Protean & PayNearby Team Upto Democratize Credit Through ONDC

* The credit marketplace will allow easy discovery of product and pricing for  last mile borrowers on the network

* Initiative To Facilitate Both Individuals And Businesses At The Last Mile With Viable Credit Options

Protean eGov Technologies Limited, a pioneer and leader in Digital Public Infrastructure (DPI), Regulatory Tech (RegTech) and Open Networks, has joined forces with PayNearby, India's leading branchless banking and digital network, to make credit services more accessible and affordable for Indians across the country leveraging the ONDC network. This marketplace will be launched soon for last mile borrowers and MSMEs. Once launched the market place will also allow for easy discovery of various lending products at affordable pricing to its borrowers.  

In this partnership, Protean will serve as an ONDC technology service provider that facilitates availability of credit for last mile borrowers across the country through PayNearby’s well entrenched Distribution as a Service (DaaS) network. By making this service available through 12+ lakh active PayNearby outlets, the partnership aims to broad-base credit access for India and Bharat both and lay the foundation of a more inclusive society. Smart data modelling and use of frameworks like Account Aggregator (AA) will ensure credit extension to thin-file/new-to-credit underserved citizens, driving breakthroughs in the way India and Bharat lends. Protean will also aggregate multiple Loan Service Providers (LSPs) onto a single platform, thereby giving citizens and businesses the convenience of choice and affordability.

India has a glaring inadequacy in capital access across all segments of the society. According to a TransUnion CIBIL research, the credit served population in the country in 2021 stood less than 22% of the adult population. Despite significant advances in financial inclusion through the JAM (Jan Dhan, Aadhaar, and Mobile) trinity, formal credit access to rural and low-income households continue to be a challenge. Dependence of rural poor on money lenders continue, and is more pronounced in the case of marginal farmers, landless labourers, MSMEs and economically backward classes.

The Protean-PayNearby partnership will solve for many of the use-cases that inhibit last mile penetration. Formal institutions find it expensive to reach rural underserved due to their geographical remoteness and lack of access to customer data. Rural citizens are therefore left with very few choices, often informal and at very high cost. With PayNearby's robust DaaS network, LSPs gain seamless access to local markets through digitally-enabled retailers, streamlining servicing costs. The Account Aggregator (AA) framework enhances credit scoring for accurate assessment of new-to-credit (NTC) and thin-file segments, enabling tailored credit to a wider audience.

For borrowers, credit shopping through a comprehensive marketplace will give them the choice to pick the interest rate and repayment terms as per their needs. The aspect of choice will rationalize pricing and make credit more affordable at the last mile. For the tech-shy and documentation-averse last mile customer, trusted PayNearby local retailers will streamline the process, ensuring faster and hassle-free loan applications and disbursals.

Suresh Sethi, Managing Director and CEO, Protean eGov Technologies Limited, said, “Protean has been at the forefront of building Digital Public Infrastructure (DPI) and population scale e-governance solutions for the citizens and has successfully created a pan-India assisted model to include the digitally excluded masses. However, Bharat is still underserved in terms of access to formal credit. We firmly believe that consent-based data sharing through Account Aggregator will digitally empower the individuals with their own data. Towards that, we have partnered with PayNearby to leverage the Account Aggregator and ONDC network to further accelerate financial inclusion and enable credit access for individuals and businesses at the last mile. This partnership will enable seamless discovery of borrowers and lenders and help create a more inclusive financial system in India.”

Commenting on the alliance, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, we champion financial inclusion. However, true inclusion requires credit access at the last mile. Our integration with Protean through ONDC will revolutionize credit availability in Bharat. This partnership enables LSPs to offer formal credit to MSMEs and customers, with competitive pricing and tailored products. Multiple data sources enhance underwriting decisions, ensuring timely credit. PayNearby retailers provide human intelligence for seamless loan disbursals. We're excited about the potential to create value for our retail partners and customers alike. Zidd Aage Badhne Ki!”

For borrowers, credit shopping through a comprehensive marketplace will give them the choice to pick the interest rate and repayment terms as per their needs. The aspect of choice will rationalise pricing and make credit more affordable at the last mile. For the tech-shy and documentation-averse last mile customer, local retailers will streamline the process, ensuring faster and hassle-free loan applications and disbursals.

In the past, PayNearby and Protean joined forces to provide paperless PAN Card services at nearby stores across the country.

