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magicpin named fastest growing technology company in Deloitte Technology Fast 50 India 2023; attributes its success to rapid growth

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magicpin-local savings super-app and India’s largest hyperlocal startup, today announced that it featured on the list of the Deloitte Technology Fast 50 India 2023, which awards the 50 fastest growing technology companies in India. Rankings are based on percentage revenue growth over three years. This recognition underscores magicpins remarkable growth, innovation, and impact in the hyperlocal space.

magicpin team honored with Deloittes Technology Fast 50 India 2023 award in Bengaluru

Deloitte Technology Fast 50, over the years, has become one of the most aspirational and coveted recognition for tech entrepreneurs of the nation. The list comprises some highly competitive, new-age, agile businesses that are not only focusing on revenue and growth, but are also resolving numerous societal challenges, including issues of sustainability, financial inclusion, medical technology, et al.

“We are thrilled and honored to be recognized among Indias fastest-growing technology companies by Deloitte. We have grown 2.5x in the last 15 months with 10 million active users and have plans to achieve $12 billion GMV by the end of 2024. This achievement is a testament to our teams hard work and relentless commitment to growth,” said Anshoo Sharma, CEO & Co-founder of magicpin.

“Achieving sustained revenue growth over three years is a tremendous achievement. Attracting enough customers to attain such fast growth makes a strong statement about the quality of a company’s product and its leadership. magicpin’s phenomenal growth puts it in excellent company,” said Peeyush Vaish, Partner and TMT Industry Leader, Deloitte Touche Tohmatsu India LLP.

The company’s sophisticated tech allows its 5 lakh+ listed merchants including majority of local retailers to attract new customers and boost sales. For customers, magicpin allows discovery around the location and offers discounts, saving options throughout the year on prominent categories such as 10,000+ fashion stores, 2,000+ fine dining restaurants, grocery, pharmacy etc. Earlier this year, magicpin joined ONDC and has become the biggest seller app on the network. With food delivery as the prominent category, magicpin crossed 10 lakh orders during the World Cup under the ONDC umbrella.

Deloitte Technology Fast 50 India programme selection and qualifications

The Deloitte Technology Fast 50 India programme, which was launched in 2005, is conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), and is part of a truly integrated Asia Pacific programme recognising India’s fastest growing and most dynamic technology businesses (public and private) and includes all areas of technology – from internet to biotechnology, from medical and scientific to computers/hardware. The programme recognises the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years.

EV financing platform Finayo raises Rs 16-Cr funding 

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Finayo, the electric vehicle (EV) finance and asset management platform, announced raising Rs 16 crore in funding. Investors include NBFCs F Mec and CFPl, high-net-worth individuals (HNIs) and angel investors. The funding will propel technological enhancements and broaden Finayo’s reach throughout India.

F Mec International Financial Services Ltd and Choice Finserv Pvt Ltd, registered with the Reserve Bank of India (RBI) as non-banking financial companies (NBFCs), specialize in providing financial support to forward-thinking businesses, as highlighted by the platform.

Finayo said the recent funding round is directed towards encouraging the adoption of affordable electric vehicles (EVs) and facilitating accessible green financing for consumers.

“We want to utilize this funding to invest in technologies and expand our footprint across India while accelerating an inclusive network of EV financing,” said Brajendra Singh Tomar, co-founder and CEO of Finayo. 

Finayo said it plans to expand its business operations, fostering electric vehicle (EV) growth in every remote corner of the country.

Learn a Language, Discover a Destination: Airbnb and Duolingo Invite you to the Ultimate Travel Adventure

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Indian GenZ and Millennials are showing a surging interest in travel and learning languages including Japanese and Korean

Dive into the heart of Japan or South Korea by learning a new language with Duolingo and living like a local on Airbnb

Two lucky winners will get an opportunity to explore Japan and South Korea for a 7-day journey, complete with local stays and interactive language experiences

With Indias GenZs and Millennials showing surging interest in travel to Japan and South Korea, and an increased appetite to learn Japanese and Korean, Airbnb and Duolingo are launching a unique campaign that provides travelers with an extraordinary opportunity to immerse themselves in the rich cultural tapestry of these two unique countries. The program aims to reduce the language barrier that often impedes deeper cultural immersion, and equip travelers with essential language skills to enhance their appreciation and understanding of local customs and traditions.

