Mahindra Finance partners with CRIF to expand credit access across India

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August 29, 2022

Mahindra & Mahindra Financial Services (Mahindra Finance), part of the Mahindra Group, announced that it has partnered with CRIF Solutions Private Limited (CRIF) to offer a seamless on-boarding experience for customers seeking loans.

According to a release from the company, Mahindra Finance would use CRIF’s StrategyOne, an enterprise business rules engine with a Forrester rating, to connect its client acquisition channels across several retail asset product lines. In addition, by combining automation and risk analysis, this association is expected to facilitate quicker loan approval decisions.

“Delivering consistent and convenient customer experiences is an all-important success metric for us at Mahindra Finance. This digital solution is a natural fit which will further improve our on-boarding experience levels for customers at the dealer channel, branch as well as the mobile/web digital channels created for customers. We are happy to partner with CRIF and their relevant product lines in this initiative,” Ramesh Iyer, VC&MD, Mahindra Finance, said.

The COO of Mahindra Finance, Raul Rebello, claims that this rule engine platform solution would ensure that the customer information we capture and consume in conjunction with bureau information in our AI-based scorecards consistently complies with our underwriting guidelines.

“This entire solution, being a cloud-based offering, will result in quicker approvals across both in-person and online channels. Holistic and extensive engagement with credit bureaus is a key agenda as we progress on our path towards a high AUM growth,” Rebello added

Wilfred Sigler, Senior Director, Market Development & Digital Solutions, CRIF India, said, “We are excited about our partnership with Mahindra Finance as we share a common goal of broadening credit access across India. Through the platform, we aim to enable the company to further expand its coverage of loans and offer a convenient and hassle-free on-boarding experience. It will help expedite the loan journey, thereby benefiting the company and `borrowers-at-large”.

The Sleep Company focuses on omnichannel growth, plans to invest Rs 40-50 cr in store expansion

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August 29, 2022

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Mattress startup The Sleep Company has set a capex of Rs 40 – 50 crore over the next two years to open its flagship stores, Harshil Salot, co-founder of the company, said.

With an exclusive store in Bengaluru and Hyderabad, the company—which originally started as a D2C mattress brand—has lately entered the offline retail market. By March 2023, it plans to open more than 25 stores in major cities like Kerala, Chennai, Maharashtra, and Gurgaon.

Though online dominates at the moment, Salot expects that offline will account for one-third of the business during the next three years. “In the longer run, we expect our offline stores to be a large contributor to our overall business,” he noted.

Commenting on the company’s market share in the highly competitive sleep mattress business, he stated that it currently holds a sizable portion of the mattress market and projects that in the coming five years, it will rise to 20 to 25% of the whole market.

The Sleep Company, established in 2019 by Harshil Salot and Priyanka Salot, sells mattresses and sleep accessories, including pillows, bed sheets, protectors, comforters, and furniture items like recliner beds and office chairs. The business intends to emphasize workplace seats in its product offering in the future.

In FY 21–22, the startup generated revenues of Rs 58 crore, and it aims to reach Rs 175 crore in the current fiscal. Salot cited the rise in e-commerce and changing customer behavior as the company’s key growth drivers.

US travel tech giant Sabre aims ‘multi-million dollar’ investment

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August 29, 2022

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Kurt Ekert, president of American travel tech giant Sabre Corporation, has planned an “incremental” multi-million dollar investment in India to tap on the huge potential of the country’s airlines and hotels. Currently, Sabre employs roughly 1,500 people at its Bengaluru IT hub. America’s largest global distribution system (GDS) provider is placing a significant amount of money on the Asian giant since India’s post-Covid travel recovery is the fastest in Asia and among the top 10 globally, where the Americas and Europe head it.

