Projecthero Releases Startling Statistics: 90% Of Labourers In India Are Still Uninsured, 87% Still Receive Below Minimum Wage

* Hyderabad is the highest-paying city for construction workers; Delhi is the lowest  

*  Maharashtra jobs see the highest number of applicants

India’s largest app for construction workers and contractors, projecthero, has released its app usage report ahead of India's 74th Republic Day. projecthero’s usage statistics for 2022 demonstrate a concerning picture: a large majority of contractors across major Indian cities are not paying labourers the government-mandated minimum wage. Delhi is the lowest paying among all cities, while Hyderabad is the highest. Moreover, less than 10% of jobs make contributions to the employee’s Provident Fund and provide Employee State Insurance coverage. This data has been collated from the jobs posted and application patterns on the projecthero app.

projecthero is a construction tech startup, aiming to help build India’s $160 billion construction market. In 2022, projecthero raised $ 3.2 Mn from Ankur Capital and Omidyar Network India.

projecthero lets construction workers create profiles, connect with other workers, and apply to high-paying jobs on its platform. At the same time, contractors can also create profiles and either hire workers on the platform or apply to open projects.

Commenting on the report, Satya Vyas, Founder and CEO of projecthero, said, “Due to poor technological penetration, the construction market has been operating in an opaque manner. This opacity has allowed people to get away with paying low wages, violating legal provisions, and demonstrating bad behaviour. Additionally, more than 50 Mn workers still have to find work through informal means, and more than 1 Mn contractors still rely on references to get business. There is no singular platform where every stakeholder is present and is incentivised to protect their reputation. Thus, at projecthero, we are building a network for the construction industry where people with good reputations will see more and more work coming to them, along with other benefits. Considering the scale at which we are operating and our deep tech capabilities, we felt that it was our responsibility to publish this data for everyone to see. We feel that in the next few years, projecthero will be able to move these numbers in the right direction while helping to build a strong nation. ”

BharatPe Bolsters Team: Appoints CISO, Head- Internal Audit And Head- Compliance

* Ambuj Bhalla joins as CISO. Ambuj has close to 2 decades of experience with renowned brands like IndiGo Airlines, Reserve Bank Information Technology (ReBIT) and Bharti Airtel

* Rahul Bhatia joins as Head- Internal Audit. He has 17 years of experience in Governance, Risk and Compliance (GRC) in the Financial Services sector

* Ravinder Oberoi joins as Head- Compliance. Ravinder has close to 23 years of experience in banking, financial services and insurance companies

BharatPe, India’s leading fintech company, today announced three key appointments in line with its commitment towards building an organization with high levels of corporate governance, compliance and data security. The company announced the appointment of Ambuj Bhalla as its Chief Information Security Officer (CISO). A respected name in the information security and cyber security domain, Ambuj brings in close to 2 decades of experience in technology with a strong focus on information security, as well as data privacy and protection. BharatPe also announced the appointment of Rahul Bhatia as Head- Internal Audit. Rahul is a renowned name in the Financial Services industry with close to 17 years of experience in the domain of Governance, Risk and Compliance (GRC) in the Financial Services sector. Also, the company announced that it has appointed Ravinder Oberoi as Head- Compliance. Ravinder is an industry veteran with close to 23 years of rich experience in financial services, banking as well as insurance companies.

Ambuj will be responsible for the implementation of robust IT security and cybersecurity frameworks for the BharatPe Group. Rahul will work closely with the Audit Committee and will be responsible for setting up the governance and internal audit framework for the company. Ravinder will be responsible for setting up the Compliance function and strengthening relationships with the regulatory bodies.

Ambuj is a seasoned professional with rich exposure across industries including Banking & Financial Services, Aviation, and Telecom & Technology Services. Prior to joining BharatPe, Ambuj was the Head of Cyber Security at InterGlobe Aviation Ltd. where he led the delivery of critical end-to-end security operations including company-wide network and system security, data protection, vulnerability management, identity and access management. Prior to that, Ambuj worked with Reserve Bank Information Technology (ReBIT), a wholly owned subsidiary of the Reserve Bank of India and was responsible for IT requirements and cyber security needs of the Reserve Bank and its regulated entities. Ambuj has also been associated with Bharti Airtel Limited.

