Infibeam Avenues Ltd To Develop Self-Sufficient & Symbiotic AI Ecosystem For Tech And AI Businesses

* Successfully acquired Sintex Corporate House from Aavas Trust (Aditya Birla Group) for around Rs 1 Billion.

* Poised to reap significant benefits from the Gujarat Government’s IT/ITeS Policy 2022-27

* IT/ITes policy offers one-time CAPEX support of up to Rs 2 Billion.

* Company aspires to emerge as a key player in the AI-based fraud detection and prevention market.

* Global fraud detection & prevention market size was $26 Billion in 2021 & is projected to surge to $129 Billion by 2029. 

Infibeam Avenues Ltd, India’s leading listed fintech company, today announces that the company has moved one step closer towards successfully executing its plan for fostering the development of an AI and tech ecosystem, which can be finely tuned to meet the specific requirement of the company’s Artificial Intelligence (AI) operations while facilitating AI startups and businesses flourishing independently in a mutually beneficial ‘symbiotic’ framework.

As a preliminary move in establishing the envisioned IT and AI  Hub ecosystem, the Infibeam Avenues Ltd’s subsidiary Infibeam Projects Management Pvt Ltd has successfully acquired the partially constructed Sintex Corporate House from Aavas Trust, owned by Aditya Birla Group.  The deal has been concluded with an investment of approximately INR 1 Billion, securing a plot area spanning about 76,250 square feet, along with a partially constructed building covering an area of 420,000 square feet.

The newly acquired building will be an extension of Infibeam Avenues Ltd’s planned GIFT city AI Hub. In the first quarter of FY24, the company had announced its major plans to foray into Artificial Intelligence (AI) enabled fraud detection & prevention market space and a plan to come up with India’s first AI Hub at GIFT city.

The company is poised to reap significant benefits from the recently introduced IT/ITeS Policy 2022-27 by the Gujarat Government. This policy not only offers a plethora of incentives and advantages, but one standout feature is the one-time CAPEX support of up to INR 2 Billion. The company is eager to leverage this incredible opportunity and expects to harness the full potential of this policy to fuel its growth and success.

"We are focusing on cultivating a harmonious AI and tech self-sufficient and symbiotic ecosystem, one that will not only bolster Infibeam's expansion within the AI and software development sector but also nurture the emergence of independent AI and technology enterprises in India," said Mr. Vishal Mehta, the Chairman and Managing Director of Infibeam Avenues Ltd.

The Ahmedabad campus, which will be the extension of GIFT city’s AI Hub, will have company’s own in-house team and it will house strategically invested AI and technology businesses under one roof, further enhancing the synergy and innovation within the ecosystem.

As part of the 'Symbiotic' framework, AI and tech companies will gain access to dedicated space within the 'AI & Tech Hub, where they can work in a collaborative ecosystem. This strategic location will empower these enterprises to offer their specialized products and services to enhance Infibeam Avenues Ltd's Artificial Intelligence (AI) operations. Concurrently, the company will also provide a comprehensive support system that nurtures these businesses, enabling them to flourish independently while contributing to a thriving AI ecosystem.

Mr Vishal Mehta further emphasized that the successful culmination of this deal represents a pivotal stride in the establishment of enduring AI ventures, catering to both domestic and global markets, particularly in the realm of fraud detection.

The company aspires to emerge as a key player in the AI-based fraud detection and prevention market, which had an estimated market size of approximately US$26 Billion in 2021 and are projected to surge to US$129 Billion by 2029. 

To facilitate these endeavours, the company established its dedicated AI vertical business unit, known as FAR (Fraud Detection, Authentication, and Risk Identification). Within this unit, the company will develop a range of tailored AI-based products and services designed to identify payment and financial frauds across various sectors, including banking, financial services, insurance, FMCG, manufacturing, fintech, utilities, government, and government agencies.

The company’s consolidated net profit, excluding the mark-to-market movement from investment in listed security, rose 191% YoY to INR 383 Million in the second quarter of FY24, while revenue surged by 66% to INR 7,899 Million.

