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According to <keyword id="19911893" type="General" weightage="20" keywordseo="Meesho" source="keywords" meta.keywordsubtype="org" meta.entityname="Meesho" meta.hostid="261" meta.entityid="Meesho">Meesho</keyword>'s recent ‘Smart shopper report’, <keyword id="19919711" type="General" weightage="20" keywordseo="Gen-Z" source="keywords">Gen Z</keyword> is rapidly embracing <keyword id="19990771" type="General" weightage="100" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with one in every three Meesho users being less than 25 years old. This makes them the fastest-growing demographic on the platform. The report also highlights that mass consumers, who typically make low-price purchases, account for around 80% of the total online shopping population in India. Reports suggest that by 2030, mass consumers, who are constantly seeking value for price, will dominate the retail market, constituting 65% of total consumers. At present, Uttar Pradesh and Bihar are leading the way, when it comes to user growth in e-commerce, underscoring the significant untapped potential these states hold. The report also delves deeper into the evolving habits and preferences of mass consumers. Meesho has observed that users from Tier IV and smaller cities are the most frequent repeat shoppers under categories like women’s fashion, footwear, and baby care. Additionally, over 80% of Indian online shoppers now hail from tier-2 cities, and beyond, which include places like Ambur, Rourkela, Sangli, and Zirakpur. <div type="Article" hostid="261" msid="112333596" title="Zomato announces new feature for cash on delivery orders and it can help solve a huge problem" mstype="2" mssubtype="0"></div> <h2>Influencer-driven <keyword id="3295571" type="General" weightage="20" keywordseo="e-commerce-boom" source="Orion">e-commerce boom</keyword> in North-East</h2>Furthermore, the report reveals that customers in northeastern states of India such as Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim are increasingly basing their e-commerce purchases choices on content generated by influencers, making up for an impressive 40% of all orders from these states. Meesho has also witnessed greater digital inclusion, with a growing number of content creators emerging from some of the most remote regions of India, like Bazpur (Uttarakhand), Kotputli (Rajasthan), and Pakyong (Sikkim). With the growing popularity of content creators, products like selfie sticks, ring lights, microphones, and tripods have also quickly risen to top the electronics category. Another notable feature Meesho identified was a significant rise in the adoption of vernacular languages and voice search, with rates increasing by 162% and 40%, respectively. This surge reflects mass consumers' strong preference for regional languages and user-friendly features. Tier 2 and other, smaller cities have significantly outpaced Tier 1 cities when it comes to ordering electronic accessories, making double the amount of purchases made by their bigger, urban counterparts. Meesho has also seen substantial demand for products like bluetooth headphones and earphones, power banks, smart speakers, screen magnifiers, and keyboards from diverse Indian cities such as Alwar (Rajasthan), Bettiah (Bihar), Pursurah (West Bengal), Rajahmundry (Andhra Pradesh), Sindkheda (Maharashtra), and Sirsa (Haryana). Among the fastest-growing categories on Meesho are books, which grew by 148% YoY (year-on-year basis) growth, office supplies and stationery (137% YoY growth), home improvement (112% YoY growth), furnishings (92% YoY growth), and pet supplies (68% YoY growth). There has also been a surge in demand for personal care and grooming essentials. <h2>A shift towards quick draping</h2> In just six months, over 10,00,000 saree shapers and more than 60,000 ready-to-wear sarees were sold, indicating that consumers far prefer a quicker, easier approach to traditional draping. There was a clear penchant for traditional and modern alike, since Banarasi was the most sought after fabric, followed by chiffon and organza. <h2>Self-care on the rise</h2>With increasingly hectic schedules, mass consumers are also prioritising self-care. As a result, there has been a rise in at-home salon treatments, with Meesho reporting sales of 6,00,000 face packs, over 4,00,000 facial kits, 3,00,000 wax strips, 4,00,000 press-on nails, and 4,00,000 nail paints this year. <div type="Article" hostid="261" msid="112364583" title="Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart" mstype="2" mssubtype="0"></div> Not just this, yoga also made it to list, when it came to self-care. Meesho reported selling about 20 lakh yoga mats in just 6 months. And not just that, skipping and hula hooping also seems to be coming back in vogue, with consumers buying around 2 lakh skipping ropes and 75,000 hula hoops this year alone. SEE ALSO: <a href="https://www.businessinsider.in/business/article/5-lessons-startup-founders-can-learn-from-tech-mogul-elon-musk/articleshow/112375922.cms" data-type="tilCustomLink" target="_blank">5 lessons startup founders can learn from tech mogul Elon Musk</a>

