09 September 2023 | B W BUSINESSWORLD | 51 The author is an investment advisor and CEO & Editor of www.sptulsian.com darlings of the stock market. The gross NPAs of public sector banks have declined to Rs 4.28 lakh crore as on March 31, 2023, from a whopping Rs 9.63 lakh crore in 2018. Therefore, it is no surprise that when former revenue secretary and Modi confidant Hasmukh Adhia was appointed on the board of Bank of Baroda, the bank’s share price witnessed a multi-fold rally. Adhia was recently appointed as the chairman of GMDC and the stock has been on an upward move. Adhia has also been appointed as the chairman of Gujarat International Finance Tec-city and one can expect fireworks there too. The performance of PSU banks is improving each year. During FY 2022-23, not just NPAs declined, the sector also witnessed positive returns on assets and requirement of re-capitalisation funds vanished. No wonder the PSU banks have witnessed a sharp rally in their share price in the past three years registering over two- or three-fold gains. This said, it is likely that the government may completely exit from a few PSU banks but that would be a strategic move. There are three kinds of PSUs where PM Modi’s vision is unfolding: PSU banks, defence companies, and mining and metal and commodity related companies. The government’s strategy in these seems clear, which is to let the management control rest with independent professionals; as in the case of LIC, HAL, BEL and SAIL, to mention a few. Or divest full stake in companies where there are buyers; for example, Air India. The ultimate goal is to shape the companies in a manner that they fit in the above two categories. The failure of BPCL divestment, where not many buyers expressed interest, seems to have taught the government that exiting at lower valuations was not wise. Defence Sector Revamp India has been heavily reliant on imports for its defence requirements until now despite having deep talent and companies like HAL and DRDO. We have now started manufacturing defence equipment on a higher scale compared to the past and even tapped markets for exports. Who would have imagined that India’s BRAHMOS missile systems will have global demand? While many more defence companies will be listed in future, I see the government completely exiting from companies such as Shipping Corporation of India and BEML in future. Mining / Metals / Commodity Play Traditionally, the bulk of India’s natural resources were vested with PSUs, which included Coal India, NMDC, NALCO, SAIL, Hind Copper and ONGC, to mention a few. All these companies have undergone sea change in management style. With the advent of the green revolution, commodities such as copper, lithium, rare earth metals are grabbing attention. The government seems proactive in not letting go of this opportunity, unlike in the past when we fell behind in the race for manufacturing electronic goods. Electric vehicles and lithium batteries are something that the government seems to have set its sights on now. I strongly believe that Indian PSUs offer a great investment opportunity with a five-year horizon. The shareholding pattern of many PSUs shows the growing interest of foreign institutional investors in them in the recent past. These include PSUs such as BEL, Mazagaon Dock Shipbuilders, Bharat Dynamics, among others Photograph by Superzoom2
52 | B W BUSINESSWORLD | 09 September 2023 T he PSU stock rally is set to surprise the markets. The last time this happened was two decades ago in 2001. Then, the PSU stocks underwent a cycle where they were shunned by investors between 1990 up to 2000. During this time no one wanted to own PSU stocks. Their valuations fell to single digit P/E ratio and double-digit dividend yields. But after 2001, the value in PSU stocks was recognised and an accumulation pattern showed up. Then, the PSU index rose to touch a high of 11,205 from a low of 733. Again, the PSU stocks were shunned by the markets from 2008 up to 2020 and no one was really looking at them. But now there is value. New Territory In 2020, the BSE PSU index touched a low of 4013, we are now at 11,563. There are no signs that the rally will stop here. Price history of the BSE PSU shows that we have broken out into new territory confirming the new bull market and if it is equal in size to the last one, which it can be, then we are heading towards The author is Founder and Market Strategist of Indiacharts.com COLUMN already doubled from the Covid lows hit in 2020. Currently, the BSE PSU index is at a new high, based on the quarterly chart pattern seen since 2008, when the markets had crashed on the back of the great financial crisis. Usually, the PSU sector stocks undergo a 7-8 year period of consolidation when valuations drop to the floor. Then comes the 7-8 years of bull market, which starts with value buying and economic growth driven boom. We are currently at the cusp of this. Value buying PSU stocks had started in 2020 and the second phase is just about starting, which could last for the next four or five years. PSU STOCKS: HOW THE RAGING BULL-RUN WILL PLAY OUT Value buying PSU stocks had started in 2020 and the second phase is just about starting, which could last for the next four or five years By Rohit Srivastava PUBLIC SECTOR UNITS Usually, the PSU sector stocks undergo a 7-8 year period of consolidation when valuations drop to the floor. Then comes the 7-8 years of bull market, which starts with value buying and economic growth driven boom 61,344. This implies another 5.3 times gain in the next five years, from where we are currently. The new bull market in PSU stocks started in 2020. Prior to this, the last bull run we saw in the PSU stocks had a life span of seven long years, where the BSE PSU index went up by 15 times. This simply means that the new bull market for the PSU stocks, which started in 2020 could go on until 2027. In this period, if the index has to rise by 15 times from the October 2020 lows, then it still has a gain margin of 5.3 times from the current levels. The index has Technical View: The BSE PSU Index (2001 -present)
54 | B W BUSINESSWORLD | 09 September 2023 Till up to 2020, the PSU company stocks had often underperformed the broader markets. This was due to the poor perception they carried with regard to corporate governance standards, inefficiency in work culture, lack of independence to the management, low pay scales and motivation levels, undue delay in decision making, interference by various branches of the government etc. But all this seems to be changing now. Most importantly, the government is not taking anti minority investor steps like adverse decisions on dividend distribution, cross holdings, product pricing, forced lending etc. This change of mindset is attracting investors towards PSU stocks. The author is Head of Retail Research at HDFC Securities COLUMN Therefore, PSUs as a theme have done well for the past few years. Since March 2020 the Nifty has risen by around 160 per cent, while the BSE PSU index is up nearly 190 per cent from the low levels seen at the start of the Covid-19 pandemic. In these three years, PSU stocks related to engineering, metals, banks, power, oil exploration, NBFC, defence and railway sectors have witnessed sharp gains. Make in India seems to be a major catalyst for this. India’s power sector was in shambles. But the government focus on renewable energy has put the limelight back on power stocks. Only oil marketing companies and insurance sector players have underperformed the broader markets. Data shows that the BSE PSU Bank index has outperformed even the BSE PSU index with 250 per cent gains. Public sector banks now have cleaner balance sheets than a few years ago and their asset quality too has improved. Credit growth is robust, credit costs have moderated and most PSU banks are ready for the new credit growth cycle with focus on retail and MSME sectors - the theme may last for a few years to come. Despite the positives, the public ownership in PSU stocks is still low. Even after registering gains since 2020, the BSE PSU index seems undervalued when compared to the benchmark BSE Sensex. For instance, BSE PSU index has a price to earnings (PE) of 8.3 compared to Sensex PE of 23.91. The price to book value of BSE PSU index is 1.31 and dividend yield is 3.3 per cent. But the same for Sensex is 3.55 and 1.23 per cent. On all parameters, the PSU stocks look cheap. PE RE-RATING ON THE CARDS FOR PSU STOCKS? Since March 2020 the Nifty has risen by around 160 per cent, while the BSE PSU index is up nearly 190 per cent from the low levels seen at the start of the Covid-19 pandemic By Deepak Jasani PUBLIC SECTOR UNITS Data shows that the BSE PSU Bank index has outperformed even the BSE PSU index with 250 per cent gains. Public sector banks now have cleaner balance sheets than a few years ago and their asset quality too has improved
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56 | B W BUSINESSWORLD | 09 September 2023 TOP EMERGING BUSINESSES India’s top emerging businesses that are at the forefront of innovation, diversity, job creation and growth, as well as key partners in the country’s quest for a $5-trillion economy By Abhishek Sharma STARS IN THE MAKING During the panel discussions and keynote sessions at the summit, industry stalwarts shed light on SMEs and how they are key drivers of growth that will make India a $5 trillion economy. The summit also saw diverse views on emerging businesses, their growth, issues they face and how they can move forward in the path of success. The event also served as a platform to celebrate and honour their achievements and contributions in restoring financial stability. The Process More than 100 entries were received which were then whittled down to over 50 after the first screening round. Subsequently, after the second level of deliberation, the shortlisted participants were invited to make a presentation before a power-packed jury panel. The Jury The esteemed jury comprised Manoj Mittal, Managing Director & Chief Executive Officer, IFCI; Karan Ahluwalia, Executive Director & Head - Entertainment, Media, Sports and Luxury, Waterfield Advisors; Sunil Srivastav, former deputy MD, Corporate Accounts Group, State Bank of India (SBI); Uday Sodhi, Founding Partner, Kurate Digital Consulting; Sushma Morthania, Director General, India SME Forum; Anil Khaitan, Chairman & Managing Director, Sunil Healthcare and former President, PHDCCI; Arijit Ray, CEO & Founder, The Unlock Company; Dr Arvind Gupta, Co-founder & Head, Digital India Foundation; Ajay Srinivasan, former CEO, Aditya Birla Capital. [email protected] I NDIA’S MICRO, SMALL and Medium-sized Enterprises (SMEs) are at a crossroads again. They continue to be hobbled by delayed payments, limited access to funding and capital and debt. But that does not stop them from playing a crucial role in the country’s economy, bringing innovation, diversity, job creation and growth. In fact, they are considered key partners in India’s quest to become a $5-trillion economy by 2025 as well as a developed nation by 2047, goals set by Prime Minister Narendra Modi. Notably, small and medium-sized businesses are characterised by a relatively smaller scale with fewer employees and lower revenue as compared to big corporations. SMEs are diverse and can operate in various sectors, including pharma, defence, retail, technology, manufacturing and many more. Currently, India has more than 6.3 crore MSMEs which contribute approximately 30 per cent to the annual gross domestic product (GDP) and also employ an estimated 23 per cent of the country’s total workforce. In the current economic climate, big corporations and governments are well-positioned to help them sustain and recover which ultimately will result in the advancement of the economy. According to experts, strengthening the digital financial infrastructure and building innovative lending solutions will be crucial to driving small business growth and preventing the larger corporations from coming for a huge chunk of the MSME pie. To celebrate and recognise the best-emerging businesses in India, BW Businessworld organised the fifth edition of the Emerging Business Summit & Awards. The summit united industry experts, entrepreneurs, investors and growing firms from across sectors and served as a forum to discuss and accelerate the growth of MSMEs towards a brighter future, as well as to recognise and celebrate the trailblazers, innovators, and disruptors from within their ranks. OVERVIEW Photograph by Pchvector
