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<ul><li>India has 119 people who donated more than ₹5 crore in FY23, and they gave away ₹8,445 crore.</li><li><keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> is the third most generous man in India but his outgo fell by 8% as compared to last year.</li><li>Gautam Adani gave 50% more than what he did last year to become India’s fifth most generous man.</li><li>The top 10 list of most generous billionaires has two Nilekanis – Nandan and his wife Rohini. </li></ul>Tech billionaires like <keyword id="44903" type="General" weightage="20" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword> of HCL Technologies and Wipro’s <keyword id="6419840" type="General" weightage="20" keywordseo="azim-premji" source="Orion">Azim Premji</keyword> are a cut above the rest with their philanthropy – with size and scale. But young guns like Kamath brothers of Zerodha too are charting their own path by bringing in personal wealth and new causes like climate and sustainability, as per EdelGive Hurun India Philanthropy List 2023. Nadar retained his title as the most generous billionaire in India. He and Premji are only two billionaires who donated over ₹1,000 crore in FY23. Most of Nadar’s philanthropic endeavours, who gave away ₹5.6 crore per day, are centred around arts and culture. In fact, Nadar’s generosity is more than that of eight of his counterparts put together in the top 10 list, that includes India’s richest man, Mukesh Ambani. Premji is India’s second most generous man and his contributions went by 267% as compared to last year. “This is attributed to a significant 400% rise in dividend payouts by Wipro in FY23. An innovative strategy employed by Premji enables the trusts to benefit monetarily from the shares, while Premji retains the voting rights,” says Hurun. India’s richest man’s philanthropic outgo falls Mukesh Ambani is the third more generous man in India as he donated ₹376 crore in 2023, but his outgo fell by 8% as compared to last year. Meanwhile, Gautam Adani has seen huge wealth destruction in 2023 and conceded the richest man in India tag to Ambani. Yet, his generosity expanded. He is India’s fifth most generous man, donating ₹285 crore – and his philanthropic outgo went up by 50% since last year. He also moved up two places in the top ten list. Bajaj family also expanded its hearts and wallets — by 234%, to debut on the list this year. Cumulatively the top 10 philanthropists in India, donated ₹5,806 crore in FY23, as against a combined donation of ₹3,034 crore the year before. Apart from <keyword id="310580" type="General" weightage="50" keywordseo="nandan-nilekeni" source="Orion">Nandan Nilekeni</keyword>, his wife <keyword id="5830274" type="General" weightage="50" keywordseo="rohini-nilekeni" source="Orion">Rohini Nilekeni</keyword> also made it to the top 10 and their cause is also unique — ecosystem building. The list compiled 119 who donated over ₹5 crore in FY23, with 25 new entrants. They cumulatively donated ₹8,445 crore – up 59% compared to last year, and 200% compared to three years back. “Wealth creation is important for economic development, while philanthropy is equally important for economic prosperity. This year is a record year for big philanthropy. Given India's potential for wealth creation and assuming a continued commitment to philanthropy by billionaires, I anticipate these figures to potentially double over the next five years,” said Anas Rahman Junaid, MD and chief researcher, Hurun India. In the past five years, the number of donors contributing over ₹100 crore has surged from two to 14, and those donating over ₹50 crore has risen from five to 24. Top 10 EdelGive Hurun India Philanthropy List 2023 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><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;">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;">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;">Amount donated </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;">YoY change </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;">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;">Shiv Nadar &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;">₹2,042 cr </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;">76% </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;">2 </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;">Azim Premji &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;">₹1,774 cr </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;">267% </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;">3 </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;">Mukesh Ambani &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;">₹376 cr </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% </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;">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;">Kumar Mangalam Birla &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;">₹287 cr </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;">18% </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;">5 </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;">Gautam Adani &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;">₹285 cr </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% </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;">6 </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;">Bajaj 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;">₹264 cr </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;">234% </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;">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;">Anil Agarwal &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;">₹241 cr </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;">46% </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;">8 </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;">Nandan Nilekani </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;">₹189 cr </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;">19% </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;">9 </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;">Cyrus S Poonawalla &amp; Adar Poonawalla </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;">₹179 cr </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;">60% </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;">10 </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;">Rohini Nilekani </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;">₹170 cr </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% </td></tr></tbody><tbody></tbody></table>Source: Hurun Young &amp; ‘personally generous’ The list has 24 people who donated in their personal capacity – and it has the usual suspects like Nadar, Premji and Nilekenis. But it has surprises too. Zerodha’s Nithin Kamath and Nikhil Kamath donated over ₹110 crore in their personal capacity with most of these funds going towards climate and sustainability. At 44 and 37 respectively, they’re also one of the youngest in the list. Manipal’s Ranjan Pai who is 50 years old donated 92 crore, towards education. The average age of India’s most generous philanthropists remains 60. Pai’s allocation went up 512% in the last one year. The other notable names amongst who donated their personal wealth are — A M Naik of L&amp;T who donated ₹150 crore; Sushmita and <keyword id="56651" type="General" weightage="50" keywordseo="subroto-bagchi" source="Orion">Subroto Bagchi</keyword> of Mindtree and Infosys’ Kris Gopalakrishnan and family. M A Yusuf Ali of Lulu Group also donated more in their personal capacity, and his allocation went up by 350% in FY23. “Cumulative personal donations have increased by 60% to reach ₹4,958 crore, constituting 70% of the total donations in the list. I am incredibly enthusiastic about the surge in personal philanthropy in India,” Junaid. In general, companies are also spending more as a part of corporate social responsibility (CSR). CSR spending of BSE 200 companies has been growing at a compounded annual growth rate (CAGR) of 15% in the last nine years. Their cumulative CSR spend grew from ₹5,561 crore FY15 to ₹12,271 crore in FY23. “Government, civil society, and the corporate are the three distinct pillars sustaining the nation-building process. CSR is moving away from cheque book charity donations to a more long-term strategic engagement,” Hurun says.

