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Paytm Awaits Government Approval for Rs 50 Crore Investment in Payment Aggregator Arm

By
Garima Bansal
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Paytm Awaits Government Approval for Rs 50 Crore Investment in Payment Aggregator Arm

The inter-ministerial panel responsible for evaluating investments linked to China has not yet approved Paytm’s proposal to invest in its payment aggregator arm, according to a senior government official on Friday.

Financial Services Secretary Vivek Joshi informed that the proposal is still being reviewed by the panel, which is expected to make a decision soon.

Struggling Paytm has proposed a Rs 50 crore investment in its wholly-owned subsidiary, Paytm Payment Services Ltd (PPSL). One 97 Communications Ltd (OCL), Paytm’s parent company, has Chinese investments.

The panel, consisting of officials from the ministries of foreign affairs, home, finance, and industries, is examining whether OCL’s investment in PPSL complies with FDI guidelines. Once approved by the panel, Paytm can seek a payment aggregator licence from the RBI, Joshi added.

Following the panel’s approval, the Reserve Bank of India will review their proposal and decide on granting the licence.

Paytm Payments Services Ltd applied for a payment aggregator licence in November 2020 under the RBI’s guidelines on Regulation of Payment Aggregators and Payment Gateways. However, the RBI rejected PPSL’s application in November 2022, instructing the company to resubmit it in compliance with Press Note 3 under FDI rules.

EvolutionX Debt Capital Shifts Focus to India’s Booming Private Credit Market

By
Garima Bansal
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0

EvolutionX Debt Capital Pte., a joint venture between Temasek Holdings Pte. and DBS Bank, is refocusing its investment strategy from China to India. This shift aims to capitalize on the rapidly expanding private credit market in South Asia. The Singapore-based debt financing platform plans to allocate up to 70% of its $500 million private credit fund to India, as stated by partner Rahul Shah. The firm is targeting high double-digit returns over an investment horizon of three to four years.

The reallocation of funds is driven by macroeconomic concerns in China, prompting EvolutionX to increase its investment in India. Despite global warnings about risks in the direct lending market, private credit is gaining traction in India. The country’s robust economic growth is drawing investors, in contrast to China’s struggling economy.

Launched in 2021, the EvolutionX fund was initially designed to invest in tech and tech-enabled companies in India, China, and Southeast Asia. Originally, the plan was to allocate 40% of the fund’s assets to India and an equal proportion to China. So far, the fund has invested around $300 million across seven companies, many of which are based in India.

As the first fund approaches its investment limit, EvolutionX is preparing to launch a second fund. The company is also exploring new funding strategies, including tax-related payouts, employee stock option buybacks, and mergers and acquisitions. These new approaches aim to further diversify and strengthen their investment portfolio.

IndiGo Reports 12% Profit Decline Amid Rising Fuel Costs and Expenses in Q1

By
Garima Bansal
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0
IndiGo Reports 12% Profit Decline Amid Rising Fuel Costs and Expenses in Q1

IndiGo, the nation’s largest airline, reported a nearly 12% drop in profit after tax, amounting to Rs 2,728.8 crore for the quarter ending in June. This decline is attributed to higher fuel and other operating expenses. Despite a total income increase of 18%, reaching Rs 20,248.9 crore in the first quarter of the current financial year, overall expenses surged by 24% to Rs 17,444.9 crore, largely driven by the rise in fuel costs.

In comparison, IndiGo’s parent company, InterGlobe Aviation, recorded a profit after tax of Rs 3,090.6 crore in the June 2023 quarter. Excluding foreign exchange impacts, the carrier’s profit after tax for the latest June quarter was Rs 2,786.3 crore. The previous year’s total income for the same period was Rs 17,160.9 crore.

The airline’s expenses, including fuel costs, increased by 24%, with fuel expenses specifically rising by 22.7% to Rs 6,416.5 crore for the quarter ending in June 2024. The year-ago period saw total expenses at Rs 14,070.2 crore.

Aircraft and engine rentals rose significantly to Rs 624.1 crore in the latest quarter from Rs 194.6 crore in the same period last year. The load factor, indicating seat occupancy, decreased to 86.7% from 88.6% a year earlier.

IndiGo CEO Pieter Elbers expressed satisfaction with the quarterly performance, highlighting an 18% growth in total income to Rs 202.5 billion and a net profit of Rs 27.3 billion, resulting in a solid margin of around 14%. As of the end of June, the airline’s fleet comprised 382 planes, including 18 aircraft on wet lease.

