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Tag: finance

  • Inflection Point Ventures launches accelerator program – IPV Ideaschool batch 1

    Inflection Point Ventures launches accelerator program – IPV Ideaschool batch 1

    Mumbai: Inflection Point Ventures today announced the launch of its accelerator program, IPV Ideaschool batch 1. The 6-week nationwide program has been designed for entrepreneurs who are seeking to take their business from the idea stage to MVP.

    Launches first-ever 6-week pan-India cohort

    ● Applications to join the program are now open

    ● Applications will see multi-level shortlisting and the Elite 40 will make it to the final program

    ● Startups get access to masterclasses on various topics helmed by industry experts

    ● Top 15 startups from the 40 shortlisted will present their ideas to a jury at a grand event

    ● Final 5 startups stand to get Rs 80 lakhs each as seed funding from IPV

    Out of 2000 expected applicants, 100 will be shortlisted for the program initially and 40 of them will then proceed to be an active part of the discussion in the accelerator program. The startups will be evaluated through several rounds across multiple parameters.

    At the final stage, the program will culminate in an on-ground event, where the top 15 startups will get a chance to showcase their respective business ideas to an esteemed jury. The final 5 startups emerging from this set stand to bag Rs 80 lakhs as investment and a once-in-a-lifetime opportunity to become part of the IPV portfolio. Applications for this opportunity remain open until 20 January 2024.

    Speaking on the initiative, Inflection Point Ventures co-founder Mitesh Shah says, “IPV Ideaschool- the highly curated program aims to give an edge to the startups as they will not only secure early-stage funding but also get an opportunity to grow and scale their business rapidly with strategic guidance and IPV’s rich network. At IPV, we are looking for startups that add value to our economy and have sustainable ideas. By strategically nurturing and empowering innovative ideas, our commitment to building a strong early-stage startup pipeline ensures a foundation of quality and potential, shaping the future of groundbreaking ventures and contributing to India’s economy”.  

    As part of this program, IPV experts will help startups fine-tune their business plans, and suggest pivots if needed to make a commercially viable business idea ready to be funded. IPV will also leverage its own investors’ network, ecosystem partners, and other VCs to help the startups get access to the required infrastructure and raise additional capital.

    The startups will have access to boot camps, and masterclasses on various subjects helmed by experts on matters related to different areas of businesses that founders should learn about.

    This program promises to offer a holistic experience and a high degree of exposure to how to start building their business for the real world. The startups will be nurtured for growth with strong backing from IPV, Firstport Capital, and Plphysis Capital.

    For further details please log on to — India’s Leading Angel Investing Platform for Startup Investment | IPV (ipventures.in)

  • Money9 Survey unveils India’s dreams persist amidst economic struggles

    Money9 Survey unveils India’s dreams persist amidst economic struggles

    Mumbai: Startling revelations from the Money9 Mega Annual Personal Finance Pulse survey shed light on the financial landscape of India. More than 22 per cent of Indians have been forced to deplete their lifetime savings due to unexpected medical emergencies. Despite signs of economic recovery, a daunting 56 per cent of Indian households live in constant fear of job loss.

    However amidst these challenges, India continues to dream. The survey indicates that 3 per cent of families plan to purchase a two-wheeler or car in the next six months, while over 10 per cent have their sights set on acquiring a smartphone within the same period.

    This groundbreaking data comes from Money9’s annual Personal Finance Pulse survey, the most extensive and comprehensive examination of Indian households’ income, expenditures, standard of living, savings, investments, and future aspirations. Money9, India’s multi-media and multi-language Personal Finance platform, is also a super app, and it is part of the TV9 Network, India’s premier news network.

    The 2023 edition of the survey has covered more than 35,000 households across 20 states, spanning 1,170 locations and 115 districts in India. It represents a diverse cross-section of age groups, income levels, and geographical locations, encompassing both urban and rural populations. Special attention has been given to urban and suburban households.

    This survey was conducted in collaboration with Research Triangle Institute (RTI) International. RTI International has a proven track record of conducting research studies for various clients, including esteemed organizations such as the World Bank, International Finance Corporation, and the World Health Organization.

    TV9 Network MD CEO, Barun Das said, “Amidst the financial challenges revealed by the Money9 Mega Annual Personal Finance Pulse survey, the resilient spirit of India shines through. The data puts a spotlight on both the struggles and dreams of our people. As the MD and CEO of TV9 Network, India’s No.1 News Network, I see a nation unyielding in its aspirations, adapting to change, and crafting unmeasurable layers that define the complexity and richness of India’s financial landscape.”

