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Thinkific Announces Third Quarter, 2024 Financial Results

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Q3 2024 Revenue Growth Accelerates 15% to $17.2 Million

Commerce Revenue Grew 88% as Customers Choose Thinkific Commerce to Power Their Sales

Thinkific Plus and Self Serve Revenue Growth Accelerates to 32% and 10% Respectively

Thinkific reports in thousands of U.S. dollars and in accordance with IFRS

VANCOUVER, BC, Nov. 5, 2024 /CNW/ – Thinkific Labs Inc. (“Thinkific” or the “Company”) (TSX: THNC), a leading cloud-based software platform that enables entrepreneurs and established businesses of all sizes to create, market, and sell digital learning products, today announced its financial results for the quarter ended September 30, 2024.

“Thinkific’s unwavering commitment to customer success continues to drive strong financial performance as evidenced by our third quarter, 2024 results.” said Greg Smith, CEO and founder of Thinkific.  “Our customers are benefiting from the rapid pace of innovation over the past year which has led to higher adoption of Thinkific Commerce and an acceleration of growth in Self Serve and Thinkific Plus. We remain committed to help our customers grow their businesses and will continue to build on this momentum by adding new features in Q4.”

Third Quarter Financial Highlights

Total revenue increased 15% to $17.2 million, compared to the third quarter of 2023, within our guided range of $17.0$17.3 million.Commerce revenue increased 88% to $2.8 million, compared to the third quarter of 2023, as customers increasingly choose Thinkific Commerce to power their sales, growing our penetration rate to 47% from 32% in the same period of the prior year.Subscription revenue increased 7% to $14.4 million, compared to the third quarter of 2023 driven by strong performance by our Thinkific Plus sales team.On a customer group basis (inclusive of both subscription and commerce revenue), Thinkific Plus grew 32% to $4.2 million and Self Serve revenue increased 10% to $13.0 million, compared to the third quarter of 2023.Gross margin declined slightly to 76% for the third quarter of 2024 from 77% for the third quarter of 2023.Net income for the third quarter of 2024 was $0.6 million compared to a net loss of $0.9 million for the third quarter of 2023, representing an improvement of $1.5 million. Earnings per share (basic and diluted) for the third quarter of 2024 was $0.01 compared to loss per share of $0.01 for the third quarter of 2023.Adjusted EBITDA(1) of $0.9 million in the third quarter of 2024 compared to $0.7 million in the third quarter of 2023, representing an improvement of $0.2 million or 26%.ARR(2) grew 7% to $58.0 million in the third quarter of 2024 from $54.2 million in the third quarter of 2023, driven by strong growth in Thinkific Plus.ARPU(2) increased 13% to $165 per month compared with $145 per month in the third quarter of 2023 due to strong growth in Thinkific Plus and continued success of Thinkific Commerce.GMV(2) in the third quarter of 2024 was $111.1 million, up 1% compared to the third quarter of 2023. GPV(2) processed through Thinkific Commerce increased 49% to $52.4 million in the third quarter of 2024 compared to $35.2 million in the same period of the prior year.Cash and cash equivalents were $50.3 million at September 30, 2024.

“Thinkific achieved top line growth acceleration in both Thinkific Plus, and Self Serve. This was accomplished with growing Adjusted EBITDA margins, even while we increased strategic investments.” said Corinne Hua, Chief Financial Officer of Thinkific. “The strong performance we observed is a testament to the leverage and flexibility we have in our business model and reflects our ability to execute on our strategy of profitable growth as we achieve scale in the business.”

Third Quarter Operational Highlights

Released advanced analytics, an update that empowers users to effortlessly build and schedule data-rich custom reports that streamlines reporting workflows and provides deeper and more-actionable intelligence to improve decision-making and strategic planningAdded a set of AI-driven enhancements to The Leap including AI-generated product pages, e-mails and copywriting. The Leap has now surpassed 37,000 accounts, up from the 30,000 we reported in Q2.Released new AI-powered onboarding experience to help creators get up and running with creating digital knowledge products.

Outlook

For the fourth quarter of 2024, the Company expects revenue of $17.6$17.9 million, which represents 13% – 15% growth in Q4. We plan to continue our growth-focused investments, in line with revenue  growth, and expect Adjusted EBITDA(1) margin to be consistent with prior quarters.   

Actual results may differ materially from Thinkific’s financial outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.

