Accenture to expand into tier-2 cities for better employee flexibility

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February 25, 2022

Accenture is opening offices in Jaipur and Coimbatore as part of a move to gain access to more talent and provide employees more flexibility in terms of where they want to work.

Late last year, Accenture issued a note to employees about a new model that would give employees more flexibility regarding where they worked.

“We believe that when it comes to the future of work, there is no “one size fits all,” and our approach to how, when and where we work will vary by business, team, and the type of work our people do. For example, at our Advanced Technology Centres in India, people have the option to choose their own work location from any of the cities where Accenture has a presence,” Accenture said in a statement.

On Accenture’s website, there are presently jobs in Jaipur for finance operations and data collection. “In Jaipur, we are hiring for a variety of in-demand technology skills, in addition to domain and functional experts. A physical office space will be announced soon,” according to the company.

Accenture said, “Our people have also told us that while they value the flexibility provided by virtual working, some-in-person connection time is vital to them, and we are setting up offices in select cities to provide them with work options that fulfil both needs. The new locations will also help strengthen and grow our already rich and diverse talent base.”

Although Accenture has not confirmed Coimbatore, various job portals have listings for BPO and application developers in that location. Accenture employs roughly 2.5 lakh people in India out of a total workforce of 624,000. According to experts, Accenture’s push for additional locations is accelerated by the significant number of resignations that IT firms are experiencing.

According to Phil Fersht, CEO of HfS Research, the Great Resignation is a three-to-four-year phenomenon and a milestone moment in the history of IT services.

“This is driving the rapid location diversification of service providers, including Accenture. Wage inflation and employee attrition in Delhi, Mumbai and Bengaluru has never been so problematic and is having a worrying knock-on impact on clients and competitive pricing,” Phil Fersht said.

Over the last 20 years, Accenture has made investments in tier-2 cities in Central/Eastern European locations, but he added on a far smaller scale than tier-2 Indian cities. “India is the one global location that offers talent at scale and the pandemic has strengthened its position,” he said.

“The industry is looking at more automation initiatives, cost associated with retaining and training staff, remote working, and ensuring good employee experience. And allowing users to work from the location of their choice is a big factor in enhancing experience,” he said.

Edtech firm CollegeDekho buys Getmyuni for Rs 50 cr

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BRL Editor

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February 24, 2022

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According to a top company official, CollegeDekho has acquired its rival firm Getmyuni for roughly Rs 50 crore in a mix of cash and equity deal, which will help the company’s revenue development. Getmyuni will continue to function independently following the acquisition. Part of its leadership will join the combined entity’s board of directors, according to Ruchir Arora, co-founder, and CEO of CollegeDekho.

“We have acquired 100 per cent of Getmyuni which is also a college discovery platform for about Rs 50 crore in cash and equity mix. They (Getmyuni) will continue to operate under their leadership. Some from their leadership team will also join CollegeDekho in the leadership ecosystem,” he said.

CollegeDekho, founded in 2015, is on a mission to institutionalize student counseling in India’s higher education sector.

“We have been growing close to 100 per cent year-on-year. Last financial year we closed with a net revenue of Rs 50 crore. Right now we are already expecting 4 times of that. With Getmyuni, we will have about 50 per cent of all students query through us,” Arora said.

CollegeDekho, he said, is attempting to build an entire ecosystem around student needs, including loan access. He added that Getmyuni is highly similar to CollegeDekho.

“They also run another website called IELTS material. They are very similar to CollegeDekho. They will solidify our position. Between CollegeDekho and Getmyuni, we will cater to almost 50 per cent of all higher education traffic in the country,” Arora said.

Getmyuni, he said, will help the merged organization become the country’s largest student enrollment platform, producing over 25 crores annual student traffic and supporting over 30,000 enrollments across almost 2,000 partner colleges.

