Navi Finserv, owned by Sachin Bansal, announced on 29 October 2024 that the Reserve Bank has permitted the company to make scheduled home loan disbursals that were approved before October 20. Navi Finserv had previously been prohibited from offering new loans.
Due to significant supervisory concerns, including unlawful pricing, the RBI had earlier this month ordered Navi Finserv to stop and refrain from approving and disbursing loans as of October 21 close of business.
Navi Finserv has been given permission by the Reserve Bank of India (RBI) to begin disbursing scheduled housing loans that were approved prior to October 20, 2024. According to the Bengaluru-based company’s press release, the authorisation is valid until December 31, 2024.
Relief to Home Buyers
Many homebuyers whose loans were approved before the RBI’s regulatory action and who are still awaiting their previously planned disbursements would find significant relief from the RBI’s approval.
In addition to Navi, the central bank had imposed the same limitations on three other NBFCs: Chennai-based Asirvad Micro Finance Limited, Kolkata-based Arohan Financial Services Limited, and New Delhi-based DMI Finance Private Limited.
Why RBI Imposed Restrictions on these NBFCs?
With effect from October 21st, the central bank said the action is based on significant supervisory concerns about these companies’ pricing policies, specifically their Weighted Average Lending Rate (WALR) and the interest spread charged over their cost of funds, which were determined to be excessive.
The Master Direction (MD) pertaining to the regulatory framework for microfinance loans and the MD relating to NBFC-scale based regulation also state that their pricing approach does not comply with the rules. According to an RBI statement, the pricing policy was also determined to be noncompliant with the guidelines established by the Reserve Bank’s Fair Practices Code.
These businesses are still able to provide services to their current clients and conduct collection and recovery procedures in compliance with current regulations, notwithstanding these business restrictions. DMI Finance Pvt Ltd and Navi Finserv Ltd are categorised as investment & credit firms within the NBFC sector, whereas Asirvad Micro Finance Ltd and Arohan Financial Services Ltd are categorised as mirofinance institutions.
In his most recent bi-monthly monetary policy statement, RBI Governor Shaktikanta Das pointed out that certain NBFCs were pursuing growth at a rapid pace without establishing risk management frameworks and sustainable business practices that were appropriate for the size and complexity of their portfolios.
He warned that a reckless “growth at any cost” strategy would be detrimental to their own well-being. Das also pointed out that some NBFCs, such as microfinance institutions (MFIs) and housing finance companies (HFCs), are pursuing excessive returns on their equity due to the substantial accretion of capital from both domestic and foreign sources, as well as occasionally pressure from their investors.
Mumbai, 30 October 2024, Wednesday: The 43rd global edition of the World AI Show in Mumbai came to a resounding conclusion, bringing together top-notch tech leaders, government officials, and policymakers to examine the next steps in the adoption of Generative AI and how it lays the groundwork to empower AI. The grand event was held on 24th October at Hotel Sahara Star, which provided a platform to showcase next-gen innovations, practical use cases, and AI-driven solutions across industries.
The conference featured engaging panel discussions, insightful keynote presentations, and impactful addresses, all highlighting the latest advancements and the strategic advantages that enterprises could benefit through the swift adoption of AI technologies.
With over 400+ C-level decision makers in attendance, Industry leaders shared actionable strategies for leveraging these innovations, offering valuable insights into maintaining competitiveness in a fast-evolving digital landscape. Topics of discussion ranged from AI maturity in IT, emerging technologies shaping the future of AI, leadership strategies for driving successful AI Transformation and more.
One of the panel discussions focused on “Leadership Strategies for Driving Successful AI Transformation.” Moderated by Dr. Ganesh Natarajan, Chairman of Honeywell Automation & 5F World, the panel explored key strategies required to drive AI transformation. Panellists Shvetal Desai, Co-Founder of Nividous; Sujatha S. Iyer, Head of AI Security at ManageEngine; Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance; Naiyya Saggi, Group Co-Founder & Board Member at Good Glamm Group; C.P. Gurnani, Co-Founder & Executive Vice Chairman of AlonOS; and Ashwini Tewari, Managing Director at State Bank of India, shared insights on the importance of investing in AI talent, skills development, and infrastructure.
