Quick commerce company <keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords">Zepto</keyword> on Friday said it has raised <keyword id="22130274" type="General" weightage="20" keywordseo="USD-665-million" source="keywords">USD 665 million</keyword> (about Rs 5,560 crore) in the latest funding round that valued the firm at USD 3.6 billion, almost triple than its worth a year back. The massive fundraise comes less than a year after the Mumbai-based startup raised USD 235 million at a valuation of USD 1.4 billion. The funding round saw participation from new investors like Avenir, Lightspeed, and Avra, alongside existing investors Glade Brook, Nexus, and StepStone, Goodwater, and Lachy Groom. "We've gone from 0 to 1 billion-plus in sales, or GMV, in 29 months, that is faster than any other internet company before us... Even on a base of over a billion dollars at this point, we are growing 100 per cent-plus year on year. And that for us is one of the big drivers of this fundraise," Zepto co-founder and CEO Aadit Palicha told PTI. Attributing the growth to the performance of the quick commerce firm, the young entrepreneur said, "This is largely because of the input excellence we've built across the supply chain. "Whether it is sourcing excellence, mother hub efficiency, line haul utilisation, or our last mile, the innovation that we've done, or forecasting, we're in this place where even as we've been able to grow, we've been able to drive efficiency to get the business to pretty much close to full operating cash flow positive today." He said the overall business is close to operating at break-even cash flow. Nearly 75 per cent of the company's stores are fully EBITDA positive as of May 2024, he said. "Over the next 12-18 months, although it might fluctuate, but we'll still be pretty close to operating cash flow positive, and the idea is to keep in that direction, get the business to a place where we can list next 9-12 months," he said. Zepto co-founder and CTO <keyword id="12442402" type="General" weightage="20" keywordseo="Kaivalya-Vohra" source="Orion">Kaivalya Vohra</keyword> said the firm plans to hire top talent across engineering, product, growth, finance, operations, and category management. "If you are looking for a high growth, high meritocracy and high intensity culture where you can convert hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

<ul><li>Quick grocery delivery app <keyword id="12437554" type="General" weightage="20" keywordseo="zepto" source="Orion">Zepto</keyword> has raised $100 million in a Series C round. </li><li>Zepto had earlier raised $60 million only 45 days ago, at a valuation of $225 million.</li><li>It expanded its presence to Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad and Pune in the last two months.</li></ul>Quick grocery delivery app Zepto — founded by two 19 year old Stanford dropouts only seven months ago — is now valued at $570 million by marquee investors of the Indian startup ecosystem. Zepto was founded by Aadit Palicha and Kaivalya Vohra, and it currently delivers 2,500 products in 10 minutes flat. The company, on December 21, announced that it has raised $100 million in a Series C round led by Y Combinator’s Continuity Fund. New and existing investors, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital and others. Zepto had earlier raised<a href="https://www.businessinsider.in/business/startups/news/this-six-month-old-startup-is-nearing-google-backed-dunzos-valuation-by-delivering-groceries-in-10-mins/articleshow/87457816.cms"> $60 million only 45 days ago</a>, at a valuation of $225 million. The company claims to have expanded its presence from Mumbai to Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad and Pune in the last two months. The company is now looking to enter Kolkata. Zepto’s valuation is now nearly double of Google-backed <keyword id="3275685" type="General" weightage="20" keywordseo="dunzo" source="Orion">Dunzo</keyword>, which is among the oldest players in the domain. The company was said to be valued at <a href="https://entrackr.com/2021/03/exclusive-dunzos-valuation-crosses-300-mn/">$300 million </a>in March 2021, when the company raised $8 million. Another competitor Swiggy, which started its <keyword id="9728281" type="General" weightage="20" keywordseo="instamart" source="Orion">InstaMart</keyword> offering in 2020, has decided to invest $700 million in the domain and enable 5 minutes delivery. Meanwhile, <keyword id="2466939" type="General" weightage="20" keywordseo="grofers" source="Orion">Grofers</keyword> has decided to <a href="https://www.businessinsider.in/business/startups/news/grofers-founder-explains-why-he-rushed-to-rebrand-the-startup-and-his-plans-seem-ambitious/articleshow/88320706.cms">rebrand its entire billion dollar business</a> to <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword> in order to showcase its focus on 10 minute delivery. The company <a href="https://www.businessinsider.in/business/ecommerce/news/grofers-has-now-shutdown-18-location-after-rebranding-to-blinkit-heres-how-you-can-check-if-deliveries-are-available-in-your-locality/articleshow/88389021.cms">decided to shut down operations in 18 cities</a>, and focus only on 12 cities for now. “Investors are consistently choosing to back Zepto because of our best-in-class execution. This is giving us incredible momentum - we’re growing at a phenomenal rate, customers are loving the product experience, our core unit economics are strong, and we have one of the best startup teams in India today. Suffice it to say, I’m excited about what’s to come,” Aadit Palicha, cofounder and chief executive (CEO) of Zepto, said. SEE ALSO <a href="https://www.businessinsider.in/finance/banks/news/lic-owned-idbi-bank-gets-hit-by-6710-crore-loan-default-by-a-diamond-merchant-the-biggest-since-nirav-modi/articleshow/88392370.cms" data-type="tilCustomLink">LIC-owned IDBI Bank gets hit by ₹6,710 crore loan default by a diamond merchant, the biggest since Nirav Modi</a> <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittals-hike-is-offering-eth-to-anyone-who-find-a-chief-meme-officer-or-a-crypto-game-economist-for-the-company/articleshow/88388082.cms" data-type="tilCustomLink">Kavin Bharti Mittal's Hike is offering ETH to anyone who find a 'chief meme officer' or a 'crypto game economist' for the company</a> <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>

Two teenage Stanford dropouts have made their startup worth half a billion in 7 months

