Lyra Network transforms global payments with UPI transactions in France

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February 3, 2024

Lyra Network, a leader in eCommerce and POS payment security, has introduced UPI (Unified Payments Interface) Digital Innovation to the French market. This marks a significant milestone, as Lyra Network facilitates UPI transactions in France, starting with online bookings for the Eiffel Tower.

The French Consulate commemorates this achievement with the inaugural UPI transaction at Lyra’s Mumbai office for purchasing Eiffel Tower tickets online.

During Lyra India’s 16th anniversary, the France Consulate General, Mr. Jean-Marc Séré-Charlet, made the first UPI transaction at Lyra’s Mumbai office, marking a strong partnership that promotes digital payments and strengthening economic collaboration between India and France.

The Consulate’s involvement reflects confidence in Lyra Network’s capabilities and the UPI system. This milestone emphasizes Lyra’s dedication to global payment innovation and the increasing recognition of UPI as a dependable cross-border digital payment solution.

On the groundbreaking inauguration move, Rajesh Desai, CEO and MD, Lyra Network, said, “Lyra Network is thrilled to launch UPI transactions in the French market, signalling a new era in cross-border financial interactions. UPI’s introduction is a strategic move, fostering economic collaboration between India and France. UPI provides a seamless and secure payment experience, transcending geographical boundaries. As Lyra expands UPI globally, the synergy of technology and finance redefines cross-border transactions, creating an interconnected financial ecosystem with transparent, real-time currency exchange rates. In 2024, Lyra Network aims to enter the global UPI arena, emphasizing POS and Switch solutions and collaborating with fintech, banks, government projects, and merchants while expanding our customer base”.

In 2023, UPI comprised 40% of global real-time payments. Year-on-year, UPI experienced a 59.2% growth in volume, reaching Rs 9.33 billion, and a 45.5% increase in value, amounting to Rs 14,75,464 crore by June. According to the National Payment Corporation of India (NPCI), as of January 31, 2024, the value of UPI transactions surged to Rs 18.41 lakh crore. In terms of volume, transactions rose to 1,220.301 crore on January 31, up from 1202.023 crore in December.

“I am thrilled about the groundbreaking launch of UPI transactions in France. This move redefines cross-border dynamics, offering businesses and individuals a modern, efficient, and secure payment method. UPI’s significance lies in transcending geographical boundaries, providing a seamless and interconnected financial experience. Introducing UPI in France isn’t just a transactional leap; it’s a technological evolution. The underlying technology ensures a robust and real-time fund exchange, enhancing overall efficiency and transparency in financial interactions. This launch encourages UPI adoption among French merchants and contributes to the broader narrative of global financial integration.” said Manoj Varma, Head – Payments, Lyra Network.

The integration of UPI in France marks a transformative milestone, revolutionizing payment methods for businesses and individuals. It accelerates the adoption of UPI among French merchants, ensuring secure, interoperable cross-border transactions. This innovative move underscores Lyra’s commitment to cutting-edge solutions, enhancing the global payment landscape for diverse users.

Ivory Destinations plans to expand with two new leisure boutique resorts in Uttarakhand

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February 3, 2024

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Delhi-based tourism and accommodation firm Ivory Destinations plans to grow by launching two new leisure properties in Uttarakhand’s mountainous region. The upcoming facilities in Mukteshwar and Ranikhet are anticipated to start operating in 2024 and 2025, providing distinct holiday experiences while focusing on family retreats, similar to their flagship property, The Golden Tusk.

In addition to these plans, Ivory Destinations has recently completed the expansion of The Golden Tusk in Jim Corbett National Park. This development increased the property’s capacity to 64 suites and villas.

Anirudh Lakhotia, director of Ivory Destinations, said, “We feel immensely happy and excited about our plans to open two properties in Uttarakhand, which should be the next milestone in our growth story. Our forte is to deliver a unique and memorable holiday experience to leisure travellers and both the new properties will only be a step forward in that aspect. Guests are and will be at the heart of everything we do.”

Situated on a sprawling 10-acre plot, The Golden Tusk is conveniently located just a brief 5-minute drive away from the Jhirna and Dhela safari zones of Corbett Tiger Reserve. The meticulously landscaped resort boasts an array of exotic flora sourced from various parts of the world and is home to more than 100 bird species.

