Month: October 2023

IBLA exclusive: India is much more than a consumption story

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

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India’s time has come, and the ongoing decade could give India its best consumer story, said jury members of the India Business Leaders Award (IBLA) on Tuesday, October 31 during a panel discussion. The jury members included Manny Maceda, CEO, Bain & Company, Chair, IBLA, Standard Chartered Bank’s Zarin Daruwala, Mahindra Group’s Anish Shah, Federal Bank’s Shyam Srinivasan, Hindustan Unilever’s Rohit Jawa, CaratLane’s Mithun Sacheti, Olympic Champion Abhinav Bindra, Meta India’s Sandhya Devanathan and Zerodha’s Nikhil Kamath.

“The hunger to have a better quality of life is the best consumer story of the decade,’ said Jawa, managing director and chief executive officer, Hindustan Unilever.

“If you look back five years, the middle class and above have doubled; we expect that to double again. They consume at a much higher factor of consumption, one or two times. So, we will see a huge amount of breakthrough and consumption,” Jawa added.

Anish Shah, MD and CEO, Mahindra Group believes India is much more than a consumption story, and the country is taking leadership in the world today.

“The key area we’re seeing is one with regard to combating climate change, that’s creating a host of opportunities in India. The solar challenge, or the renewables challenge that has been put out by the Prime Minister, is one that is enabling us to grow our solar business multi-fold, and you’re going to see that across multiple industries that will contribute to renewables.”

Zerodha co-founder and chief financial officer (CFO) Nikhil Kamath noted that India is slowing comparatively lower than the rest of the world. He also lauded the current government for selling the India story well to the world.

“I think everything is relative from a global lens; they look at India in a very sanguine manner in comparison to how much they are slowing. So we might be slowing a little bit in the last couple of quarters, but I don’t think we are doing as badly as the rest of the world. For many reasons that hold true to a large extent, I think the way the India story has been sold to the world by the incumbent government and the narrative that has been set has really helped India. So I think, kudos to them for having created that over the last decade.”

Mahindra Group’s Shah also pointed at Indian companies, including his own, competing with the best in the world.

“Indian companies are making world-class products, and are beating global leaders in India. I think we have multiple Indian companies, not just Mahindra, making products today that can stand up to anyone in the world and be able to go there. So to me, that is a very significant change from what we have seen in the past.”

Highlighting Mahindra Group’s efforts in this regard, Shah added, “Mahindra tractors is number one globally in terms of volume. And in multiple markets around the world, we are starting to gain significant share and starting to get into the top five and top three. As we are looking at automobiles, our SUVs today are now being taken to a few key markets globally. We aim to get to a 15 to 20% market share in those markets, which is not insignificant.”

India is seeing similar trends that other markets have witnessed in the last one or two decades, HUL’s Jawa added.

“I have some experience seeing other markets in the last 10–20 years that have gone from a few $1,000 per capita to middle income, and so on and so forth. I think I can already see those trends. In fact, some are even faster… So I think the hard infrastructure is getting better, so I think we might even see a much faster trajectory going forward, because the stage is set.”

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

Startup Digest: Mamaearth’s IPO subscribed 12% on day 1, Sugar.fit raises $11 million, Centre asks Apple to clarify how secure its devices & more

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

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Mamaearth’s IPO subscribed 12 percent on first day

Direct-to-consumer (DTC) brand Mamaearth’s parent company Honasa Consumer’s Rs 1,701 crore initial public offer was subscribed 12 percent by the end of the first day of the issue.

The IPO of Honasa opened for subscription on Tuesday, October 31 and will close on Thursday, November 2.  Ahead of the launch, the company raised ₹765 crore from anchor investors.

The company has fixed a price band of Rs 308-324 per share for its IPO. Investors can bid for a minimum of 46 equity shares and in multiples thereafter.

AppX acquires edtech and creator business of AppSquadz

AppX, a no-code platform that enables creators to build and monetize via their own mobile apps, has acquired the edtech SaaS business of Appsquadz, an app development company. The deal amounts and structure remains undisclosed.

According to a statement, this strategic acquisition will allow AppX to expand its creator base and provide more tools for creators to build engaging learning experiences.

