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<ul><li><keyword id="3143174" type="General" weightage="20" keywordseo="pharmeasy" source="Orion">PharmEasy</keyword> currently has a workforce of 6,100+ employees, but it is planning to hire more people for its new development centers.</li><li>PharmEasy offers a range of services such as teleconsultation, medicine deliveries, and sample collections for diagnostic tests.</li><li>The company acquired Thyrocare in June 2021, which opened the door for its public listing this year.</li></ul>Online pharmacy company PharmEasy, which is working towards an initial public offering (IPO) soon, is looking to hire over 200 engineers for its new development centers in Hyderabad, Pune and the national capital region surrounding New Delhi. The Mumbai-based startup currently has a workforce of over 6,100 employees. Seven-year old PharmEasy claims that the initiative to launch a new development centre coincides with the increased digital adoption due to the Covid-19 pandemic. The company claims that this increased customer demand has also increased the demand for tech skills across the spectrum. “The new facilities will serve as a significant hub for driving development and innovation,” Abhinav Yajurvedi, chief technology officer (CTO) of PharmEasy. Founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia, and Siddharth Shah, PharmEasy caters to the chronic care segment and offers a range of services such as teleconsultation, medicine deliveries, and sample collections for diagnostic tests. It operates a business-to-business (B2B) pharma marketplace with 6,000 consultation clinics with 90,000 partner retailers pan India. PharmEasy’s parent company API Holdings became the first Indian startup to acquire a publicly listed company, after it acquired A Velumani-led diagnostics chain Thyrocare Technologies for ₹4,546 crore ($612 million) in June. This acquisition has opened doors for the seven-year-old startup to list on the stock exchange directly. ALSO WATCH: PharmEasy's Founder Siddharth Shah Gets Candid On His Success Formula <div type="Youtube" id="mEdywVC7sPg" title="PharmEasy&amp;#39;s Founder Siddharth Shah Gets Candid On His Success Formula" thumbUrl="https://i.ytimg.com/vi/mEdywVC7sPg/mqdefault.jpg"></div> The company is looking at a dual listing or a reverse listing option, co-founder Siddharth Shah told Business Insider in a recent interview. A dual listing is a corporate structure in which two companies function as a single operating business through a legal equalisation agreement. A reverse listing, on the other hand, is acquisition of a private company by an existing public company, so that the private company can bypass the lengthy and complex process of going public. PharmEasy has also appointed five independent directors to its board, bringing the total tally to 12. <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;">Person </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;">Past experience </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;">Vineeta Rai </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;">Former IAS officer </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;">Subramanian Somasundaram </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;">Titan’s former CFO </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;">Dr Jaydeep Tank </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;">Gynecologist </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;">Ramakant Sharma </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;">Founder of Livespace </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;">Deepak Vaidya </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;">Has decades of experience in the field of Pharmaceuticals, Micro-Finance, Healthcare and Private Equity </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/reliance-infra-reliance-industries-zomato-and-other-top-stocks-to-watch-out-for-on-september-13/slidelist/86156619.cms">Reliance Infra, Reliance Industries, Zomato and other top stocks to watch out for on September 13</a> <a href="https://www.businessinsider.in/international/news/the-first-transgender-person-elected-bishop-in-a-major-christian-church-wants-to-inspire-hope-and-expand-peoples-minds-about-trans-people/articleshow/83528986.cms">The first transgender bishop in a major Christian church wants to inspire hope and expand people's minds about trans people</a> <a href="https://www.businessinsider.in/entertainment/news/superhero-movies-have-a-deep-connection-to-9/11-and-it-shows-how-nyc-and-disney-capitalized-on-our-collective-grief/articleshow/86116230.cms">Superhero movies have a deep connection to 9/11, and it shows how NYC and Disney capitalized on our collective grief</a>

Online pharmacy startup PharmEasy is looking to hire 200 engineers in Hyderabad, Pune and Delhi before the IPO

