<ul><li>Mumbai-based diamond merchant <keyword id="9656" type="General" weightage="80" keywordseo="sanghavi" source="Orion">Sanghavi</keyword> Diamonds owes <keyword id="6357560" type="General" weightage="100" keywordseo="idbi-bank" source="Orion">IDBI Bank</keyword> ₹16.72 crore in principle. </li><li>IDBI Bank is owned by the Life Insurance Corporation of India and its initial public offering (IPO) is anticipated next year. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>Correction: The initial article reported by news agency IANS said that the bank's exposure to the defaulter was ₹6,710 crore. However, it has been corrected to reflect the statement issued by the IDBI Bank to the exchanges at 9:47 p.m. “IDBI Bank has exposure to M/s Sanghavi Exports International Pvt. Ltd. (which is NPA), but the current Principal Outstanding is only Rs. 16.72 crore (Rupees Sixteen Crore and Seventy Two Lakh only) and the account is fully provided. IDBI Bank has initiated requisite actions to recover its outstanding dues,” the bank said in a statement filed with the stock exchanges. The earlier IANS report, which was published without changes, said that its efforts to get a version from the IDBI Bank's team did not materialize. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittals-hike-is-offering-eth-to-anyone-who-find-a-chief-meme-officer-or-a-crypto-game-economist-for-the-company/articleshow/88388082.cms">Kavin Bharti Mittal's Hike is offering ETH to anyone who find a 'chief meme officer' or a 'crypto game economist' for the company</a> <a href="https://www.businessinsider.in/stock-market/news/how-do-rising-covid-19-cases-lead-to-a-fall-in-markets/articleshow/88385905.cms">Why is the stock market falling so sharply today?</a> <a href="https://www.businessinsider.in/stock-market/news/these-9-stocks-are-down-as-much-as-15-since-being-the-top-diwali-picks-6-weeks-ago/articleshow/88387967.cms">From ICICI Bank to INOX, these 9 stocks are down as much as 15% since being the top Diwali picks 6 weeks ago</a>

CORRECTED: IDBI Bank says defaulting diamantaire owes only ₹16.7 crore in principle

<img class="gwt-Image" src="/photo/55475188.cms" style="width: 800px; height: 600px;" />Two students <keyword id="3129376" type="UNKNOWN" weightage="100" keywordseo="Malav-Sanghavi">Malav Sanghavi</keyword> and <keyword id="201800" type="PERSON" weightage="100" keywordseo="Mustafa">Mustafa</keyword> Khanwala made India proud as they were featured in the top 10 of the London Mayor's 2016 recently concluded innovation competition, thanks to their stunning innovations. 
 
Malav was the highest ranked Indian grabbing the fifth spot followed by Mustafa in 10th position. While Malav designed a smart amputee socket which can be adjusted via an app to suit the individual’s needs, Musatafa produced an app that stops queuing in shops, allowing one to immediately pay for goods and services. The other two Indian entries in the competition were by: 
 <keyword id="71605" type="PERSON" weightage="100" keywordseo="Suresh-Kumar">Suresh Kumar</keyword> - Idea: An app to help educate stroke victims. It is programmed to make use of every day things, such as sarees. 
 
Surabhi Mittal- Idea: He designed a tea set made of papier-mache. It is an attempt to revive handmade crafts in the era where everything is prepared in industries. Surabhi's idea was commended by panelists. 
 The top prize was claimed by Italian origin Luca Alessandrini, a post-graduate from <keyword id="108001" type="ORGANIZATION" weightage="100" keywordseo="Imperial-College-London">Imperial College London</keyword>, who beat hundreds of other entries from 49 different countries and 17 universities, with a violin which is made from a mixture of spider silk and resin. He won 10,000 pounds top prize in the competition. 
 Mayor of London <keyword id="6518726" type="PERSON" weightage="100" keywordseo="Sadiq-Khan">Sadiq Khan</keyword> said, "The incredible range of talent on show in these awards celebrates the best of the capital and clearly demonstrates that London is open to talent and ideas from across the globe." 
 
"We need to do all we can to ensure that London remains the best and most welcoming destination for international students," he said. 
 
The awards were set up to highlight the work of the city's international students and also to provide some financial help to assist students in taking their innovation to the next stage of development. 
 
It was devised by London and Partners, the Mayor's official promotional company and is also supported by the UK Government's Education is GREAT campaign and the British Council, Cambridge English, IDP Education and The PIE.

Meet the two Indian students who are among the top 10 winners of London Innovation Awards

<keyword id="19906364" type="General" weightage="20" keywordseo="Gandhinagar" source="keywords">Gandhinagar</keyword>: <keyword id="20151319" type="General" weightage="20" keywordseo="Chief-Minister-Bhupendra-Patel" source="keywords">Chief Minister Bhupendra Patel</keyword> arrived at the Gandhinagar State <keyword id="22971699" type="General" weightage="20" keywordseo="emergency-operation-center" source="keywords">Emergency Operation Center</keyword> on Thursday after travelling from Vadodara, following the forecast of heavy rains and potential storms. Upon his arrival, the Chief Minister reviewed the system's preparedness for the natural calamity via a video conference with the District Collector. The Chief Minister also issued immediate instructions to evacuate areas as necessary to safeguard residents from the impending calamity. Chief Secretary Rajkumar and other senior secretaries were also present during the meeting. Meanwhile, Gujarat Home Minister Harsh Sanghavi stated that the Chief Minister had met with the people of Vadodara, inspected the city, and held meetings with elected representatives and administrative departments, leading to important decisions. "The Chief Minister, <keyword id="19921808" type="General" weightage="20" keywordseo="bhupendra-patel" source="keywords">Bhupendra Patel</keyword>, met with the people of Vadodara, inspected the city, and conducted meetings with elected representatives and administrative departments, where crucial decisions were made," Sanghavi said. Furthermore, Sanghavi added that the Chief Minister had approved the Vishwamitra River Revival and Redevelopment Project for Vadodara. "The Chief Minister approved the Vishwamitra River Revival and Redevelopment Project for Vadodara, which will cost Rs 1,200 crore. A committee has been formed for the project's execution. He also called upon 3,500 to 4,000 workers to come to Vadodara and clean the areas where the water has receded," Sanghavi stated. Sanghavi further mentioned that the Chief Minister had ensured the restoration of electricity and ordered a survey of the losses so the government could finalise a relief package. "The Chief Minister instructed that electricity be restored and a survey of the damage conducted. The report should be submitted as soon as possible so that the government can finalise a relief package. The state government has begun work on these tasks under the Chief Minister's directives," Sanghavi added. Earlier today, the <keyword id="19992067" type="General" weightage="20" keywordseo="Indian-Air-Force" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Air Force" meta.hostid="153" meta.entityid="Indian Air Force">Indian Air Force</keyword> (IAF) commenced relief operations for the flood-hit cities in Gujarat. Humanitarian Aid and Disaster Relief were deployed, with transport aircraft delivering relief materials to the nearest airfields and helicopters--Chetaks and Cheetahs--positioned for operations. MI-17 helicopters air-dropped life-saving essentials to stranded residents in Jamnagar and Vadodara. Eighteen people have been airlifted by the IAF over the past three days, and 3,500 essential supply packs have been air-dropped. On Thursday, Chief Minister Bhupendra Patel visited Devbhumi Dwarka district to review the relief efforts following the heavy rainfall. Khambhaliya recorded the highest rainfall in the state over the past five days: 944 mm. In Khambhaliya, the Chief Minister gathered first-hand information about the rainfall's impact and guided the ongoing relief operations, supported by the NDRF, SDRF, Army, and Coast Guard. He visited the affected areas of Ramnagar and Kanzar Checkpost, inquired about the well-being of residents, and reviewed the arrangements for those affected. Additionally, a review meeting was held at the Dwarka Collector's office with Chief Secretary Raj Kumar, where the Chief Minister received detailed updates on the damages, evacuations, and rescue operations in the district.<div type="image" title="CM Bhupendra Patel reviews Gujarat&amp;#39;s flood preparedness" agency="ANI" msid="112911286" hostid="261" sizebytes="31372" caption="&amp;lt;p&amp;gt;CM Bhupendra Patel reviews Gujarat&amp;#39;s flood preparedness&amp;lt;/p&amp;gt;"></div>

