Wipro signs digital transformation agreement with Finastra in Middle East

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December 16, 2022

Wipro has signed a multi-year partnership with fintech firm Finastra for the digital transformation of corporate banks in the Middle East. The agreement will make Wipro the exclusive go-to-market and implementation partner for Finastra’s regional trade finance solutions.

According to a company statement, Wipro will help banks transform and digitize the complete financial process in addition to Finstra’s product portfolio.

Mohamad Hamza, Regional Head of Banking, Financial Services, & Insurance (BFSI) – Middle East, Wipro Limited, said, “Corporate banks are key players in the sector and are significantly transforming the way they operate to cope with the ever-evolving industry. Re-imagining digital services to improve client experiences and rationalizing platform and operations centres to drive efficiencies are key priorities for the sector. This exclusive partnership with Finastra will enable us to help clients transform into truly digital platform players.”

Manish Joshi, Managing Director, Lending, APMEA, Finastra, said, “As an already longstanding and important global partner, we are very pleased to extend our collaboration with Wipro to the Middle East. The broad portfolio of services and deep experience offered by Wipro are a superb compliment to Finastra’s cutting-edge solutions. Leveraging this combination, we look forward to fueling the digital transformation of even more banks and financial institutions in the region to help them and their customers reap the benefits of digitalization.”

Harpreet Arora, Global Head of Banking, Financial Services, and Insurance (BFSI) Domain & Solutions, Wipro Limited, said, “Expanding our exclusive partnership with Finastra for trade transformation to the Middle East enables us to continue driving the digital transformation agenda for corporate banks and financial services companies; hence solidifying our position in the market. Wipro will support Middle Eastern banks in implementing Finastra’s trade finance products, by bringing Wipro’s domain expertise and service delivery capability jointly with Finastra’s product strength.”

Wipro has several decades of strong presence and credibility in the Middle East, one of the six focus regions comprising Wipro’s Asia Pacific, Middle East, India, and Africa (APMEA) Strategic Market Unit. Wipro continues to develop its consulting skills while emphasizing innovation, talent, and ecosystem partnerships to provide experience-led transformation to foster sustainable company growth and provide greater value to customers in this region.

Mamaearth opens 35 exclusive brand outlets in less than 12 months

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December 15, 2022

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Beauty and personal care brand Mamaearth has opened 35 Exclusive Brand Outlets across 15 cities in India. The company, which debuted with Exclusive Brand Outlets (EBOs) in Q32021, claimed that the format had shown consistent growth since its launch, both in scale and revenue.

According to a statement released by the company, the brand is expanding its offline footprint with EBOs across a mix of mall stores and high-street outlets in India. The brand has a revenue of Rs 1,000 crore, with digital contributing most of the revenue.

Commenting on the campaign, Varun Alagh, Co-founder and CEO, said, “Every brand needs to be selling at places where their consumers shop; that’s why we ventured into exclusive brand stores… our exclusive brand outlets are an extension of our omnichannel strategy. EBOs allow us to create a strong visual connection with the consumers and help us bring the brand promise and experience in the physical world.”

Mamaearth has also appointed Ankur Chaudhary to lead the Exclusive Brand Outlet channel. According to the company, he will be able to provide the necessary direction to continue to grow the EBO footprints because of his experience opening and managing more than 250 stores across brands.

Varun said EBO formats present a medium to engage with consumers beyond the products. “In fact, we are hyper customizing this channel, using data from our D2C to create a product assortment conducive to the market, city basis the consumer demands and consumption pattern.”

The brand is determined to use this channel to enhance consumer interaction in offline retail settings and to build deeper brand experiences for consumers. The outlets will help the development of strategic categories like colour cosmetics, which demand a more customized service and experience to facilitate purchase conversion, in addition to being great experience centres.

Bureau appoints Preekshit Gupta as Regional VP of APAC and MEA regions

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December 15, 2022

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Bureau, the leading full-stack identity decisioning platform for financial institutions and fintech companies, announced the appointment of Preekshit Gupta as Regional Vice President for APAC and MEA.