Rahul is a Chartered Accountant and an alumnus of Shri Ram College of Commerce (SRCC). During his career, he has led the Financial Services - Risk Advisory Practice for PricewaterhouseCoopers (North) wherein he has managed Internal, Risk and Management Audits for Banks, NBFCs and Fintechs. Before joining BharatPe, he was heading the Risk and Compliance function for Tide, an SME-focused Financial platform.  He has also worked with KPMG and Macquarie Bank.

Ravinder Oberoi has close to 23 years of extensive experience in Banking, Insurance & Financial Services, covering the entire gamut of Retail Finance - Loans, Credit Cards & Insurance. He has domain expertise in RBI Regulatory Compliances including Digital lending, Internal Audit, Risk Management & Operational processes. Prior to joining BharatPe, he was working with Aye Finance as Vice President and was responsible for managing the Audit, Compliance, Vigilance & Fraud Management functions. He has also worked with Religare,  GE Capital India, ABN AMRO Bank & Max New York Life Insurance   in various roles and capacities during his career. Ravinder is a Post Graduate in Finance from Symbiosis Institute of Management Studies and has completed his Bachelor of Commerce (B. Com) from Delhi University.

Speaking on the appointment, Founder, Shashvat Nakrani said, “BharatPe has grown at a rapid pace over the last 4+ years. We have built disruptive products that have been at the forefront of redefining the fintech landscape of the country. As we focus on getting IPO ready, it becomes essential for us to ensure that data privacy, cyber security, corporate governance and compliance are given the highest priority. I am pleased to welcome these experienced professionals in the BharatPe team and I am confident that their diverse experience and in-depth knowledge in their specific domains will enable us to not only build best-in-class fintech products with enhanced security architecture, but also ensure strong corporate governance and compliance across the organization. I look forward to collaborating with all the three leaders as we build BharatPe as a brand trusted by millions across the country.”

Added Smriti Handa, Chief Human Resources Officer (CHRO), BharatPe, “For BharatPe, employees are the biggest assets and we aim to build a team with exceptional talent that can help BharatPe in its next stage of growth. I am excited  to welcome Ambuj, Rahul and Ravinder to the BharatPe family. I am confident that Ambuj’s rich experience in information security domain will guide the BharatPe team to ensure the highest level of security across all our products. Also, Rahul and Ravinder with their in-depth understanding of corporate governance and compliance across financial services companies will enable us to build a business that is IPO ready.”

About BharatPe

BharatPe was founded in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched a card acceptance terminal – BharatSwipe. Currently serving 1 crore merchants across 400+ cities, the company is a leader in UPI offline transactions, processing 18 crores+ UPI transactions per month (annualized Transaction Processed Value of over US$ 24 Bn in payments). The company has already facilitated the disbursement of loans totalling close to ?8500 crores to over 450,000 merchants. BharatPe’s POS business processes payments of over US$ 4 bn annually on its machines. BharatPe has raised over US$ 650 million in equity till date. The company’s list of marquee investors includes Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital.  In June 2021, the company announced the acquisition of PAYBACK India, the country’s largest multi-brand loyalty program company with 100 million+ members. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also entered the Buy Now Pay Later segment with the launch of postpe in October 2021.

SBI Life Insurance Registers New Business Premium of Rs 21,512 Crores For The Period Ended On 31st December, 2022.

SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs 21,512 crores for the period ended on 31st December, 2022 vis-a-vis Rs 18,791 crores for the period ended December 31, 2021. Regular premium has increased by 22% over the corresponding period ended on 31st December, 2021.

Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 2,545 crores for the period ended December 31, 2022 marking a growth of 25%. Protection Individual new business premium registered a growth of 12% and stood at Rs 696 crores for the period ended December 31, 2022. Individual New Business Premium stands at Rs 15,242 crores with 31% growth over the corresponding period ended 31st December, 2021.

SBI Life’s profit after tax stands at ?944 crores for the period ended December 31, 2022.

The company’s solvency ratio continues to remain robust at 2.25 as on December 31, 2022 as against the regulatory requirement of 1.50.

SBI Life’s AUM also continued to grow at 17% to Rs 2,99,987 crores as on December 31, 2022 from Rs 2,56,871 crores as on December 31, 2021, with the debt-equity mix of 71:29. Over 95% of the debt investments are in AAA and Sovereign instruments.

The company has a diversified distribution network of 2,55,848 trained insurance professionals and wide presence with 990 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.

Performance for the period ended December 31, 2022

·  Private Market leadership in Individual NBP of Rs 15,242 crores with 31% growth and market share of 27.2%.

·  20% growth in APE to Rs 12,256 crores.

·  25% growth in Protection NBP to Rs 2,545 crores.