09 September 2023 | B W BUSINESSWORLD | 57 THE WINNERS S.No. Head Category Name Designation Company Tag 1 People Young Leader of the Year (under 40) Creating Emerging Business Sudhanshu Agarwal Director Citykart Ventures Gold 2 People Young Leader of the Year (Under 40) Creating Emerging Business Aakanksha Bhargava CEO P M Relocations (PMR) Silver 3 People Young Leader of the Year (under 40) Creating Emerging Business Divij Bajaj Founder & CEO Power Gummies Bronze 4 People Women Leader in Emerging Enterprise Sujata Biswas Co-founder Suta Gold 5 People Women Leader in Emerging Enterprise Shubhika Jain CEO & Co-founder RAS Luxury Skincare Silver 6 People Women Leader in Emerging Enterprise Taniya Biswas Co-founder Suta Silver 7 People Women Leader in Emerging Enterprise Mayurakshi Das Founder & CEO ElixirAI (La Mere) Bronze 8 People Women Leader in Emerging Enterprise Anita Tejwani CEO TheySway Bronze 9 People Leader of the Year Creating Emerging Business Imbesat Ahmed CEO & Co-founder Filo Gold 10 People Leader of the Year Creating Emerging Business Dr Kishore Indukuri Managing Director Sids Farm Silver S. No. Head Category Company Tag 1 Company Best Product and Service by Emerging Enterprise Search Ends Gold 2 Company Best Product and Service by Emerging Enterprise Jeena Criticare Logisitics Silver 3 Company Best Product and Service by Emerging Enterprise CSM Technologies Bronze 4 Company Best Emerging Enterprise Creating Social Impact Ostrich Mobility Instruments Gold 5 Company Best Emerging Enterprise Creating Social Impact Suta Silver 6 Company Best Emerging Enterprise Creating Social Impact Sakhi Utpadan Samiti Certificate of Appreciation 7 Company Most Innovative Products by Emerging Enterprise Multi Decor India Gold 8 Company Most Innovative Products by Emerging Enterprise New Street Tech Silver 9 Company Most Innovative Products by Emerging Enterprise Elanpro Bronze 10 Company Most Innovative Products by Emerging Enterprise Chandra Fabrics Bronze 11 Company Most Innovative Emerging Enterprise Prismatic Softwares Gold 12 Company Most Innovative Emerging Enterprise Quiklyz Silver 13 Company Best Digitally Enabled Enterprise Imperative Business Ventures Winner 14 Support Best MSME Financing Institution Aye Finance Winner
58 | B W BUSINESSWORLD | 09 September 2023 mal credit. The company is committed to changing this scenario. Aye Finance offers a range of financial solutions through its network across India. These solutions are powered by innovative underwriting, smart technology and deep analytics. Interestingly, Aye Finance claims to be the only scaled, pan-India player providing unsecured smallticket business loans to a large credit-starved micro-enterprise segment. It is the only lender with scale in unsecured business loans of Rs 50,000 to 300,000. It has provided loans worth Rs 7,000 core to over 6,00,000 micro-enterprises, the data shows. “Aye has cracked this difficult-to-lend segment with its unique cluster-based credit appraisal approach and optimally digitised phygital model – an extensive branch network with feet-on-street to assist the customer and data sciencedriven decision-making – leading to an optimal balance between efficiency, TAT and sound credit metrics,” Sharma mentioned. Aye Finance has revolutionised micro-enterprise lending in India by transforming it from a costly and tedious proposition to a cost-effective and lucrative business opportunity. In FY 2022-23, Aye Finance has reported a turnover of Rs 4,50,00,00,000 and a net profit of Rs 4,16,300,000. Talking about the impact that the company has created, Sharma added that it utilises a proprietary “Cluster Based Risk Assessment” methodology that leverages AI to lend to these thin-file customers who have no banking footprint and cannot offer collateral. The company has been scaling rapidly and has grown its presence from four branches in the first year of operations to 396 branches in 22 states. “This branch network has allowed us to bring over 6,00,000 micro enterprises into the fold of the formal economy,” said Sharma. In the near future, Aye Finance will be further optimising its digital and phygital channels, advancing machine learning and AI underwriting models and deepening the available cross-sell opportunity with an aim to improve profitability with business growth and employee connect. [email protected] AYE FINANCE HAS been honoured recently with the prestigious “Best MSME Financing Institution” Award at the 5th edition of the Emerging Businesses Awards hosted by BW Businessworld. “The company is delivering outcomes that befit a double bottom line on the one hand, establishing an efficient profitable and scalable business. On the other hand, it is bringing about a transformative social impact by addressing the disparity in economic privileges of this excluded sector,” according to Sanjay Sharma, Founder and CEO of Aye Finance. Notably, micro-businesses in India have an unmet credit need of US$3 billion and Aye Finance is working rigorously to change ‘one loan at a time.’ Also, only one in 10,000 micro-scale enterprises in India has access to forAye Finance works with an objective to provide secured and unsecured small business loans for working capital requirements By Abhishek Sharma TOP EMERGING BUSINESSES REVOLUTIONISING SMALL BUSINESSES AYE FINANCE Category: Best MSME Financing Institution Award: Winner Photograph by Indiapicturebudget
09 September 2023 | B W BUSINESSWORLD | 59 research and analysis, market strategies, global business development, management consulting services, innovative technology solutions and automation. Imperative also provides these services across various industrial domains like banking, financial services, insurance, telecom, legal, retail, logistics, government, food and beverages, travel and hospitality, renewable energy, etc. “Agile business transformation capabilities along with cutting-edge AI, ML, RPA-backed technology, a consultative approach based on deep domain expertise and innovation as a core business tenet, forensic driven cybersecurity services and on-premise infrastructure with facility management,” mentioned Paithankar while listing out the impact that the company has created. With an aim to serve with best service, Imperative is re-defining its planning, strategy, products, solutions and services through advanced technology and expert domain professionals. The company has plans to expand on a global level, and diversify its product and collaboration with top players. By engaging in the business of IT services, credit processing, BPO and KPO services, Imperative focuses on delivering smart, next-generation, comprehensive business solutions that are driven by technology and helps enterprises globally to overcome their business challenges and goals. Imperative has been the front-runner when it comes to helping companies to transform, optimise, and accelerate their technology requirements and deliver innovative technology solutions by adopting an agile methodology using open-source platforms for industry-specific solutions, development and support to excel in their business growth. [email protected] I NTELLIGENT AUTOMATION, driving innovation, digital transformation, revolutionising the financial landscape and empowering women entrepreneurship, these are the five major things Manjusha Paithankar, Founder and Chairperson, Imperative Business Ventures highlighted while describing her company. Going by these laudable achievements, it’s not at all surprising that the company bagged the “Best Digitally Enabled Enterprise” Award at the 5th edition of Emerging Businesses Awards hosted by BW Businessworld. “We not only deliver a product, we deliver an experience,” the company works keeping this tagline in mind as for Imperative Business Ventures, it is not just about the business; it is about building the future. Creating and sustaining a vision for an organisation calls for discipline and creativity and the company definitely has the passion, strength of will and wisdom to achieve long-term goals. Work wise, Imperative assists Indian and overseas companies by providing various consulting services like market Imperative Business Ventures is re-defining its planning, strategy, products, solutions and services through advanced technology By Abhishek Sharma TOP EMERGING BUSINESSES DRIVING INNOVATION, DIGITAL TRANSFORMATION IMPERATIVE BUSINESS VENTURES Category: Best Digitally Enabled Enterprise Award: Winner Photograph by Funtap
60 | B W BUSINESSWORLD | 09 September 2023 sector, the company works with a ‘for the people, by the people and of the people’ approach. Search Ends is working with a mission to provide leading solutions to organisations for their needs related to people, practices and strategies. Cumulatively, India’s MSMEs account for 27 per cent of India’s GDP, which has earned them the epithet of the “backbone of the Indian economy”. The number of MSMEs in India increased by a compound annual growth rate of 18.5 per cent from 2019 to 2020. Siddharth Ayare, CEO, Search Ends told BW Businessworld, “We have a huge scope to grow as a country where MSMEs will play a large role.” He added that there are several challenges as well. He gave an example of the recent Initial Public Offering boom in the SME sector and if utilised properly, it can help many small businesses in the country. Shedding light on their positive work culture, Ayare said, “We as an organisation don’t fire people for non-performance, we mentor, give opportunities and ensure that they are able to perform when given enough opportunities, training and mentoring. The industry standard of average tenure of employees is 18 to 24 months while at Search Ends it is 36 to 42 months.” Notably, the company has an 80 per cent diversity ratio. Talking about the financial details, the company recorded an export income of US$ 25,000. The turnaround of revenue itself is proof of how their hard work is paying off. “We have taken an absolute growth of revenue by close to 900 per cent conside r i n g 2 0 - 2 1 (Coronavirus) as the base year and close to 700 per cent in profitability from the same year,” Ayare added. Interestingly, the company is developing a new product for enabling campus hiring for MSMEs and taking MSMEs to campus. Apart from that, it is also setting up a US entity for US recruitment to ensure foreign reserves earnings. [email protected] S E A R C H A D V I S O R S Services also known as Search Ends was honoured recently with the “Best Product and Service by Emerging Enterprise” Award at the 5th edition of the Emerging Businesses Awards hosted by BW Businessworld. Though a small firm based in Vadodara, Gujarat, Search Ends caters to world-class organisations across India. The company has adopted social awareness, ethics and values, customer satisfaction and a people-first approach as its driving force. “At the core of Search Ends lies the organisational ethics and honesty which has been the cornerstone of its longevity. As an organisation, we believe in absolute transparency to our clients, our employees and human capital,” according to the company’s LinkedIn page. As part of India’s diverse and large micro, small and medium enterprises (MSMEs) Search Ends has adopted social awareness, ethics and values, customer satisfaction and a people-first approach as its driving force By Abhishek Sharma TOP EMERGING BUSINESSES FOCUS ON A PEOPLE-FIRST APPROACH SEARCH ENDS Category: Best Product and Service by Emerging Enterprise Award: Gold Photograph by Rawpixel
09 September 2023 | B W BUSINESSWORLD | 61 Notably, India has witnessed a major struggle during the second wave of Covid-19 when it reported over 3,00,000 cases on a daily basis. The hospitals of many states were reeling under a shortage of beds, ventilators and medical oxygen. Interestingly, this is the time when Jeena Criticare Logistics stepped up and acted as a saviour for the Indian public which was gasping for oxygen and basic medical needs. The company data shows that Jeena Criticare to date has been instrumental in moving 3,000 million tonnes of Covid-19 care equipment that includes oxygen concentrators, RT PCR kits, PPE kits, hospital beds, medicines, critical care drugs, masks, vaccines and ventilators. “Known for our speed and delivery which are of life-saving importance, we have been able to get import clearance from 24 hrs to 5 hours flat, for Covid-19 care aid and other healthcare transportation,” the company executive added. Commenting on the efforts the company has put in so far in delivering excellence in service and the ever-readiness to improve its performance, the executive asserted, “We take pride in the fact that we have been able to save numerous lives through our exceptional services.” It is no wonder then that Jeena Criticare Logistics was honoured with the “Best Product and Service by Emerging Enterprise” Award at t h e 5 t h e d i t i o n o f t h e E m e r g i n g B u s i n e s s e s Awards hosted by BW Businessworld. J e e n a C r i t i c a r e Logistics which is the domestic healthcare arm of Jeena & Company is currently handling critical human blood and cord blood sample shipments for various companies that operate as market leaders in diagnostics and stem cell banking sectors. The firm is eyeing to expand its reach which is currently pegged at 400 plus major cities and towns and over 14,000 pin codes across India. It also has plans to expand the company’s commodity list so that it will be able to cater to a vast range of critical industries. [email protected] S ince its inception, Jeena Criticare Logistics has been impacting society in a positive way by handling logistics and delivery of critical goods including medicines, vaccines, medical devices and equipment. The impact the company made during India’s deadly Coronavirus pandemic is worth mentioning. Jeena Criticare, the pharmaceutical and critical healthcare logistics arm of Jeena & Co., was given the mandate to distribute Serum Institute of India’s Covid-19 vaccine, Covishield, for private hospital supplies, across the country. “We were the logistics service provider for the Serum Institute of India’s Covishield vaccine distribution and helped the World Health Organisation (WHO) with oxygen cylinder and PPE kit distribution,” a top company executive said. Jeena Criticare Logistics is working with a strong purpose of serving humanity through transformative logistics solutions By Abhishek Sharma TOP EMERGING BUSINESSES DELIVERING EXCELLENCE IN SERVICE JEENA CRITICARE LOGISTICS Category: Best Product and Service by Emerging Enterprise Award: Silver Photograph by Bianco Blue
