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<keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> is expected to be adjusted EBITDA positive in March 2023, two quarters ahead of the estimates and the company's guidance of September 2023. It is learnt that global investment firm <keyword id="6361649" type="General" weightage="50" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword> expects October-December 2022 to be another strong quarter for Paytm, with revenue growth of 45 per cent on a yearly basis, adding that its margins print in the quarter would further increase the markets' confidence around the company's ability to be profitable in 2023. Notably, the Paytm Super App continued to see growing consumer engagement with the average Monthly Transacting User for the quarter that ended December 2022 at 85 million, registering a growth of 32 per cent on a yearly basis. "Paytm's MTU (monthly transacting users), loan disbursals and devices deployed continue to surprise us positively, and we have further raised our estimates for these metrics...," Goldman Sachs said. Thus, it reiterated 'Buy' rating with revised share target price of Rs 1,120 over a period of 12-month horizon. It is currently trading at Rs 541 per share. The global investment firm believes the current share price continues to offer a compelling entry point into what it termed Paytm as <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s largest and one of the fastest-growing fintech platforms. Meanwhile, the total merchant <keyword id="2185962" type="General" weightage="50" keywordseo="gross-merchandise-value" source="Orion">Gross Merchandise Value</keyword> processed through the Paytm platform for the quarter that ended December 2022 aggregated to Rs 3.46 lakh crore (USD 42 billion), marking a year-on-year growth of 38 per cent. The number of loans grew 117 per cent yearly to 3.7 million for the month of December, and 137 per cent to 10.5 million cumulative loans for the three months ended December 2022. As a result, total disbursements for the three months ended December 2022 was Rs 9,958 cr, a growth of 357 per cent on the year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/over-1600-techies-being-fired-a-day-on-average-in-january-says-tracking-site-layoffs-fyi/articleshow/97047713.cms">Over 1,600 techies being fired a day on average in January says tracking site Layoffs.fyi</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-ceos-see-a-difficult-year-but-most-say-they-wont-go-for-job-or-salary-cuts-pwc-survey/articleshow/97046963.cms">Indian CEOs see a difficult year but most say they won’t go for job or salary cuts: PwC survey</a>

Paytm may see profitability in March, two quarters ahead of expectation; Goldman Sachs raises target price

<ul><li>Paytm's stocks saw a sharp downside movement after a block deal that took place where 259,930 shares were sold.</li><li>Sources have confirmed that Chinese group Alibaba is behind the block deal.</li><li>According to sources, Alibaba seems to be making an exit from India as it had sold shares in other investments as well </li></ul> Paytm's stocks on Thursday saw a sharp downside movement after a block deal that took place where 259,930 shares were sold. The shares were sold at Rs 535.90 worth Rs 13.93 crore. Sources have confirmed that Chinese group Alibaba is behind the block deal, thereby selling about 3.1 per cent of its total equity of about 6 per cent. With this block deal, Alibaba, the sources said, seems to be making an exit from India as it had sold shares in other investments such as BigBasket and Zomato. This is expected to bring cheers among investors. With Chinese shareholding reducing their stake, it will benefit the company in their Foreign Direct Investment (FDI) aspect. Paytm shares' intraday low was Rs 528.10. In fact, immediately after the block deal it soon recovered some part of the losses. Paytm's shares had been steadily rising for the past few days after there were several good news floating about the company. Its associate <keyword id="3236791" type="General" weightage="80" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword> has received <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> approval to appoint <keyword id="5719896" type="General" weightage="80" keywordseo="surinder-chawla" source="Orion">Surinder Chawla</keyword> as its Managing Director and CEO. The company had posted a strong operating performance update for the October-December quarter. The Paytm Super App continued to see growing consumer engagement with the average Monthly Transacting User for the quarter that ended December 2022 at 85 million, registering a growth of 32 per cent on a yearly basis. The total merchant <keyword id="2185962" type="General" weightage="80" keywordseo="gross-merchandise-value" source="Orion">Gross Merchandise Value</keyword> processed through the platform for the quarter ended December 2022 aggregated to Rs 3.46 lakh crore (USD 42 billion), marking a year-on-year growth of 38 per cent. The number of loans grew 117 per cent yearly to 3.7 million for the month of December, and 137 per cent to 10.5 million cumulative loans for the three months ended December 2022. As a result, total disbursements for the three months ended December 2022 was Rs 9,958 crore, a growth of 357 per cent on year. Paytm believes it continues to be on track for its profitability plans, with robust revenue growth driven by its strong business model. Meanwhile, brokerage and global investment firm <keyword id="48670" type="General" weightage="80" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword>, in a report, pegged Paytm's shares target price to be at Rs 695 going ahead as against Rs 579 at Wednesday's close. It essentially means there is an upside potential of about 20 per cent returns on investment for investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/paytm-will-be-key-beneficiary-of-indias-upi-incentive-scheme-morgan-stanley/articleshow/96933995.cms">Paytm will be key beneficiary of India's UPI incentive scheme: Morgan Stanley</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tcs-revenue-growth-to-slowdown-in-fy24-fitch-ratings/articleshow/96933754.cms">TCS revenue growth to slowdown in FY24: Fitch Ratings</a>

Alibaba exiting India? Paytm among other Alibaba-owned stocks seeing selloff

Bengaluru, The overall <keyword id="921765" type="PERSON" weightage="20" keywordseo="India-internet">India Internet</keyword> <keyword id="2185962" type="PERSON" weightage="20" keywordseo="gross-merchandise-value">gross merchandise value</keyword> (GMV) grew to $65 billion in 2020, and is now creating a large impact on the overall economy with almost 4.6% of <keyword id="10640599" type="UNKNOWN" weightage="20" keywordseo="total-private-consumption">total private consumption</keyword> coming from <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> Internet, suggests research from <keyword id="6651735" type="UNKNOWN" weightage="20" keywordseo="homegrown">homegrown</keyword> consulting firm <keyword id="3359665" type="COMPANY" weightage="20" keywordseo="RedSeer">RedSeer</keyword>. "2020 has truly been a landmark year for India's consumer internet economy," said Anil Kumar, Co-founder and CEO of RedSeer. "We expect India Internet to accelerate further in 2021, driven by massive growth in consumer adoption and satisfaction in 2020 across sectors -- with India Internet expected to cross triple digits GMV for the first time in 2021 and eventually become $250 billion scale and 10 per cent of private consumption in 2025." His comments came as RedSeer organised "Ground Zero 4.0" event on Friday where Infosys Co-founder Nandan Nilekani discussed the theme of the event "Scaling Up" and how crucial a strategy it is for startups across all sectors. India's consumer Internet economy showed strong resilience in 2020. The overall gross market transaction value dropped earlier last year due to the pandemic but recovered by the end of the year. The event conducted sessions including a review of the past decade and the year 2020, how to scale retail, healthcare, edtech and how to build homegrown brands for global scale among others. Among homegrown brands, online-first brands gained 30 per cent share of e-commerce which will grow to 45 per cent by 2025, according to RedSeer's research. Direct-to-consumer (D2C) and digitally native brands (DNB) are now driving much of the e-commerce growth in India, it added. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a> <a href="https://www.businessinsider.in/tech/news/youtube-starts-rolling-out-hashtag-landing-pages-heres-how-you-can-use-it/articleshow/80401578.cms">YouTube starts rolling out hashtag landing pages⁠— here’s how you can use it</a> <a href="https://www.businessinsider.in/stock-market/news/heres-how-indians-are-buying-tesla-facebook-and-apple-shares-through-brokerage-startups/articleshow/80403004.cms">Here’s how Indians are buying Tesla, Facebook, and Apple shares through brokerage startups</a>

