Rufus, a new conversational shopping assistant driven by generative artificial intelligence, has been introduced to the Indian market by the eCommerce retail giant Amazon.
On the Amazon India mobile app, the assistant will initially be made accessible in beta mode to a restricted group of consumers. In the following weeks, it will be made available to a wider audience.
The purpose of Rufus is to improve the overall experience of shopping online by providing personalized product recommendations, shopping list assistance, comparisons of product categories, and insights gleaned from consumer evaluations.
Characteristics and Powers of Rufus
Rufus is well-versed in Amazon’s enormous product catalog and can draw information from various sources on the internet to provide answers to a wide variety of questions posed by customers.
Users can receive assistance from the AI assistant at a variety of points throughout their purchasing journey. As an illustration, it can be of use in conducting general research such as “things to consider when purchasing a washing machine” or in conducting particular product comparisons such as “Should I get a fitness band or a smartwatch?”
In addition, it provides recommendations that are geared to specific queries, such as “What are the best dinosaur toys for a child of five years old?” or “What are the best gaming laptops?”
Engagement With Users and Their Experiences
Customers can communicate with Rufus by using a chat conversation box that is situated in the lower right-hand corner of the Amazon mobile client.
After being engaged, Rufus gives users the ability to investigate questions that have been suggested, ask follow-up questions, and obtain thorough responses.
Additionally, the assistant can support particular product-related inquiries while perusing product detail pages. This makes it simpler for customers to obtain complete information without having to leave the shopping interface. Customers can dismiss Rufus and return to the conventional search results by swiping down the chat box if they require it.
Clicking on “What do customers say?” on a product description page provides a handy summary of consumer reviews. For example, when a customer is looking at a product’s information page, they can ask Rufus questions like “Is this jacket machine washable?” or “Is this cordless drill easy to hold?” and get instant replies. Using information from listings, reviews, and community Q&As, Rufus will produce replies.
Rufus helps consumers make smarter purchases by generating responses based on pertinent information from all around the web and Amazon.in. Generative AI is in its infancy, hence it may not always produce accurate results. To make Rufus more useful over time, Amazon’s tech team will refine responses and enhance its AI models. In addition to the more traditional “thumbs up” or “thumbs down” ratings, customers also can submit more detailed, free-form comments.
Wynk Music, an app that has been available for streaming music for ten years, is being shut down by the Indian telecom giant Airtel.
In the next months, the company would reportedly shut down the app and integrate all of its staff into the Airtel ecosystem, as reported by a news agency.
As previously announced, Wynk Music will be discontinued and all staff will be integrated into the Airtel ecosystem, according to a spokesperson from the company.
Collaboration Between Apple and Airtel
This new move comes not long after the Jio competitor formed a partnership with Apple, the company that manufactures iPhones, to supply its consumers in India with unique discounts for Apple TV+ and Apple Music.
Customers of Airtel Xstream will be able to watch content from Apple TV+ through premium Airtel WiFi and Postpaid plans as a result of the agreement.
Additionally, those who are enrolled in Wynk Premium, the music streaming service offered by Airtel, will have access to special deals that are only available on Apple Music. According to a press release issued by the firm, these deals would be made accessible to Airtel customers on an exclusive basis in India later on in the year.
As stated by Oliver Schusser, Apple’s vice president of Apple Music, Apple TV+, Sports, and Beats, “We are thrilled that Airtel customers in India will soon be able to enjoy all of the incredible content that is available on Apple TV+ and Apple Music.”
As our collection of world-class films, television series, and music continues to expand, we are confident that there will be something that will appeal to each and every one of our customers. In addition, Schusser stated.
The Market Presence of Wynk Music
Wynk Music is an application that was introduced by Airtel in September 2014. It gives customers the ability to download music for offline listening, modify caller ringtones, listen to podcasts, and stream music in a variety of regional languages.
At the moment, it is expected that the app has more than one hundred million users as subscribers.
It has been reported that Wynk Music provides approximately 300 crores of rupees to the annual revenue of the parent firm.
In August 2022, Wynk Music presented Wynk Studio, an ecosystem for the dissemination of music that was designed for independent musicians residing in India and other countries.
The studio is a component of Airtel’s digital product portfolio, which includes Wynk, Airtel Xstream, Airtel Ads, and Airtel IQ, amongst others. It also provides musicians with the ability to launch their music and collaborates with them on various steps of music promotion.
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Warren Buffett, one of the world’s wealthiest individuals, makes his money and distributes his risk through Berkshire Hathaway, a holding company. The firm invests in a wide range of businesses. The most important are primary and reinsurance insurance operations, a freight rail transportation company, and a collection of utility and energy-producing and distribution companies.
GEICO, National Indemnity, and reinsurance behemoth General Re are among the company’s key insurance divisions. Marmon Group, McLane Company, MidAmerican Energy, and Shaw Industries are among the company’s other major assets.
Berkshire Hathaway Inc. became the first non-tech U.S. company to reach a market value of over $1 trillion on 28 August 2024.
Learn more about Berkshire Hathaway, its founders, growth, business model, funding, acquisitions, and revenue model from this article.
Berkshire Hathaway – Company Highlights
Startup Name
Berkshire Hathaway
Formerly
Valley Falls Company (1839–1929) and Berkshire Fine Spinning Associates (1929–1955)
Berkshire Hathaway Inc. is an American holding corporation with a growing number of subsidiaries involved in a variety of businesses. Berkshire Hathaway began in textiles and has since expanded into insurance, retailing, manufacturing, publishing, and finance. The company is led by Warren Buffett and his partner Charles Munger.
