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Tech Visionaries at Oakridge Codefest Explore Sustainable Urban Transit Solutions in Tourism

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Witnessing original ideas that outsmart AI, Oakridge International School successfully hosted the 7th edition of Code Fest Bengaluru’s largest 24-hour overnight hackathon for secondary students. The event, held on January 20th & 21st, was the confluence of 147 tech enthusiasts, forming 44 teams from 15 schools in Bengaluru and Hyderabad.

Oakridge Bengaluru Principal Pallavi Mishra with core council & volunteers

Digital Solutions in Focus

The Chief Guest, Pallavi Mishra, Principal of Oakridge, Bengaluru congratulated the participants for their perseverance and lauded Codefest as a unique platform for young minds to innovate and collaborate. “These students are next-generation digital engineers who will solve industry and governance-defined problems,” she added. Joshua Fernandes, Associate Vice President for New Space Research & Technologies Pvt. Ltd. was the Guest of Honour of the event.

Innovative Themes

On average 30% of all road accidents are due to drunk driving, leading to millions of deaths every year. Team “Z3RO” clinched the first prize with their Alco-Lock to combat this problem in the Junior Category. Team Syntax Error from Oakridge won the second prize for developing an app for sustainable adventure and responsible tourism. The participants burned the midnight oil with their creativity on the themes of Eco-Tourism, Pedagogical Tools, Urban Transit Solutions, AI on Edge Compute Platforms, Fin-tech Innovation, and Game Development.

Tech Marvels and Future-Ready Programmers

Team “Alt 4” secured the first prize in the Senior Category by developing a cost and time-efficient transport for digitized socialization. The diverse range of projects included AI tutor, Cardioguard, and several other machine learning models. Cash prizes worth 1.2 lakhs were awarded to the title winners as a tangible recognition of their efforts. The core organizing team of Codefest, comprising both students and teachers, earned accolades for their meticulous planning.

Codefest: Catalyst for Educational Transformation

The impact of Codefest extended beyond the competition itself. Many schools found inspiration to integrate coding lessons into their curriculum, recognizing the importance of nurturing future-ready programmers. Oakridge International School, with its Design Lab, encourages students to create innovative, sustainable solutions through technology. As an IB continuum premium school, Oakridge ensures students are prepared to meet emerging industrial demands.

For more information, Visit: www.oakridge.in/bengaluru.

About Nord Anglia Education

Oakridge International School Bengaluru is part of Nord Anglia Education (NAE), the world’s leading premium school’s organization, with 84 schools across 33 countries. It is also the largest provider of IB education. The schools go beyond traditional learning to deliver a high-quality, transformational education to 80,000 students from kindergarten through to the end of secondary school. The schools offer multiple internationally recognised curriculums, including the English Curriculum, the International Baccalaureate, the Swiss Maturit and the US Curriculum, amongst others.

Archies and Mondelez India Unite for Unforgettable Moments

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Archies, the iconic gifting brand, has joined hands with Mondelez India, makers and bakers of iconic brands like Cadbury Dairy Milk, Oreo, Bournvita, etc. Together, they are set to redefine the gifting experience, just in time for the Valentines season.

Archies Cadbury

Archies, with its rich legacy in the gifting industry, has always been synonymous with spreading love and joy. The partnership with Mondelez India aligns seamlessly with Archies commitment to offering unique and heartfelt gifting solutions for every occasion. Mondelez India, the force behind Cadbury, has been instrumental in establishing chocolates and biscuits as integral components of gifting traditions across India for several decades. This collaboration aims to enhance and expand the “Meetha” occasions in millions of households by offering a delectable range of customised Mondelez India’s gift hampers.

