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<ul><li>Police have arrested a gang of three, including <keyword id="6610414" type="UNKNOWN" weightage="20" keywordseo="mohit-goel">Mohit Goel</keyword>, for extorting money. </li><li>The extortion money was to settle a gang rape case. </li><li>An amount of ₹50 million was demanded from the people involved.</li></ul>Mohit Goel, a partner in the Noida-based Ringing Bells, a company that sold the <keyword id="3247248" type="PERSON" weightage="20" keywordseo="Freedom-251">Freedom 251</keyword>, the world's cheapest smartphone that costs a meagre ₹251, was <a href="http://indianexpress.com/article/delhi/founder-of-rs-251-smartphone-held-for-extortion-5212209/">arrested</a> with two others in an alleged extortion case in <keyword id="6358777" type="UNKNOWN" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>. Three individuals including Goel, his cousin and a woman were trying to extort money from five businessmen in order to settle a gang rape case out of court. A case was lodged by the woman with the Alwar <keyword id="44389" type="COMPANY" weightage="20" keywordseo="district">district</keyword> police, in Rajasthan, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, on 6 March in which she claimed she was raped by five businessmen who invited her to attend an event at a hotel. All the five accused were subsequently arrested. However, the same businessmen lodged a complaint against their accuser and her two accomplices at the Netaji Subhash Place police station for extortion.The police arrested all three for colluding and trying to take money from the businessmen in return for withdrawing the rape case. The gang had reportedly made a demand of ₹50 million from the businessman as a fee for settling the case out of courts. On 11 June, the alleged rape victim along with the accused, arrived at the businessman's office to pick up the extortion money where they were apprehended on the spot.

The man behind the world’s cheapest smartphone has been arrested for extortion

<keyword id="6428840" type="UNKNOWN" weightage="20" keywordseo="Ringing-Bells">Ringing Bells</keyword> made headlines because of the unbelievable price of the smartphones it was offering. It was rolling out Freedom 251 for just Rs 251. But now founder of Ringing Bells <keyword id="6610414" type="PERSON" weightage="20" keywordseo="Mohit-Goel">Mohit Goel</keyword>, the boy from Shamli, has quit. 
 
Goel was the managing director of the company ans has started another company, MDM Electronics. His wife Dhaarna, who was a director in Ringing Bells, has also quit. 
 
Goel’s brother Anmol is now in charge of Ringing Bells, the company confirmed in a release, adding he would take care of its liabilities. 
 
However, no clear indications regarding the way forward were given and that left dealers who have taken advances to distribute the phone, named Freedom 251, anxious. 
 
Mohit and Dhaarna have given no explanation for leaving. 
 
The office of Ringing Bells in Noida's Sector 62 has been locked for the past two weeks. 
 
After Freedom 251 was announced, seven crore people registered for it and 30,000 people made advance payments. Facing immense pressure, but without a manufacturing facility for the phones, the company reportedly refunded the advance and tweaked the plan to make it a cash-on-delivery offer. Dealerships were opened all over the country with advances to sell the phone. 
 <keyword id="170452" type="PERSON" weightage="20" keywordseo="Prem-Prakash">Prem Prakash</keyword>, who had paid cash in advance to procure the phones and distribute them, said he had not received any communication about the next step. Prakash had a Freedom 251dealership in Noida's Bhangel area. 
 
"I have shut down my shop as I did not know how to answer people who gave us money . We had given money to Ringing Bells. We did not go to police as they gave us a cheque dated December 31, 2016. Now, they have gone missing," Prakash told ET. 
 <keyword id="4010179" type="UNKNOWN" weightage="20" keywordseo="devdutta-malhotra">Devdutta Malhotra</keyword>, a Ringing Bells dealer in <keyword id="44991" type="COMPANY" weightage="20" keywordseo="Ghaziabad">Ghaziabad</keyword>, said Goel still owes him Rs 16 lakh. "Initially he owed me Rs 25 lakh, then he returned some money and said he would come back and repay everything. But now we hear that the company has been dissolved and a new company is being formed by the founders of Ringing Bells. I'm still waiting for my Rs 16 lakh," he told ET.

Founder of Ringing Bells, company that promised Freedom 251 smartphone at Rs 251, quits

(<keyword id="6610414" type="PERSON" weightage="100" keywordseo="Mohit-Goel">Mohit Goel</keyword> and the founders at the <keyword id="3247248" type="UNKNOWN" weightage="100" keywordseo="Freedom-251">Freedom 251</keyword> launch event. Image credit: PTI) 
 
 
On July 8, <a href="http://www.businessinsider.in/searchresult.cms?query=mohit+goel&amp;sortorder=effectivedate">Mohit Goel</a>, CEO and founder of <a href="http://www.businessinsider.in/Rinmging-Bells-website-shows-no-sign-of-Freedom-251/articleshow/53113390.cms">Ringing Bells</a>, the makers of what is being touted as the world’s cheapest smartphone personally hand-delivered the first model of <a href="http://www.businessinsider.in/searchresult.cms?query=freedom+251&amp;sortorder=effectivedate">Freedom 251</a> to a surprised <keyword id="3483784" type="UNKNOWN" weightage="100" keywordseo="ankita-birla">Ankita Birla</keyword>, a 27-year-old vendor co-ordinator from <a href="http://www.businessinsider.in/searchresult.cms?query=noida&amp;sortorder=effectivedate">Noida</a>. 
 
