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Urvi Srivastava

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Adda247 Appoints Chandan Singh As The New Co-Founder

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This change in the leadership team has been made based on his contribution and commitment to the company’s vision

 Adda247, a government job preparation app, has announced the elevation of Chandan Singh to Co-founder from being the company’s Chief Product Officer. This change in the leadership team has been made based on his contribution and commitment to the company’s vision.

Chandan Singh who joined Adda247 in 2019 as VP- Product, has played a pivotal role in building the product side of the business. In 2020, he was promoted to the position of Chief Product Office and has now been elevated to the Co-founder of the company. In his current capacity, Singh will be responsible for handling product, growth, analytics and digital marketing for the company. Before joining Adda247, Singh worked with Coverfox, Infoedge, and Oracle. He graduated in the field of engineering from IIT BHU and after that completed his MBA  from IIM Ahmedabad.  

Anil Nagar, Founder & CEO, Adda247, commented, “We are delighted to welcome Chandan Singh as the Co-founder of Adda247. His wealth of knowledge, expertise and extensive experience will be integral to Adda247’s growth and promises exciting times for the company. We are confident that in his new role, Chandan will be instrumental in taking Adda247 to the pinnacle of the test prep category in India. This appointment demonstrates our commitment to investing in and strengthening our leadership team and to provide a promising foundation for the journey ahead.”

Commenting on the appointment, Chandan Singh, Co-founder & Chief Product Officer, Adda247 said, “New beginnings are always exciting and I am elated and honoured to step into this new role as the Co-founder at Adda247. As a company, we have come a long way in the last few years from humble beginnings to becoming India’s No.1 government job preparation app today. Having witnessed this incredible transition first hand, I am confident that our amazing team will continue to be trailblazers as we move forward leading and pushing the boundaries of the government test prep category. We at Adda247 are on a mission to create a level playing field for the masses and will continue growing our vernacular business, adding more languages and more exam prep categories.”

Adda247 has played an instrumental role in the learning journeys of more than 80 million students beyond metropolitan cities by delivering quality online education in 12 vernacular languages. Solid business fundamentals, sustainable business and outcome focussed approach have been the DNA of Adda247. To add strategic value to Adda247’s offering in the UPSC and State PSC segment, the company recently acquired UPSC focused ed-tech platform, StudyIQ Education. Adda247 currently has 22 million monthly active users, and a total of 2 million paid users. Recently, Adda247 also raised $35 million from marquee investors like Google, WestBridge Capital, Infoedge and Asha Impact.

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Clean Edge Takes Over Lars Enviro In A Remote Deal

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Clean Energy invested INR 33 crore in Lars, including the amount paid for the purchase of equity from promoters

Nagpur-based Lars Enviro Private Limited, a 25-year-old company, has been taken over by Singapore entity Clean Edge. The collaboration began by making wastewater plant treatments and has now spread to the manufacture of a broader range of waste-to-energy plants, like bio-CNG. The deal took place online, with due diligence of physical assets done remotely, and was finalised in April 2022. Clean Energy invested INR 33 crore in Lars, including the amount paid for the purchase of equity from promoters.

During the pandemic, Clean Energy wanted to expand its clean energy portfolio via environment management, biofuels, and wastewater management. Lars Enviro began its career by supplying waste water treatment solutions to distilleries before expanding its business, including clients stationed abroad. 

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Bombay HC Orders Release Of Chanda Kochhar, Deepak Kochhar In ICCI-Videocon Loan Fraud Case

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Bombay High Court on Monday ordered the release of Chanda Kochhar and Deepak Kochhar in the ICICI- Videocon Loan fraud case. The Court was of the view that the arrest was not in accordance to law.

The court had heard the case for the release of Chanda Kochhar and Deepak Kochhar at length and reserved its verdict on a prayer for the release of Kochhars from judicial custody.

The arrest of ICICI’s CEO and MD Chanda Kocchar and husband Deepak Kocchar opened a pandora’s box of all that is lacking in the governance of private sector banks. This arrest served as a wake-up call for private sector banks, and willful defaulters, that they will not be spared from state action.

What happened?

The Kocchars were arrested by the CBI (Central Board of Investigation) in connection with an alleged corruption case of INR 3250 crore provided by ICICI to Videocon Group. The CBI also arrested Videocon Group founder Venugopal Dhoot in the case under allegations of cheating, criminal conspiracy, and allegations under the Prevention of Corruption Act.

How it all began

In 2016, a whistle-blower named Arvind Gupta had reported fowl play between ICICI Bank, Videocon Group and NuPower Renewables a company that was promoted by Deepak Kochhar. When probed in 2018, many irregularities came up.

