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<keyword id="6373962" type="CITY" weightage="40" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> launched in 2005 and was grounded in October 2012. Seems line Kingfisher Airlines cannot get a break. As a final blow to the Airline’s top management, its <keyword id="5645" type="POSITION" weightage="40" keywordseo="CEO">CEO</keyword> <keyword id="120112" type="PERSON" weightage="60" keywordseo="Sanjay-Aggarwal">Sanjay Aggarwal</keyword> has put in his papers and is moving on from the company. Aggarwal was getting a hefty pay package of Rs 4 crores, even after the operations of the ill fated airlines had stopped in 2012. 
 Sanjay had joined Kingfisher group in September 2010 and took charge of the then high-flying airlines under <keyword id="14678" type="PERSON" weightage="40" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>. He was introduced to the Kingfisher Airlines business to grow the network and bring the Indian air operator back to profit. However, nothing of such sort happened. Before his stint at Kingfisher he was in-charge of Spicejet low-cost carrier in India. 
 Kingfisher Airlines has posted losses of over Rs 820 crores ending December 2013 and one has not seen any steps from the group to resolve the situation in any manner. It almost looks like UB group and its <keyword id="6364480" type="POSITION" weightage="40" keywordseo="Chairman">chairman</keyword>, Vijay Mallya, have given up on the dream to fly its jets again in the Indian and international skies. 
 
Image: Wikipedia

Final Blow To Kingfisher Airlines As Its CEO Sanjay Aggarwal
Quits

New Delhi, Refuelling of <keyword id="1193791" type="PERSON" weightage="20" keywordseo="consumption-demand">consumption demand</keyword> must be the theme of <keyword id="10462039" type="COMPANY" weightage="20" keywordseo="the-union-budget-fy">the Union Budget FY</keyword> 2021-22 to have a <keyword id="1488486" type="PERSON" weightage="20" keywordseo="multiplier-effect">multiplier effect</keyword> on production possibilities, capex expansion, private investments and employment creation, said the industry body PHDCCI in its 10 <keyword id="9997089" type="UNKNOWN" weightage="20" keywordseo="pronged-strategy">pronged strategy</keyword> suggested to Finance Minister Nirmala Sitharaman on Saturday during the <keyword id="878868" type="COMPANY" weightage="20" keywordseo="pre-budget">Pre-Budget</keyword> consultations. The industry body's 10 pronged strategy revolves around the measures aimed at refuelling consumption and demand, and encouraging the private investments. The elements of the strategy presented to the FM includes front loading of <keyword id="691784" type="PERSON" weightage="20" keywordseo="infrastructure-investments">infrastructure investments</keyword>, establishing DFIs to fund industrial and infrastructural investments, strengthening MSMEs, reducing the costs of doing business, ease of doing exports, increasing Tax to GDP ratio. PHDCCI said any measure aimed at pushing up growth must keep agriculture and rural sector at the forefront and carry out effective reforms in social infrastructure. Economy has exhibited early signs of recovery in the recent months, however, to sustain the momentum, there is a need to ensure a great support to demand creation in the economy with lower interest rates for consumers and businesses, lesser compliances for MSMEs vis-a-vis ease of doing business at the ground level and a lower tax regime to increase the personal disposable income of the people, said Sanjay Aggarwal in a press statement. To rejuvenate the aggregate demand in the economy, infrastructure investments will give a multiplier effect. The robust growth of infrastructure is the key ingredient to realize the vision to become Atmanirbhar Bharat, said Aggarwal. The government should consider raising investment funding for the National Infrastructure Pipeline (NIP) through borrowings from overseas markets by issuance of overseas bonds through an SPV that could act as a mega Development Financial Institution- DFI, he said. The DFI could initially finance public sector infrastructure investments, and, as the economy picks up steam, could also finance the private sector infrastructure projects. In the past, governments around the world have often used DFIs to fund industrial and infrastructure investments. Financial as well as technical support extended by DFIs would help in efficient and timely infrastructural development in the country, said Aggarwal Overseas borrowing will allow the government to bring in diversification in its borrowings along with significantly reduced dependence on the domestic market, thereby leaving room for private sector to raise capital for investments, he said Analysing the Debt to GDP ratio of G20 economies, India is at a significantly better position in the G 20 economies. India stands at 14th rank with total debt to GDP ratio at 127.6% comprising of 55.3% as private debt and 72.3% as public debt. Also, we have sufficient FOREX reserves of $575 billion as on 27th November 2020, said Aggarwal. SEE ALSO: <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a> <a href="https://www.businessinsider.in/science/health/news/india-will-produce-300-million-doses-of-the-russian-sputnik-v-covid-19-vaccine-next-year/articleshow/79795341.cms">India will produce 300 million doses of the Russian Sputnik V COVID-19 vaccine next year</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms">Mrs Bectors Food Specialities IPO allotment: Here’s how to check share allotment status</a>

