Xiaomi auto plant to build 300,000-unit capacity

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November 27, 2021

According to the China Securities Journal, Xiaomi Corp.’s auto unit in Beijing would produce 300,000 cars per year. According to the source, China’s largest smartphone maker signed a contract with Beijing Economic-Technological Development Area on Saturday, with its auto plant erected in two phases, each with a capacity of 150,000 cars.

Xiaomi has vowed to invest $10 billion in the electric vehicle industry over the next ten years, entering a field already packed with players ranging from Tesla Inc. to local companies like Nio Inc. and Xpeng Inc. The corporation previously stated that it intends to begin mass manufacturing electric vehicles in the first half of 2024.

Xiaomi has decided to enter the electric vehicle market to meet the growing demand in China and India. By 2024, Xiaomi is expected to release electric automobiles, electric scooters, and electric motorcyclists.

Xiaomi has been a disruptor in the smartphone industry, bringing low-cost devices to market. The Chinese company also makes smart TVs, wearables, earphones, and other IoT items.

Xiaomi also sells smartphones under the Redmi and POCO brands. It is one of the country’s top two smartphone sellers.

Amadeus, Marriott International to implement cloud-based CRS solution

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November 27, 2021

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Marriott International has signed an agreement with Amadeus to use the Amadeus Central Reservations System (ACRS).

The ACRS was developed to meet the needs of enterprise hotel organizations, such as the integration of the hotel brands’ proprietary ecosystem, which includes property management systems, loyalty programmes, revenue management systems, data warehouses, and other third-party systems. Using a contemporary CRS platform to streamline integration points improves operational efficiency and decreases IT complexity for corporate and on-property users. Additionally, the cloud technology design allows for ultra-high availability and ultra-fast reaction times, as well as robust, seamless service.

Francisco Pérez-Lozao Rüter, President, Hospitality, Amadeus, commented, “We are excited to work with Marriott to deliver our next-generation technology throughout its portfolio. Adding Marriott to the global community of hotels choosing Amadeus to evolve their technology ecosystems supports our transformational vision and long-term investments to the industry. This platform empowers our customers to be able to meet ever-changing traveller expectations while gaining a single, consolidated view of data for more strategic decision-making.”

“We look forward to working with Amadeus and leveraging its CRS technology that will support our strategic vision to create a robust travel retailing platform for our guests and hotels,” said Drew Pinto, Global Officer, Distribution, Revenue Strategy, Engagement Centers & Global Sales, Marriott International. “It will make the breadth of Marriott’s travel offerings available to customers, giving them more choices to personalize their experience when they book travel with us,” he said.

upGrad unifies its three India-based subsidiaries

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November 26, 2021

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upGrad, an edtech firm, announced that it had merged its three Indian subsidiaries to become a global integrated ‘LifeLong Learning’ firm. The merging of the company’s three companies, upGrad Campus (formerly Impartus), upGrad Jeet (formerly The GATE Academy), and upGrad KnowledgeHut, has been announced (originally KnowledgeHut).

According to a release, the merger would form a single parent business in India that will drive upGrad’s ambition for an integrated strategy to expand and drive international learning until 2022.

The merged entity would offer the whole range of higher education technology to college students and working professionals.

“The merger of all the India entities is to strengthen the corporate structure and consolidate our position as a truly integrated Edtech player and provide a strong foundation for our global strategy.

“Brand upGrad is built based on the impact we create for our learners lives and the outcomes & ROI we deliver to them. We want the upGrad brand to permeate the full range of our offerings and so the one merged entity makes sense. Our offices in APAC, EMEA & US will continue to operate as independent subsidiaries,” upGrad chairperson and co-founder Ronnie Screwvala said.

By CY 2024, upGrad hopes to have 7.5 million registered users due to partnerships with over 1298 colleges, 3,110 corporations, and an expansion of its faculty, mentors, and experts network to 11,078. UpGrad currently boasts over 300 institution collaborations and more than 2 million registered users in 50 countries.

Yes Bank collaborates with Amazon Pay for UPI, adopts AWS for payment processing

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November 26, 2021

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Users can now pay with UPI owing to a partnership between Yes Bank and Amazon Pay, and AWS. Because of its connection with PhonePe, Yes Bank had a market share of roughly 40% by volume in the UPI ecosystem and around 30% by volume in the UPI merchant acquiring business in FY21.

The integration with Amazon Pay will allow the US e-commerce behemoth to issue UPI IDs with the @yapl handle, despite being a late entrant to the payment industry. With its payment processing technology housed on AWS, the partnership will help Yes Bank extend its position in UPI.

This agreement, which is based on a multi-bank approach, allows Yes Bank to acquire merchants using the Amazon Pay platform, expanding its existing merchant network.

The private lender claims to have built a cloud-native UPI processing technology to accommodate the high volume of transactions seen during peak seasons such as festivals or annual sales.

