<ul><li><keyword id="237866" type="General" weightage="80" keywordseo="khadim-india" source="Orion">Khadim India</keyword> reported a profit of ₹3.3 crore in Q1 FY23. </li></ul><ul><li>The footwear company said it aims to increase its retail presence in the affordable fashion segment. </li></ul>With a healthy and consistent recovery in comparison to the same corresponding quarter last year, <keyword id="205705" type="General" weightage="100" keywordseo="khadim" source="Orion">Khadim</keyword>, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s second largest retail footwear brand, today announced a <keyword id="6431508" type="General" weightage="20" keywordseo="Net-profit" source="Orion">net profit</keyword> of ₹3 crore for the quarter ended 30th June 2022. Its consolidated revenues stood at ₹166 crore as compared to ₹88 crore in the same quarter last year, nearly doubling its sales on the back of a strong performance in the <keyword id="746273" type="General" weightage="20" keywordseo="Retail-segment" source="Orion">retail segment</keyword>. "We have focussed on creating fashionable yet affordable products which appeal to the entire family. We have continued our strategic expansion of retail stores through franchise networks which allow us to get incremental reach for our consumers while enabling us to magnify our operating margin and profitability," said <keyword id="13044621" type="General" weightage="20" keywordseo="namrata-A-chotrani" source="Orion">Namrata A Chotrani</keyword>, CEO, Khadim India. The constant focus on premiumisation of the product range, expanding the brand's retail footprint through new stores, strengthening the distribution network, increasing presence through omni-channel and data driven consumer engagement have led to growth in gross margin which went upto 48% in Q1 FY23 against 35% last year. The overall EBITDA margin stood at 10.3% this year, recording ₹17 crore in Q1 FY23 compared to -₹36 lakh in the same quarter of last year. Expanding its footprint The home-grown company continues its asset light model expansion in the Tier ll &amp; lll locations taking the store tally to 796 till the end of the first quarter. The brand enjoys the largest presence in <keyword id="302378" type="General" weightage="50" keywordseo="east-india" source="Orion">East India</keyword> and is listed among the top three players in South India, emerging in North and West India as well. Khadim has expanded its reach across 23 states and 1 union territory through 796 retail stores, with a strong network of 653 distributors across the country. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-close-flat-as-they-await-cues-from-us-inflation-data/articleshow/93478615.cms">Indian markets close flat as they await cues from US inflation data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/healthy-household-balance-sheets-will-push-auto-consumer-goods-sales-morgan-stanley/articleshow/93473239.cms">Healthy household balance sheets will push auto, consumer goods sales: Morgan Stanley</a>

