<keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword>, a popular quick-commerce platform which rivals Blinkit and Swiggy Instamart, has secured <keyword id="22972597" type="General" weightage="20" keywordseo="USD-340-million" source="keywords">USD 340 million</keyword> in a follow-on financing round led by <keyword id="20231170" type="General" weightage="20" keywordseo="General-Catalyst" source="keywords" meta.keywordsubtype="org" meta.entityname="General Catalyst" meta.hostid="261" meta.entityid="General Catalyst">General Catalyst</keyword>, pushing the Mumbai-based startup's <keyword id="19896943" type="General" weightage="20" keywordseo="valuation" source="keywords">valuation</keyword> to $5 billion. This fresh infusion of capital comes shortly after Zepto raised $665 million in June 2024, which had then valued the company at $3.6 billion—almost triple its worth from the previous year. The latest round was spearheaded by General Catalyst, with new investors Dragon Fund and Epiq Capital also joining the fray. Existing backers, including <keyword id="22972598" type="General" weightage="20" keywordseo="StepStone" source="keywords" meta.keywordsubtype="org" meta.entityname="StepStone" meta.hostid="261" meta.entityid="StepStone">StepStone</keyword>, Lightspeed, DST, and Contrary, have further increased their investments in Zepto. <keyword id="20291499" type="General" weightage="20" keywordseo="Aadit-Palicha" source="keywords">Aadit Palicha</keyword>, Co-founder and CEO of Zepto, explained that the decision to pursue this follow-on financing was driven by two key factors. "First, we couldn’t miss the opportunity to bring <keyword id="21957857" type="General" weightage="20" keywordseo="Neeraj-Arora" source="keywords">Neeraj Arora</keyword> from General Catalyst on board as our lead investor. Second, strengthening our balance sheet is a strategic move as we continue to show strong growth and operational efficiency," Palicha said according to PTI. Zepto is rapidly expanding its network of dark stores, which currently stands at 370, according to a report in The Hindu. The company plans to increase this to approximately 700 stores by March 2025, thereby strengthening its presence across the top 20 cities in India. In June, Zepto reported crossing the $1 billion mark in annualized Gross Merchandise Value (GMV). Founded in 2021 by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto has rapidly grown into a leading player in the quick commerce sector, drawing significant attention from investors and industry watchers alike.

Zepto secures USD 340 million in latest funding round, boosting valuation to USD 5 billion

Mumbai, Apr 17 () The foreign exchange reserves gained by a healthy USD 1.815 billion to USD 476.475 billion for the week to April 10, as per the latest weekly data from the Reserve Bank released on Friday.The forex reserves had declined by USD 902 million to USD 474.660 billion in the week to April 3, due to the fall in foreign currency assets. In the week before, the reserves had surged by USD 5.65 billion to USD 475.561 billion.On a year-on-year basis, the forex reserves had rallied by a whopping USD 61.6 billion as of April 10, according to the RBI data. During FY21 also, the foreign exchange reserves have risen by almost USD 62 billion.The reserves had touched an all-time high of USD 487.23 billion in the week to March 6, after it rose by USD 5.69 billion. Since then the reserves had been falling as the rupee was on free-fall. In the second week of March it has fallen the steepest - a whopping USD 11.9 billion as the RBI was forced to defend the rupee.For the reporting week, the foreign currency assets, which form the major chunk of the reserves, gained by USD 1.222 billion to USD 440.338 billion, which on a year-on-year basis has jumped by USD 53.576 billion.In the previous week ending April 3, the same had declined USD 547 million to USD 439.116 billion.Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.As against a decline of USD 340 million to USD 30.550 billion in the previous week, the gold reserves rose to USD 31.136 billon, up by USD 586 million on a weekly basis and on an annualised level it had gained USD 7.832 billion.The special drawing rights with the International Monetary Fund (IMF), which has risen by USD 5 million to USD 1.427 billion, fell USD 4 million to USD 1.424 billion, marking a net decline of USD 35 million annualised.The country's reserve position with the IMF, which dipped USD 19 million to USD 3.566 billion in the previous week, gained by USD 11 million to USD 3.578 billion on a weekly basis and gained by USD 216 million annualised. BEN BALBAL

