<img class="gwt-Image" src="/photo/55974095.cms" /> In the popular market of calorie-high potato chips, largely dominated by multi-nationals, bringing in a virgin idea of healthy nachos wasn’t easy for <keyword id="103606" type="PERSON" weightage="20" keywordseo="Vikram-Agarwal">Vikram Agarwal</keyword>, director of <keyword id="3043645" type="UNKNOWN" weightage="20" keywordseo="GreenDot-Health-Foods">Greendot Health Foods</keyword> better known as <keyword id="2033379" type="UNKNOWN" weightage="20" keywordseo="CORNITOS">Cornitos</keyword>. Seven years back, this <keyword id="47896" type="COMPANY" weightage="60" keywordseo="Faridabad">Faridabad</keyword> based start up had formulized nachos and tortillas as healthy alternative to potato chips. 
 At the time of launch, a packet of Cornitos was priced at Rs 100, whereas you would get a Lays or Uncle Chips for Rs 10. No doubt, the packaging looked premium. “While launching Cornitos, the focus has been on entering an uncontested space where competitors were yet to step in, reduce our entry costs and getting better value. Even as I decided to give consumers a differentiated and value product, I decided against offering low price – Rs 5 and Rs 10 Products. <keyword id="3955152" type="UNKNOWN" weightage="20" keywordseo="international-nachos">International Nachos</keyword> and Tortilla Chips brands in the market are anyway available for a premium, so our products, though available at a price higher than domestic snack food brands, still turns out to be competitive and has been well-accepted by consumers,” <keyword id="781" type="PERSON" weightage="20" keywordseo="Agarwal">Agarwal</keyword> told <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword>. 
 
Staying gourmet isn’t on cards 
“After we started we wanted to reach masses with message of Healthy Snacking and not remain limited to Gourmet. We have been selective in our approach in giving our product to the right distributors ensuring that it is put into the right places. Over the years, we have expanded to Tier-I and Tier-II towns. Currently we are available across 300 cities with 30000 plus retailers. Also to create awareness around the product, we undertook a lot of sampling at schools, modern trade stores and general trade ensuring that the product was being tasted by consumers. We also launched more flavours with the aim to cater to the maximum number of people,” said Agarwal, while speaking exclusively to Business Insider. 
 
Cornitos is big on product innovation. Moreover a longer shelf life helps retailers to avoid issues related to expiry of products. 
 
It’s not corn papad Corn Papad was the notion harboured by people when Cornitos initially entered the market. In the <keyword id="6355055" type="COUNTRY" weightage="20" keywordseo="USA">USA</keyword> and <keyword id="3746" type="COUNTRY" weightage="20" keywordseo="Mexico">Mexico</keyword>, nachos are an independent genre of snacks altogether. However, establishing these as strong product categories in India had their own share of challenges for Agarwal. 
 
A strong consumer focused approach has helped to create awareness around these products. 
 
<img class="gwt-Image" src="/photo/55974125.cms" /> 
 
Just too much competition these days? Ever since people started cutting on potato chips, the market leaders of the field have introduced similar corn chips in the market led by Cornitos. First Parle and then <keyword id="54572" type="CITY" weightage="20" keywordseo="PepsiCo">Pepsico</keyword>’s Doritos are attempting at penetrating the Rs 60 crore market. However with 60% plus share in the sector, Cornitos is a hot favourite. 
 
What actually worked? 
Agarwal claims gluten free, zero cholesterol and zero transfat have evidently contributed to the growth of corn chips. 
“We are taking the product centric approach maintaining the product quality and increased the Marketing spend on electronic media. We have recently given a face to much-loved Nachos category. The mascot is named Mr. Crispy and he elucidates the brand ethos of premium quality and 10 Exotic Flavours. With the unveiling of our maiden mascot Cornitos unfolds an exciting new chapter in its growth trajectory,” explained he. 
 
Foreign invasion 
Cornitos has entered the markets of the USA and China as well. And the response has been quite overwhelming, claimed Agarwal. 
 The spicy chilli flavour, <keyword id="222689" type="PERSON" weightage="20" keywordseo="Peri-Peri">Peri Peri</keyword>, has become an international rage and with this newest offering Cornitos is keen to lure snack lovers into a journey of global taste. From Hot Sizzlin Jalapeno to Sweet Thai Chilli there are 10 exotic flavours that open world market for Cornitos. International flavours like Sizzlin Jalapeno, Thai Sweet Chilli, Peri Peri, Tomato Mexicana and Wasabi are in good demand for exports.

This Indian
start up of gourmet nachos is changing the way we eat snacks

<img class="gwt-Image" src="/photo/48511845.cms" /> 
There are people who do not buy benami properties and diligently files their <a href="http://www.businessinsider.in/searchresult.cms?query=tax+return+">tax return</a> before the last date. Yet they could get a notice by the <a href="http://www.businessinsider.in/searchresult.cms?query=Income+Tax+Department+">Income Tax Department</a> as they did not declare the interest from <a href="http://www.businessinsider.in/searchresult.cms?query=fixed+deposits+">fixed deposits</a> and tax saving <keyword id="130529" type="UNKNOWN" weightage="80" keywordseo="Infrastructure-bonds">infrastructure bonds</keyword> in their returns. 
 
These are various common misconceptions related to filling tax returns. They could be rejected due to wrong information filled by candidates, reported the Economic Times. 
 
Further, an online survey conducted by economictimes.com last week indicates an abysmal level of tax literacy among people in India. 
 
According to the survey, the tax returns of 66% of the 2,158 respondents could get rejected due to faulty information. Almost 34% could even get a scrutiny notice because of grave errors in their forms. 
 
Almost 30% of the respondents believe that interest of up to Rs 10,000 from bank FDs is tax free in a year. These people should know that the exemption under Section 80TTA is only for the interest on their savings bank accounts. What they earn on fixed deposits and recurring deposits is fully taxable. 
 
