Archive: August 24, 2022

CredAble appoints Mr. Satyam Agrawal as Managing Director – International Business

India, 24th August 2022: CredAble, India’s largest working capital tech platform catering to the working capital requirements of India Inc including large, mid, emerging corporates, MSMEs, and financial institutions is excited to announce the appointment of Mr. Satyam Agrawal as Managing Director – International Business. Mr. Satyam comes with 2 decades of experience in Banking, FinTech, and the SME Segment, in senior leadership roles with global banks.

Prior to joining CredAble, Satyam was associated with GlobalLinker, a Digital Platform in the SME space. He has also held key roles in banking as Managing Director and Head of Retail Business Banking for Asia Pacific at HSBC and Global Product Head for Business Banking at Standard Chartered Bank.

Commenting on the commencement of his new journey, Mr. Satyam Agrawal Managing Director – International Business at CredAble said “Access to working capital is the biggest impediment to the growth of SMEs globally. However, with the advent of Digital transformation and the Partnership Ecosystem; Financing to SMEs is expected to leapfrog significantly this decade. It’s remarkable to see CredAble already making an indelible mark in this space in India bringing the best out of the partnership between FinTech and Banks to solve real working capital challenges for SMEs. I am privileged to be given this in CredAble opportunity to replicate our success in India, globally.”

With his extensive knowledge in the SME Digital Ecosystem in the Asia Pacific region including Banks, DFIs, Regulators, Consulting Firms, FinTechs, E-Commerce Platforms, and Payments Companies; Satyam will lead the expansion of CredAble internationally with a focus on the Asia Pacific, Middle East, and the Africa region.

Delighted to welcome, Mr. Satyam, Mr. Nirav Choksi, CEO, CredAble said “We are very excited to have Satyam as a part of the leadership team. Satyam’s experience in the SME and Working capital space would be invaluable as we expand our BAAS offerings to the global markets. He has been a visionary leader in the SME banking space in Southeast Asia and we are privileged that he chose to partner with CredAble. Satyam will lead our foray into South East Asia, the Middle East and African markets and will help to roll-out technology platforms across Financial eco-systems in these markets.”

Besides, Satyam holds an MBA degree from the Goa Institute of Management and has been part of various leadership programs by London Business School, IMD Business School – Switzerland. This announcement follows after the company recently raised $9 million from Axis bank to grow the business and support SME’s.

Powerplay achieves 3X growth, unveils its half year performance

Bangalore, August 24th, 2022: Powerplay, India’s leading end-to-end construction management application, today unveiled its half-yearly report for the calendar year(CY) 2022. Accounting for a three-fold growth (compared to complete CY 2021) in its OS(operating system) business, the tech-enabled construction company is on a supreme amplification and is forging ahead with full steam. The cumulative time spent on the platform by the OS+ business segment increased to 1hr 13 min (+60% vs previous year).

Powerplay currently hosts three key modules in its app. They include – task, labour, and material management. All three modules in the application have seen a surge in their usage in the initial half of 2022 when compared to the whole of CY 2021. While the ‘Task Module’ remains one of the most widely used modules (with a 93% adoption rate), labour and material modules also witnessed a scale-up from 53% to 66% and 52% to 61% respectively. Despite the huge growth, cross-module adoption has boosted from 34% to 42%, meaning 42% of all OS+ users are heavily engaged on all three modules that Powerplay provides. This validates their thesis of becoming an OS for construction.

The contextual comparisons in terms of the primary numbers from 2021 to 2022 paint a prosperous picture for the construction management app:

The value of construction managed on Powerplay from January to June 2022 equates to INR 7500 crores. The numbers in the 2022 half-yearly report indicate that the app has trumped the performance of CY 2021 (INR 7000 crores in 2021)

The value of materials managed on Powerplay equates to INR 3275 crores in this half-year. It is a three-fold jump from the annual value reported in CY 2021, which was INR 1100 crores.

Powerplay’s application has been the home for construction businesses in India to evaluate and manage their workforce. The half-yearly report reveals that the current census of the labour force managed on the app per day is 265K as compared to 250k in 2021.

