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  • Wrogn, Backed by Virat Kohli, Gets Investment From Aditya Birla Digital Fashion of INR 75 Crore

    Aditya Birla Digital Fashion Ventures Ltd., often known as ABDFVL, contributed an additional INR 75 crore to Wrogn, the apparel and footwear company supported by cricket player Virat Kohli.

    As per an exchange filing on 16 September 2024, ABDFVL’s stake in Wrogn will rise from 17.1% to 32.84% on a fully diluted basis, consequent to this investment. According to an exchange filing, the purchase of the additional stock would be settled with cash within 30 to 90 days.

    ABDFVL is Expanding its Portfolio

    As stated in the filing, the new funding is a “continuation of its earlier investment on certain milestone-based valuations.” It further stated that this will support the growth of ABDFVL’s portfolio of digital-first businesses. Wrogn, which was incorporated in 2012, is a company that manufactures, markets, and distributes accessories, footwear, and fashion clothes.

    From INR 344 crore in fiscal 2023 to INR 243 crore in fiscal 2024, Wrogn’s revenue decreased. In the fiscal year 2022, the company declared revenue of INR 336 crore. About a month has passed since Aditya Birla Fashion and Retail was given permission to raise up to INR 500 crore through the issuance of non-convertible debentures, at which point a larger interest in Wrogn was acquired.

    The First Quarter Performance of Aditya Birla Fashion

    In the first quarter of the fiscal year 2025, Aditya Birla Fashion reported sales that increased 7.2% year over year to INR 3,428 crore from INR 3,196 crore in the corresponding quarter of the previous fiscal year. Compared to the same period previous year, when the company’s loss was INR 162 crore, its loss for the April–June quarter increased to INR 215 crore.

    For the three months ending June 30, 2025, the fashion retail company’s EBITda increased by 13% to INR 359 crore, and its margins expanded to 10.5%.

    Lately, Many Fashion Businesses have Raised Funding

    Early-stage venture capital firm Blume Ventures invested $5 million in ethnic apparel brand Fashor in a mix of main and secondary transactions on August 13.

    Sorin Investments led a $4.25 million seed round for custom-made and ready-to-wear trousers manufacturer The Pant Project in June. Men’s wear and fashion firm Rare Rabbit closed its INR 500 crore first institutional fundraising round headed by A91 Partners in May.

    The fashion and lifestyle sector is India’s second largest consumer category, at $110 billion, with 10% online at $11 billion, according to TMRW X Bain & Company, an Aditya Birla Group Venture. The online fashion market is estimated to reach $35 billion by FY28 at a 25% CAGR. Fashion labels are more accessible thanks to e-commerce. Since 2019, the category has grown 30% yearly. With its expertise and solid pedigree, TMRW House of Brands can capitalise on this opportunity and build its fashion and lifestyle businesses.

    Virat Kohli Investment | Startups funded and owned by Virat Kohli
    Virat Kohli, an Indian Cricketer is a fierce cricketer on the ground and a promising investor off it. Here are the startups funded by Virat Kohli and his investments.
    StartupTalkyPratyusha Srivastava

  • Following the Hosur Fire, Tamil Nadu Gives Tata Electronics a Show-Cause Notice

    After a significant fire occurred at one of Tata Electronics’ manufacturing facilities last month, the Tamil Nadu government served the company with a show-cause notice. According to a report by a well-known media outlet, the notification was delivered by the Directorate of Industrial Health and Safety, asking for an explanation about the occurrence.

    As stated in the report, an official pointed out that the company is required to answer within a week unless they request an extension. The warning was issued to the plant manager and the “occupier,” as is common in such instances.

    According to the Factories Act, the “occupier” is responsible for ensuring the health, safety, and welfare of the workers and has the final say over how a factory operates. In corporations, the occupier is usually one of the directors.

    The article further stated that the show-cause notice required that Tata Electronics submit its findings and listed the malfunctioning thermostat control at the anodising factory as the likely cause of the incident. Companies may provide alternate explanations based on independent investigations, or they may accept the government’s logic in certain situations.

