BSE joins with TN govt’s M-TIPB to facilitate MSMEs’ listing

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March 5, 2022

The Bombay Stock Exchange (BSE) has partnered with the Tamil Nadu government to raise awareness about the benefits of listing among the state’s micro, small, and medium enterprises (MSMEs).

BSE will collaborate with the MSME Trade and Investment Promotion Bureau (M-TIPB) to make this possible. BSE would provide capacity building and soft support to small and medium enterprises (SMEs) in Tamil Nadu to meet listing standards as part of the agreement.

Furthermore, the BSE would provide all intellectual and workforce support necessary to raise awareness of the benefits of listing among SMEs in Tamil Nadu.

Meanwhile, M-TIPB will assist in mobilizing SME representatives through district industries centers and state or regional associations in encouraging their SME members to participate in capacity development programs.

“Through M-TIPB’s deep reach and network, we aim to further increase awareness amongst MSMEs about the benefits of listing. The BSE will also appoint a nodal person as single point contact in Tamil Nadu for providing end-to-end solution and facilitating SMEs with respect to registration/ listing on the platform,” Ajay Thakur, head (BSE SME and Start-up), said.

The BSE, according to Sakthivel S, general manager of M-TIPB, has played a significant role in the development of Indian capital markets. By listing on the BSE SME platform, Tamil Nadu SMEs would raise funds through initial public offerings (IPOs).

The BSE was the country’s first stock exchange to introduce an SME platform. In March of 2012, the SME platform began its journey. Since then, the BSE SME platform has seen over 363 companies listed, raising over 4,000 crores.

Fairfield by Marriott launches its eighth property in Goa

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March 5, 2022

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The opening of Fairfield by Marriott Goa Calangute has been announced. The 169-room hotel, located in the heart of North Goa and inspired by the beauty of simplicity and genuine hospitality, provides a welcoming and seamless experience to visitors to India’s beach capital.

“We are excited to introduce our eighth property in Goa – Fairfield by Marriott Goa Calangute. Our portfolio continues to gain strength in line with our vision to be the largest travel company globally,” said Neeraj Govil, senior vice-president – operations, Asia Pacific (excluding Greater China). “The launch of this property consolidates our presence in Goa. We look forward to bringing a diversified portfolio catering to different requirements at varied price points. Goa holds a major attraction for both domestic and international travellers and with our solid presence we are geared to dominate the hospitality space with our offerings and service elements in the state.”

Fairfield by Marriott Goa Calangute is less than 1 mile from Calangute Beach and offers 169 spacious, modern, well-equipped rooms and suites. Each room has its balcony and patio seating with views of the pool or the hillside. Each room is built using local materials and features an earthy color scheme supplemented by bold patterns and eye-catching textures, all inspired by Goan architecture and culture.

The hotel’s atmosphere emphasizes warmth and simplicity to provide guests with a welcoming and seamless experience. Guests are serenaded by the quiet and pleasant environment that permeates the entire hotel, set among the stunning Goan hills.

The hotel has 2200 sq ft of contemporary meeting space excellent for business meetings, social gatherings, and celebrations. An outdoor swimming pool and a 24-hour fitness center with state-of-the-art amenities are also available at the hotel, allowing guests to maintain their fitness routines.

Indian SaaS ecosystem to grow its global market share to 4-5%: Report

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March 4, 2022

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According to a report by Motilal Oswal Financial Services Ltd, the software-as-a-service (SaaS) ecosystem in India is predicted to grow fast and raise its share of the global SaaS market to 4-5% by CY30, up from about 1% currently, translating into a $50-70 billion revenue opportunity.

“SaaS has emerged as one of the biggest disruptors in the global technology industry over the last two decades. It continues to accelerate further as the world rapidly shifts to a cloud-based environment. The covid-19 outbreak exacerbated the push to SaaS, given greater flexibility, functionality, and better remote productivity,” Motilal Oswal said.

According to the report, Indian companies now distinguish themselves in the SaaS area, with a long list of companies joining the unicorn club. While most businesses focus on horizontal business software, vertical solutions, and innovative infrastructure, SaaS businesses are growing in India.

Unlike the technology services market, according to Motilal Oswal, SaaS companies generate significant revenue from Indian enterprises (30% in CY20, according to Zinnov) and have a broad business strategy that targets both corporates and small-medium businesses. “This has resulted in elevated interest from VC/PEs, which have invested over $4.5 billion in the space in CY21, about 3x higher versus a year ago.”

Motilal Oswal predicts more SaaS companies to follow Freshworks’ lead and opt for a public listing due to their proven scalability and business model. According to the brokerage business, Indian SaaS companies have benefited from the transition to digital sales due to the travel restrictions implemented to combat the pandemic and robust product offerings.

“This resulted in increased trials of quality offerings and their strength in pricing and customer service becoming much more visible,” Motilal Oswal added.

EduFund joins DSP Investment Managers to offer higher education plans

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March 4, 2022

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EduFund, a higher education-focused investment advisory app, has partnered with leading asset manager DSP Investment Managers to provide parents with customized investment solutions to help them save for their child’s higher education objectives.