India’s jet-set: Here’s how billionaires earned, lost and donated in 2022

<ul><li>Quick commerce platforms like <keyword id="3275685" type="General" weightage="20" keywordseo="dunzo" source="Orion">Dunzo</keyword>, <keyword id="12437554" type="General" weightage="20" keywordseo="zepto" source="Orion">Zepto</keyword>, Blinkit are getting ahead of the retail stores in terms of fast delivery at your convenience.</li><li>Grocery shopping in India’s major cities is set to undergo a never-seen-before tec(h)tonic shift led by quick commerce platforms, says a report.</li><li>Meanwhile, <keyword id="2407038" type="General" weightage="20" keywordseo="dmart" source="Orion">DMart</keyword> is still aggressively opening stores in parts of the country to get back to pre-covid levels.</li></ul>The stores are coming to the consumers – figuratively. The local kirana store or India’s largest retail chain, all of them are keen on getting a piece of the <keyword id="1410674" type="General" weightage="20" keywordseo="online-grocery-delivery" source="Orion">online grocery delivery</keyword> market. DMart, for instance, has set up its app and pick-up centers for home delivery after handling its bulk delivery orders during the pandemic. Reliance Retail too stepped into this delivery business with its app, <keyword id="8506093" type="General" weightage="20" keywordseo="jiomart" source="Orion">JioMart</keyword> with little success, though it has also invested in Dunzo. Time does matter When it comes to the delivery market, it’s not about what you deliver, how you deliver but it’s all about ‘when’ you deliver. Most of the online <keyword id="2709620" type="General" weightage="20" keywordseo="grocery-delivery" source="Orion">grocery delivery</keyword> hinges on timing which is why quick commerce companies are walking away with a lion’s share of the pie. “Grocery shopping in India’s major cities is set to undergo a never-seen-before tec(h)tonic shift led by quick commerce platforms,” said a report by JM Financial. Online grocery market has two segments -- quick commerce and scheduled e-grocery. Only Jiomart, Bigbasket and DMart are scheduled e-grocery stores, all the other platforms are in a race of quick delivery business. And the segment seems to be ruled by the ‘10-30-minute delivery’ offered by platforms like <keyword id="6358977" type="General" weightage="20" keywordseo="swiggy" source="Orion">Swiggy</keyword>, Blinkit, Zepto and Dunzo. Most of the retail chains who intend to deliver groceries however have a one-day lag period between order and delivery. Added to that, quick commerce platforms are addressing multiple consumer pain-points such as convenience, speed, curated assortment, value, and round-the clock standardized services. Online food ordering business is <a href="https://www.businessinsider.in/retail/news/grocery-business-is-like-poison-pill-for-zomato-after-failing-miserably-two-times-as-per-analysts/articleshow/92202068.cms">aiding growth in the e-grocery as well</a>. Customers who order food online for convenience, wider selection, discounts and standardized customer support are also likely to be more amenable to ordering grocery items online for the very same reasons. This opens up cross-sell opportunities for food-techs like Swiggy and Blinkit, which is merging with Zomato. Paan to curds - quick commerce delivers it all A February 2022 Survey by LocalCircles indicates that 71% of the households used q-commerce platforms to either order daily use items such as milk, bread, eggs, curd, fruits and vegetables, etc. They also ordered indulgence items such as soft drinks, ice creams, chocolates and paan. Though, only 29% of the surveyed households used q-commerce for ‘all their grocery’ purchases. For the bulk purchases however, the large format stores are still in the running as people are going to the stores. DMart is still aggressively opening stores in parts of the country to get back to pre-covid levels. “We believe it will look to accelerate store expansion and the benefit of recent expansion is yet to fully kick in – revenue intensity is lower than pre-Covid levels,” said analysts at ICICI Securities post its March quarter earnings. Redseer estimates the grocery market size in India was worth $620 billion in 2021, which is expected to grow at a CAGR of 8% over the next four years to reach over $850 billion by 2025. Quick commerce is all set for the long haul Quick commerce players are also vying for a bigger piece of the entire pie. The quick ordering might start with fresher foods like fruits and vegetables, meat, dairy and other ready-to-cook items; and also indulgence categories like chocolates, biscuits, snacking items, cold drinks, and tobacco. But it could extend to others too. “We also expect grocery staples, cooking essentials, medicines, baby and personal care, home care and pet care, amongst others, to pick up as consumers become more habituated to ordering through the platforms,” said the JM Financial report. Recently, Swiggy raised $700 million for quick-commerce grocery service Instamart. Zomato poured $150 million into quick commerce startup Blinkit. Zepto raised $200 million and lastly Reliance Industries also caught the quick commerce train by investing $200 million in Dunzo. This also means that competitive intensity is likely to be severe in the near term, between them and also with the big retailers. “Only those platforms that have very strong customer recall, robust back-end supply chain and/or strong balance sheet are likely to survive this battle of attrition,” said the report. JM Financial believes that quick delivery platforms have what it takes to disrupt the unorganized grocery market including neighbourhood kirana stores or even retail chains like DMart in large cities. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><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;">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;">Earliest delivery option </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;">Jiomart </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 timeline committed </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;">Bigbasket </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;">Next day morning </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;">DMart </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;">Next day morning </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;">Instamart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25 mins </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;">Blinkit </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;">50 mins </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;">Zepto </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;">23 mins </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;">Dunzo </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;">41 mins </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;">Bigbasket Now </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;">30 mins </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;">Ola Dash </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;">10 mins </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;">Amazon Fresh </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;">3-4 hour </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;">Flipkart Quick </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;">90 mins </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;">Fraazo </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;">90 mins </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;">FreshToHome </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;">Next day morning </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;">Licious </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;">3-4 hour </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-gives-a-tenth-of-his-networth-to-charity-azim-premji-is-impressed/articleshow/92426271.cms">Gautam Adani gives a tenth of his networth to charity, Azim Premji is impressed</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-show-signs-of-life-after-a-bloodbath-but-future-remains-uncertain/articleshow/92427941.cms">Cryptocurrencies show signs of life after a bloodbath, but future remains uncertain</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rejected-i-banks-manufacturers-for-not-having-enough-women-on-board-says-mamaearth-founder/articleshow/92429742.cms">Rejected i-banks, manufacturers for not having enough women on board says Mamaearth founder</a>

DMart and JioMart are unable to keep pace with Dunzo, Swiggy Instamart, Ola Dash

<ul><li><keyword id="111343" type="General" weightage="20" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword> added ₹5 lakh crore to his wealth last year to become the richest Indian, beating <keyword id="3820" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="Orion">Mukesh Ambani</keyword> by ₹3 lakh crore.</li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> added ₹1,612 crore to his wealth each day – almost 8 times that of Ambani, who added ₹210 crore per day in the last one year.</li><li>Overall, the top ten richest people in India have a total wealth of nearly ₹32 lakh crore, of which Adani and Ambani account for nearly 60%.</li></ul>Gujarat-based billionaire Gautam Adani added ₹5 lakh crore to his wealth last year to become India’s richest man as per IIFL Wealth <keyword id="15044910" type="General" weightage="20" keywordseo="hurun-india-rich-list-2022" source="Orion">Hurun India Rich List 2022</keyword>. In 2021, the founder of the Adani Group was behind Mukesh Ambani by ₹2 lakh crore. He is now ahead of Ambani by ₹3 lakh crore. The report calls it the ‘₹5 lakh crore catch up’. Adani’s total wealth stands at ₹10.94 lakh crore, and he added ₹1,612 crore per day over the last year, the release stated. “From an Indian wealth creation perspective, 2022 will be remembered for Adani’s meteoric rise. Briskly expanding his commodity trading company into a coal–to–port-to-energy conglomerate, he is the only Indian to have built not one, but seven companies with a market cap of one lakh crore,” said Anas Rahman Junaid, MD and chief researcher, Hurun India. The rapid rise in the value of his seven listed companies – nine now, with the addition of Ambuja Cements and ACC – has helped Adani zoom past Ambani. “In 2012, Adani’s wealth was hardly one-sixth of Ambani’s wealth and no one could imagine that he would overtake Ambani to become the richest man in India in ten years,” said Junaid. The report also said that India also gave a new number two, Gautam Adani, to the Hurun Global Rich List. Adani’s gains also helped boost the overall wealth of the Indian billionaires. “The cumulative wealth growth of the IIFL Wealth <keyword id="3656833" type="General" weightage="20" keywordseo="hurun-india-rich-list" source="Orion">Hurun India Rich List</keyword> 2022 excluding Adani is only 2.67%, compared to the overall 9%,” said Junaid. As many as 149 individuals entered the IIFL Hurun India Rich List of 1,103 – all of whom have a wealth of ₹1,000 crore or more. They cumulatively have a wealth of ₹100 lakh crore. <a href="https://www.businessinsider.in/business/news/gautam-adani-just-1-billion-away-from-becoming-the-second-richest-person-in-the-world-as-per-bloomberg-index-report/articleshow/94242575.cms">Adani is also the second richest person in the world, according to Bloomberg Billionaires Index, with a total wealth of $150 billion.</a> <cmsannotation type="cmsannotation" annotationid="Mukesh Ambani falls to the second position" comment="subhead" text="Mukesh Ambani falls to the second position">Mukesh Ambani falls to the second position</cmsannotation> After holding on to the richest Indian tag for ten years, Mukesh Ambani fell to the second position in this year’s list with a wealth of ₹7.94 lakh crore. Despite being dethroned from the numero uno position, Ambani’s wealth grew 11% last year – as he added ₹210 crore to his wealth every day during the period, making him the second-best performer after Adani. <div type="image" title="Hurun India Rich List 2022 Top 10 vs rest." msid="94348155" hostid="261" sizebytes="25244" caption="&amp;lt;p&amp;gt;Hurun India Rich List 2022&amp;lt;/p&amp;gt;"></div> Together, Adani and Ambani account for 59% of the total wealth of the top ten richest people in India. <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 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth (in cr) </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,94,400 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">116% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,94,700 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,05,400 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,85,800 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,75,100 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vinod Shantilal Adani &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,69,000 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SP Hinduja &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,65,000 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-25% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,51,800 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,33,500 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Kotak </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,19,400 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: IIFL Hurun India Rich List 2022 <cmsannotation type="cmsannotation" annotationid="Zepto co-founder Kaivalya Vohra youngest on Hurun rich list" comment="subhead" text="Zepto co-founder Kaivalya Vohra youngest on Hurun rich list">Zepto co-founder Kaivalya Vohra youngest on <keyword id="424923" type="General" weightage="20" keywordseo="hurun-rich-list" source="Orion">Hurun rich list</keyword></cmsannotation> <a href="https://www.businessinsider.in/business/startups/news/zepto-raised-100-million-at-570-valuation-to-deliver-product-in-10-minutes/articleshow/88394937.cms">Zepto co-founder Kaivalya Vohra</a> is the youngest to debut on Hurun rich list, at the age of just 19 years. The youngest debutant on this list 10 years ago was a 37-year-old, according to a release by Hurun. The wealth creation by startups has been immense – according to the report as 100 startup founders figure in this year’s rich list. Together, these 100 startup founders account for ₹5.06 lakh crore wealth and have an average age of 40 years. “The IPOs of some of the high-profile startups realigned the valuation spread between institutional and retail investors. Having said the aforementioned, we believe the startup wealth creation will continue,” Junaid added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-indian-equity-gold-and-debt-investments-have-performed-over-the-past-two-decades/articleshow/94304653.cms">Story in charts: How Indian equity, gold and debt investments have performed over the past two decades</a> <a href="https://www.businessinsider.in/thelife/personalities/news/anil-agarwal-profile-vedanta-resources-listing-in-london-stock-exchange-gujarat-semiconductor-chipset-plant/articleshow/94297057.cms">Anil Agarwal – how a Bihar boy who knew only ‘yes’ and ‘no’ went onto list the first Indian company on London Stock Exchange</a> <a href="https://www.businessinsider.in/stock-market/news/for-every-100-pulled-out-by-foreign-investors-from-the-indian-equity-markets-domestic-investors-have-ploughed-back-89-this-year/articleshow/94220904.cms">For every ₹100 pulled out by foreign investors from the Indian equity markets, domestic investors have ploughed back ₹89 this year</a>

