<ul><li>Shares of newly listed food delivery company <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> gained 22% since its listing on July 23.</li><li>The company’s market capitalisation has reached ₹1.10 lakh crore as of July 26.</li><li>While Zomato stock is on an uptrend, experts still doubt the fundamentals of the company to have bagged such a huge valuation.</li></ul>After a strong listing on exchanges on July 23, shares of food delivery firm Zomato continue to impress investors as it gained over 22% from its listing price on July 23. On July 26, shares of the company closed 11.92% higher at ₹140.85. Promoters and investors of Zomato made a huge chunk from its 50% premium listing of the shares. However, is the food delivery company, which is into losses, really worth so much of valuation? This question has been bothering many analysts and market experts. Ace stock market investor Rakesh Jhunjhunwala, on July 24, has reportedly described the company’s stock as ‘tulip mania’. Tulipmania is a major commodity bubble, which took place in the 17th century when Dutch investors began to madly purchase tulips, pushing their prices to unprecedented highs. “Show me the cash-flow! Zomato received ₹1 lakh crore market capitalisation yesterday (July 23), but when is it getting ₹3,000 crore of cash-flow? It doesn’t matter how much valuations you get. What is more important is how long the company lasts. The world is giving too much valuations to the digital [sic] change. Such valuations are not sustainable, in my view,” <a href="https://www.money9.com/news/markets/rakesh-jhunjhunwala-says-zomato-a-tulip-mania-raises-questions-on-cashflow-60109.html">said Jhunjhunwala</a> during a keynote address at an event organised by Equirus. Not only Jhunjhunwala, but famous valuation expert Aswath Damodaran, Professor of finance at the Stern School of Business said Zomato is a money-losing, cash burning enterprise with overvalued valuation. On his <a href="http://aswathdamodaran.blogspot.com/2021/07/the-zomato-ipo-bet-on-big-markets-and.html">blog</a> -- The <keyword id="9029084" type="UNKNOWN" weightage="20" keywordseo="zomato-IPO">Zomato IPO</keyword>: A Bet on Big Markets and Platforms! -- Damodaran explained his rationale on why he said the company’s stock is overvalued and expensive. “With my upbeat story of growth and profitability, the value that I derive for equity is close to ₹39,400 crore (about $5.25 billion), translating into a value per share of ₹41. That may seem like a lot to pay for a money-losing company with less than ₹2,000 crore in revenues in the most recent year… That said, the stock's pricing (₹72-75 per share) makes it too expensive, notwithstanding my story,” said Damodaran. Meanwhile, many analysts have cautioned against investing in Zomato due to its history of net losses and anticipated increasing expenses in the future. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/check-rolex-rings-ipo-open-and-close-date-allotment-listing-date-and-everything-you-need-to-know/articleshow/84755686.cms">Another IPO in July: Rolex Rings to raise ₹731 crore through public listing </a> <a href="https://www.businessinsider.in/business/corporates/news/lok-sabha-mp-mahua-moitra-says-delisting-of-adani-power-need-to-be-looked-into/articleshow/84752594.cms">Adani Group in spotlight again—Lok Sabha MP Mahua Moitra says delisting of Adani Power needs to be ‘looked into’</a>

While investors are still upbeat on Zomato stock, experts find it overvalued and expensive

<ul><li>Tiger Global, Think Investments and Malabar Investments participated in the round.</li><li>The company will be exploring mergers and acquisitions to expand its business.</li><li>A part of the funding will also be used to buyback shares from the company's employees.</li></ul>Messaging platform <keyword id="755674" type="COMPANY" weightage="20" keywordseo="GupShup">Gupshup</keyword>, which became a unicorn earlier in April 2021, has raised an additional funding of $240 million in a follow-on funding round. Several marquee investors like Fidelity Management and Research Company LLC, Tiger Global, Think Investments, Malabar Investments, Harbor Spring Capital participated in the round, along with certain accounts managed by Neuberger Berman Investment Advisers LLC, White Oak, and others. A unicorn is a startup valued at or more than $1 billion. The 17-year-old company will use this funding to invest in its product and also enable buyback shares from existing and former employees. The company will also be providing partial exits to few of its initial investors. Gupshup is also exploring merger and acquisition (M&amp;A) opportunities to expand its business, it announced in the press release. “We have followed Gupshup’s progress for a long while and believe that they are the most evolved customer communications platform In India and increasingly in other emerging markets, with a leadership position in the most attractive and fastest growing sub-segments of the market,” said Sumeet Nagar, managing director of Malabar Investments. Gupshup was founded by Beerud Sheth in 2004. It is a conversational messaging platform that enables businesses to manage internal communications. The company provides a platform for developers to build bots for SMS, Twitter, Slack, WeChat, Teamchat and others. The company’s clientele is spread across banking, ecommerce, hospitality, consumer goods and other industries. A few big names in its client list are Zomato, Flipkart, HDFC Bank, and others. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/the-whole-truth-a-healthy-packaged-food-brand-raises-6-million-from-sequoia-capital/articleshow/84815594.cms">The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories </a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-opens-on-july-28-and-closes-on-july-30-with-a-price-band-of-880-900/articleshow/84813639.cms">Rolex Rings IPO opens today with a price band of ₹880-900</a>

