Archive: March 9, 2023

Moneycontrol’s inaugural India Fintech Conclave 2023 features fintech giants and top policymakers, sparks fresh conversations on industry future

09th March 2023: The first-ever edition of India Fintech Conclave, presented by Moneycontrol wrapped up today at ITC Grand Central, Mumbai with prominent participants from the Indian Fintech industry. The inaugural conference gave a platform to the greatest minds from the finance and technology ecosystem, who brainstormed on the booming fintech sector. The event hosted big names like the Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology- Rajeev Chandrasekhar, the Executive Director of RBI- Ajay Kumar Choudary, V Vaidyanathan, MD & CEO, IDFC First Bank along with other prominent policymakers, bankers, startup giants and other key stakeholders.

During the India Fintech Conclave, the Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology Rajeev Chandrasekhar called for coordination between sectoral regulators and internet regulator in his opening speech “We certainly need to navigate a better way and improve the inter play between sectoral regulators and MeitY. We are working on it, we will soon figure out a better way in working within the government and we won’t let anything impact the entrepreneurs.” he said.

While talking about India, the minister said “India has gone from being a preeminent nation to a deeply eminent nation in using tech to transform people’s lives. Because of the expansion of cloud computing in India, we will soon have the largest server market in the world.”

“I believe Mumbai is the heart of entrepreneurship, out of the box economic activity.” the minister said in his speech.

The first session – “Fintech Innovation And Regulation: A Fine Balance” was a special fireside chat with Ajay Kumar Choudhary, Executive Director, Reserve Bank of India. The session highlighted Choudhry’s thoughts of creating a true balance between innovation and regulation and how it is always a challenge for regulators to regulate and introduce innovation.

“We are working on a framework for the fintech lending ecosystem. A committee has been formed for fintech regulation where we are talking about legal lending apps, are they part of the regulatory entity is the bigger part”, he said.

Talking about customer protection in fintech, Choudhary mentioned, “Customer protection is the most critical risk as far as fintech is concerned. Today the risk of loss to consumers is quite high. Data security and breaches is the second major risk factor for fintech enterprises. And regulators need to keep a watchful eye on the risks by fintechs and big techs to ensure customer safety.”

Commenting on India’s current financial system, he said, “The current financial system has been built by taking multitude of innovations on the way. Also, the focus on innovation in the financial sector and regulation is not new. Fintechs offer true balance between innovation and regulation.”

Another panel titled “Bits to Billions – The Zerodha Journey” featured the CEO and founder of Zerodha, Nithin Kamath, and Kailash Nadh, the CTO of Zerodha, who gave a bird’s eye view into their product ethos and their founding principles. The next session titled “Reimagining Banking in the Digital Era” was also a fireside chat with V Vaidyanathan, MD & CEO, IDFC First Bank. Sharing his thoughts on technology and its role in recent times, Vaidyanathan said, “Technology is a large waterfront with different aspects like AI, IoT, hyper personalisation etc. In the case of banking, it’s not a traditional product but a service that can take the form of electronification on multiple levels, like savings, investment through DEMAT account, insurance, payments etc. Hence, banking benefits directly from technology by latching onto new ecosystems and moving faster with time.”

The event was well-attended and included insightful panel discussions on “Future of Payments in India – Sustaining the Digital Payments Juggernaut” with notable participants like Harshil Mathur, the CEO and founder of Razorpay, Dilip Asbe, the CEO of NPCI, and Shinjini Kumar, the Founder and CEO of SALT App.

Talking about the future of UPI, Dilip Asbe, CEO of NPCI commented, “UPI has not yet reached its total potential, it has a long way to go, and it’s a journey. We have covered some milestones, but for a country like India, we should be doing 10x than this and it is not a hypothetical number. I believe within 2-3 years we will reach 1 billion a day transaction on UPI.” He further added, “During Covid time, many new players came on the UPI bandwagon and there are lot many players who are looking at it currently, for example, PayZapp is coming on UPI, CRED is live on UPI, and Slice is there. The next few years will rationalise the market share in terms of expanding the market and it won’t impact the growth of UPI.”

