IRIS Signs MoU with Telangana Govt to Boost MSME Sector

Key Takeaways from IRIS MoU with Telangana Govt

• IRIS Business Services Limited inked a Memorandum of Understanding with the Government of Telangana towards making the MSME ecosystem come to life through efficient technology-driven solutions.

• This would be a public-private partnership wherein IRIS would invest in the development of solutions. User charges would then recover costs to ensure the project is financially sustainable.

• Two initiatives have been launched from this collaboration. The first one is the MSME dashboard for use by the government, and the second one is a multilingual Invoice Registry Portal that generates free e-invoices in Telugu.

• The Telangana government will initiate necessary administrative and policy changes and support awareness of new initiatives which aim to smoothen the functioning of MSMEs.

• This forms one of the milestones towards meeting the trillion-dollar economy target, which Telangana has set for the year 2035, with the integration of data solutions to empower the MSME sector, making it the entry point for IRIS into the business of data applications.

Under the public-private partnership, IRIS will invest in developing solutions and recover costs by levying user charges. The government of Telangana will help support the administrative and policy changes and create awareness of the initiatives.

IRIS CEO S Swaminathan announced two new initiatives as the immediate outcome of the meetup - an MSME dashboard for government officers to monitor businesses all over the state and a multilingual Invoice Registry Portal offering free e-invoice generation in Telugu.

The collaboration is the initial step in aligning Telangana's vision of becoming a trillion-dollar economy by 2035 by exploiting data sets to bring benefits to the MSME sector. IRIS views this partnership as the first milestone in its foray into data applications business, which the company terms as its ‘Consume’ segment.

About IRIS Business Services Limited

IRIS Business Services Limited, based in Mumbai, India, is a company that has emerged as one of the prominent leaders in RegTech SaaS. This company has been transforming its approach towards ensuring regulatory compliance for businesses since 1996. The company utilises cutting-edge technologies such as Artificial Intelligence, Machine Learning, and Robotic Process Automation. As a listed entity on both the Bombay Stock Exchange and the National Stock Exchange of India, IRIS focuses on transparency and integrity as the highest factors governing its business. Having a team of very professional agents aims at giving clients the opportunities to access and experience customised solutions meant for individual needs. This organisation is devoted to innovation and partnership, working in pursuit of simplifying compliance management while unlocking opportunities for growth for businesses and having access to only the best in mitigating various risks.

Key Takeaways from Ola’s Launch

• Ola Electric has launched its 'Network Partner Program' to expand EV adoption across India, onboarding 625 partners so far.
• The program allows auto and auto-ancillary sellers from both EV and ICE ecosystems to sell and service Ola Electric products with minimal capital investment and the use of existing infrastructure.
• Ola Electric will support the program by providing display vehicles, test vehicles, and marketing materials, with partners receiving a fee for each successful sale.

To accelerate the adoption of electric vehicles (EVs) across India, Ola Electric has introduced its 'Network Partner Program,' designed to expand its sales and service reach. The initiative, which has already onboarded 625 partners, aims to ramp up to 1,000 partners further ahead of the upcoming festive season, with an ambitious target of enlisting 10,000 partners by the end of 2025.

The program allows partners, including auto and automobile-ancillary sellers in the EV and internal combustion engine (ICE) ecosystems, to sell and service products from Ola Electric with minimal capital investment. Network partners would be able to use their existing network to be sales and service touchpoints for Ola Electric, without having to purchase inventory, or create a separate and distinct offering of products or services for Ola Electric. 

Ola's successful Direct-to-Consumer (D2C) model will continue to be the core of its operations, complementing the Network Partner Program. These partners will use the same digital process flow as Ola Electric stores, ensuring a consistent customer experience. Ola will also provide selective support, including display and test vehicles, along with marketing materials. The company will pay a fee for each successful sale facilitated through the partners.

About Ola Electric Mobility Limited

Established in 2017, Ola Electric Mobility Limited is an electric vehicle company focused on producing electric vehicles and essential components. These include battery packs, motors, and vehicle frames, all manufactured at the Ola Future factory.

