Category business

IDBI Bank has introduced its latest offering of “Special Limited Period Callable FD Offer of 300 Days” with peak rates of 7.55% p.a. This initiative is introduced under the Utsav FD scheme, and caters to customers seeking attractive rates in shorter tenures. Besides this, the existing Utsav FDs for 375 and 444 days continue to offer competitive rates of up to 7.60% p.a. and 7.75% p.a. respectively.

Mumbai, 17th February 2024: NeoGrowth, the MSME-focused digital lender in India, announced its financial results for the third quarter that ended December 31, 2023.

Performance Highlights of Q3FY24 (October – December):

• Asset Under Management (AUM) grew 51% to INR 2,456 crore in Q3 FY24, compared with INR 1629 crore during the same period last year
  Disbursements climbed 39% to INR 672 crore in Q3 FY24
• Gross revenue jumped by 67% to INR 160 crore in Q3 FY24
• Return on Equity (ROE) stood at 13.19%
• Return on Assets (ROA) was at 3.68%
• Operating Costs to Net Revenue improved to 34.19% in Q3 FY24
• Profit Before Tax (PBT) rose to INR 28 crore in Q3 FY24
• For the nine months period (April to December 2023), PBT stood at INR 67 crore
• Net Non-Performing Assets (NNPAs) remained low at 1.42%
• Capital Adequacy (CRAR) stood at 30.69%, above the regulatory requirement of 15%

Mr. Arun Nayyar, Managing Director & CEO, NeoGrowth, said: “Our robust performance in Q3 FY24 is fuelled by our innovative product offerings, deep understanding of the customer segment and strong digital lending capabilities. By combining Digital Public Infrastructure with data science and analytics, we continue to enhance our customer selection and risk management processes. We not only aim to empower countless small businesses nationwide but also constantly strive to simplify lending across the value chain for MSMEs.”

Y-o-Y change in the financial performance

Figure in Crores

Additionally, rating of NeoGrowth has been upgraded by ICRA to [ICRA]BBB+ from [ICRA]BBB.

Beyond the Numbers: Qualitative Metrics

NeoGrowth follows a flow-based lending model and analyses the digital financial transactions of MSMEs to assess their creditworthiness. The company leverages India’s expanding digital payments ecosystem combined with its own robust data and analytics capabilities. NeoGrowth harnesses the existing Digital Public Infrastructure (DPIs), including e-KYC, Account Aggregator framework, DigiLocker, eSign, and UPI. The digital lender’s strong growth is driven by its holistic product suite, robust data-driven underwriting model, deep customer connect, strong data science capabilities, and analytical models across the value chain.

NeoGrowth boasts a robust portfolio of 26,000 active MSME borrowers across 75+ diverse industries and 25+ locations. This translates to more than INR 11,000 crore in loans disbursed and engagement with more than 150,000 MSMEs.

NeoGrowth’s success is further enhanced by the backing of esteemed investors such as Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, 360 One Asset, FMO, and Leapfrog Investments.

Vi, a leading telecom provider, today announced the launch of eSIM services for its prepaid customers in Mumbai, Maharashtra, and Goa. This marks a significant step forward in providing seamless, faster, and eco-friendly connectivity for millions of Indians.

eSIMon a compatible smartphone or smartwatch device will enable greater convenience and flexibility for Vi prepaid customers. Vi users will be able to instantly activate new plans by simply scanning a QR code, allowing them to switch plans in minutes. eSIM supports multiple profiles on a single device, so one can conveniently use a second sim card without removing primary sim. Most importantly, eSIMs are a step towards sustainability and, overall, leads to faster connectivity and seamless adoption of new technologies.

Shailendra Singh, Operations Director, Mumbai, Maharashtra & Goa, Vodafone Idea, said “At Vi, we believe in introducing services and offerings that bring convenience and value for our customers. Embracing eSIM technology not only reflects our ongoing efforts to meet the evolving needs of our customers but also leverages advanced technologies towards a sustainable future. We will soon be launching eSim for our Vi prepaid customers in other markets as well.”

