Category: MAM

  • Ghost Kitchens India secures five million USD in series a funding

    Ghost Kitchens India secures five million USD in series a funding

    Mumbai: Food-tech platform Ghost Kitchens India has raised five million USD in Series A funding, a mix of equity and debt. The round was led by GVFL Ltd with participation from NB Ventures, LetsVenture, and Lead Angels. Existing investors Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati also participated in this round.

    The funds raised by Ghost Kitchens from this round will be utilized to scale business operations and foray into retail stores of its existing hero brands and new celebrity brands. Simultaneously, it will also help to upgrade the partner program and increase the footprint of company-owned and operated cloud kitchens and QSR stores.

    Ghost Kitchens founder and CEO Karan Tanna said, “We are happy that investors have appreciated and backed our plans to build a profitable F&B company led by innovation in technology. We have created ten times the value for our earlier investors and we are sure to continue with this performance for new backers. We are excited for coming years where we will focus on building iconic brands through customer loyalty and love for our food.”

    Earlier in 2022, Ghost Kitchens India had acquired a technology company-WTF which helped Ghost Kitchens to create its proprietary technology, helping them to manage their business end-to-end and to make it more efficient to generate organic revenue, better customer experience and more profitability. Leveraging this in-house SaaS built, Ghost Kitchens plans to be profitable in the next 12-15 months by doubling down on its hero brands and new celebrity brand partnerships.          

    Gujarat Venture Finance Ltd MD Kamal Bansal said, “We have closely observed Ghost Kitchens’ journey for over three quarters before partnering with them. Their execution is focused and frugal with a clear path of profitability. We were particularly excited about repeat customers of their brands and the in-house tech that they have which helps to optimise the aggregator algorithm better for organic growth. We are looking forward to the launch of celebrity brands as well. We are looking forward to what the future has for Ghost Kitchens in terms of growing a profitable sustainable business”.

    Last year in February 2023, Ghost Kitchens India acquired SpeakBurgers by celebrity Chef Vicky Ratnani and it plans to grow the partnership through 25 offline retail stores in the next 18-24 months.

    Chef Vicky Ratnani said, “I joined hands with Ghost Kitchens a year ago and their infrastructure to scale brands has helped SpeakBurgers to evolve tremendously. I wish Ghost Kitchens and all its backers a huge congratulations and with the new capital in place, Ghost Kitchens can realise its dream of an IPO in the next five years. Most importantly, I am glad that we will be able to spread love to more customers through good food.”

  • Noise teams up with Graffiti artist Mooz to paint the wall with its new Noise Buds N1

    Noise teams up with Graffiti artist Mooz to paint the wall with its new Noise Buds N1

    Mumbai: Noise, a connected lifestyle brand, has teamed up with renowned graffiti artist Mooz to create a captivating graffiti art showcasing its latest TWS, Noise Buds N1. This collaboration is showcased in the brand’s latest digital film, highlighting the seamless blend of both creativity and innovation embodied by Noise Buds N1.

    Set against the backdrop of the wall in Ulwe, Navi Mumbai, the digital film follows Mooz’s journey as he unleashes his creative vision after plugging in the latest TWS, inviting viewers into his world to witness the transformation of his artistic concept into reality. Seamlessly blending his signature style with the bold chrome finish of Noise Buds N1, Mooz intricately designs the latest product, with each stroke mirrored on the wall in real time.

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     

    A post shared by MOOZ GRAFFITI (@mooz.one)

    Through this collaboration with Mooz, Noise aims to bring together art and technology to create something truly extraordinary. Engineered to deliver exceptional sound in a premium chrome design, Noise Buds N1 is set to compliment users’ lifestyles by allowing them to stand out with the new elevated audio experience. With a playback time of up to 40 hours, the new TWS from Noise is ergonomically designed to suit users’ fashion with the segment’s most aspirational features.

    As Noise Buds N1 is set to go on sale on 27 February, the digital film offers an exciting preview of what’s to come. Stay tuned as Noise continues to redefine the landscape of connected living, one innovation at a time.

