Indian Overseas Bank's Q1 Net Up 170% To Rs 327 Cr On Better Recoveries, Lower Provisions

State-run Indian Overseas Bank (IOB) has posted a 170 per cent increase in net profit during the first quarter of the current financial year ended on June 30 to Rs 327 crore, from Rs 121 crore during the same quarter in 2020-21.

Total income during the first quarter of 2021-22 was seen at Rs 5,155 crore, down marginally by 1.5 per cent from Rs 5,234 crore during the same period last year. The bank’s managing director and chief executive officer P P Sengupta said fewer provisions and more recovery mainly contributed to the rise in net profit. IOB's provision for bad loans and contingencies for the quarter under review dropped by 11 per cent from Rs 970 crore during the first quarter of the last financial year to Rs 868 crore during the April to June quarter of 2021.

The bank’s asset quality showed signs of improvement with its gross non-performing assets falling by 16 per cent from Rs 18,921 crore during the first quarter in 2020-21 to Rs 15,952 during the same quarter this fiscal. GNPA ratios improved to 11.48 per cent from I1.69 per cent in Q1 last year. Net NPA for the period under review dipped 34 per cent to Rs 3,998 crore during the current financial year. The bank said that its net NPA stood at 3.15 per cent, which is within the prescribed limit of the Reserve Bank of India. IOB’s provision coverage ratio was seen at 91.56 per cent.

Though IOB has seen slippages to the tune of Rs 1,158 crore, it saw a higher cash recovery of Rs 1,125 crore. This was compared to a cash recovery of only Rs 275 crore during the same time last financial year, he said.

Owing to a reduction in interest expenditure, the lender's operating profit rose from Rs 1,094 crore to Rs 1,202 crore during the period under review. During the quarter, the bank’s total business (including investment) increased by 8 per cent to Rs.4,78,365 croreas against Rs. 4,43,155 crore during the April to June quarter of 2020. The bank’s total deposits too saw a rise of 8 per cent in Q1 to Rs 242,941 crore from Rs 225,546 crore during the same period last fiscal.

The bank's CASA improved to 4l.63 per cent as on June 30 this year from 41.02 per cent in the same quarter in 2020-21. Total CASA also increased from Rs 92,514 crore last year to Rs 101,129 crore during the Q1 of this fiscal, SB (Savings Bank) registered 10.82 per cent year-on-year growth compared to last year.

Gross advances increased to Rs 1,38,944 crore as on June 30, 2021 from Rs l,31,565 crore during the year-ago period. The bank said it has evolved a policy of not taking fresh exposures in stressed sectors, below hurdle-rated accounts and BB and below rated accounts. The bank has also exited accounts in stressed sectors. During the quarter, the bank’s interest income saw a decline of 6 per cent, while non-interest income increased by 17 per cent.

Regarding Covid restructuring, Sengupta said, “We have done around Rs 4,300 crore of Covid restructuring, we are also planning to do another Rs 3,000 crore. We are expecting that most of the restructured accounts will be turning around.”

Punjab National Bank Net Profit Improved To Rs 1,023 Crore During Q1 FY’22

Financial Results for Q1 FY 2021-22 

Net Profit improved to Rs 1,023 Crore during Q1 FY’22. Operating Profit increased Y-o-Y by 15.5% to Rs. 6,099 Crore. Global NIM improved to 2.73% in Q1 FY’22. 

Key Highlights  

Global Gross Business stood at Rs. 18,23,685 Crore as on June’21. Domestic Gross Business increased to Rs. 17,87,019 Crore as at the end of June’21 from Rs. 17,46,461 Crore in June’20 with a YoY growth of 2.32%. 

Domestic Deposits stood at Rs. 10,78,937 Crore as at the end of June’21 as against Rs. 10,44,290 Crore in June’20 with YoY growth of 3.32%.  

