BlackLine Opens New Technology Development Centre In Bengaluru

* India Development Center to expand accounting automation software leader’s R&D capabilities and drive innovation for global customers

US-based BlackLine, Inc. (Nasdaq: BL), a leading provider of cloud software that automates and controls critical accounting processes, announced the opening of its India Development Center (IDC) in Bengaluru, an innovation hub that will focus on advancing new solutions and accelerating product development in an effort to further deliver excellence for the company’s global customer base.

Located in Bengaluru’s WeWork at Embassy Golf Links Business Park, the new center will expand BlackLine’s Research and Development (R&D) capability and is expected to accommodate several hundred employees by the end of 2024.  The initial focus of the IDC will be on R&D and cloud operations, including new engineering teams building advanced services for BlackLine’s market-leading accounting automation platform.  In addition, teams will be established to achieve enhanced cloud operations and engineering support.

Raghu Dwarakanath, the newly appointed managing director of BlackLine’s IDC said: “Our mission is to be a world-class technology center that advances innovation and delivery excellence. Over the next two years, we plan to build out teams across a range of areas, including product management, design, engineering, architecture, and program management. These teams will have the opportunity to help solve some of the biggest problems facing Finance and Accounting, by advancing best-in-class cloud software that is used by some of the largest and most successful companies in the world.”

Commenting on the chosen location for the IDC, Pete Hirsch, Chief Technology Officer at BlackLine, added: “Bengaluru is the number one technology spot in India and a major hub for top technology talent. I am very excited about the opportunities this new innovation center will create for our customers, partners, and current and future employees.”

The new location will also allow BlackLine to leverage Bengaluru’s well-established technology ecosystem to explore future innovation partnerships that could benefit customers worldwide.

For more information or to learn about joining BlackLine’s world-class team in India, visit https://careers.blackline.com/bengaluru.

About BlackLine: Companies come to BlackLine (Nasdaq: BL) because their traditional manual accounting processes are not sustainable. BlackLine’s cloud-based financial operations management platform and market-leading customer service help companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. BlackLine provides solutions to manage and automate financial close, accounts receivable and intercompany accounting processes, helping large enterprises and midsize companies across all industries do accounting work better, faster and with more control.

More than 4,000 customers trust BlackLine to help them close faster with complete and accurate results. The company is the pioneer of the cloud financial close market and recognized as the leader by customers at leading end-user review sites including Gartner Peer Insights, G2 and TrustRadius. BlackLine is a global company with operations in major business centers around the world including Los Angeles, New York, the San Francisco Bay area, London, Paris, Frankfurt, Tokyo, Singapore and Sydney.

For more information,  visit blackline.com.

Education In Ireland, Irish Institutes Organise Undergraduate Showcase For School Kids In Bangalore

~The Roadshow guided the students about the importance of higher education and highlighted top-ranked Irish Universities in Ireland~

In the last few years, Ireland has been at the forefront to welcome Indian students and has progressively emerged as a preferred study abroad destination. To further spread awareness about the options for higher education in Ireland and to pilot them in the right direction, Education in Ireland the national brand for Enterprise Ireland responsible for the promotion of Irish Higher Education Institutions overseas, successfully hosted an ‘Undergraduate Showcase’ in key schools of Bangalore.

The ‘Undergraduate Showcase’ commenced on the 22nd of August in Bangalore. As a part of the roadshow, the representatives from Education in Ireland, Irish Educational institutes, and top-ranked Universities visited The International School of Bangalore and Candor International School on the first day. On the 23rd of August, the representatives visited Ebenezer International School followed by a visit to Stonehill International School. All these visits to the schools included engaging sessions for the students who are seeking higher education abroad.

