Bosch Home Appliances to invest 100 mn Euro to expand in India

Bosch Home Appliances to invest 100 mn Euro to expand in India

Bosch Home Appliances will invest 100 million Euros over the next 3-4 years towards personalizing solutions, brand building, strengthening its technology centre, and setting up a robust refrigerator factory to bring its best-in-class German technology in India and magnifying India’s role globally, the company said in a statement.

In the coming years, Bosch will take its offerings from conventional to digital and transform businesses beyond mobility, by focusing on connectivity and new digital business models for customer value, as well as extending new employment opportunities in the space.

According to the company, India’s household appliances market is expected to grow at 14.5 percent annually (CAGR 2018-2022), resulting in a market volume of USD 2,028 million by 2022. Bosch India expects its business in this sector to grow significantly over the coming years. In line with this insight, Bosch has steadily expanded its product portfolio, with a major focus on localized offerings and India-first innovations built with the highest quality of German engineering, the company said.

BSH Household Appliances which started operations in the country in 2010, has launched new categories like fully automatic top loader washing machines, small appliances, and freestanding microwave ovens here this year. The company has also launched its luxury range Gaggenau in India this year which includes an entire range of built-in home appliances like refrigerators, dishwashers, cooking appliances.

“We want to remain the consumers’ first choice. Innovation and technology are the key pillars at BSH Household Appliances and we are constantly working towards simplifying the day-to-day lives of consumers by reinventing and regionalizing solutions and accessories including branded detergents for washing machines and dishwashers,” said Gunjan Srivastava, Managing Director, and CEO, BSH Household Appliances.

BSH sells its products through 55 exclusive Bosch outlets, 25 Siemens outlets, large format stores like Croma and Vijay sales along with hundreds of direct dealers. The company is still in the process of building its distribution channel and expanding its retail presence. BSH currently manufactures front-loading washing machines in its 42-acre facility around Chennai in Tamil Nadu. The company will soon start manufacturing other appliances in this facility as well.

[“source=forbes]

Private schools fill just 15% of 2.2 mn seats reserved for poor students

Governments can spend as much as 20% of the Sarva Shiksha Abhiyan (SSA) for reimbursing schools for admitting students under this provision of the RTE act. 
Photo: Pradeep Gaur/Mint

Governments can spend as much as 20% of the Sarva Shiksha Abhiyan (SSA) for reimbursing schools for admitting students under this provision of the RTE act. Photo: Pradeep Gaur/Mint

New Delhi: Six years after the Right to Education (RTE) Act set aside 25% of seats in private schools for poor students, implementation of the plan remains patchy.

Private schools across India fill just 15% of the nearly 2.29 million seats available for students from poor families, revealed a survey conducted by Indian Institute of Management, Ahmedabad (IIM-A) and non-profits Central Square Foundation, Accountability Initiative of Centre for Policy Research and Vidhi Centre for Legal Policy.

In 2014-15, only 346,000 seats were filled out of the total available seats under Section 12(1)(c), the survey found. This section mandates reserving 25% of the total seats in private schools for students from poor families.

This is a slight improvement from 320,000 seats filled out of 2.18 million seats available in the previous academic year.

IIM-A and the survey partners sourced data from the human resource development ministry, state governments and other open source data to prepare the report.

Governments can spend as much as 20% of the Sarva Shiksha Abhiyan (SSA) for reimbursing schools for admitting students under this provision of the RTE act.

In 2016-17, the central government can spend up to Rs.4,500 crore for reimbursing private schools.

Delhi, with 44.6% of its reserved seats filled, was the top performer among states and union territories, followed by Rajasthan at 39.3%, Tamil Nadu at 37.8%, Chhattisgarh at 32.9% and Uttarakhand at 32%.

The worst-performing states with a “fill rate” of less than 1% are Andhra Pradesh (0%), Telangana (0.01%), Mizoram (0.21%), Uttar Pradesh (0.79%) and Odisha (0.97%).

There are nine other states including Gujarat, Jharkhand and Himachal Pradesh where private schools have filled less than 10% of the reserved seats.

This could be largely because of poor awareness among parents and students, and lack of cooperation from schools and unclear guidelines, said Ankur Sarin, professor of IIM-A and a key member of the team that prepared the report.

He said states that have done well must give credit to civil society groups for creating awareness.

“Awareness is still patchy, especially in rural areas. Once children enter the school system, provision of supporting and child tracking is almost non-existent,” said Ashish Dhawan a co-founder of private equity firm ChrysCapital, who started Central Square Foundation as an education philanthropy venture.