  • 73 per cent urban Indians believe our system is broken: Ipsos Global Advisor Populism in 2024 Survey

    73 per cent urban Indians believe our system is broken: Ipsos Global Advisor Populism in 2024 Survey

    Mumbai: Circa 2024 is a landmark year for world politics and elections when over four billion people will cast their vote in 70 plus countries.  India too goes to the polls in April-May 2024. Populism, anti-elitism and nativism, a 28-country global advisor study shows at least seven in 10 urban Indians polled (73 per cent) believe our system is broken. Further, there is a sentiment of lack of level playing field with at least 71 per cent urban Indians feeling the economy is rigged to favor the rich and powerful. 54 per cent Indians believe our society is broken. And 54 per cent Indians also believe the country is in decline.

    In fact, the common man seems quite excluded in the complete scheme of things – 72 per cent say traditional parties and politicians do not care about them; while 73 per cent feel experts in the country do not understand their lives and 74 per cent believing political and economic elite don’t care about hardworking people. The grouse of the common man was with the lack of fairness, with 74 per cent of the view that there was a glaring divide in society between the ordinary citizen and the political and economic elite. Similar view was held by citizens of Hungary (80 per cent), South Africa (79 per cent) and France (77 per cent).

    Solution? panacea? 74 per cent citizens believe we need a strong leader who is willing to break the rules, to fix the country and take the country back from the rich and powerful. Urban Indians also had strong views on political discourse with 74 per cent of those polled being of the view that most important political issues in India should be decided directly by the people, through referendums and not by the elected officials. This view was most pronounced in India across all the 28 markets covered in the survey, and some of the other top markets emerging included Thailand (73 per cent), Hungary (69 per cent) and South Korea (69 per cent).    

    Opinion about governments

    Should the government increase taxes to pay for any additional spending? While 40 per cent agreed (highest globally), 32 per cent disagreed, 15 per cent were unsure and 13 per cent neither agreed nor disagreed. Most markets disagreed with increase in taxes to provide govt with additional funds for spending, esp in Hungary (74 per cent), South Africa (72 per cent) and Colombia (68 per cent).

    The survey also factored in views of citizens on what govt should increase their spends on: 63 per cent Indians endorsed increase in spends by govt on infrastructure (roads, bridges, rail and air networks, water, electricity and broadband); 65 per cent citizens want govt to spend more on education (schools, universities, job training); 65 per cent citizens want govt to increase spends on public safety (law enforcement, fire and emergency medical services); 66 per cent citizens want govt to increase spends on defense and national security (e.g. military); 66 per cent of urban Indians want govt to increase spends on creating jobs and 60 per cent  Indians want the govt to increase spends for reducing poverty and social inequality.  

    Summarising on the findings of the survey, CSR & ESG group service line leader, public affairs, corporate reputation Parijat Chakraborty said, “The common man believes the system is broken and society is broken. There is this accentuated feeling that power and privileges rest with the political and the elite and they get a short shrift. And they largely believe the society is divided, between the common citizens and the politicians and the elite. For an emerging, growth oriented market like India, citizens want govt to increase spends on infrastructure, education, public safety, defense and national security, job creation and reducing poverty and social inequality.”        

    Methodology

    These are the results of a 28-country survey conducted by Ipsos on its Global Advisor online platform and, in India, on its IndiaBus platform, between Friday, November 22 and Friday, December 6, 2023. For this survey, Ipsos interviewed a total of 20,630 adults aged 18 years and older in India, 18-74 in Canada, Malaysia, South Africa, Turkey, and the United States, 20-74 in Thailand, 21-74 in Indonesia and Singapore, and 16-74 in all other countries.

    The sample consists of approximately 1,000 individuals each in Australia, Brazil, Canada, France, Germany, Great Britain, Italy, Japan, Spain, and the U.S., and 500 individuals each in Argentina, Belgium, Chile, Colombia, Hungary, Indonesia, Malaysia, Mexico, the Netherlands, Peru, Poland, Singapore, South Africa, South Korea, Sweden, Thailand, and Turkey. The sample in India consists of approximately 2,200 individuals, of whom approximately 1,800 were interviewed face-to-face and 400 were interviewed online.