Similarly, almost 30% believe that the interest earned on the <a href="http://www.businessinsider.in/searchresult.cms?query=tax-saving+infrastructure+">tax-saving infrastructure</a> bonds bought a few years ago under Section 80CCF is not taxable because they were tax saving instruments. You are again wrong! 
 
The bonds may have helped them save tax, but the interest is fully taxable and has to be reported. Nearly 45% of the 637 respondents who said so earn over Rs 12 lakh a year and should be paying 30% on the income they think is tax free. 
 “Our research shows that 9 out of 10 taxpayers go wrong in reporting their interest income," says Sudhir Kaushik, Co-founder and CFO of <keyword id="509093" type="COMPANY" weightage="80" keywordseo="TaxSpanner-com">Taxspanner.com</keyword>. 
 
There is also a misconception that you need not report the income if the bank has deducted <a href="http://www.businessinsider.in/searchresult.cms?query=tax-saving+infrastructure+">TDS</a>. But TDS is only 10%, and if your income puts you in the 20% or 30% tax bracket, you have to pay additional tax. Of course, if the income is below the basic exemption limit, the TDS will be refunded when the investor files his return. 
 
To be sure, not reporting a small amount of interest income or claiming a deduction incorrectly rank very low in the hierarchy of tax offences. At most you will get a notice with an additional tax demand. There may even be a penalty under Section 271 (c) for concealment, but it depends on how the assessing officer views the transgression. 
 
Fool's paradise 
On the other hand, if the intention is clearly to conceal the income, the taxpayer can be in hot water. From this year, the tax forms have a separate column for declaration of property. If you have more than one property, you have to mention it in the return. If it has been rented out, the rental income will have to be declared in the return and tax paid on it. Even if the property is lying vacant, the owner has to pay tax on the notional rent from the property. This notional rent is the prevailing market rate in that location. 
 
If you don't declare the second property, it amounts to concealment of income and could attract a severe penalty. Shockingly, nearly 20% of the survey respondents fall in this category. They believe that there is no tax implication of a house lying vacant. One out of three such taxpayers are in the highest 30% tax bracket. 
 
Declaration of foreign assets This is one area where taxpayers need to really be very careful this year. Uncovering black money is high on the government's agenda, and any slippage on reporting of foreign assets immediately puts you in the dock. "The logic used by the tax department is that anyone with foreign assets has high income and should not be spared if he has concealed income," says Komal Agarwal, Partner in <keyword id="3004662" type="COMPANY" weightage="80" keywordseo="Mahesh-K-Agarwal-Company">Mahesh K. Agarwal &amp; Company</keyword>. Thankfully, almost 89% of the respondents got this right. 
 
TDS gives you away 
For many taxpayers, TDS is a four-letter word. Over 15% respondents said they would spread their investments across bank branches to avoid TDS. This might help them avoid TDS, but it's a ticking time bomb. Till now, TDS kicked in only if the income from FDs made in a particular bank branch exceeded the threshold of Rs 10,000 in a financial year. 
But this year's budget has changed the rules and TDS will now apply if the combined income from FDs in all branches of a bank exceeds the threshold. Another significant change is that TDS will apply to recurring deposits if the interest during a financial year exceeds Rs 10,000. "The tax department is increasingly connecting the dots. An individual's financial life can no longer remain hidden," says Vikram Ramchand, Co-founder of makemyreturns.com. 
 
Clubbing of income 
Another way taxpayers are falling through the cracks is clubbing of income. Tax rules say that if you invest on behalf of your spouse or minor child, the income from the investment will be treated as yours. But more than 30% of the respondents believe that there is no tax implication if they invest in a recurring deposit in their wife's name or open a fixed deposit in the name of a minor child. This could prove to be a problem if the amount invested in the name of the spouse is significantly large and not commensurate with her known sources of income. Of the 668 respondents who believe this, more than 30% are in the highest tax bracket. Another 50% earn more than Rs 5 lakh a year, which puts them in the 20% tax bracket. 
 
Missing out on deductions 
 Not all of the mistakes that taxpayers make raise the hackles of the taxman. Some also cost the taxpayer. More than 40% of the respondents did not know that along with the interest on a home loan for a self-occupied house, even the processing fees for the loan is also eligible for deduction under Section 24. 
 
Another 15% was blissfully unaware that the fees paid for a preventive health checkup of the taxpayer and his family is eligible for deduction under Section 80D. A small but significant 7% were not aware that tuition fees of up to two children can be claimed as a deduction under Section 80C. 
 
(Image: Indiatimes)

Are you filing a faulty tax return? Know how to avoid getting it rejected

<img class="gwt-Image" src="/photo/51311632.cms" /> Leaving behind the social customs of merely being labelled as good wives, home makers and mothers , <keyword id="42463" type="ORGANIZATION" weightage="100" keywordseo="Indian-Women">Indian women</keyword> have time and again taken up chores essentially thought of being male-only, and proved that they are equal to their male counterparts, sometimes even better. 
 
On the occasion of International Women's Day, we bring to you the list of women who dared to step in the fields dominated by men and gave them tough challenges in terms of success and recognition. 
 
<keyword id="2109518" type="UNKNOWN" weightage="100" keywordseo="Durgabai-Kamat">Durgabai Kamat</keyword> and <keyword id="2776412" type="UNKNOWN" weightage="100" keywordseo="Kamlabai-Gokhale">Kamlabai Gokhale</keyword> 
Known as the first female actors of Indian cinema, this mother-daughter duo is always regarded with utmost honour for breaking the stereotype of only male actors in the profession of performing arts. Starring together in Mohini Bhasmasura, the second venture of the legend Dadasaheb Phalke, they were cast as Mohini and Parvati, respectively. Both of them went on to become established actresses and their family members are still a part of the industry, veteran marathi actor Vikram Gokhale being one of them. 
 
