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Armee Infotech Files for Rs 250 Crore IPO to Fuel Growth and Expansion

By
Garima Bansal
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armee-infotech-pvt-ltd-alkapuri

Armee Infotech Ltd, a prominent IT infrastructure solutions provider based in Gujarat, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise Rs 250 crore through an initial public offering (IPO). The company’s initial share sale is structured entirely as a fresh issue of equity shares, with no offer for sale (OFS) component, as outlined in the draft red herring prospectus (DRHP) filed on Friday.

The funds raised through the IPO will be utilized to bolster the company’s working capital requirements, repay debt, and address general corporate purposes. This strategic move aims to strengthen Armee Infotech’s financial position and support its continued growth and expansion in the IT sector.

Armee Infotech has carved out a significant niche in servicing a diverse range of projects across both government/public sector undertakings (PSUs) and the private sector, with a notable focus on government and PSU projects. The company’s extensive portfolio includes the supply and installation of IT hardware and software, the establishment of smart classrooms, the installation of digital infrastructure for public distribution systems, and the digitalization of primary agriculture credit societies, among other initiatives.

The IT industry, a crucial driver of India’s economic growth, contributed 7.5% to the country’s GDP in FY 2023, up from 7.4% in FY 2022. According to a report by Dun & Bradstreet, the sector added an impressive 3.2 lakh new jobs in FY 2023, bringing the total workforce to 5.72 million people. This growth underscores the vital role the IT industry plays in India’s economic landscape and highlights the promising prospects for companies like Armee Infotech.

Khandwala Securities and Saffron Capital Advisors are the book-running lead managers for this public issue, ensuring the IPO is efficiently managed and marketed to potential investors.

Armee Infotech’s decision to go public and raise substantial capital through this IPO marks a significant milestone in the company’s journey. By enhancing its working capital and reducing debt, the company is well-positioned to expand its services, undertake new projects, and maintain its competitive edge in the rapidly evolving IT sector. This IPO not only reflects Armee Infotech’s growth ambitions but also its commitment to contributing to India’s digital transformation and economic development.

Vraj Iron and Steel to Launch IPO on June 26

By
Garima Bansal
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Vraj Iron and steel

Vraj Iron and Steel Limited is gearing up to launch its initial public offering (IPO) on June 26, 2024, with the subscription period running until June 28, 2024. The company aims to raise approximately ₹171 crore through this IPO, with shares priced between ₹195 and ₹207 each. The shares will be listed on both the NSE and BSE, carrying a face value of ₹10 per share.

Incorporated in June 2004, Vraj Iron and Steel Limited is a key manufacturer of Sponge Iron, M.S. Billets, and TMT bars under the Vraj brand. The company operates two major manufacturing plants located in Raipur and Bilaspur, Chhattisgarh, spanning a total area of 52.93 acres. These facilities have a combined production capacity of 231,600 tons per year, catering to both industrial customers and end-users. Notably, the Raipur plant has achieved the Environmental Management System Certification under the ISO 14001:2015 standard, highlighting its commitment to sustainable practices.

The IPO is set to be a fully fresh issue, meaning all funds raised will be new capital for the company. The proceeds are earmarked for capital expenditure, particularly for an expansion project at the Bilaspur Plant, which is estimated to cost ₹164.50 crore. Additionally, the funds will support general corporate purposes.

The financial performance of Vraj Iron and Steel has been robust, with the company reporting a net profit of ₹54 crore for the fiscal year ending March 2023, marking an 88.1% increase from the previous year. Revenue from operations also saw a significant rise, reaching ₹515.7 crore, a 24.5% increase year-on-year. For the nine months ending December 2023, the company recorded a net profit of ₹44.58 crore on revenue of ₹301.3 crore.

Vraj Iron and Steel Limited employs a workforce of 533, including 298 permanent employees and 235 contract workers, spread across its manufacturing plants and registered office. The company, formerly known as Phil Ispat Pvt. Ltd., is a subsidiary of Gopal Sponge and Power Private Limited (GSPPL) and has been expanding its capacities and diversifying into related segments under the leadership of Vijay Anand Jhawar, who took over as Chairman and Managing Director after the demise of the founder, Ram Gopal Jhawar, in 2013.

Aryaman Financial Services is the lead manager for the IPO, with Bigshare Services acting as the registrar. The upcoming IPO signifies a significant step for Vraj Iron and Steel Limited as it seeks to leverage fresh capital to enhance its production capabilities and continue its growth trajectory in the iron and steel industry.

