Capital Float Raises $15 Million in Equity Funding from Existing Investors in India

Capital Float, the leading digital lender in India, announced that it has completed a $15 Million (INR 110 crore) equity fundraise from its existing investors. Participants in the round included Ribbit Capital, Amazon, SAIF Partners, Sequoia Capital India. The company will be using these funds to bolster its capital base and expand its lending operations to SMEs and Consumers. With this new addition, the total equity raised by Capital Float till date stands at $125 Million (INR 800 crore). The company has also raised $300 Million (INR 2,200 crore) in debt funding to date.

Since its inception, Capital Float has disbursed over $1.2 Billion (INR 8,800 crore) and has more than half a million customers in India. The company’s customer base is spread across 300 cities in the country, and includes both SME and consumer borrowers. In SME financing, Capital Float is focused on building its loan book with its latest product called FAST loans (Fully Automated Small Term Loans). This fully digital financing solution is designed to serve the working capital needs of SMEs in India, with a strong focus on Tier 2 and Tier 3 markets. The company is also scaling its Consumer finance vertical with the Online Checkout Financing product, where Amazon is a major partner, and its Personal Finance Management (PFM) app called Walnut. In addition to offering a personal credit line, Walnut also recently launched a digital COVID insurance product and a “Find a Store” feature to help users during the current lockdown period.

“The latest funding round with the help of the existing partners has signalled strong support and trust in Capital Float’s vision of scaling up digital financial inclusion in India. At a time when the industry is faced with multiple challenges, we are grateful for this reinforcement and want to continue making lending effortless for SMEs and Consumers across the nation. We’re eager to significantly increase our lending capacity once the lockdown is lifted to enable SME growth and consumer spending at scale” said Sashank Rishyasringa & Gaurav Hinduja, Co-Founders of Capital Float, in a joint statement.

‘Feed My City’ Initiative is Providing Meals in Bangalore Already Serves 2 Lakh Meals and Targeting 3.5 Lakh Meals

Continuing its efforts to strengthen the fight against COVID-19, India’s leading digital payments & financial services platform, Paytm has partnered with KVN Foundation to serve meals to migrant workers and daily wage earners. Together, they are already providing 25,000 meals to people in Bangalore every day and are targeting to serve 3.5 lakhs meals in the coming weeks. Paytm is also requesting fellow citizens to support the cause by logging on to their Paytm app and clicking on the ‘Feed My City’ tab.     

Besides Bangalore, meals are also being served in Noida, Mumbai, Hyderabad and Chennai to people who have lost their source of income due to the lockdown in the country. People donating for the 'Feed My City' initiative can also choose the city for which they wish to contribute. 

Siddharth Pandey, Vice President, Paytm said, “The livelihood of daily wage earners has been affected during this lockdown. We wanted to help them and ensure that their children and families do not go hungry. Our partnership with the KVN Foundation is a step in this direction. We will continue to work towards providing relief to the ones who cannot fend for themselves.”

“During this crisis, the daily wage worker, migrant worker and those without any safety nets, steady income, insurance or savings have been the worst affected, without any hope or relief. In countless little ways, all these people add value to our lives on a daily basis. We can’t have a full meal knowing fully well that millions of these people are starving to death. Paytm has now made it possible to contribute easily to this cause, to the city of your choice. We request you all to contribute generously to ensure that no lives are lost due to hunger during this lockdown period”, added KVN Foundation.

Over the last few weeks, Paytm has launched several initiatives to fight the spread of the Coronavirus. The company is aiming to contribute Rs. 500 Crores to PM CARES Fund, and has already collected over Rs. 80 crores within the first week. Also, the company is distributing personal hygiene products, such as hand wash and sanitizers to people who do not have the means to buy it.

Paytm's New COVID-19 Insurance Covers Loss of Pay, Quarantine Expenses, and Treatment Costs

Highlights

* Policy launched in collaboration with Reliance General Insurance
* In case of testing positive for Coronavirus, 100% sum insured to be given
* Completely online & hassle-free process with zero manual documentation

India’s leading digital payments & financial services platform Paytm (owned by One97 Communications Limited) today announced the launch of COVID-19 Benefit Insurance Policy in collaboration with Reliance General Insurance, which provides the widest possible coverage. This insurance plan offers a best-in-class sum assured a maximum of Rs. 2 lakhs.

