Ramada by Wyndham to open in Ranchi

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November 29, 2022

The Ranchi-based real estate and hotel development firm Shakambari Builders Pvt Ltd has signed a franchise deal with Wyndham Hotels & Resorts to develop a new Ramada by Wyndham hotel in Ranchi, Jharkhand.

The Ramada by Wyndham Ranchi Bariatu Road is expected to open in 2025 and will be located in Rameshwaran Colony in the Bariatu Road area of Ranchi city. The hotel will have a contemporary exterior and include 66 rooms, food and beverage offerings, club facilities, meetings and banqueting spaces, and more.

“We are delighted to franchise our upcoming hotel with Wyndham Hotels & Resorts under their popular Ramada brand and bring it to the city of Ranchi and become part of its rapidly expanding hotel portfolio in India. The city has tremendous potential, and the hospitality landscape is fast evolving. We are working closely with Wyndham to build the hotel to high international standards and look forward to welcoming guests to our hotel,” said Pawan Bajaj, director of Shakambari Builders Pvt Ltd.

The hotel will employ more than 100 individuals in Ranchi with direct employment once it is operational.

TCS launches virtual quantum computing lab on AWS

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November 29, 2022

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Tata Consultancy Services launched a virtual TCS Quantum Computing Lab on Amazon Web Services (AWS) to build and test enterprise business solutions and accelerate the adoption of quantum computing. TCS plans to use the lab to develop industry solutions, set performance benchmarks for specific domains, and drive hackathons.

TCS has invested in quantum computing research for more than four years, collaborating with partners from technology providers, academia, and the startup ecosystem. This has already led to the filing of two patent applications and advancements in artificial intelligence, optimization, cryptography, and digital security. TCS also supports numerous government initiatives for quantum computing and standard bodies.

“Our customers can jumpstart their quantum computing journey by taking advantage of the investments TCS has made in this powerful technology, backed by our strong partnership with AWS,” TCS, AWS Business Unit Global Head Krishna Mohan said.

To help customers design solutions in domains like portfolio risk evaluation, secure communication ecosystems, forecasting customer behaviour, and production planning, TCS will tap on its technological expertise and use qubits.

Homesfy Realty raises $1.1mn funding from early-stage growth investors

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November 28, 2022

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The property technology firm Homesfy announced that it had raised $1.1 million from early-stage growth investors Girish Gulati, Dnyanesh Bhatavadekar, Neha Idnany, Yogesh Bagaria, and Amit Bagaria.

This funding announcement comes ahead of its expected first public offering (IPO).

The company has filed its draft red herring prospectus (DRHP) for an SME IPO to NSE Emerge. The business stated that it would use the funds to advance its plans to enter global markets and promote its expansion across several Indian cities.

The company was founded a decade ago and has its headquarters in Mumbai. It operates in four Indian cities, including Pune, Bengaluru, and Delhi NCR.

It just began the process of acquiring Mumbai-based real estate brokerage company EQServ.

“We at Homesfy, started our journey with the aim to simplify the home-buying process. With the new strengths coming in and this fund-raise, Homesfy is committed to delivering growth to its employees and investors and satisfactory services to its customers,” Ashish Kukreja, Founder & CEO at Homesfy.in & MyMagnet.io, said.

Techosmart teams up with Mo3lim for e-learning

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November 28, 2022

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TechoSmart for IT Services has partnered with the UAE company Mo3lim Electronic Educational Services to assist in developing the education system in the Kingdom of Bahrain.

According to a press release shared by Zawya, this partnership aligns with Bahrain’s Economic Vision 2030 and the digital transformation strategy.

Mo3lim and TechoSmart will collaborate on e-learning using an advanced platform that the firm will make available, according to Mr. Mohamed Alhujairi, CEO of TechoSmart. He also emphasized the significance of e-learning and how it would result in a cutting-edge, adaptable, affordable, and interactive educational system that would support conventional education.

“We share the same social and cultural values with Mo3lim, and they have shown that they have a comprehensive understanding of the region’s needs. We will work together to meet those needs and achieve our goals as effectively as possible,” said Mr Alhujairi.

According to the founder and CEO of Mo3lim, Mr. Sameer Rahmah, the collaboration would aid in developing and implementing cutting-edge technology in digital transformation.

He said, “Today we are transferring e-learning in Bahrain to accessible spaces, enabling all stakeholders in the educational system–from government and private entities to students and teachers–to benefit.”