    Samples in Argentina, Australia, Belgium, Canada, France, Germany, Great Britain, Hungary, Italy, Japan, the Netherlands, Poland, South Korea, Spain, Sweden, and the U.S. can be considered representative of their general adult populations under the age of 75. Samples in Brazil, Chile, Colombia, Indonesia, Malaysia, Mexico, Peru, Philippines, Singapore, South Africa, Thailand, and Turkey are more urban, more educated, and/or more affluent than the general population. The survey results for these countries should be viewed as reflecting the views of the more “connected” segment of their population.

    Some of the analysis refers to a “28-country average”. This reflects the average result for all the countries and markets where the survey was conducted. It has not been adjusted to the population size of each country or market and is not intended to suggest a total result.

    India’s sample represents a large subset of its urban population — social economic classes A, B and C in metros and tier 1-3 town classes across all four zones.

    The data is weighted so that the composition of each country’s sample best reflects the demographic profile of the adult population according to the most recent census data. The “28-country average” reflects the average result for all the countries and markets in which the survey was conducted. It has not been adjusted to the population size of each country or market and is not intended to suggest a total result.

    When percentages do not sum up to 100 or the ‘difference’ appears to be +/-1 percentage point more/less than the actual result, this may be due to rounding, multiple responses, or the exclusion of “don’t know” or not stated responses.

    The precision of Ipsos online polls is calculated using a credibility interval with a poll where N=1,000 being accurate to +/- 3.5 percentage points and of where N=500 being accurate to +/- 5.0 percentage points. For more information on Ipsos’ use of credibility intervals, please visit the Ipsos website. The publication of these findings abides by local rules and regulations.

  • Artist Santanu Hazarika’s sneaker collaboration sells out rapidly

    Artist Santanu Hazarika’s sneaker collaboration sells out rapidly

    Mumbai: In an unprecedented phenomenon, renowned artist Santanu Hazarika and homegrown lifestyle brand Comet’s latest collaboration – a capsule collection of 300 pairs of sneakers – rapidly sold out within only two hours of its drop, marking the very time a homegrown sneaker collaboration has sold out in record time!

    Comet, a trailblazing force in the sneaker industry, is renowned for its bold designs and innovative approach to footwear. With a commitment to pushing boundaries and embracing creativity, Comet has carved a distinct identity in the world of streetwear. Their collaboration with renowned artist and sneakerhead Santanu Hazarika signifies a fusion of rebellious expression and artistic vision. Through this partnership, Comet continues to redefine the sneaker landscape, offering consumers a unique blend of style, substance, and self-expression.

    A name synonymous with the sneaker culture in India, Santanu had recently joined hands with Comet for the sneaker line. The collaboration was not just cool kicks but embodied the dynamic convergence of underground art, pop culture, and the sneaker revolution married with rebellion and expression. Taking inspiration from punk, heavy metal and anti-establishment sentiments, where the shoes featured vivid colours and design elements like thorns, a shooting star with an eye, and collar tabs that spelt out ‘Silent’ and ‘Scream’ to symbolise voices that have always echoed in silence. The line perfectly reflected Santanu’s sketchbook style and a disciplined expression that harmonised the silence of rebellion with a loud, unapologetic scream, striking a chord with the audience.

    The sneaker line went live last Thursday on the brand’s website and was off the shelves in a record time of two hours, thereby underscoring the audience’s anticipation for the collection.

    Talking about the success of this drop, Santanu shared, “As an artist, having my sneaker line was on my bucket list, so this is like my childhood dream come true! During the designing process, I had complete creative liberty. But naturally, there was some nervousness about this first-time collaboration. So, a complete sellout in only a few hours was definitely surprising! This has made me truly believe in the power of community.”

    “We are thrilled and humbled by the overwhelming response to our collaboration with Santanu Hazarika. The lightning-fast sellout of our limited edition drop in just two hours is a testament to the acceptance we as a brand have received from the vibrant community we are building with Comet. We are honoured to see the enthusiasm and passion our customer base has created for self-expression and creativity. This achievement only strengthens our commitment to nurturing a community where authenticity thrives and consumers are encouraged to embody our brand ethos of “Never Shy, Never Sorry’,” remarked Comet founder Utkarsh Gupta.