    An Incident Involving Fire at the Tata Electronics Facility in Hosur

    The fire at Tata Electronics‘ Hosur facility had a “most probable cause,” according to the state Directorate of Industrial Health and Safety. The incident, which happened in late September, entailed a fire at one of the company’s production facilities that provides Apple with accessories.

    There were reportedly more than 1,500 workers inside the plant when the fire broke out. The business confirmed the fire occurrence in a statement and guaranteed that all emergency procedures were followed to protect the safety of every employee. Tata Electronics said that they were looking into what caused the incident and that they will take the necessary precautions to protect their stakeholders and staff.

    Media reports state that the Uddanapalli mobile accessory painting unit is where the fire originated. After being transported to a private hospital, three workers who had respiratory problems were said to be in stable condition.

    Assembly Activities for the iPhone are Disrupted

    Tata Electronics was about to start production at its iPhone assembly plant in the Koothanapalli neighbourhood of Hosur when the event happened. With the acquisition of the unit of Taiwanese electronics maker Wistron, which has been in the works for the past two years, this will be the company’s second assembly plant for the iPhone.

    The iPhone assembly plant is projected to cost roughly INR 6,000 crore, which is the same amount that Tata Electronics invested in the component manufacturing that supplies Apple. It is anticipated that the combined facilities will generate over 50,000 jobs, most of which will go to women. With an estimated 35,000–40,000 employees, the iPhone assembly plant alone is expected to rank second in size among Apple’s Indian manufacturing sites, after Foxconn’s Tamil Nadu plant.

    Ratan Tata’s Legacy: Tata Group Titans Dominating 2024
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  • The Ultimate Guide to Choosing the Right Fish Kill Bag

    Fishing enthusiasts know the importance of keeping their catch fresh. A fish kill bag is essential for preserving the quality of fish from the moment it’s caught until it’s ready for consumption or storage. This guide helps you select the right fish kill bag, ensuring that your catch stays in the best condition possible.

    In this guide, we’ll cover:

    1. What a fish kill bag is and the various types available.

    2. The benefits of using fish kill bags.

    3. Tips for choosing the right one based on your needs.

    4. How to maintain your fish kill bag for longevity.

    5. Additional fishing gear that complements the use of fish kill bags.

    What is a Fish Kill Bag?

    A fish kill bag is a convenient tool for anglers, designed to keep fish fresh after capture. Essentially, it functions as an insulated storage bag, preventing spoilage and maintaining the quality of the fish until you’re ready to process it.

    Types of Fish Kill Bags

    Different types of fish kill bags cater to various needs:

    • Dry Bags: These are watertight and protect your catch from external moisture, but they are not insulated. They’re ideal for short-term storage or when carrying small fish.
    • Cooler Bags: Equipped with insulation, these bags maintain a chilled environment, ideal for long outings. Cooler bags are often used for larger fish and when fishing for extended periods.

    Understanding these differences will help you make an informed choice, ensuring that your fish stay fresh and in top condition.

    Benefits of Using Fish Kill Bags

    Using a fish kill bag offers several advantages that are crucial for both fishing enthusiasts and the environment. Here are some key benefits:

    • Preserving Freshness: Fish kill bags are specifically designed to keep your catch fresh. They help maintain a stable temperature, which is essential in preventing spoilage and maintaining the flavor of the fish.
    • Preventing Spoilage: With built-in insulation, these bags protect your catch from direct sunlight and warm temperatures, which can spoil fish quickly.
    • Environmental Benefits: Opting for reusable bags reduces your reliance on single-use plastics, which have significant negative environmental impacts. A study highlights how non-reusable bags can greatly increase plastic waste.
    • Durability: Fish kill bags are usually made from tough materials that withstand harsh outdoor conditions, ensuring they last for many fishing trips.

    In summary, fish kill bags are a practical choice that not only improves your fishing experience but also contributes to environmental sustainability.

