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  • Hari V Krishnan to step down as CEO of PropertyGuru group

    Hari V Krishnan to step down as CEO of PropertyGuru group

    MUMBAI: In a significant leadership announcement, Hari V. Krishnan has decided to step down as CEO of the Singapore-based PropertyGuru group after nearly a decade of remarkable growth and innovation.

    Reflecting on his tenure, Hari highlighted key milestones such as achieving market leadership across regions, expanding into Vietnam, forming a transformative partnership in Malaysia, and leading the company’s public listing on the NYSE.

    Hari’s leadership also saw the incubation of new businesses and solutions, multiple funding rounds, and the recent strategic partnership with EQT Group wherein the Swedish  alternative investment firm acquired it at a valuation of $1.1 billion and delisted it from the NYSE. He will transition into the role of senior advisor to the board once a new CEO is in place.

    PropertyGuru announced that Lewis Ng will take over as CEO in March. With a robust background at global firms such as Seek, TripAdvisor, and Apple, along with prior experience at PropertyGuru, Lewis is poised to lead the company into its next growth phase. Trevor Mather will join as chairman, bringing extensive experience from AutoTrader and Thoughtworks, alongside new board members Janice Leow and Ed Williams.

    Hari expressed gratitude to stakeholders, reflecting on his journey of empowering communities to thrive and expressing confidence in the company’s future under new leadership.

    Prior to heading the PropertyGuru group,  Hari was a well-known executive in India as  Linkedin vice president & MD, Asia Pacific & Japan before that  country manager for India. He began his career wih Ciso as a product manage/ customer support engineer based in San Jose, moving onto assignments with Yahoo India, travelguru, Myspace, and then Linkedin. He is a mentor and investor in several startops.

     

  • RIL to buy 5% in Eros; cos to set up $150 mn content fund

    RIL to buy 5% in Eros; cos to set up $150 mn content fund

    MUMBAI: Continuing its media march, which is also an indication of further disruptions in the Indian and global entertainment industry, the USD 51 billion Reliance Industries Ltd (RIL) is all set to acquire 5 per cent equity stake in NYSE-listed Eros International Plc (Eros) and jointly set up a $150 million (Rs 1,000 crore) fund to co-produce and consolidate content from India.

    In the transaction, which is subject to regulatory and other approvals, RIL, through a subsidiary, is looking to pick up the minority stake at a price of $15 per share, representing an 18 per cent premium to the last closing price of the stock. Eros stock quoted at $13.30 on the NYSE at local US time of 16:01:15 on 20 February 2018, having opened at $13.25. RIL closed Tuesday at Rs 919.40 on the Bombay Stock Exchange.

    RIL and Eros International Media Ltd (Eros India) will equally invest in the fund to produce and acquire Indian films and digital originals across all languages, according to a joint statement put out late on Tuesday evening.

    RIL’s investment will also result in some management changes in both the companies. Eros’ group CEO and MD Jyoti Deshpande will be stepping down from her executive role after over 17 years and move on to head the media and entertainment (M&E) business at RIL as the president of the chairman’s office.

    Deshpande will start her role at RIL from April 2018 but will continue to remain as a non-executive director on the board of Eros, while Kishore Lulla will resume his position as group chairman and CEO of Eros, the statement added.

    In her new role at RIL, Deshpande will lead the company’s initiatives in M&E to organically build and grow businesses around the content ecosystem, such as broadcasting, films, sports, music, digital, gaming, animation as well as integrate Reliance’s existing media investments such as Viacom18 and Balaji Telefilms with a view to build, scale and consolidate the fragmented $20 billion Indian M&E sector.

    RIL chairman and MD Mukesh Ambani said, “We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership. We are delighted to welcome Ms Jyoti Deshpande into the Reliance family and believe that she will not only give wings to our plans but also play a pivotal role in transforming the sector.”

