23 SEPT 2023 E BOOK

23 September 2023 | B W BUSINESSWORLD | 51 “For investors, the worst exits are the two-three year out exits. But founders should openly look at strategies and the strategic should openly look at these businesses, with an interest to build a winwin contract,” says Mithun Sacheti, while talking of the importance of aligned partnerships. Making Money Mania Certainly, the giant companies of tomorrow are startups today. Says Prashant Tandon of Tata 1mg fame, “Entrepreneurs should look out to list their companies on the public market and capitalise on the unfolding India story.” Good business has pleasure in both – running or exiting. While it is very difficult to generalise, most industry captains suggest the IPO route to raising capital than a complete exit. ‘The choice of exit hinges upon the DNA of the business and the founder’s long-term aspirations,” says Vikram Gupta, Founder and Managing Partner of IvyCap Ventures. “Pushing valuations often leads to recalibrations which erodes the dignity of the brand. So, have patience, it’s a marathon, not a 100-meter dash” is Thyrocare Founder A. Velumani’s advice to younger founders. Either way, the future belongs to the startups of today and perhaps there will be many more such ‘multi-milliondollar’ exits. India’s various emerging sectors have positioned it as a global economic powerhouse in the making. The economy continues to be driven by this burgeoning entrepreneurial spirit, which should only accelerate India’s progress to emerging as the world’s third-largest economy by 2027. How they do it, will be a story we will tell as we go along. 600 400 125 100 100 75 75 0 250 500 Share Chart and MX Taka Tak Zomato and blinkt.it Owndays and Lenskart Shiprocket and Pickrr Addverb technologies and Reliance retail Clovia and Reliance retail Netcore Cloud and Unbxd Northwest Executive Education and Great learning OpenQ and PhonePe WealthDesk and PhonePe Leading mergers and acquisition deals of Indian startups in 2022, by value (in million US dollars) value of deals in million U.S. dollors Source: Statista 200 568 132 around Rs 6,700 crore. Following that, he founded a FinTech company Navi Technologies. He is also an investor in PhonePe and is on the company’s board. He runs xto10x, a startup accelerator to nurture younger entrepreneurs. In July 2023, Flipkart Co-founder Binny Bansal made the final exit by selling his residual stake to Walmart. While the decision to exit from a company one has built from scratch may seem difficult, these are actually happy exits. Most successful serial entrepreneurs are actively investing in sustainable Indian startups and multiplying their wealth yet again. These examples and outcomes now inspire and motivate the next generation of entrepreneurs and exits – even at large scale – are also happening. “The ‘exit trend’ will be much accelerated at a smaller scale, where the smaller ‘bitesize’ makes the created asset relevant to a lot more potential acquirers,” says Prashant Tandon, stressing on profitability and convincing strategy as compelling motives. DEEPINDER GOYAL, Zomato Zomato made its public market debut in July 2021, total size of the IPO was Rs 9,375 crore, as per reports VIKRAM GUPTA, IvyCap Ventures “The choice of exit hinges upon the DNA of the business and the founder's longterm aspirations” PRASHANT TANDON, Tata 1mg Sold 51% stake in 1mg for $230 Mn (As per media reports in 2021) “I would advise entrepreneurs to list companies on public markets and capitalise on the unfolding India story”

52 | B W BUSINESSWORLD | 23 September 2023 COVER STORY Mithun Sacheti In 2007 MITHUN SACHETI convinced his parents that he wanted to move on from the family business, Jaipur Gems. CaratLane, the startup he co-founded in the jewelry space with a capital of Rs 74 Lakh the following year, fetched Mithun Sacheti a staggering Rs 4,621 crore when he sold his remaining stake to Titan Company this year. BW Businessworld tracks the story of this magnificent clean, cash exit By Resham Suhail THE GLORIOUS EXIT I N 2008, TERMS LIKE ‘Omnichannel’, ‘UPI’, ‘D2C’ and ‘e-commerce’ were entirely foreign concepts when Mithun Sacheti and his co-founder Srinivasa Gopalan ventured into the world of online jewelry retail. Their journey embodies the tale of ambition, aiming to establish one of India’s most prominent jewelry brands. Despite operating at a loss for an uninterrupted period of 12 years, Sacheti managed to capture the attention of the Tata group, leading to the complete acquisition of CaratLane by the the group’s jewelry and watches business, the Titan Company. Stellar Exit In an unusual event in the Indian startup ecosystem, the co-founder of CaratLane sold his existing 27.6 per cent stake for a whopping Rs 4,621 crore, making it one of the largest clean, cash exits. The Titan Company has progressively acquired stake in CaratLane since 2016 and CaratLane has been fairly profitable since FY2021. “The beauty of these kinds of transactions is that they come out of nowhere,” says Sacheti. For Mithun Sacheti, the decision to sell his residual stake to the Tata group company was not a settlement done overnight. Asked why he had not opted for the initial public offering (IPO) route to offload his stake, Sacheti says, “I would have loved to do an IPO but Tata did not see any route, did not see any value addition. If I had a chance to change anything in this whole journey, any point which would have made an IPO mandatory, we could have done it.” How did this start? What led to this deal? Sacheti recalls, “At some point in 2020, Titan felt that they wanted to own this entire business. Many discussions and meetings took place since then.” He goes on to say, “My role was to try and see if I could convince them otherwise, I think they would have been really happy if I ran the business but didn’t own the business.”

23 September 2023 | B W BUSINESSWORLD | 53 In India, there is no better name than the Tatas

54 | B W BUSINESSWORLD | 23 September 2023 Sacheti recalls how he and Rakesh (Jhunjhunwala) used to talk about it. Sacheti sees his relationship with Rakesh Jhunjhunwala as a Guru-Shishya (teacher-disciple) relationship. “In a short time in my life, nobody made an impact the way he (Jhunjhunwala) did,” he muses. Jhunjhunwala passed away in August 2022. Sacheti alludes the position of an entrepreneur in a business in which he has no equity to that of a tiger without his teeth or claws. “One just becomes powerless and the decision-making comes to a halt. One cannot impact business when you don’t have equity in the business as an entrepreneur,” he says. The Journey Mithun Sacheti’s journey to establish CaratLane was fraught with hurdles. Sacheti acknowledges that, at the time, jewelry retail was not approached innovatively, giving CaratLane a first-mover advantage. In the initial years, the Chennai-based company’s growth fell short of expectations. The team worked diligently on building infrastructure and seeking capital, although investment remained elusive. Nevertheless, Sacheti persevered, driven by a clear problem statement and faith in the internet’s problem-solving capabilities. Sacheti’s decision to leave the family jewelry business, Jaipur Gems, in 2007, and his cash exit from his initial startup didn’t align with his original aspirations. Reflecting on those early days, he admits that his ignorance of the challenges ahead was a valuable asset. Despite the vastly different consumer landscape, Sacheti’s unwavering belief in the future relevance of the internet led to success. He remembered those early times as a continuous struggle, marked by a lack of essential infrastructure, such as payment gateways for high-value transactions and a reliable supply chain. It felt like navigating a minefield every step of the way. First D2C Jewelry Brand The company struggled to gain momentum, primarily because venturing into the online diamond jewelry market was entirely novel, and scepticism loomed large. Within four years, Sacheti’s efforts resulted in a business that consistently operated at a loss. Then, in 2011, a surprising turn of events occurred when Lee Fixel of Tiger Global reached out to Sacheti with an offer to provide much-needed capital and support for the company. This unexpected opportunity was a remarkable contrast to the rejections Sacheti had faced from numerous other venture capitalists. Ultimately, Sacheti sealed the deal with Fixel, securing Rs 27 crore for a 33 per cent stake, marking CaratLane’s first round of funding. Tiger Global, a US -based hedge fund, emerged as the sole venture capital investor in CaratLane, committing to multiple investment phases to fuel the company’s growth and expansion over the years. Sacheti explained the unique challenges of the jewelry industry, where foot traffic into physical stores is limited, making online discovery a critical hurdle to overcome. Tiger Global’s Exit As India’s online consumer base expanded, CaratLane gained prominence and a leading corporate house like the Tata group, showed interest in acquiring the controlling stakes in the company. Sacheti stressed that exits often result from misalignment rather than financial concerns. The core disparity lay in Sacheti envisioning CaratLane as an omnichannel business, while Tiger Global leaned toward a more tech-oriented approach. This divergence led to a challenging conversation when Tiger Global sold its stake to Titan. When asked if he still maintains contact with Tiger Global’s Lee Fixel, Sacheti confirms their past communication but mentions that no recent interactions had occurred. He acknowledges the firm’s timelines and constraints, understanding that CaratLane might not have met their expected returns within their specified timeframe. Nevertheless, he expresses confidence that Fixel would be pleased with their progress. In 2016 Titan acquired a 62 per cent stake from Tiger Global in CaratLane for about Rs 357 crore at a valuation of Rs 563 crore. “This deal for Titan would not have happened if there was more than one Tiger Global over there. They are passengers in your train and you have to find an exit for them,” explains Sacheti. He sees many successful outcomes in Titan’s partnership. “In India, there is no better name than the Tatas,” he emphasises. CaratLane aimed to revolutionise traditional retail, opening its inaugural store in Delhi’s Greater Kailash area in 2011. The company CEO Sacheti reflects on their cautious approach, acknowledging initial setbacks with the first two stores before achieving success with the third. From 2016 to 2020, CaratLane expanded its store count tenfold, propelling its high-margin diamond jewelry business. I would have loved to pursue an IPO but Tata did not see any route COVER STORY Mithun Sacheti

23 September 2023 | B W BUSINESSWORLD | 55 This growth trajectory has remained steadfast, positioning CaratLane as a formidable competitor alongside Bluestone and Melorra. The company maintains its commitment to capturing a significant market share and aims to become one of India’s most beloved brands, underlining its enduring determination and success. Business Formula Unwavering fundamentals are the bedrock of building large-scale, impactmaking, revenue-generating, sustainable startups. Sharing his thoughts on the evolution of businesses Sacheti says, “If the industry doesn’t have a high rate of change, you don’t find capital coming very easily. The access to capital has been multiplying with every passing generation in India.” Building a profitable business should be the focus for which he has devised a formula which says that the marketing expenses should be two-quarters ahead but the operating expenses should be one-quarter behind. “When you work with that ratio in your mind, building a profitable or meaningful business becomes far easier. It’s just the discipline you need to have to build a business,” Sacheti reiterates. Not EBITDA (earning before interest, taxes, depreciation and amortisation) but profit before tax (PBT) is the cornerstone of profitability for Sacheti. Shining Sector Gold has long held a revered status as a symbol of wealth and luxury, serving as a benchmark of financial stability. However, the emergence of fine jewelry, silver and diamonds, has introduced a fascinating counterpart to this age-old narrative. Sacheti being passionate about intricate and beautiful jewelry designs was foreseeing a societal transformation. With his legacy, diamonds once reserved for the elite, have undergone a democratisation process where exclusivity is giving way to inclusivity. In India, plain old gold could be seen mostly in the wedding space or available for exchange and sufficient utility of that jewelry could not be traced. Sacheti is happy to see this evolution but he is equally concerned about whether it will remain a sunrise sector or was going to witness a slowdown in future. According to Sacheti, most brands tend to advertise to the same micro audience again and again. If you see all the jewelry advertisements of whichever brand, there is a sense of similarity in all of them. They are attracting the same kind of customers and the same kind of wealth profile and nobody is going after the consumption class of the next five to ten crore people. “Maybe I am mistaken but that is how I look at it,” he says. In the everyday jewelry segment, the number of new buyers is increasing at a much faster pace because of the smaller size price point. The disposable income amongst the youth is increasing. “Largely, they need not consult with their parents for these decisions. This is the sunrise part of the jewelry segment,” says Sacheti. He remains bullish and optimistic of the growth and success of this segment. 2008: Mithun Sacheti (Rs 74 Lakh) and Srinivasa Gopalan (Rs 26 Lakh) founded India’s First D2C Jewelry Brand 2011: Tiger Global invested Rs 27 crore in Series A 2016: Tiger Global exited, selling its entire stake to Titan Company 2016: Titan picked up a 62% stake for Rs 357 crore, bolstered its ownership in CaratLane 2016 – 2022: Titan's subsidiary CaratLane recorded 10 times growth 2009 – 2020: It was a loss-making business for the first 12 years till FY20 2016 - 2019: Titan gradually increased its stake in CaratLane 2023: Sacheti sold his remaining stake (27.18%) for Rs 4,621 crore n Titan acquired the entire stake and holds 98.28% Revenue: Over Rs 2,000 crore in FY23

56 | B W BUSINESSWORLD | 23 September 2023 What do you intend to pursue next following the mega exit deal? Would India continue to be your playground for your future plans? Currently I am looking to be an investor, I want to enable other businesses by helping them learn from the knowledge that we have gained. Yes, I see maximum potential in India. But I will always look for opportunities around the world as well. By and large, I don’t see myself living anywhere else or doing anything which is not based in India at this juncture. Even if I have something that I want to do abroad, it will be with an idea to operate from India. What was your family’s reaction to your exit? They knew about it, we have been discussing it. They realise that especially after Rakesh Jhunjhunwala passed away, I was alone in this discussion. To think that you are talking to a Titan board, which is the Tamil Nadu government and the Tatas, it can be quite daunting. So, for them there was a sense of relief that everything happened smoothly. That feeling made them very proud. Any comments on Avnish Anand’s appointment as CEO? Avnish Anand is somebody I learned so much from every IN CONVERSATION ‘I WANT TO BE AN INVESTOR TO ENABLE ENTREPRENEURS’ Mithun Sacheti, Founder of CaratLane, has recently sold his 27.18 per cent stake in the company to Titan for Rs 4,621 crore in a mega exit deal. In an exclusive conversation with Resham Suhail of BW Businessworld, he talks about the exit, learnings and much more. Excerpts day. He is the smartest person to run a D2C business. I can sleep peacefully knowing that he is running it. We are not alike as personalities at all. But at the same time, we are very synchronised about how we want to build and what it takes. I feel Titan has chosen the right leader for the right job. If you look back, what are some of the most significant lessons you learned, both personally and professionally? When I started this business, I was a shopkeeper. I was running the family-owned jewellery business in which I used to manage six people in a store and about a dozen people in the factory. That is the scale of people management I was able to do. However, today we have become very good at people management. I feel like that journey has been the most fruitful one. My ability to manage people, grow with people and make them grow along with me, I think that has left me very satisfied. Which are some of the Indian businesses and entrepreneurs that have impressed you? I appreciate and admire many Indian businesses. I am a big fan of what Deep Kalra has done when it comes to