Xerox and TCS Partner to Revolutionize IT Infrastructure with Cloud and Generative AI

By
Garima Bansal
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TCS-Xerox

Xerox has embarked on a transformative journey with Tata Consultancy Services (TCS) to overhaul its IT infrastructure, leveraging the capabilities of cloud computing and generative artificial intelligence (GenAI). This strategic partnership aims to enhance Xerox’s business and IT service delivery through an enterprise-wide implementation of advanced technologies.

Under this agreement, TCS will undertake a comprehensive upgrade of Xerox’s technology services. This includes the migration of complex legacy data centers to the Azure public cloud and the deployment of a cloud-based digital ERP platform. These efforts are designed to streamline Xerox’s business processes and drive sustainable growth. The integration of GenAI into operations will further enhance efficiency and innovation, setting the stage for Xerox to become a services-led, software-enabled organization.

TCS plans to establish a new agile, cloud-first operating model for Xerox. By leveraging its extensive expertise in AI, cloud, and cognitive business operations, TCS will develop an AI-first enterprise platform. This platform will integrate with the capabilities of leading hyperscalers and AI solution providers, ensuring a robust and scalable solution.

Tino Lancellotti, Chief Information Officer of Xerox, emphasized the significance of this digital transformation, stating that it will simplify Xerox’s operational footprint and transform client experiences. He expressed confidence in TCS’s ability to deliver on this complex program, given their extensive experience and proven track record.

Xerox, headquartered in the US, is a global leader in digital print technology, serving a diverse client base that includes small and medium-sized businesses, government entities, educational institutions, and many Fortune 500 companies. This shift to a cloud-first, digital services-led model is a pivotal component of Xerox’s multi-year Reinvention initiative, unveiled in 2023, aimed at transforming its revenue mix and achieving sustainable profitability.

V Rajanna, President of Technology, Software, and Services at TCS, highlighted the long-standing partnership between Xerox and TCS, which has seen collaborative innovations across various business functions. He expressed excitement about supporting Xerox’s Reinvention initiative and establishing a digital core that leverages cloud, AI, and next-generation enterprise platforms for long-term growth.

The partnership with Xerox underscores TCS’s strong presence in the US, where it operates nearly 50,000 associates and 19 delivery centers. TCS has built significant partnerships with leading universities to drive innovation in North America and has recently established a state-of-the-art lab in Ohio to support the development of AI, GenAI, and IoT solutions.

Amit Bajaj, President of TCS North America, praised Xerox’s bold Reinvention initiative, highlighting the role of GenAI in catalyzing enterprise transformation. He expressed pride in partnering with Xerox to realize the potential of advanced technologies at an enterprise scale.

IIT Mandi and Wellnesys Technologies Introduce ‘YogiFi’: A Revolutionary AI-Powered Yoga Mat

By
Garima Bansal
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Yogifi

A breakthrough in yoga practice has been achieved with the introduction of the ‘YogiFi‘ mat by Wellnesys Technologies Private Ltd, a startup nurtured at the Indian Institute of Technology (IIT) Mandi. Founded by Muralidhar Somisetty, Vinod Ajjarapu, Pranav Kanuparthi, and Sankar Dasiga, this innovative mat leverages advanced artificial intelligence (AI) and computer vision (CV) technologies to provide a customized and interactive yoga experience.

Recently showcased to Union Ministers including External Affairs Minister S. Jaishankar, Railways, I&B and IT Minister Ashwini Vaishnaw, and Finance Minister Nirmala Sitharaman, the YogiFi mat aims to revolutionize at-home yoga practice. It offers users the convenience of practicing yoga anytime, anywhere, with real-time feedback on their performance.

The YogiFi mat is equipped with a unique sensor layer that monitors the user’s postures, delivering immediate feedback to help correct alignment and form. This ensures a safer and more effective yoga session, allowing practitioners to fully benefit from their routines.

Developed with backing from the Technology Innovation Hub (TIH) iHub at IIT Mandi and funded under the NM-ICPS program by the Department of Science and Technology (DST), YogiFi is a fully indigenous product. This aligns with the ‘Make in India’ initiative, making advanced yogasana training accessible and engaging through interactive classes and personalized coaching available globally.

Additionally, the YogiFi Smart Mat integrates seamlessly with other smart home devices, optimizing the yoga environment by adjusting lighting, sound, and temperature settings. This blend of traditional wellness practices with modern technology offers an immersive and enhanced yoga experience.

Sylvan Plyboard (India) Ltd Announces Rs 28.05 Crore IPO, Public Issue from June 24-26, 2024

By
Garima Bansal
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sylvan plyboard

Sylvan Plyboard (India) Ltd, headquartered in Hooghly, West Bengal, is set to launch its SME public issue aiming to raise up to Rs 28.05 crore. The company specializes in manufacturing various wood products such as plywood, blockboard, and flush doors. The IPO will be hosted on the NSE Emerge platform of the National Stock Exchange of India Limited, with subscriptions opening on June 24, 2024, and closing on June 26, 2024.

