Thursday, September 26, 2024

Next Bharat Ventures And Axis Bank Partner To Facilitate Working Capital Financing Solutions For Impact Entrepreneurs


*       This collaboration will ensure a seamless journey for Impact Entrepreneurs across India to avail working capital funding without any collateral.

Next Bharat Ventures IFSC Private Limited, a subsidiary of Suzuki Motor Corporation in Japan, signed a Memorandum of Understanding (MoU) with, Axis Bank, one of the largest private sector banks in India to provide tailored Working Capital Financing Solutions to impact-driven startups - Micro and Small Enterprises (MSE). This collaboration will enable MSE to secure credit without the traditional collateral requirements, thereby reducing financial hindrances and simplifying access to capital needed for business growth.

Through this initiative, Axis Bank will extend support to MSE across key sectors, chosen as part of Next Bharat Ventures' Residency Program. This four-month program, launching its first cohort in October 2024, is designed to empower entrepreneurs committed to driving impact in India’s rural and informal sectors. The startups selected under the program will have access to Axis Bank's comprehensive range of financial services and solutions, tailored to meet their specific needs.

The partnership will leverage Axis Bank's vast network of branches across India to deliver these financing solutions and simplify the credit evaluation process, thereby making it easier for startups to obtain debt financing. With a strong focus on Tier 2 and Tier 3 regions, this initiative will not only promote financial inclusion but also foster long-term economic growth in these underserved areas.

Speaking on the occasion, Munish Sharda, Executive Director, Axis Bank, said, “Speaking on the occasion, Munish Sharda, Executive Director, Axis Bank, said, “At Axis Bank, we recognize the pivotal role that entrepreneurs, especially those in the underserved regions, play in driving India’s economic growth. This collaboration with Next Bharat Ventures underscores our commitment to foster innovation and empower the entrepreneurial ecosystem, leading to the growth of India’s rural economy. By leveraging our financial expertise and extensive branch network, we aim to help these entrepreneurs scale their operations and achieve sustainable growth. This strategic collaboration reinforces our commitment to financial inclusion, giving us the opportunity to support the next generation of socially impactful business leaders.”

Vipul Nath Jindal, MD and CEO of Next Bharat Ventures, commented, “This partnership with Axis Bank marks an advancement to build a sustainable financial ecosystem for impact-driven entrepreneurs in India. By combining Axis Bank’s financial expertise in providing debt funding with Next Bharat’s tailored support for innovative social ventures, we are excited to see the advancement of high-impact startups in Bharat.”

By integrating Axis Bank’s financial capabilities with Next Bharat Ventures’ focus on nurturing social enterprises, the partnership aims to build a more inclusive and sustainable financial ecosystem for entrepreneurs while positioning them for long term success as self-sustaining MSEs. The collaboration will ensure that essential financial support reaches entrepreneurs in underserved regions, empowering them to drive meaningful economic progress and create lasting impact in their communities.

Surgical Robotics Pioneer Intuitive Opens Global Capability Centre In Bengaluru


·         Intuitive CEO Gary S. Guthart and Minister for Medical Education, Government of Karnataka, Dr. Sharanprakash Rudrappa Patil inaugurated the centre at a ceremony today.

·         The Global Capability Centre (GCC) will employ up to 250 full-time positions across a range of functions, a clear commitment from Intuitive to strengthening the surgical robotics ecosystem in India

Intuitive, a global technology leader in minimally invasive care and the pioneer in robotic-assisted surgery (RAS), announced the opening of its Global Capability Centre (GCC) in Bengaluru today. The new centre will drive innovation and enable the enhancement of operational efficiency across the global organisation. Gary S. Guthart, Intuitive CEO and Dr. Sharanprakash Rudrappa Patil, Minister for Medical Education, Skill Development, Entrepreneurship and Livelihood, Government of Karnataka inaugurated the centre today at its location at the Embassy Golf Links.

The GCC will serve as one of Intuitive’s core global hubs for functions including IT support, enterprise analytics, software quality, human resource management system (HRMS) and post-market surveillance, all of which strengthen the safety, performance and reliability of Intuitive’s systems and technologies. The GCC will be an important contributor to Intuitive’s operations, reflecting the company’s dedication to innovation, quality, and excellence.