·  44% growth in Value of New Business (VoNB) to Rs 3,630 crores.

·  VoNB Margin increased by 478 bps to 29.6%.

·  13% growth in PAT to Rs 944 crores.

·  Robust solvency ratio of 2.25.

·  Assets under Management stands at Rs 2,99,987 crores.

Tamilnad Mercantile Bank Q3 Net Profit Rises By 38% To Rs 280 Crore

The Board of Directors of Tamilnad Mercantile Bank Ltd took on record the reviewed results of the Bank for the third quarter of FY23 and nine months period ended December 2022 in their meeting held at Chennai on 23.01.2023. Shri. S.Krishnan, Managing Director and CEO of the bank declared results. Chief Financial Officer, General Managers and other senior officials of the Bank were also present at the event.

The total business of Tamilnad Mercantile Bank at the third quarter ended December 2022 stood at Rs 78,242 Crores with a growth rate of 5.69%.

The Bank’s deposit and advance portfolio stood at Rs 43,440 Cr and Rs 34,802 Cr respectively.

Credit to Priority & MSME Sector:

The Bank has been giving continued thrust on advances to Priority Sectors like Agriculture, MSME, Education, Housing etc. constituting 79.67% of its ANBC, above the regulatory requirement of 40%.

The Advances to Priority sector has increased to Rs 25,636 Crores (PY ?23,235 Crores) with a growth rate of 10.33%.

The Bank’s Advances to Agriculture sector stood at Rs 10,620 Crores. The Advances to Agriculture Sector constitute 30.52% of total advances, above the regulatory requirement of 18%.

Credit to MSME sector has increased to Rs 12,870 Crores (PY Rs 11,986 Crores) with a growth rate of 7.38%.

Y-O-Y Performance: (Q3FY23 viz-a-viz Q3FY22)

The Bank’s deposits has increased to Rs 43,440 crores (PY same period Rs 42,035 crores)

The Bank’s CASA position has increased to Rs 12,851 crores with a growth rate of 10.15%

The advance level of the Bank has increased to Rs 34,802 crores with a growth rate of 8.77%

The Operating Profit is at Rs 404.81 Crores for Q3FY23 as against Rs 401.12 Crores for Q3FY22

The Net Profit is at Rs 279.70 crores for Q3FY23 as against Q3FY22 Rs 202.88 Crores) registering the growth rate of 37.86%.

The Net Interest Income (NII) has increased to Rs 534.27 for Q3FY23 Crores (Q3FY22 Rs 452.76 Crores) registering a growth rate of 18%.

Return on Asset at 2% & Return on Equity at 17.14% (PY 1.62% and 16.38% respectively)

The Bank’s Net worth increased to Rs 6,583 crores (PY Rs 4,966 crores) with an absolute rise of Rs 1,617 crores registering a growth rate of 32.56%

The Gross NPA as a percentage to total advances stood at 1.70% and net NPA stands at 0.75%. (PY 3.08% and 1.44% respectively)

Provision Coverage Ratio of the Bank increased to 89.83% (PY 83.71%)

New initiatives

*   Opened two branches during the Q3FY23. We have plans to open another 25 branches before the end of the current fiscal year.

*  Tied up with Max life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, Chola MS General Insurance Company Limited and Kotak General Insurance Company Limited for insurance products

*   The Bank has embarked into various digital tie ups for providing many digital services to our customers in a phased manner during the rest of the fiscal year

About Tamilnad Mercantile Bank:

Tamilnad Mercantile Bank Ltd (TMB) one of the renowned Old Private Sector Banks, having its Head Quarter in Thoothukudi has a long cherished history of 100+ years of eventful existence with strong fundamentals and an enviable track record of continuous profit making in the industry.

TMB having pan India presence with 511 branches and 12 Regional Offices across 16 states and 4 Union Territories serves more than 5 million delighted customers.  

NIC Ice Cream Launches Waffle Cones Across Indian Market

NIC Honestly Crafted Ice Creams, the fastest-growing ice cream brand in India is excited to announce the launch of its newest product, NIC Waffle Cones. This crispy, crunchy cones are the perfect complement to NIC's delicious ice creams.

Made with the same commitment to quality as all of NIC products, these waffle cones are vacuum-packed to ensure they arrive at the consumer's home in perfect condition. The vacuum packing also ensures that the cones retain their crispness and crunch for the ultimate ice cream experience in the comfort of your home. This method of packaging is not only hygienic but also helps to avoid damage during handling and transport, making sure that the product reaches the end consumer in the best possible condition.

