HDFC and Paytm now paired up to offer credit cards

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September 21, 2021

HDFC bank joins Paytm, the leading financial services application, to issue a range of credit cards on the Visa platform to its customers.

The credit cards will be available soon, just in time for the festive season, which begins in October with Durga Puja. These new cards will be personalized to meet the specific needs of retail customers, from new users to opulent users. The new cards introduce the best rewards and cashback for users, the statement said.

This partnership between HDFC and Paytm is one of the lender’s strategies for reclaiming lost market share in the credit card sector that it has lost due to the ban imposed on it by the regulator for eight months, following several outages in its digital offerings.

Also Read | Paytm and HDFC Bank have partnered to launch co-branded products for digital payments

“At Paytm, we aim to democratize the access to credit to drive financial inclusion amongst our 330mn+ consumers and 21mn+ merchant partners. With our technological capabilities, Paytm’s merchant partners and India’s new-to-credit millennials will now be able to build a healthy credit profile and gain access to opportunities available in the formal economy. We are delighted to partner with HDFC Bank, and Visa, to launch a comprehensive suite of credit cards across customer segments, with special focus on millennials, business owners and merchants. Our Business Credit Cards have been designed basis our deep understanding of our merchant partners and we believe that the offerings will truly benefit their businesses,” Bhavesh Gupta, CEO, Paytm Lending, said.

By the end of the year, the partners hope to have the whole range of products available. Users can apply using a digital and paperless approach and then complete the onboarding process entirely using the Paytm app.

Delhivery begins innovation lab to assist logistics startups

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BRL Editor

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September 21, 2021

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Delhivery, a Delhi-based logistics and supply chain service, has collaborated with Startup Réseau, a Mumbai-based startup accelerator, to start the Delhivery innovation lab.

The lab will exploit the startup community in India to launch logistics and supply-chain related solutions. The innovation lab will facilitate technology partnerships, proof-of-concept development with startups, and other strategic alliances.

“We work with multiple partners, to leverage their products and prototypes to improve our systems. This accelerator programme will make this process structured and open to a large community of tech entrepreneurs,” Kapil Bharati, co-founder and chief technology officer, Delhivery, said.

“Through this initiative, we are looking to collaborate with enterprising startups working on developing Machine Learning, Machine Vision, AI, and IoT solutions for pre-defined business cases” Bharati added.

“We have identified key business areas in which we are looking for solutions that are pilot-ready. We aim to discover interesting tech solutions for the logistics and supply chain industry,” Ajay Ramasubramaniam, founder and CEO, Startup Réseau, said.

Delhivery has started inviting applications for its inaugural cohort, which will go live in November 2021. Earlier this month, Delhivery had raised over $75 million in funding from Lee Fixel’s venture capital firm Addition. It is expected that Delhivery will make its public market debut before March 2022.

Fortune to open five new hotels with 375 rooms in India by December 2022

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BRL Editor

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September 20, 2021

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Fortune Hotels, a member of ITC’s hotel group, will likely be opening five new hotels with 375 rooms in India by the end of next year as a part of its healthy expansion plans in the country.

The firm has 38 working hotels with around 2900 rooms across 34 cities in the country.

“Apart from opening five hotels with over 375 rooms across four cities of India from our active pipeline by the end of December 2022, we are also in advanced negotiations for a few more projects, some of which are anticipated to open before the end of next year,” Fortune Park Hotels MD Samir MC told PTI.

These five new hotels will be — Fortune Resort Benaulim Goa, Fortune Park in Hoshiarpur (Punjab), Fortune Park in Tirupur (Tamil Nadu), Fortune Select in Goa and a Fortune Inn in Haldwani (Uttarakhand), he mentioned.

When questioned about the corporate model the company follows, Samir said, “While our primary model is currently on managed hotels, we continue evaluating different operating models including franchise model.”

He said about the corporation’s subsections; Fortune Park Hotels was set up in 1995 to cater to the mid-market to an upscale market segment in industry and leisure landing-place.

It has clearly explained sub-brands — Fortune Select, Fortune Park, Fortune Inn and Fortune Resort — below which the chain operates the resorts.

“Our portfolio mix comprises 30 percent hotels in the leisure space, and the rest are business hotels or mixed-use. With domestic tourism opening up and the world looking to find unique ways to holiday, our focus on leisure has grown. Most of our future expansion is set around pilgrim and tourist locations, and we see a big opportunity in this space,” Samir added.

When asked about the company’s expansion within the nation, “We have great confidence in the India growth story and know that the opportunity lies in tier II and III markets of India. We are currently exploring many new alliances with hotel investors in these markets and are hopeful to close more such alliances in the near future,” he further added.

With the signing of these five new agreements in the hospitality sector, Fortune Hotels has added 300 new rooms across four Indian cities, taking forward their actual inventory to around 3700 rooms across 42 cities.