“We are excited about the possibilities this collaboration brings,” expressed Mr. Varun Moolchandani, Executive Director at Archies. “Mondelez India’ss reputation for crafting delightful and high-quality chocolates perfectly complements our mission to provide customers with an array of choices that symbolize affection and thoughtfulness. This Valentines season is just the beginning, and we look forward to creating countless sweet moments for our customers together. By coming together in this partnership, customers visiting stores, whether online or in-person, will now be able to explore Mondelez Indias thoughtfully curated collection of gift hampers. Be it for birthdays, anniversaries, Valentines Day, or any other special event.”

Desmond D’Souza – VP, Sales, Mondelez India added, “We are excited to offer our differentiated gift hampers across Archies India’s stores and website. We look forward to jointly building a compelling gifting proposition for Indian shoppers, and to entrench our products as a gift item across multiple occasions, both large and small.”

The collaboration officially kicks off with an exclusive line-up of Mondelez India’s gift hampers will be available at Archies stores, promising a perfect blend of sweetness and sentiment. Whether its expressing love, celebrating milestones, or simply indulging in the joy of giving, Archies and Cadbury invite everyone to explore the art of gifting in a truly delightful way.

About Archies

Archies Limited is India’s leading social expression company, providing greeting cards, gifts, and other personal expression products. With a rich legacy spanning over four decades, Archies has been a part of millions of celebrations and special moments.

About Mondelez India Foods Private Ltd.

Mondelez India Foods Private Limited (formerly Cadbury India Ltd.) has been present in India for 75 years. The company introduced Cadbury Dairy Milk and Bournvita in India in 1948 and since then has been a leader in the chocolate category in the country. Part of MondelĔz International, the company has iconic brands like Cadbury Dairy Milk, Cadbury Dairy Milk Silk, Cadbury Celebrations, Cadbury Bournville, Cadbury 5Star, Cadbury Perk, Cadbury Fuse, Cadbury Gems, Cadbury Bournvita, Tang, OREO, among several others in its portfolio. Headquartered in Mumbai, the company has sales offices in New Delhi, Mumbai, Kolkata and Chennai and manufacturing facilities at Maharashtra, Madhya Pradesh, Himachal Pradesh, and Andhra Pradesh, in addition to a global Research & Development Technical Centre and Global Business Hub in Maharashtra and a vast distribution network across the country.

Esports startup Stan raises $2.7mn in funding round 

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Esports fan engagement platform Stan announced on Tuesday that it raised $2.7 million in a funding round. 

Notable participants in the round include web3 firm Aptos Labs and early-stage venture firms such as Pix Capital, Maelstrom Fund, GFR Fund, CoinDCX Ventures, Climber Capital, TDV Partners, and Coinswitch Ventures. However, the company did not disclose the valuation at which the funding was raised.

Previously, in May 2022, Stan had secured $2.5 million in a funding round led by the US-based venture capital firm General Catalyst, as disclosed in a statement. General Catalyst continued its involvement by participating in the recent funding round.

Stan facilitates users in acquiring collectibles and interacting with renowned esports figures, be it players or influencers, utilizing features such as chat and audio rooms, along with exclusive communities on its platform. Among these collectibles, there are also web3 items like non-fungible tokens (NFTs).

Stan applies a commission ranging from 15% to 20% on in-app purchases made by users, covering a spectrum from Rs 50 for minor recharges to over Rs 1 lakh for exclusive experiences like spending an entire day with a creator, said cofounder Parth Chadha. Although the majority of transactions typically fall within the Rs 200 range. Stan boasts over 4 million users and aims to expand its user base to 10 million within the next six months.

With the latest funding, Stan secures a runway of approximately two years, according to Chadha. The allocated funds will be utilized for marketing initiatives, enhancing product features, and bringing more creators onto the platform. Additionally, the company aims to establish API integration with some of the platform’s popular games.

“Think of our platform as a Discord for India and emerging markets, but simplified and made easy-to-use for users in these regions,” Chadha said.

“We have been pleased with the progress and growth at Stan since their offerings launched 1.5 years back… In a macro environment where esports has now been duly recognized as a sport in India, General Catalyst is excited to continue to support the team,” said Anand Chandrasekaran, partner at General Catalyst. 

