Digital Transformation Strategies to Thrive in Post Pandemic World

Techment Technology, a leading provider of digital solutions, recently released a new whitepaper on ‘Digital Transformation Strategies to Thrive in Post Pandemic World’.

Techment's whitepaper illuminates the strategies that are essential to navigate the overwhelming change that has been brought by the pandemic, making it crucial for many companies to speed up their digital transformation journey.

Although it may look like apt advice, undergoing digital transformation is not easy. The whitepaper elucidates how success rates of firms undertaking their own digital transformation have been found to be incredibly low, and the economic disruption caused by the COVID-19 makes it essential for firms to get this transition right the first time around. 

The team at Techment, interviewed experts on digital transformation around the world and spoke to CXOs who have successfully driven technology-led change in their company to curate insights for this whitepaper.  

“The pandemic has brought about an urgency in almost every business to go digital,” said Manish Agrawal, CEO, Techment, “However, firms need to be aware of the enterprise risks that come along with the digital transformation. Through this whitepaper, firms can learn about the pitfalls and challenges, and empower themselves to strategize & navigate their digital journey.” 

The free to download Whitepaper also enumerates the important fallacies associated with digital transformation and cautions companies against them. It also includes insights into the investment patterns and the latest trends that are COVID-19 induced are highlighted in the paper. 

About Techment Technology

Techment is a Digital Catalyst that catalyzes solution development with its high-velocity agile delivery model. Its team consists of passionate techno-functional experts that bring an outside-in approach and work as an extension of the client's team. It is an industry-agnostic organisation and works with global companies of all sizes, including disruptive startups.

Follow the link: https://techment.com/white-paper-digitaltransformation

Connect with us: manish@techment.com;  www.techment.com 

Media & Entertainment Set for Slowdown, May Grow 12% in FY20

Mumbai, Aug 20 (PTI) Rapid growth in digital users, combined with growing regional demand and better monetisation, the media and entertainment industry grew 13 percent to reach Rs 1,63,100 crore in FY19, and is likely to clip at a slower rate of 12 percent in FY20, says a report.

The report by KPMG, however, noted had it not been for the uncertainties created by Trai's new tariff order and the signs of economic slowdown, the industry would have grown by 1-2 percent more.

In FY20, the industry is likely to grow at a slower 12 percent to Rs 1.88 trillion, as it expects another round of regulatory changes.

"The growth would have even lower than 12 percent had not been for the gains from the higher ad spends during the April-May general elections and the cricket World Cup.

"TV faced major headwinds in FY19 and in fact grew at a lower rate than projected last year primarily on account of the delay in implementation of the new tariff order.

"TV ad spend was subdued as marketers waited for assessing the net impact on the number of subscribers, as also pick-up across various genres," KPMG partner and head of media & entertainment Girish Menon said Tuesday.

Television revenue grew 9.5 percent to Rs 71,400 crore in the year.

He further said the new tariff order had initial implementation issues--higher bills, which pushed up the average revenue per user from Rs 150 to over Rs 200, shrinkage of the cable and satellite universe. But this has many consumers disconnecting.

Although big broadcasters have gained due to higher share of end-consumer revenue, English and niche channels are struggling and have seen significant drop in uptake.

The media and entertainment industry is expected to grow 13.5 percent per annum during FY19-24 to reach Rs 3.07 trillion in FY24 on the back of greater focus on monetisation of emerging digital business models, strong regional opportunities and favourable regulatory and operating scenario across traditional businesses.

Television, is expected to grow at 11.2 percent per annum to touch Rs 1,21,500 crore by FY24.

Digital, which has caused disruption in television and print, is poised to become the second largest segment after television with 20 percent share, and also the maximum advertising spend by FY22.

"By FY24, we expect digital advertising to be the largest medium with 39.5 percent share of total ad pie, surpassing TV," Menon said, adding digital is expected to grow 29.1 percent between FY19 and FY24 to reach Rs 62,100 crore.

The print industry, currently the second largest, has been buoyant largely due to growth in regional media growth, which is compensating for the slow growth in circulation.

Print grew 4.5 percent in FY19 to Rs 33,320 crore and is expected to grow 4.2 percent annually to touch Rs 40,850 crore by FY24.

"The English print circulation has declined in absolute numbers following growing digital migration, which is reflected with growing pressures on ad monetisation.

"More generally though, regional audiences and their demand for content in local languages has been one of the recent defining trends, also benefitting, besides print, almost every other segment of media and entertainment," he said. PTI DS BEN

HDFC Raising $1.4 Bn for its NBFC Arm through IPO

India’s largest private sector bank, HDFC Bank Ltd, is planning to go for an initial public offering (IPO) of its NBFC arm, HDB Financial Services Ltd., before March 31 in a deal that could see the company raise more than ₹100 billion ( ~ US$1.4 billion), reported Bloomberg, citing people aware of the development at HDFC which is yet not in public.

HDFC is working with Bank of America Corp. and Morgan Stanley to manage an initial public offering of its NBFC unit, said the report. The bank plans to sell the shares in HDB Financial Services Ltd. before March 31.

Founded in 2007, HDB Financial Services is a non-banking financial company (NBFC) that offers various products such as personal loans, commercial vehicle loans, gold loans, and loans against property.

As India is going through liquidity crunch and NBFCs are among who suffered most, HDFC aims to raise funds in order to expand its lending services through its shadow banking unit and selling shares in the unit will help the Aditya Puri-led bank raise funds.

The upcoming IPO is expected to be a mix of primary and secondary share sale and it will largely be a primary capital raising exercise given the current market conditions, said a report on same by LiveMint.

Notably, despite the NBFC crisis in the country when other NBFCs got hit by rising borrowing costs after the India witnessed shunning down of credit market post the infamous crisis at IL&FS, the credit profile of HDB Financial has remained unscathed even as many other shadow lenders in the country have suffered.

According to HDB website, HDBFS is accredited with CARE AAA & CRISIL AAA ratings for its long-term debt & Bank facilities and an A1+ rating for its short-term debt & commercial papers, making it a strong and reliable financial institution.

HDB Financial Services has about 1000 branches spread across 22 States & 3 Union Territories in India.

HDB Financial reported a profit of 11.5 billion rupees in the year ended March 31 on a total income of 87 billion rupees, data available on the lender’s website shows.

Fintech segment is one of the most lucrative business segment in India. To recall, Japan's SoftBank is too reportedly setting up a big fintech platform in India and for this Softbank is said to be finalizing a massive US$1 billion deal by investing $1 billion in Mumbai-based Piramal Enterprises' financial services arm, which primarily deals in wholesale and corporate debt.

Softbank Investing $1 Billion in India's Piramal Group to Setup a 'Big' FinTech Platform

Already a stakeholder in almost every top-notch startup of India, Japan's SoftBank is now reportedly all set to finalize a massive US$1 billion deal by investing $1 billion in Mumbai-based Piramal Enterprises' financial services arm, which primarily deals in wholesale and corporate debt.

The deal is in final stage and yet to be approved by the Board or any of the Committees of Piramal.

