Taj Group to expand its portfolio to 300 hotels by FY 25 with steady EBITDA margins

May 13, 2023

Indian Hotels Company Limited (IHCL) reiterated its commitment to becoming the most recognizable and profitable hotel company in South Asia by 2025–26 after evaluating the progress of the ‘Ahvaan 2025’ strategy’s first year. By 2025–2026, the company plans to increase the number of hotels in its portfolio from the present 263 to 300 by keeping the portfolio’s mix and EBITDA margins constant.

The Ahvaan 2025 strategy aims to create value by growing its reimagined businesses, restructuring its portfolio, and reengineering its existing business. The hotel operator wants to retain a 50:50 mix of owned and managed or leased assets in its portfolio while expanding it. It also wants to keep its EBITDA margins around 33%, with a 35% EBITDA share from new business and management fees.

Explaining the Ahvaan 2025 strategy, Puneet Chhatwal, managing director and chief executive officer, IHCL, said, “Ahvaan 2025, our comprehensive strategy to be an iconic and profitable hospitality ecosystem, has witnessed a strong start. With four consecutive quarters of record financial performance, the company achieved an all-time high PAT of over INR 1,000 crores and maintained zero net debt status.

In the last 12 months, IHCL expanded its portfolio to 263 hotels and attained an ideal portfolio mix of 50:50 between owned or leased hotels and managed properties.”

“With its reimagined brandscape, industry-leading brands and operational excellence, strong footprint across 125+ cities, as well as the unwavering trust of guests and dedication of all colleagues guided by the ethos of Tajness, IHCL is well poised to deliver on this vision.”

IHCL was able to increase its margin by 15.2 percentage points and raise its revenue by over 20% by re-engineering its traditional businesses. It established a new Indian restaurant concept called Loya, debuted the international Italian brand Papermoon in Goa, and extended House of Nomad and 7 Rivers there.

‘Ginger’ reached a portfolio of 85 hotels as part of the ‘reimagining businesses’ strategy across brands, and it announced a PBT of INR 48 Crores going profitable for the first time. TajSATS, a market leader in airline catering, recorded a PBT of INR 107 crores and an all-time high EBITDA margin of 19.7%. Am Stays & Trails, a well-known provider of homestays, steadily expanded until it had 114 properties in its portfolio.

IHCL announced in a statement that Qmin, its culinary platform, has expanded to include a variety of formats, including the all-day dining at Ginger Hotels, and that it currently has 34 outlets.

By ‘restructuring’ the portfolio, IHCL achieved a 50:50 mix between its owned or leased and managed hotels with the signing of 36 hotels.

Giridhar Sanjeevi, executive vice president and chief financial officer, IHCL, said, “The outlook for the hospitality sector is buoyed by demand continuing to outpace supply. IHCL will seek to tap the strong potential for deeper penetration in emerging cities through prudent capital allocation.”

‘Zerodha won’t fire anyone because of AI’: CEO Nithin Kamath shares details about company’s new policy

BRL Editor

May 12, 2023

Zerodha said it would retain employees even if artificial intelligence eliminates some positions as the AI wave picks up steam. The remarks were made amid repeated warnings that new advancements could eliminate 300 million full-time employment. According to CEO Nithin Kamath, the new internal AI policy was developed to alleviate concerns about job loss/AI.

“We will not fire anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant,” he reiterated.

Highlighting predictions he had made two years ago, Kamath said that AI was finally in a position to “take away jobs and disrupt society”.

“AI on its own won’t wake up and kill us all (for a while, at least!). The current capitalistic and economic systems will rapidly adopt AI, accelerating inequality and loss of human agency. That’s the immediate risk,” he added, quoting Dr K – the company’s “man behind the scene”.

The CEO claimed many companies would probably “let go of employees and blame it on AI” soon. In turn, the organizations would earn more, and shareholders would become richer – worsening wealth inequality.

“In today’s capitalism, businesses prioritize shareholder value creation above stakeholders like employees, customers, vendors, the country, and the planet. Markets incentivize business leaders to prioritize profits over everything else; if not, shareholders vote them out,” he added.

In May, a study found that the Indian job market would likely experience a 22% turnover over the following five years, with the top rising opportunities coming from the data, AI, and machine learning areas. In the meantime, the most recent Future of Jobs report from the World Economic Forum stated that 69 million new jobs are expected to be generated and 83 million eliminated by 2027, with the global job market turnover projected at 23%.