Gautam Adani, Mukesh Ambani account for 59% of India’s top 10 billionaires’ wealth

<keyword id="6412154" type="General" weightage="20" keywordseo="funding-winter" source="Orion">Funding winter</keyword> — a term referring to the reduced capital inflows to startups — has affected the entire ecosystem across the globe since mid-2022. Amid growing geopolitical uncertainties and failure of several storied startups, <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> startups seemed to be a risky endeavour for many angel investors venture capitalists. But now, as the data for initial months of 2024 starts to pour in, the winter seems to be waning, at least in the Indian start-up ecosystem. <keyword id="19913963" type="General" weightage="100" keywordseo="Indian-startups" source="keywords">Indian startups</keyword> have raised $3.1 billion in venture capital (VC) funding during the first four months of 2024, according to GlobalData. The country has seen year-on-year (YoY) improvement in both the volume and value of <keyword id="1129629" type="General" weightage="20" keywordseo="VC-deals" source="Orion">VC deals</keyword> for this period. From January to April 2024, a total of 375 VC funding deals were announced, with their disclosed value amounting to $3.1 billion. This marks a YoY growth of 1.1% in the number of deals and 13.8% in their value. Analysis of GlobalData’s Deals Database shows that for the same period in 2023, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> witnessed the announcement of 371 VC deals, valued at $2.8 billion. The first quarter of the year itself witnessed two companies — <keyword id="20452451" type="General" weightage="20" keywordseo="krutrim-ai" source="keywords">Krutrim AI</keyword> and Perfios — turn unicorns, and several other late-stage deals were closed at impressive valuations. In all of 2023, only two startups — Zepto and <keyword id="19944450" type="General" weightage="20" keywordseo="incred-finance" source="keywords">InCred Finance</keyword> — had turned unicorns. "It is noteworthy that India, apart from being a key Asia-Pacific country standing just next to China in VC funding activity, is also among the top five markets globally, both in terms of VC funding deals volume and value," says Aurojyoti Bose, Lead Analyst at GlobalData, highlighting India's significant standing in VC funding activity. Some of the notable VC funding deals announced in India during this period included $300 million raised by Meesho, $216 million by PharmEasy, $103 million by Pocket FM, and $100 million by Shadowfax. <cmsannotation type="cmsannotation" annotationid="Waning winter may not mean a blockbuster return yet" comment="subhead" text="Waning winter may not mean a blockbuster return yet">Waning winter may not mean a blockbuster return yet</cmsannotation> <div type="image" title="GlobalData Financial Deal Database" msid="110552882" hostid="261" sizebytes="45578" caption="&amp;lt;p&amp;gt;India VC funding landscape during the first four months of 2024&amp;lt;span class=&amp;quot;redactor-invisible-space&amp;quot; style=&amp;quot;&amp;quot;&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div> During the pandemic, many Indian funds amassed significant capital that remained unutilised, creating a substantial amount of "dry powder" or unallocated capital. This, along with renewed enthusiasm about India's growth story, could be the catalysis behind soaring VC funding. Praising India as a notable exception, Bose said that, “When several of its peer countries were witnessing a fall in either VC deals volume or value, and some countries were also experiencing a decline in both, India emerged as a notable exception to register improvement in terms of volume as well as value.” However, raising additional capital now faces challenges due to slower implementation of interest rate cuts globally. Moreover, continued funding winter in the West and persistent high inflation in some economies have even stoked fears of a recession. Despite a good start this year, the Indian startup ecosystem still has significant progress to make. After record startup inflows of $41.6 billion in 2021, funding sharply declined in 2022 and 2023. According to a Tracxn report, inflows dropped to approximately $25 billion in 2022 and further plummeted to a six-year low of $7 billion in 2023, which is just one-sixth of the 2021 figures. This year, India's share of the global VC funding deals has risen to 6.9% during January to April 2024, while it accounted for 4.1% of the global deal value. However, industry experts point that global funds are not flowing as freely as they did during the pandemic. Although the financial system is showing signs of improvement, the chances of startup funding returning to its previous levels this year are slim. <cmsannotation type="cmsannotation" annotationid="Funding winter continues in the West" comment="subhead" text="Funding winter continues in the West">Funding winter continues in the West</cmsannotation> In comparison, startups in most of the Western countries have continued to struggle in terms of VC funding. The UK saw the announcement of 389 VC funding deals worth $3.6 billion during January-April 2024, which is a YoY decline of 21.4% in deal volume and 32.8% in deal value. The US — a leader in the global startup ecosystem — also witnessed only 1,527 VC funding deals valued at $34.2 billion in the first four months of 2024, compared to 2,922 VC deals of $47.9 billion value during January-April 2023. This marks a YoY decline of 47.7% in the number of deals and a 28.7% decrease in their value. “Market volatility seems to have impacted the investors’ confidence in VC funding deal making activity in the US. However, despite the decline, the US continued to lead the global VC funding landscape in terms of deals volume as well as value,” remarked Bose. GlobalData also cautioned that historical data is subject to change if more deals are disclosed later due to delays in making information public.