According to a report by Business Standard, if the deal happens then the financial arm of Piramal will not remain a subsidiary much longer as both Softbank and Piramal is planning to set up a big fintech platform, which will look to give loans across the board.

The deal, which is expected to close in about two months, would peg the value of the financial services arm of Piramal Group at over $4 billion, and the capital infused will be routed through Softbank's $100-billion vision fund.

"The two sides have been locked in conversation for a few weeks now and the handshake agreement was done earlier last week. The last details of the due diligence process are pending and the deal is officially expected to close in about two months."

A 35-year-old diversified conglomerate, Piramal Group is among Fortune 500 companies and has presence across various sectors such as healthcare, life sciences, drug discovery, healthcare information management, specialty glass packaging, financial services and real estate.

Piramal Enterprises, the largest company of Piramal Group, was formerly known as Piramal Healthcare Ltd, was ranked by Fortune 500 in the top-50 largest corporations across India. The UN Conference on Trade and Development’s World Investment Report 2011 ranked the group among the top 5 pharmaceutical contract manufacturers in the world.

This well networked and already-established feature of Piramal Group is a safe choice for Softbank to realise its ambition of having a big fintech platform in India, as it won’t have to spend too much on marketing or technology to gain market share as Pirramal is already has substantial market share in it.

Piramal Group itself has been looking to raise capital for a while and according to industry reports, there are very few investors who could infuse a large capital in all-cash deal. To raise growth capital for its financial services arm, Piramal had recently divested its entire stake in asset financing firm Shriram Transport Finance Company for approximately Rs 2,305 crore.

It was in 2013 when Piramal group had acquired 10% stake in Shriram Transport Finance Company.and in the same year it also purchased minority stakes in two more Shriram group firms, taking his total investments in the group firms to Rs 4,500 crore.

Notably, the possible Softbank-Piramal deal is different from Masayoshi Son-led SoftBank's usual business style. as it do not traditionally invest in listed companies in India. While, Piramal Enterprises is listed at both Bombay Stock Exchange and National Stock Exchange.

Digital Freight Logistics Firm Cogoport launches e-Shipping Platform in Chennai

Cogoport - India’s leading digital freight logistics business - is setting up office in Chennai, the capital of Tamil Nadu to meet significant interest and demand from shippers. Cogoport - which has already established its presence in cities such as Mumbai, Ahmedabad, Delhi/NCR, Rajkot, Pune, Jaipur and Rotterdam (Netherlands) - will now provide its range of export / import services to customers in Chennai and the wider Tamil Nadu region.

The development will boost strong demand for the export of products including cement, granite, leather, coir based products, seafood and agricultural commodities from the city port, while importers will also benefit from Cogoport’s newly launched import services from numerous points in Asia and Europe to India. The team will also extend its presence to Coimbatore and Tuticorin, both of which serve as the hub for auto, spices and textiles and goods made of coir.

In line with Cogoport’s belief in fostering young and diverse leaders and entrepreneurs, the Chennai region will be headed by 26-year-old Keerthi Nagendra. She previously worked with the AP Moller-Maersk group. A IIIT Allahabad graduate who holds a MBA degree from the prestigious Faculty of Management Studies (FMS) in Delhi, Keerthi then joined the Danish shipping giant where she held positions within Customer Service and Account Management, managing a portfolio worth US$15 million. She established the group’s e-retail and e-logistics verticals within India, Bangladesh and Sri Lanka.

[caption id="attachment_131419" align="aligncenter" width="1000"] Keerthi Nagendra[/caption]

Cogoport founder and CEO Purnendu Shekhar said: “Chennai and the wider Tamil Nadu state is a vibrant location for the development of SMEs - notably those that support the area’s industrial base in the automobile, computer, technology, hardware manufacturing and healthcare sectors. We have been waiting to launch Cogoport in Chennai and now, in Keerthi Nagendra, have found someone who can take our business forward in this important region."

He continued: “This is a significant step forward for Cogoport. Shippers now have a single ebooking platform to plan their logistics more easily and still take advantage of the 10-15% savings that customers tell us that we typically generate on their shipping costs.

Sharing her views, Keerthi said: “I’m really excited to take up the challenge of establishing Cogoport’s foothold in the Tamil Nadu region, which has huge market potential and is a big step forward for us. My early conversations with customers demonstrates that shippers are yet to truly adopt technology or understand the benefits that digitisation can have for their export and import supply chain. Our customers are already enjoying significant savings on the cost of their logistics with Cogoport and on the time otherwise spent making multiple calls to investigate the best partner for each and every shipment. Cogoport can add significant value to the SME community here by offering them greater productivity, service effectiveness and profitability.”

Cogoport’s technology, algorithms and analytics enable its users to manage their logistics more easily and responsively – with a choice of providers on port pairs, dedicated back-end booking confirmation and seamless shipment tracking. Users not only benefit from faster decision-making, transparent pricing and lower shipping costs but also automatically earn rewards on future shipments and from 90+ brand partners.

Cogoport launched its innovative digital freight marketplace in 2017, transforming the way customers previously booked their cargo shipments.

The Cogoport web platform removes the complexity that otherwise exists in the process of shipping containers – offering a comparative list of transparent pricing from more than 60 major international shipping line providers on city pairs across the globe. Cogoport also works with more than 40 non-vessel operating common carriers (NVOCCs) and 300 freight forwarders.

This single online platform has already attracted over 27,000 registered users, who can select their best solution in minutes, reducing the time previously spent on booking shipments, unnecessary complexity and their costs. Users can track the progress of their consignment at every stage of its journey, in real time, making life simpler for all involved in the logistics chain.

Cogoport is headquartered in Mumbai and has 12 offices across India and the Netherlands.

Store-based Retail to Lead Global Beauty Devices Market till 2024 - Research

Growing beauty consciousness along with rising awareness about beauty devices to drive global beauty devices market through 2024

According to TechSci Research report, “Global Beauty Devices Market By Purpose, By Distribution Channel, By Region, By Company, Competition, Forecast & Opportunities, 2024”, global beauty devices market is projected to grow at a steady pace during 2019-2024, on the back of rapid innovations in the skin care and hair care related industry. Moreover, growing consumer demand for portable devices with high battery backup is further positively impacting the growth of the beauty devices market. Additionally, increasing demand for high-quality skin care and hair care devices and the speedily growing online stores are some other factors that are anticipated to contributing to the growth of beauty devices market during the forecast period. Also, the increasing demand for devices used in the treatment of skin diseases such as acne, psoriasis, and atopic dermatitis has been crucial in expanding the market’s operation.

In terms of distribution channel, the beauty devices market is categorized into store-based retail and non-store-based retail. Store-based retail accounted for the majority share of global beauty devices market in 2018. Non-store-based retail is also witnessing a healthy growth owing to growing popularity of the e-commerce market. Moreover, e-commerce and technology are transforming this category with new user experiences, where luxury brands and small start-ups alike are racing to embrace e-commerce, making this channel even stronger.

