RedmiBook 15 details leak ahead of launch on August 3
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The launch will mark the official entry of the RedmiBook series of laptops in India from Redmi, a Xiaomi sub brand.
The details and specifications of RedmiBook 15 have been leaked ahead of its August 3 launch. The launch will mark the official entry of the RedmiBook series of laptops in India from Redmi, a Xiaomi sub brand.
The laptop is priced under Rs 50,000 and is expected to release with two storage options — 256 GB and 512 GB of PCIe SSD.
The laptop will come with Windows 10, though it is expected it will be eligible for the free Windows 11 upgrade when the new operating system is released by Microsoft.
RedmiBook 15 is expected to come with a 15.6-inch display but a 14-inch model may also be available upon launch. The display is expected to come with a full HD resolution.
The device will be powered by 11th generation Intel Core i3 and Intel Core i5 processors and have an 8 GB RAM capacity.
Connectivity options for the laptop include dual-band Wi-Fi and Bluetooth v5.0, as well as USB 3.1 Type-C, USB Type-A, USB 2.0, HDMI, and an audio jack.
Other details are expected to be released upon the official launch or close to the official launch date.
The laptop will be competing from marquee brands like the Acer Swift 3, Asus VivoBook, and more. The Chinese brand will face tough competition in the laptop sector, but will have plenty of opportunities for growth as the niche has seen tremendous growth over the last year due to increase in demand for laptops due to the pandemic.
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
Demat, trading accounts with pending KYC to be deactivated; here’s how to avoid it
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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To avoid deactivation of their accounts, investors have been asked to provide their name, address, Permanent Account Number (PAN), valid mobile number, valid email ID, and income range.
The demat and trading accounts lacking an updated KYC (know-your-customer) will be deactivated by July 31 i.e. today, according to the circulars by Central Depository Services Limited (CDSL) and National Securities Depository Limited (NSDL).
To avoid deactivation of their accounts, investors have been asked to provide their name, address, Permanent Account Number (PAN), valid mobile number, valid email ID, and income range.
As for the income range, investors have been asked to choose an income bracket from the following list:
For individuals (annual):
— Below Rs1 lakh
— Rs 1 lakh – Rs 5 lakh
— Rs 5 lakh to Rs 10 lakh
— Rs 10 lakh to Rs 25 lakh
— More than Rs 25 lakh
For non-individuals (annual):
— Rs 20 lakh
— Rs 20 lakh to Rs 50 lakh
— Rs 50 lakh to Rs 1 crore
— More than Rs 1 crore
Similarly, the PAN should be seeded with Aadhaar. The PAN will not be considered valid if it’s not linked with the Aadhaar. Besides, separate mobile numbers and email addresses must be provided for all Beneficial Owner (BO) account holders, according to the circulars.
All six KYC details are mandatory for new accounts opened from June 1, 2021.
Meanwhile, SEBI (Securities and Exchange Board of India) has asked the CDSL and NSDL to verify that the aforementioned KYC details are updated. The market regulator had also asked the depositories to ensure that necessary communication is sent to their clients to update the KYC by May 31, 2021.
Given the circulars, several stockbroking firms have sent emails to their clients (demat/trading account holders) asking them to update their KYC details before July 31. Till the time these details are not provided, the pending demat and trading accounts will remain deactivated.
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
Amazon hit with $886 million EU data privacy fine for non compliance of personal data norms
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Amazon said that it believes the decision is without merit and that it will defend itself vigorously.
European regulators have fined Amazon 746 million euros ($886 million) for data protection violations.
Amazon said in a regulatory filing on Friday that the Luxembourg National Commission for Data Protection issued a decision against the company earlier this month, claiming that its processing of personal data did not comply with the European Union general data protection regulation.
Amazon said that it believes the decision is without merit and that it will defend itself vigorously.
Amazon has come under scrutiny by the EU before. In November regulators filed antitrust charges against the company, accusing Amazon of using its access to data from companies that sell products on its platform to gain an unfair advantage over them.
While the U.S. initially criticized the EU for targeting American companies, it has more recently started taking a tougher line on big tech as well, suing Google last year for abusing its dominance in online search and advertising.
In May a court annulled a ruling by the European Commission that a tax deal between Amazon and Luxembourgs government amounted to illegal state support. It was the latest setback to European Union efforts to tackle corporate tax avoidance.
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
Tokyo Olympics: Indian women’s hockey team beat South Africa 4-3 to keep QF hopes alive
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Vandana Katariya (4th, 17th, 49th minutes) scored a hat-trick while young Neha Goyal (32nd) was the other goal getter for India.
The Indian women’s hockey team defeated lower-ranked South Africa 4-3 in the final Pool A match to record its second consecutive win and keep alive its quarterfinal hopes in the Olympics here on Saturday.
Vandana Katariya (4th, 17th, 49th minutes) scored a hat-trick while young Neha Goyal (32nd) was the other goal getter for India.
South Africa’s goals came from the sticks of Tarryn Glasby (15th), skipper Erin Hunter (30th) and Marizen Marais (39th). With two wins from their final two pool matches, India have finished the group stages with six points from five games.
India’s fate now depends on the outcome of the last Pool A match between Great Britain and Ireland. The Indians will have to wait till the evening to know their fate. A Ireland loss or a draw will be enough for India to seal their place in the quarterfinals.
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
Weekly wrap: Messaging platform Gupshup raises $240 million for share buy-back, Mamaearth turns ‘soonicorn’ with $50-million fundraise
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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BharatPe is looking to raise $350 million from Tiger Global Management at a valuation of over $2 billion, which would make the fintech startup India’s latest unicorn.
Here’s an overview of the deals closed in the startup universe this week.
India-focused messaging startup Gupshup raises $240 million for share buy-back
Messaging startup Gupshup raised $240 million from Tiger Global Management and others to buy back shares ahead of a possible IPO next year. Gupshup, which allows businesses to communicate with customers through existing chat channels like text messaging, had raised $100 million in April from Tiger Global and was valued at $1.4 billion.
