Faasos turns the largest Indian-origin QSR chain in 10 countries

By

-

March 8, 2022

Faasos, Rebel Foods’ in-house brand, has announced that it has reached the 500-restaurant mark in ten countries, making it the world’s largest Indian-origin QSR chain.

In 2021, Faasos expanded into seven new countries: the UK, Singapore, Malaysia, Thailand, Hong Kong, the Philippines, and Bangladesh. In the recent quarter, the company added 55 new internet restaurants and 50 new cities in India, motivated by an 80% consumer repeat rate and a sustained focus on customer love and taste.

Within months of its launch in Bangladesh, Malaysia, Singapore, and Thailand, the brand saw a 7.5X increase in orders and has received positive feedback from customers worldwide.

Faasos is the only organized competitor in the area that offers a diverse range of items while maintaining the consistency and reliability of a large-scale QSR. In addition, the firm is considering releasing new additions from consumer-first initiatives such as party packs, Faasos fit, and select global bestsellers.

In 2022, Faasos hopes to continue to attract new customers and expand into new locations and geographies.

Speaking of this development, Ankush Grover, Co-founder, Rebel Foods says, “Faasos was started out of passion in 2003 and was built as our first cloud kitchen brand under the Rebel portfolio in 2011. Since then, Faasos has received customer love from 10 countries in the last 10+ years. This is a very special milestone for us and our loyal customers, as Faasos is where our Rebel journey started. This journey has contributed manifold towards us reaching the unicorn status. We are the pioneers in personalization, innovation, and transparency in the food-tech space and will continue to serve our existing and newer food missions powered by automation and tech.”

“We have seen great consumer love in all the markets we are present in with great product ratings. In 2022, we want to work on building awareness and salience for Faasos in these markets to grow it further. We’ll also look at the continued increase in footprint in current markets and expand into a few new markets. We are also excited to explore an assorted Global best sellers collection where we pick some of the best-selling products in each of our markets and club them together.”, he further added.

Insurtech platform Zopper touches $100 million annualized insurance premium

By

BRL Editor

-

March 7, 2022

0

Insurtech platform Zopper announced that it had reached $100 million in annualized insurance premium due to the acceleration of digital transformation, the demand for digital solutions exploding across the insurance value chain, and ecosystem partners collaborating with insurtech players.

“Achieving $100 million in annual insurance premium is a significant moment for stakeholders,” Surjendu Kuila, founder and CEO, Zopper said.

“We aim to increase insurance penetration in the country by leveraging new-age technology. The world is embracing digitalization at a much faster pace than expected, especially owing to the pandemic. The share of digital insurance is anticipated to grow to 19% by 2027, and we look forward to scaling to 50 million policies over this period.”

Zopper, backed by Tiger Global and Blume Ventures, provides end-to-end insurance solutions through its API platform to its distribution partners. Amazon, Ola, Cars24, Xiaomi, Croma, Titan Eye Plus, StoreKing, IIFL, Chaitanya, and other firms are among the company’s more than 60 distribution partners.

Microsoft to open largest India data centre region in Hyderabad

By

BRL Editor

-

March 7, 2022

0

Microsoft Corp. announced that it would build its largest India data centre region in Hyderabad, Telangana. By 2025, the first phase should be fully functioning.

After its headquarters in Redmond, Washington, Microsoft’s largest investment in the country, with the highest number of employees, is in Hyderabad. Anant Maheshwari, president of Microsoft India, said there will be an “ongoing investment process which will expand” without providing specific investment figures.

According to Microsoft, this strategic investment is “aligned with its commitment to help customers thrive in a cloud and artificial intelligence (AI)-enabled digital economy and will become part of the world’s largest cloud infrastructure.”

The announcement comes as customer demand for cloud-as-a-platform for digital transformation in India grows. Microsoft data centre regions in India generated $9.5 billion in revenue between 2016 and 2020, according to IDC. In addition to the GDP boost, the IDC analysis estimates that 1.5 million new jobs were added to the economy, including 169,000 new skilled IT jobs.

The Hyderabad data centre area will join the existing network of three Indian data centre regions, which include Pune, Mumbai, and Chennai. For enterprises, startups, developers, education, and government institutions, it will offer the complete Microsoft portfolio, including cloud, data solutions, AI, productivity tools, and customer relationship management (CRM) with advanced data security.