During the discussion, Shvetal Desai, Co-Founder, Nividous, stated, “In today’s fast-paced world, AI-driven automation is not a choice but a necessity. By integrating AI, RPA, and low-code platforms, businesses can unlock unprecedented efficiency, driving innovation and gaining a strategic edge.”
In today’s fast-paced world, AI-driven automation is not a choice but a necessity. By integrating AI, RPA, and low-code platforms, businesses can unlock unprecedented efficiency, driving innovation and gaining a strategic edge.
Another noteworthy session that grabbed attention was the tech talk on AI maturity in IT. The talk delivered by Sujatha S Iyer, Head of AI Security, ManageEngine shared her insights on the current state of AI, digital and AI maturity, and the road ahead with a focus on contextual intelligence.
During the session while speaking about AI maturity, she said, “AI has evolved from back-office support to becoming a boardroom agenda. Organizations need to embrace digital and AI maturity to stay ahead, leveraging contextual intelligence to drive strategic innovation.”
“The 43rd global edition of the World AI Show served as a dynamic platform, fostering innovation and facilitating invaluable knowledge exchange through engaging conversations. As India’s financial capital, Mumbai plays a pivotal role in shaping the nation’s technological future, positioning itself as a key hub on the roadmap to digital advancement.” said Anil Kumar, COO, Trescon.
The World AI Show has solidified its place as a key hub for knowledge sharing, collaboration, and business development within the AI community. As preparations for the next edition begin, excitement is growing for what promises to be an even more remarkable event.
The 43rd edition of the World AI Show was supported by:
Platinum Partner – MAGURE Tech Middle East
Gold Partner – Manage Engine
Silver Partner – Nividous
Exhibitors – ADQ, Citiuscomm, Apto.AI, Salesken
Supporting Association – Indian Society of Artificial Intelligence and Law
Association Partner– IPF Startup Hub
Official Event Tech Partner – KONFHUB
Official Print Partner – Business Standard
About Trescon
Trescon is a pioneering force in the global business events and services sector, driving the adoption of emerging technologies while promoting sustainability and inclusive leadership. With a deep understanding of the realities and requirements of the growth markets we operate in – we strive to deliver innovative and high-quality business platforms for our clients. For more information about Trescon, visit: www.tresconglobal.com
To boost the expansion of early- and growth-stage companies throughout the state, the Karnataka government unveiled two programmes: ELEVATE 2024 and the Karnataka Accelerator Network (KAN).
The initiatives, which were presented by Minister Priyank Kharge on October 28, 2024, demonstrate Karnataka’s dedication to developing a systematic startup support system and build on the state’s goal of being the startup hub of India.
Sharing his views on the development, Vishal Saurav, XBOOM Utilities said, “In India, forming a startup may just take 5 days but 5 years down the line 90% of them are either closed or struggling to survive. These staggering statistics show that there is an underlying problem which needs to be addressed immediately. Two major challenges that most of the startup’s face are proper guidance to make a plan and liquid funds to execute those plans. If we take technology industry for instance, the main problem that most of the startups face is the initial funding to start their journey which is much more visible if there is a physical product involved. Take an example of a Drone startup, the main challenges they face are initial liquidity which ranges from min 10 lakh to 1 Crore and lack of proper infrastructural support. “
“The Karnataka government’s ELIVATE 2024 and KAN initiative might just be the medicine that required as they are addressing those exact issues which were stated earlier. With more than 15000 registered startups to look out for, these initiatives have all the ingredients to become a big success story,” he added.
Sharing similar opinion, Abdul Jaleel, Co-founder of Aspirar Sphere Pvt Ltd said, “It is exciting to learn of the two new initiatives introduced by the government of Karnataka to aid the start-ups. This is an important development for the entrepreneurial ecosystem in our state. Karnataka has been famously known as a center of innovation and entrepreneurship, and with these on board, it further highlights its dedication towards enabling a thriving startup sphere. With the state government providing increased assistance and backing, not only are new ventures being encouraged to take shape but also a culture of creativity is being nurtured.”
