Archive: August 1, 2022

Navitas Group aims to clock over INR 250 Crores in revenue FY 2022-23

India, 1st August 2022: Navitas Group, one of the leading solar module manufacturers in the country, today announced that it aims to clock over INR 250 crores revenue this fiscal, i.e. 2022-23. Having marked significant growth in 2021–22, the company is in a hyper-growth phase driven by its high-quality and reliable solar products.

Founded in 2013 by young entrepreneurs Vineet Mittal, Sunay Shah, Ankit Singhania, Aditya Singhania and Saurabh Aggarwal, Navitas Solar aims to set a new benchmark in the solar space. The company has a module manufacturing facility in Surat with a capacity to produce 500 MW solar modules per annum. This facility is involved in the development of cutting-edge products that provide consumers with reliable Solar PV Modules, EVA sheets, Solar Kits and EPC services. Besides this, the company also offers various On grid and Off grid solutions. This is a company with a young team having all the well-educated promoters and that helps a lot for understanding the market quickly and adapting the new changes much faster.

Leading in the solar module manufacturing, Navitas Solar has successfully established its footprints in nooks and corners of the country with the focus on Gujarat, Maharashtra, Delhi NCR, Tamil Nadu, Kerala & other states with its existing range of products

The company is actively spreading its reach in the global market as well in the USA and EU. Their credibility is supported by distinguished certifications like IEC, ISO, ERDA, BIS & MNRE.

Commenting on this development, Mr. Vineet Mittal, Co-Founder and Director, Navitas Solar, says, “We have diligently invested more than 10 years producing reliable and affordable solar products in the market. We are gearing up to set a new benchmark in the energy sector with a comprehensive range of products. We aim to be the country’s most trusted solar firm by the end of this decade. Our mission is to collaborate with the world’s leading solar companies to develop and provide the most dependable and efficient solar products and services. “

Navitas Solar has served approximately 700 customers until now in India for various government, semi-government, and private projects. They are one of the leading solar module manufacturing companies working hard to develop a sustainable organization and contribute to the worldwide clean energy movement through realistic solutions.

Navitas Solar is specialized in the production of monocrystalline and polycrystalline solar modules ranging from 5 watts to 600 watts per panel. Notably, Navitas Solar is amongst the few solar module-manufacturing companies in the country to have backward and forward integration, distinguishing it from its competitors. Backward integration is provided by its subsidiary company called Navitas Alpha Renewables Pvt. Ltd. (NARPL), which manufactures EVA Sheets, while forward integration is provided by project execution & full-fledged EPC services for residential, commercial and industrial clients on rooftop as well as open access solar parks. It is ranked amongst the top 10 Indian solar manufacturers by JMK Research & Analytics.

Kosmoderma gears up to expand in Delhi & Chennai

01 August 2022: Kosmoderma Healthcare Pvt. Ltd., India’s leading aesthetic dermatology and cosmetology brand, has laid the foundation to expand its presence in the country. The brand is all set to open new clinics in the capital city New Delhi, and the cultural and economic center of South India, Chennai, where it already has an established presence.

The global aesthetic medicine market is witnessing a compound annual growth rate of 9.2% between 2020 and 2027, so there’s a massive demand for beauty products and services among young citizens. Tapping into this high-potential market, Kosmoderma will inaugurate a first-of-its-kind clinic in Greater Kailash Delhi. Similarly, though the brand already has one operational clinic in Chennai, they will be opening a new one at Chhotabhai Center on Nungambakkam High Road. The newly launched clinics will be of the Elite Premium category, equipped with state-of-the-art facilities that aim to enhance beauty through science.

Spokesperson Tanuushka K Lal, COO, Kosmoderma Healthcare Private Limited, said, “The conversion from cosmetic to medicinal beauty practices is the rage among modern-day clientele. Customers are gradually understanding the importance of pure, clean, dermatologist-formulated products and services. This has given us a brilliant opportunity to make our exclusive aesthetic medicines and cosmetology services a household name. In the South, we have been catering to the beauty needs of customers for the past 15 years. This expansion will be an industry-first initiative in Delhi. We are thrilled for this latest development and hope to assist new customers that share our vision.”

