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<ul><li>The online ticketing portal is planning to double its team strength by the end of the next financial year.</li><li>The hiring will be done across various domains like technology, marketing, support sectors to name a few.</li><li>In an interaction with Business Insider, Pitti mentioned that <keyword id="5030468" type="General" weightage="20" keywordseo="easemytrip" source="Orion">EaseMyTrip</keyword> will be acquiring a few more companies in the near future, but didn’t reveal any details about it.</li></ul>EaseMyTrip, a Delhi-based online ticketing portal, is looking forward to doubling its team size by the end of the next financial year (FY 2022-23). The company, which has a current employee strength of 488, is looking to hire another 370 people in the coming months, Prashant Pitti, co-founder of EaseMyTrip, told Business Insider. Pitti said, “As there is a huge requirement to grow organically and inorganically, that is why we are looking forward to doubling our headcount by next year or so.” The hiring will be done across various domains like technology, marketing, support sectors to name a few. In a conversation with Business Insider, Pitti also expressed his interest in hiring interns as well across product and analyst segments. He said, “We are more than happy to hire interns on the product side, analyst side. If we can connect to some universities, we’re happy to take interns.” When asked about how many internships the travel company is planning to roll out, Pitti said, “ There is no specific number in our mind, but we’re really looking forward to welcoming interns or freshers in our team.” Talking about the growth plans of the company, Pitti also mentioned that EaseMyTrip will be acquiring a few more companies in the near future, but didn’t reveal the name of the companies. “There are many more acquisitions which are in the pipeline.. But we can’t reveal the names and other details,” Pitti told Business Insider. EaseMyTrip, in 2021, had acquired three companies — YoloBus, a premium intercity mobility platform, Spree Hospitality, a hospitality management company and Traviat, a business to business travel platform — for an undisclosed amount. “ We also plan on leveraging our vast agent network and utilising it for the holiday bookings which shall complement the company’s hotel and holiday businesses. We also aim to rapidly grow across our international markets where we have recently expanded our international presence to six countries where we added the Philippines, Thailand, and the USA as well,” he added. The publicly-listed travel company even doubled its net profit to ₹61.4 crore in the <a href="https://www.businessinsider.in/business/news/easemytrip-doubled-investors-money-during-one-of-the-worst-periods-for-the-travel-industry/articleshow/89172116.cms">financial year</a> 2021, when the entire travel segment was brought down to its knees due to COVID-19 and sits on a market cap of ₹5,600 crore, as of January 27. It had crossed ₹7,500 crore ($1 billion) market cap milestone in September last year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/manyavars-vedant-fashions-ipo-is-heavily-expensive-for-investors-as-per-analysts/articleshow/89299258.cms">Here’s why analysts are saying Manyavar’s IPO is heavily expensive leaving very little room for investor profit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hdfcs-standalone-net-profit-up-11-backed-by-strong-demand-for-home-loans/articleshow/89298483.cms">Major housing finance firm says demand for home loan continue to be strong across segments</a>

EaseMyTrip says it will double its workforce by March 2023

Online travel tech platform <keyword id="5030468" type="General" weightage="20" keywordseo="EaseMyTrip" source="Orion">EaseMyTrip</keyword> on Tuesday said it has acquired a 55 per cent majority <keyword id="6375562" type="General" weightage="20" keywordseo="stake" source="Orion">stake</keyword> in <keyword id="16232316" type="General" weightage="20" keywordseo="cheqin" source="Orion">cheQin</keyword> for Rs 3 crore. cheQin is a real-time marketplace, which allows travellers to bargain with hoteliers without any effort. The deal will help in strengthening EaseMyTrip's hotel channel in terms of technology, adaptability, personalisation, and the acceptance of bulk booking and long stay requests, the company said in a statement. "EaseMyTrip is focusing on the growth of its non-air segments. This acquisition is a step towards revolutionising the hotel business altogether. Through cheQin, which is a unique app in the hotels industry, we will diversify our hotel booking experience through technology support," EaseMyTrip CEO and <keyword id="170488" type="General" weightage="20" keywordseo="co-founder" source="Orion">Co-Founder</keyword> <keyword id="6106039" type="General" weightage="80" keywordseo="nishant-pitti" source="Orion">Nishant Pitti</keyword> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-hikes-the-price-of-its-base-plan-by-57-reduces-validity-to-24-days/articleshow/97299532.cms">Airtel price hike announced – customers will have to pay 57% more for the telco’s cheapest plan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/healthtech-unicorn-innovaccer-lays-off-245-workers-2nd-job-cut-in-5-months/articleshow/97297979.cms">Healthtech unicorn Innovaccer lays off 245 workers, 2nd job cut in 5 months</a>

EaseMyTrip acquires 55% stake in cheQin for ₹3 crore

<ul><li>Indian online <keyword id="162677" type="General" weightage="20" keywordseo="travel-company" source="Orion">travel company</keyword>, Easy Trip Planners, has minted a profit of over ₹100 crore in FY21 for the first time with an outstanding growth rate of 72%.</li><li>Shareholders of the company have made almost three-fold returns on their investments in the company’s stock in the last one year.</li><li>The firm believes the next few years are set to be the golden period for Indian online travel agencies with huge government support. </li></ul>Lockdown-hit Indians are back to travelling with a vengeance and even the rising costs of essentials and the burden, isn’t holding them back. Proving this theory are the profits minted by Ease My Trip in the FY22 - which grew an outstanding 72% — to hit ₹100 crore for the very first time. Before the pandemic, it was averaging between ₹30-33 crore in net profits but looks like the pandemic has changed its fortunes for the better as demand for both domestic and international travel grew. <div type="image" title="ease trip planners" height="900" width="1200" msid="91807577" hostid="261"></div> The start of a ‘golden era’ The company, which offers travel-related services for end-to-end travel solutions, believes that the online travel agencies (OTAs) are about to enter a ‘golden period’. “We believe that the next few years are set to be the golden period for Indian OTAs as the travel and aviation industry, with significant support from the government, will witness a strong growth trajectory. As a result, EaseMyTrip is set to continue its dream run of delivering consistent profits while supporting the revival of the travel ecosystem,” said the company. A report by Nomura says that after a slow start, tourism is finally reaching a turning point with arrivals in ASEAN meaningfully picking up in April with some traffic from India as well. The unicorn stock price skyrocketed 183% in the last one year Shareholders of the company are also enjoying the party as they have been rewarded with almost three times returns on their investments as the stock has skyrocketed 183% in the last one year. The company also outperformed its peers in the space. In September 2021, EaseMyTrip joined the elite club of India’s first 100 unicorns as the company’s market capitalization crossed $1 billion. <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;">Companies </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;">Stock returns in 1 year </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;">Easy Trip Planners </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;">183% </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;">Thomas Cook India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10% </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;">India Tourism Development Corporation </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-19% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Vacation now and pay later The company is also looking to tap the market from millennials with a new fintech arm that will provide a ‘Buy now pay later' (BNPL) option. Just like credit cards, BNPL schemes allow you to buy products beforehand and pay in installments. Paytm Postpaid, Ola Money Postpaid, Amazon Pay Later, Flipkart PayLater and several others offer these services. It also intends to expand its hotels and holidays segments in the years to come. EaseMyTrip provides its users with access to more than 400 international and domestic airlines, over a million hotels as well as train/bus tickets and taxi rentals for major cities in India. It has offices across various Indian cities, including Noida, Bengaluru, and Mumbai. Its international offices (as subsidiary companies) are in the Philippines, Singapore, Thailand, the UAE, the UK, and the USA. It also opened a corporate office in Dubai, and has plans to set up two more in the UK and the US. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/vehicle-insurance-premiums-may-increase-from-april-2022/articleshow/90043466.cms">Vehicle insurance premiums to increase from June 1 – here’s how much the new premiums will cost you</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/articleshow/91804572.cms">It would be a long firing season for startups — experts say 60,000 could lose their jobs</a>

