Archives December 2024

December, 05, 2024: The Indian real estate market is projected to catapult from USD.350 billion in 2023 to a staggering USD.1 trillion by 2030, driven by rapid urbanization, digital adoption, and innovative technological solutions, according to the AURUM PropTech report released at India PropTech Summit, 2024. With the urban population expected to reach 680 million by 2047, the market is witnessing a fundamental transformation that extends far beyond traditional real estate paradigms. This population growth necessitates 230 million additional housing units.

Bridging the Demand-supply gap with technology

AURUM PropTech findings identified that 2 crore urban residents across top 8 Indian cities are seeking rental housing, yet only 8 lakhs organized, and institutional rental units exist. This imbalance offers a 25x opportunity to bridge the gap between demand and supply with PropTech-driven rental solutions. The influx of urbanization, changing consumption patterns of Gen-Z and millennials and rapid tech adoption are transforming residential rental real estate in India.

The report further revealed that conducive regulations like Small and Medium Real Estate Investment Trusts (SM-REITs) are democratizing investments in real estate by allowing individual investors to participate in high-quality commercial assets. The regulation provides an opportunity to address financing of 32.8 Crore Square Feet SM-REITAble supply across the country.

Digitalization to dominate the future trends

AURUM PropTech report also highlighted the tectonic shift in India’s real estate market, with digital platforms becoming the primary conduit for real estate transactions. An astounding 75% of homebuyers now rely on digital platforms, while 50% engage in virtual property tours, signaling profound technological disruption. The Indian real estate market is witnessing a surge in demand for luxury and branded housing, coupled with significant growth in Tier-II and Tier-III cities. This expansion is increasingly powered by a growing dependency on digital marketing strategies that leverage cutting-edge technological solutions. With annual real estate marketing expenditures reaching INR.38,000 crore, there is a clear and strategic shift towards allocating more resources to digital marketing channels.

PropTech 3.0, the decade of 2020, is further revolutionizing the industry through artificial intelligence (AI), blockchain, and immersive technologies like AR/VR, creating unprecedented opportunities for investors, developers, and consumers alike. AI applications are redefining customer engagement, marketing, and sales by offering personalized property recommendations and automated content generation. It also helps streamline transactions with AI-generated visualizations and enhanced customer service via virtual assistants.

Onkar Shetye, Executive Director, Aurum PropTech said, “The ongoing advancement in technology has embraced real estate across enterprises, consumers and service providers. The convergence of technology, changing consumer behavior, enterprise adoption and conducive regulatory framework are creating unprecedented opportunities for innovation and disruption. We look forward to capitalizing on these factors. “ 

He further added, “We felt the need to take initiative and create visibility for India PropTech- which offers a USD 100 billion opportunity across Real Estate Rentals, Distribution and Capital financing. This summit saw an assimilation of industry experts who engaged in discourse around the industry’s ongoing and future trends. Through thought leadership and networking, we aim to catalyze the growth in India PropTech.”

India PropTech Summit, 2024: Rental, Distribution & Capital Opportunities, organized by AURUM PropTech at Jio World Convention Centre in Mumbai, saw industry stalwarts gather under the same roof to discuss the growth and opportunities in the Indian real estate ecosystem.

5th December 2024: CredAble, a global working capital tech platform, has partnered with digital lending innovator PowerCred to build a strong global ecosystem of working capital financing technology for banks and financial institutions in Indonesia.

This collaboration marks a pivotal milestone for CredAble. It aligns with the company’s strategic vision of expanding its presence in the APAC region and building a globally integrated yet locally relevant tech-enabled platform.

The partnership will leverage CredAble’s market-leading expertise in creating advanced working capital tech platforms and PowerCred’s extensive understanding of Indonesia’s financial services landscape and expertise in risk intelligence.

Together, the companies are developing innovative solutions tailored to meet regional compliance requirements while maintaining global scalability.

Moreover, the two companies are teaming up to ensure quick onboarding, efficient underwriting processes, and robust authentication systems by integrating with local Digital Public Infrastructure (DPI) frameworks and leveraging API-driven capabilities.

CredAble and PowerCred aim to overhaul banking operations by digitising processes and significantly lowering Turnaround Times (TAT). Their partnership strengthens credit risk evaluation and underwriting modules, delivering tangible advantages for players across supply chain networks. By utilising advanced bank statement analysis, ID verification tools, and alternative data sources integrated with local DPI and its extended capabilities—this collaboration ensures smarter, faster credit decisioning.

