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<ul><li><keyword id="4710552" type="PERSON" weightage="20" keywordseo="jay-chaudhry">Jay Chaudhry</keyword> and his family own 45% of the Nasdaq listed <keyword id="2426820" type="COMPANY" weightage="20" keywordseo="Zscaler">ZScaler</keyword>, which is today worth $28 billion.</li><li>According to the Hurun Global Rich List 2021, Chaudhry saw his estimated net worth grow by 271% last year to $13 billion.</li><li>The Indian American Chaudhry grew up in a Himalayan village called Panoh, in the Una district of Himachal Pradesh.</li></ul>The 62-year old Jay Chaudhry, the owner of the cybersecurity firm Zscaler, has climbed 577 spots in Hurun Global Rich list 2021, and has also made his way into being one of India’s top ten richest. Chaudhry and his family own 45% of the Nasdaq-listed ZScaler, which is today worth $28 billion. According to the Hurun list, Chaudhry saw his net worth grow by 271% last year to $13 billion. The faster adoption of digital technologies since the COVID-19 pandemic⁠— like in the case of video conferencing apps like Zoom or content platforms like Netflix⁠— helped Chaudhry’s company too. For the second quarter of 2021, Zscaler saw its revenues at $157 million, up 10% sequentially and 55% year-on-year. “There is an accelerated market shift towards work from anywhere, which is the world Zscaler was built for,” he said after the company declared its latest quarterly earnings. The company has over 5,000 customers⁠— including a fourth of the Global 2,000⁠— and over 2,600 employees. From a life of no electricity to being one of the world’s richest Chaudhry grew up in a Himalayan village called Panoh, in the Una district of Himachal Pradesh. During his childhood, with no access to electricity, Chaudhry studied under trees. “I used to walk nearly 4 km everyday to attend my high school at Dhusara, the neighbouring village,” he said in an interview to the <a href="https://www.tribuneindia.com/2000/20000111/main6.htm">Tribune</a> many years ago. Today, Chaudhry, an American citizen, is one of the world’s richest with an estimated net worth of $13 billion. He founded Zscaler in 2008 and closed its initial public offering in 2018. On its first day <a href="https://techcrunch.com/2018/03/16/security-startup-zscaler-ipo/">of trading </a>the company closed at $33, which was 106% of the listing price of $16. “My success so far has mainly been because I have very little attachment for money. My obsession is really to make sure that the internet and cloud are a safe place for everyone to do business," he told <a href="https://www.business-standard.com/article/international/himalayas-born-cyber-tycoon-jay-chaudhry-climbs-into-world-s-richest-club-119030200059_1.html">Business Standard</a> in 2019. Not his first tryst with success For Chaudhry, this isn’t the first time he’s seeing success. The IIT BHU graduate with an MBA from University of Cincinnati, is a serial entrepreneur. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Chaudhry’s 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;">Sold to </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;">Amount </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;">Year </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;">AirDefense </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;">Motorola </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;">Undisclosed </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;">2008 </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;">CipherTrust </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;">Secure Computing </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;">$274 million </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;">2006 </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;">Secure IT </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;">VeriSign </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;">Undisclosed </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;">1998 </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;">CoreHarbor </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;">AT&amp;T </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;">Undisclosed </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;">1996 </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/business/news/here-is-a-look-at-the-richest-indians-as-per-hurun-global-rich-list-2021/slidelist/81287016.cms">India added 40 billionaires in 2020 – Mukesh Ambani continues to be the richest Indian</a> <a href="https://www.businessinsider.in/india/news/new-electricity-late-payment-surcharge-rules-announced-but-consumer-electricity-bills-may-not-decrease/articleshow/81286847.cms">New electricity late payment surcharge rules announced – but consumer electricity bills may not decrease</a>

Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today

Health Minister Dr. Harsh Vardhan along with his wife Nutan Goel received their first Covid vaccine doses on Tuesday in the Delhi Heart and Lung Institute. Vardhan and Goel received <keyword id="149108" type="COMPANY" weightage="20" keywordseo="Bharat-Biotech">Bharat Biotech</keyword>'s Covaxin and paid ₹250 each for the doses. After receiving the vaccine he appealed that those who can afford the cost of vaccination must go to their nearest private facility to get vaccinated. He also spoke of vaccine appropriate behaviour where people must adhere to getting vaccinated and help defeat the pandemic. "After Covid appropriate behaviour, we need to affirm to vaccine appropriate behaviour. We all should come forward and help the society from allaying the menace of <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword>," he said. "Vaccine would not just save you from the disease but also your closed ones," Vardhan added. Vardhan also said that the percentage of post-vaccination effects are just 0.00004 of the total vaccination and one should not be afraid of the minor ones that come depending upon age. Meanwhile, he also thanked those who got in the queue of registration on the first day of phase three Covid vaccination. "The response was overwhelming and it shows our resolve to defeat the pandemic. I appeal every eligible beneficiary to come forward for the vaccination," he added. Vaccines are being provided free of charge at the government health facilities and on a payment basis in the private health facilities. All private <keyword id="6365858" type="UNKNOWN" weightage="20" keywordseo="hospitals">hospitals</keyword> can charge Rs 150 for vaccines and Rs 100 for service charges fixed by the Central government. Around 10,000 hospitals empanelled under the Ayushman Bharat-PMJAY and 687 hospitals under CGHS can be used by states as Covid Vaccination Centres (CVCs). The phase three of Covid vaccination covering 27 crore of population aged above 60 and those above 45 with comorbidities started from Monday. The previous two phases were started with vaccination of around three crore of healthcare and frontline workers in India. SEE ALSO: <a href="https://www.businessinsider.in/india/news/new-electricity-late-payment-surcharge-rules-announced-but-consumer-electricity-bills-may-not-decrease/articleshow/81286847.cms">New electricity late payment surcharge rules announced – but consumer electricity bills may not decrease</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-heranba-industries-ipo/articleshow/81286739.cms">Heranba Industries IPO: Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/thelife/personalities/news/meet-jay-chaudhry-the-man-who-studied-under-a-tree-in-himachal-to-become-one-of-the-worlds-top-billionaires-today/articleshow/81288884.cms">Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today</a>

'Those who can afford should get vaccinated in private hospitals' says Health Minister

<keyword id="6359540" type="PERSON" weightage="20" keywordseo="payments">Payments</keyword> and banking technology firm <keyword id="5908691" type="PERSON" weightage="20" keywordseo="Cashfree">Cashfree</keyword> on Tuesday announced a partnership with digital payments company <keyword id="6357940" type="LOCATION" weightage="20" keywordseo="paypal">PayPal</keyword> to enable international payments for merchants. <keyword id="6358610" type="UNKNOWN" weightage="20" keywordseo="businesses">Businesses</keyword> using Cashfree's payment gateway will be able to add the PayPal 'Express Checkout' option to their order pages and accept payments from over 350 million customers across 200 markets and in more than 28 currencies in a secure and seamless manner. "The new API integration allows merchants to enable payments using their existing PayPal business accounts and start accepting and collecting global payments in no time. Further, businesses benefit from the PayPal fraud prevention and seller protection tools," said Akash Sinha, CEO &amp; Co-founder of Cashfree. Cashfree said it does the foreign currency exchange automatically and the amount gets credited to businesses' accounts in Indian rupee. "Together with Cashfree, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>n small businesses will be able to tap into our 350 plus million consumer base across 200 markets," said Ashish Tandon, Director, Channel Partners, PayPal India. Businesses partnering with Cashfree can activate One Touch payments that would let their customers stay logged in and check out with a couple of clicks. Cashfree, as a payment platform, offers businesses with international payment methods like Mastercardand Visa cards, <keyword id="91294" type="COMPANY" weightage="20" keywordseo="American-Express">American Express</keyword>, Diners Club along with PayPal. Currently, Cashfree supports over 100 payment modes for accepting domestic and international payments. SEE ALSO: <a href="https://www.businessinsider.in/india/news/new-electricity-late-payment-surcharge-rules-announced-but-consumer-electricity-bills-may-not-decrease/articleshow/81286847.cms">New electricity late payment surcharge rules announced – but consumer electricity bills may not decrease</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-heranba-industries-ipo/articleshow/81286739.cms">Heranba Industries IPO: Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/thelife/personalities/news/meet-jay-chaudhry-the-man-who-studied-under-a-tree-in-himachal-to-become-one-of-the-worlds-top-billionaires-today/articleshow/81288884.cms">Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today</a>