This travel agency stock has given 183% returns in a year - after pandemic changed its fortunes

<ul><li>The company’s stock was trading at around ₹714 in early trading hours on Friday.</li><li>The development comes a day after <keyword id="5030468" type="General" weightage="20" keywordseo="easemytrip" source="Orion">EaseMyTrip</keyword> expanded its international footprint to the US, Philippines and Thailand.</li><li>The company had doubled its net profit to ₹61.4 crore in the financial year 2021.</li></ul>Publicly-listed travel ticketing app EaseMyTrip has hit $1 billion in market capitalisation earlier on Friday, September 17. The company’s stock was trading at ₹714.15 at 9:38 a.m., on Friday. That’s when the company’s market cap crossed the ₹7,300 crore threshold. Shares of the travel tech startup, which goes by the name Easy Trip Planners, were trading at ₹663.55 at 11:10 a.m., on Friday as its market cap dropped to ₹7,215 crore ($981 million). The development comes a day after EaseMyTrip expanded its international footprint in the United States, The Philippines and Thailand. The company has forayed into new countries anticipating a huge pent-up global travel demand in the coming months, the company said in its regulatory filings. Aloke Bajpai, founder and chief executive of another travel tech startup ixigo, congratulated EaseMyTrip on achieving this benchmark. Like EaseMyTrip, rival ixigo is also planning to hit the public markets this year and has filed the preliminary papers for its<a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms"> ₹1,600 crore</a> initial public offering (IPO). <div type="twitter" handle="alokebajpai" handlename="Aloke Bajpai" image="http://pbs.twimg.com/profile_images/1285439472339791873/wki9K2bg_normal.jpg" favoritecount="78" retweetcount="16" status="Congratulations to @EaseMyTrip @nishantpitti @rikantpitti @ppitti for hitting $1 Bn market cap in the public market… https://t.co/Ow4gE1YSKW" createdat="1631853920000" id="1438725735686959106"></div> Earlier this month, Anand Rathi had issued a buy call on Easy Trip Planners with a target price of ₹550. At the time, the company’s stock was trading at ₹462.35. <div type="image" title="EaseMyTrip touches market cap of a billion dollars" msid="86285944" hostid="261"></div> Founded in 2008 by Nishant Pitti, Prashant Pitti and Rikant Pitti, EaseMyTrip offers deals on flight booking, hotels and holiday packages. The company has been one of the few bootstrapped startups to hit the public market and has been profitable as well. The company even doubled its net profit to ₹61.4 crore in the financial year 2021, when the entire travel segment was brought down to its knees due to COVID-19. Its revenue, however, declined to ₹150 crore from ₹181 crore reported in FY20. SEE ALSO <a href="https://www.businessinsider.in/careers/news/the-only-way-to-beat-the-bots-from-taking-your-job-is-to-be-more-human/articleshow/86282273.cms">Future of Work 2021: The only way to beat the bots from taking your job is to be more human</a> <a href="https://www.businessinsider.in/stock-market/news/biocon-hero-motocorp-tvs-motor-banks-and-other-top-stocks-to-watch-out-for-on-september-17/articleshow/86281250.cms">Biocon, Hero MotoCorp, TVS Motor, banks and other top stocks to watch out for on September 17</a> <a href="https://www.businessinsider.in/business/news/biocon-biologics-to-offer-15-stake-to-serum-institute-life-sciences-at-valuation-of-4-9-billion/articleshow/86281318.cms">Biocon Biologics to offer 15% stake to Serum Institute Life Sciences at valuation of $4.9 billion</a>

