MODIFI Secures Strategic Investment From SMBC Asia Rising Fund To Fuel Asian Exports By SMEs

* Fintech leader strengthens position in cross-border B2B payments and trade finance, eyeing rapid growth across Asia, including China and India.

MODIFI, a leading global platform in B2B Buy Now, Pay Later (BNPL) solutions, today announced the successful completion of a $15 million funding round led by SMBC Asia Rising Fund with participation from existing investors Maersk, IntesaSanPaolo, Heliad and other top-tier global investors. Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s leading banks and a major financial force in the APAC region, brings both capital and strategic alignment to the partnership. Beyond the equity investment, MODIFI and SMBC have signed a Memorandum of Understanding (MoU) to jointly advance digital solutions that support SME exporters across Asia in expanding their international trade operations. Through a series of joint initiatives, MODIFI and SMBC aim to empower SMEs with innovative cross-border financing solutions. 

The announcement comes on the sidelines of Singapore Fintech Festival, showcasing MODIFI's drive for innovation in the global fintech landscape. This new capital infusion will accelerate MODIFI's expansion, particularly in high-growth markets like China and India, where the company has already made significant inroads. MODIFI’s platform delivers critical liquidity and flexible payment terms to small and medium-sized enterprises (SMEs), helping them optimize cash flow and expand their international reach.

"The funding underscores the strength of our business and the confidence our investors have in our vision for the future," said Nelson Holzner, CEO and Co-founder of MODIFI. "As global commerce evolves, MODIFI is at the forefront, providing innovative solutions that empower businesses to scale and succeed across borders."

MODIFI's exponential growth has solidified its position as a market leader in cross-border payments and trade finance. Recognized by Financial Times and Statista as one of the Fastest Growing European Fintech Companies in 2024, MODIFI has facilitated over $3 billion in global trade for more than 1,800 companies since it was founded in 2018. The platform offers instant working capital approval, alongside integrated risk management tools that shield businesses from buyer defaults and fraud.

"Our mission is simple: We empower SMEs to compete and thrive in the global market with fast, flexible, and secure payment solutions," added Holzner. "With this fresh funding, we’re set to redefine global trade finance—ensuring businesses of all sizes can unlock the liquidity and get the protection they need to grow internationally."

"By transforming cross-border supply chain finance for the digital age with their global presence, we believe MODIFI supports SMEs to scale their export businesses with ease. We look forward to collaborating with MODIFI to empower our corporate clients to expand their businesses globally with agility and financial flexibility overcoming traditional trade barriers.”, said Keiji Matsunaga, General Manager of Digital Strategy Department, SMBC.

About MODIFI

MODIFI is redefining global trade finance as a leader in B2B Buy Now, Pay Later (BNPL) solutions. Trusted by businesses across 55+ countries, MODIFI provides cutting-edge tools that optimize working capital and streamline cross-border payments. Through its extensive global network, MODIFI delivers fast, flexible, and secure financial solutions, helping companies expand their international footprint with ease. By integrating advanced risk management features and seamless payment processes, MODIFI is setting new benchmarks in global commerce, empowering businesses of all sizes to thrive in a rapidly evolving market.

About SMBC and SMBC Asia Rising Fund

SMBC, one of the leading banks in Japan, co-funded SMBC Asia Rising Fund with Incubate Fund which is a corporate venture capital fund, for the purpose of accelerating business development and partnerships through investments in high potential start-ups operating actively in Asia. Through this fund, SMBC Group will enhance its business and provide clients with new solutions by uncovering/ applying new technologies via partnerships with investee firms and the development of new business models and products. 

Hero MotoCorp Showcases Its Future Mobility Vision At EICMA 2024

“With our vision "Be the Future of Mobility," Hero MotoCorp aims to push boundaries and set new standards in innovation and sustainability. We are driven by our commitment to pioneering technologies that shape a future of mobility designed to benefit generations to come.

As the world's largest two-wheeler manufacturer, Hero MotoCorp embodies the spirit of "Innovating and Making in India for the World". This ethos permeates every aspect of our operations, reinforcing our dedication to serving our 120 million customers while maintaining a focus on environmental sustainability.