The IPO comprises a fresh issue of 51 lakh equity shares at a price of Rs 55 per share, each with a face value of Rs 10. The funds raised will be allocated as follows:

Established in 2002, Sylvan Plyboard (India) Ltd boasts a legacy dating back over 70 years to 1951. The company operates a manufacturing facility in Hooghly, West Bengal, and distributes its products across various sectors including shipping, construction, real estate, interior decor, furniture, and more. It maintains a network of 223 authorized dealers spanning 13 states.

For the 9 months ending December 2023, Sylvan Plyboard reported a net profit of Rs 4.48 crore on total revenue of Rs 161.93 crore. In FY22-23, the company achieved a net profit of Rs 3.53 crore with total revenue amounting to Rs 199.15 crore. As of December 31, 2023, the company’s net worth stood at Rs 94.57 crore, reserves & surplus at Rs 80.29 crore, and assets at Rs 217.26 crore.

Post-IPO, the Promoter and Promoter Group holding will reduce from 99.80% to 73.53%, with the company’s shares set to be listed on the NSE Emerge platform, marking a significant milestone in Sylvan Plyboard’s growth trajectory.

Rapid Growth and Evolution of the Indian Quick Commerce Market

By
Garima Bansal
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quick commerce india

The quick commerce sector in India is undergoing explosive growth, driven by the rising demand for swift and convenient delivery of everyday essentials. Consulting reports forecast a substantial surge in market value, from USD 3.34 billion in 2024 to USD 9.95 billion by 2029, marking a compound annual growth rate (CAGR) exceeding 4.5%. More optimistic estimates even project the market to reach USD 55 billion by 2025, underscoring its immense potential.

Dominant Players and Competitive Dynamics

Key players such as Swiggy Instamart, Blinkit, Dunzo, BigBasket, and Zepto collectively dominate over 80% of the market share. The competitive landscape is intensifying as industry giants like Zomato, Flipkart, and Reliance’s JioMart aggressively expand their quick commerce operations. These companies are investing heavily in infrastructure and technology to gain a competitive edge.

Regional Expansion and Market Penetration

Southern India, encompassing cities like Hyderabad, Bangalore, Pune, Mumbai, and Chennai, has emerged as a hotspot for quick commerce growth. Factors contributing to this include a larger working population, improved internet accessibility, and higher adoption rates of technology in the region.

Drivers and Challenges

The demand for instant deliveries, especially heightened during and after the COVID-19 pandemic, has been a primary growth driver. Consumers increasingly prioritize the convenience and speed offered by quick commerce platforms for purchasing groceries and other essential items. However, challenges such as maintaining real-time visibility of retailer inventory persist. Stockouts resulting from inventory discrepancies can adversely affect customer satisfaction levels.

Future Outlook: Promising Growth Trajectory

In conclusion, the Indian quick commerce market is poised for significant expansion fueled by substantial investments from major players. Technological advancements and evolving consumer preferences, particularly in urban areas, continue to drive this growth. As the sector matures, addressing logistical challenges and enhancing service reliability will be crucial for sustaining momentum and meeting rising consumer expectations.

OpenAI Acquires Rockset to Enhance Enterprise AI Capabilities

By
Garima Bansal
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open ai

OpenAI has acquired Rockset, a company known for its real-time search and data analytics tools. The acquisition, announced through an official blog post, signifies OpenAI’s intention to integrate Rockset’s technology across its product infrastructure.

OpenAI’s Chief Operating Officer, Brad Lightcap, highlighted the significance of integrating Rockset’s capabilities, stating, “Rockset’s infrastructure empowers companies to transform their data into actionable intelligence. We’re excited to bring these benefits to our customers by integrating Rockset’s foundation into OpenAI products.”

Rockset, founded by former Facebook engineers Venkat Venkataramani and Tudor Bosman along with database architect Dhruba Borthakur in 2016, developed tools enabling automatic data ingestion from databases and public cloud storage. This data was indexed for applications such as recommendation engines, logistics dashboards, and chatbots in sectors like fintech and e-commerce.

The acquisition marks OpenAI’s continued investment in expanding its enterprise sales and technological capabilities. With Rockset’s expertise in managing complex database problems at scale, OpenAI aims to enhance its AI applications’ performance and utility across various business domains.

OpenAI’s recent strategic initiatives, including partnerships with companies like PwC and the launch of business-oriented consulting programs, underscore its rapid expansion into enterprise markets.

