Archives February 2024

Mumbai, February 15, 2024: HDFC Bank, India’s largest private sector bank, today shared an update on its Home Loan Business which has witnessed healthy growth post the merger of HDFC Ltd with itself.

Key facts:

• Home Loan business experiences stable and healthy double-digit YoY growth for two quarters, ending December 31, 2023. The growth in sales turnover has come on the back of a wider distribution network
• 3.6 % sequential growth as of December 2023; highest amongst peers in home loans
• Turnaround time has been reduced to one third post-merger
• Savings Accounts for incremental disbursals has moved to 80% from 35%. This sets the foundation for a stronger digital connect with incremental customers

The Bank’s market share has grown approximately by 18 % to 20 % on incremental disbursals, post the merger. It has exhibited robust and consistent higher double-digit, year-on-year growth across its Home Loan Business for the first six months, post the merger. On a sequential basis, the Bank has gained a leading position as it recorded a growth of 3.6% which was the highest amongst its peers in home loans.

The Bank’s fundamental strategy has been to improve the turnaround time of processing at front end. Post-merger turnaround time has reduced to almost one third. This coupled with the erstwhile HDFC Ltd.’s strength of connecting with customers in person is a potential game changer in terms of both sales turnover and cross- sell.

Added to this strategy is a renewed focus on the self-employed segment which will further increase opportunity size. Post-merger, the Bank has already launched and expanded its product basket through banking surrogates as well as GST programmes for better assessment of such profiles.

By mid-March, the Bank will be launching a seamless straight through journey for Home Refurbishment Loans which can become a strong product offering for customers. Also, by April 2024, the Bank proposes to launch a Home Saver product. This will lay a robust foundation for a lucrative offering to the existing and prospective home buyers. Despite a substantially larger book than peers, the Bank’s model is generating huge benefits on a monthly basis and its differentiated strengths are expected to generate substantial value for customers and the Bank in the future.

“One of the biggest opportunities was to generate CASA and initial signs are encouraging. Pre-merger about 30% to 35% of incremental disbursals were to customers with an HDFC Bank savings account. This has reached about 80% of incremental disbursals, post-merger. The Home Loan Business for the Bank has become both an asset and liability generator and is growing sizeably. This leads to a higher stickiness quotient and a stronger customer connect with the Bank for a longer duration.” says Mr Arvind Kapil, Country Head – Mortgage Banking, Home Loan, LAP, HDFC Bank.

All this has been done without compromising on the Bank’s traditional underwriting standards. The foundation is now in place and the Home Loan Business is on its way to becoming a springboard for larger customer engagements. Current trends indicate interesting and encouraging signs that the Bank seems to be emerging as a preferred option for customers with higher credit scores which has exhibited a 10 %. growth, post merger.

On the operational front, the Bank will convert all erstwhile HDFC Ltd.’s service centres to branches in a phased manner and its entire mortgage team will also become relationship managers. The Bank has already commenced cross selling its products/services. through these service centres from February 01, 2024. As a part of enhancing the cross-sell strategy, home loan customers will be able to avail of a wide range of products/services like Consumer Durable Loans, Credit Cards, Wealth Advisory Product, Unsecured Loans and Home Refurbishment Loans. Going forward, cross-sell will be a continuing focus for both existing as well as new customers. The strength of this team is expected to be able to cross-sell at no incremental acquisition cost thanks to digital journeys.

The Bank believes that structural demand for housing will continue to be strong in the long run in India, due to a conducive environment. India is expected to have the largest working population by 2050, estimated at 900 million which is likely to give a major fillip to urbanisation in the country. This is projected to go up to 40% by 2030 from 34% today. Approximately, 80 million families are likely to move from rural areas to urban centres in the country increasing the need for housing. This is clearly an opportunity for the industry and HDFC Bank is well positioned to help fulfil the housing dreams of millions.

India, February 15th, 2024 – Dynatrace (NYSE: DT), the leader in unified observability and security, today announced that BMO, North America’s eighth largest bank by assets, is using the Dynatrace® platform to scale its digital capabilities and deliver best-in-class experiences to customers worldwide. As demand for digital interactions increases, BMO has reimagined traditional services and is optimizing operating efficiencies to enhance customer loyalty.