EduFund encompasses a child’s higher education journey from rupee and dollar savings to education counseling, allowing parents to better plan for their child’s educational ambitions. The technology-based software is backed by research and statistics, and it provides individualized investing possibilities based on a child’s aspirations and the risk profiles of a child’s parents.

By 2024, more than 2 million Indian students will be studying overseas, according to RedSeer’s industry forecast. This collaboration will provide parents with extra alternatives, making the EduFund app a one-stop platform for everything Ed-Fin-Tech.

Student loan debt in India is rising as more students study abroad and pursue better education options. This figure was shockingly high last year, at INR 84,965 crore. As a result, having a reputable investment manager like DSP collaborate with a targeted start-up like EduFund emphasizes the need to plan for higher education ambitions as early as possible.

Vineet Malhotra, Head – eBusiness, DSP Investment Managers, said, “We have always advocated starting investments early and in a systematic manner to meet one’s goals and prepare for life events. We are pleased to work with EduFund which shares the ethos and has designed a comprehensive platform to help parents plan systematically for this vital goal. We look forward to working with EduFund to help millions of Indians #InvestForGood.”

Parents can start monthly SIPs by investing in mutual funds that allow access to both Indian and worldwide enterprises using EduFund’s simple interface. This can help parents save for their child’s education while also keeping track of their progress in one place.

EduFund also connects parents and students with experienced counselors worldwide for guidance on institutions, courses, and other important aspects of their educational journey.

Eela Dubey, a co-founder of EduFund, said, “With rising tuition costs, immense competition and inflation, we anticipate that only one in ten children will be able to afford graduate degrees and more. By partnering with a credible and trusted player in the investment space, DSP Investment Managers, we hope to change this statistic and help more parents become financially literate by changing their view towards saving early. What is encouraging is that we are already starting to see early signs of this, with over 2,000 parents realizing the daunting reality of planning early for their child’s higher education.”

Cred reports ₹95.5cr revenue in FY21, applying for AA licence

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March 4, 2022

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For the financial year ended March 31, 2021, Dreamplug Technologies, which runs the fintech startup Cred, announced total revenue of Rs 95.5 crore (FY21).

It was Rs 18.14 crore in FY20.

On a consolidated basis, the company reported a total loss of Rs 523.8 crore, compared to Rs 361.1 crore the previous year.

From around Rs 52 lakh, total revenue from operations surged to Rs 88.6 crore.

According to regulatory records, the company is in the process of applying to the Reserve Bank of India (RBI) for an account aggregator (AA) license.

Employee expenses, which totaled Rs 134.7 crore in FY21, were the source of losses. In FY20, Cred’s employee costs totaled Rs 72.8 crore.

Other expenses, such as marketing, increased by 43% to Rs 418 crore in FY21, compared to Rs 237.2 crore in FY20.

This was due to marketing expenditures during the Indian Premier League (IPL) in FY21 and IPL-related advertising activities.

“During FY20-21, the company managed to launch or substantially grow a number of new products including Cred Max, Cred Cash and Cred Travel as well as lay groundwork for CRED Mint and other products coming up in the future,” according to the filings.

“The company (Dreamplug AA) has been incorporated to engage as an information technology driven accounts aggregator and undertake the business of providing the service of retrieving and collecting such financial information pertaining to its customers,” Cred said.

An account aggregator (AA) is an RBI-licensed firm that assists individuals in securely and digitally accessing and sharing information from one financial institution to any other regulated financial institution in the AA network.

According to multiple people familiar with the conversations, the company is now in talks with worldwide investors to raise over $350 million as part of a new investment round, projected to boost the fintech firm’s valuation to above $6 billion.

PayU partners with Vtex to offer merchants various payment options

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March 3, 2022

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PayU announced that it had partnered with Vtex, one of the leading worldwide digital commerce platforms, to provide Vtex merchants with various payment options.

According to the company, businesses will have smooth access to PayU’s payment solutions due to Vtex’s integration to serve their merchants in India. According to the firm, the connection intends to make payment options easier for retailers who utilize the Vtex platform. When Vtex merchants do business in India, they will use the PayU platform.

Mohit Gopal, a senior vice-president, PayU India, said, “In addition to providing Vtex merchants with payment solutions specific to the Indian market we are excited to provide them offers engine option. Increasing affordability for retail consumers is a key focus at PayU and with the offers engine option, merchants can increase sales, bring in new customers, and increase ticket size.”

“Our strategic alliance with PayU will enable us to better position our e-commerce solution to merchants in India. Enabling a pre-integrated payment solution, out of the box and ready to be used, will enable faster time to revenue for clients using Vtex’s e-commerce platform, access to all the different payment methods and allow access to the high-quality service provided by PayU India,” says Pablo Che León, head of customer success for Vtex in Asia.

IIFL Finance joins NIRA to offer personal loans

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March 3, 2022

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As part of its plan to expand its digital reach, IIFL Finance Limited partnered with fintech firm NIRA. Salaried customers can get a personal loan of up to 1 lakh from IIFL Finance through this arrangement by downloading the NIRA app from Google’s Play store.