CM Bhupendra Patel reviews Gujarat's flood preparedness

As various low-lying areas have been inundated due to <keyword id="19922385" type="General" weightage="20" keywordseo="heavy-rains" source="keywords">heavy rains</keyword> in <keyword id="19906863" type="General" weightage="20" keywordseo="Gujarat" source="keywords">Gujarat</keyword> for the last two days, Union <keyword id="19964524" type="General" weightage="20" keywordseo="Home-Minister" source="keywords">Home Minister</keyword> <keyword id="19899491" type="General" weightage="20" keywordseo="Amit-Shah" source="keywords">Amit Shah</keyword> on Monday spoke with the state <keyword id="19924917" type="General" weightage="20" keywordseo="Chief-Minister" source="keywords">Chief Minister</keyword> Bhupendra Patel and the Home Minister Harsh Sanghavi, assuring them of Central assistance. Recognising the gravity of the situation, Shah reached out to both the Chief Minister and the Home Minister of Gujarat through telephone conversation. During their conversation, Shah expressed his concern and assured them that the central government would provide all necessary support to address the crisis. Shah's prompt response aimed to ensure that the affected areas received help on time. "Due to the heavy rains causing <keyword id="22917946" type="General" weightage="20" keywordseo="flood-like-conditions" source="keywords">flood-like conditions</keyword> in some areas of Gujarat, Union Home Minister Amit Shah spoke with the Chief Minister and Home Minister of Gujarat and assured them of any assistance needed from the central government," an official source told ANI. Amid heavy rainfall over the past two days, parts of Gujarat have been inundated, displacing hundreds of affected residents to safer locations. Navsari, in particular, faced severe flooding, prompting the <keyword id="19897673" type="General" weightage="20" keywordseo="India-Meteorological-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="India Meteorological Department" meta.hostid="261" meta.entityid="India Meteorological Department">India Meteorological Department</keyword> (IMD) to issue a "red alert" for the district on Monday. Gujarat Chief Minister directed officials on Sunday to evacuate people from low-lying areas to safer locations. The chief minister's office said that Valsad, Tapi, Navsari, Surat, Narmada, and Panchmahal districts in South Gujarat have been the most impacted by the downpour.

Gujarat floods: With hundreds displaced, Amit Shah assures Central assistance to state CM, HM

<ul><li>The stock debuted at ₹128 as compared to its IPO price of ₹98 per share.</li><li>Its marketcap is at ₹630 crore, as per BSE.</li><li>The issue received stellar response from non-institutional investors and QIBs who subscribed to the issue by over 130x each. </li></ul>The stock of <keyword id="18628309" type="General" weightage="20" keywordseo="ratnaveer-precision-engineering" source="Orion">Ratnaveer Precision Engineering</keyword> made its market debut at ₹128 on the bourses on Monday — with a 30% premium over its IPO price of ₹98 per share. It gained 5% more during the day, ending with listing gains of 37%. However, it fell short of the grey market’s expectations of 51% listing gains. Its marketcap is at ₹651 crore, as per BSE. The ₹165 crore initial public offer (IPO) was subscribed almost 94 times the shares on offer, as on the last day of the issue. Non-institutional investors and qualified institutional buyers (QIBs) subscribed to the issue by over 130 times each while the retail investor portion was subscribed by 53.96 times. Here are the listing gains of the last six market debuts <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">Listing gains </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;">Vishnu Prakash R Punglia </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;">47% </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;">Aeroflex </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;">83% </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;">Pyramid Technoplast </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;">12% </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;">TVS Supply Chain </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;">SBFC </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;">43% </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;">Concord Biotech </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;">21% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The issue is a combination of fresh issue of 13,800,000 shares and offer-for-sale (OFS) of 3,040,000 shares, where the seller is the promoter Vijay Ramanlal Sanghavi. The net proceeds from the fresh issue will be used towards funding working capital requirements of the company, and towards general corporate purposes. The stainless steel product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes and tubes. It has four manufacturing units, out of which two units are located at GIDC, Savli, Vadodara, Gujarat, one at Waghodia, Vadodara, Gujarat and the other one is located at GIDC, Vatva, Ahmedabad, Gujarat. The company’s total income has been growing gradually in the last three years, but its net profit has grown 2.7 times in FY23 as compared to the year before. Lack of long-term agreements with suppliers, price volatility in the steel sector; in addition to the high-volume-low-margin and the working capital intensive nature of the business have been listed at business risks of the company, in the RHP. It has experienced negative cash flows in relation to its operating, investing and financing activities in the last three financial years. A major portion of its public shareholding is held by shareholders who are extended family members of the promoter. “After the successful completion of the offer, these shareholders shall have the ability to influence the outcome of matters that are submitted to public shareholders for their approval,” the company said in its RHP.