The deal will also enable AppX to leverage Appsquadz’s existing client base in building learning apps and provide more tools for creators on the AppX platform. Creators will now be able to create more engaging video courses, live classes, assessments and more within their own branded apps from AppX.

MapmyIndia’s net profit rises to Rs 33 crore in Q2FY24

Digital navigation firm CE Info Systems, which operates under the brand name of MapmyIndia, has posted a 30.3 percent increase in consolidated profit after tax to Rs 33.1 crore in the September quarter.

The company had registered a Profit After Tax (PAT) of Rs 25.4 crore in the year-ago period. The consolidated revenue from operations of MapmyIndia grew 19.4 percent to Rs 91.1 crore from Rs 76.3 crore in the second quarter of the current fiscal.

“During the second quarter of FY24, MapmyIndia again achieved all-time highs in revenue, EBITDA, and PAT. Besides our existing, core B2B and B2B2C business, we are very happy that our B2C Mappls App has been receiving significant traction recently, and now has over 11 million lifetime downloads, including 10 million on Android and over 1 million on iOS,” MapmyIndia Chairman & Managing Director Rakesh Verma said.

Sugar.fit raises $11 million in Series A funding round

Healthtech startup Sugar.fit has raised $11 million in Series A funding round led by MassMutual Ventures with participation from existing investors, including Cure.fit, Tanglin Venture Partners, and Endiya Partners.

The fresh capital will be used to expand Sugar.fit’s product offering, launch an offline presence, and accelerate research and development in the field of diabetes management, accelerating the brand’s footprint and growth, the company said in a statement.

“This investment will enable us to further enhance our technology and expand our reach across India, ultimately helping more people take control of their diabetes and improve their health,” Co-founder and CEO Madan Somasundaram of Sugar.fit said.

Elevation capital leads Rs 150 crore Series A round in Vridhi Home Finance

House financing lender Vridhi Home Finance has raised Rs 150 crore in its Series A funding round led by Elevation Capital. Having been bootstrapped until now, the firm said fresh capital will be deployed towards geo-expansion in North Karnataka and Andhra Pradesh, strengthening the tech stack, hiring, and building a liability franchise.

Vridhi received its NBFC – HFC license earlier this year and has opened twenty branches across Karnataka and Andhra Pradesh since then.

The firm aims to create a channel for secured housing loans, serving salaried and self-employed individuals in tier 2/3 cities across India.

Java Capital marks final close of Rs 50 crore fund; to back 15-20 startups

Deep technology venture capital firm Java Capital has announced the final close of Rs 50 crore fund which witnessed participation from founders from the Indian startup ecosystem, HNIs based in India, Middle East and the US.

The seed-stage focussed VC which counts Agnikul Cosmos, Kuku FM and Yellow Metal as part of its portfolio, plans to open a greenshoe portion of Rs 25 crore, responding to sustained interest from Limited Partners (LPs).

The fund plans to build a portfolio of 15-20 startups across domains such as deeptech, climate tech, and B2B.

Anicut Capital receives over Rs 30 crore commitment from HDFC AMC’s Fund of Fund

Alternative asset management firm Anicut Capital has received a commitment of over Rs 30 crore from HDFC AMC’s Fund of Fund with possible additional allocation in the near future.

The investment will be made from HDFC AMC’s Select AIF FOF-I, which invests in category I and II venture capital/private equity-oriented AIFs, the firm said in a statement.

The investment will be deployed through Anicut’s Equity fund (Grand Anicut Fund 3), which was launched in June 2022. The fund has so far invested over Rs 150 crore in six companies viz., Blue Tokai, Earth Rhythm, Neeman’s, XYXX, Wheelocity, and The Ayurveda Experience. The fund will invest in 12-14 startups in early growth phase focusing on consumer, internet, technology and B2B, among others.

Fresh Bus gets Rs 7.5 crore in second round of seed funding

Fresh Bus, a shared mobility company has bagged Rs 7.5 crores in second seed funding round which was led by Cred’s Kunal Shah, Sudarshan Venu, Managing Director of TVS Motors and Deepak Garg, Founder and CEO of Rivigo.

The startup intends to use the fresh capital towards furthering technology development, workforce expansion and achieve better operational efficiency for its existing fleet of 20 electric buses.