62 | B W BUSINESSWORLD | 09 September 2023 ahead climate accord in Paris. Elucidating the growth strategy of the company, Tapaswini Swain, Specialist - Marketing Communication said, “We aim to intertwine tech sustainability, figuring out the enormous scope of technology in a horde of government applications.” Supporting the Centre’s appetite for IT adoption Swain stressed the company believes technology is the enabler cum disruptor for a scalable and sustainable tomorrow. Call it digital governance or GovTech, CSM has grown with it and, outgrown its limits by delivering last-mile technology that kept its cohorts enthused, the communication specialist underlined. A Unique Distinction As a CMMI Level 5 company, CSM achieved the unique distinction of being the first to explore many unexplored business opportunities. With more than 1,600 global employees dedicated to transforming the IT landscape of government and industries globally. Fostering IT solutions, including platforms, services, infrastructure, consulting, and communications the company earned 82 awards and recognitions, carving a niche as a trusted partner of federal, provincial, and local governments, municipalities, and public-owned enterprises across the world. At CSM Technologies, the focus is on quality delivery and customer satisfaction, providing transforming solutions and services that cater to the specific needs of clients. [email protected] T ECHNOLOGY, a critical business facilitator, is driving optimisation and efficiency across various sectors today. The Centre is also significantly adopting technologies to drive innovation and transformation within the country. Encouraging the progress is CSM Technologies, a GovTech organisation with 25 years of experience, delivering innovative IT solutions worldwide. Operating in more than 14 countries including India, Ethiopia, Kenya, Rwanda, UAE, USA, and Canada the company was recently felicitated for its comprehensive 360-degree IT solution with BW’s “Best Product and Service by Emerging Enterprise” Award. Founded in 1998 the company is breaking thought barriers through disruptive innovations in creating solutions, digitally transforming the public sector with 100 million students accessing education and providing 400 million beneficiaries for government. CSM is also leveraging 2.68 billion public service transactions annually. Delivering Last-mile Technology As a sustainable organisation, CSM is committed to a netzero world and has empanelled on the ‘Climate Neutral Now’ initiative platform of UNFCC. It has also signed the Climate Pledge, figuring among the 376 signatories resolving to achieve a net-zero landscape by 2040, envisaging the decade Fostering IT solutions, CSM Technologies has carved a niche as a trusted partner of federal, provincial, and local governments, municipalities, and public-owned enterprises across the world By Suchita Sail TOP EMERGING BUSINESSES CSM TECHNOLOGIES Category: Best Product and Service by Emerging Enterprise Award: Bronze Photograph by Everythingposs PIONEERING GOVTECH ORGANISATION
Block your pages... India’s Top Marketers Spotlight On The Return of Silver Screen Industry Special SEPTEMBER 23, 2023 Regular Features & Columns Opinion articles from industry leaders fifffflffiflfflffifflffffl flflff Ensure Your Brand’s Presence in this Special Issue!!! Aparna Sengupta, [email protected], +91 9958000128 Anjeet Trivedi, [email protected], +91 9818122217 Ravi Khatri, [email protected], +91 9891315715 CS Rajaraman, [email protected], +91 9342262859 Somyajit Sengupta, [email protected], +91 9818247444 Kiran Dedhia, [email protected], +91 9833399009 Sajjad Mohmmad, [email protected], +91 9911855935 Saurabh Jain, [email protected], +91 9911334633 Shruti Arora, [email protected], +91 7982628913 For Editorial: Noor Fathima Warsia, [email protected] Issue Highlights
64 | B W BUSINESSWORLD | 09 September 2023 Despite several challenges faced by the industry, the number of MSMEs in India increased by a compound annual growth rate of 18.5 per cent from 2019 to 2020. According to the Ministry of MSMEs, the sector alone employs around 110 million people across the country. It accounts for over 30 per cent of the GDP and over 50 per cent of exports. It is expected to contribute at least 60 per cent to India’s target of exporting goods and services worth US$ 2 billion by 2030. “This is the best time for the MSMEs sector in India, especially with the government giving us the push in the right direction. This is the best time for MSMEs to grow with the government schemes coming up, the market emerging and the PMO office giving the directive of a US$ 5 trillion economy. This is the perfect scenario to be in,” said Choudhary. However, the sector has several hurdles to overcome. In spite of many challenges such as limited access to funding and capital, poor infrastructure and competition from big corporations, the industry has crucial things to offer in terms of employment and GDP contribution. Choudhary stated, “When it comes to the small businesses, hurdles are many. It starts from the delegation challenges, technical challenges to the one man army problem. Going forward, MSMEs should start delegating more and adopting more of the technology and they should also look into the innovation part.” Multi Decor India is eyeing to become a net zero waste company by 2024 end, starting luxury housing products before December 2023 and decreasing average construction time by 25 per cent by investing more in research and development. Interestingly, Multi Decor India has tied up with an international brand to bring the latest technology to India and it is eyeing to launch an Initial Public Offering by 2027. Meanwhile, talking about the financial details, the company reported a turnover of Rs 36,25,15,000 in 2022- 23 and a net profit of Rs 1,09,50,000 in the same period. [email protected] MULTI DECOR INDIA bagged the “Most Innovative Products by Emerging Enterprise” Award at the recently held 5th e d i t i o n o f E m e r g i n g Businesses Awards hosted by B W Businessworld. Established in 1992, Multi Decor India in no time has become one of the leading manufacturers of pre-engineered steel building systems in the country. The company designs and delivers all types of pre-engineered buildings (peb) structures across the nation. “We are an innovative organisation serving the market with eco-friendly and sustainable steel building solutions,” shared Pradeep Choudhary, Chief Executive Officer of Multi Decor India. Presently, the micro, small and medium enterprises (MSMEs) sector accounts for 27 per cent of India’s GDP. TOP EMERGING BUSINESSES MULTI DECOR INDIA Category: Most Innovative Products by Emerging Enterprise Award: Gold ECO-FRIENDLY, SUSTAINABLE SOLUTIONS Established in 1992, Multi Decor India in no time has become one of the leading manufacturers of pre-engineered steel building systems in the country By Abhishek Sharma Photograph by Kmrgrbrn
09 September 2023 | B W BUSINESSWORLD | 65 mission to enhance financial inclusivity. As a company spokesperson points out, “The farmers now have access to formal credit in a timely manner. The loan processing can now be completed in less than five minutes instead of the weeks and months that it used to take earlier.” Innovations New Street Technologies builds and operates blockchain enabled platforms for institutional clients in financial services that ensure efficient and trustworthy transactions. The company’s ser vices reduce potential for fraud and ensure seamless loan management. This dynamic approach substantially reduces operational costs, offering increased value to endusers. Says the spokesperson, “When we say blockchain, people usually think of cryptocurrency. We are using the technology behind it, which is in finance, banking space, making them risk proof. So, the blockchain technology is used to solve the problem of the underserved, which is the pyramid of the Indian economy.” New Street Technologies’ journey began in May 2022, with its launch for Federal Bank in Tamil Nadu. The company proved its mettle with a demonstration of instant Kisan Credit Card processing in September 2022. This demonstration attracted the attention of business correspondents and Farmer Producer Organisations, leading to future collaborations. The company plans to expand its services in agri-sectors like fruit orchards, dairy farming and Agri-allied sectors. The integration of advanced features, from crop health advisory to community networking, showcases its commitment to innovation in addressing challenges in the farm sector. New Street Technologies is more than a present day influencer, it is a harbinger of tomorrow’s transformation. It exemplifys the power of technology in reshaping agricultural finance. The company pioneers innovation, elevating the Agri-FinTech landscape, to advance towards an inclusive, technology-driven future. NEW STREET Technologies is an innovator in financial technology solutions. It is transforming financing in the agriculture sector with its ground-breaking contributions, meriting it the Most Innovative Products by Emerging Enterprise award at the 5th Edition of BW Businessworld’s Emerging Business Awards. The company is a driving force in the Agri-FinTech sector. Empowering Farmers Collaborating with Federal Bank, New Street Technologies has brought the Kisan Credit Card (KCC) loan product to fruition in partnership with RBIH’s initiative. The outcome is a digital ecosystem that expedites loan processes, providing swift access to formal credit for small and marginal farmers. This innovation aligns with New Street Technologies’ TOP EMERGING BUSINESSES NEW STREET TECHNOLOGIES Category: Most Innovative Products by Emerging Enterprise Award: Silver FINTECH TO EMPOWER FARMERS New Street Technologies is transforming financial solutions for agrarian India through blockchain technology and its secure platforms By Kanishka Biswas Photograph by Ilixe48
66 | B W BUSINESSWORLD | 09 September 2023 Innovative Growth Strategy Elanpro’s blueprint for expansion banks on innovation and market reach. By targeting diverse segments such as hotels, restaurants, bars, cafes and specialised food and beverage outlets, the company is redefining the boundaries of the commercial refrigeration market. The Elanpro spokesperson emphasises, “We plan to drive growth through innovative products.” This commitment to innovation justifies the company’s investments in I-cold Refrigeration and Thingify Solutions, which are intended to help Elanpro upgrade its offerings to its clientele in the food and beverages industries. Elanpro’s aspirations extend beyond product innovation. The company aims to become an end-to-end solutions partner, leveraging cutting-edge technologies to optimise refrigeration operations. Elanpro’s focus on “constant innovation” and “comprehensive and customisable solutions” demonstrates its unwavering dedication to customer satisfaction. Its expansion of experience centres aligns with this vision and is intended to enhance customer engagement and experience. The Most Innovative Products by Emerging Enterprise Award goes to Elanpro for its commitment to pushing boundaries and setting new industry standards. Elanpro’s story is one of unwavering commitment to innovation, sustainable practices, and customer-centric growth, with a focus on quality, the environment and technological advancement. E LANPRO IS A DYNAMIC player in the commercial refrigeration space and is known for innovation and commitment to sustainability and growth. This new business has had an impressive journey and remarkable achievements, which brought it under the spotlight. It was among the winners of the Most Innovative Products by Emerging Enterprise Award at the 5th Edition of the Emerging Business Awards hosted by BW Businessworld. The company had a turnover of Rs 211 crore in FY 2022-23, which establishes it as a formidable player in the rapidly evolving commercial refrigeration industry. Elanpro’s growth trajectory is in step with the industry trend. Talking of the company’s role in this transformation, a company spokesperson says,“We are poised to assume a significant position within the innovative sector and contribute significantly to its progress.” Committed to a Clean Earth Elanpro is dedicated to a clean environment and has an initiative for e-Waste Management, which demonstrates its commitment to a cleaner and greener earth. The company has a partnership with a Central Pollution Control Board (CPCB) authorised e-Waste recycler for disposal of electronic waste. As the spokesperson points out, “It showcases our eco-consciousness”. Elanpro shows unwavering commitment to innovation, sustainable practices, and customer-centric growth in the commercial refrigeration space By Kanishka Biswas TOP EMERGING BUSINESSES SETTING NEW INDUSTRY STANDARDS ELANPRO Category: Most Innovative Products by Emerging Enterprise Award: Bronze Photograph by Valmedia
