Latest news with #MiddleEast-based
Time of India
10-06-2025
- Business
- Time of India
Careernet Group expands to the Middle Eastern market
Holistic talent solutions provider Careernet has announced its official foray into the Middle East, following its recent expansion into the United States through Longhouse, its executive search arm, the company said in a statement on Tuesday. The Middle East expansion is part of a broader strategic push by the Careernet Group to deepen its presence in key global markets. Careernet's Middle East operations will be based in Dubai, UAE. Backed by 25 years of experience, including scaling teams for fast-growing enterprises, global capability centres (GCCs), and multinationals, this expansion will strengthen the Group's ability to serve both existing clients with operations in the region as well as Middle East-based enterprises seeking strategic talent support across tech, digital, and emerging sectors. As the geography emerges as a global innovation hub, the demand for specialised talent is intensifying across sectors like startups, AI, fintech, and Web3. Careernet's entry into the Middle Eastern market will see it offering enterprises access to talent solutions through its integrated ecosystem of specialist brands: HirePro ( AI-enabled recruitment automation); Longhouse (executive search and talent advisory); and MyCareernet (employer branding and candidate engagement through digital platforms). 'The Middle Eastern region is a rapidly evolving talent hub, and we see it not just as a market but as a strategic focus in our long-term growth vision. We have supported UAE-headquartered companies with their India hiring for many years and are now strengthening that relationship with an on-ground presence in the region,' said Anshuman Das, CEO and Co-founder, Careernet Group. To lead this new phase of growth, Asif Khan has been appointed as Associate Vice President for the Middle East office. Based in Dubai, Asif brings over a decade of experience in sales and client management across IT, FMCG, retail, and energy sectors, along with a deep understanding of the region's talent dynamics. He will spearhead strategic partnerships, client acquisition, and growth initiatives in the region.
Mid East Info
03-06-2025
- Business
- Mid East Info
HITEK AI achieves ISO 42001 certification, the first international standard for AI management systems - Middle East Business News and Information
Dubai, United Arab Emirates: Middle East-based smart AI-powered FM solutions provider HITEK AI , which is part of the Farnek group of companies, has achieved ISO 42001 certification, the first international standard for Artificial Intelligence Management Systems. With a strong focus on operational excellence and risk mitigation, ISO 42001 provides a structured framework for organisations to design, develop, implement, monitor, and improve AI systems responsibly and ethically. 'HITEK AI is the first FM-related company in the Middle East to achieve ISO 42001 and as such this gives us and all Farnek group companies a distinct competitive advantage and demonstrates our leadership by complying with international AI standards and aligning with global best practices and ethical principles,' said Javeria Aijaz, Managing Director, HITEK AI. 'This enables HITEK AI to demonstrate its leadership in AI governance and compliance, setting a benchmark for responsible AI implementation throughout the region's facilities management industry,' she added. HITEK AI achieved ISO 42001 certification following a long rigorous audit process conducted by Callids Global Quality & Standardization, an accredited external auditor. This involved comprehensive assessments of their process management systems, policies, risk management frameworks, data governance practices, and ethical compliance measures. The extensive evaluation demonstrated its commitment to aligning with international best practices and standards for AI management, security, and transparency. Throughout the certification process, the company consistently evidenced robust implementation, continuous monitoring, and systematic improvement of its AI solutions and protocols. 