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<ul><li>In a difficult year, <keyword id="5968693" type="LOCATION" weightage="20" keywordseo="wavemaker-india">Wavemaker India</keyword>'s performance, according to its CEO, <keyword id="4337750" type="PERSON" weightage="20" keywordseo="ajay-gupte">Ajay Gupte</keyword> has been A+, and understandably so. In a year when many agencies are struggling, <keyword id="3313068" type="PERSON" weightage="20" keywordseo="Wavemaker">Wavemaker</keyword> India has won new businesses worth Rs 700 crore.</li><li>In a conversation with Ad &amp; Media Insider, Gupte discusses the year almost gone by and also looks back at the last 3 years, on the agency's 3rd anniversary.</li></ul>The year 2020 has been a difficult year for not just the advertising industry but the world in general. A recent report by KPMG stated that India’s media and entertainment (M&amp;E) sector will take till 2022 to recover from its current levels. However, there are a few organizations and agencies that took the challenge head on. They innovated, acted with agility and made the most of an otherwise challenging year. It’s been 3 years since GroupM merged its agencies MEC and Maxus into Wavemaker. Since its inception, Wavemaker has been able to win an enviable roster of clients that include <keyword id="6398864" type="PERSON" weightage="20" keywordseo="Mondelez">Mondelez</keyword>, Vi and Mother Dairy, among many others. Moreover, the agency also clocked in new businesses worth Rs 700 crore. Some of the newly won accounts included Sun Pharma, Chumbak, <keyword id="10247458" type="COMPANY" weightage="20" keywordseo="religare-healthcare-insurance">Religare Healthcare Insurance</keyword> (now Care Health Insurance), Lido learning, Glance and Supr Daily. On the agency’s 3rd anniversary, we caught up with Ajay Gupte, CEO – South Asia, Wavemaker who took over the reins after Kartik Sharma moved on from the agency early this year. It’s been an eventful year for both him and the agency and he walks us through all that happened at Wavemaker and how the agency managed to win Rs 700 crore worth of new business in such a tumultuous year. Excerpts: Q) Let's look back at what has been a very difficult year for the world in general. How has Wavemaker fared during this adverse year? Yes, it has been a very difficult year for all of us. The year has been tough on business and on our people. No one has ever experienced being in such a lockdown before, so everyone is trying to grapple with this phenomenon in the best way possible. We’ve made concentrated efforts to take advantage of adversity to accelerate on the journey to achieve our ambitions. In many ways, Covid-19 has brought the future closer. The consumer journey has been altered. Digital plays a much more integral role from brand discovery to purchase. This has enabled us to bring into play the investments we have made in better understanding the consumer journey, in delivering meaningful engagement with the consumer and in effecting purchase. I am hugely proud of the team for showcasing great agility and acclimatizing to the changes. The year wouldn’t have been easy without the support and trust shown by our clients and partners. Despite being such a tough year, Wavemaker India has managed to clock in new business worth Rs 700+ crore. What more could we ask for! Q) You took the reins as the CEO of the agency in one of the most challenging years in recent times. What were your key focus areas and your strategies that helped minimize the impact of the pandemic on the agency's numbers? I do like to look at things positively. Looking back at the year, I think I’ve achieved what I couldn’t otherwise achieve in the normal scheme of life. I was able to meet a large number of our clients (although virtually) within these 6 months. It would have otherwise taken me more than a year to meet our entire client roster. I’ve regularly interacted with our team across the country, which would have been otherwise very difficult, had we to do this in person. So I would say we have been able to make the most of what was dished out to us. As Wavemaker, we believe in investing in capabilities to build tools which will help us and our clients grow. Automation, analytics, data &amp; technology, digital are some of the key areas where we have been investing continuously. These investments have proven effective as 2020 has altered the consumer journey to a large extent. However, we were able to navigate through these changes and offer appropriate solutions to clients to engage with the consumer along their purchase journey. The work we have done in this year has helped us add that much more value to our clients, thereby strengthening our relationship with them. Q) There has been a lot of movement when it comes to the leadership team in Wavemaker. Kishan Kumar MS, Premjeet Sodhi, <keyword id="2932055" type="PERSON" weightage="20" keywordseo="Vishal-Jacob">Vishal Jacob</keyword> and Mac Machiach have taken over key roles. What are your expectations from this power-packed team? You have rightly termed the team as power-packed and I’m quite fortunate to have such a great team. A highly experienced leadership team is the biggest asset of any agency and I am glad we have the best minds leading Wavemaker. The mandate given and expectations are very