<ul><li>Our focus is on aluminium forged components as the vehicles are going to get light weighted across segments because of the emissions norms, said B R Preetham, group chief executive officer at <keyword id="1734451" type="General" weightage="20" keywordseo="sansera-engineering" source="Orion">Sansera Engineering</keyword> in an interview with Business Insider.</li><li><keyword id="12014102" type="General" weightage="20" keywordseo="sansera-engineering-ipo" source="Orion">Sansera Engineering IPO</keyword> is opening from today and closes on September 16.</li><li>The company has already mopped up ₹382 crore from anchor investors ahead of the IPO while it is looking to raise ₹1,282 crore from an offer for sale of 1.72 crore shares. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>Just like Audi, BMW, Nissan and Porsche, are now making the switch from steel to aluminum for lightweight batteries in electric cars, r<a href="https://www.azom.com/article.aspx?ArticleID=20395">eportedly</a>, influenced by Tesla’s aluminum based design, an Indian auto parts maker opening its initial public offering today is hoping that Indian customers like Maruti, Bajaj Auto and Honda will also do the same. “One of our focused areas is aluminium forged components as you are aware the industry is going to get light weighted both in passenger vehicles and two-wheelers whether it is electric or not. Lightweighting is going to happen because of the emissions norms,” said B R Preetham, group chief executive officer at Sansera Engineering in an interview with Business Insider. Aluminium is lighter than steel, better for recycling and reduces emissions. Due to its upcoming IPO compliance requirements, Preetham did not reveal their overall investment towards this segment but mentioned, “we have invested a lot in the aluminium forgings and thereby expect increasing revenue from it further,” said Preetham. Sansera Engineering’s IPO opens today and closes on September 16 The company is looking to raise ₹1,282 crore from an offer for sale of 1.72 crore shares at a price band ₹734-744. Ahead of the IPO, the company had mopped up ₹382 crore from anchor investors. Government of Singapore, Abhu Dhabi Investment Authority, Axis MF, ICICI Prudential MF are some of the anchor investors who bought the IPO. The allotment of the shares will be revealed on September 21 and the shares will be listed on September 24. The verdict from analysts has been a mixed one. Ventura Securities argues that the IPO is overpriced and that the return on investment may be the worst in the sector. Whereas, those at BP Wealth rated the IPO as ‘subscribe’ citing “the strong product portfolio, advanced manufacturing capabilities and robust track record.” <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;">Existing shareholders selling via IPO </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;">Current stake </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;">Stake to be sold via IPO </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;">Client Ebene </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;">33.85% </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;">86.35 lakh shares </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;">CVCIGP II Employees EBENE </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.96% </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;">48.36 lakh shares </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;">S Sekhar Vasan </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;">22.90% </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;">20.58 lakh shares </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;">Unni Rajagopal K </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;">6.36% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.71 lakh shares </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;">D Devaraj </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.11% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.71 lakh shares </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;">FR Singhvi </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;">6.27% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.71 lakh shares </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> This is Sansera Engineering’s second attempt to go public. Earlier, it had filed for an IPO with the market regulator in August 2018. Reportedly, it had received a nod to float the public issue, but it did not go ahead with the <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/sansera-engineering-gets-sebis-go-ahead-to-launch-ipo/articleshow/85190914.cms">launch</a>. Sansera wants a share in the electric vehicles pie Meanwhile, the company is also expanding its component services to the electric vehicle segment. “Only 6% of our business is under that (electrification). But having said that we have already started our journey into electrification, we have secured orders from new age startups who are setting up huge facilities for electric two wheelers. We are going to supply about 8 components to them,” added the company management in an interview. On being asked if the new customer was Ola, Preetham refused to disclose the name of the customer but said that it was, indeed, a well-known startup. <div type="image" title="sansera chart" height="900" width="1200" msid="86188995" hostid="261"></div> As of July 31, 2021, Sansera Engineering has 16 manufacturing facilities, of which 15 are in India in the states of Karnataka, Haryana, Maharashtra, Uttarakhand and Gujarat, and one facility is in Trollhättan, Sweden Within the automotive sector, the company manufactures and supplies a range of precision forged and machined components and assemblies, such as connecting rod, rocker arm, crankshaft, gear shifter fork, stem comp, and aluminium forged parts. Within the non-automotive sector, it manufactures and supplies a range of precision components for the aerospace, off-road, agriculture and other segments, including engineering and capital goods. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/online-pharmacy-startup-pharmeasy-is-looking-to-hire-200-engineers-in-hyderabad-pune-and-delhi-before-the-ipo/articleshow/86168091.cms">Online pharmacy Startup PharmEasy is looking to hire 200 engineers in Hyderabad, Pune and Delhi before the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-zee-entertainment-infosys-and-other-top-stocks-to-watch-out-for-on-september-14/slidelist/86188036.cms">Zee Entertainment, Infosys, Ami Organics, and other top stocks to watch out for on September 14</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-zee-entertainment-infosys-and-other-top-stocks-to-watch-out-for-on-september-14/slidelist/86188036.cms"></a>

INTERVIEW:  An auto parts maker for Maruti, Bajaj and Honda is betting that Indian car makers will take a leaf out of Tesla’s playbook

<ul><li><keyword id="55847" type="PERSON" weightage="20" keywordseo="postman" source="Orion">Postman</keyword> has overtaken BrowserStack in valuation with this round.</li><li>The company has now raised more than $430 million across four rounds, and was valued at $350 million in 2019.</li><li>Postman will use the funding to hire across multiple verticals like sales, marketing, product and engineering.</li></ul>San Francisco and Bengaluru-based software-as-a-service (<keyword id="6395918" type="General" weightage="20" keywordseo="SAAS" source="Orion">SaaS</keyword>) platform Postman has raised $225 million in a Series D round, at valuation at $5.6 billion. The round was led by existing investor <keyword id="7496169" type="General" weightage="20" keywordseo="insight-partners" source="Orion">Insight Partners</keyword>. New investors like Coatue, Battery Ventures, BOND, DoorDash product leader Gokul Rajaram and Freshworks founder Girish Mathrubootham also participated in the round, along with existing investors CRV and <keyword id="175881" type="COMPANY" weightage="20" keywordseo="Nexus-Venture-Partners" source="Orion">Nexus Venture Partners</keyword>. Founded in 2014 by Abhinav Asthana, Abhijit Kane, and Ankit Sobti, Postman helps developers and companies simplify their application programming interface (API) workflow. It also enables the companies to streamline collaboration and create API faster. The company has over 17 million developers and 500,000 organisations on its platform. Postman will now use this Series D funding to hire across multiple verticals like sales, marketing, product and engineering. The company will also invest in its community of developers across the globe, support students through innovative APIs and contribute towards open source projects. The company has now raised more than $430 million across four rounds. Postman had raised $150 million in 2020 at a valuation of $2 billion valuation in its Series C investment round led by Insight Partners. It was valued at $350 million in 2019. In June 2020, BrowserStack was positioned as the highest valued venture capital (VC) funded SaaS company in India. The company had raised $200 million in a Series B round led by US-based investment firm BOND, at a valuation of $4 billion. Postman has overtaken BrowserStack in valuation with this round. Other Indian highest valued <keyword id="3499933" type="PERSON" weightage="20" keywordseo="SaaS-startups" source="Orion">SaaS startups</keyword> are Zoho, Freshworks, Icertis, Druva, Postman, Zenoti and ChargeBee in the ‘unicorn club’. A unicorn is a privately valued company with a valuation of over $1 billion. Zoho is not venture capital-backed and its valuation is not publicly known. <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;">SaaS unicorns </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;">Postman </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.6 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;">BrowserStack </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 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;">Freshworks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.5 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;">Icertis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.8 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;">Zenoti </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;">$1.5 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;">Chargebee </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;">$1.4 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;">MindTickle </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;">$1.2 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;">Highradius</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 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;">Druva </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 billion </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>SEE ALSO <a href="https://www.businessinsider.in/retail/news/a-third-of-internet-users-would-be-actively-shopping-online-by-the-end-of-this-decade-offline-retail-to-take-a-back-seat/articleshow/85390712.cms">A third of internet users would be actively shopping online by the end of this decade, offline retail to take a back seat</a> <a href="https://www.businessinsider.in/business/startups/news/with-pharmeasy-mobikwik-and-ixigo-all-set-to-hit-the-public-market-orios-plans-to-go-deeper-into-pre-ipo-bets/articleshow/85359703.cms">With PharmEasy, MobiKwik and ixigo all set to hit the public market, Orios plans to go deeper into pre-IPO bets</a> <a href="https://www.businessinsider.in/business/auto/news/tamil-nadu-government-is-upset-about-losing-money-on-luxury-cars/articleshow/85322536.cms">Tamil Nadu government is upset about losing money on luxury cars</a>