Shiv Nadar is India’s most generous billionaire but young guns have their hearts in the right place

<ul><li>As Wipro founder <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> turned 75 on July 24, publisher HarperCollins announced that a new biography about his life is in the works. </li><li>Written by Sundeep Khanna and Varun Sood, the book will be called The Man Beyond the Billions. </li><li>There is little known about the book so far and no final release date has been disclosed yet. </li></ul>As the czar of the Indian IT Industry, Wipro chairman Azim Premji, turned 75 on July 24, publisher HarperCollins announced that it’s currently in the process of pushing out a new biography based on him. <div type="twitter" handle="companyoutsider" handlename="sundeepkhanna" image="http://pbs.twimg.com/profile_images/1225408746295160834/Bou_jSWY_normal.jpg" favoritecount="32" retweetcount="4" status="A big salute to Azim Premji on his 75th birthday. Extraordinary businessman, magnificent philanthropist and a great role model for us all." createdat="1595563168000" id="1286511290333057024"></div> “There are some people whose achievements go beyond the normal parameters of success—wealth, power, influence, size of their empires. Premji is one such,” said the CEO of HarperCollions Ananth Padmanabhan. The biography called The Man Beyond the Billions is going to be written by Sundeep Khanna and Varun Sood soon. <div type="twitter" handle="varunstweets" handlename="Varun Sood" image="http://pbs.twimg.com/profile_images/1267420202880266240/UKGcpGSu_normal.jpg" favoritecount="103" retweetcount="10" status="This just got announced. I'll write more in the coming days. Please do read, folks, once its available to read. tha… https://t.co/aN6G1J3ryr" createdat="1595595464000" id="1286646748459360259"></div> Unlike conventional billionaires in India , Azim Premji has donated nearly 75% of his wealth to charitable initiatives. Had he not done so, Azim Premji could have very well been the second richest man in the country following Mukesh Ambani. He was one of the first Indians to sign up for The Giving Pledge led by Warren Buffer and Microsoft founder Bill Gates. According to him, simply being rich ‘did not thrill’ him. For his work, he has also been honored with the Padma Vibhushan, which is one of the highest honours in India, for his contribution to the IT industry.

