Archive: November 30, 2022

SRL Diagnostics launches state of the art laboratory in Shimla

November 30th, 2022: SRL Diagnostics, India’s largest diagnostics service provider today announced the launch of a new laboratory in Shimla, Himachal Pradesh. The state-of-the-art laboratory has the capacity to conduct 30,000+ tests in a month ranging from simple routine tests to semi-specialized and specialized tests. Recognizing the rising demand for quality diagnostic services, SRL has expanded its capabilities by launching an additional laboratory in Himachal Pradesh. The citizens of Shimla will now have access to SRL’s extensive test menu comprising 3500+ tests and a range of well-curated preventive healthcare packages. The lab will cater to over 2 million population in Shimla as well as sub-districts and cities in Rodu, Rampur, Karsog, Solan and Theog.

Mr. Anand K, Chief Executive Officer, SRL Diagnostics said ‘’SRL Diagnostics enjoys a high brand recall in the state of Himachal Pradesh due to our long-standing association through Public Private Partnership Projects in the state. We are now proud to have quickly launched 3 labs at Sanjauli, Mandi, and Kullu to provide high-quality diagnostic service to the citizens of Shimla and Himachal Pradesh. This launch is in line with our strategy of strengthening our presence in our priority markets. We have also strengthened our home visit services for the benefit of our patients.”

The advanced laboratory spread over 1200 Sqft has multiple laboratory divisions including Hematology, Biochemistry, Clinical Pathology, Serology, and Microbiology. The Laboratory is located at SRL Diagnostics, KUTHIALA HOUSE, SANJAULI SHIMLA 171006. Customers can easily book tests by calling 0177-2990554/91115 91115 or through the SRL website or mobile app.

“The pandemic has highlighted the importance of accurate lab insights in early diagnosis, disease management, and the maintenance of overall good health. Our teams are trained to offer the utmost customer convenience and we are committed to providing high-quality testing and reports to the citizens of Himachal Pradesh.” Mr. Anand. K further added.

With the addition of this new laboratory, SRL now has a network of 3 labs and 50 collection centers across Himachal Pradesh. SRL Diagnostics endeavors to be the first choice of laboratory for patients, doctors, and hospitals across its network.

Oyo reports 8x rise in EBIDTA, losses narrow ahead of IPO

IPO-bound global travel-tech firm Oyo has reported eight times rise in adjusted EBITDA at Rs. 56 crore in its second quarter financial results. The EBIDTA was at Rs.7 crore in the first quarter.

The primary driver for the EBIDTA rise is a 23% monthly rise in monthly revenue per hotel, also called Gross Booking Value (GBV) per hotel per month, during Q2 to around Rs.4 lakh. The monthly increase in GBV per hotel is due to improved occupancy and higher average room rents as travel returns, the company said.

In an addendum submitted to SEBI, Ritesh Agarwal-led Oravel Stays Ltd, which runs the company under the Oyo brand, reported narrowed losses of Rs.333 crore during the July to September quarter, down from Rs.414 crore in the previous quarter.

Oyo filed its second addendum to update its Draft Red Herring Prospectus (DRHP) with the financial performance till the first half of FY2022-23.

The markets regulator had given Oyo the permission to submit updated financials before it examined and finally processed the company’s IPO application.

Oyo, which pushed its plans to go public to next year, facilitates hotels, homestays and lodging bookings.

The results come after Oyo’s valuation in the private market last month dipped to around $6.5 billion, following reports that suggested that its investor SoftBank Group Corp has slashed the valuation of Oyo Hotels on its books by more than 20%.

The Gurugram-based company aims to launch its initial public offering (IPO) in the first quarter of 2023 looking at a valuation of around $7-8 billion, down from its initial estimates of around $10 billion when it first filed the draft papers. During the second quarter of this fiscal year, Oyo has reduced its marketing, administrative and employee costs.

Employee expenses net of share-based payment expenses constituted the largest component on the cost side, at 18% of the revenues, followed by marketing expenses at 14% and general and admin expenses at 7% of the revenues for H1 FY23, the company said.

For H1 FY23, Oyo’s revenues increased by 24% year-on-year to Rs.2,905 crore while the adjusted EBITDA improved to Rs. 63 crore profit from a loss of Rs.280 crore in the first half of the previous financial year ending March 2022.

The unicorn hospitality chain’s GBV for the half year ended September 2022 increased by 68.7% year on year to Rs.3.48 lakh, revived after the Covid-19-led pandemic. The total GBV grew 33% to Rs. 5,028 crore in H1 2022-23.

