Friday, November 8, 2024

Zinka Logistics Solutions Limited’s Initial Public Offering to open on Wednesday, November 13, 2024, price band set at ₹259/- to ₹273/- per Equity Share

Mumbai, November 08, 2024: Zinka Logistics Solutions Limited, India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators in the country transacting on our platform in Fiscal 2024, which comprises 27.52% of India’s truck operators, has fixed the price band of ₹259/- to ₹273/- per Equity Share of face value ₹1/- each for its maiden initial public offer.

The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Wednesday, November 13, 2024, for subscription and close on Monday, November 18, 2024. Investors can bid for a minimum of 54 Equity Shares and in multiples of 54 Equity Shares thereafter.

The IPO is a mix of fresh issue of up to Rs 550 crore and an offer of sale up to 20,685,800 equity shares by Promoters and Investors Selling Shareholders.  A discount of Rs 25 per equity share is being offered to eligible employees bidding in the employee reservation portion.

The proceeds from its fresh issuance will be utilized to the extent of Rs 200 crore for funding towards sales and marketing costs, Rs 140 crore for investment in Blackbuck Finserve Private Limited for financing the augmentation of its capital base to meet its future capital requirements, Rs 75 crore for funding of expenditure in relation to product development, and general corporate purposes.

Zinka Logistics is dedicated to transforming the trucking industry in India by digitally empowering truck operators to manage their businesses and increase their earnings. The company’s innovative BlackBuck app serves as a comprehensive platform, providing solutions for payments, telematics, load management, and vehicle financing.

As of June 30, 2024, Zinka Logistics had a significant presence, employing 1,849 permanent employees and engaging 3,688 contract workers. By Fiscal 2024, the company had grown its fleet to 963,345 truck operators, up from 482,446 in Fiscal 2022, representing 27.52% of India’s truck operators. The company's extensive reach is reflected in its network of 9,374 touchpoints (as of June 30,2024), covering 80% of India's districts, including all major transportation hubs and 76% of the toll plaza network. This extensive network helps the company onboard and service customers efficiently.

Zinka Logistics processed a gross transaction value (GTV) of ₹5,356.20 crore and ₹17,396.19 crore in payments in the three months ended June 30, 2024 and Fiscal 2024. The payments platform addresses significant expenses for truck operators, such as tolls and fuel. The company partners with FASTag banks and multiple oil marketing companies (OMCs) to offer efficient and secure tolling and fueling solutions, generating revenue through commission margins based on transaction values.

As of and for the three months period ended June 30, 2024, Zinka Logistics had 310,989 monthly transacting users utilizing at least two services, facilitating over 128.31 million transactions. This reflects the company's success in providing integrated solutions that cater to various needs of truck operators, enhancing their business operations and profitability.

Zinka Logistics' consolidated revenue from continuing operations increased by 69.01% to ₹296.92 crore in Fiscal 2024 from ₹175.68 crore in Fiscal 2023, primarily due to an increase in its average monthly transacting truck operators, which led to an increase in its commission income, subscription fees, and service fees.

 

For the three months ended June 30, 2024, revenue from continuing operations stood at ₹92.17 crore and Profit after tax stood at ₹28.67 crore.

 

Axis Capital Limited, Morgan Stanley India Company Private Limited, JM Financial Limited, and IIFL Capital Services Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the offer.

 

The offer is being made through the book-building process, wherein not less than 75% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the net offer shall be available for allocation to non-institutional investors, and not more than 10% of the net offer shall be available for allocation to retail individual investors.

 

Notes for Reference:

Issue Size of the IPO based on the upper and lower end of the price band

 

Fresh  

OFS (20,685,800 equity shares)

Total

Lower Band (@Rs 259)

Rs 550 crore

Rs 535.76 crore

Rs 1,085.76 crore

Upper Band (@Rs 273)

Rs 550 crore

Rs 564.72 crore

Rs 1,114.72 crore

 

 

 

Thursday, November 7, 2024

A DECEMBER TO REMEMBER - WORLD TENNIS LEAGUE SEASON 3 BRINGS A STELLAR MUSICAL LINEUP

Global music sensations including Bryan Adams, Anastacia, Akon and Sean Paul to perform at the Etihad Arena next month


Abu Dhabi, November 6, 2024: With just over a month to go until World Tennis League returns for its third season, the excitement for ‘The Greatest Show on Court!’ is palpable. Supported by Abu Dhabi Sports Council (ADSC), in collaboration with the Department of Culture and Tourism - Abu Dhabi (DCT) and Miral, WTL Season 3 will find its home at the iconic Etihad Arena at Yas Island, from December 19-22, 2024.