In terms of region, the global beauty devices market is categorized into North America, Asia-Pacific, Europe, Middle East & Asia and Latin America. The market for beauty devices in North America was the largest in 2018 on account of presence of major manufacturers in the region and availability of a greater number of products in the region. Among the countries in the North America, US beauty devices market accounted for more than half of the North America beauty devices market in 2018. The growth US beauty devices market is majorly due to the wide acceptance of technologically advanced products and the presence of major industry players in the country.

According to TechSci Research report  “Global beauty devices market is anticipated to register a steady growth during forecast period. The growth in the market is led by technological advancements and rising beauty consciousness among women across the globe. Moreover, increasing air pollution levels along with rising concentration of pollutants in the air is resulting in various skin problems such as skin ageing, pigmentation, etc., which would further steer growth in global beauty devices market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Beauty Devices Market By Purpose, By Distribution Channel, By Region, By Company, Competition, Forecast & Opportunities, 2024”, has evaluated the future growth potential of global beauty devices market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global beauty devices market.

OYO to Launch in New York, Los Angeles, San Fransisco; To Invest ₹2000 Cr for US Expansion

India's homegrown hospitality firm OYO has announced plans to invest $300 million (~ ₹ 2,087 crore) over the next few years to grow its presence across cities in the United States. The investment made will be utlized for expanding OYO footprint in the US for growth, talent acquisition, competency building and infrastructure development.

Currently managing over 50 hotels in more than 35 cities in the US including Dallas, Houston, Augusta, Atlanta and Miami, OYO will soon launch in major US cities like New York, Los Angeles and San Francisco. This growth will be driven by two of OYO's flagship brands -- OYO Hotels and OYO Townhouse.

OYO Founder & CEO, Ritesh Agarwal said in a statement, "As a full-scale hotel chain, we strive to bring real value to both real estate owners and guests – and we’re convinced there is unlimited potential for rapid growth in our newest home market, the United States."

Last month, OYO entered Europe and even managed to acquire @Leisure Group, one of the leading vacation rental companies in the region, from its parent Axel Springer for about $415 million.

Recently, OYO Wizard, the loyalty rewards program of the company, has reached 1.5 million subscribers contributing to about 25% of total OYO bookings, claimed the company. According to the company, over 6,000 hotels under OYO’s 9000 hotels portfolio in India have already partnered with OYO Wizard program so far.

Launched in 2013, OYO Hotels & Homes claims to be the world’s sixth-largest chain of hotels, homes, managed living and workspaces. OYO founder Ritesh Agarwal is the first resident Asian to be accepted to the Thiel Fellowship, which was started by Paypal founder Peter Thiel.

Ritesh was featured in Forbes 30 under 30 in Consumer Tech (2016) for creating a global disruptor. OYO was recently chosen as India’s Most Promising Hotel Network (HolidayIQ Better Holiday Awards 2017) and has received several accolades including Express IT Startup of the Year Award (2015), NDTV Dream Chaser of the Year (2016) and IAMAI Digital Startup of the Year (2016).

SoftBank funded True Balance Launches Recharge Loans for its 70 Million Users

True Balance, a one-stop payment solution app backed by Japan based multinational Soft Bank Group Corp has introduced ‘Recharge Loans’ a new digital loan service for its 70 million users. True Balance is offering first time ever less than Rs. 500 recharge loan service to their users. Recharge Loans can be used by a user for all the services offered by True Balance. A user can make easy payments of electricity bills, mobile and DTH recharges with a nominal interest rate in three installments valid for 20 days.

True Balance has partnered with Happy Loans, a Mumbai based NBFC which offers digital lending and provides service that aims to quickly connect customers with lending partners that offer loans that may work for them.

"India is a potential market for the fintech industry waiting to be tapped with around 1 billion unbanked people yet to be brought under the umbrella of financial inclusion. All our services are meant to empower Indians beyond just the metros and create greater financial inclusion. Since launch, True Paylater has clocked 1Mn transactions. We are sure with the introduction of Recharge Loan service; our transaction numbers would increase and provide our users a choice of lending options. We have grown over the last two years with a total of 95 mn transactions worth 700 crores (USD 100Mn) and we will continue to strengthen our services with a focus on bringing financial inclusion to everyone’s doorstep”, said Charlie Lee, Founder of True Balance.

While True Balance started off as a balance check application, the brand has evolved its model to move into financial services for that section of economy who need money for living. As part of the future strategy, True Balance is focused to provide financial products and services suiting their needs like Insurance, handset loan, etc. The brand’s last financial product ‘True Pay Later’ credit service received phenomenal response from the customers with 1Mn transactions in just three months. Recharge Loans is also a new service from the brand to continue its effort to enable users to fulfil their daily requirements without the pressure of paying the amount in one go.

True Balance has developed its own unique alternate credit scoring system. Our Alternate Credit scoring system methodology backed by Data science and machine learning is helping us to address the genuine borrowers. Our vision is to bring innovative loan products to the people who need it the most in the rural areas. We want to give our customers a choice of loan products and build a one to one relationship with them”, said Anil Gupta, General Manager, Digital Lending Business.

The Recharge Loan service will help ease out the cash flow of users. True balance has also raised an amount of financing from India’s largest private bank as a part of series B2 fundraising round which concluded on 2018 March. The funds raised will be used by True Balance to further expand its services across areas including loans, insurance and UPI. True Balance is also holding IR sessions for Series C by end of October 2019 and the raised funds will be further utilised for aggressive service development and enhancement, marketing and talent acquisition.

In 2014, the mobile application True balance was launched by Mr. Cheolwon Lee (Charlie Lee), an alumnus of the University of Chicago to empower the next billion and to enable seamless mobile bill recharges, utility bill payment, True Pay Later which has garnered more than 70 million downloads so far. True balance is ‘One Stop Payment “solution for all utility bill payments and foresees to provide small loans for these services to its users.

True Balance is aiming to serve India 2 and 3 with utility payment and providing financial platform for all. True Balance is aligned with the mission of digital India and focus on providing the rural population an experience for easy and safe utility bill management and payments through use of mobile technology.

How Can Print Marketing Help You Stand Out In A Competitive Industry?

Print marketing is making a major comeback in India, with a new report by IPG Mediabrands stating that print media ad revenues grew to Rs 22,121.8 crore in 2018, and are expected to rise to Rs 22,424.3 crore throughout 2019.

In a world in which many online users have grown distrustful of the plethora of information accessed from the Internet, print is growing worldwide, in terms of distribution numbers, readership, and geography.

In an era in which information can be deleted, edited, and reuploaded in a matter of seconds, printed information has come to be no less than disruptive. “Verba volant, scrīpta mānentç” (“Words fly, written words remain”), says the old Latin proverb, and the permanence of script is just one reason why people have regained interest in print.

By the time information makes it to print, it will have been well researched and verified – unless, of course, the writer is impervious to his or her words – something that is highly unlikely in publicity and information-based or technical text.

Print Has The Ability To Engage Readers For Longer

Print provides a higher engagement factor than online information, and it makes sense, considering that the average Indian audience member has so much competing online input onhand at all times – think Instagram, news channels, Facebook, Twitter, etc. Attention spans are becoming shorter, with many websites attracting just a few seconds of attention from their reader. A recent Canadian study, however, found that “direct mail requires 21% less cognitive effort to process than digital media, suggesting it is both easier to understand and more memorable.”

