Tag Khadim Batti

Quote of Mr Tapan Ray, MD and Group CEO, GIFT City, on the Union Budget 2024-2025

“The Union Budget 2024 brings significant developments for GIFT IFSC. The announcement of a tax-efficient regime for retail funds and ETFs will create new business opportunities for asset management companies in GIFT City. This move is expected to attract investments from NRIs and foreign retail investors into India. We thank the Union government for its continued support in helping GIFT City become a truly vibrant global financial centre.”

Budget Quote by Siddarth Bhamre, Head of Research at Asit C Mehta Investment Interrmediates Ltd (brokerage firm)

The budget is economy-centric and especially targets grassroots issues like employment and rural economic stress. Multiple direct and indirect schemes and announcements will target the upliftment of the poor, women, youth, and farmers. The finance minister has made this budget to enhance employment, increase skill sets, ease business for MSMEs, and provide tax measures for the middle class. From the capital markets point of view, it would be slightly disappointing as far as taxation is concerned. The economic measures announced are the need of the hour for rural employment and reduce stress in the MSME space. This budget has targeted the pain points in the economy.

This budget focuses on the rural economy, employment, and MSMEs. The biggest beneficiary from a stock market perspective will be consumption space especially FMCG and Auto (2-wheelers)

Quote from Mohan Ramaswamy, CEO and Co-Founder of Rubix Data Sciences

“We applaud the initiatives announced in Budget 2024 aimed at strengthening the backbone of the Indian economy – Micro, Small, and Medium Enterprises (MSMEs). These measures hold immense promise for improving MSMEs’ access to credit, a critical factor for their growth and sustainability.

The new credit assessment model based on digital footprint scoring is particularly exciting. Traditional methods, relying solely on assets or turnover, often overlook the potential of promising MSMEs. A digital footprint-based model has the potential to be a game-changer, providing a more holistic view of an MSME’s creditworthiness and enabling fairer access to finance.

The increased loan amount under the Mudra scheme (up to ₹20 lakh) and the credit guarantee scheme for purchasing machinery and equipment are welcome steps. These initiatives will ease the financial burden on MSMEs, allowing them to invest in critical equipment and fostering growth and innovation.

Reducing the turnover threshold for mandatory onboarding on the TReDS platform will enhance access to faster payments for MSMEs, improving their cash flow and operational efficiency.

Overall, Budget 2024 demonstrates a strong commitment to empowering MSMEs. Leveraging data-driven solutions can significantly contribute to this critical national agenda. We look forward to collaborating with the government, financial institutions, and MSMEs to build a more vibrant and credit-inclusive ecosystem that fuels the growth of the Indian economy.”

QUOTE ON WOMEN ENTREPRENEURSHIP | Jaya Mehrotra, Founder, Women Leadership Circle, Leadership & Executive Coach

I applaud the decision to prioritize employment, skilling, and MSMEs. Setting up hostels and forging partnerships for women-specific skilling programs are pivotal steps in dismantling barriers and fostering inclusive growth.

This budget not only reflects a forward-thinking approach but also a profound understanding of the structural changes needed to empower women. By investing in these initiatives, we are paving the way for a more equitable and dynamic workforce, where every woman has the opportunity to thrive and lead. As part of an organisation working towards empowering women in the workforce, I am eager to collaborate on these transformative efforts and support the realization of this vision.

Quote by Khadim Batti, Co-Founder & CEO, Whatfix

“The Union Budget 2024 is a significant step forward for the tech and startup ecosystem. Its pro-development stance directly addresses key industry expectations. We applaud the government’s progressive vision to foster a more dynamic and innovative startup landscape across the nation.

The abolition of the Angel Tax is a critical move, providing much-needed relief to startups during the funding winter. Simplifying FDI and overseas investment rules, along with promoting the Indian rupee for global transactions, will further bolster investor confidence.

We are thrilled to see the startup ecosystem’s expectations realized with the revised ESOP taxation structure. This change will incentivize talent retention and significantly boost employee morale. Streamlined regulations, transfer pricing, and employment procedures will create a more conducive environment for businesses to thrive.

We are particularly impressed by the government’s strategic focus on human capital development. The proposed skilling of 20 lakh youth and the upgrade of 1,000 industry training institutes are pivotal steps towards creating a future-ready workforce. By aligning education with emerging technologies and industry demands, the budget positions India to become a global talent hub. This strategic investment will undoubtedly catalyze job creation, drive economic growth, and strengthen India’s position in the global value chain.

Overall, this budget reinforces our belief in India’s potential to become a $7 trillion economy by 2030. The Indian SaaS industry is well-positioned to flourish under these supportive policies. We are excited to contribute to India’s digital transformation and global leadership.”

