Mensa Brands receives Rs 300 Cr debt from TradeCred

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February 7, 2023

Bengaluru-based Mensa Brands has raised Rs 300 crore in debt from TradeCred, a Mumbai-based alternative debt platform.

According to a statement from Mensa Brands, the funds would be used for working capital investments, product development, supply chain integration, and brand acquisitions.

“We are pioneering the path to an industry-first tech-led house of brands with our five breakout category leaders,” said Ananth Narayanan, Founder and CEO of Mensa Brands. “With this additional capital, we will be able to double down on our growth ambition.”

Fifty ultra-high-net-worth individuals collectively participated in the Rs 300-crore financing arrangement.

Mensa, a direct-to-consumer brand acquisition company, was launched in May 2021. It follows a “house of brands” strategy. It has 25 brands, including Dennis Lingo, Villain, Pebble, and MyFitness. These brands are spread across fashion, home, beauty, and FMCG.

In its first year of operations, the Tiger Global-backed company reported revenue of $41.2 million (Rs 310 crore).

“TradeCred is delighted to partner with Mensa Brands… known for encouraging ‘Made in India’ products to become global and enabling Indian MSMEs to reach the doorsteps of global customers,” said Hardik Shah, TradeCred Founder.

Founded in 2018, TradeCred is a platform for alternative debt. It has over Rs 2,200 crore of assets under management and more than 20,000 active users (as of February 2022).

PhonePe introduces feature to facilitate international UPI payments

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February 7, 2023

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In a significant move to expand the Unified Payments Interface (UPI), fintech decacorn PhonePe launched support for UPI international payments on Tuesday. This allows PhonePe’s Indian users travelling abroad to instantly pay foreign merchants using UPI.

The feature will support all international merchant outlets in the UAE, Singapore, Mauritius, Nepal, and Bhutan with a local QR code. PhonePe claims to be the first fintech app to launch in India.

Users can use international debit cards to make payments abroad directly from their Indian banks. Users can use the PhonePe app to activate their UPI-linked bank account for UPI international at the merchant’s location or before travelling abroad.

“UPI international payments is the first major step in letting the rest of the world experience UPI. I am sure this launch will prove to be a game-changer and will completely transform the way Indians travelling overseas pay at merchant outlets abroad,” said Rahul Chari, CTO and Co-founder of PhonePe.

PhonePe, a major fintech company, processed about 50% of all transactions in December 2022, making it the leading UPI service provider in India, according to NPCI. It handled over 367.42 crore transactions of Rs 6.49 lakh crore during the month, accounting for nearly 46.92% of the market share.

BetterPlace buys Indonesia’s blue-collar staffing platform MyRobin

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February 7, 2023

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BetterPlace, a leading SaaS and frontline workforce management platform, announced its entry into South-East Asia (SEA) on Monday by acquiring the majority stake in MyRobin, Indonesia’s leading blue-collar workforce fulfilment platform, for an undisclosed amount.

Pravin Agarwala, Co-Founder and Group CEO, BetterPlace, said, “As the largest player in Asia today, we are thrilled to welcome MyRobin to the BetterPlace family and further our vision towards formalising the frontline workforce globally. With our technology and MyRobin’s expertise in operating in Indonesia, we would be able to introduce equitable opportunities for the frontline segment.”

Ardy Satria Hasanuddin, Co-Founder and CTO, MyRobin, said, “Over the last 2.5 years, we have been able to empower over 3 million frontline workers in over 270 cities in Indonesia to live a life of dignity by elevating them to the formal economy and giving them access to formal finance, jobs and training. As the next chapter of our growth, we would like to take our vision and expertise to more geographies, and BetterPlace is the perfect partner who will enable us to achieve this goal.”

BetterPlace, a company founded in 2015, has raised $40 million as part of its extended Series C round.

NASSCOM collaborates with Red Hat for upskilling courses

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February 6, 2023

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The Sector Skills Council (SSC) of NASSCOM has announced a partnership with Red Hat, a provider of open-source solutions. The firms will jointly provide the first six Red Hat Training courses in line with the National Skill Qualification Framework (NSQF).

These courses, approved by NCVET (the National Council for Vocational Education and Training), will be offered on SSC NASSCOM platforms. Red Hat OpenShift Development I, Red Hat OpenStack Administration I, Red Hat Linux Automation with Ansible, and Red Hat Application Development I are among the courses offered.

