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Insurtech startup Acko aims for profitability by FY27

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Acko founder and CEO Varun Dua

Acko, the insurtech startup, plans to be profitable by fiscal year 2026-27, as its general and health insurance segments turn profitable, says founder Varun Dua in an interview with investment bank UBS Global.

Dua sets a goal for Acko to reach a premium of Rs 2,000 crore by the end of FY24, anticipating a 35% year-on-year business growth. As of December’s nine-month period, Acko has already achieved premiums of Rs 1,360 crore.

Dua was in a chat with UBS, explaining the dynamics of the business. 

“As per the management, 60% of the auto portfolio is already profitable with expectation of becoming fully profitable (auto segment) in the next 18 months. It expects general insurance (GI) business to be fully profitable by FY27, including the health segment, which they have recently started,” read the UBS report. 

As of January 2024, Acko currently gets approximately 43-44% of its premiums from the motor segment. This is divided into 16% for motor own damage (OD) and 27% for motor third-party (TP). Health insurance makes up about 48% of Acko’s premiums, with group health contributing 44% and retail health, a recently launched segment, contributing 2%.

“As per the management, embedded products (micro-insurance) which contributes 8% of the mix is already profitable and is growing at a 50% rate year on year. As per the management, 50% of the retail health insurance has been sold to its motor customers (directly to customer) driving customer acquisition cost (CAC) down for the company,” the report added. 

Recently, Acko launched its life insurance company with a focus on selling term plans, currently in the beta stage.

Moreover, the company emphasizes retention rates, boasting a retention ratio of 73-74% for the 13th month and approximately 85% for the 25th month in the auto insurance segment.

“The focus of the company is to create a niche in servicing, through partnering with workshops in a seamless manner (about 65% of the claims are reported directly with no dealer intervention). As per the management, garages are now setting up workshops with their capital using the Acko brand, which can help Acko in further reducing costs and bring in higher visibility,” the report added.

ONDC-linked ride-hailing app Namma Yatri rides into Chennai

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Namma Yatri, an open and community-first auto booking app from India, launched in Chennai. The app, a part of the ONDC Network, is currently active in Bengaluru, Mysore, Tumkur, Kochi, and Delhi. Additionally, it manages cab services in Kolkata through Yatri Sathi.

Unlike Ola and Uber, which deduct commissions from drivers, Namma Yatri operates as a zero-commission app, according to an official statement.

Customized for Chennai, the app features a driver interface in Tamil and offers an improved user booking experience. Notably, users can easily book rides to well-known locations like Valluvar Kottam, Arignar Anna Zoological Park, Birla Planetarium, Lighthouse, Tidel Park, and Rajiv Gandhi Government Hospital.

Conceived and developed by graduates of Anna University, this zero-commission app aims to empower auto drivers by boosting their earnings and autonomy. With already over 10,000 drivers registered, the app targets onboarding more than one lakh drivers in the next six months.

Backed by Juspay Technologies, Namma Yatri caters to over two lakh drivers and 40 lakh customers, facilitating over 2.5 crore trips. Notably, it has allowed drivers to earn more than ₹360 crore without any commission. The app enjoys widespread popularity, boasting a rating of 4.8+ and accumulating over 50 lakh downloads, as mentioned in a release.

“Namma Yatri is more than an app; it’s an attempt to empower the drivers, to build products and technology that are inclusive and help drivers embrace the customer-centric mindset. Its technology is open (Open Source), it has published its data in the open and has joined the ONDC initiative. We’re very happy to bring it to Chennai and are looking forward to actively collaborating with the local ecosystem to make this vision work!” said Vimal Kumar, CEO of Juspay.

Namma Yatri boasts 1.8 lakh drivers and more than 45 lakh riders.

FSS has been Awarded the Prestigious Great Place To Work Certification

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Financial Software & Systems (FSS) Private Limited has been a Great Place To Work Certified™ in India. This certification is a momentous achievement for the organization and speaks volumes about the remarkable team spirit, unwavering dedication and positive work culture at FSS. Financial Software and Systems (FSS) is a globally leading provider of payments technology.