    Lulla elaborated, “I am very pleased that Eros is partnering with RIL in its entertainment journey with several synergies across technology, content and digital with Eros Now. We look forward to collaborating and growing as we continue to make new strides on the digital and content forefronts. I am confident that together, we can make a meaningful difference. Jyoti Deshpande has been an invaluable part of the incredible Eros growth journey and I am confident that she will make a positive impact on the industry in her new role at RIL.”

    Eros International Plc (NYSE: EROS) is a leading global company in the Indian film entertainment industry that acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media. Eros International Plc became the first Indian media company to list on the NYSE and also runs a fledgling OTT service under Eros Now brand. 

    “I am delighted that RIL has strategically aligned with Eros. My new assignment at RIL will allow me to push boundaries, set new standards of excellence, assemble a world-class young leadership team and adopt a collaborative approach to architect and execute this ambition…but more than anything, I cannot wait to roll up my sleeves,” said Deshpande while commenting on the proposed partnership.

    The Eros and earlier Balaji investments by RIL indicate that Ambani may be investing small in content and distribution companies, but taking big steps towards building an integrated media and entertainment behemoth, an industry observer opined, adding that with the financial muscle that the Ambanis have, the Indian media sector should brace itself for some more disruptions after the Reliance Jio show.

    In the TMT sector, RIL already has investments in media companies like Viacom18 (majority stake), TV18/Network18, telecom company Reliance Jio and a host of other media properties, including magazines and digital ventures.

    Also Read :

    TV18 to increase Viacom18 stake to 51%

    Reliance Industries buys Balaji Telefilms stake for Rs 4.13 bn

    Viacom18 celebrations: Mukesh Ambani sets the roadmap for next 10 years

    Reliance Jio, China’s Omnicom fuel massive global mobile data traffic

  • Zomato and PayTM feature in Interbrands’ ‘Breakthrough Brands’ report

    Zomato and PayTM feature in Interbrands’ ‘Breakthrough Brands’ report

    MUMBAI: A unique business model that is driven by innovation and technology is the trademark key to success among the emerging businesses in the world. Under tough competition, it is no longer enough to have hard working product or service. Smart brand building is the need of the hour. Keeping that in mind, Interbrand in partnership with Facebook, Ready Set Rocket and New York Stock Exchange (NYSE), has released its ‘Breakthrough Brands’ report that examines strong emerging brands.

    Of the 200 brands nominated, 60 ended up being featured in the Interbrand Breakthrough Brands report, although the list does not rank the brands.

    India- founded Zomato has been featured in the Food and Beverage category along with Deliveroo from UK, Blue Apron from US and do dem from Brazil. Zomato’s mission is to facilitate better dining experiences for food seekers all over the world. Founded in 2008, this brand’s food discovery platform is now a part of India’s biggest personal assistant app, HelpChat, which will be able to anticipate users’ food-related desires. Zomato also offers online ordering and table reservations, as well as tools that allow restaurants to manage demands, thus creating better food experiences for both its users and one million restaurants partners worldwide.

    Also, PayTM has been featured in the prestigious ‘Growing global’ category. This category celebrates the brands that have created a unique, differentiated approach which is global from day one. Breaking ground fast and too big to ignore, these brands are poised, or already on the path, to creating a significant global footprint. PayTM’s growing mission to create a one-stop, mobile shop has caused it to flourish in the population-dense country of India, where online platforms serve a growing need to get things done, quicker and more conveniently. Launched in 2010, PayTM began as mobile charging and bill payment service and has since become a full mobile commerce platform, with 20 million registered users and growing. It’s poised to break through in other Asian markets, where the one-stop-shop proposition is becoming increasingly popular. The brand has featured in the category along with Xiaomi from China, WeChat from China and DJI Global from Hong Kong.

    “In this ‘Age of You’ brands are being used by people to design better experiences in their day to day lives. That is what necessitates the conventional brands themselves to move at the Speed of Life. The Breakthrough Brands are born into the new cognitive era and are unencumbered. They can therefore create bespoke experiences per people’s needs and desire with a clear purpose to provide solutions through a sustainable business model. The task thus is not so much technology-out as much as it is solution focused. Then on, all the regular tools of running a good business need to be put in place – a scalable resource plan with internal clarity, responsiveness and governance models; external differentiation to ward –off imitability and consistency while the scale up. The stronger the solution and its focus, the better would be the earned media and buzz that are the decisive promotional vehicles for today’s breakthrough brands,” said Interbrand India MD Ashish Mishra in parting.

