Archive: December 7, 2022

BGR.in Tech Excellence Awards 2022 to felicitate Tech Disruptors of Aatmanirbhar Bharat on 16th December 2022

India,  December 2022: BGR India, which specializes in extensively-researched technology content, is all set to honor tech disruptors for excellence in the field of gadgets, consumer electronics, and technology at the third edition of Tech Excellence Awards 2022. The upcoming event will also include panel discussions among tech and innovation industry leaders focussing on ‘5G: Unlocking next-gen India’ and ‘Making of Atmanirbhar Bharat through Digital Revolution’ and will be held on 16th December 2022 in Delhi.

The third edition of BGR.in Tech Excellence Awards 2022 will be graced by Chief Guest and Keynote speaker – Ashwini Vaishnav, Minister of Communications, Electronics & Information Technology & Railway, and Government of India. Industry stalwarts from Bharti Airtel, Samsung Research India, Real Me, Qualcomm, Paytm, OYO Rooms, etc will be a part of the panel discussion series at the event.

As per the Global Innovation Index 2021 ranking, India is one of the top innovative countries in Central and South Asia. Acknowledging the fact that India is morphing into a tech and manufacturing-centric nation, BGR.in Tech Excellence Awards aims to highlight and honor the efforts of all the stakeholders across the technology and innovation industry and government entities that are extensively contributing towards the success of ‘Aatmanirbhar Bharat’. Disruptive innovators will be recognized under 14 award categories for smartphones, Smart TVs, Digital Payment Apps, Tech apps, etc.

The winners will be selected based on the highest votes received by the netizens & tech enthusiasts and evaluation is done by eminent jury members. Netizens and tech enthusiasts can log in through their Gmail/ Facebook accounts and click on the best product/ innovation/ app that they prefer to be best-in-class.

Highlighting the key objective of the BGR.in Tech Excellence Awards 2022, Mr. Anindya Khare, Marketing Head, Zee Media Corporation Limited said, “While businesses have been consistent in building resilience and working at an accelerated pace, we feel privileged to honor the extraordinary innovators who have been leveraging tech for smarter products. We have always appreciated the incredible work done by innovators and look forward to further encouraging technological interventions through the BGR series of Tech Excellence Awards.“

Mr. Shridhar Mishra, CRO, IndiaDotCom Private Digital Limited, said, “Recognizing achievers and innovators across tech companies, industry bodies and the government is a step forward towards the acknowledgment of efforts of tech entrepreneurs. The BGR Tech Excellence awards aim at providing constant support to emerging businesses that are leveraging technology as per the consumer demand market can help in exploring and expanding the horizons of business expansion across India.”

This event will be broadcasted LIVE on the Facebook and YouTube platforms of BGR.in and India.com.

RBI’s 35 Bps Rate Hike Won’t Rock Housing Boat

Anuj Puri, Chairman – ANAROCK Group

The 35 BPS rate hike by the RBI – the fifth consecutive rate hike this year – comes as no surprise. With repo rates now at 6.25%, there may be some repercussions on housing uptake. This hike will undoubtedly push up home loan interest rates, which had already crept up after four consecutive rate hikes this year. However, as long as interest rates remain in single digits (mainly within 9.5%) the impact on housing will at best be moderate. If they breach this point, we will see some real pressure on residential sales volumes in the months to come – especially in the affordable and lower mid-range housing segments.

That said, it bears noting that the Indian housing market remains largely end-user driven. Unlike investors, end-users do not look for the lowest entry point but for the inherent value and benefits of homeownership. As long as end-users continue to significantly outnumber investors, interest rate-driven impacts on housing sales will not be very pronounced.

The impact of the last four consecutive rate hikes early this year was minimal. This was clearly validated by the outstanding performance of the housing sector in the last quarter (Q3 2022). As per ANAROCK Research, as many as 88,230 units were sold across the top 7 cities in Q3 2022, after the three recent rates hikes. Consumer demand remained strong with the sales rising by 4% against the preceding quarter and 41% annually.

Guidehouse Insights Estimates Global Market for Building Automation and Controls to Grow to $48 Billion by 2031

December  2022 – Boulder, Colo. – A new report from Guidehouse Insights examines the global market for building automation and controls in the ten-year period between 2022 and 2031.

This market has been evolving over the last decade as building owners and facility managers aim to reduce energy consumption by improving their building automation technologies and energy efficiency. According to a new report from Guidehouse Insights, the global revenue attributed to building automation systems in commercial buildings is expected to increase from $32.5 billion in 2022 to $48.2 billion in 2031 at a compound annual growth rate (CAGR) of 4.5%.

