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Corporate expense management platform <keyword id="2738808" type="General" weightage="100" keywordseo="happay" source="Orion">Happay</keyword>, owned by credit <keyword id="6360117" type="General" weightage="50" keywordseo="card" source="Orion">Card</keyword> bill payment provider CRED, has slashed nearly 35 per cent of its workforce as part of a restructuring exercise, the media reported. According to leading startup news portal Inc42, at least 160 employees from departments like sales, marketing, tech, product, and operations, have been asked to go by the platform. According to the report, Happay is giving impacted employees three months salary along with an extension of insurance coverage and some other additional benefits. When reached, CRED did not immediately comment on layoffs at Happay, which it acquired in December 2021 in a cash and stock deal that valued Happay at $180 million. "With professional expenses forming a significant portion of credit card spends, bringing professional expense management into the CRED ecosystem is a natural extension of our proposition," <keyword id="192201" type="General" weightage="50" keywordseo="kunal-shah" source="Orion">Kunal Shah</keyword>, founder, CRED, had said in a statement during the acquisition. While Happay operated as a separate entity, the team worked closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale. CRED last year acquired SaaS lending-as-a-service platform CreditVidya in a mix of cash and stock transaction for an undisclosed sum. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a href="https://www.businessinsider.in/stock-market/news/fears-of-a-us-debt-default-are-mounting-as-the-deadline-to-lift-the-borrowing-limit-looms-heres-what-elon-musk-paul-krugman-and-jamie-dimon-have-warned-/articleshow/100229208.cms">Fears of a US debt default are mounting as the deadline to lift the borrowing limit looms. Here's what Elon Musk, Paul Krugman and Jamie Dimon have warned.</a> <a href="https://www.businessinsider.in/tech/news/heres-how-googles-new-ai-updates-will-transform-your-search-experience/articleshow/100242791.cms">Here’s how Google’s new AI updates will transform your search experience</a>

CRED-owned Happay lays off 35% of its workforce

<ul><li>Shares of two wheeler maker Bajaj Auto slipped 4% as investors were disappointed with the company’s falling profitability.</li><li>The company’s net profit slumped 22% year-on-year in the December quarter at ₹1,429 crore.</li><li> Further, the company reportedly sees negative industry growth in the next quarter.</li></ul>Shares of Pune-based two wheeler maker Bajaj Auto slipped 4% on Thursday as investors were disappointed with the weak financial performance in October to December quarter. The two wheeler industry is currently reeling under weak demand due lockdown situations and increased cost of vehicles in the last two years. The transition to stricter emission standards, several price hikes by automakers, rising fuel prices and dented purchasing power due to the pandemic has increased the cost of vehicles and impacted the overall demand. In the December quarter, the company’s net profit slumped 22% year-on-year to ₹1,214 crore. According to a CNBC-TV18 <a href="https://www.cnbctv18.com/market/stocks/bajaj-auto-share-price-q3-results-bajaj-auto-stock-price-december-quarter-earnings-12183902.htm">report</a>, the company is now preparing itself for negative industry growth in Q4 (Jan-Mar). Net profit per vehicle for the company is down by 20% year-on-year to ₹9,585 crore. Analysts at ICICIdirect expect the domestic two-wheeler market to revive post FY22 earnings along with domestic three-wheeler sales from a low base on easing of COVID-19 restrictions. <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;">Bajaj Auto </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;">Revenue </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;">Net Profit </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;">Oct-Dec FY22 </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;">₹9,021 crore </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;">₹1,429 crore </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;">Jul-Sep FY22 </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;">₹8,762 crore </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;">₹2,039 crore </td></tr></tbody></table>On January 20, shares of Bajaj Auto slipped 4% to ₹3,309.50 as investors were disappointed with the company’s falling profitability. <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;">Brokerage firm </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;">Target price </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;">ICICIdirect </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;">₹3,444 </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;">Jefferies </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;">₹3,800 </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;">Motilal Oswal </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;">₹3,400 </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-green-jumped-45-in-2022-so-far-to-become-more-valuable-than-lt-maruti-suzuki-axis-bank/articleshow/89013318.cms">Adani Green Energy stock has jumped 45% this year to become more valuable than L&amp;T, Maruti Suzuki, and Axis Bank</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/cred-expands-esops-pool-to-500-million-employees-can-own-12-5-of-fintech-startup/articleshow/89010053.cms">CRED says that all its employees get stock options, expands pool to $500 million</a>

