Archive: March 23, 2023

Walmart Foundation Expands Efforts to Support Smallholder Farmers in India, Further Empowering Women

Bangalore, India, March 23, 2023: Expanding its commitment to improving farmer livelihoods in India, Walmart Foundation today announced a new five-year strategy that aims to reach 1 million smallholder farmers by 2028 with at least 50% women. The grants will be extended to non-profit organizations working in the areas of collectivization and farm aggregation with the aim of boosting farmer incomes across several states including Uttar Pradesh, Karnataka, West Bengal, Maharashtra, Andhra Pradesh, and Odisha.

The Walmart Foundation grants will focus on enabling local grantees to better support capacity building for farmer producer organizations (FPOs), expanding access to market linkages so that they can participate in commercial opportunities more seamlessly, and training farmers on sustainable farming methods and technology, with a particular focus on empowering women farmers. The Foundation announced two new grants alongside the new five-year strategy; they include:

• $3 million to TechnoServe for smallholder farmers in Maharashtra and Andhra Pradesh aiming to reach 24 FPOs and 30,000 farmers, with 50% of them expected to be women.
• $533,876 grant to Trickle Up aiming to reach 1,000 women smallholder farmers in Odisha, connecting them with two FPOs.

This five-year strategy is an extension of the Walmart Foundation’s investments since 2018 to improve farmer livelihoods in India and expand their access to commercial goods markets. Surpassing its initial goal of $25 million invested, the Walmart Foundation has funded philanthropic grants supporting smallholder farmers in India totaling just over $39 million through 24 grant programs with 16 grantees. Grants span the states of Andhra Pradesh, Uttar Pradesh, Telangana, Karnataka, Odisha, Jharkhand and West Bengal, Maharashtra, and Madhya Pradesh.

Through these investments, Walmart Foundation grantees project they will cumulatively support over 800,000 smallholder farmers. Of those grantees reporting on gender, more than half of the farmers reached are expected to be women. This new commitment reaffirms the Walmart Foundation’s work to expand market access for smallholder farmers across India by leveraging its scale, networks, and strategic philanthropy. As the new set of grants starts to roll out later this year, they will build on the results of a new impact study conducted by Sambodhi, an India-based impact measurement firm, that assessed the efficacy of Walmart Foundation’s investments thus far in enhancing livelihoods and incomes for Indian FPOs. The study examined a number of initiatives put forth by NGO grantees in the area of FPO capacity building and indicated that interventions by implementing partners contributed to strengthened systems and processes at the FPO level, higher revenues, and profitability as well as increased representation of women at the farm level and in FPO leadership.

• Key highlights include:
• Higher incomes:

Participating FPOs have a higher ability to provide inputs, support the sale of final products to more varied markets, and earn 29% higher revenues on average than comparable FPOs.
A greater proportion of program FPOs were profitable (72% vs 42% comparable FPOs) and on average made 38% more profit.
A higher percentage of program households began leasing land for cultivation indicating higher confidence among program beneficiaries regarding higher income potential.

• Higher yields:

Women farmers in FPOs helped by projects supported by the Walmart Foundation had significantly higher cropping intensity (210% vs. 149% as compared to their peers) and cultivated more high-value crops.
Over 40% of FPOs supported by NGO interventions were engaged in the aggregation of produce.
Many of the FPOs supported by the Walmart Foundation’s grantees have started engaging in millet-based products like pearl millet flour, and ready-to-eat jowar meal, among others, which are important for everyday health.

• Digitization and diversification:

80% of program beneficiaries were using digital technology in managing FPO operations, and finances and connecting with member farmers for the provision of advisory and services.
Participating FPOs exhibited greater financial viability through significant diversification of business activities and income sources.
The top three advisory services received by program farmers over the last 12 months were crop advisory (61%), pest management (39%), and input advisory (27%).

• The report also identified that gender-sensitive programming remains a key focus across all implementing partners to ensure women have equal access to inputs and services and are equipped to cope with challenges and take advantage of opportunities.
• The report also validated the need to continue working across grantees and ensuring that the benefits are accruing to a wider percentage of FPO members.

On the occasion, Shri Narendra Singh Tomar, the Honorable Minister of Agriculture and Farmers Welfare, said, “Agriculture forms the backbone of the Indian economy and the welfare of smallholder farmers is one of the top priorities of the government under Prime Minister Shri Narendra Modi’s leadership. Along with launching multiple measures to increase farmer incomes, the government has initiated setting up more than 10,000 FPOs in the country that will help them get the maximum return on their produce. I congratulate Walmart Foundation for committing to support 1 million farmers by 2028, and especially for their focus to benefit women farmers.”