The partnership is also a great start for CredAble as the company looks to fuel its planned expansion into Indonesia, further building a sustainable and scalable technological foundation for global growth.

Satyam Agrawal, Global Head of Product & Retail Business Lending, MD ASEAN & ME of CredAble, commented on the partnership, saying, “Our partnership with PowerCred represents a crucial step in our mission to create a globally interconnected supply chain financing ecosystem. Leveraging our advanced tech solutions alongside PowerCred’s regional capabilities, we are accelerating financial inclusion, redefining lending processes, and helping banks and financial institutions to exceed client expectations.”

Kunal Goel, CEO of PowerCred, added, “Partnering with CredAble strengthens our vision of building compliant, efficient, and easily accessible financial solutions for Indonesia and the South-East Asian market at large. This collaboration enables us to combine global best practices with local innovation and set new standards of excellence in supply chain financing.”

CredAble’s entry into Indonesian markets highlights its commitment to collaborating with new-age FinTech players like PowerCred to prioritise the delivery of innovative, localised services. PowerCred’s local expertise further enhances the partnership’s ability to build region-specific solutions and speed up digital transformation for banks and financial institutions.

The partnership also sets the stage for future collaborations in new geographies, aimed at creating an interconnected global network for supply chain finance and digital lending technology. By working with regional leaders, CredAble ensures that its solutions remain both adaptable and impactful in diverse financial ecosystems.

5th December 2024– Neuranics, a healthcare diagnostics startup, has successfully raised 700K USD funding in a seed round led by Inflection Point Ventures (IPV). The funds will be utilized for technology development and clinical validation, enabling the company to accelerate its mission to revolutionize blood diagnostics.

Neuranics is developing a point-of-care blood analyzer capable of delivering complete blood count (CBC) results in less than 10 minutes using just a finger-prick sample. The device, designed for primary and emergency settings, offers low maintenance and high efficiency, making it a game-changer for the healthcare industry.

Having accurate CBC results available immediately at the point of care, while the physician is still with the patient, allows for better-informed decisions regarding triage, additional testing, and treatment as delays are no longer caused by transport and preparation of clinical samples.This approach benefits not only the patient, who experiences improved outcomes, but also the physician, who can diagnose, triage, and treat with greater confidence. Society also reaps the rewards through reduced healthcare costs and enhanced quality care. Unnecessary, costly, and potentially harmful medications, such as inappropriate antibiotics, can be avoided. At the same time, life-saving treatments for critical conditions like sepsis, severe anemia, and thrombocytopenia, especially in dengue patients, can be initiated promptly, ensuring timely and effective care.

With their compact dry haematology design and efficiency in delivering results directly at the point of care, Neuranics is ideally suited to address this need effectively.

Founded in 2021 by Praveen Kumar (Co-founder & CEO) and Ashutosh Patra (Co-founder & CTO), Neuranics addresses critical gaps in diagnostics, particularly in primary screening. Praveen, an IIT Delhi graduate, brings extensive experience in healthcare technology, having previously worked with the government on projects like Corona Kavach and Aarogya Setu. Ashutosh, an alumnus of the SiB(Previously Stanford India Biodesign) Program at AIIMS, leads product innovation at Neuranics with expertise in optical sensing technologies and mechanical engineering.

Mitesh Shah, Co-founder of IPV, says, “Neuranics is tackling the problem of lengthy and complex blood testing processes with their point-of-care blood analyzer that makes complete blood count diagnosis faster and easier. This significantly improves patient care, especially in urgent cases. IPV believes in the startups innovative technology and envisions a future where the startups bring out more such necessary tools”.

Dr Megha Sharma, MD Pathologist and Chief Medical Evangelist at Neuranics says, “Our point-of-care CBC analyzer represents a significant leap forward in diagnostic convenience and accessibility. By utilizing a simple finger-prick capillary blood sample. We have effectively eliminated the need for traditional venipuncture, making blood testing faster, less invasive, and more patient-friendly. This technology empowers healthcare providers to deliver immediate, actionable insights, even in resource-limited settings, ultimately improving patient outcomes especially in Primary health care centres for screening and at emergency setups for triage. ”

The company has achieved significant milestones, including a patent granted, receiving the CDSCO Test License, Ethical Approval from AIIMS Delhi, and progressing through clinical trials. Neuranics also gained recognition at Yourstory Tech30, Amazon-Sambhav and India-Sweden Innovation Challenge for its potential to decentralize routine diagnostics, offering quicker and more accessible screening for conditions such as anemia, thalassemia, malaria, and leukemia.

