Category: Entrepreneurship

The Noble Dream: NR Narayana Murthy shares his recipe for successful entrepreneurship

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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N.R. Narayana Murthy, Co-Founder of Infosys and a prominent figure in the Indian entrepreneurial landscape, opened up about a significant change in his perspective over the years in an exclusive interview with CNBC-TV18. The discussion touched upon his journey in entrepreneurship, sacrifices made, and reflections on personal regrets.

During the interview, Murthy emphasised the importance of having a lofty and noble dream, such as demonstrating that anyone, irrespective of connections or familial wealth, could start and run a successful company.

“My desire was to conduct an experiment in entrepreneurship. And to me, that was a very noble objective, just to demonstrate to people in India that you do not have to have connections with the government; you do not have to be the son or daughter of a rich person to start a company.”

“As Abraham Lincoln defined US democracy, you can create a company of the professional, for the professional, and by the professional. So, that was the noble objective, the noble dream that I had. So when you have a lofty dream, when you are focusing on that lofty dream, the rest of it becomes easier to handle. The rest of it, in some way, gets blurred,” he added.

However, the most intriguing revelation came when Murthy discussed the sacrifices he made, particularly being away from his family. He recounted a decision not to renew a contract with a Fortune 10 company “for a certain reason,” a move that faced resistance from colleagues. Murthy revealed that he was going to be away for around 250 days in a year for three years.

“Even though I knew that I was away from (the) children most of the time — for example, when I took that tough decision not to renew the contract with the Fortune 10 company, all (of them), Nandan Nilekani, everybody was against (the decision). Phaneesh Murthy was extremely angry with me. But I (did it) for a certain reason. I have (sic) to redeem my flat… Now, that was the noble objective that I had.”

“Therefore, when you have a super objective, when you have a noble objective, at least according to me, somebody else may not think so, it doesn’t matter; the rest of the day-to-day difficulties, in some way, get blurred.”

Despite the challenges, he highlighted the significance of having a partner who understood his desires and was willing to make sacrifices and work hard.

A supportive partner & the importance of sharing 

“I had an extraordinary partner who supported me fully. I still remember those days; there was no mobile phone in May 1995 when I took the decision with the Fortune 10 company. The person I called was Sudha because all the other guys were on that side. And I told her. She said, ‘Don’t worry, go ahead, do whatever brings you happiness, whatever brings you joy, and I will continue to look after the children.’ So, I had a partner who understood my desire and a partner who was willing to make whatever sacrifices and whatever hard work was required.”

While reflecting on his journey, Murthy emphasised the need for entrepreneurs to convince their partners about the importance of their mission for the country, family, and the future. Positioning the entrepreneurial journey as something noble and lofty, he stressed the importance of gaining the complete buy-in of one’s partner.

“Therefore, my advice to entrepreneurs is to first convince their partner that whatever journey they are going to take is very important for the country, for their family, for the future of the children, and all of that. In other words, position it as something noble, something lofty, and get his or her complete buy-in, and then I personally feel that, like it happened in my case, the partners will be fully with you.”

The conversation also touched upon Murthy’s unique approach to sharing equity. He mentioned sharing equity in a way that was unprecedented globally, with a significant amount of equity parted with over an extended period.

“A few years ago, probably 25 years ago, when we went to the Bangalore Club for becoming members as a company, the president of the Bangalore club said, ‘Look, I find one thing very strange with you people.’ I said, ‘What is it?’ He said, ‘You are Mr Murthy, you are 10 or 11 years older than all the other people, and you are taking the same salary as all others. We have never come across another instance in the entire Bangalore Club history where somebody with the managing director’s (status), somebody who was 10-11 years older than others taking the same salary’,” he recalls.

When asked about his biggest regret, Murthy candidly admitted that he could have been a better father. He credited his wife, Sudha, for filling that void. Despite being tough with colleagues, Murthy clarified that his intentions were never to take advantage or benefit personally. He expressed his unwavering commitment to making India look good and ensuring the success of Infosys.

The children

In addition to Murthy’s insights, it’s worth mentioning that his children, Akshata Narayana Murty and Rohan Narayana Murty, have made notable contributions in their respective fields.

