Ananya Birla’s Svatantra Set To Acquire Sachin Bansal’s Chaitanya For INR 1,479 Cr

* Move likely to catapult Svatantra to become the 2nd largest NBFC-MFI with a combined AUM of INR 12,409 Cr

In one of the biggest deals in the microfinance industry, Ananya Birla’s Svatantra Microfin Private Limited (Svatantra), has entered into a definitive agreement to acquire Chaitanya India Fin Credit Private Limited (Chaitanya), a wholly owned subsidiary of Navi Group (Navi). The transaction of INR 1,479 Cr is expected to be completed by the end of 2023, subject to receipt of regulatory approvals and customary closing adjustments.

The proposed acquisition is expected to transform the microfinance landscape, catapulting  Svatantra into the second largest microfinance entity in India with a reach of more than 3.6 million active customers through 1,517 branches across 20 states and a combined AUM of INR 12,409 Cr as on March 31, 2023.

Svatantra and Chaitanya are new generation NBFC-MFIs with a strong track record of growth and profitability, leveraging technology to create impact and offer financial services to rural India.

Commenting on the development, Ms. Ananya Birla, Founder and Chairperson of Svatantra, said, "Over the years, the Indian Microfinance industry has been a catalyst in the profound transformation of the Indian financial services sector by democratising finance.” She added, “The proposed acquisition will propel Svatantra to a significant leadership position. The combined entity will command a substantial reach, enabling the delivery of a diverse array of financial services to our clients across a geographically diverse portfolio. We are committed to being a responsible lender, and I believe our synergistic strengths and shared ethos will accelerate our ongoing journey to create a unique, valuable and impactful financial services entity. I am extremely proud of the team at Svatantra and the relentless efforts they put in everyday towards our shared vision.”

“We are pleased to announce the proposed sale of Chaitanya to Svatantra,” said Navi Chairman and CEO, Mr. Sachin Bansal. “We have seen Chaitanya grow almost 6X in the last 4 years, making credit accessible to rural India. This transaction is in line with our strategic plan to focus on our digital-first businesses, as we continue our digital-first financial services through the Navi Group. We believe that Svatantra is a good fit for Chaitanya and that the company will continue to grow and prosper with the combined expertise of both teams. I am very proud of the hard work the team has put in to be able to achieve this exponential growth in such a short span. As they take on this legacy, I want to extend my best wishes to them for their future endeavours.” 

JM Financial Limited acted as the exclusive financial advisor to Navi for this transaction.

About Svatantra Microfin Private Limited (Svatantra)

Svatantra was incorporated in 2012 by Ms. Ananya Birla. It started its operations in March 2013. In a short span Svatantra has emerged as the most differentiated process and technology-driven microfinance entity, which offers microcredit at affordable rates in the country. Svatantra today with a team of 7,000+ employees serve over 2.2 million rural customers across 19 states with an AUM of INR 7,499 Cr (as on March 31, 2023). Svatantra’s compounded growth rate is that of 118% (FY15-23). The organisation provides affordable financial and non-financial solutions to rural women who are entrepreneurs themselves. With a central aim of financial inclusion, Svatantra is the only MFI with 100% cashless disbursements, since inception, facilitating activation of bank accounts for its clients. The AA- rated organisation was awarded the best microfinance organisation of the year in 2021 and was placed in the top 30 best places to work in its segment by globally recognized Great Places To Work for two years in a row (2020 & 2022). In addition, Svatantra MHFC, her micro housing arm, is the only housing institution to focus on the EWS/LIG segment, and to have a completely branchless model.