India’s e-commerce boom: Gen Z, small cities, and self-care trends on the rise, says Meesho

Amid a shrinking domestic market, startup companies in <keyword id="6355311" type="General" weightage="80" keywordseo="japan" source="Orion">Japan</keyword> are starting to look to invest overseas, reports NHK World. For instance, the tech company <keyword id="2658366" type="General" weightage="50" keywordseo="opn" source="Orion">Opn</keyword> developed a system for restaurant customers to order and pay by smartphone. It has expanded to Southeast Asia. In November this year, it acquired a US firm with an eye on the North American market, reported NHK World. <keyword id="15973516" type="General" weightage="50" keywordseo="hasegawa-jun" source="Orion">Hasegawa Jun</keyword>, CEO of Opn said, "It's critical for every firm to find a market that can facilitate its growth and then try to break in," as Japanese startups cannot survive in the domestic market alone. Underscoring the rise in labour costs, another Japanese startup firm has decided to sell robots that prepare food such as soba noodles. It also wants to export a model that makes French fries to the US, reported NHK World. The Japan External Trade Organization supported startups that want to enter foreign markets. It said that in the fiscal year that ends in March over 120 companies are taking part, which is more than double the figure from two years ago, reported NHK World. Not only the startups, but the Japanese Government too is looking to spread its economic footprints in South Asia. <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> has become one of the favourite destinations owing to a shared common heritage of Buddhist ideals and a strong people-to-people bond that goes beyond economic alliances. The India-Japan relationship is manifested in multi-cornered cooperation and in the ever-widening scope of the bilateral alliance. The Delhi Metro - one of the largest metro networks in the world - recently commemorated 20 years of its operations. Japan has provided India with financial and technological assistance in developing several metro corridors. In another undertaking between India and Japan, the two sides have collaborated to manufacture India's first bullet train. With nearly 25 per cent of the work completed, India's first bullet train is expected to hit the tracks by 2027. The trade imbalance has been narrowed between India and Japan gradually with Indian exports to Japan rising each year, which primarily include petroleum products, chemicals, and elements. As per the India Ministry of External Affairs, the bilateral trade between India and Japan for Financial Year 2021-22 totalled USD 20.57 billion. India's exports to Japan amounted to USD 6.18 billion while India's imports from Japan amounted to USD 14.39 billion. On his visit to India last year, Prime Minister <keyword id="1499440" type="General" weightage="50" keywordseo="fumio-kishida" source="Orion">Fumio Kishida</keyword> announced a USD 42 billion investment in India within the next five years. Experts say Japanese power corridors consider India to be one of the most reliable partners in the world. With 14 bilateral premier-level summits, a continuous flow of people and tech, and uniquely integrated yet individual strategies to counter global threats, Indian-Japanese ties have become a curious case study for observers around the world. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/from-0-to-100-million-in-5-years-thats-how-long-startups-founded-in-2017-took-to-scale-up-says-redseer-report/articleshow/96739954.cms">From 0 to $100 million in 5 years – That’s how long startups founded in 2017 took to scale up, says Redseer report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/total-vehicle-retail-sales-jump-15-pc-to-2-11-crore-units-in-2022-fada/articleshow/96753919.cms">Total vehicle retail sales jump 15 pc to 2.11 crore units in 2022: FADA</a>