Master a language, discover a destination with Airbnb and Duolingo

The spike in language learning on Duolingo perfectly aligns with the increased searches for local stays on Airbnb, demonstrating a desire amongst Indians to break down the language barriers and engage in more meaningful connections with the local communities while travelling to Japan or South Korea. Recent Airbnb data has revealed a significant uptick in travel interest to Japan and South Korea. We have seen an almost 75 percent growth in searches for Airbnb stays in Korea and almost a whopping 300 percent increase for stays in Japan(1). Concurrently, Duolingo has reported a notable trend in language learning preferences among Indians, with Japanese and Korean emerging as some of the most popular languages learnt on the platform. Globally, Japanese ranks as the fifth most learnt language, while Korean has jumped to the sixth position, as highlighted in the 2023 Duolingo Language Report, which tracks the worlds biggest trends in language learning. The report also indicated a remarkable 75% year-over-year growth in Korean language learning among learners in India(2). This parallel rise in travel and language interests underlines a growing fascination with Japanese and Korean cultures among Indian travelers.

Building on these trends, Airbnb and Duolingo are teaming up to transform the travel experiences to Japan and South Korea, targeting the language barrier that often impedes deeper cultural immersion. This collaboration seeks to equip travelers with the essential language skills, enhancing their understanding and appreciation of local customs and traditions.

By merging Duolingo’s language learning expertise with Airbnb’s locally hosted stays, this initiative promises a more enriched and authentic travel journey. Travelers can now navigate through these destinations with newfound confidence in their language abilities while staying at local Airbnb stays that offer them the opportunity to live like a local.

“Airbnb has always believed in promoting authentic travel and meaningful connections. Our recent data(3)shows a surge in interest among Indian GenZs and Millennials searching for stays on our platform, with Japan and South Korea being popular destinations for cultural exploration. Recognizing that language barriers can dampen the richness of travel, our collaboration with Duolingo goes beyond language learning; its about deeply immersing travelers in new cultures, creating lasting experiences and memories,” said Amanpreet Bajaj, Airbnb’s General Manager for India, Southeast Asia, Hong Kong, and Taiwan.

“At Duolingo, our mission is to make language learning fun and effective. We are delighted to partner with Airbnb to bring an opportunity that blends learning and traveling in such a seamless manner, providing people with all the right tools to allow them to have an authentic experience and overcome language barriers during travel with ease,” said George Audi, Global Head of Business Development & Partnerships for Duolingo.

Airbnb and Duolingo’s dream contest is here – Break the language barriers and unlock authentic travel experiences in Japan or South Korea

Program Details

This contest offers a chance to discover Japan and South Korea authentically by learning the local language on Duolingo before embarking on the journey and staying in locally hosted Airbnbs in each country.

Through the contest, Airbnb and Duolingo are seeking two lucky winners (with one companion each) to engage in at least a continuous 10-day-language learning streak on Duolingo, and share their interest in embarking on a culturally rich travel experience to Japan or South Korea.

During their travel, winners will get to stay at Airbnbs hosted by the locals and delve into various cultural experiences, capturing the essence of local living.

Additionally, the first 50 new Airbnb users who join the contest will win INR 5000 in Airbnb credits and a year long Super Duolingo membership.

Winners will uncover the rich and vibrant tapestry of Japan or South Korea, with newfound language skills enriching their interactions with the locals.

Starting December 11, 2023, 11:00 AM IST, through January 2, 2024, 11:59 PM IST, eligible applicants may participate in the contest by visiting airbnb.com/duolingo and completing the application form.

Participants must be a resident of India, over 18, and available to travel to Japan or South Korea between 1 February 2024 to 31 March 2024. The shortlisted winners will be contacted directly by Airbnb by January 15, 2024. For more information, see the Contest Rules.

