Muthoot Finance Expands its Gold Loan Portfolio Across Karnataka

Muthoot Finance Ltd, India`s #1 gold loan company, has plans to expand its gold loan portfolio in the state of Karnataka. Currently the company has 549 branches in Karnataka with 262 number of branches in Bengaluru.

Mr. George. M. Alexander, Executive Director, Muthoot Finance said, “We are delighted to announce that in Karnataka our gold loan assets under management (AUM) has increased by 17.5% to Rs.4837 cr in Q3FY20 from Rs.4120 cr in FY19. The gold loan business increased by Rs.717 crs as on Q3FY20 from FY19.

He further added, “Through our 549 branches, we serve on an average 23,100 customers on daily basis. The average gold loan advances stands at Rs.1150 cr per month. Our 3130 employee base services 5.3 lakh active customers in the state.”

The aggressive gold loan growth expansion plans will aid in growing the gold loan book and also generate more employment in the state. Already the company opened nearly 12 branches in Karnataka this Financial Year and plan to open 5 to 8 branches on or before 31.03.2020 in Karnataka.

Muthoot Finance reported 66% YoY increase in the consolidated net profit to Rs.803 cr in Q3FY20 from Rs.485 cr in Q3FY19. The gold loan portfolio registered an increase in net profit of 50% YoY increase to Rs.2,191 cr during 9MFY20 from Rs 1,717 cr in 9MFY19. Total AUM of the company increased by 21% YoY at Rs.43,436crs for 9MFY20.

Muthoot Finance has a pan-India presence and has delivered consistent growth in business and profitability over years. The company enjoys trust of over 12 Million customers.

The Muthoot Group has 18 diversified divisions and 4500 plus branches with global presence. Over 2,53,000 customers visit The Muthoot Group branches every day. The Group has served over 48 crore customers (including repeat customers) till date. The story of The Muthoot Group is built on the foundations of passion, commitment, honesty, traditions and values.

Poonawalla Finance and Capital Float Partner to Disburse Rs 500 Crores Over the Next 12 Months

Poonawalla Finance, part of the $9.8-billion Cyrus Poonawalla Group, has partnered with Capital Float, India’s leading fintech lender, to deliver working capital financing to Micro, Small & Medium Enterprises (MSMEs) across India. The two companies will co-lend on Capital Float’s co-origination model to deliver last-mile credit to MSMEs across the country. MSMEs will be able to apply for these loans online and receive in-principle approval within four hours, the quickest turnaround time in the industry, powered by Capital Float’s path-breaking technology and credit underwriting platform integrated with Poonawalla’s systems. Poonawalla Finance which started in April 2019 has already crossed Rs1500crs in AUM is one of most well capitalized NBFCs in the country.

Sashank Rishyasringa, Co-Founder, Capital Float, said, “Capital Float is the pioneer of digital lending in India with proven capabilities and experience in MSME financing. We recently crossed $1 bn in lifetime disbursals and are heavily motivated to foster the growth of small businesses at a grassroots level. In this regard, we are delighted to partner with Poonawalla Finance and add impetus to our lending initiative for MSMEs. We are deeply impressed by Poonawalla Finance’s speed in business execution and the significant focus on technology to innovatively solve problems. The agility of the companies involved helped take the partnership live in record time.”

Abhay Bhutada, Managing Director & CEO, Poonawalla Finance,  said, “We are very excited about our partnership with Capital Float. They paved the way for digital lending in India and have demonstrated maturity and resilience over the years. Capital Float is led by strong and professional promoters with significant experience, a key determinant of their success. Poonawalla Finance believes in relationship-driven partnerships being integral to jointly achieving mutual objectives and growth in a tightly contested market. Through our collaboration with Capital Float, we will expand our reach beyond the metropolitan cities to tier 2-3 towns of India.”

The two NBFCs will begin by co-originating on MSME loans, but are expected to expand the engagement to consumer financing as well. Poonawalla Finance and Capital Float are targeting to disburse over Rs 500 crores over the next 12 months, with a monthly run rate of Rs 50 crores. Poonawalla Finance’s systems will be fully integrated with Capital Float’s co-origination platform through APIs to facilitate real-time decision-making and faster disbursals. This partnership unlocks immense scale in small-ticket MSME credit by combining tech-based lending infrastructure and financial wherewithal.