PHDCCI suggests ten pronged strategy to attain higher growth in FY22

New Delhi, Feb 14 () GST Network CEO Prakash Kumar on Friday said e-invoicing and the new format for filing GST will help improve the ease of doing business and reporting for the indirect taxes. "E-invoicing is a step towards improving ease of doing business and reporting for GST. Manual data entry leads to transcription errors and wrong entries," Kumar said while addressing an event on 'E-invoicing and New GST Return Format' organised by the PHD Chamber of Commerce and Industry. There is a need for standard to ensure complete interoperability, he said. "The economies in the high-income group OECD are at the forefront of invoice digitisation," he said. The GSTN CEO said that in India, the aim is to make digitisation part of business process of taxpayers and eliminate all manual reporting. N K Gupta, chairman (indirect taxes committee) of PHD Chamber, said e-invoicing is the new system through which business-to-business (B2B) transactions are authenticated electronically by GSTN. This is a major step towards the push for a digital economy, he said and lauded that GSTN is improving every day and GST is digitised to a great extent. Sanjay Aggarwal, senior vice-president of PHD Chamber, said e-invoice is the future means of electronic billing. It has been adopted by many governments internationally. It has been implemented in a staggering manner over a period of time, initially launched for B2B and B2G (business-to-government), he added. KPM HRS

New GST filing format, e-invoicing to help in ease of doing biz, reporting for taxes: GSTN CEO