In November 2022, the company raised Rs 16 Crores in seed funding from Ixigo, an online travel solutions platform. Fresh Bus claims to have reported a turnover of Rs 6.5 Crore from April 2023 to October 2023.

Infurnia Technologies bags $1.2 million in fresh funding round

Architecture and interior design software-as-a-service (SaaS) company, Infurnia Technologies has raised $1.2 million from Yogesh Choudary of Jaipur Rugs. The fresh capital has valued the company at $17 million and brings its total fundraise to $3.7 million.

The firm plans to venture into the North American market with a local sales team presence in the first half 2024. It counts Livspace, Hometown, Durian, Gopalan, Purva Streaks by Puravankara, Homworks by Prominance, among others, as marquee clients.

The startup said it is currently growing at 15 percent month on month basis and is on the path to be cash-flow positive by mid-next year.

MedLern secures strategic funding from HQR Systems, Laerdal Medical

Healthcare training platform MedLern has secured strategic investment from medical training provider Healthcare Quality and Research Systems and Laerdal Medical. HQRS is a unit of the American Heart Association.

”The capital will be primarily allocated to expanding our product offering, enabling us to enhance our services and reach a wider audience,” Medlern said in a statement. It, however, did not disclose the financial details of the deal.

MedLern is working with more than 400 hospitals, 1 lakh healthcare professionals, and over 150 nursing institutes to meet their training and development needs.

WeWork India launches investments by WeWork Labs to empower India’s early-stage startups

Flexible workspace provider WeWork has launched ‘investments by WeWork Labs’, in line with its aim to be the hub for business creation across India. The initiative is designed to unlock opportunities for India’s entrepreneurial ecosystem and empower the next generation of founders and early-stage startups, a statement said.

The shortlisted startups will be able to apply for pre-seed/seed capital up to $200,000, invested by WeWork India.

“Investments by WeWork Labs marks a pivotal moment in our commitment to this cause. We are positioning ourselves as the driving force behind the forthcoming wave of innovations that will shape the future of the startup ecosystem,” Karan Virwani, CEO, WeWork India, said in a statement.

AIC-Pinnacle’s incubated startups achieve collective valuation of over Rs 300 crores

Atal Incubation Centre (AIC)-Pinnacle, a startup incubator and accelerator supported by government’s Atal Innovation Mission (AIM) under Niti Aayog, announced that the cumulative valuation of its incubated startups has surpassed Rs 300 crores.

AIC-Pinnacle backed startups have raised around Rs 30 crores in funding from various angel investors, awards, and challenges. These investors have given 30 firms a total market worth of over Rs 300 crores, with the largest startup valued at Rs 40 crore, a statement said.

The accelerator has incubated over 60 startups across sectors like Electric Vehicles, Agri-tech, Health-tech, Manufacturing, Information Technology, and Clean Energy.

Centre asks Apple to clarify how secure its devices are after tech giant’s ‘Threat Notifications’ to opposition leaders

Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology, said it is incumbent upon Apple to issue a fresh clarification after several Opposition MPs received “threat notifications” via iMessage.

The message, as can be seen in the tweet shared by Mahua Moitra, read, “ALERT: State-sponsored attackers may be targeting your iPhone.

In a response to a CNBC-TV18 query, Apple said it “does not attribute the threat notifications to any specific state-sponsored attacker” and added, “It’s possible that some Apple threat notifications may be false alarms, or that some attacks are not detected.”

Meesho announces third consecutive “Reset & Recharge Break” for employees

E-commerce marketplace Meesho has announced third consecutive annual “Reset and Recharge” break wherein from November 11t-18, the employees will get a 9-day hiatus to unplug from work, immerse themselves in festivities, and prioritize their mental well-being.

The Reset and Recharge break is an integral component of the firm’s comprehensive wellness program, known as MeeCARE.

During its flagship Mega Blockbuster Sale from October 6 to 15, the ecommerce platform saw 1.2 billion customer visits in top categories like Home & Kitchen, Fashion, Beauty & Personal Care, etc. These categories garnered as many as 72 orders per second, Meesho said.

