Talking about scams and frauds by businesses or companies has become a fad in today’s times. The list is going only upward while the innocents are being looted, it has become imperative to stay updated and informed regarding a company or business.
According to the Federal Trade Commission, USA mentions that fraudulent opportunities mostly occur in the top 10 categories in its database reports of consumers complaining about fraud activities.
In India, fraudsters are tough to avoid. With many unemployed job seekers, the list of fake companies in India is long. This act of swindling is growing at an enormous rate with high risk in our digitally enabled world.
To think of frauds, the use of the internet has given birth to many security challenges that people tend to get trapped in. Over the years, India has seen many corporate frauds that left a deep wound in the confidence of many investors. Companies like Satyam, Kingfisher Airlines, DHFL, and YES Bank are some of the big corporate frauds the country has witnessed.
These scam artists are sophisticated as they exactly know how, whom, and where to target customers. In terms of investing in any business, consumers need to look for proper information and must know their rights. If a business has no information available, then that should be treated as a red flag for not pursuing it further.
While keeping in view these corporate frauds, there must be an awareness program for identifying fraud companies. Until there are certain programs available, you can always cross-check a company on your own.
In this article, we have curated some tips on how to identify a fraudulent business or company.
Specific things to look out for in a company to know if they are real are as follows:
Check Whether the Company Is Registered by Visiting the MCA Website
In India, for a company to be licensed, they need to register itself with the Registrar of Companies. MCA is the short form for the Ministry of Corporate Affairs, which is a government-regulated online portal containing the details of all the companies that have been incorporated in India.
On this website, you can check for the registration number of a company, what type of a company is, the date of incorporation, and other such details.
Check Out if the Company Has a Website and Look For Other Details on Their Site
Even if the company has a website, try to get a closer look at the address and contact number. Every website has a ‘contact’ page, where the address and a telephone number will be given to get in touch with them.
Try calling them with the number provided and search on Google maps to verify it is an actual office and not a fake one. However, you should also keep in mind that phone numbers are super easy to fake, so depending only on this fact can never give a piece of accurate information about the company.
If the company says ‘local business’ on its website, try to search in other cities to see if they are running their operation in other localities. If they happen to show the same website in other areas as well, know that they are not right. These businesses usually have copied templates with many broken hyperlinks.
Check for Wrong Spelling and Grammar
Spelling and grammar are the two most important things that will impress anyone. Make sure you go through every detail given on the website, and if you notice unsatisfactory English sentences and wrong spelling, then it is time for you not to indulge with them. Inaccurate sentence formation clearly shows there is something wrong, and you should investigate further before coming to a final decision.
Check for Their Privacy Policy
Another thing you can look for in a company to be legitimate is by reading their privacy policy carefully. Read about their history that will give a brief about how long the company is in operation.
Even if they have a privacy policy read through their mission and vision statement and look for anything suspicious. Reading through their privacy policy will also allow you to give information about their registered business address and other details which you can check on the MCA website.
Check for Their Customer Testimonials and Reviews
Feedbacks or reviews are the best way to find out about a company. The reviews can reflect different people’s opinions and provide you with a concrete overall idea about the company.
Check if the Company Accept Payments
If you are trying to get employed by that company, remember they will never ask you to pay cash or any sort of payment. Other than this, if you are paying for any service, it is important to see how the company accepts payments.
They should accept payments through secure methods and not through shady and insecure methods like paper cheques or cash. Consider looking into payment methods from which you can your money back if things go wrong or if their product or service does not give you satisfactory results.
Conclusion
Scams are a part of the system, and we must accept that incidents like these are inevitable. It can be safe to say companies and the government, in general, must lay down a strong foundation system that keeps a close watch on such activities.
A substantial system with regular monitoring, a robust recruitment process by companies, and launching awareness programs for the public are the kind of things we desperately need.
The above-mentioned points are some of the factors through, which you can check a business’s lawfulness, but it is always better to trust your instincts if you feel something is wrong with the company.
FAQs
How do you know if a company is legit or not?
Check the trademark of the company, check their business on MCA, look for any grammatical errors, and check out the company privacy policy.
How do businesses identify and control fraud?
Many businesses develop a strategy against fraud, protect their businesses from cyber attacks, and know the customers in and out.
In the matter of a few years, India is seeing tremendous growth of startups and unicorns. If we talk about the growth of startups, it is not something that has happened overnight. Due to the lack of proper funding and investor network, the startup culture in India took its own sweet time to grow.
Although, the concept began over four decades ago. Through those years, there have been significant numbers of many industries, which have restored the Indian economy. It is now that the idea of a startup has garnered a lot of attention. The world of startups and unicorns is not just in the USA anymore.
Today, India is number three in terms of having the highest number of startups. In 2020, when the world came to a standstill because of the COVID-19 pandemic crisis, indeed there were tensions around but in reality, it has accelerated the growth of startups not only in India but around the world.
Recently, Google announced that they have launched a platform called ‘Google Startup School India” to help around 10,000 startups in India, especially in tier 2 and tier 3 cities.
Before we dig into what is Google Startup school, let’s first understand what a startup actually is.
A startup is a company that is in its beginning and development stage. It is started in order to provide unique solutions to problems that have never been solved before or to provide much better solutions to recreate in a more efficient manner for the already existing problems.
Earlier, the idea of startup was linked to Silicon Valley in the U.S as we all saw the peak of many startups like Facebook, Microsoft, and many others. As a result of globalisation, and privatisation, the dynamics have changed in India, when the government encouraged people to set up their own businesses. This day, Bangalore in India is the startup hub.
What Is Google Startup School?
In 2011, Google launched a program called Google for Startups. The idea behind this initiative is to partner up with local startup communities to help them by providing tools and workshops for the local startup companies. They also have Google Campus, which is a co-working space for young tech entrepreneurs.
Google for Startups Website
On July 6, 2022, Google made an announcement of its new program called Startup School India (SSI) as a part of the Google for Startups initiative intending to build a systematic curriculum to help 10,000 startups in tier 2 and tier 3 cities in the country.
This initiative by Google Startup School is a nine-week virtual platform where investors, successful entrepreneurs, and programmers from across the startup ecosystem will join together for discussions and sharing of ideas.
Google’s main focus is to reach out to the huge network of startups in India through this ambition. Google saw the potential of Indian startups as the country homes nearly 70,000 startups. Not in cities like Bengaluru, Hyderabad, Delhi, or Mumbai, there are fast-growing companies in cities like Ahmedabad, Jaipur, and Indore too.
According to survey experts, 90% of startups fail in their first five years all because of a lack of knowledge, unorganised cash flow, lack of leadership, and insufficient funding.
Response of Indian Entrepreneurs to Google Startup School
Some Indian entrepreneurs think that this initiative will be a good start for many Indian startups. Hear their thoughts about this:
Rahul Garg, Founder of Moglix says,
“Startup enterprises in India have been known to be innovative and nimble-footed in responding to business challenges. This is testified by the fact that Indian startup enterprises have filed 6000 patent applications in the United States, thus representing 60% of the total patent applications in the country. The combination of intellectual power, original thinking, creative application, and technology, as well as a fertile economic ground to experiment in a market full of problems and opportunities, has resulted in considerable growth of these businesses, with many of them turning into Unicorns. The Google Startup School will provide an avenue to entrepreneurs to come out of their closet and look for opportunities.”
Varun Alagh, Co-founder of Mamaearth says,
“Google has always believed in giving back to the startup ecosystem and this initiative lives the spirit. After working with thousands of startups they truly understand the need gaps which their Startup School initiative aims to bridge.”
The said programme will feature various instructional modules on how to shape an effective strategy, road mapping to building apps for users in India, and such. Besides these modules, the agenda will also provide opportunities for founders to have an understanding from discussions given in the platform as to what makes an effective founder and creator and much more.
The Agenda of the Google Startup School Initiative: Why Is It Happening Now?
India is booming with young entrepreneurs, which is why Google is here to offer these entrepreneurs the technical skills to build a startup. They aim to train 10,000 startups in small cities.
With the help of this programme, the participants can develop their entrepreneurial skills and professional skills, and boost their confidence which will ultimately allow them to perform the role of a manager in a better way and increase their earning potential as well.
The course will provide hands-on training and projects for startup founders. They will be equipped with tools and workshops that are needed for them to succeed in creating a tech startup. The programme will be led by many Google experts, founders, and VCs, who will share their knowledge and experience through live classes.
How Can You Be a Part of the Google Startup School?
If you are a budding entrepreneur from tier 2 and tier 3 city, who is looking for knowledge on how to start a tech company, then this course is for you.
You can simply register on their website by signing up with your Gmail account. You can sign up for any specific event of your choice. After successful registration, you will receive an email confirmation with all the details about the event.
Google Startup School India
Although the course is open to everyone, it is mainly focused on startup founders only with an exclusive space where they can interact and ask relevant questions.
Conclusion
India has many talented minds but the gap between them in reaching their goals is hindered because of a lack of meaningful guidance. Google’s initiative is going to fill the gap and act as a bridge for them by training them at an early stage so that they can be a better version of the entrepreneur they want, that our country is looking for and deserves to have.
FAQs
Does Google invest in startups?
Yes, Google has a venture capital investment arm, Google Ventures which has invested in 500 companies.
What does Google for startups do?
Google for startups helps entrepreneurs meet the right people and supports thriving startups to grow.
Neeraj Kakkaris the CEO and Co-founder of Hector Beverages Pvt. Ltd. which manufactures Paper Boat drinks, Tzinga Energy drinks, and many more interesting works in the pipeline. He is the Chief Executive Officer (CEO) at Paper Boat. Neeraj Kakkar along with James Nuttall, Suhas Misra, and Neeraj Biyani launched Paper Boat in 2013 which isheadquartered in Bengaluru, India.He also served as the former General Manager at the Coca-Cola Company, India.
He currently resides in Bengaluru, Karnataka, India. He has a passion for poker. He came from a small town and worked for Coca-Cola India and later established his own venture in Bengaluru.
Neeraj Kakkar is born & brought up in Haryana. Neeraj pursued Post Graduate Program in Management (PGDM) from Management Development Institute (MDI), Gurgaon (1996-1998). He later did a general management course, Master of Business Administration (MBA) from The Wharton School (2008-2010).
Neeraj Kakkar – Professional Life
Neeraj worked as a Summer intern at Mckinsey and Helion Ventures. He also worked with Union Carbide and later joined Wipro as well.
Neeraj worked for the Hindustan Coca-Cola Beverages Pvt. Ltd. from October 2001 to July 2008. He was the General Manager, employed to examine area operations and various other roles for six long years.
After fleeing to Wharton for his second MBA in 2008, he established his own venture, Hector Beverages and its portal Paper Boat in 2013.
