An online marketplace for buying and selling of automobiles, Droom, tied up with Mahindra’s AutoInspekt services which will enable inspection of automobiles for the buyers and sellers. Droom has also licensed their pricing engine; Indian Blue Book (IBB) that is one of the most comprehensive and reliable used car-pricing guides in the country.Rishab Malik, Co-founder & VP of Business Development, Droom, said, “Having AutoInspekt conduct inspections for our cars and two-wheelers and providing transparency on pricing allows us to build more trust for buyers and sellers at Droom.”This partnership is aim to ensure another security checkpoint for automobiles listed on Droom. One of the most professional and comprehensive auto inspection and grading programs available till date, Mahindra’s AutoInspekt will perform auto inspection for used cars and two wheelers on behalf of Droom, thus validating every sale/purchase made through the platform.B. Ganeshkumar, Senior Vice President, Mahindra First Choice Wheels said "We are looking forward to working with Droom to enable their transactions pan-India and support their innovation agenda"The new alliance is a Pan-India agreement and covers the entire network of Mahindra. It entitles all vehicles listed on Droom to an independent and professional inspection report. It also allows Droom to tap into lakhs of transactional data from Mahindra First Choice that comes to them via India Blue Book, helping them to create pricing advantage for buyers.
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MobiKwik, mobile payments network company, on Monday (13 July) has entered into a partnership with Uber India which has re-introduced card payments for Indian users.This partnership will enable Uber to use MobiKwik payment gateway for powering their new credit and debit card payments from customers.The MobiKwik payment solution enhances user experience while they pay on Uber as they need not use the existing payment option Paytm which was often reported as cumbersome leading to customer dissatisfaction.Users just need to tap on the credit card option, add their credit or debit card details and make a fully secure two-factor authenticated (2FA) payment powered by MobiKwik. The new MobiKwik card payment service has been live for all Android users for more than a week whilst iOS users will get the feature via an update in the coming weeks.To give context, last year the Reserve Bank of India had made it mandatory for all taxi companies to follow the two-factor authentication (2FA) for payments whenever the card is not presented physically. This is Uber abiding by the RBI and showing its commitment towards the Indian market.(Reuters)
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If a significant amount of vacant homes in a city is held by investors focused only on capital appreciation, the state government can step in and enforce laws to release such supply onto the rental market, says Arvind JainVacant homes across our cities are causing a big stir now - and for good reason. In a country which has not been able to meet the housing needs of the largest part of its population, a massive number of flats standing empty comes across an an abberation. The reasoning behind the outrage seems sound. Many Indians cannot yet afford to buy their own homes; these vacant flats should at least be rented out by their owners so that more of the population can find homes within their means.However, all may not be as it seems at first sight. Homes can be unoccupied for various reasons. For instance, they could be in projects which are complete but stalled because they are been found to be legally non-compliant by the local authorities. In such projects, many of the flats may be ready and also bought up, but they are not legally fit for occupation by anyone.Many homes that are lying vacant today have been purchased by NRIs who are currently stationed abroad and intend to occupy them on their return to India. They are not interested in renting them out in the interim, because they are worried about not being able to vacate the flat when they need it themselves. In many other cases, unoccupied homes belong to investors who are looking solely at capital appreciation and are not looking at renting them out for the same reason.In yet other cases, projects may be lying vacant because the areas they are in lack water supply, electricity, connectivity or other forms of support infrastructure. In other words, they are unoccupiable - their owners did not do the necessary due diligence and believed unreliable developers who told them that the necessary infrastructure is on the way.If units in a project are lying vacant because the project is complete but stalled, the developer must get the project approved at all levels so that it becomes marketable. If a significant amount of vacant homes in a city is held by investors focused only on capital appreciation, the state government can step in and enforce laws to release such supply onto the rental market. Instances where a project is vacant because the locality lacks the necessary utilities or support infrastructure are trickier. He is clearly at fault for launching and marketing his project in such an area in the first place, but there is not much he can do on his own without support from the local municipality.The author is managing dirtector at Pride Group
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Relationship marketing is emerging as the core marketing activity for businesses operating in competitive environments. Though considered an expensive tool for firms practicing mass marketing, CRM has benefitted many organisations to retain their customers. India is no exception to this. Over the years many CRM firms have evolved in the domestic economy. Raj Mruthyunjayappa, MD-APAC and EMEA, Talisma, one of the leading CRM firm in the country talks to BW|Businessworld's Arshad Khan about the growing demand of CRM in the BSFI sector, latest trends and more.