While inaugurating the centre, Dr. Sharanprakash Rudrappa Patil, Minister for Medical Education and Skill Development, Entrepreneurship and Livelihood, Government of Karnataka said, "Today marks a significant step forward as we welcome the establishment of a Global Capability Center in Bangalore, a city known for its dynamic growth and future potential. We recognize the pivotal role of cutting-edge technologies like robotics in the future of surgery and are committed to supporting such innovations. This Global Capability Center will play a crucial role in training more doctors, a field where India has immense potential and already produces some of the finest medical professionals globally. With further collaboration, including public-private partnerships, we can expand these advancements to even the most remote areas. The government looks forward to working with medical technology leaders like Intuitive to bring modern healthcare technology to every corner of Karnataka."

Announcing the opening of the GCC in Bengaluru, Gary S Guthart, CEO of Intuitive said, “Intuitive is committed to building a strong presence and contributing to the growth of the healthcare ecosystem in India. This Global Capability Centre will play an important role in helping us to advance minimally invasive healthcare technology, and the ecosystem of services, support and insight that ensure its successful use and adoption.”

Intuitive expects to have more than 250 full-time positions at the GCC, including functions that will add value to the overall product lifecycle, including product upgrades, quality improvement, and customer service. This expansion aligns with Intuitive’s commitment to fostering a dynamic and inclusive workplace culture, and the team at GCC will embody Intuitive’s core values of integrity, transparency, and flexibility.

“Opening the Global Capability Centre here in Bengaluru is about more than expanding our operations—it reinforces our commitment to innovation, safety, quality and performance. Bengaluru, known for its vibrant technology development and skilled talent pool, provides an ideal environment for our Global Capability Centre, and we believe it can help us drive our mission forward to improve patient outcomes through advanced robotic surgical technologies,” said Darla Hutton, Vice President Commercial Operations and Marketing Asia & Interim General Manager India, Intuitive

Intuitive has thoughtfully advanced minimally invasive care in India through advanced robotic technology, supported by an innovative ecosystem of learning, services, and solutions. Intuitive technology can be found in in leading private and government hospitals, Medical Institutes and State Government Medical Colleges across the country. To date, more than 850 surgeons have been trained on Intuitive’s da Vinci technology and more than 100,000 procedures performed in India.

Mobileware Technologies Raises INR 15.6 Crore From Zaggle To Accelerate Growth And Innovation In Digital Transactions


Mobileware Technologies, a leading provider of cutting-edge digital payment solutions, secures an investment of INR 15.6 crore from Zaggle, a prominent player in the fintech and SaaS space.  Lastaki Advisors and Khaitan & Co were the advisors to Mobileware for the transaction.

The newly acquired funds will be utilized to expand the team, drive product innovation, and enhance the range of product offerings. This investment positions Mobileware to boost productivity, tap into new customer segments, and potentially establish a presence in international markets.

Mainly, this investment will enable Mobileware Technologies to bridge the gap between financial services and technology by enhancing its flagship API banking platform, TransXT, also known as 'Bank in a Box.' Currently, TransXT serves over 80 banks and 20 fintech companies, either through direct banking relationships or system integrator (SI) partnerships. Mobileware provides seamless, secure digital payment solutions including NPCI-certified UPI, IMPS, BBPS, and AePS switches.

Mr. Satyajit Kanekar, Co-Founder of Mobileware Technologies, commented on the investment, stating, "With the increasing volume of digital transactions, we are witnessing a revolution that extends beyond borders. According to the ACI Worldwide Report, approximately 49% of global real-time payment transactions occur in India. This underscores that digital transformation in the payment landscape is no longer optional; it is essential for businesses aiming to remain competitive and meet the changing expectations of their customers. This investment marks a pivotal moment for us to further innovate in the payments space and strengthen our partnerships with banks and financial institutions across the country."

Amitabh Kanekar, Co-Founder of Mobileware, added, "The investment from Zaggle serves as a significant endorsement of our vision and capabilities. With our established partnerships with NPCI and a strong commitment to compliance and security, we are well-positioned to enhance India’s digital infrastructure and contribute to a cashless economy. At Mobileware, we are dedicated to making digital payments faster, safer, and more accessible for everyone."

IMS Rollout Could Curtail Festive Sales Opportunity For Retailers: Empower India


* Seeks 12 months extension before implementation to account for the upcoming festive season

The Goods and Services Tax Network (GSTN) has proposed to launch the Invoice Management System (IMS) with effect from October 1, 2024. While the objective of IMS is to streamline the input tax credit (ITC) claim process, but lack of preparation will not only increase the compliance burden but also impede the efficient deployment of capital. Under the new system, the recipient taxpayer will be required to accept or reject every invoice or credit note or keep as pending instead of the current system where businesses can simply claim ITC on their own. Post its rollout, theoretically, IMS will allow registered recipients to match their records with invoices issued by suppliers in their GSTR-1 however, lack of legal backing for the IMS proposal is a major concern, as taxpayers are currently doing self-assessment and claiming ITC in their GST returns.