Neeraj is a Palmer Scholar, which is one of the Highest Academic Honor
He is designated as the Co-President of Wharton General Management Club
He holds a respective position as a Co-Chair in Wharton Leadership Lectures Committee
Neeraj Kakkar – Hector Beverages
Hector Beverages Logo
Currently, Hector Beverages has two manufacturing plants: one in Mysuru, another in Manesar, Gurgaon. The company produces up to ten million pouches per month.
The first-ever production plant of the company was established in Manesar in 2010. However, Paper Boat’s popularity raised intensive demand for fruit drinks in Manesar. While the plant at Manesar did not keep up with the fortunate production. The location did not have adequate facilities for manufacturing coconut water, sugarcane juice, and drinks that the company was looking to launch.
Thus, they found a satisfactory location to launch drinks as per their requirements. They constructed a larger setup in Mysuru, Karnataka in 2014. Mysuru plant recorded a production capacity of 380 bottles per minute while the Manesar plant recorded only 80 bottles per minute.
Paper Boat was launched by its parent company Hector Beverages in August 2013. Paper Boat manufactures a range of traditional, indigenous drinks such as Aam Panna, Jaljeera, and Aam Ras. The laid-back office of Paper Boat named Finchley Castle is located in Bengaluru, India.
The company retains the traditional recipes with innovation to emanate inherited Indian drinks to an urban market reach. Artificial coloring or preservatives are highly avoided to make their products reliable.
How Neeraj Kakkar Started Paper Boat?
Neeraj Kakkar – Paper boat Co-founder
The idea of manufacturing traditional Indian drinks propounded through the collective intellect of the four original founders of Hector Beverages.
The company was founded by Neeraj Kakkar, Neeraj Biyani, Suhas Misra, and James Nuttall. Three among these four were colleagues at Coca-Cola, India. While, James Nutall was an American student, who studied with Kakkar at Wharton School and came to India to collaborate his efforts in the drinks business.
The company launched its first energy drink, Tzinga, in 2011. Later, Misra and Nutall left the company, they sold their shares to the remaining co-founders, Biyani and Kakkar.
After one and a half years, Kakkar proposed the idea of launching Aam Panna and the story of traditional drinks continued thereafter. Kakkar raised several efforts to bring a variety of Indian flavors and the rest is history.
Neeraj Kakkar: The Paper Boat story
Paper Boat Products
The products of the Paper Boat range through a variety of traditional drinks obtained from fruits. Some of them include Aam Ras, Alphonso Aam, Jamun Kala Khatta, Chilli Guava, Nimbu Pani, Kokum, Kanji, Sugarcane juice, Lychee Ras, Apple and Orange, Coconut Water, Panakam, etc.
The company also manufactures drinks made via milk like Butter Milk, Thandai, Badam Milk, Neer Milk, Neer More, Sherbet-e-Khas etc.
The company diversified its products by producing Indian snacks as well. Some of them include, Chikki, Banana Chips, Aam Papad, Bakarwadi, Namak Para, Gur Para, Shakar Para, Jaljeera, etc.
Paper Boat exclusively exports its products across the US, UK, France, Canada, Australia, the Netherlands, UAE, and Malaysia. The company spent a significant amount of money on advertising and marketing. Paper Boat has consecutively launched several traditional Indian flavored drinks overseas. It has diversified into producing snacks as well.
Neeraj Kakkar introduced Paper Boats to the world which most often symbolize life. Like life, the paper boat won’t float forever, the paper boat is fragile but it brings hope and innocence.
Paper Boat believes in providing their consumers a good time with their drinks with native tastes and experiences. The company’s inspiration lies in emulating these tastes and experiences standing tall on a benchmark of hygiene and safety. The company aims to get the good moments out for you while avoiding the unpleasant bits.
FAQs
Who is Neeraj Kakkar?
Neeraj Kakkar is the co-founder and CEO of Paper Boat & Hector Beverages.
Is Paper Boat an Indian company?
Paper Boat is a brand of traditional Indian beverages and foods produced and marketed by Hector Beverages, which is headquartered in Bengaluru, India. Paper Boat was launched by Hector Beverages in August 2013.
Who is the owner of Paper Boat?
Paper Boat is a brand of traditional Indian beverages and food products owned by Hector Beverages. Hector Beverages was founded by Neeraj Kakkar, James Nuttall, Neeraj Biyani, and Suhas Misra.
Is Paper Boat juice healthy?
While Paper Boat sells non-carbonated drinks, the products are still high in sugar and aren’t considered healthier than other beverages such as fruit juice.
Who is the CEO of Paper Boat?
Neeraj Kakkar is the CEO of Paper Boat.
What is the valuation of Paper Boat?
Paper Boat’s valuation in 2019 was estimated to be $130Million.
Bharti Airtel is a public limited company commonly known as Airtel. It is an Indian telecom company, which is currently operating its business across South Asia, Africa, and the Channel Islands. It provides GSM in all the countries including 2G and 3G services. Due to its operations in more than 18 countries, Airtel is currently known as the 3rd largest mobile network operator across the globe with over a billion users and the 2nd largest mobile network operator in India.
Bharti Airtel’s Indian Customer Base, as of March 31, 2020, looked like this –
283.7 million Mobile Services
2.4 million homes
16.6 million Digital TV Services
Along with being one of India’s largest integrated telecom providers in India, Airtel is also famously ranked by Millward Brown and WPP plc in the first-ever Brandz ranking as the most valuable brand. At the end of September 2020, Airtel had around 440 Mn customers across its operations. It was known as the 3rd largest cellular service provider in India after beating China Unicomwith 303 million subscribers, when reported back in August 2015.
Along with the telephony network that Airtel provides, where the company offers prepaid and postpaid networks, it also offers broadband and DTH services for its customers. It also acts as a carrier for national and international long distances communication services. The company has a submarine cable landing station in Chennai which connects the submarine cable between Chennai and Singapore. One of the other services provided by Airtel is the Airtel Money (commerce platform in collaboration with Infosys).
Airtel is also hailed as the first Telco to launch Multiplex in Metaverse, a milestone it achieved when it unveiled Metaverse multiplex on the PartyNite Metaverse platform, which is the first Metaverse multiplex in India.
On this note, let’s look at this StartupTalky Bharti Airtel company profile, which brings the Airtel case study, competitions, Bharti Airtel subsidiaries, products, Airtel employees, Airtel telecom founded in, Airtel net worth, hiring culture, policies, Airtel’s history, Airtel’s customer base, achievements, and more.
The name “Airtel” is something that is not only popular in India but has been a buzzword since the company was founded back in 1995. Headquartered in New Delhi, India, Bharti Airtel is a multinational telecommunication company with roots in the Indian subcontinent, which currently serves users of over 18 countries. The telecom giant has provided 2G, 3G, 4G+ and 4G LTE networks, fixed-line broadband connections, and voice services, which are based on the country of operation. Besides, it has also launched the Volte service.
The Bharti Airtel company outsources all of its business operations except marketing, sales, and finance and is often credited with being the pioneer of such a business model. Besides, many of today’s telecom service providers also look up to Airtel for the same, which are now working on similar business models. Besides, Airtel is also hailed as the pioneer of the minutes’ factory model of low-cost and high volumes. The equipment that Airtel uses are provided for and maintained by companies like Ericsson, Huawei, and Nokia Networks. On the other hand, its IT support is provided by Amdocs.
A Brief History of Bharti Airtel
The Airtel founder, Sunil Mittal had primarily set up his business Bharti Overseas Trading Company in 1980, which was an import enterprise where he dealt with generators and more. Then he saw a push-button phone in Taiwan in 1984, seeing that he eventually started to assemble similar phones. Focusing on the same, he founded Bharti Telecom Limited in the early 1990s. Though he started with manufacturing fax machines, cordless phones, and other telecom gear, he soon discovered that the Indian government was inviting bids for mobile telephony in 1992, and Sunil was successful in bidding for one of the four mobile phone network licensed auctioned.
He later went for collaborating with the French telecom group Vivendi, which eventually agreed to do business with him in spite of Mr Mittal being a small timer at that time. This led him to launch his cellular services in Delhi in 1995. Thus, Bharti Cellular Limited was formed to offer cellular services under the brand name AirTel. In 1996, cellular service extended to Himachal Pradesh. In 1999, the Bharti Enterprise went on to acquire control of JT holdings and extended cellular operations to Karnataka and Andhra Pradesh. Then, in 2000, Bharti acquired control over Skycell communications in Chennai.
In 2001, the company acquired control of the Spice cell in Kolkata. Next, the company got listed on the Bombay Stock Exchange and National Stock Exchange. In 2003, all the cellular phone operations of the company were summed up under the single brand of Airtel. Airtel then acquired control over Hexcom and entered Rajasthan in 2005. It then extended its network all across India in 2005 and launched its first international mobile network in Sri Lanka.
It was under the direction of the company’s Founder, Mr Sunil Bharti Mittal that the company became very successful and within a few years, AirTel turned into the first telecom company to cross the 2-million mobile subscriber mark.
On 13th February 2008, Bharti Airtel Limited, the leading telecommunication company in India, crossed the 60 million customer mark. The wireless segment constituted 96% of BAL total customer base. The valuation of BAL then stood at $40 billion in 2008. BA was the fastest in the world and added 8 million customers in 2008. This puts Bharti Airtel among the top telecom companies in the world. Its next target was to reach 100 million mark by 2010. This was also crossed by the company. Airtel is currently standing with a subscriber base of around 354.40 million subscribers in 2021.
Airtel’s actual name was Bharti Cellular Limited (BCL), the company which later began to offer cellular services under the brand name AirTel.
“AISI AZADI AUR KAHAN” is one of the prominent taglines adopted by Airtel.
Airtel logo
Bharti Airtel – Mission and Vision
“Hunger to win customers for life” is the mission of Airtel.
“Our vision is to enrich the lives of our customers. Our obsession is to win customers for life through an exceptional experience.” – says the Vision statement of the brand.
Bharti Airtel as The Market Champion
Airtel strives to align its HR strategies with its corporate strategy. The HR team makes sure to see if the organization teams have the same attitude that would help employees realize the vision of the company. The company emphasizes recruiting young people with an average age of 26 years. This is done because the company wants to bring in young entrants and would them as per the business organization and at the same time, enhance their interaction and creativity.
Senior management was advised by the HR management as they are encouraged to put forward their views openly in order, to play a more proactive role in team-building efforts. This was further augmented by a reward and recognition system along with a strong training program. As a part of the planning process, the entire organization is measured on five performance parameters, which includes its financial performance, profitability, market share, customer satisfaction, and employee satisfaction.
Bharti Airtel – Growth
Bharti Airtel has grown hugely throughout the years in the telecommunication sector. The company is currently spread across 18+ different countries including those in South Asia, Africa, and the Channel Islands. Building a big name for itself, Airtel is currently known as the second-largest mobile network in India along with being the second-largest mobile network in the world.