Azim Premji’s biography announced — here’s all you need to know about it

<ul><li>Every Sunday, <keyword id="148720" type="PERSON" weightage="20" keywordseo="Aabid-Surti">Aabid Surti</keyword>, an award-winning Indian author, goes door to door to correct leaky taps in the Mumbai suburbs of Mira road for free. </li><li>The activity takes him a couple of hours, but it could save litres of water, something the country is short of. </li><li>He is the city’s ‘Water Warrior’ and introduced a water conservation model in 2007 through his 'one-man' NGO, Drop Dead Foundation. </li><li>As many as 100 million people in the country are already suffering from the nation-wide water crisis. </li></ul>Every Sunday, Aabid Surti, an award-winning Indian author, goes door to door to correct leaky taps in the Mumbai suburbs of Mira road, his neighborhood. He goes around asking if there are any leaks that can be fitted. "We are offering free plumbing service, Is there any leakage in your bathroom, toilet, or kitchen," asks Aabid Surti. The activity takes him a couple of hours, but it could save litres of water, something the country is short of. The octogenarian is much better known for many of his other vocations. He wears many hats of author, painter, cartoonist, and a screenplay writer. The additional feather is that of an environmentalist. With the launch of “Sufi” Surti has written over 80 books till date along with seven plays. He was given President’s Award for his book named “Teesri Aankh’ in 1993. Water Warrior He is the city’s ‘Water Warrior’ and introduced a water conservation model in 2007 through his 'one-man' NGO, Drop Dead Foundation. "Whenever I see a tap dripping, my heartbeats. I just get disturbed." And this choice came after he saw his mother’s struggles during his humble beginnings. "I was brought up at the pavement, and I have seen my mother standing in the queue for long hours to get just a bucket full of water. I have seen people fighting over water," Surti says. A mission to fix leaky faucets Surti’s Drop Dead Foundation in 2007 is now funded by the government, <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, <keyword id="6357912" type="PERSON" weightage="20" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword> among others. His crusade to save water started when he read somewhere that in one second if one drop falls then in a month, thousand litrs of water goes down the drain. "Since I am a cartoonist, I could imagine somebody drowning 1000 bottles of Bisleri into drain,” he says. Between 2007 and 2008, he visited 1,666 houses at Mira Road to fix over 500 leaky faucets and saved 4.14 million litres of water. "We have conserved 20 million litres in ten years,” he said. His aim to target residential areas with middle-class or lower-middle-class people. He is now inspiring more young crusaders like him, and his model is now a part of school book. 100 million suffering India probably had the worst year in terms of monsoons, floods and water crisis. And more cities could suffer from lack of water for basic needs, j<a href="https://www.businessinsider.in/five-years-on-india-may-not-even-get-a-chance-to-solve-its-on-going-water-crisis-risking-hundreds-of-millions-of-lives/articleshow/69988627.cms">ust like Chennai did this year.</a> According to NITI Aayog, 21 major cities are expected to be devoid of groundwater by 2020, As many as 100 million people in the country are already suffering from the nation-wide water crisis. And a small beginning to try and slow down this deep crisis is by saving whatever little we have--one tap at a time. According<a href="https://www2.whitehorse.vic.gov.au/ignitionsuite/uploads/docs/Sustainable%20Living%20Guide%20Water.pdf"> to a survey</a>, "A dripping tap can waste 20,000 litres of water in a year". Surti wishes what he started would spread across the country and the world and become a global movement. See also: <a href="https://www.businessinsider.in/five-years-on-india-may-not-even-get-a-chance-to-solve-its-on-going-water-crisis-risking-hundreds-of-millions-of-lives/articleshow/69988627.cms">Five years on, India may not even get a chance to solve its on-going water crisis risking hundreds of millions of lives</a>

A national award-winning Indian author going door-to-door fixing leaky faucets has saved 20 million litres of water

Edtech startup <keyword id="12484650" type="General" weightage="20" keywordseo="brightchamps" source="Orion">BrightChamps</keyword> on Monday announced it has raised $63 million in fresh funding, reaching a valuation of nearly $500 million in little over a year. <keyword id="648852" type="General" weightage="20" keywordseo="Premji-Invest" source="Orion">Premji Invest</keyword>, the investment office of Wipro Founder Azim Premji, US-based GSV Ventures, Flipkart co-founder Binny Bansal-backed 021 Capital and Singapore-based venture fund Beenext participated in the round. Founded by Ravi Bhushan in July last year, the live learning platform BrightChamps offers next-generation life skills such as programming, artificial intelligence (AI), design thinking and financial literacy for kids in the six-15 age group. “We felt that there is an immense need for a unique curriculum which can fill the gaps in the current education system while aligning with a child’s learning abilities as per their necessity of the age,” Bhushan said. The startup said it has managed to reach over 10 countries with an outstanding booking run rate. Currently, over 100,000 registered students are spending more than 6 million minutes of live learning every month on the platform. “Brightchamps is well-positioned to emerge as a global leader in the edtech industry. Their meticulously-curated curriculum and blended approach are designed to spark scientific curiosity and exploration in early learners, allowing them to master new-age skills at their own pace,” said Bansal. The startup plans to utilise the funds to hire across major functions such as product, technology, operations and more. “In little over a year, Brightchamps has established itself as one of the fastest growing edtech companies in the markets that it serves in,” said TK Kurien, ex-CEO of Wipro and managing partner at Premji Invest. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/subscribe-to-paytm-ipo-experts-are-not-fully-convinced/articleshow/87578255.cms" data-type="tilCustomLink">Looking to subscribe to Paytm’s IPO? Analysts raise caution</a> <a href="https://www.businessinsider.in/business/startups/news/how-to-subscribe-to-paytm-ipo-on-zerodha-paytm-money-banks/articleshow/87510232.cms">Paytm IPO will open today — here is how to apply via bank and apps like Zerodha, Paytm Money</a> <a href="https://www.businessinsider.in/stock-market/news/fino-payments-bank-ipo-allotment-is-tomorrow-november-9/articleshow/87577397.cms">Fino Payments Bank IPO allotment tomorrow, investors had oversubscribed by over 2 times</a>