Next-Gen Supply Chain: Transforming for Enhanced Customer Retention – Insights by Akash Joshi

By
Garima Bansal
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0
Akash Joshi IMAST

On July 19, 2024, Akash Joshi, CEO of IMAST Operations Private Limited, delivered an insightful talk at the Indore Management Association (IMA) on the topic “Enhancing Supply Chain Efficiency and Customer Retention through Integrated Technology.” This Management Development Program (MDP) aimed to shed light on the importance of leveraging integrated technology to optimize supply chain processes and improve customer retention.

The Role of Integrated Technology in Supply Chain Management

Supply chain management has evolved significantly with the advent of new technologies. Integrated technology plays a crucial role in streamlining operations, reducing costs, and enhancing efficiency. During his talk, Akash Joshi emphasized the need for businesses to adopt integrated solutions that connect various components of the supply chain, including distributors, retailers, influencers, customers, and sales staff.

Key Points Covered:

  1. Digital Transformation in Supply Chains:
    • Akash highlighted how digital transformation is reshaping supply chains. Technologies like IoT, AI, and blockchain are enabling real-time tracking, predictive analytics, and secure transactions.
  2. Improved Visibility and Transparency:
    • Integrated technology provides end-to-end visibility across the supply chain. This transparency helps in identifying bottlenecks, improving inventory management, and ensuring timely deliveries.
  3. Enhanced Collaboration:
    • With integrated platforms, different stakeholders in the supply chain can collaborate more effectively. This leads to better communication, faster decision-making, and improved overall performance.
  4. Data-Driven Decision Making:
    • The importance of data analytics in supply chain management cannot be overstated. Akash discussed how integrated systems collect and analyze data to provide actionable insights, helping businesses make informed decisions.
  5. Customer-Centric Approach:
    • Understanding customer needs and preferences is vital for retention. Integrated technology allows businesses to gather customer data, personalize experiences, and build stronger relationships.
  6. Loyalty Program Importance in Supply Chain:
    • Akash emphasized the significance of loyalty programs in the supply chain. Effective loyalty programs not only boost customer retention but also enhance the relationship between businesses and their partners, such as distributors and retailers. By incentivizing repeat purchases and fostering brand loyalty, companies can create a more stable and predictable demand.
  7. Integrated Solutions Importance in Supply Chain:
    • Integrated solutions are crucial for seamless supply chain operations. Akash elaborated on how these solutions unify various supply chain functions, from inventory management to order fulfillment, creating a cohesive system that improves efficiency and reduces redundancies.

The Changing Definition of Customers

One of the highlights of Akash’s talk was his discussion on the evolving definition of customers at various stages of the supply chain. He explained how the concept of the customer changes from distributors to retailers, influencers, and end consumers. Recognizing these different customer types and their unique needs is essential for creating effective strategies.

IMAST’s Integrated Solutions

Akash Joshi also shared insights into IMAST’s integrated solutions, which have been instrumental in helping businesses optimize their supply chains. IMAST offers a range of SaaS-based solutions, including Distributor Management System (DMS),Sales Force Automation (SFA), After Sales Service Management, Lead Management CRM, Customer Loyalty Solution, Influencer Loyalty Program, and Channel Loyalty Solution. These platforms are designed to connect all dots in the supply chain, providing meaningful data and insights. For more details, visit www.imast.in.

Benefits of Integrated Technology

  1. Cost Reduction:
    • By automating processes and improving efficiency, businesses can significantly reduce operational costs.
  2. Increased Efficiency:
    • Integrated systems streamline workflows, reduce manual errors, and accelerate processes.
  3. Better Customer Retention:
    • Enhanced customer experiences and personalized services lead to higher retention rates.
  4. Scalability:
    • Integrated technology solutions are scalable, allowing businesses to grow without compromising on efficiency.

Conclusion

Akash Joshi’s talk at the Indore Management Association was a testament to the transformative power of integrated technology in supply chain management. By embracing these innovations, businesses can enhance efficiency, reduce costs, and build lasting customer relationships. As the CEO of IMAST Operations Private Limited, Akash Joshi continues to lead the way in providing cutting-edge solutions that drive success in the modern business landscape. For more information about IMAST’s offerings, visit www.imast.in.

Google Teams Up with ElectricPe to Revolutionize EV Charging in India

By
Garima Bansal
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0
Google Teams Up with ElectricPe to Revolutionize EV Charging in India

Google has joined forces with Indian startup ElectricPe to enhance the electric vehicle (EV) charging experience. This collaboration will enable Google Maps users throughout India to access real-time information on the availability and status of EV charging points. This feature will facilitate better journey planning and help alleviate range anxiety. It will be available on both Google Maps and Google Search, with plans for future expansion to additional regions.