To do this, the bank works with Dynatrace. The Dynatrace platform’s core technologies, including the Grail™ data lakehouse and Davis® hypermodal AI, along with its continuous automation capabilities, assist BMO’s Technology, Resiliency, and Experience Operations (TREO) team in accessing precise answers about its technology environment. The insights BMO gains from Dynatrace have helped the bank continually improve the digital banking experience for customers, providing faster, more innovative banking experiences with lower risk.

“To drive our digital-first strategy and continue delivering speed and scale for our customers, BMO innovates rapidly and with confidence,” said Angela Sim, Chief Technology, Resiliency, Experience and Operations Officer, BMO. “The Dynatrace platform has allowed our team to embrace the principles of site reliability engineering (SRE) and ensures reliability is built into the core of our digital banking services. With the help of Dynatrace, we have significantly improved our response time and are increasing our continuous service availability. This allows us to focus on driving innovation and improving the digital experience, helping millions of customers make real financial progress.”

Dynatrace Grail unifies, stores, and processes BMO’s data while retaining the context of the environment where it originated. Dynatrace Davis AI then leverages the unified data from Grail to deliver precise answers in real time, enabling BMO’s TREO team to identify, report, and resolve issues instantly. This has resulted in an 80% reduction in the bank’s mean time to identify (MTTI) issues and root cause analysis (RCA) timelines.

“The Dynatrace platform has already delivered significant benefits to BMO,” continued Sim. “For example, log analytics previously required manual input that would take significant time and resources to complete. With Dynatrace, this process happens in seconds. In a rapidly evolving market, these efficiencies allow us to free up human resources, enabling employees to focus on delivering expert advice and strategic innovation.”

Mumbai, 15 February 2024: Amazon miniTV, Amazon’s free video streaming service, recently released the romantic comedy series ‘Dillogical’. The series beautifully captures the nuances of modern-day relationships and how love is filled with a rollercoaster of emotions. The series gives us a glimpse into the life of a successful young boy- Saransh Desai. After receiving a placement in Google, he returns to India to rekindle his relationship with Jinal, the Vadodara girl who is fearless, ambitious, and eager to make something of herself on her own. Jinal is naturally gifted and defies expectations by becoming a dance influencer with a respectable Instagram following. However, since becoming independent, her long-standing fears have become more entrenched, forcing her to reevaluate the predetermined life her family has built for her with Saransh since she can remember.

Talking about his first Job, Priyank Sharma who played the role of Dhruv, shared “When I was 19 years old, I was offered my first job as a choreographer and dance instructor at Shiamak Davar International. It is one of India’s most reputable platforms for dance. Dhruv is also a dancer and choreographer. He is a carefree man who understands that he is the center of attraction; he receives that attention from people, so he is used to it, and he receives that attention in the show as well, so it is really normal for Dhruv to live this way.”

Get ready to indulge in romance, comedy, and drama, along with a dose of entertainment, with Dillogical for free on Amazon miniTV, available on Amazon’s shopping app, on Fire TV, and on Play Store.

Mumbai, 15th February 2024: Magic Bus India Foundation, a leading non-profit organisation in the education and skilling space, commemorated its 25th Foundation Day, marking a significant milestone in its journey. For the past 25 years, the organisation has been dedicated to breaking the cycle of poverty through a unique blend of life skills education, and employability skilling.

Magic Bus has expanded its reach to 24 states across India, engaging with numerous communities. The organisation has impacted 18 Lakh adolescents in 2023-24, equipping them with life skills to achieve school, life, and work outcomes. The organisation has also placed over 1 lakh youth in employment, providing them with transferable life and employability skills, and connecting them to sustainable livelihood opportunities. Magic Bus has remained persistent in its commitment to empower, in particular, first-time learners and earners, enabling them to realise their full potential and create a more meaningful and impactful future for themselves and their communities. Looking ahead, Magic Bus aims to extend its impact by empowering over 80 lakh young people in the next three years.