It is also to be noted that ITC stock price has moved significantly higher, hitting a 52-week high on Thursday.

More tech centres are needed in India, and they must be built quickly, MSME Minister

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September 18, 2021

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Narayan Rane, the Minister of Micro, Small and Medium Enterprises, stated on Friday that the country, with a population of 135 million people, needs additional technology centres, which must be built quickly.

While virtually inaugurating a Technology Centre in Rohtak, Haryana, he mentioned this. He said that the new technology created in these centres should be spread to a wider audience to create a nation of entrepreneurs.

“The technology developed in these MSME centres will give a good impetus to the Aatmanirbhar Bharat initiative during the tough times of the COVID-19 pandemic,” he added.

The ministry said in a separate statement that the Khadi and Village Industries Commission (KVIC) launched the SPIN (Strengthening the Potential of India) programme and established a pottery cluster under the SFURTI Scheme in Varanasi to empower over 1,100 marginalised potters.

Under SPIN, KVIC will make it easier for potters to obtain low-interest bank loans, allowing them to diversify their businesses and increase their revenue.

Trashcon wins big at Cleantech

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Allwyn Mathew

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September 18, 2021

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A panel of 30 investors from 5 continents (such as Drawdown Fund, BMW Foundation, MaRS, Clean Energy Ventures, and Solar Impulse Foundation) nominated and reviewed tens of hundreds of companies to get to the top 50 companies GLOBALLY that are trying to solve the climate crisis in the best way possible.

TrashCon, a Bengaluru-based waste management firm, was nominated and awarded. The recognition is on a massive global scale and represents India in the list of countries where the top 50 WORLDWIDE come from released by Cleantech Group.

Nivedha RM is the founder and CEO of Trashcon Waste Management. “This just puts more and more responsibility on all of us at TrashCon to work harder to put an end to the crisis. Your love and support has gotten us so far and will push us further,” Nivedha stated.

Trashcon built a technology that can take any unsegregated trash and automatically segregate it into bio-waste and non-bio waste to an efficiency of upto 99.6% – Bio-waste is used as manure, and Bio-gas Non-biowaste is used to make oil, plastic roads, interlocking tiles, and much more. Trashcon has also created solutions to convert non-degradable waste to recycled sheets that can replace plywood which can be converted into tables, chairs, racks, and furniture, providing dignified jobs to thousands of ragpickers. Thus, creating a completely Zero Waste tomorrow where value is generated out of every bit of waste.

Cleantech Group provides research, consulting, and events to catalyze opportunities for sustainable growth powered by innovation. They bring clients access to the trends, companies, and people shaping the future and the customized advice and support businesses need to engage external innovation.

Industries are undergoing definitive transitions toward a more digitized, de-carbonized, and resource-efficient industrial future. Cleantech group provides services at every stage, from initial strategy to final deals, and their services bring corporate change-makers, investors, governments and stakeholders from across the ecosystem the support they need to thrive in this fast-arriving and uncertain future. Cleantech was established in 2002 and is headquartered in San Francisco with people based in London, Paris, and Boston.

IDFC is planning to sell its mutual fund business

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BRL Editor

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September 18, 2021

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IDFC Asset Management Company (IDFC AMC) Ltd, the IDFC group’s mutual fund division, has chosen to be sold.

As of June 2021, IDFC AMC had Rs 1,26,070 crore in assets under management.

“The board of directors of IDFC Ltd and IDFC Financial Holding Company Ltd (IDFC FHCL) considered and approved to initiate steps to divest its mutual fund business subject to requisite regulatory approvals, as applicable,” IDFC said in a stock exchange filing. “The boards have authorised respective strategy and investment committees to take necessary steps, including the appointment of an investment banker for the same,” it said.

Apna, a hiring firm, has become a unicorn in just 21 months, with a valuation of $1.1 billion

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September 16, 2021

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Apna, a digital hiring firm, has become a unicorn in just 21 months after its founding and 15 months since it began full-scale operations. After a new funding round headed by Tiger Global Management, the firm established by ex-Apple executive Nirmit Parikh has reached a valuation of $1.1 billion. Apart from Tiger, Owl Ventures LLC, Insight Partners Inc, and Sequoia Capital India participated in the app’s most recent round of funding, which raised $100 million.

They are solving for the world, according to Parikh, a Stanford graduate. “Apna has a deep social purpose and is committed to discovering and creating opportunities to enhance a billion livelihoods across geographies. With the continued support of our partners, we aim to accelerate our journey of ‘solving for the world,'” he said.

According to Parikh, the firm is aiming for the world’s 2.3 billion emerging workers. It now has over 16 million users and 150,000 employers on board. According to the firm, it conducts 18 million job interviews every month on average. In less than two years, the app facilitated almost 100 million interviews.

