91 Squarefeet to work on over 2000 outlets in FY23

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July 9, 2022

A retail store development company, 91 Squarefeet, announced that it would work on more than 2000 outlets in FY23 and aspires to meet 20% retail expansion spending in key markets in the next five years.

The Gurgaon-based startup develops a common retail expansion playbook for brands aiming to expand their global reach. Brands may upload all the retail fit-out components for their store templates using an AI-driven project management platform. The company worked on 400 stores last year and has more than twenty clients, including Tata, the Aditya Birla Group, and Reliance Retail.

“We help save up to 8% on the retailers’ annual project budget on expansion. Eventually, we are planning on building an operating system for physical retail. Product will evolve towards an operating system for physical retail and will be committed to solving issues of the sector,” said Amit Bansal, co-founder at 91 Squarefeet, which is growing 20% monthly.

Increasing offline footprints is considered an extremely difficult task because more than 98% of India’s retail fit-out business is unorganised. There isn’t a set procedure for starting and expanding offline retail establishments right now. It takes a lot of work to open a physical retail store, and most of the time, those launches are postponed, directly increasing costs.

According to the company, while brands know the value of bolstering their physical presence to increase visibility and build trust, creating a retail shop frequently results in numerous delays, quality issues, and ultimately 10–25% of Capex leakage.

“Our tech-enabled system ensures more than 45 quality checks, maps the right job to the right fit supplier and ensures real-time progress tracking. The entire process is now helping the brands to get 20-25% faster turnaround time,” added Bansal.

The company, part of the current Y-Combinator W-22 batch, raised $1 million in September last year.

As per a recent report by ICICI Securities, 16.7 million square feet of retail space would be added by eight large, listed retail chains between FY21 and FY24 as compared to 8 million added in the preceding four years of FY18-21. These companies include Titan, Bata, V-Mart, TCNS and Shoppers Stop.

Union Bank of India launches MetaVerse Lounge and Open Banking Sandbox environment

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July 8, 2022

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Union Bank of India has announced the launch of a Metaverse Virtual Lounge & Open Banking Sandbox environment. With Tech Mahindra, this project is being undertaken.

Uni-verse, the bank’s Metaverse Virtual Lounge, will first host product information and videos. Customers will receive a distinctive banking experience from Uni-verse by receiving data on the bank’s deposits, loans, government assistance programmes, digital initiatives, etc., in a way that makes it feel like they are in the actual world.

The bank has also started an Open Banking Sandbox environment where it will work with start-up partners and fin-techs to create and introduce cutting-edge banking products. Fintech companies and start-ups will get the opportunity to use a platform to put their innovative ideas into operation.

A Manimekhalai, MD&CEO, Union Bank of India, affirmed the bank’s adoption of the latest technologies, including Metaverse, to transform customers’ banking experience to another level at the launch event organised in Mumbai. Nitesh Ranjan, Executive Director, Union Bank of India, reiterated the bank’s commitment to facilitating an innovative banking experience for its customers through the launch of Metaverse and Sandbox.

According to its website, the public sector bank Union Bank of India has a network of more than 120 million customers served through 8850+ domestic branches, 11200+ ATMs, and 8216 BC (business correspondent) points. It features a mobile banking app called “nxt” that offers various services like checking your balance, getting a mini-statement, paying loan EMIs, transferring funds, paying bills, and the option to make investments such as fixed deposits and PPF.

QueueBuster raises $8.16 million headed by Chiratae Ventures

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July 8, 2022

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QueueBuster, a mobile point-of-sale (PoS) startup, announced in a prepared statement on Monday that it had raised Rs 63 crore (or around $8.16 million) as part of its fresh fundraising round headed by Chiratae Ventures, Omidyar Network India, and Flourish Ventures.

DMI Sparkle Fund, an alternative investment fund, and Unaprime Investment Advisors also took part in the deal.

The company says it will use the funds to expand its distribution network, improve its products, and grow its merchant base.

QueueBuster, a full-stack mobile PoS application provider founded in 2016 by Varun Tangri, enables businesses to manage billing, inventory, daily ledgers, and customer loyalty programmes through a single application.

The application is used in small kiranas, retail stores, restaurants, and stores selling apparel, automobiles, and other goods. All Android devices, including the recently released Android-based card-based swiping machines, support QueueBuster.

“With QueueBuster, merchants can manage their entire business operations with ease. Our aim is to reach at least 10 million merchants by the year 2025,” said Tangri in a statement.

QueueBuster states that over 20,000 merchants from various industries, including large companies like Tata, Hindustan Unilever Limited (HUL), and ITC, have joined its platform.

Since January 2021, the business has processed more than 1.1 million invoices totalling more than Rs 1000 crore with its app.

Current competitors of the startup’s product line include 1K Kirana Bazaar, Vyapar, FloBiz, Dukaan, and Bikayi.