    How to Choose the Right Fish Kill Bag

    Selecting the right fish kill bag is crucial for any angler. A fish kill bag is not just a storage item—it’s key to preserving your catch in the best condition. Here’s a step-by-step guide to help you choose the ideal bag for your needs.

    1. Determine the Size:
    • Consider Your Typical Catch: Think about the type of fish you usually catch. Larger species will require bigger bags.
    • Storage Needs: Account for how many fish you need to store at once.
    1. Evaluate the Material:
    • Durability: Look for materials that withstand repeated use and won’t tear easily.
    • Water Resistance: Ensure the material resists water to keep fish fresh.
    1. Check Insulation:
    • Temperature Maintenance: Insulation is important to keep your catch cool and prevent spoilage.
    • Efficient Lining: A good lining will keep fish fresh longer.
    1. Assess Portability:
    • Ease of Carrying: Features like handles or straps can make transport easier, especially if fishing alone.
    • Weight: Lighter bags are simpler to manage but ensure they still maintain durability and function.
    1. Cost and Brand Reliability:
    • Budget: Determine how much you’re willing to spend. More expensive bags often offer extra features like better insulation.
    • Brand Reputation: Consider well-reviewed brands for reliable and long-lasting products.

    Proper Care and Maintenance of Fish Kill Bags

    Maintaining your fish kill bag correctly will ensure it provides long service. Here’s how you can take care of your kill bags effectively.

    1. Cleaning Tips
    • Rinse After Use: Always rinse the bag with fresh water after every use to remove salt and fish residue.
    • Mild Detergent: Use a mild detergent for thorough cleaning. Avoid harsh chemicals that might degrade the material.
    1. Storage Advice
    • Dry Completely: Before storing, ensure your bag is completely dry to prevent mold and unpleasant odors.
    • Cool, Dry Place: Store the bag in a cool, dry location to avoid material damage.
    1. Regular Maintenance
    • Inspect for Damage: Regularly check for rips or tears and repair them immediately.
    • Zipper Care: Lubricate zippers occasionally to maintain smooth operation.

    By following these steps, your fish kill bag will remain efficient and dependable. For a comprehensive guide on maintaining and storing general fishing gear, visit Mass.

    Taking good care of your fish kill bag ensures that it’s always ready to keep your catch in prime condition. Proper maintenance enhances the bag’s longevity, saving you money and preserving your catches better.

    Additional Fishing Gear to Consider

    When heading out for a fishing trip, having the right gear can greatly enhance your experience. Although choosing the right fish kill bag is crucial, there are other essential items that you might want to consider:

    • Fishing Rod and Reel: Selecting a suitable rod and reel depends on the type of fish you are targeting and the fishing environment.
    • Tackle Box: A well-organized tackle box should contain hooks, lines, sinkers, and lures. This keeps your tools handy and easy to access.
    • Bait and Lures: Choose the right bait or lures for the species you are aiming to catch. Live bait can be effective, but synthetic lures offer versatility.
    • Fishing Net: A good net helps safely land your catch without damage. Consider the size and material based on your fishing needs.
    • Safety Gear: Don’t forget items like a life jacket and a first aid kit to ensure your fishing adventure is safe.
    • Sun Protection: Pack sunscreen, sunglasses, and a hat to protect yourself from harmful UV rays.
    • Weather-Appropriate Clothing: Dressing in layers and packing rain gear can keep you comfortable in changing weather conditions.

    Summary and Final Thoughts

    Selecting the right fish kill bag is a vital step in enhancing your fishing activities. Whether you choose a dry bag or a fish cooler bag, ensuring it fits your needs in terms of size, material, and insulation will keep your catches fresh and well-preserved. Remember the importance of maintaining your fish kill bags to ensure their longevity and performance.

    Proper storage not only maintains the quality of your fish but also contributes to environmental conservation by reducing the need for single-use plastics. Additionally, having the right gear can lead to a more enjoyable and safer fishing trip.

