Business Wire India - Multimedia: Digest for September 22, 2023

Business Wire India - Multimedia Multimedia By Business Wire India

Table of Contents Rural Fintech Navadhan Forays Into 4-New States Rustomjee Group Launches Premium 'Verdant Vistas' in Thane, Anticipates GDV of approximately INR 1750 Crores

Rural Fintech Navadhan Forays Into 4-New States Monday 26 August 2024 09:30 AM UTC+00 Business Wire India Navadhan is emerging as a unique Rural fintech platform focussed at under-banked MSMEs. In 2021, Navadhan launched its operations in Central Indian state of Madhya Pradesh where it has enrolled over 2 lakh rural-small-businesses (MSMEs) so far. Based on the success of the model, it has now announced its expansion in all 4 directions with foray into states of Rajasthan, Gujarat, Karnataka and Odisha.   Navadhan's lending model is being scaled-up with its collection efficiency attracting over 25 lenders on the platform – including MSME focussed NBFCs like Vivriti, UGro. It enjoys credit lines of over Rs.1,000cr across a mix of On-lending and Co-lending. The rising demand of Priority Sector Loans (PSL) for Banks is another tailwind for its growth besides its geographical diversification into new states.   Navadhan has so far raised USD 7mn from Prime Venture Partners, Varanium NexGen Fintech Fund, Anicut Capital, BOPA Asia and Gemba Capital. This funding has helped in building the Tech platform and in expanding geographical footprint.   Founded by industry veteran Nitin Agrawal, along with co-founders Vijay Haswani, Anirudh Ramakuru and Amit Biswal. This seasoned founding team comes with extensive experience in building large scale profitable business. "We have curated a proprietary underwriting model on our AceN tech platform. We have been de-risking traditionally inhibiting factors like agri-risk, entrepreneur-risk, limited banking records, limited income proofs. This ingenious approach leverages digital footprints and cashflow surrogates to assess Small Business and proprietor Household as an integrated unit," said Nitin Agrawal, Founder CEO of Navadhan.   Navadhan is building AceN tech platform, with fit-for-purpose Tech solutions addressing the challenges of serving the rural small businesses (MSMEs). It encapsulates the diversity of various regional nuances in India down to PIN code level. Traditional under-writing models apply one-size-fits all approach, instead, Navadhan's AceN tech platform uses hyper-local indicators to customise credit-underwriting to higher precision.   Nitin Agrawal also underlined, "We are leveraging technology to building credit-tools and predictive analytics backed by data sciences. The power of Navadhan's AceN tech platform lies not only in its API integration with lenders, but also in its seamless, paperless digital journey. With both technology and people on-ground, we generate priority sector assets. This is enabling financing in underserved markets. Our sharp focus on rural small businesses has helped us build a massively scalable model to leverage on a large and fast-growing market."   While most of the fintech lending focusses on the top-20% of the market which is digitally included and banked, Navadhan is targeting the rest of the 80% informal market. This space holds larger potential, especially with Rural India growing faster than Urban India. Over the last 18 years, the average monthly per capita consumption expenditure (MPCE) for rural households, has grown by 11.1% annualised rate, which is faster than Urban India as per Govt. of India's NSSO 78th round release. Further, Internet users in Rural areas has grown by 22% annually between 2017 to 2023 compared to 7% growth in Urban – mainly because of the base effect. Now, Rural has more Internet Users than Urban India (442mn over 378mn) as per IAMAI-Kantar 2023 report. Navadhan is harnessing this opportunity and participating in "new-wealth" creation emerging from Rural growth – and hence, deriving its name Navadhan.