Ratnaveer Precision Engineering stock ends the day with 37% listing gains

<ul><li>Non-institutional investors and QIBs bid aggressively for the issue with each of them subscribing it by 130x.</li><li>The company is a stainless steel product manufacturer focused on finished sheets, washers, pipes, tubes and more. </li><li>Net proceeds from the issue will be used to fund working capital requirements and general corporate purposes. </li></ul>The ₹165 crore initial public offer (IPO) of <keyword id="18628309" type="General" weightage="20" keywordseo="ratnaveer-precision-engineering" source="Orion">Ratnaveer Precision Engineering</keyword> was subscribed almost 94 times the shares on offer, as on the last day of the issue. Non-institutional investors and qualified institutional buyers (QIBs) subscribed to the issue by over 130 times each while the retail investor portion was subscribed by 53.96 times. The issue is a combination of fresh issue of 13,800,000 shares and offer-for-sale (OFS) of 3,040,000 shares, where the seller is the promoter Vijay Ramanlal Sanghavi. The net proceeds from the fresh issue will be used towards funding working capital requirements of the company, and towards general corporate purposes. Unistone Capital is the book running lead manager of the issue and Link Inktime is the registrar of the issue. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><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;">Category </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;">No of times subscribed </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;">QIBs </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;">133.05 </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;">Non institutional investors </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;">135.20 </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;">Retail </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;">53.96 </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;">Total </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;">93.97 </td></tr></tbody></table> Source: BSE About the company Ratnaveer Precision Engineering is a stainless steel product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes and tubes. It has four manufacturing units, out of which two units are located at GIDC, Savli, Vadodara, Gujarat, one at Waghodia, Vadodara, Gujarat and the other one is located at GIDC, Vatva, Ahmedabad, Gujarat. Its products find application across industries like automotive, solar power, wind energy, power plants, oil &amp; gas, pharmaceuticals, sanitary &amp; plumbing, instrumentation, electro mechanics, architecture, building &amp; construction, electrical appliances, transportation, kitchen appliances, chimney liners, etc. Its products are used in both the commercial and residential sectors and are sold within India and overseas. Some of the listed peers are M M Forgings, Menon Bearings and Venus Pipes &amp; Tubes. Financials &amp; Risk factors The company’s total income has been growing gradually in the last three years, but its net profit has grown 2.7 times in FY23 as compared to the year before. Lack of long-term agreements with suppliers, price volatility in the steel sector; in addition to the high-volume-low-margin and the working capital intensive nature of the business have been listed at business risks of the company, in the RHP. All its production units are located in one geographic area and therefore, any localized social unrest or natural disaster can affect its business and financial condition. It also operates in a highly competitive and fragmented industry with low barriers to entry. It has experienced negative cash flows in relation to its operating, investing and financing activities in the last three financial years. They have entered into related party transactions in the past and may continue to do so in the future. Its promoter has provided personal guarantee for loans availed by the company, and any default can adversely affect the promoter’s ability to manage the affairs. A major portion of its public shareholding is held by shareholders who are extended family members of the promoter. “After the successful completion of the offer, these shareholders shall have the ability to influence the outcome of matters that are submitted to public shareholders for their approval,” the company said in its RHP.

Ratnaveer Precision Engineering IPO subscribed 94x

The death toll due to the collapse of a <keyword id="817484" type="General" weightage="20" keywordseo="suspension-bridge" source="Orion">suspension bridge</keyword> in Gujarat's Morbi has increased to 141 as of Monday morning, a top police official confirmed. The toll was confirmed to the media by Rajkot Range Inspector General of Police <keyword id="225104" type="General" weightage="80" keywordseo="ashok-yadav" source="Orion">Ashok Yadav</keyword>. However, the toll according to the <keyword id="1174586" type="General" weightage="20" keywordseo="Minister-of-State-for-Home" source="Orion">Minister of State for Home</keyword> Harsh Sanghavi is 132, while two persons remain unaccounted for. He also said that when the two missing persons are located, the search and rescue operations will be over. As of Monday morning, the Morbi government hospital has released a list of 99 deceased, but has not mentioned the age of the victims. The tragedy took place on Sunday evening when about 400 people were on the suspension bridge on the Machhu river. A criminal complaint against the cable bridge contractor and manager has been lodged while the police have started a probe into the incident. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/netflix-rolls-out-profile-transfer-in-india-allows-users-to-transfer-viewing-history-and-other-preferences-to-a-new-account/articleshow/95181273.cms">Netflix rolls out profile transfer in India, allows users to transfer viewing history and other preferences to a new account</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-confirms-twitter-may-soon-change-280-character-limit/articleshow/95181341.cms">Elon Musk confirms Twitter may soon change 280-character limit</a>