clear – keep, growing by positively provoking ourselves, our clients and our partners. Investing in the right talent, nurturing the existing talent along with providing cutting edge solutions to our clients to help them grow is the focal point of our business and offerings. The team needs to keep this at the essence of everything they do. Q) Wavemaker completed 3 years. What have some of the agency's biggest milestones been so far? We have had many milestones in this last 3 years. Right from winning Agency of the year in 2018 at Emvies and winning client of the year for Vodafone for 2 consecutive years in 2017 and 2018 at EMVIEs have been one of the most memorable moments for us. We also launched the Content Effectiveness lab with Ogilvy, launched the first-ever influencer marketing offering ‘Thrive’. We created some great analytical tools like Athena, the budget optimizer tool created by our analytics team for L’Oréal which has been highly appreciated by the client and our global teams. Q) Give us a report card for Wavemaker in 2020. How would you rate your performance so far, in terms of new account wins, the quality of work and overall performance? If I have to rate the performance of Wavemaker in 2020, I would rate it A+. We have brought our capabilities in data, analytics, content and Technology to the fore by doing some fantastic work for our clients. Very happy with the way the teams have been able to rally together for our clients bringing in learnings from all over the world and using our tools with insights and recommendations to support our clients in this time. Additionally, winning new business worth Rs 700+ crore in an exceptionally tough year like this has been a phenomenal performance. We’ve bagged new accounts like Sun Pharma, Chumbak, Religare Healthcare Insurance (now Care Health Insurance), Lido learning, Glance, Supr Daily and many more. We have also won the e-commerce mandate for Mondelez. Additionally we’re hoping to hear some more positive news in the last 2 months of 2020. I couldn’t have asked for anything more than this in a year when the world is grappling with challenges and trying to keep business sentiments high. Q) Tell us about some of the work done this year so far that you are proud of. We have been extremely proud of the work we have rolled out in this year. Creating engaging content campaigns for our clients was one of the highlights and we have done it exceptionally well. Some of our noteworthy campaigns are ‘Maa ka Haath Ka Khana’ with the famous stand-up comedian <keyword id="10247459" type="PERSON" weightage="20" keywordseo="zaakir-khan">Zaakir Khan</keyword> for Mother Dairy, Thank You campaign for <keyword id="570619" type="PERSON" weightage="20" keywordseo="Cadbury-Dairy-Milk">Cadbury Dairy Milk</keyword> Silk, Myntra Fashion Super star, Iss Saal Har Ghar Pandal for Gemini Oil to the latest <keyword id="6399124" type="COMPANY" weightage="20" keywordseo="cadbury">Cadbury</keyword> Celebrations to help the local businesses which suffered during the pandemic. Also we are hugely proud of the amazing work done for the launch of Vi! All these great pieces of work have been pulled off successfully while the teams were working remotely. Q) In today's environment, what does it take to become an agency of the future? In today’s VUCA world, it’s difficult to always predict the future but we can prepare for it. 2020 has been a real test of agility and collaboration. Investing in data and technology to deliver effective solutions with the consumer at the centre is key. Also absolutely essential is the investment in automation to ensure that the basics of implementation and reporting are efficient and error-free, allowing talent to focus on brand requirements. Q) The lockdown also led to some great innovations. How have you as an agency innovated in the past 7 months to ensure you have an edge? Our digital and tech teams have been constantly working on devising newer modules for clients that will help them connect better with their consumers. The initial phase of the lockdown got us all thinking and reassessing our business plans and we have sharpened our capabilities in data and analytics and technology. We have implemented several path-breaking innovations for our clients too. One such innovative product we launched for one of our clients was an online platform to allow the client to train and equip their on-ground support team across the country. The product was developed within 10 days and implemented by the client at a lightning speed as that was the need of the hour. Q) As we inch towards 2021, what will your key focus areas be as a leader? Our focus will always be on our clients, our people and our product. We will remain<a name="_GoBack"></a> to build on our capabilities while we will continue to positively provoke ourselves, our clients and our partners. Upskilling our capabilities and training our talent will be a high focus area. We will continue to invest and enhance our capabilities in e-commerce, content, data, analytics, technology and measurement. In early 2020, we announced Positive Provocation as our proposition and backed it with our Operating system which consists of three major aspects – Unlock, Transform and Maximise. We will ensure every Wavemaker is equipped to Positively Provoke our clients to maximise growth.