How to get VieSIM on your phone
Existing Customer
● Send an SMS with “eSIM registered email id” to 199 to initiate the process.
● If your email id is valid, you will receive a confirmation SMS. You would need to reply with “ESIMY” to confirm the eSIM change request within 15 mins of receiving the message
● Post your confirmation SMS, you will receive another SMS requesting your consent over the call, failing which the SIM change request will be cancelled
● After providing your consent on the call, you will receive a final SMS regarding the QR Code which you would have received on your registered email id
● After receiving the QR code, users will have to scan the QR code received via email by going to Settings > Mobile Data > Add data plan
● Rename the data plan label for secondary SIM if needed or continue
● Choose the default line (Primary/Secondary) for your device and click Done
● Your eSIM will be activated approximately 2 hours after scanning the QR code

New Customer
● Users can visit their nearest store with their identity proof and facilitate the activation process by using the Smartconnect App, ensuring a smooth and hassle-free experience
● Vi users can either scan the QR code generated at the store or from the email provided during activation
● Additionally, Vi has enabled neo journey, eKYC, and DKYC processes for prepaid subscribers, further streamlining the activation process

Vi eSIM is accessible to iOS and Android users. Below is the list of smartphones that can avail this service:

Vi eSIM service is available to select prepaid customers across India providing customers with nationwide coverage and connectivity. Prepaid customers can update their email ID by sending the SMS ‘Email <space> Email ID’ to 199. After registering their email ID, customers have to wait for 48 hours to avail eSIM service via SMS.”

For more information about Vi eSIM service and its benefits, visit Vi’s official website or contact your nearest ViStore.

New Delhi,17th February 2024 TVS Eurogrip, one of the fastest-growing global brands in 2-wheeler, 3-wheeler, and Off-Highway Tyres, participated in two international expos this week -World AG EXPO in Tulare, California, USA from February 13th to 15th and FIMA AGRICOLA at Feria de Zaragoza, Aragon, Spain from February 13 to 17, 2024.

A wide variety of off-highway and agriculture tyres were displayed at stand no R 35, North Exhibits Hall in World AG EXPO and at stand no E16-18, Hall no 7 in FIMA 2024.

Elaborating about the participation, Mr. S Mathan Babu – Vice President, OHT Sales & Marketing, TVS Eurogrip said, “We are very happy to have participated at AG EXPO – the largest annual expo of its kind and at FIMA which is an international fair of agricultural machinery celebrating its 60th anniversary. These are great platforms to showcase our latest product range and the technology we put behind such world-class products. We are glad these expos have only been getting bigger and better with every passing year. We have had engaging conversations with a plethora of potential partners who visited our stands at both the fairs.”

Prominent off-highway products exhibited at World AG EXPO include 16.9-28 BL09 12PR TL TVS used in Backhoe loader, 12-16.5 ST54 12PR TL TVS for Skid steer, 520/85R38 155D/158A8 AR800 TL TVS for Tractor Radial, 12.5/80-18(320/80-18)BL36 16PR TT TVS for Backhoe loader, 560/60R22.5 FL909 165D TL TVS Agri for Transport Radial, 12.5L-15 SL I 1 12 PR TBL TVS for Implements, 600/50-22.5 FL09 16PR TBL TVS Agri – for Transport Bias,18.4-38 TR45 12PR TL TVS for Tractor Radial, 380/90R46 RC900 165D/168A8 TL TVS for Row Crop Radial, 600/55R26.5 FL900 165D/176A8 TL TVS Agri for Transport Radial and VF 800/65R32 HS3000 184D TL TVS TIGERTRAC for Harvester VF.

AR 600 for Tractor Radial, AR 600 for Tractor Radial, RC 900 for Row Crop Radial, FL 909 for Agri – Transport Radial, FL 909 for Agri – Transport Radial, FL 909 for Agri – Implement VF Radial, FL 900 for Agri – Transport Radial, HS 3000 for Harvester VF, HS 1000 for Harvester STD, TR 36 for Spreader, FL 09 for Agri – Transport Bias, TF 27 for Tractor Front and TR 45 for Tractor Radial were the products displayed at FIMA AGRICOLA 2024.

More than 1200 exhibitors displayed the latest in farm equipment, communications, and technology on 2.6 million square feet of exhibit space at World AG EXPO. There were seminars which focused on a variety of topics important to agribusiness professionals, ranchers, dairy producers, and farmers.

Exhibitors and visitors from all over the world thronged FIMA AGRICOLA 2024 which is one of the most prominent and internationally recognized events in the agricultural sector. Best presentations and professional conferences were also held at FIMA.

