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Online auto classified platform <keyword id="1980082" type="PERSON" weightage="20" keywordseo="Cartrade">CarTrade</keyword> Tech on Friday said it has raised Rs 900 crore from anchor investors ahead of its initial public offering, which opens on Monday. The company has decided to allocate 55,59,664 equity shares to anchor investors at Rs 1,618 apiece, valuing the transaction size to Rs 899.55 crore, according to a circular uploaded on the BSE website.<br /><br />Nomura, HSBC Global, Goldman Sachs, Jupiter India Fund, Elara India Opportunities Fund, Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, Bharti Axa Life Insurance Company, Axis Mutual Fund (MF), HDFC MF, Kotak MF and Sundaram MF are among the anchor investors.<br /><br />The initial share-sale will be entirely an offer for sale (<keyword id="883402" type="ORGANIZATION" weightage="20" keywordseo="OFS">OFS</keyword>) of 18,532,216 equity shares.<br /><br />Among the investors participating in the OFS are -- CMDB II (22.64 lakh equity shares), Highdell Investment Ltd (84.09 lakh shares), Macritchie Investments Pte Ltd (50.76 lakh shares), and <keyword id="11723135" type="UNKNOWN" weightage="20" keywordseo="springfield-venture-international">Springfield Venture International</keyword> (17.65 lakh shares).<br /><br />Currently, CMDB II holds 11.93 per cent stake in CarTrade, Highdell Investment owns 34.44 per cent stake, MacRitche Investment has 26.48 per cent shareholding, and Springfield Venture International holds 7.09 per cent stake in the company.<br /><br />The public issue, with a price band of Rs 1,585-1,618 a share, will open for subscription on August 9 and conclude on August 11.<br /><br />At the upper end of the price band, the <keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword> is expected to mobilise Rs 2,998.51 crore.<br /><br />Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.<br /><br />Founded in 2009, CarTrade is backed by marquee investors -- <keyword id="6402698" type="UNKNOWN" weightage="20" keywordseo="warburg-pincus">Warburg Pincus</keyword>, Temasek, JPMorgan and March Capital.<br /><br />The CarTrade platform allows customers to buy and sell used cars as well as new cars.<br /><br />The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands -- CarWale, CarTrade, <keyword id="209119" type="COMPANY" weightage="20" keywordseo="Shriram-Automall">Shriram Automall</keyword>, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.<br /><br />The company's consumer platforms i.e. CarWale, CarTrade and BikeWale, collectively get 3.2 crore average unique visitors every month (during the three-month period ending March 31, 2021), and Shriram Automall and other auction platforms had 8,14,316 vehicles listed for auction during FY21.<br /><br />The company generates revenues from commission and fees from auctions and re-marketing services, online advertising solutions, lead generation, technology-based services to OEMs, dealers, banks and other financial institutions, and inspection and valuation services.<br /><br />Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company and <keyword id="6600258" type="UNKNOWN" weightage="20" keywordseo="Nomura-Financial-Advisory">Nomura Financial Advisory</keyword> and Securities (India) Private Limited are the investment bankers to the issue.<br /><br /><br /><br /><br /><br /><br /><br /><strong>SEE ALSO <br /><a href="https://www.businessinsider.in/stock-market/news/krsnaa-diagnostics-ipo-open-today-check-out-how-to-apply/articleshow/85017014.cms">Krsnaa Diagnostics IPO opens—here is all you need to know</a><br /></strong><a href="https://www.businessinsider.in/business/startups/news/these-are-some-of-the-highest-paid-founders-of-indian-startups-tapping-capital-markets-this-year/slidelist/85005261.cms"><strong>These are some of the highest paid founders of Indian startups tapping capital markets this year</strong></a>

CarTrade raises ₹900 crore from anchor investors ahead of its IPO, issue opens on Monday

The Goldman prodigy behind Silicon Valley's glorious city of the future