I would rate Wavemaker's performance in 2020 A+: Ajay Gupte, CEO – South Asia, Wavemaker

New Delhi, Jun 3 () Religare Enterprises Ltd on Wednesday said it has raised Rs 300 crore by divesting stake in group firm Religare Health Insurance Company Ltd (RHICL) to Kedaara Capital. Consequent to the capital raising, the company said it has retired previous loan and has become completely external debt free. Earlier in April, Religare Enterprises Ltd (REL) informed about the proposed divestment of part of the investment of the company in Religare Health Insurance Company Ltd (RHICL) to Kedaara Capital Fund II LLP. Kedaara Capital has acquired the stake through its subsidiary Trishikhar Ventures LLP (jointly referred as Kedaara). In this regard, the divestment of part of the investment of the company in RHICL and infusion of primary capital in RHICL by Kedaara was completed on Tuesday, REL said in a regulatory filing. "The total primary capital raised by RHICL from Kedaara is amounting Rs 300 crore. This is in line with Kedaara's additional subscription commitments wherein they had agreed to subscribe for the additional primary capital of Rs 100 crore in addition to their initial commitment of subscribing to primary capital of Rs 200 crore in RHICL," it said. REL said the total investment made by Kedaara to acquire shares of RHICL is Rs 567.31 crore, which comprises primary capital infusion of Rs 300 crore in RHICL and Rs 267.31 crore for the purchase of RHICL shares from existing shareholders, including purchase of 6.39 per cent stake from the company against a consideration of Rs 200 crore. Pursuant to these transactions, the shareholding of REL in RHICL now stands at 72.02 per cent on a paid-up capital basis. Further, it said that consequent to capital infusion by Kedaara, it has settled loan of Axis Bank. "Out of the mentioned consideration received from the divestment of stake in RHCIL, the company has utilised Rs 153 crore towards the payment of the full and final settlement consideration under the consent agreement dated October 1, 2019, entered by the company and its subsidiaries with Axis Bank Ltd," it said. With this, the company said it has become external debt-free. Core investment company REL is engaged into lending, broking and insurance business through its subsidiaries. "The settlement of our financial dues, much ahead of the prescribed time frame demonstrates our commitment to resolve all legacy issues and move forward on the path to revival," said Religare Enterprises Ltd Executive Chairperson Rashmi Saluja. REL Chief Financial Officer Nitin Aggarwal said that while there were many headwinds and legacy issues, we have successfully resolved most of them and others are on the path to resolution. Among them, the Axis settlement stands out as an important milestone as it has made Religare Enterprises external debt-free. He said REL has been on a course correction mode for the past two years and the company is steering the ship to ensure that all businesses perform to their full potential and accelerate growth. After achieving the important external debt-free milestone, the company is well positioned to address all the requirements of other subsidiary businesses as well, REL added. The healthcare insurance business is growing at almost 50 per cent CAGR (compound annual growth rate) over the past three years, and REL expects it to continue to grow at the same rate going forward. The broking business has stabilised and started growing in 2020-21. The company exuded confidence that for a turnaround in the current financial year owing to strong underlying group financial position on the back of long-term measures undertaken by the new board and management. KPM HRS