Birla had to pay Rs 291 for the smartphone, of which Rs 40 includes a delivery charge levied by the company. Like the countless others who had placed an order for the smartphone, she too was skeptical about the phone ultimately reaching her. 
 
 
(Mohit Goel hand-delivering the first model of Freedom 251 to Ankita Birla. Image credit: Indiatimes) 
 
 
“I never thought the company would deliver,” she admitted, echoing the thoughts of the entire <a href="http://www.businessinsider.in/searchresult.cms?query=indian+smartphone+market&amp;sortorder=effectivedate">Indian smartphone market</a>. Her suspicions were only reinforced by all the controversies the company was mired in- from being accused of being a fraud and defaulting on vendor payments to relabeling an existing brand and demanding Rs 50,000 crore from the <a href="http://www.businessinsider.in/searchresult.cms?query=indian+government&amp;sortorder=effectivedate">Indian government</a> to continue its production. 
 
Twenty-nine-year-old Goel, on the other hand is unperturbed and took the opportunity to silence his critics. “Everyone had already declared that I was running a Ponzi scheme. Despite being branded as a fraudster, I did deliver what I promised. With Freedom 251, I proved that it’s possible to make a smartphone n this kind of investment,” he said. 
 
However, Goel’s claim of delivering what he promised- a smartphone, which comes with a quad-core processor, a four-inch screen and front and back cameras- at Rs 251 is a bit premature and should be taken with a pinch of salt, given the unanswered questions plaguing the company, unfulfilled deliveries and its recent plea for government support. 
 
Initially in February, the company had said that it was in a position to deliver 20 lakh handsets by June 30. That stance quickly changed when more than 70 million people jostled to register online for the phone leading to the website crashing in just three days. 
 
That was followed by an incident where the media was given handsets which turned out to be a Chinese-made phone whose brand name- Adcom- had been covered up with white paint on the front, and a sticker hid it on the rear. 
 
The widespread furore also resulted in protests outside the company’s headquarters, multiple enquiries by the police, tax authorities and the enforcement directorate. 
 <keyword id="6428840" type="UNKNOWN" weightage="100" keywordseo="Ringing-Bells">Ringing Bells</keyword> then refunded the deposits it had taken from more than 30,000 people on the internet and announced that buyers could pay for Freedom 251 with cash upon delivery. The company also added that it would fulfil 2 lakh deliveries out of the 70 million orders that they had received, stating that the first phase would start from July 8 and 5,000 units would be sent out for deliveries. 
 Then on July 7, a day before the delivery was set to begin, the company hosted a fresh launch event in Delhi, reiterating the fact that Freedom 251 is very much real. Goel also used the platform to launch a <keyword id="3475081" type="UNKNOWN" weightage="100" keywordseo="freedom-led-tv">Freedom LED TV</keyword> at Rs 9990 and six new phones- four of them being feature phones. 
 
 
(Ringing Bells launching their latest offering- Freedom LED TV. Image credit: PTI) 
 
 
He then made a shocking <a href="http://www.businessinsider.in/Freedom-251-makers-seek-Rs-50000-crore-from-the-government-after-facing-losses/articleshow/53088935.cms">last minute plea to the Indian government for Rs 50,000 crores</a>. 
 
In a letter written to the Prime Minister's Office dated June 28 asking for a meeting with <a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate">Narendra Modi</a> , Ringing Bells said: "We have brought 'Freedom 251' which we offer on 'Cash on Delivery' terms but we have a gap between the BOM (Bill of Materials) and the Selling Price. We, therefore, humbly request government support to actualise the objective to cascade the availability and usage of <keyword id="6354775" type="TECHNOLOGY" weightage="100" keywordseo="Smartphones">smartphones</keyword> all through the far reaches of our great nation." 
 According to Goel, he had initially faced a loss of Rs 930 on each handset for which parts were imported from <keyword id="46274" type="COUNTRY" weightage="100" keywordseo="Taiwan">Taiwan</keyword>. 
 
"I recovered Rs. 700-800 from app developers and from the revenue generated through advertisements on the Freedom 251 website. After selling the device for Rs. 251 (cash on delivery), the total loss per handset is expected to be in the range of Rs. 180-270," Goel claimed. 
He further added that if the government is willing to dole out that amount, he can ensure that 750 million of India's population would become part of digital India by owning a smartphone at Rs. 251. 
 
If that wasn’t all, Goel also announced that 90% of the proceeds of the sale would go to charity right after he admitted that Ringing Bells is a loss-making venture due to Freedom 251 and that the company would take slightly more time to deliver on its bookings apart from seeking government support to do the same. 
 
