Archive: September 30, 2024

Vidyut expands BaaS portfolio to passenger cars

Vidyut partners with JSW MG Motor India to offer a unique ownership program for electric cars

India, September 30, 2024:Vidyut (VT), a Bengaluru based full-stack EV ecosystem startuphas partnered withJSW MG MotorIndia; launched Battery-as-a-service (BaaS) financing for passenger cars-MG Comet EV, MG Windsor EV, and MG ZS EV. Under the BaaS program, customers will have to pay a minimum rental fee starting at INR 2.5/km*as per the battery usage. This initiative will enable EV owners to pay for the battery content, helping them to reduce the running cost by 40% as compared to traditional ICE vehicles.

Unlike ICE vehicles, which incur ongoing fuel costs, the Battery-as-a-service (BaaS) model enables customers to pay solely for the vehicle (Minus Battery), significantly reduces the initial acquisition cost of the EV, cutting driving expenses and making EV ownership more accessible and worry-free. Post the completion of the financing tenure ofthe vehicle (Minus Battery) after 3-5 years depending on the vehicle model, Vidyut will also offer its customers anoptionto either continue with the battery rental programor buy it out. The vehicle owners can also opt out of the program at any point of time by paying the residual value of the battery.

Commenting on this partnership, Xitij Kothi, Co-Founder of Vidyut shared, “People think of battery as an asset, but we think battery as a fuel. So why should you pay for it when the vehicle is not on the road? This very question inspired us to introduce Battery-as-a-Service (BaaS) into the EV ecosystem. Since its inception in 2021, Vidyut has made significant strides in pioneering this financing model for commercial applications. And now we are excited to extend that same level of innovation to personal four-wheeler vehicles with JSW MG Motor India.Our goal is to make EV ownership not just accessible but also cost-efficient for everyone, empowering individuals to embrace sustainable mobility without the financial burden that traditionally accompanies it.”

Speaking on the partnership, Gaurav Gupta, Chief Growth Officer, JSW MG Motor India, said,“As a young startup, we appreciate Vidyut’s approach towards this unique and industry-first ownership program to make passenger EVs more accessible and further boost EV adoption in India. And we are delighted to partner with Vidyut, as one of our financing partners, to introduce BaaS, to address the barrier of incremental upfront cost of owning an EV and reducing the overall running cost significantly. With this innovative program, we are confident that this model will incentivize more potential EV buyers enabling them to upgrade to an EV lifestyle.

Additionally, MG EV customers can also avail the assured 60% buyback value after three years of ownership, reassuring a seamless and confident ownership experience.”

Recently, Vidyut also forayed into sale and financing of Used EVs to support the resale of 3-wheeler commercial EVs in Delhi NCR, Bengaluru, and Hyderabad. The startup currently operates in 30+ cities in India with OEM partners such as Tata Motors, Mahindra, Euler Motors, Piaggio, Greaves, Murugappa Group’s Montra Electric, and Altigreen. Till now, Vidyut has raised a total of $14 Million led by 3one4 Capital with participation from new and existing investors namely, Saison Capital, Zephyr Peacock, Force Ventures, a venture debt fund Alteria Capital and Udaan’s co-founder, Sujeet Kumar.

MAI Statement on Recent Media Reports W.R.T Pricing at Cinemas

30th September 2024: While we normally prefer to handle matters involving producers and distributors through direct communication with the relevant parties, we find ourselves in a situation where it is important to share our perspective with a broader audience. Recently some media reports surfaced, highlighting concerns about the impact of high prices on cinema visitation. In the same context, the reports carried Mr. Karan Johar’s comments suggesting that cinema exhibitors are responsible for high ticket and food & beverage (F&B) prices. We believe it is essential to provide a more balanced view on this matter.

Firstly, let’s address the numbers. In 2023, the Average Ticket Price (ATP) across all cinemas in India was Rs 130 per ticket. The country’s largest cinema chain, PVRINOX, reported an ATP of Rs 258 for the fiscal year 2023-24. Additionally, the Average Spend Per Head (SPH) on F&B at PVRINOX during this period stood at Rs 132. This brings the total average expenditure for a family of four to Rs 1,560 —significantly different from the Rs 10,000 figure carried in the media reports.

It is also essential to highlight that cinema pricing is dynamic and flexible. Prices fluctuate based on factors like location, day of the week, seat type, film format, and cinema format. Exhibitors utilize sophisticated digital tools to stimulate audience demand and optimize pricing, frequently offering discounts and promotions that make cinema outings more affordable, not just during off-peak times but even on popular days. Many of these initiatives can lower the overall cost of a cinema visit by more than 50%, providing families and moviegoers with affordable options. All pricing structures are clearly listed both at cinemas and online, ensuring transparency and choice for customers.

