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  • Pixxel Launches the Fireflies Constellation to Track Changes Throughout the Earth

    On November 5, 2024, Pixxel, a space start-up located in Bengaluru, revealed Fireflies, its flagship commercial hyperspectral satellites scheduled for launch in the first part of the next year. Established by Awais Ahmed, the start-up intends to deploy a constellation of six Fireflies satellites to monitor the earth in over 150 spectral bands, allowing the space data company to reach any location on Earth every day.

    According to a company’s official statement, the Fireflies constellation will provide vital data for a range of applications, including real-time deforestation monitoring, tracking ocean pollution, and early agricultural disease diagnosis and water stress identification. By improving food security and promoting sustainable resource management, the satellites have the potential to be a crucial weapon in the battle against climate change.

    What Fireflies Constellation Offers?

    With over 150 spectral bands and native 5-meter resolution, the Fireflies constellation provides a significant improvement. These satellites can reach any location on Earth every day since they can cover a 40-kilometre area. Fireflies is a leader in satellite-based Earth observation thanks to its accurate and comprehensive imaging capabilities, which offer crucial data for a variety of applications.

    Pixxel is committed to using space technology for a sustainable future as it gets ready to launch Fireflies. Pixxel intends to grow the constellation to 24 satellites in order to provide hyperspectral data to a global audience, giving decision-makers vital information for resource management and environmental stewardship.

    According to Awais Ahmed, CEO of Pixxel, this constellation represents a significant turning point in the company’s ambition to provide everyone with comprehensive and useful facts about the globe.

     He stated further that Fireflies is designed to provide users with the clarity and precision required to make significant decisions for a brighter future by capturing the world in ways one has never seen before.

    About Pixxel

    Pixxel is a space data startup that is developing a constellation of hyperspectral earth imaging satellites as well as the analysis tools necessary to extract valuable information from the data. With the intention of identifying, tracking, and forecasting global occurrences, the constellation is built to offer worldwide coverage every 24 hours. The team at Pixxel has consistently worked to push the limits of human exploration, from creating the first Hyperloop pod in India to manufacturing some of the most sophisticated satellites and missiles in the world to building landers and rovers for the moon.

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  • NAREDCO Maharashtra NextGen Announces Excelerate 3.0: Pioneering Innovation in Construction

    Mumbai (Maharashtra) [India] November 6: The National Real Estate Development Council (NAREDCO) Maharashtra NextGen is excited to unveil the third edition of its flagship annual event, Excelerate 3.0, scheduled for 14th November 2024 at Hotel Sahara Star, Mumbai. Under the theme ‘Innovation in Construction,’ the event aims to further the penetration of cutting-edge innovation in making the construction and real estate industry ready for the challenges of the future including but not limited to rapid urbanization, climate change, etc.

    Excelerate 3.0 will also spotlight NAREDCO Maharashtra’s PROPEL, an initiative designed to foster innovation and empower emerging entrepreneurs in the real estate landscape. As India’s real estate industry advances towards an ambitious $1 trillion target by 2030, the event seeks to position innovation as a core strategy in meeting the sector’s evolving demands.

    The event will serve as a forum for thought leadership, featuring top industry experts, leaders, and innovators sharing their best practices and practical viewpoints in exclusive panel discussions named ‘Build Fast’, ‘Build Quality’, ‘Build Sustainable’. Attendees can expect a rich exchange of ideas on optimizing processes as well as cutting edge tools and technologies to contribute sustainably for the growth of our built environment.

    Mr. Prashant Sharma, President, NAREDCO Maharashtra said, “Excelerate 3.0 is a clear reflection of our steadfast commitment to driving innovation and sustainability in the construction industry. By providing a platform for the next generation of leaders to come together, collaborate, and innovate, we’re laying the foundation for a more resilient and tech-forward sector. NAREDCO Maharashtra’s initiative is not just about setting new standards, it’s about inspiring bold, transformative solutions that will help build faster, build better; a more sustainable environment for the future.”

