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<ul><li>The online insurance broker’s stock tanked by around 12% as CEO Yashish Dahiya plans to sell up to 37.69 lakh lakh equity shares.</li><li>Dahiya holds 5.45% stake or 2.45 crore shares in the company.</li><li>Investor sentiment took a huge hit after the company announced that the CEO itself is selling stake amid difficult market conditions.</li></ul>Shares of PB Fintech, the parent company of <keyword id="696009" type="General" weightage="20" keywordseo="Policybazaar" source="Orion">PolicyBazaar</keyword> and PaisaBazaar, took a deep dive after the company’s CEO sold his shares. The company informed exchanges at around 10 pm on June 6 that Yashish Dahiya, chairman and CEO of PB Fintech will sell up to 37 lakh equity shares via bulk deals. Since then, the stock went down by over 12% and its marketcap shrunk by around ₹3,000 crore or around $400 million since yesterday’ close, as per NSE data. Before the sale, Dahiya held a 5.45% stake in the company, which he received as ESOPs. Dahiya however would be selling his stake at a price lower than the company’s founders. In February, the co-founder of the company Alok Bansal sold 2.85 million shares for ₹236 crore at an average price of ₹825 apiece. In 2022 so far, the stock has slid 52% and is currently 40% below its IPO price. PolicyBazaar raised ₹5,709 crore via IPO in November 2021 which included fresh issue as well as offer for sale by promoters. Policybazaar is among the slew of tech companies that got listed in 2021 -- Zomato, Paytm and Nykaa. Unlike most of the companies that listed this year, PolicyBazaar’s investors enjoyed good listing gains of 17% on the issue price. PB Fintech’s business model to enjoy higher growth than other insurance players Analysts however believe the company is well placed to benefit from the rising insurance penetration in India, especially via digital distribution. “High growth, operating leverage, strong balance sheet and established brand recall among the Indian populace are its key business moats. This should help the company generate strong free cash flows as we expect its cost-to-income ratio to plateau ahead,” said a report by ICICI Securities. The brokerage expects the share price to grow to ₹940 per share. In FY20, PolicyBazaar was India’s largest digital insurance marketplace with 93% market share in terms of the number of policies sold. Also, 65% of all digital insurance sales in India in FY20 happened via PolicyBazaar. PolicyBazaar is largely into individual life insurance, retail health and motor insurance. This reflects in its overall revenues that doubled in three years between FY19 to FY21 at ₹606.9 crore. PolicyBazaar and PaisaBazaar platforms have large networks that provide consumers with the ability to browse financial service products offered by 51 insurer partners and 54 lending partners. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/corporates/news/paytm-could-be-entering-a-low-cost-high-profit-margin-regime-say-a-brokerage-firm/articleshow/92054964.cms">PayTM could be entering a low cost-high profit margin regime, say a brokerage firm</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/retail/e-commerce/news/tataneu-could-be-worth-15-billion-all-thanks-to-bigbasket-croma-and-westside/articleshow/92052094.cms">TataNeu could be worth $15 billion all thanks to BigBasket, Croma and Westside</a>

Policybazaar’s value shrinks by around $400 mn in a day after its CEO sells shares

<ul><li>Brokerage house ICICI Securities has issued a buy call for the shares of <keyword id="11111226" type="General" weightage="20" keywordseo="pb-fintech" source="Orion">PB Fintech</keyword>.</li><li>The target price continues to be lower than the price at which PB Fintech’s shares were allotted in the IPO.</li><li>PB Fintech’s shares have dropped nearly 431% since its listing in November last year.</li></ul>Brokerage house ICICI Securities on Monday issued a buy call for the shares of PB Fintech, the parent company of <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword> and PaisaBazaar, with a target price of ₹940. “PB Fintech is well placed to benefit from the rising insurance penetration in India, especially through digital distribution. High growth, operating leverage, strong balance sheet and established brand recall among the Indian populace are its key business moats. This should help the company generate strong free cash flows as we expect its cost-to-income ratio to plateau ahead,” the brokerage house said. PB Fintech (formerly known as EtechAces Marketing and Consulting) was founded by the Indian Institute of Technology (IIT) Delhi and Indian Institute of Management (IIM) Ahmedabad alumni Yashish Dahiya, Alok Bansal and Avaneesh Nirjar in 2008. PB Fintech went public in November 2021, a few days before digital payments giant Paytm. The company listed on the stock exchange at a premium of 17%, at ₹1200, over the issue price of ₹980. The company’s market cap reached <a href="https://www.businessinsider.in/stock-market/news/policybazaar-starts-trading-at-1150-a-premium-of-17/articleshow/87708748.cms">$7.3 billion</a> on the day of listing. However, the company’s shares have largely been on a downward trajectory since then. PB Fintech’s shares have dropped nearly 431% since its listing and were trading at ₹771.9 at 2:15 p.m. on Monday. <div type="image" title="ICICI Securities gives a ‘buy’ call on PolicyBazaar and PaisaBazaar — know the target price" msid="90909894" hostid="261"></div> PolicyBazaar, an online platform for users to purchase insurance policies, is one of the largest subsidiaries of PB Fintech. The insurance company owns 93.4% market share in India, in terms of the number of policies sold online. Six in 10 instance sales in India in FY20 happened through PolicyBazaar, the report added. ICICI Securities highlighted that the prime growth driver for PB Fintech would be the increasing premium income expected in online insurance. PolicyBazaar’s addressable market has largely been individual life insurance, retail health, and motor insurance. <div type="image" title="ICICI Securities gives a ‘buy’ call on PolicyBazaar and PaisaBazaar — know the target price" msid="90909901" hostid="261"></div> Other subsidiaries of PB Fintech include online lending platform PaisaBazaar (launched in 2014) and healthtech venture <a href="https://inc42.com/buzz/policybazaar-looks-to-tap-softbanks-portfolio-companies-for-docprime/">DocPrime</a> (launched in 2018), which lets visitors book consultations with doctors or schedule a range of medical tests. PaisaBazaar was India’s largest digital consumer credit marketplace with a 51.4% market share, based on disbursals. Other major players in the digital consumer credit marketplace include BankBazaar and CreditMantri, according to ICICI Securities. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomato-and-swiggy-are-now-backing-restaurant-management-company-urbanpiper/articleshow/90908052.cms" data-type="tilCustomLink">Zomato and Swiggy invest in this restaurant management company that fulfils 2 in 10 food deliveries in India</a> <a href="https://www.businessinsider.in/india/news/extreme-poverty-in-india-declined-12-in-the-last-decade-says-world-bank/articleshow/90905593.cms" data-type="tilCustomLink">Extreme Poverty in India declined 12% in the last decade, says World Bank</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/hdfc-bank-infosys-tata-power-among-stocks-to-watch-out-for-on-april-18/slidelist/90902769.cms">HDFC Bank, Infosys, Tata Power among stocks to watch out for on April 18</a>