Forex kitty swells USD 1.82 bn to USD 476.5 bn

In 2023, there has been a sharp rise in low-performing shopping malls with approximately 13.3 million square feet of <keyword id="20144408" type="General" weightage="20" keywordseo="retail-space" source="keywords">retail space</keyword> categorised as 'ghost shopping centre', a 59 per cent year-on-year surge. According to <keyword id="19895044" type="General" weightage="20" keywordseo="Knight-Frank-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Knight Frank India" meta.hostid="261" meta.entityid="Knight Frank India">Knight Frank India</keyword>'s latest report, 'Think <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> Think Retail 2024: Shopping Centre and High Street Dynamics Across 29 Cities', there has been an increase of 238 per cent year-on-year in Ghost Shopping Centre in terms of leasable area since 2022 in the prime markets. As a result of the rise in 'ghost <keyword id="21560774" type="General" weightage="20" keywordseo="shopping-centres" source="keywords">shopping centres</keyword>', Knight Frank India estimated that loss of value to be at Rs 67 billion or USD 798 million, in 2023. As per definition, ghost malls are shopping centres, typically having a high vacancy rate and low consumer footfalls. According to the report by the global property consultant, National Capital Region (NCR) accounted for the highest ghost shopping centre stock, measuring at 5.3 million sq ft (rise of 58 per cent year-on-year), followed by Mumbai with 2.1 million sq ft (rise of 86 per cent year-on-year) and Bengaluru with 2.0 million sq ft (rise of 46 per cent year-on-year). Hyderabad is the only city to record a decline in the ghost shopping centre stock by 19 per cent year-on-year to 0.9 million sq ft in 2023. The sharpest rise in ghost shopping centres was recorded in Kolkata (237 per cent year-on-year), though on a lower base. In tier 1 cities, the total number of shopping centres have reduced in a period of one year. Despite the addition of eight new retail centres, total number of shopping centres reduced to 263 in 2023 as 16 shopping centres were shut down over the last year. Underperforming shopping centres were either demolished due to reasons such as developers undertaking residential or commercial developments or were permanently closed or auctioned. The report delved into the retail real estate markets beyond the top-tier markets. This study covered 340 shopping centres and 58 high streets across 29 Indian cities, conducted through primary surveys. According to Knight Frank Research, as of 2023, India has a total shopping centre stock of 125.1 million sq ft. The top 8 Indian cities constitute 75 per cent of the total gross leasable area, at 94.3 million sq ft across 263 shopping centres while Tier 2 cities constitute 30.8 million sq ft. Of the top 8 cities, NCR (31.3 mn sq ft), Mumbai (16.3 mn sq ft) and Bengaluru (15.6 mn sq ft) were the top three cities in the pecking order of leasable area available in the shopping centres. In the report, Knight Frank has projected potential revenue of the shopping centres across 29 cities to reach USD 14 billion during 2024-25. The revenue projections for shopping centres is based on an extensive primary survey of 340 shopping centres, including the top 8 cities. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank">Indegene IPO: Company details to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank">Asus ZenBook Duo review – an excellent dual-screen laptop for multitaskers</a>

Ghost shopping malls surged 59% in 2023, 16 retail centres shut across top cities