Japanese startups look overseas as domestic market shrinks

<ul><li>The company said in a statement that it "had to take the tough decision to let go 150 of our team members".</li><li>The platform offered a severance package of two months to the laid-off employees, with two weeks per year served at the startup.</li><li>According to the company, it caters to more than 30 million users in over 300 cities with over 2,000 coaches.</li></ul>Leading AI health and fitness platform <keyword id="2698623" type="General" weightage="100" keywordseo="healthifyme" source="Orion">HealthifyMe</keyword> has sacked at least 150 employees as the company's growth did not "keep pace with expectations and hiring". The company has a physical presence in Bengaluru, Delhi, Mumbai, Chennai and Singapore. The company said in a statement that it "had to take the tough decision to let go 150 of our team members". "Like much of tech, growth hasn't kept pace with expectations and hiring," the company added. The platform offered a severance package of two months to the laid-off employees, with two weeks per year served at the startup. "As a part of our severance and support to those impacted, we will offer 2 months' salary severance with 2 weeks per year served at HealthifyMe, vested stocks till March 2023, and medical insurance continuance till June 2023, along with counseling and outplacement support," said the company. According to the company, it caters to more than 30 million users in over 300 cities with over 2,000 coaches. The <keyword id="2534058" type="General" weightage="20" keywordseo="healthtech" source="Orion">healthtech</keyword> platform in July this year raised $75 million (nearly Rs 560 crore) in a Series C round led by <keyword id="15700419" type="General" weightage="50" keywordseo="leapfrog-and-khosla-ventures" source="Orion">LeapFrog and Khosla Ventures</keyword>. The company aimed to use the funds to expand in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and <keyword id="53564" type="General" weightage="50" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword>, make inroads into <keyword id="6378080" type="General" weightage="50" keywordseo="north-america" source="Orion">North America</keyword> as well as to acquire relevant companies in the digital health and fitness space. "We are already the market leaders in India and Southeast Asia and by combining AI and human empathy, we can deliver results in weight and lifestyle disease management at a fraction of the cost possible today," Tushar Vashisht, Co-founder and CEO, HealthifyMe, had said in a statement. While HealthifyMe's base has been India, it has been expanding internationally and now nearly 25 per cent of its revenues come from outside the country like Malaysia and Singapore, it had said in July. The company had also said to hire over 1,000 trainers and coaches this year. "We are also undergoing an evolution with our new vision around metabolic health (HealthifyMe 2.0) which requires different resources. In view of this and changing market dynamics, it made sense for us to steer toward profitability, despite a comfortable runway," the company spokesperson said in the latest statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ayushmann-khurranas-doctor-g-set-for-ott-debut-on-netflix/articleshow/95995391.cms">Ayushmann Khurrana's 'Doctor G' set for OTT debut on Netflix</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/expect-nifty-to-end-the-december-series-on-a-positive-note-reach-a-target-of-18900-19000-says-r-venkataraman-of-iifl-securities/articleshow/95992944.cms">Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/dharmaj-crop-guard-ipo-how-you-can-check-the-allotment-status/articleshow/95992589.cms">Dharmaj Crop Guard IPO : Here’s how you can check the allotment status</a>

HealthifyMe sacks about 150 employees, says growth didn't keep pace with hiring

