IHCL SeleQtions launches Baragarh Resort & Spa in Manali, Himachal Pradesh

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January 19, 2023

Indian Hotels Company (IHCL) has announced the launch of Baragarh Resort & Spa, an IHCL SeleQtions hotel in Manali, Himachal Pradesh. The hotel offers breathtaking views of the Pir Panjal and Dhauladhar ranges as it is nestled in the majestic Himalayas.

Puneet Chhatwal, managing director and chief executive officer of IHCL, said, “This opening is in line with IHCL’s strategy of strengthening its presence in Himachal Pradesh with its tremendous tourism potential. IHCL has a significant presence in the state with hotels in Theog, Dharamshala, and now Manali. We are extremely delighted to launch Baragarh Resort & Spa – IHCL SeleQtions.”

The hilltop Baragarh Resort & Spa, surrounded by 70 acres of lush orchards, overlooks the Beas River and provides a 360-degree panorama of scenic valleys and snow-capped mountains. The airport in Kullu is a short, comfortable drive from the resort. The 33 rooms are spacious and spread among chalets in the European style with local design features. Rejuvenation is best accomplished in the spa and the heated outdoor pool. The all-day diner Tentu serves authentic HimachaIi, foreign, and Indian cuisine. Small bites are offered at Mulkila, a bar with a spectacular view. The ideal vacation includes fruit picking, nature trails, apple orchard walk, trekking, and adventure sports.

Neelabh Pandey, Hotel Manager, Baragarh Resort & Spa – IHCL SeleQtions, said, “Cocooned in the lap of alpine nature, Baragarh Resort & Spa, an IHCL SeleQtions hotel, offers our guests a unique taste of Manali.”

With the addition of this hotel, IHCL will have four hotels in Himachal Pradesh, with one under development.

Ritesh Agarwal partners Naropa to offer personal grants to four startups

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January 19, 2023

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In partnership with Naropa Fellowship, Oyo Rooms founder and CEO Ritesh Agarwal announced an equity-free grant of Rs. 5 lakhs for each of the four Ladakh startups.

These grants are a part of an initiative that pledges to give entrepreneurs in the Ladakh region an equity-free grant and mentorship worth Rs 1 crore. The Naropa Fellowship, a Ladakh-based fellowship programme, and Ritesh Agarwal collaborated closely to identify and shortlist the startups that will benefit and strengthen the region’s local economies.

“Being from a small town myself, I resonate with the potential of these startups to create an exponential impact on their communities,” Ritesh said in a tweet. “I’m truly looking forward to supporting and mentoring them,” he added.

This fellowship offers aspiring entrepreneurs a platform to establish businesses that serve the locals and promote the region’s economic sustainability. The four selected startups are the Forest Collective, Nima Goos Goos, Ladakh Brew, and Siachen Naturals.

Siachen Naturals was established to produce and promote healthy alternatives to fast food. The firm claims to have developed a variety of traditional Ladakhi superfoods with organic ingredients, including barley, which is high in protein and fiber.

Chaang, a native beer drink in Ladakh, has a huge market potential, so Ladakh Brew decided to produce and market it as the sole locally produced alcoholic beverage available commercially in the region. As cash crops are preferred over other crops, barley farming, a key ingredient in its production, has been declining. Its production encourages the farming of barley. According to a statement, the company also claims to give local women who have been making Chaang for years opportunities for a livelihood.

Nima Goos Goos promotes the natural herbs and crops abundant in the Himalayan region. It added that its herbal tea, also known as “Tisanes,” comes in various flavors and has quickly established a distinct reputation.

The Forest Collective works to end forest fires caused by pine and to promote pine-based biomaterials as alternatives to plastic and wood for various industries. It is also looking at the possibility of using them to diversify revenue streams to produce wellness items like candles and perfumes.

According to a statement, Ritesh will continue to support these endeavors through consistent interaction and guidance.

Mahindra Lifespaces to redevelop two residential societies in Mumbai

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January 19, 2023

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The Mahindra Group’s real estate and infrastructure development division, Mahindra Lifespace Developers, will redevelop two adjacent residential societies in Santacruz West, Mumbai.

The project has a potential revenue of about Rs 500 crore and will be built on a plot of land covering around 1.27 acres.

Arvind Subramanian, managing director and CEO of the company, said, “Society redevelopment offers an attractive avenue for new real estate development in fully built-out neighbourhoods in Mumbai. We foresee redevelopment as an exciting opportunity for reputed real estate developers expect to build a meaningful presence in this space over the coming years.”