Postman is now the highest valued VC funded-SaaS startup in India, after a $225 million fundraise

<ul><li>The round was led by Elevation Capital, along with <keyword id="2457593" type="COMPANY" weightage="20" keywordseo="India-Quotient">India Quotient</keyword>, <keyword id="8830555" type="UNKNOWN" weightage="20" keywordseo="titan-capital">Titan Capital</keyword> and <keyword id="9908413" type="UNKNOWN" weightage="20" keywordseo="first-cheque">First Cheque</keyword>.</li><li><keyword id="10331594" type="UNKNOWN" weightage="20" keywordseo="Yellow-Class">Yellow Class</keyword> plans to expand its presence in 500 cities in India and international markets.</li><li>The company claims to have over a million students listed on the platform and it plans to onboard 9 million more by next year.</li></ul><keyword id="1464841" type="PERSON" weightage="20" keywordseo="Edtech">Edtech</keyword> startup Yellow Class has raised $6 million in a Series A round led by Elevation Capital, with participation from existing investors India Quotient, Titan Capital and First Cheque. Other participants of Yellow Class’ Series A round include Meesho’s cofounder Vidit Aatrey, Indifi’s founder Alok Mittal, Bounce cofounder Vivekananda Hallekere, <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s global chief strategy officer Maninder Gulati, OYO’s chief operating officer Abhinav Sinha, PropTiger’s chief executive Dhruv Agarwala and Xiaomi Indonesia’s country director Alvin Tse. Yellow Class will use the funds for improving the product experience for both parents and children, developing more content and building brand awareness. A part of the funding would also be used to hire for leadership roles across the product, technology and engineering verticals as it plans to expand to 500 cities in India and international markets. In November 2020, it had raised $1.5 million in a seed round led by India Quotient. The company was founded in 2020 by Anshul Gupta and Arpit Mittal to offer extracurricular and co-curricular classes to students between 3-12 years of age. The company currently offers courses across 40 categories like art, craft, dance, yoga, general knowledge, logical reasoning and more. These courses are taught by experienced mentors including influencers, professionals and celebrities. Each class is attended by 10,000 children simultaneously and the platform has over a million students registered on its platform. The company aims to onboard 10 million monthly active teachers in the next one year. Yellow Class’ founders Gupta and Mittal, in a joint statement, said, “Studies have shown that more than 100 million Indian kids below 13 years of age spend an average of 100 hours per month on YouTube and other similar platforms. Parents are actively looking for better, interactive alternatives that would be beneficial for their child’s cognitive growth.” The company claims to have grown 18-fold in the last six months and plans to build new categories of extra/co-curricular classes on its platform. It is also looking to incorporate classes in vernacular languages, driving social peer-to-peer engagement and ensuring deeper progress tracking. SEE ALSO <a href="https://www.businessinsider.in/retail/news/a-third-of-internet-users-would-be-actively-shopping-online-by-the-end-of-this-decade-offline-retail-to-take-a-back-seat/articleshow/85390712.cms">A third of internet users would be actively shopping online by the end of this decade, offline retail to take a back seat</a> <a href="https://www.businessinsider.in/business/startups/news/with-pharmeasy-mobikwik-and-ixigo-all-set-to-hit-the-public-market-orios-plans-to-go-deeper-into-pre-ipo-bets/articleshow/85359703.cms">With PharmEasy, MobiKwik and ixigo all set to hit the public market, Orios plans to go deeper into pre-IPO bets</a>

Edtech platform Yellow Class raises $6 million in a funding round led by Elevation Capital

<ul><li>The intensity of the quake was felt at IV MMI (Modified Mercalli Intensity) in Kepahiyang district of the province, II MMI in Liwa, the capital of West Lampung district of Lampung province, II MMI in Padang, the provincial capital of West Sumatra, Painan town and Mentawai islands district of the province.</li><li><keyword id="8692" type="LOCATION" weightage="20" keywordseo="Indonesia">Indonesia</keyword> has been frequently hit by earthquakes as it lies on a vulnerable quake-impacted zone called the Pacific Ring of Fire. </li></ul> Twin earthquake, with one of them measuring 6.8 on the Richter scale, rocked Indonesia's <keyword id="9783047" type="UNKNOWN" weightage="20" keywordseo="western-bengkulu-province">western Bengkulu province</keyword> on Wednesday, <a href="https://www.nst.com.my/world/world/2020/08/617611/twin-quakes-strike-indonesia-updated">AFP</a> reported. "The first earthquake was quick...but another one hit shortly after and it was just as strong," Bengkulu resident Jumentrio, who goes by one name, told AFP. The first earthquake struck at 5.29 a.m. with the epicentre at 78 km southwest of <keyword id="9783045" type="LOCATION" weightage="20" keywordseo="bangkulu-utara-district">Bangkulu Utara district</keyword> and a depth of 11 km under the sea bed, Xinhua reported. The intensity of the quake was felt at IV MMI (Modified Mercalli Intensity) in Kepahiyang district of the province, II MMI in Liwa, the capital of West Lampung district of Lampung province, II MMI in Padang, the provincial capital of West Sumatra, Painan town and Mentawai islands district of the province. Indonesia has been frequently hit by earthquakes as it lies on a vulnerable quake-impacted zone called the Pacific Ring of Fire. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a> <a href="https://www.businessinsider.in/science/news/a-car-size-asteroid-flew-within-1830-miles-of-earth-over-the-weekend-the-closest-pass-ever-and-we-didnt-see-it-coming/articleshow/77603002.cms">A car-size asteroid flew within 1,830 miles of Earth over the weekend — the closest pass ever — and we didn't see it coming</a> <a href="https://www.businessinsider.in/careers/latest-job-openings-at-google-microsoft-jp-morgan-goldman-sachs-ericsson-amazon-adobe-zomato-for-software-engineers/slidelist/77585263.cms">Google, Microsoft, JP Morgan, Goldman Sachs, Ericsson and other companies hiring software engineers in India right now</a>