With his appointment, Bureau aims to bolster its presence in India and expand its market outreach overseas. Preekshit brings over 20 years of experience working in several organisations in the identity, fraud, and compliance domains. Before Bureau, Preekshit spearheaded Transunion CIBIL’s product development and go-to-market strategy for the fraud, identity, and digital onboarding verticals. At FIS, RSA Security, and Smokescreen Technologies, Preekshit has held regional leadership positions.

Speaking on his appointment, Bureau’s Founder and CEO Ranjan R Reddy said, “Preekshit’s deep industry experience, and impressive track record, will help Bureau solve the identity verification and fraud challenges that are surging in India and other emerging markets today. He shares a common vision to make cyberspace more secure and equitable by effectively enabling trusted online verifications and transactions.”

Preekshit Gupta, Regional Vice President of APAC & MEA region, said, “I’m honoured and excited to be a part of this ambitious team at Bureau. At a time when consumers and businesses are increasingly transacting in a digital environment, a reliable basis for online trust has never been in greater demand. With Bureau’s impressive business momentum and innovative solutions, we are well poised to accelerate digital transformation and deliver growth without fear of risk for our customers.”

Bureau offers enterprise-grade digital identity verification and fraud protection solutions to digital and regulated institutions. For online businesses, Bureau’s no-code identity decisioning platform enables seamless customer onboarding and fraud-free customer interactions. Bureau was incorporated in 2020 and has offices in Singapore and San Francisco, California. The comprehensive identity and fraud decisioning solutions from the Bureau have earned the trust of more than 100 digital businesses.

Fintech startup Zype raises Rs 146-Cr from Xponentia Capital

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December 14, 2022

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Zype, a fintech startup mentored by industry veteran Vivek Vig, has raised funding from Mumbai-based private equity fund Xponentia Capital.

Zype aims to make credit more accessible to millennials and assist them in creating long-lasting financial habits. Yogi Sadana, the founder and CEO of the startup, is the team leader. He has held several executive positions with Indian and multinational organizations in the past.

Zype stated in a statement that it plans to use the funds to develop its technological infrastructure, expand its team, and customer acquisition.

“I am sold on Zype’s vision and Yogi’s leadership. I believe in the team’s ability to build an iconic company and capture the opportunity that the next decade has to offer,” stated Vivek Vig, mentor and board member.

Speaking on the fundraise, Yogi Sadana said, “We are in the process of building Zype, a customer-first platform where we intend to offer credit products and interactive money management tools. Our passionate young team has been dedicatedly working on the technology platform. We are glad to have the backing of Devinjit Singh and PR Srinivasan of Xponentia Capital, and Vivek Vig, who has a long record of creating value in financial services.”

“We truly look forward to working with Vivek, Yogi, and the team of Zype to create inroads in the fintech ecosystem of India. The future of fintech in India looks robust, and with the Zype management team’s experience in technology, risk management, finance, and payments, we are confident that Zype will play a key role in the fintech industry,” added PR Srinivasan, Managing Partner, Xponentia Capital.

FIEO collaborates with Shiprocket to help MSME exporters in India

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December 13, 2022

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The Federation of Indian Export Organisations (FIEO) has signed a Memorandum of Understanding (MoU) with the e-commerce enablement platform Shiprocket to help micro, small and medium enterprise (MSME) exporters in India present their products on the Indian Business Portal (IBP), according to a media release.

IBP vendors and FIEO members ship products offered on numerous marketplaces through their B2C orders effortlessly to more than 220 countries, according to Shiprocket, which claims it has already integrated with Amazon, Shopify, and many more.

According to the announcement, FIEO member exporters could select premium economy & express options through the Shiprocket panel. Additionally, a separate helpdesk is set up to resolve inquiries and service issues for the FIEO members quickly. To launch e-commerce exports in a cost-competitive way, FIEO members and SMEs registered on the Indian Business Portal (IBP) can also take advantage of a flat 15% discount on the international shipment tariff.

Ajay Sahai, Director General and CEO of FIEO, said, “Our goal is to assist small-scale entrepreneurs, startups, and MSMEs, even in remote areas of India, so that we can capitalize on the enormous potential of e-commerce retail exports and appropriately reward these small-scale sellers and merchants with global shipping.”

