Media veteran Vijay Subramaniam starts 29SeptemberWorks

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March 16, 2022

Vijay Subramaniam, a media and entertainment industry executive, has announced the launch of 29SeptemberWorks, an independent venture that will develop, curate, finance, and produce multi-platform content for the Indian market. The southern Indian region is the focus. The headquarters is based in Bangalore, but it also has offices in Chennai and Kochi.

Over his career, Subramaniam has held executive positions at the Star Network, MTV Networks, Disney India, and Amazon Prime Video.

The new company will be a platform-independent creator-enabler focusing on new and established creators and producers. This will allow them to grow and present their work to a pan-Indian market. On the other hand, Subramaniam is collaborating with top production firms to fill their upcoming slates with compelling and impactful content.

Subramaniam said, “29SeptemberWorks is slated to be a new-age entertainment company that will leverage the best of these two worlds to empower and enable storytellers, especially from the south of India, both in front and behind the camera. This is to take their craft pan-India and to the world.”

He added, “I hope to leverage my experience in building partnerships with progressive minds and entities and coupled with my personal understanding of the diverse Indian market, the ambition is to build a strong, sustainable bridge between creators and customers. And in doing so, expand the canvas of our stories in every respect, creatively and commercially. I am delighted that 29SeptemberWorks has met with such an enthusiastic response in its launch stage itself.”

Fintech SaaS firm Clear buys Xpedize

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March 16, 2022

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Clear (formerly ClearTax), a fintech SaaS company, has acquired supply chain financing provider Xpedize. Although sources estimate the sum to be about Rs 100 crore, the deal’s financial details were not released.

The acquisition is Clear’s second after it acquired B2B payments platform Ybanq earlier this year to assist its aims to penetrate the SME credit and B2B payments space.

By the end of FY22, the Xpedize platform, which will now be known as Clear Invoice Discounting, is estimated to have processed around Rs 1,000 crore in GMV annually. The intelligent AI/ML platform links to ERPs and allows suppliers to choose a discount rate acceptable to both the suppliers and their SME clients.

“Xpedize platform is already running with multiple large enterprises and allows them to pay their suppliers faster. We believe that a separate vertical within Clear will encompass all our technology-enabled financial services and help us quickly scale to serve millions of suppliers,” Archit Gupta, founder and CEO, Clear, said. “This acquisition is important for us as we strive to make supply chain financing programmes with large enterprises successful,” he added.

Clear’s existing 3,000-plus enterprise customers will be able to use the invoice discounting solution. In addition, some banks and TReDS platforms are already connected to the platform. Clear Invoice Discounting will integrate with many more banks and NBFCs in the following quarters to assure a steady supply of credit to a larger number of suppliers.

Regan Mithani and Deepak Gugnani, both ex-Citibank bankers, founded Xpedize, which HDFC Capital and YourNest Venture Capital backed. Xpedize’s 25+ member team will continue to operate the invoice discounting programme while also exploring additional Clear options.

Pride Group of Hotels expands its footprint in Gujarat

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March 16, 2022

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With the signing of two new hotels – Pride Biznotel Gir and Pride Divine Resort Somnath – the Pride Group of Hotels continues its remarkable expansion in Gujarat. Both of these projects are scheduled to open in April 2022. In Manjusar and Alkapuri Vadodara, Pride Hotels has opened the Pride Biznotel.

The hotel group currently has 13 properties across Gujarat, each having a variety of banqueting and dining options. As part of its national expansion plans, Pride Hotels wants to have 50 properties and over 5000 keys in diverse geographic places by the end of 2022. The focus for expansion will be on an asset-light model, with Pride Hotels managing a large portion of the portfolio directly.

Announcing the development, SP Jain, Managing Director, Pride Group of Hotels, said, “We are buoyant on the industrial growth of Gujarat that has fuelled demand for upscale mid-market hotels in this region. We have seen a good inflow of tourists in Gujarat from locals and also neighboring states like Maharashtra, Madhya Pradesh, and Rajasthan. Religious tourism has seen an uptick as people from India and across the world visit various pilgrim destinations in Gujarat. Pride Hotels, with its strategic location, delectable food options, banqueting, and host of hospitality services will appeal to business and leisure travellers in Gujarat”.

In the coming months, the hotel chain will expand into Surendranagar, Baruch, and Aatapi as part of its expansion plans. The Pride Resort in Aatapi is a theme park and resort located halfway between Vadodara and Kewadia (famous for the Statue of Unity, the world’s tallest monument).

HR-tech startup inFeedo bags $12mn in a Series A funding

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March 15, 2022

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inFeedo, an employee experience platform, has raised $12 million in Series A funding. Jungle Ventures and Tiger Global led the round, including existing investors such as Bling Capital.

Bhavin Turakhia (Founder Zeta), Sreedhar Peddineni (Co-founder Gainsight), Suman Gopalan (CHRO Freshworks), and Ankur Warikoo were among the new investors in this round.

John Curtius, Partner at Tiger Global, said, “We are excited to partner with Tanmaya and the inFeedo team. We believe they will be a leader in the employee listening market.”

