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As the <keyword id="613228" type="UNKNOWN" weightage="100" keywordseo="US-shutdown">US shutdown</keyword> drags on, business groups are demanding the immediate reopening of the government while economic indicators show that the standoff has already hurt consumer spending and consumer confidence. <keyword id="770060" type="UNKNOWN" weightage="100" keywordseo="Indian-start-ups">Indian start-ups</keyword> with cross-border operations are not hit yet, but a setback could not be ruled out if the deadlock continues. We bring you a series of quick chats with entrepreneurs and start-up experts who are closely tracking the situation in real time. Today's chat is with <keyword id="276933" type="PERSON" weightage="100" keywordseo="Sampad-Swain">Sampad Swain</keyword> of <keyword id="1898251" type="COMPANY" weightage="100" keywordseo="Instamojo">Instamojo</keyword>. 
 Operating from Mountain View (California) and Mumbai, Instamojo, Inc., is not even 2 years old but its online peer-to-peer platform for selling digital goods has gained significant global traction. A part of the 500 Startups’ Fall 2012 batch, the start-up claims to have many key customers across the US and we are keen to figure out if the ongoing <keyword id="469382" type="UNKNOWN" weightage="100" keywordseo="government-shutdown">government shutdown</keyword> would hit the Indian start-up ecosystem operating out there. In a quick chat, co-founder and CEO Sampad Swain admits that macroeconomic issues could be damaging, but start-ups not directly dealing with the government, should not be worried. Here are the excerpts from our chat. 
 
Will the current shutdown affect cross-border start-ups? 
 I don’t think Indian start-ups with cross-border operations are facing any threat yet. At this point of time, I am trying to develop the domestic market, but we see continued interest from the US and European markets. Things have not changed much in spite of the stand-off. Also, I think the shutdown will not affect Instamojo, an online P2P platform for selling and buying digital goods. 
 
If consumer confidence is hurt, shouldn’t it impact C2C businesses like yours? 
Not necessarily. I think long-term crises like the subprime crisis or the ongoing rupee-dollar fluctuation may impact our business in the long term. But the US shutdown, I feel, is a short-term thing and it can’t go on for an indefinite period. Entrepreneurs and businesses are always ready for such short-time scenarios. 
 
Do you think the shutdown will impact seed-stage or early-stage funding? 
I doubt if there will be any such impact. But then, any macroeconomic issue prolonged over a period of time leaves its mark. Just like the subprime crisis did before. 
 
Of late, VCs have been cautious about India investments. Will they now focus more on emerging markets? 
That is highly unlikely as VCs take their call keeping in mind a larger time frame. Short-term disruptions will not make them change their policy. 
 
Will there be negative sentiment among start-ups looking to expand their businesses in the US? 
I think any start-up not focusing on selling directly to the government should not be worried. Most likely, it will be business as usual. 
 
Watch this space tomorrow for the final interaction with one of the biggest Indian-global start-ups.

US Shutdown: Indian Start-ups Can Cope In Short Term,
Says Instamojo’s Sampad Swain