    BigBang.Social chief executive officer Anurag Iyer, added, “BigBang Social is proud to be the force to facilitate this association between Santanu and Comet, an ultimate combination of an extraordinary artist and a sought-after homegrown brand. Through the creator economy, we’re unleashing a tidal wave of creativity and innovation that knows no bounds. In this new-age digital economy where creators play an integral part in shaping culture, inspiring change, and building communities, we believe in empowering them to own their language and monetising their passions that foster a richer, more diverse cultural landscape.

    Santanu intends to foray into the gaming industry and tech merchandise with his designs. The artist plans to launch esports jerseys, gaming gear, and all sorts of electronic gadgets.

  • Vivify Asia transforms into Vivify Stories

    Vivify Asia transforms into Vivify Stories

    Mumbai: Vivify Asia, a creative production and technology solutions, revamping its brand identity to Vivify Stories, marking a significant evolution in its mission and identity. This strategic shift underscores the company’s commitment to crafting unforgettable brand activations, product launches, corporate meetings, events, and immersive experiences that transcend conventional boundaries.

    As Vivify Stories, the company embraces a holistic approach to storytelling, weaving captivating narratives that seamlessly blend the physical and digital realms. This transformation reflects Vivify Stories’ dedication to being more than just a creative production and technology agency; it positions the company as the architect of exceptional brand experiences that leave a lasting impact.

    “Our rebranding to Vivify Stories represents our unwavering dedication to elevating the art of storytelling in everything we do,” said Vivify Stories founder and CEO Vikram Bhalla. “We believe that every brand has a unique story to tell, and through immersive experiences that resonate across multiple platforms, we empower our clients to connect with their audiences in meaningful ways.”

    Some noteworthy past clients and projects of Vivify stories include Coca-Cola, Manchester United Football Club (MUFC), FIFA World Cup Trophy Tour, and Sprite Gully Cricket among others. These projects highlight Vivify Stories’ extensive experience and success in delivering impactful brand activations and immersive experiences across various industries and markets.

    Under the Vivify Stories banner, the company continues to innovate and push boundaries, guided by a team of seasoned professionals who bring expertise from diverse creative disciplines. Ralph Fernandes director of technical, an accomplished director of Photography (DOP) within the industry, shares his excitement about the rebranding: “As part of Vivify Stories, I am thrilled to be part of a team that is redefining the landscape of brand activations and immersive experiences. Our commitment to storytelling excellence remains steadfast, and I look forward to bringing our clients’ visions to life in new and exciting ways.”

    Vivify Stories invites clients, partners, and industry stakeholders to embark on this transformative journey with them, as they continue to pioneer innovative approaches to storytelling and brand activation.

  • AutoVRse secures $2M funding led by Lumikai for enterprise VR solutions

    AutoVRse secures $2M funding led by Lumikai for enterprise VR solutions

    Mumbai:  AutoVRse, a VR/AR tech startup, today announced the successful closure of a $2 million funding round led by Lumikai. This marks a significant milestone in AutoVRse’s journey, having already delivered cutting-edge VR solutions to multiple Fortune 500 companies and industry leaders including Shell, Godrej, Bosch, Tata Motors, Ultratech Cements, Aditya Birla Group, and many others.

    The funding will primarily be utilized to further enhance AutoVRse’s foundational enterprise product, VRseBuilder, “an end-to-end modular technology stack and SAAS platform to integrate VR into workflows of industries like manufacturing, construction, engineering, oil and gas, automotive, replacing ineffective manual instruction and/or expensive simulation techniques for purposes ranging from safety training to sales and collaborative remote work.”

    270 million accidents occur in heavy industries, costing them $1.25 trillion globally. VrseBuilder is a one-stop, self-serve, modular, SAAS-style platform that empowers large organizations to effortlessly create, deploy, and manage VR training solutions and applications at scale, in real-time, across the world.