“QueueBuster has developed a very comprehensive solution for MSMEs in terms of features, user experience and cost-effectiveness. Their resolve to provide the best after-sales support to the MSMEs will be a cornerstone to success in the MSME market,” said TCM Sundaram, founder and vice-chairman of Chiratae Ventures.

Venture Capital firm Campus Fund raises $10 million

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July 8, 2022

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Campus Fund, which invests in student-led startups, has raised $10 million (about Rs 75 crore) from large institutions, family offices, and general partners of leading funds for its second fund.

IIFL Wealth, Omidyar Network India, Shivkumar Janardhanan, the former CEO of Essilor India, Jaimin Bhatt, the CFO of Kotak Mahindra Bank, and Bharat Shah, the former chairman of HDFC Securities, participated in the round.

Campus Fund, launched in July 2020, employs students as investors who scout, assess, and participate in decision-making regarding investments in student-led startups.

Campus Fund will keep investing at the pre-seed level with its second fund.

Several startups, including Digantara, HealthySure, and Expand My Business from Fund I, have since received further funding from Tanglin Venture Partners, Chiratae Ventures, and Kalaari Capital.

Richa Bajpai, a co-founder of Goodera, a tech platform in the Tech4Good business, launched Campus Fund.

“We worked with over 60 students across the country to scout and evaluate more than 1,600 student-led start-startups in the last two years,” Bajpai said. “We now have a portfolio of 10 diverse student-led startups with strong fundamestudent-led potential to shape the future and contribute towards India’s ambition of becoming a $5 trillion economy.”

A portfolio of Campus Fund companies includes 40% non-tech founders, 30% female co-founders, and 30% hardware-first tech-enabled student-led startups.

“We are excited to back Richa and the team at Campus Fund in their mission to promote student entrepreneurship in the country. This will give impetus to the bold young entrepreneurs who are solving important problems in the country and generating employment,” said Sarvesh Kanodia, principal at Omidyar Network India, in a statement.

Manufacturing unicorn Zetwerk elevates Ankit Fatehpuria as co-founder

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July 7, 2022

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Bengaluru-based manufacturing unicorn Zetwerk announced the elevation of Ankit Fatehpuria as the fifth co-founder of Zetwerk.

Fatehpuria joined Zetwerk in March 2019 and was in charge of establishing the company’s financial department. He headed the division while simultaneously seeding and developing various business verticals.

“Ankit’s contribution to building Zetwerk has been exemplary, and he has demonstrated leadership in crucial situations, earning trust and respect,” said Amrit Acharya, co-founder & CEO of Zetwerk.

Apart from Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, and Rahul Sharma are the other co-founders of Zetwerk.

“He [Fatehpuria] also embodies Zetwerk’s core values daily. I am confident that with him at the helm, along with Vishal, Rahul, and Srinath, Zetwerk will scale newer heights and accomplish the true potential of our business,” Acharya added.

He worked as an internal auditor at Indian Oil Corporation and a category finance manager for ITC before joining Zetwerk.

To bolster its industrial vertical business in the oil and gas, aerospace, defence, and infrastructure component industries, Zetwerk recently paid Rs 100 crore for the acquisition of three companies.

3i Infotech to hire freshers from three districts in Tamil Nadu

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July 7, 2022

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3i Infotech, a global IT company headquartered in Mumbai, opened its first Oracle applications development centre of excellence in Tirunelveli to diversify its talent pool and address the industry’s skill gap.

In the cloud, cybersecurity, automation, and other technologies, the company is launching the centre with 100 members and wants to expand it to more than 1,000.

The facility is set up by hiring and training fresh graduates from engineering, arts, and science colleges in and around the Tirunelveli, Tuticorin, and Kanyakumari districts Tirunelveli’s “Tiliconveli Tech Park” in collaboration with Mikro Grafeio Services, 3i Infotech’s infra partner.

The new CoE, known as “NuRe Park Tirunelveli,” is the first of a hub & spoke network that 3i Infotech wants to introduce in tier-3 towns and regions throughout India and around the world. With numerous prospective NuRe Park CoEs concentrating on different areas and technologies, the business hopes to produce job prospects comparable to those in tier 1 cities.

The Oracle CoE for cloud, cybersecurity, applications, automation, and analytics will be housed in NuRe Park Tirunelveli. The graduates will get specialized Oracle certification training and real-time industry experience from Oracle University.

“We want to build an ecosystem within these tier-3 cities that are on a par, if not better, with those available in the Tier-1 cities and provide the local talent with all the facilities, knowhow and opportunities for them to excel and be industry-ready…In the long-term, we will look to replicate this Tirunelveli model in the US, Europe and the rest of the world,” Thompson Gnanam, managing director & Global CEO of 3i Infotech, said.

M2P Fintech buys Finflux to expand digital lending capabilities

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July 7, 2022

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M2P Fintech, an API infrastructure company, has acquired Bengaluru-based cloud lending platform Finflux to advance its digital lending and neo-credit strategies. Although the deal’s financial information was not made public, it is understood to have cost $15–20 million in cash and shares.