 
(Mohit Goel with a Freedom 251 handset. Image credit: PTI) 
 
 
At this point, we have umpteen questions- the chief being- if we were to assume that Ringing Bells is indeed cash-starved and in dire need of government support, how does Goel explain getting the money required to launch six new phones and a LED TV? It should also be noted that the company claimed to already have 1lakh units of the cheap Freedom LED TV in stock. 
 
To this, Goel replies that his assembly partners and his distributors have invested in the company making the production of the LED TV and other devices possible. “We are looking to make 15% profit on the LED TVS,” he added. 
 
While the company’s befuddling maths especially, the one justifying the Rs 251 tag never made sense, as most industry experts maintained that the cheapest variant of a phone with these kind of specs should cost Rs 2,500 at least, Goel’s recent claim of Ringing Bells giving away 90% of its proceeds to charity is also devoid of all logic. 
 
How can a company reeling in losses and desperately seeking Rs 50,000 crores from the Indian government afford to make any claims of charity? 
 
That’s not even the scariest part. The most outrageous part of the entire Freedom 251 episode is that none of the founders of Ringing Bells (including Goel) have any technology background. 
 
 
(Mohit Goel sits in the Ringing Bells office with the company's latest phone offerings. Image credit: BBC) 
 
 
This begs the most important question- What exactly is the Ringing Bells end-game? 
 
A common theory floating around is that the company is okay with making losses on Freedom 251 as long as it is making a splash in the market (which by the looks of it, it successfully is). A few months later, it will start introducing other high-end devices- including LED TVs and smartphones and look to selling them well due to their already established name in the market. 
 
(At the time of publication of this article Ringing Bells had already shipped 4,240 units, The remaining 760 units are in the process of being shipped to Uttar Pradesh, where Goel himself intends to visit some cities)

The truth about Ringing Bells, the makers of the world’s cheapest smartphone at Rs 251

A few months back, around mid-February, a relatively unknown <a href="http://www.businessinsider.in/searchresult.cms?query=noida&amp;sortorder=effectivedate">Noida</a>-based <a href="http://www.businessinsider.in/searchresult.cms?query=startup&amp;sortorder=effectivedate">startup</a> called <a href="http://www.businessinsider.in/searchresult.cms?query=ringing+bells&amp;sortorder=effectivedate">Ringing Bells</a> made the headlines for claiming to introduce India’s <keyword id="3248122" type="UNKNOWN" weightage="100" keywordseo="cheapest-smartphone">cheapest smartphone</keyword>. 
 
The smartphone named ‘<a href="http://www.businessinsider.in/searchresult.cms?query=freedom+251&amp;sortorder=effectivedate">Freedom 251</a>’ which was priced at just Rs 250 could be ordered online on the <keyword id="6428840" type="UNKNOWN" weightage="100" keywordseo="Ringing-Bells">Ringing Bells</keyword> website and the company promised to deliver 25 lakh handsets by June 30. 
 
However, what the company didn’t foresee was the unprecedented number of orders they would receive from people across the country wanting a taste of the cheapest smartphone on offer. 
 
As a result, Ringing Bells received over seven crore registrations leading to the payment gateway crashing within three days and the plan being put on hold. 
 
The company came decided to bounce back with a new plan and the second time around they claimed to start the first phase of deliveries with 5,000 handsets which would be sent to a ‘lucky few’ on July 8. The second phase of deliveries would soon follow. 
 When asked how would the company decide the 5,000 people out of the seven crore registrations, <keyword id="6610414" type="PERSON" weightage="100" keywordseo="Mohit-Goel">Mohit Goel</keyword>, CEO, Ringing Bells Pvt Ltd claimed that the same would be done via a lucky draw that would take place on July 7 when the company launches their flagship <keyword id="3475081" type="UNKNOWN" weightage="100" keywordseo="freedom-led-tv">Freedom LED TV</keyword> and six new phones. 
 At the event yesterday, we did see the launch of the Freedom LED TV, which Goel claims is the cheapest TV around at Rs 9,990 and the six new phones, each bearing an unusual name, but what we didn’t witness was the so-called lucky draw that would have decided the 5,000 people who would have received their <keyword id="3247248" type="UNKNOWN" weightage="100" keywordseo="Freedom-251">Freedom 251</keyword> handsets today. 
 
Moreover, when you go to the Ringing Bells website- there’s also no sign of Freedom 251 on their landing page, which instead advertises the new devices and the LED TV, clearly indicating that the company has shifted its focus from Freedom 251. 
 
The only mention of the phone is hidden in the ‘Our Products’ section, which basically highlights the basic features and specs of the phone- but keeps mum on the delivery dates. One doesn’t have the option to buy the phone either. 
 
 
For a company that became a household name due to the hype created about Freedom 251, it’s quite suspicious that their website shows no sign of the phone which could also seem like the company and its CEO are washing their hands off the handset. 
 
