Indians firms demand Cloud providers to operate together across environments: Oracle

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March 16, 2023

As cloud computing becomes more mainstream, Indian businesses of all sizes will demand more in the upcoming years that various cloud solution providers collaborate, whether in a multi-cloud or hybrid cloud environment, a top Oracle executive said on Wednesday.

Shailender Kumar, Senior Vice President and Regional Managing Director of India and NetSuite JAPAC, told IANS that the businesses and workloads are becoming more complex in India’s “Techade,” and technology usage is evolving quickly.

“As agility, scalability, and optimization remain top business priorities among customers, the efficacy and demand for multiple clouds will only expand. There is tremendous opportunity for Cloud in India. The market is rapidly expanding and both private and public sector stakeholders are becoming more open to embracing new, emerging technologies,” Kumar, an industry veteran, emphasized.

According to Nasscom, 84% of major organizations have implemented software-as-a-service (SaaS), and 53% of companies have increased cloud adoption over the last year.

“In the coming years, organizations will increasingly demand that their various cloud solution providers operate with each other, whether it is a multi-cloud or hybrid cloud environment – so they can achieve operational efficiency and provide the best customer service,” Kumar noted.

For the third year in a row, Oracle India has been a significant growth engine, with the Oracle Cloud Infrastructure (OCI) unit expanding by more than 100%.

“Our SaaS business grew rapidly, and the portfolio remains in high demand across Fusion ERP, HCM, or CX solutions. We are closing ground-breaking deals and making inroads into new industries,” Kumar told IANS.

The company sees significant prospects in well-established industries like the public sector, BFSI, and telecom.

New industries, including manufacturing, e-commerce/retail, healthcare, edtech, and startups, are also gaining momentum in these areas.

“We will continue to prioritize innovation that provides business value to our customers as we focus on multi-cloud, hybrid cloud ecosystems, and new, modern applications to bring cloud to more and more businesses in India, including PSUs and companies operating in regulatory markets,” said Kumar.

Customers require flexibility and want hyperscalers to work together to build well-integrated cloud ecosystems; thus, the future is multi-cloud, he added.

HealthPlix Technologies raises $22M in Series C funding round

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March 15, 2023

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Bengaluru-headquartered HealthPlix Technologies has raised $22 million in a Series C funding round led by Avataar Venture Partners and SIG Venture Capital.

Since its inception in 2014, the start-up has introduced several products such as EMR, drug-to-drug interactions (DDI), mobile EMR, AI-powered SmartScan and doctor insights dashboard, among others.

“We are a 100 per cent doctor-first firm and our vision is to drive better health outcomes at the population level. Today, we serve 2.5 per cent of the entire Indian population. With these new funds, we aim to cater to 200-250 million more patient lives in an 18-month timeframe,” said Sandeep Gudibanda, co-founder and CEO.

With this new funding, HealthPlix plans to expand its technology platform and bring more users to its digital platform. By 2024, the startup aims to increase the number of doctors using its platform from over 10,000 to over 25,000.

Commenting on the investment, Mohan Kumar, Investment Advisor to Avataar Venture Partners, said, “HealthPlix approach of using doctors as the focal point and delivering value to other stakeholders like patients, pharma brands, pharmacies, and diagnostic labs is unique and differentiated. We have seen many business models that have failed to scale in the healthtech ecosystem, and we believe that Sandeep has built a great team to deliver on HealthPlix promise.”

Fintech startup CLXNS to hire over 700 professionals

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March 15, 2023

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CLXNS, a platform for digital-first debt resolution, announced its plan to hire around 700 people by the end of the first quarter of FY 2023–24.

Over 125 of the company’s 160 employees joined the team after April 2022. The fintech startup will employ more than 800 people with the new hiring.

CLXNS plans to hire across industries, including marketing, data analytics, product, engineering, and design. According to a statement, it is keen to employ mid-level talent with technical skills and experienced professionals for key leadership roles.