ICICI Securities gives a ‘buy’ call on PolicyBazaar and PaisaBazaar — know the target price

<ul><li><keyword id="11111226" type="UNKNOWN" weightage="20" keywordseo="pb-fintech">PB Fintech</keyword> has also converted itself to a public limited company ahead of the IPO process.</li><li>The company received stakeholders’ approval to go public in an EGM held on July 5, 2021.</li><li>The company is reportedly seeking a valuation of $3.5 billion with this public issue. </li></ul> Online insurance marketplace <keyword id="696009" type="COMPANY" weightage="20" keywordseo="Policybazaar">PolicyBazaar</keyword>’s parent company PB Fintech has converted itself to a public limited entity and is planning to raise ₹6,500 crore (around $871 million) via an initial public offering (IPO), the company’s regulatory filings have revealed. PB Fintech has also received approval for IPO at the Extraordinary General Meeting (EGM) held on July 5. The latest details about PolicyBazaar’s ₹6,500 crore IPO was first <a href="https://www.moneycontrol.com/news/business/ipo/policybazaar-parent-firm-pb-fintech-aims-to-raise-rs-6500-crore-via-ipo-7199181.html">reported </a>by CNBC TV18. PB Fintech (formerly known as EtechAces Marketing and Consulting) was founded by Indian Institute of Technology-Delhi and Indian Institute of Management-Ahmedabad alumni Yashish Dahiya, Alok Bansal and Avaneesh Nirjar in 2008. PolicyBazaar, an online platform for users to purchase <keyword id="35504" type="PERSON" weightage="20" keywordseo="insurance-policies">insurance policies</keyword>, is one of the subsidiaries of PB Fintech. Other subsidiaries of PB Fintech include online lending platform PaisaBazaar (launched in 2014) and healthtech venture <a href="https://inc42.com/buzz/policybazaar-looks-to-tap-softbanks-portfolio-companies-for-docprime/">DocPrime</a> (launched in 2018), which lets visitors book consultations with doctors or schedule a range of medical tests. Notably, PolicyBazaar is the only entity that is going public from PB Fintech’s banner. PolicyBazaar has raised around $766 million to date. It was reportedly valued at $2.4 billion in March this year, after it raised <a href="https://economictimes.indiatimes.com/tech/funding/policybazaar-rejigs-cap-table-with-a-45-mn-round-at-2-4-bn-valuation/articleshow/81301551.cms">$45 million</a> through a secondary share sale from private equity (PE) firm True North and a few other individual investors. The company’s investors include <keyword id="260318" type="COMPANY" weightage="20" keywordseo="Tiger-Global-Management">Tiger Global Management</keyword>, <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, <keyword id="11685950" type="UNKNOWN" weightage="20" keywordseo="tencent-wellington-management">Tencent, Wellington Management</keyword>, <keyword id="1430452" type="ORGANIZATION" weightage="20" keywordseo="PremjiInvest">PremjiInvest</keyword> and Falcon Edge Capital, among others. According to a <a href="https://www.bloomberg.com/news/articles/2021-04-07/softbank-backed-policybazaar-said-to-plan-ipo-filing-next-month">Bloomberg</a> report published in April 2021 citing anonymous sources, PolicyBazaar was planning to go public before the end of this year. Meanwhile, several reports suggest that PolicyBazaar could be valued at more than $3.5 billion in its IPO. In February this year, it was reported that PolicyBazaar was<a href="https://inc42.com/buzz/policybazaar-close-to-finalising-bankers-for-ipo-at-3-5-bn-valuation/"> finalising bankers</a> for its over $540 million IPO to be listed in India. PB Fintech was said to have invited proposals from at least eight investment banks for the proposed IPO. The company is expected to dilute up to a 15% stake in the public offering. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms" style="">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms" style="">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms" style="">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

PolicyBazaar plans to raise close to $870 million through its IPO at a likely valuation of $3.5 billion