Canadian Wood Makes a Mark with WFC (Wood Frame Construction) and T&G Houses at Indiawood 2020

Historically wood has been used in India for various building purposes. However, its application has been largely limited to beams and posts, roofing or other parts of construction. Canadian Wood set a new trend in India of building a complete house with wood by putting up two distinctive styles of building techniques at IndiaWood, 2020.

These two resort style houses demonstrating Wood Frame style and Tongue & Groove style of constructions were created using Spruce-pine-fir sustainably sourced from B.C, Canada. Leading manufacturers based out of Mysore and Delhi were partnered with to create these eye-catching displays. The wood for building the house has been provided by Canadian Wood, both the houses unique in their building styles were constantly supervised, improvised by the technical inputs provided by Canadian Wood to help create a robust and appealing proposition most apt for the hospitality sector.

The WFC (Wood Frame Construction) style of construction is one of the most widely used methods to build in North America. This technique optimises building process by helping reduce the time and cost involved in the construction process. 

On the other hand, the T&G (Tongue and Groove) style of construction is a very organic and efficient way of building since the entire structure can be prefabricated in the factory from the drawing. A major advantage of this method is that every component can be pre-coated prior to leaving the factory with only a final coat to be done after construction.

Speaking about the T&G (Tongue and Groove) house displayed at IndiaWood 2020, Mr. Peter Bradfield, Technical Advisor at Canadian Wood said, “What set the exhibited T&G house apart was the laminated wall structure with double tongue and groove which increased the wall thickness. This added to strength, stiffness, wall span and insulation values. The beauty and appeal of T&G construction in India for resort living is the all-encompassing look and feel of wood and being part of nature.”

Further to this on the WFC (Wood Frame Construction) house he added “WFC houses are adaptable to all climates, ranging from hot and humid to extremely cold climates. When well-constructed they can meet or exceed code-established levels of fire safety and sound control. The house displayed at the IndiaWood was completely factory made and designed in modules for easy transportation.”

Also available for comment was Mr. Pranesh Chhibber, Country Director with Canadian Wood who said “The hospitality industry is increasingly looking at building resorts using wood in structural applications. Also, there is an upward trend in increased usage of wood in the home category by leading architects, manufacturers, HNIs looking at villas, country homes and farmhouses as a lifestyle statement. Canadian wood on its part is doing its bit in promoting building with wood through technical support and handholding in the T&G, WFC & Post & Beam method in addition to the hybrid method of building with wood and local stone/brick besides interior and exterior use of wood in more traditional applications such as panelling, cladding, furniture (indoor & outdoor), joinery - doors & windows and pergolas/gazebos etc.” He also added that “The cedar species of Canadian wood are ideal decking and sauna.”

Each of the houses displayed at the Canadian Wood booth in IndiaWood were embellished with furniture made using Western hemlock – a species of Canadian wood that is evolving into a preferred choice of furniture manufacturers in India due to its looks & workability. Also, the T&G house demonstrated Doors, Door Frames in Yellow Cedar which is a high-quality substitute wood in lieu of UPVC windows that cancel out noise, dust and water. To present each of the creations in their best form, different established furniture manufacturers were reached out to from across India.

About Forestry Innovation Consulting Pvt Ltd (Canadian Wood)

FII is a crown agency of the government of British Columbia (B.C.), the western most province of Canada. Its mandate is to promote wood products from B.C. Canada in the offshore markets and to position it as a global supplier of quality, environmentally responsible wood products from sustainably managed forests by creating awareness and spreading education through information on the wide variety of timber products available from B.C. Canada and the technical support. Its brand/logo Canadian Wood was established in 2013 to reach out to and the ease of understanding of its activities by its target audience globally.

Hero MotoCorp Further Strengthens BS-VI Line-Up with the Launch of New Super Splendor

Reiterating its commitment to an exciting and comprehensive BS-VI product portfolio, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, today launched the iconic Super Splendor in its BS-VI version.

