Now Loading

Month: June 2024

Governance

Odisha Government Secures Rs 903.41 Crore Investment in Renewable Energy Sector

Observenow Desk June 28, 2024

The Odisha government has secured investment proposals worth Rs 903.41 crore in the renewable energy sector. These proposals were sanctioned by the single window committee (SWC), chaired by Vishal Kumar Dev, Principal Secretary of the State Energy Department. The investments are part of the state’s strategic efforts to achieve its renewable energy target of 10 GW by 2030.

Among the major approvals, Maharatna PSU HPCL Renewable & Green Energy Ltd will establish a 48-MW wind energy project in Umerkote, Nabarangpur district. This significant project underscores the commitment to boost renewable energy infrastructure in the region and contributes substantially to the state’s energy goals.

Additionally, another Maharatna PSU, ONGC Tripura Power Company Ltd, received approval for a 49.5-MW wind energy project in Astaranga, Puri district. Together, these two projects represent a combined investment of Rs 881.28 crore, marking a significant milestone in Odisha’s renewable energy development.

Tags: Odisha GovernmentRenewable Energy Sector

Related posts

BFSI

SBI General Insurance Appoints Naveen Chandra Jha as New MD & CEO

Observenow Desk

SBI General Insurance Company Ltd. has announced the appointment of Shri Naveen Chandra Jha as its new Managing Director and Chief Executive Officer, succeeding Shri Kishore Kumar Poludasu. Nominated by its parent organization, State Bank of India (SBI), Jha brings nearly three decades of experience within the financial sector to his new role.

Shri Naveen Chandra Jha has been a part of SBI since 1994, holding various critical positions, including his recent role as Deputy Managing Director. Prior to joining SBI General Insurance, he served as Chief General Manager of the Amaravati Circle in Andhra Pradesh. His extensive background includes key roles in branch management, credit and risk management, SME credit, HR & administration, and retail banking.

During his tenure at SBI, Jha was recognized for his contributions to business development and operational excellence, with notable achievements in positions such as Regional Manager and General Manager of Network. He was also honored with the Chairman’s Club award as a Branch Manager in 2005 and as a Regional Manager in 2015.

As he steps into his new position at SBI General Insurance, Jha aims to leverage his vast expertise to drive the company towards greater success. His focus on comprehensive business strategy, operations, budgeting, and strategic growth aligns with the company’s goal of becoming a market leader. Jha emphasizes the importance of employee engagement and customer satisfaction, encapsulated in his motto, “Great Numbers with Excellent Quality.” His leadership is expected to guide SBI General Insurance in delivering “Suraksha aur Bharosa Dono” to its customers.

Tags: Naveen Chandra JhaSBI General Insurance

Related posts

News

Truecaller Partners with HDFC ERGO to Launch Fraud Insurance

Observenow Desk

Truecaller, a leading global communications platform, has joined forces with HDFC ERGO, a top general insurance company in India, to introduce Fraud Insurance. This new initiative aims to enhance protection against digital communication frauds for consumers in India.

The Fraud Insurance product offers coverage up to Rs 10,000 for Android and iOS users nationwide. Truecaller’s annual premium members can purchase this product, while all current users can access this protection for free with their existing subscription. The fraud coverage is seamlessly integrated into the Truecaller app and is activated once users opt for the insurance, providing a smooth and hassle-free experience.

Activation of the insurance coverage is immediate and requires no additional paperwork. The new solution leverages AI spam filtering, AI assistance, call scanning, and fraud insurance to provide comprehensive protection before, during, and after contact, significantly improving the user experience.

Tags: HDFC ERGOInsuranceTruecaller

Related posts

HR

Shailly Bhanot Appointed as VP-HR, India at Q2

Observenow Desk

Q2, a prominent digital banking solutions provider, has announced the appointment of Shailly Bhanot as Vice President of Human Resources for its India operations.

In a LinkedIn post, Bhanot expressed her excitement, stating, “I’m happy to share that after an incredible 4.5 years at Intel, I’ve embarked on a new journey as Vice President – Human Resources, India at Q2.”

Before joining Q2, Bhanot served as Director of HR at Intel Corporation. Her extensive experience also includes roles at Honeywell, Amdocs Development Centre India, WNS Global Services, and CitiFinancial. Bhanot holds an MBA in Human Resources from the Faculty of Management Studies, College of Materials Management, Jabalpur.

