Archive: January 31, 2023

UltraTech ranked No.1 in Sustainability in Building Materials sector

31 January 2023: UltraTech has been ranked No.1 in Sustainability in the Infrastructure & Engineering sector in India’s Most Sustainable Companies rankings announced by Sustain Labs Paris’ (SLP) in partnership with BW Businessworld. The Infrastructure and Engineering sector includes all building material companies such as cement and ready-mix concrete companies. UltraTech has also been listed as among the top 15 companies in India for sustainability in the rankings.

In their report titled ‘Next Step for Corporate India – 2022 India Sustainability Report’, which is based on Sustain Labs Paris’ team’s research all year round, they have rated the sustainability performance of India’s 200 largest companies by revenue. The companies were assessed, scored, and ranked on their sustainability performance in the financial year 2020-21 in accordance with the SLP Sustainability Cube framework, using an elaborate matrix of 31 Key Performance Indicators (KPIs) covering six key aspects of sustainability:

1.  Resource efficiency
2.  Social entrepreneurship
3.  Financial Management
4.  Employee well-being
5.  Clean revenue
6.  Inclusive supply chain

Speaking about the recognition, Mr. K C Jhanwar, Managing Director, UltraTech Cement Limited, said, “UltraTech has adopted a holistic approach to integrating sustainability into its business conduct. We are scaling up investments in the development of innovative products and services, improving energy efficiency, increasing the share of renewable energy, and scaling up the use of alternative fuels and raw materials (AFR) in our manufacturing operations.”

The focus areas of Sustainability for UltraTech are decarbonization, circular economy, biodiversity management, water positivity, safe operations, and community development. UltraTech has the distinction of being the first company from India to successfully raise dollar-denominated Sustainability Linked Bonds (SLB).

UltraTech has made significant strides in driving its diversity agenda. UltraTech has the highest women representation of 30% in the Board within the building materials segment in India. It has similarly made strong progress in driving gender diversity across its operations too. UltraTech is the first company in India to commission an all-women-managed ready-mix-concrete plant.

UltraTech’s key climate change commitments:

•  UltraTech is a signatory to the GCCA Climate Ambition 2050 and has committed to Net Zero Concrete Roadmap announced by GCCA.
•  UltraTech’s GHG emission reduction targets are validated by Science Based Targets Initiative (SBTi). Key targets include:
•  Reduce Scope 1 CO2 intensity by 27% by 2032 from 2017 levels, and
•  Reduce Scope 2 CO2 intensity by 69% by 2032 from 2017 levels
•  UltraTech is committed to moving towards 100% renewable sources by 2050 under the #RE100 commitment run by The Climate Group
•  UltraTech targets to double energy productivity by FY35, from the base year of FY10, as part of its EP100 commitment.

Pre-Budget Expectations – Fintech

By S Anand, the Chief Executive Officer and Co-Founder of PaySprint, a Fintech venture focussed
on Next Gen Neo Banking Solutions, offering a Unified Open API Platform.

“India boasts a staggering 87% adoption rate of fintech, significantly greater than the global average of 64%. Consequently, the Indian Fintech industry is set on a steep growth trajectory, expected to reach Rs 9.2 billion at a CAGR of 24.96% between 2022 and 2027. Supported by the robust startup ecosystem, the Fintech industry is shaping up to be a solid contributor to the nation’s GDP.

Additionally, the Fintech sector is front-lining the cause of Financial Inclusion in India & the sector expects initiatives that will strengthen the relationship between Fintechs & Banks. This will most certainly encourage continued innovation & help extend the reach of financial services to the unbanked population.

More expected measures that will boost the Fintech landscape are discussed below :

Tax relief for growing Fintech startups:
Fintech startups are hopeful for GST exemptions until a certain level of revenue is achieved. Liberalization of the tax structure along with depreciation on the fixed assets used by Fintechs can go a long way in promoting advancement. Announcement of tax benefits for research & development activities would bolster the ideation & execution of differentiating financial products & services for the masses.

The continued push for Digital Payments:
The recent Budgets introduced several incentive schemes to promote digital payments & we expect the momentum to continue in this year’s Budget. The UPI has augmented India’s payments & collections infrastructure and has penetrated the unserved & underserved population in semi-urban & rural regions. New guidelines regarding the UPI transaction cost will be a major development, providing a much-needed impetus to the sector’s expansion.

