<ul><li><keyword id="2645087" type="General" weightage="20" keywordseo="rategain" source="Orion">RateGain</keyword> intends to raise over ₹400 crore through its fresh issue, which will be used for investments and acquisitions.</li><li>Rate Gain has over 1,434 customers, spread across 110 countries.</li><li>The company counts Lemon Tree, OYO and several other hotels and OTAs as its clients.</li><li>It will continue to focus on the US market after its public listing as well.</li></ul>Software-as-a-service startup (SaaS) RateGain Travel Technologies — which has less than 1% business coming from India — had decided, earlier this year, that it will get listed in its home country. This is rather odd as several tech entrepreneurs dream of getting their startups listed in American stock exchange Nasdaq. It’s not just a matter of pride, but also a strategic move. There are majorly two reasons for Indian tech startups to explore a Nasdaq listing — retail investors have better understanding of tech business in the US and/or majority of their revenue is coming from that market. Besides this, international listing gives Indian companies a larger and more diverse pool of capital. Whether it's the already listed Freshworks or soon-to-be-listed Icertis, <a href="https://economictimes.indiatimes.com/tech/startups/inmobi-prepares-for-nasdaq-listing-to-seek-15-billion-valuation/articleshow/81789159.cms">InMobi </a>or <a href="https://www.businessinsider.in/business/startups/news/pine-labs-reportedly-joins-the-long-list-of-indian-tech-startups-heading/articleshow/81760763.cms">PineLabs</a> — one of these three factors are the driving force of listing abroad. So it is quite amusing why RateGain would choose to get itself listed in India and that too in 2021 — potentially the worst time for any travel tech business due to the ongoing pandemic. Bhanu Chopra, the chairperson and managing director of RateGain told Business Insider that there were three reasons why the company decided not to go for a Nasdaq listing. First, the ability to drive up brand value being a local company is much higher. Second, they wanted to be the torchbearer of the first product SaaS company to list in India. Third, there were several logistical issues that couldn’t have been solved without making some organisational changes and it was quite cumbersome. Therefore, the company decided to stick to its home market and be the first SaaS company to list in India. Rate Gain has over 1,434 customers — across the hotel, hospitality and online travel agency (OTA) segment — spread across 110 countries. In order to serve the customers in these locations, RateGain has set up its subsidiaries in the United Kingdom, United States and Spain. It has also acquired three companies to date — US-based DHISCO and BCV, and<a href="https://www.businessinsider.in/business/news/ipo-bound-rategain-acquires-germany-based-myhotelshop/articleshow/86454447.cms"> Germany-based myhotelshop</a>. About 65% of RateGain’s revenue comes from the US market, while nearly 2% comes from India. The company will continue to focus on the US market even after the public listing as the majority of its customer base is settled or registered there. <div type="image" title="Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to list in India" msid="87269616" hostid="261"></div> The company — founded in 2004 and bootstrapped till 2017— intends to raise ₹400 crore through its fresh issue. Besides, the company will also sell 2.26 crore as offer for sale (OfS). This capital will be used to make strategic investments, acquisition and fund inorganic growth initiatives. Its last reported valuation was $133 million in 2015. But why now? <div type="image" title="Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India" msid="87286549" hostid="261"></div> It’s no secret that the travel and hospitality segment was severely hit since March 2020, when the world stepped into pandemic-induced lockdowns. As the entire segment was suffering, RateGain was bound to suffer too as they comprised its clients. The company decided to take a pause and arm itself with better products to meet the pent-up demand that may come back soon as people indulge in revenge travel and COVID-related restrictions are lifted. The company counts Lemon Tree, OYO and several other hotels and online travel aggregators (OTAs) as its clients. Besides this, the company believes that Indian investors are now ready to invest in tech businesses. Chopra believes that the investors' interest in Indian startups have increased in both private as well as public markets. This can be seen in terms of the number of unicorns -- private firms valued at or more than $1 billion -- that are being created as well as the number of companies hitting the public market. “My sense is that the Indian investor is now ready and they understand the future of any industry is digitisation. Now, RateGain is leading that effort in digitisation of the travel and hospitality industry” Chopra added. The pent-up demand of the travel industry and the positive global outlook is driving 26% compound annual growth rate (CAGR) growth. “Retail investors understand that the travel industry is recovering very fast and it is going to be the fastest growing industry in the next four-five years,” he added. Chopra believes that the ecosystem has developed enough for retail investors to understand the upcoming trends. In a <a href="https://www.businessinsider.in/business/startups/news/droom-founder-explains-why-he-is-considering-a-us-ipo-and-where-he-intends-to-spend-the-money/articleshow/84917608.cms">previous interaction</a> with Business Insider, Droom’s founder and CEO Sandeep Aggarwal highlighted that Indian investors now have a stock appetite to invest in tech businesses. Earlier, he was of that view that Indian new age businesses are not rewarded in the Indian stock exchange. WATCH ALSO: <div type="Video" msid="84897976" hostid="261" title="India's latest unicorn is prepping for an IPO now" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=84897976"></div> SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/bharti-airtel-tech-mahindra-bajaj-finance-and-other-top-stocks-to-watch-out-for-on-october-26/slidelist/87268702.cms" data-type="tilCustomLink">Bharti Airtel, Tech Mahindra, Bajaj Finance and other top stocks to watch out for on October 26</a> <a href="https://www.businessinsider.in/international/news/elon-musks-wealth-surged-by-36-billion-the-largest-single-day-gain-bloombergs-ever-recorded/articleshow/87267131.cms" data-type="tilCustomLink">Elon Musk's wealth surged by $36 billion, the largest single-day gain Bloomberg's ever recorded</a> <a href="https://www.businessinsider.in/finance/news/opinion-the-next-four-letter-word-taking-the-world-of-finance-by-storm/articleshow/87260681.cms" data-type="tilCustomLink">OPINION: The next four-letter word taking the world of finance by storm</a>

Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India

<ul><li><keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> delivery partners continue to work during the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic, and the company has now set up a relief fund for them.</li><li>Swiggy’s CEO <keyword id="254527" type="PERSON" weightage="20" keywordseo="Sriharsha-Majety">Sriharsha Majety</keyword> donated 50% of his annual salary.</li><li>Meanwhile, Swiggy’s rival Zomato announced a crowdfunding campaign through its subsidiary – Feeding India, seeking donations to feed daily wagers in India.</li></ul>Swiggy has set up a <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> relief fund for ₹10 crore and has already raised ₹4 crore with contribution from its founders and employees. Swiggy’s CEO Sriharsha Majety donated 50% of his annual salary. The fund will help Swiggy’s delivery partners, who continue to work during the coronavirus pandemic. The company said that with this fund, delivery partners are now covered with Income-Protection Insurance where up to 14 days of income is insured if they are tested positive with COVID-19. “Our industry is built on the efforts of our delivery partners. It is in times like these, that we come together to appreciate and support those who are putting their lives at risk to serve others. To assist our delivery heroes during these testing times, we have initiated this special fund which will be supported by Swiggy and our investors” says Sriharsha Majety, CEO, Swiggy. Earlier, Swiggy announced that any and all revenue generated by it on March 22 will be donated to their safety and welfare. Swiggy’s rival Zomato has also been working on a crowdfunding campaign. Zomato founder Deepinder Goyal earlier announced the initiative through its subsidiary – Feeding India, seeking donations to feed daily wagers in India. The startup has already collected ₹18.05 crore through the campaign. See Also: <a href="https://www.businessinsider.in/india/news/apollo-hospitals-partners-with-oyo-zomato-and-sbi-and-others-to-offer-5000-quarantine-rooms-to-coronavirus-patients/articleshow/74887301.cms">Apollo Hospitals partners with Oyo, Zomato, SBI and others to offer 5,000 quarantine rooms to Coronavirus patients</a>

Swiggy sets up a Covid-19 relief fund for its delivery partners, founder Sriharsha Majety donates 50% of his annual salary

