Cashfree Payments Joins Hands With Furlenco To Delight Its Customers With Convenient And Instant Payouts

Cashfree Payments, India’s leading payments and API banking solutions company, is assisting the subscription-based furniture rental company Furlenco, in creating a fastest security deposit refund experience for its customers, through its Payouts link solution ‘Cashgram’.

The furniture rental company collects security deposits at the start of the subscription plan. Once the subscription ends, Furlenco teams pick up the furniture from the customer site and the security deposit is credited back to the customer's preferred account using a Cashgram link.

As soon as the Furlenco system identifies that the return is completed, the system auto-generates a Cashgram link using Cashfree Payments’ Cashgram API with the registered phone number or email id of the customer and refund amount. The customer receives the link over Whatsapp/SMS/email and can open the link, enter preferred bank account details or UPI ID or other wallet details where the customer would like to receive the refund money. This helps customers get the refund credited without having to share their sensitive bank account details.

This payout system takes care of all the backend activities and automates the refund process for the business. The end customers can also claim refunds instantly even during bank holidays and weekends.

Founded in 2012, Furlenco provides furniture and home decor on rent along with relocation services. Prior to integrating Cashgram, Furlenco’s payout process was majorly manual and highly procedural in nature, which made it tedious, time-consuming and prone to errors and delays. The Cashfree Payments - Furlenco partnership is of high significance as the collections and refund process is an essential part of the rental business.

Reeju Datta, Co-Founder, Cashfree Payments said, “We are delighted to extend our payout services Cashgram to Furlenco and its users. Cashfree Payments has always strived to undertake innovative approaches to address industry problems. Through Cashgram, we have been helping Furlenco in making the entire process of Payouts simple, stable and seamless. We will continue our efforts of providing consumer-centric products, which will generate greater functional efficiency and convenience for businesses and customers alike.”

Varun Krishnakumar, Director of Products, Furlenco said, “We are happy to partner with Cashfree Payments for Payouts so as to serve our customers with a seamless experience. Prior to this partnership, our refund process was tedious, prone to errors and time consuming owing to system-induced delays. The partnership with Cashfree Payments has allowed us to render fast, secure and user-friendly settlements, thereby enhancing the overall customer journey. Also, from the automation and scalable point, Cashgram has been phenomenal. The time saved, in turn, has allowed us to interact more with the customers in devising more effective and innovative procedures, thus creating a better value proposition.”

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.

About Cashfree Payments

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal. 

OPPO India Partners With BITS Pilani To Build A Future Innovative Workforce

* Signs MoU with the Science and Technology institute for Knowledge & Skill enhancement of India R&D employees related to areas such Extended Reality, Imaging & Network Technology

In line with the brand’s human-centric approach to innovation & technology, OPPO India today signed an MoU with BITS Pilani to upskill its R&D engineers with advanced technological learnings. With the advent of industry 4.0 and in the era of specialization, this initiative reiterates OPPO’s focus to help employees acquire skill upgradation while focusing on innovations centric to advance technologies. Under the partnership BITS Pilani’s Work Integrated Learning Programs (WILP) division will support OPPO India R&D engineers to strengthen their technical knowledge through various courses.

Following the government’s vision of building a future-ready workforce, through this partnership OPPO aims to develop its engineers from India R&D in various emerging technology areas including network, imaging, and extended reality. The program will be fully sponsored by OPPO, and the nominated candidates will be admitted through a structured admission process. BITS Pilani WILP will use fully functional and regularly-maintained equipment & software in their virtual & remote labs that is open for students 24x7 throughout the year, and will also provide them with the course handouts, video lectures that can be attended as per the students’ convenience, simulations & industry-specific case studies as part of the detailed academic programme.

Elaborating on the MoU, Mr Tasleem Arif, Vice President, India R&D Head, OPPO India, said “Our new brand proposition ‘Inspiration Ahead’ is in line with our efforts of creating a skilled workforce that will meet the ever-evolving technology demands of the consumer. The impact of rapid technological changes has led OPPO to ensure we are ahead of the game to ensure we develop innovations that revolve around user experience. This association compliments OPPO’s aim to deliver the best training for our employees and accelerate our Make in India efforts.”

With OPPO’s constant focus on innovation, this initiative follows the brand’s research across AI, network, imaging etc. to help strengthen the technical knowledge of OPPO engineers.

Explaining the collaboration, Prof. G. Sundar, Director, Off-Campus Programmes & Industry Engagement, BITS Pilani, said, “BITS Pilani is happy to work with an innovation leader like Oppo in offering our unique programmes that integrate rigorous academic content with skill building, and ensure that the learners are kept abreast of latest and emerging technologies, and prepare them to anticipate market needs and build products to fill such needs.”

BITS Pilani WILP has been behind over 97,000 working professionals to strengthen the foundation of their technical expertise and assisting them to stay relevant by upgrading their Knowledge & skills. Given the nature of new-age professions, and the acquired reputation of Indian professionals in these roles, continual learning and higher educational qualifications are necessary tools for the nation to succeed within, and compete globally and BITS Pilani WILP allows to do so without interrupting the careers of these working professionals.

OPPO has been at the forefront of empowering and mentoring India's youth through multiple initiatives. OPPO has also collaborated with leading institutions to promote research in the field of science and technology. It envisaged joint research and development for multiple projects over two years to develop new technologies in areas specific to camera and image processing, battery, networks (5G), system performance, and Artificial Intelligence, among other areas. 

About OPPO Mobiles India Private Limited

OPPO is a leading global smart device brand. Since the launch of its first mobile phone - “Smiley Face” - in 2008, OPPO has been in relentless pursuit of the perfect synergy of aesthetic satisfaction and innovative technology. Today, OPPO provides a wide range of smart devices spearheaded by the Find and Reno series. Beyond devices, OPPO provides its users with the ColorOS operating system and internet services like OPPO Cloud and OPPO+. OPPO operates in more than 50 countries and regions with more than 40,000 of OPPO's employees are dedicated to creating a better life for customers around the world.

About BITS Pilani Work Integrated Learning Programmes(WILP):

India has a large and qualified professional workforce, which must and will continue to grow in size, complexity, and quality. Given the nature of modern professions, and the acquired reputation of Indian professionals in these roles, continual learning and higher educational qualifications are necessary tools for the nation to succeed within, and compete globally. Work Integrated Learning Programmes of BITS Pilani (WILP) are degree/diploma/certificate programmes which are developed and conducted by BITS Pilani in association and jointly with organizations representing various industry sectors.  

About BITS Pilani:

BITS Pilani is an Institution of national repute, known for providing technical education of the highest standards and is well recognized for its innovations, and strong links with industry. It is consistently ranked as the best private engineering & technology institution by leading ranking agencies and publications. MHRD, Govt. of India, in August 2018 announced BITS Pilani as one of the first six Institutions of Eminence in the country. It is one of the few universities that has created an institutionalized framework for achieving a vibrant environment that successfully inculcates an ambience for experiential and cooperative learning and education. BITS Pilani views education as a continual engagement and experience, and ensures that the learning experience is integrated seamlessly not only across its classrooms and laboratories, but also in the industry, as exemplified by its Practice School, and Work Integrated Learning Programmes.

Tech Mahindra Ltd: CTC Acquisition To Strengthen TechM’s Insurance And Digital Engineering Capabilities

BUY

CMP: Rs1722  

Target Price: Rs1930

* TechM has agreed to acquire a 100% stake in Com Tec Co IT Ltd (CTC), an IT solutions and services provider serving the insurance and financial services industries, for a cash consideration of EUR310mn, including earnouts (~4x EV/Sales on annualized CY21E sales). It is also acquiring a 25% stake in SWFT Technologies Ltd and Surance Ltd for EUR16.5mn and EUR3.5mn, respectively, with an option to acquire another 20% stake in the next two years.

* Deal rationale: The CTC deal will strengthen TechM's digital capabilities with the addition of over 720 skilled professionals across digital engineering, UI/UX, architecture, agile full stack capability, cloud, AI/ML, etc. It will also expand the talent pool access across eastern European markets. The acquisition will strengthen TechM's digital transformation expertise and expand its offerings to high-end digital engineering services for some of the largest insurance, re-insurance and financial services organizations globally. It will scale up TechM's near-shore delivery presence in Europe. The business will be co-branded as Tech Mahindra CTC with immediate effect. The company will put in place an integrated operational management team that will focus on driving identified areas of synergies, including but not limited to cross-sell and scale up digital engineering capabilities.

* Deal structure: TechM will pay a total consideration of up to EUR310mn, including earnouts for the acquisition of CTC, which includes an upfront payment of EUR210mn and EUR100mn of earnouts over four years based on business performance and realized synergies benefits. It will also invest a cumulative amount of EUR20mn in SWFT (EUR16.5mn) and Surance (EUR3.5mn) for a 25% ownership in each of these InsureTech ventures funded by the same founding group as CTC.