    Money9 Editor Anshuman Tiwari said, “Navigating the intricate threads of India’s financial narrative, I find inspiration in the resilience of our people. The Money 9 Mega Annual Personal Finance Pulse survey unravels the stories of challenges and aspirations, painting a vivid picture of our economic landscape. Through these revelations, we empower individuals with knowledge, fostering a community that dreams, adapts, and charts its course towards financial well-being,”  

    Post Covid recovery and risks:

    The survey reveals that the return of migrant labourers post-Covid has contributed to an increase in the income of India’s urban households in 2023. The average monthly income has surged by over 12 per cent to reach Rs 25,910, up from Rs 23,000 the previous year. However, a staggering 77 per cent of Indians still earn less than Rs 35,000 per month. The Money 9 personal finance survey’s financial security index categorizes 65 per cent of Indian households as financially vulnerable. Alarmingly, only 30 per cent of households reported an improvement in their financial situation in the last five years, while over 70 per cent experienced a decline or stagnation during the same period.

    Big upset in state’s ranking:

    In a surprising turn of events, Karnataka has surpassed Maharashtra to claim the top spot in terms of average monthly household income. Karnataka now boasts an impressive figure of Rs 35,411, dethroning Maharashtra, which held the title in the 2022 survey.

    Insurance penetration grows:

    Despite the changing financial landscape, the affinity of Indians for gold and traditional bank deposits remains unwavering. Approximately 77 per cent of Indians prefer to safeguard their hard-earned money through bank deposits, while 21 per cent choose to invest in gold. Encouragingly, the survey indicates a positive trend in insurance penetration, with over 27 per cent of households holding life insurance policies in 2023, up from 19 per cent in the 2022 survey. However, a concerning 53 per cent of households still lack health insurance coverage.

    Stocks and Mutual Funds shine:

    India’s burgeoning stock market is gradually making its way into the pockets of investors, with the percentage of stock market investors surging from a mere 3 per cent to 9 per cent compared to the previous year. Additionally, 10 per cent of Indian families have now embraced mutual fund investments, up from 6 per cent in 2022.

    Not Just India, it is about your city:

    Regional variations persist, with southern Indian cities such as Bengaluru (69%) and Thiruvananthapuram (66 per cent) leading in gold savings. In terms of insurance penetration, Madurai (84 per cent) claims the top spot, followed closely by Amravati (79 per cent) and Aurangabad (76 per cent).

  • Adani Group announces open offer launch on 22 November

    Adani Group announces open offer launch on 22 November

    Mumbai: In a regulatory filing with the stock exchanges, NDTV said that the Adani Group on Friday announced a revised schedule for its proposed open offer to buy a 26 per cent public shareholding in the news network.

    The filing states that the Adani open offer will now likely begin accepting subscriptions on 22 November and end on 5 December.

    Previous dates for Adani’s open offer were from 17 October to 1 November.

    In August, Gautam Adani entities acquired Vishva Pradhan Commercial Pvt Ltd (VCPL), a lesser-known company that had lent the founders of NDTV more than Rs 400 crore.

    Also read : AMG Media Networks to indirectly acquire 29.18% stake in NDTV; launches open offer

    VPCL lent the money more than a decade ago in exchange for warrants that allowed it to buy a 29.18 per cent stake in NDTV at any time.

    VCPL, in collaboration with AMG Media Networks and Adani Enterprises, has proposed to acquire an additional 26 per cent, or 1.67 crore equity shares, at a price of Rs 294 per share.

    The promoters of NDTV had challenged the open offer and the acquisition of VCPL’s stake, claiming that the deal could not proceed without the approval of Sebi as well as the income tax department.

    The Adani Group had previously denied claims that the stake sale would require tax clearance.

    The NDTV promoters claimed that they were completely unaware of the takeover and that it was carried out without their consent.

    Following the transaction, the acquirer (Adanis) will not directly own any equity shares in the target company (NDTV), but will own at least 99.50 per cent and up to 100 per cent of the promoter company’s paid-up share capital (RRPR Holdings).

    The proposed sale of NDTV and its subsidiary, NDTV Networks Ltd., which together own 20 per cent of Malaysian media company Astro Awani Network Sdn Bhd, has been postponed in the meantime.

    By letter dated 9 November the Central Bureau of Investigation withheld for the time being its approval of the transaction.

  • LEAD announces Anupam Gurani & Manoj Naik elevation at a leadership role

    LEAD announces Anupam Gurani & Manoj Naik elevation at a leadership role

    Mumbai: Homegrown school edtech unicorn, LEAD, has elevated Anupam Gurani to chief business & marketing officer and Manoj Naik to chief finance & operations officer.  In their new positions, Gurani and Naik will further strengthen LEAD’s proposition as an integrated school edtech solutions provider with expertise in operations, classroom management, curriculum, and pedagogy.

    In addition to his marketing responsibilities, Gurani will now also drive customer success and revenue generation at LEAD, with a focus on continually delivering great results for all school stakeholders, and Naik will also lead supply chain and procurement excellence, in addition to leading financial operations at edtech.

    LEAD co-founder and CEO Sumeet Mehta said, “Gurani and Naik are leading our mission of bringing excellent education to every child. With their deep expertise and experience, I am sure they’ll continue to contribute to the lead in their elevated roles.” 

    “The opportunity to build on our current momentum for growth and student confidence-building through school edtech is tremendous, and I am excited to take on this new role. I look forward to working with our teams to drive further success for LEAD as we continue to make excellent learning accessible and affordable for students across India,” said Anupam Gurani. An accomplished sales, marketing, and strategy professional with over 18 years of experience, Gurani has previously led teams in leading multinational organisations across India and Southeast Asia, including Disney+, Hotstar, Vodafone, Google, and Reckitt.

    “I am thrilled to be a part of LEAD at this important juncture in its journey of impact and growth. As we continue to shape the future of learning outcomes in India’s schools, I am excited about the opportunity to strengthen operational excellence with an incredible, values-driven team,” added Manoj Naik. With over 30 years of experience, Naik has led finance, commercial and technology operations in leading companies such as GE Capital, ManipalCigna Health Insurance and Fullerton Securities, among others across India and the UAE.

  • Cashify appoints Subodh Garg as its first chief financial officer

    Cashify appoints Subodh Garg as its first chief financial officer

    Mumbai: Homegrown re-commerce marketplace, Cashify has appointed Subodh Garg as its first chief financial officer. The appointment of the new CFO would be a step toward preparing for the company’s continued focus on sustainable growth, it said in a statement.

    In his new role as CFO, Subodh will lead the company’s long-term profitable growth and strategy and ensure financial readiness. With Cashify working aggressively, the appointment of Subodh to the team will strengthen the growth story and further assist in expanding into new, untouched territories.

    With more than two decades of experience in the financial sector, Subodh Garg joins Cashify as a veteran with strong business acumen. Prior to this, he held the position of CFO at Pickrr and other leadership positions with startups such as Bulbul and Healthkart. Before venturing into the world of startups, Subodh garnered a rich, diversified experience of 20 years in various industries such as insurance, BPO, service, and manufacturing.

    Speaking about the appointment, Cashify co-founder & CEO Mandeep Manocha said, “We’re thrilled to welcome Subodh into the Cashify family. His proven expertise in leadership and commercial judgement is crucial for us at this juncture. The extensive experience and knowledge that he brings in after working with various industries will definitely help Cashify flourish sustainably in the current scenario.”

    “I’m extremely delighted to be a part of the Cashify team. The current growth trajectory of Cashify is pretty exciting, and I’m looking forward to collaborating with the team and contributing towards strengthening Cashify as a sustainable and profitable business model, ” said Subodh Garg.

  • “This exercise of rights by VCPL was executed without any consent of the founders”: NDTV

    “This exercise of rights by VCPL was executed without any consent of the founders”: NDTV

    Mumbai: Hours after the announcement, the indirect acquisition of a 29.18 per cent stake in news broadcaster New Delhi Television Limited (NDTV) by a wholly owned subsidiary of Adani Enterprises’ AMG Media Networks Limited (AMNL), a document related to the development, accessed by Indiantelevision.com, stated, “This exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today. As recently as yesterday, NDTV had informed the stock exchanges that there was no change in the shareholding of its founders.”

    Also, as informed earlier, AMNL will also present an open offer to acquire another 26 per cent stake in the media house.