<ul><li>PB Fintech, parent company of PolicyBazaar, has announced to open its IPO on November 1 and close on November 3.</li><li>The internet company has set a price band of ₹940-₹980 per share.</li><li>Shares of the company are scheduled to list on November 15.</li></ul>PB Fintech, the parent company of online fintech marketplaces PolicyBazaar and PaisaBazaar, has announced its plan to open the initial public offering (IPO) next week. The IPO of the internet company will open on November 1 and close on November 3 with a price band of ₹940-₹980 per share. The issue size of the IPO is ₹5,709 crore consisting of a fresh issue of ₹3,759 crore and an offer for sale of ₹1,959 crore by its existing shareholders. Promoters selling share in the IPO include SVF Python II (Cayman) selling shares worth ₹1,875 crore, Yashish Dahiya -- the chief executive of PolicyBazaar -- worth ₹30 crore, Alok Bansal worth ₹12.75 crore, Shikha Dahiya worth ₹12.50 crore and Rajendra Singh Kuhar worth ₹3.50 crore. In addition, Founders United Trust will sell around 2.68 lakh shares, which aggregates to over ₹26 crore on the upper price band. PB Fintech has built two of the largest platforms for insurance and lending products through PolicyBazaar and PaisaBazaar. India’s largest online insurance aggregator, PolicyBazaar, was launched in 2008. It is one of the biggest beneficiaries of the boom in India’s insurance sector as a market leader in selling insurance online. PolicyBazaar is one among a slew of tech IPOs to hit the Indian exchanges this year. It is also one of the country’s top fintech startups ⁠— the other one being Paytm ⁠— going for a public issue soon. 95% of PolicyBazaar’s revenue comes from commissions from insurance companies on selling policies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fino-payments-bank-will-be-the-first-fintech-startup-in-india-to-get-listed-on-the-bourses-and-it-is-profitable/articleshow/87280457.cms">Fino Payments Bank will be the first fintech startup in India to get listed on the bourses and it is profitable</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/after-raising-2-billion-since-2020-byjus-is-now-looking-to-raise-another-500-million-in-debt-to-acquire-more-businesses/articleshow/87276471.cms">After raising $2 billion since 2020, Byju’s is now looking to raise another $500 million in debt to acquire more businesses</a>

PolicyBazaar’s parent to open its ₹5,700 crore IPO on November 1

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>Sharat Dhall, Chief Operating Officer, Policybazaar.com tells us how consumers are realising the importance of term life insurance and health insurance amid a global pandemic and a few reasons why its sale has gone up by 20% during an economic slowdown. </li></ul>Amid all the chaos, Policybazaar.com has found its silver lining and has successfully surfed through the economic slowdown. An organization of 13,000 employees, who always wanted to experiment with work-from-home format but couldn’t deploy it for more than 200 employees, is now considering continuing it even after we resume normalcy. And as its employees are saving more time by not commuting to work, Policybazaar’s sales went by 20% in the first few weeks of lockdown. Another reason for this spike in sales is that consumers are realising the importance of insurance. Policybazaar, therefore, saw over 30% increase in sales of health insurance products while its term life business witnessed a surge in demand by 40%. Sharat Dhall, Chief Operating Officer, Policybazaar.com also said that consumers are spending more time on their website and almost every query is turning into a lead. To make sure these queries are answered with correct and enough information, Policybazaar ordered 12,000 tablets for its employees. It is also exploring new digital ways of communicating about new product launches and fitness tips, to be able to serve its customers better and for their well-being. However, on the marketing front, its lion’s share still goes on TV. Dhall further shared with us the brand’s marketing strategy and a few learnings he has picked up in this last troublesome month. Excerpts: Q. How have the past few weeks been for the brand, considering the country has been in a lockdown? How are you functioning? Safety of our employees is of primary concern to us. We all emphasised on working as a single team to be able to serve our consumers without any hiccups amidst the crisis. With our expert IT infrastructure and technology team coordinating closely, we were able to shift into WFH format with all teams functioning smoothly. Systems and infrastructure required for work from home was deployed beautifully and seamlessly in less than 72 hours. I would say, WFH has worked brilliantly for our employees. Our productivity has gone up significantly and it is better each day from the previous day. In the initial period itself our sales went up by 20%, which was huge given the market scenario. We always believed that WFH could work for us but somehow were unable to scale it beyond 200 employees earlier. However, with the lockdown, all our 13,000 employees are now working well from home. Going ahead, we plan to make it functional for at least 20-30% of our staff even after things normalise, all thanks to how we as a brand have been able to enhance our productivity amidst this lockdown. Q. How are you training your employees to fight the current challenges? How Policybazaar is handling the 13K+ call centre employees to Work from Home? Communication has been the key for us, always. We have been in constant touch with all our employees, making working conditions only better for everyone to function from their homes at a time like this. Our Group CEO, Yashish, has been communicating regularly through emails with all the employees, taking their feedback and responses while we are in WFH. Policybazaar as a brand believes in empowering its employees, all of them and that is how we look at our call centre employees as well. We nurture a culture of ownership and responsibility &amp; we are happy to see our call centre employees work this well with much vigour and enthusiasm. They have been very prompt and have risen to the occasion, ceasing the initiatives. We ordered more than 12,000 tablets and distributed among our call-centre employees once we booted up, making them ready to be used from home. Meanwhile, we have enabled digital content to keep our advisors up to date regarding the new products and offerings made by insurers currently. We are able to train them well, through various online training sessions that are being carried out successfully. We even created a few short YouTube videos in order to make sure that our advisors are able to serve our customers better with all the product knowledge. Our IT team played a big role in providing VPN access to all the key staff members to help them work remotely and manage the business operations in an efficient manner. The entire non-operations staff, the admin team and most importantly, the IT infrastructure team closely worked with each other to ensure that all the internal processes are made digital and start working online in less than 72 hours. Q. Have you observed any changes in consumer behaviour? In these few months, based on the changing consumer buying patterns, what we understand is that Insurance is becoming more of a pull product than push. Insurance business for us is holding up beautifully! Since the lockdown was implemented, there has been a 30%+ increase in sales of health insurance products while term life business has witnessed a surge in demand by 40%. What we see is conversions going up with higher talk time and most customers spending much more time on the website than ever before. It’s like almost every query of the customer is getting converted into a lead. We believe, policy seekers/buyers do realise the importance of protection products and are making much more informed decisions currently, clearly showcasing their priority to be securing the health and life of themselves and their loved ones. Q. Have you introduced any new policies to facilitate a safe working environment and to take care of your employees' mental well-being? The safety and well-being of our employees has always been a priority for us. We have been in constant touch with all our 13k employees and this is being done by organising video conferences with respective team leaders and managers. We are also organizing town halls on a regular basis to address concerns of our employees at a time like this. Moreover, internal campaigns are also being planned for the wellbeing of the employees to help them cope with mental stress during the lockdown period. We have begun a dedicated internal helpline number and e-mail id for our call centre employees to help them reach out to their respective HR SPOCS in case of any emergency. As an employee-centric organization, we are also sharing fitness videos with our employees regularly to motivate them to stay fit and healthy. Q. What is the Idea behind the Public Service Message by Policybazaar.com? We are a customer-centric company and we have always worked to meet the needs of the mass customer. During times like these, we believe it is our duty to help people in as many ways as we possibly can. To ease out on the buying process for consumers during this lockdown, we are ensuring an end-to-end digital delivery of insurance. As people might now hesitate from visiting hospitals, we are innovating on physical medicals, with more tele-medicals, video medicals etc. for those looking to buy a cover up to 2 cr. Even with e-KYC in place; consumers are finding processes quite hassle-free. Our only aim is to simplify things for our consumers so that they can stay protected with insurance even while practicing social distancing. The idea is to keep our consumers well-versed and up-to-date with all the new digital innovations happening around the space of insurance, all this to add convenience to their buying journey. Q. What is your marketing strategy right now? How have you been trying to continue building a connect with your audience? We believe that these are uncertain times, and it is very important to keep people informed about the importance of their health and life. Interestingly, the realization of the importance of term life insurance and health insurance has increased manifold amongst people. Within a few days of the lockdown, we saw a surge in the demand for health and term life insurance plans. We, as a brand, have also been consistently communicating and spreading awareness around these 2 products a lot more in the last 2 months. Our proportion of advertisements on both TV &amp; digital has increased many times, where we talk about the importance of getting yourself insured in these uncertain times. Q. What are a few key learnings for you as a brand in the last few weeks? In times like these, one needs to be actively and regularly communicating with its consumers. It is crucial to stay connected all throughout. The brand message being shared with people should be inspiring, clear and to the point, very crucial at a panic stricken time like today. Providing solutions to customers via your communication is critical in these uncertain times. At the same time, making sure we are quick to spot and act on the changing media consumption patterns is very important as well. Q. TV viewership and digital engagement continue to increase, where are you betting your money? TV, with its highest reach, continues to be our lead marketing medium in the current times. We are also making sure that we maintain a significant presence on the digital front as well. This is also because the TV viewership in the last 2 months has increased drastically following the corona crisis. More and more people are watching television to get the latest updates on the COVID-19 situation. And then, with some challenges in the distribution of newspapers, people have also switched to digital mediums to stay updated on the on-going scenario. Here too, we are making sure to maintain our decent presence and keep people informed regarding various protection plans and their benefits during such times.

