13 JANUARY 2024 E BOOK

13 January 2024 | B W BUSINESSWORLD | 51 expected to witness a rise in investments due to a spurt in real estate development activity backed by healthy demand, particularly in the retail and logistics sectors. “We could also see the listing of the fourth office REIT and a couple of infrastructure investment trusts (InvITs) in 2024, along with expansion of existing REIT portfolios and diversification of institutional investor base across the listed REITs,” says Magazine. The Global Capability Centres (GCC) are also expected to scale up their operations in India, which would boost demand for both conventional as well as flexible office spaces. Besides, mature GCC occupiers, with a large existing footprint and long-term vision, could explore large-sized campus developments in top cities, say experts. Looking at 2024, Pradeep Aggarwal, Founder & Chairman, Signature Global, a Gurugram-based leading developer says, “The anticipated growth in demand for mid-range housing, luxury housing mirrors the evolving preferences of homebuyers and signifies the resilience and adaptability inherent in the real estate market particularly locations like 37D, Sector 71, Dwarka Expressway and South of Gurugram. The anticipated growth in demand aligns with the broader landscape, as the Indian real estate sector is poised to jump multi-fold in the coming years.” Experts add that sustainability and environmentally conscious features are anticipated to gain further prominence in luxury real estate and other housing segments as both developers and buyers are likely to prioritise properties that align with green living and offer energy-efficient solutions. Leaders in the real estate sector underscore the critical role of government incentives in lightening the financial load on prospective homebuyers. Citing past triumphs, such as the effectiveness of reduced stamp duties and premiums, industry stalwarts say these incentives as indispensable tools for sustaining the current surge in residential sales. Beyond merely stimulating market activity, these measures are necessary for democratising homeownership, rendering it more accessible across a diverse demographic spectrum. [email protected] The demand for projects in the mid-end and budget/ affordable category (Rs 45 lakh to Rs 1 crore) is projected to remain strong, aligning with the trends of the past couple of years Photograph by Jayant Bahel

52 | B W BUSINESSWORLD | 13 January 2024 HE FIRST NINE months of 2023 saw a notable surge in India’s realty sector, with residential launches growing 12 per cent YoY. This is so, as robust demand across diverse market segments, coupled with supportive government initiatives, has created an environment conducive to growth. The relentless impact of urbanisation and population growth is driving the need for additional housing, prompting developers to respond with increased project launches. The surge in demand for luxury premium properties suggests a growing segment of the population with an affinity for high-end living experiences and enhanced amenities. This shift in consumer preferences has prompted developers to focus their efforts on creating and marketing upscale residential projects. Conversely, the shrinkage in sales of affordable housing may be influenced by various factors, including economic considerations, relatively greater shrinkage in affordability, changing demographic profiles, or shifts in the overall housing demand. Developers, keen on maximising their market responsiveness, have adjusted their product offerings to align with the prevailing demand for premium residences. Commercial Sector In the first nine months of 2023, the Indian commercial real estate sector witnessed a diverse mix of occupiers. The end-use segmentation of occupied office spaces provides insights into the evolving preferences and strategic directions of businesses. Approximately 36 per cent of the occupied office spaces cater to businesses with a primary focus on the Indian market, underlining the enduring strength of domestic consumption. The IT sector, constituting 12 per cent of occupied spaces, albeit a decline, emphasises the integral role technology plays in the commercial real estate fabric. Notably, 31 per cent of the occupied office spaces are attributed to Global Capability Centres, reflecting the ongoing trend of multinational corporations establishing their global operations or shared service centres in India. Flexible workspaces, representing 21 per cent of occupied spaces, underscore the growing popularity and adoption of flexible work arrangements. Investments & The Way Forward During Jan-Sept, India’s real estate sector received $3.02 billion in PE investments across office, warehousing, and residential sectors. However, this marked a conservative shift in investment strategies, reflecting the measured approach taken by investors in response to tightened investment standards and pervasive geopolitical uncertainty. The office sector claimed a substantial share, constituting 58 per cent of all private equity investments. Warehousing followed at 23 per cent, and residential investments accounted for 19 per cent. Overall, homebuyer demand remains robust, with potential concerns over the lower value segment. Shifts in market dynamics, with mid and premium segments leading sales, reflect evolving demographics, rising incomes, and diverse financing options. The warehousing sector’s robust show is led by the pivotal role of the 3PL sector and substantial growth in manufacturing. Renewed focus on manufacturing promises sustained growth in the warehousing sector. This comprehensive outlook underscores the promising trajectory and adaptability of India’s real estate landscape. WHAT TO EXPECT IN 2024 By SHISHIR BAIJAL, Chairman & MD, Knight Frank India GROWTH AND ADAPTABILITY Robust demand across diverse market segments, coupled with supportive government initiatives, has created an environment conducive to growth T REAL ESTATE

54 | B W BUSINESSWORLD | 13 January 2024 I NDIA’S TELECOMMUNICATIONS industry has firmly established itself as the world’s second-largest with a subscriber base of 1.179 billion as of August 2023, encompassing both wireless and wireline subscribers. The nation’s tele-density stands at an impressive 84.69 per cent, with rural areas showcasing immense potential at 58 per cent, and urban areas soaring at an outstanding 133.55 per cent. The industry’s commitment to technological leap was underscored by Indian telecom service providers, who completed their 5G rollout obligations across all 22 licensed service areas in just 10 months. This achievement not only positioned India as the second-largest 5G network globally but also exemplified the sector’s alignment with the ‘Digital India’ vision. Further, the advent of 6G technology marked another milestone for India in the digital frontier. Prime Minister Narendra Modi’s release of India’s 6G Vision document outlined ambitious goals, including a targeted 6G deployment by 2030. High-level panels and the establishment of 6G labs by industry leaders like Nokia and Ericsson signify a collective effort to shape India’s telecom future. Data Revolution The data boom is palpable, with internet subscribers numbering a staggering 881.25 million by the end of March 2023. Notably, 40.62 per cent of these subscribers belong to rural areas, showcasing the widening digital reach. The average monthly data consumption per wireless subscriber has increased from 61.66 MB in March 2014 to an impressive 17.36 GB in March 2023. The industry’s exponential growth is fuelled by a host of factors, including affordable tariffs, widespread availability, mobile number portability, expanding 3G and 4G coverage, evolving subscriber consumption patterns, government initiatives supporting domestic telecom manufacturing, and a favourable regulatory environment. Looking Ahead At 2024 As we celebrate the monumental achievements of 2023, the stage is set for an even WHAT TO EXPECT IN 2024 TELECOM THE BUZZ NEVER STOPS HERE Expansion of 5G along with bigticket investments and a vast base of active users are set to keep the telecom sector’s growth engines buzzing By Ashish Sinha

55 | B W BUSINESSWORLD | 13 January 2024 more promising future in 2024 for the Indian telecom sector. The government’s approval for the auction of IMT/5G spectrum for 5G service deployment within the country, held successfully by the end of July 2022 and grossing $18.77 billion, paves the way for enhanced digital connectivity. Notably, the telecom sector, already the fourth-largest in terms of FDI inflows and contributing 6 per cent of total FDI inflows, continues to be a major employment generator, supporting 2.2 million direct and 1.8 million indirect jobs. With 100 per cent foreign direct investment allowed in the telecom sector, the stage is set for continued international collaboration and investments. The handset boom is poised to escalate further, with India on track to become the world’s second-largest smartphone market by 2025. As per projections, India will have around one billion installed devices and an estimated 920 million unique mobile subscribers by 2025, including 88 million 5G connections. The anticipated contribution of approximately $450 billion to the Indian economy from 2023 to 2040 through 5G technology reflects the sector’s significant role in shaping India’s economic landscape. As we head into 2024, the trajectory of the telecom sector is surely one of celebration and anticipation. The groundwork done in 2023, coupled with visionary goals and collaborative efforts, positions the industry to scale even greater heights, further solidifying its global prominence and contributing substantially to India’s digital revolution. Trends to Watch Out For Telecom sector expert Charu Paliwal says sustainability, AI, and cybersecurity are key trends to watch out for in 2024. “Telcos are increasingly implementing sustainability initiatives in their operations. Efforts to make next-generation 5G gear greener, eliminate e-waste, reduce carbon footprints, and wider ESG tracking and reporting are being pushed. Sustainability will certainly be a key focus in 2024,” says Paliwal. As for AI, Paliwal says the telecom industry is already leveraging it for an array of applications, be it network optimisation, customer service support through virtual assistants, personalised recommendations, and more. “In 2024, it is expected that the use of AI, particularly Generative AI, will become more mainstream,” Paliwal adds. In 2024, the telecom capex growth is expected taper as operators finish their 5G network buildouts and reduce their spending amid a slowdown and aggressive competition, according to Paliwal. Lt. Gen. Dr S.P. Kochhar, Director General, Cellular Operators Association of India, says, “The industry’s expectations revolve around leveraging 5G for a multitude of applications and fostering an environment that takes India towards a digitally empowered future.” He hopes that the evolving regulatory landscape is expected to play a pivotal role in addressing challenges, providing a supportive framework for innovation while maintaining fair competition. [email protected] GROWING CONNECTIONS Photograph by Pchvector nWorld’s 2nd-largest subscriber base of 1.17 bn nActive internet users to reach 900 mn by 2025 nTo manufacture handsets worth $126 bn by FY26 n Telecom is the 4th largest sector for FDI inflows

56 | B W BUSINESSWORLD | 13 January 2024 DURING CALENDAR year 2023 quarterly results discussions, blockbuster dealmaking took centre stage for India’s top IT players. Despite the spotlight, the financial payoff has yet to materialise amid a slump in discretionary spending throughout the year. The $250-billion Indian IT services sector is unmistakably bracing for a near-term slowdown, influenced by restrained tech investments in the US and European markets grappling with high interest rates and inflation. This is reflected in consistent revenue guidance cuts across major IT players as they deal with tough market conditions. Complicating matters, global disruptions like Russia’s prolonged war in Ukraine and the Israel-Hamas conflict add another layer of complexity to an already challenging landscape. In a note in October, JP Morgan analysts said that investors had assumed FY24 to be a washout and shifted focus to FY25, hoping for a rebound. With two quarters still to go in FY24, the situation looks pretty grim for the sector. Guidance Takes A Hit Infosys revised its FY24 revenue growth guidance from 1 per cent-3.5 per cent in Q1 FY24 to a narrower range of 1 per cent-2.5 per cent in Q2 FY24, citing challenges such as reduced discretionary spending and delayed decisionmaking in an uncertain macro-environment. On similar lines, HCLTech, which had initially projected 6-8 per cent constant currency revenue growth for FY24, adjusted its guidance to 5-6 per cent in Q2. Despite this, the company maintained its 18-19 per cent operating margin target. Meanwhile, Wipro, anticipating a challenging macro environment, provided a negative revenue growth guidance of -3 per cent to -1 per cent for Q2 FY24. The company expected to sustain its 16 per cent margin amid uncertainties, attributing a -0.6 per cent decline in constant currency terms to market uncertainties and a slowdown in discretionary spending. These adjustments highlight the industry’s sensitivity to evolving economic conditions and the companies’ strategies to navigate a changing landscape. “Even as enterprises continue focusing on cost optimisation, improving efficiency, automation, etc., deal bookings by IT service providers are expected to remain strong in the upcoming quarters. However, the large deals signed so far are expected to ramp up mostly in the latter part of FY 2024-25. The impact of the upcoming deals on service provider revenues for FY25 is still uncertain, given the volatile environment,” affirms Harish Krishnakumar, Senior Market Analyst, Enterprise IT Services & Cloud, India, IDC. Credit ratings agency Icra expects the revenue growth of the Indian IT services industry to moderate to 3-5 per cent in FY2024 (in dollar terms) versus ~10 per cent in FY2023. It says the slowdown is expected to persist for another couple of quarters, which translates to H1 of 2024 WHAT TO EXPECT IN 2024 ANOTHER WASHOUT YEAR FOR IT? India’s IT services sector is bracing for a near-term slowdown as tech investments in the US and European markets are likely to remain muted due to high interest rates and inflation By Rohit Chintapali I T e S

13 January 2024 | B W BUSINESSWORLD | 57 or Q3 FY24 and Q4 FY24. The ‘Hiring’ Pulse India churns out around 15 lakh engineering graduates annually, with the IT sector traditionally onboarding approximately two lakh of these freshers through campus placements. And gauging the influx of talent quarter-on-quarter from the extensive pool of engineering graduates serves as a key indicator in understanding the industry’s well-being and its anticipated growth direction. “The foundation of technical education in India heavily relies on IT hiring, and campus hiring serves as a crucial avenue for industry growth. However, due to a subdued year, headcount growth has stagnated, resulting in a decline in the attrition rate. Campus hiring currently experiences a 15 per cent reduction, with an anticipated overall dip of 25 per cent in 2024, following a significant decrease in 2023,” says Anshuman Das, CEO at Careernet. On the other hand, Sunil Chemmankotil, CEO at staffing solutions company TeamLease Digital shares that the current scenario indicates a drastic departure from the norm, with signs of a 50-60 per cent reduction in overall fresher hiring for the year 2024. “This year, a couple of IT service majors decided not to do campus hiring and that means there is a huge drop. Meanwhile, others have said ‘yes’ to hiring, but still they have not started the process by now. They would have been in campus and hiring in big time (by now). But overall, the mood I observe is that the campus hiring for this campus season looks to be very poor,” Chemmankotil affirms. IT major Infosys in Q2 FY24 post-results press conference announced that it will most likely not visit campuses in the current fiscal year as the company continues to have a significant fresher bench. The company’s CEO and MD Salil Parekh had stated that the company harbored inefficiencies within its employee pyramid with potential for optimisation, expressing confidence in the ability to enhance utilisation levels to the range of 84-85 per cent. But the CEO had also said that the company would monitor the situation on quarterly basis. Meanwhile, Tata Consultancy Services Credit ratings agency ICRA expects the revenue growth of the Indian IT services industry to moderate to 3-5 per cent in FY2024 (in dollar terms) versus ~10 per cent in FY2023. It says the slowdown is expected to persist for another couple of quarters Photograph by Violetkaipa

