Archives June 2024

24th June 2024 Mumbai, Maharashtra, India In a groundbreaking move set to revolutionize the Indian Fintech industry, Xtracap, a IIFL portfolio company proudly announces the launch of E-Invoice Enabled Instant Disbursements, marking a significant milestone in Supply Chain financial technology innovation.

For the first time in the Indian Fintech sector, Xtracap has unveiled a cutting-edge technology that can scan E-invoice data, do real-time validation, and enable lightning-fast disbursements for anchors. The supply chain partners of the on-boarded anchors can benefit from this seamless experience. This pioneering advancement is poised to elevate process efficiency within the Supply-Chain Finance Ecosystem, a sector that Xtracap Fintech passionately serves.

Xtracap CEO Mr. Riaz Mohammed said, “At Xtracap, we are committed to spearheading technological innovations that proactively address future challenges. While the adoption of E-Invoicing is still in its infancy across Indian industries, we have already implemented E-Invoice-based financing following a successful test run.”

This latest fintech innovation is anticipated to catalyze a transformative shift in the operational dynamics of the supply-chain finance ecosystem in India.

Ms. Mehekka Oberoi, Fund Manager at IIFL Fintech Fund said, “We are thrilled by this new initiative of our investee company Xtracap Fintech, the near instant disbursement for a credit product will re-imagine the delivery of working capital credit to MSMEs, with just in time finance, MSMEs can create a better bargaining position and improve their profitability.”

Xtracap’s E-Invoice Enabled Instant Disbursements represent a watershed moment in the Indian Fintech landscape, underlining the company’s unwavering commitment to pioneering innovation and driving positive change. This UPI-like experience for MSMEs may democratize and transform the way receivables are financed in supply chain finance.

24th June 2024 Hyderabad, Telangana, India The Korea-India Economic Cooperation Forum successfully took place in Hyderabad, fostering enhanced industrial collaboration between the two nations. While inviting Korean companies to invest more in Telangana, the state government not only promised state-of-the-art infrastructure and talent pool, it also offered a dedicated mechanism to handhold Korean investments. The Telangana government promises world-class infrastructure and talent pool and rolls out the red carpet for Korean companies, inviting them to invest more in the state.

(L-R) Ambassador Chang Jae-bok, Duddilla Sridhar Babu, Minister of Information Technology, Electronics & Communications (ITE&C) and Industries & Commerce (I&C), Telangana

Organized by the Embassy of the Republic of Korea, KOTRA (Korea Trade-Investment Promotion Agency), the India-Korea Business Cooperation Center, and the Honorary Consulate General of the Republic of Korea in Hyderabad with the support of the Confederation of Indian Industry (CII), the event aimed to boost cooperation in various sunrise industries and provided ample opportunities for business networking.

Speaking on the occasion, Duddilla Sridhar Babu, Minister of Information Technology, Electronics & Communications (ITE&C) and Industries & Commerce (I&C), Telangana, said, “To address specific needs of the Korean companies, the state government not only offers the state-of-the-art infrastructure and talent pool, it will also have a dedicated desk under Invest Telangana Cell to handhold Korean investments and provide single window service.”

The minister said, “Because of the KOTRA support, the interest of Korean companies increased in manufacturing, technology, semiconductors, and life sciences sectors. I invite KOTRA to set up its office in Telangana also.”

Chang Jae-bok, the Ambassador of the Republic of Korea, said that over the past decade, we have witnessed successful implementation of India’s initiatives like ‘Make in India,’ ‘Self-reliant India,’ and ‘Act East.’ “These policies have significantly deepened the bilateral relationship between Korea and India, with trade volumes reaching an all-time high of $27.8 billion in 2022. Major Korean companies such as Samsung, Hyundai, LG, and Kia, along with MSMEs, are actively expanding their investments in India, further strengthening our economic ties,” he added.

In his welcome address, C. Shekhar Reddy, immediate past chairman, CII Telangana, and CMD, CSR Estates Ltd., said, “South Korean companies have been actively investing in Telangana, leveraging the state’s industrial growth and strategic advantages. This is exemplified by companies like Samsung, which has established a significant manufacturing presence in the region.”