Along with offering an efficient mobile network, Airtel also brings a wide array of products and services to its customers:
Broadband
Digital television
Banking
Business
Android-based tablet
Airtel unveiled on June 14, 2022, it’s first, which is, in fact, India’s first Metaverse platform on the PartyNite Metaverse platform. Xstream multiplex, which Airtel launched, is designed as a 20-screen platform and will be an extension of Airtel’s Xstream Premium offering. Such a platform will leverage the content library of Airtel and will offer many more layers of engagement, thereby allowing the users to interact on the PartyNite Metaverse. This new Airtel multiplex will offer a sampling of the original shows and movies in many other languages along with those in English and Hindi.
Airtel and Jio, it seems, are quite locked together to gain market share in India. According to the TRAI data for April 2022, Jio held a 35.5% market share in the wireless telecom market of the country whereas Airtel was positioned at the second spot with a market share that equalled 31.61%.
Google has picked up a minor and non-controlling 1.28% stake in Airtel for $700 mn, as per the reports dated July 1, 2022. The deal comes after around 5 months since it was proposed. This deal is part of the larger Google For India Digitisation Fund, which the CEO of Google, Sundar Pichai, announced in July 2020. The tech behemoth also said then that it would keep an additional $300 mn worth of funds for potential multi-year commercial agreements with Airtel. This investment in Bharti Airtel marks the second Google investment in India. The first was when Google invested $4.5 bn in Jio in 2020, picking up a 7.73% stake in the company. This investment from Google will help both Airtel and Google to ramp up the telco’s enterprise cloud solutions, which are being operated currently with Amazon. The deal would also help both parties to work unitedly to create an array of affordable Android devices in partnership with the device manufacturers. Moreover, the deal would also help them develop 5G use cases specific to India and create multiple network solutions. The shares of Airtel were allocated on July 14, 2022, when Bharti Airtel approved the allotment of more than 71.17 crore shares to Google at an issue price of Rs 734, which includes a premium of Rs 729 per equity share. In the conclusion of this, Google’s stakes in Airtel stand at 1.20% of the total post-equity shares or 1.17% of the telecom company on a fully-diluted basis.
Airtel Financials and Revenues
The average revenue per user of Airtel rose to Rs 178 crore in the January-March quarter of 2022. This rise was mainly due to the strong user additions, higher tariffs, and one-time gains. The consolidated net profits of Airtel increased by 164% to become Rs 2008 crore in FY22.
Bharti Airtel- Service Rule and Regulation of Employees
In Airtel, you are an at-will employee, this means you are working at your own will without any force or pressure before you join the company. You must sign terms and condition agreement that will state the corporate governance of the company which is:
Employees must report to their superiors and maintain disciplinary work.
All employees will be paid monthly by cheque procedure.
In case of leave, employees must draft a detailed application mentioning the reason for leave.
A lunch break of 1 Hour will be provided.
Bharti Airtel- Promotion Policy and Wage Structure
AirTel engages a policy under which an employee gets his/her due promotion in the organization, which is a reward for an excellent performance. Under the rules that govern the promotion, AirTel states that the employee must have successfully completed 6 months to be eligible for promotion in Airtel. The internal application process is carried out and all the previous records are checked and the performance is analyzed.
The internal relationship between different jobs and wages helps the firm to decide its wage structure. 60% of its employees have a variable pay structure where they get paid according to the work done. The company considers factors such as performance and maintains internal equity to ensure people at the same level are paid for the same amount of work.
The success story of Bharti Airtel
Bharti Airtel – Training and Development of Employees
Airtel has a vast pool of human resources that are upgraded from time to time in terms of leadership and technical skills through various outsourced and in-house training and development activities such as process and project management skills and technical skills. By providing world-class resources and combined efforts by Airtel many employees are being trained to become future leaders. The company’s HR is continuously working on launching various initiatives like on-job training, programmed learning, simulated development, and computed-based training.
The on-job training is where a person learns a job actually doing it. Every employee from the mailroom, from a clerk to the CEO, gets job training when they join the company. Informal learning is used as 80% of the employees learn on the job they learn not through informal training, including performing their jobs on a daily basis in collaboration with their colleagues.
The company provides a job instruction training program that takes place every month in Airtel in which a logical sequence of steps is taught step by step. On a quarterly basis programmed learning is followed by Airtel in which self-learning methods consist of Presenting questions, facts, or problems to the learner and allowing the person to respond.
Application – In Airtel existing openings are monitored and accordingly position procedures are being carried out matching candidates’ profiles and areas of interest.
Screening – Matching of the profile is done by the company with respect to its requirements and needs.
Assessment – An aptitude test is required for the job of the front line sales. For considering the middle and senior-level job occupational personality questionnaire was done.
Interview– Airtel takes 1 to 3 rounds for the interview process. Then the final appointment letter is being offered with the company’s terms & conditions memo, which every employee must sign.
Airtel has an incentive pay scheme managers often use two terms synonymously incentive plan for the employees that are applicable to sales over the target achieved. Merit pay as incentives is generally done by the company for excellent performance by the employee in the last term of his/her employment. The other non-monetary incentives include Employee recognition, Gifts, Special events, merchandise incentives, and free training programs.
When it comes to the benefits, they are indirect financial and non-financial payments employees receive for continuing their employment. They include things like health and life insurance pensions, time off with pay, and child care assistance. The company also provides Life and Health insurance for families and dependents. Different types of leaves like study leave, extraordinary leave, petrol allowance, and family holidays.
Along with helping the employees on many different fronts, Airtel also cares for others as well, especially the startups of today.
Airtel Launches Startup Accelerator Program to Support Startups
Bharti Airtel (“Airtel”), India’s largest integrated telecommunications company, announced the launch of its Startup Accelerator Program on October 25, 2019, to support the growth of early-stage Indian tech startups. With the advent of its Start-up Accelerator Program, Airtel aims to support the creation of a vibrant startup ecosystem that contributes to “Digital India”.
Through Airtel’s Startup Accelerator, early startups get access to Airtel’s online and offline distribution network, deep market understanding, and ecosystem of global strategic partners. In addition, Airtel has also developed strong in-house capabilities around machine learning and artificial intelligence, which could be leveraged to aid the growth of startups. Furthermore, startups also get access to advisory services from Airtel’s executive team.
Vahan was the first to join Airtel Startup Accelerator. Airtel announced the induction of Bengaluru-based tech startup Vahan into its Startup Accelerator Program. Airtel will acquire a stake in Vahan and partner with them in building a significant scale to achieve their vision of enabling jobs for the next billion internet users. Founded in 2016 and backed by Y Combinator and Khosla Ventures, Vahan leverages advanced Artificial Intelligence to match job seekers with employers inside messaging apps such as Whatsapp. It is focused on finding blue collar jobs for millions of young Indians in Delivery, Driving, Retail, BFSI, BPO and Hospitality sectors with companies such as Zomato, Swiggy and Dunzo as clients.
Today, early stage startups in India have some very exciting ideas but face multiple challenges in scaling up. With Airtel’s scale and digital capabilities around distribution and payments, we have the potential to drive accelerated growth of emerging startups that are solving hard problems. The team at Vahan is doing some incredible work to bring jobs to millions of people through AI based technology. We are excited to partner with them on this vision.
Madhav Krishna, Founder and Chief Executive Officer, Vahan, said: “
Airtel will be a key partner for us as we look to solve a hard problem for Bharat. Most blue-collar job seekers are unaware of the opportunities that exist in the market, especially new-age on-demand jobs. Airtel’s distribution channels will help us reach the very depths of the country and in turn, help millions of Indians take control of their economic destiny. We are incredibly excited about this partnership.
Bharti Airtel – Partnerships
Bharti Airtel has seen a considerable number of partnerships and collaborations to date. Some of them are mentioned below:
Bharti Airtel partnered with Apollo Hospitals and Cisco on April 28, 2022, in order to help in the development of state-of-the-art ambulances that will be equipped with Airtel 5G.
The company partnered with Mavenir for open radio access network-based 5G field trials. The first Open RAN-based 5G NSA validation was done on April 5, 2022.
Airtel and Tech Mahindra partnered together to “build and market innovative solutions for India’s digital economy by bringing together their core strengths”, said an Airtel PR dated March 31, 2022.
A PR rolled out by Airtel on December 14, 2021, stated that the company partnered with Capgemini to announce 5G-based enterprise-grade solutions to the Indian market.
Bharti Airtel and TCS collaborated to build a 5G-based remote working technology using robotics on December 2, 2021.
BlueJeans – Bharti partnered with Verizon to launch BlueJeans, a video conferencing platform like JioMeet. The platform can accommodate 50,000 attendees and is simple and intuitive to use. With the launch of BlueJeans, Airtel and Verizon tend to provide a safer video conferencing experience to the customers. Hans Vestberg, Chief Executive Officer of Verizon, said during a virtual press conference that the data of all the customers will be hosted in India and stored within the data centres all over India. The per-call costs have also been dropped to INR 0.50. It is also having the Airtel Auto Bridge feature, which allows users to benefit from an unlimited calling feature within the National/International range. This new feature also consists of HD video calling with Dolby voice support. It also allows users to schedule, join or host the meets with the one-click feature. With the involvement of ‘Smart Meetings’ feature in BlueJeans it will allow the user to get hold of the important points and assign certain actions to the people. They are also trying to add certain packages for the enterprises in the upcoming days. Vittal said in a statement, “We will have three kinds of packages for our consumers one for large enterprise, the second one for medium, and the third for tiny or small business. We will reveal packages for BlueJeans over the next few days.” The company is also sure that the prices will be competitive. Airtel has been a new entry in the video conferencing sector shortly after the launch of JioMeet by Reliance Jio. Players from the telecom Industry entering the video conferencing sector will be interesting. It is making a great competitive market in this industry. BlueJeans was founded by Krish Ramakrishnan and Alagu Periyannan, in India only. The first prototype was tested back in 2009 and 2012 in Pune at the company’s research and department centre. However, Verizon, in May 2020, tried to acquire it and give it a boost. It will be interesting to see how things go in the upcoming days and brings us interesting content.
Some of the major achievements and milestones earned by Bharti Airtel are listed below –
AirtelThanks App was recognized as one of the most innovative mobile application in the prestigious ET Telecom Awards 2020.
Airtel won four awards in each category of Video Experience, Games Experience, Voice App Experience and Download Speed Experience in the Open Signal Report in September 2020, for the second time in a row.
Airtel Xstream Fiber won the Best Broadband Service Provider in ET Telecom Awards 2020.
Airtel Business won the “Best Partnership” award at Telecoms World Middle East Awards 2019 for partnering with Telecom Egypt.
Airtel Business won 3 prestigious awards at Global Carrier Awards 2019, namely, Best Global Wholesale Carrier – Voice, Best Voice Service Innovation – Emerging Markets and Best Security Solution.
Airtel Finance shared services team has bagged the coveted Digital Initiative Award by HDFC bank in the Large Customer Category.