Since its inception, Kosmoderma has strived to tackle skin-related problems holistically. It continuously works with medical and beauty communities to efficiently bridge this gap and bring customers the best possible products and services. The brand holds science-backed treatments as its holy grail instead of aimlessly following what’s ‘in’ at the moment. It currently has several high-end products, including Kosmoderma C-Brite Vitamin C Serum, Kosmoderma Cleanser, and Kosmoderma Photoprotect Sunscreen Gel with SPF 40.

Furthermore, Kosmoderma continues to provide completely medically approved aesthetic/cosmetic services with proven results using the latest US FDA-approved gold standard equipment. All Kosmoderma employees undergo 100 hours of training annually to upgrade their skill set and polish their technological expertise, leaving no room for error. Apart from availing of best-in-class services, customers will also be able to have one-on-one personalized care and expert consultation from a panel of marquee dermatologists and cosmetologists.

It is pertinent to note that Kosmoderma has more than a 15-year presence in aesthetic medicine and cosmetology with international recognition. Even amid the pandemic, the brand’s clinics operated steadily, except during the lockdown phases. Kosmoderma closed the financial year 2021-22 with an 86% growth compared to the previous year. Besides its expansion plans, the brand is also working strenuously to strengthen its product portfolio and launch women’s and men’s immunity tablets, fat burners, and Lemon Grass and Green Tea combination tea bags. Kosmoderma has more than a decade of experience in offering avant-garde standards of health in skin, hair, body, and beauty maintenance. Its vast clientele includes celebrities, business persons, and other elite personalities.

Barbeque Nation records 209% y-o-y growth in Q1 FY23 revenue; Highest ever quarterly revenue

Chennai, August 1, 2022: Barbeque Nation Hospitality Ltd (BSE: 543283  | NSE: BARBEQUE), one of the leading food services company in India, announced its Q1 FY23 results.

Q1 FY23 Highlights

• Achieved highest ever quarterly revenue of Rs. 315 crore
• Earnings Before Interest, Tax & Depreciation (EBITDA) stands at Rs. 73.4 crore as compared to EBITDA loss of Rs. 10.4 crore in Q1FY22, margin stood at 23.3%
• Profit Before Tax (PBT) stood at Rs. 20.8 crore as against Loss Before Tax of Rs. 55.9 crore in Q1FY22
  Profit After Tax (PAT) stood at Rs. 16 crore as against Loss After Tax of Rs. 43.9 crore in Q1FY22
• Same store sales growth of 182% (Y-o-Y)
• Dine-in to delivery revenue mix of 87% and 13% respectively
• Opened 11 new restaurants taking overall network to 195 restaurants
  Cumulative Barbeque Nation App downloads of 4.7mn, 61% increase over June 21
• Strong profitable growth across Toscano business and Barbeque Nation international business

Barbeque Nation Hospitality Limited reported its Q1FY23 results on Aug 1, 2022. The Company reported ₹ 315crs of quarterly revenue which is the highest ever quarterly revenue in the history of Barbeque Nation. The revenues grew 209% over the previous year Q1 and 25.4% over the immediately preceding quarter. The growth was led by both increase in number of covers and increase in average realization per cover. The same store sales growth was 182% during the quarter. Despite a challenging inflationary environment, the Company also reported highest ever gross margins in this quarter led by its focused approach on improving operating efficiencies, calibrated price increases and change in business mix in favor of dine in business. The business also reported highest ever EBITDA of ₹73.4crs growing 45.6% on q-o-q basis with reported EBITDA margins of 23.3%.