Charles Munger – Vice-chairman of Berkshire Hathaway
They have become known for their renowned investment portfolio, which has consistently outperformed the S&P 500 and other benchmark indexes. Berkshire Hathaway Inc. and its subsidiaries are involved in a variety of businesses, the most important of which is property, liability, and auto insurance, which they provide both directly (via GEICO) and through reinsurance (General Reinsurance Corporation).
Furniture stores Nebraska Furniture Mart, R.C. Willey Home Furnishings, Star Furniture, and Jordon’s Furniture; fine jewelry stores Borsheim’s, Helzberg Diamond Shops, and Ben Bridge Jeweler; and footwear stores H.H. Brown, Dexter, and Justin Brands are among the company’s noninsurance businesses.
Other Berkshire enterprises include publishing, manufacturing, and interior design supplies. Berkshire Hathaway frequently purchases substantial shares of other publicly listed firms through its insurance subsidiaries. Warren Buffett, the company’s chairman, is known for his ability to choose stocks with hidden appeal and long-term potential.
Warren Buffett’s investing business, Berkshire Hathaway, is mostly owned and controlled by him. It was named after a textile factory that opened in 1839, was purchased by Warren Buffett in 1964, and shuttered in 1985.
Berkshire Hathaway Logo
The term Berkshire Hathaway appears in dark blue on the Berkshire Hathaway logo. The vintage typeface and neutral hues provide a feeling of trustworthiness and common sense.
Berkshire Hathaway – Founders and Team
Berkshire Hathaway was founded by Oliver Chace in 1839.
Oliver Chace
Oliver Chace
Oliver Chace was a merchant in the United States throughout the 18th and 19th centuries. In the early nineteenth century, he founded various New England textile manufacturing enterprises, notably the Valley Falls Company, which was the forerunner of Berkshire Hathaway, which is now one of the world’s largest and most valuable companies.
When last reported in 2023, Berkshire Hathaway boasted of an employee strength of 396,500 employees.
Berkshire Hathaway – Startup Story
Berkshire Hathaway began as two different Massachusetts cotton factories in the 19th century: Berkshire Fine Spinning Associates and Hathaway Manufacturing. Berkshire Hathaway was formed in 1955 when the two corporations amalgamated. Warren Buffett and his investment group bought the faltering corporation in 1965 and took full control. Under his leadership and guidance, Berkshire Hathaway grew to become one of the world’s largest holding firms.
Berkshire Hathaway was formally transformed into a conglomerate by Buffett’s purchase of National Indemnity, the first of many insurance purchases for the business while separating itself from the textile sector by disposing of those assets. Three other insurance firms, as well as those in the banking, apparel, entertainment, food and beverage, utilities, furniture, home products, media, and materials and construction industries, were added to the company’s holdings.
Some of the firm’s very well-known subsidiaries include:
GEICO
Dairy Queen
Fruit of the Loom
Benjamin Moore
Duracell2
Pilot Travel Centers4
Berkshire Hathaway – Mission and Vision Statement
Berkshire Hathaway’s vision statement says, “To be the provider of choice in our communities for comprehensive real estate and financial solutions.”
Berkshire Hathaway – Employees
Amanda Smith – Chief Sustainability Officer
Antonio Cism – Chief Security Officer
Helen Paulla – Chairman
Michael Jones – Vice President and Chief Financial Officer
Thom Lachman – Chief Executive Officer (Duracell)
Carol Stefanik – Vice President
Cloud Xu – EVP of Investment Protocol
Berkshire Hathaway – Business Model and Revenue Model
Berkshire Hathaway is a conglomerate that owns companies in the insurance, rail transportation, energy generation, distribution, manufacturing, and retail industries.
Insurance is the major source of revenue but manufacturing generates most earnings before taxes.
GEICO is a private passenger vehicle insurance company
Berkshire Hathaway Primary Group specializes in property and liability insurance for business clients, whereas
Berkshire Hathaway Reinsurance specializes in excess-of-loss, quota-share, and facultative reinsurance (also includes investment income)
BNSF Railway
BNSF Railway Logo
Berkshire Hathaway’s freight rail transportation division manages one of North America’s major networks. BNSF Railway transports consumer, industrial, and agricultural goods as well as coal.
Berkshire Hathaway Energy
Berkshire Hathaway Energy Logo
Berkshire Hathaway Energy is a worldwide energy corporation that generates, transmits, stores distributes and supplies energy through its subsidiaries.
Berkshire Hathaway Manufacturing
Industrial products, construction products, and consumer items are the three types of manufacturing firms in Berkshire.
McLane Company
McLane Logo
McLane is a wholesale distributor that supplies convenience shops, discount retailers, wholesale clubs, pharmacies, and other companies. Grocery distribution, food service distribution, and beverage distribution are the three divisions.
Service, and Retailing
Grocery and food service distribution, professional aviation training, fractional aircraft ownership, and electronic component distribution are among the service firms.
Gains and Losses from Investments and Derivatives
Berkshire Hathaway also holds a sizable equities and derivatives portfolio. Apple Inc. (AAPL), Bank of America Corp. (BAC), and Coca-Cola Co. are among the company’s top equity holdings.
Berkshire Hathaway – Funding, and Investors
Berkshire Hathaway has secured $1.3 billion in 3 rounds of fundraising. Their latest funding was raised on 14 April 2023, from a post-IPO debt round.
