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<ul><li>IRDAI chairperson Debasish Panda in a keynote address at FICCI’s Annual <keyword id="5724733" type="General" weightage="20" keywordseo="insurance-conference" source="Orion">Insurance Conference</keyword> – ‘FINCON 2023’ stated that the country could achieve <keyword id="10516382" type="General" weightage="20" keywordseo="insurance-for-all" source="Orion">insurance for all</keyword> before 2047. </li><li>IRDAI chief suggested the industry could work with government groups like ASHA workers, anganwadi workers, self-help groups and non-government organisations to spread awareness about insurance. </li><li>Since 2022, the insurance regulator has awarded licences to three insurance companies – CreditAccess Grameen Life Insurance, Acko Life Insurance and Kshema <keyword id="6366282" type="General" weightage="20" keywordseo="general-insurance" source="Orion">General Insurance</keyword>. </li><li>The regulator has granted a licence for life insurance business after 2011 and general insurance after 2017. </li></ul>The <keyword id="35486" type="General" weightage="20" keywordseo="insurance-industry" source="Orion">insurance industry</keyword> is targeting an ambitious vision to achieve ‘Insurance for all by 2047’ as the insurance regulator seeks to ease regulations to bring in more players and boost penetration of insurance products in the country. The Insurance Regulatory and Development Authority of India (IRDAI) chairperson Debasish Panda, in a keynote address at FICCI’s Annual Insurance Conference ‘FINCON 2023’, stated that the country could achieve insurance for all before 2047. “The risks that we face in our daily lives are numerous and highly unpredictable. And yet, despite this reality, insurance coverage remains a privilege only being accessed by few and not the majority,” said Panda at the conference. Since 2022, the insurance regulator has awarded licences to three insurance companies – CreditAccess Grameen Life Insurance, Acko Life Insurance and Kshema General Insurance. The regulator has granted a licence for life insurance business after 2011 and for general insurance after 2017, he said. To boost insurance penetration the regulator is also changing the registration guidelines and bringing in more clarity, he said. Besides, 20 odd companies are in the process of getting their insurance licences, he added. India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%, which is pretty low compared to other nations. This also offers huge opportunities for insurance players to tap into a market that offers high potential. Panda also encouraged companies to utilise the increase in foreign direct investment (FDI) limit in the insurance sector to 74%, from 49% earlier, to bring in more capital and grow faster than in the past. “I expect the industry must innovate and create products that are affordable and accessible and also available to a wide range of consumers,” said Panda. He underlined the need to cater to 1.4 billion people, their businesses, properties, health, assets. And for this he said “we need more players, more capital, more distribution channels, more products, innovation and healthy competition.” Panda added that the industry could connect with the last mile to spread awareness by working with government groups like ASHA workers, anganwadi workers, self-help groups and non-government organisations, who could be messengers to make people aware of insurance.

More insurers, capital, distributors and healthy competition required to make insurance for all by 2047

When the country is experiencing an entrepreneurship boom in the market, for big industry tycoons if there is a perfect time to invest in <keyword id="428085" type="UNKNOWN" weightage="100" keywordseo="start-ups">start-ups</keyword>, it is now. With start-ups going on a crazy funding spree, <a href="http://www.businessinsider.in/If-you-want-Ratan-Tata-to-invest-in-your-start-up-just-ask-him-Your-wish-might-just-get-answered/articleshow/47551786.cms">Ratan Tata stands out as the most important investor</a>, saving many just when their bank balance was down to the last few zeroes.
	 
	
		From ecommerce to auto, Tata’s investment portfolio is as varied as it can get. There cannot be a better way to spend your retirement. <a href="http://www.businessinsider.in/Know-whats-keeping-Ratan-Tata-busy-and-happy-post-retirement/articleshow/47721497.cms">After his retirement</a>, he said young innovators should be encouraged and he stands true to his words. The list is becoming longer, with investments in 10 start-ups in this year alone.
	 
	
		Here’s a complete guide to the start-ups who went on to become some of the greatest in the space after his investments.
	 