About Protean

Protean eGov Technologies (previously NSDL e-Governance Infrastructure) is a pioneer and leader in Digital Public Infrastructure (DPI), Regulatory Tech (RegTech) and Open Networks. Since its inception 28 years ago, Protean has relentlessly pursued the vision of being a globally trusted builder of population-scale eGovernance technology that improves ease of doing business, promotes financial & social inclusion and ease of living for its citizens.

DPI’s - Protean is credited with building India’s Modern Digital Tax Infrastructure ushering in digitalisation of payment and collection of taxes for the government and serves 1.2 Bn Indian’s. Today, Protean serves as the largest service provider for India’s Digital Tax Identity - PAN Cards having issued 421 Mn million Tax ID’s till date, has developed Tax Information Network (TIN) which brings together the Indian Govt., 19000 Banks, 68,000 service centres across 7000 locations, the Accounting System for reconciliation of Tax collection - OLTAS and the India’s Largest Litigation Management System – NJRS. In order to bring Govt’s vision of pension for every citizen to life, Protean is credited with building India’s first Digital Pension Infrastructure and serves as India’s largest Central Record-keeping Agency for the National Pension System (NPS) & the exclusive Central Record Keeping Agency for govt-backed pension scheme for the unorganised sector Atal Pension Yojna (APY) serving a total of 59 Mn citizens and counting.  Having built India’s largest network of Facilitation centres, Protean serves India’s Digital Stack by also being the Registrar to UIDAI  for Digital Identity Aadhaar enrolments.

Regulatory Tech – Protean’s E-Authentication Business (eKYC, eAuth, eSign) powers majority of the Indian banks and Start-ups for their digital customer journeys. Additionally, Protean recently went live with Protean SurakshAA – a citizen consent led financial data sharing Account Aggregator platform enabling credit-for-a-billion.

Open Networks – Protean is the foundational Knowledge partner & key technology contributor to open networks (ONDC) enabling adoption of the open network and accelerating commerce for the network buyers, sellers and payment companies through its Recon & Settlement Products. It is also credited with building India’s premier network for Corporate Scholarship Grants and Education Loans through Protean Vidyasaarathi and Protean Vidyalakhshmi respectively intending to serve 250Mn+ student population of India.  

To complement the digital public infrastructure and aid Govt’s ‘Cloud First’ Policy, Protean has recently ventured into India-Focussed Protean Cloud to enable SME & MSME and Cyber Security Advisory services in an effort to reinforce the foundations of a safe and secure digital India.

Protean Impact at a glance – 421 Mn Pan cards, 170 Mn e-PANs, 1.97 Mn TDS filed, 59 Mn Pension Accounts amounting to AUM of Rs 8.2 Tn, 950 Mn e-KYC transactions, 240 Mn eSign transactions, 2.15 Bn Aadhaar authentications, 7.25 Bn cumulative Online PANs Verifications, 8 Mn Protean NPS Mobile App Downloads, 3.8 Mn Protean APY Mobile App downloads. All data sourced from DRHP as of Dec 31, 2022.

India’s No.1* e-3 Wheeler Manufacturer, Mahindra, Launches New e-Alfa Super Rickshaw With Higher Range

* India’s No.1* 3-wheeler EV Brand with Unmatched Trust: Trusted by over 50000 e-Alfa customers.

* Improved Range of 20% for Enhanced Earnings: 95+ kilometre on a single charge.

* Extensive Charging Ecosystem: Equipped with a higher capacity 18 A charger and access to 10000+ charging stations nationwide.

* Comprehensive Warranty: One-year vehicle warranty and 18-month battery warranty.

* Largest Service Network: Over 1150 Mahindra touchpoints across India for excellent customer support.

* Free Rs 10 Lakh Accidental Insurance for Driver: Ensuring safety and security.

India’s No.1* electric 3-wheeler company, Mahindra Last Mile Mobility (LMM), has launched the latest addition to its electric 3-wheeler line up - the Mahindra e-Alfa Super. This new e-rickshaw, along with the reliability of brand Mahindra, will continue to be the most viable self-employment option for driver partners with its higher range, best-in-class safety and comfort features.

