Category business

Ashwinder R. Singh, renowned author and real estate expert, has once again captivated industry professionals with his latest release, “Master Residential Real Estate”, a guide for homebuyers and real estate enthusiasts. This comprehensive guidebook equips homebuyers and industry experts with the knowledge and strategies to successfully navigate the dynamic real estate market.

The highly anticipated second book from Ashwinder R. Singh has already made waves in the market, garnering praise from top corporate executives in the Real Estate, Technology, Entertainment, Consulting, and FMCG sectors and aspiring real estate professionals and MBA students.

Ashish Puravankara, Managing Director of Puravanakara Limited, a prominent real estate developer, recognises the success of Singh’s previous book and expresses confidence in the popularity of his latest release. Puravankara states, “Ashwinder’s first book was a huge success, and this second one is sure to be even more popular. The book provides immense practical knowledge and tips, especially for working real estate professionals and students.”

Kulmeet Bawa, President and Managing Director of SAP India subcontinent, shares his enthusiasm for Ashwinder’s real estate book, describing it as an invaluable resource. Bawa remarks, “I am extremely impressed by Ashwinder’s real estate book. It showcases his profound industry knowledge and captivating writing style. This book is a must-read for all real estate investors, and I wholeheartedly endorse it for its practical guidance, unwavering commitment to ethical practices, and its special focus on the role of technology in the residential sector.”

Neeraj Bansal, Co-Head and COO, India Global, Big Four, applauds Singh’s remarkable achievement, acknowledging the positive impact his second book will have on the real estate community. Bansal states, “I applaud Ashwinder on this remarkable achievement and impressed with his second book’s positive impact on the real estate community. I congratulate him for the transformation he is bringing to the industry.”

Amarjit Singh Batra, Managing Director-India, and GM- SAMEA (South Asia, Middle East and Africa), appreciated the book stating, “As a homebuyer myself, I am thrilled to express my sincere admiration for Ashwinder’s real estate book, which I wholeheartedly endorse. The book will undoubtedly enrich every- one’s journey, equipping them with the insights and confidence to make informed decisions in their quest for the perfect home.”

Ashwani Awasthi, Managing Director RICS – South Asia, recognises the expertise displayed throughout “Master Residential Real Estate,” emphasising its value to aspiring real estate students. Awasthi remarks, “Ashwinder’s expertise shines through every page, making his second book, ‘Master Residential Real Estate,’ an essential tool for aspiring professionals in the field. Congratulations on this remarkable achievement!”

Dr. R S Sodhi, Ex Managing Director of GCMMMF LTD (AMUL, 2010-2022) and current President of the Indian Dairy Association, share his perspective on the book. “As a keen observer of the real estate industry, I highly recommend Ashwinder’s real estate book,” he states. “It provides practical insights into understanding RERA, making it accessible for laymen and professionals outside the real estate industry. The book’s incredible knowledge and clarity help navigate the complexities of real estate regulations easily.”

“Through his groundbreaking book, Ashwinder has addressed a significant need in the market. We can see his operating excellence and rich experience reflected in the book ‘Master Residential Real Estate’. This is truly an indispensable guide for all those seeking success in the residential sector,” said Mr. Ramesh Nair, CEO India & MD- Market Development, Asia at Colliers, appreciating the book.

Pune, 23rd June 2023: Fibe (formerly known as EarlySalary), one of India’s leading personal loan apps, just unveiled its newest commercial campaign, featuring Tahir Raj Bhasin. To connect with today’s young generation and spread the reach of its financial services across the country, the actor was appointed as the brand ambassador of Fibe in 2022.