A panel titled “Digital Public Infrastructure: India Shows the Way”followed and featured Shalini Warrier, Executive Director of Federal Bank, T Koshy, CEO of ONDC, Sabyasachi Goswami, CEO of Perfios, and Nikhil Kumar, Co-Founder of Setu. When asked about account aggregators, Shalini Warrior mentioned, “Earlier there was a little scepticism around credit scores and CIBIL and now every bank uses the system extensively. If you take that forward now, there’s where account aggregators come in. An account aggregator is definitely the next UPI from the banking sector because it democratises the availability of creditors and the amount of information available in a manner that is non-threatening for the customer.”

“In terms of use cases, lending is the most logical use case of account aggregators followed by personal financial management.” she added.

The conclave concluded with two panels, the first being “Fintech and Markets: Navigating the Regulatory Landscape” which featured Subramanya SV, Co-Founder and CEO of Fisdom, Pravin Jadhav, Founder and CEO of Raise Financial Services, Prakarsh Gagdani, CEO of 5Paisa, Nikhil Aggarwal, Founder and CEO of Grip, and Radhika Gupta, CEO of Edelweiss AMC. The second panel was focused on “Lending: The Next Big Fintech Frontier” and included Deena Jacob, Co-Founder and CFO of Open, Madhusudan E, Co-Founder and CEO of KreditBee, Gaurav Kumar, Founder and CEO of Yubi, and Shachindra Nath, Vice-Chairman and MD of UGRO Capital.

Striking a fine balance between fintech innovation and regulation, the evening concluded with various influential voices in the industry and beyond coming together to share meaningful insights. Watch the entire conclave on https://youtube.com/live/LPDcGgwQHDE

LML appoints veteran EV technologist ‘Sayee Ganesh’ as the new CTO

A seasoned tech leader and industry-leading policy advisor, he pioneered the automotive, electrical, and electronic systems spaces with his indispensable leadership role.

New Delhi, March 09, 2023: A truly global brand, LML has today announced the appointment of Sayee Ganesh as its Chief Technology Officer (CTO). A highly renowned leadership professional with around three decades of cross-functional and cross-border industry experience is set to manage his new role at LML, in line with the brand’s core objective to disrupt the mobility products and solutions space globally.

As a seasoned technologist, Sayee Ganesh is responsible for driving tech innovation and defining a scalable product roadmap to enable futuristic, digital-first, and smart next-generation electric vehicles. With an objective to spearhead a series of upcoming turnkey projects at LML, his role is to guide and drive the technology team with his effective resource planning and optimization capabilities. He leverages innovation, strategy, marketing, and business growth skills to drive an empowering culture and elevate companies to phenomenal growth and top rankings.

Commenting on the new appointment, Dr. Yogesh Bhatia, Managing Director and CEO of LML, said, “We are delighted to onboard Sayee Ganesh into our core management team at LML. In the technology world, as a prominent EV OEM driven to EV design and manufacturing, EVs are presented at the forefront with a combination of intelligence, superior methodologies, and advanced engineering processes. In the coming years, we hope to pioneer digital change in the EV sector, and we are confident that Sayee Ganesh will support the processes in establishing our digital-first product roadmap.”

Furthermore, Ganesh is an expert who drives technology development in the EV ecosystem and his expertise include, electro-mechanical, battery management, electrical, semiconductor and electronic systems.

Sayee Ganesh, on joining LML, said, “I am extremely honoured to join the team at LML and confident that I will soon be able to add to LML’s success story with some powerful product innovations. This partnership with LML brings together my experience in technology and design and gives me a platform to target new goals for the industry’s evolution. Since the brand LML holds decades of legacy driven by innovation and strong leadership, I am highly delighted to be a part of this iconic brand.”

