Shipway, a shipping automation startup based in Gurugram, will be acquired by Unicommerce Esolutions, an e-commerce software company, as per the official statement released by the company on 11 November 2024.
According to Unicommerce, the transaction will be finalised in phases. It would pay INR 68.4 crore to acquire a 42.76% share in the first leg. Within a year, the remaining amount will be purchased through a stock exchange or merger, assuming full ownership of Shipway. Through the acquisition, Unicommerce will be able to offer solutions for courier aggregation, shipment automation, and return minimisation, extending its product line from the pre-purchase to the post-purchase e-commerce segments.
The Acquisition will Expand Company’s Profile
According to a statement from the firm, the acquisition would also allow Unicommerce to provide an integrated marketing platform with AI-enabled, automated solutions that let retailers and brands target customers with tailored, segmented, and widely-reaching marketing campaigns to boost conversions.
In addition to its four main products, Unicommerce has recently added two new ones: UniShip, which handles shipping tracking and returns, and UniReco, which handles payment reconciliation following order fulfilment. According to Kapil Makhija, managing director and chief executive of Unicommerce, the software solutions from Shipway and Unicommerce together would provide a one-stop, seamless solution to streamline e-commerce for companies in India.
Locking Horns Directly with Zomato-backed Shiprocket
With this acquisition, Unicommerce will face off against Shiprocket, a company backed by Zomato that provides direct-to-consumer firms with services like shipping and checkout.
Unicommerce was established in 2012 and provides technology solutions for managing e-commerce platforms, warehouse and inventory management, order management, omnichannel retail management, and seller management. For the quarter that ended on September 30, it reported operational revenue of INR 29 crore, up from INR 26 crore in the same period last year. Net profit reached INR 4.4 crore, a 21% year-over-year rise.
Unicommerce Entering into Pre-Purchase Solutions
With Shipway’s “ConvertWay,” Unicommerce is also branching out into pre-purchase solutions to assist firms in leveraging chatbots, AI-powered SMS and WhatsApp marketing, and customer support tools to increase consumer engagement. Additionally, Unicommerce will be able to offer its technological solutions to Shipway’s 3,000 customers, which include companies like Durex, Lenskart, Juicy Chemistry, Tresmode, and Dot & Key, among others, thanks to the acquisition. Shipway’s range of software solutions will also be available to Unicommerce’s current clientele, which currently numbers over 3,550.
Gaurav Gupta and Vikas Garg, co-founders of Shipway, expressed their happiness at the news of Unicommerce’s acquisition of Shipway. Unicommerce has established a strong, lucrative, and rapidly expanding business in addition to a dynamic technology environment. When combined, the two companies’ goods will be able to fully meet the expanding technological requirements of e-commerce companies.
The holiday season can be cheerful as well as challenging for small businesses. In a market dominated by giant corporations, these businesses stand out due to their authenticity and specific charm. Furthermore, they have the agility and flexibility to quickly adjust to evolving customer needs and preferences. They add a level of personalization to products that aren’t possible in mass-produced goods. The final two months of the year account for the majority of annual revenue for several small business owners. Seasonal buying creates a sense of excitement and enthusiasm.
The following tactics can help boost holiday sales and manage some of the season’s specific issues. You can ensure that both the business and the customers have a joyful time.
During the holiday season, small businesses frequently experience issues due to inadequate staff. Consider developing a cross-training program for staff members that will enable them to handle numerous responsibilities inside the company. It allows them to switch between tasks with ease. Your team’s adaptability helps it to respond successfully to the changing needs of the Christmas season.
When employees believe that management is willing to invest in them, they become more motivated and are more inclined to contribute to the company’s success. You can also look into part-time or seasonal hires to help out during peak times.
Customize Your Packaging
Strategies for Small Businesses During the Christmas Season – Customized Packaging
Customize your holiday packaging to provide a one-of-a-kind and unforgettable customer experience. It offers a unique opportunity to make a lasting impact on your customers. When customers are given multiple options, well-designed holiday-themed packaging can attract their attention and draw them towards your products. You can add a personal touch by including little season greeting cards or thank-you letters. It conveys the brand’s devotion to the festive season.
Stocking Fillers
Small businesses can significantly boost their sales throughout the holiday season by strategically placing stocking fillers and impulse buys around their premises. To bring attention to these products, use holiday-themed decorations, colors, and signs. Place these goods adjacent to large purchase items to make them more appealing. This method not only improves the shopping experience but also raises the possibility that shoppers will add these smaller goods to their orders.
Strategies for Small Businesses During the Christmas Season – Christmas Contests and Giveaways
By organizing holiday-themed contests and giveaways, small businesses can leverage the spirit of the season. They are great tools for encouraging customer participation, whether through social media, in-store activities, or email campaigns. This participation induces a sense of belonging and inclusion, making customers feel like valued members of a festive community. Brand loyalty is formed through this community involvement. Here, the user-generated content becomes a valuable marketing asset.
Website Imagery
Strategies for Small Businesses During the Christmas Season – Updating Website Imagery
Small businesses can improve their online presence as the holiday season approaches by proactively updating website images and technology. Incorporate festive colors, seasonal decorations, and imagery that is appropriate for the occasion. This instant visual transition sets the tone for a festive and appealing online buying experience. Create curated collections of holiday-themed products that align with the season and group them under specific themes. This can also help simplify the browsing experience.
