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<ul><li>The fashion carnival is slated to be held between October 16 and 22, and will showcase close to 2 lakh new styles over the last festive season.</li><li><keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> has scaled its MENSA network to 18,000 Kirana partners, to fulfill 70% of the festive deliveries.</li></ul> Myntra will be holding its '<keyword id="10055257" type="UNKNOWN" weightage="20" keywordseo="big-fashion-festival">Big Fashion Festival</keyword>' October 16 and 22 and expects a 2X increase in traffic over the previous festive season. Myntra’s holistic approach to its marketing campaigns, ahead of the event, with Bollywood, Tollywood and other regional celebrities, along with top T20 teams, is expected to reach 150+ million people across the nation. The upcoming edition of the fashion event is also set to witness a massive uptick in demand according to the brand, at 4X over BAU and 2X over the last festive season, with 50% of the contribution coming from Tier 2-3 markets. Myntra is geared to handle the increase in traffic with tech capabilities, scaled to operate at 20,000 orders per minute at peak. Biggest ever Fashion and Lifestyle selection Myntra has scaled its collection by 2 lakh styles, over the last festive season, and has also launched region-specific ethnic collections from various parts of the country underscoring the role of fashion during festivities. In order to cater to the consumer’s festive preferences, Myntra’s selection ranges from the evergreen regional specialties such as bandhani, benarasis, kaantha, kanjeevaram and chikankari, to more experimental trends such as ruffle sarees, shararas and asymmetrical kurtas. <keyword id="2799949" type="COMPANY" weightage="20" keywordseo="Myntra-Fashion-Brands">Myntra Fashion Brands</keyword> (MFB) will have a wide range of collection for men and women from brands, including, House of Pataudi, Anouk, Taavi, HRX, Wrogn during the seven days long festive event. There will also be a large focus on 'above the waist' looks and work from home wear with the nature of social events and celebrations becoming virtual. To cater to this change in fashion consumption patterns, there is a higher emphasis on selection across t-shirts, tops, dresses, kurtas, accessories, jewellery, sports footwear, winter wear, beauty and personal care categories. The apparel category on Myntra is slated to contribute ~70% to festive demand on the platform, with other key categories being, kidswear, footwear, home and personal care and accessories. Investments in safety Myntra is prioritizing safety above all aspects. From warehouses and fulfilment centers, to the customers’ doorsteps, there are numerous protocols on safety, which are strictly being adhered to by employees, delivery personnel, MENSA partners, brand partners, and even customers. These include, following strict social distancing norms, regular temperature checks, frequent sanitization of facilities and delivery bags, ensuring the use of PPE’s at all times, frequent hand sanitization and more. Customers are encouraged to undertake contactless deliveries and use digital modes of payment. Speaking about Myntra’s upcoming Big Fashion Festival, Amar Nagaram, CEO, Myntra said, “Myntra’s Big Fashion Festival will offer a specially curated selection of 9 lakh styles for consumers across the country, awaiting to bond over the joy of festivities. The region-specific collection will enable millions of consumers with diverse fashion choices, to celebrate the festive diversity of the country. The consistent momentum in demand observed over the last few months has given impetus to our brand partners, driving deeper collaborations this festive season. An event of this unprecedented magnitude is also set to provide thrust to Myntra’s ecosystem, especially the artisans, MSMEs, and our Kirana store partners.” Unique offers and early access There will be a ‘Grand Opening Hours’ offer for 2 hours on October 16 starting midnight, with the best value deals from top brands such as Puma, Vero Moda, GAP, Roadster, Nike, Levis and more. Myntra has also launched a ‘Play &amp; Earn’ feature where users will be able to play games and redeem their stars to get the Gold slot which will give them a window of 4 hours to shop before the event begins. All customers will be able to avail 10% instant discount on ICICI Bank debit and credit cards during the event. Over 45 celebrities and 80+ influencers are being engaged with, to harness the reach of Myntra Studio and social media platforms, to drive customer engagement. Top international and domestic brands are also set to offer ‘Deal of the Day’, to Myntra Insiders, through the seven-day period, with the top 3 tiers of the brand’s loyal customers getting Myntra vouchers worth up to Rs 1000. Role of <keyword id="2535292" type="COMPANY" weightage="20" keywordseo="Omni-channel">Omni-channel</keyword> Overall, Myntra has integrated more than 1000 stores from close to 100 brands on its platform so far to ensure that the customers get their orders delivered to their doorstep in the shortest possible time. Giving a major boost to the omni channel strategy ahead of the festive season Myntra has partnered with a dozen new brands across categories, giving customers access to new season collections from their stores across the country. Logistics and supply chain Myntra’s fulfillment centers across the country are using automation to enhance the speed of packaging, quality control process and expedited shipping. The company has added three packing centers and seven mother hubs ahead of the festive season for processing faster deliveries during the event. Myntra has also given a major boost to its supply chain network, including MENSA partners and has increased its capacity of last-mile deliveries by adding ~600 dexters and 6000 new kirana store owners, over the previous festive season to reach 27000 pincodes.