Tax relief for Fintech startup employees:
Strict qualification criteria accompanied the tax benefits introduced in the previous Budget. It aimed to resolve the dual taxation issue but most startups could not reap the benefits. ESOP holders in Fintech Startups can really gain from the tax being levied on the sale of shares rather than on the exercise of ESOP.

Revised regulations for Fintech players & startups:
Conscious revision of the regulations will help establish an enabling environment for Fintechs to function & evolve. We expect to see regulations regarding digital currencies & how they will take shape in the workings of the industry.

Data security:
Digitalisation has also given rise to various security threats such as data breaches, data loss, and account hacking among others. Enhancement of data security measures is imperative & we expect the upcoming Budget to facilitate the same.”

The United Kingdom named the Partner Country at BioAsia 2023; seeks closer ties with Indian Lifesciences Industry

India, January 31, 2023: The United Kingdom is renowned for its unique and globally competitive life sciences ecosystem with the growing presence of prominent life sciences companies like GSK (GlaxoSmithKline), Johnson & Johnson, Novartis, UCB, and Pfizer among others. In its venture to strengthen links with India, which has developed into a global player in the life sciences industry, the UK has partnered with the 20th edition of BioAsia – the marquee healthcare and Life Sciences event, organized by the Government of Telangana.

The United Kingdom has a dynamic, collaborative, and thriving life-sciences ecosystem that’s hugely powered by innovation, talent, and a world-class research infrastructure. Considered a jewel to the United Kingdom, the country’s life-sciences industry is home to over 6,330 life sciences businesses that employ over 268,000 people, generating a turnover of £88.9 bn in 2020. The UK, despite the effects of Brexit and the impact of COVID-19, flourished in producing world-leading scientific breakthroughs.

While announcing the Country Partner for BioAsia 2023, Mr. Jayesh Ranjan, Principal Secretary of the Industries & Commerce and Information Technology, Govt of Telangana said “We are delighted to onboard the United Kingdom as our country partner at BioAsia 2023. The UK holds a phenomenal reputation of its prestigious life-sciences industry and its brilliance in academia and industry, coupled with the expertise it brings from its pool of centers of scientific excellence. With mutual interest, the UK and the Government of Telangana will come together to share knowledge and best practices in life-sciences. Innovation is the nucleus of BioAsia and Telangana, the youngest state of India boasts of its startup mindset – we are committed to advancing innovation and entrepreneurship. I am certain of the phenomenal strides we can achieve globally by tapping our inherent strengths in the life sciences industry.”

“There is increasing interest from innovation centres, start-ups, and universities in the UK to collaborate, invest in and engage with the Lifesciences ecosystem in India and British companies are looking to BioAsia as an opportunity to increase partnerships with India’s growing biotech industry. The UK’s sophisticated R&D infrastructure and India’s innovative growth in the life sciences sector, means it’s vital the UK and India take advantage of our combined strengths to together achieve phenomenal strides worldwide,” said Mr. Gareth Wynn Owen, the British Deputy High Commissioner to Telangana.

“BioAsia 2023 is set to attract participation of globally eminent leaders from over 50 Countries. Having the United Kingdom back as a Country Partner is bound to reignite our path towards shared excellence. We have had the pleasure of hosting Norway, Switzerland, South Korea, Spain, Thailand, and South Africa among others thriving healthcare economies as Country Partners in the past years. Such partnerships are a testimony to the enormity of the event that BioAsia has become.” added Mr. Shakthi Nagappan, Director (Life Sciences and Pharma), Govt of Telangana and CEO – BioAsia.

With the theme of – “Advancing for ONE: Shaping the next generation of humanized healthcare”, BioAsia 2023 is all set to be held between 24th to 26th February 2023 in Hyderabad. Over the course of the three days, prominent industry leaders, distinguished scientists, researchers, and entrepreneurs will come together to discuss humanizing healthcare and will hold constructive discussions on how cross-sectional ecosystems can be integrated, how disruptive technologies can be best utilized, and how we can drive quality healthcare with accessibility and affordability at the forefront in the near future.