<ul><li>On June 8, the first phase of <keyword id="5577826" type="COMPANY" weightage="20" keywordseo="UNLOCK-INDIA">unlock India</keyword> began with <keyword id="89358" type="PERSON" weightage="20" keywordseo="shopping-malls">shopping malls</keyword>, offices, religious places opening across India. </li><li>However, the fear of the virus still looms large and the number of coronavirus cases continues to be on the rise. </li><li>Here's a look at what worked in the first week and what didn’t. </li></ul>It’s been a week of India’s <keyword id="9318169" type="UNKNOWN" weightage="20" keywordseo="Unlock-1-0">Unlock 1.0</keyword> – when the country slowly began to open up from the coronavirus lockdown. On June 8, shopping <keyword id="45856" type="PERSON" weightage="20" keywordseo="Malls">malls</keyword>, offices, religious places opened across India. Even while the fear of the virus still looms large and the number of coronavirus cases continues to be on the rise, businesses are beginning to return to work with the hope of normalcy returning soon. But here’s a look at what worked and what didn’t. Public Transport With offices resuming in a phased manner, people are getting back on the roads. However, metros continue to stay shut, while buses have resumed service in several cities. In the national capital, the Delhi Transport Corporation had started shuttle services in mid-May and the ridership had already risen to 3.5 lakh as of <a href="https://timesofindia.indiatimes.com/city/delhi/delhi-buses-ridership-reaches-over-3-5-lakh/articleshow/75901874.cms">May 22</a>. <div type="image" title="traffic jam mumbai" msid="76351623" hostid="261" caption="&amp;lt;p&amp;gt;Traffic jam in Mumbai&amp;lt;/p&amp;gt;"></div> While Mumbai misses its local trains, autos, taxis and BEST buses are now plying on the roads again. But because of social distancing, the BEST buses aren’t working in full capacity and this has resulted in delays as people have to wait longer for bus availability. "We don't take too many passengers. Also, people are cooperating. If the bus is full, they don't come in," a bus conductor in Mumbai told <a href="https://www.ndtv.com/india-news/mumbai-residents-miss-local-trains-as-city-reopens-after-lockdown-2243507">NDTV.</a> <div type="image" title="bus1" msid="76351631" hostid="261" caption="&amp;lt;p&amp;gt;A bus conductor in Mumbai stopping more people from boarding &amp;lt;/p&amp;gt;"></div> In Mumbai, Freego – a self balancing scooter for the Mumbai police was also launched for patrolling. <div type="image" title="police" msid="76351650" hostid="261" caption="&amp;lt;p&amp;gt;Scooters launched for police patrolling in Mumbai&amp;lt;/p&amp;gt;"></div> In Bengaluru, public transport is still being avoided by people and people are preferring to travel their own cars. <keyword id="34615" type="ORGANIZATION" weightage="20" keywordseo="restaurants">Restaurants</keyword> A lot of the restaurants decided to <a href="https://www.cnbctv18.com/business/restaurants-open-in-delhi-footfall-still-low-6095511.htm">not reopen</a> as with the migrant workers having gone home, they are short staffed and the curfew timing doesn’t really help their operations. Footfall has <a href="https://www.theweek.in/news/biz-tech/2020/06/08/as-malls-restaurants-open-across-india-footfall-low-amid-infection-fear.html">remained low</a> for almost all restaurants across the country. <div type="image" title="restaurant" msid="76351722" hostid="261" caption="&amp;lt;p&amp;gt;A restaurant in Bengaluru practices social distancing while serving guests&amp;lt;/p&amp;gt;"></div> In Delhi’s posh Khan Market, <a href="https://www.indiatoday.in/india/story/delhi-40-restaurants-in-khan-market-shut-shop-more-likely-to-follow-suit-1688048-2020-06-11">40% </a>of the hotels have shut down. The 9 pm curfew also means the restaurants have to start winding down at a time which would have been their busiest hour earlier. Malls “Over 250 malls have started operations again, operating between 60-70 percent occupancy. Categories like electronics, cosmetics, casual fashion wear, kids wear have seen a good uptake in the first few days,” said Amitabh Taneja, Chairman, Shopping Centres Association of India. <div