Mad About Market: Here’s what makes ‘D2C model’ click in India

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

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Direct to consumer (D2C) – a whole lot of people, brands & companies have done this that is cut the middleman and go to the consumer directly.

A traditional retailer would manufacture the product, sell it to a wholesaler, who would then have to rope-in a distributor, and finally get their products at a retail store from where the consumer would buy.

However, the D2C e-commerce model quite literally “cuts out” the middleman. It starts with having the product — advertising it on the internet via social media, other platforms and selling to the consumer directly.

So, it is the magic of the internet! Nearly two direct-to-consumer or online-only brands have raised money every week on an average since the pandemic started last year after e-commerce helped them reach people. That’s about 146 firms cumulatively raising half a billion dollars since the start of 2020.

This almost equals the amount raised by them over the previous five years, according to the latest numbers by Tracxn. It took 20 years for Revlon and Lotus to reach the Rs 100 cr mark! While the internet only brands like Pepperfry etc took only 2-6 years to reach that Rs 100 crore market. That is the magic of the internet.

To talk in detail about the D2C market, CNBC-TV18 spoke to Arjun Vaidya — Ventures Lead – India, Verlinvest. Arjun is one of the key driving forces behind Dr. Vaidya’s becoming India’s largest Ayurveda brand online. It was recently acquired by the RP Sanjiv Goenka Group making it one of India’s first D2C exits.

When asked what made him think of going D2C versus the traditional route, Vaidya said, I quit my private equity job in 2016. And to call my age-old family legacy of Ayurveda, I wanted to repackage for modern consumers.

“At that time, I saw that there was a disconnect between ancient Ayurveda and modern consumers, the internet was happening, ecommerce was happening and I thought that there needed to be an opportunity to use online to bridge this gap. I started B2C before D2C was a term in 2016. When we launched our website we used to say, online first, digital-only brands, and today we are so excited to see the euphoria with D2C but at that time, it was really about convincing a consumer to buy online. So when you talked about the amount of funding, the brands reaching Rs 100 crores, it’s just music to my ears for someone who started earlier to see the proliferation and the power of what’s happened.”

Ingredients to run a successful D2C business

Vaidya said there are three things – the first thing is you have to think digital, first. You have to think of the digital consumer, you have to think of the seamless digital experience. The second thing you have to think of is agility. The great power of D2C brand is to be able to bring products to consumers at a very quick pace. And the third and the most important thing is the seventh mantra of our philosophies at our Dr. Vaidya s was customer our reason for being. The power of D2C is to be able to listen to the customer and to be able to react to those customer insights. That are the three ingredients, which according to me, for a successful D2C business.

The D2C opportunity in India is a function of 3 things! Growing retail market, faster growth in e-commerce within that retail market & fast-growing internet users & usage!

The retail opportunity in India is huge! Almost a trillion dollars now and slated to go up to 1.7 trillion by 2025. In this, the e-commerce penetration at 4 percent, which can actually increase to 11percent, when there are more things being sold at a faster clip online, some exclusively so, more users are tempted to join.

Read Here: Mad about Markets: Charging infra a real problem for electric vehicles; experts analyse India’s EV ecosystem

So the number of online shoppers stands at 100 million and is expected to grow to 350 million by 2025. What could the size be? Well, INC42 estimates it to triple from the current levels to a 100 billion dollars by 2025; that’s nearly half of the total ecommerce market by 2025!

To talk about that, CNBC-TV18 also spoke to Kanwaljit Singh, the founder & managing partner – Fireside Ventures. He has been investing in the early-stage ecosystem in India for the past 17 years.

Singh had a better hit ratio at identifying D2C winners earlier than others. When asked what differentiates his gauge in these companies from others. He said, “I would not say that, we had some premonition or something very unique as a model, we just felt that there was this very exciting convergence. On one side of the millennial consumers looking for more choices, looking for more brands, and the evolution of the digital infrastructure, which allowed entrepreneurial activity, which allowed young brands to build more efficiently and with much better trajectory of growth.”

So we identified probably as a thesis a lot earlier than the others. But right now, as you know, it’s become a pretty hot space, said Singh

For more interesting conversation, watch the accompanying video

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Long COVID could drive surge in dementia cases, warn experts

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

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The neurological symptoms associated with long COVID-19 can potentially result in a wave of increased dementia and Alzheimer’s cases throughout the world, the Alzheimer’s Disease International (ADI), headquartered in London, has warned.