With the help of the NSQF (National Skills Qualification Framework), this project aims to have the industry’s existing courses and skills recognised by NCVET. With NCVET’s approval of these Red Hat Training courses, the courses get national recognition in India and have the potential to be accepted by universities and colleges for academic credit.

Dell lays off 5% of its global workforce: Report

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February 6, 2023

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Dell Technologies Inc. has said it will lay off 6,650 employees, or about 5% of its global workforce, due to the decline in the personal computer market and a potential recession.

Dell has yet to disclose the departments most affected by the latest round of layoffs.

Co-COO Jeff Clarke stated in an internal memo that the company’s previous cost-cutting measures, such as a hiring freeze and travel curb, are no longer sufficient.

Dell stated that customers were reducing their information technology purchases in the quarter that ended on October 28 and reported revenue projections for the current quarter that fell short of analyst estimates.

About 55% of the company’s revenue comes from PCs.

According to preliminary data from industry and researcher IDC, Dell saw the biggest loss among significant firms, with a 35% decline compared to the same period in 2021.

When the company reports its fiscal fourth-quarter results on March 2, more information on the financial impact of the job cuts is expected.

To prepare for the uncertainties caused by the pandemic in 2020, Dell let go of an undisclosed number of employees.

Spotify CEO Daniel Ek launches healthcare startup Neko Health

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February 4, 2023

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Daniel Ek, the founder and CEO of Spotify, has launched a Swedish healthtech company called Neko Health, marking his entry into the healthcare industry.

According to a LinkedIn post by the company, Neko, launched after four years of intense research and product development, aims to produce a healthcare system that can assist people in maintaining their health through preventative measures and early detection.

Daniel co-founded Neko with Hjalmar Nilsonne, the founder of Watty, an AI-powered, smart home energy usage and insights platform in Stockholm, Sweden.

“In Sweden, healthcare costs have increased 50% faster than GDP since the year 2000, and in 28 of 32 EU countries, the increase has been even faster. This has resulted in an unreasonable burden on medical staff to do more every year and fewer resources than ever for prevention and public health,” Hjalmar said in the LinkedIn post.

He added that the company believes the solution is to move away from reactively treating the sick and move towards prevention and helping people stay healthy.

The Stockholm-based company said its strategy requires completely reimagining the patient’s experience and integrating the most recent developments in sensors and AI. The company claims to have developed a new medical scanning technology that enables extensive and non-invasive health data collection.

According to the company, Neko Body Scan’s first health centre in Stockholm can provide a complete health examination for people with skin and heart concerns.

“The scan is non-invasive, takes just a few minutes to perform, and is followed immediately by an in-person doctor’s consultation to discuss the results,” the company said, adding that all diagnostic results are ready during a single visit, so people don’t have to wait weeks.

Neko’s website says that it combines “more than 70 different sensors to capture a detailed picture of your health. The system is built by us from the ground up and is not available anywhere outside of our receptions.”

Neko Body Scan costs SEK 2,000 (about Rs 15,600). However, as per the company website, scans are currently sold out. But people can sign up for the waiting list.

Oberoi Realty buys eight acres land in Thane for Rs 192.31 crore

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February 3, 2023

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Oberoi Realty has acquired land of around 32.20 sq metres (about 8 acres) along Pokhran Road 2 from Blue Star (BSL) for Rs 192.31 crore, the company said in a BSE filing.

On February 2, 2023, it registered the conveyance for the said lands. The company’s existing lands, which measure about 2,40,140 sq metres (approximately 60 acres), are adjacent to the area it purchased from BSL.

Another recent land deal in Thane had Shoden Developers, a group of the House of Hiranandani group, buying 96,180 sq m of land at Kavesar from Kansai Nerolac Paints for Rs 655 crore.

Uplers announces appointment of Dhaivat Mehta as brand and marketing leader

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February 3, 2023

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Uplers, a talent platform for tech and digital talent, has appointed Dhaivat Mehta to lead the planning and execution of the marketing, brand, and communications functions.

The company stated that this move strengthens its executive leadership team and reflects its objectives to enhance global brand awareness and business growth, particularly in North America, Europe, Australia, and India. Uplers, which recently added this position, is creating a buzz in the market due to its remote and people-centric work culture.

