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Ascendion Launches Advanced AI Studio in Hyderabad to Foster Global Innovation

By
Supriya Biswas
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0

Ascendion, a prominent name in AI-powered software engineering, has unveiled its innovative AI Studio in Hyderabad, marking a significant leap in its global expansion. This marks Ascendion’s second AI Studio in India, complementing its Austin AI Studio in the United States, as part of its vision to redefine enterprise solutions through AI innovation.

The Hyderabad AI Studio encapsulates Ascendion’s ethos, “Engineering to the Power of AI,” offering a collaborative hub for clients and engineers. It serves as a platform to showcase practical AI applications, delivering immediate value, solving complex challenges, and driving innovation across various industries.

Headquartered in New Jersey, Ascendion operates across 30 global locations, specializing in applied AI, cloud computing, data engineering, and experience design. Trusted by Global 2000 clients, the company’s latest Hyderabad AI Studio strengthens its commitment to enabling businesses with transformative digital engineering solutions.

Prakash Balasubramanian, Executive Vice President of Engineering Solutions, emphasized the studio’s practical impact: “Enterprise leaders are eager to explore AI’s potential but need tangible results. Our Hyderabad AI Studio, with its expert talent and cutting-edge technology, enables co-creation with clients, turning ideas into prototypes and scalable implementations seamlessly.”

Karthik Krishnamurthy, Ascendion’s CEO, acknowledged Telangana’s ambition to create an ‘AI City’: “The integration of AI into software and human experiences will define the future of business. Our Hyderabad AI Studio aligns perfectly with Telangana’s vision, enabling us to bring groundbreaking AI-powered engineering to a broader audience while positively impacting lives through technology.”

This new AI Studio cements Ascendion’s role as a trailblazer in digital engineering and innovation, furthering its mission to reshape industries with AI-driven solutions.

4o

Tata Tea Premium’s ‘Jaago Re’: Pioneering Change Through Social Advocacy

By
Supriya Biswas
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0

Tata Tea, the flagship brand of Tata Consumer Products (formerly Tata Global Beverages Limited), has established itself as a household name in India. Over the years, the brand portfolio expanded to include Tata Tea Gold (2003), Tata Tea Agni (2005), and Tata Tea Life (2007), each catering to different consumer preferences.

In 2003, Tata Tea was rebranded as Tata Tea Premium, marking a shift in its market positioning. By 2006, the brand sought to consolidate its media investments and optimize spending across its tea portfolio. According to Sushant Dash, then President, Beverages – India & Middle East, this consolidation was essential as they aimed to appeal to a broader audience, especially the youth, in a competitive market dominated by soft drink giants like Coca-Cola and Pepsi.

Redefining Tea for a New Generation

The challenge was clear: how could Tata Tea evolve from being perceived as a “drink of the olden days” to resonating with a younger, more dynamic demographic? Amer Jaleel, former Group CCO and Chairman of Mullen Lowe Lintas, and his team delved into India’s tea culture. They found that tea wasn’t just a beverage; it was a catalyst for conversations about societal issues and a symbol of awakening.

Through brainstorming sessions with Lowe Lintas, the team unearthed a powerful insight — tea is not just about waking up but about awakening minds. This realization sparked the idea of integrating social causes with the brand’s messaging. Thus, the iconic campaign, ‘Jaago Re,’ was conceived.

‘Jaago Re’: A Call to Action

Launched in 2007, the first ‘Jaago Re’ ad starred Pankaj Tripathi, portraying a politician confronted by a young voter questioning his credentials. Directed by Amit Sharma, the ad stood out for its bold storytelling and resonated deeply with India’s youth. The tagline, “Har Subah Sirf Utho Mat, Jaago Re” (Don’t just wake up every morning, awaken yourself), became a rallying cry for social awareness.

The campaign didn’t just stop at advertisements. In 2008, the ‘One Billion Votes’ initiative encouraged voter registration, particularly among urban youth who were often unaware of the process. Partnering with Bangalore-based NGO Janaagraha, the campaign simplified voter registration through online tools, enabling thousands to participate in the democratic process.

Expanding the Vision

In 2011, Tata Tea Premium celebrated its 25th anniversary with the ‘Soch Badlo’ (Change Your Thoughts) campaign. This initiative urged people to adopt a fresh perspective, continuing the brand’s commitment to fostering social change.

