Pride Hotels Group announces the launch of Pride Biznotel at Whitefield, Bengaluru

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May 27, 2023

Pride Hotels Group has announced the launch of Pride Biznotel at Whitefield’, Bengaluru. Pride Biznotel in Bengaluru’s vibrant Whitefield area provides a perfect blend of comfort and convenience for business travelers. The hotel meets the needs of modern professionals due to its ideal location close to major business hubs, IT parks, and entertainment venues.

Announcing the launch Satyen Jain, CEO of Pride Hotels, said, “Expanding our Pride Biznotel brand to multiple locations is a testament to our commitment to meeting the discerning needs of business travelers. With the launch of Pride Biznotel Bengaluru at Whitefield, we are strategically catering to the thriving business community in the IT hub of the city. We look forward to creating memorable experiences for our guests at Pride Biznotel Bengaluru.”

“We are delighted to launch Pride Biznotel at Whitefield, Bengaluru. This will be our second property in the city, with our flagship Pride Hotel Bengaluru located at Richmond Road. Bengaluru has earned the reputation of being the “Silicon Valley of India” due to its thriving IT industry and being home to numerous multinational companies, technology parks, and research institutions. With its strategic location, impressive decor, delectable food options, exceptional banqueting facilities, and a host of hospitality services, we are confident that the hotel will resonate with guests seeking a memorable and comfortable stay,” said Atul Upadhyay, Senior Vice President, Pride Hotels Group.

The Pride Biznotel in Whitefield, Bengaluru, will have 65 spacious rooms, a banquet hall with a capacity of about 200 people that includes a board room, Chowki, an Indian restaurant that can cater to 150 people and has a live kitchen, as well as a spa, a fitness centre, and a rooftop restobar that will soon open. The amenities in the rooms include an LED TV, a minibar, a tea/coffee maker, WiFi, a heater, individual air conditioning, and comfortable beds.

Espire Hospitality Group appoints two key leaders in their senior leadership team

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May 26, 2023

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Espire Hospitality Group announced the appointment of Sanjay Kumar as director of operations and Kunal Sabharwal as director of sales of the company.

With his unique background and extensive experience in the hospitality sector, Kumar will be instrumental in strengthening operations, streamlining processes, and improving efficiency in the organization.

Regarding operations management, Kumar has over 15 years of experience and has proven his ability to develop and implement strategic plans, optimize workflow processes, and lead efforts for ongoing improvement. Sanjay has worked with companies like DLF, Radisson Hotel Group, Accor, and Lemon Tree, and he consistently delivered outstanding outcomes by successfully managing resources, encouraging teamwork, and putting forward novel ideas.

As the director of operations, he will be responsible for overseeing the company’s day-to-day activities, ensuring seamless coordination between departments, and implementing best practices to enhance productivity and customer satisfaction. Sanjay is well-positioned to contribute to the group’s ongoing growth and success due to his outstanding leadership abilities and track record.

Kunal Sabharwal, another senior leader, joins the group as the director of sales. In his new position, Kunal will develop and implement strategic sales initiatives and drive revenue growth.

Sabharwal brings a wealth of expertise, having worked in the hospitality sector for over 20 years. Along with Accor, Hilton, ITC, Ananta Hotels & Resorts, and Radisson, he has worked with several of India’s leading hospitality brands. The sustained growth and success of Espire Hospitality Group will be significantly aided by his impressive background and track record of achievement in fostering and growing customer relationships, boosting sales performance, and exceeding revenue projections.

Capri Loans buys car marketplace CarLelo for INR 150-Cr

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May 26, 2023

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Capri Global Holdings Private Limited (CHGL), the holding company for the NBFC firm Capri Global Capital Limited, has acquired a 51 percent stake in CarLelo in exchange for Rs 150 crore. The development will help CarLelo in expanding its presence across the country.

With this additional influx of capital, CarLelo will improve its presence, services, and technology, all of which will be utilized to bring in more customers. In addition to this, it will also work to improve the relationship with its customers.

The company claims that it currently has 1,200 associates strategically placed across 34 Indian cities that connect with customers regularly and provide them with end-to-end services for all of their new vehicle-related needs. To improve customers’ digital buying and selling experiences, the company also wants to support more than 8,000 authorized dealerships in the country.

Additionally, CarLelo plans to sell between 7,000 and 8,000 new cars every month with its innovation in online new car sales, making it the preferred platform for customers looking for a hassle-free car buying experience. Also available online is a selection of 32 brands, 265 models, and 1,700 variants.

