Fintech startup Assetplus Raises USD 3.6 Million, Round Led By InCred And Rainmatter

* To lead the march towards digitalisation of financial product distribution

* Will expand its business and launch more financial products on the platform

Fintech platform AssetPlus, has raised USD 3.6 million. This round of funding was led by Mr. Bhupinder Singh of InCred and Mr. Nithin Kamath of Rainmatter and also saw participation from Venture Catalysts, Swaroop “Kittu” Kolluri, Amit Nanavati, Kedar Kulkarni, and other angel investors. The Chennai headquartered fin-tech aims to utilize the funding to expand its business and include more financial products on the platform.

Founded by two IIT- Madras graduates, Awanish Raj and Vishranth Suresh, and launched in 2018, AssetPlus focuses on offering digital-first solutions to financial advisors and mutual fund distributors.

The company is trusted by over 1,500 advisors across the country and is equally suitable for budding and seasoned consultants. The founders, Mr. Vishranth Suresh and Mr. Awanish Raj, aim to streamline the processes of investing in mutual funds by offering a platform with a plethora of features, including multi-portfolio support, unbiased research, digital marketing functionalities, and more. By reinventing the traditional approach to handling multiple clients, the platform offers a cost-free lifetime registration to all registered ARN-holders to expand their services to geographies with a single dashboard.

One of the primary investors in this round of funding, Mr. Bhupinder Singh, Founder and CEO of the InCred Group, said, "AssetPlus is a fantastic example of the breed of Young Entrepreneurs who have become a disruptive force in the Indian Wealth and Lending industries in the last few years.

Its phenomenal leadership team is unparalleled in passion and innovation. The differentiated nature of their outstanding tech platform sets it up exceptionally well to become a market leader in the B2B2C Wealth space.

I am incredibly excited about joining at this stage of its journey and look forward to AssetPlus becoming a multi-billion dollar company in the near future."

AssetPlus's uniqueness lies in its digitalisation, and is one of the first companies to bring innovative technology to the field of mutual fund distribution in India.

Mr. Awanish Raj, one of the co-founders, said, "Undoubtedly, we have built a community of users who use the platform every day. Now that we have seen the success of our platform, we are eager to roll out new financial products. We'll be focusing on product development over the next few years. It will be a challenging yet exciting time for our team."

Mr. Nithin Kamath, CEO of Rainmatter and Zerodha adds, "Though the Indian mutual fund industry has grown in terms of AUM, there are just 3.3 crore unique mutual fund investors. If the investor base has to grow, you need lakhs of mutual fund distributors that are growing and thriving. But today, distributors lack the tools and support to grow their businesses, deal with compliance requirements, and support investors. What AssetPlus is building can go a long way in enabling distributors to do more, and we are super excited to join them in this journey."

AssetPlus is used by 1,500+ distributors who have on-boarded over 2,25,000 users on the platform. Over INR 750 Cr worth of transactions were processed on the platform during the last financial year alone. The convenience of paperless investments and online tracking now meets human expertise in the field of mutual funds. With this round of funding, AssetPlus aims to empower 10,000+ distributors and 5,00,000+ investors in the next 18 months and provide access to all financial products in a single platform.

About AssetPlus

AssetPlus believes that a major segment of the Indian population (especially in Tier 2/3 markets) still requires the guidance of trusted professionals to access financial products in the right manner and create wealth over the long term.

Founded by two IIT- Madras graduates, AssetPlus is a B2B2C digital platform working to enhance penetration of financial products in India. With a digital-first approach, they combine the power of technology with a strong network of advisors to provide unique wealth management solutions to over 25,000 families. Over the last four years, the Chennai-based company expanded its presence to parts of the country that had limited access to technology.

Within the mutual fund industry, AssetPlus has secured a competitive position by helping mutual fund distributors transform their modus operandi of business. The company's ideology and technology-based offerings have already created an impact within the mutual fund industry. Both their distributor and client-facing apps offer a comprehensive approach to investments and portfolio management. With the product gaining rapid traction, they aim to empower 10,000+ advisors and 5,00,000+ investors over the next 18 months. The company envisions to be the go-to financial services provider for both distributors and investors, especially in Middle India, catering to all their financial requirements via a single platform.

To know more, visit https://www.partners.assetplus.in.

FirstMeridian Expands Board, Inducts Four New Independent Directors

FirstMeridian Business Services Limited, India’s third largest staffing company, in terms of revenues for the financial year ended March 31, 2021 (Source: F&S Report) announced the appointment of four independent directors on its Board of Directors who not only bring along with them experience in growing and managing businesses but shall also add to the gender diversity in the boardroom.