One of the key highlights of the e-Alfa Super is its higher range of 95+ kilometre on a single charge, achieved through extensive driving validations by Mahindra, thereby enabling drivers to maximise their earnings. With its 140 Ah lead-acid battery, the e-Alfa Super delivers a certified range that is 20% higher than before. The motor generates 1.64 kW peak power, and 22 Nm torque, providing superlative performance.

Backed by the trust reposed by more than 50000 e-Alfa customers, the e-Alfa Super is designed to withstand rough daily usage. To enhance the ownership experience, Mahindra is also offering free accidental insurance worth  10 Lakh for the driver upon purchasing the vehicle, ensuring safety and security of its customers.

Suman Mishra, CEO, Mahindra Last Mile Mobility said, "In a world with rising demand for clean mobility, our e-Alfa Super rickshaw offers superior range and earning potential. This allows our driver partners to increase their entrepreneurial incomes and reduce environmental impact, while being supported with the trust and reliability of the Mahindra brand.”

The e-Alfa Super has a superior 18 A charger that comes with a 12-month warranty and provides faster charging times; allowing drivers to minimise downtime and maximise their productivity. Mahindra 3-wheeler EV customers, with the help of our charging partners, also have access to more than 10000 charging stations, nationwide.

Mahindra provides a one-year warranty on the vehicle, ensuring comprehensive coverage. Moreover, the battery is backed by an 18-month warranty, guaranteeing long-term reliability and customer satisfaction. There are more than 1150 Mahindra touchpoints, in India, through which the vehicle can be serviced.

The metal-bodied e-Alfa Super boasts best-in-class safety features, including an advanced braking system, and roof-mounted grab handles. It is priced at ? 1.61 Lakh, ex-showroom and is available depending on the local government’s approval for e-rickshaws in the particular State.

*As per Vahan portal.

About Last Mile Mobility

The Last Mile Mobility (LMM) division of M&M is responsible for the Company’s widely acclaimed mix of electric, petrol, CNG, diesel last mile mobility 3 and 4 wheeler passenger and cargo vehicles. These include the Mahindra Jeeto 4-wheeler, Alfa range of 3-wheelers, and the electric-only Zor Grand and Treo range.

Learn more about LMM on www.mahindralastmilemobility.com / Twitter/LinkedIn (@mahindralmm), and Facebook (@MahindraLastMileMobility).

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/newsroom

NetApp And Ammada Trust To Provide Clean Water Solutions For Schools

NetApp® (NASDAQ: NTAP), a global, cloud-led, data-centric software company, today announced its partnership with Ammada Trust, an NGO that works to address the needs of those living in extreme squalor, poverty, hunger, and deprivation. The partnership will support the noble cause of providing clean water solutions for 15 government schools in Bengaluru.

NetApp's collaboration with Ammada Trust will establish sustainable water solutions in, low-income schools, where the need for clean water is most critical. “Access to clean drinking water is one of the most basic requirements for human beings but still not available to many. It is said that the lack of clean water is one of the challenges that will become more pronounced with time and needs to be dealt with on an urgent basis.

Through the partnership with Ammada, we are looking to positively impact the health of not only students and staff but also their families,” said Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC. “Going beyond the installation, we have also implemented a continued engagement plan to ensure proper functioning and timely maintenance of the water purifiers.”

The engagement plan includes frequent visits to schools and hostels, conducting system inspections, providing training in record keeping, offering recommendations for preventive and corrective measures, and taking care of repair and maintenance tasks.

Earlier in a similar effort, NetApp aided 10 tribal girls' schools in Vidisha, Madhya Pradesh, impacting 800 girl students in the district. Through their works in Vidisha and now in Bengaluru, it is estimated that the safe drinking water initiative will directly benefit well over 6000 people including students and staff. It will also lead to improved future outcomes for an additional 15,000 members of students’ families.

UNICEF emphasises that providing clean water at schools is one of the most effective practices to enhance access to education and improve learning outcomes. Community awareness on the link between poor water quality and health issues is another key aspect of this association, promoting the health benefits and cost savings of clean drinking water.

Shipyaari Joins ONDC Network; Brings Direct And Seamless Access To 29000+ Pin Codes To The Sellers

* Company aims to cater to approximately 25,000 new sellers.

* To help the sellers win with ONDC, Shipyaari has set up a dedicated 15 members cross functional team that would be working in an integrated fashion to ensure customer success. Team to be expanded over the coming years.