Amazon surpasses 1.1 GW clean energy capacity in India

E-commerce giant Amazon has surpassed 1.1 gigawatts of renewable energy capacity in India with an addition of its new 198-megawatt wind farm project in Osmanabad, Maharashtra, the company said. With this, the company now has 50 wind and solar projects across India.

The announced addition of “a new 198 megawatt (MW) wind farm in Osmanabad, Maharashtra, bringing the company to 50 wind and solar projects across India and surpassing 1.1 gigawatts (GW) of renewable energy capacity.”

The company said that in addition to being the largest corporate buyer of renewable energy globally — a position that Amazon has held since 2020 — Amazon has also become the largest corporate buyer of renewable energy in India.

Pristyn Care says NABH recognises it as Medical Value Travel Facilitator

Healthcare unicorn Pristyn Care said it has been recognised as a Medical Value Travel Facilitator (MVTF) by the National Accreditation Board for Hospitals & Healthcare Providers (NABH).

The MVTF centres work with hospitals to make the empanelment process easier, using the country’s top-notch healthcare system.

The MVTF empanelment programme, started in 2016 at the request of the Ministry of Tourism and FICCI, and managed by NABH, ensures that MVTF centres are responsible and trustworthy.

GLOBAL TECHNOLOGY & STARTUP NEWS

Google CEO acknowledges importance of being default search engine in US trial

Google CEO Sundar Pichai has acknowledged the importance of making its search engine the default in keeping users loyal — a key point in a once-in-a generation U.S. antitrust fight focused on billions of dollars Google paid to be the default on laptops and smartphones.

Google, which started paying for default status on devices in 2005, monitored for compliance. At one point, the company expressed concern to Apple that its Safari browser would send particular queries, especially lucrative ones, to companies like Amazon.

“We were obviously doing the deal for default placement,” said Pichai. Under cross-examination, Pichai said of Google’s tens of billions in annual payments for default status: “We definitely see value.”

US Supreme Court weighs if public officials can block critics on social media

The U.S. Supreme Court has waded into the issue of free speech rights in the digital age during arguments in cases from California and Michigan involving whether public officials may legally block others on social media, a function often used on these platforms to stifle critics.

Lower courts reached different conclusions in the two cases, reflecting the legal uncertainty over whether such social media activity is bound by the U.S. Constitution’s First Amendment limits on the government’s ability to restrict speech. Supreme Court arguments were ongoing.

The justices are tasked with deciding whether the public officials engaged in a “state action” in blocking critics from social media accounts or were merely acting in their personal capacity. The First Amendment constrains government actors but not private individuals.

Canada bans WeChat, Kaspersky applications on government devices

Canada has banned Chinese messaging application WeChat and Russian antivirus program Kaspersky on government-issued mobile devices due to privacy and security risks, but said government information had not been compromised.

The ban was announced after an assessment by Canada’s chief information officer that Tencent-owned WeChat and applications made by Moscow-based Kaspersky “present an unacceptable level of risk to privacy and security,” the Treasury Board of Canada, which oversees public administration, said in a statement.

China’s foreign ministry said the Canadian government had issued a ban on Chinese enterprises without any real evidence, under the guise of maintaining data security, which is a typical generalization of the concept of national security.

China removes anonymity of bloggers’ accounts with more than 500,000 followers

China’s most popular social media platforms have announced that “self-media” accounts with more than 500,000 followers will be asked to display real-name information, a controversial measure that has prompted concerns over doxxing and privacy among some users.

“Self-media” includes news and information not necessarily approved by the government, a genre of online content regulators have cracked down on in recent years to “purify” China’s cyberspace.

Messaging and payment app WeChat, microblogging platform Weibo, Douyin, China’s version of Tik Tok, search engine giant Baidu, social e-commerce app Xiaohongshu, video sharing website Bilibili, among others, published separate statements on Tuesday.

Sam Bankman-Fried grilled on ‘cozy’ relationship with Bahamas officials

FTX founder Sam Bankman-Fried was grilled about what a U.S. prosecutor called his “cozy” relationship with officials in the Bahamas, where the cryptocurrency exchange was based before its November 2022 collapse.

During Bankman-Fried’s second day of cross-examination at his fraud trial, prosecutor Danielle Sassoon sought to link favors that he did for Bahamian officials with his decision to let FTX customers there withdraw their funds after withdrawals for others had been halted around Nov. 9, 2022.

