Vitesco Technologies Fiscal Year 2023: Profitability And Cash Flow Exceeded Expectations Expectations

* Sales increase to €9.23 billion in fiscal year 2023 (2022: €9.07 billion)

* Adjusted EBIT margin came in higher than the company’s own guidance at 3.7 percent (2022: 2.5 percent)

* Free cash flow above the company’s expectations at €84.9 million (2022: €123.2 million)

* Growth in electrification sales of around 21 percent to €1.3 billion (2022: €1.1 billion)

* Order intake of more than €12 billion, of which around 70 percent in the electrification business Order backlog as of December 31, 2023 stood at around

* €58 billion, with more than half electrification-related First dividend distribution planned Guidance for 2024: sales forecast between €8.3 billion and

* €8.8 billion, further improvement of adjusted EBIT margin between 4.5 percent and 5.0 percent, negative free cash flow of around €350 million expected

Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, is publishing its consolidated financial statements for fiscal year 2023. The company had already published preliminary results on February 23, 2024, in which it fully achieved – and in some cases exceeded – its own forecast for all key financials.

CEO Andreas Wolf: “2023 was a challenging but successful year. Our company achieved further profitable growth, won important orders, and advanced its leading position in the electromobility market.”

Profitability and cash flow well above company and market expectations

In 2023, Vitesco Technologies increased its consolidated sales to €9.23 billion despite a persistently challenging market environment (2022: €9.07 billion). Adjusted for changes in the scope of consolidation and exchange-rate effects, sales increased by 4.4 percent.

Due to the further improvement in operating performance, the company’s adjusted EBIT margin of 3.7 percent (2022: 2.5 percent) was much higher than its forecast range of 2.9 percent to 3.4 percent. The adjusted EBIT thus amounted to €341.1 million (2022: €225.5 million).

Thanks to improved profitability and despite higher investments and the financial burden from the contract manufacturing business with Continental, free cash flow amounted to €84.9 million in fiscal year 2023 (2022: €123.2 million). This was higher than Vitesco Technologies’ own forecast of approximately €50 million and the market consensus of €71 million.

Capital expenditures1 on property, plant, and equipment and software amounted to €499.8 million (2022: €446.6 million). The ratio of capital expenditures to sales was therefore 5.4 percent (2022: 4.9 percent).

As of December 31, 2023, Vitesco Technologies’ equity ratio stood at 37.6 percent (December 31, 2022: 40.3 percent). The company reported net liquidity of €337.0 million as of December 31, 2023 (December 31, 2022: €333.4 million).

Vitesco Technologies generated sales of around €1.3 billion from electrification components in 2023 (2022: €1.1 billion). The reason for the less significant increase in sales was the softening of demand for electrification components in the market in the fourth quarter of 2023. The numerous project ramp-ups could not compensate for this effect.

In fiscal year 2023, total order intake came to more than €12 billion (2022: €14 billion). Roughly.

upGrad Fuels Domestic Expansion With Senior Hires; To Enter 10th Year Of Growth

upGrad, one of Asia’s largest integrated learning skilling and workforce development majors announced the appointment of Shailesh Mahale (former Zepto) as Corporate HR Head and Kumar Anshu (former OLX Group) as Head of Human Resource for Working Professional, Study Abroad and Offline segment. With this Vandana Kaushik Goel has been elevated as the Head of Human Resources for upGrad’s Enterprise arm.

In line with upGrad’s growing footprint and team strengths, these three key India appointments will augment operational efficiency and wider employee engagement across the organisation. With a strong background in HR technology and operations, including successful implementations of systems like PeopleSoft, SAP Success Factors & Darwinbox, Shailesh helped build Zepto in its initial months. Having also worked at other industry-leading brands like TCS, Dow Chemicals, and HDFC Life Insurance, Shailesh has been specifically appointed to drive Corporate HR transformation at upGrad.

In his current role, he will lead the Corporate HR functions encompassing operations & digitisations, Employee experience, Payroll & Compliance, and HR Audits, leveraging his extensive expertise to propel organisational growth.

With 15 years of diverse experience across Business HR, Consultancy, HR Strategy & Software engineering at Siemens, EY LLP, OLX and Wipro, Anshu bridges business and people needs effectively. In his prior role at EY, he project-managed and consulted GOI in the development of an e-learning organisation, demonstrating strong consulting abilities. He has also led large transformation & strategic initiatives as part of his earlier roles.