“Many building automation technologies—HVAC, lighting, fire and life safety, security, and access controls—and building management systems are key components of an autonomous building,” says David Gonzalez, research analyst with Guidehouse Insights. “The latest advances in building automation have enabled the process in which all of a building’s sensors, electronics, and mechanical systems are connected and managed through a single system that allows real-time communication between the building subsystems for better energy consumption coordination.”

The recent focus on occupancy safety and space utilization in commercial buildings has accelerated a shift toward smart integrated systems where communication among lighting, HVAC, and other subsystems are needed. Building automation technology vendors have been quick to adapt to their customer’s demands by providing smart systems with open communication protocols that can be easily integrated into third-party software and allow for easier communication with other subsystems, according to the report.

A bottom-up and top-down approach was used for the development of this report, Market Data: Building Automation and Controls. The basis of the bottom-up analysis started with Guidehouse Insights’ Global Building Stock Database 3Q22. This data was combined with average selling prices per square foot for building automation controls, which were assembled during interviews with industry experts and research from online sources. The analysis was combined to calculate expected adoption curves by building type and by region.

Union Bank of India bags 6 IBA Award-2022, including Best Technology Bank

Mumbai, December 2022: Union Bank of India has bagged 6 prestigious awards under the Large Banks category at the 18th edition of the IBA Banking Technology awards under various categories announced on 03.12.2022 in Mumbai.

This year’s IBA awards celebrating “The Future of Digital and Analytics in Banking”, has recognized technologies and practices in the banking industry that have demonstrated a high degree of innovation over the past year.

Union Bank of India has been awarded as a winner under the Large Banks category (Public and Private) for 1. Best Technology Bank 2. Best IT Risk Management 3. Best Technology Talent. The mentioned awards were selected based on the implementation of the innovative methodology in the area of customer convenience, system resiliency, and continuous improvements. Union Bank of India has been awarded the Best IT Risk Management for the 4th consecutive year.

Union Bank of India has also bagged the runner-up award for 1. Best AI & ML Bank, 2. Best Financial Inclusion and a special award under 3. Best Fintech Collaboration category.

Union Bank of India is transforming to become a next-generation digital bank with a focus on inclusive, responsive, and responsible banking through customer centricity & employee empowerment. Over the last one-year Bank has focused on creating the Industry’s best talent pool and thereby enhancing customer experience and reach to everyone by leveraging the latest technologies.

Union Bank of India’s Digital journey is a major boost for the Bank in its quest to capture the growing digital business and build a strong digital ecosystem. The bank is in the process of digital transformation by exploring innovative solutions, Fintech partnerships, and new emerging technologies such as AI/ML,5G, Blockchain, Metaverse, DevSecOps, etc.

IBC in Real Estate – Poor Resolution Rates but Superior Value Maximisation – Report

Mumbai, December 2022 – Since India’s Insolvency & Bankruptcy Code (IBC) was implemented in 2016, 25,225 cases involving a total of INR 10.5 Tn have been disposed of under its Sections 7, 9, and 10. A joint report by property consultants ANAROCK and leading law firm, Khaitan & Co points out that while real estate comprises just 5% of all cases under IBC, its resolution rate is among the lowest. On the other hand, IBC has driven superior value realization by financial creditors in real estate – with this class of creditors realizing 66% of the admitted claims as compared to just 31% of admitted claims realized in other sectors.

Shobhit Agarwal, MD & CEO, of ANAROCK Capital, says, “The Insolvency and Bankruptcy Code has been very effective in helping lenders secure their dues in a much quicker time span than witnessed earlier. Moreover, IBC has also delivered superior value realization to Real Estate stakeholders compared to other industries. However, successfully resolving insolvencies and driving value realization through this code requires adequate planning and a structured approach. We have touched upon some of these aspects in our report.”

One of the most important milestones in the evolution of IBC was an amendment that recognizes homebuyers as financial creditors. This means that homebuyers are now effectively considered at par with banks and other institutional creditors when it comes to recovering dues from real estate developers who have gone bankrupt.

Aashish Agarwaal, SVP – Research & Investment Advisory, ANAROCK Capital, says, “At 54%, real estate has the highest proportion of ongoing cases under Corporate Insolvency Resolution Process (CIRP), followed by other industries like construction, electricity, and transportation. Among other aspects, this report examines the progress made on marquee cases involving real estate, including Ariisto Developers, Unitech Ltd., Supertech, Radius Estates, Jaypee Infratech, Amrapali Group, Lavasa Corp, and DS Kulkarni. The complications faced in trying to resolve these insolvencies are very well documented, and the report gives insights into why real estate has the highest proportion of ongoing cases.”