ADI, an umbrella organisation which represents more than 100 Alzheimer’s and dementia associations, has urged the World Health Organization (WHO) and governments around the world to increase funding for research into the link between long COVID symptoms and dementia.

The ADI has set up a Medical and Scientific Advisory Panel to study this link further.

“Many dementia experts around the globe are seriously concerned by the link between dementia and the neurological symptoms of COVID-19,” said Paola Barbarino, CEO of ADI, in the release.

Even before COVID-19, experts predicted that dementia cases worldwide could rise from 55 million to 78 million. But ADI’s research points to the impact of long COVID on the brain and how this could result in greater risk of dementia and Alzheimer’s among the affected.

“We urge the WHO, governments and research institutions across the globe to prioritise and commit more funding to research and establish resources in this space, to avoid being further overwhelmed by the oncoming pandemic of dementia,” added Barbarino.

Dementia

Dementia is a general term used to describe an array of symptoms which affect memory and cognitive functions. A person with dementia can experience difficulty in making decisions, processing thoughts or remembering details of everyday life. The association said Alzheimer’s is the most common type of dementia affecting individuals worldwide.

Long COVID and dementia

Doctors have observed that many patients who survive COVID-19 have reported long-lasting cognitive impairment. A survey conducted in June among 1,000 Canadians, who previously tested positive for COVID, found that more than 80 percent of the respondents had cognitive disorder symptoms which lasted at least three months, as reported by Canadian Television network, CTV News.

The survey also found that almost half of the respondents had lasting symptoms for up to 11 months after their first diagnosis of COVID.

Adding to the case, new research from ADI also found “specific biomarkers” that are associated with dementia and Alzheimer’s among patients hospitalised with COVID-19.

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Wipro appoints Mohammed Areff as Country Head, MD for the Middle East operations

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

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IT services major Wipro on Wednesday announced the appointment of Mohammed Areff as the Country Head and Managing Director for its Middle East operations.

Areff will focus on Wipro’s vision for business growth, localisation, brand building, and significant transformational and modernisation engagements with clients in key sectors across the region, a statement said.

Also Read: IT sector witnesses record hiring, top 5 firms add 4.3% to employee base

Areff is a veteran bringing in over two decades of experience with various multinationals in the Middle East and has held lead roles in spearheading client transformations across various industries, it added. He will report to NS Bala, Chief Executive Officer – APMEA (Asia Pacific, Middle East, and Africa) at Wipro Limited.

In his most recent role, Areff was the Regional Director of Microsoft Gulf. He has also held leadership roles at NCR Corporation and Avaya. The Middle East has been a strategic focus for Wipro for over two decades, and even more so now with its growing demand for comprehensive digital transformation solutions, agility and scale, specialised technology requirements, and innovation, Bala said.

Also Read: Wipro launching @now Studio in Texas, to expand cybersecurity capabilities

“I am excited to welcome Areff and am confident that his leadership and deep understanding of this market will lead to greater customer success and enhanced business opportunities that support our growth ambitions in this region, he added.

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Bharat Biotech aims to produce 10 crore Covaxin doses by December, says CMD Krishna Ella

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

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India has administered almost 66 crore COVID-19 vaccine doses so far. Of these, the share of Serum Institute’s Covishield stands at around 57.5 crore while Bharat Biotech’s Covaxin’s share is less than 8 crore.

However, the management of the Hyderabad-based pharma firm Bharat Biotech is confident that it will be able to ramp up the production of Covaxin significantly in the coming months.

Speaking to CNBC-TV18’s Timsy Jaipuria, the company’s CMD Krishna Ella said that if all goes well, Bharat Biotech aims to produce 10 crore Covaxin doses by December.

Ella said, “We are doing our best, we are gearing Hyderabad, geared up now the Ankleshwar Chiron Behring plant also. Bangalore little let down us but now it is back in action. The most important in all these facilities is you need a good facility, good human resources,” he said.

Read Here: Gujarat: First commercial batch of Covaxin released from Bharat Biotech’s new plant

He added that well-trained human resources are required because they need to have the knowledge and 200 tests need to be done on quality control. “For all that you need a best human resource, it is not easy to technology transfer to somebody and ask them to produce, and it is not possible. It is a highly skill oriented job,” Ella explained.

On vaccine production, Ella said, “I think, in September, we are going to do about 3.5 crore and in October will reach 5 crore is what we are anticipating.”

Sharing the update on WHO’s approval for Covaxin’s emergency use authorization globally, the Bharat Biotech CMD said, the firm is “learning the game” and meeting people’s standards.