'This certification is more than just a milestone for us… it's a clear signal that HITEK AI operates with a strong, structured internal compass to govern the way we build and manage AI. In a fast-evolving landscape, where trust and transparency matter more than ever, ISO 42001 is a stamp of quality assurance that we've embedded ethics, quality, and accountability into the heart of our AI systems. We're not just innovating for today here…we're leading responsibly,' commented Ryan Mitchell, Director – QHSEW, at Farnek. ISO 42001 also allows organisations to identify and mitigate AI-related risks, including critical errors, security threats, and ethical concerns, which supports and improves responsible decision making. 'Moreover, our certification will improve the accuracy, reliability, and sustainability of our AI modeling and optimise AI-driven operations to realise maximum impact. Businesses working with us can rest assured that they have chosen a partner with reliable, responsible, and secure AI processes, supporting their innovation and growth,' added Aijaz. Photo Caption: (L–R) Markus Oberlin, Group CEO, Farnek; Javeria Aijaz, Managing Director, HITEK; Ryan Mitchell, Director – QHSEW, at Farnek. About HITEK AI: HITEK AI is a part of Farnek Group, a leading industry expert with over 45 years of technical expertise and operational experience in Facilities Management, Hospitality, and Technology Infrastructure. Our broad range of intelligent applications is a result of people, processes, and technology empowering our customers with digital, business, and technological transformation. Our solutions are aimed at complementing leaner and more sustainable operational processes that increase productivity and reduce energy consumption. Any FM Company would like to adapt the power of digitalisation, can contact HITEK Services on info@ About Farnek: Farnek is the leading provider of sustainable and technology-driven Facilities Management in the United Arab Emirates. Established in the UAE since 1980, Farnek Services LLC is a Swiss- owned independent total facilities management company. With a skilled workforce of more than 10,000 employees, Farnek delivers professional Facilities Management services across several sectors: Aviation, Hospitality, Banking, Retail, Telecom, Residential, Commercial, Infrastructure, Government, Education, Leisure, and Entertainment.
Campaign ME
27-05-2025
- Business
- Campaign ME
M+C Saatchi Middle East acquires DUNE
M+C Saatchi Sport & Entertainment has announced its strategic acquisition of leading Middle East-based marketing, communication and commercial experts DUNE | 23. The acquisition aims to mark a significant leap in M+C Saatchi Middle East's growth journey. Adding to its capability suites in the region, which spans marketing and communications, media and sponsorships, talent management, PR, social media, consultancy and production, the integration of DUNE | 23 aims to further strengthen its sport and entertainment offering. 'This acquisition is a pivotal step in advancing our regional growth trajectory and strengthening our leadership in a space where brand and culture converge,' said Scott Feasey, CEO, M+C Saatchi Middle East. 'DUNE | 23 brings specialist expertise, a proven track record, and a team uniquely attuned to creating lasting impact through passion and fandom,' he added. 'By integrating their capabilities and insight into our ecosystem, we're scaling our ability to lead in one of the world's most dynamic and fast-growing markets for sport and entertainment.' Jamie Hosie and Lloyd McMillan co-founded DUNE | 23 in 2023. Today, a team of more than 40 specialists powers the agency, delivering end-to-end marketing solutions. The agency's client portfolio includes Emirates Dubai 7s, Mubadala Abu Dhabi Open, LIWA Festival, SailGP, Zeekr, All Things Live Middle East, Dubai Watch Week, Longines Global Champions Tour, Nada Dairy, BRED by Hypebeast, and more within the world of sport and entertainment.
Economic Times
27-05-2025
- Business
- Economic Times
Citykart's big haul; A new AI race