    The statement further added, “Without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, a notice has been served upon them by Vishvapradhan Commercial Private Limited (VCPL), stating that it (VCPL) has exercised its rights to acquire 99.50 per cent control of RRPR Holding Private Limited (RRPRH), the promoter-owned company that owns 29.18 per cent of NDTV.”

    In a statement released on 23 August, the Adani Group said, “RRPR is a promoter group company of NDTV (NDTV, BSE: 532529) and holds a 29.18 per cent stake in NDTV. VCPL, along with AMNL & AEL (persons acting in concert), will launch an open offer to acquire up to a 26 per cent stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.”

    Also read : AMG Media Networks to indirectly acquire 29.18% stake in NDTV; launches open offer

    Simultaneously, NDTV management also clarified that the notice from VCPL is based on a loan agreement it entered into with NDTV founders Radhika and Prannoy Roy in 2009-10. “The notice states that VCPL has exercised its option to convert 19,90,000 warrants into equity shares of RRPRH at Rs 10 per share and that a total of Rs 1.99 crore has been transferred to RRPRH.”

    RRPRH, the owner of 29.18 per cent of NDTV, has been told to transfer all its equity shares to VCPL within two days.

    NDTV has also received a copy of the public announcement by VCPL dated 23 August of an open offer to acquire up to 26 per cent of the voting share capital of NDTV at Rs 294 per share (up to 16,762,530 fully paid-up equity shares) as per the requirements of the SEBI (substantial acquisition of shares and takeovers) Regulations, 2011.

  • Xanadu Realty strengthens its leadership team, appoints K.N. Swaminathan as the CFO

    Xanadu Realty strengthens its leadership team, appoints K.N. Swaminathan as the CFO

    Mumbai: Xanadu Realty, a business accelerator firm, has onboarded K.N. Swaminathan as the chief financial officer to strengthen its leadership team.

    An industry veteran, Swaminathan has more than 33 years of experience in taking companies to the public markets with careful attention to detail and diligence. Prior to Xanadu Realty, he was the group chief financial officer of Kolte Patil Developers and has also worked with Reliance Communication and Lodha Group.

    Speaking on this appointment, Xanadu Group CEO Vikas Chaturvedi commented, “Swami, as we fondly call him, is a dynamic leader and a great asset to our organisation. We are very privileged to have him on board as his vast knowledge and expertise will empower us to achieve our ambition and bring larger focus towards the next phase of our evolution.”

    K.N. Swaminathan said, “I have seen Xanadu grow multifold from the outside, and I’m extremely pleased to be a part of this thriving ecosystem. We are on an exciting journey to achieve disproportionate growth in the coming few years, and my prime agenda shall be to ensure financial and regulatory transformation.”

  • Facebook parent Meta posts its first-ever revenue decline in Q2

    Facebook parent Meta posts its first-ever revenue decline in Q2

    Mumbai: Facebook parent company, Meta, on Thursday announced a decline in the company’s revenues in its second quarter earnings 2022 for the first time since it went public in 2012. The tech major reported a drop in revenues from $29.08 billion to $28.82 billion, down one per cent over last year.

    Meta also announced that its chief finance officer (CFO) David Wehner would now take over the role of chief strategy officer (CSO) and oversee the company’s strategy and corporate development.

    The company announced that Susan Li, currently vice president of finance, will replace him as CFO. The transitions will be effective from 1 November.  

    The social media network’s net income saw a decline of 36 per cent in April-June, falling from $10.39 billion ($3.61 per share) to $6.69 billion ($2.46 per share) year-on-year (YoY).

    “We seem to have entered an economic downturn that will have a broad impact on the digital advertising business,” said Meta founder and CEO Mark Zuckerberg in an earnings call on Wednesday. “It’s always hard to predict how deep or how long these cycles will be, but I’d say that the situation seems worse than it did a quarter ago.”

    The social media giant also issued a bleak third-quarter forecast. “This outlook reflects a continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty,” chief finance officer David Wehner said in a statement.

    “We have reduced our hiring and overall expense growth plans this year to account for the more challenging operating environment while continuing to direct resources toward our company priorities,” he added.

    The company expects its 2022 total expenses to be in the range of $85-88 billion, lowered from its prior outlook of $87-92 billion, Wehner further stated.