Arpit Beri, Principal at Jungle Ventures, added, “The relationship between employees and companies is changing radically, forcing leaders to rethink their approach to their most precious resource: talent. The kind of encouraging on-ground feedback we received from all stakeholders, be it the customers, the competitors, or even the ex-employees, makes us extremely excited to partner with inFeedo, as they set out to redefine employee engagement for global enterprises.”

With the latest funding, inFeedo’s total funding has raised $16 million since its inception. As a result, it plans to triple its product range, quadruple revenue, double its team and accelerate growth in Southeast Asia, India, and the United States in the next few years.

inFeedo, headquartered in the United States, was founded in 2016 by Tanmaya Jain and Varun Puri as an all-in-one employee experience platform with people analytics that helps forecast attrition, burnout, and disengagement in top talent. Amber, their proprietary A.I. bot, serves as the CEO’s Chief Listening Officer, having intelligent discussions with employees in real-time to uncover hidden gaps in their culture, managers, and wellbeing.

Commenting on the announcement, Tanmaya Jain, Founder and CEO of inFeedo, said, “There’s never been a more critical time to put people at the heart of your business. This milestone isn’t about our series A, it’s about our A game. It’s about surrounding ourselves with A players who share a vision of helping companies build a culture where people love to come to work. It’s about conversational A.I. and people science teams coming together to build meaningful employee experiences. With both Tiger and Jungle now behind us, it’s finally time for inFeedo to roar.”

L&T Construction gets significant orders

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March 15, 2022

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Larsen & Toubro’s (L&T) construction subsidiary has received “substantial” orders for its power transmission and distribution business.

According to the company, significant orders include those worth between ₹1,000 crores and ₹2,500 crores.

The company’s renewable energy division has been awarded a contract to build a 245 MW solar power facility in Rajasthan.

Another order was to construct a solar photovoltaic cum storage project in Gujarat’s Kutch district. The large-scale, grid-interactive green energy storage project will feature a solar capacity of 35 MW (AC) and a Battery Energy Storage System (BESS) with a capacity of 57 MWh.

The company has received turnkey orders in the Middle East to supply and install shunt reactors in 132 kV substations. These reactive power compensation parts will be introduced to Dubai’s electricity infrastructure’s 132kV network, providing voltage regulation and assisting in maintaining the highest levels of availability, reliability, and efficiency.

Ongoing transmission line projects have resulted in further orders.

Larsen & Toubro is an Indian multinational company specializing in EPC projects, manufacturing, and services. It has operations in more than 50 countries throughout the world.

Eaton India intensifies hiring of women engineers

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March 15, 2022

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Eaton, a power management firm, has increased its recruiting of female engineers in various fields. More than 54% of the total campus recruits hired by the organization in 2021 were female engineers. According to a statement, this is a 19% year-over-year increase over 2020.

Data analytics, computer science, information technology, mechanical, electrical, electrical and communications, automation, power electronics, and aerospace engineering were all employed by women engineers.

During university recruitment, Eaton has experienced a diverse pool of candidates. According to the statement, the company wants to continue increasing its footprint across campuses and incorporating new universities in niche skills recruiting.

Ashish Kapoor, Director – Human Resources, Eaton India, said, “We aim to make Eaton a great place to work where the uniqueness of each individual is valued. In lines with our goal to become a model of inclusion and diversity in our industry, we remain committed to ensuring that Eaton continues to be an equal opportunity employer. Eaton’s success is dependent on our ability to identify, attract and groom diverse people with the brightest minds.”

Eaton, founded in 1911 and listed on the New York Stock Exchange for nearly a century, serves customers in over 170 countries. In 2021, the company recorded $19.6 billion in revenue.

Tata Mutual Fund introduces Nifty India Digital ETF

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March 14, 2022

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Tata Mutual Fund has introduced the Tata Nifty India Digital Exchange Traded Fund, an open-ended ETF that replicates/tracks the Nifty India Digital Index.

The NFO’s subscription period began today and will end on March 25. There is no entry or exit load in this scheme. The minimum subscription amount is ₹5,000 and multiples of ₹1 thereof.

Meeta Shetty will manage the fund, and its performance will be benchmarked against the Nifty India Digital Index. According to the fund house, the value of each unit on the allotment will be approximately 1/100th of the underlying index.

The Nifty India Digital Index is designed to follow the performance of a portfolio of stocks that generally represent the digital theme in core areas such as software, e-commerce, IT-enabled services, industrial electronics, and telecom services. NSE Indices pick the largest 30 stocks from eligible primary industries based on their 6-month average free-float market capitalization at the end of January and July cutoff dates. The free-float market capitalization of the stocks in the index determines their weight. Each sector’s weight is capped to 50%, while each stock’s weight is limited to 7.50%.

As of February 28, 2022, the index’s top constituents by weightage are Bharti Airtel, TCS, Indian Railway Catering and Tourism, HCL Technologies, Infosys, Tata Communications, Info Edge, Tech Mahindra, Wipro, and Honeywell Automation India.

