Category: Press Release

India Centre crosses the 100-employee mark in 18 months; Over 30% annual growth in India

Bangalore, 11^th Sept 2024 – Bazaarvoice, the leading platform for full-funnel authentic user-generated content (UGC) and social commerce solutions, has announced the remarkable growth and success of its India operations. This expansion has emerged as a crucial driver behind the company’s global growth and India powers innovation strategy. Established in 2019 as a Product Development centre with just 80 employees, Bazaarvoice India has rapidly scaled up, now employing over 250 professionals across key departments such as Product, Engineering, User Experience, Customer Success, Marketing, and Human Resources.

“The India Centre’s growth can be attributed to the team’s innovative mindset and strong performance, particularly in leading the company’s global Consumer Experience function. By empowering our India team with key global responsibilities, Bazaarvoice has successfully attracted top leadership, engineering and services talent.” said Srini Basava, Senior Vice President & Managing Director – Bazaarvoice India

One of the key contributors to Bazaarvoice’s rapid growth in India is the rising importance of user-generated content (UGC). Globally, 60% of consumers report that UGC significantly influences their purchasing decisions, and Indian consumers are particularly drawn to authentic, peer-driven content. The proliferation of influencer marketing and the expanding creator economy further position India as a key growth market for Bazaarvoice’s UGC-driven offerings.

As Bazaarvoice India celebrates its fifth anniversary, it has diversified into multiple business functions, including Artificial Intelligence/Machine Learning (AI/ML), Sales, Support, and Marketing. These advancements have solidified its role as an integral part of Bazaarvoice’s global operations, positioning the company to leverage India’s booming e-commerce market.

Keith Nealon, CEO of Bazaarvoice, commended the achievements of the India Center: “Bazaarvoice India has been a true growth engine, consistently driving innovation and delivering value across our global operations. Their performance over the last five years demonstrates the exceptional talent we have in India, and we are excited to continue building on this success.”

According to estimates, India is set to become the third-largest e-commerce market globally, with gross merchandise value (GMV) expected to reach $111 billion by 2025, growing at a compound annual growth rate (CAGR) of 18.1%. By 2030, the market could expand to $350 billion, driven by increasing internet penetration and digital adoption. This growth presents significant opportunities for Bazaarvoice to strengthen its platform and scale its services to meet the demands of this dynamic market.

In addition to contributing to product innovation, the India Centre has become a critical driver of revenue growth. The recent formation of a Sales Development Leadership team focused on the APAC region underscores the Centre’s importance to Bazaarvoice’s international expansion strategy.

“Although we are still in the early phases of expanding into the Indian market, we are pleased with our year-over-year growth exceeding 30%. We anticipate continued success through local partnerships with global brands and retailers in India. Additionally, we are seeing strong growth among domestic Indian brands expanding their global reach. It’s encouraging to witness the increasing value placed on authentic user-generated content, reinforcing our confidence as we work to broaden our presence in the region.” Kate Musgrove, Managing Director, APAC – Bazaarvoice

Bazaarvoice India’s accomplishments extend beyond its business achievements. Within three years of its launch, the India Centre earned the prestigious Great Place to Work (GPTW) certification, a testament to its commitment to fostering a safe, diverse, and inclusive workplace. The Centre was also recognized at the 17th Annual Zinnov Confluence, where it was honoured with the “Champion in Unlocking Centre Value” and “Excellence in Customer Centricity” awards, underscoring its impact on both the company and its global client base.

As the company continues to expand its presence in India and the broader APAC region, it remains focused on innovation, customer-centricity, and delivering world-class products and support to its clients around the globe.

ISM, MeitY, Digital India and multiple state governments join forces to foster ecosystem growth Paving India’s Path to a $1 Trillion Global Semiconductor Industry

Delhi, India – September 4, 2024: SEMI, the global apex body representing the semiconductor and electronics design and manufacturing supply chain, is proud to announce SEMICON India 2024, the first-ever Indian edition of the globally celebrated event. In collaboration with the India Semiconductor Mission (ISM), Ministry of Electronics and IT (MeitY), Digital India, and Messe München India this landmark event will take place from September 11-13, 2024 at the India Exposition Mart Ltd. (IEML) in Greater Noida. The event promises to deliver key insights into innovations and trends driving the semiconductor industry, focusing on smart manufacturing, supply chain management, sustainability, and workforce development. Registration is now open and to register, visit SEMICON India 2024.