Death toll in Morbi bridge collapse reaches 141: Police official

5G - the fifth generation of mobile network technology – is a generational leap with several far-reaching applications, and it is expected to bring significant changes and improvements to the way we communicate and access information. With advantages like superior connectivity, higher bandwidth, and ultra-low latency, 5G is an imperative innovation for smarter tomorrow. Let’s take a look at <a href="https://www.infosysbpm.com/podcasts/business-transformation-services/5g-and-its-global-implications.html">some of the ways</a> through which 5G is going to drive disruption. <cmsannotation type="cmsannotation" annotationid="Unlocking the 5G World" comment="subhead" text="Unlocking the 5G World">Unlocking the 5G World</cmsannotation> The potential advantages of 5G go far beyond just enhancing a network connection. It opens up new possibilities, allowing us to offer ground-breaking solutions that benefit the entire society. <ul><li>Improved speed and performance: 5G is expected to offer significantly greater speeds and reduced latency in comparison to previous generations of mobile technology. It can enable a wide range of applications and services such as virtual and augmented reality, telemedicine, and connected cars.</li><li>Increased connectivity: Imagine connecting a multitude of devices – with the number running in billions – in real-time. This will ramp up the adoption of new applications and services that require high levels of connectivity, such as the Internet of Things (IoT).</li><li>Enhanced experience: 5G will provide a more seamless and immersive experience for users, with improvements in video quality and the ability to support high-bandwidth applications like 4K video streaming.</li><li>New business opportunities: The increased speed and connectivity of 5G will potentially reshape industries by creating new business opportunities, especially in the arena of cutting-edge technologies like IoT, virtual reality, and augmented reality.</li></ul>With <a href="https://www.infosysbpm.com/offerings/functions/finance-accounting/documents/digitizing-and-automating-the-way-to-epic-transformation.pdf">innovation at its core</a>, 5G is expected to bring significant changes and improvements to the way we communicate and access information, with potential impacts on a wide range of industries and applications. <cmsannotation type="cmsannotation" annotationid="Digital transformation on a global scale" comment="subhead" text="Digital transformation on a global scale">Digital transformation on a global scale</cmsannotation> We know that large telcos like AT&amp;T, Verizon, and Vodafone are working on newer 5G trends. There are several important trends we see in the market. <ul><li>Network slicing, which is the process of creating multiple virtual networks on top of a single physical infrastructure</li><li>Edge computing, which improves the latency and speed of networks</li><li>Private 5G networks, which are dedicated 5G networks owned and operated by a single organisation.</li><li>Internet of Things (IoT)</li><li>Virtual and Augmented reality</li></ul>As an example, AT&amp;T has developed its private 5G network offering called “AT&amp;T 5G Edge”, which is aimed at large enterprises and government agencies. AT&amp;T has also developed its connected cars platform called “AT&amp;T Drive” which uses its 5G network. Similarly, Telstra announced the Enhanced Enterprise Wireless (EEW) program that guarantees 99.9% wireless connectivity to consumers, touting it as the key step towards unlocking full <keyword id="13023853" type="General" weightage="20" keywordseo="5g-benefits" source="Orion">5G benefits</keyword>. <cmsannotation type="cmsannotation" annotationid="5G applications in the IT universe" comment="subhead" text="5G applications in the IT universe">5G applications in the IT universe</cmsannotation> 5G is going to dominate the IT space through a variety of offerings. Some major trends observed in this market are: 5G strategy and consulting: Organisations can help their clients develop a tailored 5G strategy that aligns with their business goals and objectives. This includes identifying potential use cases and applications for 5G, as well as helping service providers understand the benefits and challenges of implementing 5G. Network design and deployment: Firms can design and deploy 5G networks, including the selection and integration of the necessary hardware and software components. Network optimisation: Organisations can optimise their 5G networks for their clients to ensure that they are operating efficiently and effectively, and to identify and address any potential issues or challenges. Application development: Custom applications and solutions that leverage the capabilities of 5G technology, such as virtual and augmented reality, can be implemented for clients for a better competitive advantage. Managed services: Managed services for 5G networks, including monitoring, maintenance, and support to ensure that 5G networks are operating smoothly and reliably are going to be a necessity soon. A paradigm shift that is set to transform the business models of service providers and enterprises across the globe, 5G technology may just be the biggest technological revolution of the decade. Its unprecedented speed, connectivity, and user experience enhancements will have a far reaching impact on industries ranging from healthcare to entertainment and beyond. By embracing 5G, we can unlock a world of possibilities, enabling a smarter and more interconnected future for all. Disclaimer: This article is authored by Mehul Sanghavi, Global Head of Sales for the Telecom, Media, Utility, Service, and Oil &amp; Gas sectors, Infosys BPM. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India.

Embracing the 5G revolution: A paradigm shift in technology

<ul class="summary-list"><li>At least 132 people were killed when a suspension bridge collapsed in Gujarat, India.</li><li>More than 400 people plunged into the Machhu River as authorities continue searching for survivors.</li></ul>A suspension bridge in Gujarat in western India collapsed and killed at least 132 people on Sunday, <a href="https://www.reuters.com/article/india-accident-bridge-idAFKBN2RQ068">local government officials told Reuters.</a> Local authorities continue to look for survivors as over 400 people had plunged into the river below."The death toll in the bridge collapse incident has gone up to 132. The search and rescue operations are continuing," NK Muchhar, a senior official, told the wire on Monday. He added that the death toll is expected to rise.A video posted by local news channel News24 showed the exact moment the footbridge collapse into the Macchu River, as hundreds of people were celebrating Diwali, a Hindu festival. The footage showed people smiling and chatting when the cables suddenly snapped, causing them to fall into the river. <blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—News24 (@news24tvchannel) <a href="https://twitter.com/mims/statuses/1586957335884226560?ref_src=twsrc%5Etfw">October 31, 2022</a></blockquote>Another video posted on Twitter by News24 showed dozens of people hanging on the collapsed bridge, some of whom attempted to climb the structure. Bystanders can be heard shouting and screaming, as sirens blared in the background.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—News24 (@news24tvchannel) <a href="https://twitter.com/mims/statuses/1586722848735100929?ref_src=twsrc%5Etfw">October 30, 2022</a></blockquote>Indian Army personnel were deployed to conduct search and rescue operations, as national disaster management and emergency teams continued to look for missing people.In a Twitter post by the news agency ANI, several photos showed army personnel in boats sifting through marshland. One photo showed dozens of orange boats cruising through the river tracing survivors. <blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—ANI (@ANI) <a href="https://twitter.com/mims/statuses/1586908775801229312?ref_src=twsrc%5Etfw">October 31, 2022</a></blockquote>Gujarat state minister Brijesh Merja told local television station NDTV that at least 17 people were sent to a hospital and were undergoing treatment, <a href="https://edition.cnn.com/2022/10/30/asia/india-bridge-collapse-intl/index.html">per CNN's report.</a> Indian Minister of Parliament Mohanbhai Kalyanji Kundariya told NDTV that children were among the fatalities, as cited by CNN.A photo taken by Reuters on October 31 showed Indian Army personnel carrying bodies on a stretcher as search and rescue teams in boats continued to look for survivors.<div type="image" title="Army soldiers carry the body of a victim after a suspension bridge collapsed in Morbi." height="2482" width="3309" msid="95199168" hostid="261" sizebytes="642606"></div>The footbridge was built during British colonial rule in the 19th century. It had been closed for half a year undergoing renovations and was only opened to the public recently, <a href="https://www.reuters.com/article/india-accident-bridge-idAFKBN2RQ068">according to Reuters.</a> The state of Gujarat had lodged a criminal complaint against the maintenance agency in charge of the bridge, <a href="https://timesofindia.indiatimes.com/city/rajkot/morbi-bridge-collapse-gujarat-police-fir-books-bridge-maintenance-agency-for-culpable-homicide/articleshow/95196656.cms">per The Times of India,</a> citing Gujarat Home Minister Harsh Sanghavi.Another photo by Reuters showed dozens on people gathered at the base of the bridge the day after it collapsed. <div type="image" title="People gather as rescuers search for survivors after a suspension bridge collapsed in Morbi town." height="2620" width="3493" msid="95199169" hostid="261" sizebytes="999958"></div>Gujarat Chief Minister Bhupendrabhai Patel said in a <a href="https://twitter.com/Bhupendrapbjp/status/1586731282578694144">Twitter post</a> on October 30 the state government would be giving each family of the deceased around 4 lakh, or $500, in compensation. He added that each injured person would be receiving around $600 in compensation.Indian Prime Minister Narendra Modi said in a <a href="https://twitter.com/narendramodi/status/1586729348748410880">Twitter post</a> on October 30 that he was "deeply saddened by the tragedy at Morbi.""Talked to Gujarat Chief Minister Shri @Bhupendrapbjp and other officials about this. Relief and rescue operations are going on in full swing and all necessary assistance is being provided to the affected," Modi wrote in Gujarati.

