Go Fashion (India) Q2 Reports: Firm reports PAT at Rs 19.3 crore

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November 5, 2022

Go Fashion (India) Ltd, the company that owns the popular womenswear brand “Go Colors,” reported that its profit after tax for the second quarter ending September 30, 2022, was Rs 19.3 crore, up 3.76 percent. The company reported an after-tax profit of Rs 18.6 crore for the same quarter the year before.

According to the company, the total revenue for the reviewed quarter was Rs 165.8 crore against Rs 112.1 crore for the corresponding quarter last year. Compared to the previous year’s period, the cash flow from operations for the six months ended September 30, 2022, was Rs 36 crore compared to 8 crores.

The company clarified that the COVID-19 enforced lockdown impacted the second quarter and half-yearly performance in the previous financial year.

Commenting on the financial performance, Go Fashion (India) Ltd CEO Gautam Saraogi said, “despite a challenging environment, the company has performed well in Q2 and first half of FY 2022-23. Our revenues for the second quarter grew by 48 per cent year on year to Rs 166 crore highest ever quarterly revenues at Go Fashion.”

“EBITDA (Earnings before interest, taxes, depreciation and amortisation) grew by 250 per cent to Rs 102 crore and PAT stood at Rs 44 crore (for the half year ending September 30, 2022). This has been on the back of high volume growth and improved product portfolio by continually adding new products across all bottom wear categories”, he said.

“We continue to invest in brand-building initiatives which will help us to gain visibility and also to focus and grow our online sales channels to benefit from evolving customer trends in our market,” he said.

Saraogi highlighted that the company was expanding by opening 120–130 new stores yearly.

“We are also looking at omnichannel engagements for a seamless consumer experience, building on a technology-driven growth strategy to reach consumers across all cities,” he said.

The company added 66 stores in the first six months of the fiscal year after opening 36 new stores during the quarter that ended on September 30, 2022. “This is in line with the growth strategy to open more doors closer to the consumer.” he said.

SaffronStays collaborates with MakeMyTrip for its annual campaign

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November 5, 2022

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For its annual mega campaign, “Jaisi Zaroorat Waisa Stay,” Make My Trip (Go-MMT) has teamed up with India’s leading alternative accommodation network, SaffronStays. It was only apt to shake hands with a national player like Go-MMT as a brand that exclusively manages more than 250 private villas across all categories. SaffronStays offers more than 250 homes across Maharashtra, Himachal Pradesh, Uttarakhand, Goa, Rajasthan, Kerala, Karnataka, and Tamil Nadu, including 113 pet-friendly homes, 129 affordable homes, 42 ultra-luxury homes, and more.

Joining together with a company like SaffronStays as one of India’s leading OTA platforms solidifies its efforts to advance alternative accommodations in the market. Numerous marketing studies have uncovered a crucial marketing insight concerning the consumption of alternative accommodations in this country. People frequently reserve a villa based only on their specific requirements for that stay.

Says Deven Parulekar, founder, SaffronStays, “You may be in your younger days, going out with your colleagues and splitting the bill. For such stays, you need a luxurious, Gatsby-style villa which is very Instagram-friendly. But when you’re going with your family, your ask is very different – maybe you want a senior-citizen-friendly home, a pet-friendly home, or even a child-friendly home. It is the same you, but at different stages of your life. The same individual thinks differently when with different people.”

SaffronStays has also noticed that people always make reservations for special events, such as college reunions, farewell parties, milestone birthdays, wedding proposals, girl’s getaways, B-School peer get-togethers, road trips, pre-wedding showers, or even intimate wedding celebrations. Sometimes all you want to do is get together with your friends and spend some quality time together, or you want to take your pet on vacation.

Adds Parulekar, “Pre-Covid, when we were a network of only 50-70 homes, it was easy to market each home to the guest. Now that we have 250+ homes across the country, we realized we had to slice and dice the market and present different categories of offerings to different people in different phases of their life for different occasions. MMT’s ‘Jaisi Zaroorat, Waisa Stay’ campaign fits perfectly in our game plan, and we decided to jump the gun and partner with them after they shared the same insight.”

BOI to raise up to ₹2,500 cr via bonds

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November 5, 2022

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The state-owned Bank of India announced that it would issue bonds to raise up to Rs 2,500 crore. According to a regulatory filing, the lender’s board approved raising Tier-1 capital by issuing Basel-III compliant extra tier-I (AT-I) bonds up to Rs 2,500 crore.

The bank added that the capital would be raised in one or more tranches.