Khadim doubles sales in Q1 FY23 on the back of strong retail performance

<ul><li><keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> and <keyword id="6358977" type="General" weightage="20" keywordseo="swiggy" source="Orion">Swiggy</keyword> on Monday morning announced their latest investment in a restaurant management company called <keyword id="3940004" type="General" weightage="20" keywordseo="urbanpiper" source="Orion">UrbanPiper</keyword>.</li><li>UrbanPiper has raised $24 million in its latest round led by existing investors Sequoia Capital India and Tiger Global.</li><li>UrbanPiper helps restaurants manage their online food delivery operations, allowing them to juggle between multiple food-ordering apps.</li></ul>India’s biggest food delivery businesses Zomato and Swiggy on Monday morning announced their latest investment in a restaurant management company called UrbanPiper. UrbanPiper — founded by Saurabh Gupta, Anirban Majumdar and Manav Gupta in 2016 — claims to process 18% of all online food orders in India. Nearly two in ten online food orders in India are currently being processed by UrbanPiper, the company claims. The company has raised $24 million in its latest round led by existing investors Sequoia Capital India and Tiger Global. Zomato’s founder Pankaj Chaddah, who left Zomato in 2018, also participated in the round, along with Curefoods’ Ankit Nagori, Whatafix’s Khadim Batti and Vara Kumar. <cmsannotation type="cmsannotation" annotationid="Zomato invested in UrbanPiper back in January" comment="subhead" text="Zomato invested in UrbanPiper back in January">Zomato invested in UrbanPiper back in January</cmsannotation> Zomato had announced its investment in UrbanPiper earlier in January this year. According to the filings with the Stock Exchange of India, Zomato acquired a 5% stake in UrbanPiper for $5 million (about ₹37 crore) in cash. This funding was a part of a larger $24 million round, the document read. A simple back of envelope calculation reveals that UrbanPiper has been valued at $100 million in this round. <cmsannotation type="cmsannotation" annotationid="What does UrbanPiper do?" comment="subhead" text="What does UrbanPiper do?">What does UrbanPiper do?</cmsannotation> UrbanPiper helps restaurants manage their online food delivery operations, allowing them to juggle between multiple food-ordering and delivery players like Zomato, Swiggy and others through a single interface. The company claims to be a middle layer between the restaurants and food aggregator businesses. The company recorded a turnover of ₹6,34 crore in the fiscal year 2021. It currently processes over 14 million orders a month, which equates to approximately $750 million of estimated order value annually. The five-year-old company works with marquee restaurant chains such as McDonald’s, Pizza Hut, KFC, Subway, Cure Foods, Taco Bell, and Rebel Foods. Currently, it’s live in 27,000+ restaurant locations across eight countries, including India and the Middle East. The company now aims to onboard 200,000 restaurant locations in more regions across India, the Middle East and North Africa (MENA) and European Union (EU) in the next two years. UrbanPipper counts Axilor Ventures and GoGrugal’s Kumar Vembu as its investors too. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/hdfc-bank-infosys-tata-power-among-stocks-to-watch-out-for-on-april-18/slidelist/90902769.cms">HDFC Bank, Infosys, Tata Power among stocks to watch out for on April 18</a> <a href="https://www.businessinsider.in/business/auto/news/okinawa-dealership-burns-down-after-another-electric-scooter-catches-fire-company-recalls-over-3200-praise-pro-scooters/articleshow/90904129.cms" data-type="tilCustomLink">Okinawa dealership burns down after another electric scooter catches fire, company recalls over 3,200 Praise Pro scooters</a> <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-are-catching-fire-in-india-should-users-be-worried/articleshow/90496840.cms">Electric scooters are catching fire in India – should users be worried?</a>

Zomato and Swiggy invest in this restaurant management company that fulfils 2 in 10 food deliveries in India

