Bata India Announces Robust Q3 Results; Stepping Ahead Positively Driven Through Portfolio Premiumization And Expansion

Footwear major Bata India Limited today announced results for the quarter ended 31st December 2022. Revenue from operations for the quarter stood at Rs. 9002 million (a growth of 7% over quarter ended December’21). The Operating Profit stood at Rs. 1021 million, a growth of 22% over the quarter ended December 2021.

The results for the quarter showcased momentum behind the strategic levers driving strong portfolio evolution, strong footprint expansion across touchpoints coupled with improving cost efficiencies, helping drive revenue growth and increased margins despite significant inflationary pressure.

Key Highlights

•        Store expansion through Franchise & SIS. Footprint crosses 2000 Store Milestone.

•        39 new Franchise stores; total 390+. 

•        Store renovation strategy to enhance and premiumize customer experience. 35 stores were renovated during the quarter.

•        Expanded Floatz collection to 1000+ stores. Floatz 2.0 collection launch planned for current quarter.

•        Distribution channel continued to scale up to 1150+ towns. Rolled out 100+ new lines, majorly in Sandak, Bata Comfit and Sunshine.

•        Sourcing strategies of L2L, import substitution, etc., to support speed to market, contributing significantly to lead time reduction as well as in improving margins across Retail and I&D businesses.

•        Stepped-up Infrastructure to enhance productivity and efficiencies in Supply Chain.

•        Continued implementation of cost-savings measures across Operations and Manufacturing.

•        Technology Investment (ERP, Merchandising, etc.,) to fuel future growth.

Speaking on the Q3FY23 performance, Gunjan Shah, MD and CEO - Bata India Limited, stated:

“Continuous focus on refreshing product portfolio with our strategy of casualization and offering premium fashionable products reflected in overall ASP growth and expansion in share of our premium category brands like Hush Puppies, Marie Claire, Red Label, etc., that was backed by festivity and wedding season in the quarter. We also saw encouraging demand for our comfort and casual wear ranges of Bata Comfit, Floatz, etc. The quarter also marks highest ever addition of Franchise stores with total footprint crossing the 2000+ milestone for the 1st time.

We continue to drive various cost optimization initiatives across the value chain. In the mass categories, the demand remains sluggish due to the inflationary pressures. We have continued investments in marketing and technology to fuel accelerated momentum.” 

ManipalCigna Health Insurance Launches ‘ManipalCigna Prime Senior’ A Specialized Plan For Seniors

Highlights 

ManipalCigna Prime Senior gives Immediate coverage from 91st day onwards

No co-pays and no sub-limits

No mandatory pre policy medical check-up required

Restores Sum Insured unlimited times so that the insured is never short of coverage

Offers Cumulative Bonus at 10% of Sum Insured

Provides room category flexibility so that insured pays only the differential amount of room rent if opted for a higher room category than eligible without the worry of Proportionate Deductions

Preventive Health check-up to keep a track of your parents health

Coverage towards non-medical items to reduce the out of pocket spend

Gives the tax benefit under 80D of IT Act, and many other benefits

ManipalCigna Health Insurance Company Limited, today announced the launch of its new health insurance plan ‘ManipalCigna Prime Senior’, specifically designed for senior citizens to access quality healthcare they need for the golden years of life. The new plan gives flexibility with lower waiting periods and provides coverage for pre-existing disease conditions from 91st day onwards.

Speaking about the new health insurance plan, Mr. Prasun Sikdar, Managing Director and CEO, ManipalCigna Health Insurance said, “As health insurance expert, we at ManipalCigna are committed to drive product innovation to make it easier for various segments of people to get the quality healthcare they need. We understand that seniors have unique health needs, and they deserve access to better healthcare. With our new health insurance plan, we’re committed to making that a reality, by giving senior citizens better coverage, better control and better care to meet their day-to-day healthcare-related needs. We are confident that this new health insurance plan will make a real difference in the lives of seniors.”

