Archives October 2023

INDIA – October 31st, 2023: Introducing Strch, India’s softest activewear brand set to redefine the way you experience fashion, fitness, and comfort. Founded by Prithvi Bhagat, a fourth-generation entrepreneur from the esteemed Gulabdas Group, Strch aims to reinvent how Indians engage with an active lifestyle, by leveraging nylon’s superior quality to allow consumers to stretch to their full potential. Unlike most other players in the industry, Strch activewear caters equally to both men and women with its diverse range of stylish joggers, polo shirts, crop tops, sports bras, shorts, skorts, and more.

“As a first-time entrepreneur, I am thrilled to introduce Strch and share our vision for elevating activewear and an active lifestyle in India. India has long been known as a hotspot for fashion- conscious consumers, yet premium activewear has often been an exception. In a nation with a burgeoning appetite for fitness and fashion, Strch was born out of the necessity for high-quality, homegrown activewear,” says Prithvi Bhagat, Founder & CEO, of Strch. “With Strch, we aim to create a journey that is authentic, fashionably relevant, and, most importantly, comfortable.”

While the Indian market boasts of numerous Indian activewear brands, it is lacking in premium feel and comfort due to the use of polyester. At Strch, the exclusive use of the superior nylon material, that is found in international activewear, ensures a luxurious fit and an unparalleled level of comfort & quality.

The brand’s advanced performance properties and fashionable features cater to the distinct needs and preferences of its customers, including:

Stylish Design & Colours: thoughtfully curated to allow you to mix-and-match with ease, incorporating your personal style – whether its pastels, neons, open back, or loose bottoms

Storage Pockets – for small essentials

Durability – nylon can withstand rigorous use and frequent wash

Lightweight – The lightweight nature of nylon clothing allows for unrestricted movement

Quick-Dry – nylon has a low absorbency rate thus allows sweat or moisture to evaporate quickly

Wrinkle-Free – no ironing needed

Anti-Odour – a special finish to reduce unpleasant odours

However, what truly sets Strch apart is its commitment to providing activewear designed for the Indian body type. Strch clothing offers a comfortable fit in the stomach area and features spandex for extra stretch, allowing you to embrace slight changes your body may undergo while ensuring your clothes don’t stick uncomfortably.

Whether you’re hitting the gym, going for a walk, or doing yoga, Strch allows your body to stretch to its full potential.

Delhi,31st October 2023: Voyage Eyewear, an online brand specializing in affordable yet premium sunglasses, has recently launched an exclusive platform for women’s sunglasses, Voyage Women. This website of Voyage Women, www.voyagewomen.com, has been thoughtfully designed to cater to the unique needs and preferences of women seeking stylish and protective sunglasses.

The sunglasses available on Voyage Women, have been thoughtfully designed for diverse needs and preferences of women. Offering a comprehensive range of styles, each pair has been designed to complement various personal styles, ensuring that every woman can find the perfect sunglasses of their choice. Beyond fashion, these sunglasses come equipped with advanced UV protection, ensuring your eyes are shielded from harmful rays while also providing exceptional visual comfort.

Varun Agarwal, Co-founder of Voyage Eyewear, said, “Expanding our product lines has been our vision to increase our reach among customers. We are constantly evolving to meet the diverse needs of our customers, and this new website is at the forefront of our vision. The launch of Voyage Women represents our commitment to providing tailored sunglasses for women. The website is more than online stores; it is a destination where women can discover sunglasses that not only protect their eyes but also reflect their personalities.”

Sweta, Co-Founder of Voyage Eyewear, said, “At Voyage Eyewear, we firmly believe that every woman deserves to look and feel stylish while protecting her eyes. Hence, we decided to launch Voyage Women to cater to our women customers. We are on a mission to empower women to express their unique style and embrace their individuality through our range of sunglasses.”

New Delhi, 31st October 2023 : NIIT Learning Systems Limited [NIIT Managed Training Services (NIIT MTS)](Ticker Symbol: NIITMTS), a global leader in managed learning services announced the results for the second quarter ended September 30, 2023.

The consolidated Net Revenue recorded by the company during this quarter is Rs 381.9 Cr, up 27% YoY. EBITDA was Rs. 91 Cr, up 58% YoY. EBITDA Margin stood at 23.8% and Profit After Tax was Rs. 46.9 Cr, resulting in an EPS of Rs. 3.5.