PromotEdge wins comprehensive Digital Mandate for Tea Junction from the house of Ambuja Neotia

BRL Editor

May 12, 2023

New Delhi, India 12th May 2023 – PromotEdge, a leading full-service marketing and advertising agency is thrilled to announce its partnership with Tea Junction, one of the most popular chai and snack destinations in East India, for its comprehensive digital mandate. This collaboration aims to amplify the brand’s reach, enhance customer engagement, boost sales, and create compelling content connecting with the audience.

Tea Junction, one of the first organized tea and snacks brands in East India, has been loved by the audience since its inception in 2004. With over 50 outlets across Eastern India, the brand has established itself as a frontrunner in the quick-service restaurant industry.

The brand is expanding its horizon and foraying into new territories like Bihar and Assam. PromotEdge will be responsible for the digital outreach program, ensuring the brand reaches the correct audience. PromotEdge, with its expertise in delivering innovative digital marketing solutions, will work closely with Tea Junction to develop and execute tailored strategies for its social media management. Additionally, PromotEdge will help Tea Junction expand its reach through data-driven campaigns and content marketing that resonates with the brand’s target audience.

“As the CEO of PromotEdge, I, Saurav Agarwal, am delighted to announce our new partnership with Tea Junction, a renowned brand that has become an integral part of Kolkata’s culture. For nearly two decades, Tea Junction has been serving the best tea, offering the perfect place for adda and encapsulating the city’s joyous spirit, which every Kolkatan can relate to.

At PromotEdge, we are committed to utilizing our expertise in marketing to boost Tea Junction’s brand visibility and enhance its position as a market leader. We will develop engaging and innovative content that captures the essence of Tea Junction, its rich history, and its connection to Kolkata’s culture. We look forward to working together to achieve their marketing goals and showcase the unique charm of this beloved brand to the world..”

“We are confident that this collaboration will elevate our online presence, help us connect with our audience in new and engaging ways, and provide us with high-quality content that showcases our unique offerings,” said Subhasis Santra, Business Head, Tea Junction.

“PromotEdge’s creativity and technology’s expertise make them the perfect partner for our brand,” said Subhasis Santra, Business Head, Tea Junction. “We are confident that this collaboration will elevate our online presence, help us connect with our audience in new and engaging ways, and provide us with high-quality content that showcases our unique offerings.”

About PromotEdge

PromotEdge is a full-service digital marketing and advertising agency that empowers brands with innovative, results-driven solutions. With a diverse clientele ranging from start-ups to established businesses, PromotEdge is committed to delivering exceptional outcomes through strategic planning, creative ideation, meticulous execution, and compelling content creation.

About Tea Junction

Tea Junction is a leading chai and snack destination that offers a wide array of tea-based beverages and delicious snacks to suit every palate. With a focus on quality, taste, and innovation, Tea Junction has been serving the people of India since 2004 and has grown to over 50 outlets across the country.

For more information about PromotEdge, please visit their website:

https://www.promotedge.com/in

For more information about Tea Junction, please visit their website:

https://www.theteajunction.co.in/

AmiCare Hospital, led by Dr. Himanshu Gupta, join forces with Abhinav Bindra Foundation

BRL Editor

May 12, 2023

The program is an initiative for spreading awareness of sports injuries while offering free care to young, underprivileged athletes.

AmiCare, a well-known orthopedic and multispecialty hospital in Ghaziabad, has partnered with Abhinav Bindra Foundation Trust (ABFT) to secure the careers of underprivileged young athletes via adequate counseling and treatment. The collaboration intends to give injury prevention training to coaches and free OPD check-ups to sports academic students. The hospital has already been associated with various sports institutes such as Nehru Sports Stadium (Ghaziabad), Noida Football Club (Noida), and Ghumanhera Risers Academy (Delhi) since August 2022

Speaking on the tie-up, Dr. Himanshu Gupta MS. MCh Orth, a Joint Replacement, Arthroscopy, and Sports Injury Specialist, & the Founder of AmiCare Hospital, stated, “In my 15 years of practice, I have treated many ACL, Shoulder, Sports, and Multiligament injuries during this time I found out that there are many athletes who do not receive sports injury treatment for a variety of reasons, including treatments that are unknown, inaccessible, lack of understanding, and their socioeconomic status. All of this inspired me to do something good for society, so I established a Sports Injury Centre to treat athletes by planning outreach programmes by visiting different sports academies such as Nehru Nagar Sports Stadium, Ghaziabad; Noida Football Club; Ghumanhera Risers Academy, Delhi; to guide them to prevent injuries while playing. In August 2022, we launched our sports injuries prevention programme, where we offered consultations on injury prevention and wellness guidance to various sports academies. Through this programme, we became associated with many academies and well-known sports personalities like National Sports Coaches. To spread this initiative, we partnered with ABFT and became one of their few Ghaziabad affiliates. We are hopeful that with the help of the AFBT, we will be able to spread the reach of our effort to more athletes.”