K. Giri, Director General, Empower India said, “It is prudent to defer the introduction of IMS as it could impact the retail ecosystem during the festive season when they conclude 30-35% of their yearly sales. Also, for the retail ecosystem, a new guideline to be followed in middle of a busy sales period is an unwarranted distraction. The lack of a functional supplier dashboard, which would provide visibility on recipient actions, further complicates the implementation.”

Areas of improvement:

Stakeholders have identified the need for improvements in the IMS, such as the inclusion of GSTR-1 and GSTR-3B filing status for suppliers, as well as the ability to validate data at the invoice level rather than the rate level.

The treatment of credit notes when rejected by customers is a major concern as it would add up to the tax liability of the supplier.

Consultation with small businesses and with the last retailer is critical for success of such an initiative which is all pervasive.

Allowing credit notes to be kept pending, providing sufficient time for alignment before automatic addition of tax liability, and enabling suppliers to issue debit notes to offset rejected credit notes are some of the recommendations from taxpayers.

The current proposal lacks clear mechanism for suppliers to dispute any incorrect or mischievous rejection of credit notes by their customers.

As the government continues to refine the IMS, it is crucial that policymakers engage closely with businesses to address these pressing concerns and ensure a smooth transition to the new compliance regime. The companies are already handling a major GST change by way of Input Service distribution becoming mandatory from the next financial year, and this unannounced change further complicates the compliance process. A collaborative approach between the government and the business community is essential to address the complexities of the new Invoice Management System. Business should be allowed at least 12 months to prepare for the implementation of IMS.

Kinetic Green Appoints Mr. Manav Mehra As Senior Executive, Vice President Of 2-Wheeler SBU


Kinetic Green Energy and Power Solutions Limited, a leading manufacturer of electric two and three wheelers in India, announced the appointment of Mr. Manav Mehra as the Senior Executive Vice President for its 2-wheeler business.

With over 26 years of extensive experience in the Indian industry, Mr. Mehra has held prominent leadership roles in various renowned organisations, including Hero MotoCorp, IFB, Okaya EV, Revolt Motors, across the 2W, electric two-wheelers (e2W), and consumer durable sectors.

At Kinetic Green, Mr. Mehra will work closely with Mr. Pankaj Sharma, President, to drive growth for Kinetic Green’s 2- wheelers business. His focus will be on expanding the dealer network, boosting market penetration, towards service and sales excellence, and strengthening brand presence across the country.

Expressing her delight, Ms. Sulajja Firodia Motwani, Founder and CEO of Kinetic Green said, “I warmly welcome Manav to team Kinetic Green! At Kinetic Green, we are proud of our strong and professional leadership team that is propelling the growth of our company. Our E-Luna is showing great promise as India’s most versatile EV and we will be launching a premium family scooter in the coming months. Thus, Manav’s appointment comes at an exciting time and his expertise will be instrumental in growing our dealership network across the country as well as in building a solid rural presence for Kinetic Green in the coming years.”

Sharing his enthusiasm about joining the company, Mr. Manav Mehra stated, “I am excited to embark on a new journey with Kinetic Green, a company that has empowered people to embrace electric mobility. I am committed to delivering operational efficiency and fostering innovation alongside a talented team. Through this role in Kinetic Green, I look forward to making the EV ecosystem more accessible to all while contributing to a cleaner, pollution-free environment for the generations to come.”

About Kinetic Green

Kinetic Green is one of the leading players in India’s electric vehicle sector, offering a wide range of electric 3-wheelers and electric 2-wheelers and committed to promoting green mobility for the masses. For electric golfcarts and buggies, the company has formed a Joint Venture with the world’s leading luxury brand, Tonino Lamborghini of Italy.

Helmed by Ms. Sulajja Firodia Motwani, a third-generation scion of the Firodia family, Kinetic Green is dedicated to building a robust pan-India EV ecosystem and developing sustainable solutions to reduce carbon emissions.

Backed by over half a century of engineering excellence of the Kinetic Group, Kinetic Green has made its EVs accessible, thus democratising electric mobility with quality products that feature top-tier technology and safety.

Kinetic Green has had several firsts to its name, including being the first company to develop ARAI approved electric three-wheelers and the first to offer Lithium-ion battery technology in their electric three-wheelers in India. The company recently secured $25 million in its Series A funding.

