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New Delhi: The inaugural International Inclusion Alliance Conference 2024, held at the prestigious Stein Auditorium, Indian Habitat Centre, on the 15th of February 2024 marked a historic moment in the global pursuit of inclusivity and diversity. Organized by Global DEI Specialist Shruti Swaroop and Dr. Neeraj A Sharma, Honorary Consul General of the Republic of Palau to India and Co-Founder of IIA, the event brought together esteemed diplomats, corporate leaders, academicians, and advocates from around the world to engage in critical discussions and collaborative action.

The presence of Chief Guest Ms. Meenakshi Lekhi, Minister of State for External Affairs and Minister of State for Culture, added to the significance of the event. Her support underscored the government’s commitment to promoting inclusivity and diversity on both national and international levels. Addressing the confluence she said, “International inclusion Alliance, such beautiful words and I was reflecting that at the heart of our mission as a country is inclusion. We strive to embrace everyone, leaving no one behind. In our pursuit, we recognise the myriad ways people can be marginalised – economically, politically, socially. Bridging these divides is paramount. At the recent G20 summit hosted by India, we amplified the voices of the marginalised through a Global South Summit, ensuring their concerns shape global policies. With our rich experience, India champions inclusion, lifting millions out of poverty, advancing healthcare, and sharing vaccines with the world. Inclusion isn’t just a concept, it’s our ethos, rooted in our Constitution and civilisation’s values. Together, let’s create a more inclusive, cooperative world and that is what the IIA conference is also about that inclusion within India can be a template internationally.”

Shruti Swaroop, hosted a panel discussion about Societal Inclusion with Panelists: Ms. Geeta L, Founder-President of Swayam Foundation,Filmmaker, Author and Scriptwriter, D.r Sabyasachi Saha, Associate Professor – RIS, Ms. Pooja O. Murada, Principal Lead, SM Sehgal Foundation, Ms. Manisha Gulati, Former Chairperson Punjab State Women’s Commission, Dr. Nirupama Prakash, Director of Amity institute of Social Sciences, Amity University – Noida.

Shruti Swaroop, Founder, Embrace Consulting and InclusiBuild, Co-founder of ERTZ and IIA expressed gratitude to all panelists for their contributions and emphasised the importance of sustained efforts in driving positive change. She said, “This is something very close to my heart, stemming from my personal experience where I never perceived differences based on gender or background. However, upon moving to the UK, I encountered division based on nationality. So we are often categorised by gender, nationality, education, appearance, and affiliations. Let’s discuss on the ways to dismantle these perceptions and use media platforms to promote societal inclusion and create a platform for people to speak and create that awareness. Let’s look at social inclusion with policies that are macro level that we can create that can play into a more inclusive society. I believe inclusion starts young and inclusion begins at home. Are we truly inclusive if we label individuals? We must challenge these societal norms. Whether at home or work, inclusivity should be consistent. Let’s reshape societal parameters and embrace diversity. The International Inclusion Alliance Conference 2024 has laid the foundation for continued collaboration and action towards a more inclusive world.”

His Excellency Dr. Neeraj A Sharma, Honorary Consul General of the Republic of Palau to India and Co-Founder of IIA shared, “The International Inclusion Alliance champions a world where everyone, regardless of borders, enjoys social, gender, and financial equality. By fostering awareness and collaboration with global entities, we strive to cultivate inclusive environments and workspaces. At our inaugural conference, representatives from diverse nations, esteemed leaders, and government officials came together to share insights and perspectives on inclusion. We’re privileged to have had Smt. Meenakshi Lekhi ji grace our event and share her insights on inclusivity.”

His Excellency, H.E. Mr. David Pine, High Commissioner of New Zealand to India shard, “Inclusion is a vital road map for society. From village dialogues on sanitation to international finance complexities, communication is key. Hosting a distinguished Māori judge from New Zealand, the first indigenous judge on High Court in a long history, I learned that in disagreements, fair processes matter most. In a world of varied perspectives, striving for perfect justice is futile. We must continue having conversations on justice, ensuring that all voices are heard. Conferences like today signify progress, guiding us towards the right path of inclusivity and understanding. Congratulations to the organisers for this terrific. Let’s keep conversing, for inclusivity knows no bounds.”