Airtel Business has been awarded as the “Enterprise Data Service Provider of the Year” and the “Enterprise Telecom Service Provider of the Year” in the large enterprise segment at the Frost and Sullivan ICT Awards
App Annie ranked Wynk Music as India’s #1 music streaming app in terms of Daily Active Users in October 2019.
And the list goes on & on…
Bharti Airtel – Future Plans
Bharti Airtel is currently planning to launch its 5G services in the country. The Union Cabinet earlier gave its nod for the auction of 72 GHz of 5G spectrum, which is planned to be conducted in July 2022.
Recommendations
Bharti Airtel is currently doing incredibly well in recent times it is expected with same quality services and has the prospective to overtake China’s Unicom in a few years making Airtel one of the world leaders when it comes to being a world leader in telecommunication. This is possible because of the company’s expansion in African and Asian countries making it a global company. Airtel also has good relations with its business partners like Ericsson, Siemens, and IBM.
The company has strong HR policies that help in maintaining its corporate governance structure. The profit and assets are also increasing at a considerably good rate, making its turnover cross $643.25 bn. Good customer schemes and support services make Airtel capture a major chunk of the competitive market.
FAQs
What is the difference between Airtel and Bharti Airtel?
Bharti Airtel and Airtel are the same company, a subsidiary of Bharti Enterprises.
Today when we talk about the world’s most influential and richest entrepreneurs, Elon Musk comes to our minds for sure. He has always been in the news, let it be his new venture, his way of working, or his net worth.
Elon Musk’s tweets catch the attention of the masses; be it Elon Musk naming his baby X Æ A-12, which created a lot of buzz around the globe, or the “How Strange. Well, back to work…” one after Bloomberg announced him the richest person in the world, but only a few know about his life story.
Elon Reeve Musk was born on June 28, 1971, in Pretoria, Transvaal, South Africa. Elon Musk is an innovative business person, financial specialist, and engineer who is one of the most popular entrepreneurs in the world. He holds South African, Canadian, and U.S. citizenship. Elon Musk is the founder, CEO, and lead planner of SpaceX as well as a fellow benefactor, CEO, and item engineer ofTesla, Inc.
Elon Musk became the Richest Man in the World on January 7, 2021, after Tesla’s share price surged by 7.9%. It helped him to surpass Jeff Bezos. Musk was featured on the top of the Bloomberg Billionaire Index, a list of the top 500 richest people in the world, on 7th January 2021. Musk had added more than $122 billion to his fortune in the year 2021, which pushed his net worth to $292 billion, according to the reports dated October 2021. This made Elon Musk the first person to be the owner of such a huge fortune. Elon Musk’s net worth was then estimated to be $195 billion, which is currently estimated to be over $220 billion. He debuted on the list of the world’s richest persons back in 2012, when his net worth was estimated at $2 billion.
The tech tycoon went ahead with a bid to buy out Twitter by acquiring 100% of the Twitter stakes on April 26, 2022, in a deal worth $44 billion. However, the deal is still pending and the popular social media platform is yet to turn into a privately held entity.
To know more about the entrepreneur Elon Musk, Elon Musk biography, the answers to “what has Elon Musk studied?”, “what companies has Elon Musk founded?”, “what is Elon Musk famous for?” and more, stay glued!
Founder, CEO, and Chief Engineer at SpaceX; CEO and Product Architect of Tesla, Inc.; Founder of The Boring Company; and Co-founder of Neuralink and OpenAI
Elon Musk was born in Pretoria, South Africa, to a White South African electromechanics Engineer, pilot, sailor, consultant and product developer, who was his father and a Canadian Dietitian and model mother. Errol and Maye Musk divorced in 1980. Though Musk initially started to live with his father in Pretoria and elsewhere immediately after the separation of his parents, Elon later regretted his choice and started to be estranged from his father. Elon Musk has been described as an awkward and introverted child throughout his childhood and he has also been a victim of regular bullies in his school days. In one such incident, Musk was pushed by a group of boys down a flight of stairs and he was hospitalised later.
Elon Musk – Career
Elon Musk joined Anglican Sunday school in his youth. He later entered Queen’s University, in Kingston, Ontario in 1990. He was soon transferred to the University of Pennsylvania after 2 years, from where he graduated in 1995 with a Bachelor’s degree in Physics and Economics.
While still enrolled in his course, Musk then held 2 internships in the summer of 1994 in Silicon Valley, at the Pinnacle Research Institute and Rocket Science Games. He then was accepted as a PhD scholar in Materials Science at Stanford University in California in 1995. However, Musk later dropped out of the course and decided to join the internet boom and launch an internet-based startup.
Elon Musk – Personal Life
Elon Musk is the eldest of the three siblings, Kimbal and Toska, who are the younger brother and sisters of Musk. Elon’s adenoids were removed when he was a child because his parents were apprehensive that he was deaf, however, they discovered later on that it wasn’t true. His parents divorced in 1980. After their divorce, though Musk initially gravitated towards his father, he chose his mother later.
Musk’s marital life started with Justine Wilson, a Canadian author, whom he married in 2000 when he was at Queen’s University. They first had a son, who died of SIDS at 10 weeks. After that, the couple gave birth to a twin and a triplet. Talulah Riley was the second wife of Musk. However, they eventually got divorced and then remarried, and again got divorced for the second time. After ending this marriage, Musk dated Canadian musician Grimes, who later gave birth to a son in May 2020. Their son was named X AE A-XII.
How Elon Musk started his Journey?
Musk developed an interest in computing and video games from a very early age. He acquired Commodore VIC-20 when he was only 10. He started learning computer programming using a manual and successfully sold the code of a BASIC-based video game called Blastar to PC and Office Technology magazine for $500, which he created, at the tender age of 12.
At 17, Elon Musk chose to move to the United States for finishing his auxiliary tutoring. Rather, Musk left for Canada and got selected at Queen’s University in Ontario at 19 years old. His calling came when he got a grant from the University of Pennsylvania. Then, he moved to the United States and acquired a Bachelor of Science degree in Physics. He proceeded with his training further, acquiring himself a Bachelors of Science qualification from the Wharton School at the University of Pennsylvania.
He started with a PhD programme at Stanford University in 1995 yet dropped out just after 2 days to seek an enterprising vocation. As published in the Hitchhiker’s Guide to the Galaxy by Douglas Adams, Elon Musk accepted that the internet, sustainable power sources, and space travel would be the ones having the greatest effect on the lives of individuals in the future.
As chosen, the three noteworthy subjects of worry for giving his life’s central goal, Elon Musk, alongside his brother Kimbal Musk, began an organization named ‘Zip2’. Elon Musk dropped out of the Applied Physics and Material Science program at Stanford University after two days in the wake of beginning this new pursuit known as Zip2.
Elon Musk story
Elon Musk’s Business Ventures
Elon Musk has evolved different and distinct categories in his comprehensive business field. From automobile miracles to secured money handful-application, from artificial intelligence (AI) research organizations to uplifted propagation throughout the space, Musk has achieved huge feats everywhere with his proficient signature and discretion. Those catalysts of his supremacy are listed below-
Zip2
Zip2 logo
In 1995, Musk with his brother Kimbal Musk began a web programming organization – Zip2, with cash raised from a little gathering of holy messenger investors. The organization created and advertised an Internet city control for the newspaper distributing industry with maps, directions, and yellow pages. Zip2 enabled all real print distributions to offer extra business administrations to their clients.
Musk got contracts with The New York Times and the Chicago Tribune. Musk convinced the governing body to devise plans for a merger with CitySearch. While at Zip2, Musk wanted to move toward becoming CEO but the board members opposed it.
In February 1999, Compaq, a noteworthy web crawler at that point, procured this IT organization – Zip2 for $307 million in cash and $34 million in stock options. The deal made it one of the greatest money acquisitions in those days. Musk got $22 million for his 7% share from the sale.
X.com and PayPal
Logo of x.com and PayPal
In March 1999, Musk established X.com, an online budgetary administration and email payment company with $10 million from the closeout of Zip2. One year later, the organization merged with Confinity, which had a payment service application called PayPal.
After merging, they concentrated on the PayPal administration and were renamed PayPalin 2001. PayPal’s initial development was driven essentially by a viral showcasing effort where new clients were selected when they got cash through the service. Musk was removed in October 2000 from his job as CEO because of conflicts with other organization authorities.
Musk wished to move PayPal’s Unix-based foundation to Microsoft Windows, which was opposed by all. In October 2002, eBay acquired PayPal for $1.5 billion in stock, of which Musk got $165 million. Before its deal, Musk, who was the organization’s biggest investor, claimed 11.7% of PayPal’s shares.
In July 2017, Musk bought the domain X.com back from PayPal for an undisclosed sum, expressing that it has sentimental value to him.
SpaceX
In 2001, Musk considered Mars Oasis, an undertaking to send a small test nursery on Mars, in the hopes of revolutionizing the aerospace industry and making affordable spaceflight a reality. In February 2002, Elon Musk came to Russia to search for three ICBMs (missiles), bringing along Mike Griffin. Griffin had worked for the CIA’s investment arm, In-Q-Tel, just as NASA’s Jet Propulsion Laboratory, and was simply leaving Orbital Sciences, a producer of satellites and rockets.
Kosmotras, a Russian Space Company, offered one rocket for $8 million. But Musk found it excessively costly and refused to purchase it. While on the trip back from Moscow, Musk understood that he could begin an organization that could manufacture the moderate rockets he needed. Musk calculated that the raw materials needed to structure a rocket really were just 3% of the commercial cost of a rocket at the time.
In 2002, Musk ultimately established SpaceX with the long-term objective of making a genuine spacefaring civilization. With US$100 million of his initial fortune, Musk established Space Exploration Technologies or SpaceX, in May 2002. Musk is CEO and boss of innovation official (CTO) of the California-based SpaceX organization.
Logo of SpaceX
SpaceX creates and makes space dispatch vehicles with an emphasis on propelling the condition of rocket innovation. The organization’s initial two dispatch vehicles were the Falcon 1 and Falcon 9 rockets (a gesture to Star Wars Millennium Falcon) and its first shuttle is the Dragon (a gesture to Puff the Magic Dragon).
In seven years, SpaceX planned the group of Falcon dispatch vehicles and the Dragon multipurpose spacecraft. In September 2008, SpaceX’s Falcon 1 rocket turned into the main privately financed fluid-powered vehicle to place a satellite into Earth orbit. On May 25, 2012, the SpaceX Dragon vehicle berthed with the International Space Station (ISS), impacting the world forever as the primary business organization to dispatch and compartment a vehicle to the ISS.
In 2006, SpaceX was granted an agreement from NASA to proceed with the improvement and trial of the SpaceX Falcon 9 dispatch vehicle and Dragon spacecraft so as to ship freight to the International Space Station. It was followed by a $1.6 billion NASA Commercial Resupply Services program contract on December 23, 2008, for 12 flights of its Falcon 9 rocket and Dragon shuttle to the Space Station.