Domestic Advances improved marginally to Rs. 7,08,082 Crore as at the end of June’21 from Rs. 7,02,171 Crore in June’20 with growth of 0.84%.  

Domestic CASA Share improved by 170 bps on Y-o-Y basis to 45.15% in June’21. CASA Deposits grew by 7.34% on Y-o-Y basis to Rs. 4,87,136 Crore in June’21.  

Savings Deposit grew by 8.34% on Y-o-Y basis to Rs. 4,19,525 Crore as on June’21. 

Retail Term Deposit (less than Rs. 2 Crore) grew by 10.73% on Y-o-Y basis to Rs. 5,13,837 Crore as on June’ 21.  

Retail TD < Rs. 2 Cr + CASA share improved to 91.2% in June’21 from 85.40% in June’20.  

Retail, Agriculture & MSME (RAM) Share to Domestic Advances improved to 53.9% in June’21 from 53.2% in June’20.  

Total Recovery including cash recovery and Up-gradation during Q1 FY’22 improved to Rs. 8,270 Crore. 

Net Profit improved by 232.1% to Rs. 1,023 Crore in Q1 FY’22 from Rs. 308 Crore in Q1 FY’21.  

Operating Profit grew by 15.5% on Y-o-Y basis to Rs. 6,099 Crore in Q1 FY’22.  

Net Interest Income grew by 6.6% on Y-o-Y basis to Rs. 7,227 Crore in Q1 FY’22.  

Global NIM improved by 23 bps to 2.73% in Q1 FY22 from 2.50% in Q1 FY’21.  

Cost to Income Ratio improved Y-o-Y to 43.64% in Q1 FY22 from 49.41% in Q1 FY’21.  

CRAR improved to 15.19% in June’21 from 12.63% in June’20.  

GNPA ratio stood at 14.33%, NNPA ratio stood at 5.84% in June’21 and PCR including TWO stood at 80.26%. 

Business Performance in Key Parameters (as on 30.06.2021)  

Global Deposit of the Bank increased to Rs. 10,97,649 Crore as on June’21 from Rs. 10,74,917 Crore in June’20.  

Global Advances stood at Rs. 7,26,036 Crore as on June’21 against Rs. 7,21,695 Crore in June’20.  

Current Deposit stood at Rs. 67,611 Crore at the end of June’21 as against Rs. 66,571 Crore in June’20. 

Priority Sector   

The Bank has achieved National Goals in Priority sector at 42.10% at Rs. 2,83,935 Crore in June’2021, as against the target of 40%.  

Credit to Small and Marginal farmers stood at Rs. 61,900 Crore in June’2021. National Goal achievement is 9.17% of ANBC, exceeding the target of 9%.  

Credit to Weaker Sections stood at Rs. 85,050 Crore in June’2021. National Goal achievement is 12.61% of ANBC, exceeding the target of 11%.  

Credit to Micro Enterprises stood at Rs. 53,501 Crore as on June’2021. The Bank has achieved National Goal at 7.93% of ANBC as against the target of 7.5%. 

Profitability  

Total Income stood at Rs. 22,515 Crore during Q1 FY’22 as against Rs. 24,293 Crore during Q1 FY’21.  

Total Interest Income stood at Rs. 18,921 Crore & Non Interest Income was at Rs. 3,594 Crore.  

Total Expenditure declined by 13.7% to Rs. 16,416 Crore during Q1 FY’22 from Rs.19,013 Crore during Q1 FY’21. 

AssetQuality  

Gross Non Performing Assets (GNPA) stood at Rs. 1,04,076 Crore as on June’21 as against Rs. 1,01,849 Crore in June’2020.  

Net Non Performing Assets (NNPA) stood at Rs. 38,581 Crore as on June’2021 as against Rs. 35,303 Crore in June’20.  

Provision Coverage Ratio (PCR) excluding TWO stood at 62.93% in June’2021 against 65.34% in June’2020. 