The COVID-19 Protection insurance is a much needed product in the market. From covering against positive diagnosis, 14-day quarantine, loss of pay/job, it also offers a waiver to the 45 days Travel exclusion policy as add-ons. It aims at reducing the financial implications one might occur due to the pandemic.

The policy provides 100% sum-insured in lumpsum on being tested positive for the virus and the patient does not need to wait for the entire treatment to get completed to receive the financial help. The policy covers individuals between the ages of 3 months to 60 years, with a wide range of sum-insured options ranging from Rs. 25,000 to Rs 2 lakhs.

The entire process of purchasing the policy is quite hassle-free and the users do not require extensive or any manual documentation. The policy can be bought by following a few simple steps on the Paytm app.

Paytm COVID-19 Insurance covering all eventualities
* 100% of Sum Insured given incase of Covid-19 positive case Quarantine Cover, Loss of Job, Loss of Pay, Travel Exclusion * Cover as Addons with additional
* Premium Age eligibility: 3 months to 60 years, 100% digital claims process

Amit Nayyar, President- Paytm said, "In these unprecedented times, everyone needs to take extra precautions to safeguard personal, their family as well as community's health. With our COVID-19 Benefit Insurance Policy, we aim to provide simple health insurance coverage that will take care of most expenses that a Coronavirus patient might have to incur. The digital policy can be purchased on the Paytm app and is generated online within a few minutes from the safe confines of one's home."

Commenting on this development, Rakesh Jain, ED & CEO, Reliance General Insurance said, “Looking at the current scenario, COVID-19 Protection Insurance is a much-needed product in the market. During these trying times, RGI believes its duty to ensure mass coverage for India to combat this large-scale crisis. Our digital partnership with Paytm to ensure access to its millions of users across the length and breadth of the country is one of the ways we are removing the barriers to COVID-19 diagnoses and treatment.”

The COVID-19 Benefit Insurance Policy has a validity period of one year and there are multiple plans that can one opted depending on one’s need. The waiting period is for 15 days before one can claim against the policy.

During Lockdown, Vodafone Idea is Enabling Customers in Karnataka to Avail Services and Recharge Online

Highlights

* Reaching out to customers to familiarize and access assistance through digital platforms
* Enabled recharge through Bank ATMs
* Helping 2G users to do Quick Recharges through SMS
* Customer Service personnel going the extra mile to assist customers, given that retail outlets are non- operational
* Vodafone customers can now recharge at Idea retail outlets and Idea customers can avail recharge at Vodafone retail outlets

To ensure customers in Karnataka remain connected during the lockdown, Vodafone Idea is enabling its customers to avail services and recharges on the digital platform.

Vodafone Idea customer service teams are creating awareness among customers on accessing and taking the benefit of digital platforms through video links, GIFs, dockets that explain the process for undertaking recharge and effecting bill payments. Recharge process details are also being communicated via my Vodafone app, my Idea app and enabled via digital wallets. Pre-paid customers can also undertake recharges through their nearest Bank ATM. Additionally, Vodafone Idea is requesting digital savvy customers to #RechargeforGood and help their friends, relatives and neighbors who are not familiar with digital platforms.

With retail outlets being inoperational during the lockdown, Vodafone Idea is helping its 2G customers using feature phones, to access Quick Recharge through SMS and Missed call. The process is simple and easy to understand. Customers just need to send a SMS from their registered mobile number. In some cases customers will have to complete the process by giving a missed call to a designated number.