Happy Tuesday! Value fashion retailer Citykart has raised fresh funds to fuel its expansion plans. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Flipkart's growth charge ■ Earnings corner■ Agentic AI in BFSI TPG NewQuest, A91 back Citykart in Rs 538 crore round at Rs 1,400 crore valuation Sudhanshu Agarwal, founder, Citykart Citykart, a value retail chain serving middle- and lower-income consumers in smaller Indian cities, has raised Rs 538 crore in a funding round led by TPG NewQuest and A91 Partners. The mix of primary and secondary transactions pegs the company's valuation at around Rs 1,400 crore, people familiar with the matter told us. Deal details: Rs 120 crore in fresh capital will fund expansion beyond Citykart's core markets of Uttar Pradesh and Bihar. Rs 418 crore was raised via secondary share sales. Middle East-based alternative asset manager Investcorp has exited fully, clocking a 4x return on its 2019 investment. Another early backer, India SME Investments, has pared its stake by half. About the company: Citykart operates 137 stores across tier-II and tier-III cities, with plans to add 40–50 outlets annually in states like Rajasthan, Odisha, Assam, and Jharkhand. Revenues have grown by nearly 70% over the last two financial years to over Rs 900 crore in FY25. Founder and MD Sudhanshu Agarwal said the company expects to cross Rs 1,300 crore in revenue in FY26, and noted that Citykart has remained consistently profitable for the last five years. Context setting: Citykart plays in the mass-market apparel segment alongside listed firms such as VMart and private players like Vishal Mega Mart and Style Baazar. The fresh round underscores growing investor appetite for affordable fashion targeting India's non-metro consumers. By comparison: VMart, a listed peer, is valued at Rs 5,500–6,000 crore and has an annual revenue of Rs 2,300 crore (around 2.5x sales). Vishal Mega Mart, backed by Partners Group and Kedaara Capital, was last valued at nearly $1.3–1.5 billion (Rs 10,000–12,000 crore) with revenue exceeding Rs 7,000 crore. Style Baazar, a regional player, has a comparable store count but a smaller scale and revenues of around Rs 500-600 crore. Post-deal, TPG NewQuest has emerged as Citykart's largest institutional investor, followed by A91 Partners and India SME. Pet food brand Drools turns unicorn after Nestlé SA picks up minority stake Homegrown pet food brand Drools turned unicorn after Swiss packaged food giant Nestlé SA acquired a minority stake for an undisclosed amount. Hot cake: This is Drools' second major raise after LVMH-backed private equity firm L Catterton invested $60 million in June 2023 at a valuation of $600 million. The transaction underscores rising investor interest in India's $3.5 billion pet care market, with players like Godrej and Emami planning a foray. Slikk raises $10 million: Bengaluru-based 60-minute fashion delivery startup Slikk has raised $10 million in a funding round led by Nexus Venture Partners. Operation Coding war, thanks AI A fresh front has opened in the AI wars, as global tech giants and nimble startups race to dominate the future of software development. What's happening: Google has unveiled its coding agent Jules. Microsoft has launched its GitHub AI agent. OpenAI has rolled out Codex and acquired Windsurf to bolster its arsenal. Rapid adoption: Google and Microsoft say AI now writes around 30% of their code. At InMobi, founder Naveen Tewari claims the figure is already 50%. The AI coding tool market is projected to reach $12.6 billion by 2028, growing at a CAGR of 28%, according to market intelligence firm MarketsandMarkets. The draw? A compelling mix of higher productivity, intuitive interfaces, and strong value-for-money. Challenges: But, as AI writes more code, teams are left reviewing more of it. Several founders we spoke to said they've automated large parts of the review process to avoid any customer-facing fallout. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. Flipkart reports up to 25% growth amid ecommerce slowdown Kalyan Krishnamurthy, group CEO, Flipkart Flipkart group CEO Kalyan Krishnamurthy outlined the company's growth trajectory and IPO plans at an internal town hall on Monday. What's new: Krishnamurthy told employees that Flipkart is seeing 20–25% year-on-year growth in orders across its platforms in May, with expectations of hitting 30% growth in June, defying a broader slowdown in the ecommerce sector. Why it matters: The update comes as Flipkart prepares to shift its domicile from Singapore to India, aligning with domestic regulations ahead of a planned IPO in 2026. By the numbers: Zoom out: Krishnamurthy and top executives Ramesh Gururaja, Hemant Badri, and Seema Nair used the town hall to lay out priorities across supply chain, customer experience, and group is also focusing on Gen Z consumers through fashion, travel, and Shopsy, its value platform competing with Meesho and Amazon Bazaar. FirstCry's Q4 loss widens to Rs 111 crore; full-year Ebitda improves Supam Maheshwari, CEO, FirstCry Brainbees Solutions, which operates omnichannel baby products retailer