Articulating the half-yearly report, Iesh Dixit said, “The significant findings of the half-yearly report is a testament that we are progressing rapidly and moving northward. The three-fold growth indicates that product quality, market adaptability, and customer satisfaction are taken care of. We are confident that with constant progress like this, we will seamlessly penetrate the vast construction market in the country. With every initiative that we take and the client we onboard, we get closer to the mission of making construction management seamless and hassle-free in the country and across the globe.”

“More than 80% of the web active biz are OS+ biz i.e. they use the platform for four or more days in a week. This has improved both the retention of existing customers as well as accelerated the conversion time and conversion rate to a paying customer, thereby giving tremendous validation for the need of the product.” Iesh added.

The company computes OS and OS+ businesses on the basis of the work-progress updates on the platform. OS business is the company’s internal cryptonym for businesses that choose Powerplay and perform four or more work-progress updates on the application in a week.

“Every business has a Northstar that the team wants to achieve. We at Powerplay were always propelled by the fact that we all wanted to be the operating system for India’s construction industry. Our foresight remains strong and within our grasp after the half-yearly report and its findings. This gives us higher confidence and solidifies our thesis on being an operating system for the construction industry.” added Iesh Dixit, CEO & founder, Powerplay.  

Gaining precedence within the Indian construction industry, Powerplay is currently working on a global growth strategy. Beginning in the United States, the construction management software has exhibited promising results in its preliminary phase. Recently, the team completed the first stage of research and has been able to narrow down the ICP (ideal customer profile), flesh out their pain points, and comprehend their purchasing power. This approach has helped them discover similarities and differences between the Indian and US market. The insights gathered will help bring the changes and improvements wherever required. Powerplay has begun co-building a prototype for the developed nations with its beta clients as a next step before executing the expansion initiatives.

The company has also introduced their web portal made-to-measure for the office teams as part of their revenue plan, which includes premium modules for planning projects, Gantt Charts & S-curve to compare actuals vs. planned, procurement management services, and much more.

Powerplay continues to be the most sought-after construction management software in India with a wide geographical presence across all states and cities, from the National Capital to a small town in Chhattisgarh. Maharashtra continues to lead the pack with a 17% share. Delhi NCR jumps up to the 2nd position with 10%, followed by TN, Karnataka, and Gujarat with 8% each. The company’s corporate portfolio has diversified to include HADPL, We Work, Tanuvas, DNOVA, Settl, and CREH with the debut of the Web platform. Contractors involved with the construction projects of L&T, Tata Projects, Godrej, Buildcon, GMR, NSPL, and Hindland Infrastructure, among others, continue to utilize Powerplay to execute their projects effectively.

Paytm brings Pradhan Mantri Jan Arogya Yojana health insurance on its app…

Mumbai, 24th August 2022: One97 Communications Limited that owns the brand Paytm, India’s leading digital payments and financial services company and the pioneer of QR and mobile payments, has integrated Pradhan Mantri Jan Arogya Yojana (PMJAY) or PM Ayushman Bharat Health Insurance to enable users to check their eligibility and avail the benefits. This is aligned with the Indian government’s mission to drive digital transformation in healthcare.

Through the Paytm app, users can access the list of private and government hospitals that offer the benefits of PMJAY. Eligible users can quickly locate the nearest hospital, enrolled under the PMJAY scheme and access the entire spectrum of health insurance available. They can show their PMJAY health cover details on their phone to the hospital counselors and staff.

PMJAY is a Central government scheme, which allows a health insurance coverage of up to Rs 5 lakh per family per year. Under the scheme, the patient’s hospitalization expenses, post hospital care, food facility, medicine, diagnostic and laboratory facility and more are covered. This scheme also includes COVID-19 treatment.

Paytm Spokesperson said, “We remain committed to driving digital inclusion in India and online healthcare is an important part of it. The integration of PMJAY health cover on the Paytm app will offer eligible users seamless access to government health schemes.”

Paytm has also empowered citizens by offering a wide range of healthcare services including health ID creation. Users can book teleconsultations, purchase from pharmacies, book a lab test, buy health insurance, apply for medical loans, and much more. Through this, users can rely on the Paytm app for all their healthcare needs.

To further drive convenience, users can also call the Government helpline number 14555 for offer 24X7 assistance on the policy.