Vandana's exceptional capability in change management has been pivotal in driving efficiency within the organisation, and her strategic acumen and leadership qualities position her as a driving force in advancing upGrad’s business goals. With over 17 years of experience in the HR domain across notable sectors such as education, software, and professional services, she will continue to lead HR business partnering across the entire Enterprise arm at upGrad.

Commenting on the road ahead, Saurabh Deep Singla, CHRO at upGrad noted, “With the rapidly evolving business landscape, it’s important that we bolster our HR capabilities to ensure seamless operations and an enriching employee experience. While our primary focus remains on driving career growth for our learners, maintaining a people-first organisational culture is non-negotiable. These strategic hires are not just tasked with traditional HR functions but would be instrumental in shaping the future of skilling and workforce development. Their expertise coupled with a deep understanding of technology and business needs, positions upGrad as a front-runner within the skilling ecosystem while also having it redefine how organisations approach talent development in the digital age.”

upGrad has bolstered its leadership team with key hires over the past 9-10 months, while also recording tangible YoY business outcomes. "upGrad is on the brink of entering a decade, marking an important year of growth for us. We've evolved from a small team to an organisation comprising nearly 5000 colleagues spanning across various states and nations. The increasing diversity within our teams, coupled with our shared goal of making upskilling a global reality, reinforces our faith in this institution," added Singla.

Shailesh Mahale will be based out upGrad’s HQ in Mumbai while both Kumar Anshu and Vandana Goyal will oversee operations from Delhi NCR.

About upGrad

Started in 2015, upGrad is Asia’s largest integrated Learning, Skilling, and Workforce Development Company. upGrad offers a range of online & hybrid skilling programs, Certifications, and Bootcamps under its B2C portfolio. It also facilitates top Indian and global universities to offer their Diploma, Master’s and Executive Doctorates. Additionally, select programs are tailored for enterprise clients under the B2B model, along with other recruitment and staffing services. To date, upGrad has enrolled 10 million+ learners from 70+ countries, boasts a network of 300+ direct global university partners, wide line-up of 2500+ pathway connections, and an enterprise arm with 3000 corporate partners, worldwide. www.upgrad.com

BMW Group Business Continues On Profitable Growth Course

+++ Zipse: “Implementing strategy consistently and successfully” +++ Group EBT margin of 11.0% for the full year +++ Automotive EBIT margin at 9.8% in 2023 +++ Percentage of BEV deliveries of 15% in 2023, as forecast +++ • EU fleet CO2 emissions at 102.1 g/km (WLTP) ? well below 128.5 g/km limit +++ Dividend of € 6.00 per share of common stock proposed +++

The BMW Group achieved its business objectives for financial year 2023, as forecasted. Despite strong competition and volatile conditions, the company successfully maintained its profitable growth and defended its leading position in the global premium segment: A total of 2,554,183 premium vehicles were delivered to customers in the year to the end of December (2022: 2,399,632 units / +6.4%) ? including 717,620 units in the fourth quarter (Q4 2022: 651,794 units / +10.1%). Deliveries for the full year had a solid increase, resulting in a market share of 3.3%.

High demand for its products was the driver for the BMW Group’s continuing strong financial performance: The Group EBT margin came in at 11.0% (2022: 16.5%; Q4: 8.6%; 2022: 8.2%), above the strategic target of 10%. The EBIT margin in the Automotive Segment of 9.8% (2022: 8.6%; Q4: 8.5%; Q4 2022: 8.5%) was within the forecast target range of 9.0-10.5%. 

Throughout 2023, the company’s fresh and attractive range of fully-electric vehicles was a key growth driver. The BMW Group delivered a total of 375,716 fully-electric cars (2022: 215.752 units / +74,1%) to customers, achieving a share of around 15% of total sales, as planned. Including the PHEVs delivered, the BMW Group sold a total of 565,875 electrified vehicles (2022:433,792 units / +30.5%) and thus achieved a sales share of 22%.

The electrification of the vehicle portfolio contributes significantly to CO2 emissions reduction in the Group and also to the continued reduction of CO2 fleet emissions. In the European fleet, the BMW Group continued to reduce emissions in 2023: At 102.1 grams per kilometre of CO 2 (according to WLTP; 2022: 105 g/km / -2.8%), the preliminary figure was significantly below the target set by the European Union of 128.5 grams per kilometre.

“The year 2023 underlined how we are implementing our strategy consistently and successfully. We posted strong growth and substantially increased our percentage of fully-electric vehicles, while improving our operational profitability. A lot of people talk about ‘transformation’. For us, it’s more a question of continuous progress,” said Oliver Zipse, Chairman of the Board of Management of BMW AG, on Thursday. “We are advancing forward with our course – offering our customers the newest innovations and the latest technology, regardless of the vehicle’s powertrain. In this way, we aim to continue to deliver strong products for strong demand.”