Sharing a recent experience, he added, “During a training programme, there was a patient named Mr. Mohit Lamba, a football player from Delhi, suffering from an ACL rupture. Unfortunately, Mohit’s family was unable to pay for his surgery, and it seemed like his dream was coming to an end until he contacted us. Mohit is still recovering and will soon be able to return to the football ground with renewed confidence and his abilities.”

About the AmiCare Hospital

AmiCare Hospital provides modern and high-quality international healthcare services in the area. By providing the highest level of patient care, the hospital combines cutting-edge technology with evidence-based, internationally benchmarked medical procedures. The Hospital is registered with Govt, of Uttar Pradesh, CMO Office, Ghaziabad.

For more information about AmiCare Hospital, please visit their website: https://www.amicarehospital.in/

U.S. weekly unemployment claims rise to highest level since late 2021

BRL Editor

May 12, 2023

The number of Americans filing new claims for unemployment benefits increased last week to the highest level since late 2021, indicating that the impact of higher interest rates on the labour market was starting to become evident.

The Labour Department reported on Thursday that initial claims for state unemployment benefits jumped 22,000 to a seasonally adjusted 264,000 for the week ending May 6, the highest number since October 2021.

Economists polled by Reuters forecasted the latest week’s 245,000 claims. As high-profile layoffs in the technology sector in late 2022 finally made their way into the data, claims peaked in March after soaring. There have also been job layoffs in industries like housing that are susceptible to interest rates.

In the second half of the year, claims are expected to go up significantly as the cumulative and lag effects of the Federal Reserve’s interest rate increases spread out in the economy. Currently, claims are below the 270,000–300,000 level that economists predicted would signal a worsening in the labour market.

With 1.6 job postings for every unemployed person in March, the labour market remained tight, far beyond the 1.0 – 1.2 range consistent with a jobs market that is not driving up inflation too high.

Since March 2022, the Federal Reserve has increased its benchmark overnight interest rate by 500 basis points to 5.00%-5.25%. Last week, the Fed hinted that it would pause its fastest monetary policy tightening campaign since the 1980s.

According to the report of the claim, the number of people getting benefits after the first week of aid—a proxy for hiring—rose 12,000 to 1.813 million in the week ending April 29. The so-called continuing claims are still at historically low levels by historical standards because some laid-off people are already looking for work.

IoT startup Doppelio raises $1.2mn in seed funding

BRL Editor

May 11, 2023

Doppelio, a leading IoT Test Automation platform provider, has raised $1.2 Million in pre-series A funding from Axilor Ventures and Mela Ventures. In 2019, Gaurav Johri, Sharmila Saha, and Rajesh Kathirvelu founded Doppelio. Fortune 1000 companies from various industries, including automotive, industrial engineering, manufacturing, and connected products, are benefiting significantly from Doppelio.

According to research organizations, more than 40 billion IoT devices will be on the market by 2026, with a strong CAGR. Even more connected endpoints are expected to exist than that. Due to this extensive scale, organizations must ensure their products operate flawlessly, reduce the likelihood of product recalls, and—most importantly—avoid any negative impacts on users. IoT application lab testing, however, is time-consuming, expensive, and still insufficient. The connected solution’s failure risk and time to market are both increased.

IoT application testing is made possible using Doppelio without physical devices. Its device virtualization, simulation and test automation capabilities enable clients to test comprehensively and quickly and reduce their dependence on field trials. Companies can test for performance with up to a million devices and a wide range of features (including FOTA, remote command and control) with Doppelio.

Gaurav Johri, CEO at Doppelio, said, “The response we are getting from large global enterprises validates that we are solving an important problem for these companies. As connected products proliferate in the coming years, we expect Doppelio to become a critical piece in the IoT ecosystem, We are excited to have Mela and Axiloras investors and this funding will deepen our investments in the product and go-to-market.”

Ganapathy Venugopal, Co-Founder & CEO at Axilor Ventures, said, “Axilor and Doppelio share a common vision of creating category-leading solutions for large global enterprises. IoT devices are becoming pervasive but testing them is still hard. This leads to slower release cycles. Doppelio’s advanced testing and simulation capabilities can help enterprises launch better products faster.”

Krishnakumar Natarajan, Managing Partner at Mela Ventures, said, “Doppelio is a great example of a company identifying a relevant and complex global problem and having a simple and impactful solution that can deliver value instantly. I am excited with the traction Doppelio is getting and am confident that they are on a path to becoming the category leaders in this space and being one of the game-changing global product company out of India.”