PayPal and Cashfree join hands to enable international payments across 200 markets

Smartphone brand <keyword id="6485927" type="ORGANIZATION" weightage="20" keywordseo="realme">Realme</keyword> on Tuesday unveiled industry-leading 108MP camera with trendsetting features that will arrive in the <keyword id="10855936" type="UNKNOWN" weightage="20" keywordseo="upcoming-realme">upcoming Realme</keyword> 8 <keyword id="45633" type="ORGANIZATION" weightage="20" keywordseo="series">series</keyword>. The 8 series smartphones will have sharper photo quality, world's first tilt-shift time-lapse <keyword id="21654" type="COMPANY" weightage="20" keywordseo="video">video</keyword>, starry time-lapse video, and new portrait filters. "The 108MP photo taken by Realme 8 Pro has a well-balanced overall exposure with vivid colours and sharp details in both bright and dark areas. The details stay sharp even after zooming in," the company informed during a virtual briefing at its 'Camera Innovation Event'. In Realme 8 Pro's camera, 3x mode activates a new 'In-sensor <keyword id="10296" type="PERSON" weightage="20" keywordseo="Zoom">Zoom</keyword>' which will only use the 12MP sensor mapped with the zoomed part to generate an image. The imaging process is faster because of the smaller size on the 12MP photo, enabling Realme 8 Pro to take eight 12MP photos in a row and then input them into the clarity enhancement algorithm to further increase the image clarity, the company informed. After processing, a 3x photo from Realme 8 Pro can be even better than some of the optical telephoto lenses in terms of sharpness. The company has also launched the world's first Starry Time-lapse Video on its smartphone. "Developing starry time-lapse video is challenging as it requires much-needed performance to handle the synthesis of the photos," said the company. Realme has come up with an exclusive time-lapse video algorithm based on starry photos. With the new tilt-shift photography algorithm, the Realme 8 series would be able to capture tilt-shift photos as well as 10 times faster tilt-shift time-lapse videos. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/meet-jay-chaudhry-the-man-who-studied-under-a-tree-in-himachal-to-become-one-of-the-worlds-top-billionaires-today/articleshow/81288884.cms">Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today</a> <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-naveen-jindal-anand-mahindra-and-kumar-mangalam-birla-increased-their-net-worth-in-2020/slidelist/81290572.cms">Gautam Adani, Naveen Jindal, Anand Mahindra and Kumar Mangalam Birla increased their net worth despite COVID-19 wreaking havoc</a> <a href="https://www.businessinsider.in/business/telecom/news/the-indian-government-reaped-a-record-77000-crore-on-the-first-day-of-2021-telecom-spectrum-auctions/articleshow/81290489.cms">India reaps a bounty on the first day of spectrum auctions – but it's a lot less than what the government wanted</a>

Realme unveils 108MP sensor that will be used on the Realme 8 series

The <keyword id="44612" type="DOMAIN" weightage="20" keywordseo="Pfizer">Pfizer</keyword> and <keyword id="9605255" type="COMPANY" weightage="20" keywordseo="oxford-astrazeneca">Oxford-AstraZeneca</keyword> <keyword id="79555" type="TECHNOLOGY" weightage="20" keywordseo="Vaccines">vaccines</keyword> for COVID-19 are highly <keyword id="24338" type="ORGANIZATION" weightage="20" keywordseo="effective">effective</keyword> in reducing severe coronavirus infection among people aged 70 years and above, according to a study. The research, posted as a pre-print and yet to be peer-reviewed, estimated the effect of both the COVID-19 vaccines on laboratory confirmed symptomatic disease in individuals aged 70 years or <keyword id="96422" type="ORGANIZATION" weightage="20" keywordseo="older">older</keyword> in <keyword id="6355981" type="LOCATION" weightage="20" keywordseo="england">England</keyword>. The researchers, including those from <keyword id="2077556" type="COMPANY" weightage="20" keywordseo="Public-Health-England">Public Health England</keyword> (PHE), compared the rate of hospitalisation and deaths in confirmed COVID-19 patients aged over 80 who were vaccinated more than 14 days before testing positive, with unvaccinated cases. Data suggests that in the over 80s, a <keyword id="1313246" type="PERSON" weightage="20" keywordseo="single-dose">single dose</keyword> of either vaccine is more than 80 per cent effective at preventing hospitalisation, around 3 to 4 weeks after the jab, PHE said in a statement. Evidence for the Pfizer vaccine suggests that it leads to 83 per cent reduction in deaths from COVID-19, it said. The data also shows symptomatic infections in over 70s decreased from around three weeks after one dose of both vaccines. "Vaccination with either a single dose of Pfizer or Oxford-AstraZeneca COVID-19 vaccination was associated with a significant reduction in symptomatic SARS-CoV2 positive cases in older adults with even <keyword id="10854536" type="UNKNOWN" weightage="20" keywordseo="greater-protection">greater protection</keyword> against severe disease," said the authors of the study, adding both the vaccines show similar effects. They said the protection was maintained for the duration of over six weeks of follow-up, and there is a clear effect of both the vaccines against the UK variant of concern. Experts say the new analysis adds to growing evidence that the vaccines are working, and are highly effective in protecting people against severe illness, hospitalisation and death. "This adds to growing evidence showing that the vaccines are working to reduce infections and save lives," Mary Ramsay, PHE Head of Immunisation, said in the statement. "While there remains much more data to follow, this is encouraging and we are increasingly confident that vaccines are making a real difference," Ramsay said. However, she cautioned that the protection is not complete and it is not known yet how much these vaccines will reduce the risk of someone passing the coronavirus onto others. "Even if you have been vaccinated, it is really important that you continue to act like you have the virus, practise good hand hygiene and stay at home," Ramsay added. SEE ALSO: <a href="https://www.businessinsider.in/india/news/new-electricity-late-payment-surcharge-rules-announced-but-consumer-electricity-bills-may-not-decrease/articleshow/81286847.cms">New electricity late payment surcharge rules announced – but consumer electricity bills may not decrease</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-heranba-industries-ipo/articleshow/81286739.cms">Heranba Industries IPO: Here is how to check share allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-jay-chaudhry-the-man-who-studied-under-a-tree-in-himachal-to-become-one-of-the-worlds-top-billionaires-today/articleshow/81288884.cms">Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today</a>

Pfizer and Oxford-AstraZeneca COVID-19 vaccines highly effective for people aged 70 or above, says study

