Businessmen in the News

Scandalous Foods, founded in August 2022 and led by Sanket S and Pravesh Amin is a pioneering venture aiming to revolutionize the sweets industry for the restaurant and catering sector. Functioning as a comprehensive solution for the procurement of Indian sweets, the company envisions making sweets as commonplace as ice cream in the dining experience. With a commitment to quality and innovation, Scandalous Foods offers preservative-free sweets with a remarkable 6-month shelf life, available in convenient single-serve sizes. Currently a B2B company with aspirations for B2B2C and B2C expansion, the company operates with a focus on cloud kitchens and plans to expand to various food service segments. In the near future, the brand which recently raised R3 crore in its pre-seed funding round, is set to introduce mithai bars and sachets, catering to spontaneous indulgence. “Scandalous Foods’ ambition to revolutionise the Indian sweets scene is supported by its dedication to product excellence and customer satisfaction. We remain focused on our mission to deliver exceptional Indian sweets that cater to the evolving tastes and preferences of consumers. We aim to enhance our offerings and accessibility, further cementing its position in the market,” says Sanket S, Founder, Scandalous Foods. 

VinFast, Vietnam’s premier electric vehicle manufacturer, marked a historic moment last fortnight as it officially broke ground on its first integrated electric vehicle (EV) manufacturing facility in Tamil Nadu. The facility, spanning 400 acres within the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) industrial estate, is poised to make a substantial impact on the local economy. The $500 million investment over the next 5 years is expected to create approximately 3,500 employment opportunities for the local workforce. M.K. Stalin, Chief Minister of Tamil Nadu, and T. R. B. Rajaa, Minister for Industries, Government of Tamil Nadu, graced the groundbreaking ceremony along with other senior government officials. “VinFast’s groundbreaking ceremony for its plant in Thoothukudi is a significant stride towards a zero-emission transportation future, setting the stage for economic growth, innovation, and environmental sustainability in the region,” said Pham Sanh Chau, CEO, VinFast India. T. R. B. Rajaa highlighted the positive impact of VinFast’s entry into India on the state’s industrial landscape. “VinFast’s entry into India reaffirms Tamil Nadu’s progressive industrial policies and its role as a global automotive innovation and manufacturing hub,” said he. India plays a crucial role in VinFast’s global expansion strategy, with the Indian market being a key focus. The new facility in Tamil Nadu complements VinFast’s existing manufacturing complex in Vietnam and future plants planned in the U.S. and Indonesia, establishing a robust global manufacturing ecosystem. 

“India is one of the toughest markets out there; they are so demanding and do not pay for anything. If we can succeed here, we can succeed anywhere else,” Dara Khosrowshahi, CEO, Uber said during a chat with Infosys co-founder Nandan Nilekani in Bengaluru. But the company plans to expand its low-cost service segments – two-wheeler and three-wheeler services in India, he said. “One of the strategic single biggest opportunity is lower cost products like two-wheeler and three-wheeler... We are also getting into bus in some countries,” Khosrowshahi said. The ride hailing company had to make some difficult decisions, including layoffs. “We were much focussed on consumers and we took drivers for granted but post-pandemic we had to focus on our drivers. So, we changed and offered them more incentives.” Uber posted its first annual net profit last year with a free cash flow of $3.4 billion in 2023, up from $390 million a year ago while Uber India reported a consolidated revenue of R2,666 crore in FY23 – an increase of 74 per cent compared to the previous fiscal, it said. At the time, the ride-hailing company said that it expects gross bookings growth in the mid to high teens percentage. 

Financial inclusion is a widely talked about term in the Indian banking world. Simply put, it is all about providing accessibility sans any discrimination. Well, Dvara KGFS is on a mission mode. Incorporated in August 2008 by Dvara Trust, a private trust, it is determined “to ensure that every individual and every enterprise has complete access to financial services.” It seeks to achieve this through a unique branch-based business model called Kshetriya Gramin Financial Services (KGFS). Dvara has assets under management over R2,000 crore. It has just raised $27 million in debt funds. “The funds raised will enable us to expand our reach and impact, driving financial inclusion in rural India,” says LVLN Murty, Managing Director and CEO, Dvara KGFS. The company secured $20 million in the form of External Commercial Borrowings (ECB) from Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V (FMO), a Dutch entrepreneurial development bank, and raised $7 million from Enabling Qapital Luxembourg SA, a leading Impact Investment Advisory Company dedicated to achieving financial and social returns. The presence in the foreign debt market unlocks access to lower-cost debt and ensures a sustainable growth path for Dvara KGFS. Well, it is now well positioned to support microfinance and micro-business loans for customers in regions with limited access to formal credit channels. Dvara is keen to play an impacting role in the lives of underserved individuals in rural India. u