* Backed by dedicated team, widespread presence across 29,000+ Indian pincodes and strong service suite, Shipyaari is working towards achieving the milestone of a million shipments monthly for ONDC.

Shipyaari, a leading logistics and e-commerce solutions provider, is excited to announce its collaboration with ONDC (Open Network for Digital Commerce), a pioneering initiative to foster an open and inclusive digital commerce ecosystem. By joining the ONDC network, Shipyaari aims to empower sellers, regional courier partners, and consumers with its hyperlocal and inter-city logistics services, furthering its mission to bring Bharat closer. The company simultaneously is looking at catering to approximately 25,000 new sellers with its services.

The integration will enable sellers gain access to Shipyaari's extensive coverage of 29,000+ Indian pin codes. Shipyaari firmly believes in ONDC's vision and is proud to be a part of it in creating a digitally empowered commerce ecosystem. As an active participant in the ONDC network, Shipyaari will extend its support to other e-commerce sellers and brands, helping them seamlessly integrate with the ONDC protocol.

T Koshy, MD and CEO at ONDC said, “We extend a warm welcome to Shipyaari and are eager to work together in driving the growth and democratization of digital commerce in India. Shipyaari's expertise in inter-city logistics services further strengthens our commitment to providing efficient and reliable shipment delivery for sellers and consumers. We are excited about the possibilities that lie ahead with Shipyaari on board."

Nayan Ratandhayara, Co-Founder & CEO of Shipyaari expressed enthusiasm about the collaboration, stating, "We are excited to be a part of this incredible initiative by the government that enables small businesses across India reach larger audiences using digital services. This aligns perfectly with Shipyaari's ethos of bringing Bharat closer and democratizing digital commerce in India. We are committed to providing exceptional logistics services to sellers and consumers, enabling seamless transactions and ensuring efficient delivery of shipments".

Vishal Totla, Co-Founder & COO of Shipyaari talking about how ONDC is a major leap for digital commerce in India in terms of creating an efficient, competitive, and consumer-centric marketplace, added, “ONDC brings together sellers, buyers, and enablers under standardized SOPs, leading to lower prices, wider selection, and better customer service. Open to all businesses, big and small, ONDC fosters inclusivity and equal opportunities in the digital economy. To help sellers win with ONDC, we have set up a dedicated 15 members cross functional team initially that would be working in an integrated fashion to ensure customer success.”    

ONDC offers a multitude of benefits for sellers, consumers, and service providers alike. Sellers gain access to a larger network of potential customers, enhancing their visibility and business growth. With streamlined and secure transaction processes, sellers can efficiently manage payments and complete transactions hassle-free. Consumers enjoy the convenience of accessing a wide range of sellers and products across categories on ONDC-enabled buyer apps. Additionally, price transparency empowers buyers to make informed decisions, and convenient payment options further enhance the overall shopping experience.

As an important service provider on the ONDC network, Shipyaari will play a crucial role in ensuring timely and reliable delivery of shipments for sellers and consumers. By democratizing the online market and adopting a protocol-centric model, ONDC provides a level playing field for all buyers, sellers, and logistics service providers, regardless of their size or scale.

Shipyaari aims to create an empowered ecosystem by supporting regional and ground-level courier partners on ONDC, fostering growth and equal opportunities for all players in the industry.

As Shipyaari embarks on this exciting journey with ONDC, the company remains focused on its objective of supporting entrepreneurs and businesses across India and success for them would mean processing a million shipments monthly for ONDC, at the earliest. Through this association, Shipyaari aims to contribute to the growth trajectory of both the company and the digital commerce ecosystem, taking it to unprecedented heights.

About Shipyaari:

Shipyaari is a logistics platform based on SaaS technology that simplifies and streamlines logistics processes for businesses aiming to expand beyond their geographical borders. With an aim to make logistics hassle-free, Shipyaari offers a range of services to automate the entire logistics process, from real-time tracking of shipments to customized shipping solutions. The company's innovative technology and logistics solutions have helped businesses of all sizes, across multiple industries, manage their supply chain and logistics operations seamlessly. Shipyaari is committed to delivering superior customer experience, and its team of experts is dedicated to providing personalized and efficient support to its clients. With a strong focus on innovation and customer satisfaction, Shipyaari is well-positioned to be a leader in the logistics industry.

For more information, visit: https://www.shipyaari.com/

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.