23 September 2023 | B W BUSINESSWORLD | 57 travel planning with MakeMyTrip. Sanjeev Bikhchandani of Info Edge is somebody I consider iconic. Also, the leap of faith that the Flipkart founders took when they decided to operate in India was impressive. I think they enabled thousands of entrepreneurs to dream and build something extraordinary. What Girish Mathrubootham did with FreshWorks has put Chennai on the map for SaaS. Similarly, Sridhar Vembu of Zoho, a maker of cloud-based business software has an impressive track record. I really look up to him. I am also impressed by the developments at PhonePe and Paytm. Also, what the government has done with UPI is commendable. Overall, I feel that India’s ability to solve problems is phenomenal. Other than jewellery, which sectors attract you the most? I feel consumer businesses have immense potential in India. I am not a big fan of finding a problem in the US and trying to replicate the same thing over here. I feel that in all those areas where technology can play a role in increasing the demand, consumer businesses will flourish. For example, travel is another sector where one can explore possibilities be it in travel luggage, ticketing or hotels. Any other protagonists we are missing out on who contributed to CaratLane’s stellar story? All my colleagues at CaratLane and their families have sacrificed a lot. For the company to grow 10 times every four years, involves a lot of work. Frankly, work-life balance is not even a word in our company. It is all about work-life integration and that is how I look at it. So, the silent heroes in all of this are the family members of all those who work at CaratLane. [email protected] “I don’t see myself living anywhere else or doing anything which is not based in India at this juncture”

58 | B W BUSINESSWORLD | 23 September 2023 I N THE MILIEU OF WEALTH creation and wealth ownership, the contrast lies between being merely “rich” and attaining “wealth.” This delineation encapsulates the profound nuances between old wealth and the nouveau riche, and the implications they carry in the world of business and legacy building. Old wealth, often associated with established business families and generational legacies, represents a continuity of affluence that spans decades or even centuries. In contrast, the nouveau riche, predominantly emerging from the entrepreneurial surge of the 21st Century, have amassed wealth within a relatively short span, driven by innovation, vision, and risk-taking. But then again, in this era of social media, the rich are as much influential for their success stories, as the wealthy were in the previous century. Generational wealth brings with it a unique set of advantages. It offers stability, access to established networks, and an intimate understanding of the intersection of industries, oldboys network, political access and global aspirations. These families possess the wisdom of navigating complex regulatory landscapes and have weathered economic cycles, giving them a steady hand in wealth management and legacy preservation. This often translates into diversified portfolios, investments in both traditional and emerging sectors, and the ability to sustain wealth across generations. Old wealth families are not just custodians of wealth; they are also guardians of legacies and traditions. Their contributions to philanthropy, culture, and society are deeply entrenched and serve as enduring hallmarks. These legacies wield significant influence, both socially and economically, impacting entire industries and regions. On the flip side, being born into old wealth could sometimes lead to a diminished entrepreneurial urge. The cushion of established riches may curtail the urgency to innovate or to disrupt. In contrast, firstgeneration entrepreneurs, driven by hunger and ambition, are often more agile and quick to adapt to change. They possess a keen sense of urgency, constantly pushing boundaries to build businesses from the ground up. COVER STORY Perspective NUANCES IN INDIAN ENTREPRENEURSHIP THE WEALTHY. THE RICH.

23 September 2023 | B W BUSINESSWORLD | 59 Successive generations of wealthy families can sometimes experience a diminishing motivation and hunger to continuously build successful businesses. This phenomenon can be attributed to a variety of factors, including a sense of entitlement that comes with inherited wealth, a lack of first-hand experience in overcoming adversity, and a disconnect from the hard work and determination that originally led to wealth creation. As the connection to the entrepreneurial spirit of the past weakens, there may be less incentive to innovate or take calculated risks. Additionally, wealth can sometimes lead to complacency and a preference for maintaining the status quo rather than embracing change and disruption. Without a renewed sense of purpose and drive, wealth can gradually dissipate over successive generations if not managed and invested wisely. However, these distinctions are not absolutes. The 21Century has witnessed a convergence of old wealth and new entrepreneurship. Traditional business families have embraced innovation and diversified into new-age sectors, while first-generation entrepreneurs have recognised the value of wealth preservation and legacy building. The modern Indian success stories in the entrepreneurial landscape exemplify a diverse array of dynamics. Unlike the predominantly traditional business models of the past, these stories showcase innovation, agility, and a global perspective. Whether it’s in the technology sector, ecommerce or FinTech, the dynamism of the new century’s entrepreneurs has been instrumental in reshaping India’s economic narrative. A significant shift is underway, where the younger demographics of India are playing a pivotal role in sculpting the nation’s economic landscape. Entrepreneurs are getting younger, demonstrating a remarkable appetite for risk and a willingness to face failures head-on. This generational transformation is marked by a sense of fearlessness and a desire to challenge the status quo, making India’s startup ecosystem one of the most vibrant in the world. One of the most heartening developments in this era is the surging sense of pride in Indian products and services. As homegrown startups gain prominence on the global stage, there is a growing recognition of the quality, innovation, and value that they bring. This pride extends beyond mere consumption; it fuels a sense of national achievement and fosters a deeper appreciation for the creativity and ingenuity inherent in Indian entrepreneurship, both at home and abroad. This has given boost to a large number of Indian entrepreneurs shaping the ‘Make in India’ narrative. This has fueled the rise of its new wealthy. Over the generations, the principles of establishing businesses and the fundamentals and strategies of Indian entrepreneurship have undergone a profound evolution. From traditional family-owned businesses with a local focus to the emergence of tech-driven startups with global ambitions, the journey reflects a seismic shift in mindset and approach. Old models emphasised Wealth is about building a lasting legacy, securing the future, and having the means to weather economic fluctuations, while being rich may be more ephemeral By Srinath Sridharan Photograph by VisualGeneration

60 | B W BUSINESSWORLD | 23 September 2023 stability and continuity, while the new paradigm celebrates agility, innovation, and disruption. Today’s Indian entrepreneurs are guided by market dynamics, technology, and a commitment to sustainability. The rise of first-generation entrepreneurs has introduced fresh perspectives and a willingness to take risks. As India continues to redefine its entrepreneurial landscape, the transformation from legacy-driven businesses to dynamic, forward-thinking startups is a testament to the nation’s adaptability and resilience. The distinction between being wealthy and being rich lies in the depth and sustainability of financial resources. Being rich often implies possessing a significant amount of money or assets, but it may not necessarily signify long-term financial security or the ability to maintain one’s lifestyle indefinitely. In contrast, being wealthy goes beyond mere monetary abundance; it encompasses the strategic accumulation and preservation of assets that can provide financial security and prosperity across generations. Wealth is about building a lasting legacy, securing the future, and having the means to weather economic fluctuations, while being rich may be more ephemeral. Beyond the pursuit of financial success, the motivation of the wealthy often delves into a realm where legacy-building takes centre stage. Wealthy individuals aspire to create lasting impacts on society, channeling their resources into philanthropy, entrepreneurship, or causes that resonate with their values. Passion and purpose play a crucial role, allowing them to follow their dreams and fulfill a sense of calling. Many wealthy individuals are inherently entrepreneurial, finding motivation in the thrill of innovation and value creation. Education and knowledge are cherished, as wealth provides access to quality learning resources. Social responsibility prompts philanthropy and giving back, using wealth as a tool for positive change. Quality of life, enriched experiences, and a commitment to the financial security of future generations are also core motivations. Ultimately, personal fulfillment and a sense of achievement inspire the wealthy to pursue endeavours that extend far beyond mere accumulation of wealth, making a meaningful mark on the world. Being rich is not solely a matter of financial prosperity; it extends to encompass a broader perspective of life experiences and personal aspects of living. Beyond monetary wealth, richness can be found in the richness of one’s experiences, relationships, and personal growth. It includes a tapestry of fulfilling moments, cherished memories, and a sense of contentment that transcends material possessions. Being rich can be synonymous with having a life abundant in meaningful connections, shared adventures, and a deep appreciation for the beauty of existence. In the realm of Indian entrepreneurship and wealth creation, it’s essential to appreciate both the continuity of old wealth and the dynamism of the nouveau riche. Their coexistence fosters a rich ecosystem where the wisdom of generations harmonises with the vibrancy of innovation. The pursuit of wealth and the stewardship of legacies will continue to shape India’s socioeconomic landscape. The writer is an author, policy researcher and corporate advisor OLD WEALTH FAMILIES ARE NOT JUST CUSTODIANS OF WEALTH; THEY ARE ALSO GUARDIANS OF LEGACIES AND TRADITIONS. THEIR CONTRIBUTIONS TO PHILANTHROPY, CULTURE, AND SOCIETY ARE DEEPLY ENTRENCHED AND SERVE AS ENDURING HALLMARKS COVER STORY Perspective Photograph by Anujakjaimook

ANIRBAN GHOSH Head- Centre for Sustainability Mahindra University ANKUR BHAGAT Vice President & Chief Supply Chain Oficer P&G India ASHISH MENDIRATTA CEO & Director Advanchainge JAGADEESH KUNCHEY Executive Vice President-Supply Chain & Logistics (for all the FMCG Businesses), Engineering Projects and Management Committee Member, ITC KOPAL AGRAWAL Chief Procurement Oficer Hindalco Industries NITIN D PAREKH Chief Financial Oficer Zydus Lifesciences RADHA RAMANUJAN Chief Financial Oficer, Ashirvad by Aliaxis RAVI KUMAR Head- Supply Chain Johnson & Johnson Pharmaceuticals (Janssen) VINAY KUSHWAHA Chief Technical & Strategy Oficer Britannia Industries UMESH MADHYAN Vice PresidentLogistics, Hindustan Coca-Cola Beverages ALOK MISHRA Senior Vice President & Group Head – Sustainability, Welspun Group ANIRBAN BASU Executive Director and National Logistics Head, Dalmia Bharat Group ARNAB ROY Zone CFO- Greater India & CFO, Schneider Electric ASHISH PANDE Head of Supply Chain - South Asia Region, Nestle EMINENT JURY EVENT PARTNERS For Speaking Opportunities: Uday Laroia: +91 98995 00769 [email protected] For Award Nominations: Baani Chauhan: +91 84476 77166 [email protected] Kuldeep Prajapati: +91 96698 60757 [email protected] For Partnership Opportunities: Aparna Sengupta: +91 995800 0128 [email protected] Co- Jury Chair SALIL KAPOOR CEO, Hindware Home Innovation #BWSupplyChain DEC 6, 2023 | NEW DELHI NOMINATE NOW SUPPLY CHAIN COMPETITIVENESS fifffflfflffiflfi 2ND EDITION fifffflffiflffffifflffififflfflffifflffifflffi ffffifffifflffi

62 | BW BUSINESSWORLD | 23 September 2023 AUTO NEW MAHINDRA LAUNCHES MADE IN INDIA, for the world’ was the slogan for the Mahindra Futurescape event that took place on 15 August 2023 at Laurensford, Cape Town in South Africa. At the very beginning, Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector, Mahindra & Mahindra, clarified the choice of venue. “Cape Town is a land of adventure and gorgeous farm lands and in a manner of speaking, that is what Mahindra and Mahindra’s auto and farm With an eccentric design, mammoth ground clearance and the new INGLO EV platform, the Thar.e, Mahindra Electric Automobile Limited’s brand new iteration of the iconic and immensely popular Thar, definitely stole the show towards the end of the event By Deep Majumdar GOING GLOBAL MAHINDRA’S MISSION STATEMENT unveilings. The new OJA platform, deriving its name from the Sanskrit term ojas (meaning energy) aims to offer innovative and lightweight four-wheel drive tractors that will work around Mahindra’s ‘Go Global ’ agenda catering to consumers with diverse needs. Mahindra aims to launch the new tractors on three OJA platforms, namely, the Sub Compact, Compact and Small Utility platforms with 4WD as a standard feature. During the launch, Mahindra unveiled business really stands for,” he said. The morning saw the global launch of the new OJA platform tractors developed via a collaboration (to the tune of Rs 1,200 crore) between the Mahindra Research Valley, which is Mahindra India’s research and development (R&D) centre and the Mitsubishi Mahindra Agriculture Machinery in Japan. The latter half of the day was dedicated to Mahindra’s auto division launches which consisted of two concept EV revolution: The new Thar.e concept from Mahindra

23 September 2023 | B W BUSINESSWORLD | 63 seven new tractor models for the Indian market on the Compact and Small Utility platforms. These models ranged from 20HP to 40HP (14.91kW to 29.82kW) targeting a wide array of applications for farmers. Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra revealed that Mahindra’s new range of OJA tractors will make their pitch to the global as well as the Indian markets based on technological innovation, versatility and efficiency. Aimed at progressive farmers who desire more productivity, the OJA tractors will look forward to empowering Mahindra to address 25 per cent of the global tractor industry and at the same time, help Mahindra enter new markets such as Europe and the ASEAN. ‘Redefining mechanised Zaheerabad, Telangana. Currently, Mahindra has product development facilities in four countries including India, Finland, Turkey and Japan, manufacturing facilities in eight countries including the USA, Brazil, Algeria, Australia and India and onground presence in eleven countries including the USA, Finland, Brazil, South Africa, Nepal, Bangladesh and, of course, India. With its foothold in the Indian markets getting stronger every year (16 per cent year-on-year growth in FY 2023 with 3,89,531 units sold in the domestic market), the Indian auto giant aims to expand its global footprint with a key focus on the USA, Indian and ASEAN markets with the launch of the new tractors. The second half, on the other hand, was about the auto sector launches. farming’ is what Vikram Wagh, CEO, Farm Division, Mahindra & Mahindra, iterated repeatedly after the unveiling of the tractors. The tractors will operate on three technology packs – Proja (productivity pack), Myoja (intelligence pack) and Roboja (automation pack). Global Footprint After the India launch, the OJA range of tractors will make their way to North America, Brazil, Australia, South Africa, Europe and the SAARC region. Mahindra will also be making its debut in the ASEAN region starting with Thailand in 2024. Going all in on the ‘built in India, for the world’ motto, these tractors will be exclusively manufactured at Mahindra’s tractor facility in Unveiled: The new OJA platform, aims to offer innovative and lightweight four-wheel drive tractors Hitech: The new tractors will be equipped with three tech packs