One-year-old edtech startup BrightChamps is now valued at half a billion, after $63 million round led by Premji Invests and Flipkart's Binny Bansal

They all get up in the morning, eat, work and sleep; the daily routine we all follow to survive. Amidst all the hustle and bustle of the game called ‘survival of the fittest’, what is it that they did differently to be counted amongst the ‘fittest’ to survive? <keyword id="3161596" type="UNKNOWN" weightage="100" keywordseo="TV-RAO">TV Rao</keyword>, the ‘Father of Indian HRD’ discusses the strategies that made them one of the greatest entrepreneurs of all time. He discusses in his new book ‘Effective People’ the researches done by S. N. Chary and Srinivas Pandit, who studied Indian business leaders: <keyword id="55796" type="PERSON" weightage="100" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar Shaw</keyword>, <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword>, <keyword id="28113" type="PERSON" weightage="100" keywordseo="Narayan-Murthy">Narayan Murthy</keyword>, <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Venu Srinivasan, Deepak Parekh, Ronnie Screwwala, Ashok Soota, B. Kelkar and Dr. Verghese Kurien. To his surprise, these leaders, though made their mark in different fields, all share the same traits that made them great names of the business world. 
 
The following emerged from her study. 
 
(Image credits: themuse)

9 qualities Premji,
Narayan Murthy, Mukesh Ambani, V. Kurien and Kiran Mazumdar Shaw shared that
led to their success

The Centre's top group of ministers looking into <keyword id="4708573" type="PERSON" weightage="20" keywordseo="Air-India-divestment">Air India divestment</keyword> is slated to meet on Saturday with the agenda ranging from extending the process to allowing greater debt re-structuring. These key decisions might come at a time when the divestment deadline of October 31 is fast approaching. The meeting of the AISAM (Air India Specific Alternative Mechanism), headed by Home Minister <keyword id="6355521" type="PERSON" weightage="20" keywordseo="amit-shah">Amit Shah</keyword>, will be conducted via video conferencing. Finance Minister Nirmala Sitharaman, Civil Aviation Minister Hardeep Singh Puri, Commerce Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> amongst others, will be participating. As per sources, extending the deadline for submission of initial bid or expression of interest (EoI) till December is on the cards. Another <keyword id="9602655" type="UNKNOWN" weightage="20" keywordseo="significant-change">significant change</keyword> that might be put forth for AISAM's approval will be a change in the deal's financial structure, especially concerning the airline's debt. Under this change, sources said that the bidders would be given the option to decide on the quantum of debt on the Air India books that they will like to absorb rather than freezing the debt amount and seeking investors' bids. As per the Air India EoI, floated by DIPAM in January, of the airline's total debt of Rs 60,074 crore as of March 31, 2019, the buyer would be required to absorb Rs 23,286.5 crore, while the rest would be transferred to Air India Assets Holding Ltd (AIAHL), a special purpose vehicle. With the proposed changes, buyers will decide on the level of debt that they will take and the one taking the largest debt may be considered favourable to be declared winner. The Centre is, however, said to be finding it tough to get investors on board. A Tata Group-led consortium was considered the favourite to take over the airline earlier but its interest lately has been subdued. With foreign airlines bleeding over fall in air travel during the pandemic, getting investors would be difficult. But Air India, with vast pool of international flying slots and running overseas operations under the Vande Bharat scheme, is expected to get some investor interest. Air India has been been unprofitable since its 2007 merger with state-owned domestic operator Indian Airlines Ltd, and since then is flying on government budgetary support, adding pressure to central resources. Air India disinvestment will be a key component of this years sell target of Rs 2.1 lakh crore. The government has so far mobilised a mere Rs 5,500 crore as disinvestment receipts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/list-of-indian-billionaires-who-dropped-out-of-school-or-did-not-go-to-school-at-all/slidelist/78829239.cms">From Mukesh Ambani to Azim Premji — Indian billionaires who dropped out of college or did not go to school at all</a>

AISAM likely to take key decisions on Air India divestment on Saturday

<ul><li>ICICI Bank’s share price fell by over 4% in early morning trade on Monday. </li><li>Not just ICICI Bank, but other major banking stocks including HDFC Bank, Axis Bank, SBI, PNB, and IndusInd Bank have also taken a beating.</li><li>Despite the market’s glum mood, brokerages expect the stock to rise anywhere between 26% and 29% in the next year. </li></ul>ICICI Bank’s share price fell by over 4% in early morning trade on Monday. This comes after the bank released its first-quarter earnings on Saturday, July 25. <div type="Article" hostid="261" msid="77167522" title="ICICI Bank's gross bad loans drop to the lowest in 5 years" mstype="2" mssubtype="0"></div> However, ICICI Bank is not alone in this downtrend. HDFC Bank, State Bank of India (SBI), Punjab National Bank (PNB) and other banking stocks are in the red as well. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><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;">Bank </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;">Change in share price </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;">State Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.93% </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;">Punjab National Bank </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;">-1.93% </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;">ICICI Bank </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;">-4.28% </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;">Axis Bank </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;">-2.48% </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;">HDFC Bank </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;">-3.21% </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;">IndusInd Bank </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;">-2.13% </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;">Yes Bank </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;">-9.89% </td></tr></tbody></table>Source: Market prices as of 10:30 am According to analysts, even though ICICI Bank’s overall moratorium book declined from 30% to 17.5% in the last three months, the overall share is still higher than its peers. However, the fact that its gross bad loans fell to a 5-year low should have been a reason to celebrate. Even the brokerages expect the stock to rise anywhere between 26% and 29% in the next year. But the market is in a totally different mood. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><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;">Brokerage </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;">Target Price </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;">Motilal Oswal Securities </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;">₹ 475 </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;">Prabhudas Lilladher </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;">₹ 462 </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;">Axis Capital </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;">₹ 475 </td></tr></tbody></table> ICICI Bank has also increased its provisions in anticipation of what lies ahead once the Reserve Bank of India (RBI) moratorium comes to an end on August 31. It has set aside ₹5,550 crore ($735 million) for the impact of the coronavirus pandemic, with its total provisions amounting to ₹ 8,275 crore ($1.1 billion). SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/azim-premji-at-75-would-have-been-indias-second-richest-man-but-he-gave-up-a-lot/slidelist/77144473.cms">Azim Premji, at 75, would have been India's second richest man but he gave up a lot</a> <a href="https://www.businessinsider.in/stock-market/markets/news/earnings-of-companies-like-ril-tech-mahindra-hdfc-and-others-are-all-set-to-be-announced-this-week/articleshow/77189938.cms">RIL, Tech Mahindra earnings, options expiry and geopolitical events – top things that will move Sensex and Nifty 50 this week</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-likely-to-be-the-worst-hit-of-all-the-indian-it-services-giants-in-first-quarter/articleshow/77189909.cms">Tech Mahindra likely to be the worst-hit of all the Indian IT services giants in first quarter</a>

The fall in ICICI Bank shares reflects the market’s dislike of banking stocks this week

<ul><li>The <keyword id="5482723" type="ORGANIZATION" weightage="20" keywordseo="Oversight-Board">Oversight Board</keyword> will have the final word on what content Facebook and Instagram should allow or remove, based on respect for freedom of expression and human rights. </li><li><keyword id="1508987" type="PERSON" weightage="20" keywordseo="Sudhir-Krishnaswamy">Sudhir Krishnaswamy</keyword> is the only representative from India on the board.</li><li>Krishnaswamy is the India Vice Chancellor of the National Law School of India University, and co-founder of the Center for Law and Policy Research.</li></ul>Facebook <a href="https://www.businessinsider.in/tech/news/facebook-announced-the-first-20-members-of-its-oversight-board-that-will-decide-what-controversial-content-is-allowed-on-facebook-and-instagram/articleshow/75586376.cms">recently</a> announced the list of 20 members on its newly created Oversight Board. The Oversight Board will have the final word on what content Facebook and Instagram should allow or remove, based on respect for freedom of expression and human rights. Comprising independent members from around the world, the board also has a seat for Sudhir Krishnaswamy, the only representative from India. Krishnaswamy is the India Vice Chancellor of the National Law School of India University, and co-founder of the Center for Law and Policy Research, an advocacy organization that works for the rights of LGBTQ+ and transgender persons in India through impact litigation. The Oversight Board will begin hearing cases soon, although Facebook is still trying to figure out how the board will function and the operational challenges that will come its way because of the coronavirus pandemic. But the decisions made by the board will be made public, and Facebook will respond to them publicly. “We will publish our decisions on our website, while protecting the identity and privacy of those involved,” said Facebook. The 45-year old Krishnaswamy is one of the most noted academics in India. A visiting professor in the Ivy leagues of the world, he was also a legal consultant in the Prime Ministers Committee of Infrastructure, Planning Commission in 2006. “Content moderation and content control has been a problem in most jurisdictions around the world, India being one of the most affected. Content is currently being controlled by either private companies or the government. Creating a mechanism to oversee a private company is a radical decision; if this works, it provides us with a new way of handling content moderation for the future. It’s as important to democracy as it is to the market,” said Krishnaswamy. A Rhodes scholar and an Oxford graduate, Krishnaswamy was previously the director of the School of Policy and Governance and Professor of Law and Politics at Azim Premji University, as well as the Dr. B.R. Ambedkar Visiting Professor of Indian Constitutional Law at Columbia Law School. He is also an author of the book “Democracy and Constitutionalism in India”. See Also: <a href="https://www.businessinsider.in/business/startups/news/goa-may-be-the-new-thailand-says-ritesh-agarwal-as-oyo-pivots-to-a-new-strategy-driving-and-not-flying-destinations/articleshow/75591960.cms">“Goa may be the new Thailand, ” says Ritesh Agarwal as OYO pivots to a new strategy ⁠— ‘driving, and not flying, destinations’</a> <a href="https://www.businessinsider.in/science/health/news/biocon-chairperson-kiran-mazumdar-shaw-says-indias-covid-19-vaccines-will-enter-clinical-trial-in-9-months/articleshow/75591805.cms">Don’t hold your breath ⁠— Biocon founder Kiran Mazumdar Shaw says India's Covid-19 vaccine will enter clinical trials in 9 months</a>