Quote by – Mr Ratish Pandey, Business Coach and Founder, Ethique Advisory

The expansion of the credit guarantee scheme for manufacturing sector MSMEs is a welcome step. It will enable MSME players to invest in plant and machinery, thereby enhancing their capacity for further growth.

The emphasis on employment and skill development will greatly benefit MSMEs by enabling them to hire more ‘employable’ individuals. The support for internships, along with the financial assistance for EPFO costs for new employees, will encourage the inclusion of more workers into formal employment structures.

Start-up Sector

The removal of Angel tax is a huge step for the Startup sector. It will help boost investment in the startup sector.

15/07/2024- As India prepares for the upcoming Union Budget 2024, set to be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on July 23, industry leaders, economists, and policymakers are sharing their insights and expectations. This highly anticipated budget has sectors across the board hopeful for beneficial outcomes. Pre-budget expectations are pouring in, with various industries outlining their demands and aspirations. Stakeholders are keenly watching to see how the budget will address key economic challenges, stimulate growth, and support sustainable development. As the budget unfolds, the nation anticipates strategic measures that will drive progress and prosperity in the financial year 2024-25.

Comments By Industry Leaders:

Akshat Seth, Managing Director & CEO at HIL Ltd.

“The Government, in recent years, has strongly focused on an investment-led growth strategy, resulting in the development of quality infrastructure in the country. In the budget for 2023-24, the capital expenditure outlay of Rs. 10 lakh crore was nearly three times the outlay in 2019-20. Despite fiscal challenges, the Government has remained committed to infrastructure spending, allocating ₹11.1 lakh crore in the Interim Budget for 2024-25, up 11% from the previous year. This continued focus on infrastructure and productivity-oriented capacity has had a significant multiplier effect on economic growth and employment generation. Considering the success of recent years, we expect the Government to sustain the push towards investments in housing, highways, and rail corridors. This will augment long-term income growth and sustain demand for home and building materials in the country and also promote innovation in the industry. We strongly believe this will catalyze advancements in construction materials, sustainable practices, and employment generation.”

Devyani Jaipuria, Pro– Vice Chairperson- DPS International Gurugram, DPS Sector 45 Gurugram & DPS Jaipur.

“Given the current economic climate and the urgent need for educational reform, we eagerly anticipate the upcoming budget to prioritize substantial increases in funding for education. We strongly advocate for the government to aim for a significant allocation boost, particularly for higher education institutions. Enhancing infrastructure, bolstering research capabilities, and ensuring overall educational quality are critical for our nation’s growth trajectory. We hope to see a commitment towards achieving an adequate allocation of GDP to education, paving the way for transformative reforms and the establishment of new educational institutions, especially in the K-12 segment.”

Khadim Batti, Co-Founder & CEO, Whatfix:

“India’s booming SaaS industry, fueled by the startup ecosystem, is a key driver of digitalization and has high expectations from the upcoming Union Budget 2024. Streamlining regulations, tax benefits for early-stage companies, and easier access to capital are anticipated by the industry. Robust digital infrastructure with high-speed internet and data centers are also critical for SaaS operations, and continued investment is essential to bolster the ecosystem.

Beyond infrastructure, talent acquisition and development are paramount. The budget should prioritize the expansion of the angel tax to foreign investors, as foreign investment is a significant driver of growth and innovation. We also expect revision in the ESOP taxation structure to reduce the burden on employees who exercise stock options, thereby attracting and retaining top talent. Additionally, aligning Long-Term Capital Gains (LTCG) tax treatment for unlisted companies (including both ESOPs and equity investments) with that of public companies would also incentivize greater investment in startups.

A significantly larger dedicated fund specifically for AI and other frontier technologies is critical. This ecosystem holds the key to propelling India towards its aspired $7 trillion economy by 2030. Incentives for adopting advanced technologies like AI and IoT are also advocated for, as they are vital for boosting efficiency and global competitiveness.

Skilling the workforce remains a top priority. The current gap in qualified AI professionals necessitates government initiatives to bridge the tech skill gap and encourage industry-academia collaboration. Prioritizing AI research empowers youth for a productive future in the 21st-century economy. Further investment in Skill India Digital can enhance workforce capabilities, fostering innovation in emerging technology and keeping India competitive globally.

I am confident that India can lead the global digital economy by fostering a robust digital ecosystem, enhancing the ease of doing business, and promoting continuous learning and innovation. By addressing these expectations, the budget can empower the Indian SaaS industry to become a global leader in innovation and solidify India’s position as a digital frontrunner.”

Bangalore, India, February 16, 2024 — Whatfix, the global leader among digital adoption platforms (DAP), today announced the launch of yet another new product called Mirror, which is set to revolutionize systems training and product showcasing.