Microsoft launched Azure Availability Zones in its Central India data centre area in December last year to provide clients with additional resilience options for their cloud applications. Azure Availability Zones are physically and logically distinct data centres with power, network, and cooling systems.

“Cloud services are poised to play a critical role in reimagining the future of business and governance and enabling overall inclusion in the country. The new data centre will augment Microsoft’s cloud capabilities and capacity to support those working across the country. It will also support new entrepreneurial opportunities while meeting critical security and compliance needs. The new data centre region is a testament to our mission to empower the people and organizations of India to achieve more. We are pleased to be collaborating with the Government of Telangana on this major milestone and we deeply appreciate their support,” said Maheshwari.

Jio, Inmobi, Infosys, TCS, ICICI Bank, Bajaj Finserv, Apollo Hospitals, Mahindra, Dr Reddy’s Labs, Piramal, State Bank of India, Flipkart, Pidilite, and Amity are among Microsoft’s customers in India.

Microsoft has stated that by 2025, it aims to have a renewable energy supply equal to the amount of electricity utilized by its data centres. The new data centre region will be designed and operated sustainably, allowing Microsoft to deliver reliable and highly available cloud services at scale, according to the company.

Captain Fresh bags $50mn, bringing valuation to $500 million

By

BRL Editor

-

March 7, 2022

0

Captain Fresh, a B2B seafood and meat marketplace raised $50 million in a round led by existing investors Prosus Ventures and Tiger Global.

The round was also attended by Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund. This is the organization’s second fundraising attempt in three months.

According to Utham Gowda, co-founder and CEO of Captain Fresh, the company’s worth has more than doubled to $500 million due to the investment round.

A strategic investor is anticipated to provide an additional $10 million, a source said.

The new funds will mostly be used for acquisitions, he said.

“We are looking at various assets which are critical in the global supply chain,” he said. “We are shoring up capital for that purpose. These are mostly distribution focussed assets.”

Captain Fresh was established in 2019 as a seafood marketplace with the goal of aggregating the country’s fragmented retail demand and connecting it to small fishermen and farmers.

On the back-to-back funding round, Gowda stated that the company’s “business quality” had improved dramatically over the previous quarter and that the annualized revenue run rate for the year had doubled since December.

“On the supply side, from a seafood marketplace, they are now entering into the larger animal protein industry,” said Ashutosh Sharma, head of investments, India, at Prosus Ventures. “On the demand side as well, they have expanded their focus by adding new export markets.”

According to Gowda, the company has made substantial progress in exports since December, with about 20% of its revenue now coming from markets outside India.

The company’s main export markets include the United States, European markets, and West Asian countries. The firm stated that it would expand into Africa and other Asian areas.

“We have increased our addressable market significantly,” he said. “Last quarter we just had plans for the export market, now there are early signs that we can deliver… We continue to attract capital.”

The company said in a statement that its “vision has now expanded to build a sizeable animal protein platform with a play across multi-channel, multi-geography, multi-specie and multi-format retail (fresh/frozen/live).”

BSE joins with TN govt’s M-TIPB to facilitate MSMEs’ listing

By

BRL Editor

-

March 5, 2022

0

The Bombay Stock Exchange (BSE) has partnered with the Tamil Nadu government to raise awareness about the benefits of listing among the state’s micro, small, and medium enterprises (MSMEs).

BSE will collaborate with the MSME Trade and Investment Promotion Bureau (M-TIPB) to make this possible. BSE would provide capacity building and soft support to small and medium enterprises (SMEs) in Tamil Nadu to meet listing standards as part of the agreement.

Furthermore, the BSE would provide all intellectual and workforce support necessary to raise awareness of the benefits of listing among SMEs in Tamil Nadu.

Meanwhile, M-TIPB will assist in mobilizing SME representatives through district industries centers and state or regional associations in encouraging their SME members to participate in capacity development programs.

“Through M-TIPB’s deep reach and network, we aim to further increase awareness amongst MSMEs about the benefits of listing. The BSE will also appoint a nodal person as single point contact in Tamil Nadu for providing end-to-end solution and facilitating SMEs with respect to registration/ listing on the platform,” Ajay Thakur, head (BSE SME and Start-up), said.

The BSE, according to Sakthivel S, general manager of M-TIPB, has played a significant role in the development of Indian capital markets. By listing on the BSE SME platform, Tamil Nadu SMEs would raise funds through initial public offerings (IPOs).