<ul><li>5ire, a sustainable <keyword id="6355684" type="General" weightage="20" keywordseo="blockchain" source="Orion">blockchain</keyword> firm in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> has secured $100 million Series A funding from UK-based conglomerate SRAM &amp; MRAM. </li><li>5ire claims to be the only sustainable blockchain company from India. </li><li>Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital are among primary private and institutional investors.</li></ul>5ire, a sustainable blockchain network, said that it has raised $100 million in Series A funding, from UK-based SRAM &amp; MRAM group. This round has taken its valuation to $1.5 billion – making it a <keyword id="152045" type="General" weightage="20" keywordseo="unicorn" source="Orion">unicorn</keyword>, a status given to startups that hit $1 billion in valuation. 5ire claims to be the only green blockchain unicorn in India which rewards its validators and creditors for taking sustainable actions. It is based on the Layer 1 blockchain network (BNB Smartchain, Bitcoin, Ethereum) that can approve transactions without the need of a third network. The company was founded in 2021 by Indian-origin entrepreneurs, <keyword id="9449142" type="General" weightage="80" keywordseo="pratik-gauri" source="Orion">Pratik Gauri</keyword> and Prateek Dwivedi, along with web3 financier <keyword id="13177209" type="General" weightage="80" keywordseo="vilma-mattila" source="Orion">Vilma Mattila</keyword>. “We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit’. Becoming the world’s first and only sustainable unicorn born out of India in just 11 months, is testimony that we are on the right path. We are moving towards the fifth industrial revolution,” said Pratik Gauri, CEO and Founder of 5ire. The funds raised will be used for business expansion and extending 5ire’s footprint across three continents including Asia, North America and Europe, with India as the hub of operations. It will also hire the best talent in the industry across functions like product, engineering, marketing etc. Indian <a href="https://www.businessinsider.in/business/startups/news/may-is-the-first-month-of-2022-when-startups-raises-less-than-2-billion/articleshow/92432430.cms">VC funding has slowed down i</a>n the last few months and added to that, cryptocrash too has made investors nervous. However, neither of these trends affected 5ire. “We have great confidence in moving forward with investments in sustainable technologies. As a scientist, I have always believed in finding better ways to do things, and 5ire is committed to finding solutions for the 17 UN Sustainable Development Goals,” said Dr Sailesh <keyword id="14442932" type="General" weightage="80" keywordseo="lachu-hiranandani" source="Orion">Lachu Hiranandani</keyword>, chairman of SRAM &amp; MRAM. 5ire has earlier raised funds from Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital alongside others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/why-rbi-wants-international-trade-settlement-in-rupees/articleshow/92850515.cms">Explained: International trade settlement in Rupees and why RBI is doing it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/the-gilded-age-could-be-ending-as-yellow-metals-losing-its-safe-haven-appeal/articleshow/92841178.cms">The Gilded Age could be ending as yellow metal's losing its safe haven appeal</a>

Indian ‘green’ blockchain startup raises $100 million, turns unicorn in a crypto bear market

<ul><li>Situated in a valley flanked by majestic pine-covered <keyword id="28910" type="PERSON" weightage="20" keywordseo="mountains">mountains</keyword> with the Beas River meandering through, Manali offers truly idyllic views and a chill atmosphere to boot.</li><li>The thrill-seekers out there also have a plethora of adventure sports activities to choose from, including paragliding, trekking and rafting.</li><li>An excellent option for those seeking out seclusion is a day trip to Sissu village and Keylong.</li></ul>The scorching plains, inevitably, have people craving for an easy trip to a mountainous destination. But if you wish to be nestled amidst snow-clad peaks with a gushing river piercing through the terrain, you will need to travel farther, navigate not-so-great roads and will definitely need more time and patience. No, we are not talking about a trip as arduous as a road trip to Leh; we are talking about a much more manageable road trip to Manali and nearby places. <div type="image" title="Manali mountainscapes" msid="82002884" hostid="261"></div>Situated in a valley flanked by majestic pine-covered mountains with the Beas River meandering through, Manali offers truly idyllic views and a chill atmosphere to boot. With superb panoramas of the Dhauladhar and Pir Panjal ranges from all directions, it is hard not to fall for Manali's evergreen charm. However, with a massive influx of tourists, most of whom have little regard for the environment, the city and most places around have garbage blemishing both the riverside and the mountainside. But the true magic of the place powers through and despite these eyesores, a quick pan up to see the mountains in their majestic glory compensates for the