This Tata Mutual Fund ETF is distinct from the Tata Digital India Fund, an open-ended fund that invests in the information technology sector. The latter fund’s core portfolio consists of large and mega IT services corporations, while the satellite portfolio consists of rising technologies and services firms.

Residential realty is being driven by the ultra-rich

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March 14, 2022

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According to a survey by property consultant Knight Frank, a new generation of self-made ultra-rich Indians is investing in the country’s residential real estate. India’s ultra-high-net-worth individuals (UHNWIs) purchased a residential property at a 29% higher rate in 2021 than the previous year, Knight Frank said in a report.

Entrepreneurs are increasingly investing in second homes, as the residential sector has rebounded sharply since the Covid-19 epidemic. An Indian UHNWI – a person with a net worth of $30 million or more – currently owns two homes on average.

Shishir Baijal, managing director of Knight Frank India, said: “Investment in the real estate sector in India has grown in recent times, especially in the wake of the pandemic, as real estate was viewed as a safe and tangible investment option amid the economic volatility. Further, at attractive valuations, real estate continued to drive institutional demand.”

UHNWIs are actively looking to buy a new home in 2022, according to property brokers. These individuals choose to invest in domestic properties first, followed by the UK, UAE, and the US markets.

“We are seeing a 2x jump in the share of real estate in our UHNI clients’ overall investment portfolios. In the last two years, stocks have performed well, and there has been a rise in salaries in the IT sector – both these factors have led to a good flow of Investment in real estate since it’s considered the most stable and safest investment option,” said Bhavesh Kothari, founder of Property First, a luxury-property broking firm.

The number of self-made UHNWIs in India has increased, owing to a surge in the startup industry. Many of these businesses receive high-value funding from venture capital firms and other investors. According to the report, the number of UHNWIs in India will increase by 11% in 2021. Bengaluru saw the fastest increase in UHNWIs among major Indian cities, rising 17.1% to 352 in 2021. Delhi (12.4 % and 210) and Mumbai (12.4 % and 210) came in second and third, respectively (9% and 1,596).

After the US and China, the report said that India was ranked 3rd in terms of billionaires’ population in 2021. “There is an indication that the desire to upgrade homes will be a big motivator in 2022 due to the hybrid work model. We have been witnessing strong sales momentum, especially in the last 12 months, with almost 90% sold inventory now,” said Ashwinder R Singh, CEO (residential) of Bhartiya Urban, a Bengaluru-based real estate development company.

Justa launches the Justa Morjim Beach Resort, Goa

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March 14, 2022

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The Justa Morjim reveals its exquisite and refreshing hospitality for all discriminating travelers with its quiet and serene atmosphere. The Justa Morjim Beach Resort, Goa, is as close as luxury can get to wetting its feet on the gorgeous Morjim beach, with feet burrowing into the soft sand and water almost kissing your feet.

The resort features enchantingly appointed rooms with exquisite and peaceful décor and a layout that matches and blends with the natural surroundings. Sun decks, sit-outs, private beach access, gardens, and other amenities abound at the beach resort.

Take a dip in the large pool, stroll down the soft sandy path to the beach, play various indoor games, or relax with a refreshing yoga session at the yoga shala. The Wire Room is an ornately decorated restaurant that serves both local and international food to groups of up to 80 people. Patrons from Morjim and beyond are already raving about the food at the Wire Room.

Enjoy a luxury spa massage with natural ingredients derived from traditional Asian therapies and contemporary beauty recipes.

Morjim is renowned for its dolphin and Olive Ridley Turtle sightings and bird watching for nature lovers from all over the world, in addition to its beautiful coastline and lush environs.

Burger Singh opens 80 outlets in tier-2 and tier-3 cities

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March 12, 2022

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Burger Singh is expanding into India’s tier-2 and tier-3 cities, with plans to open 80 new locations by the end of FY-23. Cities like Jabalpur, Guwahati, and Saharsa and existing cities like Chandigarh, Lucknow, and Gurgaon are all on the brand’s expansion radar.

During the pandemic, the QSR chain established its 50th location in December 2021, signalling a rapid increase in brand growth, with annual revenue increasing 400%.

“We are looking for young, hungry entrepreneurs who are interested in partnering with us in promoting Indianised burger brands, thereby creating a legacy of Indian burgers,” said Kabir Jeet Singh, founder and CEO, Burger Singh.

The annual spending of middle-class households on fast-food restaurants in India’s tier-2 and 3 cities has increased by 108% in the previous two years, according to the Associated Chambers of Commerce and Industry of India (Assocham) (from INR 2,500 to INR 5,200).

“Due to the increase in nuclear families, infrastructure growth, higher disposable incomes, working women and changing lifestyles, there is a steep rise in QSR spending patterns in these cities. In many ways, they are the future of the Indian fast food industry, and we aim to bring our unique offerings of Indian fusion burgers to this new consumer cohort,” said Singh.

Burger Singh has seen strong business in tier-2 cities, lower operating costs and dine-in orders exceeding online orders. Because there are no commissions connected with discounting, sales in physical stores are higher. With three locations and a food truck in London, the brand also has a global market presence.

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