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Admiral Dinesh K Tripathi PVSM, AVSM, NM Takes Helm as 26th Chief of the Naval Staff, Indian Navy

Admiral Dinesh K Tripathi, PVSM, AVSM, NM has assumed leadership of the Indian Navy as its 26th Chief of the Naval Staff, succeeding Admiral R Hari Kumar, PVSM, AVSM, VSM, ADC, who retired following a distinguished career. Admiral Tripathi, a graduate of Sainik School Rewa and the National Defence Academy, was commissioned into the Executive Branch in 1985. With expertise in Communication and Electronic Warfare, he has served aboard various naval vessels and held key operational and staff roles over his nearly 40-year career.

His commands at sea include INS Vinash, INS Kirch, and INS Trishul. Admiral Tripathi has held significant positions such as Fleet Operations Officer of the Western Fleet, Director of Naval Operations, and Commandant of the Indian Naval Academy, among others. He has also undergone training at prestigious institutions including the United States Naval War College.

Before assuming the role of Chief of the Naval Staff, Admiral Tripathi served as the Vice Chief of Naval Staff. His appointment signifies a continuation of his commitment to serving the Indian Navy with distinction and leadership.

PharmEasy Secures $216 Million Investment Led by MEMG, Valuation Takes 90% Hit

PharmEasy, operated by API Holdings, has secured a substantial investment of $216 million, primarily led by Manipal Education and Medical Group (MEMG) along with existing investors. This infusion of funds, however, comes with a significant decrease in valuation, down by about 90% from its peak value.

The investment was facilitated through the issuance of cumulative convertible preference shares at Rs 96.8 each, totaling Rs 1,804 crore. MEMG contributed Rs 800 crore, while Prosus, Temasek, and 360 One Portfolios invested Rs 221 crore, Rs 183 crore, and Rs 200 crore, respectively. Additionally, CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital collectively invested Rs 400 crore.

Read more: ZEPIC closes $2.1 Million in Pre-Seed Investment Round from Neon Fund and angels, Unveils Unified Customer Experience Platform

Following this, the preference shares will be converted into equity shares at a ratio of 1:20. Post-allotment, PharmEasy’s valuation is estimated to be approximately $710 million, marking a significant decrease from its previous valuation of $5.6 billion in 2021.

Recent challenges faced by PharmEasy include defaulting on loan terms with Goldman Sachs and a reduction in valuation by investors such as Janus Henderson and Neuberger Berman. Despite setbacks, the company witnessed a 16% growth in revenue and managed to reduce losses in the fiscal year ending March 2023.

PharmEasy’s journey, particularly after its acquisition of Thyrocare, has been arduous. However, the latest funding round provides a lifeline, ensuring the firm’s survival and possibly offering a chance for redemption. The expansion into diagnostics proved challenging, resulting in significant dilution of promoters’ stakes. Nonetheless, the company’s resilience highlights lessons for other startups, with the hope of a brighter future ahead.

RBI Greenlights Groww as Payment Aggregator

Fintech giant Groww has secured the green light from the Reserve Bank of India (RBI) to function as a payment aggregator, marking a significant milestone for the company. This approval places Groww among the ranks of various fintech enterprises recently authorized by the central bank.

Under the banner of Groww Pay, the UPI payments platform operated by brokerage firm Groww has been granted the license by RBI. This accreditation empowers the firm, backed by Tiger Global and Peak XV Partners, to facilitate a spectrum of e-commerce transactions through its UPI application.

Since its debut in July last year, Groww’s UPI app has extended its services to encompass bill payments, including loan and credit card repayments, utility bills such as electricity and water, and DTH recharges, among others.

The competitive landscape saw Groww outpace its longstanding rival Zerodha for the first time in terms of active users by the close of October last year. Ending 2023 with 7.5 million monthly active users, Groww surged ahead of Zerodha’s 6.7 million and AngelOne’s 5.3 million MAUs.

Valuation-wise, Zerodha led the pack with a valuation of $3.6 billion, trailed by Upstox and Groww at $3.4 billion and $3 billion, respectively.