58 | B W BUSINESSWORLD | 13 January 2024 (TCS) has maintained that it would look to onboard 40,000 freshers in current fiscal but did not rule out lateral hiring. The company during Q2 results said that it would keep an eye on the demand outlook on for discretionary spending. Wipro, India’s fourth-largest software services firm, is also adjusting its hiring strategy due to a challenging business environment. Instead of a large-scale recruitment drive, the company said it planned to prioritise fulfilling existing job offers before bringing in new hires. This shift comes amid decelerating sales in the fiscal second quarter and lowerthan-expected net income. Saurabh Govil, Wipro’s Chief Human Resources Officer, during Q2 FY24 results press conference had emphasised caution in response to industry-wide changes and mentioned a reduction in overall new recruit intake for the fiscal year, despite hiring 22,000 new graduates in the previous fiscal year. The Year Ahead The current situation is witnessing stable IT domestic consumption and there is no anticipated drop in it. However, concerns arise regarding export consumption, which constitutes 70 per cent of the Indian IT industry. The recent US Federal Reserve announcement to maintain interest rates is being viewed positively. While US labour markets are performing well, a hold on discretionary spending, comprising 20 per cent of total IT spend, is affecting the industry. But several Indian brokerages, including ICICI Securities, anticipate rate cuts. Currently, the US is guiding three interest rate cuts in 2024 while market is envisaging up to five cuts next year. This could mean good things to come for enterprises and their technology spend, which would directly impact Indian IT companies positively in the second half of 2024. Some analysts are also anticipating IT services budgets to increase 2-4 per cent in 2024 compared to 2022 budgets. According to HFS Research’s recent Pulse study involving 600 major enterprises, there will be a notable resurgence in technology spending, with a projected 9 per cent growth in CY24 but this may not be universal across IT firms. Besides, the uncertainty stemming from global events, including geopolitical tensions and potential Covid flare up, may prolong the recovery further. Sunil Chemmankotil, CEO at TeamLease Digital, suggests a cautious approach for the next two quarters, expects a status quo in IT industry activities. [email protected] WHAT TO EXPECT IN 2024 I T e S -8,079 -10,964 124,498 -1,539 -7,323 -21,838 -18,906 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 -20,000 -40,000 10% 8% 6% 4% 2% -2% 0% Net employee addition Net employee addition as persentage of total base (%) 27,313 37,129 10,137 11,956 40 ,092 45 ,547 69,560 68,894 85,820 59,704 34,713 HIRING TO STAY SUBDUED $ Uncertain macroeconomic envitonment EXHIBIT: Trend in the net employee addition ( aggregate of leading listed Indian IT services companies*) Nation w Wide Lockdown: Covid-19 According to HFS Research’s recent Pulse study involving 600 major enterprises, there will be a notable resurgence in technology spending, with a projected 9 per cent growth in CY24 but this may not be universal across IT firms Source: ICRA Research

59 | B W BUSINESSWORLD | 13 January 2024 REMEMBER the era of dial-up internet? If you lived through the 90s like me, you’ve experienced internet speeds that struggled to load websites with images, let alone stream videos. It’s truly remarkable how far technology has come in such a short time. Every year brings leaps in technology and 2023 is no different. At Disney+ Hotstar, it’s been a year of many important milestones – we broke the world record for concurrent viewership, witnessed massive growth in demand for diverse content across a host of local languages, and pioneered innovations in streaming technology. In India, many states are as populous as entire countries. Our journey has taught us that there is not just one, but many Indias. And the most effective way to build a sustainable and profitable business here is to create models tailored for this diversity. Democratising Entertainment: Bridging Urban-Rural Divides So how has Disney+ Hotstar scaled across India’s diverse demographic? One successful model is our hybrid content approach where we offer certain content for free to mobile users. This inclusive approach has made our content accessible in every corner of India. The recent ICC Men’s Cricket World Cup 2023 highlighted our ‘free-onmobile’ model’s success, attracting over 500 brands and 350+ advertisers. Viewer demographics revealed 50 per cent from Tier-II cities and beyond and over 40 per cent aged above 45, reflecting widespread digital adoption across geographies and generations. OTT growth is now burgeoning in smaller cities, fuelled by rural connectivity. Groundbreaking Content The past year has seen heightened enthusiasm for fresh content, particularly from Tier-II+ cities. Disney+ Hotstar’s heritage of unconventional storytelling drives us to innovate across genres. With 135,000+ hours of content in 18 languages, including TV shows, movies, and live global sports coverage, we constantly aim to push storytelling boundaries. Reality TV, adaptations of international shows and originals received a hugely positive response. Some of our shows have also garnered an international following, showing that Indian content is ready for the global stage. Multilingual subtitling and dubbing have broadened access to categories like crime, murder mysteries and thrillers amongst others. This success strengthens our resolve to deliver content across regional languages. Our viewers’ enthusiasm for diverse, culturally resonant content encourages originality and risk-taking. This ethos will continue shaping our content slate in 2024 and beyond. Pioneering Streaming Technology Ultimately, all our success is rooted in technical excellence. Our team works hard behind the scenes to enhance viewing experiences. In sports, especially major cricket tournaments, our work starts long before the play begins to ensure the viewer experience is enjoyable. We’re also harnessing AI to improve video clarity and viewing experiences. The leaps we’ve made in 2023 are stepping stones to an even more dynamic future. Looking ahead to 2024, we’re excited to merge technological innovation with creative storytelling, redefining digital entertainment in India. WHAT TO EXPECT IN 2024 By Sajith Sivanandan, Head, Disney+ Hotstar India M E D I A & E N T E R T A I N M E N T A YEAR OF UNPRECEDENTED INNOVATION AND TRANSFORMATION Viewers’ enthusiasm for diverse, culturally resonant content will continue to shape the content slate in 2024 and beyond

60 | B W BUSINESSWORLD | 13 January 2024 I NDIA’S AUTO sector is racing along the growth highway. Over a dozen-and-half new cars, bikes, enhanced variants of existing bestsellers (cars and two-wheelers) are expected to be launched in the first half of 2024, in line with the greater consumer pull for SUVS, MUVs and EVs. As many as 16-18 upcoming launches are in the pipeline in the Rs 10-15 lakh price range in the first three months of 2024 in the four-wheeler segment WHAT TO EXPECT IN 2024 AUTO IN OVERDRIVE The growth path that India’s automotive sector has been hurtling along all through 2023 is going to extend into the new year as well By Ashish Sinha TATA CURVV

13 January 2024 | B W BUSINESSWORLD | 61 alone. Among these are the Bolero Neo Plus, Punch EV, Creta 2024, Stargazer, Curvv, Next-Gen Swift and the Thar 5-door that are keenly awaited. The middle months are expected to see new car launches from carmakers including Maruti Suzuki, Tata Motors, BYD, Mahindra, Hyundai, Nissan, Renault and Toyota, among others. The carmakers have been buoyed by the November sales data that highlights the remarkable growth of the passenger vehicle segment. Maruti Suzuki India, the nation’s largest carmaker, sold almost as many vehicles in the domestic market as those by Hyundai Motor India, Tata Motors, and Mahindra & Mahindra combined. November recorded an unprecedented volume of 335,354 units, growing 3.95 per cent over 322,600 units sold in the same month last year — a record in its own right. Notably, each of the preceding months of 2023 recorded their hughest-ever volume, making it a year of unprecedented success. In November, Hyundai, Tata, and Mahindra together notched up domestic passenger vehicle sales of 135,500 units, which was merely 1,342 units more than that of Maruti during the same period. This resounding success cements the passenger vehicle industry’s position as a powerhouse in the automotive sector for 2024. Reflecting on 2023, Manish Raj Singhania, President, Federation of Automobile Dealers Associations (FADA) says, “This year has been a testament to the sector’s robustness, reflecting not just recovery from the past setbacks of Covid but also a dynamic evolution in response to changing market demands and technological advancements.” Bumper Sales For All Shashank Srivastava, Maruti’s Senior Executive Officer for Marketing and Sales, attributes the surge in November volume to “the better availability of "The commercial vehicle and three-wheeler segments are anticipated to continue their robust performance, potentially growing in double digits" MANISH RAJ SINGHANIA, President, FADA SWIFT CONCEPT Photograph by NosorogUA

62 | B W BUSINESSWORLD | 13 January 2024 WHAT TO EXPECT IN 2024 AUTO semiconductors leading to higher production coupled with the festive season in the first fortnight of November”. In November, Maruti’s market share stood at a commanding 69.2 per cent in hatchbacks, 53 per cent in sedans, 55 per cent in multi-purpose vehicles (MPV), a whopping 95 per cent in vans, and a notable 20 per cent in the SUV segment. Overall, Maruti held a huge 65 per cent share in the non-SUV segment. SUVs contributed in a big way to the November numbers with an astounding 178,598 units, accounting for an impressive 53.26 per cent share of the overall passenger vehicle volume. Hyundai’s domestic passenger vehicle wholesale dispatches danced to a delightful tune, surging 3.02 per cent year on year to reach 49,451 units in November. Tarun Garg, the company’s COO, while sharing the joyous news, says, “With encouraging customer response leading to higher retail sales during the festive season, our dealer network stock is at a very optimum level of three weeks.” Garg reveals that Hyundai Motor India’s SUV line-up contributed over 60 per cent to the overall sales, with the recently introduced Hyundai Exter achieving a milestone of 100,000 bookings. The November symphony continued with Tata’s domestic passenger vehicle volume maintaining a steady rhythm, remaining flat at 46,068 units, while Mahindra orchestrated a crescendo of growth, registering an impressive 32.22 per cent year-on-year surge, at 39,981 units for the month. Veejay Nakra, President, Automotive Division, Mahindra, says, “We continue our growth trend, backed by strong demand for our SUV portfolio. In November, we sold a total of 39,981 units, a growth of 32 per cent.” The symphony of success played on, echoing the resilience and triumph of the automotive industry. How will 2024 pan out for the sector? Singhania says in 2024 the automobile sector is poised for steady growth with an expected low singledigit growth in passenger vehicles and high single-digit growth in twowheelers. The sector is optimistic, especially if rural sentiments improve. “The commercial vehicle and threewheeler segments are anticipated to continue their robust performance, potentially growing in double digits. The trajectory for 2024 will largely hinge on agricultural output and rural market dynamics, crucial drivers for the automobile sector, particularly for two-wheelers and tractors,” he adds. Same is true for the luxury car segment. Says Balbir Singh Dhillon, Head, Audi India: “This year marked a strong performance for the luxury car segment propelled by consistent demand. We remain confident about the growth of luxury car segment in 2024 as well.” [email protected] MAHINDRA XUV E8 HYUNDAI STARGAZER BYD SEAGULL In November, Hyundai, Tata, and Mahindra together notched up domestic passenger vehicle volume of 135,500 units, which was merely 1,342 units more than that of Maruti during the same period

63 | B W BUSINESSWORLD | 13 January 2024 HE DOMESTIC manufacturing of automobile components holds paramount importance for India’s economic growth and development. The Indian government’s proactive stance on promoting domestic manufacturing through incentives, coupled with supply constraints in China, has created a favourable environment for the country’s automotive component manufacturers. The indigenous automakers such as Maruti, Tata, and Mahindra command a substantial 65 per cent share of the market, underscoring the ongoing success of the domestic automotive industry. As per the report by the India Brand Equity Foundation (IBEF), during the fiscal year 2023, passenger vehicle sales reached a total of 3.89 million units. In the same period, India’s automobile exports amounted to 47,61,487 units. Over the years, the sector’s contribution to the national GDP has witnessed a substantial rise, climbing from 2.77 per cent in 1992-1993 to approximately 7.1 per cent at present. This industry plays a significant role in employment, directly and indirectly engaging around 19 million people. Artificial intelligence (AI) has also played a pivotal role in shaping the modern automotive landscape. AI is revolutionising various aspects of the industry, from design and manufacturing to safety and customer experience. The automotive industry in India is leveraging AI technology to enhance efficiency and competitiveness. AI is being employed in product design, utilising algorithms to optimise vehicle aerodynamics, safety features, and fuel efficiency. Manufacturing processes are benefiting from AI-driven automation, leading to increased precision and reduced production times. From industrial robots utilised in production facilities to the development of selfdriving vehicles, AI has ushered in transformative changes within the automotive industry. Consequently, major players such as Mercedes-Benz, Toyota, Volkswagen, Tesla, Volvo, Bosch, and numerous others are actively embracing AI technology as part of their strategic initiatives to enhance the overall customer experience. Although the utilisation of AI is currently in its initial phases within the Indian automotive sector, it is inevitable that its widespread adoption is on the horizon. Self-driving AI cars in India are beginning to manifest in various ways, with several notable examples showcasing the industry’s progress. Companies like Tata Motors and Mahindra & Mahindra are actively exploring autonomous vehicle technology, conducting research and development to bring self-driving capabilities to their vehicles. Electric Vehicles Outlook in 2024 The year 2024 is poised to be a pivotal year for electric vehicles in India. The availability of a diverse range of electric models, improvements in battery technology, and an expanding charging infrastructure are expected to contribute to a surge in EV sales. Government incentives and policies promoting clean energy vehicles further bolster the outlook for electric mobility. Challenges such as range anxiety and the need for a more robust charging infrastructure are being addressed through innovative solutions. Collaborations between automotive companies and technology providers are resulting in breakthroughs that promise to make electric vehicles more accessible and convenient for the average consumer. WHAT TO EXPECT IN 2024 By SOHINDER S. GILL, Director General, SMEV DRIVING INTO THE FUTURE AI is revolutionising various aspects of the industry, from design and manufacturing to safety and customer experience T ELECTRIC VEHICLES

64 | B W BUSINESSWORLD | 13 January 2024 HE ELECTRIC VEHICLE (EV) sector is seeing a transformative phase, evident in its massive growth in recent years. Data from the Ministry of Road Transport and Highways shows EVs accounted for 7.3 per cent of overall automobile sales, marking a shift towards sustainable transportation. With over 2.7 million registered EVs in India as of September 2023, the sector is poised for further expansion and innovation. In the third quarter of 2023, EV sales stood at 371,214 units, growing 40 per cent over the previous year. Nearly 45 per cent of the EVs sold were electric three-wheelers, indicating the diverse range of EVs gaining popularity. AI & Internet of Things AI is anticipated to play a pivotal role, with McKinsey predicting that AI-generated speech will account for over 50 per cent of human-computer interactions by 2024. In the EV sector, AI and IoT integration are expected to revolutionise daily commute monitoring and charging cycle suggestions, catering to the specific needs of individual riders. Charging Infra Expansion A robust charging infrastructure is needed to support the surge in demand for EVs. Electric Vehicle Supply Equipment (EVSE) expansion, encompassing hardware, software, and charging stations, is crucial. The industry is witnessing innovations such as electric road systems (ERS) for on-the-go power supply and ultra-fast DC charging, demonstrating a commitment to ensuring convenient and efficient charging options for EV users. The collaboration between charging point owners and grid operators is facilitating remote management of EV charging, ensuring secure power delivery. Non-Lithium-Ion Battery EVs The evolution of battery technology is a key to making EVs more efficient and sustainable. The industry is witnessing a shift towards alternative battery technologies. Startups are developing batteries compatible with InstaCharge stations, and companies are exploring the use of non-Li-ion batteries, such as graphite batteries. Smart Charging Tech Smart charging goes beyond the conventional charging methods, offering communication between the vehicle, the grid, and renewable energy sources. This technology empowers users to make informed decisions about their energy consumption, reducing carbon emissions and energy tariffs. Electric Mobility as a Service Electric Mobility as a Service (eMaaS) is emerging as a gamechanger in the EV sector. This model enables on-demand provision of transport services, reducing the number of private vehicles on the road and subsequently lowering emissions. By leveraging digital channels for ride planning and booking, eMaaS contributes to a more sustainable and convenient transportation ecosystem. The collaborative efforts of mobility companies in this direction showcase a commitment to reshaping the future of urban mobility. Looking ahead, the production of EVs will witness a technological overhaul. Improved battery technology and efficient mass production models will be pivotal in scaling up production, increasing affordability, and achieving cost parity against internal combustion engine vehicles. WHAT TO EXPECT IN 2024 By AYUSH LOHIA, CEO, Lohia Auto Industries TRENDS IN EV SECTOR IN 2024 The collaboration between charging point owners and grid operators is facilitating remote management of EV charging, ensuring secure power delivery T INFRASTRUCTURE

