Page 25 - Banking Finance December 2024
P. 25
PRESS RELEASE
Karur Vysya Bank expanded its network; inaugurated 4 new
branches
Karur Vysya Bank (KVB) inaugurated 4 news branches - two in Tamil Nadu, two in Andhra Pradesh on 28th November,
2024. With this, the total branch network of the Bank increased to 858.
The new branches that were opened:
1. 855th Branch - Vizag (Murali Nagar) - inaugurated by Shri. Trinadh Rao, Evaluation Officer, Simhachalam Devastanam,
Regional Joint Commissioner, Endowments Department, Government of AP
2. 856th Branch - Cuddapah (Seven Roads) - inaugurated by Shri John Irwin Palaparthi, Revenue Divisional Officer &
Sub Divisional Magistrate, Cuddapah
3. 857th Branch - Chennai (Kodungaiyur) - inaugurated by Hon'ble Justice M Duraiswamy B. Com, B.L, Chairperson,
Tamil Nadu Real Estate Appellate Tribunal, Chennai
4. 858th Branch - Chennai (Nolambur) - inaugurated by Dr. S. Rajan, MF, M. Ch, FRCS, Chairman & HOD, Division of
Cardiac Surgery, The Madras Medical Mission, Chennai
The new branches will provide the complete range of banking services that include retail and commercial banking
products, insurance products through third party tie-ups, etc., The branches have been provided with an ATM, Cash
Deposit Machine and Passbook printer for the convenience of its customers.
KVB offers Internet Banking and Mobile Banking facilities. KVB DLite, the Mobile Banking app of the Bank offers
convenience of financial and non-financial services through 150+ features. The app has been recently upgraded with
several customer friendly features.
Whatfix Announces USD 58 Million (Rs. 485 Crores) Liquidity Event
for its Employees and Investors
Whatfix, a pioneer in the userization of application technology, maximizing ROI on enterprise tech stacks, has announced
its fourth liquidity program of $58 million. The company facilitated liquidity for employees and investors at a premium to
prior Series D round valuation. Eligible current and former employees have been given the opportunity to liquidate a
portion of their vested units, recognizing their invaluable contributions. From time to time, the company has consistently
facilitated secondary sales, ensuring that its employees and investors benefit directly from the companys growth.
Khadim Batti, Whatfix CEO and Co-founder said, "This program reflects our commitment to both business growth and
recognizing those who have been integral to our success. Were fostering a culture of ownership and innovation by offering
employees and investors to share in our growth. Recently, our customer-first approach was recognized as Whatfix was
named the only 'Customers Choice' in the 2024 Gartner Peer Insights DAP report. This program equally underscores our
dedication to employees, reinforcing that our employee-centricity is second to none.
Whatfix recently secured $125 million in a Series E funding round led by Warburg Pincus with participation from existing
investor SoftBank Vision Fund 2. The new round was raised at over 50% premium, reinforcing its dominance as a leader
in digital adoption platform and fueling its expansion into DAP-adjacent offerings. Gartner, Forrester, IDC and Everest
Group have all recognized Whatfix as a leader in the category in various DAP reports. The company has also been listed
as the top DAP by Deloitte Technology Fast 500 for three consecutive years. Over 700 enterprises, including 80+ Fortune
500 companies such as Cisco, Arrow Electronics, Schneider Electric, Avnet, Genuine Parts Company, Becton Dickinson,
Autozone, Aramark, and Kyndryl, along with 100+ technology, services, and consulting partners, trust Whatfix to accelerate
the ROI on their tech investments and those of their customers. Since 2021, Whatfix has launched four new products,
showcasing the strong innovation DNA of the company. The company has been granted 5 patents by the US patent
office with 18 more in the pipeline. Despite the macroeconomics and the headwinds in the last two to three years,
Whatfix has distinguished itself by maintaining a low cash burn and sustaining growth rate. Whatfix also doubled its
workforce to 960+ employees and opened four new offices in Singapore, Germany, Australia, and India since its Series D.
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