After completing the due diligence process, the company and the two societies will sign definitive documents.

Due to the absence of vacant land parcels, especially in the island city, Mumbai has limited possibilities for greenfield development. The only realistic possibility for any new development is through redevelopment, a market with an estimated value of more than Rs 30,000 crore.

Delhivery introduces training and recruitment programme for young jobseekers

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January 18, 2023

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Logistics startup Delhivery has launched the Delhivery Training and Recruitment Programme to empower young jobseekers to build a career in the logistics industry. For recruits in entry-and mid-level operational roles, the programme guarantees jobs.

To select candidates for a five-week training programme in Gurugram, the company will conduct a national entrance exam on February 19, 2023, with an initial focus on 25 Tier II and Tier III cities, including Ganganagar, Ujjain, Kurur, Purulia, and Srinagar, among others.

Candidates for the programme must be between the ages of 22 and 32, have a 10th or 12th-grade diploma or pass, and have basic reading and writing English knowledge.

“The initiative is in line with our long-term vision to connect with talent across the country and create secure employment opportunities in one of the fastest-growing sectors in India,” Pooja Gupta, Chief Human Resources Officer, Delhivery, said.

Operational procedures, software applications, soft skills, and people management will all be covered during the classroom and practical in-centre training.

Delhivery will onboard the recruits for open managerial positions at its facilities across India after the course is completed.

“Our five-week training is a comprehensive, in-house programme designed by Delhivery Academy, focused on creating a ready talent pool in logistics. The depth and breadth of the programme will empower the youth with all the necessary skills to excel in logistics,” Suraju Dutta, Head of Delhivery Academy, said.

MSME-focused digital lender NeoGrowth raises $10mn from MicroVest

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January 17, 2023

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Mumbai-based MSME-focused digital lender NeoGrowth has raised $10 million from US-based global investment firm MicroVest Capital Management.

NeoGrowth plans to use the funds to provide loans to small businesses across India.

“NeoGrowth is dedicated to funding India’s small businesses by leveraging the digital payments ecosystem,” said NeoGrowth MD and CEO Arun Nayyar. “This support from MicroVest will allow us to continue making a positive impact on SMEs. The funding will be used to help accelerate the growth of MSMEs and integrate them into the mainstream financing ecosystem.”

NeoGrowth, founded by Dhruv and Piyush Khaitan a decade ago, has provided loans totaling more than $1 billion to over 1,50,000 customers in 25 locations in India. To give SMEs access to credit, the company’s digital payments-based lending, modular product suite, analytics-based underwriting, and flexible repayment options are crucial.

“NeoGrowth’s digitally-enabled lending model will allow the company to reach more small businesses across India with greater efficiency,” said MicroVest CEO Joshua Moraczewski.

He also said, “This expanded reach will help promote financial inclusion and economic growth for more underserved micro-entrepreneurs and SMEs. Through this loan, we are leveraging both of our organizations’ synergies to achieve meaningful scale and contribute to the Sustainable Development Goals.”

Deeptech startup Chara secures $4.75mn in a pre-Series A round

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January 17, 2023

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Chara, a deeptech startup, has raised $4.75 million in a pre-Series A round led by Exfinity Venture Partners.

Vietnam-based Big Capital, the venture arm of Bitexco and Log9 Materials, and existing investors Kalaari Capital and ciie.co also took part in the round.

According to the company founder and CEO of Chara, Bhaktha Keshavachar, the funds will be used for team expansion, international business development, and initial investment in the manufacturing and deploying of developed motors and controllers.

Bhaktha Keshavachar, Ravi Prasad Sharma, and Mahalingam Koushik founded Chara in November 2019 to build a scalable, cloud-controlled, and rare-earth-free platform for developing and deploying electric motors for various applications.

For two-wheelers (hub and mid-mount), three-wheelers, light commercial vehicles, and HVAC (heating, ventilation, and air conditioning) use cases, Chara has developed motors so far. The motors and the matching controllers are expected to enter production later this year after undergoing field testing. In addition, Chara is working on projects to provide heavy-duty commercial vehicle controllers and motors.

According to Bhaktha, Chara is aiming to overcome ineffective and rare-earth-dependent practices. He said that the company makes sophisticated motors and controllers that are cost-effective, hyper-efficient, and rare-earth-free for use in EVs, HVAC systems, and other industries.