Ambassadors, High Commissioners, and Honorary Consul Generals representing various countries shared unique insights and experiences on fostering inclusivity within their borders. Their contributions enriched the dialogue and provided valuable lessons for global cooperation. The conference served as a platform for meaningful dialogue and collaboration across borders.

New Delhi, 16th February 2024: Noise, India’s leading smartwatch and connected lifestyle brand, adds a splash of vibrancy to users’ transformative journey by bringing two stunning colour variants: Rose Gold and Sunlit Gold of its flagship smart ring, Luna Ring. As spring approaches, these fascinating colours offer consumers more lifestyle choices alongside complementing the fresh looks of the upcoming season and making it an ideal gifting choice as well. Especially with Rose Gold complementing the Pantone Colour of the Year 2024, Peach Fuzz, it is here to offer a new trendsetting style. Noise continues to redefine the boundaries of wearable tech with Luna Ring’s fusion of cutting-edge technology and timeless elegance. It offers users a transformative ally in their journey towards holistic well-being. The product is available for purchase on gonoise.com at a price of INR 19,999.

These new colours allow users to express their unique style preferences with the fresh tone of the season. Whether it is monitoring health metrics, enhancing daily cognitive performance, or showcasing one’s style quotient, the new Luna Ring variants are poised to become an indispensable springtime splendor and choice. It fosters cognitive functioning by delivering across three core metrics – Sleep, Readiness, and Activity and aims to provide insights that facilitate a transformative user health span.

At the heart of the Luna Ring lies a dedication to empowering users with actionable insights and unparalleled comfort. Engineered to feel like a second skin, its ultra-lightweight design ensures a comfortable fit for every wearer. Tracking more than 70 metrics, the advanced sensors, including Infrared Photoplethysmography (PPG) sensors and Skin Temperature sensors, deliver precise health tracking capabilities while personalized nudges provide real-time guidance towards healthier choices. Besides the existing colours including Lunar Black, Midnight Black, and Stardust Silver, customers are urged to embrace the essence of spring with the new Luna Rose Gold, and Luna Sunlit Gold. It is about time we upgrade our style quotient and prioritise our well-being together.

Let the Luna Ring’s fresh colours be your go-to accessory this spring, and ace the game of gifting while transforming your and your loved ones’ lifestyle.

New Delhi, February 16, 2024: In a grand celebration of diversity and creativity in contemporary arts and literature, IILM University’s two-day Literature Festival brought together eminent authors, readers, and thinkers for engaging sessions, captivating performances, and insightful discussions.

Based on the theme, ‘’Identity Narratives: Exploring Diversity in Contemporary Literature,” the remarkable event was held on February 8th and 9th, 2024 and was organised by the School of Liberal Arts at IILM University.

The festival commenced with an inaugural speech by Ms. Somya Sharma, Assistant Professor of Journalism and Mass Communication, followed by a warm Welcome Address by Prof (Dr.) Taruna Gautam, Vice Chancellor of the University. The day unfolded with a captivating musical performance by students, enabling a joyful celebration environment.

A key highlight of the day was the ‘Artist Spotlight’ session featuring prominent musician and singer Ms. Vidya Shah. Sharing insights into her craft, Ms. Shah emphasised the significance of patience and repetition in mastering any art form.

She also discussed the current state of national funding for artists and the blurred line between entertainment and culture.

The insightful discussion was followed by the ‘Colorful Canvas Challenge,’ in which students expressed their interpretations of identity via visual art mediums. The comprehensive competition fostered harmony, understanding and promoted dialogue and expression.

In addition, students exhibited their creativity in the ‘Cathartic: Expressions of Art’ competition, designing book covers inspired by literary classics. Their innovative interpretations enchanted the audience and highlighted the potential of visual storytelling in literature.

The festival continued with enthralling performances by students, including classical dance and musical renditions.

A panel discussion featuring distinguished personalities such as Mr. Suhail Mathur (Author and Co-Founder of The Book Bakers), Mr. Sharif D Rangekar (Author and Director of Rainbow Film Festival), and Ms. Rachana Yadav (Managing Director of Hans Magazine) delved into identity and literature, emphasising the importance of diverse voices in contemporary literary discourse.

The panel also underlined the challenges faced by the LGBTQIA+ community in representing themselves and the struggles of Indian authors in the literary world.

