Archive: March 1, 2023

Purnartha debuts on smallcase

GARP smallcase will focus on stocks with earnings upgrades, the potential for growth & availability at reasonable valuations

Pune, 1 March 2023: Pune-based investment adviser (Purnartha Investment Advisers Private Limited / Registration No: INA000000672) (hereinafter referred to as ‘Purnartha’), has partnered with smallcase to offer a new portfolio to retail investors. Growth At Reasonable Price [GARP] smallcase is a portfolio of equities experiencing higher earnings or turnarounds from a sectoral cyclical downturn. The philosophy of the GARP smallcase is to invest in businesses that are experiencing earnings upgrades that indicate the potential for growth and seek such businesses that are available at a reasonable valuation with a medium-term investment horizon.

Devendra Phadke, Principal Officer, Purnartha said, “It is a moment of great pride for Purnartha as we open our research talent to the retail investors, having previously been associated with the HNI and UHNI segment through our advisory and portfolio management services. The objective of GARP is to provide investors with an opportunity to tap into Purnartha’s research capabilities at retail prices as well as to be in a position to generate alpha in the given
investment horizon. GARP is a result of the integration of multiple investing styles while retaining Purnartha’s core investment value of investing in fundamentally sound stocks.”

Vasanth Kamath, Founder & CEO, smallcase said, “We are delighted to partner with Purnartha given their deep experience with providing portfolio solutions to retail & HNI investors for over a decade. It is a matter of great privilege to help them productize and publish their quality research in the smallcase form factor.”

The GARP smallcase is created by identifying businesses primarily from the Nifty 500 universe to construct a sector and market cap agnostic portfolio. Companies with earnings growth potential, robust corporate governance, and strong balance sheets with medium to low leverage are then chosen. Based on the macroeconomic/sector/company-specific triggers, necessary actions beneficial to the portfolio are taken. A well-diversified, sector-agnostic portfolio mostly based on predefined qualitative and quantitative methods which select stocks with strong fundamentals, and reasonable value offers opportunities for delivering better returns.

Leading ERP company Focus Softnet launches new cloud-based accounting software – FocusLyte, for small and medium enterprises

India, 1ST March 2023: Focus Softnet, a Hyderabad-based software company offering composable Enterprise Resource Planning (ERP) solutions, has developed and launched its new accounting software – FocusLyte. It is a cloud-based system that assists in handling invoices and company payments. FocusLyte is primarily designed for small and medium enterprises; however, it is equally efficient for enterprises with complex financial accounting processes. The system is popular among users due to its ease of use and extensive reporting capabilities.

As a GST Suvidha Provider impanelled by GSTN, Focus Softnet Private Limited identified the necessity of technology in the GST regime. FocusLyte is ready-to-use GST-compliant billing, accounting, and inventory software, thus adding a big feather to the already existing product portfolio. The software can be used by all kinds of businesses, including distributors, traders, retailers, SMEs, etc. In agreement with GSTN, Focus Softnet extends registration for FocusLyteto taxpayers with an annual turnover of less than INR 1.5 crore, at no cost, for two years. FocusLyte accounting software contains data fields built in to display GST rates and tax amounts for CGST, SGST, and IGST. Invoicing and e-invoicing also become easier as users could find the tax rates for various goods and services, and automatically compute the GST amount for each bill. Businesses using it could determine tax amounts precisely and prevent mistakes in tax filing.

On this occasion, Ali Hyder, CEO of Focus Softnet, said, “The Indian tax system is highly complex and difficult to implement. Hence, startups with limited resources find it challenging to maintain tax compliance and are often vulnerable to tax default. With FocusLyte, these startups can be GST compliant, thus avoiding tax defaults. Our plans include extending FocusLyte services on a mobile application and POS billing machines. Due to FocusLyte, SMEs benefit as they get to maintain their compliances with ease, and the government benefits as it has fewer SMEs as defaulters.”

Numerous advantages set FocusLyte apart from other software. Some include competitive pricing, a user-friendly interface, and flexible and customizable GST-compliant tools. There are also no restrictions on the number of masters within this software or the volume of transactions. FocusLytecomes with a free CA login that users can create for audit purposes. It is also easily scalable to integrate with FocusSoftnet’sin-house GSP application Services as customers’ GST compliance responsibility increases, like generating E-Invoices, EWay Bills Online Returns, etc.