Photos and videos show the deadly moment a suspension bridge collapsed into a river in India, leaving survivors clinging to shredded cables

<ul><li>Mehul Sanghavi, of Shreeji Sharan Developers, was worried about the growing number of cases in the city and wanted to contribute in some way.</li><li>The building in Malad has 130 flats and was even ready to be handed over to the flat owners. </li><li>Malad has been a coronavirus hotspot, while Mumbai has over 62,700 cases now.</li></ul>Real estate in Mumbai doesn’t come easy – with space issues and skyrocketing prices. But even then, a Mumbai-based builder has donated a 19-storey newly constructed building to the Brihanmumbai Municipal Corporation (BMC), for the building to be converted into a Covid-19 hospital. Mehul Sanghavi, of Shreeji Sharan Developers, was worried about the growing number of cases in the city and wanted to contribute in some way. "The country is going through a difficult phase right now. It's our responsibility to ensure that we step up and serve the nation to our best abilities. Locally speaking, our area, Malad is a COVID hotspot, where cases would likely double in the next 17 days. When MP Gopal Shetty suggested that we lend the building to the effort, we immediately agreed to do so,” Sanghavi said. The building in Malad has 130 flats and was even ready to be handed over to the flat owners. “We have decided to bear the costs for the buyers, by providing them rent for their flats for the period, from our coffers", he added. Malad has been a coronavirus hotspot and a portion of it was shutdown once again even after Unlock 1.0 because of the increasing number of cases. The situation in Mumbai has been grim for a while now. Mumbai has over 62,700 coronavirus cases, while Maharashtra now has over 120,000 confirmed cases. Mumbai’s death toll due to coronavirus stands at 3311. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-is-conducting-3-lakh-covid-19-tests-daily-says-health-minister-harsh-vardhan/articleshow/76456174.cms">India is conducting 3 lakh COVID-19 tests daily, says Health Minister Harsh Vardhan</a> <a href="https://www.businessinsider.in/india/news/checkout-covid-19-quarantine-guidelines-for-airline-passengers-in-every-indian-state/articleshow/76407383.cms">COVID-19 quarantine guidelines for airline passengers in every Indian state</a> <a href="https://www.businessinsider.in/india/news/airasia-plans-to-launch-door-to-door-baggage-service-in-mumbai-to-woo-customers-after-success-in-bengaluru-new-delhi-and-hyderabad/articleshow/76439616.cms">AirAsia plans to launch door-to-door baggage service in Mumbai to woo customers after success in Bengaluru, New Delhi and Hyderabad</a>

This Mumbai-based builder has donated his newly constructed 19-storey building to be a Covid hospital