Holiday Themed Bundles
You can attract clients’ attention throughout the holiday season by offering holiday-themed product bundles. Recognize your consumer base’s unique interests and build bundles to meet a variety of needs. This personalized approach increases the attractiveness of your offerings. You can boost sales by promoting limited-edition bundles. This instills a sense of urgency in customers, encouraging them to make quick purchases. You can even offer bundle customization options, allowing buyers to personalize the contents to their liking.
Gift Guides
Gift guides not only make buying easier for your consumers, but they also raise interest in the distinctive offerings that small businesses like yours offer. During the holidays, people of all ages look for unique and thoughtful gifts that will wow their loved ones. Shoppers in need of inspiration will always appreciate lists that highlight your best products in one place. Launch your gift suggestions ahead of the season to attract early shoppers.
Free Gift Wrapping
Strategies for Small Businesses During the Christmas Season – Free Gift Wrapping
This considerate and functional gesture adds tremendous value to a purchase while also building a solid relationship for your business. Offering gift wrapping is a concrete method to show your appreciation to your consumers. It saves clients the time and effort required to wrap their gifts. Receiving a thoughtfully packaged present can create a lasting impression on customers. This also increases the likelihood of repeat business. To avoid extended wait times or delays, make sure your present wrapping services are managed effectively.
Dual Pricing
Dual pricing methods are a great way for small businesses to increase holiday sales. Give exclusive offers and discounts to loyal, long-term clients. Send promo coupons or advertise sales exclusives to email subscribers and repeat shoppers that show commitment to your business. Offer things to your regular customers at a marginally higher price. An alternative strategy involves bundling goods or services at regular rates and providing a discount for buying them all together as a bundle. A balanced dual pricing approach will earn you holiday revenue while protecting customer goodwill and preventing any greed perceptions.
Community Engagement
Strategies for Small Businesses During the Christmas Season – Christmas Craft Workshop
Organizing workshops with a Christmas theme, such as DIY ornament creation, cookie decorating, or wreath-making, can improve community participation and create lasting relationships. Workshops give attendees the ability to develop new abilities and let their imaginations flow wild. Recognize your target audience and adjust workshops to suit their needs. By focusing on the needs of the customer, you can make sure that your workshops are interesting and relevant to the people in your community. You can enhance the festive ambiance by incorporating seasonal refreshments and festive tunes into the workshops. Make sure that these workshops show off how useful your products are so that customers make purchases willingly.
Loyalty Rewards
Consider adding special rewards to your loyalty program for loyal customers during the holiday season. You can offer exclusive discounts, early access to sales, or extra points for holiday purchases. This encourages repeat shopping and shows customers that they are valued. To make sure your customers choose your small business for their holiday shopping, promote these rewards through email and on your website.
Run a Holiday Charity
Spread the holiday spirit by connecting your small business with a good cause. You can team up with a local charity or organize a donation drive. Share your efforts through email and on social media to show that you care about the community. Customers appreciate businesses that help others, making it a great strategy for everyone.
Conclusion
We’ve seen that small businesses have a great chance to close the year with a profit over the holiday season. As the snow falls and the festivities continue, these businesses shine brightly, demonstrating that in the spirit of giving, it’s the thoughtful, community-oriented approach that truly catches the season’s charm. Personalized gifts and festive happiness are just a few of the ways small businesses anchor neighborhoods over the Christmas season.
Christmas boosts business due to increased consumer spending, gift purchases, and festive promotions, driving higher sales and revenue.
Should I decorate my business for Christmas?
Yes, decorating for Christmas can create a festive atmosphere, attract customers, and enhance the holiday shopping experience.
How does offering gift wrapping service help in attracting customers?
It adds tremendous value to a purchase while also building a solid relationship for your business. Offering gift wrapping is a concrete method to show your appreciation to your consumers. It saves clients the time and effort required to wrap their gifts.
Brainbees Solutions Limited, the parent company of the well-known e-commerce platform FirstCry, announced on November 10, 2024, that a GST department inspection that started on November 6 had completed.
The business said in a report to the stock exchanges that it answered all of the questions posed and cooperated completely with the authorities. According to Brainbees, inconsistencies in previous fiscal years’ GST forms resulted in a payment of INR 1.74 crore, including interest.
Discrepancies Between GSTR-3B and GSTR-2A GST Return
The Assistant Commissioner of State Tax, Mumbai, Investigation-C, oversaw the four-day GST inspection, which started on November 6 and ended on November 10, 2024. It concentrated on claimed discrepancies between GSTR-3B and GSTR-2A GST return files for the fiscal years 2018–19, 2019–20, 2020–21, and 2022–23.
The GST implications of FirstCry‘s IPO-related expenses were also carefully examined throughout the inspection, with particular attention paid to how costs incurred during the issue of additional shares were handled. The business insisted that all problems were completely fixed and said it gave sufficient justifications to allay these worries.
Reassurance of Uninterrupted Operations and Collaboration
During the inspection, Brainbees reinforced that it complied with all information requests and underlined its complete cooperation with GST inspectors. Aside from the settlement’s financial impact, the corporation reassured stakeholders that the inspection had no negative effects on its business operations.
According to Brainbees’ official statement, “This has not impacted the operations of the company, which are continuing as usual.” The Pune-based business is the top retailer of children’s products in India, offering a large selection of goods for parents and kids up to 12 years old both online and in-store.
