KreditBee Closes Second Tranche Of Its USD 200 Million Series D Fundraise

·         Closed a USD 200 million primary fundraise from Advent International, MUFG Bank and existing investors

KreditBee, one of India’s leading fintech platforms, in an extension of its Series D round raised an additional USD 100 million in primary funding from Advent International ("Advent"), one of the world’s largest and most experienced private equity investors. Last month, the company had raised Tranche one of Series D from Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, along with existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments. Avendus Capital acted as the exclusive financial advisor to KreditBee on the transaction.

The additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products. The company serves the credit and other personal finance requirements through its in-house RBI-registered NBFC - Krazybee Services Private Limited (Systemically important NBFC) along with partnerships with over 10 renowned financial institutions. The platform is on track to surpass an AUM of USD 1 billion over the next 6-9 months.

On announcing the fundraising, Madhusudan Ekambaram, Co-Founder & CEO of KreditBee, said, “We are delighted to welcome a long-term financial and strategic partner in Advent. This reinforces the confidence in our profitable business model and the long-term sustainability of it. The latest round will help us to achieve our vision of serving over 400 million middle income population in the country.”

Shweta Jalan, Managing Partner at Advent International, added, “We believe KreditBee’s proprietary underwriting tech stack is one of the best in the industry and helps in its ability to identify and underwrite future prime customers at an early stage. We are thrilled about this partnership and to assist KreditBee to drive further value creation in its next phase of sustainable growth.”

Gagan Joshi, Director at Advent International, said, “We are excited about the digital lending opportunity in India, a fast-growing under-penetrated space, which only a handful of FinTechs like KreditBee have been able to crack profitably. We look forward to supporting Madhu and his team in creating a full-service fintech platform to help meet the credit needs of India.”

Ashish Dave, CEO of Mirae Asset Venture Investments, said, “KreditBee has witnessed several credit cycles and has come out stronger each time reflecting adaptability and resilience of its business model. With this investment, we are strengthening our commitment to back KreditBee’s vision.”

Pankaj Naik, Executive Director and Co-Head, Digital & Technology Investment Banking at Avendus Capital said, “We are thrilled to have partnered with Madhu and KreditBee. This new funding will help KreditBee consolidate its position as a strong leader in the personal digital lending market. The current round is a reflection that in any market conditions, companies with attractive margin profiles addressing a large market opportunity continue to create an exceptional outcome.”

About KreditBee

KreditBee is a FinTech Platform which facilitates digitally enabled personal loans to professionals, where they can avail loans up to ?4 lakhs as per their requirements. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country. Currently, it has 7 million loan customers, out of which over 3 million are active loan customers.

CES 2023 Highlights: Gaming Gadgets, Dazzling TVs And Flying Car Among Others

* A flying car is actually happening, for real this time 

Aska A5 flying care at CES 2023 debut

We've been waiting on flying cars since at least the Jetsons, and we now appear on the precipice of realizing that dream. And by "we" I mean a company called Aska, which revealed its A5 flying car at CES 2023. It's more than a concept: Aska has opened preorders for the $789,000 vehicle. At CES 2023, Aska cofounder Guy Kaplinsky said FAA approval for the A5 could happen "within a month." Aska hopes to use the A5 to start a ride sharing service in 2026.

BMW i Vision Dee

With its intelligent, almost human capabilities, BMW i Vision Dee accompanies drivers not only through real-life situations on the roads, but also in their digital environment.

“A BMW lives by its unparalleled digital performance. BMW i Vision Dee is about perfect integration of virtual and physical experiences,” said Frank Weber, member of the Board of Management of BMW AG responsible for Development. “Whoever excels at integrating the customer’s everyday digital worlds into the vehicle at all levels will succeed in mastering the future of car-building.”