About Infibeam Avenues Limited:

Infibeam Avenues Ltd. is one of the leading global financial technology (fintech) company offering comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company's payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. The core Payment Gateway (PG) business provides over 200 plus payment options to the merchants allowing them to accept payments through website and mobile devices in 27 international currencies. Infibeam Avenues' enterprise software platform hosts India's largest online marketplace for government procurement. The company processed transaction worth INR 4.5 lac crore (US$ 54 billion) in FY23. Company currently has over 8 million plus clients across digital payments and enterprise software platforms. The company's vast clientele includes merchants, enterprises, corporations, governments and financial institutions in both domestic (India) as well as international markets. Infibeam Avenues' international operations are based in the United Arab Emirates, Kingdom of Saudi Arabia, Australia and the United States of America. We also have business presence in Oman working with three of the largest banks in the country.

KreditBee Sees 2x Growth In Loan Disbursement; Bets Big On Upcoming Festive Season

KreditBee, a leading fintech platform that offers a range of personal loans saw a remarkable growth in the loan disbursements. In FY23, the company’s disbursement grew over 2X to ~Rs. 14,000 crores against ~Rs. 5,800 crores in FY22. This was led by multiple factors like increased digital adoption, advanced technology utilisation by lenders, superior customer experience by fintech players, faster loan disbursals, among others.

“India, the world's fastest-growing major economy, enjoys a significant middle-income population which is at the forefront of adopting digital financial products for achieving short and long-term financial goals. At KreditBee, we are committed to financial inclusion and help Bharat meet its aspirations. We are glad to have served over 10 million customers across 19,000 pin codes and are looking forward to deepening our reach further. We have experienced a robust H1 FY24, owing to strong demand in loan book and with the onset of festive season, complemented by the brand's diverse product portfolio, we are confident to double our loan book and see 60-70% growth in disbursements by the end of March 2024”, said Vivek Veda, Co-Founder & CFO, KreditBee.

KreditBee recently launched the campaign 'Har Tyohaar Mein Saath' to demonstrate its dependability and legitimacy for the Indian middle class in both metros and towns. The campaign emphasises that festive joy is unique to each person and not necessarily about picture-perfect celebrations seen in films/ ads. The brand stands as a trusted partner, ready to help customers celebrate for any reason, portraying the company as a dependable and legitimate lender, offering unwavering support for various festive traditions, rituals, and personal celebrations.

The brand makes financing accessible to the underserved segments of the country that are deprived of formal credit. Launched in 2018, the platform offers multiple types of personal loans up to Rs. 4 lakh, and digital gold investment products. Apart from digital lending, KreditBee has forayed into digitally-enabled secured loans and loans against property.

KreditBee is a Series-D funded entity and has a cap table of marquee investors like Advent International, Premji Invest, Motilal Oswal Alternates, TPG-NewQuest, Mitsubishi UFJ Financial Group, ICICI Bank and Mirae Asset Venture Investments. Currently, it has around 12 co-lending partners.

Capri Global Capital Disburses Rs 1,000 Crore Car Loan In Oct 23, Aims 10,000 Crores Of Disbursement By FY 23-24

~ The company has disbursed INR 5700 crore in car loan vertical in FY 22-23 ~ 

Capri Global Capital Ltd, a diversified non-banking financial company, has disbursed Rs 1000 crore car loans in Oct’23. The company has reported a remarkable surge in car loan disbursals and an all-time high record of disbursing 10,000 car loan cases in the month of October 2023. CGCL eyes to disburse loans worth Rs 10,000 crore in FY 23-24. Within 30 months of operations, the car loan distribution business has strategically scaled up its operations to encompass 722 locations, providing comprehensive coverage across 32 states and union territories in India. 

Speaking on this achievement, Mr. Rajesh Sharma, Managing Director of Capri Global Capital, said, "As of Q2 FY24, our car loan aggregation business accounts for 4500 crores. Since the launch in Q4 FY21, we have disbursed car loans worth Rs 13000 crore. The demand for car loans specially, for mid segment SUV’s are on the rise particularly in tier 2 and tier 3 cities. The company's commitment to inclusive lending practices has resulted in vast range of customers, ranging from entry level cars to premium car owners. We have enhanced our branch network and manpower strength by over 50% in these markets. Currently, 1800 employees are delivering exceptional car loan services to our patrons. Our recent achievement reinforces our position as undisputed leader and a trusted partner in car loans for banks and its clients. The significant milestone within a relatively short period of time stands as a testament to our unwavering commitment to excellence and our ability to adapt the evolving market demands". 

CGCL's commitment to expanding its services has been instrumental in its partnership with eight leading commercial banks, including Bank of Baroda, Union Bank of India, Indian Bank, Bank of India, HDFC Bank, Indian Overseas Bank, Punjab and Sindh Bank, and Yes Bank. These collaborations have not only strengthened CGCL's position in the market but have also enhanced the accessibility of car loans to a broader customer base. 

About Capri Global Capital Ltd: 

Capri Global Capital Limited (CGCL) is a diversified Non-Banking Financial Company (NBFC) listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and is part of the NIFTY Small cap 250 Index. The Company operates in high-growth segments such as MSME Loans, Affordable Housing Finance, Gold Loan, and Construction Finance. The Company also acts as a corporate distributor for car loan products of six leading commercial banks. CGCL offers its loan products to the unbanked and underserved masses across Northern and Western geographies of the country, through its strong network of 700+ branches spread across 12 States and Union Territories. The tech-enabled processes and recently introduced business analytics ensure that CGCL offers products tailored to meet the requirements of borrowers with a solid governance and risk-control framework. CGCL enjoys a robust credit rating of ‘CARE A+ (Outlook Stable)’ for its long-term borrowing program and NCDs and the highest rating of ‘IVR A1+’ for its short-term borrowing program. The Housing Finance business is rated ‘CARE A+ (Outlook Stable)’ for its long-term borrowing program. The Company has bagged ‘Best BFSI Brand 2021’ by The Economic Times and received certification as a Great Place to Work from Great Place to Work Institute for 2023-24 for a second consecutive year. 

For further information,  visit:  www.capriloans.in  |  www.caprihomeloans.com 

Srinagar Smart City Takes The Green Route With Tata Motors Ultra EV electric buses

* The advanced electric buses are equipped with latest features to provide safe, comfortable and convenient travel

Tata Motors, India’s largest commercial vehicle manufacturer, announced that it has supplied the first batch of state-of-the art Ultra EV air-conditioned electric buses to Srinagar Smart City Limited, via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a Tata Motors Group company. The delivery of the electric buses is a part of its larger order to supply, maintain and operate 100 electric buses in Srinagar and 100 electric buses in Jammu, for a period 12-years for Jammu and Srinagar Smart City projects. The collaboration is a part of an initiative of Housing and Urban Development Department, Government of Jammu & Kashmir to establish an environmentally and financially sustainable network of public transport for Srinagar. The zero-emission buses are indigenously built on a next-gen architecture, equipped with latest features, and powered by advanced battery systems. They are designed to provide a safe, comfortable and convenient intra-city commute across the city of Srinagar.

The fleet of e-buses was flagged off by Shri Manoj Sinha, Hon’ble Lieutenant General, J&K, Shri Arun Kumar Mehta, Chief Secretary, J&K, Shri Junaid Azim Mattu, Hon’ble Mayor, Srinagar, Shri Prashant Goyal, Principal Secretary, H&UDD, J&K, Shri Vijay Kumar Bidhuri, Divisional Commissioner, Kashmir & Chairman, Srinagar Smart City, Shri Prasanna Ramaswamy, Administrative Secretary, Transport Department, J&K, Shri Athar Aamir Khan, IAS, Commissioner, Srinagar Municipal Corporation & CEO, Srinagar Smart City along with delegates from Government of J&K, Municipal Corporation of Srinagar and Tata Motors.

Shri Manoj Sinha, Hon’ble Lieutenant Governor, J&K congratulated the citizens of Srinagar on the occasion. He said the electric buses will change the paradigm of public transport in the city. He added that it was part of broader integrated sustainable urban mobility for the city. He expressed gratitude to Hon. Prime Minister of India, Shri Narendra Modi for the unrelenting support to the Union Territory.

Sharing his thoughts at the flag-off event, Shri Prashant Goyal, Principal Secretary, Housing & Urban Development Department, J&K said, “J&K has embarked on a new phase of urban development which will ease the congestion on roads. Tata Motors has partnered with Srinagar Smart City Ltd for 12 years, which will help in improving the last-mile passenger transport system in Srinagar.”

Commenting on the occasion, Shri Athar Aamir Khan, CEO, Srinagar Smart City Ltd, said, “Srinagar Electric Bus Project is part of our integrated Sustainable Urban Mobility of the city. This is for the first time such a massive transformation in public transport is happening in Srinagar. This will help decongest the city, make reliable, affordable and comfortable public transport available to our citizens.”

Speaking at the momentous occasion, Mr. Asim Kumar Mukhopadhyay, Chairman, TML Smart City Mobility Solutions (J&K) Pvt Ltd, said, “In a time where sustainable public transport is the need of the hour, we are thrilled that Tata Motors has been chosen to provide a transformative solution to the commuters in the beautiful city of Srinagar. Our advanced electric buses incorporate cutting-edge features that not only redefine the way people travel but also ensure their safety and comfort through their journeys. We are not just providing electric buses; we are championing a shared vision with the Government of Jammu & Kashmir to offer eco-friendly, noiseless and emission-free transport solutions that align with the serene and pristine environment of this region. This marks a significant milestone in our ongoing commitment to safer, smarter and greener mobility solutions, and we look forward to playing a key role in shaping the future of public transport in Jammu & Kashmir."

Till date, Tata Motors has supplied more than 1,000 electric buses across multiple cities in India, which have cumulatively clocked more than 9.6 crore kilometres, with an uptime of over 95%. The Tata Ultra EV, is a cutting-edge e-bus that sets new benchmarks for urban city commuting. With its full-electric drivetrain, this state-of-the-art vehicle optimises energy consumption, resulting in low energy usage and operational costs. It offers features like ease of boarding, comfortable seating and driver-friendly operations, while ensuring zero emissions. Equipped with electronic stability control, electronic brake distribution, air suspension, Intelligent Transport System (ITS), panic button among other advanced features, it prioritises comfort and safety to its commuters. This electric bus embodies the commitment to cleaner public transport and is an ideal choice for urban passenger transportation needs.

About Tata Motors

Part of the USD 128 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 42 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups,  trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market.

Tata Motors strives to bring new products that captivate the imagination of GenNext customers, fueled by state-of-the-art design and R&D centres located in India, the UK, the US, Italy, and South Korea. By focusing on engineering and tech- enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused on developing pioneering technologies that are both sustainable and suited to the evolving market and customer aspirations. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by developing a tailored product strategy, leveraging the synergy between Group companies and playing an active role in liaising with the Government of India in developing the policy framework.

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors markets its vehicles in Africa, the Middle East, Latin America, Southeast Asia, and the SAARC countries. As of March 31, 2023, Tata Motors’ operations include 88 consolidated subsidiaries, two joint operations, three joint ventures, and numerous equity-accounted associates, including their subsidiaries, over which the company exercises significant influence.

HCCB Inaugurates Restored Lakes In Ramanagara

* Amavasya Kere and Thubin Kere's lake transformation will bolster agrarian communities and natural habitats

Hindustan Coca-Cola Beverages (HCCB), one of India’s leading FMCG companies, has successfully restored two pivotal lakes in the Ramanagara district, Amavasya Kere and Thubin Kere, which were dedicated to the local community today by Mr H C Balakrishna MLA, of Magadi constituency. These rejuvenated water bodies will revitalize the local agricultural landscape which had deteriorated over time, and bolster both agrarian communities and natural habitats.

Amavasya Kere and Thubin Kere, located to the east of Bidadi in the Ramanagara district, were once vibrant water bodies supporting the local agricultural sector and a diverse ecosystem. However, the region’s rapid development into an industrial and agricultural hub impacted their natural habitat. This altered land use negatively affected these lakes, causing a decline in their environmental health.

The restoration of the lakes, undertaken by HCCB, carefully addressed a number of challenges such as reduced water capacity from siltation, weakened embankments, unclear boundaries, invasive vegetation affecting the ecosystem and reduced habitat variety. HCCB countered these issues by de-weeding, desilting to increase capacity, reinforcing embankments, creating wildlife-supporting nesting islands, establishing water management trenches, installing groundwater recharge wells, and adding protective fencing for boundary preservation.

At the inauguration of the restored lakes in Thubin Kere, Mr H C Balakrishna, MLA of Magadi constituency, remarked, ". The remarkable restoration of these lakes, spearheaded by HCCB, showcases what dedication and vision can accomplish. We're not just replenishing water bodies; we're ensuring that our community and its natural surroundings flourish together. This initiative by HCCB is a beacon of hope and a testament to the power of dedicated action."

Echoing the sentiment, Mr Himanshu Priyadarshi, Chief Public Affairs, Communications & Sustainability Officer said " Our ethos at HCCB transcends business metrics; it's rooted in forging lasting positive change. The revival of Amavasya Kere and Thubin Kere underscores our unwavering dedication to the environment and the communities we are privileged to serve. Every step we take in this direction not only rejuvenates nature but also reinforces our commitment to fostering a harmonious coexistence with the land and its people."

Thanks to the recent southwest monsoons, the lakes are at full capacity, promising improved groundwater percolation, robust agricultural practices, and a vibrant habitat brimming with local wildlife.

HCCB continues to emphasize its commitment to sustainability and community empowerment through initiatives like this.

About HCCB

HCCB was incorporated on 14th February 1997. Since then, HCCB has come a long way in being able to serve 25 lakh retailers, 3,500 distributors, and 6,000 employees. 250,000 farmers grow the agricultural produce that HCCB uses in making its products. The company is headquartered in Bangalore and its operations are spread in 22 states, 3 UTs, and 376 districts in South, West, and Eastern India. Through its 16 factories spread across India, it manufactures and sells 60 different products across 7 categories. Its products include some of India’s most loved beverages - Coca-Cola, Thums Up, Sprite, Minute Maid, Maaza, SmartWater, Kinley, Limca, Fanta, and a lot more.

Experience Elegance And Convenience With The New Godrej Eon Velvet 4-Door Refrigerator

* A Refrigerator With Shelves Open And A Refrigerator With Shelves Open

Upgrade your kitchen with the Godrej Eon Velvet 4-Door Refrigerator, a pinnacle of style and functionality providing versatile cooling options to suit diverse needs. With an impressive 670 litres large gross capacity, wider shelves, deep and easy-to-slide drawers, this fridge ensures ample space for all your food items making it an ideal choice for Indian families.

Its Convertible mode allows an extra zone that can serve as a freezer or fridge- with temperature customization possibility between -18°C to 5°C unlocking up to 81% fridge space, especially useful for days when the vegetable load is higher. The Super Freezer, Super Cool and Holiday mode options enable heavy-duty cooling and energy conservation respectively. Powered by Dual-Tech Cooling and Advanced Inverter Technology, this refrigerator offers efficiency, durability and silent operations. It also has a door alarm function alerting you when the door is left open.

Speaking about the newly launched 4-Door Refrigerator Anup Bhargava, Product Group Head- Refrigerators, Godrej Appliances said, “We are delighted to introduce Godrej Eon Velvet 4-Door Refrigerator that becomes the latest addition to our premium refrigerators’ portfolio. With a blend of advanced cooling features and multifunctional capabilities, this product is a testament to our dedication towards enriching the lives of consumers. We've created a masterpiece that not only enhances your kitchen aesthetics but also caters to a multitude of consumer requirements, prominently including the desire for expanded storage and convenience.”

Choose from two elegant colors, Graphite Black and Inox Steel, to elevate your kitchen aesthetics while enjoying the practicality and style of the Eon Velvet Refrigerator. This refrigerator is currently available at an MRP of Rs. 120,000/- across leading e-commerce platforms and offline pan-India stores.  

Meril Receives Prestigious WIPO National Award For Innovation In Medical Devices

Meril Life Sciences Pvt Ltd, a global Indian medical devices company has been awarded the World Intellectual Property Organization’s (WIPO) National Award for Inventors. The award, presented by the WIPO and the Indian Patent Office, is offered to organisations for inventions which are considered to be significant contributions to the economic and technological development of their countries. The award is a recognition of Meril’s notable work towards securing patents and commercialising them to boost manufacturing in India.

WIPO Director General, Mr. Daren Tang, underscored Meril's dedication to devising innovative medical products that address previously unmet clinical needs.

Mr. Vivek Shah, CEO, Meril group of companies said, "Receiving the WIPO National Award is an honour for us. It acknowledges our commitment to excellence and our relentless pursuit of innovative solutions that make a tangible difference in healthcare. At Meril, we always strive to push the boundaries of innovation in the medical device industry,"

The WIPO National Award for Inventors was launched in 1979 to stimulate inventive and innovative activity around the world and to recognize the contribution of inventors to national wealth and development.

About Meril:

Meril is a leading global medical device company based out of India. It has been instrumental in making India a leader in the global medical devices industry. Through its dedication towards innovation, quality, the company has revolutionised healthcare in India and made a significant impact globally. The company leverages global collaborations and cutting-edge technology, while emphasising on quality control and compliance with global regulations and contributing to a robust research and development ecosystem. Meril has successfully positioned India as a hub for medical device innovation and manufacturing, enhancing the country’s credibility and visibility on the global stage.