On one side are the Kocchars, and the other side is the Videocon group and Dhoot. The latter approached ICICI Bank for a loan where Chanda Kocchar was an MD. While granting a loan, the bank has to disclose if they have any personal relations in the company they are granting their loan to. If there is any personal interest you cannot grant loan to that company. The MD did not declare her indirect association with Videocon Group via her husband. The loan sanctioned by ICICI Bank was utilised by Videocon in another company called NuTech. In NuTech, 50 per cent stake was of Videocon’s owner and the remaining was on Deepak Kocchar. This was the biggest irregularity in the case.

It was alleged that a company related to Dhoot invested INR 64 cr in NuPower in 2010 (of which Deepak Kochar was a promoter). Later the proprietorship was transferred to a trust owned by Deepak Kocchar for INR 9 lakh after Videocon received INR 3250 cr from ICICI Bank in 2012. In 2019, CBI launched an inquiry against Dhoot, Kocchars, NuPower and Videocon Group for allegedly duping ICICI Bank of INR 1730 Cr. Case was filed under the Indian Penal Code and The Prevention of Corruption Act. The assets have been classified as Non-Performing Assets in 2017.

Some findings of the inquiry include six loans granted from 2009 to 2011 worth INR 1,875 crore to Videocon Group in violation of all ethical practices. Kocchar had gone on indefinite leave after these allegations surfaced and stepped down from the post of CEO and MD in 2018. After an internal inquiry by ICICI Bank which allegedly found a violation of disclosure norms, the bank declared Kocchar’s exit will be a dismissal and not a regular resignation. In September 2020, ED arrests Kocchar’s husband and on December 23, 2022, CBI arrested Chanda Kocchar, and on December 26, 2022, they arrest Venugopal Dhoot. The entire episode has come as a shocker for not only the Indian banking industry but the populace at large.

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Torrent Group To Approach NCLT Against Reliance Capital’s Administrator

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Torrent will seek a stay on voting by Committee of Creditors (CoC) members to approve the second round of the Challenge Mechanism

The move comes after Reliance Capital’s lenders proposed holding a fresh auction next week at a minimum bid threshold of Rs 9,500 crore.

Torrent will seek a stay on voting by Committee of Creditors (CoC) members to approve the second round of the Challenge Mechanism.

Torrent is not in favour of having a second Challenge Mechanism in the Reliance Capital resolution process and wants the CoC to approve it all cash bid of Rs 8,640 crore.

Last week, Torrent had got an interim stay from NCLT against IndusInd International Holdings Limited’s (IIHL) revised bid of Rs 9,000 crore.

Torrent moving NCLT to stop the second round of the Challenge Mechanism could delay the Reliance Capital resolution process. The NCLT has set 31 January as the deadline to complete the resolution process of the Anil Ambani-founded financial services firm.

CoC sources tell that Torrent’s move is unwarranted and unjustified and accuse Torrent of stalling the resolution process.

They say that is unfortunate that even after a week of NCLT granting stay on Torrent’s appeal against Hinduja’s revised bid, the Administrator has not yet moved NCLT against the order.

LIC and EPFO have a combined exposure of Rs 7000 crores in the Reliance Capital. Both will be the biggest beneficiary of the higher realisation from the Reliance Capital resolution process.

Torrent will be represented by Senior Advocate Mukul Rohtagi and Senior Advocate Darius Khambata in the NCLT on Monday.

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Branch International Appoints Sharath Pareddy As The India Head of Credit and Analytics

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A graduate from IIT Kharagpur, Sharath has been working in the analytics and data science space across industries for over 12 years with financial services and retail organisations

Branch International, a San Francisco-head-based fintech with operations across Nigeria, Kenya, Tanzania, and India, has announced the appointment of Sharath Pareddy as the head of credit and analytics – India effective immediately.

A graduate from IIT Kharagpur, Sharath has been working in the analytics and data science space across industries for over 12 years with financial services and retail organisations. In his 12 years of working experience, he has built and mentored highly competent and responsible teams for companies like DataRobot and Flipkart. In his last role at DataRobot, he led the Data Science practice for strategic partners – building partner ecosystems and ensuring partner-led growth.

In his new role at Branch, Sharath will be responsible for driving the credit strategy and building a world-class analytics team ensuring that the business is marching towards growth in India while simultaneously maintaining and improving profitability. Branch currently operates in four countries with offices in San Francisco, Lagos, Nairobi and Mumbai.

Speaking on Sharath’s appointment, Sucheta Mahapatra, the Managing Director of Branch International said that “We are thrilled to have Sharath onboard.  He is an accomplished business leader with a strong track record in building and leading credit organisations. His strong background in large credit and analytics focused roles will be an invaluable addition to our 2023 growth plans.”