The campaign highlights Fibe’s personal loan offering as a quick and easy solution for all your big and small life upgrades. It builds on the success of the previous brand film #PaiseWaliVibe, featuring Tahir discovering Fibe’s offerings to fuel all his larger-than-life upgrades. In the new films, he realises that many people use immediate cash to fulfil their everyday needs. The joyful tone of the brand is present in the films, which highlight a variety of relatable situations that young millennials and GenZs encounter as well as how personal loans may improve people’s lives. It has three different ads that demonstrate how easy it is to use Fibe to pay for a weekend getaway, a 65-inch TV for the family, or a new phone for oneself. Thus, affirming the company’s claim to give customers immediate cash with no questions asked. VeryBusyPeople is the creative team behind these advertisements.

The #PaiseWaliVibe campaign, which started in October 2022, had a significant impact by reaching 5 crore new customers and serving 14 crore impressions. This time again, Fibe is targeting various digital platforms, including Facebook, LinkedIn, Twitter, Instagram, and OTT platforms. The campaign will also be featured on Fibe’s affiliate partner websites and aggregator platforms to reach a wide audience.

Speaking on the launch Mr. Sudesh Shetty, Founding Member and Director – Marketing, Fibe said, “The first #PaiseWaliVibe campaign highlighted the brand as a hassle-free solution for any credit need, no questions asked with a series of larger-than-life scenarios. While we continue to reiterate the promise in the second campaign, we do so by showcasing various real-life aspirations of millennials & GenZs and how Fibe’s personal loan can help fulfil them, with a touch of delightful humour.”

Speaking about the new campaign with the brand, Tahir Raj Bhasin said, “After witnessing a positive response to the first campaign, I am thrilled to be a part of Fibe’s second set of campaigns. It’s heartening to be associated with a brand that is committed to empowering people and transforming their financial journeys. We are excited to showcase the power of Fibe’s offerings in fulfilling the diverse aspirations of young individuals, making their aspirations truly attainable, Fibe has recently rebranded from EarlySalary as a testament to its effort to provide a hassle-free financing experience to its consumers. The name signifies a step towards embracing a superior customer-centric approach, placing an exceptional customer experience at the heart of its business model.”

23rd June 2023 CortevaAgriscience®, a global pure-play agriculture company,has launchedNovlect™an herbicide for controlling a wide range of broadleaf, grassy weeds, and hard-to-kill species of weeds in rice fields.

Novlect™ rice herbicide’s unique combination of Rinskor® active has proven very beneficial in effective weed management including Direct Seeded Rice (DSR). It has a favorable toxicology and ecotoxicology profile which benefits soil health and the environment. Its advanced formulation allows for easy handling, mixing, and application, makingNovlect™ a distinctive product that performs effectively across variable weather conditions and water management environments. The product effectively controls weeds that are resistant to ALS (Acetolactate synthase), ACCase(Acetyl- coenzyme A carboxylase), and HPPD(Hydroxyphenylpyruvate dioxygenase) HPPD inhibitor herbicides as well.

Sharing his experience on the results of using Novlect™ in his field, Mr. Shankar Nannilam, a rice farmer fromThiruvarur, Tamil Nadu said, “Weeds are the biggest problem in my rice fields. I have used several combinations of herbicides in the past, but never got the desirable result. However, after using Novlect™, I noticed excellent weed control and a clean, healthy rice field”.

Speaking on the company’s commitment to bring sustainable and innovative agricultural products to India, Mr.Ravinder Balain, President – South Asia, Corteva Agriscience® said, “Farmers are looking for modern solutions to address their challenges and improve productivity. It has been our endeavour to provide advanced crop protection technologies that will help farmers meet this goal.Novlect™ is our latest technology for effective management of crop productivity, hindering weed and providing farmers with long-term, eco-friendly control in rice cultivation”.

Highlighting the challenges in weed management in DSR, Dr P MuraliArthanari, a renowned Weed Scientist from TNAU, Coimbatore said, “Herbicide resistance is one of the biggest issues faced by Indian farmers who grow rice. Novlect™ which contains Rinskor® active is the latest technology that will deter resistance development and controls major weeds, including the tough ones like Leptochloa and Cyperus very effectively.”

Corteva Agriscience® is committed to helping farmers adopt sustainable and holistic agronomic practices. With innovation at its core, Corteva® believes in enriching the lives of farmers ensuring progress for generations to come. Corteva creates solutions that deliver high-quality yields and long-term sustainability for farmers’ prosperity.

Mumbai,23rd June 2023 Mumbai-based Drone maker ideaForge Technology is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (“UAS”) market, with a market share of approximately 50% in fiscal 2022 has fixed the price band at ₹638 to ₹672 per Equity Share for its maiden public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Monday, 26 June, 2023, for subscription and closes on Thursday, 29 June, 2023. Investors can bid for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter.

The public issue with a face value of Rs 10 per equity share comprises of Rs 240 crore of fresh issue and an offer for sale of 4,869,712 equity shares. The offer also includes a reservation for a subscription by eligible employees.

On June 15, 2023, the company, in consultation with the lead bankers to the issue, raised Rs 60 crore in a Pre-IPO placement from institutional investors, including Tata AIG General Insurance, 360 ONE Special Opportunities Fund- Series 9 and 10, Motilal Oswal Midcap Fund, and Think Investments PCC, a foreign institutional investor.

The proceeds from its fresh issuance to the tune of Rs. 50 crore will be utilised for repayment / prepayment of certain indebtedness availed by the Company, Rs 135 towards funding working capital gap, Rs 40 crore for investment in product development and general corporate purposes.

The Company through its IPO will fetch Rs 550.69 crore – Rs 567.24 crore at the lower and upper end of the price band.

ideaForge Technology has been backed by several marquee ventures and private equity investors including Qualcomm Asia, Infosys, and Celesta Capital. Mathew Cyriac backed Florintree Enterprises is the single largest shareholder in the company with approximately 11.85% stake had invested in the company in April 2022.

The Mumbai-based company had the largest operational deployment of indigenous UAVs across India, with its drone manufactured taking off every five minutes on average for surveillance and mapping. It is one of the few original equipment manufacturers (“OEMs”) in the world that have its own exclusive autopilot sub-system and ground control software and takes full integration of its payloads, communication system and packaging.

Founded in 2007 and led by first-generation entrepreneurs, ideaForge has a first-mover advange and primarily caters to customers with applications for surveillance, mapping and surveying. Its customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments besides other civil customers.

Having more than a decade of experience in operationalizing UAVs, it is one of the first few companies in India to enter the UAV market and stands 7th globally in the dual use category i.e civil and defence as per the report published by Drone Industry Insights in December 2022. It plans to expand its offerings and operations to Bangladesh, Vietnam and Nepal

The Company was incubated by the Society for Innovation and Entrepreneurship (“SINE”), IIT Bombay and subsequently by CIIE Initiatives, IIM Ahmedabad. As on June 17,2023 it had 25 patents granted and 37 patents pending.

ideaForge had an outstanding order book of Rs 192.27 crore as on March 31, 2023.

The drones ideaForge currently manufactures Middle Mile drones which are differentiated basis weight, endurance, take off altitude range, communication range as well as the kind of payload it is supposed to carry. Switch UAV, Netra V4+ and V4 PRO UAV, Q6 UAV, Ninja UAV, Q4i UAV, and Ryno UAV are examples of ideaForge drones that are rugged unmanned aerial vehicles (UAVs) that have been tested in extreme weather conditions and high altitudes across India from deserts to glaciers and offers the highest technical life of 2,000+ landings. It plans to expand its product portfolio to Tactical UAVs and Last Mile Logistic drone too.

Comparing the last 2 fiscals, its revenue from operations increased by 16.66% from ₹159.44 crore in the Fiscal 2022 to ₹186.01 crore in the Fiscal 2023, whereas profit after tax stood at Rs 31.99 crore in Fiscal 2023.

JM Financial Limited and IIFL Securities Limited are the book running lead managers and Link Intime India Private Limited is the registrar for the issue.

Notes for Reference :

Issue Size of the IPO based on the upper and lower end of the price band

Hyderabad, 23rd June 2023.…. Impetus, an innovative conclave aimed at driving digital transformation and empowering industries will be hosted jointly by FTCCI and HYSEA, the leaders in their domain. It will be held in the city at HICC on 23rd June, Friday.

Manisha Saboo, President HYSEA; and Anil Agarwal, President FTCCI, will drive this initiative “Impetus”.

Mr. Mr. SGK Kishore, Executive Director (South) and Chief Innovation Officer – GMR Airports at GMR Group, (Ex. IAS), will grace the event as the chief guest.

Other experts who delve into the theme during one full-day program are K. Mohan Raju, CEO, of Informatics India, Chairman-ICT Committee; J.A. Chowdary, Founder, ISF, and former Special Chief Secretary & IT Advisor to Chief Minister of Andhra Pradesh; V. Laxmikanth (VLK), Managing Partner, Pavestone Capital; Anuradha A, Executive Partner, IBM Consulting; Kiran Kuchimanchi, President-Digital, Cigniti; Mr. Sunil Mehta, GM, e-F@ctory Strategic Planning, Mitsubishi Electric India, Chandra Balani, Head, Global Enterprise, AWS India and others.

Four different tracks are planned on a few focused industries which include Agri-tech, Food Processing, Manufacturing and Pharma and Healthcare industries

The theme will focus on ‘Unlocking the Potential by Adapting and Accelerating Digital Transformation & Digital Innovation”.

The Panel Discussion on digital transformation in the industry will explore the impact of digital transformation on various industries and the adoption of technologies like AI, IoT and Data Analytics.

A fireside chat is also planned at the end with a celebrity start-up founder- Mr. Raja Gayam, Chief Executive Officer, Biliti Electrics.

Several success stories will be shared by industry experts in between the panel discussion on various industries.

In conjunction with the program, an expo is also scheduled to explore digital
solutions by participating delegates.

It will be a distinguished gathering of over 250 industry leaders, government officials, and technology enthusiasts. It will be a platform for meaningful networking and knowledge sharing.

India, 22nd June 2023– SafEarth, India’s largest technology platform for adoption of renewable energy has today announced the successful completion of its recent funding round of INR 35 Million. The funding was led by Anthill Ventures, Third Derivative and Mumbai Angels. This investment will fuel SafEarth’s product development initiatives and support its expansion into new industrial belts across the country.

SafEarth has distinguished itself by helping industries reduce their carbon emissions by shifting from thermal power to solar energy at scale. With over 100 completed industrial solar projects and a deployed capacity of 171MW, SafEarth has enabled the saving of over 300,000 tonnes of carbon emissions. Collaborating with renowned companies like Toyota Technopark, Everest Industries, Ather Energy, and Mondelez India, SafEarth has facilitated extraordinary savings of Rs 50 crore above industry averages during the transition to solar energy. Moreover, the platform has generated business worth over Rs 800 crores for solar installers.

SafEarth’s marketplace streamlines clean energy procurement process for industries, reducing time by 50%, cost by 10%, and errors to zero, resulting in over 20% increased project returns. Then, their project management automation tool, Solar Flow, ensures efficient implementation and quality assurance. Furthermore, Solar Flow monitors electricity consumption in real-time, offering recommendations for reducing costs and achieving sustainable long-term savings. SafEarth’s capabilities empower industries to embrace solar energy and drive environmental sustainability.

