotiations to acquire Nuvei.

Nuvei, backed by actor Ryan Reynolds, stated that its board has established a special committee to assess “expressions of interest” in the company. This includes proposals for going private and other strategic options.

The Wall Street Journal initially reported Advent’s discussions with Nuvei on Saturday. Reuters later confirmed the news, citing a source familiar with the situation.

The company has been in talks with third parties regarding a potential transaction. This could involve maintaining significant ownership by certain holders of multiple voting shares, including founder and CEO Phil Fayer.

Nuvei clarified that no agreements or arrangements for a privatization deal have been finalized. Additionally, the company has yet to determine whether it will pursue such a deal.

Following Nuvei’s acquisition of Paya Holdings for $1.3 billion last year, its Toronto- and New York-listed shares have experienced a decline. In April of the same year, short seller Spruce Point revealed a short position in Nuvei, claiming that the acquisition adversely affected its operations.

Two months later, Spruce Point announced that it had closed its short position after Nuvei’s stock price had reached its target range.

IT firms face shortage of mid-level talent

By

BRL Editor

-

March 16, 2024

0

The absence of mid-level talent in IT companies creates challenges in complex outsourcing deals, particularly in cloud migration projects.

The significant gap in the talent pool of middle management and senior executives in IT firms results in a loss of decades of institutional knowledge crucial to clients’ businesses. This widens the knowledge gap in utilizing tools, processes, governance, and risk frameworks for designing and transitioning solutions.

As companies strive to regain institutional knowledge, some large deals face pressure, leading to ramp downs. Additionally, the depletion of leadership bench depth forces customers to develop in-house tech skills, combining core and contextual knowledge.

Phil Fersht, CEO of US IT advisory HfS Research, said there has never been so much movement for client-facing services talent as what has been going on in the past year, which is causing a significant disruption in the industry. “Simply put, the importance of executive-client personal relationships cannot be understated during these turbulent times when clients are under huge pressure to drive out costs, fix broken cloud migrations and exploit AI opportunities. We will soon see the winners and losers emerge from the IT service providers which can retain and assemble the best quality client-facing executive teams.”

According to a report by HfS Research and EY, 65% of organizations have invested strategically in the cloud, yet only 32% are meeting their goals. There seems to be a significant gap regarding cloud-driven business transformation between the supply and demand sides. To achieve a cloud-native organization, effective change management must adopt a product-centric mindset, scale devsecops, and achieve outcomes like increased velocity and faster time to market.

A recent report by ISG revealed that the annual contract value (ACV) for extension and renewal reached $15.4 billion in 2023, up from $12.9 billion in 2022, marking nearly a 20% increase. Conversely, the new ACV totaled $25.2 billion in 2023, down from $25.7 billion in 2022, indicating a 2% decrease year-over-year. This highlights a shift in buying behavior, emphasizing the importance of retaining talent for customers to assess their readiness to handle complex transformation projects. Additionally, IT firms are facing the challenge of mid-level talent migrating to global capability centers (GCCs).

Hansa Iyengar, senior principal analyst in London-based Omdia, said, “In many ways, GCCs offer opportunities for the SIs (system integrators) around the BOT (build-operate-transfer) set of services that all of them provide – mostly in the hopes of rebadging them at a later stage when the cost savings run out. However, GCCs are also reshaping the talent landscape in India, and this is an opportunity to reimagine how SIs attract, develop, and retain their workforce. To stem the talent drain, Indian IT firms must prioritize creating an irresistible work environment that goes beyond traditional incentives. Embracing flexible work models, offering continuous learning opportunities, and offering non-linear career pathways are key,” she said.

Mrinal Rai, assistant director and principal analyst in global tech research and advisory firm ISG, said providers are looking for more efficiency in operations and investments in AI technologies and more efficient service delivery. “In the GCC context, we have recently said that clients with strong investments in GCCs are focusing on enhancing their talent, and this hunt for talent in niche areas will continue for providers and GCCs.”

CONNECT WITH US