How to check PMJAY eligibility on Paytm app

● Login to the Paytm App

● Scroll down, under Paytm Health click on PMJAY option or search for PMJAY on the search bar

● Click on Check Eligibility option

● Enter your state

● Fill details i.e. Name, Ration Card, HHD number, mobile number & RSBY URN

● User details with family members will be displayed

Lenskart continues to redefine customer experience with Lenskart@Home Service…

Pune(S.N) -Lenskart – India’s leading Omni channel eyewear brand continues to transform & re-frame the future of eyewear with its home eye check-up service. ‘Lenskart@Home’ is a strong customer service-based model based on Lenskart’s DNA of customer obsession. It is redefining the customer experience in the age of convenience by bringing the optical shop and eye care services into the safety and comfort of homes. Lenskart@Home service is currently available across 23 cities including Delhi NCR, Mumbai, Bengaluru, Ahmedabad, Pune, Chennai, Coimbatore, Hyderabad, Vizag, Kolkata, Patna, and more. The service offers an end-to-end solution that includes eye check-ups by a certified refractionist, frame trials, product selection, customization, and last-mile delivery.

The Lenskart@Home business in Pune has witnessed 200% business growth over the last two years with around 25 certified Eye-Specialists. These specialists have been steering eye tests using state-of-the-art equipment offering over 5000 eyeglasses and conducting 2500 home visits every month. Lenskart has launched this service, especially for those 40-50% of potential buyers who would want to buy spectacles online but are not aware of their eye power. The service also encourages people to sample and choose from a wide selection of 150-200 top-selling frames from a pool of designs at their comfort.

The brand has recently launched Lenskart@home service in Nagpur. The brand also aims to create micro-entrepreneurs through its Lenskart@Home business in Pune & Nagpur. Enterprising locals and optometrists can work as a franchisee on a ‘Revenue Sharing Model’ and earn a handsome commission. Currently, Lenskart has 150 franchisees across 23 Cities in India.

On the growth, Anil Pandey, Vice President – Lenskart@Home and Assisted Online said, “The Lenskart@Home model received wide acceptance with the global pandemic when the convenience of getting things done in the safety and comfort of homes proved to be even more critical. With this, the larger idea here is to build an ecosystem of on-demand services for eyewear similar to the on-demand cab service providers in India and globally. Adopting the Omni channel strategy early on and pioneering the Lenskart@Home services in India, we aim to provide our consumers with a kind experience and accuracy by bringing all the advantages that they would enjoy at a nearby optician.” 

“Lenskart will be rolling out Lenskart@Home service in 50 cities across India by end of this fiscal year.” He added. 

To book an appointment one has to go to Lenskart App or Website www.lenskart.com and select Home Eye Test to experience Lenskart@Home service. One can also book Lenskart@Home service by giving a miss call at 1800-111-124

Vesta Elder Care introduces their mobile app – India’s first elder care subscription services for mobile and desktops

New Delhi, August 2022, Vesta Elder Care, the fastest-growing healthcare and wellness provider for seniors, launched its mobile app as a part of its initiative to provide sustainable healthcare services on a single platform, bringing symmetry to the unorganized home care services sector.

In the words of Mr. Rahul Misra, “Our newly launched mobile app has all the services enlisted and a vast database of staff and equipment at our patrons’ disposal. It is conceptualized and designed to make our services more accessible and seamless for our clients. The app provides an extensive database and multiple options for staff and equipment and assists them with the best service per their requirements. In addition, it shall facilitate record keeping of patient’s health data and serve as a single touch point for acquiring all the services offered, from billing to care management.”

The app is an healthcare ecosystem app that aims to save the client’s time and hassle by bringing a structure to the caregiving industry. The amalgamation of technology is a revolutionary step to help the clients seek appropriate care and equipment for the patients and elderly. The company is located in and provides its services in Delhi-NCR and is undertaking expansion to more cities. The operations have already started in Punjab.

The services offered include caregivers, nurses, dietician consultation, quality medical equipment, ICU setup, lab tests, doctor consultation, physiotherapy, and more. Not just limited to these, but all possible options are offered to provide healthcare and wellness needs at home.

The pricing depends upon the services selected, is entirely customizable, and is at a standard rate. In addition, the in-app purchase policy is relatively transparent, and all acceptable payment modes are online. The mobile application is accessible and can be downloaded for free on Android and iOS, with no registration fee.