Announced Date
Transaction Name
Number of Investors
Money Raised
Lead Investors
April 14, 2023
Post-IPO Debt
–
$1.2 billion
–
September 27, 2022
Post-IPO Equity
1
$68 million
Gregory E. Abel
August 15, 2019
Post-IPO Equity
1
$3.5 million
Pershing Square Capital Management
Berkshire Hathaway – Investments
Berkshire Hathaway has invested in 24 companies to date. The most recent investment was when Berkshire Hathway poured $6.7 billion in the May 15, 2024’s Post-Ipo Equity round of Chubb. Here’s a look into the recent investments of the company:
Date
Organization Name
Round
Amount
May 15, 2024
Chubb
Post-IPO Equity
$6.7 billion
August 14, 2023
Lennar Corporation
Post-IPO Equity
$17.2 million
May 15, 2023
Capital One
Post-IPO Equity
$954 million
September 30, 2022
Taiwan Semiconductor Manufacturing Company
Post-IPO Equity
$4.1 billion
September 29, 2022
Occidental Petroleum
Post-IPO Equity
$352 million
April 19, 2022
Snowflake
Post-IPO Equity
$621.5 million
April 6, 2022
HP
Post-IPO Equity
$4.2 billion
March 5, 2022
Occidental Petroleum
Post-IPO Equity
$5.1B
February 16, 2022
Nubank
Post-IPO Equity
$1B
Jun 8, 2021
Nubank
Series G
$750M
May 17, 2021
Aon
Post-IPO-Equity
$942.6M
Jul 28, 2020
Bank of America
Post-IPO-Equity
$400M
Jul 23, 2020
Bank of America
Post-IPO-Equity
$800M
Feb 18, 2020
Kroger
Post-IPO-Equity
$550M
Nov 17, 2019
Restoration Hardware
Post-IPO-Equity
$200M
Aug 27, 2018
One97
Funding Round
$300M
Feb 14, 2018
Teva Pharmaceutical Industries
Post-IPO-Equity
$358M
Oct 3, 2017
Pilot Flying J
Funding Round
–
Jun 26, 2017
STORE Capital
Post-IPO-Equity
$377M
Berkshire Hathaway – Acquisitions
Berkshire Hathaway has acquired 53 businesses. Some of the top acquisitions of Berkshire Hathaway are listed below.
Acquiree Name
About Acquiree
Date
Amount
Alleghany Corporation
Alleghany Corporation is an American investment holding company.
March 21, 2022
$11.6 billion
HomeServices of America
HomeServices is a residential real estate brokerage firm.
Jan 18, 2017
–
Medical Liability Mutual Insurance Co
Medical Liability Mutual Insurance Co is medical professional liability insurance.
Jul 18, 2016
–
Precision Castparts
Precision Castparts is a metal manufacturing company that specializes in proving aerostructures and airfoils.
Aug 10, 2015
$37.2B
Detlev Louis Motorradvertriebs
Detlev Louis Motorradvertriebs GmbH, a motorcycle apparel and accessories retailer in Germany.
Feb 20, 2015
$450M
Charter Brokerage
Charter Brokerage is a leading global trade services company providing complete customs, import, export, drawback, and related services
Dec 12, 2014
–
Duracell
Duracell is the market leader in the professional channel. Our products provide innovative solutions in many facets for businesses
Nov 13, 2014
$4.7B
Van Tuyl Group
Van Tuyl Group, Inc. provides management consulting services to the largest group of privately held automotive dealerships.
Oct 2, 2014
–
WPLG Local 10
WPLG Local 10 is a channel providing news, weather reports, entertainment, and sports news.
Jul 2, 2014
–
Oriental Trading Company
Oriental Trading Company is committed to outstanding customer service offering easy ordering, speedy delivery, and no-hassle return policies.
Nov 2012
–
Omaha World Herald
Breaking news, weather, analysis, and information from the Omaha World-Herald.
Dec 2011
–
Berkshire Hathaway – Growth
Berkshire Hathaway reached a $1 trillion market capitalization on 28th August 2024.
Berkshire Hathaway reported $364.48 billion in revenue for 2023, a 20.68 percent increase from 2022.
Berkshire Hathaway’s revenue for 2022 was $302.02 billion, a 9.35 percent increase from 2021.
Berkshire Hathaway’s revenue for the year ended September 30, 2021, was $268.677 billion, up 9 percent from the previous year.
Berkshire Hathaway’s yearly revenue in 2020 was $245.51 billion, down 3.58 percent from the previous year.
Berkshire Hathaway’s yearly revenue in 2019 was $254.616 billion, up 2.74 percent over the previous year.
Berkshire Hathaway’s yearly revenue in 2018 was $247.837 billion, up 3.29 percent from 2017.
Berkshire Hathaway – Online & Social Media Presence
Once while talking about the importance of the Internet business, the team got deeply into the discussion about the significance of the social media industry. After the discussion, one thing the team realized was that in order to promote business it was important to be active in social media. Educating and making aware of the agenda to the clients was the main work of the company then. Soon, Buffet joined all the social media platforms to increase and promote his empire as well as the business. His strategy was to perform professionally because everything he posted was quite integrated with the brand name. Today, he is a successful man!
Berkshire Hathaway – Competitors
Some of the major Berkshire Hathaway’s competitors are:
With massive government stimulus and ultra-low interest rates threatening to drive inflation higher, Berkshire may be too huge to invest extensively in industries that profit from higher consumer prices. Several Berkshire shareholders voiced dissatisfaction with Buffett’s failure to buy more stock at the start of the outbreak, a wasted opportunity that gave the S&P 500’s roughly 90% gain from last year’s low.
Berkshire’s capacity to create cash is further hampered by historically low interest rates, which the Federal Reserve has promised to keep near zero for years.
