Oracle claims nurturing Indian startups to take them global

By

-

May 6, 2022

As India marks its 100th unicorn, Oracle stated that it is supporting the next generation of entrepreneurs and linking them with numerous venture capitalists to ensure that they receive the necessary investment not just in India but also globally.

Oracle India’s Vice President of Technology Cloud, Kapil Makhija, said that the company is already providing much-needed exposure to startups in 170-odd countries.

“If you’re going to invest in these startups, they are going to grow and become $1-billion unicorns soon. In the process, our Cloud consumption also grows so it is a win-win situation for both. We are not only giving startups access to our customers but also jointly working with them,” Makhija said.

Thousands of startups in the country have been onboarded by the company, which has nurtured them from the beginning of their path to the Cloud.

Before being scaled globally, the ‘Oracle for Startups’ programme was first piloted in Bengaluru.

India, he claims, has all of the components to become a $1 trillion digital economy by 2025, and Oracle is investing heavily in the country to help it achieve that objective quickly.

“Oracle is doing its part to help India maintain and sustain its digital growth. We are investing big time in India. We have created a lot of employment opportunities in the country and are hiring big time,” Makhija said.

Oracle, according to Makhija, has developed specific teams tasked with empowering startups not only in India but throughout the Asia-Pacific region.

“In fact, a separate team responsible for the Japan business and for most of the startups in the APAC region are based out of India. We are putting in a lot of mentoring support and imparting a lot of technical know-how to startups in the country and in the Asia-Pacific region,” he noted.

Aptus Value Housing Finance makes profit of ₹370-cr in FY22

By

BRL Editor

-

May 6, 2022

0

Aptus Value Housing Finance Ltd said that its profit after tax for the fiscal year ending March 31, 2022, was Rs 370 crore.

During the same period last year, the city-based retail-focused housing finance company generated a profit after tax of Rs 267 crore.

Disbursements increased to ₹1,641 crores in the fiscal year ending March 31, 2022, up from Rs 1,298 crore in the previous fiscal year.

According to company chairman and managing director M Anandan, “During FY2022, we disbursed Rs 1,641 crore registering a growth of 26 per cent year on year. We have built a strong branch network of 208 branches to deliver quality service to our customers”.

“The company is well capitalised with a net worth of over Rs 2,900 crore. As on March 31, 2022, we have maintained a sufficient on balance sheet liquidity of Rs 846 crore including undrawn sanctions in the form of cash and cash equivalents,” he said.

According to the company, gross NPA was 1.19 per cent as of March 31, 2022, while net NPA was 0.88 per cent.

Microsoft Teams announces three new features for SMBs

By

BRL Editor

-

May 5, 2022

0

Microsoft is introducing three new Teams features to make it easier for small and medium-sized businesses (SMBs) to adjust to hybrid work culture.

‘Schedule Meetings on Mobile,’ ‘Chat with Anyone,’ and ‘Google Calendar Integration’ are new features.

“Most of us have adapted to hybrid work, and while it is here to stay, it comes with its challenges. Small businesses, especially, need tailored solutions to help them thrive in a dynamic work environment,” the company said in a statement.

“Productivity tools and features, specifically those aimed at collaboration and improved communication, make it easier for SMBs to work together. The ultimate collaboration tool – Microsoft Teams Essentials has introduced 3 new features to enable SMBs to achieve more,” it added.

Due to the latest upgrade, team users may now schedule meetings on their phones from the calendar or even the chat window. In addition, users can now communicate with persons outside their organisation by entering the entire email address or phone number of the intended recipient and starting a 1:1 or group chat without switching tenants.

“Not only can users collaborate faster, and strengthen relations with external partners, they can do so with multiple controls in a secure environment,” the company said.

The Google calendar integration will replace the existing Teams calendar with Google Calendar, but users can always switch back.

Kaam.com begins its operation focusing on job creation for hospitality industry

By

BRL Editor

-

May 5, 2022

0

Kaam.com, a tech-enabled staffing and employment platform, commenced its operations in collaboration with The National Restaurant Association of India (NRAI), to create jobs in the hospitality industry.

The platform is a job marketplace for the hospitality industry that links employment demand with skilled human capital supply. With a communal approach to skilling and future-proofing their professional growth, it goes beyond simply providing a job.