Another study by researchers at Temple University also found that engagement, emotional reaction, memory, desirability for a product, and valuation of a product or service were also higher when print was utilized.

Print Ups The Trust Factor

One way to really stand out against your competitors is by gaining their trust. The Indian Readership Survey Q1 2019 showed that print is a trustworthy medium for audiences. As noted by Raj Jain, CEO of the Times Group, however, using print does not mean failing to avail of the best that digital has to offer. After all, “the consumer today is an avoid user of all media and all mediums play specific roles in his/her life.”

What Are The Challenges Of Print?

Printed content requires more work. So many templates exist for online websites, while filters, editing apps, and features such as stories make social media easy and ‘instant’ means of communicating with your clients. Print is different.

To be considered high quality, it requires forward planning, the use of high-resolution, professional imagery, and accurate, grammatically correct text, since last-minute corrections are impossible. However, companies can get around time constraints by relying on professional designers and printers, or perhaps even considering adding a small design department to their existing structure. Companies can also buy stamps online in bulk to avoid time wasted at the post office and make more efficient use of their employees’ schedules.

Choosing The Right Things To Print

Print will require a bigger budget than simply uploading content to your website or social media. Therefore, it is vital to establish the frequency and type of material your company can benefit from printing. In addition to being used in direct advertising, print can also be used to share key industry information, to inform your audience of new regulations and laws in your industry, or simply to invite them to enjoy the type of lifestyle your company stands for. You can begin by establishing a schedule and starting off with a small run for VIP clients, eventually expanding your mailing list dependent on the type of feedback you get.

Print contributes a significant amount to the total advertising revenue in India, accounting for almost 41.2%, according to the India Brand Equity Foundation. You don’t have to use print simply to send catalogues or ads to your clients. Print can also be used to establish your business as an authority, to boost brand loyalty and trust, and to add dashes of nostalgia and luxury to your communications with clients.

For Uninterrupted Supply of Quality Medical Devices, Indian MedTech Association Demands Cuts in Taxes & Duties

Medical Technology Association of India (MTaI), which represents leading research-based medical technology companies with large footprint in manufacturing, R&D and training in India, today said Union Budget 2019-20 should reduce taxes and duties to enable continuous supply of quality medical devices in the country.

The current regulatory regime mandates absolute price ceiling for medical devices like orthopaedic implants and stents, and allows a limited 10% annual price increase for other notified products. This is irrespective of cost challenges and exchange rate increases faced by companies. Approximately, 70% of medical devices are imported into India to meet the rising demand for quality healthcare.

“India is witnessing a spurt in demand for quality healthcare, and our member companies are committed to providing the latest technology in the Indian market. Since the government is trying to reduce the cost of healthcare, it must do so without compromising the ability of the industry to bring innovation to the Indian patients, this also requires streamlining of the tax structure and rationalization of duty regime with immediate effect,” MTaI Director, Mr. Sanjay Bhutani said.

The following issues need immediate measures in the budget this year:

1. High Custom Duties: High custom duties have adversely impacted the costs of products in India which contradicts the government’s efforts to provide low-cost healthcare available to masses through the Ayushman Bharat program (PMJAY). We seek reduction of custom duties to 2.5% including all surcharges.Additionally, since the custom duty regime on most medical devices in neighbouring countries of Nepal, Myanmar, Sri-Lanka, and Bhutan is lower than in India, the duty differential could lead to smuggling of low-bulk-high-value devices. The result will not only be loss of revenue for the government but also the patient will be beset with products which are not backed by adequate legal and service guarantees.
   

   Comparison of customs duty in India with neighbouring countries

   
    
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   

   Item	HSN Code	India*	Sri Lanka	Bhutan	Nepal	Myanmar
   Orthopedic appliances and artificial implants	9021	8.25%	Nil	Nil	Nil	1.5%
   Surgical Instruments and Appliances	9018	8.25%	Nil	Nil	5%	1.5%

   
   *Includes Social Welfare Surcharge @10% of import duty
   
   Another point to note is that China, which has near self-sufficiency in segments like consumables, has reduced custom duties from 4% to 3.3% recently to avoid the problem of smuggling and to inject competition in the sector.


2. Customs Duty & GST on Spare Parts: Custom duty on spare parts of the medical equipment are currently charged at a higher rate than the equipment itself. For example Heart Lung Machine attracts basic custom duty of 7.5% & GST of 12% whereas its spare parts like Roller Pump attracts basic customs duty of 10% and GST of 18%. Similarly, GST on Contact Lenses is 12%, whereas the Contact Lens Solution which is the essential part of using Contact Lenses attract 18% GST. We recommend that the same customs duty and GST should be charged on spare parts and medical equipment.


3. Tax Holiday for R&D: Tax holiday should be provided to medical device R&D centres under the Transfer Pricing Act to boost investment in setting up in-house R&D capabilities. We also seek tax incentives for the industry for developing global patents from India and tax deduction on income made by individuals or a company for rewards earned on patent development or patent licensing.


4. Minimum Alternate Tax: We urge the government to reduce Minimum Alternative Tax (MAT) rate to 15% from the present effective rate of 21.34% (including surcharge and education Cess). The high rate of MAT has cast substantial burden on companies which are already affected by various external factors. Conceptually, MAT is a minimum and an alternate tax and hence it should not be at a rate which is more than 50% of the basic corporate tax rate. 


5. GST on Trials and Samples: GST should not be charged on trials and samples as doctors need samples/free trials/demos in order to satisfy themselves on efficacy of product in best interest of patients. Cost of trials are already built into cost structures and is a business expense. 


6. GST on Expiries: Medical device suppliers take back product expiries as per best business practice, and in order to ensure product availability at all times. However, the input GST needs to be reversed on such expiries which causes undue loss to the Industry, raising their cost of operations. We recommend that for market expiry replacements, the GST credit be available to suppliers as normal supplies. Cost of expiries are already built into cost structures and hence is a business expense and not allowing input credit contradicts basic edifice of GST.


7. Time-limit of 6 months on Sale on Approval (SOA) transaction in GST: Hospitals require device suppliers to keep critical devices in all sizes, shapes, sizes as the actual need is known only at the last minute at the time of surgery. Hence complying with the 6 months norm for charge of GST is causing a lot of distress for device suppliers and hospitals. A 24 months period will allow device suppliers to keep entire variants without issue of GST exposure on unconsumed items, while also not impacting critical patient care. 


8. GST on Healthcare Services: Healthcare services are currently exempt from GST. As a result, hospitals are not able to claim GST input. This results in higher cost of treatment for the patient.  Once zero rated, Hospitals will be able to avail GST credit on inputs, leading to lower healthcare services cost.


9. Expenditure on CSR: Expenditure on CSR is being disallowed in tax computation. CSR Expenditure has been mandated under law and therefore should be claimable as tax deductible expenditure.


