Archives August 2024

Mumbai, 7th August 2024: FINQY®️, known for revolutionizing the distribution of financial products, celebrated a significant milestone by securing $2 million in funding. This achievement reiterates FINQY®️’s unwavering commitment to advancing financial services distribution in India through state-of-the-art technology and strategic growth initiatives.

Founded in 2019 by Manish Aggarwal, a seasoned entrepreneur with over 25 years of BFSI sales experience, FINQY®️ stands out with its unique approach of utilizing technology to empower sales professionals in the insurance, credit card, and loan sectors through its innovative B2B2C business model.

With the support of over 100 financial and banking partners, it equips financial distributors as an advanced AI-powered tool, FINQY®️ and its other variations helps streamline complex financial decisions across credit cards, insurance, and loans but also significantly enhance customer engagement and facilitate informed decision-making, marking a significant industry shift.

FINQY®️ achieved a revenue milestone of $9.8 million in FY24. With ambitious plans to expand its customer base, and other sister product offerings, FINQY®️ aims to consolidate its position as a leader in the Indian fintech ecosystem.

Manish Aggarwal, Founder, and CEO of FINQY®️, expressed his enthusiasm, stating, “The confidence shown by investors and customers reaffirms our belief that we are on the right path to address key challenges in the financial market. In today’s information-rich environment, customers seek clarity amidst overwhelming and often inaccurate data. Our mission is to demystify financial services, making them accessible to everyone.

I am excited that our efforts are making a positive impact, facilitated by technology that simplifies decision-making despite the myriad options available. Our vision is to revolutionize financial services distribution through cutting-edge technology and strategic partnerships. Looking ahead, we are committed to introducing additional tools that empower a wide spectrum of financial distributors and customers, aiming to simplify financial decisions and enhance accessibility.”

Over the next 3-5 years, FINQY®️ aims to achieve unicorn status and solidify its position as India’s foremost aggregation platform for financial intermediaries. Central to this vision is the continuous product & offering enhancement and expansion of domestic and international market presence. FINQY®️ is dedicated to transforming the BFSI landscape by integrating advanced technologies such as AI, machine learning, and data analytics into its platform.

FINQY®️’s forthcoming initiatives include developing Q™, a personal finance manager app and Test My Card – a credit card focused product. The company is also exploring getting into investment and wealth management solutions, reinforcing its commitment to innovation and comprehensive financial services.

Gurugram, 07 August 2024: Euronics, India’s pioneering brand in public and commercial washroom automation, has inaugurated cutting-edge Experience Centres across four tier-1 cities: Gurugram, Hyderabad, Mumbai, and Bangalore. These centres are strategically located in key business hubs such as Udyog Vihar in Gurugram, Hi-Tech City in Hyderabad, Saki Naka in Mumbai, and 1st Stage Road in Bangalore to enhance visitors’ interaction and engagement with Euronics’ latest sustainable washroom solutions.

Euronics’ Experience Centres are designed to immerse visitors in a world of sustainability and innovation. These dynamic spaces allow architects, interior designers, project managers of public infrastructures, and their procurement heads to engage directly with the latest eco-friendly products and technologies. Each centre features interactive displays, hands-on demonstrations by expert staff, and personalised consultations, all aimed at enabling the adoption of washroom accessories that significantly reduce environmental impact, while also enhancing hygiene through touchless solutions.

“We are thrilled to open these Experience Centres as part of our commitment to promoting sustainability and innovation in the hygiene sector,” said Viknesh Jain, MD & CEO of Euronics. “Our centres provide a unique opportunity for visitors to experience our green building certified products firsthand and understand their contribution to reducing carbon footprints.”

Euronics’ product lineup at the Experience Centres includes energy-efficient hand dryers, sensor taps that reduce water consumption by 80%, and other sustainable washroom accessories. These products not only enhance hygiene but also support corporate social responsibility (CSR) initiatives and compliance frameworks for businesses and institutions aiming to integrate sustainability more deeply into their operations.

Euronics is also exploring opportunities to expand its Experience Centres to tier-2 and tier-3 cities in the months to come. This potential expansion aims to reach a broader audience and promote sustainable washroom solutions across India through immersive experiences.