FSS Great Place To Work Certification

Speaking about the certification, V Balasubramanian, CEO of FSS CashTech said, “This achievement is a direct result of every FSS employee’s invaluable contribution to the company’s growth. I’m sincerely grateful to everyone at FSS for having invested their time and resources into building not just world-class platform products, but also a culture that fosters diversity, equity and inclusion. With GPTW, we have been benchmarked against industry standards. The certification is not a trophy for our mantle; it’s a milestone that will motivate us to keep pushing boundaries.”

Among the parameters that Great Place To Work considers in their survey, FSS scored high as a physically safe place to work where people are treated fairly regardless of their sexual orientation, gender, race or caste. FSS employees also felt that their work has a special meaning and that their colleagues are willing to put in that extra effort to get the job done. Overall, they felt a sense of pride over what they have accomplished at FSS and proudly tell others that they work here. At present, FSS has a total of 1750 employees, working across the different verticals.

Great Place To Work is the global authority on workplace culture. Their mission is to help every place become a great place to work for all. Their recognition is the most coveted and respected in the world for elevating employer brands to attract the right people. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust.

Ramesh Kannan R, Vice President – HR, at FSS, said, “For over three decades, FSS has stood out as a beacon of excellence in the payments industry, not only for innovative and industry-first products, but also for attracting and retaining the brightest minds without whom the past 33 years wouldn’t have been possible. I’m sure that this recognition will further solidify FSS as an employer of choice.”

About Financial Software and Systems (FSS)

Financial Software and Systems (FSS) is a globally leading provider of payments technology and a transaction processor. The company offers an integrated portfolio of software products, hosted payment services, and software solutions built on over three decades of global experience. FSS’s end-to-product portfolio includes Card Issuance, Omni-channel Acquiring and Merchant Management, Payment Analytics, Digital Security, Reconciliation and Settlement, and ATM Monitoring and Management. Headquartered in Chennai, India, FSS is Indias largest on-demand processing facility – FSSNeT, processing 3 billion+ transactions annually. The company manages and operates 25,000+ ATMs nationwide and 600M+ Mobile Banking Transactions Annually. FSS is also a strategic payments partner for leading global banks, financial institutions, processors, central regulators, and governments across North America, UK, Europe, Middle East, Africa, and APAC and has 2,500 domain specialists on board. Being a payments innovation pioneer through the decades with World-Class Solutions, the company has been empowering 150+ Customers in more than 26 countries.

For more information, visit www.fsstech.com.

AgTech Revolution: The Integration of Smart Farming Technologies for a Greener and Smarter Agricultural Landscape

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From ancient practices relying on man and animal power to the modern era, where technology has become an indispensable ally in our quest for sustainable, efficient farming, our agricultural practices have covered a long journey. This progression, often termed the “AgTech Revolution“, represents a pivotal shift towards more innovative, greener agricultural practices driven by the integration of cutting-edge technologies into traditional farming methods.

Vimal Kumar, Managing Director, Best Agrolife Ltd.

The story of agricultural innovation spans centuries, marked by distinct eras delineated by the predominant technologies of their time. The traditional agricultural method relied on manual labour and rudimentary tools, giving way to the mechanization of farming processes till recent times. While this brought about improvements in productivity, it also introduced new challenges, such as environmental degradation and resource inefficiency.

The 20th century witnessed the emergence of a new agricultural era characterized by the integration of computational and electronic technologies. This era saw the birth of precision agriculture, leveraging robotics, programmed machinery, and advanced techniques to optimize farming practices while mitigating environmental impacts. Coming to the present, we are witnessing the dawn of a new agricultural era, where technologies like the Internet of Things (IoT), big data analysis, artificial intelligence (AI), and cloud computing are reshaping the agricultural landscape as we know it.

The Rise of Smart Farming

At the heart of this agricultural revolution lies the concept of smart farming, a paradigm shift towards precision agriculture empowered by modern technologies. Smart farming leverages many tools and techniques, including IoT devices, GPS, sensors, robotics, drones, and data analytics, to revolutionize agricultural operations.