As the Indian semiconductor industry advances, it is set to play a crucial role in the global industry’s growth, projected to reach $1 trillion by 2030. At this critical juncture, SEMICON India 2024 will bring together the industry’s top minds and leaders to propel India’s semiconductor growth story. With robust support from the MeitY, ISM and Government of India, the event will underscore India’s growing capabilities in this semiconductor industry. State government representatives from Uttar Pradesh, Gujarat, Assam, Karnataka, Odisha, and Tamil Nadu will outline their strategies for expanding the semiconductor and display ecosystems. They will present progressive, industry-friendly policies designed to attract significant investments and foster growth.

“SEMI is thrilled to bring the collective power and expertise of our member companies from around the world to SEMICON India for the first time. The event marks a key milestone in our efforts to accelerate the growth of the semiconductor industry in this dynamic market following our historical success hosting annual SEMICONs in our seven other regions. India has long been a hub for semiconductor design, but with recent investments, its evolving role in global technology and the right policies, we are witnessing a significant shift. The Indian semiconductor market, projected to exceed $100 billion and generate over 600,000 jobs by 2030, is poised for tremendous growth. This event will be a catalyst, helping to unlock the market’s potential and drive India’s ambitions in the semiconductor space,” said Ajit Manocha, SEMI President and CEO.

Themed Shaping the Semiconductor Future, the maiden event is designed to accelerate technological progress in the semiconductor and electronics sectors while highlighting India’s strategic efforts to strengthen its ecosystem. Building on India’s decades of expertise in semiconductor design, where it contributes 20 percent of the global integrated circuit (IC) design workforce with over 125,000 professionals, expanding into semiconductor manufacturing would significantly enhance the country’s position in the global semiconductor value chain. As the largest gathering of its kind in Southeast Asia, SEMICON India 2024 will feature over 250 exhibitors and 650+ booths from across the global semiconductor supply chain. Co-located with electronica India and productronica India, it will provide the region’s most comprehensive platform for showcasing the latest advancements in semiconductor and electronics technologies.

Opening Ceremony and Keynote Program

The Hon’ble Prime Minister of India, Shri Narendra Modi, will inaugurate SEMICON India and the accompanying exhibition on September 11, 2024. The opening ceremony will feature keynotes by prominent industry leaders from SEMI, NXP, Foxconn, PSMC, Renesas, Tata Electronics, and CG Power. The ceremony will be followed by keynote sessions themed around smart manufacturing, supply chain management, sustainability, and workforce development:

• The keynote session on Wednesday, September 11 will feature the theme Creating a Vibrant Semiconductor Manufacturing Ecosystem in India and a roundtable discussion themed Academia Perspectives on “Opportunity India.”
• The session on Thursday, September 12 themed Global Market, Local Execution – The Benefits of Cross-Regional Partnerships will conclude with a roundtable looking at Perspectives on Lessons Learned from Greenfield Projects in Other Regions.
• In addition to government officials, company representatives from Applied Materials, Cadence, CG Power, KLA, Lam Research, Micron, NXP, Renesas, TATA Electronics, Tokyo Electron, and many other industry leaders will participate.

Gandhinagar, September 03, 2024 – Infibeam Avenues Ltd. (BSE: 539807, NSE: INFIBEAM), a leading listed fintech company, is excited to announce that its BBPS Bill Payments processing unit, BillAvenue, is now a NBBL-certified Technology Service Provider (TSP) Partner for both Biller Operating Unit (BOU) and Customer Operating Unit (COU). This prestigious recognition highlights BillAvenue’s position as a trailblazer in the digital payments space.

Ms. Noopur Chaturvedi, CEO, NPCI Bharat BillPay Limited (NBBL) said, “We are excited to have BillAvenue as a certified TSP partner for Bharat Connect ecosystem.  BillAvenue has had a very long and successful relationship with NPCI Bharat Bill Pay Ltd., and we are confident that this certification will enable them to leverage their experience for the benefit of newer partners.  We look forward to them playing an instrumental role in fostering the growth of ecosystem”.

Mr. Daykin Creado, CEO of BillAvenue, expressed his enthusiasm for this achievement, said, “Securing the official NBBL TSP certification for both COU and BOU is a testament to the robustness and enterprise-grade quality of our technology stack. This is a pivotal moment for us, and we believe it will propel BillAvenue to the forefront of the BBPS (now known as Bharat Connect) ecosystem. As a neutral facilitator, we are uniquely positioned to attract major billers and customer-facing apps to partner with us. With confidence in our capabilities, we are poised to reach new heights and sustain our upward growth trajectory.”