Sharath envisions to help Branch become more data and AI-driven while solving unsolved problems in the world. Speaking about the appointment, Sharath said, “Branch has been a pioneer in providing fair and reliable financial services and capital to the mobile-first generation across the emerging nations. I am truly excited about this opportunity to lead the credit strategy for India and build a world-class analytics team.” Sharath lives in Hyderabad with his family and is interested in playing Chess and Cricket and travelling.

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Paytm Payments Bank Appoints Surinder Chawla As MD And CEO

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The term for the appointment is three years

Paytm Payments Bank Limited (PPBL) on Sunday received approval from the Reserve Bank of India (RBI) for the appointment of veteran banker Surinder Chawla as its new Managing Director (MD) and Chief Executive Officer (CEO). The term for the appointment is three years. 

Chawla’s appointment comes as part of PPBL’s ongoing efforts to strengthen its leadership team, enhance its technology capabilities and drive financial inclusion in the country. Chawla brings with him experience in Retail Banking spanning over 28 years across marquee institutions such as HDFC Bank, RBL Bank, ABN Amro Bank and Standard Chartered Bank.

He is a merit-listed Chartered Accountant, who joins PPBL from RBL Bank, where he served as Head – Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels. Prior to joining RBL Bank in 2013, Chawla spent about 12 years in key senior management positions at HDFC Bank, culminating in his role as Head of the Retail Liabilities Product Group. As Senior Executive Vice President at HDFC Bank, Mr. Chawla also worked as the head for the Southern, Eastern and Northern regions at different points in his career.

The appointment will become effective upon the completion of the requisite regulatory formalities, PPBL said in its BSE filing.

In a statement, Vijay Shekhar Sharma, Chairman of Paytm Payments Bank Board, said, “I am pleased to welcome Surinder to Paytm Payments Bank to drive our unwavering commitment to deepening financial inclusion and offering an exceptional mobile-first banking experience in India. His rich experience in banking and deep understanding of the Indian financial landscape will bring the necessary expertise to further empower Paytm Payments Bank’s mission.”

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Twitter Cuts More Staff Overseeing Content Moderation: Reports

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At least a dozen more cuts on Friday night affected workers in the company’s Dublin and Singapore offices, the report said, citing people familiar with the matter

Twitter Inc made further staff cuts in the trust and safety team handling global content moderation and in the unit related to hate speech and harassment, Bloomberg news reported on Saturday. At least a dozen more cuts on Friday night affected workers in the company’s Dublin and Singapore offices, the report said, citing people familiar with the matter.

Those laid off at the social media platform owned by Elon Musk include Nur Azhar Bin Ayob, a relatively recent hire as head of site integrity for the Asia-Pacific region, and Analuisa Dominguez, Twitter’s senior director of revenue policy, Bloomberg reported. Workers on teams handling policy on misinformation, global appeals and state media on the platform were also eliminated, the report added.

Twitter’s vice president of trust and safety, Ella Irwin, confirmed to Reuters that Twitter made some cuts in the trust and safety team on Friday night but did not give details. “We have thousands of people within Trust and Safety who work content moderation and have not made cuts to the teams that do that work daily,” she said via email. Some of the cuts, she added, were in areas that lacked sufficient volume going forward or where it made sense to consolidate.

Twitter laid off roughly 3,700 employees in early November in a cost-cutting measure by Musk, and hundreds more subsequently resigned. The company was also was hit with a lawsuit last month that claimed the social media company disproportionately targeted female employees in layoffs.

(Reuters)

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Many Indian Origin Minds Have Played Major Role In Global Tech Firms’ Success: Anurag Thakur

While addressing the plenary session of three days Pravasi Bharatiya Divas (PBD) convention, he said that the list of Indian-origin CEOs and political leaders is endless across the world

Some of the brightest minds of Indian origin have played strategic focal roles in the success of tech powerhouses across the globe, said Union Minister for Youth Affairs and Sports Anurag Thakur on Sunday in Indore.

While addressing the plenary session of three days Pravasi Bharatiya Divas (PBD) convention, he said that the list of Indian-origin CEOs and political leaders is endless across the world.

Thakur added, “The Indian diaspora brings a multi-layered gain to the IT industry in terms of enhanced skills and capital formation – human, social and financial.”

On the other hand, the Indian IT industry has created a strong motivation for the mobility of highly skilled professionals and provided the Diaspora with the much-needed opportunity to engage with their motherland, he added.

Spelling out the government’s vision for Diaspora Youth, he stated, “Modi government’s vision for the Indian diaspora is to see a seamless two-way flow of ideas and capital between our diaspora counterparts from around the world.”