10. Tax Incentives on Exports:Currently, there are no tax benefits on export income. Export being a growth engine for the economy it is important that efforts should be made to make it competitive in the international market. India’s export performance in last 2-3 years has been on a decline which impacts the balance of trade. Introduction of export incentives related to direct tax exemption for the export profits would attract more investments to sectors like medical devices.

About Medical Technology Association of India (MTaI)

Medical Technology Association of India (MTaI – pronounced as Em-tai) is a not-for-profit organization duly registered under sub-section (2) of section 7 of the Companies Act, 2013 and Rule 8 of the Companies (Incorporation) Rules, 2014.

MTaI is an association of research-based medical technology companies who have made remarkable investments in Manufacturing, R&D and Health Care Workers Training in India. MTaI represents a wide spectrum of the medical device industry with global experience in innovation and manufacturing. All the time stressing on the three hallmarks of healthcare - Quality, Consistency and Patient Safety, MTaI wants to be a responsible voice of the industry. The association is committed to improving access to affordable and quality healthcare for patients.

MTaI looks to partner with the Government of India in setting a roadmap for the growth of medical devices sector by bringing in even bigger investments in this sector, through 'Make in India’ and through technology upgradation and dissemination in the provider space.

FarEye Launches AI-based Real-Time Dynamic Routing for On-Time Hyperlocal Deliveries for Shippers

Digital logistics platform, FarEye, has announced the launch of its AI-based real-time dynamic routing feature to empower on-time and cost-effective deliveries which will majorly impact the hyperlocal and grocery delivery industry that demands quick turn-around-time. FarEye helps shippers to reduce costs, improve service and drive innovation.

The technology empowers businesses to minimize empty mile journeys, eliminate vehicle idling time and optimize the productivity of delivery executives by assigning them highly efficient routes.

Inefficient route mapping, inability to deliver on time, poor productivity, increasing delivery costs, empty mile journeys, vehicle idling, and poor visibility has been weighing down the supply chain and logistics operations for a long time. FarEye’s real-time dynamic routing capabilities help enterprises by automatically dispatching on-demand orders. The orders are assigned based on capacity, driver proximity and service time constraints. It also ensures that ad-hoc delivery requirements and cancellations are met while keeping costs, SLAs and ETAs intact.

A key area where FarEye’s real-time dynamic routing makes a difference is fleet utilization. FarEye’s engine addresses the most exhaustive constraints that disrupt transportation operations. Some of these include driver-route mapping, pickup windows, delivery windows, no-entry time windows, tonnage, empty miles cost, running and waiting costs, etc. FarEye helped the world's largest pizza delivery chain to reduce delivery time by 27% and enabled the biggest logistics company to increase courier productivity by 15%.

“The food delivery market is on an exponential rise, with more than 2 million transactions made in a day in India alone. Globally, the online food delivery market is expected to reach US$ 112 Billion by 2023. In such a high growing landscape, businesses need real-time insights on routes, fleet productivity and ability to make changes on the go. Dynamic routing capabilities enable businesses to get more competitive by empowering them to deliver delightful customer experiences and boost profitability,” Kushal Nahata, CEO & Co-founder, FarEye.

FarEye is one of India’s fastest growing start-ups with a 280% increase in ARR year on year. Clocking triple-digit revenue growth since the past 3 years, FarEye is now targeting a 325% growth in revenue this fiscal. FarEye facilitates over 65 million transactions per day, enabling more than 150 enterprises across 20+ countries.

Key Benefits of FarEye’s Real-Time Dynamic Routing

• Increased visibility




• Reduce Empty miles and boost fleet productivity




• Optimize capacity utilization




• Ensure profitability per order




• Increase in on time deliveries and accurate ETAs




• Insights into route wise performance




• Greater delivery scalability

Sequoia-backed Urban Ladder Downsizes 25% of Employees in Jan-March

UPDATE - 11 June 2019

The following are Ashish Goel's (CEO of Urban Ladder) remarks on the sudden reportage of the employee layoffs that occurred nearly three months ago

[blockquote footer="Ashish Goel"]As an organization, February and March were not easy months for us, as we are a company that deeply appreciates its employees. Having said that, after taking those tough calls, we are happy to know that the employees we did part ways with have used Urban Ladder as a great stepping stone to pursue other, great opportunities within the industry and beyond.

We look forward to the future as we have some exciting things in store in the upcoming few months.[/blockquote]

In February/March, 90 employees (from the head office alone) had been let go from the organization - the previous total headcount number was 957 and now is 711 which amounts to about 25% (and not 40% as sources online have revealed today) which includes third party employees and resources.

---

Online furniture retailing startup Urban Ladder is breathing shallow and in order to survive the Sequoia Capital backed furniture retailer has downsized its total workforce by 40% 25% and even top executives made exits from the startup in last few months, reported Business Line.

According to the report, which refers industry sources including former Urban Ladder employees, the Bangalore-based startup let go of 40% of its employees in the quarter that ended in March. The Business Line report also cites that its leadership team claims it is just a couple of months away from turning EBITDA (earnings before interest, tax, depreciation and amortisation) positive.

The downsizing of employees were carried out across all levels, functions and geographies and now the company counts 700 s its total headcounts, said the report.

Just two years back, Urban Ladder had hired Ajit Joshi as President and COO of the company however within mere two years he has resigned in March, citing personal reasons. Joshi is a retail veteran with 30 years of experience And prior to Urban Ladder he used to drive the business at electronics retailer Croma (a Tata Enterprise) as its CEO and MD.

Besides Joshi, other top executives have also moved on and those were heading Urban Clap's various functions, including Operations and Supply Chain, Sales and Marketing, Product, Engineering and HR.

Unable to raise more funding as well not turning profitable were the major reasons cited by the Urban Ladder management to the employees who were handed pink slips. Launched in 2012, Urban Ladder has raised a total of about $112 Mn in eight rounds far, with last funding came in debt fundraise from Trifecta Capital.

When asked why the company resorted to a second round of layoffs, Ashish Goel, co-founder and CEO of Urban Ladder, said it was absolutely necessary. “We had no other option. We would have shut down if we hadn’t asked them to leave,” said the report citing the CEO.

Ashish Goel further said in a statement, "We have made more than our share of mistakes and have made some tough, painful decisions and gone through a reset from January to March. Now, we are on track to be profitable at the EBITDA level next month and our goal is to deliver ₹8-10 crore of EBITDA this fiscal. It’s not a big number, but it is a start."

Urban Clap, which also counts Ratan Tata as its investor, had tied up with Tata Housing in early 2017, to offer design solutions for homes in Mumbai, Bengaluru and Gurgaon with its exclusive range of products.

Later in August of same year, the startup received single brand retail trade (SBRT) licence wherein the company is allowed to on-board foreign players to have 49% stake under automatic route, and FDI beyond 49% and up to 100% through government approval route.

However, the newly introduced FDI policy in e-commerce is said to be primary reason behind Urban Ladder’s inability to raise funds from new investors as the new FDI norms are making potential investors cautious. “With little or no resources to continue with operations till things played out, Urban Ladder was forced to resort to mass layoffs,” said one of the sources of the report.