13 January 2024 | B W BUSINESSWORLD | 65 HE YEAR 2023 can very well be summarised by the news of Paytm announcing significant reduction in its workforce as it moves to harness the power of AI for increasing productivity. It captures the developments of the year across technological advancements, business implications, societal implications and thus regulatory challenges. The year started with the world being astonished at the power of generative AI demonstrated by the LLM-based ChatGPT 3.0. Even before they could fully comprehend the technological threshold that has been crossed after more than seven decades since the concepts and algorithms of AI started getting created, the world was hit with ChatGPT 4.0, a significant leap in AI power, in a short period of three months. If this was the new pace of technological upgradation, then the timeline predictions of AI surpassing human intelligence had to be significantly brought forward. These events were accentuated with developments in quantum, where clearly using quantum to fuel AI would create formidable technologies. India developed its own 5-qubit quantum computer at Tata Institute of Fundamental Research, and is expected to have a 7-qubit computer ready soon. India’s first quantum-secure communications link will become operational this year between Sanchar Bhawan and the National Informatics Centre’s (NIC) CGO Complex in the national capital Delhi. Cybercrime & Deepfakes There was also an exponential rise in cybercrime. And along with a proliferation of deepfakes based on video and speech. Such technologies also got used for crimes where calls were made in the voice of loved ones and traps were set. With the Indian general elections looming next year, there is a widespread concern over misuse of deepfakes during the elections and also weaponisation of deepfakes. This was also the year that finally saw India adopting the Digital Personal Data Protection Bill and India Telecommunications Bill, thus providing regulatory clarity on these critical matters. The Digital Boom The year 2023 witnessed a boom in digital business in India, fuelled by the ever-growing internet penetration and smartphone adoption. E-commerce surged. Fintech startups mushroomed, offering innovative financial solutions like micro-loans and insurance. This was the year when UPI transactions crossed 10 billion a month and when CBDC or digital rupee got launched. Social commerce took root, blurring the lines between social media and online shopping. With lessons learned and trends solidified, let’s delve into the tapestry of 2023 and weave expectations for the exciting digital odyssey that awaits in 2024. As we sail into 2024, a continued focus on robust data protection frameworks, cyber security measures, and regulations for emerging technologies like cryptocurrencies is expected. There will also be a greater adoption of AI in India with sector focus such as healthcare, agriculture, services etc. Clearly 2023 is the watershed year for AI and 2024 is when there will be a hockey curve growth in AI adoption across everything imaginable. The new year will hopefully witness the digital fabric of India woven with threads of opportunity, equity, and a brighter future for all, but undoubtedly, it will be the year of AI. WHAT TO EXPECT IN 2024 By JAIJIT BHATTACHARYA, President, Centre for Digital Economy Policy WHEN AI WILL BECOME ALL-PERVASIVE 2024 will witness a hockey curve growth in AI adoption across everything imaginable T AI & DIGITISATION

66 | B W BUSINESSWORLD | 13 January 2024 BOUT A YEAR ago, the startup ecosystem was grappling with numerous challenges, including a funding winter, concerns about profitability, sustainable cash flow, optimising cash burns and layoffs. Unfortunately, many of these headwinds persist. According to data from GlobalData until November, Indian startups secured only $6.9 billion across 1,013 venture capital-funded deals. For context, the number was $20.2 billion in the same period last year, marking a significant 65 per cent decrease. Layoffs continue to haunt every stakeholder in the startup community, whether promoters or executivelevel employees. The numbers speak louder than words; over 15,000 employees were laid off by about 100 Indian startups in 2023 as the funding winter persists, according to multiple reports. Jumping Between Metrics Amidst these negative developments, startups have interestingly adapted to the unfavourable market conditions and recognised the importance of fundamental business checks, such as cash flow and optimising cash burn. Arun Kumar, Managing Partner at Celesta Capital, says, “Depending on the specific life cycle stage of the startup and its technology, the pursuit of a path towards profitability has emerged as a significant focal point for investors.” In the early stages, investors traditionally prioritise factors like market size, intellectual property and growth trajectory over immediate profitability. However, there’s a growing awareness of the importance of laying the groundwork for profitability even in the nascent stages to ensure a sustainable and scalable business model in the future. Metrics such as Profit After Tax, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation), WHAT TO EXPECT IN 2024 2024: PURSUIT OF PROFITABILITY? Profitability seems to have become a temporary hibernation process that startups are following to stay in business By Nitesh Kumar A STARTUPS "Depending on the specific life cycle stage of the startup and its technology, the pursuit of a path towards profitability has emerged as a significant focal point for investors" ARUN KUMAR, Managing Partner at Celesta Capital "At its core, the recent recalibration in the startup ecosystem reflects a return to fundamental principles that should have been ingrained from the beginning" GANESH RENGASWAMY, Co-founder and Managing Partner at Quona Capital

13 January 2024 | B W BUSINESSWORLD | 67 adjusted EBITDA, and performance over recent months or quarters have become focal points. Scale Or Growth? The pursuit of profitability should always remain the ideal path for startups. However, it seems to have become a temporary hibernation process that startups are following to stay in business. Is this happening at the cost of scaling? Ganesh Rengaswamy, Co-founder and Managing Partner at Quona Capital, explains, “At its core, the recent recalibration in the startup ecosystem reflects a return to fundamental principles that should have been ingrained from the beginning.” The initial excitement fuelled by substantial funding often led to expectations of exponential growth at a pace disproportionate to the possibilities or scope of market opportunity. This has now reset with a shift of focus towards sustainable growth, emphasising the importance of sound product-market fit and unit economics over the pursuit of rapid growth only. Ashish Sharma, Managing Partner at InnoVen Partner, highlights, “There has been an increased focus on unit economics because the global macro dynamics have changed.” Unlike 2021-22 when money was cheap and capital flowed into the venture ecosystem at a record pace, the funding environment has been sluggish over the last 15 to 18 months, with a meaningful correction in tech valuations in both private and public markets. In times of scarce capital, good founders ensure that they can do “more with less,” requiring a recalibration of the growth versus profitability trade-off, he adds. Prioritising Exits There is a high possibility that these numbers are primarily driven by investors’ agenda to make their way to exit, mainly via Initial Public Offering (IPO). However, amidst this profitability trend, a critical question arises: Are the impressive figures on paper sustainable? The answer is, indeed, that they are real. However, concerns about their longevity persist. Is achieving profitability only viable through growth at the expense of scaling and discontinuing non-profitable verticals? Kumar adds, “We expect the resurgence of the IPO market to likely take some time. With alternative means to access capital, especially through private equity and hyperscalers in the M&A market, far fewer companies are going public globally than even just a few years ago. The IPO market has also slowed for later-stage companies as they look to stabilise and perhaps rebound their valuations, with many shifting their business strategies towards profitable growth.” Over the past few years, there has been a trend of startups aiming for rapid growth as a means to achieve profitability. Will this continue in 2024? The answer is likely “yes.” Sandiip Bhammer, Founder and Co-managing Partner at Green Frontier Capital, opines, “Profitability shall always remain an important consideration as investors will still expect startups to demonstrate a path towards profitability, especially in uncertain economic times. But this will not happen at the expense of scaling - completely sacrificing growth for immediate profitability might not be sustainable in the long run, especially for early-stage VC investors. The key is to find a balance. Startups will likely prioritise optimising their operations and finding cost-effective ways to scale, maximising their runway without burning excessive cash”. “Startups will likely prioritise optimising their operations and finding costeffective ways to scale, maximising their runway without burning excessive cash" SANDIIP BHAMMER, Founder and Comanaging Partner at Green Frontier Capital "There has been an increased focus on unit economics because the global macro dynamics have changed" ASHISH SHARMA, Managing Partner at InnoVen Partner

68 | B W BUSINESSWORLD | 13 January 2024 T HE LAST YEAR saw the Indian FMCG sector persistently innovating, increasing use of technology, building new business models, and strengthening its distribution network and supply chain. Of course, omnichannel retailing helped enhance shopping experience. Moreover, a leaning towards health and wellness in products and packaging was seen across various FMCG categories. A Neilsen study reported that the second quarter of 2023 saw the FMCG industry gain a value growth of 12.2 per cent, which was 1.3 per cent higher than during the same period in the previous year. The industry also saw consumption growth improve to 7.5 per cent for all of India. The report highlighted that even though rural growth staggered, it saw a four per cent growth compared to the previous year. Urban markets saw higher growth at 10.2 per cent when compared to the previous quarter. The sector was hopeful of a robust festive demand, which disappointed. Add to that, a deficit in rainfall and 2023 did not live up to the expected trends. However, industry experts are hopeful of strong growth for the FMCG sector in 2024. Preeyam Tolia, senior research analyst, FMCG and Retail, Axis Securities says he expects the FMCG sector to rebound strongly in 2024. “We expect the FMCG sector will rebound as the raw material prices are expected to remain low. We expect solid volume growth to recover as well, especially in rural markets. Increased government spending due to elections, expected increase in wages and the RBI intervention on consumer inflation, are factors that will help companies such as Hindustan Unilever, Nestle, Britannia and Dabur to gain from demand-recovery. We also like ITC due to its stable business outlook across its business verticals,” says Tolia. Industry Speak Saugata Gupta, MD & CEO, Marico says, “A combination of weak demand sentiment especially in rural due to inflation and increased aggression of smaller players and alternative avenues of spending have led to softer growth of FMCG this year.” How will 2024 pan out? Gupta says the economy is on a sound footing, inflation is largely under control and the overall outlook is on an improvement trajectory. “Price drops by large, organised players in the sector will make them more competitive. Therefore, we expect the demand situation to improve as we enter the next financial year. We expect FMCG players to increase the pace of innovation and premiumisation and also focus on significant investment behind expanding quality of rural distribution.” Dabur, CEO, Mohit Malhotra says, they are looking at both urban and rural markets to drive growth. “In the urban markets, where expansion is driven by ecommerce, modern trade channels, and expansion of mini metro and class one towns, we are focusing on premiumisation. On the other hand, in the rural market we are targeting the aspirational buyers with more affordable packs of our popular brands and products.” About rural demand he says, “While green shoots of recovery are visible, rural demand is still trailing urban markets. That said, we are WHAT TO EXPECT IN 2024 FMCG LOOKING AT GROWTH SAUGATA GUPTA, MD & CEO, MARICO “We expect FMCG players to increase the pace of innovation,” Industry experts expect a strong growth in FMCG sales in 2024, driven by premiumisation, innovation and an uptick in rural demand By Jyotsna Sharma

13 January 2024 | B W BUSINESSWORLD | 69 hopeful of rural markets posting a strong recovery in the new year. We are already seeing the gap between rural and urban growth continuously shrinking. In fact, we have invested ahead of the curve to enhance our distribution footprint in the hinterland, taking our total coverage to over 107,000 villages from 100,000 villages in March this year.” The year ahead will see several players focus on innovation, premiumisation and stoking rural demand. Nestle India says the company will continue to strengthen efforts in these areas. Nestle plans to focus on penetration-led volume growth, especially in RURBAN and rural markets and strengthen the RURBAN strategy supported by distribution expansion and portfolio tweaking. Innovation This year, Nestlé India R&D signed an MoU with Nutrihub-IIMR with an aim to collaborate in areas such as millet processing, health and nutrition benefits, sustainable regenerative agriculture practices, startup collaborations, etc. They plan to continue their efforts in this direction in 2024. Suresh Narayanan, Chairman and Managing Director, Nestlé India, said in a statement to the Press, “Millets have been associated with India’s agricultural heritage and with 2023 identified as the International Year of Millets, it is only appropriate that it is brought to the forefront with increased awareness and suitable products. I am delighted to announce our ambition to incorporate millets into relevant product categories.” For FY2024 ITC too, is focused on premiumisation of its product portfolio in order to target aspirational shoppers. As much as 37 per cent of its personal care portfolio today falls in what ITC describes as ‘premium category’. As per company reports, this category was under 27 per cent just 24 months ago. B. Sumant, Executive Director, ITC says the bottom of the pyramid for FMCG is already saturated and as the market grows, it will only get fragmented. “More consumers will go in for premium and differentiated products, we will go up in the value chain. That is what we are focusing on,” he goes on to say. [email protected] MOHIT MALHOTRA, CEO, DABUR “We are focusing on premiumisation,” Photograph by Indian Faces

70 | B W BUSINESSWORLD | 13 January 2024 AFTER witnessing a difficult year due to delayed payments, lack of required credit and debt, will Indian micro, small and medium enterprises (MSMEs) survive the crucial 2024? Well, industry experts are optimistic about the growth along with several risks amid the ongoing geopolitical crisis and supply chain disruptions that can impact the vulnerable sector. Over the years, the industry, known as the backbone of the Indian economy, has been reeling under the impact of uncertainty. Much like this year, the sector is expected to witness several major growth trends in 2024. However, MSMEs could be confronted with multifaceted challenges, encompassing limited access to formal credit, prolonged payment cycles and the imperative to embrace emerging technologies. India’s 64 million MSMEs have had a major role to play in supporting domestic demand growth with a steady supply of goods and services to various major industries. Despite the challenges, it continues to remain one of the biggest sources of employment and it contributes about 29 per cent to the GDP. In this article, BW Businessworld analyses the top trends that are going to shape India’s MSME sector in 2024. Rise And Rise Of Ecommerce The MSME sector is expected to continue its digital transformation in 2024, with more firms looking to digitise. First India in its survey revealed that 80 per cent of those surveyed saw an increase in sales when they digitised and adopted an online or omnichannel approach. “MSMEs that adapt to ecommerce and effectively market their products online will have a noteworthy advantage. Governments and financial institutions will focus on enhancing financial inclusion for MSMEs in 2024, which could involve simplifying loan processes, offering WHAT TO EXPECT IN 2024 NO MAJOR RED FLAGS Indian MSMEs’ shift towards digital adoption, exports and sustainability in 2024 can equip entrepreneurs to grow, create jobs and boost India’s economic ambitions By Abhishek Sharma MSME s Photograph by Yurakrasil