It is rightly said that there’s no such thing as too many pairs of shoes! When it comes to footwear styles for women the choices are many. However, the love affair with daily wear flats has been for the ages. From open toe, to closed toe, to toe ring styles, to mules, to flip-flops - you name it and there is a style. When it comes to daily wear footwear, more and more women are choosing designs that are stylishly comfortable. Here’s a rundown on the timeless daily wear footwear designs that are comfy and trendy at once. <bulletContentEmbed name="B075N5L99B" columns="1"><bulletContentHeading name="B075N5L99B_head"><columnHead col="1"><columnHeadThumb> <div type="image" title="Top Pick" msid="79511063" hostid="261"></div></columnHeadThumb><columnHeadTitle>B075N5L99B</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B075N5L99B_body"><bulletContentRow name="B075N5L99B_5903475556022867"><bulletContentRowHeading><bulletContentRowHead col="1">FLITE Women's Slippers</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Comfortable daily wear slippers from Flite with a slip-on closure. These casual flats for women are made up of synthetic and are of premium quality.</bulletContentRowCell></bulletContentRowBody></bulletContentRow><bulletContentRow name="B075N5L99B_7253070615044117"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Available in four colour variants.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody></bulletContentEmbed> <bulletContentEmbed name="B07HN51M9H" columns="1"><bulletContentHeading name="B07HN51M9H_head"><columnHead col="1"><columnHeadThumb> <div type="image" title="Also Consider" msid="77357063" hostid="261"></div></columnHeadThumb><columnHeadTitle>B07HN51M9H</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B07HN51M9H_body"><bulletContentRow name="B07HN51M9H_4494358397462633"><bulletContentRowHeading><bulletContentRowHead col="1">Khadims Women Casual Flat Sandal</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Your daily wear footwear collection cannot be complete without a traditional toe ring style. This white open toe ring design by Khadim’s will look great when worn with casual traditional wear. The patterned upper part adds grace, Flatform heel type ensures maximum comfort, while the PVC sole makes it soft. Subtle colour tones make it a favourite with all age groups.</bulletContentRowCell></bulletContentRowBody></bulletContentRow><bulletContentRow name="B07HN51M9H_1946010236098868"><bulletContentRowHeading><bulletContentRowHead col="1">Traditional Toe Ring Style</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Elegant everyday design with Flatform heel</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody></bulletContentEmbed> <bulletContentEmbed name="B074F2TJLH" columns="1"><bulletContentHeading name="B074F2TJLH_head"><columnHead col="1"><columnHeadThumb> <div type="image" title="Editor&amp;#39;s Pick" msid="79511180" hostid="261"></div></columnHeadThumb><columnHeadTitle>B074F2TJLH</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B074F2TJLH_body"><bulletContentRow name="B074F2TJLH_6260786346546851"><bulletContentRowHeading><bulletContentRowHead col="1">TRASE Women's &amp; Girls' Slipper</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">TRASE presents to you this doctor sole footwear for your delicate feet. Made by expert craftsmen, this range will be perfect for providing a touch of warmth and comfort to feet ailed by orthopaedic problems. You can now keep your feet comfortable with this pair of doctor sole footwear for women that have been skilfully crafted to provide optimum support to your ailing feet. It is lightweight and has been ergonomically designed to support and soothe feet suffering from orthopaedic problems.</bulletContentRowCell></bulletContentRowBody></bulletContentRow><bulletContentRow name="B074F2TJLH_0707968263870153"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Available in many colour options.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody></bulletContentEmbed> <bulletContentEmbed name="B075LDDWGB" columns="1"><bulletContentHeading name="B075LDDWGB_head"><columnHead col="1"><columnHeadThumb> <div type="image" title="Popular Pick" msid="79511292" hostid="261"></div></columnHeadThumb><columnHeadTitle>B075LDDWGB</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B075LDDWGB_body"><bulletContentRow name="B075LDDWGB_7141119217029765"><bulletContentRowHeading><bulletContentRowHead col="1">PARAGON Women's Flip-Flop</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Paragon footwear brings you the most stylish flip flops for women online to add a zing to your step. Experience style, quality and durability at affordable prices. These ultra-modern flip flops are a perfect addition to your footwear collection. With sophisticated designs, sturdy straps, and snug fitted soles, these flip flops are classic picks for women that require both comfort and style.</bulletContentRowCell></bulletContentRowBody></bulletContentRow><bulletContentRow name="B075LDDWGB_5543828099529783"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Comfortable, stylish and durable flip-flops from Paragon.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody></bulletContentEmbed>