“Exfinity strongly believes that the EV story for South Asia and similar markets has to be contextualized and not replicated from the US and European markets,” said Chinnu Senthilkumar, Managing Partner, Exfinity.

“After our earlier investment in Log 9 Materials, Chara is part of our continued belief in this thesis. Chara delinks the permanent magnet supply chain dependency from China and other countries,” he said.

Incedo plans to hire 1000 in 2023, says CEO

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January 17, 2023

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The American digital transformation firm Incedo expanded its Pune facilities by opening a new research and development center, with the company planning to hire at least 1000 new employees through 2023.

In addition to Pune, the company has facilities in Bengaluru, Chennai, Gurgaon, and Hyderabad. It also has some employees working in the United States and Mexico.

The CEO of Incedo, Nitin Seth, told TOI that despite concerns about a recession and other global economic challenges, the company expects to outgrow the sector’s typical growth rate this year by 30% to 35%.

The telecom, BFSI, and healthcare sectors account for most of Incedo’s clients in North America.

Rebel Foods lays off 2% of its workforce

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January 16, 2023

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Rebel Foods, a startup cloud kitchen company backed by Sequoia and home to brands like Oven Story, Behrouz Biryani, Sweet Truth, and Faasos, is the latest startup to reduce its employees.

Around 2% of the company’s employees were affected by the layoffs, according to a company spokesperson.

According to the company, any adjustments to employee strength are the result of “annual performance evaluation and realigning the organization” to the firm’s priorities for long-term objectives.

“Any news heard is on account of annual performance evaluation and realigning the organization to our priorities for future goals,” said a Rebel Foods spokesperson.

The Pune-based startup, established in 2011 by Jaydeep Barman and Kallol Banerjee, runs 4,000 “cloud kitchens” under 45 brands. It operates in the UK, Thailand, Bangladesh, Singapore, Malaysia, India, and Indonesia.

The startup raised about Rs 55 crore ($6.6 million) in a debt financing round from existing investors in December of the previous year. Rebel Foods completed three debt rounds in 2022, raising a total of Rs 225 crore.

Cyboard School teams up with HMVL

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January 16, 2023

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Cyboard School, a premium online school offering CBSE syllabus since 2020, has signed an agreement with Hindustan Media Ventures Ltd (HMVL) to revolutionize the concept of online education through ‘School 4.0’ and expand its reach across the country.

The founders of Cyboard School, Rajat and Kunal Singhal, claim that “School 4.0” represents the principle of “One Nation One School” and strives to provide students with a high-quality education in the comfort of their homes, regardless of caste, faith, religion, or gender. It has hired many highly educated and experienced teachers to achieve its goals.

“We are ready to enroll thousands of students in the upcoming admission cycle of 2023. This association with HMVL is sure to set off a growth spiral for both of us,” said Rajat Singhal. “Online schooling would be a real tribute to digital India,” added Kunal Singhal.

“Covid has taught us that effective learning can take place through virtual schools, and I believe that virtual/online schools are here to stay. It solves the problems of accessibility, socio-economic divide, and operational & implementation challenges. We are proud to partner with Rajat and Kunal as they embark on this journey and bring about changes at the grassroots level by facilitating ‘Quality Schooling for All’. We want to take their voice to the masses and ensure that every kid exercises their Right to Education.” Said Anirudh Singhal, strategic investment head of Hindustan Times.

Dunzo laid off 3% of its employees

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January 16, 2023

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Dunzo, a grocery delivery startup backed by Reliance Retail, laid off 3% of its employees last week. The actual number of laid-off workers has not yet been disclosed.

“Last week, we had to part ways with 3% of our team strength. Whatever the numbers, these are people who chose to build their careers with Dunzo, and it is sad to have talented colleagues leave us,” Kabeer Biswas, CEO, and Co-Founder of Dunzo, said in a statement.

The company said it extends the best support possible to help the employees during this transition. “We are continuously looking at our team structures and network design to build efficiency into our teams. As we scale from 10 to 100, we are continuously learning how to redefine business processes at scale,” said Kabeer.

According to reports, Dunzo sought to raise $70 million to $100 million (up to Rs 825 crore) through convertible notes to develop its quick commerce vertical, Dunzo Daily. It previously issued debentures to raise $6.2 million from Blacksoil India.

He claimed that any decision that impacts people is tough and is always our last option.

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