Business communication platform Gupshup raises $240 million, to buyback ESOPs

<ul><li><keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> was the top gainer on Nifty 50 with an 8% surge in its shares.</li><li>The company gave a guidance of more than 10% revenue growth for FY22 for the first time in over 5 years in June quarter.</li><li>Revenues grew 4.1% in the quarter in dollar terms to $1.38 billion.</li></ul>Shares of Tech Mahindra surged about 8% as investors cheered the company’s double digit growth guidance in revenue for FY22. Also, the stock hit its one year high at ₹1,223.70 on Friday, July 30. The information technology (IT) services major reported a 4.1% quarter-on-quarter growth in revenues at $1.38 billion while profit after tax jumped 24.1% quarter-on-quarter to $183.2 million.<div type="image" title="tech mahindra chart" height="900" width="1200" msid="84882149" hostid="261"></div> The company added 5,209 employees in the April-June quarter taking the total headcount to 126,263. “The double-digit revenue growth in FY22 (as guided) will be a first for Tech Mahindra, after half a decade – a testimony of its significant underperformance,” said a report by Phillip Capital. “The company has reported a decent set of numbers, slightly ahead of expectations, which were quite low to begin with. Constant currency growth of 3.9% in the quarter, while ahead of estimates, was significantly lower than peers. Margins came ahead of expectations while dealflow remained strong,” added the report. “We have witnessed an all rounded performance this quarter with growth across our key markets and industry sectors. We continue to see strong traction in large deal wins as we are helping our customers in integrated digital transformation,” said CP Gurnani, managing director and chief executive officer of Tech Mahindra. At 10:43 a.m., on Friday, shares of the company were trading at ₹1,231, higher by 9%. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/cleartax-major-acquisitions-and-hiring-2021-funding-on-the-way/articleshow/84880048.cms">Clear has planned major acquisitions and hiring for this year, in talks with investors to raise funds </a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-last-day-for-subscription-allotment-on-august-4/articleshow/84864899.cms">Today is the last day of Rolex Rings’ ₹731 crore IPO with a price band of ₹880-900 </a>

Tech Mahindra shares surge as for the first time in over five years the management sees a 10% plus growth

<ul><li>Bharti Airtel has discontinued its ₹49 entry level prepaid recharge plan and started ₹79 smart recharge offer.</li><li>Shares of the company rose 5% after the company announced the development.</li><li>With this, the telecom operator says it is focusing on offering superior connectivity solutions.</li></ul>Shares of Bharti Airtel gained 5% as the company announced that it has discontinued its cheapest prepaid recharge plan of ₹49. Instead it has started a new prepaid recharge pack of ₹79 that offers up to four times more outgoing minutes of usage to customers along with twice the amount of data. Basically, it has hiked its cheapest prepaid plan to ₹79. “This change is in line with the company’s focus on offering superior connectivity solutions. Airtel customers on entry level recharges can now stay connected for longer without worrying about their account balance,” the company said in a BSE statement. “If they have hiked the plan the stock would have reacted but I don’t think there is any long term positive on the stock...eventually they will have to compete with Jio and Vodafone Idea and the space is so overcrowded that eventually none of these players have any pricing power at all.. The stock has really gone nowhere in 13 years now and unlikely to as right now they are competing in a market which is so stiff that everybody wants to gain market share,” said Rajat Sharma, founder of Sana Securities. Traders in the market must have found this announcement as a positive and that is why the rise in stock price, added Sharma. Moreover, a <a href="https://economictimes.indiatimes.com/markets/stocks/news/why-bharti-airtel-and-other-telecom-stocks-are-rallying-in-a-weak-market/articleshow/84819255.cms">report</a> said the telecom stocks were rallying as a report suggested that the government was considering a slew of long-term measures to improve the health of the debt-laden telecom sector, which includes prospectively redefining adjusted gross revenue (AGR) to exclude ‘non-telecom’ items and allowing telcos to surrender unused spectrum for a small penalty. As per The Economic Times report, the government was also considering other measures with the Department of Telecommunications (DoT) including a reduction in licence fees (LF) and spectrum usage charges (SUC) and phasing out of bank guarantees. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/list-of-stocks-are-down-today-like-zomato-dixon-technologies-cdsl-happiest-minds-shree-renuka-sugars-and-more/slidelist/84817104.cms">It's not just Zomato — From Happiest Minds to CDSL, some of India's hottest stocks are melting too </a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-to-help-company-for-payment-of-loan-and-interest/articleshow/84818263.cms">Rolex Rings’ IPO to help company focus on growth and come out of corporate debt restructuring </a>