Solid increase in Group revenues

Group revenues reported a solid increase in the full year and climbed to € 155,498 million (2022: € 142,610 million / +9.0% / adjusted for currency translation effects: +13.1%). 

In the period from January to December 2023, the revenues of BMW Brilliance Automotive Ltd. (BBA) were fully included; in the prior year, this was only the case from 11 February 2022 onwards, following full consolidation. This should be factored into the year-on-year comparison.

In addition to full consolidation, revenues were primarily driven by higher sales volumes and positive product mix effects. Higher interest rates and tailwinds from loan financing also contributed to the growth in revenues – which were impacted by currency headwinds from the Chinese renminbi and the US dollar. 

R&D expenses reach new high

Group research and development costs for the full year rose significantly to € 7,538 million (2022: € 6,624 million / +13.8%). In addition to development expenses for new models, like the new BMW 5 Series, the X3 and X5 (model update), Rolls-Royce Spectre* and future models for the NEUE KLASSE, R&D spending was primarily focused on further electrification and digitalisation of the vehicle portfolio and on automated driving.

The R&D ratio (according to the German Commercial Code) for the full year was 5.0% (2022: 5.0%) and therefore at the high end of the company’s long-term target range of 4.0-5.0%.

The BMW Group's capital expenditure increased in the full year to € 8,836 million (2022: € 7,791 million / +8.5%). Substantial investment was channelled into the electrification and autonomous driving modules, as well as setting up high-voltage battery production in various markets and plant construction in Debrecen, Hungary.

The capex ratio for the 12-month period came in at 5.7% (2022: 5.5%).

“We are making major investments in innovative technologies and electrification and digitalisation of our products and plants. We are investing in the future of the BMW Group and generate a strong free cashflow. Our strong financial performance paves the way for this. Our profitability today lays the foundation for our success in the future. Thanks to our highly efficient premium vehicles with leading technology, we aim to maintain our profitable growth in the future,” said Walter Mertl, member of the Board of Management responsible for Finance.

Group earnings (EBIT) significantly higher

The company's full-year earnings before financial result (EBIT) reflected the BMW Group’s strong operating performance: In 2023, EBIT climbed to € 18,482 million(2022: € 13,999 million / +32.0%). In addition to the full consolidation of BBA and higher vehicle deliveries, lower intersegment eliminations related to the leasing business also had a positive effect.

Between January and December, the BMW Group reported pre-tax earnings (EBT) of € 17,096 million (2022: € 23,509 million / -27.3%). Here, the negative fair value driven financial result of € -1,386 million (2022: € 9,510 million) reflects a corresponding base effect: In the prior year, the revaluation of BBA equity interests of € 7.7 billion, as part of the full consolidation, had significantly increased the BMW Group's financial result, Group earnings and Group net profit.

The EBT margin for January to December came in at 11.0% (2022: 16.5%).

Group net profit for the 12-month period amounted to € 12,165 million (2022: € 18,582 million / -34.5%). Without the one-time revaluation effect, Group net profit would have been higher year-on-year, with an EBT margin on par with the previous year.

Significant increase in Automotive EBIT in YTD December

In the Automotive Segment, full integration of the operating business of BMW Brilliance Automotive Ltd. (BBA), higher sales volumes and positive product mix effects boosted revenues for the 12-month period by 7.0% to € 132,277 million (2022: € 123,602 million / adjusted for currency translation effects: +11.3%), as did higher revenues from aftersales business. Negative currency translation effects, primarily from the Chinese renminbi and the US dollar, impacted revenue growth: Excluding these headwinds, revenues saw a significant increase of 11.3% for the full year.

Depreciation and amortisation from the purchase price allocation in connection with the full consolidation of about € 1.4 billion impacted the segment’s cost of sales for the full year as well as a slight increase in sales and administrative costs.

The Automotive Segment’s earnings before financial result (EBIT) for the full year were also significantly higher, at € 12,981 million (2022: € 10,635 million / +22.1%). A positive effect came from the full-year inclusion of the BBA result and from the net effect of volume, mix and pricing, driven by the higher sales volume and the higher share of top end as well as BMW M vehicles. However, headwinds resulted from higher research and development spending and increased manufacturing costs against 2022 as well as the higher share of electrified vehicles. The EBIT margin for this period was 9.8% (2022: 8.6%; +1.2 %-pts.). Excluding depreciation and amortisation for BBA assets from the purchase price allocation of € 1.4 billion previously referred to, the EBIT margin was 10.8%.