At Magic Bus, we believe in the power of providing agency and opportunity to break the cycle of poverty and create lasting change,” said Matthew Spacie, Founder, Magic Bus India Foundation, adding: “As we commemorate 25 years of work, we reflect on the millions of lives transformed but we recognise there is much more to do. We remain committed to empowering the next generation of leaders, innovators, and change-makers, igniting a brighter future for all.”

Jayant Rastogi, Global CEO, Magic Bus India Foundation, said, “As we celebrate 25 years of empowering young people from marginalised communities with life and employability skills, our commitment to creating a dignified life for them remains unwavering. We continue to work towards shaping the nation’s future through the support of our dedicated teams, streamlined processes, impactful programmes, and strategic partners. Aligned with Viksit Bharat’s vision for a developed India by 2047, our dedication extends to preparing the youth for pivotal roles in nation-building and encouraging increased participation of women in education and the workforce, essential for sustainable development and inclusive growth. Reflecting on our journey thus far, we reaffirm our mission to empower young people towards leading fulfilling lives and contributing to their communities.”

2023 has been a landmark year for Magic Bus India Foundation, marked by a plethora of achievements spanning its programmes, technology, and innovation. Magic Bus signed Memorandum of Understanding (MoU) with six state governments to implement life skills education in government schools. Another MoU was established with the Management & Entrepreneurship and Professional Skills Council (MEPSC) to empower youth from marginalised communities through Skilling and Livelihood Programmes. The organisation elevated its operations by seamlessly integrating a pioneering initiative in the NGO sector—the Fraud Prevention and Detection (FPD) team for programme monitoring, the Partner Connect Portal to provide funders with real-time insights into their funding, and introduced Future X, an AI-based platform mapping the end-to-end lifecycle management of individuals in their Livelihood Programme.

In the same year, Magic Bus’ pedagogy received recognition from HundrED for ‘Teacher Professional Development,’ securing a place among the top 100 impactful and scalable educational innovations worldwide. The organisation was also honoured with the Mother Teresa Memorial Award for Social Justice from the Harmony Foundation. Additionally, Magic Bus received the Great Place to Work (GPTW) certification for three consecutive years.

The 25th anniversary celebrations brought together over 3,000 employees, and their families to commemorate the special occasion. Employees from all regions engaged in various sports and games, with equal participation of both male and female employees.

Mumbai, February 15, 2024: ‘Siddha Sky’ at Sion NX, an iconic luxurious project of the Siddha-Sejal Group, is the top selling residential project in the Mumbai Central suburbs of Mumbai for the year 2023, according to the CRE Matrix IndexTap Premier League. This project is Mumbai’s first-ever project featuring a Rooftop Skywalk, 400 feet above the ground.

According to CRE Matrix Index Tap Premiere League ‘Siddha Sky’ sold the largest number of residential units in Q1 2023, Q2 2023 and Q4 2023 whereas it stood 2nd in terms of units sold in Q3 2023. This was against the backdrop of other well known projects from renowned developers also competing in the same space.

Speaking on the occasion, Mr. Samyak Jain – Director, Siddha Group said, “We are delighted to know that our project Siddha Sky has topped the charts as the most desired residential project in Mumbai Central suburbs for the year 2023 again and again. This project has a unique feature Rooftop Skywalk; a first in Mumbai, which has generated immense interest among home buyers. This only proves that residential projects with innovative product offerings that add value and enhance lifestyles of people, will always find a ready market.”

‘Siddha Sky’ is centrally located at Sion NX and comprises of 5 towers of 39 storeys’ each; with all the towers connected by the Rooftop Skywalk. This project offers residents apartments in 2 BHK and 3 BHK configurations. The project offers 4+ Acres of open spaces, 22,000 sq ft Resident’s Club, and a range of amenities to help residents rejuvenate in a pollution free environment. With amenities like Sky Lounge, hammock seating, amphitheatre, Yoga zone & telescopic star gazing point and many more on the Rooftop Skywalk – the occupants will have amazing experiences to cherish.

Sion NX – a fast emerging new residential hotspot for home seekers in Mumbai, 5 mins from Sion Circle. It is in close proximity to the Eastern Expressway, Freeway, Mumbai Trans Harbour Link, and the upcoming 32 km Metro 4 corridor that will connect it to Thane.