    Mr. Rajan Bandelkar, Vice Chairman, NAREDCO said, “This is a powerful platform that will drive innovation and foster collaboration within the real estate sector. By nurturing emerging talent and embracing cutting-edge technologies, we are empowering the next generation of leaders to create sustainable, transformative solutions. As the real estate sector plays a pivotal role in India’s growth, initiatives like Excelerate 3.0 are key to setting new industry standards, promoting sustainability, and shaping the future of construction

    Mr. Ridham Gada, President, NAREDCO NextGen Maharashtra said, “We are excited to announce Excelerate 3.0, an initiative designed to push the boundaries of innovation and excellence within the construction industry. This platform will empower young leaders and professionals to collaborate, ideate, and bring groundbreaking solutions that will reshape the future of real estate and infrastructure development. With the able support of NAREDCO Maharashtra, Excelerate 3.0 will be the catalyst for creating sustainable, technology-driven solutions that will help the industry build faster, build quality, and build sustainably, addressing the challenges of tomorrow.”

    With a carefully curated agenda, Excelerate 3.0 promises to offer participants deep insights into the future of construction, foster meaningful dialogues, and establish a roadmap for sustainable growth in the sector.

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  • Dixon Technologies Announces the Creation of Dixon Teletech, A Wholly-Owned Subsidiary

    Dixon Technologies, a manufacturer of electronics hardware, announced on 5 November 2024 that Dixon Teletech, a wholly-owned subsidiary, would be incorporated to produce parts for IT hardware products. With orders from the top four laptop brands in the nation—HP, Lenovo, Acer, and Asus—the contract manufacturer is establishing facilities to increase laptop assembly under the production-linked incentive plan for IT hardware.

    The company stated in an exchange filing that the wholly owned subsidiary was established with the purpose of manufacturing and dealing in a variety of information technology products, including IT hardware components, related products, equipment, and their components.

    How Does the New Arm Work?

    Dixon Teletech was formally established on September 28, 2024, and has already received a seed capital of INR 1 lakh from its parent firm for 10,000 shares at a price of Rs. 10 apiece. Dixon Teletech is prepared to manufacture a variety of IT hardware, components, and equipment, with an emphasis on increasing local laptop production.

    Dixon is establishing revenue targets with these new alliances, hoping to generate a healthy INR 3,500 crore from its IT hardware division by FY26 and a significant INR 48,000 crore over the following six years.

    Changing Regulations and the Need for Domestic Technology

    With the existing authorisation framework expiring in December 2024, India’s import regulations and policies for IT hardware are poised to become more stringent. After that, beginning in January 2025, importers will require new authorisations. Given that more international IT businesses are looking to India as a production base, Dixon’s growth couldn’t come at a better moment as global players explore Indian manufacturing centres.

    Although Dixon Technologies’ stock is down 1.35% as of now at INR 14,240.00, the company has demonstrated remarkable growth, rising 120.40% so far this year and 170.37% in the last 12 months. Dixon’s decision is a symbol of India’s growing potential in the global IT hardware industry as well as growth for the business. Given Dixon’s track record of meeting goals and the PLI scheme’s support for local production, Dixon Teletech has the potential to revolutionise the industry. This is a significant step in promoting local businesses and lowering dependency on imports.

    About Dixon Technologies

    In India, Dixon Technologies (India) Limited has been at the forefront of the electronic manufacturing services (EMS) market. Dixon was established in 1993 and began producing colour television in 1994. Since then, the company has grown to include a number of electronics sub-sectors.

    The biggest domestic design-focused solutions company in India, Dixon Technologies (India) Limited, manufactures goods for the consumer durables, lighting, and mobile phone industries. Consumer electronics like LED TVs, home appliances like washing machines, lighting items like LED bulbs, tubelights, and downlighters, mobile phones, CCTV & DVRs, wearable technology, and refrigerators are just a few of their varied product offerings. Dixon also offers reverse logistics solutions, such as LED TV panel repair and refurbishment services.