Akshata Narayana Murty, a multifaceted professional, excels as a businesswoman, fashion designer, and venture capitalist. She is married to Rishi Sunak, the Prime Minister of the United Kingdom and Leader of the Conservative Party. As of 2023, they hold the 275th rank for the richest people in Britain, with a combined wealth of £529 million (US$645 million).

Akshata holds a 0.93% stake in Infosys along with shares in several other British businesses, including two of Jamie Oliver’s restaurant businesses, Wendy’s in India, and Koro Kids.

Rohan Narayana Murty is a computer scientist and the founder and CEO of Soroco, a digital transformation company that uses artificial intelligence to automate processes.

In 2011, he received a PhD in computer engineering from Harvard University. Apart from being the founder and chief technical officer of Soroco, Rohan is also a junior fellow at the Harvard Society of Fellows and the founder of the Murty Classical Library of India.

Also read: Infosys co-founder N Narayana Murthy’s ‘big regret’

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Just getting STARTED: Startup founders throng India’s self-made entrepreneur list

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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At 18, Kaivalya Vohra dropped out of Stanford University’s computer science programme and started the grocery delivery platform Kiranakart with his classmate Aadit Palicha during the COVID-19 pandemic.

Kiranakart didn’t last long, but they raised eyebrows with a 10-minute grocery delivery app called Zepto, which became a unicorn this year. Today at 21, Vohra is the youngest person to feature on IDFC First Bank & Hurun India’s list of Top 200 self-made entrepreneurs of the millennium. As of the end of September, Zepto had an equity value of ₹11,645 crore.

Vohra is followed by 25-year-old Shashvat Nakrani, who co-founded BharatPe with Ashneer Grover and dropped out of IIT. Though Grover left the fintech company in 2022, Nakrani is still associated with the app which has a valuation of over ₹24,000 crores. Unlike the Hurun India Rich List, where the average age of business founders or managers was 60 years, the average age on this list is 44 years.

It’s not just the men who have been making a mark in the startup ecosystem. The youngest woman to feature on the list is 35-year-old Ghazal Alagh, Co-founder of Mamaearth, whose parent company, Honasa Consumer, went public in November. She shares the spot with social gaming app WinZo’s Co-founder Saumya Singh Rathore (35).

Falguni Nayar, who founded Nykaa at the age of 50, topped the list of self-made women entrepreneurs. Her company has a market capitalisation of over ₹50,000 crore.

While D-Mart Founder Radhakishan Damani is the top self-made entrepreneur, 8 of out the top 10 most valuable companies on the list are startups. Flipkart’s Sachin Bansal & Binny Bansal ranked second among the top entrepreneurs, while Zomato’s Deepinder Goyal ranked third. 68 unicorns made it to the list.

Anas Rahman Junaid, Founder & MD, Hurun India said, “This list is one of the biggest evidences that the startup economy is going to be one of the biggest pillars of India in achieving its GDP target.”

“Startups might be facing a bit of a slowdown now, in terms of funding, but the story is far from over,” he added. Junaid said he hoped that future editions of the list will see startups taking advantage of the “AI opportunity to build bigger companies”.

The 200 companies of 400 founders that feature on the list have a cumulative value of Rs 30 lakh crores, which is the size of Denmark’s GDP. But there’s more to India’s wealth creation opportunity.

Vikas Sharma, Head – Wealth Management & Private Banking, IDFC First Bank, said, “The number of high net-worth individuals or dollar millionaires has grown 6-7 fold in the last few years and is expected to more than double in the next 4-5 years.” “From 7.9 lakh HNIs in 2022, the number will go up to about 17 lakh,” he added.

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Telangana palm oil farmer earns lakhs of rupees monthly by selling cow-based liquid fertiliser

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A palm oil farmer from Telangana, Kasana Chandra Mohan, has been earning lakhs monthly by selling a cow-based liquid fertiliser called Jeevaamrutham to other farmers in his nearby areas.

Chandra Mohan, a native of Maddikonda village in the Aswaraopeta mandal of Bhadradri Kothagudem district, cultivates a palm oil garden on his 80-acre farmland.

The garden faced severe insect infestation due to the excessive use of water and chemical fertilisers to boost production. Seeking solutions, Chandra Mohan consulted various agriculture experts who advised him to protect the garden from insects by using the cow-based liquid fertiliser Jeevaamrutham.