ElectricPe, an EV charging aggregation platform, has secured $8.29 million in funding to date from investors including Blume Ventures.

Founded in May 2021 by Avinash Sharma and Raghav Rohila, ElectricPe connects users to a network of charging stations across India. Through its app, users can scan QR codes to charge their vehicles and complete transactions seamlessly. The company has also partnered with Hero Electric to install charging stations in residential complexes, commercial buildings, and various other locations across India.

Based in Bengaluru, ElectricPe boasts the largest network of public chargers in the city, with over 25,000 units in operation.

Market research forecasts that India will have over 5 million public charging stations by 2030.

In a related development, Google recently announced a significant reduction in the pricing of its Google Maps platform for developers in India, cutting rates by up to 70% starting August 1. This price drop follows a call from Aggarwal for Indian startups to consider local alternatives like Ola Maps.

Mayhem Studios Secures Investment from Lumikai to Scale Game Development and Expand Team

By
Garima Bansal
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0
Mayhem Studios Secures Investment from Lumikai to Scale Game Development and Expand Team

Mayhem Studios, a mobile game development company under MPL (Mobile Premier League), has recently secured an undisclosed investment from Lumikai. The investment platform, Lumikai, is supported by a consortium of investors including Peak XV Partners (formerly Sequoia India), Steadview Capital, Truecaller, Hashed Emergent, Base Partners, and Moore Strategic.

Previously, in April of the prior year, Mayhem Studios raised $20 million during its Series A funding round, led by its existing investors.

The newly acquired funds will be directed towards scaling operations, speeding up game development, expanding the developer team, and enhancing technological capabilities, according to a press release from Mayhem Studios.

Founded in 2022 by Ojas Vipat, Mayhem Studios is known for its gaming platform and is currently working on its flagship title, “Underworld Gang Wars” (UGW), a AAA battle royale game. UGW incorporates elements of Indian culture and aesthetics into its gameplay, featuring notable Indian locations, unique characters, and culturally relevant themes to deliver a distinctive and immersive experience.

The Bengaluru-based company announced that it exited the closed beta phase of the game in May and is gearing up for an open beta. With 7.5 million registrations on its platform, Mayhem Studios continues to make significant strides in the gaming industry. Other notable startups in this sector include Ubisoft, Zynga, Playsimple, Moon Frog, and Playmotion.

Lumikai, known for its focus on interactive media and gaming, has previously invested in prominent startups such as Bombay Play, Elo Elo, All Star Games, Supernova, Autovrse, and Vobble.

Riveron Expands Global Footprint with Acquisition of Yantra, Enhancing NetSuite Expertise

By
Garima Bansal
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0
Riveron Expands Global Footprint with Acquisition of Yantra, Enhancing NetSuite Expertise

Riveron, a business advisory firm supported by Kohlberg & Company, has acquired Yantra, a technology and advisory services provider. The financial details of the acquisition remain undisclosed.

This move positions Riveron among the elite NetSuite Alliance Partners globally, allowing it to offer clients a range of value-enhancing solutions.

Yantra, founded in 2009 by Vikram Bhandari, a US entrepreneur of Indian descent, employs approximately 300 professionals across the US, Canada, India, and the Philippines. In 2023, Kohlberg & Company affiliates acquired Yantra from H.I.G. Capital, which retains a minority stake and continues to collaborate with Riveron. Riveron operates 16 offices worldwide.

As part of the acquisition, Bhandari will take on the role of Chief Technology and Innovation Officer at Riveron, where he will provide insights on the practical applications of AI for CFOs, among other responsibilities. This acquisition boosts Riveron’s global workforce to over 1,000 skilled professionals.

Yantra excels in areas such as NetSuite, Oracle, Salesforce, data science and advanced analytics, integration platforms, business transformation, AI and RPA, and managed services. The company works closely with CFOs and CIOs to foster innovation, drive growth, and achieve strategic objectives.

Riveron Expands Global Footprint with Acquisition of Yantra, Enhancing NetSuite Expertise

By
Garima Bansal
-
0
Riveron Expands Global Footprint with Acquisition of Yantra, Enhancing NetSuite Expertise

Riveron, a business advisory firm supported by Kohlberg & Company, has acquired Yantra, a technology and advisory services provider. The financial details of the acquisition remain undisclosed. This move positions Riveron among the elite NetSuite Alliance Partners globally, allowing it to offer clients a range of value-enhancing solutions.