The 31-year-old former billionaire has pleaded not guilty to two counts of fraud and five counts of conspiracy. Prosecutors have accused him of looting billions of dollars of customer funds to prop up his crypto-focused Alameda Research hedge fund, make speculative venture investments and donate upwards of $100 million to U.S. political campaigns. If convicted, he could face decades in prison.

Pinterest soars on rising Gen Z engagement, ad market rebound

Shares of Pinterest surged 17% on Tuesday after a strong quarterly performance indicated that the image-sharing platform was riding a rebound in the advertising market and making inroads among the lucrative Gen Z.

Monthly active user growth surpassed the pandemic surge to hit a record high of 482 million, with the company saying that a lot of that was driven by the younger Gen Z population, seen as a top target for mobile advertisers.

The company said more than half its users were viewing the platform, which helps create online pinboards, as a place to shop and the company has focused on making it more “shoppable” to help drive engagement.

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

IBLA Jury Panel Discussion | Private capex is picking up & is sustainable, but it cannot come in one gush: CEOs

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

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Zarin Daruwala, Cluster, CEO – India & South Asia, Standard Chartered Bank, said that an initial estimate suggests registration of over 1,000 FPIs with this bond inclusion, which is a positive development. She suggested this number could be higher as well.

“We have to see how this plays out on the forex and interest rates. So, we saw two times, where we saw very large flows, in FY15 and FY18. In FY15, we saw FPIs putting more than $20 billion out of which $10 billion went to G-secs (government securities). And at the time, interest rates actually dropped by 60-100 basis points,” she said while speaking during a panel discussion following a high-level CNBC-TV18 India Business Leadership Awards (IBLA) 2023 jury meeting.

The IBLA Jury also included Mahindra Group’s Anish Shah, Federal Bank’s Shyam Srinivasan, HUL’s Rohit Jawa, CaratLane’s Mithun Sacheti, Olympian Abhinav Bindra, Meta India’s Sandhya Devanathan and Zerodha’s Nikhil Kamath.

Daruwala added that the other big capex India is witnessing is in transition finance. “We are seeing a lot of clients looking at alternate ways to sort of decarbonise and then the whole ecosystem around EVs, the electronics space, we are seeing a lot of that play out also. So, I think it is inching up.”

Shyam Srinivasan, MD & CEO, Federal Bank, added that private capex is picking up at a moderate pace with visible credit demand.

“I am not sure entirely that it is not picking up, maybe the rate of pickup is probably moderate, but I think there are signs (as) I have mentioned on a couple of other occasions.”

He added that if credit growth in the banking sector in the last four to six quarters is to be seen, it’s in the high teens. This indicates that there is demand and if there’s demand & utilisation is 70-75%, the inflow of capex will be seen.

“Probably the expectation is that it will also come in one gush all in one day. The outlook for the coming quarters looks like it will be picking up. So, if credit is growing at 15-16%, in the mid to high teens, and the bigger banks are seeing that it’s sustained, you are going to see capex picking up. Infra, alternate energy, roads, healthcare, hospitals, hotels, and tourism are all fuelling this at scale. We have just heard about consumption. If people are buying TVs and refrigerators, somebody has to manufacture it right?”

Also Read:IBLA Jury Panel Discussion | Nikhil Kamath on India’s consumption story and investment strategies

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

Small nations advocate collective green energy procurement and financing for energy transition

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

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Kerryne Z James, Minister for Climate Resilience, the Environment and Renewable Energy in the Carribean nation of Grenada has called for pooling in procurement of green energy equipment and climate finance as the way ahead for small nations to have economies of scale to advance on energy transition targets.

Speaking to CNBC-TV18, on the sidelines of the 6th session of International Solar Alliance (ISA) Assembly in New Delhi, James pointed out that while issues like a bigger gap for financing opportunities were discussed, access to climate finance for energy transition continues to remain a fundamental challenge for small economies like island nations.

James mentioned Grenada’s membership in organizations like Caricom (Caribbean Community), AISOS (Alliance of Small Island States), and OECS (Organization of Eastern Caribbean States) and stressed the importance of enhanced collaboration among smaller economies within the ISA membership. Looking ahead to the upcoming COP 28 in Dubai, she described it as a significant opportunity and called for robust negotiations to establish a mechanism for climate finance.

