Ex-Flipkart CTO launches Finserv for the underprivileged

Davinta Financial Services, the brainchild of Ravi Garikipati, former Flipkart CTO and his long-time friend and serial entrepreneur, Raj Vattikuti have disbursed loans to about 10,000 customers in the eight months since its launch and about 85% of the beneficiaries have been women. “We have a low-cost operating model that is tech-driven, paperless, cashless and presence-less to be able to deliver to the lastmile disbursal and collections via a network of small franchisees,” said Garikipati. The fintech startup proposes to take its loan book size to `350 crore and raise debt funding to stimulate its lending operations by the year-end. “Davinta, which is currently lending out of its own books, will take a hybrid model (including debt and equity) to lend,” he said. Their underwriting model in ‘near’ real-time creates specific customer profiles based on a list of variables. Davinta’s model is seen as distinct as it provides loans for the creation of a sustainable financial ecosystem through enhancement of livelihood opportunities for its borrowers. In rural areas, it partners with NGOs to help create income-generating opportunities. Once a plan is set, the startup provides loans to borrowers for enhancing their income, also connects them to resource partners like skill development agencies and NGOs as well as other buyers and marketplaces. The concept for Davinta stemmed from Ravi and Raj’s mission for “alleviating poverty and increasing quality of life at the bottom of the pyramid”. Ravi’s technology strength and Raj, also the founder of the ‘Poverty Alleviation Initiative’, pledged his understanding of the poorest of poor for setting up Davinta as a technology-focused NBFC (non-banking finance company) for the underserved. Davinta has a 3-pronged approach to enable rural, urban, and micro-entrepreneurs.

Deepika Padukone felicitated at WEF, Davos

Bollywood actor Deepika Padukone has been honoured with the Crystal Award 2020 for her leadership in raising mental health awareness at the World Economic Forum (WEF) in Davos. She works for the cause of mental health through her foundation The Live Love Laugh Foundation (TLLLF), founded in June 2015. She was diagnosed with clinical depression in 2014 and sought professional help. The TLLLF is aimed at giving hope to people experiencing stress, anxiety and depression. Depression is the leading cause of ill health and disability globally and a prime contributor to the overall worldwide burden of disease.

Shapoorji Pallonji to sell Bangladesh power project

Shapoorji Pallonji Group’s gas-fuelled power plant in Bangladesh has been put on the block as the company seeks buyers to bail itself from its current debt burdens. The 225-megawatt Bhola power project in Bangladesh is estimated to be valued at around $270 million. Standard Chartered has been hired to scout for a suitable buyer for the Bhola power plant that is slated to be commissioned soon. Industry experts said that an assured power purchase agreement for 22 years with Bangladesh’s Power Development Board (PDB) is expected to help Shapoorji Pallonji get a better valuation for the asset. Industry watchers view the project as noteworthy- deploying GE machines has almost reached completion. The Bhola power project saw the light in 2017 and became the first power plant in Bangladesh to be fully funded by India and developed by Shapoorji Pallonji Infrastructure Capital Co. as an independent power producer. It is estimated to help meet the electricity demands of 200,000 homes in Bangladesh.

Sanjiv Chadha appointed new MD & CEO of BoB

Sanjiv Chadha has taken over as Managing Director and Chief Executive (MD & CEO) of Bank of Baroda (BoB). The Banks Board Bureau (BBB) had recommended Chadha along with other top appointments with public sector banks. Chadha was MD & CEO of SBI Capital Markets Ltd, the merchant and investment banking unit of State Bank of India and has stepped into the position that was left vacant when P S Jayakumar’s term ended in October 2019. Chadha’s move is part of the government’s Personnel Ministry order, whereby three central banks including BoB have had new appointments at the top deck of management. Other central bank reshuffles include Lingam Venkata Prabhakar, current Executive Director in Punjab National Bank, to move over to Canara Bank as its MD and CEO. His tenure, from the date of assumption of charge on or after February 1, will be till December 31, 2022. Likewise, Atanu Kumar Das, Executive Director at the Bank of India (BoI) has been appointed as the MD and CEO of BoI for a three-year term, filling in the post that has been vacant since July 2019. He was the current Executive Director in the same bank before his new appointment.