The launch of Super Splendor BS-VI follows the company’s recent BS-VI launches at the Hero World 2020 – the new Xtreme 160R, Passion Pro BS-VI and Glamour BS-VI. Prior to this, the Company had already introduced a series of BS-VI two-wheelers - the Splendor iSmart, Splendor+, HF Deluxe, Pleasure+ 110, Destini 125 and Maestro Edge 125 - in quick succession to be future ready with a compelling product portfolio.

The new Super Splendor BS-VI will be available at Hero MotoCorp showrooms across the country at the attractive prices* of Rs. 67,300 (Self-Drum Alloy wheel) and Rs. 70,800 (Self-Disc Alloy wheel). *(ex-showroom Delhi)

The Company has already stopped production of all BS-IV products and is now manufacturing only BS-VI products.

With a smooth transition to BS-VI, Hero MotoCorp has reaffirmed its focus on providing premium, top-quality products to its customers, featuring superior and cleaner technology.

Commenting on the Super Splendor BS-VI, Malo Le Masson, Head – Global Product Planning, Hero MotoCorp, said, “The Super Splendor has remained one of the most popular motorcycles in India and we are sure this trend will get further strengthened with the new Super Splendor BS-VI. The motorcycle has been revamped to give it a distinct identity and make it more capable than ever. With this launch, almost our entire portfolio has now migrated to the new emission regime.”

THE NEW SUPER SPLENDOR BS-VI

More Capable than ever

The new Super Splendor comes with an all-new 125cc BS-VI Compliant Programmed Fuel Injection engine with XSens Technology, providing a superior ride experience to the customer. It delivers 19% more power - 10.73 BHP @ 7500 RPM and an impressive torque of 10.6 Nm @ 6000 RPM. The engine is mated to an all-new 5-Speed Gearbox offering a stress-free ride on the highways as well as in the city. The revolutionary i3S technology provides a convenient and an eco-friendly ride.

Superior Ride and Control

Underpinning the Super Splendor BS-VI is an all-new chassis which promises greater maneuverability and a plush ride. The rigid diamond frame combined with an increased suspension travel (Front: +15mm; 14% increase, Rear: +7.5mm/10% increase), class-leading 180mm ground clearance (+30mm; 20% higher) and a longer seat (+45mm) guarantee a comfortable ride over any road condition, for the rider as well as the pillion.

For the first time, in the BS-VI guise, the Super Splendor is also available with 240mm front Disc brakes in addition to the Drum brake variant. Combined with an 130mm rear drum brake and CBS technology it provides a safer ride. The 90/90-18" Rear Tyre provides a confident grip, all-day comfort with real road presence.

More Vibrant than ever

The Super Splendor BS-VI offers an elegant way of commuting with its Dual-Tone paint scheme, Bold Flowing lines, and distinct chrome elements. An all-new Metallic Nexus Blue colour variant adds vibrancy to the daily ride. The motorcycle is available in three more colour options: Glaze Black, Heavy Grey, and Candy Blazing Red. 

Manipal Hospitals Whitefield Unveils “Manipal Clinics” in Brookefield

Manipal Hospitals Whitefield part of Manipal Hospitals one of India’s leading healthcare provider today announced the launch of “Manipal Clinics” in Brookfield today.  Doctors from various departments of Manipal Hospitals Whitefield will conduct regular OPD consultations from 7.00 a.m. – 9.00 p.m.

With an endeavour to provide world-class healthcare services and make it more accessible to the residents of Brookefield, the clinic will have host of services ranging from OPD consultations, laboratory services, X – Ray, ECG, ECHO, TMT, Injection and dressing. OPD’s will be offered across various departments and specialties like General Medicine, Pediatrics, Orthopedics, OBG, Gastroenterology, General Surgery, Cardiology, Endocrinology, Urology, Family Medicine, ENT, Dermatology and Nephrology.

The clinic will also offer home care and basis diagnostic services like X Ray, Lab Services, ECHO, TMT and ECG. Additionally, the pharmacy will be operational from 8.00 a.m. – 9.00 p.m. and emergency care services for minor injuries would also be available. Women patients will have access to basic gynecological procedures like IUD, insertion and removal of Copper T.

Mr. Deepak Venugopal, Regional COO, Manipal Hospitals said, “With growing constraints on the time taken to travel within the city of Bangalore, especially in Whitefield and it’s surrounding areas, this clinic will help our valued patients reduce the inconvenience caused due to extended travel hours .”

Mr. Arnab Mondal, Hospital Director, Manipal Hospitals Whitefield said, “ We are delighted to extend medical services to people of Brookefield as they will now have access to our expert pool of doctors and specialists. This is a great milestone in our journey and we are looking at adding more services in future. Infact people who are only seeking initial medical advice can avail OPD services right at their doorstep. The clinic will take care of preliminary medical investigations and refer the case to Manipal Hospitals Whitefield incase required which is located in the vicinity.”

OPD Details:

Time: 7.00 a.m. – 9.00 p.m. (Everyday )
Address: #189, Radhakrishna Enclave, Ground floor, A Block, AECS Layout, Behind CMRIT College, Kundalahalli, Bengaluru- 560037

For Appointments call:

Telephone No: 080 41242122
Emergency Contact No: 080 22221111

Stanley Lifestyles Plans to Launch 55 Retail Outlets with an Investment of Rs 70 Cr and Targets an IPO by 2024

Stanley Lifestyles, the maker of premium furniture and home décor products, today announced its foray into complete luxury home interior solutions and personal accessories through Stanley Level Next, its new flagship premium lifestyle store launched in Bangalore. Over the next two years, the company plans to open five more Stanley Level Next new-gen retail outlets with an investment of Rs 20 Crs and expand its omni-channel mid-segment furniture outlets - ‘Sofas & More’, from 7 to 50 stores with an investment of Rs 50 Crs. Preparing for a global foray and plans for an IPO by FY 24, the company is targeting a revenue of Rs 650 Crs.

Committed to the ‘Make in India’ initiative, Stanley plans to expand its 3.5 Lakh sq. ft. state-of-the-art manufacturing facility in Bangalore, with an additional 2 Lakh sq. ft. to meet the growing demand and looks to increase its employee base from 1200 to 5000 in the next five years. The company has commissioned two new factories in 2019, one for kitchen and wardrobes and the other for premium mattress and bedding, with an investment of Rs 15 Crs.

Present across 20 exclusive stores and 30 sales points in 10 Indian cities, which include Delhi, Mumbai, Gurgaon, Hyderabad, Bangalore, Chennai, Kolkata, Kochi, and with plans to grow, Stanley group aims to achieve Rs 700 Crs by FY 25 from its current sales of Rs 360 Crs.

The company, which is India’s first manufacturing-retail home furnishing brand, is a global vendor to IKEA & La-Z-Boy and caters to the automobile manufacturers in India such as Tata, Toyota, Ford, Mahindra & Mahindra, Renault; aviation manufacturers such as Boeing; and hospitality customers like Taj Hotels, Intercontinental Hotel Group, Starwood, among others.Stanley is an ‘A’ rated debt free company, with adequate cash reserves and has successfully raised growth capital fund with a company valuation of USD 125 million.

On his quest to make Stanley a truly global Indian company, Sunil Suresh, Founder Chairman and MD, Stanley Group said, “We compete with international brands and are known for our high quality standards & craftsmanship and proudly position ourselves in high-end home & lifestyle business. As India’s very own luxury brand, we strive to exceed the expectations of the discerning Indian consumers, and design and develop modern offerings with an International touch that are customised to suit Indian lifestyle and living conditions.”

“Our rich legacy of upholstering for top OEMs and our award winning OEM divisions has served some of the most iconic global brands. We have set up a cabinetry manufacturing unit with German know-how, to design and manufacture kitchens, wardrobes and storage units. We have also commissioned a prestigious design team to helm our collection of bespoke footwear and personal accessories,” he further added.

A pioneer in premium leather sofas in India, Stanley Lifestyles opened country’s largest Multi brand anchor store – ‘Global Living Emporio’. It is spread across an area of 1,00,000 sq. ft. with 5 floors and houses over 40 internationally renowned furniture brands from across the globe, offering premium luxury furniture designs, kitchens and wardrobes for every aspect of the home. Stanley’s wide portfolio also includes – ‘Stanley Boutique’, its legacy stores that primarily sell sofas and recliners; ‘Sofas & More’, its product driven omni channel concept, housing latest globally inspired furniture collection targeting mid and mid-high segments of the markets and ‘Stanley Level Next’, its new format stores that aim to position Stanley as a lifestyle brand, selling fashion accessories, furniture and custom automotive seat covers.