FirstCry, reported a consolidated net loss of Rs 111 crore in Q4 FY25, widening from Rs 43 crore in the year-ago period and Rs 15 crore in the previous quarter. Operating revenue stood at Rs 1,930 crore, up 16% year-on-year but down 11% sequentially. Nazara Technologies Q4 revenue nearly doubles; net profit rises to Rs 4 crore Nitish Mittersain, CEO, Nazara Technologies Online gaming firm Nazara Technologies posted a strong growth in the fourth quarter of FY25. The firm reported a 95% rise in operating revenue to Rs 520 crore, while net profit surged to Rs 4 crore from Rs 18 lakh in the year-ago period. Awfis net profit rises nine-fold in Q4, revenue up 46% Sumit Lakhani, CEO, Awfis Office space solutions provider Awfis recorded a 46% rise in operating revenue to Rs 339 crore for the March quarter, fueled by greater enterprise contributions, allied services, and better efficiency. Net profit rose ninefold to Rs 11.3 crore. Other Top Stories By Our Reporters (L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, cofounders, Groww Groww files draft papers for IPO, eyes $700 million to $1 billion listing: Online investment platform Groww has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO), according to a public notice on May 25. Financial services players use agentic AI to automate workflows: The BFSI sector, including players like HDFC Bank, State Bank of India (SBI), and Wells Fargo, is planning to leverage agentic AI to automate workflows intelligently. Global Picks We Are Reading ■ How I shorted $TRUMP coin (and got to have dinner with the President) (The Verge) ■ Here are the nuclear fission startups backed by Big Tech (TechCrunch) ■ The real cost of AI is being paid in deserts far from Silicon Valley (Rest of World) Updated On May 27, 2025, 07:23 AM IST
Time of India
27-05-2025
- Business
- Time of India
Citykart's big haul; A new AI race
Next Citykart's big haul; A new AI race Want this newsletter delivered to your inbox? Also in the letter: TPG NewQuest, A91 back Citykart in Rs 538 crore round at Rs 1,400 crore valuation Deal details: Rs 120 crore in fresh capital will fund expansion beyond Citykart's core markets of Uttar Pradesh and Bihar. Rs 418 crore was raised via secondary share sales. Middle East-based alternative asset manager Investcorp has exited fully, clocking a 4x return on its 2019 investment. Another early backer, India SME Investments, has pared its stake by half. About the company: Revenues have grown by nearly 70% over the last two financial years to over Rs 900 crore in FY25. Founder and MD Sudhanshu Agarwal said the company expects to cross Rs 1,300 crore in revenue in FY26, and noted that Citykart has remained consistently profitable for the last five years. Context setting: By comparison: VMart, a listed peer, is valued at Rs 5,500–6,000 crore and has an annual revenue of Rs 2,300 crore (around 2.5x sales). Vishal Mega Mart, backed by Partners Group and Kedaara Capital, was last valued at nearly $1.3–1.5 billion (Rs 10,000–12,000 crore) with revenue exceeding Rs 7,000 crore. Style Baazar, a regional player, has a comparable store count but a smaller scale and revenues of around Rs 500-600 crore. Pet food brand Drools turns unicorn after Nestlé SA picks up minority stake Hot cake: Slikk Club raises $10 million: Operation Coding war, thanks AI What's happening: Google has unveiled its coding agent Jules. Microsoft has launched its GitHub AI agent. OpenAI has rolled out Codex and acquired Windsurf to bolster its arsenal. Rapid adoption: The draw? Challenges: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Flipkart reports up to 25% growth amid ecommerce slowdown What's new: Why it matters: By the numbers: India's ecommerce market growth slowed to 10–12% in 2024, per Bain & Company. Myntra accounted for 40% of the group's new customers and turned profitable in FY24. Flipkart Minutes is targeting 800 dark stores by end-2025 and is doubling daily order volumes roughly every 45 days. Zoom out: FirstCry's Q4 loss widens to Rs 111 crore; full-year Ebitda improves Nazara Technologies Q4 revenue nearly doubles; net profit rises to Rs 4 crore Awfis net profit rises nine-fold in Q4, revenue up 46% Other Top Stories By Our Reporters Groww files draft papers for IPO, eyes $700 million to $1 billion listing: Financial services players use agentic AI to automate workflows: Global Picks We Are Reading Happy Tuesday! Value fashion retailer Citykart has raised fresh funds to fuel its expansion plans. This and more in today's ETtech Morning Dispatch.