Meet the Indian on Facebook's oversight board which will police content on Facebook and Instagram

<ul><li><keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>, founder of Future Group, has many problems at hand. </li><li>His rising debt problem has only been further battered by the coronavirus pandemic. </li><li>Ratings agencies have all downgraded Future Retail, while its stock has crashed by 79% since December 2019.</li></ul>There was a time when Kishore Biyani was called the king of retail in India. The chain of Big Bazaar stores was the country’s first hypermarket retail outlet and rose to prominence with its “Sabse Sasta, Sabse Acha” (the cheapest and the best) philosophy. But today, Biyani is in trouble. Ratings agencies have downgraded Future Retail as the company’s piling debt is only set to get worse during the coronavirus pandemic. His family net worth has fallen from $1.8 billion to $400 million, according to <a href="https://www.forbes.com/sites/anuraghunathan/2020/05/15/indian-retail-pioneer-faces-stress-test-amid-coronavirus-pandemic/#72c55f3c11ae">Forbes.</a> In the third quarter of FY20 ending December 2019, Future Retail posted a 15% fall in profit and a 3% fall in revenue. The disruptions due to COVID-19 pandemic will only make it worse. But that’s only a part of Biyani’s problems. Piling debt and no investors By March 2020, ratings agency ICRA had already placed a negative rating on Biyani’s company. “Icra notes the increase in debt is mainly on account of an increase in debt of the operating companies, with the total debt at the group’s listed companies increased to ₹12,778 crore as on 30 September 2019 from ₹10,951 crore as on March 31, 2019," the rating <a href="https://www.livemint.com/news/india/biyani-s-loan-restructuring-may-come-with-an-exit-route-charted-by-lenders-11587299615628.html">agency said</a>. Biyani and his family hold a 33.5% stake in Future Group, but almost all of it has been pledged to lenders. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><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;">Company </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;">Percentage of pledged stake </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;">Future Lifestyle </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;">99.78% </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;">Future Supply (FSCL) </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;">97.62% </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;">Future Consumer </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;">92.97% </td></tr></tbody></table> And Biyani is now struggling to find investors. According to <a href="https://www.livemint.com/companies/news/future-group-appoints-ambit-to-seek-buyers-for-logistics-arm-11589971218656.html">reports</a>, Biyani has given the mandate to Ambit – the investment bank, to find buyers for Future Supply Chain. Future Consumer is currently looking to raise ₹300 crore through a rights issue. Reports also say that Biyani is looking to sell a major stake in Future Retail to Amazon and Blackstone. In January 2020, Amazon had already signed a long-term business agreement with Kishore Biyani’s Future Group. As per the deal, Amazon will become Future Retail’s authorized online sales channel. Future Retail’s share price has also been battered. <div type="image" title="Future retail." msid="75861353" hostid="261"></div> Coronavirus shatters retail For over two months now, malls are shut in India owing to the coronavirus lockdown. Credit rating agency CARE ratings has given the retail sector in India a ‘Negative’ outlook. “The impact on demand, which is expected to remain muted at least for the next three or four quarters, will be more in case of players with presence in non-essential items and luxury segments,” said the ratings agency in its report. Big Bazaar, which finds its outlets in malls too, has taken a big hit. The chain of stores don’t just sell grocery but a major source of its revenue comes from its apparel section which saw no sales for the lockdown period. ““Future Retail is only able to sell its lower-margin essential items, which has led to monthly sales declining by around 75% in March and April 2020 from normal levels, and continues to limit Future Retail’s ability to generate cash to meet working capital requirements,” <a href="https://www.forbes.com/sites/anuraghunathan/2020/05/15/indian-retail-pioneer-faces-stress-test-amid-coronavirus-pandemic/#77e2274a11ae">Fitch reportedly said citing ‘substantial risk’ to its rating.</a> And even after stores open, the precautions for coronavirus won’t come cheap at retail stores. “Operating costs will go up by 30-35% easily for small stores, larger stores will see costs going up by 10-15%,” <a href="https://www.cnbctv18.com/retail/future-retails-rakesh-biyani-says-new-coronavirus-sop-to-inflate-retailers-cost-up-to-35-5751931.htm">Rakesh Biyani</a>, Future Retail’s Managing Director, said in an interview. He also spoke about how maintaining social distancing at physical stores will also inch up costs. Even before the Covid-19 pandemic struck, the brick and mortar retail major has been under the throes of an economic slowdown last year, which has affected consumption and also taken a toll on consumer confidence, which slipped to a six-year low. See Also: <a href="https://www.businessinsider.in/business/news/azim-premji-investor-in-moderna-the-us-company-developing-covid19-vaccine/articleshow/75850005.cms">Indian billionaire Azim Premji is an investor in Moderna – the company whose coronavirus vaccine has showed early signs of positive results</a> <a href="https://www.businessinsider.in/india/news/indian-railways-to-start-bookings-for-200-special-trains-from-may-21/articleshow/75859131.cms">IRCTC shares hit upper circuit after Indian Railways start bookings for 200 special trains from May 21</a>