Through its journey, Tata Tea Premium has successfully transcended its role as a tea brand to become a symbol of social awakening. The ‘Jaago Re’ campaign remains a testament to the power of purpose-driven marketing, inspiring generations to think, act, and bring about meaningful change.

4o

Binny Bansal Steps Down from PhonePe Board; Manish Sabharwal Joins as Independent Director

By
Supriya Biswas
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0

Binny Bansal, co-founder of Flipkart, has officially stepped down from the Board of Directors at PhonePe. Bansal had been a key figure on the board since 2016 when Flipkart acquired the digital payments platform. While he has exited the board, Bansal remains PhonePe’s largest individual minority shareholder. This follows his complete departure from Flipkart earlier this year, the e-commerce giant he co-founded with Sachin Bansal.

In a significant development, PhonePe has welcomed Manish Sabharwal as an Independent Director and Chair of its Audit Committee. Sabharwal, Vice-Chairman of TeamLease Services, brings extensive experience in financial oversight, risk management, and governance. His previous roles include serving on the Board of the Reserve Bank of India (RBI) and contributing to several national advisory bodies like the Comptroller and Auditor General (CAG) and the National Council of Applied Economic Research (NCAER).

PhonePe CEO and Founder Sameer Nigam highlighted Sabharwal’s contributions, stating, “His profound understanding of India’s macro economy and leadership in shaping policies for education, employment, and employability will drive us closer to our vision of a developed India by 2047.”

This year, PhonePe has been making strategic appointments, including naming Ritesh Pai as CEO of its international payments division. The company has also diversified into financial services such as insurance, lending, and wealth management, alongside launching consumer tech ventures like Pincode and Indus App Store.

Financially, PhonePe reported a 73.8% increase in operational revenue for the fiscal year ending March 2024, reaching ₹5,064 crore. Simultaneously, the company reduced its net losses by 28.6%, from ₹2,795 crore in FY23 to ₹1,996 crore in FY24.

This leadership transition and strategic growth underscore PhonePe’s ambition to solidify its position as a leader in digital payments and financial services.

Zomato Secures Shareholder Approval to Raise ₹8,500 Crore Through QIP

By
Supriya Biswas
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0

Foodtech and quick commerce giant Zomato has gained shareholder approval to raise ₹8,500 crore via Qualified Institutional Placement (QIP). The decision, formalized through a board resolution, comes as Swiggy prepares for its IPO, setting the stage for intensified competition in the sector.

To kickstart this funding round, Zomato has engaged investment bank Morgan Stanley, signaling a strategic move to strengthen its market position. The funds will be raised through equity issuance to eligible investors, as detailed in the company’s stock exchange filing.

The infusion of fresh capital is expected to heighten competition in the quick commerce segment. Swiggy, already fortified with ₹4,500 crore from its IPO, and Zepto, backed by a recent ₹3,000 crore funding, are poised as formidable rivals. This strategic raise will bolster Zomato’s financial footing, allowing it to remain competitive in this fiercely contested market.

In addition to the QIP, Zomato received approval for implementing its Employee Stock Option Plans (ESOPs) for 2018, 2021, 2022, and 2024 via the trust route, along with amendments to these plans. The company has also been authorized to provide interest-free loans to the Foodie Bay Employees ESOP Trust to facilitate these initiatives.

Financially, Zomato has displayed robust growth. Its operating revenue surged by 68.5% year-on-year, reaching ₹4,799 crore in Q2 FY25, compared to ₹2,848 crore in Q2 FY24. The company also recorded a 4.8X jump in net profit, achieving ₹176 crore in Q2 FY25.

A recent report by Motilal Oswal highlights that Blinkit, owned by Zomato, dominates the quick commerce market with a 46% share. Zepto and Swiggy Instamart follow with 29% and 25% market shares, respectively. This fundraise further solidifies Zomato’s intent to maintain its leadership position in the industry.

SmallCase Doubles Revenue in FY24, Trims Losses by 74%

By
Supriya Biswas
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0

Amazon-backed SmallCase has demonstrated significant financial strides in FY24, achieving a remarkable 2.2X growth in revenue and a 74% reduction in losses. The Bengaluru-based company, which operates a platform facilitating transactions in exchange-traded products for brokers, marked a notable rebound following flat growth in FY23.

