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Snitch Records Massive Revenue Growth, Aims to Double Earnings Next Fiscal Year

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Snitch, a fast-growing direct-to-consumer men’s apparel brand in India, has reported a remarkable 250% increase in revenue from INR 44 crore to INR 120 crore in FY 22-23. The company aims to double it to INR 240 crore in FY 23-24. Snitch attributes its exponential growth to its world-class trends, unique designs, sustainable styles, and rapid expansion to different categories, including men’s jewellery and fragrances. The company boasts over one million orders and a 1.5 million download rate for its customer-friendly mobile app. Snitch is also in the process of expanding its operations to the offline retail market with the launch of its first exclusive brand outlet (EBO) in Bengaluru by July 2023. Furthermore, it has doubled its employee base in the last financial year and is looking to expand further from the current 100 employees to 180 by FY 2023-24. The company’s founder and CEO, Siddharth R Dungarwal, expressed confidence in the brand’s growth potential in the coming years.

Snitch has already established a strong presence in the industry, thanks to its appearance on Shark Tank India, where it secured a ₹1.5 crore investment for 1.5% equity from all five judges. The sharks included industry leaders such as Anupam Mittal, Founder-CEO of Shaadi.com – People Group; Aman Gupta, Co-Founder-CMO of boAt; Namita Thapar, Executive Director of Emcure Pharmaceuticals; Vineeta Singh, Co-Founder-CEO of SUGAR Cosmetics; Peyush Bansal, Founder-CEO of Lenskart and Amit Jain, Co-Founder-CEO of CarDekho Group and InsuranceDekho.

Snitch’s achievement in the Indian market shows how a company can soar high if they offer innovative and quality products coupled with sustainable and customer-friendly initiatives.

Max Life and Axis Bank mark 13-year Bancassurance alliance

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Max Life Insurance and Axis Bank have successfully completed their 13-year bancassurance partnership, which has provided life insurance solutions to over 2.5 million customers with total assured sums of INR 3,81,900 crores. The companies aim to continue strengthening this partnership, increasing their distribution network, leveraging the latest technology and offering innovative products to meet customers’ needs. Both Max Life and Axis Bank share values of customer obsession and collaboration that have enabled them to strengthen their alliance over the past decade. With the acquisition of a 12.99 percent equity stake in Max Life by Axis Group, both companies are committed to deepening insurance penetration in India. The ultimate goal is to position themselves as top leaders in the Indian life insurance sector and provide value to all stakeholders.

Max Life Insurance Co. Ltd. is an India-based life insurance company that offers a comprehensive suite of services and solutions to its customers. Founded in 2000, Max Life Insurance collaborates with Axis Bank to provide their customers with innovative life insurance products to secure their financial futures.

V. Viswanand is the Deputy Managing Director of Max Life Insurance and has been with the company since 2004. His expertise has helped shape Max Life Insurance into a top leader in the Indian life insurance sector. With over 24 years of experience in the insurance sector, V. Viswanand is well-regarded for his deep industry insights and his ability to deliver strong value to all stakeholders.

Magellanic Cloud Reports Positive Results for 2022-23 End-Year Quarters

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Magellanic Cloud has reported positive financial results for the year ending 2022-23. The technology company’s revenue from operations increased by 37.23% to INR387.50 crores, while profits before tax rose by 774.10% to INR24.30 crores, and profit after tax increased by 151.61% to INR74.10 crores. Magellanic Cloud’s specific segments, including IT solutions, human capital, E-surveillance, and drone manufacturing, have resulted in the growth due to recent acquisitions of iVIS International Private Limited, Provigil Surveillance Limited, and Scandron Private Limited, allowing the company to become a leader in the video-based E-Surveillance and Drone sectors with cutting edge technology. The company expects significant growth in the drone segment due to government initiatives, such as the National Logistics Policy and Kisan Drone Shakti. In addition, Magellanic Cloud’s partnership with CriticaLog India allows the company to serve B2B logistics markets by providing advanced drone solutions. The company is pleased with its progress and looks forward to future growth and success.

CEO of Magellanic Cloud, Joseph Sudheer Reddy Thumma, expressed excitement about the company’s recent progress over the past year. He noted that the acquisition of various companies allowed the company to become leaders in the E-Surveillance and Drone sectors, providing innovative technology that uses AI, ML, and cutting-edge drones. Sudheer Reddy Thumma believes that the company’s expertise in surveillance systems combined with advanced drones will allow Magellanic Cloud to expand into sectors such as defense, agriculture, pharma, e-commerce, real estate, and retail.