Comfortable daily footwear for ladies in India

Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone

<ul><li><keyword id="10135370" type="General" weightage="100" keywordseo="elevation-capital" source="Orion">Elevation Capital</keyword>, Jungle Ventures, <keyword id="4346570" type="General" weightage="80" keywordseo="venture-highway" source="Orion">Venture Highway</keyword>, and over 25 angel investors, advisors, founders, and CXOs of marquee technology companies have participated in this round. </li><li><keyword id="6593858" type="General" weightage="80" keywordseo="drivetrain" source="Orion">Drivetrain</keyword> will use the funds to accelerate product development and expand its go-to-market team. </li><li>The company was founded in 2021 by <keyword id="236003" type="General" weightage="80" keywordseo="alok-goel" source="Orion">Alok Goel</keyword>, Tarkeshwar Thakur and <keyword id="15297285" type="General" weightage="80" keywordseo="saurav-bhagat" source="Orion">Saurav Bhagat</keyword>.</li></ul>Drivetrain AI Incorporated, a financial modelling platform on Wednesday said it raised $15 million in a fresh funding round. Apart from Elevation Capital, Jungle Ventures, and Venture Highway, over 25 angel investors, advisors, founders, and CXOs of marquee technology companies have participated in this round. Investors Akshay Kothari from software Notion; Khadim Batti and Amit Sharma of SaaS platform Whatfix; Krish Subramanian and Karthik Srinivasan from revenue management company Chargebee; Kushal Nahata of delivery platform FarEye and Niranjan Sivan from software firm Freshworks also participated in the round. The startup that helps businesses scale and achieve their targets predictably, was founded in 2021 by Alok <keyword id="6394938" type="General" weightage="80" keywordseo="goel" source="Orion">Goel</keyword>, Tarkeshwar Thakur and Saurav Bhagat. “Drivetrain is like Google Maps for business growth. It helps build plans, informs you whether you’re on track, and simplifies course-correction. Many leaders manage their business plans and multimillion-dollar budgets on spreadsheets that are cumbersome and error-prone. Gauging your business health in real-time and applying course corrections is impossible on spreadsheets," said Goel, co-founder and CEO of Drivetrain. Drivetrain’s platform helps finance teams build integrated plans, budgets and forecasts, track their progress against targets, and identify bottlenecks to growth. The platform integrates with over 200 common business tools such as Salesforce, Netsuite, Quickbooks, Workday, and Looker. It will use the funds to accelerate product development and expand its go-to-market team, the company said. The platform also offers features like tracking real-time budget versus actuals, modelling what-if scenarios, and root cause analysis, to name a few. “Today, finance teams spend up to four weeks every quarter tracking key business metrics and generating reports for their stakeholders. You can’t make decisions on such stale data,” said Deepak Gaur, Partner at Elevation Capital. Elevation Capital has been investing in India since 2002 deploying almost $2 billion of capital in over 150 companies. “We have struggled to put together Excel sheets for portfolio companies to predict revenue growth, structure the go-to-market plan, and understand levers that would affect revenue and margin growth. Spreadsheets and existing tools fail to do this in real-time,” said Priya Mohan, Partner at Venture Highway. Venture Highway is an early-stage investment fund that partners with next-generation technology entrepreneurs building from India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indians-to-benefit-as-canada-aims-to-grant-citizenship-to-300000-people-in-2022-23/articleshow/94956352.cms">Indians to benefit as Canada aims to grant citizenship to 300,000 people in 2022-23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/heres-what-it-takes-to-make-a-trillion-dollar-company/articleshow/94940917.cms">Here’s what it takes to make a trillion-dollar company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/meet-new-bcci-president-roger-binny-former-indian-bowler-and-team-member-of-the-1983-world-cup-winning-team/slidelist/94939202.cms">Meet new BCCI president Roger Binny - Railway guard’s son and member of World Cup-winning team</a>

A startup that calls itself ‘Google Maps for business growth’ raises $15 million from Elevation Capital and others