The Company added 11 new restaurants taking the total owned restaurant network to 195 as on June 2022. The matured outlets of the Company are clocking to an average annualized sale of ₹7crs per quarter with restaurant operating margins of 21.5%. The dine-in segment of the Company has demonstrated strong performance with 6x growth vs. previous year Q1 and 32% growth vs. previous quarter. During the quarter, as operating environment has normalized, the business mix between dine in and delivery has shifted in favor of dine in.

The Company has four clearly defined pillars of its growth namely Barbeque Nation India, Delivery segment, Toscano and Barbeque Nation international and is focussed to grow each of these verticals to build one of India’s largest food services company owning its restaurant brands.

Commenting on the business, Mr. Kayum Dhanani, Managing Director, said:

“We are happy to report yet another remarkable performance at our Company with highest ever quarterly revenues of ₹315crs during the quarter growing almost 3x vs. previous year Q1 and 25% vs. previous quarter. Despite a challenging inflationary environment, the business achieved higher growth in gross profits and EBITDA. We have clearly defined pillars for our future growth namely Barbeque Nation India, Delivery segment, Toscano and Barbeque Nation international. We are extremely focussed on growing each of these four verticals to build one of India’s largest food services company owning its restaurant brands. Building a strong people centric organization, we are also proud to be ranked 7^th as India’s Best Companies to Work for 2022.”

Commenting on the performance, Mr. Rahul Agrawal, CEO, said:

“We are happy and proud to report the record quarterly sales and profits at Barbeque Nation. Over the years, we have built resilient food services brands driving strong growth in revenues, EBITDA and margins. As operating environment is normalizing, the business is delivering robust Same Store Sales growth with high restaurant operating margins. We continue to drive our store expansion with 11 new restaurants launched during the quarter. Strengthening and accelerating our core dine-in business, growth in the delivery vertical, unlocking the growth potential of Toscano and calibrated international expansion continues to be 4 key vectors of our growth strategy. 

InsuranceDekho Launches ‘Pet Insurance’ On its Platform

India’s leading Insurtech startup, InsuranceDekho, has recently introduced pet insurance to its product portfolio. InsuranceDekho has partnered with Future Generali India Insurance Company to offer this unique Dog Health Cover and is also in the process of tying up with other insurers.

On the day of the launch, the company hosted a special launch event attended by four-pawed friends from various daycares and animal shelters. During the event, the dogs cum special guests of the day participated in fun events with the company employees and beautifully illustrated the meaning of the ‘coexistence’ of different beings in the world.

Commenting on the launch Mr. Ankit Agrawal, Co-Founder and CEO of InsuranceDekho, said: “We are aware that pets and their human parents share a close bond, and that even dogs occasionally find themselves in unexpected predicaments. We have launched Pet Insurance to help pet parents protect their furry babies in these trying times. India has an estimated pet population of 32 million pets growing at 12% yearly, with dogs making up almost 85% of the total population. We can infer that the number of dogs insured in India is also on the rise, giving us an immense opportunity to grow in the dog health insurance category.”

Post covid, there has been a wave of pet parenting with millennials making up 31%, baby boomers 29%, Gen Xers 26%, and Genz and Builder generations making up the rest of the pet owner market in India. It is estimated that pet insurance (including cattle) in India will witness an increase of at least 14% to achieve $490 million at the end of the year 2022. Globally, the pet insurance market is anticipated to reach USD 32.7 billion by 2030.

InsuranceDekho under their dog health insurance plans offers comprehensive coverage for over 25+ breeds of dogs, aged 6 months to 10 years. With this pet insurance plan, financial assistance is offered for expenses incurred by pet parents towards hospitalisation (including pre and post hospitalisation), treatment of terminal illness, and surgery, subject to certain terms and conditions which may vary from one insurance provider to another. The pet insurance policy as of now has a starting premium of about Rs. 324 annually.

The Body Shop Introduces Edelweiss: The Resilient Flower with All the Antioxidant Power.