BillAvenue is now an NBBL certified Technology Service Provider (TSP) Partner for both Biller Operating Unit (BOU) and Customer Operating Unit (COU). This allows BillAvenue to help banks, Small finance Banks (SFBs) and other certified fintech players become a part of the Bharat Bill Payment System (BBPS) (now known as Bharat Connect) ecosystem by providing the technology stack to these entities for quicker go live. BillAvenue can offer these entities on prem deployed solutions under a CapEx model as well as cloud based solutions on an OpEx model. Additionally NBBL TSP certification accelerates the go to market time for OU license holders, lowering operational costs and opening new business opportunities for BillAvenue.

“Infibeam Avenues Limited is proud to be the only non-bank entity granted a perpetual Operating Unit (OU) license by the RBI. Coupled with our superior technological capabilities and extensive experience in the BBPS ecosystem, we are the partner of choice for any bank or non-bank Operating Unit License holder looking to offer the convenience of BBPS to their customers. With NBBL’s continuous innovation and upcoming use cases like NetBanking and B2B payments, we anticipate significant growth in the BBPS space. The NBBL TSP certification positions us perfectly to capitalize on this tremendous opportunity, and we are excited about the future,” adds Ms. Anushka Patel, COO of BillAvenue.

This will enable BillAvenue to bring onboard more participants to the BBPS ecosystem and expand the scope, reach and acceptability of BBPS as a preferred mode of bill payments. This milestone underscores BillAvenue’s commitment to innovation and excellence in India’s digital payments landscape.

• Launched in the presence of G Padmanabhan, former RBI Executive Director
• With Secure ID, Cashfree Payments has consolidated all its verification offerings into a robust suite for identity verification, risk assessment and monitoring, and fraud prevention
• With 100% uptime, SecureID aims to reduce drop-offs by upto 50%, thereby saving costs and onboarding time for businesses

Bengaluru, 28th August, 2024: Cashfree Payments, India’s leading payments and API banking solutions company, today announced the launch of Secure ID at Global Fintech Fest, in the presence of G Padmanabhan, former RBI Executive Director. Secure ID is an end-to-end solution for identity verification, risk assessment, and fraud prevention. Cashfree Payments boasts of crossing 100Cr+ verifications and has prevented fraud worth INR 50Cr+ for businesses.

Talking about the launch and this milestone, Akash Sinha, CEO and Co-Founder, Cashfree Payments, said, “Ensuring secure, scalable, and risk-free solutions for businesses is the cornerstone of our work at Cashfree Payments. Our Secure ID platform integrates cutting-edge technology with robust verification and risk management infrastructure, empowering merchants to comply with regulations while safeguarding against fraud. By addressing the unique needs and regulations of various industries, Secure ID delivers unparalleled efficiency for businesses across the board.”

Secure ID leverages cutting-edge AI and LLMs to seamlessly integrate into existing workflows for businesses, ensuring a smooth user experience across onboarding, user data verification and identifying user-level fraud. The AI-powered fraud detection solution offers unparalleled reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour. Additionally, SecureID provides data-driven risk scoring for informed decision-making and monitoring for potential risks in the user’s journey.

Addressing the technological excellence behind this platform, Ramkumar Venkatesan, CTO, Cashfree Payments, said, “I’m proud to highlight how Secure ID leverages advanced technologies to offer a comprehensive solution. It includes NLP-based OCR, selfie verification with liveliness checks, and device intelligence. By integrating AI and ML, Secure ID provides sophisticated features such as bank statement analysis and risk scoring, delivering resilient and adaptive solutions tailored to diverse industry requirements. Built with a focus on the interconnectedness of identity verification, risk assessment, and fraud prevention, Secure ID enables us to capitalise on the momentum of innovation, advancing our technology strategy and ensuring Cashfree Payments remains at the forefront of the evolving payments industry.”

With Secure ID, Cashfree Payments has consolidated all its verification offerings into a single suite, boosting operational efficiency. This includes Aadhaar, PAN, DL, Voter ID, Passport verifications, Face Match, Liveness Detection, GeoLocation Check, Bank Account, and UPI ID verifications.

Leading brands like Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited are part of the Secure ID portfolio, showcasing the widespread industry adoption of this platform.