3i Infotech Aspirant in Everest Group’s Application Automation Services Assessment 2023

Editorial Staff
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Global information technology company 3i Infotech has been named an Aspirant by research firm Everest Group in its recent assessment of application automation services providers. The assessment was based on Everest Group’s annual RFI process for FY23-24, industry analysis and customer reference checks. The report highlighted 3i Infotech’s meaningful solutions and potential to build comprehensive service portfolios, driving a keen focus on market impact, and vision and capability of its cutting-edge solutions to help industries seamlessly in their automation and transformation processes. Thompson P. Gnanam, Managing Director and Global CEO of 3i Infotech, was pleased with the win, noting the company’s commitment to building a diverse portfolio, investing in leading technology providers, and enhancing partnerships.

Students from Aspirational Districts Excel in JEE Mains 2023 with BYJU’S and NITI Aayog’s Career Plus Program

Editorial Staff
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Twenty-three students from India’s aspirational districts have secured impressive percentile scores in the highly competitive JEE Mains 2023, thanks to BYJU’S Career Plus Program (CPP) and NITI Aayog’s collaboration. Out of 63 CPP aspirants, eight students scored above 80 percentile through BYJU’S high-quality tech-driven learning programs for free, along with the support of BYJU’S Education for All fellows. The National Testing Agency announced the results on April 29. Since 2021, the BYJU’S Career Plus Program supported numerous students from socio-economic weaker sections through free tech-driven learning programs across 112 aspirational districts.

BYJU’S is an Indian edtech company that develops and provides online education and learning programs for school students and competitive examination preparation.

Shubham Gupta, a CPP student from Moga, Punjab, achieved an overall 96.40 percentile in JEE Mains 2023. He credited the constant support and guidance from BYJU’S, coupled with his dedication and hard work, and his mentor’s personalized attention and high-quality study materials for his success.

70 Surfers to Compete in Four Categories at Indian Open Surfing Championships from June 1

Editorial Staff
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The Indian Open of Surfing, organized by the Surfing Federation of India and the Mantra Surf Club, will feature 70 surfers from across the country competing in four different categories from June 1 to June 3 at the Sasihithlu beach in Mangalore. The contest is expected to be tough, with the top seven out of the 10 best surfers in India taking part. The event is recognized by the International Surfing Federation and serves as a platform for Indian surfers to sharpen their skills and showcase their talents internationally.

The Surfing Federation of India is a governing body for surfing in India. Mantra Surf Club is a grassroots organization that has contributed to the development of surfing in India.

Surfers expected to compete in the Indian Open of Surfing 2021 include Sathish Sarvanan, Ruban V, Srikanth D, Surya P, Sanjaikumar S, Manikandan Desappan and Nithishvarun T. Shrishti Selvam, Sinchana D Gowda (Mangalore Surf Club) and Sugar Shanti Banarse are expected to be among the top female competitors.

Steps:
1. Follow the Surfing Federation of India and Mantra Surf Club for updates on future surfing events in India.
2. Consider attending the Indian Open of Surfing to experience the excitement of the competition firsthand.
3. Support surfers in India by spreading awareness about the sport and its development in the country.
4. Learn more about the history and culture of Indian surfing to gain a deeper appreciation for the sport and its place in India.

Five Iron Golf brings innovative virtual golf experience to Greater Noida with first venue in India

Editorial Staff
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Five Iron Golf brings innovative virtual golf experience to Greater Noida with first venue in India

Five Iron Golf has announced the opening of their location in The Grand Venice Mall in Greater Noida, India. Offering an innovative indoor golfing experience for enthusiasts of all skill levels, Five Iron Golf India aims to make golf accessible to all ages through a unique and immersive virtual golf experience. Equipped with state-of-the-art Trackman technology, the golf simulation enables players to experience famous virtual courses from around the world from the comfort of an indoor setting. In addition to the cutting-edge golfing experience, Five Iron Golf India offers a selection of delicious food and beverages to complement the immersive environment. To celebrate its opening, Five Iron Golf India will be running special promotions for visitors at their grand opening on June 2nd, 2023.

Five Iron Golf is a leading name in the indoor golf industry, providing state-of-the-art golf simulators, and an inviting atmosphere for golf enthusiasts of all ages. With over 30 studios in the USA and Singapore, Five Iron Golf aims to make the sport accessible, enjoyable, and rewarding for everyone.

Manesh Patel, CEO of Five Iron Golf India, believes the company is changing the way people see golf by making it more accessible, entertaining, and rewarding than ever before. With a mission to provide a fun-filled environment that maximizes personal enjoyment and free time, Five Iron Golf India welcomes everyone to join their journey of celebrating the joy of golfing.