    Explore different options and consult expert guides to make informed decisions about your fishing equipment. For more fish kill bag choices and advice, consider visiting our client’s website for varied options tailored to meet your needs.

  • Trai Advocates for OTT App Censorship

    Over-the-top (OTT) communication services like WhatsApp, Telegram, and Signal are subject to structured control, according to India’s telecom regulator. Law enforcement organisations and telecom providers expressed worries about security and spam control, which prompted this call.

    Speaking on the second day of the India Mobile Congress 2024, Anil Kumar Lahoti, chairman of the Telecom Regulatory Authority of India (Trai), said that although over-the-top (OTT) communication platforms have greatly benefitted businesses and consumers, legal concerns brought up by traditional telecom providers and law enforcement agencies indicate that these platforms ought to be governed by a formal regulatory framework, as per a media report.

    Lahoti underlined that, given the cross-border nature of OTT services, regulators worldwide need to strike a balance between promoting innovation and upholding a just and competitive economy. This equilibrium is essential given the growing power of OTT platforms.

    Challenges in Bringing OTT Communication Platforms Under Regulatory Umbrella

    Sector analysts note that there have been challenges in reducing spam and online frauds on OTT platforms for both the Department of Telecommunications (DoT) and Trai. Since neither the DoT nor the Trai now have the power to take legal action against potential violators, this issue emphasises the jurisdictional challenges in regulating these platforms.

    Instead, in accordance with the intermediate provisions of the IT Act, these platforms are governed by the Ministry of Electronics & IT. Telecom firms have expressed concern about the rise in spam on over-the-top (OTT) platforms. They contend that because OTT services are not governed by DoT or Trai, efforts to address these problems are still ineffective.

    DoT Opposes Regulating Telegram and WhatsApp

    The Department of Telecommunications (DoT), in contrast to Trai’s regulatory drive, stated in August of this year that it has no plans to control over-the-top (OTT) communication platforms like Telegram and WhatsApp. This occurred while telecom companies persisted in advocating for the “same-service, same-rule” concept, contending that communication applications need to be subject to the same regulations as conventional telecom services.

    Officials stated that over-the-top (OTT) services are exempt from the new Telecommunications Act of 2023. OTT communication platforms are being interpreted by operators as falling under the Act’s definition of “telecommunication,” yet this interpretation is still up for debate. OTT service providers, on the other hand, argue that they shouldn’t be subject to extra regulation because they are already covered by the IT Act.

    Telecommunications Act 2023

    “Telecommunication” is defined as the sending and receiving of messages via wire, radio, optical, or electromagnetic networks in the Telecommunications Act 2023. According to officials, in order for a service to be included in this definition, message transmission must occur through a switch that is not connected to the network.

    However, with OTT platforms, messages are conveyed via data packets, and telecom firms handle the switching of these packets; customers are already charged for this service. Hence, authorities contend that OTT platforms do not satisfy the technical parameters for Act-mandated regulation.

    Trai to Address OTT App Regulation Separately; Put Satcom Spectrum Framework on Priority
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    StartupTalkyNitin Konde

  • Arif Patel: Pioneer in Global Energy and Finance, Driving Growth in the Industry

    New Delhi [India], October 17: Arif Patel is a renowned Dubai businessman and well-recognized for his leadership skills, sharp vision, and contributions made towards various industries. Patel has transformed his companies and significantly impacted the industries, particularly energy and finance. Arif Patel is the founder of Preston Trading and the Chief Executive of ABC Capital. He has had a big effect on the businesses he works in. Because of his entrepreneurial and good strategist skills, he was awarded as one of the Top 10 Best Investment Company Executives globally as an honour.

    Arif Patel spent his early years in a global financial hub – Dubai, UAE, where he was introduced to the fast-paced business world from a young age. Growing up in the most vibrant city, he eventually developed an interest in entrepreneurship and leadership, which helped him do exceptional things in his future endeavors. As a way to get a better education and look for growth chances in a new market, Patel moved his family to Preston, UK, in 2010. Though he had to face many situations at the time of relocation, this change was the start of a career that took him across countries and industries and enhanced his flexibility to adopt things. Such challenges also helped him to sharpen his global view.