BharatPe to raise $350 million for $2-billion valuation, eyes unicorn status: Report
Digital payment’s platform BharatPe is looking to raise $350 million from Tiger Global Management at a valuation of over $2 billion, which would make the fintech startup India’s latest unicorn. Tiger Global itself will invest $100 million with participation from existing investors such as Amplo, Beenext, Insight Partners, Sequoia Capital and Steadview Capital, among others, a person aware of the development told Mint. Talks are at an “advanced” stage and the investment round is “expected soon,” they added. As per the report, the development comes ahead of the company’s plans with Centrum Group to take over the troubled Punjab and Maharashtra Co-operative (PMC) Bank.
Nium raises $200 million plus; becomes first global B2B payments unicorn from SEA
B2B payments platform Nium has raised a $200 million plus Series D round led by Riverwood Capital, a US-based high-growth tech investor. Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment, and other notable angel investors, including DoorDash executive, Gokul Rajaram; Chief Product Officer at FIS, Vicky Bindra; and, Co-Founder of Tribe Capital, Arjun Sethi, also contributed to the round. The new funding round values Nium at over $1 billion. The funding will be used to expand Nium’s payments network infrastructure, drive innovative product development, attract top industry talent, and acquire strategic technologies and companies.
Mohalla Tech raises $145 million, valued at $2.88 billion
Mohalla Tech, the parent company behind social media platforms Moj and ShareChat, has raised $145 million as an extension of its Series F round, at a valuation of $2.88 billion. The investment has been led by Singapore state investor Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund, which is jointly set up by Mirae Asset and South Korean web portal Naver Corp. This is an additional investment beyond the $502 million raised in April this year from Tiger Global, Lightspeed, Snap and Twitter. The company had been valued at $2.1 billion at the time. Founded in 2015, Mohalla Tech has now raised over $911 million across seven fundraising rounds.
Mamaearth raises $50 million, valued at $730 million
D2C personal care startup Mamaearth has raised $50 million in a funding round led by Belgian investor Sofina Ventures, valuing the company at $730 million. Existing investor Sequoia Capital also participated in the funding round. Meanwhile, early investors Fireside Ventures, Stellaris Venture Partners, Sharp Ventures and Titan Capital also sold a portion of their stake in the round. The company will use the fresh funds to double down on its brand’s growth through deeper offline expansion and explore inorganic growth opportunities in beauty and personal care.
MyGlamm raises Rs 355 crore led by Accel
D2C beauty brand MyGlamm has closed its Series C funding at Rs 530 crore, raising an additional Rs 355 crore in a round led by venture capital firm Accel. The round also saw participation from existing investors, including Bessemer Venture Partners, L’Occitane, Ascent, Amazon, the Mankekar family, Trifecta and Strides Ventures. MyGlamm will be utilising its latest funding to invest in product development, support data science and technology research, increase offline expansion, fund working capital requirements and expand content creation capabilities and digital reach of POPxo and Plixxo.
CoinDCX plans to raise $100-120 million: Report
Cryptocurrency exchange platform CoinDCX is in talks to raise $100-120 million, in a financing round that could value the company at over $1 billion. Facebook co-founder Eduardo Saverin’s B Capital Group is likely to lead the investment, The Economic Times has reported. Existing investors Polychain Capital and Coinbase Ventures are also expected to participate in the fundraising. If CoinDCX is valued at over $1 billion, it would become the first cryptocurrency exchange to enter the unicorn club.
G.O.A.T Brand Labs raises $36 million
D2C brand G.O.A.T. BrandLabs has raised $36 million in Series A funding round led by Tiger Global, with participation from Flipkart Ventures, the early-stage venture fund of Flipkart, Mayfield, Nordstar & Better Capital and prominent angel investors. G.O.A.T. Brand Labs was launched by Rishi Vasudev, a former Flipkart executive who had headed Flipkart’s Fashion along with Myntra and Jabong for more than five years. The startup says it will invest fresh capital in digitally native brands to accelerate its growth. According to the company, it is in advanced discussions with at least 10 brands for acquisition and is looking for brands in fashion, beauty, personal care, and home and kitchen spaces.
Vauld raises $25 million in funding led by Valar Ventures
Vauld, a crypto platform for financial products, has raised $25 million in a Series A funding round led by PayPal founder Peter Thiel’s Valar Ventures. Existing investors Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital, among others, also participated in the round. The company has raised $27 million total capital since its inception. The funding will be used to support the company’s international growth and licensing as well as expand its retail crypto banking and investing platform, the firm said.
Easy raises $15 million in Series-A round
Mortgage tech startup Easy has announced that it has raised $15 million as part of its Series A funding round. The round was led by Xponentia Capital Partners and saw participation from global VC funds, existing investor Harbourfront Capital, Finsight VC, RaSa Future Fund, Navida Capital AB, Helena Wasserman Eriksson, and Integra Software. Easy operates across geographies in a ‘phygital’ model and provides an instant decision on home loans. The firm aims to achieve $150 million assets under management over the next 24 months and will expand its network to more than 100 locations across the country.
Zingbus raises Rs 44.6 crore led by Infoedge ventures
Intercity mobility startup Zingbus has raised Rs 44.6 crore in a funding round led by Infoedge ventures. The pre-series A round also saw participation from investors from Silicon Valley like Funders Club, Pioneer fund, Anim Fund (Founders Fund Scout), Locus Ventures, and Liquid 2 Ventures. Existing investors AdvantEdge Technology Fund, 9 Unicorns, and Venture Catalyst also invested in this funding round. The startup will use a fresh influx of capital to develop technology for the next leap of improvement in traveller experience and expand the service to new geographies. The startup is also hiring across engineering, product, business, and operations profiles.
The Whole Truth raises $6 million from Sequoia Capital
Health food brand The Whole Truth has raised $6 million in a Series A funding round led by Sequoia Capital India. The round saw participation from existing investors Matrix Partners India and Sauce.Vc, along with a clutch of marquee angels like Flipkart CEO Kalyan Krishnamurthy, Udaan Co-Founder Sujeet Kumar and BharatPe Co-Founders Ashneer Grover and Shashvat Nakrani. The company said the fresh capital will be used to hire talent, expand manufacturing capabilities and enter new clean food categories. The clean-label food brand claims to have grown 12x in the last 18 months.