Precision agriculture, enabled by IoT technologies, heralds a new era of data-driven decision-making in farming. Sensors embedded in fields monitor parameters such as soil moisture, climate factors, and crop health in real-time, allowing farmers to make timely interventions and optimize resource usage. This real-time monitoring extends beyond the confines of the farm, enabling remote monitoring and management of agricultural activities from anywhere with an internet connection.

In the face of escalating climate challenges, smart agriculture provides a new hope, offering innovative solutions to enhance farm resilience and mitigate greenhouse gas emissions. Climate-smart agriculture (CSA) leverages IoT technologies to monitor and adapt to changing environmental conditions, ensuring sustainable food production while safeguarding the planet for future generations.

Big data analytics and AI algorithms are pivotal in harnessing the wealth of data generated by smart farming systems. These technologies provide invaluable insights into crop performance, soil health, and resource utilization, enabling farmers to optimize inputs, improve yields, and reduce environmental impact.

The Promise of Smart Agriculture

The promise of smart agriculture lies in its ability to enhance productivity and efficiency and its potential to promote environmental sustainability and food security. By harnessing the power of IoT, big data, and AI, smart farming offers a holistic approach to agricultural management that is both technologically advanced and ecologically responsible.

As we stand at the precipice of a new agricultural era, integrating smart farming technologies offers a glimpse into a greener, smarter future for agriculture. By embracing innovation and harnessing the power of technology, we can pave the way for a more sustainable, resilient agricultural landscape that meets the needs of both present and future generations.

The AgTech Revolution represents a transformative shift in agricultural practices driven by the seamless integration of smart farming technologies. From precision agriculture and IoT-enabled monitoring to climate-smart solutions and AI-driven insights, these technologies are crucial to unlocking a more sustainable, efficient, and resilient agricultural future. As we navigate the complexities of a rapidly changing world, the promise of smart agriculture offers hope for a greener, smarter tomorrow.

Cybersecurity firm ClearTrust raises $1.9mn in funding 

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ClearTrust, a new-age ad tracking and fraud detection platform, raised $1.9 million in its pre-Series A funding round. Ideaspring Capital led the round, and Piper Serica Angel Fund participated, along with existing supporter Alacrity India.

The startup raised $200,000 in a seed round in 2021 from Alacrity India, Limelight UK, and ThinkNext LLC.

The new funding will support ClearTrust in expanding its operations into North America and investing in research and development. The focus areas include AI, cybersecurity, and deep tech to create essential filters for detecting advertising fraud. 

Founded in 2020 by Deepankar Biswas and Raja TN, ClearTrust offers a cutting-edge tracking and fraud detection platform, assisting advertising operations, media buying companies, and teams globally.

ClearTrust helps advertisers, agencies, and networks boost their digital campaign ROI by eliminating fraudulent and fake activities. It also helps digital publishers safeguard their ad revenues from fake and invalid real-time traffic. 

Deepankar Biswas, co-founder and CEO of ClearTrust, who has extensive experience in media buying and the internet, said, “With a keen focus on expanding into the US market, this funding propels us towards innovating and implementing solutions that ensure the integrity and efficiency of online advertising.” 

Raja TN, co-founder and CTO of ClearTrust, added, “The rapid growth of ad inventory and outpacing demand has made digital advertising a breeding ground for fraudsters to exploit unsuspecting brands.”

The platform provides security solutions such as traffic scanning, precise tracking, and a real-time dashboard featuring over 140 traffic scoring filters, system alerts, and customer-centric features. 

The startup has experienced three-fold annual growth for the last two years and targets achieving a yearly revenue of $10 million (approximately Rs 83 crore) by 2027.

On funding, Ideaspring Capital managing partner, Naganand Doraswamy, said, “Ideaspring Capital is excited to partner with Deepankar and Raja, Co-Founders of ClearTrust. As digital ad formats evolve and more ads are trading programmatically, fraud detection processes are becoming complex. This results in 23 per cent of all advertising spend being lost to fraud, estimated to reach $170 billion by 2028. Cleartrust’s real-time, scalable cybersecurity platform will mitigate this risk. The platform works towards increasing revenue-generating traffic for advertisers, publishers, and ad networks.” 