<ul><li>Business Insider brings you a <keyword id="1614221" type="PERSON" weightage="20" keywordseo="reading-list">reading list</keyword> by the famous leaders and authors, amid the global pandemic. </li><li>This week, we bring you the recommended books by leaders like Warren Buffet, Bill Gates, Jack Dorsey and more. </li><li>Here are all the stories you can explore from their chosen list.</li></ul>The Coronavirus pandemic is showing no signs of dying down and social distancing and self isolation are here to stay. This is also causing anxiety among business leaders, employees and even students who are stuck at home. To counter that, Business Insider brings you a reading list by the famous leaders and authors, amid the global pandemic. Business Insider collates interesting <keyword id="4100211" type="PERSON" weightage="20" keywordseo="Books-to-read">books to read</keyword>, giving an outlook on career and professional growth, setbacks and opportunities. This week, we bring you the recommended books by leaders like Warren Buffet, Bill Gates, Jack Dorsey and more. According to them, these books have the potential to make a difference in the real world. Here are all the stories you can explore from their chosen list. The Choice: Embrace the possible by Dr Edith Eva Eger Recommended by Microsoft co-founder <a href="https://www.weforum.org/agenda/2020/05/bill-gates-2020-summer-reading-list/">Bill Gates</a>, The Choice is a book that instills hope in difficult times. According to Gates, the book is a guide to overcome a trauma. At the age of 16, Eger was sent to Auschwitz — where she was forced to dance, hours after her parents were killed — to survive. After going through all the chaos and decades of struggle and flashbacks, she returned to her place and became a therapist. She healed, and helped others heal in the process — and finally forgives herself. The book narrates how our own minds can confine us and the way to freedom. Humankind: A hopeful history by Rutger Bregman This book is one of the latest recommendations by the <a href="https://www.inc.com/jeff-haden/15-great-leadership-books-on-adam-grants-summer-reading-list.html">American psychologist and author Adam Grant. </a> Written by Rutger Bregman, Humankind is a book that offers positivity and portrays a more uplifting and rewarding human nature — discarding a general perception that humans are selfish. Humankind is a story that showcases a future where there are more givers than takers. The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company by Robert Iger Recommended by Bill Gates, The Ride of a Lifetime by Robert Iger narrates <a href="https://www.gatesnotes.com/Books/The-Ride-of-a-Lifetime">what it takes to be a CEO of a large organisation.</a> The story talks about the struggles and success of the Walt Disney Company during its most testing times. Rober Iger became the CEO of the Walt Disney Company in 2005 when the technology was fast changing and the businesses needed to adapt to it. The book talks about four leadership principles — optimism, courage, decisiveness and fairness — to sail through. Iger shares his journey leading over 220,000 employees. 21 Lessons for the 21st Century by Yuval Noah Harari 21 Lessons for the 21st Century, recommended by Twitter CEO Jack Dorsey, explores the present lives. Yuval Noah Harari shows how to protect from nuclear war and technological disruptions, which is relevant in the current times. The Making of a leader: Recognizing the Lessons and Stages of Leadership Development by J Robert Clinton Recommended by Adam Grant, The making of a leader takes us through the leadership journey — <a href="https://www.inc.com/jeff-haden/15-great-leadership-books-on-adam-grants-summer-reading-list.html">how a leader develops over time</a>. The book narrates how to recognise your direction in life, and where you stand in the leadership development cycle. It also offers to identify people with leadership characteristics. The book shares insights on achieving and sustaining success. Keeping at it: The quest for sound money and good government by Paul Volcker Warren Buffet, a global investor recommends reading Keeping at it, a book that narrates the changes that have taken place in America — its people, government and the economy after World War II. Paul Volcker was the chairman of the Federal Reserve for eight years. Through his book, Volcker shows how to deal with a crisis. SEE ALSO: <a href="https://www.businessinsider.in/india/news/in-meerut-india-monkeys-snatch-coronavirus-tests-locals-fear-transmission/articleshow/76090064.cms">Watch the bizarre video of monkeys who snatched blood samples of COVID-19 patients in India — locals fear transmission</a> <a href="https://www.businessinsider.in/entertainment/news/sonu-sood-life-story-first-film-love-story-net-worth/slidelist/76088911.cms">Sonu Sood’s life story, his date of birth, see his family pics ⁠— all the things that Indians want to know about the latest internet sensation</a> <a href="https://www.businessinsider.in/business/startups/news/instamojo-is-now-approving-small-ticket-loans-on-whatsapp-and-it-has-become-an-instant-hit/articleshow/76088012.cms">Instamojo is now approving small ticket loans on WhatsApp and it has become an instant hit</a>