NIC Waffle Cones are available in packs of 5, making them perfect for sharing with family and friends. Enjoy NIC Honestly Crafted Ice Creams in the traditional way, with the added convenience of enjoying them at home. The pack of 5 cones also allows for more flexibility as the consumer can indulge in a cone with the whole family or save some for later.

These waffle cones will be available initially in major cities of Mumbai and Bengaluru through food delivery platforms like Swiggy and Zomato and later will be available on all platforms. The availability of the cones on these platforms also allows for a wider reach, making it easy for customers to order them online and have them delivered to their doorstep.

"We are thrilled to offer our customers another way to enjoy NIC Honestly Crafted Ice Creams," said Sanjiv Shah, Director, Walko Food Company Pvt Ltd. "These waffle cones are the perfect complement to our ice creams and we are confident that they will be a hit with our customers. We understand the importance of convenience and accessibility and that's why we made sure to make these cones available on popular food delivery platforms, allowing our customers to enjoy them in the comfort of their homes."

NIC Honestly Crafted Ice Cream's commitment to providing the highest quality products and the best possible customer experience is evident in everything they do, and the launch of NIC Waffle Cones is no exception. The company's focus on using high-quality ingredients and uncompromising quality make sure that their customers are getting the best possible product. The launch of these waffle cones not only adds to the company's dessert portfolio but also helps to diversify its product range, catering to the different preferences of its customers.

About NIC Honestly Crafted Ice Creams:

NIC Honestly Crafted Ice Cream was founded in 2015 to provide uncompromising quality, innovation, and a superior customer experience. Honestly Crafted Ice Cream is not only their motto; it is also a promise that contains no artificial flavors, coloring agents, or preservatives. NIC Honestly Crafted Ice Creams is the most popular ice cream brand on Food Tech platforms such as Swiggy and Zomato, with flavors ranging from fruit and dry fruit variations like Alphonso Mango, Tender Coconut, Roasted Almonds, Dry Fruit Overload to international flavors such as Mediterranean Sea Salted Caramel, Madagascar Chocolate, French Vanilla, and those inspired by Indian sweetmeats such as Gulab Jamun, Sheer Khurma, Til gud, and Gajar halwa, to name a few.

TECNO SPARK GO 2023 Launched In India With A Segment-First 5000 mAh Battery With A Type-C Charger At Just INR 6999

·         The smartphone also features a segment-first 13MP dual rear camera and 3GB RAM in sub-7K

·         TECNO SPARK GO 2023 is available in three exciting colours- Nebula Purple, Endless Black and Uyuni Blue at all retail touchpoints starting today 23rd Jan

TECNO the global premium smartphone brand has introduced SPARK GO 2023 in India today under its All-Rounder ‘SPARK GO’ series priced at INR6999. Staying true to its segment-first approach, SPARK GO 2023 boasts of a 5000 mAh battery with a Type-C charger for the first time in the sub-7K category. The smartphone also features a segment-first 13MP primary camera with F1.85 Aperture and 3GB RAM.

Since the SPARK GO series inception in 2020, the product has been a bestseller for its trend-setting capabilities and for disrupting the market with advanced features at an unmatched price-point. The latest SPARK GO 2023 smartphone is available in the same price bracket as its predecessor but has taken a leap ahead with more advanced features.

For mobile phone users, long-lasting battery life and fast charging support are the key considerations just after the smartphone camera. With that backdrop, TECNO SPARK GO 2023 comes with a mighty 5000 mAh battery powered with Type-C part and a 10W in-box charger for charging the battery with faster speed. Additionally, the camera’s design is Engine-inspired Dual Ring camera setup for giving an exceptional and highly augmented photography experience. SPARK GO 2023 is coupled with industry-leading 3GB RAM and 32GB ROM for unmatchable smartphone performance. TECNO SPARK GO 2023 is meant for rational first-time smartphone adopters who are looking for an upgrade and switch from their feature phones. The latest addition to the SPARK series is available in three vivid colours- Nebula Purple, Endless Black and Uyuni Blue.

Commenting on the new entrant of the SPARK series, Arijeet Talapatra, CEO, TECNO Mobile India said, “We live in the age of information, where people have access to information like never before and are becoming aware of what is available to them and therefore have evolving aspirations. With that backdrop, we at TECNO are constantly working towards bringing hi-tech features and specifications to these aspirants at competitive prices. The launch of Spark Go smartphones, is aimed at making technology more inclusive and offer entry-level smartphone users the best of our tech. The strategy allows us to bring distinguished features to first-time smartphone users and consolidates our position among them. With TECNO SPARK GO 2023, we are set to disrupt and push the boundaries for the budget smartphone segment and give them a remarkable smartphone experience.”