Check out the winning candidate list from MP Lok Sabha Seats

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Welcome to <keyword id="933977" type="ORGANIZATION" weightage="60" keywordseo="power-line">Power Line</keyword>, a weekly <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> newsletter brought to you by Business Insider.Here's what you need to know:<ul><li>Want to get Power Line in your inbox every Friday? <a href="http://newsletter.businessinsider.com/join/4np/power-line">Sign up here</a>. </li><li>Most of our content is available to BI subscribers. <a href="https://www.businessinsider.com/subscription/prime-discount?r=birefer-bjoneshttps://www.businessinsider.com/subscription/prime-discount?r=birefer-bjones">Click here for 20% off</a>. </li><li>Got feedback or tips? Email us at energy@businessinsider.com. </li></ul>I was off last week — when, of course, some of the biggest energy stories of the summer poured in, from <a href="https://www.businessinsider.com/sunrun-cfo-3-key-reasons-behind-vivint-solar-acquisition-2020-7">Sunrun announcing a bid to acquire rival Vivint Solar</a> to legal snarls for major pipelines. <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">Oil</keyword> <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword>, on the other hand, have moved very little, though analysts say they're at risk of slipping again should the second wave of coronavirus cases swell. More on that below. Before we get to it, one quick note: I'm working on a story about the experience of LGBTIQ workers in the oil and gas industry, including those who are based overseas in countries that out-law same-sex relations. If you know anyone who might be open to chatting with me, please have them reach out at <a href="mailto:bjones@businessinsider.com">bjones@businessinsider.com</a>. <h2><a href="https://www.businessinsider.com/list-of-top-investors-fueling-the-clean-energy-industry-2020-7">Even a pandemic can't stop the rise of clean-energy investments</a></h2>2020 won't be remembered as a year of prosperity. Thousands of energy workers have lost their jobs, and global investment in oil exploration and extraction is set for a 15-year low, according to the consulting firm Rystad Energy.But: There are some signs of resilience, at least in the clean-energy industry. <ul><li>In the first six months of the year, investment in <keyword id="34553" type="ORGANIZATION" weightage="60" keywordseo="renewable-energy">renewable energy</keyword> was actually up about 4%, relative to the same period last year. </li><li>Investment from VC and private-equity firms rose even more, by about 10%, according to the research firm BloombergNEF (BNEF). </li></ul>Details: Offshore wind investments are behind the surge, while funding for solar and onshore wind slid. <ul><li>In the first six months of the year, total funding for offshore wind was up more than 300%, year-on-year. </li><li>"The first half of this year saw investment decisions made on 28 sea-based wind farms, including the largest ever, the 1.5GW Vattenfall Hollandse Zuid array off the coast of the Netherlands, costing an estimated $3.9 billion," BNEF said. </li></ul>The key investors: <a href="https://www.businessinsider.com/list-of-top-investors-fueling-the-clean-energy-industry-2020-7">We compiled a list of the top VC and private-equity investors fueling the industry. You can see all of those here.</a> <a href="https://www.businessinsider.com/sunrun-cfo-3-key-reasons-behind-vivint-solar-acquisition-2020-7"><div type="image" title="Sunrun Tom vonReichbauer" height="2794" width="3725" msid="77026426" hostid="261"></div></a><h2><a href="https://www.businessinsider.com/sunrun-cfo-3-key-reasons-behind-vivint-solar-acquisition-2020-7">Mega-merger: Sunrun's CFO told us what's behind the $3.2 billion bid to buy Vivint Solar</a></h2>Should the deal close, it will be the largest consolidation in the history of the residential solar industry, <a href="https://www.businessinsider.com/sunrun-cfo-3-key-reasons-behind-vivint-solar-acquisition-2020-7">valued at a whopping $3.2 billion</a>. <ul><li>The new solar behemoth will have half a million customers, at least 15% market share, and an enterprise value of $9 billion. </li></ul>Behind the deal: <a href="https://www.businessinsider.com/sunrun-cfo-3-key-reasons-behind-vivint-solar-acquisition-2020-7">In a call with us on Thursday</a>, <keyword id="1567748" type="COMPANY" weightage="60" keywordseo="Sunrun">Sunrun</keyword>'s CFO, Tom vonReichbauer, said it's about brand recognition, the opportunity to upsell batteries, and a more-diverse sales strategy. <ul><li>Vivint, for example, has almost 200,000 customers, and less than 10% of them have batteries attached to their solar systems, according to analysts at Wood Mackenzie. </li><li>Sunrun is a leader in selling batteries with solar panels. The company will inherit Vivint's customers and gain the opportunity to profit big by upselling them batteries. </li><li><a href="https://www.businessinsider.com/sunrun-cfo-3-key-reasons-behind-vivint-solar-acquisition-2020-7">Read the story here.</a> </li></ul><a href="https://www.businessinsider.com/bloom-energys-plan-to-take-on-the-hydrogen-industry-2020-7"><div type="image" title="Bloom Energy" height="2608" width="3477" msid="77026432" hostid="261"></div></a><h2><a href="https://www.businessinsider.com/bloom-energys-plan-to-take-on-the-hydrogen-industry-2020-7">Bloom Energy is dipping into the booming hydrogen industry. It's already paying off. </a></h2>If you follow my work, <a href="https://www.businessinsider.com/exxons-investment-in-algae-based-biofuels-with-synthetic-genomics-2020-6">you know I love algae</a>. Hydrogen gas is a close second. <ul><li>Fun fact 1: Hydrogen is the most abundant element in the universe. </li><li>Fun fact 2: It was called "flammable gas" in the 18th century. You may recall the Hindenburg — a hydrogen-filled airship that exploded in 1937, killing 36 people. </li><li>Fun fact 3: The gas is a ubiquitous industry feedstock, <a href="https://www.businessinsider.com/what-is-hydrogen-fuel-industry-explainer-2020-1">used in the production of ammonia (used, in turn, to make fertilizer) and steel</a>. </li></ul>As I detail in <a href="https://www.businessinsider.com/what-is-hydrogen-fuel-industry-explainer-2020-1">this explainer</a><a href="https://www.businessinsider.com/what-is-hydrogen-fuel-industry-explainer-2020-1">, the hydrogen industry is no stranger to booms and busts.</a><a href="https://www.businessinsider.com/what-is-hydrogen-fuel-industry-explainer-2020-1"></a> Today, it's booming again — thanks, in part, to cheap renewable energy, which you can use to make hydrogen through electrolysis. What's new: <a href="https://www.businessinsider.com/bloom-energys-plan-to-take-on-the-hydrogen-industry-2020-7">The $2.3 billion fuel-cell company Bloom Energy revealed its strategy this week for entering the hydrogen market with two new technologies. </a><ul><li>Bloom Energy is one of the few large and public clean-tech companies that aren't in the solar and wind sectors. </li><li>It makes batterylike fuel cells, typically run with natural gas, that can power buildings. Now the company says it will make cells that run on hydrogen. </li><li>Plus, Bloom is developing electrolyzers that will use renewable electricity to make hydrogen from water — yielding what's called green hydrogen. The vast majority of existing hydrogen gas is derived from fossil fuels. </li><li>The company's stock spiked on the news. </li><li><a href="https://www.businessinsider.com/bloom-energys-plan-to-take-on-the-hydrogen-industry-2020-7">Read our full story to see what analysts are saying, and what this means for the future of the company</a>. </li></ul><h2>6 essential updates on the oil industry </h2><ul><li>BP continues to grow its renewable energy business. This week, the oil giant <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-partners-with-jinkopower-a-leading-chinese-solar-energy-company-to-offer-integrated-decarbonised-energy-solutions.html">announced a partnership with JinkoPower, a top Chinese solar developer, to take on China's commercial and industrial market.</a> We also learned that BP is set to acquire a 100% stake in a large wind farm in Indiana. </li><li>The recovery of oil prices remains stalled. US oil futures were trading at about $40 a barrel on Friday, up less than 3% over the last month. <a href="https://www.axios.com/oil-industry-coronavirus-case-surge-68a67285-5028-4fcf-9d06-cadc6c041119.html">The second wave of the coronavirus pandemic has something to do with it. </a></li><li>But oil demand could rebound sharply next year. Our markets reporter Ben Winck<a href="https://markets.businessinsider.com/commodities/news/oil-market-outlook-opec-demand-reach-past-levels-next-year-2020-7-1029393949#"> reports that demand for OPEC-sourced crude oil will recover 25% in 2021 and surpass levels seen in 2019, according to an OPEC report. </a></li><li>OPEC Plus is set to increase oil output. After a historic deal in April to curb oil production in the wake of the coronavirus pandemic, OPEC and its allies will raise production by 2 million barrels per day starting next month, as stipulated in the April agreement. </li><li>More oil-and-gas companies file for bankruptcy protection. California's biggest oil driller, California Resources, filed for Chapter 11 on Thursday. Just a few days earlier, fracking-sand supplier Hi-Crush also filed. </li><li>The Dakota Access Pipeline can continue operating for now. Earlier this month, a US court ruled that the Dakota Access Pipeline — which carries oil from the Bakken region of North Dakota to a terminal in Illinois — must be shut down and emptied. This week, a federal appellate court temporarily blocked that order. </li></ul><h2>A few startup updates</h2><ul><li>ClassPass co-founder Sanjiv Sanghavi <a href="https://techcrunch.com/2020/07/14/classpass-co-founder-sanjiv-sanghavi-joins-arcadia-bringing-consumer-marketing-savvy-to-clean-energy/">is joining the digital utility Arcadia</a> as the chief product officer. More on that next week. </li><li>Form Energy, a startup focused on developing new, long-lasting battery chemistries, <a href="https://www.prnewswire.com/news-releases/form-energy-welcomes-charlotte-beard-and-zachary-judkins-to-its-executive-team-301094302.html?tc=eml_cleartime">brought on two new high-powered execs with experience at Tesla, Apple, and SunPower. </a></li><li>Sodium-ion battery startup Natron Energy <a href="https://www.businesswire.com/news/home/20200708005317/en/Natron-Energy-Raises-35-Million-Series-Financing">raised $35 million</a>. It's backed by Chevron and Khosla Ventures, among other funders. </li></ul>That's it! Have a great weekend. - Benji Ps. I spent one of my days off hunting for blue-spotted salamanders among the mosquito-ridden swamp-forests of northern Iowa, along with herpetologist Jeffrey LeClere. We found two! Look at this cutie. <div type="image" title="Salamander Benji Jones" height="2268" width="3024" msid="77026433" hostid="261"></div>

The 20 top private investors fueling the clean-energy industry with $2.5 billion

<img class="gwt-Image" src="/photo/51726378.cms" /> 
Hoping for a better monsoon, investments are convinced that the two-wheeler makers would play a major role in reviving the rural economy rather than over four-wheeler manufacturers. As per money managers and analysts, shares of two-wheeler companies look balanced to outperform their bigger counterparts because recovery in agriculture, which is a key driver of the rural economy, will lead to more sales of two-wheelers. 
 