Fintech startup Slice raises Rs 75.5 crore in debt round
Slice, a fintech startup, has raised Rs 75.5 crore in debt in Q1FY22 from financial institutions such as Northern Arc Capital, Niyogin Fintech Limited, Credit Saison India, and Vivriti Capital among others. The payments and credit startup had launched an instant rewards programme, and ‘slice in 3’ feature in June 2021. Slice in 3 is a pioneer feature that allows users to convert their monthly bills into three months without any extra cost. Following the launch, Slice has had robust growth in monthly new card issuance, making it the third-largest card issuer in the country, the firm claimed.
Strata raises $6 million in Series A round
Strata, a tech-enabled commercial real estate investment platform, has raised $6 million in Series A round, co-led by Kotak Investment Advisors, Gruhas Proptech, a fund of Nikhil Kamath of Zerodha, Abhijeet Pai of Puzzolana Group for proptech investments and special situations, and Sabre Investments, which is the investment arm of Rahul Talwar, who belongs to the promoter family of DLF. This round also saw participation from Elevation Capital, Mayfield India and Gemba Capital. The company said it will use this capital to expand aggressively in the next year, taking its current asset under management (AUM) of approximately Rs 330 crore to Rs 1,500 crore by FY21-22. The startup is eyeing to spread its geographical footprint across key markets of Mumbai, Hyderabad, Chennai, Bengaluru, Delhi and Pune. It is also looking to accelerate product development and introduce new investment offerings.
Coralogix raises $55 million in Series C
Israel-based tech startup Coralogix has raised $55 million in a Series C funding round led by Greenfield Partners. The latest round of funding also saw participation from Red Dot Capital Partners, StageOne Ventures, Eyal Ofer’s OG Tech, Janvest Capital Partners, Maor ventures, and 2B Angels. In October 2020, the company had raised $25 million in a Series B funding round and had also announced a strategic expansion into India, with a commitment to invest over $30 million in the upcoming five years. The company said it is currently pursuing its investment goals for the Indian market to provide sales and customer success support to India-based companies. As part of its expansion plans for India, Coralogix has set up a new Amazon Web Services (AWS), Mumbai region, offering superior server support and data storage capabilities to its India-based customers.
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
Brands have gone to Space before, but a new age of Space travel and tourism could provide more opportunities to hitch a ride
It was July 21, 1969. Apollo 11, the spaceflight that first landed humans on the Moon, also took along Swiss watchmaker Omega’s Speedmaster Moonwatch. Astronauts on that mission were spotted wearing the iconic watch. Omega worked closely with American Space agency NASA for five years to test and make a Space-fit chronograph. In the early 1960s, Swedish camera manufacturer Hasselblad also collaborated with NASA to modify and refine cameras suitable for various Space projects. Those captures gave the brand confidence to develop the first camera that landed on the moon and took the iconic photos that are now a part of history.
Some brands want to be positioned “out of this world”. In 2012, Austrian skydiver Felix Baumgartner dropped from near-Space (23 miles high) back to the Earth’s surface. This mission that hit stratospheric heights, literally, was funded and created by energy drink Red Bull. $30 million was spent on the Stratos project, which Red Bull refused to label as an ‘ad campaign’. Back then, Red Bull sales went through the roof, hitting the $500 million in sales mark.
Over the years, brands have also looked to Space to create Instagrammable moments on Earth. Last year, American beauty brand Estee Lauder sent ten bottles of its Night Repair serum to the International Space Station, where astronauts took pictures of the bottle with the cosmos as a backdrop. According to reports, the company paid NASA roughly $128,000 for the photoshoot.
Who’s got a ticket to ride
The new galactic race is on with billionaires like Jeff Bezos, Richard Branson and Elon Musk all setting their sights on Space. Bezos’s company Blue Origin already has two more trips scheduled later this year, while Virgin Galactic, founded by Branson, has at least 600 people who have already paid around $250,000 each for tickets on future flights. Musk’s company SpaceX is developing core technologies to extend mankind’s reach into Space for commercial purposes.
Space travel for people who have not spent their entire adult lives training for it is becoming a real thing. The allure of Space is not limited to billionaires though. As Space tourism gains more traction and attention, naturally, more marketers might want in. The question is how can they capture that space in a way that’s not wasteful?
Confectionery major Mars Wrigley kicked off its Space adventure with Jeff Bezos. The company is creating a limited-edition Zero-G pack of Skittles to commemorate the brand leaving Earth’s atmosphere for the first time ever. Bezos and his fellow passengers were seen tossing Skittles at each other and catching them in their mouths when they hit zero-gravity during an 11-minute flight.
“I think in the future astronauts’ outfits will begin to resemble that of F1 drivers. 100 logos stitched everywhere,” says Devaiah Bopanna, co-founder and chief content officer of All Things Small. He foresees “really weird records being set” as brands try to score ‘firsts’. “First brand of chips to reach Space, the first brand of chips to be eaten in Space, the first brand of chips to be eaten in Space while using a floating zero-gravity ketchup. You will see a bunch of brands trying to land some ideas based on painful puns around ‘Space’. So, brace your marketing self for impact.”
Space marketing is not for everyone
The opportunities for brands are far and beyond, believes Preetham Venkky, president of 22feet Tribal Worldwide and chief digital officer of DDB Mudra Group. “Brands are developed more in the consumer’s mind than in boardrooms,” says Venkky, “an association with Space can be used either as a defining moment, as a stunt or as a trend-jack. Thoughtful brands will use the opportunity to reinforce their brand values and brand promise.” Just like Red Bull did with the Baumgartner association. It cemented the brand’s positioning of aiding in peak physical performance and humorously tied it to ‘Red Bull gives you wings’.