Quarterly Conference Call and Webcast Information

A conference call will be held at 5:00 PM ET (2:00 PM PT) on November 5, 2024 to discuss Thinkific’s third quarter financial and operational results. To participate in the call, please dial 1.888.510.2154 (US/Canada toll-free) or 1.437.900.0527 (International/Toronto). For those unable to participate, a replay will be available an hour after the event by dialing 1.888.660.6345 (US/Canada toll-free) or 1.289.819.1450 (International/Toronto). The passcode is 47236  #. The replay will expire at midnight ET on November 12, 2024. The conference call will also be available via webcast on the Investor Relations section of Thinkific’s website at investors.thinkific.com/events-and-presentations

Thinkific’s audited consolidated financial statements and accompanying notes, and Management’s Discussion and Analysis for the year ended December 31, 2023 are available on the Company’s website at www.thinkific.com and on SEDAR+ at www.sedarplus.ca.

About Thinkific

Thinkific (TSX:THNC) makes it simple for Creator Educators and established businesses of any size to scale and generate revenue by teaching what they know. Our Platform gives businesses everything they need to build, market, and sell digital learning products – from courses to communities –  and to run their business seamlessly under their own brand, on their own site. Thinkific’s 50,000+ active customers earn hundreds of millions of dollars in direct course, membership and community sales while teaching tens of millions of students. Thinkific is headquartered in Vancouver, Canada, with a distributed team.

For more information, please visit www.thinkific.com.

Non-IFRS Measures

The information presented within this press release includes “Adjusted EBITDA” and certain industry metrics. The “Adjusted EBITDA” is not a recognized measure under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, does not have a standardized meaning prescribed by IFRS, and is therefore unlikely to be comparable to similar measures presented by other companies. Rather, this measure is provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, it should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We also use certain industry metrics: “Annual Recurring Revenue”, “Paying Customers”, “Average Revenue per User”, “Gross Merchandise Volume” and “Gross Payments Volume”. These industry metrics are unaudited and are not directly derived from our financial statements. The non-IFRS measure and industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and industry metrics in the evaluation of issuers. Our management also uses the non-IFRS measure and industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.

“Adjusted EBITDA” is defined as net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based compensation, foreign exchange loss (gain), finance income, restructuring costs, and loss on disposal of property and equipment. Adjusted EBITDA does not have a standardized meaning under IFRS and is not a measure of operating income, operating performance or liquidity presented in accordance with IFRS, and is subject to important limitations.

Please refer to “Reconciliation to IFRS from Non-IFRS measures” in this press release for more information.

Key Performance Indicators

We monitor the following industry metrics to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions: “Annual Recurring Revenue” or “ARR”, “Average Revenue per User” or “ARPU”, “Gross Merchandise Volume” or “GMV”,  “Paying Customers” and “Gross Payments Volume” or “GPV”. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.

“Paying Customers” is the count of unique Thinkific subscribers on paid plans as of period end, excluding all trial and free customers, and including both monthly and annual subscribers.

“ARPU” is the average monthly Revenue per Paying Customer in the quarter. ARPU is calculated by taking the average Revenue for each month in the quarter and dividing this by the average number of Paying Customers for the same quarter.

“ARR” is the annual value of all current Paying Customer subscriptions at the end of the period, with the number of Paying Customers multiplied by 12 times the average monthly subscription plan fee in effect on the last day of that period.

“GMV” is the total dollar value of all transactions of course sales, membership subscriptions, or other products or services by our customers, facilitated through our platform during the period, net of refunds. GMV does not include transactions for course sales, membership subscriptions, or other products or services processed by application programming interfaces or certain apps where the Company does not record the transaction value.

“GPV” is the total dollar value of transactions processed using Thinkific Payments in the period, net of refunds and inclusive of sales taxes where applicable. GPV does not represent revenue earned by us. Penetration rate is the percentage of GMV processed through Thinkific Payments, it is calculated by dividing GPV by GMV for the respective period. We believe that growth in GPV and penetration is an indicator of success of our customers in monetizing their learning products and of our Thinkific Payments offering. It is also a positive growth driver of revenue, which is derived from payment processing fees. Revenue earned from Thinkific Payments is included in our commerce revenue.