<ul><li><keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="Shopclues">Shopclues</keyword> has finally been sold to Singapore-based <keyword id="8279466" type="UNKNOWN" weightage="20" keywordseo="Qoo10">Qoo10</keyword> in an all stock deal. </li><li>The <keyword id="7321558" type="UNKNOWN" weightage="20" keywordseo="unicorn-startup">unicorn startup</keyword> was sold at a valuation ranging between just $70-100 million. </li><li>This year, Shopclues had been at the centre of multiple failed attempts at mergers as it tried to survive.</li></ul>Indian unicorn e-commerce startup Shopclues has finally <a href="https://tech.economictimes.indiatimes.com/news/internet/shopclues-acquired-by-singapore-based-qoo10/71839928">found</a> a buyer in Singapore-based e-commerce platform Qoo10. Shopclues which was once valued at $1.1 billion-- is sold in an all stock deal for a reported valuation ranging between $70-$100 million. Here’s a look at how it all went down for the e-commerce startup. 2011 Shopclues was founded in July 2011 by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal. This was two years before Amazon came to India. It raised an angel round of funding. 2012 The startup raised its series A round of funding of $4 million. During this time, Shopclues had 2500 transactions a day and according to <a href="https://www.techcircle.in/2012/09/04/excl-shopclues-raises-4m-in-series-a-round-looking-to-gross-rs-100cr-sales-by-dec-2012">reports</a>, was hoping to turn profitable by 2013. 2013 Gaining momentum, Shopclues closes its series B round for $10 million from investors Nexus Venture Partners and Helion Venture Partners. 2014 Shopclues raised $15 million as a part of its series C round of funding from its existing investors. 2015 In 2015, the startup scooped up its Series D funding for $100 million, also welcoming Tiger Global to its board of investors. “Shopclues has emerged as the leading marketplace of choice for the millions of small and local businesses seeking to reach mass consumers in India’s tier 2 and tier 3 cities,” the then Tiger Global private equity business head Lee Fixel <a href="https://www.vccircle.com/e-com-marketplace-shopclues-raises-100m-series-c-funding-led-tiger-global/">had said.</a> It also registered a GMV of $400 million. 2016 Between late 2015 and early 2016, Shopclues closed its series E round of funding to join the prestigious unicorn club. It also brought back its dreams for profitability while also reportedly hoping for an IPO. 2017 Shopclues was caught in the middle of a very public spat between its founders – husband and wife duo Sandeep Aggarwal and Radhika. Aggarwal put out a post on Facebook accusing his wife of “an illicit affair” as well as ousting him from the company. It was also the year when the company’s <a href="https://economictimes.indiatimes.com/small-biz/money/shopclues-fy-17-revenue-up-5-losses-decline-by-13/articleshow/61539773.cms">revenue began slowing dow</a>n. In FY17, the company’s revenue grew by 5% instead of the usual 50% jump it had been seeing. Its losses stood at ₹332 crores. 2018 It managed to come back in the game with a 46% revenue jump and cutting down its losses to ₹208 crore in FY18. But at this time, Shopclues also <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/shopclues-revenue-up-46-to-rs-273-crore/articleshow/66409043.cms">cut down</a> on operational costs, advertising spends and employee benefits. However, it was facing immense competition from Flipkart, Amazon, Paytm etc who were growing at breakneck speed. Meanwhile, Shopclues was focussing on its wholesale marketplace model. Once again, its plans to go in for an IPO in 2018, failed to see the light of the day. Multiple senior management <a href="https://www.thehindubusinessline.com/info-tech/top-level-exits-at-shopcluescom/article23263804.ece">exits</a> too began in the company. It also fired 50 employees across verticals. It also lost a legal fight with L’oreal, which had <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/loral-india-wins-judgement-on-counterfeits-against-shopclues/articleshow/66652453.cms">accused</a> Shopclues of selling counterfeit products on its platform. 2019 Having survived on bridge rounds of investments, troubles started mounting for the company as its struggle to survive became public. The rumours of its probable sell began taking solid turns. Snapdeal (who was itself making a comeback from massive losses) was reported to be in talks with Shopclues for a possible merger, but the talks didn’t go through in the end. There were also rumours about ebay.in looking to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/ebay-in-talks-with-etailers-including-shopclues-for-a-fresh-bid-in-india/articleshow/65157378.cms">acquire</a> Shopclues. Shopclues also laid off about 200 employees to cut costs. Then came the news of its final sale to Singapore-based Qoo10 in an all stock deal, but with a massive fall in valuation. “This partnership presents new strategic opportunities for both companies, as it opens up cross-border opportunities for consumers and sellers across Asia,” the company said in a statement.

Once valued at $1.1 billion Shopclues finally gets sold for less than $100 million valuation

<keyword id="6357066" type="UNKNOWN" weightage="100" keywordseo="ShopClues">ShopClues</keyword>.com, the mass-market online retailer founded in 2011 by renowned wall-street analyst Sandeep Aggarwal, has received an undisclosed amount of funding in its Series E round. 
 
This funding has brought the retailer’s valuation at more than $1.1Billion. 
 
The round of capital infusion was led by GIC, which happens to be the largest sovereign wealth fund of Singapore. Existing investors of ShopClues.com, including major names like Tiger Global and Nexus Venture Partners, also participated in this funding round. 
 
“As a long-term investor, GIC believes in the strong growth potential of India's e-commerce industry. We are confident that ShopClues’ merchant-first mind-set and solid management team will enable the company to expand its reach, especially in the Tier-2 and Tier-3 cities, bringing its unique value proposition to even more consumers and merchants,” said Ravi Balasubramanian, GIC’s Head of Asia Equities Research. 
 
Sanjay Sethi, CEO &amp; Co-founder of ShopClues, had his two cents to share on the same. “ShopClues has consistently demonstrated that hyper-growth and strong business fundamentals are not mutually exclusive. The recent addition of GIC and the continued strong support from our existing investors is a validation of our capital efficiency with a clear path to profitability. This investment will enable us to double our focus on digitizing our merchants’ businesses so that they scale to fully leverage the opportunity online commerce provides them.” 
 
The gross merchandise volume (GMV) of online retailer has grown over four time since January 2015. They are currently shipping out over 3.5 million items on a monthly basis, thereby attracting more than 100 million visits per month. 
 