Taking this advice, he constructed a goshala in his farm field and began preparing Jeevaamrutham by mixing cow urine and dung with jaggery and water. He set up two cement tanks to preserve the liquid fertiliser. After nine to 12 days, farmer-friendly insects developed in the Jeevaamrutham. Chandra Mohan then applied the liquid fertiliser to his crops, resulting in significant improvement as the crop became free from insects.

In addition to benefiting his own crops, Chandra Mohan started earning  ₹40,000 to ₹50,000 monthly by selling the cow-based fertilizer to other farmers at a rate of ₹3 to ₹4 per litre.

He stated, “I am achieving a good yield after applying Jeevaamrutham in my farm field. The cow-based fertiliser enhances the soil’s fertility, promoting the growth of farmer-friendly insects beneath the land. To encourage chemical-free agriculture in our village at a low cost, I am selling the fertiliser to other farmers in the surrounding areas.”

Also read: Rajasthan Election 2023: Farmers hold key to state’s political fate as Congress and BJP battle for votes

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How this salaried chemical engineer went on to build a nearly $6 billion company

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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“He risked everything, leveraging his personal assets to resurrect Astral from a company barely generating ₹10 million in profit in FY23 to a powerhouse projected to generate over ₹6 billion in profit by FY24, with a market capitalization nearing ₹500 billion,” wealth management firm Marcellus wrote in a recent newsletter to its subscribers.

The person of interest here is Sandeep Engineer, a self-made billionaire owner—among India’s top 100 richest people, has a net worth of $3.3 billion as of November 12—who founded the company, which is today called Astral Pipes and has a market value of over ₹50,000 crore (nearly $6 billion).

The company has been a steady wealth creator for its investors too. Anyone who bought shares of Astral Pipes around Diwali five years ago has made nearly four times the money by now.

Astral Pipes is part of the stocks recommended by Axis Securities for Diwali muhurat trading this year. It was part of ICICI Securities’ Diwali picks last year.

The success of Astral is intrinsically linked to the Engineer’s life, hardships, and strong will to succeed against the odds with sheer grit. It’s also a story of keen observations by the founder, who was ready to spot opportunities and make strategic, timely pivots as and when needed.

Most recent brokerage ratings and target price on Astral

Source: Trendlyne

The time before Astral Pipes

Engineer decided to turn entrepreneur after a two-and-a-half year stint at Cadila Laboratories (later Cadila Healthcare and recently became Zydus Lifesciences), where he drew a salary of Rs 850 a month, according to The Unusual Billionaires, a 2016 book by Saurabh Mukherjea, the founder of Marcellus.

Engineer ventured into selling flavoured Isabgol, a home remedy for constipation, as a distributor across Ahmedabad. The venture didn’t work out and had to be shut down in a couple of years.

In 1987, under Cadila Healthcare chairman Pankaj Patel’s mentorship, Engineer tried his luck with active pharmaceutical ingredients by starting a company called Shree Chemicals. The venture didn’t work as well and faced quality issues, eventually forcing the Engineer to move into another product line with a different company, Kairav Chemicals.

A chance discovery of CPVC (chlorinated polyvinyl chloride) in the US while working at pipes major Lubrizol (then BFGoodrich Performance Materials) made Engineer see its potential in India.

He returned and formed Astral Poly Technik, a plumbing and drainage systems maker, in 1998. It was the first company to get the licence to make CVPC pipes in India. Since then, it has expanded into adhesives (2011), bathware, and paints.

It wasn’t easy initially. “When I launched CPVC pipes, no one accepted them; we had only brought the industrial CPVC pipe to India, not the plumbing one. And the market did not accept it for the first couple of years. We were hardly processing 5% of our total capacity. There were huge losses that kept mounting up,” a ForbesIndia article quoted him as saying.

Moving into the plumbing in 2001 helped Astral as plumbers started preferring CPVC over galvanised iron ones. The company had a 25% market share in CPVC pipes sold in India, according to Sharekhan, a Mumbai-based broking firm.

Under Engineer, Astral organised plumber meets, trained them in its use, and also cut down prices by 20–25% to churn out volumes.

