IIFL Finance joins NIRA to offer personal loans

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March 3, 2022

As part of its plan to expand its digital reach, IIFL Finance Limited partnered with fintech firm NIRA. Salaried customers can get a personal loan of up to 1 lakh from IIFL Finance through this arrangement by downloading the NIRA app from Google’s Play store.

“IIFL Finance is a diversified retail-focused NBFC and a robust digital platform catering to over 6 million customers. Through its digital lending portfolio IIFL Finance aims to provide credit to largely unbanked and underbanked borrowers and small entrepreneurs,” according to a release.

Jyoti Joshi, national sales head – Digital Loans, IIFL Finance, said, “This partnership with NIRA will bolster our small-ticket short-term digital lending portfolio. NIRA, through its unique algorithm, has connected with many under-banked and underserved borrowers, which is aligned with our objectives.”

NIRA is a consumer finance company established in Bengaluru that provides financial services for India’s mass market, starting with credit. It provides loans to customers with monthly salaries as low as Rs. 10,000. NIRA is a pan-India company with customers in over 5,000 towns and cities. This partnership will allow NIRA to continue growing its business while also assisting IIFL in expanding its unsecured lending book.

Rohit Sen, CEO and co-founder at NIRA, said, “IIFL is a recognised brand across India, and their scale puts them among the country’s premier NBFCs. This trust and scale are exactly what is required to help us truly bring affordable credit to millions of underserved Indians.”

Hotels and restaurants optimistic on new hires, salary increments

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March 3, 2022

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After struggling for nearly two years, the hospitality industry is expected to make a strong comeback, with salary hikes and hiring resumed after a two-year break.

Employees of hotels and restaurants received no or minimal increases in 2020, according to professional services firm Aon, while the situation improved slightly in 2021.

“In 2022, hotels and restaurants are likely to see hikes of about 7-8% or even more, which come as a welcome relief for their employees,” Roopank Chaudhary, partner at Aon, said.

According to Aditya Mishra, CEO of recruiting services firm CIEL HR Services, these areas are also recovering quickly, with increases of 5-7%. As a token of appreciation, several employers will award bonuses, according to Mishra.

Oyo, a hospitality tech firm, is actively hiring for technology and product roles, with a focus on AI, machine learning, data science, cloud & DevOps, product engineering, and product design from schools such as ISB, IIMs, IITs, NIFT, MIT Institute of Design (Pune), and Industrial Design Centre (IDC) at IIT-Bombay.

“One can say that technology and innovation are charting the new Oyo growth story,” said the chief HR officer (technology, product, global functions & international markets) Satyadeep Mishra.

Rehiring is on the rise at Wow! Momo Foods, a home-grown quick-service restaurant with over 400 locations around the country.

“Our hiring has gone up by 30-40% in the last two quarters. Our hiring continues to be at an all-time high and with a very bold expansion target,” said Sagar J Daryani, founder and CEO of Wow! Momo Foods.

Like Oyo, Wow! Momo also hires on-campus and through its recently formed internship program.

Accel announces $650mn fund for early-stage startups in India, Southeast Asia

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March 2, 2022

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Accel, a global venture capital firm, has announced a $650 million fund for early-stage startups in India and Southeast Asia, bringing the region’s total commitment to over $2 billion.

In 2005, Accel launched its first fund in India. From the beginning, the VC firm has collaborated with Indian founders, assisting them in building “exceptional” companies.

Accel has funded two of the most well-known firms like Flipkart and Freshworks, from their first seed rounds through all subsequent financings.

Pluang, Xendit, Axie Infinity, Nansen, and Astro are prominent firms backed by the global Accel team in Southeast Asia.

“As we look towards the next decade, we expect digital adoption in India and Southeast Asia to only accelerate. We see this trend playing out not only in categories like financial services and e-commerce, but also across core sectors like agriculture, education, insurance, logistics, healthcare, real estate, and manufacturing,” said Accel in a statement.

Accel said its commitment remains unchanged in the region as it seeks to be the first partner to founders and teams across the globe. “In India and Southeast Asia we are the first institutional investor in over 85% of our investments, and 95% of our investments are Seed or Series A. We continue to expand our commitment to startup founders and entrepreneurs in India through programs such as SeedToScale and Atoms,” it said.

Accel mostly invests in the so-called ‘Seed’ or Series A fundraising rounds, including numerous university endowments, non-profit organizations, and research institutions as fund investors or limited partners.

Gupshup introduces new brand identity

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March 2, 2022

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At the Mobile World Congress in Barcelona, Gupshup introduced a new brand identity. It includes new logo colors, a redesigned brand appearance and feel, an updated website, and a new tagline: “One-on-one. With everyone.”

Gupshup’s aim of redefining the future of business-to-customer conversations and commerce through conversational engagement is reinforced by these developments, according to a press statement.