SmallCase’s revenue from operations surged to ₹67.4 crore in FY24, compared to ₹30.6 crore in the previous fiscal year, as per its consolidated financial data sourced from the Registrar of Companies. Transaction fees from brokers constituted 85.8% of the company’s revenue, increasing 2.6X to ₹57.8 crore during this period. Meanwhile, revenue from research services and ancillary services contributed ₹5.1 crore and ₹4.5 crore, respectively. Including ₹7.6 crore from interest on deposits and investment gains, the firm’s total income reached ₹75 crore, up from ₹43 crore in FY23.

Employee benefits remained the largest expense category, accounting for 64.8% of overall spending. This cost saw a reduction of 15.7%, totaling ₹70 crore in FY24, which included a ₹2.9 crore non-cash ESOP expense. Advertising and promotion costs experienced an even steeper decline, dropping by 75.8% to ₹16 crore. Combined with expenditures on technology, legal, rent, and other overheads, SmallCase’s total expenditure stood at ₹108 crore for FY24.

A notable shift occurred in September 2023, when shareholders waived buyback rights for certain shares. This reclassification, under Ind AS, resulted in a fair value adjustment of ₹141 crore being recorded as profit and loss, with ₹1,081.78 crore moved to equity share capital and securities premium.

Despite the reduced advertising and employee expenses, SmallCase’s net losses contracted to ₹34 crore in FY24. Its ROCE and EBITDA margins improved to -23.6% and -41.3%, respectively, while its cost-to-earn ratio for each rupee of revenue improved to ₹1.60.

Having raised approximately $70 million to date, including $40 million in a Series C round led by Fearing Capital in 2021, SmallCase continues to have prominent backers like Peak XV, Fearing Capital, and Blume Ventures. However, challenges remain. The firm’s modest takings from research and ancillary services raise questions about its strategy. While cost-cutting has delivered short-term relief, the long-term impact will be clearer in FY25, especially as growth remains critical for sustainability. SmallCase now faces pivotal decisions about resource allocation and its focus areas for future growth.

4o

Sony Pictures Networks Secures 7-Year Media Rights Deal for Asian Cricket Council Tournaments

By
Supriya Biswas
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0

Sony Pictures Networks India (SPNI), under Culver Max Entertainment, has successfully acquired exclusive media rights for Asian Cricket Council (ACC) tournaments for the 2024-2031 cycle. This milestone partnership marks a 70% increase in media rights value compared to the previous cycle and cements SPNI’s role as the official broadcaster for ACC’s marquee events.

The agreement covers flagship tournaments, including the Men’s and Women’s Asia Cups, Men’s and Women’s Under-19 Asia Cups, and the Men’s and Women’s Emerging Teams Asia Cups. Cricket enthusiasts across Asia will now enjoy widespread coverage across television, digital, and audio platforms, ensuring immersive access to high-profile matches.

Jay Shah, President of ACC, emphasized the significance of this deal: “This partnership represents a transformative step for Asian cricket. The Asia Cup remains a key pillar in showcasing regional cricketing talent, and with Sony Pictures Networks as our media partner, we are confident of delivering a world-class viewing experience. The increased rights value will bolster grassroots programs and infrastructure development across member nations, securing the future of cricket in the region.”

Gaurav Banerjee, Managing Director and CEO of SPNI, expressed enthusiasm about the collaboration: “We are thrilled to bring these high-stakes tournaments, featuring iconic rivalries like India vs. Pakistan, to cricket fans for the next eight years. The ACC’s transparent bidding process reflects their commitment to excellence, and we eagerly look forward to delivering thrilling moments and fostering the spirit of Asian cricket.”

This groundbreaking partnership not only promises exceptional coverage but also strengthens ACC’s ability to fund development initiatives across its member nations, ensuring the sport’s continued growth in Asia.

4o

Red Bangle Secures Creative Partnership with McCain Foods India

By
Supriya Biswas
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0

Creative agency Red Bangle has been entrusted with the strategic and creative communication mandate for McCain Foods India’s food service division. After a competitive pitch process, the agency will work to elevate the visibility of McCain’s key brands, including V Crispers and SureCrisp, in the Indian market.