“IIFL Finance is a diversified retail-focused NBFC and a robust digital platform catering to over 6 million customers. Through its digital lending portfolio IIFL Finance aims to provide credit to largely unbanked and underbanked borrowers and small entrepreneurs,” according to a release.

Jyoti Joshi, national sales head – Digital Loans, IIFL Finance, said, “This partnership with NIRA will bolster our small-ticket short-term digital lending portfolio. NIRA, through its unique algorithm, has connected with many under-banked and underserved borrowers, which is aligned with our objectives.”

NIRA is a consumer finance company established in Bengaluru that provides financial services for India’s mass market, starting with credit. It provides loans to customers with monthly salaries as low as Rs. 10,000. NIRA is a pan-India company with customers in over 5,000 towns and cities. This partnership will allow NIRA to continue growing its business while also assisting IIFL in expanding its unsecured lending book.

Rohit Sen, CEO and co-founder at NIRA, said, “IIFL is a recognised brand across India, and their scale puts them among the country’s premier NBFCs. This trust and scale are exactly what is required to help us truly bring affordable credit to millions of underserved Indians.”

Hotels and restaurants optimistic on new hires, salary increments

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March 3, 2022

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After struggling for nearly two years, the hospitality industry is expected to make a strong comeback, with salary hikes and hiring resumed after a two-year break.

Employees of hotels and restaurants received no or minimal increases in 2020, according to professional services firm Aon, while the situation improved slightly in 2021.

“In 2022, hotels and restaurants are likely to see hikes of about 7-8% or even more, which come as a welcome relief for their employees,” Roopank Chaudhary, partner at Aon, said.

According to Aditya Mishra, CEO of recruiting services firm CIEL HR Services, these areas are also recovering quickly, with increases of 5-7%. As a token of appreciation, several employers will award bonuses, according to Mishra.

Oyo, a hospitality tech firm, is actively hiring for technology and product roles, with a focus on AI, machine learning, data science, cloud & DevOps, product engineering, and product design from schools such as ISB, IIMs, IITs, NIFT, MIT Institute of Design (Pune), and Industrial Design Centre (IDC) at IIT-Bombay.

“One can say that technology and innovation are charting the new Oyo growth story,” said the chief HR officer (technology, product, global functions & international markets) Satyadeep Mishra.

Rehiring is on the rise at Wow! Momo Foods, a home-grown quick-service restaurant with over 400 locations around the country.

“Our hiring has gone up by 30-40% in the last two quarters. Our hiring continues to be at an all-time high and with a very bold expansion target,” said Sagar J Daryani, founder and CEO of Wow! Momo Foods.

Like Oyo, Wow! Momo also hires on-campus and through its recently formed internship program.

Accel announces $650mn fund for early-stage startups in India, Southeast Asia

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March 2, 2022

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Accel, a global venture capital firm, has announced a $650 million fund for early-stage startups in India and Southeast Asia, bringing the region’s total commitment to over $2 billion.

In 2005, Accel launched its first fund in India. From the beginning, the VC firm has collaborated with Indian founders, assisting them in building “exceptional” companies.

Accel has funded two of the most well-known firms like Flipkart and Freshworks, from their first seed rounds through all subsequent financings.

Pluang, Xendit, Axie Infinity, Nansen, and Astro are prominent firms backed by the global Accel team in Southeast Asia.

“As we look towards the next decade, we expect digital adoption in India and Southeast Asia to only accelerate. We see this trend playing out not only in categories like financial services and e-commerce, but also across core sectors like agriculture, education, insurance, logistics, healthcare, real estate, and manufacturing,” said Accel in a statement.

Accel said its commitment remains unchanged in the region as it seeks to be the first partner to founders and teams across the globe. “In India and Southeast Asia we are the first institutional investor in over 85% of our investments, and 95% of our investments are Seed or Series A. We continue to expand our commitment to startup founders and entrepreneurs in India through programs such as SeedToScale and Atoms,” it said.

Accel mostly invests in the so-called ‘Seed’ or Series A fundraising rounds, including numerous university endowments, non-profit organizations, and research institutions as fund investors or limited partners.

Gupshup introduces new brand identity

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March 2, 2022

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At the Mobile World Congress in Barcelona, Gupshup introduced a new brand identity. It includes new logo colors, a redesigned brand appearance and feel, an updated website, and a new tagline: “One-on-one. With everyone.”

Gupshup’s aim of redefining the future of business-to-customer conversations and commerce through conversational engagement is reinforced by these developments, according to a press statement.

Beerud Sheth, co-founder, and chief executive officer, Gupshup, said, “This new brand identity is an evolution of our core vision. We remain committed to helping businesses engage one-on-one with consumers, at scale, through conversations that are both real and human. We are doubling down on our focus to help more and more businesses drive deeper, personalized conversations with their consumers across the world.”

Gupshup has preserved the main aspects of the original logo. The /> symbol included in the two chat bubbles that represent conversations represents the company’s pioneering and evolution of the concept of programmable messaging. Conversational interaction is built on the concept of smart, programmable messaging.

The general design language has been overhauled to reflect how conversations are intuitive and natural and how they have evolved into the digital backbone of brand-to-customer interactions.

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