<keyword id="121358" type="PERSON" weightage="100" keywordseo="Karnam-Malleswari">Karnam Malleswari</keyword> 
Born in Srikakulam, Andhra Pradesh, Karnam is the most recognised woman Indian weightlifter. In a glorious career spanning over 10 years, she has won 11 gold and 3 silver medals, and a much-celebrated Olympic bronze in 2000 Summer Olympics. Known for her physique, skills and technique, she is the first Indian woman to win an Olympic medal, first woman recipient of Rajiv Gandhi Khel Ratna Award, and also a recipient of Padma Shri and Arjuna Award. Nowadays, she runs her own academy, training others to do what she did and bring fame to the country. 
 
<keyword id="56244" type="ORGANIZATION" weightage="100" keywordseo="MC-Mary-Kom">MC Mary Kom</keyword> 
Mangte Chungneijang Mary Kom, better known as MC Mary Kom, needs no introduction. A five-time World Boxing champion, she is the only woman boxer to have won a medal in each one of the six world championships, a matter of sheer pride to the country. She achieved her much-awaited fame when she won the bronze medal in the 2012 Summer Olympics. A recipient of Padma Bhushan, Arjuna Award, Padma Shree, and Rajiv Gandhi Khel Ratna award, she has also penned down an autobiography called Unbreakable and is all set to be played by Priyanka Chopra in her biopic. 
 
<keyword id="36968" type="PERSON" weightage="100" keywordseo="Zoya-Akhtar">Zoya Akhtar</keyword> 
Belonging to an influential family of Bollywood, with screenwriter lyricist Javed Akhtar as her father, screenwriter Honey Irani as her mother, producer-director-actor Farhan Akhtar as her brother and the talenthouse Shabana Azmi as her stepmother, it was obvious for Zoya to be a part of the industry but nobody had thought that this shy girl would one day become the most celebrated woman director of India. With critically acclaimed films like Luck By Chance, Zindagi Na Milegi Dobara, and Dil Dhadakne Do for her track record, she is very much a part of the young brigade of the industry. 
 
<keyword id="641463" type="UNKNOWN" weightage="100" keywordseo="Premlata-Agarwal">Premlata Agarwal</keyword> 
Perhaps the most unheard name in the list, Premlata Agarwal is a mountain climber, who is mostly remembered as the oldest Indian woman to have scaled Mount Everest. Not only this, she is also the first Indian woman to scale the Seven Summits, the ultimate dream for any mountaineer. For her contributions, the Indian government facilitated her with Padma Shri in 2013. 
 
<keyword id="1801283" type="UNKNOWN" weightage="100" keywordseo="Ishita-Malaviya">Ishita Malaviya</keyword> 
Known as India’s first professional female surfer, Malaviya has been surfing since past 8 years. She runs a surf club with her partner Tushar Pathiyan, known as the Shaka Surf Club, in addition to this, she also runs a camp called Camp Namaloha in Coastal Karnataka in India. She wants to promote the Indian coastline as a worldwide surfing destination.

Indian women who said no to being typecast in conventional careers

<ul><li>Cancerians, like <keyword id="111343" type="General" weightage="80" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, contributed 8.5% to the cumulative wealth, saw a 26.4% erosion.</li><li>Aries comes fourth, courtesy <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> who saw a 2% uptick in his wealth to top of the list.</li><li>Virgos, led by the likes of <keyword id="10020505" type="General" weightage="80" keywordseo="shapoor-pallonji-mistry" source="Orion">Shapoor Pallonji Mistry</keyword> and Anil Agarwal contributed 9.6% to the list.</li></ul> The stars have to align for entrepreneurs to become billionaires, they say. While not everyone believes in it, 360 ONE Wealth Hurun India Rich List 2023 report gives a detailed list of the star signs of India’s most successful billionaires. As of 2023, those with the <keyword id="123559" type="General" weightage="100" keywordseo="pisces" source="Orion">Pisces</keyword> sign had a great year, followed by Taurus and Libra. Things were not that smooth for the Cancerians who saw 26% of their wealth eroded. While there was a cumulative wealth increase of almost 35% for the Pisces, Taurus saw an uptick of 26.6%. Librans were just behind with 25.2% growth in wealth. Virgos, Aquarians, Capricorns, Leos and Gemini’s saw a double digit growth in wealth in the last one year. Aries, and Scorpios saw single digit rises. For Sagittarians, there was barely any change. The top contributors to the list A closer look at the star signs of India’s richest shows that, overall, Virgos and Scorpios led the way in total contribution, with the highest number of entries followed by Pisces. Virgo, the star sign was led by the likes of Shapoor Pallonji Mistry, Anil Agarwal, Gopikishan Damani and contributed 9.6% to the Hurun Rich list. Shapoor Pallonji Mistry has total wealth of ₹70,800 crore and is fifth on the list of Richest Non-Resident Indians. Anil Agarwal of Vedanta Group has ₹66,900 cr with his family after seeing a 14% uptick. While Cancerians cumulatively saw an erosion, the likes of Gautam Adani, who has come second overall despite a tough year, contributed 8.5% to the rich list. The Aries in this list were propelled to the fourth spot, courtesy Mukesh Ambani who saw a 2% uptick in his wealth to top the individual list. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Zodiac sign </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total contribution to the list (%) </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Richest Individuals </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Virgo </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.60% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shapoor Pallonji Mistry, Anil Agarwal, Gopikishan Damani </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Scorpio </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.10% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Yusuff Ali MA, Sunil Mittal, Arvind Kumar Poddar </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pisces </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.00% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gopichand Hinduja, Radhakishan Damani, Uday Kotak </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aries </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.90% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani, Sudhir Mehta, Adi Godrej, S Gopalakrishnan </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gemini </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.90% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal, Kumar Mangalam Birla, Rahul Bhatia </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Leo </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.80% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sri Prakash Lohia, Acharya Balkrishna, Rakesh Gangwal </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cancer </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.50% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani, Shiv Nadar, Benu Gopal Bangur </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Capricorn </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.10% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Karsanbhai Patel, Vijay Chauhan, Radha Vembu </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aquarius </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.60% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nusli Wadia, Vikram Lal, Jamshyd Godrej </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Taurus </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.50% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla, Rajiv Singh, Harsh Mariwala </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sagittarius </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.20% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ravi Jaipuria, Sajjan Jindal, Mangal Prabhat Lodha </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Libra </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi, Chandru Raheja, P Pitchi Reddy </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023