Tags: Q2Shailly Bhanot

Related posts

Digital Native

upGrad Secures $35 Million Debt Financing from EvolutionX

Observenow Desk

Mumbai-based edtech unicorn upGrad has raised Rs 287.5 crore (approximately $35 million) in debt financing from EvolutionX, marking its first debt funding of the year. According to a regulatory filing accessed from the Registrar of Companies, upGrad’s board has approved a special resolution to issue 28,75,000 debentures at Rs 1,000 each, raising Rs 287.5 crore ($35 million). The funds will be utilized for growth, operational expenses, and general corporate purposes.

To date, upGrad has amassed over $265 million, including $36.5 million through a rights issue from Temasek, founder Ronnie Screwvala, and others in March last year. The Temasek-backed company has also been in discussions to secure $100 million for the acquisition of online education firm Udacity.

Read more: Zepto Raises $665 Million at $3.6 Billion Valuation in Largest Funding Round of 2024

Data from startup intelligence platform TheKredible shows that Temasek holds a 20.7% stake in upGrad, while co-founder and chairperson Ronnie Screwvala owns a significant 22.4% share. In 2022, upGrad ventured into the offline higher education sector, investing $30 million to establish ten global campuses across India, the US, and other regions.

The company’s operational revenue soared by 72% to Rs 1,194 crore in FY23 from Rs 692 crore in FY22, although its losses also climbed by 82% to Rs 1,114 crore in FY23. upGrad has yet to release its annual results for FY24.

Tags: EvolutionXupGrad

Related posts

Exclusive

NHAI Establishes Specialized Unit for Reviewing National Highway Project Reports

Observenow Desk

To ensure top-notch construction standards, cost efficiency, and timely completion of National Highway projects, the National Highways Authority of India (NHAI) has launched a Dedicated Project Report (DPR) cell at its headquarters in New Delhi. This new cell is tasked with providing expert inputs and comprehensive monitoring of DPRs for National Highway projects, aiming to standardize the review process and ensure the preparation and scrutiny of high-quality reports before project implementation.

A DPR is crucial for the successful execution of National Highway projects, encompassing various surveys, investigations, and designs. The DPR cell will finalize parameters for all highway components, including structures, in accordance with IRC specifications and standards.

Staffed by around 40 professionals, the DPR cell includes Principal DPR Experts and specialists in road safety, traffic, land acquisition, bridges, tunnels, geotechnics, senior highway management, and forestry. These experts will develop monitoring systems to ensure uniformity in the review process throughout the DPR lifecycle. They will also examine bid documents and technical schedules, provide cost estimates based on design features, assist in preconstruction planning, and integrate projects with the Highway Information Model Software (HIMS). Additionally, cell officials will conduct site visits to evaluate consultant proposals and recommend innovative practices to enhance report quality.

The establishment of the DPR cell is expected to produce accurate, high-quality reports, facilitating the development of world-class National Highways and contributing to the nation’s growth.

Tags: National Highway Project ReportsNHAI

Related posts

Education

MAXHUB Partners with more than 1000 Educational Institutions to Digitalize Smart Classes & Provide Digital Solutions

Observenow Desk June 27, 2024

MAXHUB announced its collaboration with more than 1000 educational institutes across India. This strategic partnership aims to enhance learning experiences in tier 3 and tier 4 cities, ensuring that advanced educational tools reach every nook and corner of the country.

In many parts of India, especially in smaller cities and rural areas, access to modern educational technologies remains limited. MAXHUB aims to bridge this gap by equipping schools and colleges with interactive displays, digital whiteboards, and other innovative solutions. These tools foster interactive and immersive learning, empowering educators to deliver high-quality education and creating an environment where students can thrive.

Pankaj Jha, Managing Director of MAXHUB India, expressed his enthusiasm about the collaboration, stating, “Our partnership with these educational institutes is a significant step towards transforming the educational landscape in India. We believe that every student, regardless of their geographical location, deserves access to the best educational resources. Through this initiative, we are committed to making a meaningful impact on the lives of students and educators in tier 3 and tier 4 cities.”

This collaboration is part of MAXHUB’s broader vision to revolutionize education in India by integrating technology into the learning process. By providing schools and colleges with cutting-edge tools, MAXHUB is not only enhancing the educational experience but also preparing students for a technologically advanced future.

