April, 2022 - Business News Week

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Anti-Money Laundering (AML) Startup, IntelleWings Raises pre-Series A Round from Dallas Venture Capital to Fight Corruption and Terror Funding

Apr 1, 2022 by Neel Achary 0 Comments

India, April 1, 2022 – IntelleWings Private Limited, an AI-powered and SaaS-enabled AML/CFT (Combating the Financing of Terrorism) Compliance company, today announced that it has raised $650K in pre-Series A round from Dallas Venture Capital (DVC), a cross-border venture capital firm focused on early and growth-stage companies in cloud infrastructure, B2B SaaS, AI/ML, mobile, XR and other emerging technologies.

This round saw existing investors like SucSEED Indovation Fund, Padup Ventures and Vinners, reinforce their support with additional capital along with the participation of new investors like Lead Angels and Nextgen Technology Fund I (a fund created by STPI and managed by Pontaq).

With the vision of reducing corruption and terror funding, IntelleWings has developed its proprietary AML/CFT global database for customer screening, a key differentiator, along with CFT Sanctions and Adverse Media checks. Another significant differentiator, IntelleWings Eye, provides a simplified view for complex transactions and speeds up the detection of money laundering patterns. IntelleWings is emerging as a significant player in the RegTech (Regulatory Tech) market and counts among its customers one of the largest private sector banks in India along with 10 other DNFBPs (Designated Non-Financial Business and Professions) clients in the Middle East.

“Corruption and terrorism can be combated by leveraging technology with focus and depth. IntelleWings is harnessing the power of AI to provide game-changing AML/CFT solutions,” said Pramod Sharma, Founder and CEO of IntelleWings. “The product is built on deep domain and technology expertise and the capital raised in this round will help us in business development, hiring senior leadership and expansion into new markets including the US,” added Mr. Sharma.

“Banking and financial institutions globally have come under increased government scrutiny to prevent money laundering by deploying AML solutions,” said Shyam Penumaka, Partner at Dallas Venture Capital. “Over $342 billion in fines have been imposed globally for non-compliance between 2009 to 2017 as per Reuters. There is enormous market potential for IntelleWings, and DVC is excited to partner with IntelleWings in their growth journey with our DVC Advantage program,” added Mr. Penumaka.

“Global anti-money laundering software market revenue is expected to register a CAGR of 15% over the forecast period, and AML software revenues are projected to increase from $1.6 billion in 2021 to $5.7 billion in 2030,” said Vikrant Varshney, Co-Founder and Managing Partner of SucSEED Indovation Fund. “SucSEED Indovation has a dedicated Security and RegTech focus to discover and support early-stage disruptive indovations to bring them to the market and we are glad that IntelleWings have got a great response” added Mr. Varshney.

“We were able to identify the potential of IntelleWings on leveraging technology in solving a real-life problem,” said Pankaj Thakar, Founder and Chief Mentor of PadUp Ventures. “The team’s progress and success has been a huge encouragement for us, and we remain committed to supporting them in their journey. We believe that they will be able to achieve great heights in no time and this round will just add fuel to their cause,” added Mr. Thakar.

Namrata Kaul, former MD of Deutsche Bank, Corporate Banking, led this round from Vinners. “Being from the industry, I know for sure the importance of Pramod’s work. This is the need of the hour and there is great potential in the idea and the team. We have been with him for the last two years and this would be our second round of investment. We have seen the team progress and it only makes sense for us to participate in this round also,” said Ms. Kaul.

Mr. Rajat Kakar, MD Sony Music Entertainment India along with team Green Yatra and Sony Music Entertertainment India

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Sony Music Entertainment join hands with Green Yatra to plant 10,000 saplings in Mira Bhayandar

Apr 1, 2022 by Gouri 0 Comments

April 1st, 2022: In addition to making the audience hymn to their tunes with the best music, Sony Music Entertainment has been contributing to a greener and healthier environment. The label recently partnered with Green Yatra to organize a plantation drive in Mira Bhayandar and planted 10,000 saplings. The event inauguration and plantation were done by Mr. Rajat Kakar Managing Director, Sony Music Entertainment India, MBMC Mayor – Jyotsna Hasnale, and Municipal Commissioner Dilip Dhole. This was followed by a special presentation on the Miyawaki Project execution, forest walk, and species information by the Green Yatra team which was the highlight of the day. Sony Music Entertainment was recently honoured for its contribution towards Green MBMC by Mira Bhayandar Municipal Corporation during its event -Van Mahotsav.