    This funding will enable AutoVRse to augment its team with top-tier talent, and spearhead expansion efforts in the United States and expand its product suite. The company also plans to set up a B2B sales team in the US to drive qualified lead generation and facilitate market expansion.

    The company also leverages their state-of-the-art, in-house game studio for cutting-edge research and development while building District M, the Multiverse Dance Festival – a social, multiplayer, rhythm VR game. The game’s demo was launched on the Oculus AppLab two years ago and will soon be launched on Meta and PlayStation. The gaming division works closely with the enterprise division to leverage innovations for enterprise product development.

    AutoVRse co-founders Ashwin Jaishanker, and Adarsh Muthappa, enthusiastically shared their outlook for the company’s future, saying, “Virtual Reality (VR) wields transformative potential across diverse industries. Our enterprise solutions offer a world-class, ready-to-use, modular technology stack with SAAS-enabled deployment for purposes ranging from worker safety training to sales training and remote work design collaborations. An example of the real-world impact of our VR tech was our partnership with UltraTech Cements, where we deployed VR safety training modules across 51 plants in India and trained 50,000+ workers in VR—reducing factory incidents and saving lives. We leverage our in-house game studio to test, iterate, experiment and deliver immersive and cutting-edge innovative experiences for our enterprise clients. This cutting-edge research and cross-pollination of technology has also helped us create an immersive gaming experience with an original IP like District M.  Our vision is to build a foundational VR-OS (VR operating system) for enterprises, alongside world-class, meaningful, social, and fun experiences for consumers.”

    Speaking on the announcement, Lumikai founding general partner Salone Sehgal said, “AutoVRse’s technology and solutions for enterprises, compete with the global best. Their focus on innovation and providing scalable, VR-led solutions for very real problems facing heavy industries, coupled with their innovative, state-of-the-art gaming studio, is a powerful combination—paving their rise to becoming a world leader in the VR space. At Lumikai, we are super excited to be lead investors and partner with Ashwin, Adarsh, and the AutoVRse team to build a world-class, enduring AR/VR company.”

    Pushing the limit of what is possible in the immersive media space and delivering consistently path-breaking deployments in the field of enterprise VR/AR for more than 7 years, AutoVRse, has evolved into a pioneer in the AR/VR landscape transforming various industries with their tech prowess. The company’s flagship product, VRseBuilder’s primary goal is to help organizations adopt VR at scale, easily. It consists of 4 components, namely:

       Readymade VR Content Library: Safety and process training VR modules designed with a modular, VR-centric design philosophy

    •    VR-Native Learning Management System: Schedule sessions, assign modules, access performance reports, and observe evaluation metrics in real-time, offering unparalleled training flexibility
    •    Deployment Platform & Knowledge Repository: A secure web dashboard that helps IT and Security teams manage VR users, devices and content by seamlessly integrating with LMS and SSO systems, allowing users to upload videos and PDFs and manage the organization’s VR knowledge repository
    •    Unity SDK + Infinity Workshop: Rapidly prototype VR apps with a no-code editor and massive library of modular blocks (assets, templates and fully finished VR training modules)

    Also participating in this round was angel investor Yash Kotak, Founder and CEO of Jumper.ai, who said “Jumping into AutoVRSe was a no-brainer. Right from the get-go with the founders and the team, I could feel the energy, the focus, and that unstoppable drive to conquer the VR scene. With its fundamentally strong tech, flawless execution, and sky-high market potential, investing was a total blast from day one.”

    Additional prominent figures in the funding round include Rajat Monga, co-founder of TensorFlow and Inference.io and Viswanathan Krishnamurthi, ex-CIO/VP at Yahoo & Eaton.

    While talking about this the Co-founder of TensorFlow and Inference.io, Rajat Monga, also added “AR/VR is where we are all headed, and with Oculus Quest (and now Apple Vision Pro), people think of consumer apps. I loved how Ashwin and the team understood the space and focused on enabling enterprises to bring their ideas to reality.”