Icoma Tatamel Ebike

Living in an apartment in a big city means you never have space for anything. Especially an electric bike, which you probably don't want to store outside on the sidewalk. Enter the Icoma Tatamel. This Japanese concept ebike is tiny. (And cute!) It folds up to be even more compact, and it can be stored in tight spaces. When you have it inside, you can use it as a portable power station if the power goes out. Take it out, unfold it, and you can go up to 25 miles an hour for about 18 miles per charge with the 600-watt motor. It recharges in about three hours. You can roll it around in its folded state, and the side panels are customizable. (This one has videoscreens built in.) It does have a big downside: You won't want to carry it up a flight of stairs, as it weighs around 110 pounds. Icoma says it expects to launch the ebike this spring, including in the US, though the price hasn't been finalized. —Julian Chokkattu

LG Gram Laptops

The Korean tech giant LG has refreshed its Gram line of thin and capable notebook PCs this year at CES. The Gram Ultraslim, one of the 2023 models, is the thinnest of the pack at just 10.99 millimeters. The slightly beefier (that term being relative) Gram Style has an all-glass top with a trackpad hidden beneath the surface. Tap the glass and an array of LEDs awaken to illuminate the touch-sensitive area. These new Grams have Intel Raptor Lake chips inside, and they ship globally in February. LG says it will announce US and UK pricing soon. —Michael Calore

Bosch RideCare

If there’s anything scarier than getting in a car driven by a stranger, it’s pulling up to a curb and having a stranger climb into the backseat behind you. Bosch’s RideCare is a smart camera system designed specifically as a safety device for rideshare drivers. The system is powered by the car's cigarette lighter and has both front- and rear-facing cameras; the interior camera uses infrared lighting to see inside the car when it’s dark. If something seems amiss, the driver can punch a discreet wireless SOS button to contact Bosch's emergency services. The emergency responders can access a videofeed from inside the car, along with location information and a time stamp, to decide whether the driver needs them to call for help. Sure, it’s a little more complicated than a simple dashcam, but there’s nothing that says you can’t use it for car karaoke as well. —Adrienne So

Nourished x Neutrogena Skin360 Skinstacks

Despite the terrible name (no, it is not stacks of skin), few products at CES 2023 are more appealing than these tiny, sparkling rainbow jellies. And they’re good for you! The skincare company Neutrogena partnered with the UK-based supplement manufacturer Nourished to make dietary supplements that are personalized and delivered on demand. Neutrogena’s skin software assesses your specific skin needs and goals—do you want to have skin that’s glowing or resilient?—to determine which, and how much, of seven different vitamins or minerals you might need. This skin assessment tool was designed to work across various ages, ethnicities, and skin types, and with 10 different kinds of lighting. But we’re more excited to see appealing, on-demand supplements in the future for many other demographics—like, say, printing out tiny, personalized vitamin D3 and potassium supplements for a 7-year-old. —Adrienne So.

TECNO Enters A New Category Of IoT Devices With The Launch Of 4G Portable Wi-Fi Hotspot TR109

·         Priced at INR 2,499, the newly-launched offering is available for sale on Amazon from 5th January 2023

·         The latest entrant in TECNO’s IoT device line supports up to 16 simultaneous connections and has a mighty 3000mAh battery

TECNO Mobile, the global premium technology brand, has launched its first 4G Portable Wi-Fi Hotspot TR109. Recognized for introduce industry-first features in the smartphone category, the brand has entered a new IoT segment with the launch of the 4G portable Wi-Fi Hotspot TR109. 

Priced at INR 2,499, the TECNO Portable Wi-Fi Hotspot TR109 supports up to 16 simultaneous connections and ensures a stable link among multiple users. The newly-launched offering also eliminates issues such as connection delays caused by multiple connected devices.  It comes with a mighty 3000 mAh battery and provides 7-day long standby time.  With a lightweight, portable design, it has a plug-in SIM card and Wi-Fi everywhere structure. It is suitable for network utility in every activity and has capabilities of multi-purpose usage.

Commenting on the newest entrant in TECNO’s IoT devices’ line, Arijeet Talapatra, CEO, TECNO Mobile India, said, “TECNO is a technology-centric, innovative global brand that believes in providing advanced features with every new offering. As consumers evolve and become more digitally savvy, the industry must be in sync with the demands and aspirations of its consumers. With Wi-Fi TR109, we have blended trendy design with efficiency. We aim to consolidate our position in the IoT domain too, as we have done in the smartphone segment. Our focus is on providing consumers with a wholesome array of devices with an aim to create a true TECNO-connected device ecosystem.”