Thomson Reuters Financial & Risk Business Becomes Refinitiv in India

The Financial and Risk business of Thomson Reuters is now part of the Refinitiv group in India, following the close of the India-specific deal that formed part of the global partnership between US private equity group Blackstone and Thomson Reuters in October 2018.

The new name, Refinitiv, was created based on feedback from customers and industry influencers on the value of the Thomson Reuters Financial & Risk business to the industry. It is a name that aims to blend definitive action in financial markets and a bold focus on the future with a 160-year legacy of excellence as a pioneer in financial technology.

Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. It provides leading data and insights, trading, open data and technology platforms that connect a thriving global financial markets community - driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.

The company has had a presence in India since 1851 and now has offices in Mumbai, Delhi and Mangalore as well as an operations centre in Bangalore employing over 4500 people.

“We are proud to formally become part of Refinitiv in India, an exciting and strategic market for us globally. We will continue to deliver the critical data, insights and open technology infrastructure that the Indian market has come to expect from us while driving progress for our customers across financial markets,” said David Craig, CEO at Refinitiv.

“We are excited to launch as the Refinitiv brand in India, following the close of the deal. Our brand is at the cusp of new beginnings in the ever evolving and dynamic financial services industry. We look forward to continuing to work closely to support our customers, employees, partners and stakeholders across the India market,” said Gautam Verma, Managing Director, South Asia at Refinitiv.

Viaan Industries ties with Zee TV to Present Season-2 of India’s 1st-Ever Interactive LIVE Gameshow – ‘LagaoBoli'

Entrepreneur Raj Kundra and his celebrity wife Shilpa Shetty Kundra founded Viaan Industries Ltd, a popular gaming, entertainment & technology company, has announced their partnership with Zee TV to air a unique live, interactive game show called ‘LagaoBoli’. The format is an exclusive IP of Viaan Industries Ltd and will start airing from 18th August 2019 on Zee TV.

“LagaoBoli” is a new concept where TV viewers can bid LIVE for a brand new car or other products from the comfort of their home via the LagaoBoli app or website www.lagaoboli.com. The person who places the lowest unique bid will see their picture; name and location LIVE on the TV channel. The bidding rules are such that the lowest unique bid with two decimal places wins the product. The game show will be hosted by Paritosh Tripathi and his crew who entertain the audience with spontaneous wit and humor. As part of the show, Paritosh also interviews celebrities every week. The show premieres on Zee TV at 6pm on 18th August 2019.

The germination of the show’s concept came from an insight that TV viewers sitting back at home often identify themselves with game show participants and feel an impulse to participate in a thrilling experience of competing for a prize that offers spot gratification. LagaoBoli gives this opportunity to everyone with a phone to be a part of a televised live game show.

Viaan Industries has not only developed the show but also the technology that runs the show’s auction platform. Every episode will have three products to bid for and 25 bids will be given free to all those who sign up to participate. Beyond the free bids, viewers can buy extra bid credits from the app or website. All bids start at just 0.01 paisa!

Commenting on the development, Mr. Raj Kundra, CMD, Viaan Industries Ltd. said:
“Viaan Industries Limited is excited to present to television audiences the second season to India’s first live game show to be aired from 18th August 2019 on India’s leading entertainment channel Zee TV. In this live game show format, the audience has an opportunity to take home a brand new car every week. LagaoBoli is a 24/7 app bidding platform where people can bid and buy brand new products at up to 90% off their retail prices. Our partnerships with leading media and entertainment companies – both domestic and global, gives us the necessary momentum to continue our efforts towards establishing a strong presence in the gaming, licensing & animation space in the years to come.”

Aparna Bhosle, Zee TV Business Head said, “In the course of our experimentation with new formats, we came across LagaoBoli – a unique concept developed by Raj Kundra and Shilpa Shetty Kundra’s Viaan Industries that involves and includes viewers sitting back at home in a LIVE interactive game show. The proposition of winning cars and other expensive products week on week at throw-away prices through the concept of reverse bidding where the lowest unique bid walks away with the product is bound to create excitement amongst our audiences.”
About Viaan Industries Ltd

Headquartered in Mumbai, India, Viaan Industries has a strong and growing presence across the promising sunrise sectors of Entertainment, Gaming, Licensing and Animation. The company’s vision is to drive a lifestyle change in masses through its technology offerings. Their unique business offerings enable the stakeholders, distributors and customers to be a part of the Indian growth story.

Amazon AWS Recognizes Namaste Credit’s AI-based Credit Assessment Solution for Banks and NBFCs

Bangalore-based Namaste Credit, a leading AI-based credit discovery and assessment platform, today announced that Amazon Web Services (AWS) has recognized its groundbreaking usage of AI to process SME loan applications more efficiently.

Namaste Credit’s AI-based credit assessment solution for banks and NBFCs allows them gather, categorize, and analyze data from scanned documents, thus reducing processing time for complex loans from over 3 days to under 3 hours.

The company has filed three patents on its product offering and licenses it to lenders as a SaaS (software-as-a-service) solution, which is hosted on Amazon Web Services and can be deployed quickly.

In a special keynote address delivered at AWS FinTech Day, which brought together key stakeholders from the financial community to discuss India’s future in FinTech, Lucas Bianchi, co-founder and director, Namaste Credit said that banks and NBFCs using its AI-based solution are able to significantly improve their underwriting of SMEs.

“We are leveraging AI and NLP in SME credit application sourcing and processing. It is built to solve real-world problems of SME credit, thereby creating an impact in the SME ecosystem. Today, our product is helping leading banks and NBFCs to automate credit assessment and make credit decision more intelligent and seamless”, Mr. Bianchi added.

In 2018 Namaste Credit raised $3.8 million in a Series A funding led by Nexus Venture Partners. It plans to further grow the number of its technology licensing partnerships with leading lenders in India and across the globe.

Founded in 2014 and headquartered in Bangalore, the company has set up an online platform that improves the entire loan process from application to underwriting.

A Round Up of Top E-Learning Trends 2019

Today, India is struggling with two major challenges of unemployability and skill-gap, and lack of quality education and hands-on learning is not helping with the fact. To cope with the same, the students of India are turning to e-learning (through MOOCs, online trainings and courses). With rising awareness, students find online learning to be one of the best ways to explore their interests, pick up new skills, gain practical experience, and become career-ready.

Why online learning?

In addition to providing high quality education, online learning offers affordable and accessible learning to the students. How? E-learning brings quality learning material from subject matter experts and academicians to the comfort of their homes and provides the learners, a flexibility to learn anytime and anywhere. Additionally, online learning costs only a fraction of what students are expected to pay at offline coaching centres. 



In order to help those students who wish to learn new skills and become job-ready, we have compiled the following e-learning trends, the data for which has been taken from Internshala Trainings.

1. 6x growth in students opting for e-learning: Over the span of 3 years (from 2015 to 2018), the number of students pursuing online learning has increased by six times. The reason behind this the rise in awareness among students regarding their careers and how they could build a resume with relevant skills and experience in order to stand out among their peers and land their dream jobs.
   
   

2. Top 5 in-demand online trainings: With the advent of technology and the rise of startups, a lot of exciting career opportunities are being created in the fields of engineering and management. As a result of this, students are actively learning skills like Web Development, Python Programming, Android App Development, Digital Marketing, and C/C++ Programming.