Marketing in the times of Covid-19: Policybazaar.com

<ul><li>Policybazaar has raised $150 million from <keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword>. </li><li>The investment is a secondary transaction with <keyword id="526777" type="COMPANY" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword> exiting partially. </li><li>Policybazaar’s valuation now stands at $1.5 billion. </li></ul>Chinese investment giant Tencent has bought a 10% stake in one of India’s largest online insurance selling platform⁠ Policybazaar. The Tencent investment comes in as a secondary transaction, with Tiger Global exiting partially, a source confirmed to Business Insider. According to <a href="https://www.thenewsminute.com/article/tencent-buys-10-stake-policybazaar-15-billion-112104">reports</a>, Tencent has pumped in $150 million for the stake in the startup. With this, Policybazaar’s valuation now stands at $1.5 billion. With this funding, Policybazaar will continue to grow in the insurtech sector while its subsidiary company Paisabazaar too continues to do well, said the source. According to <a href="https://economictimes.indiatimes.com/industry/banking/finance/insure/insurance-industry-to-touch-280-billion-by-fy20-assocham/articleshow/65740339.cms">reports</a>, the Indian insurance industry is set to grow to $280 million by 2019-20. Launched in 2008, Policybazaar is also backed by other investors like Softbank, Infoedge etc. Earlier this year, the Yashish Dahiya-led startup also fell in trouble with the Insurance Regulatory and Development Authority of India. The IRDAI had <a href="https://www.livemint.com/money/personal-finance/insurance-regulator-fines-policybazaar-rs-1-11-crore-for-violating-rules-1567076147163.html">slapped a fine</a> of ₹1.11 crores on the startup for multiple violations, including being found guilty of misleading advertisements for vehicle insurance in India. See also: <a href="https://www.businessinsider.in/business/news/thomas-cook-indias-travel-business-is-hit-by-the-closure-of-jet-airways-cox-kings-and-more/articleshow/71964971.cms">Thomas Cook India’s business is hit by bankruptcies, political unrest and heat wave</a>s

Tencent joins Softbank as investor in one of India’s largest online insurance selling platform⁠ Policybazaar.com as Tiger Global sells part stake

The <a href="http://www.businessinsider.in/searchresult.cms?query=startup+&amp;sortorder=effectivedate">startup </a>scenario has changed a lot and startups, now are more focused on becoming profitable than just scaling up. They are now putting in place new talent initiatives. 
 
Companies like <a href="http://www.businessinsider.in/searchresult.cms?query=PolicyBazaar&amp;sortorder=effectivedate">PolicyBazaar</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Chaayos&amp;sortorder=effectivedate">Chaayos</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Treebo+Hotels&amp;sortorder=effectivedate">Treebo Hotels</a> are planning to scale up on talent, and be heavily focused on communicating their company vision better. 
 "We will concentrate on performance management and upping the motivation in a fast-growing environment so that the managers perform to their optimum,” <keyword id="1779565" type="UNKNOWN" weightage="20" keywordseo="Rashmi-Daga">Rashmi Daga</keyword>, chief executive at <keyword id="6434843" type="UNKNOWN" weightage="20" keywordseo="FreshMenu">FreshMenu</keyword>, told ET. 
 Similarly, <keyword id="696009" type="UNKNOWN" weightage="20" keywordseo="Policybazaar">PolicyBazaar</keyword> is also looking forward at sprucing up talent and firing redundant employees. Most of its people, across the organisation, have been in the same role for the last four years. In that period, the company has grown 150 times. For the company, the focus will be on the fact that it must keep the annual growth rate as high as 100% while managing its people. 
 
