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The Backyard opens an outdoors zone for children in Kolkata

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The Backyard, a recently opened space in Kolkata, was created to provide a free open space for families and provide open space for children to play, which is rare in the city.

“There is a great difference between the childhood we spent playing outside and the way it is today. Most play spaces today are confined to small enclosed areas that tend to be overcrowded, not letting children explore the possibility of learning through play,” said Sinaya Azhar Khan, partner – The Backyard.

In a post-Covid world where delivery-only models appear to be more sustainable, Sinaya Azhar Khan and Imran Ahmed, the founder duo, have put a lot of money into the experience endeavor. The 29,000-square-foot indoor and outdoor play space also has a cafe with a children’s menu. 

“Our goal for the cafe was to keep everything healthy and locally sourced as well. In fact, we grow most of the herbs in our kitchen garden to enhance the flavours of our dishes,” Khan added.

Kaushik Saha built the space to provide Indian artisans a platform by sourcing materials from throughout the country, ranging from wooden benches to silverware. Experiential elements, according to Khan, can and do bring greater value to today’s food and beverage offers. They may elevate a normal dinner or lunch to a memorable occasion. We’ve seen it all around the world. She believes that “a memorable F&B experience adds value to any visit.”

“Creating an experiential experience not only drives greater footfall and revenue spend but it also helps communicate a certain brand language and identity. Thus, enhancing the overall experience of visitors,” she further added.

Khan identified a few operational issues that she believes should be addressed when the restaurant first opened. “Currently, the GST charged in the F&B sector is at 5 percent. In my opinion what would be of great benefit would be if the government raised it 12 percent. This would help us claim inputs for certain imported ingredients that are essential for our industry,” she said.

Byju’s plans to spend $200 million to expand its offline presence

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Byju’s, an ed-tech unicorn, plans to invest $200 million in offline tuition centers over the next 12-18 months to serve kids in grades 4 to 10, according to the company. 

After acquiring tutoring firm Aakash Education Services for an anticipated cash-and-stock deal for $950 million last year, the company conceptualized its offline entry. 

It has already opened 80 offline locations in 23 cities and plans to expand to 500 locations in 200 cities this year.

“A lot of parents felt that their child should also get access to offline centres and physical intervention. Hence, we decided to expand offline through ‘Byju’s Tuition Centre’ which will imbibe an omni-channel learning strategy,” Mrinal Mohit, chief operating officer of Byju’s, said.

According to him, these centers would be equipped with high-quality online learning materials, analytics-driven assessment, and the presence of physical teachers to boost learning results. He added that each center would have an average of 30-40 teachers, whom Byju’s will hire and train. 

Students will also be given tablets for online examinations and courses at the centers. 

Byju’s, which was recently valued at $21 billion, plans to hire between 3,000 and 4,000 new teachers for its tuition centers this year. Byju’s plans to hire 10,000 people, including teachers, to administer these 500 centers.

Over the next 24 months, it wants to reach over one million students with its offline-led learning strategy. 

While these centers will primarily focus on mathematics and science, they will also provide kids with holistic development opportunities such as counseling and Olympiads. 

According to the firm, the classes that Byju’s will provide at its tuition center will cost between Rs 3,000 and Rs 3,500 per month.

Fisdom affiliates with BoM to offer wealth management services

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Fisdom, a wealth-tech firm, has partnered with the Bank of Maharashtra (BoM) to provide wealth management products and services to more than 29 million customers. The bank’s network of more than 2,000 branches and digital platforms, including the mobile banking app and internet banking, will be used to spread wealth products and services through this relationship. 

Bank customers will access wealth management services in both a physical and digital mode. Customers will invest in mutual funds through the bank’s mobile banking app, Maha mobile, and its online banking service.

Customers will be able to see all relevant fund information and track the performance of their investments in real-time. Fisdom also plans to expand its product range, according to the wealth-tech company. 