Mr. Barry O’Driscoll, Regional Manager, India & South Asia for Education in Ireland said, “Ireland is committed to providing excellence in education, and to making its graduates market ready for the future.  Moreover, we are currently seeing an increase in the number of Indian students applying to Ireland at the rate of about 10% per year. Our agenda behind organizing this showcase was to educate the students about the opportunities that they can explore and find the right courses with job prospects. The showcase helped the students interact directly with representatives of Irish higher education institutions and gain a larger perspective on the education scenario in Ireland.”

Hosted by Education in Ireland the showcase was organized to give study-abroad guidance and counselling to the school kids in Bangalore. The core aim of the roadshow was to offer the students specialized courses that would help them identify their expertise to thrive well in near future. The students were given crucial insights and required knowledge about Ireland’s Higher Education. They were able to freely network with the officials and fellow representatives after the enlightening sessions. Thus, helping them with the answers to all their queries about studying in Ireland.

“Ireland is one of the top 10 education destinations across the world according to IMB World Competitiveness Ranking 2019. The country has the most stable, competitive, secure, and pro-business economies, which provides a perfect backdrop for students out of school, looking to grow their careers and achieve ambitions. Irish higher education institutions offer ample opportunities and in-depth courses for Undergraduate students. Along with a comprehensive education system Ireland also provides greater ROI to international students compared to any other study abroad destination.” Mr. Barry further added.

Ireland has an internationally acclaimed reputation for quality academic education and unique courses that prepare students for competitive job markets within Ireland and beyond. From quality-assured education to a welcoming culture, it undeniably provides a holistic experience for international students, looking to pursue higher education abroad. The country is firmly now on the radar of Indian students when it comes to studying abroad options, and over 6000 Indian students have already chosen Ireland for undergraduate and postgraduate study to date. The Undergraduate Showcase in Bangalore readily threw light on all of the above-mentioned and helped students to learn and map out their educational as well as career decisions.

APAC Governments Must Accelerate Delivery Of Quality Digital Services For Citizens

Top findings

* APAC Governments’ IT spending is forecast to grow by 8% each year to US$151 billion by 2025 - outpacing the annual 6% growth in overall government spending.

* There will be 900 million citizens joining the online community by 2025, an increase of 36% compared to 2021

* India is classified as a GovTech leader by the World Bank GTMI with a score 82 out of 100

* 89% of Indian respondents are more willing to learn new digital skills or use a new platform

* 80% of Indian respondents agree or strongly agree that the use of technology in government services will improve equality in the society

VMware Inc. (NYSE: VMW), a leading innovator in enterprise software, today unveiled research titled “Digital Smart: Advancing digital government for citizens in the Asia-Pacific”, which found APAC citizens are more digitally engaged than ever, but governments still lag in the delivery of those services. 

The study, conducted by Deloitte, found that the use of in-person government services halved across APAC nations in the last two years, and 77% of citizens now primarily use a digital platform to access government services.  

However, 67% of respondents expected the quality of government services to be on par with those offered by the private sector with 41% of people struggling to access digital services on their own, with a lack of basic digital skills and shortfalls in digital infrastructure.  With 900 million new internet users expected to be added to the region (Australia, Singapore, Indonesia, Vietnam, India, Japan, and South Korea) by 2025, the need for investment in digital services by governments continues to grow.  

Sylvain Cazard, senior vice president and general manager, Asia Pacific and Japan, VMware said: “It’s clear from the Deloitte research that citizens expect the same level of services – and quality – as those delivered by private companies or organizations. Service delivery in terms of multi-cloud infrastructure as well as modern containerized applications and services are the way forward, so governments also need to align thinking and resourcing along these major trends to meet their citizens’ needs.”  

Pradeep Nair, Vice President & Managing Director at VMware India, said, "According to the Deloitte study, 81% of Indian respondents agree that government services have become easier to use, and 78% indicate the quality of services has improved. The study calls out raised expectations too – 86% of Indian respondents expect most government services to be available online over the next five years, and 86% agree that government needs to invest more in technology to better prepare for the future. Easier access, greater transparency and increased data security are specific areas to focus.”

Deloitte India partner, Swati Agarwal said, “Integrated digital government services are redefining the citizen-government engagement and delivery models. The focus on citizen experience through digital, human-centric, real time and personalized delivery of services is leading to an improved perception of trust and responsiveness while improving access, operational efficiency, and agility.”

Governments’ readiness to embrace digitization going forward varies widely between emerging and developing economies. Here are some of the highlights:

Singapore: 84% of Singaporean respondents expect to access government services the same or more frequently in the next five years and 76% agree or strongly agree that government needs to invest more in technology to better prepare for the future. 

Vietnam: 85% of respondents in Vietnam are willing to learn new digital skills or use a new platform and 80% expect to access government services the same or more frequently in the next five years.

India: Respondents in India are the most likely to say that a positive experience using online government services will improve their trust in government and currently, 89% are more willing to learn new digital skills or use a new platform. 

Indonesia: 81% of Indonesian respondents are more comfortable engaging with digital technologies, and notably, government websites have replaced in-person services as the most common medium when accessing government services today. 

South Korea:  90% of Korean respondents expect to access government services more frequently in the next five years. The report finds that South Korea is ranked 1st globally on the World Bank GTMI and is recognized as a GovTech world leader with a score of 98 out of 100.

Japan:  90% of Japanese respondents expect to access government services more frequently in the next five years and only 27% expect the quality of government services to be the same as services offered by the private sector. 

Australia: 82% of Australian respondents expect most government services to be available online over the next five years and look forward to a more integrated experience. 55% of Australians are willing to provide personal data if it makes accessing services easier. Data security is also top of mind for Australians when accessing government services. 

WE Hub, Tide Join Hands To Accelerate Growth For Women-Led SMEs

•  Only 20 percent of SMEs in India are led by women, a huge untapped potential for them to contribute to the Indian economy

•  India’s first and only state-led incubator, WE Hub has a proven deep and wide body of work among this underserved segment

•  Women entrepreneurs across India are set to benefit from Tide’s comprehensive financial admin and advisory services

In a move to power women-led small businesses in India, Telangana’s state-led incubator for women entrepreneurs, WE Hub has entered into a Memorandum of Understanding (MoU) with Tide, the UK’s leading SME-focused business financial platform. This year-long partnership is set to elevate Tide’s India Chapter of ‘Women in Business’ and enable aspiring women entrepreneurs across India to both start and grow their businesses and overcome administrative challenges.

The Women in Business programme is aimed at digitally transforming businesses in Tier 2 and Tier 3 regions. With this partnership, women entrepreneurs not just in Telangana, but pan-India will have access to Tide’s comprehensive financial admin and advisory services, facilitating their inclusion in the formal economy – ensuring timely and adequate access to financial services.

Only 20 percent of SMEs in India are led by women, according to the MSME ministry Annual Report 2021. Women MSMEs face a credit gap of $158 billion with 90 per cent relying on informal sources of financing. Lack of access to formal credit along with a high rejection rate by lending institutions is a key factor behind the low growth rate of women SMEs. This causes most women-led businesses to finance themselves as banks, leading to uncertainty among financial institutions about the business model and return on loans.

WE Hub CEO Deepthi Ravula said, “Access to funding and specially working capital has always been a key challenge for many women led start-ups & SMEs. Many studies have shown that financial institutions have low confidence in growth prospects of Women founders and start-ups. Another common challenge that women entrepreneurs face is with respect to access to mentors. Enabling access to credit is a fundamental intervention to overcome this challenge for entrepreneurs to start and scale in their entrepreneurial journey. Through our partnership with Tide, we plan to address this and create growth opportunities for women entrepreneurs.”