Prior to joining LML, Ganesh anchored strategic product engineering initiatives to support the growth objectives of several global auto & tech majors, like Bosch & Siemens.

Godrej Agrovet signs MoU with State Government of Andhra Pradesh

Bangalore, March 09, 2023: Godrej Agrovet Limited. (GAVL), one of India’s largest diversified agribusiness companies, today announced that it has signed a Memorandum of Understanding (MoU) with the State Government of Andhra Pradesh (AP) on the sidelines of Andhra Pradesh Global Investors Summit (APGIS) 2023. As a part of MoU, GAVL’s Oil Palm business will be making an estimated investment of INR 100 Crores to set up a manufacturing facility for Edible Oil Refinery & Solvent Extraction Plant.

GAVL is the largest oil palm processor in India and works directly with the farmers for the entire lifecycle of their crop. With the company already having 45,000 h.a of oil palm plantation area in AP, the proposed new plant will have a projected refining capacity of 400 tonnes per day and will be set up in Seethanagaram, Eluru District in AP. This is GAVL’s first downstream project for value-added products in oil and fats.

Balram Singh Yadav, Managing Director, GAVL said, “The MoU is in line with Godrej Agrovet’s long-term strategy to be the catalyst in India’s oil mission through sustainable growth of oil palm production. This new investment is built up on the INR 1000 Crores investment in the state by the Oil Palm, Aqua Feed and Dairy businesses.”

Present on the occasion of the signing of MoU were the Hon’ble Minister for Agriculture, Government of Andhra Pradesh, Sri. Kakani Goverdhan Reddy, Secretary – Food Processing, AP, Sri Chiranjiv Choudhary, I.F.S., Sri L. Sridhar Reddy – CEO, AP Food Processing Society, Sougata Niyogi, CEO – Oil Palm, GAVL and Rakesh Swami, Group President Corporate Affairs, Godrej Industries Ltd.

Commenting on signing off MoU, Sougata Niyogi, CEO – Oil Palm, GAVL said,“ Having pioneered innovation in developing oil palm sector under irrigated conditions, the state of AP continues to lead country’s fresh fruit bunch volume and oil production. With bulk of GAVL’s oil palm plantation in the state, the facility near to our Crude Palm Oil Mills will help cater captive need originating from oil palm work in the southern states along with demand from other crude palm oil players in the region. This in sync with National Mission on Edible Oil – Oil Palm (NMEO-OP) will aid reduce nation’s dependence on imports.”

“AP has a unique geographic and climatic advantage which will propel businesses to partake in the growth story of the state. As a Group, we are keen to explore business-friendly policies, emerging cities, and aspiring demographic dividends for the growth of our consumer products, real estate, and finance businesses. With impeccable support from the state government and our strong legacy of people and planet-first business ethics, we are committed to expanding the business footprint in the state,” added Rakesh Swami, Group President Corporate Affairs, Godrej Industries Ltd.

India is a net importer of palm oil. The lack of domestic production not only puts pressure on the industry and the allied sectors but also on India’s economy. Hence since the launch of the National Mission on Edible Oil – Oil Palm (NMEO-OP), in August 2021, GAVL had established a goal to add 60,000 hectares of additional oil palm plantations over the course of the next five years to support the long-term sustainable development of oil palm in India. To achieve this goal, the company recently announced the launch of Samadhan, a one-stop solution center that would provide a comprehensive package of knowledge, tools, services, and solutions to oil palm farmers. With the company’s oil palm business currently operating in Andhra Pradesh, Telangana, Tamil Nadu, Goa, Odisha and North-East, the plans to establish 50 Samadhan centers by 2027.

NMDC Celebrates International Women’s Day 2023

Hyderabad 9th March 2023: India’s largest producer of iron ore NMDC has been an advocate for women empowerment through its various training and CSR activities. On International Women’s Day 2023, NMDC organised a talk show on menstruation, a concept that is still taboo in various parts of the world. NMDC invited Dr. Vimee Bindra Basu, a leading obstetrician-gynecologist in Hyderabad and a crusader for endometriosis as the Chief Guest to shed light on women’s health.

