daily summary (June 23, 2022)
Flipkart Group Commits to Net Zero Carbon Emissions by 2040
The Flipkart The group is committed to setting an ambitious Net Zero target to decarbonize its own operations by 2030 and the entire value chain by 2040. This is in line with the global Science-Based Targets initiative ( SBTi) aimed at keeping global temperature rise below 1.5 degrees. Celsius according to the Paris climate agreement.
As part of this commitment, Flipkart Group will take action in its own operations to reduce emissions 100% by 2030 by increasing the energy efficiency of its corporate headquarters, supply chain facilities and powering its energy needs through renewable sources such as solar energy. Recognizing that the majority of climate impact comes from Flipkart’s extended supplier value chain, waste in operations, transportation and logistics, and product end-of-life, it will also work with its vendors, consumers and partners to achieve net zero emissions by 2040.
Kalyan Krishnamurthy, CEO of Flipkart Group, said, “This commitment is an important undertaking in our journey towards building a sustainable business, and we want to play our part in taking a proactive approach to creating shared value in the entire ecosystem.
In this endeavor, the Flipkart Group has partnered with initiatives such as the Climate Group’s EV100 initiative to deploy 25,000 electric vehicles across the country by 2030, and the environmental nonprofit Canopy to responsible sourcing of sustainable packaging and man-made cellulose. fibers to provide sustainable products to millions of customers, among other initiatives.
PS Jayakumar and Tabassum Inamdar join Indifi Board of Directors
Indifi Technologies, a digital lending platform for MSMEs, has appointed PS Jayakumar and Tabassum Inamdar as independent directors.
Jayakumar is a seasoned financial services professional who also served as CEO of Bank of Baroda. He has also held key positions at Citibank in addition to foraying into the world of entrepreneurship by co-founding Value Budget Housing Company and Home First Finance.
Tabassum Inamdar has over 25 years of experience in the financial services industry with stints at Goldman Sachs, UBS Securities and Jardine Fleming. She also sits on the board of Franklin Templeton AMC India.
Indifi Technologies Co-Founder and CEO Alok Mittal said: “We are delighted to have Mr. Jayakumar and Ms. Inamdar join this company. Having worked extensively on the fundraising and inclusion front, we are confident that their insights and expertise will strengthen our mission.
Indifi also recently added Rajnish Kumar, former chairman of State Bank of India; and Sam Hodges, co-founder of Vouch Insurance, as advisers.
Exotel will hire 500 professionals
Exotel, a Bengaluru-based customer engagement platform, aims to hire 500 new professionals in growth and technology functions as the company achieves annual recurring revenue of $60 million with a CAGR of 70% for year 22.
According to the company, its focus on sustainability and strong unit economy have been its defining culture across the organization.
Ishwar Sridharan, co-founder and COO – Exotel
“People are the foundation on which the success of a business is built – and no company, perhaps, will agree with this more than us. Exotel is one of the few high-growth companies with a unitary economy strong and a clear value proposition for our customers. This success has been achieved and sustained because we have the best talent in the industry,” said Ishwar Sridharan, Co-Founder and COO of Exotel.
Exotel noted that most of its senior talent has been with the company for 6-10 years.
“We put our employees first and give them interesting challenges to solve. This emphasis on a strong work culture, employee empowerment and high quality of work is why over 100 people have joined Exotel after leaving,” noted Ishwar.
With its recent merger with Ameyo, the acquisition of CognoAI and a new virtual telecom operator license, Exotel is now aiming to achieve an ARR of $200 million within the next four years.
Hosteler plans to expand to new locations
The Hosteller, a chain of backpacker hostels, will expand its presence from 10 to 50 locations across the country. This startup has a large presence in the northern part of India and plans to enter the states of Karnataka, Kerala and Tamil Nadu in the southern region. It aims to have around 15,000 beds in South India with a presence in over 100 locations by 2024.
Hosteller Founder and CEO Pranav Dangi said: “We started with a simple dream, and now we aim to become the largest standalone backpacker hostel chain in India. We aim to establish our presence in over 12 states in India and five countries globally and achieve over 40% operating margins, enabling young entrepreneurs to participate.
By the end of 2024, The Hosteller aims to serve 10,000 customers every day across its inventory of 12,500 beds internationally.
PESU Venture Labs will invest in 50 startups
PESU Venture Labs, a partnership with PES University & CoCreate Ventures, announced that it would invest in 50 startups. CoCreate partnered with PES University in 2021 and created PESU Venture Labs (PVL), a concept stage fund and has invested in over 24 deeptech startups in sectors including weather tech, edtech, cybersecurity, cryptography and pet welfare.
In an effort to identify budding entrepreneurs and innovative startup ideas, CoCreate and PVL have launched programs like “Unicorn Launchpad,” which is a search for campus ideas that might be unicorns. These ideas would be evaluated by VCs and analysts and designed to become a successful startup. Another “Venturethon” program is a month-long event where teams submit their ideas and those ideas would be evaluated by a jury of VCs and analysts. Ideas and entrepreneurs with the potential to create significant impact will receive funding of up to $200,000.
Suresh Narasimha, co-founder and managing partner of CoCreate, said: “The support structure we’ve created at PESU is enviable and ambitious for any startup founder and the kind of flow of ideas we see from students is invisible to the outside. We believe this will be the future of the entrepreneurship and a destination for the brightest students.”
WhatsApp partners with RazorpayX
WhatsApp Payments has onboarded RazorpayX, the neo-banking arm of Razorpay, as a technology partner to enable a seamless cashback experience through UPI for its users across the country.
According to WhatsApp, this partnership with RazorpayX will help minimize the risk of failed transactions and pending transactions. UPI crossed the trillion-dollar mark in transaction values for fiscal year 2021-22 after the payment system crossed 5 billion transactions in a month for the first time in March 2022.
Harshil Mathur, co-founder of Razorpay
Razorpay co-founder and CEO Harshil Mathur said, “With India’s preference for instant digital payment methods growing exponentially, payments on WhatsApp will play a key role in the financial inclusion of its 500 million users.
Manesh Mahatme, Director, Payments, WhatsApp India, said, “WhatsApp is often the first digital gateway for Indians, especially those in rural and semi-urban areas and through payments on WhatsApp, our goal is to extend financial inclusion to those who need it most.
RazorpayX currently serves over 30,000 businesses and last year processed UPI transactions for over 20% of all registered UPI users in India. It has seen more than 200% growth in its payments business.