 

While 16 world-class players will deliver some courtside thrills during the day, at night, global artists will take the spectators on a musical journey. This year, legendary rock icon Bryan Adams, American pop diva Anastacia, and Grammy Award-winning artists Akon and Sean Paul are set to take the stage.

 

Bryan Adams will kickstart the entertainment gala on the opening night (December 19) and is expected to play his timeless hits, including Summer of ’69, Run to You, and more. The following evening (December 20), Anastacia will captivate the audience with her powerful voice and chart-topping hits like I'm Outta Love, Not That Kind and Freak of Nature, amongst several others. 

 

Akon, who comes back to WTL for the second time, will close the penultimate day of the league (December 21) performing the likes of his global hits including Lonely, I Wanna Love You, Right Now (Na Na Na) and several others. He will be joined by Reggae legend Sean Paul, who will bring his signature style to the stage as spectators groove to hits like Temperature, Get Busy, We Be Burnin', and more.

 

Building on the success of its previous seasons, WTL has established itself as a premier event that seamlessly blends elite tennis with electrifying musical performances. Tennis and music lovers can book their tickets from https://www.etihadarena.ae/en/world-tennis-league or https://abu-dhabi.platinumlist.net/event-tickets/93107/world-tennis-league-presents-the-greatest-show-on-court-at-etihad-arena-abu-dhabi-2024.

SEBI Chairperson, to Inaugurate 52nd National Convention of Company Secretaries in Mumbai on ‘India@2047: Expanding Horizons for Professionals’

 


Mumbai, November 7, 2024– The Institute of Company Secretaries of India (ICSI) is gearing up for its 52nd National Convention, which is to be inaugurated by Smt. Madhabi Puri Buch, SEBI Chairperson. The event is scheduled to take place at Hotel Sahara Star in Mumbai from November 8th to 10th, 2024. As a precursor to this significant event, a press conference was addressed by CS B Narasimhan, President of the ICSI, to provide insights into the convention's theme, “India@2047: Expanding Horizons for Professionals,”.

"We are excited to announce the 52nd National Convention, themed ‘India@2047: Expanding Horizons for Professionals.’ This event will bring together industry leaders, policymakers, and experts to discuss and deliberate on critical issues shaping India’s future. We will delve deep into topics such as sustainable development, corporate governance, and the pivotal role of Company Secretaries in driving economic growth. We look forward to a fruitful and insightful convention." said CS B Narasimhan, President, ICSI.

ICSI has been actively working towards advancing initiatives in corporate governance, sustainable development, and professional excellence.

The ICSI Guiding Principles on Stewardship (IGPS) is a pioneering framework offering institutional investors guidance on sustainable and ethical investment practices, aligning with global ESG standards. Recognizing workplace inclusivity, ICSI has also developed a Governance and Compliance Standard on the Prevention, Prohibition, and Redressal of Sexual Harassment at the Workplace to standardize complaint handling, inquiry processes, and training, supporting gender-neutral policies and safe environments.

To address judicial efficiency, the ICSI International ADR Centre aims to alleviate court backlogs with a dedicated platform for expeditious dispute resolution. In social governance, the ICSI Institute of Social Auditors (ISA)strengthens impact assessments and auditor registration, supported by new Social Audit Standards (ICSI SAS 1 - ICSI SAS 16) for conducting audits across various social activities.

For startups and MSMEs, the ICSI Start-up and MSME Catalyst provides comprehensive support in areas like finance, compliance, and registration, empowering small businesses. ICSI continues to recognize outstanding governance with the National Awards for Excellence in Corporate Governance, while new systems like Unique Document Identification Number (UDIN) and Employee Company Secretaries Identification Number (eCSin) bolster transparency and accountability across certification and employment practices.

The 52nd National Convention is all slated to showcase ICSI's commitment to driving positive change and shaping the future of Indian businesses.

