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<ul><li><keyword id="267073" type="General" weightage="20" keywordseo="EY" source="Orion">EY</keyword>, a multinational professional services advisory firm has said it will hire 25,000 tax professionals globally.</li><li>It will also be recruiting 6,000 people for its <keyword id="13892530" type="General" weightage="80" keywordseo="global-delivery-services" source="Orion">Global Delivery Services</keyword> (GDS) tax team.</li><li>Around 80% of the GDS tax team hiring will be done in India and the rest 20% will be done across the world.</li></ul>EY, a London-based multinational professional services company, is looking to hire 25,000 tax professionals globally. In an interview with Business Insider, EY said it will also recruit 6,000 employees for its Global Delivery Services (GDS) tax team across various countries including India. GDS is a global delivery network which is a part of EY. It collaborates with the company’s team for various projects across countries like Argentina, China, India, the Philippines, the UK, Poland, Hungary and the United States — with teams from all EY service lines. “I think globally, the tax department will be recruiting 25,000 professionals and GDS will have 6000 tax recruitments across multiple countries and that too in different areas,” <keyword id="13892533" type="General" weightage="20" keywordseo="Ashutosh-Rathor" source="Orion">Ashutosh Rathor</keyword>, global tax GDS leader and global tax industry leader told Business Insider India in an exclusive interview. Around 80% of the GDS tax team hiring will be done in India and the remaining 20% will be done in other locations around the world, said Rathor. EY has offices in these cities in India — Bengaluru, Chennai, Gurugram, Kochi, Kolkata, Mumbai, Noida, Trivandrum and Hyderabad. EY currently has around 65,000 professionals in the tax team and 14,000 in the GDS tax team. <cmsannotation type="cmsannotation" annotationid="EY hiring – here’s everything that aspirants should know" comment="subhead" text="EY hiring – here’s everything that aspirants should know">EY hiring – here’s everything that aspirants should know</cmsannotation> Professionals who know at least one foreign language will be given preference while being hired in the tax department. “We are tapping into some of the best talent and beyond campus experienced tax professionals especially with foreign language skills. To work with global teams, we would need experts with French, German, and Italian languages and obviously tax technical areas where we have folks with experience,” Rathor said. When we asked about particular skill sets the company is looking for in a candidate, Rathor said, “We are looking for skill sets ranging from income tax, corporate tax, indirect tax, individual tax, structuring and planning to legal managed services.” The opportunity is not only limited for professionals who have been working in this field but also for freshers. The company has rolled out a global competition for freshers named as ‘EY <keyword id="13892531" type="General" weightage="50" keywordseo="young-tax-professional-of-the-year" source="Orion">Young Tax Professional of the Year</keyword>’ who wish to start their careers in the tax profession. <cmsannotation type="cmsannotation" annotationid="EY also has internships on offer" comment="subhead" text="EY also has internships on offer">EY also has internships on offer</cmsannotation> Apart from hiring full-time professionals, EY also offers <a href="https://eyglobal.yello.co/job_boards/c1riT--B2O-KySgYWsZO1Q?locale=en">several internships for college students</a> as part of the company’s campus recruitment drive in various departments like corporate tax, transfer pricing, indirect tax and tax technology. The company claims that they ultimately hire their interns as full-time employees. “We have summer, spring and winter internships when students can join and learn and get hired for a full time career. Another program – Young Tax Professional of the year is a global program that EY runs globally.,” Rathor said. Rathor added that the attrition rate in the last financial year stood at 14%, claiming that it is the lowest among its peers. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/delhivery-delivers-parcels-to-over-90-of-india-but-will-its-ipo-deliver-profits-to-its-investors-heres-what-analysts-are-saying/articleshow/91470992.cms">Delhivery delivers parcels to over 90% of India, but will its IPO deliver profits to its investors? Here’s what analysts are saying</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/british-companies-are-choosing-profits-over-sustainability-contrary-to-public-expectations-study/articleshow/91466749.cms">British companies are choosing profits over sustainability, contrary to public expectations: Study</a>

INTERVIEW: EY to hire 25,000 professionals in the tax department