The company’s official filing contained all information required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with SEBI’s directive. According to the compliance statement, Brainbees promised to swiftly notify the exchanges of any new material developments pertaining to the GST probe.
The top children’s goods retailer in India, FirstCry, is run by Brainbees Solutions Limited, which has its registered office in Pune. The company is constantly growing its market share both online and in-store.
About Brainbees Solutions
In accordance with a certificate of incorporation given by the RoC, the firm was founded on May 17, 2010, as a private limited company under the Companies Act 1956, in Pune under the name “Brainbees Solutions Private Limited.” Following a resolution by the company’s board on August 31, 2023, and a resolution by its shareholders at the general meeting on September 5, 2023, the company was converted to a public limited company, and its name was changed to ‘Brainbees Solutions Limited’. Following its business’ conversion to a public limited company, the RoC issued a new certificate of incorporation on November 2, 2023.
The National Stock Exchange of India (NSE India) and Zomato, led by Deepinder Goyal, have teamed up to encourage financial literacy among its delivery partners. As part of the collaboration, Zomato and NSE will conduct financial literacy seminars around India to teach the delivery partner community the ins and outs of managing personal finances.
I am pleased to announce our collaboration with NSE India as a measure to raise financial awareness among delivery partners onboarded on Zomato. To teach the delivery partner community the ins and outs of managing personal finances, we will collaborate to conduct financial literacy courses throughout India, Goyal posted on X.
First Workshop in Hyderabad
On October 22, 2024, the inaugural financial literacy training took place in Hyderabad, Telangana. More than 2,000 delivery partners voluntarily participated in the event, Goyal said. According to Goyal, these programmes are specifically designed to meet delivery partners’ requirements.
The goal of these financial literacy workshops is to provide partners with the fundamental knowledge and abilities needed for effective money management, saving, and growth. “I hope these sessions act as a foundation for all our delivery partners to manage, save, and grow their finances and assist them on their path to financial independence,” Goyal noted further.
Expanding Workshops and Other Initiatives of Zomato
Zomato’s extensive network of delivery partners will be able to access financial literacy as the courses progressively spread to further Indian cities. NSE India plays a crucial role in the collaboration because of its extensive background in financial education and awareness initiatives.
In addition to prioritising financial literacy, Zomato has been tackling food waste by introducing the creative ‘Food Rescue’ project. Due to the monthly cancellation of over 4,000 orders, a significant quantity of food was at risk of going to waste. Zomato responded by creating a system that enables neighbouring customers to purchase cancelled orders at significantly reduced costs. In addition to reducing food waste, this programme gives consumers access to reasonably priced meals. Orders that are cancelled are shipped in their original, untouched packaging.
The company tackles two challenges by giving customers affordable options and reducing food waste by supplying them with high-quality, discounted meals. This action aligns with Zomato’s overarching goal of lowering food costs and increasing accessibility while implementing environmentally responsible procedures. Zomato’s growing vision for social responsibility is seen in both the ‘Food Rescue’ project and the financial literacy classes. By placing a high priority on sustainability and financial education, Zomato not only helps its delivery partners become financially independent but also leads by example in the collaborative economy.
Through its fully owned subsidiary Startup Investments (Holdings) Ltd., the internet business Info Edge Datalabs told the stock exchanges that it intends to invest INR 4 crore ($474K) in its portfolio company LegitQuest.
By purchasing convertible notes, the investment in the legal tech business will be made in two installments. Subject to “certain conditions,” the remaining INR 2 Cr will be invested within a year after the first payment of INR 2 Cr is made within 30 days. After the second investment tranche, Info Edge would own a total of 27.98% of the firm, even though it will also be obtaining more funding from other investors. This, however, is contingent upon additional provisions and LegitQuest’s subsequent investment round.
About LegitQuest
LegitQuest, a generative legal AI assistant founded in 2017 by Karan Kalia, Rohit Shukla, and Himanshu Puri, offers lawyers real-time responses, document draughting, contract and case law assessments, and more.
The startup claims to have over 1,000 business-to-business clients and over 3 lakh users. After making INR 2.22 Cr in FY23, LegitQuest’s turnover for FY24 increased by 163% to INR 5.85 Cr. Additionally, it recorded INR 38 lakh in profit after taxes for FY24.
In Edge Expanding its AI Portfolio
When the startup raised INR 5 crore in its Series A funding round in 2021, Info Edge made its first notable investment in LegitQuest. Waterbridge Ventures participated in the round as well.
The investment is in line with the business’ growing emphasis on funding internet businesses that use GenAI. Info Edge further mentioned that this month it would spend INR 30 crore in Redstart, its investment arm. The firm intends to use this investment to look into more online business investment opportunities.
In terms of finances, Info Edge saw a sharp drop in profits during the second quarter of the current fiscal year. The company’s net profit in Q2 FY25 was INR 84.73 Cr, down 64.6% year over year from NR 239.74 Cr in the same quarter the previous year. However, compared to the INR 625.84 Cr it reported in Q2 FY24, its operational revenue increased 3.5% YoY to INR 700.82 Cr.
Generative AI’s Investment Scenario in India
According to a survey by IT industry group Nasscom, investment in India’s generative AI firms increased by twofold in the first half of 2024 (January–June) as compared to the second half of 2023 (July–December).