Twin earthquakes rocks Bengkulu province in Indonesia

<ul><li>As of Friday morning, the total number of cases stood at 22,593,363 and the fatalities rose to 792,396, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update.</li><li>The US accounted for the world's highest number of cases and deaths at 5,573,501 and 173,114, respectively, according to the CSSE.</li></ul>The overall number of global coronavirus cases has topped 22.5 million, while the deaths have increased to over 792,000, according to the Johns Hopkins University. As of Friday morning, the total number of cases stood at 22,593,363 and the fatalities rose to 792,396, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update. The US accounted for the world's highest number of cases and deaths at 5,573,501 and 173,114, respectively, according to the CSSE. Brazil came in the second place with 3,501,975 infections and 112,304 deaths. In terms of cases, India ranks third (2,836,925), and is followed by Russia (939,833), South Africa (599,940), Peru (558,420), Mexico (543,806), Colombia (502,178), Chile (391,849), Spain (377,906), Iran (352,558), the UK (324,196), Argentina (320,884), Saudi Arabia (303,973), Pakistan (290,958), Bangladesh (287,959), France (256,534), Italy (256,118), Turkey (254,520), Germany (231,292), Iraq (192,797), Philippines (178,022), Indonesia (147,211), Canada (125,625), Qatar (116,224), Ecuador (105,508), Bolivia (105,050), Kazakhstan (103,815) and Ukraine (100,810), the CSSE figures showed. The other countries with over 10,000 deaths are the Mexico (59,106), India (53,866), UK (41,489), Italy (35,418), France (30,434), Spain (28,797), Peru (26,834), Iran (20,264), Russia (16,058), Colombia (15,979), South Africa (12,618) and Chile (10,671). SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a> <a href="https://www.businessinsider.in/science/news/a-car-size-asteroid-flew-within-1830-miles-of-earth-over-the-weekend-the-closest-pass-ever-and-we-didnt-see-it-coming/articleshow/77603002.cms">A car-size asteroid flew within 1,830 miles of Earth over the weekend — the closest pass ever — and we didn't see it coming</a> <a href="https://www.businessinsider.in/careers/latest-job-openings-at-google-microsoft-jp-morgan-goldman-sachs-ericsson-amazon-adobe-zomato-for-software-engineers/slidelist/77585263.cms">Google, Microsoft, JP Morgan, Goldman Sachs, Ericsson and other companies hiring software engineers in India right now</a>

Global Covid-19 cases top 22.5 million, Johns Hopkins

<ul><li><keyword id="6358070" type="DEFINITION" weightage="20" keywordseo="mumbai">Mumbai</keyword> and neighbouring Thane are likely to witness maximum rainfall intensity on Friday and Saturday, when the Ganesh festival commences, IMD Mumbai centre's deputy director general K S Hosalikar said. </li><li>The <keyword id="1277489" type="PERSON" weightage="20" keywordseo="Modak-Sagar-Dam">Modak Sagar dam</keyword>, one of the seven reservoirs which supply water to Mumbai, started overflowing on Tuesday night following incessant rains in its catchment area, a civic official said. </li></ul> Heavy to very heavy rainfall is likely to occur in <keyword id="6355860" type="UNKNOWN" weightage="20" keywordseo="Konkan">Konkan</keyword> and central <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> over the next four to five days, the India Meteorological Department has said. Mumbai and neighbouring Thane are likely to witness maximum rainfall intensity on Friday and Saturday, when the Ganesh festival commences, IMD Mumbai centre's deputy director general K S Hosalikar said. The 10-day Ganesh festival will begin on August 22. "With likely formation of low pressure ovr N Bay on 19Aug &amp; getting well marked in nxt 24hrs &amp; moving westwards;Mah,Goa,Guj likely to receive widespread RF nxt 4-5 days with hvy to very hvy RF ovr Konkan, M Mah more:Mumbai Thane too. 21-22 could be Max;Arrival days of Lord Ganesha," Hosalikar tweeted late Tuesday night. The Modak Sagar dam, one of the seven reservoirs which supply water to Mumbai, started overflowing on Tuesday night following incessant rains in its catchment area, a civic official said. With good rainfall this month, the seven dams- Bhatsa, Upper Vaitarna, Middle Vaitarna, Tansa, Modak Sagar, Vihar and Tulsi - have 83 per cent water stock, officials said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a> <a href="https://www.businessinsider.in/science/news/a-car-size-asteroid-flew-within-1830-miles-of-earth-over-the-weekend-the-closest-pass-ever-and-we-didnt-see-it-coming/articleshow/77603002.cms">A car-size asteroid flew within 1,830 miles of Earth over the weekend — the closest pass ever — and we didn't see it coming</a> <a href="https://www.businessinsider.in/careers/latest-job-openings-at-google-microsoft-jp-morgan-goldman-sachs-ericsson-amazon-adobe-zomato-for-software-engineers/slidelist/77585263.cms">Google, Microsoft, JP Morgan, Goldman Sachs, Ericsson and other companies hiring software engineers in India right now</a>

Mumbai,Konkan, Thane and central Maharashtra to receive heavy rainfall over the next five days, says IMD