Bharti Airtel gains 5% as its cheapest prepaid plan gets costlier by ₹30

<ul><li>The company was founded by Shashank Mehta in 2019 to offer health alternatives for packaged food.</li><li>The <keyword id="11733786" type="UNKNOWN" weightage="20" keywordseo="whole-truth">Whole Truth</keyword> plans to use this funding to hire talent and expand its manufacturing capabilities. </li><li>The round was led by <keyword id="122716" type="CITY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, with participation from <keyword id="366603" type="COMPANY" weightage="20" keywordseo="Matrix-Partners-India">Matrix Partners India</keyword> and Sauce.vc.</li></ul> Healthy packaged food startup The Whole Truth (TWT) has raised $6 million in its Series A round led by Sequoia Capital India. The company plans to use this funding to hire talent and expand its manufacturing capabilities. The company was founded by Shashank Mehta in 2019 to offer healthier alternatives for packaged food. The company currently makes muesli, protein bars, energy bars and immunity balls. The company claims that their products have eliminated all hidden sugars, artificial flavours and harmful preservatives. "Sequoia Capital India is thrilled to partner with Shashank [Mehta] and [the] rest of the team at The Whole Truth. They have a simple yet very powerful mission of making 100% clean-label food. We have been very impressed with the customer's love for their early set of products and excited about the journey ahead," Abhishek Mohan, Principal at Sequoia India, said. Rachna Aggarwal, a bakery chef and chocolatier with over 15 years of relevant experience, heads The Whole Truth’s product development and creates these products under the company’s label. A part of the funding will also be used by the company to enter new food categories, where less or no healthy alternatives are available. “At TWT, we’re hell-bent on bringing truth back to food. We do this through our 100% clean-label products, and through clutter breaking content that helps consumers spot the misleading information they’re being provided,” Shashank Mehta, founder of The Whole Truth, said in a statement. The Whole Truth’s existing investors Matrix Partners India and Sauce.vc have also participated in this Series A funding round, along with angel investors like Flipkart’s Kalyan Krishnamurthy, Udaan’s Sujeet Kumar, BharatPe’s Ashneer Grover and Shashvat Nakrani. Prior to this, the company had raised funding from Zerodha’s Nithin Kamath, Swiggy’s Sriharsha Majety and Rebel Foods’ Jaydeep Barman. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-opens-on-july-28-and-closes-on-july-30-with-a-price-band-of-880-900/articleshow/84813639.cms">Rolex Rings IPO opens today with a price band of ₹880-900</a> <a href="https://www.businessinsider.in/stock-market/news/interglobe-aviation-maruti-suzuki-indusind-bank-and-other-stocks-to-watch-out-for-on-july-28/slidelist/84812927.cms">InterGlobe Aviation, Maruti Suzuki, IndusInd Bank and other stocks to watch out for on July 28</a> <a href="https://www.businessinsider.in/business/news/ratan-tatas-fund-backed-axio-biosolutions-raises-6-million-to-strengthen-its-position-in-india/articleshow/84790703.cms">Ratan Tata’s fund-backed Axio Biosolutions raises $6 million to strengthen its position in India</a>