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A change is in the air after almost 70 years as far as rental market is concerned. With the Draft Model Tenancy Act 2015, more of India's budget-strong families can expect to have a roof over their heads at a cost that is affordable, and to live with dignity, says Ashwinder Raj SinghThe NDA government has finally started moving on the Draft Model Tenancy Act 2015. The previous UPA government initiated it almost four years back, but did not complete the process. Housing is a major problem in India, and this Act looks forward to making an impact on it in the most constructive manner.The Draft Model Tenancy Act, 2015 is an improvement on its obsolete predecessor, the Rent Control Act, 1948. The latest draft will make things much easier for the landlords who were short-changed by the previous law. The Rent Control Act was applicable only to tenancy of more than 12 months, had put a cap on rent and made it extremely difficult to evict a tenant who did not pay the revised rents despite living in the same premises for years. The new draft, on the other hand, will ensure that landlords are able to charge market rates for their residential or commercial properties, get the rents revised periodically and also get their premises vacated easily without getting into the long-drawn legal proceedings.What is Draft Model Tenancy Act, 2015 responding to?There was a need to unlock the greater potential of the housing sector. Property owners were sceptical about giving their house on rent, and most of them avoided it out of the fear that tenant will never vacate their property. With these changes, house owners can relax and a huge number of properties lying vacant can be used to not only generate additional income for them, but also solve the housing problem of millions.Who will benefit from the new Act?Apart from the benefits to landlords, the new draft Act also works well for tenants. As per the draft, rent ceiling will be fixed in consultation with the state government to avoid arbitrary hikes. Besides this, landlords won’t be able to evict tenant as per their whims and fancies, as there will be a written agreement. Also, the security deposit charged from the tenant will be capped at three times the monthly rent, which is currently charged more or less on an ad hoc basis. Another plus point for tenants is that they can claim a reduction in rent if the quality of services available to them deteriorates in any way. In short, it’s a win-win situation for both house owners and tenants if they play by the rule book.Will the new Act succeed where the previous one failed?Yes, it will. The new Act safeguards the interests of both the parties in a special court of law, so there is no reason to believe that it will fail to have an impact. Landlords can expect rent that their property deserve and tenants will be saved from unexpected rental raise and surprise evictions. The only thing to be considered here is the implementation of the Act in its right spirit.The purpose of this Act is to help unlock the pent-up potential lying in the housing segment. While the UPA government's avowed intention of constructing houses for millions will take a lot of time and regulatory approvals, unlocking the doors of houses already built but not utilized is a faster and comparatively easier process of addressing the goal of Housing For All.Will there be an immediate impact?The expected change - meaning the increased willingness for property owners to rent out their properties - might not happen overnight. House owners will first like to test the waters. However, with a long-term view, house owners have everything to gain by letting out their property without having to worry about seeing them vacated. A lot will depend on the execution of the rules mentioned in Act to help landlord raise rents and get trouble-making tenants evicted.State-Level Applicability Of The ActSince land is a subject of state, this Act is not binding on the states and therefore is called a draft. It is left on the states to decide whether to accept it or not. Given the vote-bank scenario, most state governments might not adopt this draft, but in the long run they would have to accept it since it is beneficial for tenants in a big way. Presently, the rent laws in most states have become archaic and are not serving the purpose of the current day and age. Additionally, lots of tenants have to undergo the harrowing experience of either giving in to arbitrary rent hikes or face eviction. This Act can help bring transparency as well as ease of doing business for both the parties involved.A change is in the air after almost 70 years as far as rental market is concerned. With the Draft Model Tenancy Act 2015, more of India's budget-strong families can expect to have a roof over their heads at a cost that is affordable, and to live with dignity. The sooner the respective state governments adopt the new Rental Act, the sooner they will be able to reap the benefits.Tha author is CEO - Residential Services at JLL India