<keyword id="13664921" type="General" weightage="20" keywordseo="adani-cement" source="Orion">Adani Cement</keyword> on Friday said it has refinanced USD 3.5 billion loan it had taken for acquisition of <keyword id="6374289" type="General" weightage="20" keywordseo="acc" source="Orion">ACC</keyword> and <keyword id="122370" type="General" weightage="20" keywordseo="ambuja-cement" source="Orion">Ambuja Cement</keyword>, in sign of growing confidence of international institutions in the conglomerate. As many as 10 international banks refinanced the facility, the firm said in a statement. "The re-financing program of USD 3.5 billion has been concluded with a clutch of international banks with debt maturity of up to 3 years, testifies the strong support and access to capital, supplementing the solid capital prudency adopted at all portfolio companies," it said. "This showcases Adani's robust access to the global financial market and strong liquidity position. This achievement reflects our commitment to financial stability and growth." The refinance, it said, will lead to cost saving of USD 300 million. Adani Cement had in September last year acquired Ambuja and ACC for USD 6.6 billion deal, making it the second largest cement maker in the country. "The USD 3.5 billion facility marks the continued execution of the capital management plan outlined in September 2022 that will see step wise planned deleveraging of Adani Cement, with cement vertical net debt to EBITDA now under 2x," it said. Currently, Ambuja Cement and ACC have a combined installed production capacity of 67 million tonne per annum which will go to 100 million tonne by 2025 with the announced acquisition of Sanghi Cement. ACC &amp; Ambuja are among the strongest brands in India with immense depth of manufacturing and supply chain infrastructure. "These along with benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where Adani Portfolio companies have vast experience and deep expertise has resulted in to improvement in the EBITDA per tonne from Rs 340 per tonne in quarter ended September 2022 (immediately after the acquisition) to Rs 1,253 a tonne in the quarter ending Jun-23 which represents embedded deleveraging through elevated coverage positioning," it said. The transaction was financed by facilities aggregating to have USD 3.5 billion from 10 international banks. DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank acted as mandated lead arranger and bookrunners and underwriter to the transaction. In addition, Barclays Bank PLC, BNP Paribas, Deutsche Bank AG, ING Bank, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank acted as Mandated Lead Arrangers and bookrunners for the transaction. Cyril Amarchand Mangaldas, Latham and Watkins acted as Borrower's counsel for the financing with Allen &amp; Overy LLP, Talwar Thakore and Associates acting as legal counsels to the lenders.

Adani Cement refinances $3.5 billion loan taken for ACC and Ambuja Cement acquisition

Benchmark indices Sensex and Nifty ended lower on Wednesday, dragged down by intense selling in IT and tech stocks amid a mixed trend in global equities. Falling for the second straight session, the 30-share BSE Sensex declined 371.83 points or 0.60 per cent to end at 61,560.64 after a flat start. During the day, it tumbled 592.37 points or 0.95 per cent to 61,340.10. The NSE Nifty declined 104.75 points or 0.57 per cent to settle at 18,181.75. "In response to weak global sentiments, domestic investors remained cautious as the US market grappled with recession concerns led by recent economic data indicating slowdown. "The US retail sales figures for April reflected a decrease in demand, and ongoing debt ceiling negotiations further dampened market sentiment, Vinod Nair, Head of Research at Geojit Financial Services, said. Among the Sensex firms, Kotak Mahindra Bank, Asian Paints, <keyword id="6357585" type="General" weightage="80" keywordseo="tata-consultancy-services" source="Orion">Tata Consultancy Services</keyword>, HCL Technologies, Infosys, Tata Steel, Wipro, Bajaj Finance, <keyword id="42747" type="General" weightage="80" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, Titan and <keyword id="85462" type="General" weightage="80" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> were the major laggards. In contrast, IndusInd Bank, ITC, Bharti Airtel, Maruti, <keyword id="6355596" type="General" weightage="80" keywordseo="ultratech-cement" source="Orion">UltraTech Cement</keyword>, Mahindra &amp; Mahindra and <keyword id="6354731" type="General" weightage="80" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> were the gainers. In Asia, Seoul and Tokyo markets ended in the green, while Shanghai and Hong Kong settled lower. European markets were trading on a mixed note. The US market ended lower on Tuesday. Foreign Institutional Investors (FIIs) were buyers on Tuesday as they bought equities worth Rs 1,406.86 crore, according to exchange data. Meanwhile, global oil benchmark Brent crude dipped 0.12 per cent to USD 74.82 per barrel. On Tuesday, the 30-share BSE benchmark had declined 413.24 points or 0.66 per cent to settle at 61,932.47. The Nifty went lower by 112.35 points or 0.61 per cent to end at 18,286.50. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ondc-not-an-immediate-risk-for-zomato-and-swiggy-as-lower-prices-are-due-to-discounts/articleshow/100298963.cms">ONDC not an immediate risk for Zomato and Swiggy as lower prices are due to discounts</a> <a href="https://www.businessinsider.in/stock-market/news/five-reason-why-markets-will-not-run-up-further-from-here/articleshow/100294718.cms">Five reasons why markets will not run up further from here</a> <a href="https://www.businessinsider.in/business/news/indias-super-rich-will-double-in-numbers-to-1-6-million-by-2027-knight-frank/articleshow/100298454.cms">India’s super rich will double in numbers to 1.6 million by 2027: Knight Frank</a>

