EbixCash World Money Launches Self Booking Corporate Tool For Foreign Exchange Services

EbixCash Limited, a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena, today announced that its Foreign Exchange Division - EbixCash World Money, has launched the Self Booking Corporate tool for business and corporates travelers, to further empower corporates with a spectrum of digital foreign exchange services.

With a variety of powerful tools that enable a Corporate to generate customized alerts and an MIS of all the associated activities, EbixCash’s Self Booking tool (SBT) provides a variety of seamless and hassle-free foreign exchange services to a Corporate. While increasing efficiency in booking and managing foreign exchange, EbixCash’s SBT provides an approval matrix setup to the corporate, besides functions like real time order updates and online invoice management.

“We are excited to be formally launching EbixCash’s Self Booking Corporate tool, as it is an important step forward towards enabling increased efficiency for corporate business travelers - a key business segment for us. We have already conducted successful pilot implementation with some of our key corporate clients. Now, we plan to roll the SBT across all our corporate clients expeditiously”. T C Guruprasad, Managing Director, EbixCash World Money said. “The tool will allow our clients to avail foreign exchange services digitally, through a hassle-free documentation process. With an included approval matrix, that can be set up by each of the corporates as they deem fit, EbixCash’s SBT empowers our corporate clients to customize the system in accordance with their corporate travel policies while generating customized reports.”

EbixCash is a subsidiary of Ebix, Inc. (NASDAQ: EBIX), with a leadership position in key businesses that it operates in, with a “phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021; with a Omni-channel online digital platform that offers its products and services encompassing domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services, and technologies across insurance, bus information systems, lending and wealth management in 75+ countries.

EbixCash World Money, the foreign exchange division of EbixCash Limited holds a leadership position in foreign exchange business in India, with a vast network encompassing 81+ retail branches, 250 franchisee partners and duty-free shops, 27+ bank clients, 1200+ corporate clients including top fortune 500 clients and 5-star hotels in India. EbixCash World Money is also a leading player in India’s airport and seaport Money Exchange business with retail kiosks in 16+ international airports, and 12 seaports.

About EbixCash

With a "Phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021, to an Omni-channel online digital platform, the Company’s Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services and technologies for insurance, bus information systems, lending and wealth management across 75+ countries including India. EbixCash has Forex operations in approximately 16 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata.  EbixCash is a leader in the international remittance business based on gross transactional value. EbixCash, through its travel portfolio (Via.com and EbixCash.com), is one of the leading travel exchanges based in India and catering to Southeast Asian markets, with over 517,000 agents and approximately 17,900 registered corporate clients.  EbixCash's financial technologies business offers software solutions to various clients in the areas of wealth, asset and lending management, insurance and bus information systems. EbixCash's business process outsourcing services provide information technology and call center services to a variety of industries. For more information, visit the Company’s website at www.ebixcash.com

EDII Will Be Establishing 1 Million New Indian Women-Owned Businesses By 2030

EDII, Entrepreneurship Development Institute of India is one of the country’s top and leading business schools/institutes for the growth of entrepreneurship. Offering a variety of courses for business owners. It is going to announce an ambitious target of creating 1 million new businesses and enterprises that are to be owned by Women in the country as mission 1M 2030. The Director General of EDII, Dr. Sunil Shukla, will introduce this initiative at the CSR Leaders' Roundtable meeting on July 12, 2022, at Hotel Royal Orchid Central, Manipal Center, Dickenson Road, Bangalore between 11 AM to 1 PM.

The Roundtable meeting's main goal is to come up with ideas for fresh eco-friendly and technologically driven trends, innovations, and practices in women's livelihoods, income production, and entrepreneurial endeavors.  EDII hopes to achieve this goal in strong collaboration with CSRs, additional funders, government agencies, and other stakeholders. This is one-of-a-kind, robust, and expansive programme that will include the entire nation, EDII hopes to further improve its contribution to the national economy and priorities in line with the UN SDG Goals.

Dr. Sunil Shukla, Director General of EDII said “This initiative of EDII will be creating so many opportunities for women entrepreneurs all around the country.  EDII is not just limited to providing entrepreneurship courses, it is making India ready to do business. The mission 1M2030 aims to 1 million new businesses and enterprises that are to be owned by Women in the country and also to provide equal opportunities for women entrepreneurs all around the country.”

About EDII:

The Entrepreneurship Development Institute of India (abbreviated as EDII) is an autonomous body and not-for-profit institute located in Ahmedabad, Gujarat, India. Established in 1983, the institute offers master's degree programmes in Entrepreneurship, a fellowship programme and a number of entrepreneurship training programmes. EDII was established in 1983 with the active support of the Government of Gujarat, IDBI Bank, IFCI Ltd, ICICI Bank and State Bank of India. Its initial aim was to help potential and existing entrepreneurs and then gradually ventured to train trainers and faculty members. One of the major achievements of the EDII is inducing entrepreneurship in the curriculum of colleges, schools, science and technology institutions, and management schools in several states of the country and also setting up entrepreneurship development centers in 12 states across India's

Website: https://www.ediindia.org/

Campus Fund Raises INR 75 Crore ($ 10 Mn) To Invest In Student Founders

Campus Fund today announced its second fund to deepen its commitment of investing in student-led startups. Based on a funding model that has been successful in the Silicon Valley, Campus Fund has been funding Indian students for the last two years. It already has some notable successes to its name, ranging from Digantara (building google maps for space) to HealthySure (unified health insurance platform) to Expand My Business (B2B managed marketplace for digital services) amongst others, who have gone on to raise follow on funding from reputed VCs.

Karan Bhagat Founder, MD & CEO of IIFL Wealth & Asset Management, an investor in the Fund said, "Campus Fund is contributing well to unearth the most exciting startup talent in Indian universities. Student Entrepreneurs are shaping a better future for everyone in India and Bharat and we at IIFL Wealth & Asset Management will continue to do our part to help build this ecosystem."

Campus Fund  started  with a rolling fund of INR 7 crore in July 2020 and is the first fund of its kind in India to employ students as investors, who scout, evaluate and also get a seat in the decision making with regards to investments in student-led startups.

Deep Kalra, founder of MakeMyTrip said, “Campus Fund is unique in its purpose and approach and is a game-changer in the early venture space. It is becoming a formidable force on Campuses, in identifying innovation early on and nurturing it. I am excited to be part of it.”

Campus Fund is founded by Richa Bajpai, a student entrepreneur herself, starting out of a Dorm Room in her final year of engineering in 2009, and having co-founded Goodera, a global technology platform in the Tech4Good space. Bajpai says, “We worked with over  60+ Students across the country to scout and evaluate more than 1600 student led-startups in the last two years. We now have a portfolio of 10 diverse student led startups with strong fundamentals and a potential to shape the future and contribute towards India’s ambition of becoming a $5 trillion economy”.

Campus Fund is backed by large institutions, family offices, GPs of leading funds, industry veterans and founders, including those behind Delhivery, redBus, TaxiForSure, Sheroes, Udhyam Learning amongst others.

“Considering her entrepreneurial background and the exposure she has had with Creator Fund in the UK, Richa has an absolute advantage to build the student entrepreneurship ecosystem in India. Her experience, passion, hard work, patience and perseverance will make Campus Fund the most sought after student centric VC fund in India. She is doing the right thing in a right way to the right student community at the right time”, said Ullas Kamath – Former Joint MD at Jyothy Labs, Board Member VGuard, Wonderla amongst others.

With its second fund, Campus Fund will continue to invest at the pre-seed stage, playing the role of the first institutional check in student-led start-ups and supporting them through their journey.  “The level of innovation that is taking place across academic institutions in India and the crying need for capital to support these young entrepreneurs is a need of the hour and Campus Fund is well positioned to bridge this void in the Indian ecosystem”, said Soumya Rajan, Founder and CEO of Waterfield Advisors.

By searching for entrepreneurs at universities, Campus Fund  identifies a more diverse range of founders than traditionally accessed by venture funding. In keeping with this philosophy, Campus Fund has a portfolio that has 40% Non Tech Founders, 30% Female Co-Founders and 30% Hardware First Tech Enabled student-led Startups.

“We are excited to back Richa and the team at Campus Fund in their mission to promote student entrepreneurship in the country. This will give impetus to the bold young entrepreneurs who are solving important problems in the country and generating employment. We are impressed by their commitment towards diversity, in the selection of entrepreneurs they will back”, said Sarvesh Kanodia, Principal at Omidyar Network India.

The long term ambition of Campus Fund is to partner with student founders across the country - from Bangalore to Bhopal to  Jammu and to play its part in supporting the National Education Policy 2020 which encourages students to be job creators and innovators.

Project MANAS, Student Team From MIT-MAHE Shines In Drone Competition Held In USA

* The team participated in AUVSI SUAS - 2022 (Association for Unmanned Vehicle Systems International Student Unmanned Aerial Systems – 2022) held at St. Mary's, Maryland, USA

* Project MANAS achieved overall 18th Rank amongst 71 teams competing across the globe

* They were ranked 2nd in Flight Readiness Review Rank

Project MANAS, a Students’ Major Project Team at MIT, MAHE, specializing in AI and Robotics, bagged an overall rank of 18th amongst 71 teams competing across the globe in the event, AUVSI SUAS - 2022 (Association for Unmanned Vehicle Systems International Student Unmanned Aerial Systems – 2022) held at St. Mary's, Maryland, USA, during 15th -18th June 2022.

AUVSI SUAS is held annually, since 2002 and requires students to design, integrate, report on, and demonstrate an Unmanned Aerial system i.e. a Drone, capable of autonomous flight and navigation, remote sensing via onboard payload sensors, and execution of a specific set of tasks. 

With this being their first attempt at the competition, Project MANAS completed the mission demonstration, and their performance was highly appreciated by the competition authorities and judges. Project MANAS achieved 2nd Rank in Flight Readiness Review, 18th Rank in Mission Demonstration and 10th Rank in Technical Design Report.

The 6 feet wide UAS (Unmanned Aerial System), i.e., a Drone developed by the team carried out the entire mission in autonomous mode, i.e., without human intervention. Radio Frequency Device (RFD) was used to navigate the flight of Drone, only in the manual mode. This was their mission task at the event.

Speaking about the achievement of Project MANAS Lt. Gen (Dr)MD Venkatesh, Vice Chancellor, Manipal Academy of Higher Education said, “We are extremely proud and delighted of Project MANAS team’s accomplishment. Their efforts in completing the mission demonstration and achieving 18th rank globally are testament of their talent and commitment. We at MAHE congratulate them and wish them all the very best for their future endeavors.”

Cdr. (Dr.) Anil Rana, Director, Manipal Institute of Technology, MAHE said “Project MANAS and its members have showcased Indian talent at a global stage in the field of AI and Robotics. We are happy that they got an excellent learning experience at the event, where they got to learn and apply knowledge in the fields of AI, Image processing, Mechanical Design, Power electronics, Control theory etc. With their dedication and perseverance, we are sure they will shine in AUVSI SUAS 2023 as well”

Tata Motors Group Global Wholesales At 3,16,443 In Q1 FY23

The Tata Motors Group global wholesales in Q1 FY23, including Jaguar Land Rover, were at 3,16,443 nos., higher by 48%, as compared to Q1 FY22.

Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q1 FY23 were at 1,03,529 nos., higher by 97%, over Q1 FY22. 

Global wholesales of all passenger vehicles in Q1 FY23 were at 2,12,914 nos., higher by 32% as compared to Q1 FY22. 

Global wholesales for Jaguar Land Rover were 82,587 vehicles (**JLR number for Q1 FY23 includes CJLR volumes of 10,772 units). Jaguar wholesales for the quarter were 14,596 vehicles, while Land Rover wholesales for the quarter were 67,991 vehicles.

*Includes sales of Tata Motors Passenger Vehicles Limited, a subsidiary of Tata Motors Limited.