71 | B W BUSINESSWORLD | 13 January 2024 financial literacy programmes and promoting alternative financing methods like peer-to-peer lending and microloans,” said Vinod Kumar, President, India SME Forum and President and Trustee, First India. A report by the Indian Council for Research on International Economic Relations (ICRIER) has said that MSMEs that are not integrated with ecommerce platforms are likely to find it more challenging to access markets at a time when integrated firms are making deeper inroads into markets by leveraging platforms. An Old-age Problem Access to finance has always been an issue for smaller firms and businesses in the Indian economy. Only 16 per cent of SMEs get access to timely finance, resulting in small and medium firms being forced to rely on their resources. Additionally, delayed payments have Opening Up New Avenues The ongoing geopolitical tensions have disrupted global supply chains and trade flows, opening up new avenues for Indian MSMEs even as protectionism rises. On one hand, the realignment of trade relationships creates opportunities to enter new markets and position India as a hub. “MSMEs need to diversify trade partners beyond the US and Europe to mitigate risks and explore Africa, ASEAN and Latin America; reposition as reliable alternatives as global giants restructure supply chains, especially in pharma, textiles and auto; offer niche, specialised products that fill gaps left by larger players and upskilling employees,” Acharya added. Handholding Still Necessary Government policies play a pivotal role in shaping this vulnerable sector, serving as a cornerstone for its growth and sustainability. Currently, there are notable policies such as ‘Make in India,’ aimed at promoting indigenous manufacturing, and ‘Digital India,’ fostering technological adoption, creating new avenues for MSMEs to explore. Additionally, the introduction of reforms like the ‘Production-linked Incentive’ (PLI) scheme further incentivises businesses, stimulating growth across various sectors. “Streamlining regulatory processes, addressing infrastructural gaps, and fostering innovation through policy frameworks will be crucial for sustained MSME growth. Businesses in the MSME sector should stay informed about policy changes, actively engage with industry associations, and contribute to the policy-making discourse to ensure a conducive and progressive environment for their endeavours,” Godrej Capital’s Shah stated. been a perennial problem for MSMEs in India. Since its inception in October 2017, about 1.68 lakh complaints have been filed by enterprises Centre’s Samadhaan portal, involving nearly Rs 40,000 crore in payment delay, of which 33,262 cases involving Rs 5,812 crore have been disposed of so far. “In 2024, MSMEs could be confronted with multifaceted challenges, encompassing limited access to formal credit, prolonged payment cycles and the imperative to embrace emerging technologies. MSMEs should proactively foster relationships with specialised lenders, advanced technology tools and platforms for enhanced financial accessibility and negotiate transparent payment terms to manage cash flow effectively,” said Manish Shah, MD and CEO, Godrej Capital. In early 2023, a report by Game with Dun & Bradstreet (D&B) and Omidyar Network India highlighted that an estimated 5.9 per cent of the gross value added (GVA) in the Indian economy — Rs 10.7 lakh crore is locked up in delayed payments from buyers to MSME suppliers. “Another persistent challenge is delayed payments from large buyers, impacting liquidity and working capital cycles. Robust receivable management systems, online discounting of invoices through TReDS and invoking the MSME Samadhaan portal for dispute resolution and self-regulation by industry can help mitigate delays,” said Ketul Acharya, President, Global Alliance for Mass Entrepreneurship (Game). Currently, there are notable policies such as ‘Make in India,’ aimed at promoting indigenous manufacturing, and ‘Digital India,’ fostering technological adoption, creating new avenues for MSMEs to explore. Additionally, the introduction of reforms like the ‘Production-linked Incentive’ scheme further incentivises businesses, stimulating growth across various sectors Photograph by Anatoliycherkas

72 | B W BUSINESSWORLD | 13 January 2024 This new year brings a new opportunity f o r In d i a n commod - ity investors, natural diamonds; an overlooked, underappreciated, and untapped $1.2 trillion asset class that has finally been unlocked, creating an immense opportunity for those looking to build wealth while achieving the portfolio diversification and inflation protection that only hard assets can provide. With similar characteristics and investment theses to gold, “Diamond Standard is establish[ing] the equivalent of the gold bar for the precious stone market, which is dominated by jewelry houses and which, unlike gold, is not commoditized,” According to Financial Times (FT) coverage. While the comparison is apropos, Diamonds as an Diamonds Moment To Shine: Once In A Generation Investment Opportunity Beckons enjoy the projected rise of the asset as it gets added to new financial vehicles such as futures contracts and ideally an ETF. If we look at the performance trajectory that saw gold rise 290% since the launch of the GLD ETF seven years ago, promising upside awaits this asset class as well. S e c o n d l y, a n d perhaps even more intriguing, diamond prices are down 32% since Feb 2022 marking an ideal entry point for investors and a stark reason why we have seen a 500% uptick in our Diamond Standard commodity purchases in October. Investors recognize a bottom and realize that the scarcity and demand factors will both be priced back in the mediumto-long-term. While the allure of diamonds goes back centuries, historically it has been difficult to standardize its value—despite the underlying market size of diamonds eclipsing silver, platinum, palladium, and rhodium combined. Diamond Standard has finally unlocked this potential by applying computer science to create a fungible diamond commodity in the form of coins and bars that each contain a set of diamonds with equal aggregate value. Due to this novel (and patented) approach, Diamond Standard Coins remain the first and only regulated diamond commodity. A s t h e Wa l l S t r e e t Journal noted last year, “stones, examined by the Gemological Institute of America are suspended in a disc of plastic resin along with a wafer that works like a credit-card chip and uses asset class currently offer a more compelling opportunity and entry point. Firstly, the nascent stage in its development as a financial asset allows investors to get in on the ground floor and While the comparison to gold is apropos, Diamonds as an asset class currently offer a more compelling opportunity and entry point By Rajiv Sohal, CTO, Diamond Standard

73 | B W BUSINESSWORLD | 13 January 2024 blockchain technology to ensure authenticity.” Each Diamond Standard Coin (“Coin”) contains a wireless security chip linked to a blockchain token that records provenance and ser ves as an electronic title to the commodity. Whoever owns this regulator-licensed token owns the Coin and can take delivery at any time. When the Coin is held at a custodian, the token is activated and is freely tradeable on exchanges like any other digital asset. Diamond Standard only uses natural, ethically sourced, certified diamonds in its commodities. Unlike their lab-grown counterparts, natural diaplications for global payments and remittances that are restricted in many jurisdictions. As natural diamonds prices begin the recovery from historic lows, the availability of Diamond Standard commodities in India comes at an opportune time for Indian investors. Invest Brilliantly With stubborn inflation, rising interest rates, and global uncertainty, this alternative asset class can offer several potential benefits from diversification to higher return potential and inflation protection. As the FT elaborated in their Diamond Standard coverage: “diamonds have tended to hold their value through times of economic turmoil, while they typically display low price volatility and benefit from a tailwind of declining mine supply.” With key factors driving the retreat in natural diamond prices such as the Covid hangover, Russian oversupply, and the temporary impact from lab-grown diamonds waning, Diamond prices are expected to rebound strongly. As a nascent asset class, investors can get in on the ground floor to benefit from a natural rerating of this asset class as we continue to build out our investment offerings that will strengthen and broaden the ecosystem and investor base. Diamonds today represent a once-in-a-lifetime investment opportunity for individual investors and an ideal entry point to gain exposure. To learn more about Diamond Standard, or to purchase Diamond Standard commodities, visit www.diamondstandard. co/bw or scan the QR code below. monds are expected to continue to grow in value over time. Diamond Standard Coins can also issue a breakthrough commodity token called Carats that represent a unit of the underlying commodity. Carats provide a lower entry point for retail investors to access this alternative asset class in a more consumer-friendly fashion, including no ongoing charges (such as custody fees) for holding the asset. Because the physical commodities are instantly redeemable, Carats are legally classified as a commodity, and not a security or a virtual currency. This unique legal status can enable new apRajiv Sohal

74 | B W BUSINESSWORLD | 13 January 2024 MARKETING By Noor Fathima Warsia IN CONVERSATION END OF THE CAPTAIN’S INNINGS As the New Year, and with it the new regime in Ogilvy India, sets in, what will change for the agency and you? Succession plans have to be smooth and done at the right time. What changes is that I play the role of an advisor, mentor and guide, letting the team use me rather than using myself as an authority to use them. This is the way teams are built. To quote a cricket example, Rohit Sharma is the current captain but Virat Kohli is still playing in the team and this is not the first such instance. You stay in the game and be mature enough to have captains growing. The current leadership has been part of the team for a while now, doing great work. They have learned from me and I have learned from them. They know what to do. If there are parts of the job they have not addressed before, I am there as the sounding board. In the end, they have to do it, but I am here to help where and when required. Creativity is core to Ogilvy but we have heard about the growth in tech enablement as part of the agency’s ‘twin peaks’. How do you see the latter pick-up in 2024? There are some tech skills that we need and some that we do not need as our holding company, WPP, has many people who can do that. We collaborate so why should we have another set doing the same work within the agency? Last year, WPP merged VMLY&R and Wunderman Thompson, retiring J. Walter Thompson and Young & Rubicam. What does this indicate for creative agencies? Can this happen to Ogilvy at some point? If they are relevant and strong in the marketplace, there is no reason for any agency brand to retire. Holding companies do not make them disappear because it is not in their interest to integrate three agency brands into one. They would love to have more if they are relevant. Companies can bring brands together only when they see some benefit but why would they do that to a strong and thriving agency brand? How do you see the creative process changing with artificial intelligence (AI) gaining momentum? I am still a believer in real intelligence rather than AI. It does not matter what stage we are in, the creative process will always be idea-first. You can use tech to enhance your idea but AI can only copy someone else’s idea, it cannot create one. Embrace technology but use it to benefit you. An example would be the ‘Not just a Cadbury ad’ campaign which shook up the market and won a Titanium Lion at Cannes. The idea was not deepfake or AI but what touches people. Cadbury got someone like Shah Rukh Khan to advertise for small retailers who Transitioned, not out… Padma Shri awardee and global advertising and creativity leader PIYUSH PANDEY will continue enjoying the game albeit in a new avatar J anuary 2024 marks a new chapter for Ogilvy India as its long-time boss, Piyush Pandey, transitions into an advisory role. For Pandey, the new role will continue seeing him in the game that he has passionately pursued, challenged and changed over the last 41 years

13 January 2024 | B W BUSINESSWORLD | 75 AND ADVERTISING of it. There are different vehicles for that. Take performance marketing as a case. People look at it as god’s gift but are others not looking to perform? It is not marketing if you put things on a rack saying this is available. It is like when you drive from Mumbai to Pune and in the season, you see people selling watermelons. There are 50 of them sitting together. Is that performance marketing? If one of them has designed and presented his point of sale better, created an experience and connected with people in some fashion, then that is branding. Otherwise, it is an IIM or B-school gimmick. You are not a big fan of my next question but I am curious to know — if you had to pick memorable moments in your career, what would they be? I do think it is not a correct question. In a long career, if you remain relevant, there will be many highlights. I don’t compare successes that were at different points in time. It is like asking whether Don Bradman is better or Sachin Tendulkar. They represented two different eras and two different ways of playing. I cannot compare what I did in the 80s with the 90s or this century. I look at whether I did something that made a difference then. One of ‘the favourite’ campaigns of my life is polio. We worked on it for many years with the Ministry of Health, Unicef and Mr (Amitabh) Bachchan, and when India was declared polio-free in 2014, I cried. Because I was part of something that made a difference to society. When something such as this is discussed in the future as well, it would be a challenge I am willing to take on. [email protected] do not have the money to advertise at all. That was the heart of the campaign and the technology allowed a wider, deeper impact. No one will come and tell you, what fantastic use of technology. They will tell you, what a fantastic idea. We encourage our teams to come up with original ideas. Generative AI will need broader solutions, where governments will come into play. But for now, we need to keep our teams believing in original ideas and not succumbing to tech-enabled shortcuts. If we had to broaden this conversation to marketing, what do you see changing? Marketing is not changing, only expressions are. You have a product or a concept and you want to sell more “I am still a believer in real intelligence rather than AI. It does not matter what stage we are in, the creative process will always be idea-first”

76 | B W BUSINESSWORLD | 13 January 2024 MARKETING COLUMN BIRTH OF A STAR I T WAS 1986. Piyush Pandey was an Account Supervisor working with me on, among others, Hindustan Lever. We had a brief on Sunlight Detergent Powder, on which our response was overdue. Young Piyush, meanwhile, was itching. He came to me one morning with a script he’d written. Not only was it spot on, but, back in the day when advertising was written in English by Stephanians (Piyush is one, too) and Xavierites and translated into Indian languages by freelancers, he had written it in – lo! and behold – Hindi. We were out of time and we had a solution in hand, so, like a good account man, even at the risk of annoying our beloved Creative chief Suresh Mullick, I told him to go ahead. He developed that script and two others, and off we went to present them. Sanjay Khosla (later a big cheese at Kraft) was the client. He liked the scripts and approved them, but was curious. Never before had the agency presented work in anything except English. He asked who the writer was. Naively unprepared for the question, we shuffled our feet and mumbled something about this new guy we had. I went to Suresh and confessed. Far from being upset, he guided Piyush to refine the scripts, supported him, and gave him full Creative responsibility to make the three films for Sunlight. (That was Suresh!) And that, boys and girls, was how Piyush Pandey wrote and made his first ads, as an Account Supervisor. It naturally followed that he was called on now and then for his input on one brief or another. He went on to work on Fevicol (work much lauded and much awarded over the years), Luna mopeds, and, of course, Sunlight. His big breakthrough came in 1988, when he wrote the unforgettable Mile Sur lyrics, for the second of Suresh Mullick’s three Independence Day films. In time, his account management role was just Piyush’s day job; creating film scripts was his night job, and what kept him charged. In 1990 Ashish Mitra, as head of the Bombay office (I had been transferred to Bangalore) initiated the move to a transition. Ashish’s tenure in Ogilvy was brief and unhappy, but it was the beginning of what changed the face of Indian advertising. The triumvirate who ran Ogilvy were not enthused. Writing a few film scripts was one thing: a full-time Creative job was quite another. As Piyush Pandey hands over the baton of Executive Chairman at Ogilvy, Chintamani Rao, Strategic Marketing and Media Consultant recounts the story of an account supervisor who rose to creative superstardom Chintamani Rao

13 January 2024 | B W BUSINESSWORLD | 77 AND ADVERTISING possible. But TV was still a relatively new medium. Historically, campaigns were first developed in print, and presentations led with print ads, followed by TV and other media, in English. So what was the future for a writer who was strong in TV but didn’t write print, and wrote in Hindi but not in English? Yet, nothing is more powerful than an idea whose time has come, as Victor Hugo said. This was such an idea, and a beginning was made. Piyush was appointed Indian Language Copy Chief so he could render (‘transcreate’ was the word those days) English originals into Hindi, and generally guide and oversee the freelance translators who did the other languages. He was not expected to write much original advertising, except for a few brands like Sunlight, Luna, and Fevicol. Given time and the space, Piyush showed what he was capable of. In a couple of years he was appointed Creative Director for Bombay. At the end of 1993 came a change of guard. Mani Ayer retired, after a long, illustrious, and eventful tenure as Managing Director, and Ranjan Kapur returned from Singapore to succeed him. Ranjan had the advantage of being an insider-outsider. He had moved out into the Ogilvy network and worked across borders in an international role, yet remained a close observer of the Indian company. He had his own vision and ambition for Ogilvy India, and a creative renaissance was integral to that. He saw the potential Piyush represented in helping to transform the agency and drive it. He soon appointed Piyush as National Creative Director, and backed him all the way. This was a whole new way of working and, expectedly, was not popular. In an agency historically driven by Account Management, the Creative rankand-file acquired a voice and came out of the backroom. Ranjan stuck to his guns in the face of opposition from alSuresh’s great worry was that Piyush would never make it to Creative Director. He wrote terrific films but had never written a print ad, the true expression of the copywriter’s craft. Nor could Suresh see him making a formal Creative presentation. Consequently, he would be left languishing as a middle-level writer of Hindi copy. And where would he start? Obviously not as a junior copywriter, but, on the other hand, he did not yet have the credentials to lead a team. Suresh’s concerns were a reflection of the times, not of his opinion of Piyush. He loved Piyush and was proud of him, and it was his encouragement and support that had made the journey thus far Piyush Pandey

