KreditBee Crosses Milestone Of 1 Million Cards; Aims To Issue 10 Million Cards By Mid-2023

* Launches physical variant of the card to provide 360 degree financial inclusion

KreditBee, one of India’s leading digital lending platforms, today announced that it has crossed the milestone of issuing one million ‘KreditBee Card’. In the process, it has emerged to be one of the fastest cards to cross this milestone, since its launch in August 2021.

Further, the company has also announced the launch of the physical variant of ‘KreditBee Card’ that will be initially available for select set of customers and later will be rolled out to wider set of customers in near future. This will assist the company in achieving its goal of issuing 10 million cards by mid-2023.

The card provides the unserved and underserved banking customers with quick as well as secured access to short-term liquidity and multiple repayment options, eliminating the need to avail a separate loan. It also offers versatility and flexibility in terms of ticket size and repayment options. The physical card will be acceptable at more than 99.5% POS terminals across India and can be used for seamless purchases at zero interest and zero additional fees. Available across the nation, this card enables customer to complete their transactions by simply swiping or waving at a POS terminal.

The card-holder can make multiple withdrawals or purchases (within the credit limit) while paying lesser charges (no hidden charges). This physical card will not only help the customers to perform their day-to-day transactions, but also enable them to build their credit history, thus promoting financial inclusion in a convenient manner.

Speaking on the launch, Madhusudan E, Co-Founder & CEO, KreditBee, said, “We are elated to cross the milestone of issuing 1 million ‘KreditBee Card’ since its launch in August 2021. Additionally, we have launched the physical version of the card, which now expands the coverage of our offerings and widens our reach. An aspirational and effective credit tool like this has still been under-penetrated in India. By introducing distinctive products like ‘KreditBee Card’, it is our constant bid to emerge as a 360-degree fintech service provider extending convenient and hassle-free products to the underserved segments of the country. With ‘KreditBee Card’, we aim to issue over 10 million cards by mid-2023.”

KreditBee is looking to cover the Indian masses who don't have access to cards as such and are not able to have such a credit facility at their disposal. The card can be used to avail exclusive offers at partner brands and earn cashbacks on specific transactions. Customers can apply for the physical card on KreditBee app. The company has already partnered with Mswipe to offer a fully digital mode of payment ‘Cardless EMI’, to expand its reach in the offline space by enabling customers to shop by converting transactions into digital EMIs.

Key benefits of ‘KreditBee Card’:

·         End-to-end use: An instant virtual card will be generated on the app and the physical card will be shipped to customers, customers can use both the virtual as well as the physical card

·         Fast Access: The underwriting process is AI-driven and generates a card instantly

·         Quick Credit Upgrade: Customers’ credit limit can be upgraded post the first billing cycle

·         Safe & Secure: The card can be generated and secured through the KreditBee app & is M-PIN Protected

·         No Hidden Charges: A 100% transparent product with absolutely no extra fees & charges

Steps to avail the Physical 'KreditBee Card'

·         Sign in to the KreditBee app >> Click on the ‘KreditBee Card’ section >> Select ‘Check Eligibility’

·         To activate card, click on ‘Activate Card’ on the KreditBee App >> Provide your bank account details & sign the agreement >> request for the physical card >> Use Card to make payments on all online platforms or any POS terminal

CoinSwitch Appoints R Venkatesh As Sr Vice President Of Public Policy

* R Venkatesh joins CoinSwitch with nearly 25 years of experience in Public Policy and Corporate Affairs across various sectors.

India: CoinSwitch, India's largest and the most-valued crypto unicorn, has appointed R Venkatesh as Senior Vice President of Public Policy. Venkatesh will work on policy, regulation, and external affairs to help create a regulatory framework for crypto assets in India, which fosters growth and innovation with consumer protection at the forefront.

