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India Gazette
16-05-2025
- Business
- India Gazette
Gujarat's i-Hub leads India's charge towards start-up driven economy
Ahmedabad (Gujarat) [India], May 16 (ANI): Gujarat has long been a beacon of industrial strength and entrepreneurial zeal. With its consistently high ranking in the Ease of Doing Business index, the state is now forging ahead as a global hotspot for innovation and investment. At the heart of this transformation is i-Hub Gujarat, a government-backed innovation centre playing a pivotal role in nurturing start-ups and empowering a new generation of entrepreneurs. Designed as more than just a co-working space, i-Hub offers a dynamic environment where innovation meets opportunity. The facility provides customised workspace solutions at minimal cost, along with access to mentorship, networking opportunities, and state support -- all of which are proving instrumental in driving growth for early-stage ventures. Vaishali Mehta, Co-founder of Joy Spoon, says that i-Hub has been a game changer. She shares that strong support was provided by i-Hub, and a government grant of Rs 8 lakhs was received by their start-up, giving it a significant boost. Renting space in the market would have required a substantial expense, but at i-Hub, only Rs 3,000 per seat is charged. Additionally, several other perks are provided free of cost. The affordability and infrastructure offered by i-Hub are matched by its vibrant community. Entrepreneurs working here don't just share office space -- they collaborate, ideate, and evolve together. It's an ecosystem where creativity thrives and ideas gain momentum. Sah Astitva Private Limited, founded by Meet Joshi, has greatly benefited from the ecosystem, which is credited with playing a crucial role in the company's journey. The first and most significant advantage was seen in the excellent infrastructure that was provided. More importantly, the need for extensive networking efforts was removed, as all necessary resources were made available at the location--including interactions with government officials and connections with fellow start-ups. Solutions to their own problems were discovered by learning from the challenges faced by others. In addition to affordable office space and peer collaboration, i-Hub ensures that start-ups are never short on guidance. Entrepreneurs like Akash Shah, founder of B2B One Mart, find value in the ongoing mentorship support. 'Renting a private office would cost us Rs50,000 to Rs60,000, but here it's just Rs3,000 per seat. And whenever we're stuck or unsure about the next step, i-Hub or Geo Sec connects us with a mentor. That kind of support is invaluable,' says Shah. As Gujarat integrates infrastructure, mentorship, and forward-looking policies, it's setting new benchmarks for fostering entrepreneurship. With i-Hub leading the charge, the state is not just enabling ease of doing business--it is shaping a globally competitive, innovation-first economy. For many young businesses, Gujarat is no longer just a place to start--it's a place to scale, sustain, and soar. (ANI)
Business Standard
15-05-2025
- Business
- Business Standard
Ekatva Group, Thane's premier real estate developer, shares Rs1,300 crore topline projection for the year 2025-2026
VMPL New Delhi [India], May 15: Marking the next milestone in their robust growth story, Thane-based Ekavta Group has shared their impressive topline projection of Rs1,300 crore, based on a combination of ongoing and upcoming commercial and residential projects. This announcement is indicative of not just Ektava Group's strong reputation and legacy, but also the growing demand for high quality real estate in the fast-growing and vibrant city of Thane. The developer's three commercial projects are situated in the bustling Thane West area. Of these, The Olive has a topline contribution of more than Rs300 crore and is Ekatva Group's flagship landmark. Ekatva Group has secured financing worth Rs60 crore for this project from HDFC Bank. Launched recently, the project has already secured more than 30 per cent of its targeted sales, with possession slated for December 2028. Orbit Business Hub is another unique project in the Wagle Industrial Area and has a targeted topline contribution of above Rs225 crore, of which sales worth more than Rs60 crore has been secured. A joint development with Fermenta Biotech, the recently launched Miraya Business Hub bears a topline contribution of about Rs350 crore, and a 50 per cent booking as well as commitment status. Complementing these is Ekatva Group's coveted residential project, Miraya Trinity, which comprises 645 units with an average ticket size of Rs1.8 crore. The project's impeccable location and amenities have led to nearly 60 per cent of the inventory in the first launched tower being lapped up in less than a year of its launch. This project too is a joint venture with Fermenta Biotech, who is the landowner of the plot. Funding worth Rs125 crore has been received from Bajaj Housing Finance towards Miraya Trinity. "Our tenured presence in Thane City positions us uniquely to gauge the market's evolving needs and to meet these with thoughtfully planned projects. In recent years, Thane has become a hub for professionals, SMEs and start-ups who prize the region for its connectivity as well as the opportunity to invest in relatively affordable office spaces. Quite naturally, we are seeing a boom in residential projects as well, especially those that match the budgets and priorities of corporate employees seeking to migrate for better work-life balance and an improved quality of life. Our goal is to continually contribute to Thane's real estate market with our foresightedness and to deliver valuable projects that enable holistic development in the region," shared Hiren Chheda, promoter and managing director of Ekatva Group. Ekatva Group's projects have already garnered significant attention for their eye-catching architecture, exquisite quality, and focus on sustainable building materials and methods. Equipped with a bouquet of amenities, as well as a future-oriented and world-class ethos, these properties are reinvigorating Thane's skyline, one structure at a time.