On being asked about the same, Goel is quick to add that they will deliver the Freedom 251 phones. "We've advertised our new phones on the website's home page because they need publicity and word of mouth," he insisted. 
 
But when we inquired whether the company intended to let people know the status of their deliveries today, Goel refused to comment. 
 
Additionally, the fact that he has officially admitted that Ringing Bells is a loss-making venture due to Freedom 251 and has approached the Government for help to the tune of a whopping Rs 50,000 crore does little to instill faith about Freedom 251 getting to see the light of the day. 
 
In a letter written to the Prime Minister's Office dated June 28 asking for a meeting with <a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate">Narendra Modi</a> , Ringing Bells said: "We have brought 'Freedom 251' which we offer on 'Cash on Delivery' terms but we have a gap between the BOM (Bill of Materials) and the Selling Price. We, therefore, humble request government support to actualise the objective to cascade the availability and usage of <keyword keytype="Technology" keywordseo="smartphones" smid="0" usetype="2">smartphones</keyword> all through the far reaches of our great nation." 
 
The question thus remains, will the seven crore people who’ve registered for Freedom 251 get to own the cheapest phone in the country?

Ringing Bells website shows
no sign of ‘Freedom 251’ even as deliveries are to start today

<a href="http://www.businessinsider.in/searchresult.cms?query=ringing+bells&amp;sortorder=effectivedate">Ringing Bells</a>, the <a href="http://www.businessinsider.in/searchresult.cms?query=noida&amp;sortorder=effectivedate">Noida</a> based <a href="http://www.businessinsider.in/searchresult.cms?query=startup&amp;sortorder=effectivedate">startup</a> that claimed to give the country its cheapest smartphone aptly called <a href="http://www.businessinsider.in/searchresult.cms?query=freedom+251&amp;sortorder=effectivedate">Freedom 251</a> (priced at Rs 250) will finally start sending out the first batch of 5000 devices for delivery come July 8. 
 
To get the phone, a receiver is required to pay Rs 290, which will include Rs 40 as delivery charges. 
 
However, all’s not well with the makers as the company is facing an unprecedented amount of losses. 
 According to <keyword id="6610414" type="PERSON" weightage="100" keywordseo="Mohit-Goel">Mohit Goel</keyword>, CEO, <keyword id="6428840" type="UNKNOWN" weightage="100" keywordseo="Ringing-Bells">Ringing Bells</keyword> Pvt Ltd, initially he faced a loss of Rs 930 on each handset for which parts were imported from <a href="http://www.businessinsider.in/searchresult.cms?query=taiwan&amp;sortorder=effectivedate">Taiwan</a>. 
 "I recovered Rs. 700-800 from app developers and revenue generated through advertisements on <keyword id="3247248" type="UNKNOWN" weightage="100" keywordseo="Freedom-251">Freedom 251</keyword> website. After selling the device for Rs. 251 (cash on delivery), the total loss per handset is expected to be in the range of Rs. 180-270," Goel claimed while talking to IANS. 
 
Goel only ray of hope at the moment is government support. 
 
In a letter written to the Prime Minister's Office dated June 28 asking for a meeting with <a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate">Narendra Modi</a>, Ringing Bells said: "We have brought 'Freedom 251' which we offer on 'Cash on Delivery' terms but we have a gap between the BOM (Bill of Materials) and the Selling Price. We, therefore, humble request government support to actualise the objective to cascade the availability and usage of <keyword id="6354775" type="TECHNOLOGY" weightage="100" keywordseo="Smartphones">smartphones</keyword> all through the far reaches of our great nation." 
 
To put it simply, he’s asking for a whopping Rs 50,000 crores from the government to continue producing the cheapest smartphone. He says, if the government is willing to dole out that amount, he can ensure that 750 million of India's population would become part of <a href="http://www.businessinsider.in/searchresult.cms?query=digital+india&amp;sortorder=effectivedate">digital India</a> by owning a smartphone at Rs. 251. 
 
 
 
He puts another alternative in front of the government as well- Goel is also onboard if instead of giving his company the money, the government gets the phones manufactured by another vendor. 
 "The government can make the phone - under our Freedom brand - from some other vendor. I have no objection to it. To make such phone for every Indian citizen, the government needs to allocate funds from its <keyword id="1929810" type="UNKNOWN" weightage="100" keywordseo="Digital-India">Digital India</keyword> initiative," he said. 
 
According to Goel, he has already proved that a smartphone is actually possible in this kind of investment. “But to fulfill a mammoth handset order that runs in crores, we badly need government's support," he added. 
 
After delivering 5,000 phones in the first batch, Goel says he will wait for customers' feedback. "I am ready with 500 service centres pan-India to address people's queries," he claimed. 
 
Around mid-February, the company had planned to deliver 25 lakh handsets before June 30. However that plan was put on hold when they received over seven core registrations leading to its payment gateway crashing within just three days. 
 