Once India’s ‘retail king’, Future Retail promoter Kishore Biyani is straddling high debt, coronavirus and negative ratings⁠⁠— and nearly his entire stake is already pledged

<ul><li>The textiles and branded apparel major started firing employees as early as February, long before the COVID-19 lockdown struck.</li><li>While the spokesperson admitted to ‘cost cutting measures’, the company did not reveal the total number of employees retrenched. </li><li>The group debt was already too high and the slowing economy had choked the cash flow. </li><li>The stock has lost over 80% of its value since May 2019, and now the market value of the company is less than the gross debt at the end of December.</li></ul>One of India's biggest textiles and apparel maker <keyword id="6368261" type="COMPANY" weightage="20" keywordseo="raymond">Raymond</keyword> has fired hundreds of employees across the board. The layoffs began as early as February ⁠— the group debt was already too high and a slowing economy was squeezing the cash flow ⁠— and the COVID-19 crisis only made it worse, sources told Business Insider on the condition of anonymity. Not just that, for those who lost their jobs, many of them are complaining that they didn’t receive the promised severance pay. Just like Indiabulls, the story of Raymond layoffs caused a stir on social media, not on Twitter but on Reddit. A <a href="https://www.reddit.com/r/india/comments/gnhv8t/raymond_limited_is_firing_around_1100_employees/">blog post that went viral</a> alleged that 1,100 people have been asked to leave, which would account for about 15% of the workforce of the company, which had <a href="https://www.raymond.in/sites/default/files/Raymond_AR_Deluxe_2019.pdf">7,087 permanent employees at the end of March 2019</a>. However, sources close to the management told Business Insider that the total number of employees laid-off may not exceed 700. <div type="image" title="Raymond workforce" msid="75945571" hostid="261"></div> The count of 1,100 was corroborated by many employees Business Insider spoke to but the spokesperson for Raymond said that it was “incorrect” and “based on speculation”. Even while admitting to “cost cutting measures”, the company did not reveal the total layoffs so far. Firing employees during the lockdown is not unique to Raymond. Many companies like <a href="https://www.businessinsider.in/business/startups/news/ola-fired-1400-employees-as-revenue-is-hit-by-95-in-the-last-two-months/articleshow/75843656.cms">Ola</a>, <a href="https://www.businessinsider.in/business/startups/news/zomato-lays-off-13-of-its-workforce-announces-pay-cuts-for-all/articleshow/75756087.cms">Zomato</a>, and even <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-cuts-employee-salaries-by-up-to-50-freezes-bonuses-chairman-mukesh-ambani-will-forgo-full-compensation/articleshow/75470710.cms">Reliance Industries owned by Asia’s richest man Mukesh Ambani</a> have cited the COVID-19 crisis to reduce headcount or the employee salaries. In fact, Chairman Gautam Hari Singhania had even issued a video last month <a href="https://www.businessinsider.in/business/corporates/news/billionaire-gautam-singhania-hints-at-job-cuts-at-raymond-via-video-message/articleshow/75218522.cms">warning his employees of “tough decisions” that have to be taken</a>. However, the video was later taken ‘private’. <div type="image" title="screen shot" msid="75945686" hostid="261" caption="&amp;lt;p&amp;gt;Chairman Gautam Hari Singhania issued a video last month warning his employees of &amp;#8220;tough decisions&amp;#8221; that have to be taken.&amp;lt;/p&amp;gt;"></div> Thousands of people in India have lost their jobs despite<a href="https://www.businessinsider.in/india/news/modi-appeals-people-to-not-cut-the-pay-of-domestic-help-and-others-who-cant-come-to-work/articleshow/74716721.cms"> the call from Prime Minister Narendra Modi not to cut salaries of people they employ</a>. “Please understand that they too have to run their families and keep them healthy too,” Modi appealed in March. It’s not just because of COVID-19 crisis At least two people Business Insider spoke to were asked to leave as early as February 2020 long before the lockdown started on March 25. When asked to comment on