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India's latest unicorn is prepping for an IPO now

Droom CEO Sandeep Aggarwal talks about dual-track IPO listing options in US and India

Strong acceptance of e-commerce and digitisation is expected to accelerate the growth of India's auto sector, advisory firm Grant Thornton Bharat said. Accordingly, India's automobile market is estimated to grow more than '2.3X' from $222 billion currently to $512 billion by 2026. Notably, the analysis by Allied Market Research, Market Line, <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> and Grant Thornton Bharat showed that e-commerce portals focused on the automobile market, such as <keyword id="2947589" type="PERSON" weightage="20" keywordseo="Droom">Droom</keyword>, <keyword id="1945738" type="PERSON" weightage="20" keywordseo="Cardekho">Cardekho</keyword>, <keyword id="11077358" type="UNKNOWN" weightage="20" keywordseo="and-olx">and Olx</keyword> have put consumers and the user experience in the spotlight helping the manufacturers attract more users. Besides, the growing base of internet and smartphone users will further boost the digital transformation, and lead to an <keyword id="6374534" type="UNKNOWN" weightage="20" keywordseo="increase">increase</keyword> in expanding the market size of the e-commerce portals. "The strong emergence and acceptance of the online channel have provided an impetus to seamless solutions, price discovery, transparency, digital real-time payments along with certification on the quality of the vehicle for the consumers in the auto sector," said Rahul Kapur, Partner, Growth at Grant Thornton Bharat. According to the analysis report, since last year, Maruti Suzuki saw a five-fold increase in <keyword id="6357824" type="UNKNOWN" weightage="20" keywordseo="sales">sales</keyword> through digital means which now stand at 20 per cent of their total sales. "These changes in consumer's buying and research preferences signal a shift for the auto sector, as Covid19 played a big part in the online channel gaining traction." "Technology-enabled innovations like secure digital payments, hyper-logical logistics, analytics-driven customer engagement, increasing consumer awareness and digital advertisements are likely to support the growth going forward." As per the report, other factors such as rising middle class and young population with increasing disposable incomes will contribute towards growing the sector. Furthermore, ease of owning a vehicle through the availability of multiple financing options as well as reduction in vehicle ownership tenure due to regulatory rules in some states, cited the report as other growth inducing factors. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nokia-x20-specifications-nokia-new-phones-price-in-india/articleshow/81981039.cms">Six new Nokia smartphones announced – price, specifications and availability details you should know</a> <a href="https://www.businessinsider.in/business/startups/news/founders-take-note-heres-why-most-startups-fail/articleshow/81981138.cms">Founders, take note: here’s why most startups fail</a> <a href="https://www.businessinsider.in/tech/apps/news/google-phone-app-now-lets-you-record-calls-automatically-from-unknown-numbers/articleshow/81982791.cms">Google Phone app now lets you record calls automatically from unknown numbers</a> <a href="https://www.businessinsider.in/business/startups/news/adar-poonawalla-serum-institute-of-india-has-bought-stake-policybazaar/articleshow/81985425.cms">Serum Institute of India buys into IPO-bound insurance unicorn PolicyBazaar, as True North sells part stake in secondary sale</a>

E-commerce and digitisation to accelerate India's auto sector growth, says report

<ul><li>Indian automobile marketplace <keyword id="2947589" type="PERSON" weightage="20" keywordseo="Droom">Droom</keyword> has partnered with Fast &amp; Furious: <keyword id="7271280" type="UNKNOWN" weightage="20" keywordseo="Hobbs-Shaw">Hobbs &amp; Shaw</keyword>. </li><li>The startup is the official motorplace partner for the movie, which is synonymous with fancy cars. </li><li>Droom is raising $250 mn to enter the unicorn club and plans to be listed on NASDAQ by 2021.</li></ul>Indian automobile marketplace Droom is the official partner for the new Fast &amp; Furious: Hobbs &amp; Shaw movie. Droom is the official motorplace partner for the movie. The startup is also holding a special screening for the movie in Delhi as a part of the partnership. Fast &amp; Furious: Hobbs &amp; Shaw is a spin off from the famous Fast &amp; Furious franchise. The movie stars Dwayne Johnson, Jason Statham and Idris Elba among others. The franchise is known for its glamorous bikes and cars, and the plot lines tend to center around heists and races. “Universal approached us for the partnership and we decided to go ahead with it because Droom’s brand image is synonymous with glamorous and adventurous which aligns with Fast &amp; Furious. The movie apart from its fancy cars and glam, has an underlying story which shows bond and trust, which is again what Droom gives with its certified cars,” said Nikhil Arora, VP- Marketing, Droom told Business Insider India. Droom had earlier also partnered with one of India’s longest running reality shows – MTV Roadies. The startup has raised $125million in six rounds of capital so far and is planning to raise $250 million which will give the startup a unicorn status. Droom also plans to list on NASDAQ in the next two years. The company is currently nets as much as $1.3 billion in gross merchandise value (GMV), and its revenues stand at $35 million.