“Hero MotoCorp continues to be a trusted global leader, known for reliability and resilience of our machines. This enduring trust and our world-class products form the foundation as we expand into Europe and the UK.

“We are excited to unveil four world-class products, each with a distinctive global identity,  category-leading features, advanced technology, and an acclaimed engineering excellence that defines Hero MotoCorp.”

Dr. Pawan Munjal

Executive Chairman, Hero MotoCorp

Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, unveiled a range of exciting and highly-anticipated new motorcycles and an electric scooter at the EICMA 2024. The Company announced its plans to enter multiple European and UK markets by the second half of 2025.

Aligned with its vision ‘Be the Future of Mobility’, Hero MotoCorp showcased its premium range of new and existing internal combustion engine (ICE) and electric vehicle (EV) products that consisted of the award-winning, futuristic Surge S32, FIM world championship winning adventure machine, Hero 450 Rally and path-breaking electric concepts. 

Product Showcase

Continuing its journey of premiumization and expanding its product portfolio into new categories, Hero MotoCorp unveiled three new motorcycles - the Xpulse 210, the Xtreme 250R and the Karizma XMR 250. 

The versatile motorcycle range caters to various riding styles and roads - from off-road/ adventure to the street and track – while the VIDA Z electric scooter brings style and performance to environment-conscious customers. 

VIDA Z is a product for the global audience, resonating from Barcelona to Bogota with its rich features and styling. As customers become more discerning, the new tech-enabled sustainable product aims to be an expression of freedom, excitement and joy. VIDA Z’s design philosophy is to celebrate the “fun” in functional. It has harmonious design that is identifiable and relatable due to its distinctive silhouette. 

Developed with input from the FIM World Champion Ross Branch of Hero MotoSports Team Rally, the Xpulse 210 is a globally popular product that captures the essence of effortless riding. It has a minimalistic design and offers an exhilarating ride. It's adventure-ready, straight from the showroom floor.

The Xtreme 250R is designed to be the ultimate street champion. It has a "sporty" DNA running through its design, aesthetics and performance. With its aggressive styling and powerful stance, the motorcycle is an extension of the popular Xtreme power brand. 

The Karizma XMR 250 is a head-turner that exudes both performance and style. The fully-faired design, complete with racing-inspired winglets, enhances its visual appeal and innovative features like height-adjustable clip-on handlebars ensure rider comfort. Whether on a racetrack or enjoying a spirited ride on the open road, the Karizma XMR 250 delivers an exhilarating experience.

Global Expansion

With the goal of expanding its commercial operations in Europe and UK from the second half of 2025, Hero MotoCorp will be entering the markets riding on a new electric scooter - the VIDA Z. Subsequently, the Company plans to expand its range to high capacity premium internal combustion engine (ICE) motorcycles.  

Hero MotoCorp has technology centre in Europe - Tech Centre, Germany (TCG) – and the Hero MotoSports Team Rally is also based out of the TCG. The company’s existing and new product range will suitably cater to the present and future requirements of European markets.

The Company announced the appointment of distributors in Italy - Pelpi International S.r.l. It had earlier entered into commercial agreements with partners in Spain - Noria Motos SLU, France - GD France, and UK - MotoGB UK.

Product Specifications 

VIDA Z 

VIDA Z, the latest product from VIDA, powered by Hero, has been designed keeping a global audience in mind. The scooter offers an enjoyable ride that is fit for the daily commute, while also providing freedom and excitement. 

VIDA Z delivers a “worry-free ownership” by offering the comfort of multiple modes of charging, removable battery, reliable performance and added surety of Connected and Safety suite through MY VIDA App.

The VIDA Z comes with a state-of-the-art permanent magnet synchronous motor (PMSM) drive train, which offers the best combination of efficiency, low maintenance and performance. The modular architecture can accommodate a range of battery capacity starting from 2.2 kWh and going up to 4.4 kWh battery.

The vehicle will be equipped with our new age, state-of-the-art connectivity suite + cloud platform. This new platform will allow the owners to monitor/track the vehicle health, theft/movement detection, geofencing, immobilize the vehicle in case of unauthorised usage and perform Over the Air (OTA) updates without the need of visiting the service station.