Star power: Indian billionaires with Pisces zodiac sign had a good run last year

Which Zodiac signs do the biggest billionaires belong to?

<ul><li>The company had raised $450 million in September 2021 and another $400 million now.</li><li><keyword id="4306161" type="General" weightage="20" keywordseo="cars24" source="Orion">Cars24</keyword> has also increased its valuation from $1.8 billion to $3.3 billion in the last three months.</li><li>The company plans to go for an IPO in the next 18-24 months, Cars24 India CEO told Business Insider.</li></ul>Cars24 has raised $850 million in 2021, which is<a href="https://www.businessinsider.in/business/news/byjus-swiggy-and-dream11-the-top-10-startup-deals-of-2021-that-raised-7-7-billion-overall/slidelist/88121451.cms#slideid=88121678"> as much as the capital raised by Dream11 this year</a>. Initial public offering (IPO)-bound PineLabs has raised $700 million this year, while ShareChat has raised $640 million. The Gurugram-based startup has also increased its valuation from $1.8 billion to $3.3 billion in the last three months, Cars24 has said. The latest round of fundraising by the Gurugram-based <keyword id="40524" type="General" weightage="20" keywordseo="used-car" source="Orion">used car</keyword> marketplace was a $400 million tranche led by Alpha Wave Global (formerly known as Falcon Edge Capital). Nearly $300 million of this capital was raised through equity, while the rest $100 million was debt. Prior to this, the company had raised $450 million in September 2021. Meanwhile, its peer <keyword id="1980082" type="General" weightage="20" keywordseo="cartrade" source="Orion">CarTrade</keyword> Tech Limited has lost 41% of its value since its listing in September 2021 [check] and its market value has fallen to ₹4,120 crore ($54 million). Here’s an <a href="https://www.businessinsider.in/business/startups/news/loss-making-cars24-is-worth-more-than-a-profitable-cartrade/articleshow/86158047.cms">explainer why the listed CarTrade</a> is trailing so far behind Cars24, which is also working towards an IPO. <div type="image" title="Used car marketplace Cars24 has raised as much as Dream11 this year to set up operation overseas" msid="88386009" hostid="261"></div> Cars24 will use the recently-raised capital to fuel its brand’s global expansion in the Middle East, Australia and Southeast Asia. Besides this, it also aims to further strengthen its foothold in India. “These markets are really a function of supply and demand. It was about, is there demand for used cars? Is it a crowded space in terms of players already in the use of space? And, we basically apply those filters to identify markets that we'd like to go up,” chief executive (CEO) of Cars24 India, Kunal Mundra, <a href="https://www.businessinsider.in/business/startups/news/used-car-startup-cars-24-not-in-a-hurry-for-ipo-like-droom-and-cartrade-com/slidelist/87743891.cms#slideid=87743912">had previously told Business Insider</a>. Vikram Chopra, global CEO of Cars24, highlighted that Cars24 has some aggressive plans for next year. Founded by Vikram Chopra, Gajendra Jangid, Ruchit Agarwal and Mehul Agrawal, Cars24 allows customers to sell their old cars as well as bikes through their omnichannel network. A consumer can simply book an appointment with any of the Cars24 branches, visit the branch and sell a car in a single visit. The branches are available across 106 cities in India — including Bengaluru, Delhi, Mumbai and Meerut. It competes with other automobile ecommerce platforms like publicly listed-CarTrade and private companies like Droom and CarDekho, which are valued over a billion dollars. While Droom is going for <a href="https://www.businessinsider.in/business/startups/news/droom-founder-explains-why-he-is-considering-a-us-ipo-and-where-he-intends-to-spend-the-money/articleshow/84917608.cms">an initial public offering (IPO)</a>, Cars24 plans to wait another 18-24 months. “In my mind, an IPO is always a means to an end, it is not an end by itself. The end goal for us is to really build the most incredible auto ecommerce company in the world. I think when the time is right, when we feel that it's the right time to go down that route, we'll look at it. That's kind of it's not a stake in the ground that we put,” Mundra said. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/how-do-rising-covid-19-cases-lead-to-a-fall-in-markets/articleshow/88385905.cms" data-type="tilCustomLink">Why is the stock market falling so sharply today?</a> <a href="https://www.businessinsider.in/business/startups/news/razorpay-is-now-the-most-valued-fintech-startup-in-india/articleshow/88382493.cms" data-type="tilCustomLink">Razorpay is now the most valued fintech startup in India</a> <a href="https://www.businessinsider.in/business/startups/news/razorpay-is-now-the-most-valued-fintech-startup-in-india/articleshow/88382493.cms" data-type="tilCustomLink">Razorpay is now the most valued fintech startup in India</a>

Used car marketplace Cars24 has raised as much as Dream11 this year to set up operation overseas