*T&Cs apply, please check out the contest rules for all details.

About Airbnb

Airbnb was born in 2007 when two Hosts welcomed three guests to their San Francisco home and has since grown to over 4 million Hosts who have welcomed more than 1.5 billion guest arrivals in almost every country across the globe. Every day, Hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic way.

About Duolingo

Duolingo is a fun, free app for learning 40+ languages, like Japanese and Korean, through quick, bite-sized lessons. Learn a new language with the world’s most-downloaded education app!

(1)Based on searches for stays in Japan/South Korea by India guests between January 1 – September 30 2023 vs the same period last year

(3) Based on searches for stays in Japan/South Korea by India guests between January 1 – September 30 2023 vs the same period last year.

Keeping up with the gold rate trends in India with Bajaj Finance

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Gold has long held a significant place in the diverse economic landscape of India. Beyond its cultural and traditional significance, gold serves as a reliable investment avenue for millions of Indians. The volatility of global and domestic markets, along with the uncertainty of other investment instruments, has made gold a preferred choice for safeguarding wealth.

Tracking gold rates with Bajaj Finance

Therefore, keeping track of the current gold rate trends in India is essential for making informed financial decisions. With Bajaj Finance, staying updated on the gold rate today in India or in cities like Bangalore, Delhi, Pune, or Chennai becomes effortless.

Understanding the factors influencing gold price today in Bangalore, and in other cities in India, helps investors and borrowers in making informed decisions, timing purchases or sales, and mitigating risks. It ensures optimal portfolio diversification, aligns with economic indicators for broader insights, and enables long-term investment planning, enhancing the potential for favourable outcomes in gold investments.

Here are some of the key factors influencing gold rates in India:

Global gold prices: The fluctuation of international gold prices significantly influences local rates. When global gold prices rise or fall, this trend often reflects in the prices.

Currency exchange rates: Changes in currency values, especially concerning the Indian Rupee against the U.S. Dollar, can notably impact the per gram gold rate in India. A weaker rupee against the dollar often leads to higher gold prices in India and vice versa.

Demand and supply: Local demand for gold jewellery, coins, and bars, alongside the overall supply of gold available in the market, directly impacts prices in India. Increased demand or limited supply tends to raise gold prices, while reduced demand or surplus supply can result in price drops.

Inflation: Economic conditions, particularly inflation rates, have a substantial effect on the value of gold as a safeguard against inflation in India. In times of higher inflation, gold often serves as a preferred investment, causing its prices to surge.

Interest rates: There exists an inverse relationship between interest rates and gold prices. Higher interest rates typically lead to lower gold prices. Conversely, lower interest rates often push gold prices higher.

Government policies: Government-imposed import duties and other regulations concerning gold can significantly impact prices in India. Changes in these policies can lead to immediate fluctuations in gold rates within the region.

Market speculation: Investor sentiment and speculative trading activities can cause short-term swings or fluctuations in gold prices in India. Speculative behaviours often contribute to temporary spikes or drops in gold rates.

Impact of gold rates on gold loans

For those considering gold loans, understanding the gold price today is crucial. Bajaj Finance offers gold loans from Rs. 5,000 up to Rs. 2 crore at attractive interest rates, starting as low as 9.50%* per annum. This makes monitoring the gold rate today important, as it directly impacts the loan amount one can secure against their gold jewellery.

When prices rise, loan amounts increase, borrowers can expect more funds against their gold jewellery. While lower gold rates can mean reduced borrowing amounts. The amount of loan offered is based on the percentage of the golds value, tied to market rates. Hence, monitoring rates can help optimise borrowing against current values.

Terms and conditions apply.

About Bajaj Finance Limited

Bajaj Finance Ltd. (‘BFL’, ‘Bajaj Finance’, or ‘the Company’), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 72.98 million customers. BFL has the highest domestic credit rating of AAA/STABLE for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/STABLE & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings.

To know more, visit www.bajajfinserv.in.