About Chaitanya India Fin Credit Private Limited (Chaitanya)

Chaitanya, founded in 2009, was acquired by Sachin Bansal in October 2019 (along with its parent entity, now called Navi Finserv Limited) for about 150 Cr. Chaitanya has focused on servicing rural India digitally with support from its parent company Navi, and making credit accessible to all of rural India. Since the acquisition Chaitanya’s business has seen a compounded growth rate of 77% YoY, increasing its book size from about INR 900 Cr in March 2020 to over INR 4900 Cr in March 31, 2023. Chaitanya services 1.4 million customers across 12 states in India with an AUM of over INR 4,900 Cr. It had a net worth of INR 721 Cr as on March 31, 2023 which was shored up through a further capital raise of INR 75 Cr in June 2023. Chaitanya, currently A rated (CRISIL), has moved up 4 notches in its credit rating in less than 4 years through the help of its high-quality team of 6,000+ employees. Chaitanya is one of the few MFIs that was not impacted by COVID, in fact it continued to grow at a rate faster than the industry average. Despite the exponential growth in business Chaitanya maintains one of the best collection efficiencies in the industry.

About Navi Group (Navi)

Adopting a mobile-first approach, utilising strong in-house technology and product expertise, Navi is building customer-centric financial products. It is uniquely positioned as the leading end-to-end digital ecosystem player with complete control over customer experience in all three non-payments financial service offerings – lending, insurance, and asset management. Co-founded by Sachin Bansal and Ankit Agarwal, Navi is headquartered in Bangalore.

Happiest Minds Reports Industry Leading QoQ Growth Of 4.7% In Total Income And Maintains Superior EBITDA Margin Of 25.5%

YoY EBIDTA growth of 17.4% to Rs 103 Crores

Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the first quarter ended June 30, 2023 as approved by its Board of Directors.

Ashok Soota, Executive Chairman, said “We have consistently and yet again delivered industry-leading performance both on revenue growth and profitability. The highly successful run is a result of the continued acceleration of our customer’s digital journey and our ability to stay relevant to their needs. The performance wouldn’t have been possible without the commitment and dedication of our Happiest Minds team which has crossed 5,000 during the quarter.

We have set a goal of achieving US$ 1 Billion by 2031 and our guidance of 25% is based on the same.   We remain on target for achieving the goal. In our guidance of 25%, we have not been making a distinction between organic and inorganic growth. In the current year, we have been expecting to do significant acquisitions which we have not been able to close so far. We will update our guidance target in October based on the M&A progress.”

Financial highlights

Quarter ended June 30, 2023

·         Revenue in constant currency grew by 3.5% q-o-q and 13.8% y-o-y

·         Operating Revenues in US$ stood at $47.6 million (growth of 3.6% q-o-q: 12.7% y-o-y)

·         Total Income of Rs 40,453 lakhs (growth of 4.7% q-o-q; 22.6% y-o-y)

·         EBITDA of Rs 10,299 lakhs, 25.5% of Total Income (growth of 2.4% q-o-q; 17.4% y-o-y)

·         PAT of Rs 5,833 lakhs (growth of 1.2% q-o-q; growth of 3.5% y-o-y)

·         Free cash flows of Rs 10,133 lakhs

·         EPS (diluted) for the quarter of Rs 4.02

Venkatraman N, MD & CFO, said “I am extremely happy to report on our thirteenth quarter of 25% plus EBITDA and ahead of our guidance which is a validation of our value proposition and disciplined execution. The successful closure of our Qualified Institutions Placement(QIP) of ? 500 crores confirms the strong investor commitment to us and our growth aspirations.”

Joseph Anantharaju, Executive Vice Chairman, said “Our clients remain focused on executing compressed transformations to drive efficiency, stronger growth, more agility, and to achieve greater resilience faster. Our ability to advise, shape and deliver value-led digital transformation, leveraging the breadth of technical capabilities in digital technologies and deep domain expertise is the key differentiator for Happiest Minds.”

Clients:

·                243 as of June 30, 2023

·                18 additions in the quarter

Our People - Happiest Minds:

·                5,048 Happiest Minds as of June 30, 2023 (net addition for the quarter 131)

·                Trailing 12 months attrition of 16.6% (19.8% in the previous quarter)

·                Utilization of 74.6%

 Q1 FY24 Key Project Wins:

For a next-generation learning platform and an existing customer, Happiest Minds is their strategic partner to provide product engineering services, quality engineering and automation services across their teacher and student engagement platform. This is a consolidation deal based on the excellent service provided over an eight-year relationship and Happiest Minds is the single vendor.