* Brief profile of CTC: Incorporated in 2011, CTC is a specialized digital engineering and outsourced product development organization with development centers in Latvia and Belarus with 720+ employees (85% in Lativa and 15% in Belarus having capabilities in Agile Full stack, Architecture, UI/ UX, Cloud, AI/ML). CTC provides digital platforms and applications, and digital transformation-based services, including product engineering, cloud engineering, UX/UI design, AI/ML, cybersecurity services. It offers high-end digital engineering services to some of the largest insurance and reinsurance organizations globally. CTC posted revenue of EUR36.6mn/EUR57.6mn/EUR71.3mn/EUR58.8mn in CY18/CY19/CY20/9MCY21.

* Our view: This is the 10th acquisition announced by TechM in FY22 YTD and underlines its focus on strengthening its digital business under the NXT.NOW framework. The CTC acquisition and investments into Insuretech platforms will strengthen TechM's Insurance capabilities and expand its client portfolio across insurance, reinsurance and financial services firms. The acquisition will strengthen TechM's digital engineering capabilities and scale up its European presence with the addition of over 700 skilled IT professionals. Management during the call indicated that CTC operates at industry-leading margins and that the deal will be accretive to TechM's EBIT margins on a full consolidated basis. As per management, the transaction will be EPS (even on GAAP basis) and ROCE accretive. Given the size of the acquisition (<2% of Tech Mahindra's revenue), we do not expect any meaningful revision to our earnings estimates. We have a Buy rating on the stock with a TP of Rs1,930 at 25x Dec'23E EPS.

Shadowfax Announces Second COVID Care Program For Its 100,000+ Rider Partners

* Shadowfax is the first in its industry, to support a growing fleet of 100,000+ rider partners across 700+ cities safely navigate the third wave of COVID

* Shadowfax had previously partnered with Give India Foundation to raise funds from employees and match their contribution

Shadowfax, India’s leading crowdsourced tech-enabled platform for last-mile deliveries, has announced its second COVID care program for all its rider partners. Since its inception, Shadowfax’s core focus has been the wellbeing and growth of its partner community, while also ensuring the best delivery experience for its customers, safely. The company continues to be immensely invested in supporting its 100,000+ rider partner network, from implementing and enhancing safety measures to providing financial and medical assistance during this time of crisis.

Unlike the first and second waves, the third wave is more likely to have a steeper impact on the overall supply chain. Owing to the safety and convenience, customers continue to make more purchases through online channels, creating more demand for the delivery sector. Data collected internally indicates that grocery and pharma categories witnessed a 50% spike in delivery volume as compared to the last month. Shadowfax works with Flipkart Quick, Bigbasket, Zepto, Apollo among others in this space.

The company conducted a pilot survey within its delivery network to map the COVID positivity rate among partners. The results depicted a 5X increase in the positivity rate as compared to the numbers captured during the peak of the second wave.

Shadowfax has been running on-call COVID assistance and counselling for its rider partners and families. In addition to the COVID care program, the company has also partnered with Acko General Insurance to provide insurance benefits to its riders. This fund is established to compensate our rider partners for earnings lost due to COVID infection and help asymptomatic riders quarantine effectively, thereby ensuring a safe experience for all.

Talking about the initiative, Abhishek Bansal, CEO and Co-Founder, Shadowfax said- “At Shadowfax, we are fanatic about building a stringent and safe customer experience process. We have implemented policies to ensure that our network partners stay protected and in turn, the entire delivery cycle is guarded. We have built state of the art technology to keep a tab on the spread of infection among our rider partners. Also, more than 95% of our network is fully vaccinated and for the others, we have been making required arrangements to help them get their doses at the earliest.”

In the past year, Shadowfax encouraged riders to get vaccinated, arranged vaccination drives, and introduced COVID benefits. In addition to promoting delivery partner hygiene practices, the company implemented several safety measures like “mask selfie”, no-contact delivery, etc. to safeguard both customers and riders.

All important information regarding safety protocols, testing, medical aid, doctors, hospitals, emergency contacts, financial aid, etc. is readily available on a dedicated section on Shadowfax Super App. In addition to a helpline number for riders, Shadowfax has also deployed a task force for vaccination and testing assistance.

About Shadowfax Technologies

Shadowfax is India’s leading on-demand tech-enabled instant logistics platform. Shadowfax is the only Indian B2B2C platform with capabilities to serve multiple end-customer categories - including food delivery, grocery delivery, quick commerce, multi-city e-commerce fulfillment, reverse logistics via a single platform.

On the back of a fast-growing base of 100,000+ rider partners, Shadowfax serves over 170 enterprise clients across 700+cities, delivering over 1 million orders every day.

Shadowfax was founded by IIT - Delhi Alumni, Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaithliya in 2015.