Forward-Looking Statements

This press release includes forward-looking statements and forward–looking information within the meaning of applicable securities laws in Canada. Forward-looking statements and information may relate to our future financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “trends”, “directional indicator”, “indicator”, “future success”, “expects”, “is expected”, “opportunity”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “scalability”, “trajectory”, “prospects”, “strategy”, “intends”, “anticipates”, “adoption”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or, “will”, “occur” or “be achieved”, and similar words, or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-looking statements in this press release include, but are not limited to statements regarding our financial position, management’s ability to effectively invest, increase business efficiencies necessary to build and maintain a sustainable cost structure; business strategy, budgets, operations, investments, financial results, our ability to retain a profitable Adjusted EBITDA run rate, plans and objectives around growth and profitability; industry trends; growth in our industry; our growth rates and growth strategies including our product-led growth strategy through the introduction of additional features to support the success of our customers; addressable markets for our solutions; customer acquisition improvements; the achievement of advances in and expansion of our offered platform service (defined as “Thinkific Platform” and “Our Platform” in the 2023 Annual Information Form); the roll-out, development and success of new products, features, and services; the expectations regarding our revenue and the revenue generation potential of Our Platform and other products including The Leap, the Spotify pilot; and Thinkific’s commitment towards strong corporate governance, the expected benefits from the collective experience of the company’s board directors, their experience and skill set as a member of the board of directors and the expected benefits that board directors may bring to position the Company for greater success and value creation in the future; and our competitive position in our industry.

Forward-looking statements and information are based on our opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the Company’s ability to execute on its growth strategies; the impact of changing conditions and increasing competition in the global e-learning market in which the Company operates; the Company’s ability to keep pace with technological and marketplace changes including, but not limited to the ethical, legal and regulatory implications in the advancement and potential use of artificial intelligence; fluctuations in currency exchange rates and volatility in financial markets; changes in attitudes, financial condition and demand of our target market; developments and changes in applicable laws and regulations; and such other factors discussed in greater detail under the “Risk Factors” section of our Annual Information Form (“AIF”).

Forward-looking statements and information are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control and many of which, regarding future business decisions, are subject to change. Assumptions or factors underlying the Company’s expectations regarding forward-looking statements or information contained in this press release include, among others: our ability to continue investing in infrastructure to support our growth and brand recognition; our ability to continue maintaining, innovating, improving and enhancing our technological infrastructure and functionality, performance, reliability, design, security and scalability of our Platform (as defined in our AIF); our ability to maintain existing relationships with customers (as defined in our AIF) and to continue to expand our customers’ use of our platform; our ability to acquire new customers; our ability to maintain existing material relationships on similar terms with service providers, suppliers, partners and other third parties; our ability to build our market share and enter new markets and industry verticals; the continued development, rollout, integration and success of new products, features, and services; our ability to retain key personnel; our ability to maintain and expand geographic scope; our ability to execute on our expansion and growth plans; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards. The foregoing list of assumptions cannot be considered exhaustive.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information provided herein. The opinions, estimates or assumptions referred to above are described in greater detail in “Summary of Factors Affecting our Performance” and in the “Risk Factors” section of our 2023 Annual Information Form, which is available under our profile on SEDAR+ at www.sedarplus.ca, should be considered carefully by prospective investors. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material, that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date specified herein, and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements. Readers are cautioned that any such forward-looking information should not be used for purposes other than for which it is disclosed.

THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Financial Position (unaudited)
(expressed in thousands of U.S. dollars)

September 30,
2024

December 31,
2023

$

$

Assets

Current assets

Cash and cash equivalents

50,348

86,611

Trade and other receivables

4,390

4,262

Prepaid expenses and other assets

3,270

3,174

Contract acquisition assets

604

528

Derivative asset

6

570

Total current assets

58,618

95,145

Property and equipment

665

853

Lease right-of-use assets

520

812

Contract acquisition assets

905

875

Intangible assets

142

110

Total assets

60,850

97,795

Liabilities and shareholders’ equity

Current liabilities

Accounts payable and accrued liabilities

7,328

5,294

Lease liabilities

467

555

Deferred revenue

10,392

9,529

Total current liabilities

18,187

15,378

Lease liabilities

137

477

Total liabilities

18,324

15,855

Shareholders’ equity

Share capital

109,546

147,739

Contributed surplus

7,570

8,667

Accumulated other comprehensive income (loss)

(32)

532

Accumulated deficit

(74,558)

(74,998)

Total shareholders’ equity

42,526

81,940

Total liabilities and shareholders’ equity

60,850

97,795

THINKIFIC LABS INC.
Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)
(expressed in thousands of U.S. dollars, except share and per share amounts)

Three months ended
September 30,

Nine months ended
September 30,

2024

2023

2024

2023

$

$

$

$

Revenue

17,199

14,951

49,374

43,481

Cost of revenue

4,145

3,461

12,239

10,588

Gross profit

13,054

11,490

37,135

32,893

Operating expenses

Sales and marketing

5,334

4,890

15,212

15,920

Research and development

4,987

4,485

13,966

14,668

General and administrative

3,132

3,326

9,973

11,736

Restructuring

(185)