“With this collaboration, we will be able to offer our customers more control, flexibility and choice for a vast range of purchases and peer-to-peer transactions — through UPI-based payments,” said Prashant Kumar, MD & CEO, Yes Bank. Amazon Pay wants to extend its digital payment network by making it more attractive for users, according to Mahendra Nerurkar, CEO and VP. “UPI is one of the most convenient and popular ways to pay in India. With a cloud-native architecture we hope to keep raising the bar on availability, speed and customer experience using UPI through the Amazon app,” said Nerurkar.

JSW Group plan to capitalize Rs 250 crore in the e-commerce store

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November 26, 2021

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The JSW Group would invest 250 crores in launching JSW One Platforms, an online store that will sell steel, cement, and paint products. By March 2022, the platform hopes to have a gross market value run-rate of Rs 500 crore.

Through this ecommerce venture, “we are leveraging our unique position to offer our customers quality products in the most convenient way”, a JSW Group spokesperson said.

In Tamil Nadu, the corporation has started to roll out its ecommerce operation. It will run two different technological platforms, catering to customers’ needs in both the commercial and consumer sectors.

JSW is launching JSW One MSME, a platform that will provide an ecommerce marketplace for small and medium-sized manufacturers and contractors and online transactions, order fulfillment, and tracking.

Tata Steel has an online portal for the B2C segment called Ashiyana, which is aimed largely at individual home builders. According to the corporation, roughly 20-25 percent of sales are made through its online platform.

Arcelor Mittal Nippon Steel India has established eSales and an online ordering system for a variety of premium steel products that includes mill-issued quality certificates. The state-owned Steel Authority of India also sells steel through an online platform called Sail Suraksha.

In Tamil Nadu, the JSW One MSMSE platform has recently begun fulfillment operations. It plans to expand in key South and West markets such as Maharashtra, Andhra Pradesh, and Karnataka during the current fiscal year.

“The JSW One MSME platform plans to have a pan-India presence by March 2023,” the company said.

JSW is also in the process of launching JSW One Homes technology, a platform that will supply home-building solutions to individual home builders.

“The platform is currently offering a wide range of steel products manufactured by JSW Steel. It will expand its product categories to offer cement and paints during this fiscal,” the spokesperson said.

Ingka Group plans to invest ₹3,500 cr in Gurugram retail hub

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November 24, 2021

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Ingka Group plans to invest Rs 3,500 crore in the national capital region to build its second large-format shopping and entertainment complex, which would host a variety of brands, including its flagship Ikea store, the firm announced on Tuesday.

The Ingka Centre in Gurugram will begin construction in early 2022 and will be finished by 2023. In February, it announced its entry into the Indian market with a $5.500 crore investment in a centre in Noida.

The company is situated in Leiden, the Netherlands. Ikea Retail and Ingka Investments are both parts of the Ingka Group. The group’s shopping centre business is known as Ingka Centres. It has more than 50 locations around the world.

The Livat (‘spirited’ in Swedish) trademark will create the Ingka Centre in Gurugram. Apart from an Ikea flagship shop, it will contain hospitality, food and beverage, and edutainment learning facilities.

“The development, with a gross building area of around 130,000 sq. m, will complement Ingka Groups’s Noida centre. Reflecting the local community’s need for more than shopping, the new meeting place will set the standard for the next generation of sustainable mixed-use destination, acting as a lively gathering place for leisure, entertainment and retail in one of the world’s fastest growing markets,” the company said.

According to Cindy Andersen, managing director of Ingka Centres, the Ingka Group intends to reach out to more people through new initiatives in more markets. “When it comes to retail and leisure, change is the only constant. This is why our first Livat meeting place in India will be adaptable, with multiple offerings to match consumer lifestyles,” she added.

Livat expects approximately 20 million people to shop, work, dine, exercise, study, interact, and be inspired every year. It is anticipated that 2,500 employment will be created.

TikTok owner ByteDance to close edtech biz in India

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November 23, 2021

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According to media reports on Monday, China-based ByteDance, the parent company of the short-video-making app TikTok, is exiting the edtech sector in India.

Following the ban on TikTok last year, ByteDance currently operates Snapsolve, a learning app, and Resso, a music streaming platform in the country.

According to a report in TechCrunch citing sources, “ByteDance is shutting down its edtech business in India.”

“Most of the employees, if not all, are being let go,” one of the sources said, according to the report, adding that “the edtech division employed over three dozen people in India.”

ByteDance was yet to react to the report.

SnapSolve says it is “the choice of over 1 million Indian students for doubt-solving and learning.” The app assists students from classes 6 to 12.

“SnapSolve is a doubt-solving app providing instant solutions to math, physics, chemistry, biology and science doubts and NCERT book questions. Similar to Vedantu, Byju’s, Doubtnut, Quesgo, Snapsolve is a free learning app that insists on building your unique learning experience,” reads its description on Google Play Store.

The Indian online edtech market is flourishing in the remote learning era, with several new platforms attracting significant funding.

The Indian government banned many Chinese-developed applications, including TikTok, in 2020, due to concerns that they were involved in activities that jeopardized the country’s national security and defense.

This year, reports arose that ByteDance had begun selling the short video-making app’s AI technology to other companies, notably in India, where the app is prohibited.