<ul><li>BlueJeans, GoToMeeting, Webex and <keyword id="10296" type="PERSON" weightage="20" keywordseo="Zoom">Zoom</keyword> will be available on Portal Mini, Portal and Portal+ devices in September, with plans to add support for <keyword id="9789664" type="COMPANY" weightage="20" keywordseo="portal-tv">Portal TV</keyword> in the future.</li><li><keyword id="6354576" type="COMPANY" weightage="20" keywordseo="facebook">Facebook</keyword>'s collaboration tool Workplace is already available on Portal devices and the company now announced backgrounds for your video calls to eliminate distractions in the workspace. </li><li>One can choose to set a 4-12-digit screen lock passcode on Portal to control access to the device. </li></ul> Facebook on Wednesday announced a partnership with leading <keyword id="9789665" type="UNKNOWN" weightage="20" keywordseo="video-meet-apps">video meet apps</keyword> with BlueJeans, GoToMeeting, Cisco Webex and Zoom and brought those apps to its Portal devices that offers high-fidelity sound and an AI-powered smart camera for hands-free video calling. BlueJeans, GoToMeeting, Webex and Zoom will be available on Portal Mini, Portal and Portal+ devices in September, with plans to add support for Portal TV in the future. "Whether you're meeting one-on-one with a colleague or joining up to 1,000 participants, Portal helps you get more out of your meetings," Facebook said in a statement. Facebook's collaboration tool Workplace is already available on Portal devices and the company now announced backgrounds for your video calls to eliminate distractions in the workspace. "We're also adding a way for you to use Portal as a dedicated work device for calling co-workers and participating in meetings. Instead of logging into Portal with Facebook or <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword>, you will have the option of creating a free Workplace login in the coming weeks," the company said. One can choose to set a 4-12-digit screen lock passcode on Portal to control access to the device. "To help keep your meetings secure, Workplace on Portal requires a local PIN code before accessing your meetings and calendar information, which the GoToMeeting and Zoom apps on Portal will also support," Facebook said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a> <a href="https://www.businessinsider.in/science/news/a-car-size-asteroid-flew-within-1830-miles-of-earth-over-the-weekend-the-closest-pass-ever-and-we-didnt-see-it-coming/articleshow/77603002.cms">A car-size asteroid flew within 1,830 miles of Earth over the weekend — the closest pass ever — and we didn't see it coming</a> <a href="https://www.businessinsider.in/careers/latest-job-openings-at-google-microsoft-jp-morgan-goldman-sachs-ericsson-amazon-adobe-zomato-for-software-engineers/slidelist/77585263.cms">Google, Microsoft, JP Morgan, Goldman Sachs, Ericsson and other companies hiring software engineers in India right now</a>

Facebook Portal device gets Zoom, BlueJeans and Webex apps

<ul><li>The staffers, who went back to their hometown due to the lockdown, must return and remain on standby till further orders or else it will be considered leave without pay, he said.</li><li>The minister said that following the Gauhati High Court's direction to the state government on fees, private schools have been asked to give students exemption of 25 per cent.</li><li>Sarma directed all colleges to increase 25 per cent seats, and reserve it for students who passed the higher secondary examinations this year. </li></ul> Teachers and employees of all educational institutions in <keyword id="6354915" type="LOCATION" weightage="20" keywordseo="assam">Assam</keyword> will be tested for COVID-19 and those found negative will have to be ready to join work as the state is looking to reopen schools and colleges on September 1, Education Minister Himanta Biswa Sarma said on Tuesday. The manadtory COVID testing will begin from August 21, he said. "The staff of educational institutions must remain in their place of duty by September 1. We will wait for the Union Home Ministry's order for reopening of schools and we will issue the Standard Operating Procedure (SOP) within 24 hours," Sarma said. The staffers, who went back to their hometown due to the lockdown, must return and remain on standby till further orders or else it will be considered leave without pay, he said. The minister said that following the Gauhati High Court's direction to the state government on fees, private schools have been asked to give students exemption of 25 per cent. Sarma directed all colleges to increase 25 per cent seats, and reserve it for students who passed the higher secondary examinations this year. "The CBSE has given projected results this year as examinations of all papers were not held but in the state council, actual marks were given as all exams were held and this has resulted in a disparity," he pointed out. Therefore, all colleges have been asked to increase seats only for this year and reserve it for students of the state board, he added. On Teachers' Day, 150 teachers will be felicitated at the state level, and 50 teachers each at the district level, the minister said. He said that the state government will distribute by October 15 scooters among 22,000 girl students who passed the higher secondary examinations in the first division under the 'Pragyan Bharati' scheme, which was announced in this year's budget. The minister said that the government will announce several schemes till September 15 and after that will implement those. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a> <a href="https://www.businessinsider.in/science/news/a-car-size-asteroid-flew-within-1830-miles-of-earth-over-the-weekend-the-closest-pass-ever-and-we-didnt-see-it-coming/articleshow/77603002.cms">A car-size asteroid flew within 1,830 miles of Earth over the weekend — the closest pass ever — and we didn't see it coming</a> <a href="https://www.businessinsider.in/careers/latest-job-openings-at-google-microsoft-jp-morgan-goldman-sachs-ericsson-amazon-adobe-zomato-for-software-engineers/slidelist/77585263.cms">Google, Microsoft, JP Morgan, Goldman Sachs, Ericsson and other companies hiring software engineers in India right now</a>

Assam is looking to test teachers for COVID-19 as they return back to work on September 1

