<ul><li>Mini apps are a ‘custom-built mobile website’ with the same functionalities as a regular app. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> is offering no fees currently for developers to list and distribute their apps on the platform.</li><li>Over 300 app-based service providers such as Decathlon, Ola, Park+, Rapido, Netmeds, 1MG, Domino's Pizza, FreshMenu, NoBroker have already joined the program. </li></ul>After reports of Indian startups getting together to launch their own app store to tackle Google’s monopoly, Paytm has now announced that it has launched an Android mini-app store for Indian developers. "I am proud that we are today launching something that creates an opportunity for every Indian app developer. <keyword id="10051089" type="UNKNOWN" weightage="20" keywordseo="paytm-mini-app-store">Paytm Mini App Store</keyword> empowers our young Indian developers to leverage our reach and payments to build new innovative services. For Paytm users, it will be a seamless experience that doesn't require any separate download and enables them to use their preferred payment option,” said Vijay Shekhar Sharma, Founder &amp; CEO, Paytm in a statement. <div type="image" title="Paytm" msid="78485082" hostid="261"></div> Mini apps are a ‘custom-built mobile website’ with the same functionalities as a regular app. It is a hybrid solution between a website and an app. The mini-app store also has its own developer dashboard analytics, payment collection methods, and marketing tools. “Paytm has created the digital infrastructure to enable small developers and businesses to set up low-cost, quick-to-build mini-apps which can be built using HTML and javascript technologies,” said the company. Paytm is offering no fees currently for developers to list and distribute their apps on the platform. According to the company’s statement, over 300 app-based service providers such as Decathlon, Ola, Park+, Rapido, Netmeds, 1MG, Domino's Pizza, FreshMenu, NoBroker have already joined the program. The development comes as many recent moves from Google have put Indian startups in a tough spot. It began with Paytm being removed for a few hours from the Play Store. Google had said that Paytm violated rules regarding fantasy gaming promotions. This was followed by Google rolling out new payment policies where developers would have to pay a <a href="https://www.businessinsider.in/tech/news/google-plans-to-shut-the-loophole-that-lets-netflix-spotify-and-tinder-avoid-paying-its-30-app-tax/articleshow/78383294.cms">30% tax</a> on all in-app purchases and even included entertainment, education, dating, and fitness apps in the list. However, Google has <a href="https://economictimes.indiatimes.com/tech/internet/google-defers-move-to-levy-30-fee-to-april-2022/articleshow/78484208.cms">reportedly </a>deferred this new policy until April 2022. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-tcs-hcl-tech-hero-motocorp-vedanta-solar-industries-iti-and-others/articleshow/78484703.cms">Top stocks to watch— RIL, TCS, HCL Tech, Hero MotoCorp, Vedanta, Solar Industries, ITI and others</a> <a href="https://www.businessinsider.in/tech/apps/news/paytm-trains-its-guns-on-google-while-the-payments-app-is-back-in-play-store/articleshow/78190088.cms">INTERVIEW: Paytm trains its guns on Google while the payments app is back in Play Store</a>

Vijay Shekhar Sharma fires the shots – Paytm launches its own Android mini-app store to take on Google