New Delhi, Feb 3 () US fast food chain McDonald's has selected MMG Group chairman Sanjeev Agrawal as its new partner to operate its outlets in north and east India, the company said.
 The development comes almost nine months after McDonald's bought estranged partner Vikram Bakshi's 50 per cent stake in Connaught Plaza Restaurants Ltd (CPRL), a joint venture, which has the licence to run its restaurants in north and east India.
 A McDonald's spokesperson said Agarwal is the new partner of the company for the two markets.
 "Agrawal has a strong understanding and passion for the McDonald's brand, insights into the local market, and a proven track record of driving quality and innovation in the food and beverage and hospitality industries," said McDonald's Asia Director Corporate Relations Barry Sum.
 Agrawal (55) is the group Chairman of MMG Group, which has interests in bottling and marketing of soft drinks, oil and gas, hospitality, among others.
 MMG Group also controls Moon Beverages, which is among the key bottlers for American beverage maker Coca-Cola in north India from 1994 and is manufacturing and distribution of Coca Cola, Limca, Sprit, Maaza, Thums UP, Fanta, Minute Maid, Coke Zero &amp; Kinley.
 Sum added that Agrawal is the right strategic partner for McDonald's to grow its brand presence in north and east India.
 McDonald's, however, has not share the terms and condition of the agreement. 
 Agarwal could not be contacted till filing of the story.
 The company also refrained to comment on the ongoing matter between McDonald's and its former JV partner Vikram Bakshi before the National Company Law Appellate Tribunal (NCLAT), where state-run HUDCO has opposed sale/transfer of share by Bakshi to the fast food chain after settlement.
 "McDonald's remains a shareholder of CPRL, and continues to hold the shares that were acquired from Vikram Bakshi and his holding company in CPRL," said Sum, adding that Robert Hunghanfoo continues to head CPRL.
 In May last year, McDonald's had announced an out-of-court settlement agreeing to buy Bakshi's stake in their joint venture.
 The details of the pact, including financial terms, were not disclosed.
 They has approached the National Company Law Appellate Tribunal, to withdraw the suits, filed against each other, however, it was opposed by the state run Housing and Urban Development Corporation (HUDCO).
 HUDCO, which is claiming dues of Rs 194.98 crore from Bakshi and his related entities, in its intervention plea filed before the NCLAT, informed that notices regarding orders of the debt recovery tribunal (DRT) was already served to both the partner.
 HUDCO had contended that the said settlement is against the interim order passed by the DRT in a case pending against Vikram Bakshi.
 In September 2019, NCLAT had said it would review the settlement between fast food major McDonald's and its Indian partner Vikram Bakshi over the sale of his shares in Connaught Plaza Restaurants Ltd (CPRL).
 NCLAT had said the settlement reached between McDonald's and Bakshi was prima facie in violation of a DRT order. KRH ANS
ANS
ANS