According to Nasscom’s most recent Generative AI tracker, despite the rise in investments, funding rounds decreased by about 50% in the first half of this year compared to the second half of the previous year. In the same time frame, US investments in Gen AI startups increased threefold, and large tech corporations’ investments in Gen AI startups increased 1.25 times.
Air Orca is a fully autonomous logistics drone service that was introduced by BonV Aero, a startup based in Odisha. Tim Draper, a venture capitalist, was present during the launch event.
The CEO of BonV Aero, Satyabrata Sathapathy, stated on 10 November 2024 that the debut of Air Orca represents a significant step forward for both the Odisha-based company and the logistics industry in India.
The company has been able to customise this drone to meet the unique requirements of India by developing and producing it domestically. Tim Draper’s assistance enhances the impact of this launch, and the company is appreciative of his participation as it seeks to expand the advantages of Air Orca for both defence and civilian uses throughout India, according to Sathapathy.
How this Launch Can Strike a Right Chord for India’s Logistic Sector?
BonV Aero is responsible for the complete design, development, and manufacturing of the Air Orca in India. Air Orca’s sophisticated autonomous skills enable it to address a variety of logistical issues, especially in areas where conventional modes of transportation are not feasible. Delivering relief goods to impacted areas and offering vital assistance during calamities, the drone is intended to act as a first responder in post-disaster situations.
According to Tim Draper, observing the Air Orca launch here in Odisha is exciting. With a wide range of applications, ranging from disaster relief to high-altitude missions for the armed services, autonomous drones like Air Orca offer useful answers for contemporary logistics by increasing reach, flexibility, and dependability. The business believes that its innovation solutions can be a useful tool for disaster response in India and around the world.
Holding a World Record of Lifting 30Kg Payload
By lifting a 30 kilogramme payload at Umling La, Ladakh, the highest motorable road pass at 19,024 feet, BonV Aero became the first Indian firm to set a world record. According to Sathapathy, this capability surpasses that of helicopters, which have more difficulties carrying comparable loads at such high altitudes.
Additionally, according to the business, Air Orca wants to provide global logistics solutions for a range of industries, including healthcare, e-commerce, military logistics, and crisis management.
An important turning point in the logistics sector has been reached with BonV Aero’s introduction of a completely autonomous drone logistics service. With cutting-edge technology, an emphasis on efficiency and safety, and a dedication to solving practical problems, this Odisha business is set to revolutionise the way that goods are delivered in India. BonV Aero is poised to take the lead in building a more sustainable and connected future as they develop and grow.
With the addition of more than 10,000 electric vehicles (EVs) to its delivery fleet, e-commerce company Flipkart announced that it has reached a significant milestone. This is the outcome of EVs being gradually included in last-mile deliveries over the previous few years. The company announced that, as part of the Climate Group’s EV100 programme, it will transition to a completely electric logistics last-mile fleet by 2030.
Currently, Tier-I cities like Delhi, Bengaluru, Hyderabad, and Chennai are home to 75% of Flipkart’s electric fleet. Flipkart also revealed in August 2024 that EVs were completing more than 55% of its food orders. Additionally, it used its electric vehicle fleet to carry more than 16% of groceries to Tier-II and smaller cities, such as Lucknow, Sonipat, Ludhiana, Bhubaneswar, Malda, Hubli, and Vizag, during the 2024 festive season.
Driving Operational Excellence and Setting the Benchmark
Significant operational efficiencies have been achieved as a result of the strategic use of EVs. In comparison to traditional delivery trucks, it has reduced the cost per order at the hub level and increased the last-mile delivery speed by 20%.
Hemant Badri, senior vice president and group head of supply chain, customer experience, and re-commerce business at Flipkart Group, stated that the company is not only promoting operational excellence but also establishing a standard for sustainable practices in the industry at large by combining its growing EV fleet with significant investments in charging infrastructure.
To facilitate this sustainable shift, Flipkart is investing heavily in charging infrastructure in addition to growing its fleet of EVs. In order to promote broader EV adoption, the company has teamed up with the Adani Group to set up 38 specific charging locations with 190 chargers overall in important Tier-II cities. Additional public infrastructure improvements are also planned. In order to improve supply chain operations and grow the integration of electric vehicles, Flipkart has also launched a last-mile aggregate model in Karnataka, Telangana, and Tamil Nadu, working with fleet operators that are focused on EVs.
Company is Focusing on Strategic Partnership for Sustainable Growth
According to Nishant Gupta, head of sustainability at Flipkart, the company is well-positioned to reach a 100% last-mile electric fleet by 2030 thanks to its strategic partnership with the Climate Group’s EV100 initiative and cooperation with top original equipment manufacturers, EV service providers, charging infrastructure partners, financing bodies, and manpower sourcing agencies.
In an effort to reach its goal of having 10,000 electric vehicles for last-mile deliveries by 2025, Amazon India, another e-commerce company, has announced that it has partnered strategically with Gentari, an electric mobility company, for its EV deployment programme.
People usually think that they just need a paycheck to become rich. If they keep making money and spending it simultaneously, they’ll be rich. But we very well know the secret to becoming rich is way beyond just paychecks. A better understanding of this can be taken from the example of those billionaires who didn’t think twice before spending and ultimately, filed for bankruptcy.