Indian startups raise $3.1 Billion in VC funding in four months even as funding winter continues in the West

The e-commerce market in India is projected to increase significantly to over USD 300 billion by 2030 as the country's <keyword id="20107419" type="General" weightage="20" keywordseo="digital-economy" source="keywords">digital economy</keyword> is set to reach a whopping USD 1 billion by the same year. According to <keyword id="19918506" type="General" weightage="20" keywordseo="Invest-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Invest India" meta.hostid="261" meta.entityid="Invest India">Invest India</keyword>, India's online shopper base will be the 2nd largest globally by 2030, with nearly 500-600 Mn shoppers. Even now, India has the 2nd largest Internet user-base globally with 881 million users. India is moving towards becoming a dominant force in global e-commerce by 2030, driven by a growing digital economy and an expanding internet user base. The data from the investment promotion and facilitation agency Invest India from shows India taking the lead in <keyword id="19957108" type="General" weightage="20" keywordseo="online-shopping" source="keywords">online shopping</keyword>, the e-commerce sector in India is valued at USD 70 billion at present. This makes up for just around 7 percent of the total retail market in the country. However, several factors are likely to contribute a bright future outlook for the sector. <cmsannotation type="cmsannotation" annotationid="Growing internet penetration and digital economy" comment="subhead" text="Growing internet penetration and digital economy">Growing <keyword id="20707509" type="General" weightage="20" keywordseo="internet-penetration" source="keywords">internet penetration</keyword> and digital economy</cmsannotation> Internet penetration across has seen substantial growth, with over 60% of the Indian population (918 million) using the internet by September 2023. Further, an estimated 87 percent of Indian households are projected to have internet access as early as 2025. The time spent accessing the internet via mobile devices has also increased by 21 percent compared to 2019. The affordability of data prices in India is a key factor, with one gigabyte of data priced at around USD 0.17 (Rs 13.5), encouraging a large portion of the population to go online. <keyword id="21457667" type="General" weightage="20" keywordseo="mobile-data-traffic" source="keywords">Mobile data traffic</keyword> has tripled from 2018 to 2023, demonstrating the growing dependence on <keyword id="19979951" type="General" weightage="20" keywordseo="digital-platforms" source="keywords">digital platforms</keyword> for diverse requirements. It is projected that by 2026, 1.18 billion people across the country will have access to smartphones, over 80% of India's population. The increasing number of smartphone users along with higher average data consumption per user, boosts the digital economy. The Unified Payments Interface (UPI) has become a major player in digital payments, handling transactions worth USD 1.5 trillion in 2022. There has been a significant increase in the availability of local language and mobile-first content, with about 73 percent of India's internet users utilizing Indian languages. As a result, there is an estimated regional language user base of 540 million, creating a market worth USD 53 billion. Digital infrastructure like UPI, eKYC, and Aadhaar has cut down the consumer onboarding time by 80 percent, enhancing the digital experience. The Open Network for Digital Commerce (ONDC) is another notable initiative by the Government of India, launched in 2022. It aims to provide equal opportunities to MSMEs to thrive in digital commerce and democratize e-commerce. <cmsannotation type="cmsannotation" annotationid="A transition along with growth" comment="subhead" text="A transition along with growth">A transition along with growth</cmsannotation> In FY 2022-23, Government e-marketplace (GeM) registered its highest ever Gross Merchandise Value of $2011 Bn, shows data from Invest India. The projected growth in online shoppers in India is substantial, with a compound annual growth rate (CAGR) of 22 percent to 88 million in rural India and 15 percent to 263 million in urban India from 2019 to 2026. There is a notable transition towards rural-focused value e-commerce, with more than 60 percent of demand anticipated to come from tier 2-4 towns and rural India by 2026. Government programs such as the National Logistics Policy are designed to streamline deliveries to remote areas, improving the efficiency and cost-effectiveness of logistics. The quick commerce market in India's hyperlocal mobility sector is also projected to grow exponentially to achieve a market size of USD 5.5 billion by 2025. Leading companies like Swiggy and Zomato are at the forefront of the market, while startups like Zepto are also gaining substantial market share. <keyword id="20873923" type="General" weightage="20" keywordseo="social-commerce" source="keywords">Social commerce</keyword>, a new trend that uses social networks and digital media to connect buyers and sellers, is also projected to achieve a market size of USD 70 billion by 2030, with small video applications gaining significant popularity. Significant mergers and acquisitions have been observed in the e-commerce sector, with companies such as Zomato and PhonePe making strategic decisions to enhance their positions. Government schemes like Jan Dhan Yojana, BharatNet Project, and the implementation of Goods &amp; Service Tax (GST) have been instrumental in shaping India's digital economy. (With inputs from ANI)

India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030

<ul><li>The <keyword id="6412154" type="General" weightage="20" keywordseo="funding-winter" source="Orion">funding winter</keyword> is far from over and the recovery will be slow, say industry experts.</li><li>But late stage deals have picked up in the last quarter due to valuation catchup.</li><li>VCs too are facing pressure from LPs who have not received their Distributed to Paid-In Capital.</li><li>Foreign LPs have turned wary while authorizing drawdowns for investments in India </li></ul>Three startups — Zepto, Zyber 365 and Incred — turned unicorns in the last few months. They were the first such to officially hit the $1 billion valuation mark in 2023. While this indicates that late-stage deals are back in the market, there’s no thaw in the funding winter that’s set in mid-2022, say experts. “The funding winter is far from over. We are not even halfway there,” Anas Rahman Junaid, chief researcher at Hurun India told Business Insider India. Concurs Fazal Ahad, managing director at Merisis Advisors, “We expect the funding winter to start reducing and regular activity to start in a couple of quarters.” In the quarter ending September, the startup ecosystem raised $1.9 billion, hitting a five-year low, as per KPMG’s Venture Pulse report. In spite of large deals, venture financing halved even on a quarter-on-quarter basis from $3.3 billion raised in July quarter. Even at the height of funding winter, the early stage deals have been happening till Series B. Thanks to the valuation catch-up, funding has just now picked up in late-stage deals as well. “There seems to have been more activity in the funding space but the metric for funding has evolved, which will mean valuations will remain under pressure especially at the late stage, though we feel the process will be slow and we may not see the 2020/21 phase for a long time,” said Manoj Agarwal, Co-founder &amp; Managing Partner, SeaFund. It’s a founders’ winter Venture Capital firms had become tightfisted after the interest rate tightening cycle set in the summer of 2022. Since then, a lot of changes have set into the Indian startup ecosystem saw acquisitions, layoffs and more. But mostly, startups charted a path to profitability by tightening belts and rationalizing growth plans. “The driver for companies during the funding days of 2021 was raising the next round. That was the driver for founders and most early VCs. Because of the slowdown, the focus shifted to profitability, where it should always have been,” said Bhaskar Majumdar, managing partner at Unicorn India Ventures. Most VCs now are letting startups clean up shop before betting on them – extending the phase of funding winter. “The duration of the current funding winter in the startup ecosystem is closely tied to the adaptability of founders. This phase will likely persist for those founders who resist aligning their valuations, expectations, and business models with the current market realities,” says Anirudh A Damani, managing partner at Artha Venture Fund. India vs foreign LPs differ on drawdowns While startups are struggling to match growth with profitability, VCs too are facing a tough road with higher-for-longer interest cycles, making capital tighter. They are under pressures of their own. “VCs are also facing tailwinds from limited partners who haven’t got their Distributed to Paid-In Capital or DPIs. VCs are now starting to focus on DPIs,” says Majumdar. DPIs is a measure of the total capital that a fund has returned thus far to its investors. Theoretically, there is a lot of dry powder amounting to as much as $40 billion sitting with VCs that are keen to invest in India. But these funds seem to be stuck in a strange limbo. “The dry powder scenario in India's VC market presents a unique dichotomy. On the one hand, significant dry powder is available, but on the other, many foreign funds are experiencing reluctance from their LPs to authorize drawdowns for investments in India or VC asset classes, given the global uncertainties affecting this sector,” says Damani. At the same time, Indian LPs have been aggressively backing funds as well as investments. Damani adds that Indian funds flush with domestic capital are facing intense drawdown pressures, and looking for investment opportunities to meet LP expectations. “In 2023 itself, funds worth $5 billion have been launched to invest in Indian startups. Add to them the pool of capital available with the existing funds, and we have plenty of dry powder available for investing in India,” insists Agarwal. The startup funding environment is currently under many forces and pressures. Yet, experts insist that good business models will always find investments — meaning that the fit will always survive. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/a-billion-little-pieces-unicorns-lose-bragging-rights-as-funding-winter-deepens/articleshow/104356885.cms">A billion little pieces: Unicorns lose bragging rights as funding winter deepens</a> <a href="https://www.businessinsider.in/business/startups/news/zephyr-peacock-india-looks-to-raise-200-mn-in-the-midst-of-funding-winter/articleshow/105353270.cms">Zephyr Peacock India looks to raise $200 mn in the midst of funding winter</a>