AI testing firm RagaAI closes $4.7mn funding led by Pi Ventures 

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RagaAI, a company specializing in AI testing and safety, founded by Gaurav Agarwal, a former executive at Ola Electric and NVIDIA, announced its first institutional funding of $4.7 million after emerging from stealth mode.

AI and machine learning-focused investor Pi Ventures led the funding round for RagaAI, with participation from Anorak Ventures, TenOneTen Ventures, Arka Ventures, Mana Ventures, and Exfinity Venture Partners. However, the company did not disclose the valuation of the funding.

RagaAI uses a core model known as RagaAI DNA to identify problems in AI products and services, such as those related to databases or data models. According to Gaurav Agarwal, the founder, the company utilizes more than 300 tests to pinpoint issues across various AI applications, including large language models (LLMs), computer vision, structured data, and audio and speech models.

Agarwal said that RagaAI provides its platform in two forms: as an integration into Python-based interfaces tailored for data scientists and machine learning (ML) engineers and as a standalone platform with a user-friendly interface.

Agarwal added that the firm will use the raised funds for further research and development of RagaAI’s technology. The company also aims to grow its team, mainly focusing on the US and European markets. According to Agarwal, this funding provides a runway of at least 18 months, complemented by the generated revenue.

As per Agarwal, RagaAI is actively collaborating with ten prominent companies and numerous medium and small-sized enterprises. While specifics were not disclosed, these clients span various sectors, including insurance, healthcare, pharmaceuticals, retail, automotive, and surveillance. Agarwal expressed RagaAI’s ambition to expand its client base to over 50 major clients by the conclusion of the calendar year 2024.

“A number of these firms are in the Fortune 100 and the Fortune 500, and are based in India, the United States and Europe,” he added.

Agarwal said that RagaAI is also collaborating with NVIDIA and Qualcomm to integrate its testing platform with some of their products and co-sell it.

“In the rapidly expanding AI landscape, the importance of reliable and unbiased systems is crucial, with AI testing emerging as the linchpin… RagaAI is well-suited to solve these massive problems for the AI deployments globally (sic),” said Manish Singhal, founding partner at Pi Ventures.

Oakridge, Bachupally Hosts Hyderabad’s First-of-its-Kind Inter-School Hackathon, Oakridge Hackfest 2024

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Oakridge International School, Bachupally proudly organized Hyderabads first-of-its-kind inter-school hackathon, setting the stage for a groundbreaking event that showcased the brilliance of young minds in the field of computer science.

Team PNJ, 1st place in the senior category

Hackathons provide a unique opportunity for students to delve into the world of computational logic, and Oakridge Hackfest aims to introduce the next generation of builders to this exciting realm, one line of code at a time. The 24-hour hackathon, with over 80 participants from different schools including FITJEE, Excellencia, and Vista International, and 25 teams from Grades 6-12, provided a platform for participants to create innovative projects from scratch, fostering an environment of learning and collaboration.

The event featured five themes that guided students in their project development: Ecological Sustainability, Education, Healthcare, Game Development (Exclusive to Grades 6-8), and Fin-Tech (Exclusive to Grades 9-12).

With projects ranging from Android apps aiding the vision-impaired to AI-based applications assisting students in competitive exam preparation, Oakridge Hackfest 2024 truly embodied the spirit of innovation and problem-solving.

Principal Ms. Baljeet Oberoi stated, “Oakridge Hackfest 2024 is not just an event; its a catalyst for thought leadership. By connecting students with industry professionals, were not just preparing them for the workforce; were inspiring the innovation that defines their future success.”

Akshith, one of the organizers, expressed his pride in the success of the event, stating, “Oakridge Hackfest 2024 was able to serve as an incredible ground to motivate the next generation of builders that will work on the computer systems, we take for granted every single day.”

Ramakrishna, shared the motivation behind hosting the event, stating, “We felt that organizing one in our school and city would catalyse the idea to create a local community of like-minded individuals.”