India, 15th Feb 2023- T-Hub, India’s leading startup incubator has announced the launch of a new cohort of its flagship program, LAB32, in collaboration with Hexagon, a global leader in digital solutions. The program, spanning 100 days, will focus on Digital Twin, Real-Time Language Translation, and Predictive Maintenance using AI models.

Under T-Hub’s guidance and with Hexagon’s support, selected startups will receive mentorship in Go-to-Market (GTM) strategies, along with invaluable support from value partners. The program also offers access to T-Hub’s upcoming activities and the potential for market access during the Market Access Day. Furthermore, three startups from the cohort stand a chance to Go-to-Market with Hexagon, opening doors to transformative opportunities.

A meticulous evaluation process led to the selection of 12 startups out of over 230 applications. These startups underwent multiple rounds of evaluation, showcasing their product pitches from both technical and business perspectives. The final selected startups include Deeploop, Gudlyf Mobility, LIVNSENSE, SwitchOn, CRION Technologies, AIOTEL, Eugenie.ai, Xeeed.io, Indika AI, Atomstate, GenZ Technologies, and Vitra.ai.

Mahankali Srinivas Rao (MSR), CEO, T-Hub said, “At T-Hub, we are deeply committed to fostering innovation and empowering startups to thrive in the competitive landscape. The launch of LAB32 in collaboration with Hexagon underscores our dedication to providing startups with unparalleled opportunities for growth and success. Through our robust innovation ecosystem, we aim to equip startups at the MVP stage with the essential tools and resources they need to achieve Product-Market Fit and excel in their Go-to-Market strategies.”

Paolo Guglielmini, President and CEO, Hexagon commented “I, along with our team here at Hexagon’s R&D Center in India, am thrilled to join incredible entrepreneurs who are shaping the future through their impactful innovations and ideas. As the leading reality technology company, we are helping customers around the world transform data into real-world impact. It’s the work of incredibly agile start-ups who help us uncover new ways to apply human ingenuity with advanced technology to empower industries and solve the world’s biggest challenges.”

Navaneet Mishra, Senior Vice President, Hexagon’s R&D Centre India, “We deeply believe in the power of combining internal and external innovations We look forward to working closely with these start-ups, mentoring and enabling them to develop and scale solutions with Hexagon’s cutting-edge platforms and technologies. We are also excited to learn from these outstanding teams as they help us bring new solutions to our global customers.”

LAB32 has solidified its position as India’s Longest Running Market Readiness Program, supporting startups on their journey from MVP-ready to market-ready. With this cohort, T-Hub’s LAB32 program has reached a milestone of 300 startups, with over $410mn secured to date in funding. Over 50 mentors have contributed to the program’s success, positioning LAB32 as the go-to program for MVP-stage startups seeking Product-Market Fit and GTM strategies.

HIE aka [Happiness Is Easy], is the dynamic handbag brand founded by Mr. Sunnie Ahuja and Mr. Aamil Ahuja, launches its highly anticipated Summer 2024 Collection, showcasing an exquisite range of handwoven vegan bags designed to elevate everyday style with sophistication and flair.

Some of the notable bags from the Summer 2024 Collection include the Samah Crossbody, Aria Crossbody, Eren Crossbody, Elysia Tote, Riley Top Handle, and many more. With their timeless appeal and impeccable craftsmanship, these handbags effortlessly complement any outfit or mood, making them a must-have addition to every fashion enthusiast’s wardrobe.

Inspired by a vision to revolutionize the Indian handbag market, HIE embarked on a journey to fill the void of diversity in materials and techniques. With a commitment to innovation and quality, the father-son duo set out to redefine fashion in India by introducing trendy options like raffia and straw bags, incorporating intricate handwoven techniques and materials sourced globally.

“Our mission for Hie Styles is to provide top-quality vegan handbags at a value-for-money price, catering to every occasion and style,” said Mr. Sunnie Ahuja, founder of HIE. “With our Summer 2024 Collection, we continue to push the boundaries of creativity and craftsmanship, offering a range of handbags that reflect the essence of sophistication and complement the dynamic lifestyle of the modern woman.”