<ul><li>The <keyword id="6366797" type="UNKNOWN" weightage="20" keywordseo="Delhi-Metro">Delhi Metro</keyword> Rail Corporation (<keyword id="45312" type="ORGANIZATION" weightage="20" keywordseo="DMRC">DMRC</keyword>) has suffered loss of nearly Rs 1,300 crore since the closure of services on March 22 due to the COVID-19 situation, sources said.</li><li>According to an internal order issued to employees by the DMRC, the step has been taken "in view of the extreme adverse financial condition due to non-operation of metro services". </li><li>Also, all sanctions of fresh advances, house building advance, multipurpose advance, laptop advance, festival advance and others are to be "kept on hold till further orders," it said. </li></ul> Facing "adverse financial condition" due to non-operation of metro services amid the coronavirus pandemic, the Delhi Metro authorities have decided to reduce perks and allowances of its employees by 50 per cent, according to an internal order issued by it on Tuesday. The Delhi Metro Rail Corporation (DMRC) has suffered loss of nearly Rs 1,300 crore since the closure of services on March 22 due to the COVID-19 situation, sources said. According to an internal order issued to employees by the DMRC, the step has been taken "in view of the extreme adverse financial condition due to non-operation of metro services". "It has been decided, that the perks and allowances shall be reduced by 50 per cent w.e.f. (with effect from) the month of August 2020, till futher orders," the order says. "Accordingly, starting with the salary for the month of August 2020, perks and allowances shall now be payable at 15.75 per cent of the basic pay." Also, all sanctions of fresh advances, house building advance, multipurpose advance, laptop advance, festival advance and others are to be "kept on hold till further orders," it said. "However, advances already sanctioned, shall, continue to be disbursed, as and when a demand is received," it said. "Advances sought for medical treatment, TA (travel allowance) and DA (dearness allowance) and Composite Transfer Grant (CTG), will continue to be granted to facilitate the employees," the order said. The order had been issued with the approval of competent authority, it added. The DMRC has about 14,500 employees, sources said, adding that revenue from non-ticketing sources were also drying up due to closure of services. The Centre had recently asked the DMRC to approach the Delhi government for financial assistance for repayment of the soft loan it had taken from the Japan International Cooperation Agency (JICA) for various projects. The DMRC had received a total loan of Rs 35,198 crore from the JICA. "We have received such a communication from the ministry recently. The same is being examined and processed," DMRC Executive Director Anuj Dayal had said on August 6. He had responded to a query over reports that the Union Ministry of Housing and Urban Affairs had directed all metros to write to their respective state governments for assistance regarding repayment of loans taken from external lending agencies The loan was given to Delhi Metro at a concessional rate of interest varying from 1.2-2.3 per cent and was repayable in 30 years with a moratorium of 10 years. Till now, DMRC has repaid Rs 3,337 crore to JICA and the balance liability was of Rs 31,861 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a> <a href="https://www.businessinsider.in/science/news/a-car-size-asteroid-flew-within-1830-miles-of-earth-over-the-weekend-the-closest-pass-ever-and-we-didnt-see-it-coming/articleshow/77603002.cms">A car-size asteroid flew within 1,830 miles of Earth over the weekend — the closest pass ever — and we didn't see it comi</a> <a href="https://www.businessinsider.in/careers/latest-job-openings-at-google-microsoft-jp-morgan-goldman-sachs-ericsson-amazon-adobe-zomato-for-software-engineers/slidelist/77585263.cms">Google, Microsoft, JP Morgan, Goldman Sachs, Ericsson and other companies hiring software engineers in India right now</a>

Delhi Metro slashes employees allowances by 50% and keeps all sanctions of fresh advances on hold

<ul><li> As part of the merger, <keyword id="3660661" type="General" weightage="80" keywordseo="clix-capital" source="Orion">Clix Capital</keyword> Services will also need to take on Suryoday <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">Small Finance Bank</keyword>’s gross bad loans worth ₹381 crore. That's nearly a quarter of Clix Capital’s own net worth.</li><li>Both the entities are into completely different lines of business. <keyword id="9295768" type="General" weightage="20" keywordseo="Suryoday-SFB" source="Orion">Suryoday SFB</keyword> is essentially a micro-lender, while Clix Capital is a non-banking financial company that is into MSME and consumer lending.</li><li>Besides Clix Capital getting an indirect banking licence, the deal would help Suryoday SFB diversify its loan book and strengthen its digital presence.</li></ul>AION Capital-backed Clix Capital Services Pvt. Ltd., a non-bank lender, has been out in the market to acquire a banking licence since last year. After a failed attempt to acquire distressed Lakshmi Vilas Bank in November last year, it has now set its eyes on another bank ⁠— Suryoday <keyword id="3896843" type="General" weightage="20" keywordseo="small-finance-bank-ltd" source="Orion">Small Finance Bank Ltd</keyword>. The proposed merger, according to a source directly aware of the development who spoke on condition of anonymity, is in advanced stages, with Centrum Capital acting as an advisor to the deal. The development was first <a href="https://www.business-standard.com/article/companies/clix-capital-suryoday-sfb-in-merger-talks-deal-in-advanced-stage-121091300045_1.html">reported</a> by Business Standard on Sep. 13 that said, citing unnamed sources, that both parties were engaged in due diligence for the transaction. Even as the deal would help micro-lender turned banker Suryoday to expand its loan book, the deal comes at a heavy price for Clix Capital. This, as the Gurugam-based non-bank lender will also have to absorb Suryoday’s gross bad loans worth ₹381 crore. That's nearly a quarter of Clix Capital’s own net worth. The cost of the merger, and its own deteriorating asset quality due to the pandemic, will be over and above that. But experts are divided on the benefits of the merger. “There are no visible synergies between Suryoday SFB and Clix Capital, as both have completely different business models,” said <keyword id="12088598" type="General" weightage="20" keywordseo="anand-dama" source="Orion">Anand Dama</keyword>, research analyst at brokerage firm Emkay Global Securities. “The only plausible explanation for the deal is that it would help Clix Capital indirectly acquire a banking license, while Suryoday will be able to diversify its lending portfolio. But a regulatory approval for the deal could be an arduous task,” he said. There are others who believe Clix Capital will benefit from both cheaper capital, thanks to the banking licence, and new set of borrowers. After the deal was reported, Suryoday SFB’s stock jumped almost 20% to close at Rs 179.40 apiece on the BSE on Monday. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7252296"></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="What’s On The Table?" comment="subhead" text="What’s On The Table?">What’s On The Table?</cmsannotation> Suryoday SFB is essentially a micro-lender with close to 68% of its loan book worth ₹4,004 crore dedicated to providing micro-loans to women in urban and semi-urban areas, under the joint liability group model. Clix Capital, on the other hand, is mainly into small business and consumer lending that form 82% of its loan book worth ₹4,249 crore. The proposed merger, said Siji Philip, senior research analyst at Axis Securities, may mean a riskier loan book with possible pressure on asset quality metrics, which would need to be resolved over time. “If a deal fructifies, it would also mean that the combined loan book of Suryoday and Clix Capital could face asset quality headwinds and more clarity is awaited on this front. Besides, the merger will create a loan book comprising microfinance from Suryoday, and MSME (micro, small and medium enterprises) and consumer finance from Clix, which have been some of the heavily impacted segments during the pandemic,” she said. As of June 30, Suryoday reported gross non-performing assets at 9.5% of its total advances, while it wrote-off loans worth nearly Rs 79 crore. Its GNPA in the quarter ended March, too, was largely the same at 9.4%. “Delinquency in the portfolio increased due to the impact of the second Covid wave. Collections were difficult in the majority of the places across the country in April and May which led to increased PAR (portfolio-at-risk),” said <keyword id="11017591" type="General" weightage="20" keywordseo="baskar-babu-ramachandran" source="Orion">Baskar Babu Ramachandran</keyword>, managing director and chief executive at the bank during its earnings con-call on Aug. 12. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/7252787"></div>]]></cdata></div> Compare that to Clix Capital, which had gross NPA at 3.37% as on March 31, or about Rs 143 crore, as per a June 29 <a href="https://www.careratings.com/upload/CompanyFiles/PR/12072021061939_Clix_Capital_Services_Private_Limited.pdf">note</a> by Care Ratings. The asset quality numbers as on June 30, 2021 were not available in public domain for Clix Capital. <cmsannotation type="cmsannotation" annotationid="The Road Ahead" comment="subhead" text="The Road Ahead">The Road Ahead</cmsannotation> As the contours of the deal get worked out, combining Suryoday and Clix Capital may even help the two entities build a more resilient loan book, said Hemindra Hazari, an independent banking analyst. “Suryoday SFB would need to expand its loan offerings beyond microfinance to build a more resilient loan book, and a deal with Clix Capital would help it do just that,” he said. Besides helping with loan book diversification, the merger would also help Suryoday improve its digital capabilities and lower its operating costs, said Philip. Whereas Clix, said Hazari, will be able to take advantage of lower cost of funds available to a bank. “At a time when non-bank lenders are struggling with liquidity constraints, a merger would go a long way in bringing down the cost of funds,” he said. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/7252363"></div>]]></cdata></div> So far, Suryoday, focused on Maharashtra and Tamil Nadu, has expanded its book into commercial vehicles, affordable housing and small business loans. But since a bulk of its business is unsecured micro-loans, its asset quality has remained weak. Clix, however, managed to shrink its stressed corporate loan book to 18% as of fiscal 2021, compared to 27% in fiscal 2020. But despite being more efficient with its lending, the cost of capital has increased to 4.53% of total assets, as against 1.23% in the previous fiscal. The credit costs, Care Ratings said in its July note, inched up mainly due to higher provisioning costs amid the pandemic that affected the businesses of its underlying MSME and retail borrowers. The deal, said Hazari, is borne more out of need than synergy between the two lenders. “Though the Reserve Bank of India has been conservative in granting banking licences to NBFCs, acquiring or merging with a bank has become a convenient backdoor entry for some. For Clix, this is a similar opportunity, even if it means absorbing the bad loans of another bank,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/online-pharmacy-startup-pharmeasy-is-looking-to-hire-200-engineers-in-hyderabad-pune-and-delhi-before-the-ipo/articleshow/86168091.cms">Online pharmacy Startup PharmEasy is looking to hire 200 engineers in Hyderabad, Pune and Delhi before the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-to-take-screenshots-on-windows-10-8-and-7/articleshow/86168223.cms">How to take screenshots on Windows 10, 8 and 7</a>