Six books recommended by luminaries like Bill Gates and Warren Buffett

New Delhi, Mar 6 () Paytm Payments Bank took a dig on its rival PhonePe in the wake of obstructions it faced due to using cash-strapped Yes Bank platform for transactions. PhonePe founder and CEO Sameer Nigam said there has been an outage of service on its payment application due to restrictions on its banking partner Yes Bank and the service will be live soon. "Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let's get you back up, fast!," Paytm Payments Bank tweeted. PhonePe shot back to say that Paytm Payments Bank platform is not seamlessly scalable otherwise the company would have themselves approached it. "Dear @PaytmBank Inviting you to consider that if your #UPI platform was so 'seamlessly scalable', we'd have called you ourselves. No point getting back up faster, if we have to desert our long term partners when they're down. Form is temporary, class is permanent," PhonePe's official twitter handle said. PhonePe, one of the country's largest digital payment platforms, is dependent upon Yes Bank to process its transactions. "We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap (as soon as possible)," Nigam tweeted on Friday morning. He added that the app hopes to be live in "a few hours". Yes Bank placed under a moratorium on Thursday evening, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. The bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. For the next month, Yes Bank will be led by the RBI-appointed administrator Prashant Kumar, a former chief financial officer of SBI. According to the National Payments Corporation of India, several apps such as Flipkart, MakeMyTrip, Myntra, Jabong, Cleartrip, Airtel, Swiggy, Redbus, Hungerbox, MudraPay, Udaan, Microsoft Kaizala and PVR use Yes Bank's UPI platform. Digital payment gateway firm Instamojo said it has temporarily withheld payouts to merchants having Yes Bank accounts. "We will be temporarily withholding payouts to merchants having Yes bank accounts until further clarity on the situation. This is to ensure that no merchant's funds get blocked. As an alternate, we have provided our merchants the option to change their registered bank from Yes bank to another account," Instamojo Chief Executive Officer and co-founder Sampad Swain said. A Bharti Airtel official said there is no impact on the company's transaction as it uses many other payment gateways. E-commerce firm Myntra said, "Transactions on Myntra have not been impacted, except for payments through PhonePe. Our customers can continue to transact on Myntra using other UPI payment service provider apps in addition to credit and debit cards and net banking until services of PhonePe are restored." Start-up firm Kredx said that following the government's decision to impose a moratorium on Yes Bank on Thursday, the company has stopped all inward and outward transactions with the bank's with immediate effect. PRS KPM HRS

Paytm Payments Bank takes a dig on PhonePe over Yes Bank restrictions

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> has bought the stake in <keyword id="5964772" type="UNKNOWN" weightage="20" keywordseo="Arvind-Fashions">Arvind Fashions</keyword>’ recently formed subsidiary Arvind Youth Brands which owns the Flying Machine brand. </li><li>Arvind Fashions’ board has also approved a rights issue to the tune of ₹400 crore. </li><li>The company has posted a loss of ₹10 lakhs, a huge drop from its last year’s profits of ₹20 crore in the same quarter. </li></ul>Indian e-commerce giant Flipkart has bought a minority stake in Arvind Fashions for ₹260 crore. Flipkart has bought the stake in Arvind Fashions’ recently formed subsidiary Arvind Youth Brands which owns the Flying Machine brand. "Flying Machine is a brand that is known in households across India, popular with the youth and synonymous with value and style. Through this investment, we look forward to partnering with the team at Arvind Youth Brands to continue to grow the market for its portfolio of products and enhance the strong brand equity that has been built over the last few decades,” said Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group. Arvind Fashions also announced its fourth quarter results for the last financial year, where it posted a loss of ₹10 lakhs, a huge drop from its last year’s profits of ₹20 crore in the same quarter. However, the share price of the company jumped by 5% to ₹178.10 , as the Flipkart investment too came in. The company’s board has also approved a rights issue to the tune of ₹400 crore. “While COVID has been an unprecedented event which has significantly impacted the entire retail industry, as a leading casual wear company with a portfolio of brands with leading market positions and key capabilities in digital and omni-channel, we expect to gain market-share as business gets back to normal,” said J Suresh, MD &amp; CEO, of Arvind Fashions. Arvind Fashions has 1,290 stores across India as well as a 10,000 multi-brand outlet presence. Currently, 75% of its stores are operational as the economy is gradually opening post lockdown. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/unicorns-like-byjus-first-cry-and-zomato-got-a-big-chunk-of-startup-funding-in-2020/articleshow/76868237.cms">Unicorns⁠ like Byju’s, First Cry, and Zomato bagged one in every three dollars invested in startups this year</a> <a href="https://www.businessinsider.in/business/startups/news/instamojo-ceo-explains-how-the-startup-turned-cash-flow-positive-during-the-lockdown/articleshow/76865741.cms">Instamojo CEO explains how the startup turned cash flow positive during the lockdown</a>

Flipkart buys a stake in Arvind Fashions’ subsidiary for ₹260 crore – apparel maker’s share price jumps by 5%