Snikitha, who has been in the coding space since 2015, emphasized the importance of diversity in STEM, saying, “By including more girls and women in STEM, we can bring new perspectives, ideas, and solutions to the table.”

The success of Oakridge Hackfest 2024 reflects the dedication of the organizers, the support of teachers and parents, and the enthusiasm of the participating students. The event served as a milestone in bringing the hackathon culture to the city, setting the stage for future collaborative endeavours in the realm of technology and innovation.

To know more about it, visit www.oakridge.in/bachupally.

About Oakridge International School Bachupally

Oakridge International School Bachupally is a premier international school ranked among the top 3 international schools in Hyderabad and first in the Northwest Zone in the Times School Ranking 2023. The school is part of Nord Anglia Education, a global family of 75 schools in 33 countries. Oakridge offers a world-recognized IB and CBSE curriculum, providing students with a solid academic foundation and the skills they need to succeed in an increasingly interconnected world. Oakridge is committed to providing a holistic learning environment that fosters academic excellence, personal growth, and global citizenship.

HSBC India Unveils its Largest Branch in the Country; All-star 3-day Event Held for the Grand Opening

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With 8,300 sq. ft., HSBC India relocates its Basavanagudi branch, Bengaluru, to Whitefield, a significant milestone

The wealth opportunity is represented by one of the highest per capita incomes in the country

HSBC India announced the unveiling of its largest branch office (8,300 sq. ft.) in the country in Whitefield, Bengaluru, a strategic move to tap into the vibrant economic landscape and growing affluence, in one of the world’s fastest-growing economies. This marks a significant milestone as HSBC India continues to solidify its strong presence as the leading international bank in the country.

HSBC India CEO Hitendra Dave inaugurating the largest branch in the country

The new branch was inaugurated by Hitendra Dave, CEO, HSBC India and Sandeep Batra, Head, Wealth and Personal Banking, HSBC India. As part of the grand celebration, HSBC India had organized an all-star 3-day event for its customers and employees with an exciting line up of celebrities including Bollywood actor Vaani Kapoor, former Indian cricketer VVS Laxman and stand-up comedian Aiyyo Shraddha.

Bollywood actor Vaani Kapoor and HSBC India Head Wealth and Personal Banking Sandeep Batra during the largest branch launch in Whitefield Bengaluru

The launch included Yakshagana performance, a traditional Indian art form; an art exhibition; sitar performance; sand art; history walk; tour of the newly launch branch and the coffee house.

The new branch in the heart of this bustling technology hub will cater to the unique financial needs of the rapidly growing tech community, offering them an extensive international network, breadth of products, bespoke wealth solutions, specialized relationship managers, global private banking expertise, taking care of day-to-day finances and helping them manage, protect and grow their wealth, in addition to offering commercial banking, global banking and markets capabilities.

Whitefield has matured into a key Information Technology (IT) hub led by robust infrastructure, large commercial and residential developments, along with road and metro connectivity. Bengaluru South, which now has easier connectivity to Whitefield, has a per capita income of USD$ 11,305 (Rs. 9,36,983)1, one of the highest in the country and over four times that of India’s per capita income of USD$ 2,610 (Rs 2,16,316)2. Whitefield is also a thriving market for office space, accounting for 24%3 of Bengaluru’s office supply, reaffirming the area’s economic vitality and rising affluence, thus making it a natural choice for HSBC’s expansion.

Sandeep Batra, Head, Wealth and Personal Banking, HSBC India, said, “Entrepreneurialism and innovation are fueling wealth creation in India and at HSBC India, we embrace this spirit by strengthening our presence further. India has the third largest population of tech unicorns globally, and we bank 50% of the top 100 unicorns in the country. Whitefield is the right place for us to set up our ultra-modern luxury branch that will complement HSBC’s leading offerings, world class services and access to international network. We believe that by nurturing and supporting the entrepreneurial endeavors in Whitefield, we can contribute not only to the growth aspirations of individuals and businesses but also to the broader prosperity of India’s evolving economy.”