■ Flipkart's growth charge■ Earnings corner■ Agentic AI in BFSISudhanshu Agarwal, founder, CitykartCitykart, a value retail chain serving middle- and lower-income consumers in smaller Indian cities, has raised Rs 538 crore in a funding round led by TPG NewQuest and A91 Partners. The mix of primary and secondary transactions pegs the company's valuation at around Rs 1,400 crore, people familiar with the matter told operates 137 stores across tier-II and tier-III cities, with plans to add 40–50 outlets annually in states like Rajasthan, Odisha, Assam, and plays in the mass-market apparel segment alongside listed firms such as VMart and private players like Vishal Mega Mart and Style Baazar. The fresh round underscores growing investor appetite for affordable fashion targeting India's non-metro TPG NewQuest has emerged as Citykart's largest institutional investor, followed by A91 Partners and India pet food brand Drools turned unicorn after Swiss packaged food giant Nestlé SA acquired a minority stake for an undisclosed is Drools' second major raise after LVMH-backed private equity firm L Catterton invested $60 million in June 2023 at a valuation of $600 million. The transaction underscores rising investor interest in India's $3.5 billion pet care market, with players like Godrej and Emami planning a 60-minute fashion delivery startup Slikk Club has raised $10 million in a funding round led by Nexus Venture Partners. fresh front has opened in the AI wars , as global tech giants and nimble startups race to dominate the future of software and Microsoft say AI now writes around 30% of their code. At InMobi, founder Naveen Tewari claims the figure is already 50%. The AI coding tool market is projected to reach $12.6 billion by 2028, growing at a CAGR of 28%, according to market intelligence firm MarketsandMarkets.A compelling mix of higher productivity, intuitive interfaces, and strong as AI writes more code, teams are left reviewing more of it. Several founders we spoke to said they've automated large parts of the review process to avoid any customer-facing Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Krishnamurthy, group CEO, FlipkartFlipkart group CEO Kalyan Krishnamurthy outlined the company's growth trajectory and IPO plans at an internal town hall on told employees that Flipkart is seeing 20–25% year-on-year growth in orders across its platforms in May, with expectations of hitting 30% growth in June, defying a broader slowdown in the ecommerce update comes as Flipkart prepares to shift its domicile from Singapore to India , aligning with domestic regulations ahead of a planned IPO in and top executives Ramesh Gururaja, Hemant Badri, and Seema Nair used the town hall to lay out priorities across supply chain, customer experience, and group is also focusing on Gen Z consumers through fashion, travel, and Shopsy, its value platform competing with Meesho and Amazon Maheshwari, CEO, FirstCryBrainbees Solutions, which operates omnichannel baby products retailer FirstCry, reported a consolidated net loss of Rs 111 crore in Q4 FY25, widening from Rs 43 crore in the year-ago period and Rs 15 crore in the previous quarter. Operating revenue stood at Rs 1,930 crore, up 16% year-on-year but down 11% Mittersain, CEO, Nazara TechnologiesOnline gaming firm Nazara Technologies posted a strong growth in the fourth quarter of FY25. The firm reported a 95% rise in operating revenue to Rs 520 crore, while net profit surged to Rs 4 crore from Rs 18 lakh in the year-ago Lakhani, CEO, AwfisOffice space solutions provider Awfis recorded a 46% rise in operating revenue to Rs 339 crore for the March quarter, fueled by greater enterprise contributions, allied services, and better efficiency. Net profit rose ninefold to Rs 11.3 crore.(L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, cofounders, GrowwOnline investment platform Groww has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO), according to a public notice on May BFSI sector, including players like HDFC Bank, State Bank of India (SBI), and Wells Fargo, is planning to leverage agentic AI to automate workflows intelligently.■ How I shorted $TRUMP coin (and got to have dinner with the President) ( The Verge ■ Here are the nuclear fission startups backed by Big Tech ( TechCrunch ■ The real cost of AI is being paid in deserts far from Silicon Valley ( Rest of World