This article covers those billionaires who declared bankruptcy or claimed to be completely broke at some point in their lives. Now, you might be thinking, what makes a person bankrupt, especially when they have billions of dollars? Various factors come here such as lousy investment, massive fraud cases, economic downturn, and many more. But the bottom line here is, that they didn’t plan any backups and went on and on with their money. And that’s what sank their ship!
As we have a basic understanding here, let’s get on with knowing the stories of how these billionaires become bankrupt.
We can get started with Mike Tyson, the super famous fighter who used to earn up to $22 million per fight, which ultimately became a lifetime earning of half a billion dollars. Even after such big paychecks, he filed for Chapter 11 bankruptcy in 2003 as per the Benjamin Law. The reason for this bankruptcy is the huge debt that sank him.
The debts were so high that the law firm reported that Mike Tyson owed $38.4 million to the creditors which included the Internal Revenue Service along with his ex-wife, Monica Turner.
Elizabeth Holmes
Occupation
Founder and CEO, Theranos
Bankruptcy Year
2013
Reason for Bankruptcy
Fraud
Elizabeth Holmes – Billionaire Who Became Bankrupt
The woman who made it to the cover of Forbes for founding the incredible startup worth $9 billion, Elizabeth Holmes, was forced to declare bankruptcy. She was convicted of criminal fraud through her company, Theranos. Her company claimed to be developing a revolutionary blood test that will come in the form of testing hundreds of diseases and medical conditions with just a few drops. But later it was proved that the company was not even close to developing such technology. This resulted in Elizabeth Holmes awaiting sentencing for facing up to 20 years in prison.
Aubrey McClendon – Billionaire Who Became Bankrupt
The next in the line is Aubrey McClendon, co-founder of Chesapeake Energy, which is an oil and gas company with a net worth of $1.2 billion. He was accused of unfair manipulation of bids for drilling rights along with charges of federal conspiracy. However, due to an unfortunate car accident, McClendon died a day later of the accusations.
A very well-known name in India, Vijay Mallya was an airline and liquor tycoon famous for his luxurious and high-flying lifestyle. He was the owner of Kingfisher Airlines, which is a now-defunct Indian airline.
Eike Batista, the name that was made the seventh richest person in the world, ultimately declared bankruptcy. He was an oil baron with the oil company, OGX. However, due to his failure in managing the production target, he started losing money. And the situation worsened when Brazil’s economy suffered a tough time.
And when in the year 2012, Eike Batista’s net worth was estimated to be $30 billion, it fell into money laundering and corruption and he filed for bankruptcy.
Sean Quinn
Occupation
Founder, Quinn Group
Bankruptcy Year
2011
Reason for Bankruptcy
Debts
Sean Quinn – Billionaire Who Became Bankrupt
This Irish Businessman who was once noted as the richest man in Ireland according to Forbes went bankrupt because of huge debt from the banks. Starting with cement manufacturing, Quinn’s biggest decision of entering the hospitality industry turned the way. In 2008 it was estimated the Quinn group owed 2.8 billion British pounds to the Anglo-Irish Bank. A lavish lifestyle without debt repayment and owning luxurious hotels as a new venture put down Quinn completely.
Another hard fate that hit Quinn was Quinn’s insurance levied a sum of 3.25 million pounds and 200000 million pounds personally. This was due to Quinn Insurance issuing loans against the Financial regulation of Ireland. The wholesome amount was used in investing in stocks and for other luxuries.
In the year 2012, the Ireland government declared Sean Quinn bankrupt and was sent to jail for 9 weeks. Perhaps Quinn used the law “Right to be Forgotten” to delete his lavish lifestyle details from the internet.
Bernie Madoff
Occupation
Founder, Bernard L. Madoff Investment Securities
Bankruptcy Year
2008
Reason for Bankruptcy
Ponzi Scheme
Bernie Madoff – Billionaire Who Became Bankrupt
Bernie Madoff, the biggest fraudulent sentenced to 150 years punished ever in the history of mankind. This man ran the biggest and longest Ponzi Scheme over 17 continuous years. The Ponzi Scheme was worth 65 billion dollars. He netted many investors to invest in the scheme by attracting them to an investment firm named Penny Stock Brokerage. The fraud worth was 65 billion dollars. But it was all known to the world when Madoff confessed the whole matter to two of his sons and that’s where the game began. The unimagined thought of Madoff was his sons Mark and Andy revealed the entire story to the FBI. The shocked FBI arrested Madoff and punished him serving 150 years sentence with forfeiture of 170 billion dollars. Many of his investors killed themselves, Mark’s suicide two years after the tragedy, and the entire fraud life of Madoff remains.
Björgólfur Guðmundsson
Occupation
Chairman, Landsbanki
Bankruptcy Year
2008
Reason for Bankruptcy
Global financial crisis and business troubles
Bjorgolfur Gudmundsson – Billionaire Who Became Bankrupt
Iceland’s second richest man Björgólfur Guðmundsson went bankrupt for over 500 million Euros in the year 2008. He was already jailed for about a year on a bookkeeping offense in the early 1990s. After becoming the chairman of the bank Landsbanki, Björgólfur Guðmundsson misused a lot of money and became a disaster for Iceland’s economy. He owed more than 500 million dollars personally which devastated his faith.