For a billion-dollar global, specialty chemicals company, Happiest Minds was appointed to draft their digital roadmap covering commercial, operations, and IT functional areas. 

For a global leader and innovator in the bioscience industry, Happiest Minds was chosen to implement cloud-based product life cycle management (PLM) solutions.

For one of the world's largest pharmaceuticals company, this consulting-led engagement entails Happiest Minds to provide strategic quality assurance and automation services for their Digital Surgery Enablement Platform

For a large digital transformation specialist, this multi-year multi-million-dollar deal entails Happiest Minds to deliver infrastructure and security services

For a large enterprise software support company, Happiest Minds has signed a multi-million-dollar deal to provide managed database services and ITSM services 

For a global, high-tech engineering group based in Europe, Happiest Minds was chosen to design and implement the Modern Data Platform on Microsoft Azure

For a global talent fulfilment enterprise in Europe, Happiest Minds was chosen to streamline multiple workflows leveraging Microsoft’s Power Platform for improved employee experience and actionable intelligence for decision-makers

For a large Middle east based petrochemical company, Happiest Minds is chosen to provide consulting-led Operational Technology (OT) Solutions

For an Australia-based health insurance and services provider, Happiest Minds was chosen as a strategic partner to enhance their security posture by leveraging Microsoft Sentinel and CloudSecOps

Recognitions:

·         Happiest Minds is recognized among Top 100 ‘India’s Best Companies to Work for 2023’ by Great Place To Work® Institute

·         Happiest Minds’ CRPP solution won ‘Best Security Operation Centre of the Year’ at the CISO Summit & Awards 2023

·         Happiest Minds was honored with STPI Exports & Excellence Awards 2021-22

·         Happiest Minds won ‘Digital Transformation of the Year’ at IReC Awards 2023

Analyst Mentions:

·         Happiest Minds is a ‘Major Contender’ in Low-Code application development services  - Everest

·         Happiest Minds is a ‘Rising Star’ in Design & Development  - ISG

·         Happiest Minds is a ‘Rising Star’ in Integrated User Engagement - ISG

·         Happiest Minds is a ‘Rising Star’ in Platforms & App Services - ISG

About Happiest Minds Technologies:

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, etc. Positioned as ‘Born Digital . Born Agile’, our capabilities span digital solutions, infrastructure, product engineering and security. We deliver these services across industry sectors such as automotive, BFSI, consumer packaged goods, e-commerce, EduTech, engineering R&D, healthcare, hi-tech, manufacturing, retail and travel/transportation/hospitality. The company has been recognized for its excellence in Corporate Governance practices by Golden Peacock and ICSI. A Great Place to Work-Certified™ company, Happiest Minds is headquartered in Bangalore, India with operations in the U.S., UK, Canada, Australia and Middle East.

Carlyle And Quest Global Enter Into A Strategic Partnership

Global investment firm Carlyle (NASDAQ: CG) and Quest Global, one of the world’s leading engineering services firms, today announced they have reached a definitive partnership agreement whereby Carlyle will be acquiring a significant minority stake in the company. Equity for this transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners.

As part of this transaction, current investors Bain Capital and Advent International will exit; Quest Global will repurchase its company shares; and Ajit Prabhu, Chairman and CEO of Quest Global, will acquire an additional stake in the company. The partnership approach taken for this transaction demonstrates Quest Global’s commitment to the long-term success of its business strategy and its employees.

Established over 25 years ago and headquartered in Singapore, Quest Global is a leading global player in engineering, research and development (“ER&D”) services for the design, product development and operations of complex engineering systems. It currently has a multi-disciplinary team of over 17,500 engineers, across 67 delivery centers and offices, in 17 countries globally, that is dedicated to helping solve its clients’ engineering challenges better and faster.

