Design and Construct buys The Better Co

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August 5, 2022

Design and Construct, a real estate proptech-enabled construction company has acquired The Better Co, a mid-sized construction company, raising the group’s valuation to over Rs 125 cr.

Design and Construct intends to increase its pan-India presence and diversify its service offering with the acquisition. With its headquarters in Bangalore and offices in Hyderabad, Pune, and Mysore, Design and Construct has been in the building industry since 2020.

“This is a memorable moment, and we are happy to be coming together and working under the umbrella of Design and Construct. We hope to strengthen the group by sharing our expertise and adding value to the existing basket of services,” said Fahim Alam, CEO of The Better Co.

After the acquisition, the company will go by its brand name, Design and Construct. The Better Co, which specialises in civil construction, was founded in 2020.

“By acquiring The Better Co, we will be acquiring the employee talent and skill-sets also, and are very confident that The Better Co, will help smoothen and fasten our global growth plans that we have on the anvil. We can’t wait to get started with such fusion,” Priyadarshi Mishra, Founder of Design and Construct, said.

A pre-seed round of funding totalling USD 250,000 was obtained from angel investors by Design Construction to expand the business, add on more employees, and upgrade technology.

“We are also hoping to clock twice the turnover in the current financial year as compared to FY 21-22. We have also acquired talent in different verticals, which now makes the employee strength over 300,” Gaurav Nanda, CFO – Design and Construct, said.

To produce end-to-end independent houses, Design and Construct aims to expand into tier 2 and tier 3 cities. This will involve conceptualising, designing, building, and offering remodelling services for villas, bungalows, duplexes, penthouses, farmhouses, and homes.

“Our next step is to create a global presence in Dubai, Malaysia, and Singapore. We are developing our SOP’s for expansion in the coming months. Apart from offering tech enabled platforms for individual home construction clients, we are also planning to build a team for on demand services”, said Mishra.

By the end of this year, the company hopes to have VR experience centres established in all major cities. Design and Construct offers its existing customers a B2B app, an innovative e-tracking system that allows for real-time project tracking without visiting the website. The company is also working to enter the B2C segment.

Twitter makes its ‘Location Spotlight’ tool to all businesses globally

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BRL Editor

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August 5, 2022

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All businesses worldwide now have access to a new tool that allows them to display their location address, business hours, and other contact information on their Twitter profiles.

Earlier, users in the US, UK, Canada, and Australia could access the “Location Spotlight” function.

To support budding entrepreneurs on its platform, Twitter is also introducing a new monthly live series called “Taking Care of Business.”

“We are proud of the foundation we’ve laid with the initial suite of products we’ve unveiled to date and we’re excited to continue introducing new ways to help professionals achieve business success on Twitter,” it said in a statement.

The “Location Spotlight” function enables brick-and-mortar store professional accounts to display information on their profiles.

Visitors to a company’s profile can view the updated details.

By tapping the location, a mapping app like Google Maps can provide driving instructions to the store.

Professional Accounts allow businesses, brands, creators, and publishers to “have a unique and clearly defined presence on the platform and the ability to grow and strengthen their presence on Twitter”.

Additionally, the features can be customized by the businesses to show the days and hours they want customers to visit their location.

BFSI and Retail industry have the highest number of job openings: Spectrum Talent Management

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August 5, 2022

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BFSI and Retail are the top two sectors which had the highest number of job openings in the last six months, according to a report by Spectrum Talent Management.

According to the report “Spectrum Talent Management Employment Report 2022,” BFSI and Retail are closely followed by IT, Manufacturing, Chemicals & Pharma, and Automotive.

Additionally, it was found that Mumbai, Chennai, Bengaluru, Hyderabad, Delhi-NCR, and Kolkata are the top five cities that have recorded the highest number of hirings consistently.

According to a statement, the report showed that there is a sizable demand for entry-level hiring across sectors, with a 25% growth in freshers recruitment.

The survey also noted that cities like Baroda, Bhuvaneshwar, Pune, Kochi, and Jaipur have seen an increase in demand for recruiting at Tier II and Tier III levels. Even big towns like Chandigarh, Coimbatore, and Trivandrum have created a significant demand for jobs.

Sidharth Agarwal, Director, Spectrum Talent Management, said, “We have already witnessed a surge in hiring post-two-year hiatus of a global pandemic. But no one is immune to economic head turns, and a slowdown is expected across industries.”

“Amidst all the economic slowdown concerns, many sectors are flourishing with job openings. With an excellent Q1 for many businesses, Q2 will be a more definitive period to determine the hiring projection for the rest of the year,” added Agarwal.