More than anything else, it’s a well-recognised fact that the demand for a film is largely driven by its content and appeal, rather than by pricing alone. Any evaluation of pricing in the cinema industry must account for the broader economics of movie business, which involves multiple stakeholders, including producers, distributors, and exhibitors. Each of these players contributes to the final cost to consumers, with prices ultimately shaped by the market forces of demand and supply. If lowering prices could optimize revenue for everyone involved, cinema operators would naturally make those adjustments without needing to be told.

Additionally, unavoidable factors such as inflation play a role, and India has historically experienced high inflation rates. Nevertheless, cinema exhibitors continuously experiment with pricing models, collecting customer feedback and leveraging data analytics to refine their strategies. This ensures that the current pricing is both competitive and fair in the context of today’s market.

At the heart of it all, our industry remains committed to delivering a diverse, high-quality, and accessible entertainment experience for all moviegoers. We believe it’s crucial to consider the full picture before drawing conclusions about pricing, as it’s a complex issue involving many moving parts. The goal remains the same: to provide audiences with the best possible experience at a fair value.

Sincerely,

Moxy Mumbai, Andheri West Unveils Moxy Kitchen – A Playful Culinary Adventure

Mumbai, September 2024 – Moxy Mumbai, Andheri West, a proud member of Marriott Bonvoy’s portfolio of over 30 exceptional hotel brands, is thrilled to announce the launch of Moxy Kitchen. Located in the vibrant heart of Andheri West, this innovative dining destination harmoniously blends playful vibes with exceptional cuisine.

Moxy Kitchen incorporates the richness of street food culture with global flavors, offering a fresh twist on beloved comfort dishes. Whether you are starting your day or unwinding after a long day’s adventure, Moxy Kitchen invites guests to fuel up, relax, and connect in a lively yet cozy environment.

The restaurant’s design celebrates creativity, featuring bright pops of color, bold décor, and communal tables that foster connection among friends and fellow travelers. This casual yet energetic setting is ideal for hotel guests and locals seeking a relaxed spot to savor delicious eats in a spirited atmosphere.

Moxy Kitchen’s menu reflects its playful spirit, showcasing a fusion of global dishes infused with a cheeky Indian twist. Guests can indulge in shareable plates like the Bombay Cheese Chilli Toast, featuring pao topped with zesty pesto mayonnaise and chaat masala, and the Buttermilk Fried Chicken served with house-fermented sauce and caramelized onions on a burger bun. The Crawford Cutlet delights with pomegranate tamarind chutney, while the Beijing Plum Lamb offers tender fried lamb accompanied by plum sauce and ginger mash.

For those seeking wholesome options, the Goat Mindful Bowls exemplifying Moxy Kitchen’s commitment to fresh ingredients. Indulge in the See the Sea Bowl, featuring pan-seared sea bass alongside creamed leeks and caramelized carrots, the rich Wild Mushroom Risotto, available in veg, chicken, bacon, or shrimp, or the authentic Mutton Rogan Josh infused with Kashmiri spices

No meal is complete without dessert! Treat yourself to the Bombay Emotions, a delightful chai brulee paired with a Parle-G biscuit, or the Gooey Chocolate Brownie served with vanilla ice cream for the perfect sweet ending.

Moxy Kitchen is designed for the adventurous urban explorer who values connection, creativity, and great food. With its light-hearted, rule-breaking attitude, Moxy Kitchen is not just a dining destination—it is a hub where guests can enjoy exceptional cuisine in a vibrant atmosphere. We invite you to come by, grab a bite, and experience the culinary magic at Moxy Kitchen. Join us to #PlayOn at Moxy Mumbai!

Moxy Kitchen at Moxy Mumbai, Andheri West

Timings: Monday – Sunday, 24 hours

Reservation No: +91 022-69001050

Social Media Handle: @moxymumbai

Cognizant to establish techfin centre in GIFT City

The state-of-the-art facility will open by February 2025 and serve as a hub for delivering technology solutions to global financial organizations

GANDHINAGAR, September 30, 2024 – Cognizant, a global leader in technology and professional services, today announced plans to establish a state-of-the-art techfin centre in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, reinforcing its commitment to bringing innovative solutions from India to the world and creating new opportunities for local talent.

The new facility, set to launch by February 2025, will serve as a strategic hub for delivering advanced technology solutions for clients in the banking, financial services, and insurance (BFSI) industries. The center will initially house 500 associates, with plans to scale to 2,000 employees over the next three years.