India’s buy-now-pay-later sector to reach $40 bn by 2025

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February 24, 2022

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According to a new report released, the buy-now-pay-later (BNPL) industry in India’s fintech space is expected to reach $40 billion by 2025.

According to management consulting firm Redseer, this fintech subsegment, which witnessed 9 times financing growth and massive adoption in 2021, is growing at a 65% (on-year) rate.

Simpl, Lazypay, Zestmoney, ePayLater, Flipkart, Paytm, PhonePe, and Amazon India are the companies and fintech platforms that have jumped on the BNPL bandwagon.

“The majority of consumers use BNPL frequently, have good usage hygiene, and usually pay on time. However, there are some consumer experience areas to be solved to drive higher average revenue per user (ARPU)/customer lifetime value (LTV) from the existing user base,” said Mrigank Gutgutia, Associate Partner, Redseer.

A higher credit limit, cash withdrawals, increased user convenience, and more merchant tie-ups are just a few of the key areas that need to be addressed.

“Regulations will also be key as several nations have started to regulate BNPL to protect users and reduce defaults, while India is still in the nascent stage,” Gutgutia noted.

Multiple products and business models are emerging in India’s BNPL ecosystem, owing to the country’s different BNPL users and ecosystems.

“Close to 73 percent of this segment use BNPL for online shopping. Companies are actively trying to diversify their use cases with wider merchant partnerships,” said the report.

Bharti Airtel bags strategic stake in blockchain technology startup Aqilliz

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February 24, 2022

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Bharti Airtel announced that it had acquired a strategic stake in Aqilliz, a blockchain technology startup.

According to Airtel, Singapore-based Aqilliz has developed Atom, a patented hybrid blockchain platform that mixes differential privacy and federated learning on a distributed digital ledger.

It added that marketers could create secure and consent-based solutions to communicate with customers in a quickly expanding digital economy that is becoming increasingly decentralized.

Airtel plans to use Aqilliz’s blockchain technology across its rapidly developing Adtech (Airtel Ads), digital entertainment (Wynk Music & Airtel Xstream), and digital commerce (Airtel Thanks App) services.

“Blockchain technology is maturing and we see its application across areas such as Adtech, Creator Economy, and Loyalty Programs. We are thrilled to have Aqilliz join our Startup Accelerator Program and be part of Airtel’s digital innovation factory,” said Airtel Digital CEO Adarsh Nair.

Airtel will collect and carry this value exchange in the form of consent and provenance across the digital supply chain owing to Aqilliz’s unique technology.

Aqilliz’s Founding CEO, Gowthaman Ragothaman, said, “We look forward to working closely with the team at Airtel.”

Tata Housing to capitalize $36mn in two Maldives housing projects

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February 23, 2022

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Tata Housing, a subsidiary of Tata Sons Pvt Ltd, announced that it would invest roughly $36 million in two new residential developments in Male, Maldives, at Nadhee and Odean.

There will be 117 premium three-bedroom apartments in the two projects.

The project is being created in a public-private collaboration with the Maldives government and is located on Majeedhee Magu City Centre Road, the island’s retail and residential luxury centre. The two residential plots will be developed by Tata Housing, with a total development area of 2.52 lakh sq ft.

“We are excited to launch the second phase of our projects in Maldives. It is a premier residential development. Tata Housing is committed towards delivering unmatched spaces and elevating the living experience of its homebuyers. We sincerely thank the government of Maldives for being very investor friendly and professional. This development will be followed by island developments in the near future,” said Sanjay Dutt, managing director and CEO, Tata Housing and Tata Realty and Infrastructure Ltd.

Dutt added, “Maldives is fast growing; however Male City needs more to meet the appetite of growth of Maldives as an economy and the rising standards of its citizens. We are committed to play our part as a responsible real estate development company.”

EaseMyTrip joins with Toffee for personalized travel insurance plans

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February 23, 2022

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Toffee Insurance, an insurtech firm, has joined with EaseMyTrip, an online travel platform, to provide innovative and customized travel insurance options to its consumers.