Sensex, Nifty50 close in the red as realty, IT and metal stocks decline

The Indian equity market started the year 2022 on a positive note on Monday, with the benchmark <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> rising about 340 points in opening trade on account of hectic buying in IT and power stocks. Starting off the session confidently, the BSE gauge further strengthened its gains as the morning trade progressed and was trading at 58,593.26, showing a rise of 339.44 points or 0.58 per cent. Likewise, the <keyword id="372424" type="General" weightage="20" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> rose 108.90 points or 0.63 per cent to trade at 17,462.95 in opening deals. On the Sensex chart, TCS, Maruti, HCL Tech, L&amp;T, <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> were among the prominent gainers. In contrast, IndusInd Bank, M&amp;M, Titan, Dr Reddy's and HUL were trading in the red. Sectorally, BSE auto, IT and Pharma indices were trading with significant gains. The Indian equity market ended the year 2021 on a high note on Friday. On the last trading day of 2021, the Sensex closed 459.50 points or 0.80 per cent higher at 58,253.82 and the <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> ended 150.10 points or 0.87 per cent up at 17,354.05. On Friday, foreign institutional investors (FIIs) were net buyers in the capital market, as they purchased shares worth Rs 575.39 crore, according to stock exchange data. Elsewhere in Asia, bourses had mixed responses from participants on the first trading day of 2022. Meanwhile, international oil benchmark Brent crude rose 0.69 per cent to USD 78.24 per barrel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-motors-stock-at-2-month-high-on-becoming-second-largest-car-seller-in-india/articleshow/88660095.cms">Tata Motors’ stock at nearly two-month high after selling more cars than Hyundai in December</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-india-banned-1-7-million-user-accounts-in-november-last-year/articleshow/88659277.cms">Thanks to India’s new IT rules, WhatsApp banned 1.7 million user accounts in November last year</a>

Sensex, Nifty start 2022 on a positive note; TCS, Maruti, HCL Tech, L&T, Tech Mahindra and Wipro top gainers

New Delhi, Dec 1 () Zivame will set up 60 offline stores in metros and tier I cities over the next 12-18 months, as the online intimate wear retailer looks to further strengthen its omnichannel play in the growing segment.
Actoserba (which runs Zivame), which has narrowed its losses from over Rs 32 crore in FY18 to Rs 19.56 crore in FY19, is also looking at achieving break-even in the next 12 months.
"Last one year has been phenomenal as we have strengthened our position across categories and deepened our presence in the markets. With tech, data and innovation at the heart of everything we do, we are set up for exponential growth over the next few years," Zivame CEO Amisha Jain told .
She added that the company is poised to hit over 75 per cent growth for the next few years.
"We have more than 40 retail stores in tier I markets and we are looking at taking that number to 100 over the next 12-18 months. We will deepen our presence in these markets," she said.
The company's revenue from operations grew to Rs 137.9 crore in FY19 from Rs 86.6 crore in the previous year. Its marketing expenses decreased by 18 per cent in FY19 vis-a-vis FY18, while the total expenses increased by 1 per cent.
"Currently, Zivame brand has hit Rs 340 crore annual runrate for FY20. While our offline business is growing at a very strong pace, our online business also continues to do extremely well. The app contribution for Zivame brand gross sales has increased from 50 per cent in FY18 to 65 per cent in FY19... we should be able to break-even in the next 12 months," Jain said.
The online channel accounts for about 80 per cent of Zivame's business, while the remaining comes from offline retail.
Jain said the company is focussing on four areas to drive growth -- continuous product innovation, great consumer experience, omni-channel presence and its new brand identity.
"This year, we unveiled a new brand identity with the tagline 'Love Yourself Inside Out'. This aligns with our vision of creating an exciting, modern and inclusive environment for women to discover and shop for their intimate wear needs. Be it through products or content, we want to create dialogue and engagement around the category," she said.
Talking about the market opportunity, Jain said the intimate wear market in India is about USD 3 billion, of which only 40 per cent is organised. "This market is expected to grow to USD 6 billion in the next five years, and the share of organised retail is poised to grow to 60 per cent," she added.
Zivame, which counts Zodius Capital, Unilazer Ventures and Khazanah Nasional Bhd among its investors, is also looking at raising funds to the tune of USD 50 million (about Rs 350 crore) within this fiscal.
This year, Zivame has raised Rs 60 crore in funding as part of a bridge round, led by Zodius Technology Fund and a group of high net worth individuals, and Rs 10 crore in an extended series C Round from Allana Investment and Trading Company.
In 2015, it had raised Rs 250 crore in series C funding round from Zodius Technology Fund and Khazanah Nasional Bhd, the investment holding arm of the government of Malaysia and USD 6 million from Unilazer Ventures in 2013. Ratan Tata has also invested an undisclosed amount in the company. SR BAL