The independent directors appointed are: Mr. Avinash Vashistha, former whole time director on the board of Accenture Services Private Limited; Mr. A.R. Chandrasekharan, an associate member of the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India; Ms. Pooja Prabhakar, Managing Partner of BCP Associates LLP and Ms. Richa Arora, Managing Partner and Chief Executive Officer - ESG Stewardship Services at ECube Investment Advisors Private Limited, and formerly with Tata Consumer Products Limited and Tata Chemicals Limited.

Speaking on the occasion, Mr. Sudhakar Balakrishnan, Wholetime Director and Group CEO, FirstMeridian Business Services said, “We are delighted to have Mr. Avinash Vashistha, Mr. A.R. Chandrasekharan, Ms. Pooja Prabhakar and Ms. Richa Arora on our Board who have expertise in strategic visioning, marketing & operations, Legal services & technology, Risk Management and ESG implementation respectively.  Their induction as independent directors will add tremendous value to FirstMeridian and their vast experience will be invaluable as we embark on our next phase of growth.

Mr. Avinash Vashistha, Chairman of the Board said, “It is a privilege to join the Board of FirstMeridian. The company has grown under the leadership of Mr. Sudhakar Balakrishnan. I look forward to adding value to company’s growth plans and in its endeavour to maximize value for all stakeholders”

Avinash Vashistha, former wholetime director on the board of Accenture Services Private Limited has also been an active board and national member of American Chamber of Commerce, Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry and National Association of Software and Service Companies (NASSCOM).

A.R. Chandrasekharan is an Associate Member of the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India and the Indian Institute of Bankers. He has expertise in sectors like manufacturing, engineering, banking finance, pharmaceuticals and information technology. Prior to his association with our Company, he has served on the Board of Ashley Atleams India Limited, Ashley Bio- Fuels Limited, Adyar Property Holding Company Private Limited, Hinduja Tech Limited and Hinduja Foundries Limited, Automotive Infotronics Limited and Ashok Leyland John Deere Construction Equipment Company Private Limited.

Pooja Prabhakar has expertise in the legal, technology & insurance sectors. Currently she is the Managing Partner of BCP Associates. She obtained a Certificate in Managing Risk in Organisations from London School of Economics. In the past, she has also been associated with the United Health Group CIGNA and Essential Logic.  She has also been a recipient of numerous awards including Woman Achiever Award & Woman Leadership Award- Excellence in Legal at 7th edition of Future Woman Leader Digital Summit & Awards 2021 and Lex Falcon Award 2021 for impactfully contributing to the Legal industry with great knowledge, reach, innovative ideas, suggestions, futuristic spirit and approach.

Richa Arora, was the Chief Operating Officer (Consumer Products Business) at Tata Chemicals Limited and has also worked with Tata Consumer Products Limited. She had previously been on the board of Tata group entities i.e., Nourishco Beverages Limited and Tata Unistore Limited. She has expertise in strategic visioning, marketing & operations. She is currently the Managing Partner and Chief Executive Officer-- ESG Stewardship Services at ECube Investment Advisors Private Limited and a Director on the board of Snapdeal Limited.

Other members of the FirstMeridian Business Services Limited Board of Directors include Mr. Sudhakar Balakrishnan, Mr. Manish Mehta and Mr. Nilay Pratik.

About FirstMeridian Business Services Limited:

FirstMeridian Business Services Limited is India’s third largest staffing company, in terms of revenues for the financial year ended March 31, 2021 (Source: F&S Report). The services provided by FirstMeridian Business Services Limited include (1) general staffing and allied services, (2) global technology solutions and (3) other HR services, including permanent recruitment, recruitment process outsourcing, pharmaceutical and healthcare staffing and facility management. FirstMeridian Business Services Limited has a pan-India presence with 108,832 Associates deployed at over 3,500 locations as at December 31, 2021. Its Associates operate in various functional roles, such as sales and marketing, customer services, warehouse management, delivery and factory staff.

Icertis Introduces Contract Matter Management Application For Legal Operations Teams

* Streamlined Matter Intake, Workflow, and Negotiation Optimize Productivity

Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), today announced the launch of Icertis Matter Management. Built on the Icertis Contract Intelligence (ICI) Platform, Icertis Matter Management streamlines matter processes to optimize legal team productivity and leverages AI for complete visibility into matter outcomes and obligations, delivering insights that inform strategic decisions.