“We have answered every question that WHO wants. It is a procedural issue. They will go through the document. They will ask a lot of questions; we will answer,” he added

Meanwhile, Ella mentioned that the nasal vaccine has not been tested on children at all, it is only for adults as of now. Phase two and three trial is going on right now but nothing real has been thought about it for children, he said, adding that after there is a success, the firm will look at it for children.

“But on Covaxin we have just completed phase two and three, already the trial is completed. The blood samples are going back to the plant and getting analysed. I think by September end we will submit to the Drugs Controller General of India (DCGI) with all the data files,” he added.

For the full interview, watch the accompanying video…

Also Read: Covaxin for children likely by year-end; kids with comorbidities will be prioritised, says Dr NK Arora

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Income tax return: Key preparations to do before filing ITR

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

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Income Tax Return (ITR) filing is the process by which a taxpayer can report total income earned in a financial year. The taxpayer can claim the refund of the excess tax paid/deducted during the financial year by filing it for that year.

For the financial year 2020-21, taxpayers can file ITR by September 30, 2021, without any late fee.

Here are key preparations one should do before filing ITR:

Choose the correct ITR form

According to Rakesh Nangia, Former President, Indo-Canadian Business Chamber & Founder & Chairman, Nangia Andersen India Pvt. Ltd, it is essential to first choose the correct ITR Form, which depends on the residential status and sources of income.

ALSO READ | Income tax return filing: Key things to know before using form ITR-2

Using a wrong tax return form may lead to a defective return notice from the tax department. For example, ITR 1 is applicable to only those taxpayers having income from salaries, one house property and other sources. This form cannot be used where the individual taxpayer has income from capital gains.

Choose the tax regime

Secondly, taxpayers should choose the tax regime they wish to be governed by.

“Pertinently, the new tax regime offers lower tax slabs, in lieu of foregoing several exemptions/ deductions,” said Nangia.

Collect all relevant documents

As per Sandeep Sehgal, Director- Tax and Regulatory, AKM Global, a tax and consulting firm, before filing the ITR, a taxpayer must collect all the relevant information and documents required and reconcile all sources of income with the data shown in the pre-filled ITR form. This will ensure the seamless processing of tax returns.

ALSO READ | How to file ITR on new income tax portal?

“The taxpayer must have all the necessary documents like Form 16, 26AS, bank statements, rent receipts, investment proofs, donation receipts, etc. For claiming certain deductions u/s 80C, 80D, etc, the taxpayer must have documents evidencing the payment like Insurance premium receipts, interest certificate for a home loan, Mediclaim etc,” Sehgal mentioned.

Match income and taxes paid with form 26AS

It is also important for taxpayers to match their income and taxes paid with Form 26AS. The comprehensive form contains all the tax-related information of the taxpayers and facilitates simpler return filing.

Any discrepancy noticed therein, according to Nangia, must be reported to payers for taking corrective action.

ALSO READ| What happens if you use the wrong ITR form

“Individuals must disclose income from all sources, including exempt income, declare all Indian bank accounts, furnish details of the investment and determine residential status as per law,” he added.

Computation of taxable income

It is paramount for all taxpayers, whether corporate or individual, to compute their taxable income and tax thereon, in accordance with the provisions of the Income Tax Act.

As per Nangia, taxpayers must ensure true and correct disclosure of taxable income and related expenses to avoid any penal consequences.

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

Sher Mohammad Abbas Stanikzai: Top Taliban leader trained with Indian Army

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

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Weeks after the Taliban took over Afghanistan, Sher Mohammed Abbas Stanikzai, head of the Taliban’s Political Office, met with Deepak Mittal, Ambassador of India to Qatar, in Doha. This was the first-ever official acknowledgement of the Centre’s engagement with the Taliban.

However, this wasn’t Stanikzai’s first engagement with India. In fact, he trained with the Indian Army as a jawan at the Army Cadet College, Nowgaon, for three years between 1979 and 1982 and later as an officer at the Indian Military Academy (IMA) in Dehradun, reported NDTV.

Who is Sher Mohammad Abbas Stanikzai?

Ethnically a Pashtun, Stanikzai was reportedly born in 1963 in the Baraki Barak district in Afghanistan. He studied political science in his home country before joining the IMA’s Bhagat Battalion Keren Company. He was only 20 when he travelled to India under the Indo-Afghan defence cooperation programme and was one of 45 foreign cadets in the Keren Company.

The IMA has been training cadets from a number of African and Asian countries, including Afghanistan since 1948.

