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Business Wire India - Multimedia: Digest for February 01, 2023

Business Wire India - Multimedia

Multimedia By Business Wire India
Business Wire India

  • Mitgo will take ownership of all solutions and services in the MarTech, FinTech, Smart Shopping, and IT-driven Startup Incubation sectors
  • Admitad will continue to focus on being a global Performance Marketing platform and IT solutions provider
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Since its founding in 2009 and its launch of India operations in 2015, Admitad has become a Global Partner Network and leader in the partnership marketing industry. In 2022, its services and platforms generated more than 130 million orders for 35,000 brands and online merchants and monetized the audiences of more than 100,000 publishers.
 
The past five years have seen a period of strong growth and accelerated acquisition, with the company having spent more than $30 million in the acquiring, investing in, and launching of various new projects and businesses.
 
With many of these new enterprises falling outside of Admitad's natural marketing environment, a company restructuring was due.
 
The launch of Mitgo, the new parent holding company for the Admitad business group, aims to simplify the current company structure, allowing Admitad and its assets the freedom to develop independently, grow in different directions, and to create new outposts in emerging industries.
 
Alexander Bachmann, CEO, founder, and sole owner of Admitad, will step in as CEO of Mitgo. He states that the move reflects the fact that the company is now much broader in scope than ever before.
 
"The worldwide economy is changing rapidly. By developing its own products and investing in promising new projects, Mitgo will make a major contribution to the development of industries such as eCommerce, AdTech, and MarTech. An innovation-focused approach is the very backbone of Mitgo's business operation. This new company structure will allow us even more freedom to launch ventures, acquire, invest - and attract investment", states Bachmann.
 
As a multinational holding company with assets in the MarTech, FinTech, and IT innovation fields, Mitgo plans to play a big role in the future shaping of these industries.
 
This move will allow Mitgo to tap into new, upcoming fields. Fields such as EdTech - where their Univibes service helps students to choose, apply to and win international university scholarships, and Smart Shopping with their CheckRewards solution.
 
Mitgo will also act as a global startup incubator for founders and co-founders, and an investor and entrepreneur network, supporting, developing, promising new businesses, and actively contributing to the startup ecosystem of India. One of its main priorities is to attract strong project founders, active co-investors, and new team members in focus regions.
 
"We are thrilled to announce the launch of our parent company, Mitgo, which marks a significant milestone in our journey to provide innovative and cutting-edge solutions to businesses and organizations. Businesses, investors, and entrepreneurs will benefit from Mitgo's launch in India by gaining access to an entrepreneur and investment hub that is interested in investing in upcoming projects. Additionally, they will have wider access to the products and services offered by Mitgo's group of businesses, allowing them to tap into new markets and opportunities." States Neha Kulwal, Managing Director Mitgo APAC.
 
With Admitad's strong client base in India comprising Flipkart, Croma, AJIO, boAt, Myntra, Samsung, Times of India, Kotak, mCaffeine, etc, the launch of Mitgo will further strengthen the performance of brands giving them wider access to a host of innovative products and services as well as attract new brands to be a part of Mitgo's growing ecosystem.
 
Admitad will remain one of Mitgo's core businesses, with a continued focus on being a global performance marketing platform and IT solutions provider. The company will launch a number of new innovative products in 2023.
 
Businesses within the Mitgo family (100% stake) focus on native advertising (TakeAds), coupon and voucher advertising solutions (FairSavings), influencer marketing solutions (ConvertSocial), EdTech market (Univibes), and affiliate and referral tracking solutions (Tapfiliate). Businesses within the extended family (partial stake) include Letyshops, Sarafan, Booknet, and Manganum. Several of these offerings were created within Mitgo's own startup studio and accelerator.

With offices in 10+ countries and team of more than 700 professionals specializing in different regions - from LATAM to APAC (including an office in Gurugram, India) - Mitgo offers a complete infrastructure of long-standing local business relationships in leading economies around the world.
 
Brands under the Mitgo umbrella will benefit from full access to the complete spectrum of growth options, experience, and financial support that its parent company can provide.
 
Mitgo's mission is to create, launch and scale new businesses through investment and acquisition. To this end, the company plans to make further investments of between $75-$100 million by 2025.
Business Wire India

  • Hindustan Zinc is the first company among its peers to join the EV revolution, steadily switching to electric vehicles for its underground operations
  • The company will invest USD 1 billion for converting all diesel-run 900 odd mining vehicles to battery operated ones
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In a first-of-its-kind initiative in the Indian mining sector, Hindustan Zinc, a Vedanta group company, has introduced Normet Agitator SmartDrive EV, into its underground mining operations. The company will soon expand its BEV fleet with Normet's Explosive Charger (CHARMEC MC 605 V SD) and Concrete Sprayer (SPRAYMEC MF 050 VC SD). Hindustan Zinc is the first company among its peers to join the EV revolution, steadily switching to electric vehicles for its underground operations. The company has set a target of converting all diesel-run 900-odd mining vehicles into battery operated ones over the next five years and has earmarked an investment of over USD 1 billion for the same.
 
Hindustan Zinc, together with the Finnish technology company Normet Group Oy, has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonize and improve environmental sustainability in the mining industry. Each of the Normet SmartDrive EVs are based on a modular Battery Electric Vehicle (BEV) architecture that is designed to optimise energy consumption and performance in underground mining, including tunnelling applications. The SmartDrive EVs enable higher productivity, lower operating costs, and, most importantly, zero emissions. The BEVs have been inducted at the company's Sindesar Khurd (SK) Mine which is a world class silver-rich mine with state-of-the-art infrastructure facilities and best-in-class mechanisation.
 
Commenting on the induction of the EVs, Mr Arun Misra, CEO, Hindustan Zinc, said, "Our aim at Hindustan Zinc is to revolutionise underground mining, boost productivity, raise underground safety standards, and provide sustainable operations solutions. Thanks to our unwavering commitment to environmentally sustainable business and net zero emissions, we've always focused on innovative and environmentally friendly solutions. I believe the introduction of battery-electric vehicles in Hindustan Zinc's underground mining operations will revolutionise the sector and mark a great step forward for India in terms of responsible mining."
 
Speaking on the occasion, Mr Subhasis Mohanty, Managing Director, Normet India, said, "We are pleased to partner with Hindustan Zinc to solidify our ESG commitment, by bringing into reality the first of our fleet of Normet SmartDrive ® BEVs in HZL underground mines. Our association has been valuable to drive common goals on sustainability and decarbonisation in the Indian mining sector, driving transformation in the underground space and building long-term value for all our stakeholders."
 
Hindustan Zinc will gain considerable benefits from the adoption of Normet SmartDrive EVs, including significant HSD savings and vehicle maintenance. These SmartDrive electric vehicles are powered by 90kWH lithium-ion batteries and come equipped with myriad advanced technologies such as energy recuperation technology, hydraulic dual-circuit oil-immersed brakes to provide additional braking power, etc. The vehicles also have the advantage of zero-emission in the operating environments, considerable noise and vibration reduction associated with equipment. In addition to that, BEVs comes with high-efficiency driveline and consumes less kWh/ km compared to diesel ones.
 
Hindustan Zinc is a pioneer in the sector, continually deploying transformational and sustainable technologies in pursuit of sustainable mining. The introduction of the EVs serves as yet another decisive step for its sustainable and smart operations goals. Hindustan Zinc's abiding commitment to sustainability and environmental-friendly solutions, then, puts it on the path to achieve its Sustainable Development Goal (SGD) of achieving a 0.5mn tCO2e reduction by 2025.
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