3. Reasons why students opt e-learning: The major reasons why students are taking up online trainings are to gain a new skill (40% learners), to improve their prospects of getting an internship or a job in the future (34% learners), and to build academic or hobby projects. Apart from this, students also pursue e-learning to gain certifications to add to their resume or to fulfil their college requirements.


4. Female candidates are also actively pursuing e-learning:In India, especially in tier-2 and 3 cities, often female candidates find it difficult to travel distances to learn new skills in good coaching centres. E-learning has given them an opportunity to gain in-demand skills from the comfort of their homes as a result of which we have found that 44% of the online learners is comprised of female candidates.

4. 60% users prefer learning through desktop/laptops:Even though nowadays, students are more active on their mobiles, they still prefer learning through laptops/desktops as it provides better visibility and a better environment for hands-on learning.

6. Popular months to pursue online courses:It is common for the students to utilise their summer and winter vacations to learn new skills which is why the most popular months among learners are summer months of April, May, and June, and the winter month of December. 

7. Average time spent on e-learning per day: The average spent on online learning is approximately two hours every day. In addition to this, students are mostly active between 5:00-11:00 PM as they either have to attend college during the day or pursue an internship.

Courtesy: Sarvesh Agrawal is the founder and CEO of Internshala, an internships and trainings platform.



 

Microfinance Industry Grows by 38% YoY in FY 2018-19 : MFIN Micrometer

Microfinance Institutions Network (MFIN), an RBI recognized self-regulatory organization and industry association of the microfinance industry in India, in its release issued today stated that the entire microfinance industry has witnessed a growth of 38% over Q4 FY 17-18 with the total loan portfolio (GLP) at Rs 1,87,386 crore as on 31 March 2019. As per Micrometer, the total number of microfinance accounts were at 9.33 crore as on 31 March 2019, showing a growth of 21.9% over Q4 FY 17-18.

Non-Banking Finance Company-Microfinance Institutions (NBFC-MFIs) hold the largest share of portfolio in micro-credit with total loan outstanding of Rs 68,868 crore, which is 36.8% of total micro-credit universe. As on 31 March 2019, aggregated GLP of NBFC-MFIs stood at Rs 68,207 Cr, YoY growth of 47% in comparison to 31 March 2018 and 13% over the quarter ending 31 December 2018.

According to Harsh Shrivastava, CEO, MFIN, “In 2018-19, microfinance in India showed rapid growth, regionally-balanced growth, and resilient growth. Apart from the growth in loan size and loan accounts, the growth of the staff of NBFC-MFIs was also heartening at 34%, now totaling to 1,04,973 people. Eastern India’s growth continues with Bihar and Odisha now ranked 2 and 3 in terms of States. The microfinance industry showed its resilience by growing steadily in spite of liquidity squeeze that all NBFCs faced in Q3 and natural disasters like cyclones and drought. The continuing trust that women borrowers across the nation have in the microfinance model is a matter of pride for all us—and this motivates MFIN to keep promoting responsible finance."

In the microfinance universe, NBFC-MFIs’ share stands at 36.8%, Banks contribute 32.6%, Small Finance Banks have 18.5% share whereas NBFCs’ share is 11% and Non-profit MFIs account for 1.1%.

MFIN Members constitute 53 NBFC-MFIs and collectively they have disbursed 3.25 crore loans worth Rs 82,928 crore during Financial year 18-19. Compared with financial year 17-18, there has been a YoY increase of 28% in number of loans disbursed and 44% in loan amount disbursed.

During FY 18-19, NBFC-MFIs received a total of Rs 35,759 crore in debt funding (from Banks and other Financial Institutions). This represents a growth of 63% compared to FY 17-18. Total equity grew by 42% during the same period and is at Rs 14,206 crore. In terms of regional distribution of portfolio (GLP), East and North East accounts for 38% of the total NBFC MFI portfolio, South 24%, North 14%, West 15% and Central contributes 9%.

As of 31 March 2019, the banks had a microfinance portfolio of Rs 61,046 crore, depicting a growth of 36% over last one year while SFBs showed a growth of around 25%. The NBFCs witnessed the highest growth in portfolio of around 59% over the last year.

The Asset Liability Management (ALM) analysis shows that all sizes of NBFC-MFIs are well placed in terms of ALM across various buckets. The borrowings of MFIs are of longer term while assets are of shorter-term and as a result, they have a comfortable gap as on 31 March 2019 to manage their obligations for the upcoming quarter and up to the next 12 months.

About Microfinance Institutions Network

MFIN is the premier industry association and Self-Regulatory Organization (SRO) for the microfinance industry in India and its current primary members consists of 53 NBFC-MFIs along with 38 Associates including Banks, Small Finance Banks (SFBs) and NBFCs. MFIN works closely with regulators and other key stakeholders to achieve the larger financial inclusions goals through microfinance.

$5.75 Mn Tax Scam Unearthed at Beverage Firm Co-owned by SAIF Partners

Vadodara, Gujarat-based Manpasand Beverages Ltd (MBL), known for MangoSip - a mango drink brand, and OXY Sip - a packaged drinking water, is suddenly in a centre of controversy as Central GST Commissionerate of Vadodara,Gujarat has unearthed a ₹ 40 crore (~ US$5.75 Mn ) goods and services tax (GST) scam in the company, which is backed by private equity firm SAIF Partners, which hold 25% stake in MBL.

According to Business Standard, citing CGST commissionerate sources, MBL allegedly created and showed sales and purchases across more than 30 fake units.

In a latest, MBL founder Dhirendra Singh, his brother Hashvardhan Singh, Managing Director Abhishek Singh and chief financial officer Paresh Thakkar were arrested after a raid on May 23 by the Central GST Commissionerate Vadodara for GST fraud amounting to ₹40 crore.

It was in 2011, when the private equity firm SAIF Partners reportedly picked up a 25 percent stake in MBL for Rs 45-50 crore, with an earnings multiple of 30.

The report further said that ever since Deloitte resigned as auditor for Manpasand Beverages has been in controversy, which is then eventually came out open when top management executives of MBL were arrested cementing the speculations.

Established in 1998, by current Chairman and Managing Director Dhirendra Singh, MBL boasted its presence in rural and tier-2 and 3 markets when its multinational competitors were ruling the metros and top cities.

MBL counts celebrities as its brands' endorsement adverts. While Bollywood actor Sunny Deol is brand endorser of 'MangoSip', actress Tapsi Pannu endorses its 'MangoSip' brand. MBL's ready-to-drink oral rehydration salts (ORS) sports drink is endorsed by boxing champ Mary Kom.



By 2018, the company was congratulating itself on reaching out to these markets with a distribution strength of 600,000 outlets.

"MBL was also on its way to setting up its fourth plant in the country. Its manufacturing plants in Vadodara, Varanasi and Sri City are either operational or under construction," said the report.