Emphasizing the company’s customer-centric approach and this acquisition, Rajesh Sharma, Managing Director & Founder, Capri Global Holdings Pvt Ltd, stated, “At Capri Loans, customer convenience lies at the core of our operations. This investment is a testament to our commitment to driving the growth of the online new car sales and financing market while empowering new-age techpreneurs to overcome existing market challenges. Through our partnership with CarLelo, we aim to cater to the ever-evolving needs and requirements of customers across the nation. Capri Loans recognizes this investment as an opportunity to foster the expansion of the burgeoning online new car sales market, all while prioritising utmost convenience in terms of financing for customers and propelling forward cutting-edge solutions within the industry.”

Gaurav Aggarwal, the visionary CEO of CarLelo, expressed his excitement about the association with Capri Loans, said, “Capri Global Holdings Pvt Ltd.’s investment serves as a resounding validation of CarLelo’s vision to revolutionize the new car selling and buying experience for today’s tech-savvy generation, ushering in unprecedented transformations in the online auto sales market. With the increasing prominence of digital sales and the anticipated rise to an 80% market share within the next two years, driven by the rapid penetration of the internet and smartphones, as well as the shifting consumer sentiments towards online purchases of high-value items, this investment will bolster our endeavours to enhance our services and facilitate seamless car transfers by leveraging cutting-edge technologies. The digital car sales realm represents an untapped and abundant market opportunity, and together, CarLelo and Capri Loans can forge new frontiers within this domain.”

Investors from 21 nations get angel tax exemption

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May 26, 2023

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The Central Board of Direct Taxes said that certain classes of persons and foreign entities had been exempted from the angel tax provision.

With the exemption from the angel tax, the move will attract foreign portfolio investors from 21 countries to engage in startups. According to a notification, the list of 21 nations includes Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Iceland, Israel, Italy, Japan, Korea, New Zealand, Norway, Russia, Spain, Sweden, United Kingdom, and the United States.

Analysts pointed out that Singapore, the Netherlands, and Luxembourg were not included in the list, although substantial investments were channelled through these nations into India.

“A limited relief has been granted to certain categories of investors such as category 1 foreign portfolio investors, pension funds, and broad-based investment funds. Even such investors may need to take a re-look at setting up SPVs for investment in India vis-a-vis investing directly to avail of angel-tax exemption. Not including Singapore, the Netherlands, and Luxembourg is surprising, considering a large number of investments are routed to India through these jurisdictions, which are important financial centres,” said Gouri Puri, partner, Shardul Amarchand Mangaldas & Co.

She added that even such investors might want to reconsider using special-purpose vehicles rather than investing directly in India to be eligible for the angel tax exemption.

The class of persons covered under the exemption includes:

Government and government-related investors like central banks, sovereign wealth funds, and international or multilateral organizations.
Agencies, including entities controlled by the government or where direct or indirect ownership of the government is at or over 75%.
Banks or entities involved in the insurance business where such entity is subject to applicable regulations in its country where it is established, incorporated, or is a resident.
Any of the following entities from 21 nations who follow the regulations of their country of origin and are:

SEBI registered Category I FPIs.
Endowment funds associated with a university, hospitals, or charities.
Pension funds created or established under the law of the foreign country or specified territory.
Broad-based pooled investment vehicle or fund where the number of investors is more than 50, and such fund is not a hedge fund or a fund that employs diverse or complex trading strategies.

Punit Shah, a partner at Dhruva Advisors LLP, said the notification was a positive start. Still, it did not apply to some significant private equity funds that invest in India through jurisdictions like Singapore and Mauritius.

“Broad-based funds are defined as having more than 50 investors,” he said. “Hence, it would be interesting to see whether this benefit is extended to such pooling vehicles making investments in India through specific SPVs located in non-specified jurisdictions.”

FedEx launches FedEx Innovation Lab to associate with early-stage startups

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May 25, 2023

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FedEx Corp has launched FedEx Innovation Lab (FIL) to cultivate and collaborate with rising early-stage digital startups in the key market of India and the wider region.

Through the FedEx network, resources, and worldwide customer base, FIL will make early-stage investments in these collaborations and provide startup companies with added value in terms of capabilities and speed to market. These partnerships will aid FedEx in broadening its advanced digital capabilities globally as it continues to modernize its business practices and product lineup to suit the demands of the modern supply chain. Global customers will gain from the alliances formed through FIL.