Speaking on the occasion Dr. Vimee Bindra Basu said, “The conversation around women’s health is particularly important because one in ten women suffer from reproductive issues and are unaware of symptoms. Women today need to be equipped with the right information to support each other. The idea behind starting ‘Endometriosis Foundation of India’ was to create conversations around this topic and help more women by breaking the stigma attached to menstruation. I encourage women and men alike to come forward and participate in these discussions at their homes openly.”
The event ended with various indoor games and cultural programmes performed by women employees and apprentice girls. NMDC senior officials presented special mementos to the women participants. They also distributed millets to all the women on the occasion of International Women’s Day 2023, as a continued celebration of the International Year of Millets 2023.

Axis Bank collaborates with ITC Limited to offer Rural Lending products to farmers

Mumbai, March 9th, 2023:Axis Bank, India’s third largest private sector bank today, announced its collaboration with ITC Limited to offer the Bank’s lending products and services to farmers who are a part of ITC’s agriculture eco-system. This partnership will enable Axis Bank to cater to the financial requirements of the unserved and under-served farmers based in the remote regions of the country. The Bank will offer a wide range of assets and liability products such as farmer loans, gold loans, etc.

Axis Bank will leverage ITCMAARS (Meta Market for Advanced Agricultural Rural Services), a full-stack Agri-tech application for reaching out to the farmers and addressing their financial requirements. Additionally, it will also offer an extensive range of products and services to the farmers through its rural-urban and semi-urban (RUSU) branches located across 656 districts of India.

Speaking about the partnership, Munish Sharda – Group Executive & Head – Bharat Banking, Axis Bank said, ‘’At Axis Bank, we have been consistently working towards ensuring that all segment of customers based across the RUSU markets are provided with easy access to credit facility and banking solutions. This partnership is in alignment with our Bank’s Bharat Banking mission of extending our reach in the remote regions and providing them with a seamless customer experience. With the help of ITCMAARS strong and enduring relationship with millions of farmers, we believe that we can make a significant contribution in uplifting financial situation of the community thereby unlocking the true potential of Bharat…’’

Mr. Rajnikant Rai, Divisional Chief Executive, Agri Business Division, ITC Ltd said, “ITC has over the years spearheaded multi-dimensional interventions to transform the lives of farmers, powered by the ITC e-Choupal eco-system that connected with over 4 million farmers. Taking a step forward, to bring the power of the digital revolution to farmers, we have now implemented ITCMAARS a phygital eco-system that provides a range of solutions through Hyperlocal and personalized advisory, Agri- Inputs, Financial services, and Market linkages.

We are happy to partner with Axis Bank to extend banking solutions to the farmers we have engaged with over the years. Timely availability of institutional credit will enable the farmer to buy quality Inputs which will help in improving productivity and enhance farm incomes.”

Through this initiative, Axis Bank aims to further scale up its Bharat Banking strategy by increasing the new-to-bank accounts in FY22-23. The Bank has delivered strong growth across key metrics. As of December 31st, 2022, its rural advances grew by 27% YOY, disbursement increased by 12% YOY and deposit grew by 16% YOY.

Eaton rings NYSE opening bell to celebrate 100 years on the exchange

Pune, India- Intelligent power management company Eaton (NYSE:ETN) is celebrating the 100th anniversary of its listing on the New York Stock Exchange (NYSE) by ringing the opening bell on Tuesday, March 7, 2023. Chairman and CEO Craig Arnold joined by members of Eaton’s senior leadership team to commemorate this historic milestone.

“We’re honored to celebrate our company’s longevity on the New York Stock Exchange,” said Arnold. “This milestone reflects Eaton’s enduring ability to adapt to the changing world and to serve the needs of all our stakeholders – our shareholders, customers, communities, and our colleagues.”

