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<ul><li> Astronomers from the Aryabhatta Research Institute of Observational Science (ARIES) have discovered 228 new variable stars in the <keyword id="11096504" type="UNKNOWN" weightage="20" keywordseo="pacman-nebula">Pacman Nebula</keyword>.</li><li>The cosmic cloud of gas and dust is located 1,000 light years above the plane of the Milky Way offering a clear view of the star-making process, </li><li>Among the collection of new stars, 51 haven’t reached adulthood yet — they’re still collecting gas and dust before they burst into the nuclear fusion of hydrogen.</li></ul>Not every star shines bright in Earth’s sky. In fact, some of them are clearly visible one moment but dulled out in the next. These stars are called variable stars. And astronomers in India just spotted over 200 new ones in the Pacman Nebula. The Pacman Nebula — officially known as NGC 281 — is around 9,500 light years from Earth, which is relatively close in the astronomical sense. <div type="image" title="PacMan_Nebula_edited" msid="82060497" hostid="261" caption="&amp;lt;p&amp;gt;The Pacman Nebula lies around 9,500 light-years away from Earth in the constellation of Cassiopeia and is part of the Milky Way&amp;#39;s Perseus Spiral Arm.&amp;lt;/p&amp;gt;"></div> A team of astronomers, led by Sneh Lata of the Aryabhatta Research Institute of Observational Science (ARIES), set their sights on this cosmic cloud of gas using the largest reflecting telescope in Asia — the 3.6-metre Devasthal Optical Telescope (<keyword id="16054" type="COMPANY" weightage="20" keywordseo="DoT">DOT</keyword>). It is set up near Nainital in the Indian state of Uttarakhand. And they managed to find 228 new variable stars. Out of these, 81 turned out to be cluster members. Stars within the same cluster are assumed to have formed at nearly the same time, from the same cloud, and with the same composition. The only difference between them is their mass. The other 147 variable stars likely belong to the field population. They’re located in the same area as the cluster stars, but don’t necessarily share the same characteristics. <div type="image" title="NGC 281" msid="82060551" hostid="261" caption="&amp;lt;p&amp;gt;The observed image in V band which contains open cluster NGC 281. The stars detected as variables are encircled. &amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="They found stars that are yet to become adults" comment="subhead" text="They found stars that are yet to become adults">They found stars that are yet to become adults</cmsannotation> Among the variable stars detected, 51 were pre-main-sequence (PMS) stars. This means they’re still in the early stages of their life, acquiring mass from the dust and gas that surrounds them. They will only start burning hydrogen in nuclear fusion once they reach adulthood. Until then, they’re just gathering the resources they need. Among these PMS stars, 30 are less than ten million years old, called T-Tauri stars. These are smaller than 2 solar masses. However, stars with a mass 2.5 times the size of the <keyword id="24879" type="COMPANY" weightage="20" keywordseo="Sun">Sun</keyword> were also present. These are called Herbig Ae/Be stars. <cmsannotation type="cmsannotation" annotationid="Stars get age spots too — and it affects the way they glow" comment="subhead" text="Stars get age spots too — and it affects the way they glow">Stars get age spots too — and it affects the way they glow</cmsannotation> The researchers found that the bigger the star, the smaller its amplitude. For a star, its amplitude is the range of its luminosity — the most bright and the dullest it can be. According to the paper, the smaller aptitudes for larger stars could be due to the lack of material around them to chomp on or that distribution of spots on the photosphere — the outermost surface — of the stars is uneven. And the variability of the amplitude also increases with age. This suggests that the distribution of spots on the surface of these variables changes with their age. The Pacman Nebula has been key in examining the birth of stars and how they evolve. And it's unlike other star forming regions because it's located 1,000 light years above the plane of the <keyword id="410481" type="ORGANIZATION" weightage="20" keywordseo="Milky-Way-Galaxy">Milky Way Galaxy</keyword>. This means that astronomers have a nearly unfettered view of the star formation happening within.