Recent Shark Tank victor- Snitch, partners with BharatX to offer BNPL option

Bangalore, January 31, 2023: BharatX, an emerging white-labeled credit enabler for e-commerce merchants, has today announced its partnership with Snitch – an online men’s clothing brand to offer to buy now pay later services. Through the “SnitchPay” feature powered by BharatX, customers will be able to pay for their purchases in three installments, instead of paying the entire amount at once, with no extra added cost or interest, bringing affordability and convenience to the customers.

Snitch was founded in 2019 as a B2B men’s apparel brand, which later ventured into the D2C and e-commerce fashion industry with 30 products in June 2020. It offers over 2,500 styles of fast-fashion apparel, featuring formal wear, party wear, and leisure wear among others.

Snitch is one of BharatX’s partners enabling BharatX’s white-labeled BNPL option on its checkout. Bharat will offer a Pay-In-3 feature to Snitch buyers via a Shopify plug-in. The customers will only need to pay one-third of the total billing amount at the time of payment; the remaining amount can be paid over two months. The transactions will be carried out through a secure gateway and all communication will take place via WhatsApp only, without the need of visiting any other app. With this, BharatX is empowering customers with convenience, security and a smooth buying journey on Snitch’s platform. Looking ahead, BharatX plans to offer Pay-In-3 as a feature to the other e-commerce companies, D2C and Fintech Brands.

The BharatX “Pay-In-3” plug-in can be integrated in under five minutes. BharatX has one of the highest approval rates in the industry at up to 60%, a high approval rate means increased access to credit for those who need it and deserve it the most. It is the start-up’s vision to democratize credit for the 250 million middle-class Indians.

Speaking on the launch, Mehul Nath J, CEO, and Co-founder, of BharatX says, “We are delighted to announce our partnership with Snitch – a brand that is gaining immense popularity amongst the customers. For those wishing to purchase on Snitch, our “Pay-in-3” feature via the Shopify plug-in empowers them to fulfill their aspirations without having to worry about spending a lump sum amount at once. At BharatX, it is our aim to empower every citizen with the credit they need and help them fulfill their desires. Our Pay-In-3 feature is making that possible, and will also be instrumental in driving more sales and enhancing the selling power for the other merchants listed on Shopify.

It is our aim to provide consumers of every large brand a premium experience like Snitch did. We are very excited to embark upon this new journey and look forward to bringing about a change with this partnership.”

Quote from Snitch’s Founding Team Member and CMO, Chetan Siyal

“The “Pay-In-3” feature provided by BharatX is a seamless way of providing our customers with a simple one-tap affordability solution. Customers can simply click on the “SnitchPay” option at the time of checkout, and without any additional documentation or formalities, they would be able to access the credit feature. Buyers on Snitch will be empowered to shop for their favorite styles and apparel without paying the entire amount at once. With the ability to pay for purchases in three parts, the high approval rate by BharatX is such that even NTCs (new to credit consumers), and the overlooked yet creditworthy middle class would be able to avail of this feature. The easy integration that BharatX provided was a cherry on the cake!”

BharatX provides seamless integration of “credit-as-a-feature” into digital platforms; also called “Embedded Credit” which allows them to acquire users at much lower costs while also creating value for the platform they partner with by increasing conversion and retention. In order to complete adding the BharatX plugin to the Shopify platform the merchant needs to submit a few details about the business and in less than 5 minutes, the verification process would be complete.

Turno strengthens commitment to India’s EV goals with key leadership, appoints ex-AJIO and ex-Mercedes leaders

31st Jan 2023, Bengaluru: Turno, India’s leading commercial EV marketplace, has announced several key senior leadership appointments. These are aimed at expanding the company’s reach and making EV adoption more reliable, affordable, faster, and sustainable. Turno provides a one-stop solution for commercial electric vehicles, offering buying, financing, guaranteed buyback, and battery recycling. Commercial Internal Combustion Engine (ICE) vehicles account for 80-85% of fuel consumption in India and the company is dedicated to converting all diesel miles to electric miles in the country.

The new appointments include leaders in marketing, sales, and technology.

● Anita Devraj Mookherjee, Head of Brand

● Varun Nair, Head of Growth

● Kranthi C, Head of Business

● Karthik Ganesh, Head of Battery

“We are excited to have some of the best leaders in the industry who are dedicated to making EVs truly ubiquitous in India,” said Hemanth Aluru, Co-Founder of Turno. “Under their leadership, we are confident that Turno will become a desirable workplace for creative talent across functions.”