Praveen Kumar, Co-founder & CEO of Neuranics, says, “We are re-imagining how we approach diagnostics by bringing instant, accurate blood analysis closer to the patient without compromising on the quality. Our technology empowers clinicians with real-time data, transforming care delivery and elevating patient outcomes.

By leveraging AI on de-identified pathological imaging data generated by our analyzer, we aim to set a new gold standard for national screening programs. This innovative technology will elevate healthcare quality in India and establish the country as a global leader in point of care blood analyser.

We thank IPV for being with us in this journey. Working with IPV has been a streamlined and transformative experience. Their investment and guidance have empowered us to scale faster, innovate further, and bring our vision to life. IPV’s efficient processes and industry connections have been instrumental in our journey.”

Neuranics operates in the fast-growing diagnostics industry, with the global CBC market projected to reach $50 billion, expanding at a CAGR of 8-10%. The company’s focus and expertise in precision robotics, machine vision, and microfluidics positions it as a leader in the next generation of diagnostic technologies.

December 5, 2024 – Mahindra University has signed a Memorandum of Understanding (MoU) with Airbus, a global leader in aeronautics and space. This collaboration aims to foster innovation, research and education in aerospace and digital technologies by leveraging strengths of both the organisations to create a future-ready talent pool.

Under this partnership, they will collaborate in curriculum development, industry training, faculty and student exchanges, and advanced research in aerospace and digital technologies, including artificial intelligence and machine learning (AI-ML), advanced analytics and cybersecurity. The MoU will also advance internship and placement opportunities for students, facilitate joint events such as symposiums and workshops, and enable connections with international institutes for aerospace-related projects.

Dr Yajulu Medury, Vice Chancellor, Mahindra University, and Mr. Remi Maillard, President and Managing Director, Airbus India and South Asia signed the MoU in the presence of Anand Mahindra, Chancellor, Mahindra University.

Anand Mahindra, Chancellor, Mahindra University added, “We are truly honoured to strengthen our partnership with Airbus India. This collaboration reflects Airbus’s recognition of the value Mahindra Group brings to the aerospace and technology sectors. We thank Airbus for their trust and look forward to building the future together.”

Dr Yajulu Medury, Vice Chancellor, Mahindra University said, “This MoU marks a transformative step for Mahindra University in aligning academia with industry needs. The association with Airbus India will enable our students with unparalleled exposure to cutting-edge advancements in aerospace and digital technologies. Together, we aim to nurture a generation of global professionals equipped to address the challenges of tomorrow.”

“Human capital is the foundation of the aerospace ecosystem Airbus is developing in the country. The collaboration with Mahindra University is part of our efforts to broadbase our engagement with academia and nurture a large talent pool that will be required to power India’s aerospace industry. Students will benefit from the coming together of Airbus expertise and Mahindra University’s excellent curriculum and faculty”, said Rémi Maillard, President and Managing Director, Airbus India and South Asia.

The partnership aligns with Mahindra University’s mission to offer industry-relevant education and Airbus’s commitment to advancing aerospace innovation globally. It will provide students with opportunities to participate in real-world projects and research with insights from Airbus, while creating a symbiotic relationship between academia and industry.

December 05, 2024 – Schneider Electric, the leader in the digital transformation of energy management and automation, has today accelerated its end-to-end AI-ready data center solutions with new announcements that address the urgent energy and sustainability challenges driven by high demand for AI systems.
The first part of the announcement is a new data center reference design, co-developed with NVIDIA, which will support liquid-cooled, high-density AI clusters of up to 132 kW per rack. Optimized for NVIDIA’s GB200 NVL72 and Blackwell chips, the design streamlines planning and deployment with proven, validated architectures, addressing the unique challenges of utilizing liquid cooling at-scale.