August 1^st2022, Monday: Bringing the phrase ‘Flower Power’ to life, The Body Shop, a Britain-based international personal care brand, has launched a transversal skincare range infused with the Edelweiss flower, known for its remarkable antioxidant properties. The Body Shop has packed powerful natural protection systems found in Edelweissinto its new range covered in more sustainable and recyclable packaging, reiterating the brand’s commitment to “Changemaking Beauty”.The Vegan certified Edelweiss line-up includes Edelweiss Daily Serum Concentrate, Edelweiss Eye Serum Concentrate, Edelweiss Serum Concentrate Sheet Mask, Edelweiss Bouncy Jelly Mist, Edelweiss Liquid Peel, Edelweiss Cleansing Concentrate, and Edelweiss Intense Smoothing Cream.

Found growing in brutal Alpine conditions against extreme wind, snow and rain, the resilient Edelweiss flower thrives. It protects and repairs itself, thanks to its natural antioxidants, including Leontopodic acid, which is only produced when the flower is in distress. Growing in rocky, limestone areas, the Edelweiss flower offers benefits to maintain the skin barrier’s health and smoothen the skin’s surface for all skin types and ages.

Around 80% of our daily skin issues like dryness, itchiness, redness, irritation, acne, etc., are the result of pollution and dust, which make the skin appear dull, parched, and tired. Edelweiss stem cells and Edelweiss extract which contain hard-working antioxidants are combined with natural-origin peptides that protect the skin from external aggregators. While most peptides on the market are synthetic, The Body Shop sources from rice, a natural-origin alternative.

Vishal Chaturvedi, Vice President, The Body Shop India said, “Beauty for us is a wellness-based approach focused on self-care, hygiene and protection. Sustainable, efficient, and ethical skincare is something that forms the core of our beliefs. For us, the product and ingredient innovation generates from deep insights into consumer needs. The Body Shop’s Edelweiss skincare range is transversal – for all ages and skin types. We are excited to launch an all new ethically sourced ingredient with natural origin. 

Edelweiss extract is 43% more powerful than Retinol, making it incredibly effective in protecting the skin’s barrier. With immense lifestyle stress, building our skin barrier and making it resilient like the Edelweiss flower is necessary for supple, radiant skin. Of course, like with all our other products, the Edelweiss collection, too, will come in sustainable, recyclable packaging to ensure we remain eco-friendly. We believe in skincare that makes people feel empowered and confident, and that’s precisely what our Edelweiss collection will do.”

With its unwavering commitment to sustainability, ethical sourcing, and the environment, The Body Shop extracts the power of the Edelweiss flower while adhering to its strict ‘Green Chemistry’ principles. The brand’s trusted supplier harvests the flower by hand with its extracts drawn through zero chemical waste methods and distilled using a renewable process. The Body Shop works with expert botanists to ensure the flower isn’t harvested from regions where it is endangered to conserve Alpine biodiversity.For more information, visit www.thebodyshop.in .

StoreHippo all set to launch Mystore® to facilitate SMEs on the ONDC Network

India, August 1, 2022: StoreHippo®, the next-generation SaaS-based eCommerce platform is all set to launch an ONDC-connected marketplace Mystore® (https://www.mystore.in) to facilitate SMEs to make the most of the ONDC network launched by the Indian government. Currently, in its beta phase, Mystore offers a 360-degree solution for hyperlocal businesses and SMEs planning to foray into the digital commerce ecosystem and reach new customers pan-India.

Mystore is a step towards truly democratizing E-commerce in India. Ecommerce has grown significantly in recent years but it is still a small portion (7%) of overall retail commerce. Mystore presents a cutting-edge solution to accelerate E-Commerce adoption for 48 million SMEs present in India. Mystore not only irons out the difficulties in starting the SMEs online journey but is also structured in a way that it eliminates the high cost/commission barrier which oftentimes eats away the profits.