On December 22, 2015, SpaceX effectively handled the principal phase of its Falcon rocket back at the platform. This was the first run in history such an accomplishment had been accomplished by an orbital rocket. It became the first step towards rocket reusability, bringing down the expenses of access to space.
In the entire year of 2017, SpaceX launched its eighteen Falcon 9 flights, successfully, which are more than the previous year’s 8 flights. On February 6, 2018, SpaceX effectively launched the Falcon Heavy, the fourth-highest capacity rocket ever built and the most powerful rocket in activity in 2018. The debut mission carried a Musk’s Tesla Roadster as a dummy payload.
Today, SpaceX is both the biggest private maker of rocket motors on the planet and holder of the record for the most noteworthy push-to-weight proportion for a rocket motor (the Merlin 1D). SpaceX has created in excess of 100 operational Merlin 1D motors. Every Merlin 1D motor can vertically lift the heaviness of 40 normal family vehicles.
Tesla Motors
Logo of Tesla, Inc.
Tesla, Inc. (initially Tesla Motors) was established in July 2003 by Martin Eberhard and Marc Tarpenning. They financed the organization until the Series A funding. The two men were actively involved in the company’s development. In February 2004, Musk joined Tesla’s board of directors as its chairman and led the Series A round of investment.
Musk played a functioning job inside the organization and supervised the Roadster item structure at a definite level, yet was not profoundly engaged with everyday business operations. Following the money-related emergency in 2008 and after a progression of raising clashes in 2007, Eberhard was expelled from the firm. Musk expected initiative of the organization as CEO and item engineer, positions which he holds even today.
In 2008, Tesla Motors initially built an electric sports car, the Tesla Roadster, with sales of 2,500 vehicles to 31 nations. On June 22, 2012, Tesla started the conveyance of its four-door Model S car. On February 9, 2012, it uncovered its third item, the Model X for the SUV/minivan market but Model X dispatch was postponed until September 2015.
Tesla’s income in 2018 was $21.46 billion. In 2013, Tesla’s Model S was the first electric vehicle to get the Car of the Year Award by Motor Trend. Over the most recent four months of 2018, Tesla’s US piece of the overall industry was about 2%. It costs $13.66 to completely charge a Tesla Model X at home.
The general Tesla total assets were evaluated to be $2.2 billion in 2018, dependent on its income and benefits. Nearly 75% of every single electric vehicle sold in the US in 2019’s first quarter were Teslas. Tesla saw an income of $21.461 billion in 2018. The total assets of Elon Musk, Tesla’s CEO, were $18.1 billion as of May 2019.
Tesla recently saw a surge of 4.8% in the share price helping Elon Musk surpass Jeff Bezos to become the richest man in the world.
Neuralink Corporation is another company of which Elon Musk is the co-founder. Founded in July 2016, Neuralink is a neurotechnology company that is engaged in developing implantable brain-machine interfaces (BMIs). Headquartered in Pioneer Building, San Francisco, California, Neuralink shares its office with OpenAI.
In an hour-long interview on Joe Rogan’s podcast, SpaceX and Tesla CEO Elon Musk said that his neuro-tech company Neuralink is going to launch the first product that can make any brain function as a superhuman AI. San Francisco-headquartered Neuralink is developing implantable brain-machine interfaces (BMIs) or Cyborg that could improve memory or allow for more direct interfacing with computing devices.
Neuralink Corporation is an American neurotechnology company founded by Elon Musk in 2016. Elon Musk claims that the moto of Neuralink is a human enhancement and the technology, which will be able to merge the computers with the human brain. Thus, it will obtain a symbiotic relationship between the human brain and Artificial Intelligence.
“ If your biological self-dies, you can upload into a new unit. Literally. It will enable anyone who wants to have superhuman reasoning and intelligence.” – Elon Musk
Developing such implantable brain-computer interfaces(BCIs) or cyborg will be quite a challenge and to be on top of the game, Elon Musk needs to stay ahead of Neuralink’s competitors with a heavy focus on applied engineering. BCIs must incorporate features that are a thousand times better than the existing interfaces with no surgery, no aesthetics, and definitely no drilling holes in the skull.
Elon Musk further points out that there has been a significant advancement in the field stating, “I think Neuralink will have something interesting to announce in a few months that’s at least an order of magnitude better than anything else, probably better than anyone thinks is possible.”
You can see the podcast here:
Elon Musk’s Interview with Joe Rogan
In early 2017, he made a jaw-dropping revelation stating that robots will disrupt our job scenario and that there’s nothing much that can be done and the competition between the countries with the most sophisticated AI will be the reason for World War 3. Probably to him, the merging seems like a better option which might give a human a better chance of surviving. “The merge scenario with AI is the one that seems like probably the best. If you can’t beat it, join it,” Musk said.
OpenAI
OpenAI is an artificial intelligence research laboratory that consists of OpenAI LP, which is a for-profit organization, and OpenAI Inc, its parent company. OpenAI is another Elon Musk-founded company, which he founded in December 2015, along with Sam Altman, Ilya Sutskever, Greg Brockman, Wojciech Zaremba, and John Schulman. OpenAI was founded with an aim of promoting and developing a friendly AI that will benefit humanity as a whole. The collective pledging of $1 billion by Sam Altman, Elon Musk, and others resulted in the birth of the company. It is important to note that Musk has already resigned from the Board of the company in February 2018, but he still remains a donor.
The Boring Company
Logo of The Boring Company
In December 2016, Elon Musk founded the infrastructure and tunnel construction services company, The Boring Company is also known as TBC. Musk has experienced difficulty with Los Angeles traffic and limitations with the current two-dimensional transportation network. This led to the inspiration for the project.
The Boring Company currently has active construction and is planning future projects in the Los Angeles and Baltimore–Washington areas. They have also been selected to build a downtown-to-airport loop by a government program for high-speed transport in Chicago. There have been three boring tunnel projects proposed in the Los Angeles area out of which one test tunnel was completed in November 2018.
Though The Boring Company was initially formed in December 2016 as a subsidiary of SpaceX, it become a separate and fully independent company in 2018. In this, 90% of the equity was owned by Musk and 6% held by SpaceX in return for the use of SpaceX resources during the initial startup of the company. Outside investments during 2019 have changed the equity split.
Twitter
Twitter Logo – A firm owned by Elon Musk
Elon Musk is one of the most famous tweeps who almost keeps his audience hooked with his Twitter profile. Musk has always been an avid Twitter user and was on the brink of becoming a 100% owner of Twitter, the bid for which he placed on April 26, 2022, where he was looking forward to acquiring 100% stakes in Twitter in an all-cash deal worth around $44 billion. However, he finally turned down the deal, citing multiple breaches of the deal.
Musk first expressed his interest in buying the platform in 2017. In the wake of 2022, Musk started materialising this dream of his by buying significant stakes in Twitter first on January 31, 2022, which reached 5% on March 14, 2022. He became the largest stakeholder in Twitter on April 1, 2022, owning over 9% of its stakes. Musk then agreed to a deal on April 4, 2022, which prohibited his possession of more than 14.9% of the shares of his company and would assert his joining the board of directors of Twitter. However, Musk decided to not join the board before April 9, 2022, when the appointment became effective. Elon Musk then placed a bid to buy 100% of Twitter’s shares on April 13th at $54.20 per share. This bid was granted by the Twitter board and would have made Elon Musk the owner of 100% of Twitter’s shares in a deal worth $44 bn if Musk didn’t walk away from the deal. There was also a breakup fee of $1 bn if the deal falls apart. Elon Musk threatened to blow up the deal over the bot issue on June 10, 2022, and ultimately terminated the deal in the first week of July 2022. In reply to this, Twitter sued Musk on July 12, 2022.
In the case filed at the Court of Chancery, Delaware, the acquisition deal was to be forced to go through, as per the decision by Chief Judge McCormick, thereby being ruled against Elon Musk.
Elon Musk – Investments
Elon Musk has 7 investments to date, all of which are personal investments. Here’s a list of the Elon Musk investments:
Elon Musk is recognised for his fight against global warming and Tesla is one of the examples of it. Some of the awards and recognition that he has received are:
For his advocacy, he has received Global Green Award and National Wildlife Federation’s Connie Award.
He has received the Entrepreneur of the award of Inc Magazine and is also known as the Living Legend of Aviation by Kitty Hawk Foundation.
Musk has also been ranked 1 on Forbes’ Billionaires list. Musk is a receiver of the Axel Springer Award.
In 2010, Musk received FAI Gold Space Medal from the Federation Aronautique Internationale.
Elon Musk – Controversies
The richest person on the planet has some fair share of controversies as well. Elon Musk is said to be quite blunt with the tweets that often surround him with controversies. Some of them are:
Right after he was all set for the Twitter acquisition, Musk said that he will buy Coca-Cola and put cocaine back in the beverage.
Musk named the cars from the Model 3 series of Tesla first as Model S, Model E and Model X. However, when Ford allegedly warned Tesla about a lawsuit for using Model E, Tesla changed its name to Model 3, which still made the models together sound like S.3.X
Elon Musk smoked weed on the Joe Rogan podcast and was surrounded by memes and controversies
Musk joked about sending space dragons with lasers to help Ukraine fight the Russians after an article stated that Musk would send flame-throwing electric tanks to Ukraine
During Canada’s trucker protest, Elon Musk compared Hitler with Canadian President Justin Trudeau.
Musk got Sued by Twitter
Elon Musk was legally sued by Twitter for “hypocrisy”, reported The Verge at Delaware’s Court of Chancery on July 12, 2022, after he decided to terminate the Twitter acquisition deal. This opened another chapter of Musk’s life where he will resist his claim in court against the social media giant Twitter.
Elon Musk – Unknown Facts
The richest man is not only unique but interesting as well. Some of the unknown facts about Elon Musk are:
When Musk was 12 years old, he created a video game called Blaster and sold it to a magazine.
Musk named his son Xavier after the character of Professor Xavier from the movie X-Men.
Musk also had a cameo in The Simpsons, along with those in South Park, The Big Bang Theory, Rick and Morty, and more.
Musk’s first venture was Zip2 which was created in 1995.
Musk doesn’t like Facebook and is concerned about its privacy issues.
Elon Musk gets a $1 salary from Tesla.
Musk is called Thrillionaire. It means an entrepreneur who is turning reality into science fiction.
Elon Musk – Quotes
Some of the most popular quotes from Elon Musk are:
When something is important enough, you do it even if the odds are not in your favour.
Some people don’t like change, but you need to embrace change if the alternative is a disaster.
If something’s important enough, you should try. Even if – the probable outcome is a failure.
People work better when they know what the goal is and why. It is important that people look forward to coming to work in the morning and enjoy working.
If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion.