Guests can indulge in wildlife excursions, daily in-house activities, and play zones and take advantage of amenities such as two swimming pools, a spa, a bar, distinctive dining venues, and banquet facilities.

In addition to providing a luxurious experience, The Golden Tusk prioritizes responsible tourism. The resort actively collaborates with local communities and authorities, striving to bolster the local economy while implementing measures to minimize its environmental impact.

World Hotels and Resorts appoints Dhiman Mazumdar as COO

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February 2, 2024

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World Hotels and Resorts appoints Dhiman Mazumdar as COO — Dhiman Mazumdar, COO, World Hotels and Resorts

The World Hotels and Resorts have appointed Dhiman Mazumdar as their new chief operating officer in Bhubaneswar, Odisha. In his new role, Mazumdar will oversee the operations for two brands — WGH and Lyfe Hotels.

With more than 30 years of experience, Mazumdar brings a wealth of expertise in hospitality. He has effectively commissioned and managed numerous hotels across India. Before joining The World Hotels and Resorts, Mazumdar served as the vice president of sales at The Mayfair Group of Hotels.

As the new chief operating officer, Mazumdar will lead the expansion of the hospitality division and play a crucial role in realizing the brand’s vision. With more than 15 years of leadership experience in hospitality, he has consistently shown dedication to achieving outstanding guest satisfaction and profitability. In his prior roles, Mazumdar has worked with well-known hospitality brands including HHI Group of Hotels, Royal Orchid Hotels, The Mayfair Lagoon, MAYFAIR Hotels & Resorts, and The New Marion Hotels, among others.

Speaking on this occasion, Sonal Sahoo, director and promoter, Lyfe Hotels, The World Hotels and Resorts said, “We are thrilled to have Dhiman Mazumdar join the leadership team of Lyfe Hotels, the luxury hotel brand of The World Hotels and Resorts. He brings with him incredible insights into the hospitality industry and his passion for creating enriching experiences aligns perfectly with our brand’s values and vision. As part of the senior management team, he will be working closely with the leadership team to identify strategic goals for the hotel brands and provide direction for the growth and expansion of The World Hotels and Resorts. We are looking forward to scaling our brands to new heights with his guidance”.

On his appointment, Mazumdar said, “I am excited to begin my new role as chief operating officer for The World Hotels and Resorts. I am a firm believer in the mantra that with determination and dedication to achieving excellence, nothing is impossible. As a new brand in the luxury hospitality space, Lyfe Hotels has the potential to be a leader of luxury hospitality in Bhubaneswar. I look forward to working with the team to strengthen our brands and implement an innovative customer-centric approach that delights our esteemed patrons and enhances their experience across all touch points.”

Bounteous and Accolite join forces, forming global leader in digital transformation services

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February 2, 2024

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Bounteous, renowned for its digital innovation, and Accolite Digital, a prominent provider of digital engineering, cloud, data, and AI services, have merged. This union creates a comprehensive digital transformation consultancy aimed at collaborating with global brands to innovate and achieve exceptional results.

Headquartered in Chicago, the combined company will have offices across North America, Europe, and Asia. It will boast a workforce of 5,000 employees, including 1,200 in North America, 3,400 in APAC, and 400 in Europe. Following the merger, the company will cater to over 300 Fortune 1,000 and high-growth clients, addressing their critical challenges. This move positions the company among the top digital transformation consultancies worldwide.

Keith Schwartz assumes the role of CEO, while Leela Kaza becomes Co-CEO of the combined entity. Together, they will drive the company’s mission of empowering businesses to thrive in the evolving digital landscape.

Clients will gain access to a broad spectrum of solutions, including AI & Data, Cloud, Customer Experience & Martech, Digital Commerce, and Product Engineering. The company’s extensive and diverse global team of experienced experts ensures clients receive excellent services, irrespective of their geographical location.