According to Buffett, Berkshire currently makes approximately $20 million per year on its more than $100 billion in Treasury bills, compared to around $1.5 billion before the epidemic.
Berkshire Hathaway – Future Plans
Berkshire Hathaway intends to maintain its focus on core businesses and uphold its long-term investment strategy. The operational business of the conglomerate is a patchwork of businesses focusing on the traditional backbone of the economy, such as railways, batteries, insurance, home furnishings, and retail. Berkshire Hathaway has lost out on the rapid growth observed in the Amazon of the globe over the years due to its old economy focus. However, the “Oracle of Omaha” has shown his willingness to diversify away from Berkshire’s traditional economy core to adapt to the new reality.
Berkshire’s exposure to technology stocks has increased to 45 percent of its portfolio as a result of its big holding in Apple. Its Apple stake, which it originally purchased in 2016, has grown to nearly $120 billion, making it the company’s largest stock position by far. Except for IBM, Berkshire’s top equities holdings ten years ago had relatively little tech exposure.
One of the most pressing concerns about Berkshire Hathaway’s future in recent years has been who would succeed Buffett as CEO. The answer has finally come from the Oracle of Omaha. Greg Abel, who manages the noninsurance companies will be the next CEO of Berkshire Hathway.
FAQs
Does Berkshire Hathaway own Apple?
Berkshire holds about 908 million Apple shares, which are valued at $151 billion.
What are the companies that Berkshire Hathaway owns?
The major companies owned by Berkshire Hathaway are GEICO, Duracell, Dairy Queen, BNSF, Lubrizol, Fruit of the Loom, Helzberg Diamonds, Long & Foster, FlightSafety International, Shaw Industries, Pampered Chef, Forest River, and NetJets.
Who owns most of Berkshire Hathaway?
The Vanguard Group owns most shares of Berkshire Hathaway.
Who founded Berkshire Hathaway?
Berkshire Hathaway was founded by Oliver Chace.
When was Berkshire Hathway founded?
Berkshire Hathaway was founded in 1839.
What sectors does Berkshire Hathaway own firms in?
Berkshire Hathaway is a conglomerate that owns companies in the insurance, rail transportation, energy generation, distribution, manufacturing, and retail industries.
Which companies does Berkshire Hathaway compete with?
BlackRock, Allstate, The Carlyle Group, Howard Hanna Real Estate Services, and Allegheny Technologies are among Berkshire Hathaway’s competitors.
What does Berkshire Hathaway do?
Berkshire Hathaway Inc. is an American holding corporation with a growing number of subsidiaries involved in a variety of businesses. Berkshire Hathaway began in textiles and has since expanded into insurance, retailing, manufacturing, publishing, and finance.
A new requirement that requires sellers on Flipkart to authenticate their goods and services tax identification number (GSTIN) via an OTP (one-time password) authentication procedure has left many vendors confused.
According to sellers, Walmart-owned Flipkart may be attempting to obtain their private GST data while posing as a verification procedure to get sellers’ GST credentials. Sellers further claim that no rationale has been given for starting the process.
After vendors provide Flipkart with the OTP, the company can access their data through an API. All data collected before GSTIN registration would be available to the company.
Merchants’ yearly turnover and sales on competing marketplaces like Amazon and Meesho can be found in the data, according to many merchants who spoke with the media. In addition, sellers shared a message they got from the company asking customers to authenticate their GSTINs using an OTP to avoid possible location blocking.
Flipkart’s Clarification
The One-Time Password (OTP) that sellers provide on the platform is a one-time process, according to a statement released by Flipkart. This process is designed to authenticate that the GST registration number belongs to a specific seller who is conducting business through Flipkart.
Additionally, it is designed to prevent any unauthorized individual from manipulating a seller’s GST number. An official spokesperson for the corporation stated that this does not grant them access to the information that they have included in their GST reports.Even though
Sellers’ Counter on the Above Clarification
However, sellers have mentioned that Flipkart already validates their GST paperwork, PAN, and Aadhaar data during the initial setup phase. This is something that vendors have mentioned in a media report. Even though it is still reasonable to request OTP verification from new vendors, there is no justification for requiring existing merchants to go through the system.
There are some vendors who have granted access to OTP to Flipkart because they do not want their sales over the holiday season to be negatively affected. An effort to steal data appears to have been made here. These procedures are not followed by any of the other marketplaces, including Myntra, which is owned by the Flipkart Group.
Those who are knowledgeable in the field of finance believe that if Flipkart claims that the OTP verification is a one-time operation, then they may only do so to validate the registration. However, the submission of an OTP by a seller does provide the company with access to the information that sellers have submitted on the GST portal. When it comes to sellers, their concerns are not completely unwarranted.
Zomato, the popular food delivery service, introduced a new feature called Zomato for Enterprise (ZFE) on August 28, to help corporate personnel with orders linked to their work.
Zomato CEO Deepinder Goyal announced the tool, which would simplify the monitoring of company food expenses, in a post on X (previously Twitter). The service’s goal, as pointed out by Zomato, is to make companies’ reimbursement processes easier.
In an X post, Goyal announced, “Excited to introduce Zomato for Enterprise (ZFE),” a tool that helps businesses with food spending.
The majority of Zomato purchases placed by corporate personnel are for business purposes and necessitate reimbursement, which he elaborated on by saying the process can be time-consuming and tedious.
Appreciating this development Puneet Kumar Kanojia, Director Sakshar Media and BollyBites VadaPav stated, “This initiative reflects a deep understanding of the needs of modern businesses. By eliminating the need for traditional reimbursement methods, Zomato is setting a new standard for convenience and operational efficiency in the corporate world.”