  • ReFit Global raises Rs two crore funding at Rs 200 crore valuation on Shark Tank Season 3

    ReFit Global raises Rs two crore funding at Rs 200 crore valuation on Shark Tank Season 3

    Mumbai: ReFit Global, a rapidly growing Direct-to-Consumer (D2C) Refurbished marketplace, has successfully secured Rs two crore funding at Rs 200 crore valuation from leading entrepreneurs and investors during their appearance on Shark Tank India Season 3. The investment round was spearheaded by Shaadi.com – People Group CEO Anupam Mittal, SUGAR Cosmetics CEO & co-founder Vineeta Singh, CarDekho Group and InsuranceDekho co-founder & CEO Amit Jain. This strategic investment marks a significant leap forward in ReFit Global’s expansion journey.

    The acquired funds will be used to scale operations, broaden market outreach, and fortify the company’s technological infrastructure. Additionally, ReFit Global aims to enhance its web presence and overall customer experience, reinforcing its position as a leader in the refurbished marketplace.

    One of the largest liquidation partners of major online platforms and collaborator with major e-commerce platforms and smartphone brands, the bootstrapped company achieved 100x YoY growth, securing Rs 200 crores in FY 2022-2023.

    Speaking about the fundraising, ReFit Global CEO & co-founder Saket Saurav stated, “We’re truly excited to be sharing such a prestigious entrepreneurial platform with seasoned business leaders and visionaries. Recognizing the unique strengths each shark brings, our efforts has always been on expertise rather than just financial valuation. Our primary focus was to create a dynamic alliance with a diverse group of accomplished sharks, each contributing their distinctive insights and expertise. With this opportunity, we are aiming to bring in a clearer vision and market positioning for ReFit”.

    ReFit Global founder & CEO Avneet Singh stated, “We are pleased to have received funding from Shark Tank India, which validates our commitment to transforming the refurbished smartphone industry through innovation and research. The investment will be deployed to drive further advancements and introduce a diverse range of refreshed products to the market.”

    Beyond being a successful startup with a network of over 50,000 retailers across 100 odd cities, ReFit Global distinguishes itself as an environmental steward within the re-commerce industry. The company’s commitment to sustainability and reducing e-waste positions it as an eco-conscious player. Apart from financial success, ReFit Global actively contributes to positive environmental impact through excellent service, diverse sourcing methods, and a solid warranty promise. With these strengths, the company is driven to achieve its target of becoming a Rs 1,000 crore profitable enterprise within the next few years.

     

  • Value 360 takes the spotlight as Miss World Organisation Entrust them as official PR partners

    Value 360 takes the spotlight as Miss World Organisation Entrust them as official PR partners

    Mumbai: In a momentous announcement, Value 360 Communications has been named the official PR Partner for the prestigious 71 Miss World Pageant, set to grace India’s shores from 18 February to 9 March 2024. This strategic alliance aims to raise the global prominence of the Miss World pageant while spearheading impactful communication initiatives.

    Eagerly anticipated nationwide, the return of the Miss World pageant to India after 28 years has ignited excitement and fervour across the country. Value 360 Communications is proud to unveil its collaboration with the Miss World Organization to lead the event’s public relations efforts, emphasizing the empowering theme of ‘Beauty with Purpose’.

    Miss World Organization chairperson and CEO Julia Morley, expressed her enthusiasm for bringing the 71 edition of the Miss World pageant to India. “This significant occasion serves as a platform to showcase the vibrant cultural tapestry and remarkable diversity of the nation on a global stage, embodying the ethos of ‘Beauty with Purpose’. Miss World Organization selected Value 360 Communications for their exceptional track record in shaping successful brand narratives. The collaboration between the two entities aims to ensure that Miss World 2024 receives widespread recognition and acclaim both locally and internationally.”

    Value 360 Communications  founder & director Kunal Kishore, expressed his excitement over the forthcoming partnership with the Miss World Organization “This milestone collaboration signifies a momentous occasion for Value 360 Communications, and the team is dedicated to leveraging their expertise to enhance the global appeal of Miss World 2024, rooted in the core values of ‘Beauty with Purpose’.”