Sikdar further added, “The new plan is designed after considering the various problems that people face in the golden years of their life. They may have suffered from medical complications earlier or may have an income problem as most of them are living on their retirement funds. Thus understanding the evolving needs of seniors and the rising medical inflation, we have launched ManipalCigna Prime Senior. Following the legacy of the ManipalCigna’s differentiated products, the Prime Senior plan provides top-notch facilities including Pre-Hospitalisation, Post-Hospitalisation cover, Road and Air Ambulance facility, Coverage for Donor expenses, Domicile and Day-care facilities among the wide range of benefits. The sum insured options range from Rs. 3 Lacs to Rs. 50 Lacs at an affordable price, to provide senior citizens with complete peace of mind, knowing that they have access to quality healthcare when they need it most.”

ManipalCigna Prime Senior’ plan comes in two different variants ‘Prime Senior Classic’ and ‘Prime Senior Elite’. The Prime Senior Classic plan is developed with an aim to offer coverage for a wide range of items to the insured seeking an all-inclusive, comprehensive yet value-for-money coverage, benefiting the seniors in their illness and wellness journey, and protecting their finances. Prime Senior Elite, on the other hand, is an enriched plan that enhances the advantages offered by the Classic plan and provides a variety of extra features, such as daily cash for shared accommodation, premium waiver benefit, guaranteed health checks and bonuses, and more, to ensure that the insured seniors receive the best possible care.

ManipalCigna is dedicated to helping seniors live their best lives, and this new health insurance plan is just one way that the company is doing so. The ManipalCigna Prime Senior plan also offers a wide range of value added features and optional covers which can be availed to make the product fully loaded.

1.       Coverages towards consultation and check ups

a.     Domestic second option

b.    Preventive Health Check Up

c.     Unlimited Tele Consultation

2.       Rewards, discounts and waivers

a.     Guaranteed Cumulative bonus up to 100% of the sum insured

b.    Discount from network providers

c.     Premium waiver benefit

3.       Optional Covers

a.     Any room upgrade

b.    Premium Management Options

c.     Unlimited restoration of Sum Insured

d.    Reduction on PED waiting period to 90 days

e.     Coverage towards Non-medical Items and OPD

Andhra Pradesh Looks To Attract Domestic And Global Investment Across A Dozen Sectors, Aims For A 10% Share In India’s Exports Soon

* Andhra Pradesh's successful Investors Meet in Bengaluru, held ahead of its "Global Investors Summit 2023," offers 48,352 acres of land bank for industrial development, as well as ready-built infrastructure to shorten the time required to set up new facilities. 

The state of Andhra Pradesh showcased its rich natural resources, large investments in infrastructure, land bank, and intensive reforms in rules and regulations at a successful investors meeting held today in Bengaluru. These efforts, taken together, position Andhra Pradesh as the state where abundance meets prosperity. The event is one of many such meets being organised in the run-up to the Global Investors Summit on March 3rd-4th 2023 in Visakhapatnam. 

Speaking on the occasion Shri Gudivada Amarnath, honourable Minister for Industries, Infrastructure, Investment & Commerce, IT, Handlooms & Textiles highlighted the state's export potential. Honourable minister said, “According to LEADS Report 2022, the state's exports increased by 15.31% from the previous year in 2021–2022, classifying it as "Achievers" in the Coastal States. With the completion of new ports and also further development of infrastructure for the last-mile connectivity, the state’s share in exports can reach up to 10% of India’s total exports.” 

Addressing the investors Shri. Buggana Rajendranath honourable Minister for Finance, Planning, Commercial Taxes, Skill Development, Training & Legislative Affairs assured the investors of the fast-paced implementation of projects in the state. “We strongly believe reducing the time to start a business will have a significant impact on the manufacturer’s profitability. The state is building numerous plug-and-play facilities which will have ready-built factory sheds with quality power and water supply and help speed up setting up of manufacturing units,” said the honourable minister. 