Global Unit Case Volume Grew 2% for the Quarter and 2% for the Full Year

Net Revenues Grew 7% for the Quarter and 6% for the Full Year; Organic Revenues (Non-GAAP) Grew 12% for the Quarter and 12% for the Full Year

India Highlights from the global release:

• Consolidated:
  • For the full year, unit case volume grew 2%. Developing and emerging markets grew 2%, driven by growth in India and Brazil, partially offset by the suspension of business in Russia in 2022.
  • Unit case volume grew 2% for the quarter. Developing and emerging markets grew 4%, driven by growth in Brazil and India.
• Asia Pacific:
  • Unit case volume grew 2% for the quarter in the Asia Pacific region, primarily driven by growth in juice, value-added dairy and plant-based beverages and sparkling flavours, led by India and China.
  • For the year, the company gained value share in total NARTD beverages in the Asia Pacific region, led by share gains in India, the Philippines, South Korea, and Japan.
• Company Updates:
  • Building a system that is increasingly positioned for sustainable long-term growth: Our franchise business model has enabled the company to develop a strong global footprint with a local touch in markets around the world. The company continuously works to optimize the system with trusted, capable, and motivated bottling partners allowing it to focus on building and growing consumer-loved brands. Recently, the company completed the refranchising of a portion of its company-owned bottling operations in India to existing franchise bottlers.

Bangalore, 16th February 2024: In line with its commitment to ‘customer-first approach’ and creating awesome buying experience through value added services, Toyota Kirloskar Motor Pvt. Ltd. (Toyota Kirloskar Motor/TKM) today announced the introduction of its “Awesome New Car Delivery Solution”, an initiative to be implemented by TKM’s authorised dealers as a part of their sales process. The new initiative aims at extending vehicle logistic services till delivery touchpoints by eliminating possible drive down of new cars by the Dealer staff to the delivery location. As an industry first, the new initiative will enable Toyota Dealers to transport new vehicles from dealer stockyards to their sales outlets on a flat-bed truck. This will ensure new vehicles to reach the final delivery outlets of the dealerships without driving the new vehicles on road, even in rural and semi-urban locations where last mile logistics pose challenges.

With the launch of the Phase I of this program, customers from 26 states with 130 dealerships, will enjoy this trustworthy and delightful car buying experience at Toyota dealerships. The key highlights include:

1. Peace of mind and awesome delivery experience – Secured transport service to all customer delivery touchpoint
2. No additional cost to be borne by the customer
3. Setting new industry benchmark – Consistent, standardized and trustworthy buying experience to customers nationwide
4. Utmost convenience and care – Flatbed carriers for safe transportation, backed by transit insurance.

Speaking on the initiative, Mr. Sabari Manohar – Vice President, Sales-Service-Used Car Business, Toyota Kirloskar Motor said, “At Toyota Kirloskar Motor, our commitment to customer-centricity is paramount. We consistently strive to innovate, aiming to enrich the end-to-end customer journey for a truly awesome ownership experience. The introduction of the “Awesome New Car Delivery Solution” initiative to be executed by our Dealers exemplifies our unwavering commitment to excellence. Offering movement of new cars from dealer stockyards to dealer showrooms through a carrier service, at no additional cost to the customers, will not only bring peace of mind but will also establish a uniform purchasing experience across all locations by effectively minimizing transit-related issues. As we continue to broaden our focus on providing access to our world-class products and services, we believe this initiative will particularly benefit customers in rural and semi-urban areas, where movement of vehicles large trucks, remains a challenge and new vehicles are often driven to the delivery location by road from Dealer stock yard.

More than just a car delivery program, the “Awesome New Car Delivery Solution” Initiative is about crafting exceptional experiences and delivering enhanced value to our customers by bringing curated solutions.

As a part of the program, dealerships have tied-up with expert logistic company to implement seamless “Awesome New Car Delivery Solution”. This innovative approach involves the utilization of flatbed single car carriers, effectively mitigating the risks associated with transportation of new vehicles and elevating the overall safety and reliability of the vehicle transportation process. Furthermore, to fortify the protection of vehicles during transportation, transit insurance is provided through Insurance Companies. This additional layer of coverage reaffirms utmost dedication in delivering new vehicles to customers in line with enhanced expectation.