Clix Capital's urge to be a bank must be too intense for it to merge with Suryoday

<ul><li>The Noida Authority on Tuesday extended the deadline for over a dozen builders to complete the pending projects here by December 31, 2021 under its 'zero period' policy, an official statement said.</li><li>These builders had earlier assured delivery of homes by the end of June 2021.</li><li>The decision was approved during the 199th Board Meeting of the Noida Authority in the wake of COVID-19 situation.</li></ul>The Noida Authority on Tuesday extended the deadline for over a dozen builders to complete the pending projects here by December 31, 2021 under its 'zero period' policy, an official statement said. These builders had earlier assured delivery of homes by the end of June 2021. The decision was approved during the 199th Board Meeting of the Noida Authority in the wake of COVID-19 situation. According to the "zero period" policy announced last December by the <keyword id="6357713" type="LOCATION" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> government, builders will be exempted from paying penal interest on outstanding land dues for the number of years their projects were stuck. However, the policy was applicable to those builders who were expected to provide homes by June 2021. The state government had expected one lakh new housing units to be constructed by that time. "... the developers who have given written assurance to complete their pending projects by December 31, 2021 have been given an extension till December 31, 2021 from June 30, 2021 as part of the zero period policy. Sixteen (land) allottees have been issued letters for giving written assurance regarding completing the incomplete projects by December 31, 2021," an official press note stated. The board also approved the annual budget of the authority, which has set a target of Rs 5,037 crore in revenue and Rs 4,640 crore budgt for expenditure for the current fiscal 2020-21. The expenditures include expenses on land acquisition, development works, repair and maintenance of health and urban infrastructure, village development, miscellaneous expenses, among others, the statement said. In the budget, the funds have been enhanced from Rs 600 crore to Rs 1,000 crore for land acquisition, and from Rs 106 crore to Rs 125 crore for village development, it added. The board meeting was chaired by Alok Tandon, Commissioner of Infrastructure and Industrial Development. Noida Authority CEO Ritu Maheshwari, <keyword id="6356788" type="LOCATION" weightage="20" keywordseo="greater-noida">Greater Noida</keyword> Authority CEO <keyword id="9749251" type="PERSON" weightage="20" keywordseo="narendra-bhooshon">Narendra Bhooshon</keyword> and Yamuna Expressway Authority CEO Arun Vir Singh also attended the meeting. Altogether 37 agendas were put forth during the meeting besides 15 proposals for board's approval, it said. During the meeting, the board was told that the Noida Authority had given Rs 4,591.21 crore in loan to <keyword id="2528347" type="COMPANY" weightage="20" keywordseo="The-Greater-Noida-Authority">the Greater Noida Authority</keyword> and Rs 1,795.91 crore to the Yamuna Expressway Authority over a period of time. "Both the authorities have made no re-payment on those loans to the Noida Authority during the 2019-20 fiscal and the 2020-21 fiscal so far," according to the statement. The board was told that the Noida Authority has suggested taking some mixed-use land in the areas under the Greater Noida and the Yamuna Expressway Authority in lieu of the pending loan. "The board has directed for state government-level deliberations to find a way so that the two authorities could settle the dues in terms of land banks or repay the money in installments," the statement said. The board approved allocation of shops and restaurant space at the multilevel car parking in Botanical Garden, Sector 38A, on the basis of licence. The decision has been taken after the allocation could not be made via e-auction, according to the statement. There are 36 shops and two cafeterias at the site and rentals for these spaces would be hiked at a rate of 10 per cent annually and reviewed every two years, it stated. The board also gave its nod to the decision of not imposing penalty on land allottees who could not get their documents executed or take over possession during the lockdown period. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a> <a href="https://www.businessinsider.in/science/news/a-car-size-asteroid-flew-within-1830-miles-of-earth-over-the-weekend-the-closest-pass-ever-and-we-didnt-see-it-coming/articleshow/77603002.cms">A car-size asteroid flew within 1,830 miles of Earth over the weekend — the closest pass ever — and we didn't see it coming</a> <a href="https://www.businessinsider.in/careers/latest-job-openings-at-google-microsoft-jp-morgan-goldman-sachs-ericsson-amazon-adobe-zomato-for-software-engineers/slidelist/77585263.cms">Google, Microsoft, JP Morgan, Goldman Sachs, Ericsson and other companies hiring software engineers in India right now</a>