Shri. Amarnath also added that in the last 3.5 years, the state has approved investments to the tune of Rs.1.9 lakh Crore. “That would go on to create employment for around 90,000 people in the state in the future,” he said. 

Key functionaries from various departments, ministries, and state government institutions had an open interaction with the investing community in Bengaluru today. Promising to handhold potential investors and facilitate the fastest turnaround time the presentations showcased the present and upcoming infrastructure and the conducive policy environment of the state. 

Manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors attracted significant interest at the event. Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. However, it has also emerged as the fastest-growing state in India, as per the number released so far, with double-digit growth of 11.43% in 2021-22. The state has embarked on a rapid growth path under the able leadership of Sri Y.S. Jagan Mohan Reddy, Honourable Chief Minister. Thanks to the governance reforms and formulation of investor-friendly policies by the government, the state has emerged on top in terms of ease of doing business (EoD) for three consecutive years. 

Consistent improvement in the governance framework to create hassle-free investing is augmented by hard infrastructure as three of the country's eleven industrial corridors are being built in Andhra Pradesh alone. The improvements have been duly recognised and the state has received various awards over the last one year alone. To name a few the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led, and the infrastructure project 2022. 

The event was also graced by the key functionaries of state government including Dr. Srijana Gummalla, IAS, Director of Industries, Commerce & Export Promotion Vice Chairperson & Managing Director AP Industrial Infrastructure Corporation CEO, AP Economic Development Board, Sri. L Sridhar Reddy, CEO, AP Food Processing Society; Sri. Ravindranath Reddy, Deputy CEO, AP Maritime Board; Smt. K. Sunitha, IAS, Principal Secretary, Handlooms & Textiles Government of Andhra Pradesh.  

Vahak Collaborates With Coverstack To Provide Vehicle Insurance To The Indian Trucking Community

-          Indian fleet owners and truckers will be able to buy motor insurance on Vahak’s App post Coverstack’s tech stack integration

Vahak, India’s most trusted transport community platform, today announced a strategic partnership with Coverstack, a digital B2B insurance infrastructure solution platform.

Vahak, co-founded by IITians Karan Shaha and Vikas Chandrawat in 2019, is on a mission to digitise the Indian logistics sector that currently contributes over 14 per cent to India’s GDP. This logistics tech company is fostering India’s largest ecosystem of transport SMEs, shippers and lorry/fleet owners on its website and app, amid the fast growing $250 Billion Logistics Sector in the country. While CoverStack provides technological solutions and insurance infrastructure to BFSI industry players. Aiming to revolutionise the insurance buying market, CoverStack offers a zero-code, ready-to-use, full-stack platform for buying and servicing insurance digitally, enabling a mass reach out.

With this collaboration, Vahak will bring Coverstack’s cutting-edge insurance technology for the Indian trucking community to its app, making digital insurance processes efficient, fast and cost-effective. This tech stack integration on Vahak’s app is expected to be completed in the next two months. Elaborating on the collaboration, Karan Shaha, Co-Founder and CEO at Vahak, said, “Our vision is to build a trusted transport community platform that looks out for transporters, fleet owners, and truckers’ well-being. Our collaboration with CoverStack will empower the Indian trucking community with a more convenient and cost-effective way to get vehicle insurance. We are confident that our combined effort will bring greater peace of mind and security to the Indian trucking community.”

Sanjib Jha, CEO, Coverstack, added, “We are excited to partner with Vahak, as we believe that this collaboration will bring innovation and value to the Indian trucking industry. By leveraging the strength of both companies, users will receive the best motor insurance buying experience on their fingertips. Deep integrations have opened new avenues for the insurance sector, enabling insurance and non-insurance players to digitise or add insurance products to their portfolios within months.”