[“Source-Livemint”]

Private schools fill just 15% of 2.2 mn seats reserved for poor students

Governments can spend as much as 20% of the Sarva Shiksha Abhiyan (SSA) for reimbursing schools for admitting students under this provision of the RTE act. Photo: Pradeep Gaur/Mint

Governments can spend as much as 20% of the Sarva Shiksha Abhiyan (SSA) for reimbursing schools for admitting students under this provision of the RTE act. Photo: Pradeep Gaur/Mint

New Delhi: Six years after the Right to Education (RTE) Act set aside 25% of seats in private schools for poor students, implementation of the plan remains patchy.

Private schools across India fill just 15% of the nearly 2.29 million seats available for students from poor families, revealed a survey conducted by Indian Institute of Management, Ahmedabad (IIM-A) and non-profits Central Square Foundation, Accountability Initiative of Centre for Policy Research and Vidhi Centre for Legal Policy.

In 2014-15, only 346,000 seats were filled out of the total available seats under Section 12(1)(c), the survey found. This section mandates reserving 25% of the total seats in private schools for students from poor families.

This is a slight improvement from 320,000 seats filled out of 2.18 million seats available in the previous academic year.

IIM-A and the survey partners sourced data from the human resource development ministry, state governments and other open source data to prepare the report.

Governments can spend as much as 20% of the Sarva Shiksha Abhiyan (SSA) for reimbursing schools for admitting students under this provision of the RTE act.

In 2016-17, the central government can spend up to Rs.4,500 crore for reimbursing private schools.

Delhi, with 44.6% of its reserved seats filled, was the top performer among states and union territories, followed by Rajasthan at 39.3%, Tamil Nadu at 37.8%, Chhattisgarh at 32.9% and Uttarakhand at 32%.

The worst-performing states with a “fill rate” of less than 1% are Andhra Pradesh (0%), Telangana (0.01%), Mizoram (0.21%), Uttar Pradesh (0.79%) and Odisha (0.97%).

There are nine other states including Gujarat, Jharkhand and Himachal Pradesh where private schools have filled less than 10% of the reserved seats.

This could be largely because of poor awareness among parents and students, and lack of cooperation from schools and unclear guidelines, said Ankur Sarin, professor of IIM-A and a key member of the team that prepared the report.

He said states that have done well must give credit to civil society groups for creating awareness.

“Awareness is still patchy, especially in rural areas. Once children enter the school system, provision of supporting and child tracking is almost non-existent,” said Ashish Dhawan a co-founder of private equity firm ChrysCapital, who started Central Square Foundation as an education philanthropy venture.

[“source-Livemint”]

Kae Capital raises $30 mn for fund focused on local start-ups

Kae Capital founder and MD Sasha Mirchandani.Kae Capital founder and MD Sasha Mirchandani.

New Delhi: Kae Capital, which invests in early-stage companies, has raised $30 million from existing and new investors as part of its second fund.

The firm will be raising an additional $10 million soon, said Sasha Mirchandani, founder and managing director of Kae Capital, on Thursday. He declined to share the names of the investors.

Kae Capital raised its maiden $25 million fund in March 2012. Investors in the first fund included venture capital firms Sequoia Capital, SAIF Partners and Omidyar Network; three global fund-of-funds—Axiom, Squadron Capital and Morgan Creek Capital Management; and a few high-net-worth individuals such as Manish Kejriwal, managing partner of Kedaara Capital, and Deep Kalra, founder and chief executive of online travel company MakeMyTrip Ltd.

From the first fund, Kae has invested in nearly 25 start-ups, including online fashion portal Myntra (acquired by online marketplace Flipkart in 2014), mobile advertisement technology InMobi and US-based data analytics company Fractal Analytics.

The second fund has already invested in at least five start-ups.

The firm had exhausted its previous fund in mid-2015 and has since been warehousing its investments. Warehousing is a process that allows venture capital firms to invest in start-ups even when they have exhausted their funds or are yet to raise a new fund.

Bengaluru-based Nudgespot Technologies Pvt. Ltd raised $650,000 in a round led by Kae Capital.

Kae will invest the proceeds of the second fund in the next three-five years and plans to double the size of its investments. It has so far been investing a ticket size of $500,000 in early-stage start-ups, which will now be increased to $1 million. The follow-on ticket size also will be increased from $2.5 million to $4 million going forward.

At a point of time when most venture capital firms are looking at technology start-ups, Kae will be allocating 10% of the overall fund to cater to non-tech start-ups such as fast-moving consumer goods companies and manufacturing start-ups.

The fund will have an investment cycle of 10 years, which could be extended by two years, if required.

Kae, which invested in a few US-based start-ups in its previous fund, said the new fund will be completely dedicated to Indian start-ups.

Seed-stage deals nearly tripled in the first 10 months of 2015 from the previous year, according to VCCEdge, a data service by media firm VCCircle Network.

Until 20 October, there were 24 seed-stage investments worth $12.6 million, up from nine such deals worth $2.8 million in the same period the previous year.

[“source-Livemint”]