Furthermore, the firm stated that its consumers would have access to various products, including direct equities, pension funds, and HNI wealth solutions, among others.

“This facility envisages at enabling our customers to add varied options at their fingertip while enabling them avail services under one roof. This will foster our mutual fund clientele while giving them opportunity through diverse portfolios. This also shows our commitment for digital delivery which shall surely add fillip to our digital journey in the days to come,” A S Rajeev, MD & CEO, Bank of Maharashtra, said.

Anand Dalmia, co-founder, Fisdom, said, “We are pleased to associate with Bank of Maharashtra in order to offer our complete range of wealth management offerings. We believe this strategic partnership will redefine wealth management for the customers of Bank of Maharashtra as we promise them a unique and convenient investment experience. We look forward to partner with various other banks in the near future and serve their customers with our innovative tech-led wealth management products and quality service delivery.”

Saas startup Lummo receives an investment of $80 million

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Lummo (previously known as BukuKas), a Jakarta and Bengaluru-based startup that provides software to help small businesses go online, has received an investment of $80 million from Amazon.com founder Jeff Bezos. Lummo offers a Shopify-like direct-to-consumer (D2C) software-as-a-service (SaaS) solution for entrepreneurs and brands. 

According to a senior corporate official, the funding would help the company develop its talent base in India, where it plans to triple its tech and product personnel. In 2022, the business will triple its investment in Indian talent across product, engineering, strategy, HR, and finance divisions.

“We currently have a team of around 100 in India and will look to take it to around 300 by the end of FY 24,” Krishnan Menon, founder and CEO, Lummo, said.

This is Bezos’ second investment in the Indonesian startup ecosystem. “Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investmen,” Menon said.

Menon stated that the company is trying to expand into other Southeast Asian markets to take advantage of the region’s expanding opportunities. 

The company extended its business by introducing Tokko, an online direct-to-consumer commerce builder, in 2020, after launching BukuKas, a bookkeeping software for MSMEs, in 2019. Tokko has since been renamed LummoShop. 

Menon added that the company’s GMV doubled, and its revenues increased by 40% in the prior quarter. According to the business, the internet sector in Southeast Asia continues to grow significantly, with Indonesia leading the way.

“We find that Indonesian entrepreneurs are ambitious and growth-oriented, focusing on building their own local brands,” said Menon.

Rediffusion launches TEA, a tool for analyzing brand equity

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Rediffusion has announced the launch of a strategic tool for analyzing brand equity. Navonil Chatterjee, the agency’s chief strategic officer, led the effort to build the tool in-house. 

This month, all offices will have access to TEA@Rediffusion

“Marketers often talk about a brand’s equity, but equity at times becomes a nebulous topic where everyone has a view, but beyond that subjective opinion, there is hardly anything substantive to back it. And even that equity is with respect to a certain time frame and in the context of a particular target group. Change the TG or the time-period, and the results, in all likelihood, should change,” said Sandeep Goyal, managing director of Rediffusion.

He added, “Given the fact that it is a bit of a black hole, Rediffusion is proud to launch TEA or The Equity Analyser – our framework for evaluating a brand’s equity at a certain point of time, in the context of a certain TG. In fact, the model allows for comparisons of different brands’ equity within the same category and even across categories.”

Chatterjee added, “The fundamental premise of TEA is that a brand’s equity is a function of the following key parameters of a brand’s popularity, uniqueness, respect and personal appropriateness. Basically, how popular, or well known or salient the brand is, how unique or different it is, how well respected it is and what personal meaning, connection, usefulness or appropriateness it has for the consumer or TG.”

There are other facets of the TEA, such as the mapping of brands across product categories based on customer evaluations of the brand on certain parameters. As a result, marketers will gain a sense of the brand’s overall equity and a ‘soft’ sense of how the brand is performing on various attributes.