The hospitality business has traditionally struggled with effective hiring, which was worsened by the pandemic. 80 per cent of India’s hospitality labour is migratory, and finding work across the country has always been difficult. Kaam.com is addressing this issue with its offline-online hybrid talent sourcing platform.

“Our goal is to be embedded within every institute and not just the specialised ones. We have an opportunity that is much larger than what is apparent – The opportunity is to be the gateway to an entire industry and the influencer to your lifelong vocation,” Rishi Khiani, founder of Kaam.com said.

Lenskart raises $25mn, announces the opening of 1,000th store

By

BRL Editor

-

May 4, 2022

0

Lenskart, an omnichannel eyewear retailer, has raised $25 million in its ongoing series I round from existing investor Epiq Capital, according to Peyush Bansal, the company’s CEO and co-founder.

The company raised $100 million from Alpha Wave Incubation last month as part of the same round. Lenskart is in advanced talks to secure $200 million to $250 million in funding, valuing the company at $4.5 billion to $5 billion.

Bansal said the company aims for a market listing in the next 24 months when asked about IPO plans.

He also mentioned that the eyewear retailer had opened its 1,000th store in Karol Bagh, Delhi.

“This 1,000th store is a major milestone in Lenskart’s journey. We have now registered our presence across 223 cities across India.”

The store will be 600 square feet in area and will sell Lenskart’s flagship products, such as sunglasses, eyeglasses, and contact lenses. According to Bansal, the company would also provide free eye testing and specialized eye clinics in this store.

Lenskart expects to open more than 500 stores across the country in FY 2023, emphasizing tier two and three cities, he said, adding that the brand has begun market penetration in states such as Chhattisgarh Jammu and Kashmir, Assam, Bihar, and Himachal Pradesh. In FY 2022, the business plans to open more than 400 outlets across India.

Bansal says Lenskart is currently present in Singapore, Dubai, and the United States when it comes to international expansion. The company intends to expand and boost its store count in existing global markets and South East Asian regions such as Indonesia and Vietnam in the future.

Sharing the vision for the company five years from now, Bansal said. “Lenskart currently serves over 8 million consumers annually and our ultimate vision is to make 1 billion people a part of the Lenskart family by 2027 globally.”

Neobank Open enters unicorn club with IIFL-led $50mn funding

By

BRL Editor

-

May 2, 2022

0

According to persons familiar with the situation, Neobank Open has finalised a $50 million financing headed by IIFL Finance, with participation from current investors Temasek, Tiger Global, and 3one4 Capital.

According to sources familiar with the situation, Open will leverage the extra capital and IIFL Finance’s strategic skills to build out a loan business in the future.

Open had raised $100 million in a capital round sponsored by Temasek, Singapore’s sovereign wealth fund, last year. In addition, strategic partners, such as Visa, the world’s largest payments network; Google, the world’s largest search engine; and Japan’s SBI investments, all participated in the round.

Open, founded in 2017, is a neo-banking platform that provides small businesses with business tools and integrates with their current account. At the moment, Jupiter, Razorpay X, and Niyo, among others, compete against the company.

“We are excited to partner with IIFL and existing investors Tiger Global, Temasek and 3one4 Capital for our series D round. We see a lot of synergies with IIFL especially on leveraging the lending book, as we are getting ready to launch innovative products like revenue-based financing, early settlement, working capital loan and business credit cards to SMEs on our platform,” stated Anish Achuthan, co-founder and chief executive of Open, in a statement.

Yes Bank open to inorganic opportunities for growth

By

BRL Editor

-

May 2, 2022

0

Yes Bank sees itself as an acquirer rather than a target for a takeover. The bank, which plans to raise Rs 10,000 crore in the capital, has stated that it will expand by 15% and gain market share.

“After cleaning up the bank, we would like to be a very strong player. During our journey, if we see any inorganic growth we will look at it,” said Prashant Kumar, MD & CEO, Yes Bank, addressing analysts.

According to Kumar, the bank sees itself as a digitally strong franchise, with one out of every three digital transactions in India being conducted via it.

“This is a platform which can grow and reward the investor. Despite the large equity, we are best placed in terms of the potential for upside. We have already demonstrated this with the capital we raised in 2020,” said Kumar.

Although the bank’s 11.6% common equity tier I capital is sufficient to fulfil loan growth requirements this year, he added that given the uncertainties, the bank plans to raise more capital as a buffer and to meet future growth requirements.

