Archives June 2024

Anupam Mittal recently issued a hard-hitting public service announcement by Shaadi.com, initiating a powerful anti-dowry movement in the nation. People across social media were introduced to a controversial “Dowry Calculator” on the portal, a tool that shockingly reveals the grim reality of dowry-related deaths in India, highlighting a staggering 1.8 lakh+ cases reported in the last 2 decades.

Despite a decline in reported cases over the years, the persistence of this issue underscores the urgent need for change. Mittal, recognizing the gravity of the situation, is steadfast in his belief that dowry is a social evil that must be eradicated to pave the way for a dowry-free society in India.

Harnessing the influential reach of Shaadi.com, Mittal is rallying the nation’s youth to join the movement and be catalysts for change. His message is clear: “Be the Change, Make a Difference.”

Through this bold initiative, Anupam Mittal and Shaadi.com are proving that true impact drives cultural shifts and can transform society for the better.

Chandigarh, 4th June 2024: Axis Bank, one of the leading private sector banks in India and Bajaj Allianz General Insurance, one of the leading private general insurers in India, have entered into a strategic partnership to offer a comprehensive suite of General Insurance products through Axis Bank’s extensive network of 5250+ branches. As a part of this collaboration, Bajaj Allianz General Insurance will offer a comprehensive suite of insurance solutions covering personal insurance products such as motor insurance, health insurance, home insurance, and travel insurance, along with commercial insurance products including engineering insurance and marine insurance.

This partnership will focus on a customer-centric approach, to provide the Bank’s customers with customized products and services to address individual needs and ensure optimal coverage. By leveraging its digital capabilities, Axis Bank will facilitate instant access, enhance customer experience, and drive insurance penetration and financial inclusion across the country. This collaboration will significantly strengthen Bajaj Allianz General Insurance’s distribution reach, enabling them to cater to a broader customer base and offer varied insurance solutions to diverse demographics.

Speaking on the announcement, Mr. Munish Sharda, Executive Director and Head of Bharat Banking, Axis Bank, said, ‘’Our alliance with Bajaj Allianz General Insurance, paves the way for a future where comprehensive insurance solutions are readily available and easily accessible to all, fostering a secured and empowered India. This partnership will transform the insurance landscape, as we combine Bajaj Allianz General Insurance’s diverse portfolio of insurance offerings with Axis Bank’s extensive customer base and distribution network. Through our customer-centric approach and a shared commitment to excellence, both organizations aspire to drive increased awareness and adoption of insurance solutions among consumers.”

Speaking on the announcement, Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, “We are delighted to announce our partnership with Axis Bank, a prominent institution in the Indian financial landscape known for its unwavering dedication to customer service. At Bajaj Allianz General Insurance, it has always been our endeavour to serve every citizen of our country, and collaborating with a strong partner like Axis Bank is invaluable. Their widespread presence extends our reach to every corner of the country, ensuring accessibility to our tailor-made insurance products.

Raising awareness about insurance is crucial, but ensuring accessibility is equally vital. Through this partnership, we aim to significantly enhance the reach and adoption of insurance products in India, particularly in underserved communities. By offering our comprehensive insurance solutions across urban and rural areas, we empower individuals and families to navigate life’s uncertainties with peace of mind.

This collaboration marks a significant step towards furthering financial inclusion and fostering a more secure future for individuals, families, and businesses across India. Together with Axis Bank, we are committed to providing exceptional service and safeguarding the well-being of our customers.”

Some of the key drivers to propel our growth by partnering with Bajaj Allianz will be focussed on:

• · Accessibility of Innovative Product Solutions: Bajaj Allianz partnership will offer various innovative products alongside their existing bouquet of products. Our customers can access a wide range of insurance solutions and fulfill their insurance needs.
• · Digital Landscape and Capabilities: As Axis Bank continues to make waves through digital offerings, we will leverage Bajaj Allianz technological capabilities and build Axis Marketplace which will help our customers to buy health and general insurance plans at their convenience.
• · Building Motor Insurance Franchise: We also want to build innovative solutions for Axis Bank customers for their motor insurance needs. Considering India is still underpenetrated in this segment, we will leverage Bajaj Allianz’s capabilities to offer unique propositions such as Pay as you drive and effective claims management.
• · Health Insurance: Protecting health of our customers is paramount to the Bank’s objective and partnering with Bajaj Allianz gives us never-before-heard solutions, especially on OPD and wellness products. We will be focussing on launching segmental products catering to various Bank customers’ needs in our Burgundy, Burgundy Private, Priority, Prestige and Liberty Segments.