Zivame to expand offline footprint, eyes break-even in 12 months

Rome, Apr 7 (AFP) Italian Prime Minister Giuseppe Conte consulted top scientists Tuesday about ways to safely end a month-long lockdown aimed at stemming a pandemic that has killed thousands and left millions unemployed. Conte's videoconference with the government's scientific committee came one week before Italy's economically-crippling closure of most businesses and factories is set to expire. Few expect it will. The shutdown and an accompanying ban on almost all outdoor activity have helped slow the spread of a novel coronavirus that has officially claimed a world-topping 17,127 lives. The daily reported toll reached 969 on March 27 and has since levelled off. There were 604 new fatalities on Tuesday and the rise in infections fell to a new low of just 2.3 per cent. But health officials warn that the outbreak appears to have peaked only because of the various closures and bans. They insist on keeping the containment rules in place as long as possible -- perhaps until a vaccine is developed or some reliable tests can show who has immunity against the new disease. "We are far from the end," the scientific committee's head Domenico Arcuri told reporters before entering the talks with Conte. "The number of men and women who will die from the virus will continue to rise." Italian businesses counter that they cannot afford to stand idle much longer. A study released Tuesday by the Confcooperative small business lobby said the economy was being subjected to an "epochal shock" that would take at least two years to overcome. It estimated that more than half of Italy's 1.3 million construction workers and over a third of the 11.4 million services sector employees were now furloughed. Conte has tried to help out both families and businesses by putting the Italian government into staggering debt. He unleashed a 25-billion-euro (USD 27 billion) emergency support programme that included about 340 billion euros in government-backed loans for small businesses. Conte promised to inject another 400 billion euros in a second stimulus plan unveiled Monday night. Italy's health "emergency is also an economic and social one," Conte said in a nationally televised address. His video conference with the scientists is officially focused on "Phase Two" -- the formal name for the idea of taking incremental steps in easing restrictions. The scientists will first focus on which of the country's most economically important factories in the northern industrial heartland to allow to resume production on April 14. A five-point outline leaked to Italian media on Sunday included plans to instruct everyone to wear face masks in public and to self-isolate immediately in case of flu-like symptoms. "I think many of us -- if not all -- will have to the used to wearing protective masks for a long time," said Arcuri, the head of the government's scientific committee. Other proposals included tracking infected people with phone apps and building more coronavirus-specific hospitals. But small businesses such as restaurants and cafes are not expected to be allowed to resume operations for many more months. "Even when the new coronavirus cases fall to zero, life will not be the way it was for a long time," Italy's ISS public health institute director Silvio Brusaferro warned over the weekend. Media reports suggest that bars and nightclubs will be the very last to open nationally. (AFP) ZHZH