09 September 2023 | B W BUSINESSWORLD | 67 new materials, modern techniques, and designs that are generating revenues and redefining a system to control pollution.” He stressed that by leveraging innovative manufacturing techniques and sourcing nature-friendly materials the company has successfully reduced waste.” Future Plans Jain shared, “We are looking forward to expanding our manufacturing capacity by optimising production processes and implementing automation to increase our production. This is an attempt to ensure meeting the growing demands of consumers worldwide.” He underlined the company is working meticulously to achieve its vision of reaching new geographical regions and countries by promoting customised products and designs. The yarn industry in India has massive potential and with the Centre’s supportive measures - new investments, reduction in import duties, central excise duty, and other taxes, the future seems promising. Thus, pinning hope towards the optimistic industry, Chandra Fabrics has started using different materials and colour options twice in a season. To attract consumer conscious choices, it has further switched to knitted and woven products from recycled yarn, which is currently contributing 50 per cent of its production. The company is dedicated to taking sustainable fashion to a new level in India and across the globe. [email protected] AMONG MANY pollutioncreating industries, the textile sector has a larger impact on the soil, air and water, causing biosphere destruction. Breaking the hazardous cycle is the apparel manufacturing and trading company, Chandra Fabrics which primarily incorporates recycled yarn into clothing, boosting sustainable industrial practices. The company’s eco-friendly efforts were acknowledged at the recently held Emerging Businesses Awards 2023 hosted by BW Businessworld. Chandra Fabrics bagged the “Most Innovative Products by Emerging Enterprise” Award. Founded in 1995, Chandra Fabrics is committed to diversifying textile products catering to a broader customer base. Through intensive research and market analysis the company aims to stand ahead in the textile sector by embracing new industrial innovations. Leveraging Technology According to reports, the textile industry is attributed to producing 1,000 million kg of yarn per annum and as the sector contributes to wet processing it causes about 70 per cent of the country’s overall pollution. Considering this grave problem, Chandra Fabrics believes in the adoption of digital processes to create advanced products. Echoing the technological steps, Ankur Jain, Director of Chandra Fabrics said, “By resourcing technology we are exploring Chandra Fabrics has successfully reduced waste by leveraging innovative manufacturing techniques and sourcing nature-friendly materials By Suchita Sail TOP EMERGING BUSINESSES EMBRACING SUSTAINABLE PRACTICES CHANDRA FABRICS Category: Most Innovative Products by Emerging Enterprise Award: Bronze Photograph by Zatletic
68 | B W BUSINESSWORLD | 09 September 2023 reclaim independence and confidence. “Improved Quality of Life” is not a mere catchphrase, it is the embodiment of regained freedom and a higher sense of well-being. Ostrich Mobility doesn’t just transform lives; it transforms futures. “Many students graduated and we helped them to become doctors, teachers, rank holders and I A S o f f i c e r s t o o ,” s t a t e d Unnikrishnan with pride. The company’s role in nurturing talents and enabling aspirations paints a profound picture. Ostrich Mobility’s journey is studded with milestones that underscore their commitment. Generating Rs 100 crore revenue by June 2023 is a reflection of not just financial growth but also their contributions towards society. The ISO13485 & CE certification in 2017 and accolades like the Emerging Businesses Awards validate their exceptional journey. Beyond accolades, their wheelchairs have covered “1 lakh+ kilometres”, embodying their ethos of freedom. The company’s expansion horizons are as bold as their vision. The plan includes new Experience Centres in Tier-2 cities, nurturing accessibility. International expansion into the Middle East, Europe, and Africa amplifies their global reach. Collaborative research partnerships promise innovative products. The core lies in indigenisation and OEM manufacturing, “Indigenisation of critical components like the motor, controller stands as a testament to their self-reliance. Ostrich Mobility’s journey encapsulates empowerment and innovat i o n , t u r n i n g a d v e r s i ty i n t o opportunity. In a world where challenges persist, Ostrich Mobility’s indomitable spirit shines. The CEO’s sentiment, “Our focus should be on bringing the business to the next level,” echoes their aspiration for a future where mobility knows no bounds. The “Best Emerging Enterprise Creating Social Impact” Award is more than an accolade, it’s a recognition of their tireless pursuit towards enabling users to lead better lives through mobility. [email protected] OS T R I C H M O B I L I T Y Instruments, a pioneering force in mobility solutions, has garnered admiration and accolades for its profound societal impact. Honoured with the prestigious “Best Emerging Enterprise Creating Social Impact” Award at the 5th edition of the Emerging Businesses Awards hosted by BW Businessworld, the company stands as a beacon of change. Since its inception in 2008, Ostrich Mobility Instruments’ vision has been to break barriers and redefine accessibility. “We are completely flexible to adopt changes,” emphasised Venukrishnan Unnikrishnan, MD & CEO of Ostrich Mobility Instruments. The impact ripples through users’ lives. By enhancing accessibility, the company has enabled individuals with mobility challenges to TOP EMERGING BUSINESSES OSTRICH MOBILITY INSTRUMENTS Category: Best Emerging Enterprise Creating Social Impact Award: Gold EMPOWERING LIVES THROUGH MOBILITY Since its inception in 2008, Ostrich Mobility Instruments’ vision has been to break barriers and redefine accessibility By Kanishka Biswas Photograph by Mrwed54
09 September 2023 | B W BUSINESSWORLD | 69 sively, now impacting 290 women with a turnover of 228 lakhs. This growth stands as a testament to its dedication and substantial influence on women’s economic participation. Key to its success are its brands, Daichi and Upaya, which embody authenticity, tradition, and sustainability. With 12 production units and a diverse portfolio of over 200 products, Sakhi Utpadan Samiti’s journey exemplifies innovation rooted in values. The impact on women’s lives is evident in their collective earnings of Rs 33.37 lakhs in FY’23. This financial empowerment translates into increased agency, reshaping the economic landscape for these women. Sakhi Utpadan Samiti strategically spans various market channels, including modern trade, general trade, and rural markets through dedicated business sakhis. The company’s innovative approach extends to Sakhi Haats, Store in Store collaborations with Reliance Supermarkets, and a robust online presence through e-partners. Despite remarkable growth, Sakhi Utpadan Samiti remains anchored in values and milestones. Engaging 290 sakhis in microenterprises with legal compliance reflects its holistic approach. Achieving a business turnover of Rs 1.29 crore underscores its robust growth trajectory. The expansion plan of Sakhi Utpadan Samiti envisions new horizons. The Heart with Fingers initiative, coupled with trademark registration, underscores its commitm e n t t o a u t h e n t i c i t y a n d innovation. The company seeks collaborations with Co-operatives/Farmer Producer Organisations for white label sales, targeting a turnover of Rs 5 crore and a product range of 500 varieties, while emphasising end-to-end traceability. Sakhi Utpadan Samiti’s recognition as the “Best Emerging Enterprise Creating Social Impact” pays homage to its transformative journey. It stands as a beacon of change, driving economic growth, gender equality, and societal progress. Rooted in authenticity, values, and a vision for a brighter future, Sakhi Utpadan Samiti exemplifies social entrepreneurship and inspires meaningful impact. [email protected] S AKHI UTPADAN SAMITI, a visionary enterprise, has been honoured with the “Best Emerging Enterprise Creating Social Impact” Award at the 5th edition of the Emerging Businesses Awards hosted by BW Businessworld. The company’s profound commitment to empowering women and fostering social change has earned it this esteemed recognition. Since its inception, Sakhi Utpadan Samiti has been on a transformative journey, focusing on empowering women and making a significant societal impact. Starting with 81 women and a business turnover of 19.29 lakhs in 2018, the company has evolved impresWith a diverse portfolio of over 200 products, Sakhi Utpadan Samiti’s journey exemplifies innovation rooted in values By Kanishka Biswas TOP EMERGING BUSINESSES EMPOWERING WOMEN, FOSTERING SOCIAL CHANGE SAKHI UTPADAN SAMITI Category: Best Emerging Enterprise Creating Social Impact Award: Certificate of Appreciation Photograph by Indiapicturebudget
70 | B W BUSINESSWORLD | 09 September 2023 various benefits that the model offers, all this with a company they can trust”. The Leasing Debut Believing in its ability to foresee change, the Mahindra-backed company realised leasing was at its peak and decided to enter the market. The idea was to not follow the regular business patterns, but to underline a differentiation by offering a lease to various segments, individuals, fleet owners, and corporates (small, mid & large). The aim was to manage customer expectations closely which was well supported by the company’s digital system. Mohammed Turra, SVP & Business Head at Quiklyz said that compared to the international markets, car leasing in India comes with a few challenges viz vehicle registration in the name of the lessor, GST applicability compared to loan structure, etc. “However, industry players are in talks with government bodies to address the issues facing them and we are confident that leasing will grow multiple times very soon,” he said. Turra talked of risks associated with service maintenance and asset resale, but said these could be addressed by leasing optimally. “Indian automotive is at an inflection point with autonomous driving, connected vehicles, and shared mobility becoming standard features. Leasing will be an ideal option to propel this growth with an integrated, customised solution,” he said. “The biggest hurdle today is the mindset and low awareness among consumers. We, as a country, are typically attached to our assets and love to own them. Leasing an asset is as good as all the flexibility making life simpler. Anyone who understands that leasing makes financial sense, and has the resilience of minimal risk in a fastchanging environment will opt for leasing,” said Turra. Badge of Honour Awards and honours have always been a token of appreciation acknowledging credibility. As a game-changer in car leasing, Quiklyz was bestowed with the silver tag in the ‘Most Innovative Emerging Enterprise’ category at the recently held Emerging Businesses Awards 2023. T HE CAR SUBSCRIPTION market in India is new. And, at the forefront of this opportunity is Quiklyz, a digital car subscription and leasing platform launched by Mahindra Finance, the NBFC arm of the Mahindra Group. “We have witnessed the rise of the subscription life, especially among millennial-mindset Indians, which comes with fewer hassles, more choice and undeniable cost saving,” says the company. Essentially, what Quiklyz does is that it eliminates the hassles and hidden costs of car ownership and replaces it with a single monthly fee. The company says its constant endeavour is to devise a way for its differentiated customers “to experience the ease of vehicle subscription and help them unlock the TOP EMERGING BUSINESSES QUIKLYZ Category: Most Innovative Emerging Enterprise Award: Silver MAKING CAR SUBSCRIPTION HASSLE-FREE Quiklyz has emerged as a leading car subscription and leasing platform that harnesses the power of digital to offer differentiated and hassle-free service to customers By Suchita Sail Photograph by Nito103