The future-looking objective of CLXNS is to build scalable, digital-first debt resolution tools with a high degree of compliance and governance with the help of the recently hired employees and the company’s clear focus on investing extensively in its tech capabilities.

Manavjeet Singh, MD & CEO, CLXNS, said, “The current market scenario is unstable, but we strongly feel that there is no right or wrong time for hiring talent. We believe India’s credit growth story has just started and is guaranteed to see a massive boom. And therefore, we foresee an enormous growth in ethical debt resolution opportunities.”

“At CLXNS, our sole aim is to build a scalable, digital-first debt resolution company. Simultaneously, we wish to emerge as a talent powerhouse in the industry with expertise in tech capabilities. We are confident that with the new talent addition, we will be able to reach one step closer to our goals of expanding our footprints pan India and serving our customers better,” added Singh.

Mindspace Business Parks raises Rs 5.5 billion via debut green bond

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March 15, 2023

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Mindspace Business Parks REIT has raised 5.5 billion rupees ($66.7 million) through a debut green bond issue on Tuesday, per a term sheet seen by Reuters and corroborated by two bankers.

According to the bankers, this was the first time a real estate investment trust (REIT) in India had offered green bonds with three years and one-month maturity.

Mindspace Business Parks REIT invited bids for the issue earlier in the day and will pay a coupon of 8.02% every quarter

The issue has a step-up coupon adjustment option, which enables the coupon to rise by 25 basis points for every notch that the issue’s credit rating is downgraded.

Star Health and Allied Insurance Co was an anchor investor to the issue and subscribed 30% or 1.65 billion rupees of the total amount.

According to the term sheet, the issue’s proceeds will be utilized to finance new loans, develop and construct relevant green projects for the REIT’s special purpose vehicles, and refinance existing loans.

The issue will be settled on Wednesday, and ICRA has given the bonds a AAA rating. Trust Investment Advisors was the sole arranger of the issue.

Taj City Centre Gurugram commemorates 10 years of hospitality

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March 14, 2023

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Taj City Centre Gurugram, a prominent landmark in the “millennium city,” hosted a soiree to commemorate its 10th anniversary. This marked the beginning of year-long celebrations marking the milestone, which will feature special events, specially curated epicurean offers, and destination experiences for guests.

With themed décor, a finely designed culinary sojourn, and energetic entertainment, the bespoke evening put on by Taj City Centre Gurugram was illuminated in the hues of celebration. The celebrations began with a stirring performance by renowned singer, performer, and Padma Shri awardee Mr. Adnan Sami. They were then followed by a gastronomic gala of global delicacies and spirited beverages made by Chef Abhijeet Thakre, executive chef, and Chef Nisa Yimthong.

The exclusive menu featured delicacies from Thai Pavilion and Culina 44 and exotic seafood grills with lobster, salmon, giant squids, and crab from Sri Lanka. Various delicious desserts enhanced the celebration spirit, including ten chocolates with innovative flavors and a cognac and cigar lounge. To commemorate the event, a stunning 110 kg, 10-story cake made by our culinary masters, was cut. Guests also raised a toast to honor the milestone while champagne was poured from a beautiful golden champagne tower of 100 glasses.

Commenting on the 10th anniversary, Surinder Singh, area director of Haryana & Dwarka and general manager of Taj City Centre Gurugram, said, “As Taj City Centre Gurugram completes ten years, we extend our heartfelt gratitude to our patrons, partners, and associates for their support through our incredible journey. Over the last decade, we have endeavoured to deliver memorable experiences to our patrons, and we are grateful for the trust they have placed in us. The hotel has been an epitome of luxury and comfort, and we continue to stay committed to providing exceptional hospitality services.”

Rockstud Capital launches Rs 300-Cr second alternative investment fund

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March 14, 2023

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Asset management firm Rockstud Capital said it launched its second fund, Rockstud Capital Investment Fund II, of Rs 300 crore ($36.4 million) to back pre-Series A and Series A stage startups.