type="image" title="thiruvanthapuram mall" msid="76351742" hostid="261" caption="&amp;lt;p&amp;gt;People at a mall in Thiruvanthapuram &amp;lt;/p&amp;gt;"></div> But that’s not the full story. A survey from the Retailers Association of India said that a majority 67% of the consumers surveyed showed little to no excitement in shopping post the lockdown. Moreover, 78% of the respondents said their shopping expenditure would decrease. <div type="image" title="mall sanitization" msid="76351761" hostid="261" caption="&amp;lt;p&amp;gt;Cleaning staff sanitizing a mall in Thiruvanthapuram&amp;lt;/p&amp;gt;"></div> From directives like those from the UP government where malls can stay open, but not the shops in them to the rising number of coronavirus cases in India, consumers are still shying away from retail therapy. <div type="image" title="crawford market shops" msid="76351769" hostid="261" caption="&amp;lt;p&amp;gt;Crawford market in Mumbai reopens&amp;lt;/p&amp;gt;"></div> “Retailers are amongst the most resilient entrepreneurs of the Indian ecosystem. Despite the lockdown relaxations, retailers are still facing a challenging time to revive their business. The impact on retail across the country is concerning and it will take a considerable amount of time for retailers to return to the green,” said Kumar Rajagopalan, CEO, Retailers Association of India. <div type="image" title="sarojini" msid="76351786" hostid="261" caption="&amp;lt;p&amp;gt;A retailer waits for customers at the otherwise crowded Sarojini Nagar market in Delhi&amp;lt;/p&amp;gt;"></div> Hospitality The hospitality industry which has been one of the worst hit because of the coronavirus pandemic is now betting on “aas paas tourism”. The likes of Mahindra Resorts and OYO are betting on weekend getaways and driving destinations. Now, Airbnb too has joined them. Airbnb has recently launched the ‘Go Near’ campaign – betting on driving destinations. “Key domestic markets for Airbnb are Goa, New Delhi, Rajasthan, Mumbai &amp; Bangalore, but we are also seeing a surge in searches for stay options in nearby cities especially near metros like Alibag, Lonavala, Panchgani near Mumbai,” Airbnb said. Meanwhile, OYO is also seeing a similar positive uptick in bookings. “A significant part of this demand is driven by metro cities, including Gurugram, Noida, Bengaluru, Kolkata and Hyderabad, with a majority of bookings being made by young travellers followed by corporates and SMEs. With most people opting for personal means of transport, bookings trends so far show guests’ preference towards same-city travel. A majority of this traffic is being generated by our own channels - OYO app, website and call centre,” said an OYO spokesperson. Salons and spas Probably one of the most popular YouTube videos during the lockdown became “how to cut your own hair” – while some managed it successfully, others waited for the salons and spas to open again. But not so easily, salons themselves had to go for a makeover before opening up. <div type="image" title="SALON" msid="76351888" hostid="261" caption="&amp;lt;p&amp;gt;People at a salon wearing full PPE kits&amp;lt;/p&amp;gt;"></div> "L’Oréal’s Professional Products Division in India has over 170,000 hairdresser partners, operating in over 45,000 salons. We are strongly mobilised to help our salon partners navigate these challenging times, with the primary objective of ensuring the safety of consumers, our partner salons and their employees. We are committed, now more than ever, to our role as partner and advocate of the hairdressing industry and will continue to work tirelessly to lessen the impact of this crisis on them,” said DP Sharma, director, professional products division of L’Oreal. Meanwhile, as companies like Urban Company too started functioning, they have seen a huge uptick in the number of orders for haircuts and beauty services at home. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries</a> <a href="https://www.businessinsider.in/policy/economy/news/zero-late-fee-for-those-who-have-nil-tax-liability-says-fm-nirmala-sitharaman-in-gst-meeting/articleshow/76338653.cms">40th GST Council meeting highlights – zero late fee for those who have nil tax liability, says FM Nirmala Sitharaman</a>