<ul><li>Indian <keyword id="3665772" type="PERSON" weightage="20" keywordseo="medtech">medtech</keyword> platform – <keyword id="2797821" type="PERSON" weightage="20" keywordseo="Wellness-Forever">Wellness Forever</keyword> had an annual turnover of ₹8 crore in 2008, when it was founded. </li><li>Gulshan Bakhtiani, director of the company, shares his experience of having grown the company without the <keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword> tag. </li><li>Wellness Forever has over 160 centres, with most of them in Mumbai.</li></ul>An Indian drugs retail chain, and now a medtech platform, Wellness Forever, had an annual turnover of ₹8 crore in 2008, when it was founded. Today, the annual revenue is close to ₹1000 crore ($133.3 million). The co-founder Gulshan Bakhtiani revealed to Business Insider that he made this stupendous journey without the tag or benefits of being a micro, small and medium enterprise (MSME) in India. This may not be an option for most small business owners who may not be from the big cities, or for those who do not have access to the rich or privileged. However, the experience of Bakhtiani has some nuances and useful lessons to understand ground realities and different approaches to the issue of uplifting small businesses. . The size of the problem Bakhtiani chuckled as he remembered a popular advice in his early years. “Don’t grow your business beyond ₹40 lakh, they would say. This is because beyond a certain revenue, MSMEs wealth has to be audited by a CA,” he shared in a chat with Business Insider. Bakhtiani himself is a chartered accountant. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="60" retweetcount="7" status="#EmpoweringBusiness | The MSME Exchange: Your problem, their solutions— @BiIndia's @iyer_sriram in conversation wit… https://t.co/sJVeTotL5G" createdat="1593775942000" id="1279015122548125697"></div> There is growing cry for additional support for India’s millions of MSMEs struggling to survive during the COVID-19 pandemic and the subsequent lockdown. On May 13, the Indian government allowed companies up to a revenue of ₹100 crore to be classified as MSME for subsidised loans and preferential treatment for tenders worth up to ₹200 crore. The banker approving the loans is looking at many more things other than these definitions and thresholds The banks prefer bigger businesses with more assets available for collateral. “If you look at the statistics more thans 95% of the businesses in the MSME sector are in the micro space and 98% of them employ less than 10 people. But the bane of the industry continues to be the lack of capital. If your creditworthiness is good, you’ll get those loans. But we need to address the issues – what’s going wrong with the companies that are not being able to maintain the working capital cycle,” said Anupam Prasad of AP Law Chambers. <div type="Article" hostid="261" msid="76809382" title="A banker's checklist for MSMEs who want a loan" mstype="2" mssubtype="0"></div> It’s not just the banker <a href="https://www.businessinsider.in/finance/news/only-5-of-the-governments-msme-emergency-loan-package-is-disbursed-after-a-month/articleshow/76437386.cms">Existing relationships</a> with banks matter but many small businesses, particularly the micro ones, still stay away from banks as they can. “A businessman just wants to make money – he doesn’t understand terms like debt, debt equity ratio or more,” he said. Wellness Forever is backed by the family offices of several high net worth individuals including Adaar Poonawalla. That’s a problem for the banker and rightly so. “ There are two components in the way businesses are run today – an equity portion that a promoter brings in and a debt that the firm brings. There is promoter money and the money from the bank in the business. Today, the problem in the ecosystem is that the lines are blurred. For MSMEs to expand, they should have avenues to raise equity,” said Sunil Daga, Sr EVP and Head, Business Lending solutions at Kotak Mahindra Bank. The solution, according to Bakhtiani, is for banks to conduct financial literacy courses and, possibly, a ‘lender maturity programme’. Aspiration to leave the comfort zone Most small businesses are modelled around the sops. Growing bigger would mean losing some of the benefits and, for many, it’s a question of survival. “MSMEs should internally decide the time for which they want to be in one particular bracket. This time frame will help them plan better,” he said. It’s easier said than done for many; it's definitely a good idea for those who can aspire. In 2008, Wellness Forever started with three stores. Today, it has over 160 centres, though most of them in Mumbai, Bakhtiani’s home. But the company has <a href="https://www.moneycontrol.com/news/business/companies/pharmacy-chain-wellness-forever-eyes-triple-store-count-in-next-three-years-4494541.html">plans</a> to scale up the business to 400-500 stores in the next two years. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/unicorns-like-byjus-first-cry-and-zomato-got-a-big-chunk-of-startup-funding-in-2020/articleshow/76868237.cms">Unicorns⁠ like Byju’s, First Cry, and Zomato bagged one in every three dollars invested in startups this year</a> <a href="https://www.businessinsider.in/business/startups/news/instamojo-ceo-explains-how-the-startup-turned-cash-flow-positive-during-the-lockdown/articleshow/76865741.cms">Instamojo CEO explains how the startup turned cash flow positive during the lockdown</a>

A drug retail chain grew from ₹8 crore a year to ₹1000 crore without the MSME tag⁠— the founder has lessons to share with other small biz