Crompton Launches the Nigella Pro Mixer Grinder to Revolutionize Kitchen Convenience



07 November 2024, Mumbai – Crompton Greaves Consumer Electricals Limited, renowned for its long-standing commitment to technological advancement and consumer satisfaction, unveils its newest addition to its kitchen appliance portfolio – the Nigella Pro 500W Mixer Grinder. Crafted to enhance the cooking experience by seamlessly blending functionality with modern aesthetics, the Crompton Nigella Pro is an essential addition to any home. Designed for efficiency and convenience, it meets all your culinary needs. With its powerful 500W Powertron Motor, it delivers quick grinding and blending, helping you save valuable time in your daily cooking routine.

With its powerful cooking capacity, the Crompton Nigella Pro mixer grinder is made to simplify your cooking tasks. This multipurpose grinder provides efficiency and convenience with its many jars for blending, grinding, storing, and carrying ingredients, thereby, effortlessly saving valuable time. The Nigella Pro is a dependable partner for your cooking projects because of its continuous 30-minute grinding capability, which guarantees smooth functioning for even the most demanding recipes. Whether you're blending a quick morning smoothie, preparing baby food, or crafting flavorful chutneys, the Nigella Pro Mixer Grinder is not just another kitchen appliance—it’s a lifestyle enhancer. Designed for maximum efficiency and convenience, it boasts unique Grind, Blend, Store, and Carry jars that meet all your culinary needs. Moreover, with its powerful 500W Powertron Motor, this mixer grinder ensures swift grinding and blending, helping you save precious time while effortlessly grinding the hardest ingredients.

 

The Nigella Pro mixer grinder is designed to elevate your culinary experience which handles the toughest tasks, from blending ice to providing the best grinding of the delicate ingredients.

·        Grind, Blend, Store & Carry Jars: The Nigella Pro includes specially designed inverted PC jars with cover lids and sipper caps, allowing you to seamlessly transition from grinding to storage and even on-the-go.

·        Uninterrupted Grinding: Experience 30 minutes of continuous grinding, perfect for those larger batches without the hassle of frequent interruptions.

·        Ergonomically Designed: The large knob is easy to operate, ensuring a user-friendly experience for everyone in the household.

·        Enhanced Airflow and Aesthetics: The innovative honeycomb vents not only improve airflow for efficient operation but also add a modern touch to your kitchen decor.

·        Ease of Cleaning and Usage: The transparent PC jars allow you to monitor your blending consistency, making it easier than ever to achieve your desired texture.

With the Nigella Pro Mixer Grinder, Crompton is committed to enhancing everyday cooking experiences, providing the perfect balance of power, convenience, and style.

 

Speaking about the company’s newly launched product, Ketan Chaudhari, PL Head, Small Domestic Appliances at Crompton Greaves Consumer Electricals Ltd., said, "With the launch of the Nigella Pro Mixer Grinder, we are excited to redefine convenience in the kitchen for our customers. This innovative product enhances the cooking experience, allowing users to effortlessly prepare a variety of dishes, from nutritious smoothies to flavorful chutneys. Designed to meet the evolving needs of today’s busy lifestyles, the Nigella Pro empowers our customers to lead healthier lives with ease. Its unique features, including Grind, Blend, Store, and Carry jars, make meal preparation efficient and enjoyable. Equipped with a powerful 500W Powertron Motor and advanced Motor Vent-X technology, the Nigella Pro ensures optimal performance and longevity. Whether you're a busy professional or a culinary enthusiast, this mixer grinder is an indispensable tool that caters to all cooking needs, reflecting our commitment to providing quality appliances that simplify life."

 

The Nigella Pro, with corrosion & leakage-free stainless steel jars are set to transform the blending experience in household across India. The price of the product is INR 3500 and is available at all Crompton authorized retail outlets and leading ecommerce platforms. This innovative product is poised to make morning’s easier, meals healthier, and lives simpler

Crompton Launches the Nigella Pro Mixer Grinder to Revolutionize Kitchen Convenience

 07 November 2024, Mumbai – Crompton Greaves Consumer Electricals Limited, renowned for its long-standing commitment to technological advancement and consumer satisfaction, unveils its newest addition to its kitchen appliance portfolio – the Nigella Pro 500W Mixer Grinder. Crafted to enhance the cooking experience by seamlessly blending functionality with modern aesthetics, the Crompton Nigella Pro is an essential addition to any home. Designed for efficiency and convenience, it meets all your culinary needs. With its powerful 500W Powertron Motor, it delivers quick grinding and blending, helping you save valuable time in your daily cooking routine.