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

ED files chargesheet against Jet Airways founder Naresh Goyal, five others in bank fraud case

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

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The Enforcement Directorate (ED) on Tuesday filed a chargesheet against Jet Airways founder Naresh Goyal and five others in the alleged fraud of ₹538 crore at the Canara Bank. Goyal was arrested by the ED on September 1 under the Prevention of Money Laundering Act (PMLA). He is currently in judicial custody and lodged at the Arthur Road jail here.

The chargesheet against Goyal and others was filed in a court here, which is likely to take cognisance of it on Wednesday, a lawyer linked to the case said. The money laundering case stems from the first information report (FIR) of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now-grounded private airline in connection with the alleged fraud case.

The FIR was registered on the bank’s complaint, which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of ₹848.86 crore, of which ₹538.62 crore was outstanding.

Earlier, during his remand hearing, the investigation agency had said that the Jet Airways founder siphoned off money from India to abroad by creating various trusts in foreign countries. The investigation revealed that the accused has created various Trusts abroad and through those trusts he purchased various immovable properties. The money for those trusts is nothing but the proceeds of crime (POC) siphoned off from India to abroad, it had said.

The ED said that their investigation further revealed that Goyal had purchased high value properties in Mumbai and subsequently sold the same. He also formed a web of the companies in India through which he has acquired a lot of immovable properties. Citing an audit report, the ED has claimed that the loans availed by Jet Airways (India) Limited (JIL) were used for purchasing immovable assets such as furniture, apparel and jewellery.

Salaries of Goyals’ residential staff and operational expenses of a production company of his daughter were also paid from the accounts of JIL.

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

IBLA Jury Meet: The best is yet to come for India, according to Hindustan Unilever CEO Rohit Jawa

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

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“I think this is such a great time for India if, if you look outside globally so many forces in the world are creating tailwinds for this country. The world that had been building for a truly global, seamless economy is now de-globalising to some degree,” said Manny Maceda, CEO, Bain & Company, Chair, India Business Leaders Award (IBLA) Jury.

Maceda was speaking at the IBLA Jury meeting alongside other IBLA Jury members such as Standard Chartered Bank’s Zarin Daruwala, Mahindra Group’s Anish Shah, Federal Bank’s Shyam Srinivasan, HUL’s Rohit Jawa, CaratLane’s Mithun Sacheti, Olympic Champion Abhinav Bindra, Meta India’s Sandhya Devanathan and Zerodha’s Nikhil Kamath.

“We have to see from a bit of a wider arc because we look at the per capita consumption across all categories. that we play in a large swath of categories, we are very, very diversified, and we are still, you know, 1/6 of neighbouring countries,” said Hindustan Unilever’s Rohit Jawa.

He added that there are huge amounts of opportunity in growing consumption. “So, I think the many forces such as digitisation, the access to information, the access transportation, drive the consuming class, wanting to upgrade, all of that hunger to have a better quality of life. All of that is in scale in India. It is going to be and is the best consumer story of this decade, and we’ve just started seeing it play out. If you look back five years, the middle class and above has doubled, and we expect that to double again. And that itself, you know, they consume at a much higher factor of consumption one or two times. So, we will see a huge amount of breakthrough and consumption.”

According to Jawa, India cannot focus on a few quarters of inflation, deflation, because that’s really a small sliver in the larger arc of the country’s trajectory. “We are very, very as Hindustan Unilever, very optimistic, we have been here 90 years, and we have seen this our business and our country, go from strength to strength, and I think the best is yet to come.”

“We have to build different kinds of supply chains, we have to think about which countries are allied and that creates opportunities for India,” Maceda said adding that as the world continues to decarbonise, India should try to build a transition towards greener energy that creates opportunities for the country.

On digital transformation, the Bain & Company CEO said that digital transformation around the world is creating opportunities for India.

“The Indian business community, as well as the government, is enabling capture for all of these opportunities to create both opportunities for inside India resurgence, but as well as the helping India play a place in this world that’s much more meaningful than it’s been.”