Mumbai, 4th June 2024: Amazon miniTV, Amazon’s free video streaming service, recently released Namacool, an engrossing tale of bromance laced with comedy and a tinge of mystery. Produced by Reliance Studios – Namit Sharma and directed by Ritam Shrivastava, the series features a stellar ensemble cast, including Hina Khan (Rubiya), Abhinav Sharma (Mayank), Aaron Kaul (Piyush), Anushka Kaushik (Minty) and Abhishek Bajaj (Chakku) in pivotal roles. The story follows the journey of two best friends, Mayank and Piyush, as they embark on their college life to uncover the true essence of manhood. In their quest, they come across Chakku Bhaiyya, a senior admired by all as the epitome of an Alpha Male. Mayank and Piyush aspire to join him as they yearn for popularity and romance, but little do they know that all that glitters is not always gold.

Abhishek Bajaj, who portrays the role of Chakku Bhaiyya, shared insights about his character in the series, saying, “I believe Chakku is a great guy with the kind of imperfections everyone has. To those who admire him and aspire to join his group, he is no less than a superhero. He excels in both action and romance and interestingly, he’s the only one in college with a girlfriend. In addition to his alpha male qualities, this guy is incredibly loving but struggles to express his emotions. He deeply cares for his friends and treasures his girlfriend, Minty. Chakku represents this bravery by wholeheartedly committing himself to those he cares about, standing up for them without hesitation. As I read through the script and witnessed the development of his character in the series, I was genuinely excited. However, as the story unfolds, we see a different side of him emerge when he experiences heartbreak after being betrayed by his girlfriend. ”

Additionally, Abhishek also speaks about portraying an alpha male, sharing, “I feel he represents what most alpha guys are like. People assume they don’t have emotions but they do. He goes through emotional abuse in the show, and it’s something we don’t really discuss enough. Physical wounds can heal relatively quickly but emotional scars take longer to heal. This deep dive into that world was truly fascinating, and I’d commend our writer for it. For the first time, I played a UP guy with a Lucknawi accent, and I was thrilled to take on this challenge. Playing a new role with a fresh set of challenges has always been a source of excitement for me.”

Namacool is now streaming exclusively on Amazon miniTV for free within Amazon’s shopping app, on Prime Video, Fire TV, and Smart TVs, or download the app from the Play Store.

Thiruvananthapuram, 4th June 2024: Imagine a school where the cheerful voices of children were replaced by the silence of abandonment, where once-bustling classrooms stood empty, and the grounds lay in disrepair. This was the grim reality of Govt. U. P. School, Valiyathura in Thiruvananthapuram, Kerala, after it became a refuge for families devastated by the 2018 Ockhi disaster and relentless sea attacks. However, thanks to the remarkable collaboration between Technopark-based Acsia Technologies, a global leader in automotive software, and Kanal Innovations Charitable Trust, through their “Gift a Dream” initiative, this story has taken a hopeful turn.

On June 3rd, the school celebrated its inaugural ‘Praveshanolsavam,’ marking not just the first day of school but a triumphant revival. The event included the inauguration of a smart seminar hall and a mini library, along with the distribution of school kits to students, turning a symbol of despair into a beacon of hope and learning. Sakshi Mohan IAS, Assistant Collector, Thiruvananthapuram, handed over the key of the smart seminar hall to school officials. Jijimon Chandran, Founder and CEO of Acsia Technologies, distributed school kits to students, ensuring they start the academic year fully equipped and ready to learn.

“This is not just a building; it’s a place where our new wishes and dreams are formed. In this community hall, everyone can come together to celebrate their achievements and share ideas. The library will be a space where all can delve into the world of books and develop a lasting love for learning,” said Sakshi Mohan IAS, Assistant Collector, Thiruvananthapuram, while inaugurating the Praveshanolsavam. “This transformation would not have been possible without the dedicated efforts of Kanal and Acsia , to whom we extend our heartfelt gratitude,” she added.

Valiyathura Govt. U.P. School once served as a lifeline for families devastated by the 2018 Ockhi disaster and relentless sea attacks. Over five long years, nearly 120 families found refuge within its walls, transforming the school into a relief camp. Local residents, disheartened, had moved their children to other schools. The school, which once boasted over 200 students, had gradually lost its purpose as classrooms were abandoned and the grounds turned into a wasteland.

“From being a refugee camp to becoming a vibrant school again, Valiyathura Govt. U.P. School’s revival is inspiring and shows what community spirit and corporate social responsibility can achieve together. As part of our CSR initiative, Acsia is committed to supporting education and sustainability projects,” said Jijimon Chandran..

