Tier-II cities drive hiring activity in August, shows Naukri.com jobs index

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September 2, 2022

According to the latest jobs report from leading online jobs portal Naukri.com, emerging and tier-II cities in India such as Coimbatore, Kochi, Ahmedabad, and Jaipur drove the country’s job market as companies across sectors increasingly extended their talent search beyond Metro locations.

Coimbatore led the way with a 28% year-on-year increase in hiring in August, followed by Kochi with a 27% increase, while Ahmedabad and Jaipur maintained their hiring momentum with 20% and 15% growth, respectively. Except for Chandigarh (-17%) and Vadodara (-11%), other emerging cities experienced double-digit growth in hiring activity in August, according to the JobSpeak Index, which tracks hiring activity based on job listings on the Naukri.com website.

Mumbai led the charts at 21% growth in August, while Delhi/NCR, Hyderabad, and Pune remained flat. During the month, hiring activity in Bangalore dropped by 10%.

This comes when the country’s overall hiring activity has remained stable, with a 6% year-on-year increase during the month.

The insurance sector led the month’s hiring growth, increasing by 87% over last year and the seventh month. Hiring activity in the industry was highest for the 4-7 year experience band (103%), followed by 0-3 years (99%) and 8-12 years (42%). Hiring activity increased significantly in the NCR (136%) and Mumbai (129%).

“After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of stabilisation,” said Pawan Goyal, Chief Business Officer, Naukri.com. “The insurance as a sector has been flourishing since the start of this year as there has been continuous growth in hiring which is creating opportunities across experience bands,” he added.

Other sectors that showed positive hiring intent included travel and hospitality (56%), banking and financial services institutions (43%), auto and auto ancillary (29%), real estate (24%), and retail (18%).

However, hiring activity in information technology and software, the largest employment generator in the organized sector, was down 10% as companies slowed hiring due to high margin pressure, primarily caused by wage inflation. Hiring in the pharmaceutical and biotech industries fell by 3% as well.

Vodafone Idea collaborates with Maxamtech to launch gaming content

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September 2, 2022

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To keep up with evolving customer preferences, Vodafone Idea partnered with Maxamtech Digital Ventures to launch multiplayer and competitive gaming content under the brand ‘Vi Games.’

Following this collaboration, Vi Games offers over 40 competitive and skilled multiplayer games such as Express Ludo, Quiz Master, Solitaire King, Golden Goal, and Cricket League in three modes – Tournament Mode, Battle Mode, and Friend Mode, according to the telco.

This is in addition to Vi Games’ existing 1200 Android and HTML5-based mobile games across 10 genres.

Vi Games has expanded the participation opportunity for multiplayer gaming on the Vi Games by extending the service to non-Vi users.

“A Vi user can invite anybody, irrespective of whether they are Vi or non-Vi users, to play along with them,” the statement added.

Vodafone Idea customers can also earn reward coins and redeem them to play more games, participate in big tournaments, or receive exciting gifts.

“Mobile gaming is a key agenda for us to drive engagement with our consumers. We had launched Vi Games a few months back and are now extending our offering to social or multiplayer gaming which is a natural progression towards our objective of establishing Vi as a preferred destination for both, casual as well as serious gamers,” said Avneesh Khosla, Chief Marketing Officer, Vodafone Idea.

“We are confident that this new partnership will not only elevate the gaming experience of our consumers but will also take us ahead on our digital roadmap,” Khosla added.

Vodafone Idea launched its Vi Games offering in May this year in partnership with Nazara Technologies.

MobiKwik records ₹540-cr in revenues in FY22, up 79% from last fiscal

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September 2, 2022

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MobiKwik, a digital payments company, reported Rs 540 crore in revenue for the fiscal year ending March 31, 2022, a nearly 79% increase from the previous fiscal.

According to the company’s IPO draft prospectus, the company earned Rs 302.25 crore in revenue for the fiscal year ending March 31, 2021. The IPO of Mobikwik was stalled due to a larger correction in fintech valuations.

MobiKwik received approval from India’s market regulator, the Securities and Exchange Board of India (Sebi), to proceed with its Rs 1,900 crore initial public offering (IPO).

MobiKwik said in a prepared statement on Friday that it had a cash burn of Rs 72.5 crore for the year to achieve this revenue and that it was earnings before interest, taxes, depreciation, and amortization (EBITDA) was positive in the second half of FY22.