Maceda pointed out that global risks change how companies make their decisions. Listing down all the unpredictability that happened in the last five years — global pandemic, Russia’s invasion of Ukraine, tensions in the Middle East — Maceda said that the risks might actually act in favour of the country.

“Many of those might actually play if India handles itself, right, both the government and the businesses to create opportunity. And so it’s weird to say that participating in India more as a global company might actually be a risk management strategy.”

Also Read: Key infra sector growth slows down to 4-month low of 8.1% in September

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

IBLA 2023 Jury Panel Discussion | Abhinav Bindra believes sports can contribute to nation building

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

Listen to the Article (6 Minutes)

Olympic gold medallist Abhinav Bindra, on Tuesday (October 31) stated that the real power of sport really lies in how it can contribute to nation building and to society.

Speaking at the CNBC-TV18 India Business Leader Awards (IBLA) 2023 panel discussion, Bindra said, “We have the youngest population in the world and, every sector must embrace sport in a more meaningful way, in order to make our population more healthy, because that will also have a very positive effect on the economy, as well.”

Addressing the impending disruption of the education sector by AI, Bindra stressed that while technology can deliver knowledge, it cannot teach the essential values and life skills that young students require. He asserted that the role of sports in imparting values will be crucial in the future, calling for a more meaningful integration of sports into education.

“We talk about women’s empowerment and gender equality. There’s no better way than finding role models in sport, to be those to break those glass ceilings and to break the different stereotypes,” he added.

He also spoke about how sports is contributing significantly to the economy, as evidenced by the inflow of $2.3 billion into the Indian economy during the ongoing ICC Men’s World Cup

Bindra further highlighted the importance of integrating sports infrastructure into the development of smart cities and the building of sustainable communities. He urged the stakeholders to recognise the significance of sports in unifying people and uniting the nation.

“Finally, there is no better activity than sport to unify, to unite our people. So what I’d really like to see going forward is sports developed in silos,” he said.

Also Read: IBLA Jury Panel Discussion | Nikhil Kamath on India’s consumption story and investment strategies

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

Ola, Uber and Dunzo among worst platforms for gig workers, bigbasket tops fair work norms list

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

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Ride hailing platform Ola and tech-enabled logistics company Porter scored zero in fair work standards for gig workers on a scale of 0-10, according to Fairwork India report 2023. bigbasket topped the list with six points.

The ‘Fairwork India 2023’ report, spearheaded by the Centre for IT and Public Policy (CITAPP) at the International Institute of Information Technology Bangalore (IIIT-B), in association with Oxford University, examined Amazon Flex, bigbasket, BluSmart, Dunzo, Flipkart, Ola, Porter, Swiggy, Uber, Urban Company, Zepto and Zomato for the survey.

Fairwork India interviewed workers from 12 platforms in four cities — Bengaluru, Delhi, Kochi, and Thiruvananthapuram — for minimum standards of fair work in the platform economy. The agency examined the working conditions of platform workers on digital labour platforms in India.

A key highlight of the report is that none of the 12 platforms evaluated on five principles, including fair pay, fair conditions, fair contracts, fair management, and fair representation, managed to get a perfect score.

Here’s how the platforms fared across principles

Fair pay

Flipkart, bigbasket and Urban Company were the only platforms with a minimum wage policy to ensure that all their workers earn at least the hourly local minimum wage after factoring in work-related costs. However, no platform made the second point of the fair pay principle, which requires platforms to provide sufficient evidence that workers earn at least the local living wage after work-related costs.

Also Read: India plans welfare measures for gig workers ahead of elections

However, Urban Company has made a public commitment to ensure that its workers earn at least the local living wage after factoring in work-related costs.

Fair conditions

Amazon Flex, bigbasket, BluSmart, Flipkart, Swiggy, Urban Company, Uber, Zepto and Zomato were awarded the first point for providing adequate safety equipment and periodic safety training to their workers.

Only bigbasket, Swiggy, Urban Company, Zepto and Zomato got the second point for providing workers with accident insurance coverage at no additional cost, monetary compensation for income loss in cases where they were unable to work due to medical reasons other than accidents, and for ensuring that workers’ standing was not negatively affected when they returned after a break taken with prior notification given to the platform.