Brands like Tesla though took the route of putting a Tesla Roadster with a space-suit clad mannequin into Space. (It’s currently doing a flyby over Mars.) Before Tesla, Nestle-owned brand Kit-Kat sent a pack of chocolate biscuits into Space and streamed the experience using a GoPro. “A lot of these brands are using Space not as a branding outlet but more as an activation. The act itself and its reach is then carrying the perception of the brand,” Venkky underscores the difference.
Manoj Jacob, senior creative director at ad agency BBDO India, is a bit more critical of the possibility of a Space-age for marketers. “Earlier marketers created their own trends. But today’s marketers don’t want to go through the hard work of creating a trend. That takes time and effort. They (marketers) just want to jump on to the latest trend and suck it dry.” That’s why his advice to marketers is “don’t jump on this billionaire Space fetish. Instead, take a contrarian approach. Where they subtly ridicule these space cowboys and their bid to do what man has been doing since the 60s.” Picture this: A billboard with a huge arrow pointing at an empty parking spot — “Hey Jeff, here’s some space.”
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
Retirement, in a sense, is salvation for those civil servants that have made an effort to earn it during their careers.
The call was from a fellow retired civil servant. He was upset at the current crop of officers not returning his calls or responding to his messages. I shared with him my personal experience that, like many other retired officers, was totally different. Almost every officer who I had worked with and even those that I just came in contact with, invariably returned my call and responded to my messages.
Even while in harness, I had spoken freely and frankly but there were limitations on account of the Code of Conduct. My views were limited to discussions and on files. Never held them back but once a decision was taken, I treated the decision like my own. However, after retirement, there was no such limitation. I am loving it and enjoying this freedom thoroughly. I also discovered my true worth (including the market value) and the worth of others. There are no hangers-on. I was truly reaping the harvest of what I had sown during my career as a civil servant. This was the reason why I tweeted, “True worth of a civil servant gets determined when he is officially a nobody”
All civil servants retire someday. This is also true of those that get extension(s) of “life” by the gods on earth. Some civil servants deserve these “extensions”. Others somehow “manage” to get it despite the cost associated with it. Sometimes they end up paying a price during the after-life (retirement). They should then not complain about the price they have to pay. They made a choice when they had one.
Retirement, in a sense, is salvation for those civil servants that have made an effort to earn it during their careers. However, while in service, civil servants live a number of lives as they get transferred to various positions.
Death is certain in one’s life but when the ultimate knock will come, one doesn’t know. In this sense, it is similar to the life of a civil servant. A civil servant knows that he would get transferred but when the transfer would come, is anybody’s guess. However, though there is no certainty about life after death, it is certain that there is life after transfer. In this context, the life of a civil servant is different from life itself.
According to the Hindu philosophy, the ‘Atma’ never dies and a man is rewarded or punished in subsequent lives on the basis of ‘Karma’ in the existing life. So, human beings are enjoined to lead a particular style of existence that could result in salvation. How true is this for a civil servant, though some choose to be blissfully oblivious of this similarity! Obsessed with the ‘material’, without realising that over a period of time and the innumerous lives (transfer) that he lives in various incarnations, some of them accumulate a ‘reputation’ that becomes their nemesis. Living in their own make-believe world and a perceived aura of invincibility, they seem to believe that they can get away with anything.
This perception needs to change for more reasons that one, especially in the wake of what has happened in the past couple of decades. Unfortunately, on account of high visibility of these bureaucrats, the entire bureaucracy seems to be getting a bad name even though these are isolated cases. It is, however, a blessing in disguise as such instances have demonstrated that law does catches up with the high and mighty. It might also induce the fence setters amongst the civil servants to take a hard and realistic look at the options available to them. Accumulating a bank balance may not always come handy but accumulating ‘good-will balance’ and an honest reputation just might help in the long run, even after retirement. Like the inevitability of death, both categories of officers get transferred but whereas the honest ones can hold their head high, the others would struggle.
There is also perhaps a lesson for those that convey to the bureaucracy all the wrong signals looking for pliable and servile bureaucrats. It is high time that the civil servants themselves realize that they are being used as a tool by the powers-that-be for furthering their own parochial interest. It is evident that a civil servant would be cultivated only till the time that purpose is served. He would be dropped like a hot brick the moment his services are either not required or when he becomes inconvenient. Some of us may believe that we are indispensable but experience has shown that even the most “committed” of bureaucrats are shown the door when the occasion arises.
The informed public should also take an objective and dispassionate view of the bureaucracy. Bureaucrats are a part of the society and hence this group carries with it all such ills which afflict the society as a whole. Efforts should be made to evolve such institutions which protect and encourage honest and efficient functioning. Some examples already exist. Election Commission was an institution, till not very long ago, that made us proud, within and outside the country. This Commission was and is still manned by civil servants. CVC is another such institution. The Supreme Court has itself indicated that the selection to posts, such as Chief Secretary, should be through a transparent process. The Apex Court has shown the way and now it is for the powers- that-be to take up the challenge and to put in place a transparent process that encourages honesty and efficiency and also provides a security of tenure to the bureaucracy. Keeping a bureaucrat at the “pleasure” of certain individuals or group of individuals has already done an incalculable damage to the system. It would be wrong to blame the entire bureaucracy if the honest and efficient are left out and only the pliable officers are picked up to man sensitive posts.
There is an old saying, as you sow so shall you reap. You can’t expect the bureaucracy to deliver if you have wrong men at right places and the right men at wrong places. The Supreme Court judgment is, therefore, a wake-up call for all of us.
— Anil Swarup is former Secretary, Government of India and author of the book ‘Not Just A Civil Servant’. 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
Best of Young Turks: When Sanjeev Bikhchandani said, ‘After an IPO, you belong to the company’
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
On this Young Turks Special in 2010, a sort of Entrepreneurial 101, Sanjeev Bikhchandani and two other stalwart startup investors discussed if an economic downturn is the right time to startup? What should an entrepreneur being chased by big money do? And how to find compatible investors as an entrepreneur?
India’s longest-running show on startups and entrepreneurship Young Turks marks another milestone as it completes 19 years! To celebrate this landmark occasion, we wish to take you through our time capsule, The Young Turks Archive, recounting the journeys of some of the trailblazing entrepreneurial talents this country has produced over the last two decades.