**CJLR – It is a JV between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR

SBI Signs MOU With KDEM To Provide Access For Funds And Special Financial Services For Start-Ups In Bengaluru

* SBI to provide access to CGTMSE funds for Elevate winners in Karnataka

* KDEM & SBI to partner for India’s first cluster seed fund set up by Karnataka

* SBI to partner for Fintech Innovation Hub in Mangaluru

The Karnataka Digital Economy Mission (KDEM) has partnered with India’s largest public-sector banking conglomerate, the State Bank of India (SBI) to support the start-up ecosystem of Karnataka. KDEM and SBI exchanged a Memorandum of Understanding (MoU) wherein SBI will be now partnering with the Fintech Innovation hub at Mangaluru and leveraging the CGTSME scheme to provide funding support to the start-ups in the state. The MOU is a first of its kind step for start-ups by any banking institution.

Exchanged in the presence of Dr. Ashwathnarayan C N, Hon'ble Minister, Dept of Electronics, IT BT S&T, and Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (Transaction Banking & New Initiatives), SBI & Shri Nand Kishore, Chief General Manager (Bengaluru Circle), SBI. The MoU was signed by Mr. Sanjeev Gupta, CEO, KDEM, and Shri S. Radhakrishnan, General Manager, NW-I, SBI, Bengaluru Circle.

The MoU will empower SBI to build a robust mechanism for the Karnataka Government-recognized start-ups supported by KDEM to avail financial services including credits to the start-ups. The important feature of the MOU is to extend Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTSME) to ELEVATE Winners and to AIF-supported start-ups of Karnataka. The Elevate-Idea2PoC was launched by the Department of Electronics, IT, BT, and S&T, Government of Karnataka to identify and nurture innovative start-ups and provide them the necessary boost at various stages through funding or mentoring. So far, we already have 750 ELEVATE winners with us, and with this MOU more than 1000 start-ups are going to be supported.

Congratulating KDEM and SBI on the MoU, Dr. Ashwathnarayan C N, Hon'ble Minister, Dept of Electronics, IT BT S&T said, “Karnataka has already established itself as a leading state in the nation with a favourable start-up ecosystem supported by a robust policy framework and infrastructure. I am pleased that a huge public sector conglomerate such as SBI values the importance of building an enriching environment, that will elevate the state and the nation’s digital economy. I congratulate Mr. Sanjeev Gupta and Shri Rana Ashutosh kumar Singh for the signing of the MOU and for their support of the innovation hub in Mangaluru.”

Commenting on the MoU Exchange, Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (Transaction Banking & New Initiatives), SBI said, “It is a great pleasure for us at SBI to partner with organisations such as the Karnataka Digital Economy Mission and the Government of Karnataka that is striving to build a world-class innovation hub and a robust start-up ecosystem that will inspire the nation. We believe that this is a fitting partnership as we can converge our financial acumen with KDEM’s platform and reach that will together become a gamechanger for the industry.”

Speaking at the MoU exchange, Shri B V Naidu, Chairman, KDEM said, “KDEM has always strived to be an enabler of change and innovation in Karnataka’s start-up journey. This MOU will add another flavour of comprehensive financial services available to start-ups. SBI has shown keen interest in the opening of the start-up branches in the emerging tech clusters like Mangaluru, Mysuru, and Hubballi in the next 3-6 months.  I am happy that SBI has shown keen interest in participating in our cluster seed funds which is the first of its kind in India.”

The State Bank of India will be opening an exclusive start-up desk in the ‘Innovation Tower’ of the Government of Karnataka at HSR layout, Bengaluru to offer services to start-ups. Subsequently, KDEM will assist SBI in opening branches across the three clusters of Mysuru, Mangaluru, and Hubballi-Belagavi to facilitate and support start-ups based out of these clusters.

Commenting on this partnership, Dr. E V Ramana Reddy, ACS, Dept of Electronics, IT BT S&T, said, “This is a significant moment for SBI and KDEM, coming up with a unique platform that empowers the innovation ecosystem of Karnataka for the financial services. SBI will also be supporting the fintech task group and be an important partner in executing the strategies for making Karnataka the world’s leading fintech hub.”