Today, regulatory compliance is paramount for digital-first businesses to reduce losses and grow. Cashfree Payments’ SecureID leverages cutting-edge technology to cater to various industries’ specific needs and regulations. It scales seamlessly with a business’ user base and offers comprehensive coverage throughout the user journey, making it an industry-agnostic solution. With UIDAI recording 1.96 billion Aadhaar authentications in April 2023, the Indian identity verification market holds immense potential, poised to exceed 100 billion verifications annually. SecureID, through the effective combination of identity verification, risk assessment and fraud prevention, will lay the foundation for broader financial inclusion by enabling secure and accessible financial services.

Cashfree Payments is India’s leading payment service provider, processing transactions worth USD 80+ billion annually. It is a trusted choice for over 6,00,000 businesses for digital payment solutions. The company is redefining how businesses approach digital payments, verification, and payouts through its wide range of tech-first offerings. Cashfree Payments is expanding its presence in the UAE region outside of India through its acquired partner, Telr.

• With Secure ID, Cashfree Payments has consolidated all its verification offerings into a robust suite
• An end-to-end solution for identity verification, risk assessment and monitoring, and fraud prevention
• With 100% uptime, SecureID aims to reduce drop-offs by upto 50%, thereby saving costs and onboarding time for businesses
• Leverages AI-powered fraud detection solution and data-driven risk scoring model to help businesses prevent fraud to scale with ease

Bengaluru, 22 August 2024: Cashfree Payments, India’s leading payments and API banking solutions company, today announced that Secure ID – it’s end-to-end solution for identity verification, risk assessment, and fraud prevention has crossed 100Cr+ verifications and has prevented fraud worth INR 50Cr+ for businesses.

Talking about this milestone, Akash Sinha, CEO and Co-Founder, Cashfree Payments, said, “Ensuring secure, scalable, and risk-free solutions for businesses is the cornerstone of our work at Cashfree Payments. Our Secure ID platform integrates cutting-edge technology with robust verification and risk management infrastructure, empowering merchants to comply with regulations while safeguarding against fraud. By addressing the unique needs and regulations of various industries, Secure ID delivers unparalleled efficiency for businesses across the board.”

Secure ID leverages cutting-edge AI and LLMs to seamlessly integrate into existing workflows for businesses, ensuring a smooth user experience across onboarding, user data verification and identifying user-level fraud. The AI-powered fraud detection solution offers unparalleled reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour. Additionally, SecureID provides data-driven risk scoring for informed decision-making and monitoring for potential risks in the user’s journey.

Addressing the technological excellence behind this platform, Ramkumar Venkatesan, CTO, Cashfree Payments, said, “I’m proud to highlight how Secure ID leverages advanced technologies to offer a comprehensive solution. It includes NLP-based OCR, selfie verification with liveliness checks, and device intelligence. By integrating AI and ML, Secure ID provides sophisticated features such as bank statement analysis and risk scoring, delivering resilient and adaptive solutions tailored to diverse industry requirements. Built with a focus on the interconnectedness of identity verification, risk assessment, and fraud prevention, Secure ID enables us to capitalise on the momentum of innovation, advancing our technology strategy and ensuring Cashfree Payments remains at the forefront of the evolving payments industry.”

With Secure ID, Cashfree Payments has consolidated all its verification offerings into a single suite, boosting operational efficiency. This includes Aadhaar, PAN, DL, Voter ID, Passport verifications, Face Match, Liveness Detection, GeoLocation Check, Bank Account, and UPI ID verifications.

Leading brands like Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited are part of the Secure ID portfolio, showcasing the widespread industry adoption of this platform.

Highlights of SecureID  –

●         Crossed 100 Cr+ verification transactions and prevented frauds worth INR 50Cr+, highlighting Secure ID ‘s scalability and partner trust

●         Processes 10 crore+ verifications per day while maintaining exceptional >99% success rate and 100% uptime

●         Aims at reducing operation costs by upto 75%, minimising  fraud losses by upto 70% and achieving higher conversion rates by upto 50%

●         Integrates effortlessly with various data aggregators, including Banks, Account Aggregators, Credit Bureaus, Digilocker, and more.

●         Addresses multiple business needs – Digital Onboarding, Disbursals, Digital KYC, Managed KYC, KYB, Risk profiling, Risk monitoring and more.