What This New Feature Will Offer?
Rather than paying in advance, workers can now charge their food orders to their employers. Companies can also use Zomato for Enterprise to hire new staff, allocate funds for orders, and lay down detailed rules for placing orders.
Goyal has informed onX that ZFE enables employees to directly bill their employer for their business orders without incurring any monetary obligations. Among many other things, ZFE allows businesses to hire staff, establish budgets, and specify ordering procedures. With ZFE, your staff may enjoy more ease while we handle everything else, all while maintaining perfect transparency (SIC).
In addition, he urged others to embrace this new function and brought up the fact that more than a hundred prominent companies are currently utilising ZFE.
“Already, ZFE is being used by more than 100 leading companies. We greatly appreciate their opinion, as it has played a crucial role in shaping this program. Every company’s top executive is cordially invited to give ZFE a shot. To begin, please contact us at enterprise@zomato.com,” Goyal said.
Zomato Completes Takeover of Paytm’s Ticketing Business
As Zomato has been on the edge of expanding its business, this new feature has also been streamlined in accordance with this expansion strategy. According to a story that was published by Startuptalky earlier this month, Zomato has completed the acquisition of Paytm Insider, the entertainment ticketing division of the financial technology giant Paytm. This information was confirmed by both firms in regulatory filings.
To broaden its “going-out” business and create new use cases, Zomato disclosed its intention to buy Paytm Insider the previous week. The acquisition is expected to cost roughly INR 2,048 crore.
Zomato has completed the acquisition of Paytm’s movie ticketing business, Orbgen Technologies Pvt Ltd (OTPL), for about INR 1,264.6 crore. Additionally, Zomato has purchased Paytm’s events ticketing division, Wasteland Entertainment Pvt Ltd, for approximately INR 783.8 crore.
The newly purchased companies will shortly be rebranded under a new going-out app named “District,” which is scheduled to be developed and released within the next few weeks.
NeoGrowth, an online lender in India that specializes in MSMEs, has gone a long way toward empowering female business owners. More than INR 650 crore in loans were distributed to micro, small, and medium-sized enterprises (MSMEs) managed by women in the fiscal year 2024.
The result shows a significant 34% rise compared to the previous fiscal year, which underscores the increasing demand for financial inclusion for women entrepreneurs and NeoGrowth’s dedication to meeting that demand. This sum accounts for 23 percent of NeoGrowth’s total loan disbursements for fiscal year 2024, which were INR 2,863 crore.
The organization asserts that it provided services to a customer base that numbered more than 16,000 throughout the fiscal year. The corporation acknowledges that women-owned enterprises have played an essential part in the company’s broader purpose of promoting an inclusive economy.
Sustainable Development Goals
This broader commitment to contributing to societal and environmental progress is shown in the fact that NeoGrowth’s commercial activities are aligned with six of the Sustainable Development Goals (SDGs) put forth by the United Nations.
Particular attention has been paid by the organization to important Sustainable Development Goals (SDGs), such as Gender Equality, Industry, Innovation, Infrastructure, and Decent Work and Economic Growth.
In addition to contributing to broader societal and environmental goals, the strategy of NeoGrowth is aimed to ensure that its credit solutions contribute to the growth of India’s micro, small, and medium-sized enterprises (MSMEs).
This all-encompassing strategy guarantees that every loan that is provided will have a good domino effect, resulting in the development of new jobs, improvements in credit scores, and increased opportunities for female entrepreneurs.
Growth Strategies
Additionally, the company achieved considerable progress in assisting micro, small, and medium-sized enterprises (MSMEs) in Tier-II cities by disbursing close to INR 835 crore in these areas. Furthermore, emerging small firms that have been in operation for five years or less were the recipients of 41% of the total loans that NeoGrowth has advanced up to this point.
NeoGrowth is committed to supporting entrepreneurs who are frequently ignored by established financial institutions, as seen by the fact that the company focuses on newer enterprises and regions that offer inadequate services.
It was emphasized by Arun Nayyar, the Managing Director and Chief Executive Officer of NeoGrowth, that the company’s objective is to establish a sustainable, inclusive, and purpose-driven ecosystem for micro, small, and medium-sized enterprises (MSMEs) in India. The organization’s consistent dedication to developing financial inclusion, empowering first-generation entrepreneurs, and providing support to firms run by women all contribute to the development of an economy that is both vibrant and inclusive.
In addition to catering to more than 75 different MSME industry segments, NeoGrowth asserts that it has a presence in more than 25 communities. Over $1.4 billion has been distributed by the company since it was first established.
The buzz around Nibav Lifts is undeniable! Nibav Lifts’ recent expansion to 55 Experience Centres across India has ignited a wave of excitement among homeowners seeking to elevate their living spaces.
Due to overwhelming demand, 80% of the exclusive launch offers have already been snapped up in 4 days! This incredible response is a testament to the trust and confidence customers have placed in Nibav Lifts.
But do not let the excitement pass you by! Only a limited number of these exclusive deals remain. Experience the perfect blend of luxury, safety, and sustainability with a Nibav Home Lift.
At Nibav, the company is committed to providing innovative and reliable home elevator solutions that prioritize safety, comfort, and style. The lifts are designed to fit seamlessly into any home, offering features such as:
Space-saving design: The lifts require minimal space, making them ideal for homes of all sizes.
Uncompromising safety: Equipped with cutting-edge safety features, including emergency battery backups and child-safe controls.
Eco-friendly technology- Nibav lifts operate on air-powered technology, ensuring energy efficiency and minimal environmental impact.