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Vedanta Limited, which has managed to retain 80 per cent of its earlier mining capacity in Goa after state government's renewal of the leases, is now looking to regain the lost market share, a senior official said."Since mining activities were shut in Goa, several new Australian mines were started and others expanded substantially. This means we will need to fight hard to regain lost market share. We are hopeful that our strong Sesa Goa brand will prevail, but we will have to compete against a strong set of suppliers," Tom Albanese, chief executive officerof Vedanta Resources said in Goa.The company, which has decided to shift its registered office from Goa to Mumbai, is now keenly awaiting the restart of mining in Goa post the monsoon season by October."Majority of the approvals are in place and we are working to secure remaining approvals. Under the present cap of 20 million tonnes in Goa, we have been allocated an interim capacity of 5.5 mtpa of saleable ore in Goa," he said."It is a good start. We expect that in the days to come, we will be allowed to extract more given our innovative and sustainable mining solutions," Albanese added.The CEO said that the company has intense faith in the union and state government to clear the uncertainty over the industry."The NDA government at the Centre has been proactive in ensuring that the MMDR Act is passed and issues of the sector are resolved," he said."Although at a broader level, commodities are in a downcycle and we believe that as and when the investment cycle kickstarts, India's domestic markets will drive the demand. This will benefit ferrous and non-ferrous miners not only in India, but across the world," he said.The company faced bad times during last three years since the closure of the mining industry in the state."Over most part of the financial year (2014-15), activities in our iron ore assets in India have remained suspended as several statutory clearances were to be secured.During November-January period, mining leases in Goa were renewed. In Karnataka, mining activities resumed in February post renewal of our lease there and we have the permission to mine 2.29 mtpa of iron ore in the state," he said.The company which was the major player in iron ore extraction market in the state says that most of their mining leases have been renewed."These renewals give us access to 80 per cent of our assets in the state. As I mentioned earlier, this is a good start and I am confident that concerted efforts by the Centre-state and the industry will lead to a turnaround sooner than later," Albanese said."Things are looking up now on the policy and regulatory side and we expect that there will be a renewed interest in the sector. Stronger domestic consumption will boost our activities and hopefully generate more jobs, as mining is people intensive," the CEO said."Beginning last quarter, we started restructuring of our Goa business and we have initiated several cost optimisation measures as globally iron ore prices have collapsed and our production capacity has been curtailed to only one-third of original capacity," Albanese said when asked about retrenchment of workers."The measures are still being implemented. The company is monitoring the often changing iron ore export market across the globe. There has been a tectonic shift at the global stage."In 2012, industrial and construction activity in China drove global commodities demand. The rest of the advanced world was slowly coming out of a harsh recession. India although slowed down a bit, was fairly on path to rapid economic growth.Commodity driven large economies such as Australia, Russia and Brazil too were going strong," he said.He said that the task of regaining its market share is "challenging" amid depressed price scenario.Commodities prices are trading at around half the price, as compared to a year back due to oversupply in the market, he said. "It will take some time to recover and hence, the task to regain old market is very challenging. We are working on the options and are in touch with various buyers," he said.When asked about the future of Goa business, he said, "The iron ore mined in Goa has less than 58 per cent Fe content, which has does not have many industrial uses, particularly in India and hence, has no option but to export.""However, going by the market scenario, its difficult to predict at this moment how much share we can regain. The Government is doing all that is necessary to rejuvenate the sector which is evident from its reduction of export duty to 10 per cent from 30 per cent. Currently there is an existing inventory lying at ports in Goa. So its a step by step process and things can only improve hereon," he said.(PTI)