However, the gross rentals for Oyo European homes business stayed stagnant showing just a 4% increase impacted by inflation.
Founded in 2013 by then-20-year-old Agarwal, Oyo is a leading new-age technology platform empowering the large global hospitality ecosystem.

The firm says it now focuses on four main regions: India, Malaysia, Indonesia and Europe, where it manages vacation homes and has cut down operations in markets it previously considered crucial, such as the US and China.

Besides SoftBank, Oyo’s other shareholders include Singapore’s Grab Holdings Inc., China’s HuaZhu Hotels and the family office of Sunil Munjal of India’s Hero Group.

India on the cusp of scientific revolutions; Extended reality, quantum technologies will be game changer in years to come: Principal Scientific Adviser to GoI

NEW DELHI,  November 2022: Building on its commitment to accelerate India’s contribution to developing XR technologies, Meta is supporting the Federation of Indian Chamber of Commerce & Industry (FICCI) with $1 million for the XR Open Source (XROS) fellowship program. Run by FICCI, XROS will support 100 Indian developers working on XR (extended reality) technologies by providing them with fellowships which include stipends and mentoring. The National e-Governance Division, an initiative of the Ministry of Electronics & Information Technology (MeitY), will be the technical partner to the program.

The program will support developers to make contributions to open-source projects related to the XR technology and will further lay the foundation for India-specific solutions that are affordable, appropriate, and localized to Indic languages. The XROS program is part of Meta’s global XR Programs and Research Fund under which the company announced a $2 million fund for the XR Startup program with MeitY Startup Hub earlier this year. XROS further aims to provide developers with the resources they need to create digital public goods and generate potential employment opportunities in the field of XR technologies.

Present at the launch of the program, Prof Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, said that India is on the cusp of scientific revolutions in many sectors including extended reality, and quantum technologies which are going to be a game-changer in the years to come. Quantum technologies include quantum communications, computing, and digital technologies. The health sector will have invasion by the metaverse much earlier than any other sector, he added. “The vision for India’s techie can only be achieved when the young developers and start-ups, including those from tier II & III cities, contribute to enabling future technologies like XR in the metaverse. I am glad that FICCI and Meta are launching this initiative which will not only focus on providing a monetary boost to the developers but will also support them with the right mentoring to build immersive technologies,” he added.

Speaking about the partnership on the program, Mr. Abhishek Singh, President & CEO of NeGD, (National e-Governance Division), MeitY, Govt of India said, “Open source technology-driven ecosystems can play a big role in building robust digital public goods which are interoperable and follow federated architecture. Indian developers, especially from tier 2/3 cities, will play a significant role in shaping the future of emerging technology and the metaverse for India and the world. We are glad to support the XROS initiative and hope that program will act as a catalyst to nurture the immersive technology developer ecosystem and the open-source community in India. It will be a stepping stone for making this decade India’s TechAde.”

Mr. Nick Clegg, President, of Global Affairs, Meta said, “The metaverse won’t be built by one company alone. Through programs like XR Open Source, we will support Indian developers working on these exciting technologies. With their talent, insight, and effort, we hope to ensure the next generation of internet technologies are built in an open, collaborative, and accessible way.”

Mr. Devin Narang, FICCI Committee Member & Country Head, Sindicatum Renewable Energy said, “XROS Fellowship Program is a uniquely curated initiative aimed at supporting Indian developers to make significant contributions to open source projects related to extended reality (XR) technology. The program will provide the necessary impetus towards fueling the growth of investments in future technologies in line with the government’s vision for making India a trillion-dollar economy by 2025. We thank Meta for their support and need for the partnership on this program.”

Mr. Kartik Sharma, FICCI Committee Member & Founder, Agnitio also shared his perspective during the event.

The XR Open Source program is the second program in India through which Meta aims to boost the developer ecosystem around immersive technologies and will further the open ecosystem for building the metaverse. From the very beginning, Meta has supported and launched various open-source initiatives such as No Language Left Behind (NLLB), a single multilingual AI model which supports 200 low-resource languages, including 25 Indian languages.

Last year Meta partnered with the Central Board of Secondary Education (CBSE) to bring immersive technologies to over 10M students and 1M educators over the next 3 years. The partnership with CBSE underscores Meta’s commitment to India and reflects the joint ambition to universalize STEM education by ensuring that students across India have equitable access to quality educational content which will prepare them for the Future of Work in a digitally powered economy. In June 2022, Meta launched the LeARn Program to train 40,000 students in AR and developed the School of AR, a flagship program that up-skilled 1,000 developers to work on advanced capabilities in MetaSpark. Meta’s XR Programs and Research Fund is a two-year $50 million investment in programs and external research with industry partners, civil rights groups, governments, non-profits, and academic institutions.

