Swiggy begins food delivery services in Port Blair

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October 20, 2022

Swiggy has gone live with its food delivery service in Port Blair, the capital of Andaman & Nicobar Islands. Swiggy has partnered with popular restaurants and employed delivery employees for its first operations in Port Blair after servicing millions of customers in hundreds of Indian cities. By doing this, Swiggy gives customers a wide range of options and convenience while directly and indirectly creating local jobs in the Union Territory.

Swiggy will provide delivery from more than 50 restaurants for both locals and tourists in Port Blair.

Commenting on this launch, Sidharth Bhakoo, VP of Food Marketplace, Swiggy, said, “Swiggy has always been on a mission to provide its users with unparalleled convenience. With our entry into the Port Blair market, we are delivering this commitment to a new set of customers who are eager to enjoy our world-class delivery services. We are thrilled to partner with local restaurants and aid them in expanding their businesses, while also creating employment opportunities for the local youth.”

Funskool acquires rights to make Rubik’s cube in India

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October 19, 2022

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Leading toy manufacturer Funskool India Ltd has acquired the rights to manufacture and market the 3D combination puzzle Rubik’s cube in India, especially in general trade and e-commerce channels.

According to a statement released on Wednesday, this is the first time an Indian manufacturer has acquired a Rubik’s cube licence from Spin Master, the world’s largest provider of children’s entertainment.

The Chennai-based business previously held the licence for Rubik’s cube.

The license to manufacture, distribute and market Upwords in the country now belongs to Funskool. Upwords has now sold over 10 million copies globally.

R Jeswant, CEO of Funskool India, said, “Rolling out Rubik’s cube is a milestone for our brand as we hope to ride on the popularity and engagement it already has in the market. Being the leading indigenous toy manufacturer, Funskool strives to keep up with churning out toys and fun games to boost the Atmanirbhar goal of India.”

Cashfree introduces Issuance to allow fintechs launch prepaid cards, wallets

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October 19, 2022

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Cashfree Payments announced the launch of the Card Issuance Stack as part of their “Issuance” solution. This move aims to make it possible for platform-based and fintech companies to introduce prepaid cards and wallets for their partners, customers, and employees.

Issuance from Cashfree is a wallet and application programming interface for prepaid issuance (API). Payroll and incentive payments, customer loyalty programmes, cost management, and other uses are all possible. According to a press release from Cashfree, this API will allegedly allow businesses to introduce their own physical and virtual cards.

“We are extremely proud to launch Cashfree Payments’ Card Issuance Stack with our new solution ‘Issuance’. ‘Issuance’ with its low-code flow is yet another example of Cashfree Payments technological prowess wherein with minimal integration, Fintechs & Platforms can launch their prepaid card & wallet program in a matter of weeks,” said Akash Sinha, Co-founder and CEO of Cashfree Payments.

“As a front-runner in the API Banking & Payments space, ‘Issuance’ strengthens our focus on accelerating digital payments for India,” he added.

Issuance will provide “low-code”, and “no-code” flows for businesses to launch their personalised prepaid cards, according to the press release. Deep integration and the involvement of numerous companies are not required within a few weeks for card creation.

Businesses that create prepaid cards can include features like assigning spend limits, creating closed, open loop, or hybrid payment options, providing minimum or full KYC prepaid cards, etc.

Prepaid cards with both mono- and co-branded may be introduced by firms.

The Payment Gateway and Payouts from Cashfree Payments can also be combined with this recently announced API to create a more powerful card system.

Freshers’ hiring intent by India Inc rises 61% in HY2: Report

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October 18, 2022

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Freshers’ hiring intentions have risen to 61% from July to December 2022, according to the TeamLease EdTech Career Outlook report. This is because employers throughout India are actively seeking new employees due to the accelerated pace of technological and digital improvements.

According to the report, there has been a more than threefold increase in the share of work opportunities for freshers compared to July to December 2021, and 61% of freshers have expressed a desire to be hired for the current HY.

In addition, the survey stated that from the start of the second half of 2022, acquiring and retaining talent became a key priority for many top businesses and business leaders.

“There is a substantial increase in job openings for freshers, but many demand updated skills and experience due to the accelerated rate of tech and digital advancements globally. Breaking down the hiring intent thus helps identify the right path for students and corporations equally in the times of talent wars,” TeamLease EdTech founder and CEO Shantanu Rooj said.