ELEVATE 2024
The state’s premier seed fund programme, ELEVATE 2024, provides awards of up to INR 50 lakh for each firm. It seeks to foster innovation in cutting-edge fields like robotics, machine learning, artificial intelligence, and space technology. The Karnataka Startup Policy 2022-2027 also offers financial support for patenting, quality certifications, and incubation spaces at sector-specific Centres of Excellence throughout the state, all of which are advantageous to businesses. Applications are being accepted on the government’s startup site through November 29.
Sahil Chopra, VP, Growth & Marketing, Inflection Point Ventures stated, “ELEVATE 2024 will prove to be quite helpful for startups, offering critical support that will enable them to scale their operations effectively. Recognising innovation as the cornerstone of economic development, and with Karnataka emerging as a nexus for entrepreneurial activity, this financial backing represents not merely an investment in individual ventures but a broader commitment to advancing technology across the state. Complementing ELEVATE 2024, the Karnataka Startup Policy 2022-27 enhances the landscape by providing essential financial assistance for securing patents, obtaining quality certifications, and accessing incubation spaces. These initiatives significantly lower the barriers to entry for startups, granting them the freedom to concentrate on developing innovative solutions while refining their research, growth, and overall development processes.”
KAN
By connecting regional accelerators with those in Bengaluru, KAN, the Karnataka Accelerator Network, aims to support growth-stage entrepreneurs outside of the state capital. Over a three-year period, it facilitates resource access and knowledge exchange among six cohorts.
Through organised mentorship, networking opportunities, and funding paths, KAN aims to empower 302 businesses in collaboration with incubators in locations like Mysuru and Dharwad and accelerators like DERBI and Jain Launchpad in Bengaluru. The Department of Electronics, IT, BT, and Science & Technology, along with the Karnataka Digital Economy Mission (KDEM), work together to run the programme.
Minister Kharge emphasised the state’s aspirations by pointing out that Karnataka has become a global centre for startups, with 45 of India’s 112 unicorns based in Bengaluru alone. “We want to make sure Karnataka is one of the top three startup ecosystems in the world,” Kharge said. KAN and ELEVATE both provide organised assistance to help businesses grow, get capital, and bolster Karnataka’s position as a leader in innovation.
Bengaluru Tech Summit 2024 Event App
The government also introduced the official Bengaluru Tech Summit 2024 event app in conjunction with these initiatives, improving accessibility for speakers, exhibitors, and delegates. The app, which is accessible on both iOS and Android, highlights Karnataka’s emphasis on digital inclusion and accessibility for guests from around the world while promising a flawless experience during the event. ELEVATE has committed approximately INR 224.6 crore in investment to nearly 983 businesses since 2016.
Expanding Beyond Bengaluru
In order to support the establishment of start-ups around the state, the Karnataka government is actively promoting its “Beyond Bangalore” project. There are currently about 402 start-ups in the Mysuru cluster, 432 in the Bengaluru cluster, and 463 in the Hubli-Dharwad-Madagavi region. With 32 start-ups originating from Tier II and III cities and women leading 24% of state-funded start-ups, the government’s dedication to diversity is evident.
According to Kharge, initiatives like Innovate Karnataka, Ktech, and Startup Karnataka—especially the Elevate programme—have been instrumental in this expansion. Karnataka’s entrepreneurial environment has been further cemented with the state government’s funding of over 983 start-ups so far.
After the company’s worldwide ad sales team was fired by the new management led by Elon Musk, Twitter Communications India, now a part of X Corp. (previously Twitter), had a steep decline in net profit and revenue in the most recent fiscal year. This decline was mostly caused by a fall in ad revenues.
The company’s net profit fell 90% to INR 3 crore from INR 30 crore the year before, according to its regulatory filings. Additionally, revenue dropped 90% from INR 208 crore to INR 21 crore. With an estimated 25 million users, Twitter’s revenue in India is primarily derived from advertising.
