Godrej Properties to build 33-acre project in Bengaluru

By

-

March 28, 2022

Godrej Properties has signed a deal to build a 33-acre land parcel in South Bengaluru’s Bannerghatta Road. According to a BSE filing, the agreement is for an outright purchase, with the landowners receiving a 5% area share.

The new project has a developable potential of around 3.4 million sq ft of saleable area and is expected to generate around Rs 2,000 crore in revenue.

Mohit Malhotra, MD & CEO of the company, said, “This will further expand our presence in South Bengaluru and fits with our strategy of deepening our presence in key micro markets across India’s leading cities.”

During the quarter ending December 31, 2020, the company’s net consolidated profit increased by 171%. In Q3 FY22, it declared a profit after tax (PAT) of Rs 38.95 crore, compared to Rs 14.35 crore in the previous fiscal quarter. In the third quarter of FY22, the company’s net consolidated income was Rs 466.91 crore.

Tech company offers ₹1.5 crore bonuses to retain key talent

By

BRL Editor

-

March 26, 2022

0

According to people familiar with the situation, Apple Inc. is giving a small number of engineers another round of special stock bonuses as part of an unusual push to retain key talent.

The bonuses were given to a select group of employees in the iPhone maker’s software and hardware engineering departments recently, according to the people who asked not to be identified because the move isn’t public. The compensation in restricted stock units varied from roughly $100,000 to excess of $200,000 (₹1.5 crores), with some employees referring to them as special retention grants.

The bonuses are designed to keep employees from leaving by vesting over several years, and they may grow in value over time if Apple’s stock price rises. The stock has gained over 40% in the last year, though it is down somewhat in 2022 due to a broader pullback in tech firms.

The chip design department has seen some attrition. Therefore Facebook parent Meta Platforms Inc. has ramped up engineering recruitment, intending to put engineers to work on the so-called metaverse.

Senior executives in their respective divisions alerted some engineers of their bonuses. The company has also been awarding customary yearly bonuses and pay adjustments in the weeks leading up to the April 15 vesting deadline. The vesting of employee stock occurs twice a year, in April and October.

Employers have also been under pressure from inflation to increase pay. And Apple is gearing up for a return to work, which some employees anticipate with apprehension. By May, engineers and other corporate employees will work at least three days a week outside of the office.

Indiamart plans to buy a majority stake in Livekeeping

By

BRL Editor

-

March 26, 2022

0

Indiamart Intermesh, a B2B e-commerce company, announced that it planned to buy a 51% stake in software-as-a-service firm Livekeeping for Rs 45.98 crore in an all-cash deal. According to Indiamart, the acquisition is in keeping with the company’s long-term goal of providing diverse software as a service-based solution for enterprises.

“The company intends to invest up to Rs 45.98 crore approximately in Livekeeping,” Indiamart said in a regulatory filing.

According to the agreement, Indiamart would pay a premium of Rs 51,138 per share for Livekeeping’s 6,843 seed CCPS (Compulsorily Convertible Preference Shares) with a face value of Rs 10 each, aggregating about Rs 35 crore.

It would also purchase 2,147 equity shares in Livekeeping from one of the promoters at the same price for Rs 10.98 crore.

“The final aggregate shareholding of the company, post this investment, in LiveKeeping would be 51.09 per cent on a fully diluted basis,” Indiamart said.

Speaking about the investment, Mr. Dinesh Agarwal, CEO of IndiaMART said “Real time visibility of accounting data like revenue growth, profitability, cash flow management, etc. is a critical yet underserved problem faced by Indian Businesses. Livekeeping has been able to validate an innovative SaaS based solution to this problem. Further, this investment helps complete the IndiaMART ecosystem in the accounting space.”

Adding to this, Mr. Ritesh Kothari, CEO of Livekeeping said “We are excited to partner with IndiaMART in our mission to automate accounting operations. Investment from IndiaMART will enable us to strengthen the product & technology, reach to the higher number of businesses and keep innovating on behalf of our customers. IndiaMART’s understanding of the SMEs and accounting space will play a big role in making this company a huge success.”

Meta signs partnership for 3D ads in a move toward the metaverse

By

BRL Editor

-

March 25, 2022

0

Through a new partnership with an ecommerce technology firm, Meta Platforms Inc will make it easier for brands to run three-dimensional ads on its Facebook and Instagram social media platforms.

According to a press release issued by VNTANA, the collaboration would allow marketers to submit 3D models of their products to Facebook and Instagram and convert them into ads.

According to VNTANA chief executive Ashley Crowder, the move is a stepping stone into advertising in the metaverse, a futuristic concept of a collection of virtual worlds that can be accessed by devices such as headsets.

Meta has staked its future on its ability to contribute to creating the metaverse, which it estimates will take up to a decade to accomplish.