Speaking on their initiative, Rajat Kakar, Managing Director, Sony Music Entertainment India, said, ” At Sony Music Entertainment, we take our Corporate Social Responsibility role seriously and are committed to becoming a change agent for nurturing a greener planet. We hope that our work will bring about meaningful change and encourage everyone to embrace sustainability as a way of life.”

Green Yatra is a leading NGO, dedicated to the protection, conservation, and betterment of Mother Nature and humanity. They have been working in different areas such as Miyawaki Urban Forest, Sustainable solutions – Carbon Neutralization, Facilitation of Green Office activities, Annual Green Tutorials (training/workshops to increase awareness around environment conservation) and Tree Plantation drives (rural and urban areas).

With the goals of the two being perfectly aligned with each other and having a shared vision to drive positive change, Sony Music and Green Yatra have struck the right partnership. Having planted more than 40,000 trees in NisargUdyan, Koparkhairane(Navi Mumbai) over the past 2 years as part of a larger project of creating a biodiversity park, Sony Music Entertainment shall lend them a helping hand by supporting them financially.

NCD Announcement by Edelweiss Housing Finance

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Edelweiss Housing Finance Limited announces Public Issue of Secured Redeemable Non-Convertible Debentures (NCDs) amounting to INR 3,000 million

Apr 1, 2022 by Neel Achary 0 Comments

Mumbai, April 1, 2022: Edelweiss Housing Finance Limited (EHFL), on March 31, 2022, announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of ₹1,000 each, amounting to ₹ 1,500 million (“Base Issue”), with an option to retain over-subscription up to ₹ 1,500 million aggregating to a total of ₹ 3,000 million (“Issue”).

There are ten series of NCDs carrying fixed coupon and having tenure of 24 months, 36 months, 60 months and 120 months with annual, monthly and cumulative interest option. Coupon for NCDs ranges from 8.50% to 9.70% per annum*.

At least 75% of the funds raised through this Issue will be used for the purpose of onward lending, financing, and for repayment/ prepayment of interest and principal of existing borrowings of the Company and the balance is proposed to be utilized for general corporate purposes, subject to such utilization not exceeding 25% of the amount raised in the Issue, in compliance with the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“SEBI NCS Regulations”).

The additional incentive will be maximum of 0.20% p.a. for all Category of Investors in the proposed Issue, who are also holders of NCD(s)/Bond(s) previously issued by our Company, and/ or ECL Finance Limited, Edelweiss Financial Services Limited, Edelweiss Retail Finance Limited and Edelweiss Finance & Investments Limited as the case may be, and/or are equity shareholder(s) of Edelweiss Financial Services Limited as the case may be, on the deemed date of allotment.
The NCDs proposed to be issued under this Issue have been rated “CRISIL AA-/Negative (pronounced as CRISIL double A minus rating with Negative outlook)” and “ACUITE AA/Negative” (pronounced as ACUITE double A rating with Negative outlook).

The Issue opens on April 6, 2022 and closes on April 26, 2022 with an option of early closure**. The NCDs will be listed on BSE Limited to provide liquidity to the investors.

Equirus Capital Private Limited and Edelweiss Financial Services Limited*** are the Lead Manager to this Issue.

Education

Students of Ekya School, BTM Layout adopt endangered animals at Bannerghatta National Park

Apr 1, 2022 by Neel Achary 0 Comments

Bangalore, 1 April 2022: With an aim to create awareness among the students to feel the need to support the welfare of the animals in the wildlife habitat, Ekya School, BTM Layout encouraged students to start the PAL (Passionate Animal Lovers) initiative as a part of their Service Learning Program. Through this programme, they have planned to passively adopt a few species in the Bannerghatta Biological Park.