Crafted for the HIE lady – someone who embodies elegance, confidence, and an appreciation for quality and style – the Summer 2024 Collection features daily wear bags with captivating handwoven elements, perfect for various occasions. From the chic Samah Crossbody to the versatile Elysia Tote, each bag is meticulously crafted from handwoven vegan leather, exuding elegance and charm.

“Our latest collection is a blend of creativity and craftsmanship,” said Mr. Aamil Ahuja, co-founder of HIE. “We have carefully curated each design to offer our customers a unique blend of style, functionality, and sustainability, ensuring that every HIE bag is not just an accessory but a statement of individuality.”

Discover the essence of sophistication with HIE’s Summer 2024 Collection and elevate your everyday style with handwoven vegan bags that are as unique as you are.

India, February 15th 2024: FridayFictionFilms, the award-winning Indian film production company, has introduced a specialised filmmaking service for corporates engaged in social projects. Called CSR Films, the service will bring FridayFictionFilms’ decade-old experience in handling social causes such as Light Pollution, Parenting, Language Manipulation, Child Abuse, Lesbian Wedding and Global Terrorism.

“Corporate films on social projects require specialised handling of narratives, one that tackles the cause as much as the project’s quantifiable and economic impact. These films not only report but also motivate businesses and the general public on issues they feel strongly about. CSR Films are our experience of over ten years of narrating issues through short films and creating tangible impacts,” says Tanmay Shah, CEO & Founder of FridayFictionFilms.

FridayFictionFilms has collaborations in place with prominent organisations across multiple sectors including IIM Ahmedabad, DDB Mudra, Levi’s, CWAS (Centre for Water and Sanitation), Shree Orthocare, Kalorex Group and Otsuka for CSR Films. Over ten years, the production house has collaborated with 100-plus businesses on issues of climate change, poverty alleviation, education, gender equality, clean water and sanitation, and sustainable cities and communities using television commercials (TVC), animation videos, corporate films, CSR films, and short documentaries.

The CSR Films service will use a creative community-inclusive approach and utilise narratives such as stop-motion and animation to create impactful content for corporate social projects. Beyond the corporate projects, FFF will also use strategic partnerships with NGOs and corporations to facilitate fund-raising for projects, including government support where required. The company’s recent work for Setu Charitable Trust raised half a million rupees almost overnight for a community hospital in Gujarat. Today the hospital serves 400 patients every week.

“With the explosion of video consumption in people’s day-to-day lives, we foresee CSR Films becoming impact measurement reports for CSR projects. These social reports will humanise social activities and foster relatability and inspire action among stakeholders,” adds Shah.

FridayFictionFilms social films have consistently reached wide audiences across platforms on YouTube, Facebook, and Instagram, with many of them traveling to film festival circuits and being shown at corporate events and social gatherings.

Kochi: Manappuram Finance MD and CEO, VP Nandakumar, was adjudged ‘Financial Success Champion’ at the Elets BFSI CXO Awards for entrepreneurial excellence in the field of financial service business. The award recognises Mr. Nandakumar’s outstanding leadership, innovation, and contributions to the industry. “I am proud to receive this recognition. This achievement is the result of the collective efforts and hard work of the Manappuram family. This reflects the trust and support our customers have placed in us,” said V.P. Nandakumar. The award was presented by Dr. Ravi Gupta of Elets and Sumnesh Joshi, Deputy Director General of IT Services, Government of India, at an event held in Thiruvananthapuram.

Mumbai, India, February 15, 2023: Hinduja Global Solutions (HGS or the Company) (listed on BSE & NSE) today announced its unaudited third quarter and nine months results for FY2024.

Speaking on the performance, Partha DeSarkar, Whole-time Director and Group CEO of HGS said: “Despite a challenging global macro-environment, HGS posted a resilient performance in Q3 FY2024, continuing to build on our efforts to improve our topline and margins. We saw a strong total revenue increase of 11.2% YoY, led by growth in Canada, TekLink and offshore businesses. Operating EBITDA (excluding other income) grew significantly at 39.9% YoY and 18.1% on sequential basis. 