Diwan Arun Nanda, chairman of Rediffusion, said, “The world is moving to performance marketing, metrics and measurement. And why should brands be left behind in that journey towards an objective understanding of them vis-à-vis facts, figures and primary data. Rediffusion’s TEA is a great tool which will give the agency a far more robust strategic understanding of brands and their competitors. Marketers too will be able to consult it for their own understanding and fine-tuning of their marketing efforts.”

Demand surges for permanent work from home jobs: Naukri 

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Naukri.com’s new feature of filtering remote jobs has revealed an increasing trend of permanently remote jobs. In the last six months, the portal logged over 32 lakh job searches for permanent and temporary remote positions.

“Out of these, about 57% of searches were made for permanent remote jobs during the same time, with the highest search; i.e., over 3.5 lakh being reported only in the month of December 2021,” Naukri said.

The company introduced a new feature in July 2021 for ‘permanent remote’ and temporary’ work from home during Covid.’ This feature allowed recruiters to advertise jobs by describing the type of remote work they were looking for, such as permanent or temporary, to find better candidates. 

It noted that there are over 93,000 permanent and temporary remote jobs advertised, with 22% of them being for permanent remote work solely.

“There is a foundational change in how recruiters are setting up organisational structures. While uncertainty prevails due to the pandemic, more and more recruiters are acknowledging the benefits of work from anywhere like access to talent and more inclusion and are now beginning to make permanent changes to the human resource and infrastructure requirements at a corporate level,” Pawan Goyal, chief business officer, Naukri.com, said.

According to data, more permanent remote jobs are being posted in the IT software, software services, ITeS, and recruitment/staffing sectors.

Curefit collects $145 million in funding headed by Zomato

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Curefit Healthcare Pvt. Ltd., which runs the fitness platform Cultfit, has secured $145 million in a round headed by Zomato Ltd., a food delivery company. 

According to regulatory filings sourced from business intelligence platform Tofler, Accel, South Park Commons, Singapore-based investment company Temasek Holdings Ltd, a few individuals, and Curefit’s cofounder, Mukesh Bansal, all participated in the fundraising. Zomato invested $100 million as part of a $1 billion investment strategy in startups. Bansal, who previously launched the online fashion shop Myntra, put $5 million into the venture. 

Curefit’s market capitalization has risen to $1.5 billion from $800 million in March 2020.

Bansal and Ankit Nagori, a senior Flipkart executive who runs Curefoods, a cloud kitchen startup, established Curefit in 2016. 

Curefit Healthcare is a holding company that manages multiple subsidiaries to provide a variety of fitness and health services. Sugar.Fit, a diabetic management and reversal platform, was planned to raise $10 million in a seed round led by Curefit in September, and it owns nearly 74% of it. The organization has grown to include online and offline fitness programmes and doctor consultations, lab tests, and fitness equipment.

PlanetSpark to hire over 10,000 English ​teachers in 2022

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PlanetSpark, a K-12 communication skills development company, plans to hire 10,000+ English teachers by 2022. On the platform, the company has over 2,100 teachers. 

Binny Bansal, Deep Kalra, Dr Ashish Gupta, Gokul Rajaram, and Shirish Nandkarni were among the entrepreneurs that participated in a $13.5 million Series-B round headed by Prime Venture Partners in December of last year. The company intends to aggressively gain market share in the $82-billion worldwide communication skills market with the latest round of funding. 

The 10,000 new teachers will help the company expand its footprint in India, the United States, and the Middle East and expand into other countries, including Europe and Southeast Asia.

“India has an estimated pool of 1.8 million potential English teachers. Every year, around 4,00,000 fresh candidates enter this pool in the form of English, communication and B.Ed graduates. This provides a unique demographic advantage to build a global communication skills market leader from India,” said Kunal Malik, co-founder of PlanetSpark.

Teachers can use the edtech firm’s platform to teach international students from the comfort of their own homes. They can choose any convenient time window during the day because the company caters to students from many time zones.