Cutting Down on Expanses and Workforce
As it laid off almost all of its Indian personnel, which had previously consisted of more than 200 workers, the company reduced employee benefit costs by 95%, from INR 130 crore to INR 6 crore. The overall expenses then dropped from INR 168 crore to INR 19 crore, an 89% decrease.
In October 2022, Musk successfully paid $44 billion to acquire Twitter, which he later rebranded as X. Musk enacted significant changes around the world after the takeover, including widespread layoffs that had a significant effect on the ad sales teams, particularly in India.
A steep drop in revenue was caused by the combination of firing the ad sales teams and international businesses abandoning the platform, partly as a result of disagreements with Musk. Without an active sales force to keep up with clients and draw in new business, Twitter’s ad income in India plummeted, resulting in sharp drops in profitability and earnings, according to a digital advertising specialist. This illustrates the wider difficulties X Corp has had around the world as it attempts to manage the consequences of internal reorganisation while putting new plans into action under Musk’s direction.
Adding More Pain to the Agony
To make matters worse for the company, X has even sued multinational advertisers like Unilever and Mars for disregarding the platform under Musk. A net 26% of marketers stated that they intended to cut back on their X ad spending in 2025, the largest pullout from any significant worldwide ad platform to date, according to Kantar research.
The ongoing disputes with Musk caused several international businesses to halt their advertising in India, according to experts. Even in India, many brands are refraining from advertising on X because of the platform’s contentious character and worries about brand protection. When it comes to social media advertising, YouTube, Facebook, and Instagram are usually given preference over X by advertisers, noted a digital market expert.
According to Governor Shaktikanta Das, the Reserve Bank of India (RBI) anticipates that the number of daily Unified Payments Interface (UPI) transactions will surpass one billion in the coming months from the current 500 million transactions per day.
Das stated during a panel discussion at the Group of Thirty’s Annual International Banking Seminar in Washington, DC, on October 26, 2024, that the RBI will not make a hasty announcement about a nationwide rollout of the central bank of digital currency (CBDC) because it wants to carry out extensive testing and be completely certain about its design, robustness, and security before thinking about a wider rollout.
The payments system is now much more efficient thanks to UPI. Approximately 500 million transactions are made over UPI every day. “We are trying to step it up further and the idea is to reach a billion transactions, may be in the next few months,” Das stated.
What National Payments Corporation of India’s Data Reveals?
According to data from the National Payments Corporation of India, the average number of transactions per day increased from 483 million in August to above 500 million in September. UPI handled 15.04 billion transactions in September 2024, totalling INR 20.64 lakh crore.
The RBI is working to integrate UPI with more nations’ payment systems. In fact, UPI has a lot of potential for international payments. According to Das, the RBI has also taken the initiative to connect India’s UPI with other nations’ quick payment systems.
Seven Countries Using UPI For Transactions
Seven nations presently provide UPI: France, the United Arab Emirates, Singapore, Bhutan, Sri Lanka, Mauritius, and Nepal.
Regarding the e-rupee, the governor stated that the RBI will implement the CBDC nationwide in a phased manner. Cross-border payments represent the CBDC’s greatest potential. Through the removal of numerous middlemen, CBDC can enable quick, easy, and inexpensive cross-border money transactions.
On November 1, 2022, the RBI began the first CBDC trial phase for wholesale transactions of government securities. A month later, on December 1, the RBI began the pilot for retail transactions.
Current Performance of UPI in India
PhonePe is the most popular UPI app in terms of volume and value contribution, followed by Google Pay and Paytm. However, according to a report by payment technology service provider Worldline, the average ticket size (ATS) of UPI transactions decreased by 8%. According to the report, the average ticket size (ATS) for all UPI transactions was INR 1,603 in the first half of 2023 and fell to INR 1,478 in the first half of 2024.
P2P (person-to-person) and P2M (person-to-merchant) transactions make up ATS. In P2P transactions, ATS saw an almost constant increase from INR 2,812 to INR 2,836 year over year. The amount of ATS for P2M transactions decreased by 4%, from INR 667 to INR 643.
