Clix Capital plans to lend more than Rs 4,000 Cr in FY 2022-23
Gurugram-based , a digital-lending NBFC, on Monday announced that it will disburse more than Rs 4,000 crore in FY 2022-23. It also announced that the company has crossed the Rs 15,000 crore disbursement milestone since its rechristening from GE Capital five years ago.
Clix Capital claims to have been servicing individual borrowers and MSMEs, and has given out more than 50 lakh loans to date. A majority of the company’s disbursements have gone to MSMEs which have received about 48 percent of these funds.
With a month-on-month targeted disbursal rate of more than Rs 350 crore, the NBFC is well on its course to disburse over Rs 4,000 crore in the next fiscal.
Rakesh Kaul, CEO, Clix Capital, said,
“We have set a target of disbursing over Rs 4,000 crore for FY 2022-23 and we are very much on course for that. Ever since our inception, we have been redefining the lending space in India by creating products and services that meet the financial needs of our customers. Today, Clix Capital has created history by disbursing Rs 15,000 crore to individuals and businesses since we started five years ago.”
“Our vision lies in simplifying lending and enabling financial inclusion for all people. We have succeeded in this mission having touched over 50 lakh customer lives in our journey till date,” Rakesh added.
The startup follows a proprietary AI and data analytics-enabled underwriting model for segmentation and due diligence to determine customer eligibility within minutes. It offers a range of lending products to a varied spectrum of customers across the MSME and consumer segment, including personal loans, MSME loans, healthcare loans, and mortgage finance.
Plum appoints Aditya Bagarka as Head of Strategy and Innovation
Bengaluru-based employee health insurance platform on Monday announced the appointment of Aditya Bagarka as Head of Strategy and Innovation. Bagarka joins from ICICI Lombard, where he spent over a decade and last served as Deputy Vice President – Wholesale Products, building their startups and affinity business.
In his new role at Plum, he claims to focus on product innovation and will work with insurer partners to simplify and digitise the customer experience.
Abhishek Poddar, CEO and Co-founder of Plum, said,
“We aim to insure over 10 million lives by 2024. We believe our leadership and team is a moat. Aditya has been our mentor when it comes to the insurance industry and we have known him even before Saurabh and I started Plum.”
The startup recently announced the appointment of six new leaders in marketing, sales, account management, partnerships and people success and is aiming to grow to 1,000 employees by 2024.
“I am inspired by Abhishek and Saurabh’s vision of making health insurance accessible to thousands of companies. They have not only revolutionised the way group health insurance is bought and consumed, but have also expanded its reach to the smallest of organisations. I want to be a part of this disruption and enable quality healthcare for businesses to make the lives of their employees safer and better,” said Aditya Bagarka, Head of Strategy and Innovation, Plum.
Founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum enables real-time insurance design and pricing to enable companies to buy insurance in three clicks, besides offering employees hassle-free claims experience through an integrated digital process.
The startup is backed by Tiger and Sequoia and its customers include Unacademy, Groww, Simpl, Epifi and 1,000+ startups that think insurance-first.
Kristal.AI launches ESOP liquidity programme worth over $1M on blockchain
, a digital-first global private wealth management platform, on Monday announced an Employee Stock Option Plan (ESOP) liquidity programme worth over $1 million on blockchain for all eligible existing and former employees. Employees with vested Kristal.AI shares were given the option to partake in this exercise and opted for liquidity in exchange for their shares.
According to an official statement, Kristal.AI plans to conduct such liquidity exercises on a yearly basis to facilitate wealth creation opportunities for both existing and former employees. This opens a dedicated route to help employees unlock liquidity and optimiSe their financial assets.
Kristal.AI's private markets vertical, Kristal Private Markets (KPM), facilitated the demand for this transaction by allowing investors to participate in the company's growth story. In comparison to a traditional fundraise, this allowed investors to access the company's shares at a lower minimum price.
The startup claims that the overall demand for investing in Kristal.AI has exceeded the total supply of shares within 10 days of launch.
In December 2021, it acquired over $400 million as assets under management (AUM). Since January 2020, the platform quadrupled its AUM and its user base has expanded seven-fold, resulting in a 22 times increase in its annual recurring revenue.
Asheesh Chanda, Founder and CEO, Kristal.AI, said,
“We also plan to roll out the ‘ESOP Liquidity Programme as a Service’ to companies who are looking to provide such liquidity options to their employees and early investors. Stakeholders in an unlisted company no longer have to wait for the company to go public or for a major investor to come in. With Kristal’s ESOP liquidity service, early phase to late-stage companies would be able to provide easy liquidity solutions to their employees or shareholders without cluttering their cap table.”
Airtel and Axis Bank announce partnership to bolster India’s digital ecosystem
Communications solutions provider Bharti Airtel and a private sector bank Axis Bank on Monday announced a strategic partnership to strengthen the growth of India’s digital ecosystem through a range of financial solutions.