Being India’s first and only state-led incubator, WE Hub has deep market penetration and an impeccable body of work among women small business owners– a segment that has always been underserved. WE Hub and Tide aim to create an ecosystem to help women entrepreneurs have greater access to business and technical support, as well as mentoring, with increased opportunities for growth. The core focus areas will include counselling and educating women small business owners on Regulation and Compliance, Accounting and Financial Planning, Filing Tax Returns, Loan Application Support, Marketing and Sales, in addition to facilitating Peer Training and Networking. Additionally, women entrepreneurs in Telangana can also use a free co-working office space on Tide premises, when starting out.

Kumar Shekhar, VP – Member Operations, Tide India, said, “India is witnessing an exponential growth of women-led SMEs setting out on an entrepreneurial journey and contributing significantly to the country’s economy. We, at Tide, are proud to partner with WE Hub, and plan for the collaboration to catalyse the growth of women small business owners. Tide intends to upskill these businesswomen with the required technical and financial know-how and provide a credible platform to fulfil their business goals.”

Earlier this year, Tide committed to incubate 500,000 women-led small businesses in India by the end of 2027. To fuel this goal, Tide also created an internal Women in Business Mentor Panel that features in-house experts in Leadership, Marketing, Capital Investment, Hiring and Payroll, Taxation, and Legal, among others to provide one-on-one advice and host regular masterclasses, webinars, and AMA sessions for women entrepreneurs.

Demand For Eco-Friendly Bags Rises By 63% After A Month Of Single-Use Plastic Ban: Just Dial Consumer Insights

* Paper bags dominate by generating almost 45% of the demand across India

* Demand for jute and cotton bags rise by 22% and 78% respectively

* Delhi generated almost a third of the demand, followed by Mumbai and Bengaluru for paper bags

* Delhi, Kolkata, and Hyderabad were the top-3 Tier-I cities that saw the maximum demand uptick for jute bags

A month after the plastic ban, demand for eco-friendly bags jumped significantly, with Tier-II towns and cities witnessing a faster adoption rate than Tier-I cities, as per the latest Just Dial Consumer Insights.

Ever since the ban on single-use plastic came into effect, demand for eco-friendly bags have shot up by 63% (MoM) across the country during the month of July. The bulk of the searches for eco-friendly bags was witnessed in Tier-I cities that saw a demand uptick of 40%, but in Tier-II cities and towns, this demand was observed to be way higher at 60%.

Commenting on the trend, Mr. Prasun Kumar, CMO, Just Dial, said: "It is exciting to see that we are ready to embrace sustainability as the country moves away from single-use plastics. This is the need of the hour with an increasing emphasis on planet and people. This has resulted in a huge demand for eco-friendly bags as a replacement for plastic bags. Institutional buyers across key markets have also shifted to paper, jute, and cotton bags, boosting bag manufacturers and dealers on our platforms. Paper is still the most popular alternative to plastic, with its demand growing at nearly twice the rate in Tier-II cities vis-a-vis Tier-I cities. Aligned with our intent to create a sustainable future, Just Dial is also playing a key role in driving a much needed businesses shift towards an eco-friendly and sustainable future."

Paper bags dominated, with almost 45% of the demand for eco-friendly bags across India. Demand (MoM) for paper bags rose by 67%, with Tier-I cities witnessing a 41% uptick and Tier-II by 83%. Among Tier-I cities, Delhi generated almost a third of the demand, followed by Mumbai and Bengaluru in second and third place. Thrissur, Chandigarh, Surat, Coimbatore, and Thiruvananthapuram were the top-5 Tier-II towns and cities that saw the maximum demand for paper bags.

Almost 35% of the demand for eco-friendly bags on Just Dial was for jute bags, which saw a 22% (MoM) rise. In Tier-I cities, the demand grew by 22%, and in Tier-II cities it was 21%. Delhi, Kolkata, and Hyderabad were the top-3 Tier-I cities that saw the maximum demand uptick, and in Tier-II, Vijayawada, Patna, Surat, Jaipur, and Chandigarh led the demand race.