The number of students has surged from just 30 last year to nearly 100, breathing new life into the classrooms. Clearing the garbage heaps, remnants of the site being a relief camp, and reclaiming the school from the overgrown forest, Acsia and Kanal culminated their efforts in the creation of a smart seminar hall, a new children’s library, and provided school kits to every student, ensuring they start the academic year fully equipped and ready to learn. The transformation has been nothing short of extraordinary.

“It is a story of resilience and hope. Seeing the abandoned school filled with students once again reaffirms our commitment to fostering educational opportunities and rebuilding lives,” said Adv. Anson P. D. Alexander, Director, Kanal..

Acsia and Kanal’s tireless efforts have not only restored a physical space but have also reignited the dreams and aspirations of countless children and their families.

Attendees of the program included Shajitha Nazar, Councillor of Vallakkadavu Ward; Biju Kumar, Headmaster of Govt. U.P. School, Valiyathura; Khyrunnisa A, renowned Indian author; as well as teachers, parents, and children who gathered to witness this remarkable transformation.

Bengaluru, 4th June 2024: AGS Transact Technologies Limited’s (BSE: 543451 & NSE: AGSTRA) digital payments platform, Ongo, today announced that it has commenced testing of voice-controlled fueling features in its mobile application. Currently, in the pilot phase, Ongo is leveraging the power of Artificial Intelligence (AI) to empower its users to seamlessly fuel their vehicles with a simple voice command.

With Ongo’s AI Assistant integrated into the app’s functional flow, users can initiate the fueling process remotely using a voice command, without the need for any physical interaction. The AI Assistant, powered by Natural Language Processing (NLP), comprehends user commands effortlessly, making the experience intuitive and hassle-free. The users can activate the voice assistant from the home screen on the app, state the vehicle and preset amount, and the AI-assistant will do the rest.

The seamless integration of voice commands into the Ongo app represents a significant step forward in the evolution of AI-driven solutions. It not only simplifies the refueling process but also enhances overall user satisfaction and efficiency.

Earlier this year Ongo initiated a pilot test program for an open loop Contactless fuelling solution on its app, on-boarding more than 1000 fleet vehicles. The estimated market potential for fleet fuelling alone is Rs 1.6 lakh crore annually.

‘Ongo’ is a non-bank Prepaid Payment Instrument (PPI) issued by AGS Transact Technologies Limited’s wholly owned subsidiary India Transact Services Limited. The Ongo app can be downloaded from iOS and Playstore.

Delhi, 4th June 2024: The Open Network for Digital Commerce (ONDC) continued its strong growth momentum in May 2024, recording an all-time high of 8.9 million transactions across retail and ride-hailing segments. This represented a robust 23% month-on-month increase in total transaction volume.

In the retail segment, the Network hit a new peak of 5 million orders in May, up from 3.59 million in April. The Open Network also saw a single-day record of 200,000 retail transactions during the month. The grocery and food delivery categories each crossed the 1 million order mark for the first time, while home and kitchen had 630,000 orders, fashion had 330,000 orders, and other retail sub-categories added up to 2 million orders.

Categories like grocery, fashion, home, and kitchen have seen rising shares, indicating diversification of ONDC’s retail business. With the increase in the contribution by other categories, the food segment accounted for around 20% of total retail orders in May compared to 76% a year ago, when Food was the only category.

The ride-hailing segment witnessed slower growth, increasing from 3.6 million trips in April to 3.8 million in May, still lower than its March peak of 4 million trips.

Delhi, Uttar Pradesh, and Maharashtra remained the top three states in terms of Network orders. Uttar Pradesh saw order numbers nearly double, while Bihar reported 42% growth.

The Network now has around 535,000 sellers across over 1,200 cities, with 84% being small sellers contributing 56% of total orders, aligning with the ONDC’s goal of benefiting small businesses.

Multiple major companies like Paytm, Ola, PhonePe, and Shiprocket have joined the ONDC Network over the past 18 months. The government aims to increase India’s e-commerce penetration to 25% with ONDC Network, targeting a gross merchandise value of $48 billion in the next couple of years.

Hyderabad, 4th June 2024: Edelweiss Tokio Life Insurance has rebranded as Edelweiss Life Insurance to underline its focus on innovation, simplicity, and a new-age approach to insurance.