Toyota Kirloskar Motor Reaffirms Its Commitment To Environmental Sustainability On The World Environment Health Day 2024


Marking the World Environment Health Day, Toyota Kirloskar Motor (TKM) today reaffirmed its long-standing commitment to environmental sustainability. Over the years, TKM has consciously adopted sustainable business practices and transforming from a carmaker to a mobility company. Keeping with its principle of ‘Respect for the Planet’, Toyota globally announced the ‘Toyota Environmental Challenge 2050’ (TEC 2050) in October 2015, comprising six environmental challenges. The first set of 3 challenges focuses on achieving carbon neutrality from our products, and its entire value chain including the manufacturing activities. The latter 3 challenges aim to create a net positive impact.

Aligning with the TEC 2050, TKM’s multi-faceted strategy continues to deliver innovative solutions that go beyond product and service offerings, with significant achievements in the areas of nature conservation (e.g. afforestation, cultivating native biodiversity, etc.), resource efficiency (water, materials and energy management), and advancing recycling & reuse initiatives and more. Further, the company’s eco-conscious efforts not only focus on positively contributing to the environment but also promote sustainable living among various stakeholders (employees, community, suppliers, dealers, school children, etc) to enable a recycled-based society, and establish a future society in ‘Harmony with Nature’.

Under its product portfolio, TKM continues to provide practical mobility choices towards achieving carbon-neutral goals, by adopting a multi-pathway approach (xEVs - hybrid electric, plug-in hybrid electric, fuel cell electric vehicle, battery electric vehicle, etc.) based on the country’s current energy mix, infrastructure readiness and unique consumer’s needs. The company has also actively pursued innovative advanced vehicle technologies driven by bioenergy (e.g. Ethanol) that can rapidly displace fossil fuel consumption at large scale as well as achieve low carbon emissions on a comprehensive Well-to-Wheel (W2W) basis. Leveraging on the distinctive opportunity, in August 2023, TKM unveiled the Prototype of the World’s First BS6 Stage 2 Electrified Flex Fuel Vehicle.

Furthermore, the company has implemented various sustainable practices in its manufacturing, moving closer to its set goal of achieving ‘Net Zero Carbon in Manufacturing Operations’ by 2035,  and it continues to share such best practices across its value chain. To highlight some of the key eco achievements by TKM, so far:

Water Management: The company follows a 4R (Reduce, Reuse, Recycle, Recharge) approach to optimize its water usage, moving towards the goal of ‘water positive’. In this regard, it has installed rainwater harvesting ponds with 55,500 m3 capacity for manufacturing and non-manufacturing applications, and a state-of-the-art wastewater treatment plant that has recyclability up to 60%. Through these, 89.3% of the water requirement for production is met through recycled and rainwater. The company has also witnessed a remarkable rise in groundwater level over the years, as a result of rainwater harvesting and 18 recharge pits across the campus, which is now at 27 feet, an average of pre-monsoon and post-monsoon season (from 90ft in 2009).

Waste to Value (Recycling): By rigorously implementing “segregation of waste at source and responsibly handling”, TKM is promoting a recycling-based society. With the goal of becoming a ‘zero waste to landfill’ company, over 96% of the waste is recycled.

Efficient Energy Usage & Adoption of Renewable Energy: TKM has made continuous improvements in energy efficiency by installing renewable energy and implementing energy-saving technologies. TKM has been using 100% renewable energy in grid electricity since June 2021. This transition has resulted in 95,082 tons of CO2 reduction in FY 23-24. By April 2023, the company had fully implemented 100% PNG usage across its operations. This initiative has resulted in a 33% reduction in CO2 emissions per vehicle, contributing to an overall reduction of 2,051 tons of CO2. Technologies like heat pump with solar reflector, dry booth implementation, etc. and optimized manufacturing processes led to 5000+ tons of reduction in carbon emissions in the same period.

Nature conservation and enriching biodiversity: As stewards of the environment, the company has taken significant steps towards nature conservation. Over the years, TKM has planted over 328,000 trees across 112 acres within its factory premises using the Miyawaki/native concept. This focuses towards restoring and reconstructing the forests based on the concept of “Potential Natural Vegetation”, and this very application has helped in creating a ‘Natural Forest’, within the premises of TKM, by planting native species to enhance biodiversity and aid food chain and ecology. In addition, TKM has created widespread awareness and promotes greenery in the community through its employee engagement by distributing saplings and conducting plantation drives (this year, 8000+ saplings were distributed and planted outside TKM premises).