The results were taken on record at the meeting of the Board of Directors held today. The Board also approved an interim dividend of Rs. 2.50 per share. The record date for the dividend will be November 10, 2023.

During the quarter, NIIT MTS added 4 new MTS customers.In addition, the company maintained its track record of 100% renewals with 4 renewals during the period. At the end of the quarter, the company has 85 active MTS customers with a revenue visibility of USD 350 million.

In the quarter, NIIT MTS earned 56 Brandon Hall Excellence in HCM awards jointly with customers including 33 gold awards, 10 silver awards, and 13 bronze awards.

Commenting on the results, Vijay K Thadani, Co-founder NIIT and Vice Chairman & Managing Director, NIIT Learning Systems Limited said, “Disruptive technologies like AI present a massive opportunity for learning to become significantly more impactful and will enable organizations to transform their talent and achieve competitive advantage. By investing early in these transformative technologies, NIIT MTS is uniquely positioned to become more valuable to its growing list of customers”.

Quarter Highlights

• NIIT MTS made a strategic investment in the private placement round of KIC InnoEnergy, SE (EIT InnoEnergy). With this investment, NIIT MTS joined the cap table as one of the new strategic investors in the private placement round that included major players from industrial, financial, training, and digital sectors to accelerate the clean energy industrial innovation.
• NIIT MTS announced thelaunch of “Xsel,” a modern Real Estate Learning Platform, designed exclusively for real estate brokerages and their agents. Xsel is a comprehensive and cutting-edge learning solution designed to solve challenges in learning, performance, and professional development for real estate agents at brokerages.
• NIIT MTS was named to Training Industry, Inc.’s 2023Top 20 Learning Services companies list for the sixteenth consecutive year and the Top 20 Experiential Learning Technologies companies list for the third consecutive year.

Sapnesh Lalla, Executive Director & CEO, NIIT Learning Systems Limited stated, “In a tough economic environment, our value proposition is continuing to resonate with a larger set of customers. We continue to make investments, expand our customer set, and grow our capabilities uniquely positioning NIIT MTS for acceleration and growth as the environment starts to stabilize”.

31st October 2023:Karur Vysya Bank today inaugurated three new branches – two in Tamil Nadu and, one in Andhra Pradesh. With this the total branch network of the Bank increased to 827.

The new branches that were opened today are

i. 825th Branch at Koduvai, Tiruppur District, Tamil Naduby Shri Pawankumar G. Giriyappanavar, I.A.S., Corporation Commissioner, Tiruppur
ii. 826th Branch at Nandigama, NTR District, Andhra Pradeshby Shri A. Raveendra Rao, Revenue Divisional Officer & Sub Divisional Magistrate, Nandigama
iii. 827th Branch at Anakaputhur, Chennai by Dr.Arthi K. Ganesh, Pro-Chancellor, Academics, Vels Institute of Science, Technology & Advanced Studies

With the inauguration of these branches, the ATM network of the bank will increase to 1637 and that of Cash Recyclers to 613.

31st October 2023,  India’s World leader in membership travel services and vacation ownership, RCI successfully wrapped up one of the biggest events in the Hospitality industry, HICAP 2023, an annual gathering for Asia-Pacific’s hotel investment community. This prestigious event attracted some of the most influential stakeholders in the hospitality industry, including owners, developers, lenders, executives, and professional advisors from around the world.

At HICAP 2023, RCI made a significant impact with its participation, emphasizing the company’s commitment to innovation and collaboration. The success at HICAP 2023 underscores their pivotal role in advancing the global hospitality sector.

Commenting on their learnings and participation in the event, Mr. Juan Ignacio Rodriguez, International Managing Director & Global Business Development, RCI said, “HICAP served as a valuable forum for engaging with industry giants across the Asia-Pacific region. We met with our esteemed partners, fostering knowledge exchange, exploring opportunities, and reinforcing existing relationships. The event also allowed us to forge new connections with potential partners, enriching our network for future collaboration.”