Adding to its accolades, Groww’s Mutual Fund recently received approval from SEBI to introduce the Nifty Non-Cyclical Consumer Index Fund via a new fund offering (NFO).

According to startup data intelligence platform TheKredible, Groww recorded a remarkable 260% surge in operating revenue to Rs 1,277 crore in FY23. Furthermore, the company transitioned from a Rs 239 crore loss in FY22 to a profit of Rs 448.7 crore.

Reflecting a broader trend among fintech firms, Groww is also contemplating relocating its headquarters to India, as previously reported by Entrackr in May last year. Other firms considering such a move include KreditBee, Pine Labs, Razorpay, Meesho, and Zepto.

Joining Groww in securing a payment aggregator license from RBI is Khatabook, a bookkeeping app and lending platform. RBI had granted in-principle approval to 32 entities, including Khatabook, in March last year to operate as online payment aggregators.

In the latest developments, PayU received in-principle approval from RBI to operate as a payment aggregator. Alongside PayU and Groww, fintech firms Razorpay, Cashfree, Open, EnKash, Juspay, and Infibeam have also been granted PA licenses by the apex banking body.

NHPC Signs MoU with Ocean Sun for Floating Solar Technology Demonstration

NHPC Limited, India’s premier hydropower development organization, has entered into a Memorandum of Understanding (MoU) with Ocean Sun, a leading Norwegian floating solar technology provider. The MoU outlines collaboration between NHPC and Ocean Sun to showcase the latter’s innovative floating solar energy technology, utilizing photovoltaic panels mounted on hydro-elastic membranes.

NHPC will identify suitable sites for demonstration projects as part of its commitment to sustainable development and the expansion of renewable energy capacity. The agreement underscores NHPC’s broader focus on renewable energy initiatives, including solar, wind, and green hydrogen projects.

The MoU signing ceremony, held on April 29, 2024, featured NHPC’s Executive Director (Renewable Energy and Green Hydrogen), Shri V.R. Shrivastava, and Ocean Sun’s CEO, Mr. Kristian Tørvold, signing the agreement. Additionally, H.E. Ms. May-Elin Stener, the Ambassador of Norway to India, along with NHPC’s Director (Technical), Shri Raj Kumar Chaudhary, and Executive Director (Strategy Business Development & Consultancy), Shri Rajat Gupta, participated in the event from the Embassy of Norway in New Delhi. H.E. Dr. Acquino Vimal, the Ambassador of India to Norway, joined remotely from Oslo, marking a significant step towards international cooperation in renewable energy endeavors.

RBI Introduces Surveys to Enhance Monetary Policy Decision-Making

The Reserve Bank of India (RBI) has introduced two new surveys, the ‘Inflation Expectations Survey of Households’ and the ‘Consumer Confidence Survey’, aimed at gathering crucial data for its upcoming bi-monthly monetary policy review scheduled for June 5-7, 2024.

The ‘Inflation Expectations Survey of Households’ is designed to gather subjective opinions on price movements and inflation, tailored to individual consumption patterns, across 19 cities including Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram, as stated by the RBI. This survey seeks qualitative feedback from households on anticipated price changes over the next three months and one year, along with quantitative data on current, three-month ahead, and one-year ahead inflation rates.

Similarly, the ‘Consumer Confidence Survey’ solicits qualitative responses from households regarding their outlook on the general economic climate, employment prospects, price levels, household income, and spending habits. This survey is also conducted across 19 cities, including Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, and Delhi.

Both surveys are expected to yield valuable insights for shaping monetary policy decisions, according to the RBI.

ObserveNow Goes Behind the Scenes of UP Tourism Transformation: In Conversation with Mukesh Kumar Meshram, Prl Secy, UP Tourism Dept

According to Uttar Pradesh Tourism’s 2022 data, the state welcomed 31.85 crore tourists, a number that surged even higher in the first nine months of 2023, with over 32 crore visitors, including a substantial influx of international travelers. Key attractions like Kashi, Prayagraj, and Ayodhya drew millions of tourists. 2023 proved to be a pivotal year for Uttar Pradesh, witnessing significant progress across various sectors. Notably, the state excelled in both central and state welfare initiatives while making substantial strides in tourism. From January to September 2023, Uttar Pradesh recorded 31,91,95,206 domestic tourists and hosted 9,54,866 foreign visitors, further solidifying its appeal on the global stage.