First week of Unlock 1.0 – Here’s what worked and what didn’t

<ul><li>In August 2020, <keyword id="719382" type="COMPANY" weightage="20" keywordseo="Airbnb">Airbnb</keyword> had confidentially filed the S1 document for an IPO, which marks the initial registration for a company planning to go public.</li><li>The 12-year old startup’s valuation has dropped from $31 billion to $18 billion as the COVID-19 crisis battered the global travel and tourism industry. </li><li>Chesky said the company is getting back on track with the markets recovering, and people opting for ‘longer stays’.</li></ul>For Airbnb, the US-based vacation rental startup, it's been a year of ups and downs. It started with talks of being the next tech company to file an IPO. Now, the travel and tourism industry is battered due to the coronavirus pandemic and its valuation has dropped from $31 billion to $18 billion. In August 2020, Airbnb had <a href="https://www.businessinsider.in/tech/news/airbnb-confidentially-filed-for-an-ipo/articleshow/77644745.cms">confidentially filed for an IPO</a>. Speaking during the Economic Times Global Business Summit, <keyword id="1757034" type="PERSON" weightage="20" keywordseo="Brian-Chesky">Brian Chesky</keyword>, CEO of Airbnb, said that while he’s not allowed to talk about the IPO, he said they will go ahead when the market’s ready. “Before the pandemic hit, we were working on the S1 (filing), we were intending to file it. Then obviously COVID-19 happened and the business dropped precipitously and we put the S1 on the shelf. And we dusted it off and filed it and I’ve said it, when the market’s ready for Airbnb, Airbnb will go public,” said Chesky. Airbnb was one of the worst-hit companies during the pandemic. According to <a href="https://www.wired.co.uk/article/airbnb-coronavirus-losses">reports</a>, the company’s revenues nosedived in March, and it lost over $1 billion in bookings. However, the company is getting back on track with the markets recovering, and people opting for ‘longer stays’, booking homes through Airbnb has been the more viable option, Chesky said. <div type="image" title="Airbnb spending." msid="78277984" hostid="261"></div> Airbnb in India As of 2019, Airbnb had over 55,000 listings in India. In 2019, Airbnb had invested an undisclosed amount on its Indian rival OYO, although <a href="https://www.businesstoday.in/current/corporate/airbnb-in-talks-to-invest-100-200-million-in-oyo-report/story/329283.html">reports </a>had pegged the investment to be anywhere between $100-$200 million. “I think to invest in the Indian market is to be making a long-term investment in what is and will be one of the largest economies in the world," he added. Talking about the Indian market, Chesky said that it is an important hub for Airbnb. The company had also recently promoted its India head Amanpreet Bajaj to also lead Southeast Asia, Hong Kong and Taiwan markets. “Through our office in India and our subsidiary, we have a large number of people that work in India. They not only focus on the India region but also global operations, including custom community support,” he said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/supreme-court-tells-delhi-government-no-action-against-facebook-india-head-till-october-15/articleshow/78275395.cms">Supreme Court tells Delhi government: No action against Facebook India Head till October 15</a> <a href="https://www.businessinsider.in/tech/news/now-theres-a-bluetooth-face-mask-with-a-built-in-microphone-to-answer-calls-on-the-go/articleshow/78274555.cms">Now there's a Bluetooth face mask with a built-in microphone to answer calls on the go</a> <a href="https://www.businessinsider.in/business/startups/news/airtel-picks-up-a-stake-in-cloud-communications-startup-waybeo-which-builds-ai-based-telecom-solutions/articleshow/78272006.cms">Airtel picks up a stake in cloud communications startup Waybeo, which builds AI-based telecom solutions</a>

Airbnb CEO Brian Chesky on the company's IPO⁠—  'When the market's ready for Airbnb, it will go public'