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Scott Eklund/Red Box Pictures</span></p><p class="caption">Microsoft Research head of Project Springfield David Molnar</p></div><p></p></div></div>Bringing a scientist to important customer meetings is nothing new for Microsoft. </p><p>The idea is that Microsoft Research's biggest brains get the chance to give a short lecture with no point other than to reassure the would-be buyer that "the future is in good hands," says Microsoft Research Chief Product Officer Vikram Dendi. The researcher would give their spiel and turn the floor back over to the salespeople.</p><p>"I used to go to those meetings and just be a talking head," says David Molnar, who's been with Microsoft Research since 2009. It was "nice," he says, but pretty one-sided.</p><p>Molnar says "used to," because there's been a huge shift at Microsoft Research under CEO Satya Nadella. Since its founding in 1991, Microsoft Research was more of an academic organization than anything: The mandate was to <a href="http://www.businessinsider.com/gordon-bell-on-how-microsoft-research-has-changed-2016-4">expand human knowledge</a>, not to build products.</p><p>Nadella's big idea was that Microsoft Research's cutting-edge <keyword id="41551" type="ENTERTAINMENT" weightage="60" keywordseo="science">science</keyword> should be more broadly applied to the core of Microsoft's products. A new group, <a href="http://www.businessinsider.com/microsoft-research-peter-lee-interview-2016-8">Microsoft Research NExT</a>, was brought into the world in early 2015 to fast-track their research into products like Windows Hello facial recognition and Skype Translate.</p><p>Microsoft Research scientists are still being invited to customer meetings. But where before, it was a very one-sided thing, Molnar and the rest of Microsoft Research are actually talking to those customers and figuring out how they can work together, Dendi says. </p><h2>SAGE wisdom</h2><p>Now, Molnar is the head of <a href="https://blogs.microsoft.com/next/2016/09/26/microsoft-previews-project-springfield-cloud-based-bug-detector/#sm.000057rb4svu5e6us4h1nce6sr2fb">Project Springfield</a> - a new "<a href="http://searchsecurity.techtarget.com/definition/fuzz-testing">fuzz-testing</a>" product, announced at this week's Microsoft Ignite event in Atlanta, that helps automatically scan software for security flaws and point them out to programmers.</p><p>It's based on a tool Molnar worked on called SAGE, which Microsoft used internally to test Windows 7 and later products.</p><p>About three years ago, Molnar realized that SAGE was so good, he thought Microsoft could juice it up with some artificial intelligence features and host it in the Microsoft Azure cloud, so that Microsoft customers could use it, too.</p><p>Fun aside: <a href="http://searchsecurity.techtarget.com/definition/fuzz-testing">Fuzz-testing</a> is so called because it literally fuzzes up a program with random words and inputs, basically finding errors by pure trial and error at massive scales. The thing that makes SAGE, and thus Project Springfield, so special is that it uses artificial intelligence to apply a little less randomness and a little more science to those guesses.</p><p>That concept was the beginning of Project Springfield. But Molnar was with the core Microsoft Research group, which is focused on academic science. And Project Springfield was intended to be something that people would actually use. To bring it to fruition, Molnar knew he had to take a "leap of faith" and take his next steps with NExT.</p><p> <div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Scott Eklund/Red Box Pictures</span></p><p class="caption">Microsoft Research Chief Product Officer Vikram Dendi</p></div><p></p></div></div></p><p>Under NExT, research scientists bring their ideas in front of a "launch team," which basically acts like a pitch session at a venture capital firm. In fact, the whole system is designed to think startup-like thinking in researchers, Dendi explains.</p><p>Norm Whitaker, the head of Microsoft Research NExT's Special Projects team - and the mastermind behind <a href="http://www.businessinsider.com/microsofts-robot-data-center-project-2016-2">Microsoft's insane plan to build data centers underwater</a> - helped Molnar take his academic research and "shore it up" into something more like a business proposal, with a clear outline of what purpose Project Springfield would fulfill, and who would use it. </p><p>"It's so much more complicated than writing a research paper," Molnar says.</p><p>Molnar, who got his PhD from UC Berkeley, still says that he was "nervous" to be in front of that panel, which included Dendi, NExT head Dr. Peter Lee, and the "portfolio managers" who ultimately get assigned to take a project to fruition.</p><p>Now, Project Springfield is on its way to becoming a real service for real customers, with Molnar leading the team and Whitaker advising, leaving the lab and actually helping programmers and big businesses in a material way.</p><h2>Success story</h2><p>Springfield is a success story for Microsoft's ability to build products, but it's also a big victory for Microsoft Research's new philosophy around getting products out, explains Dendi.