<ul><li>Footwear retailer <keyword id="11914799" type="General" weightage="20" keywordseo="metro-brands-ipo" source="Orion">Metro Brands IPO</keyword> has opened today with a price band of ₹485-₹500 per share.</li><li>Shares of the company are demanding a premium of ₹20 in the grey market today, indicating tepid listing gains.</li><li>While the company’s profits were severely impacted in FY21 due to covid restrictions, the company is planning to open 260 stores in the next three years.</li></ul>Marquee investor Rakesh Jhunjhunwala-backed <keyword id="9095636" type="General" weightage="20" keywordseo="metro-brands" source="Orion">Metro Brands</keyword>, which is one of the largest Indian footwear specialty retailers in India, has opened its initial public offering (IPO) today, December 10. Started in 1955 as a footwear specialty retailer in India, Metro Brands now caters to footwear needs of men, women, unisex and kids. The company was performing well until COVID-19 hit the entire footwear retailing segment because of the pandemic led restrictions across the country. <div type="image" title="metro brand rev" height="900" width="1200" msid="88204287" hostid="261"></div> “COVID-19 was a freight truck that hit all the retailers and I think Metro Brands has financial discipline and operational rigour and we’re among the few retailers that did two things. One is to maintain a positive impact (on financials). And of course, we did not see any gross margin erosion,” said Nissan Joseph, chief executive officer at Metro Brands in an interview with Business Insider. Its revenue from operations declined by 37.75% in FY21. In the meantime, it permanently closed 24 stores, due to significant decline in footfalls on account of COVID-19. While the fundamentals of the company remain good with close-to-zero debt in its books and generation of profits, the new COVID-19 variant may adversely affect its plan to grow its store sales in the near term. “A continued decline or fluctuation in footfalls, particularly as a result of the second and any subsequent waves in India, may also affect our ability to effectively manage our inventory of products. Further, stores located in containment zones, as demarcated by the government of India from time to time, may have further restrictions imposed on their operations,” the company mentioned in the DRHP. While sales through physical stores play a significant role in overall revenues, the footwear retailer has also made some move in the online channels. On a standalone basis, online sales contribute only 6% to the company’s revenues in FY21. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">FY21 </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;">% of revenue </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;">In-store Product Sales </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;">91.93% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Online Product Sales </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;">6.15% </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;">Omni-channel Product Sales </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;">1.09% </td></tr></tbody></table> However, the total online product sales have grown at a compound annual growth rate (CAGR) of 72.95% from ₹ 19 crore in FY19 to ₹57 crore in FY21. As of March 31, 2021, Metro Brands operates 586 Stores in 134 cities across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">Fiscal </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;">Numbers of stores at the end of the period </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;">FY19 </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;">504 </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;">FY20 </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;">551 </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;">FY21 </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;">586 </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;">Target to add in the next three years </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;">260 </td></tr></tbody></table> “We have built a team with our area mapped out entire [throughout] India and when we see the possibility of expansion we have targeted to open 260 stores [and] are confident that we'll be able to open that many stores,” said Joseph. On the bright side, Metro Brands had the highest average selling price (ASP) or realisation per unit from fiscal 2019 to fiscal 2021 among its peers such as Bata India Ltd, Khadim India Ltd, Liberty Shoes Ltd and Relaxo Footwear Ltd in the industry. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">Players </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;">Average selling price as of FY21 </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;">Bata 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;">₹534 </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;">Khadim 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;">₹519 </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;">Liberty Shoes </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;">₹380-400 </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;">Relaxo Footwear </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;">₹124 </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;">Metro Brands </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;">₹1328 </td></tr></tbody></table> The company intends to raise ₹1,367 crore with fresh issue of ₹295 crore and an offer for sale of 2.14 crore shares by promoters. Majority of the IPO proceeds will be used to open new stores under brands such as Metro, Mochi, Walkway and Crocs. Analysts at Angel One believe that the company is demanding an expensive valuation. “The company’s historical net profit growth is low compared to its peer Relaxo Footwears. However, Metro Brands has asset light business, strong brands and wide range of products but we believe that these positives are captured in the valuations commanded by the company. Thus, we have a NEUTRAL rating on the issue,” said the brokerage firm. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mapmyindias-grey-market-premium-is-at-900-heres-all-you-need-to-know/slidelist/88200647.cms">MapmyIndia’s grey market premium is at ₹900 — here’s all you need to know about the business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rakesh-jhunjhunwala-backed-star-health-lists-at-a-discount-of-nearly-6/articleshow/88199030.cms">Rakesh Jhunjhunwala-backed Star Health lists at a discount of nearly 6%</a>

Metro Brands is aggressively planning on opening new stores despite COVID-19’s impact on its profits

<img class="gwt-Image" src="/photo/47023914.cms" />India is seeing a <keyword id="138263" type="UNKNOWN" weightage="80" keywordseo="startup">startup</keyword> boom thanks to the internet proliferation. But as the deadline for <keyword id="6356988" type="PERSON" weightage="80" keywordseo="TRAI">Trai</keyword>'s consultation approaches, the nationwide clamour for <keyword id="6391709" type="UNKNOWN" weightage="80" keywordseo="Net-neutrality">net neutrality</keyword> is touching a crescendo with a number of internet ventures and startups telling Times of India <keyword id="6358815" type="COMPANY" weightage="80" keywordseo="tech">Tech</keyword> that they firmly stand in favour of an unfettered net. 
 
Almost all entrepreneurs that the TOI spoke to for this report unequivocally expressed that a free internet is their lifeline to future growth. Here are their reasons (in their own words) to vociferously demand that status quo be maintained. Read on... 
 
Metis Learning-- Bharat Gulia, founder, Metis Learning 
 
Startups are taking India by storm and companies that did not exist 10 years ago now have billion dollar valuations. In the process, they are creating thousands of jobs, strengthening India's image in the global markets and creating tremendous value for customers. However, the scenario was very different in the India of yore. 
 
Today's youngsters may not have witnessed the dreary 'License Raj' days. Contrived barriers, reinforced by obscure government policy, created monopolies. Uncompetitive, well-connected and cash-rich conglomerates and PSUs dominated. They thrived in an environment of scarcity where it took many years to buy an outdated scooter model, or even get a phone connection.The recent debate on net neutrality throws one back to those days. The choice India needs to make is simple - do we go back to the imprisoned economy of the license raj, or do we encourage fresh thinking and innovation. 
 