Last month, the firm advertised 5 million employment opportunities. According to the report, there has been a rise in job searchers in software engineering, graphic design, and legal work sectors.

Apna is available in 11 Indian languages and 28 cities at the moment. It will cover all Indian cities before the end of the year. In early 2022, it will extend to the United States, Southeast Asia, the Middle East, and Africa.

Apna’s services are used by several firms, including Zomato, Bharti AXA, Urban Company, BYJU’S, PhonePe, Burger King, Delhivery, Teamlease, and G4S Global.

Apna has also worked with organisations such as the National Skill Development Corporation, UNICEF Yuwaah, and India’s Ministry of Minority Affairs to give applicants employment training and possibilities.

Over 70 groups of skilled professionals such as carpenters, painters, telemarketers, field sales agents, delivery workers, and others are available on the app, allowing them to expand their professional networks, upskill through peer learning, and discover gig possibilities.

TCS becomes the first Indian technology company to reach a market capitalization of $200 billion

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BRL Editor

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September 16, 2021

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On Wednesday, Tata Consultancy Services (TCS) surpassed the $200 billion market capitalization barrier, extending the stock’s winning streak this year.

TCS shares hit a new all-time high of Rs 3,980 before ending at Rs 3,955, up 1.8% from the previous day’s close. TCS’ stock has risen 35% this year amid a strong surge in IT equities. After the close, the Tata group flagship had a market capitalization of Rs 14.63 trillion ($199.2 billion).

Only Reliance Industries (RIL), with a market worth of Rs 15.81 trillion ($215 billion), has a larger market cap among domestically listed businesses. RIL became the first business to reach the $200 billion market capitalization mark earlier this month.

With the pandemic leading in an acceleration of digital transformation, the Indian IT sector has been on an upward trend. The improvements may be seen in the increase in the number of businesses. The same can be said for TCS, which has witnessed a significant increase in customer demand for its services.

The company’s sales increased by 18.5 percent year over year to Rs 45,411 crore in the first quarter of FY22. The deal signing was fueled by expansion across industries and verticals, with a total contract value of $8.1 billion. Profits have been rising at a healthy rate, allowing firms to reward shareholders through dividends, share buybacks, and other means.

Tata Sons gets Shareholders approval to raise 40,000 crores

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BRL Editor

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September 15, 2021

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Tata Sons, the investment holding arm of Tata Group companies, has received shareholder’s approval to raise 40,000 crores through various modes, including non-convertible debentures.

The Annual General Meeting (AGM) was virtually held on Tuesday when the company received approval. The acceptance comes at a time when Tata Group has quote some plans to enter the e-commerce business, which is presently dominated by Amazon, Walmart-backed Flipkart, and Ambani’s Reliance Retail. Tata Sons is also preparing to make a bid for the loss-making Air India.

The raise was approved, but the shareholders also nodded a yes to re-appoint directors like Saurabh Agrawal and Ralf Speth and Harish Manwani as independent directors.

Currently, Saurabh Agrawal, Ralf Speth, and Harish Manwani are the Chief Financial Officer at Tata Sons, Former CEO at group company Jaguar Land Rover and former global chief operating officer of Unilever, who is also a senior operating partner at private equity major Blackstone, respectively.

The meeting did not discuss giving a second term for Tata Sons chairman N Chandrasekaran, whose tenure ends in February 2022.

On the other hand, Bloomberg said that Tata Sons was taking a historic overhaul of its leadership structure into account. This, as per the report, may be done by creating a chief executive officer’s role to help improve corporate governance.

Tata Sons did not comment on the Bloomberg report, and a source said that it was unlikely that the company would appoint a CEO.

Apple Just launched the iPhone 13

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BRL Editor

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September 15, 2021

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Apple Just launched the iPhone 13 — Apple confirmed the arrival of its much awaited iPhone 13 during its annual fall product launch Tuesday afternoon.

Apple Tuesday launched four new models in the iPhone 13 lineup as well as other products at its California Streaming event. There were significant updates in the iPad segment with a new entry-level model and a 5G enabled iPad mini which also got a design upgrade. The new Apple Watch Series 7 has some design tweaks but won’t be available before later this year. The phones will be available for pre-order in India on September 17 with sales starting on September 24.

Apple’s iPhone 13 series runs the A15 Bionic chipset, which is a six-core chipset. The iPhone 13 Pro series comes with 120 Hz dynamic refresh rate or what Apple calls the ‘ProMotion’ adaptive refresh rate’ and many camera upgrades.

The iPhone 13 Pro will start at Rs 1,19,900 and iPhone 13 Pro Max for Rs 1,29,900 which is the same as last year. Apple has also kept the starting prices for the iPhone 13 and iPhone 13 mini the same as last year at Rs 79,900 and 69,900 respectively. Keep in mind storage has doubled now to 128GB for the base options.

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