With its powerful cooking capacity, the Crompton Nigella Pro mixer grinder is made to simplify your cooking tasks. This multipurpose grinder provides efficiency and convenience with its many jars for blending, grinding, storing, and carrying ingredients, thereby, effortlessly saving valuable time. The Nigella Pro is a dependable partner for your cooking projects because of its continuous 30-minute grinding capability, which guarantees smooth functioning for even the most demanding recipes. Whether you're blending a quick morning smoothie, preparing baby food, or crafting flavorful chutneys, the Nigella Pro Mixer Grinder is not just another kitchen appliance—it’s a lifestyle enhancer. Designed for maximum efficiency and convenience, it boasts unique Grind, Blend, Store, and Carry jars that meet all your culinary needs. Moreover, with its powerful 500W Powertron Motor, this mixer grinder ensures swift grinding and blending, helping you save precious time while effortlessly grinding the hardest ingredients.

 

The Nigella Pro mixer grinder is designed to elevate your culinary experience which handles the toughest tasks, from blending ice to providing the best grinding of the delicate ingredients.

·         Grind, Blend, Store & Carry Jars: The Nigella Pro includes specially designed inverted PC jars with cover lids and sipper caps, allowing you to seamlessly transition from grinding to storage and even on-the-go.

·         Uninterrupted Grinding: Experience 30 minutes of continuous grinding, perfect for those larger batches without the hassle of frequent interruptions.

·         Ergonomically Designed: The large knob is easy to operate, ensuring a user-friendly experience for everyone in the household.

·         Enhanced Airflow and Aesthetics: The innovative honeycomb vents not only improve airflow for efficient operation but also add a modern touch to your kitchen decor.

·         Ease of Cleaning and Usage: The transparent PC jars allow you to monitor your blending consistency, making it easier than ever to achieve your desired texture.

With the Nigella Pro Mixer Grinder, Crompton is committed to enhancing everyday cooking experiences, providing the perfect balance of power, convenience, and style.

 

Speaking about the company’s newly launched product, Ketan Chaudhari, PL Head, Small Domestic Appliances at Crompton Greaves Consumer Electricals Ltd., said, "With the launch of the Nigella Pro Mixer Grinder, we are excited to redefine convenience in the kitchen for our customers. This innovative product enhances the cooking experience, allowing users to effortlessly prepare a variety of dishes, from nutritious smoothies to flavorful chutneys. Designed to meet the evolving needs of today’s busy lifestyles, the Nigella Pro empowers our customers to lead healthier lives with ease. Its unique features, including Grind, Blend, Store, and Carry jars, make meal preparation efficient and enjoyable. Equipped with a powerful 500W Powertron Motor and advanced Motor Vent-X technology, the Nigella Pro ensures optimal performance and longevity. Whether you're a busy professional or a culinary enthusiast, this mixer grinder is an indispensable tool that caters to all cooking needs, reflecting our commitment to providing quality appliances that simplify life."

 

The Nigella Pro, with corrosion & leakage-free stainless steel jars are set to transform the blending experience in household across India. The price of the product is INR 3500 and is available at all Crompton authorized retail outlets and leading ecommerce platforms. This innovative product is poised to make morning’s easier, meals healthier, and lives simpler

 


Wednesday, November 6, 2024

Utkarsh Small Finance Bank Limited’s First Sustainability Report, Highlights Commitment to Green Banking


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Highlights:

·       Utkarsh SFBL proudly announces the release of its inaugural Sustainability Report for FY 2023-24

·       The Report is a significant milestone in the Bank’s journey towards integrating Environmental, Social, and Governance (ESG) principles

·       The comprehensive report, titled “U-SUSTAIN,” highlights the Bank’s strategic initiatives and achievements in promoting sustainable development and responsible banking

Mumbai – Utkarsh Small Finance Bank Limited proudly announces the release of its inaugural Sustainability Report for FY 2023-24, marking a significant milestone in the Bank’s journey towards integrating Environmental, Social, and Governance (ESG) principles into its core operations. This comprehensive report, titled “U-SUSTAIN,” highlights the Bank’s strategic initiatives and achievements in promoting sustainable development and responsible banking.

Key Highlights of the Sustainability Report:

·        ESG Strategy: Detailed insights into the Bank’s ESG policy, climate risk management, and sustainable resource consumption.

·        Environmental Initiatives: Achievements in energy efficiency, waste management, and the adoption of green technologies.

·        Social Impact: Efforts in financial inclusion, community engagement, and employee diversity and development.