The new company holds an impressive array of accreditations, certified teams, and awards from recognized entities such as Adobe, Acquia, AWS, Azure, Google, Murex, Olo, Oracle, Salesforce, ServiceNow, Snowflake, and others. Notably, the entity stands out for its Adobe partnership as a Gold Solution and Specialized Partner, boasting its eighth specialization. Additionally, it has a noteworthy collaboration with AWS, backed by nearly 300 accreditations and a successful track record of empowering over 50 AWS customers.

The combined company is dedicated to serving leading global firms, assisting them in navigating intricate challenges across various industries, including Banking, Financial, and Insurance; Consumer Goods and Retail; Healthcare; Logistics; Restaurant and Convenience; Telecommunications; Technology; and Travel & Hospitality.

“This combination accelerates the realization of the vision Bounteous has been working toward since our founding: to become the world’s preeminent digital innovation partner. Accolite shares our obsession with customer success and has an admirable track record of creating lasting value and impact for their clients,” said Keith Schwartz, Co-Founder and CEO of Bounteous. “Together, we are re-shaping the landscape of digital transformation and helping businesses adapt and succeed in the age of the connected customer.“

“As customer demands become increasingly complex, businesses need a technology partner who can see the bigger picture and deliver solutions that help them win in their category,” said Leela Kaza, Founder and CEO of Accolite. “With the digital innovation mastery of Bounteous combined with Accolite’s digital engineering expertise and talent across North America, EMEA, and APAC, we are uniquely positioned to empower our clients to create extraordinary customer experiences that inspire genuine brand appreciation and long-term loyalty. This combination also fulfills our stated goal of becoming one of the top digital engineering firms in the world.”

Both companies are backed by New Mountain Capital, a New York-based investment firm that emphasizes business building and growth.

Prasad Chintamaneni, Managing Director at New Mountain Capital, said, “This merger is a testament to the scale and quality of the work both Accolite and Bounteous have delivered to clients over the years. We see tremendous growth potential in the combination of these two companies, both of which bring impressive, blue-chip customer rosters, world-class digital consulting and engineering capabilities and a deep commitment to innovation. The technology, skills and global delivery capabilities represented here create a highly attractive digital transformation partner for C-suite leaders at the biggest brands in the world.”

Swiggy appoints HUL’s Ashwath Swaminathan as chief growth and marketing officer

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February 2, 2024

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Swiggy appoints HUL's Ashwath Swaminathan as chief growth and marketing officer — Ashwath Swaminathan, chief growth & marketing officer

Swiggy, the food and grocery delivery platform, is strengthening its leadership team for its upcoming initial public offering (IPO). It has appointed Ashwath Swaminathan as the Chief Growth and Marketing Officer.

With a background in the consumer brands sector, Swaminathan previously held the position of Vice President for the oral care and deodorants business at FMCG company Hindustan Unilever Limited.

As the Chief Growth and Marketing Officer at Swiggy, Swaminathan will implement the company’s growth and marketing strategy. This involves engaging new and returning customers and seeking partnerships to enhance Swiggy’s market position.

“Ashwath brings with him the right experience and a strong track record of strengthening consumer brands and growth marketing through data-driven insights and strategic collaborations. He joins Swiggy at a time of unprecedented opportunity, and we’re excited by the critical role he will play in bringing our mission of unparalleled convenience to life,” said Sriharsha Majety, Group CEO of Swiggy.

Swiggy has expanded its leadership team by bringing in Anirban Roy as the Vice President of Growth, Revenue, Category, Swiggy Instamart, and Dipak Krishnamani as the Vice President of Swiggy Mall.

The move comes as the on-demand convenience platform prepares for its upcoming public-market listing, following the example set by rival Zomato, which went public in 2021.

Swiggy has undergone significant changes to its board, appointing independent directors such as Mallika Srinivasan, Chairman and Managing Director of TAFE; Shailesh Haribhakti, Chairman of Shailesh Haribhakti and Associates; and Sahil Barua, Managing Director and CEO of Delhivery.

During the financial year ending March 2023, Swiggy witnessed a 44% increase in revenue from operations, reaching Rs 8,264.6 crore, and achieved its first-ever profitable month.

Swiggy experienced a slight 15% increase in losses, reaching Rs 4,179.3 crore from Rs 3,628.9 crore in the previous year, primarily due to escalating expenses.