The business growth, which is accompanied by strong improvements in capital efficiency, is expected to prove profitable by H1 2017. 
“Today, we are the dominant player in low price-point &amp; unstructured categories like lifestyle, home, kitchen, electronic &amp; automotive accessories etc. Our focus on selection, value and trusted shopping for Indian middle class consumers has given us tremendous scale with a rapidly growing buyer &amp; merchant network. We are confident that our capital efficiency &amp; execution will make this our last fund raise before we become profitable with the eventual IPO in 2017,” said Radhika Aggarwal, Co-founder and Chief Business Officer of ShopClues. 
 
The capital raised in this funding round will be used to focus on building and rolling out new products so that SME merchants can be enabled to digitize their businesses. It would also be used to further establish itself as the e-commerce operating system on the cloud. 
 
Image source

ShopClues raises Series E at a valuation of $1.1 Billion

<keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="ShopClues">ShopClues</keyword>.com, India’s largest marketplace for small medium businesses (SMBs), has raised investment worth $100 million. The new round of investments was led by <keyword id="526777" type="UNKNOWN" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword>, one of the largest global institutional investors. 
 <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword>, chief executive officer (CEO) and co-founder, ShopClues said, “So far we have brought 100,000 sellers and 10 million products online and the next three years will be focused on bringing 10 million sellers and 1 billion products to the online domain. We will continue to build Technologies &amp; services to enable and empower retailers to participate in the e-commerce revolution that is happening in India. ShopClues levels the playing fields for SMBs to compete with other organized retailers both in the online and offline space, said Sethi.” 
 
Lee Fixel from Tiger Global said in a statement, “ShopClues has emerged as the leading marketplace of choice for the millions of small and local businesses seeking to reach mass consumers in India’s tier two and tier three cities. Sanjay, Radhika and the team have done a great job aggregating the country’s largest online catalog of regional and local brands and we are excited to partner with ShopClues as it expands its offerings.” 
 
Elaborating about the deal, Radhika Ghai Aggarwal, co-founder, ShopClues said, “In Tiger Global, we found a strategic partner who showed confidence in our capability to operate the country’s largest marketplace for the masses – be it the millions of small merchants wanting to sell online or the vast pool of shoppers in tier 2/3 towns looking for access to the products and categories that they never had before. The fact that another ace investor has been added to our list of institutional investors is a strong endorsement of our team, strategy and business performance.” 
 
ShopClues was set up in 2011 as the country’s first fully managed marketplace. At present, ShopClues has 1.5 million transactions per month. More than 70% of its transactions come from tier two and three cities. ing about 40 million monthly visitors, it is growing by 600% year-on-year.

ShopClues.com Bags $100-million Investment

<div type="image" msid="58062255" hostid="261"></div>

 
 
Sanjay Mehta has been a ‘full-time investor’ since the past four years before quitting his last entrepreneurial venture. He loves entrepreneurship for its process, “I really enjoy ‘proxy entrepreneurship’, which means that I can enable many people to start their ventures and help them create a stable business,’’ he says. 
 
<a href="http://www.businessinsider.in/exclusive-ace-angel-investor-sanjay-mehtas-true-life-experiences-that-makes-his-investments-in-startups-fool-proof/articleshow/58061818.cms">ALSO READ: Exclusive: Ace Angel Investor Sanjay Mehta’s true-life experiences that make his investments in startups fool-proof</a> 
 
Mehta is excited about the business building process and thinks that the best part about starting a business is seeing it grow from seed stage to $2-5 million businesses where you enjoy the journey of creating something that has its own identity. He also believes that this is the hardest part, “Their sheer enthusiasm rubs off on me and I learn a lot by listening to their ideas. I get personal gratification by seeing them give in to their belief and giving up the best years of their lives,” he says, at peace. 
 
With 66 start-up portfolio companies namely Zippr, Box8, WowMomos, AdstringO, UnBxd, Consure Medical Device, Oyo Rooms, PrettySecrets.com, Letsventure.com, MechMocha, Faballey.com, PayTunes, LogiNext, RepUp, Adsparx, Ecosense, PeeBuddy and more; Mehta is a regular target for aspiring founders and more so after his successful exit from Oyo Rooms whose founder Ritesh Aggarwal, became famous for being a 21-year old founder. 
 
From an exit perspective, Oyo was the biggest exit for any Indian angel investor at 280 x of the investment made which was last year. He is very practical with his investments and thinks that a 100 x exit from a start-up is successful but that’s not why he does it; he sounds like a proud parent when he talks about his investments. 
 