Passive adoption gives each one of you the chance to be a guardian of a few specific species chosen by us from the list provided by the conservationists at Bannerghatta National Park. Our adoption covers Feed, Maintenance and Veterinary health care expenses.

With the motto, ‘Be Kind to Every Kind’, the students have adopted two endangered wildlife species – The Indian Grey Wolf and African Grey Parrot for one year. This initiative by the school is a part of the ‘Service Learning Program’ (SLP) introduced by Ekya Schools where students can be involved in activities beyond their academics.

The Service Learning Program was introduced at Ekya Schools as it helps students identify themselves as part of the community and pick up on civic engagement skills. It encourages students to understand more deeply about their local communities, gain practical skills, develop their career and personal interests.

Dr. Tristha Ramamurthy, Founder & Managing Director, Ekya Schools, and Provost, CMR University said “We have introduced SLP to bring students and teachers communities together, build their bond stronger and work for a noble cause. We are thrilled to see students coming forward and donating money for the adoption. Adopting is a lifestyle. It creates a sense of participation and attachment to the wild animals thereby creating bonding and a sense of involvement. Besides, this also provides a source of revenue for better zoo management and for better up-keep of animals. Also, it helps children understand the habitat and the lifestyle of the animals at a closer level.”

“We are happy to announce that our students have adopted two endangered species at the Bannerghatta National Park. Adoption is just the initial phase. Regular educational tours will be organized for the students to widen the circle of compassion to embrace the animals and their habitat. We will be visiting the park frequently to understand the growth of the adopted animal and foster their needs on a periodical basis. More than just contributing money, we have undertaken this program to let students take ownership of the animals’ wellbeing, experience the joy of spending time with these animals, actively and passively”, said Deepa Rani, Head of School, Ekya School BTM Layout.

Under this initiative, a total of 33,000 INR was raised through various crowdfunding and contributions by the students. The same was handed over to Dr Sunil Panwar, Forest Service Officer, Conservator of Forests and Executive Director of Bannerghatta Biological Park, Bangalore. He conveyed his gratitude to the School and the management for encouraging such a great initiative through the students. A certificate of adoption was presented to the school along with a few badges and other rewards as a token of gratitude.

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Poker Sports League partners with VOOT as the official streaming partner for PSL Season 4

Apr 1, 2022 by Gouri 0 Comments

India, April 1st 2022: India’s biggest and most celebrated Poker Sports League Season 4 powered by FairPlay News, announces video-on-demand and OTT streaming service, owned by Viacom18, VOOT as their official streaming partner yet again for this season. This year’s league is in a Phygital format, and the streaming began from 29th March 2022. Through this association, the viewers will get to enjoy the live streaming of the entire league on VOOT.

Announcing the partnership, Mr. Pranav Bagai, CEO and Founder said, “We are thrilled to partner again this year with VOOT for our upcoming season. As our majority of the audience are tech-savvy and shifting towards OTT platforms to consume various modes of entertainment, partnering with VOOT for streaming was a prudent option. Through this association, we endeavour to provide our users with the finest experience of poker possible.”

This season, a special focus was given to upcoming qualifiers along with key pro-players, with high investment biddings and significant retainers which made this season more exciting. The season’s selection ceremony saw six teams representing six different Indian provinces, namely Delhi Czars, Deccan Aces, Goan Nuts, Gujarat Falcons, Mumbai Anchors, and Kolkata Kings. A total of 36 qualifiers, 12 pro-players are going to be a part of this season. In addition to these, it has 6 spots for women and 6 for substitutes.

Mr. Bagai further added, “Given the substantial shift in content consumption to digital platforms in India, and the dynamicity of the Indian online poker industry, we decided to reach a wider audience and encourage them to play in every season. Our partnership with VOOT will screen an exclusive behind-the-scenes reality show “Poker Mantra” in addition to the live streaming of the league.