Indian astronomers spot over 200 new stars in the Pacman Nebula — and 51 of them are yet to reach adulthood

<keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> reported 1,84,372 new <keyword id="8785701" type="UNKNOWN" weightage="20" keywordseo="COVID-19-cases">Covid-19 cases</keyword> in the last 24 hours, setting another grim one-day record, taking the overall tally to 13,87,825 on Wednesday, according to the data issued by the <keyword id="83655" type="COMPANY" weightage="20" keywordseo="Union-health-ministry">Union Health Ministry</keyword>. In the same period, 1,027 more people succumbed to the disease, which increased the <keyword id="6397442" type="UNKNOWN" weightage="20" keywordseo="Death-toll">death toll</keyword> to 1,72,085. India is now the fourth-worst Covid affected country worldwide after the number of active cases rose to 13,65,704. A total of 83,339 patients recovered in the last 24 hours, taking the number of recoveries to 1,23,36,036 with a recovery rate of 88.92 per cent. The <keyword id="46535" type="COMPANY" weightage="20" keywordseo="Health-ministry">Health Ministry</keyword> said that a total of 14,11,758 samples were tested in the last 24 hours. So far, 26,06,18,866 samples have been tested. A total of 26,46,528 people were also vaccinated in the same period, taking the <keyword id="11097141" type="UNKNOWN" weightage="20" keywordseo="total-inoculation-count">total inoculation count</keyword> to 11,11,79,578 . SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/indian-astronomers-spot-over-200-new-stars-in-the-pacman-nebula-and-51-of-them-are-yet-to-reach-adulthood/articleshow/82060301.cms">Indian astronomers spot over 200 new stars in the Pacman Nebula — and 51 of them are yet to reach adulthood</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/pharmeasy-investor-orios-ventures-shares-why-it-promises-to-invest-in-every-round-even-after-an-ipo/articleshow/82061415.cms">This VC firm invested in Pharmeasy when it was valued at just $10 million – here’s why it promises to invest in every round even after an IPO</a>

India registers 1,84,372 new COVID-19 cases, 1,027 deaths in last 24  hours, pushing the overall tally to 13,87,825

<ul><li><keyword id="60774" type="PERSON" weightage="20" keywordseo="CBSE-exams">CBSE exams</keyword> for Class 10 have been cancelled and the exams for <keyword id="6361875" type="UNKNOWN" weightage="20" keywordseo="class-12">Class 12</keyword> postponed in view of the exponential spike in Covid-19 cases across the country.</li><li>The results for Class 10 will be decided on the basis of objective criteria developed by the CBSE.</li><li>The Class 12 <keyword id="32862" type="PERSON" weightage="20" keywordseo="board-exams">board exams</keyword> have been postponed for a later date.</li></ul>The <keyword id="69419" type="COMPANY" weightage="20" keywordseo="Central-Board-of-Secondary-Education">Central Board of Secondary Education</keyword> (CBSE) exams for Class 10 have been cancelled and the exams for Class 12 postponed in view of the exponential spike in Covid-19 cases across the country, Union Education Minister Ramesh Pokhriyal Nishank announced on Wednesday. The decision was taken in a high-level meeting chaired by Prime Minister Narendra Modi here amid demand from students, teachers, parents and other stakeholders to cancel it. The CBSE Board exams were scheduled to be held from May 4 to June 7 and the results were to be announced by July 15. "The Board Exams for Class Xth to be held from 4th May to June 14th, 2021 are hereby cancelled. The results of Class Xth Board will be prepared on the basis of an objective criterion to be developed by the Board," Nishank tweeted. "Any candidate who is not satisfied with the marks allocated to him or her on this basis, will be given an opportunity to sit in an exam as and when the conditions are conducive to hold the exams," the Minister said. Nishank further said that the Class 12 exams will be held later and the situation reviewed on June 1 by the CBSE, and the details will be shared subsequently. "A notice of at least 15 days will be given before the start of the examinations." The Minister mentioned that the decision was taken after Prime Minister Modi chaired a high-level meeting to review the examinations to be held at various levels in view of the developing Corona situation. The chorus for cancellation of upcoming board exams for class 10 and 12 grew louder on Tuesday in the wake of the exponential rise in COVID-19 cases. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/indian-astronomers-spot-over-200-new-stars-in-the-pacman-nebula-and-51-of-them-are-yet-to-reach-adulthood/articleshow/82060301.cms">Indian astronomers spot over 200 new stars in the Pacman Nebula — and 51 of them are yet to reach adulthood</a> <a href="https://www.businessinsider.in/business/startups/news/pharmeasy-investor-orios-ventures-shares-why-it-promises-to-invest-in-every-round-even-after-an-ipo/articleshow/82061415.cms">This VC firm invested in Pharmeasy when it was valued at just $10 million – here’s why it promises to invest in every round even after an IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/best-broadband-plans-in-india-in-2021-from-jio-fiber-airtel-and-other-services/articleshow/82064580.cms">Best broadband plans in India in 2021 – JioFiber, Airtel Xstream Fiber and ACT Fibernet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapps-new-privacy-policy-doesnt-give-you-choice-and-could-limit-your-options-in-the-future-too/articleshow/82063830.cms">WhatsApp's new privacy policy doesn't give you choice — and could limit your options in the future too</a>