The BSE was the country’s first stock exchange to introduce an SME platform. In March of 2012, the SME platform began its journey. Since then, the BSE SME platform has seen over 363 companies listed, raising over 4,000 crores.

Fairfield by Marriott launches its eighth property in Goa

By

BRL Editor

-

March 5, 2022

0

The opening of Fairfield by Marriott Goa Calangute has been announced. The 169-room hotel, located in the heart of North Goa and inspired by the beauty of simplicity and genuine hospitality, provides a welcoming and seamless experience to visitors to India’s beach capital.

“We are excited to introduce our eighth property in Goa – Fairfield by Marriott Goa Calangute. Our portfolio continues to gain strength in line with our vision to be the largest travel company globally,” said Neeraj Govil, senior vice-president – operations, Asia Pacific (excluding Greater China). “The launch of this property consolidates our presence in Goa. We look forward to bringing a diversified portfolio catering to different requirements at varied price points. Goa holds a major attraction for both domestic and international travellers and with our solid presence we are geared to dominate the hospitality space with our offerings and service elements in the state.”

Fairfield by Marriott Goa Calangute is less than 1 mile from Calangute Beach and offers 169 spacious, modern, well-equipped rooms and suites. Each room has its balcony and patio seating with views of the pool or the hillside. Each room is built using local materials and features an earthy color scheme supplemented by bold patterns and eye-catching textures, all inspired by Goan architecture and culture.

The hotel’s atmosphere emphasizes warmth and simplicity to provide guests with a welcoming and seamless experience. Guests are serenaded by the quiet and pleasant environment that permeates the entire hotel, set among the stunning Goan hills.

The hotel has 2200 sq ft of contemporary meeting space excellent for business meetings, social gatherings, and celebrations. An outdoor swimming pool and a 24-hour fitness center with state-of-the-art amenities are also available at the hotel, allowing guests to maintain their fitness routines.

Indian SaaS ecosystem to grow its global market share to 4-5%: Report

By

BRL Editor

-

March 4, 2022

0

According to a report by Motilal Oswal Financial Services Ltd, the software-as-a-service (SaaS) ecosystem in India is predicted to grow fast and raise its share of the global SaaS market to 4-5% by CY30, up from about 1% currently, translating into a $50-70 billion revenue opportunity.

“SaaS has emerged as one of the biggest disruptors in the global technology industry over the last two decades. It continues to accelerate further as the world rapidly shifts to a cloud-based environment. The covid-19 outbreak exacerbated the push to SaaS, given greater flexibility, functionality, and better remote productivity,” Motilal Oswal said.

According to the report, Indian companies now distinguish themselves in the SaaS area, with a long list of companies joining the unicorn club. While most businesses focus on horizontal business software, vertical solutions, and innovative infrastructure, SaaS businesses are growing in India.

Unlike the technology services market, according to Motilal Oswal, SaaS companies generate significant revenue from Indian enterprises (30% in CY20, according to Zinnov) and have a broad business strategy that targets both corporates and small-medium businesses. “This has resulted in elevated interest from VC/PEs, which have invested over $4.5 billion in the space in CY21, about 3x higher versus a year ago.”

Motilal Oswal predicts more SaaS companies to follow Freshworks’ lead and opt for a public listing due to their proven scalability and business model. According to the brokerage business, Indian SaaS companies have benefited from the transition to digital sales due to the travel restrictions implemented to combat the pandemic and robust product offerings.

“This resulted in increased trials of quality offerings and their strength in pricing and customer service becoming much more visible,” Motilal Oswal added.

EduFund joins DSP Investment Managers to offer higher education plans

By

BRL Editor

-

March 4, 2022

0

EduFund, a higher education-focused investment advisory app, has partnered with leading asset manager DSP Investment Managers to provide parents with customized investment solutions to help them save for their child’s higher education objectives.

EduFund encompasses a child’s higher education journey from rupee and dollar savings to education counseling, allowing parents to better plan for their child’s educational ambitions. The technology-based software is backed by research and statistics, and it provides individualized investing possibilities based on a child’s aspirations and the risk profiles of a child’s parents.

By 2024, more than 2 million Indian students will be studying overseas, according to RedSeer’s industry forecast. This collaboration will provide parents with extra alternatives, making the EduFund app a one-stop platform for everything Ed-Fin-Tech.