The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories

<ul><li>Coronations are not necessarily legally required for the exercise of a monarchical office - <keyword id="162121" type="General" weightage="100" keywordseo="charles" source="Orion">Charles</keyword> is already king.</li><li>Special instruments are used to symbolise the monarch's sacred office.</li><li>As with Elizabeth, the ritual will be Anglican in format, though likely streamlined from what we saw in 1953.</li></ul>King <keyword id="5197699" type="General" weightage="80" keywordseo="charles-iii" source="Orion">Charles III</keyword>'s coronation will take place at <keyword id="483804" type="General" weightage="50" keywordseo="westminster-abbey" source="Orion">Westminster Abbey</keyword> on May 6 2023. But what is a coronation, and what can we expect? A coronation is a ritual act bestowing a crown (or similar decorative head-piece) symbolising royal or imperial power. It is usually associated with other important political and religious acts, such as oaths, anointing, enthronement, homage, parades, gift-giving or presentation to the people. These acts will be on display in the coronation of Charles III. Coronations are not necessarily legally required for the exercise of a monarchical office - Charles is already king. Instead, coronations are fundamentally symbolic and ritual. They affirm a social and political structure within the larger political theology of a polity. In <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, they have played a pivotal function in formalising the acceptance by clergy, nobles and general populace of a monarch's accession to office. A short history <keyword id="48080" type="General" weightage="50" keywordseo="crowns" source="Orion">Crowns</keyword> and coronations have ancient origins and were popularised in Europe during the early Middle Ages. In the Roman empire, <keyword id="6955580" type="General" weightage="50" keywordseo="constantine-the-great" source="Orion">Constantine the Great</keyword> began the practice of wearing a diadem (an ornamental headband), and the emperor Julian was raised up by soldiers on a shield. Christian coronation rites developed later in the Byzantine empire, and the Carolingian Franks in western Europe added the anointing. Coronation services were usually performed by a political leader or member of the clergy, such as a prominent local bishop or even the Pope. Coronations underwent standardisation, development and change across the Middle Ages and gradually declined in the modern period. The British crown is the only surviving European monarchy that retains a coronation, though there are Asian and African countries that still practice it. Other surviving monarchies have enthronement (such as Japan and Luxembourg) or inauguration (such as Spain and Sweden) ceremonies which are secular or religious in form. Coronations like those still held in England are associated with a biblical theology of kingship. The monarch is given a divine and priestly commissioning like Israelite kings Saul, David and Solomon in the Old Testament. Over time, European coronations shifted from primarily emphasising divine commissioning to responsibilities before the law and to the people. The British coronation retains all these elements. British coronations The coronation of the British monarch is a religious event. It presents the political-theological vision of the British state as a union of nations and peoples under God. This union is celebrated in the coronation ritual, which occurs in the context of a Eucharistic liturgy. <keyword id="2591708" type="General" weightage="50" keywordseo="eucharist" source="Orion">Eucharist</keyword> is about communion. In this case, God bringing together the monarch and people in commemoration of Jesus' last supper, self-giving death and salvific resurrection. The liturgy comprises six key elements, defined by the Anglican rite as "the recognition, the oath, the anointing, the investiture (which includes the crowning), the enthronement and the homage." Special instruments are used to symbolise the monarch's sacred office. Saint Edward's crown and chair (symbolising the monarch's significance and connection to British and Christian tradition), the sceptre (an ancient biblical symbol of rule), the orb with cross (symbolising the whole world under Christ) and a ring (symbolising the monarch's "marriage" to his or her people, in a way like Christ is said by <keyword id="216800" type="General" weightage="50" keywordseo="st-paul" source="Orion">St Paul</keyword> to be married to the Church). While all these symbols are important, the anointing of the monarch with holy oil (chrism) is perhaps the most significant moment of the liturgy. This was the one moment not televised during Elizabeth II's coronation service. Like the Eucharist, anointing is an ancient sacramental practice of Christians used in baptism and confirmation. The anointing by the Archbishop fundamentally marks the body of the monarch as a special sign and for a special purpose. Under the traditions of the coronation, the anointing is said to bestow God's grace on the monarch to become a living sign of God's mercy, justice and love in the world. In this, the monarch is not divine or absolute in power, but rather relies on the sovereignty and power of God. As such, God enables the monarch to exercise his or her office in selfless service, duty and love in the manner of Jesus Christ and in relationship with him. Here, the monarch becomes an anointed symbolon (sacrament) who expresses the meaning of life, community and faith in his or her person as a special mediator of Christ. This symbolic power is deep and primal, as was shown in the reverence for Queen Elizabeth II's body at her death. The coronation ritual highlights the Christian-state nexus that remains at the heart of the British polity. An established church seems anachronistic in a secular age and arguably compromises both the church and politics. Nevertheless, despite declining in numbers, Anglicanism provides a common, transcendent frame-of-reference for fundamental values and virtues, in an age struggling with individualism, division and fragmentation. Charles III's coronation Given the importance of tradition for British society, the establishment position of the Church of England and Charles' own personal faith, the rite of coronation will remain broadly the same. As with Elizabeth, the ritual will be Anglican in format, though likely streamlined from what we saw in 1953. We can also expect it will include ecumenical (reflecting other Christian churches) and inter-religious elements, to which Charles and recent British monarchs have become more sensitive. In essence, the coronation will present the vision of a British monarchy representing loving service, loyalty and duty before God, tradition and a diverse people and nation. (The Conversation) AMS SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/imf-downgrades-2023-global-growth-forecast-to-2-7/articleshow/94800463.cms">IMF downgrades 2023 global growth forecast to 2.7%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronics-mart-india-ipo-heres-how-you-can-check-the-allotment-status/articleshow/94796701.cms">Electronics Mart India IPO: Here’s how you can check the allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/this-agritech-is-mobilizing-wet-waste-of-cities-as-compost-thats-saving-crops-soil-and-farmers-in-rural-areas/articleshow/94796735.cms">This agritech is mobilizing wet waste of cities as compost that’s saving crops, soil and farmers in rural areas</a>

King Charles III will be coronated in May. The ritual has ancient origins - here's what we can expect