Toffee Insurance will manage all travel insurance packages for added value and provide extra protection to EaseMyTrip customers who have to cancel flights due to medical crises as part of this partnership.

According to EaseMyTrip, the free-of-charge policy minimizes the possibility of losing booking fees because clients will receive a full refund, including any money withheld by airlines.

Rikant Pittie, co-founder, EaseMyTrip, said, “While travel is reviving at a strong rate, customers are still concerned about medical emergencies that can arise right before a travel plan. We are delighted to partner with Toffee Insurance while we continue to offer our first-of-its-kind, free-of-charge, full refund medical policy that provides the additional travel flexibility required during such trying times for our customers. We believe that Toffee’s proven track record of delivering great results will complement EaseMyTrip’s exceptional efforts to offer value-added services to its customers.”

Customers must select this policy while booking their ticket on EaseMyTrip’s website or app to be eligible for this service. A doctor’s prescription specifying the medical issue must be uploaded to claim the policy.

Rohan Kumar, co-founder and CEO of Toffee said, “By joining hands with EaseMyTrip, India’s second-largest online travel platform, we are bringing not only one of the fastest but also the best-in-class insurance services to the Indian travellers. Additionally, our end-to-end digital integration with EaseMyTrip also enables the digitization of the entire insurance process. EaseMyTrip has been at the forefront of travel bookings and exceptional customer service, and we, at Toffee are delighted to partner with them to protect their customers’ travel plans and provide them with additional travel confidence during these unprecedented times.”

Good Creator Co. is set to buy video commerce startup Bulbul

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February 23, 2022

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According to the persons familiar with the situation, Good Creator Co (GCC), an offshoot of the Good Glamm company, is acquiring video commerce platform Bulbul in a cash and equity deal, marking yet another major consolidation move in the creator and influencer economy field.

According to insiders, Bulbul’s creator Sachin Bhatia would take over as GCC’s CEO as part of the agreement.

GCC expects to employ Bulbul’s software stack to assist creators in creating digital stores due to the acquisition.

“Bulbul is being merged into GCC,” said another person with knowledge of the development. “Some early backers will cash out while others will get an equity swap in GCC,” said another person.

When Good Creator Co was split off in January, the Good Glamm Group, armed with funds collected from investors, committed Rs 200 crore as startup capital.

“Our current revenue run rate for GCC is around Rs 75 crore and we expect it to grow to Rs 250 crore by the end of the current calendar year,” Darpan Sanghvi, founder, and CEO, Good Glamm Group, said.

Bulbul was one of the first startups to explore live commerce, having launched in 2018. After that failed to catch on, it shifted its focus last year to digitizing storefronts for creators, stores, and sellers, as well as influencer-led sales via pre-recorded video.

It last received $8.7 million in 2020, and its backers include Sequoia’s Surge, Info Edge, and Leo Capital.

Bulbul focuses on tier 2 and tier 3 influencers and markets in the fashion, home and kitchen, and electronics categories. It also developed its brands, Myfav (for men’s grooming), Noor (for women’s ethnic wear), and Aro (for men’s footwear), which were promoted and pushed by influencers.

ABFRL teams up with Accenture for digital transformation

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February 22, 2022

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Aditya Birla Fashion and Retail Limited (ABFRL) announced a partnership with Accenture for a digital transformation programme to help the fashion retailer develop and enhance operational efficiency.

ABFRL has chosen Accenture to design, build, and deploy an enterprise resource planning (ERP) system in its digital transformation strategy.

“The new ERP system will support ABFRL which owns brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England across stores in India to efficiently manage multiple fulfilment channels and consolidate disparate technology systems. It will be designed to enhance customer service by combining ABFRL’s manufacturing and retail functions into a digital core using SAP S/4HANA for fashion and vertical business,” it said in a statement on Tuesday.