PSL Season 4 has kickstarted from March 29th and will go on till April 13th with 6-7 matches every week all streaming virtually on Voot. Deltin Royale and Adda 52 have been announced as venue partners and online partners respectively. The season finale will be hosted live on-ground from April 20th -24th 2022, for the first time ever since the pandemic.

Commenting on the association, Chanpreet Arora, Head – AVOD (Voot), Viacom18 Digital Ventures said, “At Voot, we strive to ink partnerships that add value to our platform, and we are thrilled to once again partner with Poker Sports League. Through this partnership, Voot’s appeal to the young audiences will create a strong fan base for Poker in India and will provide us with an opportunity to captivate poker enthusiasts and provide them with a rewarding experience.”

Poker is one of the most popular segments riding the digital India trend. The online poker industry is presently growing rapidly and has grown by 23% in 2022. This expansion was possible through the country through the country’s transaction ecosystem, powered by UPI which made it easier for huge audiences to adapt to online transactions, resulting in higher conversions of paying customers in the RMG industry.

business

HDFC Life’s #CakeForThought initiative starts a conversation about timely retirement planning

Apr 1, 2022 by Gouri 0 Comments

New Delhi, March 31, 2022: Indians today aspire to be self-dependent in their post-retirement years. The increasing trend of nuclear families makes it a necessity all the more. However, when it comes to actually planning for retirement, individuals often procrastinate. HDFC Life highlights this simple yet powerful reality in their latest initiative #CakeForThought.

HDFC Life has taken a unique approach to starting a conversation around the need for timely retirement planning. They surprised Ranveer Brar- chef, Kavita Kaushik- actor, and Vijay Prakash- singer, with thoughtful birthday cakes. The carefully arranged pieces (big and small) of each cake give a clear perspective on how a delay in planning could lead to a significant impact on one’s retirement corpus. Each cake is a visually striking illustration of how early planning can enable one to build a higher retirement corpus – making it a #CakeForThought.

The campaign has been amplified on social media by Ranveer, Kavita, and Vijay where they express how receiving the retirement #CakeForThought on their birthdays made them think about the importance of timely planning in order to fulfil their dreams.

Speaking on the launch, Vishal Subharwal, Chief Marketing Officer & Head – E-commerce & Digital Business, HDFC Life, said “Timely planning is the key to every financial planning exercise. In all our campaigns we have emphasised on this need. The idea of #CakeForThought originated from the insight that while most Indians intend to retire on their own terms, there exists a gap between this intent and actual action. Here we have gone one step further to highlight the impact of delay on the retirement corpus, through a visual epiphany- the retirement ‘#CakeForThought. We aim to nudge individuals to start planning early for their retirement, through this film.”

Speaking about the campaign, Rajdeepak Das, CEO and Chief Creative Officer – South Asia, Leo Burnett, said “The ‘CakeForThought’ campaign is a great amalgamation between data and culinary art. In our country, only 1 in 3 people do financial planning and with this campaign, we wanted to inspire people in their 40s to start thinking about retirement planning. And what better way to catch their attention than sending them a cake on their birthday which represents how timely financial planning can help them achieve their retirement goals. We worked with Vanilla Miel pâtisserie to create these cakes which were a work of art in themselves.”

business

L&T Finance raises its first Rs 200 Cr Sustainability Linked Rupee Loan

Apr 1, 2022 by Gouri 0 Comments

L&T Finance (LTF), a wholly-owned subsidiary of L&T Finance Holdings (LTFH) – one of the leading Non-Banking Financial companies (NBFC), secured its first Sustainability Linked Rupee Loan of Rs 200 Cr, from the Indian arm of the French multinational investment bank and financial services company – Société Générale. This is the first rupee denominated Sustainability Linked Loan (SLL) for both Société Générale and LTF.

For India, a sustainable future is a contingent upon financial inclusion, and NBFCs like LTF have a crucial role to play in this mission. LTF is actively involved in helping Indian women get a sustainable livelihood and become self-reliant through lending and CSR initiatives.