  • Zomato and PayTM feature in Interbrands’ ‘Breakthrough Brands’ report

    Zomato and PayTM feature in Interbrands’ ‘Breakthrough Brands’ report

    MUMBAI: A unique business model that is driven by innovation and technology is the trademark key to success among the emerging businesses in the world. Under tough competition, it is no longer enough to have hard working product or service. Smart brand building is the need of the hour. Keeping that in mind, Interbrand in partnership with Facebook, Ready Set Rocket and New York Stock Exchange (NYSE), has released its ‘Breakthrough Brands’ report that examines strong emerging brands.

    Of the 200 brands nominated, 60 ended up being featured in the Interbrand Breakthrough Brands report, although the list does not rank the brands.

    India- founded Zomato has been featured in the Food and Beverage category along with Deliveroo from UK, Blue Apron from US and do dem from Brazil. Zomato’s mission is to facilitate better dining experiences for food seekers all over the world. Founded in 2008, this brand’s food discovery platform is now a part of India’s biggest personal assistant app, HelpChat, which will be able to anticipate users’ food-related desires. Zomato also offers online ordering and table reservations, as well as tools that allow restaurants to manage demands, thus creating better food experiences for both its users and one million restaurants partners worldwide.

    Also, PayTM has been featured in the prestigious ‘Growing global’ category. This category celebrates the brands that have created a unique, differentiated approach which is global from day one. Breaking ground fast and too big to ignore, these brands are poised, or already on the path, to creating a significant global footprint. PayTM’s growing mission to create a one-stop, mobile shop has caused it to flourish in the population-dense country of India, where online platforms serve a growing need to get things done, quicker and more conveniently. Launched in 2010, PayTM began as mobile charging and bill payment service and has since become a full mobile commerce platform, with 20 million registered users and growing. It’s poised to break through in other Asian markets, where the one-stop-shop proposition is becoming increasingly popular. The brand has featured in the category along with Xiaomi from China, WeChat from China and DJI Global from Hong Kong.

    “In this ‘Age of You’ brands are being used by people to design better experiences in their day to day lives. That is what necessitates the conventional brands themselves to move at the Speed of Life. The Breakthrough Brands are born into the new cognitive era and are unencumbered. They can therefore create bespoke experiences per people’s needs and desire with a clear purpose to provide solutions through a sustainable business model. The task thus is not so much technology-out as much as it is solution focused. Then on, all the regular tools of running a good business need to be put in place – a scalable resource plan with internal clarity, responsiveness and governance models; external differentiation to ward –off imitability and consistency while the scale up. The stronger the solution and its focus, the better would be the earned media and buzz that are the decisive promotional vehicles for today’s breakthrough brands,” said Interbrand India MD Ashish Mishra in parting.

  • Eros International shares hit one year low; hires law firm to conduct internal review

    Eros International shares hit one year low; hires law firm to conduct internal review

    MUMBAI:  Leading Indian film studio Eros International Media is fighting back to save its image and reputation. The New York and Bombay stock exchange listed company has hired the US law firm Skadden, Arps, Slate, and Meagher & Flom LLP to conduct an independent internal review and also to advise it on related matters to anonymous allegations which led to a steep drop in its share price.

     

    The Eros International share has gone into free fall over the past couple of weeks plummeting around 50 per cent to hit a low of Rs 250.50 in intra-day trading on 2 November.