"The two-wheeler segment will be a natural beneficiary of a boost in rural consumption which makes us extremely positive on the segment," Vaibhav Sanghavi, MD of Ambit Investment Advisors, told ET. "With the government's rural push and the possibility of a good monsoon, there will be an increase in rural spends. 
 
The analysts have an guaranteed liking for Hero MotoCorp, along with Bajaj Auto and TVS Motors. "The best play in this space would be Hero MotoCorp as it will benefit the most from any increase in rural consumption," said Arun Agarwal, who works as an auto and auto ancillary analyst at Kotak Securities. "As such, the whole industry will benefit as they have a sizeable presence in rural India. 
 
This year, the automobile sector has seen Hero performing the best, with the stock gaining almost 10% since the start of 2016. On the other hand, TVS Motors has gained 9.6% and Bajaj Auto has fallen about 5%. 
 
In contrast to this, Maruti Suzuki, India's biggest car maker, has dropped 25% since Jan 2016, while Tata Motors has declined 7.7%. 
 
"At this point, two - wheeler stocks look more attractive than that of four-wheelers," said Kunj Bansal, ED at Centrum Wealth Management. "Demand for two-wheelers has been low for the last two-three years which has created a base. Demand will pick up provided the monsoon is good." 
 
<a href="https://globalhealthshare.files.wordpress.com/2013/07/042.jpg">Image source</a>