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  • SEBI Issues Warning Regarding Virtual Stock Games Utilising Real-Time Data

    Investors are being cautioned by the Securities and Exchange Board of India (SEBI) about unapproved virtual trading and gaming platforms that provide services and advice based on stock prices. SEBI underlined that these platforms breach important investor protection regulations and function without regulatory license.

    “The Securities and Exchange Board of India has discovered that certain apps, web applications, and platforms are providing the public with virtual trading services, paper trading, or fantasy games based on stock price data of listed companies,” stated SEBI in a circular released on 5 November 2024. 

    According to SEBI, these actions are against the Securities Contract (Regulation) Act of 1956 and the SEBI Act of 1992, which are legislation designed to safeguard investors. The warning is in connection to an earlier advice from SEBI on August 30, 2016, which warned against securities market leagues, schemes, and tournaments, some of which gave out prize money.

    SEBI reaffirmed that only registered intermediaries should be used by investors to trade and make investments. SEBI has no jurisdiction over unapproved platforms. Furthermore, SEBI’s procedures are unlikely to provide protection or grievance redress for any problems resulting from such unregistered schemes or platforms. 

    The circular further emphasised that investors who use unapproved platforms have no alternative. They would not have access to investor grievance procedures run by exchanges or the online dispute resolution tool, Smart ODR, and they will not be eligible for safeguards under SEBI’s authority, such as SEBI’s Complaints Redress System (SCORES).

    Why SEBI is so Concerned?

    The markets watchdog is worried that these operations resemble “dabba trading,” an unlawful practice that uses unapproved channels, even though SEBI’s most recent warning does not name specific organisations, according to a media report. The regulator limited the access for virtual stock games in May of this year by ordering depositories and stock exchanges to cease supplying real-time pricing data to third-party apps. This regulation, which specifically targeted apps that offer cash prizes or gamify real-time stock movements, attempted to prevent users from forming irrational expectations about the equities market or taking risks based on virtual accomplishments. According to the same media report, stock exchanges have also warned organisations that use information that was scraped from their websites or brokers’ websites.

    What is a Fantasy Stock Game Like?

    Stock investing can be dangerous since prices might suddenly decline, resulting in possible losses as well as extra fees and taxes. On the other hand, fantasy stock game applications claim to be a safer substitute. For a nominal admission fee, users can forecast price movements by simulating stock trading using real stock data from exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Users could win cash prizes, luxury goods, or gold coins if their predictions come true. The admission fee, which is much less than the true costs of trading, is all that is lost if the user’s prediction goes wrong.

    These apps that use real-time data from regulated exchanges are disapproved by SEBI. According to SEBI, these platforms use market data to draw users, possibly leading them to mistakenly believe that virtual success is equivalent to actual trading prowess. In contrast to actual trading, these apps are unregulated and exempt from risk disclosure requirements.

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  • In FY24, Netflix India’s Revenue Increased 30% While its Profit Increased 49%

    Due to a growing number of subscribers and a more robust selection of local content, Netflix’s India division saw a notable increase in net profit and revenue for the fiscal year that ended on March 31, 2024 (FY24). According to the company’s most recent filing with the Registrar of Companies, which business intelligence platform Tofler released, the video streaming platform recorded a 49% increase in its earnings after tax to INR 52.4 crore for the year, up from INR 35.3 crore in FY23.

    From INR 2,214.1 crore in FY23 to INR 2,845.7 crore in FY24, net turnover increased by 28.5%. From INR 2,228 crore in FY23 to INR 2,895.6 crore in FY24, the company’s total revenue increased by 30%.

    Netflix reduced their human costs from INR 118.5 crore in FY23 to INR 105.98 crore during the fiscal year, a 10.6% decrease. However, other expenses, which include marketing costs, went up 32.3 percent from INR 2,032.7 crore in FY23 to INR 2,688.4 crore for the year. As a result, the service’s overall costs increased from INR 2,174.2 crore in FY23 to INR 2,810.8 crore for the year, a 29% increase.

    Netflix and Indian Market

    In recent years, India has emerged as a crucial content hub for Netflix and a country that will be increasingly significant for the company’s future growth. This occurs as customers in the second-largest internet market in the world show an increasing desire for digital material.