In line with its unparalleled dedication to eco-friendly washroom solutions for India’s ambitious public infrastructure goals, recently, Euronics also launched India’s largest manufacturing plant in Gurugram. Through domestic production, the company is aiming to integrate environment-friendly washrooms in Smart City projects, MICE infrastructure development, and upcoming airport projects PAN India.

Founded by T4 Education and HP, the new award will be given to an outstanding individual who has demonstrated impact, leadership, and advocacy in the field of education

New Delhi, August 07, 2024: India’s Ashish Dhawan, Founder and Chairperson of the Central Square Foundation, and Pranav Kothari, CEO of Educational Initiatives (Ei), have been named among the ten Finalists for the inaugural Asia Education Medal. Founded this year by T4 Education and HP, the new award will be given to an outstanding individual who has demonstrated impact, leadership, and advocacy in the field of education.

The Asia Education Medal recognises the tireless work of those who are transforming education across the continent – celebrating the stories of those who have lit the spark of change so others will be inspired to take up the torch. It is given to an outstanding individual who has demonstrated impact, leadership, and advocacy in the field of education.

The winner of the Asia Education Medal will be invited to attend the World Schools Summit in Dubai on 23-24 November and, in recognition of the urgent need to solve the teacher recruitment and retention crisis to tackle learning gaps, the winner will be entitled to nominate a school of their choice to receive membership of T4 Education’s Best School to Work programme – an independent, evidence-based mechanism to certify schools for their culture and help them transform their working environment to attract and retain the best teachers.

Mayank Dhingra, Senior Education Business Leader at HP, said:

“Congratulations to India’s Ashish Dhawan and Pranav Kothari on being named Finalists for the Asia Education Medal 2024. Their passion and dedication to transforming education will inspire countless others to follow in their footsteps in building a world where quality education is enjoyed by all.

“HP has a bold goal to accelerate digital equity for 150 million people globally by 2030. Only by joining forces and aligning with NGOs, government, educators and businesses can we truly improve the education environment. The Asia Education Medal brings together all those who are changing the face of Asian education, whose work we must all learn from if the world is to meet the Sustainable Development Goals by 2030.”

Vikas Pota, Founder and CEO of T4 Education, said:

“The Asia Education Medal honours changemakers where change is needed most. Where learning gaps remain stubbornly persistent and where deep inequalities remain.

“If we are to tackle these colossal challenges, and unlock the continent’s future, we must build a community of leaders from every sphere of society committed to educational transformation. Leaders like Ashish Dhawan and Pranav Kothari. Asia, and the world, has so much to learn from your inspirational stories and your vital contribution to the next generation.”

Ashish Dhawan is the Founder and Chairperson of the Central Square Foundation (CSF), one of the most important contemporary education philanthropies in India. His work to successfully champion Foundational Literacy and Numeracy (FLN) has made him one of the most influential education philanthropists in India in the last decade. Founded in 2012, CSF played a catalytic role in centring FLN as the primary objective of the K-12 education ecosystem in India, which serves 250 million children.

Pranav Kothari is CEO of Educational Initiatives (Ei) in India, an organisation that employs the twin levers of cutting-edge pedagogical research and technology-based solutions to help students across different socio-economic backgrounds learn with understanding. Through his work, Kothari has sought to address the challenge that while school enrollment has expanded in India with the broadening of the country’s education infrastructure, schooling has not translated into learning.

The Finalists for the Asia Education Medal 2024 are:

• Ashish Dhawan, Founder and Chairperson, Central Square Foundation, India
•  Baela Jamil, CEO, Idara-e-Taleem-o-Aagahi (ITA) – Centre for Education and Consciousness, Pakistan
•  Duriya Aziz Singapore Wala, Senior Vice President (Education, International), Scholastic Inc, Singapore
• Ethel Agnes Pascua-Valenzuela, Commissioner, Commission on Higher Education, Philippines
• Korvi Rakshand, Founder & Executive Director, JAAGO Foundation, Bangladesh
• Nargish Khambatta, Principal & CEO GEMS Modern Academy, UAE
• Pranav Kothari , CEO, Educational Initiatives, India
• Shahnaz Al-Sadat, Chairperson, LeapEd Services Sdn Bhd, Malaysia
• Shinichi Yamanaka, President, KADOKAWA DWANGO Education Institute, Japan
• Yuhyun Park, Founder & CEO, DQ Institute, Singapore

Nominations for the Asia Education Medal opened in February 2024 for individuals working to improve pre-kindergarten, K-12, vocational and university education who are either educators or school leaders, civil society leaders, public servants, government officials, political leaders, entrepreneurs, business leaders, or technologists.