<ul><li><keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> has invested $5.7 billion for a 9.9% stake in <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> which puts the pre-deal valuation at ₹4.4 lakh crore. </li><li>The reason <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword>’s investment makes sense is because <keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword> is likely to be the fastest-growing segment for Reliance in the post-COVID world. </li><li>It’s also a way for Facebook to gain an edge in the Indian market which has largely been a duopoly between Facebook and Google when it comes to digital solutions for over a decade — a duopoly that has come under pressure with ByteDance’s entry.</li></ul>Facebook announced that it has invested $5.7 billion for a 9.9% stake in Mukesh Ambani’s Reliance Jio platform — India’s largest telecom player by the <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-collaborates-with-mark-zuckerbergs-facebook-to-launch-digital-literacy-program-in-india/articleshow/70066803.cms">number of subscribers</a> ⁠— and in early trade, Reliance Industries (RIL) <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">share price jumped up as much as 7.5%</a>. This is because Facebook’s Mark Zuckerberg has paid a certain premium for a stake in Reliance Jio. The investment has valued Jio at over half of RIL’s total market capitalisation as on April 21. Jio makes up for less than a tenth of RIL’s consolidated revenue which includes other segments like retail, petrochemicals, and oil and gas exploration to name a few. <div type="image" title="RIL" msid="75286310" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Industries&amp;#39; share price today morning, April 22&amp;lt;/p&amp;gt;"></div> What is the real worth of Reliance Jio? On April 14, HDFC Securities valued Jio at ₹4.8 lakh crore. For every share of RIL which was worth around ₹1,400 then, JIo was estimated to be ₹811 — 57.9% of the market cap. Deven Choksey, the managing director of KR Choksey Shares &amp; Securities told Business Insider, on April 21, that he valued Jio at ₹550 rupees a share when RIL was trading at around ₹1200. Based on a market cap ₹7.8 lakh crore, Jio would be worth ₹3.4 lakh crore by Deven's estimate. At a <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">pre-deal value of ₹4.4 lakh crore</a>, Zuckerberg’s buy-in is about 33% higher than what Choksey had estimated on Tuesday. This explains why RIL’s shares have spiked in a market that’s bearing down due to the impact of Coronavirus. Why Facebook needs Jio The reason Zuckerberg’s investment makes sense is because Jio is likely to be the fastest-growing segment for Reliance in the post-COVID world. Even though the Reliance subsidiary is only three-and-a-half years old, it has stolen the top spot from others like Vodafone and Bharti Airtel to become the largest telecom player in the country making it an attractive buy-in for the US company. “The recent tariff hike should still allow Jio’s EBITDA (earnings before interest, tax, depreciation and amortization) to rise 78% YoY [year-on-year] in FY21. Strong telecom and a weaker rupee will offset big cuts in petrochemicals, refining and retail as FY21 EPS rises a small 1.6% YoY,” estimates capital market and investment group, CLSA. It’s also a way for Facebook to gain an edge in the Indian market which has largely been a duopoly between Facebook and Google when it comes to digital solutions for over a decade. The duopoly that has recently been threatened by ByteDance making inroads with its mobile apps like TikTok and Resso. Entering India hand-in-hand with Jio will give Facebook access to its 370 million subscribers. There are over 451 million active internet users in the country today with the number estimated to rise beyond 600 million in the coming year, according to Internet and Mobile Association of India (<a href="https://cms.iamai.in/Content/ResearchPapers/d3654bcc-002f-4fc7-ab39-e1fbeb00005d.pdf">IAMAI</a>). What does Asia’s second-richest man get from the deal? For Ambani, CLSA forecasts that big deals like the one between Ambani and Zuckerberg will help reduce the burden of debt on RIL, which was at about $22 billion ⁠— 2.7 times its EBITDA⁠— at the end of March 2019. CLSA expects that the ratio will fall to 1.7 times in FY22 even before the Jio-Facebook deal was announced. RIL’s plan to reduce its debt also included a stake sale in its energy business to Saudi Arabia’s Aramco. But the crash in crude oil prices has cast a shadow on the stake sale to Aramco. A fresh start for Facebook This could be a new chapter for Facebook who has been trying to crack the Indian market for a while, but precious ventures like FreeBasics and internet.org did not have the <a href="https://www.businessinsider.in/tech/news/mukesh-ambani-and-mark-zuckerberg-are-looking-to-create-a-wechat-like-super-app-says-report/articleshow/75174322.cms">expected outcome</a>. It also puts Facebook head-to-head against the likes of Japan’s SoftBank, which normally holds the title of being India’s largest tech investor with over $10 billion invested across the country in unicorns like Flipkart, Ola and OYO. See also: <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion</a> <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">Facebook’s investment in Reliance Jio boosts RIL share value by ₹50,000 crore</a>

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Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India

Kritti Bhalla

Swiggy sets up a Covid-19 relief fund for its delivery partners, founder Sriharsha Majety donates 50% of his annual salary

Sanchita Dash

First week of Unlock 1.0 – Here’s what worked and what didn’t

Sanchita Dash

Airbnb CEO Brian Chesky on the company's IPO⁠— 'When the market's ready for Airbnb, it will go public'

Sanchita Dash

Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio

Prabhjote Gill