64 | BW BUSINESSWORLD | 23 September 2023 AUTO NEW MAHINDRA LAUNCHES Spectators at the event witnessed the launch of two brand new concepts, namely, the Global Pik Up and the Vision Thar.e. The former is a pick-up truck concept from the Indian auto giant while the latter is an electric vehicle (EV) concept of Thar, the already popular Indian fourwheel drive phenom. Vijay Nakra, President – Automotive Sector, Mahindra & Mahindra said the new Global Pik Up concept marks a significant step in Mahindra’s ‘GoGlobal’ strategy. “This vehicle is not only versatile and capable but also meets high standards of safety. Our move with the Global Pik Up is poised to not only reinforce our presence in existing markets but also pave the way to new frontiers,” added Nakra. The Global Pik Up was truly a sight to behold. The Scorpio-based pick-up truck concept will come into production (code name Z121) and will utilise Mahindra’s next generation ladder frame. The Global Pik Up concept has been created at the Mahindra India Design Studio (MIDS) with appeared to be the same as the four-door Mahindra Thar (2850mm). Expected to arrive in 2025, the Mahindra Global Pik Up will be powered by the Gen-II all-aluminium mHawk diesel motor paired with a six-speed manual or a sixspeed automatic. Given that its target markets are India, South Africa and Australia, the production version coming with a diesel engine makes sense. The show stopper at the event was the launch of the Thar.e concept, Mahindra Electric Automobile Limited’s brand new iteration of the iconic and immensely popular Thar. Although the vehicle looked nothing like anything you’ve seen on the Indian roads before, it did seem to be inspired by the new Ford Bronco. With an eccentric design, a mammoth ground clearance and the new INGLO EV platform, the Thar.e definitely stole the show towards the end of the event. “This endeavour goes beyond creating another off-roader; it shapes a vision that represents a progressive step in automotive design, without losing sight of where we came from,” said Bose. The five-door concept offers great insight into what the production model would look like. Features such as the wider wheel track at the rear and the boxy form factor keep it rooted to its origins as a hardcore off-roader. However, at the same time, the cyber truck-esque design offers a completely new perspective. INGLO EV Platform Mahindra showcased its new dedicated INGLO EV platform, termed as P1. The INGLOW platform, short for ‘Indian Global’, will also be utilised in five other all-electric SUVs from Mahindra. This platform uses what Mahindra termed as a skateboard platform during its presentation. Staying true to its GoGlobal vision, Mahindra is eyeing the global EV market which was valued at $384.65 billion. The market is expected to grow from $500.48 billion in FY 2023 to $1,579.10 billion in FY 2030 growing at a combined annual growth rate (CAGR) of 17.8 per cent. numerous wild out-of-thebox details. The Scorpio connection can be easily detected in features such as the headlight and fenders. Elements such as a front LED light bar, a huge bash-plate and tow hooks seemed like great additions given that it is, after all, a pick-up truck. As expected from a 4x4 pickup, the concept also dons a snorkel style exhaust for river crossings. Eccentric Design Pratap Bose, Chief Design Officer, Mahindra & Mahindra, emphasised the importance of the concept’s design. “Design is the cornerstone of our success, shaping our identity and paving the way for our global acceptance. The satinfinish titanium-gold paint highlights the vehicle’s new generation Ladder Frame platform, embodying the ‘GO FAR’ aspirations that define this Mahindra Pik Up,” added Bose. Something that really caught the eye during Bose’s presentation were the two spare tyres in the load area of the Pik Up. No specifications have been released yet but by the looks of it, the wheelbase World-class: The Global Pik Up, Mahindra’s new concept SUV, will play a key role in the Indian auto maker’s global expansion plan

JURY MEMBERS FOR NOMINATION INQUIRIES: Ashish Kumar +91 97179 22747 [email protected] FOR SPEAKING OPPORTUNITY: Reeti Gupta +91 98996 10630 [email protected] FOR SPONSORSHIP: Sajjad Mohammad +91 99118 55935 | [email protected] CS Rajaraman +91 93422 62859 | [email protected] Ravi Khatri +91 98913 15715 | [email protected] Somyajit Sengupta +91 98182 47444 | [email protected] In Association with NURTURING TALENT FOR FUTURE CONCLAVE #HR40Under40 fifffflffffiflfffl  ff flff AWARDS 4th EDITION OF #BWPeopleTalentForFuture NOMINATE NOW SEPTEMBER 2023 NEW DELHI HARSHVENDRA SOIN Global Chief People Officer & Head - Marketing, Tech Mahindra RAHUL TANEJA Managing Director Essar Capital S.Y. SIDDIQUI Executive Advisor Maruti Suzuki P. DWARKANATH Former Chairman GSK Consumer Healthcare DR. ANNURAG BATRA Chairman & Editor-in-Chief, BW Businessworld & Founder, exchange4media PREM SINGH President - Group HR JK Organisation RAJENDRA MEHTA Global CHRO Suzlon Group VISHPALA REDDY Head of HR-Indian Subcontinent Philips India PRASANTH NAIR CHRO Crompton Consumer AMIT SHARMA Vice President & Head - People & Culture - India Volvo Group DR. C. JAYAKUMAR Executive Vice President & Head Corporate Human Resources (CHRO), Larsen & Toubro YUVARAJ SRIVASTAVA Group CHRO MakeMyTrip PRADYUMNA PANDEY Manufacturing HR Head HERO MotoCorp DR. VIPUL SINGH Senior Vice President and Head of HR ADP – GSS International AARTI SRIVASTAVA Chief Human Resources Officer - India, Capgemini Capgemini Technology Services India TALEES RIZVI Director - BW People BW Businessworld DHEERAJ MODI Vice President and Global HR Head NLB Services GAURAV SAINI CHRO – APAC and MEA Nokia Phones RUCHI SHARMA KALRA CHRO, Give ASHISH MISHRA Director - Human Resources & Supply Chain Management Nippon Paint

66 | B W BUSINESSWORLD | 23 September 2023 The string of multi-billion-dollar deals struck by Indian IT giants in recent months makes the sector an attractive investment bet. But investors rushing to put their money into these companies should know that these deals will translate into gains for them only in the long term By Rohit Chintapali TECHNOLOGY INVESTING ROMINENT IT COMPANIES such as TCS, Infosys, Wipro, and HCLTech have recently sealed huge deals that hold profound implications for the industry’s trajectory. But what do these deals mean for investors? In June, TCS unveiled a mega deal with UK’s National Employment Savings Trust (NEST). The £840 million (approximately $1.1 billion) agreement is for a 10-year period. If extended across its full 18-year duration, the contract’s maximum estimated worth could reach £1.5 billion (about $1.9 billion). The agreement encompasses a minimum 10-year term, with potential extensions of up to five years and an additional three-year exit option. In September, TCS struck another mega deal with Jaguar Land Rover (JLR), a wholly-owned subsidiary of Tata Motors. The £800-million agreement is for five years. TCS has been enlisted to develop advanced digital services tailored to JLR’s luxury car customers. Meanwhile, HCLTech unveiled a staggering $2.1 billion pact with Verizon. It hopes to secure more substantial mega deals in the forthcoming quarters. HCLTech’s CEO C. Vijayakumar, in an interview with a media outlet, revealed a robust deal pipeline since Q1 FY24, and expressed confidence in Q2 FY24 contributing significantly to the company’s bookings. He underlined the prospect of fulfilling the projected 6-8 per cent year-on-year (CC revenue growth) guidance for the fiscal year (FY24), propelled by the current trajectory and prospective developments. The agreement can be potentially extended up to eight years, and the total contract value could go up to a remarkable €2.3 billion (~$2.5 billion). This deal is Infosys’ third significant announcement in recent months. Notably, this Liberty Global contract supersedes even Infosys’ massive $1.5-billion deal with global energy leader BP, secured P Infosys also announced a five-year mega deal, initially valued at €1.5 billion (~$1.64 billion), with European telecom giant Liberty Global. The pact, is an extension of their February 2020 partnership, and will see Infosys take charge of the design and operation of Liberty Global’s Horizon entertainment and connectivity platforms. MEGA DEALS & DONTS

23 September 2023 | B W BUSINESSWORLD | 67 in May and spanning five years. These strategic triumphs come in the backdrop of Infosys’ revision of fiscal 2024 revenue projections, which are now expected to expand by 1-3.5 per cent in constant currency, underlining the challenges posed by global macroeconomic factors.Last fiscal year, Infosys signed 95 large deals worth $9.8 billion. two new accounts exceeding $100 million in revenue were added. This strategic shift for Wipro involves reducing client numbers by 100 while emphasising $20 million and $100 million range customers. Despite fewer deals, Q1 FY24’s TCV surged. But it will be interesting to see the company’s deal announcements in Q2. “We believe more mega deals are in the pipeline for Tier-1 Indian IT companies. Incremental revenue contribution from these mega deals, combined with likely stability in the existing book of business and a moderate recovery in discretionary spending, can lay a strong foundation for growth in FY2025E,” says Sumit Pokharna, Research Analyst & Vice President at Kotak Securities. Long-Term Vision Despite the monumental deal-making, a thought-provoking dichotomy emerges—these multi-billion-dollar deals are stretched over a minimum of five years, thus tempering their immediate quarterly revenue impact. In this context, the significance of smaller deals, even up to $100 million, comes to the fore as a pivotal factor in showcasing quarterly revenue growth. Industry observers underscore that this robust deal-making spree is a clear indicator of the IT sector’s meaningful growth trajectory, despite the potential lack of immediate impact. In light of these developments, investment experts stress the importance of adopting a long-term perspective. While the recent accomplishments of IT giants resonate loudly, the prudent approach is recommended, particularly within the IT domain, over the upcoming six-month period. This segment is not for those wanting some rapid returns. [email protected] SUMIT POKHARNA, Research Analyst & Vice President at Kotak Securities “Infosys and HCL Tech are our top picks in the large-cap IT space. We expect sunshine after the storm for IT sector” During Q1 FY24 results, Wipro’s CEO Thierry Delaporte highlighted significant strides in large deals, closing contracts totaling $1.2 billion – a 9 per cent year-on-year (YoY) growth and the highest in eight quarters. The quarter saw 10 deals surpassing $30 million in Total Contract Value (TCV), contributing to a TCV of $3.7 billion. Notably, Photograph by NataliMis Photograph by GNVwZJv-Jo-Unsplash

68 | B W BUSINESSWORLD | 23 September 2023 INSIGHT Cryptocurrency INDIA & CRYPTO: Tale of Two Minds As India charts its course through this complex landscape, it must take into account the broader global context. The G20’s cryptocurrency regulations and the IMF’s cryptocurrency framework will unquestionably have an impact on India’s choices as it seeks to find equilibrium between fostering innovation and implementing regulatory measures Photograph by BiancoBlue

23 September 2023 | B W BUSINESSWORLD | 69 T HE CRYPTO LANDSCAPE in India seems like a narrative torn between conflicting desires, prompting us to ponder whether it is a crypto asset class or a cryptocurrency, whether it wants to be a crypto exchange or yearns for less regulation. Amidst these dilemmas, the Indian crypto industry’s legal battle of 2018 against the Reserve Bank of India (RBI) may have won some battles but lost the larger trust of establishing regulatory parentage. The industry’s contentious relationship with regulators exemplifies the ongoing struggle to find a harmonious middle ground in India’s crypto tale of two minds. The paradox continues: industry with a change of heart seeks regulation with no other way out, while regulators remain wary. Industry yearns for regulatory acceptance, yet the sector can’t dictate the regulatory stance of its choice, convenience and timing. Crypto’s position as a fundamental component of Web3 blurs the policy lines, as Web3 encompasses more than just cryptocurrencies, leading to a confusing ecosystem that hampers its growth. This stance seems to be policymakers’ folly as we see more web3 entrepreneurs migrate out of the country to global markets which already have started defining policies, regulations, tax holidays and investment guidelines for web3 startups. Those kind of Ease of Doing Business with a clarity of regulatory stance is important, and not the Damocles sword, double-edged with high taxation and fickle policy changes. International Collaboration The Reserve Bank of India has repeatedly expressed its apprehensions regarding the potential negative impact of cryptocurrencies on the Indian economy. The Indian government holds the view that a unilateral ban or regulation would prove ineffective due to the borderless nature of cryptocurrencies, and that international collaboration is essential to prevent regulatory arbitrage in this arena. India at the helm of the G20 presidency, continues to maintain a static stance on cryptocurrency governance. In the face of regulatory uncertainty, the country’s crypto industry grapples with challenging tax regulations. It’s important to note that the G20 lacks the authority to enact enforceable financial regulations. The silence disruptor nation in this global story might be the United States. It may find it challenging to disrupt its own domestic crypto market for several reasons. One key factor is the United States’ commitment to principles of free markets and free speech, which extends to its stance on cryptocurrencies. Moreover, the crypto industry has garnered substantial support from influential figures and institutions within the country, making it a formidable presence. Additionally, the US may be cautious about taking drastic measures against cryptocurrencies, given the potential impact on innovation and the risk of stifling technological progress. This apparent double standard between its enthusiasm for crypto and the fall of crypto exchanges highlights the complexity of the issue and the delicate balance the US must strike between regulatory oversight and preserving the ideals it champions. Irony is that cryptocurrencies like Bitcoin originated from the US, with a desire for financial independence and scepticism about governments’ fiscal stability. Emerging in 2008 after the global financial crisis, they offered a decentralised alternative to traditional systems, aiming to counter centralised control and concerns over fiscal mismanagement. Erratic Performance Amidst this turbulent journey, the cryptocurrency market has exhibited erratic performance, yet optimism prevails in the quest for a robust use case or the revelation of missing components. Speculation abounds that only a handful of crypto assets will endure within highly regulated exchanges, and the final verdict on this matter may hinge upon the outcome of the upcoming Indian national elections in the middle of the next year. However, this scenario could potentially change should the G20 and IMF establish a more solid consensus beforehand. The Financial Stability Board (FSB) and the IMF have recently disseminated a synthesis paper on the regulation of crypto assets to G20 member nations, aiming to provide deeper insights into a comprehensive strategy for countries seeking to incorporate virtual digital assets into their financial systems. As India charts its course through this complex landscape, it must take into account the broader global context. The G20’s cryptocurrency regulations and the IMF’s cryptocurrency framework will unquestionably have an impact on India’s choices as it seeks to find equilibrium between fostering innovation and implementing regulatory measures. The G20 nations may endeavour to establish a universally recognised regulatory framework for crypto-assets, granting individual jurisdictions the flexibility to impose stricter regulations beyond this baseline, possibly even opting for a complete ban if they see fit. Which direction will the Indian regulatory mood blow? The writer is an author, policy researcher & corporate advisor X @ssmumbai By Srinath Sridharan

70 | B W BUSINESSWORLD | 23 September 2023 MARKETING LEADERSHIP Embracing change, a marketing reset is afoot reimagining the future of creativity, consumer experiences, the changing role of purpose and the reality of personalisation in a data-driven, cookie-less world By Reema Bhaduri & Pratyaksh Dutta I N THE DYNAMIC realm of marketing, adaptation is not merely a choice but a necessity. The past few years have witnessed a rapid transformation in the marketing landscape, driven by technological advancements, shifting consumer expectations, and global events such as the pandemic, war in Europe and other uncertainties. As these factors shift, marketers find themselves at a crossroads, compelled to adapt to new paradigms. MARKETING IS BUSINESS IN DEP T H MARKETING ADVERTISING & & Marcovector1993 Photographs by Sarahdesigns85