<ul class="summary-list"><li>Indian techies were tripling salaries during the pandemic due to bloated demand for talent. </li><li>But the tech sector — especially edutainment — has already begun feeling the pinch amid a global downsizing. </li></ul>As the world strapped in for the pandemic, closing schools and sending workers home last year, India's techies were having a field day. Firms in Bengaluru, a tech hub in Southern India with 1.5 million IT employees and once dubbed the <a href="https://www.ft.com/content/7b774116-2964-11e5-acfb-cbd2e1c81cca">"world's back-office</a>," hired willy-nilly, as they struggled to cope with a surge in global demand for digital products."Salaries hit the roof," Yeshab Giri, the chief commercial officer at Randstad India, told Insider. He recalled one applicant who left his job with an annual salary of 1.2 million rupees, or $14,700. The tech worker received five offers from five different companies, and over several months negotiated his yearly pay up to 3.3 million rupees, or $40,400, Giri said. That's almost triple his last paycheck. To put that into perspective, rent for a one-bedroom apartment in the heart of Indian tech hub Bengaluru costs $1,840 a year, according to data from real estate company <a href="https://www.nobroker.in/blog/cost-of-living-in-bangalore/">NoBroker.</a>"These weren't one-off cases," said Uddhav Kumar, the co-founder and CEO of Lynkit, a firm that offers inventory and supply chain tracking services to logistics companies. "Everyone who was working would almost be guaranteed to have an offer that was double or triple what he earned."The skyrocketing demand though, didn't outlive the pandemic. Like with the US, as COVID-19 measures receded in India, so did the tech boom. Silicon Valley has seen round after round of layoffs in recent months, and India's been feeling the pinch too.Salary offers are declining, and at least 3,800 employees in Bengaluru were laid off in the last three months, according to data aggregated by <a href="https://layoffs.fyi/?">Layoffs.fyi.</a>But India's tech winter has been muted so far, four Bengaluru-based hiring experts told Insider. They see the decline more as the market returning to the brink of normalcy, and said there's still hope for laid-off tech workers — as long as they've been active in their jobs.<h2>'The glory days of last year are over'</h2>Recruiters believe the industry reached its turning point near the end of the third quarter."The glory days of last year are over, where everybody and anybody could get a job if they were half-decent," said Anup Menon, the vice president of CIEL HR Services. "In that sense, the average to below-average talent will have things to worry about. It won't be so easy to get a job.""Companies are now very clear about the budget they have, and will only hire within that range," he added.By CIEL's estimates, India's IT sector saw a 41% decline in hiring in September, compared to monthly averages in 2022, Menon said. However, he added that companies traditionally also slow down their hiring toward the end of the year."If you look at 2018, 2019, these are numbers comparable to those years," he said. Tech workers, especially those just laid off from well-known companies like Twitter or Stripe, are still looking at a "fairly decent quality pool" of employers, said Menon.But they'll have to expect fewer perks and lower salaries, he added.CIEL found that 77% of all tech companies are ending remote work or switching to hybrid work arrangements, compared to 25% of companies who enforced similar policies last year, he said. Subhashree Ghoshal, a senior consultant at JAC Recruitment India, told Insider that most tech companies engaging in layoffs are mostly looking to trim off excess workers as fewer projects come in — not necessarily their core workforce."The major backlash has been faced by employees who have been bench employees," said Ghoshal, referring to employees who aren't actively working on IT projects but are still on the company payroll.Firms are also looking to hire fresh graduates who are cheaper, while laying off employees who lead small teams like program managers and supervisors, said Ghoshal. Most in the latter category typically have five to 15 years of experience, he said.<h2>'The worst, however, may come next spring'</h2>The worst may come next spring, said Ghoshal, who predicts a surge in layoffs at the start of the first fiscal quarter and at the end of the second as Western demand for outsourced tech workers dwindles.At Randstad, Giri estimates a 25% drop in hiring in 2023. "We read a lot about the West, experts talking about financial slowdown in the US. We'll have to wait and watch," he said.For now, most of India's tech firms have shown resilience to market headwinds, faring better than their Silicon Valley peers.Tata Consultancy Services, an India-based mega firm with 600,000 employees, announced a net income of $1.3 billion in the second quarter of 2022, per <a href="https://www.bloomberg.com/news/articles/2022-10-10/tcs-profit-tops-estimates-after-outsourcing-giant-wins-new-deals">Bloomberg</a>. In the same quarter, Infosys, which hires a 345,000-strong workforce, <a href="https://www.infosys.com/investors/reports-filings/quarterly-results/2022-2023/q1/documents/q1-fy23-financial-results-auditorsreport.pdf">reported</a> a $65.6 million net profit. In contrast, Twitter <a href="https://investor.twitterinc.com/financial-information/quarterly-results/default.aspx">reported</a> a net loss of $270 million in the second quarter of this year, while Amazon <a href="https://affiliate.insider.com?postID=6386b687722a6819e779d5f6&amp;site=bi&amp;u=https%3A%2F%2Fir.aboutamazon.com%2Fnews-release%2Fnews-release-details%2F2022%2FAmazon.com-Announces-Second-Quarter-Results-fe1df2b70%2F">reported</a> a net loss of $2 billion in the same time frame. Meta <a href="https://investor.fb.com/investor-news/press-release-details/2022/Meta-Reports-Second-Quarter-2022-Results/default.aspx">reported</a> a 36% net income drop to $6.69 billion in Q2 2022, compared to the same quarter in the previous year.Menon of CIEL believes demand for tech workers will pick up again in the second quarter of next year, after a "much-needed correction" in the industry. "It was a little too unpredictable with the job hops and the kinds of salaries that were floating around," he said.Lynkit CEO Kumar concurred. "There was a lot of false hype around things that didn't add value but kept expanding," he said. "I think we are going to see that slowly being weeded out of the ecosystem."<h2>Sectors like edutainment for kids are badly hit</h2>One example of the post-pandemic decline involved digital services for kids, said Lynkit CEO Kumar. With schools shut during the pandemic, parents began buying educational and entertainment, or edutainment, subscriptions to keep their children busy."When schools started again, suddenly these kids had no reason to have these subscriptions," he told Insider.Education startup Byju's, touted as the <a href="https://asia.nikkei.com/Business/Education/Indian-edtech-Byju-s-raises-250m-from-existing-investors#:~:text=BENGALURU%20%2D%2D%20India's%20largest%20online,was%20cutting%20about%202%2C500%20jobs.">largest education tech startup</a> in India, spent <a href="https://economictimes.indiatimes.com/tech/startups/byjus-buys-great-learning-toppr-as-2-billion-acquisition-spree-continues/articleshow/84752307.cms?from=mdr">$2 billion during the pandemic</a> buying up other education firms to boost growth. It suffered a $575 million net loss in the year ending March 2021, <a href="https://www.bloomberg.com/news/articles/2022-09-14/byju-s-reports-widening-losses-after-prolonged-audit-delay">per Bloomberg</a>. The company blamed poor macroeconomic conditions, and said it adopted a new revenue recognition model that led it to defer 40% of its revenue to the next few years, <a href="https://www.reuters.com/technology/indias-byjus-posts-gross-revenue-100-bln-rupees-fy22-2022-09-14/#:~:text=Gross%20revenue%20for%20fiscal%202022,listing%20plans%20to%20next%20year.">Reuters reported</a>. In October, Byju's laid off 2,500 employees, or around 5% of its total workforce. Byju's did not immediately respond to Insider's request for comment for this story.Lynkit has been feeling the ripple effects of the third quarter fallout, said Kumar. Its HR department recently received around 1,200 resumes for an open product manager position, a role that normally sees 500 to 600 applications, the CEO said.Yet compared to the high-profile dismissals in San Francisco, the furloughs in Bengaluru represent smaller proportions of staff let go.And 2,500 jobs are a mere drop in the total pool of tech workers in India; Giri estimated that a total 350,000 people will join the local IT industry by the end of 2022."The layoffs that we're seeing are not really mass layoffs. Large companies laid off about 2,500 people, but we have to understand that they have a base of 50,000 people," Giri said.

Bengaluru, home to 1.5 million IT workers and called 'the world's back-office,' has dodged the tech winter ripping through Silicon Valley &mdash; but experts warn it may not last

<ul><li><keyword id="3293861" type="PERSON" weightage="20" keywordseo="Pratilipi">Pratilipi</keyword> has raised $48 million in a Series D funding round led by <keyword id="4998506" type="PERSON" weightage="20" keywordseo="pubg">PUBG</keyword> developer Krafton. </li><li>The duo will be working together to find stories that can be translated into gaming franchises. </li><li>The platform claims to have about 5 million stories which have been read over 5 billion times.</li></ul>Bengaluru-based storytelling platform Pratilipi has raised $48 million in a Series D funding round led by PUBG developer Krafton, as the startup looks to expand into overseas markets. The duo will be working together to find Pratilipi stories that can be translated into globally successful gaming franchises. The latest funding would allow Pratilipi to strengthen its intellectual property (IP) acquisition and development across different formats ranging from audio books to games. The company’s existing investors Omidyar and Network India also participated in the round, along with a host of entrepreneurs such as Unacademy’s founders Gaurav Munjal and Hemesh Singh, Locus’s Nishith Rastogi, Delhivery’s Sahil Barua and Meesho’s Vidit Aatrey. “With Pratilipi already having a multilingual platform for online literature, it is poised to become one of the strongest players in emerging markets in the future. Krafton believes in long term potential of local Indian IPs that can be successful not just in India, but globally as well across formats including literature, comics and gaming and our investment in Pratilipi is another step in realising that vision,” Sean Hyunil Sohn, head of Krafton’s India division. Last year, Krafton had announced its plans to invest $100 million in Indian startups to cultivate the local video game, esports, entertainment, and IT industries. Since then, it has invested <a href="https://www.businesstoday.in/latest/corporate/story/mumbais-loco-gets-9-million-funding-pubg-parent-krafton-among-investors-299856-2021-06-28">$9 million</a> in Loco, <a href="https://markets.businessinsider.com/news/stocks/esports-firm-nodwin-gaming-raises-164-cr-of-equity-investment-from-south-korean-gaming-firm-krafton-1030161588">$22.5 million</a> in Nodwin and now led a $48 million round in Pratilipi. Udyam’s Mekin Maheshwari, NoBroker’s Amit Agarwal and Pratilipi’s chief executive Ranjeet Pratap Singh also invested an undisclosed amount in the company in their personal capacity. Avendus Capital acted as the exclusive financial advisor to Pratilipi on this transaction. Pratilipi was founded by Prashant Gupta, Sahradayi Modi, Rahul Ranjan, Sankaranarayanan Devarajan and Singh in 2015. It had started off as an online reading-writing platform and has launched two new products over the years — <keyword id="11642607" type="UNKNOWN" weightage="20" keywordseo="pratilipi-fm">Pratilipi FM</keyword> for audio based storytelling and <keyword id="11637893" type="UNKNOWN" weightage="20" keywordseo="pratilipi-comics">Pratilipi Comics</keyword> for in-house comic series. It has also acquired two startups -- IVM Podcast and The Writer Order to expand its presence. The Bengaluru-based startup has over 370,000 writers on the platform and 30 million monthly active readers in 12 Indian languages. The platform claims to have about 5 million stories which have been read over 5 billion times. Pratilipi has raised $78.8 million to date, with ₹76 crore ($10 million) coming in from the Series C round raised in April 2020. The company’s list of investors also includes Tencent, Shunwei Capital, Bennett Coleman and Co Ltd, Nexus Venture Partners and others. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-worried-about-losing-its-it-talent-to-indias-unicorns/articleshow/84411946.cms">Infosys has a new headache — India’s unicorn boom</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hires-over-20000-in-june-quarter-its-highest-ever-quarterly-addition/articleshow/84240423.cms">TCS has loaded up half a million peeps as it expects many to move on</a> <a href="https://www.businessinsider.in/business/corporates/news/baba-ramdev-and-patanjali-owned-ruchi-soya-wants-to-raise-money-from-the-market-again/articleshow/83485308.cms">Baba Ramdev and Patanjali-owned Ruchi Soya wants to raise money from the market again</a>