Elon Musk – Future Plans
Elon Musk has never made his desire to make people “multi-planetary animal types”. Colonizing Mars would be a decent start as per Musk. In September 2017, at the 68th International Astronautical Congress in Adelaide he unveiled his arrangement to send payload delivers there in the following 5 years. By expansion, he trusts that people will settle the planet when 2024.
Elon’s Hyperloop has been contrasted by him with a “cross between a Concorde, a railgun, and an air hockey table”. The plan is to eventually give a method for a movement that should have the option to surpass 1124 km/h and all underground.
At present two courses are being developed – between Los Angeles and San Francisco and between New York and Washington D.C. When complete these excursions should take close to 30 minutes utilizing Hyperloop.
At the point when 12 youngsters and their football (soccer) mentor were caught in an overwhelmed collapse in Thailand, Elon and his group developed an apparently insane thought. The arrangement, clearly, was to construct a tyke-estimated submarine. The sub was structured and worked in record time utilizing extra rocket parts. Regardless of this, the salvage groups esteemed it unrealistic and finished the mission without it. “Pedo fellow” aftermath aside Thai military authorities accept the submarine could have utility in the future.
Elon Musk was born in Pretoria, South Africa, and was raised in Pretoria and the regions nearby the capital of South Africa.
What did Elon Musk study?
Elon Musk has a Bachelor’s degree in both Physics and Economics.
What’s Elon Musk’s IQ?
Elon Musk’s IQ is estimated to be ranging between 150-155.
What is Elon Reeve Musk famous for?
Elon Musk has founded the electronic payment firm PayPal and spacecraft company SpaceX. He is the CEO of the electric-car maker company Tesla. Musk is also the owner of the social media platform Twitter and the world’s richest person, as of April 2022.
Did Elon Musk acquire Twitter?
Elon Musk was about to acquire 100% stakes in Twitter and become the owner of Twitter. He asserted to buy out all of the stocks of Twitter in a deal worth $44 billion on April 26, 2022, but then he refused, leaving the deal pending.
What companies has Elon Musk founded?
Elon Musk founded many companies to date including SpaceX, The Boring Company, X.com, Neuralink, OpenAI, and Zip2.
Did Elon Musk create Paypal?
No, Elon Musk is not the founder of Paypal, nor did he create it. However, Elon Musk indeed found the company known as X.com. This company later merged with Confinity Inc., which was the creator of the product Paypal.
Is Elon Musk an entrepreneur?
Elon Musk is indeed an entrepreneur. The world’s richest person nourished his entrepreneurial dream right after he graduated from college.
What companies has Elon Musk founded?
SpaceX, SolarCity, and Tesla are some of the prominent companies that Elon Musk founded.
Is Elon Musk a real person? What is Elon Musk’s academic background?
Yes, Elon Musk is a real person. Going by the academic background of Elon Musk, the Tesla CEO has a Bachelor’s degree in Physics and Economics from the University of Pennsylvania.
How did Elon Musk start his career?
Elon Musk started his career by dropping out of Stanford University in just 2 days to start his company Zip2.
Virtual offices are becoming more popular than ever before! And with good reason.
They reduce costs, increase productivity, and provide a professional image for your new small business.
Starting a business is a rewarding and exciting endeavor, but it can also be costly and stressful.
There are numerous variables to consider throughout the process, which can be mentally and financially draining.
Who are your potential customers? How do you promote your company? Can you afford to start your own company? Where will you conduct your operations? How do you intend to keep it running?
A virtual office can help startups and new small businesses solve many problems. While a virtual office is a digital service that exists in the intangible expanse of cyberspace, it still provides many of the same benefits as a physical office space.
With today’s technology, people can work from anywhere, whether you’re working from home to save money or relaxing in the Caribbean while still running your business.
If you own a startup or small business or are considering starting one, a virtual office can provide you with a suite of powerful tools to help you make the process efficient, cost-effective, and successful.
Here are five ways a virtual office can help you start your business:
Create a professional image
Particularly in today’s ultra-competitive, quick-paced market, image is everything.
You seriously reduce your chances of success if you use your home address for business purposes on your website, in your email signature, on your business cards, or in brochures or newsletters.
When choosing a virtual office for your company, make sure that it has a physical address in a busy, commercial area and, ideally, one that looks great from Google Street View.
Attempt to stay away from P.O. boxes as they appear unprofessional on marketing materials and contact details.
Additionally, if someone looks up your address and sees that it is a residential property, they might reconsider doing business with you in light of tools like Google Maps and Google Street View.
Get Operational Instantly
Starting a successful business can be challenging. Numerous obstacles will stand in your way, and if you’re not making money, you’re probably spending it.
Making strategic decisions early on in the development of your new company will help you become operational and start bringing in money as soon as possible.
With a virtual office, you not only get a professional business address that you can use right away, but you also get help with shipping and receiving.
To help you launch your business quickly and easily, a reputable virtual office provider will provide you with secure mail and package holding and forwarding services as well as a dependable telephone service
Keep Overhead Costs Low
Saving money results in income. If you’ve started to calculate the startup costs for your own business, the figures might have discouraged you.
Commercial office space can come with hostile, locked-in lease terms, crippling utility costs, and other hidden fees that can crush one’s dreams.
The right virtual office service will be able to save you money by providing much lower costs, commercial shipping rates, and flexibility to allow you to grow your business at your tempo and make strategic choices without being penalized by a business realtor or landlord.
Access to Professional Space
A virtual office can give legitimacy to your new business, but what happens when you need to host a meeting or meet with a potential client who doesn’t want to use your home or a local coffee shop? This scenario is unavoidable as your company grows.
A perfect virtual workplace issuer may also be capable of providing you and your commercial enterprise bodily assembly rooms and work area for the quick term, final minute, or occasional use.
When selecting a virtual office service, ensure that they can provide a physical workspace if needed. Some of the more prestigious virtual office and shared office space providers even have professionally staffed reception areas and waiting areas.
Better SEO and Google Rankings
Google has started giving your company’s “NAP” (name, address, and phone number) more weight, and thanks to tools like Google My Business, local businesses can now take advantage of more targeted search results.
You can establish a reliable location for your new company with a virtual office without actually needing to set up a physical office space.
This may have a significant positive impact on local search engine optimization outcomes.
A virtual office that gives you a phone number and an address in your target area will improve your search results if you want your new business to rank well for particular local search terms but don’t have a physical location.
Conclusion
Investing in a virtual office can have an immediate impact on your company.
We are confident that you can launch a successful business. To protect your startup budget, grow rapidly, and maintain your focus and productivity, it’s crucial to make the right choice at the right time.
Check out our services page for more details about Kumospace virtual office solutions and how we can help you launch a new small business or expand an existing one.
The Bretton Woods agreement made the US Dollar the official leader of the World’s reserve currency supported by the world’s largest gold reserves. This was after the Second World War. Even today the USD is one of the world’s strongest currencies. The Dollar bill as we know it today was printed in 1914. Even today, the central banks of various countries, including India, hold almost 60% of their reserves in USD.
In simple terms, the value of any currency increases with an increase in the demand for it and decreases with the decrease in demand for it. On the global stage, the force of currencies is determined by central banks. However, the demand for the said currency is determined by the demand for the goods and services produced by the country.
The same rule applies to foreign exchange requests. The higher the demand for foreign exchange, the more currency falls.
Why the Indian Rupee Is Falling Against the Dollar?
In the post-Covid world of 2022, India has seen a steady decline in the value of INR against the dollar. It is imperative to understand that the Indian Rupee has steadily downgraded against the dollar for several decades. One of the key reasons for this has been the rising inflation affecting the Indian Economy.
Currently, the Indian Rupee is valued at around INR 79 to 1 USD. The last couple of weeks has seen the Indian Rupee reach an all-time low value of INR 79 against 1 USD. There are several reasons for this steep decline, some domestic as well.
One of the key reasons for this decline is the pullout of FIIs in an uncertain global market. Added to this are the geopolitical uncertainties due to the Russia-Ukraine war.
This has led to investors retreating from emerging markets like India to the safety net of the USD. According to the latest figures, the Foreign Portfolio Investor outflow is to the tune of 2.11 Lac Crore.
Reasons domestic in nature include the steep price rise in crude oil. Added to this pressure is the elevated cost of edible oil again due to the Russia-Ukraine conflict. In light of the fact that most of India’s crude oil and edible oil requirements are imported, this elevated price will continue to put pressure on the Indian Rupee.
The Indian Rupee’s performance has been backed into a corner. Worsening terms of trade on the global platform, geo-political instability, FIIs foreign institutional investor outflow and the crowning glory – RBI’s FOREX stance. However, the scenario is not as grim as it looks on the outside.
On the Global Stage, the Indian currency has held up against the dollar a far sight better than some other counterparts. This showcases a light at the fast-approaching end of the tunnel.
US Dollar to Indian Rupee Exchange Rate
What Does the Future Hold for Indian Rupee?
The effects of the war in the short term will be seen in the upcoming quarter which might continue to put pressure on the Indian Rupee. In the short-term future, the Indian Rupee may settle down between INR 77 to INR 79 against 1 USD. However, there are many reasons to look forward to a strengthening INR in the global markets in the future.
First and foremost is the fact that the RBI has a comfortable FOREX reserve. Even though the Indian current deficit is well over 90 billion USD, this reserve would help prevent further weakening of the Indian Rupee against the USD.
While the COVID-19 pandemic brought the world to a standstill for a few months, it also triggered companies to relook at their internationally located manufacturing units, most of them based in China.
The overall unfriendly policies of the Chinese Government have also prompted most manufacturing companies to start looking at alternative emerging markets like India and Indonesia to set up their plants. This is also likely to attract FIIs back into the country and increase their investment portfolios
As the Indian economy strengthens with the domestic financial markets edge towards a bull run, the signs are all there, that even though the immediate future is slightly bleak, there is every reason to hope for a fantastic recovery of the Indian Rupee against the USD.
FAQs
What are the reasons for the decrease in rupee value?
Rising crude oil prices, rising import costs and the Russia-Ukraine war are some of the reasons for the fall in the rupee against the us dollar.
What happens when the rupee falls against the dollar?
If the rupee faals against the dollar the cost of raw materials will increase which will be passed on to the consumers so the cost of products will also increase.
A software architect is the one who is responsible for building software and rectifying the problems in existing software. He/she is the person who is responsible for fulfilling all the technical needs of a company. A person with three years of experience is considered a software architect or an engineer. MNCs prefer to hire persons with a wide range of experience in software solutions. One more interesting fact about a software architect is that it is one of the high demanding jobs that can help people in earning a lot of money.
In this article, people can find insights into joining as a software architect. Some newbies might have doubts about joining as a software architect, so anyone with the idea of joining as a software architect can stay connected till the end to know some basic details. It is one of the software industry’s most interesting and demanding job profiles. The number of software architect openings is high compared to other industries.