</p><p>Ultimately, Dendi says, it's all about empowering researchers to have a bigger impact. They got into science and research in the first place to do things that could change the world. No Microsoft researcher is forced to join up with NExT, but it gives more entrepreneurial spirits like Molnar a big opportunity, if and when they see an immediate real-world application of their work.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Microsoft</span></p><p class="caption">Microsoft Research NExT leader Dr. Peter Lee</p></div><p></p></div></div></p><p>"They're getting excited about something they can put into customers' hands," Dendi says.  </p><p>In fact, this week also saw the formation of <a href="http://www.businessinsider.com/microsoft-forms-ai-and-research-group-2016-9">Microsoft's new AI and Research Group</a>, which takes Microsoft Research, Microsoft Research NExT, and the Bing and Cortana product groups, and puts them all under the leadership of veteran exec Harry Shum. There, too, the idea is to bring science and product closer together.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/shade-balls-los-angeles-reservoir-successful-2016-9">Turns out LA's shade balls actually worked</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZrcDN4NTE6iVKMARlnjE0GaHCZwA8kDo" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Microsoft is giving its top scientists a new opportunity to actually change the world

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.apimages.com/metadata/Index/Starbucks-Shareholders/d832466257944928a06b8b8f3d60f933/11/0">AP Photo/Ted S. Warren</a></span></p><p class="caption">Starbucks CEO Howard Schultz holds one of the company's red holiday cups as he speaks Wednesday, March 23, 2016, at the coffee company's annual shareholders meeting in Seattle.</p></div><p></p></div></div>If you've scrolled through Starbucks' Facebook page or Twitter mentions recently, you've likely seen some angry messages amongst the photos of lattes.</span></p><p><span style="font-weight: 400;">"You are very wrong and stepped over my American line and beliefs," </span><a href="https://www.facebook.com/Starbucks/posts/10154961695583057"><span style="font-weight: 400;">reads just one such post of dozens on Starbucks Facebook page on Thursday. </span></a><span style="font-weight: 400;">"American First and forever."</span></p><p><span style="font-weight: 400;">The<a href="http://www.businessinsider.com/starbucks-boycott-after-ceos-refugee-support-2017-1"> most recent source of Starbucks outrage </a>is the company's plan to hire 10,000 refugees in the next five years, in response to the executive order temporarily banning all refugees from entering the US.</span></p><p><span style="font-weight: 400;">But, despite the threats of boycott, Starbucks isn't stepping back - and experts say that's a smart decision. </span></p><p><span style="font-weight: 400;">"Big, bold action will pay off," Chris Allieri, founder of the communications and marketing firm Mulberry &amp; Astor, told Business Insider. "Starbucks venturing out on its own shows leadership."</span></p><p><span style="font-weight: 400;">Allieri believes that customers will demand corporate responses to President Trump's executive orders that impact civil liberties, such as immigration and LGBT rights. By coming out with a strong statement and clear actions, he argues Starbucks is ahead of the competition.</span></p><p><span style="font-weight: 400;">According to a <a href="https://hbr.org/2016/06/is-it-safe-for-ceos-to-voice-strong-political-opinions">Harvard Business School study,</a> 38% of Americans believe CEOs have a responsibility speak out on controversial issues, as long as they directly apply to the company's business. As a chain with locations in 75 countries, international <keyword id="6358883" type="PERSON" weightage="60" keywordseo="Politics">politics</keyword> could be seen as in Starbucks' wheelhouse.</span></p><p><span style="font-weight: 400;">"It's impossible not to make enemies when companies enter the political arena, but from a business point of view, Schultz is probably right to associate Starbucks with pro-immigration stances that could tend to lessen anti-American sentiment in international markets," financial writer <a href="http://seekingalpha.com/article/4041603-starbucks-keep-politics?app=1&amp;auth_param=1977kg:1c94csi:9c2f54fb169fa276f7b005ef9b422ba8&amp;uprof=53&amp;dr=1#alt2">Vlae Kershner wrote in Seeking Alpha.