India Internet GMV hits $65 billion in 2020,says report

Every business has some flagship metrics that it obsesses over. It could be <keyword id="2185962" type="UNKNOWN" weightage="20" keywordseo="gross-merchandise-value">Gross Merchandise Value</keyword> for <keyword id="2435124" type="UNKNOWN" weightage="20" keywordseo="Ecommerce-firms">ecommerce firms</keyword>, it may be Revenue per Page for publishing firms, and so on. Marketers have even more narrow metrics that occupy their time and attention all year long. From social media engagement rate to email open rates to cost per acquisition via search, our lives are dictated by the rise and fall of very, very specific numbers. 
 
Trouble is, in all this micro-data that we chase, we often miss out the big picture. How many of us know how happy our customers are? How many companies check what happens to customers who just drop off the map after one purchase? Isn’t it time that we opened our minds and discovered the stuff that actually drives the change in our businesses instead of coping with the changes after they happen? 
 
Here is my list of top four metrics to track in 2015. 
 
1. NPS NPS or <keyword id="2733320" type="ORGANIZATION" weightage="20" keywordseo="Net-Promoter-Score">Net Promoter Score</keyword> is not a new concept. Tons of companies already use it to understand where they stand from a customer’s perspective. What I would like to see this year is this metric going mainstream. Instead of just saying that you’re a customer-focused company, become a customer-focused company by asking your customers what they think about you. 
In simple terms, Net Promoter Score shows how popular your company is and how satisfied your customers are. The NPS model consists of dividing customers into 
 
a. Promoters: Customers who are very satisfied with your company and would recommend it to others. 
b. Passives: Customers who are neutral towards you; they’re satisfied but would not go around recommending your company to others. 
c. Detractors: Dissatisfied customers who actively dissuade others from using your products. 
 
 
Simply finding out about how your users feel about your company does no good. For the NPS system to work, the feedback received from each user needs to be plugged back into the system and conveyed to the employee whose work directly impacts the experience the said user had. 
 If even gigantic organizations like the Walt Disney Company, Intuit and <keyword id="6357395" type="CITY" weightage="20" keywordseo="eBay">eBay</keyword> can implement this system across the length and breadth of their organizations, smaller setups can definitely succeed with it. 
 
2. Customer Retention Rate 
When one thinks of marketing, the mind automatically pictures various ways and means of acquiring new customers. But how about the customers whom you have already acquired? What are you doing to keep them coming back? Or is that left completely to chance? 
 
In an ideal world, every marketer would want <a href="http://60secondmarketer.com/blog/2015/01/06/marketing-formulas/">to retain every single customer</a> that they acquire forever. Customer Retention Rate measures the probability of a new customer returning to make repeat transactions with your company. 
 
Customer Retention Rate = Total no. of Customers – No. of New Customers / Number of Customers at the Beginning of the Period x 100 
A high retention rate signifies a high number of satisfied customers who come back again and again. This means your marketing and processes are on track. On the other hand, a low retention rate points to problems in your marketing cycle which need to be addressed immediately. Lower retention rates could mean: 
 
a. An unsatisfactory user experience that dissuades new users from returning to you 
b. Not enough new acquisitions 
Knowing these issues with your marketing is the first step towards fixing them and getting the most out of the millions that you spend each year trying to acquire newer and newer customers. 
 
3. Customer Life Time Value (CLTV) 
Customer Life Time Value should be the most important metric that drives marketing efforts. CLTV basically measures the net revenue every single customer will generate over her lifetime association with your company after taking into account the cost of acquiring her. In other words, 
 
Customer Lifetime Value = (Average Order Value per Customer) x (Number of Orders per Year) x (Customer Retention Period) – (Cost of Acquiring the Customer) 
Most marketers simply concern themselves with the average order value and rest happy with their acquisition. Little thought is given to how long a customer will last with the company, how much money is spent in acquiring the customer or even how much it costs to service the customer. 
 
So, why would you need to know CLTV? Firstly, CLTV is not one absolute figure. Your CLTV will differ based on customer segments. A high frequency, low order value customer will have a very different CLTV as compared to a low frequency but high order value one. Understanding the CLTV of each customer segment allows you to take informed decisions on how much money to allocate on servicing a particular customer segment, how much to spend on acquiring a certain segment and so on. 
 
Drawing up a customer acquisition budget without knowing the CLTV of your customers is akin to shooting in the dark hoping hard that you hit something. <a href="http://journals.ama.org/doi/abs/10.1509/jmkg.68.4.106.42728">Research</a> shows that customers segmented based on their CLTV tend to be more profitable for an organization in the long run. 
 
4. Mobile Conversions 
2014 was decisively the year that <a href="http://money.cnn.com/2014/02/28/technology/mobile/mobile-apps-internet/">smartphones overtook desktop</a> Web browsing. Finally all those years of proclaiming “This will be the year of mobile!” actually bore fruit. Even Google announced how it was going to use mobile optimization of a site <a href="http://googlewebmastercentral.blogspot.com/2014/11/helping-users-find-mobile-friendly-pages.html">as a ranking factor</a> on its search results pages. So, if you hadn’t optimized your website, email and all other customer facing functions for smartphones, you probably lost out on a big chunk of the action last year. 
 
With mobile devices coming into their own only in 2014, the focus so far has been on mobile as a traffic source. Brands competed with one another to attract users via their mobile devices without much thought to what happens after that. 
 