“Within a decade, India could be the third biggest travel market globally. Travel is tied to a couple of things. One is GDP performance and India is today among industrialised countries with the strongest GDP growth in the world, ahead of China for example. Second is massive inbound tourism and thirdly the dramatically rising middle class. India’s IndiGo has the largest forward (aircraft) order book in the world. India is a very dynamic technology-led travel sector. We expect India to be a large robust market for Sabre and it is going to be a major strategic investment area for the company,” Ekert said.

While not putting a number on the investment that will be made here, he said it would be a “large incremental multi-million dollar” one. “You are going to see us grow that substantially in the years ahead.”

“Our large Bengaluru facility is one of our key development centres in the world. With 1,500 plus people, this hub is focussed largely on technology transformation which is the move off the mainframe into the Google Cloud environment. This will be completed over the next two years. This is one of our key product development and innovation hubs for the company. This services Sabre and our customers globally and is the paramount evidence of our commitment to this market place. We are really just capitalising on the great talent and technology backbone that India is,” Ekert said.

Sabre was founded by American Airlines in 1960 and spun off as a separate company four decades later. “There is significant opportunity for Sabre to play a larger role in the Indian market place (for GDS). We are very focussed in terms of our content, product offering and relationship with our client base here,” he said. What is it that they are offering hotel operators and airlines in India? “We provide solutions that will drive incremental revenue to our partners.”

Talking about the headwinds still facing travel globally, Ekert said: “What we are seeing now are not demand-side issues, but supply side constraints. The travel industry (both airlines and hotels) is facing a shortage of labour. Airlines need more pilots. Airports need more ground handlers (European hubs and London Heathrow have been unable to handle the surge in demand this summer) due to these issues. A lot of people working in travel pre-Covid went on to do other things and did not return. Sourcing labour to meet the strong demand is the biggest challenge the industry faces.”

To top Covid — the “ultimate Black Swan event which saw the USD 7 trillion industry revenue going to almost zero overnight”, high oil prices and non-availability of Russian airspace to several airlines forcing them to take much longer routes on some sectors have added to the industry woes. “This has made airlines’ lives that much harder. Oil at USD 90-100 where it is today would typically have a chilling effect on airline capacity and demand. What we have seen is airline prices have remained very high. But that has not been an issue as demand outstrips supply. The yield and price environment for all airlines remains very strong,” Ekert said.

CoinDCX launches DeFi mobile app ‘Okto’

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August 27, 2022

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Indian users now have a wallet where they can access tokens from 20 blockchains and 100 DeFi protocols thanks to the decentralised finance (DeFi) mobile app Okto that cryptocurrency platform CoinDCX has launched.

DeFi utilises smart contracts using secure distributed ledgers to provide financial instruments without using middlemen like banks, brokerages, and exchanges. Users may trade cryptocurrency anytime, anywhere, owing to Okto.

CoinDCX cofounder Neeraj Khandelwal said, “At CoinDCX, we strongly believe that Web3 will lead to a decentralised new world and define the future of the internet, going beyond crypto adoption. We firmly believe that the next phase of growth for the crypto industry will not only come from exchange of value but also from applications built on the underlying blockchain technology. As the technology is maturing, builders are creating use-cases to unlock value and make the internet a more equitable space.”

Homestay owners pin hopes on Biennale, Cochin Carnival

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August 27, 2022

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Although Fort Kochi and Mattancherry, the state’s two main tourist destinations, have yet to return to normal, there are encouraging signals due to a rise in the number of foreign visitors. The Kochi-Muziris Biennale and Cochin Carnival, which will be held in December, have sparked a lot of booking inquiries, according to homestay owners, who claimed that even though there isn’t a rush of foreign visitors like there was in the pre-pandemic days, the industry is predicting a potential business season in the coming months.

In the meantime, domestic tourism is seeing a rise, particularly on weekends, and unlike before the pandemic, the industry now relies heavily on domestic tourism revenue.

Many such homestays are gradually starting to operate again after losing money. However, because domestic travellers travel on short notice more frequently than foreign tourists, most now operate like regular lodges. Additionally, unlike foreign visitors, they typically only remain one or two nights, which results in lesser revenue.