Italy ponders how to exit crippling virus lockdown

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5877d195dd08956d0e8b4a70-2400/undefined" alt="queen elizabeth christmas 2008" data-mce-source="REUTERS/Toby Melville" />REUTERS/Toby MelvilleQueen Elizabeth II.</div></div></div>The <keyword id="79969" type="ORGANIZATION" weightage="100" keywordseo="insider">INSIDER</keyword> Summary:• It costs about $368 million a year to run the British monarchy. • Some of that money comes from the queen's private investments. • But a substantial chunk - about $48 million last year - comes from the British government. <hr /> Royal families don't come cheap: <a href="http://www.telegraph.co.uk/news/uknews/queen-elizabeth-II/11689154/Queens-finances-are-safe-from-cuts-for-two-years.html">The Telegraph reports</a> that it costs about £300 million (that's about $368 million USD at current conversion rates) to run the British monarchy each year. So how do Queen Elizabeth II and her brood acquire such a sum?Their funding actually comes from a few different sources, both public and private. Here's how it breaks down.<h3>Every year, the Queen gets a chunk of cash called the Sovereign Grant. </h3>It comes from the treasury and it's funded by taxpayers, <a href="http://www.bbc.com/news/uk-36643314">according to the BBC</a>. <a href="https://www.royal.uk/sites/default/files/media/sovereign_grant_summary_2015-16.pdf">The basic agreement</a> is that the Queen gets the grant in exchange for surrendering all profits from <a href="https://www.royal.uk/royal-finances-0?ch=8#bio-section-7">the Crown Estate</a> - the Royal family's massive portfolio of properties - to the government. Every year, the Queen is given an amount of money equivalent to 15% of the Crown Estate's profits from two years ago. For example: In 2013, the Crown Estate generated a profit of £267.1 million (about $325.8 million). That means, in 2015, the Queen's Sovereign Grant was 15% of that total - that's £40.1 million (or $48.9 million).<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5877d197dd08956d0e8b4a72-1328/undefined" alt="Buckingham Palace London" data-mce-source="fazon1 / iStock" data-link="http://www.istockphoto.com/photo/buckingham-palace-london-gm458109169-15775839?st=_p_buckingham%20palace" /><a href="http://www.istockphoto.com/photo/buckingham-palace-london-gm458109169-15775839?st=_p_buckingham%20palace">fazon1 / iStock</a>Buckingham Palace.</div></div></div>The Sovereign Grant pays for the family's travel, palace upkeep and utilities, and royal employee payroll, according to official <a href="https://www.royal.uk/sites/default/files/media/sovereign_grant_summary_2015-16.pdf">royal family financial reports</a>. But <a href="http://www.telegraph.co.uk/news/uknews/queen-elizabeth-II/11689154/Queens-finances-are-safe-from-cuts-for-two-years.html">the Telegraph notes</a> that at the grant doesn't cover costs of security and royal ceremonies - that money comes from a few other places. <h3>The Queen's private income is called the Privy Purse.</h3>That money comes from the <a href="http://www.duchyoflancaster.co.uk/financial/">Duchy of Lancaster</a> - a portfolio of land and other assets that's been in the royal family <a href="http://www.duchyoflancaster.co.uk/about-the-duchy/history/">for hundreds of years</a>. It includes 18,433 hectares of land and is made up of residential, commercial, and agricultural properties.From 2015 to 2016, <a href="http://www.duchyoflancaster.co.uk/financial/">it generated £17.8 million</a> (about $21.7 million). <a href="https://www.royal.uk/royal-finances-0">According to the royal family website</a>, this sum helps with costs not covered by the Sovereign Grant - namely, it's used to pay "expenses incurred by other members of the royal family."<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5877d197dd08956d0e8b4a73-2400/shutterstock_91795712.jpg" alt="Balmoral Castle" data-mce-source="Shutterstock/Patricia Hofmeester" data-link="http://www.shutterstock.com/pic-91795712/stock-photo-balmoral-castle-summer-home-of-the-british-royal-family.html?src=OGIX0aZW7D1qZQZlBjA-dw-1-1" /><a href="http://www.shutterstock.com/pic-91795712/stock-photo-balmoral-castle-summer-home-of-the-british-royal-family.html?src=OGIX0aZW7D1qZQZlBjA-dw-1-1">Shutterstock/Patricia Hofmeester</a>Balmoral Castle is owned by Queen Elizabeth II.</div></div></div>The Queen also has a personal fortune <a href="http://money.cnn.com/2016/04/21/news/queen-elizabeth-90-birthday-rich-wealth/">estimated to be about </a><a href="http://money.cnn.com/2016/04/21/news/queen-elizabeth-90-birthday-rich-wealth/">£340 million (about $414.7 million).</a> She outright owns Balmoral and Sandringham Estates, which she inherited from her father, and also has a valuable artwork collection, <a href="http://money.cnn.com/2016/04/21/news/queen-elizabeth-90-birthday-rich-wealth/">CNN reports</a>. It's nothing to sneeze at, but the Queen is by no means the richest person in Britain. For the past two years, she's failed to make the Sunday Times's list of <a href="http://www.businessinsider.com/sunday-times-rich-list-2015-top-25-richest-people-uk-2016-4/#18-nicky-oppenheimer-8">the top 300 wealthiest Brits</a>. <h3>Prince Charles has a major income stream, too. </h3><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5877d197dd08956d0e8b4a74-2400/undefined" alt="kate and william christmas 2011" data-mce-source="REUTERS/Suzanne Plunkett" />REUTERS/Suzanne PlunkettPrince Charles, center, with William and Kate, the Duke and Duchess of Cambridge.</div></div></div><a href="http://duchyofcornwall.org/frequently-asked-questions.html#question_1">The Duchy of Cornwall</a>- yet another suite of properties owned by the royal family - covers the expenses of the Prince of Wales (that's the Queen's oldest son, Charles) and his heirs. That means Harry, William and Kate, and George and Charlotte are all covered by the Duchy of Cornwall, too.The total income of the Duchy for the 2015-2016 fiscal year was £33.5 million (about $40.8 million). No wonder Prince George has <a href="http://money.cnn.com/2016/04/25/news/prince-george-bathrobe-obama/">such a fluffy bathrobe</a>!Want to learn more about royal family finances? <a href="https://www.royal.uk/royal-finances-0">Check out their official website</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/succession-line-british-throne-queen-dies-prince-charles-william-george-harry-princess-charlotte-anne-2017-1">The line of succession to the British throne when the Queen dies</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N4ampyODE6W-xlQ0ZCdxff2JOp426o9S" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'N4ampyODE6W-xlQ0ZCdxff2JOp426o9S',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