However, it was unfathomable that a moderate and reserved cadet who was fondly called ‘Sheru’ by his batch mates (the 1982 batch) would go on to become the top Taliban leader negotiating with India today.

“He was part of a different company and battalion, but we were in the same batch. I remember him as being quite unremarkable, in the sense that he blended in,” said Brigadier Sandeep Thapar (Retd), Stanikzai’s 1982 batchmate, in an exclusive interview with ThePrint.

Remembering his time at the academy, many of his batch mates said he was never a hardliner nor very religious at the time, reported The Times of India.

“Usually the foreign cadets would keep to themselves. He didn’t express any outright views. But now we are rediscovering him once again,” said Brigadier Thapar.

Today, Stanikzai is one of the key leaders controlling the Taliban’s narrative in Afghanistan. Unlike other Taliban leaders, he is fluent in English and has travelled to multiple countries on diplomatic missions and served as the Deputy Foreign Minister of the Taliban government when they first controlled Afghanistan in 1996-2001.

Also read: Hibatullah Akhundzada: Taliban’s supreme leader who is wary of public appearances

He travelled to the US in 1996 in an unsuccessful bid to convince the Bill Clinton administration to recognise the Taliban government. Reuters reported that he also made trips to China to meet with top officials during this time.

Recently, when Abdul Hakim Haqqani engaged in negotiations with the US-backed Afghan government, Stanikzai served as deputy negotiator to Haqqani.

Stanikzai directly addressed India in a video statement on August 28 and said the Taliban wishes to maintain “good relations” with the country.

Also read: Taliban wants friendly ties with Delhi; says won’t let Pakistan use Afghanistan against India

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Trifecta Capital launches third venture debt fund with target corpus of Rs 1,000 crore

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

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Venture debt firm Trifecta Capital has launched its third venture debt fund, targeting a corpus of Rs 1,500 crores for its latest fund.

The fund, with a target corpus of Rs1,000 crores ($133 million) and a green shoe option of Rs 500 crore ($ 67 million), will be the largest in the series of venture debt funds managed by the firm, it said in a statement. It aims to serve the rapidly growing financing opportunities for Indian startups.

Earlier this year, the firm announced the final close of its Venture Debt Fund – II at $140 million, which it started raising in 2019. The first close saw participation from domestic investors including large corporates, insurance companies, marquee family offices, UHNIS, and entrepreneurs.

“The funds are focused on late-stage VCs which are looking either for an IPO or a strategic sale,” Rahul Khanna, Managing Partner of Trifecta Capital had told CNBC-TV18 in August.

The firm has made 140 investments over the last six years. Trifecta Capital’s Venture Debt Funds have invested approximately Rs2,200 crores ($293 million) in over 85 startups.

Trifecta Venture Debt Fund’s portfolio now has 11 Unicorns and more than 15 Soonicorns, with businesses including Big Basket, Pharmeasy, Cars24, Vedantu, Infra. Market, ShareChat, Dailyhunt, UrbanCompany, CarDekho, Blackbuck, Ninjacart, NoBroker, Kreditbee, Dehaat, Turtlemint, Servify, Livspace and BharatPe amongst several others. The portfolio is cumulatively valued at $33 billion.

“We have been market participants for a long time. The pandemic accelerated the growth of these companies. There also has been a global reset about India versus China. There’s a lot of appetite for Indian tech,” Khanna told CNBC-TV18.

The firm aims to deploy its funds from third capital in emerging sectors such as SaaS, D2C, B2B commerce, Fintech, E-commerce Sellers, among others.

“In this new fund, we will continue to select the very best, and further innovate on the right credit products for them, as we are strong believers in the potential of these businesses to scale and contribute to nation-building,” said Nilesh Kothari, Managing Partner, Trifecta Capital.

Buoyed by a flush of liquidity in the market, Trifecta Capital aims to complete the first close in the calendar year 2021. The venture debt firm is also looking to consolidate its position as an innovator and financial partner of choice for the rapidly growing startup ecosystem.

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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

Amazon CEO unveils 55,000 tech jobs in first hiring push under his watch

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

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Amazon.com Inc is planning to hire 55,000 people for corporate and technology roles globally in the coming months, Chief Executive Andy Jassy told Reuters.

That’s equal to more than a third of Google’s headcount as of June 30, and close to all of Facebook’s.

Jassy, in his first press interview since he ascended to Amazon’s top post in July, said the company needed more firepower to keep up with demand in retail, the cloud and advertising, among other businesses. He said the company’s new bet to launch satellites into orbit to widen broadband access, called Project Kuiper, would require a lot of new hires, too.