”The IILM University’s Literature Festival served as a unique platform to promote inclusivity with thought-provoking sessions, stunning performances, and expansive discussions. Bringing together preeminent individuals from diverse backgrounds and converging ideas, passions and perspectives, the event reflected the transformative potential of creativity,” said Aditi Gupta, Assistant Professor- English Literature.

Post the thought-provoking session, noted author and academician Dr. Devapriya Roy deciphered the intricate connection between identity and narrative. She also underscored the significance of graphic novels and comics as effective mediums for communicating powerful stories to young people.

The Literature Festival culminated with an extensive book-reading session by celebrated author Dr. Nandini Sen on her book, “The Second Wife and Other Stories.” Her presentation offered the audience profound insights into the themes of feminism and societal observation.

New Delhi, 15th Feb 2024: Qudify, a QR-based horizontal SaaS platform, is catalysing the rapid digitalization and decarbonization of Indian enterprises by providing innovative solutions. With its cutting-edge technology, along with Meeting Room Booking Management and Visitor Management, Qudify addresses the growing demand of Indian firms for affordable, asset-light, new-age, easy-to-use, cloud-based software solutions.

The average carbon footprint of a single office paper during its lifecycle is around 4.64g CO2 equivalent per sheet. Eliminating paper in many routine tasks, such as visitor entries, meeting room scheduling, and complaint management, across 1.48 million Indian enterprises can reduce a substantial carbon footprint, contributing to a more sustainable and environmentally friendly future.

“We are passionate about building asset-light software solutions to enable a sustainable future of work through technology while enhancing operational efficiency,” said Akshat Tripathi, Co-Founder of Qudify. “We feel proud to have enabled Carbon footprint reduction of 50Kg+ Co2eq since our launch, and we look forward to maximizing this number in the coming days.”

Qudify’s software suite eliminates the usage of any hardware except a smartphone (which everybody owns nowadays). It digitizes the below-mentioned manual, paper-based tasks still common in Indian offices today :

● Visitor check-in, check-outs & respective approvals & verifications

● Internal meeting room booking or scheduling

● Internal or external complaint management

By optimizing these critical yet often inefficient areas of office administration, Qudify optimizes productivity and minimizes the environmental impact of day-to-day workplace operations. Companies looking to establish and achieve sustainability goals while staying compliant can implement Qudify solutions to cut paper usage, decrease waste, and shrink their carbon footprint.

New Delhi, February 14th, 2024 – ASUS India, Republic of Gamers (ROG), the world’s No.1 Gaming Laptop brand, proudly announced the groundbreaking launch of three stellar additions to its gaming arsenal in India today. Leading the charge with the ASUS ROG Zephyrus G16, the first-ever ROG laptop by the brand in the Indian market to feature an OLED panel with VRR support. Moreover, ASUS ROG also introduced the refreshed Strix Scar 16/ Scar 18 and the power-packed ROG G22 gaming desktop, all designed to elevate the competitive edge of gamers with state-of-the-art technology to deliver top-of-the-line gaming and content creation experiences. Packed with power, performance, and style, the Zephyrus G16 features the cutting-edge AI-Ready Intel Core Ultra 9 processor paired with NVIDIA RTX 4000 Series, whereas the refreshed Strix Scar 16/Scar 18 boasts the latest 14^th gen Intel Core processor. After a successful global unveiling at the CES 2024, the laptops are now all set to take the Indian gaming industry by storm.

The ROG Zephyrus G16 and ROG Strix Scar 16/ Scar 18 will be available at the starting price of INR 189,990 and INR 289,990 respectively, both via online and offline channels. Moreover, the first 50 customers purchase the ROG Strix Scar 16/ Scar 18 and Zephyrus G16 from ASUS e-shop or ASUS Stores starting 14^th February to 20^th February, will stand a chance to get their hands on a complimentary TUF Gaming H3 Gaming Headset at an additional charge of just INR 1 by registering the device on the MyASUS App. To redeem this offer, customers can visit asuspromo.in  within three days of purchase.