<ul><li>Shriram Properties’ IPO opened subscription for investors on Wednesday and will close on December 10.</li><li>The company is looking to raise ₹600 crore through the public listing, out of which ₹250 crore is fresh issue and ₹350 crore is an offer for sale by promoters.</li><li>Shares of the company are demanding a premium of ₹20 in the grey market today.</li><li>Analysts have mixed views on whether to subscribe for the IPO or not after the company booked losses in the past two years due to COVID-19.</li></ul>Shriram Properties, part of the Shriram Group and one of the leading residential real estate development companies in south India, opened its initial public offering (IPO) today, December 8, and will close on December 10. The company primarily focuses on the mid-market and affordable housing segments. Bengaluru and Chennai are the key markets for the company, while it also operates in Coimbatore, Visakhapatnam, and Kolkata. Shriram Properties is well supported by marquee private equity investors like TPG, Tata Opportunities Fund, Walton Street Capital and Starwood, which cumulatively held 58.35% equity stake. Through this IPO, these investors are partially offloading their stake. Adding to it, the company has attracted multiple financial investments from investors like SUN Apollo Ventures, Mitsubishi Corporation, Amplus Capital Advisors, ASK Property Investment Advisors, Motilal Oswal and Kotak Private Equity Group in its projects. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" 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;">Shareholders selling shares </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;">Number of shares on sale </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;">Omega TC Sabre Holdings </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;">₹90.9 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;">Tata Capital Financial Services </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;">₹8.34 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;">TPG Asia </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;">₹92.2 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;">WSI/WSQI V (XXXII) Mauritius Investors </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;">₹133.4 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The company plans to utilise some of the net proceeds from the IPO towards the company and its subsidiaries’ debt payments and some for general corporate purposes. Keeping aside the company's strong position in the southern part of the country and growth prospects, financial performance of the company has been disappointing. It has reported losses for two consecutive years because its business operations were impacted by COVID-19 induced lockdown and restrictions. <div type="image" title="shriram revenue" height="900" width="1200" msid="88167162" hostid="261"></div> Following this, the IPO has received mixed views from the brokerages suggesting whether to subscribe for the IPO or not. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" 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;">Brokerages </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;">Recommendation </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;">Kotak 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;">Not rated </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;">Canara Bank 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;">Subscribe for listing gains </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;">ICICIdirect </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;">Unrated </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;">Choice Broking </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;">Subscribe </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> While the company has already suffered losses due to pandemic related restrictions, it may again get impacted as the new COVID variant cases are increasing day-by-day. “The COVID-19 pandemic may affect company’s business, results of operations and financial condition, in the future, in a number of ways which includes delays in the completion of construction of properties on account of the lockdown and work stoppages, affecting ability of customers to visit sales offices and undertake in-person discussions, inability to access capital on commercially acceptable terms and company’s ability to execute growth strategies and identify and complete acquisitions,” said analysts at ICICIdirect in a brokerage note. Ravi Singhal, vice chairman at GCL Securities said that, “Company is posting losses from the last two years and its revenue has reduced significantly since the 2019 level. These losses may extend further this year looking at the Omicron scenario. This company is part of the reputed Shriram Group, but that cannot be the only point to apply for this IPO. Clearly investors cannot apply for this IPO for listing gain; one may apply for long-term holding based on their risk appetite.” However, some analysts feel that the company’s leading position in the residential segment along with strong execution quality will take the company a long way. “Company is one of the leading residential real-estate developers in south India and focuses on mid-market and affordable housing categories. We believe that the company has a strong track record of delivering the project on time and can maintain strong execution which will get reflected in the pre-sales numbers going ahead. Hence, we are assigning a “SUBSCRIBE” recommendation to the Shriram Properties Limited IPO,” said Yash Gupta, equity research analyst at Angel One. Here is how Shriram Properties’ peers performed this year: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Peer companies </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Market cap </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% return in 2021 </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹69,722 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">210.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indiabulls Real Estate </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹7,856 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">113.