heartache the litter causes. That said, there are plenty of brilliant treks that take you to tiny brooks amidst conifer-clad valleys in and around Manali should you wish some time away from the manic crowds. The thrill-seekers out there also have a plethora of adventure sports activities to choose from, including paragliding, trekking and rafting. But do note that these activities are weather dependent, so it's best to check in advance. In general, rafting takes place all year round excluding the monsoon periods. The months of May, June and September are supposed to be the best time for paragliding. Skiing opens in Solang Valley soon after the first snowfall in January and continues till March. Other popular tourist spots in Manali include the Hadimba Temple dedicated to Bhima's demon wife. Sporting a multi-tiered pagoda, the temple is set amidst towering deodars, and the complex also has a shrine dedicated to their son Ghatotkacha. <div type="image" title="Old Manali" msid="82002929" hostid="261"></div>Apart from a very chill atmosphere, Old Manali also hosts the age-old Manu Temple dedicated to the sage Manu who penned the Manusmriti. Oozing with character and old-world charm, Old Manali is truly a must-visit. Please note, there is nothing much to see here, but the place gives you a laid-back feeling. Walk uphill through the narrow lanes, watch the stray dogs just lay there in absolute bliss, witness the locals tending to their cows, indulge in a bit of shopping at some very kitschy shops lining both sides of the lane and then head straight to the pub to rest those tired feet. <div type="image" title="Jogini Falls" msid="82002970" hostid="261"></div>Those with a religious inclination should also visit the Vashisht Temple and so should those who don't, mainly because this is the starting point of the hike to the spectacular Jogini Falls. The walk to the falls takes around an hour and makes for a great place to picnic while soaking in the views. (Please note: Do take all essentials like water and food with you but more importantly, take an extra bag to dump your garbage in and bring it back with you for proper disposal.) Beyond city limits The 3977-metre high snow-cloaked <keyword id="391219" type="PERSON" weightage="20" keywordseo="Rohtang-Pass">Rohtang Pass</keyword> is an obvious choice for those scoping out breathtaking views. However, as is the case with most popular places, the <keyword id="43735" type="COMPANY" weightage="20" keywordseo="pass">Pass</keyword> has been defiled by an endless barrage of tourists, trash and traffic. Thankfully, now, only a small number of vehicles are allowed to visit, and a permit must be obtained to do so. Also, note that the Pass is only open from June to October. <div type="image" title="Manali Leh Road" msid="82002997" hostid="261"></div>An excellent option for those seeking out seclusion is a day trip to Sissu village and Keylong. This epic drive involves crossing the newly-constructed <keyword id="8486907" type="COMPANY" weightage="20" keywordseo="atal-tunnel">Atal Tunnel</keyword> and gasping with disbelief when you see what's in store at the end of the tunnel. The terrain is nothing short of magic. The snowy mountain peaks, the river accompanying it on one side, countered by barren -- but just as majestic -- mountainscapes, on the other. The drive to Keylong should take around 2 hours, from Manali. You can also venture further to Udaipur (3 hours from Manali), a town on Chandrabhaga River bank in Lahaul and Spiti district of Himachal Pradesh. But remember that since this is a day trip, you should account for the time it will take to get back. Also, there are not many places to stop for grub or the toilet apart from a few loosely-termed 'hotels' splattered along the way. <div type="image" title="Welcomheritage Urvashi Retreat" msid="82003009" hostid="261"></div>Places to stay From budget no-frills hotels to spectacular heritage properties, the town has a place for everyone. The <a href="https://www.urvashisretreat.com/">Welcomheritage Urvashi Retreat</a> is a fabulous option for those who want gorgeous views along with all the creature comforts. The property is secluded from the hustle and bustle and the staff is delightful and eagerly tell you about the best places to visit nearby. Should you be looking for something more affordable, you can opt to stay at <a href="https://www.sterlingholidays.com/resorts-hotels/manali">Sterling Manali</a>. The rooms have beautiful views, but the upkeep is a little lacking. <div type="image" title="Il