With Amazon’s annual job fair scheduled to begin Sept. 15, Jassy hopes now is a good time for recruiting. “There are so many jobs during the pandemic that have been displaced or have been altered, and there are so many people who are thinking about different and new jobs,” said Jassy, who cited a U.S. survey from PwC that 65 percent of workers wanted a new gig.

“It’s part of what we think makes ‘Career Day‘ so timely and so useful,” he said. The new hires would represent a 20 percent increase in Amazon’s tech and corporate staff, who currently number around 275,000 globally, the company said.

Amazon’s move, only the latest hiring spree on which it has embarked, follows a period of heightened scrutiny of its labor practices and opposition by the International Brotherhood of Teamsters. Earlier this year, a failed effort by some staff in Alabama to organize put on display Amazon’s taxing warehouse work and its aggressive stance against unions. In that battle’s aftermath, Jeff Bezos, the CEO whom Jassy succeeded, said Amazon needed a better vision for employees.

Asked how he might change Amazon’s demanding workplace culture, Jassy said its heavy focus on customers and inventiveness set it up for improvements.

“Everybody at the company has the freedom – and really, the expectation – to critically look at how it can be better and then invent ways to make it better.”

The positions Amazon is marketing include engineering, research science and robotics roles, postings that are largely new to the company rather than jobs others quit, it said.

In a reopening U.S. economy, and tightening labor market, some companies have struggled to fill vacancies and balance remote and in-person work. It was unclear how many of the Amazon jobs – such as for competitive engineering hires – have been open for some time.

Amazon, which earlier touted an “office-centric culture,” later dialed back its vision and offered workers the opportunity to spend just three days a week at its offices in person starting next year.

Already the second-biggest private employer in the United States, Amazon brought on more than 500,000 people in 2020, largely in warehouse and delivery operations. That area has had significant turnover.

Also Read: Flipkart adds new warehouses in Karnataka, to create over 14,000 job opportunities

The company is investing heavily in building more warehouses and boosting pay to attract workers, in order to catch up to strong demand from shoppers seeking products delivered to their homes. Jassy said Amazon has been “very competitive on the compensation side.” He said, “We’ve led the way in the $15 minimum wage,” and for some states on average that “really, the starting salary is $17 an hour.”

Of the more than 55,000 jobs Jassy announced, over 40,000 will be in the United States, while others will be in countries such as India, Germany and Japan.

Also Read: US jobless claims down 14,000 to 385,000 as economy rebounds

Amazon previously promised a big tech hiring binge in 2017, when it sought a location for its second headquarters. Officials at cities and states across North America fawned on the company for its jobs and tax dollars.

Arlington, Virginia, the “HQ2” contest winner that so far has a small fraction of the 25,000 roles Amazon has promised it over a decade, currently has about 2,800 openings. The city of Bellevue where Amazon is growing near its hometown Seattle has another 2,000.

The career fair will be global. That’s after Amazon saw 22,000 people tune in last year from India, among other locales outside the United States, Jassy 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

Zoom and out: 20% managers fired employees for slips during calls, says this survey

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

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A recent survey has found that over 20 percent of managers have fired an employee due to some sort of gaffe during a video or audio conference, and 40 percent have given at least an informal reprimand to erring employees.

The survey also found that executives at companies don’t trust one-third of their staff to perform well when working remotely.

About 200 senior managers at companies with 500 or more employees were part of the survey conducted by Vyopta Inc, reported Bloomberg. Vyopta helps companies manage workplace collaborations and communication systems.

As the COVID-19 pandemic necessitated work-from-home (WFH) models, telecommunication applications like Zoom saw their downloads increase in a matter of weeks. Zoom saw a growth of 10 million daily participants in December 2019, but it grew to 300 million daily participants in April 2020.

While many companies have slowly resumed work-from-office models, others have shifted to a hybrid model of working or delayed their plans of coming back to the office due to the resurgence of COVID-19 cases as a result of the infectious Delta variant.

Also read: Hybrid model of working is going to be the reality, says Zoom COO

Typical issues that employees face or accidentally cause during video and audio conferences are: Not muting, joining late, having a poor connection, and accidentally sharing important information. According to the survey, such mistakes can come back to bite the company with lost sales, deadline delays and losing clients.

The survey’s result comes days after Zoom Video Communications Inc saw a disappointing sales forecast as a result of schools, offices and workplaces slowly opening up as well as due to increased competition from competing apps. The forecast saw the company’s shares dip by 16 percent even as the company had seen a steady rise in its price since the start of the previous year.

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