Robert Allen Stanford alleged massive ongoing fraud of 7 billion dollars and over amounts uncalculated. This biggest fraud ran the biggest Ponzi scheme under the name of Stanford Financial Groups which is defunct now. In 2009 FBI and SEC imposed several violations of acts on Stanford such as a money laundering case, a Ponzi scheme, violated financial securities, and many more. This mesmerizing brain manipulated many clients by showing hypothetical records as real data to pitch them and invest in him. Although tried to fly off from the US to Antigua with failed attempts he surrendered himself to the FBI in 2009 and the same year the Judicial Law of Florida sentenced him to 110 years. Being absent of guilt he even applied for an appeal in 2014 but got rejected in 2015.
Sam Bankman-Fried
Occupation
Founder, FTX
Bankruptcy Year
2022
Reason for Bankruptcy
Liquidity crunch
Sam Bankman-Fried – Billionaire Who Became Bankrupt
Sam Bankman-Fried had made his fortune through FTX exchange and Alameda Research trading firm and established himself as Crypto King. FTX crashed in November 2022 due to a liquidity crunch. The crypto exchange collapsed after it emerged Alameda had been using FTX customer assets to cover trading losses. Its users began withdrawing their investments at a rapid pace. As a result, Sam filed for bankruptcy for both of his firms.
On Nov 11, 2022, FTX filed for Chapter 11 bankruptcy protection in the US. The fall of FTX and bankruptcy filing have impacted the crypto industry worldwide.
Before FTX’s collapse, he ranked the 41st richest American in the Forbes400 and the 60th richest person in the world by The World’s Billionaires. His net worth peaked at $26.5 billion.
The US Court has charged him with Securities fraud, Wire fraud, and Conspiracy. He faces a maximum of 115 years in prison if convicted on all eight counts and sentenced to serve each charge consecutively. He has been released on a $250 million bond and is under house arrest. On Jan 03, 2023, he pleaded not guilty to fraud and other charges.
Jocelyn Wildenstein
Occupation
Socialite
Bankruptcy Year
2003
Reason for Bankruptcy
Debt
Jocelyn Wildenstein – Billionaire Who Became Bankrupt
The woman was famous as a “Catwoman” because of her looks, Jocelyn Wildenstein was a big socialite. Based on reports, she used to spend $1 million on shopping and $5,000 on her phone bill per month. She is a former wife of the late Alec Wildenstein, who used to be a billionaire in his days.
Later in 2018, Jocelyn Wildenstein declared bankruptcy and claimed that she had $0 in her bank account.
Anil Ambani
Occupation
Businessman
Bankruptcy Year
2020
Reason for Bankruptcy
Bad Investments, Debt
Anil Ambani – Billionaire Who Became Bankrupt
The younger son of Dhirubhai Ambani, Anil Ambani hasn’t had much luck since 2002. After his father’s death, the $15 billion Reliance business split, with Anil getting control of companies like Reliance Communications, Reliance Capital, and Reliance Infrastructure, while his brother Mukesh took over Reliance Industries.
In the past 15 years, he has gone from being the world’s sixth richest person with $42 billion in 2008 to facing bankruptcy, selling family assets to pay lawyers, and seeing his companies auctioned. He was even threatened with jail by the Supreme Court. Recently, the Securities and Exchange Board of India (SEBI) banned him from the stock market for five years in August 2024.
Conclusion
We can say that with mere paychecks, one doesn’t stay rich. Some of the billionaires are or were forced to file for bankruptcy in their lives. Many of these served jail time because of money laundering and severe debts, such as Allen Stanford, Eike Batista, and many more. To make you familiar with this, we rounded up these above-mentioned billionaires who filed for bankruptcy.
FAQs
Has a billionaire ever gone broke?
Usually, billionaires and their teams are smart enough to protect their wealth. However, unfavorablesituations can make them bankrupt. Adverse economic scenarios, bad investment decisions, or fraud can make billionaires file for bankruptcy.
Which billionaires went Bankrupt?
Some billionaires who became bankrupt are:
Mike Tyson
Elizabeth Holmes
Aubrey McClendon
Vijay Mallya
Eike Batista
Sean Quinn
Bernie Madoff
Björgólfur Gudmundsson
Allen Stanford
Sam Bankman-Fried
Jocelyn Wildenstein
Anil Ambani
Was Vijay Mallya a billionaire?
Yes, Vijay Mallya was a billionaire with a net worth ranging from $1 billion to $1.5 billion. in years 2006-2012.
How many billionaires are there in the world?
There are 2781 billionaires in the world as of 2024.
Christmas, the festival celebrating the birth of Jesus is also an occasion for sharing love, gifts, and whatnot. Christmas is one of the most celebrated festivals in the world. As a result, this most anticipated and awaited holiday season brings about a lot of happiness and business opportunities too.
Pre-planning some marketing strategies and executing them well would grab you loads of business and profits during this season. Christmas marketing strategies are ways to promote your products during the holiday season to attract more customers and increase sales. Here are some of the Christmas marketing and advertising ideas that would elevate your business this festive season.
Make your customers feel that Christmas is arriving. Create an ambiance that gives them a sense of the holiday season. Re-design your logo, theme, animations, and fonts with a Christmas touch like Santa Claus, Christmas tree, snow, etc., While the customers are decorating their homes for the festival, you decorate your store or site and celebrate the occasion along with them. This takes you closer to your customers and develops trust for your brand. It will enrich the bond your customers share with you.