3,001

Total operating expenses

13,453

12,516

39,151

45,325

Operating loss

(399)

(1,026)

(2,016)

(12,432)

Other income (expenses)

Finance income

897

913

2,907

2,580

Foreign exchange gain (loss)

81

(699)

(451)

(79)

Loss on disposal of property and equipment

(120)

(150)

Total other income

978

94

2,456

2,351

Net income (loss)

579

(932)

440

(10,081)

Other comprehensive income (loss)

Unrealized gain (loss) on derivatives

39

(564)

Total comprehensive income (loss)

618

(932)

(124)

(10,081)

Weighted average number of common shares outstanding – basic

68,217,786

81,014,982

76,271,595

80,281,620

Weighted average number of common shares outstanding – diluted

69,340,033

81,014,982

77,805,225

80,281,620

Earnings (loss) per share

Basic and diluted

$           0.01

$          (0.01)

$           0.01

$          (0.13)

THINKIFIC LABS INC.
Condensed Interim Consolidated Statements of Cash Flows (unaudited)
(expressed in thousands of U.S. dollars)

Nine months ended

September 30,

2024

2023

$

$

Cash from (used in):

Operating activities

Net income (loss)

440

(10,081)

Items not affecting cash and cash equivalents:

Depreciation and amortization

1,027

1,023

Loss on disposal of property and equipment

150

Stock-based compensation

3,033

4,350

Unrealized foreign exchange loss

442

67

Finance income

(2,907)

(2,580)

Interest received

3,703

2,569

Changes in non-cash working capital:

Trade and other receivables

(1,122)

(668)

Prepaid expenses and other assets

(126)

(2,003)

Contract acquisition assets

(527)

(517)

Accounts payable and accrued liabilities

914

(267)

Deferred revenue

863

1,517

Cash from (used in) operating activities

5,740

(6,440)

Investing activities

Proceeds on disposal of property and equipment

77

71

Investment in property and equipment

(193)

(18)

Investment in intangible assets

(40)

Cash (used in) from investing activities

(156)

53

Financing activities

Operating lease payments

(425)

(390)

Payments received on net investment in finance lease

97

40

Exercise of stock options

158

211

Tax remittances on stock based compensation

(2,502)

(704)

Shares repurchased for cancellation under normal course issuer bid

(3,393)

Shares repurchased for cancellation under substantial issuer bid

(35,363)

Cash used in financing activities

(41,428)

(843)

Effect of exchange rate fluctuations on cash and cash equivalents held

(419)

(25)

Decrease in cash and cash equivalents

(36,263)

(7,255)

Cash and cash equivalents, beginning of period

86,611

93,846

Cash and cash equivalents, end of period

50,348

86,591

Non-cash transactions:

Taxes accrued on share repurchases included in accounts payable and accrued liabilities

767

Reconciliation from IFRS to Non-IFRS Measures (unaudited)
(expressed in thousands of U.S. dollars)

Three months ended

September 30,

Nine months ended

September 30,

2024

$

2023

$

2024

$

2023

$

Net income (loss)

579

(932)

440

(10,081)

Stock-based compensation

973

1,624

3,033

4,350

Depreciation and amortization

356

327

1,027

1,023

Foreign exchange loss (gain)

(81)

699

451

79

Finance income

(897)

(913)

(2,907)

(2,580)

Restructuring costs(1)

(185)

3,495

Loss on disposal of property and equipment

120

150

Adjusted EBITDA

930

740

2,044

(3,564)

(1)

Represents employee compensation for severance amounts for Company wide restructuring in the first quarter of 2023. Credit relates to accrual reversal due to employees with termination dates in the third quarter of 2023 being retained by the Company

SOURCE Thinkific Labs Inc.

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Opus Technologies Named Among India’s Top 100 (Mid-Size) Best Workplaces for Women 2024 by Great Place To Work® India

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PUNE, India, Nov. 6, 2024 /PRNewswire/ — Opus Technologies has been recognized by Great Place To Work® India among – India’s Top 100 Best Workplaces for Women 2024

Opus Technologies has achieved a significant milestone, earning recognition as India’s Top 100 Best Workplaces™ for Women 2024 by Great Place to Work© India. This prestigious accolade underscores our commitment to creating an environment where women can thrive professionally and make substantial contributions.