Customizable design- With a range of design options, the lifts can be tailored to complement any home decor.
Nibav Lifts Experience Centre
Visit your nearest Nibav Lifts Experience Centre today and discover why everyone is talking about the company.
As Nibav Lifts continues to become India’s largest home elevator brand present across the length and breadth of the country, it is time to join the revolution by being proud owners of the world’s safest home elevator. Visit any of the 55 Experience Centres to discover how Nibav Lifts can elevate your home.
About Nibav Lifts
Nibav Lifts is a global leader in home elevator solutions, known for its innovative air-powered lifts that combine style, safety, and sustainability. With 55 Experience Centres in India and 24 experience centres across different international locations, Nibav Lifts is now present in 79 cities across the globe to offer unparalleled access to its products and expertise.
The 8th Empowered Programme Committee (EPC) meeting under the National Technical Textiles Mission was held in Udyog Bhawan in New Delhi and it was headed by the Secretary of the Ministry of Textiles on 27 August 2024. Under the “Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)” programme, the committee has allotted around INR 50 Lakhs to four different startups.
As part of the “General Guidelines for Enabling of Academic Institutes in Technical Textiles,” the committee has also given five educational institutions a grant of around INR 20 crore to start offering technical textiles courses.
The recognised Startup initiatives centre on three important strategic domains: smart textiles, sustainable textiles, and composites. New Bachelor of Technology (B.Tech.) programmes in technical textiles, geotextiles, geosynthetics, composites, civil structures, and related subjects have been suggested by recognised educational institutions.
India’s Textile Industry
Over the past five years, India’s technical textiles market has grown at a compound annual growth rate (CAGR) of 8-10%, making it the fifth largest market in the world. In the fiscal year 2021-22, the market size reached $21.95 billion, with domestic output amounting to $19.49 billion and imports amounting to $2.46 billion.
National Technical Textiles Mission
A National Technical Textiles Mission has been established in India with the objective of achieving an average growth rate of 15-20%. This mission was established in recognition of the potential of the India’s textile sector. Through market expansion, international collaborations, and the Make in India programme, the mission intends to realise its goal of increasing the size of the domestic market for technical textiles to between $40-$50 billion by the year 2024.
As a result of India’s rapid scaling up of production of personal protective equipment (PPE) kits and masks during the Covid-19 crisis, the Technical Textiles sector acquired greater significance. This development demonstrated India’s capacity to innovate even in difficult circumstances.
In October of the previous year, the Ministry of Textiles approved 23 key research projects with a total value of around INR 60 crores. Speciality fibres, sustainable textiles, geotextiles, portable technology, and sports textiles are some of the fields that are covered by these initiatives.
Government funding is available through the programme to assist companies in developing working prototypes or in the process of “commercialising” their technology. It wasn’t until October 2023 that the ministry first mentioned the notion of the grants.
As part of the effort to foster innovation in technical textiles, the centre plans to provide assistance to 150 entrepreneurs. Incubators would receive 10% of the total subsidy, while 26 institutes will receive a total of INR 151 crore to upgrade their labs and create and provide technical textile courses.
Technical textiles’ rising popularity can be attributed to their widespread application in industries like aviation, agriculture, and the automotive sector. Resham Sutra, Chematico Technologies, Greenwear, and many more have emerged as a result of this.
In the dynamic world of today’s global economy, an extraordinary group of companies has achieved a remarkable milestone: achieving trillion-dollar valuations. These exceptional companies stand at the forefront of success and influence, leaving an incredible impact on industries and economies around the globe. From groundbreaking technological innovators to game-changing industry disruptors, these companies serve as living proof of the limitless possibilities that business holds in the modern era.
In this article, we’ll explore the list of trillion-dollar companies in the world, exploring their incredible achievements.
A trillion-dollar company is a remarkable achievement in the business world. It refers to a company that has surpassed a market capitalization or valuation of $1 trillion. This milestone represents immense size, exceptional success, and significant influence within the global economy. Companies like Apple, Microsoft, Amazon, and Alphabet symbolize trillion-dollar entities that have achieved remarkable financial success, transformed industries, and impacted our daily lives. Being a trillion-dollar company signifies an extraordinary level of accomplishment and places these companies in a league of their own.
The Trillion-Dollar Companies Club
Which was the First Trillion-Dollar Company?
PetroChina was the first trillion-dollar company in the world. On its first day of trading on the Shanghai Stock Exchange on November 5, 2007, it reached a market capitalization of $1 trillion. However, the corporation only held the level for a short time.
The first trillion-dollar US company was Apple, which hit that level on August 4, 2018. Since then, other companies have joined the club: Amazon, Microsoft, Saudi Aramco, and Alphabet. Saudi Aramco is a notable exception on an otherwise primarily American-dominated leaderboard.
List of Trillion-Dollar Companies in the World
Below is the list of all the trillion-dollar companies in the world:
Apple surprised a few and became the first trillion-dollar company in the US. By 2018, it had already been listed among Fortune’s World’s Most Powerful 50 companies for several years running; but that didn’t last long as Apple sunk below $800 billion by 2019, thanks in part to the US stock market, which has plagued many American enterprises over that past year. However, the stock rose in 2019, and the company’s market capitalization reached $1.3 trillion in early December.
The company became the first one in the United States to reach a valuation of $2 trillion on August 19, 2020; on Jan. 3, 2022, Apple became the first U.S. company to reach $3 trillion. Apple’s market capitalization is higher than the GDP of entire countries like Italy, Canada, Australia, and Brazil.