CapitalAdequacy  

CRAR improved to 15.19% in June’2021 from 12.63% as at June’2020. Out of which Tier-I is 12.47%, CET-1 is 11.56% and Tier-II CRAR is 2.72% as at June’21 

Digitalization 

Internet Banking Services (IBS) users increased to 262 Lakhs as at June’21 from 233 Lakhs in June’20.  

PNB One Mobile Banking Services (MBS) users increased 49% YoY to 251 Lakhs as at June’21 from 169 Lakhs in June’20. 

Bharat QR Code users increased to 4 Lakhs as at June’21 from 1.34 Lakh in June’20 with YoY growth of 198%. 

Number of UPI transactions increased 90%YoY to 36.45 Crore during June’21 from 19.16 Crore in June’20. 

Yury Pisarchyk From Belarus Beat 3.16 Lakh Coders To Become ‘Best Coder Of The World’ At Code Gladiators 2021

Albert Einstein’s saying, “In the middle of difficulty lies opportunity”, was probably a prophecy for Yury Pisarchyk as he braved all the COVID-19 laden despair and fought 3.16 lakh coders globally to win the champion’s title at the world’s biggest coding competition - Code Gladiators 2021. Hailing from Minsk, Belarus, Yury was declared winner of Code Gladiators 2021 in a grand virtual finale ceremony held on July 29. 

For someone who was facing a time difference between Belarus and New-Delhi; an emerging winner with top-notch marks among 1,210 finalists (out of 3.16 Lakh total participants); Yury’s story is both inspirational and interesting. He participated in the 2020 edition of Code Gladiators too, he reached the finale round but logged in half an hour late and lost his edge. Still he was among the top ten people on the 2020 leaderboard. 

This year, Yuri Pisarchyk was more determined to win the crown and etch his name in the coding history. He was among the 200-odd international participants at Code Gladiators. Other foreign participants belonged to Bangladesh, the UAE, Indonesia, Malaysia, Russia and Germany.   

Code Gladiators is an annual coding competition hosted by TechGig. It has been felicitated with the Guinness World Record and the Limca Book of Records mention for its massive participation throughout the years. The 2021 edition kicked off on March 22 with Cognizant, one of the world’s leading professional services companies for the digital era, as its presenting partner. 

It saw a participation of over 3.16 lakh coders despite the ongoing pandemic. Code Gladiators 2021, the second virtual version of the event, saw 25% more participation as compared to the 2020 edition, and highest ever recorded so far!

Code Gladiators 2021 concluded with the hackathon and coding finale rounds on July 24 and 25 respectively. Both these days, 1,210 finalists thronged the virtual arena at events.techgig.com to attempt their last coding problems. This was followed by a virtual career fair for the competition participants on July 28 and 29 where tech firm Persistent was shortlisting candidates for open positions. 

A grand virtual ceremony on July 29 marked the end of Code Gladiators 2021. The finale event brought together India’s best coders under one roof The event was marked by a special speech by NR Narayana Murthy, Founder, Infosys Limited. He highlighted how coders can make enduring and value for money software systems. He also mentioned Plato's admiration of beauty in mathematics. Allen Shaheen, Executive Vice-President, Digital Engineering, Cognizant delivered the keynote address where he talked about how coders were fuelling innovations and would be leading the next set of transformation in every domain. The event further hosted two panel discussions and a talk where speakers from Great Learning, VMware,  UiPath, Globant, Accenture, Nutanix, Publicis Sapient, Zinnov, Zycus, TomTom and other technology companies shared their insights on disruptions in the tech domain, managing tech careers and navigating through competitive workplaces. 

Talking about Code Gladiators 2021, a very jubilant Sanjay Goyal, Business Head, TimesJobs and TechGig said, “This year’s Code Gladiators was special in many ways. The record breaking participation of 3.16 Lakh coders proves that no pandemic, however grave, can crush the human spirit. We saw about 31% women coders turn up for the competition, this is the highest ever diversity ratio seen at Code Gladiators. I must thank all the corporate partners, especially Cognizant who shares our vision of democratising tech talent at Code Gladiators. Many congratulations to all the winners.”