Microsoft skips salary hikes this year amid sharp focus on AI

BRL Editor

May 11, 2023

Microsoft Corp. said it would not raise full-time employee salaries this year due to the current economic situation. Still, it will keep its bonuses, stock awards, and promotion programmes.

The company, now firmly focused on the profitable field of generative AI, decided to fire 10,000 employees in January, following other tech firms in getting ready for a turbulent year.

“We recognize that navigating both a dynamic economic environment and a major platform shift requires us to make critical decisions in how we invest in our people, our business and our future,” a spokesperson for the tech giant said.

Microsoft has been integrating artificial intelligence technology into its Office products and Bing search engine, along with ChatGPT maker OpenAI, which received billions of dollars in funding from the tech giant.

Insider cited an internal email by CEO Satya Nadella earlier in the day that said Microsoft was helping speed up a significant technological change in the new era of Al in the face of rising rivalry and unpredictability in the global macroeconomic environment.

“We will maintain our bonus and stock award budget again this year, however, we will not overfund to the extent we did last year, bringing it closer to our historical averages,” Insider said, quoting from Nadella’s email.

Cybersecurity firm SquareX bags $6m in seed funding round

BRL Editor

May 10, 2023

SquareX, a cybersecurity company led by veteran entrepreneur Vivek Ramachandran, has raised $6 million in a seed funding round led by Sequoia Capital Southeast Asia.

The company stated that the funds would be used for browser-based cybersecurity product development, research and development, and go-to-market strategies.

SquareX offers a purpose-built security plug-in that integrates seamlessly with web browsers. The product uses cloud services to monitor and safeguard users during their online activity. It offers security against potential risks by enabling users to open URLs and files inside temporary browsers.

Web threats are neutralized by the company’s cloud-powered temporary container sandboxes in data centres before they harm users’ devices. Users can protect their privacy and identity with SquareX as well.

“We are driven by our vision to create a digital world where users can embrace the full potential of the internet, unburdened by the ever-growing threats that lurk beneath the surface. We want to enable users to envision a digital landscape where users can confidently engage with the internet without the fear of threats and attacks or having their personal information exposed. By creating a seamless, browser-integrated cybersecurity solution, we are empowering consumers to be fearless online and take control of their own security on the internet. We believe that a safer internet experience is not only possible but essential, and SquareX is dedicated to making it a reality for everyone,” said Vivek Ramachandran, Founder, SquareX.

Ramachandran has more than 20 years of experience in cybersecurity. He has built security products and identified vulnerabilities in the system, such as the Caffe Latte attack. Additionally, he founded the cybersecurity training startup Pentester Academy.

“The online world is about to get a whole lot worse as the AI revolution gets channeled towards building malicious code. Every cyber security solution out there is only probabilistically successful in protecting internet users, which is not of much comfort if they get hacked and lose money,” said Anandamoy Roychowdhary, Partner at Surge, an accelerator programme run by Sequoia Southeast Asia.

SquareX will be launching a beta version of their solution for a limited set of users beginning in May this year.

EcoSoul Home signs MoU with Indian Institute of Management Raipur to foster collaboration for Entrepreneurship Development

BRL Editor

May 10, 2023

New Delhi, 10^th May 2023– EcoSoul Home Inc., one of the largest eco-friendly product companies, has signed a Memorandum of Understanding (MoU) with the Indian Institute of Management Raipur (IIM Raipur) to promote academic and industry interactions.

The MoU was signed by Prof. Ram Kumar Kakani, Director of IIM Raipur, and Rahul Singh, Co-founder of EcoSoul Home, at an event hosted by IIM Raipur. The purpose of the signed Memorandum is to provide the framework for active collaboration that aims to cater to the need for Entrepreneurship Development incubators/Accelerators for budding entrepreneurs in the country.

“We are highly elated to have MoU signed with IIM Raipur to promote entrepreneurship and innovation in the country. Our collaboration will help budding entrepreneurs explore and expand their entrepreneurial journey. Moreover, this collaboration aligns with our mission to accelerate the world’s transition to a sustainable lifestyle,” said Rahul Singh, Co-Founder of EcoSoul Home.

Under this collaboration, active efforts will be made to provide mentorship and global networks to the entrepreneurs that will be pursued in a collaborative spirit. The collaborative areas, among others, will pertain to the management development program, live industry project, student internship, and joint entrepreneurial projects.