As India transforms, shrugging off the old cloak and dressing up with the digital debonair, we believe the lessons gleaned from these handpicked stories will be a trusted guide to the next generation of changemakers. Join us in this celebration of ideas, innovation and inspiration!
This week, we feature entrepreneur-turned-investor, Sanjeev Bikhchandani. These days, a big newsmaker, most-spoken-about as the investor who nurtured and guided Deepinder Goyal for a decade as Zomato metamorphosed from a restaurant-listing startup to a publicly-traded company following the first-of-its-kind IPO.
While Zomato gloriole is yet to subside, the other unicorn in Bikhchandani’s portfolio, PolicyBazaar is waiting in the wings to ride the tide to Dalal Street. He cut the first cheques to both Zomato and PolicyBazaar. Today, his conviction that Indian consumers will at some point begin to ‘buy online, pay online’ is paying off.
For Bikhchandani, startup investing started off as ‘a small cottage sector type of experiment’ in 2007. It is now a venture capital factory with investments in at least 14 startups, including Zomato and Policy Bazaar.
However, Bikhchandani first became famous as an entrepreneur after setting up online classifieds portals under the umbrella of Info Edge in the 1990s, which saw the first boom of internet startups in India.
With a market capitalisation of over Rs 65,000 crore, the listed Info Edge presently runs on five gears – venture investing, jobs, real estate, matrimony and education classifieds.
On this Young Turks Special in 2010, a sort of Entrepreneurial 101, Sanjeev Bikhchandani joined two other stalwart startup investors – Kanwal Rekhi, the founder of the IndUS Entrepreneurs, and Saurabh Srivastava, the founder of one of India’s largest angel investing platforms the Indian Angel Network (IAN).
The questions they answer in this episode are as relevant as they were a decade ago. Is an economic downturn the right time to startup? What should an entrepreneur being chased by big money do? How to find compatible investors as an entrepreneur? How to fend-off a well-funded rival?
Most importantly, as tech unicorns in India line up to go up on the bourses, is there peer pressure of IPO-ing too early?
Here is Sanjeev Bikhchandani’s rejoinder: “In the beginning, the company belongs to you. After an IPO, you belong to the company.”
Watch this edition of Young Turks Archives to get a masterclass in how to get a startup investor to sign a check!
Introduction: They are entrepreneurial champions with almost 100 years experience, in building and supporting businesses which we’ve known, between them.
Known as the Zohan of Silicon Valley, Kanwal Rekhi is the man behind Inventus Capital Partners – a $30 billion venture fund. Having spent almost two decades as a venture capitalist, Kanwal led investments in more than 90 companies holding 23 board positions and has guided 19 entrepreneurs to big exits, including tech IPOs.
Often recognised as one of the architects of the Indian software industry, Saurabh Srivastava co-founded the Indian Angel Network in 2006. Mentoring over 20 early-stage ventures, Indian Angel Network today has invested over ?40 crores.
And meet Sanjeev Bikhchandani, the new kid on the block. From a successful entrepreneur having built InfoEdge from scratch to ?270 crore rupee venture, today, Sanjeev has donned the role of an angel investor, and has already invested in three companies.
So it’s time now for the Young Turks Masterclass!
Shereen Bhan: Gentlemen, many thanks for joining us on this Young Turks special. Kanwal Rekhi, let me start by asking you. You’ve been supporting entrepreneurs for the past two decades now, you’ve been an entrepreneur several times over yourself. You’ve always said the recession is the best time to actually start a company. You’re not the only one who actually believes in that one. It adds a lot of romance in it, rising from the ashes and so on and so forth. Do you think after the 2008 recession, this really is the best time specially for Indian startups to go the entrepreneurial way?
Kanwal Rekhi: Well, 2009 was the best year for us.
Shereen Bhan: Yeah?
Kanwal Rekhi: Yeah! I have given you the basic message. The recession is a way of filtering out the riff-raff so you have the best entrepreneurs. The prices go down. The rents are down. The expectations are down.
Shereen Bhan: Talent is cheap.
Kanwal Rekhi: Talent is cheap. Talent is being freed up by the last companies when they’re letting people go. On top of all that, your potential markets are not ready. So, entrepreneurs have time to get their service, their product ready.
Shereen Bhan: So, you said 2009 was your best year. In what sense? Take us through that.
Kanwal Rekhi: We did more deals in 2009 than we had done a year before. By this year we’ll do more. But, we were starting in 2008. The expectations were very unreasonable. In 2009, we did four deals.
Shereen Bhan: So, let me get the other two entrepreneurs in on this discussion as well, before we actually proceed. How have you actually seen the entrepreneurial mindset changing since 2008?
Saurabh Srivastava: I think it’s been very positive. Even though when things went down, we saw no difference in the number of entrepreneurs coming to us at the Indian Angel Network. As Kanwal was saying, “Hey, listen, this is a good time. I can get a good team.” India was lucky because we didn’t go rock-bottom. So, we still had a market. Very good talent from overseas was willing to come in, and then work with us.
Shereen Bhan: How would you read what has happened over the last two years? And has that changed your approach, your attitude and your strategy towards, for instance, your own business?
Sanjeev Bikhchandani: Personally, I’ve had the experience of four recessions, since I became an entrepreneur. The last two were more significant since they were post venture capital and post taking larger risks. I think the single biggest thing that we learned is that, “Leaders get stronger in recessions, because while you maybe hit, competition gets murdered.” So, you exit a recession as a leader in a much stronger position relative to competition, as opposed to when you went in. Sure, you’ll have a couple of barriers in terms of profit growth or revenue growth, but that doesn’t matter. Because when you come back, your market share will be up. At Naukri we were at 47% traffic share when we went into the last meltdown. About 60% right now. That’s across all our businesses.
Shereen Bhan: But, Kanwal Rekhi, I want to pick up on the point that you made in terms of valuations. You said the valuations have become a lot saner post the 2008 recession. At this point in time when you speak with entrepreneurs, especially in countries like India, what is the sense that you’re getting in terms of expectations, when it comes to valuations?