<a href="http://www.businessinsider.in/exclusive-voonik-is-redefining-fashion-e-commerce-for-indian-masses/articleshow/58044307.cms">ALSO READ: Exclusive: Voonik is Redefining Fashion E-commerce for Indian Masses</a> 
 He is very practical in his outlook for the start-up ecosystem, “In terms of <keyword id="3003094" type="UNKNOWN" weightage="20" keywordseo="Startup-India">Startup India</keyword>, I don’t think the government has done enough especially to ease the pains of doing business. I’m appreciative of this government because not only have they started a dialogue in the country, they have also started adopting new technologies made in India, at a state and national level which is a supportive move, ”he beams. 
 
Mehta as an investor is bullish about Crypto currency, Universal utilities, FMCG brands that sell online, Medical devices, Pharma, Ed-tech, Media, and entertainment, as sectors and believes that India is on the cusp of innovative products and this is just the beginning. 
Sanjay has a good eye for innovation and thinks product start-ups like Freshdesk and Druva have already started the start-up revolution that is driven by innovative products that will propel India to be world’s start-up destination. 
 
<a href="http://www.businessinsider.in/the-stayzilla-fiasco-is-an-ugly-heads-up-of-the-future-of-the-indian-startup-ecosystem/articleshow/57689230.cms">ALSO READ: The Stayzilla fiasco is an ugly heads-up of the future of the Indian startup ecosystem</a> 
 
 You can reach Sanjay Mehta on Twitter- @mehtasanjay or on LinkedIn, where he writes regular opinion articles on the start-up ecosystem.

Exclusive: An Angel investor whose Midas touch with Crypto-currency is redefining the future of start-up investments

Bollywood power couple, <keyword id="19927390" type="General" weightage="100" keywordseo="Deepika-Padukone" source="keywords">Deepika Padukone</keyword> and <keyword id="19921973" type="General" weightage="20" keywordseo="Ranveer-Singh" source="keywords">Ranveer Singh</keyword> have become parents to a <keyword id="20015816" type="General" weightage="20" keywordseo="baby-girl" source="keywords">baby girl</keyword>.'DeepVeer' officially confirmed the news with their fans with a post on <keyword id="19900288" type="General" weightage="20" keywordseo="Instagram" source="keywords">Instagram</keyword> on Sunday. "Welcome baby girl! 8.09.2024," the picture read. After this good news, 'DeepVeer' fans couldn't keep calm and flooded the comment section. One of the users wrote, "Congratulations Deepu and Ranveer." Another user commented, "Congratulations DeepVeer." On Saturday, several photos and videos of Deepika went viral on social media as she made her way to the hospital. Before welcoming their first child, Deepika and Ranveer visited Mumbai's <keyword id="20382517" type="General" weightage="20" keywordseo="Siddhivinayak-Temple" source="keywords">Siddhivinayak Temple</keyword> on the occasion of <keyword id="20669522" type="General" weightage="20" keywordseo="Ganesh-Chaturthi" source="keywords">Ganesh Chaturthi</keyword> on Friday evening. The couple was clicked by the shutterbugs as they entered the temple premises. The couple were all smiles as they arrived at the temple to see Lord Ganesha's blessings. Recently, the couple treated fans with their stunning <keyword id="20762403" type="General" weightage="20" keywordseo="maternity-shoot" source="keywords">maternity shoot</keyword>. In the joint post shared on Deepika and Ranveer's Instagram handles, the couple captioned it with ward off evil eye, heart and infinity emojis. In the pictures, the couple can be seen embracing baby bump. Deepika and Ranveer announced their pregnancy in February this year. Ranveer-Deepika tied the knot on November 14, 2018, at Italy's Lake Como after dating for six long years and the duo never fail to shower love on each other on social media. They first met on the sets of Sanjay Leela Bhansali's romantic drama film 'Goliyon Ki Rasleela Ram-Leela' and later also starred in 'Bajirao Mastani' and 'Padmaavat'. Meanwhile, on the work front, Deepika will be next seen in '<keyword id="20032943" type="General" weightage="20" keywordseo="Singham-Again" source="keywords">Singham Again</keyword>,' set to hit the big screens on the festive occasion of Diwali 2024. Helmed by Rohit Shetty, 'Singham Again' also stars her husband Ranveer Singh, actors Ajay Devgn Kareena Kapoor Khan, Akshay Kumar, Tiger Shroff, and Ranveer Singh in the lead roles. 'Singham Again' is the third instalment of the super-hit franchise. 'Singham' was released in 2011, starring Kajal Aggarwal and Prakash Raj in lead roles, followed by 'Singham Returns' in 2014. Both projects were box office hits. Ranveer, on the other hand, recently announced his new project, featuring a stellar cast that includes Sanjay Dutt, R Madhavan, Akshaye Khanna, and Arjun Rampal. Ranveer Singh will also star in Farhan Akhtar's upcoming 'Don 3'.