Fintech company BharatPe, which specialises in payments and lending, announced the debut of its new investment platform, Invest BharatPe, on 28 October 2024. The first product available on the app is digital gold. In collaboration with Safegold, the Delhi-based fintech introduced digital gold, allowing users to buy and sell gold online.
12% Club, a fintech loan platform, will also be included in the app. Months after the Reserve Bank of India (RBI) tightened regulations pertaining to peer-to-peer (P2P) lending, the 12% Club paused customer onboarding.
“The ongoing festive season is the ideal moment to launch Invest BharatPe and provide digital gold to our customers,” said Nalin Negi, CEO of BharatPe, during the launch ceremony. “We think this is the best time for people to take control of their financial lives since it represents fresh starts. Our goal at BharatPe is to enable people to realise their financial aspirations. The goal of this software is to make investing easy, safe, and available to everyone, regardless of financial literacy or budget. The investing platform aligns with our goal of promoting financial inclusion for the nation’s underprivileged. The holiday season is the ideal time to launch this new product because so many people plan and invest in gold during this time,” he opined.
“In the upcoming weeks, we’ll be expanding our selection of investment options on the Invest BharatPe platform. Our goal is to provide customers with a variety of investing options based on their personal interests. As we work to become a one-stop shop for customers wishing to safeguard their financial future, we are dedicated to providing a range of reliable and strictly regulated financial products on the Invest BharatPe platform,” he continued.
BharatPe is Expanding its Portfolio
In collaboration with lenders including OTO Capital and Volt Money, the company introduced secured credit solutions for its merchants in August, including loans against mutual funds (LAMF) and two-wheeler loans.
In 2022, the business partnered with non-banking financial companies (NBFCs) to join the gold loan market for its merchants. In exchange for a gold pledge, the firm had stated that it would provide loans up to INR 20 lakh.
BharatPe Financial Report Card
In the fiscal year 2024 (FY24), BharatPe‘s consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased from INR 826 crore in FY23 to INR 209 crore. The business also stated that, year over year (Y-o-Y), its cash burn was down by 85%. Compared to the prior year, the average merchant lending portfolio from loans made via BharatPe’s platform increased by 40%.
According to an update with the markets regulator on October 28, 2024, Sebi has given the go-ahead for NTPC Green Energy, the company’s renewable energy division, and Avanse Financial Services Ltd, an NBFC with an emphasis on education, to raise money through initial public offerings (IPOs).
Through first share offerings, NTPC Green Energy and Avanse Financial Services hope to raise INR 10,000 crore and INR 3,500 crore, respectively. According to a media report, the two businesses who submitted their initial public offerings (IPO) documents to Sebi between July and September received their observations on October 22 and 23. In Sebi’s terminology, obtaining observations signifies that the public issue is now to be floated. According to the draft red herring prospectus (DRHP), NTPC Green Energy’s first share offering is a complete new issuance of equity shares without an offer-for-sale (OFS) component.
How Companies Are Planning to Utilise the Amount?
In addition to using a portion for general corporate purposes, INR 7,500 crore of the total revenues will be utilised to repay or retire all or a portion of the existing loans owed by its subsidiary NTPC Renewable Energy Ltd. (NREL). Spread throughout more than six states, NTPC Green Energy is a central public sector organisation known as “Maharatna” that specialises in renewable energy, including wind and solar generating assets.
According to the DRHP, the proposed IPO by Avanse Financial Services includes a new offering of equity shares up to INR 1,000 crore and OFS up to INR 2,500 crore by the selling stockholders. The business, which is supported by Olive Vine Investment Ltd., a division of Warburg Pincus, a prominent private equity firm, plans to use the money to expand its capital base in order to meet future demands.
Olive Vine Investment, Kedaara Capital Growth Fund III LLP, and International Finance Corporation (IFC) would all sell shares valued at INR 1,758 crore, INR 400 crore, and INR 342 crore, respectively, as part of the OFS. However, on October 23, VMS TMT withdrew its draft IPO documents. Early in October, the regulator got the company’s draft IPO paperwork.