New Delhi, Mar 7 () Panicked Yes Bank customers were seen queuing up at the bank's ATMs at various locations, but to no avail as as most cash-dispensing machines ran dry, after the Reserve Bank placed the crisis-hit lender under a moratorium. However, many a customers said they were able to withdraw the stipulated amount of Rs 50,000 through cheques at Yes Bank branches. Customers are also facing trouble because net banking services are not working and some even complained that their credit cards are also not working. As the Reserve Bank has superseded the board of the private sector lender on a precarious financial condition and has appointed a former SBI executive as its administrator, customers cannot withdraw more than Rs 50,000 under the moratorium period till April 3, 2020. Several customers at a bank branch in central Delhi said they faced no problem while withdrawing the sum of Rs 50,000 through cheques. "Internet banking is not working, even the credit card has stopped working; however, I withdrew my amount through cheque," said Lalit Kumar, a Yes Bank customer of its Gole Market branch here. At an ATM in Ghaziabad, Yes Bank customers queued up to withdraw money, but to no avail as there was no cash. Most of the Automated Teller Machines (ATMs) wore a deserted look due to non-availability of cash. A Delhi-based customer said he was able to withdraw limited cash of about Rs 3,000-4000 only from an ATM, adding the cheque withdrawal helped him take out the remaining amount under the moratorium restriction. However, a display at the Post Office situated at Parliament Street read: "No Yes Bank cheques will be cleared until further orders from the RBI." Besides, people also complained that Yes Bank facilitated meal cards are not working. Payment facilitator for small businesses Instamojo's CEO &amp; Co-founder Sampad Swain said the company will be temporarily withholding payouts to merchants having Yes bank accounts until further clarity on the situation. "This is to ensure that no merchant's funds get blocked. As an alternate, we have provided our merchants the option to change their registered bank from Yes bank to another account," Swain said. To soothe the hassled customers, Yes Bank's administer Prashant Kumar in a statement issued on Friday said that there was no need for panic and the bank was working to bring the situation under control before April 3 -- time till when the moratorium remains in place. "The current moratorium has been brought into effect keeping the depositors' interest in mind and towards restoring their confidence. "A solution is being worked upon to revive the Bank well before the moratorium period of thirty days ends. The bank is also taking necessary steps to ensure seamless transactions for the customers. We assure the depositors that their money is safe and there is absolutely no reason to panic," Kumar said. Fintech start-up in payment and transaction technology space PayNearby said: "At PayNearby, its business as usual. Our systems are up and running without any disruption. We are a strong technology backed fintech company and have multiple banking partners." "Yes Bank has been a very valuable partner in our journey and we are confident that they will soon bounce back and we will be able to continue working together again," said Anand Kumar Bajaj, MD &amp; CEO, PayNearby. Yes Bank also said it remains available to address all queries and clarifications. Depositors are requested to get in touch with the nearest branch for any assistance. "We would like to inform you that our ATMs are now functional. You can locate the ATM nearest to you here: https://community.yesbank.in," read the Yes Bank tweet, tagging the twitter handles of the Finance Ministry and the Reserve Bank. "Our working hours are Monday-Saturday (9 am to 8 pm)," it added. Stock of Yes Bank came under heavy selling pressure on Friday and plunged by more than 84 per cent intra-day before closing the day down by 56 per cent at Rs 16.20 apiece on BSE. Country's largest lender SBI, which has evinced interest for 49 per cent stake in the private sector lender, said it is evaluating the draft reconstruction scheme for Yes Bank. "We have received draft scheme of reconstruction for Yes Bank. Our investment and legal team is doing due diligence," Chairman Rajnish Kumar told reporters in Mumbai on Saturday. Bank officials are doing due diligence of the draft scheme, he added. He also said many potential investors have approached SBI after seeing the draft scheme On Friday, the RBI announced a draft scheme of reconstruction for cash-starved Yes Bank. In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion. KPM MKJ

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US Shutdown: Indian Start-ups Can Cope In Short Term, Says Instamojo’s Sampad Swain

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Six books recommended by luminaries like Bill Gates and Warren Buffett

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Paytm Payments Bank takes a dig on PhonePe over Yes Bank restrictions

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Flipkart buys a stake in Arvind Fashions’ subsidiary for ₹260 crore – apparel maker’s share price jumps by 5%

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A drug retail chain grew from ₹8 crore a year to ₹1000 crore without the MSME tag⁠— the founder has lessons to share with other small biz

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