23 September 2023 | B W BUSINESSWORLD | 71 ing a new era in marketing. Additionally, 58 per cent of marketers are focusing on infusing moments of joy into their campaigns, recognising that advertising today must entertain amid a sea of bold promotional messages. K.J. Jawa, Chairman & MD, Daikin India & Member of Board, DIL, Japan, emphasises the pivotal role of effective marketing in sustainable growth. “Customer-centric values, pricing power, brand resilience, repeat purchases, cost efficiencies, profits, partnerships and shared objectives in business interactions are very important and extend beyond mere strategies to forge meaningful connections,” he advises. Jawa’s perspective goes beyond just business strategies. He recognises the essence of every interaction as a connection between individuals. He says, “Human-centric view extends to the company’s relationships with government bodies and non-governmental organisations, where partnerships are formed based on shared values and objectives.” Purpose-driven Strategies As the marketing landscape shifts toward purpose-driven strategies, 69 per cent of CMOs acknowledge that there’s a risk of losing sight of the art of selling amid this focus on purpose. Balancing purpose with the bottom line is a delicate dance that modern marketers must master to thrive. Jayen Mehta, Managing Director, Amul (GCMMF), highlights the brand’s humorous and topical campaigns that resonate across generations, fostering familiarity and trust. “We have also seen how technology and data-driven decision-making has helped Amul weather the challenges posed during the pandemic,” he adds. A Future with AI In contrast to other markets, India has rapidly embraced the digital Creative Resilience of Marketers A Dentsu Creative report brings to light a juxtaposition which is a world where artificial intelligence (AI) looms large, threatening to overshadow human creativity, yet a staggering 73 per cent of India’s marketers staunchly believe in the indomitable prowess of the human imagination. This belief signifies that, despite AI’s growing prominence, human creativity remains a bedrock in marketing’s ever-evolving landscape. The report reveals some of the most prominent concerns among marketers relating to owning customer relationships, responding to changing consumer behaviour, keeping up with changing technologies, representing increasingly diverse audiences, and responding to climate crises. Rajesh Jain, MD & CEO of Lacoste India, says that today’s customers value more than just digital experiences. He identifies three key factors namely collection, care, and convenience, as pivotal in attracting and retaining customers in the modern era. In an age where technology and human ingenuity must coexist harmoniously, marketers are proving that adaptability, creativity and a customer-centric approach is the key to thriving in the evolving world of marketing. Experiences Matter In a world where experiences matter more than ever, 87 per cent of marketers concur that brands are constructed through experiences, according to the Dentsu Creative report. Today’s consumers demand not just products or services but memorable, meaningful interactions. Meeting these expectations requires bridging the gap between technology and humanity. Brands that can effectively merge these realms to create lasting connections with their customers. “Marketing today is intrinsically linked with business itself. The measurability of marketing efforts is increasing in the digital age, which provides unprecedented insights into the impact of actions on business outcomes. At Lava, we prioritise prudent marketing strategies and fiscal responsibility,” says Sunil Raina, President at Lava Mobile. Navigating The Changing Tides More than 80 per cent of marketers agree that technologies such as live streaming are blurring the lines between content and commerce, heraldJayen Mehta, Managing Director, Amul (GCMMF) “We have seen how technology and datadriven decision-making has helped us weather the challenges posed during the pandemic” Photograph by Ritesh Sharma

72 | B W BUSINESSWORLD | 23 September 2023 MARKETING LEADERSHIP landscape. With the widespread use of mobile phones, consumers in India have extensive exposure to a wide range of products and services. In the Indian context, meaningfulness entails seeking greater access, control, and simplicity in the overall experience. This doesn’t imply that brands cannot align with causes. AI is poised to shape the future of advertising and marketing, offering efficiency and innovative possibilities. Yet, doubts persist regarding its ability to evoke genuine emotional responses from customers. Technology can address critical challenges, such as providing clean drinking water to millions in India, solving complex problems and extending services to underserved communities. “Technology is one of several tools used by companies to assist in the problem-solving process which entails acquiring and analysing data before proposing solutions to a business challenge,” says Rakesh Kaul, MD & CEO of Livpure. According to reports, 81 per cent of people believe that customers will still be willing to pay a premium for humancreated content. This shows the enduring value of human creativity in marketing, even as AI gains prominence. Cookie-less Future and Data Analytics Consumer privacy concerns are far from new, but various incidents of customer data misuse have intensified calls for reform. In response, influential tech industry leaders such as Google and Apple have proactively embraced fresh customer data privacy initiatives, setting the stage for others to follow suit. These policy shifts have led many experts to predict the eventual demise of the prevalent tracking cookie, which has long been the key to targeted marketing campaigns. To these developments, marketers are now faced with the imperative to craft novel digital marketing strategies tailored to the forthcoming ‘cookie-less’ era. “The transition to a cookie-less future is prompting marketers to establish transparent and considerate customer relationships. The shift encourages brands to handle data more responsibly, placing an emphasis on privacy and thereby fostering trust, loyalty and robust customer relationships,” notes Pradeep Kumar, CEO of Neil Patel Digital India. The increased privacy in a cookie-less world would naturally create the challenge of effective data collection and analytics. Kumar proposes that building consumer relations and fostering a certain level of trust with your customers would prompt them to share personalisation information willingly. Brands can further use AI and machine learning to effectively use this data and in turn, better cater to specific personal consumer needs. Transparency in data collection and usage is key to maintaining trust with consumers. With a focus on first-party data, contextual advertising, user behaviour analysis, predictive analytics and crosschannel integration, businesses can continue to deliver personalised, relevant experiences while respecting user privacy. Creativity and Technology Dentsu Creative’s 2023 Global CMO report, indicates that while AI and technology are advancing rapidly, it is evident that the human touch remains irreplaceable in fostering creativity, building meaningful brands and creating memorable customer experiences. Citing a report from UnFold Labs, Kumar points out that AI is expected to recognise human emotions and will play a role in just under 50 per cent of the online advertisements one encounters by 2024. He also draws attention to the growing significance of omnichannel marketing, where all channels are interconnected, leading to personalised customer experiences. He highlights that loyalty is a function of memory and the Rajesh Jain, MD & CEO, Lacoste India “Three key factors that are collection, care and convenience are pivotal in attracting and retaining customers in the modern era” IN DEP T H MARKETING ADVERTISING &

23 September 2023 | B W BUSINESSWORLD | 73 role of AI in analysing data for personalised messages. In a world where AI threatens to steal the spotlight from human creativity, it is reassuring to see that a massive 73 per cent of India’s marketers firmly believe that Generative AI will never outshine the boundless brilliance of the human imagination. According to sources, the most commonly used technologies that marketers claim to be leveraging today include social commerce at 35 per cent, chatbots for CX (customer experience) at 28 per cent, virtual brand properties such as avatars and idols at 28 per cent, and virtual reality at 27 per cent. Brand Meaningfulness In this backdrop, the need for building meaningful brands becomes more accentuated. “Brand meaningfulness extends beyond functional equity to personal and collective equity. Today, consumers are more discerning and seek brands that align with their values,” states Mohit Joshi, CEO of Havas Media Network India. The Havas report reveals that 65 per cent of people are tired of brands pretending to care about social issues solely for profit, highlighting the growing importance of authenticity and social responsibility in marketing. It also indicates that consumers have shifted their perspective from cynically viewing brands ‘purpose-washing’ to conducting a more introspective and personal assessment of the relevance of the brand’s purpose. As per the ‘Meaningful Brands Research’ conducted by Havas, people would not care if 73 per cent of brands disappeared tomorrow. This is a number that will cause concern for large brands. Marketers’ foremost concerns for the future revolve around five key factors. They include establishing a strong customer relationship, adapting to evolving consumer behaviours, staying abreast of cutting-edge technologies like AI, effectively representing diverse audiences, and addressing the pressing issue of climate change. A marketing reset is afoot as a response to the evolving landscape of business and consumer behaviour. Sustainability, data privacy, inclusivity, post-pandemic strategies and AI-powered personalisation are all key components of this transformation among others. Businesses that seem to embrace these changes, adapt to new regulations and prioritise ethical marketing practices will prosper in the marketing landscape. The future of marketing is a fusion of technology and humanity, where brands connect with customers through meaningful experiences while demonstrating their commitment to a better world. K.J. Jawa, Chairman & MD, Daikin India “Customer-centric values, pricing power, brand resilience, repeat purchases, cost efficiencies, profits, partnerships and shared objectives in business interactions are important” SUNIL RAINA, President, Lava Mobile “The measurability of marketing efforts is increasing in the digital age, which provides unprecedented insights into the impact of actions on business outcomes”

74 | B W BUSINESSWORLD | 23 September 2023 OPENING ESSAY BW UNVEILS INDIA'S 100 MOST INFLUENTIAL MARKETING LEADERS More than 25 per cent of the BW Top 100 Marketers comprises women leaders. FMCG, Auto, Tech & BFSI dominate the list that not only recognises leaders across India who have contributed to and continue to shape the marketing & business landscape but also younger leaders who are building future-ready brands By Team BW TOP MARKETERS MARKETING ADVERTISING &

23 September 2023 | B W BUSINESSWORLD | 75 MARKETING’S ROLE in growing businesses becomes crucial in the face of uncertainties and unprecedented impediments. The year gone is another example, where leaders have doubled down on making meaningful connections with their consumers. With the rise of technology, generative AI and constantly changing behaviour, marketing leaders are marrying codes and theories with creativity and ideas to create deeper ways of engagement and enabling potent consumer experiences. The BW Top 100 Marketers 2023 recognises these leaders whose marketing and business acumen have pushed their brands forward. Their ability to prioritise consumers, manage risks and explore new ideas is making their work the most critical differentiator amid the plethora of products and services. The leaders represent different geographies and key markets showcasing some of the good work happening across India. Women Leaders On The Rise In comparison to the first edition, which included over 20 per cent of women leaders, this year, more than 25 per cent of the list saw women leaders making notable differences in the larger marketing landscape. From the FMCG sector, the most influential marketing leaders feature Harman Dhillon, Vice President, Skin care, Color Cosmetics, Dove Masterbrand, Hindustan Unilever; Kavita Chaturvedi, Chief Operating Officer, Snacks Business, ITC and Saakshi Verma Menon, Marketing Director, Kimberly Clark India. The tech sector continues to see women leaders grow and hold more important positions. Highlighted in the list this year are Roshni Das, General Manager & Regional CMO, Asia Pacific and Japan, Marketing & Partner Scale, Intel Solutions & Services India; Neha Barjatya, Marketing Director, Google India; Neha Ahuja, Director, Head of Marketing – Spotify; Anindita Veluri, Director – Marketing, Adobe India and Amrita Thapar, till recently Chief Marketing Officer, Microsoft India and who has now taken up a new mandate as Director – Experiential Marketing, Microsoft (India, Japan and Southeast Asia). Anjali Gupta, Group Marketing Head, Sify Technologies and Anuradha Sehgal, Chief Marketing Officer, Coforge also make it to the 2023 list. Deepali Naair, Group Chief Marketing Officer, CK Birla Group and Sunita Bangard, Group Head – Consumer Insights and Brand Development, Aditya Birla Group take top spots as well along with Asha Kharga, Chief Customer and Brand Officer, Mahindra Group; Jyoti Kumar Bansal, Chief – Branding, Communications, CSR, Sustainability, Tata Power and Minal Srivastava, Deputy Executive Director, Dalmia Cements as women leaders who are making an impact beyond marketing. From the BFSI sector, Shoma Narayanan, Managing Director & Head, Group Strategic Marketing & Communications, DBS Bank India and Sujatha V. Kumar, Head of Marketing, India & South Asia, Visa feature on the list. The auto, auto ancillary and related industry is seeing women leaders push forth some aggressive and inclusive marketing strategies that are benefitting their brands. Some of the leaders here include Ipshita Chowdhury, Chief Marketing Officer, Valvoline Cummins; Kavitha Ganesan, General Manager – Marketing, TVS Eurogrip and Jaya Jamrani, Vice President – Marketing, Castrol India. Also included this year are Aparna Giridhar, Vice President – Marketing, Swiggy and Anuja Mishra, CMO, Honasa (Mamaearth, BBlunt, The DermaCo, Aqualogica) The BW Top 100 Marketers 2023 recognises leaders whose marketing and business acumen have pushed their brands forward

76 | B W BUSINESSWORLD | 23 September 2023 representing younger brands. The only consumer healthcare brand marketer among the winners this year is Anurita Chopra, Head of Marketing – India Sub Continent, Haleon India. Shwetal Basu, Chief of Marketing and Communication, Shoppers Stop; Aparna Bhawal, Chief Marketing Officer, KFC India & Partner Countries and Pooja Baid, Chief Marketing Officer, Versuni India are the other women leaders on the list this year. FMCG Leads The Way Nearly 30 per cent of India’s top most influential marketing leaders list this year is from the very competitive FMCG sector and many seasoned names take the top spots. In addition to Chandan Mukherji, Director & Senior Vice President, Strategy, Marketing & Communication, Nestlé India, two leaders from RB are on the list. These are Saurabh Jain, Regional Marketing Director, Hygiene, Reckitt South Asia and Dilen Gandhi, Regional Marketing Director, South Asia, Health and Nutrition, Reckitt for the groundbreaking work the company is doing. Similarly, Sharat Verma, Chief Marketing Officer, P&G India & VP, Fabric Care and Girish Kalyanaraman, VP, Marketing Operations, P&G India feature in the list as P&G continues to support important causes in India. Hindustan Unilever includes three leaders in the list this year. In addition to Harman Dhillon, Shiva Krishnamurthy, Vice President – Foods & Beverages and Srirup Mitra, Head, Skin Cleansing India and Personal Care South Asia are both on the list for the culture-shaping and peopleempowering work that these brands are doing. Gunjit Jain, Executive Vice President, Marketing, Colgate-Palmolive (India); S. Prasanna Rai, Chief Marketing Officer & Head – Ecommerce Business, Wipro Consumer Care and Lighting; Sunay Bhasin, Chief Commercial Officer, MTR Foods and Sunil Gadgil, Marketing Director, Nivea India are the other super marketers from this sector. Foods & Beverages saw several marketing leaders stand out as well. These include names such as Ankit Desai, CMO India, Hershey Company; Anshul Khanna, Vice President & Foods Category Head – India and South Asia, PepsiCo; Arnab Roy, Vice President & Head of Marketing, India & South Asia, The Coca Cola Company; Varun Kandhari, Director, Marketing & Customer Marketing, Mars Wrigley; Zoher Kapuswala, Lead Marketing, Ferrero India Brands (Ferrero Rocher, Nutella & Tic Tac); Gunjan Khetan, Marketing Director, Perfetti Van Melle India and George Kovoor, Senior Vice President, Beverages, PepsiCo India. Auto Marketers Up The Pace Fourteen marketers from the auto industry find a place on the list this year. Veterans whose work not only is impacting their own companies and the BFSI sector but have become synonymous with marketing leadership in India and are grooming several young leaders. The list includes Hardeep Brar, National Head, Sales & Marketing, Kia India; Ranjivjit Singh, Chief Growth Officer, Hero MotoCorp; Shashank Srivastava, Senior Executive Officer – Marketing & Sales, Maruti Suzuki India; Vinay Pant, Head – Marketing, Tata Motors Passenger Vehicles and Virat Khullar, Group Head Marketing, Hyundai India. Other prominent names on the list this year include Abbey Thomas, Head – Marketing & PR, Volkswagen Passenger Cars India and Shubhranshu Singh, Chief Marketing Officer – CVBU, Tata Motors. BFSI Marketers Beating The Odds BFSI marketing in India still sees the big names continue to work towards building and retaining consumer trust. In the list this year are Naarayan T.V., Chief Marketing Officer, IDFC FIRST Bank; Rahul Talwar, EVP & Chief Marketing Officer, Max Life Insurance and Ravi Santhanam, Chief Marketing Officer & Head – Corporate Communications & Liability Products, HDFC. Rohit Bhasin, who very recently took on the mandate as President and CMO, Kotak Mahindra Bank, is also among the most influential marketing leaders 2023 list. Some of the other eminent names who are now pushing the envelope not only in this but also in the insurtech and fintech sectors include Sai Narayan, Chief TOP MARKETERS MARKETING ADVERTISING & Photograph by Vectordreammachine OPENING ESSAY