Kathleen McLaughlin, Executive Vice President, and Chief Sustainability Officer, at Walmart Inc. and President, of Walmart Foundation, said, “The Walmart Foundation’s latest commitment to expanding market access for smallholder farmers in India builds on our efforts to identify solutions that can systemically help create shared value for all stakeholders. Strategic philanthropy can act as a strong instrument in rewiring yesterday’s systems and enhancing economic opportunities for smallholder farmers while promoting the inclusion and empowerment of women.”

Rajneesh Kumar, Senior Vice President, Chief Corporate Affairs Officer, at Flipkart, said, “Flipkart is committed to building a resilient and inclusive agribusiness supply chain. We know that grocery empowers local stakeholders, and, working closely with the Walmart Foundation, and programs such as Flipkart Krishi Samarth, we are creating a holistic ecosystem that helps farmers prosper by leveraging the opportunities that the digital economy presents. Helping empower women, and in this case women farmers, and ensuring inclusive growth is at the center of all our initiatives.”

Yudiz Solutions files draft papers for IPO

India, 23rd March 2023: Yudiz Solutions Limited, a blockchain, artificial intelligence, and game development company has filed draft papers for IPO with the NSE Emerge.

The IPO will make Yudiz, the first company in the blockchain, artificial intelligence, and game development space to publicly enlist in the market. It will also be the next company after Nazara Technologies Ltd. in the gaming space. The public issue consists of a fresh issue of 27,17,600 equity shares.

The merchant banker for the IPO is Narnolia Financial Services Limited which is also the lead manager of the issue. Delhi-based IPO Consultants, Pro Legal Solutions, and Longview Research and Advisory Services are the advisors on the issue.

The equity shares of the company are proposed to be listed on NSE’s SME Platform (NSE Emerge). The company is raising funds for developing new products and technology, enhancement, branding, and marketing. Moreover, it will explore technology companies for acquisitions in India and abroad, capital expenditure, and working capital requirements.

Yudiz was incorporated in 2011, headed by Chairman Bharat Patel, MD Pratik Patel, & CEO Chirag Leuva.

Overseen by the key promoter, Suraj Chokhani, Founder, of Ability Games, the company comprises a team of 400+ young minds and adept mentors who have catered to and delivered over 6000+ projects for several prominent clients globally.

Of late the company collaborated with one of India’s biggest telecommunication companies whereby trending technologies and innovative advancements in the gaming and advertising industry will be implemented.

Yudiz has accomplished multiple collaborations by adapting and utilizing its state-of-the-art technologies. Elementary contribution and sustainable development are their core beliefs which Yudiz follow traditionally as their crucial practice. Their abstract thinking has enabled them to synergize technologies and offer scalable solutions, hence have received recognition from several respected communities presently.

Introducing Kidzbotics at Oberoi Mall

Mumbai, 23rd March 2022: Oberoi Mall, one of the trendiest retail shopping destinations in Mumbai had organised its second event under its signature IP for kids – KIDZBOTICS, on the 18th and 19th of March. The event included workshops on making your own robots. The objective behind ‘Kidzbotics’ is committed to provide a fun learning experience to the children, enhancing their mall visits for entertainment and meaningful engagement.

This IP is conducted once in a quarter in association with their robotics partner “Coboticca”. The event is exclusively curated focusing the young minds, this includes making your own robots, and understanding the nuances of AI, coding, and Robotics. Apart from educative and immersive workshops, kids can also get a chance to showcase their own personal collection of self-made robots. The event also concentrated on excellent STEM (Science, Technology, Engineering, and Math) learning.

Speaking about the event, Mr. Sameep Pathak, CEO-Mall, said, “We are ecstatic about Kidzbotics and our association with Cobottica for curating thoughtful activities. It is an endeavour to ensure that we provide a wholesome and lasting experience to our customers of all age groups, which includes both leisure and enriching activities. With the overwhelming response we have received from our younger audience, we are certain that the activities have stimulated creativity amongst the children and encouraged them to learn about robots and coding in a fun-filled manner.”

Mr. Sudarshan Narayanan, from Cobottica said, “What a great way to launch our association with Oberoi Mall to introduce kids to robotics through a hands-on workshop – Kidzbotics. The event was extremely well received with packed sessions on both days. It was a pleasure to teach and interact with such talented kids and to see their work come alive on stage. Every team managed to assemble, program and demo the robot successfully. The event was so well organised and executed. We look forward to many more.”