Reo.Dev, a revenue intelligence firm for developer-focused GTM, has successfully raised $1.2 million in pre-seed funding, with India Quotient leading the investment round. The funding round saw participation from notable angel investors within the developer infrastructure industry, including Adam Frankl, ex-VP marketing at JFrog and Sourcegraph, Savin Goyal of Netflix and Outerbounds, and Shraddha Gupta of Hasura. Reo.Dev is building an AI-powered marketing stack which is a pioneering product designed to empower tech companies, where developers play a pivotal role in product purchase decisions, by leveraging AI to analyze developer intent signals sourced from millions of open-source, public, and first-party data. Achintya Gupta, Co-founder and CEO, Reo.Dev, highlighted the shifting landscape of sales processes, stating, “The sales processes for new age tech companies are changing. Historically, there was just the business buyer who was a key decision maker. But now there is an additional, increasingly influential buyer - the developer or the tech user. We feel the sales tooling for this changed GTM motion will be fundamentally different and we are building for that.” Anand Lunia, General Partner at India Quotient, expressed confidence in Reo.Dev’s potential, stating, “Developers are driving the next trillion dollar infra and AI wave. We have seen changing buyer behaviour always calls for new sales software and we felt Reo.Dev will be the right team to build this”. 

Tamara Leisure Experiences, a hospitality brand, has announced its expansion plans and sustainability initiatives as part of its commitment to responsible tourism. Focusing on spiritual tourism, the company is introducing its budget-friendly hotel – Lilac – in various religious destinations across South India. The latest addition is the unveiling of Lilac Hotel in Guruvayur, marking the group’s third launch in Kerala. The company had recently signed an MoU worth R250 crore with the Kerala government for their upcoming properties in Kerala. The group has expanded its portfolio, introducing a diverse range of upscale and leisure properties across South India. These include O by Tamara Coimbatore, O by Tamara Thiruvananthapuram, leisure resorts like The Tamara Coorg and The Tamara Kodai, Amal Tamara, a NABH-certified Ayurvedic hospital and two Lilac hotels in Bengaluru. With eight currently operational properties, Tamara Leisure Experiences has two upcoming projects in Kumbakonam and Velankanni in Tamil Nadu as well as Kannur and Alappuzha in Kerala. The group looks forward to its North India expansion, with Bodh Gaya marked as a significant destination, said Shruti Shibulal, CEO and Director, Tamara Leisure Experiences. “This marks our third venture in Kerala, a state that holds immense personal significance to me and remains strategically important to Tamara’s long-term vision,” she said. 

Schneider Electric plans to invest R3,200 crore in expanding its industrial footprint in India by 2026, Michael Lotfy Gierges, executive vice president of global home & distribution division, Schneider Electric said. These investments are spread over Gujarat, Telangana, Karnataka, West Bengal, Odisha, Tamil Nadu, Maharashtra, Himachal Pradesh and Uttarakhand. Currently, India is one of the company’s four global hubs and the third largest market. “At Schneider Electric, our goal is to enhance customer support, accelerate their energy transition, and facilitate electrification efforts,” Gierges added. As the Indian economy continues its steady growth, Gierges said that Schneider Electric is committed to growing alongside the nation. The company also aims to add 6,500 employees to the current employee base of more than 37,000 employees by 2026. “Twenty per cent expansion is planned for the workforce in India over the next three years,” said Gierges. The government’s ‘India for India’ and ‘India for Global’ strategy align well with our objectives at Schneider Electric. “Our focus extends beyond talent development to increasing our R&D capabilities,” he said. The company plans to expand its manufacturing footprint by over 1 million square feet. 

Starkey, a global leader in hearing technology announced the launch of its revolutionary Genesis AI hearing aids in India. According to the World Health Organization, approximately 63 million people in India suffer from significant auditory impairment. Moreover, with India’s aging population projected to double by 2050 surpassing the number of children, the prevalence of hearing impairment is expected to rise, underscoring the importance of proactive measures to address this pressing health issue. Brandon Sawalich, President and CEO, who was here recently said, “We are excited to introduce Genesis AI to patients and hearing care professionals in India. With Genesis AI, we have greatly expanded the capabilities of hearing aids beyond expectations. It is the largest leap forward ever in hearing technology, transforming hearing aids from single-function listening enhancement devices into discreet, multipurpose health and communication tools. The new technology is already changing lives in the US, Canada, Europe, Australia, and New Zealand and now we are very excited about its launch in India.” Starkey’s Genesis AI represents a quantum leap in hearing aid technology, offering unparalleled sound clarity, advanced health-tracking capabilities, and a personalised user experience. The key features include a long-lasting rechargeable battery, health tracking sensors, enhanced sound processing with Edge Mode+, ergonomic design, and comfortable fit.