Meta teamed with augmented reality (AR) companies Modiface and PerfectCorp to make 3D and AR advertising more accessible to beauty and cosmetic brands.

“The metaverse is basically the spatial internet,” Crowder said. “It is a whole world of possibility that starts with having the right 3D models of your products.”

Users who see a 3D ad while surfing on their PC or phone on Facebook or Instagram can interact with an image of a handbag, for example, and move it about to view it from all angles.

“In a way, this offers a glimpse of what you might expect on future devices like AR glasses,” said Chris Barbour, director of augmented reality partnerships at Meta’s Reality Labs unit.

Advertisers would have to restructure 3D files to make them compatible with Meta’s ad systems before VNTANA’s integration. But, according to Crowder, without technical experience working with 3D pictures, marketers can now use VNTANA to effortlessly upload and turn files into ads.

IndiQube plans expansion in tier-2 cities, six key metros

By

BRL Editor

-

March 25, 2022

0

IndiQube, a flexible workspace operator, wants to extend its managed office business to tier-II cities and six major metros this year, as serviced office demand is likely to rise.

IndiQube now maintains 4.5 million square feet (sqft) of serviced offices in major cities, aiming to more than double that number by 2024.

“We are seeing good response from clients across cities. Over the next two years, we intend to have about 15 tier-II in our portfolio to cater to the emerging requirements from clients,” said Rishi Das, co-founder, IndiQube. “The advent of hybrid working creates an opportunity for employees to live, study and work in the same city.” The firm has signed 100,000 sqft in Coimbatore, its maiden property in a tier II town.

The property has a seating capacity of more than 2,000 units and is customized to fulfill clients’ needs ranging from a 10-seater to a 1,000-seater office space.

IndiQube has locations in Bengaluru, Chennai, Hyderabad, and Pune, to name a few.

Its clients include Ola, Unacademy, MakeMyTrip, Philips, and EY.

“We have 70,000 seats under management with 85% occupancy. By 2025, the number of seats under management will be 200,000,” Das added.

Large organizations are likely to use flexible spaces to decrease capital expenditure and achieve cost savings while allowing for split teams and de-densification as people return to the office.

“We are also taking over older commercial buildings and refurbishing them. We have already signed 2.5 million sft through refurbishing older buildings, operational 2024-2025,” said Das.

IBM to introduce ‘STEM For Girls’ program in Nagaland

By

BRL Editor

-

March 24, 2022

0

IBM announced a partnership with Nagaland’s Department of School Education to launch the ‘IBM STEM for Girls’ program in over 250 secondary and higher secondary schools across 15 districts in the northeastern state.

According to IBM, this program will provide more than 12,000 girls in grades 8 to 10 with access to digital fluency, coding skills training, and 21st-century abilities, such as life and career skills.

The partnership is part of a three-year program between IBM and the Nagaland state government to encourage girl children and women participation in STEM (Science, Technology, Engineering, and Math) careers.

As part of the program, nearly 1,400 teachers in participating schools will be empowered to educate and train students in computational thinking, STEM, and agency development for girls. In addition, IBM SkillsBuild (skillsbuild.org), a programme that incorporates online coursework and tools to engage students, will be used by educators.

“With the expansion of our STEM for Girls program in Nagaland, we have increased our footprint to 12 states across India. This is a part of IBM’s ground-breaking commitment to provide 30 million people of all ages worldwide with new skills needed for the jobs of tomorrow by 2030. With these engagements our commitment is to skill students beyond metros and tap into the rich talent pool from various states and cities,” said Sandip Patel, managing director, IBM India.

The IBM Stem for Girls program runs in 12 Indian states, including Karnataka, Andhra Pradesh, Telangana, Haryana, Punjab, Rajasthan, Gujarat, Odisha, Assam, Bihar, Uttarakhand, and Nagaland.

Sanjiv Goenka Group looks for retail, IT sector targets

By

BRL Editor

-

March 24, 2022

0

As the diversified Indian conglomerate RP Sanjiv Goenka Group aims to build up swiftly, it aims to acquire companies in the local retail, technology, and power distribution sectors.

“We are poised for a very aggressive expansion,” Group Chairman Sanjiv Goenka said.

After acquiring niche sector player Nature’s Basket in 2019, the Kolkata-based company planned to acquire other retail chains and related infrastructure. When asked how he plans to compete with sector giants like Mukesh Ambani’s Reliance Industries Ltd. and Amazon.com Inc., he said the goal is to “gain more critical mass” and “greater mass.”

With $4 billion in annual revenue, the company is also looking for targets in power utilities and IT-enabled services, where it has already acquired three businesses in the last year. On the other hand, Goenka avoids debt-fueled expansion favoring internal accruals.

“Theoretically, we could have been more aggressive,” he said. “We could have taken more debt. But we prefer not to grow by debt.”