Speaking on the partnership, Akshay Ghulati, Co-founder of Shiprocket, said, “With an increase in digitization in India, sellers from tier 2 & 3 cities are emerging, and they need logistics support. Shiprocket is committed to creating a tech-friendly and inclusive ecosystem for them to ease their business and help them to expand their reach in global markets.”

In addition, Shiprocket said it would provide logistics-related services to Indian Business Portal (IBP) store holders and FIEO members as a value-added service. These services would include domestic shipping, warehousing management services, fulfilment services, and marketing tools, all under the Shiprocket brand.

IHCL makes its debut in Dharamshala with Norbu The Montanna

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December 13, 2022

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Indian Hotels Company (IHCL) has announced the launch of Norbu The Montanna, an IHCL- SeleQtions hotel at Dharamshala, Himachal Pradesh. The scenic Kangra Valley surrounds it since it is hidden among the Dhauladhar mountain range.

Puneet Chhatwal, managing director and CEO of IHCL, said, “This opening will strengthen IHCL’s extensive presence in key leisure destinations in India. We believe Dharamshala, which offers both adventure and spirituality, has tremendous potential to attract domestic as well as international travellers. We are extremely delighted to launch Norbu The Montanna – IHCL SeleQtions.”

The seven-acre Norbu the Montanna offers breathtaking views of the Dhauladhar range and is conveniently located near the Kangra airport, nestled within the serene Kangra Valley. The hotel’s design is inspired by traditional architecture. Each of the 31 rooms and suites has been meticulously designed for modern luxury and is inspired by distinctive Tibetan symbols such as the Tibetan flag, Yak, Leopard, Sparrow, and Yag God.

Ojas Garg, founder, and MD, of Soham Hotels & Resorts, said, “One of the most visited destinations in Himachal Pradesh, Dharamshala is a traveler’s paradise. We are delighted to partner with IHCL to introduce the SeleQtions brand in Dharamshala.”

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

Bumble Bee Flights receives Rs 300-Cr to make air taxis

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December 13, 2022

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The UK-based technology conglomerate SRAM & MRAM Technologies and Resources Limited has invested Rs 300 crore ($37 million) in Bumble Bee Flights Pvt Ltd. This company has developed India’s first autonomous air mobility solution with multiple use-case scenarios, including air ambulance, air taxi, logistics, recreational use, and defence applications.

The Bengaluru-based startup, established in early 2022 by serial entrepreneur and expert in air mobility solutions Arjun Das, said it would use the funds to establish an assembly plant in Odisha to manufacture the air taxis. By April 2023, the company plans to launch the prototype.

According to an official release, Bumble Bee Flights will manufacture air taxis under the Bee Flights brand. By 2024, these air taxis will be certified and available for production.

Arjun Das, Founder of Bumble Bee Flights, said, “eVTOL Aircrafts are the future of urban mobility and transport. These autonomous air taxis would not only ease the already burdened urban road infrastructure but also will work towards reducing carbon footprints. We aim to work towards making mobility cheaper, faster, and more sustainable.”

In collaboration with operators around the world, Bumble Bee Flights will design and manufacture these air taxis, Arjun added. The first step would be obtaining certification for India, the US, the UK, the UAE, and Singapore.

“We are like the Boeing or Airbus for air mobility solutions,” Arjun said.

He stated that the company was dedicated to make in India, make for the global market, and build the transportation of the future. “This is also a step towards putting Odisha and India on the global air mobility solution map,” he said.

Gurujee Kumaran Swami, Vice Chairman, SRAM & MRAM Technologies and Resources Limited, said, “We are committed to the make in India movement and [we] share a common vision of the importance of a sustainable future using electric air mobility systems.”

upGrad boosts its domestic leadership with two strategic appointments

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December 13, 2022

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upGrad has announced two strategic appointments to further strengthen its domestic footprints, effective November 2022. The global higher edtech company has hired Brijesh Nain and Paras Jhaveri as the Business Unit Head and Vice President – Finance, respectively.

