Alliance Group to launch projects in Bengaluru, Chennai & Hyderabad

By

-

April 5, 2022

Alliance Group, a real estate developer, plans to launch projects in Bengaluru, Chennai, and Hyderabad in the current fiscal year, totalling around 25 million sq ft and costing Rs 8,600 crore.

The company reported sales of Rs 2,290 crore for 2021-22, with 3,686 homes sold, with the residential segment accounting for most of the sales.

“2021-22 was a remarkable year in our journey. In spite of the Covid-19 pandemic, we were able to cross many major milestones in the industry,” said Manoj Namburu, chairman of Alliance Group and Urbanrise.

Apart from extending its commercial reach, the company is in talks with institutional funds for a warehouse platform space.

“Financial discipline is our organisation’s DNA and this is the strength we use to leverage large-scale investments in real estate across South India. It is this financial discipline that draws and attracts world’s best financial institutions to invest in our organisation,” said Namburu.

Kotak Realty Fund has invested around Rs 800 crore in the developer’s five projects in Chennai and Hyderabad.

The company currently has 20,000 homes under construction and expects to build over 50,000 units over the next three years.

Anarock buys coworking space provider myHQ

By

BRL Editor

-

April 5, 2022

0

Anarock Group, a property advisory firm, announced that it had acquired myHQ, a co-working platform, to expand its flexible workspace portfolio.

Even after the buyout, myHQ will maintain its distinct identity and independence. Utkarsh Kawatra and Vinayak Agarawal, both IIT-Delhi graduates who co-founded the startup in 2016, will continue to serve as founding partners.

myHQ is a flexi-workspace platform that caters to the needs of enterprises and individuals in today’s work-from-anywhere environment by offering dedicated desks and managed offices as a product and on-demand needs via their subscription-based FlexiPass. It has almost 50,000 members who have subscribed for 700 spaces in seven cities.

“Coming on the heels of Anarock introducing US-based Upflex Inc, a hybrid booking platform with the largest global network of flexible workspaces, to India, the myHQ acquisition will further strengthen our tech and product offerings and enhance our capabilities in this vertical. myHQ will spearhead our expansion into 20 cities. This gives us nationwide coverage in the flexible workspace domain, and we will tap into overseas markets in the next 12 months,” said Anuj Puri, chairman of Anarock Group.

Individuals and teams can utilize a pay-per-use FlexiPass from myHQ to access over 700 flexible workspaces across the country for ₹200 per day. It also offers companies fixed desks, cabins, and managed offices.

myHQ also works with cafes and lounges to convert them into daytime co-working spaces, allowing them to monetize their empty space throughout the day.

“It is a well-timed move with the right company given our shared enthusiasm around massive opportunity in this space. We can now accelerate innovation, amp-up the team and enhance user experience through a combination of myHQ’s tech solutions, and ANAROCK Group’s business expertise and scale. Hybrid approach to workspaces is on the cusp of an explosion with all companies from startups to big corporates looking to adopt some version of work-from-anywhere model. While today there is some depth of inventory in the metros, to make this model truly successful, tier-II & III cities will need to be the future growth multipliers for India’s flexible workspace ecosystem,” said Utkarsh Kawatra, CEO of myHQ.

TCS signs ‘material multi-year contract’ with US company

By

BRL Editor

-

April 5, 2022

0

TCS announced on Monday that it had inked a ‘material multi-year contract’ with a prominent US corporation, extending their long-standing partnership to assist them in accelerating their cloud transformation journey.

According to a regulatory filing by the IT services company, the transformation will serve as a platform for future growth, enabling business expansion, incubation of new business models, improved customer experience, and other strategic benefits.

The company said in a BSE filing, “TCS has signed a material multi-year contract with a large American company expanding its long-standing partnership to accelerate their cloud transformation journey and transform their technology landscape into a modern hybrid cloud stack for greater agility, flexibility, and improved operational resilience.”

According to the BSE filing, the cloud-enabled operating model would be driven by enhanced cognitive automation capabilities, which will improve the availability of business applications and improve user experience.

India job market witnessed 18.4% headcount growth: The key sectors that powered growth

By

BRL Editor

-

April 4, 2022

0

In March, the job market went up by 18.4% year over year as the COVID situation stabilised and the economy progressively returned to normalcy. The travel and hospitality, as well as the energy industries, contributed to the development.

According to a survey by Allsec Technologies, the travel and hospitality sector has experienced a strong recovery, with payroll headcount up 47.6% in March 2022 compared to the previous year. During the pandemic, this was the hardest hit industry.

However, a comparison with pre-pandemic data shows that the travel and hospitality sector has not yet recovered to pre-pandemic levels, with a 24.3% decline in March 2022 compared to March 2020. Still, it is in recovery, according to the report.

