Startup news and updates: daily roundup (December 20, 2022)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, December 20, 2022.
HGS board approves equity share buyback, appoints AP Hinduja as Non-Executive Chairman
Hinduja Global Solutions Limited (HGS), a solutions provider in digital consumer experience (CX), business process management (BPM) and digital media services, today approved the buyback of Rs 1,020 crores at a maximum buyback price of Rs 1,700 (~29% to the three-month volume weighted average price on NSE and BSE) per equity share payable in cash.
The buyback is subject to the approval of the shareholders and other applicable statutory approvals. The buyback will be on a proportionate basis through a tender offer process, as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018.
As per the condensed special purpose audited financial statements for the six months ended September 30, 2022, the quantum towards buyback works out to Rs 1,050 crore. The Board, after discussions and deliberations, approved a total payout of Rs 1,020 crore towards buyback representing 24.15% and 13.19% of the aggregate of the company’s fully paid-up equity share capital and free reserves as per the latest special purpose condensed standalone and consolidated audited financial statements of the company, respectively.
actyv.ai appoints Mukund as General Counsel and Head–Legal and Compliance
Singapore-headquarteredand a category creator in the enterprise SaaS with embedded B2B BNPL and insurance space has announced the appointment of Mukund R Srinivas as its General Counsel and Head–Legal and Compliance.
Commenting on the appointment, Raghunath Subramanian, Founder and Global CEO, actyv.ai, said
“With his experience in large-scale M&A, international and cross-border contracts and corporate governance, Mukund will lead the strengthening of the company’s legal framework, compliance and risk mitigation.”
Cashfree Payments offers 'Buy Now Pay Later' suite
Payments and API banking solutions player,, is offering 'Buy Now Pay Later' (BNPL) suite. Cashfree Payments' BNPL suite will enable online businesses to provide customers with over 30 flexible financing options during checkout.
The company has launched its BNPL suite in time for the upcoming holiday season to help online businesses offer their customers easy and instant access to credit, thereby increasing sales.
Cashfree Payments’ financing options include leading brands such as ZestMoney, Homecredit and KreditBee for Cardless EMI; Simpl, LazyPay and Freecharge for Pay Later mode and more than 16 banks for card-based EMIs.
Currently more than 20,000 online businesses use Cashfree Payments' BNPL suite. Businesses using the offering have seen a growth of upto 30% in sales. Leading online companies using Cashfree Payments' BNPL suite include EaseMyTrip, Wakefit, and BYJU'S, among others.
India’s hiring sentiment for the services sector is strong in Q4: TeamLease
According to a report by TeamLease named “Employment Outlook Report” for Q4 (January to March, 2023) for the services sector, India is leading with the highest hiring intent despite the ongoing global inflation.
Close to 77% of employers (as compared to 73% in Q3) are keen to increase their resource pool in the services sector. However, in comparison to Q4 2021, intent to hire has risen by 27%. Overall, across services and manufacturing sectors, an average of 68% of employers (65% in Q3) have expressed a strong hiring sentiment.
According to the report findings, Q4 is projecting a strong outlook, especially for fresh graduates and entry-level employees, with 79% of employers (74% in Q3) willing to hire from this cohort. Opportunities for mid-level (50%) and senior level (32%) are also performing balanced. From a business size perspective, large enterprises (82%), followed by small (61%) and medium (50%) are all indicating robust employment progression.
WIPO recognises and publishes a patent filed by Repos Energy
The World Intellectual Property Organization (WIPO), a United Nations body, has recognised and published a patent filed by Repos Energy. This is a system patent for its inanition of tools and technologies in energy distribution. Repos Energy has also bagged three patents in the energy distribution sector in India for its inventions.
Backed by industry titan Ratan Tata, Repos Energy is digitising the entire Indian fuel retail supply chain through by transforming a brick-and-mortar business through a phygital (physical + digital) mechanism.
FuelBuddy partners with Indian Oil Corporation Ltd
, a doorstep fuel delivery service, has partnered with Indian Oil Corporation Ltd. (IOCL), India’s highest-ranked energy public sector undertaking (PSU) for the marketing of automotive and industrial lubricant, SERVO, PAN India.
All new and existing customers of FuelBuddy will soon be able to place orders of lubricants as per their requirement on the FuelBuddy app. The physical delivery of the lubricants will be done at their doorstep at the time of their convenience.
EAZYERP announces the merger of Recibo Technologies
, a solution provider of Enterprise Resource Planning (ERP) and Distributor Management System (DMS), has merged with Recibo Technologies Pvt Ltd to foray into Sales Force Automation (SFA) for providing inclusive.
This merger will give enough scope to capture market share and a close combined revenue of Rs 100 crore by 2024. Further, with a combined strength of a strong team, EAZY ERP intends to expand to the Middle East, Africa and South East Asian markets.
“The merger with Recibo doesn’t intend to provide just another SFA tool, but a holistic platform for end-to-end sales and distribution automation for CPG and building material industry," said Kunal Singhal, MD, Eazy ERP, adding, "Merging with Recibo is one step ahead for achieving the much larger roadmap towards changing the whole technology landscape of the distribution systems and the way those solutions are applied so far."
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh