Archives August 2024

By Gaurav Bhagat, Managing Director, Consortium Gifts

In a world where change is the only constant, 2024 presents challenges and opportunities for startups everywhere. Whether you’re a young entrepreneur in a bustling metro city or a driven professional from a smaller town, scaling up your business has never been more exciting—or more daunting. Economic shifts are shaking up the market, but with the right mindset and strategy, your startup can survive and thrive. On this World Entrepreneurs Day, let’s explore how you can turn these challenges into stepping stones for success, no matter where you’re starting from!

1. Embrace Agility: The New Power Skill
In 2024, the global business landscape is more unpredictable than ever, with economic fluctuations challenging even the most established startups. According to a report by McKinsey, over 60% of startups that prioritized agility in their operations managed to sustain growth during economic downturns. For young entrepreneurs and professionals across India—from the bustling metros to emerging tier 2 and 3 cities—agility isn’t just a strategy; it’s a requirement. Startups must continuously learn, unlearn, and adapt to the rapidly changing environment. Whether it is about pivoting your product offering or rethinking your market approach, being agile will enable your startup to ride the waves of change successfully.

2. Community Over Competition
Economic shifts can often isolate entrepreneurs, but 2024 is the year to change that narrative. Building strong networks has become more crucial than ever, with studies showing that startups with robust community ties are 20% more likely to overcome economic challenges. Collaboration is key—be it joining forces with fellow entrepreneurs in your local community or connecting with mentors online. Imagine your startup as a piece of a larger puzzle; by sharing resources and supporting each other, you create a more vibrant and resilient entrepreneurial ecosystem.

3. Purpose-Driven Growth
As startups look to scale in 2024, growth with purpose is emerging as a defining trend. A recent survey by Deloitte found that 77% of millennials and Gen Z consumers prefer to engage with brands that align with their values. For startups, this means that scaling isn’t just about expanding operations—it’s about aligning growth strategies with a mission that resonates with your audience. This is particularly important in India, where young entrepreneurs across all city tiers are increasingly driven by the desire to make a positive impact.

By growing with purpose, your startup not only attracts loyal customers but also contributes to a larger movement of change, creating a ripple effect that extends beyond your immediate business goals.

Planify is thrilled to introduce the new Wallet feature, designed to simplify the way investors manage their funds and execute their trades.

With the increasing demand for convenience and personalized experiences, Planify recognized the importance of offering a customer wallet to enhance customer engagement. Our Wallet feature combines a user-friendly design with robust security, enhancing both convenience and control for financial management.

Key Features of Planify Wallet

● Secure Storage: Planify Wallet offers a highly secure environment for users to store their funds.
● Instant Deposits: Users can instantly deposit funds into their Wallet, enabling them to take advantage of market opportunities without delay using various payment methods, including UPI, Net banking, Bank Transfer, NEFT, RTGS, and cheques.
● Seamless Withdrawals: Withdrawing funds from the Wallet is a breeze, with users able to access their money quickly and efficiently.
● Integrated Trading: The Wallet is seamlessly integrated with our trading platform, allowing users to effortlessly transfer funds between their Wallet and trading accounts.
● Real-Time Tracking: Users can monitor their Wallet balances and transaction history in real-time, providing them with complete transparency and control over their finances.

Planify Founder and CEO Rajesh Singla stated “ We are thrilled to announce the launch of our new Planify Wallet feature, which marks a significant milestone in enhancing our platform’s functionality. With this new addition, investors can now trade directly through platform, seamlessly add funds at their convenience, and easily track their trades—all in one place. We believe this feature will empower our users with greater control and flexibility, making their trading experience smoother and more efficient.”

Hyderabad, 22nd August 2024: Recordent, India’s leading credit and payments reporting platform for B2B transactions, conducted a survey on B2B payment trends and challenges faced by over 2800 of its member businesses, from across the country. 55% of these member businesses hail from eight major business hubs, including: Mumbai, Ahmedabad, Kolkata, Bengaluru, Chennai, Delhi, Hyderabad, and Pune. And the report below sheds light on the payment trends and challenges faced by these MSMEs. The timeframe of two financial years (FY 21-23) was taken into consideration.

According to the report, Hyderabad, Kolkata, Chennai, and Pune exhibited concerning payment behaviour, with nearly 52% of payments made or received by enterprises remaining overdue for more than 90 days. In contrast, Mumbai demonstrated a much better payment behaviour with 29% of payments overdue for more than 90 days. Other cities such as Bengaluru, Delhi NCR, and Ahmedabad showed varying degrees of delayed payments beyond 90 days, with percentages ranging from 42% to 49%.

Diving into the statistics of payments collected in time, Mumbai and Ahmedabad lead with 36% and 38% of trade receivables collected in time. In stark contrast, Chennai, Pune, and Hyderabad lag significantly, with dismal figures of 18%, 19%, and 22%, respectively. This data highlights a notable disparity in repayment efficiency among Indian cities.

In-depth analysis of SME payment behaviour reveals five key factors influencing creditworthiness. Comprehensive credit assessment of new customers utilizing GST, ITR, PF filings, financial statements, and credit bureau reports is critical. Effective communication via timely reminders, payment ledgers, and statements to the right contacts is essential. Automating routine tasks like reminders, statements, and notices significantly enhances efficiency. Early warning systems that detect payment anomalies are crucial for timely interventions. Lastly, periodic review of customer credit behaviour over 45/90/180 days through sales, receipts, and credit information analysis is vital for effective sales and credit exposure management.

Commenting on the report, Mr. Winny Patro, CEO and Co-founder of Recordent, said, “This survey provides valuable insights into the payment dynamics across major Indian cities, underscoring the challenges faced by MSMEs and SMEs. Businesses are increasingly looking for transformational tools that can streamline collections management, helping to overcome these challenges. By leveraging modern technology solutions like ours, we can effectively track payments and mitigate potential losses for companies.”

Recordent recently announced its plans to conduct 100+ knowledge and networking events, reaching 10,000+ SMEs nationwide. With the commitment made to empower businesses with best industry practices and essential strategies to address late payments and credit risk challenges, Recordent has launched SME Meet-ups: a unique opportunity for SMEs to connect with industry experts, network with fellow SMEs, and learn best practices for growth.

India, 22st August 2024- The excitement surrounding Canadian music icon and rock music legend Bryan Adams’ highly anticipated six-city India trek has reached fever pitch.

The tour has sold out to a 80% capacity in most venues in less than 15 days of tickets going live with over a whopping seventy five thousand ticket sales registered thus far with Mumbai being a completely sold-out show in 24 hours of the sales going live. This unprecedented demand resulted in record-breaking online traffic when general sales went live, overwhelming ticketing platforms and underscoring the enduring love and admiration Indian fans hold for the iconic singer-songwriter.

The highly anticipated event is brought to the country by SG Live in association with EVA Live, and will kick off in December 2024 and traverse the country, making stops in Kolkata, Shillong, Gurugram, Mumbai, Bengaluru and Hyderabad. Fans can secure their tickets exclusively through the Zomato app.

Fans can look forward to being captivated by a mesmerizing performance featuring a carefully curated setlist that spans Adams’ illustrious career. From timeless classics like ‘Summer Of 69’ and ‘Everything I Do (I Do It For You)’ to newer hits from his Grammy-nominated album ‘So Happy It Hurts’, the concert promises to be a nostalgic journey for longtime fans and an unforgettable introduction for newcomers.

Bryan Adams shares, “I’m so excited to announce that I’ll be coming back to India with my ‘So Happy It Hurts’ tour in December 2024. Get ready for a rockin’ concert. Can’t wait to see you. Let’s rock!”

Leading sports personality and one of the promoters responsible for making this tour a possibility, Mahesh Bhupati states, “The Bryan Adams India tour is more than just a concert; it’s a cultural phenomenon. We’re proud to be at the forefront of bringing such a prominent artist to India and creating an event that will be remembered for generations. We’ve been overwhelmed by the demand for Bryan Adams tickets. It’s clear that India is ready for world-class entertainment on a massive scale. We’re excited to deliver a tour that will set a new benchmark for live shows in the country.”