Suresh Chukkapalli, the Honorary Consul General of the Republic of Korea in Hyderabad, said in India, South Korea continues to dominate some of the sectors that have become household names—Hyundai, KIA, Samsung, etc. In Telangana in the last few years, some of the major Korean brands, such as YoungOne, have moved here. Korean semiconductor company APACT is launching a JV project with ASIP in Hyderabad.

Dr. E Vishnu Vardhan Reddy, Special Secretary for Investment Promotion & External Engagements and VC&MD TSIIC Govt of Telangana, discussed Telangana’s industrial ecosystem and investment policy.

While presenting a Korea-India Economic Cooperation Plan, Ms. Jeongseon Lee, Executive Director of the India-Korea Business Cooperation Center at KOTRA, said, “Major transformations are taking place in the global value chain, and these changes can potentially lead to new prospects for collaboration between India and Korea. For example, global companies are expanding their GCC presence, notably in Hyderabad, to leverage India’s IT talent. These GCCs are not only playing key roles in back-office operations but are also serving as important innovation centers. Several Korean companies have already followed suit to benefit from these advantages. I hope more companies will join these movements in the coming days.”

The forum featured several sessions on successful collaboration cases across different industries. Sanjeev Deshpande, MD & CEO of NTT Data Business Solutions, shared insights on IT collaborations. The semiconductor industry was represented by Venkata Simhadri, CEO of ASIP Technologies. Further presentations were made by Balaji Prabakaran, Head of Product Planning Department at Hyundai Motor India Engineering, and Jayesh Sanghvi, Partner at Ernst & Young, who highlighted other successful collaboration cases.

The forum concluded with a networking dinner, providing participants the opportunity to establish communication channels and explore potential business partnerships. This event marked a significant step forward in strengthening the economic ties between Korea and India.

24th June 2024 Mumbai, Maharashtra, India After a successful completion of 12 editions, All India Gem & Jewellery Domestic Council (GJC), the national apex body of the gems and jewellery industry, is inviting entries for the 13th edition of National Jewellery Awards (NJA’24) – Pratibha ka Utsav. The premier industry association is opening to accept entries from 21st June 2024. Interested award enthusiasts may send their entries online via website www.gjc.org.in by 18th August 2024.

The Screening jury round to be conducted on 30th August 2024 followed by the Grand jury round of the 13th edition of NJA’24 on 17th September 2024. The jury includes industry veterans, entrepreneurs, advisers, financiers, among others, is scheduled to select winners for their distinction in designs, craftsmanship, finishing, intellectuals in marketing, exports, etc., which has set milestones in their respective fields, and set a roadmap for others to follow. The NJA’24 award ceremony is scheduled to take place at Jasmine Hall, Jio World Convention Centre, Bandra Kurla Complex, Mumbai on 26th September 2024.

The unique feature of this year’s NJA’24 is the widening coverage of segments. NJA’24 will consist of six award segments, which will be further divided into 35 sub-categories. This year, the entire segment of India’s jewellery value chain will be covered for the benefit of various sectors of the Indian jewellery industry.

Mr. Saiyam Mehra, Chairman of All India Gem & Jewellery Domestic Council, stated, “The 13th edition of NJA’24 is a testimony of the successful completion of its 12 such events in the past. The National Jewellery Award brings nationwide recognition and a unique identity for the Indian jewellery industry. NJA 2024 will offer an immense opportunity for national identification in the gems and jewellery industry, helping achievers stimulate growth in their businesses. NJA symbolises creativity and innovations, building sustainable imagery within the industry and among direct customers. It contributes to enhancing individuals’ knowledge of the latest industry trends and fashion, inspiring passion, craftsmanship, and devotion to the ‘Make in India’ ethos in gems and jewellery manufacturing.”