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ZscalerZscaler CEO Jay Chaudhry</div></div></div><ul><li>Zscaler, an <keyword id="6356323" type="ENTERTAINMENT" weightage="100" keywordseo="Enterprise">enterprise</keyword> cloud security company, took its shares public on Friday.</li><li>The company set its share price at $16, and shares shot up 75% to around $28 on the first day of trading.</li><li>Zscaler is the first of the many tech IPOs expected to come in 2018.</li></ul> The first<a href="http://www.businessinsider.com/tech-bankers-expect-booming-market-for-tech-public-offerings-in-2018-2018-3"> big tech IPO of the year </a>is off to a good start.Zscaler, a San Jose-based cloud security company, is up more than 75% Friday in its first hours as a publicly traded company.The company, which is listed on the Nasdaq under the ticker "ZS", priced its shares at $16 in order to raise a total of $192.0 million in the public market. The stock was trading at $28 in midday trading on Friday.The lively reception on Wall Street is a good sign for the tech market, which has several high-profile public offerings coming in the next few weeks. <a href="http://www.businessinsider.com/dropbox-said-it-plans-to-list-36-million-shares-in-its-upcoming-ipo-2018-3">Dropbox</a> said it will set a price on March 22, and Spotify <a href="http://www.businessinsider.com/spotify-investor-day-ipo-2018-3">will list its shares</a> on April 3. <h2>Founded by a tech industry veteran</h2>Zscaler was cofounded in 2008 by Jay Chaudhry, a seasoned executive who built and sold four different companies before launching Zscaler.Chaudhry celebrated the public offering <a href="https://www.zscaler.com/blogs/corporate/message-from-our-ceo">in a blog post Friday </a>where he highlighted how much the enterprise security space has changed since he started his career."For decades, enterprises had been building corporate networks to connect users to applications in the data center, and these networks were secured with a multitude of security appliances. The world has changed and network security is becoming irrelevant," Chaudhry wrote."We knew that retrofitted security technologies wouldn't work in this new world, so we set out to redefine security. We started with a clean slate-security born in the cloud for the cloud, deep and wide in functionality," he said.The Zscaler IPO was managed by Morgan Stanley and Goldman Sachs.<h3>For an in-depth look at the larger tech IPO picture in 2018,<a href="http://www.businessinsider.com/tech-bankers-expect-booming-market-for-tech-public-offerings-in-2018-2018-3?r=zscale"> read BI Prime's story on the the year ahead in tech IPOs.</a></h3>Visit <a href="http://markets.businessinsider.com/">Markets Insider</a> for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. <a href="http://markets.businessinsider.com/">Go Now!</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/555-phone-number-tv-movies-telephone-exchange-names-ghostbusters-2018-3">Why 555 is always used for phone numbers on TV and in movies</a></h3> <div> </div> </div>

A little known cloud security company just raised $192 million in the first big tech IPO of 2018