Echoing a similar sentiment, Manuj Agarwal, CEO, EVA Live adds, “The overwhelming response to Bryan Adams’ India tour is nothing short of extraordinary. It’s clear that Indian fans have been eagerly awaiting this moment. We’re working diligently to ensure that every aspect of the tour, from the stage design to the overall fan experience, is world-class. We are excited to create a concert that will be talked about for years to come”. Manuj further added “Our association with HSBC and Dewar’s Xperiences is adding tremendous value to the show. Stay tuned for exciting announcements about the tour in the weeks to follow!”

With limited opportunities to witness the live magic of this music legend, the demand for tickets is expected to remain intense. All tickets are available on the Live tab on the Zomato app.

The Bryan Adams India Tour 2024 is presented in partnership with HSBC Bank known for their banking and financial services across the world and Dewar’s Xperiences known for introducing India to a repertoire of unique and immersive cultural experiences.

Tour Schedule:
● Sunday, 8th December 2024 – Aquatica, Kolkata
● Tuesday, 10th December 2024 – RSBDA, Shillong
● Thursday, 12th December 2024 – Backyard Sports Club, Gurugram
● Friday, 13th December 2024 – Nesco, Mumbai
● Saturday, 14th December 2024 – Terraform, Bengaluru
● Monday, 16th December 2024 – GMR Arena, Hyderabad

INDIA, 22 August 2024 – Marriott International, Inc. announced the opening of its 600th property in the Asia Pacific excluding China (APEC) region with the Adelaide Marriott Hotel. Paying homage to the company’s flagship brand, the opening marks the first Marriott International property in South Australia, underscoring the company’s focus on growing its presence in emerging destinations.

With the 150-year-old landmark Adelaide General Post Office (GPO) building as its façade, the Adelaide Marriott Hotel boasts a 14-storey tower with 285 guestrooms, including 12 suites with sweeping views of the city skyline. This opening aligns with the rising trend of domestic and intra-regional travelers seeking unique travel experiences in new destinations closer to home.

Marriott Hotels, the flagship brand of Marriott International, has had a rich heritage rooted in family values since its inception in 1957. The first Marriott Hotels hotel in the APEC region opened in Sydney in 1989 with the Sydney Harbour Marriott Hotel at Circular Quay. Today, there are over 50 Marriott Hotels operating in the region, with close to 40 in the pipeline. This growth is a testament to the trust and confidence that owners, franchisees, and guests have in the Marriott Hotel brand, which carries a legacy of wonderful hospitality and heartfelt service.

“We are thrilled to celebrate our 600th property milestone in the region with the Adelaide Marriott Hotel, a brand that bears the name of our founding family,” said Rajeev Menon, President, Asia Pacific excluding China, Marriott International. “With 600 operational properties across the APEC region and close to 400 in the pipeline, our growth trajectory is robust. Our strategy to be everywhere our guests want us to be is further reinforced by our recent announcement of plans to enter the midscale hospitality segment, providing more opportunities to extend our portfolio presence in new markets and beyond the major gateway cities.”

Marriott International’s growth strategy includes a focus on giving back to the communities in which it operates to help drive long-term economic impact. With over 95,000 associates from both managed and franchised properties in the region, Marriott International has been instrumental in creating job opportunities and nurturing the next generation of talent. By the end of 2024, nearly 10% of Marriott International managed associates would have taken new roles within APEC, which will allow them to deepen their skillsets and further their work experiences. Marriott’s recent certification as Great Place to Work in 8 APEC countries, including Australia, demonstrates the company’s dedication to putting people first.

New Delhi, 22nd August 2024: Antarctica Equipment, a premier manufacturer and supplier of temperature-controlled display equipment in India, is proud to announce its partnership with Valmar Global d.o.o., a leading global manufacturer of high-efficiency ice cream production equipment. This collaboration marks a significant milestone, introducing Valmar’s innovative solutions to the dynamic and fast-growing Indian market.