Amit Jain, Managing Director and Head of Carlyle India Advisors, said, “We have known Ajit for two decades and we believe he has demonstrated visionary leadership over these years. Carlyle was the first early-stage private equity investor in Quest Global and we are proud to partner again. We believe the company’s undivided client centricity, drive for engineering excellence, differentiated global delivery model and the entrepreneurial energy of the management team have enabled it to scale successfully across a diverse set of industry verticals. Looking ahead, our view is that Quest Global is well-poised to benefit from the growing focus on product innovation, digital engineering, embedded systems, increased outsourcing and disruptive technology advancements across industries. We look forward to working closely with Quest Global's management team while leveraging Carlyle’s deep sector expertise and global network to help the company expand its global leadership in the ER&D space.”

“At Quest Global, we believe engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow – to create a brighter future. It was a great value-added partnership with Carlyle the first time around, and I look forward to working with Carlyle again, to propel us in the journey ahead. Together, I am confident we will deliver on our mutual commitment to provide cutting edge engineering solutions to our clients around the world, while preserving our entrepreneurial culture,” said Ajit Prabhu, Chairman and CEO of Quest Global.  

“We are thankful for the partnership of Bain and Advent for their instrumental role in advancing the company’s purpose and growth trajectory. Their strategic insights and unwavering support have been invaluable,” added Mr. Prabhu.  

The transaction remains subject to satisfaction of certain conditions precedent to closing, including customary regulatory approvals. 

Barclays, J.P. Morgan, BNP Paribas and Latham & Watkins served as advisors to Quest Global on the transaction; and Deutsche Bank, Clifford Chance, KPMG and Trilegal served as advisors to Carlyle. Barclays, BNP Paribas, Citibank, Deutsche Bank, HSBC, ING, J.P. Morgan, Nomura, Standard Chartered Bank, Allen & Overy and Linklaters helped arrange financing for the transaction.

Carlyle’s buyout funds, including Carlyle Asia Partners, have well-established experience investing in the technology and business services sector, and have invested over US$35 billion of equity in over 280 deals globally as of June 30, 2023, with approximately US$5.6 billion of this in Asia.

About Quest Global

Founded in 1997, Quest Global is one of the world’s leading engineering research and development (ER&D) services companies. Quest Global believes engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow. For more than 25 years, the Company has strived to be the most trusted partner for the world’s hardest engineering problems. As a global organization headquartered in Singapore, team at Quest Global live and work in 17 countries, with 67 global delivery centers and offices, driven by 17,500+ extraordinary employees who make the impossible possible every day. Quest Global delivers world-class end-to-end engineering solutions by leveraging deep industry knowledge and digital expertise. By bringing together technologies and industries, alongside the contributions of diverse individuals and their areas of expertise, Quest Global is able to solve problems better, faster. This multi-dimensional approach enables the team to solve the most critical and large-scale challenges across the aerospace & defense, automotive, energy, hi-tech, healthcare & medical devices, rail, and semiconductor industries.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $385 billion of assets under management as of June 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle. 

Apollo Hospitals Conducts An Awareness Campaign On No Honking

Apollo Hospitals Sheshadripuram organised a 'Say No to Horn' public awareness campaign, urging citizens to help reduce noise pollution on city roads. Shri Rajkumar Dugar Founder of Citizens for Citizens (C4C), Police Inspector Mr. Sharanappa, Police Inspector, High Grounds Traffic Police Station and other Apollo Hospitals dignitaries flagged off the campaign. More than 50 Apollo Hospitals volunteers took part in the awareness drive, displaying information about traffic rules and why honking is illegal in special zones like schools and hospitals.

Speaking at the event, Mr. Uday Davda, COO, Apollo Hospitals Sheshadripuram, said, " Most of the time, individuals honk unnecessarily, unaware of the impact of noise pollution and the inconvenience caused to others, particularly in school and hospital zones. We conducted a 'Say No To Horn' awareness program with the assistance of traffic police, and our goal is to educate people on various laws about traffic rules in order to reduce noise pollution in the hospital zone. We are grateful to Police Inspectors Mr. Sharanappa and Mr. Baig for joining the effort and urging citizens to be cautious of the impact of honking.”