Droom goes Fast & Furious with marketing ahead of a US IPO

<ul><li><keyword id="2645087" type="General" weightage="20" keywordseo="rategain" source="Orion">RateGain</keyword> intends to raise over ₹400 crore through its fresh issue, which will be used for investments and acquisitions.</li><li>Rate Gain has over 1,434 customers, spread across 110 countries.</li><li>The company counts Lemon Tree, OYO and several other hotels and OTAs as its clients.</li><li>It will continue to focus on the US market after its public listing as well.</li></ul>Software-as-a-service startup (SaaS) RateGain Travel Technologies — which has less than 1% business coming from India — had decided, earlier this year, that it will get listed in its home country. This is rather odd as several tech entrepreneurs dream of getting their startups listed in American stock exchange Nasdaq. It’s not just a matter of pride, but also a strategic move. There are majorly two reasons for Indian tech startups to explore a Nasdaq listing — retail investors have better understanding of tech business in the US and/or majority of their revenue is coming from that market. Besides this, international listing gives Indian companies a larger and more diverse pool of capital. Whether it's the already listed Freshworks or soon-to-be-listed Icertis, <a href="https://economictimes.indiatimes.com/tech/startups/inmobi-prepares-for-nasdaq-listing-to-seek-15-billion-valuation/articleshow/81789159.cms">InMobi </a>or <a href="https://www.businessinsider.in/business/startups/news/pine-labs-reportedly-joins-the-long-list-of-indian-tech-startups-heading/articleshow/81760763.cms">PineLabs</a> — one of these three factors are the driving force of listing abroad. So it is quite amusing why RateGain would choose to get itself listed in India and that too in 2021 — potentially the worst time for any travel tech business due to the ongoing pandemic. Bhanu Chopra, the chairperson and managing director of RateGain told Business Insider that there were three reasons why the company decided not to go for a Nasdaq listing. First, the ability to drive up brand value being a local company is much higher. Second, they wanted to be the torchbearer of the first product SaaS company to list in India. Third, there were several logistical issues that couldn’t have been solved without making some organisational changes and it was quite cumbersome. Therefore, the company decided to stick to its home market and be the first SaaS company to list in India. Rate Gain has over 1,434 customers — across the hotel, hospitality and online travel agency (OTA) segment — spread across 110 countries. In order to serve the customers in these locations, RateGain has set up its subsidiaries in the United Kingdom, United States and Spain. It has also acquired three companies to date — US-based DHISCO and BCV, and<a href="https://www.businessinsider.in/business/news/ipo-bound-rategain-acquires-germany-based-myhotelshop/articleshow/86454447.cms"> Germany-based myhotelshop</a>. About 65% of RateGain’s revenue comes from the US market, while nearly 2% comes from India. The company will continue to focus on the US market even after the public listing as the majority of its customer base is settled or registered there. <div type="image" title="Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to list in India" msid="87269616" hostid="261"></div> The company — founded in 2004 and bootstrapped till 2017— intends to raise ₹400 crore through its fresh issue. Besides, the company will also sell 2.26 crore as offer for sale (OfS). This capital will be used to make strategic investments, acquisition and fund inorganic growth initiatives. Its last reported valuation was $133 million in 2015. But why now? <div type="image" title="Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India" msid="87286549" hostid="261"></div> It’s no secret that the travel and hospitality segment was severely hit since March 2020, when the world stepped into pandemic-induced lockdowns. As the entire segment was suffering, RateGain was bound to suffer too as they comprised its clients. The company decided to take a pause and arm itself with better products to meet the pent-up demand that may come back soon as people indulge in revenge travel and COVID-related restrictions are lifted. The company counts Lemon Tree, OYO and several other hotels and online travel aggregators (OTAs) as its clients. Besides this, the company believes that Indian investors are now ready to invest in tech businesses. Chopra believes that the investors' interest in Indian startups have increased in both private as well as public markets. This can be seen in terms of the number of unicorns -- private firms valued at or more than $1 billion -- that are being created as well as the number of companies hitting the public market. “My sense is that the Indian investor is now ready and they understand the future of any industry is digitisation. Now, RateGain is leading that effort in digitisation of the travel and hospitality industry” Chopra added. The pent-up demand of the travel industry and the positive global outlook is driving 26% compound annual growth rate (CAGR) growth. “Retail investors understand that the travel industry is recovering very fast and it is going to be the fastest growing industry in the next four-five years,” he added. Chopra believes that the ecosystem has developed enough for retail investors to understand the upcoming trends. In a <a href="https://www.businessinsider.in/business/startups/news/droom-founder-explains-why-he-is-considering-a-us-ipo-and-where-he-intends-to-spend-the-money/articleshow/84917608.cms">previous interaction</a> with Business Insider, Droom’s founder and CEO Sandeep Aggarwal highlighted that Indian investors now have a stock appetite to invest in tech businesses. Earlier, he was of that view that Indian new age businesses are not rewarded in the Indian stock exchange. WATCH ALSO: <div type="Video" msid="84897976" hostid="261" title="India's latest unicorn is prepping for an IPO now" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=84897976"></div> SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/bharti-airtel-tech-mahindra-bajaj-finance-and-other-top-stocks-to-watch-out-for-on-october-26/slidelist/87268702.cms" data-type="tilCustomLink">Bharti Airtel, Tech Mahindra, Bajaj Finance and other top stocks to watch out for on October 26</a> <a href="https://www.businessinsider.in/international/news/elon-musks-wealth-surged-by-36-billion-the-largest-single-day-gain-bloombergs-ever-recorded/articleshow/87267131.cms" data-type="tilCustomLink">Elon Musk's wealth surged by $36 billion, the largest single-day gain Bloomberg's ever recorded</a> <a href="https://www.businessinsider.in/finance/news/opinion-the-next-four-letter-word-taking-the-world-of-finance-by-storm/articleshow/87260681.cms" data-type="tilCustomLink">OPINION: The next four-letter word taking the world of finance by storm</a>

Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India

<ul><li>Anand Rathi Wealth has received a decent response from investors in the IPO as it was subscribed 9.78 times in 3 days.</li><li>However, the grey market premium has been falling each day. Today, GMP stood at ₹25 per share falling from ₹125 earlier.</li><li>The allotment of the IPO is scheduled on December 9.</li></ul>Wealth management firm Anand Rathi Wealth has received good response from investors in its initial public offering (IPO) as the issue has been oversubscribed by 9.78 times. If you have subscribed to the IPO, remember the allotment of the IPO is scheduled for tomorrow, December 9. However, the grey market premium of the company's shares continue to fall since the last couple of days. Currently, the premium for Anand Rathi Wealth’s shares is at ₹25 per share from ₹125 earlier. The IPO is in the price range of ₹530-₹550 per share. <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;">Investors </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;">Subscription </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;">Qualified institutional investors </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;">2.50 times </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;">Non-institutional investors </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;">25.42 times </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;">Retail </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;">7.76 times </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;">Overall </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;">9.78 times </td></tr></tbody></table> Anand Rathi has a dominant position in the distribution of financial products, with a focus on the growing HNI segment. Currently, Anand Rathi Wealth is present across 11 cities in India -- Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida with a representative office in Dubai. Further, the company aims to double its assets under management in the 3-5 years, said Amit Rathi, managing director at Anand Rathi in an <a href="https://www.businessinsider.in/business/corporates/news/anand-rathi-aims-to-double-its-assets-under-management-in-the-next-3-5-years/articleshow/88069928.cms">interview with Business Insider.</a> “Anand Rathi Wealth generates higher revenue yields compared to competition as the company has consciously avoided stock broking and stock advisory businesses and restricted its focus to the high yielding segments of distribution of structured products and mutual funds,” said Nirmal Bang while recommending ‘subscribe’ rating to the IPO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rategain-travel-shriram-properties-ce-info-systems-mapmyindia-and-metro-brands-these-ipos-opening-in-the-next-couple-of-days/articleshow/88140211.cms">RateGain, Shriram, MapmyIndia and more — Check out the important dates of these upcoming IPOs and their grey market premiums</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/spinny-is-the-latest-used-car-platform-to-join-cars24-droom-and-cardekho-in-unicorn-club/articleshow/88140551.cms">Spinny is the latest used car platform to join Cars24, Droom and CarDekho in unicorn club</a>