Before all this, many companies sought out a large numbers of youngsters, thinking a degree alone would be enough. 
 "This led to many wrong hiring being made across startups looking to scale up, and consequent layoffs. This year, even investments will be hard to come by from, say, a year ago,” <keyword id="2128273" type="UNKNOWN" weightage="20" keywordseo="Jappreet-Sethi">Jappreet Sethi</keyword>, co-founder of YoStartups, which provides consultation services to startups, to ET. 
 
Now the startup are looking to build skills in-house, and for this, having the right talent in place is essential. Chaayos, which has been four years in operation, will focus on making the culture of the company very strong. 
 "In today's world, anyone can acquire the same technology, infrastructure and paraphernalia to set up a competing business. But it is only the right talent that will make the difference for Chaayos,” CEO <keyword id="2796372" type="UNKNOWN" weightage="20" keywordseo="Nitin-Saluja">Nitin Saluja</keyword>, told ET. 
 
PolicyBazaar will also look to sift out now redundant employees. 
 
"People hit a point where they must either grow to the next level or bow out. We need fresh ideas and a lot of restructuring. We have a 12-18 month approach for this. In some cases, when some people aren't able to make a change within that period, we have to replace them,” Yashish Dahiya, CEO of PolicyBazaar, told ET. 
 
Post-demonetisation, MobiKwik is geared to grow much quicker amid the push for digital payments. 
 "We will hire smarter and spend much more time and resources. The right attitude, the startup-oriented temperament and an uncompromising approach to quality is what we're looking for,” cofounder <keyword id="6587619" type="UNKNOWN" weightage="20" keywordseo="Upasana-Taku">Upasana Taku</keyword>, told ET. 
 There needs to be a focus on behavioural assessment and culture fit for candidates looking to join startups, not just skills, said <keyword id="4250" type="PERSON" weightage="20" keywordseo="Sethi">Sethi</keyword> of YoStartups. Startups need to realise there is no 'perfect' candidate.

Startups now are scaling up talent and hiring people with multiple skill-set

<ul><li>Mukesh Ambani regained his No. 1 position even as his wealth grew only 2% in the year.</li><li>Nearly 65% of people in the list amassed a combined wealth of close to $1 trillion.</li><li>As many as 55 people dropped out of the rich list, the most notable being Byju Raveendran.</li><li>Startup founders’ wealth saw a collective dip of ₹85,000 crore. </li></ul>A lot has changed in the last one year, but there are few surprises in the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday. The chairman of Reliance Industries Mukesh Ambani surged to the top spot as India’s richest man. India has added 38 <keyword id="6393637" type="General" weightage="20" keywordseo="billionaires" source="Orion">billionaires</keyword> to its rich list, taking the total tally to 259. Even as the developed world is staring at a recession, India is cementing its position as an economic powerhouse. Nearly 65% of people in the rich list amassed a combined wealth of close to $1 trillion. This is akin to the combined GDP of Singapore and the UAE, Hurun said. Mukesh Ambani surpassed Gautam Adani, who dropped to the second spot, in spite of only a 2% growth in his wealth in the last one year. After Adani’s wealth more than halved in the last year, the gap between Ambani and Adani wealth widened by ₹3,30,000 crore. The top 10 has seen a lot of upheaval in the last one year – as only Shiv Nadar and Cyrus Poonawala were able to hold on to the positions they held last year. Gautam Adani’s brother Vinod Shantilal Adani who was the sixth richest Indian last year, exited the top 10 list this year. He is now the twelfth richest Indian after his wealth dropped by 37%. The other notable exit is Uday Kotak, the chairman of Kotak Mahindra Bank who is now the 11th richest man in the county after his wealth dropped 6% last year. Kumar Mangalam Birla &amp; family and Niraj Bajaj &amp; family made a remarkable return to the top 10 this year as wealth went up by 5% and 7% respectively. India <keyword id="8030144" type="General" weightage="20" keywordseo="top-10-richest" source="Orion">Top 10 richest</keyword> Indians <table style="border-width: initial; border-style: none;"></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;">Rank </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;">Name </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;">Wealth </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;">Change </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;">1 </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;">Mukesh Ambani &amp; family </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;">₹808,700 crore </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;">2% </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;">2 </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;">Gautam Adani &amp; family </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;">₹474,800 crore </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;">-57% </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;">3 </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;">Cyrus S Poonawalla &amp; family </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;">₹278,500 crore </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;">36% </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;">4 </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;">Shiv Nadar &amp; family </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;">₹228,900 crore </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;">23% </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;">5 </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;">Gopichand Hinduja &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,76,500 crore </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;">7% </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;">6 </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;">Dilip Shanghvi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,64,300 crore </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;">23% </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;">7 </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;">LN Mittal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,62,300 crore </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;">7% </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;">8 </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;">Radhakishan Damani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,43,900 crore </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;">-18% </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;">9 </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;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,25,600 crore </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;">5% </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;">10 </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;">Niraj Bajaj &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,20,700 crore </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;">7% </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023 ‘India a shining moon as world stares at recession’ The cumulative wealth of 1,319 individuals who possess more than ₹1,000 crore in the rich list went up by 8.5% in the last year. However, their average wealth has decreased by 9.3%. The India Rich List added 273 new entrants and 38 new billionaires over the last year. The number of dollar billionaires also went up to 259, up 38 as compared to last year. “The trends prove that India is a shining moon in a world that is staring at recession. While the China Rich List has dropped 10% for each of this year and last year, both in terms of average wealth and in terms of the number of people that make the list. India is closing the gap,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. India has 259 billionaires, up 38 compared to last year. While industrial products, metals &amp; mining added the greatest number of new entrants to the list. Pharma still holds the numero uno position and contributed 133 entrants to the list. “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of ₹20,000 crore,” said Anirudha Taparia, co-founder and joint CEO, 360 ONE Wealth. Funding winter &amp; founders’ wealth While 264 in the Indian rich list saw their wealth drop in the last one year, there were as many as 55 dropouts. The most notable of the dropouts is Byju Raveendran. The founder of edtech Byju’s exited the list on the back of investor markdowns. The funding winter and its ripple effects led to startup founders on the list experiencing a collective wealth dip of ₹85,000 crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by startups, Hurun said. However, a few IPOs that stumbled last year did make a comeback. As new-age internet companies gain in value, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%. Startup wealth creation will persist, albeit within a changing landscape, Junaid said. The IPO stars: Public issues and rich list debuts The stock markets also rewarded many public debuts and made their founders into billionaires. Ramesh Kunhikannan’s Kaynes Technology made a strong stock market debut. And he entered the list with a wealth of ₹8,200 crore. The spectacular listing gains provided by stock market debuts of many companies have pulled their owners into the rich list. Some of them include Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries and Ajay P Thakker &amp; family of Jupiter Life Line Hospitals. Pavan Kumar Bajaj and Karan Bajaj of Electronics Mart India and Harsha Engineers’ Harish Rangwala and Rajendra Shantilal Shah too entered the coveted list of richest Indians after their stocks skyrocketed on debut. But there is money to be made in private markets too. Manish Kejriwal of Kedaara Capital became the first Indian Private Equity fund manager to enter the list.