Launch a Special Christmas Sale
Christmas seasonal sale to boost your business
Introducing a Christmas seasonal sale would boost your business during this holiday season. Besides adding some Christmas themes to your store or site’s outlook, bring some changes to your products and services too. Create packages with discounted prices, bundle your products, customize or redesign the packings for seasonal sales, or terrify the customers with your price drops and it can be one of the best Christmas marketing campaign ideas. Creating some of such surprising elements would pull the customers towards your business and it’s one of the best Christmas business promotion ideas.
Campaign Through Emails
Email marketing in recent years has become a significant and powerful medium for showcasing businesses to people. So you can use this technique to send attractive emails to your customers that describe your Christmas sale, offers, price drop alerts, etc. Create an impressive subject line that attracts customers to open your email. Schedule your emails at regular intervals that keep reminding them of the sale. Inject a sense of likeability and longing towards your Seasonal Sale using email campaigns.
As Christmas is a festival of gifts, decorations, and celebrations, using relevant keywords to promote your business would be a great strategy. PPC always serves to be an important factor that drives customers. And during this Christmas season (which can also be called the shopping season), PPC stands to be a crucial factor that can’t be ignored. Do extensive keyword research and use the apt one for your ad campaigns. This ensures your ads pop up before the right customers at the right time.
Post Blogs, Videos, or Guidelines related to Christmas
Christmas Blogs
Mostly, the Christmas celebrations revolve around activities like Decorations, Giftings, and family meals. All of them are creativity-based pursuits where there’s always something new that one can innovate. So you can create blogs or videos that provide various ideas on Christmas decorations and gifts. Also, you can provide step-by-step guidelines or procedures to perform those activities. You can connect these posts to your products or services wherever possible and use them as a platform for your sales promotion.
Organize a Christmas Giveaway
Organize Christmas Giveaway
Plan a giveaway contest for your customers by offering astounding gifts. The giveaways can be constructed based on the nature of your business. You can offer seasonal gifts for people who have made the maximum purchase or decide the winner using a lucky draw. You can also use this system to encourage your existing patrons to bring in new customers to your business. Giveaway gifts can be anything from highly hyped mobiles to holiday vacation packages. Such giveaways with popular products or services will prove to be a great marketing idea to boost your business and can be one of the top Christmas marketing ideas.
Not all people are experts in gifting. Most of them would be excited about it but confused about what to choose. Offering gift cards or gift vouchers in this instance would be a great boon for such customers. This reduces the customer’s stress and also guarantees you a sale worth the same or more than the price you sold the gift cards for. You can also offer discounts on gift vouchers to promote its sale. This can be a promising way to retain your customers and also bring in more of them for your entity.
Instigate a Sense of Urgency in Customers
It is the nature of the Christmas season to adorn our places, make our loved ones happy through gifts, and cherish family time together. So, people will be triggered to shop more. You can capitalize on this shopping season by creating a sense of urgency in your customers. Use words like “Limited Period Offer, Only a Few Hours/Stocks Left, Act now, Grab before it’s gone, etc., in your marketing campaigns. Tagging these words along with exciting deals can be the best combo for kick-starting your Christmas sale. They create a dire rush in people not to miss the opportunity.
Don’t miss out on the ‘After Christmas Sale’
The ‘After Christmas Sale’ also has a huge market and reception among customers. People who had missed the earlier sales and were busy with Christmas celebrations would love to feast on this opportunity. The days between Christmas and New Year are the best time to initiate this sale. Usually, people would be relaxed during these days after a couple of weeks of busy celebrations. Take advantage of this situation to re-instigate your sales. You can also slash the prices for old wares, offer exciting benefits, and clear your stocks using this sale.
Hosting a party or lunch for your customers along with employees can be the best way of getting to know your community. This brings your customers a step closer to the business and makes them feel more important. A small initiative like a party can deeply root the customers for your growth.
Create Christmas Packaging
Starbucks Christmas Packaging
Holiday-themed packaging can turn any product into a gift, so customers won’t need to pay extra for gift wrapping. It also adds a festive touch, making your products feel special for the season and helping to boost your sales and revenue. This is one of the easiest and best Christmas marketing ideas for small businesses.
Partner With Influencers
Influencers are essential for a successful Christmas marketing strategy. They promote your products to their followers on social media, showing off the best qualities of your brand or a specific product. Influencers can inspire their followers to buy and make great brand ambassadors.
Create an Advent Calendar
Create Christmas Advent Calendar
If you have different products, try showing them off with an advent calendar or Christmas bundle. Cosmetic and chocolate brands have done this for years, and it can work well for other brands too. This idea can increase your holiday sales, and if customers like your products, it may lead to more sales in the future.
Partner With a Charity
Christmas is the season of giving, so inspire your customers to support a cause your brand cares about. You could create special Christmas products and donate part of the sales, or invite customers to donate to a charity you support.
Be clear and open with these efforts. Customers want to see proof of their impact, so share the results with a follow-up message.
Create a Santa Wish List
A Santa wish list is a great way to show off different products or services with little effort. You can gather all the product photos you’ve collected and share them as a carousel on your feed.
Adding a fun caption will help explain your idea and give more details about the products. Plus, you can use Instagram’s shop tab to link to your website or show prices in the pictures.