Mr. Sanjeev Gupta, CEO, KDEM while signing the MOU said, “Now that we have SBI, India’s largest public-sector bank supporting Karnataka’s start-up ecosystem, I am confident that Karnataka will be the Fintech hub of the world and also aspire to be the top 5 start-up ecosystem of the world. SBI providing dedicated financial services for start-ups will now create a growth to the start-up ecosystem in beyond Bengaluru clusters as well. “

The MoU will further allow the two parties to participate in cluster funds under KITVEN (Karnataka Information Technology Venture Capital Fund). KITVEN Fund has invested in emerging companies with a long-term investment approach and also focused on investments in seed/ rapid growth opportunities within the State of Karnataka. The Fund has assisted a wide spectrum of companies catering to Information Technology, Biotechnology, and other high-end products/ solutions in the knowledge-based sector and aims to augment the state’s Fintech sector through this partnership.

About Karnataka Digital Economy Mission (KDEM)

With an objective to increase the share of Digital economy in the state, the Government of Karnataka set up the Karnataka Digital Economy Mission (KDEM), a Section-8 organization, which acts as a knowledge bridge between the industry and the government. To meet the objectives, KDEM has been working towards the five focus areas, viz. IT Products & Services, BPM & GCC promotion; Innovations & Start-ups; ESDM; Beyond Bengaluru; and Talent Accelerator.

The Beyond Bengaluru Program

The Beyond Bengaluru program of KDEM, in particular, is spearheading the objective of proliferating the growth of the digital economy in clusters beyond Bangalore. This is done to select identified clusters in the state by developing and facilitating a product-based ecosystem. Building a community of key industry players, entrepreneurs, start-up owners, academia, accelerators, and the student community, the Beyond Bengaluru program of KDEM is steering towards getting investments and generating employment in the State.

NPCI Partners With JBIMS To Offer A Master’s Degree Program In Digital Payments To Its Employees -“Learn While You Earn” Initiative

* This first-of-its-kind hybrid program for NPCI employees with specialization in “Digital Payments” will serve as an enabling platform for bright and committed minds

National Payments Corporation of India (NPCI) has collaborated with Jamnalal Bajaj Institute of Management Studies (JBIMS) to co-create a Master’s in Management Studies (MMS) program in Digital Payments for its employees. Launched under NPCI’s “Learn while you Earn” higher education program, the first batch commenced today with an inaugural session. The specially curated, one-of-its-kind program will integrate aspects of technology, finance, BFSI, and information system and management studies into a single Master’s specialization in Digital Payments to cater to the varied requirements of the industry today. The program will serve as a platform to build leaders of tomorrow, who are capable to manage the growing digital payment user-base and will further bring technological reforms to the financial ecosystem.

Being a hybrid program, employees will take weekend classes and spend only one week on campus per semester thereby allowing them to learn while they continue to earn at NPCI. The program is aimed to enrich employees with a deeper understanding and knowledge of research methodologies while encouraging them to publish research papers and articles.

Additionally, NPCI employees also have the opportunity to pursue super-specialization and further studies (Ph.D.) after the completion of the Master’s program.

Dr. Srinivasan R. Iyengar, Director, JBIMS said, “We are thrilled to be co-building this first-of-a-kind specialised MMS program in digital payments for NPCI employees. At JBIMS, we ensure that our programs are in sync with today’s professional demands and be of relevance to employers and participants. We believe that MMS in digital payments will offer NPCI employees the best opportunities to learn and realize their potential.”

Dr. Kavita Laghate, Professor, JBIMS said, “At JBIMS, we are continually striving to make each program better in terms of relevance, content, and methods. We are excited to be part of this pathbreaking MMS in digital payments program developed for NPCI employees.”

Nishith Chaturvedi, Chief of HR & Administration at National Payments Corporation of India (NPCI) said, “Creating learning opportunities is one of our key Employee Value Propositions and we are delighted to partner with a premier institute like JBIMS to co-create this Master’s program in digital payments. We believe in ‘Learning for All’ and encourage our employees to keep themselves relevant in a fast-paced world.  We hope this initiative will further inspire the talented minds and help us in our mission to transform the Indian digital payments industry.”

About NPCI:

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payment solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

For more information on NPCI, visit: https://www.npci.org.in/