EaseMyTrip touches market cap of a billion dollars

<ul><li>According to a survey released by consulting firm Deloitte, 54% of people surveyed feel safe to <keyword id="6354692" type="UNKNOWN" weightage="20" keywordseo="Travel">travel</keyword> in June, as compared to 50% in the previous wave.</li><li>An OTA executive says people are doing “revenge travel” which is evident from significant increase in queries and bookings.</li><li>A recent ‘Back to travel’ research conducted by Booking.com found out that around 68% of Indian travellers who couldn’t travel in 2020 are extensively yearning to travel this year.</li></ul>Samaira Jain, a freelance content writer based in Delhi, feels that her life has become extremely “monotonous”. The pandemic, the lockdowns and restrictions it has induced have put on hold her dreams and plans of travelling to her favourite destinations. She wants her “normal life” back. Delhi is gradually limping back to normalcy, as lockdown relaxation kicked in from May 31. Jain, along with her family, has decided to visit <keyword id="6357787" type="LOCATION" weightage="20" keywordseo="shimla">Shimla</keyword> — in the neighbouring state of <keyword id="6358126" type="CITY" weightage="20" keywordseo="Himachal-Pradesh">Himachal Pradesh</keyword> — after the lockdown. She sounds very excited and seems ready to embrace the beauty of the Himalayan foothills. “Our lives have become so monotonous, we have started feeling depressed. In order to change our mind we decided to travel and take some days off,” says Jain. India’s ramped up vaccination drive also seems to have given people a sense of confidence. Diyara Doshi, who is a teacher in a private school in Mumbai, echoes Jain’s views in a sense. Along with her husband, she is planning a getaway for a weekend in Lonavala, a hill station around 90 kilometres away from the capital of Maharashtra. Doshi and her husband got themselves fully vaccinated so that they can plan their leisure trip on a weekend. “We have taken both doses of the <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword> vaccine, so we are now a little safe to travel,” says Doshi. As the second wave of COVID-19 pandemic stormed the country, heavy restrictions were imposed including strict lockdowns and travel restrictions. Decline in active daily cases lead many states to lift lockdown restrictions and open up for tourists once again trying to get back to pre-pandemic levels. On June 14, a beeline made by tourists was seen on the Kalka-Shimla Highway, near Parwanoo in Himachal Pradesh, choked with cars. It clearly shows that people are choosing to throng to hill stations despite fear of infection still being around. <div type="image" title="Heavy traffic jam at Kalka-Shimla Highway" msid="83867566" hostid="261"></div> According to a survey released in May by consulting firm Deloitte, 54% of people surveyed feel safe to travel in June, as compared to 50% in the previous wave. The survey also says that the intent to travel for leisure in these three months (June to August) will see an upward trend as compared to previous waves, partly because of COVID-19 vaccination boosting people’s confidence to return to normalcy. Ishaan Bilala, an analyst at consulting firm KPMG, wants to go on a short vacation in Tosh near Kasol in Himachal Pradesh. He is looking forward to booking a comfortable hotel with a “surreal view”, where he and his friends can take a small break from their work and enjoy themselves without worrying about COVID-19. “We know that COVID has not ended, and with rumours of a third wave already around the corner, we thought we should take one trip at least before cases hike again,” says Bilala. A recent ‘Back to travel’ research conducted by online accommodation aggregator Booking.com found that around 68% of Indian travellers who couldn’t travel in 2020 are extensively yearning to travel this year, while 70% travellers are planning to travel in the near future. The survey further reveals that around 72% feel that travelling this year is more important to them than it was before the outbreak of the pandemic. With lockdown restrictions being lifted in various states, the <a href="https://www.business-standard.com/article/economy-policy/air-traveller-numbers-treble-from-may-low-as-states-get-into-unlock-mode-121062500033_1.html">average number</a> of people taking flights per day rose from 42,000 in May to 1,25,000 from the third week of June. Travel bookings surge in the month of June “Within a week since restrictions began to ease, we have seen a jump of nearly 200% in hotel bookings for the month of June as compared to April — with the majority of states where lockdown restrictions have been relaxed considerably,” says Vipul Prakash, chief operating officer (COO) of online travel aggregator (OTA) <keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword>. Rajiv Subramanian, vice president of Cleartrip tells Business Insider that there is a large pent up demand for travel. According to him, routes between Mumbai, Bangalore and Delhi dominate the top sectors for flight bookings in the last few weeks of June. “In terms of hotel bookings, we have seen a growth in booking in states with hill stations such as Himachal Pradesh, Uttarakhand and Jammu &amp; Kashmir. Areas in and around Mumbai are the leading areas of hotel bookings.” Travel bookings in month of April and May had seen a huge dip The number of domestic passengers travelling via air in the month of April fell by 27% and this further dropped by over 60% in the month of May as COVID-19 cases were shooting up in the country, as per the Directorate General of Civil Aviaion (DGCA). “Starting April, there was a decline in demand due to the rising COVID-19 cases across the country. Now with the incoming of <keyword id="79555" type="TECHNOLOGY" weightage="20" keywordseo="Vaccines">vaccines</keyword>, there are many reasons to be optimistic as travel intent climbs up again. With travel being an integral part of people’s lives, a few destinations have seen a 50% rise in hotel bookings in the month of June as compared to April and May,” says Sabina Chopra, co founder and COO of OTA platform <keyword id="6362992" type="UNKNOWN" weightage="20" keywordseo="yatra">Yatra</keyword>.com. The first three months of 2021 when COVID situation in the country seemed slightly improving, people had once again started to venture out of their homes. “First three months of the year saw a good number of travellers making leisure travel, with the next two being heavily impacted due to COVID-19,” says Nishant Pitti, chief executive officer (CEO) and cofounder of OTA site <keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword>. Number of travellers searching for travel and accommodation sees an uptick Not only have the number of people who travelled have gone up but also the number of tourists who are seeking to or planning to travel has also surged in the past few weeks. “The number of people searching for places/queries for trips have increased multifold in the past few weeks. We have witnessed a booking increase of 40% from the lows in May that indicates the tendency of people for revenge travel has already kicked in with a significant increase in queries and bookings,” adds Pitti. The number of domestic tourists visiting India during 2019 was 2321 million as compared to 1853 million in 2018, with a growth of 25.3%, reveals India’s Ministry of Tourism statistics. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/microsoft-airtel-tiktok-just-dial-byjus-and-other-companies-are-calling-out-interns-for-different-roles/articleshow/83168022.cms">Microsoft, Airtel, BYJU’S, IIT-Bombay and more — here is a list of companies looking for interns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/these-are-the-hottest-jobs-in-the-cyber-security-industry-right-now-with-a-salary-package-of-up-to-23-lakh-per-annum/articleshow/82629876.cms">These are the hottest jobs in the cyber security industry right now, with a salary package of up to ₹23 lakh per annum</a>

Indians are making big plans of ‘revenge travel’ as COVID-19 restrictions get lifted in many states

<ul><li>Online <keyword id="3972628" type="PERSON" weightage="20" keywordseo="travel-aggregators">travel aggregators</keyword> in India work in a system where they have a virtual wallet with preloaded money for bookings. So airlines have refunded money into these ‘wallets’.</li><li>Currently, <keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword> claims to be the only company who has been refunding money to the customers bank accounts.</li><li>The <keyword id="6354692" type="UNKNOWN" weightage="20" keywordseo="Travel">travel</keyword> and tourism industry has been the worst hit due to <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. Even the most avid travellers have declared 2020 a no travel year. </li></ul>The Ministry of Civil Aviation in India announced on April 16 that airlines will have to give a full refund for cancelled tickets, due to the coronavirus lockdown. While passengers across the country heaved a sigh of relief, travel aggregators knew this was a double whammy for them. Why? Online travel aggregators in India work in a system where they have a virtual wallet with airlines where they have preloaded money for bookings. So when airlines refund the tickets it comes into this wallet, which can’t be used for refunds or transfer of money into accounts. But for travel aggregators to issue refunds it will have to come out of their pockets, and its airline credit is not transferred. “So our wallet balance with airlines will be blocked till the time we start getting fresh bookings and we have to use our cash flow to refund to customers, whenever fresh bookings will start we would be able to utilize that agency wallet to book tickets for our customers,” Nishant Pitti, Co-founder and CEO, EaseMyTrip told Business Insider. Currently, EaseMyTrip claims to be the only company who has been refunding money to the customers’ bank account even if airlines are providing amounts in EMT’s virtual wallet only. “We have been receiving money on our virtual wallet from airlines which is of no use for the time being. But still we are paying money to customers' bank accounts from our own expense,” said Pitti. Before Covid19, the company used to process 30,000 air tickets on a daily basis. 2020 – a dark year for the travel and tourism industry And it’s not the story of EaseMyTrip alone. As 2020 began, Indian travel aggregators were in a conundrum like never before. As the news about the deadly coronavirus spread from China’s Wuhan, people began cancelling their tickets. Travel aggregators began to dread the imminent future – bookings would slow down. But then worse things were in store, flights across the world were suspended and bookings stopped completely. The travel and tourism industry has been the worst hit due to coronavirus. Even the most avid travellers have declared 2020 a no travel year. “The year 2020 could be a complete washout for the travel and tourism industry in India too if we don’t take immediate steps – not just to contain the impact of virus on lives but also its devastating impact on businesses that support millions of livelihoods,” MakeMyTrip founder Deep Kalra wrote in <a href="https://theprint.in/opinion/india-tourism-sector-life-support-liquidity-covid-crisis-makemytrip/410590/">an article</a>. The travel and tourism sector in India is expected to lose ₹5 lakh crore and see job cuts for over 4 crore people, according to <a href="https://economictimes.indiatimes.com/news/economy/indicators/indias-tourism-sector-may-lose-rs-5-lakh-cr-4-5-cr-jobs-could-be-cut-due-to-covid-19/articleshow/74968781.cms?from=mdr">Confederation of Indian Industry (CII).</a> The industry body also estimates that “branded hotel groups are set to lose as much as ₹1.1 lakh crore, online travel agencies ₹4,312 crore, tour operators (inbound and domestic) ₹25,000 crore, adventure tour operators ₹nearly 19,000 crore and cruise tourism ₹419 crore.” See Also: <a href="https://www.businessinsider.in/india/news/india-likely-to-announce-second-stimulus-package-on-friday-indicated-top-government-officials/articleshow/75462880.cms">India likely to announce second stimulus package on Friday, says top government officials</a> <a href="https://www.businessinsider.in/india/news/finally-millions-of-indias-stranded-migrants-can-get-a-transport-home-but-conditions-apply/articleshow/75453118.cms">Finally, millions of India’s stranded migrants can get a transport home — but conditions apply</a>