With a legacy of innovation and a commitment to quality, Valmar, founded in 1987, has established itself as a specialist in manufacturing high-efficiency artisan batch freezers and high-capacity batch freezers, catering to the diverse needs of the food sector. The expertise of Valmar and the quality of their machines are renowned for their technological advancements, reliability, and long lifecycles, instilling confidence in their performance.

Antarctica Equipment, with its extensive network and deep understanding of the Indian market, is the ideal partner to introduce Valmar’s cutting-edge technology to Indian ice cream manufacturers. This partnership aims to empower local businesses with state-of-the-art machinery, enabling them to produce premium quality gelato and ice cream products.

“We are thrilled to partner with Antarctica Equipment to bring Valmar’s advanced ice cream production technology to India,” said Valter Jejčič, Founder and CEO of Valmar Global d.o.o. “India’s ice cream market is growing rapidly, and we are confident that our innovative machines will meet this market’s high standards and unique requirements. Our collaboration with Antarctica Equipment will ensure that Indian manufacturers have access to the best equipment, backed by exceptional local support.”

Key highlights of Valmar’s entry into India include:

• Innovative Technology: Valmar’s TTi series, featuring the unique VALMAR COMBISYSTEM batch system, offers unmatched flexibility and quality, catering to the diverse needs of the food sector, including ice cream, confectionery, and food service.
• Valmar’s TTi series batch freezers are designed with energy efficiency in mind, saving approximately 30% in water and energy. This not only boosts operational efficiency but also significantly reduces operational costs, providing reassurance about the economic benefits of the product
• Local Support: Antarctica Equipment will provide comprehensive support, including installation, training, and after-sales service, ensuring that Indian customers receive the highest level of service and expertise.
• Market Expansion: This partnership will enable Valmar to expand its footprint in India, tapping into the country’s burgeoning ice cream market and contributing to the growth of local businesses.

Star Bharat’s supernatural thriller 10:29 Ki Aakhri Dastak has captured the hearts of its audience with its gripping secrets and unexpected twists that frequently shake up the storyline. As the journey reaches a pivotal moment, questions arise about whether Bindu will turn out to be the Dayan the entire village has been searching for, or if this is yet another of the Dayan’s illusions designed to distract everyone. Meanwhile, Abhimanyu’s quest to uncover the truth behind the murders intensifies, bringing him closer to revealing the identity of the killer. This anticipated twist promises to unveil all hidden secrets. As the plot thickens, viewers are left on the edge of their seats, eagerly awaiting the next thrilling revelation!

Tune into Star Bharat to watch 10:29 Ki Aakhri Dastak and unveil the ultimate truth at 10:29 PM from Monday to Saturday.

GURUGRAM, India – August 21, 2024: Samsung, India’s largest consumer electronics brand, on announced the rollout of Irregular Heart Rhythm Notification (IHRN) feature on the Samsung Health Monitor app for Galaxy Watches. The new feature, combined with the app’s existing Blood Pressure and Electrocardiogram (ECG) monitoring capabilities, helps detect heart rhythms suggestive of atrial fibrillation (AFib), offering Galaxy Watch users a more comprehensive understanding of their heart health.

Once activated in the Samsung Health Monitor app, the IHRN feature continuously checks for irregular heart rhythms in the background using the Galaxy Watch’s BioActive Sensor. If a certain number of consecutive measurements are irregular, Galaxy Watch warns the user of potential AFib activity, prompting them to take an ECG using their watch for a more accurate measurement. With the existing Blood Pressure and Heart Rate monitoring, this new feature provides users with even deeper insights into their cardiovascular health.

Cardiovascular disease remains one of the leading causes of death worldwide, and AFib — a type of arrhythmia — is widely considered a warning sign for major cardiovascular issues including an increased risk of stroke, heart failure and other complications. Moreover, many cases of AFib are asymptomatic or even silent, leaving people unaware of their risk.