PUBG developer Krafton is going to help Indian storytelling platform Pratilipi to turn a few stories into games

<ul><li>Investment firm <keyword id="2603376" type="PERSON" weightage="20" keywordseo="Vy-Capital">Vy Capital</keyword> will be buying back the shares from the employees.</li><li>This is <keyword id="8681398" type="UNKNOWN" weightage="20" keywordseo="Urban-Company">Urban Company</keyword>’s third and largest <keyword id="630254" type="PERSON" weightage="20" keywordseo="ESOP-sale">ESOP sale</keyword> plan worth $5 million.</li><li>During this sale, over 180 employees will be eligible to sell their shares. </li></ul>Home services startup Urban Company has announced its third ESOP (Employee Stock Ownership Plan) sale for $5 million, as it's set to raise money from Vy Capital. The investment firm will be buying the stocks as a secondary transaction. Vy Capital has earlier placed bets on Indian <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> like Zomato, NoBroker, and has been an investor in Urban Company for over three years now. According to the company’s statement, over 180 employees are eligible to sell their shares. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </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;">Value for each share </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;">Employees eligible to sell</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;">June 2017 </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;">₹24,500 </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;">25 </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;">Dec 2018 </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;">₹61,864 </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;">100 </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;">Aug 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹110,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">180 </td></tr></tbody></table> So far, the company’s stocks have been awarded to 670 employees, including 450 current employees. “Urban Company's ESOP programme has very employee-friendly terms, such as an exercise price of Re. 1, accelerated vesting, a flat 4-year vesting schedule (25% each year), and an infinite hold period to exercise the <keyword id="173739" type="PERSON" weightage="20" keywordseo="Esops">ESOPs</keyword> after the employee leaves the company. Approximately 450 employees or 40% of the company's full-time staff have ESOPs, from customer service representatives to our SVPs.”, said Abhiraj Singh Bhal, Co-founder of Urban Company. Recently, stock-broking firm Zerodha too had announced that from the ESOP pool of ₹200 crore, their employees will be permitted to sell 5-50% of the 33% of the shares the employees hold. About 800 employees were eligible to benefit from the buyback plan. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/india-startup-founders-are-opting-for-money-in-the-bank-instead-of-high-valuations-as-they-look-to-survive-this-pandemic/articleshow/77733965.cms">India's startup founders are opting for money in the bank instead of high valuations as they look to survive this pandemic</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-wants-to-increase-data-prices-to-100-per-gb-sunil-mittal-asks-subscribers-to-prepare-to-pay-a-lot-more/articleshow/77734318.cms">Airtel wants to increase data prices to ₹100 per GB, Sunil Mittal asks subscribers to ‘prepare to pay a lot more’</a>

Urban Company has $5 million ESOPs up for sale as its long time backer Vy Capital is set to buy more stake

Mumbai, Apr 8 () Property portal NoBroker on Wednesday said it has launched grocery services on its integrated visitor and community management app NoBrokerHood to enable society residents to order daily essentials at their doorstep in wake of the lockdown due to COVID-19 pandemic. The company has already started delivering groceries in cities like Bengaluru, Pune, Chennai, and Hyderabad, and plans to soon extend the service to other cities including Delhi and Mumbai. "NoBrokerHood's grocery foray comes at a time when grocery segment is experiencing high demand amid lockdown and consumers are pressed for daily needs. This will help overcome the hardship that people are undergoing for the groceries during the lockdown," company's co-founder Akhil Gupta said in a statement. Under this, society residents can just place the order on the app and volunteers within the society can consolidate the orders and ensure a smooth delivery by buying it from bigBasket B2B and ITC. Launched in 2018, the app offers services and features which enable users to manage multiple activities inside residential buildings, housing societies, and gated communities, ranging from finding domestic help to monitoring visitor entry and pre-authorising guest visits with a one-time password. Earlier this year, NoBrokerHood acquired Society Connect, a technology mapped platform for society management to combine the latter's ERP efficiencies with its own suite of services. PSK RVK