</a></span></p><p><span style="font-weight: 400;">The most recent movement to "boycott Starbucks" is just the latest in a long series of backlashes against the chain's political statements. With experience comes knowledge, making Starbucks uniquely positioned to build its brand by taking on Trump in 2017. </span><em><span style="font-weight: 400;"> </span></em></p><h2><strong>The rise of the politicized latte </strong></h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters/Lucy Nicholson</span></p></div><p></p></div></div></p><p><span>One of the best illustrations of Starbucks' approach to politics took place at <a href="https://news.starbucks.com/news/starbucks-applauds-supreme-courts-ruling-on-marriage-equality">the company shareholder's meeting in 2013,</a> when a stockholder argued that Starbucks had lost customers due to the company's support for gay marriage. </span></p><p><span>"Not every decision is an economic decision," Schultz responded. "The lens in which we are making that decision is through the lens of our people."</span></p><p><span>Yet, in the same breath, Schultz brought up Starbucks' financial success in the past year.</span></p><p><span>"If you feel, respectfully, that you can get a higher return than the 38% you got last year, it's a free country," he continued. "You can sell your shares in Starbucks and buy shares in another company. Thank you very much."</span></p><p><span>In other words, Starbucks is insistent the company doesn't make political statements to make money - but also wants to emphasize its business model works. This business model requires Starbucks to differentiate itself, in part through limited political activism. </span></p><p><span><a href="http://www.businessinsider.com/schultz-wants-to-make-starbucks-less-basic-2016-12">If Starbucks </a>becomes interchangeable with other coffee chains, this model fails. Tying the brand to certain values and political beliefs is one way to differentiate the chain, establishing a high-brow image that convinces customers to pay more for beverages than they would at an<a href="http://www.businessinsider.com/dunkin-donuts-snl-sketch-reveals-brands-biggest-problem-2016-12"> everyman favorite like Dunkin' Donuts. </a></span></p><p><span>Starbucks has taken a stance on issues<a href="https://www.starbucks.com/blog/lets-come-together-america/1252"> from national debt</a> to race in America. In September, Schultz endorsed Democratic nominee Hillary Clinton for president. </span></p><p><span>Customers have threatened to boycott the chain on big topics, like its response to Trump's refugee policy, and small details, such as rolling out a green cup the week before the US election, which some called<a href="http://www.businessinsider.com/starbucks-green-cups-spark-anger-2016-11"> progressive "political brainwashing."</a> The chain even clashed with Trump while he was campaigning for president, on the seemingly apolitical topic of the chain's minimalist red cups. </span></p><p><span>"No more 'Merry Christmas' at Starbucks,"<a href="http://www.businessinsider.com/trump-boycotting-starbucks-red-cups-2015-11"> Trump said at a rally in Springfield, Illinois in November 2015. </a>"Maybe we should boycott Starbucks. I don't know. Seriously. I don't care."</span></p><h2><span>Why Starbucks can take on Trump</span></h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://news.starbucks.com/news/starbucks-finds-a-place-for-elite-veterans-skills">Starbucks</a></span></p><p class="caption">John Noll began working at Starbucks after 20 years in the Air Force in July 2016, after being recruited by the coffee giant as part of its plan to hire veterans.</p></div><p></p></div></div></p><p><span>Over the years, Starbucks has learned a number of lessons on how to mix business and politics, building its a brand without hurting sales. </span></p><p><span>The first lesson is the necessity of backing words with actions when making political statements - something the company learned the hard way. </span><span>I</span><span style="font-weight: 400;">n 2015, Starbucks was forced to backtrack on a </span><a href="https://www.entrepreneur.com/article/244035"><span style="font-weight: 400;">campaign to raise consciousness of racial issues in America, </span></a><span style="font-weight: 400;">in which employees wrote "Race Together" on cups. </span></p><p><span style="font-weight: 400;">After being mocked by people from all ends of the political spectrum, the company ended the cup-centric part of the campaign and </span><span style="font-weight: 400;">doubled down on opening stores in low-income minority communities. </span><span style="font-weight: 400;">Learning the importance of prioritizing actions over showy statements in 2015 will likely help the chain today.