Since its founding in 2014, M2P Fintech has made four acquisitions, and it anticipates that this one will speed up the introduction of scalable and secure digital lending solutions. The independent brand Finflux will continue to operate.

The cloud lending platform from Finflux provides services for loan origination, loan management, co-lending, Buy Now Pay Later (BNPL), marketplace integration, app-based lending, alternative data-based credit rating, and analytics.

“With Finflux and the formidable team led by Nayan (Nayan Ambali, Finflux founder), we found a match to cater to the burgeoning and fast evolving digital lending ecosystem across Banks, NBFC’s and fintech. Our key offerings around BNPL and neo credit products get a major thrust with FinFlux’s platform and we are embarking on a mission to digitise the lending ecosystem,” Madhusudanan R, co-founder of M2P Fintech, said.

International STEAM Research to hire over 10,000 Engineers and Teachers

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July 6, 2022

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International STEAM Research (ISR) is in the process of hiring over 10,000 engineers and teachers across India.

The objective is to strengthen quality education through inclusive, integrative, and self-determined learning through higher-order thinking and invention literacy in order to ignite minds and build problem solvers and researchers for a sustainable world.

With the support of cutting-edge technologies and in accordance with the National Education Policy of India (NEP-2020) and the Sustainable Development Goals of the United Nations (SDG), ISR equips schools to offer their students Experiential Learning based on Science and Technology through the use of Engineering and Artistic processes.

ISR L.I.F.E (Life-Long Innovation & Futuristic Education), awarded as one of India’s top 10 education brands in 2022, is recognized as a reliable knowledge partner for experiential STEAM education by a number of reputable schools and a large number of highly regarded and well-known educationists.

I.S.R. is a unique education service provider in India, now operating throughout more than 10 states.

Well-trained and disciplined STEAM engineers and teachers are essential for providing high-quality Experiential STEAM education in the classrooms of educational institutions using cutting-edge technologies like Robots, Drones, AI, AR, VR, IoT, Applied Coding, etc.

Although engineering and teachers are invited to participate in the ISR STEAM ecosystem, not all job applicants would have the grit to make it through the ISR’s cutting-edge selection and training process.

ISR STEAM laboratories, also known as the “Happy Zone,” offer an environment where students can actively engage in learning rather than relying only on passive memorization. Helping children connect with and experience the real world and their textbook topics, it encourages invention literacy. The different prototypes a learner would create in an ISR “Happy Zone” enhance comprehending its applications and concepts pertinent to the real-world problems and potential solutions in an intentional and heutagogical approach.

The ISR 7Es framework is used by ISR-trained STEAM facilitators for all activities within a “Happy Zone,” and ISR CRM 360 rubrics are used to evaluate results. With the help of this methodology, a school can perform experiential learning in a classroom while having all of its concerns fully and sustainably addressed by ISR.

“Schools play the vital role of holistically preparing learners for an unknown future job market. However, with the inevitable exponential growth of technology, schools can help students become future-ready by helping them think by indulging in experiential learning, with a hands-on methodology and sharpening their metacognitive skills for the 21st Century,” says Dr George Panicker, Founder and CEO of International STEAM Research.

Although STEM, STEAM, Robotics, coding, etc., are buzzwords widely used in India, it is crucial that educational institutions collaborate with the right team of experts to integrate them into the classrooms in order to maintain the highest ethical and sustainable standards.

IHCL announces the signing of Ginger Hotel in Ahmedabad

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July 6, 2022

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Indian Hotels Company (IHCL), a hotel major, stated that it had signed an operating lease with Himalaya Elanza Private Limited for a 110-room Ginger hotel in Ahmedabad.

With the acquisition of this hotel, IHCL will have 16 hotels in Gujarat across brands, three of which are currently under construction. There are currently three Ginger hotels in Ahmedabad, and this one will be the company’s fourth.

According to IHCL, an existing property will be renovated and enhanced to the Ginger brand before opening in the city in 2022.

“A key economic and industrial hub, Ahmedabad is a leading metro with significant tourism potential. The signing of this Ginger hotel is in line with IHCL’s vision of strengthening our presence in key domestic markets. With this, IHCL will now have six hotels across brands in the city,” IHCL Executive Vice President – Real Estate and Development, Suma Venkatesh, said.

Tribe opens a students hostel in Pune

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July 5, 2022

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Tribe, a company offering student hostels, has opened Tribe Stays in Wakad, Pune. Students aged 18 to 22 will be allowed to stay in the hostel, which will have 210 rooms.

The company will now have three properties in Maharashtra.

It recently entered the co-living segment and raised $1.5 million in private equity and structured debt.

“We have raised multiple rounds of funding for our operation and are looking to raise about $10 million for further expansion,” said Shantam Mehra, co-founder of the company.

In the upcoming years, Tribe plans to set up hostels and provide more than 20,000 beds for the student community in 20 more Indian towns with educational institutions, including Delhi, Bengaluru, Dehradun, Chennai, and Vellore.

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