Additionally, Schneider Electric has today introduced its new Galaxy VXL uninterruptible power supply (UPS), the industry’s most compact, high-density UPS designed for AI, data center, and large-scale electrical workloads. Galaxy VXL UPS offers 52% space savings compared with the industry average, and with a power density of up to 1042 kW/m², this scalable, 1.25 MW modular UPS is designed to deliver more efficient power in a smaller, high-density footprint.

Both innovations form part of Schneider Electric’s end-to-end, AI-ready data center solutions, which focus on three key areas including developing an energy strategy for the AI era; deploying advanced infrastructure; and sustainability consulting. They seek to benefit data center owners and operators as they deploy energy efficient, high-density infrastructure to support AI workloads as sustainably as possible.

“The energy and environmental impact of AI is growing at unprecedented pace, and it’s paramount we bend the energy curve downward by finding new ways to decarbonize data centers and the digital infrastructure,” said Pankaj Sharma, Executive Vice President, Data Centers & Networks at Schneider Electric. “At Schneider Electric, we are committed to pushing boundaries, setting new standards, and shaping the future of AI, whilst protecting the environment. This requires a strategic approach from the grid to the chip, to the chiller, and beyond.”

Partnership With NVIDIA
Schneider Electric’s newest data center reference design has been co-developed with NVIDIA to support liquid-cooled, AI clusters, while addressing the unique challenges of deploying liquid cooling within hyperscale, colocation and enterprise data center environments.

Building on the companies’ partnership, the reference design includes options for liquid-to-liquid Coolant Distribution Units (CDUs) and direct-to-chip liquid cooling, and shares comprehensive mechanical and electrical plans to ensure more energy efficient and sustainable operations for the AI data centers of the future.
Developed using Schneider Electric’s software tools including Ecodial and EcoStruxure™ IT Design CFD, the design can be customized to meet specific requirements of the AI workload, while helping users to leverage the most sustainable and energy efficient infrastructure designs for high-density applications.

“Building the future of accelerated computing and AI requires speed and a bedrock foundation,” said Jensen Huang, founder and CEO of NVIDIA. “Our work with Schneider Electric enables customers to design the world’s technological advances on stable and resilient infrastructure. Together, we’re creating AI data centers that are purpose-built for accelerated computing, supporting complex architectures that are essential to deliver digital intelligence to every company and industry.”

End-to-End AI Data Center Solutions
The announcements made at today’s virtual event bolster Schneider Electric’s commitments to creating comprehensive, sustainable, and end-to-end AI-ready data center solutions, helping customers to decarbonize their digital infrastructure anywhere, globally. They focus on three key areas including:

Energy Strategy for The AI Era: Schneider Electric supports companies in securing renewable energy and optimizing on-site power generation with diverse sources like wind, solar, and hydrogen. It provides services such as site selection and geographical analysis based on customers’ deployment plans and enables on-site power generation through AlphaStruxure, which ensures speed to market, reliability, resilience, and sustainability of chosen power sources.

Advanced Infrastructure Solutions: Schneider Electric has developed a comprehensive portfolio of high-density, energy-efficient infrastructure systems for a host of AI requirements exceeding 100kW per rack. This includes data center infrastructure components from grid-to-chip and chip-to-chiller, AI-powered remote monitoring and energy management software, and digital services for lifecycle optimization.

Schneider Electric’s new Galaxy VXL UPS, announced today, is the latest addition to the company’s end-to-end, advanced infrastructure portfolio. For the first time, this new UPS provides customers 1.25mw scalable and modular solution with 125kw/3U power modules in 1.2m2 footprint, while being capable of supporting up to 1.25 MW of critical load in one frame and up to 5 MW with 4 units in parallel in only 4.8 M2 space.

Additionally, to address the increased temperatures of high-density workloads, Schneider Electric recently signed an agreement to acquire a majority stake in the Motivair Corporation, enhancing its liquid cooling portfolio and strengthening its expertise in direct-to-chip liquid cooling and high-capacity thermal solutions.

Efficiency and Sustainability: Schneider Electric’s Sustainability Consulting business helps customers exceed decarbonization goals via tailored sustainability strategies, emissions assessments, and supplier engagement programs. These global consulting services offer customers data-driven insights via EcoStruxure Resource Advisor, and are supported by 2,400 experts in 100+ countries.

Bending The Energy Curve of AI
Schneider Electric also advocates for a science-based approach to “bend the curve” of energy consumption. Central to this approach is employing “energy intelligence for sustainable AI”. Schneider Electric believes this can be achieved by integrating data center infrastructure with AI-driven applications.