The Asia Education Medal is one of the three World Education Medals established by T4 Education and HP. It joins the Africa Education Medal, which was founded in 2022 and has grown to be Africa’s most prestigious education accolade, as well as the new Latin America Education Medal which was also launched this year.

Apeejay International School, Greater Noida, brought the joyous spirit of Teej Mela to life on August 6, 2024, at the Club House of Paramount Golf Foreste Society. The event was a grand success, with participation from approximately 30 ladies and five dedicated teachers, including Ms. Preeti Pandey, Ms. Bhumika, Ms. Sushmita, Ms. Kanta, and Ms. Disha.

The Teej Mela featured a variety of engaging activities that were engaging and fun for all the ladies. The Musical Chairs game saw Lavi Vajpayee emerge as the winner. The Solo Dance Competition showcased nine participants, with four securing victory. In the Solo Singing segment two talented singers competed, which lit up the atmosphere of the event, adding grace to the event.The Ramp Walk segment was a highlight which culminated the crowning of Mrs. Teej, with Ms. Shruti taking the top honour.

The event concluded with a Prize Distribution ceremony, a celebration of achievements that made the entire community proud. All the teachers emerged themselves in the celebration of the joy, love, and auspiciousness of the festival. The Teej Mela was a resounding success, bringing the community an exceptional and memorable experience.

New Delhi, India , 7th August 2024: Shree Ramkrishna Knowledge Foundation (SRKKF), the philanthropic arm of Shree Ramkrishna Exports (SRK), a renowned natural diamond company is proud to announce the Santokbaa Humanitarian Award, a prestigious event celebrating individuals and institutions dedicated to making the world a better place. The ceremony will take place on August 10th, Saturday, at the Jio World Convention Centre.

The Santokbaa Humanitarian Award was instituted in 2006 by Shri Govind Dholakia, Founder Chairman of SRK, SRKKF, and Rajya Sabha MP as a tribute to the humanitarian values of selflessness, compassion, and service, embodying the selfless spirit and vision of his mother, Santokbaa Laljidada Dholakia. Through this award, SRK Knowledge Foundation continues to honour individuals who exemplify these values, reinforcing the importance of giving back and inspiring others to follow in their footsteps.

Speaking about the event, Shri Govind Dholakia said, “The Santokbaa Award is a testament to the power of compassion and a commitment to creating a positive impact on the world. We are proud to honour individuals who have dedicated their lives to making a difference and inspiring others to do the same. This honour underscores the power of kindness and the profound impact it can have on society.”

Previous awardees, including renowned industrialist and philanthropist Ratan Tata, spiritual icon His Holiness Dalai Lama, and engineer and innovator Sonam Wangchuk, Father of India’s White Revolution Dr. Verghese Kurien, Space Scientist and Former Chairman of Indian Space Research Organisation (ISRO) A.S. Kiran Kumar, and social reformer Kailash Satyarthi, among others, have lauded the initiative as a cornerstone of philanthropic celebration.

“I realized how a person with a dream and a person with determination can build not just a business in Surat but a global business with humility rather than arrogance. I am privileged to have been given the honour or sharing what you have done.” Shri Ratan Tata when he was conferred with the Santokbaa Humanitarian Award.

“While having financial resources, engaging in altruism and bearing concern for others are indeed admirable. Moreover, I believe that India and the rest of the world should follow the same principles for the future like SRK. May God bless all!” remarked His Holiness Dalai Lama during a Santokbaa Award function.