Rustomjee Group Launches Premium 'Verdant Vistas' in Thane, Anticipates GDV of approximately INR 1750 Crores Monday 26 August 2024 12:42 PM UTC+00 Business Wire India Rustomjee Group, an esteemed real estate developer in Mumbai, announces the launch of 'Verdant Vistas', a luxury residential project located in the prime location of Thane, in partnership with Keppel. This premium property intends to redefine luxury living by integrating Thane's natural beauty with modern amenities. Rustomjee Group is expecting a positive response for this project similar to its premium projects at other upscale locations like Bandra, Prabhadevi, Juhu amongst others across Mumbai which will further strengthen its position as a real estate leader, inviting homebuyers to embrace a new standard of elegant living.   This launch marks Rustomjee's introduction of its luxury portfolio in Thane, completing its portfolio range in the region. With offerings ranging from Urbania for affordable homes, La Vie and La Familia for aspirational buyers, Rustomjee is now setting a new benchmark in the region with Verdant Vistas.   Verdant Vistas is inclusive of two buildings, Tower A with 176 flats and Tower B with 264 units ensuring a sense of community amidst natural beauty. Notably, the project addresses a gap in the market by offering spacious 4BHK apartments, seldom available in this region. The 3BHK units range from 1100 to 1300 sq. ft., while the 4BHK units range from 1750 to 2250 sq. ft., ensuring ample living space for residents. Each residence boasts expansive decks offering forever creek views along with providing additional outdoor living space. The project is equipped with 25+ luxurious amenities spread across 3 floors, including a swimming pool, gymnasium, amphitheatre, kids play area, club house, and senior citizen area, designed to enrich community interaction.   'Verdant Vistas' is designed to blend in with Thane's natural terrain, utilizing the hills, valleys, and its distinctive characteristics to create a serene living environment. The residential phase includes these natural components into the design of the homes whereas the commercial and multi-sports phases offer Ullas Creek, a dynamic water feature that enhances the surroundings. This thoughtful layout incorporates water as a connecting feature, symbolizing development and transformation throughout the environment intending to provide a peaceful and comfortable lifestyle.   Coen, a renowned landscape consultant from Singapore, has meticulously crafted the landscaping for 'Verdant Vistas'. Coen's philosophy aligns perfectly with Rustomjee's commitment to authenticity and thoughtfulness, ensuring that the project enhances its natural surroundings while offering residents a serene living environment through landscape architecture. Additionally, MOD architects offers idea-driven architecture and design expertise and Architect Hafeez Contractor, known for unique design concepts and bold execution, enriches the project with an added layer of luxury and comfort, further enhancing the living experience.   Located strategically in Thane, this project provides families with a perfect living space as it provides easy access to Mumbai's major social infrastructure. Residents of this sprawling 127-acre township enjoy close proximity to schools, retail areas, and community amenities, all of which are meant to improve convenience and quality of life. The project's location assures seamless connectivity to public transportation networks, making commuting easier for residents. Furthermore, the adjoining spiritual center enriches the community's cultural experience, increasing the project's appeal. By incorporating these aspects, this project hopes to create a peaceful and fulfilling environment that fosters family well-being and a harmonious lifestyle.   As part of the launch of Verdant Vistas, Rustomjee is pleased to introduce its state-of-the-art Customer Experience Center in Thane. This facility offers prospective buyers an immersive preview of the Verdant Vistas project's distinctive features and amenities. With personalized tours and expert guidance, visitors will have the opportunity to experience Rustomjee's commitment to excellence and innovation.   Mr. Boman Irani, Chairman & MD, Rustomjee Group said, "We are excited to announce the launch of our newest cluster, 'Verdant Vistas,' at Rustomjee Uptown Urbania. This project offers the luxury of space with larger apartments, large sundecks and verdant green views along with every conceivable amenity.   At Rustomjee, we believe in creating luxurious lifestyles centred around you. We use cutting-edge technology, innovative construction methods, and the finest materials to meet your needs. We are also committed to sustainability, ensuring that our development minimizes its carbon footprint through energy-efficient systems, high-performance windows, water conservation, use of eco-friendly & non-toxic materials wherever possible, strategies to minimize construction waste, waste management, and the incorporation of ample green spaces. These are just some of the many efforts we are undertaking in our ongoing commitment to sustainability.   Partnering with award-winning international experts, we create spaces that are not only innovative and inspiring but also enrich lives. Verdant Vistas is a testament to our dedication to enhancing lifestyles, fostering well-being, and enriching the community through thoughtfully crafted residences."   Mr. Ho Kiam Kheong, President (India) of Keppel's Real Estate Division, said, "We are pleased to build on our partnership with the Rustomjee Group, following our earlier successful projects in Thane. Our latest project, Verdant Vistas, will set new benchmarks in luxury for Uptown Urbania and Thane. With our extensive real estate experience across Asia, combined with Rustomjee's deep market insights, we look forward to bringing new benchmarks of quality in urban living to residents and the greater community."   Thane boasts exceptional connectivity with its strategic location bridging Mumbai and Navi Mumbai, complemented by its proximity to major highways and the upcoming metro lines. The enhancement of its transport infrastructure, including the Thane-Diva-Kalyan metro extension and the proposed Thane-Borivali corridor, is set to further elevate its accessibility and integration within the Mumbai Metropolitan Region.

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