Double whammy for India’s travel aggregators – bookings have stopped but refunds come out of their own pockets

<ul><li>IT companies may not be hiring talent as slowdown curbs growth, but employees continue to search for jobs online. Naukri’s monthly active users at 12.1 million. </li><li>Cricket continued to give a boost to online food ordering apps in March. Daily active users online continue to increase month-on-month. </li><li>Despite the popularity of dating apps, young Indians continue to frequently visit online marriage portals and apps to find their true love. Matrimony apps see a jump in monthly and daily active users in March. </li></ul>On the face of it, there may be little or no connection between the white willow and online food ordering, but data shows that women in blue made Indians rather hungry in the month of March. And yes, most Indians also are as keen on marriage as ever, with matrimonial portals continuing to see higher month-on-month user metrics and app downloads. Three years after the pandemic struck, Indians are still addicted to their apps and are still looking for their dream job, if they are not planning their next vacation. From ordering food online to looking for jobs and homes online, Indian consumers are not putting the brakes on their online purchases just yet, even after the economy opened up completely post the lockdowns. App downloads continued in March as did higher monthly traffic across key consumer tech platforms. In the month of March, monthly and daily active users continued to surge across apps catering to consumer needs like online food ordering, travel, property rentals/purchases, groceries or even jobs. Yes, job searches have seen an unprecedented surge in the month of March shows data from Sensor Tower’s monthly data print. Leading technology services players may have slowed down on hiring, but employees are still flocking to job portals. According to a report by Bank of America, Naukri maintained its totem pole position in MAUs (monthly active users) with 12.1 million (+7.2% month on month) users and witnessed increase in daily active user base at 2.1 million (+6% MoM) in <keyword id="10294782" type="General" weightage="20" keywordseo="march-2023" source="Orion">March 2023</keyword>. LinkedIn has the highest DAUs or daily active users at 3.7 million and is a clear leader in terms of user retention at 33% followed by Naukri at 18%, says the report. Data shows that consumer apps have continued to see good traction in the month of March 2023 compared to February. What consumers have been interestingly visiting less frequently —- are the beauty apps like Nykaa and Purplle — whose traffic is down month-on-month. Beauty brands believe that omnichannel and physical store visits are the reason for the decline in online purchases. Food delivery &amp; grocery continue to see demand According to Bank of America’s India Internet report, a majority of online food delivery apps saw an increase in fresh app downloads and user metrics, while Swiggy saw a marginal decline in fresh downloads. Online food delivery apps launched special match day games to increase engagement, which resulted in higher ordering too. While Zomato launched ZPL prediction, Swiggy launched Match Day Mania. Not surprising that monthly active users of Zomato and Swiggy grew 4.9%/4.6% MoM to 53 million/35 million. Daily active users for both Zomato and Swiggy increased 2-3% MoM to 6.1 million/4.4 million, respectively. Domino’s Pizza continued to be third in all metrics. Swiggy showed a higher retention at 13% vs Zomato at 11%. Real estate continues to be hot property online Housing continued to see the highest online traffic, as searches for rented and ownership continued to jump. Both monthly active users and app downloads were healthy for online players. Monthly active users increased sequentially for all the apps catering to housing, while daily active users grew for 99acres and Housing. Traffic on Magicbricks remained stable. Monthly active users on 99acres MAUs witnessed steep growth +14.3% compared to February. In terms of user retention, Housing continues to lead at 11%, followed by 99acres and Magicbricks at 9%. Revenge travel is still a big deal With the onset of summer, consumers are planning their next trip, which has resulted in strong traction for online travel apps like Cleartrip and Makemytrip. User metrics improved for Cleartrip, GoIbibo and MakeMyTrip; while Yatra and EaseMyTrip witnessed a decline, says Bank of America. MakeMyTrip monthly and daily users inched upwards (+9%/4% MoM) ahead of the upcoming summer holiday season in May/June 2023. Cleartrip MAUs/DAUs both grew 44.8% MoM to 1.3 million /0.1 million, respectively, majorly driven by launch of bus services in over 90 cities and various offers like zero convenience fees and flat 10% off on all bus bookings. MakeMyTrip continues to be the leader in MAUs, DAUs and retention; with 15.8 million MAUs/1.5 million DAUs while Goibibo has 8.5 million MAUs/ 0.7 million DAUs. High five for fashion apps As social distancing has given way to more contact intensive interactions, demand for fashion apparel has also increased meaningfully. Consumers continue to look for bargains online and Ajio’s All Star sale has delivered the numbers. According to data, Ajio’s monthly active users showed a sharp increase sequentially as downloads of the app increased. Ajio’s MAU/DAU base rocketed 22%/26% sequentially. Myntra/Nykaa Fashion’s MAU base improved 3% MoM each while DAU base saw a slight 1-2% decline. In terms of user retention, Myntra is at 17% followed by Ajio at 16%, says the report. Marriages are forever Young Indians continue to look for their perfect partner. User metrics and downloads witnessed an increase across all apps. Shaadi.com continued to be a leader with monthly and daily active users at 9 million/2.9 million, respectively in March 2023. Jeevansathi’s monthly numbers grew 13% month-on-month, while daily users increased by 8% compared to February. BharatMatrimony user metrics remained largely stable. Jeevansathi has the highest user retention at 34% followed by BharatMatrimony at 33%. SEE ALSO <a href="https://www.businessinsider.in/stock-market/markets/news/-some-sectors-will-benefit-from-lower-energy-prices-in-fy24-a-balasubramanian/articleshow/99722850.cms">Earnings to remain volatile in FY24, but some sectors will benefit from lower energy prices, says Aditya Birla Sun Life MF’s CEO A Balasubramanian</a> <a href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a>

Consumers continue to throng apps in search of Roti, Kapda & Makaan, March sees healthy user metrics and app downloads