Stand out design elements of the scooter include the Handlebar, which complements the surface treatment of the scooter and accents that tastefully break the otherwise minimalistic design, a touch-enabled TFT display, and industry best gradeability. 

Xpulse 210

The Xpulse 210 is designed to empower the spirit of adventure. The powerful 210cc DOHC liquid-cooled engine generates 24.5 bhp and 20.4 Nm of torque. The 210mm front and 205mm rear suspension along with switchable ABS modes for adaptable braking, give rider the confidence to tackle any terrain.

Whether navigating rocky trails or carving through city streets, the Xpulse 210 delivers a thrilling, responsive ride. The 6-speed gearbox with a slipper and assist clutch ensures smooth gear shifts.

With a high ground clearance of 220mm, it can handle rough terrains with ease. The 4.2” TFT speedometer provides clear ride information, while the adjustable handlebar ensures tailored comfort. Paired with a rally kit for off-road readiness, it makes the perfect companion for any adventure.

Xtreme 250R

The all-new Xtreme 250R is a fast motorcycle in its segment and a statement of intent for the brand. The sporty head-turner boosts aggressive styling and a powerful stance. Every element of the motorcycle, from the robust 250cc liquid-cooled DOHC engine with a 4-valve system to the trellis frame, contributes to its agile handling and exhilarating performance. Generating a peak power of 30 PS and a peak torque of 25 Nm, it is built for speed.

The USD front suspension, 6-step adjustable mono-shock rear suspension, and radial tyres with a 50-50 weight balance provide exceptional grip and responsiveness, allowing riders to experience speed with confidence.

This bike begs to be pushed to its limits. Packed with rider-centric technology, including switchable ABS modes, auto-illumination Class-D LED Projector headlight with DRLs as well as a lap timer and drag timer – it is perfect for riders who want to test the limits. It is also equipped with connected features such as TBT navigation and music control, to stay connected and informed on the go.

Karizma XMR 250

The Karizma XMR 250 exudes both performance and style. Powered by a 250cc DOHC 4V liquid-cooled engine it delivers a peak power of 30 PS and a peak torque of 25 Nm, a true sports bike in every sense. The design highlights are the sleek lines, aggressive stance, racing-inspired winglets, along with ergonomic features like height-adjustable clip-on handlebars. 

The motorcycle's structure is reinforced by a sturdy trellis frame, and it features a USD front suspension along with a 6-step adjustable monoshock rear suspension and switchable ABS modes for a smooth ride. The lap timer and drag timer for performance tracking, along with auto-illumination Class-D multi-projector LED headlight and LED DRLs, enhance the utility of the motorcycle.

About Hero MotoCorp

The New Delhi (India) headquartered Hero MotoCorp Ltd. is the world’s largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year — the coveted position it has held for the past 23 consecutive years. The Company has sold over 120 million motorcycles and scooters in cumulative sales since its inception. Hero MotoCorp currently sells its products in 48 countries across Asia, Africa, and Latin America. Hero MotoCorp has eight state-of-the-art manufacturing facilities, including six in India, and one each in Colombia and Bangladesh. Hero MotoCorp has two world-class, state-of-the-art R&D facilities — the Centre for Innovation and Technology (CIT) in India and Tech Centre Germany (TCG) near Munich. Hero MotoCorp is one of the largest corporate promoters of multiple sports, including, Golf, Football, Field Hockey, Cricket and Motorsports. Golf icon Tiger Woods is Hero’s Global Corporate Partner.

Could Use A Vacation Right Now: Elsa Pataky And Chris Hemsworth Partner With Experience Abu Dhabi

Hollywood couple Elsa Pataky and Chris Hemsworth have collaborated with Experience Abu Dhabi, sharing all the city has to offer blending rich culture, adventure, and peaceful escapes, with incredible weather and endless experiences for every kind of traveller to enjoy at their own pace.

The two-year partnership was announced with a campaign film that features the duo on set, dreaming of a much-needed holiday. Using a mix of comedy and action, the film sees the couple agree that they could use an escape and imagine the blissful moments they could be experiencing in a destination that has it all...Abu Dhabi.