Meanwhile, the energy sector saw a 41.5% increase in headcount this year compared to March 2021. With a 42% increase in March this year compared to March 2020, it has reached pre-pandemic levels. With a 27% increase, the IT sector is still third. Logistics, on the other hand, grew by 27.3%.

The research is based on data collected in-house by Allsec Technologies, a comprehensive Business Process Services (BPS) provider that tracks employment trends in various industries.

“We have seen an optimistic recovery pattern across industries this month. It is heartening to see travel and hospitality lead the way, along with several other industries which were severely impacted by the pandemic. We are confident of seeing a positive trend in the months to come, keeping in mind the government’s push for job creation across sectors as seen in the Budget and the economic revival of the country,” Allsec Technologies (a Quess Company) CEO Ashish Johri said.

Coinbase to hire about 1,000 people in India hub

By

BRL Editor

-

April 4, 2022

0

Coinbase Inc., a US-listed crypto trading platform, announced that it had invested $150 million in Indian technology companies in the crypto and Web3 sectors, with ambitions to hire over 1,000 people in the country hub this year. Web3 is a blockchain-based, decentralised internet.

Coinbase’s aspirations to expand into India coincided with the country’s adoption of crypto-asset tax regulations. For the first time, a 30% tax on gains from crypto assets will be imposed in India, with a 1% TDS imposed on every transfer of such assets.

Brian Armstrong, co-founder and CEO of Coinbase, posted on Medium, an online publishing platform, that the business will host a crypto community event in Bengaluru on April 7 to discuss the future of crypto and web3 in India.

In addition, Coinbase Ventures, the company’s investment arm, has teamed up with Builders Tribe to organise a business pitch event on April 8.

“India has built a robust identity and digital payments infrastructure and implemented it at rapid scale and speed. Combined with India’s world class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals,” Armstrong said.

Armstrong is in India this week, where he will meet with students from top universities, crypto founders, Indian entrepreneurs, and crypto evangelists.

Coinbase’s Indian tech hub opened last year and now employs over 300 people worldwide.

VRO Hospitality on an aggressive expansion plan with Café Noir

By

BRL Editor

-

April 4, 2022

0

VRO Hospitality, India’s fastest-growing hospitality chain, is expanding its iconic and popular French café brand Café Noir across the country.

The Bengaluru-based company, which owns approximately 10 well-known fine-dining brands and cloud kitchens, is on a mission to develop 15 new Café Noir outlets and expand into new cities, including Kochi, Chennai, and Kolkata, as well as establish its first overseas presence in Dubai.

From April 2022, a six-month growth campaign will begin. VRO Hospitality will now have 21 Café Noir locations due to the expansion. Café Noir, synonymous with French cuisine in Bengaluru, opened its first location in the city’s luxury shopping area UB City more than a decade ago.

Café Noir has five locations in Bengaluru and one in Mumbai that opened late last year.

VRO’s expansion strategy aligns with the group’s goal of establishing Café Noir as a pan-India niche French café chain. Kochi will have one new outlet, Chennai will have four, Kolkata will have four, and Bengaluru will have seven new outlets.

Café Noir will be VRO’s first move outside of India, and it will open in Dubai’s Jumeriah. VRO Hospitality intends to rent 30,000 square feet in India and 10,000 square feet in Dubai for Café Noir’s expansion.

Commenting on the expansion plan, Dawn Thomas, CEO & Co-Founder, VRO Hospitality, said: “This year we are embarking on an exciting journey to take our iconic French café brand Café Noir to new markets, including an international destination. This is in line with our ambition of making VRO Hospitality a pan-India brand. Last year as a group we ventured out of Bengaluru for the first time by launching Café Noir in Mumbai in October 2021. Since then, the response has been fabulous. It has become a favorite spot for guests seeking a wholesome French cuisine and a relaxed dining experience. We would be extending our footprints in Kochi, Chennai, and Kolkata and in Dubai as we aggressively chase growth and profitability.”

Sharath Rice, Director & Co-Founder, VRO Hospitality, said, “The expansion of Café Noir will allow us to offer a diverse set of food connoisseurs some of the best in French cuisines. Café Noir has already set a benchmark in the dining experience, and we will continue to do so in the new markets where we would be setting up our outlets.”

HDFC board approves merger with HDFC Bank

By

BRL Editor

-

April 4, 2022

0

HDFC Limited said that its board of directors approved a composite scheme of amalgamation for the merger of into and with HDFC Limited into HDFC Bank and their respective shareholders and creditors at a meeting held today.

To merge HDFC Limited with and into HDFC Bank, the share exchange ratio will be 42 HDFC Bank equity shares (credited as fully paid up) of the face value of Re 1 for every 25 fully paid-up HDFC Limited equity shares the face value of ₹2.

When the Scheme goes into effect, public shareholders will own 100% of HDFC Bank, while existing HDFC Limited shareholders will own 41% of HDFC Bank.