Hurun India Rich List: Birla and Bajaj back in the top ten with Ambani on top in 2023

<ul><li>Saksham, the <keyword id="13004400" type="General" weightage="20" keywordseo="Entrepreneurship-Cell-of-IIM-Udaipur" source="Orion">Entrepreneurship Cell of IIM Udaipur</keyword>, is organising its third and largest e-Summit 2022 with the theme “Zilch to Zillion: Celebrating a Decade of Unicorns”.</li><li>The summit will be held on 23rd January 2022 virtually.</li><li>Representatives from top-tier VCs like Accel, Chiratae Ventures, Tanglin Venture Partners and Times Internet will also be joining as speakers and panelists.</li></ul>Saksham, the Entrepreneurship Cell of Indian Institute of Management, Udaipur, is organising its third and largest E-Summit 2022 with the theme ‘Zilch to Zillion: Celebrating a Decade of <keyword id="2023017" type="General" weightage="80" keywordseo="unicorns" source="Orion">Unicorns</keyword>’ on 23rd January 2022 in a virtual format. The aim of the summit is to honour the efforts and celebrate the accomplishments of all rising entrepreneurs. The E-summit will provide a forum to brainstorm and discuss innovation and ingenuity demonstrated by Indian entrepreneurs that have helped India’s unicorns (companies with valuation more than $1B) gain a combined market cap of $240 billion. Even as India is rapidly enhancing its start-up ecosystem, it still needs to climb 67 positions to top the Global Entrepreneurship Index, an indicator of the overall entrepreneurial potential of a nation. Prof. Janat Shah, Director, <keyword id="349500" type="General" weightage="20" keywordseo="IIM-Udaipur" source="Orion">IIM Udaipur</keyword> said, “Management schools in India are emerging as the breeding grounds for start-ups, especially Unicorns, by creating an enabling environment in curricula and bringing together key enablers of the ecosystem.” “Entrepreneurship is one of the core values of IIM Udaipur, and the institute is committed to nurturing future leaders and entrepreneurs who will power their organizations, create innovations in products and services in the emerging economies,” he added. Yashish Dahiya (Co-Founder and CEO, Policy Bazaar) and <keyword id="237838" type="General" weightage="20" keywordseo="arjun-mohan" source="Orion">Arjun Mohan</keyword> (CEO, upGrad) will throw light on how to shape the entrepreneurship landscape and leapfrog to the top league, as the keynote speakers. Other eminent speakers at the E-Summit ’22 are Prashant Pitti (Co-founder, EaseMyTrip), Ishan Bansal (Co-founder, Groww) and <keyword id="3014325" type="General" weightage="20" keywordseo="amit-kumar-agrawal" source="Orion">Amit Kumar Agrawal</keyword> (Founder, NoBroker), who will all be covering their experiences and learnings from building scaled companies in India. Representatives from top-tier venture capital firms like Accel, Chiratae Ventures, Tanglin Venture Partners and Times Internet will also be a part of the summit as speakers and panelists. The event is supported by a network of corporates, incubators, media partners, including Secure Meters, TiE Udaipur and Rajasthan Venture Capital Fund. Top upcoming D2C (direct-to-consumer) startups like Ugaoo, InACan and Bombay Shaving company are also partnering with the E-Summit ’22 as “Gifting Partner”, “Experience Partner” and “Grooming Partner” respectively. In the past decade, India has transformed its start-up ecosystem into becoming the third-largest in the world. In 2021, India added 46 Unicorns, doubling the number to over 90. In 2022, It is estimated that over 50 more unicorns will be added to the Indian start-up ecosystem. Disclaimer: Business Insider India is a media partner to the event.