The lifeblood of innovation is a level-playing field where an 18-year-old can come up with a great solution that can beat the option that a huge telecom company is shoving down the throat of its users. Customers need to be free to choose what gives them greater value and entrepreneurs should not be constrained by artificial barriers to provide that solution to customers. 
 
The internet lies at the centre of the digital economy and the game-changing innovation we are seeing today. Let it be open! Let not fuddy-duddy babus and big businesses conspire to set up roadblocks that stifle entrepreneurship. Let's have an India where start-ups thrive along with big businesses and may the best man win. 
 
Whatfix --Vara Kumar, co-founder &amp; CTO, Whatfix, an online productivity tool that allows users and businesses to create interactive guides on their and third party websites 
 
I and Khadim started Quicko Labs after decades of experience of building world class products, this would have been difficult if not for net neutrality. We believe that an open system encourages innovation and if operators start charging for faster access, it would stifle the entire ecosystem. More importantly, competition is inevitable for any product and we believe that innovation and great customer service is what will drive your business ahead rather than faster access. 
 
Infinity Assurance - Puneet Gargya, co-founder and COO at Infinity Assurance Solutions, a startup that provides service administration of warranty programmes "No discrimination should be made against any user for any kind of internet usage. It is THE lifeline for people today with more and more businesses moving to the net. It is as essential as electricity and water. Trai must do whatever is required to protect it." 
 
ePaisa -- Siddharth Arora, CEO and co-founder, ePaisa ISPs and governments should treat all data on the Internet as equal. This means they shouldn't discriminate or change differentially by user, content, site, platform, application, type of attached /equipment or mode of communication. There has been a lot of commentary on these principles of Open Internet since the launch of Airtel Zero and the Trai consultation paper. ISPs think they have cracked the formula of a whole new revenue stream, but at the core of this discussion is the online business and consumer relationship. 
 
Large online players may think they have found a strategic way to find new traffic sources (today's non-internet users) and hold the customers. I believe this is a short-sighted view. Not only will these companies need to offer free access to their sites across all ISPs (increasing their costs, while they are already not making money), but their competition (also with deep pockets) will follow suit. 
 
More importantly, businesses that have focused on ways to lock customers instead of innovating and offering better services have failed. While it's a great introduction to the web for the non internet user, let's not undermine the intellect of this user. Over time, this user will want more and will move on to a service that gives him/her real value, not free access. 
 
ISPs are calling this the toll-free number equivalent of the internet. The truth is, toll-free may get you a customer, but it will not help you retain one." 
 
Binge -- Ajay Joseph, co-founder, Binge (Noroc Solutions), a billing startup that enables restaurant bill presentment and payment over the phone 
 
Net Neutrality is a very critical factor given that the core tenet of the internet is built on being a democratic platform. With the rapid increase in the penetration of the internet, it is critical that we as a country stay true to the core tenet of the internet. All the stakeholders, across the service providers, the OTT players and the governing authorities need to work in unison to continue to improve the value to the consumer and net neutrality will be at the centre of it. 
 
Konotor -- Srikrishnan Ganeshan, co-founder at Konotor, a mobile marketing and CRM product startup firm that helps businesses engage, retain and sell more to their app users 
 As an <keyword id="6359301" type="POSITION" weightage="80" keywordseo="Entrepreneur">entrepreneur</keyword>, I can definitely relate to why not honouring net neutrality creates an uneven playing field. In fact, when my startup was earlier building a messaging app, the fact that there were "Whatsapp only" plans was something that surprised me. Something that has the potential to stifle competition cannot be good for the customer. 
 
Citrus Pay --Satyen Kothari, MD and founder, Citrus Pay 
 
Free market competition and encouraging grass roots innovation is a critical aspect of building up a powerful entrepreneurial ecosystem. Creating obstacles in a truly open, neutral internet creates serious obstacles in enabling this ecosystem. 
 
The concept of net neutrality has been discussed deeply and upheld in many countries across the world, and India should not regress and violate this core foundational concept of the open internet. 
 