MAXHUB Pivot: Enhancing Educational Efficiency

MAXHUB Pivot is a software program designed specifically for educational institutions to manage their MAXHUB devices effortlessly. Key features of MAXHUB Pivot for education include:

– Centralized Device Management: Control and access all your MAXHUB interactive flat panels and other devices from a single, cloud-based platform.

– Remote Functionality: Wake up screens, lock them down, and manage them remotely, saving IT personnel time and effort.

– Improved Efficiency: Create a real-time equipment management system, ensuring all devices are functioning properly and ready for use.

– Security Focus: Committed to maintaining compliance with GDPR (General Data Protection Regulation), giving you peace of mind about your data security.

MAXHUB Class is a software specifically designed for educators to create engaging and interactive lessons. It essentially turns MAXHUB interactive flat panels (IFPs) into powerful teaching tools. Here are some key features of MAXHUB Class for education:

– Digital Whiteboard: Provides a limitless canvas for writing, drawing, and annotating directly on the IFP.

Rich Gadgets & Tools: Includes various tools like rulers, shapes, and templates to enhance visual aids and explanations.

Seamless Collaboration: Allows for real-time collaboration between teachers and students on the whiteboard.

Engaging Activities: Integrates features like polls, quizzes, and interactive games to boost student participation.

Tags: Educational InstitutionsMAXHUB

Related posts

News

Amazon Infuses Rs 600 Crore into Indian Payments Business

Observenow Desk

US ecommerce giant Amazon has infused Rs 600 crore (approximately $72 million) into Amazon Pay India, strengthening its position in the competitive fintech sector against Paytm, PhonePe, and Google Pay. This latest investment brings Amazon’s total capital infusion in the Indian payments platform to Rs 950 crore for this year, as per filings with the Registrar of Companies (RoC), which also revealed a Rs 350 crore investment in February.

In addition to the payments business, Amazon has invested nearly Rs 2,500 crore in Amazon Seller Services, which operates its ecommerce marketplace in India.

This capital injection comes amidst significant developments in the Indian payments market, including regulatory actions by the Reserve Bank of India (RBI) against Paytm Payments Bank in January, which affected several Paytm services like prepaid wallets and FASTags.

Amazon Pay India, which competes with Paytm, PhonePe, and Google Pay, offers services such as bill payments, unified payments interface (UPI) payments, and other financial offerings including wealth management, ticket booking, and insurance premium payments. It has partnerships with platforms like Bookmyshow, Makemytrip, Redbus, IRCTC, and Kuvera for movie and travel ticketing, and wealth management services.

In February, Amazon Pay India received a payment aggregator (PA) licence from the RBI, enabling it to enhance its merchant payments business—a significant opportunity given its substantial online shopping presence in India. This followed an earlier prepaid payments instrument (PPI) or wallet licence.

RBI data as of May 31 shows Amazon Pay India had 67.5 million prepaid wallets, facilitating 623 million transactions worth over Rs 211 crore during the month. Despite this, the platform trails behind competitors like PhonePe, Paytm, and Google Pay in both wallet usage and UPI payments. National Payments Corporation of India (NPCI) data ranks Amazon Pay as the fifth-largest UPI player by transaction volume in May, with less than 1% market share.

For the fiscal year ending March 2023, Amazon Pay reported operational revenue of Rs 2,093 crore, remaining flat year-over-year, while net loss narrowed to Rs 1,499 crore from Rs 1,740 crore the previous year. FY24 earnings have yet to be filed. Amazon India did not respond to ET’s emailed queries.

Tags: AmazonIndian Payments Business

Related posts

Governance

Government to Establish Centre of Excellence for R&D in Digital Public Infrastructure and Goods

Observenow Desk

The government is planning to establish a centre of excellence dedicated to research and development in digital public infrastructure (DPI) and digital public goods (DPG).

“There is a significant number of applications within the DPI space that are built on protocols developed by both public and private sectors. Now, it is essential to involve universities, colleges, research institutes, and academics to innovate on these existing models,” an official stated.

This new centre will also spearhead the implementation and coordination of plans for the proliferation of DPI and DPG in G20 nations and the Global South. For instance, several countries have expressed interest in creating an Aadhaar-like identification system for their citizens. With the centre of excellence serving as a central point of contact, implementing these schemes in other countries will be streamlined, the official added.