Kumar stated that the bank plans to finalise a partner and establish an asset reconstruction company (ARC) in the current fiscal year’s first quarter.

Pride Group of Hotels signs up Pride Suites in Gurugram

By

BRL Editor

-

April 30, 2022

0

With the debut of its new brand Pride Suites, the Pride Group of Hotels has entered the premium service apartment market. The company recently signed a deal to open its first property under the brand in Gurugram, its first extended-stay hotel, with two-bay and three-bay suites with kitchenettes, a rooftop bar, and grill restaurant, and a swimming pool.

The new property will be adjacent to various business centres, shopping malls, commercial establishments, and other points of interest.

Announcing the signing, Atul Upadhyay, vice-president of Pride Group of Hotels, said, “The market for luxury homestay has been growing exponentially over the years. We are delighted to venture into this lucrative market by signing our first property in Gurugram under Pride Suites. Gurugram which houses some of the leading corporate and multinationals has seen steady growth in the inflow of business travellers. However there has been an acute shortage of upscale rooms in the city. Pride Suites will offer all the contemporary amenities and unmatched comfort for the discerning corporate traveller ideally looking for an extended stay in the city.”

Meesho records about 100 million transacting users in last one year

By

BRL Editor

-

April 29, 2022

0

E-commerce start-up Meesho announced that its platform had acquired more than 100 million transacting users in the previous year. Since March 2021, the platform’s transactional user base has increased by nearly 5.4 times. In addition, according to the business, its gross merchandise value (GMV) has risen by about three times, which did not provide specific figures.

“In the sphere of e-commerce, Meesho has achieved significant growth in a short span of time. We have been the fastest to reach 100 million transacting users. With nearly 80 per cent of the demand coming from tier 2 plus cities, our vision to democratize e-commerce for everyone is truly being brought to life,” Utkrishta Kumar, CXO – Business at Meesho, said.

Since April 2021, Meesho has seen an 85% rise in seller registrations and a threefold increase in average seller revenue.

According to the statement, about 70% of all Meesho vendors come from tier 2+ cities like Hisar, Panipat, and Tiruppur.

“Meesho has enabled the creation of thousands of jobs for delivery personnel and enabled lakhs of MSMEs to succeed online. We are building a platform that enables growth and margins for MSMEs,” Kumar said.

India IT services industry reaches $14bn as companies drive digital transformation

By

BRL Editor

-

April 28, 2022

0

The Indian information technology (IT) industry increased 7.2% yearly in 2021, up from 5.3% the previous year, as more local enterprises adopted digital transformation projects. As a result, the domestic IT services business was valued at $14.15 billion in 2021, according to a market research firm International Data Corp (IDC) survey.

According to IDC, adopting new technologies such as cloud platforms, AI-based services, cyber security, and application modernization contributed to the rise of IT services last year. With an estimated compound annual growth rate (CAGR) of 8.9%, the domestic IT services industry will reach $21.67 billion in value by 2026.

Harish Krishnakumar, a senior market analyst for IT services at IDC India, said enterprises in India increased their IT spending through 2021 to “improve the resiliency and efficiency of their business operations, and enhance customer experience.” He added that adopting hybrid work models across the industry pushed up IT spending in India.

According to IDC India, the rise of IT services in India has been fueled by pent-up demand for digital transformation and acceptance of new technology, which has been delayed due to the covid-19 pandemic. Project-oriented IT services grew the fastest, at 7.9% year on year, among domestic IT services, according to the report.

“IT services providers continued to build capabilities on digital technologies through solution and platform-centric approaches. Areas like cloud and security continued to see momentum along with automation and AI. We see this trend continuing as Indian enterprises will look up to their service providers, as they progress towards their goal of becoming a future-enterprise,” said Sharath Srinivasamurthy, research director of enterprise solutions at IDC India.

HCL Technologies’ Q4 FY22 earnings, reported earlier this month, reflected this growth. Last quarter, HCL Tech’s IT and business services revenue increased to $2.199 billion.

During the company’s earnings call, C. Vijayakumar, managing director and chief executive, claimed that significant growth in “digital, cloud, and engineering services” bolstered the country’s IT service provider’s overall quarterly revenue.

CONNECT WITH US