Apple’s remarkable journey in the stock market highlights its resilience and ability to bounce back, setting unprecedented market milestones that have solidified its position as a global powerhouse.
How Apple, Microsoft, and Amazon Hit a $1 Trillion Valuation
NVIDIA
Company Name
NVIDIA Corp. (NVDA)
Headquarters
Santa Clara, California, United States
Founder
Jensen Huang, Chris Malachowsky, Curtis Priem
Founded
1993
NVIDIA – Trillion-Dollar Companies in the World
NVIDIA, a popular technology giant renowned for its advanced graphical processor units (GPUs), has accomplished an extraordinary feat by entering the exclusive trillion-dollar club on May 30, 2023.
With a strong dedication to its AI-driven business, NVIDIA has witnessed consistent growth in recent years. The surge of interest and investments in the AI sector within the past six months has further boosted NVIDIA’s success, increasing its sales to unprecedented heights and playing a pivotal role in achieving its trillion-dollar valuation. NVIDIA’s market cap has seen fluctuations since it entered the trillion-dollar club, but it continues to remain a strong player in the market.
Microsoft
Company Name
Microsoft Corp. (MSFT)
Headquarters
Redmond, Washington, United States
Founder
Bill Gates, Paul Allen
Founded
1975
Microsoft – Trillion-Dollar Companies in the World
In April 2019, Microsoft became a trillion-dollar company, reaching the mark of $1 trillion in valuation. This significant milestone solidified Microsoft’s position as one of the most valuable and influential technology companies in the world.
During the last half of 2020, Microsoft became one of only three companies in the trillion-dollar club. Much like its competitors, Amazon and Apple, who also saw great success with their cloud computing services, Azure helped fuel much faster growth rates for them as well.
Alphabet, the parent company of Google, is another prominent name on the list of trillion-dollar companies in the world. It became the fourth US tech company to reach the $1 trillion club in January 2020. Shortly after, Amazon regained its one trillion-dollar market cap — the first time that four US tech stocks had reached that level at the same time.
Alphabet’s journey to trillion-dollar status reflects its unrivaled dominance in the digital landscape, driven by its innovative technologies, diverse portfolio, and extensive global reach. With Google’s search engine at its core, Alphabet continues to redefine industries, leverage emerging technologies, and shape the future of information and connectivity.
Saudi Aramco
Company Name
Saudi Arabian Oil Company (Saudi Aramco or Aramco, 2222.SR)
Headquarters
Dhahran, Saudi Arabia
Founder
NA
Founded
1933
Saudi Aramco – Trillion-Dollar Companies in the World
Aramco’s foundation dates back to 1933 when the government of Saudi Arabia and the Standard Oil Company of California (SOCAL) signed a concession agreement.
Saudi Aramco broke two records on its first day of trading in December 2019; the company hit the trillion-dollar mark on its very first day of trading, making it the biggest IPO in history. Aramco’s second record-breaking performance came the next day when its market value soared over $2 trillion.
Aramco is the only company in this club with a listing outside the US. It’s currently traded on Saudi Arabia’s stock exchange, making shares next to impossible for non-institutional investors who would like to invest in this lucrative market opportunity.
Amazon
Company Name
Amazon.com, Inc.(AMZN)
Headquarters
Seattle, Washington, United States
Founder
Jeff Bezos
Founded
1994
Amazon – Trillion-Dollar Companies in the World
Amazon hit the $1 trillion mark a month after Apple, but it was also severely affected by the 2018 market slump. However, it only took them until January 2020 when they surpassed analyst expectations with their earnings and revealed that Amazon has 150 million members in its Prime subscription service.
Over the past few years, Amazon’s value has experienced exponential growth, and its success has propelled the company founder Jeff Bezos’s net worth towards surpassing $100 billion.
Amazon has solidified its position among the top companies with its trillion-dollar market cap, thanks to its relentless growth, unparalleled customer service, and an ever-growing catalog with products from nearly every genre imaginable.
Meta
Company Name
Meta Platforms, Inc. (META)
Headquarters
Menlo Park, California, United States
Founder
Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, Chris Hughes
Founded
2004
Meta – Trillion-Dollar Companies in the World
Meta, formerly Facebook, briefly entered the trillion-dollar realm in terms of market valuation for approximately three months in 2021. However, similar to Tesla, Meta’s valuation later decreased, leading to its departure from the trillion-dollar club. Despite these fluctuations, Meta remains a significant force in the tech industry, driving innovation and shaping the digital landscape with its social media platforms and technological advancements.
Recently, in January 2024, Meta’s market cap once again surpassed $1 trillion. This achievement marks Meta’s return to the trillion-dollar company club after a period of recovery in 2023.
Berkshire Hathaway
Company Name
Berkshire Hathaway (BRK-B)
Headquarters
Omaha, Nebraska, United States
Founder
Oliver Chace
Founded
1839
Berkshire Hathaway – Trillion-Dollar Companies in the World
Berkshire Hathaway, led by Warren Buffett, reached a $1 trillion market valuation for the first time on August 28, 2024. This makes it the first U.S. company outside the tech sector to join the elite trillion-dollar club, alongside tech giants like Apple, Microsoft, Nvidia, and others. Berkshire’s wide range of insurance, energy, manufacturing, retail, and service businesses earned $22.8 billion in profit during the first half of 2024. These businesses include Geico car insurance, BNSF Railway, Berkshire Hathaway Energy, Brooks running shoes, Dairy Queen ice cream, Ginsu knives, the World Book encyclopedia, and more.