Since its founding in 1911 as a U.S.-based truck axle company, Eaton has reinvented itself time and again. Over the decades, the company diversified into an automotive and truck component supplier, then expanded as a diversified industrial manufacturing company through acquisitions like Cutler-Hammer, Westinghouse’s Distribution and Control business, and Aeroquip-Vickers. These acquisitions formed the foundation of its electrical business and enhanced the company’s presence in the aerospace market. Later, the company refocused on power management and energy efficiency through the acquisitions of Powerware, the Moeller Group and Cooper Industries and, more recently, Souriau-Sunbank and Tripp Lite.

Today, Eaton is a global intelligent power management company with operations in 170 countries, more than 91,000 employees and $20.8 billion in revenues in 2022, with approximately 90% of profits coming from its Aerospace and Electrical businesses.

Arnold continued, “I’m proud of the culture we’ve built and all that our company and its people have achieved. And I believe our best days are still ahead as we enter a growth cycle driven by the transformational global growth trends of energy transition, electrification and the digitalization of society.”

Vivriti Asset Management allocates INR 500 million of debt to SaaS Fintech platform Zaggle

Mumbai, March 09, 2023: Vivriti Asset Management (“VAM”), a fixed-income Alternative Investment Fund (AIF) platform, invested ₹ 500 million in the rated maiden debenture issuance by Zaggle – a leading player in spend management, with a differentiated value proposition and diversified user base (Source: Frost & Sullivan Report).

The investment made through the purchase of debentures via VAM’s performing credit fund will amortize over the next 40 months, paying interest quarterly.

VAM is a sector-agnostic performing credit focussed asset manager that provides debt capital to mid-sized operating companies with proven business models and operating cashflows but lacks access to mainstream debt markets. It provides tailored debt in the range of ₹500-1000 million for a period of 2 to 5 years typically, for end-users across capacity expansion, asset acquisition, product development, working capital, and refinancing debt. VAM has raised commitments of over INR 22,000 million across seven funds and aims to hit INR 70,000 million of assets under management (AUM) by March 2025.

The proceeds from the investment will be utilized in growing Zaggle’s products such as the newly launched accounts payable platform by Zaggle: “Zoyer”. Zoyer is an integrated data-driven, SaaS-based business spend management platform with embedded automated finance capabilities in core invoice-to-pay workflows. Along with utilization towards the new products, the proceeds of the [debentures] shall also be used for working capital and business growth.

Mr. Mohamed Irfan, Fund Manager at VAM, said: “In successful tech companies, there is usually a small window between product development and its J-curve scale up where debt usually provides a good risk/reward opportunity. VAM values business profitability, strong management, cash generation ability and sector tailwinds while investing – and Zaggle scores well on these. We are glad to partner in the firm’s growth through our investment in the company’s maiden, rated bond issuance.”

With a diversified product portfolio of SaaS-based fintech products, the company catered to 1,896 customers with 1,982,405 users on its platform, as of June 30, 2022. Zaggle has tied up with banks such as NSDL Payments Bank, Yes Bank, and IndusInd Bank for the issuance of co-branded prepaid cards.

Mr. Avinash Godkhindi, MD & CEO at Zaggle said, “Over the last decade, Zaggle has emerged as a leading player in spend management, with a differentiated value proposition and diversified user base according to the Frost & Sullivan Report, operating in the business-to-business-to-customer segment (B2B2C) with corporate customers across industries such as BFSI, technology, healthcare, manufacturing, FMCG, infrastructure and automobile. Zaggle has been working towards digitizing business spends and enhancing organisation’s efficiency as a whole. We thank Vivriti Asset Management in believing in our vision and investing in our maiden rated bond issuance. Our Company has allotted 500 secured, unlisted, rated non-convertible debentures of face value of ₹1,000,000 each, aggregating to ₹500 million to Vivriti Asset Management on November 30, 2022, in accordance with terms specified under the private placement offer cum application letter.”