CBSE Class 10 board exams cancelled, Class 12 exams postponed as COVID-19 cases surge

<ul><li><keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> had a blockbuster year with large deal signings hitting at all time high of $14 billion.</li><li>CEO <keyword id="328377" type="PERSON" weightage="20" keywordseo="Salil-Parekh">Salil Parekh</keyword> expects the coming year to be even better with double digit revenue growth on the charts.</li><li>The company has forecast that it will be able to hit anywhere between 12% to 14% revenue growth.</li><li>However, between the months of January to March, Infosys saw its profit after tax fall by 1.3% in dollar terms.</li></ul>Infosys saw its revenue grow by 5% ⁠— without factoring in exchange rate changes ⁠— this past year. But chief executive Salil Parekh is eyeing double digit growth in the coming 12 months. The Bengaluru-based technology services giant has issued a revenue growth guidance of 12% to 14% for the year ending March 2022. “A strong momentum exiting FY21, alongside a focused strategy to accelerate client digital journeys, gives us confidence for a stronger FY22,” said Parekh in the earnings report. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/5853404"></div>]]></cdata></div> It also expects its operating margins to remain between 22% to 24%. This is lower than the 25.4% level that Infosys has sustained for the last three quarters — likely accounting for increase in costs as employees rejoin office. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/3185169"></div>]]></cdata></div> However, between the months of January to March, Infosys saw its profit after tax fall by 1.3% in dollar terms. <cmsannotation type="cmsannotation" annotationid="Big deals, big money — and even bigger revenue growth" comment="subhead" text="Big deals, big money — and even bigger revenue growth">Big deals, big money — and even bigger revenue growth</cmsannotation> The pandemic had many businesses speeding up their plans to go digital, and that played in Infosys favour. The company saw an all-time high in bringing in large deals worth $14.1 billion in the last twelve months, ending March 2021. While only $2.1 billion came in during the latest quarter — from 25 new large deals — the company set a new record between the months of July to September at $7.13 billion. The company, now, officially earns more than half of its revenue from digital services. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/3376579"></div>]]></cdata></div> The company plans to continue with mergers and acquisitions activity in the coming year. “With M&amp;A, we will continue with our focus on digital and cloud acquisition opportunities. We will continue to look at the cultural and strategic fit, and of course, the price of the asset that we’re looking to acquire,” said Parekh during the earnings call. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/infosys-announces-buyback-worth-9200-crore-at-1750-per-share/articleshow/82066356.cms">Infosys will buy back shares at ₹1,750 in the open market</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapps-new-privacy-policy-doesnt-give-you-choice-and-could-limit-your-options-in-the-future-too/articleshow/82063830.cms">WhatsApp's new privacy policy doesn't give you choice — and could limit your options in the future too</a> <a href="https://www.businessinsider.in/science/space/news/indian-astronomers-spot-over-200-new-stars-in-the-pacman-nebula-and-51-of-them-are-yet-to-reach-adulthood/articleshow/82060301.cms">Indian astronomers spot over 200 new stars in the Pacman Nebula — and 51 of them are yet to reach adulthood</a>

Infosys had a great year but CEO Salil Parekh expects the next one to be more than twice as good