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72 | B W BUSINESSWORLD | 09 September 2023 he stated, highlighting the impressive contribution of the SMB sector, which drives around 33 per cent of the nation’s GDP. With an eye on realising the ambitious goal of a 5 trillion-dollar economy, Kuvalekar believes that MSMEs like Prismatic Softwares will be the catalysts for future growth. The company’s commitment to innovation is evident in its strategic approach to technology. Leveraging their proprietary Low Code and No Code tools, Prismatic Softwares has transformed their engineering process. According to Kuvalekar, “No Code is our strategy,” as they emphasise the significance of transitioning from micro to medium scale enterprises and beyond, driven by innovation and a forwardlooking mindset. Prismatic Softwares’ prowess in IT services is substantiated by impressive figures. The company’s adoption of Low Code and No Code tools has streamlined delivery predictability, saving up to 25-30 per cent of time for their global customers. Notably, the company achieved a remarkable 2x growth in both FY20-21 and FY21-22, even amidst the challenges posed by the tight market scenario of FY22-23. With a projected 25 per cent year-on-year growth in top line, Prismatic Softwares continues to set benchmarks for sustainable expansion. In the global arena, Prismatic Softwares has generated significant export income, with the USA being a primary destination. Their Mobile Recharge Aggregator Engine, a testament to their capabilities, handled a staggering 5 lakh transactions per day for six years, asserting their foothold in the market. As they set their sights on further expansion, Prismatic Softwares plans to amplify their US operations, building on a successful partnership established in 2019. With a commitment to innovation, growth, and excellence, Prismatic Softwares remains a beacon of inspiration in the realm of IT services, embodying the spirit of the “Most Innovative Emerging Enterprise” Award they proudly hold. [email protected] P RISMATIC SOFTWARES, a reputed name in the IT industry, is setting new benchmarks for innovation and growth. The company has emerged as a frontrunner in leveraging cutting-edge technologies to shape a dynamic and agile business landscape. Prismatic Softwares has earned many accolades, including the prestigious “Most Innovative Emerging Enterprise” Award at the 5th edition of the Emerging Businesses Awards hosted by BW Businessworld. Sambprasad Kuvalekar, Founder and Managing Director of Prismatic Softwares, underlined the significance of MSMEs in the country’s economy. “MSMEs play a very important role in the overall economy of the country,” TOP EMERGING BUSINESSES PRISMATIC SOFTWARES Category: Most Innovative Emerging Enterprise Award: Gold INNOVATION, GROWTH, AND EXCELLENCE Prismatic Softwares has emerged as a frontrunner in leveraging cutting-edge technologies to shape a dynamic business landscapeBy Kanishka Biswas Photograph by Violetkaipa
09 September 2023 | B W BUSINESSWORLD | 73 focused on much more than just running a business,” says Bhargava. “Our processes, compliance measures, due diligence, and team dynamics – all these aspects require thorough evaluation. By initiating this shift in I N THE DYNAMIC world of business, where the cutting edge comes from both leadership and innovation, Aakanksha Bhargava, CEO, PM Relocations, emerges as a trailblazer. She is redefining the relocation industry and was the Young Leader of the Year (Under 40) at the BW Businessworld Emerging Businesses Awards 2023. Bhargava’s journey reflects commitment and innovation. Under her leadership, PM Relocations has evolved into a globally acclaimed relocation brand that exemplifies quality and value. A remarkable aspect of Aakanksha’s leadership style is her unwavering dedication to inclusivity and diversity. PM Relocations stands out as a women-led MSME, a domain in which women professionals make up nearly a quarter of the workforce. Bhargava’s acumen in strategy and leadership has converted PM Relocations from a company that had a modest turnover of Rs 3 crores in 2007 to a thriving Rs 192 crores enterprise today. During this spell the company’s workforce catapulted from 45 employees to a robust team of 700, demonstrating her ability to nurture talent. MSMEs Deserve More Recognition Talking to BW Businessworld, the PM Relocations CEO underlines the significance of the MSME sector in India’s progress. “I’m pleased to observe the growing awareness and attention directed towards the MSME sector. We constitute the majority in India. Empowering and supporting these enterprises, understanding their needs, and propelling them forward is undeniably a significant stride,” she says, adding, “In our country, we have startups and multinational corporations, but it’s important to note that we, the MSMEs, outnumber them all. If our nation’s MSMEs thrive, our progress as a country is inevitable.” She feels, however, that MSMEs do not get the recognition they deserve for professionalism the way larger enterprises do. “It’s crucial for us to communicate that our team and partners are TOP EMERGING BUSINESSES Bhargava’s strategy and leadership has converted PM Relocations from a Rs 3 crore company in 2007 to a thriving Rs 192 crores enterprise today By Rajany Pradhan COMMITTED TO CONSTANT EVOLUTION AND PROGRESS mindset, we can bring about a transformative change in the way we operate,” she goes on to say. Bhargava envisions an expansive future for PM Relocations and has plans to invest up to Rs 150 crore in the company over the next three years. She aims to enhance its technology infrastructure, establish physical assets and bolster branding efforts. PM Locations aspires to broaden its global footprint. The company plans to establish international offices, underscoring Bhargava’s commitment to constant evolution and progress. In a world where leadership is defined by impact and innovation, Aakanksha Bhargava stands out as an example. Her journey with PM Relocations not only marks growth in business, but also reflects the potential of a leader to catalyse change, empower MSMEs and make a lasting impact on a global scale. AAKANKSHA BHARGAVA CEO, P M Relocations Pvt Ltd Category: Young Leader of the Year (Under 40) Creating Emerging Business Award: Silver Photograph by Naval Kishor
74 | B W BUSINESSWORLD | 09 September 2023 in our strategies that helped us keep up with the demands of an ever-evolving market combined with customer-centric innovation that played a key contribution to our success. Power Gummies has been building a legacy for over four years with 54 per cent of repeat purchases, speaking about the sharp reach Bajaj emphasised that the successful numbers are achieved by building a strong fundamental agile team that is well prepared to take on any new challenges. Creating a profit-earning infrastructure was possible only because Power Gummies has a strong team, the leader applauded. With a customer-centric motto, the company has launched four new gummy variants in 2021-2022 and is also set to enter other mainstream categories - multivitamins, calcium, detox and kids for occupying multiple consumer moments in a day. In a world where nutrition formulas are often remembered for their chemically unpleasant taste, Bajaj’s company under his guidance stands as a prime example of adding a new feather of innovation and business growth to the MSMEs hat. [email protected] T HE NUTRIENT supplement industry has grown significantly over decades, encouraging the ecosystem of MSMEs in India, Power Gummies (Aesthetic Nutrition) established in 2018 is taking the flagship further under the leadership of Divij Bajaj, Founder & CEO of the company who was recently recognised as the Young Leader of the Year (Under 40) at the Emerging Businesses Awards 2023. Riding the crest of aesthetic nutrition Bajaj said, it showcases a growing sector that is bound to see a lot more opportunities in the future. With new technological advances and developments in the sector specifically, combined with the Government’s support, the future is bright for the MSME sector in India. Having touched the lives of over 10,00,000 Indians and selling more than 430,00,000 gummies across the country the young leader stressed the industry is very challenging and success is a real task. Shedding light on the business difficulties, he said obtaining loans and necessary funds is a big hurdle in this sector but digitisation and financial innovation have significantly contributed to reaching out to the underserved segment as well, Bajaj added. Elucidating more the CEO said there has been progress in terms of the Centre’s policy that changed to support MSMEs. Pinning hope, he underlined concerned regulatory authorities would take the best possible actions to create similar policies supporting emerging businesses. The BW’s Bronze trophy winner further said our win marks the result of understanding Indian customers’ psyche to seek quick results and we were flexible and adaptive TOP EMERGING BUSINESSES Divij Bajaj’s view on MSMEs showcases how his leadership adds innovation and business growth to the world of small businesses By Suchita Sail FOCUS ON CUSTOMERCENTRIC INNOVATION DIVIJ BAJAJ Founder & CEO, Power Gummies Category: Young Leader of the Year (Under 40) Creating Emerging Business Award: Bronze
09 September 2023 | B W BUSINESSWORLD | 75 overcome the hurdles but the challenges remain vast for small businesses — from lack of financial security to distribution challenges various breakdowns are faced while fostering industrial innovation. A Women-led Organisation Furthermore, attributing the company as a women-led organisation with 67 per cent of females exemplifying different leadership, entrepreneurship, and innovation roles Jain said, “RAS serves as a prime example of women empowerment in the business world. That inspires and motivates the pink force to pursue their dreams and make a significant impact in traditionally maledominated industries.” Speaking about the MSMEs in beauty products, the CEO said younger consumers’ rising beauty consciousness and the acceptance of natural and homegrown brands are favourable for the growth of micro and small enterprises. Moreover, government initiatives like the “Vocal for Local” campaign are also vital in supporting indigenous businesses, further propelling the sector, Jain shared. Additionally, with their unique traditional blend MSMEs can significantly influence the sector’s future trajectory by offering an abundance of opportunities with the right strategies, and a conducive environment, Jain underlined. Built on the fundamental understanding of natural beauty and holistic wellness, RAS, with the unique traits and skills of Jain, is harnessing the power of nature’s ingredients reducing the environmental footprint and avoiding harmful chemicals. [email protected] WITH CONSUMERS MAKING conscious choices, sustainable beauty brands in India are constantly rising, solidifying the Indian beauty industry. Evolving in this league is RAS Luxury Skincare under the dynamic leadership of Shubhika Jain, CEO & Founder of the company. Jain, with her farm-to-face skincare brand, is a trailblazer promoting the concept of ‘slow beauty’ that relies on making consciously sourced quality products, placing core interest in earth. Her sustainable efforts were recently recognised at the Emerging Business Summit & Awards 2023. Global Ambitions Jain, who won the silver award in the category of Women Leader in Emerging Enterprise, seeks to expand RAS’s global reach and has already helped the company establish its presence on Amazon US, leveraging the platform’s extensive customer base and distribution network. The young lady has also identified the significant demand for organic products in the UAE and is striving to enter the market. Promoting ethical consumer practices, Jain said continuous market research, customer feedback, and a culture of innovation ensures the business remains agile. She emphasised the natural measures are further supported by a diligent team that quickly adapts to the evolving landscape. Shedding light on the challenges Jain said her company achieved Rs 45 crore margin in FY 2023-2024 having Under the leadership of Shubhika Jain, RAS Luxury Skincare has outshined the beauty industry with its vegan and chemical-free products By Suchita Sail TOP EMERGING BUSINESSES CONSCIOUS CHOICES REDEFINING BEAUTY BRANDS SHUBHIKA JAIN, CEO & Founder, RAS Luxury Skincare Category: Women Leader in Emerging Enterprise Award: Silver
76 | B W BUSINESSWORLD | 09 September 2023 for example, the first digital partner for a municipal corporation and a home appliance manufacturer. Das’s expertise in AI-based projects for smart city management has set new benchmarks. Invests in People & R&D Das believes that the heart of a business lies in its people. “We should avoid overemphasising on operations. Instead, we should invest in key individuals to manage our organisation, while we maintain an outward focus,” says Das, adding, “We promote our business across various digital platforms, using their widespread accessibility, which has simplified the process of doing business.” Her commitment to staying ahead of the curve is evident in the investments that La Mere Business has made in its R&D Lab to drive continuous innovation and stay competitive. While acknowledging the government’s efforts to include MSMEs in growth pathways, Das focusses on the challenges of existing paperwork and criteria. “The government’s tender process often necessitates specific criteria that may not be achievable for an MSME within a three to five- year timeframe,” she says. Das believes that that there is potential for relaxation in such requirements. “Emphasising innovation and, naturally, creditworthiness could significantly enhance inclusion,” says Das. Das is more than a woman leader. She is a trailblazer, who uses AI to transform businesses and empower people. Her stint at the helm of La Mere Business speaks of innovation, inclusivity, and forward-looking leadership. WOMEN ARE STILL on a back foot in business and more so in technologydriven businesses. Yet La Mere Business (Elixir AI) has been able to carve out a distinct niche for itself, led by its dynamic CEO, Mayurakshi Das. Her role in artificial intelligence (AI) –driven transformation earned La Mere Business a laurel as the Best Women Led Emerging Enterprise at BW Businessworld’s Emerging Businesses Awards 2023. Das’s accomplishments as an entrepreneur include using artificial intelligence to reshape conventional business practices. She introduced AI-powered recommendation systems to drive strategic store openings, which enhanced customer engagement for a major home appliance company, for instance. Collaborations Collaborating with a municipal corporation, she pioneered a geospatial/AI-powered solution that revitalised property tax collection and brought in revenue of over Rs 100 crores. Her penchant for innovation drove Das to pollution control and waste management, which led to significant waste reduction and optimised production schedules of many businesses. La Mere Business isn’t just revolutionising business practices, it is forging unique partnerships. It is TOP EMERGING BUSINESSES MAYURAKSHI DAS Founder & CEO, La Mere Business Category: Woman Leader in Emerging Enterprise Award: Bronze STEERING AI-DRIVEN INNOVATIONS La Mere Business is transforming business operations and practices through AI, led by its dynamic CEO, Mayurakshi Das By Rajany Pradhan