COVID-19: NoBrokerHood launches grocery services for society residents

The sale of residential <keyword id="-460" type="General" weightage="20" keywordseo="real-estate-in-mumbai" source="Orion">real estate in Mumbai</keyword> is not only higher than pre-covid levels but stands at its highest in the last 10-years in July 2021. Going by the recent trends, a substantial push came from the millennials. It demonstrates yet another behavioural change induced by the COVID-19 pandemic as these millennial cohorts were once perceived to be more inclined to rent a home as opposed to buying one. According to <a href="https://www.morganstanley.com/ideas/India-millennials-growth-sectors">reports</a>, there are over 400 million millennials in India, which is higher than the entire population of the US. Now aged between 25-40 years, millennials in India comprise one-third of its total population and 46 % of the country’s total workforce, with a spending capacity of $3.6 billion. The millennial generation is generally defined as people born between the mid-1990s to early 2000s, more specifically within the 1981 to 1996 period. In India, the millennials are considered profligate spenders and a generation that seeks instant gratification, not worrying or planning much about the future. As proponents of the sharing economy, they would rather use ride-share apps like Ola and Uber than buy a car, look after its repair, fuel, and pay EMIs. The same logic applied to owning a house too. They would prefer to rent a house than buy one, pay maintenance and EMIs. This behaviour by the millennials held true till early-2020 before the arrival of the COVID-19 pandemic. The same millennials have shown a marked change in their habits. <a href="https://www.thehindubusinessline.com/news/real-estate/millennial-prefer-home-ownership-over-renting-survey/article33861200.ece">Reports</a> indicate that this largest spending cohort of people is now turning serious in their spending. Two factors could be playing a part in this behavioural pattern change, one is the coming of age of the millennials and in many cases, they are the sole providers of their families. Experts <a href="https://www.architecturaldigest.in/story/expert-speak-why-millennials-wont-settle-for-small-cramped-city-homes-anymore/">believe</a> that the second reason for the change in spending priorities is the pandemic induced lockdown that revealed the handwriting on the wall - the non-sustainability of the ‘reckless’ spending and the advent of WFH with its wide acceptance. <cmsannotation type="cmsannotation" annotationid="What’s driving this change in sentiment?" comment="subhead" text="What’s driving this change in sentiment?">What’s driving this change in sentiment?</cmsannotation> A recent news <a href="https://www.livemint.com/money/personal-finance/millennials-borrowed-for-health-and-credit-refinancing-in-2020-survey-11614249892908.html">report</a> highlights this shift in the spending pattern of millennials from borrowing for lifestyle and recreational purposes to serious priorities like home repairs and medical emergencies in the family. Another study by Standard Chartered Bank discloses that as a cohort the millennials are the most inclined to conscientiously strive for their far-sighted monetary objectives. The study specifically shows that 48% of the Indian millennials who are saving for a substantial buy like a car or a house whereas only 28% of the 45+ generation. This matured approach to financial matters also reflects in a recent study by 360 Realtors, a renowned name in <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> advisory services, wherein 3/4th of millennials expressed their desire to purchase a residential property in the next three years. A similar report by Anarock Property Consultants echoes the same intent mentioning that 55% of total buyers looking to buy their own homes are from the millennial age group. This number stood at 42% last year. 68% of the millennials polled by Anarock indicated that these home purchases were for their own end-use. Nobroker.com, a leading real-estate platform, says that millennials as a group constituted 63% of all its buyers amongst its entire user base, up from 49% from the pre-covid period. For the city of Mumbai, the millennials buyers were 74% of all the buyers across all the age groups. <cmsannotation type="cmsannotation" annotationid="The COVID-19 impact &amp; rising need to own a home among millennials" comment="subhead" text="The COVID-19 impact &amp; rising need to own a home among millennials">The COVID-19 impact &amp; rising need to own a home among millennials</cmsannotation> While the pandemic has largely been instrumental in the shift in millennials’ mindsets towards buying homes, other significant factors are influencing this decision. The success of the WFH model means both employers and the millennial employees view a hybrid model of work wherein one does not have to go to an office every day as a sustainable framework of the future of work culture. This also means that the idea of career mobility and city-hopping for jobs is not at the forefront and a hybrid model of work. The major constituent, which is fulfilling the millennial aspiration of buying a house of their own in Mumbai into a real possibility is the lowest ever interest regime prevailing in the current times. The easy availability of credit and having experienced the flexibility and commute-less remote work means that the millennial buyer can now fulfil his bigger home dreams away from the island city to accommodate his/her remote WFH and their children’s online schooling in extended suburbs of MMR. The combination of record-low interest rates that have limited scope to reduce further and incentives by government augur well for both the millennial buyers of first-time home as an end-user and ones looking at a second home for investment. Disclaimer: This is a sponsored article in partnership with Lodha Group SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/enterprise/enterprise-software/news/saas-company-icertis-is-looking-to-hit-the-public-market-next-year/articleshow/85786657.cms">After Freshworks, Icertis is looking for an IPO for next year in the US</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-wants-to-become-debt-free-post-the-ipo/articleshow/85781458.cms">Ami Organics wants to become debt-free post the IPO, to cut dependence on China in the coming years</a>

Changing landscape of real estate in India — millennials are driving the demand

<ul><li><keyword id="161314" type="COMPANY" weightage="20" keywordseo="SAIF-Partners">SAIF Partners</keyword>, one of India’s most successful VC firms, is back in a new avatar – <keyword id="10135370" type="UNKNOWN" weightage="20" keywordseo="Elevation-Capital">Elevation Capital</keyword>.</li><li>It also announced the closure of its seventh fund in India for $400 million.</li><li>SAIF Partners, when it was formed in 2001, stood for Softbank Asia Infrastructure Fund. </li></ul>SAIF Partners, one of India’s most successful VC firms, is back in a new avatar – Elevation Capital. The firm, which was founded in 2001, has backed several <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> in India – seven of which have gone one to become unicorns. With a new fund of $400 million – its seventh fund in India, Elevation Capital joins the likes of Sequoia, Lightspeed Partners, Chiratae Ventures – all of whom have successfully closed their funds in the middle of the pandemic. Rationale behind the rebranding SAIF Partners, when it was formed, stood for Softbank Asia Infrastructure Fund. Even though SoftBank quit as an LP (Limited Partner) back in 2004, the firm had continued with the same branding. “We felt that the name SAIF, while well recognized, didn’t communicate what we stand for to our partners and founders. While the rebranding has been a thought over the years, and (with) a new fund raise in the offing, we thought that the time was prime to think about a new name that echoes our investment ethos better,” said Deepak Gaur, Managing Director. Some of its big investments so far <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MakeMyTrip </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;">Justdial </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;">FirstCry </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;">Swiggy </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;">Unacademy </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;">Meesho </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;">NoBroker </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;">Urban Company </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;">Sharechat </td></tr></tbody></table> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Assets Under Management </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;">Over $2 billion until Fund VII </td></tr></tbody></table> New brand, new fund, same investment thesis The new brand Elevation Capital, Gaur added, reflects their investment ethos and commitment to the founders who help redefine their future. Elevation Capital’s seventh fund will continue to work on the same investment philosophy, where the partners will invest in early-stage companies. “We will continue to focus on the Seed/Series A stage. As for the sectors, we will continue to invest across consumer internet (including e-commerce, edtech, gaming, content), consumer brands, global SaaS and financial services,” said Mayank Khanduja, Managing Director. Elevation Capital partners who will make the call for investments <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ravi Adusumalli </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;">Deepak Gaur </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;">Mayank Khanduja </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;">Mridul Arora </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;">Mukul Arora </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;">Vivek Mathur </td></tr></tbody></table> While each partner has a target of two investments per year, the firm doesn’t have a set goal for the seventh fund. “We have a long-term orientated approach with our funds and portfolio companies and we are selective in the investments that we make, so that we can do justice to the relationship we have with the founders. We don’t have any target number of investments in a year,” said Khanduja. SEE ALSO: <a href="https://www.businessinsider.in/business/news/justdial-jd-mart-challenges-indiamart-oldest-ecommerce-after-24-years/articleshow/78781834.cms">India’s oldest e-commerce platform is bracing for its first direct challenge in 24 years as Justdial ups its game</a>

INTERVIEW: Here’s why one of India’s most successful VC firms rebranded itself in the middle of a pandemic