2015 is the year when you look beyond acquiring traffic from mobiles and work on how this mobile generated traffic can convert into paying customers. Instead of focusing only on your web-related statistics from, say <a href="http://www.google.com/analytics">Google Analytics</a>, now is the time that you plug in all your various analytics – from social, email, client projects, finance and offline sales tools – into a consolidated “business dashboard” like <a href="http://www.cyfe.com">Cyfe</a>. 
 
 
Consider the value of your users in proportion to the costs that you’ve incurred on them across various channels in one snapshot. This will tell you which customers to focus on and which are already doing well. 
 
Wrapping Up 
These were the top contenders from my perspective that will rock 2015. Did you use any other holistic metrics last year that worked wonders for you? We’d love to know what they are and why you think they matter. Please share your thoughts in the comments section below.

4 Business Metrics You Need to Start Measuring in 2015

<ul><li>Shares of One 97 Communications have dropped another to ₹1298 at 12:13 p.m.</li><li>The company is currently sitting on a market cap of $11.2 billion, a significant drop from the $19.9 billion valuation of the issue.</li><li>Zomato, which was valued at $5.8 billion in the private market in February 2021, is now valued at $16.4 billion in the public market.</li></ul>The public listing of One 97 Communications — the parent company of digital payments giant <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> — has eroded $10 billion from the company’s valuation in the first two days of its debut on the stock market. The shares of Paytm were trading at ₹1298 at 12:13 p.m. on November 22, representing a drop of 17%. The company is currently sitting on a market cap of ₹84,032 crore ($11.2 billion). Notably, global investment bank Macquarie had set the target price for Paytm at ₹1,200, which is 44% below the issue price of ₹2,150 . <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword>, commenting on the same report, <a href="https://www.youtube.com/watch?v=Q-VNvhlcyr8">told</a> CNBC TV18, “somebody who has not met us and has an opinion on us, is not my opinion to keep an opinion on that. I don’t comment on opinions, I comment on facts.” "We are a wholesome meal ‘Thalli’ (platter) with different varieties, while Macquarie is looking for a business model of pizza," he <a href="https://www.zeebiz.com/market-news/news-exclusive-what-did-paytm-md-ceo-says-after-weak-listing-know-his-opinion-on-macquarie-report-171119">told </a>ZeeBusiness. Shares of One 97 Communications — the parent company of digital payments giant Paytm — have dropped another 4.69% on November 22, trading at ₹1,490 at 9:34 a.m. The company is currently sitting on a market cap of ₹96,330 crore ($12.9 billion). The company’s shares had tanked 27% on the first day of listing on November 18. The company’s market cap dropped by nearly $7 billion on the first day of listing itself. <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;">Timeline </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;">Valuation </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;">Valuation in private market </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;">$16 billion </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;">Valuation at issue price of ₹2,150 </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;">$19.9 billion </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;">Day 1 of listing </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;">$13.3 billion </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;">Day 2* of listing </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;">$12.7 billion </td></tr></tbody><tbody></tbody></table>Source: Company, Stock Exchange *The data will be updated once the market closes at 3:30 p.m. Food delivery firm Zomato, which was valued at $5.8 billion in the private market in February 2021, is now valued at $16.4 billion in the public market. Several industry experts — including Manoj Dalmia of Proficient Equities, Scenes by Avalon’s Shashank Udupa, TaxationHelp.in’s Neha Nagar — have pinned Paytm’s expensive valuation, lack of a focused business model, limited promoters in India and analysts ratings as some of the factors behind the company’s bad performance in stock market on day one. You can read more on why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp <a href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">here</a>. Sharma-led Paytm shared a list of business updates from October 2021, on Sunday night. It seems to have not made much of a difference for retail investors. <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;">Metrics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">October 2020 </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;">October 2021 </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;">Gross Merchandise Value (GMV) </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;">₹36,000 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹83,200 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;">Monthly Transacting Users (MTU) </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;">4.7 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.3 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;">Total Devices Deployed (Point-of-Sales and Soundbox) </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;">400,000 </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;">1,400,000 </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;">Number of loans disbursed through Paytm </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;">0.2 million </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;">1.3 million </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;">Value of loan disbursed through Paytm </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;">120 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">627 crore </td></tr></tbody><tbody></tbody></table>Source: Paytm SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/airtels-popular-prepaid-plans-may-now-cost-you-up-to-25-more/articleshow/87840177.cms" data-type="tilCustomLink">Airtel’s popular prepaid plans may now cost you up to 25% more</a> <a href="https://www.businessinsider.in/sports/news/transgender-women-should-not-be-forced-to-reduce-their-testosterone-levels-to-compete-in-womens-olympic-sports-say-new-ioc-guidelines/articleshow/87837048.cms" data-type="tilCustomLink">Transgender women should not be forced to reduce their testosterone levels to compete in women's Olympic sports, say new IOC guidelines</a> <a href="https://www.businessinsider.in/science/news/a-space-force-general-said-us-hypersonic-missile-capabilities-are-not-as-advanced-china-and-russias/articleshow/87834603.cms" data-type="tilCustomLink">A Space Force general said US hypersonic missile capabilities are 'not as advanced' China and Russia's</a>

Paytm is inching closer to Macquarie's target of ₹1200

New Delhi, Nov 17 () The Department for Promotion of Industry and Internal Trade (DPIIT) has prepared an initial draft industrial policy which targets to raise value addition in the manufacturing sector to USD 1 trillion by 2025, an official said.
 The policy envisions to create globally competitive business enterprises which can generate gainful employment and sustainable livelihoods.
 It entails creating industry that is equipped with innovation, technology; financially viable and environment friendly; and whose benefits are shared by all sections of the society, the official added.
 The initial draft policy is being circulated to seek views of different ministries and departments.
 The policy would work in tandem with the Skill India Mission to improve employability of future workforce, and with the foreign trade policy to enhance India's share in global merchandise exports.
 It would also enable harmonious implementation of macro fiscal and monetary policies and ensure that incentive regime for industry is competitive.
 Further, it will work to revive investments into industry and manufacturing with a balanced focus on both quantity and quality of investments.
 The draft has also proposed a detailed implementation mechanism of the policy under which it has suggested setting up of a national industrial competitiveness council and a steering committee.
 The new industrial policy was prepared and sent to the cabinet by the department last year but some new suggestions were made and now it is being reworked by the DPIIT.
 This will be the third industrial policy after the ones released in 1956 and 1991. It will replace the industrial policy of 1991 which was prepared in the backdrop of the balance of payments crisis. RR 
ABM

Initial draft industrial policy targets USD 1 tn gross value addition in manufacturing by 2025