●         Powered by advanced AI and LLM models, SecureID enables functionalities such as facial recognition, OCR for Aadhaar and PAN, fraud detection, risk scoring, and more.

●         Brands using Secure ID  include Kotak Life Insurance, Tata AIG, Meesho, BookMyForex and more

 

Today, regulatory compliance is paramount for digital-first businesses to reduce losses and grow. Cashfree Payments’ SecureID leverages cutting-edge technology to cater to various industries’ specific needs and regulations. It scales seamlessly with a business’ user base and offers comprehensive coverage throughout the user journey, making it an industry-agnostic solution. With UIDAI recording 1.96 billion Aadhaar authentications in April 2023, the Indian identity verification market holds immense potential, poised to exceed 100 billion verifications annually. SecureID, through the effective combination of identity verification, risk assessment and fraud prevention, will lay the foundation for broader financial inclusion by enabling secure and accessible financial services.

Cashfree Payments is India’s leading payment service provider, processing transactions worth USD 80+ billion annually. It is a trusted choice for over 6,00,000 businesses for digital payment solutions. The company is redefining how businesses approach digital payments, verification, and payouts through its wide range of tech-first offerings. Cashfree Payments is expanding its presence in the UAE region outside of India through its acquired partner, Telr.

• Plans to invest over ₹100 crores (12 million euros) in new facility; Focuses on new emerging industries like semiconductors and renewable energy

News Summary

• Opening of a new two-acre, 92,000 sq ft manufacturing plant in Mandur near Budigere, Bengaluru
• Focusing on new industry like semiconductor and renewable energy
• Igus anticipates impressive revenue growth, with an expected revenue of ₹340 crores this year
• Plans to establish logistics and assembly centers in Pune, Gurugram, and Noida

India, August 21^th, 2024: In a strategic move to fortify its footprint in the Indian market, Igus, a global leader in motion plastics, has inaugurated a state-of-the-art, 92,000 sq ft manufacturing plant in Mandur near Budigere in Bengaluru. This development marks a significant milestone for Igus India, as it prepares to focus on new divisions dedicated to the semiconductor and renewable energy sectors, areas poised for substantial growth. The expansion is part of Igus’s long-term strategy to enhance its operational capabilities and support its extensive customer base in India.

Igus India, a wholly-owned subsidiary of the German-based Igus GmbH, has been a major player in the motion plastics industry since its establishment as a subsidiary in 2000. With over 19,000 customers in India, Igus India has built a robust presence. The company boasts an extensive catalogue of 125,000 parts, which can be used for innumerable customer demand-based assemblies done locally. On an average over 200 new products are introduced annually, underlining its commitment to innovation and customer satisfaction.

The new Bengaluru facility represents a substantial investment of over ₹100 crores (approximately 12 million euros), underscoring igus’s commitment to the Indian market. The financial allocation includes ₹20 crores for setting up the factory, ₹40 crores for advanced injection moulding machines, and ₹20 crores for the manufacturing process. The plant is equipped with cutting-edge technology and infrastructure designed to meet the high standards of motion plastics production, ensuring that Igus India continues to deliver world-class products to its customers. We are still also on a look out for purchasing own land.

Deepak Paul, Managing Director of Igus India, emphasized the strategic importance of this expansion, stating, “The Indian market presents tremendous potential for Igus, as demonstrated by our continued growth and investment here. Our objective is to deliver cutting-edge products and solutions not only to our customers in India but also on a global scale. Igus’s global focus on cost-sensitive and sustainable solutions, encapsulated in our motto ‘Tech up, cost down,’ is perfectly aligned with the Indian approach to technology and innovation. This alignment has been a key driver of our significant growth in the country. As we look forward, our plans include expanding beyond Bengaluru, with logistics and assembly centers set to be established in Pune, Gurugram, and Noida.”

Igus India is currently the 6th largest subsidiary among Igus’s 38 global subsidiaries, a position that reflects its strong performance and growth potential. Over the past two years, Igus India has doubled its market growth, with revenue figures climbing from ₹199 crores to ₹313 crores. The company expects this upward

trajectory to continue, projecting a revenue of ₹340 crores for 2024. Additionally, Igus India has invested in a clean room testing facility in Germany and plans to establish a similar setup in India, further enhancing its product development and quality assurance capabilities.