Hon’ble Chief Minister of Gujarat, Shri Bhupendra Patel, said, “GIFT City has become a preferred destination for global companies looking to establish and strengthen their presence in India. Cognizant’s new centre in GIFT City reflects Gujarat’s ability to attract world-class enterprises and provide a robust environment for innovation and growth. GIFT City’s state-of-the-art infrastructure, business-friendly policies, and strategic location are key drivers in shaping it into a global financial and technology hub. We remain committed to further strengthening this ecosystem, ensuring that GIFT City continues to play a pivotal role in India’s economic growth and technological advancement.”

Cognizant enables BFSI clients to accelerate digital transformation, enhance customer experiences, ensure regulatory compliance and adapt to change. The company maintains its position as a trusted partner to the world’s leading BFSI institutions, including, 17 of the top 20 North American financial institutions, 9 of the top 10 European banks, 3 of the top 4 banks in Australia, 7 of the top 10 global insurers, 9 of the top 10 US life carriers, 8 of the top 10 US property and casualty carriers, and 7 of the top 10 UK insurers.

“We are excited to bring our deep industry expertise, entrepreneurial spirit, and innovative culture to GIFT City,” said Jatin Dalal, Global Chief Financial Officer, Cognizant. “This new center underscores our unwavering commitment to partnering with the Government of Gujarat and help drive sustainable growth. It will not only enhance our delivery capabilities across India but also create significant opportunities for local talent, making a lasting and positive impact on the region.”

With a global workforce of 336,300, India is the heart of Cognizant and over 70% of these associates based across the country. Cognizant invests in consistently upskilling talent on advanced technologies such as AI, ML, IoT, analytics, and automation to not only prepare the workforce for the jobs of today but also pioneer the innovations of tomorrow. The company, through its Foundation and employee-volunteering program – Cognizant Outreach, serves communities where it operates and improves everyday lives.

Cognizant’s talent in India is currently servicing global clients across industries such as banking, financial services and insurance, communication media, life sciences, manufacturing, logistics, energy and utilities, retail and consumer goods, and travel and hospitality.

With headquarters in the US, Cognizant footprint extends from India to Europe, North America, South America and the Middle East. In India, the company has a strong presence in Bengaluru, Bhubaneswar, Chennai, Coimbatore, Delhi-NCR, Hyderabad, Indore, Kochi, Kolkata, Mangaluru, Mumbai, and Pune.

PL Asset Management Launches Groundbreaking AQUA Dollar Fund

Mumbai: 30th September 2024: PL Asset Management (the asset management arm of PL Capital – Prabhudas Lilladher), has launched AQUA Dollar Fund, India’s pioneering quantamental, style agnostic and adaptive multifactor strategy. The Flexicap quant-based investment strategy offers global investors a seamless gateway to India’s burgeoning equity markets via dollar-denominated investments. Global investors, including individuals (foreign nationals and NRIs) and institutions can invest in this fund through the CAT I FPI route with a minimum investment size of $125000.

AQUA Dollar Fund is a testament to PL’s 80-year legacy as one of India’s most trusted financial services organisations and its commitment to innovation and value-addition. Adopting a ‘Man with Machine’ approach, the open-ended, long-only equity fund combines PL’s deep research expertise with state-of-the-art quantitative technology. The result is a strategy that aims to deliver superior risk management and sustainable alpha (outperformance) across macro and market cycles.

Siddharth Vora, Fund Manager, Head of Quant Investment Strategies at PL Asset Management, said, “The AQUA Dollar Fund is a significant milestone in bringing our quantitative investing expertise to a global audience. It follows the remarkable success of our AQUA PMS, which delivered 63.98% returns since inception in June 2023 (as of 31 August 2024), compared to 40.07% for the BSE 500 TRI – an outperformance of 23.91%. It also consistently ranked among India’s top-performing flexicap funds. We believe that the AQUA Dollar Fund will also deliver impressive returns while managing risks effectively.”

“As one of India’s pioneering 100% quant-based asset management firms, our strategies employ rigorously tested, rules-based, and data-driven systems to eliminate traditional behavioural biases like greed, fear, hope, and regret, ensuring disciplined, objective, and emotionless decision-making,” he added.

Key principles of AQUA Dollar Fund:

Style & Sector Adaptability: The strategy is designed to shift its investment style between quality, value, growth, low risk, or momentum, while also adjusting its sectoral exposures across cyclicals and non-cyclicals, based on prevailing market and macro conditions.