Over the years, TKM has strived to improve customer experiences throughout the entire purchase and ownership cycle by implementing timely and relevant initiatives through value-added services that include the newly introduced 5-Years of Complimentary Roadside Assistance Program and specialized schemes, aimed to make the dream of owning a Toyota vehicle a reality, ensuring a joyful ownership experience for our existing customers.

Mumbai, 16th February, 2024: PayNearby, India’s leading branchless banking and digital network has unveiled the Digital Naari platform that aims to generate long-term self-employment for women across Bharat. This program is designed to provide additional income generation opportunities for women in rural and semi-urban areas, recognising their pivotal role as equal contributors in the nation’s growth.

Aligned with the Government’s ‘Lakhpati Didi’ initiative, the platform seeks to onboard and uplift 1 lakh women by the end of 2025, facilitating their economic empowerment. The goal is to help women business owners, single women, and women with literacy challenges to have sustainable livelihood opportunity while enhancing their financial well-being and fostering self-reliance.

Through our Digital Naari platform, the uplifted banker didi can provide a diverse range of financial and digital services to the masses. The banker didi will have the flexibility to offer services at her convenience in terms of time, location (from home/store), and product preferences. Catering to the needs of rural women, the services include cash withdrawal, bank account opening, money transfer, recharge, assurance (insurance + assets), credit, and e-commerce, facilitating their path to financial literacy and financial independence.

Currently, PayNearby has a strong network of over 10,000+ women collectively steering more than INR 1000 crores of transaction annually. The Digital Naari platform aims to broaden this network by partnering with organizations, self-help groups, and individuals dedicated to promoting sustainable livelihood among rural women.

Commenting on the launch, Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “In the journey of a nation’s progress, true advancement is achieved when women stand as equal contributors. At PayNearby, we recognize women as the GDP reserve of our nation, wielding the power to drive social and economic change. It is our privilege to participate in the ‘Lakhpati Didi’ initiative, dedicated to unleashing their potential and contributing to a sustainable future. Our collaborations with various livelihood missions, including Uttar Pradesh State Rural Livelihood Mission (UPSRLM), Rajasthan Grameen Aajeevika Vikas Parishad (Rajeevika), Grameen Foundation India, are propelling countless women towards economic independence and societal recognition through our Digital Naari app. We extend an open invitation to like-minded institutions and self-help groups to join us in maximizing the reach of this initiative and empowering women.”

Jayatri Dasgupta, CMO, PayNearby, stated, “Launching the Digital Naari platform marks a crucial stride in fostering economic empowerment for women across Bharat. We believe that economic empowerment is key to women’s self-reliance and their transformative journey. With ‘Digital Naari’ program we are sowing the seeds of strength, resilience, and self-reliance across the nation by giving every woman in the country a sustainable livelihood and an opportunity to lead life at her own terms. Sashakt Naari, Sashakt Desh.”

16th February 2024: École Ducasse is delighted to announce its partnership with Hectar, a pioneer in the development of new sustainable agricultural models and firmly committed to regenerative agriculture that prioritizes soil conservation. This collaboration is a new step for École Ducasse, which aims to play a pioneering role in the integration of sustainable nutrition into culinary education. 

Forward-thinking training for a sustainable future 

In June 2024, École Ducasse and Hectar will launch a Professional Training course on the theme of “Bringing Biodiversity and Sustainable Food to the Plate“. Hectar is an association dedicated to accelerating the agricultural transition and supporting start-ups in this field across Europe. Hectar also creates initiatives backed by major groups such as Parfums Christian Dior. The two-day professional training course scheduled for 20 and 21 June will enable chefs to better identify the role they need to play in the transition to healthier, more sustainable food and will cover key topics such as soil regeneration, climate issues and the importance of the chef-producer relationship. It will also include an immersive visit to the Hectar pilot farm, as well as conversations with renowned chefs who have initiated new forms of collaboration with producers and implemented self-production “kitchen-garden-chef” approaches.

All École Ducasse Bachelors and career conversion programs will also be enriched with a two-day module on sustainable food. This addition will form an integral part of the healthy and natural cooking module from 2024 onwards and will focus on plant-based cuisine as well as territorial diversity, with an immersive visit to the Hectar pilot farm and talks by experts on the themes of soil regeneration, permaculture and fermentation.

Through this collaboration, École Ducasse and Hectar are committed to training chefs who are not only talented but also involved in a responsible transition towards more sustainable food, keenly aware of their environmental impact as part of their professional practice.