Shrinithi Capital Joining Hands with Shriram Finance Ltd. to Expand their Micro Loans Business

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Shrinithi Capital Pvt. Ltd., headquartered in Chennai and specializing in commercial vehicle and two-wheeler loans, proudly announces its recent collaboration as a Revenue Sharing Partner with Shriram Finance Ltd., a leading NBFC in India. This agreement has signed by S. Sellamani Founder & CEO of Shrinithi Capital and Simon Mahendran, Chief Business Head – Partnership Business, Shriram Finance Ltd. in Chennai.

This agreement has signed by Sellamani Founder and CEO of Shrinithi Capital and Simon Mahendran, Chief Business Head – Partnership Business, Shriram Finance Ltd.

Established in 2019, Shrinithi Capital Pvt. Ltd. swiftly commenced operations in 2020, achieving an impressive asset under management of 304.53 crores within a short timeframe. With a network spanning 50 branches and a dedicated team of over 600 employees, Shrinithi Capital has emerged as a key player in the financial services sector.

As part of its expansion strategy, Shrinithi Capital aims to increase its branch network from 50 to 80, extending operations to Kerala, Andhra Pradesh, and Karnataka. It is noteworthy that recently Shrinithi Capital opened their new regional office in Coimbatore. At present Shrinithi Capital has 5 branch offices in Coimbatore. Shrinithi Capital plans to open 5 more new branches in and around Coimbatore under this newly opened regional office.

Mr. S. Sellamani, CEO & MD, Shrinithi Capital Pvt. Ltd. said, “We are delighted to announce our business partnership with Shriram Finance Ltd. With this new business partnership, Shrinithi Capital is embarking on a new chapter in the micro business loan sector. Through this business partnership, small shop owners, small traders, self-employed people and many marginalized business segments are given access to business loans. This leads to the development of their economic status and increase in the commercial revenue of the region. We are expecting an annual business turnover of Rs. 300 crores in micro business loan segment through this partnership.”

About Shrinithi Capital Pvt. Ltd.

Shrinithi Capital Private Limited founded by Mr. S. Sellamani, a seasoned loan expert from Chennai, Tamil Nadu. The company was incorporated under the provisions of Companies Act, 2013 on 24th day of September, 2019 with the Registrar of Companies, Chennai Tamil Nadu. The Main objective of the Company is to engage in Business of financial services. To extend finance to people of all strata to purchase all kinds of Vehicles, Construction equipment, Farm Equipment and extend finance for the working capital needs. Currently Shrinithi Capital has 51 branches and 600 employees in India. The company aims to open 30 more branches across South India.

About Shriram Finance Ltd.

Shriram is a pioneer in the NBFC Industry with a strong rural presence. The Shriram Finance Limited is one of the India’s leading NBFCs, with 7.71 million (as on September 30, 2023) private and corporate customers across India. Shriram’s customers benefit from a broad range of diverse product portfolio: Fixed Deposits, Fixed Investment Plan, Commercial Vehicle Loans, Passenger Vehicle Loans, Construction Equipment Loans, Farm Equipment Loans, Two-Wheeler Loans, Gold Loans, MSME Finance and Personal Loans.

Impresario Hospitality plans to go public in 2-3 years: CEO 

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Impresario Hospitality & Entertainment, which owns restaurant brands like SOCIAL, Smoke House Deli, and Boss Burger, is considering an IPO in the next two to three years. This decision stems from the significant growth observed in the casual dining restaurant sector.

The Mumbai-based food company has ambitious expansion plans, aiming to reach a total of 100 restaurants within the next two to three years. Managing Director Riyaaz Amlani envisions achieving a revenue milestone of Rs 1,000 crore by FY26. These expansion goals align with the company’s broader strategy for growth and market presence.

Unlike the quick service restaurant (QSR) segment, which boasts several listed firms like Devyani International, Sapphire Foods, and Burger King India, the casual dining restaurant (CDR) space has limited representation. Barbeque Nation Hospitality’s listing in September 2021 was the most recent addition to this segment.