"Welcome baby girl": Deepika Padukone, Ranveer Singh become parents

IITs rank fourth among popular universities globally which have produced unicorn founders, according to a report by Sage, a UK-based accounting and payroll company. 
 
In its study “Unicorn League”, the company has recently examinef what these $1 billion companies have in common, the schools which breed the most founders etc. 
 With 51 unicorn founders, <keyword id="33081" type="ORGANIZATION" weightage="20" keywordseo="Stanford">Stanford</keyword> tops the chart followed by Harvard (37 founders). 
 At fourth position are IITs with 12 unicorn founders that include <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> (<keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>), Abhay Singhal (InMobi), Ankit Bhati and <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword> (Ola), <keyword id="476451" type="UNKNOWN" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> (Zomato), <keyword id="1003724" type="PERSON" weightage="20" keywordseo="Jyoti-Bansal">Jyoti Bansal</keyword> (AppDynamics), K.V. Rao (<keyword id="2021781" type="COMPANY" weightage="20" keywordseo="Zuora">Zuora</keyword>), Pankaj Chaddah (Zomato), <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> (<keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>) and <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> (ShopClues.com). 
 
The study also found that 94% of founders were male, while only 30 of the 498 founders were female. 67% of unicorns were created by co-founders and 33% by single founders. For 60% of the founders, their current unicorn is the first and only company they’ve built. 
 
Also, those who founded more than one company have, on average, a 34.5% higher valuation than those who founded just one company ($4.29 billion versus $5.88 billion). 
 
The US has the most unicorn headquarters (144), followed by China (47) and India (10).The UK (9) leads the pack in Europe, followed by Germany (6). California (95) boasts the most headquarters, followed by New York (19) and Beijing (18). Consumer Internet (49) is the most common unicorn sector, ahead of software (48), e-commerce (37), financial services (22) and healthcare (18).

IITs stand fourth among popular universities globally which have produced Unicorn Founders: Report