The company did not disclose its financial year’s overall profit or loss figures. According to its draft prospectus, the company had reported a loss of Rs 111.3 crore for FY21.

“The most significant milestone was turning Ebdita profitable in the second half, a rarity in the tech world which reflects our ethos of remaining at the forefront of fintech innovation, growing rapidly but with capital efficiency. With business now self-sustaining and the momentum growing, we remain confident of not only achieving our short-term financial goals but also a long-term objective of transforming into a full-service neobank,” said Upasana Taku, co-founder, MobiKwik, in a statement on Friday.

Currently, the company’s revenue is primarily generated by payments and digital financial services.

The company added nearly 22 million new users in FY22, bringing its total customer base to around 127 million.

Additionally, its digital financial services vertical accounted for 5% of the consolidated gross merchandise value (GMV) and 20% of total revenue in FY22.

“As our digital financial services continue to outpace payments GMV, we expect its salience to overall revenue to only grow with time,” said Taku.

Tortoise receives funding from Swiggy and ZestMoney founders

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September 1, 2022

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Tortoise, a Buy Later (SNBL) firm, has raised an undisclosed amount of funding in a mentors round from Sriharsha Majety, co-founder of Swiggy, and Lizzie Chapman, co-founder of fintech ZestMoney.

The fintech startup had previously raised approximately $2.3 million in a seed round of funding from Vertex Ventures, a subsidiary of global investment firm Temasek.

The current round is an extension of the seed funding round. It is being referred to as a “mentors round” because the startup has two founders as investors to help Tortoise strategize a faster growth plan, according to a statement from the company.

“This round is our mentors round, where we are raising angel cheques from category-defining leaders like Lizzie and Sriharsha and expect a few more such visionaries to join in. We are well capitalized from our seed round, and hence this is less about the investment and more about access to such inspirational leaders,” Vardhan Koshal, co-founder of Tortoise, said.

Tortoise, a fintech app founded in 2021 by Vardhan Koshal and Surya Harsha Nunnaguppala, encourages saving for large purchases. The Tortoise app allows users to save for future purchases by creating a savings plan and earning rewards. Nikhil Joy, a former vice president at ZestMoney, has recently joined the Tortoise team as a co-founder.

“I am elated to be supporting a founder that’s emerging from the ZestMoney family. I wish Nikhil and the team at Tortoise the very best as they take a complementary path to Zest towards making life more affordable for Indians,” said Lizzie Chapman, co-founder of ZestMoney.

Tortoise allows users to save for large purchases and rewards them for doing so. Inspired by Tanishq’s Golden Harvest Scheme, the savings plan offers weekly and monthly savings plans ranging from a few months to a year. In this concept, consumers can make small deposits on the Tortoise app for a specific product over a few months to a year and then use those to buy the product with guaranteed cashback up to Rs 10,000.

SNBL is gaining importance not only in India but also in the western markets such as the US and UK. “Consumerism in India is on the rise and so is the aspiration among consumers to upgrade their lifestyles. However, not all consumers want to or have the capability to pay upfront for large ticket purchases. Besides this, over 93% of Indians do not have access to formal credit and in such scenarios SNBL is the best alternative,” added Koshal.

Samsung bags private 5G deals in Korea

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September 1, 2022

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Samsung Electronics announced that it had bagged private 5G deals from three government agencies and two private institutions in Korea that operate in the energy, safety, water resource management, medical services, and medical education sectors.

According to an official statement, the deals are part of the government’s initiative to advance the country’s private 5G ecosystem by allowing non-telecom companies to build and operate 5G networks using the 4.7GHz and 28GHz (mmWave) frequencies, which are the dedicated frequency bands for private 5G networks in Korea.

“Private 5G networks will enable progressive changes across all industry verticals. Applications like digital twins, autonomous vehicles, AI, and AR are only a glimpse of the plethora of use cases Samsung’s 5G can bring to life,” said Yong Chang, Vice President of Global Sales and Marketing, Networks Business at Samsung Electronics. “We are excited to help drive the private 5G ecosystem in Korea.”

In the government sector, Samsung said it would provide advanced private 5G network solutions to Korea Electric Power Corporation, Korea Industrial Complex Corporation, and Korea Water Resources Corporation.