Late-stage deals are back but funding winter is far from over say VCs

<ul><li>NTPC Green Energy intends to build a renewable portfolio of 60 gigawatts (GW) over the next decade.</li><li>It intends to use the proceeds from the share sale to expand its non-fossil businesses.</li><li>The company’s plans are aligned with the government’s target to cut its net carbon emissions to zero by 2070.</li></ul>India’s largest power producer NTPC is likely to list its green energy subsidiary NTPC Green Energy on the Indian stock exchanges in FY24, after its attempts to bring in an investor fell through. As per reports, NTPC has plans to divest 25% of its green energy arm via a public offering. In March 2023, Malaysia's Petronas had agreed to pay $460 million for a 20% stake in NTPC Green Energy, but it withdrew the bid, as per a Bloomberg report. NTPC’s tender offer last year drew initial interest from 13 companies, including Brookfield Asset Management Inc., Canada Pension Plan Investment Board and Abu Dhabi National Energy Co. Of these, only three companies including Petronas, Indian power lender REC and Indraprastha Gas had put in their final bids. Building a non-fossil business State-owned NTPC is India’s largest power generator with 25 coal fired power plants across the country. However, it plans to expand into non-fossil businesses, fundraising via an IPO will help with this expansion. NTPC has a total commissioned solar power capacity of more than 2 gigawatts. It has put all its renewable energy portfolio under one umbrella entity — NTPC Green Energy by transferring its 15 renewable energy assets. The net worth of the assets is ₹13.65 billion as of 31 March, 2022, which is 1.01% of the net worth of NTPC. NTPC Green sets ambitious targets NTPC Green Energy has set an ambitious target of building a renewable generation portfolio of 60 gigawatts (GW) over the next decade. The company’s plans align with the government’s target to cut net carbon emissions to zero by 2070. India is also aiming to build 500 GW of non-fossil energy capacity by 2030. Last month, NTPC Green Energy signed a joint venture agreement with Indian Oil Corporation to set up renewable energy projects to meet round the clock power requirements of IOCL Refineries. The JV will enable NTPC and IOC to meet the government’s clean energy targets in their respective core businesses. In March, the cabinet committee on economic affairs granted exemption to NTPC to invest more than the prescribed limit in its green energy subsidiary, NTPC Green Energy. “The exemption given to NTPC will aid in improving India’s global image as a green economy. It will also decrease India’s dependency on conventional sources of energy by diversifying India’s energy generation and will also decrease the country’s coal import bills. Further, it will also help in ensuring 24*7 power supply to each and every corner of the country,” said the cabinet committee on economic affairs in a statement. The last public sector company that went public was Life Insurance Corporation (LIC) in 2022. It was also India’s largest IPO which raised as much as ₹21,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a>

All about NTPC Green Energy IPO to be out in FY24

<ul><li><keyword id="4868156" type="General" weightage="100" keywordseo="medulance" source="Orion">Medulance</keyword> is a Delhi-based medical service provider with over 7500 ambulance fleets leveraging 5G technology. </li><li>The startup’s 5G ambulances function like a hospital on wheels allowing video consultations with doctors, paramedics and healthcare workers besides real-time streaming of patient health data during critical hours. </li><li>Medulance claims to dispatch an ambulance within 3-4 minutes, with a guarantee of reaching the emergency room within 15 minutes. </li><li>Founded in 2017, the bootstrapped company received its first funding on <keyword id="11924074" type="General" weightage="50" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword>.</li></ul>“Our nation is weird, pizza comes with a 30-minute delivery guarantee, but not an ambulance?” A character says this in the popular Hindi movie 3 Idiots, voicing the frustration of all Indians with accessing ambulances. Delhi-based startup Medulance has stepped in to solve this problem – aiming to provide rapid ambulance services, faster than the time taken to get groceries from instant delivery services like Blinkit or Zepto. Leveraging Jio’s 5G network, Medulance claims to provide an ambulance in 20 minutes, on average. They do this by managing traffic while simultaneously ensuring that if you call their helpline, there is 100% call attendance. Medulance also uses its technology platform to directly connect users with ambulance drivers. It provides three services - MeduERS (Stationed Ambulance Service), MeduClinic (Medical Room Service) and MeduAlert (Corporate employee coverage, including 4 family members). The startup’s 5G ambulances function like a hospital on wheels allowing video consultations with doctors, paramedics and healthcare workers besides real-time streaming of patient health data – thus providing medical assistance during the critical ‘golden hour’. Medulance says that in 2018, 50% of the 1.51 lakh fatalities caused due to road accidents could have been saved if timely assistance was made available to them. <cmsannotation type="cmsannotation" annotationid="Wins the biggest deal on Shark Tank India" comment="subhead2" text="Wins the biggest deal on Shark Tank India">Wins the biggest deal on Shark Tank India </cmsannotation> Medulance’s innovative solution impressed the judges on Shark Tank India Season 2. It secured a deal of ₹2 crore for 2% equity from three judges – Emcure Pharmaceuticals’ executive director Namita Thapar, CEO of Lenskart Peyush Bansal and co-founder of boAt, Aman Gupta. The startup has registered a growth of 300% in 2019-2021. It further grew 2x the next year, <keyword id="3507470" type="General" weightage="50" keywordseo="pranav-bajaj" source="Orion">Pranav Bajaj</keyword>, co-founder of Medulance, said in a conversation with Business Insider India. Founded in 2017, Medulance is currently in over 60 cities and also has a fleet size of 7,500 and over<a href="https://medulance.com/"> 8 million</a> subscribers. However, providing a medical provider network is expensive as building one Medulance ambulance with equipment costs ₹22 lakh, informed Bajaj. Bajaj was also on Forbes Asia’s <a href="https://www.forbes.com/profile/pranav-bajaj/?sh=14d22a0876ca">30 under 30</a> list in 2021. The company plans to use the funds to penetrate the market faster and improve ambulance management technology. It’s also looking to raise $1-$1.5 million within 8-9 months and also start a paramedic training institute, he added. Medulance’s vision is to reach ₹100 crore revenue within the next two years. The company achieved sales worth ₹24 crore in FY22 and projected sales worth ₹40 crore for FY23. <cmsannotation type="cmsannotation" annotationid="Of a grandfather’s death &amp; the founding of a startup" comment="subhead2" text="Of a grandfather’s death &amp; the founding of a startup">Of a grandfather’s death &amp; the founding of a startup</cmsannotation> The two founders Bajaj and Ravjot Arora met through a common friend back in 2016, where Arora talked about losing his grandfather due to the unavailability of an ambulance. Bajaj earlier worked with Zomato till 2015. “Most of my entrepreneurial zeal comes from early days of seeing Zomato functioning. Sometimes it's good that people who aren’t directly related and have complementary skills come together to solve a common problem,” he said. The startup’s business model operates in three ways – providing ambulances to residential areas, an app-based subscription model and tying up with over 500 hospitals. Through their helpline, they have been servicing remote areas as well. <cmsannotation type="cmsannotation" annotationid="Reaching every nook of India" comment="subhead2" text="Reaching every nook of India">Reaching every nook of India</cmsannotation> But how does Medulance provide assistance to people in Tier II and Tier III cities of India, where internet connectivity is still picking up pace? “Our ambulances are GPS-enabled. Our call centre executives have access to smart dashboards which feed in patient data as soon as a call is made. Places with no internet connection can pass on the patient information via SMS as well,” he said. The biggest problem was the lack of skilled medical staff in smaller cities and far-flung areas which have little or no access to multispeciality hospitals, he said. “Ensuring there are quality ambulances, nurses, paramedics in smaller cities is the bigger problem, not the availability of the internet,” Bajaj says. “5G ambulances can create even a bigger impact in smaller towns. When we were doing our research, the closest multi-speciality hospital in remote areas of India was 60-90 kilometres away. 5G ambulances can act as ICU beds in transit,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bbc-india-survey-indicated-tax-evasion-on-remittances-discrepancies-in-transfer-pricing-govt/articleshow/98017836.cms">BBC India survey indicated tax evasion on remittances, discrepancies in transfer pricing: Govt</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fiis-pump-in-6000-crore-in-5-sessions-as-emerging-markets-turn-attractive-again/articleshow/98017229.cms">FIIs pump in ₹6,000 crore in 5 sessions as emerging markets turn attractive again</a>