“Code Gladiators has grown from strength to strength with each passing year and witnessed an unprecedented participation yet again this year and with even greater diversity. We at Cognizant have been excited to be the presenting partner of this year’s contest and beyond the numbers, we are in awe of your inventiveness, innovation, and passion. Code Gladiators represent the best of the future and inspire us and many others,” said Allen Shaheen, Executive Vice President, Global Practice Head Cognizant Enterprise, Engineering.

The 2021 edition had an open coding round and three theme hackathons, namely Bosch AI Hackathon, UiPath - RPA Hackathon 2021, and Times Internet Machine Learning Hackathon. Collectively the theme hackathons garnered over 43,000 registrations. These were focused on enabling coders to find business solutions to real-world problems using niche technologies.

Participants included 69% men and 31% women. Also 62% participants were professionals whereas 38% were technology students.

More than 15 winners were felicitated at the grand virtual finale ceremony. The Coding Champion Yury Pisarchy took home prizes worth Rs 3 Lakh. The total prize pool at Code Gladiators was Rs 50 Lakh. 

The complete winners’ list is:

Winner: Yury Pisarchyk

1st Runner up: Kalash Gupta

2nd Runner up: Rishabh Rathi

3rd Runner up: Manish Joshi 

4th Runner up: Abdullah Aslam

Code Diva award: Gayatri Marathe

Studds Launches Thunder D9 Decor Helmets In The Indian Market

Reaffirming its commitment towards providing safety and comfort to the two-wheeler riders of India, STUDDS Accessories Ltd., the world’s largest two-wheeler helmet manufacturer (in terms of volumes sold in a year), has launched Thunder D9 Décor Helmet.

Thunder D9 Décor -Mad Vampire is a full face helmet with product features like silicone coated quick release visor, aerodynamic design, regulated density EPS, hypoallergenic and replaceable liner, quick release chin strap, top air vents and chin air vents & air exhausts feature for superior riding comfort. The outer shell is injected with special high impact grade of engineering thermoplastic for extra protection.

The aerodynamic shape of the helmet helps reduce the drag pressure for when the vehicle is in motion and the quick release feature of the chin strap provides convenience and ease of operation to the rider.

Priced at ₹1895 and is one of the most stylish helmets available in its range. The helmet is available in 2 different finish options –Gloss and Matte finish, with 6 different color decal options – Black N2, Black N5, Black, N10, Matt Black N2, Matt Black N5 and Matt Black N10. The UV resistant paint protects helmet color from fading with long lasting and rich finish. It is suitable for all riders and comes in three sizes- Medium(570MM), Large(580MM) and Extra Large(600MM).

The inclusion of comfortable inner padding of high quality fabric in the helmet increases the comfort. In fact, because of prolonged riding, the hypoallergenic liner prevents rider against allergies or illnesses arising from constant interaction with moist helmet liners.

About STUDDS Accessories Ltd.

STUDDS ACCESSORIES LIMITED is the world’s largest manufacturer of two-wheeler helmets. The company has two flagship brands STUDDS & SMK HELMETS. It has a wide range of helmets and motorcycle accessories, which keeps evolving every year with new technology, design and graphics. The brand believes that our focus on safety, quality and style makes us a lifestyle choice for our customers, and positions STUDDS and SMK as aspirational brands. Its flagship brand STUDDS is marketed and sold in 40 countries across the globe.