Kanwal Rekhi: After recessions, they stay low for a while before the boom time comes back and it pushes up the valuations. They’re still pretty reasonable. But, I should tell you, there are VCs in India who have lots of money to spend. For them, valuation doesn’t seem to matter as much.
Shereen Bhan: Okay, Sanjeev, let me ask you. As an entrepreneur, who actually decided when the money was actually chasing you, to shut the door on them and then call them back later when you saw that the competitive landscape around you was changing, and then get the investment in; what was the strategy when you finally decided to actually accept funding? And what would your advice now be to entrepreneurs who are being chased by the money at this point in time.
Sanjeev Bikhchandani: When we first met VCs for the first time in mid ‘99, and that time it was the bubble and exuberance, and we were running out of my home, these guys who would come from the U.S. had told us, “So we’re putting so much money and the new spend on advertising. And then second-order twice the valuation, then we’ll go public on NASDAQ in one year.” And that was a complete bouncer. It just went over my head. I said, “Look, we can’t list at Paharganj forget about NASDAQ. What are you talking about? We’re running out of my home. There’s no power half the time, there’s no AC – nothing works. We are nine people just trying to do something or somehow getting by.” And so we said, “These guys are dangerous. You let them into the company with a distribution of rights in a shareholder agreement, you don’t know what will happen.” So, we said, “Look, we built the business the hard way last 10 years – we bootstrapped. We don’t mind doing it without more money right now. It’s okay.” We walked away.
Then when competition came in, funded competition came in, we said, “Okay, the game has changed. We need the money. But this time, let’s go and talk to people who talk our language.” Finally, we went to venture capitalists who said that, “Okay, we know it’ll take five years, seven years, ten years. Take the money. Don’t spend in a hurry. Do it the hard way. It’s okay, we’re with you.” I thought that made a lot of sense. So really, it’s about like, investor compatibility is key. And we found compatible investors.
Shereen Bhan: Since we’re talking about funding, and we’re talking about raising money, in fact a whole host of entrepreneurs who featured on Young Turks have either already IPO-ed or are in the process of IPO-ing. Do you think that there is a little bit of that peer pressure of perhaps IPO-ing too early? Is this a common mistake?
Kanwal Rekhi: There’s pressure from the investors also. They have that ten-year time horizon. And they want to be able to distribute shares or distribute cash. So there is a pressure from that side.
Shereen Bhan: Did you feel this pressure, Sanjeev, when you actually decided to go the IPO route?
Sanjeev Bikhchandani: No. Well, actually, we wanted to IPO ourselves.
Shereen Bhan: And what prompted that decision for you?
Sanjeev Bikhchandani: So I think listing a company puts us in a different strategic space vis à vis competition because it A) gives us access to capital B) It provides liquidity to the ESOPs, which was very important for us to hold employees and C) it gave our stock currency, and D) which was the unstated reason also, the fourth reason, which was it made our company virtually untakeoverable. Because it’s very hard to take over a listed company in India. So, we could not be sold. So, we were very happy to IPO. But, there was no pressure as such.
Shereen Bhan: What would your advice be to entrepreneurs who are looking at going the IPO route at this point in time? And if they don’t feel the pressure, like Sanjeev is.
Saurabh Srivastava: I think you need to be very careful when you go for an IPO. I mean, amongst the other reasons that you just heard, you also need to be able to have a large amount of stock. That’s available when you do the IPO. Because in the Indian stock markets for sure, most companies which go public, are actually not there yet. They shouldn’t be public. Because you do it, nobody covers your stock, you don’t get traded, and all the public shareholders in effect, just come croppers. So, I think for an IPO, the best thing is to wait for when you think you largely have a handle on how your business is going to go. Can you predict quarter-on-quarter or half year and a half? If you’re not there yet, wait. That’s usually a good test. Because if you’re not mature, you will never be able to do it.
Sanjeev Bikhchandani: Can I add one thing there?
Shereen Bhan: Yeah.
Sanjeev Bikhchandani: See any entrepreneur who thinks he’s going to get rich in an IPO is mistaken. Because you can’t sell your shares. It’s been almost four years since our IPO – I have not sold a single share.
Shereen Bhan: So, that shouldn’t be the motivation, clearly, because that can’t be a motivation.
Sanjeev Bikhchandani: You do it because it makes sense for the company. That’s it.
Saurabh Srivastava: A lot of entrepreneurs believe that they can make a pot of gold. They don’t realise that if they want to make the pot of gold, they should just sell it to another company. In an IPO, you can’t.
Shereen Bhan: Yeah, you can’t make the money…
Sanjeev Bikhchandani: In one line – In the beginning, the company belongs to you. After an IPO, you belong to the company.
Shereen Bhan: How should you approach joint ventures?
Sanjeev Bikhchandani: You cannot have two strategic players in one company. One has to be the top dog.
Saurabh Srivastava: If you can’t think of how you separate when you’re in love, there’s no way you’ll be able to figure it out when you’re fighting.
Shereen Bhan: As an entrepreneur, when you’re actually looking at either diversifying or scaling up, or getting into an area which perhaps was not your area of core competence, how should you approach joint ventures? How should you approach strategic alliances? Indian companies haven’t had the best experience as far as joint ventures are concerned? What should the approach be to partnerships and alliances?
Kanwal Rekhi: It has to be done for the right reasons, right? You can’t diversify if you have the opportunity, in the business where you are, which is really large and you still have a small part of it. Then, you’re much better off staying focused and digging the market share, getting insights.
Shereen Bhan: Is this a common mistake that most entrepreneurs make? That they diversify too quickly?
Kanwal Rekhi: Once you learn to ride a horse doesn’t mean you can ride two horses simultaneously. So, when you start to diversify, now you have two businesses with two different sets of economies, two different sets of customers, two different sets of whatever, right? And, you start to split yourself. You have to have the right reason to diversify. This business has matured, I have as much of a market share and maybe I can put managers over here and pay attention. Joint ventures are very hard to do. Joint ventures are like getting married. You have to sides together with different expectations. Sometimes you have a mismatch of expectations. Very often, I should use the word, mismatch of expectations.