Quick Recharge through SMS

•      E.g. SBI Bank : SMS to 9223440000

SMS Format: StopupUseridMPINVODAFONE/IDEA10 digit Mob         NoAmount

•      ICICI Bank: SMS to 9222208888 : MTOPUPIDEA/VODAFONE10 digit Mob NoAmountLast 6 digits of Bank Acc

•      Axis Bank: SMS to 9717000002 / 5676782 : MOBILE10 digit Mob NoIdea/VodafoneAmountLast 6 digits of Bank Acc

•      Kotak Bank : SMS to 9971056767 / 5676788 : REC10 digit Mob No VODAFONE/IDEAAmountLast 4 digits of Bank Acc

•      IndusInd Bank : SMS to 9212299955: MOB10 digit Mob No VODAFONE/IDEAAmountLast 4 digits of Debit card

Quick Recharge through SMS and Missed call

•      E.g.  HDFC Bank : SMS and Call to 7308080808

     1st Step SMS:  ACT VODAFONE/IDEALast 5 digits of Bank Acc

    2nd Step SMS: FAV98XXXXXXXXAmount

   Confirm your recharge by giving a call

    3rd Step: Give missed call to 7308080808

The facility is already live and can be used by customers using their registered mobile numbers.

As an additional convenience factor, Vodafone pre-paid customers can now recharge at Idea retail outlets and Idea customers can avail recharge at Vodafone retail outlets.

Covid-19: LAVA’s Three-Pronged Approach for its People Across India

The dramatic spread of COVID-19 and the subsequent countrywide lockdown has disrupted communities and businesses worldwide. Organizations around the world, including LAVA, are coming forward with innovative ways to minimize the impact of the pandemic on its employees.

Here is the three-pronged approach that LAVA is following for its employees during these tough times.

Empathy & Care- Lava’s top management made phone calls to each and every employee to show solidarity, to comfort them and to know if they needed any help. A comprehensive employee communication program to allay fears and anxieties of its employees also included email messages from leadership, virtual Town Hall and many other initiatives.

Earlier, 20% advance salary was paid to the factory workers to support their expenses during this lockdown period.
Work Engagement- Lava has formed small working committees to ensure that its employees are connected and normal work can be carried out from home. Lava employees find unique and creative ways to keep contributing to the Country while they work from home.

Learning & Development- Lava is running virtual Learning & Development programs for its employees to groom them for the role ahead. The company identified many internal trainers, called Dhronacharyas, with different areas of expertise who conduct online sessions for its workforce in batches. Additionally, Lava is encouraging its employees to read books as a part of its 3D contest which the company started last year for the all-round development of its employees. Under this ongoing program employees are also encouraged to stay fit and healthy.

“At the moment safety and well-being of our employees is our top most priority and we believe that an empathetic approach is the best way to deal with the current situation. From outreach programs to capability building initiatives we are ensuring that our people are not only engaged on daily basis but also fully equipped to deal with the post-lockdown challenges.” -Sunil Raina, President and Business Head, Lava International.

Earlier, the company ran extensive awareness drive for its employees by arranging interactive sessions with expert doctors, placing 1 lakh+ posters at retail shops for awareness.

Lava employees voluntarily contributed 1 day’s salary to the #PMCaresFund.

Toyota Kirloskar Motor Extends its COVID-19 Relief Support in India

Highlights

* Deploys 14 buses to support the health department of Government of Karnataka
* Hands over Hazmat suits to Government Health Volunteers

In the wake of growing number of coronavirus cases in India and implications brought about by the COVID-19 across the nation, Toyota Kirloskar Motor (TKM) today announced its continued support and some specific measures to aid the State Government in its fight against the pandemic. As doctors, paramedics and other hospital staff are at the frontlines during this unprecedented public health emergency, they are susceptible and require Personal Protective Equipment Kits as well as other support to carry out their duties effectively. In order to support the efforts of the Government, TKM today pledged transportation support to the health department workforce in addition to handing over of 1000 Hazmat suits to Government Health Volunteers thus ensuring care for the caregivers.

TKM deployed 10 buses to the Bangalore Medical College & Research Institute (BMCRI) while Toyota Mobility Foundation (TMF) provided another 4 buses to the Health Department of Ramanagara district to enable convenient, hassle free and safe mobility for healthcare workers. These buses will be available 24*7 till 30th of April for the medical staff including doctors, nurses, security team and other public health workers for their mobility purposes such as visit to hospitals, field work and other coordination. Furthermore, 1000 number of Hazmat suits were today handed over to Dr. C R Jayanthi, Dean, Director & Principal at Bangalore Medical College and Research Institute, Bangalore. Additionally, the company will hand over another 2000 of such Hazmat suits to the Government.