The 30 years old, the well-established Hyderabad-based company focuses on distributing its latest offering, FocusLyte, to its current network of clients while roping in new customers as well. The company has a global presence in 17 countries directly and through its robust partner network with 27 offices and 1.2 million registered users globally.

For more information visit – https://www.focussoftnet.com/in/

McDonald’s India – North & East aims to hire 1500 employees from NGOs by 2025

McDonald’s India – North & East aims to hire 1500 employees from NGOs by 2025 through its community campaign ‘McDonald’s for Youth’; seeking partnerships

~Partnered with not-for-profit organisations like Magic Bus, Tech Mahindra Foundation, Quess Corp Foundation, Tarraqi, and others~

New Delhi, 1 March 2023: In its endeavour of driving change and making a positive impact in the local communities, McDonald’s India – North and East is planning to hire 50% of its workforce by 2025 i.e 1500 people through non-government organizations. For this, McDonald’s India – North and East has launched the community campaign ‘McDonald’s For Youth’ – that aims to meaningfully contribute towards India’s growth story by providing gainful employment prospects to the local communities, especially the less-privileged. So far, the brand has hired more than 500 young people over the last year, partnering with several reputed not-for-profit organizations such as Magic Bus, Tech Mahindra Foundation, Quess Corp Foundation, and Tarraqi, amongst others.

For most people hired through the ‘McDonald’s For Youth’ initiative, it is their first job, and is an important milestone in their walk of life. Besides being their first source of income, these young minds benefit from McDonald’s global training curriculum through which they acquire the right skills and knowledge desired to succeed in their career path. This includes skills such as food safety and hygiene practices, safe food handling, customer service, communication, teamwork, etc. McDonald’s has a proud legacy of shaping hospitality professionals by imbibing the right attitude, empathy, and passion in people with its robust training programs.

Talking about the initiative, Rajeev Ranjan, Managing Director, McDonald’s India – North and East, said, “‘McDonald’s for Youth’ is a campaign through which we aim to offer gainful employment for the youth, especially youth from the under-privileged communities who have limited education and employment opportunities. We aim to hire 50% of our entry-level workforce under this initiative and invest in their overall growth and development through our world-class high-quality training and learning programs. This initiative is much more than filling open positions – it is about being a part of the local communities, and is an attempt to make them a part of us. We invite more organizations to join us in our endeavour to dismantle the barriers to equal opportunities, dismantle barriers to economic growth and empower the youth to excel in their work and life.”

McDonald’s India-North and East aims to create a ripple effect by leading positive change extending far beyond the walls of the restaurants and serving brighter futures. This visionary effort endeavours to address one of the most pressing issues facing our world today: providing equal opportunities and a better future for all. By collaborating with NGOs and leading the way in creating opportunities for underprivileged individuals, McDonald’s India -Northand East hopes to be a catalyst for change while helping to shape a brighter future for India.

Elevate Now, India’s first medical weight loss program, secures pre-seed funding led by W Health Ventures

India, March 01, 2023: W Health Ventures, a healthcare-focused VC that invests in and grows tech-enabled early-stage healthcare companies, has led a pre-seed funding round in Elevate Now, India’s first medical weight loss company. The funding will help Elevate Now to expand its operations and deliver innovative weight loss solutions to more individuals across India. The company offers tailored and doctor-led medication-based weight loss programs, personalized health coaching, and habit coaching that align with clinical protocols designed for the Indian population. Focused on an omnichannel distribution strategy from the get-go, the company has already launched its first co-branded obesity clinic in Aurangabad, with the next set of clinics planned in Bangalore and Delhi. With this financing, Elevate Now plans to establish more offline partnerships to accelerate its nationwide expansion, aiming to set up over 10 clinics throughout India in 2023. By leveraging its innovative doctor-led approach to weight loss, Elevate Now is transforming the industry and empowering millions of individuals to achieve a healthier lifestyle.