McDonald's selects Sanjeev Agrawal as new partner for north, east India markets

<ul><li>Finance Minister of India Nirmala Sitharaman presented the Union Budget on February 1, 2022.</li><li>Struggling with high inflation and tepid rural demand, FMCG companies were hopeful for some positive news, steps and reforms that would help boost consumption in the economy.</li><li>However, with no changes in personal tax, there isn’t for hope for a drastic change in consumption and demand.</li><li>At the same time, there are enough subsidies to support the rural areas of the country.</li><li>Here’s what leading FMCG companies have to say about the Union Budget 2022-2023.</li></ul>The Union Finance and Corporate Affairs Minister Nirmala Sitaraman presented the Union Budget for 2022-2023 on February 01, 2022. The government announced that 5% of the annual collections under the Universal Service Obligation Fund will be allocated to improve broadband and mobile service penetration in rural India. This move will allow Fast Moving Consumer Goods (FMCG) brands and all businesses to cast their net a little wider in rural areas via mobile services. The government’s plan to expand the National Highway network by 25,000 KM, the Gati Shakti plan to strengthen seven engines of infrastructure, the launch of 100 new cargo terminals, will further open up new roads for brands and improve logistics efficiency. It will also create new job opportunities in rural areas, improving consumption and demand. The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of minimum support price (MSP) direct payments to wheat and paddy farmers. The government is also looking to deploy drones for agriculture monitoring, crop assessment, digitisation of land records and spraying of insect pesticides. These initiatives will help boost rural incomes and aid the growth of FMCG companies. The Union Budget aims to facilitate ease of doing business and give a push to consumption by providing employment opportunities, improving infrastructure, focusing on technological advancement and accessibility. Here’s how these subsidies for rural India will pave the way for FMCG growth: Mayank Shah, Senior Category Head, Parle Products: First of all, putting money in the hands of consumers really helps, so they go out and buy products. So that was more on the front of ensuring that the demand remained robust given that we have gone through two years of pandemic. That was something that industry expected, either by tax cut, or by increasing the slabs tax brackets or by probably increasing the standard deduction limit. Those were the things that we expected but not much has been done there. However, on the second front of job creation, the government has done a lot. The budget talks about seven engines driven by PM GatiShakti that will definitely boost employment and increase the number of jobs. The budget also talked about 60 new jobs to be created in the next five years. That is relatively a longer process compared to the first expectation which was putting money in the hands of consumers, which would have yielded immediate results. A 20,000 crore boost in transportation infrastructure will definitely help in terms of job creation going forward. Another thing the government would have ensured on the rural front was increased allocation to MGNREGA or direct benefit transfer. In Fact they chose the other way. In terms of rural demand, when you're talking about putting money in the hands of rural consumers by increased MSP and increased MSP allocation, it is also going to have an impact on the inflation because if you increase the MSP, that eventually is going to increase the cost of agri products, primary inputs in food processing. So procurement is going to be increased. The current challenge ahead of most FMCG companies, which is managing inflation, probably would be aggravated, so I consider it to be neutral. Probably placing this money in the hands of consumers through MGNREGA or DBT would have ensured demand to remain robust. Ahmed ElSheikh, President, PepsiCo India: Reviving economic growth, increasing consumption, and fostering investment to fuel post-pandemic growth have been key objectives for the government, and the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">Union Budget 2022</keyword> reflects this very intent. This year's Union Budget lays forth a vision for India at 100 years. The Government is leading from the front by raising public sector spending to keep the economic recovery on track. Digitization combined with infrastructural creation will accelerate economic development, stimulate innovation and entrepreneurship enhance living standards while keeping sustainability at its core. The increased outlay for PM Gati Shakti projects for multi-modal connectivity including 100 new railways logistics hubs coupled with steps like enhancing local oilseed production, extending the last date for starting production for new manufacturing units, encouraging alternate cropping will aid growth of the FMCG sector and further strengthen Govt’s vision of an Atmanirbhar Bharat. Saugata Gupta, MD and CEO, Marico Limited: With this Union Budget, the government has laid out a growth oriented, future focused blueprint for India. By prioritising job creation, infrastructure growth and strengthening digital capabilities while making ‘inclusive development’ and ‘financing of investments’ two of the key focal points of the Budget, the government is successfully laying the groundwork for faster financial inclusion and expansion of the credit ecosystem. It has undertaken some key initiatives targeted towards credit growth, farmer welfare, improving the health and education infrastructure, digital currencies and start-ups which will benefit young aspirational Indians. If executed well, the budget will trigger the virtuous cycle of economic growth and employment creation, leading to momentum in growth. I believe that the budget has several inclusive measures and policies that balance consumer needs with industry requirements. It encapsulates the spirit of an Atmanirbhar Bharat and takes strong steps towards fulfilling that vision. Venkatesh Vijaraghavan, Director &amp; CEO - FMCG, CavinKare: We welcome the futuristic, investment-led, growth-oriented Budget with a strong impetus to infrastructure and capability building, which would boost GDP, Atmanirbartha, economic stability and job creation, thereby reaping demographic dividend. Ghanshyam Khandelwal, Chairman, BL Agro: The budget was as expected. We didn't anticipate the industry to take centre stage because several schemes for the FMCG sector have already been implemented in recent years. However, the mention of a rationalised strategy to improve domestic oilseed production and minimise reliance on imports was welcomed. A more promising statement was the package that centers on farmers adopting appropriate fruits and vegetables, as well as proper harvesting practices. The move will go a long way towards uplifting the food processing sector. Harsha V. Agarwal, Director, Emami: A very forward-looking budget with focus on capital expenditure which should drive growth. The ease of business in India has also been prioritised. So over all the budget pulls no surprises and focuses on growth of the Indian economy. Amrinder Singh, Director, Bonn Group of Industries: As the social security benefit of state and central government employees has been enhanced in this Union budget 2022, we are expecting that it will spur the consumption. The government has put money in consumer’s hands and ensured that the demand is not getting affected by increasing the tax deduction limit by 14 percent of the state government employees. Vikram Agarwal, Managing Director, Cornitos: The Union Budget 2022-23 is a progressive budget, our Government is concentrating on infrastructure, employment generation, and future developments. This appears to be a growth-oriented budget as efforts are being made to reduce compliance burdens and improve ease of doing business. The Budget has given an extension of the ECLGS Scheme which would provide much-needed help to the MSME sector especially the hospitality and related food processing segments. The past few years have been tumultuous for the hospitality segment and I am hopeful that this initiative gives the industry a much-needed boost.