The first investment made by FIL is in Mad Street Den, a pioneer in enterprise artificial intelligence (AI) solutions and a computer vision and AI startup. Using its AI platform, the startup’s marketing, product, and technology teams can enhance and optimize efficiency. Their products are used in various sectors, including retail, healthcare, finance, media and entertainment, education, and more.

“India is at the core of innovation strategies for global technology leaders. Following the recent announcement of our plans to open the first Advanced Capability Community in Hyderabad, FIL further reinforces the importance we place on tapping new technologies and a wide range of talent,” Kami Viswanathan, Senior Vice President, FedEx Express, Middle East, Indian Subcontinent and Africa region said in a statement. “There is much mutual benefit that can be gained and a tremendous opportunity to help transform the global logistics industry. We would welcome any interest from innovators in India with a shared interest in our vision.”

FIL is looking for new partnerships to help develop smart logistics for everyone. India, which now boasts the third-largest startup ecosystem in the world and has risen in the Global Innovation Index rankings, is the main focus of FIL. FedEx can choose from various early-stage digital logistics companies in India to build a valuable partner portfolio. Additionally, the wider region has many prospects for collaboration and technological innovation.

“Innovation is embedded in our business strategy. As we celebrate our 50 anniversary this year, the launch of FIL is another exciting step in creating What’s Next for our customers. We are committed to using advanced technology and data-driven insights to create smarter supply chains with differentiated offerings to deliver greater value and experience for customers,” said Kawal Preet, president, FedEx Express, Asia Pacific, Middle East, and Africa (AMEA).

IHCL unveils the opening of Taj Gandhinagar Resort & Spa, Gujarat

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May 25, 2023

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Indian Hotels Company (IHCL) announced its latest offering, the luxurious Taj Gandhinagar Resort & Spa in Gujarat. This tranquil hideaway in Gandhinagar’s capital city offers a top-notch spa experience amid stunning scenery.

Mr Puneet Chhatwal, Managing Director & Chief Executive Officer, IHCL, said, “IHCL is expanding its presence in Gujarat with its debut in the capital city Gandhinagar. With the unveiling of Taj Gandhinagar Resort & Spa, we are not only fulfilling the growing demand for leisure and social events, but also putting this city on the global tourist map. Situated in close proximity to the state’s important cities, the Taj branded resort will provide a tranquil escape for guests.”

The 118-key resort is spread across six acres of lush greenery with soothing water bodies. Paintings and antiques complete the Mediterranean hacienda-style architecture, which features distinctive blue domes, imposing arches, and majestically constructed pillars. The airport in Ahmedabad is a leisurely drive from the resort. The all-day dining Palette at the Taj Gandhinagar Resort & Spa is a culinary feast, serving a variety of regional and global favourites. With its typical blends, The Tea Lounge is a haven for tea lovers. The spa café serves an excellent organic plant-based menu as part of its wellness cuisine.

At J Wellness Circle Spa, guests can embrace health with its extensive holistic practices based on India’s rich and ancient healing traditions. The spa’s amenities include twelve treatment rooms, a Turkish hammam, a dedicated Ayurveda Centre, a relaxation lounge, a sensory lounge, a meditation room, and a state-of-the-art fitness centre. The property provides activities for outdoor enthusiasts, including a squash court, badminton court, indoor games, special kids’ play area, and a swimming pool.

The resort’s 5,000 sq ft pillarless banquet hall and more than two acres of carefully manicured lawns make it ideal for perfect social events and conferences.

“We are excited to showcase the cultural richness of Gujarat, offering our guests an immersive experience that blends modern comforts with the state’s timeless traditions. We look forward to welcoming our guests with Taj’s trademark warm service,” said Taronish Karkaria, General Manager, Taj Gandhinagar Resort & Spa.

Gandhinagar, the state of Gujarat’s capital, blends heritage, history, and culture and is home to spiritually significant sites like ‘Akshardham’.

IHCL will have 21 hotels in Gujarat, including four still under construction, under the Taj, SeleQtions, Vivanta, and Ginger brands, with the addition of this hotel.

Edtech platform Ulipsu bags $3.2 Mn

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May 25, 2023

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Ulipsu, an edtech startup and multi-skill learning platform, has raised $3.2 million and closed the Pre-Series A round at $5.7 million. Participants included existing investors and HNIs from the Middle East and Canada.

The company said the round included a secondary sale of $225K for the seed investors.