Post integration, over half a million monthly active users on the Vahak platform, will be able to buy motor insurance directly from the app at competitive prices. With this, Vahak has expanded its value-added service portfolio on top of GPS, safe and secure payments, digital brand building and networking for both, logistics supply and demand side players, in addition to its core AI and ML technology-enabled marketplace for load-lorry matchmaking with true price discovery and efficient return load booking features.

About Vahak

Vahak is India’s most-trusted transport community, co-founded by IITians Karan Shaha and Vikas Chandrawat in 2019. The platform fosters India’s largest ecosystem of transport SMEs and lorry owners. Enabling truck and load bookings at 0% commission, Vahak matches diverse loads with the right sectoral requirements of trucks, containers, light commercial and specialised vehicles. Vahak’s vision to digitise the Indian Logistics Sector has been well-backed by investors – Nexus Venture Partners, Foundamental, iSeed Ventures, Leo Capital, RTP Global, Titan Capital and Work Universe – to become the go-to digital solution for India’s road transport logistics. Know more on www.vahak.in  I  LinkedIn   I  YouTube   I  Instagram  I  Twitter  I  Facebook

About CoverStack

CoverStack is a zero-code, ready-to-use, full stack platform for buying and servicing insurance digitally to enable mass distribution. It has partnerships with 22+ players across the BFSI, car resellers and logistics marketplace. Few of its partners are ICICI Securities, Google Pay, Spinny, CarTrade, Arohan Financial Services and Satin Credit Care Network, where CoverStack is enabling their digital customers to receive seamless, consumer friendly insurance solutions. For details, visit: www.coverstack.in

Fabindia Goes Gulabo To Celebrate The Color Of The Year 2023 Viva Magenta Their Way

Fabindia, India’s leading lifestyle brand, has launched a fun, quirky social media campaign called “Find Your Gulabo” this month. Taking inspiration from Pantone’s colour of the year, Viva Magenta, they are urging the community, creators, followers, members and collaborators to #findyourgulabo, find your passion, find your spark, all in the shades of gulabo and be fab! Colour is a universal visual language and this particular colour that we call Gulabo embodies the spirit of life.

With the motivation of bringing the energy and enthusiasm back to life; Fabindia is excited to see how their community finds their gulabo; their joy, their enthusiasm, their spark into everyday living. This week-long campaign beginning 10th February, 2023 can be seen on their Instagram page has gone Gulabo!

Dipali Patwa CMO- Head of Brand, Digital & Community of Fabindia says,

“Gulabo (Viva Magenta) represents authenticity, self-expression and joy in 2023. Viva Magenta is a colour rooted in nature that is feminine yet fearless. Its exuberance represents optimistic celebrations and its warmth opens the horizons to the digital and physical worlds. We love to connect with our community to engage and share little bits of their everyday life. #FindYourGulabo campaign is a fun opportunity to embrace the zest for life and share your everyday joy wearing the color pink.

Social Commerce is moving towards an experience that entertains, enables and connects which allows for product discovery in a much more realistic way focussing on our community, followers and creators choosing and showcasing their favourite products. Community drives discovery and entertainment drives action. With this campaign, we aim to do just that and want everyone to embrace their joy and share that with us.”

Just upload a video of yourself following your passion while wearing something pink and use the hashtag #FindYourGulabo and tag @fabindiaofficial to submit your entry on Instagram and stand a chance to win exciting prizes! Terms and conditions apply.

Federal Bank Bridges The Physical And The Digital Market Places

* Its latest 360- degree brand campaign brings alive the ethos of the bank - Digital at the Fore, Human at the Core

Federal Bank today announced the launch of a mint fresh brand campaign, "Rishta Aap Se Hai, Sirf App Se Nahi TM." The campaign brings alive the Bank's work ethic - Digital at the Fore, Human at the Core.

This captures many a day that Customers experience in the Bank. In markets of dominance employees of the Bank are a part of celebrations as well as moments of grief of their clients. There are many instances where Customers have experienced the technological ease of transactions as well as the service with sensitivity at branches. 