Icertis issued the news at the Corporate Legal Operations Consortium (CLOC) Global Institute Conference, where Icertis is demonstrating its contract management solutions in Booth #400 May 9-12, 2022.

Legal departments are expected to be increasingly efficient, proactive, and agile while juggling cost pressures, resource constraints, and compliance—driving demand for solutions that streamline everyday operations. One such solution is matter management implementation, which CLOC’s State of the Industry Report 2021, found among the top-five priorities for in-house legal teams.

“Icertis’ Matter Management application extends the power of contract intelligence via a single platform for managing all contracting and non-contracting legal matters and applies best-practice workflows to ease management of document-heavy workloads related to litigation, corporate administration, M&A, intellectual property matters, and more,” said Niranjan Umarane, Executive Vice President of Product Management, Icertis.

The Icertis application enables teams to create a secure, efficient, and standardized process for legal matter intake and management. Benefits include:

Streamlined Legal Matter Workflow — Makes matter management far more efficient with custom form-based requests that support multiple matter types, centralized information, and automatic delegation of assignments to subject matter experts;

Project Planning & Organization — Uses Track Matter Calendar and Microsoft Outlook to speed and organize planning and management of legal matters;

AI & Analytics for Informed Insights — Leverages ICI integration to identify the (non-standard) contracts requiring legal attention, applies AI to uncover what has changed, and provides insights about relevant past and ongoing legal matters;

Microsoft Word Experience — Full Microsoft integration enables legal teams to use Icertis Matter Management seamlessly within Office 365/Microsoft Word;

Tracking & Compliance —Tracks and enforces matter outcomes, such as settlement agreements or penalty obligations, using KPIs and a comprehensive dashboard, to help ensure outcome compliance; and

Secure Contracts & Matter Management — Robust authorization and encryption ensure secure collaboration on matter documents with external stakeholders.

About Icertis

With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world’s most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their 10 million+ contracts worth more than $1 trillion in 40+ languages and 90+ countries.

Dalmia Bharat Launches Customer Offer On All Retail ‘Dalmia Cements’ Brands

* Cement major’s state investments already created over 3000 job opportunities 

Dalmia Cement (Bharat) Limited (DCBL), a leading Indian cement major and a subsidiary of Dalmia Bharat Limited, has launched a customer offer on all its retail ‘Dalmia Cement’ brands. The company had forayed into Karnataka through its investment of ~INR 1500 cr over the last few years by setting up a greenfield cement manufacturing capacity. The investments have already helped generate ~3000 direct and indirect employment opportunities across the state. The company is now reaffirming its sustainability commitment of RE100 by 2030 and Carbon Negative By 2040 through a planned solar power capacity installation of ~9MW. 

Through its investments, DCBL aims to continually to add incremental value vide skill creation, socio-economic development and commitment towards environmental stewardship and sustainability. To meet the growing developments needs, the company plans to capitalize on its category-wide dealer and sub-dealer network which currently stands at 11000 + strong in souther and western states of India - and ensure that increasing demand from the state is being adequately met. This follows DCBL’s contribution to significant projects across Karnataka such as the ISRO centre, Global Tech Village, the ITC Centre, Bhartiya City & Milestone. 

Commenting on the company’s commitment to nation building through its investment in Karnataka, Mr. Sanjay Wali, Sr. Executive Director DCBL said, “We are grateful to the Karnataka Government for providing us with the opportunity to play an active role in the state’s industrial and infrastructural progress. As we invest in the state and participate in its economic growth story, we are confident that the employment generated through our investments and our social transformation initiatives will further lead to a progressive and self-sustainable ecosystem.” 

Dalmia Cement (Bharat) Limited has also introduced exciting new offers for its growing customer base in the South region. Customers in Karnataka can now avail of the ‘Every Home Happy Offer’ special deal, which is applicable on all retail ‘Dalmia Cement’ brands that provide strength, durability and is eco-friendly.  

“Our discerning customers across South India are increasingly opting for construction solutions for their building requirements, be it commercial or personal, that doesn’t just ensure foundational strength but also help sustain the environment for generations to come,” said Mr. Sunil Aggarwal, Regional Director, South, DCBL. “We therefore introduced this offer for our Independent Home Builders to reward them for placing their trust in our offerings and for supporting us as we strengthen our regional presence.”  

Dalmia Cement (Bharat) is on an accelerated growth path through a mix of organic & inorganic opportunities. Through its investment in Karnataka, the company is looking at expanding its operations while consolidating its position in its existing markets.  