GoodWorkLabs -- Vishwas Mudagal, CEO, GoodWorkLabs 
I'm all for net neutrality. Let's not let corporate greed take over the internet. Let's nip this cancer in the bud. #?BhartiAirtel? - I know it makes perfect sense for you to ensure robust revenues from breaking net neutrality by preferring companies that have deep pockets. But it will kill all the innovation and startup boom that has just started. We need a level-playing field where a minnow can take on a shark, and it's the internet medium alone that can provide it. So let's end this right now. 
 
I also know there are various forms of net neutrality issues and violations from various companies both in India and outside, so we need to end this and we need everyone on neutral ground. 
 
Knowlarity -- Ambarish Gupta, CEO and founder, Knowlarity Communications 
 
Net neutrality is fundamental to having a robust set of internet companies in India. In its absence, we are not going to have a level-playing field and ultimately make the innovation suffer. I can understand the revenue pressure telecom operators are feeling because of many of the internet applications. 
 
However, the current position of telecom operators is neither very fruitful, nor sustainable in long term. If there is an end to net neutrality, it will reduce the innovation and increase the barrier to entry for young innovative start-ups to do new things. 
 
Internet is a corridor of doors, like the space Morpheus and Neo enter along with the Key Maker in film 'The Matrix Reloaded'. Just that, once you are at one of the doors of internet, it is endless and you don't need additional keys to open subsequent doors. This, in essence, is also the principle of net neutrality. 
 
The empowering nature of the internet is not merely because it facilitates flow of information, as the advent of radio and television did in the twentieth century. The core trait of the internet is that it has not only given access to abundant reservoir of information to consumers, but most crucially, it has given a level-playing field for the users - to not only consume, but to create, voice and dissent over the internet. 
 
By violating net neutrality in any of the forms, the core principle of the internet will be lost. And with it the aspirations of millions, who are yet to experience the internet, will be trampled. 
 
TripHobo -- Saket Newaskar, CTO and co-founder of TripHobo 
 
Internet is a market place and net neutrality ensures that ISPs don't interfere in this market place. Disturbing net neutrality can not only create a havoc in the online space but may affect offline business in a big way. 
 
Not only market place activities like branding, consumer communication and consumer experience be impacted, even essential activities like consumer service and support will be affected. Big players can give better experience while the smaller ones will struggle. Startups with deep pockets will definitely have a bigger advantage. All the existing big startups have become big because of net neutrality today. 
 
Startups of the future will be at a disadvantage. Airtel's new initiative is about helping Airtel make money. If big apps and content providers are able to subsidize data costs of their users, Airtel will make money. Users are not going to stop using essential and interesting apps even if they cost. However, this creates differential pricing for the same service i.e streaming. 
 
Thus Airtel is interfering in the marketplace. Airtel's role is streaming and not creating content. It could be dangerous in the long run. Internet startups will definitely be affected. Innovation will be scuttled as the cost of reaching one's users will increase. Competitive landscape and even playing-field is essential for new internet startups to flourish." 
 
PropTiger -- Dhruv Agarwala, CEO and co-founder, PropTiger.com 
 
"Net neutrality makes the internet a level playing field. Airtel's Zero will favour app developers and websites with larger pockets who have capacity to pay. As a result, small start-ups may suffer. People and firms with small budgets will have to think long and hard before choosing between various data 
 
packs because certain applications will be free or costly depending on the data pack. People who use free data packs will also not be able to access the websites or apps which have not paid for preferential treatment. What may happen with plans such as Airtel's Zero is that when big app developers and websites pay for it, others might find it difficult to refuse to be part of the race for very long. They might also be compelled to pay eventually. When consumers are compelled to choose between free and paid internet, it is obvious that they would reject paid internet. This might put many internet start-ups out of business. The internet will become less diverse than it is now". 
 
Toppr.com -- Zishaan Hayath, co-founder, Toppr.com 
 
Toppr stands completely in support of net neutrality and the idea that access to internet/data should be same for all without any external throttling. Net neutrality is the basis on which internet was built and it has been successful in providing a level-playing field for all without any bias. Lack of net neutrality would clearly affect the freedom of choice of consumers which could end up creating monopolies across industries". 
 