23 September 2023 | B W BUSINESSWORLD | 77 Marketing Officer, PolicyBazaar; Sumit Mathur, Chief Marketing Officer, One97 Communications (Paytm); Ashish Mishra, Executive Vice President – Marketing, ACKO and Puneeth Bekal, Director – Marketing, Mastercard. Consumer Electronics Moving Hearts Work done in the consumer electronics sector stood out last year in showcasing products and features, for different price points. Consumers have been spoilt for choice in this space and competition intensifies each year. The list sees names such as Aditya Babbar, Senior Director – Head Product & Marketing, Samsung India; Aman Gupta, Cofounder and CMO, boAt Lifestyle and Damyant Singh Khanoria, Chief Marketing Officer, Oppo whose initiatives have made an impact in growing their brands. Also featuring this year, from the consumer durables sector, are Deba Ghoshal, Vice President & Head – Marketing, Voltas; Prashant Jain, Senior Director – Marketing, HP; Sunil Narula, Senior Vice President, Sales & Marketing, Panasonic Life Solutions India; Prasenjit Basu, Head of Marketing, Voltbek Home Appliances and Sameer Saxena, Director – Marketing, Legrand. Marketer of Marketers A hallmark of the list this year is the presence of leaders whose impact is going beyond marketing. These names include Debabrata Mukherjee, who took on the role of MD & CEO, Bata Bangladesh, and is known for his work at Emami Agrotech, UB and Coca-Cola before that. A change agent and business growth driver, Himanshu Khanna, Chief Marketing Officer, Raymond is also on the list. Industry veterans Ajay Kakar, Brand & Marketing Strategist and Karthi Marshan, whose influence is the same on veterans as it is on younger marketers, are also on the list. In a similar vein, from the tech sector Amit Tiwari, Global Head of Marketing Demand Centre, TCS and Ravi Desai, Director – India & Emerging Countries, Prime & Marketing, Amazon who have set newer benchmarks join Raj Rishi Singh, Chief Marketing & Business Officer, MakeMyTrip and Avneesh Khosla, Chief Marketing Officer, Vodafone Idea along with Atit Mehta, Marketing Head, Byju’s and Ajay Dang, President & Head – Marketing, UltraTech Cement on the list this year. Leaders To Watch Out For Some of the other leaders who make it to the list this year include Nitin Saini, Vice President – Marketing, Mondelez India and Vineeth Viswambharan, Associate VicePresident of Marketing & Sales, Adani Wilmar for once again taking on a mandate beyond marketing. Amedeo Aragona, Marketing Head, Kinder Brands, Ferrero India and Tushar Malhotra, Marketing Head, Bisleri from the sector too make it to the Top 100 Marketers list this year. Other names in the auto sector that stood out for clutterbreaking work last year include Sudhir Malhotra, Vice President – Sales & Marketing, Renault India; Udit Malhotra, Head – Marketing, Morris Garages (MG Motors) India and Gaurav Sinha, Head – Marketing, Audi India. The BFSI marketing leaders pushing the anvil also feature Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance; Akash Deep Batra, Executive Director & Head of Marketing, Customer Experience & Analytics, DBS Bank; Sameer Gupta, EVP & Head – Decision Sciences & Portfolio Management, IndusInd Bank and Sameer Shetty, Head – Digital Business & Transformation, Axis Bank. Marketing leaders who are doing engaging work in retail include Harshavardhan Chauhaan, VP, Chief Marketing & Omnichannel Officer, Spencer’s Retail & Nature’s Basket; Siddhant Narayan, Head – Marketing, Nike; Saikot Das, Marketing Director – South Asia, MEA, Levis Strauss & Co. and also Alok Mahajan, Chief Marketing Officer, Sleepwell. Other business-to-business and tech marketers on the list this year are Arvind Saxena, Senior GM & Head – Marketing & Corporate Communications, NEC Corporation India; Shoumyan Biswas, Chief Marketing Officer, Tata Digital and Kunal Dubey, Chief Marketing Officer, Cleartrip. Akshay Kapoor, Chief Marketing Officer, DLF; Santosh Hegde, VP – Marketing, Licious; Deepak Sinha, Vice President – Marketing, Bira 91; Anish Varghese, DGM – Marketing, Joy Alukkas and Mustufa Arsiwalla, Chief Marketing Officer, Britannia Bel Foods are the other marketers whose work promises to continue making an impact. With the rise of tech, generative AI and constantly changing behaviour, marketing leaders are marrying codes and theories with creativity and ideas to create deeper ways of engagement and enabling potent consumer experiences

Marketing is the game changer that converts prospects into loyal customers, according to veteran marketer Hardeep Brar By Reema Bhaduri CREATING BRAND LOYALISTS AT A TIME WHEN marketing’s relevance within organisations is under increasing scrutiny, Hardeep Brar holds a firm belief that marketing is a powerful growth generator for any company. A veteran in the automotive sector, Brar understands the pivotal role marketing plays in attracting and converting consumers into loyal customers. The Growing Catalyst Brar unequivocally supports the notion that marketing is a source of growth and a catalyst for business expansion, serving as the point of origin for consumer engagement. In his view, marketing is where consumers discover a brand, and it’s the foundation upon which prospects are transformed into brand loyalists. He avers, “Marketing is not a cost but the lifeblood of business growth.” Newer media has revolutionised advertising but Brar sees traditional media continuing to play a significant role in attracting and retaining consumers while creating brand differentiation. In the face of the exponential expansion of digital, he predicts a stagnating effect in the upcoming fiscal year, reiterating the importance of a balanced approach. “Print and TV are still very important. Digital has already increased in the last couple of years and if we still push it further, it will compromise the stickiness of the medium,” Brar reflects. He highlights that digital, TV and print complement each other, each offering unique advantages. The synergy between different media is key to achieving optimal marketing effectiveness. The Power of Data Data is the core of modern marketing strategies for marketing leaders such as Brar. He cites the example of precision marketing, where data-driven decision-making is paramount. In the automotive sector, Kia India leverages data to gauge the impact of marketing spend on lead generation. “There is a direct correlation between the use of data and achieving an outcome. We look at what is the cost per lead (CPL) and that tells us where to really spend money within digital and which channels are giving the best bang for the buck within TV or print,” he explains. Metrics such as CPL and conversion rates guide their allocation of resources across digital, TV and print channels. Brar’s data-centric approach ensures that every marketing rupee is invested strategically, maximising the brand’s return on investment. Data, however, comes with its challenges including whether the base itself is reliable or whether it compromises on a marketer’s gut feel. As regards data reliability, Brar asserts that it is a trustworthy compass in marketing. The precision and accountability that it brings to marketing decisions have strengthened his faith in its credibility as well. [email protected] AUTO HARDEEP BRAR National Head, Sales & Marketing, Kia India Photograph by Naval Kishor 78 | B W BUSINESSWORLD | 23 September 2023 TOP MARKETERS MARKETING ADVERTISING &

23 September 2023 | B W BUSINESSWORLD | 79 For marketing leader Ranjivjit Singh, growth has always been about people whether in a team or as consumers, a trait that has earned him respect across the industry By Noor Fathima Warsia LEADER PAR EXCELLENCE I AM HAVING QUITE THE RIDE,” says Ranjivjit Singh, when he went on stage during the BW Top Marketers Awards, an accolade that he says he collected on behalf of his team. Singh’s innate nature as a leader and mentor is evident in the little details of his actions. Over the years, he has moved between sectors to become a strong voice of influence in the Indian corporate sector. The Business Builder His stint at Hero MotoCorp is nothing short of being awe-inspiring. He joined the auto major in 2021 as the chief marketing officer and in February 2022 was named the first chief growth officer. At this time, Hero MotoCorp had integrated its marketing, sales and after-sales functions with the intention of making the best of emerging market opportunities. Earlier this year, Singh’s mandate grew a notch further and he was named the Chief Business Officer for the India BU. “Hero MotoCorp is the world’s number one for 22 years in a row. Being on the top for more than two decades is quite amazing. As our consumers evolve, so do our brands. I am thrilled with our recent foray with Harley Davidson, where our team is doing some fantastic work. I am collecting this award on behalf of my entire team,” Singh says. Singh’s experience has benefitted several businesses in the past, one of the most notable being Samsung India, where his leadership steered the company amid some of its toughest times in India, eventually emerging as a leader. His expertise is across the spectrum, from marketing management and strategy to business development and customer relationship management. His experiences include the likes of Hindustan Unilever and Levis to brands such as Ericsson, Microsoft and HP India and then to Samsung in 2014, where the industry saw him launch some of Samsung’s biggest brands and being instrumental in building a $10 billion (Rs 75,000 crore) company and one of India’s most trusted brands. Continued Growth The year gone has been a busy one for Singh and the action continues. The dynamic leader is working towards strengthening Hero MotoCorp’s core portfolio in the 100-125 cc segment, while also adding new products in the mid-to-upper-end of the market and the premium segment, which he identifies as an area of priority. He is bullish on the company’s new initiatives as well, making 2023 a year to watch out for, not only for Hero MotoCorp but also for Singh. [email protected] AUTO RANJIVJIT SINGH Chief Business Officer, India BU, Hero MotoCorp Photograph by Naval Kishor TOP MARKETERS MARKETING ADVERTISING &

Virat Khullar sees Generative AI (artificial intelligence) having a transformative impact on marketing decisions as well By Team BW MARKETING DRIVEN BY VALUE, PERFORMANCE WITH A KNACK FOR BRAND AND consumer insights, Virat Khullar’s journey is a testament to adaptation and continuous growth. The senior marketer has devoted much of his work experience to the Indian auto sector and has over the years made an impact on the sector itself. In a time marked by uncertainty, Khullar predicts cautious yet valuedriven marketing strategies for the year ahead. He believes that a substantial growth trajectory might not be on the horizon, and businesses are expected to prioritise return on investment (ROI) and performancedriven marketing. “How the festive season turns for all the categories by the end of this year, will define our budgets for next year,” he says. Deeper Connections Arguably, the auto sector is among the large legacy industries where digitisation has had the widest impact, which was also accelerated by the pandemic. On the marketing side, the rapid evolution of technology in recent years has unlocked hyper-personalisation capabilities in content generation and digital marketing. Citing these, Khullar sees Generative AI (artificial intelligence) having a transformative impact on marketing decisions as well. “AI is set to change the way we generate content and the way we communicate in this mass personalisation environment,” he says. Hyundai India is cautiously experimenting with these aspects, aiming to strike a balance between leveraging AI’s potential and maintaining the human touch in communication. The marketer and agency partnership is another facet impacted by AI. For Khullar, this relationship has been strong from day one. “The only difference is the role of the agency or the skill set it brings versus the role and skill set of the marketer,” he notes. A shift in skill sets is required in this hypertech environment. Agencies are expected to possess expertise in new technologies to identify trends while ensuring brand safety and collaborate more effectively. True to Causes With debates around purpose, sustainability and woke-washing abound, Hyundai India remains committed to sustainability as a genuine cause, asserts Khullar. The company has global carbon neutrality targets and actively implements sustainability measures, such as rainwater harvesting and solar energy programmes, in its operations. Khullar highlights the example of how ‘The Hyundai Ionic Five’, launched earlier this year, incorporating sustainable materials into its design. In an era where purpose and sustainability are central to companies, brands are also trying to greenwash the audience. “Greenwashing is a reality that is unfortunately happening. The question of authenticity is pertinent in these times. Actions should precede communication, and true sustainability should be at the heart of brand initiatives,” he states. AUTO VIRAT KHULLAR Group Head Marketing, Hyundai India 80 | B W BUSINESSWORLD | 23 September 2023 TOP MARKETERS MARKETING ADVERTISING & Photograph by Naval Kishor

23 September 2023 | B W BUSINESSWORLD | 81 Shashank Srivastava is a name to reckon with not only for his contributions to the Indian auto industry but to the large Indian corporate sector By Team BW THE LEADERS’ LEADER S HASHANK SRIVASTAVA is among the rare breed of super leaders, who while still in their first job are continually breaking new boundaries. Srivastava joined Maruti Suzuki back in 1989 right after his MBA, when the company was still a government company. Since then, not only has he contributed to Maruti’s transformation into an iconic and trusted brand in India but his strategies have formed the base of what we see as modern marketing initiatives in the Indian auto sector today. From the age of print and television dominance to newer media like radio and out-of-home picking up to the early stages of digital, the rise of social, all the way to the current very complex world of data and marketing technology, Srivastava has ensured Maruti is among the first to be where its consumers are. His focus on consumers and creating the right consumer experience has remained paramount in this journey. Multifaceted Growth Srivastava has taken over several roles, including international mandates, in his stint at Maruti. During this time, he has seen different businesses emerge within the company as well including the likes of True Value, Maruti Finance, Maruti Insurance that have become trendsetters in the sector. He has steered the company through some of its most challenging times including the pandemic. His leadership ensured that Maruti responded, and not reacted, to the crisis at hand, which, in turn, enabled it to recover faster than many of its peers. From leveraging Maruti’s digital assets to injecting analytics, artificial intelligence and machine learning tools, Srivastava spearheaded the automaker’s digital readiness, which continues to hold it in good stead. Disruption Proof The company’s growth has continued and in August 2023, Maruti clocked the Indian auto industry’s highest-ever numbers in unit sales, growing its notable market share as well. The leader is bullish on the upcoming festive season too, as he sees stable demand patterns continue. While he is passionate about cars himself, Srivastava was also driven by what the auto sector and a company like Maruti can do to contribute to the Indian economy. Brand India is a field of newer opportunities and further growth for him, as he sees the Indian auto sector grow further globally. Shashank’s style of leadership has been to prioritise his team and consumers. Over the years, his mentorship has created more leaders in the Indian industry, a trait that has become second nature to this leader, whose contributions to the industry go beyond marketing, and beyond the Indian auto sector. AUTO SHASHANK SRIVASTAVA Senior Executive Officer - Marketing & Sales, Maruti Suzuki India TOP MARKETERS MARKETING ADVERTISING &