IIM Udaipur kicks off its third Entrepreneurship Summit, India’s unicorns to be in focus

<ul><li>Despite consistent sales, <keyword id="6359432" type="UNKNOWN" weightage="20" keywordseo="britannia">Britannia</keyword>’s profit margin shrank significantly compared to the Q1 of last year.</li><li>The century-old company has blamed <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> and crude oil prices for its receding profit margins in Q1 of FY2022.</li><li>Just like its competitors, Britannia too is looking to increase its price over the next quarter.</li></ul>Inflation is biting even for some of the country’s largest companies. For instance, even though the $11.3 billion king of the cookies business, Britannia, was able to show some decent sales between April and June this year, its profit margin shrank significantly compared to the same quarter of last year. <div type="image" title="From cookies king Britannia to soaps titan HUL, inflation is eating profits away ⁠— so, you may have to pay even more for daily essentials" msid="84977168" hostid="261"></div> The same has been true for other giants like <keyword id="6361485" type="ORGANIZATION" weightage="20" keywordseo="marico">Marico</keyword>, which makes the edible oil brand Saffola, as well. Varun Berry, the chief executive (CEO) of Britannia, wants to increase prices of Britannia products. The inflation rate has increased to around 6-7% compared to April-June 2021. Meanwhile, fuel prices have increased another 1-2%, which has hit the company’s supply chain. “It’s a very high inflation number that we are currently sitting on. A situation like this, just necessitates [price increase]. Cost efficiency can never take care of this kind of inflation. Two-three percent we can usually take care of, but this necessitates price increase and that’s why we move forward with that,” Britannia’s chief executive officer Varun Berry, said in a call with analysts on August 2. Basically, Britannia managed to offset about half the rise in input prices by cutting costs. <div type="image" title="From cookies king Britannia to soaps titan HUL, inflation is eating profits away ⁠— so, you may have to pay even more for daily essentials" msid="84977142" hostid="261"></div> "While Britannia continues to gain market share, relative market share (versus Parle) has fallen in recent quarters. We believe Britannia needs to step up the pace of new launches and category forays to drive sustained acceleration in revenue momentum," said Kotak Institutional Equities in its report dated August 2. There were two reasons why the Britannia shares rallied on Monday. The 1% drop in revenue from sales was better than the estimated<a href="https://markets.businessinsider.com/news/stocks/britannia_industries_2-quarter-earnings-preview-q1-1030656615"> contraction </a>and that the company wants to improve margin with price revision. And, it has the might to do so. <div type="image" title="From cookies king Britannia to soaps titan HUL, inflation is eating profits away ⁠— so, you may have to pay even more for daily essentials" msid="84977184" hostid="261"></div> In fact, Britannia is not the only company that has witnessed such a trend. Another <keyword id="34523" type="CITY" weightage="20" keywordseo="fmcg">FMCG</keyword> brand Marico — which makes popular products Parachute oils, Set Wet, Livon and Saffola — noticed such a dip in their profit margins despite the overall increase in sales. While India’s biggest FMCG brand <keyword id="6365619" type="COMPANY" weightage="20" keywordseo="hindustan-unilever">Hindustan Unilever</keyword> has managed to pave its way out of this circle with little to no impact, all thanks to its strategic pricing practices taken up last year. The company too has admitted that the inflation and rising input cost has been putting its business under pressure as well. <div type="image" title="From cookies king Britannia to soaps titan HUL, inflation is eating profits away ⁠— so, you may have to pay even more for daily essentials" msid="84977203" hostid="261"></div> From Britannia to Hindustan Unilever, consumer product set to be more costly Hindustan Unilever has already increased the price of some of its flagship products like Lux soap and Lifebuoy by 9% over the last one year. Lux, which used to cost ₹22 in April 2020, was priced at ₹28 in May 2021. The company had also indicated this price rise in its earning call for April-June quarter of FY2021. “We are taking some judicious price increases in parts of our portfolio. Some of it has already landed and some of it will land in due course because the quantum of inflation is a lot. And also, we'll do it in parts of the portfolio where it makes sense,” Srinivas Phatak, former chief financial officer (CFO) of Hindustan Unilever <a href="https://www.hul.co.in/Images/jq-2020-transcript---final_tcm1255-553839_1_en.pdf">said</a>. He has currently taken up a global finance role at Unilever’s London head office. Even companies like <keyword id="6356830" type="ORGANIZATION" weightage="20" keywordseo="nestle-india">Nestle India</keyword>, Colgate Palmolive, Emami, Tata Consumer Products, Wipro Consumer Care have taken up such pricing practices over the last one year to overcome the inflation troubles. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">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;">April-June margin squeeze </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;">Hindustan Unilever </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;">950 up </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;">Colgate Palmolive </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;">1770 up </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;">Emami </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;">9640 up </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;">Nestle </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;">1100 up </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;">Marico </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;">592 down </td></tr></tbody><tbody></tbody><tbody></tbody></table>*bps stands for basis points. 100 basis points make one percent. “As the market leaders, we are always the first to take price increases. The market leaders always have to initiate that. We are not ones who believe in price wars or taking advantage of situations like this. We believe in taking the price at the right time and that’s what’s got the entire industry to the situation, where the industry is making a lot more margin than what we have ever made in the past,” said Britannia’s CEO Berry said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/check-out-policybazaar-ceo-yashish-dahiya-salary-and-remuneration-for-other-key-execs-in-paisabazaar-and-pb-fintech/articleshow/84971063.cms" data-type="tilCustomLink">PolicyBazaar’s CEO Yashish Dahiya took home about ₹3 crore ⁠— here’s a look at other top paid execs at the fintech startup headed for IPO</a> <a href="https://www.businessinsider.in/business/news/exclusive-indias-largest-zinc-miner-is-eyeing-a-share-of-the-bangladesh-economic-boom/articleshow/84963388.cms">EXCLUSIVE: India's largest zinc miner is eyeing a share of the Bangladesh economic boom</a> <a href="https://www.businessinsider.in/tech/news/jack-dorseys-square-agreed-to-buy-afterpay-which-has-a-buy-now-pay-later-service-for-29-billion-in-stock/articleshow/84962218.cms">Jack Dorsey's Square agreed to buy Afterpay, which has a 'buy now, pay later' service, for $29 billion in stock</a>

From cookie king Britannia to soap titan HUL, inflation is eating profits away ⁠— so, you may have to pay even more for daily essentials

The <keyword id="68997" type="UNKNOWN" weightage="20" keywordseo="insurance-bill">Insurance Bill</keyword> that was passed in the Parliament on Thursday has not only brought cheer to the industry players, but also spells good news for the consumers. 
	 “With the Insurance Laws (Amendment) Bill, 2015 being cleared by Parliament investment of around 200 bn rupees is likely to come into the Indian insurance sector over next few years. There is a lot of interest among foreign insurance companies to enter the market here as it has a lot of potential of growth. With more foreign investment and expertise, new products are also likely to be launched,” said Shashwat Sharma, Partner, Financial Services, <keyword id="50041" type="CITY" weightage="20" keywordseo="KPMG">KPMG</keyword>. 
	 