Beerud Sheth, co-founder, and chief executive officer, Gupshup, said, “This new brand identity is an evolution of our core vision. We remain committed to helping businesses engage one-on-one with consumers, at scale, through conversations that are both real and human. We are doubling down on our focus to help more and more businesses drive deeper, personalized conversations with their consumers across the world.”

Gupshup has preserved the main aspects of the original logo. The /> symbol included in the two chat bubbles that represent conversations represents the company’s pioneering and evolution of the concept of programmable messaging. Conversational interaction is built on the concept of smart, programmable messaging.

The general design language has been overhauled to reflect how conversations are intuitive and natural and how they have evolved into the digital backbone of brand-to-customer interactions.

Farzi Cafe, a modern Indian café, plans to expand in North America

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March 2, 2022

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Farzi Cafe, Zorawar Kalra’s Massive Restaurant brand, just announced its entry in the United States, with the first outlet set to open in the summer of 2022. Farzi already has a restaurant in North America located in Mississauga, Ontario.

“Our Canada restaurant is doing incredible numbers. It’s one of the busiest restaurants in our system and that gave us a lot of confidence,” Kalra said.

They had already finalized preparations for their US foray and the first location—which Kalra refused to reveal—even before their Canada restaurant debuted.

“With the Canadian outlet open, we’ve gotten more confident that the North American market is hungry for an internationally-acclaimed Indian brand. And that’s why we’re excited about the US and are looking at four restaurants in the first 18 to 24 months. The first one will be open by summer of this year, and the second one will be opening six to eight months after that,” he said.

“Now we’re looking for a talented chef with great innovation, great exposure and a deep understanding of authentic Indian food to come and lead the entire North American expansion,” he added.

Given the difficulty of obtaining visas, Kalra said his company was already in talks with candidates in India and North America.

“In Canada, we opened four months ago, and the phone has been ringing off the hook and we are already in advanced stages of discussion for other units, given the success of our restaurant. We had a meeting with a very large food group, which is not in Indian food, but they love Farzi, and they think there’s a huge potential for the brand in Canada,” he said.

“The American market is also something that we’re now looking at taking more seriously than others, because it’s probably the largest market in the world, and Indian food is woefully underrepresented there, especially from a chain perspective. There are no chain restaurants in our gourmet casual category,” Kalra said, adding, “I believe in the power of Indian food. I believe once it’s exposed to anyone’s palate, they will fall in love with it immediately. And I think that is exactly what is driving us and giving us the confidence, not our work, not the brand power—it is the power of the food itself”.

Farzi came in different shapes and sizes, he said, but they were seeking a minimum of 100 seats with a combination of indoor and outdoor places and premium real estate where lunch business was also good.

Lemon Tree Hotels to open new hotel in Mukteshwar

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March 1, 2022

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Lemon Tree Hotels Limited has announced the opening of its newest hotel, the Lemon Tree Hotel in Mukteshwar, Uttarakhand. In July 2022, this hotel is expected to open. The Alpine Chalet Resort owns the property, managed by Carnation Hotels Private Limited, a Lemon Tree Hotels Ltd subsidiary and management arm.

Mukteshwar is a hill station suburb of Nainital, set amidst breathtaking hills and abundant flora. It gets its name from the 350-year-old Mukteshwar Dham temple dedicated to Lord Shiva. Mukteshwar is also a fantastic trekking destination, with fruit orchards, coniferous forests, lush green walkways, and small alleyways. It is a nature lover’s heaven that draws crowds all year.

The destination is bordered on one side by dense forests and a breathtaking view of the stunning valleys.

This hotel, which will be located in the Nainital district, will have 41 well-appointed rooms and suites and a multi-cuisine restaurant and a bar. There will also be a conference room and a swimming pool, spa, and fitness centre.

Speaking on occasion, Vikramjit Singh, president – Lemon Tree Hotels Limited, commented, “We are delighted to expand our reach in Uttarakhand with our valued partner M/s The Alpine Chalet Resort. This state holds immense business and tourism potential, and is a preferred destination for travellers. With our widespread reach, we feel that this hotel will add value to our customers.”

Homegrown wearable brand boAt forays into Nepal

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March 1, 2022

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boAt, a local consumer electronics company, announced its entry into Nepal on Monday, releasing its best-selling wearable portfolio in the neighboring country.

Imagine Marketing Limited, the business behind boAt, has announced that TeleTalk Pvt Ltd, a subsidiary of Ramesh Corp (a Nepalese firm), will be the national distributor of Imagine’s products in Nepal.

The firm’s partnership would enable the companies to address customers’ shifting expectations by producing high-quality and aspirational lifestyle-focused hearable, and wearable devices in the developing Nepalese market.

“It is an important step for us as we strive to put an Indian brand on the global map,” said Vivek Gambhir, CEO, Imagine Marketing Limited.

Through BoAt Labs, Imagine Marketing Limited has made considerable efforts in building its platforms, including design, product research and development, and technological collaborations.

Dixon Technologies Limited recently formed a joint venture to manufacture and develop Bluetooth-enabled hearables and other electronic products.