About Dalmia Bharat: 

Founded in 1939, Dalmia Bharat Limited (DBL) (BSE/NSE Symbol: DALBHARAT) is one of India’s pioneering cement companies headquartered in New Delhi. With a growing capacity, currently pegged at 35.9 MnT, Dalmia Bharat Limited is the fourth-largest cement manufacturing company in India by installed capacity. Spread across 10 states and 14 manufacturing units, the Company is a category leader in super-speciality cement used for oil well, railway sleepers and airstrips and is the country’s largest producer of Portland Slag Cement (PSC).  Dalmia Cement (Bharat) Limited, a subsidiary of Dalmia Bharat Limited, prides itself at having one of the lowest carbon footprint in the cement world globally. It is the first cement company to commit to RE100, EP100 & EV100 (first triple joiner) – showing real business leadership in the clean energy transition by taking a joined-up approach. Visit at https://www.dalmiacement.com/ 

3i Infotech Gears Up For Growth With FY22-23 Confirmed Revenues Of Rs 760 Crore

* Targets new order book of Rs 100 Cr with GROW & BUILD lines of digital businesses  

3i Infotech Limited (BSE: 532628, NSE: 3IINFOLTD), a global Information Technology company, committed to accelerating business transformation, announced its consolidated financial results for its fourth quarter ending March 31, 2022 and for fiscal year 2021-2022 (FY22). The company reported a consolidated revenue of Rs 175.6 Cr in Q4 FY2022 reflecting a quarter-on-quarter growth of 6.0%, and FY2022 revenue of Rs 677 Cr reflecting an annual growth of 11.2%. The company shared a strong outlook for FY 22-23 with confirmed order book of Rs 760 Cr as of exit March 2022 and Rs 100 Cr new order book target for FY 22-23 with higher margin revenue mix of minimum 40/50%. 

On the business front, the company has made rapid strides as well.  In FY22, 3i Infotech has tied-up with IIT Madras to establish FutureTech (earlier NextGen) business labs taking Telecom, Manufacturing, Logistics and Healthcare as a priority sector. The company has initiated setting up of development centers in tier II / III cities and the first center would be functional in Q1 FY23. 3i Infotech has also invested in partner ecosystem for SASE, edge computing, IoT and EdTech technologies, potential growth opportunities globally in FY23. 

Key financial highlights 

EBITDA for the quarter stands at Rs 3.4 Cr, primarily due to margin improvement and cost rationalization. The company has reported positive EBITDA after more than 4 quarters of operating loss 

Consolidated PAT for the quarter is near to break-even (-Rs 3.9 Cr) which is a significant QoQ improvement with reduction in losses by Rs 18.7 Cr 

The company reported net cash of Rs 73.4 Cr in as on 31st March 2022  

FY22 America Business has grown by 11.5% to Rs 377.7 Cr from Rs 338.7 Cr in FY21. Similarly, India business grown by 16.5% to Rs 209.7 Cr from Rs 180 Cr in FY21  

From a vertical perspective, the Information Technology vertical is a major contributor in total revenue with 35.9% revenue share while Banking & Financial Services (BFS) has 28.5% revenue share in total FY22 revenues 

36.3% of our business comes from top 20 clients and we have been successful in 100% retention of our existing clients in FY22 

75.6% revenues in FY22 was contributed by Application-Automation-Analytics (AAA) line of business followed by Infrastructure Management Services (IMS) with 13.8% revenue share 

Key business updates 

3i Infotech’s has started experiencing the positive business growth in their CloudFirst business with Gross Margins of 20+%. Their NuRe cloud solutions has huge global and domestics opportunities for both cloud services as well as cognitive & edge computing 

The company’s cloud business, with its end-to-end solutions, continues to provide compelling value to its customers at most competitive benchmarks 

Platform solutions now offers C-Level intelligence services including enterprise risk management and decision-making intelligence  

In tune with the evolving tech landscape and rapid digital proliferation, the company also mentioned that it would help enterprises to be industry 4.0 ready through its service offerings. Apart from BFSI, manufacturing (SMB and midmarket), retail, telecom, media, and entertainment sectors, 3i Infotech will also keenly focus on emerging industry verticals like EdTech, agritech and greentech.  

3i Infotech will actively scale its operations across the global business region, which comprises of US, UK, Middle East, and Africa. In US, the company plans to expand its BFSI, telecom, media, and entertainment presence, and in parallel launch their SMB strategy which is NuRe led. In UK, the company wants to lead through telecom, media, entertainment, manufacturing and horizontally via background verification services etc., that are powered by blockchain. Africa is seeing a lot of traction for the company. Middle East will also see substantial expansion and acceleration. 