Goenka is trying to get more electricity from renewable energy sources and increase the group’s power distribution business, which comprises listed utility CESC Ltd.

“We are not investing at all in the thermal power business,” he said. “It’s a conscious decision the board has taken.”

“We do see an impact of oil prices and there’s a mismatch in the supply scenario. In the short term, there’s a definite impact,” Goenka said. “We do believe it’s short term and won’t be significant in the long term.”

Meesho introduces integrated e-commerce app for buyers, sellers

By

BRL Editor

-

March 23, 2022

0

As part of initiatives to promote the digitalisation of small enterprises in the country, internet commerce business Meesho announced the launch of an integrated e-commerce mobile app for buyers and sellers on Wednesday.

Meesho users may now switch between the buyer and seller interfaces with a single click on the latest Android version of the app.

“In a bid to further aid the digitisation of small businesses in the country, Meesho…today announced the launch of an integrated e-commerce mobile app for Android users,” the company said in a statement.

Sellers, in particular, can expect a stronger e-commerce experience with access to many features previously only available on the web versions of the app.

Order processing, payment monitoring, inventory management, and seller support are among them.

More than 4 lakh sellers on the platform are likely to benefit from the consolidated app and its capabilities.

Kirti Varun Avasarala, Chief Product Officer, Meesho, said, “A significant number of Meesho sellers don’t have easy access to desktops or laptops, which were earlier essential for accessing all the features available on our platform”.

Avasarala added that the company had chosen a mobile-first approach to provide them with a more seamless e-commerce experience. This will let sellers manage their business on the road with less effort.

Cybersecurity startup Technisanct raised fresh investment of ₹2 crores

By

BRL Editor

-

March 23, 2022

0

Technisanct, a cybersecurity startup with a research center in Kochi, has opted to expand its workforce after receiving a Rs 2 crore investment. Shashidhar Pai (S3K Ventures), K T Chandy (Partner-EY), and Surabhi Marwah (Partner-EY) were among those who participated in the investment, according to the company.

Technisanct, which offers managed services in digital risk management, recently received a Rs 22 lakh start-up grant from IIT Kanpur’s SIIC incubator as part of their inaugural batch of 13 cybersecurity start-ups chosen from across India, according to a press statement.

Pai stated that cybersecurity has shown to be an urgent requirement, especially in light of recent events throughout the world.

“The commitment of Technisanct in securing cyberspace for its diverse clientele has been very impressive. We believe they will create a first-hand imprint in the industry with their avant-garde technology,” Pai said.

Nandakishore Harikumar, CEO and Founder of Technisanct, said the investment received was significant since a brand’s or an individual’s digital security was most vulnerable.

“The fresh capital would help us to scale up technological advancement by improving our AI capability in threat detection and data analytics,” Harikumar said.

Using big data and Integrite, a self-developed AI-powered digital risk monitoring platform, the company intends to eliminate cyber risks, privacy, and data breaches.

Kouzina Food plans to add 90 new cloud kitchens

By

BRL Editor

-

March 21, 2022

0

Kouzina, a cloud kitchen company, plans to grow to 150 total kitchens in 12 to 18 months. The company will continue to expand in metros where it already has a strong presence, such as Pune and Hyderabad while doubling focus on tier-2 cities.

From a network of cloud kitchens across India, Kouzina owns and manages various delivery-led food companies powered by technology. Warm Oven, Indiana Burgers, and Kaati Zone are some of the company’s brands. The brands are present in over 15 cities and operate over 60 kitchens.

Bengaluru is the largest city in terms of generating revenue for the company. “That said, it is our oldest city and also the city with the highest density of kitchens. Other cities are relatively new and will start to ramp up over the next six to 12 months,” Gautam Balijepalli, co-founder and CEO at Kouzina Food Tech Pvt Ltd, informed.

Food delivery has expanded beyond tier-1 cities in two to three years. “Our understanding is that non-metro towns are increasingly becoming important for the food delivery ecosystem and this is evident from some of the publicly announced plans of the aggregators Most of these markets are supply starved with the lack of good quality restaurant brands and we plan to expand beyond metros to capture this opportunity,” he further added.

The average order value for all brands is currently approximately INR 375. However, given that the company manages one of the leading online cake brands, WarmOven, according to Balijepalli, the number will only rise as the brand expands nationally.

According to him, there is a lot of data available in today’s digital-first restaurant industry, but obtaining vital insights from it is crucial. Commenting on the same, he added, “Our platform aggregates various data points (customer ratings, comments, preparation times, product mix for each brand etc) across our kitchen network to make improvements every single day. By leveraging all of this data in its operational processes, we are creating a strong culture of continuous improvement, which would set it apart from its competitors over time.”

Kouzina strives to introduce new brands in the two most popular online categories, biryani, and pizza.

CONNECT WITH US