Grey market premium for Anand Rathi Wealth IPO is down to ₹25 from ₹125

RateGain, Shriram, MapmyIndia and more — Check out the important dates of these upcoming IPOs and their grey market premiums

<ul><li>If you have been allotted shares of any of these three IPOs, then today is the listing day.</li><li>All the three IPOs were opened for subscription from November 1 to November 3.</li><li>Here is a list of grey market premiums for all three scrips.</li></ul>Monday will see the listing of three initial public offerings (IPOs) that were open for subscription from November 1 to November 3 — Policybazaar, Sigachi Industries, SJS Enterprises. Retail investors will be able to sell their IPOs or trade in the stock after 10 a.m. on November 15. From all the three IPOs, Sigachi Industries’ IPO caught the most of investor’s attention given it was also subscribed the highest among the three. The Hyderabad-based manufacturer of cellulose-based excipients was subscribed 101.91 times. The company is looking to raise ₹125.43 crore through the IPO with a price band of ₹161 to ₹163 per share. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" 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;">Companies </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;">Subscription status </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;">Sigachi Industries </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;">101.91 times </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;">Policybazaar </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;">16.59 times </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;">SJS Enterprises </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;">1.59 times </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Major traction in the IPOs were also because of their premium in the grey market that in a way indicates premium on listing day. Subscription status of all three IPOs were in line with their grey market premiums. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" 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;">Companies </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;">Grey market premium </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;">Sigachi Industries </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;">₹220 </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;">Policybazaar </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;">₹55 </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;">SJS Enterprises </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;">₹38 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/global-investment-banks-are-telling-their-clients-to-take-profits-from-india/articleshow/87667322.cms">Small investors ahoy! Global investment banks are telling their clients to take profits from India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/droom-files-for-3000-crore-ipo-the-online-car-dealer-wants-400-crore-for-acquisitions/articleshow/87664165.cms">Droom files for ₹3,000 crore IPO ⁠— the online car dealer wants ₹400 crore for acquisitions</a>

Policybazaar, Sigachi Industries, SJS Enterprises IPO will get listed today

New Delhi, Feb 23 () Online automobile marketplace Droom will pump in about USD 100 million (about Rs 718 crore) this year towards further strengthening its technology offerings, marketing and new initiatives, its founder and CEO Sandeep Aggarwal said. The company, which aims to touch USD 120 million (about Rs 862 crore) in net revenue by 2021, is also looking at expanding its international operations to six new markets including Indonesia, Vietnam and the UAE this year. "We have earmarked a capex (capital expenditure) of about USD 100 million this year. Of this, about USD 50 million will be towards marketing and promotion, USD 30 million for headcount and technology and roughly USD 20 million for new initiatives," Aggarwal told . He added that the company has been working on keeping its cash burn low and is hopeful of also hitting profits by the end of the year. Aggarwal said the company has already established presence in three international markets and is looking at growing that further this year. Droom is looking at Indonesia, Philippines and Vietnam in Southeast Asia and the UAE, Oman and Saudi Arabia in the Middle East. "While we are aggressively expanding our international presence, we are also deepening our presence within the India market as we believe this will continue to be the mainstay of our business. Less than 10 per cent of our revenues will come from international operations," he said. The company also plans to raise about USD 150 million before it launches an initial public offering (IPO) in 2021. It has so far raised close to USD 125 million in six rounds of funding from investors like Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, and Integrated Assets Management. Droom had clocked a gross merchandise value of USD 1.2 billion on its platform with a net revenue of USD 32 million in 2019. Its platform processed over 6.1 lakh orders last year. SR HRS