Joseph Dominic, general secretary of Homestay Owners Welfare Association Kerala and Kerala state tourism advisory committee member, said with the Covid pandemic getting less intense now and Europeans resuming their travel after a lull due to the Russian invasion of Ukraine, more tourists are expected to arrive in Kochi from September end.

“Many sectors have almost recovered from the impact caused by the pandemic but the tourism industry is yet to pick up pace. Around 600 homestays were active in and around Fort Kochi before Covid hit the state but almost 70% of the establishments remained closed for more than two years. A few owners left the sector permanently but many others are coming back by restoring their properties,” Dominic said.

Homestay owners and those who depend on the tourism sector, such as restaurants, tour guides, and laundry-service providers, are optimistic that they will do well if the Biennale and Cochin Carnival are held in their usual grandeur. If these events occur, most homestays in Fort Kochi will be booked for months. However, few people confirm their stay by paying a deposit despite making prior reservations.

Criteo launches video advertising solution in India

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August 26, 2022

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Criteo has announced the launch of a video advertising solution in India. With specific audiences, premium online video publishers with full-funnel management, and full-service support, Criteo’s video advertising solution enables marketers to measure their performance.

With the help of the Criteo shopper graph and the company’s core technology, the Criteo AI Engine, Criteo’s video advertising solution encourages brand awareness to purchase with relevant and interesting video ads, including OTT (Over-the-Top).

Marketers can choose between “Commerce Audience”, set manually, or “Similar Audience”, which is automated by Criteo AI Engine. Once the ad campaign has been optimized for in-stream, out-stream, and vertical video, Criteo AI Engine will deliver effective video campaigns to the targeted audience.

Using Criteo’s identity and buying path data enables marketers to engage with users from their initial video exposure through click and conversion. Combining Criteo’s video and performance solutions increases awareness and drive traffic through the branded display to relevant shoppers.

With access to top publishers across all platforms, channels, and formats, marketers will now be able to reach customers with video ads regardless of their video habits owing to Criteo’s commerce data, technology, and scale. In India, combining Criteo’s commerce data with audience-first solutions would help advertisers use video advertising to generate significant business results throughout the full-funnel purchasing journey.

Taranjeet Singh, managing director, SEA and India, Criteo, said, “We are very pleased to introduce the video advertising solution in India, which further solidifies Criteo’s presence as a commerce media company. Video has been considered as an awareness solution in the past, however, Criteo offers combined video advertising with performance capabilities, covering multiple touchpoints and leveraging audience-first ad solutions like in-stream and out-stream video, mobile app, web traffic, consideration, and retargeting. We look forward to further expanding and enriching our video capabilities in the future.”

ROSADO: The Tallest-Biggest-Sexiest luxury lounge and kitchen opens in Jaipur

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August 26, 2022

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August 25th 2022, Jaipur, Rajasthan: Rosado, the newest luxury lounge and kitchen in Jaipur, opens for guests and patrons in the Pink city. Rosado means ‘Pink’ in Spanish, and the luxury lounge is set to give the city’s party lovers and lifestyle enthusiasts a global menu, specially crafted beverages, stunning skyline views and an opulent ambience.

Located on the 11th floor of the Mall of Jaipur, Gandhi Path Vaishali Nagar, the 500-seater luxury lounge is at the terrace height of 135 ft., making it Jaipur’s Tallest-Biggest- Sexiest luxury lounge. With indoor and outdoor seating and multiple spaces with themed décor, Rosado is ideal for small and big events and casual dining & drinks with family and friends.

This venture marks the entry of KCCO India Pvt Ltd, helmed by entrepreneur brothers Tarun Behl and Varun Behl, into the luxury hospitality and lifestyle segment.