Homegrown auto major <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> on Monday reported narrowing of consolidated net loss at ₹4,450.12 crore in the quarter ended June 2021. The company had posted a consolidated net loss of ₹8,443.98 crore in the same quarter last fiscal, Tata Motors said in a regulatory filing. Consolidated revenue from operations during the period under review stood at ₹66,406.05 crore as against ₹31,983.06 crore in the year-ago period, the company added. British arm <keyword id="42034" type="COMPANY" weightage="20" keywordseo="Jaguar">Jaguar</keyword> <keyword id="44719" type="PERSON" weightage="20" keywordseo="Land-Rover">Land Rover</keyword> (<keyword id="45218" type="ORGANIZATION" weightage="20" keywordseo="JLR">JLR</keyword>) posted revenue of 5 billion pounds in the first quarter, up 73.7 per cent than Q1 in the prior year, the company said, adding JLR had a pre-tax loss of 110 million pounds. JLR retail sales in the first quarter were 1,24,537 vehicles, up 68.1 per cent year-on-year as sales continued to recover from the impact of the pandemic but shortage of semiconductor supplies constrained production. Commenting on the performance, JLR CEO Thierry Bollore said, "We are pleased to see a continuing positive recovery from the pandemic, with year-on-year growth in all regions, demonstrating the appeal of Jaguar and Land Rover vehicles." Though the current environment continues to remain challenging, he said, "We will continue to adapt and manage elements that are within our control and ensure that Jaguar Land Rover is well-placed to respond to any further market developments." On a standalone basis, Tata Motors said its continuing business posted a net loss of ₹1,320.74 crore, putting up a better performance from a net loss of ₹2,190.64 crore in the year-ago period. Standalone total revenue from operations stood at ₹11,904.19 crore as against Rs 2,686.87 crore in the same period a year ago, the company said. "In Q1FY22 wholesales, including exports, increased 351.4 per cent to 1,14,170 units. The volumes across all segments significantly grew as compared to Q1 FY21, however they were lower than Q4 FY21 due to the lockdowns imposed due to the second wave of pandemic," Tata Motors said. Company Executive Director Girish <keyword id="1316783" type="ENTERTAINMENT" weightage="20" keywordseo="Wagh">Wagh</keyword> said the successful implementation of a comprehensive 'Business Agility' plan enabled it to manage lockdowns effectively and also deliver competitive growth as markets reopened. "In the near term, we remain focused on fulfilling customer demands while driving all levers of the business to mitigate the unprecedented commodity inflation," he added. Looking beyond the short-term challenges, Wagh said, "We see significant opportunities to leverage the mega trends shaping the Indian automotive industry." The company is working to transform the customer experience digitally and also strengthen our lead in sustainable mobility, he said adding "we will continue to make the requisite investments to ensure a competitive product portfolio whilst driving down the cash break-evens of the business to deliver consistent, competitive and cash accretive growth over the medium to long term". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byjus-is-willing-to-shell-out-10x-of-what-great-learning-earned-during-the-best-year-for-edtech/articleshow/84754613.cms">BYJU's is willing to shell out 10X of what Great Learning earned during the best year for edtech</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/check-rolex-rings-ipo-open-and-close-date-allotment-listing-date-and-everything-you-need-to-know/articleshow/84755686.cms">Another IPO in July: Rolex Rings to raise ₹731 crore through public listing</a>

Tata Motors’ net loss narrows on strong growth in exports

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, <keyword id="1588424" type="POSITION" weightage="20" keywordseo="Farmer-leaders">Farmer leaders</keyword> are expected to meet on Tuesday to discuss a plan of action as thousands gathered at protest sites on Delhi's borders with Haryana and Uttar Pradesh to press for the repeal of the <keyword id="10352079" type="UNKNOWN" weightage="20" keywordseo="new-agri-laws">new agri laws</keyword> brace the cold wave sweeping through the national capital. Efforts are underway by the unions to draw <keyword id="6367209" type="UNKNOWN" weightage="20" keywordseo="support">support</keyword> from farmers in other states like Bihar for their demand to enact a law assuring <keyword id="76332" type="COMPANY" weightage="20" keywordseo="Minimum-Support-Price">Minimum Support Price</keyword> as the protest at the border points have been going on for almost four weeks now. On Monday, the farmers held a relay hunger strike at various protest sites in batches of 11. In the letter to 40 union leaders, the Joint Secretary in <keyword id="9313637" type="COMPANY" weightage="20" keywordseo="the-union-agriculture-ministry">the Union Agriculture Ministry</keyword>, Vivek Aggarwal, on Sunday asked them to specify their concerns over its earlier proposal of amendments in the laws and choose a convenient date for the next round of talks so that the ongoing agitation could end at the earliest. The sixth round of talks on December 9 was cancelled following a deadlock with the farmer unions refusing to budge from their demand for repealing the three laws. Owing to ongoing agitation, the Delhi Traffic Police said the Singhu, Auchandi, Piau Maniyari, and Mangesh borders are closed. It advised commuters to take alternative routes through the Lampur, Safiabad Saboli and Singhu school toll tax borders. Police said that as traffic has been diverted from Mukarba and the GTK road, people are suggested to avoid Outer Ring Road, the GTK road and National Highway (NH) 44. Those travelling to Haryana can go through the Jharoda (only single carriageway), Daurala, Kapashera, Badusarai, Rajokri NH-8, Bijwasan-Bajghera, Palam Vihar and Dundahera borders. According to the traffic police, Tikri and Dhansa borders are also closed for traffic but the Jhatikara border was open only for two-wheelers and pedestrians. At the Chilla border, the Delhi to Noida carriageway is open for traffic. The Noida to Delhi carriageway is, however, closed. The Ghazipur border was also closed for traffic movement. Enacted in September, the three farm laws have been projected by the central government as major reforms in the agriculture sector that will remove the middlemen and allow farmers to sell anywhere in the country. However, the protesting farmers have expressed apprehension that the new laws would pave the way for eliminating the safety cushion of Minimum Support Price and do away with the mandi system, leaving them at the mercy of big corporates. The government has repeatedly asserted that the MSP and mandi systems will stay and has accused the opposition of misleading the farmers. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Farmer union leaders to meet today to decide on further discussions with government