Bhumika Group’s Urban Square Mall (Phase-I) is all set for grand opening

Udaipur, November 2022, Bhumika Group’s grand Urban Square Mall (Phase-I) in Udaipur is all set to welcome shoppers from the 4th of December 2022. The first phase of the Urban Square Mall is a sprawling complex spread over 1.1 million square feet.

Bhumika Group is among North India’s leading commercial real estate developers. Urban Square, Phase-I, is a part of Mix Use Development in Udaipur.

More than 75 lifestyle brands from India and abroad have leased close to 91 percent of Urban Square Mall. These include leading names such as Shopper’s Stop, Lifestyle, Smash, Pantaloon, Starbucks, etc which are now ready to serve the Udaipur local population and tourists. Brands like Shopper’s Stop, Lifestyle, Smash, Crossword, Nini Kitchen, Ghoomar, Forest Essentials, Looks, and Rare Rabbit will establish their footprints for the first time in Udaipur.

Urban Square Mall-I also features a six-screen multiplex to provide a holistic visual experience to its visitors. A gaming zone with a roller coaster and an area for Go Carting has also been developed to ensure that kids have the best time with several fun activities with all the safety measures in place. Urban Square Mall offers many facilities, including multi-cuisine delicacies, footwear, clothing, healthcare, and other services. It will emerge as one of the most prominent retail destinations in Rajasthan.

Uddhav Poddar, Managing Director, Bhumika Group, said, “Urban Square Mall will establish a new paradigm in commercial real estate development. Udaipur is one of the country’s fastest developing tier 2 cities and one of the most popular tourist destinations with immense growth potential. It will offer shoppers a fun-filled experience while for investors and lease-holders an excellent ROI. The project’s second phase is in the pipeline and will be launched soon. It will be a 14-floor grand structure.”

Urban Square Mall is being built in two phases. The second phase of Urban Square will be 8 lakh square feet. It aims to offer a high lifestyle experience to tourists and travelers and includes a 5-star Hotel which will be managed by Holiday Inn. Urban Square Mall is only 25 km from the famous Shrinathji Temple, Nathdwara.

DishiS launches a new range of celestial zodiac pendants

The trend of accessory fashion is constantly adapting and evolving. Zodiac accessories are the new talk of the town and gaining popularity in the market. Therefore, DishiS introduced a new line of zodiac pendants designed exclusively for astrology enthusiasts.

Individuals from all walks of life, especially young women, are applying astrology to help them guide and navigate through life decisions and purchasing zodiac accoutrements and clothing worldwide. The collection of fulgurating pendants is available in every astrological sign. The “BIS Hallmarked’ pendants are incredibly versatile and come in rose gold, white gold, and yellow gold, comprising up to 14KT and 18KT of gold. These pendants are the ultimate pick for every lady who is looking for fashionable jewellery based on the zodiac.

The whirlwind trend of zodiac jewellery led DishiS to launch celestial neck pieces for individuals who love stargazing and horoscopes.

As quoted by Dishi Somani, Founder of DishiS Jewels, “The range of stellar pendants is crafted especially for individuals who want to add the elements of astrology to their lifestyle.”

While each necklace in your collection might hold a special significance, we frequently identify with these sun signs or moon signs inspired designs as if they were a natural progression of our personality. No matter which zodiac sign you belong to, the earth, water, fire, and air signs feel incredibly personal and even reassuring at times. If you want to customise your jewellery collection, the selection of pendants is the best way to do so while also adding a peculiar touch.

Yahoo and Taboola Enter 30-Year Commercial Agreement, developing a Leading offering for Advertisers, Publishers, and Merchants on the Open Web; Partnership to Generate Approximately $1 Billion in Annual Revenue

New Delhi, November  2022 – Yahoo and Taboola (NASDAQ: TBLA), a global leader in powering recommendations for the open web, today announced that they have entered into a 30-year, exclusive commercial agreement. Taboola will exclusively power native advertising across all of Yahoo’s digital properties and will be available to buy through the Yahoo DSP, establishing Taboola as a leading native advertising offering for advertisers, publishers, and merchants on the open web.