This year marks a significant milestone as SRKKF is also celebrating its 10th anniversary, The Santokbaa Humanitarian Award, previously conferred by prominent figures such as the Honourable President of India, continues to uphold the highest standards of humanitarian recognition.

The recipients of the upcoming Santokbaa Humanitarian Award will be announced during the ceremony.

DoubleTree by Hilton Pune-Chinchwad is thrilled to announce the appointment of Ramesh Chander as the new Food and Beverage (F&B) Manager. With an illustrious career spanning over 16 years in the hospitality industry, Ramesh brings a wealth of experience and expertise to our team.

Ramesh’s impressive career journey includes leadership roles at prestigious hospitality establishments. Prior to joining DoubleTree by Hilton, he served as the Food and Beverage Manager at Hilton Garden Inn, Hinjewadi, where he managed multiple F&B outlets and large-scale banquets. His extensive experience also includes roles at Godwin Hotels and Resorts, Welcomhotel Katra by ITC Hotels, Seven Seas Hotel, Jaypee Hotels & Resorts, Taj Mahal Hotel New Delhi and ITC Maurya New Delhi. Throughout his career, Ramesh has demonstrated exceptional skills in food and beverage operations, restaurant management, and banquet management.

In his new role at DoubleTree by Hilton Pune-Chinchwad, Ramesh will be responsible for overseeing all aspects of the food and beverage operations, ensuring exceptional dining experiences, and maintaining the highest standards of service and quality.

Commenting on his new role, Ramesh said, “I am excited to join DoubleTree by Hilton Pune-Chinchwad and lead the F&B team. I look forward to bringing my experience to enhance our guests’ dining experiences and contribute to the continued success of this esteemed property.”

Outside of his professional achievements, Ramesh enjoys watching movies and traveling in his free time, which enriches his perspective and passion for the hospitality industry.

Maharashtra, 7 August 2024: ACC Limited, the cement and building material company of the diversified Adani Portfolio, along with the Adani Foundation are committed to sustainable water resource development and management. Through CSR efforts, the Company has recently completed the construction of a Cement Nala Bund (CNB) in Dhakori village near its ACC Chanda plant. This significant project aims to address water scarcity and promote sustainable agricultural practices in the region.

Dhakori village, located in the Wani Block of Yavatmal, Maharashtra, has historically faced water availability challenges, impacting agricultural productivity and the overall life of locals. The newly constructed CNB in Dhakori boasts an impressive percolation capacity of up to 24,000 cubic metres during a single overflow event, significantly enhancing the village’s water storage capacity. The CNB provides regular water supply to approximately 220 acres of irrigation area, benefiting around 100 farmers.

This initiative contributes to increasing groundwater levels, supporting agricultural productivity, and fostering socio-economic development within the communities of the region. Furthermore, a more secure water source enables farmers to diversify their crops and increase yields, thereby improving food security and livelihoods.

ACC and the Adani Foundation are dedicated to achieving sustainable development and inclusive growth in the communities where they operate, by supporting the conservation and efficient use of precious resources such as water.

Delhi, 07/08/2024: Hotelogix, a leading global cloud-based hospitality technology provider, and its distribution brand, AxisRooms, are hosting a special hospitality event—Hotelogix & AxisRooms Connect 2024. This unique event is dedicated to domestic hospitality brands. With Booking.com as its principal sponsor, the event is scheduled for September 5, 2024, starting at 5:30 PM at The Ballroom, Roseate House, Aerocity, New Delhi.

Currently, homegrown hotel brands control about 60% of the total branded rooms available in the country. Riding high on rising religious, medical, leisure, and cultural tourism, these brands are doing better and thriving year-on-year. In 2023, the majority of property signings in the hotel market were spearheaded by domestic hotel operators, accounting for a remarkable 72% of the total signings, with each property having around 70 keys on average, a testament to their success and growth and their deep insights into the local market, culture, and guest behavior. They have effectively connected with domestic travelers, especially the growing middle and upper-middle class with higher spending power. Their ability to rapidly expand into tier 2 and 3 cities is awe-inspiring, and their success is a source of pride for the entire hospitality industry.