As tepid two wheeler sales hurt Bajaj Auto’s profitability, stock slides 4%

Citi is betting big on high-profile executives to turn things around 

<ul><li>Creators and influencers on <keyword id="819905" type="General" weightage="20" keywordseo="Instagram" source="Orion">Instagram</keyword> can now monetise their content by allowing their fans to ‘subscribe’ to them.</li><li>Fans, in return, get loyalty badges, exclusive access to content and more.</li><li>Instagram says it won’t charge a commission at least until 2023.</li></ul> Facebook-owned Instagram has rolled out a new way to help creators monetise their content – subscriptions. The new feature allows Instagram users to subscribe for exclusive content from their favourite creators, like Instagram Live streams and badges, among other things. Instagram is currently <a href="https://business.instagram.com/blog/subscriptions-creators-instagram-recurring-monthly-income/">testing</a> this feature with a small number of creators and influencers in the US. The company noted that subscriptions will be expanded to include more creators in the coming weeks. For starters, fans will have to pay a monthly subscription fee to view exclusive content from their favourite creators. This will give them access to subscriber-only Lives and Stories, apart from a purple badge that will show their status as a subscriber to the content creator. Instagram says that the price tiers will range from $0.99 to $99 per month – ultimately, creators will have the freedom to choose their prices. And to promote this feature, Instagram says that it won’t charge a commission to creators ‘at least until 2023’, so there’s still a year to go for the company as well as the creators to test out this new feature. <cmsannotation type="cmsannotation" annotationid="Instagram isn’t the first with paid subscriber-only plans" comment="subhead" text="Instagram isn’t the first with paid subscriber-only plans">Instagram isn’t the first with paid subscriber-only plans</cmsannotation> While Instagram’s subscription model could end up being the most useful for both creators as well as users, the Facebook-owned photo sharing service isn’t the first to offer subscriptions. Its rival Twitter has had the Super Follow feature for a while now, allowing users to pay between $2.99 to $9.99 a month to get exclusive content from their favourite creators. Facebook, too, has had subscriptions for a while now. But coming back to Instagram, subscriptions are one of the few options available to creators for monetisation. There are other options like Creator Shops, affiliate e-commerce, branded content marketplace, among other things. On the other hand, YouTube has had subscriptions for a long time now, allowing its users to become “members” of their favourite channels, giving access to loyalty badges, custom emoji, exclusive access to behind-the-scenes photos and videos, live streams and more. Outside of social media, websites like Patreon, Kickstarter, Ko-Fi are a few other options that allow content creators to monetise their audience. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/cred-expands-esops-pool-to-500-million-employees-can-own-12-5-of-fintech-startup/articleshow/89010053.cms">CRED says that all its employees get stock options, expands pool to $500 million</a> <a href="https://www.businessinsider.in/science/space/news/scientists-find-new-evidence-of-an-internal-ocean-in-saturns-death-star-moon-mimas/articleshow/89009893.cms">Scientists find new evidence of an internal ocean in Saturn’s ‘Death Star’ moon Mimas</a> <a href="https://www.businessinsider.in/tech/news/call-of-duty-diablo-and-overwatch-are-among-the-major-titles-expected-to-be-made-available-on-xbox-game-pass/articleshow/88989516.cms">Call of Duty, Diablo and Overwatch are among the major titles expected to be made available on Xbox Game Pass</a>