<keyword id="1489410" type="UNKNOWN" weightage="100" keywordseo="e-commerce-in-India">E-commerce in India</keyword> is once again grabbing the headlines and this time, for all the right reasons. Bangalore-based <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>, arguably India’s largest standalone <keyword id="1127700" type="UNKNOWN" weightage="100" keywordseo="fashion-e-tailer">fashion e-tailer</keyword>, has recently closed a <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword> round worth $50 million from an investor consortium led by <keyword id="1430452" type="ORGANIZATION" weightage="100" keywordseo="PremjiInvest">PremjiInvest</keyword>, the family office of the <keyword id="10862" type="CITY" weightage="60" keywordseo="Wipro">Wipro</keyword> chairman <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>. Myntra is also in talks with a clutch of investors to raise an additional $40 million at a higher <keyword id="51393" type="UNKNOWN" weightage="100" keywordseo="valuation">valuation</keyword>, according to an Economic Times report. So far, the <keyword id="2049121" type="UNKNOWN" weightage="100" keywordseo="E-commerce-firm">e-commerce firm</keyword> has raised $125 million in risk capital funding. Another fashion e-tailer that is also raising <keyword id="57924" type="ENTERTAINMENT" weightage="100" keywordseo="big-money">big money</keyword> is Gurgaon-based <keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword>.com, which is backed by Berlin-based <keyword id="1965711" type="COMPANY" weightage="80" keywordseo="Rocket-Internet-GmbH">Rocket Internet GmbH</keyword> – a venture arm of the Samwer brothers. The e-commerce firm is reportedly raising a fresh round of equity funding worth $100 million, of which it has already received $27.5 million from the British <keyword id="2049123" type="ORGANIZATION" weightage="100" keywordseo="Development-finance-institution">development finance institution</keyword> <keyword id="1613067" type="UNKNOWN" weightage="100" keywordseo="CDC-Group-Plc">CDC Group Plc</keyword>. 
 All this is good news for the cash-strapped Indian e-commerce segment. So we have taken a close look at the recent fundraising by the <keyword id="2049116" type="UNKNOWN" weightage="100" keywordseo="Indian-e-commerce-players">Indian e-commerce players</keyword> and identified five key trends that seem to be prevailing. Will they rule the <keyword id="2049126" type="UNKNOWN" weightage="100" keywordseo="Fundraising-scenario">fundraising scenario</keyword> and determine the parameters of growth throughout 2014? Let us have a quick look. 
 
Growing big is the key priority E-commerce start-ups in India are finally coming of age and looking beyond the quickest possible exits. When Myntra closed $50 million in funding a couple of days ago, the company was immediately approached by its bigger rival <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> who had reportedly come up with an acquisition offer worth $200 million. According to a TechCrunch report, e-commerce giant <keyword id="18635" type="CITY" weightage="80" keywordseo="Amazon">Amazon</keyword> had also approached Myntra but the details of the proposed deal are not yet available. 
 Although rumours were rife that Myntra could be considering either of the deals as part of a bigger strategy, the e-tailer has decided to stay off the <keyword id="1949341" type="UNKNOWN" weightage="100" keywordseo="Exit-route">exit route</keyword>. In fact, its ongoing talks for an additional round of funding worth $40 million clearly indicate that the company has in place some well-thought-out <keyword id="414633" type="UNKNOWN" weightage="100" keywordseo="growth-plans">growth plans</keyword> and big ones at that. The only other reason for back-to-back funding is to raise the valuation but at this point, Myntra doesn’t look like it is on the block. Neither has it decided to quit in a hurry like <keyword id="6359128" type="COMPANY" weightage="100" keywordseo="Redbus">redBus</keyword>.in did last year. <keyword id="2049136" type="UNKNOWN" weightage="100" keywordseo="Indias-largest-bus-ticketing-firm">India’s largest bus ticketing firm</keyword> was acquired by the <keyword id="1643008" type="UNKNOWN" weightage="100" keywordseo="Ibibo-Group">ibibo Group</keyword> for around $125 million but the sale cut short a successful <keyword id="530125" type="UNKNOWN" weightage="100" keywordseo="entrepreneurial-journey">entrepreneurial journey</keyword> that could have become a $500 million business in terms of revenue and could have achieved a $1 billion valuation. 
 As for Jabong, the very fact that it is backed by Rocket Internet may tell the industry insiders a different story. Rocket is known in the market for its fast and furious build-and-sell business module, and the start-ups are essentially replicas of successful US businesses. But the kind of funding Jabong is raising right now shows that the company is in no hurry to down the shutters in India even though two of its four co-founders have recently left the company. Jabong started its India operations in 2012 and competes with key e-com players such as Flipkart, Myntra, <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> and <keyword id="6354743" type="COMPANY" weightage="40" keywordseo="Amazon-India">Amazon India</keyword>, among others. 
 
Only <keyword id="2049143" type="UNKNOWN" weightage="100" keywordseo="Core-expertise">core expertise</keyword> matters Internet giant <keyword id="6355629" type="CITY" weightage="80" keywordseo="Google">Google</keyword> has already given us a case in point when it sold <keyword id="487941" type="ORGANIZATION" weightage="60" keywordseo="Motorola-Mobility">Motorola Mobility</keyword> to Lenovo for $2.91 billion, less than two years after paying $12.5 billion to acquire it. The deal is not a total financial loss as Google has managed to keep patents worth billions of dollars and expects to turn Lenovo into a manufacturing unit for its <keyword id="6355645" type="COMPANY" weightage="40" keywordseo="android">Android</keyword> OS. But selling <keyword id="11148" type="CITY" weightage="40" keywordseo="Motorola">Motorola</keyword> is a sure indication that Google should have focused more on its <keyword id="1430489" type="UNKNOWN" weightage="100" keywordseo="Core-Competencies">core competencies</keyword> – search, software and selling ads – instead of developing hardware. 
 You will find a similar case here as Jabong has reportedly sold its <keyword id="2049146" type="UNKNOWN" weightage="100" keywordseo="logistics-arm">logistics arm</keyword> <keyword id="2049145" type="UNKNOWN" weightage="100" keywordseo="JaVAS">JaVAS</keyword> (Jabong Value Added Services) to Gurgaon-based QuickDel Logistics as part of its business restructuring and funding exercise. Jabong <keyword id="170488" type="POSITION" weightage="40" keywordseo="co-founder">co-founder</keyword> <keyword id="536011" type="PERSON" weightage="40" keywordseo="Praveen-Sinha">Praveen Sinha</keyword> has also confirmed to the media that JaVAS is now an independent entity. 
 However, that brings us back to the basic question. Should companies try and provide end-to-end solutions to ensure a complete customer experience or should they focus on core competencies and leave the rest to the experts in those fields? We particularly raise this question as many Indian e-commerce firms are currently focusing on <keyword id="2049154" type="UNKNOWN" weightage="100" keywordseo="Proprietary-payment-gateways">proprietary payment gateways</keyword> and customised logistics services in a bid to propel their services to the next level. However, such services can actually make you lose money unless a company is catering to a customer base as vast as <keyword id="6357395" type="CITY" weightage="40" keywordseo="eBay">eBay</keyword> or Amazon. 
 After JaVAS, the writing is definitely on the wall. The bells and whistles can always come in later, but the key focus must be core competencies. Of late, even <keyword id="6354427" type="CITY" weightage="80" keywordseo="Apple">Apple</keyword> seems to be falling in this trap – its newest hardware products have ‘n’ number of <keyword id="2049161" type="UNKNOWN" weightage="100" keywordseo="Incremental-features">incremental features</keyword> but real innovations seem to be eluding the iconic company. 
 