of the Snark Replace English there with Hindi, Tamil, Bengali, or any other Indian language, and that typified Indian advertising. The few exceptions were just that, exceptions. And at the fringe there was Hinglish and its equivalents, like, “Yehi hai right choice, baby!” When we went back home from work we spoke, watched movies, most the entire agency. In good time he was proved right. As the profile of the work changed and created a buzz in the industry, and clients were delighted, there was a new excitement in the air. And the rest is, as they say, history. Piyush has not only impacted Ogilvy, he has, inarguably, driven a change in the face of Indian advertising. What is it about him? Prodigious talent, of course, but that can’t be all. Much has been said about his smalltown sensibilities, coming as he does from Jaipur. There may be something in that, but it is, frankly, patronising. After school at St Xavier’s in Jaipur he went to St Stephen’s College in Delhi for five years, earning an MA in History and playing cricket; and went to work first at a boxwallah tea company in Calcutta and then at Ogilvy in Bombay. So the image of the wide-eyed small-town boy making it in the big city is not quite it. Cut to the mid-90s. I was back in Bombay. He was National Creative Director, and had been making waves for some years. We were having a beer on the verandah of the Bombay Gymkhana when the CEO of another large advertising agency stopped by. “We’ve been studying your work, and we’ve understood what you do,” he said to Piyush. “It’s the language: the way you use a mix of English and Hindi.” (The word Hinglish was not yet in our lexicon.) “What a relief,” said Piyush after he left. “I was afraid they’d really understood.” Our CEO friend had the glimmer of something there, actually. It wasn’t just the language Piyush wrote in, though, it was the language he thought in, and encouraged thinking in, and his ability to make the mental connection. It is only when you think in a language that you get the idiom – verbal, visual, and cultural. “I said it in Hebrew — I said it in Dutch — I said it in German and Greek; But I wholly forgot (and it vexes me much) That English is what you speak.” -- Lewis Caroll, The Hunting MARKETING COLUMN Sunlight Detergent Print Ad featuring Supriya Pathak PIYUSH PANDEY’S EARLY CAMPAIGNS Wrote the Iconic ‘Mile Sur Mera Tumhara’ song ‘One Black Coffee Please’ for Ericsson ‘Second hand smoke Kills’ for Cancer Patients Aid Association (CPAA) ‘Chal meri Luna’ ‘Har Ghar Kuch Kahta Hai’ for Asian Paints Polio ad Campaign with Amitabh Bachchan Googly Woogly Woosh for Ponds ‘The Joy of Gifting’ for Titan ‘Todo Nahin, Jodo’ for Fevikwik Fevicol ‘Sofa’, Fevicol ‘Fish’, Fevicol ‘Shadow’, Fevicol ‘Egg’ Asian Paints ‘Sunil Babu’ 78 | B W BUSINESSWORLD | 13 January 2024

13 January 2024 | B W BUSINESSWORLD | 79 ger to share. He was enthusiastic, yet he was open, never wedded to an idea or to a piece of work: there was more where that had come from. You could well go back to where he had started, but that was not because he insisted that was it. In the last 30-odd years Piyush has nurtured many a talent, nationally and internationally, as a professional leader must, and many of those he encouraged and gave opportunities to have gone on to become leaders in their own right. Yet he remains special, standing apart from those who came before him as well as those who came after. Go well, my friend. Cheers. and listened to music in our own languages, but the language at work was English, and so was the advertising we created. That is what changed. And it was not only in the copy: Hindi or Tamil was increasinsgly heard in agency meetings and discussions, especially those on creative work. In 1995-96 Neil French, then Regional Creative Director at Ogilvy, visited Bombay and, as is the normal practice, reviewed the agency’s creative work. He confessed that much of it passed him by. But he knew from the clients he had met and the awards adorning the offices that it worked powerfully for clients as well as the agency, and decided to leave well AND ADVERTISING AWARDS AND ACHIEVEMENTS In 2000, the Ad Club of Mumbai voted Pandey’s commercial for Fevikwik as the commercial of the century and his work for Cadbury, the campaign of the century. In 2003, O&M India (now Ogilvy) won a record 10 Lions at Cannes, which was more than the collective metals won by rest of the Indian advertising fraternity. In 2003, O&M India (now Ogilvy) won a record 10 Lions at Cannes, which was more than the collective metals won by rest of the Indian advertising fraternity. He received the Lifetime achievement award in 2010 from the Advertising Agencies Association of India. In 2016, he became the first person in advertising to receive the Padma Shri He has authored books - Pandeymonium (2015) and Open House (2022). In 2002, he won the first India’s first ever Silver Pencil at the One Show Awards. Pandey was the first Asian to be a jury president at the Cannes Lions Festival, in 2004. Pandey was awarded the Lifetime Achievement Award at CLIO Awards in 2012. Piyush Pandey was awarded ‘Lion of ST Mark, the Cannes Lion’ lifetime Achievement Award 2018, along with brother and filmmaker Prasoon Pandey. The Pandey brothers were not only the first Asians to win the award, but Piyush was also the first from WPP to be awarded a Lion of ST Mark. enough alone. The language, and the idiom, was in the expression. Behind that was the quintessential Ogilvy copywriter. Look at Piyush’s own best work, the work that built his career, and you will find two things: a benefit rooted in the product – the category high ground, in David Ogilvy’s terms; and a unique, memorable expression of it. That’s it. An instinctive strategist, as the best Creative people are, he never went logically through the process, but that is what his innate discipline and flair led him to. Back when we worked together, Piyush didn’t just walk in with an idea or a script, he came bouncing in, eaPhotograph by Unsplash

80 | B W BUSINESSWORLD | 13 January 2024 MARKETING By Rajany Pradhan IN CONVERSATION RK SWAMY GEARS UP FOR A BUSY 2024 What strategies led to the company’s success amid industry changes? Sundar Swamy: We’re celebrating our 50th anniversary, having begun our journey in 1973. It’s been an incredible journey marked by substantial growth and diversification. We’ve evolved into a multidisciplinary organisation with robust subsidiaries. Our services span data analytics, market research and integrated marketing solutions. Over these 50 years, we’ve expanded our presence across all major sectors in India and established subsidiaries in the UAE and Bangladesh. This growth has outlined our competitive edge in preparation for our IPO. Our confidence stems from our belief that we are well-equipped and poised for the next 50 years of growth. We’re geared up with both financial resources and strategic plans to navigate this new journey. Shekar Swamy: In our journey, we’ve engaged with over 4,000 clients. In fiscal year 2023 alone, we worked with 400 clients. We’ve navigated every category of business, building a profound understanding of the Indian market, client dynamics and the intricacies of the marketing service industry. This statement isn’t a boast; it’s a matter-of-fact acknowledgment of our extensive experience and knowledge. Can you provide a detailed overview of the innovative initiatives RK Swamy is undertaking? Shekar Swamy: Our new initiatives focus on two key aspects. First, we aim to undertake a comprehensive build of an auto marketing platform. This move is grounded in the recognition of its significant role in the country’s economic activity, constituting 8 to 12 per cent of Gross Domestic Product (GDP) globally, particularly in the realms of transportation and energy. The second initiative involves leveraging our accumulated experience, data and competence to create a proprietary consumer database. This database will facilitate more effective direct marketing, enhancing efficiency for numerous clients in a media landscape characterised by fragmentation. In such an ecosystem, the precision offered by targeted marketing becomes a crucial efficiency booster for stakeholders. The third component of our new initiatives is the establishment of a branded marketing consulting group. This venture is uniquely suited to our capabilities, given our in-depth understanding of the branded marketing sector. This specialisation enables us to provide valuable insights and guidance tailored to the specific needs of branded marketing. What drove RK Swamy to maintain its Indian roots, leading to becoming the largest Indian-majority owned integrated marketing services provider? Shekar Swamy: A term we’ve consistently adhered to is being a contrarian player. What do I mean by that? The trajectory for many homegrown service providers over the past three decades has been to align with multinational networks and holding companies. This direction seems to be the norm. However, we’ve taken the road less travelled by emphasising our Indian roots and maintaining independence, even after a 37-year partnership with one such multinational entity. That journey was great, but it affirmed our belief in the potential of the Indian market. This stands as a fundamental aspect of our contrarian approach. We’ve steadfastly held onto our Indian heritage, culminating in our present status as, as validated by Credit Rating Information Services of India (Crisil), the largest Indian-majority owned integrated marketing services provider. This positioning stands as a testament to our commitment. Moreover, our competencies, especially in creation and media placement, RK Swamy, the largest Indianmajority owned integrated marketing services provider in India, is coming up with an Initial Public Offer (IPO) coinciding with its 50th birth anniversary. Sundar Swamy, CMD, and Shekar Swamy, Group CEO and Whole Time Director of RK Swamy, talk about the company’s evolution, challenges faced and the innovative initiatives poised to reshape the marketing landscape. Excerpts:

81 | B W BUSINESSWORLD | 13 January 2024 AND ADVERTISING sations in a crowded market, while being a homegrown enterprise with limited resources, poses challenges. The limitations within these constraints have prompted innovative solutions. Then, there’s the evolving digital landscape that’s not just arriving but omnipresent. Adapting to this reality becomes imperative. Lastly, attracting and retaining talent amid these dynamics adds another layer of complexity. Inevitably, these factors lead to the realisation that our current ownership structure needs to evolve. Hence, the logical step towards a more robust public profile via an IPO — a process rooted in organic growth and the only viable path forward. [email protected] have been our enduring strengths all these years. For instance, we’ve spearheaded the establishment of Hansa Research, the largest Indian-owned full-service market research firm, as a testament to our continued focus and excellence in our core competencies. How has RK Swamy adapted to the evolving digital landscape? Shekar Swamy: The company has successfully transitioned its operations into the digital ecosystem, particularly in the areas of data and content business. The data business has become entirely digital and the company has adapted to the demand for digital content at scale. This shift aligns with the increased consumption of content in the digital world, where people are constantly connected to their devices. The company has not only focused on digital content and data but has also invested in marketing infrastructure. This includes the establishment of customer experience centres, which, beyond being traditional call centres, are described as data-enriched call centres. This emphasises the integral role of data in every aspect of their operations. What led RK Swamy to decide on taking the IPO route this year? Shekar Swamy: When considering a 50-year-old business like ours, still in a growth phase, several critical questions emerge. Firstly, establishing a robust financial foundation for sustained growth becomes paramount. Secondly, competing against well-funded organiSundar Swamy (L) and Shekar Swamy

82 | B W BUSINESSWORLD | 13 January 2024 I N 2021, DENTSU Group’s Indian division was hit with a series of departures of seniorlevel executives, sparking rumours and uncertainty about the fate of agencies and talent within the group. Narayan Devanathan, who had assumed leadership following the departure of several familiar figures, eventually moved on from the organisation. In May 2023, the agency named Harsha Razdan as the Chief Executive Officer for its South Asia office, filling a position that had remained vacant since September 2021. Moreover, Devanathan also returned to the company in a consulting capacity as the group’s Chief Strategic Advisor. With these strategic changes, Dentsu South Asia is now seeking to transform itself a marketing and tech-focused consultancy. Through a client-centric approach, focus on collaboration and commitment to technological innovation, Dentsu is aiming to redefine its role in the advertising industry, setting the stage MARKETING Harsha Razdan, CEO, Dentsu South Asia unveils strategic vision for 2024, emphasising marketing and tech transformation DENTSU’S MARTECH FUTURE for a transformative future. BW Businessworld recently caught up Harsha Razdan, CEO of Dentsu South Asia, who discussed, among other things, the strategic vision behind the company’s ‘East Meets East’ strategy, the shift from a traditional advertising agency to a marketing and tech-focused consultancy and the role of marketing and technology in their vision for 2024 and beyond. The Homecoming Talking about his journey, Razdan, who started his career at PepsiCo and later moved into consulting, described his return to Dentsu as a homecoming. Reflecting on his earlier days when he was a client of creative agencies, Razdan emphasised the people-oriented approach and the importance of understanding the client’s perspective. “Having come on this side, the big message I would say for me would be that we look at Denstu as not only an advertising agency or a creative agency, it’s a marketing and tech-focused company,” he said. Razdan stated that the company’s evolution was in line with the global vision set by Dentsu’s CEO and President Hiroshi Igarashi. In this regard, he mentioned the shift towards the ‘One Dentsu’ operating model, focusing on client-centric solutions within specific clusters. “The Japanese philosophy of working within clusters enables better client focus, talent optimisation, and collaboration across geographies,” he said. He also explained how this model aims to break down internal structures and prioritise client needs over organisational practices. East Meets East Strategy Discussing the uniqueness of Dentsu in the global market, Razdan unveiled the ‘East Meets East’ strategy, where the focus is on clustering operations in South Asia. He explained how over the last five to six years, the company had moved away from a multitude of service lines to a more focused approach on media, creative, and customer experience with India, Sri Lanka, and Bangladesh forming a cohesive unit. By Reema Bhaduri SPOTLIGHT

83 | B W BUSINESSWORLD | 13 January 2024 AND ADVERTISING He also explained the philosophy of working within the gimbal, a Japanese concept, meaning ‘the market’ and the positive impact it has on collaborations. “We have India, Sri Lanka, Bangladesh, all markets together as one and we optimise the cluster,” he said. He discussed the role of Japan in this strategy, emphasising collaboration and the exchange of talent across clusters. He said that Japan acts as an enabler, providing ideas and expertise without imposing them on the South Asian clusters. He elaborated, “In India if we adopt the best of the philosophies and adapt it to the country, that’s the best combination. Access is 100 per cent there.” The goal is to let each cluster, including India, Sri Lanka, and Bangladesh, optimise for its clients within the broader vision set by Japan. Razdan emphasised the need to solve clients’ problems irrespective of the service line, with a focus on marketing and tech. He shared Dentsu’s plan to reposition and strengthen its presence in these domains, aiming for 50 per cent of global revenue from customer experience (CX) by 2030. The Rise of Tech Razdan underlined the integral role of technology in Dentsu’s strategy. “It has to be around tech, so it is heavy duty tech, but it will be tech with a very strong flavour of marketing,” he said, adding, “From data analytics and CRM platforms to 100 per cent augmented reality and artificial intelligence, tech will play a crucial part in shaping Dentsu’s future offerings.” He informed that Dentsu had established a lab, with inputs from the company’s next-generation leaders, which will bring marketing and tech together. The Year Ahead Looking ahead at 2024, Razdan said the focus would be on client-centricity, intense collaboration, and catapulting talent. He stressed the importance of offering solutions that solve clients’ problems. “There are newer offerings that we are bringing in from other quality customer sides of offering. That’s going to be about 50 per cent of our overall revenue in the next three to four years,” he said. Collaboration, according to him, is akin to brokering. It involves facilitating connections and encouraging parties to secure their own agreements. He likens it to being a relationship manager, where two parties consistently interact with each other during both favourable and challenging times, ultimately focusing on resolving issues and fostering a sense of comfort in engagement. Referring to the next-gen and nurturing talent, Razdan said, “This is the time where you can’t force anyone to do anything. Get the next generation excited about the future of Dentsu and the careers they can have.” Nonetheless, he also shared that the strategy also involves a balance between current and new offerings, with a focus on data, commerce, and technology which will be witnessed in 2024. [email protected] HARSHA RAZDAN, CEO, Dentsu South Asia