Elsa commented on putting family first: “When it comes to family holidays, Abu Dhabi has it all. Whether it is for us as a couple or a family, every day here is a new adventure, there is something for each one of us to enjoy and discover. My kids have fallen in love with Abu Dhabi, as it gives them a playground for all the things they want to do. Whether it's theme parks with exciting roller coasters, dune bashing and horse riding in the desert to catching the best wave, Abu Dhabi has it all and is now our must-do holiday spot.”

Chris reflected on creating memories: "We're thrilled to partner with Experience Abu Dhabi. Abu Dhabi’s got everything we love all in one place. The adventures have left us with amazing memories that will last a lifetime—you can tell how special it was since the kids didn't want to leave. We've loved everything about the culture, the people and the experiences. It’s a place where we can unwind, and relax, with the feeling of being at home. We’ve travelled the world, but Abu Dhabi has captured our hearts. We’re already planning for our next trip!"

As heard in the film, the message "Could Use A Vacation Right Now" resonates with the world. So many of us are drowning in deadlines, work commitments, and a never-ending to-do list—dreaming of that next great holiday. In Abu Dhabi, you can swap your daily routine for the perfect escape, from inspiring cultural experiences to galloping across desert dunes, riding waves at Surf Abu Dhabi and reconnecting with loved ones under a stunning sunset on a white-sand beach.

The campaign film showcases how Abu Dhabi inspires every family to find their own pace—a destination brimming with new adventures and countless opportunities to create lasting memories. From kayaking around Louvre Abu Dhabi to thrilling rollercoasters, all wrapped in the warmth of Emirati hospitality, the couple had the perfect family getaway. They savoured traditional Emirati cuisine before sunset strolls on the beach, feeling welcomed and at ease.

H.E. Nouf Mohamed Al-Boushelaibi, Executive Director of Strategic Marketing & Communications at DCT Abu Dhabi, said: "We're incredibly passionate about sharing Abu Dhabi with the world and are proud to have Elsa and Chris partnering with us. Their dynamic energy and love for discovery highlights everything Abu Dhabi has to offer from inspiring cultural experiences to adventures, creating meaningful and lasting memories, all at their own pace."

Get inspired by Chris and Elsa's dream-come-true adventure in Abu Dhabi and watch the new film here.

About Experience Abu Dhabi:

Experience Abu Dhabi is the destination brand of the Department of Culture and Tourism – Abu Dhabi.

DCT Abu Dhabi drives the sustainable growth of Abu Dhabi’s culture and tourism sectors and its creative industries, fuelling economic progress and helping to achieve Abu Dhabi’s wider global ambitions.

By working in partnership with the organisations that define the emirate’s position as a leading international destination, DCT Abu Dhabi strives to unite the ecosystem around a shared vision of the emirate’s potential, coordinate effort and investment, deliver innovative solutions, and use the best tools, policies and systems to support the culture and tourism industries.

DCT Abu Dhabi’s vision is defined by the emirate’s people, heritage and landscape. We work to enhance Abu Dhabi’s status as a place of authenticity, innovation, and unparalleled experiences, represented by its living traditions of hospitality, pioneering initiatives and creative thought..

CakeZone Welcomes Palak Tiwari As Brand Ambassador Amidst Festive Excitement

* Brand film: Ordinary ko occasion mein badlo - CakeZone matlab celebration on!

CakeZone the National Dessert Brand from the House of Curefoods, announced popular actress Palak Tiwari as its official brand ambassador for the next year. Palak Tiwari’s association with CakeZone comes at an exciting time, as the brand looks to deepen its connection with younger audiences who appreciate both quality and creativity in their celebrations.

Known for her engaging persona and strong presence among Gen Z, Palak is an ideal ambassador to highlight CakeZone's commitment to innovation in the dessert space. Together, they aim to bring joy to festivities across the country, creating sweet moments that last.

Palak Tiwari expressed her excitement about this collaboration, saying, “I am thrilled to be part of the CakeZone family! Their commitment to blending tradition with modernity perfectly aligns with my own values. These festive hampers are a way to share love and joy with our loved ones during this beautiful festival.”