Crypto exchange Coinbase’s transaction revenue drops 44% in Q3 CY22

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November 4, 2022

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The third-quarter (Q3 CY22) earnings report from crypto exchange Coinbase showed a significant decline in transaction revenue while claiming that the company had reduced losses by 50%.

According to the company’s statement in the shareholder letter, the market’s decline in daily crypto market cap and volatility to 30% were caused by a more significant macroeconomic effect.

“Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as the trading volume moving offshore,” the report stated.

Additionally, the letter disclosed that Coinbase’s transaction revenue fell by 44%, $366 million, from its second-quarter results to $366 million. As of the most recent quarter, there were 8.5 million monthly transacting customers, down from 9 million in the previous quarter but still above estimates of 7.8 million. Total operating expenses were $1.1 billion, a 38% decrease from the prior quarter’s $1.2 billion, and overall net revenue was $576 million, a 28% fall.

Even so, coinbase could still reduce its third-quarter losses by laying off 18% of its employees.

In August, the firm recently announced its partnership with asset management giant BlackRock. The crypto exchange also stated, “For 2023, we are preparing with a conservative bias, and the current macroeconomic headwinds will persist and possibly intensify.”

Ratan Tata-owned Electra EV raises $25mn from GEF Capital Partners

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November 4, 2022

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Electrodrive Powertrain Solution, or Electra EV, has raised about USD 25 million in investment from GEF Capital Partners. In 2017, Ratan Tata, an industrialist, owned and promoted the electric mobility startup.

Electra EV designs and develops EV powertrain systems for both passenger and commercial vehicle segments and integrates, manufactures, and supplies them.

Its offerings include end-to-end powertrain solutions, supplying complete systems with battery packs, e-traction systems, integrated electronics, sub-systems, and components for various vehicle types, including two- and three-wheelers, four-wheelers, and EV applications for agriculture and off-highway segments.

In a statement released by the company, Electra EV stated that it would utilize the funds raised to expand its product portfolio to include e3 Wheelers, e4 Wheelers, agricultural applications, and other EV segments to serve both domestic and international manufacturers.

According to the statement, the company also intends to expand production capacity to accommodate rising quantities and further develop its design, testing, and prototyping capabilities.

“This fund raise provides us with both financial wherewithal and a like-minded partner like GEF Capital to help us continuously innovate, and acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels,” said Samir Yajnik, Executive Director at Electra EV.

GEF Capital Partners is a manager of private equity funds that invests in companies that try to address the negative impacts of climate change.

“The EV ecosystem is currently at a pivotal stage, and we believe Electra EV’s differentiated proposition of high-end performance, safety, and affordability provides a strong growth opportunity. We are excited to partner with Electra EV in its next phase of growth and development,” GEF Capital’s Managing Partner Sridhar Narayan said in the statement.

Shriram Properties’ sales bookings increase 27% to ₹747-cr in Apr-Sept 2022

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November 4, 2022

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Shriram Properties announced that sales bookings increased by 27% to Rs 747 crore in the first half of this fiscal year.

Shriram Properties said that compared to the first quarter of the same fiscal year when the company sold 0.66 million sq ft, sales volume increased by 52% to 1.01 million sq ft in the second quarter of FY23.

Compared to the first quarter of FY23, when the aggregate sales value stood at Rs 313 crores, it increased by 39% in the second quarter to Rs 435 crores.

The company reported a sales volume of 1.67 million sq ft, compared to 1.56 million sq ft in H1 of FY22, for the first six months of FY23.

The total sales value increased more rapidly, by 27% year over year, reaching Rs 747 crore in the first half of FY23.

“We are encouraged by the strong performance on key operating parameters and expect to see further momentum in the seasonally strong periods of H2FY23. We are on track to deliver full year targets in terms of sales volumes, collection and construction, apart from profitability in line with guidance,” M Murali, Chairman and Managing Director of Shriram Properties, said.

upGrad plans to merge all M&As into the parent company

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November 3, 2022

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Edtech unicorn upGrad has announced plans to consolidate all its mergers and acquisitions in India into One upGrad and complete the integration process by March-June 2023.

UpGrad has chosen to simplify the corporate structure to prepare for an IPO in 2024. Additionally, they have decided to expense out all costs associated with acquisitions and their growth capital in their FY22 and partially in their FY23 financials.

“We are delighted to have over 15 Co-founders from our M&As join the leadership team at upGrad and participate in the Integrated vision – where upGrad has to impact college learners and working professionals in India, Asia, and the world, across their LifeLongLearning journey,” said Mayank Kumar, Co-founder, upGrad.