Mr. Rajesh Rokde, Vice Chairman of GJC, commented, “My experience at the previous 12 editions of NJA was thrilling. Winners are required to undergo a rigorous selection process as they compete with thousands of other players to claim the accolade. In the 13th edition of NJA’24, we have expanded the horizon for jewellery enthusiasts to cover all segments of the industry. NJA indirectly helps encourage competence in terms of designs and industry trends, providing an opportunity to showcase one’s talent in the industry and opening up the untapped business potential.”

Mr. Sunil Poddar, Convenor of NJA, said, “We are overwhelmed to bring in numerous talents on the front page of the industry, who otherwise do not get opportunities to showcase their talent. NJA is considered to be the industry’s biggest and widest award show, recognizing all sectors of the industry and providing a platform to discover talent in their respective fields. Known for its commitment to craftsmanship, dedication, and motivation within the industry, NJA is appreciated and encouraged for its role in stimulating growth and creativity. Nurturing creativity and honouring innovation, inspiration, passion, craftsmanship, and devotion that inspires the emergence of new talent is the core objective of NJA.”

Mr. Avinash Gupta, Co-Convener of NJA, expressed, “The 13th edition of NJA’24 is unique in itself. This year, we have introduced 2 new categories:

Jewellery Innovation Excellence Award – Applicants get to showcase unique and original designs with innovative techniques or materials, demonstrate high-quality craftsmanship, and have a strong aesthetic appeal.

Jewellery of the Year (Theme – Colonial Elegance and Indian Heritage): This theme invites designers to create jewellery that blends the opulence of the British Raj with India’s cultural legacy.

NJA will have six award segments which are further divided into 35 sub-categories to cover all segments of the jewellery industry starting from students, designers, jewellery awards, store awards, the women entrepreneurs, thus encouraging the entire value chain of the Gems & Jewellery Industry.”

24th June 2024 Chennai, Tamil Nadu, India Jos Alukkas introduces Mehfil, an elegant new sub-brand that showcases a captivating array of Mughal-inspired jewellery. The Mehfil range was launched with glamour in Chennai. The renowned South Indian film star Anarkali Marikar graced the event, unveiling Mehfil’s exquisite pieces graciously designed for discerning tastes, and ready for the upcoming wedding season. The event was attended by Jos Alukkas’ Managing Directors, Varghese Alukka, Paul J Alukka, and John Alukka.

Jos Alukkas’ new sub-brand, Mehfil was unveiled by actress Anarkali Marikar, Jos Alukkas’ Managing Directors Varghese Alukka, Paul J Alukka, and John Alukka are seen alongside

Magnificent Jewellery Designs of the Mughal Period

The Mughal period was renowned for its magnificent jewellery designs, crafted from precious gemstones like diamonds, emeralds, rubies, kundan, polki, jade, and others. Mughal jewellery represents a fusion of Indian jewellery art and Middle Eastern charm. Two distinctive features that set Mughal jewellery apart from other Indian styles are its meticulous stonework and intricate enamelling techniques. Jos Alukkas draws inspiration from the rich legacy of Mughal jewellery, infusing it with contemporary flair to captivate the present generation.

The Mehfil Collection: A Celebration of Craftsmanship

Mehfil Jewellery showcases Jos Alukkas’ dedication to timeless craftsmanship and innovation, offering pieces that resonate with both tradition and modernity. Monalisa, moissanite, onyx, rice pearl, and Russian emerald are the precious stones featured in the Mehfil collection. Their meticulous workmanship brings out the true beauty of these gems.

“Mehfil jewellery is crafted by expert designers and skilled craftsmen, celebrating the rich tapestry of diverse cultures. In addition to weddings, the Mehfil Collection offers exquisite jewellery perfect for various special occasions,” stated Chairman Jos Alukka.

Jos Alukkas employs a stone-setting method that does not involve wax, ensuring the purity and grammage of the gold.

Jos Alukkas, established in 1964, is a leading jewellery group in South India known for its legacy of trust and innovation. Jos Alukkas continues to set benchmarks in the jewellery industry, offering customers exquisite designs and maintaining uncompromising standards of purity.

24th June 2024 Gurugram, Haryana, India Gurugram’s premier nightlife hotspot, iluzn Club & Kitchen, will play host to the internationally acclaimed artist VANCO on Saturday, June 22nd, 2024, at 10:00 PM, as part of his much-awaited India Tour. Hailing from Douglasdale, Johannesburg, South Africa, VANCO is a diverse DJ and producer, celebrated for his eclectic style and ability to infuse dance music with an African flair.

With a career that has taken him to some of the world’s most prestigious venues and festivals, VANCO’s music transcends borders, captivating audiences with its unique blend of Afro-house and global influences. VANCO is a seasoned DJ who has been actively performing in various cities including Mumbai, Goa, and at iluzn in the northern region. As Gurgaon’s premier nightlife destination, iluzn offers an unparalleled atmosphere that combines luxury and excitement, making it the perfect venue for VANCO’s electrifying performance.

VANCO’s set will feature his signature Afro-house beats, mixed with contemporary electronic sounds, ensuring that the energy remains high and the dance floor packed. Joining him on stage will be the renowned DJ Mudit Gulati, adding an extra layer of excitement to the night.

This event is proudly sponsored by Jim Beam, adding an extra touch of class and excitement to the evening. Guests can look forward to exclusive Jim Beam beverages and promotions throughout the night.

Suman Bharti, Founder at iluzn Club & Kitchen, said, “We are thrilled to host the incredibly talented VANCO at iluzn Club & Kitchen as part of his India Tour. His unique blend of Afro-house and global influences is set to captivate our guests. This event perfectly aligns with our commitment to providing an unparalleled nightlife experience that combines luxury, excitement, and world-class entertainment. We can’t wait to welcome VANCO and music enthusiasts from across the region for an unforgettable night of dancing, celebration, and pure revelry.”

The festivities will continue until 4 AM, giving guests plenty of time to immerse themselves in the music, dance, and celebrate the night away. The event will also showcase a collection of other well-known DJs from the Delhi-NCR circle, keeping the party vibe electrifying all night long.

In addition to the electrifying music, guests can indulge in a range of gourmet dishes crafted to perfection by expert chefs. From delectable appetizers to mouth-watering main courses, the menu is designed to satisfy diverse tastes. Complement your meal with signature drinks expertly mixed by skilled mixologists, and enjoy the flavors that perfectly match the vibrant ambiance of the club. Alun is an emerging venue that caters to music enthusiasts, offering a space for live performances and events.

24th June 2024 Coimbatore, Tamil Nadu, India The strategic partnership will help to deliver cutting-edge solutions to the global crushing and screening market.

Both companies will work towards integrating eco-friendly practices in their manufacturing processes and product offerings, contributing to a greener future.

Propel Industries

Propel Industries, a leader in the Indian Crushing and Screening market, has forged a strategic partnership with Omega Crushing and Screening, a pioneer in zero-emission mobile crushing and screening in European and American markets to deliver innovative and sustainable solutions to the global crushing and screening market. By harnessing their combined strengths, Propel and Omega are poised to deliver superior products and services to their customers worldwide.

Mr Senthil Kumar Varadharajan, Managing Director, Propel Industries

Sharing details about the mammoth step forward, Mr Senthil Kumar Varadharajan, Managing Director, Propel Industries said, “We are thrilled to join hands with Omega in this strategic partnership. This collaboration marks a significant milestone for us as we combine our strengths to drive innovation and growth in the global crushing and screening industry. Together, we aim to set new benchmarks in product quality and customer satisfaction.”

The partnership is poised to enhance product development and accelerate the introduction of state-of-the-art crushing and screening solutions by uniting the technical expertise and market knowledge of both companies. Advanced manufacturing facilities in both regions will be utilized, ensuring high-quality production standards and efficient distribution channels to meet the growing demand. The joint efforts will focus on developing a new range of products that incorporate the latest technologies in crushing and screening, including eco-friendly and energy-efficient solutions tailored to meet the evolving needs of the industry.

Speaking about the collaboration, Mr. Colin Daly, Sales Director, Omega Crushing and Screening said, “This partnership represents a perfect synergy of our capabilities and ambitions. By working closely with Propel, we are confident in our ability to deliver exceptional value to our customers worldwide. Our combined efforts will not only enhance our product offerings but also expand our global footprint.”

The extensive distribution networks of Propel and Omega will be leveraged to expand the market reach of both brands, facilitate better access to emerging markets, and strengthen the presence in the established ones. The Northern Ireland factory facility of Omega will serve as a parts hub serving the European & American markets for both Propel and Omega brands. This will provide customers with reliable maintenance and quick access to replacement parts, ensuring the longevity and optimal performance of their equipment. A key aspect of this collaboration is a shared commitment to sustainability.

24th June 2024 Pune, Maharashtra, India As the monsoon season approaches, individuals can get car insurance plans offered by various reputed insurers on Bajaj Markets, a digital financial marketplace. During the monsoon, cars are exposed to increased risk of damage from heavy rains, floods, and waterlogging.

Protect your car with car insurance

Car insurance covers car owners against several vehicle damages during monsoon. Premiums for car insurance start at Rs. 2,094/year only.

Choosing the ideal umbrella:

Some car insurance plans come with add-ons that can be truly beneficial for car owners, especially during the rainy season. These are:

• 24X7 Spot Assistance
• Depreciation Shield
• CNG Kits Protection
• Conveyance Benefit

Bajaj Markets simplifies the process of getting a car insurance by offering:

• Convenient choices: Customers can compare plans from various insurers based on their specific needs and budget.
• Quick Quotes: Get quotes for different car insurance plans within minutes.

Car owners can secure comprehensive car insurance coverage from the comfort of their homes by choosing the right plan. These plans are available on both Bajaj Markets app and website.

24th June 2024 Delhi NCR, India Kaushalya Logistics Limited (KLL, NSE Emerge Code: KLL), a prominent player in the logistics industry that was listed on NSE Emerge in January this year, announces its Audited H2 and FY24 Financial Results, highlighting a significant 80% increase in EBITDA in H2 of FY24 compared to H2 of FY23.

In FY23, the company recorded a Total Income of Rs 63,216.41 Lakhs, EBITDA of Rs 1,387.57 Lakhs, and Profit After Tax of Rs 707.02 Lakhs. In FY24, Kaushalya Logistics Limited reported Total Revenues of Rs 1,47,832.91 Lakhs, marking a remarkable 133.85% year-over-year increase. The company’s EBITDA for the same period stood at Rs 1,951.73 Lakhs, reflecting a 40.66% year-over-year growth. Profit Before Tax reached Rs 1,224.84 Lakhs, up by 30.82%, while Net Profit was Rs 910.29 Lakhs, a 28.75% increase compared to the previous year.

In H2 FY24, KLL achieved Total Revenues of Rs 59,441.25 Lakhs, an 11.52% increase year-over-year, with EBITDA at Rs 1,130.07 Lakhs, up by 80.70%. Profit Before Tax for this period was Rs 732.73 Lakhs, marking a significant 109.52% increase, and Net Profit was Rs 479.48 Lakhs, an impressive 121.07% rise.

Earlier, Kaushalya Logistics Limited had announced the extension of its Clearing and Forwarding (C&F) operations in Central India with Dalmia Bharat and JK Cement. This expansion adds to the approximately 70 depots that KLL currently manages.

“Our company’s remarkable financial performance, strategic expansion, and diversified operations in logistics and e-commerce have enabled us to achieve 100% profitability. This strategic expansion aligns with KLL’s commitment to enhancing its service capabilities and underscores our dedication to meeting the growing demand for logistics solutions in Central India,” says Uddhav Poddar, Managing Director of Kaushalya Logistics Limited.

24th June 2024 Mumbai, Maharashtra, India Radio City, India’s leading radio network, announces its collaboration with Citroen and cricket icon MS Dhoni to support Team India. This partnership aims to create the largest superfan team, with Radio City spearheading a campaign to set a record for the most cheers collected for Team India across 24 cities in the India Book of Records.

Radio City’s exclusive campaign for Citroen, “Citroen aur Dhoni ke saath Cheer Kar, India ke Jeet ko Lock Kar!”

Citroen, a century-old French brand known for innovative technologies and delivering exceptional driving experiences, has teamed up with MS Dhoni to boost the passion and energy of Indian cricket fans. MS Dhoni, a celebrated cricket legend and car enthusiast, shares Citroen’s philosophy of valuing fundamental qualities. Radio City has established itself as a tech-enabled marketing solution provider, offering bespoke tactics that align with clients’ business objectives.

The campaign commenced with Dhoni-branded Citroen C3 Aircross SUVs stationed at key locations across cities to collect cheers through the Citroen microsite. The cheer collection will be captured through on-ground activations across 24 cities, dealership events, and corporate tech park activities in major metros, along with extensive promotion on radio, digital platforms, and influencer partnerships. Fans are encouraged to cheer for Team India, with a chance to win exclusive Dhoni-signed merchandise.

Ashit Kukian, CEO of Radio City, says, “We are excited to support Citroen and MS Dhoni to enhance the enthusiasm for Team India. This partnership is a significant milestone for Radio City, aligning with our commitment to engaging our listeners and driving excitement across the country. Together, we aim to create an unmatched fan experience and contribute to the spirit of unity.”

Shishir Mishra, Brand Director – Citroen India, added, “Citroen has always been about comfort and performance, and Dhoni’s philosophy aligns perfectly with ours. This partnership with Dhoni, amplified by Radio City, celebrates the passion of Indian cricket fans. We’re not just cheering for the team; we’re creating a movement that embodies the spirit of ‘Do What Matters’. Together, we’re driving the spirit of cricket fans across India.”

Radio City’s RC gennarrative team, a leading Creative Brand Solutions Hub under Brand Radio City, excels in client-centric solutions across digital, radio, and on-ground platforms. With award-winning creativity, it leads in crafting compelling brand narratives that resonate with audiences nationwide.

RC gen narrative has been instrumental in crafting this exclusive campaign for Citroen with the core message, “”Citroen aur Dhoni ke saath Cheer Kar, India ke Jeet ko Lock Kar,” gathering maximum wishes for Team India. Radio City is the exclusive execution partner on-air, on-ground, and digital for this Pan-India Campaign.”

24th June 2024 Pune, Maharashtra, India Bajaj Markets, a digital marketplace, is helping users find financial solutions to upgrade their electronics and enjoy the latest technology without worrying about the upfront cost. This is made possible through the Bajaj Finserv Insta EMI Card which provides consumers with the convenience and flexibility of spreading payments over time while using their favorite gadgets effortlessly. This card allows consumers to explore a wide range of products and offers seamless EMI options to make purchases more affordable.

Benefits of the Bajaj Finserv Insta EMI Card

• Here’s what makes the EMI card a perfect financing solution one could require during purchases:
• The Bajaj Finserv Insta EMI Card is accepted in over 4,000 cities across India, providing extensive coverage
• One can shop at a vast network of 1.5 lakh Bajaj Finserv partner stores, making it easy to find and purchase desired products on EMI
• Over a million products are available at no-cost EMI, covering categories like appliances, electronics, groceries, and much more
• The repayment tenor is tailored to individual needs, extending up to 60 months
• Shoppers can enhance their purchasing power with a pre-approved loan limit of up to Rs. 3 Lakhs
• One can foreclose their loan easily without incurring any additional charges
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Other Details

• Card Fee: Rs. 599 (inclusive of online convenience fee and taxes)
• Annual Fee: Rs. 117 (inclusive of taxes)
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By offering these features and benefits, the Bajaj Finserv Insta EMI Card simplifies the purchasing process for top appliances and electronics, providing consumers with a smart financial tool to manage their high-value purchases effectively. To apply for the Bajaj Finserv Insta EMI Card, consumers can simply visit the Bajaj Markets website or app and get started today.