Dhaivat was previously the Chief Marketing Officer of Cygnet Infotech. Before this, he was Capgemini’s global Brand Communications and Advertising Director.

Jaymin Bhuptani, Founder and CEO of Uplers, said, “At Uplers, we are super passionate about the opportunities that we are creating for Indian talent to join global companies. At the same time, we are helping global companies tap into the massive Indian talent ecosystem and help them hire amazing technology and digital talent from India. We truly believe that India, with its ever-growing talent ecosystem, can solve the global tech talent shortage. Dhaivat joins us at an important point in our journey. Uplers Talent Network is growing quickly, and we are starting to be seen as the go-to platform for Indian talent who are looking for full-time, remote, high paying jobs at global companies.”

“Dhaivat’s strong experience and insights will help us further realise our mission of simplifying remote hiring, making it easy for global companies to connect with India’s top tech and digital talent. We are determined to make both hiring and getting hired become simple, fast and reliable in this dynamic business environment,” said Nital Shah, Founder and COO of Uplers.

Mehta said, “Uplers fulfills the unmet need of global companies to source, vet, and hire top remote talent in a quick and seamless manner. Uplers is betting on India and Indian talent, and this is something which I’m personally passionate about. Whilst still in the early stages, the company has built a solid reputation among Indian tech and digital professionals, especially considering young India’s aspirations in the post-pandemic era. I’m excited to be a part of this outstanding team as we work towards our vision of building a talent ecosystem that’s made in India but delivering for the world.”

Lemon Tree Hotels signs a new hotel in Bharuch, Gujarat

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February 3, 2023

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Lemon Tree Hotels has announced its latest signing, Lemon Tree Hotel, Bharuch, Gujarat. Carnation Hotels Private Limited, a fully-owned subsidiary and the management arm of Lemon Tree Hotels Limited will manage the property’s management after it becomes operational in June 2025.

This property will feature 83 luxurious rooms, a restaurant, a banquet room, a gym, and other public areas. The distance between the property and the Vadodara and Surat airports is roughly 90 km, while the distance to the railway station is just 7 km. All India’s major cities are accessible from the property by public and private transport.

Speaking on occasion, Vikramjit Singh, president of Lemon Tree Hotels Limited, commented, “Though we are just at the beginning of February, this is our third signing this year, and we are looking at carrying this momentum forward in the coming months. We signed 19 hotels in the previous calendar year, and with 3 hotels already signed in CY23, we are looking to top that number this year through our asset-light expansion strategy.”

“We are happy to announce our expansion in Gujarat with our valued partner, The Maple Hospitality. We already have 5 operational hotels in the state, and another 2 upcoming, including this one. We have found that Gujarat has immense tourism potential and are looking at adding more hotels and resorts in the state to our existing portfolio”, he further added.

TimesPro, The Job Plus team up to launch certificate programme in Hotel and Hospitality Management

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February 2, 2023

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TimesPro and The Job Plus have partnered to launch the certificate programme in Hotel and Hospitality Management with placements for students willing to start their career journey in the hospitality industry.

With the help of this certificate programme, students will be given the practical knowledge and skills they need to excel in their field of interest and get experience by working with reputable brands.

Through TimesPro’s cutting-edge Interactive Learning (IL) platform, this five-month hybrid certificate programme in Hotel and Hospitality Management will be delivered in Direct-to-Device (D2D) mode.

It strengthens learners’ fundamental knowledge and conceptual understanding while providing practical experience in various hospitality disciplines, including accommodation, food and beverage service, and banqueting. Additionally, student employment opportunities may be in theme parks, tourism agencies, hotels, and restaurants.

The programme will include three months of on-the-job training with a stipend and two months of hybrid learning. The students will be placed with domestic and international hospitality companies after completing the five-month programme in various job roles, including Front Desk Associate, Steward, food and beverage service executive (Captain), bartender, and House Keeping Executive.

Anish Srikrishna, CEO, TimesPro, said, “The hospitality industry will witness phenomenal growth as India emerges as a preferred tourist destination and attract millions of international and domestic visitors. The certificate course in Hospitality and Hotel Management, launched by Times Pro in collaboration with The Job Plus and The People Network, will provide learners with skills that resonate with the changing industry requirements and employment opportunities across leading organisations.”

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