Mr Robin Mills, Vice President of Business Development EMEA, India & APAC, RCI, said “It was a great platform to engage with our dedicated partners and explore new potential partners. Our meetings with existing partners were particularly productive, unveiling promising opportunities on the horizon. Together, we’re building a brighter future.”

New Delhi,31st October 2023 India’s financial ecosystem has displayed remarkable resilience and signs of growth despite growing global geo-political challenges. Indian banks have shown stability and a strongly regulated rise of fintech firms and NBFCs is boosting financial inclusion for India’s expansive consumer market. This is furthered by the impetus towards building a robust digital public infrastructure, which has evolved to create a more accessible, efficient, and inclusive digital ecosystem to boost economic growth. However, challenges such as data security and privacy concerns, infrastructure gaps, and digital literacy still need to be addressed to fully realize the potential of India’s digital transformation.

As the global effect segues into the dynamic economic fabric of India, the leaders of tomorrow should brace for complex risk scenarios, including recession, inflation, geopolitical unrest, and global economic imbalances. The task of establishing resilient organisations capable of addressing persistent macroeconomic turbulence and technological upheavals is imperative. This necessitates the combination of innovative thinking and exceptional leadership if India wishes to fulfil its goal of joining the USD 5 trillion economy club.

The industry needs highly skilled professionals who can manage and navigate the financial and fintech business worlds, which are filled with phenomenal opportunities. With lifelong learning to create leaders ready for the future, being the core of ISB Executive Education’s value, it joined hands with Imarticus Learning, which shares the same objective, to impart industry-relevant knowledge and skills. The partnership aims to create future-ready leaders who stay ahead of tech disruption and fast adopt regulatory and policy frameworks to favourably shape India’s financial sector.

Sujatha Kumaraswamy, Executive Director, ISB Executive Education and Digital Learning, said, “We recognise that India’s accelerated pace of growth requires future-proofing of frameworks, processes, people and mindsets. Our partnership with Imarticus Learning reinforces our commitment to nurturing excellence in strategic financial leadership. Through these programs, we enable professionals to become changemakers, driving innovation and transformation that aligns with global business strategies.”

The partnership will curate three specialised programmes: the CFO Programme, the Senior Leadership Programme in Fintech, and the Advanced Certification in Fintech. These programmes are tailored to empower professionals in their career journey, from CFOs to high-potential executives transitioning to a CFO role, seasoned professionals in the finance or fintech sector, or mid-career finance experts looking to propel their fintech capabilities, respectively. These programmes are formulated for senior professionals in banking, consulting, financial services, insurance, management, and technology, who want to lead financial and fintech initiatives in their organisations or start their own venture.

About this collaboration, Mr. Nikhil Barshikar, Founder and CEO of Imarticus Learning, expressed, “Our partnership with ISB Executive Education stands as a testament to our unwavering commitment to providing world-class education. These specialised professional programmes in finance and fintech are meticulously crafted to empower senior leadership professionals. They reflect our organisation’s dedication to bridging the skills gap and empowering individuals to excel in these dynamic domains.”

The programmes are conceived keeping consumer-centric benefits in mind, with world-class education delivered as modules from globally acclaimed ISB faculty. There are interactive sessions by Imarticus Learning and masterclasses from industry practitioners.

Bengaluru, India, 31st October 2023 Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results today for the second quarter ended September 30, 2023.

Aravind Maiya, Chief Executive Officer of Embassy REIT, said,

“We’re delighted to report a record quarter of leasing of 2 msf. For the first half of FY2024, we have successfully leased 3.1 msf, and the outlook for the full year looks promising, bolstered by a record leasing pipeline of 2.5 msf. We’re also very pleased to further strengthen our long-standing partnership with one of our largest clients at Embassy GolfLinks, a testament to our commitment to provide best-in-class workspaces to our occupiers. This coupled with the strong leasing momentum in the business, has resulted in a revised leasing guidance of 6.5 msf for FY2024 from the earlier announced 6 msf.”

The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of ₹524 crores or ₹5.53 per unit for Q2 FY2024. The record date for the Q2 FY2024 distribution is November 03, 2023, and the distribution will be paid on or before November 10, 2023.