<ul><li>Infosys has announced that it will be buying back shares for a maximum of ₹1,750 apiece, which is a 25.2% premium over the prevailing share price in the market. </li><li>The IT giant also announced a dividend of ₹15 per equity share.</li><li>Companies buy back shares in the market, at a price higher than what is prevailing in the market, usually to signal confidence in the future prospects or to say that the shares are undervalued.</li></ul>Shareholders of Infosys, one of India’s top five information technology (IT) companies, have a reason to rejoice today, even as markets remain closed. The tech behemoth announced a buyback of equity shares worth ₹9,200 crore and will be doling out a dividend of ₹15 per equity share. However, this time around, it's not a tender buyback but an open market buyback. This means ₹1,750 is the ceiling price, but that the shares could be bought back for a lesser price. The quantum of shares that are bought back will be determined accordingly. That’s over $2 billion in buyback and dividend for its shareholders this quarter. Analysts had predicted that the shares would go for anywhere between a 10% to 15% premium and it seems Infosys landed on the higher end of the estimate. . The buyback price of ₹1,750 per share is a 25.2% premium to the closing price on April 13. <div type="Article" hostid="261" msid="82049122" title="Analysts estimate that Infosys may offer buyback of shares at ₹1,600 to ₹1,650 apiece" mstype="2" mssubtype="0"></div> The plan is to buyback 52 million shares or 1.23% of the total paid up capital. <cmsannotation type="cmsannotation" annotationid="The company is rewarding shareholders after a good year" comment="subhead" text="The company is rewarding shareholders after a good year">The company is rewarding shareholders after a good year</cmsannotation> The company saw its revenue grow by 2% in January to March as compared to the previous quarter. And revenue from digital, now, officially accounts for more than half of the money that Infosys is bringing in. After a blockbuster second quarter, where the company brought in $7.13 billion in new deals, it was only able to $2.1 billion in the last three months. What’s the good news? The management expects the next 12 months to be even better. The annual growth guidance is for a 12-14% growth in revenue in dollar terms — without accounting for exchange rate fluctuations. That’s more than twice the 5% growth clocked in the year ending March 2021. <div type="Article" hostid="261" msid="82066467" title="Infosys had a great year but CEO Salil Parekh expects the next one to be more than twice as good" mstype="2" mssubtype="0"></div> If the uptrend for the IT services industry continues, shareholders can expect an even better buyback price next year. <h2 style="line-height:1.56;background-color:#ffffff;margin-top:0pt;margin-bottom:0pt;padding:26pt 0pt 8pt 0pt;"><cmsannotation type="cmsannotation" annotationid="Here’s why Infosys is buying back shares" comment="subhead" text="Here’s why Infosys is buying back shares">Here’s why Infosys is buying back shares</cmsannotation></h2>Companies buy back shares in the market, at a price higher than what is prevailing in the market, usually to signal confidence in the future prospects or to say that the shares are undervalued. However, since the Indian government announced that dividends will be taxable as per the effective rates for corporate shareholders — more commonly known as promoters — in July 2020, some companies have opted for the buyback route to save tax. Dividends are subject to ordinary income tax whereas share buybacks are taxed at a capital gains tax rate, which is lower. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></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;">Highest income tax slab </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;">30% </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;">Short term capital gains tax </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;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Long term capital gains tax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> Correction: An earlier version of the story said that the buyback price was higher than expected. Changes have been made to clarify that the buyback price of Rs. 1750 is the maximum price. Since the company plans to buy its own shares from the open market, the price may even be lower at times. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/infosys-had-a-great-year-but-ceo-salil-parekh-expects-the-next-one-to-be-more-than-twice-as-good/articleshow/82066467.cms">Infosys had a great year but CEO Salil Parekh expects the next one to be more than twice as good</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapps-new-privacy-policy-doesnt-give-you-choice-and-could-limit-your-options-in-the-future-too/articleshow/82063830.cms">WhatsApp's new privacy policy doesn't give you choice — and could limit your options in the future too</a> <a href="https://www.businessinsider.in/science/space/news/indian-astronomers-spot-over-200-new-stars-in-the-pacman-nebula-and-51-of-them-are-yet-to-reach-adulthood/articleshow/82060301.cms">Indian astronomers spot over 200 new stars in the Pacman Nebula — and 51 of them are yet to reach adulthood</a>