To further amplify the efforts in restoring the native biodiversity, TKM has established a state-of-the-art ‘Ecozone’, an experiential learning centre with 17 theme parks located at TKM’s manufacturing, which continues to contribute through knowledge-sharing, enabling eco consciousness, on various aspects of nature conservation including climate change, waste-to-value, ecological balance, water resource management and so forth. Thus far, 42,000+ (including students & various stakeholders) have been sensitised, imbibing positive behavioural change to live in harmony with nature.

Sharing his thoughts, Mr. B. Padmanabha - Executive Vice President and Director, Manufacturing, Toyota Kirloskar Motor said, “Our vision is to continuously evolve into a true mobility company, exploring every avenue to achieve 'Carbon Neutrality.' Aligned with Toyota Environmental Challenge 2050, we have embedded rigorous mitigation plans and key metrics into our sustainability goals, enhancing both the transparency and resilience of our climate strategies.

Our commitment to carbon neutrality is reflected in the diverse eco-sustainable practices we implement—ranging from resource optimization to circular economy initiatives and nature preservation—across all operations and the value chain. These efforts demonstrate our dedication, with tangible impacts backed by well-defined performance metrics. Additionally, we actively engage our value chain partners and stakeholders, encouraging them to adopt measures that promote sustainable living.

Stakeholder engagement is central to TKM’s environmental advocacy. This collaborative approach is reinforced by our comprehensive Environment Management System, which integrates eco-friendly practices across the company’s business ecosystem. From employees to suppliers, dealers, and logistics partners, TKM’s sustainability initiatives such as eco-consciousness campaigns, tree plantation drives, ‘No Plastic’ movements, water conservation, etc., continue to create ripple effect towards environment protection. Furthermore, the employees voluntarily continue to actively participate in various social initiatives driven by TKM, through the iCare program (‘I, Community Action to Reach Everyone’ under TKM’s corporate social responsibility), positively touched the lives of more than 2.3 million people so far, thus contributing towards creating a healthier, more sustainable future.”

Join Spectacular Diwali Celebrations In Abu Dhabi!


* An exciting line-up of activities for the special occasion makes the city a perfect gateway for Indian holiday-goers this festive season

Get ready to be dazzled! Experience Abu Dhabi has unveiled an incredible line-up of events and festive experiences, specially curated for Diwali 2024.

Join the celebration with 'Iss saal Abu Dhabi wali Diwali' (this year, it’s an Abu Dhabi Diwali)! The city warmly welcomes Indians from around the world to create unforgettable memories with their loved ones this special occasion in Abu Dhabi. The Diwali festivities planned from 31 October to 9 November 2024 range from diverse celebratory experiences to family adventures and contemporary entertainment.

You can enjoy an adventure-filled day at Yas Island, exploring a wide range of thrilling theme parks. Experience the world’s fastest roller coaster at Ferrari World Abu Dhabi, meet your favorite characters at Warner Bros. World Abu Dhabi, or enjoy water slides, a lazy river, and a wave pool at Yas Waterworld Abu Dhabi. For Diwali, Yas Island Theme Parks is offering a special deal: four tickets for the price of three across multiple theme parks in Abu Dhabi, valid until 31 October.

For those seeking an authentic taste of home, dive into a vibrant and flavorful spread at the Diwali Spice Market at Hilton Yas Island, Abu Dhabi, on 31 October and 1 November. Music lovers will be in for a treat with AR Rahman live in concert and Diljit Dosanjh’s spectacular Dil Luminati Tour at the Etihad Arena on 2 November and 9 November, respectively. And don’t miss the stunning firework display lighting up the Abu Dhabi Corniche on 31 October, adding an unforgettable sparkle to your Diwali celebrations.

And while in the city, culture enthusiasts can explore the stunning Sheikh Zayed Grand Mosque, the Louvre Abu Dhabi, and Qasr Al Watan. Nature lovers can enjoy sunrise kayaking at the serene Mangrove National Park and experience the allure of the desert with a thrilling safari. Shoppers can revel in shopping escapades at malls like Yas Mall and The Galleria, while foodies can indulge in diverse culinary experiences, from traditional Emirati cuisine to classic, hearty Indian dishes and everything in between.

With its proximity and excellent connectivity, Abu Dhabi’s vibrant tapestry of experiences is easily accessible from major Indian cities. For more information on Diwali events and offers, visit ExperienceAbuDhabi.ae.

Book your trip now to experience the Emirati hospitality and sparkle of Diwali in Abu Dhabi!

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