<ul><li><keyword id="404121" type="PERSON" weightage="20" keywordseo="clear">Clear</keyword>, formerly known as <keyword id="2763190" type="PERSON" weightage="20" keywordseo="Cleartax">ClearTax</keyword>, is planning to hire across verticals like tech, product and marketing.</li><li>The company is reportedly in talks with Tiger Global to raise $100 million, at a valuation of $800 million.</li><li>The company claims to facilitate 10% of India’s B2B invoices, with a trade value of $300 billion, annually.</li></ul>Fintech software-as-a-service (<keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword>) company Clear, formerly known as ClearTax, has been going aggressive about its growth plans since the start of 2021. It started with the rebranding, to launching of new products, to the recent acquisition of yBANQ. But this plan does not end here. In order to accelerate growth and become a full stack financial services provider, Clear would be focusing on two core strategies — hiring and acquisition. The company plans to hire more than 100 employees across verticals to aid its organic growth, the company’s cofounder Srivatsan Chari told Business Insider in an exclusive interaction. The hiring would range across leadership roles, mid-senior positions to junior roles. According to the company’s website, there are vacancies in marketing, finance, sales, human resources, engineering, design, product, strategy, category, support and legal roles. Earlier in January, Clear on-boarded former MedLife executive <a href="https://www.linkedin.com/in/paranth-thiruvengadam-2567719/?originalSubdomain=in">Paranth Thiruvengadam </a>as chief technology officer (CTO) of the company. Since then, the company has made several changes across product and technology teams. Key changes at Clear in the last six months: <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Paranth Thiruvengadam </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">CTO </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Akhil Bansal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Product </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Naveen Kumar Jain </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director of Engineering </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pranesh Vittal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director of Engineering </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vinish Varghese </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Design </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ankit Saxena </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Head of Operations </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Amit Gupta </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">National Sales Head, Enterprise </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sandeep Singh </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Senior Director of Product </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Esha Savla </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Customer Experience </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ankur Agrawal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Strategy </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mayank Parihar </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Business Finance </td></tr></tbody></table> On the acquisition side of the plan, it has already acquired Y Combinator-backed business-to-business (B2B) payments startup yBANQ to enter the B2B payments and credit market. There is more to come in the near future. Chari told Business Insider that they are currently building several products, particularly for small and medium enterprises (SME) domain and enterprises, in-house. However, they will be relying on acquisitions to enter more niches and segments. “There are capabilities or certain industries, like payments, where you want a lot of experience or technologies. So that's basically where acquisitions come in, so it is going to be a multi-pronged strategy. We are going to build and we will be acquiring also to just leapfrog our growth.” — Clear cofounder Srivatsan Chari told Business Insider in an exclusive interaction. Clear’s product journey from e-filling to full stack payments system Clear was founded by Archit Gupta, Ankit Solanki and Srivatsan Chari in 2011 as ClearTax. The company started its journey as a fintech startup that offers solutions for income tax filing online. The company witnessed its first surge in 2016, when the Indian government made e-filing mandatory. This was also the year the Indian government introduced the Goods and Service Tax (GST) that came into force on July 1 of 2017. Clear made the decision to expand their business offering, by providing tax-filing services to enterprises. The company offers solutions, including GST and e-filing bill software, along with business incorporation and compliance services for enterprises. It had also launched a wealth management platform for tax saving and mutual funds in January 2020. The Bengluru-based startup, across its verticals, caters to four groups — consumer, small medium business (SMB), enterprises and tax experts such as chartered accountants (CA) or accountants. "We have evolved from income tax compliance to full-stack compliance, invoicing, and financial serices firm. We cater to not only individual taxpayers, but also businesses, tax experts, and accountants. Today, we process about 10% of India's B2B invoices, over $300 billion of trade value every year, and contribute to 10% of India's e-invoice generation," Clear founder and chief executive (CEO) Archit Gupta told news agency PTI in a previous conversation. Upcoming fundraise still on the table The company currently has a customer base of 5 million Indian taxpayers, over one lakh tax practitioners, six lakh small businesses and 2,000 large businesses as well as brands. <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Round </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investors </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2014 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sumon Sadhu </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$1.3 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Max Levchin, Scott Banister </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$2 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Founders Fund, Sequoia Capital </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$12 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Elevation Capital </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$50 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Composite Capital Management </td></tr></tbody></table> The company has raised $65 million of equity funding from marquee investors like PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, Composite Capital, <keyword id="122716" type="CITY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, and <keyword id="161314" type="COMPANY" weightage="20" keywordseo="SAIF-Partners">SAIF Partners</keyword>. It was the first Indian startup to have raised funding from Y Combinator. Clear is now said to be in talks with Tiger Global to raise a <a href="https://economictimes.indiatimes.com/tech/funding/tiger-global-may-lead-cleartax-funding-round-at-750-850-million-valuation/articleshow/81620600.cms">$100 million </a>funding round, at a valuation of $750 million-$800 million. The company’s co-founder Chari referred to these reports as media speculations, however, he also added that the company is in talks with certain undisclosed investors. Chari did not share any more information on the potential fundraising or valuation. "Conversation with people happen, but we don't have any news to share at this point," Chari told Business Insider. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-last-day-for-subscription-allotment-on-august-4/articleshow/84864899.cms">Today is the last day of Rolex Rings’ ₹731 crore IPO with a price band of ₹880-900</a> <a href="https://www.businessinsider.in/science/news/nasa-has-delayed-boeings-spaceship-flight-after-a-russian-module-pushed-the-space-station-out-of-position/articleshow/84876573.cms">NASA has delayed Boeing's spaceship flight after a Russian module pushed the space station out of position</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