Here's where the royal family gets their money

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55cd03326da811975ae55393-1200-924/japan-canoe.jpg" border="0" alt="japan canoe">REUTERS/Thomas PeterA boy paddles on a hot summer day in a canoe through a canal underneath the Keiyo highway that runs on stilts through eastern Tokyo.</img></div></div></div>Good morning! Here's what you need to know.Oil prices are sliding again. WTI oil prices touched a low of $41.91 per barrel, the <a href="http://www.businessinsider.com/r-us-crude-oil-hits-six-and-a-half-year-low-on-high-stocks-china-2015-8">lowest level since March 2009</a>.China's currency tumble takes a pause. After three straight days of depreciation, China's yuan firmed up. The <a href="http://www.businessinsider.com/chinas-end-yuan-devaluation-2015-8">People's Bank of China fixed the USD/CNY rate at 6.3974</a> on Friday, which was stronger than the 6.3990 level it closed at on Thursday.Europe sputters. <a href="http://www.businessinsider.com/eurozone-gdp-q2-2015-2015-8">GDP in the eurozone rose by just 0.3%</a> during Q2, slightly slower than the 0.4% recorded in Q1. Economists had forecast a 0.4% rate of growth. That figure leaves the economy just 1.2% larger than it was one year ago. Germany grew by just 0.4%, Italy climbed by 0.2%, and France showed now growth.Greece finally passes its bailout bill. <a href="http://www.businessinsider.com/greece-just-passed-its-bailout-bill-after-half-a-year-of-turmoil-2015-8">Greece's parliament voted on Friday to approve the country's bailout agreement</a> after an all-night session, bringing something of an end to <a href="http://www.businessinsider.com/greeces-final-bailout-deal-just-confirms-what-an-agonising-waste-the-last-eight-months-have-been-2015-8">the last eight months of political turmoil</a> between Greece and its European lenders. "The deal means Greece has agreed to considerable further austerity measures, as well as painful economic reforms," Business Insider's Mike Bird notes. "It remains to be seen whether the radical left-wing Syriza party can survive in government bringing those sort of measures through."Goldman Sachs is looking more like a bank for mom and pop. <a href="http://www.businessinsider.com/goldman-sachs-is-now-a-consumer-lender-2015-8">Goldman Sachs is buying GE Capital Bank</a>, which means it'll be taking over approximately $8 billion in online deposit accounts and $8 billion in brokered certificates of deposit. "This transaction achieves greater funding diversification and strengthens the liquidity profile of Goldman Sachs Bank USA by providing an additional deposit gathering channel," Goldman Sachs treasurer Liz Beshel Robinson said. "We look forward to welcoming and serving GECB's online deposit customers at GS Bank with the high standard of service they have come to expect," GS Bank CEO Esta Stecher said. Apple's TV revolution is on hold. "The company wanted to introduce this year a live TV service delivered via the Internet, <a href="http://www.bloomberg.com/news/articles/2015-08-13/apple-said-to-delay-tv-service-to-2016-as-negotiations-stall">but is now aiming for 2016</a>, said people familiar with Apple's plans," Bloomberg's Peter Burrows, Lucas Shaw and Gerry Smith report. "Talks to license programming from TV networks such as those owned by CBS Corp. and 21st Century Fox Inc. are progressing slowly, some of the people said. Apple also doesn't have the computer network capacity in place to ensure a good viewing experience, said some of the people, who asked not to be identified because the talks are private."King Digital is getting slammed. Shares of <a href="http://www.businessinsider.com/r-candy-crush-creator-king-digital-profit-falls-28-pct-2015-8">Candy Crush-maker King are down</a>. King's monthly unique users (MUUs) fell 1% year-over-year to 340 million in Q2. Sequentially, the number was down 7%. "The sequential decrease in MUUs was reflected in both Web and mobile, but at a greater rate of decline on Web, which we believe is due to a continuing decline in overall Facebook desktop users," King Digital said.El Pollo Loco is getting crushed. Chicken chain <a href="http://www.businessinsider.com/el-pollo-loco-q2-earnings-and-share-price-2015-8">El Pollo Loco saw shares plunge</a> XXXX% after announcing Q2 financial results. Comparable store sales rose 1.3% but fell short of the forecast for 3.2%. The company's shares soared 55% at its <a href="http://www.businessinsider.com/el-pollo-loco-shares-soar-on-market-debut-2014-7">IPO</a> last July. Shares are down 6% year-to-date, and have cratered 50% over the past 12 months.Markets are in the red. In Europe, Britain's FTSE 100 is down 0.2%, Germany's DAX is down 0.7%, and France's CAC 40 is down 0.8%. Asia closed lower with Japan's Nikkei down 0.4%, Hong Kong's Hang Seng down 0.1%, and Australia's S&amp;P/ASX down 0.6%. US futures are down with Dow futures down 41 points and S&amp;P futures down 6 points.Lots of economic data. We get July US producer prices at 8:30 a.m. ET, July industrial production at 9:15 a.m. and U. of Michigan consumer sentiment at 10:00 a.m. Read our complete preview in BI's <a href="http://www.businessinsider.com/monday-scouting-report-august-10-2015-2015-8">Monday Scouting Report</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/us-government-secret-airline-janet-2015-7">There is a secret US government airline that flies out of commercial airports </a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5uYWc3djp_WwFcNEae4eW__Ya2XMybSQ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', '5uYWc3djp_WwFcNEae4eW__Ya2XMybSQ',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

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Zepto secures USD 340 million in latest funding round, boosting valuation to USD 5 billion

BI India Bureau