 During the third quarter, we  added  12 new logos and signed multiple opportunities with 22 existing clients for our digital-led CX services. Our engagements reflect the changes in the market toward more complex, technology-arbitrage driven deals for both large and mid-market clients. We are aggressively investing in people and technology to support this demand, including in areas such as Cloud, analytics, generative AI, social care, etc.” 

 

Commenting on the Digital Media division’s performance, Vynsley Fernandes, Whole-time Director of HGS and Head of the Digital Media business said, “Our media division saw robust broadband and digital television growth continuing in Q3 – ending the quarter with a customer base of 5.75 mn connected homes across India. At the same time, we’ve operationalised a primary national long distance network of 4,000 kms, with a resilient back-up of around 2,500 kms in progress. This will further accelerate our broadband growth in Tier 2 & 3 cities whilst providing for a high quality of service. CelerityX, our enterprise business has commenced rolling out innovative solutions and has signed on corporates in the retail, BFSI and manufacturing sectors for NetX, India’s first-of-its-kind platform – connecting enterprises with 18,000+ Internet Service Providers pan-India. The NetX solution, jointly developed and deployed by  the digital teams of BPM and Digital Media businesses, will significantly change the digital networking landscape.”

• Cli
• Client wins in Q3 FY2024:

Added 12 new logos for digital-enabled CX solutions and eight for HRO/ Payroll Processing.

Expanded our engagement with 22 existing clients for HGS’ core CX and digital solutions (RPA, digital engagement, analytics, cloud and social care, etc.)

• Clientele: As of December 31, 2023, HGS had 316 active CX/ BPM clients and 789 HRO/Payroll processing clients. Digital Media business (NXTDIGITAL) has a customer base of more than 5 million.
• Employee Headcount: 19,354 as of December 31, 2023.
• Delivery Presence:

 As of December 31, 2023, HGS had 32 global delivery centers across nine countries.

Digital Media business covers 4,655 pin codes covered in India. No. of cities serviced for wired broadband: 375+. No. of owned-and-operated NXTHUBs set up across India: 125

• Awards & Recognition in Q3 FY2024:

HGS recognized in the “The Booming 15 – Service & Technology Provider Standouts – Global, Americas, EMEA” in the ISG Index 3Q 2023 – Managed Services and As-a service Market Insights report.

HGS recognized in the “HFS Horizons: Retail and CPG Service Providers, 2023” report and quoted as “leveraging enabling technologies to drive digital modernization”.

HGS recognized as Contender in the “Media and Entertainment Intelligent Business Process Services (BPS)” category in the “ISG Provider Lens study ‘Telecom, Media & Entertainment Services 2023”.

 HGS included as one of the service providers in the “Everest Group Impact Sourcing for Sustainable Development and a Brighter Future: Impact Sourcing State of the Market 2023”.

 HGS Agent X awarded as the “2023 Product of the Year” at the BIG (Business Intelligence Group) Awards for Business program.

 For the sixth consecutive year, HGS was a winner of the Training APEX Awards, which ranks companies’ excellence in employer-sponsored training and development programs.

HGS won the “Best Diabetes Awareness Initiative of the Year – 2023” award at the Indian CSR Awards 2023.

 Shilpa Sinha Harsh, SVP – Global Corporate Communications, CSR and DEI, HGS was the Winner in the category of “Social Women Leader of the Year” at the UBS 5th Edition of Women Empowerment summit and GIWL Awards 2023

Vaishali Thakur, CHRO – Digital Media business, was awarded the “Great Indian HR Empowerment Leader Award” by Transformance.

• Key Highlights from the Digital Media business:

Digital Media business’ new enterprise solutions brand CelerityX saw good traction with wins across retail, BFSI and manufacturing industries.

 National Long-Distance (NLD) broadband network plan is progressing well – Mumbai to Nagpur Ring Route and Delhi to Dehra Dun Linear Route completed and operational.

Broadband subscriber base has grown by 13% sequentially while digital television subscriber base has grown by 7% QoQ.