The 3G device has a 1.3GHz quad-core processor, 1GB of RAM and 8GB of internal memory and supports external memory cards of up to 32GB. 
 
The company has offered an 8MP primary camera with flash, a 3.2MP front camera and a 1,800 mAh battery. It runs on Android 5.1 (Lollipop). The phone would be available in two colours - black and white. 
 
The device displays the Indian Tricolour when you switch it on. It will also incorporate all the basic Google apps in the handset.

Freedom 251 makers seek Rs 50,000 crore from the government
after facing losses

<a href="http://www.businessinsider.in/searchresult.cms?query=Ringing+Bells">Ringing Bells</a> Director <a href="http://www.businessinsider.in/searchresult.cms?query=Mohit+Goel">Mohit Goel</a> said on Friday that he had met his target of 25 lakh initial bookings of <a href="http://www.businessinsider.in/searchresult.cms?query=Freedom+251">Freedom 251</a>. That's an upfront payment of almost Rs 73 Crores! 
 
As income tax officers and cops thronged the office in Noida Sector 63, <a href="http://www.businessinsider.in/searchresult.cms?query=Mohit+Goel">Goel</a>, who is yet to begin manufacturing the phone, said he didn't want the money generated from online bookings till he delivered the phone at the end of April. "If need be, we will also keep <a href="http://www.businessinsider.in/searchresult.cms?query=Mohit+Goel">Goel</a>'s documents and passport with us till he delivers," DSP Anoop Singh said. 
 The telecom ministry said a phone with the specifications of <keyword id="3247248" type="UNKNOWN" weightage="80" keywordseo="Freedom-251">Freedom 251</keyword> would cost about Rs 2,300 and not Rs 251.Touted as the world's cheapest smartphone at Rs 251, <a href="http://www.businessinsider.in/searchresult.cms?query=Freedom+251">Freedom 251</a> has taken the country by storm.

25 lakh bookings, yet no Freedom
251 to be seen!

<keyword id="6428840" type="UNKNOWN" weightage="20" keywordseo="Ringing-Bells">Ringing Bells</keyword>, which is selling world’s cheapest smartphone at Rs 251, claimed it received 30,000 confirmed orders and over six lakh hits before the site crashed on first day of the bookings. 
 
Pre-booking started at 6 am on Thursday and stopped by mid-day after the website crashed due to overwhelming response. 
 
Ringing Bells director Mohit Goel claimed 30,000 orders were booked on the first day. 
 
"We are not hiding anything. The money collected is being kept in an escrow account and the company won't get the funds till the deliveries are done. Orders will be taken for a maximum of 25 lakh phones online and another 25 lakh offline. We are promising 100% deliveries to all 50 lakh bookings by June 30, starting from April," said Goel. 
 
Meanwhile, the telecom ministry is keeping a close watch on the sales of the Noida-based Ringing Bells phone. 
 
"An initial internal assessment of the ministry shows the price of the smartphone can't be less than Rs 2,300 but the government won't step in for now unless there's a proven case of wrongdoing,” ET quoted a person as saying. 
 
Meanwhile, Mohit Goel, who is rolling out the world’s cheapest smartphone, belongs from Shamli district of Uttar Pradesh. 
 
Mohit is the managing director of Ringing Bells and often helped his father at the grocery shop. 
 
Mohit has done engineering from Amity University. 
 
(Image: Indiatimes)

World’s cheapest smartphone maker Ringing Bells under close watch; Website gets over 6 lakh hits on Day 1

<a href="http://www.businessinsider.in/searchresult.cms?query=Ringing+Bells">Ringing Bells</a>, the company that launched '<a href="http://www.businessinsider.in/searchresult.cms?query=Freedom251">Freedom 251</a>', the world's cheapest smartphone at an unbelievable Rs 251 has stopped taking orders for 24 hours due to overload. 
 
The Noida-based company launched the smartphone yesterday. Bookings started today morning at 0600 hrs. 
 
"Dear friends, we are very grateful for your enormous response and your kind patronage and would submit that as of now we received approx. Six Lacs hits per second as a result of your kind overwhelming response, servers are over loaded," <a href="http://www.businessinsider.in/searchresult.cms?query=Freedom251">Freedom251</a> said on its website. 
 
"We humbly submit that we are therefore taking a pause and upgrading the service and will revert within or before 24 hours," it added. 
 The company has been set up five months ago by Amity University graduate <keyword id="3250964" type="UNKNOWN" weightage="80" keywordseo="Mohit-Kumar-Goel">Mohit Kumar Goel</keyword>. He launched the Freedom 251 at an event attended by BJP veteran Murli Manohar Joshi. 
 