     

    The downward run in the Eros script gathered momentumon 2 November following the revelation that three  investor rights law firms in the US Steinmeyer Law, Rosen Law Firm and Bronstein, Gewirtz and Grossman were investigating whether Eros International Media’s parent Eros International plc  and certain of its officers or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

     

    The Eros stock had anyone been shedding weight ever since reports appeared that it had allegedly resorted to financial misreporting. This was denied by Eros consistently but things got worse after Wells Fargo analysts fingered it about its rising trade receivables from UAE and others. Despite the company’s statement and explanations, the Eros stock had slimmed down to Rs 278 by end of trading on Friday last week as compared to the shares quote of Rs 438 on 23 October.

     

    The Bombay stock exchange had earlier today asked it to clarify to reports about it being investigated by the three law firms. To this, Eros  had clarified that it was not being investigated; rather it was its parent Eros International plc.

     

    Late in the evening, the company issued a statement in which it stated that “there has been a vicious campaign to damage the credibility of Eros International by spreading false rumors and misinformation regarding its business with an objective to create panic amongst the investor community. No new facts about the Company have come to light since the filing of the FY2015 financials or its Q1 FY2016 financials at which time the market sentiment was extremely positive.”

     

    It further added: “We are confident in our business fundamentals and we will be announcing our Q2 FY2016 results in the first half of November. Our credibility and reputation are of paramount importance.” Hence, it had hired the law firm to do an internal review.

     

    Further Eros addressed the principal allegations related to Increase in receivables, Amortization of content, Subsidiary financials, Capex increase, free cash flow and increasing debt,Auditors, Related party transactions and compensation packages of family members, The Eros Library, Eros Now.

     

    Said Eros in its response:

     

    — The Company’s fundamentals are strong with successful track record spanning decades. The Company may be two years old on NYSE but its business is not a start-up.

     

    — The Company has a dominant market share of the Indian box office worldwide. 50 per cent of the top 15 grossing films in Bollywod were Eros films.Bajrangi Bhaijaan and Tanu Weds Manu Returns earned $30 million and $65 million respectively and were in the top three grossing list.

     

    –Eros’ unique library of over 3,000 films is a key competitive advantage.

     

    —The Company’s unparalleled global distribution network allows it  to distribute its  films in over 50 different countries in over 25 different languages.

     

    —Eros’ entertainment platform Eros Now is an attractive consumer proposition with already 30 million registered users worldwide in the backdrop of 860 million plus mobile subscribers and growing 4G and broadband user base in India.

     

    —The Company’s strong under-levered balance sheet ensures that it well capitalized at all times.

     

    Eros’ statement concluded:  “We will survive this attack and emerge a winner in the long run for many keys reasons.” 

  • Speculative media reports caused Wells Fargo downgrade: Eros

    Speculative media reports caused Wells Fargo downgrade: Eros

    BENGALURU: The Bombay Stock Exchange (BSE) listed Eros International Media lost nearly 20 per cent of its market value on Monday on the back of American multinational banking and financial services holding company Wells Fargo downgrading its parent company Eros International Plc, which is listed on the New York Stock Exchange (NYSE).

     

    Reacting to a notice from the bourses about the downgrade by Wells Fargo, Eros International Media (Eros) held speculative media reports responsible.

     

    Eros said that analysts downgrade or upgrade stocks regularly and ‘as such that is not a cause for much concern’. Also, the company has responded by pointing out in its reply that Wells Fargo did not revise their own earnings estimate for the quarter or the year end and their price target is $22, well above the price the stock was trading the date it was published. Eros claims in its response that another analyst from Macquire-Tim Nollen, published a very positive report and maintained outperform rating with a $25 target, on the same day as the Wells Fargo report that was published on 23 October, 2015.

     

    Eros’ response to the bourses goes onto assure its shareholders that the company’s fundamentals are strong and there have been no material changes in the previous announced fundamentals. “We continue to be market leaders in the Indian film industry with a dominant share in the global Indian box office. Our library of over 2000 films continues to be of a unique competitive advantage, which we monetise in conjunction with our new release slate of 65-70 films comprising Hindi and regional languages each year, across theatrical, television and digital and ancillary distribution platforms which constitute our diversified revenue streams,” the company said.