In a bid to accelerate the adoption of digital payments in the country, over the coming months, Airtel and Axis Bank will bring to market a range of innovative financial offerings and digital services exclusively for Airtel’s 340 million-plus customers.
These will include co-branded credit cards with benefits, pre-approved instant loans, Buy Now Pay Later offerings and many more. The alliance, with its significant reach across the country, will help penetrate tier-II and tier-III markets by enabling higher adoption of digitized payments.
Gopal Vittal, MD and CEO (India and South Asia), Bharti Airtel, said,
“Through this win-win telco-bank partnership, Airtel customers will get access to Axis Bank’s financial services portfolio and exclusive benefits, while Axis Bank will benefit from Airtel’s strong digital capabilities and deep distribution reach.”
The partnership was kicked-off with the launch of the first-of-its-kind ‘Airtel Axis Bank Credit Card’ that will offer a host of attractive benefits such as cashbacks, special discounts, digital vouchers and complimentary services to Airtel customers.
This credit card will be exclusively available for eligible Airtel customers through a seamless digital journey on the Airtel Thanks app.
Additionally, Axis Bank will leverage Airtel’s suite of digital services such as its C-PaaS platform - Airtel IQ which spans voice, messaging, video, streaming, call masking and virtual contact center solutions, to enhance digital capabilities.
The bank will also use various cyber security services from Airtel. Going forward, the companies will further explore collaborating across Cloud and Data Center services.
Hero Electric and SUN Mobility partner to deploy 10,000 electric swappable two-wheelers this year
, an electric two-wheeler manufacturer, partners with , the provider of energy infrastructure and services for electric vehicles (EVs), to deploy electric 2Ws integrated with the latter’s smart-swappable battery technology. As part of the partnership, Hero Electric and SUN Mobility jointly will start deployments in the next three months with a target of around 10,000 electric 2Ws by the end of this year.
This is in line with the Honorable Finance Minister Nirmala Sitharaman’s announcement to introduce a battery swapping policy during the Union Budget and recognise battery as a service to accelerate EV adoption in India.
Hero Electric and Sun Mobility would create an ecosystem where the customer has access to the latest battery technologies throughout the product lifecycle without incurring repetitive costs of purchase. They would also collaborate on innovative financing options making it easier for customers to go electric.
SUN Mobility’s battery technology and the interoperability of battery swapping infrastructure will enable Hero Electric’s customers to own electric 2Ws without having to worry about battery and charging infrastructure. The company’s global interoperable smart mobility solution involves modular Smart Batteries that is connected, safer, robust, and efficient. It also addresses the issue of extensive charging times and range anxiety, as the batteries can be swapped in a matter of minutes.
The network of Quick Interchange Stations (SWAP POINTS) allows for a ‘refuelling’ infrastructure that is faster, cheaper, and more convenient than the conventional petrol and diesel pumps for ICE vehicles. This solution also works on a Pay-Per-Use model that empowers individuals, ecommerce companies, and fleet operators to easily adopt electric mobility for last-mile connectivity.
Hero Electric caters to a varied rider requirement with products, including Photon, Optima, and Atria under City Speed and Low-speed categories. It is now expanding its existing R&D facilities to manufacture the next generation of low-speed, city speed and high-speed vehicles for discerning consumers.
Microsoft announces intent to establish India datacenter region in Hyderabad
Microsoft today announced its intent to establish its latest data centre region in Hyderabad, Telangana. This strategic investment is aligned with Microsoft's commitment to helping customers thrive in a cloud and AI-enabled digital economy and will become part of the world’s largest cloud infrastructure.
Rajeev Chandrasekhar, Minister of State for Skill Development and Entrepreneurship and Electronics and Information Technology of India said,
“Today’s commitment to the people and businesses of India will position the country among the world’s digital leaders. A Microsoft datacenter region provides a competitive advantage to our digital economy and is a long-term investment in our country’s potential. The cloud is transforming every industry and sector. The investment in skilling will empower India’s workforce today and into the future.”
The Hyderabad datacenter region will be an addition to the existing network of three regions in India across Pune, Mumbai, and Chennai. It will offer the entire Microsoft portfolio across the cloud, data solutions, artificial intelligence (AI), productivity tools, and customer relationship management (CRM) with advanced data security, for enterprises, startups, developers, education, and government institutions.
To support customer needs for high availability and resiliency, Microsoft launched Azure Availability Zones in December 2021 in its Central India datacenter region. This forms the most extensive network of data centres in the country with disaster recovery provisions and coverage of seismic zones.
In Hyderabad and across the state of Telangana, Microsoft will enable opportunities for local businesses to innovate with Microsoft Cloud services. Microsoft is partnering closely with the government of Telangana to accelerate the adoption of cloud, AI, IoT and cybersecurity solutions for governance. This includes efforts to upskill government officials in next-generation technology, supporting young girls to build careers in cybersecurity through the CyberShikshaa programme, and partnering on skilling programmes like DigiSaksham with the Ministry of Labour and Employment to equip job seekers from rural areas with technical skills.
Edited by Kanishk Singh