Buffett, who took over in the 1960s, turned the company into a strong and stable empire. Despite being an “old-economy” company, Berkshire’s smart investments, including in Apple, have played a big role in its impressive growth.
Company That Touched the Trillion-Dollar Mark
Tesla briefly joined the exclusive trillion-dollar club and reached unparalleled heights of market valuation:
Tesla
Company Name
Tesla, Inc. (TSLA)
Headquarters
Austin, Texas, United States
Founder
Elon Musk, Martin Eberhard, JB Straubel, Ian Wright, Marc Tarpenning
Founded
2003
Market Cap
$657.29 B (August 2024)
Tesla – Trillion-Dollar Companies in the World
Due to a successful trading day on Monday, October 25th, 2021, Tesla’s market cap surpassed $1 trillion for the first time. Following the announcement of some exciting news from Hertz and Morgan Stanley, their stock jumped 10%.
Tesla, the renowned electric vehicle manufacturer, briefly joined the exclusive trillion-dollar club in terms of market valuation. However, its journey into and out of the trillion-dollar club has been marked by fluctuations. Despite experiencing moments of surpassing the milestone, Tesla’s market value has fallen back. This volatility was evident in April 2022, when Tesla dropped out of the trillion-dollar club. Nonetheless, Tesla’s pioneering efforts in the electric vehicle industry continue to shape the future of transportation and solidify its position as a prominent player in the market.
Which Companies Are Next to Join the Trillion Dollar Club?
Eli Lilly, a major player in pharmaceuticals with its focus on innovative treatments for diabetes and cancer, is a strong contender for the trillion-dollar club. Its long history of success in the healthcare sector positions it well for potential entry.
Taiwan Semiconductor Manufacturing Company (TSMC), a leading chipmaker crucial for technology ranging from smartphones to AI, is also a strong prospect. Despite their significant roles and growing market caps, both companies still have further to go before joining the trillion-dollar club.
However, it’s important to note that being contenders doesn’t guarantee them a spot as the next trillion-dollar companies. The race is still wide open, and only time will tell who will ultimately claim that prestigious title.
The planet is quickly becoming a country with trillion-dollar companies. Till now, only eight companies have been able to reach $1 trillion in value on the planet, and it’s estimated that this number will more than double in the coming years.
The company that will become the next trillion-dollar juggernaut is set for greatness. It doesn’t matter which industry it comes from or where it comes from, and whichever business gets its name on this list will have big shoes to fill because, if history tells us anything at all, it’s not easy to reach that level, and not to mention maintain it.
FAQs
How many trillion-dollar companies are there?
As of August 2024, there are eight trillion-dollar companies, Apple, Nvidia, Amazon, Microsoft, Saudi Aramco, Microsoft, Alphabet, and Berkshire Hathaway.
Is Tesla a trillion-dollar company?
No, Tesla is no longer a trillion-dollar company. It briefly joined the exclusive trillion-dollar club in terms of market valuation.
Is Meta a trillion-dollar company?
Yes, Meta is a trillion-dollar company with a $1.313 trillion market capitalization as of August 2024.
Which was the first trillion-dollar company?
PetroChina was the first company to reach a $1 trillion market value.
The media has reported that Amazon aims to launch its fast commerce service in India in the first quarter of 2025. The US-based eCommerce giant is refocusing its strategy to compete with rival Flipkart, which has just joined the fast-growing category with its ‘Minutes’ service.
Amazon India has designated a senior executive to spearhead the creation of its speedy commerce strategy in keeping with this approach. This move is part of a larger effort to reorganize its leadership to better compete in the rapidly expanding Indian market.
Exploring the Possibility of Acquiring a Stake in Swiggy
Reportedly, Amazon is looking into buying stakes in Swiggy, specifically its Instamart quick service platform.
According to a media report, a precise schedule has been established, but the foundation for the rapid commerce vertical has been ongoing for some time. Amazon has been pushing the project forward internally.
Since Amazon has not yet introduced a global quick commerce service, the launch of this new service will be subject to permission from Amazon’s headquarters. The situation is further complicated because Manish Tiwary, Amazon’s chief of India, is presently serving his notice term and is scheduled to depart the company in October.
30-Minute Delivery Is Amazon’s Goal for Speedy Commerce
After getting a head start in the grocery delivery market with its Pantry service, Amazon has been perfecting its strategy by combining its fresh two-hour service with next-day delivery. The fulfillment of these deliveries is handled by More Retail stores, a joint venture with Samara Capital, and customers also have the option of store pick-ups.
The 30-minute delivery trend is changing, even though Amazon’s next-day customer base for groceries and non-grocery items is still rather large.
Even if the final product is still in the works, a media report hinted that Amazon might keep slotted deliveries as a tactic, targeting certain SKUs.
Over the course of 2024, the rapid commerce sector experienced substantial changes, and even more changes are on the way. The Mumbai-based firm Zepto is quickly growing its dark store networks and SKUs. In less than two months, the company will finish a $1 billion fundraising round.
Indian Ecommerce’s New Battlefield
According to sources within the business, eCommerce platforms will increase their rapid commerce offerings to encompass 20,000+ products this Diwali, leading to fiercer competition.
New Delhi and Mumbai are the latest cities to get Flipkart’s Minutes service, which was first launched in Bengaluru earlier this month. At the same time, BigBasket is ditching its present hybrid model of scheduled and quick deliveries in favor of a quick-delivery-only strategy.
1Lattice and Datum Intelligence predict that the value of India’s eCommerce business increased by 18-20% in the first half of this year, with grocery sales increasing by more than 38% due to a dramatic rise in fast commerce.
Rishi Mundra