Investors showing better <keyword id="170907" type="UNKNOWN" weightage="100" keywordseo="risk-appetite">risk appetite</keyword> India’s e-commerce market is projected to grow sevenfold to $22 billion in the next five years, and investors, both national and global, want to have a piece of the pie. According to <keyword id="1981" type="PERSON" weightage="80" keywordseo="Rahul-Khanna">Rahul Khanna</keyword>, managing director of the <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">venture capital</keyword> firm <keyword id="218905" type="COMPANY" weightage="80" keywordseo="Canaan-Partners">Canaan Partners</keyword> (India), e-commerce players in India (and everywhere else for that matter) require very deep pockets to scale up to the level of breaking even and hitting profitability. In this space, sales margins are typically low; volume is high, and logistics &amp; back office <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> only become viable when companies are catering to a very <keyword id="2049169" type="UNKNOWN" weightage="100" keywordseo="Large-customer-base">large customer base</keyword>. Consequently, <keyword id="2049171" type="UNKNOWN" weightage="100" keywordseo="Follow-on-rounds">follow-on rounds</keyword> are extremely crucial for sustainable growth. Now that big institutional investors like PremjiInvest and UK-based development <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> institution CDC Group are entering the arena, the much-needed <keyword id="2000080" type="UNKNOWN" weightage="100" keywordseo="Cash-burning">cash burning</keyword> is sure to propel growth to the desired level. 
 “E-commerce is fast maturing in India and that’s the main reason <keyword id="363248" type="ORGANIZATION" weightage="100" keywordseo="Global-Investments">global investments</keyword> are flowing in,” says another analyst. “When big players like Amazon show interest (the e-commerce giant has reportedly approached Myntra), investors are quick to sense the tremendous <keyword id="452394" type="UNKNOWN" weightage="100" keywordseo="growth-potential">growth potential</keyword> lying here,” she adds. 
 
Forget the buzz you are creating; it’s result time now Analysts, who have followed the course of events over the past few weeks, also point out another interesting trend. Be it Myntra or Jabong or other up-and-coming e-commerce businesses, it’s their <keyword id="2049173" type="UNKNOWN" weightage="100" keywordseo="Growth-quotient">growth quotient</keyword> that has attracted <keyword id="2049174" type="UNKNOWN" weightage="100" keywordseo="Big-funding">big funding</keyword>. In other words, start-ups who are delivering in a big way will get the valuable <keyword id="2049175" type="UNKNOWN" weightage="100" keywordseo="Growth-dollars">growth dollars</keyword> as investors are now looking beyond the buzz and focusing on <keyword id="1730239" type="UNKNOWN" weightage="100" keywordseo="business-fundamentals">business fundamentals</keyword> and results. 
 Companies must have the numbers – in terms of customer base, <keyword id="169826" type="UNKNOWN" weightage="100" keywordseo="growth-figures">growth figures</keyword> and brand leadership – to justify the big money they are raising. For instance, Myntra expects to more than double its <keyword id="657194" type="UNKNOWN" weightage="100" keywordseo="gross-sales">gross sales</keyword> to over $250 million by March 2015 and the fashion e-tailer’s <keyword id="2049176" type="UNKNOWN" weightage="100" keywordseo="Monthly-gross-sales">monthly gross sales</keyword> could touch $20-25 million by April this year. Myntra is expected to end the current fiscal with more than $100 million in gross sales and it is targeting $1 billion in <keyword id="6399113" type="ORGANIZATION" weightage="100" keywordseo="GMV">GMV</keyword> by 2016-2017. Flipkart, which raised $360 million last year at a valuation of about $1.6 billion, is also projecting a GMV of $1 billion by 2015. 
 Jabong, too, has aggressive growth plans and the latest round will be used to strengthen its <keyword id="2049177" type="UNKNOWN" weightage="100" keywordseo="Supply-chain-infrastructure">supply chain infrastructure</keyword> and enhance its <keyword id="2049178" type="UNKNOWN" weightage="100" keywordseo="Technology-platform">technology platform</keyword>. According to industry sources, Jabong might have generated <keyword id="2049180" type="UNKNOWN" weightage="100" keywordseo="Gross-merchandise-sales">gross merchandise sales</keyword> of $100-150 million for the fiscal 2012-13. Other key investments in the Indian e-commerce space since 2013 included online marketplace Snapdeal raising about Rs 300 crore and baby care portal <keyword id="1615917" type="COMPANY" weightage="80" keywordseo="FirstCry">Firstcry</keyword> bagging Rs 92 crore. 
 
Inventory, <keyword id="6630005" type="UNKNOWN" weightage="100" keywordseo="private-labels">private labels</keyword> are adding value 
With the lone exception of Snapdeal that runs a 100% marketplace, most of the big e-commerce entities in India are flourishing on a hybrid model – a strategic mix of inventory, private label and marketplace. In fact, Jabong has been doing all three for some time now, although a bit discreetly, and it could be now pushing hard to extract every penny from each of these categories. 
 
Myntra, on the other hand, focuses on both inventory and private label, with the share of private labels rising rapidly. A couple of years ago, the e-tailer acquired Exclusively.in Inc., the company behind the private label brand Shersingh.com and the fashion site Exclusively.in, in a cash-cum-equity deal. Myntra is reportedly eyeing more private labels to add to its portfolio as the margins are pretty high in this segment and add substantially to the profits. 
 