<ul><li>Digital payments platform <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword> is the latest to enter the <keyword id="6372044" type="UNKNOWN" weightage="20" keywordseo="grocery">grocery</keyword> race. </li><li>The company has launched a ‘Stores’ feature, which will show you a listing of stores nearby and if they are delivering. </li><li>Ever since the lockdown has been announced, the grocery segment has been heating up with the entry of several new players.</li></ul>Digital payments platform PhonePe is the latest to enter the grocery race. The company has launched a ‘Stores’ feature, which will show you a listing of stores nearby and whether they are delivering. Through this feature, Phonepe listed 10 million merchant partners across India. “During the lockdown, customers want to know which shops are actually open and home delivering. We have solved for this by introducing two filters in the Stores section ‘currently operational’ and ‘home delivery’. We keep this information updated as the situation is changing dynamically,” said Vivek Lohcheb, VP-offline business development, PhonePe. However, PhonePe will not be delivering, instead the ‘home delivery tab’ will let you know which store will leave the essentials at your doorstep through a contactless delivery. But to enable that contactless delivery, users can pay through Phonepe after placing the order. “We have also introduced the ‘Pay Now’ feature on the Stores page which enables customers to make the payment remotely from within the PhonePe app without the need for scanning any QR. We believe this will be a win-win for both our merchants and customers,” said Lohcheb. Ever since the lockdown has been announced, the grocery segment has been heating up. Zomato, the foodtech unicorn, began the delivery of groceries through Zomato Market across 150 cities. Swiggy ramped up its services to cater to 125 cities. However, it has also seen the entry of non-delivery players like Meesho, the social commerce platform, NoBroker, a tech-enabled brokerage-free real estate platform and more. See Also: <a href="https://www.businessinsider.in/india/news/heres-how-you-can-kill-coronavirus-developers-in-india-get-busy-with-new-games/articleshow/75135181.cms">Here's how you can kill coronavirus – developers in India get busy with new games</a> <a href="https://www.businessinsider.in/stock-market/news/sbi-cards-share-price-down-by-a-third-since-ipo/articleshow/75126409.cms">₹10,000 invested in SBI Cards during IPO is worth about ₹6,700 now⁠— here’s why</a>

PhonePe is the latest to turn ‘grocery aggregator’ – with a new feature with list of stores near you

Irked over truckload of bulky documents filed by parties in a batch of petitions arising out of the Amazon-Future Retail case (Reliance Industries acquisition deal with Future Retail), the Supreme Court Tuesday asked whether the purpose was just to drag on or harass the judges and sought a common small compilation of documents. A bench comprising Chief Justice N V Ramana and Justice A S Bopanna and Hima Kohli asked the counsel for parties to file small volume of documents so that the matter can be disposed of, and fixed the case for hearing on December 8. I am sorry to say to all of you. What is the fun in filing 22-23 volumes of records. How many documents both sides have filed repeatedly and is it the purpose of just dragging on or otherwise to harass the judges, said the CJI. It is completely unnecessary, senior advocate Harish Salve, appearing for the Future group, said and suggested that both sides can discuss and file a common document along with short written notes. There is a problem in locating the volume, the bench said, adding Give us some time. Do one thing. Can you make a small compilation of these documents which you are relying upon. Truckload of volume has been filed yesterday . Meanwhile, the bench allowed the IDBI trusteeship, which had moved the apex court seeking to de-freeze Future Retail shares pledged to it, withdrew its plea and said that it will go to the Delhi High Court with its plea. The pledged shares have been attached at the orders of the high court, senior advocate N K Kaul said, adding that since the apex court had barred the high court from proceeding with the case, the IDBI trusteeship has failed to access its shares. On November 11, the top court judge Justice Hima Kohli had offered to recuse herself from hearing the pleas, saying she and her family members have shares in Reliance Industries Ltd group firms, one of the interested parties to the litigation. We have no objection, said a battery of lawyers appearing for parties Amazon, Future Retail Limited (FRL) and Future Coupons Private Ltd (FCPL). The top court was hearing a fresh petition of Future Group against the Delhi High Court's recent order declining its plea for stay on an arbitration tribunal decision refusing to interfere with the Singapore International Arbitration Centre's (SIAC) Emergency Award (EA) which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. The bench was also hearing a counter plea by Amazon, seeking to restrain the regulators from approving the merger deal. It said the last order was passed with the consent of the parties that the regulatory authorities will not approve the merger deal without prior nod from the top court. The dispute over the merger deal has seen several rounds of litigation after SIAC passed the EA in favour of the US firm on October 25, 2020 staying the merger. On October 21 this year, a duly-constituted panel of arbitrators at SIAC reiterated the decision of the EA. Then on October 29, the Delhi High Court declined Future Group's plea for stay on the arbitration tribunal order refusing to interfere with the EA which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. The high court sought response from Amazon which had challenged the merger before the SIAC, and listed the appeals by FCPL and FRL for further hearing on January 4, 2022. FRL and FCPL moved the top court recently against the order with fresh pleas. Kishore Biyani and 15 others including FRL and FCPL have been embroiled in a series of litigations with Amazon, an investor in FCPL, over the deal with Reliance. Following the EA, subsequently, a three-member arbitral tribunal was constituted to decide the issues arising from the deal. On September 9, the apex court had stayed for four weeks all proceedings before the high court in relation to the implementation of the EA and also directed statutory authorities like National Company Law Tribunal (NCLT), Competition Commission of India (CCI) and Securities and Exchange Board of India (Sebi) not to pass any final order related to the merger deal in the meantime. Subsequently, the arbitration tribunal under the SIAC rejected on October 21 the FRL plea to lift the interim stay granted by its EA on October 25 last year, observing that "the Award was correctly granted". Amazon had dragged Future Group to arbitration at SIAC in October last year, arguing that FRL had violated their contract by entering into the deal with rival Reliance. The FRL and FCPL had moved the top court against the high court order of August 17 which said that it would implement the earlier order by its single-judge restraining FRL from going ahead with the deal in pursuance of the EA's award. The high court had said that in the absence of a stay, it would have to enforce the order passed by its single judge, Justice J R Midha, on March 18. On March 18, besides restraining FRL from going ahead with its deal with Reliance Retail, the court had imposed costs of Rs 20 lakh on the Future Group and others associated with it and ordered attachment of their properties. On August 6, the Supreme Court gave the verdict in favour of Amazon and held that EA award, restraining the Rs 24,731 crore FRL-Reliance Retail merger deal, is valid and enforceable under Indian arbitration laws. The apex court had also set aside the two orders of February 8 and March 22 of the division bench of the Delhi High Court order which had lifted the single-judge's orders staying the FRL-RRL merger. A bench headed by Justice R F Nariman, since retired, had dealt with the larger question and held that an award of an EA of a foreign country is enforceable under the Indian Arbitration and Conciliation Act. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/jio-is-slowing-down-in-the-race-to-500-million-subscribers/articleshow/87862415.cms" data-type="tilCustomLink">Jio is slowing down in the race to 500 million subscribers – a goal set by none other than Mukesh Ambani</a> <a href="https://www.businessinsider.in/business/startups/news/nobroker-is-the-38th-indian-startup-to-be-valued-over-a-1-billion-in-2021/articleshow/87867289.cms" data-type="tilCustomLink">NoBroker is the 38th Indian startup to be valued over a billion dollars this year</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-hikes-tariffs-by-up-to-500-for-its-popular-plans/articleshow/87864183.cms" data-type="tilCustomLink">Vodafone Idea hikes tariffs by up to ₹500 for its popular plans</a>