Promoting tourism plays a pivotal role in showcasing the diverse cultural tapestry of a region while bolstering its economic growth. Uttar Pradesh, a state steeped in history and renowned for its vibrant cultural heritage, stands as a prime example of this synergy. From the iconic Taj Mahal to the spiritual aura of Varanasi, Uttar Pradesh offers a plethora of attractions that captivate both domestic and international tourists alike. However, to fully harness this potential and ensure a seamless experience for visitors, robust infrastructure development and meticulous maintenance of tourist destinations are imperative. In this regard, Shivani Babbar, ObserveNow interacted with Mukesh Kumar Meshram, IAS Principal Secretary, Tourism & Culture Department, Govt of Uttar Pradesh.

Below are a few edited excerpts from the interview:

What strategies is the Uttar Pradesh government implementing to promote tourism and culture within the state?

The government of Uttar Pradesh is actively engaged in implementing strategies to enhance tourism and cultural activities within the state. These endeavors include several key initiatives: the development of tourist circuits such as the Buddhist, Ramayana, Krishna, and Braj Circuits to encourage religious and cultural tourism; enhancements in infrastructure including roads, accommodations, and facilities at tourist spots to elevate the overall visitor experience; conservation efforts aimed at preserving and maintaining historical sites and monuments to protect the state’s rich cultural heritage; the promotion of festivals and cultural events to highlight the diverse traditions of Uttar Pradesh; and the provision of training programs to improve professionalism and service standards in the tourism industry.

Moreover, the Department has initiated rural tourism, aiming to offer authentic rural experiences while boosting local economies. Plans to develop homestays to enhance visitor experiences in 229 villages across 18 divisions focus on specialties like agriculture, nature, heritage, religion, and culture. Tourists can engage in activities such as trekking, pottery-making, and folk dances. Goals include long-term industry growth, community participation, cultural showcase, and economic prosperity, reflecting the state’s commitment to leveraging its cultural richness for tourism and development.

How does the government plan to leverage Uttar Pradesh’s rich cultural heritage to attract both domestic and international tourists?

The Uttar Pradesh government plans to leverage its rich cultural heritage to attract domestic and international tourists through strategic initiatives. These include developing tourist circuits like the Buddhist, Ramayana, Krishna, and Braj Circuits to showcase religious and cultural significance. Preservation of historical sites, active promotion of festivals, and participation in marketing campaigns aim to highlight the state’s vibrant culture. Additionally, the promotion of rural tourism offers tourists immersive experiences in village life. Encouraging private investment in tourism infrastructure further enhances the overall visitor experience. Through these measures, the government aims to position Uttar Pradesh as a premier destination for cultural and heritage tourism, appealing to a diverse range of tourists.

How does the government plan to address challenges such as infrastructure development and maintenance in tourist destinations?

The government employs several strategies. Firstly, it prioritizes investment in infrastructure projects focused on enhancing roads, accommodations, and amenities in tourist spots. Additionally, it engages in Public-Private Partnerships (PPP) to harness private sector resources and expertise for infrastructure development and upkeep. Allocating dedicated funds for tourism development ensures adequate financial backing for such projects. Regular maintenance schedules are implemented to uphold the quality of tourist facilities. Moreover, the integration of technology aids in efficient management and monitoring of infrastructure. Capacity building programs empower local communities and stakeholders to participate in the maintenance of tourist destinations. These strategies collectively aim to overcome infrastructure challenges, improve the tourism experience, and foster sustainable tourism growth.

How is technology being integrated into the tourism sector to improve visitor experiences and management?