Union Budget 2022-2023: Here’s how FMCG brands reacted to the budget

<ul><li><keyword id="4306161" type="General" weightage="20" keywordseo="cars24" source="Orion">Cars24</keyword> has raised a funding of $450 million from marquee investors of the startup ecosystem.</li><li>It is reportedly valued at $1.75 billion, followed by Droom with a $1.2 billion valuation.</li><li><keyword id="1980082" type="General" weightage="20" keywordseo="cartrade" source="Orion">CarTrade</keyword>, despite being profitable, has not been able to cross the billion dollar mark.</li></ul>Gurugram-based used cars marketplace Cars24 became a unicorn last year and raised some more money now despite piling up losses. Meanwhile, its competitor CarTrade Technologies, which is profitable and listed on the stock exchanges since August, continues to be valued at less than half the estimated valuation of Cars24. <div type="image" title="Loss-making Cars24 is worth more than a profitable CarTrade ⁠— here’s why" msid="86158018" hostid="261"></div> Analysts say this could have to do with who’s investing in both companies and the latter’s international presence. Nearly three weeks after its listing, CarTrade remains an underperformer even in the stock market whereas, last week, Cars24 raised more funding and raised its valuation to somewhere between $1.72 billion to $1.75 billion. On September 10, <a href="https://entrackr.com/2021/09/exclusive-cars24-raises-259-mn-at-around-1-75-bn-valuation/" data-type="tilCustomLink">eight marquee </a>investors of the startup ecosystem pumped in $258.6 million into Cars24, which had turned into a unicorn last year in November, after raising<a href="https://www.businessinsider.in/business/startups/news/cars24-is-indias-latest-unicorn-as-it-raises-200-million-from-dst-global-and-existing-investors/articleshow/79388631.cms"> $200 million</a> in a round led by DST Global. A unicorn, in startup purlance, is a company valued over a billion dollars. Cars24 was the first startup to cross the threshold in this segment of its operation. Later it was reported that the <a href="https://www.cars24.com/blog/cars24-raisesi-450-million-nearly-doubles-its-valuation-to-1-84-billion/" data-type="tilCustomLink">round aggregated up to $450 million</a>, of which $340 milion was equity investment while $110 million was raised in debt. The company was valued at 1.84 billion post this round. It is followed by Droom, which was recently<a href="https://www.businessinsider.in/business/startups/news/droom-automobile-marketplace-raises-200-million-in-a-pre-ipo-round-at-unicorn-valuation/articleshow/84818567.cms"> valued</a> at $1.2 billion. Meanwhile, CarDekho is in advanced stages of talks to close a funding round with over $1 billion valuation. These were the investors who bet big bucks in Car24’s latest round. Kunal Khatter, managing partner at mobility-focused investment firm AdvantEdge, told Business Insider that private investors and retail investors value companies with different yardsticks. “Analysts in the public market are far more stringent on how they value and give recommendations for buy or sell, because they are answerable to the public.. On the private side, valuation is an outcome of what an incoming institutional investor thinks the company is going to be worth…” Khatter added. Ankur Bansal, co-founder of investment firm BlackSoil noted that the difference in revenue and scale of the companies has also resulted in the difference of valuations. However, valuations of public listed companies are considered as a benchmark because each analyst or firm can have different methods to value a business. Point of difference between CarTrade and Cars24 (Cars24 Services Private Limited). <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metrics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CarTrade </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cars24 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue (in FY20) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹318.4 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,059 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit after tax/(Loss) (FY20) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹31.2 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(₹277.18 crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">150 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Countries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India, Australia, UAE </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Founded by Vikram Chopra, Gajendra Jangid, Ruchit Agarwal and Mehul Agrawal, Cars24 allows customers to sell their old cars through their omnichannel network. A consumer can simply book an appointment with any of the Cars24 branches, visit the branch and sell a car in a single visit. The company has recently expanded to Australia and UAE. AdvantEdge’ Khatter also noted that these two businesses, Cars24 and CarTrade, may look similar on the outside but are in fact very different at their core which has led to difference in the valuation. CarTrade also owns other platforms like CarTrade, Carwale, CarTradeExchange, Shriram Automall, Adroit Auto, Auto Biz, and BikeWale. Majority of CarTrade’s valuation comes from its three assets: Carwale, commercial trucks platform Shriram Automall and inspection business Adroit Auto, Khatter added. The whole reason why CarTrade is profitable is because of Carwale, but again it's a classification that allows you to compare prices. The other two businesses are profitable too, but don’t generate a lot of revenue, Khatter said. “They are market leaders in all these spaces, but the problem with market leaders is that there is not much room to grow,” he said. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CarTrade </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cars24 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New automobile sales </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Used car sales </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial vehicles, farm and construction equipment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Online auction platform </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vehicles financing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Car inspection </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Cars24 has also positioned itself as US-based Carvana, an online dealer of pre-owned cars, which has a market cap of $27.7 billion. “This is why foreign investors are more comfortable giving that sort of premium to Cars24,” Khatter added. On the other hand, CarTrade doesn’t have any international presence. “The original CarTrade was a business-to-business car auction platform, which banks used to liquidate assets. That’s not a real value generator because the margin is very low. They are the market leaders in that, yes, but it's a very limited tank,” he added. ALSO WATCH: Droom founder Sandeep Aggarwal's interaction with Business Insider, where he talks about the company's surging valuation, upcoming IPO and expansion plans. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[<blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/HangoutwithBI?src=hash&amp;ref_src=twsrc%5Etfw">#HangoutwithBI</a>: All you need to know about the first Indian startup from the auto space getting ready to hit the capital markets. <a href="https://twitter.com/iyer_sriram?ref_src=twsrc%5Etfw">@iyer_sriram</a> in conversation with <a href="https://twitter.com/letsdroom?ref_src=twsrc%5Etfw">@letsdroom</a>&#39;s Sandeep Aggarwal (<a href="https://twitter.com/SandeepAgg?ref_src=twsrc%5Etfw">@SandeepAgg</a>). <a href="https://t.co/4dN4lzjbiQ">https://t.co/4dN4lzjbiQ</a>&mdash; Business Insider India🇮🇳 (@BiIndia) <a href="https://twitter.com/BiIndia/status/1421014841565712386?ref_src=twsrc%5Etfw">July 30, 2021</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>]]></cdata></div> Update: Cars24 on September 20 announced that it raised $450 million, at a valuation of $1.85 billion. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/reliance-infra-reliance-industries-zomato-and-other-top-stocks-to-watch-out-for-on-september-13/slidelist/86156619.cms">Reliance Infra, Reliance Industries, Zomato and other top stocks to watch out for on September 13</a> <a href="https://www.businessinsider.in/international/news/the-first-transgender-person-elected-bishop-in-a-major-christian-church-wants-to-inspire-hope-and-expand-peoples-minds-about-trans-people/articleshow/83528986.cms">The first transgender bishop in a major Christian church wants to inspire hope and expand people's minds about trans people</a> <a href="https://www.businessinsider.in/entertainment/news/superhero-movies-have-a-deep-connection-to-9/11-and-it-shows-how-nyc-and-disney-capitalized-on-our-collective-grief/articleshow/86116230.cms">Superhero movies have a deep connection to 9/11, and it shows how NYC and Disney capitalized on our collective grief</a>