Bharat Petroleum Appoints V.R.K. Gupta As CFO As N Vijayagopal Superannuates

·    Shri Gupta currently heads Corporate Treasury of the Corporation and has over 23 years of experience

·    Shri N. Vijayagopal superannuated from his responsibilities as at BPCL’s Director Finance on 31st July 2021, after an illustrious career of 34 years

Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company announced appointment of Shri V.R.K. Gupta as Chief Financial Officer as Shri N. Vijayagopal, Director (Finance) superannuated from the service on 31st July 2021, after an illustrious career of more than three decades.

In his rich career spanning 34 years, Shri N Vijayagopal has carried the financial baton of a company in its most challenging times, as the world battles the pandemic. He has always embraced complexities and uncertainties with a relish, thereby showcasing his leadership qualities to navigate storm.

Shri Gupta has been handling various functions of finance at BPCL since more than two decades now. He has a rich experience in the field of Corporate Accounts, Risk Management, Budgeting, Business Plan, Treasury Operations etc. He has played critical role in strategy formulation and implementation to ensure corporate governance compliance and monitoring key internal controls. Apart from currently heading the Corporate Treasury, he is also a board member of Fino Paytech Limited, Fino Finance Ltd and Mumbai Aviation Fuel and Farm Facility Limited.            

About Bharat Petroleum Corporation Ltd. (BPCL):

A Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy.

Bharat Petroleum’s Refineries at Mumbai and Kochi, subsidiaries Numaligarh Refinery Limited at Assam and Bharat Oman Refineries Ltd., at Bina, Madhya Pradesh have a combined refining capacity of over 40 MMTPA. Its marketing infrastructure includes network of installations, depots, retail outlets, aviation service stations and LPG distributors. Its distribution network comprises around 18,000 Retail Outlets, 6,600 LPG distributorships, 733 Lubes distributorships, 123 POL storage locations, 52 LPG Bottling Plants, 58 Aviation Service Stations, 3 Lube blending plants and 4 cross-country pipelines.

With a focus on sustainable solutions, the company is developing a vibrant ecosystem. Bharat Petroleum has been partnering communities by supporting innumerable initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be the most admired global energy company leveraging talent, innovation & technology.

One In A Billion: The BMW Individual 740Li M Sport Edition Launched In Indian Market

* Exclusivity of highest order: Limited units available on BMW Online Shop

* Master craftsmanship: BMW Individual paintwork, exclusive wooden trims, BMW Individual badging and personalized embroidery.

* Exclusive M Sport package with Design Pure Excellence luxury interiors.

* New driver assistance systems and smooth automated driving functions.

* #The7 #BMW7 #BMWIndividualEdition

BMW India has launched the BMW Individual 740Li M Sport Edition today. BMW’s flagship model is presented in a new avatar with exclusive personalization, iconic M performance and handcrafted precision. Locally produced at BMW Group Plant Chennai, limited units of the Individual Edition can now be booked at shop.bmw.in.

Mr. Vikram Pawah, President, BMW Group India said, “BMW Individual is now being locally produced in India at Plant Chennai for the first time. It represents bespoke personalization and gives a new dimension to the BMW 7 Series, an epitome of exclusivity and performance. This winning combination takes the story of contemporary luxury forward into the future by allowing customers to express their personality. The new BMW Individual 740Li M Sport Edition is an exclusive limited edition that achieves a peerless symbiosis of performance and individualization.”

Limited units of the BMW Individual 740Li M Sport Edition are available at INR 1,42,90,000.

Price prevailing at the time of invoicing will be applicable. Ex-showroom prices inclusive of GST (incl. compensation cess) as applicable but exclude Road Tax, Tax Collected at Source (TCS), RTO statutory taxes/fees, other local tax cess levies and insurance. Price / options are subject to change without prior notice.  For further information, log on to www.bmw.in.

The BMW Individual 740Li M Sport Edition is available in two exciting BMW Individual metallic colours – Tanzanite Blue and Dravit Grey with exclusive leather ‘Nappa’ with extended contents/stitching - Mocha and Black combination upholstery.