82 | B W BUSINESSWORLD | 23 September 2023 Generative tech does not threaten marketers but enhances their capabilities, says Subhranshu Singh By Team BW THE ART OF MARKETING IN A TECH WORLD F OR SHUBHRANSHU SINGH, marketing wasn’t just a career choice but a calling. His entry into the world of marketing was driven by a desire for unending curiosity and creative challenges. He looks at marketing as a discipline that intertwines with virtually every aspect of the world, from finance to sociology or entertainment to consumer trends. The Marketing Scenario With India’s robust economic growth and an increasing consumer base, Singh predicts a significant upswing in marketing budgets. He envisions ad spends increasing by 13-15 per cent in the upcoming year. He notes that established industry leaders often drive ad spend growth, but newer sectors such as ecommerce and edtech may exhibit more caution in the short term. In the age of digital dominance, the debate between digital and traditional media rages on. Singh emphasises that both have their roles to play in the marketing mix. While digital media has witnessed tremendous growth and has become a part of daily life, traditional media, especially television, remains a significant and effective medium. In regional markets where language plays a crucial role, traditional media holds its ground. Events such as the ICC World Cup continue to draw viewership to television, indicating that it’s far from losing its relevance. Marketer’s Role in AI Age The rise of generative technologies has raised questions about the future of marketers. Singh believes that the rise of artificial intelligence (AI) does not threaten the existence of marketers but enhances their capabilities. “AI’s ability to simulate human-like interactions and enhance personalisation is valuable, but it does not diminish the significance of marketers,” he says. Singh believes that marketing inherently involves creativity, empathy and an understanding of human behaviour. AI can assist in the creative process but cannot replicate the depth of human insight. As regulations surrounding data privacy and security become more stringent, Singh views these developments as positive for marketing. Stronger data protection norms will increase consumers’ trust in brands. “Brands that earn consumer’s trust will have greater permission to use first-party data and provide more personalised and valuable experiences,” he says. Marketers who respect data privacy and use data responsibly will earn consumer trust and deliver more personalised and relevant experiences. Data is an asset, but its ethical and responsible use is paramount. “Marketing is about creating value and enriching lives,” states Singh. His advice for budding marketers is around the importance of curiosity, honesty and a balance between analytical and creative thinking. AUTO SHUBHRANSHU SINGH Chief Marketing Officer - CVBU, Tata Motors TOP MARKETERS MARKETING ADVERTISING &

23 September 2023 | B W BUSINESSWORLD | 83 I N THE FAST-PACED WORLD of automotive marketing in India, Volkswagen Passenger Cars stands out as a trailblazer, and at the helm of affairs is Abbey Thomas. As the Head of Marketing & PR at the company, he has not only weathered global economic uncertainties but has steered his team towards success. With FY24 being labelled as a ‘year of recession’ and a ‘global meltdown’, India stands out as a bright spot. According to Thomas, the demand and supply ratios in the Indian market have shifted significantly. “The pandemic was a dip point for the entire industry but after that, India has seen a massive change. While most of the other markets in the world have seen a U-curve, we have seen a V-curve, which means that the dip was immediate but we sustained and climbed back as early as possible,” he says. Staying the Course Thomas emphasises that despite the initial dip, marketers in India have not shied away from creating product awareness and promoting services. The marketing leader says, “Post2020, marketing spends have not only returned to pre-pandemic levels but have surpassed them across various industries, including the automotive sector. However, these spends are now characterised by a more strategic allocation, ensuring maximum return on investment.” During this time, digital has emerged as a dominant platform not only for the sector but also for Volkswagen, with approximately 35-40 per cent of the marketing budget allocated to it. “Spends on digital reached nearly 50 per cent during the lockdown, as print media was not effective. But going forward, too, digital will be extremely important and continue to grow.” Data-led Solutions For Thomas, data-driven precision marketing is another trend. Data has become the lifeblood of marketing, helping companies create relevant customer experiences on a large scale. Thomas points out that marketers are relying on data to understand what works and doesn’t, and how to tailor messages to meet consumer needs effectively. His advice to young marketers is to embrace innovation and challenge traditional marketing paradigms, especially in a world where technology is evolving every second and consumers are changing in newer ways. He encourages young marketers to identify new channels, question established norms and become adept at selling their ideas internally to drive change in their organisations. He believes that the future of marketing in India is filled with opportunities for those who can adapt, innovate and stay ahead of the curve. [email protected] AUTO ABBEY THOMAS Head - Marketing & PR, Volkswagen Passenger Cars India The future of marketing in India is filled with opportunities for those who can seize it, according to top marketer Abbey Thomas By Rajany Pradhan NAVIGATING SUCCESS AMID GLOBAL CHALLENGES TOP MARKETERS MARKETING ADVERTISING & Photograph by Naval Kishor

84 | B W BUSINESSWORLD | 23 September 2023 TOP MARKETERS IPSHITA CHOWDHURY Chief Marketing Officer, Valvoline Cummins OVERSEEING BRANDS such as Mamaearth, BBlunt, The DermaCo, and Aqualogica, Anuja Mishra believes that marketing has a key role in today’s purpose-driven landscape. The shift towards ‘why-based’ brands that authentically embrace causes resonates with millennials and younger audiences such as Gen Zers. “Millennials especially are not just looking for brands that serve them products and propositions, but also have a true character and stand for a cause consistently,” Mishra points out. A Constant Evolution Addressing concerns about the likes of artificial intelligence potentially rendering marketing roles redundant, Mishra believes in the evolving nature of the discipline. She sees marketers as custodians of consumer sentiments and AI as a partner. “As far as AI is concerned, it will be an ally for marketers to make sharper decisions, to be more experimental, to try out different things and to serve the consumers in a far more effective and efficient way,” Mishra states. Her advice to marketers is to stay rooted in hard work, a deep understanding of the business and unwavering dedication to knowing the consumer. Appreciating not only crossfunctional nuances but the entire ecosystem is imperative for growth in today’s times. Mishra has based her marketing decisions on some of these thoughts, that have made a mark on consumers in this intensely competitive category. SEVERAL POSITIVE macroeconomic indicators are coming together to inject an adrenalin rush into the Indian marketing sector. “With the ICC Men’s World Cup, state elections, culminating into general elections of 2024 and finally the Olympics, there is much happening to keep the sector buoyant,” says Chowdhury. This is also a reason why she believes that as digital domains continue to become mainstream, the likes of TV and print will not suffer much, playing vital roles. Chowdhury expects digital’s ascendancy to persist, with TV retaining its significance for mass-scale brand building. She says, “Even digital-first businesses have realised the power of TV and have not shied away from running their campaigns on this medium”. Making Tech Work On the impact of artificial intelligence (AI) on marketing, Chowdhury explains that the marketer’s role will become more significant in the AI age. While technology facilitates access and content creation, marketers must ensure authenticity and consistency in brand messaging. Data regulations are also evolving, making precision marketing a reality. Chowdhury cautions on the need for responsible data usage, balancing marketing ease with accountability to create relevant consumer experiences. She adds, “We, as marketers and agencies, will need to become more responsible in how we create and execute our campaigns.” Honasa’s Anuja Mishra on championing authenticity and sustainability in a new world order By Reema Bhaduri MARKETING DRIVEN BY PURPOSE The age of data needs marketers to be more responsible, says Ipshita Chowdhury By Reema Bhaduri CHARTING THE FUTURE BEAUTY & PERSONAL CARE AUTO ANCILLARY ANUJA MISHRA CMO, Honasa (Mamaearth, BBlunt, The DermaCo, Aqualogica) MARKETING ADVERTISING & Photograph by Naval Kishor

23 September 2023 | B W BUSINESSWORLD | 85 Sumit Mathur is bullish on India’s resilience as a global economy and the consistent consumer confidence that spells growth for all By Team BW MARKETING RESILIENCE AMID UNCERTAINTY ACKNOWLEDGING the cyclical nature of investment downturns, Sumit Mathur sees India’s resilience as one of the world’s most robust economies, a big advantage for businesses. “I am positive on the kind of investments that are going to flow into advertising, media and the wider industry in terms of marketing spend,” Mathur says. He expects this trend in growing marketing investments to continue also due to the consistently growing consumer confidence. Although there is a focus on closely evaluating marketing investments, growth opportunities encourage companies to allocate resources to advertising and marketing. The Old and the New Mathur also believes in the coexistence of digital and traditional media in the time to come. He quotes examples such as the Indian Premier League, where both digital and television platforms continue to thrive. This balance reflects the evolving media consumption habits of diverse target audiences. Mathur also draws attention to customer acquisition cost, explaining that while it plays an important role, caution should be taken against fixating solely on cost. He encourages marketers to consider various metrics, such as brand equity and consistency in investments when evaluating marketing performance. Mathur reflects on the changing role of marketers, especially with the advent of generative AI (artificial intelligence). Marketers should unlearn and learn to adapt to emerging technologies and then deploy them effectively in their marketing strategies for the best results. He says, “People who are able to see how AI will be relevant in the ecosystem of what they are doing, and adapt, will be the ones who will be able to go further.” Road Ahead Mathur sees three significant trends in marketing. “First, the role of AI and more specifically, Generative AI, is a big trend. The second challenge is how with television, digital and now AI, the fundamentals of marketing and the way brand marketers understand it will evolve. I think that’s something that a lot of learning is going to happen within the marketing fraternity,” he says. Finally, the importance of core marketing principles, such as high-quality advertising, powerful insights, and creative briefs, despite technological advancements is another trend to watch out for. Mathur asserts the balance between embracing new technologies and preserving core marketing principles. “Young marketers need to understand how to balance. The principles are the core fundamentals and they need to keep learning new things that are happening to build on this,” advises Mathur. He encourages marketers to be adaptable and understand the evolving marketing landscape while respecting the timeless foundations of the discipline. FINTECH SUMIT MATHUR Chief Marketing Officer, One97 Communications (Paytm) TOP MARKETERS MARKETING ADVERTISING &

PolicyBazaar’s CMO Sai Narayan on understanding the changing marketing landscape By Rajany Pradhan FUTURE-PROOFING MARKETING P OLICYBAZAAR HAS the distinct advantage of being among the first insurance tech (insurtech) brands in India that had begun giving consumers the ability to truly make informed decisions. As the market became more cluttered with several options coming into play, PolicyBazaar also looked to diversify its presence, while ensuring a place of trust in the consumer’s mind. Much credit for this goes to the marketing leadership that Sai Narayan has driven at the company. Narayan is a believer in India as a market and in the sector itself. “The demand for insurance as a category is back. Therefore, now is the best time to spend on marketing as the demand is there. India is at the cusp of a great time right now,” notes Narayan. He explains that India is in a unique position in the current economic climate. While global uncertainties cast shadows elsewhere, India remains a thriving hub for businesses. Due to the upswing in demand for insurance, PolicyBazaar increased its advertising spend this year. High Notes This is the age of the digital natives, further highlighted by consumers such as Gen Z. Narayan acknowledges the shift driven by these changing consumer demographics. “A 30-year-old consumer is born in the internet era. This digital-first generation necessitates a strong presence on online platforms. But there is still a need for a balanced approach because not all consumers are digital-first or digital-only,” Narayan says. For him technology, and especially the likes of Generative AI (artificial intelligence), is a “revolutionary force”. “I would encourage marketers to experiment with AI-driven strategies but keep consumers at the forefront.” The question to keep in mind is whether AI can help solve a consumer problem. A consumer-centric approach should guide AI adoption and deployment, ensuring it adds genuine value instead of just following a trend. Marketing Trends in Play Narayan identifies several trends shaping the marketing landscape. “AI and machine learning are crucial and brands are increasingly adopting these technologies. The influencer space is also experiencing rapid growth, providing opportunities for brands to connect with audiences. Additionally, the surge in short-format video content is also reshaping how information is consumed,” says Narayan. Narayan also highlights the importance of using platforms to educate consumers. For PolicyBazaar, this entails providing relevant content about insurance. This approach not only engages customers but also builds trust and brand loyalty. His advice is to be data-driven and prioritise measurability. Every marketing dollar spent should be tied to return on investment and business outcomes. [email protected] INSURTECH SAI NARAYAN Chief Marketing Officer, PolicyBazaar Photograph by Naval Kishor 86 | B W BUSINESSWORLD | 23 September 2023 TOP MARKETERS MARKETING ADVERTISING &

This year, we focus on reimagining design. We bring together leaders who are working towards building a sustainable future, and enabling a better quality of life. The awards recognise and felicitate the best prototype and finished designs. This exclusive event curated by us will cater to products from across industries that touch human lives and make them future-ready. MARCH, 2024 fifffflffiflfflff ffiffiflffiff REGISTER NOW For any query: Jyotsna Sharma 98993 53746 [email protected] #BWFOD2024 WE ARE BACK WITH THE 5th Edition SUMMIT & AWARDS 2024 REIMAGINING DESIGN

88 | B W BUSINESSWORLD | 23 September 2023 With themes such as diversity, equity, inclusion making their way into marketing, a brand must remain authentic in its storytelling, says Rahul Talwar By Reema Bhaduri AUTHENTICITY IN STORYTELLING RAHUL TALWAR BEGAN his journey in the marketing landscape with a simple passion for storytelling. His career is punctuated by four pivotal stints. He began in the slow-moving textiles industry, learning the ropes of building brand advantage in a B2B (business-to-business) environment. Transitioning to the fast-moving FMCG sector at PepsiCo deepened his understanding of consumer-centric marketing. With the experience at McVitie’s Biscuits, he embraced a startup mindset. Finally, at Max Life Insurance, Talwar navigates the world of services, balancing B2B and B2C (business-toconsumer) dynamics while integrating data and technology. “Each of these experiences has left behind an interesting stamp on my journey which has just helped me deliver on the different tasks that marketing as a function has,” reflects Talwar. Marketing Spends on the Rise Talwar believes that marketing is the growth engine for businesses, mirroring the momentum of growth in the Indian market. “I foresee that marketing spends are going to be trending upwards for some time,” he says, especially in the year ahead. The increased measurability of marketTOP MARKETERS ing efforts and the upcoming festive season, coupled with events such as cricket tourneys, are expected to drive marketing budgets upward. As more conscious themes trickle into marketing and creativity, Talwar points out the need for authenticity and transparency for brands. “Diversity, equity, inclusion, are very important themes of sustainability but in each of these, a brand must remain authentic in its storytelling,” he says. Democratising Creativity Talwar sees newer technologies that are disrupting creativity as a democratising force, providing quicker turnaround times for content creation and opening up newer opportunities. He says, “Learning techniques is going to be a big skill upliftment.” While it will transform marketing, he believes that human creativity will always play a role, with technology acting as an enabler rather than a replacement. He underscores the importance of marketing ecosystems and agency partnerships. Embracing artificial intelligence (AI), he says, “Generative AI is going to be one of those phenomena that will need both the marketing and the brand side and the agency partners side to work together on.” Talwar states that prioritising ideas over budgets and maintaining the balance between data-driven insights and the instinct that defines great marketers will continue to be the growth mantra in the time ahead. He says, “I believe marketing delivers magic when there is a great balance between data and gut, because a marketer should have a marketer’s gut.” [email protected] BFSI RAHUL TALWAR EVP & Chief Marketing Officer, Max Life Insurance Photograph by Naval Kishor