“The proposed transaction, shall enable HDFC Bank to build its housing loan portfolio and enhance its existing customer base. It will also create meaningful value for various stakeholders as the combined business would benefit from increased scale, comprehensive product offering, balance sheet resiliency and the ability to drive synergies across revenue opportunities, operating efficiencies and underwriting efficiencies, amongst others,” HDFC added in the exchange filing.

The board has also approved the merger of HDFC Investments Limited and HDFC Holdings Limited.

Samunnati to expand its workforce by 20% in 2022

By

BRL Editor

-

April 2, 2022

0

Samunnati, an agriculture value chain facilitator, announced that it plans to expand its workforce by 20% this year. The company now employs 611 people.

According to a statement, the company plans to expand its personnel by 20% in 2022, with around 100 positions across functions.

Anilkumar SG, the founder of Samunnati, reveals that “our commitment to our people is as strong as our commitment to the smallholder farmers of India. It is the collective experience and expertise of our teams that allow us to reach new frontiers of growth and impact.”

Samunnati has been quickly expanding over the last year and a half. It achieved a gross transactional value of 10,000 crores across its agri commerce and agri finance businesses. Through various technology-enabled interventions and collaborative partnerships, Samunnati’s agri commerce and agri finance solutions help affiliated farmer collectives, and the greater ecosystem become more efficient and productive.

The Chennai-based firm operates in more than 100 agri value chains across 22 states.

Stanza Living buys Singularity Automation

By

BRL Editor

-

April 1, 2022

0

Stanza Living, a provider of shared accommodation for students and working professionals, announced the all-cash acquisition of Bengaluru-based Singularity Automation, which develops IoT-enabled solutions and products for the managed living space.

Stanza Living’s existing technology ecosystem will be strengthened, and the acquisition will aid in the development of highly customized IoT-based solutions for the managed accommodation sector. Singularity Automation’s founders and core team will join Stanza Living following the acquisition.

Singularity Automation was founded in 2017 and is backed by IvyCap Ventures and Times Internet. Its existing product range includes smart door locks, secure access controls, and smart energy metres, among other things.

“…Technology has always been at the forefront of everything we do at Stanza Living. It has played a central role in improving efficiencies, strengthening our competitive advantage, and creating a high-quality, hassle-free, and safe living experience for our consumers. We look forward to customizing their existing solutions and creating fresh, IoT-based platforms together, as we build a first-of-its-kind managed living ecosystem,” said Anindya Dutta, MD and co-founder of Stanza Living.

The proceeds will be utilized to fund existing and future projects and speed up the company’s multi-city expansion. In addition, it raised $100 million in equity funding last year.

“We are proud to roll up into India’s largest managed accommodation company and become a part of their aggressive growth journey. Given our common DNA and aligned vision to reimagine the managed accommodation space through the deployment of technology, I’m confident that our existing product suite and our team’s proven track record will further sharpen Stanza Living’s best-in-class technology ecosystem,” said Chakradhar Reddy, CTO, Singularity Automation.

Stanza Living stated it would have a 100-member strong technology team following the acquisition.

Vedantu on track to be ‘IPO-ready’ in 18-24 months

By

BRL Editor

-

April 1, 2022

0

Vedantu, an edtech startup, said it is on track to be “IPO-ready” in 18-24 months and is optimistic about India’s market prospects, which give plenty of room for expansion. The scorching pace of growth in online learning has slowed a little as COVID-19 cases recede and offline learning modalities emerge. However, according to the report, the business is still producing impressive growth numbers.

According to the business, 90-95 per cent of the industry is still untapped, giving edtech companies plenty of room to grow.

Vedantu stated that it is now adequately funded and does not foresee any further funding requirements in the next two years. Last year, the company collected $100 million from a group of investors, putting it into the coveted unicorn club.

“Within the time frame of 18-24 months we want to be IPO-ready, which means the shape of our P&L (Profit and Loss), our systems and associated processes, we want to be robust and mature in those,” Vamsi Krishna, CEO and co-founder of Vedantu, said.

Vedantu experienced a “12 times” growth in its key metrics during the pandemic. After COVID, the company sees “hyper growth,” which will pave the way for “growth”.

“Even before COVID, our growth rates were pretty strong, not as strong as during COVID times… but 2-2.5 times is still strong growth. What COVID did was that it accelerated that growth. With cases receding, the acceleration will go back and normalcy will come, which is over 2-2.5 times,” Krishna said

At its Vtopia event on Thursday, Vedantu launched WAVE 2.0, an interactive and engaging classroom.

“The patented technology will redefine the learning experience and performance recognition at a whole new level. The 2.0 version of the WAVE (Whiteboard Audio Video Environment) learning platform envisions inspiring every child, making quality education accessible and creating an impact at scale in India,” the company said in a statement.

CONNECT WITH US