The integration of technology in the tourism sector enhances both visitor experiences and management in several ways. Firstly, online booking platforms, accessible through websites and mobile applications, simplify the process of reserving accommodations, transportation, and activities. Secondly, mobile apps provide interactive maps, audio guides, and augmented reality (AR) features, offering real-time information and navigation assistance. Thirdly, digital displays at tourist sites deliver captivating information about attractions and events. Moreover, virtual reality (VR) and augmented reality (AR) technologies enable immersive exploration of destinations and landmarks. Lastly, technology aids in environmental monitoring, facilitating conservation efforts, and promoting sustainable practices to preserve destinations for future generations.

By integrating technology into the tourism sector, destinations can improve visitor experiences, streamline management processes, and promote sustainable tourism practices, ultimately enhancing the overall attractiveness and competitiveness of tourist destinations.

What efforts are being made to promote Uttar Pradesh as a hub for cultural events, festivals, and arts?

Efforts aimed at positioning Uttar Pradesh as a vibrant cultural destination encompass a multifaceted approach. This strategy involves the orchestration of significant cultural gatherings and festivals such as the Kumbh Mela, Bundelkhand Mahotsav, Deepotsav, and Ramnavami celebrations. Additionally, substantial investments are being made in bolstering infrastructure to support tourism and cultural endeavors, while promotional campaigns underscore the rich cultural heritage of the region. Local artists, artisans, and craftsmen receive backing to preserve and showcase their talents, and collaborative ventures with both domestic and international partners are pursued. Digital platforms serve as pivotal tools for amplifying visibility, while concerted efforts are directed towards conserving invaluable cultural heritage sites. Furthermore, cultural tourism packages are curated to highlight heritage landmarks and indigenous arts, enticing visitors to immerse themselves in Uttar Pradesh’s cultural tapestry.

In what ways is the government working to enhance connectivity to key tourist destinations across Uttar Pradesh?

The Uttar Pradesh government is actively engaged in enhancing connectivity to significant tourist spots through a variety of initiatives. These include upgrading and expanding road networks, such as widening roads, enhancing road quality, and constructing new highways to reduce travel time and improve accessibility. Moreover, efforts are underway to enhance air connectivity by expanding existing airports and building new ones in strategic locations, including regional airports and new flight routes. Additionally, the government is focused on providing efficient and dependable public transport services within tourist areas, such as buses, taxis, and other modes of transportation, to ensure seamless mobility for visitors. These combined efforts aim to boost accessibility and connectivity to key tourist destinations throughout Uttar Pradesh, fostering tourism growth and enriching the overall visitor experience.

PNB Housing Finance Sees 57% Surge in Q4 Net Profit, NPAs Decline

PNB Housing Finance witnessed a significant surge in its net profit, marking a 57% increase to Rs 444 crore in the fourth quarter ending March 2024, compared to Rs 283 crore in the same quarter the previous year. According to regulatory filings, the company’s total income for the quarter escalated from Rs 1,628 crore to Rs 1,806 crore year-on-year.

Interest income also saw a rise to Rs 1,684 crore in Q4FY24, up from Rs 1,581 crore in the corresponding period of the prior fiscal year. Despite a 7% growth in net interest income to Rs 632 crore, the net interest margin dipped to 3.65% from 3.74% in Q4 FY23.

Read more: PNB Housing Finance Hits 300 Branches Nationwide

Notably, gross NPAs fell to 1.5% from 3.83% by the end of March 2023, with net NPAs at 0.95% of loan assets. Asset under Management (AUM) increased by 7% to reach Rs 71,243 crore by March 31, 2024. For the fiscal year 2023-24, the company recorded a 44% rise in net profit to Rs 1,508 crore, while total income for the year climbed to Rs 7,024 crore from Rs 6,492 crore in the previous fiscal.

PayU Invests $5 Million in Mumbai’s BriskPe, Spearheading Cross-Border Payments Expansion

PayU has injected $5 million into BriskPe, a Mumbai-based cross-border payments platform, marking the startup’s inaugural institutional funding round. PayU aims to fortify its position as a comprehensive payments solution provider, spanning both domestic and international transactions. This investment aligns with PayU’s broader strategy to enhance its offerings for both exports and imports within India.