23 September 2023 | B W BUSINESSWORLD | 89 A change in thinking is needed, according to ACKO’s Ashish Mishra, to bring back focus on what truly matters By Reema Bhaduri UNLOCKING THE FUTURE OF MARKETING WITH A PRAGMATIC VIEW on the impact of technology in marketing, Ashish Mishra, the executive vice president of marketing at Acko, says that marketers need to be fundamentally strong, brave and focused on the right performance indexes. He dismisses the concerns about marketers or marketing becoming redundant in the fast-changing tech age. His advice to young marketers who are riding the ‘AI age’ is to focus on fundamentals, gain experience under strong leaders, and think long term. Changing Mindsets Over the years, the role of marketing has transformed within organisations making it a critical pillar in driving growth. Mishra however advises that a change in viewpoint is needed. “Categorising marketing as a cost centre or growth generator is a very financial analyst point of view and undermines what marketing is all about.” While cer- tain industries have traditionally viewed marketing as a cost centre, others such as FMCG and consumer durables, have always recognised its role as a growth generator. Mishra also advises to not dismiss media as legacy or new, stating that eventually trust is an important factor and traditional media scores higher on this aspect. This being the case, media investments should align with marketing objectives and how the brand is looking to engage its consumers. BFSI ASHISH MISHRA Executive Vice President Marketing, ACKO P UNEETH BEKAL’S work at Mastercard followed the brand’s multi-layered marketing strategy to create a deeper connect with consumers in India. This is despite the challenges that India as a market poses in this space. Bekal, however, is bullish on what India means for Mastercard. Marketers in India have increased their spending, and a key highlight is the focus on Tier-2 and Tier-3 markets. Bekal cites this as an example to indicate the headroom for growth in a market such as India. Untapped Potential “The government has identified 22 towns as the next growth engines, which is a clear indicator of India’s untapped potential,” says Bekal, adding that in the last year, nearly 80 per cent of new ecommerce consumers were from these markets. This metric is enough for a player like Mastercard to increase its investment in India. He also advises that India will remain an exceptional market where all forms of media will see growth. The consumer base in India is growing across echelons and according to Bekal, it would be advisable for marketers to draw their plans keeping consumers and their marketing objectives in focus instead of being swayed by the temptation of trends or newer channels. [email protected] PUNEETH BEKAL Director - Marketing, Mastercard MASTERING MARKETING India is home to a massive, untapped market, making it crucial for marketing leaders such as Puneeth Bekal of Mastercard By Rajany Pradhan TOP MARKETERS MARKETING ADVERTISING & Photographs by Naval Kishor

90 | B W BUSINESSWORLD | 23 September 2023 AKASH DEEP BATRA Executive Director & Head of Marketing, Customer Experience & Analytics, DBS Bank F UNDAMENTALS OF marketing don’t change even when there are changes around us,” says Akash Deep Batra. Marketers need to adapt but not abandon the principles, whether it is digital or traditional. Batra is among the marketers who led the digital transformation in large FMCG companies such as Nestlé. He also dabbled on the digital media side before he took on his current mandate at DBS Bank. Needless to say, technology is infused into the bank’s ways of connecting with consumers. “In DBS, artificial intelligence (AI) and machine learning have been part of what we do in marketing for far too long already. While Generative AI brings more opportunities, AI itself has been ingrained into how we acquire customers, engage with them and nudge them to use our products,” Batra reflects. Pursuing Growth India is the bright spot for Batra. The opportunity to scale is high and DBS Bank is growth-focused. “For us, the investments in India will continue to grow, and the marketing spends will mirror that. Whether that is focused on driving new-to-bank acquisition or the usage and cross-selling within the existing consumer base, we will continue to leverage marketing to engage with the customer and deliver a proposition and experience that is superior to everyone else,” Batra states. I N THIS DYNAMIC MARKETING landscape, marketing is undergoing a rapid transformation, driven by shifting consumer lifestyles and trends. Explaining this, top marketer Aparna Bhawal, whose work in the last year saw KFC undertake several consumerfocused initiatives, says, “Marketing has evolved into a central growth function over the years”. She states that innovation and cross-functional collaboration are essential components of modern marketing. Innovation should be rooted in purpose, aligning with consumers’ evolving needs and preferences. Bhawal shares the example of KFC, which has had a presence in India for nearly two decades and is continuously seeking to reinvent itself across various dimensions, from product offerings to marketing campaigns. For the quick service restaurant, growth is synonymous with serving consumers better, whether through value and new occasions or menu variety. She also highlights the pivotal role of research, incorporating both qualitative and quantitative methods, in driving innovation. She explains, “KFC’s collaborative approach with franchise partners fosters rapid experimentation, embracing the ethos that learning from failures is integral to the innovation process.” Innovation, according to Bhawal, requires a willingness to take risks, allocate resources, and ensure cross-functional support. By bringing together diverse skill sets and focusing on relevance, KFC India is poised to overcome barriers to innovation, driving the brand forward in an ever-changing market. Akash Deep Batra urges marketers not to forget the principles of marketing while adapting to changes in the ecosystem By Team BW ADAPT, NOT ABANDON Aparna Bhawal’s focus on the transformative power of innovation benefits the brand KFC By Reema Bhaduri CHANGE IN MODERN MARKETING BFSI QUICK SERVICE RESTAURANT APARNA BHAWAL Chief Marketing Officer, KFC India & Partner Countries TOP MARKETERS MARKETING ADVERTISING & Photographs by Naval Kishor

23 September 2023 | B W BUSINESSWORLD | 91 Aman Gupta’s leadership has made a young brand like boAt compete strongly with well-established players, making a mark on consumers By Reema Bhaduri MARKETING’S UNCHARTED WATERS AS THE CO-FOUNDER and chief marketing officer of boAt Lifestyle, Aman Gupta steers the ship of marketing in the techsavvy waters of India, making the brand scale newer heights in a cluttered market. Marketing Spending Resilience Amidst the global slowdown, India stands resilient, a bright spot in the economic gloom. Gupta predicts that advertising spending will continue to drive consumption, leading to an upswing in marketing and advertising budgets. With the festive season and major sporting events approaching, Gupta says, “A substantial surge in marketing investments from brands seeking to enhance their visibility and reach will be seen with events like the ICC World Cup and Asian Games on the horizon.” While digital platforms continue to dominate, Gupta believes that traditional media, such as television and print, will not lose ground. New-age brands recognise the enduring value of these channels in building credibility, particularly among audiences wary of the digital landscape. The shift towards connected TVs and digital out-of-home advertising reflects the evolving media landscape, where adaptation to technological advancements is key to coexistence and a strong return on investment. He asserts, “Adapting to technological advancements and catering to evolving consumer preferences that allow various media channels to coexist and yield a strong return on investment is the key.” Trends In Tech Wave As marketers riding the tech wave, Gupta believes that AI won’t replace humans but augment their capabilities. Short-term trends include increasingly personalised communication, enhanced content generation, and collaborative efforts between humans and AI systems. Looking ahead, long-term trends involve the widespread adoption of mixed reality videos, interaction with AI-powered chatbots, and native dubbing for video assets. These trends reshape marketing’s landscape, demanding a blend of human creativity and AI-driven efficiency. Gupta challenges the notion of marketing as a ‘cost’. He views it as a strategic investment that sets brands apart in a crowded marketplace. In a period of converging products and pricing structures, effective marketing strategies become the key to accelerated growth. Challenges & Considerations Gupta raises three pivotal concerns in marketing today. He states, “The first challenge is engaging in the ongoing competition for consumer’s attention in the digital realm and effectively conveying a compelling narrative within the brief span of 15 seconds. Second, mastering the art of consistent, purpose-led and impactful marketing in a country as diverse in language and culture as India. And third, is the rapid integration of emerging technologies to continually enhance marketing strategies.” These challenges underline the dynamic nature of marketing. [email protected] CONSUMER ELECTRONICS AMAN GUPTA Co Founder and CMO, boAt Lifestyle TOP MARKETERS MARKETING ADVERTISING & Photograph by Vilas Kalgutker

92 | B W BUSINESSWORLD | 23 September 2023 No technology, howsoever advanced, can replace a marketer’s instinct, says Damyant Singh KhanoriaBy Reema Bhaduri THE IRREPLACEABLE MARKETER INTUITION TOP MARKETERS T HE infectious passion in marketing and advertising and the commitment to creative problem-solving put Damyant Singh Khanoria on a journey, where his experience made brands such as Oppo stand out despite some extremely tough challenges. In an era characterised by economic headwinds and global slowdowns, Khanoria’s brand of marketing leadership is a blend of pragmatism and forward-thinking strategies. India’s economy has fared relatively well compared to larger economies, infusing a sense of optimism across the board. As the festive season approaches and the Men’s ICC World Cup comes to India, he says, “In terms of the spending, from a brand and business standpoint, this is the end of the year and brands are going to be fairly aggressive in marketing.” While digital media’s influence grows, Khanoria remains an advocate for traditional media’s impact. He firmly states, “We do have a fairly large share of digital in our overall spending, but I’m a big fan of traditional as well.” He acknowledges the power of television, especially when it comes to brand metrics. He emphasises the importance of balance in media planning, recognising that each channel offers unique strengths. Digital Approach Khanoria divulges that Oppo allocates about 55-56 per cent of its marketing budget to digital channels. This figure can fluctuate depending on events such as big-ticket sporting properties, where television viewership promises large numbers. The integration of technology into marketing has CONSUMER ELECTRONICS MARKETING ADVERTISING & been transformative. “It is important to not drown in data but to get insights out of it,” advises Khanoria, adding that navigating data should uncover meaningful consumer behaviours. Technology should play a role in personalising marketing. The marketing leader states that artificial intelligence’s (AI) potential for industry-changing innovations is immense but its precise direction remains uncertain. This being said it is advised to marketers to continue experimenting and embracing technology for clutter-breaking solutions. Three key factors that Khanoria believes should drive every marketer’s approach include inquisitiveness, embracing technology’s evolution and continuous self-education. In an ever-changing industry, he believes in staying curious, tech-savvy and open to learning. The Human Touch In the age of AI and machine learning, Khanoria too is among the leaders who believe that the human element in marketing is irreplaceable. He explains that one of the most important elements that any marketer, or any leader for that matter, brings to the brand and the workplace is a point of view or an opinion that is based on intuition and instinct. [email protected] DAMYANT SINGH KHANORIA Chief Marketing Officer, Oppo Photograph by Naval Kishor

29 July 2023 | B W BUSINESSWORLD | 93 Sunil Narula’s work in the last year saw Panasonic partnering with electricians, making a positive difference to the brand By Team BW MAKING INFLUENCER MARKETING WORK SUNIL NARULA’S CAREER-defining phase came during his tenure at Morphy Richards, where he led the marketing division. Over a period of seven to eight years, he witnessed substantial growth in the brand’s revenue and awareness, reaffirming his belief in the transformative power of marketing. Narula is among those who believe that even “nonenvironmental brands can contribute positively to the planet”, and it is the responsibility of all marketers to engage in this aspect transparently and authentically. Brands that fail to do so will lose consumer trust and suffer in the long run. Growing Together Narula sees technology and its newer forms, including generative tech, as a way to strengthen marketers, especially in enhancing content creation and communication. “Technology helps in getting efficiencies in place, understanding target audiences better and efficiently utilising data,” he says. As the social media marketing space grows, Narula stresses the need for concise storytelling and engaging content in an era of diminishing attention spans. “The biggest challenge for any brand is to ensure that it catches consumer attention and keeps them engaged in the digital world,” he reflects. Panasonic takes a unique approach, where it collaborates with electricians, which has worked well for the brand in maintaining loyalty among influencers. TOP MARKETERS SUNIL NARULA Senior Vice President, Sales & Marketing, Panasonic Life Solutions India A GAMER BY admission, Aditya Babbar sees everything from the user’s lens. And then he stitches these insights into his product’s narrative, making a story that attracts consumers in more ways than one. “I am a storyteller. As marketers, we want to say a lot but the world is different now. Today it is about what the consumers want to say. Consumers tell you what your brand is about,” Babbar observes. While a brand such as Samsung cannot take a break, Babbar’s experience in the consumer electronics category has allowed Samsung’s marketing to play to the product’s strengths. Marketing Innovation What stands out most in Samsung’s marketing, especially in its Galaxy range, is how these devices provide solutions for problems seen in India. A recent example is the voice focus in Galaxy A14, which is supported by the #ShorNoMore campaign. The problem this is solving is how one makes a call or a receiver listens when noise follows people in their daily lives. Samsung’s innovation addresses this and the marketing message is clear. For Babbar, this was taking the calling experience a level up. Experience is the keyword also for the the foldable smartphone range at the company, which Babbar believes is tough to beat. Samsung’s messaging shows its meaningful innovation, keeping the brand ahead of the curve. ADITYA BABBAR Senior Director - Head Product & Marketing, Samsung India THE MAVERICK Aditya Babbar has complete confidence in the product, and this is what has ensured Samsung’s dominance in the category By Team BW MARKETING ADVERTISING & CONSUMER ELECTRONICS Photograph by Naval Kishor

94 | B W BUSINESSWORLD | 23 September 2023 Prashant Jain on marketing’s role in customer experience management, growth hacking and digital transformation By Reema Bhaduri MARKETING WITH PRECISION PRASHANT JAIN SEES India’s growth prospects on the rise. “I believe that marketing spends are going to significantly increase in the next 3-5 years because of the shifts we are seeing around us,” he says. He predicts an upward trajectory for marketing spends, driven by short-term growth opportunities and the long-term strategic importance of India as a market. Addressing the evolving media landscape, Jain recognises the growing digital dominance while emphasising the potential for innovation in traditional media like television and print. He says, “If innovation continues to happen in TV and print media houses, if they are able to capitalise on innovation, make the link between the offline to online drivers of demand, then I believe they have a capability and an opportunity to hold their share.” The Right Investment According to Jain, finance departments may perceive marketing budgets as something to be among the first to be cut in the face of uncertainties, but marketing is an essential investment in building and maintaining brand equity. Jain envisions marketing’s expanding role in customer experience management, growth hacking and digital transformation. He advocates continuous skilling, urging marketers to embrace structured learning in emerging domains such as digital transformation and also in creating collaborations. CONSUMER ELECTRONICS PRASHANT JAIN Senior Director - Marketing, HP A GDP GROWTH FOREcast above six per cent indicates resilience in certain industries, and everything will grow with that,” states Pooja Baid as she anticipates a robust festive season, especially for sectors such as FMCG and consumer durables. She advises “cautious experimentation” though as the temptation to try newer things with technology comes to the fore. There is excitement among consumers and there are expectations from brands as well. “With the advent of the likes of Generative AI (artificial intelligence) for example, the marketing fraternity is still trying to figure out the best optimal fit in the whole value chain.” Marketer–Agency Relationship Baid also sees the advertiser-agency relationship grow further in the new normal. Even as newer forms of technology are being discussed to replace some skill sets in the creativity and advertising process, Baid does not think it can take away from the critical partnership that brands have with their agencies in their shared pursuit for growth. “AI supplements human intelligence but cannot replicate the creativity, empathy, and sensitivity that marketers bring to their work,” says Baid. She advises budding marketers to stay humble and open to learning, recognising the ever-evolving nature of consumer preferences and marketing ecosystems. POOJA BAID CMO, Versuni India Home Appliances THE AGE OF ARTIFICIAL INTELLIGENCE Versuni India’s Pooja Baid discusses the role of marketers in the tech age By Team BW TOP MARKETERS MARKETING ADVERTISING & Photograph by Naval Kishor