The campaign is inspired by real life events and that is transposed on to the communication. The ad has been launched in seven languages – Hindi, Marathi, Gujarati, Bengali, Tamil, Kannada and Malayalam to ensure reach across the country.

The multiple narratives of the campaign are representative of the Bank's robust franchise. On an average a client clocks in above 10 years of relationship, giving the Bank the benefit of a high life-time value of the Customers. And during this phase the Bank will be able to participate in the various life stages of both its retail as well as corporate banking customers. Besides, having one of the lowest attrition rates in the industry, enhances the customer confidence in the Brand.

M V S Murthy, Chief Marketing Officer, Federal Bank said, "Businesses across the globe need the digital chutzpah, or customer experience as it is known. However, increasingly, efficiency in technology needs to be reinforced by go to people, whom you can reach out to at all points in time. The core idea of Rishta Aap Se Hai, Sirf App Se Nahi TM comes from our secret sauce which includes Commitment, Agility, Relationship orientation, Ethics and Sustainability. It is imperative that we need to be ‘Digital At The Fore, Human At The Core’. This campaign is representative of how we conduct ourselves as a team. We have unified our physical and digital spaces with this approach." 

The campaign will be rolled out across a variety of platforms, including television, digital, radio, outdoor and social media. Community events will bring the campaign closer to the branches.  

https://www.youtube.com/watch?v=Mw-a9cHEzLQ

There is no script, protagonists of the campaign are the employees, the customers, and the partners of the Bank.

 Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of around 1,351 banking outlets and 1,896 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ? 3.69 Lakh Crore as on 31st December, 2022. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 13.35% as on 31st December 2022. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.

Lentra Forays Into Southeast Asia; Aims To Reach $100M In ARR By 2024

~The company will leverage its recent Series B funding of $60M to foray into Indonesia, Philippines and Vietnam~

~Targets onboarding 250 banking partners and reaching $250 M ARR by 2027~

Lentra, a leading digital lending cloud platform has announced its entry into South East Asian economies of Indonesia, the Philippines, and Vietnam to cater to their growing digital lending needs. With this expansion, Lentra aims to reach $100M in annual recurring revenue (ARR) by March 2024. The move follows the company’s latest fundraise of USD 60 million in a Series B round led by Bessemer Venture Partners, Susquehanna International Group (SIG), and Citi Ventures.

With this expansion, Lentra will build a stronger market presence and increase credit disbursal by replicating its India growth in the three South East Asian countries. Founded in 2019 by Venkatesh, Lentra provides an application programming interface (API)-driven modular architecture to create tailored retail and business loan products for banks and other regulated lending institutions. In addition, its purpose-built AI/ML platform for a unified 360-degree customer view creates impactful marketing/credit opportunities.

Lentra already has a couple of clients in the Philippines. It has a robust presence across India with 60 partner banks and NBFCs and over 50 million loans processed through its platform. By 2027, the company aims to onboard 250 banking partners, expand its footprint into five other countries, and reach $250 million in ARR.

Lentra’s expansion comes at an interesting time when there is an increased demand for digital lending platforms in these economies. Vietnam forecasts its digital lending loan book value to reach $18 billion in 2025 from $2 billion in 2021. According to PwC, Indonesia is expected to be the fourth largest economy in the world, a potential that can be leveraged by facilitating better access to financing. Similarly, MSMEs in the Philippines contributing to 36% of the country’s GDP remain largely underfinanced making digital lending platforms critical to reimagining economic growth.

Commenting on the business’ growth, D Venkatesh, Founder, Lentra said, “We are at a major inflection point in Lentra’s growth journey. The financial landscape has never been more dynamic. Our learnings over the past few years and beyond will prove critical in delivering future performance and innovation at the levels we demand of ourselves in pursuit of our mission.”

Some of Lentra’s key banking partners include HDFC Bank, Federal Bank, Standard Chartered, IDFC, Aditya Birla Finance, Tata Capital, Tata Motor Finance, and TVS Credit, among others.