Situated in Pardhanani Wilshire III building, in the heart of Whitefield, the 8,300 sq.ft digital themed office will have a retail branch, Premier area and back-office for HSBC employees. The branch, with luxurious interior elements and lavish coffee house space, will offer banking transactions, wealth management solutions, international account opening assistance, lending services and ATM.

The branch will operate from Mondays to Saturdays (except 2nd and 4th Saturdays) from 10 pm to 4 pm.

Murugappa Group’s AMM Foundation Completes 100 years

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The AMM Foundation, the Corporate Social Responsibility (CSR) arm of the Murugappa Group, marked a historic milestone on Monday with the inauguration of the Centenary Block of the AMM Hospital at Pallathur in Sivaganga District of Tamil Nadu. Azim Premji, Founder Chairman of Wipro Limited, presided over the function and unveiled the inauguration plaque.

Azim Premji, Founder Chairman of Wipro Limited, unveils the Centenary Block plaque at AMM Hospital, Pallathur, accompanied by P Chidambaram, Rajya Sabha MP, and former Murugappa Group Chairmen M V Subbiah and M A Alagappan

Established a century ago, the AMM Hospital, known locally as the ‘oru ruba‘ (one rupee, which is the fee charged from patients) hospital, has been a beacon of quality healthcare for the community in the region. With the addition of the new block, it will now have state-of-the-art diagnostics, including CT Scan facilities.

To commemorate the legacy of the AMM Foundation, which runs several hospitals and educational institutions as well as a range of other initiatives, a coffee table book titled A Century of Service, authored by historian and heritage activist Sriram V, was released by Mr. Premji. The first copy of the book was received by P Chidambaram, Member of Parliament, Rajya Sabha, and former Union Minister.

Welcoming the gathering, M V Subbiah, Former Managing Trustee, AMM Foundation, and Former Chairman, Murugappa Group said, “In 1922, my grandfather laid the foundation stone of the AMM Hospital and the hospital opened in 1924. That tiny seed has grown into the AMM Foundation that today serves communities that surround the places where our businesses have prospered.

Commenting on the occasion, Mr Premji spoke about philanthropy and its diverse forms, stating, “No action is too trivial. There is no doubt that we are a vast country, and our challenges are huge. There is also no doubt that our systems need to improve on multiple aspects. However, we can’t keep waiting for grand things to happen. We need to do whatever we can do for our community and society in our own sphere.

Mr Chidambaram, reflecting on the AMM Foundations legacy and impact, remarked, “To engage in philanthropy, one must first find the willingness to do so. And the AMM Foundation has shown over and over how willing they are to give back to the community.”

MA Alagappan, Managing Trustee of the AMM Foundation and Former Chairman of the Murugappa Group spoke about the Foundation’s various activities, as well as the plans for the future. “Going into the next century, we have four verticals – education, healthcare, sports and environment. When the opportunity arises we will expand into other initiatives to benefit the community,” he said.

Meenakshi Murugappan proposed the vote of thanks.

About the AMM Foundation

Established in 1924, with the inauguration of the AMM Hospital in Pallathur, Sivaganga, the AMM Foundation now manages several institutions and projects across India. Under the healthcare division, the Foundation manages five hospitals – AMM Hospital (Pallathur), Sir Ivan Stedeford Hospital (Avadi, Chennai), AMM Arunachalam Hospital (Nellikuppam, Cuddalore), Valliammai Achi Hospital (Kadayalumoodu, Kanyakumari) and Coromandel Hospital (Kakinada). In addition to this are mobile health vans in six remote locations in India.