Known globally for its frozen food offerings, especially its signature French fries, McCain Foods has a strong reputation in the frozen food industry. The company’s B2B division is a significant driver of revenue and growth, making this partnership a strategic move to expand its market footprint in India.

Samantha Dutta, Director of Sales & Marketing at McCain India, highlighted the potential for growth, stating, “While we lead the category, the low market penetration of frozen food products offers immense opportunities. This collaboration aims to reshape customer engagement, demonstrating the value of our innovative offerings while boosting market share and enhancing brand perception.”

Lakshmi Rebecca, Founder and CEO of Red Bangle, expressed her enthusiasm for the collaboration: “Partnering with McCain Foods India is an exciting opportunity. Our focus on strategic solutions and creative innovation aligns seamlessly with McCain’s growth ambitions. We’re eager to bring our expertise across strategy, campaigns, content, and technology to drive impactful results.”

This partnership aims to redefine McCain’s communication strategies, strengthening its connection with customers and further solidifying its presence in the Indian market.

Astera Labs: Revolutionizing AI and Cloud Connectivity with Cutting-Edge Innovation

By
Supriya Biswas
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0

Astera Labs, a global leader in connectivity solutions for AI and cloud infrastructure, is expanding its footprint with the launch of its first R&D center in Bengaluru, India. Renowned for its innovative hardware and software solutions, the company is addressing the increasing demand for high-bandwidth connectivity in advanced AI systems. This expansion is part of Astera Labs’ aggressive growth strategy, which also includes a successful IPO earlier this year.

The company’s growth is fueled by the rapid evolution of AI models that are now scaling to trillions of parameters. As next-generation GPUs and AI accelerators ramp up computational capacity, they face significant bottlenecks in data delivery and connectivity, leaving many systems operating at only 50% of their peak capacity. Astera Labs’ Intelligent Connectivity Platform is designed to overcome these challenges, enhancing performance and productivity with tailored hardware and software solutions built specifically for AI infrastructure.

Astera Labs has developed a suite of products to meet the growing demands of AI and cloud infrastructure. Its Scorpio Smart Fabric Switches facilitate seamless GPU-to-GPU clustering, enabling higher performance for complex AI systems. The Scorpio portfolio includes the industry’s first PCIe 6 Smart Fabric Switch, which doubles front-end connectivity bandwidth to optimize data delivery for hyperscalers. Meanwhile, Aries PCIe/CXL Smart DSP Retimers ensure reliable connectivity for AI server deployments, offering solutions compatible with third-party GPUs and internal AI accelerators developed by hyperscalers.

Other cutting-edge solutions include the Taurus Ethernet Smart Cable Modules, which address signal integrity challenges in 400Gb Ethernet applications, and the Leo CXL Smart Memory Controllers, designed to resolve memory bandwidth issues in next-generation data center CPUs. Complementing these hardware innovations is the COSMOS Software Suite, a software-defined platform integrated across Astera Labs’ product portfolio. COSMOS enables hyperscalers to optimize their infrastructure with advanced resource and fleet management capabilities, ensuring adaptability in rapidly evolving AI environments.

Astera Labs’ newly established R&D center in Bengaluru, branded as ALAB Semiconductor, will serve as a comprehensive design hub for silicon technology and product development. The center aims to support large-scale deployments of connectivity solutions while fostering innovation in AI and cloud infrastructure. The company is actively hiring across various engineering disciplines to support its growth in India.

Dr. Shivananda Koteshwar, Managing Director of Astera Labs’ India Operations, shared his enthusiasm about the new center, stating, “We are thrilled to welcome our first employees in Bengaluru and build a world-class engineering site. Our growing team brings diverse experiences, and we are excited to embark on this journey together.”

Through its commitment to innovation and global expansion, Astera Labs is well-positioned to lead the connectivity landscape, enabling seamless integration of AI accelerators and cloud-scale solutions across global data centers.

4o

Healthians Reaches EBITDA Breakeven with Rs 250 Cr Revenue in FY24

By
Supriya Biswas
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0

Healthians, the diagnostic startup backed by WestBridge, has reported a modest 8% growth in revenue for the fiscal year ending March 2024. More significantly, the company reduced its losses by 65% and achieved EBITDA breakeven, a major milestone in its financial journey.