Overall, Five Iron Golf India is an excellent destination for anyone who has an interest in virtual golf or for those who want to improve their golfing skills. As one of the pioneers in the indoor golf industry, Five Iron Golf India provides cutting-edge technology, inclusive gateways to golf courses worldwide, and a welcoming atmosphere for all golf lovers at their studio.

Akamai Enhances Partner Program with More Rewards and Streamlined Processes

Editorial Staff
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Akamai Technologies, a cloud company that powers and protects life online, has announced significant enhancements to their Partner Program designed to support channel partners’ growth, while simplifying the partner experience. The program will offer new pricing discounts, streamlined partner onboarding, and deal management, making it easier to access information and register opportunities. Additionally, partner content assets will be more actionable, with simplified categorization that is easier to navigate. The company will roll out a series of improvements to the partner portal over the coming months, including new opportunities to manage and register businesses, making quarterly business reviews even more effective and efficient. With these enhancements, Akamai aims to strengthen the role of channel partners, solidifying their position as the go-to partner in India.

Paul Joseph, EVP, Global Sales and Services at Akamai, has said that their channel partners are essential to their continued growth, and the enhancements to the Partner Program recognize the strong joint value that customers realize from their integrated offerings.

Jagadish Prabhakar, the Director of Sales at ITecSys Technologies Pvt Ltd, has praised the upgrades to the Partner Program, which he believes will generate new revenue streams and support offerings, delivering high value with Akamai’s industry-leading delivery, security, and cloud computing solutions.

The Senior Director of Products and Services at NTT India, Rishikesh Kamat, has highlighted the benefits of the new Partner Program for customers through improved customer experience, faster turnaround, access to experts, and price points.

Delhi High Court Orders CBI to Arrest Self-Proclaimed Guru in Sexual Exploitation Case

Editorial Staff
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The Delhi High Court has directed the Central Bureau of Investigation (CBI) to arrest self-styled godman Virendra Dev Dixit, who heads an ashram in Rohini, on charges of sexual exploitation. Dixit has been on the run and is designated as a proclaimed offender. The court also ordered the CBI to investigate the living conditions of women at the ashram and the funds being disbursed for payments towards rent. It has stressed on investigating any violation of religious institutions’ prevention of misuse act. Previously, a significant number of videos pertaining to the case had been uploaded by Dixit or his supporters to different social media channels.

Self-styled godman Virendra Dev Dixit is the head of an ashram in Rohini. He is currently on the run and has been designated as a proclaimed offender in a case of sexual exploitation.

The Central Bureau of Investigation (CBI) is carrying out an investigation into Dixit’s sexual exploitation case, where he is allegedly involved in exploitation of women living in his ashram. The court has directed the CBI to arrest Dixit and investigate the living conditions of women at the ashram and the funds being disbursed for payments towards rent. It has stressed investigating if any violation of religious institutions’ prevention of misuse act.

The ashram in question is connected to several properties throughout the country, and the respective authorities will be under an obligation to inquire whether the provisions of the act are being violated or not. Dixit or his supporters have uploaded a significant number of videos to different social media channels related to the case since March 2018.

Market Analysis of Fish Sauce: Size, Share, Growth Drivers, Segments, and Profits from 2023 to 2028

Editorial Staff
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Fish Sauce Market Size, Share, Growth Drivers, Segments, Profits & Analysis, 2023-2028: The Insight Partners has released a report on the fish sauce market, which is commonly used as a spice and table element and has become a standard in various regions of the world. The global fish sauce market is expected to experience growth due to the increase in non-vegetarian eaters, the availability of traditional fish sauces in various packages, flavors, and prices to cater to different tastes globally. Additionally, the nutritional value of fish and fish sauces is beneficial to human health. However, the market’s expansion is hampered by the availability of low-cost substitutes, high manufacturing costs, and health issues such as allergies caused by fish intake. The report provides insights on trends, market share, market size, market value, and trading volume, as well as a comprehensive analysis of COVID-19 infections and how it has impacted market growth. The report also evaluates the market dynamics affecting the market during the forecast period, including drivers, restraints, opportunities, and future trends. The report predicts the influence of different industry aspects on the fish sauce market segments and regions. The report currently provides detailed insights on trading volume, along with recent collaborations, mergers, acquisitions, and partnerships, as well as regulatory frameworks across different regions that impact market trajectory.

Company Information: The Insight Partners is a provider of actionable intelligence for industries, specializing in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Person Information: N/A

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