With the addition of the IHRN feature, Galaxy Watch users can now monitor other crucial aspects of their heart health. Equipped with Samsung’s BioActive Sensor, it offers tools to help users better understand their heart health, including on-demand ECG recording and an HR Alert function that detects abnormally high or low heart rates.

The Irregular Heart Rhythm Notification feature is now available as part of the newly launched Galaxy Watch7 Ultra, Galaxy Watch7 as well as on Galaxy Watch6, Watch5 and Watch4 series.

Galaxy Watch users can simply update the Samsung Health Monitor app on their devices via Galaxy Store and then enable the IHRN feature from the settings menu on the app

Delhi, 21st August 2024: Infinity Learn by Sri Chaitanya, India’s only Hybrid Learning platform delivering outcome-based learning at scale, now enters UAE to elevate academic standards of learners preparing for competitive exams such as NEET and JEE. This step is taken by partnering with Dubai’s renowned Skill Hub Institute.

Infinity Learn’s mission of ‘Empowering Learners’ Progress’ is backed by Sri Chaitanya Institutions Asia’s leading educational group with a legacy of 39 years. The group boasts a promising track record of nurturing top-tier talent.

Leveraging the pedagogy of Sri Chaitanya and driven by the mission of ‘Empowering Learners’ Progress’, Infinity Learn has democratized access to quality education in India since 2021. By adopting AI-powered learning, they have reached learners not only in tier 1 cities but also in tier 2 and 3 cities, breaking barriers and empowering learners nationwide. Their courses have consistently delivered outstanding results, as evidenced by the success in the recent NEET, JEE Main, and JEE Advanced 2024 exams:

•  Secured 3 All India Rank (AIR) 1 positions in NEET 2024, each with perfect 720 scores, and over 40 learners qualified for MBBS courses.
• In JEE Mains, 32 learners scored in the 99th percentile or higher, with 3 achieving ranks in the Top 100.
• Achieved AIR 6 in JEE Advanced 2024 and produced more than 30 learners who qualified for JEE Advanced and entered IITs.
•  Our Patna Test Prep Centre produced the city’s top ranker in the JEE Main 2024 exam. Additionally, it produced an AIR under 100 in JEE Advanced, with 20 learners qualifying for JEE Advanced 2024, and 8 learners scoring 600+ in NEET 2024.

Skill Hub Institute on the other hand, is a venture by Learners University College, which has been providing higher education in the GCC since 2017. It shares the same vision as us – providing the highest quality academic coaching and guidance for learners to realize their full potential. The Institute provides specialized programs catering to a wide range of academic needs, from foundational learning in CBSE and IGCSE to intensive coaching for competitive exams like NEET, JEE, SAT, and IELTS. Their goal is to foster not only academic excellence but also critical thinking and problem-solving skills essential for success in today’s rapidly evolving world.

Ms. Sushma Boppana, Co-founder of Infinity Learn and CEO and Director of Sri Chaitanya Group, expressed her excitement, saying, “We are immensely proud to partner with SkillHub Institute to bring our proven educational methodologies to the UAE. This collaboration is a testament to our commitment to providing quality education beyond borders. By integrating our innovative learning platform with SkillHub’s local expertise and infrastructure, we aim to nurture top rankers in NEET and JEE exams. This partnership is an exciting opportunity to create a lasting impact on learners’ lives, thereby making a mark for ourselves internationally.”

Mr. Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya, added, “Our collaboration with SkillHub Institute marks a pivotal step in our global expansion strategy. We are excited to bring our innovative, AI-powered hybrid (online + classroom program) learning solutions to the UAE, a region ripe with potential for educational advancement. This partnership is not just about extending our reach but also about ensuring ‘Bachcha Seekha Ki Nahi’ and enriching the educational landscape of the UAE. Our mission of achieving learning outcomes will prevail in the UAE, as we walk the path of becoming the leader in Tier 1 college admissions. Supported by SkillHub Institute’s shared vision and infrastructure, I am confident that we can replicate the success we achieved in India in the UAE.”