	Sharing a similar sentiment, Yashish Dahiya, CEO and co-founder of Policy Bazaar added, “The insurance bill will hand more power to consumers by ensuring flexibility in paying premium through installments, faster claim settlements, access to legal recourse and capping the agents’ commission. 
	 
	He further added that the Insurance Bill will now promote more transparency in the insurance products, thus making it easy for the consumer to understand his investment. “On the other hand, customers will have improved access to point of sales network for buying insurance policy. Moreover, online distribution channels will help consumers make an informed decision by analyzing products based on their requirement.,” explained Dahiya. 
	 
	Besides, the bill will also allow greater time frame to a policyholder to question an insurance company in case of misinformation or misleading statements. 
	 “There are many ways in which the insurance bill passed by the legislature is going to be helpful for the consumer who buys it--a few of the crucial pointers include that an insurance policy cannot be challenged on any ground after three years. This means if a fraud is detected three years after the policy has been in force, insurance companies will have to pay the policy holder. Thus, this will not lead to a distress to the consumer at the moment of urgency,” said <keyword id="972424" type="PERSON" weightage="20" keywordseo="Rohit-Gadia">Rohit Gadia</keyword>, CEO of <keyword id="1056926" type="ORGANIZATION" weightage="20" keywordseo="CapitalVia">CapitalVia</keyword>. 
	 
	Besides, the new insurance bill will help consumers at large to trust insurance products as it ensures greater consumer protection. “It gives more powers to the insurance regulator, which will make it difficult for companies to take policyholders for a ride,” added Gadia. 
	 
	The new Insurance Bill also puts a greater burden on the nominee of a policyholder too furnish proof in case of fraud. “The Bill has also added a new provision under Section 45 of the Insurance Act to shift the burden of proof on the beneficiaries of the deceased policyholder, in the event of fraud,” the Bill recommended. 
	 
	Also, the Insurance Bill is expected to pump in new investments in the sector. According to Gadia, market estimates suggested that Rs 20,000 crore to Rs 25,000 crore in foreign funds is likely to come immediately. 
	 
	“The money will help insurance companies to expand aggressively and will be beneficial for the people. It will be a big positive move for private insurers who have limited presence beyond metros and tier-1 cities. Also the domestic firms will look to expand aggressively with more money coming. More companies are likely to enter in to the insurance sector as well. This will lead to higher competition and insurance premiums may get cheaper for customers, analysts say. Insurance companies will now be able to bring innovation in products as well,” he explained. 
	 
	Interestingly, the Insurance Bill has also allowed a policy holder to refuse an assignment or transfer of a policy, if he reasonably feels that the said transaction was for trading of insurance policies. 
	 Gadia anticipates that the bill allows global insurers such as Britain's Prudential, which holds a minority stake in India's biggest private life insurer ICICI Prudential Life and others to increase their Indian stakes. And bring in innovation in the insurance sector. It could also pave the way for the year's biggest initial public offering, as HDFC Life, a joint venture between India's HDFC and Britain's <keyword id="1110792" type="ORGANIZATION" weightage="20" keywordseo="Standard-Life-plc">Standard Life Plc</keyword>, has said it would move towards a listing once the rule change is in place.

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The Narendra Modi government has been for some time now tom-toming about India’s return to growth and the return of the adverbial ‘achhe din’, however, more often than not, there have been far too few statistics pointing to the validation of these claims. What Narendra Modi can probably take heart from is the recent Foreign direct investment (FDI) inflow data which shows a doubling at $4.48 bn in January 2015 vis-à-vis the inflow in the same month a year ago. But the big question that is on everyone’s minds is if this momentum will continue. Will Modi, given the slew of announcements made during the budget as well as the reformatory legislative decisions being taken during the current parliament session, be able to build on the ‘feel good’ factor he has created? 
 
Experts and analysts from across the board seem to believe so. Analysts expect this momentum to continue, on the back of the several policy initiatives announced to boost investor sentiment in the economy. 
 
It should be noted that the government has a sharp focus on pushing up India’s place in the Ease of Doing Business list by the World Bank. 
According to Rohit Gadia, CEO of CapitalVia, the proposal to club both FDI and FPI will have a great impact on the foreign investments directly as it will give a clarity and reduce the ambiguity. He explained that the current norms where there were separate caps for FDI and FPIs, limited the investment exposure and sometimes restricted the investment opportunities. 
 
In terms of the sectors, analysts expect manufacturing and infrastructure to benefit the most as Prime Minister Narendra Modi has an ambitious dream of developing India as a manufacturing hub. Besides, the government’s intention to restructure the Public Private Partnership (PPP) model is also expected to boost FDI in critical sectors, especially infrastructure. 
 
“Re-balancing the PPP models and asking the government to take risks would motivate the private sector in infrastructure and some of the announcements like prior clearances for ultra mega projects would improve ease of doing business,” said Rana Kapoor, president of industry body ASSOCHAM. 
 
Apart from these sectors, analysts expected service, auto, biotechnology and eCommerce to also attract foreign investments. However, traditional retail is not expected to attract any foreign investments. Aviation too will not see much investment as the taxation structure and the high prices of jet fuel adds hugely to the cost of operations. 
 
It should be noted that official data highlighted that the primary source of FDI in the current fiscal year include Cyprus, Japan, Singapore, Mauritius, Germany, France, Switzerland and UK. “In the insurance sector, we can expect Japanese companies to invest here,” said Yashish Dahiya, co-founder of Policy Bazaar.

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