Religare Enterprises raises Rs 300 cr by divesting stake in RHICL to Kedaara Capital

<ul><li>The stock listed at ₹71.9 as compared to its issue price of ₹60.</li><li>The issue was subscribed 73x with good interest from institutional investors.</li><li>It intends to use the net proceeds to augment its tier-1 capital base and more. </li></ul>ESAF Small Finance Bank made its D-street debut at a 20% premium on Friday. This is lower than what the grey market had predicted, which was expecting 33% listing gains. The stock closed at ₹69.05 per share, slightly below its listing price, ending at a premium of 15.08% over the IPO price. The stock listed at ₹71.9 per share as compared to its issue price of ₹60. Its market cap is ₹3,701 crore according to Bombay Stock Exchange. Prashanth Tapse, senior VP of research at Mehta Equities had pegged the listing gains anywhere between 20-30%. “We believe the premium listing is justified on the back of investor friendly pricing and reasonably IPO valuations when compared to peers. Hence we recommend allotted investors to look for booking profits and post listing we expect limited upside,” he added. The ₹463 crore issue was subscribed 73 times the shares on offer with outsized interest from qualified institutional buyers (QIBs). This quota was subscribed a whopping 173 times. It also received good interest from non-institutional and retail investors. It has raised ₹135.15 crore from anchor investors, like BNP Paribas Arbitrage, Kotak Mahindra Life Insurance, Edelweiss Tokio Life Insurance, ICICI Prudential Life Insurance and more. The listing performance of recent D-street debuts have been mixed. The last issue to list Mamaearth parent Honasa Consumer gave muted 4% listing gains but Cello World gave a good 22% gains. Here are the listing gains of the last few market debuts <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Company </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Listing gains </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Honasa Consumer </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">4% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Cello World </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">22% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Blue Jet Healthcare </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">14.4% </th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">IRM Energy </th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-5% </th></tr></thead><tbody><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Plaza Wires </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Updater Services </td><td style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.3% </td></tr></tbody><tbody></tbody></table> ESAF SFB fixed a price band of ₹57-₹60 per equity share for its issue. The IPO is a combination of fresh issue and offer for sale, and intends to use the net proceeds from fresh issue to augment its Tier – I capital base and meet future capital requirements. ESAF SFB has 700 banking outlets, 559 ATMs across 21 states and two union territories. Its primary products include advances and deposits. It mainly focuses on rural and semi-urban banking franchises. It provides MSME loans, agricultural loan business and retail loan business. Its deposits grew from ₹89,994.26 million to ₹146,656.25 million between FY21-23 registering a compounded annual growth rate (CAGR) of 27.66%. Its CASA ratio dropped from 22.84% in FY22 to 21.39% in FY23. Its gross NPA (non performing assets) and net NPA stood at 2.49% and 1.13% respectively in Q1FY24. Despite having a nationwide presence, the bank's primary business operations are concentrated in South India, specifically in the states of Kerala and Tamil Nadu. “As of now, its operations are limited to South India with a lower presence in North India. Hike in RBI’s interest rate will result in compression of NIMs (net interest margins) from current levels. Increase in stress on assets specially on small ticket items will affect the future cash flows which will lead to increase in NPA,” said a report by Religare elucidating its key risks.