Amlani, serving as both the Managing Director and CEO, affirmed that the predominant expansion will unfold in tier-2 and tier-3 cities. 

Impresario Hospitality & Entertainment is gearing up to inaugurate its 50th outlet in Telangana on December 21. The company’s strategic focus on expanding in smaller cities aligns with its broader expansion plans.

“Next year, we should be around 70, and in another 2-3 years we are looking to touch 100,” said Almani, adding that a culmination of various factors will be fuelling growth in the CDR segment.

Presently, the restaurant chain has established its presence in key cities such as Mumbai, New Delhi, Pune, Bengaluru, Chennai, Kolkata, Chandigarh, Indore, and Dehradun. 

Significantly, the popularity of dining out is not confined to metropolitan areas but has also gained momentum in non-metro locations.

He added that the SOCIAL brand, being the flagship, is adept at adapting to evolving trends such as work-from-home, hybrid working, and the growing demand for networking spaces.

In 2022, the India Resurgence Fund (IndiaRF), an India-focused investment platform promoted by Piramal Enterprises, and global private equity major Bain Capital invested Rs 550 crore, or $66.5 million, in Impresario. 

Amlani said that the company has ample funds for the outlined expansion and would contemplate seeking additional capital only if opting for acquisitions aligns with its growth strategy.

Mehar Apparels Expands its Portfolio with Its New Men’s Jeans Collection

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Mehar Apparels, a leading name in fashion, is extremely proud to announce the launch of its latest jeans collection for men. This launch is designed to redefine men’s fashion with a blend of style and comfort. This exclusive collection features a diverse range of jeans which cater to various tastes of people. From straight-fit jeans to cargo jeans, each style is carefully crafted to provide the perfect fit and exude a distinct sense of fashion for men.

Some of the trendy and vibrant colors in this collection include dual-tone brown, bluish green, ice blue, mulberry, greenish grey, plum wide, peacock green, beige and blue, cedar brown and many more. Apart from this, the brand’s variety of styles, including the cargo style pockets jeans, patchwork jeans and spray-painted jeans are exclusively appealing to the fashionable youth. Mehar’s commitment to quality extends to the selection of colors and ensures that each pair reflects the essence of fashion. 

Om Prakash Singh, the HOD of digital and e-commerce at Mehar Apparels, expresses his excitement about the new collection by saying, “Our men’s jeans collection is proof that Mehar Apparels is dedicated to creating clothes which combine fashion and functionality. All of our denim jeans are made with responsibly sourced cotton using less water. Each pair is meticulously designed to bring out the inner persona of men. We believe that fashion should be an expression of individuality, and this collection embodies that spirit.” 

Mehar Apparels welcomes every fashion enthusiast to explore the latest men’s jeans collection on their e-commerce site. Discover the perfect blend of comfort, style, and warmth to make a bold fashion statement this season.

About Mehar Apparels

Mehar Apparels is a leading fashion brand which focuses on creating clothes that resonate with people worldwide and provide them with access to trendy and high-quality fashion without compromising on ethical and sustainable practices. The brand’s products are a celebration of diverse styles and a fusion of traditional and contemporary fashion.

Meesho registers 25,000 non-GST sellers in two months 

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Meesho, an e-commerce platform, announced that it has brought on board over 25,000 non-GST businesses in the past two months. The SoftBank-backed platform initiated the process of onboarding such businesses on October 1, aiming to include 15-20 million non-GST registered sellers.

The GST Council, in July, decided to waive the GST registration requirement for small businesses engaged in intra-state supplies through e-commerce platforms. This exemption applies if their turnover is below Rs 40 lakh for goods and Rs 20 lakh for services.

Meesho reported that non-GST sellers make up a substantial 40% of its recent seller registrations. These sellers represent a diverse range of states, including Andhra Pradesh, Assam, Bihar, Punjab, Rajasthan, Sikkim, Uttar Pradesh, and West Bengal.

A significant number of these sellers were previously engaged in business through social media platforms and their websites.