Droom earmarks USD 100 mn capex for tech, marketing

<ul><li>The monsoon session of the <keyword id="145182" type="ORGANIZATION" weightage="20" keywordseo="Indian-Parliament">Indian parliament</keyword> began on July 19 and is almost half way through.</li><li>Several pressing matters have been raised during this session regarding the COVID-19 situation, farmers' protest and more.</li><li>However, when faced with questions, the government has cited lack of data on at least four issues listed below.</li><li>The session is scheduled to close on August 13 and several other matters like Pegasus spyware are yet to be discussed.</li></ul>It has already been more than 10 days since the Indian parliament kicked off its monsoon session on July 19, 2021. Lot of important questions have been raised over several long hours of discussions and brawl, however, not all have been answered. From death due to oxygen shortage during the pandemic to cryptocurrency investments, these are the pressing issues for which the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> has simply slid past saying it has no data in hand. ‘No one died due to oxygen shortage’ If the first wave of COVID-19 brought Indian healthcare system to its knees, the second one was a blade on the neck. The South Asian country witnessed the worst healthcare crisis in its history, with people looking for hospital beds, oxygen cylinders and concentrators, COVID-19 medicines and other necessary equipment over Twitter. Many lost their lives in this struggle. However, Union Minister of State for Health and Family Welfare Bharati Pravin Pawar in the Rajya Sabha, a day after the monsoon session began,<a href="https://www.thehindu.com/news/national/parliament-proceedings-no-deaths-reported-due-to-lack-of-oxygen-health-ministry-tells-rajya-sabha/article35428791.ece"> said</a>, “no deaths due to lack of oxygen have been specifically reported by states/union territories’ during the second wave of COVID-19. This led to a nationwide outrage. ‘Farmers death, what?’ The farmers of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> took to streets in September 2020, after the government passed three farm acts. On 30 November 2020, an estimated crowd of 200,000 to 300,000 farmers were walking to the national capital of Delhi to make their voices heard. The protest went on for close to ten months, however the government has no data on how many people have lost their lives during this course. As per a press release issued by the Samyukt Kisan Morcha (Joint Farmers’ Force), a coalition of over 40 farmers’ unions, 537 farmers have died in the agitation till date. SKM has also updated the<a href="https://humancostoffarmersprotest.blogspot.com/2020/12/list-of-deaths-in-farmers-protest-at.html"> list of farmers</a> who have died during the protest since November 24 last year. However, the Minister of Agriculture and Farmers Welfare Narendra Singh Tomar, in the parliament, said that the government has no record of farmers having died or fallen ill during the protests. ‘Black money is white money painted in a different colour’ Indian Prime Minister Narendra Modi’s speech of 8 November 2016, while announcing the demonetisation of some currency notes, was a historical moment against black money in India. <div type="ExtQuote" text="“To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper.”" auname="— Narendra Modi, demonetisation speech of 2016."></div> He also highlighted the government passed a law 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015', soon after taking over the office, for disclosure of foreign black money. The country had signed agreements with many countries, including the USA, to add provision for sharing banking information. Cut to 2021, there is no data available. The Minister of State for Finance, Pankaj Chaudhary, has informed that there is <a href="https://www.dnaindia.com/india/report-no-official-estimate-of-black-money-stashed-in-swiss-banks-centre-tells-parliament-2902569">no official </a>estimate of the amount of black money deposited in Swiss banks in the decade. According to data shared by Switzerland's central bank, Indian individuals and firms have deposited over CHF 2,554.7 million or<a href="https://scroll.in/latest/997838/indian-deposits-in-swiss-banks-rise-to-over-rs-20700-crore-highest-in-13-years"> ₹20,700 crore</a> in Swiss Banks in 2020. All of this may not be black money, but it’s a good data point to begin with. The Indian government, in 2019, said that it has an information sharing agreement with the Swiss authorities. Yet they have no data to show in 2021. ‘Cryptocurrency bill on the way, but no data yet’ Indian Finance Minister Nirmala Sitharaman informed the Rajya Sabha (Upper House) on July 27 that the government does not collect any information on the number of cryptocurrency exchanges and investors in India. It does sound fair, but not when the government of India has been pushing to <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">regulate cryptocurrency</a> in India since 2019. As per the <a href="https://www.moneycontrol.com/news/business/economy/no-information-collected-on-number-of-crypto-exchanges-and-investors-in-india-finance-minister-nirmala-sitharaman-7232611.html">data </a>shared by crypto exchanges, there are about 15 million Indian cryptocurrency investors, with holdings worth ₹15,000 crore ($2 billion) cumulatively. There are 350 startups that operate in the blockchain and crypto space, as per the crypto currency exchanges. Besides this, Sitharaman also mentioned that the government of India has no information on drug trafficking and money laundering that is being carried out through crypto exchanges. ‘No one dies due to manual scavenging’ No deaths have been reported due to manual scavenging in India over the last five years, the minister for Social Justice and Empowerment Ramdas Athawale said in the Rajya Sabha on <a href="https://thewire.in/government/centre-says-no-death-reported-due-to-manual-scavenging-activists-decry-govt-response">July 29</a>. If only, the ministry had thought of going through this year’s budget session thoroughly. Athawale, during his own speech during the budget session, highlighted<a href="https://www.thehindu.com/news/national/340-sewer-cleaning-deaths-in-past-5-years-government/article33732992.ece"> 340 people </a>died while cleaning sewers and septic tanks in the last five years till December 31, 2020. He also noted that 66,692 manual scavengers have been identified across the country. ‘Information on witnesses killed, turned hostile not maintained centrally’ The Minister of State for Home Affairs, Nityanand Rai, has informed the parliament that the government has no data of the cases where key witnesses were killed or turned hostile. “The Witness Protection Scheme, 2018 provides that the witness protection measures ordered shall be proportionate to the threat and shall be for a specific duration not exceeding three months at a time," Rai added. However, these cases are fairly common in India. In March 2021, the family and lawyers of the 19-year-old Dalit girl who was allegedly gang raped and murdered in Hathras in 2020, were <a href="https://www.ndtv.com/india-news/allahabad-high-court-on-threats-to-hathras-family-will-consider-shifting-trial-2395571#:~:text=The%20affidavit%20said%20that%20the,stated%20that%20it%20was%20%22evident">threatened </a>before the special court where the case was pending. ‘Hospital beds data not available’ The Minister of State for Health and Family Welfare, Dr. Bharati Pravin Pawar, informed that the government of India does not centrally maintain the data of hospital beds. This is majorly because health is a state subject, meaning it's up to the governments in states and union territories (UT) to increase the bed strength in their hospital. Despite this, Pawar shared that India has an isolation and ICU bed capacity of 18.21 lakh and 1.22 lakh, respectively. If the government had data on isolation and ICU beds, then the question remains why doesn’t it have information on hospital beds. ‘No data available for MSMEs that went under’ When the member of parliaments (MPs) asked the government for details on the number of micro, small and medium enterprises (MSMEs), which shut down during the pandemic. Instead of the data, the government listed the steps taken by the Reserve Bank of India (RBI) for extension and restructuring of credit. It even cited two surveys, which stated 88% of MSMEs were affected by the pandemic. ‘No data on deaths due to air pollution’ Minister of State for Environment, Forest And Climate Change Ashwini Kumar Choubey informed the parliament that they do not have any conclusive data to establish a direct correlation of death/disease exclusively due to air pollution. According to ‘States of India: The Global Burden of Disease Study 2019’ <a href="https://www.thehindu.com/news/national/17-million-deaths-in-india-were-attributable-to-air-pollution-in-2019-says-study/article33394600.ece">report</a>, nearly 1.7 million deaths in India were attributed to air pollution in 2019. This was 18% of the total deaths in the country. ‘No updates on how many lost jobs during second wave of COVID-19’ A few MPs asked the government for details on the number of casual or contractual employees who lost their jobs during the second wave of COVID-19. However, the government did not share any such details. Instead, it listed out several initiatives undertaken by the government to boost hiring. [This is a developing story. The article will be updated as the government shares more details about the lack of data in their repository.] SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/droom-automobile-marketplace-raises-200-million-in-a-pre-ipo-round-at-unicorn-valuation/articleshow/84818567.cms">Automobile marketplace Droom is raising $200 million in a pre-IPO round at unicorn valuation</a> <a href="https://www.businessinsider.in/business/startups/news/the-whole-truth-a-healthy-packaged-food-brand-raises-6-million-from-sequoia-capital/articleshow/84815594.cms">The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories</a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-opens-on-july-28-and-closes-on-july-30-with-a-price-band-of-880-900/articleshow/84813639.cms">Rolex Rings IPO opens today with a price band of ₹880-900</a>