Sumit Rai, MD & CEO, Edelweiss Life Insurance said, “The industry has transformed over last 3-4 years, steered by customers’ expectations from their preferred insurer in the digital era. Customers want a greater degree of trust, transparency, simplicity, innovative offerings, and ease of access. Guided by these values, we have strategically strengthened our ecosystem to elevate customer and distributor experience. We felt it was the right time for our brand to also embrace these values. We will uphold the promises made to our customers and stay committed to protecting their dreams and aspirations going forward.”

Over the last 4 years, the life insurer has reoriented its advisory approach, built install-issuance capabilities in its customer onboarding journey, and built a unified app for creating ease of business for its distributors. It has also worked on its data and data analytics capabilities to support continued innovation. These changes have enabled the company to be nimbler in serving its customers.

This transformation undertaken over the last 4 years is reflected in the refreshed logo. The company has retained its brand positioning of ‘Zindagi Unlimited.’

“This is an important step in our business journey, one that will enhance our competitiveness in the marketplace. In case of any queries, we are available to assist our customers and partners,” Rai added.

Since its inception, the life insurer has grown at a CAGR of 40%. In FY24, it reported a claim settlement ratio of 99.23% and an NPS (indicator of customer satisfaction) of 56.

Mumbai,4th June 2024: Sennheiser, a renowned leader in audio technology, is proudly participated in PALM Expo 2024, showcasing a diverse range of audio solutions poised to transform the industry. The company’s presence at the tradeshow included offerings from Neumann and Merging Technologies. Some of the Sennheiser products on display were the Digital 6000 wireless system, 2KIEMS in-ear monitoring system, EW-D/X Series wireless microphone systems, and HD490 PRO studio headphones. Additionally, Merging Technologies’ recently launched Anubis pro audio interface, along with Neumann’s Automatic Alignment software MA 1 and the Neumann KK 184 advanced small diaphragm condenser microphone, were also featured among others. These groundbreaking products not only broaden Sennheiser’s product portfolio but also exemplify the company’s commitment to pushing the boundaries of innovation in the audio industry

PALM Expo is India’s foremost pro audio, lighting, live sound, install sound and AV integration exposition with more than 25,000 professionals attending this year. The highlight was the visit of renowned Indian playback singer Nikita Gandhi & Indian rapper, lyricist & dancer Raftaar to Sennheiser’s booth, which created a significant buzz and underscored Sennheiser’s impact in the professional audio industry.

“Palm Expo stands out as a key industry event, attracting industry professionals who gather to witness the cutting-edge technologies that are shaping the present and future of audio,” said Vipin Pungalia, Country Manager & Director- Sales Pro Audio, Sennheiser India. “Our consistent participation in PALM Expo over the years has provided us with an invaluable platform to demonstrate our unwavering commitment to delivering high-quality audio solutions to our valued stakeholders. It has also allowed us to connect with a diverse range of musicians, DJs, content creators, broadcasters, and other industry professionals. The overwhelming response and positive feedback we received during the expo have further solidified our belief in the transformative power of innovation and exceptional audio experiences.”

Sennheiser’s presence at PALM Expo 2024 once again demonstrated its steady dedication to its mission. These innovative audio solutions, meticulously crafted to deliver unparalleled immersive experiences, fostered connections across various industry sectors and paved the way for the future of audio.

Mumbai, India 4th June 2024: Acer announced that its Swift series of thin-and-light laptops will feature models with the new AMD Ryzen™ AI 300 Series laptop processors, beginning in Q3 2024. Stacked with more CPU and GPU cores made available in this class of AMD-powered PCs, and equipped with an ultra-efficient NPU, the AMD processors come ready to deliver revolutionary speed and performance on Acer’s new wave of AI PC offerings. The new models will receive a free update to Copilot+ PC experiences when available.

“AI is continuing to reshape our customers’ expectations for PCs across gaming, content creation, professional and everyday use,” said Jerry Kao, COO, Acer Inc. “With AMD, we are delivering more AI-enabled experiences to our customers with unprecedented power and performance. In the coming months, we are excited to announce new systems powered by AMD Ryzen AI 300 Series processors.”

“We’re excited to partner with Acer across their thin-and-light next-generation AI PCs.” said Jack Huynh, senior vice president and GM, Computing and Graphics Group at AMD. “We are creating a new category of AI PCs with Acer featuring our 3rd generation AMD Ryzen AI processors with the world’s most powerful NPU with 50 TOPS, the world’s fastest APU with next-gen Zen 5 architecture, and the world’s best graphics for gaming.”