At Opus, we recognize the immense value women bring to our organization. Our female employees consistently demonstrate leadership, drive innovation, and excel across all levels of the company. This recognition celebrates their achievements and reaffirms our dedication to fostering a workplace that empowers women in tech.

As a global authority on workplace culture, Great Place To Work has been studying employee experience and people practices across organizations for over three decades. Every year, more than 100 million employees from over 150 countries worldwide take the Great Place To Work for assessment, benchmarking, and planning of actions to strengthen their workplace culture.

In this year for India, based on a rigorous evaluation methodology, 200 organizations among India’s Best Workplaces for Women 2024 have been recognized. These organizations, among other practices, particularly excel both in people practices that they have crafted for their employees and proactively acting on the feedback to create a High Trust Culture. The report and the complete list (in alphabetical order) of India’s Best Workplaces for   2024 can be viewed on our website.

“In today’s dynamic business landscape, we’ve long recognized that when people feel truly supported and valued, businesses don’t just survive—they thrive. This rings especially true for women in the workplace. By fostering environments that prioritize flexibility, equity, and inclusion, we empower all employees to bring their full potential to work every day.

However, we find ourselves at a critical juncture. Despite years of progress, women’s representation in the workforce has plateaued at 26%, with a mere 122% in executive or C-level positions. More concerning is the declining workplace sentiment among women, signaling a growing disconnect in their work environments.

Our research unequivocally shows that when women experience a sense of belonging, they are 6 times more likely to consider their workplace great. This stark statistic underscores the immense potential waiting to be unlocked in organizations that prioritize inclusivity and equality.

As we launch India’s Best Workplaces™ for Women 2024 report, we celebrate the companies leading the charge in creating truly inclusive environments. These organizations understand that championing women isn’t just about meeting quotas—it’s about cultivating a culture where everyone can thrive.

To all the winners of India’s Best Workplaces for Women: congratulations on setting the gold standard. Your commitment to fostering environments where women feel valued, heard, and empowered serves as an inspiration and a call to action for us all. Together, let’s continue to build workplaces where every individual, regardless of gender, can reach their full potential.”

–          Balbir Singh, CEO, Great Place To Work®️ India

Praveen TM, CEO of Opus Technologies, stated, “Being recognized as one of the Best Workplaces™ for Women by Great Place to Work© India is a significant milestone for us. This honor highlights our commitment to building a workplace where every woman feels valued and empowered to lead. We firmly believe that our diverse workforce is key to our innovation and growth, and we will continue to champion equality and inclusivity in all aspects of our organization.”

Speaking about the achievement, Babitha P, Chief People Officer at Opus Technologies, said, “This recognition reflects our ongoing commitment to diversity, equity, and inclusion. At Opus, we are dedicated to creating an environment where everyone, particularly women, can thrive and feel empowered. Embracing diverse perspectives is at the heart of our culture and a key driver of our success.”

Backed by 30 years of data, Great Place To Work is the global authority on workplace culture. Through its proprietary For All™ Model and Trust Index™ Survey, it gives organizations the recognition and tools to create a consistently positive employee experience. Its mission is to help every place become a great place to work for all, driving business growth, improving lives, and empowering communities. Through globally recognized and coveted Great Place To Work Certification™ and highly competitive Best Workplaces Lists, Great Place To Work enables employers to attract and retain talent, benchmark company culture, and increase revenue. Its platform enables leaders to truly capture, analyze and understand the experience of every employee and compare outcomes with data collected from more than 100 million employees in 150 countries worldwide.

About Opus Technologies:

With nearly three decades of experience, Opus Technologies is a global provider of outcome-driven payment strategies. Opus combines its deep technology proficiency with unmatched domain expertise in payments and fintech to deliver unparalleled quality and value in its work.

Visit https://opustechglobal.com/ to learn more. Follow Opus Technologies on LinkedIn.

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Vasant Masala enters a new era with Anil Kapoor as brand new, unveiling new logo and identity

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AHMEDABAD, India , Nov. 6, 2024 /PRNewswire/ —  Vasant Masala, a prominent name in the spices industry for over 54 years, is proud to unveil Bollywood icon Anil Kapoor as its new brand ambassador, alongside their new positioning: ‘Pyaar Toh Hona Hi Tha.’ The tagline encapsulates how Vasant Masala enhances the flavours of every dish, creating meals that not only satisfy taste buds but also strengthen the bonds of love within families, making every moment around the table one filled with warmth and togetherness.