Commenting on the launch, Arnold Su, Vice President, Consumer and Gaming PC, System Business Group, ASUS India, said, “ASUS ROG has been at the forefront of the gaming laptop revolution in India and our latest innovation offers excellent gaming performance, a new ultra durable design, and an immersive visual experience bringing a new level of performance to gamers and the gaming community. The lineup also comes infused with the latest technological marvels. The newly launched Zephyrus G16 and Strix Scar 16/Scar 18 will empower pro gamers with a decisive edge and offer casual players an entirely new realm of gameplay experiences. We are confident that our newly launched devices will continue to enhance the gaming journey for consumers across India”.

ROG Zephyrus G16

The ASUS ROG Zephyrus G16 stands as a testament to ASUS ROG’s commitment to innovation and pushing the boundaries of gaming technology. Equipped with up to a stunning OLED panel with an ultra-fast 0.2ms response time, this powerhouse of a laptop delivers unparalleled visual fidelity, and razor-sharp details that bring games to life like never before. It is AI-Ready with up to an Intel Core Ultra 9 Processor which is paired with up to an NVIDIA RTX 4090 Laptop GPU with a MUX Switch and Advanced Optimus support. The panel features a remarkable 2.5K resolution, providing exceptional pixel density on its 16-inch screen, and a 240Hz refresh rate, ensuring a smooth appearance. The laptop features some of ROG’s best cooling technologies, including 2nd Generation Arc Flow Fans and a redesigned high-efficiency air outlet. This incredible machine catering to content creators and gamers is truly thin-and-light, weighing in starting at just 1.85kg. Paired with a 90Wh battery that supports fast charging from 0-50% in just 30 minutes. The Zephyrus G16 is the ultimate content creation, gaming and productivity powerhouse, also breaking the mold, debuting the Slash Lighting array with a bold streak across the lid, an evolution of the elegance and individuality that makes the Zephyrus lineup so unique.

ROG Strix Scar 16/ Scar 18

When it comes to apex gaming and productivity, the 2024 Strix Scar 16/ Scar 18 is the horsepower you need to take it up a notch. With the distinct ROG style sharp chassis designs, unique RGB accents, and a distinct gaming vibe, a Strix laptop will always stand out from the crowd. The Strix Scar 16/ Scar 18 comes in two options, with RTX 4090 and RTX 4080 models and equipped with the latest Intel® Core i9 Processor 14900HX and up to NVIDIA GeForce RTX™ 4090 Laptop GPU with a max TGP of 175W. The latest powerhouse can tackle the most demanding games with better gaming performance and improved efficacy in multi-threaded applications. It also comes with a dedicated MUX Switch with support for NVIDIA Advanced Optimus, enabling true power of the GPU. With support for up to 64GB of DDR5 RAM and up to 4TB of PCIe Gen4x4 storage, the Scar 16/ Scar 18 can easily game, stream, and create content all at the same time without breaking a sweat. It also offers an incredible 16-inch Nebula HDR Display with 240Hz refresh rate, 100% DCI-P3 coverage, and a staggering 1100 nits of peak brightness for a stellar HDR gaming and viewing experience. As a result of the ROG TriFan technology, the CPU, GPU, VRMs and VRAM stay cool during lengthy gaming sessions, while the Scar 16/Scar 18 equipped with its 90Wh battery is ready to go the distance.

ROG Gaming G22 Desktop

The all-new ROG G22 features up to an Intel® Core™ i7-14700F​ processor and paired with an NVIDIA® GeForce RTX™ 4070​ graphics card which can handle the latest and greatest games. Stream, communicate, and record the gameplay with ease thanks to up to 32GB DDR5 RAM. As a compact 10L desktop, the ROG G22 can happily sit on even the smallest desks. The chassis is designed to be compact enough for a boutique experience with multiple side panel options while offering full Aura Sync RGB compatibility. The design of the ROG G22 has received prestigious awards like the 2023 Red Dot Product Design and the 2023 Good Design Award. Along with it, the G22 uses indirect RGB lighting across the front panel. Paired with lighting control available via Aura Sync, you can customize exactly how your machine looks and feels. Dolby Atmos support ensures gamers get the most out of soundtracks and music, and Two-Way AI Noise Cancelation ensures clear communications in any scenario.

ASUS S501ME Desktop

Experience unmatched performance with the ASUS S501ME desktop, designed to handle any task with ease. Powered by a powerful 13th Gen Intel CPU, it effortlessly tackles everyday content creation, online learning and casual gaming with support for up to 64GB of upgradable RAM, ensuring lag-free multitasking.  Its sleek design, featuring 3D triangular patterns and intricate textures, adds a modern touch to any home or workspace.