IBC’s framework is designed keeping in mind a resolution timeline of 330 days. However, the time it takes for a resolution plan to be accepted is usually much longer than that. With real estate being a particularly vexing field for the IBC, the report finds that the way forward for resolving real estate developer insolvencies to ultimately benefit stakeholders including homebuyers is anything but smooth.

Sudip Mullick, Partner, Khaitan & Co says, “Given the complexities involved in the real estate sector, it is very challenging for the resolution professional to run the business of insolvent real estate companies and ensure completion of the projects. In this report, we discuss the best way forward for the efficient resolution of real estate projects which safeguards the rights of homebuyers and other stakeholders.”

Kumar Saurabh Singh, Partner, Khaitan & Co adds, “The insolvency resolution of real estate companies has its own challenges. Due to the involvement of various homebuyers in the real estate project and a high level of public interest, the courts have adopted a purposive stance to surmount the unique legal issues that emanate from the insolvency resolution of the real estate sector. The report outlines some of the recent developments and potential changes related to the IBC, including the IBBI’s recent amendments in the CIRP Regulations that allow the sale of assets in the CIRP of corporate debtors. This move is expected to eventually increase the efficiency of project-wise resolution in real estate companies. Having said this, the stakeholders including the financial creditors as well as home buyers need to work in a coordinated manner to bring the best outcome in the resolution process.”

The report takes a close look at the interplay between IBC and the real estates sector, such as key legislative developments within IBC impacting the sector, landmark judgments, and the resolution track record in real estate v/s. overall resolved cases, and the time taken in various cases to resolve real estate insolvencies.

Myntra’s EORS-17 set to cater to 5 million shoppers with a whopping 17 lakh styles across leading fashion, beauty and lifestyle brands

Bengaluru, December 6, 2022: The 17th edition of Myntra’s biannual End of Reason Sale (EORS), India’s largest fashion shopping carnival is set to bring millions of fashion aficionados in the country, on-trend looks from across the globe. This edition of EORS is bigger with a 70% higher style count than the previous winter edition, raising the bar with over 17 lakh styles across 6000+ popular domestic and international brands on offer, and is being held from the 10 to 16 of December ’22. Early Access for Myntra Insiders (members of Myntra’s loyalty program) begins on 9 December. The 7-day event is poised to provide unmatched offers across categories like winter wear, party wear, ethnic wear, beauty, and personal care (BPC), and home and lifestyle, among others and is expected to cater to ~5 million unique customers across the country.

What should shoppers look out for?

Consumers can choose from an extensive selection of fashion, lifestyle, home decor, beauty, and personal care (BPC) products at sharp value offer and unprecedented prices, from leading brands like USPA, Lakme, Dorothy Perkins, boohoo, Nasty Gal, H&M, MASIC, Anomaly, Etude, Levis, Louis Phillipe, Kenneth Cole, Nike, Puma, Adidas, Boat, Red Tape, HRX, Baggit, Lavie, Anouk, Vishudh, Mamaearth, MAC, Benefit, Bath and Body Works, among others.

Some of the key category highlights include the Sports segment, with about 2000+ brands across footwear and apparel on offer, followed by the BPC segment, which will host 1400+ brands at never-before prices, offering more than 70K styles, including incredible offers on Maybelline and Lakme, buy 1 get 1 offer on brands like Nivea and WOW. In addition, premium brands like MAC, Kama Ayurveda, and Forest Essentials are also giving free gifts and other exciting offers to engage shoppers. New launches in the segment that are set to captivate consumers include leading brands such as Anomaly, MASIC, Freeman, and Etude, among others. Some of EORS-17’s key categories shall include Sportswear, Partywear, Men’s Casual Wear, Women’s Ethnic, Women’s Western wear, Winter Essentials, Workwear, Accessories, Personal Care, Kids, and Sports.

Myntra will witness 130+ new brand and collection launches, ahead of its EORS-17, with 18 leading brands housed under ‘EORS Specials’, including Dorothy Perkins, boohoo, Nasty Gal, Anomaly, MASIC, Etude, Edheads, and Koton Indiffusion, among others. First-time shoppers can expect a flat ₹500 off on their initial transaction, along with free shipping on their first four orders, while also receiving exciting coupons for future use. Limited-time programs such as Brand Mania and Happy Hour will also roll out special offers.