5G ambulances act as ICUs on bed, says medical provider Medulance who secured ₹2 crore funding on Shark Tank India

<ul><li>The top 10 list of new additions was dominated by the billionaire Abhay Vakil family — co-founder of Asian Paints. </li><li>Ashwin Desai and family of Aether Industries with a wealth of ₹11,700 crore came second in the list of people who made their debut on the list . </li><li>The number of entrants to the list has increased by 60% in the past five years, said <keyword id="2672295" type="General" weightage="50" keywordseo="anas-rahman-junaid" source="Orion">Anas Rahman Junaid</keyword>, MD and Chief Researcher, <keyword id="3656834" type="General" weightage="100" keywordseo="hurun-india" source="Orion">Hurun India</keyword>.</li></ul>As many as 149 people made their debut in IIFL <keyword id="15045674" type="General" weightage="50" keywordseo="wealth-hurun-india-rich-list" source="Orion">Wealth Hurun India Rich List</keyword> 2022, released today. Three spots in the top 10 list of new additions were taken up by the Vakil family with holdings in Asian Paints. Nehal Abhay Vakil, with a net worth of ₹11,700 crore, tops the list, whereas, Vivek Abhay Vakil and Bhairavi Abhay Vakil were ranked fourth and seventh respectively. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><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;">Name </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;">Rank </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;">Net worth </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;">Nehal Abhay Vakil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><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;">₹11,700 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;">Vivek Abhay Vakil </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;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,400 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;">Bhairavi Abhay Vakil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,300 crore </td></tr></tbody></table>Source: IIFL Wealth Hurun report The second position was grabbed by Ashwin Desai &amp; family of Aether Industries with a wealth of ₹11,700 crore, followed by Faizal Kottikollon of KEF Holdings with ₹9,500 crore. Zepto founder, 19-year-old <keyword id="12442402" type="General" weightage="50" keywordseo="kaivalya-vohra" source="Orion">Kaivalya Vohra</keyword> was named as the youngest in the additional list. He has a net worth of ₹1,000 crore and is ranked at 1036th in the list which had 1,103 people. <keyword id="14134948" type="General" weightage="50" keywordseo="alakh-pandey" source="Orion">Alakh Pandey</keyword>, popularly known as ‘Physics Wallah’, and its co-founder Prateek Boob also entered the list. Both are ranked at 399th position with a wealth of ₹4,000 crore as their startup Physics Wallah turned unicorn. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><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;">Name </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;">Wealth (in ₹ 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;">Company </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;">Nehal Abhay Vakil </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;">11,700 </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;">Asian Paints </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;">Ashwin Desai &amp; family </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;">10,300 </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;">Aether Industries </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;">Faizal Kottikollon </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9,500 </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;">KEF Holdings </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;">Vivek Abhay Vakil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,400 </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;">Asian Paints </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;">Alla Ayodhya Rami Reddy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,400 </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;">Ramky Group </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;">Kishore R Chhabria &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,400 </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;">Allied Blenders &amp; Distillers </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;">Bhairavi Abhay Vakil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,300 </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;">Asian Paints </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;">A V Venkatraman </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;">5,500 </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;">Latent View Analytics </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;">Madhavkrishna Singhania </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;">4,700 </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;">JK Cement </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;">Raghavpat Singhania </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;">4,700 </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;">JK Cement </td></tr></tbody></table>Source: Hurun report The number of entrants to the list has increased by 60% in the past five years, said Anas Rahman Junaid, MD and chief researcher, Hurun India. The chemicals &amp; petrochemicals sector contributed the greatest number of new entrants with 20 new additions, followed by financial services (17) and software &amp; services (12). Junaid further added, “The new additions to IIFL Wealth Hurun India Rich List have occurred at a time when valuations are at a low, both in the listed and privately held companies. India is best positioned to capitalize on robust domestic demand, a stable political landscape, favourable demographics, and a sustainable external debt.” The cumulative wealth of Indians in the rich list increased by 9.4%, while average wealth has decreased by 1%. As many as 602 individuals saw their wealth increase or stay the same in the past one year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/adani-group-enters-into-a-no-poaching-pact-with-mukesh-ambani-led-reliance-industries/articleshow/94353862.cms">Adani Group enters into a no-poaching pact with Mukesh Ambani led Reliance Industries</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/iit-madras-incubated-ev-startup-esmito-raises-10-crore/articleshow/94354081.cms">IIT Madras-incubated EV startup Esmito raises ₹10 crore</a>