The Securities and Exchange Board of India (SEBI) granted Rockstud Capital Investment Fund-II, a Category I Alternative Investment Fund-Angel Fund (Cat-I AIF-Angel Fund), a licence for its AIF Category I Angel Fund last month.

The fund would invest in 25 startups, with ticket sizes ranging from Rs 1 crore to Rs 10 crore, focusing on digitalization, sustainability, financial inclusion, consumption, and health and safety.

Its investment thesis will focus on a consumption topic targeted at young people. It might set the stage for and continue to use a co-investment model to give entrepreneurs growth capital to build on their initial product-market fit, scale, and raise a Series A round.

“As India moves towards becoming a $5 trillion economy, we feel this is an opportune time to enter the space, especially when companies are finding it difficult to raise capital amidst the funding winter,” said Abhishek Agarwal, Founder and Managing Partner of Rockstud Capital.

“The fund will focus on partnering and identifying early-stage growth companies through a well-defined process and deep network to foster partnerships with founders building scalable businesses with a clear focus on profitability,” he added.

According to Rockstud Capital, the fund will be overseen by a team of experienced professionals with a deep understanding of the alternative investment sector.

Storytelling platform Wattpad lays off 15% of workforce

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March 13, 2023

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Canada-based online storytelling platform Wattpad has announced that it has laid off nearly 15 per cent of the staff — 42 employees of its 267-people workforce — amid challenging economic conditions.

“As you all know, the global economic reality over the past year has fundamentally changed — and like other businesses, we are not immune. We’ve made the difficult but necessary decision to reduce our workforce. Of the 267 amazing people who work for Wattpad, 42 will be leaving the company,” Wattpad Interim President KB Nam said in a blogpost.

“This does not mean that these team members haven’t been an important part of our work. It’s important to note that these decisions are in response to changing business realities and needs and are in no way a reflection of individual contributions. Everyone at Wattpad has accomplished a tremendous amount and had a positive impact on our company,” he added.

Moreover, according to the company, it would provide the departing employees with at least 12 weeks of severance and six months of continued benefits. They will also be able to keep their laptops and other devices.

In January, Canada-based Clearco, an e-commerce investor providing equity-free capital solutions to e-commerce businesses, laid off 30 per cent of its workforce.

Ayurvedic lifestyle brand T.A.C raises ₹100-Cr in Series A funding

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March 13, 2023

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Direct-to-consumer omnichannel Ayurvedic lifestyle brand T.A.C announced raising ₹100 crores in its Series A funding round from VC fund Sixth Sense Ventures.

The round also saw participation from actress Kajal Agarwal, start-up founders and venture debt funds.

The funds raised will improve product manufacturing, increase digital awareness of ayurveda and T.A.C in the ecosystem, expand research and development, and strengthen offline presence. Based on Dosha Consultations, T.A.C plans to incorporate and automate personalized skin, hair, and wellness routines.

The brand says that its portfolio of 100 unique SKUs and strong omnichannel distributor network, which spans 20+ EBOs, 5,000+ retail touchpoints, and online platforms, has resulted in a growth of 300% for the brand. T.A.C recently launched in Dubai, making its first entry into the MEA region’s global markets.

“Though there is a huge clutter of digital-first BPC brands, only a handful have been able to get shelf space in the offline world, where 90% of the market still resides. GT presence is critical to drive real scale for any consumer brand. Having moved offline early, establishing distribution across offline retail formats and geographies, T.A.C is garnering shelf space in areas dominated by incumbents to become an omnichannel BPC brand,” said Nikhil Vora, founder and CEO of Sixth Sense Ventures.