Australia Honours Kiran Mazumdar-Shaw

Kiran Mazumdar-Shaw, Founder, Biocon, is the proud recipient of the ‘Order of Australia’-the highest civilian honour conferred by Australia. Her Excellency Harinder Sidhu, Australia’s High Commissioner to India, invested Mazumdar-Shaw as an Honorary Member within the Order of Australia (AM) in the General Division, making her the 4th Indian citizen to have been inducted to this civilian order. An alumnus of Federation University, Australia, Mazumdar-Shaw contributes to promoting women in STEM (Science, Technology, Engineering and Math) through joint research programmes collaborated by Biocon and Deakin University, Australia, as part of her deep and longstanding commitment to gender equality. “Mazumdar- Shaw-an Australian Global Alumni Ambassador is also recognised for her sustained and significant contribution to industry-academia collaboration between Australia and India,” said the official statement. “Dr Mazumdar-Shaw is a tireless champion of the commercial, educational, and people-to-people links between our two countries and this award recognises her commitment to progressing the Australia- India partnership,” said Harinder Sidhu. Honorary appointments in the Order of Australia are made to foreign nationals who have made an outstanding contribution to Australia or humanity at large. Other meritorious recipients of this honour are Sachin Tendulkar (2012), Soli Jehangir Sorabjee, former Attorney General of India (2006) and Mother Teresa (Agnes Gonxha Bojaxhiu) in 1982. The Order of Australia was instituted by The Queen on February 14, 1975, and was established as “an Australian society of honour for the purpose of according recognition to Australian citizens and other persons for achievement or for meritorious service”.

MSD appoints Rehan A. Khan as MD

Global Pharmaceutical company MSD (Merck, Sharp & Dohme) has roped in venture capitalist Rehan A. Khan as Managing Director (MD), India with effect from January 2020. He has had over 20 years of in-depth industry experience while holding a position as President of Asia Pacific with an NYSE-listed dialysis services provider, which has presence across 50 cities in Asia. Prior to that, he was MD of a leading pharmaceutical multinational company in India. Rehan was also engaged as an entrepreneur and as Founder of First Penguin Capital, an early- stage fund focused on investing in health and consumer tech startups. Rehan, a stalwart in the healthcare sector is also a board member and advisor to several impact led Private Equity funds and to healthcare companies in Africa, India and South-East Asia. “Rehan is an accomplished international leader who has led large and complex multinational businesses, covering India, Greater China, Southeast Asia, and across the Asia Pacific with leading multinational companies. His expertise, experience and industry know-how will be invaluable in driving MSD’s business in India and helping achieve our vision for patient access to critical therapies,” said Dorthe Mikkelsen, President Asia Pacific Region.

Zomato buys Uber Eats, consolidates food tech market

In a strategic move, Zomato, the food delivery platform, has bought out Uber Eats – in India for around Rs.2,485 crore ($350 million) in an all-stock deal and signifies the first leap towards a consolidation for the Indian food-tech market. The sell-off deal, however, gives Uber 9.99% ownership in Zomato. Despite Zomato and Swiggy’s dominance in this market, Uber Eats did enjoy a 12% market share. Market insights explain that Uber Eats was losing close to 20% of its business as per the company’s EBIDTA (Earnings before interest, tax, depreciation and amortization) margins and therefore decided to sell the business to Zomato. This dissolves Uber Eats’ operations in India and uncertainty for its over 100 employees. Consequently, Uber Eats has directed restaurants and its delivery partners and users of the Uber Eats apps to Zomato’s platform. “We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category,” said Deepinder Goyal, Chief Executive Officer, Zomato. Market knowhows feel that Swiggy stands a little ahead of Zomato in the food delivery space and with the deal with Uber Eats, Zomato might be given an impetus to stake on Swiggy as the new Zomato-Uber Eats entity is slated to automatically capture 50- 55% market in the food delivery business. While Zomato will not absorb Uber Eats’ employees, who might either be absorbed in Uber’s other verticals or perhaps get laid off; this issue is pending clarity from Uber.

Expansion slump in India temporary, says IMF Chief

Kristalina Georgieva, chief of International Monetary Fund (IMF) said that the expansion slump in India seems to be temporary and that she expects the momentum to enhance going forward. The IMF also revised its forecast for India to 4.8 per cent for 2019-20. “We had a downgrade in a single big marketplace India, but we think that is temporary. We anticipate momentum to enhance further moving ahead,” the Managing Director of the IMF said. Speaking at the World Economic Forum (WEF) 2020, she explained that the planet seems a much better location in January 2020 in comparison to what it was once when IMF declared its World Economic Outlook in October 2019. The variables driving this positive momentum comprise decreasing trade tension following the US-China first stage trade bargain and synchronised tax cuts, etc. “It’s still slow growth. We need financial policies to be aggressive and we need structural reforms and much more dynamism,” she said. “We live in a more riskprone world. It’s just January and there were occasions which are sparking dangers for the international market,” she added.