“We remain steadfast in our mission to digitise 10 million sellers by 2027, and we applaud the government’s historic decision to open vast horizons for aspiring entrepreneurs and enrich consumer experiences,” said Megha Agarwal, CXO Business at Meesho. 

This surge of non-GST sellers has led to a notable enhancement in Meesho’s product range. These new entrepreneurs have added more than 1.3 lakh new product listings, and an impressive 80 per cent of them are exclusive to Meesho’s platform, as per the company’s statement.

HDFC Life’s ‘HackInsure – 2023’ Hackathon Seeks the Power of GenAI Solutions for Life Insurance

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HDFC Life, one of India’s leading life insurers, has always been at the forefront of using artificial intelligence to re-imagine the life insurance business. The Company is leveraging GenAI to develop intelligent and personalised offerings that improve customer engagement and experience.

Vineet Arora – Chief Operating Officer, HDFC Life

HDFC Life, in partnership with Amazon Web Services (AWS) recently conducted a GenAI themed Hackathon – ‘HackInsure – 2023‘, an invite-only event for selected companies. The topic was ‘Generative AI solutions for Life Insurance‘. Out of seventeen participating companies, six were shortlisted and three (Vitt AI, LUMIQ and Raify) made it to the final round.

LUMIQ was declared the winners of HackInsure 2023. Their expertise lies in Generative AI Hyper personalized market campaign creation.

Speaking on this occasion, Vineet Arora – Chief Operating Officer, HDFC Life said, “Our heartiest congratulations to the team at LUMIQ for winning the HackInsure 2023. We look forward to working together on innovative GenAI based solutions. Our focus is to continuously improve our customer experience and we constantly look for innovative solutions to business challenges. We believe in collaborating with fresh talents with diverse perspectives to add value in developing business solutions. I would like to thank AWS for their valuable partnership and all the seventeen participating companies for their enthusiastic participation.”

SYNK Premium Men’s Shirts to Expand to 100 Stores in Tamil Nadu and Kerala

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SYNK premium men’s shirts – formals, party wear and clubwear, are sold at Rs. 1000 to Rs. 2000

Buoyed by the overwhelming response to its premium men’s shirts made of 100% pure Giza cotton, SYNK is expanding its retail presence from about 50 retail stores in Tamil Nadu to 100 stores in Tamil Nadu and Kerala within the next six months with the objective of carving a niche for itself as an affordable and sustainable readymade garment in the category of premium cotton men’s shirts.

SYNK Premium Men’s Shirts to Expand to 100 Stores in Tamil Nadu and Kerala

SYNK is conceived by Deluxe Group, a reputed textiles company with a legacy spanning 52 years of wholesale supremacy. Standing for a fusion of luxury and value, SYNK premium mens formals, party wear and clubwear come in all sizes – from S to XXL, at prices ranging from Rs. 1000 to Rs. 2000. Each shirt represents meticulous craftsmanship and ethical sourcing. Its fabric meets the strictest eco-friendly standards.

In his comments, Mr. Abdul Latheef Irfan, CEO said, “What we offer are top-notch shirts that do not compromise on quality or burn a big hole in the customer’s wallet. With SYNK, our mission is to defy the glaring mismatch between exorbitant prices and actual shirt quality, prompting a market shift toward fairness and excellence. Our position is that customers should pay for quality and not for the brand. We’re not just about shirts, but we’re about rewriting the fashion narrative. Customers can explore the full range and experience the essence of Synk’s quality, and versatile collections of formals, casuals, party wear and club wear, first-hand at their favourite textile showrooms in their city or towns across the state.”

At present, SYNK shirts are available at some of the reputed family retail stores across Tamil Nadu, including Arcot, Cuddalore, Tanjore, Mayavaram, Kumbakonam, Tuticorin, Tenkasi, Tirunelveli, Nagercoil, Tirupathur, Krishnagir, Madurai, Pollachi, Palakkad, Erode, Coimbatore, Salem, Tiruppur, Vellore, Namakkal, Villupuram, Pondy, Ariyalur and Chennai.

For more details: www.synkshirts.com 044 2536 7678.