the layoffs in February, the Raymond spokesperson said this was “completely false” and described it as “rumours spread by the vested interest with malicious intent and are unsubstantiated.” The many concerns about the company’s prospects are not hidden. The market value of the shares had dropped to ₹4,193 crore by Jan-end ⁠— when the gross debt was ₹2,420 crore ⁠— and to ₹1,418 crore by May 22. <div type="image" title="Raymond debt" msid="75945785" hostid="261"></div> The stock has declined over 80% since May 2019. Interestingly, much of the sell-off in Raymond shares happened between Jan 17 and March 24 of this year. The lockdown had not been announced until that point and since then, the stock has been stable and range-bound. <div type="image" title="Raymond shares" msid="75945836" hostid="261" caption="&amp;lt;p&amp;gt;Data source: BSE&amp;lt;/p&amp;gt;"></div> The COVID-19 lockdown could not damage the stock any more than what was already done. After the last quarterly earnings, the management reportedly told analysts that it did not expect to be free cash flow positive for the full year ending March 2020, according to a Karvy Broking report dated January 30. The cash on Raymond’s books in FY19 was less than half of what it was a year earlier <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cash and equivalents </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY17 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35.3 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45.5 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21.2 crore </td></tr></tbody></table> Forsaken promises “When we were asked to resign, they said we would be paid a full three-month salary. Although they paid us full salary in March,they paid us just the basic salary in April without any intimation," said one of the fired employees. A few others told Business Insider that they got only 25% of their salary for the month of April. They also said that the attempts to contact the Human Resources Department did not yield any answers. Raymond has denied this charge saying, “all the employees received the salary for the month of March in April without any delay.” "Forced to resign” Many employees said they were forced to resign. “Otherwise, they will threaten you with things like it will be difficult for you in future, we won't give you a salary, and people are left with no choice," one of those laid off told Business Insider. Here’s the full text of the statement from Raymond: “Firstly we would like to put on record that most of the information that you have gathered from your sources is factually incorrect, malicious and misrepresented with vested interests. We would further like to state that in line with the prevailing market conditions and unprecedented challenges, the company has undertaken the process of cost rationalisation to minimise the impact on business due to the pandemic. All the said measures and actions are taken in the overall interests of all stakeholders,” said the Raymond spokesperson. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/dmart-q4-earnings-estimate-shares-value-beats-maruti-nestle-and-hcl/articleshow/75883216.cms" data-type="tilCustomLink">DMart's quarterly sales may fall 25% but the shares are already up 35% ⁠— the retailer is now bigger than Maruti, Nestle and HCL Tech</a> <a href="https://www.businessinsider.in/business/news/azim-premji-investor-in-moderna-the-us-company-developing-covid19-vaccine/articleshow/75850005.cms" data-type="tilCustomLink">Indian billionaire Azim Premji is an investor in Moderna – the company whose coronavirus vaccine has showed early signs of positive results</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-shares-nosedive-nearly-7-in-hong-kong-fearing-a-deeper-gash-in-sales-between-april-and-june/articleshow/75890037.cms" data-type="tilCustomLink">Xiaomi shares nosedive nearly 7% in Hong Kong fearing a deeper gash in sales between April and June</a> <a href="https://www.businessinsider.in/tech/news/not-just-tiktok-twitter-and-zoom-are-in-the-dock-too-in-india/articleshow/75882562.cms" data-type="tilCustomLink">Not just TikTok, Twitter and Zoom are also in the dock in India</a>

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