Amazon vs Future — 'Why file voluminous records, to drag the case or harass judges?' asks Supreme Court

New Delhi, Jun 18 () Real estate technology companies that are used to being overlooked from investors may see their fortunes turn after the COVID-19 pandemic, as the industry embraces proptech to improve the way property is bought, sold or rented, according to Housing.com CEO Dhruv Agarwala. Addressing a webinar organised by media company Entrepreneur on Thursday, Agarwala, who is also the CEO of PropTiger and Makaan.com, said the pace of adoption of digital technologies has accelerated after the outbreak of the coronavirus disease and the subsequent nationwide lockdown imposed on March 25. He said that going forward, there would be increased adoption of technologies across the value chain, right from designing to construction to sales and marketing, and property management. In each of these areas, there could be significant opportunities for capital infusion by both domestic and foreign investors, he added. Agarwala pointed out that proptech players have not been able to raise funds like technology players in other sectors such as e-commerce and food because of the inherent problems in the real estate sector. The sector has been reeling under the multi-year demand slowdown on account of demonetisation and disruptions caused by the goods and services tax (GST) and realty law RERA, he said. However, he said, "It's just a matter of time, when we can see significant inflows of capital in proptech". "In the next five years, we can expect a large sum of capital being infused in proptech companies," Agarwala said but refrained from giving any number. He expected the process of searching and shortlisting of properties to largely shift on digital platforms, both for renting and buying. "People will still visit one or two shortlisted properties before eventually deciding to buy," he said. On housing prices, Agarwala said the price reduction would not be across the board. He said the builders who have stressed balance sheets would like to clear their inventories by cutting rates or giving discounts. However, the real estate developers with strong balance sheets and huge cash reserves would not reduce price. Citing a survey report done by Housing.com, Agarwala said the potential homebuyers have deferred their plan to purchase properties by 0-12 months and only a small percentage (19 per cent) of respondents have put the plan on hold permanently. Singapore-based Elara Technologies, which owns the three realty platforms Housing.com, Makaan.com and PropTiger, has raised USD 175 million so far from investors. Among other players, NoBroker.com has raised over USD 150 million and Square Yards around USD 75 million. MJH HRS

Proptech firms to attract huge capital from investors post COVID-19

New Delhi, Jun 12 () COVID-19 pandemic has accelerated the adoption of digital tools in Indian real estate, and the process of search as well as shortlisting of properties will largely shift to online platforms, according to industry experts. Participating in a webinar, Arvind Subramanian, MD and CEO designate of Mahindra Lifespaces, said the technology would play an important role in the real estate sector, not only in sales and marketing but in construction and design as well. He described residential property as a 30-years consumer product and said it should not be treated as any other financial products. The webinar was organised by BW Businessworld and WHub. Dhruv Agarwala, the CEO of Housing Proptiger and Makaan.com, said there has been tremendous acceleration in digital adoption since the lockdown, which was imposed on march 25 to curb coronavirus spread. He mentioned that the total traffic at its three platforms fell 40 per cent during the first week of the lockdown compared with the pre-COVID level. However, Agarwala said, the traffic has now bounced back and is 20 per cent more than pre-COVID level. Although traffic on its sites has come back, he said, buyers will be cautious due to salary cuts, lay-offs and economic downturn, but investors are looking to purchase because of attractive prices and payment plans. Square Yards CEO Tanuj Shori said his company has been able to sell 3,000 properties during this period, thanks to fast adoption of digital tools like virtual walk through and payment gateways by developers as well as customers. He said the coronavirus pandemic has accelerated the speed of adoption of digital although there will be some element. NoBroker co-founder Amit Agarwal said around 2,000 properties have been transacted on its websites during this period. The process of search, shortlisting and walk-throughs of properties have shifted to online. He highlighted that even the rental deals are taking place without physical visits. MyGate founder Vijay Kumar said the technology will play a big role in making real estate market more efficient. SAI Estate Consultants MD Amit Bhagwan Wadhwani, however, said that human interference will be required to complete the real estate transactions, although digital tools are being helpful in lead generations. Awfis founder and CEO Amit Ramani said the technology is enabling coworking operators in providing services more efficiently. Agarwala of Housing.com said that the PropTech companies have not been able to attract huge investment in the last ten years but the scenario could change in the next decade. "We are just seeing the emergence of PropTech in India," he added. MJH BAL

COVID-19 quickens adoption of digital tools in real estate: Experts

Equity benchmark <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> plummeted over 1,500 points in opening trade on Monday dragged by selloff in index-heavyweights HDFC twins, ICICI Bank, TCS and Infosys amid negative cues from global markets. The 30-share index was trading 1,513.68 points or 4.49 per cent lower at 32,203.94, and the NSE Nifty plunged 425.70 points, or 4.32 per cent, to 9,434.20. ICICI Bank was the top laggard in the Sensex pack, sinking over 8 per cent, followed by IndusInd Bank, Tata Steel, Bajaj Finance, Tech Mahindra, HDFC and HDFC Bank. Shares of Reliance Industries fell over 1 per cent after the oil-to-telecom conglomerate on Thursday posted its biggest ever drop in quarterly net profit. Its net profit in January-March slipped 37 per cent to Rs 6,546 crore, the lowest in three years. <div type="Article" hostid="261" msid="75526873" title="Reliance Jio’s valuation jumps more than half a billion dollars in just 12 days, thanks to Silver Lake" mstype="2" mssubtype="0"></div> Meanwhile, earlier in the day, Silver Lake - one of the world's largest tech investors - agreed to invest Rs 5,655.75 crore to buy a 1.15 per cent stake in Jio Platforms. Sun Pharma was the sole gainer in the BSE index. In the previous session, the BSE barometer settled 997.46 points or 3.05 per cent higher at 33,717.62, while the Nifty soared 306.55 points, or 3.21 per cent, to 9,859.90. Market remained closed on Friday for 'Maharashtra Day'. Foreign portfolio investors were net buyers in the capital market on Thursday, as they purchased equity shares worth Rs 1,968.80 crore, according to provisional exchange data. The government on Friday extended the nationwide lockdown till May 17. According to analysts, the market has realised that the cascading effect of the restrictions on the domestic economy and corporate earnings is much more than anticipated. Besides, selloff in other Asian equities too spooked investors, traders said. Bourses in Hong Kong and Seoul were trading significantly lower, while those in Shanghai and Tokyo were closed for a holiday. International oil benchmark Brent crude futures were trading flat at USD 26.41 per barrel. Meanwhile, global tally of coronavirus infections was over 35 lakh, with around 2.47 lakh deaths. The death toll due to COVID-19 in India rose to 1,373 and the number of cases climbed to 42,533 in the country, according to the health ministry. See also: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-new-deals-full-list/articleshow/75526386.cms">All the new deals signed by Tech Mahindra in the last three months</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-stake-sale-to-silver-lake-boosts-ril-share-valuation/articleshow/75526873.cms">Reliance Jio’s valuation jumps more than half a billion dollars in just 12 days, thanks to Silver Lake</a> <a href="https://www.businessinsider.in/business/startups/news/from-bigbasket-to-swiggy-to-nobroker-top-ten-indian-startups-that-raised-money-in-april-amidst-the-coronavirus-crisis/articleshow/75526547.cms">From BigBasket to Swiggy to Nobroker⁠— top ten Indian startups that raised money in April amidst the coronavirus crisis</a>