Thanks to this positive earnings development, the segment’s free cash flow amounted to € 6,942 million at the end of December (2022: € 11,071 million / -37.3%). The previous year included the positive one-time effect of around € 5 billion from the full consolidation of BMW Brilliance.

BMW AG share buyback programme continued

Based on the authorisation issued at the Annual General Meeting in May 2022, the Board of Management made the decision to buy back shares worth up to € 2.0 billion. During the initial share repurchase programme between July 2022 and June 2023, BMW AG repurchased a total of 22,199,529 shares of common stock for € 1,850 million and 1,923,871 shares of preferred stock for € 150 million. This is equivalent to 3.78% of the current share capital. In accordance with the Board of Management decision, all shares acquired were retired in the third quarter of 2023.

The second share buyback programme, worth up to € 2.0 billion, got underway in July 2023. By the end of 2023, BMW AG had acquired 4,218,363 shares of common stock and 942,892 shares of preferred stock. A total purchase price (excluding incidental acquisition costs) of around € 500 million was paid for the shares repurchased in this first tranche. This corresponds to 0.81% of the current share capital.

The second share buyback programme continued in January 2024 with the second tranche. As of 12 March 2024, the BMW Group had bought back 7,531,194 shares with a total value of € 734 million and thus holds 1.18% of the current share capital.

The second share buyback programme will be concluded no later than 31 December 2025.

Dividend of € 6.00 proposed

Shareholders will also participate in the success of financial year 2023. Subject to the approval of the Annual General Meeting, the company’s unappropriated profit (according to the German Commercial Code) of € 3,802 million (2022: € 5,481 million / -30.6%), representing a preliminary payout ratio of 33.7% (2022: 30.6%), will be distributed to shareholders from BMW AG’s net profit.

Taking into consideration the target range of 30-40% of net profit for the payout ratio attributable to the shareholders of BMW AG, the Board of Management and Supervisory Board will propose a dividend of € 6.00 per share of common stock (2022: € 8.50) and € 6.02 ?per share of preferred stock (2022: € 8.52) to the Annual General Meeting on 15 May. BMW Group employees will once again participate in the company's success in an appropriate way.

Stable earnings performance in Financial Services Segment

In the difficult competitive landscape of financial year 2023, BMW Group Financial Services reported slight growth in its volume of new business with retail customers, which increased to € 57,333 million (2022: € 55,449 million / +3.4%). Due to the improved product mix, the average financing volume per vehicle rose.

The number of new contracts concluded with retail customers reached the previous year’s level of 1,542,514 (2022: 1,545,490 contracts / -0.2%). At the end of the year, the penetration rate – the percentage of new BMW Group vehicles leased or financed by the Financial Services Segment – stood at 38.2% (2022: 41.0% / -2.8 %-pts.).

In the 12-month period, the segment reported pre-tax earnings of € 2,962 million (2022: € 3,205 million / -7.6%). This decline in earnings mainly resulted from higher refinancing costs and the smaller total portfolio of 4,952,318 retail contracts (31 Dec. 2022: 5,210,246 contracts / -5.0%).

BMW Group Financial Services benefited from continuing high income from the resale of end-of-lease vehicles – although this was less positive year-on-year and therefore had a dampening effect on earnings. Prices for used cars are likely to continue this trend in 2024.

Lower credit risk provisioning compared to the previous year had a positive effect. In 2022, credit risk provisioning had been heavily influenced by geopolitical uncertainties and weaker macroeconomic prospects.

The credit loss ratio for 2023 remained at the low rate of 0.18%.

“The Financial Services segment supports our sales growth with its financing activities and makes a major contribution to earnings. We will be integrating our financial services business even more closely into our sales processes and our ‘customer journey’ going forward. Digitalisation of our processes will play a key role in this. In all areas of the company, digitalisation and AI will contribute to greater efficiency, speed and value creation,” according to CFO Mertl. “Also in view of the upcoming demographic change, these two topics are essential for the BMW Group.” 

At 17.2%, return on equity in the Financial Services Segment for financial year 2023 (2022: 17.9% / -0.7%-pts.) was in line with the adjusted guidance of 16-19%.

Motorcycles Segment steps up deliveries again in centenary year

BMW Motorrad celebrated its centenary in 2023 with two limited edition models called “100 years”, three new models and four model updates. In its anniversary year, the segment also achieved a new all-time high, with a total of 209,066 motorcycles and scooters delivered to customers (2022: 202,895 units). This represents a slight increase of 3.0% and confirms expectations for the financial year.

In the 12-month period, BMW Motorrad revenues rose slightly to € 3,214 million (2022: € 3,176 million / +1.2%; adjusted for currency translation effects: +3.2%). The segment EBIT for January to December was € 259 million (2022: € 257 million / +0.8%) and therefore on a par with the previous year. The EBIT margin stood at 8.1% (2022: 8.1%).

BMW Group steers successful course in final quarter of the year

The BMW Group achieved dynamic growth in deliveries and a strong financial performance in the fourth quarter of 2023. It delivered 717,620 premium vehicles to customers (Q4 2022: 651,794 units / +10.1%), including 128,849 fully-electric vehicles (Q4 2022: 87,557 units / +47.1%).

Group revenues saw a solid increase in the fourth quarter to reach € 42,968 million (2022: € 39,522 million / +8.7%). Group research and development costs were higher in the final quarter of the year, at € 2,080 million (Q4 2022: € 1,739 million / +19.7%). The R&D ratio (according to the German Commercial Code) was stable at 5.9% (Q4 2022: 5.8% / +0.1 %-pts.). The BMW Group's capital expenditure totalled € 3,758 million (2022: € 3,111 million / +20.8%).

Group earnings before financial result (EBIT) of € 4,412 million (2022: € 3,500 million / +26.1%) were significantly higher year-on-year. Group earnings before tax (EBT) rose significantly in the fourth quarter to € 3,682 million (2022: € 3,253 million / + 13.2%). The EBT margin for this period was 8.6% (2022: 8.2).

Group net profit for the fourth quarter totalled € 2,614 million (2022: € 2,175 million / +20.2%).

Automotive Segment revenues posted solid fourth-quarter growth to reach € 37,283 million (2022: € 34,571 million / +7.8%; adjusted for currency translation effects: +12.2%).

Earnings before financial result (EBIT) showed solid growth in the fourth quarter to € 3,171 million (2022: € 2,932 million / +8.2%). The EBIT margin of 8.5% (2022: 8.5%) remained stable from the previous year, underlining the strong operating performance of the Automotive Segment in the final quarter of the year which showed the seasonally high cost burden.

Solid earnings development in the Automotive Segment resulted in a free cash flow of € 1,183 million in the fourth quarter (2022: € 1,195 million / -1.0%).

In the Financial Services Segment, the penetration rate climbed to 39.5% in the fourth quarter and has therefore maintained its growth trajectory (2022: 37.1% / +2.4 percentage points). The segment’s fourth-quarter pre-tax earnings (EBT) totalled € 511 million (2022: € 533 million / -4.1%). This slight decrease was due to higher refinancing costs and a smaller total portfolio.

Employee numbers higher year-on-year

The BMW Group had 154,950 employees at the end of 2023 (2022: 149,475 / +3.7%). This slight increase in employee numbers was mainly in development and IT, as well as in the BMW Group’s global production network.

Proposed re-election of supervisory board members

With the Annual General Meeting on May 15, 2024, the current mandate of Supervisory Board members Dr. h.c. Susanne Klatten, Stefan Quandt and Dr. Vishal Sikka will come to an end. The Supervisory Board will propose re-electing Dr. h.c. Susanne Klatten, Stefan Quandt and Dr. Vishal Sikka for another four-year mandate.

You will receive further information on the Group Financial Statements 2023 and the outlook for the current financial year at the BMW Group Annual Conference on 21 March 2024. You can follow the virtual event from 9:00 am (CET) live in the internet at: https://www.live.bmwgroup.com/en/live-streaming/, followed by the live streaming of the Annual Conference Q+A with media from 10:30-11:30 am.

The live streaming of the Investor relations Q+A with analysts will be streamed from 12:30-01:45 pm at: https://www.bmwgroup.com/en/investor-relations/annual-conferences.html.

The BMW Group Report 2023 will be published on 21 March at 7.30 a.m. (CET) at https://www.bmwgroup.com/en/investor-relations/company-reports.html.

PNB Offers “Rakshak Plus Scheme” For Defence Pensioners

To reinforce its commitment towards providing special banking services for the armed forces, PNB, the nation’s leading public sector bank, is offering “PNB Rakshak Plus Scheme” for Defence Pensioners. 

All Defence Service Pensioners, regardless of age, whose pensions are credited to their PNB account through SPARSH/CPPC, are eligible for the benefits of Personal Accidental Insurance under the PNB Rakshak Plus Scheme.

This benefit also extends to pensioners of Central & State Police. Some of the main features of the scheme include:

Personal Accidental Insurance (PAI) (Death Cover):          Rs 50 Lakh

Personal Accident Permanent Total Disability (PTD):        Rs 50 Lakh

Personal Accident Permanent Partial Disability (PPD):     Up to Rs 50 Lakh

Air Accidental Insurance (AAI) (Death Cover):                    Rs 1 Crore

Additionally, the scheme offers many other facilities. For further information, customers can contact the bank via the toll-free numbers 1800 1800/1800 2021 or visit the nearest PNB branch.

Customers can also access information by logging into the mobile banking app PNB ONE or visiting https://www.pnbindia.in/.

SIDBI’s EWEE Initiative: Empowering The Women Of Rural Bharat Through Electric Mobility

With an aim to accelerate the deployment of electric vehicles in line with EV30@30 and increase the adoption of EVs in Rural BHARAT, Small Industries Development Bank of India (SIDBI), the country’s principal financial institution for MSMEs, announced a developmental support to empower women in form of blended finance funds such that credit access by rural women aspirants is eased. In partnership with Self-Employed Women’s Association (SEWA) and partnered NBFCs the scheme brings different partners such as OEMs, NRDC and DFI on board.

The current programme called EWEE (Empowering Women and Enhancing their Business through E-Mobility) was announced by Chairman and Managing Director, SIDBI, General Secretary, SEWA, MD, Revfin, MD AMU in presence of leasing, and representatives from OEMs, NRDC, SEWA members and other stakeholders in an online event attended by over 100 participants including.

The scheme has been formulated as an extension to the first-of-its-kind rural e-mobility demonstration pilot (for supporting women entrepreneurs launched by SIDBI, SEWA and Natural Resources Defence Council (NRDC) on January 25, 2024. The pilot was aimed to increase transportation equity, improve air quality, and enhance rural livelihoods through the adoption of EVs. 

E-WEE will support inspirational and aspirational SEWA sisters initially in the two states i.e. Rajasthan and Gujarat. Thereafter it will be scaled to other states. The outcome will provide invaluable insights for formulating future national and state-level policies for electric mobility adoption in rural India. Another potential outcome can be alleviating the perceived risk among the potential adopters and financial institutions resulting in increased financial products, thereby boosting the adoption in real India improving quality of life and more employment opportunities. After this step SIDBI and SEWA shall work on risk mitigant models to induce credit flow. 

Shri Sivasubramanian Ramann, CMD, SIDBI said “The rural India is critical for the nation's development and the women are the backbone of it. The empowerment of women at the grassroots level is important to build the nation. One of the many ways to empower women is to improve the mobility options in rural parts to encourage them to start their businesses, job opportunities, etc. The role of SEWA to bring these entrepreneurs together to support their journey and build a community that supports each other as well is laudable. To manage the community of the SEWA sisters spread across vast geographies of India and spreading awareness among them is a humungous task but the enthusiasm of SEWA sisters to support each other under the guidance of SEWA leadership is making it possible.”

CMD SIDBI advised that phase 1 target of rural e mobility should be fifty thousand 2 and 3 e wheelers. 

The E-WEE project brings the firm intent to ease mobility of women entrepreneurs of SEWA by providing access to affordable finance to purchase electric two-wheelers with the support of Revfin and AMU Leasing Pvt Ltd. The scheme will serve a multi-purpose i.e., it will increase access to affordable finance, second it will also empower the women by having ownership of the green asset and encourage other women to switch or adopt the clean mobility options.”

Jyoti Macwan, Secretary General, SEWA said “The SEWA sisters appreciate the efforts made by SIDBI to bring down the financial cost of owning vehicles for the sisters through the project. We also thank the OEM partners and the NBFCs implementing this project. The steps taken to support and promote these entrepreneurs are important for society as well as the economic growth of the country. We are also targeting the uptake of 50,000 electric vehicles among the SEWA sisters within a year.”

The participants specially OEMs & NBFC interacted with SEWA and CMD, SIDBI to make this project more successful and future targeted interventions. One of the suggestions was to create a complete ecosystem for the electric two and three-wheelers by imparting training to SEWA sisters to repair the vehicles as well. Since, these sisters are based in different villages and the dealers might not be present everywhere, it is imperative to make these sisters self-sufficient. This will not only increase employment opportunities but also increase the confidence of potential users of electric vehicles. A collaborative effort needs to be made among different stakeholders i.e., SEWA sisters, OEMs, and NBFCs to accelerate the adoption. One of the suggestions was to use the electric three-wheelers for different business opportunities. These will improve the swift access of the services to the people living in the villages. It also came forth that different business opportunities leading to rural employment and income can be woven around EV eco system. 

It is also worth mentioning that SIDBI’s mission 50KEV4ECO under the guidance of NITI Aayog is creating a visible impact. Few key initiatives taken for EV adoption include (i) under 50KEV4ECO two schemes viz. Direct lending and Indirect lending to NBFCs, assistance is provided to several Fleet operators, charging companies, swapping companies & NBFCs. (ii) SIDBI has Operationalised pilot Electric Vehicle- Risk Sharing facility (EV-RSF) with the support of Shell Foundation for e-2w and e-3w. (iii) for deepening understanding e-book on Unlocking e-Mobility* [https://www.SIDBI.in/green-pathways-e-series.php] had been released. 

Further, SIDBI is working with multilateral/ bilateral to shape various instruments for EV adoption by improving the access to finance as well as move the market towards sustainable financing options and also with other philanthropic organisations.  To get ahead of the curve in terms of adoption happening in the leading countries, SIDBI is working on tailor-made financing products as per requirement of stakeholders.

Mr Sameer Aggarwal, Founder & CEO, Revfin and Ms Nehal Gupta, Director, AMU leasing Private Limited presented scheme details and way forward to scale the collaboration at PAN India. SIDBI’s empanelled partners NBFCs will aid SEWA sisters at affordable rates and concessional terms using blended credit support from SIDBI. Mr, Nitish Arora, NRDC shared its priority on building enterprising rural ecosystem. SIDBI CGM for Green Climate Finance, Dr. R K Singh took each participant through SIDBIs developmental & financial bouquets aimed at turning the enterprise eco system green and how women are being prioritised for building the green enterprise eco system. 

About Small Industries Development Bank of India (SIDBI):

SIDBI is the Principal Financial Institution for Promotion, Financing and Development of the MSME sector. SIDBI has been playing a significant role in developing the financial services for MSME sector through various interventions including Refinance to Banks, Credit Guarantee programs, Development of the MFI sector, Contribution to Venture capital/AIF funds, MSME ratings, promoting digital lending ecosystem, etc. The Bank has proactively been working towards Energy Efficiency (EE) in MSMEs since 2005-06 using support of multilateral institutions like World Bank, ADB, GiZ, FCDO, JICA, AFD, KfW etc. for energy efficient projects. Furthermore, SIDBI has been touching the lives of citizens across various strata of society through its integrated, innovative, and inclusive approach. Be it traditional, domestic small entrepreneurs, bottom-of-the-pyramid entrepreneurs, to high-end knowledge-based entrepreneurs, SIDBI has directly or indirectly impacted the lives of Micro and Small Enterprises (MSEs) through various credit and developmental measures.

To know more, check out: https://www.SIDBI.in  

Uber’s Zero Emission Push - Announces Winner of Rs 1 Crore Startup Challenge

*   AHODS Technologies wins grand prize at the finale of Uber Sustainovate

*  Startup challenge to encourage efforts by Indian companies towards building  sustainable mobility solutions for India

* Breakthrough sustainability start up campaign supported by nasscom AI & Startup India 

Uber today announced the winner of 'Uber Sustainovate’, its Startup Challenge looking for innovative solutions to fast track the adoption of sustainable mobility in India. Uber awarded Gurgaon-based startup AHODS Technologies the grand prize of $120,000 (~ Rs 1 crore) for its on-demand hydrogen retro-fitment kit, aimed at helping address India’s sustainability goals.

The winner’s cheque of $120,000 was handed over to the winner by Shri MB Patil, Honorable Minister of Industries, Government of Karnataka.

Speaking at the occasion Honorable Minister for Large and Medium Industries, Govt of Karnataka Shri. MB Patil said “Uber Sustinovate is not just an event; it is a medium of hope and a testament to the possibilities that lie ahead in our journey toward a greener future. The challenge laid out today—to find the most innovative solutions that steer us towards zero tailpipe emissions—is critical. It mirrors our own aspirations within Karnataka and, by extension, India, to cultivate a landscape where sustainable mobility is not just an option but a way of life”.

The competition, in partnership with Startup India and nasscom AI, was designed to award startups that produced the best workable ideas that would help accelerate the transition to sustainable mobility in the country. The top 3 companies will receive mentorship from Uber India’s tech leadership on best practices, innovation and scaling.

Commenting on the startup challenge, Manikandan Thangarathnam, Senior Director of Engineering, and Head of the Bangalore Tech Center, Uber said, “We saw a whole host of bright and futuristic ideas from over 140 startups from all parts of the country. It’s extremely encouraging to see Indian startups lead innovation globally in terms of sustainable mobility, and we’re glad to be able to support them in their endeavour. This goes with our vision and mission to have net-zero emissions by 2040 globally.”

Pune-based Govidyouth Mobility Pvt Ltd, with its innovative EV range extender was second, while Gurgaon-based Metz Energy Pvt Ltd’s e-trike (tricycle) with a dedicated loading bay was adjudged as the third-best solution around sustainable mobility. Uber Sustainovate received applications from over 140 startups in the country, which went through 3 rigorous jury rounds with founders fielding questions on vision, profitability, practicality, and the uniqueness of the solution, among others.

As the leading ridesharing company, Uber is committed to achieving net-zero emissions by 2040 and has been continuously working with Governments, partners, think-tanks and others to address global sustainability challenges. With the aim to promote an ecosystem where startups are incentivised to work on emergence of sustainable solutions, Uber Sustainovate was designed to provide a platform for visionary startups that are eager to turn their ambition to action.

Uber has taken various steps over the past years in its push to net-zero emissions, including placing India’s largest ever EV order, with Tata Motors, for 25,000 Xpres-T compact sedans to be delivered by 2025, while also signing MoUs with EV financing companies, and charging infrastructure companies.

Indkal Technologies Introduces Its 2024 Line-Up Of Acer Air Conditioners, Setting New Standards In Home Cooling

Indkal Technologies Private Limited, the official licensee for Acer Home Appliances in India, is delighted to announce the launch of its much-anticipated 2024 line-up of Acer Air Conditioners. Crafted to redefine home cooling experiences, these air conditioners are available in 1.0 TON – 3 & 5 Star, 1.5 TON – 3 & 5 Star, and 2.0 TON – 3 Star capacities, featuring state-of-the-art technologies including ArcticWrap Cooling, AiSense, and CoolSphere airflow management. The new range of Air Conditioners will be initially available across offline retail channels across the nation, prioritizing an immersive consumer experience.

For the first time in India and an industry first feature, the Acer Air conditioners come with a 7-in-1 Convertible technology, that allows the users to transform and adapt the cooling to their requirements. In addition to this, the ACs are enabled with Arctic Wrap Cooling, that provides powerful and reliable cooling up to temperatures of 55 degree Celsius. The Acer ACs intelligent AiSense technology enables these machines to provide adaptive cooling intelligence that adapts to user preferences and optimises cooling settings based on the ambient temperature, and reduces overall energy consumption, electricity bills and provides low AC noise. The CoolSphere Airflow provides comfort with its 3D Cooling Dive to give the best possible cooling atmosphere in the living space.

These ACs are the perfect example of innovation meeting an aesthetic design, with a sleek and minimalistic appeal. Notably, one design incorporates an ergonomic LED display, marking the first instance of such a feature in the Indian market.

Mr. Anand Dubey, CEO of Indkal Technologies Pvt Ltd, shared his enthusiasm for the launch, stating, "We are thrilled to introduce the 2024 line-up of Acer Air Conditioners, which represents a significant leap forward in our mission to provide technologically advanced and reliable cooling solutions to households across India. Our dedication to innovation and customer satisfaction drives us to continually push boundaries and exceed expectations.

"Mr. Dubey further elaborated on the company's vision, adding, "At Indkal Technologies Pvt Ltd, we are not only committed to delivering exceptional products but also to establishing a comprehensive service network that ensures our customers receive prompt and personalized assistance whenever needed. We understand the importance of reliability and peace of mind, and we strive to uphold these values in every aspect of our business."

Highlighting the company's commitment to local manufacturing and adaptability, all models in the 2024 line-up are proudly Made in India. Engineered to withstand the diverse climatic conditions prevalent across the country, these air conditioners guarantee superior performance and durability.

The price range of the ACs are as follows:

Acer AC 1.0 Ton (3 Star) - INR 29,999

Acer AC 1.0 Ton (5 Star) - INR 33,999

Acer AC 1.5 Ton (3 Star) - INR 32,999

Acer AC 1.5 Ton (5 Star) – INR 37,999

Acer AC 2.0 Ton (3 Star) – INR 44,999

Acer AC 1.5 Ton (Window AC) – INR 28,999

There will be additional Discount offers / EMI Schemes and Bank Card offers.

About Indkal Technologies Private Limited:

Indkal Technologies Private Limited is a technology and innovation company based out of Bengaluru. Indkal excels in delivering, high-quality and revolutionary products across a wide spectrum of consumer electronics and appliances. Founded in the year 2020, the company’s mission is to provide prudent, high-quality, and contemporary products to the growing Indian consumer market.