     

    The company added that its Q1 results have been strong and nothing materially has changed since then, in fact a further string of hits by the company such as Bajrangi Bhaijaan in Q2. Eros’ Q2 results, which are to be announced towards mid-November, will be strong and will be another opportunity for the company to answer further questions regarding all aspects of its operations and finances during that earnings call.

     

    The response to the BSE and the National Stock Exchange (NSE) has been signed by Eros company secretary and compliance officer Dimple Mehta.

     

    At the end of the day’s trade on the BSE, Eros International Media’s stock was down 19.11 per cent to close at Rs 354.40 as compared its Friday close of Rs 438.10. On Monday, the stock opened at Rs 418.80 but saw a drop as word of the Wells Fargo downgrade spread. The stock reached an intra-day low of Rs 351.

     

    On NYSE, shares of the parent company Eros International Plc, which has a market cap of $842.9 million, too have been losing ground over the last one week. As of 23 October, the company’s shares were down 45 per cent to $14.65 in one week on NYSE.

  • IMAX Corp net income triples in Q3-2014

    IMAX Corp net income triples in Q3-2014

    BENGALURU: Toronto, Canada based, New York Stock Exchange traded entertainment, technology and distribution company IMAX Corp (IMAX) reported more than 3 times (3.01 times) income attributable to common shareholders (income) in Q3-2014 (Quarter ended September 30, 2014, or current quarter) at US$ 4.858 million versus the US$ 1.609 million in the corresponding year ago quarter Q3-2013. During the 9 month period ended 30 September 2014 (9M-2014), the company’s income rose 15.1 per cent to US$ 18.744 million from US$ 16.286 million in 9M-2013.

    IMAX revenue in the current quarter at US$ 60.742 million was 17.9 per cent more than the US$ 51.507 million in Q3-2013. Revenue in 9M-2014 at US$ 188.084 million was 2.8 per cent higher than the US$ 182.886 million in Q3-2013.

    Notes: (1) The primary revenue sources for the Company can be categorised into two main groups: theatre systems and films. On the theatre systems side, the Company derives revenues from theatre exhibitors primarily through either a sale or sales-type lease arrangement or a joint revenue sharing arrangement. Theatre exhibitors also pay for associated maintenance and extended warranty services. Film revenue is derived primarily from film studios for the provision of film production and digital re-mastering services for exhibition on IMAX theatre systems around the world. The Company derives other film revenues from the distribution of certain films and the provision of post-production services. The Company also derives a small portion of other revenues from the operation of its own theatres, the provision of aftermarket parts for its system components, and camera rentals

    (2)The Company has seven reportable segments identified by category of product sold or service provided: IMAX systems; theatre system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production; and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theatre projection system equipment. The theatre system maintenance segment maintains IMAX theatre projection system equipment in the IMAX theatre network. The joint revenue sharing arrangements segment provides IMAX theatre projection system equipment to an exhibitor in exchange for a share of the box-office and concession revenues. The film production and IMAX DMR segment produces films and performs film re-mastering services. The film distribution segment distributes films for which the Company has distribution rights. The film post-production segment provides film post-production and film print services. The Company refers to all theatres using the IMAX theatre system as “IMAX theatres”.

    IMAX Theatre Systems:

    IMAX Theatre Systems reported 13.1 per cent growth in revenue in the current quarter to US$ 33.899 million from US$ 29.965 million in Q3-2013. 9M-2014 revenue was down 0.2 per cent to US$ 106.742 million from US$ 106.948 million in 9M-2013.

    Gross Margin from IMAX Systems increased 18.9 per cent to US$ 20.188 million in Q3-2014 from US$ 17.576 million in Q3-2013. Gross margins in 9M-2014 rose 1 per cent to US$ 62.993 million from US$ 62.376 million in 9M-2013.
    The rise in revenue and gross margins in Q3-2014 and 9M-2014 is because of corresponding increases in Joint Revenue Sharing Arrangement (JSRA) segments. Revenue fell in 9M-2014 because of lower performance of IMAX Systems segment.