Through this unique partnership, Taboola will benefit from Yahoo’s scale as a leading consumer tech company reaching nearly 900 million monthly active users worldwide as a top-ranked internet property across mail, sports, finance, and news. By powering Yahoo’s native advertising solutions, Taboola will help deliver greater reach, better campaign performance, and improved user experiences, supporting brands as they continue to look for alternative advertising options outside of walled gardens.

Taboola will continue to invest heavily in R&D, enhancing how people discover things they may like, and strengthening its leadership in contextual advertising. As part of the partnership, Yahoo will receive just under 25 percent of the pro forma equity of Taboola. The partnership will allow Yahoo to further enhance its own unified advertiser offerings, enhance consumer experiences across Yahoo’s owned media properties, and participate in significant shared value creation as Taboola’s largest single shareholder.

“Yahoo is an internet pioneer, representing one of the largest, most trusted, and most sophisticated publishers in the world,” said Adam Singolda, Founder and CEO of Taboola. “Everywhere I look, I see a rocket ship growth opportunity for both of us – native, eCommerce, Video, header bidding (display), and more. This win-win partnership will meaningfully accelerate our growth flywheel, expanding our reach to more users on the open web with high-intent traffic to provide world-class solutions for advertisers, publishers, merchants, and users in a cookie-less world. For publishers in the open web, we’ll be able to invest even more in driving revenue, engagement and audience growth moving forward, empowering performance, brand advertisers, merchants as well as agencies with an immense reach to users in a premium, trusted environment. This partnership is a big step toward achieving our goal of generating $1 billion in ex-TAC* by 2025.”

“Partnering with Taboola enables Yahoo to further enhance the contextual and native offerings within our unified advertising stack,” said Jim Lanzone, CEO of Yahoo. “The partnership also allows Yahoo and Taboola to continue to differentiate in the market, improving user, advertiser and publisher experiences across properties, while benefiting from the long-term tailwinds in digital native advertising. Together with Taboola, we will maximize reach and campaign performance for advertisers, enhance monetization opportunities for publishers, and drive improved, privacy-forward experiences for users. As we continue to build the next era of Yahoo, we are thrilled to have strong partners by our side.”

Yahoo is owned by funds managed by affiliates of Apollo.

With long-term support from Apollo, alignment with shareholders, and commitment to supporting the advertiser platforms of both companies, the partnership will accelerate both Taboola and Yahoo’s growth plans in an attractive sector of the market. The agreement represents a strong belief by Apollo in Taboola’s go-forward strategy and future as a leading offering for advertisers, publishers, and merchants on the open web.

Nesca Homes Aims to Build 10,000 Wooden Buildings by 2030 in India

New Delhi, 30 November 2022: Nesca Homes, a premium wooden home construction company, aims to build 10,000 wooden buildings in India by 2030. With over 150 resources in Design and Estimation services, it is India’s first Wood Frame Construction (WFC) company with a single window solution provider of wooden buildings from design to project management and execution.

Having expertise in Value Engineering, Estimations, and Construction Management in Canadian Pine wood and technology they have helped Forestry Innovative Investors, in British Columbia, Canada, with their demo projects across India including the MAK project in Hyderabad. By building wooden homes in India it is planning to lead Indian home & commercial buildings towards sustainability.

Nesca Homes, a subsidiary of Ascent Cad Services which consists of a staff of 120 Structural Designers and for WFC for customers in the United States, Canada, Australia, and other European nations, is now expanding its footprint in India, expecting more productive outcomes.

The company is emerging as an experienced player in the Indian industry, having previously designed over 65,000 structures in Canada and the United States. It has already begun operations in India, mostly in the southern towns of Hyderabad, Mysore, and Bangalore. The company is also engaged in projects in Jammu and Kashmir, Ladakh, and the Andaman and Nicobar Islands.

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With this expansion, PL Narayana, Founder, and Chairman, Nesca Homes, stated “Geographical statistics of India show that almost 54% of the land is vulnerable to earthquakes. A World Bank and United Nations report shows estimates that around 200 million city dwellers in India will be exposed to storms and earthquakes by 2050. With Nesca Homes we come with 20 years of design experience, building material understanding, and supply chain assistance in order to tackle this challenge Nesca is aiming to make Indian homes and commercial buildings immune to these unforeseen circumstances”

“We are India’s first one-stop shop for quality wooden home construction, offering design, material supply, construction management, execution, and maintenance and this is what sets us apart from the competition.” He added

Currently, the firm is having a total of 120 ongoing projects with 50 eco-friendly houses, 20 Proprietary hotspot,s and 50 villas in Hyderabad and other parts of the country.