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sobha </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹8,225 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">113.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brigade Enterprises </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11,658 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">103.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Prestige Estates Projects </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹17,860 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">67.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DLF </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹97,898 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">65.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹32,049 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">49.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Godrej Properties </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹23,601 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kolte-Patil Developers </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,397 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">29.00% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sunteck Realty </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹6,593 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">26.00% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/no-need-for-new-crypto-regulator-in-india-says-crosstower-ceo/articleshow/88165815.cms">INTERVIEW: Old-school regulatory framework for traditional assets won’t work for cryptocurrencies and blockchain, says CrossTower CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ipo-bound-delhivery-gets-deeper-into-drone-technology-with-its-latest-acquisition/articleshow/88165083.cms">Delhivery gets closer to drone delivery with the acquisition of an American company</a>

Although Shriram Properties has solid future prospects, Omicron may mess things in the near term

<ul><li><keyword id="3269053" type="PERSON" weightage="20" keywordseo="Rapido">Rapido</keyword> is aiming to achieve at least 1.5x growth than last fiscal. It is the only mobility company that is eyeing profits this year. </li><li>Rapido has already seen 25% of its business bouncing back. </li><li>Pavan Guntupalli, Co-founder, Rapido, talks to us about the story behind launching the brand, its growth, and mantra behind its road to profitability. </li></ul>The lockdown impacted most businesses across the globe. Some shut down and some learnt how to evolve with the changing tides. Home-grown brand Rapido, a Bike-Taxi service provider, saw its revenue plunge in the first two months after COVID hit the country and people were locked inside the four walls of their houses. With it, mobility came to a complete standstill. However, it soon saw a silver lining in June and July as 25% of its business bounced back. One of the reasons behind this demand was that people started avoiding public places and transport. Although, according to Rapido, 80% of India still doesn’t own private vehicles and due to COVID, they needed a safe and secure commute. This presented an opportunity in adversity for Rapido. Explaining why the brand’s demand came back, Pavan Guntupalli, Co-founder, Rapido, said, “Customers became aware that bike taxi is a more open and personalized way for intra-city travel. The customer has an advantage of less exposure to any infection due to his/her limited interaction with the captain (driver) and less touch points.” People also started renting its bikes for longer commutes. “Our average distance has suddenly changed, earlier people were using us for the last mile 3-5km but suddenly because of unavailability of regular public transport, our average distance has increased to 35% in some cities and overall, we saw 25% increase. Now people are using us for home to home travel and not just for last mile connectivity. Somewhere in December, we are hoping to come back to 100% of our business as before,” said Guntupalli. Shifting gears Rapido was growing at around 15% month-on-month from the last 3 years before the pandemic-infused lockdown hit India. It also doubled its presence from 50 cities to 100 in 6 months. Post lockdown, it had to shift its business model from offering bikes and taxies from consumers to distributors. Around 92% of its business came from bike and taxi model (intra-city mobility) and 8% came from logistics (essential supplies). Now, 30% of its total business comes from logistics and 70% from bike taxis. So, it decided to pivot its focus on accelerating the existing logistics business model by following a few initiatives such as delivering essentials at home, supporting the government to resolve supply-chain challenges, etc. “Rapido has been operating delivery services for e-commerce companies for close to 2 years now namely Zomato, Swiggy, Delhivery.com, Myntra, Eat.Fit. SuprDaily, Mapprr, 24*7 Stores, Kalerya, Bharatpe. During the lockdown, we amped up the existing Rapido-Delivery services to provide for the delivery of essential goods and partnered with major online companies like Big Bazaar, Big Basket and Spencer’s for delivery of essential goods,” shared Guntupalli. Building on the demand for logistics further, Rapido launched Rapido Local, a person-to-person delivery service. “Rapido Store is a convenient tool for offline and online businesses to help them reach out and deliver products to their customers in these challenging times. Rapido Store helps local businesses take care of