In the private sector, Ewha Woman’s University Mokdong Hospital and the Samsung Medical Center will receive 5G solutions from the Korean company.

Samsung will supply Compact Macro, Compact Core, and radios with 4.7GHz and 28GHz band support.

Bike Bazaar bags ₹170-cr in funding led by Women’s World Banking Management

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September 1, 2022

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Two-wheeler financing startup Bike Bazaar said it had raised Rs 170 crore of equity funding led by Women’s World Banking Asset Management (WAM) with participation from existing investors, including Elevar Equity and Faering Capital.

Elevar, who made the first investment in Bike Bazaar, still holds a large stake in the business.

The company wants to use the funds to expand its marketplace business for the sale and purchase of second-hand two-wheelers and its business in rural India.

Bike Bazaar, which was originally founded in 2017 as a used two-wheeler financing company by former Bajaj Auto executive Srinivas Kantheti and former Bajaj Finance executive Karunakaran Vadakkepat, now operates a wide range of businesses in the two-wheeler market, including a marketplace for pre-owned two-wheelers, a new electric vehicle financing business, as well as additional services like leasing and insurance. According to officials, it will also add servicing.

Before starting, the founders had spent decades in automotive and its associated financing space.

“Our strategy is to be present across the whole lifecycle of the two-wheeler,” Vadakkepat said. “For example, someone who is looking to buy a two-wheeler may want to exchange his old two-wheeler. He can avail of both the financing services and the resale service from us. We should be able to sell that old vehicle through our marketplace, or different pre-owned sales channels. We want to add value-added services like RTO transfers, insurance, etc, and over time we want to add services also. Actually, we want every business to feed on the other business so that we can leverage costs.”

He said that the company is in discussions to raise an additional Rs 80 crore and is also in advanced discussions with a foreign investor to raise an additional Rs 200–250 crore fundraising round exclusively for its EV business.

Vadakkepat stated that the company is still figuring out how to structure itself to accommodate the funding for the EV business.

Bike Bazaar claims to have a significant presence in smaller towns and over 1,000 touchpoints in over 140 cities across India. Its financing business has disbursed over 3,000,000 two-wheeler loans to date, with a cumulative gross transaction value of more than Rs 1,500 crore as of July 2022. In addition, the company has raised a total of Rs 400 crore in equity funding since its inception.

Bike Bazaar has set up multiple cash collection points to ensure loan repayment. In addition, bike Bazaar works with several banks and NBFCs to issue loans. According to Vadakkepat, the startup will typically have a 20% exposure to these loans.

“Women’s World Banking is dedicated to women’s economic empowerment and WAM is investing in Bike Bazaar’s demonstrated potential to provide accessible and affordable two-wheeler finance to financially underserved women in India, simultaneously enabling their mobility and developing their asset bases and credit profiles,” said Christina Juhasz, a chief investment officer of Women’s World Banking Asset Management.

WAM is funded by the German government’s Federal Ministry of Economic Cooperation and Development and The European Union.

Amazon expands network in Pune

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August 31, 2022

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With a new 1.25 lakh square feet “Sort Center” opening in Mahalunge in the Khed taluka, the world’s largest online retailer, Amazon India, has stated that it has expanded its sorting and delivery network in the Pune area in preparation for higher demand over the holiday season.

The company claimed that adding the 15,000 sq ft delivery facility will aid in its last-mile delivery system in the city’s southern and western suburbs, including Katraj, Yewalewadi, and Bibwewadi.

Amazon added that there are now six such facilities in Maharashtra, with a combined total of five lakh square feet of space, even if the business did not disclose the amount invested in the sort centre.

With increasing volumes expected during Ganesh Chaturthi and the subsequent festive season, Amazon also said that the expansion would enable 1.3 lakh sellers to reach customers with quicker delivery times.

In addition, Amazon has many sizable “fulfilment centres” throughout the state, notably one in Pune’s heavily- industrial Chakan suburb.

“Maharashtra has always been an important State for us, and this expansion reiterates our commitment to strengthen the local economy. This infrastructure advancement will support more than 1.3 lakh sellers in the state, and also create hundreds of work opportunities, including flexible earning opportunities, as we continue our long-term investment in infrastructure and technology,” said Abhinav Singh, director of customer fulfillment at Amazon India’s supply chain and global speciality fulfillment division.