With the ONDC network, any buyer can be connected to any seller or service provider thus doing away with the monopolistic e-commerce market dominated by bigwigs like Amazon and Flipkart. However, SMEs will need the best tech partners to register their online presence on the ONDC network and streamline their digital operations, fulfilment and supply chain. As the leading SaaS Indian e-commerce platform with 120+ built-in integrations, 300+ inbuilt features and a host of tools, StoreHippo empowers Mystore® with an enterprise-grade fully integrated platform that solves these challenges and offers a one-stop solution to SMEs.

Mystore’s basic model will include zero fixed cost and charge a minimal transaction fee per order while offering a highly scalable, mobile-first, secure (PCI compliant, ISO27001 certified) infrastructure that only big players have access to. Sellers will be able to sell through the ONDC platform and also have their independent online stores to build their brand identity. With support for 100+ languages, conversion-oriented UI/UX, customizable themes, multi-store feature, integrated logistics solutions etc. Mystore is designed to offer a level playing field to SMEs while competing with ecommerce giants on the ONDC platform.

Highlighting how the Mystore launch will help SMEs, Mr. Rajiv Kumar Aggarwal, Founder & CEO, StoreHippo said, “The pandemic-induced digital adoption has put Indian ecommerce in a hyper-growth phase. The Indian ecommerce market is expected to be worth $200 billion by 2026 and SMEs need to have their fair share in this growth. ONDC is going to open up immense opportunities for SMEs and StoreHippo’s Mystore.in is designed to enable SMEs to make the most of this opportunity.  StoreHippo has been enabling and accelerating digital transformation of brands across the globe and now we want to leverage the same experience and expertise to help SMEs build, run and grow their business online independently as well as via ONDC.”

DHL Express India delivers the joy of Rakhi to customers through an exclusive offer this festive season

Mumbai, August 1: DHL Express, the world’s leading international express service provider, is once again spreading festive cheer across boundaries with an exclusive offer for its retail customers, this Raksha Bandhan. The offer aims to bring families staying abroad closer to home through rakhi and gifts.

As part of the rakhi festive offer, DHL’s retail customers can get up to 50% discount on international rakhi and gift shipments till 13^th August 2022. The discount is available pan-India, across DHL’s more than 650 retail stores for shipments weighing 0.5kg to 2.5kg as well as 5kg, 10kg, 15kg and 20kg. Customers can use this special deal to send sweets, curated gifts, homemade delicacies and more to their loved ones living across the globe.

“At DHL Express, we recognize the joy that festivals bring to our lives. Therefore, we have curated these special offers on the ceremonious occasion of Raksha Bandhan. We hope this enables the “Rakhis & Gifts” movement across the seven seas and strengthens the bonds. This is another example of DHL’s ‘Excellence, Simply Delivered’,” said Sandeep Juneja, Vice President, Sales and Marketing, DHL Express India.

DHL Express India introduced the offer to cater to the rise in gifting during this season. It is also designed strategically, bearing in mind the significant number of Indians who live overseas.

Customers can leverage DHL’s global network of 220 countries and territories to send their token of good wishes to family and friends. The offer also comes with an assurance of complete shipment visibility through proactive updates via SMS and e-mail, ensuring hassle-free deliveries across the world.

To enquire about this offer, customers can call DHL Express’ Toll-Free number 1800 11 1345.

SVC Bank partners with SIDBI for empowering MSMEs

Mumbai, 1st August, 2022: SVC Co-operative Bank Ltd. (SVC Bank), one of India’s leading co-operative bank and Small Industries Development Bank in India (SIDBI), country’s apex financial institution for micro, small and medium enterprises (MSMEs), today announced entering into a partnership through an Agreement.

The Agreement was signed by Mr. Ashish Singhal, MD, SVC Bank and Mr. Sanjeev Gupta, GM, SIDBI in Mumbai on July 28, 2022. As per the agreement, SIDBI will extend Refinance facility to SVC Bank to facilitate an improved flow of credit to MSMEs.