Designed for digitally-savvy Gen Z consumers who require strong internet connectivity for various daily activities, the TECNO Wi-Fi Hotspot comes with a speed of 300 Mbps with 2*2 MIMO Technology, offering two spatial streams of wirelessly transmitting and receiving data on the same channel or frequency. Together with the Translink app, users can easily manage their Wi-Fi and access devices, controlling the traffic usage of terminal devices at any time.

About TECNO

TECNO Mobile is a premium smartphone brand from TRANSSION Holdings. With “Stop at Nothing” as its brand essence, TECNO is committed to unlocking the best contemporary technologies for progressive individuals across global emerging markets, giving them elegantly designed products that inspire consumers to uncover a world of possibilities. TECNO understands the needs of consumers from different markets and provides them with localized innovations that are demonstrated through their mastery of serving consumers who are “young at heart” and never stop pursuing excellence. TECNO’s portfolio spans smartphones, smart wearables and AIoT devices made for consumers in over 60 emerging markets across the world. For more information, please visit https://www.tecno-mobile.in/home/#/

Airtel 5G Plus Now Goes Live In Four Cities Across Haryana State

* Hissar And Rohtak Gets Ultrafast Airtel 5G Plus Services In Addition To Gurugram And Panipat 

* Promises to offer massive speeds, best voice experience, will work on all 5G smart phones and be kinder to the environment

* No SIM change needed; existing Airtel 4G SIM is 5G enabled

* Existing data plans will work on 5G until roll-out is complete

Bharti Airtel (“Airtel”), India’s leading telecommunications services provider today announced the launch of its cutting edge 5G services in Hissar and Rohtak. Airtel’s 5G services are already live in Gurugram and Panipat.

Airtel 5G Plus services will be available to customers in a phased manner as the company continues to construct its network and complete the roll out. Customers with 5G enabled devices will enjoy high speed Airtel 5G Plus network at no extra cost until the roll out is more widespread. 

Currently operational at Baba Mastnath University, Maharshi Dayanand University (MDU), Model Town, Medical More, Ashoka Complex, Chotu Ram Chowk, DLF Residential Area, Gandhi Camp, Prem Nagar, Babra Mohalla, Civil Road, Mini Secretariat, Tilak Nagar, Mata Darwaja Chowk, Indira Colony, Bada Bazar, Shiv Nagar, Old Bus Stand, Dev Colony, Power House Chowk, Mansarovar Park, Sonipat Stand, Sanjay Colony, Delhi Bypass Chowk in Rohtak and Model Town, Model Town Extension, Shanti Nagar, Mahavir Colony, Shiv Colony, Bank Colony and Industrial Area in Hissar. Airtel will augment its network in other cities making its services available across the state in due course of time.  

Commenting on the launch, Tarun Virmani, COO – Haryana, Bharti Airtel said, “I am thrilled to announce the launch of Airtel 5G Plus in Hissar and Rohtak. Airtel customers in these two cities can now experience ultrafast network and enjoy speeds upto 20-30 times faster than the current 4G speeds. We are in the process of lightening the entire city which will allow customers to enjoy superfast access to High-definition video streaming, gaming, multiple chatting, instant uploading of photos and more.”

Airtel 5G Plus will bolster the entire portfolio of services that Airtel offers. In addition, it will allow superfast access to High Definition video streaming, gaming, multiple chatting, instant uploading of photos and more. With this launch, India will get a fillip to economic growth as Airtel 5G Plus revolutionizes education, healthcare, manufacturing, agriculture, mobility and logistics.

In the last one year, Airtel has demonstrated the power of 5G with a host of powerful use cases that will change the way we lead our lives and do business. From India’s first live 5G network in Hyderabad to India’s first 5G powered hologram to India’s first recreation of a game changing world cup match played at a time when there was no TV coverage to India’s first 5G connected ambulance to India’s first private 5G network with Bosch for boosting manufacturing productivity, Airtel has been at the forefront of 5G innovation.