84 | B W BUSINESSWORLD | 13 January 2024 MARKETING MUST focus back on ideas that move businesses. Younger talent is taking this a notch further while also injecting benchmarks around performance, personalisation and creating experiences at scale and making the marketing rupee work harder. BW Marketing World focuses on these upcoming marketers whose strategic and creative acumen is making a difference in the BW Marketing 30 under 30 Awards 2023. On the back of 30/30 MARKETING a jury-led process, the award winners were announced in a ceremony on November 30, 2023, in New Delhi. The inaugural edition of the BW Marketing 30 under 30 2023 Awards received 210 entries. Of these, 80 were shortlisted in the first screening and 54 entrants were presented to the jury members. Following these deliberations, the jury decided on 30 marketers whose work made a difference to their organisations, in the last year. Amit Tiwari, Global Head of Marketing Demand Centre, Tata Consultancy Services led the deliberations as Jury Chair. The jury panel comprised Madhu S. Dutta, Head of Marketing & GM - Brand, Media & Digital Social, Raymond; Nitin Sethi, Chief Digital Officer of Consumer Businesses, Adani Group; Revathi Raghunath, CMO, Randstad India; Sapna Arora, Chief Client Officer, Dentsu; Shivam Ranjan, Head of Marketing - Asia Pacific, Motorola Solutions; Sumeet Pahwa, Head - Brand, Social & Media, Tata Tele Business Services, Dr Annurag Batra, Chairman & Editor-in-Chief, BW Businessworld and Founder, exchange4media and Noor Fathima Warsia, Group Editorial Director, BW Businessworld. OPENING ESSAY BW Marketing 30 under 30 2023 identifies 30 future marketing masters, under the age of 30 years, whose strategies are making a notable difference to their businesses By Team BW MARKETING TOP 30 UNDER 30 STARS Photograph by Naval Kishor

13 January 2024 | B W BUSINESSWORLD | 85 AND ADVERTISING THE WINNERS S No. Name Designation Company 1 Abhishek Kumar Head of Marketing, CEO’s office 4700BC 2 Akshat Kumar Marketing Manager Narayana Health 3 Aman Grover Marketing Manager Blackberrys 4 Ankita Bakshi Content Strategist, APAC, BBC StoryWorks BBC Studios 5 Ashish Dubey Director, Marketing Innovaccer Analytics 6 Chintan Buddhadev Brand Manager CoinDCX 7 Deepak Pandey Head of Corporate Sales & Alliances MIVI 8 Hiya Arora Manager, E-Commerce & Digital Marketing Turtle Wax India 9 Jayanth Jonathan Sr Manager - Video and Creative Strategy Social Beat 10 Jinal Dave Account Director BC Web Wise 11 Meghana Chandani Executive Vice President, Growth and Client Success Social Beat 12 Namrita Khurana Manager, Brand PR & Social Media ITC 13 Prashant Dalwani Senior Manager Blinkit 14 Pritish Mahadik Growth Head Traya 15 Pulkit More Senior Brand Manager, Engage ITC 16 Reshmi Menon Acting Chief Marketing Officer Manetain 17 Ronak Sharma Senior Growth Manager, Apps Google India 18 Ruhani Singh Mann Founder & MD Brand Talk 19 Sakshi Vishwa Brand Manager boAt 20 Sanchit Mittal Product Manager Britannia Industries 21 Shalini Jha Product Manager, Bimbo Bakeries India Groupo Bimbo 22 Shiva Sharan CEO & Creative Head Strobe Works 23 Swetha R Nair Lead - CSR & Sustainability Communications Tata Power Company 24 Tanya Jakhar Product Manager Britannia Industries 25 Tarun Makhija Founder & CEO TarunSpeaks 26 Tom Stany Sr. Brand & Category Marketing Manager Boult 27 Udit Narayan Singh Senior Brand Manager mjunction services 28 Utkarsh Srivastava Strategy & Growth WinZO Games 29 Vaishnav Shetty Executive Director & Group Chief Digital Officer Allcargo Group 30 Vidit Sidana Brand Manager ITC

86 | B W BUSINESSWORLD | 13 January 2024 AN ERA is emerging at the crossroads of technology, artificial intelligence (AI), and the fancies of Gen Z. As the pioneers of the digital age, Gen Z not only navigates seamlessly through technological advancements but also influences and shapes them. “Building a brand is hard. Building a brand by inventing and improvising in chaos is harder. Building a brand in chaos with limited money is hardest. But it’s fun and worth it,” proclaims Abhishek Kumar of 4700 BC. Kumar says technology and AI play a pivotal role in creating marketing campaigns that generate maximum impact. He highlights a campaign featuring Shahrukh Khan during Diwali, where personalised messages were sent to retail outlets, promoting each store as an ad. The use of AI allowed for personalised engagement without Khan physically endorsing each outlet, showcasing the transformative capabilities of technology in marketing. “The wow factor today for us is seeing something very new in marketing in a very long time,” notes Kumar. Elaborating on the evolving dynamics of marketing, Kumar states that while traditionally emphasis has been on language and visual presentation, the advent of technology, augmented reality (AR), and virtual reality (VR) has opened up new frontiers for exploration. “There are vast possibilities offered by these technologies, presenting an opportunity to go beyond conventional communication forms,” he says. Kumar’s advice to marketers of the future: “Create your own definition of advertising. And own it completely.” REEMA BHADURI INFUSING TECH MARKETING WITH GEN Z APPEAL 4700 BC’s Abhishek Kumar advocates merging tech with Gen Z preferences for transformative experiences A RESULT-ORIENTED professional with five years of experience in building categories, brand building, growth marketing, and strategy building, Akshat Kumar believes that the BW Marketing 30under30 award is a validation of the hard work, dedication and passion that he has invested in his career as a marketer. “Being recognised among such a talented group of individuals is incredibly humbling, and it motivates me to continue pushing the boundaries of what is possible in the marketing industry,” he says. This award means a lot to him, on both his personal and professional fronts. “Professionally, it reaffirms that the innovative strategies, creative campaigns, and result-driven approaches I’ve implemented have not gone unnoticed. It’s a testament to the impact and effectiveness of the work I’ve been fortunate enough to be a part of. I also see it as a stepping stone for even greater achievements in the future, and I am excited about the possibilities that lie ahead,” he adds. His advice to the budding marketers is to embrace a mindset of continuous learning and adaptability. In today’s fast-paced and ever-evolving world, being open to new ideas, technologies, and ways of thinking is essential, he says. “Seek out growth opportunities, both personally and professionally, and be willing to step outside your comfort zone. Embrace challenges as learning experiences, and don’t be afraid to fail. Additionally, build a strong network of mentors, peers, and collaborators who can provide guidance and support along your journey,” he mentions. SOUMYA SEHGAL THE BOLD BRAND BUILDER Narayana Health’s Akshat Kumar finds validation of his hard work, dedication, and passion as a marketer through this award Abhishe Kumar, Head of Marketing, CEO’s Office, 4700BC Age: 27 30/30 MARKETING Akshat Kumar, Marketing Manager, Narayana Health Age: 27

13 January 2024 | B W BUSINESSWORLD | 87 I N THE DYNAMIC world of marketing, the intersection of technology, Gen Z and advancements like artificial intelligence (AI) is giving rise to some trailblazing strategies. “Gen Z is a very dicey bucket to work with. This is a cohort which is very easily influenced and their loyalty is not very strong,” says Aman Grover, Marketing Manager, Blackberrys, adding, “I think this is where technology comes in to create the loyalty and create that pull. Using technology to drive a personalised experience is the key to pull Gen Z to the brand.” One of the key trends shaping the marketing industry is AI. There’s a lot of debate about whether AI is going to take away jobs and prove detrimental to humanity. Grover would like to think differently. “I feel that with AI, we’ll end up solving bigger problems. In the 90s, we had the IT boom, we solved bigger problems and that’s how AI came in. So, now with AI coming in, I think THE BIG BELIEVER Blackberry’s Aman Grover is an ardent believer of hard work and persistence driving success stories Aman Grover, Marketing Manager, Blackberrys Age: 29 we’ll solve bigger marketing problems,” says Grover. He underscores that there are certain pushbacks to adopting AI. “If you do not adopt it today, you will be obsolete tomorrow. Something like the BlackBerry phone,” he cautions. What would be his advice to future marketers? “Don’t be afraid of risks, don’t be afraid of failures. You will fail, you will fall but just keep going at it. There will be a time where you will be successful and probably win an award like me. Just don’t be afraid of doing things. Believe in yourself,” says Grover. PRATYAKSH DUTTA AMONG the top young guns of the Indian marketing industry, Ankita Bakshi, Content Strategist for APAC at BBC Story Works, BBC Studios, sees technology as a driving force that will keep pushing boundaries and delivering impactful content. Bakshi sees the combined influence of technology and AI intersecting with Gen Z preferences. “Integration of AI, technology, and a deep understanding of Gen Z preferences allows brands to create targeted, authentic, and engaging marketing strategies,” she says. She highlights the importance of aligning technological innovations with the values and communication styles of Gen Z to foster meaningful connections. “Gen Z tends to trust peer recommendaTECH SYNERGY WITH GEN Z Ankita Bakshi swears by AI’s role in crafting authentic brand engagements get audience. Her advice to the upcoming generation in marketing: “Embrace the spirit of continuous learning and adaptability. Stay curious, be open to new ideas, and invest in updating your skills regularly,” she says. Bakshi underscores the commitment to continuous learning and mastering digital platforms, grasping data analytics, and exploring innovative storytelling to stay relevant and valuable in today’s era. She asserts that the ability to adapt will not only help navigate change but also pave the way for shaping the future of marketing. REEMA BHADURI tions and user-generated content more than traditional advertising. AI tools can help identify relevant influencers and curate user-generated content that aligns with brand messaging,” says Bakshi. She unveils the potential of AI tools, analysing engagement patterns to pinpoint authentic influencers resonating genuinely with the tarAnkita Bakshi, Content Strategist, APAC, BBC StoryWorks, BBC Studios Age: 30 AND ADVERTISING

88 | B W BUSINESSWORLD | 13 January 2024 30/30 MARKETING HAVING JOINED Innovacer seven years ago, Ashish Dubey leads a team of over 70 marketers across multiple locations worldwide. He has helped transform the company into a multimillion-dollar enterprise and tributed to growing its revenue 500x. He says his forward-thinking attitude, strategic decision-making, team management, and analytical skills have been his biggest strengths in driving these numbers. In addition to his core KRAs, he curated and guided the creation of over 100 blogs, 50+ webinars, and 50+ unique awards and recognitions for his company, helping establish itself in the industry. For Dubey, this award symbolises the collective teamwork of all—his mentors, colleagues, and supporters—whose guidance shaped his journey. “This award isn’t just mine; it belongs to everyone who believed in me. I’m committed to using this platform to uplift others and contribute meaningfully to our dynamic industry,” he states. THE STRATEGIC DECISION-MAKER Ashish Dubey, Director, Marketing, Innovaccer Analytics Age: 28 His advice to the young talent: stay curious and adaptable; embrace change and continuously learn; absorb diverse perspectives; explore emerging trends; experiment fearlessly; build genuine connections; stay authentic, align with their values, and champion causes that resonate with their audience. On a final note, he says, “Embrace failure as a learning opportunity. Cultivate a blend of creativity and data fluency. Also, never underestimate the power of storytelling; it’s the heartbeat of effective marketing—compelling narratives ignite connections that endure.” SOUMYA SEHGAL HAVING MADE IT to the top 10 of the Cannes Young Lion Awards shortlist for Marketing, and won two Diamond Buttons for Cosmos Maya’s WowKidz (Best Social Media Brand), Chintan Buddhadev of CoinDCX says that being recognised with the BW Marketing 30Under30 award is an absolute honour for him. “It’s a validation of the dedication, passion, and innovative drive that I bring to the table. It serves as a reminder that hard work pays off and motivates me to continue pushing boundaries, exploring new horizons, and making meaningful contributions to the ecosystem,” he says. According to him, the in - AI MAKES PERSONALISED MARKETING EASY CoinDCX’s Chintan Buddhadev’s path to success is paved with hard work, innovation, and recognition lyse vast amounts of data to understand these preferences better, thereby creating more targeted and personalised marketing strategies,” he says. Buddhadev offers many useful tips for the upcoming generation. “Embrace curiosity as your compass and adaptability as your superpower. Explore, learn, and evolve. Stay true to your values, embrace change with an open mind, and let your passion drive you toward making a meaningful impact. Your ability to adapt and learn will be your greatest asset in the journey to shaping a brighter future. Life’s a stage, darling, and you’re the star—break a leg, but not your spirit,” he says. NEHA KALRA tersection of technology, AI, and Gen Z preferences in brand marketing is a fascinating amalgamation. “Gen Z’s affinity for technology has significantly shaped their preferences and behaviours as consumers. They are more inclined towards authenticity, personalised experiences, and ethical considerations when interacting with brands. AI and technology enable marketers to anaA dependable leader, Innovacer’s Ashish Dubey is proud to have contributed significantly to his company’s growth Chintan Buddhadev, Brand Manager, CoinDCX Age: 30

13 January 2024 | B W BUSINESSWORLD | 89 AND ADVERTISING DEEPAK Pandey is credited with launching MIVI in general trade and modern trade in more than 30 cities in just four months. To him, winning the 2024 BW Marketing 30Under30 award feels like a validation that things are moving in the right direction. “Also, this is about creating a wave amongst the 60 per cent of the population that resides in villages – if you work hard and have the dedication, you can achieve all that you can think of,” he says. According to Pandey, the trends and innovations that are shaping the industry are mostly around technology. “Even brands and categories that are considered massy, such as clothing, are utilising hyper-localisation and hyper-segmentation, for which the utilisation of technology is a must. In terms of marketing, it is about understanding who your consumer is — understanding the consumer’s psyche, and the communication needs to be targeted, accordingly,” he says. Pandey says the future generation must learn to use common sense. According to him, it is available in abundance but not utilised to the optimum level. “With common sense you can achieve things, you delegate your work, while reaching out to the consumer there might be a lot of things going on but you have to have the common sense to understand what is required at the grassroots level. Brand planning, board meetings, charting out marketing plans — everything needs common sense,” he asserts. NEHA KALRA MARKETING TRAILBLAZER’S RURAL TRIUMPH BACKED BY six years of experience in the PR, digital, and marketing industries, Hiya Arora is currently handling Turtle Wax India’s ecommerce, digital, PR and marketing collaborations. Throughout her career, she has worked with clients across sectors, which has helped her gain a 360-degree view of how the industry functions and leverage the best from it. She believes in ‘always hopping on to the new opportunities available to learn the maximum’, which has aided her in expanding her portfolio and learning new things. This award is a testament to her work, passion, and the time she has invested in the past few years. “It strengthens my belief in my abilities and pushes me to do more. All my countless hours of hard work, pushing boundaries, refining skills, expanding knowledge, and contributing to the industry, have finally come to fruition, and I’m so proud of myself. This award is also a token to all my mentors for trusting me throughout. And my advice to the young talent: do not doubt your abilities. Go all out and leave your indelible mark,” she asserts. She also says she believes in never shying away from t r y i n g n e w things or exploring different avenues, thinking about what the world will think. She accepts that failure is a natural part of the learning process and suggests the same for budding talent. On a personal front, she is also a certified tarot card reader and has been practicing it for the past four and a half years. SOUMYA SEHGAL AN ALL-OUT EFFORT Adept at grabbing the right opportunities at the right time, Hiya Arora has built a rich experience for herself over the years For MIVI’s Deepak Pandey, technology is pivotal to achieve hyper-localisation and foster consumer understanding Deepak Pandey, Head of Corporate Sales & Alliances, MIVI Age: 29 Hiya Arora, Manager, E-commerce & Digital Marketing , Turtle Wax India Age: 27