Cotton bags contributed to around 16% of the overall demand for eco-friendly bags but saw a maximum demand growth rate of 78% during the month of July. In Tier-I cities, demand (MoM) grew by 69% and in Tier-II cities by 72%. Delhi contributed to 40% of the demand that was generated from Tier-I markets, followed by Mumbai, and Pune. In Tier-II towns and cities, Erode, Coimbatore, Vijayawada, Surat, and Madurai were the top-5 places where cotton bags were in maximum demand.

Lentra Records More Than 1.2 Lakh Retail Loan Applications On Independence Day, Trends Hint Positive Festive Demand Outlook

 
~Demand seen emerging from in-store shopping across product segments, such as refrigerators, washing machines, and mobiles phones~

~Pent up demand and moderation in inflation drive consumer demand~

The Indian retail loan industry is witnessing a clear revival of growth momentum after nearly two years of stagnant sales as consumers’ intent toward discretionary spending increases ahead of the festive season. Recording an 84 percent surge in retail loans from in-store shopping, the number one consumer lending cloud platform, Lentra, processed more than 1.2 lakh applications on August 15 alone, up from 65,000 on the same day in 2021.

Lentra saw a bulk of the demand originating from in-store shopping across product segments, such as refrigerators, washing machines, and mobile phones. Interestingly, the average ticket size of consumer loans also increased from INR 13,500 in 2021 to INR 15,500 in 2022, indicating a higher buying propensity and improved consumer sentiment around the festive season.

A large portion of consumer spending is driven by pent-up demand, moderation in inflation, and the fact that this will be the first festive year without any restrictions. Simultaneously, the robust demand for consumer loans can be attributed to the integration of Straight Through Processing (STP) in the lending lifecycle. The API-enabled loan processing is enabling banks and financial institutions to process loan applications in seconds using automation and Machine Learning (ML).

Expecting the demand to balloon further during the festive season, Lentra forecasts a 3x growth in consumer loans with average applications processing time hitting nearly 15 applications per second this Dhanteras.

Sandeep Mathur, Chief Revenue Officer, Lentra said, “We are witnessing impressive bounce back in retail loans as melting uncertainties, improving economic sentiment, and boosting incomes collectively revive consumer demand. Additionally, as brands try to woo consumers with offers and discounts, it will accelerate the demand for consumer loans. At this point, Lentra’s technology prowess and the loan processing capabilities of its future-ready platform are enabling consumers to opt for hassle-free purchases. With these renewed trends, Lentra remains committed to empowering lenders to fuel the dreams of millions backed by technology and innovation.”

With a volume of more than 50 million applications, Lentra has a proven peak, handling more than 60,000 concurrent users. The cloud platform is highly scalable with a capability to handle more than 1100 API calls/second, making it one of the most preferred digital lending solutions for financial institutions.

About Lentra

Founded in 2019, by D Venkatesh and Ankur Handa, Lentra is a Cloud-native platform designed and developed to empower financial institutions with tomorrow’s lending ecosystem, today. With its full-stack, fully digital, secured products and solutions, Lentra is the future of smart, seamless, secure digital lending. The lending cloud platform services more than 50 financial institutions and has processed more than 13 billion transactions on its platform.

For more information visit https://www.lentra.ai/

Govt. of Nagaland, JK Trust Sign MoU To Launch Raymond Skill Training Program Backed By NABARD & Silver Spark Apparel

JK Trust, a social initiative of Raymond, together with its supporting partners, signed a MoU with the Government of Nagaland to launch an “Employment Linked Skill Training Program” in Kohima during CSR Conclave. The program is one of its kind and is aimed at providing employment opportunities to the youth of Nagaland in garment industries. The MoU was signed in the presence of the Hon’ble Finance Minister of India, Smt. Nirmala Sitaraman and Hon’ble Chief Minister Shri. Neiphiu Rio. The project is supported by NABARD (National Bank for Agriculture and Rural Development), Silver Spark Apparel Limited (Raymond Group) and Directorate of Technical Education under the Government of Nagaland. 

