Category: FINANCE
Auto-Tech majors and Start-ups Spearheading EV adoption & Sustainable Mobility Revolution
The surge in hybrid and electric vehicle sales in the full calendar year of 2023 underscores a notable shift towards sustainable mobility, reflecting evolving consumer preferences. Hybrid car sales reached a record-breaking 82,607 units, surging over four times compared to 2022, while battery-operated electric car sales nearly doubled to 81,710 units. This marked the first instance where hybrid cars outsold electric cars annually, offering valuable insights into changing consumer trends in sustainable mobility.
Driving this transformation are innovative companies investing in advanced auto-tech features to enhance electric vehicle appeal. This includes the development of connected cars and integration of autonomous driving technologies, leveraging cutting-edge advancements like artificial intelligence, Internet of Things, and biometric systems. These efforts by companies dedicated to sustainable mobility and electric vehicle adoption are reshaping the automotive landscape, paving the way for a greener, more sustainable future.
We take a glance at start-ups playing a pivotal role in driving sustainable mobility and electric vehicle adoption nationwide
Revfin, stands out in several aspects—offering inclusive financial solutions to traditionally underserved and un-banked customers, spearheading the sustainable mobility movement.
Revfin’s collaboration with SUN Mobility is driving sustainable mobility in India. By offering innovative financing solutions for electric vehicles (EVs), particularly through the Battery-as-a-Service model, they’re making EVs more accessible and affordable. Their focus on inclusive finance, such as the ‘Stree Shakti’ program empowering women, and their use of AI-powered tools for quick loan processing, demonstrates their commitment to advancing EV adoption. With over 50,000 E-rickshaws financed and loans extended to over 10,000 women, Revfin is not only accelerating EV adoption but also promoting gender inclusivity and financial empowerment. Their emphasis on responsible lending, including IoT-equipped vehicles for monitoring, ensures sustainability in the EV ecosystem. Overall, Revfin’s initiatives are propelling India towards a greener and more inclusive future in transportation.
Prism Johnson Limited, Cement Business Division Goes Live with Ramco ERP
Prism Johnson Limited, one of India’s leading integrated building materials companies, has successfully gone live with the Ramco ERP Suite for its Cement Division. This milestone marks a significant step in Prism Johnson’s digital transformation journey, leveraging Ramco Systems’ advanced enterprise solutions and process control systems to streamline business processes, manufacturing operations and drive efficiency.
The implementation includes cutting-edge modules for Maintenance, Sales, Distribution, Finance, Procurement, Manufacturing, Quality, and HR Management (HRM). These solutions enable Prism Johnson to achieve seamless integration across its business and workforce operations, enhancing productivity and operational agility.
Industry-specific tools such as Ramco’s Contract Labour Management System, GIS-enabled applications, and an Interactive Business Intelligence System equip Prism Johnson with a 360-degree operational view, ensuring agility and on-the-go enterprise transactions.
Additionally, Ramco’s Process Suite Advanced Process Control Expert Optimizers for mills and kilns, coupled with its Real-Time Integrator module, enable seamless IT-OT integration, elevating operational efficiency to industry standards.
Mr. Raakesh Jain, Executive Director and CEO, Cement Division, Prism Johnson Limited, stated, “The completion of Project Nayi Disha Digital Transformation for our Cement Division is a pivotal achievement in our journey. Ramco’s comprehensive ERP and HRM suites, along with its industry expertise, have been instrumental in enabling this transformation, positioning us to unlock greater efficiency, workforce productivity, and agility.”
Balaji R, Head – Ramco Core ERP Software, Ramco Systems, commented, “The go-live of Ramco ERP at Prism Johnson reflects our commitment to delivering value-driven solutions tailored to the cement industry. Our integrated platform provides unparalleled data visibility and workforce management capabilities, empowering Prism Johnson to maintain its leadership in building materials.”
Bollywood Celebrities Mouni Roy, Elli Avrram, Chitrangda Singh, Ishita Raj Team Up with Crypto Legends
In a groundbreaking revelation that is set to send shockwaves throughout the cryptocurrency world, Sea Summit has emerged as the biggest decentralised event in history. Now we are seeing the Bollywood joins hands with the crypto industry as we can see popular Bollywood celebrities like Mouni Roy, Elli Avrram, Chitrangda Singh, Ishita Raj and many others are sailing together with decentralised finance legends Abhyudoy Das, Lavish, Vinay Chandra Lal and others.
This seems like a place where glamour truly meets the finance world. The Unveiling of Hidden Gem Sea Summit is not merely an event; it’s an expedition into the heart of the finance universe. For every finance enthusiast who has ever dreamed of witnessing the future of digital finance firsthand, this is the promised land.
The Unveiling of Hidden Gem
Sea Summit is not merely an event; it’s an expedition into the heart of the finance universe. For every finance enthusiast who has ever dreamed of witnessing the future of digital finance firsthand, this is the promised land.