Founders’ views on increasing sales in Holiday Season
Kapil Gupta – Founder and CEO of Ruhe Group of Companies
Mr. Kapil Gupta, Founder and CEO, Ruhe Group of Companies
A significant increase in overall sales is seen throughout the holiday season due to expenditure driven by the festivities. Therefore, each business employs unique strategies to increase sales during this critical season. Retailers utilize data to optimize inventories to address the demand without building up a significant backlog of orders or incurring exorbitant holding fees. For example, data-driven predictive sales and inventory intelligence enables retailers to automate demand forecasting and planning. – Mr. Kapil Gupta, Founder and CEO, Ruhe Group of Companies
Rupesh Jain – Founder of Candere by Kalyan Jewellers
Mr. Rupesh Jain, MD & CEO, Candere By Kalyan Jewellers
Retail & e-commerce/online brands rely heavily on the festive/ wedding season to increase their sales margin through accelerated market & data-driven strategies/approaches. – Mr. Rupesh Jain
Here are some strategies to drive/maximize sales growth:
On-purchase discounts & offers to attract more & more customers.
Launching various promotional campaigns specific to occasions for a customer connect, re-channelizing the usual marketing strategies to generate positive business outcomes.
Keeping an innovative and efficient marketing approach for increased sales.
In a golden era of digitization, technology is important to generate accurate sales data to determine successful business metrics and drive sales.
Use statistics and data to study the traffic of the holiday season and capitalize on evolving and emerging trends by announcing new, contemporary launches.
Retention of long-associated customers during the holiday season is a must by giving an additional percentage in existing/ seasonal/festive offers as brand goodwill.
Conclusion
These are some of the simple and best ideas that could lift your Christmas seasonal business you can also follow during the 12 days of the Christmas marketing campaign. You can choose any or implement all of the above ideas as each of them would serve as a value addition to your profit. Make the best use of this busiest shopping season and grab as many customers and profits as you can.
Merry Christmas!
FAQs
What are 12 days of Christmas promotion?
A 12-day Christmas promotion is a marketing event where you disclose a surprising sale item and every day you announce the winner of a set giveaway item.
What should I give away for Christmas?
Some of the giveaways for Christmas are:
Holiday Packages offer
Gift Card and Gift Vouchers
Surprising high Discount Deals
Food Coupons
Travel Products
What are good Christmas marketing strategies for retailers?
Good Christmas marketing strategies for retailers include offering holiday-themed products, using influencer promotions, creating gift bundles, supporting a cause, and using festive packaging to attract customers.
How to promote Christmas sales?
Some of the best ways to promote Christmas sales are:
Previously known for its caste problems, Tirunelveli is currently gaining recognition for its thriving entrepreneurship scene. More women from this area are breaking down barriers and entering the startup environment in recent years.
As of September 27, 2024, there were 405 start-ups in the Tirunelveli regional hub, according to data released by the Tamil Nadu Startup and Innovation Mission (StartupTN). This hub is made up of the districts of Tirunelveli, Tenkasi, Thoothukudi, Kanniyakumari, and Ramanathapuram.
Four Key Factors Backing the Startups’ Growth
Thillai Rajan, an IIT-Madras professor of management studies, compiled a collection of data using his information and analytics platform, YNOS Venture Engine. Eighty-eight start-ups have female co-founders. Women have established or co-founded roughly 43% of start-ups, he said.
Tirunelveli entrepreneurs claim that the flourishing start-up ecosystem is the result of four important elements. First, the Zoho Corporation’s influence, which brought in a slew of tech-related businesses. In Tirunelveli, a large number of start-ups are established by former Zoho employees. The second aspect was the region’s residents’ innate spirit of entrepreneurship. People from this area founded some of the well-known retail brands in T. Nagar, Chennai, in recent years. This area is also home to a large number of Silicon Valley residents, according to data from StartupTN.
Thirdly, the tendency was influenced by the growing number of large corporations in and surrounding this region, including Bosch and Tata Power. This has given entrepreneurs more confidence to start businesses in the area. The fourth aspect was StartupTN’s assistance, which has given nearby start-ups access to vital resources, networking opportunities, and mentorship.
This region’s startups have also been successful in obtaining significant finance. Nine start-ups have received funding in the area, according to StartupTN. Two are recipients of the Tamil Nadu SC/ST Startup Fund, while five are recipients of TANSEED. While one start-up secured seed investment, the other received angel funding.
What is TANSEED?
TANSEED is a grant programme run by the Tamil Nadu Startup and Innovation Mission (TANSIM), the government of Tamil Nadu’s MSME Department’s policy implementation agency. In particular, the initiative aims to pre-incubate and accelerate early-stage businesses throughout Tamil Nadu, making the majority of them investible (capable of obtaining TANSIM funding support) and generating follow-on funding.
The goal of TANSEED is to establish a platform for inclusive innovation solutions that benefit people on a social and economic level. These solutions might be technology or business process orientated.
Tamil Nadu Startup and Innovation Mission
In order to create an inventive and conducive environment in the state, the Tamil Nadu Startup and Innovation Mission (TANSIM) was established. In order to create high-growth entrepreneurial ventures in a variety of industries, including agriculture, manufacturing, healthcare, education, logistics, the social sector, urban development, the environment, Fintech, and ICT, TANSIM’s primary activities include fostering innovation, encouraging investments in R&D, infrastructure support, knowledge creation, technological development, and skilled labour. It carries out a number of programs to assist and foster new businesses in the state.
Nitin Konde