Last-mile delivery

With remarkable year-on-year growth, EORS-17 is projected to deliver 8 million orders with assistance from Myntra’s acclaimed Kirana model, providing critical support in the delivery process during the event. Over 16,000 Kirana partners and franchises will cater to pin codes across the country, supporting 80% of the deliveries associated with the event. This symbiotic model allows the Kirana partners an additional source of income. Myntra will also efficiently utilize all its robust Forward Distribution Centres (FDCs) for a smoother, hassle-free delivery process during and after EORS.

Pre-buzz advantages of EORS

Myntra’s pioneering live-commerce proposition M-Live, in collaboration with 25+ leading brands, has committed to offering their products at EORS prices prior to the kick-off of the event. Shoppers who are a part of the Insiders program, Myntra’s customer loyalty initiative that offers a wide range of tiered benefits and privileges, will have Early Access to EORS offers, along with one top spender during Early Access and three top spenders during the event shall be handpicked to win an assured holiday to Dubai from Cleartrip. Insiders will also avail of free shipping on all orders, and one-of-a-kind price reductions of up to 20%, in addition to the already unmatched prices on offer during the mega fashion carnival. Shoppers can also avail of exciting bank offers from Kotak and ICICI offering a 10% instant discount, while users of Paytm will get assured cashback on their wallet and postpaid transactions.

Consumer engagement & marketing initiatives

Myntra has also launched a mega-marketing campaign, in keeping with the magnitude of EORS, roping in India’s most-admired celebs, Kiara Advani, Ranbir Kapoor, Virat Kohli, Anushka Sharma, Vijay Deverakonda, Samantha Prabhu and, Siddhant Chaturvedi, among others to elucidate the grandeur of India’s biggest fashion carnival. There are also 300+ exciting live sessions planned on Myntra’s social platform, M-Live, augmenting visibility and representing brands on offer, alongside popular creators such as Santoshi Shetty, Karron S, Shaurya Sanadhya, Varun Verma, and Nitibha Kaul, among others.

Speaking about Myntra’s marquee fashion gala – EORS, Sharon Pais, Chief Business Officer, Myntra, said, “EORS has been a mainstay for fashion enthusiasts across the country with 16 successful editions to its credit, and we are confident the 17th will pack a punch, for it keeps getting bigger and better every year, including the selection and a sheer number of brands participating with an array of the versatile styles on offer. The event also presents multiple opportunities for Myntra to empower its key partners across the fashion ecosystem, including Kirana store partners, small and medium-scale brands, and supply chain partners. We are looking forward to catering to the millions of shoppers that wait with bated breath for the EORS to elevate their looks and outfits for the new year and the upcoming party season to wrap up the year in style.”

AU Small Finance Bank and ICICI Lombard announce Bancassurance tie-up

Hyderabad/Mumbai, December 2022: AU Small Finance Bank, India’s leading small finance bank (by balance sheet size), today entered into a Bancassurance tie-up with ICICI Lombard General Insurance. The partnership will provide the Bank’s diverse customers access to the insurer’s portfolio and enhance penetration across India.

AU Bank is rapidly expanding its distribution footprints across India and this tie-up between two giants in their respective industries will aim to further enrich its general insurance offering with agile, digital & paperless solutions offered by ICICI Lombard. The entire suite of products will be offered across 980+ banking touchpoints spread over 20 states & 2 union territories. The customer centric products will provide long term financial security to customers and their families. With both organizations believing in offering the best to the customers through innovation and consistency, this partnership would offer customers the best of both worlds.

Speaking about the partnership Mr. Sanjeev Mantri, Executive Director, of ICICI Lombard said, “At ICICI Lombard, we are constantly striving to reach out to consumers and businesses to provide them with effective risk management solutions based on their evolving needs. We are delighted to collaborate with AU Small Finance Bank to offer an entire scope of financial propositions to deepen our customer relationships. This will only improve our resourcefulness to boost services through value-enhancing offerings. The technology-driven and customer-centric approach of both partners make this collaboration an ideal alliance between two brands, which eventually paves the way for organised customer-centric growth”.

Highlighting the key aspects of this strategic partnership, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “AU Small Finance Bank always prides in providing customer centric solutions and services. Expanding our bouquet of financial services and customer value proposition, we wanted to associate with additional general insurance partner to add value to our existing range of products & services while helping our customers plan for better financial security. We welcome ICICI Lombard as our valued insurance partner who, we believe, has the ability and experience to understand customers’ needs and offer them customized need-based solutions and provide seamless services. I am sure, the customer-friendly products of ICICI Lombard, combined with our extensive presence and robust technological capabilities, will be the right mix to increase insurance penetration.”