<ul class="summary-list"><li>The price of lemons spiked across India this summer after one of the hottest seasons in decades.</li><li>That led to lemon<a href="https://www.newindianexpress.com/nation/2022/apr/14/robbers-make-away-with-a-huge-quantityof-lemons-in-up-districts-2442057.html"> robberies</a> and lemons being given as wedding<a href="https://www.moneycontrol.com/news/trends/current-affairs-trends/gujarat-groom-receives-lemons-as-gifts-as-prices-soar-in-summer-8371891.html"> gifts</a>.</li><li>Prices are easing now, but the hike has changed how people cook and do business.</li></ul>MUMBAI, India — Chandrashekhar Vallahburai Devender, the owner of a lemonade stand in Mumbai, has been selling lemonade for 12 years now and said he's "never seen the prices of lemons jump so high."The price of the citrus fruit <a href="https://timesofindia.indiatimes.com/city/pune/skyrocketing-lemon-prices-squeeze-kitchen-budget/articleshow/90886961.cms">soared</a> in India's summer months of April to June, thanks to the combination of a poor harvest — due to an unusually rainy winter and hot summer — and the global rise in gas prices, which bumped up transportation costs.Lemons are a mainstay of Indian cuisine. But this summer, the fruit was considered a luxury in the country, so much so that there were lemon <a href="https://www.newindianexpress.com/nation/2022/apr/14/robbers-make-away-with-a-huge-quantityof-lemons-in-up-districts-2442057.html">robberies</a>, and lemons were given as wedding <a href="https://www.moneycontrol.com/news/trends/current-affairs-trends/gujarat-groom-receives-lemons-as-gifts-as-prices-soar-in-summer-8371891.html">gifts</a>. The humble lemonade became a drink of the elite.Lemon and lemonade sellers in Mumbai markets said they could buy between five and seven lemons for 10 Indian rupee, or about $0.13, in 2021. But for the past few months, shoppers struggled get one lemon for that price.Devender said he was earning up to 1,500 INR, or about $19, a day last year, but his income has been cut in half.He has had to expand his business to a second stall selling buttermilk and tea to try to make up the difference. Because of that investment, "making profits and saving money won't be possible this year," he said.Sanjay Sonawane, a 43-year-old lemon vendor in Mumbai, would sell 7-to-10 kilos of lemons a day in an ordinary summer. "This summer, I struggled to sell 5 kilos a day. Most customers would ask the price and walk away."He has had to take out a loan to stay afloat, "and I haven't been able to pay it back yet," he said, adding that borrowing money has always been his last resort. <h2>An extraordinary season</h2>Alankrita Goswami, an agricultural economist, said the price hike was caused by several factors: high rainfall in the winter, which delayed lemon production in some states by several months, and "unusually high temperatures in early 2022," which meant fewer and lower-quality lemons were grown.<div type="image" title="Street vendors under their umbrellas at local market." height="1667" width="2500" msid="93280031" hostid="261"></div>Only 5% of the normal crop of lemons arrived this summer, according to the <a href="https://indianexpress.com/article/cities/ahmedabad/lemon-prices-remain-high-across-gujarat-as-supply-falls-short-of-demand-7868563/">Agriculture Produce Market Committees.</a>"With all this on one side, we also had the spike in fuel and gas prices. That affected transportation cost as well," Goswami said.<h2>India's love of lemons</h2>"Lemons and Indian cooking go way back," said the Delhi-based food blogger Chaitali Aggarwal."Our grandmothers have been making jars and jars of lemon pickles for years and we've been finishing all our dishes with this citrusy goodness," she said, pointing out that lemon is a rich source of vitamin C. "I love a salad with every meal I have, which is always incomplete without a fresh lemon-juice dressing." The summer heat in her home city of Delhi makes customers rush for homemade lemonades, lemon iced teas, and lemon-infused fresh water, which all require "massive amounts of lemon juice," Aggarwal said.Some in the country believe that lemons ward off bad luck. You can often find a lemon with seven chilis outside Hindu homes or tied onto cars.<div type="image" title="A group of lemons and corn on a basket." height="1667" width="2500" msid="93280033" hostid="261"></div>Aggarwal said that the price hike means her friends and family, who used to buy lemons in large quantities, have started buying fewer and using them sparingly."It simply made a very basic, everyday produce very premium," she said.<h2>Ripple effects</h2>The price rise has changed the way lemons are used in India, in turn affecting nutrition levels and businesses.At restaurants and bars in some areas of Mumbai over the summer, lemon was not served as it usually is alongside onion slices and salad. "Until last year, we'd give two halves of lemon with one single plate of pav bhaji," or mashed-potato curry with bread, said Savita Bhalerao, a 39-year-old street-food vendor in Mumbai. "Now I buy five lemons a day and I cut one lemon into four pieces."In April, when lemon prices peaked, she stopped serving lemons completely. "We told our customers that we had already sprinkled lemon and we'd use a drop of vinegar to add that tangy taste instead," she said.Aggarwal said vinegar is being substituted for lemon in home cooking as well, "which, needless to say, will be nothing like fresh lemon juice and won't have the health benefits of fresh lemons."<h2>Threatening a way of life</h2>Lemons are just one part of the overall food crisis for India and the world. Many food items have become more expensive in the country, pushed by rising fuel prices and supply-chain issues.From February to April, the Ministry of Statistics and Programme Implementation reported that food prices rose 7.3% on average. The consumer price index reached 7.8% in April and dropped a bit, to about <a href="https://www.mospi.gov.in/documents/213904/416359//CPI%20Press%20Release%20May%2020221655121816724.pdf/d8a4ef4f-fbad-6015-8597-9dbc8d40fbed">7%,</a> in May."The impending food crisis is downright petrifying," Aggarwal said. "Food now is a source of joy and a way of life, and the impending food crisis threatens it all."Monsoon season — the rainy period from June to September — has now started and lemon prices have started to fall, partly due to a new harvest cycle beginning. There are three lemon <a href="https://newsonair.com/2022/04/21/is-climate-change-to-be-blamed-for-growing-lemon-prices/#:~:text=Lemon%20season%20in%20India,the%20harvest%20happens%20in%20October.">seasons</a> a year in India.But Goswami doesn't expect the cost of lemons to get back to normal until sometime between October and December, assuming production returns to its usual rate.While consumers may have some respite as prices drop, those in the lemon business may never recover.Devender said he doesn't want his children to follow him into the family lemonade business now. "I want my kids to break the tradition, pass out of school, and have a stable income source," he said."I don't want them to go through what I have been through."