ITC Hotels launches its second Mementos property in Rajasthan

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November 17, 2021

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With the unveiling of Mementos Jaipur, ITC Hotels has signed yet another property in Rajasthan. This is the group’s second Mementos property, the first of which was just signed in Udaipur.

Both locations are primed to become top-tier wedding venues. Mementos Jaipur showcases “Shahi Bagh,” a one-of-a-kind setting inspired by Mughal Gardens. It offers a gorgeous backdrop for grand weddings, unique festivities, and MICE events, with a 2-acre property.

This luxurious hotel in Jaipur’s Kukas neighbourhood pays homage to the city’s architecture, art, culture, and colours. This new addition will provide tourists with engaging experiences by showcasing the best of Rajasthan’s traditional hospitality.

Mementos Jaipur will be a 25-acre property with around 130 rooms. With a minimum room size of 50 sqm and cosy sit-out courtyards, all rooms offer the luxury of space.

A multicuisine restaurant, Kebabs & Kurries (ITC Hotels’ acclaimed north Indian signature cuisine), and a bar are among the property’s dining options. A library, the Kayakalp spa, and the Ollies Club for young adults are just a few amenities available.

Anil Chadha, chief executive, ITC Hotels, stated, “From ‘Mementos Udaipur’ earlier this month to ‘Mementos Jaipur’, we are rapidly adding to the brand’s inventory. Brand “Mementos” helps us deliver unique luxury stays across different destinations through collaboration with asset owners who choose ITC Hotels for its top-notch hospitality expertise.”

Mementos is ITC’s latest luxury brand, bringing together a portfolio of one-of-a-kind hotels in various locations ranging from modern marvels to hidden retreats to historical treasures.

Skoda aims to manufacture electric cars in India

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November 12, 2021

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Skoda Auto, which has been tasked with managing Volkswagen’s Rs 8,000-crore India investment, wants to manufacture electric cars in the country, but the EV debut will come even sooner through the imported route, with the launch of the green SUV Enyaq.

Electric mobility is a big emphasis area for Skoda Auto globally, according to global chairman Thomas Schaefer, India will be an important market for green vehicles due to regulatory incentives.

By the end of the decade, the India subsidiary, Skoda Auto Volkswagen India, could have roughly 30% of its local portfolio running on electric powertrains. While this will still be less than the firm’s global objectives of 50-70% green fleet in the same time frame, the corporation seeks a deeper commitment in India by having a deep-rooted local manufacturing setup. “If you don’t go into deep localisation, it will never be feasible,” Schaefer said, adding, the company could indigenise “right down to the cell factories”. He said localisation is critical to ensure affordability.

The Volkswagen Group’s India EV plans come at a time when firms like Tata Motors, Mahindra & Mahindra, and the Korean twins Hyundai-Kia are ramping up their green efforts and investments.

While localization is vital for a sustainable and critical sales mass, Schaefer believes the government should first decrease import duties to allow companies to test-market global products. “Electric cars can’t be penalised. If you believe that this is the future, then till the time until they are localised in India, you cannot penalise them (with higher duty). Otherwise, you will stop the development and you stop the movement in the market and you lose connection with the rest of the world.”

Tesla founder Elon Musk, as well as other players such as Mercedes-Benz, have lobbied for lower import duties on electric cars, and Schaefer’s demand is similar.

E-commerce companies look for large warehouses to expand business

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November 12, 2021

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Leading industry officials said significant e-commerce firms wanting to scale up operations in India amid booming online shopping and strong customer demand have announced lease transactions for huge warehouse premises totalling over 4 million square feet.

Amazon, Flipkart, and Reliance JioMart are among the global and domestic companies actively looking for warehousing space to expand their operations across major cities.

“The growth in the e-commerce segment has been significant and once things settle down, the next few years will be good for the industry,” said Aloke Bhuniya, CEO of Ascendas-Firstspace, a global logistics fund.

Demand for warehousing and logistics services is increasing due to the increased adoption of e-commerce, trends such as same-day or next-day delivery obligations fulfilled by third-party logistics providers, and the need to diversify supply chains.

“The Indian warehousing sector has seen significant attraction from both global and domestic investors and occupiers on the back of the GST changes and significant growth in e-commerce,” said Logos chief executive Mehul Shah.

The Indian e-commerce business has seen a major upswing with Covid-19, and the market is anticipated to grow by 84% to $111 billion by 2024, according to a new report produced by financial technology firm FIS.

According to industry estimates, e-commerce companies like Flipkart and Amazon have leased over a quarter of India’s entire warehouse capacity in the last two years. This is predicted to accelerate as a result of a shift in consumer purchasing behaviour following the Covid-19 epidemic.

The predicted growth in warehousing demand is also likely to attract investors looking for bigger profits.

“Government’s support through policy and reforms are further expected to boost the infrastructure spend, and in turn, the overall demand for modern warehousing,” said Chandranath Dey, head – Operations & Business Development, Logistics and Industrial, JLL, India.

India will require about 7 million sq ft of urban logistics space in its urban centres by 2022, demonstrating the importance and rapid growth of the category, JLL said in its latest report.

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