Hero Electric to strengthen HR-driven programmes for skill building, talent acquisition

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August 30, 2022

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Hero Electric, an electric two-wheeler (e2W) company, is establishing a new R&D centre to redefine its products’ standards for features, quality, safety, and technological innovations.

Sohinder Gill, the CEO of Hero Electric, said, “The new R&D setup will be the nerve centre of our future product development incorporating the latest and the best technologies in electric two-wheelers. The R&D centre will collaborate with academia and incubators across the globe to work on mid and long-term strategies of our product.”

According to a statement, Hero Electric is also actively bolstering HR-driven talent acquisition and skill development programs through integrated and unique recruitment drives.

According to the statement, the company’s “Hero Care” programme gives people the opportunities to develop and build together by offering support at all stages of life on both a professional and personal level, from developing their skills to building their dream houses.

Manu Sharma, AVP – HR, Hero Electric, said, “Employees are our top priority as they are our brand ambassadors and torch bearers of a green future. We have created a culture that nurtures and simultaneously pushes them to flourish. We want to build a talent community to engage with potential talent and current employees.”

From Mahindra’s Pithampur plant in Madhya Pradesh, the company has already rolled out its first batch of electric scooters. Hero has revealed plans to build a second plant in Ludhiana to increase production and meet the growing demand for e2W.

StrideOne crosses INR 500 crores disbursal mark

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August 30, 2022

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StrideOne, a platform for tech-driven financial services for startups, reported that it had disbursed more than INR 500 crore after only six months of operation.

MSMEs, a sector key to India’s social and economic goals yet credit-starved, have received 85% of StrideOne’s disbursals.

“The unprecedented growth momentum we have achieved in our maiden year at StrideOne is a testament to the potential of tech-led credit distribution models. We are extremely bullish on doubling down this growth and are working towards diversifying our offerings to continue to enable India’s MSME success story,” said Abhinav Suri, Co-Founder, StrideOne.

The distribution model of StrideOne uses data to determine the efficiency of credit and promotes financial inclusion for MSMEs and startup supplier chains. Zero customer acquisition costs are another benefit of the anchor-led distribution model. In addition, StrideOne provides both partners and borrowers with a fully digital experience.

“With the advancements in tech & AI, immense possibilities across industries have emerged giving tailwinds to Indian micro-entrepreneurs and MSMEs. We at StrideOne are tapping into these advancements to democratize access to credit for these micro-entrepreneurs through fully digital, smartly designed, tailored credit offerings.” said Sameer Mahajan, Chief Business Officer, StrideOne.

StrideOne is seeking to develop new products to close credit and non-credit need gaps in MSMEs and startup supply chains, with plans to make more tech-focused acquisitions in 2022.

Gaming and Sports media firm Nazara buys WildWorks

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August 30, 2022

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Nazara Technologies, India-based diversified gaming and sports media company announced the acquisition of the US children’s interactive entertainment company, WildWorks.

Existing shareholders will sell their shares to Nazara in an all-cash deal for 100% of the company and its intellectual property. According to a press release from Nazara, WildWorks reported USD13.8 million in CY21 and USD5.8 million in H1CY22 in terms of revenues, and USD3.1 million and USD1.6 million, respectively, in terms of EBITDA.

Founded in 2003, WildWorks is one of the established game studios focused on the children’s market for ages 8-12.

The company’s CEO Clark Stacey and COO Jeff Amis, two of the founders, will continue in their current positions and lead the organization’s future expansion as part of the “Friends of Nazara” network, according to the statement.

“With its strong brand presence and talented Utah-based development team, WildWorks enables us to solidify our leadership position in the gamified learning space for kids,” said Nitish Mittersain, founder and managing director of Nazara Technologies.

“WildWorks has earned the trust of millions of families through their approach to safe social gameplay in Animal Jam, and Nazara’s global capabilities will help bring those experiences to millions more,” Mittersain added.

Stacey said, “Joining Nazara enables a new phase of growth and international reach for WildWorks and our games. We immediately resonated with the Nazara team and respect the commitment they’ve already made to kids through Paper Boat Apps and Kiddopia. We’re joining a great family, and I think our player community will be ecstatic with the results.”

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