Myntra expects 2X increase in traffic over the previous festive season in its upcoming Big Fashion Festival

234-year-old company EID Parry is only a tad more valuable than year-old  unicorn GlobalBees

<ul><li>Aditya Birla Fashion &amp; Retail (ABFRL) recently bought Reebok’s India operations and brands like the House of Masaba.</li><li>Now, the company says that it will set up a new subsidiary that will directly sell to the consumer (D2C) the way Thrasio, Mensa and 10Club do.</li><li>Shares of ABFRL have surged 76% in the last one year.</li><li>The story has been corrected to reflect that the new D2C unit will not be a marketplace like Ajio or Tata Cliq, as mentioned earlier.</li></ul>After a series of partnerships with some of India’s top designers of ethnic fashion like Shantanu &amp; Nikhil, Tarun Tahiliani, <keyword id="667" type="General" weightage="20" keywordseo="ritu-kumar" source="Orion">Ritu Kumar</keyword> and <keyword id="8264" type="General" weightage="20" keywordseo="sabyasachi" source="Orion">Sabyasachi</keyword>, <keyword id="3378227" type="General" weightage="20" keywordseo="aditya-birla-fashion-and-retail" source="Orion">Aditya Birla Fashion and Retail</keyword> (ABFRL) is preparing to go directly to the consumer. The company has said that the new entity will build “a portfolio of distinct, new-age, digital brands across categories in fashion, beauty and other allied lifestyle segments” Kumar Mangalam Birla, one of India’s top billionaires with a <a href="https://www.forbes.com/sites/aayushipratap/2022/02/03/indian-billionaire-gautam-adani-becomes-asias-richest-person/?sh=7e7df8744d92">net worth of $90 billion</a>, is ready to take the next big stride into online retail. The board of ABFRL has approved the setting up of a new D2C subsidiary. The retailer has had a bunch of brands for a while but in the last two years, it’s been busy stacking up outfits from some of the top designers of wedding attire. Birla’s recent pacts with designers of ethnic wear <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Acquisition year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% stake in acquired firm </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jaypore &amp; TG Apparel &amp; Décor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shantanu &amp; Nikhil (S&amp;N) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Finesse Designs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sabyasachi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tarun Tahiliani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.5% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> <keyword id="13104055" type="General" weightage="20" keywordseo="what-is-d2c" source="Orion">What is D2C</keyword>? Direct to consumer is when a brand sells their products directly to consumers without selling through any third party retailers, wholesalers etc. Some of the popular D2C brands in the market are MyGlamm, Mamaearth, Wow Skin Science, BoAT, and Go Noise and the number of these brands in India has more than doubled in the last two years, according to consulting firm Bain and Company. Platforms selling D2C brands include Meesho, Tata Cliq, Myntra, Nykaa and Ajio. However, ABFRL’s business model will be similar to the New York-based e-commerce player Thrasio, which acquires small merchants and brands listed on Amazon marketplace. Thrasio has acquired more than 100 third party sellers or fulfilled by Amazon (FBA) businesses and is valued at $6 billion. Indian players like 10Club, Mensa Brands (founded by Myntra's former CEO Ananth Narayanan) and GlobalBees (founded by FirstCry founder Supam Maheshwari and Edelweiss' former executive Nitin Agarwal) have garnered the interest of investors. Notably, Mensa Brands is the <a href="https://www.businessinsider.in/business/startups/news/former-myntra-ceo-started-mensa-brand-in-may-and-its-already-worth-a-billion-dollars-with/amp_articleshow/87735832.cms">youngest Indian startup</a> to be valued over a billion dollars and 10Club raised the <a href="https://www.businessinsider.in/business/startups/news/bhavna-suresh-has-closed-indias-largest-seed-round-for-her-nine-month-old-startup-10club/amp_articleshow/83978841.cms">largest seed round</a> in Asia, last year. Even Thrasio is not willing to let go off this opportunity. The company will be looking to invest <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-aggregator-thrasio-will-invest-half-a-billion-dollars-in-buying-indian-brands/amp_articleshow/88894791.cms">half a billion dollars</a> in the Indian market over the next few years. The combined revenue of all D2C retailers in India was $3 billion in 2020, and is likely to be $35 billion by 2025, according to a recent report by O3 Capital. However, ABFRL’s statement pegged the D2C opportunity at a whopping $100 billion by 2025. <div type="image" title="aditya birla fashion stocks" height="900" width="1200" msid="89347682" hostid="261"></div>Now, ABFRL has been selling fashion brands like Louis Philippe, Van Heusen, Allen Solly, Peter England and many others through over 3,000 stores, for a while now. More recently ⁠— aside from the a series of pacts with makers of top dollar designer outfits ⁠— the company has also bought a <a href="https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/aditya-birla-fashion-to-buy-51-stake-in-masaba/articleshow/88892651.cms">51% stake in House of Masaba</a> (a clothing and cosmetics brand), and sportswear brand Reebok’s India operations. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Categories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brands sold by Aditya Birla Fashions </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Luxury </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The Collective, Ralph Lauren, Shantanu &amp; Nikhil, Sabyasachi, Tarun Tahiliani </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Super Premium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Simon Carter, Hackett, Ted Baker, Jaypore, Polo </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Premium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Louis Philippe, Allen Solly, VanHeusen, American Eagle </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sub-premium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Peter England, Forever 21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pantaloons, People </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mass </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Style Up </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>With this business proposition, Aditya Birla is looking to mint money out of the extensive ecommerce offerings created by Jeff Bezos through Amazon, Walmart through Flipkart, Mukesh Ambani and the Tata Group. Birla will use brands like these to sell the D2C brands it acquires to sell online. Ambani’s Reliance Retail has also been making big investments in e-tail including Ajio, a six-year old online marketplace that makes a bulk of its revenue from sale of fashion clothing. Tata’s product is called Tata Cliq, which sells products from Westside, Shoppersstop and other brands. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/textile-cigarette-metal-and-electric-batteries-sectors-stocks-up-budget-day/articleshow/89346157.cms">Textile, cigarette makers and others sector stocks that rallied since budget speech</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-are-now-richer-than-facebooks-mark-zuckerberg/slidelist/89338118.cms">Forbes shows Adani and Ambani are now richer than Facebook’s Mark Zuckerberg</a>

Birla has the best wedding suits stacked up and he wants them displayed on your phone