The minister said that our efforts to link up and facilitate ties between Indian start-ups and young diaspora innovators and investors based in their countries of domicile are also generating a cross-pollination of ideas. 

“You can take an Indian out of India, but you cannot take the Indian out of them. The flavours of India, the rhythm of music and their hearts always beat for India, the diaspora want to contribute back to the land of their parents,” Thakur added.

Meanwhile, the minister also added that Youth Pravasi Bhartiya Divas is not only about finding one’s roots, but also about rooting for everything that makes us Indian. 

He said, “It is as much about your story and the story of rising India. It is a moment to reconnect and re-imagine new possibilities. And it is a network to drive change, discover new ties and develop new ideas.”

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Paytm Loan Disbursements Witness 357% Growth YoY In Q3 FY23

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As a result, total disbursements for three months ended December 2022 was Rs 9,958 crore

As a result, total disbursements for three months ended December 2022 was Rs 9,958 crore.

Paytm on Monday said that it continued to see an accelerated growth with disbursements through its platform at Rs 3,665 crore in the month of December, growing 330 per cent year-on-year (YoY).

As a result, total disbursements for three months ended December 2022 was Rs 9,958 crore, a growth of 357 per cent YoY, the company said.

The number of loans grew 117 per cent YoY to 3.7 million for the month of December, and 137 per cent YoY to 10.5 million cumulative loans for the three months ended December 2022.

Meanwhile, Paytm’s total merchant GMV processed through its platform for the quarter ended December 2022 aggregated to Rs 3.46 Lakh crore (USD 42 billion), marking a YoY growth of 38 per cent.

Paytm in its BSE filing said that its Super App continued to see growing consumer engagement with the average MTU for the quarter ended December 2022 at 85 million, registering a growth of 32 per cent YoY.

The payments company also revealed that its offline presence strengthened in the Q3. “Number of merchants paying subscription for payment devices has reached 5.8 million as of December 2022, an addition of 1 million devices in the quarter ended December 2022,” the company said in its filing.

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Market Update: BPCL, IDBI To Kickstart The Week, Watch Out For TCS, Tata Steel

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After a fall last week, Monday may prove volatile for the stock market. Experts say that there has been a slump in the market since the last few days and even today, the market may witness ups and downs

The last few days have seen a bearish trend in the stock market. One of the biggest reasons for this is the withdrawal of foreign portfolio investors (FPIs) from the market. According to a report, FPIs have been selling in the market for 11 consecutive days. This period has seen a sale of about Rs 14,300 crore. The market had closed on the red mark on the last trading day i.e. Friday and even today, it will be highly volatile.

Stocks Going Strong 

Here’s a look at the stocks that may trend today. The Momentum Indicator Moving Average Convergence Divergence (MACD) has given bullish signals to RVNL, BPCL and IDBI Bank. These stocks have been performing well in the past few days.

It may be mentioned here that Rail Vikas Nigam Limited (RVNL) has been bagging some big projects, which has strengthened its financial position. Trading at Rs 72.40, it has gained 6.55 per cent in last five days and 7.50 per cent in a month.

These Are On A Rise 

The stock of Bharat Petroleum Corporation Limited i.e BPCL also closed on the green mark on Friday. This share, which is available at Rs 345 with a rise of 0.77 per cent, has given a return of about 4 per cent to its investors in the last 5 days. In the last six months, this figure has gone up to 9.21 per cent.

As for IDBI Bank, despite the slump in the market on Friday, this stock had jumped by 7.58 per cent. It is trading at Rs 58.90 and is close to its 52-week high of Rs 61. While its 52-week low has been Rs.30.50.

Names That Would Be In Spotlight Today 

Here’s a look at the few names that may be trending today. Tata Consultancy Services will release its December Quarter (Q3FY23) results in today. It is currently trading at Rs 3,213.90 and has seen a slump but all eyes are on the report.

Dhruv Consultancy Services has been awarded a contract worth Rs 11,17,80,000 by the National Highways Authority of India, Navi Mumbai. It is currently at Rs 56.35 and closed with a jump of 3.49 per cent.

Gland Pharma Ltd has entered into an agreement to buy a stake in Cenexi and Cenexi Holding Entities. JK Paints and Coatings, a JK Cement company, has invested Rs 153 crore and completed the acquisition of 60 per cent equity shares of Acro Paints.

There has been a 12 per cent jump in the sales of Titan Company on an annual basis. Similarly, the production of Tata Steel has also increased.

Aditya Birla Fashion & Retail proposes to raise funds by issuing 5,000 listed, unsecured, rated, redeemable non-convertible debentures of the face value of Rs 10,00,000 each issued at par aggregating to Rs 5,00,00,00,000 on private placement basis, on or after January 13.

All these factors can change the scene for these companies.

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