Aditya Sanghi, CEO of Hotelogix, said, “Recognizing the power of homegrown hotel brands is essential, as these champions are the heart and soul of India’s vibrant and diverse hospitality industry. We take pride in working with many such leading brands and we aim to unite them and the minds driving their growth to discuss the shared challenges, trends, success, and opportunities specific to this segment.”

The event will offer attendees a unique platform to exchange compelling narratives of triumph over mutual obstacles, drawing inspiration from successful brands. Furthermore, as hotels in this segment must look at a technology stack with best-in-class solutions to gain a competitive edge against global brands, every department should use a specialized solution that enables it to function at its full potential. The event will have an assemblage of such leading solutions, including Restroworks for F&B, PayU for payments, KePSLA for reputation management, and HostBooks for finance, as promoters of the event. Their participation and support underscore the significance of this event and highlight the strong partnerships that drive the hospitality industry forward.

Sundaram Finance logs disbursements of Rs. 6,908 crores, 7% over Q1FY24; AUM grows 23% to Rs. 45,671 crores

Net profit for Q1FY25 up by 9% at Rs. 308 crores

Profits from Operations up by 22% in Q1FY25

Continued improvement in asset quality with Gross Stage 3 assets at 1.56% (1.90% as of June 30, 2023) and Net Stage 3 assets at 0.84% (1.00% as of June 30, 2023)

ROA at 2.38% for Q1FY25 (2.68% for Q1FY24)

Capital Adequacy Ratio at 19.3% (21.4% for Q1FY24)

The Board of Directors of Sundaram Finance Ltd. (SFL) approved the unaudited standalone and consolidated financial results for the quarter ended Jun 30, 2024, at its meeting held on Aug 05, 2024, in Chennai.

“Team Sundaram has delivered a strong Q1FY25 despite lower-than-expected economic activity in the quarter. Assets under management grew by 23% to a new high of Rs. 45,671 crores, net stage 3 assets closed at 0.84% and profit after tax recorded a 9% growth to Rs. 308 crores over the prior year period. Our Group companies in asset management, general insurance and home finance have continued their trajectory from FY24 and recorded strong results. We continue to rely on our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability,” said Harsha Viji, Executive Vice Chairman.

Disbursements for Q1FY25 recorded a growth of 7% over Q1FY24. Net interest income rose 20% in Q1FY25 as compared to Q1FY24. Gross stage 3 assets improved substantially over the previous year. Gross stage 3 assets as on June 30, 2024, stood at 1.56% with provision cover of 47% as against 1.90% as on June 30, 2023, with provision cover of 48%. The profit from operations is up by 22% in Q1FY25. Profit after tax at Rs. 308 crores registered an increase of 9% in Q1FY25 as against Rs. 281 crores in Q1FY24. The dividend income was lower during Q1FY25 at Rs. 18 Cr as against Rs. 51 Cr in Q1FY24. Return on assets at 2.38% as against 2.68% for Q1FY24 and capital adequacy at 19.3% remains quite comfortable to support planned growth.

“As we expected, economic activity in Q1 was disrupted by the general elections as well as a particularly hot summer. We delivered a well-balanced GQP performance in a tough operating environment. Looking ahead, we expect seamless continuity in the policy agenda of the government at the centre and that economic activity will pick up through the rest of the year. Team Sundaram will continue to remain sharply focused on delivering the Sundaram experience to our customers, our people and all stakeholders,” said Rajiv Lochan, Managing Director.

STANDALONE PERFORMANCE HIGHLIGHTS FOR Q1FY25

· Disbursements for Q1FY25 recorded a growth of 7% to Rs. 6,908 crores as compared to Rs. 6,489 crores registered in Q1FY24.

· The assets under management grew by 23% to Rs. 45,671 crores as on 30th June 2024 as against Rs.37,255 crores as on 30th June 2023.

· Net interest income rose 20% in Q1FY25 as compared to Q1FY24. Profit from operations increased by 22% in Q1FY25 as compared to Q1FY24.

· Gross stage 3 as on 30th June 2024 stood at 1.56% with 47% provision cover as against 1.90% with provision cover of 48% as on 30th June 2023. Net stage 3 as on 30th June 2024 closed at 0.84% as against 1.00% as on 30th June 2023.