Announced during the last quarter, the company has made significant strides around its resident entrepreneur program, which is helping create new platforms, technologies, and IPs for various organisations. Presently, 3i Infotech has three full time resident entrepreneurs – the first one being in cognitive computing services and advanced AI that is into prescriptive and real time edge analytics; second is from the EdTech space and the third is around the cybersecurity operations/SOC space. 

Mr. Thompson Gnanam, Managing Director & Global CEO, 3i Infotech Limited said, “The last quarter has been a buoyant one for us, negating much of the past legacy issues. Now, we can manage our cost predictability much better, and we are clear on the cost structures. We will strive for maximum revenue realization of the new orders booked in FY22-23 and the new lines of businesses are expected to change the revenue / margin mix for us.  As a standalone services company, we will try to be profitable which is the first milestone for us, as we chalk out this way forward plan where we build our own platform and co-exist with services.” 

“This year, our organization structures have been drawn to separate the RUN, GROW and BUILD businesses. We are investing in the GROW business that focuses on better margin mix and will include new service lines whether it is cloud-first, digital infrastructure management services, AAA, digital testing, digital BPaaS, KPaaS and we have set it up as separate P/L units. Over a period of time, GROW will replace RUN. We have set optimization targets in RUN to ensure that GROW is funded well to build future lines of business for us. BUILD projects are capitalized and kept separately, as we are creating IPs, products and platforms and making a balanced investment,” he further added.  

Over the last two quarters, the company has forged a string of contracts and deals across verticals and geographies. Some of the recent deals include - 3i Infotech’s US subsidiary announcing a strategic investment in Exium, a pioneer in 5G powered Secure Access Services Edge (SASE) solutions; a Digital BPS transformational deal with a leading insurance company in India for Rs 12 cr; an order worth Rs. 10.58 cr across industry verticals with companies including Vishal Mega Mart Private Limited, Dhani Loans and Services Limited (formerly India bulls Consumer Finance Limited), Amara Raja Batteries Ltd, Aavas Financiers Limited, Erulearning Solutions Private Limited and Rockman Industries Limited.

About 3i Infotech Limited 

Headquartered in Mumbai, India, since inception in 1993, 3i Infotech has been committed to driving business value across multiple industry verticals. 3i Infotech, today, has emerged as a leading name in propelling the current wave of digital transformation initiatives, with deep domain expertise across BFSI, Healthcare, Manufacturing, Retail and Government sectors. The Company has over 5000 employees in 30 offices across 15 countries and over 1000+ clients in more than 50 countries across 4 continents. With a wide range of IT services, 3i Infotech has successfully transformed business operations of customers globally. The Company has a very strong foothold and client base in geographies like North America, India, Asia Pacific, Middle East and Africa, Kingdom of Saudi Arabia, and South Asia. 

Website: https://www.3i-infotech.com/ 

Vahan Recognized As Global Technology Pioneer By World Economic Forum

* The World Economic Forum announced its selection of the 100 most promising Technology Pioneers of 2022 - companies that tackle issues from sustainability and climate change to healthcare and more.

* This year’s cohort includes representation from 30 economies on six continents with a reach far beyond traditional tech hubs like Silicon Valley.

* Vahan helps over 10,000 blue collar workers per month across 200+ cities find the right job by leveraging the power of technology. Vahan is on track to become India’s largest blue-collar recruitment platform by the end of this year. 

* The full list of Technology Pioneers can be viewed here.

Vahan, a Bengaluru based startup focused on solving the employment issue of the 500 million blue-collar workers in India, has been selected among hundreds of candidates as one of the World Economic Forum’s “Technology Pioneers”. Vahan leverages technology to assist blue collar workforce in finding jobs that match their skills. Vahan helps employers such as Swiggy, Shadowfax, and Zomato reduce their hiring costs by up to 30% by identifying the ideal candidate at the right price, at the right place, and at the right moment.

Vahan has helped over 250,000 blue collar workers across 200+ cities find the right job and is on track to become the largest recruitment platform by the end of this year.

The World Economic Forum’s Technology Pioneers are early to growth-stage companies from around the world, such as Airbnb, Google, Spotify and Twitter, that are involved in the use of new technologies and innovations that are poised to have a significant impact on business and society.