The Design Pure Excellence interior package sets brilliant accents that underline the contemporary, luxurious and aesthetic character with unique craftsmanship. M Sport exterior and powerful engine produce an adrenalin-rich combination to set the hearts of motorsport fans pounding.

Customers of the BMW Individual 740Li M Sport Edition will gain membership to the exclusive BMW Excellence Club. A member’s only collective, BMW Excellence Club caters to the discerning taste of BMW customers by curating unmatched luxury experiences from around the world. The program features four main pillars: Bespoke Travel, The High Life, Grandstand and BMW Privileges.

BMW India Financial Services offer customized and flexible financial solutions as per individual requirements. BMW 360˚ offers exclusive financial packages with great value and absolute peace of mind. Customers will enjoy a hassle-free ownership experience with low monthly payments and flexible end of term options. Service Inclusive and Service Inclusive Plus further reduce cost of ownership. Customers can choose from a variety of service plans according to duration and mileage. The packages cover Condition Based Service (CBS) and maintenance work with plans starting at INR 51,700 for a 3 years / 40,000 kms.

The BMW Individual 740Li M Sport Edition.

The design of the BMW 7 Series is clearer, more modern and more emotional. Visually, the 7 makes a clear statement with an imposing presence, created by the distinctive front and rear design. The most striking feature is the BMW Individual special paint metallic finish in Tanzanite Blue and Dravit Grey. Adaptive LED headlights with BMW Laserlight technology enhance the commanding look. Dynamic character is emphasized by aerodynamically optimized bodywork elements of the M Sport package as standard. BMW Laserlight makes a striking impression and distributes light perfectly. An exclusive optional feature is the BMW Individual 20” light alloy wheels V-spoke style 628, painted in bicolour and 20” M light alloy wheels Star-spoke style 817 M.

Interior of the BMW Individual 740Li M Sport Edition offers unique and bespoke personalisation. Customizable embroidery on specially crafted BMW Individual Alcantara headrest and backrest cushions offer customers the chance to express their personality integrating harmoniously with the sophisticated polish of BMW Individual interior trim badging on the dashboard and centre console. The ‘BMW Individual’ emblem on the interior trims is a perfect fit with the design, signalling its special roots. The BMW Individual Alcantara headliner in Ivory White and Canberra Beige highlights the special quality that can be seen and felt. Interior trim offers a refined premium option with exclusive Nappa leather upholstery with extended contents and stitching. The new fine-wood trim with wooden inlays adds a touch to luxury to the roof handles clasp, rear seats belt clasp and rear-centre armrest cup holder and provides premium experience of the highest order. Generous levels of space, ambient lighting, ambient air package, Panoramic glass roof Sky Lounge with LED light graphics are few among the long list of features that create the perfect ambience. The Executive Lounge appointments maximize comfort with four-zone automatic climate control, electrically adjustable comfort seats, massage function and active seat ventilation. In addition to the above, the BMW Individual design composition includes the comfort access system, front and rear active seat ventilation, the front and rear seat heating, climate comfort laminated glass and windscreen, soft close function and welcome light carpet features as standard.

Thanks to the unrivalled BMW TwinPower Turbo technology, the petrol engine meld maximum power with exemplary efficiency and offer spontaneous responsiveness even at low engine speeds. The three-litre six-cylinder produces an output of 340 hp and a maximum torque of 450 Nm at 1,500 – 5,200 rpm. The car accelerates from 0 – 100 km / hr. in just 5.6 seconds.

BMW EfficientDynamics includes features such as 8-speed Steptronic Automatic Transmission, Auto Start-Stop, ECO PRO mode, Brake-Energy Regeneration, Electronic Power Steering, 50:50 Weight Distribution, Driving Experience Control switch. Dynamic Damper Control improves ride quality and suspension by stabilizing all irregularities of the surface. The Adaptive 2-Axle Air Suspension enables raising and lowering of vehicle at the touch of button and automatically adjusts the height of the car to suit any given driving situation.