Clear(Tax) is planning for major acquisitions as it looks to 'leapfrog' its growth

<ul><li>The monsoon session of the <keyword id="145182" type="ORGANIZATION" weightage="20" keywordseo="Indian-Parliament">Indian parliament</keyword> began on July 19 and is almost half way through.</li><li>Several pressing matters have been raised during this session regarding the COVID-19 situation, farmers' protest and more.</li><li>However, when faced with questions, the government has cited lack of data on at least four issues listed below.</li><li>The session is scheduled to close on August 13 and several other matters like Pegasus spyware are yet to be discussed.</li></ul>It has already been more than 10 days since the Indian parliament kicked off its monsoon session on July 19, 2021. Lot of important questions have been raised over several long hours of discussions and brawl, however, not all have been answered. From death due to oxygen shortage during the pandemic to cryptocurrency investments, these are the pressing issues for which the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> has simply slid past saying it has no data in hand. ‘No one died due to oxygen shortage’ If the first wave of COVID-19 brought Indian healthcare system to its knees, the second one was a blade on the neck. The South Asian country witnessed the worst healthcare crisis in its history, with people looking for hospital beds, oxygen cylinders and concentrators, COVID-19 medicines and other necessary equipment over Twitter. Many lost their lives in this struggle. However, Union Minister of State for Health and Family Welfare Bharati Pravin Pawar in the Rajya Sabha, a day after the monsoon session began,<a href="https://www.thehindu.com/news/national/parliament-proceedings-no-deaths-reported-due-to-lack-of-oxygen-health-ministry-tells-rajya-sabha/article35428791.ece"> said</a>, “no deaths due to lack of oxygen have been specifically reported by states/union territories’ during the second wave of COVID-19. This led to a nationwide outrage. ‘Farmers death, what?’ The farmers of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> took to streets in September 2020, after the government passed three farm acts. On 30 November 2020, an estimated crowd of 200,000 to 300,000 farmers were walking to the national capital of Delhi to make their voices heard. The protest went on for close to ten months, however the government has no data on how many people have lost their lives during this course. As per a press release issued by the Samyukt Kisan Morcha (Joint Farmers’ Force), a coalition of over 40 farmers’ unions, 537 farmers have died in the agitation till date. SKM has also updated the<a href="https://humancostoffarmersprotest.blogspot.com/2020/12/list-of-deaths-in-farmers-protest-at.html"> list of farmers</a> who have died during the protest since November 24 last year. However, the Minister of Agriculture and Farmers Welfare Narendra Singh Tomar, in the parliament, said that the government has no record of farmers having died or fallen ill during the protests. ‘Black money is white money painted in a different colour’ Indian Prime Minister Narendra Modi’s speech of 8 November 2016, while announcing the demonetisation of some currency notes, was a historical moment against black money in India. <div type="ExtQuote" text="“To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper.”" auname="— Narendra Modi, demonetisation speech of 2016."></div> He also highlighted the government passed a law 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015', soon after taking over the office, for disclosure of foreign black money. The country had signed agreements with many countries, including the USA, to add provision for sharing banking information. Cut to 2021, there is no data available. The Minister of State for Finance, Pankaj Chaudhary, has informed that there is <a href="https://www.dnaindia.com/india/report-no-official-estimate-of-black-money-stashed-in-swiss-banks-centre-tells-parliament-2902569">no official </a>estimate of the amount of black money deposited in Swiss banks in the decade. According to data shared by Switzerland's central bank, Indian individuals and firms have deposited over CHF 2,554.7 million or<a href="https://scroll.in/latest/997838/indian-deposits-in-swiss-banks-rise-to-over-rs-20700-crore-highest-in-13-years"> ₹20,700 crore</a> in Swiss Banks in 2020. All of this may not be black money, but it’s a good data point to begin with. The Indian government, in 2019, said that it has an information sharing agreement with the Swiss authorities. Yet they have no data to show in 2021. ‘Cryptocurrency bill on the way, but no data yet’ Indian Finance Minister Nirmala Sitharaman informed the Rajya Sabha (Upper House) on July 27 that the government does not collect any information on the number of cryptocurrency exchanges and investors in India. It does sound fair, but not when the government of India has been pushing to <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">regulate cryptocurrency</a> in India since 2019. As per the <a href="https://www.moneycontrol.com/news/business/economy/no-information-collected-on-number-of-crypto-exchanges-and-investors-in-india-finance-minister-nirmala-sitharaman-7232611.html">data </a>shared by crypto exchanges, there are about 15 million Indian cryptocurrency investors, with holdings worth ₹15,000 crore ($2 billion) cumulatively. There are 350 startups that operate in the blockchain and crypto space, as per the crypto currency exchanges. Besides this, Sitharaman also mentioned that the government of India has no information on drug trafficking and money laundering that is being carried out through crypto exchanges. ‘No one dies due to