The vision nurtured by Alain Ducasse – Founder École Ducasse, Michelin-starred chef and emblematic figure in the world gastronomy – inspires the spirit of this partnership: “Well-sourced produce is at once good to eat, economically good and good for the planet”.

Elise Masurel, Managing Director École Ducasse, comments: “We are delighted that this long-term partnership with Hectar has come to fruition, as it aligns perfectly with our desire to train civic-minded chefs who must be fully involved in the transition to a sustainable and healthy diet. This partnership is a major step towards a form of gastronomy that respects, celebrates and preserves our planet.”

“Hectar is delighted to be involved in the training of future chefs, as it is important for us to be able to contribute to the dissemination of knowledge in order to foster links between those who work the land and those who enhance its produce”, said Hectar Founder Audrey Bourolleau.

Mumbai, India 15 February 2024: Jon Austin, Co-founder of Supermassive, Sydney Australia, and Kate Stanners, Chairwoman and Global Chief Creative Officer, Saatchi & Saatchi have been appointed as Jury Chair of Branded Content & Entertainment category and Jury Chair of Film Cinema Digital OTT (above 1 min duration) category respectively, at The ABBY One Show Awards 2024.

Jon Austin, Co-founder of Supermassive has been appointed to the Jury of ABBY One Show Awards 2024 to chair the Branded Content & Entertainment category 

Co-founder of Supermassive, Jon is a creative leader whose work has been recognized at every major advertising awards show in the world for PR, entertainment, social and influencer, music, media, and audio. Prior to co-founding Supermassive, Jon was the Executive Creative Director of Host Havas Australia. With over 15 years of work experience, Jon has helped numerous ambitious and iconic brands achieve amazing things. 

With a background in commercial music, which saw Jon playing on stages around the world, his passion for popular culture has helped him accrue far more interesting accolades than the usual industry fare. His creations, a true crime podcast for the AFP, and a Christmas carol charted at #1, with the carol still being taught in NZ schools.

Jon‘s modern contributions to the tourism industry are significant. He launched a world-first gamified model of ecotourism, that has been praised by global policymakers as a tourism game-changer. Jon also created a global brand platform for Tourism Fiji that brought new levels of authenticity and visitors to the islands. A writer of two Gold Albums, Jon has also helped get a five-year overdue release date from George RR Martin for Winds of Winter.

Kate Stanners, Chairwoman and Global Chief Creative Officer of Saatchi & Saatchi joins ABBY One Show Awards 2024 as Jury Chair of Film Cinema Digital OTT (above 1 min duration) category

Kate Stanners is Chairwoman and Global Chief Creative Officer at Saatchi & Saatchi. Having been at Saatchi & Saatchi for 18 years, she has been pivotal in transforming the agency. By harnessing the unreasonable power of creativity, Kate has driven the agency’s spirit of Nothing Is Impossible to deliver impossible outcomes and revolutionize clients’ businesses.

Based at Saatchi & Saatchi’s London headquarters, Kate oversees Saatchi & Saatchi’s creative output, the creative talent of the network, and global clients that include Visa, UBS, Beiersdorf, and Deutsche Telekom to name a few. Prior to Saatchi, Kate was a Founding Partner of the groundbreaking agency, St Lukes in 1995 – famous for its revolutionary working practices, as well as progressive work.

Recognized as one of AdAge’s ‘Women to Watch’, she also sits on the customer experience council of the V&A museum and was honored to be made President of D&AD in 2019. She is a member of WACL, an association for the most influential women in the UK Communications industry.

The Abby One Show Awards 2024 will be held on the 29^th, 30^th, and 31^st of May during Goafest 2024.

For more details on The ABBY Awards, visit https://abbyawards.com/

Bengaluru, 16th February 2024: SBI Life Insurance, one of the most trusted life insurers in the country, continues to reinforce the need for accomplishing one’s aspirations while taking care of familial responsibilities with its #ApneLiye ApnoKe Liye campaign, relayed again this year. The thought is to keep inspiring every Indian consumer to champion the spirit of ‘Responsible Ambition’ and encourage them to explore their own ‘wants’ while securing the ‘needs’ of their loved ones. The campaign continues to underscore the delicate balance between personal aspirations and familial responsibilities thereby inspiring every individual nationwide to adopt a ‘Responsible Ambition’.