Based on the new high-performance “Zen 5” architecture, AMD Ryzen AI 300 processors with up to 12 high-performance cores and 24 threads are projected to deliver next-level performance for ultrathin laptops. As part of AMD Ryzen™ AI, the new processors leverage new AMD XDNA™ 2 technology to provide up to 50+ NPU TOPS of AI processing performance allowing users to deploy AI capabilities locally and run generative AI applications, Large Language Models, and AI assistants directly on upcoming Acer Swift laptops. In turn, users will be able to maximize their creativity and productivity without the need for internet access and without sacrificing battery life.

The AMD Ryzen AI 300 Series processors are optimized for lower power consumption and excellent battery life even on heavy computing workloads, plus an offering of up to 36 MB cache for accelerated productivity and responsiveness. Built-in AMD Radeon™ 800M graphics also provide high-resolution display support and accelerated encoding with or without a discrete graphic card.

Sunil Sisodiya, Founder, Geetanjali Homestate

In recent years, India’s ultra-rich have been shifting their investment portfolios towards residential real estate, marking a significant departure from traditional avenues like equities, bonds, and international assets. This trend is driven by a confluence of factors including economic resilience, lifestyle changes, and evolving market dynamics, which are reshaping the landscape of luxury real estate in the country.

Economic Resilience and Stability

One of the primary reasons for this shift is the perceived stability and security that real estate investments offer. Unlike the volatile stock market or the uncertain returns from international investments, real estate is seen as a tangible asset that can provide steady appreciation over time. The economic turbulence brought on by the COVID-19 pandemic has reinforced the desirability of real estate as a safe haven for wealth preservation.

The Indian economy, despite its challenges, has shown remarkable resilience. With the government’s focus on infrastructure development and urbanization, the real estate sector is poised for sustained growth. The introduction of policies such as the Real Estate (Regulation and Development) Act (RERA) has also instilled greater transparency and trust in the market, making it more attractive for high-net-worth individuals (HNWIs).

Lifestyle Changes and Demand for Luxury

Another significant driver is the evolving lifestyle preferences among the ultra-rich. The pandemic has underscored the importance of spacious and well-equipped homes, as people have spent more time indoors. This has led to an increased demand for luxury residences that offer comfort, privacy, and modern amenities. High-net-worth individuals are now prioritizing properties that provide not just a home, but a holistic living experience.

Developers are responding to this demand by offering bespoke residences with features such as private gardens, home offices, wellness centers, and smart home technologies. The concept of ‘home’ has expanded beyond a mere living space to include areas for work, recreation, and wellness, driving up the value and appeal of high-end residential properties.

Strategic Investment Opportunities

The shift towards residential real estate is also influenced by strategic investment opportunities in emerging markets within India. Cities like Bengaluru, Pune, and Hyderabad are witnessing a surge in luxury real estate projects, attracting the attention of HNWIs. These cities offer a combination of robust infrastructure, cosmopolitan lifestyles, and business opportunities, making them attractive investment destinations.

Furthermore, the depreciation of the Indian rupee against major currencies has made Indian real estate more appealing to non-resident Indians (NRIs) and global investors. The prospect of higher returns on investment, coupled with favorable currency exchange rates, is driving significant capital inflows into the residential real estate sector.

Case in Point: Mumbai and Delhi

Mumbai and Delhi continue to be hotspots for luxury real estate, reflecting the broader trend of increased investments in residential properties. These cities offer unparalleled access to business hubs, cultural amenities, and elite social circles, making them prime locations for the ultra-rich to invest in.

In Mumbai, areas like Worli, Bandra, and South Mumbai are witnessing a boom in luxury real estate, with developers launching premium projects that cater to the discerning tastes of HNWIs. Similarly, in Delhi, upscale neighborhoods like Lutyens’ Delhi, Vasant Vihar, and Golf Links are seeing a renewed interest from wealthy buyers looking for prestigious addresses.

Future Outlook

The future of residential real estate investments by India’s ultra-rich looks promising. As the country continues to recover from the pandemic, the demand for luxury homes is expected to rise further. Developers will likely continue to innovate and cater to the sophisticated needs of HNWIs, ensuring that the residential real estate market remains a lucrative investment avenue.

In conclusion, the redirection of investment focus by India’s ultra-rich towards residential real estate is a testament to the sector’s potential for stability, growth, and lifestyle enhancement. This trend underscores a broader shift in investment strategies, driven by economic resilience, changing lifestyle preferences, and strategic opportunities within the real estate market. As the market evolves, residential real estate is set to remain a cornerstone of wealth management for India’s elite.