Student loan debt in India is rising as more students study abroad and pursue better education options. This figure was shockingly high last year, at INR 84,965 crore. As a result, having a reputable investment manager like DSP collaborate with a targeted start-up like EduFund emphasizes the need to plan for higher education ambitions as early as possible.

Vineet Malhotra, Head – eBusiness, DSP Investment Managers, said, “We have always advocated starting investments early and in a systematic manner to meet one’s goals and prepare for life events. We are pleased to work with EduFund which shares the ethos and has designed a comprehensive platform to help parents plan systematically for this vital goal. We look forward to working with EduFund to help millions of Indians #InvestForGood.”

Parents can start monthly SIPs by investing in mutual funds that allow access to both Indian and worldwide enterprises using EduFund’s simple interface. This can help parents save for their child’s education while also keeping track of their progress in one place.

EduFund also connects parents and students with experienced counselors worldwide for guidance on institutions, courses, and other important aspects of their educational journey.

Eela Dubey, a co-founder of EduFund, said, “With rising tuition costs, immense competition and inflation, we anticipate that only one in ten children will be able to afford graduate degrees and more. By partnering with a credible and trusted player in the investment space, DSP Investment Managers, we hope to change this statistic and help more parents become financially literate by changing their view towards saving early. What is encouraging is that we are already starting to see early signs of this, with over 2,000 parents realizing the daunting reality of planning early for their child’s higher education.”

Cred reports ₹95.5cr revenue in FY21, applying for AA licence

By

BRL Editor

-

March 4, 2022

0

For the financial year ended March 31, 2021, Dreamplug Technologies, which runs the fintech startup Cred, announced total revenue of Rs 95.5 crore (FY21).

It was Rs 18.14 crore in FY20.

On a consolidated basis, the company reported a total loss of Rs 523.8 crore, compared to Rs 361.1 crore the previous year.

From around Rs 52 lakh, total revenue from operations surged to Rs 88.6 crore.

According to regulatory records, the company is in the process of applying to the Reserve Bank of India (RBI) for an account aggregator (AA) license.

Employee expenses, which totaled Rs 134.7 crore in FY21, were the source of losses. In FY20, Cred’s employee costs totaled Rs 72.8 crore.

Other expenses, such as marketing, increased by 43% to Rs 418 crore in FY21, compared to Rs 237.2 crore in FY20.

This was due to marketing expenditures during the Indian Premier League (IPL) in FY21 and IPL-related advertising activities.

“During FY20-21, the company managed to launch or substantially grow a number of new products including Cred Max, Cred Cash and Cred Travel as well as lay groundwork for CRED Mint and other products coming up in the future,” according to the filings.

“The company (Dreamplug AA) has been incorporated to engage as an information technology driven accounts aggregator and undertake the business of providing the service of retrieving and collecting such financial information pertaining to its customers,” Cred said.

An account aggregator (AA) is an RBI-licensed firm that assists individuals in securely and digitally accessing and sharing information from one financial institution to any other regulated financial institution in the AA network.

According to multiple people familiar with the conversations, the company is now in talks with worldwide investors to raise over $350 million as part of a new investment round, projected to boost the fintech firm’s valuation to above $6 billion.

PayU partners with Vtex to offer merchants various payment options

By

BRL Editor

-

March 3, 2022

0

PayU announced that it had partnered with Vtex, one of the leading worldwide digital commerce platforms, to provide Vtex merchants with various payment options.

According to the company, businesses will have smooth access to PayU’s payment solutions due to Vtex’s integration to serve their merchants in India. According to the firm, the connection intends to make payment options easier for retailers who utilize the Vtex platform. When Vtex merchants do business in India, they will use the PayU platform.

Mohit Gopal, a senior vice-president, PayU India, said, “In addition to providing Vtex merchants with payment solutions specific to the Indian market we are excited to provide them offers engine option. Increasing affordability for retail consumers is a key focus at PayU and with the offers engine option, merchants can increase sales, bring in new customers, and increase ticket size.”

“Our strategic alliance with PayU will enable us to better position our e-commerce solution to merchants in India. Enabling a pre-integrated payment solution, out of the box and ready to be used, will enable faster time to revenue for clients using Vtex’s e-commerce platform, access to all the different payment methods and allow access to the high-quality service provided by PayU India,” says Pablo Che León, head of customer success for Vtex in Asia.

CONNECT WITH US