Astral’s growth exploded from 2003. Revenue nearly doubled in just a year. With a top line of ₹60 crore in 2007, Engineer took the company public and raised ₹35 crore from the initial public offering (IPO). The company’s annual sales stood at over ₹5,100 crore at the end of March 2023.

In 2011, Astral Poly Technik rebranded itself as Astral Pipes with the entry of Engineer’s eldest son, Kairav.

To increase brand visibility, Kairav roped in actor Salman Khan as its brand ambassador in 2014. More recently, they also sponsored teams such as the Rajasthan Royals, KKR, and Sunrisers Hyderabad in the Indian Premier League.

Astral’s acquisition of British adhesive company Seal it Services for ₹44 crore (in 2014) for an 80% stake marked its entry into the adhesive space, an arena where Fevicol-maker Pidilite Industries has a near monopoly.

In 2018, Astral also acquired a 76% equity stake in the Kanpur-based Resinova Chemie for ₹212.8 crore, giving it the brand REsiQuick, an instant adhesive.

The combined sales of all adhesives in India is estimated at about Rs 18,000 crore, by the Mumbai-based ICICI Direct Research, and Astral had a 4.7% market share in the space at the end of March 2023.

What’s the road ahead?

• Will double revenue between FY21 and FY26
• The management has reiterated piping segment volume growth of 15% over the next five years against industry volume growth of about 10%
  tank, faucet, sanitaryware, paint and valve will together generate revenue of Rs 1500 crore in the next five years
• The company is working on rebranding and redesigning the paint product line. The segment contributed a revenue of Rs 216 crore (of the total Rs 5,100 crore) in the last financial year.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India-UK FTA to benefit high quality labour-intensive goods

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s high quality labour-intensive goods such as apparel, footwear, carpets and cars will benefit from the removal of import duties by the UK, under the proposed free trade agreement between the two countries, according to think tank GTRI.

However, the overall gains for India will be limited because most of the goods from here are already entering the UK at low or zero tariffs (import or customs duties), the Global Trade Research Initiative (GTRI) said.

In 2022-23, India’s merchandise exports to the UK were valued at USD 11.41 billion and out of this, USD 6 billion worth of goods such as petroleum products, medicines, diamonds, machine parts, airplanes, and wooden furniture entered Britain at zero levy, it said.

“The FTA is expected to have a limited impact on increasing these exports because over half of Indian products already enter the UK with low or no tariffs. The average duty on goods imported from India into the UK is 4.2 per cent,” GTRI Co-Founder Ajay Srivastava said.

However, there will be gains from reducing duties for Indian exports worth USD 5 billion and those items include textiles, apparel (shirts, trousers, women’s dresses, bed linen), footwear, carpets, cars, marine products, grapes, and mangoes.

“These products face relatively low to moderate tariffs in the UK,” he said.

Citing examples, the think tank said that duties on yarn and fabric are 4 per cent, while tariffs on shirts, trousers, women’s dresses, and bed linen range from 10 per cent to 12 per cent.

Similarly, handbags and trunk cases attract 8 per cent tariffs, levies on footwear vary from 4 per cent to 16 per cent.

These products will benefit from the FTA’s tariff reductions by the UK.

Chief negotiators of both the countries are negotiating the pact in the national capital and talks are at a crucial stage, as the negotiations are expected to close by end of this month.

GTRI added that while the duty elimination in the UK can help Indian exports, significant growth requires improvements in product quality and signing an FTA alone may not lead to a substantial increase in India’s labour-intensive goods exports.

For instance, India’s textiles and apparel exports to Japan did not see significant gains from the free trade agreement, Srivastava said.

From 2007-09 to 2019-21, India’s exports to Japan grew from USD 257.7 million to USD 368.6 million, a cumulative growth of 43.1 per cent, while India’s global exports grew by about 67.9 per cent during the same period.

Therefore, the modest increase in exports to Japan may be attributed to natural growth factors rather than the FTA, he added.

Further, UK exporters would gain immediately after India eliminates high tariffs on most British products, it said.

India’s merchandise imports from the UK were USD 8.96 billion in 2022-23. Out of this, it said, 91 per cent of total merchandise imports from the UK enter India on payment of average to high tariffs duties.