Business Highlights

• · Leased record 2 msf across 25 deals including 1.2 msf of new leases; Signed 7 new deals over 100k sf reflecting a return of large deal closures
• · Significant demand from Global Captive Centres (GCCs) accounting for over 70% of total leasing activity
• · Bengaluru and Mumbai led the demand, contributing 90% of the total leasing in the quarter; 90%+ occupancy levels across 50% of our properties with Embassy 247 in Mumbai 100% occupied

Financial Highlights

• · Revenue from Operations grew by 4% YoY to ₹889 crores
• · Delivered distributions of ₹524 crores or ₹5.53 per unit, marking the 18th consecutive quarter of 100% payout
• · Achieved lowest 121 bps spread over G-Sec and secured first-time participation from pension funds in the ₹1,000 crores new NCD issuance; Strong balance sheet with lowest average cost of debt in the industry at 7.4% and dual AAA/Stable credit ratings

Operational & Development Highlights

• · Delivered 1 msf new office tower in Bengaluru; 7.1 msf total development portfolio of which ~90% is in Bengaluru, expected to yield around 20% return on cost spends
• · Hospitality business continued to perform strongly with 52% occupancy, 24% YoY ADR growth and an EBITDA of ₹37 crores; Robust NOI margins of close to 50% at the 3 Hilton hotels
• · Ranked number one in India by GRESB for public disclosures, and awarded a 5-star rating for the entire 45 million square feet office portfolio for the second consecutive year

Investor Materials and Quarterly Investor Call Details

Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) condensed standalone and condensed consolidated financial statements for the quarter and half year ended September 30, 2023 (ii) an earnings presentation covering Q2 FY2024 results, and (iii) supplemental operating and financial data book that is in-line with leading reporting practices across global REITs. All these materials are available in the Investors section of our website at www.embassyofficeparks.com.

Embassy REIT will host a conference call on October 26, 2023 at 18:30 hours Indian Standard Time to discuss the Q2 FY2024 results. A replay of the call will be available in the Investors section of our website at www.embassyofficeparks.com.

The growing tech ecosystem in India has revolutionized the Indian agriculture sector, and now India is home to more than 1,000 agritech startups. Agritech startups play a vital role in ensuring food security and sustainability in India. They are developing innovative solutions to address challenges, including climate change, water scarcity, food security, and soil degradation. Here are five leading AgTech platforms disrupting the Indian Agriculture Sector:

1. Nurture.farm: Established in December 2019, nurture.farm brings together the best agriculture solutions, including remote sensing, farm mechanisms, online marketplaces, traceability, and market linkage. It also encourages farmers to adopt sustainable practices to mitigate potential risks and become resilient.

The brand focuses on offering short-term and long-term solutions to farmers throughout the crop life cycle. To do so, it has come with specially curated opportunities, including nurture.farm, nurture.retail, nurture.trade and nurture.sustain.

2. Poshn: Founded by Shashank Singh and Bhuvnesh Gupta in 2020, Poshn is organising processed agri-commodity trade by providing a digital network that enables buyers, sellers & agents of agricultural commodities to trade online. The startup gives producers, mandis, and wholesalers the ability to take their storefronts online, increasing their reach and visibility. Organising the highly fragmented agri-supply chain market, Poshn provides a procurement platform, especially for bulk processed commodities, enabling smooth wholesale agri-market discovery and transactions. It also helps buyers and sellers with logistics and provides a variety of payment options.

3. Otipy: Backed by renowned VC firms like Westbridge Capital, SIG and Omidyar Network India, Otipy is a community-based agritech platform helping farmers deliver fresh produce to consumers. Founded by Varun Khurana and Prashant Jain in 2020, Otipy connects consumers, resellers, and farmers to bring fresh produce to their doorstep. It directly buys from farmers and saves money due to less wastage, at 3%.

4. Apna Godam: Godam is now not just a place where grains and other stockings are stored. In fact, Apna Godam is one of the most promising agricultural fintech startups. This venture is one of the topmost agricultural hubs, with its headquarters in Jaipur, Rajasthan. It brings an organized and unique mobile application that helps farmers to track their crops and soil health in real time. The app also provides customized recommendations for farmers based on their specific needs.