Bottom line: Is it a <keyword id="2049185" type="UNKNOWN" weightage="100" keywordseo="Volatile-situation">volatile situation</keyword>? In one of her latest blogs in <keyword id="6359301" type="POSITION" weightage="100" keywordseo="Entrepreneur">Entrepreneur</keyword>.com, entrepreneur-writer Erika Trautman has nicely summed it up. “No matter how great the idea, if your start-up doesn’t create hard and fast results with analytics, targeted business solutions and mobile integration, it won’t survive in 2014. Launching a start-up can’t just be about how cool your product is. No business can subsist off just buzz and Press. This year, start-ups must focus on business fundamentals and start emphasising partnerships that generate results.” 
 
Can the Indian e-commerce players innovate, scale up and deliver (as the takeaways so amply illustrate) to justify the trust investors are now putting in them? Will there be new ventures to take up the gauntlet? Let us wait and watch. 
 
Image: Thinkstock Photos/Getty Images

Indian E-com Players
Are Raising Big Money; These 5 Takeaways Can Help You Understand What’s
Changing

New Delhi, E-commerce in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> grew by 36 per cent and 30 per cent year-over-year (<keyword id="63194" type="COMPANY" weightage="20" keywordseo="YoY">YOY</keyword>) in terms of order volume and gross merchandise value (GMV), respectively, in the fourth quarter of 2020, said a report on Wednesday. However, the average order value declined by 5 per cent in Q4 2020 as compared to same period last year, said the report by <keyword id="2646256" type="COMPANY" weightage="20" keywordseo="Unicommerce">Unicommerce</keyword>, an e-commerce focused supply-chain software-as-a-service (SaaS) technology platform, and global management consulting firm Kearney. The report showed that personal care, beauty and wellness as well as <keyword id="34523" type="COMPANY" weightage="20" keywordseo="fmcg">FMCG</keyword> and <keyword id="6354525" type="COMPANY" weightage="20" keywordseo="healthcare">Healthcare</keyword> were the biggest beneficiaries and saw volumes grow by 95 percent and 46 percent YoY, respectively. Tier 2 and Tier 3 cities accounted for a 90 per cent YoY incremental volume and <keyword id="2657724" type="PERSON" weightage="20" keywordseo="value-growth">value growth</keyword>. Interestingly, brand websites reported 94 per cent volume growth in Q4 2020 as compared to same period last year. "The e-commerce industry has emerged as the backbone of the retail industry and small and big players have realised the immense potential that e-commerce holds," Kapil Makhija, CEO, Unicommerce, said in a statement. "The e-commerce volume growth continued to accelerate in the last quarter of the pandemic hit year." The report showed that FMCG and pharma as a category reported growth of 92 per cent on the brand website and 62 per cent growth on the marketplaces. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/tech-mahindra-cfo-says-talent-is-getting-expensive-but-clients-are-willing-to-pay-the-premium/articleshow/80779844.cms" style="">EXCLUSIVE: Tech Mahindra CFO says talent is getting expensive but clients are willing to pay the premium</a> <a href="https://www.businessinsider.in/tech/news/realme-smart-watch-s-pro-review-and-details-of-features/articleshow/80779962.cms">Realme Watch S Pro review – nailing the important features but the basics need more wo </a><a href="https://www.businessinsider.in/tech/news/what-is-facial-recognition-technology-and-how-india-is-using-it-to-track-down-protestors-and-individuals/articleshow/80782606.cms">India is ramping up the use of facial recognition to track down individuals without any laws to keep track of how this technology is being used</a> <a href="https://www.businessinsider.in/business/auto/news/heres-how-global-electric-car-makers-are-tweaking-their-models-to-make-it-viable-for-indian-roads/articleshow/80780009.cms">Here's how global electric car makers are tweaking their models to make it viable for Indian roads</a>

E-commerce in India clocks 36% volume growth in Q4 2020

India's economy is likely to shrink by 5.3 per cent this fiscal, the <keyword id="8057424" type="UNKNOWN" weightage="20" keywordseo="Lowest-GDP-growth">lowest GDP growth</keyword> in the Indian history and the sixth instance of economic contraction, India Ratings and Research said on Wednesday. "The disorder caused by the COVID-19 pandemic unfolded with such a speed and scale that the disruption in production, breakdown of supply chains/trade channels and total wash out of activities in aviation (some activities have started now), tourism, hotels and hospitality sectors will not allow the economic activity to return to normalcy throughout FY21," the rating agency said in a report. As a result, besides contracting for the whole year, GDP will contract in each quarter in FY21 (April 2020 to March 2021). However, the agency believes the GDP growth would bounce back in the range of 5-6 per cent in <keyword id="5027223" type="COMPANY" weightage="20" keywordseo="FY22">FY22</keyword> (April 2021 to March 2022), aided by base effect and return of gradual normalcy in the domestic as well as global economy. India Ratings (Ind-Ra) said India's gross domestic product (GDP) will contract 5.3 per cent in FY21. "This will be the lowest GDP growth in the Indian history (Indian GDP data is available from FY51) and sixth instance of economic contraction, others being in FY58, FY66, FY67, FY73 and FY80; the previous low was negative 5.2 per cent in FY80," it said. The government had announced an economic package of Rs 20.97 lakh crore (10 per cent of GDP) on May 12, 2020 to mitigate the adverse impact of COVID-19 and related lockdown. However, Ind-Ra's calculations, excluding the <keyword id="35025" type="PERSON" weightage="20" keywordseo="monetary-measures">monetary measures</keyword> and existing proposals in the union budget, show that the direct fiscal impact is only Rs 2.145 lakh crore (1.1 per cent of GDP). "The credit and liquidity enhancing measures announced in the economic package in combination with some of the earlier steps announced by the Reserve Bank of India (RBI) will certainly address the supply-side issues of the economy," it said. The Indian economy even before the COVID-19 related lockdown was suffering on the demand side, as all the demand drivers, except government final consumption expenditure (GFCE), namely private final consumption expenditure (PFCE), <keyword id="756316" type="PERSON" weightage="20" keywordseo="gross-fixed-capital-formation">gross fixed capital formation</keyword> (GFCF) and net exports were <keyword id="2258914" type="PERSON" weightage="20" keywordseo="Floundering">floundering</keyword>. The lockdown and its impact on the economy and livelihoods only aggravated the sagging consumption demand. "Ind-Ra believes the government is aware of it; but, the near absence of demand-side measures in the economic package indicates the hard budget constraint facing the government," the report said. Ind-Ra saw PFCE contracting 5.1 per cent in FY21 (FY20: 5.3 per cent yoy) to reach a level lower than FY19's. Even GFCF will contract 17.6 per cent in FY21 and the investment revival will now be pushed beyond FY22 due to a combination of excess capacity, weak demand, stretched balance sheet of Indian corporates and budget constraints leading to reduced government capex. "The external environment continues to be challenging due to COVID-19 related restrictions coupled with trade friction and protectionist policy pursued by many developed economies," it said. Ind-Ra expected merchandise exports to decline 9.4 per cent in FY21 (FY20: negative 4.9 per cent), as all major export commodities would clock negative growth. Merchandise imports are expected to decline 17.4 per cent in FY21 (FY20: negative 8.9 per cent). As a result, the trade deficit is estimated to decline to a four-year low of USD 97.7 billion (3.9 per cent of GDP) and current account deficit to USD 3.3 billion (0.1 per cent of GDP) in FY21. However, 1QFY21 may see a current account surplus. "From the supply side, agriculture is the only bright spot. Agricultural gross value added (GVA) is expected to grow 3.5 per cent in FY21," the rating agency said adding the Indian Meteorological Department has predicted the monsoon rainfall to be 102 per cent of long period average (1961-2010) in 2020. Ind-Ra expects the retail and wholesale inflation to come in at 3.6 per cent and 1.2 per cent, respectively, in FY21. "Fiscal deficit of the central government in FY21 is expected to more than double (7.6 per cent of GDP) the budgeted amount (3.5 per cent of GDP). The majority of the fiscal slippage will be from the revenue side," it added. SEE ALSO: <a href="https://www.businessinsider.in/india/news/karnataka-health-minister-hints-at-lockdown-in-covid-hit-bengaluru-again/articleshow/76542217.cms" data-type="tilCustomLink">Karnataka Health Minister hints at lockdown in Covid-hit Bengaluru again </a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-radhakishan-damani-and-shiv-nadar-took-over-10-years-to-become-a-billionaire/slidelist/76547186.cms" data-type="tilCustomLink">Indians took 17 years on an average to make their first billion— and it has gotten a lot faster recently</a>