The company’s revenue from operations rose to Rs 243 crore in FY24, up from Rs 224 crore in the previous year, according to its consolidated annual results filed with the Ministry of Corporate Affairs (MCA).

As a leader in at-home diagnostic services, Healthians operates across more than 250 cities and has carried out over 10 crore tests to date. The main source of revenue for the company has been its laboratory-based pathological tests, which saw an 8.62% rise, bringing in Rs 240.5 crore in FY24. Additionally, the company earned Rs 2.2 crore from the sale of supplements during the same period.

In total, Healthians’ revenue reached Rs 253 crore in FY24, thanks to Rs 10 crore in non-operational income from interest, compared to Rs 236 crore in FY23.

Cost management has been a key factor in Healthians’ progress. The company allocated 40% of its expenses to employee benefits, which fell by 11.8% to Rs 120 crore in FY24, down from Rs 136 crore in FY23. Its advertising spend also saw a significant reduction of over 62%, dropping to Rs 39 crore in FY24 from Rs 103 crore the previous year.

The total expenditure, including material costs, rent, and IT expenses, amounted to Rs 298 crore in FY24. Healthians’ efforts to control spending contributed to a 65% reduction in losses, bringing them down to Rs 45 crore in FY24. This financial discipline enabled the company to reach EBITDA breakeven for the first time.

Looking at its financial ratios, Healthians showed an improvement in Return on Capital Employed (ROCE) and EBITDA margins, which stood at -20.4% and 0%, respectively, in FY24. For every rupee spent, the company earned Rs 1.23. The company also reported current assets of Rs 62 crore, including cash and bank balances of Rs 30 crore.

To date, Healthians has raised approximately $80 million, with its most recent round of funding—$54 million—led by WestBridge in 2022. According to startup data platform TheKredible, WestBridge holds the largest share with 25%, followed by Beenext and DG Ventures.

Financial stability is critical for long-term survival, and Healthians’ ability to control costs and achieve EBITDA breakeven signals its potential for future growth. Turning this milestone into sustainable net profits, similar to what Dr. PathLabs has achieved over the years, is a challenging but attainable goal. The next two to three years will be pivotal for Healthians’ continued growth and market positioning.

8i Ventures Expands Its Support for Early-Stage Startups with Origami Program

By
Supriya Biswas
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0

8i Ventures, an early-stage venture capital firm, is intensifying its commitment to early-stage startup funding with the launch of the second edition of its pre-seed initiative, Origami. The inaugural round of the program, introduced in March 2024, saw 8i Ventures invest $600,000 in three startups: Cobalt, a SaaS platform specializing in native integrations; Cautio, a fleet dashcam and video telematics solution; and another pre-launch startup.

The Origami program is designed to streamline the funding process, offering founders swift access to capital. 8i Ventures guarantees an initial response within a week, a term sheet within two weeks, and a deal closure within four weeks, making it an efficient avenue for emerging startups to secure early-stage investments.

Additionally, the firm recently secured a $25 million first close for its second fund, which is targeting a total of $50 million. A significant portion of this capital, $10 million, has been earmarked for the Origami program to further bolster its efforts in nurturing nascent businesses.

8i Ventures is looking for founders who possess a clear vision and a solid understanding of their market’s needs. The firm is particularly focused on teams with diverse skills across technology, product development, and sales, aiming to provide the resources necessary to transform their concepts into thriving companies.

With a strong portfolio of successful early-stage investments, 8i Ventures has demonstrated its ability to identify high-potential startups. For example, its initial $200,000 investment in M2P Technologies delivered impressive 36x returns, with M2P now valued at $800 million following its recent funding round. Other notable investments include Slice, Easebuzz, and Bbetter, all of which have seen substantial growth following their seed rounds.

Over the past decade, 8i Ventures has supported more than 50 startups at the seed and early stages, helping create over $5 billion in value for shareholders both in India and internationally. Their portfolio includes innovative companies like Slice, Kodo, Blue Tokai, and Carwale.com (NSE: CARTRADE), as well as fintech pioneers such as M2P, Signzy, Easebuzz, BharatX, Transbnk, and EzeTap.

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