With their selection as Technology Pioneer, Founder & CEO Madhav Krishna of Vahan will be invited to participate at World Economic Forum activities, events and discussions throughout the year. Vahan will also contribute to Forum initiatives over the next two years, working with global leaders to help address key industry and societal issues.

“We’re excited to welcome Vahan to our 2022 cohort of Technology Pioneers,” says Saemoon Yoon, Community Lead, Technology Pioneers, World Economic Forum. “Vahan and its fellow pioneers are at the forefront of industries that are critical to solving some of our world’s most complex issues today. We look forward to their contribution to the World Economic Forum in its commitment to improving the state of the world.”

This is validation for our unique technology that can positively impact billions of blue-collared workers. We are committed to designing solutions that uplift the lives of these workers at large scale. We look forward to contributing to the Forum and creating an impact globally.”

All info on this year’s Technology Pioneers can be found here: http://wef.ch/techpioneers22

NSDC, Medhavi Skills University Partner To Develop, Promote Long-Term Degree & Diploma Skill Courses

*  The partnership is aligned to the National Education Policy (NEP) 2020, which envisages integration of skill courses with formal higher education

* Enabling the objectives of Skill India Mission, the partnership aims to skill the youth in work-integrated format that supports their employment and retention

 National Skill Development Corporation (NSDC), the nodal agency under the Ministry of Skill Development & Entrepreneurship (MSDE), signed a Memorandum of Understanding (MoU) with Medhavi Skills University to jointly develop and promote work-integrated and skill-embedded degree/ diploma courses (Bachelor of Vocational Studies - B. Voc/ Diploma in Vocation - D. Voc). These courses will be implemented through NSDC’s network of training partners/ training centers and in association with the university’s empaneled industries.

The MoU was signed by Ved Mani Tiwari, Chief Operating Officer and Officiating CEO, NSDC and Pravesh Dudani, Founder & Chancellor of Medhavi Skills University in New Delhi.

The partnership is targeted at students who have completed either class 10 or 12 in school education. It will enable students to earn a University Grants Commission (UGC)-recognized degree/ diploma alongside practical work experience in industries related to their education. The On-the-job (OJT) training will be linked to monthly stipends paid by the respective industries to the trainees, making the university courses highly affordable and beneficial for the disadvantaged student groups who are at risk of dropping out from higher education. These courses will also create an enabling ecosystem and fulfill the objectives of the Skill India Mission as they are designed to provide industry-relevant skills to the youth.

NSDC will leverage its network to launch university diploma and degree courses under work-based training or OJT at employer’s premises. The training partners/ training centers would facilitate student enrollments into the university and, after their basic training at skill centers, students will join the designated industry as trainees and will undergo practical OJT training while working on the shop floor. Alongside their practical training, the university will conduct theory classes in ‘Phygital’ model in combination of physical classes, live virtual classes, and self-paced learning through the university learning management system.

Commenting on the strategic partnership, Ved Mani Tiwari, Chief Operating Officer and Officiating CEO, NSDC said, “The collaboration with Medhavi Skills University aims to bring a paradigm shift in the skill ecosystem with the introduction of long-term degree/ diploma-backed skill courses in the ‘learn while earn’ mode. Students will be able to gain hands-on practical exposure while they work in reputed industries as trainees and earn stipends for their contribution to production and service outputs. The collaboration is aligned to the National Education Policy 2020, which envisages convergence of skill training with higher education tracks followed by individual institutions.”

The ‘learn while earn’ model is being actively promoted under NEP 2020 as it ensures practical learning while working on the job. Specific guidelines of the University Grants Commission (UGC) promote embedding apprenticeships/ internships/ OJT training as a curriculum component of the skill-degree courses. As trainees contribute to the production/ service output of the industry during OJT, employers pay stipend leading to earning by students.

Pravesh Dudani, Founder Chancellor of Medhavi Skills University said, “The current short-term skill training model has a unique challenge of restricted career growth for students due to lack of higher education qualification. With the Work Integrated Skills & Higher Education (WISE) model of the university, the candidates will earn University Grants Commission (UGC) recognized Bachelors/ Diploma (B. Voc/ D. Voc) qualification along with practical work experience that has significant potential to catapult their career progression in the long-term.”

Present on the occasion, Kuldip Sarma, Pro-Chancellor of Medhavi Skills University said, “The WISE model of the university envisions providing equitable access to the disadvantaged candidates to excel in their careers who cannot afford full-time traditional higher education. Through the NSDC collaboration, MSU plans to empower 5 lakh disadvantaged youths in the next three years via various work integrated skilling and education approach.”