Under the facility, LTF has committed to achieving progress on three important sustainability linked Key Performance Indicators (KPIs) relating to (i) Responsible Lending to women entrepreneurs, especially in underserved communities, (ii) Water Positivity, and (iii) Carbon Sequestration.

The Sustainability linked KPIs will be measured annually by an independent third-party assurer and the progress reported in the Company’s annual report on sustainability performance. The Company’s progress across KPIs will lead to either reduction or increase in interest rates on the credit facility.

“LTF is among the first NBFCs in the country to raise low-cost credit via a Sustainability Linked Rupee Loan, a milestone achievement as the Company continues on its retailisation journey in service of its customers” said Mr. Dinanath Dubhashi, Managing Director & CEO of L&T Finance Holdings. He further added, “Going forward, sustainability focused financing will increasingly play a critical role across borrowers and lenders in helping drive sustainable growth in the country.”

Mr. Toby Lawson, Chief Executive and Chief Country Officer of Société Générale India said, “We were delighted to support LTF in their inaugural Rupee-denominated Sustainability-Linked Loan with notably a specific commitment to increase micro loans to women entrepreneurs in the rural communities. This is aligned with our ambition to support our clients in generating positive impact by acting for communities across geographies. Our teams are committed to support our clients in India through their sustainability journey and to advance on the United Nations Sustainable Development Goals.”

The proceeds from the loan will be used for onward lending across Wholesale, Urban and Rural Customers.

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In-depth survey by TiE Bangalore reveals what entrepreneurs really need, to succeed in FY’23

Apr 1, 2022 by Gouri 0 Comments

Bangalore 31st March ‘22: Funding is NOT the only goal for our Indian entrepreneurial community. Entrepreneurs shared that they want networking, mentoring and learning ahead of access to capital. The Bangalore Chapter of The Indus Entrepreneurs (TiE), the world’s largest non-profit organisation for entrepreneurs, conducted an in-depth study with a leading market research firm amongst 200+ entrepreneurs across Bangalore. Findings revealed:

● 77% of entrepreneurs surveyed believe that networking is a major challenge
To increase brand awareness and access to potential partners and consumers, entrepreneurs are recognizing that networking opportunities are paramount. This has been particularly hit during the pandemic – as online meetings offer very little scope for serendipitous networking

● 63% of respondents noted that they need to rapidly build their own learning & internal capabilities
Entrepreneurs are seeking to learn fast- in acquiring knowledge of markets, business & technology and look to learn from the best practices of other successful entrepreneurs

• 56% of entrepreneurs cited finding and connecting with the right mentors as a challenge
Both existing & new entrepreneurs recognize the value of a mentor for the business as well as for personal and professional growth.

• Interestingly, only 40% of entrepreneurs surveyed shared that they needed help in accessing capital

TiE Bangalore interviewed 200+ entrepreneurs across Bangalore – founders of early-stage start-ups across D2C, Fintech, Healthcare, Manufacturing, Gaming, Mobility, Agri tech etc., and consisting of both existing, serial entrepreneurs and first-time entrepreneurs. Around 15% were female founders. The purpose of this in-depth survey was to understand what really matters to these entrepreneurs for their growth, and the areas that TiE Bangalore need to focus on, to accelerate their journeys.

Recently, TiE Global released the TiE Impact Report in partnership with KPMG – and the impact has been quite significant. Since its inception, TiE has mentored more than 25,000 start-ups globally, which have generated over 2.5 million jobs and USD 1 Trillion+ in wealth creation.

As one of India’s first TiE Chapters, TiE Bangalore continues to play a critical role in fostering the entrepreneurial ecosystem in Bangalore & Karnataka by collaborating between various ecosystem stakeholders – VCs, Angel Investors, Educational Institutions, State Governments, Incubators, Corporates & Corporate Accelerators, etc.