<ul><li>Last month, ED sleuths raided <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>'s parent company <keyword id="14679518" type="General" weightage="80" keywordseo="zanmai-lab" source="Orion">Zanmai Lab</keyword> and froze assets worth Rs 64.67 crore. </li><li>The ED has been conducting an investigation of 16 fintech companies and Instant loan apps.</li><li>WazirX is India's largest crypto exchange and has over 12 million users.</li></ul> Crypto exchange WazirX on Monday said the <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) has allowed it to use its bank accounts after it cooperated with the investigators by providing them all the necessary details, information and documents of the alleged accused companies who used the WazirX platform. The company said in a statement that due to the active cooperation extended by WazirX and active anti-money laundering (AML) checks that led to the blocking of suspicious accounts, "ED has unfreezed the bank accounts of WazirX". "WazirX is now in a position to continue its banking operations as usual," said the crypto exchange. Last month, ED sleuths raided WazirX's parent company Zanmai Lab. It searched the premises and froze its bank assets worth ₹ 64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". The ED has been conducting an investigation of 16 fintech companies and Instant loan apps, some of them happened to use WazirX platform. The company clarified that it has no association with any of the alleged accused fintech and instant loan app entities which appear to be the subject of ED investigation and "is carrying out the <keyword id="12656622" type="General" weightage="20" keywordseo="kyc/aml" source="Orion">KYC/AML</keyword> checks despite having no legal obligation to do so". "WazirX is like any other intermediary whose platform may have been misused. After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were already blocked in 2020-2021," said the company. WazirX is India's largest crypto exchange and has over 12 million users. Several crypto exchanges are under the ED radar for their alleged involvement in money laundering of around ₹ 10 billion. Late last month, crypto exchange <keyword id="10245463" type="General" weightage="80" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>'s CEO Ashish Singhal said that the company fully cooperated with the ED officials in <keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, after reports surfaced that ED raided its premises over alleged money laundering under the Prevention of Money Laundering Act (PMLA), 2002. Singhal said that the company's engagement with the ED was not related to any money laundering inquiry. "Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he had said in a tweet thread. ED recently froze crypto lending platform Vauld's bank assets worth ₹ 370 crore over its "predatory lending practices". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/how-will-the-search-message-by-date-work-on-whatsapp/articleshow/94145465.cms">WhatsApp may soon allow users to search messages by date — here’s how it will work</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mensa-brands-acquires-myfitness-aims-to-turn-it-into-a-1000-crore-brand/articleshow/94146270.cms">Mensa Brands acquires MyFitness, aims to turn it into a ₹1,000 crore brand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-tiago-electric-car-to-launch-soon/articleshow/94147690.cms">Tata Tiago EV to launch soon – could be the cheapest EV from the car maker</a>

ED allows WazirX to use bank accounts frozen after raids

Max Financial Services: Company worth ₹24,000 crore running with only 12 employees

<ul><li>Go Fashion (India) IPO opens today and closes on November 22.</li><li>The company is looking to raise ₹1,014 crore through its public listing of shares.</li><li>The grey market premium of the women's bottom-wear brand stood at a strong premium of ₹530 per share.</li></ul>Go Fashion (India), one of the largest women's bottom-wear brands in India under brand Go Colors, has opened its IPO today and closes on November 22 with a price band of ₹655-690 per share. The company is looking to raise ₹1,014 crore through its public listing of shares with a fresh issue of equity shares worth ₹125 crore and an offer for sale (OFS) of 1.28 crore equity shares that will be sold by promoters and an investor. Moreover, the grey market premium of the women's bottom-wear brand stood at a strong premium of ₹530 per share. Here are important dates related to the IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹655 to ₹690 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 17 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 22 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 25 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 26 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 29 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 30 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21 </td></tr></tbody></table> The proceeds from the fresh issue will be used to fund the roll out of 120 new exclusive brand outlets, to support working capital requirements and general corporate purposes. <div type="image" title="go fashion" height="900" width="1200" msid="87746034" hostid="261"></div> The company is engaged in the development, design, sourcing, marketing and retailing of a range of women’s bottom-wear products under the brand, ‘Go Colors’. “Go Fashion India has a better track record of revenue growth, higher operating margin &amp; high Return on equity compared to TCNS Clothing Co (peer). Considering all the positive factors, we believe this valuation is at reasonable levels. Thus, we recommend a subscribe rating on the issue,” said Amarjeet Maurya, assistant vice president - mid caps at Angel One. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shareholders selling shares in IPO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Number of shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PKS Family Trust and VKS Family Trust </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.45 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sequoia Capital India Investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">74.98 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India Advantage Fund S4 I </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.11 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dynamic India Fund S4 US I </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.76 lakh </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/former-myntra-ceo-started-mensa-brand-in-may-and-its-already-worth-a-billion-dollars-with/articleshow/87735832.cms">Former Myntra CEO started Mensa Brand in May ⁠and it’s already worth a billion dollars with</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-makes-for-nearly-third-of-niftys-fall-today-tata-motors-and-maruti-beat-the-trend/articleshow/87736157.cms">Reliance Industries makes for nearly third of Nifty’s fall today ⁠— Tata Motors and Maruti beat the trend</a>