Godrej Locks Announces GeeVees Awards To Recognize Conscious Design Excellence

* The inaugural edition of the national awards will celebrate architecture projects that would positively impact our future

Godrej & Boyce, the flagship company of the Godrej Group, announced that its business unit Godrej Locks & Architectural Fittings and Systems (GLAFS), today, introduced the inaugural edition of the GeeVees Awards. This year’s GeeVees Awards, curated by the Festival of Architecture and Interior Design (FOAID) is an industry recognition platform dedicated to celebrating the most innovative and conscious ideas in architecture and interior design. The award has been conceived as an extension of the Godrej Value Co-Creators Club that was launched by the brand, last year. Currently, there are over 700 architects who are part of this incentive program.

Commenting on the unique industry award platform, Shyam Motwani, EVP & Business Head at Godrej Locks & Architectural Fittings and Systems, said, “Architects and interior designers play a very important role in building a planet that is sustainable and safer for our future generations. With GeeVees, we want to build a nexus of thought leaders who are passionate about our planet and will rally to inspire like-minded AID professionals towards building designs that leave a positive impact on our society”. The GeeVees award will recognize work across industries like hospitality, residential villas and bungalows, product, art & furniture, as well as public and institutional buildings. The categories will be divided into two broad segments of architecture and interior designing.

The GeeVees Awards will bring together architects, interior designers, builders, developers, PMCs, and allied members of the fraternity to set the benchmark for the future of design in the country. The GeeVees Awards will also provide a platform for young designers to network and learn from stalwarts in the industry.  The platform is backed by a panel of jury members who are celebrated for leading change and transformation to sustainable architecture.

Shyam Motwani further added that, “Godrej Locks is continually looking for innovative ways to aid the industry. The GeeVees Awards are our way of giving back and recognizing their efforts put in towards designing state-of-the-art spaces for us to thrive in. We believe in celebrating big ideas and encouraging young talent to grow. We are confident that the GeeVees Awards will raise the bar for celebrating design excellence in the country.”

Registrations for the GeeVees Awards are now open and will stay open till 15th February 2022. Post the initial judging, the semi-finalists will be declared on 25th February 2022.

As a thought leader, Godrej Locks & Architectural Fittings and Systems continually recognize the great value of fresh ideas, as well as the brilliant minds behind them. In lieu of this, they recently launched the Godrej Value Co-creators Club' (GVCC), a first-of-its-kind initiative for the Architects and Interior Designers (AID) community. Through the GVCC programme, the Company actively works towards generating co-creation opportunities, incentive programs, sharing design-thinking insights, and creating awareness about the solutions offered by GLAFS. The awards are an extension of the GVCC program.

For more details visit https://www.godrej.com/godrej-locking-solutions-and-systems/geevees

About Godrej Locks

Godrej Locks is a 124-year-old leading manufacturer of innovative locking devices. Since its inception in 1897 by Ardeshir Godrej, the name ‘Godrej’ has become synonymous with trust, protection and integrity. From the first Anchor branded lock in 1897 to the first ever spring less lock in 1907, to the iconic 'Navtal' in 1954, and to the postmodern biometric locks, Godrej has set every benchmark in the locks industry. Over the years, Godrej Locks and Architectural Hardware & Fittings have changed in form, function and scope of application. But one thing still remains the same – the solid stamp of trust and reliability. Godrej Locks adhere to global quality norms and hold ISO 9001, ISO 14001 and OHSAS 18001 certifications.

With their locks reaching several countries around the world over a period of time, the brand has come a long way in delivering world-class smart locking solutions, therefore revolutionizing the very perception of a locking device from a mere functionality at an entry and exit point, to a proud pause at the doorstep, a moment to take in the significance of how far they have come. For more information, log on to www.godrejlocks.com

Godrej Locks is a business unit of  Godrej & Boyce Mfg. Co. Ltd

60 Global Hospitality Leaders Conferred Fellow Of IIHM Title By IIHM International College Of Distinguished Fellows

The Hospitality industry has displayed immense strength and resilience through the pandemic. The stalwarts associated with this industry have shown their wholehearted dedication and passion towards their work and serving society. Across the world, this zeal among Hospitality professionals has inspired others to follow in their footsteps.

To spread the light of inspiration, knowledge and experience, the IIHM College of Distinguished Fellows has organized a second convocation ceremony where 60 dedicated professionals of the Hospitality industry were conferred the title of Fellows of IIHM. All of those who received this honor, have contributed immensely to the international Hospitality industry in some way and would now share their knowledge and experiences to educate the upcoming future generation of hospitality professionals studying at IIHM. 

The motto of The IIHM International College of Distinguished Fellows is ‘FIAT LUX’ (Let there be Light). The distinguished Fellows are the shining light of the industry, always guiding future generations and students of hospitality. 