EMINENT SPEAKERS Power of Human Capital HR's Role in National Development #CEOCHROConclave 3rd Edition 2023 In association with SAVE THE DATE Saturday September 30, 2023 The Imperial, New Delhi SCAN TO REGISTER DR ANKITA SINGH Chief People Ocer & Board Of Director CIGNEX VIEKAS K KHOKHA CHRO Dhanuka Agritech Limited TALEES RIZVI Director – BW People & BW CFO World BW Businessworld UNMESH PAWAR Chief People Ocer dentsu, South Asia PRIYANKA GULATI Partner Human Capital Consulting Grant Thornton Bharat PREM SINGH President - Group HR JK Organisation GAUTAM KUMAR CHRO & Director – People Experience SKF India & South East Asia RAKESH PRASAD AVP – HR (IFS) IndiGo (InterGlobe Aviation Ltd) SANDEEP GIROTRA Group CHRO DCM Shriram Ltd DR RAJESH MOHAN RAI Director & CHRO Servotech Power Systems Ltd SIMIN ASKARI Senior Vice President-Corporate Human Resource & Business Excellence, DS Group DR D PRASANTH NAIR CHRO Crompton Greaves Consumer Electricals Ltd RUCHIRA BHARDWAJA Joint President & CHRO Kotak Mahindra Life Insurance Company Ltd ASHISH CHATTORAJ Chief of People Functions PayU India Entities PRASHANT KHULLAR Chief Human Resources Ocer Ecom Express Limited DR ANNURAG BATRA Chairman & Editor-in-Chief BW Businessworld & Founder, exchange4media SALIL KAPOOR CEO Hindware Home Innovation Ltd SAMEER MALHOTRA Director & CEO Shriram Automall India Limited (SAMIL) S RAMKUMAR Exec VP & Head – Railways Strategic Business Group Larsen & Toubro Ltd SUBRAMANYAM Y. Regional CEO Telangana and Andhra Pradesh Apollo Hospitals Enterprises Ltd RAJ NAYAK Managing Director House of Cheer Networks Pvt Ltd AALOK KUMAR Corporate Ocer & Sr VP-Head of Global Smart City Business & President and CEO NEC Corporation India Pvt Ltd DR OM MANCHANDA Managing Director Dr Lal PathLabs Ltd For Delegate Inquiries: Ashish Kumar | +91 97179 22747 [email protected] For Speaking Opportunity: Reeti Gupta | +91 98996 10630 [email protected] For Community Collaboration: Talees Rizvi | +91 93106 34007 [email protected] For Sponsorship: Aparna Sengupta | [email protected] | +91 9958000128 Anjeet Trivedi | [email protected] | +91 9818122217 CS Rajaraman | [email protected] | +91 9342262859 Deepak Bhatt | [email protected] | +91 9429423232 Kiran Dedhia | [email protected] | +91 9833399009 Rajeev Chauhan | [email protected] | +91 9811820301 Ravi Khatri | [email protected] | +91 9891315715 Sajjad Mohammad | [email protected] | +91 9911855935 Saurabh Jain | [email protected] | +91 9911334633 Somyajit Sengupta | [email protected] | +91 9818247444

96 | B W BUSINESSWORLD | 23 September 2023 Ajay Dang advises on the various contours of holistic strategies that can bring success to modern-day marketing By Reema Bhaduri CEMENTING SUCCESS IN A FAST-CHANGING WORLD I N THE DYNAMIC WORLD of marketing, where consumer behaviours evolve alongside cutting-edge technologies, Ajay Dang, whose career spans diverse sectors, is counted among the top leaders. Dang’s journey into the marketing landscape was shaped by the wisdom of Peter Drucker, who famously asserted that innovation and marketing were the two core functions driving business profitability. He embraces a holistic view of marketing, recognising that it extends far beyond mere communications and advertising. Dang believes that effective marketing centres on understanding the needs of consumers, focusing on their experiences, and aligning with their values. His approach to marketing goes beyond product-centric strategies, aiming to delve into the lives of consumers and their contexts. Dang’s career path enabled him to explore a diverse range of industries, including FMCG, consumer finance, media, and now, the construction sector. He believes, “This breadth of exposure, looking at problems and commonalities, itself was a great learning.” Rise of Sustainability, Technology As sustainability takes centre stage in marketing, Dang points out the gravity of this global challenge. He notes that sustainability is an issue fraught with complex incentives for both marketers and consumers. The temptation to prioritise short-term gains often conflicts with the imperative of playing a long-term role in solving sustainability issues. Dang stresses the importance of authenticity and transparency, underlining that consumers cannot be deceived. On the potential of generative AI in content creation and storytelling, Dang advises that AI is a powerful tool but not a panacea. While it offers unprecedented scalability and speed, human creativity and intelligence are irreplaceable. “The age-old core skills of asking the right questions, of listening, sharp insight generation and creative storytelling will continue to determine success.” Dang elucidates the essence of purposedriven marketing, emphasising its role in offering genuine meaning to consumers. ‘Purpose’ in marketing should resonate with real people’s lives and aspirations. It is important to not just champion a cause but also define the role of a product or brand within that cause, ensuring sustained impact. The Big Picture In newer aspects of marketing as well, Dang says that the need for a strategic approach remains. He questions the limitations of social media, stating, “The biggest issue that social media suffers from is the inability of the medium to hold the attention span for any one message”. Each medium should be evaluated based on its capabilities and alignment with specific business objectives. Marketers must base decisions on the complete picture rather than some of the parts. [email protected] CONSTRUCTION / CEMENT AJAY DANG President & Head - Marketing, UltraTech Cement TOP MARKETERS MARKETING ADVERTISING &

23 September 2023 | B W BUSINESSWORLD | 97 TOP MARKETERS ATIT MEHTA Marketing Head, Byjus CARVING AN ILLUSTRIous career, Atit Mehta has made an indelible mark on the world of marketing in India. He shares that his fascination with advertising in his early days ignited his passion for marketing. A significant turning point saw him at GroupM agency Mindshare, where he collaborated with Unilever, fostering invaluable insights into media-driven marketing. This experience laid the foundation for his foray into Hindustan Unilever, where he interacted with many brands and their custodians, honing his marketing acumen. Authenticity Over Greenwashing Mehta delves into the crucial realm of sustainability in marketing, pressing on the need for authenticity versus greenwashing. He says, “Consumers, especially the young generation, read and understand what companies are doing. If one is trying to greenwash, sooner or later, you are going to lose the consumer.” Mehta sees newer technologies as an enabler rather than a replacement for human creativity. He explains, “AI might help, it will give you a starting point and an ending point, but you will still be the core.” He further emphasises that AI can enhance efficiency while acknowledging that creativity remains deeply individualistic. Mehta encapsulates his marketing journey as “enriching and satisfying”, where the art and science of marketing converge to create impactful campaigns. T ATA POWER HAS MADE significant strides in the realm of green energy, and on different fronts. In the last year, the company has taken strategic steps to not only partner and collaborate with the ecosystem but also with its sustainability initiatives. Tata Power ensured its presence across noteworthy industry initiatives and UN programmes such as EV Day and International Day of Clean Air for Blue Skies reminding consumers to embrace renewables to charge the future. As the head of branding, communications, CSR and sustainability at the company, Jyoti Kumar Bansal wears several hats but her biggest mandate is to position Tata Power as a future-ready, green energy company, something that she has done admirably in the last year. The Growth Pivot Bansal made quite the career shift when she left the advertising industry to switch to the corporate side nearly three years ago. During her professional journey, spanning more than two decades, she has worked on many brands while being associated with agencies such as MPG, Euro RSCG, MediaCom and Omnicom Media Group India. Omnicom Media Group saw her play a leadership role at its agency PHD, where she focused on growth through new business development and organic revenue. She was responsible for the business strategy to build a profitable agency business in India. Top marketer Atit Mehta on navigating innovation, sustainability and AI with a consumer-centric approach By Reema Bhaduri A MARKETER’S JOURNEY A thorough ad lander, Jyoti Kumar Bansal’s expertise has pushed Tata Power on newer fronts By Team BW DISRUPTING, STRATEGICALLY ED TECH JYOTI KUMAR BANSAL Chief - Branding, Communications, CSR, Sustainability, Tata Power MARKETING ADVERTISING & ENERGY

98 | B W BUSINESSWORLD | 23 September 2023 Nestlé India has seen steady growth in the year gone with Chandan Mukherji driving the brand communication and strategy for the company’s marquee brands By Team BW A GROWTH STORY NESTLÉ INDIA IS HOME to a myriad of brands including consumer favourites such as Maggi and Nescafé. The company has a strong presence also in categories such as chocolate and confectionery, dairy, breakfast cereals, baby foods and more. Chandan Mukherji holds a central position, where he supports the strategy, marketing and communication across all Nestlé brands. His work in the last year enabled growth for the company in various ways making him among the top marketing leaders in India. He is among those leaders who firmly believe not only the India growth story but also have great faith in Indian talent and creativity. Augmented Intelligence Mukherji recognises the importance of technology and the role it plays in completing tasks in more efficient ways and in a shorter time. But he says the industry is still at a stage, where the likes of artificial intelligence (AI) will not replace people. The current situation is still one where technology complements human creaTOP MARKETERS tivity. “While AI can excel in certain tasks, humans remain indispensable for strategic thinking, creativity and overseeing AI’s evolving capabilities,” Mukherji explains. Several areas require people to bring in their decision-making ability, understanding consumer sensitivities and creativity as a differentiator. He elaborates, “In fact, you need people to see how you make AI smarter. Therefore, there would be areas where AI would be able to help us and make our jobs easier, faster and better but the need for marketers to be able to strategise and be creative while connecting with consumers will continue.” Balanced Growth A balanced approach is not just in the human and technology aspect but also in how the marketing landscape in India is evolving. Every aspect must be seen and understood from the consumer’s standpoint. Citing the example of the shifts in media spending, Mukherji explains that while different media serve different purposes, the marketer’s plan should be tailored to specific audience preferences. Digital platforms are witnessing increased engagement due to consumers’ growing online presence but television and print remain essential components for Nestlé India’s marketing arsenal. The primary reason for this is that for some consumer segments, TV and print remain the lead media of reach and engagement. Fo r a s p i r i n g m a r k e t e r s , Mukherji’s advice is to “be hungry for marketing”. He stresses the importance of deeply understanding consumers and delving into behaviours, thoughts, and emotions. He urges young marketers to constantly seek marketing knowledge and stay rooted in consumer-centric approaches. FMCG (FOOD & BEVERAGES CHANDAN MUKHERJI Director & Senior Vice President, Strategy, Marketing & Communication, Nestlé India MARKETING ADVERTISING & Photograph by Naval Kishor

23 September 2023 | B W BUSINESSWORLD | 99 Marketing today can create personalisation and experiences at scale, opening exciting avenues, according to Nitin Saini By Reema Bhaduri MARKETING’S BRIGHT FUTURE T HE MARKETING OUTLOOK for the upcoming year is expected to see a positive trajectory, mirroring India’s robust consumption and economic growth. Nitin Saini expects marketing expenditures to rise in line with India’s strong consumer demand. Marketing is playing a key role in fuelling India’s economic engine and the role of brand investments is a major growth driver. In the age of technology-driven marketing, Saini reminds that marketers cannot take their eyes off the shortterm or the long-term trends that are reshaping the industry. Data and technology have become integral components of marketing strategies. He says that Mondelez leverages new technology to enhance creativity and media executions. Citing the example of Cadbur y birthday activation, which harnessed Generative AI (artificial intelligence) to enable consumers to create personalised birthday songs, he explains that technology is a powerful tool for bringing brand purpose and ideas to life. When used aptly, it can bring personalisation and create experiences at scale. A Marketer’s Trajectory A fundamental question in the marketing landscape revolves around the future of marketing and whether marketers will remain relevant. Saini remains bullish on this. As long as marketing can prove its value and the incremental impact, it can bring, it will remain vital for companies. Mondelez’s strategic investment in analytics allows it to measure the impact of advertising spends on growth, and has given good results. This is also a reason behind Saini’s optimism on the role of marketing in creating business value. “We know that brand-building is one of the most potent long-term growth drivers for any business that not only ensures a strong growth trajectory but also adds a layer of trust, which goes a long way. It not only fuels a strong growth trajectory but also fosters trust, which is invaluable in the business world,” adds Saini. The Way Forward In the evolving marketing landscape, three critical considerations occupy Saini’s thoughts. The first among these is creating brand saliency amid an increasingly cluttered ecosystem, which remains a constant challenge. The second is staying updated on emerging technology innovations and their implications for marketing is vital. Lastly, building a robust connection between marketing initiatives, growth objectives, and brand purpose, which Saini believes is essential for ensuring sustained success. His insights reflect not only the state of the industry but also a vision for its future, where technology, purpose and consumer engagement converge to drive growth and innovation. [email protected] FMCG NITIN SAINI Vice President - Marketing, Mondelez India TOP MARKETERS MARKETING ADVERTISING &

100 | B W BUSINESSWORLD | 23 September 2023 Saakshi Verma Menon has been instrumental in evolving Kimberly Clark India’s marketing and leading the efforts on digital By Team BW THE PASSIONATE MARKETER A MARKETER FOR OVER two decades, Saakshi Verma Menon brings diverse experience in the FMCG sector with demonstrated exper tise in brand strategy, advertising development, digital marketing, media management, insights, analytics, CRM, innovation and category management. Over the years, she has worked towards building many brands such as Colgate-Palmolive, Coca-Cola, Sprite, Thums up, Uber, Huggies and Kotex. India is among the key priority markets for Kimberly Clark, and Menon has been part of the leadership team that has led the organisation’s digital transformation. She has been instrumental in evolving Kimberly Clark India’s marketing and leading the efforts on digital. She leads efforts around brand, digital, research, analytics and product innovation. The Big Moves Among the big initiatives she spearheaded is the relaunch of Huggies in India with a new visual identity, supported by the ‘We got you, baby’ campaign. Huggies has differentiated itself in the market by communicating its proposition of comfort through the voice of the baby, appealing to modern moms with its refreshed packaging. Under her leadership, the brand’s commitment to staying relevant to its consumers’ needs through personalised content also helped build a deeper connection for the brand. Menon also led the relaunch of Kotex, the menstrual hygiene management product in India with the Kotex Overnight Period Panties and the ‘I own the night, I am the change’ campaign that is considered to be a game-changer in the category. The campaign redefined the conversation around menstrual health, empowering women. In 2023, she led the expansion of the portfolio with new product launches. Giving Back On a more personal side, Menon is a strong believer in giving back to society. She is a sponsor of women, both in the workforce and at the grassroots level. She is actively involved in the support of the education of the girl child and volunteers very closely with a government school in Delhi. She has been working with the school to equip the children with resources, books and toys to build motor skills and get a reading room with laptops. She believes that the best gift one can give to the next generation is to educate them and that every individual can make a difference in this. At her workplace, this top marketer is leading the Women Inclusion Network programme as the Executive Sponsor at Kimberly Clark India and led the launch of the first women’s mentorship program that aims to bridge the mentorship divide for women. FMCG SAAKSHI VERMA MENON Marketing Director, Kimberly Clark India TOP MARKETERS MARKETING ADVERTISING & Photograph by Naval Kishor