Time of India
11-05-2025
- Time of India
Fire damages vehicles in Telecom Nagar due to suspected short circuit
Nagpur: A fire incident was reported at Pushpakunj Apartments in Telecom Nagar on Sunday afternoon, causing damage to an Alto car and a scooter. The incident, suspected to be triggered by a short circuit , was brought under control by the prompt response of the Trimurti Nagar fire station to the official report, the call was received at 2.31pm after which a fire tender reached the location within five affected vehicle belonged to one Jagannath Chaubey, who resides in the same apartment. His Alto car and a scooter were partially damaged — the four-wheeler was damaged from one side, while the scooter's front portion took a hit. The estimated damage is around Rs60,000. The fire department team successfully prevented a potential loss of over Rs3 lakh by dousing the flames fire was reportedly caused by a short circuit. The case was registered at Pratap Nagar police station. Get the latest lifestyle updates on Times of India, along with Mother's Day wishes , messages , and quotes !
Express Tribune
07-05-2025
- Express Tribune
Robbers loot cash, mobile phones
Armed robbers stole Rs50,000 in cash and two mobile phones worth approximately Rs60,000 during a robbery at a shop. The armed robbery took place at a mobile phone shop in the Dhok Farman Elahi area under the jurisdiction of Waris Khan police station, and CCTV footage captured the entire incident. The footage shows two motorcycle-riding suspects approaching the shop. One of them, holding a handkerchief and wearing glasses on his forehead, enters the shop to survey the premises. He then signals to his accomplice, who is wearing a helmet and a utility belt, to enter. The video shows the suspects drawing pistols and threatening the shopkeeper. One moves inside the showcase area while the other stands outside, beginning to search for valuables. During the robbery, a young girl enters the shop and speaks to the shopkeeper. One of the robbers tells her to return later, while the other distracts her by asking what she needs. The robbers can be seen stuffing cash and mobile phones into the pockets of the utility belt. They flee the scene after threatening the shopkeeper to keep his head down. The child, seemingly confused and unaware of the situation, watches in silence as the robbers escape and the shopkeeper calls for help.
Business Recorder
06-05-2025
- Business
- Business Recorder
Nano loans in Pakistan: Financial inclusion or profit driver?
The emergence of nano loans in Pakistan's formal financial sector marked a transformative phase in digital microfinance, distinctly separating regulated offerings from the predatory practices of illegal nano lending apps. These unregulated entities often misled customers with hidden pricing structures, unauthorized data extraction, and compounding mark-up mechanisms, raising significant consumer protection concerns. In contrast, nano loans offered by Financial Institutions (FIs) governed by the State Bank of Pakistan (SBP) are subject to stringent regulatory oversight. These products are designed to promote responsible lending while expanding access to credit. The Dawn of Digital Nano Loans in Pakistan In 2016, Telenor's acquisition of Tameer Microfinance Bank marked the beginning of digital lending in Pakistan. The goal was simple: leverage Easypaisa's vast customer base to introduce the country's first nano loan product – small, short-term loans disbursed digitally. The initial pilot in late 2016 offered loans between Rs1,000–5,000 via USSD and call centers, disbursing Rs15 million to 5,000 customers. The Bank approached SBP to offer nano loans since under Microfinance Ordinance 2001, MFBs were allowed to to offer loans for income- generating purposes only. By 2017, the Bank secured approval, and in collaboration with third- party offered nano loans based on credit scoring using telco and mobile wallet transaction data – an innovative approach at a time. The Bank launched a 6-month pilot program, disbursing Rs60 million to 23,000 customers with commercial launch on successful conclusion of pilot. Exponential Growth & Market Impact Today, three Microfinance Banks (MFBs) dominate the space, with JazzCash (JC) and Easypaisa (EP) leading the charge. Since 2017, nano loans have shown exponential growth with Rs237 billion in 2024, accounting for ~10% of total microfinance disbursements. Remarkably, 35-40% of active microfinance clients now constitute of nano loans. Pricing & Profitability: A Double-Edged Sword? Nano loans carry a weekly fee of 4–5% (208–260% APR), with one time late fees, but no compounding post-maturity, sparking debate over whether 'responsible lending' can coexist with such rates. While critics highlight high APRs, proponents argue that the product is risk- based pricing which accounts for defaults (high in early cycles) and repeat customers get lower rates in subsequent loan cycles thereby, improving affordability. From Pilot to Profit Powerhouse Initially, nano loans are a loss-making proposition due to higher default rates in early loan cycles. However, as customers progress into subsequent cycles, repayment behavior improves, allowing lenders to achieve profitability through higher-ticket repeat loans. In 2024, JazzCash and Easypaisa disbursed 72 million loans with an average loan size of Rs3,278—equating to nearly 198,000 loans per day. With an average of 3.5 to 4 loans per customer, the total unique borrower base is estimated at 19 million. Among these, 23% were new-to-product (NTP) customers—around 4 million individuals—constituting under 10% of the platforms' 35 million Monthly Active Users (MAUs). The average revenue per loan stood at Rs471, while per-customer revenue (adjusted for repeat usage) reached Rs1,800. This corresponds to yields of 14% and 55%, respectively, translating into APRs of approximately 86% and 300% for an average 8-week tenor. Nano loans contributed Rs34 billion in markup income of JC & EP — constituting 44% of main head 'total markup revenue' and 60% under the 'Loans and Advances' head. This increasing dependence on a single product underscores both its revenue potential and the emerging concentration risk for FIs. In 2024, the cost of funds for FIs ranged between 2% and 8%, largely due to a high proportion (60%–80%) of low-cost current account deposits. This favorable deposit structure enabled enhanced Net Interest Margins (NIMs), allowing institutions to absorb higher default rates while sustaining profitability. Key Highlights For lenders, nano loans are now a core revenue stream: Daily disbursements: 198,000 loans (72 million in 2024). Unique customers: 19 million (4 million new borrowers in 2024). Revenue: Rs471 per loan, Rs1,800 per customer (APR: 86–300%). 44% of total markup income (Rs34 billion in 2024). 60% of loan-based revenue for leading MFBs. Low-cost deposits (2–8% funding cost) boost Net Interest Margins (NIMs). The Borrower's Dilemma: Lifeline or Trap? Quantifying the social or economic impact of nano loans remains challenging due to the high transaction volume and limited customer-level data. While usage can be inferred from transaction patterns, qualitative assessment –particularly on improvements in living standards – requires deeper field-level research. That said, anecdotal evidence suggests nano loans serve a critical function for Micro, Small, and Medium Enterprises (MSMEs), especially for short-term working capital needs. Moreover, nano loans serve as a quick access to funds help customers avoid informal borrowing (e.g., family, loan sharks) and maintain self-respect. Anecdote: During COVID-19, a female bangle seller requested a late-fee waiver after lockdowns halted her sales. The customer was in her 6 loan cycle and graduated to Rs6,000 of loan. Such cases highlight the product's success stories but systemic studies are scarce. The Nano Loan Blind Spot: How Small Loans Hide Big Risks A glaring loophole undermines Pakistan's credit ecosystem as loans under Rs 10,000 are not reflected in bureau reports. Further, in order to avoid risk of financial exclusion negative reporting of only loans above Rs1,000 that have defaulted. This was implemented by was to cater for high-volume, low-ticket transactions on nano. This creates a dangerous asymmetry: For lenders: A customer could default on Rs1,000 nano loan yet appear 'clean' in bureau records—masking their true risk profile. For borrowers: Responsible repayment of small loans goes unrewarded, denying them a path to build credit history for larger products. Graduation Pathways: From Nano Loans to Sustainable Credit Nano loans have undeniably democratized credit in Pakistan, serving as a lifeline for the 60% of borrowers who are new to formal financial systems. But their true purpose – acting as a gateway to broader inclusion – is being undermined by stagnation. With tenors capped at 2–3 months and amounts at Rs 30,000, these loans often trap borrowers in a high-cost cycle (Rs 37,000– 42,000 repayments). Scaling amounts or tenors under the current pricing model would only exacerbate the burden. FIs are relying on repeat nano-loan customers (a reliable revenue stream) over innovation to graduate them to higher-value products like personal loans, credit cards, or working capital solutions for businesses. Nano loans aren't inherently bad—they're a critical first touchpoint in a system where only 2.4% of Pakistan's population has access to formal credit. Yet financial inclusion stalls when institutions treat them as an endpoint. For nano loans to fulfill their promise, FIs must actively design graduation pathways tailored to customer segments. For consumer segment, transition frequent nano loan users to structured products such as personal loans (longer tenors, lower APRs), offer pre-approved credit cards (starting with secured cards) to build credit discipline and introduce consumer durable financing (e.g., appliances, smartphones) to align credit with asset-building. It's worth mentioning that India has successfully been able to graduate nano loan (less than INR50,000) borrowers to higher ticket product within 12-24 months. To better serve MSMEs reliant on nano loans for working capital, banks should replace repetitive small-ticket borrowing with revolving credit lines (enabling flexible drawdowns for inventory and cash flow gaps). Additionally, pilot programs for embedded financing—such as supplier credit or B2B Buy Now, Pay Later (BNPL)—could streamline access. Leveraging alternative data (e.g., mobile money transactions, marketplace activity, or supply chain platform records) can also help underwrite term loans for business expansion. These solutions would address the critical gap in formal financing: today, just 3% of SMEs (155,000) access bank credit. Without scalable alternatives, small businesses risk remaining trapped in cycles of high-cost debt, stifling growth. Without systemic change, Pakistan's digital lending revolution will remain half-finished. Banking sector must embrace digital risk and expand credit offerings beyond Existing-to-Bank (ETB) customers and address conservative policies that stifle experimentation with New-to-Bank (NTB) customers. Without these steps, nano loans risk becoming a debt trap—not a bridge to inclusion. The technology and data exist; what's needed is institutional will to evolve beyond 'easy money' and invest in scalable credit ecosystems. The article does not necessarily reflect the opinion of Business Recorder or its owners