There are at least 10 hot issues in India that the government has no data for

<ul><li>Goldman Sachs, Morgan Stanley, UBS and Nomura have slashed India rating, citing expensive valuations.</li><li>Analysts feel the risk-reward for Indian equities is less favorable at current levels.</li><li>But if Indian bonds are included in the global bond index, it could lead to a sudden influx of $15-20 billion dollars into India.</li><li>Check out the last news and updates on Business Insider.</li></ul>The Indian share market has given the most amount of returns, as measured by the Nifty and the <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword>, for those who have held their stakes since the start of this year, compared to anywhere in Asia. Now, it’s time to book profits, say <keyword id="1738775" type="General" weightage="20" keywordseo="global-investment-banks" source="Orion">global investment banks</keyword> like Goldman Sachs, Morgan Stanley and UBS, who have cut their rating on Indian equities. <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;">Asian stock market indices </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;">This year so far </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;">Sensex </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;">26% </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;">Nifty 50 </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;">29% </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;">Hang Sang index (Hong Kong) </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% </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;">SSE Composite Index (China) </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% </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;">Nikkei 225 (Japan) </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% </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;">Singapore Exchange Limited </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;">-1.75% </td></tr></tbody></table> Goldman Sachs has also downgraded its rating on Indian equities from ‘overweight’ saying the risk-reward ratio is not as favourable, any more, as it was in November last year. Morgan Stanley has said that the stocks have peaked and the returns may not be as exciting in the next 3-6 months. Rising inflation both in the US and India may hurt Indian stock markets. The analysts at Morgan Stanley said that they expect the Reserve Bank of India (RBI) to increase interest rates in February 2022. Inflation has been a cause of concern for many companies this earnings season including consumer goods giants — including Marico, Nestle, Hindustan Unilever, Britannia and Parle to name a few ⁠— that may have to pass on more price hikes if inflation remains high. In fact, consumer product companies are <a href="https://www.businessinsider.in/retail/news/profit-margin-of-britannia-declines-in-q2-of-fy-2022/articleshow/87600806.cms">unable to hike prices</a> to cover the entire rise in costs and that has led to shrinking margins for many. The risk of a mutant virus that is resistant to vaccines is the biggest downside risk, as it might leave the government no choice but to roll out new mobility restrictions, say analysts at UBS. More restrictions would mean several pockets of the economy would be forced to halt physical operations leading to slowdown in economic activity. What could turn the tide in India’s favour? A correction in the market typically means either a fall in prices or they remain stagnant or rangebound for a while. The latter is also called ‘time correction’. But there could be other factors that could come into play too. For instance, India has been pushing to get its bonds included in the global indices. UBS emerging markets strategist Rohit Arora has said that it is possible in early 2022 while Bloomberg has noted that these decisions are usually announced in September. If it happens, India could see a foreign fund inflow of $15-20 billion and that could be a big mover for the equities too. <div type="image" title="FII" height="900" width="1200" msid="87667318" hostid="261"></div> What is a global bond index? Think of a <a href="https://www.businessinsider.in/india/news/prime-minister-narendra-modi-speech-on-vaccine-celebration-was-a-pitch-for-an-ratings-upgrade-for-india/articleshow/87200802.cms">global bond index</a> like the Sensex but for bonds. And India wants its debt to be a part of it. It adds a stamp of credibility, and the rating denotes repayment capacity, which will draw more foreign investors to buy government debt. India will be able to borrow money at a cheaper rate than what it does now. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/droom-files-for-3000-crore-ipo-the-online-car-dealer-wants-400-crore-for-acquisitions/articleshow/87664165.cms">Droom files for ₹3,000 crore IPO ⁠— the online car dealer wants ₹400 crore for acquisitions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/the-mystery-behind-the-fall-in-tata-steels-shares-despite-a-seven-fold-rise-in-profit/articleshow/87663158.cms">he mystery behind the fall in Tata Steel’s shares despite a seven-fold rise in profit</a>

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