	
		 
		 
		1. Altaeros Energies- Boston-based Altaeros was founded in 2010 at the Massachusetts Institute of Technology (MIT) to commercialise the world's first airborne wind turbine. Operating up to 2,000 feet (600 metres) above ground, the Altaeros BAT generates over twice the energy of similarly-sized tower mounted wind turbines.
	 
	
		When: Early 2014
	
		 
		 
		 
	
		2. <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>- Snapdeal got its funding from Tata when their bank balance was down to the last $100,000. Tata is believed to have invested less than Rs 5 crore, buying 256 shares from Snapdeal's angel investors including Kenneth Glass
	 
	
		When: August 2014.
	
		 
		 
		 
	
		3. <a href="http://www.businessinsider.in/Ratan-Tata-Bets-Big-On-Indias-e-commerce-Sector-Invests-In-Bluestone/articleshow/42258863.cms">Bluestone</a>- The online jewellery retailer was founded by IIT graduate Gaurav Singh Kushwaha and Vidya Nataraj. <keyword id="255703" type="PERSON" weightage="100" keywordseo="Bluestone">Bluestone</keyword> was valued at Rs 135 crore when it raised funding from Kalaari Capital, when Tata also co-invested. 
	
		When: September 2014
	
		 
		 
		 
	
		4. <keyword id="6368309" type="COMPANY" weightage="100" keywordseo="Urban-Ladder">Urban Ladder</keyword>- The online furniture etailer was founded by IIM-Bangalore MBAs Ashish Goel and Rajiv Srivatsa in July 2012.
	 
	
		When: November 2014
	
		 
		 
		 
	
		5. Swasth India- The Mumbai-based healthcare startup provides medical services to low income population. The company was founded by former consultants and IIT Bombay graduates Sundeep Kapila and Ankur Pegu
	 
	
		When: Invested Rs 2 crore in December 2014 
	
		 
		 
		 
	
		6. <keyword id="1945738" type="UNKNOWN" weightage="100" keywordseo="Cardekho">CarDekho</keyword>- The Jaipur-based online auto classifieds player was founded in 2007 by Amit and Anurag Jain, both IIT Delhi alumni. The company also runs other portals like BikeDekho and PriceDekho.
	 
	
		When: February 2015
	
		 
		 
		 
	
		7. <keyword id="182468" type="COMPANY" weightage="100" keywordseo="Grameen-Capital">Grameen Capital</keyword>- This is a Mumbai-based investment advisory company.
	 
	
		When: March 2015 
	
		 
		 
		 
	
		8. One97 Communications (<keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>)- The Noida-based Company has successfully transitioned from a value-added services player to an online wallet Paytm.
	 
	
		When: March 2015
	
		 
		 
		 
	
		9. <keyword id="874458" type="COMPANY" weightage="100" keywordseo="Xiaomi">Xiaomi</keyword>- Founded by serial entrepreneur Lei Jun, the Chinese smartphone maker, launched in India last year, became an instant hit in the market with their products.
	 
	
		When: April 2015
	
		 
		 
		 
	
		10. Kaaryah- <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword>'s latest investment is a women's non-casual wear is Kaaryah, founded Nidhi Agarwal Kashyap. 
	
		When: June 2015 
	
		 
		 
		 
	
		11. Holachef- Launched in 2014 by Saurabh Saxena and Anil Kalra, this is a food-tech start-up where amateur and professional chefs can come together and sell their meals.
	 
	
		When- September 2015
	
		 
		 
		 
	
		12. <keyword id="6354720" type="PERSON" weightage="100" keywordseo="Ola">Ola</keyword>- In less than three months after Ola announced a $400 million funding round, led by Russian investment firm DST Global, Tata announced its investment in the online car services company, which valued the company at $2.5 billion.
	 
	
		When- July 2015
	
		 
		 
		 
	
		13. Infinite Analytics- Founded in 2012 by MIT graduates Akash Bhatia and Purushotam Botla, this is a US based predictive marketing and Analysis Company. The company deals with deep machine learning and predictive analytics by merging data from multiple sources to create a 360-degree view of the user.
	 