With the ongoing festive season, CakeZone elevated the celebrations with its exclusive Diwali hampers, thoughtfully designed to capture the spirit of tradition and modern indulgence. These special hampers offer a delightful range of treats, perfect for gifting to loved ones and ensuring a memorable Diwali. Each carefully curated hamper serves as a heartfelt postcard, filled with delectable items that reflect love and care.  These elegant and stylish hampers cater to diverse tastes, making them the ideal choice for this festive occasion.

Ankit Nagori, Founder, Curefoods, added, “We are excited to have Palak Tiwari on board as our brand ambassador. Her vibrant personality and connection with the new generation resonate perfectly with our vision. Our festive hampers are designed to make every celebration special, and we believe that with Palak’s influence, we can inspire more people to celebrate with meaningful gifts.”

As the festive season approaches, Cakezone extends an invitation to the community to explore its exclusive festive hampers, which have been thoughtfully crafted to enhance the spirit of celebration. The brand aims to honor the values of love, joy, and togetherness during this auspicious occasion with its curated offerings.

About CakeZone:

CakeZone is a cloud-kitchen dessert brand currently operating in 35 cities with more than 160 cloud kitchens and plans to expand to other important cities soon. CakeZone aspires to fill the space of being a national dessert brand, founded in 2016 in Bangalore.

After bypassing the requirement to showcase bakery products unlike brick-and-mortar stores, CakeZone developed the capabilities to deliver freshly baked products all the time. The strong operational processes and frugality helps to scale efficiently. The brand has been ranked consistently among the top dessert brands in Bangalore, Hyderabad for the last 3 years. They invested in a R&D kitchen which helped them produce new products and add a strong moat to their business. Please refer to www.cakezone.com for additional information.

About Curefoods:

Curefoods is a leading house of F&B brands in India. It was founded by Ankit Nagori in 2020. It houses brands like EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani and Frozen Bottle, among others. It has over 350 cloud kitchens and offline stores that cater to over 10 cuisines, across 30 cities in India. Curefoods is the second-largest cloud kitchen player in India in terms of footprint with the largest manufacturing capability in the fresh food space. Additional information on Curefoods is available at https://curefoods.in

PhonePe & Bharat Connect Partner To Launch Easy Contributions For National Pension System

PhonePe, today announced the launch of contributions to NPS (National Pension System) as a new savings category under Bharat Connect (earlier known as BBPS), on its platform. With this launch, PhonePe enables millions of users to now make seamless, secure and easy contributions to their NPS account through the PhonePe app.

NPS is a highly effective tax saving instrument for personal retirement planning. This scheme not only provides significant tax savings but also comes in handy as a retirement corpus, thus helping users secure their financial future. Previously, users could only make contributions towards their NPS accounts through the websites of PFRDA, NSDL, CAMs, KFintech and Banks. However, the launch of this feature will allow users to contribute conveniently using the PhonePe app, allowing previously under-served populations to experience the ease and advantages of digital payments.

Commenting on the launch, Noopur Chaturvedi, CEO, NPCI Bharat BillPay Limited, said, “Integrating NPS category on the Bharat Connect platform is a significant step towards enabling individuals to manage their investments for retirement planning seamlessly. With this advancement, PhonePe users can now effortlessly contribute to their NPS accounts directly through the app. This initiative underscores our commitment to making financial services more accessible and inclusive for citizens across India.”

Sonika Chandra, Chief Business Officer - Consumer Payments at PhonePe, added, “We are very excited to partner with Bharat Connect to launch contributions towards NPS. This partnership between PhonePe and Bharat Connect significantly enhances the utility and convenience of making NPS contributions by offering a secure and user-friendly payment solution to millions of our users. We believe the future holds substantial potential for growth and innovative partnerships such as this make the process of payments and savings much more simple and inclusive for all.”

Here’s how users can avail this feature on the PhonePe app:

*     Click on ‘View All’ under the ‘Recharges and Pay Bills’ section on your PhonePe app home screen.