Vesta Elder Care claims to be the first, with this extensive app, with no other organization in this domain. Hence they are looking to set up high healthcare standards and generate competition.

Arvind SmartSpaces inks agreement with HDFC CapitalAdvisors

India, August 2022: Arvind SmartSpaces Limited(BSE: 539301 NSE: ARVSMART,ISIN: INE034S01021, ASL), part of the Lalbhai Group, a leading Ahmedabad based real estate developer, with a growing presence in Bengaluru and Pune has announced signing of an agreement with HDFC Capital Affordable Real Estate Fund – 3 (HCARE – 3) for the creation of residential development platform with a revenue potential of upto Rs. 5000 Cr. This follows an earlier announcement of the Board approval for the same on 12 Aug 2022.

ASL has incorporated a wholly owned subsidiary named ‘Arvind Smart Homes Private Limited’ to house the projects to be acquired under this platform wherein Arvind SmartSpaces Limited (as promoter) and HDFC CapitalAdvisors as Investment Manager of HDFC Capital Affordable Real Estate Fund – 3 (HCARE – 3), shall make investments of Rs. 300 Cr and Rs. 600 Cr respectively from time to time for acquisition and construction of real estateprojects in India.

ASL’s strategic alliance with HDFC Capital Advisors began in the year 2019. ASL had entered a strategic partnership with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) — a fund managed by HDFC Capital Advisors Limited, a subsidiary of HDFC Ltd. The partnership was set-up with a focus on the development of affordable and mid-income housingprojects in India. The relationship further deepened in 2021, with a Preferential issue to HDFC Capital Advisors wherein H-CARE 1 subscribed to 8.8% equity stake inASL on a fully dilutedbasis.

Two of India’smost trusted brands-HDFC & Arvindtogether are committed to unlock tremendous value for its stakeholders throughthis new initiative. The Platform will create overallrevenue potential of upto Rs. 5000 Cr excluding reinvestment potential. Over the next 12 months, 6-7 projects are expected to be acquired through this platform.

Mr. Vipul Roongta, MD & CEO, HDFC CapitalAdvisors Limited said “Our partnership with ASL will focus on the development of high-quality housing.This is in line with HDFC Capital’s strategy of partnering with top rated developers with a strong track record of development and delivery. We particularly like Arvind SmartSpaces’ capital efficient land sourcing strategy and the strong brand affinity it enjoys with its customersand stakeholders.” 

Mr. Kulin Lalbhai, Non-Executive Director, Arvind SmartSpaces Limited added “With increased consolidation and formalisation of industry, Indianreal estate market presents a tremendous opportunity. The sizeable funds being investedby this platform bring in an orbitalchange in the scale of operations and the new project pipeline of the company. I am sure this platform along with the Arvind SmartSpaces team will ensure our Company’s sustained successand lead it to newer heights.” 

Mr. Kamal Singal, MD & CEO, Arvind SmartSpaces Limited added “We are delighted to deepen our partnership with HDFC. Apart from the precious patient capital, HDFC brings in extensive experience in residential real estate. The platform structure not only de-bottlenecks capitalization at the Company level,but it also has enough flexibility inbuilt to ensure that long-term patient capital is made available to the business while efficiently optimizing the balance sheet risk. The partnership leverages our efforts to take on bigger scale projects”.

Pan-India Engineering-Led Finance Company Protium Crosses INR 3,000+ Crore in Disbursements

24th August 2022, Mumbai: Protium, one of India’s fastest-growing finance companies with a razor-sharp focus on risk, today announced that they have disbursed greater than INR 3,000 crore in the last two years and have built a strong loan book of INR 1,750 Cr. Protium caters to the credit requirements of MSMEs, consumers as well as educational institutions across the country with their wide array of financial offerings including secured, unsecured as well as platform specific cashflow based products. Protium has serviced 500,000+ customers of which 1,00,000+ are MSMEs who have accessed credit in the range of INR 3 Lakh to INR 5 Crore.

Importantly, Protium remains significantly profitable while embarking on the growth path and investing in proprietary systems and technology. 80% of company’s loan book is also secured/asset backed with the lowest NPA of 0.22% as of the end of July 22. The company has 80+ branches spread across 60+ cities.