Over the last year, TiE Bangalore has organised over 110+ initiatives/programs that have seen participation of over 15,000+ entrepreneurs and the support of over 25+ leading corporates as sponsors. One such key initiative is the Matrix Forum (formerly called IoT Forum) – TiE Bangalore’s special interest group. Started in 2014, Matrix Forum is now a vibrant community of over 2500+ IoT startups, 14 task forces and 100+ active volunteers. As TiE Bangalore’s flagship event, Matrix 2022 is scheduled for May 24th & 25th as a hybrid event in Bangalore and is being supported by the Dept. of IT/BT, Govt of Karnataka as a State Partner.

Mr. BJ Arun, Chairman, TiE Global said “The Indian start-up ecosystem has indeed taken off with 42 start-ups becoming unicorns in 2021 and another 13 turning unicorns within the first three months of 2022. Start-ups are really driving the Indian economy through their innovation & technology. Therefore, it is even more important now to accelerate the growth of this entrepreneurial ecosystem to play a significant role in making India a $5Trillion economy. TiE will continue to play this pivotal role of adding value to entrepreneurs in their growth”

Mr. Madan Padaki, President TiE Bangalore said “The survey has validated that the pillars of TiE – Networking, Mentoring, Education & Incubation are as relevant today as before. At TiE Bangalore, we will continue to accelerate the growth of entrepreneurship & entrepreneurs by leveraging our unique strengths of strong local community of charter member and the global network of entrepreneurs. We will continue to drive flagship initiatives like the Matrix, TiE Young Entrepreneurs & TiE Women while seeking to establish newer partnerships with Corporates & Governments to expand the possibilities for our entrepreneurs”

Today, TiE Bangalore is also hosting its Annual Celebration of the Entrepreneurial ecosystem with the presence of Dr. C.N. Ashwath Narayan, Hon’ble Minister for IT/BT/ST, Skills Development Entrepreneurship & Livelihoods, & Higher Education, Government of Karnataka as the Chief Guest, and Shri. Dinesh Chandra Patwari, Principal Chief Commissioner of Income Tax, Karnataka & Goa as the Guest of Honour – and is celebrating the contributions of over 75+ Charter Members & partners in fostering this ecosystem.

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India Travel Mart- 2022- Madhya Pradesh Tourism Board

Apr 1, 2022 by Gouri 0 Comments

New Delhi, 31st March 2022: Madhya Pradesh is a state that reflects the true cultural heritage of Incredible India. Being one of the forerunners among the economically rising states of incredible India, Madhya Pradesh Tourism Board actively participated in ITM 2022 (India Travel Mart) held at Tivoli Boutique Hotel, Lawrence Road, Britannia Chowk, New Delhi, 110035.

The ITM has provided a unique platform for all stakeholders in the tourism and hospitality industries to interact and transact business opportunities. The exhibition saw top-notch, industry influencers, travel enthusiasts, corporate, business heads, travel operators and media professionals from different corners of the country, who came to visit the MPT stall, exchanging views and opinions on Madhya Pradesh Tourism and expand their knowledge spectrum, new developments and itinerary offerings.

India Travel Mart is a One-Stop Shop where the upward moving & high earning consumers interact with the Tourism Boards, Travel Partners and Affiliated Service providers, which helps them in promoting the beauty and the benefits of the destination. This event strives to foster a healthy environment for business to client or business to business organizations all across the globe.

Speaking on the occasion Mr. Devendra Rai, Resident Manager, Madhya Pradesh State Tourism Development Corporation Ltd Said- “Madhya Pradesh has various activities planned, which will make it a tourist-friendly destination and promote inbound tourism. The state has a great potential to offer tourism attractions in the areas of wildlife, pilgrimage, heritage and leisure to help build a foundation in different regions of the country’s tourism sector. MP Tourism offers 68 properties in the most beautiful location of Madhya Pradesh.

Madhya Pradesh has a mixed offering of exotic places, historic marvels, homes of wildlife animals and warm-hearted people. It has become a holiday spot for celebrities, businesses, friends, individuals and families. The major attraction of tourists comes in from wildlife, pilgrimage, heritage and leisure. Participation in ITM Delhi 2022 has provided MP Tourism with an opportunity to showcase its beauty and versatility and educate consumers on the latest offerings and world-class tourism facilities of MP

Archive: April 1, 2022