90 | B W BUSINESSWORLD | 13 January 2024 30/30 MARKETING CREATIVITY IS the name of the game for Jayanth Jonathan, Senior Manager – Video & Creative Strategy, Social Beat. Winner of the BW Marketing 30Under30 Awards, Jonathan believes in the power of technology to make things easier and better, including brand promotion and marketing. “I see a lot of small-time, very nascent brands killing it with the way they position themselves and then there are players who are legacy players who don’t get it right,” says Jonathan, who sees artificial intelligence and machine learning as shaping the marketing industry today. “It’s very interesting to see that trial and error is resulting in so much. I feel like AI is only here to help, it’s going to make things better and easier,” he adds. Talking specifically about AI, Jonathan says, “AI has always existed, in its own small way. All these years AI has always played a little role. Learning is decentralised now; anybody can have access to anything and learn anything. It’s Jayanth Jonathan, Sr Manager - Video and Creative Strategy, Social Beat Age: 27 a great time for AI to boom, and I think it’s a great time to live.” Jonathan plans to get into film making some day. “For me, I see films as my endgame after I’ve had my time with the advertising industry. It gets very exciting because there’s a lot more room for film and video in the industry right now,” he says. His advice to upcoming marketers: “Don’t be afraid of being a misfit. I feel like I’ve been a misfit all my life and I’m sure there’s always a way out and we start enjoying what we do. So have fun with life.” PRATYAKSH DUTTA I N TODAY’S business, the fusion of conversational brands and the AI revolution is bringing about a transformative shift. The use of artificial intelligence (AI) in brand communication has led to the emergence of conversational brands, a fresh era of customer interaction and engagement. According to Jinal Dave, Associate Account Director, BC Web Wise, “Brands have to be very relatable and conversational when they speak to the consumers.” She says that the introduction of the WhatsApp channel, providing direct customer engagement, is just one example of how technology is evolving to facilitate more meaningful interactions. Jinal Dave sees AI revolutionising marketing, emphasising relatability and conversational engagement ity and conversational engagement, especially with the advent of AI features like chatbots. The ability to initiate direct and meaningful conversations with customers stands out as a key strategy for brands leveraging AI advancements. Dave’s advice to the upcoming generation in marketing is simple yet powerful. “Be adaptive, be passionate in what you do, and never stop believing in you,” he says. As technology continues to drive changes in the industry, staying adaptable and passionate will be essential for the next generation of marketers. REEMA BHADURI Dave emphasises the role of AI across generations, from students to boomers and millennials. Describing it as a revolutionary force in marketing, she predicts, “AI will continue to reshape the industry and make a big difference in the marketing world.” As for brand positioning, Dave un - derscores the import a n c e o f relatabilSocial Beat’s Jayanth Jonathan sees AI and ML shaping the marketing industry EMBRACING THE AI BOOM Jinal Dave, Account Director, BC Web Wise Age: 27 CONVERSATIONAL BRANDS & AI REVOLUTION

13 January 2024 | B W BUSINESSWORLD | 91 AND ADVERTISING ARTIFICIAL intelligence and the preferences of Gen Z continue to shape today’s marketing strategies in a big way. On the intersection of technology, AI and Gen Z preferences, Namrita Khurana, Manager, Brand PR & Social Media, ITC underscores, “Gen Z is a very difficult consumer to decode. We are trying as brands to understand what they want through our different campaigns. I believe that content is king, but context is its kingdom and today’s context is AI.” She adds that for Gen Z, it’s a l l a b o u t personalisation and customisation. To engage this generation, brands must not only speak to them but also for them, adopting a linguistic tone that resonates with their dynamic vernacular. Fo r K h u r a n a , generative AI is not merely a trend; it’s the very future of branding for the upcoming generation. Her advice for the CONTENT, CONTEXT & AI Namrita Khurana, Manager, Brand PR & Social Media, ITC Age: 29 future generation of marketers: “I’ve always believed in myself. I think that is something that people tend to lose if they are bogged down by too much work or if some hardships come around or if you face failure.” She adds, “I’ve always believed in doing better, positioning myself against better people, so that I also push myself and be better every single day.” For Khurana, the fusion of AI strategies and self-belief is a formula for not just keeping up with the times but also staying ahead in the dynamic world of brand communication. PRATYAKSH DUTTA ITC’s Namrita Khurana stresses on personalisation and customisation through AI to engage with Gen Z AS EVP FOR Growth and Client Suc - cess at Social Beat, Meghana Chandani works closely with the founders on building growth strategies, organisational structures, revenue generation models, and maintaining the right culture. In her current stint, she has contributed to a 400 per cent increase in revenue, managing media spends of more than $9 million across FOCUSED ON GROWTH An all rounder in her work, Social Beat’s Meghana Chandani is also passionate about mentoring people and contributing to their growth Chandani draws attention to the incredibly dynamic and ever-evolving nature of the industry and how we will need to keep up. “I believe that AI and its pervasiveness in our daily lives are the major trends of the present. Influencer marketing is the second one. No one else can affect an audience the way that influencers can,” she says. Asked about the advice she would give to the young talent, she said: “Learn, read, study, and experiment with your career. Find what you love and are good at, and then keep honing those skills. Don’t ever stop learning.” SOUMYA SEHGAL Meghana, Chandani Executive Vice President, Growth and Client Success, Social Beat Age: 28 all digital platforms. She has also developed and implemented digital growth acquisition, retention, and engagement strategies for many of India’s largest startups and legacy brands. Alongside work, she is passionate about mentoring people and contributing to their growth, which, in turn, has won her various industry accolades, including this year’s BW Marketing 30Under30 award. “Winning this feels great, especially since Businessworld is such an esteemed organisation. It recognises all of the work I have put in throughout my career,” she says.

92 | B W BUSINESSWORLD | 13 January 2024 30/30 MARKETING F OR PRASHANT Dalwani, Senior Manager, Blinkit, attribution tracking and artificial intelligence are the key trends and innovations shaping the marketing industry today. He says, “One key innovation is how we are tracking attribution. That is one area that is yet to be figured out and there are companies which are coming into the attribution space now. Second, a lot of companies are trying to back integrate AI to create automatic marketing campaigns.” He adds, “This is something which is not deployed at the front end, but at the back end, which will give our brands and advertisers a choice to create automatic campaigns, which will save a lot of their time as well. It will lead to creating more efficiency in the overall ecosystem of advertising.” On the intersection of technology, AI and Gen Z preferences influencing the future of brand marketing, Dalwani says, “Snap Inc is one of the front-runners in collaborating with Gen Z through the intersection of AI and tech. Snap score audience recently crossed 200 million users in India. They are specifically targeting people who are in the age group of 13 to 25, which is largely Gen Z. They are trying to come up with new and interactive ways of how users can visualise the products sitting at their homes through their camera screens, through the intersection of AI and tech. These are all trends that are being leveraged by companies like Snap to have a greater marketing experience.” PRATYAKSH DUTTA EFFICIENCY THROUGH AI Blinkit’s Prashant Dalwani sees AI driving efficiency in marketing by helping create automatic campaigns SCIENCE AND technology is at the root of everything that Traya does. Just as it seeks to find scientific solutions to intractable problems like hair loss, it depends on technology, data analytics and creativity for its marketing and brand communication. Says Pritish Mahadik, Head of Growth at Traya and winner of the BW Marketing 30Under30 Award this year, “The new-age marketer will be a fusion of three key streams: data analytics, creative thinking, and technology. Brands must consider the resources used in product creation while aligning with these values. It’s crucial for brands to be conscious and transparent in communicating the steps they’re taking to make a positive impact on the world.” Referring to intersection of technology, AI, and Gen Z preferences influencing the future of brand marketing, he says, “In terms of technology and AI, when leveraged effectively, both can accelerate content creation and provide hyper-personalisation at scale.” On his win, Mahadik says, “It just validates the work and efforts we at Traya have put into creating a completely different playbook of marketing and analytics.” His advice to the upcoming generation of marketers: “Given the constant influx of information and rapidly changing trends, we’ve observed that consumer preferences and insights are shifting faster than anticipated. To remain pertinent, companies must instil agility not only in analytics, technology, and product teams, as has been the historical norm, but also in content and insights teams.” NEHA KALRA FORMULA FOR SUCCESSTraya’s Pritish Mahadik is betting on technology and AI to provide hyper-personalisation at scale Prashant Dalwani, Senior Manager, Blinkit Age: 29 Pritish Mahadik, Head of Growth, Traya Age: 29

13 January 2024 | B W BUSINESSWORLD | 93 AND ADVERTISING AS TECHNOLOGY continues to evolve, AI has emerged as a powerful tool capable of reshaping how brands engage with the ever-discerning Gen Z audience. Delving into t h e f u t u r e o f brand marketing, Pulkit More, Senior Brand Manager at Engage, ITC points to a dual intersection of technology and AI, and Gen Z preferences. He acknowledges the synergy between Gen Z’s digital fluency and AI’s data analysis capabilities. “AI analyses data at a vast level and various database sets. It helps us create personalised experiences for Gen Z which they seek for.” Secondly, he recognises the challenge of tapping into Gen Z, a demographic that craves authenticity. “AI can actually help drive genuine experiences and interactions with Gen Z so that the marketing brands can speak to them in the most honest and the most trustworthy way they can,” he says. More’s approach to marketing involves weaving imaginative ideas into reality to captivate consumers. His strategic acumen is evident in his analysis of consumer and industry insights. His translation of the insight of deodorants becoming commoditised into actionable strategies for premiumisation not only attracted brand loyalists but also drove significant business growth. On his win at the BW Marketing 30Under30 awards, More says, “The recognition symbolises the true essence of passion and creativity inherent in every marketing campaign, a testament to the dedication that goes into crafting compelling strategies.” REEMA BHADURI ERA OF PERSONALISATION, AUTHENTICITY RESHMI MENON, the Acting Chief Marketing Officer of Manetain, has been both an awardee and an adjudicator at different times. She was a jury panellist at the Singapore PR Awards by Marketing-Interactive 2022, and also adjudged one of the top 10 marketers in India by the Indian Business Council 2022. Naturally, she is quick to express her gratitude to the jury of the BW Marketing 30Under30 Award. “I got the opportunity, the platform and the spotlight for all the work that I have done so far. The award is a testament to all that I have done; it’s a motivation for me to work harder and bring more to the table for all that is yet to be explored,” she says . Referring to the trends disrupting the industry, Menon says, “It is more towards telling more stories than just selling your products — it’s more like tell, don’t sell, be it through AI, adaptation, collaborations, partnerships — the core aspect being telling, not selling. Adapting to AI — brands are getting more proactive, and all members from the brand team are coming together to explore the full potential of AI — be it utilising AI to figure out on-ground offline sales, to employing it for social listening, consumer listening – brands are looking at leveraging AI in every department, so that they can utilise it to its fullest power.” She also has a piece of advice for the coming generation of marketers. “Prioritise learning and embrace challenges. That’s the only way to grow, I feel,” she says. NEHA KALRA THE RISING STAR Manetain’s ReshmiMenon is convinced that telling stories, not just selling, is the way forward For ITC’s Pulkit More, personalised Gen Z experiences and market disruption through authenticity are the future of brand marketing Pulkit More, Senior Brand Manager, Engage, ITC Age: 30 Reshmi Menon, Acting Chief Marketing Officer, Manetain Age: 29

94 | B W BUSINESSWORLD | 13 January 2024 I N AN ERA where making a lasting impact requires a blend of creativity, technology, and a deep understanding of the Gen Z audience, Google’s Ronak Sharma addresses the prospective convergence of technology, AI, and Gen Z preferences redefining the future of marketing. “In order for brands to be future-ready, where Tech, AI and Gen Z will be at the forefront of marketing, I believe it’s only going to get tougher to become an iconic brand that is on top of mind for its core audience”, states Sharma. She emphasises the need for brands to adapt to stay top of mind for the highly influential Gen Z audience. Sharma outlines key aspects where technology and AI will play a pivotal role in GEN Z, TECH CONVERGENCE Google’s Ronak Sharma fuses creativity, data analytics, and tech to align with Gen Z alisation to create customised experiences and interactive, immersive brand experiences, aligning with Gen Z’s preference for participation over passive consumption. Sharma emphasises the importance of valuing Gen Z as the Alpha Creator economy and integrating them into brand strategies. Sharma encourages a creative approach for future marketers. “Marketing shouldn’t be dull or just heavy on data analytics. Make good use of data to make your messaging relevant but let creativity shine through your work. That’s your way to be a great ‘Story-doer,’” she advises. REEMA BHADURI connecting with Gen Z in the coming days. “Data-driven decisionmaking and real-time adaptation will be crucial, along with a high consideration for consumer privacy,” she explains. The future will also see a surge in hyper-person30/30 MARKETING Ruhani Singh Mann Founder & MD, Brand Talk Age: 28 years Ronak Sharma Senior Growth Manager, Apps, Google India Age: 28 years ONE OF THE Top Young Turks in the realm of marketing, Ruhani Singh Mann, Founder & Managing Director, Brand Talk believes in the pervasive influence of AI in their day-today operations. From crafting creatives for social media to generating press releases, AI has become an integral part of their marketing toolkit. “A lot of data mining has been happening with AI, I think it’s going to be really integrated. I see AI being a big theme for 2024 ahead”, predicts Mann. Beyond her professional accomplishments, Mann empowers numerous young women by providing employment opportunities and engaging in philanthropic endeavours, including weekly food drives and sponsoring meals for the underprivileged. Mann’s dedication to social impact reflects a holistic approach to business sucthem with determination and resilience. Her journey has been fulfilling, and she remains focussed on continuing to make a positive impact on the business landscape and society at large. Mann expressed that the recognition of being among the Top Young Turks in the marketing industry signifies not only personal confidence but also recognises the efforts of individuals striving to build their careers. “It’s a token of recognition for anybody who is trying to work really hard, who’s trying to build a career for themselves”, asserted Mann. REEMA BHADURI cess, where making a positive contribution to society is intertwined with professional achievements. In the face of daily challenges, Mann approaches AI’S MARKETING IMPACT Brand Talk’s Ruhani Singh Mann predicts AI surge in 2024’s marketing toolkit