Infosys will buy back shares at ₹1,750 in the open market

<ul><li>WhatsApp’s new privacy policy isn’t just about privacy — it’s about competition as well.</li><li>In sharing data with Facebook, regulators fear that the company and its subsidiary will elbow out any competition that even tries to enter the market.</li><li>This means that if you want to switch over from WhatsApp to another messaging platform in the future, there may not be too many options around.</li></ul>If you want to continue using WhatsApp, you’ll have to agree to their new privacy policy by May 15. While you may not care what happens to your data today, you may not even care that you don’t have a choice. However, if you change your mind tomorrow, regulators fear that the competition created may be so fierce that there won’t be any other messaging service around as an alternative. “Established corporations who have access to unique, voluminous and non-replicable datasets may create entry barriers for competitors by gatekeeping the data and restricting its use and access,” Neeraj Dubey, a partner at Singh &amp; Associates told Business Insider. <div type="Article" hostid="261" msid="82049581" title="What WhatsApp and Facebook want to do is worse than stalking, India's solicitor general tells court" mstype="2" mssubtype="0"></div> This is why one of Germany’s toughest data regulators is seeking an ‘<a href="https://www.bloomberg.com/news/articles/2021-04-13/facebook-faces-german-bid-to-halt-collection-of-whatsapp-data">immediately enforceable order</a>’ before the new terms and conditions kick in. “It is… all the more important to ensure that the high number of users, which makes the service attractive to many people, does not lead to an abusive exploitation of data power,” said data commissioner Johannes Caspar in a statement on Tuesday. And Germany isn’t the only country worried about what WhatsApp’s new privacy policy will mean for users. The Turkish Data Protection Authority also has an ongoing investigation against WhatsApp and so does India’s Competition Commission of India (CCI). “The investigation ordered by the CCI is an interesting development and mirrors the approach of various global competition law authorities to try and regulate the non-price conduct of digital and data gatekeepers,” Unnati Agarwal, a partner at legal firm IndusLaw, told Business Insider India. <cmsannotation type="cmsannotation" annotationid="Where does one draw the line between normal data collection and ‘excessive’ data collection?" comment="subhead" text="Where does one draw the line between normal data collection and ‘excessive’ data collection?">Where does one draw the line between normal data collection and ‘excessive’ data collection?</cmsannotation> WhatsApp and its parent company, Facebook, believe that the <a href="https://www.businessinsider.in/tech/apps/news/what-whatsapp-and-facebook-want-to-do-is-worse-than-stalking-indias-solicitor-general-tells-court/articleshow/82049581.cms">issue is only about user privacy</a>, which they claim to protect, not competition. But the vast popularity of the messaging platform has regulators thinking otherwise. Apart from the ‘take it or leave it’ approach from WhatsApp and Facebook, the bigger question around their new policy is — how much data is too much data? The tech giants believe that is a question that only the law can answer, not data regulators. But the problem lies in the fact that there is no ‘one size fits all’ approach to address the issue. Many sectors collect data and use that data for analysis, and they all have different benchmarks. For instance, the media uses it to track trends, banks have direct access to entire repositories of customer financial data, healthcare has medical records of patients, classrooms are being digitised, even agriculture is using data to optimise food production. Big data is everywhere. “Data collected, which could be excessive in one sector, could be termed minimal in another sector. For example, a sample size of data required in the financial versus the healthcare sector would be vastly different,” explains Dubey. According to him, this is why the power to decide what is and isn’t ‘excessive’ data lies with the CCI and other competition regulators. They can judge on a case-by-case basis where the line lies, and if it is elbowing other players out of the market. In the case of WhatsApp and Facebook, regulators are concerned that the majority of user data will be controlled by a few corporations and their subsidiaries leading to a monopoly that will be difficult to break once it's in place. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/indian-astronomers-spot-over-200-new-stars-in-the-pacman-nebula-and-51-of-them-are-yet-to-reach-adulthood/articleshow/82060301.cms">Indian astronomers spot over 200 new stars in the Pacman Nebula — and 51 of them are yet to reach adulthood</a> <a href="https://www.businessinsider.in/tech/apps/news/what-whatsapp-and-facebook-want-to-do-is-worse-than-stalking-indias-solicitor-general-tells-court/articleshow/82049581.cms">What WhatsApp and Facebook want to do is worse than stalking, India's solicitor general tells court</a> <a href="https://www.businessinsider.in/india/news/no-lockdown-in-maharashtra-but-new-restrictions-are-coming-in-on-april-14-uddhav-thackeray-promises-they-will-be-strict/articleshow/82053057.cms">No lockdown in Maharashtra, Section 144 will kick in from tomorrow for the next 15 days</a>

WhatsApp's new privacy policy doesn't give you choice — and could limit your options in the future too