Abhay Agarwal, founder of Piper Serica Angel Fund, said, “We expect the company to be a global player in the next 2-3 years, helping large multinational companies run safe advertising and digital campaigns profitably and with increased ROI.”

Empower Learning and Collaboration with LOGIC’s Interactive Flat Panels

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LOGIC, a prominent solution provider in the industry and a sub-brand of Online Instruments India Pvt. Ltd., offers a comprehensive range of cutting-edge products in Display solutions and AV Accessories, making them a one-stop destination for all businesses.

LOGICs interactive flat panel enhances learning with quad-view apps, smooth writing, stunning 4K UHD visuals, powerful sound, wireless screen sharing, insightful analytics, and unified app management

LOGIC’s interactive flat panels offer a wide spectrum of operations that include quad view applications, a smooth and natural writing experience, stunning 4K UHD visuals, powerful sound, wireless screen sharing, impressive data insights and analytics, and unified application management to enhance the overall learning experience.

A perfect flat panel in classrooms, IFPs provide an immersive, interactive environment that encourages students’ participation. The flat panels come with multi-touch capabilities, allowing multiple pupils to work on the screen simultaneously, which fosters collaboration and teamwork. The high-definition display ensures clarity, while the built-in software offers a plethora of resources to aid learning. IFPs have moved the education industry beyond the traditional chalk-and-talk method, making learning more engaging and effective.

In the corporate world, these panels redefine meetings and presentations, facilitating real-time collaboration, brainstorming, and decision-making, thereby increasing meeting productivity. The ability to annotate directly on the screen makes it easier to share ideas, while the video conferencing feature enables seamless communication with remote teams. IFPs are indeed an indispensable tool for modern businesses.

Beyond education and corporate environments, IFPs are also making their mark in other sectors. In healthcare, they aid in patient education and consultations. In retail, they enhance customer experience through interactive flat panels.

Interactive Flat Panels are not just a technological “innovation,” but they are a catalyst for change, bringing about a paradigm shift in the way people learn, work, and communicate. Their versatility and utility make them an essential tool for all, from classrooms to boardrooms and beyond. Its time to embrace this digital transformation and reap the benefits it offers.

Empower digital transformation with LOGIC’s Interactive Flat Panels!

About LOGIC

LOGIC, a sub-brand of Online Instruments India Pvt. Ltd. with 17 years of experience in the audiovisual industry, is a global leader in innovative Display solutions and AV accessories. They specialize in Digital Signage Displays, Interactive Flat Panels, Active LED displays, and VR products, providing immersive visual experiences that inspire and empower. They also offer a range of AV accessories, including connectivity, mounting, and projection solutions. As a company, Logic is committed to quality, reliability, and technological advancement.

About Online Instruments India Pvt. Ltd.

Online Instruments India Pvt. Ltd., founded in 1994, is a digital infrastructure solutions provider and a leading system integration specialist in Display Solutions, AV, IT, Lighting and Automation. This enterprise has carved a niche by becoming a complete product and solutions provider and has also become one of the leading AV system integrators in India with a global presence. With a vast portfolio encompassing over 20,000 rooms and 2,000 projects, the seasoned professionals bring a wealth of expertise in AV system integration, encompassing design, installation, customization, and technical support, ensuring a seamless experience for clients. Driven by a people-first approach, the team at Online Instruments with over 30 years of experience in the industry, is focused on providing world-class solutions for the customers in the field of AV system integrations.

MakeMyTrip acquires majority stake in car rental service provider Savaari 

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In its second-quarter results for the fiscal year 2023-2024, MakeMyTrip revealed that it had made an agreement to acquire a majority stake in Savaari Car Rentals Private Limited. Under this deal, Savaari will remain an independent entity and will be led by its existing leadership team.