In March of the preceding year, CEO Majety announced that the company, backed by Prosus and Invesco, achieved its inaugural profitable month, marking a milestone 14 years after its establishment.

“This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than nine years since its inception,” Majety had written in a blog post, adding that the company now looks to gain a stronger foothold in Tier II and III markets.

Google signs largest offshore power agreement with Dutch wind projects

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February 1, 2024

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Technology giant Google has signed its largest ever power purchase agreement (PPA) with offshore wind projects off the coast of the Netherlands as part of efforts to green its power supply and hit climate targets, it said on Thursday.

Renewable power developers secure revenue stability by linking electricity output to long-term PPAs. Corporations like Google aim to guarantee a stable supply and achieve their clean power sourcing targets by entering such agreements.

In its most extensive offshore wind power purchase agreement (PPA) yet, Google has committed to acquiring 478 megawatts (MW) of power from two recently established wind farms. These wind farms are the outcome of collaborations between Crosswind & Ecowende Consortia, which are joint ventures involving energy giants Shell and Dutch utility Eneco.

In addition, Google revealed smaller renewable power purchase agreements (PPAs) in Italy, Poland, and Belgium. However, the company did not disclose the financial details of these agreements.

“Our ambition to operate on carbon-free energy around the clock by 2030 requires clean energy solutions in every grid where we operate,” said Matt Brittin, President of Google in EMEA.

Numerous companies with similar objectives typically operate on an annual basis, aligning power purchase agreements (PPAs) or purchases of renewable energy certificates with their yearly electricity consumption.

In contrast, Google aims to synchronize each hour of electricity consumption with an hour of clean power production, a strategy proponents believe more accurately mirrors companies’ actual energy usage.

Infosys bags 7-year deal from Irish food company Musgrave

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January 31, 2024

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Infosys announced a seven-year strategic partnership with Musgrave, an Irish company specializing in food retail, wholesale, and food services.

As part of the collaboration, Infosys will automate Musgrave’s IT operations. This will involve leveraging AI and cloud services through Infosys Topaz, an AI-focused suite of services, solutions, and platforms. Additionally, Infosys will utilize Infosys Cobalt, a suite of services and solutions designed to expedite enterprises’ journey to the cloud.

Deal financials were not disclosed.

Infosys’ services, including Topaz and Cobalt, will empower Musgrave to revolutionize its IT operations. This collaboration aims to enhance technical capabilities and accelerate progress towards elevating customer and retail partner experiences.

Stephen Mckenna, Chief Technology Officer at Musgrave, highlighted the company’s intent to leverage Infosys’ expertise and resources to deliver innovative solutions to customers and retail partners.

“We aim to enable Musgrave in transforming its IT operations, help enhance user experiences, and accelerate strategic initiatives. Our technological solutions enable Musgrave’s digital transformation agenda for the future. This collaboration will further strengthen our presence and propel our growth in Ireland,” said Karmesh Vaswani, global head of retail, consumer goods & logistics at Infosys.

MSME-focused NBFC UGRO Capital secures Rs 250-Cr from ADB

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January 31, 2024

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UGRO Capital, a fintech firm focusing on small businesses, has secured Rs 250 crore ($30 million) through Non-Convertible Debentures from the Asian Development Bank (ADB).

The funding will be used to enhance its technology and credit capabilities further, enabling the provision of multi-channel services to MSMEs across various sectors.

With an asset under management of Rs 8,363 crore as of December 2023, UGRO Capital has raised Rs 9,137 crore in equity and debt over the past five years. In December 2023, the company also received Rs 250 crore in financing from FMO, a Dutch entrepreneurial development bank.

“MSME Finance is a key driver for financial inclusion, and our mission to solve the small business credit need is in line with our vision of promoting inclusive and sustainable prosperity in Asia and the Pacific,” said Suzanne Gaboury, ADB Director General for Private Sector Operations.

“We are confident that together we will positively impact the lives of MSME borrowers. This collaboration is consistent with our commitment towards greater financial inclusion in India,” he added.

UGRO Capital has provided loans to approximately 90,000 small businesses in the last five years. Listed on the NSE and BSE, UGRO Capital operates as a datatech lending platform, addressing the credit gap for small businesses in India.