“This consolidation also gets us financially ready for a future listing as we put costs behind us between the last and this year to focus on a high growth and high profitability model while creating impact and having the largest alumni base in Higher Education,” he added.

To establish Harappa Global School of Leadership, upGrad contributed an extra Rs 320 crore (just under $40 million) to Harappa Education in September 2022. The edtech giant acquired corporate training solutions provider Centum Learning in the same month through a share swap deal.

UpGrad raised $210 million in August of this year from Temasek, IFC, IIFL, Bodhi Tree, the family offices of Bharti Airtel, Narotam Sekhsaria, and Lakshmi Mittal, as well as ETS Global, Bodhi Tree, and Kaizen Management Advisors in Singapore.

The Ronnie Screwvala-led upGrad had raised significant funds and successfully closed takeover acquisitions when the edtech industry struggled with layoffs and funding challenges.

Over the last 2.5 years, upGrad has acquired 11 startups in an M&A spree. It has recently acquired the edtech startup Harappa Education from New Delhi and the recruitment and staffing company WOLVES from Bengaluru.

The startup has purchased 14 companies across various verticals, including programmes for upskilling and reskilling, exam preparation, college courses, a segment for study abroad, and short skilling courses.

ZingHR launches MEA Innovation Hub in Dubai

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November 3, 2022

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Human resource management system platform ZingHR has opened ZingHR MEA Innovation Hub in Dubai, according to Zawya. The development strengthens its presence in the Middle East.

“We are already familiar with the specific needs of this region and with the opening of this new Innovation Hub we are now closer to our partners here, in an even better position to be of service,” said Chandrasekar Subramanian, ZingHR’s Business Head-MENA Region.

Over 800 customers and 1.6 million active users globally use ZingHR, funded by Tata Capital Growth Fund. ZingHR services are offered in 26 global languages, including Arabic. Its highly configurable platform has been successfully integrated with all local payroll regulations and procedures.

CEO & Founder of ZingHR, Mr Prasad Rajappan, added, “Welcome to ZingHR Innovation hub. We have named it The ZingHR Pit Stop where we help organisations achieve their business outcomes in a lean and agile way.”

ZingHR is available in all major world markets, including South East Asia, India, Australia, Africa, and the Middle East.

Meta to introduce NFT minting and trading feature on Instagram

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November 3, 2022

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Mark Zuckerberg led Meta on Thursday officially announced that it is testing and selling Non Fungible Tokens (NFTs) on Instagram. The NFTs will initially only be available to a limited number of American users, but the company plans to extend its reach to other countries soon.

In its blog post, the firm stated, “Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram. They’ll have an end-to-end toolkit—from creation and showcasing, to selling. People can easily support their favourite creators by buying their digital collectibles directly within Instagram.”

Ryan Watt, CEO of Polygon Studios, tweeted about the collaboration and mentioned that the NFTs would be minted on the Polygon blockchain.

The company had previously announced that it would work with Ethereum and Flow. In a recent blog post, the firm also announced that it would be adding support for Phantom Wallet and the Solana Blockchain.

The blog post further stated that “information for select collections where the metadata has been enriched by OpenSea, such as collection name and descriptions, will now be available on Instagram.”

Saudi Arabia opens innovative economic zone in Riyadh

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November 2, 2022

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On October 31, 2022, Saleh Al-Jasser, Saudi Arabia’s Minister of Transport and Logistics, officially opened a cutting-edge economic zone for the logistics sector in Riyadh, according to Zawya. The zone is regarded as the most innovative economic zone in the world.

The three million square metres Special Integrated Logistics Zone is ideally situated to service prospective clients from Africa, Asia, and Europe. It uses cutting-edge inventory management systems optimised for e-commerce to speed the movement of goods while establishing direct connections between investors, suppliers, customs, and government entities.

According to Al Jasser, the economic zone’s debut is on pace with the Kingdom’s Vision 2030.

“The launch of the Special Integrated Logistics Zone today is a testimony to Vision 2030 and the relentless support of His Royal Highness for the sector, positioning the Kingdom as a global logistics hub connecting three continents, attracting the largest companies in the world to the Kingdom as our logistics sector is transformed by the National Transport and Logistics Strategy,” he said.

Saudi Arabia is focused on expanding its annual cargo capacity to over 4.5 million tonnes and raising the sector’s contribution to the national gross domestic product from 6% to 10%.

This objective is part of KSA’s broader logistics industry restructuring by 2030. This will encourage corporate expansion, attract inward investment, and increase the sector’s non-oil revenues.

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