Lemon prices soared so much in India this summer they were given as wedding gifts and lemonade was seen as an 'elite' drink

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If you are an aspiring entrepreneur or a wantrepreneur equipped with a dream to create a billion-dollar business in India, one of the IITs is your best bet. 
 Unicorns are <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> with more than a billion-dollar valuation and the IITs have produced 12 unicorns. 
 
Sage, a UK-based accounting, and payroll company stated this in a research and reinstated the belief that the premier institution is still numero uno for attaining success. 
 
In terms of countries that are home to the most number of unicorns, US tops the list with 144 unicorns, followed by China with 47. India grabbed the third spot with 10. 
 
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In the study that lists universities that have produced the most unicorn founders, the Indian Institutes of Technology (IITs) bagged the fourth spot. 
 US-based <keyword id="101399" type="ORGANIZATION" weightage="20" keywordseo="Stanford-University">Stanford University</keyword> claimed the top rank with 51 unicorn founders, followed by <keyword id="97117" type="ORGANIZATION" weightage="20" keywordseo="Harvard-University">Harvard University</keyword> with 37. 
 The <keyword id="73593" type="ORGANIZATION" weightage="20" keywordseo="University-of-California">University of California</keyword> came third with 18 unicorn founders and <keyword id="6354859" type="COMPANY" weightage="20" keywordseo="IIT">IIT</keyword> followed with 12 founders. 
 India is home to 10 unicorn companies from e-commerce giants <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> and ShopClues to cab aggregator Ola, restaurant aggregator Zomato, classified ads platform Quickr, digital payments company <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>, mobile ad tech player InMobi, messaging app Hike and analytics company Mu Sigma. 
 Within the various IITs, it is Delhi that produced the maximum unicorn founders. <keyword id="6354867" type="CITY" weightage="20" keywordseo="Sachin">Sachin</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> of Flipkart, <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> of ShopClues, Zomato founders <keyword id="476451" type="UNKNOWN" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> and Pankaj Chaddah, Snapdeal's <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> and Quikr's <keyword id="1063538" type="PERSON" weightage="20" keywordseo="Pranay-Chulet">Pranay Chulet</keyword> and <keyword id="2124885" type="UNKNOWN" weightage="20" keywordseo="Jiby-Thomas">Jiby Thomas</keyword> (now founder of <keyword id="4123624" type="UNKNOWN" weightage="20" keywordseo="webbutterjam-digital">Webbutterjam Digital</keyword>) are all products of <keyword id="57604" type="CITY" weightage="20" keywordseo="iit-delhi">IIT Delhi</keyword>. 
 
<a href="http://www.businessinsider.in/exclusive-what-moms-want-from-the-budget-2017/articleshow/56872243.cms">ALSO READ: Exclusive: What moms want from the Budget 2017</a> 
 Ola's founders <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword> and <keyword id="2412264" type="UNKNOWN" weightage="20" keywordseo="Ankit-Bhati">Ankit Bhati</keyword> went to IIT Bombay. 
 Inmobi's founders Naveen Tiwari, Abhay Singhal and <keyword id="75744" type="PERSON" weightage="20" keywordseo="Amit-Gupta">Amit Gupta</keyword> studied at IIT Kanpur while their co-founder <keyword id="2682435" type="PERSON" weightage="20" keywordseo="Mohit-Saxena">Mohit Saxena</keyword> went to IIT Roorkee. 
 
<a href="http://www.businessinsider.in/take-a-tour-of-oyo-rooms-attractive-new-property-townhouse/articleshow/56781794.cms">ALSO READ: Take a tour of OYO's attractive new property: OYO Townhouse</a> 
 
According to the study, for over 60% of the founders all over the world, the current unicorn company was the only company they had ever built. However, indicating that experience literally pays, the research said those who founded more than one company have, on average, a 34.5% higher valuation than those who founded just one company ($4.29bn vs $5.88bn).

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