An exciting collaboration will feature Anil Kapoor alongside his brother Sanjay Kapoor for the first time on-screen with Vasant Masala’s TVC. Their sibling bond exemplifies the essence of Vasant Masala’s new message: love isn’t just a sentiment, but an experience that unites us, especially in the context of family life and cherished traditions.

As part of this exciting evolution, Vasant Masala is also unveiling a refreshed brand identity, complete with a modernised logo. The revamped identity represents Vasant Masala’s dedication to connecting with the tastes and preferences of its customers.

Elaborating on Anil Kapoor’s association as Vasant Masala’s brand ambassadorship, Chandrakant Bhandari, CMD of Vasant Masala, stated, “For decades, delivering purity to Indian households has been the cornerstone of Vasant Masala. With ‘Pyaar Toh Hona Hi Tha,’ we are not only enriching this foundation but also strengthening the bond that goes beyond taste to touch the heart. Anil Kapoor’s association perfectly blends tradition, modernity, and universal appeal, resonating across generations. This campaign celebrates our legacy while reaching a wider audience, bringing Vasant Masala into more homes and fueling our growth for years to come.”

Anil Kapoor, expressing his excitement about this partnership, shared, “I am thrilled to be part of this new chapter in Vasant Masala’s journey. This brand is known for its uncompromising quality and I have complete faith in its commitment to delivering the best. This story is about more than just promoting a product; it’s a celebration of love, family, and the bonds we hold dear. What’s more, this will be the first time I’ll share the screen with my brother Sanjay, which makes this even more exciting for me. I can’t wait to see how this heartfelt campaign connects with people.”

About Vasant Masala:

As a leading brand in the Indian spices market, Vasant Masala remains dedicated to providing high-quality products while deepening its emotional connection with its consumers. Vasant Masala has been delighting millions of families across Gujarat, Rajasthan, Madhya Pradesh, and beyond for the past 54 years. With its diverse range of products such as blended spices, Hing, basic spices, whole spices, and powdered spices, Vasant Masala has gained recognition on a global scale. Exported to five continents, Vasant Masala is known for its unparalleled quality and widespread popularity. This trusted brand has consistently provided consumers with the finest spices, making it the top choice of housewives for the last five decades due to its unmatched flavor and health benefits.

For Trade, Marketing & Other enquiries:
E-mail: info@vasantmasala.com
Call: +91 94265 06390
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Sinopec Hosts Forum Session at 7th China International Import Expo

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US$40.9 billion in purchasing contracts signed with 38 partners, bringing the total of seven sessions of CIIE to US$285 billion

SHANGHAI, Nov. 5, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) has hosted a forum titled “Building Global Energy Partnerships” and a signing ceremony at the 7th China International Import Expo (CIIE 2024) in Shanghai. The exhibition, running from November 5 to 10, is focused on the global energy transition and fostering an open, green, and low-carbon ecosystem.

At the signing ceremony, Sinopec signed purchasing contracts with 38 partners from 18 countries, which totaled US$40.9 billion, including 27 products from 10 major categories, including crude oil, chemicals, equipment, materials, consumer goods and more. Since the first CIIE in 2018, Sinopec has signed orders exceeding a total of US$285 billion in seven sessions.

Ma Yongsheng, chairman of Sinopec, remarked in a keynote speech at the forum that the global energy supply as well as demand pattern and governance system are in need of real changes, and the transformational development of energy and chemical industry is already in a new stage.

“In the face of the great momentum of development, Sinopec unswervingly commits to promoting high-quality, intelligent, and green development leveraging advanced technologies,” said Ma. “We also understand deeply that the energy and chemical industries can only achieve sustainable development through cooperation. Sinopec has always adhered to open cooperation and achieve mutual wins with all our partners.”

Sinopec aims to enhance collaboration on oil and gas resources, working with various stakeholders to establish a more stable industry alliance. The company is also committed to expanding its green energy initiatives to further its low-carbon transformation goals. Additionally, Sinopec seeks to foster technology partnerships to unite innovative efforts, aiming to create a harmonious balance between humanity and nature, address climate challenges effectively, and build a cleaner, more sustainable world for future generations.

At CIIE 2024, Sinopec also signed cooperation and procurement agreements with a number of companies at the event. It has signed a framework agreement with TotalEnergies on long-term LNG supply, under which TotalEnergies will supply 2 million tons of LNG per year to Sinopec from 2028, for a total of 15 years. The partnership will enable both parties to further explore opportunities across the whole industry chain and promote global energy transformation.

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SOURCE SINOPEC

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