manual scavenging’ No deaths have been reported due to manual scavenging in India over the last five years, the minister for Social Justice and Empowerment Ramdas Athawale said in the Rajya Sabha on <a href="https://thewire.in/government/centre-says-no-death-reported-due-to-manual-scavenging-activists-decry-govt-response">July 29</a>. If only, the ministry had thought of going through this year’s budget session thoroughly. Athawale, during his own speech during the budget session, highlighted<a href="https://www.thehindu.com/news/national/340-sewer-cleaning-deaths-in-past-5-years-government/article33732992.ece"> 340 people </a>died while cleaning sewers and septic tanks in the last five years till December 31, 2020. He also noted that 66,692 manual scavengers have been identified across the country. ‘Information on witnesses killed, turned hostile not maintained centrally’ The Minister of State for Home Affairs, Nityanand Rai, has informed the parliament that the government has no data of the cases where key witnesses were killed or turned hostile. “The Witness Protection Scheme, 2018 provides that the witness protection measures ordered shall be proportionate to the threat and shall be for a specific duration not exceeding three months at a time," Rai added. However, these cases are fairly common in India. In March 2021, the family and lawyers of the 19-year-old Dalit girl who was allegedly gang raped and murdered in Hathras in 2020, were <a href="https://www.ndtv.com/india-news/allahabad-high-court-on-threats-to-hathras-family-will-consider-shifting-trial-2395571#:~:text=The%20affidavit%20said%20that%20the,stated%20that%20it%20was%20%22evident">threatened </a>before the special court where the case was pending. ‘Hospital beds data not available’ The Minister of State for Health and Family Welfare, Dr. Bharati Pravin Pawar, informed that the government of India does not centrally maintain the data of hospital beds. This is majorly because health is a state subject, meaning it's up to the governments in states and union territories (UT) to increase the bed strength in their hospital. Despite this, Pawar shared that India has an isolation and ICU bed capacity of 18.21 lakh and 1.22 lakh, respectively. If the government had data on isolation and ICU beds, then the question remains why doesn’t it have information on hospital beds. ‘No data available for MSMEs that went under’ When the member of parliaments (MPs) asked the government for details on the number of micro, small and medium enterprises (MSMEs), which shut down during the pandemic. Instead of the data, the government listed the steps taken by the Reserve Bank of India (RBI) for extension and restructuring of credit. It even cited two surveys, which stated 88% of MSMEs were affected by the pandemic. ‘No data on deaths due to air pollution’ Minister of State for Environment, Forest And Climate Change Ashwini Kumar Choubey informed the parliament that they do not have any conclusive data to establish a direct correlation of death/disease exclusively due to air pollution. According to ‘States of India: The Global Burden of Disease Study 2019’ <a href="https://www.thehindu.com/news/national/17-million-deaths-in-india-were-attributable-to-air-pollution-in-2019-says-study/article33394600.ece">report</a>, nearly 1.7 million deaths in India were attributed to air pollution in 2019. This was 18% of the total deaths in the country. ‘No updates on how many lost jobs during second wave of COVID-19’ A few MPs asked the government for details on the number of casual or contractual employees who lost their jobs during the second wave of COVID-19. However, the government did not share any such details. Instead, it listed out several initiatives undertaken by the government to boost hiring. [This is a developing story. The article will be updated as the government shares more details about the lack of data in their repository.] SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/droom-automobile-marketplace-raises-200-million-in-a-pre-ipo-round-at-unicorn-valuation/articleshow/84818567.cms">Automobile marketplace Droom is raising $200 million in a pre-IPO round at unicorn valuation</a> <a href="https://www.businessinsider.in/business/startups/news/the-whole-truth-a-healthy-packaged-food-brand-raises-6-million-from-sequoia-capital/articleshow/84815594.cms">The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories</a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-opens-on-july-28-and-closes-on-july-30-with-a-price-band-of-880-900/articleshow/84813639.cms">Rolex Rings IPO opens today with a price band of ₹880-900</a>

You Searched For "rolex rings ipo allotment" and got 11 results

While investors are still upbeat on Zomato stock, experts find it overvalued and expensive

Bhakti Makwana

Business communication platform Gupshup raises $240 million, to buyback ESOPs

Kritti Bhalla

Tech Mahindra shares surge as for the first time in over five years the management sees a 10% plus growth

Bhakti Makwana

Bharti Airtel gains 5% as its cheapest prepaid plan gets costlier by ₹30

Bhakti Makwana

The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories

Kritti Bhalla

King Charles III will be coronated in May. The ritual has ancient origins - here's what we can expect

PTI

Tata Motors’ net loss narrows on strong growth in exports

PTI

Farmer union leaders to meet today to decide on further discussions with government

PTI

Clear(Tax) is planning for major acquisitions as it looks to 'leapfrog' its growth

Kritti Bhalla

There are at least 10 hot issues in India that the government has no data for

Kritti Bhalla

'That's Not All!' Kevin Trudeau, The World's Greatest Salesman, Makes One Last Pitch

Aaron Gell