Tarun Behl, founder and Managing Director, KCCO Group, adds, “Rosado brings a new dimension of luxury experiences to Jaipur and we are looking at target segment coming in from Delhi and Chandigarh as well. Rosado has multiple spaces, which can cater to families, groups and party lovers as well. Our highlights are the city views from 135 ft and a global menu which our guests and patrons will love.”

Commenting on Rosado’s launch, Varun Behl, co-founder and Managing Director, KCCO Group, said, “Rosado is the first step of our brand expansion beyond restaurants and dining spaces. Jaipur is our home base and we have taken local crafts and locally sourced materials for construction, to ensure that our brand stays true to our roots and our sustainability efforts”.

Jay Kay Govind, COO, KCCO Group, says, “The menu at Rosado will be something the city has never seen before. We have brought flavours from Middle East and Morocco, South East Asia and given a modern twist to some local favourites. Especially our Magnum Platters are a must try!”

Kobid Sinha, Restaurant General Manager, Rosado, sums it up as “Jaipur has an interesting mix of history and modern lifestyle. Rosado precisely raises the bar on the city’s expanding nightlife and dining culture. We have the perfect ambience and a never-seen-before food and beverage offerings. Rosado is Jaipur’s Tallest-Biggest- Sexiest luxury lounge now.”

Rosado Jaipur is a multi-level luxury lounge and kitchen with a seating capacity for 500 guests. Spread over 55,000 sq feet, the luxury lounge is one of Jaipur’s best venues for social events and casual and fine dining with well-crafted drinks. The lounge has a modern décor with shades of gold. Different seating venues include the Rajwada section, elevated VIP section, al-fresco seating and many more to allure our guests. Rosado overlooks the city’s skyline, and the striking feature of the lounge is Jaipur 360 degrees, its rooftop deck, which at 135 ft terrace height is among the tallest buildings in the city. The lounge bar and kitchen has a food and beverage menu featuring international cuisine and crafted cocktails. Must-try dishes include the Magnum Platters and food specials from Milan to Morocco, Siam to Seoul, Mexico to Madrid and of course, our favourite Indian kebabs and curries. The beverage section boasts signature cocktails, well-stirred and shaken classic cocktails and a complete range of the best beverage brands from around the world.

KCCO India Pvt. Ltd currently has seven culinary brands under its ambit, focusing on quality, consistency, hygiene and service across all its outlets. Apart from its restaurants, KCCO India Pvt. Ltd also operates in the space of upscale catering for groups and events. KCCO India Pvt Ltd currently has a presence in Jaipur, Ajmer, Kota, and Udaipur, with a total 19 number of restaurants and culinary outlets.

Awign bags $15mn in funding co-led by Bertelsmann India, Amicus Capital

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August 26, 2022

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Gig work platform Awign has raised USD 15 million (about Rs 120 crore) in a funding round co-led by Bertelsmann India Investments and Amicus Capital Partners, the company said on Thursday. The Michael & Susan Dell Foundation (MSDF), Unitus Ventures, and Mynavi Corporation, all existing investors, also participated in the round.

According to a company statement, Awign aims to use the funds raised to expand supply and demand acquisitions, expand digital services into global markets, and improve technological capabilities.

In addition to expanding its domestic market share, the enterprise-focused gig platform plans to take advantage of India’s sizable gig workforce to provide solutions to businesses worldwide.

To complete more than 300 million jobs by2025, Awign plans to add over 500,000 active gig partners annually.

With a stellar clientele that includes companies like Infosys, Mahindra & Mahindra, Tata Group, Swiggy, Byju’s, Britannia, etc., the company has gained trust in the enterprise-focused gig ecosystem.

“The new funding will further enable us to strengthen our tech capabilities, and expand our demand and supply pool in both domestic and international geographies. While the average payouts for our gig partners have grown 2 fold in the last 24 months, the new funds will help us enable a larger pool of gig partners to find employment opportunities and earn their livelihoods in a sustainable way,” Awign Co-founder and CRO Gurpreet Singh said in the statement.