*     Click on ‘National Pension System’ under the ‘Financial Services and Taxes’ section and enter the following details:

*     Your 12-digit PRAN or 10-digit mobile number

*     Date of Birth

*     Tier

*     Contribution Amount

*     Tick the checkbox to agree to the Terms and Conditions and tap ‘Confirm’

*     Review the NPS investment details and the breakup of the amount

*     Tap ‘Proceed to Pay’, select your preferred payment mode, and complete the payment.

About PhonePe Group:

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 570+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 290+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.6+ Trillion.

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode - hyperlocal e-commerce and Indus App Store - India's first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company's vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

FADA Releases October’24 Vehicle Retail Data

October’24 Auto Retail Report:

Overall auto retail performance:

Strong growth across all segments: October 2024 retail sales witnessed a significant growth of 32% YoY and 64% MoM

All categories reported healthy growth: 2W: +36%, 3W: +11%, PV: +32%, Trac: +3%, CV: +6% on YoY basis.

The rural market played a pivotal role, especially in boosting 2W and PV sales, supported by increased Minimum Support Price (MSP) for Rabi crops.

Segment highlights:

2W: YoY growth of 36% and MoM growth of 71%; the convergence of major festivals (Navratri & Diwali) in October significantly boosted consumer demand; attractive festive offers, new model launches, and improved stock availability drove strong performance; rural sentiments, supported by favourable monsoons and good crop expectations, further contributed to growth.

PV: Grew by 32% YoY and 75% MoM; Driven by festive demand, aggressive offers, and new model introductions; SUV demand remained strong, but dealer inventories remained high at 75–80 days, raising concerns about continued discounting through year-end.

CV: A modest 6% YoY growth, supported by agricultural demand and bulk purchases for container movements; Festive season demand helped, but challenges such as sluggish construction activities and increased vehicle prices affected overall growth.

Near Term Outlook:

Positive factors:

The upcoming wedding season, with 4.8 million weddings expected across India in November and December, is likely to fuel strong demand for 2W and PV segments.

Good crop yields and positive rural sentiments are expected to further drive sales in the near term.

Challenges:

PV inventories remain high, and OEMs are urged to rationalize supply to prevent excess stock.

Dealers in the CV segment remain cautious due to slow construction activities, financial constraints, and expected post-festivity demand decline.

Overall Outlook:

The auto industry remains optimistic about near-term growth, particularly with the wedding season ahead. However, potential challenges such as inventory overstock and economic headwinds may affect sales momentum towards the end of the year. FADA highlights the need for strategic inventory management and ongoing caution as the sector navigates these factors.

Festive Period Data:

FADA will release 42 days festive period data on 14th November 2024.

The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for October'24.

FADA President, Mr. C S Vigneshwar, shared his perspective on the auto retail performance for October 2024:

“October 2024 witnessed the convergence of two major festivals, Navratri and Diwali, both occurring in the same month. These festivities traditionally account for 30–35% of total annual auto sales, so the industry's focus was keenly on how October would unfold. With dealers entering this crucial period fully committed and carrying all-time high inventory levels, the month did not disappoint!

Overall retail sales grew by 32% YoY and 64% MoM. All categories showed positive growth, with 2W up 36%, 3W up 11%, PV up 32%, Trac up 3% and CV up 6% YoY. The rural market once again played a leading role in driving growth, particularly in the 2W and PV segments. Additionally, the Government of India's announcement of an increase in the Minimum Support Price (MSP) for Rabi crops further boosted market sentiments.

In the 2W segment, sales surged by 36% YoY and an impressive 71% MoM. The coincidence of major festivals in the same month spurred consumer purchasing. Dealers reported that attractive festive schemes, discounts and new model launches significantly stimulated customer interest. Enhanced stock availability and better vehicle supplies from manufacturers enabled dealers to meet the increased demand. Positive rural sentiments, aided by favourable monsoons and crop expectations, also contributed to the strong performance. Overall, the combination of festive celebrations, promotional offers and positive market conditions led to an exceptional month for 2W dealers.