The Symphony of Finance Knowledge
Imagine immersing yourself in a live trading masterclass led by the world’s top 100 finance influencers, where the intricacies of trading are unveiled. This is not just an event; it’s an education.
Networking Nirvana
Picture being surrounded by 12,000 finance enthusiasts, a vast network of individuals ranging from newcomers to seasoned experts in both Crypto and Forex. Sea Summit promises to be the ultimate networking opportunity, where connections could be the key to your crypto success story.
The Birthplace of Finance Stars
For emerging finance businesses, Sea Summit offers a platform like no other. With over 500-1,000 crypto and Forex start-ups in attendance, it’s a fertile ground for innovation and investment. You might just stumble upon the next crypto unicorn.
A Star-Studded Affair
But Sea Summit isn’t just about crypto and forex; it’s a star-studded extravaganza. With over 200+ movie stars and music legends gracing the event, you could find yourself mingling with the very icons you admire.
Rumours of Titans
Intriguing whispers abound about potential participation from major financial industry giants like Jio Financial Services, Adani Capital, or BlackRock. While these rumours are yet to be confirmed, the very possibility is sending ripples across the high seas.
Investing in the Future of Finance
Sea Summit represents more than just an event; it’s an investment in the future of decentralised finance. With a budget exceeding $40 million and substantial sponsorship commitments, it’s poised to shape the destiny of the finance world.
Seeds Fincap Pvt Ltd Continues Its Momentum with $4.5 Million DFI from responsAbility Investments AG
Seeds Fincap Private Limited is excited to announce another significant milestone: the successful raising of over $4.5 million in its first Development Financial Institution (DFI) through Non-Convertible Debentures. This pivotal investment was led by responsAbility Investments AG (“responsAbility fund”), a globally recognized impact investor.
This announcement comes just after Seeds Fincap celebrated the successful completion of Series A funding round. The back-to-back achievements underscore the company’s robust growth trajectory and its unwavering commitment to financial inclusion.
Mr. Subhash Chandra Acharya, MD & CEO of Seeds Fincap Pvt Ltd, expressed his enthusiasm, stating, “This funding is more than just capital; it’s a catalyst for transformation. We are excited to harness this support to revolutionize financial accessibility across the nation and drive meaningful change.”
Co-founder Mr. Avishek Sarkar added, ” With this funding, we are poised to pioneer new frontiers in financial solutions. Our ability to secure substantial investments from prominent investors validates our mission and strengthens our resolve to reach deeper into communities that need it the most.”
Nidhi Nathani, a representative from responsAbility Investments AG, shared, “We are happy to support Seeds Fincap, which meets our financial inclusion impact theme. Our funding will help them to support MSMEs who have limited access to finance.”
This infusion of capital marks a significant step in Seeds Fincap’s mission to empower dreams and drive financial inclusion across India. It comes at a pivotal time as Seeds Fincap recently celebrated the opening of its 100th branch in Vrindavan, a milestone that underscores the company’s rapid growth and unwavering commitment to expanding its footprint.
Celebrating Our 100th Branch: A Milestone of Growth and Impact
The inauguration of the 100th branch in Vrindavan is more than just a number; it symbolizes the extensive reach and robust infrastructure Seeds Fincap has developed over the years. This achievement highlights the company’s dedication to bringing financial services closer to underserved communities, ensuring that financial empowerment is accessible to all.
Mr. Acharya remarked, “Opening our 100th branch is a testament to the trust our clients place in us and the relentless efforts of our team. Each branch represents a beacon of hope and opportunity for countless MSMEs across India.”
As Seeds Fincap sets its sights on broader horizons, it stands poised to deepen its reach across India, extending its services to underserved markets and solidifying its position as a catalyst for economic empowerment. With strategic alliances with prominent financial institutions, the company is well-positioned to offer a comprehensive suite of financial products and services, enriching its value proposition for clients while amplifying its impact on the MSME ecosystem.
Award for Manappuram Finance’s Skill Development Initiatives
Manappuram Finance has been honoured with an award for the ‘Best Skill Development Initiative of the Year’. The recognition was bestowed upon the lending institution at the 4th BFSI Excellence Awards, organised by Quantic India. Manappuram’s upskilling and employee training program emerged as the standout initiative among BFSI institutions nationwide. Sujit Chandra Kumar, General Manager of Manappuram Finance’s Corporate Communications Department, and Chief Learning Officer Dr Renjith P R were present at the function in Mumbai to receive the prestigious award.
On this achievement, Mr. V. P. Nandakumar, the MD and CEO of Manappuram Finance Limited, expressed his happiness and said, “We are proud of this recognition. At Manappuram, we are committed to enhancing the skills and capabilities of our workforce. We believe in providing specialised training in various career fields related to the banking and finance sector, both internally and in collaboration with esteemed higher education institutions.”
Tata Consumer Products appoints Ashish Goenka as Group Chief Financial Officer
Tata Consumer Products (TCP), the consumer products company uniting the principal food and beverage interests of the Tata Group under one umbrella, has announced the appointment of Ashish Goenka as Group Chief Financial Officer. This is in line with the Company’s focus on building a future ready organization and strengthening organization capability.