Sudhindra Reddy, Co-Founder at Turno, said, “We believe that the leadership of Anita, Varun, Kranthi, and Karthik will lead Turno and EV adoption in India to great success. These individuals are highly visionary and skilled, and have chosen to lend their expertise and make Turno their workplace.”

Anita Devraj Mookherjee joins as Head of the Brand and will be responsible for building the Turno brand. She has received recognition and awards since 2010 and was named one of the “Top 30 CMOs in India” by IAMAI in January 2021 and one of the “Top 50 Most Influential E-commerce Professionals” in December 2020. Previously, she was the Head of Marketing at AJIO, where the business grew tenfold during her tenure.

Varun Nair and Kranthi C join as Head of Growth and Head of Business, respectively. Varun has more than nine years of expertise in product and growth from PayTM, Zoomcar, and LazyPay. At Paytm Payments Bank, he drove user growth to pursue banking for 500 million Indians. After graduating from IIT Madras, Kranthi joined Zoomcar and played a crucial role in establishing scalable processes and products for a fleet of 10,000 vehicles. He later became the Head of Business at Pitstop. Varun’s role will be to create growth channels for Turno and accelerate EV adoption and Kranthi’s responsibilities will include running the PnL and steering sales revenue.

Karthik Ganesh joins Turno as the Head of Battery and will work on the battery tech and battery recycling problems. He has previously worked with several electric vehicle manufacturers and battery research companies around the world, including Mercedes-Benz Research and Development (India/Germany), Vestas Wind Systems (India/Denmark), QuantumScape Technologies (USA), EnerVault Systems (USA), and Sun Mobility (India).

The senior leadership will be responsible for implementing strategic initiatives to transform and influence the future of the rapidly growing EV marketplace. Turno being at the trisection of mobility, financial inclusion, and SME empowerment, has brought in leaders with cross-functional expertise addressing the complexities in the adoption of EV.

Pre-budget Expectation Quote From Viren D’ Silva – Co-founder, Good Flippin’ Burgers

“As the Quick Service Restaurant (QSR) industry continues to grow in India, the government can take several steps to support and promote this sector. One of the key areas that the government can focus on is reducing the overall tax burden on QSR restaurants. This can be achieved by introducing tax exemptions or reducing the GST rate for this sector. This will help to lower the operational costs for QSR restaurants, making it easier for them to sustain their business and expand.

Another area that the government can focus on is providing financial assistance to QSR restaurants. This can be done through grants, subsidies, and low-interest loans, especially for homegrown brands. This will.

help to provide the necessary capital for QSR restaurants to expand their operations, purchase new equipment, and hire more employees.

The government can focus on providing training and education to QSR employees. This will help improve the quality-of-service QSR restaurants offer and attract more customers.

Overall, the Union Budget 2023 can play a critical role in supporting the QSR sector in India. By introducing policies and programs that focus on reducing the tax burden, providing financial assistance, promoting the sector, and providing training to employees, the government can help to ensure the continued growth and success of QSR restaurants in India.”

Pre-Budget Expectation Quote by Mr. Ashish Goyal, Co-Founder and CFO of Fibe

“Over the past few years, new-age technology has propelled the fast growth and expansion of the fintech industry. In the upcoming budget 2023-2024, we are expecting an accelerating financial inclusion by recognising the role of fintech in making credit and financial products easily available to the multitudes. Given that fintech is already involved in financial inclusion, creating a separate category of borrower loans that classify as a priority sector will help achieve the inclusion goal. New technologies such as AI and ML will adopt the consumers in the coming years and hence, the focus will be enhancing the digital infrastructure by investing in Open Network for Digital Commerce (ONDC). As the announcement is not so far, we also wish to see the rationalisation of taxation related to ESOPs to promote and attract the right talent further in emerging sectors.”-Mr. Ashish Goyal, Co-Founder and CFO of Fibe

SCOPE TALKS is back! SCOPE CEO and Founder Appalla Saikiran to host the 8th edition of the series with Prime Venture Partners

National, January, 31st, 2023: SCOPE, a new-age, holistic platform for budding entrepreneurs, Venture Capitalists, investors, and industry experts, recently hosted the 8th edition of SCOPE TALKS, an acclaimed series that has become a hit with emerging entrepreneurs, thanks to the in-depth insights it offers on various business-related topics.