“All the formalities of the acquisition of the controlling stake are now complete. This acquisition marks a pivotal moment in the USD 3 billion-plus, yet largely unorganized, intercity market. We are now looking to transform this space by leveraging technology as well as deeper consumer understanding from MakeMyTrip. The timing of the acquisition couldn’t be better, as it coincides with the improved road infrastructure in the country and a wider acceptance among travelers to book intercity cab services online,” said Gaurav Aggarwal, founder and CEO, Savaari Car Rentals.

“The inter-city cab service remains largely offline, with low online penetration, fragmented supply, and a lack of standardisation in service. We have encountered similar issues in intercity private bus transport where we now have a leadership position through redBus. With this majority stake in Savaari, we seek to extend that leadership to adjacent segments in ground transport,” said Rajesh Magow, co-founder and Group CEO of MakeMyTrip.

“The founding members and the leadership of Savaari have done an incredible job over the past few years in becoming the premier player in this category. Our endeavour now will be to further boost growth with our technology and consumer insights expertise. Prakash Sangam, CEO of redBus, will lead this initiative from the MMT group’s perspective and work closely with the leadership team of Savaari to scale this business to new heights.

Speaking about the development, Samir Kumar, MD and general partner, Athera Venture Partners, who were early investors in Savaari and redBus, said, “The acquisition of Savaari by MakeMyTrip not only affirms Savaari’s dedication to excellence but also heralds a new era of growth and possibilities. I’ve witnessed MakeMyTrip’s remarkable intercity private bus travel transformation with redBus. This innovation and expertise, I firmly believe, will be replicated in reshaping intercity cab services with Savaari, continuing their trajectory of redefining travel in India.”

APAC businesses to nearly triple spends on GenAI to $3.4B in 2024: Infosys Research

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Asia Pacific (APAC) businesses are boosting investments in generative AI (GenAI). According to Infosys Research, spending on this technology will almost triple to $3.4 billion in 2024 across Australia, New Zealand, China, Japan, India, and Singapore.

Although spending in APAC lags behind North America, its adoption, effectiveness, and growth rates are among the highest worldwide.

“Companies across Asia-Pacific are quickly ramping up investments in generative AI and entering a higher stage of maturity,” the IT major’s research arm, Infosys Knowledge Institute (IKI), said in the research.

Although companies in the Asia Pacific (APAC) currently trail North American counterparts in GenAI spending, the research predicts a significant increase of 140%, surpassing the growth rate in any other region.

“This translates to an estimated $3.4 billion to be invested across Australia, New Zealand, China, Japan, India, and Singapore,” it said.

Infosys’ Generative AI Radar APAC report gathers insights from interviews with business leaders and AI practitioners and a survey of 1,000 respondents in Australia, New Zealand, China, Japan, India, and Singapore.

Enterprises in the APAC region are making substantial investments in Generative AI (GenAI). China takes the lead, with investments projected to surge by over 160% to reach $2.1 billion, while Australia and New Zealand follow suit in growth.

“ANZ (Australia and New Zealand) investment is expected to grow by more than 150%, from $60 million to $151 million in 2024,” the research findings showed.

The main hurdles hindering the adoption of AI in APAC include caution regarding responsible AI, concerns about potential impacts on reputation, and the readiness of employees.

Concerns about responsible AI, encompassing data privacy, data usability, ethics, and bias, are prevalent across APAC countries. However, Australia and New Zealand (ANZ) are less apprehensive about data usability than other regions.

“APAC is more cautious about GenAI’s business impact than North America and Europe; almost 10 per cent expect a negative impact on reputation versus less than 5 per cent for North America and Europe, it said.

Emotional Rollercoaster: ‘Words Behind Bars’ by Author Medha Pushkarna

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Medha Pushkarna, an acclaimed author known for her book The Great Trial is set to hit the emotions with her new book titled Words Behind Bars. In this captivating book, emotions find expression through the rhythmic flow of poems transcending the confines of an imprisoned mind. With her writing, Medha has beautifully captured the essence of fear, agony, shock and betrayal showcasing the world constrained by invisible bars.