To ensure that e-learning protocols were applied specifically customized to Bahrain’s educational system, he added that Mo3lim would try to learn about the Bahraini experience in e-learning.

Table Space bags $300mn in funding from Hill House Capital

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November 28, 2022

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Table Space, a flexible workspace operator, has raised about $300 million from Hill House Capital, a global private equity fund, to expand its operations. The investment is expected to be funded in two tranches.

“Table Space has signed some large clients recently and has been looking for funding to expand its business. The fresh funding will help them expand at a faster pace,” said multiple people aware of this transaction.

Table Space, one of the fastest-growing managed workspace operators for enterprises in India, plans to expand its presence from the current five million sq ft to eight million sq ft by the end of 2023.

“Corporates are increasingly seeing offices as both a capital-driven expenditure and a value-driven operating expense. The events of the past two years have accelerated the journey for enterprises, and many flex operators have expanded aggressively to support them in this transition,” said one of the people quoted above.

In the most recent few months, Table Space has leased more than 1.2 million sq ft of Grade-A commercial space in projects, including 1 Shobha in Bengaluru, Gigaplex in Navi Mumbai, DLF Cyber City Building 10 in Gurugram, BPTP Capital City in Noida, and Panchshil Business Park in Pune.

Currently, Table Space handles over 5 million sq ft, which has room for 45,000–50,000 people.

The company serves leading organizations like AMD, Fujitsu, and Microsoft, among others, and operates in cities like Delhi-NCR, Bengaluru, Hyderabad, Mumbai, Pune, and Chennai.

RBI rejects Paytm’s application for payment aggregator licence

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November 26, 2022

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The Reserve Bank of India (RBI) has withheld Paytm’s application to provide payment aggregator service for online merchants.

The financial services company stated that Paytm Payments Services Limited (PPSL), a 100% subsidiary of Paytm, now has to resubmit its application for authorization to provide payment aggregator service within 120 calendar days.

To comply with RBI standards, the company will also seek authorization for a downward investment in PPSL. During this process, no new merchants will be accepted.

According to the company, the subsidiary will keep doing business with existing merchants for whom the services will remain unaffected.

“This has no material impact on our business and revenues since the communication from RBI is applicable only to the onboarding of new online merchants. We can continue to onboard new offline merchants and offer them payment services including All-in-One QR, Soundbox, Card Machines, etc.,” Paytm noted in a filing with BSE.

The business added that it is optimistic that, after resubmitting the application, it will be promptly approved.

Lemon Tree Hotels signs a new hotel in Jamshedpur

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November 26, 2022

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Lemon Tree Hotels announced its latest signing–Lemon Tree Hotel, Jamshedpur. The property will be operated by Carnation Hotels Private Limited, a fully-owned subsidiary and the management unit of Lemon Tree Hotels Limited, by September 2023.

This property will have 42 well-appointed rooms, a multi-cuisine restaurant, a bar, a meeting room, a fitness centre, banquet facilities, and other public areas.

Speaking on occasion, Mahesh Aiyer, CEO – of Carnation Hotels Private Limited – commented, “A key economic and industrial hub, Jamshedpur, is a leading tier-II city with significant tourism and business potential. The signing of this hotel is in line with Lemon Tree Hotel’s vision of strengthening our presence in key domestic markets, and we are pleased to partner with Parikh Inn Pvt. Ltd. for the same. In keeping with our asset-light growth strategy, we have consistently been growing in the management space and have already signed 4 hotels this month itself and a total of 15 hotels this fiscal. We aspire to diversify our existing portfolio, not just in metros and tier I cities, but across tier II, III and IV cities and leisure destinations as well, by signing and opening more hotels to enhance our offerings to our guests as well as owners and partners in tourism and hospitality.”

Techies worry about losing their jobs any time

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November 26, 2022

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Not just those who have recently lost their jobs but also other Indian techies who currently hold jobs in the US are worried. Some of them told TOI that they have sleepless nights since the sword of sackings is constantly hanging over their heads.

“Things are changing every minute here. There is a constant sense of uncertainty because people do not know how long they’ll have their job,” said a techie from Hyderabad working in California. Another techie from the city, employed with a reputed firm in New Jersey, said, “Many companies have stopped hiring, which created competition among aspirants, even for a job at a small firm. I am seeing my friends who have been sacked recently struggling to find a job, and I am worried that I might have to go through a similar situation.”