<ul><li>The Budget’s tax breaks, especially to the salaried class, are expected to lift consumer spending and benefit sectors like retail, FMCG and autos.</li><li>A capital outlay of ₹2.4 lakh crore proposed for the railways sector in the budget will also aid metal companies.</li><li>The proposal to set up 100 labs for development of applications using 5G services are positive for Reliance Jio and Bharti Airtel.</li></ul>The rally in the markets post <keyword id="7706673" type="General" weightage="20" keywordseo="finance-minister-nirmala-sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword>’s speech says a lot about the budget that surprised investors positively. After the bloodbath witnessed by the markets last week, the Union Budget brought a much-needed relief by giving the middle class a vital stimulus in the form of tax breaks. The tax bonanza will increase the disposable income in the hands of the common taxpayer, boosting consumer spending and benefitting sectors like retail, FMCG and autos, analysts say. Apart from a tax bonanza, the FM also proposed a capital expenditure outlay of ₹10 lakh crore for FY2024, up from ₹7.5 lakh crore last year. These and other announcements have given positive cues to metals, hotels, railway and top telecom companies. Here are analysts’ top stocks that are expected to benefit from the budget announcements. <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;">Top stocks to benefit from budget </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in stock price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </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;">-1.27% </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;">Ashok Leyland </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;">-1.14% </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;">M&amp;M </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;">-2.08% </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;">Reliance Industries </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;">-0.59% </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;">Bharti Airtel </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;">-0.28% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra Holidays and Resorts India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.56% </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;">ITC </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;">2.06% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </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;">1.96% </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;">JSW Steel </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;">2.09% </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;">Jindal Steel &amp; Power </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;">4.32% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: NSE as on February 1 The proposal to set up 100 labs for development of applications using 5G services in areas including smart classrooms, healthcare and smart cities are positive for top two telecom companies like Reliance Jio and Bharti Airtel, says ICICI Securities. A capital outlay of ₹2.4 lakh crore proposed for the railways sector in the budget will also aid metal companies, say analysts. Positive on ITC despite surge in NCCD Despite a 16% increase in national calamity contingent duty (NCCD) for certain cigarettes, analysts are positive the higher duty will not impact volumes much. “We believe the surge in NCCD will not have a material impact on overall cigarette volume growth for the industry as it implies only a 1-2% price rise. We are positive on ITC and expect the volume growth for the company to remain stable, going ahead, “ said Preeyam Tolia, senior research analyst, FMCG &amp; retail at Axis Securities. Auto sector has lots to celebrate Further, the auto industry also has a reason to celebrate since the budget has removed custom duty on capital goods imported for the manufacturing of lithium-ion batteries used in electric vehicles (EVs). The move is to reduce the cost of EVs in the country. A proposed reduction of basic customs duty rates on goods other than agriculture and textiles from 21% to 13% is seen as another positive, while the relief in taxes is also expected to boost consumer spending by salaried consumers. Also, the finance minister said that more funds would be allocated towards scrapping old vehicles by the central government. "In addition to the vehicle scrappage policy announced in Budget 2021-22, more funds have been allocated now to support efforts to scrap old vehicles under the central government. States will also be supported to help them scrap old vehicles and old ambulances," said Sitharaman in her budget speech. This is seen boosting the commercial vehicles industry. The significantly higher capex allocation will support the commercial vehicles industry and will be positive for multi-axle vehicles and tippers, said Crisil. “Increase in spending on infrastructure, setting up of 50 new airports and heliports, creation of 100 transport infrastructure projects are welcome moves, in addition to the central support for replacing old vehicles. All of these should drive consumption and overall demand of vehicles," said Banwari Lal Sharma, CEO, consumer business at CarTrade Tech. Hotel stocks are among favourites Shares of hotel companies rose on Wednesday after the finance minister announced that the government will promote tourism in the country. "Promotion of tourism will be taken up on mission mode with the active participation of states, the convergence of government programs &amp; public-private partnerships," said Sitharaman in her budget speech. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youths, she added. “There is a huge thrust on the tourism sector in the budget. 50 domestic destinations will be selected and uplifted. Domestic tourism will be promoted as an alternative to international tourism. We have seen Samhi Hotels, Oyo, Ixigo planning their IPO in 2023. If you look at Easemytrip, which got listed in 2021 has created huge wealth for investors (and is) also announcing high growth in topline and bottomline,” said Manish Khanna, co-founder at Unlisted Assets. The special push to the tourism sector is expected to bring more companies from the tourism sector to the listed space. “We would see many companies in this sector going in for IPO from the unlisted space. Some of the burn companies like Oyo are also expected to be operationally profitable in FY23, which is a huge positive coming out from covid downturn,” said Khanna. However, one thing that will have a negative impact on the tourism industry is the move to increase the tax collected at source (TCS) mandate from 5% to 20% on overseas tour packages. “This will not only increase the upfront cash outflow for customers but will also give an unfair advantage to foreign-based online travel booking platforms over India-based travel agents and tour operators,” said Rajesh Magow, co-founder and group CEO of MakeMyTrip. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/evs-that-import-parts-to-get-costlier-as-budget-gives-a-boost-to-in-house-manufacturing/articleshow/97529239.cms">EVs that import parts to get costlier as Budget gives a boost to in-house manufacturing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-to-green-energy-budget-2023-summarised/slidelist/97527360.cms">Income tax bonanza, capex push to green energy: Budget 2023 summarised</a>

Budget Impact: 10 stocks that stand to gain from FM’s announcements

<ul><li>A report by Tracxn says there were 256 deals in July and August 2021.</li><li>Edtech <keyword id="6362513" type="General" weightage="20" keywordseo="Startups" source="Orion">startups</keyword> cracked three of the top 10 deals in the last two months.</li><li><keyword id="982553" type="General" weightage="20" keywordseo="indian-startups" source="Orion">Indian startups</keyword> have raised $6.5 billion in the second quarter of 2021.</li></ul>Indian tech startups have raised $10.8 billion in the last two months, a report by business intelligence firm Tracxn reported. The report further revealed that 256 deals were cracked in July and August 2021. The Indian tech startup ecosystem had raised $6.5 billion across 412 deals in the April to June quarter of 2021. The ecosystem has raised $5.7 billion across 432 deals in the January to March quarter, the report added. This means that even though fewer startups raised money in the first two months of the third quarter (July 1 to September 1), the <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> amount increased significantly. In August alone, Indian startups raised $3.2 billion across 115 rounds. Seventeen companies were acquired in the same month. As usual, Bengaluru cracked the most number of deals. <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;">Cities </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;">Funding </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;">Rounds </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;">Bengaluru </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;">$1.6 billion </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;">43 </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;">Delhi NCR </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;">$276 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;">31 </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;">Gurugram </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;">$161 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;">17 </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;">Mumbai </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><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 </td></tr></tbody><tbody></tbody><tbody></tbody></table> Three out of top 10 deals were edtech Edtech giant Eruditus had cracked the biggest deal of August, when it raised<a href="https://www.businessinsider.in/business/startups/news/eruditus-is-indias-fourth-edtech-unicorn-valued-at-3-2-billion/articleshow/85267050.cms"> $650 million</a> led by Accel and SoftBank. The company was valued at $3.2 billion and turned out to be the fourth edtech unicorn — startup with over a billion dollar valuation — of India. Ronnie Screwvala-led <keyword id="2008319" type="General" weightage="20" keywordseo="upgrad" source="Orion">upGrad</keyword> too entered the unicorn club, after raising<a href="https://www.businessinsider.in/business/news/ronnie-screwvalas-upgrad-is-indias-newest-entry-into-the-unicorn-club-as-it-closes-a-185-million-funding-round/articleshow/85175717.cms"> $185 million</a> at a valuation of $1.2 billion. The company raised fresh funds from Temasek, IFC (International Finance Corporation, a sister organisation of World Bank) and IIFL. <keyword id="6630114" type="General" weightage="20" keywordseo="unacademy" source="Orion">Unacademy</keyword>, which is the second edtech startup to enter the unicorn club, raised $440 million last month in a round from Mirae Asset and SoftBank. The company is now valued at $3.44 billion. Byju’s continues to be the highest valued edtech startup in the world, at a valuation of<a href="https://www.businessinsider.in/business/startups/news/byjus-bags-another-150-million-to-fund-its-acquisition-spree/articleshow/86027937.cms"> $16.87 billion</a>. SEE ALSO <a href="https://www.businessinsider.in/careers/news/the-only-way-to-beat-the-bots-from-taking-your-job-is-to-be-more-human/articleshow/86282273.cms">Future of Work 2021: The only way to beat the bots from taking your job is to be more human</a> <a href="https://www.businessinsider.in/stock-market/news/easemytrip-touches-market-cap-of-a-billion-dollars/articleshow/86285130.cms" data-type="tilCustomLink">EaseMyTrip touches market cap of a billion dollars</a> <a href="https://www.businessinsider.in/stock-market/news/biocon-hero-motocorp-tvs-motor-banks-and-other-top-stocks-to-watch-out-for-on-september-17/articleshow/86281250.cms">Biocon, Hero MotoCorp, TVS Motor, banks and other top stocks to watch out for on September 17</a>