Go Fashion (India) IPO opens today — Here is close date, allotment date and other important details, GMP at ₹530

Global wealth tripled over the last two decades, with <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> leading the way and overtaking the <keyword id="6354458" type="General" weightage="20" keywordseo="us" source="Orion">US</keyword> for the top spot worldwide, Bloomberg reported. A report by McKinsey &amp; Co. that examines the national balance sheets of ten countries representing more than 60 per cent of the world's income. China accounted for almost one-third of gains in global net worth over the past two decades, the report said. "We are now wealthier than we have ever been," Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview. Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent, the report said. The US, held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion. In both countries -- the world's biggest economies -- more than two-thirds of the wealth is held by the richest 10 per cent of households, and their share has been increasing, the report said. As computed by McKinsey, 68 per cent of global net worth is stored in real estate. The balance is held in such things as infrastructure, machinery and equipment and, to a much lesser extent, so-called intangibles like intellectual property and patents, it added. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/former-myntra-ceo-started-mensa-brand-in-may-and-its-already-worth-a-billion-dollars-with/articleshow/87735832.cms" data-type="tilCustomLink">Former Myntra CEO started Mensa Brand in May ⁠and it’s already worth a billion dollars</a> <a href="https://www.businessinsider.in/stock-market/news/policybazzar-and-sigachi-share-price-jump-in-early-trading/articleshow/87730171.cms">Policybazaar gets a boost after an American fund laps up 3.4 million shares and Sigachi hits upper circuit on the morning after listing</a> <a href="https://www.businessinsider.in/business/corporates/news/jpmorgan-takes-tesla-to-court-over-elon-musks-2018-tweets-demands-162-million/articleshow/87729405.cms">JPMorgan takes Tesla to court over Elon Musk’s 2018 tweets ⁠— demands $162 million</a>