For example, the tariff on cars is 100 per cent and on Scotch whisky and wines are 150 per cent.

The simple average tariff in India on goods imported from the UK is 14.6 per cent, it added.

According to GTRI, British products which will gain from the FTA (free trade agreement)-led tariff reductions include precious metals (silver, unwrought platinum and gold, diamonds); metal scrap (aluminium, copper waste); petroleum products; scotch and other alcohol; machinery (turbojet, taps, valves); medicine; and make up items.

The UK exported $ 2.7 billion worth of precious metals; and USD 374 million worth of Scotch and other alcohol into India during 2022-23.

On automobiles, it said: “for luxury cars like those from JLR, Bentley, Rolls-Royce, and Aston Martin, the UK might want zero tariffs, but India could reduce them from 100 per cent to 50 per cent. India might also consider allowing a few thousand units at a 25 per cent tariff”.

It added that India could reduce tariffs from 150 per cent to 50 per cent over a few years, similar to what it did for Australian wines.

These sectors in India have had high tariff protection, even more than agricultural products. Significant tariff cuts, especially for wines, will help the Indian market grow.

On Rules of Origin, an important issue in the agreement, GTRI said India tends to prefer more conservative rules compared to most developed countries, leading to extended discussions and negotiations in its FTA talks, including with the UK.

“However, India may need to be more flexible in its Rules of Origin framework, especially as its firms in sectors like chemicals, electronics, and synthetic textiles are increasingly using imported inputs,” it said.

Rules of Origin ensure that products from third countries do not receive FTA benefits unless they undergo significant transformation in the exporting country.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Independence Day 2023 | Empowering Rural Women — here’s how India’s decentralised renewable energy drives financial independence

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As we celebrate India’s 77th Independence Day, it is crucial to reflect on the remarkable journey of the nation and its people, especially in achieving gender equality. In the diverse landscapes of rural India, where dreams face challenges, one inspiring tale stands out—the relentless pursuit of financial independence by rural women for themselves and their families. 

Achieving financial independence remains an uphill battle for these women. It is hindered by deep-rooted gender norms, limited access to financial services, scarce economic opportunities, along with the drudgery of handling all domestic and family chores. 

According to the Global Gender Gap Report of 2022, India ranks 135th out of 146 countries for women’s participation in the workforce and gender equality. This indicates that despite witnessing rapid economic growth, it is essential to recognise the persistence of deep inequalities, particularly in rural regions. 

A research study by McKinsey Global Institute reveals that equal work opportunities for women could boost India’s GDP by 18 percent by 2025, contributing $700 billion to the economy. This underscores the pressing need for targeted interventions and inclusive policies that break down barriers, cultivate an enabling environment, and empower rural women to flourish and prosper.

Decentralised Renewable Energy

The advent of decentralised renewable energy (DRE) innovations has brought about a transformative change, particularly in the lives of rural women across India. DRE-based livelihood technologies are playing a pivotal role in addressing intermittent electricity issues and introducing mechanisation in the rural context, which significantly improves productivity in various sectors. This clean energy-powered technology market holds a substantial $50 billion opportunity in rural India. 

As these innovations continue to gain momentum, they not only empower rural women financially but also contribute to a more inclusive and self-sustaining India.

To pull rural communities towards these innovations, the Indian government has been proactive in enhancing financial inclusion for rural women through various schemes. One such initiative is the Rajasthan Grameen Aajeevika Vikas Parishad (Rajeevika), which provides financial support for women in Rajasthan to purchase DRE appliances, such as solar-powered refrigerators, through subsidies and credit assistance.

Additionally, the JEEViKA program in Bihar has been successful in mobilising nearly 10 million rural women into self-help groups, granting them access to finance and other essential services. Another notable endeavour is the Pradhan Mantri MUDRA Yojana (PMMY), which provides collateral-free loans of up to Rs 10,00,000 to small businesses, including women-led enterprises. The Prime Minister very recently highlighted that nearly 70 percent of these loans have been sanctioned to women entrepreneurs. 