    Arif Patel’s educational background laid the foundation for his success in the business world. In order to get his bachelor’s degree, he went to the University of Central Lancashire in Preston and learned a lot about business and engineering. He enhanced his business and technical skills that he needed to work in fields that were hard to understand.

    To become even more specialized, Arif Patel went on to get a master’s degree in Petroleum Engineering from Edinburgh’s well-known Heriot-Watt University. After he finished his academics, Patel started his business and began Preston Trading. This company deals in many areas, such as oil and gas research, oilfield services, engineering, and mining. Patel is the owner, founder, and chairman of Preston Trading. He made significant contributions that quickly helped him build his reputation as a leader in the energy sector.

    Arif Patel helped the company through the tough and unstable global energy market. With his support, Preston Trading has grown rapidly, which proves his ability to respond to changes in the market, use new technologies to their advantage, and encourage new ideas.

    Apart from his role at Preston Trading, Arif Umarji Patel also co-founded The United Kingdom (UK) Group where he excelled in his business experience. The main goal of the company is to build partnerships, boost the economy, and open up new business possibilities. During his tenure, Arif Patel highlighted his flexibility as a businessman and his capability to make money in a variety of areas where he also showcased his leadership skills to boost economic growth and encourage foreign partnerships.

    After his successful career, Arif Patel took over the position of CEO of Dubai-based ABC Capital in 2012. ABC Capital specialises in business and financial services. During his tenure, ABC Capital has grown a lot and now has become a major player in the financial services business in Dubai and around the world. Patel’s deep knowledge of the financial markets and sharp strategic thinking have helped ABC Capital do well in a market that is very competitive and always changing.

    Arif Umarji Patel has received many awards and honors for his work in the business world over the course of his career. But being named one of the Top 10 Best Investment Company Executives was one of the best awards he received that showed his skills as a leader along with his capability to think out of the box. Being an expert in the market, he is capable of pushing growth and new ideas in the companies he runs. He is also known for creating an environment where things are always getting better and supporting creativity and new ideas in the companies he runs.

    Arif Patel is a brilliant leader who inspires people all over the world especially those who want to be entrepreneurs and business leaders. He always focused on his goal, worked hard and led with a clear purpose. Arif Patel has become a powerful figure through his leadership at Preston Trading, ABC Capital, and The UK Group. From his early years in Dubai to his current jobs with global companies, Patel has always shown his dedication to greatness, and doing business in an honest way.

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  • Aakash Supposedly Discontinues its Digital School Initiative Following Layoffs

    According to reports, Aakash Digital Classroom Program (AD-CRP), a digital classroom initiative, has been discontinued by Aakash Educational Services Limited (AESL). This occurs in the middle of the company’s recent layoffs.

    The AD-CRP team, which was formerly a part of Byju’s—which acquired Aakash in April 2021—has now been merged into Aakash’s sales system, according to a report published by a media outlet. This action implies a change in Aakash’s approach, with the company giving priority to its offline presence and growing its network of physical branches.

    Previous reports from August and September detailed layoffs at Aakash that affected middle and senior management as well as a few long-term workers. The remaining AD-CRP team members were given the option to work for Aakash in their offline outlets or were integrated into their call centre model. Individuals who turned down these offers were let go or resigned.

    This reorganisation suggests that Aakash may be changing how it prepares for tests. Although the corporation still maintains its online resources, the recent programme shutdown and layoffs indicate that they are putting more of an emphasis on fortifying its sales network and physical infrastructure.

    Students May Face Challenges

    Due to the abrupt termination, students who had registered in the AD-CRP program might encounter difficulties. Regarding the termination of the AD-CRP initiative and the justification for this tactical change, Aakash has not yet made an official statement.