Powered by Unacademy and upGrad’s mega deals, Indian startups raised $10.8 billion in the last two months

Before Elon Musk-led Tesla finally makes its India entry, ride-hailing platform Ola on Monday announced world's largest two-wheeler manufacturing facility called Ola FutureFactory that will have annual production capacity of one crore vehicles and will be operational by 2022. The factory will generate 10,000 direct employment, along with additional jobs being created by Ola vendors and suppliers. According to <keyword id="1543567" type="PERSON" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword>, Chairman and Group CEO, the Phase 1 will be ready with initial annual capacity of two million around June this year. Built over 500 acres in Krishnagiri district in Tamil Nadu, the facility will roll out one scooter every two seconds at full capacity, Aggarwal told mediapersons. "It will have 10 production lines running at full capacity. It will be the most advanced two-wheeler factory with 3,000 AI-powered robots built on Industry 4.0 principles," he said. It will be an integrated manufacturing facility, addressing all needs from battery to finished goods. <keyword id="4393078" type="COMPANY" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword> has also released first teaser visuals of the much-anticipated <keyword id="433124" type="PERSON" weightage="20" keywordseo="electric-scooter">electric scooter</keyword>. The announcement came as Tesla made its official to enter the country and chose Karnataka over Tamil Nadu to firm up its roll-out plans. Ola Electric last year acquired the Netherlands-based Etergo BV, an innovative electric scooter company known for its award-winning AppScooter for an undisclosed sum, and announced its foray into the premium electric two-wheeler market, both globally and nationally. "With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer. We look forward to building the best global capabilities in engineering, design, and manufacturing for these products to be made here in India," Aggarwal had said. With European design, strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric said it aims to transform the over 100 million-strong global two-wheeler market, including more than 20-million Indian two-wheeler market, into a clean energy, digital future. The company has plans to set up extensive charging and swapping networks around the country. Ola Electric is also working with India's leading power distribution companies towards developing a conducive EV ecosystem through the establishment of battery swapping and charging stations in New Delhi. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win</a> <a href="https://www.businessinsider.in/stock-market/news/the-510-crore-ipo-of-easemytrip-is-now-open-for-public-subscription-/articleshow/81387576.cms">Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip</a> <a href="https://www.businessinsider.in/india/news/google-ceo-sundar-pichai-announces-a-series-of-initiatives-on-womens-day/articleshow/81388483.cms">Google announces a series of initiatives on Women’s day – a $25 million fund, support for one million female entrepreneurs in India and a new feature on Google Maps</a>

Bhavish Aggarwal-led Ola showcases its first electric scooter — aims to operate 1 crore bikes by 2022

<ul><li>Even though the ‘<keyword id="3080230" type="General" weightage="20" keywordseo="gig-economy" source="Orion">gig economy</keyword> workforce’ is a new concept, the <keyword id="37465" type="General" weightage="20" keywordseo="film-industry" source="Orion">film industry</keyword> has been working with such a model for decades.</li><li>The Indian film industry employed over 2.5 lakh people in 2017 alone.</li><li>Despite the unionisation of the Indian film industry that protects the rights of freelancers, there are a lot of issues left to be dealt with.</li></ul>Gig workforce is the hottest new trend that has emerged with the rise of the digital economy leading to the advent of companies like Zomato, Swiggy and <keyword id="8681398" type="General" weightage="20" keywordseo="urban-company" source="Orion">Urban Company</keyword>. Widely overlooked, but the concept of hiring contractual employees has been around for decades, if not centuries. That’s right. The Indian film industry has been one of the biggest employers of gig economy workers since its beginning. The Indian film industry employed over <a href="https://www.statista.com/statistics/731218/employment-in-the-film-industry-india/">2.5 lakh </a>people in 2017 alone. Business Insider hosted Academy Award winner and Indian film producer Guneet Monga and Urban Company’s cofounder Varun Khaitan in its Future of Work event — held on September 16 and 17 — to throw more light on the topic. Monga said that the film industry in general has been employing several freelancers for decades, whether it is light boys, dancers, junior artists, art directors, cinematographers and more. The term <keyword id="7771650" type="General" weightage="20" keywordseo="gig-workers" source="Orion">gig workers</keyword> has come up with the advent of the digital economy. “It can seem unstructured, but it actually works very well in the <keyword id="278613" type="General" weightage="20" keywordseo="freelance" source="Orion">freelance</keyword> business there… There is a union in this segment and that brings about a structure. But there are also some major challenges that come with it,” she added. She elaborated that the many freelancers have spoken about how difficult it is to get into the union or how expensive it is. Besides this, the segment does not get health benefits, does not come under labour codes and more, even though the payments are fixed due to the existence of a union. Watch More: What film producer Guneet Monga talks about unionisation in Indian film industry and what challenges it presents <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Khaitan, on the other hand, elaborated how Urban Company, an at-home services startup, has managed to overcome such challenges in the beauty and home segment. He noted that a salon or a service shop would employ 10-15 professionals and were essentially the “middlemen”, therefore a professional’s income would be capped. Urban Company has not only offered a more flexible working environment, but also increased their take home income and offered them health benefits. Khaitan also noted that allowing these service professionals to get in touch with customers directly has provided them with more respect and business prepositions as well. “There is actually a very high price point here [Indian film industry] even to become a part of the Union. And then there is a supply of enough and more people are constantly getting inducted, but there is definitely a bottleneck on how unions function. They do protect them [freelancers] in terms of providing for jobs, but the kind of structures that you [Urban Company] are talking about is still, I feel, not in the best shape here right now. And this has just been our industry that has been thriving on freelance,” Monga added. She elaborated that while the Indian film industry has been striving for freelancers, it's not with a vision of bringing people together or offering insurance or health benefits or looking into labour laws. Watch More: What Urban Company’s Varun Khaitan had to say on the current conditions of freelancers in Indian film industry <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Khaitan, sharing his experience, said “There are middlemen who claim to be good representatives and good samaritans of the workers, but are actually not. They are in some sense the heart of the problem, because a few things that just came up in this chat show there is no sense of balance between supply and demand in what is happening across the trade in the film industry and what that leads to is there is no sense of actual monthly earnings. So everyone just fights for what I can make on this job and it leads to an unheadly spiral.” SEE ALSO <a href="https://www.businessinsider.in/careers/news/the-only-way-to-beat-the-bots-from-taking-your-job-is-to-be-more-human/articleshow/86282273.cms">Future of Work 2021: The only way to beat the bots from taking your job is to be more human</a> <a href="https://www.businessinsider.in/stock-market/news/easemytrip-touches-market-cap-of-a-billion-dollars/articleshow/86285130.cms">EaseMyTrip touches market cap of a billion dollars</a> <a href="https://www.businessinsider.in/stock-market/news/biocon-hero-motocorp-tvs-motor-banks-and-other-top-stocks-to-watch-out-for-on-september-17/articleshow/86281250.cms">Biocon, Hero MotoCorp, TVS Motor, banks and other top stocks to watch out for on September 17</a>