As a result of such concerted efforts, women have established more than 11,862 micro-enterprises, comprising 37 percent of all micro-enterprises under the Ministry of Micro, Small and Medium Enterprises. These schemes have undoubtedly contributed to rural women’s financial independence and their active involvement in India’s progress. Nonetheless, achieving complete gender equality and empowering women in rural areas remains a significant challenge that requires sustained efforts and continued support from both, the government and society.

In conjunction with our government, the entrepreneurial landscape of India also plays a critical role in reshaping livelihood opportunities for rural women. By targeting livelihood activities that can happen in the vicinity of their homes, innovative entrepreneurs have created opportunities that help these women straddle their domestic and professional responsibilities. And, DRE plays a critical role in enabling this.

Startups such as Resham Sutra work with a vision to foster self-sufficiency and financial independence among underprivileged rural textile artisan communities. Their comprehensive solution around solar-powered machines not only promote sustainability but also improve efficiency and profitability in silk reeling, spinning and fabric production. These renewable energy-based rural livelihood-enabling machines have helped more than 15,000 rural women earn better livelihoods, mostly while working from home.

Another notable start-up, Khethworks, specialises in affordable and efficient solar-powered irrigation systems in India. Utilising solar energy, their innovation allows year-round irrigation for small landholdings and enables women farmers to take up horticulture and kitchen garden activities. To date, approximately 1,500 micro solar pumps have been deployed in India.

Moreover, programs like Powering Livelihoods, an initiative by Villgro and The Council on Energy, Environment and Water (CEEW), help to scale these startups’ operations and widen their impact areas. The program supports Rural Experience Centers that showcase DRE innovations, and ‘Pay as you go’ initiatives for inclusive financing. 

As per an analysis by CEEW, 70 percent of women entrepreneurs witness an increase in their annual income while more than 90 percent believe they possess the necessary knowledge and skills to become self-reliant. Based on the significant impact of such programs, the Ministry of New and Renewable Energy (MNRE) is now gearing up to introduce a new scheme to support DRE livelihoods and provide financial stability to rural women and their families.

Amidst the clamour of rural communities demanding higher prices for their produce lies an underlying need for stability in their cash flow, as they have faced challenges due to fluctuating business transactions influenced by market forces and climate change.

Nevertheless, rural women in India are making strides towards financial stability with the support of DRE innovations. Government initiatives, coupled with access to clean energy, enable them to explore entrepreneurial ventures, enhance their skills, and establish market connections. This Independence Day, it is essential to acknowledge the significance of gender equality and inclusivity in unlocking the untapped potential of rural women as crucial contributors to the nation’s progress.

—The author, Kalyani Krishna, is Manager, Diversity & Inclusion, at Villgro. The views expressed are personal. 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

We need to take a hard look at who is framing the rules and if they work for women: Akshita M Bhanj Deo

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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“There’s this idea that we’re getting the focus on women’s education and if we focus on women’s education that’s going to make sure that they’re going to draw join the labour force, but we know that’s not true,” said Akshita M Bhanj Deo, a culture writer and Director of Belgadia Palace at a She Shakti event during a panel discussion on women entrepreneurs.

During the discussion, Deo challenged the notion that increased emphasis on women’s education would automatically lead to greater representation in the labour force. “While education is undoubtedly pivotal, it’s a misconception that it’s the sole driver of women’s workforce engagement,” she remarked. “We need to scrutinise the societal norms and workplace structures that impact women’s choices.”

Drawing from her own journey, Deo highlighted the importance of fostering a conducive work environment. “Sometimes, even seemingly small steps can make a significant difference,” she asserted. “For instance, having facilities like sanitary napkins available in workplace restrooms can have a profound impact on women’s comfort and sense of belonging.”

Deo’s experience, both in the corporate sector and in her role at an industrial nonprofit in Mumbai, has provided her with a nuanced perspective on the subject. She said that the need for an inclusive approach that considers the diversity of women’s experiences. “Our conversation about women in the workforce must extend beyond urban, white-collar settings,” she stated. “Rural women, those from indigenous communities, and transgender women all face distinct challenges that need to be addressed.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Her grandma’s sarees inspired this Gen Z influencer’s ethnic fashion startup Dri By Himadri

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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“Since it’s so easy to connect with a content creator who has started a small business — considering we start with a social media first approach — people don’t give us the benefit of the doubt. That’s how I feel. We are still learning. They should allow us that leverage to figure it out,” said 26-year-old fashion and lifestyle influencer-turned entrepreneur Himadri Patel.