Avanse Financial Services
The non-banking financial enterprise Avanse Financial Services, which focuses on education, intends to raise INR 3,500 crore to increase its capital base in order to fulfil its future capital needs. The second-biggest NBFC in India with an emphasis on education is Avanse Financial Services. Among Indian NBFCs with an emphasis on education, it also had the second-highest payouts in FY23 and the second-highest earnings in FY24.
With products ranging from student education loans to expansion capital for educational institutions through education infrastructure loans, the organisation provides a full-stack education offering. For Indian professionals and students selected to study abroad or at domestic universities, it offers loans and other value-added services. Additionally, it offers private educational institutes in India finances backed by collateral.
The Ministry of Home Affairs (MHA)’s Indian Cybercrime Coordination Centre (I4C) has taken a strong stance against cybercrime by warning about illicit payment gateways set up by transnational organised cybercriminals. Money laundering as a service is allegedly being facilitated by these gateways, which were made utilising mule bank accounts.
These actions indicate a number of payment gateways, including RPPay, PoccoPay, RTX Pay, and PeacePay. According to reports, these platforms are run by foreigners and are a component of a bigger network that provides services for money laundering.
Frequent Raids Are Being Conducted Nationwide
The Ministry of Home Affairs announced in a news release that a network of illicit digital payment gateways connected to numerous cybercrimes was discovered during nationwide operations by the Gujarat and Andhra Pradesh Police.
The Ministry claims that these operations, which were mostly discovered via social media sites like Facebook and Telegram, took use of rented bank accounts from people and shell corporations. Social media platforms are used to research current and savings accounts. According to government officials, these accounts are owned by shell corporations, businesses, or private citizens.
What I4C’s Investigations Further Revealed?
These mule accounts are frequently remotely managed from overseas, according to the I4C’s investigation. Once set up, these gateways made it possible for criminal syndicates to handle deposits for illegal operations such as offshore betting, phoney stock trading platforms, and fraudulent investment schemes.
Because dealing in illegal funds might result in severe legal consequences, including arrest, the I4C advised citizens against selling or renting their bank accounts or any company registration documents. According to I4C, banks may utilise checks to find instances of bank account misuse that result in the establishment of illicit payment gateways.
Who is Indian Cybercrime Coordination Centre?
Cyberspace transcends national borders and manages Coordination between many stakeholders in various jurisdictions at all levels is necessary to combat cybercrime. One of the types of transnational crime that is expanding the fastest is cybercrime. There has been an exponential rise in cybercrime worldwide due to the surge in internet usage and rapidly evolving technologies.
In order to put a firm scanner on the cyber activities, the Ministry of Home Affairs, Government of India, launched the Indian Cybercrime Coordination Centre (I4C). This move was initiated to address cybercrime throughout the nation in a comprehensive and coordinated way.
I4C aims to address every aspect of cybercrime for the benefit of the public, including enhancing cooperation between different law enforcement organisations and interested parties, promoting improvements in India’s overall capacity to combat cybercrime, and raising citizen satisfaction levels.
On October 5, 2018, the Indian Cybercrime Coordination Centre plan was authorised. Since its inception, it has sought to improve the country’s overall capacity to combat cybercrimes and foster efficient cooperation between law enforcement agencies. The Home Minister dedicated the I4C to the nation on January 10, 2020.
As part of its Manufacturing Incubation Initiative, the Department for Promotion of Industry and Internal Trade (DPIIT) recently announced a collaboration with HCLSoftware, a leading global provider of software solutions.
By encouraging cooperation between governmental and corporate institutions, especially in the field of manufacturing innovative products, this effort seeks to propel India’s startup manufacturing ecosystem. At New Delhi’s Vanijya Bhawan, the announcement was made.
Supporting New Business Ideas Through Startup India
The partnership between DPIIT and HCLSoftware is a part of the Startup India initiative, which seeks to provide a setting in which industry participants are essential to the development of new manufacturing enterprises. With more than 80 MoUs inked so far with different industry stakeholders, DPIIT has laid the groundwork for startups to receive vital industry support.