IIFL Wealth Hurun India Rich List 2022 sees 149 new entrants

<ul><li><keyword id="10591" type="General" weightage="100" keywordseo="samsung" source="Orion">Samsung</keyword> has announced the launch of its co-branded credit cards in partnership with Axis Bank.</li><li>The company has launched two credit cards – Signature and <keyword id="101580" type="General" weightage="80" keywordseo="infinite" source="Orion">Infinite</keyword>.</li><li>The company has announced a cashback of 10% on Samsung products and services on transactions done using its credit cards.</li></ul>Co-branded credit cards have become quite popular over the years and several companies like Amazon, Flipkart, Zomato, Tata Neu among others have partnered with banks to offer their own credit cards. Now, Korean smartphone giant Samsung is now entering the Indian credit card market with its own Visa co-branded credit card in partnership with Axis Bank, one of the largest private lenders in the country. Co-branded credit cards offer additional benefits on the company’s platform. For example, the Amazon Pay ICICI credit card offers extra cashback on all purchases on its platform. Similarly, Samsung’s co-branded credit cards offer a 10% cashback on Samsung products and services. The Samsung Axis Bank Credit Card, powered by Visa, is our next big India-specific innovation that will change the way our customers buy Samsung products and spend on services through a series of industry-leading features. We’re excited to be able to put the control into our consumers’ hands," said Ken Kang, president and chief executive office, Samsung South-West Asia. <cmsannotation type="cmsannotation" annotationid="Samsung Signature and Infinite credit cards – joining fees and welcome benefits" comment="subhead" text="Samsung Signature and Infinite credit cards – joining fees and welcome benefits">Samsung Signature and Infinite credit cards – joining fees and welcome benefits</cmsannotation> Samsung has announced two credit cards in partnership with Axis Bank – Signature and Infinite. While the Signature will be the entry-level card, Infinite will be the premium offering. Users who sign up for the Signature credit card will get 2,500 Edge rewards worth ₹500 and users who sign up for the Infinite credit card will get 30,000 Edge rewards worth ₹6,000. While the Signature credit card has a joining fee and an annual fee of ₹500, the premium Infinite credit card has a joining fee and annual fee of ₹5,000. <cmsannotation type="cmsannotation" annotationid="Flat 10% cashback on all Samsung products and services" comment="subhead" text="Flat 10% cashback on all Samsung products and services">Flat 10% cashback on all Samsung products and services</cmsannotation> Samsung has announced several offers for its upcoming credit cards but the highlight of the cards is the flat 10% cashback on all Samsung products and services, including purchase of extended warranty, device repairs and Samsung Care+ purchase. The Signature credit card will have a cashback limit of ₹2,500 per month with an annual cap at ₹10,000. The premium Infinite credit card will offer a monthly cashback of up to ₹5,000 with an annual cap of ₹20,000. The cashback will be available across Samsung online store purchases, offline store purchases, Flipkart and Samsung authorized service centres across the country throughout out the year. On non-Samsung spends, users will receive 5 Edge reward points per ₹100 on both Signature and Infinite cards for domestic transactions. If you use the Infinite card for international transactions, you will get 15 Edge reward points. Apart from this, Samsung has also partnered with Zomato, Myntra, Tata 1MG, Big Basket and Urban Company to offer additional rewards. Users will receive 10 Edge rewards and 15 Edge rewards on every ₹100 spent on these platforms using the Signature and Infinite credit cards respectively. <cmsannotation type="cmsannotation" annotationid="Samsung Signature and Infinite credit card application" comment="subhead" text="Samsung Signature and Infinite credit card application">Samsung Signature and Infinite credit card application</cmsannotation> The Samsung Signature and Infinite credit cards will soon be available. The registrations for the card are now live on Samsung’s website and the application process will begin soon. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-great-indian-festival-sale-best-deals-and-offers/articleshow/94004700.cms">The best Amazon Great Indian Festival deals and offers</a> <a href="https://www.businessinsider.in/business/startups/the-zepto-boys-competition-that-amazon-never-saw-coming/articleshow/94399979.cms">The Zepto Boys: Competition that Amazon never saw coming</a> <a href="https://www.businessinsider.in/stock-market/news/nifty50-sensex-start-on-a-negative-note-ahead-of-rbi-policy-meeting-this-week/articleshow/94445282.cms">Nifty50, Sensex start on a negative note ahead of RBI policy meeting this week</a>

Samsung announces co-branded credit card in partnership with Axis Bank and Visa

<ul><li><keyword id="15908229" type="General" weightage="100" keywordseo="hoovu-fresh" source="Orion">Hoovu Fresh</keyword> featured on the premiere episode of <keyword id="11924074" type="General" weightage="20" keywordseo="Shark-Tank-India" source="Orion">Shark Tank India</keyword> S2 and received an offer from Sharks Peyush Bansal (co-founder Lenskart) and Aman Gupta (co-founder boAt). </li><li>The Bengaluru-based startup received pre-Series A funding of ₹6.45 crore in 2022, led by early-stage venture capital firm Sauce.VC. </li><li>Only three years old, Hoovu Fresh was started in 2019 by sisters Yeshoda and <keyword id="15963614" type="General" weightage="50" keywordseo="rhea-karuturi" source="Orion">Rhea Karuturi</keyword>. </li></ul>Shark Tank India - Season 2 started this week, and already the pitches (and the judges) are creating a storm on social media. And if there’s one business idea that stood out from the rest, it’s Hoovu Fresh - the floral startup supplying traditional puja flowers. The Hoovu Fresh sister duo of Yeshoda and Rhea Karuturi courted interest from all the Sharks but ultimately walked away with an investment worth ₹1 crore <a href="https://www.instagram.com/p/Cm7FFm9yliW/?hl=en">from Sharks </a>Peyush Bansal (co-founder Lenskart) and Aman Gupta (co-founder boAt). The Bengaluru-based startup Hoovu Fresh by Rose Bazaar started as a subscription-based flower delivery model in 2019. As per the <a href="https://www.youtube.com/watch?v=sbtD2ImUzN4&amp;ab_channel=SETIndia">pitch on the show</a>, in just three years, Hoovu Fresh has expanded to eight cities and completed over two million orders. It’s also associated with over 300 temples and 500 farmers, and is available via multiple delivery platforms, including BigBasket, Swiggy, and Zepto, among others. But it all <a href="https://hoovufresh.com/pages/about-us">started with a desire </a>by the cofounders, Rhea and Yeshoda, “to achieve something really simple: make flowers a way of life for millions of households across India.” <cmsannotation type="cmsannotation" annotationid="Revolutionising the traditional flower industry" comment="subhead2" text="Revolutionising the traditional flower industry">Revolutionising the traditional flower industry</cmsannotation> Although the Karuturi sisters started Hoovu – Kannada word for flower – in 2019, their love for the floral industry is not recent. By their own admission, the two grew up in floriculture farms, “hearing about harvest cycles, auction prices and freight rates.” In 1994– the same year when <keyword id="15949601" type="General" weightage="50" keywordseo="yeshoda-karuturi" source="Orion">Yeshoda Karuturi</keyword> was born–their father started Karuturi Global with a rose farm. Today, Karuturi is one of the <a href="https://economictimes.indiatimes.com/nri/working-abroad/ramakrishna-karuturi-man-behind-karuturi-global-worlds-largest-producer-of-cut-roses/articleshow/10973220.cms?from=mdr">world’s largest producers of cut roses</a>, spread across Ethiopia, Kenya and India. And with the growth of the family business, the sisters have directly observed the changing landscape of the flower industry in India. As they state <a href="https://hoovufresh.com/pages/about-us">on their website</a>, “we saw how the industry changed dramatically - from unorganised, fragmented markets to the setting up of the International Flower Auction Bangalore, the first exports of cut roses from Bangalore and the awe-inspiring Kenyan farm, which was the world’s largest rose farm.” However, while the supply chain in the cut-flower industry changed over the years to add value for both the producers and the end consumers, the supply chain in the ‘traditional flower’ industry remained the same - incredibly fragmented and unorganised, with high wastage. As per Hoovu Fresh, traditional or ‘puja’ flowers are the flowers an average Indian consumer uses almost daily - mostly for prayers or simple, everyday activities. “Most Indians interact with traditional flowers - jasmine, marigold, chrysanthemum, bud roses, etc - every single day. They use it in their morning prayer, to decorate their hair, to hang up in their auto, car, offices. Traditional flower usage is a ubiquitous need, just like the daily newspaper or milk,” states Hoovu Fresh. Combining their knowledge of agriculture with the untapped potential of the industry, the duo came up with a way to reduce the turnaround time from harvest to reaching the customers. Hoovu Fresh claims to have reduced the turnaround time to 12-24 hours from 36-48 hours. Furthermore, Hoovu Fresh also states that it uses innovative packaging to extend the shelf life of the flowers to 15 days from the usual 2 days. Apart from flowers, Hoovu Fresh’s product offerings <a href="https://hoovufresh.com/collections/agarbathi-and-dhoop">include </a>agarbathis, dhoop sticks and incense cones in five different flavours - Rose, Jasmine, Lavender, Sandalwood and Tulsi. They also <a href="https://citytoday.media/2022/12/07/hoovu-fresh-raises-790k-in-a-pre-series-a-round-led-by-sauce-vc/">partnered </a>with the ISKCON temple in Bangalore for flower decorations. <cmsannotation type="cmsannotation" annotationid="Pre-series A funding locked" comment="subhead2" text="Pre-series A funding locked">Pre-series A funding locked</cmsannotation> Yeshoda, 28 and Rhea, 25 aren’t just familiar with the flower industry, but also with the world of business, having worked with their father before starting Hoovu Fresh. Yeshoda, who has a Master's in Accounting and a Bachelor’s in Business Administration from Washington University in St Louis, worked as the executive director for Karuturi Global after graduation. In her role, she focused on the company’s overseas operations. Currently, she acts as the CEO of Hoovu Fresh. Rhea, who is the CTO at Hoovu Fresh, graduated from Stanford University with a Bachelor’s degree in Science, Technology and Society, with a concentration in Communication and Media. Prior to starting Hoovu Fresh with her sister, she worked with multiple publications like the Times of India, Deccan Herald, the Stanford Daily and the Bay City Beacon, among others. The Karuturi sisters are currently chasing the sweet smell of success, but Hoovu Fresh has been in the news long before Shark Tank India came knocking. Just a year after its inception, the sisters pitched Hoovu Fresh at the Techstars Bangalore Cohort in 2020. At the time, <a href="https://www.moneycontrol.com/news/business/this-bangalore-based-flower-delivery-start-up-is-enjoying-the-fragrance-of-success-5456931.html">Hoovu Fresh already had </a>25 employees and was doing 15,000 deliveries a month. The duo also went on to win the National FICCI Flo Incubator award for the most innovative startup. Two years later in December 2022, the startup received <a href="https://www.vccircle.com/saucevc-others-back-flower-delivery-startup-hoovu-fresh">pre-Series A funding</a> of ₹6.45 crore led by early-stage venture capital firm Sauce.VC. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zomato-bharatpe-nykaa-and-more-the-revolving-door-for-top-execs-at-new-age-companies/articleshow/96728402.cms">Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-services-sector-growth-hits-6-month-high-in-december-on-strong-demand/articleshow/96729592.cms">India's services sector growth hits 6-month high in December on strong demand</a>