Wingify -- Paras Chopra, founder, Wingify, PriceBaba.com 
 
It is extremely important to ensure that freedom of speech is upheld. That's a basic human right. Net neutrality implicitly defeats that freedom of speech. We are all in support of net neutrality and want the regulator / government to do the right thing. Internet is an opportunity for innovation to occur without barriers of wealth, access and background. Thus. it should be truly a level playing field for everyone. - Annkur Agarwal, founder, PriceBaba.com 
 
ClearTax -- Archit Verma, founder, ClearTax Net neutrality is required for infrastructure services. I moved back from the US and Silicon Valley to India to start ClearTax. In the US, it took a lot of effort to keep the internet neutral, but now the US president and the FCC have strongly committed themselves to net neutrality.We in India are a fledgling Internet economy and growing quickly. Any mistakes here will stifle innovation. The internet is built for disruption and it gives the big and the small an equal platform to innovate and compete. Net neutrality is a first principle. It is core to the infrastructure. 
 
Thenwat -- Umashankar Das, founder, Thenwat If India believes that it can create a Google, then it should support #NetNeutrality. Otherwise, this will push us to stone ages in another 10 years. - 
 
Rockmetric -- Nimesh, founder Rockmetric 
 
Internet gives a level playing field for 'anyone' with motivation and skills to compete with the biggest players and win over customers with limited capital. Openness of the internet allows this miracle to happen! If the internet starts favouring larger players by increase entry barriers, it will only kill innovation. 
 
Liberated Keypad -- Jayanthkumar, founder, Liberated Keypad Internet Neutrality is part of a larger issue of Trai playing servant to COAI. COAI has successfully made it such that people who by mistake violate their 3G packs face huge bills on postpaid. Airtel, for example, has reduced its monthly validity pack to 28 days so that you might forget to recharge your pack, and not carry forward your balance. That, or they simply just reduced your pack value, urging you to consume more.We need to get more and more people aware that the COAI is a very powerful lobby, and has had its way for a very long time. I will not stand by a service provider so greedy with profits. I want them to serve the consumers, instead of serving themselves.We need to get rid of products like Free Facebook, Free WhatsApp, Free Flipkart, which reduce the ability of small players like myself to compete with bigger media houses, companies, startups." 
 
MeraCareerGuide.com -- Love Chopra, founder, MeraCareerGuide.com The basic foundation of internet is neutrality. Airtel Zero is a very basic attempt to kill its neutrality, you can't imagine how bad this could go if it is allowed; this will surely kill product innovation. No blocking, No throttling, No paid prioritization, No special treatment to deep pocket player. I support #NetNeutrality. 
 
www.tinqr.in -- Karan Aggarwal, co-founder, www.tinqr.in 
 
We are bootstrapped technology startup from Delhi. We have put all our lives' savings into our company because we were confident that in a free country like ours, excellence and hard work will thrive. But today, our confidence is fading. We see a threat to our freedom, a threat to our dreams. We thrive on the internet. Without net neutrality, there will be no level-playing field, no startup dreams. We sincerely request you to let this be the way it is. Don't take this away from us. We demand net neutrality for total online freedom. 
 
Chorusplay --- Hari PK, founder, Chorusplay 
 
India, as a country that's embracing technology, is growing at a massive pace. And it will take us decades to match the pace of developed countries. The only, and the most effective level-playing field for all of us - individuals and businesses, is the window to grab the new technologies, especially for startups. 
 
The compromise on net neutrality (or the idea behind it) will kill the upcoming startups and new businesses. And it will also have a (very) strong retrospective impact on the existing startups (who cannot afford to BUY their way through this problem). With the prime minister spearheading the ""Make In India"" campaign, we all dream of a nation that will be the next tech hub and a budding ground for startups. 
 
The absence of net neutrality will be a potential death row for all those dreams. Let's unite for a better country, a better dream and a much-needed revolution. And we have to do it today, right now. 
 
Yogurt Labs -- - Shardul Mohite, founder, Yogurt Labs 
Telcos controlled VAS and we all know how that whole industry ended up. They were acting like thugs demanding 70-80% of revenue as a fee from VAS companies. If they get to control how the data is being used on their network, we would see similar kind of attitude repeated again. Startups that think Airtel Zero or Internet.org are good ideas for customers are not thinking long term. When telcos start controlling who gets in front of the customer, they would demand huge amount of fees too. Net neutrality is the only way to ensure that no one gets to control (in short-term or long-term) how anybody uses internet to reach potential customers.

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