The Vision is to create The IIHM International College of Distinguished Fellows membership that will solely comprise individuals who have been conferred the Fellow of IIHM. The key objective of this college is to proactively create and provide support in a range of ways to the student and academic community in general. This will further enhance the educational and career aspirations of all students and graduates of the hospitality industry through inspirational leadership. 

The IIHM International College of Distinguished Fellows was inaugurated on 9th July, 2021 with 8EX Hospitality E- Conclave bringing together 200 Hospitality professionals from across the world. The conclave was a massive platform for exchange of ideas and experiences through speeches and panel discussions on the online platform. 

The first special virtual convocation ceremony was held on 10th July 2021 where Dr Suborno Bose, CEO, International Institute of Hotel Management & CEO, International Hospitality Council, Prof David Foskett , MBE, Chairman -International Hospitality Council, London, Ron Scott, International Director, Indismart Group came together to confer the Fellowship on to the 150 selected Hospitality professionals. 

The 150 from the first and 60 professionals from the second ceremony have been elected to become members of IIHM International College of Distinguished Fellows include several Global Hospitality leaders and Hospitality icons. Some of the names include Ankit Nagori, Founder, Curefoods and Simply Sport Foundation, Aradhana Khowala, CEO and Founder, Aptamind Partners, Eric Neo, Executive Chef, InterContinental Singapore, Gavin Sanders, GM, Radisson Blu Resort, Maldives, Laurent Noury, Cluster GM, Novotel & IBIS Abu Dhabi Gate Hotels, Geoffrey Harrison, Chairman, Harisson Catering Services, UK, Camellia Panjabi, Group Director, Masala World, Vita Whitaker, CEO and Commercial Director, Whitco C&BE Ltd, Rohit Khattar, Chairman, Old World Hospitality Pvt Ltd and Manjunath Mural, Chef Partner, Adda- Singapore. 

On the occasion, Dr Suborno Bose, CEO, International Institute of Hotel Management & CEO, International Hospitality Council, said, “IIHM International College of Distinguished Fellows is the first ever attempt in the world to bridge the gap between future hospitality leaders and those who are leading today. There have been several interactions between students and the IIHM Fellows and the effort is directed towards passing on the knowledge and sharing experiences of the leaders with the young people.” 

Prof David Foskett, MBE, started the convocation ceremony with “IIHM leads the world through its hospitality management education and this great initiative of the IIHM International College of Distinguished Fellows. The legends and icons of hospitality industry illuminate the world with their success in this industry. We have the greatest brains of the industry coming together as role models of young people and guide them.”

Suresh Shenoy, Chief Manager – HR, Kasturba Hospital, MAHE Manipal Featured In India Book Of Records 2022

* He is recognised for maximum number of Collage Art Works in a day.

 Mr. Suresh Shenoy, Chief Manager – HR, Kasturba Hospital, Manipal Academy of Higher Education, Manipal has been featured in the India Book of Records 2022 for maximum number of Collage Art Works in a day. He has completed 10 unique collage art works within 6 hours and 30 minutes. MAHE Manipal honoured him on January 14, 2022 in the presence of Dr. H.S Ballal, Pro Chancellor, Lt. Gen. M.D. Venkatesh, Vice Chancellor, Dr. H. Vinod Bhat, Executive Vice President and former VC, Mr. Nishith Mohanty, Group President – HR & Academia, MEMG Bengaluru, Pro Vice Chancellors, Registrar, Senior Leadership of Kasturba Hospital and other Officials of MAHE.   

The collages made by Mr Shenoy are artistic wonders created out of pages of old magazines without a drop of paint. The achievement remains one of its kind as no one else has attempted it yet.

Speaking about Mr Shenoy’s achievement Dr. H.S Ballal, Pro Chancellor, MAHE said “We are extremely proud of Mr Suresh being featured in the India Book of Records. Through his unique sense of creativity, he has brought out the beauty of collages and exposed the world to this unique form of art. We congratulate him on this prestigious honour”

Apart from unique collages, Mr.Suresh is also specialized oil paintings especially nature series, which is named as “Beauty of Nature”. Mr Suresh was born in a family of Artists. His father Late Sri.K.P.Shenoy was a renowned artist and also one of the pioneers in collage art in the country. His mother Smt.Padmini Shenoy was also an artist. Inspired by his father, Suresh wants to bring out the uniqueness of collage art and expose to the world how painting without paint is a wonderful media to express one’s happiness. Interestingly, Suresh’s son Sanath is following the footsteps of his father and grandfather in Art. Suresh has a collection of more than 300 master pieces till date.