<ul><li>This could be a huge opportunity for companies and payments startups providing access to <keyword id="6367143" type="UNKNOWN" weightage="20" keywordseo="LIC">LIC</keyword>'s over 250 million customers.</li><li>Business Insider has learnt that, on February 5, 2021, LIC floated the “request for proposal (RFP)” for a contract which will be valid for five years.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider.</a></li></ul>The <keyword id="6365973" type="ORGANIZATION" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> of India (LIC), the country’s largest and over half a century old insurer, has a golden egg for India’s payment gateway operators. LIC is currently inviting bids from payment aggregator companies to enable digital payment of premiums for its over 250 million customers – an opportunity for the likes of <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword>, Paytm, PayU to pounce upon and gain LIC’s millions of users overnight. <div type="image" title="LIC" msid="81304415" hostid="261"></div> Business Insider has learnt that, on February 5, 2021, LIC floated the “request for proposal (RFP)” for a contract which will be valid for five years. The RFP, seen by Business Insider, states that “LIC wishes to avail a comprehensive, fully automated end to end solution for all types of collections of LIC, not limited to just premiums, by integrating LIC’s website with an integrated Internet Payment Aggregator”. <div type="Youtube" id="Vvc-BuPvE3k" title="India&amp;#39;s largest insurer LIC is inviting bids from payment aggregators⁠" thumbUrl="https://i.ytimg.com/vi/Vvc-BuPvE3k/mqdefault.jpg"></div> LIC had earlier floated a similar bid in 2017, but the bid had not seen the light of the day. But now, there are big things lined up for LIC. The 65-year old insurer is headed for a market debut too this year, as announced by Finance Minister Nirmala Sitharaman in her Budget 2020 speech. One of India’s payment gateway operators Razorpay has confirmed to Business Insider that it has been invited to bid for LIC, and will be submitting its proposal in March. However, the billion dollar startup did not share any further details. For LIC, a tryst with ‘using data’ For technology enthusiasts like Rajeev Suri, the managing director at Orios Venture Partners, the bigger benefit lies for LIC in this partnership. Suri takes a leaf out of China’s playbook to cite the example of Alipay and its success. Alipay, the payments app from Jack Ma’s Ant Financial, used data from the payments vertical to<a href="https://hbr.org/2020/09/why-hasnt-apple-pay-replicated-alipays-success#:~:text=Alipay%2C%20which%20was%20spun%20off,behind%20it%20went%20beyond%20payments."> sell more products to users</a>, which eventually led to Ant Financial becoming a mammoth financial company with a valuation of over $300 billion. The data that these payment aggregators have, would give LIC the opportunity to direct policies to the right user, making way for a deeper penetration of <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> in India. And it is this disruption of data that is driving the story for LIC. “Today, insurance is mainly used as a tax saving alternative. But with data from these startups will help LIC. That is the data driven magic that happened in China that built the most powerful IPO the world has ever seen. And it could happen with LIC too,” said Suri. For any payment gateway operator, an opportunity of a lifetime According to a Goldman Sachs report, the online individual insurance market (life and health) could be worth $1.25bn by FY25, more than tripling from $365mn in FY20. And without a doubt, LIC holds the mammoth share of the market. <div type="image" title="LIC" msid="81304426" hostid="261"></div> For India’s payment startups, this will be a big chance to gain more users and transactions. In 2019-20 alone, LIC processed premiums worth ₹3.79 lakh crore ($51.7 billion). And this, while India continues to remain a poorly insured country with barely 4% market penetration, leaving a wide opportunity for LIC to grow further. India’s digital payment market is projected to grow to be worth $300 billion by FY25, according to a report by Bank of America from January 2021. And at the heart of it are homegrown players like Paytm, Razorpay who will be riding the wave of <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword>. Insurance in India is still heavily regulated and for any startup, working with LIC would mean clearing many hurdles at once. “LIC is the grandmaster of insurance in India. For any startup partnering with LIC would mean an easier sell of insurance to consumers, the trust deficit associated with financial products would go away when there is an association with LIC,” Suri told Business Insider. For startups, which are still heavily concentrated in India’s bigger cities, working with LIC will open up direct access to users across Tier 2, 3 cities. Suri believes that the startups would become a ‘trustworthy’ company across India as the recognition value of LIC is high. So who can bid for the LIC tender? Partnering with India’s biggest life insurer, which is also headed for the public markets in what is called as the ‘biggest IPO of the decade’, won’t be an easy task. LIC in its RFP has already issued an eligibility criteria with multiple factors that each amount to a set number of points. The points will be decided on factors such as the total value of digital transactions done by the company in 2019-20, with over ₹50 crore taking the highest points, number of years of experience in the industry, among others. For a company to win the bid, it will need a minimum of 75 points. But that’s not the only hiccup. To bid for LIC means the company would have to first give an Earnest Money Deposit OF ₹10 lakh and the final winner would have to submit a Performance Bank Guarantee (PBG) of ₹10 crore. And all of this makes it a little complicated. "Technically, because of bidding these end up being low revenue opportunities," a source at one of the top payment aggregators told Business Insider on the condition of anonymity. Interestingly, there are many more players entering the payments industry with full force. From Mukesh Ambani’s Reliance to the Jeff Bezos-led Amazon have partnered with banks and other organisations, to apply for a <a href="https://www.businessinsider.in/finance/news/explained-the-nue-licence-for-payments-that-tata-ambani-and-bezos-have-applied-for/articleshow/81268434.cms">new umbrella entity (NUE) licence</a>, which will have powers similar to the apex body National Payments Corporation of India (NPCI). SEE ALSO: <a href="https://www.businessinsider.in/finance/news/explained-the-nue-licence-for-payments-that-tata-ambani-and-bezos-have-applied-for/articleshow/81268434.cms">EXPLAINED: The NUE licence for payments that Tata, Ambani and Bezos have applied for</a> <a href="https://www.businessinsider.in/thelife/personalities/news/meet-jay-chaudhry-the-man-who-studied-under-a-tree-in-himachal-to-become-one-of-the-worlds-top-billionaires-today/articleshow/81288884.cms">Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today</a> <a href="https://www.businessinsider.in/business/news/elon-musk-and-reliance-industries-mukesh-ambani-compete-in-energy-storage-skytran-and-hyperloop/articleshow/81266903.cms">Elon Musk is facing a challenge from Asia’s richest man Mukesh Ambani in India⁠— both in energy and transportation</a>

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Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today

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