The WHO classifies noise above 65 dB as pollution. Noise pollution can cause hypertension, sleeping disorders, cardiovascular disorders, and hearing loss among patients. Especially near the hospital the patients, doctors, and staff are distressed due to the unnecessary Honking.

India TV Becomes The Only News Group To Have Exclusive CTV News Vhannels In India

* India Tv Logo Png Transparent PNG - 640x200 - Free Download ...

In the last few years, if one device has exponentially grown to a point of becoming a necessity, it is connected TV. As per the FICCI-EY report 2022, CTVs have increased to 10 million in India and are predicted to increase to 40 million by 2025. The CTV market size is building on the same lines as smartphone penetration has in the past. 

Hence, recognizing this growth opportunity, India TV, which is one of the leading Hindi news channels in India, has now become the only news group to have two dedicated CTV channels along with the main channel stream at CTV devices. The group has introduced India TV Live, India TV Speed News and India TV Aap ki Adalat. Additionally, it is planning to launch a few more soon in future.   

The decision is in line with the notion that CTV is changing the news landscape. CTV has emerged as a touchpoint of interest due to its unique ability to bring together the large screen TV experience. Additionally, it has the targeting/measurement capabilities of digital. It also gives access to affluent urban households. And lastly, it allows viewers to consume content as per parameters such as:  nature of content, convenience, and consistency. Hence, India TV believes that there is an opportunity to go beyond the 24-hour barrier of providing content and facilitating structured information to the viewer.  

Elaborating on the launch, Ritu Dhawan, Managing Director, and CEO of India TV said, “Considering the exponential growth of the CTV market, it has become imperative to expand our content offerings on this platform. By launching these channels, we want to cement our position as a leader in the CTV space. We also want to show that value to our viewers by providing them contextualized, nuanced, and relevant information in multiple formats, themes, and devices on this platform.”  

CTV value proposition is not just limited to content creators. CTV provides new ways for targeted advertising. Advertisers can reach specific audiences with relevant user-based ads, leading to more effective advertising campaigns.  

Regarding ad dynamics in the CTV space, Ritu Dhawan further added that, “The way digital advertising has increased its market penetration across the ad industry and advertiser verticals, CTV is becoming a preferred medium for advertisers. As CTV is enabled with the power of the internet, ad opportunities and ad formats have increased for advertisers.”  

The CTV ecosystem is forever evolving, thanks to rapid technological advancements. Keeping this in mind, India TV believes that it is essential to present content in the viewer’s familiar navigation and content styles. “We believe this approach has helped us maintain our position as India’s Most Engaged News Video Publisher,” Dhawan further stated. Moving forward, digital-first, localization, explainers, user-generated content will define content consumption in the future. 

Experience The Authentic Flavors Of Biryani By Kilo

Biryani by Kilo has revolutionized the biryani and kebab delivery in India, emerging as the India’s biggest and most loved biryani and kebab chain. With a commitment to quality and taste, Biryani by Kilo has gained a loyal following of food enthusiasts who crave the rich and aromatic flavors of authentic biryanis.

What sets Biryani by Kilo apart from the rest is their dedication to freshness & authenticity. BBK is the only brand in India that prepares fresh handi biryani for every order individually, ensuring that every customer receives a piping hot and flavorful meal. The biryani is expertly cooked in handis, and the same handis are delivered to customers, preserving the traditional dum cooking technique that enhances the taste and aroma.

Since its inception in 2015, Biryani by Kilo has rapidly expanded, with over 100 outlets spread across 45+ cities in India. In the bustling city of Bangalore alone, they have established 12 outlets that deliver across the city. This wide reach allows Biryani & Kebab lovers to relish their favorite delicacy without any hassle.

With more than 25 lakhs happy customers served since 2015, Biryani by Kilo has won the hearts and taste buds of biryani lovers. Their extensive menu boasts over 21 types of biryanis, each prepared with authentic ingredients and cooked to perfection. Apart from biryani, they also offer a range of succulent kebabs, flavorful curries, delectable desserts, and more to cater to every palate.