Santhosh Jacob, Country Manager and Director of Igus India, added, “Technology and innovation are at the core of everything we do at Igus. With a catalogue of 125,000 parts and 247 new products introduced this year, we are constantly inspired by our customers’ needs to push the boundaries of what is possible. Our ongoing expansion of the motion plastics product world, coupled with the integration of digitalization and AI, is a testament to our long-term corporate strategy. We are making significant progress in embedding digitalization as a key technology at Igus, which will play a crucial role in our future growth and success.”

Talking about Igus’ focus on sustainability and commitment to the environment, Igus will focus on the emerging semicon and renewable energy businesses by investing on people, and participating in Industry specific shows with the presence of Industry specialists from Germany.

The partnership offers an end-to-end solution for Solifi Data Streaming customers, with no in-house skills required.

MINNEAPOLIS, U.S. and MILTON KEYNES, U.K. | 21 Aug. 2024, Solifi, a global fintech software partner for secured finance, announced that it has recently partnered with LimePoint, a technology specialist in real-time data processing and data streaming consumers, to broaden accessibility to Solifi’s data streaming microservice solution.

Solifi Data Streaming allows customers access to a continuous flow of near-real-time data held within Solifi’s applications. The end-to-end solution requires clients to have a data streaming consumer tool to receive and ingest the data sent by the data streaming microservice, which utilizes in-depth experience in Apache Kafka or Confluent. This skill is a barrier for businesses without these skills, hindering the effective implementation of necessary configurations and preventing customers from realizing the full benefits of Solifi’s data streaming capabilities.

LimePoint has developed the Solifi Realtime Reporting application, which removes the need for in-house Kafka skills and simplifies the ability to consume the data streamed by Solifi Data Streaming. Solifi customers can now retrieve data messages with ease, storing them in their preferred data warehouse.

“Our partnership with LimePoint will empower customers of all sizes to fully take advantage of our data streaming service,” says Bill Noel, Chief Product Officer at Solifi. “Our aim is to ensure that there is no barrier to entry for any of our customers wanting to take advantage of Data Streaming, offering an end-to-end solution that continues to be flexible, efficient, and at an attractive price point.”

Focused on developing a powerful solution that enhances customer experience and operational efficiency, the Solifi Realtime Reporting application is a plug-and-play data streaming consumer, which offers a fully code-free experience.

Goran Stankovski, Director at LimePoint says, “This partnership represents a significant step forward in enhancing the data streaming capabilities for Solifi’s customers. Together, Solifi and LimePoint are committed to providing robust, scalable, and cost-effective solutions that continue to drive business efficiency and success.”

As a result of the partnership, customers will benefit from:

• Instant Data Access: real-time data retrieval without the need for complex configurations.
• Flexibility and scalability in deployment and storage options: the application can be deployed as a standalone solution or on various container platforms, with the ability to scale out and run multiple consumers simultaneously. The application also supports various backend databases options for customers including MySQL, MSSQL, Oracle, MariaDB, and Postgres.
• Reduced Operational Costs: significant savings on development and maintenance expenses.
• Enhanced Support: customers get access to support to ensure smooth and continuous operations.

The integration will be available across equipment, automotive, and working capital finance.

As a Confluent Elite Partner, LimePoint will provide coverage across all of Solifi’s regions, supporting its entire customer base.

• Revenue surged 10x since the seed round last year.
• Plans global expansion with a focus on Middle East and South-East Asian markets

Mumbai, August 21, 2024: TransBnk, a Mumbai based Transaction Banking Platform, has successfully raised $4 million in Series A funding. The round was led by 8i Ventures, the early-stage India-focused VC fund known for its notable successes in the fintech space, including M2P, Slice, Easebuzz, among others. The round was co-led by Accion Venture Lab, a global impact investor backing early-stage fintech startups that expand financial access worldwide. The round also saw contributions from GMO Venture Partners, Ratio Ventures, Force Ventures along with a prominent group of family offices, institutions, and angel investors.

Since the maiden seed round last year, TransBnk has witnessed 10X revenue growth. The company plans to utilize these funds towards expanding the network of banking partners, while also pursuing global expansion plans with a focus on Middle East and South East Asia markets. It aims to leverage the first-mover advantage in these regions and build market share. Further, TransBnk intends to bolster its tech infrastructure and developments to enhance its product stack.

TransBnk provides the rails on which incumbent and new age BFSI players can build new use cases for the various business segments like lending, payments, onboarding. These rails are offering the API-led upgrade to the existing infrastructure for delivering financial services in a scalable, robust and compliant manner.