Holistic Multi-Factor Approach: It integrates fundamental, technical, valuation, macro, risk, sector, and sentiment analytics to objectively evaluate and rank securities, ensuring a robust stock selection process.

Benchmark-Agnostic, Flexicap Strategy: It dynamically diversifies across large, mid, and small caps, adjusting allocations based on risk-reward opportunities across market cycles, irrespective of benchmark allocations.
Responsive Risk Management using Periodic Rebalancing: The portfolio is restructured bi-monthly to align with changing market risk conditions by adjusting its asset and market cap mix, investment style, sector exposures, or beta levels.

Equal-Weighted Portfolio for Optimal Diversification: The strategy allocates equally across 25-30 stocks, minimising concentration risk while ensuring repeatable performance through a systematic strategy.
AQUA Dollar Fund is developed by PL’s multidisciplinary team of experts, including CAs, CFAs, CMTs, mathematicians, risk analysts, economists, quantitative analysts, statisticians, and Python programmers. Over the past five years, this specialised team has crafted highly differentiated multi-asset and equity quant strategies.

The launch of this fund comes at a time when India is on a remarkable economic trajectory as the world’s fastest-growing emerging economy and the fifth-largest market globally. With resilient macroeconomic indicators, strong domestic consumption, and favourable demographics, India offers a highly attractive investment landscape. This fund provides global investors with a unique and timely opportunity to capitalise on these growth drivers through a meticulously crafted, quant-based investment vehicle.

Counterpoint Survey: OPPO India takes No1 position in After-Sales Service; 62% ‘very satisfied’ customers

New Delhi, 30th September 2024: In line with its commitment to offer an unparalleled service experience, OPPO India earned No 1 position in customer satisfaction for after-sales with 62% of its customers rating their in-store after-sales service as ‘very satisfactory’.In August 2024, Counterpoint Research carried out a survey comprising 2,000+ customers among India’s top five smartphone brands to measure their after-sale service experiences. The recognition reflects OPPO India’s customer-first approach to elevate the service experience through its new generation centres.

The survey was conducted across 13 Tier 1 and Tier 2cities among customers of OPPO India, realme, Samsung, vivo, and Xiaomi.OPPO India emerged as a front-runner with ‘very satisfied’ customers in key areas of repair quality, costs, speed of resolution, transparency, staff expertise and multilingual communication.

• After-Sales Experience: 62% of OPPO India customers were ‘very satisfied’ with the after-sales service centre experience, followed by vivo and Samsung 58% and 57%, respectively.
• Transparency: OPPO India leads in transparency,with 78% of repairs performed in customers’ presence, followed closely by Xiaomi at 77%.
• Speed of resolution: OPPO India leads in resolving issues for 35% of its customers within an hour, ahead of Samsung at 34%.
• Repair quality: 57% of OPPO India customers reported high satisfaction with quality of repair, followed by vivo at 52%.
• Cost of fixing the issue: 51% of OPPO India customers were very satisfied with the cost of fixing the issue with their smartphones, followed by vivo and Xiaomi at 45% each.
• Multilingual support: 48% of OPPO India customers interacted with service representatives in languages other than English and Hindi, the highest among the brands.
• Staff Knowledge: 56% of the OPPO India customers were very satisfied with the knowledge of the staff regarding the issue, followed by Samsung and vivo at 49% each.
• Trustworthiness: Trustworthy” and “Genuine” are the most popular words used to describe OPPO India
• Service centre location: OPPO India excels with the highest share of respondents being very satisfied with the service centre location (51%) followed by vivo at 46%

“At OPPO India, we have transformed our after-sales service model to cater to our customer measures like Service Centre 3.0 and OPPO Self-Help Assistant,” said Savio D’Souza, Head – Product Communications at OPPO India.“Being recognised as the No1 brand in India in customer satisfaction for after-sales is a validation of our efforts to deliver a timely, transparent, reliable and cost-efficient experience to our users.”

Today, OPPO India’s after-sales support spans 560+ exclusive service centres in 500+ cities across 25000+ pin codes and is complimented by a digitally-ledSelf-Help Assistant that is aligned with the Government of India’s ‘Right to Repair’ framework.

OPPO India launched the OPPO Self-Help Assistant in March 2024. This digital service lets consumers resolve their smartphone issues without visiting a service center. This first-of-a-kind initiative covers all OPPO handsets—A, F, K, Reno, and Find Series—launched within the last five years.

OPPO India also introduced its new generation 3.0 service centres in 2022, focussed on driving a transparent after-sales service experience. The customers visiting these service centres can witness product demonstrations,and face-to-face repairs for complete transparency.