Instagram launches subscriptions to help creators monetise their content

<ul><li><keyword id="430602" type="General" weightage="20" keywordseo="justdial" source="Orion">JustDial</keyword>’s operating revenue declined 6% last quarter compared to the same time period last year.</li><li>This comes as a surprise as the festive season of October-December quarter is usually the best time for any consumer-facing business.</li><li>While the recent management change after Reliance acquisition may be one reason for the recent decline, over-diversification may be another.</li></ul>While many other digital businesses like Zomato, Nykaa and Paytm have recovered from the impact of COVID-19 a long time ago, JustDial seems stuck. Market watchers say it could be because the app is trying to be Google, without the resources to be one. Once again, JustDial's quarterly revenue declined on a year-on-year basis, which is a cause of concern since October-December quarter is usually the best time for any consumer-facing business. It is the time when customers are on a spending spree because of the festive season of Diwali and Christmas. However, the decline in JustDial’s operating revenue came as a surprise, especially when the company seems to offer every service that can be sold online. The stock was down over 3% on January 19, the first trading day after the earnings were reported. <div type="image" title="JustDial can’t beat Google and it should stop trying to, say analysts" msid="89011002" hostid="261"></div> From food to flight tickets, from delivery services to at-home beauty services, you name it and JustDial would have a seller on its platform. Yet, the revenue declined. Market watchers say, being a jack of all trades may not be working well for this 26-year-old company. Neha Khanna, director at Value Prolific (ValPro) Capital, tells Business Insider that JustDial has spread itself too thin and it has made it susceptible to competition from all sides. <div type="image" title="JustDial can’t beat Google and it should stop trying to, say analysts" msid="89010548" hostid="261"></div> JustDial — which offers at least 14 different services — is currently in competition with all the big newage digital businesses one can think of. Few examples include Paytm, BharatPe, Google Pay, PhonePe and others for its payments/fintech business, BigBasket for its grocery delivery business, Zomato and Swiggy for food delivery business, and Urban Company for at-home services vertical. <div type="image" title="JustDial can’t beat Google and it should stop trying to, say analysts" msid="89013326" hostid="261"></div> This stands true that JustDial is a discovery business, therefore, it simply has to sign up vendors/professionals willing to offer the service. It is still not doing the company any favour. “Google has taken away their core offering [of services discovery], and other players are emerging much stronger in different verticals,” Khanna says while explaining the knots in JustDial’s business. Yash Gupta, Equity Research Analyst at AngelOne, tells Business Insider that the nominal decline in JustDial’s business in the third quarter could also be attributed to the recent<a href="https://www.businessinsider.in/business/corporates/news/just-dial-share-price-surge-as-mukesh-ambani-is-looking-to-buy-just-dial/articleshow/84432450.cms"> management change</a> after the Reliance Retail acquisition. There is usually a dull period for the stock due to cleaning of the balance sheet, he notes. But that could only be a part of the reason. Gupta explains that JustDial is a ‘pull’ sort of business model, where they need to go to customers and get them to start paying for its services. Meanwhile, other companies — such as Zomato, Swiggy, and even Google — where customers come on their own. This becomes the first challenge for the company. Secondly, the failure of JD Mart — the business-to-business (B2B) ecommerce marketplace of JustDial — to do anything substantial in the three quarters has further disappointed the people who keep track of this space, Gupta added. JD Mart competes with IndiaMart, which has been <a href="https://www.businessinsider.in/stock-market/news/indiamart-share-price-has-gone-up-five-times-in-just-the-last-18-months-here-is-why/articleshow/86058084.cms">reporting higher revenue </a>than JustDial for the past two years by focusing on B2B ecommerce. The crux of all these problems is over-diversification that prevents it from going big in one segment, Gupta says. They would have done much better if they focused on one vertical, he adds. ALSO WATCH: A ₹3,000 crore fund manager says even conglomerates in India struggle the moment they have more than two verticals ⁠⁠ <div type="Youtube" id="kSf5f3gXjKg" title="A ₹3,000-crore fund manager explains why he won&amp;#39;t buy RIL, why he sold ITC and bought HDFC Life" thumbUrl="https://i.ytimg.com/vi/kSf5f3gXjKg/mqdefault.jpg"></div> The common thread running in what both Valpro and AngelOne analysts are saying is the fact that both have not been able to figure out why Reliance decided to acquire JustDial. “I don’t really see any value proposition for Reliance in JustDial,'' says ValPro’s Khanna. Things can become clear one Reliance unfolds its plan for JustDial, AngelOne’s Gupta adds. <div type="image" title="JustDial can’t beat Google and it should stop trying to, say analysts" msid="89013331" hostid="261"></div> SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/cred-expands-esops-pool-to-500-million-employees-can-own-12-5-of-fintech-startup/articleshow/89010053.cms">CRED says that all its employees get stock options, expands pool to $500 million</a> <a href="https://www.businessinsider.in/stock-market/news/hul-bajaj-auto-lampt-infotech-and-other-hot-stocks-on-january-20/slidelist/89008387.cms">HUL, Bajaj Auto, L&amp;T Infotech and other hot stocks on January 20</a> <a href="https://www.businessinsider.in/india/news/indias-daily-covid-19-count-surpasses-three-lakh-after-eight-months/articleshow/89009476.cms">India’s daily COVID-19 count surpasses three lakh after eight months, Omicron tally climbs to 9,287</a>

JustDial can’t beat Google and it should stop trying to, say analysts

<ul><li>With <keyword id="8420431" type="UNKNOWN" weightage="20" keywordseo="budget-2021">Budget 2021</keyword> around the corner, India’s IT body NASSCOM has submitted its suggestions for <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> which includes further tax relaxations for employee stock ownership plans. </li><li>NASSCOM’s public policy head said that <keyword id="173739" type="PERSON" weightage="20" keywordseo="Esops">ESOPs</keyword> should be taxed only when an employee sells the shares.</li><li>During Budget 2020, Finance Minister Nirmala Sitharaman had said that ESOPs can be taxed within five years or when they leave the company or when they sell their shares, whichever is earliest.</li></ul>When India’s Finance Minister Nirmala Sitharaman announced tax relaxations for Employee Stock Ownership Plans (ESOPs) during Budget 2020, India’s entrepreneurs welcomed the decision. But one year down the line, they are having second thoughts. “The Finance Minister had relaxed the conditions with respect to the Employee Stock Ownership Plans but that’s not sufficient based on the industry feedback. What the industry really requires is that the liability of paying the tax should be deferred to the time when the shares are actually sold by the employees,” Ashish Aggarwal, Nasscom’s Public Policy head <a href="https://twitter.com/nasscom/status/1352200095735791617">shared </a>the suggestions the IT body has sent to the government. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">What Budget 2020 said </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;">Budget 2021 demand from NASSCOM </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;">ESOPs can be taxed within five years or when they leave the company or when they sell their shares, whichever is earliest. </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;">ESOPs should be taxed only when an employee sells the shares, when they have the liquidity. </td></tr></tbody></table> Entrepreneurs too agree. “Most startups, irrespective of the sector they operate in, typically take more than five years to list themselves in the stock exchange and become a listed company or carry out an exit or sell-out. Second, it does not apply to an employee who is exiting a company as an employee. So, a person who has already spent several years in a company and wishes to move on, his ESOPs earned during employment will not be eligible for deferment of taxes. In crux, I would urge the government to review these preconditions to support the startup industry at large,” said Ankit Prasad, Founder and CEO, Bobble AI. In the past year, multiple startups have been buying back shares from their employees as a way of rewarding them. Recent startups which rolled out ESOP buyback plans <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Swiggy </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;">$7-9 million <a href="https://entrackr.com/2020/11/swiggy-to-reward-its-employees-with-esop-liquidity-program/">(reported value)</a> </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;">Unacademy </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;">$4 million </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;">Urban 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;">$5 million </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;">Zerodha </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;">$8.7 million </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;">CRED </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;">$1.2 million </td></tr></tbody></table> However, Archit Gupta, founder and CEO of ClearTax believes that just deferment of tax isn’t enough, instead some exemption of tax on sale of ESOPs should be brought in. “It can become an effective means to attract and retain talent,” Gupta told Business Insider. But a crucial question still remains – who can avail this benefit? Aggarwal said the benefit should be extended to all startups and not just eligible startups. “DPIIT on its platform has over 40,000 startups but out of that only 400 are eligible startups, who have got an approval of certification for tax benefits,” he said. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/us-new-president-joe-biden-will-oppose-new-delhis-5-5-billion-deal-with-russia-for-the-s-400-missile-as-per-washington-d-c-based-expert/articleshow/80382062.cms">INTERVIEW: Joe Biden may be as harsh as Donald Trump if India insists on buying S-400 missiles from Russia, says a Washington D.C-based expert</a> <a href="https://www.businessinsider.in/business/auto/news/bajaj-auto-just-posted-a-record-quarter-as-pent-up-demand-brings-highest-ever-sales-for-its-signature-bikes-pulsar-and-boxer/articleshow/80384430.cms">Bajaj Auto just posted a ‘record quarter’ as pent up demand brings highest ever sales for its signature bikes – Pulsar and Boxer</a>

NASSCOM says Budget 2021 should ensure ESOPs are taxed only when shares are sold

A controversial ex-banker is the person who really runs Twitter - and he's gambling the company's future on one risky bet

<div class="image-container float_right"><div class="image">REUTERS/Fred ProuserA woman looks at her Blackberry mobile device with artist Roy Lichtenstein's painting titled " I...I'm Sorry" shown background at the press preview for the new Broad Contemporary Art Museum in the Los Angeles County Museum of Art campus in Los Angeles February 7, 2008.</div></div>This is a guest post for Business Insider Australia by Sydney-based social researcher Michael McQueen. More information at the foot of the article.
There is little doubt that Blackberry is a brand in peril. With the news late last week that the company would be shedding almost 40% of their staff on the back of a $1 billion loss last quarter, it is little wonder Blackberry's leadership placed a trading halt on the company's stock while they held talks with private equity firms.
How the mighty have fallen. Far from the heady days where Blackberry held the dominant position in an emerging smartphone market, recent years have seen the company struggle to maintain any foothold in a sector increasingly dominated by Apple, Samsung and various Android devices. Today, Blackberry accounts for a mere 3.8% market share in the US - down from 43% in January 2010.
In considering the demise of such an iconic brand, the question of course if what could they have done differently? Were there tactics that could have been employed in years past that could have seen Blackberry avoid their current collision course with irrelevance?
Having tracked over 500 brands in recent years examining what distinguishes the enduring from the endangered, I would suggest that there are at least 5 things Blackberry could have done differently. They could have:
1. Been willing to embrace new hardware formats. 
Although the full QWERTY keyboard had become a key function of Blackberry's market uniqueness, the point stands that the company waited far too long to release a touch screen device. While the rest of the market was shifting away from in-built keyboards, Blackberry doggedly stuck with their tried and true format and quickly lost appeal to a new generation of consumers.
Naturally, such a deviation from the past would have lost Blackberry some cred with it's existing fans and could have eroded their market uniqueness. However, letting go of this tried and true design from the past was in fact a critical step for the future.
As Steve Jobs once observed, 'if you aren't willing the cannibalise your own product, someone else will do it for you.'
2. Recognized much earlier that consumer desires were changing. 
In the early days, Blackberry won favour due to the robust security of features such as the company's email solution. While this worked well for wooing a corporate market, Blackberry failed to recognize that sexy features were quickly taking precedence over software security in the mind of an average consumer.
As the role of a smartphones increasingly grew beyond phone functionality, Blackberry got stuck selling features that mattered less and less to their customers.
3. Made more fundamental changes to its operating system. 
Blackberry stayed too safe for too long. While rivals were releasing vastly new operating systems for their devices, each new Blackberry release was only an incremental improvement on its predecessor.
In this, there lie lessons for other smartphone producers such as Apple. Evolutionary change is not enough in the fats-moving technology space. Revolutionary innovation is required to stay ahead of both the curve and competition.
4. Been more outwardly open and flexible.
Blackberry's rules and restrictions around app development were recently described as 'draconian' by one industry insider.
Such a rigid and restrictive approach actively dissuaded external innovation and resulted in Blackberry being left behind as Apple and Android smartphones were becoming increasingly app-driven.
5. Recognized the shift
The company could have better recognized the threat posed by the Bring your Own Device shift. While Blackberries were once the company-issue handset of choice, as white-collar employees began bringing their own devices to work en masse in the late 2000s, Blackberry executives raised the alarm.
Despite this, company CEO Jim Balsillie famously dismissed their concerns as not worth worrying about - an error in judgment that has cost the company very dearly.
In reality, had Blackberry and their leadership preempted this shift rather than ignoring it, they could have taken steps to mitigate the damage.
While a world without Blackberry may have been inconceivable just a few short years ago, this possibility is one that is becoming very real. Just as Nokia recently agreed to join the Microsoft fold in an effort to stave off annihilation, Blackberry will need to make some very difficult choices in the months to come if they have any hope of survival.
Written by Michael McQueen author of newly launched book, "Winning the Battle for Relevance." Michael is a leading social commentator and three-time bestselling author. "Winning the Battle for Relevance" is available in bookstores across the country and through Michael McQueen's website www.MichaelMcQueen.net. RRP $22.95. 
Read more posts on <a href="http://au.businessinsider.com">Business Insider Australia »</a>

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