About Bharti Airtel Limited

Headquartered in India, Airtel is a global communications solutions provider with over 500 Mn customers in 17 countries across South Asia and Africa. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa. Airtel’s retail portfolio includes high speed 4G/5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, streaming services spanning music and video, digital payments and financial services. For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, Ad Tech and CPaaS (Airtel IQ). For more details visit www.airtel.com

Asia’s Richest Industrialist Gautam Adani Will Be In The Dock Of Rajat Sharma’s Iconic Show “Aap Ki Adalat” On January 7

A big treat is awaiting television viewers in the New Year, on Saturday January 7 night, to be precise, when the world’s third richest person, Gautam Adani, will be sitting in the hot seat of Rajat Sharma’s ‘Aap Ki Adalat’. Gautam Adani will be replying to a barrage of questions from the inimitable TV icon Rajat Sharma, who will be returning with fresh episodes of his longest running TV show.

Adani, who normally avoids one-on-one TV interviews, has agreed to be the guest in the show. He will be replying to several tricky questions from Rajat Sharma, relating to controversies relating to his corporate group. Already there is lot of buzz among the social chatterati about how Adani is going to respond to accusations that have been levelled by his rivals and opposition leaders. Expectations of viewers about this episode have naturally reached a fever pitch as the D-Day draws closer.

Last month, Rajat Sharma had asked viewers to share the names of top personalities they wished to see in fresh episodes of ‘Aap Ki Adalat’, and Gautam Adani’s name figured on top of the wish list. The list includes names of several other top personalities, who will also be featuring in ‘Aap Ki Adalat’, as it steams ahead in the coming weeks with fresh episodes. The wish list includes top cricketers, politicians, godmen, and superstars of Indian cinema.

Since its inception in 1993, ‘Aap Ki Adalat’ has featured more than 1,000 prominent personalities sitting in its dock. From powerful politicians, film superstars, leading sportsmen, famous singers to spiritual gurus, none could escape the probing questions from Rajat Sharma, always delivered with a smile, but with exact precision. The roster of distinguished guests in his iconic show includes Presidents, Prime Ministers, cabinet ministers and chief ministers. ‘Aap Ki Adalat’ is the only show that has the distinction of getting all three Bollywood Khans together on the same stage.

There is no other show in Indian TV industry where eminent guests lay bare their raw emotions, vulnerabilities, and no-holds-barred opinions with such ease. Another high point is that ‘Aap Ki Adalat’ on India TV can now be watched by viewers across the world, including the US and UAE.

A Decade Of Direct Mutual Funds: Investors Amass 1000s Of Crores Of Extra Returns By Saving On Commissions, Says ET Money

* Investors On ET Money Alone Have Created An Extra Wealth Of Rs. 183.1 Crores In Just 4.5 Years.

Direct Mutual Funds officially completed ten years of existence on January 05, 2023, allowing Indian investors to earn 1% more than regular funds by saving on commissions. To mark this occasion, ET Money, one of India’s largest wealth tech platforms that helps Indians manage more than Rs.30,000 crores of mutual fund investments, has released a study that shows this landmark reform's impact on investors' wealth.

The study indicates that Indian investors who opted for direct mutual funds in the last 10 years have collectively earned thousands of crores in extra returns. The results are based on the analysis of return differences between direct and regular plans for both SIP and lumpsum Investments for key Equity, Debt, and Hybrid categories.

The study found that, on average, a Rs. 10,000 SIP in Direct Equity Funds started a decade ago resulted in a corpus of Rs. 28.1 lakhs against Rs. 26.6 lakhs in regular plans, thereby earning an extra Rs.1.5 lakhs. A lumpsum investment of Rs. 5 lakh at the same time delivered an average of Rs.21 lakhs in regular, whereas Rs. 23.09 lakhs in direct plans, earning an extra Rs.2.09 Lakhs or 10% extra returns. 

The funds in the Hybrid and Debt categories, too, created an excess wealth of 6% and 3% for SIP and 11% and 6% for lumpsum investments.

The impact of these excess returns has resulted in over Rs.183 crores of extra wealth for investors on ET Money alone in 4.5 years since it started offering Direct Mutual Funds on its platform. And with around Rs.18,16,920 crores (45% of the Indian Mutual Fund industry’s AUM) in Direct Plans, the total money saved on commissions and thus added to the returns of Indian investors would have been 1000s of crores.