Here is what the Indian film industry can learn from gig economy firms like Zomato and Urban Company

New Delhi, May 16 () The government's announcements for civil aviation sector breathe some life into the coronavirus pandemic-hit sector and will provide overall positive sentiment, experts said on Saturday, even as some of them emphasised the need for support for airlines. On Saturday, Finance Minister Nirmala Sitharaman announced plans for managing airspace efficiently, making the country a MRO (Maintenance Repair and Overhaul) hub, and auctioning of six more airports on PPP model. GMR Group Chairman G M Rao said India is leading the growth of civil aviation sector globally and is generating significant economic impact. According to him, rationalising Indian airspace is a significant step that would benefit not only the entire sector but also bring down travel time for passengers. Privatising six new airports under public-private partnership (PPP) model would generate significant economic effect and would lead to creation of new jobs. "Likewise, tax incentives for the MRO sector will not only bring foreign investment into India and impact the economics of the airlines but will also open up new opportunities for youth to build careers. The investments being made in airports, privatised in the first two phases, are already leading to enhanced job creation in both aero and non-aero areas," he said. GMR Group manages two airports -- Delhi and Hyderabad -- through PPP model. Welcoming the announcements, GVK Group founder and Chairman G V K Reddy said the move to have PPP model for six more airports would provide the Airports Authority of India (AAI) resources to develop smaller airports across the country. "The plans to make India a global MRO hub will ensure savings of precious foreign exchange and enable Indian airlines to get their aircraft serviced locally," he said. GVK Group manages Mumbai airport through PPP model. Consultancy EY India's Transaction Partner Kuljit Singh said the announcements are good initial first steps and this might be followed by a second phase of reforms package. "... the second phase may need to have more reforms in taxes on fuel, subvention for airport charges, government guarantees for additional unsecured borrowings of private airlines etc," he noted. Law firm Cyril Amarchand Mangaldas' Partner Ajay Sawhney said that today's announcement breathe some life into the pandemic-hit civil aviation sector, but no mention of bailouts on an immediate basis may attract mixed response from the industry. "Though, easing curbs on airspace would certainly bring in long term efficiency, and on an immediate basis some relief to the airlines, but a more meaningful intervention may be required if the aviation sector is not on the recovery path soon," he noted. Travel portal EaseMyTrip.com Chairman and CEO Nishant Pitti said the announcements would definitely provide positive sentiments for the industry overall. "In addition for industry to withstand the recovery period, government will need to support the backbone, airlines, in these turbulent times through tax relief or relaxation in multiple charges paid by airlines to reduce their costs," Pitti said. Vasudevan S, Partner (Infrastructure Government and Healthcare) at consultancy KPMG in India said the aviation sector is the hardest hit because of the global pandemic with an estimated USD 500 billion loss in airline and airport revenues in FY20. Airport PPP transactions will help unlock value for AAI and state governments, given current investor interest and long-term potential of the Indian market. "Rationalising the MRO tax structure has been a long pending demand of the industry and it is good to see that happening finally, but more needs to be done to create a level playing field, attract foreign investment and make it profitable," he noted. Care Ratings Chief Economist Madan Sabnavis said aviation sector has incentives as six airports would have PPP model, but the "question is who will invest now when future of airlines is uncertain". Consultancy Deloitte India Partner Peeyush Naidu said the initiative for private sector participation for operations, management and development of airports is well-intentioned. IAS GDK RAM RVK