Fair contracts

Seven out of 12 platforms — bigbasket, BluSmart,Dunzo, Swiggy, Urban Company, Zepto and Zomato — ensure accessibility and comprehensibility of their contracts, and have a protocol for data protection and management of worker data.

bigbasket, BluSmart, Urban Company, Zepto, and Zomato have also adopted a change notification clause in their contracts, reducing asymmetries in liability (such as by a provision to compensate workers for losses due to app malfunctions), adopting a code of conduct for their subcontractors, and making the variables of pricing transparent where dynamic pricing was used.

Fair management

Amazon Flex, bigbasket, BluSmart, Flipkart, Swiggy,and Zomato provide due process in decisions affecting workers, and channels for workers to appeal disciplinary actions.

Also Read: More than just a gig worker | This report ‘delivers’ insights into their lives, dreams

According to the report, there was sufficient evidence that only BluSmart and Swiggy have institutionalised the conduct of regular, external audits to check for biases in their work allocation systems and they’ve also adopted policies against the discrimination of platform workers.

Fair representation

No platform got a point for this principle this year, pointing towards the lack of representation through a collective body or trade union. “It is disconcerting that despite the rise in platform worker collectivisation across the country, over the past four years, there was insufficient evidence from any platform that showed a willingness to recognise a collective body of workers,” the report noted.

Also Read: As India shops and feasts, gig workers expect salaries upto ₹150,000 in the festive season

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

Cash-for-query case: Mahua Moitra says will appear before Ethics Committee on Nov 2

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

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TMC MP Mahua Moitra on Tuesday said she will appear before the Lok Sabha Ethics Committee on November 2 in the cash-for-query case, but asserted she should be allowed to cross-examine businessman Darshan Hiranandani, from whom she is accused of taking bribes to ask questions in Parliament. Moitra has been at the centre of a political storm after BJP MP Nishikant Dubey wrote to Lok Sabha Speaker Om Birla alleging she took bribes from Hiranandani to target the Adani Group.

The Lok Sabha Ethics Committee had earlier asked her to appear on October 31. She had requested a hearing date after November 5 to accommodate her existing commitments but was denied an extension beyond November 2. In a letter to the chairperson of the Lok Sabha Ethics Committee on Tuesday, Moitra said she will appear before the panel on November 2, but questioned whether it is the appropriate forum to examine allegations of alleged criminality.

She said parliamentary committees lack criminal jurisdiction and emphasised the importance of involving law enforcement agencies in such cases. “While registering my protest, I wish to inform you that I will respect the summons and appear before the Committee on November 2, 2023 at 11 am,” she said. Moitra also expressed her desire to cross-examine alleged “bribe-giver”, Darshan Hiranandani, who submitted an affidavit to the committee “without offering substantial evidence”.

The Lok Sabha MP also sought to cross-examine the complainant, Jai Anant Dehadral, who she claimed provided no documentary evidence to support the charges. “In light of the seriousness of the allegations, it is imperative that the alleged ’bribe-giver’ Darshan Hiranandani, who has given a ‘suo-moto’ affidavit to the Committee with scant details and no documentary evidence whatsoever, be called to depose before the Committee and provide the said evidence in the form of a documented itemised inventory with amounts, date etc,” she said.

“I wish to place on record that in keeping with the principles of natural justice I wish to exercise my right to cross-examine Hiranandani,” she said. Moitra highlighted that an inquiry without allowing her the opportunity to cross-examine would be “incomplete and unfair”.

Highlighting the absence of a structured Code of Conduct for members, she emphasised the need for objectivity and fairness in addressing individual cases and avoiding political partisanship in the committee. She also expressed disappointment on the scheduling of the hearing which she said coincides with her pre-scheduled Vijaya Dashami events.

Moitra also raised concerns about what she claimed were “double standards” of the Ethics Committee in issuing a summons. She said the panel has adopted a very different approach in the case of BJP MP Ramesh Bidhuri who has a “very serious complaint of hate speech” pending against him with the Privileges and Ethics branch.

Bidhuri was summoned on October 10 to provide oral evidence but he expressed his inability to depose as he was away campaigning in Rajasthan, she said. “No further date of his hearing has been given so far. I wish to place on record that these double-standards reek of political motives and do little to enhance the credibility of the Privileges & Ethics Branch,” she 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