About Stanley Lifestyles

Stanley is India’s leading luxury furniture and home decor brand. Our 20 select outlets and design studios, across the country, are an inspiration for design aficionados. Beautifully crafted products are displayed, and colour coordinated in a manner that helps one visualise the products in home environment and conceive unique ideas for home décor.

Rooter Shifts Focus to Content to Create a Stronger Sports Fan Community

Rooter, India’s biggest Sports Fan Engagement Platform and online sports community has transformed its business model by adding Live and user-generated sports content to the Rooter app. The launch of the Rooter app, which is India’s only user Generated Sports Content Ecosystem, is widely expected to create greater traction by adding more sports enthusiasts to the platform.

Since its launch in 2016, Rooter has hitherto been focusing on building a community of sports fans via live prediction games, match chat forums, quizzes, trivia and news updates. With the latest move, it now seeks to provide customized sports content and comprehensive scorecards in eight vernacular languages. It not only allows them to upload video and audio content but also go live during the matches to comment & analyze for their followers, in its shimmering new avatar.

The central USP of the brand lies in personalizing sports content and lending a voice to millions of fans across sports and gaming. Rooter engages fans with User Generated Live Audio and Video content over different sports and offers a personalized sports feed & Scorecards in 8 Indian languages. It partners a number of technology companies in India to provide Sports Engagement to more than 50mn users on their platforms.

With the number of mobile internet users in India rising to 350MN+ and the number of non-English speaking smartphone users amounting to about 250MN+, the social media sector in the country presents a tremendous 10x growth opportunity with the current $300mn digital advertising market set to reach an astounding $3bn by 2023.

With the current legion of sports content users in India set to double from 330 million viewers in 2018-19 to around 600 million (65% of which are non-English speaking users) in the next couple of years, there arises a prominent void within the industry segment of a pure sports regional content platform that can provide vernacular users with a content experience that is curated specifically to suit their sports need in their preferred languages.

The online sports platform boasts of around 200K daily and 2.5 MN monthly users who dedicate around half an hour every day engaging with a variety of content spanning multiple sporting disciplines such as cricket, football, kabaddi, and gaming. Moreover, the app allows users to go live in its just-launched merged commentary option to create an all-round immersive sporting experience for every fan.

The app also provides a server to server plug-and-play integration that allows their partners to customize and present real-time sports data, content to their user’s satisfaction. As the new content mix of the rooter’s app, features about 85% of user-generated content, it will also include not just international and domestic games and tournaments, but also school and college-level games. The new business model of the company seeks to benefit from the high user monetization witnessed in audio and video content platforms by helping the fantasy platforms acquire users and create engaging content. Rooter will also drive social commerce by addressing the highly untapped sporting merchandise sector in India.

Commenting on the latest product launch, Piyush, Founder and CEO, Rooter, said, “The core mission of Rooter has always been to create a tech platform that will connect fans and create a strong community. We initially provided features around Live Sports Gaming to create the community but pivoted to content once we realized the opportunity to cater to more than 300mn non-english sports fans who are looking for content in their language and are more comfotable with audio and video to express themselves. The traction post this pivot has been very encouraging and we will at 10 mn monthly active users by the mid of 2020. ”

About Rooter:

Rooter is India's biggest Sports Community Platform that is Personalizing Sports Content and giving a voice to millions of fans across sports and gaming. Rooter engages fans with User Generated Live Audio and Video content over different sports and offers a personalized sports feed & Scorecards in 8 Indian languages. Aside from Cricket, Football, and multiple other sports, Rooter also allows gaming fans to do Live Streaming of their games and also share best game videos with other gamers. Rooter was started in 2016 by Piyush and Dipesh Agarwal and have raised funds from IeAD Fund, Venture Catalysts, Anthill Ventures, Boman Irani and a number of angel investors.