This way, industries can not only mitigate AI’s energy footprint but also use AI monitoring capabilities and insights as tools for broader decarbonization efforts. Achieving this vision requires a united commitment to deploying sustainable solutions and leveraging AI’s potential to drive efficiency across all sectors.

“By 2027, data center electricity consumption is projected to account for 2.5% of global demand, with the remaining 97.5% spread across industries such as buildings, manufacturing, transportation, and energy,” said Sean Graham, Research Director, Cloud to Edge Datacenter Trends, IDC. “While data centers pursue their own net-zero goals amid unprecedented growth, the real sustainability promise lies in leveraging AI to decarbonize entire value chains across industries. As Schneider Electric and NVIDIA have demonstrated, long-term collaboration and innovation are essential to driving efficiency and sustainability.”

5th December 2024: Muthoot Microfin (NSE: MUTHOOTMF, BSE: 544055), a leading microfinance institution headquartered in Kerala, has announced its third interest rate reduction of the year, furthering its goal of making financial services more accessible and affordable. The microfinance institution has reduced lending rates by 25 bps for income-generating loans (IGL) and by 125 bps for third-party product loans (TPP).
The latest rate cut follows earlier reductions of 55 bps in January 2024 and 35 bps in July 2024, underscoring Muthoot Microfin’s commitment to passing on the benefits of reduced funding costs to its borrowers. The new interest rate for IGL is 23.05% and for TPP is 22.70%. These revised rates will be applicable for loans sanctioned from 3rd December 2024.

Commenting on this development, Mr. Sadaf Sayeed, CEO, Muthoot Microfin, said, “This latest rate reduction demonstrates our focus on fostering long-term economic growth and making formal credit accessible. By reducing borrowing costs, we envision an even greater impact on rural entrepreneurship and women’s empowerment in the coming years. With such borrower-first initiatives, Muthoot Microfin aims to remain at the forefront of making affordable credit solutions accessible to underserved communities.”

Mr. Thomas Muthoot, MD, Muthoot Microfin, added, “Our commitment to financial inclusion goes hand in hand with innovation and operational excellence. These rate cuts reaffirm our long-term strategy of empowering our customers and driving transformative change in the microfinance sector.”

Muthoot Microfin currently serves 3.4 million active customers through 1,593 branches across 20 states and 369 districts, reinforcing its position as a leading player in the microfinance sector.

05 December 2024, Mumbai: Mahanagar Gas Limited, one of the largest City Gas Distribution companies in India, has relaunched its ‘MGL Sahayogi’ initiative which encourages residents of Mumbai and its adjoining areas to take an active role in protecting accidental damage to the gas pipelines, with a new exclusive helpline number, 1800 2100 2100.

CID fame veteran actor, Shri Shivaji Satam, will be the face of the campaign. With him joining this campaign for a vigilant and safe city, MGL aims to boost awareness about safe excavation

Digging activities are frequent due to various ongoing infrastructure development activities, however, unsafe or unplanned digging can cause serious accidents. Therefore, through ‘MGL Sahayogi’ initiative, MGL urges residents to report any unsafe or unplanned digging activities happening in their vicinity so as to prevent accidental damage to gas pipelines. This can help avoid potential gas leaks, fire hazards and will ensure uninterrupted gas supplies to homes and CNG stations and maintain public safety.

For reporting such digging activities, individuals can contact MGL through Helpline Number: 1800 2100 2100

“As I always say, ‘Kuch toh gadbad hai,’ and with digging, the stakes are too high. But with ‘MGL Sahayogi’ initiative, we have the power to prevent that danger before it even starts. Every call to MGL is a step towards protecting our homes, our neighbourhood and our entire city from harm,” said Shri Shivaji Satam.

Adding further, he said, “Let’s join hands with MGL, take that small step, to make Mumbai safer for everyone. Together, we can prevent accidents and keep Mumbai’s gas supplies running safely and smoothly.”

On the launch of the campaign Shri Ashu Shinghal, Managing Director, Mahanagar Gas Limited said, “Ensuring safe and uninterrupted gas supply for our esteemed customers is our top priority. We are happy to have Mr. Shivaji Satam as the face of our ‘MGL Sahayogi’ safety awareness campaign. With his popularity among the people, we hope his appeal will encourage people to be more vigilant, in the interest of their own safety and the safety of the city they live in”.