Key Takeaways from the Infosys and Sally Collaboration

• Infosys has entered into a strategic partnership with Sally Beauty Holdings, Inc. to enhance IT operations and efficiencies through hyper-automation.
• The collaboration will leverage Infosys Topaz, aiming to accelerate business value using AI technologies while ensuring the business is future-proof.
• The initiative is centred on driving enterprise-scale IT transformation by optimising IT service delivery, thereby improving overall operational efficiency.

Infosys has announced a strategic collaboration with Sally Beauty Holdings, Inc. to enhance enterprise-scale IT efficiencies through hyper-automation. This partnership aims to leverage Infosys Topaz, which will drive accelerated business value by utilising AI technologies to future-proof Sally Beauty's operations. The focus of this collaboration is on transforming IT service delivery by implementing best practices that optimise IT operations, ultimately improving overall efficiency. 

This initiative underscores Infosys's commitment to supporting various sectors, including speciality retail, and positions Sally Beauty to adapt to the evolving landscape of the beauty industry. 

Commenting on the collaboration, Scott Lindblom, CIO, of Sally Beauty, said "We are excited to be collaborating with Infosys as we take SBH into the future by modernizing our IT service delivery and meeting the goals set by our “Fuel for Growth” initiative. Embracing AI-amplified IT is a significant step forward for us in enabling us to, in turn, deliver exceptional experiences for our customers.”

Karmesh Vaswani, EVP and Global Head of Consumer, Retail, and Logistics, Infosys, commented, “We are delighted to partner with Sally Beauty Holdings in their journey to embrace industry leadership and excellence in customer experience. Our assembly of Infosys Topaz applied AI assets, shaped from years of our global experience in the retail and consumer goods world, will help SBH to leapfrog ahead with an AI-first enterprise stack. Our collaboration exemplifies the commitment Infosys has to empower businesses to accelerate their AI-led transformation while amplifying customer delight and operational efficiency."  

About Sally Beauty Holdings, Inc.

Sally Beauty Holdings, Inc. (NYSE: SBH) is a leading global distributor of professional beauty supplies, specialising in hair products. The company operates through its Sally Beauty Supply and Beauty Systems Group divisions. Sally Beauty Supply stores provide a range of up to 7,000 products, including hair colour, hair care, nails, and skincare, featuring proprietary brands such as Ion, Bondbar, and Strawberry Leopard, alongside professional brands like Wella and L’Oreal. The Beauty Systems Group, branded as CosmoProf or Armstrong McCall, along with its outside sales consultants, offers around 8,000 professional products designed for salons and retail consumers, including well-known brands like Paul Mitchell and Moroccanoil.

About Infosys Limited

Infosys is a leading global provider of digital services and consulting, employing over 300,000 people to enhance human potential and drive opportunities for individuals, businesses, and communities. The company supports clients in more than 56 countries through their digital transformation journeys, leveraging their extensive experience of over 40 years in managing global enterprise systems. Infosys focuses on empowering businesses through AI and cloud technology, promoting agile digital solutions, and fostering continuous improvement via ongoing learning and skills transfer. The company is dedicated to sustainability and inclusivity, striving to maintain a diverse and well-governed workplace.

Key Takeaways from the Acquisition 

• Uno Minda Limited has acquired a 49% stake in Minda Nabtesco Automotive Private Limited (MNAPL).
• The acquisition involved purchasing 24,769,500 equity shares from Nabtesco Automotive Corporation, Japan.
• Following this acquisition, MNAPL became an associate company of Uno Minda Limited.

As per a stock exchange filing, Uno Minda Limited has acquired a 49% stake in Minda Nabtesco Automotive Private Limited (MNAPL), purchasing 24,769,500 equity shares from Nabtesco Automotive Corporation, Japan. The total cost of this acquisition amounts to INR 1.3 crore (₹1,30,00,000.) With this deal, MNAPL is now recognised as an associate company of Uno Minda Limited.

About Uno Minda Limited

Founded in 1958, Uno Minda Ltd. is one of the largest manufacturers and suppliers of automotive solution products to Original Equipment Manufacturers (OEMs). The company manufactures automotive switches, lighting systems, acoustics systems, seating systems, and alloy wheels, and has made a product platform for electric vehicles.