With this value adding IP, we endeavour to enrich curious minds and provide a fun time to the kids with their friends & peers.

This Ugadi, welcome the new year with rare and precious platinum jewelry

Bangalore, March 23, 2023: “Ugadi” is a significant Hindu festival that marks the beginning of a new year, and it has its roots in the ancient Sanskrit language. The word “Ugadi” is derived from the combination of two Sanskrit words, “yuga” and “adi,” which symbolize the start of a new era. The festival is celebrated with immense joy and devotion, primarily in the southern states of India including Andhra Pradesh, Telangana, and Karnataka.

Ugadi, the festival of new beginnings, calls for a gift that’s as precious and timeless as the occasion itself. And what could be better than the gift of pure and precious platinum? This rare and valuable metal has its origins in the stars and is renowned for its ability to withstand daily wear and tear without losing its luster or shape.

With a purity level of 95%, its durability, and versatility, platinum jewellery is an ideal choice for those looking to purchase or gift jewellery on the occasion of Ugadi.  These very attributes make platinum a symbol of enduring love and commitment. Whether it’s a pendant, a ring, or a bracelet, the gift of platinum is sure to leave a lasting impression on your loved ones.

Commenting on this auspicious occasion, Vaishali Banerjee, Managing Director, Platinum Guild International-India said, “Festivals in India bring a renewed sense of energy and spirit to consumers, who celebrate with great enthusiasm and excitement. These occasions mark new beginnings and positivity, with consumers increasingly looking for meaningful purchases to commemorate the occasion. We have seen a significant uptick in demand for platinum jewellery during these festivities. The upcoming festivities offer a positive outlook for sales, setting the stage for a great footfall in the next quarter for our retail partners.”

Alukkas Varghese Joy, Managing Director, Joyalukkas India Ltd, “Ugadi marks the onset of a new year and envelopes the country in a warm festive embrace. We foresee a positive consumer outlook for platinum jewellery it makes an ideal choice to celebrate this auspicious festival symbolising prosperity”.

Varghese Alukka, Managing Director, Jos Alukkas  “Ugadi holds a symbolic significance as a festival of new beginnings and a harbinger of prosperity. It is viewed as an auspicious occasion to purchase gifts for the family and loved ones.  We have seen that platinum makes for an ideal gift to commemorate this festival, especially among younger consumers. We are optimistic that Ugadi will create a positive momentum that will carry forward through the festive season.”

Rajesh Kalyanaraman ExecutiveDirectorof Kalyan Jewellers, “As we welcome the new year with a positive outlook and the festive spirit of Ugadi, we are witnessing a positive buying sentiment for platinum jewellery. The increase in footfall across stores is expected to translate to a significant rise in sales volume. We are optimistic about the upcoming festive season and expect to begin this new year on a high note.”

Dr B Govindan, Chairman,  Bhima Jewellery, “We are confident that Ugadi will be a fruitful occasion for us as we are witnessing heightened interest from consumers for various platinum jewellery pieces such as neckwear, bracelets and rings. Enthused with this response we are expecting the demand momentum to continue.”

G.R. ‘Anand’ Ananthapadmanabhan, Managing Director, GRT Jewellers, “Ugadi marks the beginning of a new year and offers an opportunity for a fresh start. There is a strong sense of positivity felt among our consumers as they get ready to celebrate this festival with much fervour and excitement. We anticipate strong demand for platinum jewellery to mark this important festival. We continue to see a growing preference for trendy, daily wear, platinum jewellery driven by the younger segment and expect this trend to accelerate through the season.”

G.R. Radhakrishnan, Managing Director, GRT Jewellers, “Ugadimarks the beginning of a new year in Andhra Pradesh, Telangana & Karnataka and is celebrated with huge fanfare. Being a festival of prosperity and abundance, people prefer buying jewellery for self-purchase as well as gifting.”

TO THE NEW launches Sports Club to push employee wellness and productivity

New Delhi, 23 March 2023: TO THE NEW, a digital technology service company, recently launched its in-house SportsClub to back sports & team spirit among its 2200+ employees. The SportsClub aims to provide opportunities for building employee communication & connection among team members who didn’t actually get a chance to bond over nearly two years due to the pandemic.

Knowing the fact that sports nurture a “growth mindset,” the SportsClub program encourages employees, fondly called Newers, to participate and strikes a healthy balance of coordination and collaboration among employees from different Bussiness Units within the organization. The SportsClub was set in motion with an inter-company cricket match that saw overwhelming employee participation. The leadership team presented awards to the winning and runner-up teams at the end of the cricket tournament. The company plans to add table tennis, softball, badminton, chess, and volleyball tournaments to the list.