It’s critical to spot and react quickly to changes in consumer tastes in today’s fast-changing fashion sector, according to Praveen Shrikhande, ABFRL’s chief digital and information officer.

Even as ABFRL develops its operations and integrates new businesses, Shrikhande believes that consolidating and digitizing its main ERP system would help it increase agility and responsiveness in a digital-first world.

According to Manish Gupta, lead for Accenture’s products industry group in India, the collaboration with ABRFL will not only help them build an integrated digital core across manufacturing, wholesale, and retail functions to drive operational efficiencies but will also unlock new value for future disruptions and growth.

Earlier this year, the BSE-listed firm also announced a strategic alliance with Algonomy, an artificial intelligence services provider, to deploy its hyper-personalization solutions across ABFRL’s brands. ABFRL claimed at the time that it would employ Algonomy’s main products to customize end-to-end omnichannel experiences for shoppers across all consumer channels, leveraging real-time shopper behaviour as well as store data.

Accenture myConcerto, an insight-driven platform, will also be used by ABFRL to establish a vision that will guide its manufacturing, delivery, and change management operations.

Fleetx.io bags $19.4mn in funding headed by Indiamart, IndiaQuotient

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BRL Editor

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February 22, 2022

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Indiamart led a USD19.4 million fundraising round for fleet management platform Fleetx.io, with existing investors IndiaQuotient and Beenext also participating.

According to the company, the funds will be used to hire people, improve the product, and scale its business.

Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Mishra founded the company in 2017. Fleetx develops internet-of-things and software-based tools to assist fleet operators and businesses digitize their logistical operations.

According to the company, clients may increase the safety, efficiency, and sustainability of their vehicles and operations by using the firm’s products. Real-time visibility, greater asset utilization, theft prevention, fuel savings, and improved vendor performance are just a few of the benefits Fleetx’s platform can provide, the company said.

According to the company’s website, Adani, Delhivery, Mondelez International, Tata Steel, and Suzuki are among the company’s clients. The firm is involved in the fast-moving consumer goods (FMCG), automotive, cement, iron, and steel industries, and e-commerce. The company claims that mid-to-large-sized businesses account for 70% of its revenue and grow 100% year over year.

“Supply chain visibility is a critical yet underserved problem faced by Indian enterprises and fleet owners. Fleetx has been able to validate and scale an innovative IoT and Saas-based solution to this problem, and hundreds of enterprises and SMEs across various sectors are currently using their product,” said Dinesh Agarwal, founder and managing director of Indiamart.

“We are thrilled to onboard Indiamart in our mission to digitize fleet and logistics operations to improve efficiency, safety, and reduce cost. We also want to thank our existing investors for their continuous belief and support of our mission,” said Vineet Sharma, co-founder and CEO of Fleetx.io.

The company’s most recent big round was a USD2.8 million fundraising round from Beenext and IndiaQuotient in February 2019.

Paytm Payments Bank joins e-RUPI service as an acquiring partner

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BRL Editor

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February 22, 2022

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Paytm Payments Bank announced that it had joined the government’s e-RUPI vouchers initiative as an official acquiring partner.

The bank has teamed with One97 Communications Ltd (OCL), the parent company of Paytm, to make use of the latter’s merchant base.

Paytm merchants will be allowed to accept payments via e-RUPI due to this. Paytm claims to have a merchant base of around 25 million people.

Through SMS or QR code, beneficiaries can offer e-RUPI as a cashless prepaid voucher. Paytm’s merchant partners can scan, enter the payment amount, and receive the funds in their bank accounts.

The scheme was started in August of last year to assist people without formal banking services or smartphones in taking advantage of the simplicity of digital payments.

“With the acceptance of e-RUPI vouchers, merchants across the country will be able to promote cashless payments, which will further drive the government’s mission of introducing more Indians to the digital economy,” Satish Gupta, managing director and chief executive of Paytm Payments Bank, said.

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