Vaibhav Tambe, CEO and Co-Founder of TransBnk, said, “Transaction Banking has emerged as a transformative force in the banking and technology space, holding $1 trillion global market potential and is projected to be a $2 trillion industry by 2030. In India, we expect the $200 Bn unsecured lending market to be disrupted with Transaction Banking tapping cash flows. This presents a significant opportunity to us, considering our domain expertise in Banking & Technology across various segments like Lendingtech, Regtech, and Paytech.”

“We are elated with this fund-raise, which underscores investors’ confidence in our vision, team, and ability to operate in a competitive environment.  With the support of 8i Ventures, Accion Venture Lab, GMO Venture Partners, Ratio Ventures and our robust team of senior ex bankers and NBFC officials, we will continue building stronger partnerships, driving success together”, Vaibhav added.

Traditional BFSI incumbents, encumbered by legacy systems, have been grappling with the challenges of meeting the new regulatory requirements for complex multi-party transactions. Sensing this challenge as an opportunity, TransBnk was conceived in 2022 by experienced veterans in transaction banking.

Vikram Chachra, Founding Partner at 8i Ventures, remarked, “TransBnk is revolutionizing India’s trillion-dollar transaction banking sector by empowering banks to offer advanced transaction services, bridging the technology gap. Their innovative approach is set to reshape the financial landscape. This investment perfectly aligns with our strategy of supporting ground-breaking fintech ventures.”

Rahil Rangwala, Managing Partner at Accion Venture Lab, commented: “Complex multi-party transactions can create bottlenecks for micro and small entrepreneurs who are often left out of, or poorly served by, the financial system and lack sufficient access to supply chain and marketplace solutions needed for growth. With strong revenue growth, TransBnk has proven that its transaction banking model can make these transactions easier, increasing access. The company is in an excellent position to expand their model internationally with this raise, enabling it to reach more underserved entrepreneurs.”

Incepted in 2022, ‘TransBnk’ enables corporates, commercial & institutional clients to make agile, secure & robust transactions with embedded finance & SaaS. In the span of only 20 months, the company has forged partnerships with over 25 Banks, extending more than 200 APIs, while working with 100 BFSI clients. The platform has supported over 5000 accounts including escrows and processed more than 50 million transactions. This has made TransBnk the preferred solution for NBFCs, Micro Finance Institutions, banks, and fintech handling complex transactions like Treasury Management, co-lending, supply chain finance, and Cash flow based lending use cases.

The banking industry has recently raised concerns about a significant decline in CASA (Current Account Saving Account) deposits, a key source of low-cost funding for banks. As of June 14, 2024, deposits have fallen by ₹3.5 lakh crore, or 1.6% year-to-date, compared to the same period last year. This decline poses a major challenge, with the CASA ratio dropping to its lowest level in nearly a decade for some institutions. In response, TransBnk has emerged as a much-needed solution, connecting banks with FinTech, NBFCs, P2P players, PPI and PG merchants, builders, and developers – entities that typically maintain large current account or escrow balances. By linking these high-balance clients with banks, TransBnk aims to strengthen CASA deposits and mitigate the issue of shrinking low-cost funding sources for Indian banks.

Mumbai, 06 August 2024: SBI General Insurance Company Limited, one of India’s leading General Insurance companies, and HSBC India have entered into a bancassurance partnership for the distribution of non-life insurance products. This partnership represents a significant step towards providing accessible and comprehensive insurance solutions, helping increase insurance penetration in the country.

Through this tie-up, SBI General Insurance aims to offer innovative insurance solutions to HSBC India’s customers across the country. Under this partnership, HSBC India will offer the entire suite of SBI General Insurance’s non-life insurance products including health, property, motor, and travel to its customers.

The partnership will offer a wide range of insurance solutions to meet diverse consumer needs of affluent Indians across the country through HSBC India’s branch and digital network. Customers will have convenient access to these insurance products, enhancing their overall experience and meeting their specific insurance needs effectively.

Speaking on the collaboration, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We are delighted to partner with HSBC India, and serve their esteemed customers across the states. With our innovative range of products and the bank’s diverse customer base, we will be able to reach a broader customer base and offer them the protection they need against various risks. Together, we are committed to providing innovative insurance solutions and exceptional service to our customers.”