“Furthermore, with rapid evolution of consumer preferences towards natural, and now Ayurveda-driven, T.A.C is addressing this with affordable pricing and accessibility across all TGs. Thrilled to partner with the super passionate and determined duo, Param and Shreedha, to realize their vision!” he added.

“This Series A funding is a significant milestone for T.A.C and will enable the company to further its mission of bringing Ayurvedic wellness to a wider audience, especially Millennials & Gen Z, to make Ayurveda mainstream. We are very excited to have Sixth Sense Ventures onboard, with their expertise in the consumer space, T.A.C is poised to be the Most Loved Ayurveda brand in the years ahead,” said Shreedha Singh, co-founder and CEO.

Tech Mahindra appoints former Infosys President Mohit Joshi as MD and CEO

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March 11, 2023

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The IT services company Tech Mahindra announced on Saturday that former Infosys President Mohit Joshi had been appointed as the company’s Managing Director and Chief Executive Officer (CEO), and key managerial personnel under the Companies Act of 2013, with effect from 20 December 2023 to 19 December 2028 (both days inclusive). After C P Gurnani retires on December 19 of this year, Mohit Joshi will take charge.

Mohit Joshi will replace Gurnani, one of the longest-serving chief executive officers of the Indian IT sector. “The Appointment of Mr. Mohit Joshi, as Managing Director (Designate) of the Company effective his date of joining the Company up to 19 December 2023,” according to a company statement.

“Mohit Joshi joins Tech Mahindra from Infosys, where he is currently the President. Mohit has over two decades of experience in the Enterprise technology software and consulting space and has worked with the largest corporations in the world in driving digital transformation and building thriving businesses,” the statement further said.

Mohit is the head of the Global Financial Services & Healthcare, and Software businesses at Infosys, which include the AI/Automation portfolio and Finacle (the banking platform). Along with overseeing Infosys’ sales operations and transformation, Mohit held executive responsibility for the organization’s major deals. Also, he is in charge of the Infosys Knowledge Institute and the Internal CIO function.

Since 2020, Mohit has served as a Non-Executive Director for Aviva Plc and is a member of the company’s Risk & Governance and Nomination committees.

In 2014, Mohit joined the prestigious Young Global Leader program at the World Economic Forum, Davos and was also a Young Presidents Organization (YPO) member. Previously, Mohit has also held the office of the Vice Chair of the Economic Growth Board of the CBI (Confederation of British Industry).

Mohit worked for ABN AMRO and ANZ Grindlays in their corporate and investment bank before he joined Infosys in 2000.

Mohit has lived and worked in Asia, America and Europe and lives with his wife and two daughters in London.

IHCL announces the launching of its first Ginger Hotel in Chandigarh at Zirakpur

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March 11, 2023

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Indian Hotels Company (IHCL), India’s largest hospitality company, announced the opening of Ginger Chandigarh, Zirakpur. The hotel’s design is based on the company’s lean luxe design and service philosophy, which aims to provide guests with a vibrant, contemporary, and seamless hospitality experience.

Ginger Chandigarh, Zirakpur is ideally situated at a short drive from Chandigarh International Airport and offers convenient access to Chandigarh, Mohali, and Panchkula, as well as the major corporate hubs in these cities. The hotel is a part of Dhillon Plaza, a densely populated mixed-use development complex.

Commenting on the occasion, Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, stated, “IHCL remains committed to the immense commercial potential of Chandigarh. This opening is in line with our strategy of being present in all key cities across India. The hotel marks the debut of the Ginger brand in Zirakpur, a fast-growing satellite town neighbouring the Chandigarh Capital Region. We are delighted to open our second hotel in the city.”

The hotel is developed in partnership with the Dhillon Group, an industrial house in Northern India with its presence across multiple sectors, including Retail, Real Estate, Entertainment, IT and Chemicals.

The architecture and urban design of Chandigarh, one of India’s earliest planned cities built after independence, is well known around the world.

In Chandigarh, IHCL will have two hotels with the addition of this hotel.

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