Saurabh Srivastava: The only caution I would do is when you’re doing a joint venture, be very, very clear. What is it that you’re willing to give? And what are you willing to get? What trade-off are you ready for? There’s a lot of give and take. And if it doesn’t work out, are you very clear on how you will part ways? If you haven’t signed a prenuptial agreement, if you can’t think of how you will separate when you’re in love, there’s no way to figure it out when you’re fighting.
Shereen Bhan: Okay, Sanjeev, were you ever wooed? Were you ever approached by anybody?
Sanjeev Bikhchandani: Even three weeks before the IPO we were told, “Listen, don’t list. We’ll give you the IPO valuation. Just sell to us right now.” And we said “No, we’ll take the IPO, we’ll take the IPO route. But the thing about joint ventures is that it’s not just in India, I think anywhere in the world it’s hard to do. And the reason is simple. You cannot have two strategic players in one company. One has to be the top dog. And if both want to be the top dog then there is a problem. So the “convergence of interests” thing is a big deal. It doesn’t happen easily.
Kanwal Rekhi: I have been through 14 mergers in my life. And only one of the 14 worked.
Shereen Bhan: Only one of the 14 worked? Okay.
Kanwal Rekhi: At the point of selling the company, he (the founder) doesn’t feel the same. He wants to be the boss. So, I tell people, “When you set up your company, you should make sure that money alone would be enough.” If you have to leave, then you should say “I haven’t paid for it.” You don’t turn on any future because you have sold and somebody else should have the control. You should be very, very much resigned to that. If you don’t, you’ll be very unhappy, as you admit, to the other party you were very unhappy. And that’s the most common problem that I see.
Shereen Bhan: One of the other things that I want to talk about is tech entrepreneurs in India. Especially since we are talking to three. What we are seeing happen with most web businesses is that you’re not just doing an online model, you’ve now got this hybrid of an offline-online model. Do you think that really is the way ahead?
Kanwal Rekhi: The whole idea of selling on the web is that I can reach a large market in a very cost-effective fashion. I don’t even have to carry inventory because I can have the drop shipments from the source straight to the consumer. My value add is to turn that consumer into a buyer. If I have to create the presence or street presence, and I’m using the web as a way to build the brand, then it’s a very expensive way to build a brand. So, in the U.S., they have already done that in the full sector. They thought for a while that maybe we should have a presence. And the notion at one time was if, “I am Walmart, I have inventory anyway. I have a street presence anyway. This is one more way to move my inventory.” But, that’s different from saying, “I set up a web business. Because the whole idea of web business is that…the fact that you’re in web business doesn’t make you an expert in the real estate that retail requires, doesn’t make you an expert in the logistics that retail requires. So, you’re now in an industry that requires no basic expertise, right?
Shereen Bhan: Sanjeev, how are you looking at this? Because this is something that we are seeing in a lot of Indian companies at this point.
Sanjeev Bikhchandani: So, it’s like this. Now, if you want to sell to businesses in India, and you’re selling customer solutions and big-ticket items, you will need a field salesforce. Because, companies do not buy online. But, tomorrow when there are 200 million internet users in India and markets become viable, where individuals are paying – whether it’s ecommerce, whether it’s buying books or buying electronics or whatever, or it is matrimony sites or dating sites or it is other businesses where Indians are paying – there, it is not financially viable to have a field salesforce to sell to individuals. Then you’re going the other route where you’re buying online, paying online. On Jeevansathi, for example, we have a large percentage of money coming in by payment online. So there isn’t much of a field salesforce there. So, it depends on the stage of evolution of the market in India – on internet penetration – it depends on the nature of the product, and depends on who’s buying.
Saurabh Srivastava: Now, I would say, that’s been my experience, the companies that I’ve invested in who actually did a hybrid model have done brilliantly. The internet companies that we invested in that just went pure on the net didn’t do well. And I think at the end of it is a very simple factor. How many internet users do we have? Cannot drive a retail consumer-to- consumer-type interaction. It will have to wait. My sense is, for the next few years, it will have to be hybrid.
Sanjeev Bikhchandani: But, there’s one change, one change is happening. I think with 3G coming in, in September, with broadband wireless immediately after that, with iPad clones expected from China at ?12,000. I think everything will change in the next two or three years.
Kanwal Rekhi: So, we have this one company called Redbus.
Shereen Bhan: Yeah, I know. They’re in fact a Young Turk. So, they’ve been featured on our show.
Kanwal Rekhi: Initially when they were an internet site and were having a tough time, they set up call centres. They had their deliveries usually on motorbike. Seventy percent of the business was through call centres, thirty percent of their business was through the internet. But, over the last one year, the number has shifted. Sixty percent internet and forty percent, now, call center. They’re shipping even faster this year. There’s a deeper penetration now and they’re profiting tremendously as a result of that.
Shereen Bhan: What kind of money are we talking about that you expect to spend in 2010 in India?
Kanwal Rekhi: We expect to do maybe eight investments this year, so maybe $10 to $12 million.
Saurabh Srivastava: We look to do almost one deal every month.
Shereen Bhan: What are the sectors from an India point of view, at this point in time, that are looking exciting that you’re willing to put your money on?
Kanwal Rekhi: We are technology players. So, we are not willing to go into businesses which are outside technology space, and which will require a lot of cash. So our definition is capital-efficient companies and that typically starts to become internet-based, software-based services in the consumer space.
Shereen Bhan: Are you betting on product companies out of India?
Kanwal Rekhi: Oh, yeah!
Shereen Bhan: You are?
Kanwal Rekhi: We have a company called Insta Health which is building a software product to manage hospitals. They’re selling software products to hospitals. They’ve sold to 50 hospitals already this year. We had this other TELiBrahma – a Bluetooth-based parts, which is parts plus services bundled into one.
Shereen Bhan: What kind of money are we talking about, that you expect to spend in 2010 in India, in terms of deals?
Kanwal Rekhi: We expect to do maybe eight investments this year, and our average investment is over a million dollars. And, if you end up doing follow-up investments on the previous term ones then maybe $10 to $12 million.