Shark Tank India judges Peyush Bansal and Aman Gupta invest in Hoovu Fresh - Here’s all about this floral startup

<ul><li><keyword id="58448" type="General" weightage="20" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> has invested $200 million in Google-backed <keyword id="12724312" type="General" weightage="20" keywordseo="quick-commerce" source="Orion">quick commerce</keyword> company <keyword id="3275685" type="General" weightage="20" keywordseo="dunzo" source="Orion">Dunzo</keyword>.</li><li>Dunzo’s valuation has nearly doubled to over $775 million post this investment by Reliance.</li><li>The eight-year-old startup has raised $240 million in this round to enter 15 cities.</li></ul>Reliance Retail, a subsidiary of India’s biggest private corporation Reliance Industries (RIL), has invested $200 million in Google-backed quick commerce company Dunzo. The Mukesh Ambani-led company will own 25.8% stake in the eight-year-old startup, on a fully diluted basis. The valuation of the startup at which the financing round was done was not revealed. Just a back of the envelope calculation shows that if Ambani’s 25% stake is worth $200 million, the value of the entire 100% would be over $775 million. This is more than double the valuation of $300 million that was accorded to the company last year. This will allow Asia’s richest man, Ambani, to open yet another front with Jeff Bezos’ Amazon, which currently has a similar service called Amazon Fresh. The other contestants in this emerging space, <a href="https://www.businessinsider.in/newsletter-23-december-2021/binewsletter/88440534.cms">where top investors are throwing in big bucks</a>, are the $5-billion food and grocery delivery app Swiggy, <a href="https://www.businessinsider.in/business/startups/news/grofers-founder-explains-why-he-rushed-to-rebrand-the-startup-and-his-plans-seem-ambitious/articleshow/88320706.cms">the new unicorn Blinkit, formerly known as Grofers</a>, and other players with promise like Zepto. A unicorn, in startup parlance, is a private firm valued at or over $1 billion. <div type="Video" msid="88439472" hostid="261" title="SIMPLY PUT: This billion dollar business model was a Netflix joke in 2020" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=88439472"></div> Several existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital have also invested $40 million in the company. Overall, Dunzo has raised $240 million in this round. “Through our partnership with Dunzo, we will be able to provide increased convenience to Reliance Retail’s consumers and differentiated customer experience through rapid delivery of products from Reliance Retail stores. Our merchants will get access to the hyperlocal delivery network of Dunzo to support their growth as they move their business online through Jio Mart,” Isha Ambani, director of Reliance Retail, said. Founded by Dalvir Suri, Mukund Jha, Kabeer Biswas and Ankur Agarwal in 2015, Dunzo connects users with vendors like grocery stores, pharmacies, restaurants and more to facilitate delivery of products. It also allows its customers to facilitate peer-to-peer deliveries by hiring a partner to fulfill pick-and-drop orders. The company is currently operating in 7 metro cities and the additional capital will be used to expand its quick commerce business to 15 cities. SEE ALSO <a href="https://www.businessinsider.in/politics/india/news/travel-restrictions-in-uk-us-france-germany-for-indian-travellers-during-covid/articleshow/88728921.cms" data-type="tilCustomLink">If you are looking to travel to UK, US or France, these are the restrictions you need to know</a> <a href="https://www.businessinsider.in/retail/news/diwali-and-christmas-may-have-saved-dmarts-quarter/articleshow/88718606.cms" data-type="tilCustomLink">Diwali and Christmas may have saved DMart’s quarter</a> <a href="https://www.businessinsider.in/science/health/news/uk-lifts-pre-arrival-covid-19-test-rule-for-overseas-travelers/articleshow/88725152.cms" data-type="tilCustomLink">UK lifts pre-arrival Covid-19 test rule for overseas travelers</a>

You Searched For "Zepto worth" and got 14 results

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

PTI

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Gautam Adani, Mukesh Ambani account for 59% of India’s top 10 billionaires’ wealth

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Indian startups raise $3.1 Billion in VC funding in four months even as funding winter continues in the West

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BI India Bureau

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5G ambulances act as ICUs on bed, says medical provider Medulance who secured ₹2 crore funding on Shark Tank India

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IIFL Wealth Hurun India Rich List 2022 sees 149 new entrants

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Samsung announces co-branded credit card in partnership with Axis Bank and Visa

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Shark Tank India judges Peyush Bansal and Aman Gupta invest in Hoovu Fresh - Here’s all about this floral startup

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Asia’s richest man Mukesh Ambani makes a new purchase to take on Amazon and Swiggy in quick commerce

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