“The fundamentals of financing have not changed in a thousand years. Technology is table stakes at this stage of the game. The key differentiator is how does an organization fundamentally tie the two together – and this is where the DNA of a company really comes through. Throwing money and people at this problem is the wrong answer as many have found out. Also, At Protium, there is no such thing called growth unless it is weighed in by what risk it is coming at. Any financing company is only as good as the health of the portfolio they own and the core profitability metrics.,” says Peeyush Misra, Partner & Managing Director – Protium. Peeyush was a partner with global investment banking giant Goldman Sachs before starting Protium and comes with decades of global market expertise managing large balance-sheets and complicated risk books through periods of significant volatility.

Protium has also built a credit servicing and processing platform that helps their customers with quick and hassle-free loan processing of up to INR 30 Lakhs in less than 5 minutes using their cutting-edge technology system, “TURIYA”, which is completely build inhouse. This hybrid model of combining offline and online operations helps Protium reach out to millions of customers while maintaining a high focus on both risk and growth simultaneously.

The company’s core focus remains on risk management, with majority of senior management coming from risk and capital committing backgrounds. This has enabled Protium to achieve best in class gross NPA of 0.22%, which is remarkable given the challenges the economy has faced over the last 2-3 years. With more than 80% of its loan book in the secured/asset-backed bucket, Protium is poised to fulfill its aim of having a “Fortress Balance sheet” while fulfilling its aspiration to fuel the ambitions of millions of Indians through powerful financing solutions.

“It was a conscious decision to ensure that at least 80% of ours is asset-backed, even if that meant disbursals were not as aggressive as they could have been. We do not believe in quick growth hacks. As the name Protium suggests, it is important to be obsessed with fundamentals and we use first principles to solve any complicated problems that may arise,” Peeyush added.

With growing in-house tech capabilities and best-in-class risk assessment, Protium is poised to bring powerful financing within the reach of millions of Indian small businesses and households.

Currently, the company employs 1,600+ employees across 60+ cities. Recently, Protium had made headlines for its attention to employee wellbeing and welfare. The policies they released for their female employees during Women’s Day were widely applauded by experts across the industry.

Protium is making strong inroads in consumer business through Protium Money, which is Protium’s consumer lending handle. The financing company expects Protium Money to lead its next phase of growth and take its offerings to hundreds of millions of Indian households. When asked to comment on its growth plans for the consumer product, the company however stated that it’s way too early to comment on the path ahead, but the organization is looking forward to developments in the consumer business side. It will be exciting to see how Protium replicates its success in small business lending across its consumer business. This may be a tall order for many companies but well within reach for a company that has managed to build a loan book of INR 1,750 crore in less than 24 months with an NPA of 0.22%.

Ethnic Andaz launches contemporary collection Kavach

There are many ways a woman associates with art. Jewellery is one of the ways which is a prime display of her aura. It brings her to people’s attention and leaves a lasting impression. The power of accessories is often underrated and finding the perfect piece of jewellery can make a world of difference.

This festive season Ethnic Andaz launches the latest collection Kavach which is a culmination of empowerment and spirituality. Kavach comprises four unique motifs – Ark (Sun), Chaand (Moon), Nazar (Evil Eye), and Hamsa (Palm-shaped Amulet). Versatile designs are crafted by the artisans at Ethnic Andaz depicting the significance of all 4 motifs.

Ethnic Andaz educates its customers about the unlimited ways of adorning jewellery. The designs have an essence of traditionalism with a minimalist approach. A surprise addition to the collection is removable charms which can be of wide utility. A set of removable charms for neck chains or bracelets can be a good way to make your own artistic piece of jewellery.

Each piece is designed with intricate details and finesse which gives the collection an extra oomph factor. The collection of Kavach is very well suited for contemporary women as it reflects her persona and celebrates her feminine authenticity.

The inspiration is drawn from everyday elements and visuals around and to match that level of creative detail every artisan at the manufacturing unit is given the freedom to devote time and effort to perfecting each piece which then goes through multiple levels of quality check so that the customer receives a product of unadulterated love, care, and skill.

Ethnic Andaz makes a steady headway in a constantly changing and competitive industry with a single statement, “Find Your Bling”.