	
		When- August 2015
	
		 
		 
		 
	
		14. <keyword id="1517554" type="UNKNOWN" weightage="100" keywordseo="ampere">Ampere</keyword>- Ampere sells electric vehicles, cycles, trolleys and scooters. It also sells vehicles for differently-abled. It was founded by Hemalata Annamalai.
	 
	
		When- July 2015
	
		 
		 
		 
	
		15. <keyword id="2798697" type="UNKNOWN" weightage="100" keywordseo="Lybrate">Lybrate</keyword>- Healthcare communication start-up, Lybrate connects doctors with patients anonymously throughout India anywhere and anytime. They raised $10.2 m in Series A funding from Ratan Tata, Tiger Global, Nexus Venture Partners.
	 
	
		When- July 2015
	 
	 
	
		(Image credits: Indiatimes, cardekho, kaaryah, bluestone, swasth india, twitter, cupoworld)

Ratan Tata’s magical startup investment portfolio

In April this year, Kolkata-based <keyword id="145807" type="COMPANY" weightage="80" keywordseo="Bandhan-Financial-Services">Bandhan Financial Services</keyword> emerged one among the only two entities (the other being IDFC) that were granted in-principle banking licences by the Reserve <keyword id="6355303" type="CITY" weightage="100" keywordseo="Bank-of-India">Bank of India</keyword> after a hiatus of more than 10 years (Yes, no new Indian bank has been formed since 2004 when <keyword id="45660" type="CITY" weightage="100" keywordseo="Yes-Bank">Yes Bank</keyword> launched operations). The fact that Bandhan pipped around two dozen other applicants—including high-profile names such as Reliance Capital, controlled by billionaire Anil Ambani and <keyword id="6398463" type="CITY" weightage="80" keywordseo="Aditya-Birla-Nuvo">Aditya Birla Nuvo</keyword>, part of the Aditya Birla conglomerate—highlighted the government’s focus on providing banking licen1e to players that will ensure financial inclusion, by offering banking services to the bottom-of-the-pyramid group in rural areas who have little or no access to traditional banking services. 
 Granting of banking licence to Bandhan has in fact proved to be a boost to the <keyword id="113684" type="COMPANY" weightage="100" keywordseo="microfinance">microfinance</keyword> industry in the country which has been trying to gain momentum after the crisis in Andhra Pradesh in 2010 when the state government took tough regulatory measures, leading to the closure of many <keyword id="113682" type="ORGANIZATION" weightage="100" keywordseo="MFIs">MFIs</keyword>, after indebtedness to these firms prompted several farmers to commit suicide. 
 
Microfinance, which was non-existent till early seventies, came into being in 1974 when Dr Muhammad Yunus, an economics professor born in Chittagong in Bangladesh (who went on to win the Nobel Peace Prize in 2006), loaned $27 to 42 poor women to pay off loan they had taken from local loan sharks who charged exorbitant interest. That marked the birth of microfinance with the key idea of providing the poor small loans for their micro-enterprises to help them come out of poverty. The growth of Grameen Bank, set up by Yunus to help the poor fight poverty by becoming entrepreneurs, to an institution lending more than $1 billion a year to the have-nots, especially women, has proven that microfinance has a universal social applicability. 
 
The microfinance industry in India witnessed significant growth in the years preceding the global financial crisis in 2008. SKS, which then was the country’s biggest microfinance firm with a $1.2 billion loan book, went public in July 2010. The $350 million offering was oversubscribed more than 13 times. But just a few months after SKS’ public offering, the AP microfinance crisis followed and things took an ugly turn. As farmers’ suicides abounded, AP government stiffened rules and all loans distributed in the state were written off, bringing the industry to a grinding halt as AP accounted for the bulk of microfinance lending disbursed in the country till then. 
 After years of muted growth, the industry has started showing signs of renewal, albeit under stricter norms issued by RBI. The investors have started responding to the sector’s renewed vigor. Last year, Indian microlenders raised a combined $470 million from investors such as Morgan Stanley Private Equity Asia and <keyword id="166412" type="COMPANY" weightage="80" keywordseo="International-finance-corporation">International Finance Corporation</keyword>. Pune-based Suryoday Microfinance which raised Rs 27 crore led IFC; Bhubaneshwar-based Annapurna Microfinance which raised Rs 30 crore from Belgian Investment Company for Developing Countries and others and Bangalore-based Grameen Koota which raised Rs 80 crore from MicroVentures Investments are specific examples. Deals worth another $100 million are said to be in the pipeline, initiated by investors who are seeing MFIs as potential banks—the investment today may help them own part of a bank tomorrow—as illustrated by Bandhan. 
 