In his new role, Nain will focus on building upGrad’s Data Vertical Sales and Marketing efforts while implementing product innovations for improved business outcomes. Brijesh has over ten years of expertise and has led high-growth business teams in the telecom, consumer goods, and pharmaceutical industries. He spearheaded the exam-prep division while managing the marketing and product initiatives for greater sales funnel effectiveness during his last employment with K12 giant BYJU’S.

On the other hand, Jhaveri would take the lead as the senior management’s financial advisor for business strategy growth. To streamline the financial planning and reporting procedures, he will manage compliance functions for upGrad and its divisions from start to finish. As a qualified chartered accountant, he began his career with PwC and later moved on to other firms where he strengthened the finance divisions of numerous businesses. Additionally, he served as the Walt Disney Company’s AVP – Finance.

Commenting on the development, Mayank Kumar, Co-founder and MD upGrad, said, “upGrad is extremely committed to driving career outcomes for its learners, which in turn, have started reaping business results. We have expanded our domestic footprint significantly and introduced new business lines to support our growth momentum. It’s important for us to have leaders like Brijesh and Paras who come with strong business fundamentals and have steered growth and profitability for multiple brands. We have planned certain organic developments for the current and upcoming FYs which will surely amplify our market visibility and foothold. Therefore, we are confident to leverage their expertise and strong leadership skills to further multiply our efforts for 100%+ results.”

Logistics startup Shipsy announces first ESOP buyback

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December 12, 2022

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Shipsy, a SaaS-based smart logistics management provider, has announced its first ESOP buyback. According to a statement issued by the company, the buyback is open to all existing and full-time employees of Shipsy who have worked there for at least a year.

The company also stated that Shipsy’s employee count had surpassed 350 in less than seven years. According to the SaaS platform, its recurring revenue increased by over 100% last year, while its customer base increased by 75%.

Soham Chokshi, CEO and Co-founder of Shipsy, stated, “We have seen tremendous growth in the last few years. Our success is a combined effort of each of us at Shipsy, and celebrating it together is a part of our cultural DNA. We extended the buyback option to make these victories sweeter for our employees and their families, who have been consistent partners in our success. It is just one way of expressing our gratitude for the value they bring to the company.”

The company has offices and a significant presence in Southeast Asia and the Middle East in addition to India, and it expects to have operations in the Americas and Europe soon.

Early this year, A91 Partners and Z3 Partners, along with existing investors Info Edge and Sequoia Capital India’s Surge, invested $25 million in Shipsy, bringing the company’s total funding to about $33 million.

D2C dairy brand Sid’s Farm forays into Bengaluru market

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December 12, 2022

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Telangana-based D2C dairy brand Sid’s Farm has entered the Bengaluru market. A logical expansion choice for the brand in a consumer-driven city is Bengaluru, which has an 8 cr+ population and is the third largest in India (25 % urban, > 50 % migrated) and the fourth largest in terms of GDP. The city has enormous potential, given the rising demand for superior-quality dairy products and the increased interest in premium products.

The products would initially exclusively be available through e-commerce websites, offering milk and common dairy products like paneer, curd, ghee, and butter. Leading e-commerce websites like Milk Basket, Big Basket, Zepto, SuprDaily, and Fresh to Home will offer the products. Customers can select separate cow, buffalo milk, and dairy products from Sid’s Farm’s offerings based on their preferences.

Dr Kishore Indukuri, Founder and MD of Sid’s Farm, said, “We are kicking off our venture by serving our superior quality milk and dairy products only through e-commerce sites and will introduce the same subsequently with niche store partners in Bengaluru. Eventually, we also want to be directly available to our customers at their doorsteps through our app and our own distribution channel too.”

Sid’s Farm is a fresh dairy brand established in Telangana that prioritises product quality over all other considerations. Sid’s Farm strives to offer customers the highest quality milk by working with more than 500 store partners in and around Telangana. Each unit is subjected to 45 tests based on the FSSAI’s (Food Safety and Guidelines Authority of India) legal standards for milk and milk products.

Incidentally, Bengaluru is a consumer market, and Sid’s Farm has the ideal potential to offer customers the best milk and dairy products because there is a shortage of fresh cow and buffalo milk and milk products free from antibiotics, preservatives, and synthetic hormones.

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