of funding. When catering to the underserved segment, the difficulties magnify ranging from limited financial literacy to formal banking skepticism, Tejwani added. Promoting financial literacy programmes would tailor MSME owners to benefit from the nuances of banking and finance, the CEO said, underlining the technological shift that is further simplifying the investment problems of new businesses by making the loan application accessible. She urged financial institutions should offer tailored products catering to the unique needs of small organisations and underserved segments. WOMEN-OWNED businesses are playing a prominent role in society by bringing gender parity and generating revenue for the country, encouraging the demographic shift is Anita Tejwani, CEO of TheySway. The trailblazer was recently acclaimed as the Woman Leader in Emerging Enterprise at the Emerging Businesses Awards 2023, for her leadership inspiring the next generation of females. Under her leadership, TheySway achieved its core success in authentic storytelling successfully crafting narratives from voids, translating personal and brand stories into impactful branding campaigns setting a newer marketing trend. Sharing her personal knack for sales, Tejwani emphasised industrial adaptation and staying updated with business enables the best offerings to clients. She said her team played a pivotal role in understanding each individual that boosted the brand’s unique journey. Speaking about the MSMEs, the CEO stressed that the sector has always been the backbone of the economy. Given the rapid digitisation, the rise of ecommerce, and the ‘Make in India’ initiative, small and micro enterprises will have a brighter future. Additionally, with deep investment in personal branding and influencer marketing, MSMEs can leverage avenues to gain visibility, building trust that significantly expands their customer base, Tejwani underlined. Shedding light on the challenges, the TheySway leader said small businesses often face obstructions in securing loans due to a lack of security, inadequate credits and unawareness TOP EMERGING BUSINESSES From inspiring her mother to collaborate for a business at the age of 45 to mastering the art of storytelling and bringing real sales, Anita Tejwani ‘s leadership shines By Suchita Sail CATALYSING STORYTELLING IN MARKETING ANITA TEJWANI CEO, TheySway Category: Women Leader in Emerging Enterprise Award: Bronze Acknowledging the Bronze award, Tejwani said it is a token of appreciation celebrating my leadership that prioritises continuous learning, staying updated with industrial trends, and reassessing new strategies embracing technology. On decoding the business growth, she said it is vital to simplify regulatory processes streamlined by licensing and processing compliance, encouraging entrepreneurs to start businesses without fearing bureaucratic hurdles. Providing tax incentives, promoting digital infrastructure and encouraging skill development will create a conducive commerce thriving and contributing to the economy, Tejwani shared. In a male-dominated world, Tejwani from the small town of Kutch, Gujarat is carving a significant niche, scaling and advancing marketing tactics earning profits in millions. [email protected] Photograph by Naval Kishor 09 September 2023 | B W BUSINESSWORLD | 77
78 | B W BUSINESSWORLD | 09 September 2023 sumer transparency, the right gross margin, product innovation, and farmers’ empowerment as the key factors for achieving growth. Apart from the traditional business strategy, Indukuri says they are using advanced technologies to develop responsible consumers and generate revenues. Elucidating the tech practice, the CEO says in-store interactive sessions with live milk testing differentiates Sid’s Farm from the competition. “We have also created an online platform, ‘Milkology’, for raising awareness about dairy farming and responsible consumerism among school students where sessions are delivered in schools, followed by a live demonstration at the farm and factory,” informs Indukari. Winner of the silver medal in this year’s Emerging Business Summit and Awards in the category of ‘Leader of the Year Creating Emerging Business’, Indukuri disclosed that he visits his dairy farm every week as it helps develop consumer trust. “Interacting with the walk-in customers helps to build a future business strategy,” he said. Sid’s Farm is conscious about giving back to nature and some of the initiatives in this regard include a stateof-the-art sewage and solid waste treatment plant within the factory premises that is regularly upgraded to stay relevant as well as a complete shift to natural farming practices without using chemicals. A Trailblazer In a world where only profits matter to businesses, Indukuri is a trailblazer who helms a dairy organisation that is not only socially responsible but also conscious about the environment. He has mandated his company with sustainable action which includes collecting the used milk poly-packs for recycling. The initiative was temporarily paused due to the pandemic but will be restarted soon on a bigger scale, he says. [email protected] DAIRY IS A SIGNIFICANT industry worldwide but in India it does not merely fulfil the nutritional and dietary needs of people — it also has a deep religious association, a fact which has significantly contributed to making the country the largest producer and consumer of milk in the world. Amidst tens of thousands of dairies dotting the country, Hyderabad-based Sid’s Farm stands out with its supply of healthy and natural dairy products under the dynamic leadership of Kishore Indukuri, Founder & CEO of the company. Thriving on clean dairy practices, Sid’s Farm has established itself as a leading supplier of milk in the capital city of Telangana state selling about 33,000 litres of milk every day. The dairy firm has also debuted in the Bengaluru market and is looking to expand its footprint in the city. The dairy company also has plans to tap the market in Maharashtra. According to Indukuri, they are looking to target Mumbai and Pune, and are developing the system to achieve the vision. Tech-savvy Dairy Talking about business sustainability, Indukuri lists conTOP EMERGING BUSINESSES With sustainability as his guiding principle, Kishore Indukuri has created a successful dairy company that thrives on consumers’ trust and clean practices By Suchita Sail PRACTICING A SUSTAINABLE ‘MILKOLOGY’ KISHORE INDUKURI CEO & Founder, Sid’s Farm Category: Leader of the Year Creating Emerging Business Award: Silver
09 September 2023 | B W BUSINESSWORLD | 79 dents gather for insightful experiences, to create an engaging environment that extends beyond textbooks. Ahmad’s commitment to customer satisfaction is evident in Filo’s approach to “Quality Learning.” By focusing on an innovative one-on-one live teaching method, Filo prioritises understanding over rote memorisation. It consequently makes learning meaningful through the freedom to ask questions multiple times. This approach to creating an environment that empowers students and enables them to comprehend their study material, is the key to Filo’s success. Personalised Learning Filo’s proprietary technology stack has amplified the impact by seamlessly connecting students with well-suited tutors and by enhancing personalised learning experiences. The system dynamically matches s t u d e n t p a r a m e t e r s , including location, language, academic level, and more, to ensure tailored guidance and timely assistance. The key milestones in Filo’s journey include scaling to a million users within a year, recognition from the Ministr y of Education and serving more than 10,000 Covid-impacted disadvantaged students. Ahmad’s vision extends beyond India, evident in Filo’s operational presence in 15 countries within just 18 months of its launch. Looking ahead, he envisions Filo to be a transformative force in education. The unique value proposition – of connecting a student to a live tutor in 60 seconds – holds immense potential to make quality education accessible to every child, transcending geographical boundaries and financial barriers. In the ever-evolving landscape of education, Imbesat Ahmed’s initiative is an example of innovation, accessibility, and inclusion. With Filo, he is charting a course where education knows no bounds. F ILO IS AN INNOVATIVE live tutoring app that enables students to connect with expert tutors in less than 60 seconds. Imbesat Ahmed, CEO and Co-Founder, Filo, is driving a transformative change that makes education motivational. His contribution to quality education and in making it accessible, interactive and enjoyable, earns him the accolade of the Leader of the Year Creating Emerging Business at BW Businessworld’s Emerging Businesses Awards 2023. The award recognises his contribution to reshaping the learning process through educational technology. With Filo, Imbesat Ahmed set forth on a mission to revolutionise education by making it accessible and by ensuring quality. His innov a t i v e a p p r o a c h h a s breathed life into the concept of ‘Ease of Learning’, ensuring that the latest pedagogical offerings are made affordable and available to students in tier-2 and tier-3 cities, bridging an essential gap in the educational landscape. Cultural Hub Filo’s influence goes beyond traditional learning. It has become a cultural hub, with the essence of a “technological mall” where stuTOP EMERGING BUSINESSES Filo is an app that enables a live interface between a student and a tutor in less than 60 seconds, to make learning accessible and fun By Rajany Pradhan CHARTING OUT INTO NEW HORIZONS IN EDUTECH IMBESAT AHMAD CEO & Co-Founder, Filo Category: Leader of the Year Creating Emerging Business Award: Gold Photograph by Naval Kishor
80 | B W BUSINESSWORLD | 09 September 2023 ing competitive rates for quality products. Beyond providing fashionable choices, his venture also serves as an engine for job creation, significantly impacting small cities’ employment landscape. Furthermore, his dedication to fair compensation fosters a motivated workforce. “For me, team building is paramount. As a growing organisation, we’ve consistently held the belief in fostering a strong and dependable team. It’s the key of growth in any business or organisation. Trusting the team, nurturing its growth, and equipping them with the necessary tools to advance are crucial elements in this process,” said Agarwal. Among the key milestones, the company’s remarkable growth in store count -- despite the pandemic -- stands out, showcasing an expansion of 40 stores within just three years. With an impressive customer base of over 80 lakh, Agarwal’s journey exemplifies the connection between accessible fashion and economic prosperity. Expansion Plan Looking ahead, the director envisions an ambitious expansion plan that seeks to establish more than 250 stores across India within the next three years. His vision extends beyond metros, as he aims to democratise fashion in every small city, making style accessible to all. Despite the success, Agarwal acknowledges the challenges the sector is facing, including access to technology, especially in Tier-3 cities and beyond. However, he is confident in the sector’s resilience and adaptability, highlighting the determination of MSME entrepreneurs to surmount obstacles. In the ever-evolving landscape of retail, Agarwal’s success stands as a testament to innovation, resilience, and his pivotal role in steering the MSME sector towards a brighter future. [email protected] I N THE DYNAMIC LANDSCAPE of fashion and retail, Sudhanshu Agarwal, Director and Promoter of Citykart group, emerges as a beacon of innovation and growth. His recent recognition as the Young Leader of the Year (Under 40) Creating Emerging Business at the Emerging Business Summit & Awards 2023 underscores his exceptional contributions to reshaping shopping experiences and propelling economic progress. Agarwal’s journey is marked by transformative impact across multiple dimensions. He has championed “ease of shopping,” offering the latest fashion trends at affordable prices in Tier-2 and Tier-3 cities, bridging a critical gap in the market. His retail outlets have become not only shopping destinations but also cultural hubs, embracing the essence of “mall culture” by providing diverse products under one roof, serving as family-friendly hangout spots. Customer Satisfaction is Key With an unwavering commitment to customer satisfaction, Agarwal’s establishment focuses on “price matching,” ensurBridging fashion and economic progress, Sudhanshu Agarwal’s dynamic leadership at Citykart sparks change By Rajany Pradhan TOP EMERGING BUSINESSES SHAPING THE FUTURE OF FASHION & RETAIL SUDHANSHU AGARWAL, Director & Promoter, Citykart group Category: Young Leader of the Year (Under 40) Creating Emerging Business Award:Gold