    Ted Sarandos, the co-CEO of Netflix, stated last year that India is a “big prize” due to its large population of entertainment-loving individuals who would “ultimately do great” in the nation.

    Although Netflix is now one of the most expensive video streaming services available in India, the company has made a number of efforts in recent years to draw users to its platform. This entails launching a mobile-only service and testing out different price schemes across the nation.

    India is the Second Largest Market for Paid Subscribers

    Without providing any specifics, Netflix said in July that India was its third-largest revenue growth percentage for the June-end quarter and its second-largest country for premium subscriber additions. According to a letter sent to shareholders at the time, the growth was fuelled by huge, successful original titles like Imtiaz Ali’s Amar Singh Chamkila and Sanjay Leela Bansali’s Heeramandi: The Diamond Bazaar throughout the quarter.

    Although Netflix does not disclose its subscriber count by nation, industry estimates place the number of paid subscribers in India at about 12 million. In the Asia-Pacific area, which includes India, Netflix announced 52.6 million members as of the September-ended quarter (Q3 2024).

    The business declared in April that starting in Q1 2025, it would no longer publish quarterly paid membership additions. This choice was made because, according to the company, each additional paid membership has a distinct commercial impact because it currently offers many pricing tiers across different countries. Netflix now views engagement as the strongest indicator of member satisfaction and wants to concentrate on revenue and operating margin as its main financial measures.

    However, the joint venture between Reliance Industries and Disney, which merges the operations of Viacom18 and Star India, is expected to put the streaming giant up against fierce competition in the nation.

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  • The CEO of Zomato Provides Clarification Regarding Button Mushrooms With a “Future Packing Date” Label

    On November 4, 2024, Zomato’s CEO, Deepinder Goyal, claimed that a “manual typing error on the vendor’s side” was the reason behind the discovery of 90 packets of button mushrooms branded with a “future packing date” during a food safety regulator’s raid at the company’s Hyperpure warehouse in Hyderabad. 90 of these button mushroom packets were found to have inaccurate packaging dates by the Food Safety and Standards Authority of India (FSSAI) team. Hyperpure is a business-to-business (B2B) vertical offered by Zomato.

    Goyal said in a post on the social media site X that the company’s warehouse team had already discovered these button mushrooms and had rejected them during an internal quality control (QC) process.

    Typing Error on Vendor’s Side

    This is not typical and was caused by a vendor-side manual typing error. However, the vendor in question has been removed from the company’s database. Goyal went on to say that Hyperpure’s personnel were able to spot this problem early on, thanks to the company’s strict internal policies and technological processes.

    Goyal said that they are dedicated to maintaining industry standards for food safety and are focused on ensuring that product quality is maintained throughout the supply chain.

    “We received an A+ rating, and I’m not sure why the media is talking about these few packets of mushrooms, worth Rs 7,200 (out of the crores of inventory in the warehouse), that were never going to reach customers,” the co-founder of Zomato stated.

    Hazardous Conditions at Zomato Hyperpure Warehouse in Hyderabad

    On October 29, the food safety officials paid a visit to the Zomato Hyperpure warehouse located in Kukatpally, Hyderabad. It was discovered that the establishment was using a state licence to operate.

    The officials observed food safety concerns at the warehouse during their visit. Team reported that 18 kg of button mushrooms with a “future date of packing” were discovered. The label read ‘October 30, 2024’, yet the inspection was conducted on October 29.

    In addition, the team observed that the warehouse was “open directly to the outside environment without a proper insect-proof screen” and that house flies were present inside. Furthermore, some of the food workers were discovered without their aprons and hair caps.

    This episode follows a previous finding of expired items during an inspection at another Blinkit warehouse that is also run by Zomato. In response to the FSSAI’s findings, Blinkit pledged to take corrective steps. Goyal maintains that despite recent criticism, Zomato takes safety standards seriously and says tech-driven quality checks shield customers from the labelling error. Zomato’s leadership is dedicated to improving procedures to prevent future issues because food safety is still a delicate topic in India, especially during festive seasons.