Sebi amends mutual fund rules

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August 4, 2022

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The definition of “associate” has been removed from the mutual fund regulations by Sebi to apply to sponsors who make investments on behalf of insurance policy beneficiaries. The Securities and Exchange Board of India (Sebi) announced in a notification that the new rules would take effect on September 3.

The proposal was approved last month by the board of the regulator.

“The definition of associate shall not be applicable to such sponsors, which invest in various companies on behalf of the beneficiaries of insurance policies or such other schemes,” the regulator said.

Under the rules, associate includes a person who directly or indirectly, by himself, or in combination with relatives, exercises control over the Asset Management Company (AMC) or the trustee, among others.

At present, there are 43 mutual fund houses, which together manage assets worth nearly Rs 38 lakh crore.

Northern Arc Capital bags US $25 million from Proparco

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August 4, 2022

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Northern Arc Capital announced that it had completed a transaction with Proparco for an External Commercial Borrowing of USD 25 million.

Northern Arc will use the proceeds to support women business owners and MSMEs, especially in the next billion people. The funds obtained will be applied to giving these clients both direct and indirect differentiated credit solutions.

The project qualifies for the 2X Challenge, a worldwide gender finance effort to which Proparco has contributed since its launch in 2018 because of the major impacts it has had on women entrepreneurs. The Project also addresses 3 SDGs: SDG 8 (Decent Work and Economic Growth), SDG 5 (Gender Equality) and SDG 10 (Reduced Inequality).

For almost 21,000 microborrowers and MSMEs in India, the Proparco grant will boost access to lending. According to estimates, the project will assist in the retention of 34,000 jobs.

“We are excited to partner with Proparco to cater to the diverse financial requirements of the next billion and emerging segments. The usage of proceeds will be towards enabling the next billion customers access financial services directly through digital channels as well as serving them through partnerships,” said Ashish Mehrotra, MD & CEO of Northern Arc Capital.

Over the past three years, Northern Arc has raised money from a variety of reputable international investors, including USDFC, ADB, FMO, Calvert Impact Capital, and JICA.

“Northern Arc’s mission to enable access to finance for the underbanked in an efficient, scalable and reliable way is in line with Proparco’s Financial Inclusion strategy in India. Northern Arc’s role as a bridge between originators serving financially excluded customer segments and debt capital market with the use of technology creates multiplier impacts.” said Ms Diane Jegam, Regional Director – South Asia, Proparco.

Walmart to cut hundreds of corporate jobs

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August 4, 2022

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“We’re updating our structure and evolving select roles to provide clarity and better position the company for a strong future,” Walmart spokesperson Anne Hatfield said.

The Wall Street Journal reported on Wednesday that Walmart Inc. is restructuring its organizational structure and cutting hundreds of corporate roles.

According to the WSJ, 200 jobs will be lost. It also stated that the retailer notified employees at its corporate offices and headquarters in Bentonville, Arkansas, of its reorganization plan.

As global economic growth slows due to increasing interest rates, inflation, and a European energy crisis, some companies, including Tesla Inc, Netflix Inc, and Coinbase Global Inc, have also started laying off employees and delaying hiring.

The company is making investments and adding employees in the technology, health, and wellness, as well as eCommerce industries, she added.

In response to rising food and gasoline prices, the American retailer last week lowered its profit forecast, claiming that price reductions were necessary to reduce stocks.

Consumer spending for clothing, home goods, appliances, and kitchenware has reduced due to rising food and gasoline prices, leaving businesses with mountains of unsold inventory.

Radisson Blu Hotel & Spa Nashik unveils its dining outlets

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August 3, 2022

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Radisson Blu Hotel & Spa Nashik has unveiled its culinary masterpieces, including highly curated menus and food pop-ups. The distinctive restaurants have been thoughtfully designed for a sought-after culinary experience.

The Smoked Vine, the hotel’s multi-cuisine and interactive theme restaurant, The Tuscan Room, the fine dining Italian restaurant, and Le Bistro, the Parisian-themed café, are the three different food and beverage spaces featured by the hotel.

Commenting on the launch, Gopinath Gopalan, General Manager of Radisson Blu Hotel & Spa Nashik says, “Nashik is known as the wine capital of India and is also a prominent tourist hub known for spiritual and scenic spaces. Radisson Blu Hotel & Spa Nashik promises to present a unique culinary experience within its luxury landscape. Our team of Chefs have created menus and offerings that are experimental with a focus on organic ingredients.”

The Smoked Vine serves a fusion of international foods, including Asian woks, Robatayaki grills, Vinewood-fired pizzas, and a diverse dessert menu. Long glass windows that overlook lush foliage and a live interactive kitchen give the restaurant a lively atmosphere. The Smoked Vine is well-known for its Sunday brunch and offers a lavish buffet.

The Tuscan Room is an experiential Italian cantina that serves modern Italian delicacies made with the finest ingredients sourced from Italy and is influenced by the country’s long-standing traditions and culinary culture. There are wine cellars stacked with Tuscan wines from Antinori, Masseto, and Tenuta San Guido in the opulent interior and artistically decorated restaurant.

With freshly brewed teas, coffee, and savoury foods, the Parisian Café, Le Bistro is a patisserie and delicatessen. For visitors looking for a take-away alternative, the freshly baked goods and handcrafted cakes are perfect. For talks over a cup of coffee, Le Bistro’s Alfresco area is the perfect setting.

Y Combinator reduces its startup batch size by 40%

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August 3, 2022

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As venture capital funding dried up due to the global economic slowdown, Silicon Valley-based startup accelerator Y Combinator reportedly reduced its summer startup batch by 40%.

According to The Information, Y Combinator has “cut the number of startups it is funding and training this summer by about half compared to its winter programme”.

The Y Combinator’s Summer 2022 cohort now has nearly 250 companies, down 40% from the previous class which had 414 startups.

“The downsizing also follows mounting criticism that Y Combinator had grown too large, damaging its reputation for churning out Silicon Valley’s best startups,” the report said late on Tuesday.

Y Combinator’s head of communications, Lindsay Amos, confirmed the reduction over text message, saying that the batch is still large “relative to the last five years of batches.”

“The S22 batch is significantly smaller than our most recent batches. This was intentional,” according to the company.

In May, the accelerator had advised its portfolio founders to “plan for the worst.”

In an internal email to its founders, the company stated that “you can often pick up significant market share in an economic downturn by just staying alive”.

A recession that is approaching and a funds shortage will only make the situation worse.

Numerous major venture capital firms, including Sequoia Capital, Lightspeed Venture Partners, Craft Ventures, and Y Combinator, have sent memos and footnotes to their portfolio companies and startups with advice on how to survive the current crisis.

The worst has yet to come for the tech sector, which has experienced a large stock sell-off, as more than 32,000 tech professionals were laid off in the US up to July of this year, including at Big Tech companies like Microsoft and Meta (previously Facebook).

Citigroup to 500 hires for new wealth unit

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BRL Editor

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August 3, 2022

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According to an interview with the global head of the new wealth division, Citigroup Inc. plans to hire 500 people over the next three years.

The bank started the unit, known as Wealth at Work, last year and tapped longtime private-banking executive Naz Vahid to oversee its development. Vahid has spent years leading the private bank’s law-firm group, which counts 50,000 lawyers and 1,000 firms as clients.

“We acquire clients when they have more debt than money,” Vahid said. “We get them when they’re early in their careers, when they’re not yet wealth clients, and they’re extremely busy individuals,” she said, adding, “We get them young, and we keep them.”

Vahid’s division is a critical unit of Chief Executive Officer Jane Fraser’s plans to remake Citi into a wealth-management powerhouse. The business generated $353 million in revenue in the first six months of the year — a 3% jump from a year earlier — and was the only one of Citigroup’s wealth operations that posted an increase for the period.

upGrad buys Noida-based test prep provider Exampur

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August 2, 2022

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Higher edtech platform upGrad announced that it had acquired Exampur, a company that provides test preparation for government jobs, for an undisclosed sum.

Exampur, a learning platform based in Noida, aims to make Rs 70 crore (almost $7.5 million) in revenue this fiscal year.

Over 10 million students use the site, which was co-founded in 2018 by Vivek Kumar and Vardan Gandhi.

“We’ve created an integrated learning portfolio for our learners, and within that matrix, we see test-prep as a high potential growth driver,” said Gaurav Kumar, President, Corporate Development, upGrad.

“I’m confident that their day-on-day live delivery capabilities with 200+ teachers through its channel are set to redefine vernacular learning for a larger base of youth,” Kumar added.

Exampur provides more than 200 test-prep courses for state-level government jobs, with the majority of the information being given through its YouTube channels for the UPSC, SSC, defence, banking, and teaching positions.

With an average viewership of 2.5 million students, Exampur has a cumulative subscriber base of over 12 million and is still expanding.

90% of paid users of Exampur are from tier 2, 3 and 4 markets.

“We want our learners to walk that extra mile to understand the key to cracking such competitive exams, and this is where we have created a hybrid learning model through our digital presence,” said Kumar and Gandhi.

Exampur also offers online test series, free quizzes and live scholarship tests.

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