Usually the cases one comes across show companies running real units, but acquiring fake invoices here and there to claim input tax credit (ITC). But in case of MBL, it has been found that the company set up several fake units and across the country at that. Real purchase and sale transactions were then shown with values inflating with each transaction in order to claim a cumulatively large sum of input tax credit," a source said.

The company allegedly showed inter-unit transactions worth over Rs 300 crore wherein ITC would come up to Rs 40 crore. Government sources said that these transactions were found to have taken place in 2018-19.

In this case, MBL allegedly showed inter-unit transactions worth Rs 300 crore, which led to an accumulation of input tax credit (ITC) of Rs 40 crore. According to CGST commissionerate sources, the transactions took place on several occasions in 2018-19, beginning three-four months ago.

Independent chartered accountants and corporate law experts who have followed the case said the circular trading involved one of the real units showing a sales transaction to a fake unit, which is then followed by a string of similar transactions, adding a slight margin at each stage and eventually landing up as a purchase transaction by a real unit of MBL.

“The real unit which shows purchase in the end can now claim tax credit on the inflated value at each stage. Mostly, it is even difficult for auditors to find out such a long trail of 30 fake units because there are no RoC (Registrar of Companies) records. Also, there is no law in the country that prohibits such kinds of circular trading. Only CGST intelligence can smell it when they follow the trail on their system and find that these are similar or even same transactions shown again and again,” said an independent corporate law expert.

For SAIF, which is investor in companies like Book My Show, MakeMyTrip, Paytm and FirstCry among others, MBL is not its first portfolio firm that came into controversy as earlier an another SAIF Partners-backed Infrastructure Leasing & Financial Services (IL&FS) came in to controversy for alleged fraud and causing wrongful loss to the troubled infrastructure lender.

Last month, a former vice chairman of IL&FS, Hari Sankaran, was arrested by Serious Fraud Investigation Office (SFIO). He is accused of granting loans to entities that were not credit-worthy or declared as non-performing accounts causing loss to the company and its creditors.

Coincidentally, IL&FS also had Deloitte as its auditor at that time and according to SFIO the initial probe revealed the existence of major lapses in Deloitte’s audit of IL&FS subsidiary.

Global Algae Products Market to Reach $ 15 Billion by 2024

Increasing demand from healthy food sector, particularly from manufacturers of healthy foods and supplements coupled with rising demand from pharmaceutical and cosmetic sectors for manufacturing therapeutic drugs and natural cosmetic products to drive global algae products market through 2024

According to TechSci Research report, “Global Algae Products Market By Source, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global algae products market is projected to reach $ 14.99 billion by 2024, backed by rising demand in healthy food products, pharmaceutical and cosmetic sectors. Moreover, increasing application of algae products for generating biofuel is expected to drive the market during forecast period. According to CIA factbook, humans consume 11 billion tonnes of oil from fossil fuels, annually, across the globe. Crude oil reserves are expected to vanish by 2060. Algae can be used to produce biofuels, such as ethanol and biodiesel. Under the photosynthesis process, algae can create 15 times more oil per acre than what can be achieved from other plants used for producing biofuels, such as corn and switchgrass.

Browse 2 market data Tables and 114 Figures spread through 116 Pages and an in-depth TOC on
"Global Algae Products Market",
DIC Corporation, BASF SE, Koninklijke DSM N.V., Corbion N.V., Cyanotech Corporation, AlgaTechnologies Ltd., Algaetech International Sdn Bhd and Tianjin Norland Biotech Co., Ltd. are some of the leading players in global algae products market. North America dominated global algae products market in 2018 and is expected to maintain its dominating market position in coming years as well. Global algae products market can be broadly categorized on the basis of source into microalgae and microalgae. The microalgae segment dominated the market in 2018, backed by the high value proposition of algae products in the pharmaceutical sector, replacing several synthetically manufactured pharmaceutical products.

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According to TechSci Research “Algae are highly sensitive to change in environmental conditions. The production hubs for different types of algae are fragmented across the world. China, Japan, South Korea and other eastern countries are the production hubs for macroalgae, while North America and South America are the production hubs for microalgae. The market is highly fragmented in terms of number of players and type of algae products offered. Since different end use industries require different grades of algae, manufacturers in global algae products market are focusing on specific industries by developing specific types of strain of algae. The leading players in the market are microalgae product manufacturers, majorly for the pharmaceutical and food & beverage industries.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Algae Products Market By Source, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global algae products market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global algae products market.

Zoomcar brings 100% Off on Car Rentals With Its 'LoveYouBack' Initiative

Zoomcar has completed six years into promoting self-drive and shared mobility solutions in India. On its 6th year anniversary, it has come up with a ground-breaking new offer to usher the country into a wave of shared mobility services. Under its new ‘LoveYouBack’ Sale, Zoomcar is giving 100% OFF on all self-drive bookings made on 29-30-31st May for booking period from 8th June to 25th Nov. Which means users get the ride for FREE.

Zoomcar has completed six years into promoting self-drive and shared mobility solutions in India. On its 6th year anniversary, it has come up with a ground-breaking new offer to usher the country into a wave of shared mobility services. Under its new ‘LoveYouBack’ Sale, Zoomcar is giving 100% OFF on all self-drive bookings made on 29-30-31st May for booking period from 8th June to 25th Nov. Which means users get the ride for FREE. Apart from the whopping 100% OFF, the cornerstone of the sale event is the fact that customers get to avail the offer with ZERO Cancellation charges! Which basically immunes them against any kind of loss even if they do advance booking for any period between June’19 to Nov’19 but then cancel it owing to change of plans.

Apart from Zoomcar's gigantic offer, Free Flight Vouchers from Paytm Flights and Experiential Holiday Vouchers from Club Mahindra are up for grab. Not only that, there's an assured discount hamper of INR 10,000/- from partners like OYO, Flipkart, Titan, Cleartrip and Paytm on every booking.

Commenting on the latest development, Greg Moran, Founder & CEO, Zoomcar, said, “Six years really fly! For Zoomcar, it's been an incredible journey since we pioneered the concept of self-drive rentals in India. From our first city in 2013 to our 47th city in 2019, we've served over 7 million transactions. Nearly 5 million individuals have experienced a Zoomcar over this time. Simply put, this journey wouldn't have been possible without our esteemed customer base. To help show our appreciation, we're giving back a healthy dose of self-drive love in the form of a special anniversary sale to commemorate 6 years on the road. From May 29-31st, we're opening up our vast inventory ever to self-drive enthusiasts to avail 100% OFF on every car booking they make for the booking period between 8th June till 25th Nov, a once in a generation offers across the board.”
About Zoomcar

Zoomcar holds the distinction of being India’s first self-drive mobility platform, with the introduction of car sharing services in 2013 and today is the market leader in the self-drive space with over 7000 cars in its fleet. With a strong focus on the mobile experience, Zoomcar allows users to rent cars by the hour, day, week, or month. Headquartered in Bangalore, Zoomcar is over 250 people strong and operates in nearly 45 cities across India. In 2017, Zoomcar introduced India’s first peer2peer based marketplace for cars with the launch of ZAP Subscribe. In February 2018, Zoomcar inaugurated India’s first car subscription program under the ZAP umbrella.