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At a time when e-commerce biggies like Myntra and Flipkart are going off Web to "app-only" stage, three-year-old Bangalore-based fashion e-commerce venture BreakbounceStreetwear is confident of being as successful in the "offline" marketplace as it is across e-commerce platforms. The company will be branching out into the traditional brick-and-mortar stores shortly. BreakbounceStreetwear is a casual fashion wear brand which will be present nationally across multi-brand outlets and trade partners from 2016 apart from maintaining its presence on the e-commerce websites. "Being available to our customers through the internet, as well as conventional physical retail set-ups, gives us greater reach. Certain customers prefer the convenience of online shopping while others like to physically verify what they are buying," says Sanjeev Mukhija, managing director at BreakbounceStreetwear. Makhija has been in the textiles industry, garment manufacture and garment imports business for over 17 years. BreakbounceStreetwear was launched in 2012 by partnering with leading e-commerce brands like Myntra, Flipkart, Jabong, Snapdeal and Amazon among others. The company claims to have raked in over Rs 35 crore in the last two-year period from online sales. In terms of sales per square-feet per day (SPSFD), the company says it now ranks as one of the top-five casual brands with the highest repeat purchases compared to several other brands which retail on a platform like Myntra. Additionally, it recorded one of the highest clicks-to-conversion ratios, as a fashion brand, on market-places like Flipkart. BreakbounceStreetwear’s product range includes t-shirts, shirts, jackets, hoodies, sweatshirts, chinos, denims, shorts, belts, headgear, wallets, bags and footwear. The brand seeks to balance high-end product finishing and affordable prices, to cater to quality and brand conscious young buyers. The company has identified this aggressive pricing strategy as a factor that places it at par with, if not beyond, other global fashion leaders who retail on the same Indian platforms. "Given the considerable increase in demand, and the fact that consumers are becoming more trend conscious, quality conscious, and experimental, this is the right time to expand our market presence,” says Makhija. The brand’s USP is its Dutch craftsmanship inspired street-wear aesthetic. The confidence of Makhija stems from the projected growth of the menswear market in India over next five years. The menswear market is expected to reach Rs 144,000 Crore mark by 2017. ashish.sinha@businessworld.in
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Africa's largest steel maker, ArcelorMittal South Africa, has asked the government to impose a 10 percent import duty on steel and in return it may offer shares to black empowerment partners, a newspaper reported on Sunday. Shares in the unit of the world's largest producer of steel are trading around their lowest levels in more than a decade and the company has said South Africa's high labour costs, poor rail infrastructure and slowing economy have forced it to consider cutting back operations and jobs. The Sunday Times newspaper reported that steel baron Lakshmi Mittal was in South Africa in June, where he briefed President Jacob Zuma's government on the challenges in the steel industry and asked for intervention to counter cheap Chinese imports. "Rome is burning, every single day the industry loses millions and it is really, really concerning," Paul O'Flaherty, the CEO of ArcelorMittal South Africa told the newspaper. He said the local economy "is dead, there is just no infrastructure spend". According to Thomson Reuters data, shares in the company have dropped over 60 percent in the last 12-months and 54.8 percent so far this year. ArcelorMittal South Africa has not made a profit in the past five years and in exchange for protection from steel imports, the newspaper reported that Mittal would be prepared to offer shares to black South African consortiums. "We are at a stage where the major shareholder understands that we need an ownership deal and we are putting plans in place to do one. However you need an industry that you can invest in," O'Flaherty said. ArcelorMittal is expected to decide by the end of July on the future of its Vandebijlpark operations, outside Johannesburg, its biggest loss-maker, which employs 4,500 workers. The company and government spokesmen could not be reached for comment. (Reuters)
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