Price and Availability

New Delhi, February 14, 2024: Empowering the Common People’s Health Journey, promoting and developing AYUSH practices and awareness among the citizens is the main objective of International Arogya Exhibition, said Smt. Leena Johri, IAS, Principal Secretary, Department of AYUSH, Govt Of Uttar Pradesh.

Addressing the curtain raiser event in Lucknow, Johri stated, “Our mission is to globally showcase the transformative potential of AYUSH and with this exhibition, we are enhancing its health benefits for all.”

The four-day event will be held from February 22, 2024, to February 25, 2024, and is being jointly organized by the Ministry of Ayush, Government of India and the Federation of Indian Chambers of Commerce and Industry (FICCI). It is supported by the Ministry of Commerce and Industry, Government of India and the Ayush Export Promotion Council (Ayushexcil).

B K Singh, Joint Secretary, Ministry of Ayush, Government of India, invited the media to be a part of International Arogya 2024 and spoke about free health consultations for public and Public lectures for health awareness.

On the theme ‘Ayush for One Health’, the event will showcase the strength and scientific validation of traditional Indian systems of medicine in the global context, including Ayurveda, Yoga and Naturopathy, Unani, Siddha, Sowa-Rigpa and Homoeopathy (AYUSH), and facilitate their worldwide promotion, development and recognition.

The Ministry of Ayush, Government of India has been actively working towards the growth of Health and Wellness sector. The Ministry has reached a significant milestone by unveiling the WHO-prepared ICD 11-chapter 26 module 2, which was highlighted by the Honorable Prime Minister during the January 28th episode of Maan Ki Baat. Earlier, the International Day of Yoga (IDY) 2023 has witnessed immense success globally. In Surat, last year, IDY made a Guinness world record for the largest gathering of people for a yoga session in one place as more than one lakh people took part in the event. Inaugurated by Prime Minister, Shri Narendra Modi, the first Global Ayush Investment and Innovation Summit (GAIIS) 2022 held in Gandhinagar, Gujarat in April witnessed letters of intent worth more than Rs. 9000 crores in major categories like FMCG, Medical Value Travel (Heal in India), Pharma, Technology & Diagnostic and Farmers & Agriculture.

International Arogya 2024 holds immense significance as it serves as a platform for convergence, collaboration, and innovation in the field of holistic health and wellness. The objective of International Arogya has always been to encourage global validation, promote and develop Ayush practices, foster awareness, facilitate stakeholder interaction and market growth, as well as showcase research and innovation in this rapidly expanding field.

Along with the exhibition, International Arogya 2024 will also include thematic sessions and panel discussions on relevant topics like – CEOs Roundtable: Exploring Challenges and Opportunities within the Ayush Sector; Global Perspective – Regulatory Harmonization for Strengthening Global Governance; Ayush Nutrition (Ayurveda Aahar)- Fostering Holistic Health and Wellness; Globalizing and Standardizing Ayush Products and Services: Evaluating India’s Exports for Traditional Products; Synergizing Pharma and Ayush: Exploring Collaborative Approaches for Integrated Healthcare Solutions; Harnessing the Power of Digital Technology for Advancements in Research, Development, and Manufacturing of Ayush Products etc.

After the successful second edition held in December 2019, International Arogya 2024 will witness a large number of delegates and buyers from India, as well as international delegates from 60 countries including importers, regulators and Government officials. It is expected to bring together over 250 manufacturers of alternative medicine, who will showcase their products and services. The mega event will converge key stakeholders of the Ayush sector under one roof, help boost exports of Ayush products, showcase the latest research and developments in alternative medicine systems of India and harness the potential of this fast-growing and globally emerging sector.

New Delhi, 14^th Feb 2024: The year 2023 reported absorption of 37.8 Mn sq ft, 21% higher, compared to the previous year. Absorption has been on the rise since 2021, increasing gradually year over year. Despite dried-up investments in 2023, absorption surpassed pre-pandemic level of 2019 by 15%.

The sector received investments worth USD 646 Mn in 2023, accounting for 15% of the total institutional investment received in the real estate sector. However, investments declined by 65% in 2023 over the previous year as investors opted for wait-and-watch mode amid global macroeconomic uncertainty.

Yearly Absorption Trend

In the past decade, 3PL companies emerged as a preferred choice for several businesses as these companies can optimize cost along with providing flexibility to their clients in case of demand uncertainty. As a result, the share of 3PL companies increased over the years and reached 44% of the overall absorption in 2023, followed by Engineering and Manufacturing companies with 18% share. Retail accounted for 11% of the overall absorption in 2023.

Sector-Wise Absorption (Mn sq ft)

Source: Vestian Research

Mumbai contributed the highest to the overall absorption in 2023 with 27% share. Its share has increased from 19% a year earlier. In absolute terms, absorption increased by 69% in the city, reaching 10.2 Mn sq ft in 2023. Heightened real estate activities during the year resulted in an annual appreciation of 4% in rentals.

On the other hand, Kolkata witnessed the highest annual decline of 23%, reaching 1.6 Mn sq ft in 2023. Its share has also declined from 7% in 2022 to 4% in 2023. Limited availability of Grade A warehouses in the city posed a challenge in meeting growing demand, leading to a decrease in absorption. Moreover, restricted absorption activities in the city during 2023 exerted pressure on rentals, resulting in an annual decline of 5%.

Absorption increased by 21% in NCR compared to the previous year, however, its share in the total absorption remained constant. The city’s strategic location and thriving e-commerce markets were major demand drivers. Robust demand for warehouses in the city resulted in an annual appreciation of 2% in rentals.

Pune registered a substantial annual growth of 35% in 2023, reaching an absorption of 7.0 Mn sq ft. This growth can be attributed to the presence of trade hub of Chakan MIDC, which hosts large manufacturing and logistics parks.

The southern cities (Bengaluru, Chennai, and Hyderabad) collectively contributed 27% to the total absorption in 2023, after reporting a decline from 34% share in 2022. In absolute terms, absorption decreased by 5% in these cities, reaching 10.2 Mn sq ft in 2023.

Shrinivas Rao, FRICS, CEO, Vestian said, “The Union Budget 2024-25 is expected to set the tone for next couple of years. Recent announcements of infrastructure development in the interim budget may have a positive impact on the sector. However, 2024 can be a challenging year for Indian warehousing sector as investments were on a downward trend in 2023.”

The sector is expected to expand at a CAGR of 10%-13% for next couple of years, predominated by third-party logistics and e-commerce enterprises. Grade A facilities are likely to be in demand due to their efficient and cost-effective methods.

New Delhi, 14th February 2024: Cosmo First Limited today declared its financial results for the quarter ended December 2023.

During the quarter, the domestic margin both BOPP and BOPET shrank further due to desperate and below cost selling resorted by the industry. The company could withstand the disorderly market movements and outperformed the industry at large on the strength and growth of its speciality film business. The near-term outlook in terms of BOPP and BOPET margins remains hazy.

The company recently launched metallized capacitor film for electronic industry and Rigid Packaging for FMCG industry. Market response has been very good, and the company expects to hit full capacity utilization in the next 2-3 quarters and add to EBITDA earnings.

Zigly has undergone revamping of its IT infrastructure making it future ready for harnessing the exponential growth of Petcare industry in India. The marketing attribution has been rapidly improving with improvement in RoAS (Return on Advertising Spends) and other key performance parameters.

The Speciality Chemical subsidiary is progressing as per plan and is at the cusp of delivering double digit EBITDA and high teens ROCE from FY25.

The company’s credit rating has been re-affirmed by CRISIL as AA- with stable outlook in January 2024.

Commenting on Company’s performance Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd said “While short term challenge remains due to adverse packaging film margin, the company continues to build speciality films vertical and plans to launch high value-added sun control film (Cosmo Sunshield) in FY25. In the next 12-18 months, Speciality BOPET films, Sunshield films, Rigid Packaging and Specialty Chemicals would start adding to the company’s overall profitability. With the exponential growth of pet care industry in India, Zigly would surely be a winner and a significant wealth creator for the Company’s shareholders”.

New Delhi, 9th February 2024: PayU, India’s leading payment solutions provider, today announces it has successfully migrated its credit service, LazyPay, to Thought Machine’s cloud-native core banking platform, Vault Core, and is now live. This partnership has enabled LazyPay to build innovative lending and credit products, deliver a superior, secure, and efficient user experience, and set a new standard for credit financing in India.

LazyPay migrated its existing customers to Vault Core within just one year. In addition, Vault Core has streamlined PayU’s real-time financial statement generation and simplified multi-account management, providing a unified view of products. Furthermore, Vault Core’s real-time Ledger has improved PayU’s reporting and regulatory requirements.

The Indian market offers significant opportunities for PayU’s credit products as alternative lending services expand. PayU’s India credit revenue grew by 31%, totaling US$43 million, and loan book size grew by 66% to US$338 million by the end of September 2023. A total of US$362 million in credit was issued during the first half of 2024 (1H24).

With Vault Core, PayU can effortlessly create differentiated and personalized financial products at scale. Following the successful initial migration project, PayU plans to continue migrating more products and using Vault Core to build, test and deploy innovative lending and credit products.

Speaking on this exciting development, Deepak Mendiratta, CEO, PayU Finance, stated: “Our collaboration with Thought Machine signifies our commitment to offering the best-in-class financial services to our customers. Vault Core’s scalability and flexibility align perfectly with our growth ambitions, and we are excited to offer a wide array of services to our customers. We are committed to expanding our footprint in the Indian market, and this partnership will position us well for the future of credit.”

Nick Wilde, Managing Director, Asia Pacific, Thought Machine, comments: “We are delighted to partner with PayU to bring our cloud-native technology to the Indian market. With a successful migration now complete, we look forward to working together to deliver efficient, secure and innovative credit and lending solutions in India.”

A BCG report highlights the potential for B2B fintechs to disrupt the market and address the $5 trillion annual unmet credit needs of small to mid-sized enterprises (SMEs) globally. With traditional players struggling to keep pace with innovation, B2B2X services, particularly embedded finance providers such as LazyPay, which currently account for 25% of all fintech revenues, are poised to play a crucial role in meeting the growing demand for fintech solutions.

Thought Machine is solving the long-standing legacy technology problem in banking. Global Tier 1 banks, including Standard Chartered, Lloyds Banking Group, Al Rajhi Bank (Malaysia) and Intesa Sanpaolo, and challenger banks and fintechs, such as Nikel, C6 Bank and Atom bank, are clients of Thought Machine. In addition to its regional headquarters in London, New York, and Singapore, Thought Machine operates as a registered entity in India.

 New Delhi, February 08, 2024 – Globe Textiles (India) Limited, a renowned organization in the textile sector, yesterday unveiled its unaudited standalone financial results for the quarter and nine months ending December 31, 2023. Despite facing adversities from natural calamities and regulatory shifts, the company has demonstrated remarkable resilience, reflecting a steadfast commitment to its stakeholders.

  Globe Textiles recorded revenue from operations of INR 9,282.96 lakhs for the quarter ended December 31, 2023, showcasing its consistent revenue stream despite challenges. For the nine months ended December 31, 2023, the company reported revenue of INR 32,761.63 lakhs, underlining its stability in the market.

 The company recorded a profit before tax of INR 198.83 lakhs in the quarter, which is a good sign of growth compared to previous periods. Additionally, Globe Textiles reported a profit after tax of INR 163.83 lakhs for the quarter and INR 444.71 lakhs for the nine months ending on December 31, 2023, indicating its resilience in maintaining profitability. The company’s profit before tax has increased almost fourfold from 47.61 lakhs in the previous comparative quarter.

 Due to heavy rainfall and wind, there was severe damage to property, plant and equipment, and stock of its one unit. However, the Company promptly submitted the insurance claim. The assessment of the total loss is ongoing, emphasizing the company’s proactive approach to mitigating risks.

 With the Indian Parliament’s approval of the Code on Social Security, 2020, Globe Textiles acknowledges the potential impact on contributions towards Provident Fund and Gratuity. The company remains vigilant and will assess and account for the actual impact accordingly.

Commenting on the results, Globe Textiles (India) Limited official spokesperson, expressed, “We are pleased to present our unaudited standalone financial results for the quarter and nine months ended December 31, 2023. Despite challenges posed by natural disasters and regulatory changes, we remain focused on delivering value to our stakeholders.”

 Globe Textiles commits to quality and innovation, the company serves a diverse customer base across domestic and international markets.