India's GDP to contract by 5.3% due to coronavirus 'disorder', says India Ratings

<ul class="summary-list"><li>The self-described "superapp" <keyword id="178664" type="PERSON" weightage="60" keywordseo="Grab">Grab</keyword> plans to go public via a SPAC merger with Altimeter Growth.</li><li>The deal is set to value Grab, backed by SoftBank, at $39.6 billion.</li><li>The Singapore-based app offers services ranging from deliveries to financial services.</li></ul>The Southeast Asian <a href="https://www.businessinsider.com/grab-valued-at-nearly-40-billion-in-blockbuster-spac-deal-2021-4">ride-hailing and food-delivery giant Grab</a>, whose backers include SoftBank and Mitsubishi UFJ Financial Group, <a href="https://www.grab.com/sg/press/others/grab-go-public-in-partnership-with-altimeter/">on Tuesday announced plans to go public</a> in the US via a merger with the blank-check company Altimeter Growth.The deal is set to value Grab at $39.6 billion and would be the biggest merger done through a special-purpose acquisition company.A <a href="https://www.businessinsider.com/what-is-a-spac">SPAC</a> is a company created solely to merge with, or acquire, another business and take it public, making it a cheaper, faster alternative to an initial public offering, <a href="https://www.businessinsider.com/what-is-a-spac">as Insider's Martin Daks explained</a>.The Singapore-based Grab said it expected its securities to be traded on the Nasdaq under the symbol GRAB "in the coming months."Read more: <a href="https://www.businessinsider.com/grab-valued-at-nearly-40-billion-in-blockbuster-spac-deal-2021-4">Grab's cofounders took a $10,000 business-school prize and turned it into a 'super app' worth $40 billion as part of the largest SPAC deal ever</a>Grab describes itself as a "superapp." It offers services ranging from deliveries to financial services.Grab started as a ride-hailing venture in Malaysia in 2012 and is now <a href="https://www.businessinsider.com/grab-coo-cofounder-on-growth-from-a-ride-hailing-service-to-a-super-app-2021-1">the region's most valuable startup</a>.Grab said it decided to go public because of its strong financial performance in 2020. It posted a gross merchandise volume of $12.5 billion, which is more than double its 2018 figure, despite the coronavirus pandemic.The company added that it accounted for about 72% of <keyword id="53564" type="COUNTRY" weightage="60" keywordseo="Southeast-Asia">Southeast Asia</keyword>'s gross merchandise volume for ride-hailing and 50% for online food delivery, as well as 23% of regional total payment volume for digital wallet payments in 2020.Shares in Altimeter Group were last up about 9% at $15.16 in US premarket trading.

Grab, the food-delivery giant backed by SoftBank, is going public in the US via the largest-ever SPAC merger, valuing it at $40 billion