Obesity is a major health concern in India, with approximately one in four Indians, i.e., ~340M Indians being overweight or obese. Rapidly changing and increasingly sedentary lifestyles and genetic predispositions of Asians are adding to this burden at a faster pace. This unfortunate trend has dire consequences on life expectancy (~2M people die of reasons directly linked to obesity, more than heart attack-related deaths), workforce productivity (~60% of the workforce is estimated to be overweight), and quality of life (~70% obese patients have some form of mental health issues). Despite numerous weight loss solutions flooding the market, the problem remains largely unsolved, leading to massive customer frustration.

This is where Elevate Now comes in. It aims to revolutionize the weight loss industry in India with its doctor-led, medication-based weight loss program that combines medicines with personalized health and habit coaching. The company’s approach is backed by advancements in science and clinical protocols tailored for Indians, making it a unique solution for the Indian market. These are the first protocols being created and documented for Indians by leading obesity specialists. Elevate Now doctors prescribe the right weight loss medicine ranging from INR 100 to INR 10k per month based on the severity of the condition, comorbidities, and affordability. The company has an active clinical advisory board led by India’s leading obesity specialists.

“We are thrilled to join forces with Elevate Now as they embark on their mission to fundamentally revolutionize the weight loss industry in India,” said Pankaj Jethwani, Executive VP, of W Health Ventures. “The weight loss market in India is massive with over $12B spent annually. Traditional weight loss solutions don’t work as a large majority (90-95%) gain the weight back in a few months. Elevate Now’s innovative approach, backed by advancements in science and clinical protocols tailored to Indians, presents a unique opportunity to transform the way India understands and treats weight loss. We were impressed by the passionate founders’ track record in scaling successful technology brands in India during their prior stints at Ola and Swiggy, respectively. Their expertise in building and scaling consumer businesses in India is best in class, and we are confident in their ability to successfully execute their nationwide expansion plan.”

“Weight Loss is one of the most attempted sectors within healthcare in India but the solutions currently available are not leveraging the latest scientific advancements in the understanding of how weight gain and loss happens. Our unique approach with tailored clinical protocols supported by cutting-edge science presents a significant opportunity to address a major health concern in India and positively impact the lives of millions of people” said Rahul Maroli, Co-founder and CEO, of Elevate Now.

He further added, “We have treated over 300 patients via our easy-to-use and doctor-led program and every single patient has lost weight. By expanding our footprint across the country and partnering with leading healthcare providers, we aim to make a meaningful impact on life expectancy, workforce productivity, and quality of life for the Indian population. With Elevate Now, India’s first medical weight loss company, we’re redefining how our country loses weight sustainably.”

Wise unveils new look as it reaches 16 million customers served worldwide and continues global expansion

India, March 1, 2023: Wise, the global technology company building the best way to move and manage money is today rolling out a new look and feel. This comes as the company announced that it has reached 16 million customers served worldwide and revealed plans for further global expansion.

The complete visual makeover features a fresh green palette and a bold new font and draws from global currencies, languages, alphabets, and places around the world.

Designed to make the Wise customer experience consistent regardless of the place or language they sign up in, the look also underscores Wise’s mission to build money without borders and its ambition to create a fast, convenient, cost-effective, and transparent global alternative to the traditional correspondent system.

With around 6 million active customers moving over £25 billion each quarter, the company welcomes around 100,000 new customers every week.

Wise continues to take on the world

First launched in 2011, Wise continues to invest in expanding its unique international account offer and underlying infrastructure:

Wise Account: The world’s first international account for people, the account enables customers to send, spend, receive, and hold money in 50+ currencies. Wise most recently introduced “Interest” in Assets in the UK, and “Balance Cashback” in Europe to the account 一 features to allow customers to earn a return on the money they hold in Wise, without compromising on their ability to instantly access their money when they need. Today, Wise also announced the launch of Assets in Singapore, and the feature will become available to customers in Europe next.

In India and Israel, Wise has secured licenses to launch more services including the multi-currency account and card soon.

In addition, Wise is enabling customers to send funds to 11 more mobile wallets in Asia, including Touch n Go in Malaysia, GrabPay in the Philippines, and ShopeePay in Indonesia.

Wise Business: The one account for international businesses, Wise Business offers everything the personal account has along with business-specific tools like multi-user access, approval workflows, integrations into accounting software like Xero, and expense cards for employees. Wise Business is used by over 300,000 businesses each quarter. In the US, Wise has begun rolling out cards to LLCs and sole proprietors.