· The Gross and Net NPA, as per RBI’s asset classification norms for NBFCs, are 2.21% and 1.41% respectively as against 2.96% and 2.00% as of 30th June 2023.

· Cost to income ratio closed at 32.90% in Q1FY25 as against 35.18% in Q1FY24.

· Profit after tax registered a 9% rise in Q1FY25, with net profit at Rs. 308 crores. The company had registered a net profit of Rs. 281 crores in Q1FY24.

· Return on assets (ROA) for Q1FY25 closed at 2.38% as against 2.68% for Q1FY24. Return on equity (ROE) was at 13.6% for Q1FY25 as against 14.3% for Q1FY24.

· Capital Adequacy Ratio stood at 19.3% (Tier I –16.2%) as of 30th June 2024 compared to 21.4% (Tier I – 17.0%) as of 30th June 2023.

CONSOLIDATED PERFORMANCE HIGHLIGHTS FOR Q1FY25

The consolidated results of SFL include the results of its standalone subsidiaries Sundaram Home Finance, Sundaram Asset Management and joint venture company Royal Sundaram General Insurance.

· The assets under management (AUM) in our lending and general insurance businesses stood at Rs. 69,234 crores as on 30th June 2024 as against Rs. 57,150 crores as on 30th June 2023, a growth of 21%. The assets under management of our asset management business stood at Rs. 80,565 crores as on 30th June 2024 as against Rs. 59,862 crores as on 30th June 2023, a growth of 35%.

· Profit after tax for Q1FY25 grew by 16% to Rs. 435 crores as compared to Rs. 375 crores in Q1FY24.

GROUP COMPANY PERFORMANCE HIGHLIGHTS

Our group companies continued to perform well.

· The asset management business closed the quarter ended 30th June 2024 with assets under management of Rs. 80,565 crores (over 85% in equity) and consolidated profits from the asset management businesses was at Rs. 29 crores as against Rs. 24 crores in Q1FY24.

· Royal Sundaram reported a Gross Written Premium (GWP) of Rs. 1,114 crores as compared to Rs. 908 crores in the corresponding period of the previous year, representing a growth of 23%. The Company reported a profit after tax of Rs. 65 crores for Q1FY25 as against a profit of Rs. 95 crores in Q1FY24.

· Sundaram Home Finance continued to grow strongly with disbursements up by 24% to Rs.1,353 crores in Q1FY25. The profit for Q1FY25 was Rs. 66 crores, up by 16% as against Rs.57 crores in Q1FY24.

Bengaluru, August 7 2024: A sophisticated and well-equipped, Orane International School of Beauty and Wellness Centre for the well-being and beauty of women has come up at Raghuvanahalli on Kanakapura Road.

The Institute is well-equipped with well-trained professionals to enhance the beauty of Karnataka through different kinds of courses

Miss Universe – Karnataka Avani Kake Kochhi Bhat inaugurated this beauty Centre. This is the 120th Centre in Karnataka and third such Centre in Bangalore.

Orane International School of Beauty is having its presence in about 19 states in the country. The Institute is an acknowledged destination for make-up. This Institute has also adopted Skill India scheme and Orion has emerged as ace skill training centre at the global level.

Orane has opened two separate institutes in Canada exclusively for make-up. Even in Karnataka also, there are Diploma and PG courses in this field of make-up.

Speaking after inaugurating the Centre, Miss Universe Karnataka Avani Kake Kochhi Bhat said in ancient Indian tradition there are 64 disciplines that includes make-up and hairdressing.

“It is because of this reason we need to focus and put thrust on make-up.

Orion’s Bangalore Centre Manager Pranjal Kumar, in his speech, said the Centre is providing employment as well as skill training. “This Orion centre is most appropriate place for both jobs as well as learning,” he added.

Director of the Institute Sanjeev Kumar Sinha, in his speech said women must not be confined to kitchen but enter fashion field in order to earn as well as learn.

“Orion centre will create such an enabling atmosphere,” he added

Amit Kumar, Director and others were present.