In this role, Ashish will be responsible for the Integrated Finance function overseeing group accounts & finance, investments, capital structuring, forecasting and budgeting and providing strategic direction to businesses while developing and delivering annual, mid-term and long-term growth plans for the business. His role will also encompass responsibilities for Strategy and M&A, Legal, Secretarial & Compliance, Investor Relations & Communications, Internal audit & Risk management functions of the Company. He will be based in Mumbai and report to Sunil D’Souza, MD & CEO, Tata Consumer Products.
Ashish brings over 20 years of experience across the Finance function, joining Tata Consumer Products from Jubilant Foodworks Limited, where he currently serves as President & CFO. Prior to this, he held senior leadership positions with Hindustan Unilever and Bharti Airtel.
On the new appointment, Sunil D’Souza, MD & CEO, Tata Consumer Products said “We are excited to welcome Ashish to the leadership team at Tata Consumer Products. A strong Integrated Finance function aligned with the company’s strategic objectives will be critical in enabling Tata Consumer’s journey to becoming a best in class FMCG company. Ashish’s expertise will help us further strengthen and build future capability for the function.
We would like to thank L Krishnakumar who retired from Tata Consumer Products on October 31st, 2023, for his contributions to building and strengthening the Finance function over two decades. He has played a key role in the transformation journey of this company over the years from a single category, single country tea player to the current large multi- country, multi -category F&B focused FMCG player. He will continue as Senior Advisor until March 31st, 2024. Ashish will work closely with him over the coming months to enable a seamless transition.”
Autonom8 collaborates with Mahaveer Finance to Hyperautomate Vehicle Financing in India
Autonom8 collaborates with Mahaveer Finance to Hyperautomate Vehicle Financing in India a pioneer in GenAI-enabled hyperautomation, announced strategic partnership Mahaveer Finance India Limited (Mahaveer Finance), one of the leading providers of vehicle finance solutions in India, to revolutionise Mahaveer Finance’s vehicle financing process. Autonom8 will help in transforming the vehicle finance solutions, enhancing finance process, efficiency, customer experience, and security.
The partnership will leverage Autonom8’s cutting-edge platform, enhancing the vehicle financing operations. A8Studio’s automation capabilities will streamline manual tasks like document verification, data validation, and creditworthiness assessments. This will significantly reduce processing times, expedite loan approvals for personal and commercial vehicle loans.
By automating repetitive tasks, Mahaveer Finance can dedicate more resources to personalised customer interactions. Autonom8’s A8iQ analytics will empower Mahaveer Finance with valuable insights into loan applications and customer behaviour. This data will be instrumental in personalising lending strategies and ensuring Mahaveer Finance remains competitive in the market.
“We are excited to partner with Autonom8 to leverage their advanced hyperautomation solutions,” said Mr. Deepak Dugar, Managing Director and CEO of Mahaveer Finance. “This collaboration will enable us to streamline our operations, accelerate loan approvals, and ultimately, provide our customers with a faster, more efficient, and secure vehicle financing experience.” He added.
Commenting on the partnership, Mr. Balakrishnan Kavikkal, CEO & Co-founder of Autonom8 said, “We have been looking forward to leveraging our vehicle finance solutions with the right partners and we are more than glad to work with Mahaveer Finance. This is a great opportunity for both of us in growing our business and customers and to revolutionise the industry”.
Trilegal Taps New CFO to Power Financial Transformation
Trilegal, a leading full-service law firm, has appointed Giya Diwaan as its Chief Financial Officer. Giya will oversee the firm’s financial strategy, optimising operational efficiency and guiding long-term fiscal planning to support the firm’s continued growth and innovation.
Sridhar Gorthi and Nishant Parikh, Partners and Members of the Management Committee at Trilegal, said, “We are delighted to welcome Giya to Trilegal. Her multidisciplinary experience and deep understanding of business strategy, financial systems, and regulatory compliance will be invaluable as we continue to scale and innovate.”
Giya joins Trilegal with over two decades of rich and diverse experience across finance, strategy, and business transformation. She was previously the Chief Financial Officer at DreamFolks, India’s largest travel and lifestyle services aggregator listed on the NSE and BSE. Her extensive career spans senior leadership roles at EbixCash (erstwhile ItzCash), Times Internet, PwC, RGP (a Deloitte spin-off), Moody’s, and Musafir.com, where she led key initiatives in IPOs, M&A, fundraising, digital transformation, and global expansions.
Giya is a qualified Chartered Accountant (2001) and an IIM Lucknow alumna, having completed her Advanced Program in Strategic Management for Business Excellence in 2020-2021.
Giya added, “Joining Trilegal presents an incredible opportunity to help shape the future of a law firm already known for its excellence. I’m excited to build a growth strategy that supports scalable progress and empowers the firm to adapt, lead, and thrive in an evolving legal landscape in an exciting era.”