Rear-seat Entertainment Professional allows users to access the entertainment and navigation functions from the rear seats. It now comprises two 10.2 inch full-HD touch displays with a Blu-ray player. BMW Touch Command, the innovative system, offers a fully integrated control option for entertainment and comfort functions for the rear. The 7-inch tablet with touch function, which is integrated into the centre armrest and connected to the vehicle systems, can also be used outside the vehicle. Modern cockpit concept BMW Live Cockpit Professional with BMW Operating System 7.0 includes 3D Navigation. BMW Gesture Control that recognizes six pre-defined hand movements for control of several functions. The smartphone holder integrated into the centre console allows inductive, Wireless Charging for mobile phones. Wireless Apple CarPlay® / Android Auto ensures seamless smartphone connection with the car to access several functions. Harman Kardon Surround Sound System conjures an engrossing treat for the ears. High-end 16 speaker system with woofers generates an impressive audio experience in all seats that is unique worldwide in the automotive sector. 

New driver assistance systems and extended functions smooth the way to automated driving. The Lane Departure Warning component of the newly introduced BMW Driving Assistant now also has the lane return function.  Range of state-of-the-art driver assistance systems includes Driving Assistant with Lane Change Warning, Rear Collision Warning and Crossing Traffic Warning. Parking Assistant Plus with Surround View Camera makes parking in tight spots easier by taking over acceleration, braking and steering. The Reversing Assistant provides unmatched support in reversing out of parking or through narrow driveways. It keeps a record of the last 50 metres driven and assists by taking over the steering. With the Remote-Control Parking function, a driver can manoeuvre the vehicle into a narrow parking space from outside using the BMW Display Key.

BMW safety technologies include six airbags, Attentiveness Assistance, Dynamic Stability Control (DSC) including Cornering Brake Control (CBC), Dynamic Traction Control (DTC), electric parking brake with auto hold, side-impact protection, electronic vehicle immobilizer and crash sensor, ISOFIX child seat mounting and integrated emergency spare wheel under the load floor.

Brigade REAP Partners With Habitat For Humanity; Adds New Track In Cohort 10

Brigade REAP, Asia’s first real estate startup accelerator, has announced its ‘Cohort 10’, with a new track on ‘affordable housing’ in partnership with Habitat for Humanity’s Terwilliger Center for Innovation in Shelter. Through the partnership, Brigade REAP and Habitat’s Terwilliger Center will work closely with startups to help bridge the gap between innovation in housing and real-world impact.  The partnership provides a comprehensive platform for affordable housing startups to work with, and benefit from experts in two of the top real estate and housing-focused organizations in the region.  Brigade REAP chose seven startups from 120 applicants as part of Cohort 10, including two startups in affordable housing.

The other categories addressed in this cohort are robotics, FinTech, water management, EV infrastructure, retail, construction management and alternate building materials. The startups that make up Cohort 10 are:

1. RecycleX: Revolutionizing Indian Green Building Industry by manufacturing building material products like bricks, paver blocks, tiles, planters, kerbstones from recycle plastic, industrial and construction debris waste.  

2. Homehub Global: Technology platform to facilitate home construction and mortgages

3. Favo: Making construction automation accessible to Indian market by providing affordable and comprehensive solutions for brick laying and onsite concrete 3D printing

4. Troncart: Smart water-metering solution, which offers ultra-low power smart water meters with a complete software stack for administrators and consumers.

5. Charzer: An aggregator of EV charging stations where users can book, pay and use charging stations

6. Litestore: An online platform for listing and booking commercial retail spaces and storefronts -ultra short term and affordable. i.e. Storefront-As-A-Service

7. NAVANC: Aims to be India’s first property Credit Scorecard enabling financial access to the customers by facilitating the Financial Institutions to underwrite and create lifetime value for their assets

These startups will be part of a program that follows an intensive eighteen-week long cycle to help them unlock value and scale their business.