“Through our partnership, we aim to provide consumers in Nepal the best quality product at an affordable price,” said Pratik Jalan, Executive Director, TeleTalk Pvt. Ltd.

In 2021, India’s true wireless stereo (TWS) market had a 60% year-on-year increase in shipment numbers, reaching 21 million units.

According to Counterpoint Research, homegrown brand BoAt has taken the top rank for the sixth quarter in a row.

Tech Mahindra entered into metaverse with launch of TechMVerse

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February 28, 2022

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Tech Mahindra Ltd, an IT services company, has entered the metaverse with the launch of TechMVerse, a metaverse practice that will provide consumers with engaging and immersive experiences.

In the first year, the business expects to hire and train about 1,000 workers specifically for the TechMVerse. TechMVerse’s operations would initially be divided across four hubs: Dallas, London, Pune, and Hyderabad.

“With an aim to transform customer experience and deliver real business outcomes, Tech Mahindra will leverage its world-leading network and infrastructure capabilities along with its foundational technological capabilities including pervasive artificial intelligence (AI), blockchain, 5G, augmented reality (AR), virtual reality (VR), and quantum computing to build B2B use cases across sectors,” Tech Mahindra said in a statement.

In the beginning, Tech Mahindra plans to take advantage of the metaverse’s benefits through various use cases, including DealerVerse, a metaverse-based car dealership, Middlemist, an NFT marketplace, Meta Bank, a virtual bank, and a gaming center.

It will provide immersive digital and professional experience services in design, content, non-fungible tokens (NFTs), and blockchain platforms, as well as low-code plug-and-play NFTs and blockchain platforms.

“Metaverse has the power to disrupt our reality, as well as the future, for good. At Tech Mahindra, we have always been at the forefront of 5G and our entry into the metaverse is yet another milestone in our journey of catalyzing future readiness and disrupting and transforming customer experiences. The fundamental layers of metaverse are very well integrated within Tech Mahindra and its competencies,” said C.P. Gurnani, MD & CEO, Tech Mahindra. “We would be training workforce of 1000 engineers to ensure they are ready to solve complex business challenges and imagine new worlds for our customers and society.”

TechMVerse is projected to be a continuation of Tech Mahindra’s NXT.NOW framework aims to improve human-centric experiences by investing in emerging technologies and solutions that enable digital transformation to meet customers’ changing needs.

Start-ups push demand for office spaces

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February 28, 2022

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Following the coronavirus outbreak in March 2020, demand for office space dropped. In addition, the growing tendency of working from home has caused office space occupants, particularly in Grade A facilities, to postpone lease renewals, putting downward pressure on rental rates.

According to a new report by investment management firm Colliers and real estate agency CBRE Matrix, startups are estimated to lease around 29 million square feet between 2022 and 2024, up 1.3 times from 2019-2021. As a result, their share in office leasing is expected to increase from 2% in 2010 to 13% by 2024.

Fintech and logistics startups are regarded as demand drivers for office space in a post-Covid environment, given the growing digital adoption and e-commerce boom. According to the research, Bengaluru, with a 34% leasing share in 2019-21, is the leading startup hub, followed by Delhi-National Capital Region.

Every year, startup leasing in Delhi-NCR increased thrice in 2021. While there has been significant growth in this area in Mumbai, the relatively higher leasing costs are considered as a barrier for enterprises in the early stages of their operations.

Meanwhile, IT firms continue to dominate office leasing, despite shrinking contributions in the most recent quarter. According to property consultancy Knight Frank India’s analysis of the commercial realty sector, the IT industry’s proportion of overall leasing transactions in the second half of the calendar year 2021 (H22021) has decreased to 27% from 41% in the same period the previous year. Nonetheless, with robust demand in the IT sector and several big Indian IT companies already opting for a back-to-work theme, experts predict that demand for office space would gradually recover.

Mahindra to invest ₹3,000 crores in developing electric vehicles

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February 28, 2022

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According to a person familiar with the situation, Mahindra & Mahindra (M&M) is set to invest at least 3,000 crores in developing electric vehicles (EV) over the next three years, with capital expenditure on EVs and internal combustion engine (ICE) vehicles approaching each other.

To establish a strong portfolio of vehicles in India’s EV market, the company also plans to debut its first EV SUV, the XUV 400, in the first half of the following financial year.

“The company plans to invest ₹3,000- ₹5,000 crore as capital expenditure on EVs over the next three years. The ratio of capital expenditure on EVs and ICE vehicles will be 50:50,” said one of the people mentioned above, requesting anonymity.

With its majority stake in homegrown EV maker Reva back in 2010, Mahindra was one of the pioneering Indian automakers in electric vehicles.

In addition, electric versions of the company’s successful ICE vehicles, such as the famous Scorpio, are planned to be introduced.

According to a report by consulting firm RBSA Advisors, India’s EV market, which is still in its inception, is predicted to develop at a compound annual growth rate of 90% this decade, reaching $150 billion by 2030.

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