Mr Satam and the Senior Management of MGL also felicitated Individuals who have been vigilant and taken an active role in protecting the gas pipelines, at the exclusive event to announce the relaunch:

1. Suresh Vasant Shetty (Andheri East)
2. Bhuminathan Chinnasami Kounder (Goregaon East)
3. Chandrapal Singh Shaktawat (Vileprale West)
4. Mohammad Arif Shaikh (RTO Road, Andheri West)
5. Aniket Sahani (Waghbil, Thane)
6. Jay Singh Mitharam (Vasant Vihar, Thane)
7. Birbahadur Prajapati (Manpada, Thane)
8. Dnyaneshwar Arbuj (Vartak Nagar, Thane)
9. Gautam Lal Vaid (Mulund West)
10. Santosh Satgkar (Bhandup West)

5th December 2024: Designuru 4.5, hosted by the Indian Institute of Interior Designers (IIID) Bengaluru, celebrates design that lies at the intersection of art, culture, architecture, and creativity in the vibrant city of Bangalore. The sixth edition of this collaborative festival seeks to position Bengaluru as the design capital through thought-provoking installations, workshops, keynote presentations, a showcase of award-winning work, fireside chats and much more that challenge conventional perspectives of design. A Shared Memory, the installation by Marble Centre International (MCI), the premier brand in imported luxury marble and natural stone, has been crafted from the exquisite Rosso Collemandina stone.

A Shared Memory is a sensory exploration of the small and unnoticed details that shape the charm of Bangalore’s cityscape. Inspired by rain-kissed trees, latticed jaali windows, and intricate architectural details that quietly narrate the city’s shared heritage, the installation evokes a sense of wonder for the hidden and familiar. The interplay of Rosso Collemandina’s rich textures with shifting light and shadows paints a story of fleeting yet timeless moments, inviting viewers to pause and reflect.

This installation reimagines marble—often associated with enduring permanence—into something unexpectedly dynamic and lively. Its intricately carved façade, combined with a rotating base, challenges the material’s weight and solidity, presenting it as light, playful, and ever-changing. The earthy richness of Rosso Collemandina becomes a canvas for shifting patterns reminiscent of sunlight filtering through due-laden foliage or the delicate tracery of jaali windows, embodying a sense of movement and vibrancy.

Regarding the installation, Rahul Maheshwari, Director of Marble Centre International, said, “At MCI, we believe that design has the power to transform perspectives. With A Shared Memory, we wanted to celebrate the layered beauty of Bengaluru—its architecture, memories, and soul. Rosso Collemandina was the perfect medium for this narrative, combining strength and elegance to bring the idea to life. We are thrilled to be part of Designuru’s journey to establish Bangalore as a global design hub.”

The architects behind A Shared Memory said “It’s fascinating how materials can evolve and interact with their surroundings to tell a story. Collaborating with Marble Centre International on A Shared Memory was an exciting opportunity to push the boundaries of what marble, traditionally seen as a heavy, permanent material, can represent. Rosso Collemandina’s deep, earthy tones and intricate textures allowed us to explore the delicate interplay of light, shadow, and movement, capturing the essence of Bengaluru’s cityscape. This installation is a homage to the unnoticed details of the city, and through MCI’s craftsmanship, we’ve transformed the stone into something that feels both timeless and dynamic, much like the city itself. It’s a celebration of how architecture, design, and materials can collectively shape our perceptions and I am happy we get to showcase it at an esteemed event like Designuru 4.5”

Designuru 4.5 extends beyond installations, fostering dialogue and collaboration among industry leaders, architects, and artists. Take a moment. Pause, and let A Shared Memory guide your view of the cityscape’s ever-changing, ever-present beauty, a reminder that even the most enduring materials can tell stories of life and adaptability.

Times Music, one of India’s leading music labels, proudly presents ‘Sorry’ a captivating Punjabi track by Punjabi superstar, Mankirt Aulakh. This song marks the beginning of an exclusive musical journey of the five extraordinary singles signed with Times Music.

Featuring the stellar collaboration of Sabba X DJ Flow X Teji Sandhu, ‘Sorry’ explores love and reconciliation through its catchy melody and heartfelt lyrics.