    According to sources, layoffs have not ceased for the previous two weeks. Since associates made up the majority of the AD-CRP team, associate layoffs have occurred most frequently. A few also came from the ranks of manager and senior manager.

    January marks the start of the new season. For the last six and a half months of revenue, they have been spending on AD-CRP team. All of them have now been let go, regardless of their performance. They stated that they were done with this function in Aakash. Byju’s paid $940 million to acquire Aakash in April 2021. During a hearing before the National Company Law Tribunal in March of this year, Think and Learn, the parent company of Byju, and Aakash withdrew their merger motion.

    Why Merger With Byju’s Was Withdrawn?

    Aakash Educational Services Ltd (AESL) and Byju’s have opted to withdraw their merger application, citing it as a pre-planned procedural move. When Byju’s first purchased Aakash in April 2021, the plan was to combine the two businesses in a $940 million cash and equity transaction. The Chaudhry family, who founded AESL, opposed completing the share swap, citing issues about governance, which put obstacles in the way of the merger. Byju’s has to contend with a parallel ‘oppression and mismanagement case’ brought by investors, which affects its operational and financial choices.

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  • SEBI Approves the Opening of IndiGo Ventures’ Venture Capital Fund

    The Securities and Exchange Board of India (SEBI) has approved IndiGo Ventures, the corporate venture capital fund of India’s largest domestic airline, as an alternative investment vehicle. The announcement was made on October 15.

    The fund will seek pre-Series A, Series A, and Series B capital and invest in entrepreneurs that have the potential to completely transform the aviation industry and beyond. Among them are start-ups developing innovative products and technologies for the aviation industry. According to IndiGo’s press announcement, the fund will also consider investing in consumer firms that are involved in any aspect of the passenger trip, including travel, lifestyle, hospitality, and transportation.

    Pre-Investment Activities Already Started

    Pre-investment efforts have already begun, and these involve interacting with a limited number of start-ups and their founders. According to IndiGo, the website GoIndiGoVentures.com provides further information about the fund, including its investment thesis, the founders’ key valuation argument, and information on governing entities and their membership. By the end of FY25, the corporate venture capital fund is anticipated to begin making investments.

    The new venture, IndiGo Ventures, will help IndiGo fulfill its mission of supporting innovation and providing opportunities for people to achieve their dreams in the aviation industry and beyond, according to Neetan Chopra, IndiGo’s chief digital and information officer. The entrepreneurs will gain from IndiGo’s broad geographic reach and deep technical experience, which will encourage the creation of new goods and services.

    IndiGo’s Recent Challenges

    With roughly 54% of the domestic civil aviation market, InterGlobe Aviation is the biggest operator but faces several obstacles. The airline, known by the name IndiGo, has been embroiled in a number of crises in recent days, including one in which a furious client attacked personnel in Delhi and another in which travellers turned the runway of Mumbai International Airport into a restaurant. To make matters worse, the Mumbai Airport Authority and the Civil Aviation Ministry both sent it a show cause notice to the operator early this year.

    On January 14, during a thirteen-hour delay, a passenger assaulted the pilot of an IndiGo aircraft headed for Goa as it was still parked at Delhi International Airport. Although the airline has blamed the thick fog that blanketed the airport, a fellow passenger who recorded the incident and shared it on social media subsequently said that the airline employees were uncooperative and unfairly placed the responsibility on the rowdy traveller. 

    If that weren’t enough, the airline angered the civil aviation ministry when, that same day in Mumbai, travellers from one of its flights hurriedly disembarked from the plane, sat down on the tarmac, and proceeded to eat on the spot. The strange event happened when a Goa-to-Delhi flight was rerouted to Mumbai because of poor visibility in the national capital area. We are deeply sorry to our consumers and are investigating the matter at this time. The airline said in an official statement that it will take the required precautions to prevent any similar incidents in the future.