A software architect is a person who determines the process and technologies which has to be implemented in business models. The entire job will be related to coding and encryption, so people with a wide range of experience in software development and coding can apply for this job role without any issues. In simple words, a software architect is the one who is responsible for developing structured codes and providing appropriate solutions.
Setting up goals and fulfilling all the technological needs will be the main work of the software architect. Other than these duties, a software architect will be responsible for setting up meetings and providing relevant software solutions for client end problems. Building software isn’t an easy task, so it needs a dedicated team to create solutions and solve problems in a better way. Understanding the client’s needs and providing relevant solutions will also be the main job role of a software architect.
How to Become a Software Architect?
To become a software architect, it is a must to choose the preferred course that can help students get specialized in the field. So soon after choosing the course, it will be easy for people to study and know the basics of this job and its related openings.
Most people who prefer to become a software architect should choose Computer Science or Information Technology in Engineering to know all the basic knowledge of coding and the course.
This will allow people to have an in-depth knowledge of the coding and its related details. Coding is one of the most important points to be considered, as the entire job role depends completely on it. So without a good sense of coding knowledge, it will be tough for people to understand what and how to do the job. The following will help you to know how you can become a software architect:
Information Technology Spending on Enterprise Software Worldwide from 2017 to 2022
Complete a Bachelor’s Degree
It is a must to have a bachelor’s degree for finding the best job opening in the software field. As mentioned earlier, a person with a computer science or IT degree will be eligible to apply for a software architect posting. So to join a reputed college, a student should clear the relevant entrance exams. Concentrating on basic studies in high school and other areas is always better so that anyone can easily clear the exams and enter a reputed college to attain a degree in the software field.
Be Proficient in Software Skills
To become a software architect, it is very important for a person to have proper knowledge of programming languages like Java, C++, and web development. People who prefer to start their career as software architects should make sure to choose the preferred computer programs and tools and get used to them. So if there are possibilities, students can join a course to be proficient in that.
It will help people in attaining a better place in the market. Today recruiters mainly focus on computer programs and tools so that they can train the candidate in a better way. Without these skills, no one can shine as a software architect, so make sure to have a better idea of software skills and their related details. Also, having knowledge of HTML, CSS, JavaScript, and UI/UX design is an added advantage to gaining success in this field.
Another important step toward becoming a software architect is to look for an internship in order to get an idea of the field beforehand. It might act as a basic level of training for a person. This will be the key to completing various tasks soon after getting placed in a company. So make sure to pay attention to internship programs and clearly know what you will be doing in your full-time job.
Earn a Master’s Degree
This step is dependent on an individual’s preference, so if you can afford a master’s degree in computer science or an equivalent field, then it is better to complete and enter a company to get placed with a better posting.
This will be an added advantage if people prefer to have a better idea of what to do with their job role soon after entering a company. Moreover, people who prefer to complete a master’s degree can be placed as team leads or other similar roles, so earning a master’s degree can be a great way to enter the industry with a better sense of knowledge in the software field.
Gain Experience in Software Solutions From a Company
Number of Software Developers Worldwide in 2018 to 2024
It is better to serve a company for a minimum period of 3 to 5 years because it will help people in attaining a wide range of experience in the job role and enhance their software skills. Working as a software engineer or developer on industry-related projects and handling various clients is also a must to become a successful software architect. It will allow people to learn more about the software industry and enhance their skills in handling various departments.
Enhance Your Resume
Updating the resume with the right software skills, experience and other relevant data will always be an advantage in many aspects. It will help people analyze the profile and provide relevant job openings. So this can save a lot of time, and hence make sure to update your resume from time to time with all the relevant details.
Conclusion
In general, people might find it difficult to have a clear idea of becoming a software architect, but soon after completing a degree and internship, it will be easy for people to get a wide range of experience in the field. This will also help in obtaining better knowledge of what will be required to do. So work hard and make sure to have some software skills to join and enjoy the benefits of becoming a software architect.
FAQs
Is software architect and software engineer the same?
A software engineer designs, code, and create the computer systems for different tasks and a software architect’s work usually does not include coding as they design and execute the development process along with the software engineers.
Do software architects write code?
Software architects do write codes but not as much as software developers. They mainly focus on software architecture-related activities.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Bugatti.
We have all grown up seeing pictures of various luxury cars. We have admired them, fascinated them and wished to own them someday. They are not such easy-buy vehicles. The price they come at is not affordable for the majority of our country’s population. This is one of the main reasons that we are unable to locate any of such premium brand cars on our roads. Another primary reason is the infrastructure facilities in our country.
Certain brands like Rolls-Royce, Audi, Benz, BMW, etc. are being designed suitably for the Indian market. But some premium car models and brands are either not affordable or banned from running on Indian roads. One such premium luxury car brand is Bugatti.
Though Bugatti’s presence in the Indian market is minimal or almost nil, the company’s cars are popular in the Middle East and other parts of the world. Bugatti has more than a century-long history that dates back to the early 1900s. This article covers the complete story of Bugatti right from even before its inception in 1909, its growth, change of ownership, competition and its current status in the world market.
Bugatti is a luxury car manufacturer that was established in 1909 in Molsheim, France. The artistic designs and engineering of automobiles are what Bugatti is known for. Besides, it is also well-known for its sports cars. These cars were extraordinarily well-performing and gained a reputation as one of the most successful racing car brands in the world.
The Bugatti Type 35 model held the crown in the sports car category in the mid-1920s. The Bugatti Veyron model, which gained huge popularity in the early 2000s, remained the fastest car in the world with a speed of 410 kmph for many years. Bugatti is extremely focused on its design and speed which remains uncompromisable for anything.
Bugatti – Industry
The automotive industry involves the manufacturing and marketing of engines, motor vehicles and other related components. It is highly competitive and is one of the largest industries in the world in terms of revenue. As per the statistical reports, China has always led the automotive industry in production and distribution. This industry was on consistent growth in the pre-covid era. In 2017, automobile sales were at a peak and a total of 80 million units were sold during the year. But, the Covid pandemic has stumbled the industry, including China, and is now slowly recovering from its fall.
Bugatti – Founder and Team
Bugatti has been under various leaderships over its 113 years of existence. There have been several people who played a significant role in the growth of the company. The following are the founder and a few other key people of Bugatti during its early stages and present times:
Ettore Bugatti
Ettore Bugatti – Founder of Bugatti
Ettore Bugatti was an automobile Engineer and the founder of Bugatti. Ettore Arco Isidoro Bugatti is his full name and was born on 15 September 1881, in Milan, Italy. His interest in automobile designing and engineering came from his father who was a designer himself in the field of jewelry and furniture and his grandfather who happened to be an architect and a sculptor. He started building prototypes for automobiles right from his late teens and finally established the brand Bugatti in 1909. Ettore Bugatti passed away in August 1947 in France.
Jean Bugatti
Jean Bugatti is the eldest son of Ettore Bugatti and was born in Cologne on 15th January 1909. It was the year of the establishment of Bugatti and the family moved to Molsheim soon after he was born. He naturally got imbibed into the company. Jean served as the test engineer and designer for most of Bugatti’s cars between 1926 and 1939. He created some exceptional designs along with his father and laid a fantastic pathway for the company’s growth. Jean Bugatti died in August 1939 in an accident that occurred while test driving one of the automobile prototypes.
Stephan Winkelmann
Stephan Winklemann was the CEO of Bugatti automobiles, between 2018 and 2021, when the company remained a subsidiary of Volkswagen Group. He was born in 1964 and is a graduate of Political Science. Winklemann started his career as a sales representative of Mercedes Benz and worked in a couple of automobile companies in higher positions. His experience and knowledge in the automobile sector made him the President and CEO of Lamborghini in 2005. He served this position for 11 years before becoming the CEO of Audi in 2016. Stephan Winklemann was again made the Chairman and CEO of Lamborghini in 2020.
Mate Rimac
Mate Rimac is a young entrepreneur from Croatia who is the founder of an electric sports car company named Rimac Automobili. His entrepreneurial and innovative skills attracted many big companies like Porsche, Camel Group, Hyundai, etc. to invest in his company. He recently made an affiliation between his company and Porsche to bring in Bugatti under their joint venture Bugatti Rimac. Mate Rimac is currently the CEO of this new company.
The seed for Bugatti automobiles was sown with the birth of Ettore Bugatti in 1881. His artistic family background engulfed him in the areas of designing and engineering. As a result, Ettore entered an apprenticeship program in a bicycle company named, Prinetti & Stucchi in 1898. He was captivated by the technology and engineering behind motors. This encouraged him to develop a motor tricycle and even participate in some races with those developments.
Then, Ettore Bugatti started making cars and exhibited them at the Milan International Exhibition in 1901. He won an award for his Type 2 Model which he joined hands with the Gulinelli brothers to make it. But the rights to manufacture the model were lost due to the death of one of the Gulinelli brothers and Ettore was too young to sign a deal. Later, he gained his way into the firm that earlier got the rights for manufacturing Ettore’s cars in 1902. Since he was underage, all the agreements were signed by Ettore’s father Carlo Bugatti.
Ettore later designed cars for various manufacturers in the next few years and finally decided to start his own company in 1909. As a result, Bugatti Automobiles was born in 1909 with the support of Pierre de Vizcaya and Darmstadter Bank. The company’s first project was to manufacture five airplane engines and ten cars.
Bugatti – Name and Logo
Bugatti Logo
The name ‘Bugatti’ was derived from the name of its founder Ettore Bugatti. It is the surname of the family. The logo of Bugatti comes in a red oval with ‘BUGATTI’ written in the middle. This oval is surrounded by a white outline that comprises 60 red dots in it. This logo was designed by Ettore’s father Carlo Bugatti who is a jewelry designer. The logo itself looks like a fine jewel. It also carries the symbol ‘EB’ with an inverted E that represents Ettore Bugatti.
Bugatti – Challenges Faced
The following are the challenges faced by Bugatti over the years:
The first major challenge faced by Bugatti after WW1 was a labor strike in 1936. Ettore Bugatti always used to take good care of his employees and hence, he considered this labor strike a personal insult. The issue was resolved but Ettore started distancing himself from the workers and the Molsheim factory.
The next big hit happened in 1939. Jean Bugatti, who played a key role in the company, was killed in an accident during a test drive. The entire company was stunned by his death as there was none left to take the company forward after Ettore. To make this worse, WW2 began a few days later and Bugatti was forced to be sold to an entrepreneur from Germany by the government. Bugatti automobiles were never the same after the above two incidents.
Even after the war, when Ettore Bugatti got the company back, he couldn’t re-establish the business due to insufficient funds. The issues made his health deteriorate and he died in August 1947.
The appointed Managing Director took over the company after Ettore but couldn’t run it efficiently. As a result, the production of Bugatti came to a halt in 1956.