    Meta’s worrying results follow a pattern reflected in the results of other major tech companies and its rivals, Snap and Twitter – both of whom reported disappointing second-quarter numbers last week, during an unprecedented stressful period across the industry. The results also follow a broader decline in the digital advertising market.

    Advertising revenue growth slowed throughout the second quarter as advertiser demand softened, Wehner stated. “The deceleration has been broad-based across verticals, and we believe businesses are lowering their advertising spend in response to the increased economic uncertainty.”

    Earlier on Wednesday, another tech major and Google parent company- Alphabet posted a 13 per cent growth in consolidated revenue at $69.7 billion for the second quarter – its slowest quarterly growth in two years.

    Meta also faces its own unique challenges of competing with TikTok, while focusing on its next phase of building the immersive metaverse.

    In this environment, we’re focused on making the long-term investments that will position us to be stronger coming out of this downturn — including our work on our discovery engine and Reels, our new ads infrastructure, and the metaverse, stated Zuckerberg. The company is also focused on being rigorous about measuring returns and sizing these investments correctly, he added.

  • Bajaj Allianz Life Insurance launches personal finance education campaign

    Bajaj Allianz Life Insurance launches personal finance education campaign

    Mumbai: Bajaj Allianz Life Insurance has launched an educational initiative under the theme “Life Goal Mantras”. The campaign aims to simplify personal finance and insurance concepts collaborating with content creators.

    Every episode, in this short-format video series, focusses on a single personal finance concept simplified by the influencer in an engaging manner. Bajaj Allianz Life Insurance’s ‘LifeGoal Mantras’ campaign videos will be available on the social media pages of the company and the influencer.

     

     

    Starting with influencer Aiyyo Shraddha, the initiative simplifies several financial concepts including Rule of 72, equity allocation formula, size of insurance cover, 10-5-3 investment allocation thumb rule, and many more.

    Commenting on the educational initiative, Bajaj Allianz Life Insurance chief marketing officer Chandramohan Mehra said, “One of the challenges driving personal finance awareness is the seemingly complex concepts and jargons. Through the initiative, Life Goal Mantras, we aim to leverage social media influencers to educate and advise the newer generation of investors, about key personal finance concepts in a manner that aids easy comprehension and strengthens resonance with the brand.”

  • Pepperfry appoints Anand Batra as the chief financial officer

    Pepperfry appoints Anand Batra as the chief financial officer

    Mumbai: The e-commerce furniture and home goods company, Pepperfry announced on Friday the appointment of Anand Batra as its chief financial officer (CFO). This is Batra’s second stint with Pepperfry, his first being a five-year stint during the early days of Pepperfry’s inception. In his role as CFO, Batra will spearhead the organisation’s corporate strategy, fundraising efforts, financial operations, legal and secretarial functions. His appointment is effective immediately and he will be based at the Pepperfry corporate office in Mumbai.

    Batra is a seasoned finance professional with more than a decade of experience in venture capital, business management, financial planning and operations, fundraising, strategy, and investment banking.

    Before joining Pepperfry, Batra worked as executive director at Z3Partners, a leading tech and digital fund, where he was involved with the fund’s investments in Dealshare, Shipsy, Gramophone and Cyfirma. Earlier, Batra was a principal in the investing team at IvyCap Ventures, focusing on early-stage investments in Indian consumer and technology-enabled businesses.

    Before starting his career as an investor, Batra headed up category management for the home goods business at Pepperfry. During this stint, Batra transformed the home business unit economics while maintaining high levels of customer experience. Batra headed up the financial planning and strategy function at Pepperfry, where he led fundraising efforts, apart from helping shape the company’s omnichannel strategy and launching business categories.

    A graduate of the London School of Economics and Narsee Monjee College, Mumbai, Batra started his career as an investment banker at Lazard and Avendus Capital in India.

    Pepperfry co-founder & CEO Ambareesh Murty said, “We are thrilled to welcome Anand back home. His contributions during Pepperfry’s formative years were invaluable and had helped steer our business through several transformational changes. I am a fan of his wide world view and look forward to working with him to chart Pepperfry’s future through India’s rapidly evolving digital and retail landscape.”

    “It gives me great delight to rejoin the Pepperfry family. The company is a differentiated brand in the e-commerce space and has undisputedly built a community-based platform defining home and living. In its decade long journey, Pepperfry has shown all the makings of a strong consumer brand. I look forward to working closely with the team to drive the next phase of growth,” said Anand Batra.