Wise Platform: More than 60 banks and large businesses including GooglePay, Deel, and Monzo offer their own customers faster, cheaper, and more efficient international payments, powered by Wise, through Wise Platform partnerships. Wise Platform today also went live with Bank Mandiri, Indonesia’s largest bank by assets and global employment platform multiplier. Wise Platform also grew existing partnerships by building a new withdrawal service for Tiger Brokers’ investors to withdraw from their trading accounts quickly at the mid-market exchange rate.

Kristo Käärmann, co-founder and CEO of Wise commented:

“Our new look is inspired by the millions of people and businesses worldwide that use Wise today. It draws from where they come from but also represents the excitement of the world open for them to conquer.

“Over the past year, we’ve introduced new features to make Wise more useful to our customers and made payments faster. We now deliver over half our payments to their recipient in less than 20 seconds. We also helped our customers save on fees 一 £1.5 billion compared to banks in 2022 alone.

“But there’s a long way to go. People and businesses are still being duped by hidden fees and losing over £180 billion each year to their banks. This is money they could have otherwise used to pay bills, expand their businesses or even save for a rainy day. We don’t accept it and we’re committed to solving this for everyone, everywhere.”

The new look is rolling out across Wise’s website and mobile apps and across the company’s digital channels such as social media over the day from 7 am GMT/123 pm IST.

HGS completes acquisition of TekLink International

Delhi, India, March 1, 2023: Hinduja Global Solutions Limited (HGS) (Listed on NSE & BSE, India), a leading provider of solutions in digital consumer experience (CX), business process management (BPM) and digital media services, today announced it has completed the acquisition of 100% stake in TekLink International, Inc for US$ 58.8 million, subject to earnouts and other customary and agreed adjustments.

TekLink International Inc. is a full-service financial planning and analytics service provider to over 60 clients across multiple industries, including consumer products, retail, pharmaceuticals, manufacturing & distribution, utilities, and high-tech. TekLink is headquartered in Warrenville, IL, US, with a presence in Europe and delivery centers in Hyderabad and Indore in India. The company has strong credentials in the industry, with established partnerships with Microsoft, SAP, Anaplan, etc. TekLink has recently been named a 2022 Gartner® Peer Insights™ Customers’ Choice for Data & Analytics Service Providers.

The acquisition will strengthen HGS’ digital solutions business by adding enhanced expertise in building data platforms, analytics, and financial planning. It will also add complementary digital workforce bench strength, with 275 seasoned technology and implementation professionals joining HGS as part of the transaction. HGS’ digital solutions business currently employs over 750 core technology and digital marketing experts, primarily across the US and India, who are transforming customer experiences (CX) for leading brands.

Synersoft Technologies conducts webinar on “Solution to problems faced by SMEs while adopting Information Technology”

01 March 2023: Synersoft Technologies, an Indian IT company, conducted a webinar on “Solution to problems faced by SMEs while adopting Information Technology” on Tuesday, 28^th February 2023. The session witnessed valuable insights from Vishal Prakash Shah, CEO and Co-Founder of Synersoft.

The webinar discussed the 13 problems some of the SMEs face while adopting Information Technology and their solutions. The speaker explained the solutions to the problems of data Scattered-ness, intentional deletion of data, ransomware attack, and disaster & hardware failure, loss of laptop asset, data leakage on USB, remote application access and so many more. The speaker explained how data scattered-ness leads to low confidence backup, data loss possibilities, and business discontinuity risk. He also explained the importance of off-premise backup, challenges of traditional solutions, and how the USB port can be misused to leak sensitive data. Finally, he explained how a BYOD environment can lead to possible competitive exploitation, and how necessary it is to provide for work-from-home and protect data from loss and leakage during work-from-home.

Speaking on the occasion, Vishal Prakash Shah, CEO and Co-Founder of Synersoft, said, “The key to success in adopting information technology for SMEs is not just about the technology itself, but rather how the people within the organization are able to effectively utilize and implement the technology. Strong leadership and a deep understanding of the technology are crucial in finding solutions to the problems that may arise during the adoption process.”