The Foundation also manages five educational institutions – Murugappa Polytechnic College (Avadi, Chennai), Sir Ramaswamy Mudaliar Higher Secondary School (Ambattur, Chennai), Vellayan Chettiar Higher Secondary School (Tiruvottiyur, Chennai), TI School (Ambattur, Chennai) and AMM School (Kotturpuram, Chennai). Apart from these institutions, the Foundation also enables higher education support through the AMM Murugappa Chettiar Centenary Scholarship programme; and the reach of practical science education through the mobile science van and the Murugappa Science Centre in Sivaganga and Pudukottai districts in Tamil Nadu.

Utilising the power of sports to create progressive change, the Murugappa Youth Football Academy is a world-class training facility aimed at underserved communities.

To bring water back to the area, the Foundation has also recently begun a water rejuvenation project called Nanneer in the Sivaganga region. Currently seven water bodies have been restored under this project.

GenAI spending by banks to reach $85 billion globally by 2030: report 

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A report predicts a significant surge in banks’ spending on generative AI (GenAI), reaching $85 billion by 2030 from the current global expenditure of $6 billion in 2024, indicating a remarkable 1,400% growth.

The report by Juniper Research suggests that major banks will embrace generative AI services to enhance user experiences. This adoption is expected to result in more personalized services and improved offerings, all achieved at a lower cost.

“Using AI at the heart of operations will enable banks to provide a differentiated and personalized user experience, while reducing costs. By not making AI a priority today, banks risk losing ground to competitors,” said research co-author Nick Maynard. 

Generative AI platforms, capable of learning patterns and structures from training data, can generate various forms of content, including text and images.

The study indicates that generative AI will bring significant transformations to banks, facilitating personalized spending insights and simplifying access to customer trends. The report highlights a growing trend where banks are shifting towards an AI-centric strategy, recognizing its importance in effectively competing in a rapidly evolving banking landscape.

“Banks must understand investment now is vital to GenAI, as this can ensure that banks have enough time to build the highest-value use cases, such as GenAI’s use within customer services and back-office roles,” the report mentioned. 

Such investments in generative AI will empower banks with a competitive edge by lowering costs and aligning with evolving user expectations for enhanced experiences.

Zenzo Health Redefines Emergency Medical Care with Innovative Solutions

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At the forefront of innovation, Zenzo Health operates in 15+ states with a strategic deployment of 150+ ambulances across various corporate projects. This ensures a reliable and swift emergency response for all employees within project sites. The recent introduction of the Advanced 5G Enabled Emergency Ambulance underscores Zenzos commitment to leveraging technology for real-time data transmission and top-tier patient care.

Zenzo Health Redefines Emergency Medical Care with Innovative Solutions

Mr. Praveen Menezes, COO of Zenzo Health, shared his insights into the evolving emergency medical care industry, stating, “Emergency medical care is not just a service; its a lifeline that connects communities, corporations, and individuals in times of distress. At Zenzo Health, we believe in redefining the standards of pre-hospital care through cutting-edge technology, personalized wellness programs, and a commitment to accessibility. Our vision is to create a seamless and responsive medical concierge for the corporates transcending geographical boundaries. Zenzo leverage from the vast experience of the parent company Ziqitza Healthcare Ltd which has experience of operating over 5000 ambulances and served over 50 million patients in India in last two decades.”

Sweta Mangal, Director & CEO of Zenzo Health, emphasized the broader scope of their initiatives, stating, “At Zenzo, we recognize the critical role we play in ensuring the pre hospital care for corporates, warehouses, e-commerce giants, manufacturing companies or educational institutions and housing societies. Our focus extends beyond immediate emergency response to encompass comprehensive corporate health solutions, preventive healthcare, and community outreach through CSR projects for our clients through the bouquet of services.”

Zenzo Healths commitment to corporate well-being is evident in its comprehensive suite of corporate health solutions. Serving 100+ clients and covering 5lac+ employees across India, Zenzo provides on-site medical rooms, ambulance subscriptions, specialized event ambulance services, and CSR camps-ensuring a secure and health-conscious work environment.