India has a demographic dividend advantage and if this potential is tapped, the country will witness good economic growth. Skill development will play a major role in this. Around 12.6 million people are employed in garment industries and this number is expected to increase to 15.8 million by the end of 2022 (as per an NSDC report).

Shri. Medo Yhokha, Hon’ble Advisor to CM Nagaland said; “Our youth has immense potential and with the right opportunities they can achieve newer milestones. I appreciate and welcome the efforts by JK Trust and Raymond for starting the skills training program.”

Shri. Shaji KV, Dy. Managing Director, NABARD said; “NABARD has been working actively to support the rural economy through different schemes and initiatives. The North-East has untapped potential and we are happy to support JK Trust for implementing the Employment Linked Skill Training Program. We are hopeful that this will usher in newer opportunities for economic and social development of the state.”

Shri. Ram Bhatnagar, CEO of JK Trust, said, “As one of the most relatable household names when it comes to home-grown garment brands, Raymond aims to make a difference in the industry by providing skills to the future leaders of the same industry. This would boost the garment industry’s growth in Nagaland, provide employability to the youth of Nagaland and set up Nagaland as a potential base for industrial growth.”

Nagaland is one of the best educated states in India and the youth here have the potential to contribute to socio-economic development, if provided with the right opportunity. The state has minimal industries and the lack of skilled workforce is one of the major challenges.

The project will bridge the existing gap between skill training imparted and skillsets required by industries. The project will also pave the way for garment industries to set up their units in the state with increased availability of skilled workforce. 

The central hub is located in Government Polytechnic, Kohima, and is equipped with advanced machinery that is used by garmenting industries. The project will be implemented for five years and 1,080 trainees will be trained and provided employment opportunities in Silver Spark Apparel Limited, Bengaluru. The centre will be launched in the second week of September’22. The youth of Nagaland are invited to become a part of this initiative and leverage new opportunities for themselves as well the state.

The program will serve as a model for ushering in holistic development at grass root level for other North Eastern states.

About NABARD: National Bank for Agriculture and Rural Development (NABARD) is an apex development financial institution under the jurisdiction of the Ministry of Finance, Government of India. The bank has been entrusted with "matters concerning policy, planning, and operations in the field of credit for agriculture and other economic activities in rural areas in India".  It is also entrusted with the supervision of regional rural banks, apex cooperative banks and district cooperative banks in India. NABARD’s initiatives are aimed at building an empowered and financially inclusive rural India through its specific goal oriented interventions in the Financial, Developmental and Supervisory sphere.

About JK Trust: JK Trust is a leading NGO in India committed to augment the life of people in urban & rural areas through its sustainable interventions. With strong implementation background, the trust has been working in the development sector for more than 3 decades and has touched lives of 7.5 million across 14 states through its various interventions.

About Raymond

Raymond is India’s largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting. Over the years, Raymond has been synonymous with quality, innovation and market leadership. It has some of the leading brands within its portfolio – ‘Raymond Ready to Wear’, ‘Park Avenue’, ‘ColorPlus’, ‘Parx’, ‘Raymond Made to Measure’  and Ethnix by Raymond amongst others. Raymond has one of the largest exclusive retail networks in the country with around 1,400 stores in more than 600 towns. The group has presence in engineering space engaged in precision engineered products with an expansive presence in national as well as international markets. Raymond forayed into realty sector through the launch of its maiden project TenX - an ‘aspirational district’ spread across 14 acres housing ~3,100 residential units and has recently launched a premium residential project – The Address by GS.  Raymond also has presence in FMCG sector through Raymond Consumer care that offers wide range of products in men’s personal grooming category and personal hygiene. Having enjoyed the patronage of over a billion consumers, Raymond as a brand has been consistently delivering world class quality products to its consumers over the past nine decades.          

To know more, visit us today at www.raymond.in