Commenting on the extension of relief measures, Mr. Vikram Gulati, Country Head & Senior Vice President, External Affairs, Public Relations, Corporate Social Responsibility & Corporate Governance, Toyota Kirloskar Motor said, “In such uncertain circumstances and juncture of social distress, Toyota Kirloskar Motor as a responsible and committed corporate is steadfast in its resolve to continue its support to the Government of Karnataka in tackling this nationwide emergency. Toyota’s motto of providing utmost safety and security doesn’t just end with its cars or stakeholders but transcends the boundaries of our offices and factories. Accordingly, in these turbulent times it is important for us to help each other and the Government.

We have been closely monitoring the evolving situation and have also taken necessary countermeasures to safeguard the health and safety of our people. We will continue to explore more initiatives that can roll out at the earliest and support the Government to the required extent in its fight against the repercussions of the COVID-19 outbreak.”

Representing TMF, Mr. Pras Ganesh, Program Director for Asia Region, said, “The aim of TMF is to provide the best possible mobility solution for our valued healthcare workers, allowing them to have a safe, expedient and free commute at this uncertain time. This should give these heroes, who are on the frontlines of this battle, some convenience and peace of mind. We are rolling out similar services in some South East Asian countries as well”

TKM recently distributed 1000 essential kits and food supplies to daily wage workers, benefitting over 5000 members in the community. TKM has been encouraging ICARE [an employee volunteerism platform volunteers to utilize digital platforms to spread awareness on hygiene practices and techniques to combat COVID-19, while staying at home.

Worldwide Semiconductor Revenue to Decline 0.9% in 2020 Due to Coronavirus Impact

Due to the impact of the coronavirus on semiconductor supply and demand, worldwide semiconductor revenue is forecast to decline 0.9% in 2020, according to Gartner, Inc. This is down from the previous quarter’s forecast of 12.5% growth.

“The wide spread of COVID-19 across the world and the resulting strong actions by governments to contain the spread will have a far more severe impact on demand than initially predicted,” said Richard Gordon, research practice vice president at Gartner. “This year’s forecast could have been worse, but growth in memory could prevent a steep decline.”

Overall, 2020 global semiconductor revenue has been reduced from the previous quarter’s forecast by $55 billion, to $415.4 billion (see Table 1). 2020 total market growth has been reduced from 12.5% to a decline of 0.9%, with nonmemory expected to decline 6.1%, while memory is forecast to grow 13.9%.

Within memory, NAND flash revenue is forecast to grow 40% in 2020 due to severe shortages persisting from 2019, which keeps pricing firm. “NAND flash supply will remain historically low in 2020 due to fab delays and technology transitions, but the demand will diminish later in 2020,” said Mr. Gordon. “Initial price increases of 15.7% during the first half of 2020 will reverse to a 9.4% decline during the second half of the year. However, average pricing levels will still enable NAND flash revenue to achieve growth this year.”

Strong demand from cloud service providers in the first half of 2020 will push pricing and revenue higher in server DRAM. However, this growth will be more than offset by weak demand and falling prices from the smartphone market. For the DRAM market overall, Gartner analysts estimate DRAM revenue will decline 2.4% in 2020.

“Non-memory semiconductor markets will experience a significant reduction in smartphone, automobile and consumer electronics production and be heavily impacted across the board,” said Mr. Gordon. “In contrast, the hyperscale data center and communications infrastructure sectors will prove more resilient with continued strategic investment required to support increased remote working and online access.”

Gartner clients can learn more in the report “Forecast Alert: 2020 Semiconductor Revenue Downgraded by $55 Billion due to COVID-19 Impact.”

Learn more about how to lead organizations through the disruption of coronavirus in the Gartner coronavirus resource center, a collection of complimentary Gartner research and webinars to help organizations respond, manage and prepare for the rapid spread and global impact of COVID-19.