Later, the company was taken over by a Spanish automobile maker. Even then, Bugatti was forced to cease its operation in 1995 due to unsaid reasons and later was acquired by Volkswagen in 1998.
Bugatti Automobiles went through different management and mergers over the years. The first of those came in 1948, right after the death of Ettore Bugatti. Ettore’s heirs appointed Pierre Marco as the Managing Director of Bugatti. But, within three years, another son of Ettore, Roland Bugatti, took over the management.
In 1963, a Spanish-based automobile manufacturer Hispano-Suiza purchased the company. It was later renamed as Messier-Bugatti and continued production.
Romano Artioli, a car dealer and entrepreneur, acquired the rights for the trademark of Bugatti in 1987 and operated it under the name ‘Bugatti Automobili S.p.A. But this company ceased operations in 1995 and the rights for the production of the sports car EB 110 were acquired by Dauer Racing GmbH.
Finally, in 1998, Volkswagen purchased Bugatti and brought it under its portfolio. It was then the company launched some of its successful models like Veyron, Chiron and Divo. But Bugatti left Volkswagen in November 2021 to join hands with Rimac Automobili and Porsche to form a new company ‘Bugatti Rimac’. Rimac controls 55% of the shares while Porsche has the rest in this new venture. All its future operations are expected to happen under this new management.
Bugatti – Growth and Timeline
Number of Deliveries of Bugatti Cars | Bugatti Growth
Though the company was established only in 1909, Ettore Bugatti entered the industry in 1901 with the Type 2 model. He later built the first race car, Type 5, in 1903 which was a chain-driven model with a tubular chassis frame. Ettore started making advanced modeled cars from the previous versions for Mathis and Deutz in 1905 and 1907 respectively. Then came the birth of his own brand Bugatti in 1909 in Molsheim, France.
As the years passed, Bugatti came up with new and advanced models of cars at regular intervals. The company kept innovating and enhancing its automobiles and took part in various international motor car races. In 1913, Peugeot Bebe, a four-cylinder car was launched by Bugatti that reached a top speed of 60 kmph. It is one of the largest produced cars by the company in terms of units at that time. It was followed by ‘Type 13 Brescia’ which remained successful until 1926.
By 1915, Bugatti started manufacturing airplane engines as a result of the First World War. The company broke and created many records in various Grand Prix races in the next couple of decades. With the launch of every new model, there came some enhancement and advanced technological inducement in the vehicles.
1926 marked the dream-come-true moment for Bugatti when it launched its first most luxurious car named ‘Royale’. The company then entered the manufacture of high-speed trains and launched its prototype in 1932. The trial run was made by Jean Bugatti and a record was created at a speed of 166 kmph.
Beginning in 1939 Bugatti faced a series of struggles and changes in management until the end of the 20th century. Except for some race victories and a few models the company faced a severe downfall. It was only in 2001, after the launch of the Bugatti Veyron prototype, that the brand started regaining its image. It refurbished its head office in Molsheim, renamed it ‘The Atelier’ and started manufacturing Veyrons. It turned out to be the fastest car in the world. Now, ‘Bugatti Chiron’ is the most popular, fastest and most successful model of the company.
Despite the struggles Bugatti faced after WW2, it has never lost its brand reputation. The company has always stuck to its quality, design, innovation and speed under any circumstance. They have played a major role in Bugatti’s growth and will continue its streak in its new joint venture ‘Bugatti Rimac’.
Bugatti – Competitors
There are many premium and elegant car manufacturers in the market around the world. Therefore, there is plenty of competition available for Bugatti. Here are some of the top competitors of the company:
Maserati
Maserati is a luxury automobile manufacturer based in Modena, Italy. This company is known for its reliability, luxury and speed. Maserati was started in 1914 during the beginning of WW1. It was earlier a subsidiary of Ferrari and is currently owned by Stellantis since 2021. Ghibli and Alfieri are some of the popular models produced by Maserati.
Ferrari
Ferrari is another company based in Italy that was established in 1947. It manufactures luxury road and sports cars that have a fantastic brand reputation from the people. Ferrari manufactures elegant and expensive cars that have taken part in and won various racing events like Formula One.
Rolls-Royce
Rolls-Royce Motor Cars is a subsidiary of BMW that manufactures extreme luxury road cars. The company is based in the UK and has a history that dates back to 1906. Rolls-Royce Ghost and Phantom series cars are very popular and are known for their astounding looks and sophisticated experience.
Bugatti – Future Plans
Since Rimac is a manufacturer of electric vehicles, Bugatti Rimac is on a path towards electric and hybrid cars. The CEO Mate Rimac announced that the successor of Bugatti Chiron would be all-electric. He also said that the company is into the production of Bugatti Bolide which might be released later in 2022. A teasing image describing all the above announcements was released by the company. Since it is a newly formed venture, its long-term plans and goals related to various aspects of the business are yet to be announced.
FAQs
When was Bugatti founded?
Bugatti was founded in 1909 in Molsheim, France.
Who is the owner of Bugatti?
Rimac Automobili is the owner of Bugatti.
Who is the founder of Bugatti?
Ettore Bugatti is the founder of Bugatti.
What are the top models of Bugatti?
Top models of Bugatti are:
Bugatti Chiron
Bugatti Veyron
Bugatti La Voiture Noire
Bugatti Divo
Bugatti Centodieci
Who are the top competitors of Bugatti?
Top competitors of Bugatti are:
Maserati
Ferrari
Rolls-Royce
What is the revenue of Bugatti?
Revenue for Bugatti is estimated to reach $89.79 million in 2022.
Recently Zomato, the food delivery app, came under the direct line of fire, when one of its users took to social media to highlight the higher rates of restaurant food on its app.
Rahul Kabra, a LinkedIn user, posted an image of a Zomato order bill and an offline bill of the same order from the same restaurant, The Momo Factory, in Mumbai. The difference in the amount of the two bills was glaringly obvious. His caption read – “I am doing an apple to apple comparison to online vs offline order.
Here is what I noticed – Cost for offline order – INR 512. Cost for Zomato order – INR 690 (after applied discount of INR 75). Cost escalation 34.76% per order at INR 178 = (690-512)/512.”
Furthering his grievance, Kabra added, “Assuming Zomato brings visibility and more orders to the food service provider, should it charge such a high price? I think there is a need to cap this cost escalation which should be implemented by the government so as to make this a win-win for all stakeholders.”
Rahul’s LinkedIn feed became viral in a short span of time, drawing various reactions from people. Some have come out in support of his observation, stating that food delivery apps take undue advantage of the time constraints of their customers. Others have categorically asked Rahul Kabra to compare the notional cost of time and money were he to go and pick up these orders himself.
The attention that his feed drew also prompted Zomato to respond. “Hi Rahul, Zomato being an intermediary platform between a customer and a restaurant, does not have any control over the prices implemented by the restaurant partners on our platform. That said, we have conveyed your feedback to the restaurant partner and have requested them to look into this.”
It remains true that food ordered through delivery apps costs higher than the same food ordered through restaurants directly. Let’s look at how much food delivery apps like Zomato and Swiggy charge and their impact on restaurants.
Food delivery apps came into existence a little over a decade ago. Their aim? To bridge the gap between the restaurants and customers who wished to order instead of physically visiting the restaurant.
Most restaurants, a decade ago, did not have their own delivery options available. Food delivery apps not only filled this gap but also increased the restaurant’s area of service and added a level of sophistication, professional vibe and expediency to a delivery service.
Their main advantages were –
Increased convenience to customers and merchants.
Ease of use for customers as no waiting time for ordering.
Wide variety of choices for restaurants and food.
Digital Payment options.
Increased level of sanitization – e.g., delivery executive wearing gloves and masks.
Easy exposure to new customers.
Better customer data.
Greater reach for restaurants.
Contactless delivery – especially in the post pandemic world.
Over time, as the food business has evolved, so have the delivery apps. Now various delivery apps have a special category offering healthy meal options.
How Much Do the Food Delivery Apps Charge?
The menu pricing of any restaurant covers its own cost plus a certain percentage of profits. What it does not cover are the costs incurred when partnering with delivery apps.
Currently, Indian Laws do not have any provision which puts a cap on what the food delivery app can charge its partner restaurant. What this essentially means, is that Food delivery apps can charge whatever commission they want under the guise of business costs.
At present, according to various available data and verbal confirmations from restaurateurs, food delivery apps in India are charging anywhere between 25%-30% commission for every order that a restaurant receives. It also charges a certain percentage to the end customer as a delivery fee.
Of course, the food delivery apps are essentially a business model with a bottom line need for turning profitable. There is a cost involved in running such a business.
Running and maintaining an office.
Salaries of all employees
Time and labour cost of ground delivery staff.
Fuel costs
Cost incurred maintaining a round the clock customer support staff.
Recurring costs of maintaining the apps and many more.
The food delivery app model works by charging a partnership fee from the restaurant as well as charging a delivery fee from the customer. In addition, its revenue model also includes paid listings and sponsored advertisements.
Impact of Food Delivery App Charges on Restaurants
With the level of commission that these apps charge, restaurants are left with little choice but to increase the food cost on their app menu to cover costs.
Additionally, food apps also, sometimes, coerce their partner restaurants to offer large discounts which put pressure on their bottom line. Currently, most of this heat is felt by small restaurant operators.
The food delivery app business had already been growing quickly before the COVID-19 Pandemic. The post-pandemic world has seen it growing in demand every day as more and more people prefer to order online rather than visiting the restaurant of choice.
This has caused a level of disruption to small food business operators, who do not have their own delivery service. With the high fees charged by these delivery apps, the basic question that arises for these businesses is that of profitability.
Future of Food Delivery Apps
The food industry is the same as all the others – ease, quality, speed, efficiency and price rule customer decisions. Even before the pandemic, restaurants realized the need and benefits of a food delivery app.
Since its inception, the food delivery business has grown by leaps and bounds and the post-pandemic world has contributed to its exponential growth.
The food delivery business in India is set to double by 2025, estimated to an approximate valuation of USD 13 billion. The chief reason for this is the largely underpenetrated Indian market compared to other countries like the USA.
Conclusion
As always, there are two sides to any story. And this particular dilemma is not immune to it. As much as restaurateurs realize the importance and need of food delivery business models, if the current pressure and constraint of fees and commissions continue, they might be forced to look at other options. Concurrently, the bigger brand restaurants are capable of setting up their own delivery options, which might put further pressure on the existing food delivery businesses and their profitability.
It might be time to amend laws and introduce a ceiling to the commissions and fees that the food delivery businesses can charge their partners. This will not only bring stability to the business itself but will also allow restaurateurs room to reduce their online menu costs while upholding profitability.
FAQs
How much do Zomato and Swiggy charge to restaurants?
Zomato and Swiggy usually charge around 18 to 25% commission to restaurants on every order.
How is the delivery charge calculated by food delivery apps?
The labour costs, total distance and vehicle costs are some of the costs that are calculated by food delivery apps.