Author Medha Pushkarna

The poems, written within the secret diary of the main character, unfold as heartfelt letters to her father and grandmother. Each poem paints a vivid picture of the emotional restlessness experienced behind the metaphorical Bars. In one, the author grapples with the complexities of friendship, while in another, she transforms into a foe.

The powerful verses like “It is not a goodbye” and “Only moments they owned“, carry an overwhelming emotional weight. The latter poem reflects a universal theme, narrating a story familiar to many homes today – the loss of cherished moments amid fractured relationships. “Moments they owned” encapsulates this sentiment painfully:

The father lost the daughter and the daughter lost the father, and both lost the only moments they owned.”

Another heart-wrenching poem addressed to the grandmother introduces the character of “She“, a best friend who remains a steadfast companion until the end. The raw emotions conveyed in these verses provide readers with a profound and intimate connection to the narrators innermost thoughts and feelings.

Accompanying the poems are two video trailers available on the authors YouTube channel. One trailer says, “It is not a goodbye“, recounting the final moments with a beloved grandmother. The trailers offer a visual glimpse into the heart of the book, showcasing the emotional depth of the verses.

Moreover, handmade drawings by the author accompany the poems, serving as visual reflections of the personal struggles and victories of the main character. These sketches, direct from the secret diary, further enrich the reading experience, adding a unique and personal touch to the collection.

After The Great Trial series, Medha Pushkarna has once again demonstrated her storytelling prowess. With Words Behind Bars, Medha takes readers on an emotional roller-coaster journey offering a unique perspective through the lens of a deeply personal diary.

Numeric UPS Launches 24×7 Digitalized Customer Excellence Centre

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Numeric UPS, a leading manufacturer of power backup solutions, introduces its 24×7 digitalized Customer Excellence Centre, as a commitment towards meeting the demands of the ever-evolving landscape of technology and digitalization. The Customer Excellence Centre is an extension of Numeric’s SWAT promise of – WE HAVE YOU COVERED, symbolizing their pledge to ensure comprehensive fulfilment of consumers requirements by offering holistic, end-to-end solutions.

Satpal Singh, CEO, Numeric UPS

The launch of the 24×7 Call Centre located in Chennai marks a key initiative to fortify the customer experience and support framework. Numeric UPS is actively focused on amplifying its digital infrastructure to align with the evolving needs of a connected world. Incorporating advanced technologies such as Virtual Remote Assistant (VRA) and Remote Monitoring reflects Numerics proactive stance towards real-time support and system optimisation, ensuring uninterrupted business continuity for its customers.

In addition to preventing costly downtime, the Customer Excellence Centre ensures the uninterrupted operation of mission-critical systems. Numeric acknowledges the significance of applications and the potential business impact of downtime on critical segments like healthcare, infrastructure, and data centres, where uninterrupted operations are paramount.

Satpal Singh, CEO, Numeric UPS said, “The Customer Excellence Centre is a testament to our commitment towards innovation and customer-centricity. In an era, where technology plays a pivotal role in providing a seamless customer experience, we aim to shape a resilient and proactive 24×7 support ecosystem for all our customers by ensuring swift resolutions and comprehensive real-time assistance.

Numeric invites its customers and partners to learn more about the technologically enabled support services available through the Customer Excellence Centre. For inquiries or assistance, please connect at 0484-3103266 or 0484-4723266

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About Numeric UPS

Numeric is the leading manufacturer that offers sustainable power backup solutions to users all over the globe with 2 world-class manufacturing units. With an experience of more than 35 years, the brand has succeeded in building a credible clientele base spread across different domains. Numeric is a GLOCAL company, i.e., the combination of global expertise with deep local market knowledge. The clean energy solutions are certified by ISO 9001:2015, ISO 14001:2015 and SA 8000:2008 OHSAS 18001:2007. Numeric also has the widest service network in the industry, with more than 250 direct service centres and over 900+ technically proficient engineers; Numeric has the widest service network in the industry.

For more information please visit www.numericups.com.