Image credit: Indiatimes

Ringing Bells stops taking
orders for 24 hrs for Freedom251

Bengaluru, May 14 () The Bill &amp; Melinda GatesFoundation, the Michael and Susan Dell Foundation and WadhwaniFoundation have partnered with Action Covid-19 Team (ACT)Grants, India's not-for-profit grant set up by some venturecapital investors and start-up founders, which has crossed theinitial milestone of Rs 100 crore.The three Foundations have joined ACT Grants as donorsand will extend the outreach of the initiative, it said in astatement.Gates Foundation will be a part of the projects'selection process and will support the project execution, witha focus on States such as Bihar and Uttar Pradesh.Wadhwani Foundation will also provide grants forselected projects, with a focus on immediate impact as well asimprovement of the long term Indian healthcare system.Further, the Foundation will provide pro-bono consultingservices to these projects to facilitate capacity, stabilityand growth, it said.ACT Grants said it has brought together the collectivestrength of over 50 venture capital firms, 40 start-ups andsome of India's entrepreneurs in the fight against COVID-19."ACT has disbursed grants to 39 start-ups in 43 days.These grants fall in the areas of telemedicine, mass scaletesting, patient tracking, suspect monitoring, contact tracingand manufacturing of PPE kits, all geared to combat COVID-19,"the statement said.Mohit Bhatnagar, a spokesperson from ACT Grants, said,"We share the same philanthropic outlook of all thefoundations involved, and look forward to working with andleveraging their experience and expertise to serve ourobjective."Geeta Goel, Country Director, Michael and Susan DellFoundation, said: "Our partnership with the ACT Grants teamwill enable teams to address quick local solutions to minimizethe risks created by COVID-19."ACT is a coalition of VCs, start-up communityfounders, entrepreneurs, investors and other industryveterans, according to the statement.The team has come together to provide grants betweenRs one lakh and Rs ten crore to start-ups and initiatives thatare harnessing technology to create large-scale impact in thedetection, prevention and eradication of COVID-19, it said.ACT Grants is an initiative set up by VC firms such asSequoia India, Accel Partners, Lightspeed Ventures, SAIFPartners, Matrix Partners, Nexus Venture Partners, KalaariCapital, Chiratae Ventures, and Omidyar Network along withentrepreneurs like Mukesh Bansal and Abhiraj Bhal in order tosupport the fight against COVID-19 by leveraging technologyfor scalable impact, it was stated. RS SS

ACT Grants partners with Gates Foundation, MSDF & Wadhwani Foundation for combating COVID-19

New Delhi, Jan 31 () Realtors' body CREDAI expects the government to allow debt restructuring of cash-starved developers and tax incentives for homebuyers as part of measures to boost housing demand.
 "We have high hopes from the Budget to be presented on Saturday. We have demanded restructuring or rollover of developers' loan, steps to increase residential property demand and a policy to promote rental housing. We believe that our demand will be considered positively," CREDAI National Chairman Jaxay Shah said.
 He said loans up to Rs 1 lakh crore are required to be restructured in view of liquidity crunch faced by builders.
 "Liquidity shortage continues to cause distress in real estate. Hence, a one-time restructuring scheme with moratorium on principal and interest of 2 years is immediately needed," CREDAI President Satish Magar said.
 Naredco has also been demanding restructuring of loans or one-time rollover in case of the stressed assets at the options of banks. In such cases, the borrower will retain the asset classification of the restructured standard accounts as standard and the same will not be treated as non-performing assets (NPAs).
 Anarock Chairman Anuj Puri said there is a need to lower GST rate on under-construction flats to 2 per cent from the current 5 per cent, apart from tax incentives to boost purchase of homes.
 "While real estate has attracted investment over USD 6 billion in 2019, however the government should take more steps to ease and widen domestic/international fund flow, fasten approvals/clearances, provide incentives to aid use of technology to allow faster construction and launch some skill development programmes specifically aimed towards RE (real estate), which is the second largest employer in the country," said Anshuman Magazine, chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE.
 Knight Frank India CMD Shishir Baijal sought further deduction on the principal repayment of housing loans under Section 80C.
 JLL India Country Head and CEO Ramesh Nair said the Union Budget is an effective tool that can be used by the government to bring in more demand-side interventions to incentivise the homebuyers who are crucial for the revival of the sector.
 Dhruv Agarwala, Group CEO of PropTiger.com and Housing.com, said, "Immediately, the biggest challenges confronting the real estate sector are liquidity and demand. While the Rs 25,000 cr stress fund/AIF (alternate investment fund) that was announced earlier is likely to solve part of the liquidity crisis, there is an urgent need for a one-time loan restructuring for the sector."
 He said the restructuring would provide significant relief to developers and lead to faster completion of projects.
 To push demand, he said the government should consider lowering the tax burden on individuals to put more money in people's hands and also consider providing an additional tax deduction on purchase of a second house.
 Omaxe CEO Mohit Goel demanded a one-time loan restructuring for the sector. "This will speed up construction, and once construction begins in a full swing, not just consumer confidence but also sales and overall economy will see an upswing."
 Prashant Tiwari, chairman, Prateek Group, and president, CREDAI Western UP, said, "One-time loan restructuring permission should be granted for real estate loans. Give infrastructure status to the real estate. Reduce the GST for under-construction projects. These changes in the policy will help to revive real estate."
 Honeyy Katiyal, founder of Investors Clinic, said the limit of Rs 45 lakh to avail reduced GST rates of 1 per cent for affordable housing should be increased to Rs 65-75 lakh.
 Online marketplace FindMyCowork.com's co-founder, Dushyant Sinha, said that the commercial real estate sector has been performing well, especially co-working segment, so the Budget should provide tax incentives for property buyers who want to own office and retail space.
 Paras Arora, chief executive officer and founder of Qdesq, said the co-working industry relies solely on equity infusion from investors for fund growth and demanded that the options for bank and financial institutions funding for recognised co-working start-ups should be provided. MJH HRS