Venkatesh comes with nearly 25 years of experience in policy and government relations spanning diverse industries, including e-commerce, oil and gas, liquor, banking, and tobacco, with complex policy challenges impacting business operations. Most recently, Venkatesh was the head of corporate affairs at MakeMyTrip India Pvt Ltd.

Ashish Singhal, Founder, and CEO, CoinSwitch, said, "I am delighted to welcome Venkatesh to the CoinSwitch team. His rich experience across organizations with significant Government interfaces will help accelerate our vision towards building a wealth-tech platform that customers and regulators can trust."

R Venkatesh, Senior Vice President — Public Policy, CoinSwitch, said, "I am excited to join CoinSwitch on their mission to make money equal for all, keeping customer protection at the forefront. My top priority is to work closely with the industry and the Government to help create a progressive regulatory framework for this emerging but attractive asset class to support more Indians in their financial journey."

CoinSwitch has raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become India's most valued crypto Unicorn at a valuation of $1.9 billion.

CoinSwitch has been strengthening its management team with leadership appointments including Ashish Chandra (General Council), Krishna Hegde (Senior Vice President - New Initiatives), Jayram Krishnan (VP – Product), Nishant Das (Global Head of Talent Acquisition), Sarmad Nazki (CFO), Zeeshan Ramlan (Director and Head of HR). The company also appointed author and former journalist Jayadevan PK as Senior Director - Communications and Content as part of its efforts to create clutter-breaking stories around the company, its customers, and the industry across formats.

About CoinSwitch

Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a global aggregator of crypto exchanges, CoinSwitch is India's largest and most valued crypto unicorn with 15 million users. Today, users can choose from over 80 coins, including Bitcoin, Ethereum, Dogecoin. The company started its India operations in June 2020 to make Crypto investing as easy as ordering food online. Backed by reputed investors including Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital, Ribbit Capital, Paradigm, and Coinbase Ventures, CoinSwitch is creating an ecosystem that simplifies investing in Crypto for retail users. For more information, visit: www.coinswitch.com

Kalvi Ties Up With Lovely Professional University To Bring The World's First Liberal Engineering Degree Program

Transforming the future of tech learning, Kalvi—a fast-growing ed-tech company has tied up with Lovely Professional University to bring the world's first Liberal Engineering Degree program in Computer Science by connecting dots of engineering and liberal education with work experience. The company believes this will not only make the students strong software engineering professionals but will also give them the required grounding to evolve into future CTOs, CEOs, and tech entrepreneurs by developing their personal and professional cognitive skills and techniques. The first-of-its-kind ‘work-integrated engineering program’ focuses on helping students to build real-world skills, cognitive abilities to become future-ready with skills such as critical thinking, creativity, leadership, and others.

Under this collaboration, Kalvi will own the screening process, end-to-end, to filter out top talents from the application pool with an application to admit ratio of 3%. The company will be also responsible for the program design and delivery aspects along with its own teachers and staff, along with remote work opportunities for students in leading technology companies in India and abroad, from the 2nd year of the program. The partner university will provide Kalvi with the infrastructure and academic core curriculum faculty to run the residential program. Furthermore, Kalvi will facilitate its students with placement and work opportunities across locations such as Tamil Nadu, Karnataka, Kerala, Andhra Pradesh, Delhi-NCR, and Punjab. The first batch with 1k students will commence from August 2022.

“Acceleration in technology development has made the Computer Science degree program one of the most sought-after streams today; however, students who are graduating are not industry-ready. Meanwhile, the talent recruiters are spending an inordinate amount of time and resources to equip them with job skills. Offering a solution here, the Liberal Engineering program introduces students to philosophy and arts to help them naturally build the empathy to think about the ‘why’ instead of blindly executing theory-based learning. In a way, work-integrated liberal engineering will build their technical knowledge and make them great at executing. This will also build empathetic leaders of the future who will work as a team to get to the root of a problem and then solve it,” said Rajesh Kumar B, Founder - Kalvi.

Renault India, CSC Join Hands For Digital Empowerment In Rural Areas

* Donates Five Renault cars as part of its CSR topromote financial and digital literacy among rural population in the age group of 15 to 60 years across the country 

Renault India has partnered with CSC e-Governance Services (Common Service Centres) to support “Pradhan Mantri Gramin Digital Saksharta Abhiyaan” (PMGDISHA), Government of India’s flagship programme that aims to provide digital literacy to six crore rural citizens.  

Renault India has handed over five cars to CSC e-Governance Services to upskill people in rural and semi-urban areas across India and help them develop vocational and professional skills. It intends to cover more than 600 gram panchayats in a year across India. 

Venkatram Mamillapalle, Country CEO & Managing Director, Renault India Operations said, “Digital literacy is a key component of the Government’s vision of building an empowered society and we are excited to contribute to this development of a digital economy by collaborating with CSC, one of the crucial enablers of the Digital India Program. The Renault cars will act as ‘Knowledge Repository on Wheels’ supporting in empowering people in rural areas by providing them access to information, knowledge and requisite skills.” 

“This is a significant step in rural integration as it is in sync with the government’s aim of strengthening the rural economy and empowering the rural and semi-urban sectors not only in terms of financial viability but also by skilling and building knowledge capacities of the masses,” he added. 

The partnership between Renault India and CSC Academy is aimed at empowering the citizens in rural areas by training them to operate computers or digital devices like laptops, browse internet, access Government websites & banking services and undertake digital payments. The Renault cars will participate in distributing information on learning courses and support the CSC teams in conducting trainings to impart financial and digital skills in the rural areas, enabling them to actively participate in the process of transforming India into a digitally empowered society. Through these cars the VLEs (Village Level Entrepreneurs) will also spread awareness on the Covid-19 appropriate behaviour and protocols. 

Dinesh Tyagi, CSC SPV Managing Director said, “The foundation of CSC is based on education. We have a mandate of training six crore rural citizens in digital skills under the Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA). We would like to thank Renault India for their immense support. These cars will be deployed across different locations and will support our teams in conducting trainings, further bridging the digital divide particularly in rural and semi-urban areas.” 

Last year Renault had partnered with CSC Grameen eStore, a subsidiary of CSC e-Governance Services India Ltd (CSC-SPV), to strengthen its rural presence and move closer to customers in remote areas. Through this, Renault India’s leading product range is listed on the CSC Grameen eStore and made available to potential customers in the rural areas. 

riidl TBI Invites Applications From Aspiring Entrepreneurs And Innovators For Nidhi Prayas Grant & Nidhi EIR Fellowship

Research Innovation Incubation Design Laboratories (riidl), a not-for-profit organization under Somaiya Trust, supported by NSTEDB, Department of Science & Technology, Government of India, BIRAC, Government of India, MSInS, Government of Maharashtra and Somaiya Vidyavihar University is inviting aspiring entrepreneurs and budding innovators to take up entrepreneurship and support them with funding opportunities through NIDHI PRAYAS and NIDHI EIR.

DST-NIDHI’s Promoting and Accelerating Young and Aspiring technology entrepreneurs (PRAYAS) is specifically to support young innovators turn their ideas into Proof of Concept. This support shall allow the innovators to try their ideas without fear of failure, hence allowing them to reach a stage where they have a ready product and are willing to approach incubators for commercialization.

NIDHI PRAYAS Grant is up to INR 10 Lakhs per startup/innovator and will be granted for a duration of 12-18 months. Last date to apply: 20th Feb 2022. Eligibility: Hardware Startups on the idea stage and want to develop a prototype. For complete eligibility: riidl.org/programs/nidhi_prayas

Application Link: https://riidl.org/NidhiPrayas

National Initiative for Developing and Harnessing Innovations (NIDHI) Entrepreneurs-in-Residence (EIR) Programme is one of the programs introduced under NIDHI to inspire the best talents to be entrepreneurs, to minimize the risk involved in pursuing startups, and to partially set off their opportunity costs of high paying jobs. Graduate students will be provided funding to take up entrepreneurship through a fellowship.

NIDHI EIR Fellowship is INR 30,000 per month per student innovator and will be granted for 12 months. Last date to apply: 22nd Feb 2022. Eligibility: Students having completed a four-year graduation program in science or engineering or a three-year diploma in either science or engineering along with two-year full-time work experience are eligible to apply for the NIDHI EIR scheme. For complete eligibility: riidl.org/programs/nidhi_eir 

Application Link: https://riidl.org/NidhiEIR

In the last 2 years, riidl.org has supported 11 startups with a total grant funding of INR 100 Lakhs under NIDHI PRAYAS scheme and supported 10 entrepreneurs with a total grant funding of INR 36 Lakhs under NIDHI EIR scheme.

Research Innovation Incubation Design Laboratory Foundation (riidl) is one of India's leading startup incubators. They have incubated 130+ startups & facilitated in creating 500+ full-time job opportunities with a community of over 5400 makers/innovators while the total valuation of startups is over INR 660.5 Cr.

Gaurang Shetty, Chief Innovation Catalyst, riidl said, “Most entrepreneurs struggle to raise angel or seed funding during the early stage and these grants from NIDHI is like a boon for entrepreneurs in the ecosystem. We, at riidl want to support startups with the NIDHI Prayas and NIDHI EIR grants of the Department of Science and Technology, Government of India, additionally providing access to business mentoring, technical mentoring, early customer access support, virtual incubation, networking & outreach opportunities, and many more.”

Manipal Hospitals Launches Tele-Consultation For Women, By Women To ‘Break Her Silence’

* Now women can let their guard down and talk freely about their health queries and concerns with women practitioners

Most women tend to keep their health issues on the backburner due to their inhibitions, and avoid sharing their health concerns to their loved ones. There is a dire need to break her silence and disclose the challenges she faces, be it physical or mental health. Today, Manipal Hospitals takes a step to address this silence without any doubt or prejudice through an initiative 'For Women, By Women’, a video consultation platform where women can come forward to discuss all their health needs with the women practitioners at Manipal Hospitals.

The platform addresses any problems that females are likely to face, from a lump or swelling in the armpit, discomfort, mental fatigue, tiredness, loss of weight, missed period, headache, to psychological-emotional disorders. Moreover, it has been curated for their comfort with an easy 2-step registration process, and assures 100% confidentiality. It is time for women to open their deepest worries and find comfort in the arms of women specialists at Manipal Hospitals. The exclusive consultation will be launched on Valentine’s Day - 14th February, and will remain functional.

Women can reach out to a dedicated phone number (+91 8951146852 OR +91 9731122666) to avail the video consultation, at a nominal consultation fee of INR 250. Women across the globe can access this platform to address their medical needs.

Speaking on the initiative, Mr Karthik Rajagopal, COO, Manipal Hospitals said “We understand the challenges faced by women, and endeavour to ease the process for them to reach out for medical support. We want every woman to share her silence and avoid suffering from it. This is an attempt by Manipal Hospitals to clear the roadblocks for women to come forward and openly share their health issues. We at Manipal Hospitals understand that every woman needs to find comfort in disclosing their concerns, and we strive to provide it in a timely and cost-effective manner.”

3i Infotech Plans To Setup COEs Across India And Global Markets In The Coming Quarters

*  Aims to repurpose its entire sales cost, onboard the right talent and make investments across key areas

3i Infotech Limited (BSE: 532628, NSE: 3IINFOTECH), a global Information Technology company, committed to accelerating business transformation, during their Q3 FY22 earnings call announced a series of initiatives, one of which includes their plan to setup COEs (Center of Excellence) across India and global markets in the upcoming quarters. The company has an upcoming COE and Lab setup planned in collaboration with a leading research park in India focussed on 5G and cognitive computing. They will also look to expand these COEs across Tier-3 cities. The company is investing in insurance COE to offer end-to-end solution on cloud platform and will also build COEs for Credit Union, Mortgage and Capital Markets.  