While investors are bullish, there are those who say that the industry is headed in the wrong director from a social perspective. For decades, microfinance was mainly promoted by activists working for charities and NGOs, driven by a sense of social mission to improve the lot of the poor. But over the last decade, it has transformed into a global enterprise (the global commercial microfinance industry is expected to grow 20 per cent a year in the near future), with a portfolio worth $81 billion driven by profit more than social responsibility. 
 
Also, the increasing interest rates charged by MFIs from impoverished borrowers—though global average interest rate is estimated at 37%, rates are as high as 70% in some markets while in India rates hover around 24-28%--seem to betray one of the key objectives of microfinance—providing small loans to the poor at an affordable cost. 
 
However, going by the constructive and socially responsible role played by Grameen Bank in alleviating poverty in Bangladesh by helping transforming millions of poor into small entrepreneurs, one hopes the bank’s peers in India will follow suit, playing the dual role of agents of social change in fighting poverty while creating wealth through transparent business practices, thus contributing to overall economic growth. 
 
Image credit: indiatimes.com

Are MFIs Striking A Balance
Between Profit And Social Responsibility?

Singapore-based VC firm <keyword id="20669818" type="General" weightage="20" keywordseo="jungle-ventures" source="keywords">Jungle Ventures</keyword> on Wednesday said it will infuse another $20 million in India's fastest growing ice cream brand <keyword id="20669817" type="General" weightage="20" keywordseo="walko-food" source="keywords">Walko Food</keyword>. This is Jungle's second investment into <keyword id="20668352" type="General" weightage="20" keywordseo="walko" source="keywords">Walko</keyword> Food within less than 12 months. Since its last funding round with Jungle in May 2023, Walko Food has introduced Yummo, its latest ice cream brand, tapping into a $3 billion market. The latest round of capital will further boost Walko's expansion across its product portfolio and customer reach, and accelerate its penetration into the Indian ice cream market, the company said in a statement. "This collaboration is a testament to Jungle Ventures' confidence in Walko's management team and its vision to nurture and grow our existing brands, including NIC, Grameen Kulfi, and Cream Pot, across various sales channels," said <keyword id="20669819" type="General" weightage="20" keywordseo="sanjiv-shah" source="keywords">Sanjiv Shah</keyword>, Director, Walko Food Company. Earlier, the company appointed celebrity <keyword id="19917047" type="General" weightage="20" keywordseo="rashmika-mandanna" source="keywords">Rashmika Mandanna</keyword> as its brand ambassador for its premium ice cream brand NIC. "Walko is tapping into a multi-billion-dollar opportunity in the Indian ice cream industry. In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream," said Arpit Beri, Partner, India Investments at Jungle Ventures. Jungle Ventures is focused on early to growth-stage companies in Southeast Asia and India.