Whether you are craving the classic Hyderabadi biryani, the aromatic Lucknowi biryani, or the fiery Kolkata biryani, Biryani by Kilo has got you covered. Each bite will transport you to the culinary history of India in its most authentic way.

Indulge in the exquisite world of biryani and kebabs with Biryani by Kilo. Order now and experience the true essence of authentic Indian cuisine, crafted with love and delivered to your doorstep.

For other exciting offers & to order visit: www.biryanibykilo.com or download BBK App or Call/whatsApp 1800-212-2-212

Dine-in: Marathahalli I Koramangala I Akshayanagar

Delivery timing: 10 am - 11 pm

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Building A Strong Immune System: Protecting Your Child During The Flu Season

There’s a good chance you are reading this while sneaking glances out of a window, the breeze is cool and calming, and there are some drizzles and downpours, as your kids play indoors. The monsoon season can be calming and relaxing but on the flip side, with this comfort comes the package deal of seasonal and viral infections, more so for children.

While rainfall is unpredictable and its intensity can change in the blink of an eye, fluctuations in your child’s immunity levels can be controlled through the right nutrition. Dr. Ganesh Kadhe, Director, of Medical and Scientific Affairs, Abbott’s Nutrition business shares three tips to help support your child's health and immunity during the upcoming flu season:

1. Prioritize Immunity Over Everything

A robust immune system is the first step towards preventing the flu. A diet rich in foods like fruits, vegetables, whole grains, and lean protein offers immune-rich ingredients which provide the building blocks the body needs for vigorous defenses. Setting a regular bedtime is especially important because lack of sleep can weaken the immune system, making children more susceptible to illnesses like the cold and flu.

Vitamin A rich foods can aid proper immune system function[i]. Some excellent sources of vitamin A include everyday diet. Some food sources rich in vitamin A include orange and red vegetables like carrots, sweet potatoes, and red peppers, as well as fruits like cantaloupe, apricots, and mangoes. Certain types of fish and dairy products also contain vitamin A.

Vitamin C is well-known as an immune system booster[ii]. Citrus fruits such as oranges and grapefruits, along with strawberries, kiwi, tomatoes, and various vegetables like broccoli, spinach, and kale, are abundant sources of this vital nutrient

Vitamin E is a powerful antioxidant that supports a strong immune system[iii]. Nuts like almonds, hazelnuts, and peanuts, along with their butters and oils, as well as sunflower seeds, wheat germ, and fortified foods like breakfast cereals and fruit juices, are excellent sources of vitamin E

If you find it challenging to get enough fruits and vegetables in your child’s meals to ensure they meet their nutrition requirements, try adding PediaSure to their glass of milk as it will not only elevate the taste but also increase the nutritional value of that glass of milk. It is a complete and balanced nutrition solution with 37 nutrients, scientifically tested to help improve children’s immunity.

Encourage movement:

Physical activity offers numerous benefits for children, including improved immune health[iv], better sleep[v], and enhanced learning[vi]. Engage your child in online exercise classes or arrange playdates with their peers to promote movement and active play.

Destress and try new activities:  

Stress can weaken the immune system[vii]. Help your child unwind by curling up with a story, listening to a podcast or trying activities together like cooking. Engaging in culinary activities with your children not only strengthens your bond but also enhances their nutritional intake. Encourage your little ones to create their own snacks to support their immune system, such as combining vitamin C-rich strawberries with yoghurt or spreading vitamin E-packed peanut butter on crackers. For older children, you can involve them in preparing high-protein scrambled eggs or French toast for a family breakfast or ask for their assistance in making a salad or their favourite vegetable side dish during dinner time.

With the arrival of the monsoon season, you can take proactive steps to support your child's immune health. By prioritizing a nutrient-rich diet, encouraging regular exercise, and reducing stress through enjoyable activities, you can help strengthen their immunity and protect them during this time of increased vulnerability. Embrace these tips and create a healthy environment that bolsters their overall well-being and resilience against flu and other common illnesses.