·        Governance: Strong governance framework ensuring transparency, accountability, and ethical business practices.

Commenting on the Sustainability Report, Mr. Govind Singh, MD & CEO, Utkarsh Small Finance Bank Limited, “We are delighted to present our first Sustainability Report, which underscores our unwavering commitment to ESG principles. At Utkarsh Small Finance Bank Limited, we believe that sustainable banking is not just a responsibility but a path to creating long-term value for our stakeholders. This report reflects our dedication to fostering a resilient and inclusive financial ecosystem while addressing the pressing environmental and social challenges of our time.”

The full Sustainability Report is now available on the Bank’s official website. Stakeholders and the public are encouraged to visit www.utkarsh.bank to access the detailed report and learn more about the Bank’s ESG initiatives.

 

MODIFI Secures Strategic Investment from SMBC Asia Rising Fund to fuel Asian exports by SMEs

 Fintech leader strengthens position in cross-border B2B payments and trade finance, eyeing rapid growth across Asia, including China and India.

 

Mumbai, 6th November 2024 -- MODIFI, a leading global platform in B2B Buy Now, Pay Later (BNPL) solutions, today announced the successful completion of a $15 million funding round led by SMBC Asia Rising Fund with participation from existing investors Maersk, IntesaSanPaolo, Heliad and other top-tier global investors. Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s leading banks and a major financial force in the APAC region, brings both capital and strategic alignment to the partnership. Beyond the equity investment, MODIFI and SMBC have signed a Memorandum of Understanding (MoU) to jointly advance digital solutions that support SME exporters across Asia in expanding their international trade operations. Through a series of joint initiatives, MODIFI and SMBC aim to empower SMEs with innovative cross-border financing solutions.

 

The announcement comes on the sidelines of Singapore Fintech Festival, showcasing MODIFI's drive for innovation in the global fintech landscape. This new capital infusion will accelerate MODIFI's expansion, particularly in high-growth markets like China and India, where the company has already made significant inroads. MODIFI’s platform delivers critical liquidity and flexible payment terms to small and medium-sized enterprises (SMEs), helping them optimize cash flow and expand their international reach.

 

"The funding underscores the strength of our business and the confidence our investors have in our vision for the future," said Nelson Holzner, CEO and Co-founder of MODIFI. "As global commerce evolves, MODIFI is at the forefront, providing innovative solutions that empower businesses to scale and succeed across borders."

 

MODIFI's exponential growth has solidified its position as a market leader in cross-border payments and trade finance. Recognized by Financial Times and Statista as one of the Fastest Growing European Fintech Companies in 2024, MODIFI has facilitated over $3 billion in global trade for more than 1,800 companies since it was founded in 2018. The platform offers instant working capital approval, alongside integrated risk management tools that shield businesses from buyer defaults and fraud.

 

"Our mission is simple: We empower SMEs to compete and thrive in the global market with fast, flexible, and secure payment solutions," added Holzner. "With this fresh funding, we’re set to redefine global trade finance—ensuring businesses of all sizes can unlock the liquidity and get the protection they need to grow internationally."

 

"By transforming cross-border supply chain finance for the digital age with their global presence, we believe MODIFI supports SMEs to scale their export businesses with ease. We look forward to collaborating with MODIFI to empower our corporate clients to expand their businesses globally with agility and financial flexibility overcoming traditional trade barriers.”, said Keiji Matsunaga, General Manager of Digital Strategy Department, SMBC.

 

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About MODIFI

MODIFI is redefining global trade finance as a leader in B2B Buy Now, Pay Later (BNPL) solutions. Trusted by businesses across 55+ countries, MODIFI provides cutting-edge tools that optimize working capital and streamline cross-border payments. Through its extensive global network, MODIFI delivers fast, flexible, and secure financial solutions, helping companies expand their international footprint with ease. By integrating advanced risk management features and seamless payment processes, MODIFI is setting new benchmarks in global commerce, empowering businesses of all sizes to thrive in a rapidly evolving market.

About SMBC and SMBC Asia Rising Fund

SMBC, one of the leading banks in Japan, co-funded SMBC Asia Rising Fund with Incubate Fund which is a corporate venture capital fund, for the purpose of accelerating business development and partnerships through investments in high potential start-ups operating actively in Asia. Through this fund, SMBC Group will enhance its business and provide clients with new solutions by uncovering/ applying new technologies via partnerships with investee firms and the development of new business models and products.

 

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