<ul><li><keyword id="3143174" type="COMPANY" weightage="20" keywordseo="PharmEasy">Pharmeasy</keyword>’s parent company’s API Holdings’ $1.5 billion valuation made it the first <keyword id="2534058" type="PERSON" weightage="20" keywordseo="HealthTech">healthtech</keyword> company to be a unicorn in India.</li><li>Rehan Yar Khan at <keyword id="2774845" type="PERSON" weightage="20" keywordseo="Orios-Ventures">Orios Ventures</keyword> was the man who handed one of the first cheques to API Holdings.</li><li>In an interview with Business Insider, Khan and Siddharth Shah, co-founder and chief executive officer of API Holdings share their journey so far.</li><li>Shah also shares why Pharmeasy won’t just be restricted to being an ‘online pharmacy’.</li></ul>Pharmeasy was one of the startups that got a billion dollar valuation in the unicorn frenzy, where India saw six unicorns emerge in just a week. Pharmeasy’s parent company’s API Holdings’ $1.5 billion valuation made it the first healthtech company to be a unicorn in India. And smiling behind the scenes of it all, was the man who handed one of the first cheques to API Holdings – Rehan Yar Khan at Orios Ventures. Business Insider caught up with Khan and Siddharth Shah, co-founder and chief executive officer of API Holdings as they reminisce the journey so far and why they are excited about the space even more now. The startup, which was founded in 2014, recently raised $350 million from new investors Prosus Ventures and TPG Growth. Its existing investors Temasek, CDPQ, LGT Lightrock, Eight Roads and Think Investments, too, participated in the round. <cmsannotation type="cmsannotation" annotationid="The beginnings" comment="subhead" text="The beginnings">The beginnings</cmsannotation> Khan isn’t disclosing the total investment in Pharmeasy, but he said that his firm has pitched in for every round raised by the startup. “When we first invested, their valuation was $10 million, today it’s $1.5 billion,” Khan told Business Insider. Meanwhile, Shah shares another unknown fact about their business and investments. “My dad is actually one of the biggest backers of our startup. He is a reputed doctor and owned a hospital in Ghatkopar (Mumbai), he mortgaged that and put the entire money on the startup. Except our home at that time, if the family net worth was ₹50 crore, ₹47 crore was pumped into this business,” said Shah, and laughed to say, “He’s the sixth co-founder.” Shah shared that it often became a joke in the company and family, “I couldn’t go to him with vanity metrics, it wasn’t someone else’s money I was blowing up,” he said. <cmsannotation type="cmsannotation" annotationid="What made Orios cut the first cheque" comment="subhead" text="What made Orios cut the first cheque">What made Orios cut the first cheque</cmsannotation> When Pharmeasy was picking up pieces of the puzzle, there were multiple other players in the market like NetMeds (now acquired by Reliance), 1mg among others. But Shah, who admits that they have gone through multiple pivots to finally arrive at Pharmeasy, said that supply chain was their strength and it helped them become big. And that had impressed Khan at Orios. “We have a big thesis around e-commerce and pharmaceutical is a large part of it. We understood this business was intensely dependent on the supply side and we saw their work on it. Even if they weren’t the first movers, we felt they were the first people with know-how in this space,” said Khan. <cmsannotation type="cmsannotation" annotationid="Long way to go" comment="subhead" text="Long way to go">Long way to go</cmsannotation> Khan believes that they are going to continue to bet on the company. “One of the reasons why we keep investing is because it’s still very early in the online pharmacy industry. It’s not just about doubling or tripling our investment because that happens when you are a part of something large. We will continue to invest round after round, probably even after they go for an initial public offering (IPO),” he said. Shah quickly clarifies that while an IPO is one of the aims, it’s not a goal right now. Shah shares that the e-pharmacy market share is just 3% in India, which gives them a massive headroom for growth. “Our ambitions aren’t limited to pharma, we want to expand and become an outpatient healthcare partner. We want to do everything from information, diagnostics to working with hospitals,” he said. Pharmeasy’s funding comes at a time when the space is heating up with the bigwigs entering the arena. Mukesh Ambani-led Reliance had recently acquired NetMeds, Amazon had launched its own pharmacy vertical, while Tata Group is in talks to acquire 1mg. But Shah brushes off the talk of competition and says that their competition existed even when they started. “We didn’t think of competition and we aren’t thinking about it now. There is room for more than one company to survive and thrive. We have a very deep approach in the healthcare ecosystem, which sets us apart from competition,” he said. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/indian-astronomers-spot-over-200-new-stars-in-the-pacman-nebula-and-51-of-them-are-yet-to-reach-adulthood/articleshow/82060301.cms">Indian astronomers spot over 200 new stars in the Pacman Nebula — and 51 of them are yet to reach adulthood</a> <a href="https://www.businessinsider.in/business/startups/news/for-the-third-consecutive-day-a-new-unicorn-is-born-from-india-as-pharmeasy-joins-the-billion-dollar-club/articleshow/81943929.cms">For the third consecutive day, a new unicorn is born from India as PharmEasy joins the billion dollar club</a>

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