5. Arya.ag: Arya.ag is one of the best agritech startups because it uses technology to dissolve some of the most pressing problems in agriculture. It has developed a smart irrigation system that helps farmers save water and increase crop yields. The system is powered by artificial intelligence and machine learning, which means it gets smarter over time. In addition to its irrigation system, Arya.ag also offers a mobile app that helps farmers track their crops and soil health.

MUMBAI – 31st October 2023 JSW Ventures has exited its shareholding in Purplle through a sale to Manipal Education & Medical Group Family Office (MEMG). Commenting on the investment, Dr. Ranjan Pai, Chairman of the Manipal Group said: “With their vision and dedication, the Purplle team, has created a digital ecosystem that revolutionizes how Indian consumers discover and experience beauty products. We are excited to be part of Purplle’s journey as they scale up.”

With this transaction, JSW Ventures has fully exited their stake in Purple from Fund I and they have returned 2.7x of the fund size to their investors so far. JSW Ventures Fund I continues to track at a top quartile Internal rate of return (“IRR”) and Distributed to Paid-in Capital (“DPI”) among funds of an identical vintage.

Commenting on the transaction, Sachin Tagra, Managing Partner at JSW Ventures said, “Purplle was one of our earliest investments as a fund in 2016 and it has delivered a 57% IRR. We are delighted to announce that with this exit, we have returned 2.7 times the corpus of the first fund. It has been our privilege to partner with Manish, Rahul and Suyash on their remarkable journey. We continue to stay invested in Purplle from our second fund and wish the team at Purplle continued success.”

Commenting on the investment, Manish Taneja, Co-Founder and CEO at Purplle said, “We welcome Dr. Ranjan Pai to Purplle and are pleased to provide a great exit to JSW Ventures Fund 1. As we build Purplle into a remarkable data and technology led beauty company, we are excited about the value-add that Dr. Pai can add. We are grateful to the JSW Ventures team for all the support extended to us since 2016.”

Mumbai, 31st October 2023: DeHaat, the leading AgTech platform in India providing comprehensive agricultural services for farmers is entering into a strategic partnership with Freshtrop Fruits Ltd. to enhance the export business of grapes & other fruits from India. The partnership aligns with the vision of both the companies to strengthen the fruits value chain from India with deeper engagement with farmers, better technology transfer & improved infrastructure.

Speaking on the acquisition, Shashank Kumar, Co-founder & CEO, DeHaat, says, “The way how Freshtrop has built its relationship with 50+ global retail chains delivering strong business presence across 20+ countries is quite commendable. Over last 25 years, Freshtrop has empowered hundreds of farmers to start the grape exports journey which completely aligns with DeHaat’s vision of being a ‘Farmers First’ organization. We established our exports business 18 months ago and are today exporting more than 20 agri produce from India to the Middle East, UK & EU. We see strong synergies around the complementary core competencies between DeHaat & Freshtrop. We are super excited about this collaboration to grow the grapes & overall agri export business together. Each member of the Freshtrop’s founding family along with the larger team will continue to remain actively involved in the business and DeHaat will bring its network & resources for market expansion, development of new grape varieties & technology led deeper pre-harvest support to the associated farmers.”

DeHaat is in advanced stages of acquiring Freshtrop Fruits Ltd’s fresh fruit export network and grading, packing & precooling centers, and will absorb all people from the company, including the top leadership team, in its structure. Commenting on the acquisition, Ashok Motiani, Managing Director, Freshtrop Fruit Ltd says, “In order to take the business to the next level it is essential to work on development of new varieties of grapes, establish access to other global markets and the domestic market and diversify the product basket for a year-round activity. DeHaat’s strength is in providing quality farm inputs, using technology to provide predictive crop advisory and in its infrastructure for domestic sales & distribution. There is a fundamental alignment of value systems in both organizations of farmer-first approach, respect for everyone in the value chain, maintaining integrity & investing in innovation for further value creation. Hence, we feel that this association would be beneficial to all stakeholders with farmers getting access to new varieties and potential to diversify into other products, customers getting a larger basket of products from an established source, employees getting better prospect through organizational growth and the shareholders getting a good return on their investment.”

The partnership will enable DeHaat to offer its full-stack agri services including availability of high quality inputs, personalized advisory, financing, insurance & access to wider global markets to Freshtrop’s farmer network, enabling seamless information exchange and better value discovery.