    Films:

    Revenue from ‘Films’ increased 21.1 per cent to US$ 23.678 million in Q3-2014 from US$ 19.547 million in Q3-2013. During 9M-2014, revenue increased 6.3 per cent to US$ 72.935 million from US$ 68.594 million in 9M-2013.

    Gross margins’ for ‘Films’ increased 55 per cent in Q3-2014 to US$ 15.472 million from US$ 9.984 million in Q3-2013. For 9M-2014, gross margins increased 35.7 per cent to US$ 46.853 million from US$ 34.526 million in 9M-2013.

    Geographic information:
    Revenue by geographic area is based on the location of the customer. Revenue related to IMAX DMR is presented based upon the geographic location of the theatres that exhibit the re-mastered films. IMAX DMR revenue is generated through contractual relationships with studios and other third parties and these may not be in the same geographical location as the theatre.

    No single country in the rest of the world, Western Europe, Latin America and Asia (excluding Greater China) classifications comprise more than 10 per cent of the total revenue.

     

    Click here to read the condensed consolidated balance sheet 

  • Acquisition by RIL not to affect listing of HomeShop18 in NYSE

    Acquisition by RIL not to affect listing of HomeShop18 in NYSE

    NEW DELHI: Homeshop18 is to be listed on the New York Stock Exchange, and the fact that Reliance industries has acquired Network18 which holds 54.5 per cent in Homeshop18 is not expected to bring about any change of plans.

     

    In fact, Homeshop18 CEO Sundeep Malhotra has assured his employees that its $75M IPO and the future of its management team will not change. However, it is learnt that three board members will change. There are expectations that Reliance may in fact double the IPO.

     

    The concern of the employees flows out of the fact that many of them have stock options in the firm.

     

    According to Homeshop18’s filing, in the TV18 HSN Holdings Limited Employee Stock Option Plan 2008 it says, “As of September 30, 2013 options for a total of 2,486,500 ordinary shares were outstanding, of which options for a total of 2,111,500 ordinary shares had vested and options for a total of 2,070,750 ordinary shares had become exercisable. As of September 30, 2013, 209,750 ordinary shares had been issued upon exercise of options granted under the plan.”

     

    Following the preliminary filing with the Securities and Exchange Commission (SEC) this April, the company is expected to submit a revised offer document soon.

     

    NW18 HSN SEC, registered in Cyprus, is not expected to receive any proceeds from the sale of ordinary shares. However, the parent company NW18 which will be participating in the IPO will provide funds in rupee equivalent of $42.3 million to HomeShop18 from the proceeds, and HomeShop18 can use these funds to purchase equity interest in its Indian subsidiary.

     

    HomeShop18 in October 2013 entered into a $14-million follow-on funding round with Korea’s GS Home Shopping (GS) funds managed by OCP Asia Ltd (OCP Asia) and Network18.

     

    NW18 continues to be the majority shareholder (54.5%) in HomeShop18. SAIF Partners (25.2%), GS Home Shopping (17.1%) and OCP Asia (6.4%) are the other existing investors.

  • Interbrand appoints global CMO & North American CMO

    MUMBAI: Interbrand, a brand consultancy, has named Graham Hales as its global chief marketing officer and Andrea Sullivan will be the new chief marketing officer of Interbrand North America.

    Hales most recently served as chief executive officer of Interbrand London, while Sullivan served as executive director of client services and was responsible for client services and marketing for Interbrand North America. In their new roles, Hales and Sullivan will work closely to integrate marketing and business development initiatives to drive growth across Interbrand’s global network. Hales and Sullivan will work with regional managing directors to engage new clients while deepening relationships with existing clients, ensuring they continue to benefit from the firm’s strategic and creative offerings and services. 