“The remote working revolution has made a massive impact on the teaching industry as well. We are witnessing a phenomenon where online teaching has become a serious profession. Top-notch teachers have adopted online teaching in large numbers and they do not want to go back to the traditional offline classroom teaching,” said Maneesh Dhooper, co-founder of PlanetSpark.

PlanetSpark was founded in 2017 by XLRI alumni and hostel roommates Malik and Dhooper, who have more than a decade of experience in the growth and scale-up of companies including Unilever, UrbanClap, and Novartis. So far, the edtech business has raised $17.2 million in investment.

Blackstone bags majority stake in ASK Investment Managers

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Advent International and other sellers have sold a majority stake in ASK Investment Managers Ltd (ASK), an asset and wealth management company, to Blackstone, the world’s largest alternative asset manager.

ASK serves clients throughout Asia, the Middle East, Africa, and Europe, and as of December 31, it managed more than $10.6 billion in assets. 

In the deal, Nomura served as the exclusive financial advisor to ASK and Advent. ASK was advised by KPMG and AZB & Partners. Blackstone received advice from BCG, Ernst & Young, Moelis, Simpson Thacher & Bartlett, and Trilegal.

Amit Dixit, head of Asia for Blackstone Private Equity, said: “Asset and wealth management in India is a sunrise industry benefitting from secular tailwinds including the financialization of household savings and an emerging wealthy population seeking personalized financial advice and products. ASK is one of the most trusted brands in wealth management, built through a track record of consistent performance, customer-centric approach, and best-in-class distributors.”

ASK invests according to a cycle-tested investment philosophy that promotes capital protection and sustained growth. Its flagship portfolio, Indian Entrepreneur Portfolio, is the country’s largest discretionary Portfolio Management Services (PMS) scheme, and it has regularly outperformed markets since its inception, along with ASK’s other strategies including Growth and India Select.

Sameer Koticha, founder promoter and chairman, ASK, said: “We are excited about the investment from Blackstone, as a long-term strategic partner. This partnership is a testament to ASK’s high-quality management team and the business we have built over decades. Blackstone’s global reach and deep knowledge of the financial services sector will further strengthen our asset and wealth management businesses and help us grow significantly.”

Kohinoor Group acquires 32 acres of land in Pune 

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The Kohinoor Group has purchased approximately 32 acres of land in Pune’s Wagholi suburb from the Goel Ganga Group. 

On the land parcel, the Kohinoor Group intends to build a residential-commercial office project. 

Anarock Group, a real estate firm, acted as the transaction’s advisor. According to local brokers’ estimations, the transaction’s value is between ₹180-₹195 crores. 

The land tract offers over four million square feet of development potential. On the residential front, the projected complex will primarily target middle-income homebuyers, with units priced between ₹55-₹80 lakhs.

“We are happy to have enabled this timely land transaction between two of Pune’s most prominent real estate players. Real estate development in Pune is on a sustained upswing, driven by the city’s resilient IT sector and increased demand for homeownership amid the new pandemic realities. Wagholi is a hotbed of residential and commercial real estate activity,” said Shobhit Agarwal, MD and CEO, capital markets-Anarock Group.

Vineet Goyal, joint managing director, Kohinoor Group, said, “Kohinoor Group Pune confirms purchase of 32 acres in Pune’s upcoming IT hub of new Kharadi (Wagholi) to develop a premium residential and IT office project along with a reputed school and lifestyle amenities. Wagholi is the perfect location for the project we will develop there, since it has an IT-driven clientele looking for superior offerings with state-of-the-art facilities and amenities.”

According to Anarock, land costs in the area range from ₹1800-₹2000 sq ft, and residential projects have been a mix of mid-size (200-500 units) and huge (over 500 units) over the years. 

Well-established developers are looking to buy new lots to construct a development pipeline in the short to medium term, and land deals have been picking up across the leading property markets.