    Nithin Kamath Expects Sebi’s New F&O Standards to Impact Zerodha’s Operations
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    StartupTalkyNitin Konde

  • Satcom Spectrum will be Distributed in an Administrative Manner: Scindia

    On October 15, Jyotiraditya Scindia, Minister of Communications of India, made clear the government’s position on the satellite spectrum issue. According to him, spectrum would be distributed administratively rather than through auction, and service providers would be responsible for a fee.

    In response to a query at a media briefing at India Mobile Congress, Scindia stated that satellite spectrum will be distributed administratively as per the very clear allocation stated in Schedule 1 of the Telecom Act 2023, which was passed in December of last year.

    However, Scindia made it clear that radiowaves, even if allocated for satellite-based communications services without an auction, will still incur costs. However, this does not imply that spectrum is free. Trai will determine that cost and its methodology, he reiterated.

    “The constitution gives our regulating body for telecommunications the authority to decide what the administrative pricing will be. Scindia continued, “I have no doubts that they will determine the appropriate plan of action as long as they handle the pricing administratively.”

    This essentially means that the request to auction off satellite airwaves by Reliance Jio, Bharti Airtel, and other service providers remains unfulfilled. Scindia made these remarks just hours after Reliance Jio and Sunil Bharti Mittal, the founder and chairman of Bharti Airtel, joined forces to demand the distribution of satellite service spectrum in a manner similar to that of telecom companies.

    Airtel and Jio Worries

    To ensure level competition, both telecom companies have pursued a transparent and equitable auction procedure for satellite services. Jio has demanded that the way that Indian satellite communication firms are allotted spectrum be changed. Jio expressed concerns about fair competition with established cellular providers and asked for a reexamination of the current proposal in a letter dated October 10 to Telecom Minister Jyotiraditya Scindia.

    In direct competition with land-based mobile networks, Elon Musk‘s Starlink, Amazon’s Kupier, OneWeb Eutelsat, funded by Bharti Group, and the SES-Jio joint venture have all indicated interest in offering their services in India.

    Jio underlined that, like traditional telecom operators, satellite businesses like Starlink and Amazon’s Kuiper should purchase spectrum through an open auction procedure and pay license rates that are comparable to those of current telecom providers. At the India Mobile Congress, Sunil Mittal, the chairman of Bharti Airtel, reiterated this idea by saying that satellite companies providing services in cities have to take part in spectrum auctions. In addition, Airtel restated its position and released a letter it sent in March to the telecom department.

    Musk Describes the Sale as “Unprecedented”

    Musk responded on October 14 to Reliance Jio’s alleged action urging the government to hold a transparent auction of satellite airwaves. According to Musk, that would be exceptional because the ITU (International Telecommunication Union) has long defined this wavelength as a shared spectrum for satellites. Similar remarks were made by Scindia, who stated that satellite spectrum is administratively distributed worldwide.

    “India is acting in the same manner as the rest of the globe. On the other hand, if you choose to auction, you are acting in a way that sets you apart from the rest of the world,” he opined.

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  • As the Company Looks to Raise $50–60 Million, Upgrad MD Mayank Kumar Steps Down

    According to a media report, managing director and cofounder of the edtech unicorn Upgrad, Mayank Kumar, has left his position as an executive to launch a new business. Last month, he began reducing his operational responsibilities at the Mumbai-based company. This step was taken to raise funds for his new venture, which focuses on sending talented Indian workers abroad, particularly for the healthcare industry.

    Ronnie Screwvala, the company’s founder and chairman, has been involved in the business more since Kumar left. According to a media report, Temasek-backed Upgrad is also nearing the completion of securing $50–60 million in capital from current investors at a flat valuation of $2.25 billion. Kumar owns 8% of the company, while Screwvala owns 44%. Despite Kumar’s exit from the company, the shareholding pattern remains unchanged.

    Upgrad’s IPO Plans

    Screwvala’s return coincides with the edtech company’s intentions to go public in India, where the serial entrepreneur’s increased involvement in the company could be advantageous to public market investors.