Between US-China bickering and earnings bummer from RIL and HUL, Sensex has lost over 4% in first hour of trading

<ul><li>With people not venturing out of their homes due to the lockdown and then the fear of coronavirus, kirana stores are turning to partner with online delivery platforms. </li><li>Hyperlocal delivery platforms and e-commerce companies like <keyword id="8506093" type="UNKNOWN" weightage="20" keywordseo="Jiomart">JioMart</keyword>, <keyword id="3275685" type="PERSON" weightage="20" keywordseo="dunzo">Dunzo</keyword>, <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> and Zomato have been ramping up their offering from kirana stores.</li><li><keyword id="84065" type="COMPANY" weightage="20" keywordseo="FMCG-companies">FMCG companies</keyword> too can leverage the <keyword id="992651" type="ORGANIZATION" weightage="20" keywordseo="kirana-store">kirana store</keyword> loyalty to push their brands as it brings new users as well as the chance to offer new products.</li></ul>The likes of Dunzo, Swiggy, and JioMart have recognised India's local mom-n-pop stores, also called kirana stores in Hindi, are indispensable. So have the customers. The kirana stores, on the other hand, are also lured by the digital platforms. An increasing number of store owners have embraced the advantage of home deliveries via these platforms but are wary of losing margins. Kiranas to the rescue When the coronavirus lockdown began in March, a panic struck across the country with people hurrying to their nearest kirana store to gather groceries. Four months later, consumer spending at kirana stores are still 22% higher than pre-Covid levels. “They have been winning the loyalty of the current consumers and acquiring new ones,” said Prem Kumar, Founder &amp; CEO of Snapbizz. Kirana stores – not just a stone’s throw away but also a button away People not venturing out of their homes has not just hurt crowded department stores, even corner shops on every street have seen fewer customers. This is a fertile ground for technology, particularly online orders and home deliveries. According to a survey by EY India, 40% of respondents (kirana store owners) said that they want to partner with online delivery and supply platforms as they feel it can help them grow and tide over in these testing times. The report further said that it's time for FMCGs, large retailers and financial services companies to “recognize that the kirana store is the new local touchpoint and their conduit into the daily life of a trusting consumer.” “As we move from now to next and beyond this crisis, the new level of growth for kirana stores will come from partnerships and symbiotic relationships,” said Shashank Shwet, Partner, customer experience and design thinking, EY India. The opportunity for e-commerce and FMCG brands And here’s where the likes of Dunzo, Swiggy Stores and Zomato come in who are pushing for hyperlocal deliveries. Zomato and Swiggy, who have both been impacted due to the restaurant shutdown during the pandemic and people’s aversion for ordering online, have latched on to the grocery delivery business swiftly. Even the likes of PhonePe, who have so far largely been a payments player, or NoBroker, a real estate platform, are ramping up their operations to include deliveries from the users’ nearest kirana stores. Reliance’s JioMart has spread to over 200 locations across India, in the middle of the pandemic, partnering with kirana stores and delivering to users’ doorsteps. “India will leapfrog from being a retail-led ecommerce model to an offline to online one where shopkeepers goods are delivered,” Paytm founder Vijay Shekhar Sharma had said in an earlier interview. <div type="Youtube" id="satElBUTBIQ" title="Episode 1 | All You Need To Win In The Post Covid Economy: India&amp;#39;s Digital Reboot" thumbUrl="https://i.ytimg.com/vi/satElBUTBIQ/mqdefault.jpg"></div> FMCG companies like Hindustan Unilever and Marico, too, can leverage the kirana store loyalty to push their brands as it brings new users as well as the chance to offer new products. “79% of respondents in non-metros and 50% in metros state that there are new consumers coming to their store post the lockdown period,” said the EY survey. The survey said that at least 69% kiranas in the non-metros were able to sell alternative brands to their customers, and this could turn out to be a great opportunity for new brands. Will they survive the discounts? One of the major factors of e-commerce to hit kirana stores were the deep discounts offered by e-commerce players to gain users. And there’s also another big price to pay – commission price. EY’s survey believes this could still be a hurdle for kirana stores as the partnerships with online players come at a high cost and are not yet profitable. What’s driving these stores to online is the customer's willingness to pay digitally. As social distancing stays on as the new norm, digital payments have been on the rise. <div type="image" title="UPI 2020." msid="76826733" hostid="261"></div> “Covid-19 is forcing sectors to digitize as businesses can’t be closed for a long period of time and social distancing is here to stay, for the next 12 months at least. Small and medium businesses and consumers are beginning to realise the friction and frustration involved in handling cash after having experienced seamless digital payments,” said Harshil Mathur, co-founder of Razorpay. SEE ALSO: <a href="https://www.businessinsider.in/education/news/trumps-new-visa-policy-leaves-foreign-students-enrolled-online-in-a-lurch-take-transfer-or-leave-us/articleshow/76825867.cms">Trump's new visa policy leaves foreign students enrolled online in a lurch — take transfer or leave US</a> <a href="https://www.businessinsider.in/business/news/phoenix-mills-is-prepping-for-a-two-year-coma/articleshow/76825696.cms">One of India's largest mall operators is prepping for a two-year coma</a>

JioMart, Dunzo, Swiggy and likes want to ride the trust earned by India’s kirana stores during the lockdown