The company offers a comprehensive suite of products powered by their advanced tech stack. The platform uses data driven insights to map out an industry’s electricity consumption and design the perfect solar plant to optimise its energy usage. SafEarth then implements these projects through a network of pre-screened execution partners. Their Solar Flow tool ensures flawless execution of projects, resulting in a 0% failure rate and helping them exceed generation guarantees. SafEarth then monitors their client’s energy consumption in real time to enable continuous optimization, empowering businesses to achieve significant energy savings, reduce carbon emissions, and contribute to a sustainable future. SafEarth’s innovative tech stack drives impactful solutions for a cleaner environment.

Harshit Poddar, Co-Founder, SafEarth emphasized the importance of their platform’s effectiveness, which played a significant role in attracting investors. He stated, ” Through our advanced tech stack and comprehensive suite of products, SafEarth is driving the transition to sustainable energy sources and helping industries reduce their carbon emissions at scale. The recent funding round not only validates our mission but also empowers us to accelerate product development and expand our reach to new industrial belts across India. Together, we can build a cleaner and more sustainable future.”

Gruhas ASPIRE, a leading proptech accelerator led by Gruhas Fund, DLF Family Office, and Anthill Ventures have played a crucial role in SafEarth’s journey. Through the accelerator program, SafEarth was able to access valuable resources, mentorship, and industry connections, accelerating its growth and market reach.

Sailesh Sigatapu, Partner, Anthill Ventures expressed his satisfaction with SafEarth’s progress, stating, “We are delighted to congratulate SafEarth on their exceptional journey and to witness their tremendous growth and impact. SafEarth’s selection as our first cohort of Gruhas ASPIRE program underscores the significance of our accelerator program in nurturing and supporting ground breaking startups. We are excited to witness SafEarth’s continued success and are confident that their achievements will inspire and motivate future cohorts in the Gruhas ASPIRE program to create meaningful and sustainable change in the proptech landscape.

Nandini Mansinghka, CEO, Mumbai Angels said “With this funding round, SafEarth moves one step further into cementing its place as India’s largest tech platform for solar power adoption. We congratulate the dynamic team at SafEarth and hope that they continue the good work of helping industries to optimize energy consumption and transition to clean, renewable power.”

The recent funding round will propel SafEarth’s product development and expand its reach among industries, accelerating their transition to sustainable energy sources. With its integrated platform for solar projects covering engineering, procurement, execution, and financing support, SafEarth has already gained a significant market share, securing 6.67% in the C&I Rooftop Solar space and 5% in India’s overall distributed solar market. SafEarth’s mid-term goal is to facilitate the reduction of one million tonnes of annual carbon emissions through over 1GW of solar projects in the next two years. This funding will play a crucial role in achieving this milestone and empowering industries to reduce one billion tonnes of CO2 equivalent by 2030.

22nd June 2023  – WorkIndia, a leading tech-enabled platform for blue-collar recruitment, has conducted a comprehensive survey on pay parity within the blue-collar industry, shedding light on striking disparities between genders and comparing them to the white-collar sector. The findings expose significant variations in average salaries, with women experiencing a concerning pay gap. WorkIndia is committed to addressing these inequalities and championing fair compensation practices across all industries.

The survey, which encompassed 1,001 blue-collar workers from diverse sectors such as Telecalling, Real Estate, Hospitality, Healthcare, Retail, and E-commerce, offers compelling insights into pay parity dynamics. Of the participants, 48% were female, while 52% were male. The sample size represented a wide range of age groups, with 50% falling between 18 to 25 years, and a mere 3% above 45 years.

Analysis of the data revealed that a majority of manual workers (61%) were male, while 62% of females were engaged in technical occupations, emphasizing distinct occupational preferences within the blue-collar industry.

The survey findings indicate that 58% of participants believed there is existing pay discrimination, both in terms of gender and when compared to the white-collar industry. Notably, a majority of 54% of women reported having personally witnessed pay discrimination due to their gender. Intriguingly, 61% of men acknowledged the existence of pay disparities among blue-collar and white-collar workers, as well as within gender categories.

The study further revealed that 47% of survey participants had negotiated for salary and benefits before joining a company, with 43% of them successfully attaining their desired outcomes through these negotiations.