TECNO SPARK GO 2023 would be available in your nearby retail touchpoints from 23rd January 2023 onwards.

Key USPs of TECNO SPARK GO 2023:

·         Segment-first 5000mAh mighty battery with Type C Charging at the Entry level for non-stop action

Long-lasting battery for unlimited non-stop entertainment. With SPARK GO 2023, the users get 12 hours of gameplay, video playback 25 hours and up to 124 hours of music playback. Equipped with Type C Port and 10W in-box charger for filling the battery with faster speed. Also, the Type C port is more durable, efficient and much more refined in structure

·         13MP AI Dual rear camera for glamorous poses as you like

13MP multipurpose AI dual rear camera allows the users to click naturally bright and clear pictures. Its ƒ/1.85 large aperture and dual flashlight help to click impressive shots even in low-light conditions. Multiple AI modes like Portrait, HDR, Time-lapse, and AI Scene Detection further enhance the photography experience

·         Perfect 6.56" Dot Notch HD+ immersive display for great visual experience

SPARK GO 2023 has a 6.56"HD+ IPS display with a 90% screen-to-body ratio for a vivid and sharp visual experience. The phone fulfils all the display requirements including Video watching, Video Calls, Shopping, Social Media scrolling etc. Its 120Hz Touch sampling rate provides a smooth touch response. Additionally, IPX2 Splash resistance prevents the phone from water splashes

·         Stepped Square Classic Design with Smart Fingerprint Sensor to flaunt the style

Delicately crafted shape with higher visual recognition makes SPARK GO 2023 your ultimate choice. It's a trendsetter in the industry with straight lines as well as rounded corners.  It is both tough and trendy in design. The advanced fingerprint sensor at the back can unlock the device in just 0.23 seconds

·         A massive 3GB RAM and 32GB ROM for seamless operations

SPARK GO 2023 offers a massive 3GB RAM, which facilitates smoother multitasking and a lag-free gaming experience. The phone is also packed with up to 32GB ROM that offers abundant internal storage for apps, videos and other data requirements. The storage can also be extended with the help of a dedicated SD card slot

ReSight Global Acquires PeepalDesign, Leading UX Firm In India

ReSight Global, an employee-owned UX research and design organization, expands its global footprint to nine key markets with acquisition of controlling interest in PeepalDesign. Based in India, PeepalDesign is a UX research and design agency with over 65 full-time UX researchers and Designers. This acquisition offers many benefits to clients of ReSight Global, including access to 220 UX experts around the globe, with offices in Tokyo, Shanghai, Chicago, London, Basel, Hamburg, Munich, Bangalore, and Pune.

“The PeepalDesign team is excited for the opportunity to more closely collaborate with industry-leading teams at Bold Insight, uintent, Uism, and XplusX,” said Durga Prasad, Co-Founder and CEO of PeepalDesign. “We have a shared vision of how to deliver world-class research & design services to our clients in India and around the world, as well as, an alignment on fostering an employee-centered culture that provides team members with ownership opportunities. This employee-focused model is the common thread amongst ReSight Global companies that makes this a truly special organization.”

Founded in 2010, PeepalDesign is headquartered in Bangalore, the innovation capital of India, with a satellite office in Pune, and remote teams in Mumbai and Delhi. The culturally & linguistically diverse team at PeepalDesign helps clients peel back the layers of complexity to uncover insights that provide a deeper understanding of people and their use of technology; they translate these insights into intuitive and engaging experiences and have become the go-to experts for designing enterprise-scale experiences.

“We are very happy to welcome PeepalDesign into the ReSight Global family,” commented Tim Bosenick, Managing Director of ReSight Global and Co-Founder of uintent. “Apart from being able to work more closely with a talented team, ReSight Global companies can now offer seamless and high-quality research in a market that becomes more and more important globally.”

For more information about ReSight Global or PeepalDesign, reach out to hello@resight.global.

About ReSight Global

ReSight Global is a family of employee-owned UX and human factors agencies in the US and UK (Bold Insight), Japan (Uism), China (XplusX), Germany and Switzerland (uintent), and India (PeepalDesign). Visit https://resight.global/ to learn more.