Post the recent strategic alliance signed with MDEC Malaysia to launch the Oracle-powered NuRe 3i+ services for mid-market & SMB, 3i Infotech will further partner with various government bodies to generate employment and work on skill development. One of the other strategic initiatives which is operational, is around creating a Resident Entrepreneur Program in the fields of cognitive computing services and education technology. They also have a white labelled start-up accelerator program that is active with SD WAN/SASE technologies and blockchain powered - video content lifecycle management. 

The debt free company which has a vision to achieve revenue of $1 billion by 2030, is building on its RUN, GROW and BUILD proposition aligned to the new 3i Infotech business strategy. The company is working on margin enhancement projects focused on reduction on indirect cost and built proactive competency centre aligned to the regional strategies. They have also hired BUILD and next-gen technology teams.  

Mr. Thompson Gnanam, Managing Director & Global CEO, 3i Infotech Limited said “We want to assure all our stakeholders that the company is very much on a growth trajectory and the coming quarters would reflect the same. Post the carve out last year, the company has been steadily solving legacy related issues and trying to build a more robust foundation by proactively provisioning slow moving debtors that will be reduced aggressively by the year-end. With regards to the results which show increase in costs and expenses, it is important to understand that the investments of GROW and BUILD are happening from the same RUN P/L and going forward build projects of capital nature that would be capitalized by year-end as they will be creating products and platforms. The GROW business will be the new services business which will replace RUN and will be tracked as a separate P/L. This will ensure that you see a holistic view of the results, which is not the case presently, and appreciate the growth that we are able to successfully deliver quarter on quarter.” 

“We have enlisted the service of one of the Big 4 global consulting firms to help us in the entire global restructuring and achieve a major turnaround for the company, which would also include closing of certain underperforming and old subsidiaries. By end of this year, the company will be totally reorganised with RUN, GROW and BUILD being a separate organisational structure, and each driving their clear mandates and goals,” he further added.  

Announced during the call, the company has a string of business updates that spans Indian and international markets, with a strong sales funnel and order book pipeline of Rs.136.3 Cr. The company recently signed a multi-year deal in US, with an industry-leading Multi-Enterprise Product and Supply Chain Platform, for their cloud-first services with a TCV of $20 million. Also, an India PSU deal of $6 million TCV was signed for 3 years. The current revenue mix contains the highest revenue share from Banking Financial Services and Insurance sector. The other sectors in focus are manufacturing, government, and consulting. 

On the Q3 FY22 results announced, the EBITDA has seen an improvement by 9.4 Cr, primarily due to cost optimization and the normalized EBIDTA is positive for 9M FY22. A growth outlook of 10% annually is projected with one-time cost of 9.6 Cr being recorded as ‘exceptional item’ as part of FCCB early redemption. There has been an overall interest reduction due to long term debts being paid off and reduction in funded limits utilization. The GA cost optimization/rationalization through digital transformation has led to 10% cost reduction. 

For the period 9M FY22, the India Business Region (IBR) reported a revenue of Rs.153.7 Cr, the Global Business Region (GBR) that includes North America, UK, Europe and MEA reported a revenue of Rs. 333.4 Cr and finally the Emerging Business Region (EBR) that includes ASEAN reported a revenue of Rs. 14.1 Cr.  

For 3i Infotech, Q4 looks bullish as they optimistically look to build projects being identified for capitalization which was in P/L in YTD Dec 21. The GA cost optimization will lead to further improvement in EBITDA. There was an improvement in DSO in Q3 from 109 days to 99 days and this is expected to be improve further in Q4.