    The return of the Miss World pageant to India after 28 years has ignited anticipation and excitement nationwide, promising a celebration of beauty and empowerment on a global scale. Celebrating beauty, intelligence, and advocacy for meaningful causes, contestants from over 120 countries will converge in India for the 71 Miss World Pageant, embodying the spirit of empowerment and positive change. The event promises to showcase not only the physical beauty of contestants but also their inner strength and commitment to making a difference in the world.    

  • India shifts to a new socio-economic classification system ISEC, women education is one of the key definers of social capital

    India shifts to a new socio-economic classification system ISEC, women education is one of the key definers of social capital

    Mumbai: India’s sole and autonomous market research industry body, Market Research Society of India (MRSI) announces the adoption and implementation of its latest Socio-economic Classification System, ‘ISEC’. The current Socio-economic Classification (SEC) being followed in India is based on ownership of consumer durables and vehicles. The growth in GDP and income, penetration of consumer durables, and ownership of vehicles has witnessed a significant increase, leading to the current socio-economic classification becoming less discriminatory and more volatile. The need to redefine the key variables led to the formation of a more stable, and more robust construct, ‘ISEC.’ Among the various industry stakeholders on track to adopt ISEC are The Indian Society of Advertisers (ISA), research users of various organisations such as ITC, Hindustan Unilever Limited, Marico, Dabur India, etc., research agencies including Kantar, IPSOS, as well as key media agencies.

    On rolling out the new socio-economic classification system, Market Research Society of India director general Mitali Chowhan said, “Socio-economic classification is the base of any targeted consumer understanding. At MRSI we recognise the need for an evolved SEC structure and ISEC is a system that is highly relevant. ISEC was developed by the industry, for the industry and unlike any previous classification system, it considers women’s education as a key definer of social capital, an attribute that is highly pertinent in current day. As an industry body, we are deeply invested in our stakeholders and the launch of ISEC is in line with our commitment to help our industry grow and evolve.”

    Socio-economic classification enables brands and agencies to understand their target audience’s behaviour and profiles and set price points. Updates to the current socio-economic classification is critical given the changing landscape of Indian households. ISEC addresses this with classification using household education and occupation profiles.

    In line with the roll-out of ISEC, MRSI organized a panel discussion that reaffirmed the importance of an evolved Socio-economic classification system to target consumers. Reinforcing ⁠their thoughts were senior industry leaders Amit Adarkar, CEO of IPSOS India, ⁠Jasmine Sachdeva, Managing Partner of Wavemaker India, ⁠Muralidhar Salvateeswaran, Chief Operations Office, Insights APAC at Kantar, ⁠Rajiv Dubey, Head of Media at Dabur India, ⁠Vivek Malhotra, Group CMO of India Today Group and Vinay Virwani, Head – Consumer Insights at Dabur India. The panel that was moderated by MRSI’s General Secretary, Shuvadip Banerjee, Chief Digital Marketing Officer of ITC Ltd. discussed the increased need for a deeper understanding of consumer behaviour, media targeting, and challenges the industry is faced with given the existing NCCS construct.

    Stressing on the need for a robust SEC system, IPSOS India CEO Amit Adarkar said, “Socio-economic classifications are the starting point of any planning or decision-making, impacting almost all industries. Following a SEC system that is relevant, evolved and representative is hence critical. NCCS was introduced at the time when digitisation was gaining momentum and women representation in household decisions was marginal. Our country has evolved greatly since then and it is essential that we follow a SEC that is equally evolved.”

    Concurring with Adarkar, Worldpanel Division managing director South Asia K Ramakrisnan Kantar said, “The challenges that companies are faced with these days are innumerable with the current SEC system adding to these challenges in terms of targeting and understanding behaviours. ISEC is a robust system that works well in both urban and rural India. It has more distinctiveness, a better distribution and it gives us the confidence that its structure will benefit brands and their decisions.”

    Unlike NCCS that only factored the education of the chief earner and the presence of certain consumer durable items in the household, MRSI’s ISEC takes on a more advanced approach by including the occupation of chief earner, education of highest educated male adult as well as education of highest educated female adult. Created by a team of seasoned experts and professionals from across the research and insights industry using National Council of Applied Economic Research (NCAER), the Worldpanel division, Kantar, Indian Readership Survey (IRS), and referencing data from VTION,  ICUBETM, among others.