Yantra, founded in 2009 by Vikram Bhandari, a US entrepreneur of Indian descent, employs approximately 300 professionals across the US, Canada, India, and the Philippines. In 2023, Kohlberg & Company affiliates acquired Yantra from H.I.G. Capital, which retains a minority stake and continues to collaborate with Riveron. Riveron operates 16 offices worldwide.

As part of the acquisition, Bhandari will take on the role of Chief Technology and Innovation Officer at Riveron, where he will provide insights on the practical applications of AI for CFOs, among other responsibilities. This acquisition boosts Riveron’s global workforce to over 1,000 skilled professionals.

Yantra excels in areas such as NetSuite, Oracle, Salesforce, data science and advanced analytics, integration platforms, business transformation, AI and RPA, and managed services. The company works closely with CFOs and CIOs to foster innovation, drive growth, and achieve strategic objectives.

Leap Finance Set to Raise $100 Million in Series E Round, Aiming for Unicorn Status

By
Garima Bansal
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0
Leap Finance Set to Raise $100 Million in Series E Round, Aiming for Unicorn Status

Leap Finance, a fintech platform aiding Indian students in pursuing higher education abroad, is in the process of raising between $70 million and $100 million in a new funding round. This effort comes more than two years after the company completed its Series D round. The company has attracted interest from several investors, including both new and existing ones, due to its strong performance over the past two years.

The firm is currently in talks with at least three new investors for its Series E round, aiming to raise up to $100 million. This new round is expected to elevate Leap to unicorn status. In its previous Series D round, Leap secured $75 million from leading investors, placing its valuation between $850 million and $900 million. However, specific details about its valuation, shareholding, and revenue are not publicly available as the parent entity is incorporated in San Francisco and not registered in India.

The ongoing negotiations involve two of the three new investors, with Leap expected to finalize the lead investor in the coming weeks. The company is targeting a valuation range of $1 billion to $1.2 billion for this Series E round. Since its Series D round, Leap has seen substantial growth, expanding its services and reaching more students.

Leap Finance provides educational loans for students aiming to study at international universities. Through its platforms like LeapScholar, LeapFinance, and Yocke, it offers a range of services including test preparation for IELTS, TOEFL, and SAT, admissions and visa counseling, and various financial services. The company also assists with setting up international bank accounts, credit cards, and money remittance.

The new funding round will include both primary and secondary capital, allowing some early investors to partially or fully exit. Despite challenges faced by the broader edtech sector, companies focused on financing overseas education have successfully raised significant funds. Leap and its competitors have collectively secured substantial investments in the last two years, driven by the growing demand for higher education abroad and the superior exposure it offers. InCred, another major player in this sector, reported that overseas educational loans comprised a significant portion of its total disbursements, highlighting the robust growth and increasing awareness in this market.

Go Digit General Insurance Sees Profit Surge Despite Revenue Dip in Q1 FY25

By
Garima Bansal
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0
Go Digit General Insurance Sees Profit Surge Despite Revenue Dip in Q1 FY25

Go Digit General Insurance reported a decline in revenue from operations (net premium) by 8%, falling to Rs 1,824 crore in Q1 FY25 from Rs 1,982 crore in Q4 FY24. However, the company’s gross premium for the first quarter of the current fiscal year was Rs 2,660 crore. In the previous fiscal year, ending in March 2024, the Bengaluru-based company showcased robust financial performance, with a 37.4% year-on-year increase in net premium to Rs 7,096 crore and a more than fivefold increase in profits to Rs 182 crore.

Additionally, Go Digit earned Rs 253 crore from its investments, bringing its total revenue to Rs 2,077 crore in Q1 FY25, down from Rs 2,692 crore in Q4 FY24. The largest cost center for the general insurance firm was claims paid, which accounted for 64.48% of overall expenditure. This cost decreased by 10% to Rs 1,285 crore in Q1 FY25.

Spending on commissions, employee benefits, business development, sales promotion, and other overheads brought total expenses to Rs 1,993 crore in Q1 FY25, compared to Rs 2,198 crore in Q4 FY25.

Despite a slight reduction in scale, Go Digit managed to cut costs by 9.3% quarter-on-quarter, resulting in a significant profit increase. Profits rose by 90.6%, to Rs 101 crore in Q1 FY25 from Rs 53 crore in Q4 FY24. The firm also experienced a fivefold growth in profits during FY24.

Go Digit General Insurance’s IPO was valued at Rs 2,616 crore, including a fresh issue of Rs 1,250 crore, with the remainder offered for sale. The company listed on the stock exchange on May 23 this year at a share price of Rs 286, a 5.1% increase from their price band of Rs 258-272 per share.

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