The passenger vehicle segment experienced growth of 32% YoY and 75% MoM. This impressive performance was again driven by the festivals coinciding in October, boosting consumer purchasing. Dealers highlighted that aggressive offers, attractive schemes and new model introductions further stimulated demand. Enhanced vehicle availability and strong market interest, especially for SUVs and new products, also contributed to the exceptional sales. However, despite strong sales, PV OEMs continue to heavily stock dealers, resulting in inventory levels decreasing by only five days, with overall inventory still at a high of 75–80 days. This may thus lead the season of substantial discounts to continue until the end of the calendar year.

The commercial vehicle segment registered a modest 6% YoY growth. Factors contributing to this included supportive agricultural markets and bulk purchases, particularly for container movements. The festive season, featuring both Diwali and Dussehra, also stimulated demand, along with some recovery from September's slowdown due to rains. However, dealers faced challenges such as slow demand, sluggish construction activities, financial issues among customers and increased vehicle prices leading to higher EMIs. Overall, while there were areas of growth, the CV market faced headwinds that tempered its overall performance.”

Near-Term Outlook

Looking ahead, the Indian auto industry is poised for continued robust retail performance through the end of the calendar year. With an estimated 4.8 million weddings scheduled nationwide in November and December 2024, Indian retail is preparing for an unprecedented surge in demand for wedding-related goods and services. Vehicle purchases also traditionally witnesses an uptick during the wedding season, and FADA anticipates that this will translate into strong sales in both, the 2W and PV segments in the near term.

In the 2W category, positive factors such as good crop yields, favorable rural sentiments and the upcoming marriage season are expected to drive demand. In the CV segment, while supportive agricultural markets and continued bulk purchases may contribute positively, dealers remain vigilant due to factors like sluggish construction activities, financial constraints among customers and an anticipated decrease in demand post-festivities. For PV, the marriage season and ongoing promotional offers are expected to sustain demand. Yet, there are apprehensions about potential slowdowns caused by customers postponing purchases in anticipation of better year-end discounts. FADA also urges, PV OEMs to further rationalise supply.

Overall, while the industry is optimistic about near-term growth driven by the wedding season and favourable market conditions, dealers are mindful of potential challenges that could affect sales momentum as the year concludes. The mixed sentiments reflected in the survey highlight the need for strategic planning and cautious optimism as the auto sector navigates the remaining months of the year.

Key Findings from our Online Members Survey

Liquidity

Good                   48.35%

Neutral               38.93%

Bad                      12.72%

Sentiment

Good                   50.64%

Neutral               34.86%

Bad                      14.50%

Expectation from November’24

Flat                      39.69%

Growth               37.15%

De-growth         23.16%

Nestlé India And SM Sehgal Foundation Celebrate 5 Years Of Project Vriddhi

Nestlé India and SM Sehgal Foundation celebrated the successful completion of five years of Project Vriddhi in Nuh district. The project was launched in 2019 in Rohira village to strengthen community-led rural development. Since its inception, the Project has positively impacted the lives of 18,000 beneficiaries across 14 villages.

This milestone was marked by an event in the Kaliyaka village, attended by school authorities, panchayat and community members from villages who have been positively impacted by the project.

Commenting on this significant milestone, Mr. Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “At Nestlé India we strongly believe in business as a Force for Good. As part of our commitment to build a better society, Project Vriddhi was launched focussing on rural development. The project has created long-lasting change in these villages, through interventions across water and sanitation, raising nutrition awareness, enhancing farm productivity, and setting up of digital learning centres. The transformation journey of these villages has witnessed a multiplier effect on several development indicators empowering local communities to drive their progress.”

Ms. Anjali Makhija, Trustee & CEO, S M Sehgal Foundation, stated, "The project has grown from strength to strength, since 2019. We feel immensely satisfied to see the tangible impact of Project Vriddhi in the lives of rural communities. Village Development Committees have been established to oversee the upkeep of the project.”

Since its inception, the Project Vriddhi has scaled several milestones. These include restoration of eight ponds with 25 million litres of storage potential; engaging over 1000 farmers through good agricultural practices, transformation of six schools and around 395 children being equipped with digital and life skills; training of 280 women in nutrition groups, 133 kitchen gardens, and village development committees to sustain the developments.