Mirror creates hyper-realistic and interactive replicas of web applications for immersive training and product demonstrations without any of the risks of live system engagement. IT departments will cut down significant infrastructure and manpower costs associated with maintaining additional application environments. Several large enterprises, including Fortune 500 companies, have realized value during the initial trials of Mirror, which is slated for Beta release in Q2’24.

“Whatfix remains dedicated to improving user experiences, and with the launch of Mirror, we not only added a cutting-edge product line to our portfolio but also strengthened our position in Digital Adoption Platforms (DAP) and Analytics. This expansion underscores our commitment to revolutionizing user experiences, reducing costs, and accelerating the return on investment for digital transformations, said Khadim Batti, Whatfix CEO and co-founder.”

“I’d best describe the University of Oxford’s partnership with Whatfix as a transformative journey, with its Digital Adoption Platform (DAP) as a cornerstone of our digital strategy,” said David Evans, Instructional Designer and IT Trainer at the University of Oxford. “Beyond the DAP solution, Whatfix has been a catalyst for innovation, simplifying complex processes and empowering teams for seamless navigation in the digital landscape. Whatfix’s user-centric approach perfectly aligns with the University of Oxford’s commitment to delivering exceptional customer experiences. Our experience with Whatfix has been a game-changer, reshaping how we navigate technology, ensuring smooth transitions, and serving as the secret sauce to our digital success.”

2023 Highlights of Whatfix’s achievements:

Turbocharged Growth and Expansion

Whatfix registered a second year of top decile Year-over-Year (YoY) 45% growth in Annual Recurring Revenue (ARR) and a substantial 35% YoY increase in new revenue generated from existing customers. The company celebrated the successful closure of six deals exceeding $1 million, underscoring the need for organization-wide DAP implementations in large enterprises. A 40% surge in the Average Revenue Per Account, affirmed the increasing trust of existing customers. Further, 45% of customers chose to expand their engagement with Whatfix, showcasing the platform’s enduring value and positive impact on user experience. The company added nine Fortune 500 companies, taking the number to 79, and saw a notable influx of 168 new customers, including Schindler Elevator Corporation, Orange, Brown & Brown Insurance, Benco Dental, the City of Baltimore, and Pepperdine University.

Sustaining Industry Leadership

Whatfix has secured the position of the only DAP vendor named a leader in the inaugural Workplace Employee Experience Management (WEEM) Platforms PEAK Matrix® by the Everest Group in 2023.

The 4.5/5 rating on the Gartner peer site and top DAP company rank on the Deloitte Technology Fast 500™North America for three consecutive years emphasize Whatfix’s commitment to excellence. The company also earned other industry accolades, including Globee and Stevie Awards.

Strengthened Product Pipeline

Product Analytics, launched in 2023, registered a remarkable 5X ARR growth YoY, adding 50 new logos, including 48% from Global 2000 and Fortune 500 enterprises. The expansion of Whatfix Product Analytics to support Desktop applications reflects the commitment to becoming the vendor of choice, providing a seamless, no-code analytics platform for enterprises.

Another product launched last year was Enterprise Insights. Features like QuickRead, Survey Analysis, and Content Auto-Completion serve as tangible examples of Whatfix’s technological prowess aimed at elevating the overall user experience.

Leading with Innovation

Whatfix secured three patents from the US Patents Office and filed 12 more in 2023, rapidly adding to the company’s patent portfolio. These patents encompass innovative technologies, including a system and method for creating steps in providing digital guidance to an underlying application, the personalization of digital guidance content, and the automatic testing of digital guidance content.

Accelerated Partner Ecosystem

Whatfix successfully onboarded 30+ new partners, including Coupa, Genpact, NTT Data, Sify Technologies, to name a few. The company enhanced engagement with strategic GSIs like Infosys, HCL, Cognizant, TCS, and other strategic regional partners like Jacobs, GP Strategies, upgrading them as “Whatfix Certified Delivery Partner”, as part of the Rise 2 Excellence partner program for Services partners.

Creating DAP Experts at Whatfix University

Whatfix launched a Product Analytics certification alongside its existing DAP certifications. The company has upskilled 1585 DAP experts and 153 Product Analytics champions, showcasing consistent growth since 2021, with 4,103 certifications.

Looking Ahead

In a strategic move towards userization, Whatfix will continue to harness the power of Gen AI to simplify user experiences and boost productivity by introducing two key new features in 2024

· Ask Insights: to simplify users’ interactions with analytics tools and capture insights from data

· AI Assist: an AI-powered autonomous task assistant

These innovations will empower users to generate insights, create trend reports, and perform tasks through natural language inputs.