As per ET Money, the top 5 AMCs in terms of extra wealth created on its platform are - Axis Mutual Fund, Mirae Asset Mutual Fund, Quant Mutual Fund, Kotak Mutual Fund, and ICICI Prudential Mutual Fund.

On completion of this industry milestone, Mukesh Kalra, Founder & CEO of ET Money, said, “Direct plans remove the bias of commission and its introduction has been the single most effective initiative to curtail miss-selling in the MF industry.We feel privileged to be one of the first platforms to help Indians access direct investment plans at scale. Through the use of powerful decision-making tools and hyper-personalized investments via Genius, we aim to significantly enhance the wealth-creation journeys of our users by compounding returns and increasing additional returns from Rs 183 crores to at least Rs 1,000 crores over the next 5 years.”

About ET Money:

ET Money started in 2016 with a mission to simplify the financial journey of new-age Indians. Today, over 10 million users from more than 1400 cities trust ET Money with over Rs. 30,000 crores of their investments. Over Rs. 600 crores of additional money is invested through ET Money every month, with a SIP processed every 2.5 seconds on the platform. Their latest offering, ET Money Genius, allows investors to access personalized investment strategies across mutual funds and stocks. Through this membership, they are building India's largest financial subscription that provides superior investment advisory, completely aligned to investors' interests, at a fraction of the cost. 

Website link - https://www.etmoney.com/

Britannia Marie Gold My Startup Launches Season 4.0; Collaborates With Google To Offer Digital Business Skilling For All Participants

Season 4.0 highlights

* Financial assistance: The initiative to provide INR 10,00,000 to 10 selected women to embark on their entrepreneurial journeys

* Collaboration with Google to support      aspiring women entrepreneurs       with business literacy training via the Women Will program                

Britannia Marie Gold’s My Startup campaign has successfully run across three seasons, providing funds and skill development for Indian homemakers to embark on their entrepreneurial journeys. In season 2, a partnership with NSDC helped the campaign provide 10,000 homemakers with basic communication skills, financial literacy through access to information and communication technology (ICT), along with micro entrepreneurial skills for social and economic self-reliance. In its Season 3, the Britannia Marie Gold My Start-up campaign broadened its offerings to help homemakers leverage the internet to grow their businesses. As per the Indian Homemakers’ Entrepreneurship Report 2021 with Momspresso, 77% of homemakers who desired to set up their own ventures, considered technology as a key enabler in this journey.

One of the highlights of Season 4 is that all participants will have access to Google’s WomenWill program, a business literacy initiative with a “how to” curriculum on turning an interest into a business, managing an enterprise, and promoting it for growth. All participants who complete the learning journey will be awarded a certificate.

Speaking on the launch of Britannia Marie Gold My Startup contest 4.0, Amit Doshi, Chief Marketing Officer, Britannia Industries Limited said, “Britannia Marie Gold has had a long-standing relationship with India’s homemakers for several decades now. We have run three successful seasons of Marie Gold My Startup initiative, and received nearly 4 million entries from women across the country, with nearly 60% from non-metro regions. This year, we are happy to collaborate with Google to offer aspiring women entrepreneurs digital business skilling resources      aimed at making their startup journeys rich, satisfying and sustainable, with constant guidance and support from us. Together, we really hope to be the wind beneath the wings of many aspiring woman entrepreneurs”.

Commenting on the association with Britannia,      Shalini Puchalapalli, Director of Google Customer Solutions, Google India said,  “Technology can help businesses grow — but only if the people who lead and work for those businesses have the right skills. This is especially true for women entrepreneurs across the board - be they small businesses, creators, developers, or start-ups – and the inspiration behind our commitment to support this community in their journeys through our products and platforms, and with skilling programs such as WomenWill. We’re delighted to offer a new community of homepreneurs this specially designed curriculum through Britannia’s My Startup Contest for the second successive season and wish all participants success.”      

The full terms and conditions can be found at www.britanniamystartup.com.