China overtakes US as the richest country in the world

<ul><li>Over five lakh temp jobs will be created across <keyword id="1105147" type="General" weightage="20" keywordseo="E-commerce-companies" source="Orion">e-commerce companies</keyword> in the festive season.</li><li>Highest demand in hiring is seen in quick commerce, retailers and FMCG companies.</li><li>Indian shoppers expected to indulge in ‘revenge shopping’ this festive season.</li></ul>Amidst a rise in post-pandemic purchases and economic activity, e-commerce companies are gearing up for the festive season by expanding their temporary workforce at a rapid clip. This festive season is expected to see a two-fold increase in logistics and delivery alone as shoppers are expected to indulge in ‘revenge shopping’. In the season beginning October and lasting till December, companies will add 20% more to their current workforce base, and the pay scale will be 8%-10% higher than last year, according to human resources analytics firm TeamLease. Also, it expects India to have 372 million online shoppers by the end of 2022. “Overall five lakh additional jobs are expected to be added during India’s festive season. In the FMCG sector, the demand for Feet-on-Street salespeople (FOS) will be the highest. Companies will add 20% more to their current workforce base and even pay about 10% extra than last year,” TeamLease said. <keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword>’s Big Billion Days sale and <keyword id="18635" type="General" weightage="80" keywordseo="amazon" source="Orion">Amazon</keyword>’s Great Indian Festival are scheduled for later this year, to cash in on the festive buying spirit. In 2022, Flipkart aims to create 50,000 jobs across its centres, and is hiring at least 400 new employees every day at its Haringhata warehouse for its upcoming flagship sale. <keyword id="319719" type="General" weightage="80" keywordseo="myntra" source="Orion">Myntra</keyword>, one of India’s largest retailers, too is gearing up for its ‘Big Fashion Festival’. “Myntra has a robust last-mile delivery facility with 80% MENSA (Myntra Extended Network for Service Augmentation) partners. The additional incentivisation of the frontline delivery partners during the peak days will also go into creating a smoother consumer experience, particularly our Big Fashion Festival,” Nupur Nagpal, CHRO of Myntra told Business Insider India. Sales during the festive period generate huge revenue for e-commerce companies. According to wealth management firm Bernstein’s report, GMVs (gross merchandise value) of e-commerce firms during October sales reached $9.3 billion in 2021, a jump of 26% year on year. Flipkart led the festival market share with 62% while Amazon had 27%. <cmsannotation type="cmsannotation" annotationid="Hiring across big and small companies" comment="subhead" text="Hiring across big and small companies">Hiring across big and small companies</cmsannotation> E-commerce companies, big and small, have plans of increasing hiring and expanding operations. Retail stores are also seeing a pick up in activity and will join the hiring bandwagon. “By mid-quarter, especially across quick commerce, hiring will pick up by 20% during festivities. Retail stores badly affected by the pandemic are now reviving and expected to increase their hiring. This is especially to cater to the weekenders, who walk in swathes during the festive season,” said Ajoy Thomas, vice president and business head at <keyword id="6381892" type="General" weightage="50" keywordseo="teamlease-services" source="Orion">TeamLease Services</keyword>. The New Shop, an omnichannel e-commerce company largely operating in North and West India, plans to have 1,000 stores in India by 2025 and is on a hiring spree as well. The company is a 24-hour convenience store that sells FMCG products. “The festive season has always been big for the retail industry. On an average, the consumer’s discretionary spending increases during festivals, which leads to more customers and gift giving. Hiring will increase by 10-15% and store operations are expected to rise 70-100%,” Aastha Almast, co-founder of The New Shop, told Business Insider India. The New Shop wants to focus on Tier 2 and Tier 3 cities, and is expecting to hire over 200 employees in the cities of UP, Haryana and MP. TeamLease’s Thomas said that although there is an increase in temp hiring during the festive season, it is crucial that the e-commerce companies absorb these workers into the workforce permamently after the festivities are over. India’s unemployment rate had gone upto 23.5% during April 2020 according to <a href="https://www.statista.com/statistics/1111487/coronavirus-impact-on-unemployment-rate/">Statista</a> report. As of May 2022, it stands at 7%. The great Indian festivals post-pandemic are expected to lower this statistic further. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/from-amazon-to-oscars-goodie-bags-indian-consumer-brands-are-going-places/articleshow/93996488.cms">From Amazon to Oscars goodie bags, Indian consumer brands are going places</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-new-features-send-messages-to-yourself-survey-and-bug-reports/articleshow/93997107.cms">Ability to send messages to yourself, surveys and other upcoming WhatsApp features</a>

The great Indian festival of hiring: E-commerce companies gear up for India’s shoppers

<ul><li>The IPO was open for subscription from November 9 to November 11.</li><li>The company announced the allotment of IPOs yesterday, November 16.</li><li>Initiation of refund procedure or unblock of amount in a bank account will begin from today, November 17.</li></ul>If you had applied for the initial public offering (IPO) from <keyword id="3742694" type="General" weightage="20" keywordseo="sapphire-foods" source="Orion">Sapphire Foods</keyword> India, the operator of KFC and Pizza Hut outlets in India, Sri Lanka and Maldives, the allotment started on November 16. The refund will begin today. Shares of Sapphire Foods are available at a premium of ₹80 in the grey market indicating a positive listing for the stock. The company received huge demand from investors, who had oversubscribed the IPO by 6.62 times. Overall, the IPO has received bids for 6.39 crore equity shares against the IPO size of 96.63 lakh equity shares. If you have not checked whether you received the IPO allotment or not, <a href="https://www.businessinsider.in/stock-market/news/here-is-how-to-check-paras-defence-and-space-technologies-ipo-allotment/articleshow/86559437.cms">click here </a>and follow the procedure. For those who checked and have not been allotted the shares of the mutual fund company — the initiation of refund procedure will begin from today, November 17. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 17 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 18 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 22 </td></tr></tbody></table> Once the IPO result is released, all the applicants who got allotment will receive the share in their demat account on the date of listing. And the rest, who unfortunately didn’t get the allotment will receive their IPO refund on/before the end date of mandate. Usually, with the registered phone number on the investment platform, every applicant gets a message when shares are blocked and unblocked in their bank account. This indicates if one has received the IPO allotment or not. Most of you would have received a request for UPI ID while completing IPO transaction. After the submission, investors will receive a validity period. The IPO amount which is blocked in an investor account usually gets unblocked one day later the IPO allotment or before the end of the validity period. Here is the screenshot of an IPO mandate after the transaction is made through the UPI ID that has the validity period of the IPO. <div type="image" title="zerodha refund" height="900" width="1200" msid="87745809" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-makes-for-nearly-third-of-niftys-fall-today-tata-motors-and-maruti-beat-the-trend/articleshow/87736157.cms">Reliance Industries makes for nearly third of Nifty’s fall today ⁠— Tata Motors and Maruti beat the trend</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/former-myntra-ceo-started-mensa-brand-in-may-and-its-already-worth-a-billion-dollars-with/articleshow/87735832.cms">Former Myntra CEO started Mensa Brand in May ⁠and it’s already worth a billion dollars with</a>