09 September 2023 | B W BUSINESSWORLD | 81 Focus on Sustainability With a focus on minimalism and sustainability, Suta showcases their dedication to conscious living. The brand’s footprint has expanded offline, with flagship stores and franchise outlets across India, while their presence in global marketplaces solidifies their international reputation. Taniya and Sujata, the driving forces behind Suta, are trailblazers of innovation and empowerment. Not only have they scaled Suta to a remarkable Rs 56-crore business in just seven years, but they’ve also orchestrated a paradigm shift in saree culture, making it a daily wear and embracing gender fluidity. Their inspiring podcast, with over 6 million listens, stands testament to their impact. MSME Sector Growth As for the future of the MSME sector, Sujata envisions significant growth driven by increasing awareness and governmental support. However, challenges remain in funding and resources. Taniya attributes Suta’s success to customer focus, unique designs, and unwavering commitment to quality. Suta isn’t just a brand; it’s a movement fueled by passion, innovation, and a profound desire for positive change. Taniya and Sujata stand as shining examples of entrepreneurs who intertwine business success with societal transformation. [email protected] I N A WORLD WHERE fashion meets social impact, Taniya Biswas and Sujata Biswas, the visionaries behind Suta, have not only transformed the Indian saree industry but have also uplifted countless artisans. Their remarkable journey, crowned with the Best Women Led Emerging Enterprise award at the Emerging Business Summit & Awards 2023, speaks volumes about their commitment to community, innovation, and sustainability. Suta isn’t just a brand; it’s a movement that breathes life into age-old crafts by providing employment to over 200 individuals and empowering more than 17,000 weavers and artisans. Their emphasis on holistic progress extends to improving village infrastructure, creating year-round opportunities for artisans, and putting planet-friendly initiatives like Suta Earth, Suta Relove, and Suta Garage into action. TOP EMERGING BUSINESSES From empowering artisans to revolutionising fashion, Sujata Biswas and Taniya Biswas of Suta are trailblazers in the Indian saree industry By Rajany Pradhan WEAVING A SUSTAINABLE IMPRINT OF SUCCESS SUJATA BISWAS & TANIYA BISWAS Co-founders, Suta Category: Women Leaders in Emerging Enterprise Best Emerging Enterprise Creating Social Impact (Silver) Awards:Gold & Silver
82 | B W BUSINESSWORLD | 09 September 2023 Women enterprisers have taken giant strides, but still lead only 20 per cent of the MSMEs in India. A BW Businessworld report on the hurdles that still hold back women in business By Abhishek Sharma IN DEPTH WOMEN-LED MSMES OTH THE International Monetary Fund (IMF) and investment bank Goldman Sachs have pointed to the impact the disparity in the labour force participation between men and women have on India’s growth story. Women are certainly more visible in the job market and more particularly in micro, small and medium enterprises (MSMEs) in the country, but their journey, we discover, is still fraught with hurdles. Women-led businesses in India are increasingly being recognised for their ability to create jobs and contribute to the country’s growth story. Women-led enterprises in food, financial inclusion, fashion apparel and other sectors are more visible today than ever before because of their innovative products and creative marketing techniques. They often fail to scale their businesses, however, for lack of access to finance, easy credit and gender-based discrimination. Often responsibilities at the home front hold back women entrepreneurs. Most of all, though, women are stymied by lack of awareness of the resources available to them. According to the Ministry of MSMEs 2022-23 report, only 20 per cent of the ownership of business units is in the hands of women at present. A recent report by NeoGrowth reveals that women-run MSMEs availed loans to the tune of Rs 430 crore in FY 2023, which was 24 per cent of the total loan disbursals of close to Rs 1,900 crore to MSMEs. The report says more than 2,600 women-owned MSMEs availed of business loans during the last financial year. A 2022 survey report by Indifi Technologies, a lending platform for MSMEs, shows that women-led businesses face a The short-term approach of the lenders, needless to say, are not aligned with the operational cycle or overall strategy of the business. “Gaining access to loans from informal sources presents a formidable hurdle for businesses led by women. These enterprises grapple with a range of difficulties, including the burden of high-interest rates that can strain their financial stability. Moreover, the lack of transparent transactional clarity further complicates their efforts, making it challenging to fully comprehend the terms and conditions associated with the loans they seek. This lack of clarity can lead to unexpected challenges down the road,” asserts Prerna Kalra, CEO, Daalchini Technologies. Experts tell BW Businessworld that without assets to back up the loans, women face great risk of losing their businesses beB BREAKING BARRIERS, BUT BUCKLING UNDER BIASES finance gap of $158 billion. “Women entrepreneurs often turn to informal sources for funding, but this approach comes with significant drawbacks. One of the most prominent issues is the imposition of high-interest rates, which can place an immense financial burden on these businesses. Furthermore, these informal sources frequently require substantial collateral in the form of assets like gold, jewellery, or other property etc.,” points out Saini Rajgopal, Co-founder, A P Factors. Another challenge arises from the stringent repayment terms imposed by these informal lending agencies. Borrowers are often subjected to a remarkably short repayment window, creating pressure and potential financial instability for them. This type of financing tends to focus solely on the repayment aspect.
09 September 2023 | B W BUSINESSWORLD | 83 rightful recognition,” says Kalra. “This underscores the imperative for concerted efforts from both governmental bodies and private enterprises. The crux of the matter lies in the necessity to augment financial assistance directed towards these enterprises, setting the stage for their growth by establishing dedicated business training centres,” she goes on to say. Kalra believes that to address these challenges, India needs a multi-faceted approach, including facilitating affordable credit access, nurturing gender parity and women’s empowerment, reshaping societal norms, equipping women with repay loans, which increases confidence in them among banks and NBFCs. The same survey, however, conveys that 85 per cent of women entrepreneurs face challenges in availing loan services from nationalised banks, and at least 60 per cent face problems in accessing critical financial services. A paper published by Avendus Capital in April 2023 estimated an astounding $530 billion credit gap in the MSME sector, with just 14 per cent of India’s 64 million MSMEs accessing formal credit. “The addressable demand is $819 billion, yet only $289 billion is met by NBFCs and banks. Informal sources bring drawbacks like exorbitant interest rates and unethical collection practices in countries like Sri Lanka, Bangladesh, essential skills and establishing bridges to markets and potential buyers. However, Artfine’s Rajgopal believes that with changing times, women entrepreneurs are taking substantial strides, particularly within the cottage industry and startup space. A paradigm shift is occurring, as women not only participate actively but also assume leadership roles in various domains. This shift is evident in different sectors where women-led enterprises are creating notable impact through their innovative product offerings. Looking Ahead In India, the scope for womenled MSMEs is undergoing a transformation, visible in their significant 75 per cent growth over the past five years. Even so, these enterprises predominantly find their roots in the informal sector, which regrettably curtails their access to formal financial avenues and vital resources. “Women-led MSMEs are poised for growth. Today’s women exhibit the capability to engage in any venture their male counterparts pursue, not just homebased cottage industries. Identifying and quantifying hurdles faced by women entrepreneurs enables the creation of effective solutions,” says Venkatesan. “There is scope for improvement in promoting the growth of women-led MSMEs beyond these measures. Given the importance of funding in business expansion, offering subsidised interest rates for financing through banks specifically designed for women-led enterprises can be a game-changer. This could alleviate the financial burden on these businesses,” adds Rajgopal. cause of their financial vulnerabilities. Poor Access to Credit The NeoGrowth impact report highlights that women entrepreneurs, though, inspire confidence among banks and nonbanking financial companies (NBFCs). A 2022 Bharatiya Yuva Shakti Trust (BYST) survey states that 97 per cent of women-owned businesses consistently and India. The Reserve Bank of India intervenes periodically to regulate microfinance institutions (MFIs) through strict lending norms, striving to foster a sustainable environment for women-led MSMEs,” says Lakshmi Venkataraman Venkatesan, Founding and Managing Trustee, BYST. “Undoubtedly, the attention garnered by these businesses falls short of their A paradigm shift is occurring, as women assume leadership roles in various domains Photograph by Indiapicturebudget
84 | B W BUSINESSWORLD | 09 September 2023 Celebrating India’s Most Promising Emerging Businesses PHOTO ES SAY- EMERGING BUSINESSES
09 September 2023 | B W BUSINESSWORLD | 85 BW Businessworld at the 5th edition of its Emerging Businesses Summit & Awards brought together industry experts, entrepreneurs, investors, and emerging firms to discuss and accelerate the growth of Indian MSMEs. The summit also recognised individuals and companies who have exhibited a stupendous growth trajectory and have proved to be a disruptive force in India’s SMB segment
86 | B W BUSINESSWORLD | 09 September 2023 Dr Annurag Batra, Chairman & Editor-in-Chief, BW Businessworld Group & Founder, exchange4media Group Dilip Chenoy, Chairman, Bharat Web3 Association and Former Secretary General, FICCI S. Ravi, Promoter & Partner, Ravirajan & Co and Former Chairman, BSE & Independent Director Param Bhargava, Founder & Managing Director, T.A.C - The Ayurveda Co. PHOTO ES SAY- EMERGING BUSINESSES
09 September 2023 | B W BUSINESSWORLD | 87 L-R : (Moderator) Dr Alaknanda Menon, Chairperson - Business Strategy, NMIMS (School of Business Management, Mumbai) ; Anirudh Saraswat, Founder & CBO, Oriana Power; Kulbhushan Parashar, Director, Corporate Capital Ventures; Dr Vinay Singh, Head -Self-Regulation & Compliance, MFIN L-R : Arijit Ray, Chief Executive Officer & Founder, The Unlock Company; Jyoti Prakash Gadia, Managing Director, Resurgent India; Nirupama Soundararajan, Partner, Policy Consensus Centre; Raman Aggarwal, Director, FIDC; Nabomita Mazumdar, President of India Awardee, Founder, Nabomita.com & National Chairperson, CIMSME; Koel Ghosh, Head - Strategic Initiatives, ETF Junction
88 | B W BUSINESSWORLD | 09 September 2023 PHOTO ES SAY- EMERGING BUSINESSES Veer Sagar, Chairman, Selectronic Manoj Mittal, Managing Director & Chief Executive Officer, IFCI Nishima Kaler, Vice President - Network Expansion, ONDC Anil Khaitan, Chairman & Managing Director, Sunil Healthcare Limit and Former President, PHDCCI
09 September 2023 | B W BUSINESSWORLD | 89 L-R: (Moderator) Ruhail Amin, Senior Editor, BW Businessworld; Amit Saluja, Centre Head - Gandhinagar Centre of Excellence, NASSCOM; Nikita Bose, MSME Programme Expert - National PMU, Ministry of MSME L-R: (Moderator) Arjun Yadav, Senior Correspondent & Editor (News & Specials), BW Businessworld; Dr Subhransu Sekhar Acharya, Chief General Manager, SIDBI, New Delhi; Lloyd Mathias, Business Strategist & Angel Investor; Ravi Nandan Sinha, Director - Development, MSME Business Forum India; Harjinder Kaur Talwar, India Chair, Start-up 20 Inclusion Task Force, G20 India and Managing Director & Chief Executive Officer, Comvision India; Dr Harish Yadav, Assistant Director, M/o Finance