13 January 2024 | B W BUSINESSWORLD | 95 I N A MARKETING landscape dominated by key innovations like artificial intelligence, Sakshi Vishwa, Brand Manager, boAt Lifestyle, developed a full-funnel AI-driven shopping experience where Hardik Pandya suggests the perfect smartwatch to users. She also launched boAt in SEA Markets, namely, Nepal and Bangladesh to unlock the future growth vector. Vishwa reintroduced the women’s category leading to a 10.7 per cent surge in sales. She also launched Misfit by boAt - a men’s personal grooming brand garnering over 3 per cent market share in three months. Vishwa is also responsible for the adoption of AI in daily activities at boAt, making the team technologically empowered with ChatGPT, Copy.ai, Midjourney, Dalle2 and more. By staying attuned to the pulse of the market, she has been able to create campaigns that resonate with the audience drivREVOLUTIONISING MARKETING WITH AI boAt Lifestyle’s Sakshi Vishwa is responsible for the adoption of AI in daily activities at the company ing more than 300 million impressions. She has brought numerous firsts to the industry by leveraging AI and crafting compelling narratives. Vishwa strategically utilised resources and leveraged creative solutions to ensure a tangible impact on the brand and contributed to the 200 per cent revenue growth of the company. She believes a strong understanding of consumer sentiments and trends implemented via strategic connections with external and internal stakeholders is one of her major strengths in marketing. TEAM BW I N T H E M A R K E T I N G landscape, Gen Z preferences are the latest factor influencing the future of brand marketing. The expectations of the new generation paired with technology and AI are paving the way for advancements in marketing. Sanchit Mittal, Product Manager, Britannia Industries underscores, NAVIGATING GEN Z’S EXPECTATIONS Britannia Industries’ Sanchit Mittal talks about Gen Z preferences in marketing ing field like marketing, the journey is as important as the destination. Embrace the Power of Adaptability. It is the cornerstone of success in marketing, especially in an era defined by rapid technological advancements, shifting consumer behaviours, and constant industry innovations”. He adds, “By adopting an adaptable mindset, you not only future-proof your career but also contribute to the innovation and evolution of the marketing landscape. As you embark on your marketing journey, remember adaptability isn’t just a skill; it’s a strategic advantage.” PRATYAKSH DUTTA “The intersection of technology, AI, and the unique preferences of Generation Z is shaping the future of brand marketing in unprecedented ways. This dynamic convergence presents a profound opportunity for businesses to connect with the ever-evolving consumer landscape.” As businesses continue to embrace these advancements, staying agile, authentic, and technologically savvy will be imperative to connect with Gen Z and thrive in an ever-evolving marketing landscape. Reflecting on his own experiences in the field and sharing advice with future marketers, Mittal states, “In a dynamic and ever-evolvAND ADVERTISING Sakshi Vishwa Brand Manager, boAt Age: 29 years Sanchit Mittal Product Manager, Britannia Industries Age: 28 years

96 | B W BUSINESSWORLD | 13 January 2024 30/30 MARKETING DR A W I N G S T R E N G T H from her diverse background, including an Air Force upbringing and education across various parts of the country, Britannia’s Shalini Jha’s unique perspective enriches her role in the FMCG industry. Jha spearheaded innovative strategies to address a decline in overall market share. While driving launches for the innovation portfolio (15 per cent of internal business), she refocused on the Slice cake segment (85 per cent of internal business). To reignite interest, a holographic Doraemon sticker promo was launched for Gobbles, targeting the brand’s key audience. These initiatives were complemented by a comprehensive approach, including rele vant point-of-sale materials, Consumer Trade Units in General Trade for increased on-shelf visibility, a TV media plan, and INNOVATIVE STRATEGIES PROPEL MARKET GROWTH a food influencer has proven invaluable and her online presence has kept her abreast of food trends, cuisines, and innovations, allowing her to provide distinctive solutions in the FMCG sector. From incorporating influencer marketing during new product launches to curating an innovation roadmap, Jha’s multifaceted skills and knowledge add significant value to her role. Jha’s meticulous approach to achieving perfection in each task is acknowledged, and she expresses her commitment to improvement. TEAM BW IN HIS CURRENT stint at StrobeWorks, Shiva Sharan is conceptualising performance-driven marketing campaigns with a 360-degree approach, primarily focusing on the hospitality and education sectors. On being featured in the winners’ list, he comments, “Such recognition boosts the morale of the organisation and fuels the passion to strive towards our vision. O n a p e r s o n a l note, this award is a FIERCELY FOCUSSED Finding motivation in this accolade, StrobeWorks’ Shiva Sharan suggests keeping trends, innovation, and tech in sharp focus always acteristic, or commitment to sustainability. “Moving forward, we will notice that brand marketing campaigns are more holistic, relevant, and customised across regions as per the preferences of the audience,” he expects. The marketing ecosystem is moving very fast in terms of innovations and trends, and hence, playing catch-up is extremely difficult. “I would advise future marketers to only focus on trends, innovation, and technology that add value to their core strengths and keep their uniqueness intact,” he expresses. SOUMYA SEHGAL include personalisation and customisation, which are heavily driven by AI. He believes that customers have become extremely detail-oriented and love to know more about the brands they are purchasing or interacting with, whether it’s the brand’s promise, charHolistic approaches, innovation and digital influence drive market growth, as Shalini Jha reshapes success stories Shalini Jha Product Manager, Bimbo Bakeries India, Grupo Bimbo Age: 29 years in-store activations in Modern Trade. The holistic strategy resulted in a notable gain in market share across all of India. Alongside being a marketer, her passion as Shiva Sharan CEO & Creative Head , StrobeWorks Age: 30 years great motivator to overcome the challenges we face daily as entrepreneurs.” His observations of t h e c u r r e n t trends shapi n g t h e industry

13 January 2024 | B W BUSINESSWORLD | 97 AND ADVERTISING S W E T H A R . NAIR brings over eight years of rich experience in corporate communications across diverse domains. In her current capacity, Nair spearheads the development of a compelling umbrella narrative for Tata P o w e r ’ s C S R and Sustainability initiatives. Through meticulously crafted campaigns featuring grassroots voices and impactful stories, she has played a pivotal role in highlighting the brand’s commitment to ESG, with notable campaigns such as ‘Sustainable is Attainable,’ ‘Pay Attention - India’s first phygital Autism Support Network,’ and ‘Climate Crew - Employee Climate Change Maker’s programme.’ Winning the ‘BW Marketing 30 under 30’ award represents not only her personal achievements but also underscores the importance of the work she is doing in shaping the very relevant ESG narrative for the brand. “Personally, this achievement serves as a crucial acknowledgement and validation. It’s a reminder that our commitment to driving positive change in the industry is both noticed and appreciated,” she says. The marketing industry, for Nair, is at a fascinating crossroads, marked by transformative trends that redefine the way brands connect with consumers. “One prominent trend is the fervent embrace of authenticity and purpose-driven marketing,” she states. SOUMYA SEHGAL POWERING THE PURPOSE ON THE FUTURE of brand marketing, Tanya Jakhar from Britannia Industries emphasises the ongoing shift towards personalised and immersive experiences in today’s time, driven by advanced technologies such as AI and augmented reality. She believes, “Authenticity and purpose-driven branding will play an even more pivotal role in the future, as Gen Z consumers increasingly value socially responsible and transparent businesses which respect to their data privacy.” She highlights that AI will enhance customer interactions through chatbots, virtual assistants, and personalised recommendations, creating seamless and engaging experiences. “As a digitally native generation, Gen Z is constantly exposed to brands. To break through the clutter, marketers need to ensure authenticity, meaningful content, and a human touch,” Jakhar states with conviction. Data analytics integration, according to Jakhar, will continue refining targeting strategies. She asserted, “The integration of data analytics will continue to refine targeting, ensuring campaigns resonate with the right audiences.” For the aspiring marketers of tomorrow, Jakhar encourages fearlessly embracing change, staying curious and adapting to emerging technologies. She advocates, “Never stop learning, and always strive for a balance between creativity and data-driven insights.” REEMA BHADURI UNVEILING GEN Z FOCUSSED TRENDS Tanya Jakhar emphasises Gen Z preferences and purposedriven branding through techdriven authenticity Driving positive change, Swetha Nair is elated to see her work being witnessed and appreciated among her trade Tanya Jakhar Product Manager, Britannia Industries Age: 26 years Swetha R .Nair Lead - CSR & Sustainability Communications, Tata Power Company Age: 30 years

98 | B W BUSINESSWORLD | 13 January 2024 30/30 MARKETING HAVIN G TR AIN ED 16000+ students and professionals including C-suite executives of leading companies, and worked on 700+ campaigns, Tarun Makhija of TarunSpeaks is jubilant of bagging the BW 30 under 30 award. Winning this award, and understanding what it means to him, Makhija feels glad that his efforts and experience has been recognised. He says, “ I feel happy that I am now a part of the elite 30 under 30 list.” Shedding light on the intersection of technology, AI, and Gen Z preferences influencing the future of brand marketing, Makhija pronounces, “AI is here to stay, a n d w h e n b l e n d e d with computer generated graphics (CGI) it is going to further expand horizons for marketers. The turnaround time for campaigns is reduced too and they can go live within 24-48 hours. With respect to the Gen Z’s if you wish to be relevant then the only thing that’ll help is you talk to them in their lingo. It’s going to be further difficult to create a loyal fan base with the Gen Z’s.” One piece of advice that he would like to share with the upcoming generation, he puts across, “Your mind is your biggest asset and energy is everything. Make sure you put in 100 per cent in everything you do. Your hard work will take you places.” NEHA KALRA OVER FIVE years of experience driving marketing across consumer electronics and healthcare businesses, Boult’s Tom Stany articulates that winning the BW 30 under 30 award means a lot to him. “We get a lot of chances to win a lot of awards during our school and college days. But in the professional world, the number of awards you win outside your organisation is very limited. It Boult’s Tom Stany reflects on awards, motivation, and future aspirations easier. About AI replacing people at jobs, I feel that AI should be utilised as a leverage and catalyst to make your job better. Especially in terms of brand marketing, it helps in building your campaigns and content in a much more structured way. It also helps to give a different perspective,” he adds. As his advice to the upcoming generation, he stresses, “Do what you love, and what gives you a high. I get a high in creating good campaigns, and that’s why I suggest the world should do what gives them immense happiness.” NEHA KALRA keeps you motivated every day. And when you win an award, you know it’s just the beginning and there’s a lot more to look forward to. It’s exciting to win this award, and I’m really looking forward to giving it back to my brand in helping me become the marketer that I am.” Discussing the intersection of AI, technology and Gen Z affecting preferences in brand m a r k e t i n g , Stany points out that as a brand marketer and looking at the marketing function for Boult, they have been very adaptive to AI. “It helps make our job Tarun Makhija explores horizons, focusses on CGI and AI fusion DIGITAL DOMINATION FUELLED BY INSPIRATION Tarun Makhija Founder & CEO, TarunSpeaks Age: 28 years Tom Stany Sr. Brand & Category Marketing Manager, Boult Age: 28 years

13 January 2024 | B W BUSINESSWORLD | 99 AND ADVERTISING NA V I G A T I N G THE intricate complexities of the marketing landscape, Utkarsh Srivastava, Marketing Manager, WinZo Games, leads the performance marketing and media buying efforts for the company. He has doubled user growth in two years of his experience at the organisation. Srivastava devised a data model and ROIdriven media plan for IPL 2023 achieving a 2.7 times higher return on investment compared to the previous year. He designed and implemented multiple clutterbreaking themes for the digital campaigns resulting in standout brand creatives achieving the lowest customer acquisition cost (CAC) in the Real Money Gaming market. Srivastava devised regression models to evaluate each source’s contribution towards organic to evaluate its true CAC and top line contribution. In the past eight months, he achieved 0 per cent acquisition fraud through strategic onboarding of performance-oriented partners and impleDATA-DRIVEN BRILLIANCE menting robust anti-fraud measures across our products, mobile measurement partner (MMP), and partner ecosystem. According to Srivastava, his relentless pursuit of learning and versatility has enabled him to explore and excel in various growth avenues for his organisation. From collaborating with more than 100 celebrities including M.S. Dhoni, Carryminati and Bhuvan Bam, running branding campaigns on TV, Print and OOH to running digital campaigns across direct publishers, SSNs, programmatic buys, affiliates and more. TEAM BW Utkarsh Srivastava, WinZo Games, leads performance marketing and media buying efforts for the company PLAYING THE ROLE of a brand manager and custodian, Udit Narayan Singh of Mjunction is elated to receive the BW 30 under 30 award. His work at Mjunction is less of people management and more of creating a brand architecture and revisiting the brand positioning of the company for its new upcoming brand as well as its existing businesses. “To be very honest, it gives me a certain leap in my caMjunction’s Udit Narayan Singh highlights contextual investments marketing tools in different teams for automating operation heavy tasks, and has heightened focus on customer insights and ensured heavy investment on the same for creating better solutions. Understanding the key trends in marketing, Singh brings out, “In digital advertising, people are investing in contextual rather than simply targeting cookies. The kind of investments people have made simply in keywords, contextual articles – it wasn’t so five years ago. Highly opinionated articles are on the rise, due to contextual targeting.” NEHA KALRA reer. It gives me an understanding that w h a t e v e r I have been doing, is on the right path. This is the first step towards the ultimate milestone,” Singh brought out. Singh has been involved in setting up a marketing process to generate better leads, has introduced digital Udit Narayan Singh Senior Brand Manager, Mjunction services Age: 29 years PAVING PATHS IN BRAND MANAGEMENT Utkarsh Srivastava Strategy & Growth, WinZO Games Age: 28 years

100 | B W BUSINESSWORLD | 13 January 2024 30/30 MARKETING AND ADVERTISING VAISHNAV SHETTY is currently the Chief Digital Officer (CDO) at Allcargo Group, a logistics solutions provider. Driven by a will to power innovation across the industry and build maturity in the supply chain ecosystem, he spearheads the organisation’s collaboration with startups in the logistics sector. He also leads the new cell for incubation, acceleration, and investments in startups, which leverages partnerships amongst startup platforms in India, global VCs, and universities. Shetty has played a key role in creating the world’s first end-to-end LCL platform, ECU360, which continues to set industry benchmarks for its user experience and adoption globally. With its customer base increasing in multiple countries, McKinsey has written about ECU360 in a report on transformation at ECU Worldwide. This digital project has created immense improvements in productivity, customer satisfaction, and profitability. Having pursued Economics from Emory University in the USA, Shetty honed his onground professional experience through an internship at Singaporeb a s e d O O C L , Dacheng L aw and S t a m f o r d Law, Londonbased Blackstone Group, and worked with organisations like Ernst & Young before taking on the mantle to lead the organisation’s digital initiatives. TEAM BW INGENIOUS AND INNOVATIVE INSIDE A powerhouse of novel ideas, Allcargo Group’s Vaishnav Shetty is an achiever with many feathers in his hat CONFIDENT AND CONTENT in choosing marketing as his field post-MBA, Vidit Sidana believes in giving back to the fraternity by actively contributing to the brand’s growth and also mentoring college students and professionals looking to work in the industry. In his thoughts on AI redefining the ecosystem, he agrees that it is the buzzword everywhere, but that does not translate into a change in marketing fundamentals. He believes in adapting to consumer needs, especially in this fast-paced world. Commenting on Gen Z as the most aspirational age cohort existing at the moment, he says, “As they grow, they would want their needs to be fulfilled by brands that hold purpose close. Technology and AI are just tools to achieve this purpose, but it is important to recognise their preferences and demands at the very beginning itself.” According to Sidana’s advice to budding professionals, one does not need to have a marketing background to make it big in the game. He also adds, “No matter what role you join in the industry, the core of marketing remains the same across the board. It is very important to learn the fundamentals, club them with your learnings, and cater to consumer needs. Keep observing, listening, reading, and watching, and you will be able to think of some brilliant marketing ideas instantly.” SOUMYA SEHGAL BACKING THE BASICS ITC’s Vidit Sidana emphasises on observing, listening, reading, and watching around to gather the best of marketing ideas Vaishnav Shetty Executive Director & Group Chief Digital Officer, Allcargo Group Age: 28 years Vidit Sidana Brand Manager, ITC Age: 27 years