“We are thrilled to collaborate with EcoSoul Home Inc. to promote entrepreneurship and innovation in the country. This partnership will provide a platform for emerging entrepreneurs to learn from industry experts and gain hands-on experience through live industry projects, internships and joint entrepreneurial projects. We are confident our collaboration will help nurture the next generation of sustainable and eco-friendly entrepreneurs.” – Prof. Ram Kumar Kakani, Director of IIM Raipur.

This partnership will provide opportunities for EcoSoul Home Inc. and IIM Raipur to work together towards promoting sustainable and eco-friendly entrepreneurship in the country. In addition, the partnership will enable both organizations to leverage their expertise to foster entrepreneurship and innovation in the country.

EcoSoul Home Inc. is committed to accelerating the world’s transition to a sustainable lifestyle by producing high-quality eco-friendly, sustainable and affordable products with over 70+ products with a strong presence in the USA, Canada, India, China and Vietnam. All EcoSoul Home’s products are chemical-free, toxin-free, and fully compostable and are certified by leading global agencies.

EcoSoul has multiple sales channels, including D2C, Amazon, and Walmart.com, a Retail presence in ~2,000 stores, and a significant B2B presence. In addition, the brand works directly with more than 50 large and small contract manufacturers across India, China, Vietnam, and the USA to source products directly from farmers, manufacturers and small business operators, thus eliminating intermediaries.

About EcoSoul Home Inc.

EcoSoul Home is a USA-based corporation instituted by Co-founders Rahul Singh and Arvind Ganesan in Aug 2020 to accelerate the world’s transition to a sustainable lifestyle by creating eco-friendly goods from renewable resources. EcoSoul, the D2C marketplace, sells bio-based and eco-friendly products with the vision to give every home a greener soul. They have a wide range of products across kitchenware, dinnerware, and home essentials.

For more information about EcoSoul’s products, visit their website: https://ecosoulhome.in/

WelcomHeritage Ayatana Opens in Ooty, South India

BRL Editor

May 10, 2023

WelcomHeritage is expanding its footprint in South India by opening its latest luxury resort, WelcomHeritage Ayatana, in the beautiful destination of Ooty. This new property continues the brand’s heritage of offering modern luxury hospitality in prestigious and distinctive destinations.

“We are thrilled to continue our expansion in South India with the opening of our second property in the picturesque hill station of Ooty. WelcomHeritage Ayatana is a testament to our commitment to offering unique and authentic experiences to our guests while preserving India’s rich cultural and environmental heritage. With its stunning location, exceptional service, and luxurious amenities, we are confident that WelcomHeritage Ayatana will become a sought-after destination for travelers looking for a truly memorable experience in South India.” – Abinash Manghani, CEO of WelcomHeritage Hotels.

Visitors can pick from an outstanding range of accommodations at the resort. Traditional soft furnishings can be found in the Standard villa, which combines colonial history with modern comfort. While the Deluxe Garden Pool Villa enhances leisure with a private pool, the Deluxe Garden Cottage offers an amazing retreat from the hustle and bustle with added privacy. The Presidential Suite offers the most abundant experience possible by combining breathtaking natural beauty and majestic sights with the utmost contemporary comfort and amenities.

The resort’s signature restaurant, Tycoons, serves gourmet cuisine with flavours worldwide. Visitors can savour the delicious cuisine while taking in the tranquil hillside scenery. The Bar provides the ideal setting to unwind and relax as it looks out over the exquisite nature.

Visitors can also use the resort’s various services to make their stay memorable, including the Spa, Infinity Swimming pool, Outdoor and Indoor Games, and Fireplace.

WelcomeHeritage Ayatana, Ooty, also offers a variety of exciting excursions, such as the Botanical Garden, which was established in 1848 and provided a wonderful sense of nature surrounded by excellently maintained greenery. Visitors who want to unwind and take a boat trip to experience the serenity of the waters should stay at the Ooty Boat House. Another must-see spot is the Rose Garden, where visitors can walk leisurely among the delicate colours and peaceful aroma of roses.

Vishal Tony, the founder of Ayatana, expressed his excitement about the launch of the Ooty property, stating, “We are thrilled to introduce our first property in Tamil Nadu, which draws inspiration from the region’s colonial heritage. Our focus is to offer our guests an authentic and rejuvenating experience, creating unforgettable memories that they will treasure for a lifetime. Ooty was the perfect choice for us as it boasts stunning landscapes, tea estates, and rich cultural history. It is an ideal destination for families and couples seeking a getaway.”

WelcomeHeritage Ayatana in Ooty is a perfect destination for travellers seeking a luxurious escape amidst the peace of nature. Experience luxury that combines with a heartfelt experience and sustainable living.

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