BriskPe, which emerged from PayU’s inaugural accelerator program, Infinity, is led by industry veterans including Sanjay Tripathy, former HDFC Life chief marketing officer, Nilesh Pathak, previously the CTO at Nium, a cross-border payments platform, and Indunath Chaudhary, with experience from Citibank and ICICI Bank.

Read more: HDFC Bank Greenlights Rs 60,000 Crore Fund Raise Through Debt Instruments

Prosus, the parent company of PayU, intends to further fuel the growth of cross-border payments, leveraging new regulatory frameworks such as PA-Cross Border. BriskPe now enters into competition with established players like Skydo, PayPal, and Razorpay in the cross-border payments landscape.

The startup specializes in providing payment processing solutions tailored for small exporters and freelancers catering to global clientele. While previously regulated under the Online Payment Gateway Service Provider guidelines, BriskPe will now seek licensing under the PA-CB regulations of the RBI.

AICTE and Apna.co Launch New Career Portal for Engineering Students

The AICTE, along with Apna.co, a professional networking platform, introduced the ‘AICTE Career Portal’ for engineering students. This initiative aims to revolutionize the job and internship search process for over 3 million students across 12,000 colleges. The launch event, held at the AICTE headquarters in New Delhi, saw key figures such as AICTE Chairman Prof. TG Sitharam, Vice Chairman Dr. Abhay Jere, Member Secretary Professor Rajive Kumar, and Nimrit Parikh, CEO of apna.co, in attendance.

This collaboration stemmed from a February 2024 agreement, showcasing a mutual commitment to enhancing job prospects through technological innovation and partnership. Notably, the portal includes a unique program offering students a chance to visit Silicon Valley, USA, for free, where they can interact with industry leaders from major companies like Google, Apple, and Microsoft.

Apna.co plays a pivotal role in this project by connecting recent graduates with employment opportunities through its extensive network of 500,000 recruiters and over 1,000 companies. Beyond job listings, the portal offers tools for crafting impressive resumes, receiving real-time job alerts, and fostering professional growth through dedicated groups. Future enhancements will include interview preparation assistance and guidance on fair salary negotiations.

Prof. TG Sitharam underscored the significance of this collaboration, highlighting the fusion of government and startup initiatives in nurturing students’ skills and facilitating diverse job prospects. Nirmit Parikh, CEO of apna.co, emphasized the platform’s contribution to empowering Indian youth on a global scale.

Additionally, the portal equips colleges with tools for informed decision-making, strategic planning, enhanced communication through a networking community, and comprehensive job placement statistics to attract potential employers. This multifaceted approach aims to redefine how both students and employers perceive participating colleges. The AICTE Career Portal is set to officially launch on April 30th.

Hindustan Unilever appoints BP Biddappa as new HR head

Hindustan Unilever Limited (HUL) has made a significant shift in its management team, with BP Biddappa assuming the role of Executive Director for Human Resources and Chief People, Transformation, and Sustainability Officer for South Asia. Pending shareholder approval, Biddappa will not only join the HUL Management Committee but also take a seat on the HUL Board as a Whole Time Director.

In his new capacity, Biddappa will spearhead the human resources initiatives for South Asia and oversee transformational endeavors spanning business, organizational dynamics, and sustainability efforts.

Read more: Onetab appoints Ankita Phanse as Head-HR

With an extensive career spanning more than thirty years within Unilever, Biddappa takes over from Anuradha Razdan, who transitions to a global position as Chief Reward & Organization Development Officer for Unilever. This leadership transition is scheduled to take effect on June 1st. Razdan has served as the Executive Director of HR at HUL and as the CHRO for South Asia over the past five years.

Biddappa’s journey within Unilever commenced with hands-on experience in an HUL factory, followed by diverse roles encompassing leadership development, business partnership, and HR leadership across various Unilever divisions. He has previously overseen HR operations for Unilever in Maghreb, Bangladesh, and India.

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