Govt measures will provide positive sentiment for civil aviation sector: Experts

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> which gave an impetus to the country’s digital ecosystem.</li><li>The budget came up with an optional new tax regime which could lead to lower taxes for taxpayers.</li><li>She also acknowledged the role entrepreneurs have played in creating more jobs and capital for the country.</li></ul>As Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday, the industry came together to applaud the government’s digital push with the announcement of the setting aside of Rs 6,000 crore for BharatNet, to ensure low cost internet reaches every household in the country. The government also announced an optional new tax slab which has lower tax rates, although the people opting for the new tax regime will not get any exemptions. The FM also spoke about the role that entrepreneurs have played in creating jobs and bringing in more capital to the country. However, there were a few industry experts who felt that the expectations from ‘the budget were much higher and it feels like a missed opportunity.’ Here are the views of some experts: Ashish Bhasin, CEO, APAC and Chairman, India - Dentsu Aegis Network: I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practises like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity. While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates. It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground. It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in. RS Sodhi, Managing Director of the Gujarat Cooperative Milk Marketing Federation: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword>, an excellent move, will bring more investments in the dairy sector which will increase the farmers’ bargaining power to get better prices for their produce, if done properly it will create 80 lakh jobs in Rural India and 16 lakh jobs in Urban India. Anand Bhadkamkar, CEO, Dentsu Aegis Network (DAN) India: The budget has provided relief to the middle class with lower tax rates which is a welcome move, as it will provide more liquidity. On direct taxes, the abolition of DDT and introduction of a tax dispute resolution scheme is a welcome step alongside tax reliefs for startups. The budget is focusing on easing and simplification of compliance, with changes in corporate laws as well as in GST and direct taxes. However, I was expecting further simplification of cess and surcharges beyond tax rates across slabs. The proposals for development of road infrastructure, setting up data centre parks and skill development initiatives are welcome steps in addition to allocations for social welfare schemes. However, the expectations from the budget were high on the background of current economic slowdown, and as such seems to be short on matching those expectations, with no specific industry sector focused sops to provide stimulus. While the budget shows focus on long term growth and social development, overall in the current scenario it looks like a mixed budget, falling a bit short of market expectations of more corrective measures. Mukesh Kalra, Founder &amp; CEO - ETMONEY: The Finance Minister's proposal to introduce a new tax regime is a great step towards giving equal chance to every Indian in the lower income segment to maximize their post tax incomes. In the old regime, an individual supporting a larger family &amp; negligible savings was forced to pay higher tax compared to an individual supporting a smaller family or one with no dependents. This created disparity when it came to effective taxation for the former group. In the new regime, the disparity ends &amp; also frees up income in the hands of individuals to give a boost to consumption. Nishant Pitti, Co-Founder &amp; CEO, EaseMyTrip: In tune with the present government vision to encourage Indian travellers to travel more and contribute towards the nation's growth, this budget takes it a step ahead. The budget has focused on promoting tourism &amp; travel with an overall budget of Rs. 2500 crores in year 2020-21. Government aims to develop 100 more domestic airports under the UDAN scheme. To promote travel via railways, the government will focus on more Tejas type trains that will connect tourist destinations in India. The Finance Minister has also laid stress on the development of archaeological sites into iconic sites with on-site museums. Five such sites are- Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. Government has also announced the renovation of 4 key museums. Rs,150 crore have been allocated for the ministry of culture in 2020-21. We are hopeful that this budget will open new avenues for the travel industry. Sabyasachi Mitter, Founder and Managing Director of Fulcro: The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation which has been increased to 5 years. The turnover of availing 100% income Tax benefit has also seen two key changes; increasing the turnover threshold to 100 crores as well as increasing the block of years from which to avail three years of exemption to 10 years from the 7 years presently. All of these will increase the cash in hand of corporates, individuals as well MSMEs leading to a spur in demand. Specifically to the digital ecosystem the aggressive plans to increase the coverage of Fiber to Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need for data and therefore the policy announcement on data centre parks is also a welcome move. Anish Sarkar, CEO, Sodexo BRS India: Sodexo always believes in giving our consumers the freedom of choice; the tax proposals in the budget are also on a similar philosophy. We believe that consumers should have a higher purchasing power – while this announcement will give them the power to choose their tax structure, our consumer base will continue to benefit from the current regime. Sodexo’s solution suite goes much beyond tax-saving products; driving the digitization of corporate cafeterias &amp; factories along with digitizing expense management to achieve workplace efficiency. We are very focussed on enhancing the employee experience of our clients by creating an ecosystem of value-added benefits much beyond tax savings. Devendra Shah, Chairman, Parag Milk Foods Ltd: We happily welcome the government's big push to the India's dairy industry. We are excited to be a part of the government's plan to double India’s milk processing capacity. Strategic measures like increasing the coverage of artificial insemination and eliminating Foot and Mouth Disease (FMD) and Brucellosis in cattle will result in higher yields. While such measures are welcomed, the dairy sector also needs to ensure the yearlong availability of green fodder. We can currently import the green fodder from Australia, Canada and USA. All these collectively help in Increasing milk consumption amongst urban and rural consumers thus attracting new investments and jobs. Navin Khemka, CEO, Mediacom South Asia: What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and kisan express helps in achieving this objective in the long run. Short term, however, I think this budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates. Indroneel Dutt, CFO, Cleartrip: The government has backed its vision to turn India into one of the world’s top tourism hubs by allocating INR 2,500 crore for promoting tourism in general and setting aside a sum of INR 3100 crore for the Culture Ministry to boost regional tourism. What would be wonderful is to have an empowered nodal body comprising of the Govt / OTA / airline, hotel and other industry representatives with the objective of promoting discoverability, ease of booking and fulfilment of our cultural, natural and heritage sites. Introduction of more Tejas Express type trains and the inauguration of several culturally-significant archaeological sites are other much-needed moves. We also welcome the Hon’ble FM’s proposal to develop 100 more airports as well as the doubling of the airline fleet by 2024. This calls for skilled manpower development in parallel. The aim to double the fleet to 1200 in the next 3 years will certainly accelerate the passenger growth rate. Ramesh Kaushik, VP Brand Experience at Blackberrys: The government remains committed to accelerate consumption in budget 2020. Government measures of reducing corporate tax and initiatives to boost MSME sector will definitely help accelerate industrial and corporate growth in the country. Measures like simplifying GST and income tax relief are sure to give requisite push to consumer consumption and demand thereby accelerating growth across industries. Additionally allocation of funds for infrastructural development is a welcome move clearing path for expansion. We expect more measures/announcements specific to the retail industry from the government in the coming future that will give the right impetus to the industry. Sameer Makani, Co-Founder and Managing Director, Makani Creatives: Budget 2020 aims at the betterment of all sections of the society. The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers. The vision to improve the start-up scenario in the country will help in creating more job opportunities and further ensuring the economic growth. The Skill development programme will enable overall personality development In comparison to budget 2019, MSMEs will experience a 71% rise over and above the budgetary allocation. Sudhanshu Agarwal, Founder &amp; Director, Citykart: The announcements made by the government in Union Budget 2020 are a promising move to boost the income and purchasing power of people. So far, the rollout of GST has resulted in gains of about Rs.1 lakh crores to consumers, which is likely to increase further with revised GST laws being implemented from April 2020. Simplification of GST norms will be significant in inspiring consumer demand &amp; consumptions and spur industrial growth. Additionally, allocation of Rs.100 lakh crores for infrastructure development also opens growth prospects for the brands in non-metro cities. However, we feel specific measures pertaining to the retail sector have still not been fully addressed in the budget. Kunal Lakhara, VP of Finance and Operations, Pocket Aces: Budget 2020's revised fiscal deficit target of 3.8% of the GDP seems more realistic and focus on spends/benefits was required to boost the economy. The thrust on entrepreneurship and tax regulations for both startups and taxpayers is a move in the right direction. India is the third largest startup hub globally and the announcement of an investment clearance cell to provide end-to-end support to startup founders will encourage more youth to be job creators. Further, the ability to defer taxes on ESOPs will democratise wealth creation for startup employees, ensuring the right talent is benefitted. Finally, the decision to grant 100% tax exemptions to sovereign wealth funds on their investment in priority sectors will provide the much needed funding boost to the sector and create value in the longer run. Sahil Vaidya, Co- Founder &amp; Director, The Minimalist: Following the announcement of the Union Budget 2020, one thing is certain, is that the Government is heavily focused on becoming an entrepreneurial superpower. By investing in the MSME sector, the Government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets on early stage disruptive start-ups, which have the potential to become the corporates of tomorrow. Among other sectors, the Budget 2020’s focus on start-ups and technology will be a boost to companies that are doing some cutting edge design thinking to enable the best of digital products for a booming digital economy. Sanil Jain, Co-founder, CupShup: The start-up ecosystem in India is not more than a decade old and has come a long way to become the third largest in the world after USA and China. 2019 was not what we can call a good economic growth year but this budget has definitely brought some relief to start-ups. The implementation of the Investment Advisory Cell will aid new start-ups. Deferring the Taxation on ESOPs is definitely a big win as it will go a long way in acquiring and retaining quality talent. While on the other hand, decreasing direct tax to a historic low of 22% will boost export opportunities and drive growth across various industries. Nikhil Mathur, Managing Director – India, GfK: The proposal to boost rural economy, infrastructure and enhance purchasing power of middle class, if implemented well would certainly be fruitful. It could further improve the consumption of consumer durable and electronics. As per GfK data, CE-MDA category registered a volume growth of ~9% in 2019/2018. I think the market is expected to grow in the back of technology companies and given the state of economy we can be hopeful of a better future. Besides, encouraging local manufacturing of mobile phones and semiconductors may fuel the ‘Make in India’ vision.

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