multiple customer deliveries simultaneously in the most affordable and trusted manner. The service is currently operational in Bangalore &amp; Vijayawada and will scale to all cities Rapido is present in,” explained Guntupalli. Marketing Strategy and Understanding Consumers To gain its consumers' trust in a volatile market, Rapido introduced Safety Shields that helped consumers to maintain a safe distance from the driver or Captain, as Rapido calls them. <div type="image" title="rapido safety shields" msid="78221466" hostid="261"></div> Guntupalli said, “The Shield weighs around 400 gms -- it is a lightweight, PVC board that is attached to the Captain’s back like a rucksack. The shield covers the Captain’s body and makes for a considerable distance between the customer and our Captain. Apart from the usual measures, like using masks, sanitizers and the ArogyaSetu App, that we have taken, we felt the Safety Shields will be an added measure of safety during the rides.” It also tweaked its marketing strategy to increase awareness about the safety measures they followed. Its strategy is multi-lingual and regional. “We are trying to help change consumer behaviour towards safety, by helping them embrace the new norms through best practices when it comes to precautions, like bringing their own helmet, and avoiding stepping out. We also ensure that we leverage push notifications, SMS, emailers, in-app training videos, social media campaigns and marketing campaigns in various languages like Tamil, Telugu, Kannada and Hindi, to communicate regularly on our company updates and initiatives. We recently launched our first-ever video campaign, #PromiseofProtection, that showcases Rapido’s commitment to the safety and protection of its users, through an understanding of different relationships in our lives. In the initial phase of COVID, we launched a fundraiser for the Captains to provide them with the support they needed to weather the difficult times,” said Guntupalli. Goals for this fiscal As we inch towards normalcy and people have started stepping out, Rapido is aiming to achieve at least 1.5x growth over last fiscal. It is the only mobility company that is eyeing profits this year. According to PGA Labs, bike taxi service is now a $150 million market, growing at 20% month-over-month. In India 300 million people commute every day out of which only 1% happens via apps. It is estimated that bike taxis in India have the potential to create 5+ million livelihood opportunities, generating a revenue of $10 billion. With rapid urbanisation and smart status of cities, bike-taxi is becoming the future of intra-city transport. Due to COVID, they are also avoiding public transport. As a result, Rapido has become the third largest ride sharing platform in the country that sees around 10 million transactions in a month. Now, after securing a leadership position in the Bike Taxi ecosystem across cities, Rapido’s next focus area is to use technology to propel newer models that will help serve end users as well as businesses in the post COVID world. However, vehicle ownership in India is less. Hardly 18-20% people own a vehicle, that means 80% people still don’t have their own vehicle. When the pandemic hit, a huge problem statement was the need for a safe and secure commute. This became an opportunity in adversity for Rapido, as it saw a 25% spike in the month of June and July. Where it all began Rapido introduced bike sharing in our country in 2015. The product was built to bridge the last mile connectivity gaps. People in Tier II, III and beyond towns and cities have limited public transport solutions, some are not even available late in the evenings, making it difficult to look for an affordable option to travel within the city and getting shared autos are a hassle especially if you are a woman. However, being a first mover has its own set of challenges. Rapido was dealing with both cultural and social challenges. People did not feel comfortable sitting behind a stranger. So to woo consumers, Rapido took a quirky route. Guntupalli said, “We took a multilingual approach for our consumer outreach. The idea was to reach larger sets of audiences across Tier I, II and III cities and build affinity with the message. We worked on short, quirky videos that are a trend among tech-savvy millennials. We introduced the brand in a fun and different way to them through 7 videos with themes such as <a href="https://www.youtube.com/watch?v=bgGQYrlpRHA">Don’t be late, Save Your Date</a>, <a href="https://www.youtube.com/watch?v=cMOxf64njqE">KabhiBhiKahinBhi</a>, <a href="https://www.youtube.com/watch?v=jXPThvwLKSo">Don’t’ Get Crushed Away In Traffic</a>,<a href="https://www.youtube.com/watch?v=TbvxRnLayYI"> Late for Exam, Just Stay Calm</a>.” It also partnered with traffic police in cities like Vijayawada, Mangalore, Mysore, Kota to name a few, to drive awareness about road safety with helmet distribution campaigns. To make its women customers feel safer, Rapido masks their phone numbers from its captains. It was also the first bike taxi company in India to introduce insurance for both customers and Captains from Day 1. Rapido is now present in 100 cities serving over 10 million customers with 15 lakh+ registered Captains. It is the 3rd largest ride sharing platform in the country with 10 million transactions a month and has recorded over 25 million app downloads.

Rapido shifts focus to logistics; sees 25% business recovery and aims for 1.5x growth next year over FY20

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