Realtors expect debt restructuring up to Rs 1 lakh crore, tax sops for homebuyers in Budget

New Delhi, Feb 3 () Home buyers association FPCE on Monday said the Budget has not provided any major tax incentives for flat owners stuck in stalled housing projects as well as prospective customers to revive confidence in the property market.
 There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans, said Abhay Upadhyay, president of Forum for People's Collective Efforts (FPCE), earlier known as Fight For RERA.
 "Real estate sector is yet to reach anywhere near its past high despite all tax sops provided in previous year's Budget. This is partly because tax sops have failed to infuse confidence in the sector and also because many of the tax benefits provided remains on paper only," he said.
 There was expectations that the Budget would separately provide deduction for principal repayment on home loan, which currently is part of Rs 1.5 lakh allowed under Section 80C, Upadhyay said.
 "To infuse confidence in the sector, it was also expected that some tax relief would be provided to those home buyers of delayed projects who are paying both EMI and rent. Unfortunately, no such concessions were announced in the Budget 2020 which may further delay much needed recovery in the sector," he said.
 Last year, the Centre had created a Rs 25,000 crore fund for completion of stalled housing projects, comprising of about 4.5 lakh units. FPCE had been demanding creation of Rs 10,000 crore stress fund.
 Real estate developers' apex bodies CREDAI and Naredco have also expressed disappointment over the Budget as their demand of one-time restructuring of builders' loan was not met.
 However, many realty firms welcomed the government's decision to extend tax incentives provided for increasing demand and supply for affordable housing segment.
 "Notable developments in infrastructure, rural logistics, education and healthcare sectors will create opportunities in real estate space. The policy on data centers was a key highlight and will make it a sunrise sector in India. Major announcements for the housing sector were expected, and barring the extension on both the tax holidays and the time period for availing interest deductions in affordable housing, the highlights on Indian realty was relatively mute," Cushman &amp; Wakefield country head and MD- India, Anshul Jain said.
 RICS South Asia MD Nimish Gupta said the Budget should have created a formal structure around rental housing and encouraged home buying by increasing tax exemption for housing loan repayments.
 Among developers, Supertech Chairman R K Arora said the government's decision to extend additional Rs 1.5 lakh deduction for interest paid on affordable housing loan to March 2021 is good for the sector.
 Omaxe CEO Mohit Goel said: "Liquidity and availability of finance is the biggest issue confronting the real sector today. In this context, the assurance given by the FM that NBFCs (Non-Banking Financial Companies) and HFCs (Housing Finance Companies) will not face any liquidity crunch will help calm nerves for sure."
 Ashiana Housing Joint MD Ankur Gupta said the middle income and affordable housing segment will get a boost.
 Chintels MD Prashant Solomon said, "Affordable housing segment has got a boost with the FM proposing to extend the tax holiday by one more year. However, the Budget leaves much to be desired for the real estate segment."
 Sunny Kataria, VP-Real Estate, OLX India said, "There were many expectations from the union budget in 2020 for residential real estate. While the government has furthered its commitment to the affordable housing, many issues remain unresolved."
 Bhutani Infra CEO Ashish Bhutani said that the focus on infrastructure and economic growth in the budget will lead to more activity at the commercial segment as the demand for offices will grow.
 Gera Developments MD Rohit Gera said, "The move to provide more money in the hands of the tax payers and elimination of the dividend distribution tax are welcome steps but rationalisation of direct tax structures over the period has not provided the necessary stimulus needed to boost the real estate. The sector will see a slow recovery with more pain for many home buyers and developers."
 Property brokerage firm Realistic Realtors Chairman Harinder Singh was unhappy that not much has been done to increase housing demand.
 Migsun group MD Yash Miglani said the Budget has focussed on increasing overall economic growth.
 Co-working firm Skootr founder Ankit Jain said, "Setting up an investment clearance cell and a digital portal aimed at offering assistance to emerging entrepreneurs reflects the government's proactive measures in further enhancing the entrepreneurial spirit."
 AlphaCorp CFO Santosh Agarwal and Mapso Director Rahul Singla hailed extension of tax sops on affordable housing. MJH RVK

No tax relief for home buyers stuck in stalled projects, says apex body FPCE

New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

Nationwide lockdown to impact housing sales, say realtors

With a number of startups collapsing mid-way, many employees now prefer bonuses instead of Employee Stock Option Plans (ESOPs) as part of their compensation package, industry experts told news agency PTI. 
 