Commenting on this strategic partnership, Mr. Rejin Rajan, Director – Marketing & Partnerships, SkillHub Institute, said, “Our collaboration with Infinity Learn aims to set new benchmarks in educational excellence in the UAE, particularly in NEET and JEE exam preparation. By integrating Infinity Learn’s proven methods, we are poised to offer unparalleled coaching and produce top rankers in these competitive exams.”

This development represents the solid commitment of SkillHub Institute and Infinity Learn to creating top rankers in NEET and JEE exams through proven pedagogies, expert faculty, and world-class infrastructure.

India, 21st August 2024:  #LivingMyPromise (LMP), a transformative social initiative founded in 2018, has grown by leaps and bounds. From six promisors since its inception, the initiative, led by a cohort of passionate philanthropists, is celebrating a new milestone of 150 Indian promisors within seven years, committing 50% of their wealth to philanthropic causes of their choice. #LivingMyPromise stands out as a noble cause with the majority of its promisors from the upper-middle and middle-income groups, pioneering a new movement in philanthropy and making it accessible to everyone, not just a few billionaires. All it takes is a desire to give back, supplemented by a minimum net worth of 1 Crore, to make this promise.

Billionaires often take the limelight as one of the leading segments contributing to philanthropy. While the top 10% of the global population possesses 76% of the gross wealth, its contribution has been minuscule towards several social causes. In the Indian context, the top 1% of the Indian population holds a 40% share of wealth. The curious case of philanthropy in India is no different from that of the global scenario.

A study conducted by Bain & Company has shed light on the fact that a diverse category of philanthropists in India diverts only 0.08% of their net worth towards philanthropy. #LivingMyPromise fosters a culture of equity by subscribing to the thought that changemakers can come from diverse backgrounds and financial statuses. Unlike the established narrative about the high-net-worth individuals dominating the philanthropy sphere, LMP highlights the extraordinary impact that ordinary individuals can leave on the lived communities.

The initiative is built on the principles of diversity and inclusion. Diversification of contributors has strengthened it as the wealth is being contributed to different causes, widening the scope of developmental areas. While the list of billionaires boasts and celebrates individuals over 40, #LivingMyPromise prides itself on having its youngest promisor in their late 20s, along with the seniormost promisor being 80+.

Gunjan Thaney, Head of #LivingMyPromise, said, “The very gist of philanthropy rests on choice. #LivingMyPromise is an invitation to give privileged citizens a sense of community and belonging in their philanthropic work. More than just an initiative; LMP has now become a growing, vibrant community of like-minded individuals committed to making a meaningful difference in the world. Today, we are a strong community of 150 extraordinary people, who have promised their contributions to causes of their choice. By doing so, they have set the stage for visionary change, making way for a more inclusive and equitable society. Together, we are not just pledging wealth; we are investing in the future of our nation and the well-being of generations to come.”

40% of the #LivingMyPromise’s community is represented by women, many of them independent of their spouses, who have pledged to give away 50% of their hard-earned wealth to fulfil their philanthropic goals. Considered to be the pioneer givers towards causes like health care, education, and nutrition, the initiative reflects how empowered women lead to an empowered society.

The health and education sectors are the top two causes where the promisors are channelling their wealth. With significant women contributors, the initiative acts as a platform to bring forth issues like women’s health, education, and other gender-related issues, nurturing a commitment to champion women’s rights through diverse voices.

Commenting on what inspired her, Rema Subramanian, the 150th Promisor of #LivingMyPromise, said, “We are fortunate to be where we are due to various reasons, including being at the right place, right time and having the right backing/resources. It’s time to pay it forward. The joy of giving is far higher than the joy of self-consumption.”

The initiative is unique in making philanthropy accessible to everyone and contributes towards making a difference. This philanthropic giving not only addresses immediate social needs but also fosters long-term systemic change. By supporting diverse causes and communities, the promisors are helping to bridge socio-economic gaps, empower marginalized groups, and promote social equity. Furthermore, their actions inspire others to embrace a culture of giving, thereby amplifying the overall impact and allowing for real change to take place.