    Mayank has been discussing the notion of raising funds with investors and making pitches to them. He will then register the company, and, as the media report further informs, he has not had operational involvement since October. 

    India’s Edtech Scenario

    The edtech industry is currently undergoing a period of significant transformation. Recent turmoil at Byju’s and a broad restructuring in the higher education sector are significant factors. Upgrad’s revenue in FY24 increased by 25.54% to INR 1,715 crore from INR 1,366 crore the year before. Although Upgrad has expanded at a specific rate, a faster growth rate was the goal.

    As a result, Screwvala will now have more influence over important operational decisions. He will now focus more on the IPO plans that are imminent and businesses attempting to capitalise on the present surge in demand for new listings.

    Restricting of Upgrad

    The restructure at Upgrad was confirmed by Screwvala and Kumar. In October 2023, Ronnie and Kumar had a conversation about Mayank’s lack of involvement in the company’s daily operations and how he could play a more active role. Thus, since the beginning of this year, the two have switched positions at Upgrad, according to Kumar. He also informed further that he is still an 8% stakeholder and that he is not “going anywhere.”

    “Moving positions around during a company’s life cycle is exciting, and that is exactly what we have done. Since it has always been our goal to outlast everyone else and build for the long term, none of us are going anywhere. Since this field of skill development, workforce development, and lifelong learning is only getting started, Mayank and I have also assembled an extremely strong team of colleagues around us,” stated Screwvala.

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  • Expanding into Physical Locations, Paisabazaar Aims to Increase Secured Lending

    Listed PB Fintech subsidiary Paisabazaar, a digital credit marketplace, replicates sister company Policybazaar by creating a physical distribution channel of its own.

    In India, Paisabazaar is among the biggest platforms for credit transactions. Through online channels, it gives customers access to credit cards, unsecured personal loans, and other comparable products from banks and non-bank lenders. In order to facilitate the execution of such loan delivery, Paisabazaar hopes to establish a physical presence as it expands its secured credit distribution strategy.

    The chief executive officer of Paisabazaar, Naveen Kukreja, told a media outlet that the company has assembled a field team of over 100 employees in Delhi, Mumbai, and Bengaluru with the goal of focusing on secured credit products, including home loans and loans backed by real estate. Although they are still in the beta phases, it is also evaluating other products, such as loans secured by securities and automobiles. It plans to expand this team to 500 members by the end of the current fiscal year.

    Paisabazaar to Enhance Secured Credit

    In the near future, Paisabazaar hopes to raise the percentage of secured credit in its total disbursements from 15% of the previous fiscal year to 50%. It has already increased to 33% of all disbursals in the last several months.

    The company used to offer home financing as well, although customers had to check on its platform and usually closed the deal through the builders, the bank branch, or the real estate agent. With a physical presence now, the company intends to close that service delivery gap, according to Kukreja.

    This change in approach coincides with a moderation in Paisabazaar’s disbursals, which are essential to the company’s ability to generate income. In response to regulatory mandates, the broader ecosystem is moving towards secured products, and Paisabazaar is attempting to take a piece of that market.

    Quarterly Report

    Paisabazaar disbursed over 130,000 credit cards and INR 3,140 crore in loans in the first quarter of FY25. It had disbursed 140,000 credit cards and INR 3,542 crore in loans in the quarter that ended on June 30 of the previous year.

    Every institution develops a portfolio of both secured and unsecured assets as it expands. “We ultimately changed our approach six months ago when the RBI tightened the guidelines for unsecured credit,” according to Kukreja.

    Although Paisabazaar hopes to reach 50% of its disbursal volume with secured credit, the lower take rates, or fees, on secured loans mean that revenue profits will be lower. However, Kukreja stated that eventually, the business hopes to collaborate with lenders to develop products that will enable it to obtain residual income from its clientele.

    Expanding upon its broader financial services offering, Kukreja seeks to provide clients with a comprehensive financial wealth management choice by utilising account aggregator data and deep interfaces with several financial services platforms.

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