Builders in Noida to get an extension to complete pending projects by the end of the year

<ul><li><keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> orders <keyword id="6354572" type="ORGANIZATION" weightage="20" keywordseo="CBI">CBI</keyword> to investigate <keyword id="9406922" type="UNKNOWN" weightage="20" keywordseo="sushant-singh-rajput-death-case">Sushant Singh Rajput death case</keyword>. </li><li>SC says jurisdiction of Mumbai Police conducting probe under Section 174 CrPC (enquire on suicide) is limited</li><li>SC says Bihar government is competent enough to transfer case to CBI for investigation. </li><li>SC further added FIR registered by Bihar Police is correct, reference to CBI is lawful.</li><li>If any other case is registered regarding <keyword id="6356062" type="UNKNOWN" weightage="20" keywordseo="Sushant-Singh-Rajput">Sushant Singh Rajput</keyword>'s death, the same shall be probed by CBI only, Supreme Court.</li></ul>The Supreme Court pronounced the verdict on a petition filed by actress Rhea Chakraborty seeking transfer of the case filed in connection with Sushant Singh Rajput's death from Patna to Mumbai. Now, CBI will investigate Sushant Singh Rajput death case. SC says Bihar government is competent enough to transfer case to CBI for investigation. Moreover, according to the apex court, FIR registered by Bihar Police is correct, reference to CBI is lawful. Previously, the Bihar government in its submission to the apex court said, "It is apparent that it is on account of political pressure in the State of Maharashtra that neither the FIR has been registered by the Mumbai Police nor did they extend any cooperation to Bihar Police in discharging their obligation to conduct investigation expeditiously." The Centre has sought the apex court's nod for investigation into the case by the CBI and ED. The Centre told the apex court that the CBI has already registered an FIR while acceding to the request made by the Bihar government. Rhea in her written submissions had told the Supreme Court that the Patna FIR could at best be regarded as a zero FIR and should be transferred to Mumbai police and insisted that Rajput's father has made baseless allegations against her. "A plain reading of the subject FIR is clearly indicative of the fact that no such consequence of such alleged act has ensued within the State of Bihar. The maximum that may be done in such instance, is for the FIR to be registered as a 'Zero FIR' and the same may be forwarded to the Police Station having jurisdiction over the matter", said Rhea in the written submissions. Sushant Singh Rajput's father K.K. Singh has informed the Supreme Court that Rhea has already begun to influence witnesses connected with the case and took a U-turn on a CBI probe. Singh in the affidavit said the mail relied upon by Rhea raises a question if the email was sent by Siddharth Pithani to Mumbai Police, and asked why was the same shared by the potential witness with Rhea, who is a prime suspect in the case. "Nevertheless, the email is sent after the registration of the FIR and one day before the filing of the present transfer petition and thus the said email seems to be procured by the petitioner (Rhea) from the potential witness, who seems to be already under her influence", said the affidavit filed through advocate Nitin Saluja. Singh's counsel had argued that Rhea too wanted a CBI probe into the matter, and questioned why she was against it now. "Moreover, as stated in the Petition that the Petitioner (Rhea) through her social media platform had requested the Union Home Minister for a CBI inquiry and now since the Respondent No.1 (Bihar government) has entrusted the aforesaid FIR to the CBI and Union of India has accepted the said request of the Respondent No.1, the Petitioner should not have any grievance in this regard". Rhea contended that the investigations in Bihar are totally illegal and such illegal proceedings cannot be transferred to CBI in the present manner by way of illegal executive orders. "The Petitioner has no objection if the transfer of investigation to CBI is done in exercise of powers conferred upon this court under Article 142 of the Constitution of India. Otherwise, the present transfer from Bihar Police to CBI as is done is totally without jurisdiction and contrary to law," said the written submission. The Solicitor General, representing the Centre, had argued it is a fit case for a CBI inquiry. Mehta questioned how Mumbai Police summoned 56 persons and recorded their statements, as they cannot do it under inquest proceedings. He submitted before the court that Mumbai Police never registered an FIR to investigate. He insisted that the ED has already initiated investigation, and after one central agency has registered a case, another central agency (CBI) should be engaged. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a> <a href="https://www.businessinsider.in/science/news/a-car-size-asteroid-flew-within-1830-miles-of-earth-over-the-weekend-the-closest-pass-ever-and-we-didnt-see-it-coming/articleshow/77603002.cms">A car-size asteroid flew within 1,830 miles of Earth over the weekend — the closest pass ever — and we didn't see it coming</a> <a href="https://www.businessinsider.in/careers/latest-job-openings-at-google-microsoft-jp-morgan-goldman-sachs-ericsson-amazon-adobe-zomato-for-software-engineers/slidelist/77585263.cms">Google, Microsoft, JP Morgan, Goldman Sachs, Ericsson and other companies hiring software engineers in India right now</a>

You Searched For "hiring engineers in pharmeasy" and got 13 results

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