The acquisition of Rockset represents a pivotal step for OpenAI in enhancing its technological capabilities and solidifying its position in the enterprise AI market. By integrating Rockset’s advanced data infrastructure, OpenAI aims to deliver enhanced value to its customers and further innovate in AI-driven solutions across industries.

HCLTech and Hewlett Packard Enterprise Partner to Advance Private 5G Solutions in India

By
Garima Bansal
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0
hcl

HCLTech has forged a strategic global alliance with Athonet, a Hewlett Packard Enterprise company specializing in mobile core network technology, to deliver tailored Private 5G solutions across industries, including communication services providers (CSPs).

The collaboration aims to leverage Athonet’s advanced mobile core technology and establishment of a dedicated HPE Private 5G lab in Noida, India. This facility will serve as a focal point for exploring new use cases and demonstrating industrial applications of private 5G networks.

Drawing on over three decades of telecom services experience, HCLTech brings robust capabilities in network delivery, 5G, cloud, edge computing, and digital transformation to the partnership. The focus will be on deploying and managing private 5G networks that prioritize high-speed and secure data transmission.

Gurpreet Singh Kohli, Senior Vice President, Networks at HCLTech, expressed enthusiasm about the collaboration to introduce the advantages of private 5G to their clients across different industries and regions. By leveraging collective expertise, they aim to empower enterprises to accelerate their private 5G deployments and explore new avenues for revenue growth.

David Stark, Vice President and General Manager, Telco Solutions at Hewlett Packard Enterprise, emphasized the potential for co-innovation

With HCLTech’s technical proficiency, extensive experience in deploying advanced wireless technologies, robust ecosystem of partners, and global presence aligning closely with Hewlett Packard Enterprise’s vision, the partnership is poised to deliver transformative technology solutions that redefine connectivity and network capabilities for organizations globally.

Empowering Communities: DrinkPrime’s Mission to Provide Clean Water to Every Home

By
Garima Bansal
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DrinkPrime founders

Access to clean, safe drinking water remains a critical issue for millions in India, where 91 million people lack reliable access. DrinkPrime, founded by Vijender Reddy Muthyala and Manas Ranjan Hota, addresses this challenge with an innovative subscription-based model for purified water delivery.

Accessibility and Quality
Driven by personal frustrations with unreliable water supply, Vijender and Manas set out to ensure every household could afford and access clean water. They designed flexible subscription plans tailored to diverse household needs, from individuals to large families, eliminating upfront costs and ensuring affordability.

Technology-Driven Solutions
DrinkPrime integrates advanced IoT, AI, and machine learning to monitor water quality in real-time. This proactive approach enables timely maintenance and filter replacements, ensuring continuous access to clean water without customer intervention.

Impact and Recognition
Since its inception, DrinkPrime has served over 100,000 households, achieving profitability and earning accolades as one of Asia’s top innovative companies. Their mission-driven approach and commitment to social initiatives underscore their dedication beyond profits.

Looking Ahead
With substantial backing from investors like Sequoia Capital, DrinkPrime continues to expand its reach and impact. The startup’s upcoming Series B funding aims to further enhance operations and scale their transformative solution across more communities.

Reliance Retail Launches Akind: A New Era in Skincare with Mira Kapoor

By
Garima Bansal
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0
Akind Mira Kapoor

Reliance Retail’s Tira, in collaboration with Mira Kapoor, has launched a new skincare brand called Akind, marking a significant expansion of its omnichannel beauty platform. The brand debuted at Tira’s flagship store located in Jio World Drive, Mumbai.

Akind sets out to revolutionize skincare by catering to individual needs and empowering users to achieve their desired skincare outcomes. Its product lineup focuses on enhancing skin barrier health and is segmented into three distinct ranges.

Isha Ambani, Executive Director of Reliance Retail Ventures, expressed her enthusiasm about the launch, highlighting Akind as a pivotal milestone in Tira’s evolution. She emphasized Reliance Retail‘s ongoing commitment to innovation and excellence, ensuring that each product offering enhances the overall beauty experience for customers.

Mira Kapoor, co-founder of Akind, shared her personal journey and vision for the brand, stating, “Akind emerged from my own skincare journey of listening to my skin’s needs. Our formulations are meticulously crafted with scientifically-backed ingredients to deliver high-performance results, suitable for all skin types. Akind aims to offer effective skincare solutions that are both affordable and focused on improving skin barrier function.”

With the introduction of Akind following the success of Tira Tools and Nails Our Way, Tira reaffirms its dedication to providing a diverse range of high-quality products that set trends in the beauty and personal care industry.

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