Analysts betting on two-wheeler companies to revive rural economy over carmakers

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.businessinsider.com/business-insider-2015-silicon-alley-100-2015-9"><img src="https://static-ssl.businessinsider.com/image/561598e46da811ce6e769d9b-800-75/siliconalley100_800x75.png" alt="siliconalley100_800x75" data-mce-source="." /></a>.</div></div></div><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/560ee39cbd86ef20008bef46-809-405/df%203.jpg" alt="Payal Kadakia Dreamforce ClassPass" data-mce-source="ClassPass" data-mce-caption="Payal Kadakia performs with her dance troupe, Sa, during a Dreamforce keynote.">ClassPassPayal Kadakia performs with her dance troupe, Sa, during a Dreamforce keynote.</img></div></div></div>When ClassPass CEO Payal Kadakia took the stage at Dreamforce, she didn't act like a normal startup founder.Instead,&#xa0;she danced, arm outstretched, her fingers contorted into a Bollywood pose.&#xa0;A quick costume change and 15 minutes later,&#xa0;Kadakia returned to address the&#xa0;crowd about ClassPass, the fitness subscription service she claims is <a href="http://www.businessinsider.com/classpass-400-million-valuation-2015-5">valued at $400 million</a>. The company raised $40 million in new funding in January and expanded to 36 cities and 3 countries, landing Kadakia at spot number 32&#xa0;in the <a href="http://www.businessinsider.com/silicon-alley-100">SAI 100</a>, our annual list of the biggest movers and shakers in New York tech.While her dance performances and business career&#xa0;looked seamless together on the stage, it wasn't always so effortless. She was often pulled in two directions at once.<h2>From business to Bollywood</h2>Dancing came first to Kadakia. She had been dancing since she was three and founded her own dance troupe for&#xa0;once she got to&#xa0;MIT. However, like many college graduates, Kadakia quickly found herself in the corporate world&#xa0;at Bain&#xa0;&amp; Company.She liked her day job, but at night, she would squeeze in rehearsals.&#xa0;It was the height of the "Slumdog Millionaire" craze, and as the movie raked in great reviews,&#xa0;Kadakia found herself swept up in the popularity of the Bollywood lifestyle.As her friends left for business school, Kadakia realized she wasn't ready. She decided to quit Bain and start at Warner Music Group, a company that was flexible and let her take time off to go shoot commercials. After work, she had started a dance company and crowded out every spare minute in her schedule for dance.<div><iframe width="640" height="360" src="//www.youtube.com/embed/-sOMEnLdzU8" frameborder="0" allowfullscreen=""></iframe></div>Her parents were confused by what she was doing, and eventually, so was Kadakia."I was feeling really lost. I still had this great job and my life at Warner, but then I had this crazy life outside of it," Kadakia said. "You kinda start feeling like you're lying, and I always feel like if you're in a place where you're not being authentic, it's the time to think about it."Her dad wanted her to go to business school and for Kadakia to be spending more time on studying for the GMATs. Instead, she was focused on prepping for a big showcase of her dance troupe. Her dad attended the show and watched as his daughter got a standing ovation from the crowed."He decided the next day to call me and say 'Hey, I looked into arts programs at Columbia,'" Kadakia said. "It was funny because my dad took it still as I need a degree."Momentum was building, and it wasn't until Kadakia&#xa0;landed on the <a href="http://www.nytimes.com/2009/08/22/arts/dance/22borders.html?_r=3&amp;emc=eta1">cover of the New York Times art section</a> that she finally reached a turning point."These moments made me realize there was something bigger for me to do in life. "<h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/560ebd31bd86ef1b008bed76-825-619/9004464_orig.png" alt="payal kadakia" data-mce-source="PayalKadakia.com" data-mce-caption="Payal Kadakia is the co-founder of ClassPass and a world-class dancer who runs a separate dance company.">PayalKadakia.comPayal Kadakia is the co-founder of ClassPass and a world-class dancer who runs a separate dance company.</img></div></div></div></h2><h2>Launch, then nothing</h2>Kadakia didn't realize the path ahead would mean two failures and lost co-founders before&#xa0;she was able to build&#xa0;a $400 million company. Instead, she&#xa0;started slow.&#xa0;"I was still just lost and I was stuck in my career. In a weird way I had let it expand to every extra hour I had and there was nothing more I can do without it expanding into the rest of my life. So I was just feeling trapped," Kadakia said.A trip to San Francisco in 2010&#xa0;showed her how her entrepreneurial friends were working on creative ideas that they loved - not the torn feeling she'd been experiencing herself, even as she tried to cut back from dancing.&#xa0;<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/560d65809dd7cc1c008be81f-400-300/classtivity%20400x300.jpg" alt="Classtivity 400x300">Classtivity co-founders Sanjiv Sanghavi and Payal Kadakia with their CTO Atul Ohri after graduating from TechStars in 2012.</img></div></div></div>"I realized these guys do this full time. Why am I sitting here and not investing my full life into something that I've dreamed about?" Kadakia asked herself.&#xa0;She gave herself two weeks to think of an idea.&#xa0;She took a red-eye back from San Francisco and was too exhausted on Monday to think. On Tuesday, she wanted to go to a dance class and instead spent hours searching online to find one.Building a directory of fitness classes like an OpenTable&#xa0;would help, she thought.&#xa0;On day two, she had found her idea.In January 2011, Kadakia decided to quit Warner and work on her startup idea.&#xa0;Her high school friend Sanjiv Sanghavi joined her as a co-founder and the two spent a year and a half, cataloging fitness classes and building a really pretty website.&#xa0;They got into the TechStars incubator program in New York and launched Classtivity in July 2012 to headlines of "top startups to watch" and "<a href="http://www.businessinsider.com/nyc-is-getting-ready-for-these-promising-startups-at-techstar-demo-days-2012-6#classtivity-takes-the-hassle-out-of-finding-fitness-food-and-art-classes-4">most highly anticipated NY startup</a>.""We put it on the market...." Kadakia trails off with a laugh. "And there wasn't much that happened."<h2>Unlocking the secret</h2>Kadakia and Sanghavi first thought that maybe some buttons were in the wrong place or the check-out process for buying a class was too long.But selling fitness turned out to be harder than booking a gym class.&#xa0;The real trick was getting people to go."I realized it wasn't about the psychology of giving the people information. It was about the psychology of getting them to actually go," Kadakia said. "Our whole thing before was finding a class shouldn't be as hard as taking one. But it turns out finding a class isn't even as hard as going to one. The actual motivation was the hard part."<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/560ebd4fbd86ef1f008bed08-551-413/screen%20shot%202014-08-13%20at%2010.50.18%20am.png" alt="Payal Kadakia and Mary Biggins, ClassPass" data-mce-source="Instagram" data-mce-caption="ClassPass cofounders Payal Kadakia (left) and Mary Biggins.">InstagramClassPass cofounders Payal Kadakia (left) and Mary Biggins.</img></div></div></div>So they tried another tack.Classtivity&#xa0;launched a "Passport" product that let gym-goers&#xa0;buy a pack of 10 classes in advance. It was great for people who wanted to try a bunch of different places, but it didn't keep people coming back.People were returning to classes about 15 percent of the time - far short of their goal of 75 percent."To me, that was a failure," Kadakia said. "Because this means studio owners weren't going to benefit, people weren't going to benefit, and Classtivity wasn't going to benefit. To me, my mission and vision was always about changing people's lives, and a month of people's time isn't going to change anyone's lives."<h2>Third time is the charm</h2>With the Passport not living up to its goals, Kadakia was left to pivot again.This time, she suggested a subscription model - an idea&#xa0;that initially didn't go over well with staff.&#xa0;Kadakia pushed it, though, and they launched the $99&#xa0;subscription model on June 1, 2013.The first month, it only saw 35 users. The next month was 70. And then it kept doubling. Kadakia was reading every customer service email that came in as it started to&#xa0;take off.&#xa0;As the subscription service took off, there was a leadership change within.&#xa0;Kadakia lost her co-founder Sanghavi&#xa0;in November 2013 as he&#xa0;left to start his own company.In January 2014, Classtivity was officially rebranded as ClassPass. It was also the same month they hit 1,000 users, putting the startup on track for $1 million run rate."Up until then, Classtivity as a search engine was still up. In that whole entire time, we did 100 bookings total," Kadakia said. "We've done 9 million on ClassPass." (That number, a month later, is now up to 10 million.)<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/560ebecdbd86ef16008bee30-722-542/screen%20shot%202014-10-10%20at%209.31.52%20am.png" alt="classpass payal" data-mce-source="Instagram" data-mce-caption="ClassPass co-founder Payal Kadakia (left) takes a playful swing at her startup's Chicago launch event.">InstagramClassPass co-founder Payal Kadakia (left) takes a playful swing at her startup's Chicago launch event.</img></div></div></div>For Kadakia, the reservation number is the most important metric: those are the hours of people's lives the company is actually changing.The company also started expanding outside of New York City.&#xa0;Dubbed "Operation 2015," Kadakia wanted ClassPass to be in 20 cities by January 1, 2015. It hit that goal, and two years since launch, is now in three countries (soon to be four with Australia) and 34 cities.Like all startups, growth has come with some challenges. Some have wondered if ClassPass will <a href="http://www.nytimes.com/2015/04/02/fashion/classpassdeep-discounts-but-some-discontent.html?_r=0">run into the "Groupon" problem</a> where the discounted class rates end up hurting the studios. The startup charges $99 a month for its membership in most locations, but then allows users to reserve classes that normally cost as much $30 to attend.Studio owners <a href="http://www.businessinsider.com/how-classpass-wants-to-help-studio-owners-2015-5">have complained</a> that accepting ClassPass has hurt their regular members because they know the ClassPass attendees are not paying as much to attend. There's a difference of perception between a $10 workout class and a $30 one.However, Kadakia&#xa0;sees the company helping studios a lot more this way than it did when it was just a search engine."We are not Groupon. We're about sustainability, we're about growth. We're not a one-time thing where we write a check and then we're out the door," Kadakia said.The company is on track to pay out more than $100 million to studios, she said, &#xa0;and they'll also make that same amount back from its users, she said.&#xa0;<h2>Next up: "More like a life pass than a fitness pass"</h2>While it's dancing that inspired Kadakia to start ClassPass, her vision for the company is moving beyond the fitness search engine that started it.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/560ee8cdbd86ef0e008bef75-2448-3264/df%201.jpg" alt="Payal Kadakia ClassPass" data-mce-source="ClassPass">ClassPassKadakia and her dance troupe pose underneath a banner of her as ClassPass CEO.</img></div></div></div>Instead, it's about connecting people with what they love and&#xa0;letting them try new experiences."As long as I've known her, Payal's vision has been about connecting people with what they love in a very authentic way," said Adam Valkin, a partner at General Catalyst that lead the last round of funding. "Her thinking and vision is broad, but her focus is still on the fitness right now."Over the next five years, Kadakia said she wants ClassPass to eventually move from a fitness pass to more of a "life pass.""When you're younger, everyone tells you to go and try all these things, and the all of a sudden you graduate form college, and you're supposed to be plain vanilla at your job," Kadakia said. "Artists, museums, things you can do with your time, we really believe are essential to the ClassPass model."She hints that there's "lots to come" in 2016 for the company and even longer in the future."It will be more like a life pass versus a fitness pass like it is today," Kadakia said.

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