Loss-making Cars24 is worth more than a profitable CarTrade ⁠— here’s why

<ul><li><keyword id="4306161" type="PERSON" weightage="20" keywordseo="Cars24">Cars24</keyword> has announced its first franchisee in Surat. </li><li>The startup plans to breakeven by December 2019. </li><li>It plans to invest ₹1-1.5 million into a franchise depending on the location. </li></ul>Indian used cars startup Cars24 is adopting the franchise model to expand across the country. This will help them set-up 300 outlets in tier 2, 3 and 4 cities over the next two years. The startup plans to breakeven by December 2019, and the franchising model could help ramp up operations. Strengthening its presence in tier 2 cities, it also opened a franchisee branch in Surat – the second largest automobile market in India. It plans to invest ₹1-1.5 million into a franchise, depending on the location. It is shortlisting partners after putting them through a lens, and clearing only one from every 200 applications. “Our key objective is to address the challenges that are faced by sellers and buyers in non-metro cities. We are filling the vast gap of a dependable partner in the used car segment and associating the entrepreneurial spirit and local talent of non-metro cities with our platform for seamless execution,” said Mehul Agarwal, Co-founder and COO, CARS24. Cars24 sells over 13,000 cars every month through its platform. In over four years, it sold 1.6 lakh cars. It is now present in 35 cities with 150 branches, Cars24 plans to be in 70 cities with 230 branches, by 2019. “We only have 2% market share of the $30 billion used car market. In India, 5 million used cars are sold every year. Our objective is to take this 2% to 20% over the next 5 years,” Vikram Chopra, co-founder and CEO of Cars24 had said in an earlier interview with Business Insider. This development from Cars24 comes at a time when the Indian auto industry is witnessing a slowdown in the sales of new cars. The country’s largest car maker <a href="https://www.livemint.com/auto-news/maruti-suzuki-sales-down-14-in-june-at-124-708-units-1561984801149.html">Maruti Suzuki </a>too reported a 14% decline in sales in June. Passenger vehicle sales have been suffering for the last eight months. <a href="https://www.businessinsider.in/june-monthly-car-sales-data-points-to-a-severe-slowdown-in-india/articleshow/69985355.cms">Consumer sentiment has suffered due to</a> cost increases amid strict safety regulations, delay in monsoon, rural stress, slowing economy and liquidity constraints. See Also: <a href="https://www.businessinsider.in/news/auto-sales-continue-to-slip-for-eight-straight-months-making-revival-tough/articleshow/70034595.cms">Auto sales continue to slip for eight straight months, making revival tough</a>

EXCLUSIVE: Cars24, a startup selling used cars, wants outlets in 300 cities and is looking for potential franchisees

These 119 Indian billionaires are worth over $300 billion right now, according to Forbes

<img class="gwt-Image" src="/photo/31611859.cms" />Leaving behind the social customs of merely being labelled as good wives, home makers and mothers , Indian women have time and again taken up chores essentially thought of being male-only, and proved that they are equal to their male counterparts, sometimes even better. 
 
On the occasion of International Women’s Day, we bring to you the list of women who dared to step in the fields dominated by men and gave them tough challenges in terms of success and recognition. 
 
Durgabai Kamat and Kamlabai Gokhale 
Known as the first female actors of Indian cinema, this mother-daughter duo is always regarded with utmost honour for breaking the stereotype of only male actors in the profession of performing arts. Starring together in Mohini Bhasmasura, the second venture of the legend <keyword id="6410992" type="ENTERTAINMENT" weightage="40" keywordseo="Dadasaheb-Phalke">Dadasaheb Phalke</keyword>, they were cast as Mohini and Parvati, respectively. Both of them went on to become established actresses and their family members are still a part of the industry, veteran marathi actor Vikram Gokhale being one of them. 
 
<keyword id="121358" type="PERSON" weightage="60" keywordseo="Karnam-Malleswari">Karnam Malleswari</keyword> Born in Srikakulam, Andhra Pradesh, Karnam is the most recognised woman Indian weightlifter. In a glorious career spanning over 10 years, she has won 11 gold and 3 silver medals, and a much-celebrated Olympic bronze in 2000 Summer Olympics. Known for her physique, skills and technique, she is the first Indian woman to win an Olympic medal, first woman recipient of Rajiv Gandhi Khel Ratna Award, and also a recipient of <keyword id="25105" type="PERSON" weightage="60" keywordseo="Padma-Shri">Padma Shri</keyword> and Arjuna Award. Nowadays, she runs her own academy, training others to do what she did and bring fame to the country. 
 
MC <keyword id="47387" type="PERSON" weightage="80" keywordseo="Mary-Kom">Mary Kom</keyword> Mangte Chungneijang Mary Kom, better known as MC Mary Kom, needs no introduction. A five-time World Boxing champion, she is the only woman boxer to have won a medal in each one of the six world championships, a matter of sheer pride to the country. She achieved her much-awaited fame when she won the bronze medal in the 2012 Summer Olympics. A recipient of Padma Bhushan, Arjuna Award, Padma Shree, and Rajiv Gandhi Khel Ratna award, she has also penned down an autobiography called Unbreakable and is all set to be played by <keyword id="1655" type="PERSON" weightage="40" keywordseo="Priyanka-Chopra">Priyanka Chopra</keyword> in her biopic. 
 
<keyword id="36968" type="PERSON" weightage="60" keywordseo="Zoya-Akhtar">Zoya Akhtar</keyword> Belonging to an influential family of <keyword id="143" type="CITY" weightage="80" keywordseo="Bollywood">Bollywood</keyword>, with screenwriter lyricist Javed Akhtar as her father, screenwriter Honey Irani as her mother, producer-director-actor <keyword id="5015" type="PERSON" weightage="40" keywordseo="Farhan-Akhtar">Farhan Akhtar</keyword> as her brother and the talenthouse Shabana Azmi as her stepmother, it was obvious for Zoya to be a part of the industry but nobody had thought that this shy girl would one day become the most celebrated woman director of India. With critically acclaimed films like Luck By Chance and <keyword id="6373898" type="ENTERTAINMENT" weightage="80" keywordseo="Zindagi-Na-Milegi-Dobara">Zindagi Na Milegi Dobara</keyword> for her track record, she is very much a part of the young brigade of the industry. 
 
Premlata Agarwal 
Perhaps the most unheard name in the list, Premlata Agarwal is a mountain climber, who is mostly remembered as the oldest Indian woman to have scaled Mount Everest. Not only this, she is also the first Indian woman to scale the Seven Summits, the ultimate dream for any mountaineer. For her contributions, the Indian government facilitated her with Padma Shri in 2013.

You Searched For "Vikram Agarwal" and got 13 results

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