</span></p><p><span style="font-weight: 400;">"This is about words, deeds, and actions, not tweets," Allieri said on companies' reactions to Trump's policies. "If this is seen as liberal CEOs on the coasts tweeting about Mr. Trump, that's not the way to go."</span></p><p><span style="font-weight: 400;">Second, Starbucks realized the risks associated with taking on specific politicians instead of taking on policies. </span></p><p><span style="font-weight: 400;">"I'm going to quote Michelle Obama: 'When they go low, we go high,'" Allieri said. "Don't engage in a public spat." </span></p><p><span style="font-weight: 400;">Only 20% of Americans believe it is a good idea for CEOs to take stances on issues <span>not directly linked to a company's fundamental business - meaning broad political stances can backfire for a company. </span></span></p><p><span style="font-weight: 400;">Schultz veered from this principle in his decision to back Hillary Clinton, a move that ultimately resulted in the CEO having to publicly say <span style="font-weight: 400;"><a href="http://www.businessinsider.com/starbucks-howard-schultz-starbucks-not-at-odds-with-trump-or-supporters-2016-12">Starbucks was not at odds with Trump or his supporters</a> after the election. </span></span></p><p><span style="font-weight: 400;"><span style="font-weight: 400;">Now, Starbucks has begun targeting policies - not Trump. Schultz can make a bold statement, such as "the promise of the American Dream [is] being called into question," because he has specific examples of policies Starbucks opposes that back up this statement. </span></span></p><p><span style="font-weight: 400;"><span style="font-weight: 400;">Attacking Trump would hurt Starbucks' brand; attacking Trump's policies and providing examples of how Starbucks is addressing these issues demonstrates more level-headed engagement. </span></span></p><p><span style="font-weight: 400;"><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Starbucks green cup</span></p><p class="caption">In early November, the week before the election, Starbucks rolled out green cups featuring an illustration by Shogo Ota showing the faces of more than a hundred people, drawn with a single continuous line, as a "symbol of unity."</p></div><p></p></div></div></span></span></p><p><span style="font-weight: 400;">Finally, Starbucks has built a brand in which speaking out is expected by customers and employees. The company's established political stances mean that customers aren't going to be shocked by Starbucks getting political, after years of boycott threats from conservatives. </span></p><p><span style="font-weight: 400;"></span><span style="font-weight: 400;">"What Mr. Schultz thinks really matters, and he wears his ethos on his sleeves," said Allieri, who believes Starbucks didn't lose any sales after coming out in opposition for the immigration ban. </span></p><p><span style="font-weight: 400;">Ultimately, a large portion of the Starbucks' customers don't care about the company's politics. </span></p><p><span style="font-weight: 400;">However, the coffee chain has created a certain image for itself as a brand that emphasizes progressive politics, elevating the chain over more inexpensive counterparts. While a certain segment of the population will always threaten to boycott when Starbucks expresses these beliefs, the company has<a href="http://www.businessinsider.com/starbucks-reports-strongest-holiday-ever-2016-1"> data to prove </a>that the loss of these customers will be balanced out by others, including progressives who promise to spend more at the chain.</span></p><p><span style="font-weight: 400;">With Trump as president, Allieri believes executives across the industry are going to be forced to be increasingly transparent about their values - a habit Starbucks has established over the last decade. </span></p><p><span style="font-weight: 400;">"Companies have to be known for something, and it's not just your products and services," Allieri said. "It's who are you? What do you stand for?"  </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ember-smart-mug-control-temperature-available-starbucks-2016-12">Starbucks is selling this smart mug that lets you control your coffee temperature</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="0xY3MzODE6H-xNJKfBAek1U2pSvNgs79" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Starbucks has become a target of Trump-loving conservatives - and that's great news for the brand

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CarTrade raises ₹900 crore from anchor investors ahead of its IPO, issue opens on Monday

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