According to a statement, the company utilizes data analytics and advanced technology to develop customized sourcing platforms for channels such as GRO Plus, GRO Chain, GRO Xstream, and GRO X application.

Institutional investors support UGRO Capital and aim to capture a 1% market share within the next three years.

Payments firm PayPal to reduce global workforce by 9% in 2024

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January 31, 2024

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Payments company PayPal Holdings plans to reduce its workforce by about 2,500 jobs, constituting 9% of its global employees this year.

The decision, outlined in a letter from CEO Alex Chriss, aims to “right-size” the company by implementing direct cuts and eliminating open roles throughout the year. Affected staff members are anticipated to receive notifications by the week’s end.

“We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth,” Chriss wrote in the letter.

After the market closed, the company published the letter on its website. Paypal’s shares experienced a 0.13% decline by the end of the day.

In November, CEO Chriss expressed his anticipation of boosting revenue beyond transaction-related volume and committed to making the fintech firm more efficient by lowering its cost base.

While the announcement contributed to a stock rally following third-quarter results, analysts have consistently concentrated on PayPal’s margins in recent quarters.

The company’s low-margin business products have seen significant growth, but its branded products have experienced a slowdown, primarily due to heightened competition from rivals like Apple.

Investors are optimistic that Chriss, a former senior executive at Intuit, will revive PayPal’s stock, which declined almost 14% last year, missing out on a broader rebound in high-growth technology shares.

Last week, the payments firm unveiled new artificial intelligence-driven products and a one-click checkout feature.

In contrast, rival Block, under the leadership of Twitter co-founder Jack Dorsey, initiated job cuts this week as part of its previously revealed plans to reduce headcount and control costs, according to a source told Reuters.

The Love Co. expanded its retail presence in Russia

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January 30, 2024

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The Love Co., a recognized leader in the beauty industry, has recently announced its exciting expansion in Russia. This strategic move, in collaboration with Kristina Bykova, aims to cater to the unique beauty and wellness needs of the Russian market offering pampering moisture without harsh chemicals, sulfates, or impurities, available in delightful strawberry scent, with elegant packaging, also featuring Face wash, Shower gel, hand wash, and accessories to combat dehydration and elevate your daily routine.

The partnership with Kristina Bykova marks a significant step in The Love Co.’s journey to adapt to the Russian consumer’s preferences. The brand’s commitment to providing customized and natural ingredients skincare solutions is evident through this collaboration. Through the integration of Kristina Bykova’s expertise with The Love Co.’s innovative approach, the brand is on the verge of transforming Russian beauty standards with its unique product line that tackles dryness and irritation while avoiding sulfates and other dehydrating ingredients.

Known for its luxurious fragrance of shower gels, lotions, and treatment-based & skin type of body care products enriched with salicylic acid, niacinamide, hyaluronic acid, and more. These products are designed to address various skin concerns like keratosis pilaris, back acne, skin itchiness, skin sensitivity, dry skin, and pigmentation, offering the Russian market a comprehensive beauty experience.

Recognizing the growing demand for its products in Russia, The Love Co. is expanding its offerings to include specialized hair treatments and a new range of facial skincare products. This expansion includes face cleansers, eye creams, and serums, highlighting ingredients like niacinamide, tea tree, Japanese cherry blossom, oud, vanilla, lavender, mint, aloe vera, salicylic acid, and hyaluronic acid. The move is aligned with the rising popularity of Vitamin C products in Russia, showcasing The Love Co.’s commitment to meeting diverse consumer needs.

Hemang Jain, the Director of The Love Co., expresses excitement about introducing their esteemed beauty and wellness products to the dynamic Russian market. His vision emphasizes the brand’s dedication to high-quality products tailored to customer preferences, driving their success in Russia.

The Love Co.’s products are accessible through leading Russian e-commerce platforms like Wildberries and OZON. Additionally, the brand is set to establish its retail chain in major cities, enhancing its presence both online and in physical stores.

About The Love Co.

Love Co is a leading beauty and self-care brand that is known for offering its unique skincare products to its customers. The brand offers a special range of bath, body, and skincare essentials through which people can experience pampering with nature’s touch and modern luxury.

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