Mr. Praveen Menezes further elaborated on their corporate health initiatives, stating, “The workplace is not just a location; its an integral part of our lives. Recognizing this, we offer a range of corporate health solutions prioritizing employee safety and well-being. From on-site medical rooms to advanced 5G-enabled ambulances, we are committed to fostering a culture of health within organizations.”

Zenzo Healths Advanced 5G Enabled Emergency Ambulance is a game-changer. Equipped with cutting-edge 5G-enabled devices, the ambulance ensures real-time health data collection, continuous monitoring of patient vitals, and efficient collaboration for multidisciplinary consultations. This approach maximizes the “Golden Hour” for better patient outcomes.

Sweta Mangal, Director & CEO of Zenzo Health further highlighted the unique features of the 5G ambulance, stating, “Our 5G-enabled ambulance not only enables treatment during transit but also facilitates real-time video conferencing with remote medical experts. This ensures immediate access to specialized consultations, continuous monitoring, and proactive pre-arrival emergency room support.”

Looking forward, Zenzo Health is poised for substantial growth, fostering close collaborations with major hospitals, enterprises, and OEMs. The company is gearing up to deploy an additional 350+ ambulances and hire 700+ employees this year, fortifying its network and expanding its reach. This strategic move will facilitate the introduction of advanced medical solutions customized to meet corporate needs. In line with this expansive initiative, Zenzo Health underscores its commitment to excellence by prioritizing ongoing training programs for its medical crew and teams specializing in emergency care. With a dedicated focus on enhancing the skill set of its personnel, the company ensures that its team is well-prepared to deliver top-notch emergency medical services.

Zenzo Health aspires to be a Medical Concierge for corporates, offering personalized and comprehensive healthcare solutions. This commitment to providing tailored medical services echoes throughout Zenzos initiatives, reinforcing its position as a leader in the dynamic and critical field of emergency medical care.

About Zenzo

Zenzo Health is a trailblazer in the emergency medical care industry, dedicated to positively impacting lives. Focused on holistic well-being, cutting-edge technology, and personalized healthcare solutions, Zenzo Health is setting new standards for pre-hospital care and corporate health solutions.

Namdev Finvest secures $15 million equity funding from impact investors 

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Namdev Finvest, a non-banking finance company (NBFC), secured $15 million (approximately Rs 125 crore) in an equity funding round. The funding came from British International Investment, Incofin India Progress Fund (an existing investor), LC Nueva, some employees, and the promoters.

British International Investment and Incofin invested Rs 25 crore each, and LC Nueva invested around Rs 10.6 crore, as stated by the company.

This round has taken the overall funding in Namdev to around $22 million. 

Namdev Finvest, headquartered in Jaipur, primarily operates in Rajasthan, constituting 80% of its business. However, the company is currently in the expansion phase, targeting operations in Gujarat, Madhya Pradesh, Delhi, and Uttar Pradesh.

“We intend to use the money that we have raised mainly to fuel our lending operations, support geographical expansion and invest in technology,” said chief executive officer Jitendra Tanwar. 

Namdev Finvest specializes in providing small business loans and is diversifying into green financing with the recent injection of funds. The company plans to finance electric three-wheelers, extend credit to firms involved in developing infrastructure within the electric mobility ecosystem, and offer solar loans for both commercial and residential purposes.

“We are focused on tier-three and -four locations and serve customers who are not catered to by traditional banking channels. Hence, we also have a strong branch-led business model,” Tanwar said. 

Tanwar mentioned that 85% of its Rs 1,000 crore assets under management are allocated to the MSME business, with the remaining portion dedicated to the green financing sector. 

Looking ahead to FY25, Namdev Finvest aims to boost its assets under management to Rs 2,500 crore. The company’s strategy involves establishing branches in the newly targeted states, increasing its branch count from the current 110 to 150 by FY25.

“Through this commitment, we are able to not only help improve access to credit for more underserved MSMEs in Tier II and Tier III cities, but also promote sustainable economic growth through Namdev’s new green loan product for EV and solar products,” said Srini Nagarajan, managing director and head of Asia at British International Investment.