The latest edition deep dives into the importance of building long-term sustainable startups rather than rapidly building unicorns. Hosted by SCOPE’s Founder and CEO, Appalla Saikiran, the session will feature guest speaker C. Mahalakshmi, Venture Capitalist and Chief of Staff at Prime Venture Partners. The session traced Mahalakshmi’s journey from being an entrepreneur to becoming a VC, and how a creator’s mindset helped her achieve her goals.

Further, SCOPE TALKS’ latest edition discussed how the recession and inflation impacted startup funding, the recent funding frenzy, the significance of entrepreneurs and investors becoming creators, and the diversity within the VC segment. A content creator on Instagram herself, Mahalakshmi shares interesting content on several VC and entrepreneur-related topics and believes that a creator’s mindset can be a game-changer for budding entrepreneurs. The high-spirited VC’s word of advice for emerging entrepreneurs is, “If you can’t define your product’s USP in one line, then it doesn’t have a USP.”

Appalla Saikiran, Founder and CEO of SCOPE, commented, “SCOPE TALKS was launched to share in-depth insights about the startup and investor ecosystem for aspiring entrepreneurs. So far, we have covered a wide range of topics with acclaimed personalities whose words and opinions hold immense value. For the latest edition, we had a chat with C. Mahalakshmi, a renowned personality in the VC community, who shared her valuable perspective. Her tips and advice come from her rich experience and wealth of knowledge with which she has shaped her career. The session is a must-listen for entrepreneurs who are looking to raise funds and work closely with VCs. We are confident that SCOPE TALKS provides direction and guidance to several budding entrepreneurs.”

SCOPE has conducted seven sessions with startup maestros such as Hina Dixit (AI and Metaverse), Amelia Sordell (Founder of Klowt, a London-based personal branding agency, and Kanika Tekriwal (Founder of JetSetGo). The series has received enormous traction from the startup community due to its indispensable focus on gaining clarity and debunking myths surrounding the entrepreneurial ecosystem and its principles.

Zoet Custard & Co. Hosts Successful ‘Custard Party’ at New DLF Avenue, Saket Outlet

Hyderabad- 31st January 2023: Zoet Custard & Co. recently hosted a successful “Custard Party” at their brand-new outlet located in the heart of Commons, DLF Avenue, Saket. The event met with an enthusiastic response from the public, as dessert lovers flocked to taste the delicious treats on offer. The event was a true testament to the brand’s commitment to providing an unparalleled dessert experience to its customers.

Starting in 2016, Zoet has gradually established itself as a renowned dessert destination, known for its sweet and complex flavors that are simple and delicious. Zoet Desserts was founded by Sana Bector Parwanda, who drew inspiration from the recipes passed down from her grandmother, Mrs. Rajni Bector, and the culinary guidance of her mother, Ms. Geeta. The brand has gained immense popularity since its launch, and with the opening of its new outlet on DLF Avenue, Saket, Zoet Custard & Co. is poised to bring a new level of excitement to the dessert scene in Delhi.

Present at the occasion, Ms. Sana Bector Parwanda was elated to share her thoughts on the new outlet, saying, “Our new outlet located in Delhi’s favorite food hub, Commons at DLF Avenue, embodies the cheerful spirit of the brand. Reinventing classics with a generous dash of fun is how I would describe our brand, Zoet.”

She further added, “At the heart of the brand is a passion for reinventing classic recipes with a modern twist, and a commitment to creating desserts that will not only taste great but also evoke a sense of nostalgia and comfort. The Zoet team takes great pride in their craft, using only the finest ingredients to create a range of ice creams, cakes, pies, and puddings that are truly unparalleled. The brand’s dedication to quality and flavors is evident in every bite, and the “Custard Party” was no exception.

The Zoet team was overwhelmed by the response to the “Custard Party” and looks forward to serving their customers with the same passion and dedication that has made the brand a household name. The event was a true testament to the brand’s commitment to excellence, and Zoet is eager to continue serving their customers with the same level of quality and care. The brand’s new outlet Commons, DLF Avenue, Saket, is poised to become a popular destination for dessert lovers in Delhi, and Zoet is looking forward to welcoming customers old and new to enjoy their delicious creations.