Mr. Sandeep Batra, Head, Wealth and Personal Banking, HSBC India, said, “At HSBC, we continue to build out a distinctive, full spectrum offering, for our customers. HSBC is the only international bank in India offering a full suite of financial services, including banking, asset management and insurance. This bancassurance tie-up with SBI General Insurance aligns with our commitment to providing comprehensive financial solutions under one roof and deliver unparalleled value to our customers. We look forward to serving our customers with top-notch insurance products and excellent service standards.”

Combining the strength of both organisations, this partnership aims to leverage SBI General Insurance’s wide range of products coupled with HSBC India’s extensive network, providing customers, seamless access to tailored insurance solutions to safeguard their assets and well-being. This collaboration underscores the commitment of both entities to enhance customer experience and meet the evolving needs of the market effectively.

About SBI General Insurance

SBI General Insurance one of the fastest-growing private general insurance firms, backed by the robust support of SBI upholds a legacy of trust and security. We position ourselves as India’s most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence of over 143 branches. In FY 2023-24, SBI General Insurance achieved significant growth, with a notable 17% increase in Gross Written Premium (GWP), reaching INR 12,731 crores.

The company has also received notable accolades including the ‘Domestic General Insurer of the Year’ – India at the Insurance Asia Awards 2023 in Singapore, recognition as one of the Best Brands 2023 at the ET Edge Best Brands events and being honoured as one of the Best BFSI Brands at the ET Now Best BFSI Brands Conclave 2024. We have also received recognition as the runner-up for Highest Growth – General Insurance at the ASSOCHAM 15th Global Insurance Summit & Awards and were named the winner in the ‘Best Large General Insurer’ category at the Mint BFSI Summit & Awards 2023.

With a team of 8,000+ employees and our multi-distribution model covering Bancassurance, Agency, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network of over 22,518+ SBI branches, agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME, and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.

Chennai, August 6, 2024 — Pomeroy Technologies, LLC (“Pomeroy”) – an industry leader in technology solutions and services has forayed into the Indian market with the launch of Pomeroy Technologies India Private Limited (Pomeroy India). The expansion into India is a strategic move designed to enhance service offerings to Pomeroy’s existing and prospective clients, primarily in North America, with a global reach. The objective is to cultivate a robust talent pool of technology experts capable of delivering unparalleled solutions worldwide.

Pomeroy is recognized across North America and Europe for its ability to deliver best-in-class technology solutions and services. The company’s comprehensive portfolio includes managed services, professional services, technology and lifecycle solutions, and strategic technical staffing.

Commencing operations in July 2024, the new Chennai-based services business officially began operations with over 120 employees, including 70 local talents from Chennai. The remaining team members are strategically positioned across India to ensure seamless business continuity for clients. Pomeroy India is set on a trajectory to expand its workforce to over 400 skilled professionals within the next two years.

“This launch reflects our continued commitment to excellence and our focus on strategic growth,” added Pomeroy CEO Tom Signorello. “As our company continues to expand its global footprint, we remain dedicated to delivering value-driven solutions that empower businesses to thrive in an ever-evolving digital landscape.”

This significant expansion marks a pivotal chapter in Pomeroy’s growth narrative, fortifying the company’s global footprint and enabling it to deliver top-tier services while fostering synergistic partnerships with leading universities and technology institutions in India.

“This expansion allows us to better serve our clients while remaining cost-effective and competitive in the global marketplace,” said Dr. Sanjay Savla, Pomeroy’s chief services officer and an officer of Pomeroy India. “As we continue to develop our portfolio and grow our services business to meet the future needs of our clients, Pomeroy India will be an important part of our services delivery strategy around the globe.”

Pomeroy Technologies, LLC facilitates the optimization and enhancement of business operations through technology for organizations. Its 2,000-plus employees provide guidance, deployment, monitoring, and comprehensive management of all digital workplace aspects for clients, thus ensuring perpetually secure, connected, and productive operations.

“Establishing a market presence in India aligns with Pomeroy’s commitment to innovation and client satisfaction,” said Raju Sairam, head of Pomeroy India. “It also allows us to tap into India’s tremendous resources and technological clout, including its highly skilled talent pool, cost-effective technology infrastructure, and thriving business ecosystem. In the immediate term, Pomeroy India will act as the company’s global offshore delivery hub, centralizing outsourced managed services. Looking ahead, Pomeroy envisions Pomeroy India evolving into a global competency center for cutting-edge technologies, spearheading the development of innovative service offerings,” concluded Sairam.