Bertelsmann India Investments, managing director Pankaj Makkar said that India’s gig economy is worth USD 20 billion with almost 8 million gig workers.

“Awign has pioneered enterprise-focused gig work solutions by addressing complex business requirements, through its network of over 1 million gig workers,” Makkar said.

Google unveils cyber security upskilling programme for 100,000 developers in India

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August 25, 2022

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Google, a leader in search and the internet, has announced a programme to upskill Indian researchers and developers in cyber security. The campaign will be a component of the business’s Cyber Security Roadshow, covering several cities throughout India and providing tools, tutorials, and mentorship on security practices for developing consumer apps and enterprise programmes.

The upskilling programme will cover two major programme areas, Android and Google Cloud, and will be aimed at 1 lakh engineers in India. The Google Cloud upskilling programme will focus on enterprise developers and security administrators, while the Android upskilling programme will serve developers creating apps for consumer use.

Saikat Mitra, the senior director and head of trust and safety at Google Asia-Pacific, citing a Norton report, said that the volume of cyber-attacks across consumer and enterprise services in India amount to over 2 lakh breaches every day. “This makes it imperative for us to improve our security standards. This can be done by identifying threats at the root level, which can help prevent the misuse of our platforms,” Mitra said.

The upskilling project may assist mainstream developers in India to become more aware of Google Cloud’s most recent developer features, according to an enterprise developer who works for a major private-sector bank in India. “For most developers in India, features of Amazon Web Services (AWS) cloud platforms are more visible and apparent. Google’s program.e may help with this.”

Google’s move comes as industry stakeholders have called attention to the need for better upskilling standards among developers in the country. Vijendra Katiyar, country manager for India and SAARC at the US-based cyber security firm Trend Micro, said that despite the rise in cyber threats and security tools, many security professionals have not been able to stay up with the standards.

Experts believe this could help businesses choose the best cybersecurity professionals. However, executives with Indian cyber security organisations claim that despite the high salaries offered to developers with cyber security skills, hundreds of job openings have remained unfilled as employers struggle to fill them with qualified candidates.

Over 70,000 cyber security jobs are still open in India as of this month, according to Siva Prasad N., the chief business officer of the staffing services firm Teamlease Digital, who made a statement earlier this month. However, in March, a report by Microsoft’s corporate vice-president of security, compliance, identity and management, Vasu Jakkal, said that over 2.5 million cyber security jobs are vacant due to the lack of adequate industry talent in India, which upskilling initiatives seek to fulfil.

In addition to the upskilling initiative, Google also announced a $2 million grant for non-profit organizations to develop cyber safety solutions for “high-risk areas” and a campaign to raise awareness of transaction safety in India.

IndiQube leases 1.5 lakh sqft office space in Ekkattuthangal

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August 25, 2022

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Ekkattuthangal has emerged as the first metro station in the city to house a massive private office space facility on a land parcel belonging to the Chennai Metro Rail Limited (CMRL).

Leading tech-enabled flex space startup IndiQube has leased more than 1.5 lakh square feet of the property where a G+11 Multi-Storey Building (MSB) is being constructed. By February 2023, it will most likely be ready for operation and have a seating capacity of more than 3,000.

Real estate analysts emphasised that the availability of metro rail connectivity has fundamentally altered the office space market, with numerous developers eyeing property parcels close to metro stations.

IndiQube recently signed the contract for the property in Ekkattuthangal that was built by BNR Estates on CMRL-leased land. It features a sizable parking lot close to the metro station that can hold 500 two-wheelers and more than 140 vehicles. IndiQube has leased the property for 12 years. The leasing agreement’s value, however, was not disclosed.

Rishi Das, cofounder and chairman of IndiQube said, Ekkattuthangal will be the largest facility of their company in Chennai. “By March next year (2023), we intend to have our first customer. We are looking at sectors such as enterprise companies including startups, offshore development centres and IT/ITES for occupancy,” he said.

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