"We have seen a change where the ESOP component in compensation packages has dropped in startup companies. This is because they never reach the valuations they initially project and in the past year a lot of startups also had to close businesses. 
 
"Since around end-2016, we have been witnessing a change from ESOPs to variable bonuses in terms of compensation in these companies," Michael Page India Director Mohit Bharti told here. 
 
As the startup world continues to see more uncertainty, employers prefer more stability and therefore, also prefer bonuses as compared to ESOPs, which is usually offered to middle and senior-level employees, he added. 
This trend is seen across the startup industry, including e-commerce, food, technology, logistics and financial services, Bharti added. 
 
Echoing a similar view, GlobalHunt Managing Director Sunil Goel said, in the world of startups talent war was natural where every company wanted to hire the best and to attract them, ESOP was used as a component. 
 
However, with many startups collapsing gradually employees started relying on cash component, he said. 
 
"Hence, employees are now seeking bonus options. Bonuses are generally short term component, paid either yearly or quarterly, and is becoming an attractive option even if it is one-third or one-fourth of the value as compared to the ESOPs," he pointed out. 
But, Goel said, startups are now at a consolidation phase with lot of buyouts, mergers and acquisitions, so ESOPs might be more beneficial in long run. 
 
TeamLease Services Senior Vice President Kunal Sen opined that this trend began in last 1-2 years with declining valuations of e-commerce and tech startup performance. 
 
He said, ESOPs will form a lower component in the compensation of top talent going forward, as earlier top talent would agree to a 30-50 per cent salary cut and opt for ESOPs, but not these days. 
 
"Companies are offering a bonus in lieu of ESOPs. But bonus option cannot replace ESOPs as they bring in an element of ownership, which cannot be created by bonuses," he added. 
 
DDI India Member, Key Leadership Team, Amogh Deshmukh said industries like pharmaceuticals, banking and IT companies are few who offered ESOPs to employees. 
 
"However, in the current scenario instead of ESOPs many organisations are looking at multiple avenues to develop and retain their leaders, some of them include, business school degrees, certifications, providing a career path and purposeful development," he added.

Start ups collapsing
midway is now making employees choose bonus over company stocks

In a seed <keyword id="6357455" type="EVENT" weightage="60" keywordseo="Funding">funding</keyword> round, deals and price comparison app Voodoo has raised $1 million (around Rs 65 lakh) from Saif Partners. 
 
The firm was founded by Mohit Mittal and Vijay Reddy and currently operates with a team of ten people and claims to have 1,200 downloads so far. 
 
Voodo enables people to get price comparison from 26 e-Commerce apps like <a href="http://www.businessinsider.in/Flipkart-and-Snapdeal-are-at-it-again-but-this-time-for-friendly-exchange-of-tweets/articleshow/49334474.cms">Flipkart, Snapdeal</a>, Amazon, <a href="http://www.businessinsider.in/searchresult.cms?query=Uber%2C+Ola">Uber, Ola</a>, Foodpanda and Zomato Order, among others. 
 
Voodoo has the potential to become one of the most popular Indian apps, and are really excited to partner with Mohit and the team on this journey, according to SAIF Partners Principal Mukul Arora. 
 
Voodoo Technologies, which launched the app last week, said the fresh funds will be used to build a unique mobile first global shopping experience. 
 
Mittal said there are so many mobile apps in every category and all of them have something amazing to offer. “Voodoo picks the best stuff from all of them and serves our consumers with the finest recommendations," he added. 
 In 2014, Mittal along with Reddy and another Manikanta Nikhil had founded offline <keyword id="115504" type="ORGANIZATION" weightage="40" keywordseo="App-Store">app store</keyword> Preburn which was later acquired by now Snapdeal-backed Freecharge for an undisclosed amount. 
 
Besides Voodo, there are other players operating in this space which include <a href="http://www.businessinsider.in/searchresult.cms?query=Uber%2C+Ola">Junglee, PriceDekho and MySmartPrice</a>, which is backed by Accel Partners and Helion Venture Partners. 
 SAIF Partners is a leading <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">venture capital</keyword> firm with over USD 4 billion under management and has <keyword id="6362476" type="ORGANIZATION" weightage="60" keywordseo="investments">investments</keyword> in around 40 companies including MakeMyTrip, <a href="http://www.businessinsider.in/Amitabh-Bachchan-turns-73-on-Sunday/articleshow/49308365.cms">JustDial</a>, PayTM, <a href="http://www.businessinsider.in/Amitabh-Bachchan-turns-73-on-Sunday/articleshow/49308365.cms">BookMyShow</a> and Urbanladder. 
 
The venture capital firm recently hired former Freecharge CEO Alok Goel for early-stage investments. 
 
In March, it had also raised $350 million for a new India-focused fund. 
 
(Image: Indiatimes)

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