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Andrew Toth/GettyThe RealReal founder and CEO Julie Wainwright will take the company public this week.</div></div></div><ul class="summary-list"><li>The RealReal, a venture-backed e-commerce platform for selling pre-owned luxury goods, is expected to start trading on Nasdaq Friday under the ticker symbol "REAL."</li><li>The company set a price range of $17 to $19 per share, which at the high-point would value the RealReal at $1.6 billion.</li><li>Like most high-growth tech companies going public, the RealReal isn't profitable. Though the company did grow its revenue 55% from 2017 to 2018.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary" target="_blank" rel="noopener">Click here for more BI Prime stories</a>.</li></ul>If you want to buy a <a href="https://www.businessinsider.com/category/chanel">Chanel</a> purse for half its <keyword id="6354851" type="UNKNOWN" weightage="60" keywordseo="retail">retail</keyword> value, check out <a href="https://www.businessinsider.com/category/therealreal">the RealReal</a>. And if you want to buy shares in the RealReal, check out Nasdaq.The RealReal, a San Francisco e-commerce company known for matching bargain-hungry fashionistas with used designer goods, is expected to started trading Friday on Nasdaq under the ticker symbol "REAL."Though ride-hailing companies Lyft and Uber started the 2019 <a href="https://www.businessinsider.com/category/ipo">IPO</a> cycle off with ominous sell-offs, the market has shifted to a more optimistic outlook, buoyed in part by strong investor interest in the vegetarian-meat company <a href="https://www.businessinsider.com/category/BeyondMeat">Beyond Meat</a>, which is<a href="https://markets.businessinsider.com/news/stocks/beyond-meat-stock-price-sales-data-consumers-ramping-up-purchases-2019-6-1028310860"> up more than 500%</a> from its opening IPO price.The RealReal is the first big tech IPO since Slack's direct listing on June 20. Slack is now valued around $18 billion, up from its last private funding round valuation of $7.1 billion. <a href="https://www.sec.gov/Archives/edgar/data/1573221/000119312519174180/d720814ds1a.htm">In a filing last week</a>, the RealReal set a price range for its upcoming IPO at $17 to $19 per share.At the mid-point, The RealReal could raise around $246 million, with an initial market cap of $1.5 billion, a slight bump from its last private valuation of $1 billion, which came from a $50 million funding round in March. At its high-point, the company would be worth $1.6 billion.The IPO is led by underwriters Credit Suisse, Bank of America Merrill Lynch, and UBS.Here's what else you need to know ahead of the RealReal IPO.<h2>From Pet.com to VC darling</h2>The luxury consignment company was founded in 2011 by CEO Julie Wainwright, an experienced tech executive who infamously took Pets.com public in 2000, and then shut it down just months later. The online pet retailer, with a marketing budget <a href="https://www.marketwatch.com/story/sock-puppet-kills-petscom">that far outsized its revenue</a>, became a symbol of the dot-com bubble, and Silicon Valley's smoke and mirrors.The chief financial officer taking the RealReal public is Matt Gustke, who spent nine years in senior roles at eBay before joining the ticketing marketplace StubHub as CFO and head of strategy. In <a href="https://www.netroadshow.com/custom/CS/TheRealReal/retail/roadshow.asp">a video to retail investor</a>, Wainwright said the idea for the RealReal came to her while she was shopping in a luxury goods store with a friend who didn't usually buy pre-owned items. The friend ended up buying something from the store's consignment section because, she told Wainwright, she trusted that the store had thoroughly vetted the authenticity of the items it sold.<div class="KonaFilter image-container display-table"><div><div class="image on-image">TheRealReal.comTheRealReal.com lets buyers browse or search for preowned luxury goods.</div></div></div>Now after eight years as a private company, the RealReal has sold 9.4 million items and paid out more than $1 billion to sellers on its website on the promise that it authenticates every piece of merchandise sold on its platform.The RealReal raised a total of $338 million in venture funding, according to PitchBook, starting with a seed investment from 500 Startups. Among the RealReal's biggest investors is Michael Kumin with Great Hill Partners, whose stake will equal 12% of the company after its IPO, as well as Maha Ibrahim, an investor with Canaan Partners, who will own 10.6%, and Chip Baird with Perella Weinberg Partners, who will own 9% after the IPO.Wainwright will own 7.2% of the company after it goes public.Like most high-growth tech IPOs, including <a href="https://www.businessinsider.com/category/uber">Uber</a> and <a href="https://www.businessinsider.com/category/lyft">Lyft</a>, the RealReal is still losing money. The company lost $75.8 million on $207 million in revenue in 2018. This is compared to 2017, when the company lost $52 million on $134 million in revenue.Read more: <a href="https://www.businessinsider.com/ubs-says-ipo-market-could-cool-by-midsummer-2019-5">Investors have seen triple-digit returns on some 2019 IPOs, but UBS think there are 2 key reasons it could cool by midsummer</a> These losses have added up. As of March 31, the company had an accumulated deficit of $281 million.Still, the RealReal is a high-growth company. Its revenue was up 55% from 2017 to 2018, and its gross profits of $136.9 million were up 56% in the same period.The company said in its investor pitch that it has a plan for profitability, driven by its long-term strategy to grow its EBITDA margins to 25%, though it did not disclose when it plans to reach that goal or profitability.<h2>High-growth retailers are hot</h2>Just three weeks ago, the luxury retailer <a href="https://www.businessinsider.com/category/revolve">Revolve</a> raised $212 million in an IPO that valued the company at $1.3 billion. Like many IPOs this year, Revolve priced its IPO at $18 per share, but its first trade valued the stock at $34 per share. Revolve shot up to a high around $47 but now hovers around its $34 opening price.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://markets.businessinsider.com/stocks/bynd-stock">Markets Insider</a></div></div></div>Investors interested in e-commerce companies also have their eye on Beyond Meat, the vegetarian-meat retailer, which priced its IPO at $25 per share on May 27 and surged as high as $201 per share in the following weeks.In its pitch to investors, the RealReal said its biggest competition isn't other online retailers but brick-and-mortar stores where people resell their stuff. But the company also positioned itself as a marketplace - an online platform that connects buyers to sellers.Read more: <a href="https://markets.businessinsider.com/news/stocks/chewy-faces-threat-from-amazon-analyst-says-2019-6-1028310904">Fresh off its IPO, Chewy might be the next company to get crushed by Amazon </a>The company also told investors that the total addressable luxury goods market was expected to hit $294 billion in 2018, and that number is rising. The more people that buy new luxury goods, the more goods there are to resell on the RealReal, according to its pitch.When Lyft went public in March, its bankers also positioned the ride-hailing platform as a marketplace. Lyft's bankers compared the company to food delivery platform GrubHub, the luxury retailer Farfetch, the creative goods site Etsy, the freelancing platform Upwork, the online travel operator Booking Holdings, and the home-services site ANGI (Angie's List), <a href="https://www.businessinsider.com/lyfts-bankers-are-trying-to-compare-the-ride-hailing-app-to-grubhub-and-farfetch-2019-3">sources told Business Insider at the time</a>. It's unclear which companies the RealReal was compared to by its bankers.As a consignment shop, the RealReal relies on outside resellers to list their inventory on the website. Most of its revenue comes from its <a href="https://www.fool.com/investing/2017/01/08/why-the-take-rate-is-so-important-in-e-commerce.aspx">"take rate"</a> - the fee it charges to the sellers on its platform. In the first quarter of 2019, it charged 35.3% to resellers on every transaction.The company generates revenue from the orders made on its website and mobile app, as well as its three retail stores, according to the S-1.This business model creates some unique risk factors. The RealReal disclosed in its S-1 that it may fail to generate enough "pre-owned luxury goods," and that the luxury market may be hit particularly hard during a market downturn since consumers could spend less money. The company also listed counterfeit merchandise as a risk to its success. The RealReal emphasizes its authentication process. Unlike the resale platform eBay, the RealReal examines every piece of merchandise, stores it and handles the delivery. However, it said in its S-1 that counterfeits could harm its business."Our success depends on our ability to accurately and cost-effectively determine whether an item offered for consignment is an authentic product, a genuine gemstone or piece of jewelry or a validated work of art," the company wrote. "While we have invested heavily in our authentication processes and we reject any goods we believe to be counterfeit, we cannot be certain that we will identify every counterfeit item that is consigned to us." Visit <a href="http://markets.businessinsider.com/">Markets Insider</a> for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. <a href="http://markets.businessinsider.com/">Go Now!</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/goldman-marcus-executive-speaks-on-apple-card-2019-6">WATCH: A Goldman Sachs Marcus exec explains why Apple is the perfect partner for their new credit card</a></h3> <div> </div> </div>

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