    Speaking on the new SEC, Sunil Kataria, chief executive Officer – Raymond Lifestyle – India & International, and chairman of The Indian Society of Advertisers said, “The development and progress of our economy is at a rapid pace. At such a pace it is even more important for us as advertisers and spenders to understand our consumers and their behaviour. ISEC is representative, relevant and robust. It gives us a holistic view of our audience segment and how they are equipped to make decisions. We welcome this new socio-economic classification and will continue to work with MRSI to further strengthen this system as and when required.”

    ISEC makes way for improved distribution and sharper and refined targeting. It is considerably more stable than NCCS, hence omitting the need for frequent updates.  ISEC’s discriminating quality is visible with each of the class/tier behaving differently, thus being more relevant as the economy develops with improvements in standards of living, increased asset ownership, infrastructure development and government interventions. Moreover, social capital in India can be defined by the education of the female and this parameter helped improve ‘discrimination’.

    Speaking on the implementation, IPG Mediabrands India CEO Shashi Sinha, further added, “A better and deeper understanding of consumer cohorts is always appreciated. It equips brands the opportunity to identify and target consumers in a sharper manner and opens up avenues for sharper communications. ISEC is highly discriminatory which is also crucial in current times. The implementation was long due and we are certain that this will help the industry considerably going forward.”

    “Following a socio-economic classification system that is representative of the population ensures that the industry is marching forward with efficiency. It ensures that the money spent is being spent correctly and more effectively. ISEC gives us that confidence and we are certain that this is a step forward in the direction of economic growth and development.” added India Today group CMO Vivek Malhotra.

    Representative of India’s social-economic strata, ISEC works equally well for urban and rural, is straightforward and quick and is not intrusive to administer.  A classification system spanning 1 to 12 tiers, ISEC is an open-source system and is available for all industry stakeholders

    SEC systems are used by all research companies, advertisers, and measurement bodies to target households. 

  • Kulfi Collective joins the exclusive global network The Society of Digital Agencies (SoDA)

    Kulfi Collective joins the exclusive global network The Society of Digital Agencies (SoDA)

    Mumbai: Kulfi Collective, the award-winning content network based in Mumbai, has joined the prestigious Society of Digital Agencies (SoDA). SoDA is an exclusive global network, home to renowned agency founders, creative innovators and technology disruptors who help the world’s leading brands imagine and create the future of digital experiences.

    SoDA serves as a dynamic community, fostering connections, collaboration and learning among creative visionaries and agencies who are shaping the forefront of digital innovation. Its members include some of the most innovative and celebrated agencies, product design studios, creative production companies and digital experience consultancies in the world such as Media Monks, Stink Studios, Buck, Jam3, Dept and more. SoDA represents a uniquely vibrant, diverse and collaborative community. Agencies are accepted after a rigorous selection process – endorsed by the SoDA community and admitted to the organisation by a unanimous vote from SoDA’s Board of Directors. Kulfi Collective is the first and only Indian company to secure membership in this exclusive global network so far.

    This membership offers Kulfi Collective unparalleled opportunities for collaboration and knowledge sharing and amplifies its capacity to craft cutting-edge digital experiences and access talent globally to create more value for its roster of clients. “We’re thrilled to be part of this incredible community that is committed to driving innovation and reshaping the digital landscape globally,” said Kulfi Collective co-founder Advait Gupt. “As the only Indian member of SoDA, we are excited to represent creative voices from this region and immerse ourselves in collaborative learning with the finest minds in this space. “

    “SoDA is a global community for founders and leadership teams at some of the world’s most progressive digital design, technology, and product studios. Kulfi Collective has an incredibly sharp, talented, genuine, and ambitious leadership team and they’re most definitely a leader in

    the Indian market. We’re thrilled to welcome the team into our community” adds SoDA executive director Tom Beck.

    This marks a monumental moment in Kulfi Collective’s journey as they continue to work towards operating at the forefront of innovation, creativity and technology.