In terms of average salaries, blue-collar workers earn an average of Rs. 17,080 per month, while their white-collar counterparts secure higher average salaries ranging from Rs. 25,000 to 35,000. These figures underscore the significant wage gap that persists between the two sectors. Similarly, the average salary for men in the blue-collar industry is Rs. 18,612, whereas women receive an average salary of Rs. 15,410. This highlights a substantial difference of 17.2% in earnings between men and women.

Mr. Nilesh Dungarwal, Co-Founder and CEO of WorkIndia, expressed his thoughts on the findings, stating, “WorkIndia is dedicated to fostering fairness and equal opportunities in the workplace. The survey results highlight the urgent need to address pay parity disparities in the blue-collar industry, not only in terms of gender but also when compared to the white-collar sector. We remain committed to working closely with employers, policymakers, and industry stakeholders to drive positive change and ensure that all workers receive equitable compensation for their efforts.”

Of noteworthy significance, the survey findings indicate that participants from Delhi constituted the largest group who acknowledged the existence of pay parity due to gender discrimination followed by Mumbai, Bangalore, and Pune. Cities like Chennai and Kolkata showcased the least belief in the same, reflecting regional variations in awareness regarding this issue.

As a technology-driven employment solutions platform, WorkIndia endeavors to bridge the pay parity gap by promoting transparency, accessibility, and opportunities for blue-collar workers. Through its user-friendly mobile application and web platform, WorkIndia empowers job seekers while enabling employers to make informed hiring decisions, ultimately striving for a more inclusive and equitable workforce.

Unlock the secret to radiant, youthful skin with Laneige’s Radian-C range. Infused with a potent blend of super berry complex, niacinamide, and vitamin C, this skincare line is a game-changer for users of all skin types. Say goodbye to dullness and hello to a vibrant, glowing complexion. What sets this range apart is its hypoallergenic formula, carefully crafted to be safe even for those with sensitive and troubled skin. With Laneige’s Radian-C range, you can finally achieve the radiant, youthful skin you’ve always dreamed of, without compromising on skin health. Get ready to experience a transformation like never before.

LANEIGE Radian-C Advanced Effector

Laniege Radian-C Advanced Effector is meant to be the first step in your skincare routine to prep your skin for achieving greater results. This vitamin booster with 94% super berry complex and vitamins intensely boost antioxidation effects on the skin. It is Infused with super berry complex, niacinamide, and vitamin C. This product helps one achieve bright and radiant skin.

Price : INR 3040 (150ml)

Laneige Radian-C Sun Cream Cream SPF 50+ PA++++

Laneige Radian-C Sun Cream Cream SPF 50+ PA++++ is a brightening sunscreen that contains vitamin C derivatives to powerfully protect against UV rays and Metasolv™Refreshing and moist sunscreen with a lightweight Airy Formula to be reapplied multiple times.This sunscreen is formulated in such a way that gives the advantages of both Organic and Inorganic Sunscreens.

Price : INR 2000 (50ml)

LANEIGE Radian-C Cream

LANEIGE Radian-C Cream is a cream that is infused with vitamin C, vitamin E and melasolv which helps to even skin tone and stimulate cell regeneration.Regular application of the product will help achieve smooth and radiant looking complexion. Application over time of Laneige’s Radian- C Cream.Aids in eliminating dullness and blemishes and helps suppress melanin production.

Price : INR 2300 (30ml)

[Amersfoort, 22nd June 2023]  — CLEVR, a leading provider of low code and PLM software solutions is excited to announce a partnership with Kongsberg Maritime, a global technology leader in the maritime industry. The collaboration between CLEVR and Kongsberg Maritime aims to accelerate Kongsberg Maritime’s internal digital transformation journey.