ESAF Small Finance Bank lists at 20% premium but below grey market expectations

Equity benchmark <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> declined 290 points in a volatile session to settle below the 58,000 mark on Thursday due to a sell-off in banking, financial and IT stocks amid a mixed trend in global equities. Besides, heavy selling in index heavyweight Reliance Industries added to the pressure, traders said. After rallying for two straight days, the 30-share BSE Sensex fell 289.31 points or 0.50 per cent to settle at 57,925.28, with 16 of its constituents posting losses. During the day, the index witnessed a high of 58,396.17 and a low of 57,838.85. The broader NSE Nifty dipped 75 points or 0.44 per cent to end at 17,076.90, with 30 of its scrips ending in the red. "Markets traded volatile and lost nearly half a per cent amid mixed cues. After the initial downtick, the Nifty recovered gradually in the first half however fall in the heavyweights around 17,200 levels again pushed the index in the red. Consequently, it closed at 17,076.90 levels. "Continued pressure in the IT majors and profit-taking in banking and financial counters turned the tone negative," said Ajit Mishra, VP - Technical Research, Religare Broking Ltd. State Bank of India was the biggest loser in the Sensex pack, shedding 1.69 per cent, followed by Asian Paints, Kotak Mahindra Bank, HCL Technologies, Reliance Industries, Wipro, IndusInd Bank, Infosys, Power Grid and HDFC twins. In contrast, Nestle, Maruti, Bharti Airtel, Tata Motors, ITC and Hindustan Unilever were among the gainers. In the broader market, the BSE midcap gauge declined 0.45 per cent and smallcap index dipped 0.15 per cent. "Although the Fed's decision to increase rates by 25 basis points was in line with expectations, concerns were raised by the US Treasury Secretary's statement that blanket insurance for all deposits was not being considered. "The domestic market attempted to recoup its initial losses with the help of favourable US futures as the Fed hinted at its plan to pause rate hikes sooner. However, the recovery was short-lived due to a sluggish start in the European market led by a 50 bps hike by the Swiss National Bank," said Vinod Nair, Head of Research at Geojit Financial Services. Among indices, realty, bankex, IT, financial services, tech and consumer discretionary were the biggest laggards. FMCG, healthcare, telecommunication, utilities and power were among the gainers. As many as 2,053 firms declined, while 1,452 advanced and 129 remained unchanged. In Asia, Seoul, Shanghai and Hong Kong markets ended in the green, while Japan settled lower. Equity markets in Europe were trading in negative territory during the afternoon trade. The US markets had ended sharply lower on Wednesday. "Most Asian stock markets ended in the positive, while European markets were trading lower on March 23 as markets weighed the prospect of a less hawkish Federal Reserve against increased economic headwinds in the coming months. "Investors felt that further increases, along with rates remaining higher for longer, are likely to apply increased pressure on the global economy this year," said Deepak Jasani, Head of Retail Research, HDFC Securities. Meanwhile, global oil benchmark Brent crude dipped 0.90 per cent to USD 76 per barrel. Foreign Portfolio Investors turned buyers on Wednesday as they bought equities worth Rs 61.72 crore, according to exchange data. "Domestic equities swing between gains and losses after US Fed continued with its rate hike trajectory. Statement by Treasury Secretary to not provide blanket insurance to all the banks distraught the sentiments," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said. Their resolve to control inflation remains strong despite the ongoing banking turmoil. Bank of England is also expected to hike rates by 25 bps, Khemka said. Overall, <keyword id="46038" type="General" weightage="20" keywordseo="indian-markets" source="Orion">Indian markets</keyword> are expected to remain range-bound due to a lack of triggers. The global environment continues to remain volatile. FIIs too have been consistent sellers for the last few days, which could keep the market under pressure, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/customer-stickiness-to-solving-unit-economics-early-lessons-in-hyperscaling-startups-according-to-bcg-times-bridge-tie-delhi-ncr-report/articleshow/98942395.cms">Customer stickiness to solving unit economics early: Lessons in hyperscaling startups, according to BCG-Times Bridge-TiE Delhi-NCR report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/16-startups-have-laid-off-100-percent-employees-in-2023-so-far-3-of-them-in-india/slidelist/98941663.cms">16 startups have laid off 100 percent employees in 2023 so far – 3 of them in India</a>

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I would rate Wavemaker's performance in 2020 A+: Ajay Gupte, CEO – South Asia, Wavemaker

Samarpita Banerjee

Religare Enterprises raises Rs 300 cr by divesting stake in RHICL to Kedaara Capital

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ESAF Small Finance Bank lists at 20% premium but below grey market expectations

Katya Naidu

Sensex halts 2-day gaining streak, falls 290 pts to close below 58K

PTI

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