Jungle Ventures infuses another $20 mn in Indian ice cream brand Walko Food

Mumbai, Apr 25 () At least 328 entities across sectors, including state-owned and those backed by big conglomerates, have opted for availing the Reserve Bank's three-month moratorium on their debt repayments, rating agency Icra said on Saturday.The list of entities, rated by it, include Air India Express, ONGC Petro Additions, entities from Tata Group, JSW Group and GMR Group.On March 27, the RBI had given borrowers a three-month moratorium on debt repayments for the March-May period due to the COVID-19 pandemic. This is a voluntary measure and interest keeps accruing on the loan during the period of moratorium, and experts have opined that such a move would generally elongate the loan repayment period.Icra said it is disclosing the names of the entities as per a mandate received from Sebi, and made it clear that missed payment by these entities even in the case of pending formal approval from the lending institutions prior to the original due date, is not considered an instance of default.Air India Express having a debt of Rs 1,301 crore, and ONGC Petro Additions - which had debt of Rs 33,180 crore and USD 155 million in foreign borrowings, have opted for the moratorium on its loans, the agency said.Interglobe Hotels, with debt of Rs 811 crore, and having its outlook on rating revised to negative earlier this month due to worries on the hospitality sectors, has also opted for the moratorium, it said, adding that other hospitality sector companies, including Lemon Tree Hotels, and Barbeque Nation Hospitality have also sought relief.Among the financiers, city-based Centrum Financial Services, Creditaccess Grameen, Indostar Capital Finance, Madhura Micro Finance and Spandana Sphoorty Financial have opted for delays in their repayment of their debt commitments - like on commercial paper borrowings, even as banks are yet to arrive on whether to accord the relief to the NBFCs.Entities in the GMR Group, including GMR Ambala Chandigarh Expressways (Rs 240 crore debt) and GMR Hyderabad Aviation SEZ (Rs 58 crore) have opted for the moratorium provided by the RBI, it said.Similarly, three entities in the Sajjan Jindal-led JSW Group also seem to have opted for the moratorium, including JSW Steel (Rs 71,952 crore debt), the unlisted JSW Paints (Rs 160 crore), the agency said.Tata Group entities, including Tata Power (Rs 7,231 crore debt), Taj GVK Hotels and Resorts (Rs 195 crore), and Tata Power Renewable Energy, have opted for the relaxations, it said.Billionaire Ajay Piramal-led companies, including the flagship Piramal Enterprises and Piramal Capital and Housing Finance (nearly Rs 30,000 crore debt) have also opted for the relaxation offered by the central bank, as per the data disclosed by Icra.Kalyan Jewellers having an outstanding debt of Rs 3,555 crore as of September 2019, and private sector milk operator Parag Milk Foods, which had a debt of Rs 390 crore, have decided for opting for the leeway on debt repayments, the agency said. AA BALBAL

About 328 entities opt for RBI's 3-month moratorium: Icra

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Business Insider</div></div></div>Sallie L. Krawcheck's Ellevest, a digital investment advisor for women, <a href="https://www.ellevest.com/resources/were_all_bossed_up">closed its second round of funding today</a> with a group of A-list female superstars from the worlds of sports, finance and tech. The funding round was led by Venus Williams and included:<ul><li>Ariel Investments president Mellody Hobson.</li><li>Venture capitalists and Aspect Ventures cofounders Theresia Gouw and Jennifer Fonstand.</li><li>Former deputy general counsel at Google Miriam Rivera.</li><li> Broadway Angels founder Sonja Perkins.</li><li> VC firm Thomas, McNerney &amp; Partners co-founder Karen Boezi.</li></ul>These women join the squad of female Ellevest Series A investors Karen Finerman, the CEO of Metropolitan Capital Advisors, and Andrea Jung, the President and CEO of Grameen America. <a href="https://www.ellevest.com/">Ellevest</a> focuses on life goals to help female clients invest their money through a portfolio of low-cost ETFs. The digital advisor takes into account the established facts of how women's financial experiences differ from men's: longer lifespans, different salary arcs, and the possibility of extended time off from work. For a more detailed explanation of how Ellevest works, you can read <a href="http://www.businessinsider.com/sallie-krawcheck-ellevest-takes-new-approach-to-risk-2016-5">here</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/worse-for-wells-fargo-fbi-getting-involved-2016-9">Things are getting worse for Wells Fargo and now the FBI is getting involved</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tmajl3NTE68xref3pHmnhlSXxxoSV1Tx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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More insurers, capital, distributors and healthy competition required to make insurance for all by 2047

Bhakti Makwana

Ratan Tata’s magical startup investment portfolio

Usha Rani Das

Are MFIs Striking A Balance Between Profit And Social Responsibility?

Preetam Kaushik

Jungle Ventures infuses another $20 mn in Indian ice cream brand Walko Food

IANS

About 328 entities opt for RBI's 3-month moratorium: Icra

PTI

Venus Williams is backing a hot new finance startup

Tina Wadhwa

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