“In an effort to boost Brigade’s contribution to the affordable housing segment, particularly in terms of innovation and technology, we have introduced a focused track in our 10th cohort in partnership with the Terwilliger Center. We have noticed that PropTech startups with disruptive and innovative technologies are attracting significant investments from investors across the globe. In fact, over 44% of the startups from the Brigade REAP portfolio have raised capital from marquee investors, 11 of which did so during the ongoing global pandemic. We are really looking forward to applying the lessons learnt over nine cohorts to this stellar group of incoming startups in Cohort 10,” said John Kuruvilla, Chief Mentor, Brigade REAP.

Pradhan Mantri Awas Yojana, an ambitious initiative by the Government of India that promises 2 crore dwellings by 2022, has provided a massive impetus for innovation in this sector. As cost of technology continues to fall rapidly, increased technology adoption is poised to transform the affording housing sector. Specific focus areas include alternate building material, real time project monitoring, document management, FinTech and robotics.

“This partnership marks an important milestone in the journey of Habitat’s Terwilliger Center in India. The housing deficit in India is huge and private sector partnerships are critical to providing affordable housing ventures the support they need to scale. This partnership with Brigade REAP reinforces that affordable housing is a high-impact sector for innovation and investment, with interest from adjacent sectors like PropTech and FinTech,” said Anoop Nambiar, Country Director for the Terwilliger Center in India. The Terwilliger Center supports innovative pilots, ventures and entrepreneurs, including through its ShelterTech platform, as part of its strategy to develop market-based solutions for affordable housing in India and around the world.

“ShelterTech has supported over 60 innovative ventures globally with knowledge, network, connections and capital since 2017. Today, it’s the world’s leading platform for affordable housing innovation” said Lizan Kuster, global lead for ShelterTech. “This is our first collaboration to add affordable housing to a partner accelerator, leveraging ShelterTech’s expertise to support additional entrepreneurs” she added. Habitat for Humanity also invests in promising housing startups through its Shelter Venture Fund; two of the fund’s ten investments to date have been in India.

About Habitat’s Terwilliger Center for Innovation in Shelter

The Terwilliger Center for Innovation in Shelter, a unit of Habitat for Humanity International, works with housing market actors to expand innovative and client-responsive services, products and financing so that households can improve their shelter more effectively and efficiently. The goal of the Terwilliger Center is to make housing markets work more effectively for people in need of decent, affordable shelter, thereby improving the quality of life for low-income households. To learn more, visit habitat.org/tcis.

About ShelterTech

ShelterTech is a global innovation platform advancing entrepreneurial housing solutions that radically improve the lives of low-income families. Supported by Habitat’s Terwilliger Center for Innovation in Shelter and its partners, ShelterTech puts entrepreneurs at the center of a highly connected ecosystem of mentors, investors, peers, alumni and technical experts who share a passion for revolutionary ideas in affordable housing.  For more information and opportunities, visit shelter-tech.org

About Brigade REAP

Brigade Real Estate Accelerator Program (REAP) started in 2016 was recognised by Startup India as the No 1 accelerator program in the country. It is Asia’s first PropTech focused Accelerator Program. Within a year of commencement of the program, Brigade REAP was recognized amongst the Top #3 Real Estate accelerators in the world! It’s success over the past 4 years has established the emergence of PropTech as a critical sector for India’s progress. Started in October 2016, the main objective of Brigade REAP is to understand the challenges faced by the Real Estate sector and then identify, nurture and validate solutions by innovative startups that can then catalyse the rapid adoption of technology by the sector, helping deliver significant cost savings, revenue maximization and overall process efficiencies. Through its well-established network of over 50 veteran mentors, domain experts, investor access, deep industry relationships, corporate partnerships, access to a structured program, and the expertise of in-house mentors, REAP startups are adding value to India’s Real estate developers - both big and small.