Not received Sapphire Foods IPO refund? Here are the things you should know about

<ul><li><keyword id="12447226" type="General" weightage="20" keywordseo="tarsons" source="Orion">Tarsons</keyword> Products has received bids for 3.88 crore equity shares versus the 1.08 crore shares up for sale.</li><li>The company intends to raise ₹1,023 crore through its public issue, which includes ₹150 crore as issue of new shares.</li><li>The company will use their capital to repay its debts and spend on the manufacturing facility at Panchla in West Bengal.</li></ul>The initial public offering (IPO) of Tarsons Products continued to witness good demand from investors across the board on the second day of its public issue. The company would be listed on the <a href="https://www.businessinsider.in/stock-market/news/tarson-products-ipo-opens-today-and-closes-on-november-17/articleshow/87709719.cms">stock exchange on November 25</a>. The grey market premium of Tarsons Products shares is <a href="https://www.livemint.com/market/ipo/tarsons-products-ipo-what-gmp-signals-on-second-day-of-subscription-11637035990127.html">reportedly</a> at ₹180. Tarsons Products — which is a labware supplier to the life sciences sector— has received bids for 3.88 crore equity shares versus the 1.08 crore shares that were up for sale. The retail portion has been oversubscribed by 4.74 times and the portion reserved for non-institutional investors has been subscribed 3.98 times. Qualified institutional buyers — which includes banks, mutual funds and others — have subscribed to the IPO 1.30 times. The issue has been subscribed by 3.6 times. Tarsons Products’ public issue will close today, November 17. Interest investors can place their bidding, within a range of ₹645-662 apiece. The lot size has been set at 22 shares,which means that the investors would have to spend at least ₹14,190 to subscribe to the shares. Tarsons Products is engaged in designing, developing, manufacturing and supplying a diverse range of quality labware products used in laboratories across research organisations, academic institutes, pharmaceutical firms, diagnostics companies and hospitals. It manufactures a range of quality labware products that helps advance scientific discovery and improve healthcare. The company intends to raise ₹1,023 crore through its public issue, which comprises ₹ 150 crore as fresh issue. The remaining ₹873 crore will be raised through offer for sale (OfS) and will go to the investors selling their shares in the IPO. The company will use their capital to repay its debts and spend on the manufacturing facility at Panchla in West Bengal. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/former-myntra-ceo-started-mensa-brand-in-may-and-its-already-worth-a-billion-dollars-with/articleshow/87735832.cms" data-type="tilCustomLink" style="">Former Myntra CEO started Mensa Brand in May ⁠and it’s already worth a billion dollars</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-tumble-as-china-continues-its-crackdown-against-mining/articleshow/87738496.cms" data-type="tilCustomLink" style="">Cryptocurrencies tumble as China continues its crackdown against mining</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-makes-for-nearly-third-of-niftys-fall-today-tata-motors-and-maruti-beat-the-trend/articleshow/87736157.cms" data-type="tilCustomLink" style="">Reliance Industries makes for nearly a third of Nifty’s fall today ⁠— Tata Motors and Maruti beat the trend</a>

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