Digital public infrastructure and goods are developed through protocols established by state and central government agencies, as well as some private institutions. Companies and startups are encouraged to develop applications and services based on this underlying architecture.

Estimates suggest that the global market for DPGs could reach $100 billion in the next five to six years. According to EY, the development cost per person for a DPG in countries with populations exceeding 50 million can be as low as 74 US cents (approximately Rs 61).

Tags: digital public goodsdigital public infrastructure

Related posts

Digital Native

Sports Tech startup Machaxi raises INR 4.8 Crore in Pre Series A Round led by Inflection Point Ventures

Observenow Desk

Machaxi has raised INR 4.8 Crore in a Pre Series A Round led by Inflection Point Ventures. The funds will be used to develop technology for user analytics and sports shopping, expand the sports shop vertical, and to build the Machaxi brand.

Pratish Raj, co-founder and CEO is an MBA graduate from XLRI, Jamshedpur, has experience in product management at Amazon and Tata Administrative Services. Tushar Raj, co-founder and CTO is a B-Tech graduate from VIT, Vellore, has worked as a software developer at Altair and Nutanix and is also a state-level badminton player. Ashish Anand, co-founder and COO with a B-Tech in Computer Science from NIT Allahabad, has experience in software development at Altair. Together, they are committed to transforming India into a sports-playing nation through Machaxi.

Ivy Chin, Partner, Inflection Point Ventures says, “It has become increasingly challenging for adults and parents to access affordable, quality sports coaching within urban residential areas. Recognizing this need, Machaxi steps in to bridge the gap by offering top-notch coaching and progress tracking for children, along with state-of-the-art facilities for adults. Additionally, their user-friendly app makes purchasing sports equipment convenient and accessible. Through these comprehensive offerings, Machaxi demonstrates a strong commitment to customer satisfaction and care. Their vision for a healthier India aligns perfectly with IPV’s values, instilling confidence in their ability to break barriers and foster a thriving community for all.”.

Machaxi’s strength lies in its execution capabilities, driven by a founding team with a mix of experience in sports, technology, and business leadership. This unique blend allows Machaxi to effectively strategize and implement initiatives that cater to both sports enthusiasts and casual players. One of Machaxi’s standout achievements is its ability to significantly increase the revenue of standalone sports centers by 2-3 times through rebranding them as Machaxi Sports Centres and leveraging technology to drive demand and enhance user experience.

As of May 2024, Machaxi has achieved a gross revenue run rate of 18 crore INR, maintaining an EBITDA-positive status right from the start. The company’s extensive reach is evident with over 50,000 users enjoying Machaxi’s sports facilities monthly. These facilities cover a wide range of sports, including badminton, swimming, table tennis, football, and cricket, demonstrating Machaxi’s capability to cater to diverse sports interests and its strong presence in the sports sector.

Pratish Raj, Co-Founder, Machaxi, says, “We are thrilled to announce our latest round of funding, led by Inflection Point Ventures and Ankit Nagori (Co-Founder Cult.fit and Founder Eat.fit). Partnering with IPV has been an incredible experience, and their support will play a pivotal role in accelerating Machaxi’s growth. This collaboration will enable us to enhance our services, expand our reach, and continue our mission to transform India into a Sports playing nation.”

Machaxi has successfully established itself as a trusted neighbourhood sports coaching brand in Bangalore, distinguished by its scientific and technology-led approach to coaching for both kids and adults. The company’s innovative Learn, Play, Shop model has facilitated rapid expansion to 14 sports centres across Bangalore, optimizing capacity utilization effectively. Additionally, the company has strengthened its presence by partnering with Olympian Nisha Millet as the brand ambassador for swimming coaching and membership programs, enhancing its reputation and outreach within the sports community.

Currently, the sports market in India is valued at approximately 5 billion USD, encompassing spending on sports coaching, playing facilities, and sports equipment. Despite this, sports adoption rates are less than 1% as of 2024. Over the next decade, significant growth is projected, with the market size expected to expand to around 20 billion USD. This growth is fuelled by anticipated increases in sports participation, which is forecasted to rise to 10% by 2034, reflecting a burgeoning interest in sports across the country.

Tags: MachaxiStartup

Related posts

Upcoming Conferences