Shereen Bhan: Sanjeev, you’re now going the Kanwal Rekhi way, finally, after having spent your time being an entrepreneur. Why the decision or the motivation to actually help and fund other entrepreneurs?
Sanjeev Bikhchandani: So one is, as a company, we are investing in other companies. So, we invest in three startups, we’re looking at more. And the reason is simple – for us, that’s a strategic decision. We are not looking at financial returns in a short-run there. We don’t want to exit, we want to invest more and more and help build those companies. So, if there’s an opportunity, and we like it, and the team is good, we look at it.
Shereen Bhan: Okay. And you’re not sticking only to technology, are you?
Sanjeev Bikhchandani: No, we’re looking at the Internet. As an individual, on the individual networks, I do look at companies but those are non-internet companies. So as an individual, I don’t invest in the Internet.
Shereen Bhan: Why is that? As an individual, why don’t you…
Sanjeev Bikhchandani: Because, as an individual, I don’t want a conflict of interest in the future with my company.
Shereen Bhan: Okay. Which side is looking more exciting at this point in time?
Sanjeev Bikhchandani: I understand the internet better so I naturally get more excited about the internet. But, those investments go through a company. I typically like businesses that create IP, whether its brand, whether its content, community, or algorithms or whatever technology – it’s all IP-based. I really like those kinds of businesses.
Shereen Bhan: So what do you like currently, Saurabh? What are you putting your money on?
Saurabh Srivastava: It is surely in technology, in products. So we’ve invested in software products. I have two as well. They’re doing very well. Food, retail – great ideas coming in there. You’re getting them in different kinds of services. You’re getting them in pharma. As an angel group, we sort of look to do almost one deal every month.
Shereen Bhan: A deal every month, and the average ticket size would be what?
Saurabh Srivastava: I think the average is more like half a million.
Shereen Bhan: So, I’m going to get you now to give us a crash course in entrepreneurial 101. Let me start with you, Sanjeev. What would your advice be, in your experience, about the road ahead? What should somebody be looking out for?
Sanjeev Bikhchandani: So, I think if you can solve an unsolved problem, chances are, sooner or later you’ll make money. And you will always be needed. But if you are a “Me Too” or you’re solving a problem someone has solved already, you won’t get seed. Second is, I think in India especially, when I go and talk to the young companies at incubators, what is happening is that most of these young companies are started by engineers, and they’ve never met a customer. They have never sold. So, I think people have to meet customers. You have to go out in the field and you have to understand what the customer needs. That’s a challenge.
Kanwal Rekhi: So, I will put the same thing, yeah, slightly differently. I’ve met a lot of people who want to do something, and then sell to the world. Then you ask them, “Who will buy it? Why would they buy it? Why does it matter?” They start to scratch their heads. They start telling you about the attributes, the features they have. So, you need to solve a problem from outside-in. You need to identify your problem over there and see if it is the target, rather than have a solution and identify the problem. So, I tell them – most engineers, most entrepreneurs – that, “Becoming an entrepreneur is a process. You start working your way out of design and start getting closer to the customer.”
Saurabh Srivastava: I define the uniqueness a bit differently. I’d say, “You need to be doing something very different. Or, you need to be doing something very differently. It’s got to be both, that’s great, but it’s got to be one of the two.” The second piece is you have to keep asking yourself a very inconvenient question, “Why will I succeed?” You must make sure you have answers to that question. The third one, I would say is, “Every time I’ve got a good team, that’s worked. And when I figured I don’t need anybody then it’s taken a lot longer for that to come.”
Shereen Bhan: All right, gentlemen, thank you very much for joining us on this Young Turks special and sharing your thoughts, ideas and experiences with our viewers. So the bottom line really is: come up with a unique idea, come up with a unique proposition, have a clear differentiator in place and have the courage and the ability to face the “Inconvenient Truth”. Many, many thanks for joining us on this special show. It’s been a pleasure.
Transcriptions by Arunima Rao
Arunima Rao interned with Young Turks from April to June 2021
Twitter @_arunimarao
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KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Here are the top stories from the aviation sector this week.
The last week of July has been rather exciting for the Indian aviation sector with a new player knocking on its door. Virgin Group founder Richard Branson once famously said, “If you want to be a millionaire, start with a billion dollars and launch a new airline.” Interestingly, this risky proposition has been rather attractive to several billionaires since the birth of civil aviation. Currently, it is a billionaire investor and stocks trader Rakesh Jhunjhunwala who is betting big money on Indian aviation and plans to launch an airline.
Mumbai-born Jhunjhunwala belongs to Jhunjhunu district of Rajasthan, is a chartered accountant, manages his own portfolio as a partner in his asset management firm Rare Enterprises, and is often referred to as India’s own Warren Buffett. The Big Bull of Dalal street is known to be an investor with a Midas touch and thereby, his sudden interest in Indian aviation has surprised many and also made many curious about his plan.
As per an interview with Bloomberg television on July 28, Jhunjhunwala has said he has planned to invest $35 million for a 40 percent share in his airline venture, which he expects to have a fleet size of 70 aircraft over a period of four years. The move is aggressive as well as bold as Jhunjhunwala aims to get the no-objection certificate from the civil aviation ministry within 15 days.
The feedback from industry experts is mixed. While some feel confident about an ace investor and sharp mind entering a sector that desperately needs strong players, others are of the view that this is a dangerous move especially in an environment where the demand scenario is uncertain due to COVID-19. Even the largest player is not immune to the wrath of COVID-induced weak consumer sentiment.
A day prior to Jhunjhunwala’s announcement about his foray into aviation, IndiGo posted its highest-ever quarterly loss. The airline has posted a loss of Rs 3,174 crore for April-June. This was also its sixth consecutive quarterly loss.
“Our financial results for the first quarter were severely impacted by the second covid wave. The number of passengers traveling declined sharply in the months of May and June. With the second covid wave receding, we are seeing a measured recovery in bookings for July and August. Notwithstanding the Industry’s present challenges, we remain firmly optimistic about
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