“This partnership with Mankirt Aulakh is truly special for Times Music. ‘Sorry’ is the first of many incredible songs that will showcase his versatility and artistry,” said Mandar Thakur, CEO, Times Music.

Mankirt Aulakh, known for his evocative voice and relatable tracks, shared, “I’m thrilled to begin this new chapter with Times Music. ‘Sorry’ is a song that beautifully blends romance and energy, and working with DJ Flow and Sabba on this track was a fantastic experience. I can’t wait for my fans to connect with it.”

‘Sorry’ is now streaming on all major platforms. Don’t miss this vibrant, romantic anthem that’s bound to strike a chord with music lovers everywhere.

New Delhi, 5th December 2024: The Money Club, an on-demand liquidity platform, has raised $2.5 million in their Series A funding round led by Prudent Investment Managers. The round also welcomed new investors which included HNIs from Singapore and Dubai, along with 1Crowd AIF. Existing investors that continued to back the company included Venture Catalysts, LetsVenture, Z21 Ventures and Supermorepheus, reaffirming their stance and belief in The Money Clubs vision and growth story. Radix Capital Advisors acted as exclusive investment bankers for this transaction.

Led by Mr. Prashasta Seth, Prudent Investment Managers creates a concentrated portfolio of high conviction bets and then backs these companies across multiple raises. Any investment goes through extensive diligence on unit economics and ability of the team to scale the business.

“It has been an interesting journey with Money Club who we first evaluated three years back. During our continuous interaction we have seen the money club model evolve over a period of time. We are convinced now that with the first mover advantage and the disruption that Money Club is causing , a large and profitable business will be built. Our call is as much on the business model as it is on Manuraj, who has been navigating the business through its up and downs in the last few years , with a clear sense of direction and objectivity.”- Prashasta Seth, CEO, Prudent Investment Managers

The Money Club has been designed to cater to the unmet financial needs of low-income populations, particularly the 400 million lower middle-class Indians who face significant barriers in accessing traditional financial products and end up falling prey to local moneylenders and loan sharks.

Launched in 2018, by IITian Manuraj Jain, The Money Club provides a fully digital platform that offers its new-to-credit users on-demand liquidity, sitting at home, without any physical paperwork!

“The funding will enable us to further develop our innovative financial inclusion solutions, expand our technological capabilities, and continue our mission of providing financial empowerment to underserved populations. This round is a testament to investors’ confidence in the wide-ranging impact and massive potential of our disruptive business model, not only in India but globally,” said Manuraj Jain, Founder & CEO of The Money Club, who is also an alumnus of INSEAD and brings an extensive experience in investment banking, strategy consulting, and entrepreneurship to the organization.

His professional journey began with a globetrotting role at Schlumberger, where he worked on oil rigs for Fortune 50 oil companies. Later, he made a significant shift to Intellecap to pursue his passion for creating meaningful social impact. At Intellecap, he gained grassroots experience, working with SHG women in rural India. Building on this experience, he ventured into entrepreneurship by founding Vinculum Capital Partners, where he played a pivotal role in scaling a diverse portfolio of companies. It was during this period that the concept for The Money Club was conceived, driven by his vision to solve a massive problem at scale.

The Money Club’s unique and disruptive business model is based on the 700 year old phenomena of ROSCAs that is rampant with almost 400 million Indians today. The platform enables users from across the country to rotate their savings digitally and get access to funds, on demand, in times of need. It runs entirely on UPI rails, collects valuable behavioral data, enabling a dynamic, real-time underwriting model that creates accurate credit profiles using 30+ unique attributes per transaction. This approach provides 20 times more data than traditional credit models, significantly enhancing the, non-existent, digital footprint of nano-entrepreneurs to bring them under the ambit of the formal financial ecosystem. The company has successfully acquired over 7 lakh users, mostly new to credit, who have rotated approximately INR 350 Cr of their savings till date and generated a digital footprint of over 4.3M+ transactions. This achievement is complemented by an impressively low default rate of below 1% and a remarkable 98% user retention rate.

The Money Club has garnered significant recognition for its innovative approach. It was a finalist in the “Financial Inclusion” category of the National Startups Awards by Startup India and was honored as one of the top 200 FinTechs globally in the “On-demand Liquidity Platform” category by CNBC and Statista. Furthermore, it was named Technology Service Provider of the Year by the Economic Times for 2023.