<ul><li>Given the economic impact of the Coronavirus pandemic, a lot of companies have been implementing salary cuts, offering no pay hikes and more. </li><li>However, not every company has frozen recruitment. </li><li>This week we bring job openings across the top audit firms like PwC India, EY, Deloitte and <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>.</li></ul>Given the economic impact of the Coronavirus pandemic, a lot of companies have been implementing salary cuts, offering no pay hikes and have suspended hiring temporarily to keep up with the operational costs. However, not every company has frozen recruitment altogether, and a few such vacancies are listed here. Every week, Business Insider collates interesting vacancies across marquee organisations. This week we bring job openings across the top audit firms. Here are a few of those opportunities: EY <div type="image" title="EY Wikimedia" msid="75526476" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;sub&amp;gt;Wikimedia&amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div> Position: Financial Analyst Location: Thiruvananthapuram, Kerala Experience: Not Specified Eligibility: Bachelor's or Master’s degree in Commerce or Business Management Audit major EY is hiring a Financial Analyst for its tax department. The selected hire will be responsible for posting entries into accounting systems, account reconciliations and publishing weekly progress reports. He will be required to have an understanding of engagement tools, data requirements and process maps. The candidate will also be conducting various skill training and process demos. To apply for the job, the candidate must be skilled in ERP systems, MS Excel, along with good communication and analytical skills. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1839964863/">here</a>. Goldman Sachs <div type="image" title="4930114ec09ec3b22d4eef9375d91c2f" msid="75526543" hostid="261"></div> Position: Finance Engineering - Software Developer Location: Bangalore Experience: Not Specified Eligibility: Bachelor's degree in Computer Science, Mathematics, Electrical Engineering Goldman Sachs is looking to hire a Software Developer in Finance. The role requires building business solutions using technology. The selected candidate will be required to facilitate and develop process workflow, data requirements, and specifications for implementation. This includes design, testing strategies, and implementation plans. From requirements analysis and coding to testing and maintenance, he will be responsible for managing end-to-end system development cycle. The candidate must have expertise in full stack front end web development or server side Java development with relational databases, along with understanding of data structures, algorithms, software design and core programming concepts. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1710743318/">here</a>. Deloitte <div type="image" title="deloitte wikimedia" msid="75526503" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;sub&amp;gt;Wikimedia&amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div> Position: Internal Audit Analytics- Sr. Consultant Location: Bangalore Experience: Minimum 4 years Eligibility: Bachelor of Engineering, MBA in Business Analytics or Finance, MSc in Statistics Deloitte is inviting applications for a senior consultant for Internal Audit Analytics. The selected hire will lead and perform analytics for Internal Audit clients. He will develop and implement data analysis, data collection and work on quality control plans, optimizing statistical efficiency. He will implement advanced analytics, machine learning and robotic process automation. To apply, the candidate must have experience in interpreting data, analyzing results using statistical techniques along with strong technical skills in SQL, SAS, Tableau, ACL, R, Python, PowerBI and Qlik. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1848361645/">here</a>. PwC India <div type="image" title="pwc" msid="75526508" hostid="261" caption="&amp;lt;p&amp;gt;Wikimedia&amp;lt;/p&amp;gt;"></div> Position: Assistant Manager - O365 App Admin Location: Gurgaon, Bangalore, Kolkata, Mumbai Experience: Minimum 6 years Eligibility: Not Specified PwC India is hiring a senior manager for Office 365 platform. The selected admin will look after the operations of the O365 platform including applications like SharePoint online, Team and OneDrive. He will monitor security, performance, interoperability and reliability of the platform along with providing troubleshooting options. The selected candidate will work with developers, O365 administrators, database administrators to design, develop, test and implement O365 capabilities. The applicants must have experience in maintaining SharePoint 2013 farms and SPO tenants long with the knowledge of HTML and JavaScript. Interested candidates can apply<a href="https://www.linkedin.com/jobs/view/1843205025/"> here</a>. Deloitte <div type="image" title="deloitte" msid="75526529" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;sub&amp;gt;Flickr&amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div> Position: Marketing Data Analyst Location: Hyderabad Experience: Minimum 4 years Eligibility: Bachelor’s degree, MBA Deloitte is hiring a marketing data analyst for its Client and Market Growth organizations (CMG). The candidate will be working on insight generation, development of business intelligence applications and reporting them. He will identify data issues and improve data quality across databases. He will provide analytical and reporting support for industries, marketing campaigns, test and measurement design, and post-campaign analysis. In addition, the role will require translating technical projects into a user-understandable language. To apply for the job, the candidate must have strong computing, analytical, statistical, data visualisation, analytical thinking, and problem-solving skills. He should also have knowledge of marketing activities like campaigns, digital marketing, SEO, social media and email marketing. Interested candidates can apply <a href="https://www.linkedin.com/jobs/view/1848665001/">here</a>. See also: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-new-deals-full-list/articleshow/75526386.cms">All the new deals signed by Tech Mahindra in the last three months</a> <a href="https://www.businessinsider.in/business/startups/news/from-bigbasket-to-swiggy-to-nobroker-top-ten-indian-startups-that-raised-money-in-april-amidst-the-coronavirus-crisis/articleshow/75526547.cms">From BigBasket to Swiggy to Nobroker⁠— top ten Indian startups that raised money in April amidst the coronavirus crisis</a>

You Searched For "nobroker" and got 14 results

Vijay Shekhar Sharma fires the shots – Paytm launches its own Android mini-app store to take on Google

Sanchita Dash

Bengaluru, home to 1.5 million IT workers and called 'the world's back-office,' has dodged the tech winter ripping through Silicon Valley but experts warn it may not last

Matthew Loh,Britney Toh

PUBG developer Krafton is going to help Indian storytelling platform Pratilipi to turn a few stories into games

Kritti Bhalla

Urban Company has $5 million ESOPs up for sale as its long time backer Vy Capital is set to buy more stake

Sanchita Dash

COVID-19: NoBrokerHood launches grocery services for society residents

PTI

Changing landscape of real estate in India — millennials are driving the demand

Insider Studios

INTERVIEW: Here’s why one of India’s most successful VC firms rebranded itself in the middle of a pandemic

Sanchita Dash

PhonePe is the latest to turn ‘grocery aggregator’ – with a new feature with list of stores near you

Sanchita Dash

Amazon vs Future — 'Why file voluminous records, to drag the case or harass judges?' asks Supreme Court

PTI

Proptech firms to attract huge capital from investors post COVID-19

PTI

COVID-19 quickens adoption of digital tools in real estate: Experts

PTI

Between US-China bickering and earnings bummer from RIL and HUL, Sensex has lost over 4% in first hour of trading

PTI

JioMart, Dunzo, Swiggy and likes want to ride the trust earned by India’s kirana stores during the lockdown

Sanchita Dash

Goldman Sachs, Deloitte, EY and other top audit firms hiring this week

Prerna Sindwani

You Searched For "nobroker" and got 14 results

Vijay Shekhar Sharma fires the shots – Paytm launches its own Android mini-app store to take on Google

Sanchita Dash

Bengaluru, home to 1.5 million IT workers and called 'the world's back-office,' has dodged the tech winter ripping through Silicon Valley but experts warn it may not last

Matthew Loh,Britney Toh

PUBG developer Krafton is going to help Indian storytelling platform Pratilipi to turn a few stories into games

Kritti Bhalla

Urban Company has $5 million ESOPs up for sale as its long time backer Vy Capital is set to buy more stake

Sanchita Dash

COVID-19: NoBrokerHood launches grocery services for society residents

PTI

Changing landscape of real estate in India — millennials are driving the demand

Insider Studios

INTERVIEW: Here’s why one of India’s most successful VC firms rebranded itself in the middle of a pandemic

Sanchita Dash

PhonePe is the latest to turn ‘grocery aggregator’ – with a new feature with list of stores near you

Sanchita Dash

Amazon vs Future — 'Why file voluminous records, to drag the case or harass judges?' asks Supreme Court

PTI

Proptech firms to attract huge capital from investors post COVID-19

PTI

COVID-19 quickens adoption of digital tools in real estate: Experts

PTI

Between US-China bickering and earnings bummer from RIL and HUL, Sensex has lost over 4% in first hour of trading

PTI

JioMart, Dunzo, Swiggy and likes want to ride the trust earned by India’s kirana stores during the lockdown

Sanchita Dash

​Goldman Sachs, Deloitte, EY and other top audit firms hiring this week

Prerna Sindwani

Goldman Sachs, Deloitte, EY and other top audit firms hiring this week