Commenting on the occasion, Mr. Ashish Singhal, Managing Director, SVC Bank, said, “MSME sector is the backbone of the Indian economy in terms of exports, employment creation and revenue to exchequers. SVC Bank has been supporting the MSMEs as a trusted partner for more than 115 years. We believe that access to affordable capital will prove to be a shot in the arm for the sector. In line with the Government of India’s vision of an Aatmanirbhar Bharat, SIDBI has proven to be the driving force for resolving the issues relating to MSMEs. We are proud to partner with SIDBI as the first UCB to participate in their vision of empowering the MSMEs.”

SIDBI is the Principal Financial Institution for Promotion, Financing and Development of the Micro, Small, and Medium Enterprise (MSME) sector as well as for coordination of functions of institutions engaged in similar activities, has recently decided to extend refinance assistance to eligible scheduled Urban Co-operative Banks (UCBs) and Regional Rural Banks (RRBs). This is the first such agreement executed with a UCB. SIDBI will sign more such Agreements with other UCBs and RRBs across various States.

Speaking on the agreement, Mr. Sanjeev Gupta, General Manager, SIDBI, said, “We consistently work towards offering an empowered ecosystem to the Indian MSMEs. Towards this, we have now extended our partnership with various Scheduled Commercial Banks, SFBs and NBFCs to an urban co-operative bank. The focus is on aligning with the leaders across all segments, which can boost economic participation and upscale of India’s most promising aspirational powerhouses termed as MSMEs. We are elated to partner with SVC Bank. Being a century-plus young bank, SVC has demonstrated success in empowering communities. We will, in time, expand our refinance services to other banks as well.”

Clix Capital partners with Bank of Baroda to disburse loans in the healthcare equipment space

Mumbai, 01 August 2022: Clix Capital (Clix), a leading non-banking financial services entity with a robust pan-India presence, has entered into an exclusive co-lending partnership, dedicated to healthcare financing, with Bank of Baroda (Bank), one of India’s leading public sector banks. Under the partnership, Clix and Bank of Baroda will provide loans at affordable rates in the healthcare equipment space, across Tier 2 cities and beyond.

This is also the very first truly digital co-lending partnership in the industry, with a fully automated end-to-end digital journey. This collaboration will enable the development of healthcare and diagnostic infrastructure across India, by providing financing for the purchase of medical equipment for doctors, clinics, hospitals, and diagnostic centers.

Speaking on the partnership with Bank of Baroda, Rakesh Kaul, CEO, Clix Capital said, “This association will open up the industry to an entirely new gamut of co-lending partnerships between banks & NBFCs. While MSME financing is a core area for Clix Capital as a lender, we are delighted to be taking it to another level with Bank of Baroda. We believe that this alliance will help us not just service MSMEs across India digitally, but also help in nation-building by supporting the development of healthcare infrastructure. With Bank of Baroda’s wide network & in-depth knowledge of the Indian market, and Clix’s deep understanding of the healthcare ecosystem & its strong underwriting capabilities, together, we can spearhead financial inclusion for MSMEs in the healthcare segment across India.”

“Clix Capital is one of the earliest financers of medical equipment, thanks to its genesis from GE Capital, and is among the leading non-bank players in this space today. Since our very inception, we have been offering innovative products to meet the dynamic and evolving needs of healthcare institutions across India,” he added.

Dhrubashish Bhattacharya, Head – MSME Business, Bank of Baroda said, “The healthcare sector is undoubtedly a priority for India over the next many years. India requires substantial investment to improve the quality of healthcare services as well as build capacity. And this is especially true for the country’s smaller cities. This partnership with Clix Capital will provide Bank of Baroda with critical access to key players in the healthcare ecosystem operating in the heartland of India and enable us to extend credit and a range of funding options as they endeavour to build scale to meet the healthcare needs of the country.”

Re-christened from GE Capital India in 2016, Clix Capital’s primary focus has been on micro and small healthcare professionals, as well as various medical institutions. Clix Capital has successfully financed 5000+ medical professionals and institutions over the past five years including ~1500 entrepreneurs in setting up various healthcare-related units.