Ulipsu aims to speed up its development and operations by diversifying its product line and expanding its presence in domestic and global markets. The company will also hire new talent to help with the growth surge expected in the coming year.

Launched in 2022, Ulipsu offers a plug-and-play learning infrastructure that enables schools to teach their students essential skills like art and craft, language and communication, coding, artificial intelligence, finance and entrepreneurship, and many more.

By the end of the current academic year, the company hopes to have more than 1,000 schools nationwide using their software, which is now being used in more than 200 schools in India. With expansions across the Middle East this year, the brand is also preparing to mark its identity on the global map.

B2B SaaS startup Thena raises $5M in seed funding

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May 24, 2023

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Thena, a New Delhi, India-based customer communications and intelligence platform provider, raised $5M in a seed funding round led by Lightspeed Venture Partners and First Round Capital.

The company plans to use the funds to increase its focus on product innovation and business development.

Thena offers a product that allows it to use Slack and other messaging platforms for B2B customer communications at scale. The company was founded in April 2022 by Ankit Saxena (CEO), Govind Kavaturi, Mike Molinet, and Unmukt Raizad. With software that can recognise, track, and measure customer requirements, it explicitly helps customer-facing teams manage customers via platforms like Slack. The system connects with internal tools like Zendesk, HubSpot, and Salesforce, offering data and insights into how customers interact with a company.

ADIA invests $50-60mn in Purplle at $1.1 bn valuation

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May 24, 2023

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Purplle, an online retailer of beauty and personal care products has raised $50-60 million from Abu Dhabi Investment Authority (ADIA), two people aware of the matter said.

The persons cited above, who spoke on the condition of anonymity, stated that the investment was primarily made through secondary transactions as some of Purplle’s early investors decided to exit. According to the sources, the investment was made at a valuation of $1.1 billion, which is the same as the $33 million in primary funds Paramark Ventures invested in June 2022.

One of the two persons stated that the latest investment also includes a small primary element that the company plans to employ to increase its physical footprint as part of its omnichannel strategy.

“The company wants to have a phygital (physical plus digital) presence across the key metros and tier I cities and will increase its physical touch points through its private label kiosks,” the person said. “It is also looking to acquire a couple of brands to stay in the game,” he added.

Purplle, a company that offers a variety of beauty and personal care (BPC) products, was established in 2012 by Manish Taneja and Rahul Dash. According to the company, the value of goods sold, or the gross merchandise value, was $180 million in FY22.

The company, which competes with Nykaa, saw its revenue from operations grows ₹219.88 crore in FY22, up 72% from ₹128.15 crore a year earlier, its regulatory filings show. Losses widened to ₹203.63 crore in FY22 from ₹52.18 crore in the previous year.

“The company has been able to contain its burn and is moving towards turning profitable in the current financial year. The investors are betting big on this emerging category,” the second person cited above said.

Wipro, Google Cloud expand partnership to foster enterprise adoption of generative AI

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May 24, 2023

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Wipro, an IT services company, has expanded its partnership with Google Cloud to offer advanced generative artificial intelligence (AI) capabilities. They can help companies generate new value and transform how big businesses operate.

As part of this partnership, Wipro will train 20,000 associates on Google Cloud’s generative AI technologies to “help clients realize the full potential of AI and drive secure, AI-led transformations at scale”.

The Bengaluru-headquartered firm said it would integrate Vertex AI, Generative AI App Builder, and the Model Garden collection of foundation models from Google Cloud with its AI intellectual property (IP), business accelerators, and pre-built industry solutions.

“Generative AI offers incredible opportunities ahead,” said Thierry Delaporte, CEO and Managing Director, Wipro Limited. “Expanding our partnership with Google Cloud allows us to help our clients accelerate the adoption of this technology – safely, securely, and responsibly.”

“Wipro has helped some of the world’s largest companies transform their businesses with our technology, and their investments in our generative AI capabilities has the potential to deliver new levels of innovation for customers,” said Thomas Kurian, CEO, Google Cloud.

According to the statement, Wipro will build and deploy new generative AI solutions on Google Cloud to help businesses overcome obstacles while improving consumer experiences, marketing, supply chain performance, financial modelling, workforce management, and sustainability.

Wipro will build generative AI as a fundamental solution for its broad range of consulting services, which include digital marketing, customer experience and design thinking, and financial services, as well as for its global innovation labs (Lab45), as part of the partnership.

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