All the participating Newers agreed that such initiatives go beyond winning or losing; it is about spending time together, having good team spirit, and excellent communication to attain a set common objective.

Narinder Kumar, COO & Co-Founder, of TO THE NEW, said, “Sports is not a mere medium to achieve fitness goals, but it also helps in de-stressing from work. The varied outdoor events planned by our SportsClub will be a fantastic way of instilling teamwork and camaraderie at work. He further added, “The SportsClub will give all our Newers a platform to stretch their potential off work, increase interpersonal relationships, and be better collaborators across functional limits. We look forward to hosting such fun events in the near future.”

TO THE NEW believes that these extra-curricular activities provide a brilliant opportunity for the employees to interact & get to know each other. This is valuable as it fosters a ‘we’ feeling and encourages team bonding.

Contract execution platform Doqfy raises Rs 7.5 cr in Pre Series A from Turbostart & Pentathlon VC

March,2023, Bangalore: Contract execution SaaS platform Doqfy has raised Rs 7.5 crore in a Pre Series A round. The Round has been led by Turbostart and Pentathlon VC. Other investors who participated in the round are Lead Angels, SilverNeedle VC, LetsVenture, Angel.co led by Archana Priyadarshini. Funds raised to be used for tech enhancements of the platform and business growth through building partnerships.

Aditya Padranki, Founder, Doqfy, says, “Compliances are one of major cost heads for companies and the costs go up as the companies grow in size. Another aspect is the complex nature of the compliances. There have been instances where companies are not even aware if they are in breach because for far too long compliances have been managed in a manual way with very little tech intervention. We see this as a large untapped opportunity. Our platform, which has undergone changes as we incorporated feedback from our customers and mentors, is now a full stack offering helping companies stay compliant and easing the burden of it to facilitate smooth business operations.”

Started in 2019 by Aditya Pandranki, Manjula Rao, Vilaas BV, Doqfy was launched to solve a mandatory compliance requirement for businesses in India. As the company worked towards PMF, the platform focused on tech for contract execution with eStamping and eSignatures that became an instant attraction for the enterprise customers. Over the last year, as the platform underwent significant tech enhancements, achieving a PMF and right price points, these changes have made Doqfy extremely relevant for the SMBs who have contracting requirements like creating contracts, negotiations, execution with e-stamping and e-signatures and milestone management.

Ganesh Raju, Founder, Turbostart, says, “We first came across Doqfy’s application for the first cohort of Turbostart in 2019. Given our background, we were acutely aware of the excessive amount of time, money and resources expended on legal compliance. Doqfy’s proposition stood out immediately amongst the other applicants. At Turbostart, our mission is to be enablers first and financiers next. Two years on, it has been extremely fulfilling to work closely with their team and witness the impact we’ve had on Doqfy’s journey. We’re thrilled to celebrate this milestone with them and look forward to being part of their continued growth and success.”

Doqfy has been profitable since the last 12 months clocking an ARR of Rs 6 crore. The Company works with marquee customers like HDFC Bank, Bajaj Finserv, Ujjivan Small Finance Bank, Axis Bank, DBS Bank, Xiaomi, Swiggy, Meesho, Unacademy and JLL, Colliers. The Company currently has a team strength of nearly 40 people.

Hemant Joshi, Managing Partner, Pentathlon Ventures, says, “Contract execution space is set to grow to 10B+ market in India & close to 70B worldwide. We believe DOQFY is uniquely positioned to offer trusted, secure, affordable contract execution. DOQFY aligns with our fund’s core philosophy of backing passionate entrepreneurs who build disruptive digital solutions for India & global markets. We are excited to partner with the DOQFY team in rapidly scaling their business to its next orbit.”

Sushanto Mitra, CEO, Lead Angels, says “Legal documentation continues to be a bottleneck as the velocity of business transactions rises in the digital age. DOQFY is catering to such a quickly expanding industry that also requires a high level of legal assistance.”

Deepesh Agarwal, Co-founder & Partner, Silverneedle, adds, “Digitization is a key theme for every business globally, it’s an even more potent space for Startups when solving key challenges around automation, management and execution. Doqfy solves some key operational challenges for its clients around Legal documentation, automation and execution. Silverneedle is happy to invest in Doqfy team and also provide necessary support .”

According to a report by Straits Research, contract lifecycle management is a $965 billion market globally and is growing at CAGR 13.2%. The market, which is growing fastest in the APAC region, is expected to touch $2940 billion by 2030 with North America as the largest market globally.