In this age of social media, the creator economy has proven its worth. As competition increases, social media influencers are not content with just being brands — they are venturing into entrepreneurship. But the path is difficult, and someone like Patel is quickly getting used to that fact. She is an influencer who launched her fashion and clothing brand Dri By Himadri in October 2022.

From Infosys to influencing

Like any high-achieving Indian kid, Patel completed her 12th standard with science and set her sights on being an engineer. Her college journey began with computer science, a field she wanted to explore primarily because of her parents.

After securing a campus placement in Infosys and Capgemini, she realised that a traditional 9-to-5 job was not her true calling. Her passion for content creation led her to YouTube as an influencer, but convincing her parents to back her was no easy task.

“I told my parents that I want to do YouTube but they hesitated. My elder sister supported me and asked my parents to give me three months to prove myself. Now they watch my videos show them to everyone and say ‘kamal kar diya beta tumne‘ (you have made us proud).”

Interestingly, her first paid partnership was for Rs 500. Patel now earns enough to run her business, support herself and her family of three and help the voiceless. “I think it’s enough,” she added.

Inspired by grandma’s saree

The inception of Dri By Himadri was rooted in her deep connection to her grandmother, who inspired her love for traditional Indian wear and hand-stitched garments. The brand’s vision was clear — to provide high-quality, timeless ethnic wear that people could cherish for generations.

“I am known for my ethnic style and DIY clothes and I learned it from my grandmother. When I was a kid I used to see her wrap her saree and ride her bicycle. She had such beautiful handcrafted sarees. That’s when I thought this is what I want to work with when I grow up. So I am doing that right now at Dri — each piece is handpicked and crafted with love. The idea is to have something that people can pass down the generations,” said Patel.

Struggles of being a new entrepreneur

The transition from content creator to entrepreneur was a roller coaster ride for Patel. While creating content came naturally to her, diving into the business world was entirely uncharted territory. Being the only female in her family to start a business from scratch, she faced numerous challenges, including navigating legal paperwork and finances, and understanding the intricacies of running a brand. However, with her sister’s support and tireless efforts, Dri By Himadri slowly started taking shape.

“My sister and I used to sit for hours … we would sleep at five in the morning after doing our research on concept paperwork, legalities and the rest of it. We used to work on figuring out the negatives — like what if we did not have the right papers. What if somebody came and asked for our papers… and we did not have them… we were clueless? We wanted to be well prepared mentally. Hence, it took us almost two years to build this brand, from the back-end to the website to doing the paperwork and getting lawyers and doing the trademark MSM, GST … all completely new. It’s still a learning phase for me. And it’s very different from being a content creator. It’s a completely new journey for me,” said Patel.

A common challenge that budding entrepreneurs face is financing. So far, Patel’s brand is fully self-funded and in the initial phases, she struggled to recover the invested capital.

“Nobody was helping me with the finances. I am using my savings and earnings from my YouTube and my other content businesses. In the initial phases I did not receive a lot of orders. Plenty was already invested in the brand and we couldn’t recover that amount, for starters. Gradually, after a month, we started getting orders, and we could at least pay out salaries. We’re still facing this problem. But we are getting there, I think,” said Patel.

Also read: Meet Vedant Lamba, who is on track to make Rs 100 crore from simply reselling sneakers

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bunds rally after ECB hawk softens tone on rates: Macro Squawk

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bund futures jumped while the euro surrendered gains after some surprisingly dovish comments from ECB policymaker Klaas Knot. The Dutch central bank governor is widely known as one of the most hawkish members of the Governing Council but seemed to push back against market pricing for two more quarter-point interest rate hikes.

German two-year yields are down 10 basis points at 3.09 percent. The US two-year yield is also down 4 basis points. European stocks are higher with the Stoxx 600 rising 0.2 percent. Health care, chemicals and media are the best performing sectors while telecommunications fall. S&P futures are little changed.