Participating startups will gain access to HCLSoftware’s HCL Sync program, which will give them exposure to the worldwide market and a chance to market their goods abroad.
In Keeping With the Goal of the Indian Government
The collaboration supports the Indian government’s objective of establishing the nation as a significant centre of production. The three primary goals of this initiative are to: (1) support the growth of Indian intellectual property by assisting startups in developing distinctive, India-specific products and solutions; (2) enhance product quality by giving startups the resources and know-how required to satisfy international standards; and (3) establish a robust manufacturing ecosystem by linking startups with suppliers to form a full manufacturing value chain.
Sanjiv Singh, the joint secretary of DPIIT, underlined the value of this collaboration in creating a sustainable manufacturing ecosystem and how HCLSoftware’s experience aligns with DPIIT’s mission. According to Singh, this partnership would foster Indian innovation and give regional companies a better international presence.
Through programmes like Startup India, he reaffirmed DPIIT’s dedication to advancing the manufacturing environment and making India a significant player on the world arena.
The collaboration with HCLSoftware is to boost Indian businesses by giving them access to cutting-edge digital technology and international markets, said Dr. Sumeet K. Jarangal, Director of Startup India. This funding will help the industry flourish and allow manufacturing companies to achieve success in design, development, and marketing, Dr. Jarangal added.
According to HCLSoftware Chief Product Officer Kalyan Kumar, this collaboration marks a turning point in India’s industrial history. He reaffirmed HCLSoftware’s dedication to giving startups the fundamental resources and assistance they require, from design and development to marketing, thereby making a substantial contribution to India’s goal of becoming a major player in the world of manufacturing.
Zomato, a well-known online meal ordering service in India, has added a new feature that will allow users to plan and pre-order their meals. The newly introduced feature is a replica of Swiggy’s food scheduling model. Zomato claims that the new feature, called “Order Scheduling,” allows customers “complete control over when their food is delivered” by enabling them to plan deliveries from two hours to two days in advance. More than 35,000 eateries in 30 cities, including Delhi, Bengaluru, Mumbai, Pune, Raipur, Ahmedabad, and others, presently provide this new feature.
Zomato Order Scheduling: How To Do It?
Zomato’s new Order Scheduling function can be accessed by opening the app and selecting the “Schedule” option under the “All Restaurants” section in the Delivery page. Zomato will provide a selection of nearby eateries when users tap on it and choose their favourite time and day.
Put the desired food in the cart now. Users will see a card on the bill summary page that reads, “This is a scheduled delivery,” and it will inform them that their order will be ready a few minutes prior to the time of delivery. The app lets customers cancel their order up to three minutes prior to the planned time if they need to change their plans or don’t want the meal to be delivered.
Only Restaurants Adhering to Strict Timelines Will Be Featured in Order Scheduling
Restaurants that have regularly followed kitchen preparation times will be added, according to Zomato, and they will be informed in advance so that they have enough time to prepare and deliver the order. Prior to the introduction, Zomato began testing the functionality of this feature in August of this year, but it was only available in a few cities and was only available for deliveries totalling INR 1,000 or more.
Will Restaurants Benefit From the New Feature?
Customers and Zomato’s restaurant partners both benefit from the Order Scheduling tool. Restaurants can better manage their capacity during dull times and possibly increase their continuous stream of orders by enabling pre-scheduled orders.
Staff members don’t need any extra training or process adjustments because Zomato has designed the feature to blend in perfectly with the restaurant’s current operations. Notably, restaurants can maintain effective stock and preparation management by selecting which menu items are accessible for planned orders. This increases the service’s dependability by lowering the likelihood that some things will be unavailable during busy or planned periods.
Making Sure Everything Runs Smoothly
Zomato has put in place particular measures for order scheduling in order to preserve dependability and timeliness. In order to give these restaurants enough time to prepare orders, the Gurugram-based startup gives them proactive alerts prior to the scheduled delivery time. Additionally, restaurants can choose which items can be ordered in advance, reducing the possibility of last-minute shortages or substitutes.
Nitin Konde