Ferno" msid="82003033" hostid="261"></div>Places to eat and drink Manali has a bunch of brilliant places to eat and drink. Serving up various cuisines, Manali also has quite a few resto-pubs with a range of alcoholic and non-alcoholic beverages. Travel and food writer, Pallavi Pasricha, tells us, "I always make it a point to visit Johnson's Cafe to have their legendary trout. On my last trip, I discovered two new places – Il Forno which has excellent pizzas and Rocky's Café, a 10-minute walk from the Old Manali market – both have stunning views of the mountains. Sipping a beer from there will now always be on my agenda whenever I visit Manali next." Old Manali also has the Dylan's Toasted &amp; Roasted Coffee House, where you can soak in the laid-back atmosphere while sipping on excellent coffee accompanied by hot-out-of-the-oven cookies. Another well-known pub in Old Manali is The Lazy Dog. The riverside outdoor seating area here is the perfect place to wind down with a glass of hot toddy and snacks. Another place to check out if you wish to chill by the river is Cafe 1947, which is a slightly pricier option, but the ambience and the food are certainly worth experiencing. <div type="image" title="Jibhi" msid="82003043" hostid="261"></div>Veer off the highway Should you wish for an even more secluded location, Shweta Andrews, who runs a Delhi-based bakery called Bakes Ahoy, recommends a tiny village called Jibhi in Himachal Pradesh. It is just a 3-hour drive from Manali. Andrews says, "This is an off-beat travel destination in its true sense. It's a place for people who are looking to detox -- digitally, physically and mentally." Andrews and friends opted for an Airbnb called <a href="https://www.airbnb.co.uk/rooms/45643018?check_out=2021-05-05&amp;adults=2&amp;check_in=2021-04-30&amp;s=13&amp;unique_share_id=D25340A4-9FFD-44D0-9E7F-2E8486D2DF7D&amp;_branch_match_id=908942267948210284&amp;source_impression_id=p3_1617946965_i%2BsKhQcTG4duws7Y">Sunny Cottage Near The River</a>, situated on a farm right by the river. "The hosts truly went out of their way to make our stay most enjoyable. Bonfires by night and picnics on the banks by day are things that one cannot enjoy in crowded or commercial holiday destinations. Plus the food was genuinely a farm-to-plate experience as well," Andrews adds. A must-visit from here is the Jalori Pass, where one can experience incredible views of the <keyword id="52569" type="COMPANY" weightage="20" keywordseo="himalayas">Himalayas</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nokia-x20-specifications-nokia-new-phones-price-in-india/articleshow/81981039.cms">SIx new Nokia smartphones announced – price, specifications and availability details you should know</a> <a href="https://www.businessinsider.in/business/startups/news/founders-take-note-heres-why-most-startups-fail/articleshow/81981138.cms">Founders, take note: here’s why most startups fail</a> <a href="https://www.businessinsider.in/tech/apps/news/google-phone-app-now-lets-you-record-calls-automatically-from-unknown-numbers/articleshow/81982791.cms">Google Phone app now lets you record calls automatically from unknown numbers</a> <a href="https://www.businessinsider.in/business/startups/news/adar-poonawalla-serum-institute-of-india-has-bought-stake-policybazaar/articleshow/81985425.cms">Serum Institute of India buys into IPO-bound insurance unicorn PolicyBazaar, as True North sells part stake in secondary sale</a>

Mountains, rivers, trout and toddy — Manali offers you all these and more

<ul><li><keyword id="696009" type="COMPANY" weightage="20" keywordseo="Policybazaar">Policybazaar</keyword> is planning to raise ₹6,000 crore through its IPO</li><li>Softbank will be taking a partial exit from the company through this public issue</li><li>Policybazaar is one of the biggest beneficiaries of the boom in India’s insurance sector.</li></ul>If you have moved on from the craze around Zomato’s initial public offering (IPO), here’s another one that is likely to have the market swooning pretty soon. India’s largest online insurance aggregator ⁠— also the sixth largest fintech startup ⁠— the 13-year old Policybazaar is ready to raise ₹6,000 crore (about $850 million) from the market. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Policybazaar IPO </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;">Details </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;">Issue size </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;">₹6,017.5 crore </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;">Fresh issue </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;">₹3,750 crore </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;">Offer for Sale (OfS) or secondary share sale </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,267.5 crore </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;">OfS by </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;">SoftBank via SVF Python II </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;">Book running lead managers </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;">Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India </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;">Estimated valuation </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;">$5.5-6 billion (media reports) </td></tr></tbody><tbody></tbody></table> Source: Draft Red Herring Prospectus filed with the Securities and Exchange Board of India (SEBI) Policybazaar is one among a slew of tech IPOs to hit the Indian exchanges this year. It is also one of the country’s top fintech startups ⁠— the other one being Paytm ⁠— going for a public issue. 95% of Policybazaar’s revenue comes from commissions from insurance companies for selling policies. <div type="image" title="Policybazaar IPO: All you need to know the details of sixth largest fintech Startup" msid="84967470" hostid="261"></div> Bank of America estimates the market size for insurance technology at $6 billion where Policybazaar is a leading player. Global peers include companies like the US-based Slice and Lemonade. However, in India, only 4 in 100 Indians have any kind of insurance and, therefore, the headroom for growth is immense. The world average is 7.4. Insurance penetration in India, a year earlier, just before the pandemic, was an appalling 2.8. The last one year has been good for insurers. According to a survey by Policybazaar, the average sum insured for health insurance policies bought on the online insurance marketplace almost doubled to ₹22.4 lakh by March 2021 compared to ₹11.4 lakh a year earlier. The company sold 7.2 million insurance policies in the year ending March 2021, up from 5.9 million a year earlier. Policybazaar is one of the biggest beneficiaries of the boom in India’s insurance sector as a market leader in selling insurance online. Private equity firm True North Co’s partner Haresh Chawla, in an exclusive interaction with Business Insider, recalled a conversation he had with one of the top three insurance companies in India, a couple of years ago. The management told him that almost 10% of their business came through Policybazaar. “I asked them, [say] there are 15 insurance companies in India. If for all 15 insurance companies, 10% market share or revenue is taken by PolicyBazaar, can you imagine when you add up the revenue for Policybazaar gets how big it becomes. And then the room fell silent. It's almost that the whole world situation is like the traditional companies are sleeping on these issues,” Haresh added. India has 57 insurance companies, 24 are in the life insurance business, while 34 are non-life insurers, according to the <a target="_blank" class="c-link" href="https://www.ibef.org/industry/insurance-sector-india.aspx">India Brand Equity Foundation</a>. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. However, that’s just potential. For now, Policybazaar is a loss making company, although the losses have more than halved compared to three years ago. <div type="image" title="All you need to know about the IPO from Policybazaar, India&amp;#39;s sixth largest fintech startup" msid="84967117" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/news/exclusive-indias-largest-zinc-miner-is-eyeing-a-share-of-the-bangladesh-economic-boom/articleshow/84963388.cms" data-type="tilCustomLink">EXCLUSIVE: India's largest zinc miner is eyeing a share of the Bangladesh economic boom</a> <a href="https://www.businessinsider.in/tech/news/jack-dorseys-square-agreed-to-buy-afterpay-which-has-a-buy-now-pay-later-service-for-29-billion-in-stock/articleshow/84962218.cms">Jack Dorsey's Square agreed to buy Afterpay, which has a 'buy now, pay later' service, for $29 billion in stock</a> <a href="https://www.businessinsider.in/tech/news/twitter-offers-up-to-3500-to-people-who-can-help-fix-apparent-racial-and-gender-bias-in-its-image-cropping-algorithm/articleshow/84946710.cms">Twitter offers $3,500 reward to people who can help fix apparent racial and gender bias in its image-cropping algorithm</a>

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