Shridhar Subramaniam to lead Sony Music

Sony Music Entertainment (SME) has appointed Shridhar Subramaniam as Sony Music President, Strategy-Market Development, Asia and the Middle East. The change is part of Sony’s restructuring and launch of new hubs in these regions. Shridhar will be based out of New York and will continue to oversee Sony Music Entertainment India and the Middle East, with added responsibility for strategy and market development for the Asia region. His role will be to partner with SME in these markets for executing strategic acquisitions, joint ventures, investments and partnerships. He will also strengthen strategic relationships with other Sony-led operating companies as well as engage with SME’s digital and partner development for SME Asia and the Middle East. Associated with Sony since 1996, Shridhar has been instrumental in steering the company to achieve market leader status in India. His leadership paved the way for Sony Music to grow within the genre of International Music, Hindi Soundtracks and Regional language music. Besides, the creation of a strong portfolio of pop artists and acquiring prominent catalogues. He has held additional roles at Sony as the MD of Sony Music Thailand, working with Sony Pictures in local-language film production and was made President of India and the Middle East in 2010. With a 20+year career graph, Shridhar, an alumnus of Mumbai’s Sydenham College of Commerce & Economics, and Case Western Reserve University, Cleveland was previously associated with Titan and built its Fastrack brand from scratch and was GM, Titan International, in London.

Sodexo appoints new Country President and Segment Director

French multinational Sodexo India has elevated Rohit Bahety, current Chief Financial Officer (CFO), as Country President. He is expected to take charge in his new role this month and will continue to execute as the head for the company’s financial agenda. His responsibilities would be to drive corporate governance and strategic directorial responsibility for all of Sodexo’s operations across India with its team of over 46,000 employees, spread across 1200+ sites locations. “We are confident to tap the growth opportunities presented by the booming internet- based, technology organisations in the corporate space, healthcare, education and the energy sector, thus augmenting, growth. To do so, we will invest in technology and partner with the startup ecosystem to help clients optimise their business operations in line with our sustainability principles,” said Bahety. In another move, Karan Totlani has taken over as Segment Director at Sodexo. Both positions of Bahety and Totlani have replaced that of Rishi Gour, former Country President & Segment Director Corporate Services at Sodexo. Gaur relinquished his position to pursue a career outside of Sodexo.

Hexaware appoints new CPO

Vishwanath Joshi takes over as Chief People Officer (CPO) of Hexaware Technologies Ltd, a leading provider of IT, BPO and consulting services. He replaces Amberin Memon who retired after serving 25 years in the company. Joshi relinquished his position as Practice Head at Great Place to Work, India and was engaged in driving culture-building programmes with medium to large organisations across varied sectors. “Building a great culture is a team sport and my best strength in this journey is a collaborative and competent leadership team at Hexaware. My role is to build on this strength and create something special out of this opportunity I have been given,” said Joshi. An alumnus of Pune University (Human Resource Management), he brings in 20 years of professional experience across Corporate, Research and Consulting and academic forte with diverse experiences around Strategic HR, Organisational Development and Leadership.

Aviva appoints Karia as CFO

Aviva Life Insurance elevates Neil Karia as Chief Financial Officer. He will transition from his previous role as Senior Vice President of Mergers & Acquisition, reporting to the Chief Strategy and M&A Officer at Aviva plc. He will take charge of strategic planning, treasury and financial performance management while playing important roles to enable the company’s strategic growth plans, also strengthening customer focus, and reinforcing Aviva’s position as the country’s most trusted private life insurance brand since 2018. “I am excited to start a new journey with Aviva India as the Chief Financial Officer. With my expertise in financial services and experience with the foreign shareholder, I look forward to exploring new avenues and help the company achieve the ambitious growth plans over the next few years. I am thankful to the management and the Board for the faith shown in me for giving me this responsibility,” said Karia. Prior to joining Aviva in 2014, he was responsible for multiple roles in his portfolio at Deloitte including in Audit, Financial Services and Corporate Finance with experience across financial performance, planning and audit.