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  • Co-founder of Kenko Health Claims that Regulatory Obstacles Caused the Firm to Fail

    The Insurance Regulatory and Development Authority of India (IRDAI) was criticised by Aniruddha Sen, co-founder of the health insurtech startup Kenko Health, which closed its doors in August of this year due to financial difficulties, for allegedly engaging in obstructive practices. Sen attributes the company’s demise primarily to regulatory barriers to obtaining an insurance license.

    Sen described a two-year struggle to get an insurance licence from IRDAI, pointing to administrative roadblocks that limited their entrepreneurial ambitions and hindered creativity.

    Dhiraj and I spent two years chasing down people at the IRDAI in an attempt to obtain an insurance licence. The chairman began the process by publicly urging companies to come forward, raise money, and submit an application for a licence. Sen said in a LinkedIn post, “We did so against better judgement and hindsight of past experience, only to face an onslaught of obstacles that culminated in the destruction of our company, our employees’ livelihoods, and our collective dreams.”

    Officials’ Discouraging Behaviour a Major Cause of the Downfall

    According to Sen, a senior finance department official publicly mocked entrepreneurs, saying things that were “discouraging” and “detrimental to India’s startup ecosystem.” One of the officials said during one meeting that we “bring shame to the country,” he disclosed, implying that IRDAI officials thought it was shameful for the private sector to succeed and create money.

    He further said that the department’s stance appeared to promote a small number of businesses—government-run firms and businesses owned by wealthy elites—while impeding aspirational entrepreneurs. Sen further asserted that the company was not given clear communication regarding the status of the application and that some regulatory requirements increased the burden. He revealed that we had to convert our Compulsorily Convertible Preference Shares (CCPS) into equity, which resulted in a number of issues, such as bonus share issuance and short-term capital gains taxes from secondary sales.

    IRDAI’s Lack of Communication Added More Agony to the Pain

    Despite fulfilling required conditions, Sen claims the IRDAI never notified Kenko Health that its application would be rejected. We “don’t fit the profile” of promoters for an Indian financial services company, one of the officials told us categorically. He described the chairman’s behaviour as “dismissive and condescending,” recalling that “he dismissed us, saying that only wealthy, well-connected individuals were suited for such roles.”

    In light of other authorities like SEBI and RBI welcoming change, he questioned the IRDAI’s dedication to promoting innovation. He claimed that the insurance industry in particular is still stagnant, rife with antiquated procedures, and managed by people who have no idea what modern consumers need and how technology works.

    Sen urges government leaders like Vivek Joshi, who served as Secretary to the Government of India, Department of Financial Services, Ministry of Finance, to address regulatory transparency and startup issues, and he believes that a “special team” should overhaul IRDAI and attract investment. Sen said, “They destroyed my company, my livelihood, and the hopes of everyone involved,” as he ended his post with a request for accountability.

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  • Magicpin Reduces the Platform Charge to INR 5 for Each Shipment

    The hyperlocal e-commerce site Magicpin has lowered its platform fee to INR 5 per delivery in an effort to lower customer costs. This puts it at half the price that Zomato and Swiggy, two of its main rivals, charge. The decision was made at a time when many delivery service companies are raising their prices.

    Move Can Boost Company’s Sales

    Compared to its former INR 7 price, Magicpin’s new INR 5 fee represents a considerable savings of about 29%. Notably, the cut contrasts sharply with recent fee hikes by big food delivery companies, such as Zomato, which increased its platform cost from INR 7 to INR 10. Swiggy followed Zomato’s lead and increased their platform cost from INR 6 to INR 10. 

    Thus, by implementing this technique, the business is gaining an advantage in the race for quick commerce, and this step is undoubtedly aligned with attracting more users to Magicpin’s platform.

    Company’s Oder Book Increases by Two Fold

    Anshoo Sharma, the CEO of Magicpin, made the announcement on X (previously Twitter). Additionally, he gave users his word that the reduced fee would last until the end of 2024.  Sharma underlined that this action was a part of a commitment to strike a balance between the demands of delivery workers and customers, enabling more people to enjoy their shopping experiences during festive times.

    After this, Magicpin reported that, in comparison to the prior year, the company’s orders during the Diwali season doubled. Magicpin deviated from the norm this Diwali by making some firm platform pricing choices. As a result, during the long Diwali weekend, over half a million orders for festive food and love and support were received! This is twice what the business accomplished the previous year. “We appreciate Magicpin customers and have made the decision to stick to Magicpin Promise for the remainder of the year,” the firm announced, quoting Anshoo Sharma.

    Beyond just food delivery, platform fees are also rising in industries like fashion and general e-commerce, making online shopping more and more costly. Little handling fees are also charged by BigBasket and Licious, although their shipping costs are cheaper at INR 15 and INR 39, respectively. The total cost of internet shopping is increased by these extra fees, which occasionally go unnoticed by customers.

    What Magicpin Does?

    Anshoo Sharma and Brij Bhushan co-founded Magicpin in 2015, and it is a significant player in hyperlocal retail. The platform thrives in the age of technology and fosters mutual development by connecting businesses of all sizes with customers. Magicpin becomes a major player in the ever-changing world of online commerce by employing innovative solutions to improve the shopping experience. Users of this online location intelligence platform can find nearby eateries, retail establishments, spas, and fitness facilities. With its headquarters located in Gurgaon, Haryana, Magicpin allows brands and merchants to interact with their customers and offer them customised deals.

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  • Smart Homes, Safer Celebrations: Invoteo Future’s Complete Fire Safety Smart System

    Kochi, India, November 05, 2024: The crackling sound of fire piercing through melodious festival music is a sound that Mr. Rajesh Mehta, CEO of a leading multinational firm, will never forget. During last year’s Diwali celebration at his palatial Juhu residence, an overlooked sparkler in the courtyard triggered a fire that threatened to engulf his meticulously designed home. 

    While prompt action prevented a catastrophe, the incident left an indelible mark on Mumbai’s elite social circles, sparking crucial conversations about fire safety in luxury spaces.

    Fire accidents during Diwali are a common phenomenon in the metropolitan cities. So much so that Delhi Fire Service’s data shows 208 emergency calls registered during Diwali. While the emergency rescue services across busy cities are gearing up to keep you safe, what preventive measures can you take?

    Despite the usual preventive measures, fiery accidents are almost unavoidable. In that case, one can choose the smart life— the automated fire prevention systems from Invoteo Future.

    Founded by visionaries Arun V. Panicker and Aswathy Arun, Invoteo Future delivers bespoke safety solutions that seamlessly blend with the sophisticated aesthetics of luxury properties while offering unparalleled protection.

    Invoteo Future Offers Significant Technologies

    For the discerning homeowner, Invoteo Future’s advanced fire detection systems include:

    • Smart Fire Alarm Systems: Ultra-sensitive IoT-enabled sensors discreetly positioned throughout your residence, monitoring for the slightest hint of smoke, heat, or harmful gases.
    • Wireless Excellence: Sophisticated wireless connectivity eliminates unsightly wiring while maintaining constant vigilance.
    • Executive Mobile Integration: Instant alerts delivered to your smartphone, ensuring awareness whether you’re in your home office or attending a board meeting abroad.

    Protect Your Dear Ones with Premium Solutions

    The foundation of Invoteo’s offering is its cutting-edge suppression systems:

    • Advanced Gas Suppression: Utilizing premium FM-200 and CO2 systems for protecting valuable art collections and home theaters.
    • Smart Sprinkler Networks: Precision-engineered water suppression systems with minimal aesthetic impact.

    The Intelligence Behind Innovation: AI-Powered Protection

    At the heart of Invoteo Future’s protection systems lies cutting-edge artificial intelligence, setting new standards in fire safety. It’s worth mentioning that Invoteo’s signature Thermal Camera detects or identifies leaks or hotspots and warns the owners by sending alerts and notifications to their phones before a fire initiates.

    These AI-enabled cameras work seamlessly with your existing security infrastructure, while sophisticated machine learning algorithms continuously analyze data to predict and prevent potential risks before they occur. The system’s true elegance lies in its complete compatibility with your smart home ecosystem and building management solutions, ensuring a unified approach to property protection. 

    Signature Services for Premium Protection

    Invoteo Future’s elite service portfolio testifies to its dedication to excellence, perfectly complementing its technological innovations. The services include personalized consultations, where safety experts conduct meticulous risk assessments uniquely tailored to your property’s distinct characteristics. 

    The company’s white-glove installation service ensures that every system is integrated with unwavering respect for your property’s aesthetic integrity. Completing this premium service triangle is the 24/7 dedicated monitoring service, offering round-the-clock surveillance with priority response protocols, ensuring your peace of mind never takes a pause.

    As everyone gathers this season for another round of celebrations, many of their homes now stand protected by Invoteo Future’s invisible shield of safety. The company’s ISO 9001:2015 certification and recognition by Start-up India and Kerala Start-up Mission underscore its commitment to excellence.

    “In the realm of luxury living, safety shouldn’t be an afterthought—it should be an invisible, ever-present guardian,” reflects Arun V. Panicker.”Our systems ensure that our clients can focus on creating memories, not managing risks.”

    For those who understand that true luxury encompasses both elegance and security, Invoteo Future stands ready to provide solutions that protect what matters most—your family, your assets, and your peace of mind.

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  • Delhivery Increases ESOP Pool With Over 6.49 Lakh Equity Shares

    In an effort to reward and retain its staff, Delhivery Limited, a well-known logistics company, announced the extension of its employee stock option plan (ESOP) pool, awarding 6,49,547 equity shares.

    According to a formal exchange filing, this allocation was approved by the Stakeholders’ Relationship Committee on July 8, 2024. Delhivery’s paid-up share capital has increased from INR 73.85 crore to INR 73.91 crore as a result of this most recent allocation. The newly awarded ESOPs are worth about INR 25.4 crore based on the most recent opening stock price.

    In little more than a month, Delhivery’s ESOP pool has grown three times with this allocation. The business granted 36,525 stock options to the ESOP 2012 plan earlier in July. Before that, Delhivery had added 11.06 lakh stock options to the ESOP pool in June.

    Performance in Terms of Finances and Strategic Initiatives

    Delhivery has experienced financial difficulties in spite of these calculated attempts to raise staff engagement. Compared to the net profit of INR 11.7 crore reported in the previous quarter, the company’s consolidated net loss for the fourth quarter of FY24 was INR 69 crore.

    A decrease in express parcel and cross-border service volumes was the main cause of the 5% quarter-over-quarter drop in operations revenue to INR 2,076 crore. Delhivery has also revealed plans to establish Delhivery Robotics India as a wholly-owned subsidiary in keeping with its strategic growth ambitions.

    This new business endeavour, which reflects Delhivery’s dedication to innovation and growth in logistics solutions, intends to produce drones and offer freight air transportation services.

    Current Patterns in the Market

    The expansion of ESOP pools is not a Delhivery-specific trend. Significant ESOP allocations have also lately been announced by a number of other cutting-edge software businesses.

    For example, Nykaa distributed over 4.73 lakh ESOPs last month, and Paytm distributed over 2.81 lakh ESOPs recently. These actions are part of a larger industry trend that uses ESOPs as a tool to draw in, inspire, and keep top people in a cutthroat market.

    Paytm Expands ESOP Pool

    Similar to this, One97 Communications-owned Fintech giant Paytm stated that it has expanded its employee stock option plan (ESOP) pool by giving its employees 281,394 equity shares. This move is typically made to retain talent.

    In a July 7 stock exchange filing, Paytm stated that it has authorised the distribution of 281,394 equity shares, fully paid-up, with a face value of INR 1 each, to qualified workers.

    According to the business release, the shares would be distributed under the Employee Stock Option Schemes of 2008 and 2019. Paytm stated that the change would raise its issued, subscribed, and paid-up equity share capital to INR 636,274,090, which would be made up of 636,274,090 equity shares with a face value of INR 1 each.

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