The report by TeamLease EdTech Career for HY2 is based on a survey of 865 small, medium and large businesses pan India across sectors.

According to the survey, the top industries that have experienced notable growth in the current HY compared to the same period of 2021 are information technology (34%), e-commerce and technology startups (23%), telecommunication (22%), and engineering industry (20%).

Similar to this, Bengaluru (25%) has seen an increase in hiring intentions for the current HY, followed by Mumbai (19%) and Delhi (18%), it said.

Live commerce startup Shopr.tv bags $1.7mn from Y-Combinator, Kunal Shah

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October 18, 2022

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Live commerce startup Shopr.tv has raised $1.7 million in funding from institutional investors, including Beenext and Y-Combinator, and angel investors like Kunal Shah from Cred.

Entrepreneurs Akhil Suhag, Akshay Suhag, Mukul Anand, and Tushar Dhara founded the startup in 2021. The startup stated it would use the funds to strengthen its technology, product, and team.

Live commerce is a relatively new trend in the e-commerce sector where a customer can purchase a product in real-time while chatting with and interacting with the seller on a live stream.

“We have the right product and team, an enthusiastic market, and now the perfect partners who share our vision,” said Suhag, cofounder and CEO of Shop.tv.

The second half of the previous decade saw a rise in the use of live commerce platforms in China. During the first 30 minutes of Alibaba’s 2020 Single’s Day sales, Taobao Live generated $7.5 billion in transactions.

The live commerce apps Trell, Simsim, and Bulbul, are all available in India. Flipkart, owned by Walmart, jumped on the live commerce bandwagon earlier this year, becoming one of the biggest e-tailers.

Flipkart is aggressively engaging in live shopping streams on its app with social media influencers and placing a significant wager on the future of live commerce.

On its platform, it has also developed a “feed” similar to the one on the photo and video-sharing app Instagram, where prominent influencers can be seen presenting various fashion items that can be purchased directly from the feed.

Amazon, a competitor of Flipkart, introduced “Amazon Live” during the just-ended festive sale, allowing content creators who debuted products to engage with customers in real-time, conduct polls and provide discounts.

By 2026, live commerce could account for 10 to 20% of all e-commerce sales, according to a McKinsey report. By 2025, the live commerce market may be worth $5 billion, according to a RedSeer report.

Along with Groww’s Lalit Keshre and Afore Capital’s Venky Karnam, angel investors Locus Ventures, Shiprocket, Goodwater Capital, and others invested in Shopr.tv during the seed investment round.

Rise in NRI investments promising indicator for real estate industry

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October 18, 2022

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The number of NRI investments in the real estate market has increased, which has broadened the consumer base for developers and encouraged them to upgrade their projects to keep up with rising living standards around the world. According to Anurag Goel, Director of Goel Ganga Developments, corporate culture is evolving and expanding. Scalable high-paying career prospects are growing, and the number of colleges and universities catering to multinational corporations is rising.

According to him, the growth of these interconnected variables has significantly boosted NRI’s interest in making investments and perhaps relocating to India.

NRIs have mainly shown interest in luxury homes and holiday properties in India.

“The NRI real estate investments came at a time when the Indian real estate market was slowing down. They have shown a strong interest in luxury homes and vacation properties, with the significant proportion of bookings occurring in those categories. It is also a promising indicator for the real estate industry, as it is consistently chosen as an appealing asset enticing greater and more favorable returns compared to any other investment,” said Suren Goyal, Partner, RPS Group.

The highly significant attention of NRIs has benefited considerably from the well-connected habitat and recent and ongoing infrastructure growth.

“Attempting to establish connections with the native land and a chance to experience a similar lifestyle, as well as exchanges with individuals who share a similar social and cultural fabric and identity, have all played a significant role in the phenomenal growth of NRIs in the real estate sector,” said Ankit Aggarwal, MD, Devika Group.

Immovable property is valued as an investment in India.

Kineco Exel India expands production to boost hiring

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October 17, 2022

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Kineco Exel Composites India, a joint venture between Kineco Group and Finnish firm Exel Composites, has expanded its manufacturing facilities in Goa and has five production lines at Pilerne. Shekhar Sardessai, the founder and managing director of the Kineco Group, stated that the company seeks to increase its footprint in the transportation, wind power, and telecommunications sectors in India and globally.

“This expansion will lead to further employment and investment. It will be an investment of several million dollars, and we will touch 2000 employees soon,” he said.

“There is a revolution in the market to be green. Kineco Exel will play an important role to ensure that we are able to offer solutions in wind energy so that our clients can generate energy more efficiently. We are positioned in a market which is rapidly growing,” said Sardessai.

He said the business would focus on technology enabling emission reduction and consequently benefit shareholders.

“In the last one year, we expanded production from existing four lines to five lines. We have started working with new customers after fine tuning the product,” said Sardessai.

“The first year of operation saw the core attributes of a successful joint venture come to life,” said Mikko Rummukainen, chairman of Kineco Exel Composites and chief financial officer of Exel Composites.

Indonesia e-commerce group Blibli plans up to $528mn IPO next month

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October 17, 2022

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Indonesian e-commerce group Blibli, backed by one of the country’s giant conglomerates Djarum Group, plans to launch an initial public offering next month to raise as much as 8.17 trillion rupiah ($528.29 million), the company said.

In a share sale offering scheduled for Nov.1-3, Blibli’s operator, PT Global Digital Niaga, stated in a prospectus that it planned to sell up to 17.77 billion shares, or 15% of the company’s entire capital, at a price range of 410 to 460 rupiah each.

The listing plan comes after the $1.1 billion IPO of GoTo Group, the largest tech company in Indonesia, and the $1.5 billion IPO of competitor BukaLapak.

Blibli will use the rest as working capital to expand its platform, with 5.5 trillion rupiah going toward repaying bank loans.

#Blibli #ecommerce #Indonesia #IPO #shares #DjarumGroup #funds #GoToGroup #BukaLapak #IndiaNews #Keralanews #Kerala #BusinessReviewLive #BRL #Keralabusiness

Four in 10 employees happy with their current bosses: Survey

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October 15, 2022

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According to a recent survey, 40% of respondents look up to bosses who can inspire and mentor them to perform better, while 44% of the Indian workforce is satisfied with their existing bosses. According to data provided by job platform Naukri.com, employees leave their jobs for poor career growth (41%) rather than bad bosses (33%) as the main reason.

To better understand the relationship between Indian employees and their managers, a survey was conducted on the 16th of October, World Boss Day. According to the survey, the top two qualities that employees look for in their managers and bosses are good communication and listening skills (27%) and the capacity to inspire and guide (39%), among others.

4600 employees from various industries and experience levels participated in the survey, with 37% of respondents being professionals with more than 12 years of work experience. Most respondents (41%) cited poor career growth as the main reason they left their previous employers, followed by an unpleasant work culture and company policies (34%).

Interestingly, only 33% said they left their last organisation due to bad bosses.

Additionally, employees prefer bosses who provide timely feedback. More than 31% of workers prefer bosses that push them to do better and provide honest feedback on time.

Employees prefer bosses that focus on work-life balance. Since the pandemic, employees have modified their goals and expectations for their workplaces, in addition to being accustomed to working from remote locations. Various advanced preferences and workplace trends have emerged due to this disruption. Most employees prefer bosses prioritising preserving work-life balance because they believe it is more important than big compensation in today’s workforce.

Signum Hotels signs agreement with London-based 360Stays

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October 15, 2022

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Signum Hotels, a hotel management company in India, announced a management agreement with London-based 360Stays. Signum Hotels will manage the 325 serviced residences that 360Stays operates across 39 different UK sites as part of this deal.

From studio apartments to spacious six-bedroom homes, 360Stays provides a variety of serviced accommodations across the UK. Following the management contract, Signum will manage all 360Stays properties in the UK under the rebranded “360Stays by Signum” brand. Starting on October 1, 2022, the management agreement was in operation.

Mehul Sharma, founder & CEO of Signum Hotels & Resorts, commented on the development, “I am quite thrilled by this alliance. This will further strengthen Signum’s vision of expanding in key global markets. The Company will continue to expand across the UK, India, Canada, and Dubai.”

360Stays operates fully serviced apartments across multiple locations in the UK, including Birmingham, Dorking, Eton, Hampton, Harrow, Heathrow, Leicester, Oxford, Reading, Southall, Wembley and more.

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