This recent partnership showcases Kongsberg Maritime’s trust in CLEVR’s expertise and advanced software solutions. CLEVR will support the company to further developing a key internal tool for digital workflows. Implementing a comprehensive digitalization roadmap will be a key part of the deliveries from CLEVR. Over the next years, CLEVR will provide its services to support Kongsberg Maritime in the digital transformation of their internal workflow and processes.

As a strategic partner of Kongsberg Maritime, CLEVR will contribute its deep industry knowledge and technical expertise to further realize Kongsberg Maritime’s digitalization roadmap. Leveraging their extensive experience in PLM software solutions, CLEVR provides valuable insights, guidance, and best practices to develop our customer’s operations.

Magnus Normann, CRO at CLEVR, expressed excitement about the partnership, stating, “Kongsberg Maritime’s decision to partner with CLEVR is a testament to our commitment to delivering exceptional value and becoming a true strategic partner to our customers. We look forward to embarking on this transformative journey together, empowering Kongsberg Maritime with our state-of-the-art software solutions and strategic counsel.”

By harnessing PLM software solutions, Kongsberg Maritime will unlock new levels of operational efficiency, streamline processes, and enhance collaboration across their entire value chain.

IFU has invested DKK 200 million in UGRO Capital, which is a lending platform for small businesses in India. The investment will assist UGRO Capital in growing their business and increase focus on providing lending that supports the green transition. The investment is made on behalf of the Danish SDG Investment Fund, which is backed by large Danish pension funds and private investors.

Micro, Small and Medium Businesses (MSME) are one of the strongest drivers of economic development, innovation and employment. Access to finance is frequently identified as a critical barrier to growth for MSMEs. UGRO capital is an Indian lending platform for small businesses that need funding to develop their businesses creating economic growth and new job opportunities for people. The company has close to 46,000 customers, a total loan portfolio of DKK 5.1 billion, more than 1,700 employees and 98 branches.

“UGRO Capital was envisaged to be built as India’s largest small business financing platform, combining the power of Data & Tech, and was uniquely created as India’s first listed startup in 2018. This is our second equity capital raise since inception, and we intend to gain 1% market share with 1 million small businesses. It has been our endeavour to change the life of small businesses, and having a global development financial institution like IFU as a partner is helping us achieve our mission at an accelerated pace,” said Mr. Shachindra Nath, Vice Chairman and Managing Director, UGRO Capital.

“We are very pleased to become investor in UGRO Capital, which we believe is a well driven and technologically advanced financial institution having a solid impact by providing business loans to smaller businesses in India,” said Deepa Hingorani, Senior Vice President in IFU.

Focus on climate financing

IFU is investing DKK 200 million in share capital assisting UGRO Capital in growing their business and increasing impacts that so far have supported more than 300,000 jobs. As part of the investment, it has been agreed to develop and implement a climate finance strategy framework as well as climate-related loan products that will support the green transition.

“One of IFU’s main strategic goals is to assist countries and companies in building green and inclusive societies that will reduce greenhouse gas emissions and improve resilience towards climate change. By developing a climate finance strategy as part of our investment in UGRO Capital, we are introducing a new set of instruments that will improve the opportunities for smaller businesses in greening their operations and supporting the green transition in India,” said Rohit Goyal, Investment Director in IFU.

Invested in more than 100 companies in India

The investment is also in line with the green strategic partnership between India and Denmark that was signed by Prime Minister Modi and Prime Minister Mette Frederiksen two years ago. On that backdrop, IFU has received additional funds to invest in climate-related and green projects in India.

“IFU has invested in more than 100 companies in India, and we have a prioritised sector approach towards renewable energy and green infrastructure, financial services, healthcare as well as sustainable food with current investments representing all sectors in India. India is expected to continue being a significant investment destination for IFU in the coming years,” said Deepa Hingorani.

The investment is made on behalf of the Danish SDG Investment Fund, which is a DKK 5 billion public-private partnership backed by large Danish pension funds and private investors.