    As CEO of Interbrand London for the past four years, Hales led key brand engagements with some of the firm’s most high-profile clients, including the BBC, British Airways and Samsung. Under his leadership, Marketing Magazine named Interbrand’s London office Agency of Year in 2011. Hales brings extensive global experience to his new role as Interbrand’s global chief marketing officer. He has helped to oversee the firm’s offices in Amsterdam and Mumbai and has also driven regional business development activity in the Middle East, Turkey and Scandinavia. Prior to serving as Interbrand London’s CEO, Hales was Interbrand’s global chief communications officer. While in that role, he was instrumental in helping to create original content around the firm’s annual ‘Best Global Brands’ report.

    While serving as executive director of client services, Sullivan led the client services and marketing team and co-founded Interbrand’s global corporate citizenship practice. Additionally, she played a pivotal role in developing and promoting Interbrand’s thought leadership on a global scale, having delivered interactive experiences with partners such as the ANA, Cannes, Deloitte, Guggenheim, Harvard, Lyons, MoMA, NYSE, United Nations, World Business Forum and Yale. Sullivan was a founding member of G23, a landmark consultancy comprising top female leadership from within the Omnicom network. G23 was designed to lead Omnicom clients in activating the global female economy.

    “It is a very exciting time in the history of Interbrand,” said Interbrand’s global chief executive officer Jez Frampton. “The promotion of both Graham and Andrea marks the first time that the firm has had two leaders in place to strategically foster and activate a global vision of marketing, communication, and business development. Graham and Andrea have been proven leaders of the business for many years and I congratulate them both on the next chapter of their careers at Interbrand.”

  • FedEx Joins Forces with Café Coffee Day to Launch Rakhi Offer

    FedEx Joins Forces with Café Coffee Day to Launch Rakhi Offer

    MUMBAI, India, Aug 12, 2013-FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, is joining forces with the coffee shop chain Café Coffee Day (CCD) to launch the traditional Rakhi offer. The offer enables a sister to win an opportunity to meet up with her “true brother” (biological or spiritual) anywhere in the world, by just shipping a Rakhi to him using FedEx and by participating in the contest.

    A “true brother” is a person who has been with his sister through good and bad times, and could be a friend or a confidant. The contest invites sisters to upload a picture of their most memorable moment spent together with her true brother along with a caption appreciating her brother on the FedEx app on Facebook. Priced at an all-inclusive flat rate of INR 1500 and INR 200 for international and domestic shipments respectively, sisters can send a Rakhi and a greeting card to more than 220 countries and territories worldwide and 880 locations within India using FedEx.

    “The Rakhi deal is our attempt to offer convenience and ease to sisters in this fast-paced life. During a coffee break, sisters can connect with their brothers by sending them a Rakhi and a card through FedEx. Our relationship with Café Coffee Day is a perfect fit and will enable us to reach out to sisters through the 100 additional CCD outlets,” said Rakesh Shalia, managing director, Marketing, FedEx Express Middle East, Indian Subcontinent and Africa.

    “We are delighted to work with FedEx Express to reach out to our customers with an added service offering. This alliance will now ensure that our customers in 100 outlets experience the accessibility and reliability FedEx is known for. Additionally, brothers or sisters can purchase CCD gift coupons and ship them directly to their siblings using FedEx. The Rakhi shipments can also be booked online on the CCD website availing the prices FedEx is offering,” said Vejay Anand, president, Café Coffee Day.

    Customers can take advantage of the Rakhi offer by visiting the FedEx World Service Centres (WSCs) across India and 100 Café Coffee Day (CCD) outlets in Mumbai, Delhi, Pune, Chandigarh, Ahmedabad, Jaipur and Lucknow. To participate in the contest, sisters have to log on to facebook.com/FedExPromotions. The top 50 participants with the most number of likes on their pictures win CCD vouchers.

    Additionally, the sister who has shipped the Rakhi through FedEx and has the maximum likes on her picture, wins an opportunity to meet her true brother anywhere in the world.

    The Rakhis and the greeting cards are designed and created by Aseema, an NGO, for the underprivileged children working in the field of education. The offer is available before August 22, 2013. The FedEx Express offer can also be availed online on the CCD website http://www.cafecoffeeday.com/shop/gifts/rakhi