90 | B W BUSINESSWORLD | 09 September 2023 Widely-known for antivirus and consumer solutions, how has Kaspersky’s business model changed over the years? You are right. Evolving from our origins as a consumer company, the business has undergone remarkable changes. We transitioned to B2B solutions, extending from small businesses to enterprises in recent years. Our product line-up transformed from antivirus to comprehensive internet security, safeguarding privacy alongside malware defence. Notably, our Enterprise XDR platform embraces openness, accommodating third-party tools while functioning on-premises and in the cloud. Our significant pivot has been into industrial security, notably encompassing industrial immunity—a distinct business sphere altogether. This differentiation between security and immunity is pivotal. Under the cybersecurity umbrella, our offerings include software products, supported by partners and integrators for installation and management within enterprise landscapes. In contrast, our cyber immunity domain involves a wholly separate set of partners—primarily production companies and manufacturers—constituting an entirely different business landscape. Don’t you think that this pivot happened a bit too late? We did find ourselves lagging behind for a while due to resource constraints. We had to play catch-up. However, what sets us apart IN CONVERSATION “WE SEE MORE OPPORTUNITIES IN INDIA THAN CHINA, US” I n an exclusive conversation with BW Businessworld’s Rohit Chintapali, Kaspersky Founder and CEO Eugene Kaspersky discusses the company’s changing business strategies, his views on the Indian market compared to China and the US, and insights on the delicate balance between technology innovation and regulatory frameworks in the age of AI and deep fakes. Excerpts: We are just the best in detecting state-sponsored cyber espionage. This includes American, Russian, and Chinese espionage from our competitors is our commitment to protection quality. Throughout, we consistently outperformed others in various tests, effectively safeguarding our customers with top-tier security. Admittedly, our product functionality was not as advanced as some of our feature-rich competitors. Nevertheless, our security standards always ranked at the pinnacle. Many companies talk about “security by design,” but often struggle with its execution. Unlike them, we have a well-established operating system for achieving it. How do you segment Kaspersky’s business? We maintain two primary lines of business. The first encompasses consumers and the second caters to enterprises. Notably, the enterprise segment accounts for over half of our operations, whereas the consumer sector contributes a smaller portion. Additionally, our industrial security division, while currently modest in size, is experiencing double-digit growth. Kaspersky APAC head Adrian Hia said that cybersecurity spends are not up to the mark in APAC. But every company we talk to says it has increased investments in security. Your comments... Today, all companies are spending more on cybersecurity because criminals are getting smarter and targeting not just small businesses but also enterprises and the industrial sector. They are forced to invest. But this is a dead-end-strategy. You cannot really be investing everything into cyberse-
09 September 2023 | B W BUSINESSWORLD | 91 more opportunities in India. Kaspersky gets a lot of criticism from the US but you say that your company looks at all countries equally. Is there a rationale behind the heat coming from the US? We are just the best in detecting state-sponsored cyber espionage. This includes American, Russian, and Chinese espionage. If there is Indian espionage, we will detect it as well. Most countries behave normally because our job is to protect from any kind of malware but US seems to hate us. India seems to be holding off on AI regulations as it may hinder innovation. Meanwhile, tech leaders across the globe are stressing the need for an AI regulatory framework. What are your thoughts on this? I believe this issue requires a balanced perspective. In instances where excessive regulations are introduced, they can complicate the innovation process, particularly for non-critical products and services. However, when it comes to safeguarding critical infrastructure, regulations are non-negotiable due to the inherent risks. It is a matter of safety. Our engagement extends to collaborating with various nations, including Russia, to develop robust regulations. The goal is to create a comprehensive regulatory framework for critical infrastructure. Russia is making strides in this direction, and we are open to sharing our expertise with other nations, such as India, to collectively enhance global cybersecurity measures. In the era of deep fakes, are things like video KYC safe? It is undertaken by the largest banks in India... But even the fingerprints are not safe. I said this many years ago that deep fakes and 3D printers are going to be a disaster for criminologists and traditional police investigations. Fingerprints today can be fake, so can be eye scans. Even a face can be fake. DNA still works but other things can be compromised. In that case, is it fair to say that everyone must be paranoid since technology and internet are pervasive? What should be the approach? To be too paranoid is wrong. Similarly, being too naïve would be incorrect. We need to find the right balance. [email protected] curity. That is why we are working on the “security by design”. How does India fare as a market in APAC for Kaspersky? All the countries are equal to us because they are all connected to the same internet. However, all countries are unique in their own ways as well. India is unique because of the population and internet penetration. Also, there is huge availability of software skills. Our key focus is on building ecosystem of the production companies (of the vendors which develop the internet of things) based on our operating system. How do you see India differ from countries like China and the US? China is very different because it is over-regulated. It has strict government regulations and it is simply not possible to get into the government segment or approach top enterprises if you are not a Chinese company. It is the same in the United States. But the Indian market is more open. We see
REIMAGINING THE FUTURE OF WORK EVENT FLEX SPACES 92 | B W BUSINESSWORLD | 09 September 2023
BW Businessworld organised the inaugural edition of BW Flex Spaces Conclave & Awards 2023. This initiative by BW Businessworld and BW Realty World serves as a platform for industry professionals, thought leaders, and experts to convene and delve into the realm of third party operated spaces. The conclave acknowledged leading players in the flex spaces realm and recognised the consistent upgradation of workplaces and how they have adapted to the post-pandemic normal 09 September 2023 | B W BUSINESSWORLD | 93
94 | B W BUSINESSWORLD | 09 September 2023 L-R: (Session Chair) Arpit Mehrotra, MD, Office Services - South India & Head of Flex, India, Colliers; (Panellists): Ninad Karpe, Founder & Partner, 100X.VC; Yogesh Arora, Director, AltF Coworking; Umesh Uttamchandani, Cofounder, Dev Accelerator; Harsh Mehta, COO & Co-founder, UrbanWrk; Paras Arora, Founder and CEO, Qdesq L-R: (Session Chair) Ramita Arora, Managing Director, Bengaluru & Head, Flex India, Cushman & Wakefield; (Panellists): Sanjay Chatrath, Managing Partner, Incuspaze; Pulkit Bakshi, Head - Flexible Workspace Solutions, CBRE; Ekta Acharya, Senior Director, City Lead - Office Leasing Advisory, Pune & India Lead - Flex & Managed Office, JLL; Kunal Walia, Founder & CEO, Simpliwork Offices; Neetish Sarda, Founder, Smartworks EVENT FLEX SPACES
09 September 2023 | B W BUSINESSWORLD | 95 L-R: (Session Chair) Sapna Shrivastava, Editor, Realty Plus; (Panellists): Shesh Paplikar, CEO, BHIVE Workspace; Pankhuri Sakhuja, Vice President - Head, Innov8; Sumit Lakhani, Deputy CEO, Awfis India; Juggy Marwaha, CEO, Prestige Office Venture L-R: (Panellists): Nitin Mukund Ghag, Business Head, Featherlite; Aparna Khemani, Studio Director, Gensler; Prosenjit Banerjee, AVP Design and Development, COWRKS; Swaviman Das, Director - Design (India), Space Matrix; Manish Khedia, Regional Managing Director, South India & Sri Lanka, The Executive Centre; (Session Chair) Parthajeet Sarma, Senior Associate, Advanced Workplace Associates
96 | B W BUSINESSWORLD | 09 September 2023 L-R: (Session Chair) Noor Fathima Warsia, Group Editorial Director, BW Businessworld; (Panellists): Utkarsh Kawatra, CEO, myHQ by Anarock; Syed Hidayath Ali, Director-Channels & BDM, 75F; Kushal Bhargava, Co-founder, My Branch; Shyam Sundar, Founder & CEO, GoFloaters ; Mukul Ronak Das, Chief Business Officer, Stylework EVENT FLEX SPACES L-R: (Session Chair) Fancy George, CEO, Thomas Workplace Design; (Panellists): Dr Veena Shenoy, Founder & CEO, Inclusiv; Ritu Sharma, Executive Director, Boeing Global Enterprise Services; Shivani Lorai, General Manager, Nucleus Office Parks; Janak Malkani, Executive Director - Advisory & Transaction, Mumbai and Gujarat, CBRE India; Monika Misra, Founder & CEO, Ikeva
HEALTHTECH FESTIVAL OF 2023 For Queries and Nominations: Smridhi Sharma: +91 98715 98343, [email protected] Sanjana Deb: +91 89101 72015, [email protected] EVENT PARTNERS ASSOCIATE PARTNER ORGANIZED BY THIRTY UNDER SUMMIT & AWARDS 2023 #BWHealthcare30under30 Followed by Awards Ceremony SAVE THE DATE SEP 20 2023 The Lalit, Bengaluru #BWFestivalofHealthTech
98 | BW BUSINESSWORLD | 09 September 2023 Leaders in the fashion industry say generative AI will enhance consumer experience, and help market better, but there might be challenges around aspects such as originality and provenance By Jyotsna Sharma OU MUST be familiar with the term generative artificial intelligence (AI). It has likely popped up in your reading material or spoken about by peers. It has been around for a while now. Over the years, there have been advances, and recent developments have enabled it to progress to creating information such as realistic images, videos, and audio through simple prompts. For those of you wondering what it is, think of ChatGPT — it is a good example of generative AI. In addition to the advantages, your mind will pull up a list of concerns around the use of such technology. There has been a lot of conversation regarding ethics, the provenance of the information, fake news, plagiarism, cybersecurity and, most of all, the future of Generative AI meets Fashion Y Designers Abraham & Thakore FOCUS FASHION
09 September 2023 | B W BUSINESSWORLD | 99 generative AI will help market products better and provide an enhanced consumer experience. A recent McKinsey report suggests that within the next three to five years, generative AI could add around $150 billion or more to the operating profits of the apparel, fashion, and luxury sectors. Augmentation and acceleration Pearl Uppal, Creative Head and Founder of Talking Threads, says AI is not just automation, it is about augmentation and acceleration — and, that means opening up new creative space. She believes it will allow creative thinkers in the fashion industry to explore new styles and materials, as well as new ways of manufacturing, and marketing. “As a creative director, I am rooting for the benefits that the foundation models and generative AI can deliver across the fashion value chain, particularly in augmenting the efforts of our designers and artists — converting sketches, mood boards, and descriptions into high-fidelity designs, and creating newly enriched product ideation and variations from past product lines and inspirational imagery,” she says. Originality could come into question Noted designers Abraham & Thakore feel that while AI will undoubtedly disrupt the entrenched processes in the fashion industry there will be many benefits. Enhancing consumer experience by enabling personalised consumer analysis will help understand consumer needs better. They see value being added to trend analysis, which will help in planning new collections and product launches effectively. Further, designers would have access to multiple resources in pattern, colour, and form along with all the other tools required for the creative process. “However, a word of caution. What makes fashion special is the personal connection between designers and their creaspecific roles for working professionals. At BW Businessworld, we decided to delve into this space and look at the use of generative AI in fashion. We spoke to top fashion designers and leaders in the industry to understand how it will enhance the space and the challenges we can expect. Experts believe that for the fashion industry, Photograph by Oneinchpunch Generative AI’s current capabilities, despite limitations, have already begun revolutionising the fashion retail landscape
100 | BW BUSINESSWORLD | 09 September 2023 FOCUS FASHION tions. If AI takes over certain design tasks, this connection could be diluted and will lack the depth of creativity and originality that human designers bring to their work,” they say. Understanding the consumer Renowned designer Raghavendra Rathore believes AI is still in a nascent stage, but what lies ahead promises to revolutionise every facet of society. He says, “The Raghavendra Rathore Jodhpur brand has been progressive in embracing AI, not merely as a novel technology but as an integral tool. We utilise AI to enhance the design process and, more critically, to understand the behaviour and preferences of our clientele. This innovative approach allows us to anticipate and respond to client needs, shaping designs that resonate with their tastes and aspirations”. Enhancing fashion retail K.V. Shridhar, Chief Creative Officer of Nihilent, the global consulting company, says the power of generative AI is unveiling a mere preview of the future’s boundless potential. Witnessing real-time ramp walks with personalised fashion choices is just the beginning. Generative AI’s current capabilities, despite limitations, have already begun revolutionising the fashion retail landscape. “Our journey in applying generative AI to prominent fashK.V. Shridhar, Chief Creative Officer, Nihilent Pearl Uppal, Creative Head and Founder, Talking Threads