According to most techies, mounting bills and the rising cost of essentials in the US are other issues that keep people on edge amid the uncertainty in the IT industry.

“I have been struggling to find a job for months, and things are getting tougher. We are surviving on my wife’s salary, and it has become difficult to run the household,” said a techie who recently moved to New Jersey and is on a dependant visa for now.

Many people expressed their hope that the government will lower interest rates as the price of essentials has more than doubled over the past four months.

Phoenix Group and Cypher Capital announce new projects, alliances, investments

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November 25, 2022

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The United Arab Emirates (UAE)-based VC firms Phoenix Group and Cypher Capital held a gala event this evening to announce new collaborations, projects, and investments.

The UAE-based Cypher Capital is a multi-strategy crypto investment company that offers services in venture capital, public markets, nodes, mining, etc.

Munaf Ali, CEO of Phoenix Group, launched the event by announcing a new partnership with Kevin O’Leary and O’Leary Financial Group for Cypher Capital, as well as plans to launch Fenix Games, an online gaming platform built on Web 3.

Also, he disclosed the latest $1.5 million investment by the group in Rekt Studios. In his closing remarks, he stated that Cypher Capital Group was optimistic and remained bullish about the future of Web3 and blockchain projects, despite the prevailing challenges in the cryptocurrency market.

Representatives from Fenix Games and Rekt took part in a series of fireside chats to lay out their vision.

Rudy Koch, Co-founder of Fenix Games, commented, “With the transition from retail to free-to-play, we saw the democratisation of access, resulting in the addition of billions of new gamers and over $150 billion in revenue last year alone. With Web 3.0, not only are we able to include players and creators in the value chain of games, but through blockchain-driven digital asset economies, we can further enhance engagement and open new revenue streams for developers.”

Commenting on the roadmap of Rekt Studios to develop a gaming ecosystem with “Unseen”, Co-founder and COO Alex Peterson said,” We are really excited to unveil Unseen for maybe the first time in public. Here among so many influential and inspiring people, it is a true honour to talk about our fully immersive, decentralised virtual ecosystem. This project is centred around gaming and real-world utilities, and it is a platform built by the people for the people.”

Later, Bill Qian, Chairman of Cypher Capital Group, sat down in a fireside chat with the Canadian businessman, entrepreneur, and television personality, Kevin O’Leary. Later, Canadian businessman, entrepreneur, and media personality Kevin O’Leary sat down for a fireside talk with Bill Qian, chairman of Cypher Capital Group. They announced a new $200 million fund concentrating on infrastructure and middleware investments in the Web3 market.

Bill Qian elaborated, “This partnership allows us to push the boundaries of investment by taking our strong joint experience and track record in Web3 investment and focusing on the incredible opportunities that are arising in the field of infrastructure and middleware on an almost daily basis. There are abundant opportunities available, and the creation of this fund will serve to capitalise on those opportunities and give best-in-class technology partners a boost and an opportunity to grow.”

Closing the event, Bijan Alizadeh, Chairman of Phoenix Group, said, “The value proposition for consumers at the heart of Web3—one that unifies data, functionality, and value, and in doing so, creates opportunities for new and more efficient forms of applications and asset ownership—is a powerful one.”

Celebal Technologies bags $32 million

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November 24, 2022

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Celebal Technologies, which specialises in AI, big data, and enterprise cloud, has received its first institutional funding from Norwest Venture Partners, who will acquire a minority stake in the company for USD 32 million (about Rs 261 crore).

The startup from Jaipur said that the investment would help it expand into Europe, the Middle East, and Japan and strengthen its presence in its existing markets in North America, India, and the Asia-Pacific region. The funds will be used to build solution accelerators and increase delivery capacity.

Anupam Gupta and Anirudh Kala founded Celebal, which in addition to being a partner for Microsoft Azure, employs more than 1,600 software developers and provides services to more than 100 clients globally.

Co-founder Kala, who also serves as Celebal’s CEO, expressed confidence that Norwest’s extensive business and technology services sector knowledge, combined with its global portfolio presence, will aid in strengthening and expanding the company’s operations in important markets and emerging industries like sustainability.

Leading venture and growth equity investment company Norwest Venture Partners is headquartered in the US.

For the deal, Shardul Amarchand Mangaldas served as Celebal’s exclusive financial advisor, and Avendus Capital served as the company’s legal advisor.

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