The Bloomberg Dollar Spot Index is down 0.1 percent while the kiwi is the weakest of the G-10’s, falling 0.5 percent versus the greenback. Crude futures advance, with WTI rising 0.7 percent to trade near $74.70. Spot gold rises 0.4 percent.

“For July I think it is a necessity, for anything beyond July it would at most be a possibility but by no means a certainty,” the traditionally hawkish Dutch central bank head told Bloomberg TV. “From July onward I think we have to carefully watch what the data tells us on the distribution of risks surrounding the baseline,” ECB policymaker Klaas Knot said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The prolonged funding winter of Indian startups — How much longer will it last?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India may not have had a prolonged winter season, but startups in the country are certainly going through a prolonged funding winter. Here’s a fact to prove this — India has not had a single unicorn over the last two quarters.

Investment into Indian start-ups is down 75 percent in the first quarter of 2023. Number of funding rounds, late-stage funding, early-stage funding, everything is down anywhere between 60-80 percent year-on-year.

The freeze is visible across the board — from early-stage funding to late-stage funding. Even funding rounds have shrunk in number.

This has meant that India, which saw over 20 unicorns being created in the first nine months of 2022, has not had a single unicorn joining the ranks in the last six months.

Also Read: Bharat Innovation Fund believes ChatGPT has the potential to disrupt the world

Now compare that to the days of easy money, where companies, that raised funds at eye-watering valuations, tried taking advantage of easy market conditions to go public as well.

But before we come back to India, let us take you through a similar example in the US. A company called Rivian Automotive went public in November 2021 via the biggest IPO of the year. The $100 billion valuation made it more valuable than General Motors and Ford. Very well. But the only problem was that the company had zero revenue!

From its IPO price of $78, shares went up to as high as $178 within a fortnight of listing and then they fell off a cliff. Today, they are languishing around $12.

Back in India, startups have had to go in for large-scale lay-offs to keep their lights burning. Access to easy money has dried up, and investors are pushing companies to put profitability over growth. A few companies have even had to shut down non-core verticals to cut costs — like Swiggy shutting down Supr Daily in 5 cities or Ola shutting down Ola Play, Ola Dash and Ola Foods.

Also Read: EcoSoul Home secures $10 million in Series A funding, plans for geographical expansion

The turmoil in the startup ecosystem has also meant that many have had to put their grand plans for an IPO in cold storage. This list includes some marquee names like Boat, Go First, MobiKwik, VLCC, Oyo, Mamaearth, Byju’s and Swiggy.

Some have also had to resort to accepting lower, or stagnant valuations in subsequent fundraising rounds. Even the startups that did manage a listing — often at eye-watering valuations, have been struggling — as are many of their shareholders.

Zomato, for instance, which kicked off the trend of new-age IPOs in July 2021, has lost Rs 50,000 crore in market cap from the high hit on listing day. Shares of other new-age listings like PayTM, PB FinTech, Nykaa and Delhivery have also taken a beating on the bourses — a few correcting up to 60 percent from their IPO price. While some counters have recovered substantially from their all-time lows, they’re still a long way from their IPO price.

But experts say this kind of pain will not last forever.

“I think we will see some turnaround and it is perfectly fine for companies to take the medicine and keep moving forward. So, maybe another 9-12 months is my personal guess,” Hemant Taneja of General Catalyst told CNBC-TV18, adding that valuations have now become more normalised and that the IPO market will open once interest rates stabilise.

“While rates may not go up much more, they are likely to remain at this level or around this level for at least a year-year-and-a-half more, at least in the US. So, a company that is going to be bleeding a lot for a lot longer — they must move and evaluate the chances of survival. this may affect more the private sector than the publicly listed companies, but that is how the landscape is right now,” according to Deepak Shenoy of Capital Mind.

Sanjeev Bikhchandani of Info Edge also told CNBC-TV18 earlier this month that there are more concerns over profitability and customer loyalty and that his advice to the private portfolio would be to turn profitable before listing.

Although there’s doubt whether that earlier exuberance — and the propensity to put profitability second to growth — will return to what it used to be.

So investors may have to wait a while for the next new-age IPO that commands a staggering valuation.

Also Read: Startup Digest: Simple CEO on layoffs, Unacademy to achieve group-level profitability by April-end, Netflix to invest $2.5Bn in South Korea

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow