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 CommerceIQ.
When most of the world’s shopping went online as a result of the pandemic, entrepreneurs providing technology and other solutions to help with the transition began to attract venture capitalists’ attention. CommerceIQ is the latest company to gain late-stage funding, as we’ve seen firms throughout the e-commerce infrastructure and enabling ecosystem to raise larger and larger amounts.
Enterprise Business Platforms are a collection of interconnected application software and/or systems that may be used to develop Enterprise Business Solutions or Apps by combining their capabilities and shared data. Order processing, customer information management, procurement, energy management, production scheduling, and accounting are among the company operations that enterprise businesses handle. It is usually housed on servers and offers several users simultaneous services across a computer network.
CommerceIQ is a business platform that enables merchants to expand profitably by making data-driven marketing decisions. By combining the fields of machine learning and data science to e-commerce, the firm’s solution automates operations across marketing, sales, and operations, allowing retailers to increase their efficiency through automation and generate sustainability.
CommerceIQ is a frontrunner in assisting companies in winning through retail e-commerce platforms like Walmart.com, Instacart, and Amazon, which account for 85 percent of all e-commerce. To help organizations discover the key to winning a share of the market profitably, the company’s unified platform integrates machine learning and automation across the supply chain, marketing, and sales processes.
To maximize e-commerce performance, CommerceIQ connects people, processes, and technology platforms. People can now make more decisions, better decisions, and make them faster. An online firm that remains on the top implies more sales volumes, more considerable revenues, and a larger market share.
CommerceIQ – Industry
Enterprise Business Platforms, and Solutions, are utilised to carry out cross-functional organisational duties by combining capabilities that are often provided by several enterprise systems. The following terms are more precise when it comes to defining this industry: Enterprise Business Platforms are a collection of interconnected software applications and/or systems that may be used to develop Enterprise Business Solutions or Apps by combining their capabilities and shared data.
Due to the increased prevalence of cloud applications in diverse modern enterprises and the rising use of customer relationship management and enterprise resource planning in over 70% of companies, the global enterprise platform market is predicted to develop significantly.
Many small and medium-sized firms’ increased investments in cloud software due to increased scalability, robustness, and return on investments have fueled market development, fueled demand for applications and software such as ERP and CRM across multiple organizations.
Increased automation in various end-use sectors is also critical for market expansion. Cloud-based corporate apps like Panama are gaining much traction in the market, indicating that consumers are becoming more interested in automated business procedures.
Guru is an experienced IT and marketing executive with over fifteen years of e-commerce expertise. Guru spent more than five years with Amazon developing out automatic procurement and supply chain before starting the firm in 2012. He also became a 3P seller’s AI-based selling coach.
CommerceIQ – Startup Story
The company’s founder, Hariharan, has a history in machine learning and e-commerce, and while at Amazon, he stated that the objective was to eliminate humans from the retailing equation, thus his team created software called Amazon Selling Coach to teach people how to connect with businesses.
Hariharan wanted to establish a firm that would power where all of that money was going as individuals began to migrate their purchases, from equipment to toothbrushes, to Amazon and other platforms.
He left Amazon to establish his own firm, focusing on the sale side of the equation for brands to sell and the purchase side’s interaction with retailers. CommerceIQ’s retail e-commerce management tools automate and consolidate areas such as retail media management, category analytics, operations, and sales for companies underneath one umbrella. According to Hariharan, customers should expect an average sales increase of 18 per cent.
More than 2,200 companies, including Bayer, Johnson & Johnson, Kimberly-Clark, and Kellogg’s are now collaborating with this Bay Area-based startup to manage incremental sales, unit profitability, and category market share through online retailers such as Amazon, Target, Instacart, and Walmart,
CommerceIQ – Vision, and Mission
CommerceIQ’s mission statement says, “to empower brands to move from analogue to algorithms.”
CommerceIQ – Business Model
Essentially, the company sells tools that allow retailers to take action on e-commerce platforms before an item runs out of supply. It also aids firms in streamlining their supply chains and taking the necessary procedures in the event that a product is not displayed on the e-commerce platform’s homepage.
There are four main product categories for this SaaS company. Offerings for firms to be more visible on e-commerce search sites, as well as tools to manage advertisements and optimise promotions with the least amount of human intervention, are among them. Large firms may also use CommerceIQ to simplify their supply chains by forecasting their needs and requirements and allocating resources accordingly.
In addition, the company provides a professional services model. The company provides advisory services to ‘clients that are trailing behind in the e-commerce market and want to catch up.’
The business is built on an annual subscription model with valuation-based charging.
CommerceIQ – Growth
In 2021, CommerceIQ, an algorithmic platform for e-commerce channels, had a 267 percent growth in revenue and a 77 percent increase in personnel year over year.
CommerceIQ, which uses machine learning, analytics, and automation systems to enhance e-commerce channels across distribution chain, advertising, and sales operations, is strengthening its tech governance in India with new hires in application, design and development, data science and analytics, support, and product operations.
“From a business growth standpoint, it’s been phenomenal,” said Guru Hariharan, CEO, CommerceIQ. “It was blistering growth in the US. E-commerce penetration of retail was about 16% when we went into the pandemic. When we got out of the pandemic, it was 20% in the US. And it was similar across the world. There was a massive jump in e-commerce penetration of total retail.”
According to Hariharan, the firm has had a 267 per cent increase in revenue yet, with a 300 per cent increase in 202. He went on to say that although CommerceIQ has dominated IQ in the US, it has won with EQ in India, particularly during the second wave of the pandemic, when a lot of their professionals in India were affected.
CommerceIQ – Employees
COO – Piyush Lumba
CEO & Founder – Guru Hariharan
VP Sales – Tim Wilson
VP Finance – Adrian Seet
Sr. Product Manager – Rajath Raman
Senior Account Executive – Cory Lund
Commerce – Funding, and Investments
Date
Round
Amount
Lead Investors
Mar 21, 2022
Series D
$115M
SoftBank Vision Fund
Jun 22, 2021
Series C
$60M
Insight Partners
Jan 14, 2016
Series B
$12M
Shasta Ventures
Jul 16, 2014
Series A
$8.5M
Madrona Venture Group, Trinity Ventures
CommerceIQ – Competitors
CommerceIQ’s top competitors include A2X, Webgility, Helium10, Jungle Scout, Perpetua, ChannelAdvisor. Wholesale Suite, and DataHawk.
CommerceIQ – Future Plans
CommerceIQ, a retail e-commerce management software, has received $115 million in Series D financing from SoftBank Vision Fund 2. With this, the SaaS startup’s overall valuation has risen to more than $1 billion, putting it in the coveted unicorn category.
Existing institutional investors such as Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group also participated in the round.
CommerceIQ will utilise the resources to finance its global operations and expedite the development of its ‘unified Retail Ecommerce Management Platform.’ It also intends to grow its services in India, and as a result, its algorithmic components have been adjusted to adapt to buyers’ behaviour not only on Amazon but also on local e-tailers like Flipkart.
The Bengaluru office now employs over 150 workers, with ambitions to roughly treble that number by CY22. The money will also be used to hire more people in a variety of areas, including data science, software development, customer service, analytics, and product operations.
Hariharan said that the company had a strong presence in the United States and Canada and that it was planning to expand to Europe shortly. Furthermore, the firm intends to use the funds to accelerate its organic expansion and form new collaborations along the road.
CommerceIQ – FAQs
What does CommerceIQ do?
CommerceIQ is a business platform that enables merchants to expand profitably by making data-driven marketing decisions.
Who founded CommerceIQ?
Guru Hariharan founded CommerceIQ in 2012.
How does CommerceIQ make money?
The company provides a professional services model. The business is built on an annual subscription model with valuation-based charging.
Which companies do CommerceIQ compete with?
CommerceIQ’s top competitors include A2X, Webgility, Helium10, Jungle Scout, Perpetua, ChannelAdvisor. Wholesale Suite, and DataHawk.
Travelling is a way one can experience growth in one’s life; it is an escape from the monotonous daily lifestyle that leads us to find peace and tranquillity. There is nothing as good as travelling; it is a fun activity to discover oneself. You get to see new places, witness new cultures, languages, and delicacies, and discover the magnificent beauty of different places.
Everything needs money, and travelling is no different. Some may think that while travelling, it is not possible to earn money, but think again because when there is a will, there is a way, and in today’s world, there is hardly anything that is impossible. Working and earning while travelling is very much possible. You get the opportunity to experience new places and enjoy doing your favourite things while making money.
You don’t have to worry about spending all your savings or borrowing money from somewhere else. Most of the time, the budget doesn’t allow us to experience the other part of our life where we get to enjoy travelling, but the idea of earning while travelling seems to be perfect and solves that problem in a subtle way.
In today’s world, with access to the internet and technology, travellers have started seeking opportunities to earn through their skills and passion while doing the thing that they love the most.
In this article, we will talk about the ways one can earn money while travelling. So let’s get started.
One of the most popular and amazing jobs that are in high demand is teaching English. This backpacker job is good for people who know the language from basic principles to at least an intermediary level. This job might be challenging, but it is quite lucrative and rewarding.
All you might need is good speaking skills, a proficient command of the language, and a suitable vocabulary with a certification in TEFL or TESOL, though it is not always compulsory. You can conduct a two- to three-week course for kids as well as adults and build their confidence in just 2 hours a day.
Places like South Korea, China, Japan, Taiwan, and the Gulf Arab States are in high demand for English trainers. If you follow this path, you will earn a good income while travelling, which you can easily spend on your vacation.
Writing and Blogging
The talent for writing and expressing your thoughts in words is an art. Imagine this art culminated with various places and travelling experiences. So, to all those who are good at writing and blogging, you can earn good money with this particular skill.
Travel blogging can allow you to form your passion into a career by expressing your travel experience to a gaggle of audiences across the world. You can also become a part-time content writer or a contract content writer. Many writers have gotten paid an enormous amount of cash due to their writing skills, and it’s one of the best elements for boosting your portfolio. So all you would need is a good internet connection and a laptop, and you’re good to travel.
It is confidence and good communication skills that you need to become a guide. If you have these skills, you can easily apply for a guide job in a company; otherwise, you can even do that as a part-time job. If you know the art of engaging a group of individuals with a small amount of humour and excitement, congratulations, you can become a decent tourist guide.
There are agencies that offer you on-the-spot work, and you’ll earn instantly from it. You’ll chit-chat with the people, commemorate them, and make their experience memorable by informing them about the place in a creative way. All you need is nice research of a couple of places and some leadership skills; this way, you also get to enjoy travelling to new places.
Online Selling
One of the most interesting things you can do to earn money is buy local handicrafts, accessories, garments, and other things. Travellers can go search the markets of towns and the local areas that they are visiting to look for those local things, buy them and sell those things online. There are many platforms available where you can sell your items online. You can also do that through social media groups, which are now on-trend in social media marketing. Through this, you can earn a decent amount of cash.
Photography
Clicking pictures is so cool. The majority of folks wish to click pictures and take videos of the places we visit and their majestic beauties. Well, for the undeniable fact that there are numerous people out there who are interested in purchasing your pictures. If you have got a good camera and knowledge about capturing pictures and can be a professional photographer, you’ll be able to earn a decent amount of money from this work.
You can create your website and sell those pictures. There are many websites available where you’ll be able to sell your photos online, like Shutterstock, Getty Images and others. You have got to make sure that the standard of the image is good. If everything goes well, you’ll be able to earn plenty of cash passively.
If you have a beautiful voice, know how to play an instrument, or have good dancing skills, then it’s time to showcase your talent to others. It’s quite common abroad to improve your public speaking skills and earn good money. All you need is some good skills and confidence. Keeping in mind that you simply shall not break any local laws, street performance can be a fantastic idea.
Become a Web Developer
If you recognize a way to make an honest website, you bought employment while travelling. Plenty of companies nowadays need web developers to style good websites. They’re hiring freelancers and freshers as they’re a less expensive source. So, while you travel, you’ll be able to easily take up the duty of web development and earn some cash.
If you do not understand how to form a website, don’t worry. You’ll be able to easily learn it in a time period. There are many online courses available on the net where you’ll be able to learn all the programming skills like HTML5, CSS, JavaScript, and PHP.
Working In a Bar/Restaurant
If you wish to get a job that can give you free food and an income, working in a bar or restaurant is suitable for you. Various jobs are easily available for bartenders, amateur managers, and other people who are willing to work in the evening after travelling and exploring places in the morning.
A nature lover and explorer will choose such a tremendous job. This is often a seasonal and popular job nowadays, particularly in Australia. All you’d be required to do is to assemble fruits and vegetables from farms. The common reward is cash for this activity, which is negotiable, but you get decent pay. One of the main benefits of this job is that it involves plenty of physical activity, which can help you keep up with your health.
Volunteer
NGOs take volunteers to new places who want to work for kids or to develop the living conditions of that place. The expenses for lodging and flooding are mostly solved by the NGOs, and you will get to do some social work and explore the place.
Freelancing Online
Want to be a digital nomad? Freelancing platforms like Upwork and Fiverr make it easy to apply for work from clients worldwide. All you need is a sought-after skill. Winning projects can be tough without a track record, but once you have a few jobs and positive feedback, you’ll find steady work. Lucrative fields include web design, research, data entry, graphics, writing, and translation. Travel full-time with Worldpackers, which offers thousands of work exchange opportunities worldwide, allowing you to work a few hours a week in exchange for accommodation and other benefits. Travel on a budget while building a freelance business!
Learning a new language can be fascinating, but there are many other skills that people are eager to acquire. If you are passionate about a particular talent or skill, why not share your knowledge with others? You can spread the word by posting flyers in supermarkets or community centres or advertising your services on social media platforms or in local newspapers. Whether you are a talented musician, a skilled photographer, or a master chef, many people in your community would likely love to learn from you. Sharing your expertise not only gives you the opportunity to make money but also enables you to meet new people, become more connected to your local community, and perhaps even make new friends while travelling. So, if you have a unique skill you are passionate about, don’t hesitate to share it with others. You might be surprised how many people are interested in learning from you!
Offer Your Services at Hostels
Hostels can be a lucrative place to earn some extra cash because they, and the people staying in them, are usually quite laid back and open to new ideas. You can make money while staying in a hostel, such as selling things you’ve created, organizing events, teaching yoga, cooking meals, or even offering massages. Utilize your skills to your advantage and earn some money while also meeting new people and enhancing other travellers’ experiences, as well as your own!
Disc Jockey
Do you love music and can’t imagine travelling without your equipment? We have found a job that might interest you! Clubs, bars, and restaurants are always looking for DJs who can entertain their customers for extended periods of time. The best part of this job is that most DJs are only required to work in the evening until late at night, which leaves you with the entire day to explore new places. You might even receive free drinks at the bar if you’re lucky! What better way to earn money while pursuing your passion?
P2P Delivery
P2P delivery is an alternative to traditional delivery services that can earn you extra cash. If you’re flying to a new city, you can deliver someone’s document and earn $10 to $50. P2P delivery is faster and more reliable than traditional delivery companies. You can take several parcels at once and stay in touch with clients throughout the delivery process. It’s a great way to save on travel expenses while helping others.
Like these, there are plenty of other ways to earn while you travel. The most effective ones are mentioned above. To earn money, it’s not necessary to have a 9 to 5 office job. In the time we are living, one can work from anywhere. Travelling and earnings may be a very suitable choice to earn and learn with utmost enjoyment. In today’s world, it’s all about consistency, passion, and dedication to what you select. If you match your abilities, skills, passion, interest, and motivation to those jobs, you’ll surely be able to earn a decent amount of income while travelling. The thought of working while travelling isn’t so new, but how today’s youth carry out their activities is much better than it had been in the past. It’s not as easy as it seems to be, but if you have the desired power and encouragement, you may be intimate.
FAQs
How can I earn money while travelling?
Earn money while travelling by offering freelance services online or by creating travel content for blogs or social media platforms.
What topics can I write blogs on while travelling?
You can write travel blogs covering destinations, local cuisines, cultural experiences, adventure activities, and travel tips for different regions.
Which is the best gig to earn a lot of money while travelling?
Freelance writing or photography can be lucrative gigs while traveling, offering flexibility and potential for high earnings.
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 Especia.
Getting an idea and starting a Startup Project is just a start of entrepreneurship. Sustaining your business and growing subsequently are the biggest challenges. The startup ecosystem works on the theory of survival of the fittest, and startups need to be competent enough to maintain their position in the market. Finding customers, securing funding, managing finances and focussing on your core products/services, all need to be managed in parallel. When it comes to finances, obtaining startup financial support is the biggest startup challenge faced by entrepreneurs.
Especia works as a finance partner for startups. It gives customized solutions for startups according to the stage of startup and the business requirements. It saves your involvement in financial activity so that you can focus on your core product or services offered by your business.
Read the success story about Especia, founders and team, its services, and how it works?
Especia – Company Highlights
Startup Name
Especia
Headquarters
Noida, Uttar Pradesh
Offices
Delhi-NCR, Mumbai, Hyderabad
Industry
Startups Finance Partner (CA, CS, Legal, and Valuation)
Co-Founders
CA Harshil Goyal (FCA, Regd. Valuer) and CA Sajal Goyal
Any startup needs a dynamic push to overcome its growth barriers. The new business owners have a stark of becoming successful, are full of vigor, and are ready to put into their efforts up to any extent that gives wings to their objectives. The beginning phase of any startup is crucial as it requires long-term decision-making skills and high accountability for their actions. The new startups tumble at this point. Underestimating the importance of an efficient finance partner consultant hampers their long-term objectives in future fundraising & due diligence.
Their team fulfills the role of an efficient finance partner. They are well versed in business legalities with the sound knowledge that improves the financial efficiency of your entity & has fewer red flags in future Due diligence.
Especia identified this growth barrier and started working out an innovative solution. Firstly they demarcated the startups at the ideation stage, Growing stages, and maturity stage and identified the cause of failure of early startups in the early stage, and drafted their services according to their requirement at several stages. They discovered that financial restrictions at an early stage prevent them from getting efficient consultation as the markets had fewer options of the one-window solution to the end-to-end finance outsourcing of the startups.
They identified this underlying incapacity of the market and gathered a team of individuals from various segments. Especia now bridges the gap and provides one window solution as a finance partner of the startups from Valuation, Secretarial, and Regular Tax & Compliance services that help them focus on the core. They act as a Virtual CFO Partner for Transaction Advisory & Due Diligence services as well.
Especia – Founders and Team
CA Harshil Goyal and CA Sajal Goyal are the Co-founders of Especia.
CA Harshil Goyal (FCA, Regd. Valuer)
CA Harshil Goyal, Co-Founder Especia
CA Harshil Goyal, Co-Founder Especia, is a Fellow Member of the ICAI, holds a Master’s degree in Commerce and is a Registered Valuer by IBBI. He possesses over 12 years of experience in Start-up consulting, Valuations of startups & Startup fundraising transaction advisory services.
In his 12 year career, CA Harshil Goyal has proven himself as a passionate Entrepreneur committed to easing out multiple pain points existing in the end to end finance outsourcing for startups from Valuation, Transaction Advisory, Due Diligence, and Business compliance domain using technology as a major disruptive force to change some of the age-old practices prevalent in the industry. He possesses expertise in Valuation, Secretarial Services, Transaction Advisory Services, Fund Raising, Due DiIligences, Structuring the Cap Table & ESOP Services.
CA Sajal Goyal
CA Sajal Goyal – Co-Founder, Especia
CA Sajal Goyal possesses 15 yr experience in this sector and has richly contributed to the growth and expansion of several startups and corporations. His expertise in CFO, business restructuring, process implementation, and reporting key indicators uplifted several startups and helped them achieve their desired pace of growth. In the 15 years of his career, he has spearheaded the entire gamut of finance & accounting and attained expertise in managing startups in a challenging environment. He has successfully implemented several effective processes & solutions in different businesses.
His diligence in controlling and planning the finance and thorough understanding of Finance Processes, Management Reporting, Budgeting, and People Management for Multinational & Fortune 500 companies took Especia to greater heights.
Especia – Startup Story
Everything that it needs to maintain the finances of your company from basic bookkeeping to high-end valuation and due diligence services accompanied by well-drafted secretarial services fulfill the requirements of the start-up, in the long run. All the services suiting the needs of any startup are embedded in theirentire gamut of offerings. From book-keeping to valuation and secretarial services, Especia team is ready to take charge of all your corporate financial management requirements.
Time and again Especia has proved its utility to several growing startups and helped them bloom with their prospects. They had the privilege of outsourcing several new and running startups. They started as a traditional CA Firm but expanded rapidly as a One-Stop Finance Partner with tons of promising initiatives that suit your startup requirements. Their expert team proved its efficiency in outsourcing the accounting and secretarial services of several new and old businesses leaving them to work out on their business expansion.
The technological blend in their services adds to your advantage as they are always ready to assist you through their virtual CFO services. They have attained maximum use of technology in their day-to-day proceedings with in-house technological advancements to avoid any human error that may hamper progress towards your futuristic goals.
The tagline of Especia is “we work from start to finish”. It defines their working strategy and their timely and productive services. They have a well-defined social media platform and their official website laden with segregated columns of your requirement. Any start-up seeking any kind of valuation, secretarial, or accounting services under one roof is always free to drop them a query.
Especia – How it Works?
Especia Associates is a group of dynamic professional experts in their domain. They have a team of Chartered Accountants and Company Secretaries to provide a one-stop solution to all therequirements of the startups being their finance partner.
They manage your statutory compliances that add to your benefit at the time of any Fund Raising Due Diligence or M&A Activity in your business journey. Your statutory records are well maintained and monitored with due corporate governance. The requirements of a startup change according to their progress from one stage to other.
Startup Development Stages
They modify work according to the stage of the startup as the processes are in co-relation with the growth stage attained by the startup. At the ideation stage, they focus on maximum business retention and advise according to the cash flow generated by the business. They tend to long-term objectives and avoid any lucrative traps that may hinder your future growth.
The growth stage is very crucial for any startup. It requires decision-making at several crucial instances that affect your prospects. Their expert team advises on retention activities and predicts deep insights to keep your start-up in a progressive mode. You get all the required services regarding your bookkeeping and Secretarial requirements to help your startup get the required push.
The Growth Stage of any startup attracts the attention of investors. However, the startup tries to attract potential investors. They make your startup investment ready with all your compliances ready to satisfy the doubts of the investors. You get the best valuation and due diligence services with an aim to attract the most suitable investment to fulfill your growth objectives.
Once you get the required investment from external sources, their scope of work also expands. Now, they provide you with all the facilities to retain your financial position and get a better insight into your future business journey.
Especia – Services
Especia services
They start understanding your business operations and align & modify finance processes along with management vision how they want to structure the entire finance Department, Finance Processes & Reporting. Their services align with your business needs & vision of the management to give you the one-stop solutions as your finance partner that covers Valuations, Secretarial Services, Book-keeping Services, Compliance, and Management Reporting. Their team helps you in getting investment ready at the time of fundraising with all the compliances and due diligence ready at hand. With Especia by your side, you can surely scale new heights in your business venture.
They identify the stage of your startup and render their services accordingly. Their services vary according to your business requirement and deploy full-scale operations to save your involvement, of any kind, in the day-to-day secretarial or any other financial activity. They focus on a “one-stop solution” for your accounting, compliance, and secretarial requirements. This facilitates your timely & accurate valuation and due diligence as they already possess all your vitals for the report. Their expert team saves your time, keeps a vigilant look on your finances, and gives you red flags beforehand.
Especia – Growth
Today Especia has 400+ clients with all their services outsourced to expert team with positive feedback for their services. They look forward to giving the most client-centric valuations, secretarial, and accounting services. Their team helps their clients qualify in due diligence and attract the best investors for their startup growth. The use of technology has played a key role in their service enhancement and making a more advanced approach towards technological advancements in their services to inculcate better outcomes of their services.
FAQs
When was Especia founded?
Especia was founded in 2010 in Noida.
Who is the founder of Especia?
CA Harshil Goyal and CA Sajal Goyal are the Co-founders of Especia.
Celebrities enjoy having their names adorned with a variety of titles. One of them is an entrepreneur. Celebrities have been investing in businesses and startups for a long time, and their fame and wealth help them gain a leg up on the competition. One of these celebrities is Ryan Reynolds.
Ryan Reynolds is a Canadian actor and producer, who started his acting career with small roles in TV shows, but became a household name after he got his role on the comedy show ‘Two Guys and a Girl’ between 1998 and 2001. Since then, he has been in a number of movies and shows and has gained a lot of fame and wealth. He is most known for his hilarious yet powerful character, Deadpool. But this isn’t about his performing accomplishments; instead, it’s about his business experience.
Ryan is well-known for his astute investments in startups and innovative marketing strategies. He’s made a name for himself as a business tycoon by investing in startups. It’s the best bargain ever to have a megastar invest in and promote your company. The Deadpool actor enjoys investing in small businesses and making small investments before taking the company to the next level.
Let’s take a look at all the investments of Deadpool actor, Ryan Reynolds.
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In 2018, Ryan Reynolds and George Dewey launched their own film production company and digital marketing agency. Maximum effort consists of two parts: Maximum Effort Production and Maximum Effort Marketing. Both are collaboratively involved in some really good films, TV shows, and other forms of video entertainment.
MNTN bought Maximum Effort Marketing in June 2021, appointing Reynolds as Chief Creative Officer and Dewey as Chief Brand Officer. Maximum Effort is responsible for all the marketing and advertising of Ryan’s other businesses.
Aviation Gin
Aviation Logo
Ryan bought the company on February 21, 2018. Prior to that, the company was not well-known, and the majority of its growth occurred while it was under Ryan’s management. Christian Krogstad and Ryan Magarian owned the company before Ryan Reynolds bought it. It was launched in 2006, and the gin was made in Portland, Oregon.
People just watch the commercials for fun because they are so creative and funny; they are no longer just old commercials; they are little comedy pieces that also work as commercials.
Wrexham AFC
Wrexham AFC Logo
Wrexham Association Football Club is a Wrexham-based Welsh professional association football club. Wrexham AFC is Wales’ oldest football club and the world’s second-oldest professional association football team. It was founded in 1864.
In 2020, Ryan and Rob McEhelnney, a close Hollywood buddy and well-known actor, producer, and screenwriter bought the team. According to the new owners, the purpose of their leadership going forward is to strengthen Wrexham’s ideals and repay the fans for their support and faith.
Ryan Reynolds is the brand ambassador and owner of the telecommunications company after he acquired the ownership stake in 2019. Initially, the company was founded in 2015 by David Glickman and Rizwan Kassim and was a subsidiary of Ultra Mobile.
The company experienced immense growth and popularity after Ryan Reynolds joined in as the public face of the brand and his marketing company created hilarious yet captivating ad campaigns for the telecommunications company, which led to the business winning lots of awards and fan appraisal. The main motto of the brand is to provide affordable yet premium-quality phone and internet service.
1Password
1Password Logo
1Password is a password management software company that was founded in 2006. The corporation received a total of 620 million USD this year, which attracted a lot of attention.
Many well-known celebrities and business leaders have invested in the company, including Deadpool star Ryan Reynolds. He recently became the company’s face for its first-ever ad, which debuted on March 24.
Wealthsimple
Wealthsimple Logo
Wealthsimple is a millennial-focused financial management company established in Toronto. Wealthsimple, founded in 2014 by Michael Katchen, is a trading platform where users may invest in socks, trade them, and even file their taxes.
In 2021, the company obtained a 750 million USD investment. Drake, Michael J. Fox, NBA stars Kelly Olynyk and Dwight Powell, NHL athlete Patrick Marleau, and Green Lantern star Ryan Reynolds are among the many celebrities who have invested in it.
Most celebrities choose not to be a part of the business world and keep their Hollywood career as their main source of income, but some love to get their hands into the business market and experience the corporate world themselves. Not all find success, but some make many smart and well-thought decisions leading to their successful businesses. One of them is Canadian actor Ryan Reynolds. He believes in making small investments and giving smaller companies a chance.
He owns a few startups and has funded many. With his sharp wit and great sense of humour, he has created a popular image for his companies that has helped in the success of the businesses.
FAQs
What companies are owned by Ryan Reynolds?
Ryan Reynolds is the owner of Mint Mobile. He also founded a film production company, Maximum Efforts.
What are Ryan Reynolds’s investments?
Ryan Reynolds has invested in Mint Mobile, Aviation Gin, 1Password, Wealthsimple, Wrexham AFC and Maximum Effort.
How much of Mint Mobile does Ryan Reynolds own?
According to reports Ryan Reynolds owns 20% to 25% of Mint Mobile.
How much did Ryan Reynolds earn from selling Aviation Gin?
Ryan Reynolds sold his gin company called Aviation Gin for a colossal amount of 610 million USD.
What is the net worth of Ryan Reynolds?
Ryan Reynolds’ net worth is estimated to be over $150 million in 2022.
When did Ryan Reynolds buy Wrexham?
Ryan Reynolds and Hollywood actor, producer and screenwriter Rob McEhelnney bought the company in February 2020 and the deal was finalized in 2021.
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 Colgate.
Our Teeth are an important part of our body and human being has been taking care of them since primitive times. Interestingly the world’s first toothpaste was made as early as 4 AD. Today, there is n number of oral hygiene products available in the market. However, when it comes to oral hygiene, one company that has stayed on top of the game for centuries now is Colgate. In 1873, the first-ever commercially produced toothpaste was launched by Colgate, and the company is still maintaining its charm. Even today a considerable chunk of the population worldwide uses Colgate toothpaste and oral hygiene products. Here is the story of Colgate, which is now a household name across the Globe.
Colgate is an American Brand. The brand derived its name from its founder William Colgate. The company at its inception was known as William Colgate and Company, and it was just a small business, where Mr. William used to sell soaps and Candles. In 1857, when after William Colgate’s demise, his son Samuel Colgate took over the business, the company was renamed Colgate and Company.
In 1873, Colgate launched the first-ever commercially manufactured toothpaste. This aromatic toothpaste was then sold in jars. Colgate toothpaste is still one of the most sold products of the company. In 1896, Colgate launched Colgate Ribbon Dental Cream, which was the first toothpaste available in a tube.
Colgate and Company came to be known as Colgate-Palmolive -Peet Company after the acquisition of Colgate by Palmolive-Peet Company in 1928. Palmolive Peet was an association between Palmolive and Peet Brothers. Palmolive was the maker of the world’s best-selling soap Palmolive in the early 20th century. While Peet Brothers was a soap manufacturing company in Kansas.
In 1953 Colgate-Palmolive-Peet was renamed Colgate-Palmolive, which is currently the parent company of Colgate.
Colgate-Palmolive is successfully holding on to its legacy to date and has a wide range of products including personal hygiene & care products, various cleansers, and pet food, that are sold all over the world.
Colgate – Founder and Team
The founder of the company is William Colgate.
William Colgate began his career with a little candle and soap business in the 19th century in New York City, which happened around two hundred years ago. William was born in Hollingbourne, Kent, England. He was an American industrialist born on the 25th of January 1783. William passed away on the 25th of March 1857.
William Colgate, Founder, Colgate
Colgate – Mission and Vision
Colgate’s Mission statement says – ‘Colgate-Palmolive is committed to act with compassion, integrity, honesty and high ethics in all situations, to listen with respect to others and to value differences. The Company is also committed to protect the global environment, to enhance the communities where Colgate-Palmolive people live and work, and to be compliant with government laws and regulations.’
Colgate’s Vision statement says – ‘As we plan our strategies to sustain growth for the years to come, our core values of Caring, Global Teamwork, and Continuous Improvement will continue to drive our future initiatives.’
Colgate – Tagline, Slogan and Logo
The first tagline of Colgate is ‘It cleans your breath while it cleans your teeth.’
Over the years, Colgate has come up with many taglines to promote its products. Some of Colgate’s popular slogans are-
Cleans more than just teeth.
Fights germs for 12 hours.
So clean, you can feel it.
Smile with strength.
What a refreshing idea.
Colgate Logo
Colgate – Business Model
Colgate Palmolive is one of the top FMCG companies in the world. Colgate products include –
Oral Care
Toothpaste, mouth rinses, toothbrushes, tooth whitener, dental floss, and drug store products for health professionals such as dentists are available under this category.
Household Surface and Fabric Care
Dishwashing fluid, Palmolive, and home cleansers are the major products available under this category.
Pet Nutrition
Pet care products like pet nutrition food and supplements are available under this category.
Personal Care
Shower gels, body sprays, shampoos, conditioners, shaving products, fluid and bar hand soaps are available under this category.
The company spends a considerable part of its revenue on advertising and marketing. In 2021, Colgate spent nearly 2 Billion US Dollars on advertising worldwide. With intelligent market segmentation, and by building trust with the target audience, Colgate has established itself as a top player in the FMCG category, particularly in the oral hygiene segment worldwide.
The company also keeps adding new products and phasing out old products from time to time to meet changing customer requirements. Some of the popular products that Colgate discontinued over time are Fab One-Shot detergent, Coleo soap, Cashmere Bouquet Soap, and Peter Pan Beauty Bar with Chlorophyll, among many others.
The competitors of the company are Crest, Sensodyne, and Pepsodent respectively.
Crest
Crest is the top competitor of the company Colgate. The company was founded in 1955 in Cincinnati, Ohio. Crest specializes in oral hygiene products only.
Sensodyne
Sensodyne is one of the top competitors of the company Colgate. The company was founded in 1907 and is headquartered in the United Kingdom. Sensodyne has specially positioned itself as an oral care brand for sensitive teeth.
Pepsodent
Pepsodent was founded in 1915 and is headquartered in the United States of America. Peposedent is a brand owned by Unilever. However, in Canada and United States, the rights for selling Pepsodent lies with Church & Dwight.
From being just a small business selling soaps, candles, and starch, to becoming an MNC, the journey of Colgate is truly exemplary. As per 2020 reports, Colgate Palmolive holds the largest share in the oral hygiene segment Globally. Colgate Palmolive’s oral care brands include Colgate, Tom’s of Maine, and Elmex.
The company’s products are sold across 200+ countries and territories worldwide. The company is also no. 1 in the household products industry by Dow and Jones Sustainability Indices. As per Statista reports, in 2021, Colgate-Palmolive generated net sales worth 17.42 billion U.S. dollars worldwide. In the Q4 of 2020, Colgate reported a 7.5% increase in Net sales.
In FY 2020-2021, Colgate-Palmolive India recorded net sales worth Rs. 4,810.5 crore, which is a 7.2 % increase from that of FY 2019-2020. In India, Colgate- Palmolive has launched new products like Colgate toothpaste for Diabetics, Colgate Vedshakti Spray, and Oil Pulling to capture more consumers. Colgate has also come up with attractive offerings like the first AR toothbrush that makes brushing fun for kids. Colgate has also been ranked No.1 Most Trusted Oral Care Brand from 2011-2019 by The Economic Times – Brand Equity – Most Trusted Brands Survey, which was conducted by Nielsen.
Colgate – FAQs
Is Colgate an Indian Brand?
No, Colgate is an American Brand.
Who is the CEO of Colgate?
Noel Wallace is the CEO of Colgate-Palmolive. He has been associated with Colgate-Palmolive for over 3 decades.
What are the products of Colgate?
Besides oral care products, Colgate deals in personal care and personal hygiene products, household cleaning products, and pet food.
How did Colgate get its name?
Colgate is named after its founder William Colgate.
Celebrities funding brands is extremely common, and the influence that some of the prominent celebs hold on people turned out to be an advantage for the brands, that in turn increases their visibility and makes them stand out in the crowd. Celebs are turning into entrepreneurs and are investing in startups that they are founding promising.
These deals are good for both parties, the celebrity also get benefits from these deals, like as they are getting accustomed to some of the new brands in the world, this way the image of celebs also getting stronger as it shows that they are supporting new innovations and this brings a positive impact in their career and life.
One of Hollywood’s prime and loved names is Willard Carrol Smith II, commonly known as Will Smith. Will Smith is married to Jada Pinkett Smith, who is also an American actress. They have two sons, Jaden and Trey Smith and one daughter, Willow Smith.
This multitalented Hollywood gem is known for his groundbreaking contribution to the industry with his acting and rapping. Smith made his debut in 1992 with the feature film ‘Where the Day Takes You’. It was followed by Bad Boys in 1995 the action movie that made him a household name. With a global box office record of $9.3 billion, Will Smith has given some of the greatest hits in Hollywood. Some of the famous movies by Will Smith are Hitch, IRobot, Focus, Bad Boys for Life, Men in Black, The Pursuit of Happiness and King Richard.
His music career was not at all something that one should keep quiet of. Some of his singles like Parents Just Don’t Understand, and Ring My Bell have been a part of the Billboard Hot 100. Smith’s roles in ‘Ali’, ‘Men In Black’, ‘I, Robot’, ‘I Am Legend’, ‘Independence Day’, ‘The Pursuit of Happyness’, ‘Aladdin’ and ‘King Richard’ are astounding as well as outstanding.
He has won some of the greatest awards of all time like the Golden Globe Award, Critics Choice Award and Grammy Award for the portrayal of roles and his music. Will Smith also won the Academy Award for the first time for best actor for his movie, King Richard in 2022.
Apart from all that, the man holds numerous international box office records in his name. In this article, we will talk about the investments of Will Smith. So, let’s get started.
“Products are made in a factory but brands are created in the mind.” -Walter Landor
Some of the startups that are funded by the Hollywood actor, rapper and film producer, Will Smith are:
BioBeats
BioBeats Logo
BioBeats is a company founded in the year 2012 that focuses on making digital artificial intelligence products such as wearable devices that takes care of mental health. Mental health disorders if not taken into consideration at right time can lead to disability.
The company was founded by David Plans, Davide Morelli and Nadeem Kassam. The devices take the help of user data, AI and human insight to take care of mental health. In 2015, Will Smith funded the startup and contributed at least $650,000.
Carol’s Daughter
Carols Daughter
The multicultural American beauty brand that specializes in developing, body, skincare and hair products was founded in the year 1993 by Lisa Price. Lisa first opened a physical of this brand in 1999 before the products were made in her kitchen. The company is famous for the haircare products that it produces.
In 2005, Will Smith invested in this beauty brand along with other investors and the company raised $10 million from them. The brand is now acquired by L’Oréal in 2014.
Chromatik
Chromatik Logo
Chromatik was founded in the year 2010 by Matt Sandler. The company works on developing products that help musicians to learn, play and share their music with other musicians through music sheets, guitar tabs and others. The headquarters of the company is situated in Los Angeles, United States of America. In 2013, Will Smith made an undisclosed amount of investment in Chromatik.
Julep
Julep Logo
Julep is a cosmetic brand founded in the year 2007 by Jane Park; the company has mostly focused on selling its products online since it opened its e-commerce in 2008. The USP of the brand is that they manufacture and sell products according to the feedback of customers that they get from social media platforms. Will Smith in 2014, funded Julep and invested an undisclosed amount.
Landis
Landis Logo
Landis Tech is a company that helps in making your rented home your own. Here, you can rent your preferred house and can purchase it whenever you want to in the first twelve months. They mainly help the consumers in building their credit and down payment. It was founded in the year 2018 by Cyril Berdugo and Tom Petit. Will Smith invested in the company in the year 2021, along with other investors the company was able to raise $165 Million in funds.
Titan
Titan Logo
It is mainly an operating system founded in the year 2018 by Clayton Gardner, Joe Percoco and Max Bernardy. The system helps in managing investments and charging up investment products of investors. The asset managing system is specially made for millennials and Generation Z. In 2021 Will Smith along with some other celebrities funded the company and raised $58 million.
Socianado
Socianado Logo
Socianado focuses on helping companies on creating their social media presence. It was founded in the year 2018, by Kofi Frimpong and William Lee. The company’s headquarters is situated in Los Angeles, The United States of America. Socionado participated in TechCrunch Disrupt which is an annual conference where startups attend and launch their products, in 2019.
During the time, Will Smith was present there and Socionado pitched the Hollywood star as an elevator pitch. Will Smith decided to invest $10k in the startup.
List of Startups Owned by Will Smith
Apart from investing in some promising brands Will Smith himself has worn the entrepreneur’s hat and is the owner of some startups. Those startups are:
Overbrook Entertainment
Overbrook Entertainment Logo
Overbrook Entertainment is an American film production company that was founded in the year 1998. The company is co-owned by Will Smith and it focuses on producing films, music and TV shows. Under, Overbrook Entertainment Smith works as a film producer. The production company has produced some of the greatest films like, The Karate Kid, The Pursuit of Happyness and I Am Legend.
Westbrook
Westbrook Logo
The multimedia and entertainment venture company was founded in the year 2019 and is co-owned by Will Smith. The company mainly produces short and medium-sized content for digital and traditional media like television.
Dreamers VC
Dreamers VC Logo
Dreamers VC was founded in the year 2018, the headquarters of the company is situated in Los Angeles, The United States of America. It is co-owned by Will Smith. The company provides venture capital funds for startups that focus on social problems and address them.
Conclusion
Academy Award winner Will Smith has been associated with some of the brands by investing in them. Apart from that he has also, donned the hat of an entrepreneur and has founded some companies of his own. He is one of the finest actors in Hollywood and is now emerging as one finest entrepreneur as well.
FAQs
How old is Will Smith?
Will Smith was born on 25th September 1968 and he is 53 years old.
What is the net worth of Will Smith?
The estimated net worth of Will Smith is $350 Million.
Did Will Smith win an Oscar?
Yes, Will Smith won his first-ever Oscar for the movie King Richard. The event didn’t go well as Will Smith slapped the host, Chris Rock for cracking a joke on his wife, Jaden Smith.
India is a developing country where agricultural and dairy industries provide a living for the majority of the population. India produces more milk than any other country in the world. As of 2019, annual production was 187 million tonnes. Milk production accounted for over 4.2 percent of India’s gross domestic product in 2020.
Many organisations are coming up with new strategies to take advantage of India’s current dairy position and improve it even further by utilising new technological resources and providing training to the population in order to make them more skilled and technically advanced.
India is the world’s leading producer of dairy products, but it still fails to meet food safety and security criteria for milk. This is due to the lack of expertise and resources available to those who operate in the dairy industry. As a result, many new businesses are springing up with the goal of developing a business plan that will manufacture dairy products that match industry standards and can be sold profitably.
Let’s take a look at some of the leading dairy startups in India that are transforming the dairy industry in India.
The company was started by Chakradhar Ghade and Nitin Kaushal, in 2015. Country Delight delivers fresh, organic milk to the customers’ doorstep. The milk can be ordered through their mobile application and not just milk but different types of dairy products like curd, ghee, etc and different other staple foods can be ordered through the application.
2. Stellapps
Stellapps Website
Ranjith Mukundan, Praveen Nale, Ramkrishna Adukuri, and Venkatesh Seshayee established Stellapps in 2011. Stellapps is a firm that digitises dairy products from farm to consumer. The startup employs the Internet of Things (IoT), Big Data, and database management, among other technologies, to improve dairy distribution network features such as milk yield, milk purchasing, logistics system, animal insurance, and many other things.
3. Happy Milk
Happy Milk Website
Mehal Kejriwal co-founded Happy Milk in December 2017. The company has its very own farm on the outskirts of Bangalore with roughly 400 cattle. Happy Milk caters to individual clients as well as businesses such as Nature’s Basket and Foodhall. It also accepts large orders. Customers can also make a subscription which is available via apps such as DailyNinja, Doodhwala, and Amazon Prime Now.
4. Klimom
Klimom Website
Klimom is well-known for delivering fresh dairy products directly from the farm to clients’ doors. All of the milk products are created from Gir cow’s milk and are of the highest quality. The farms are located at Sangareddy, Hyderabad. The company claims to have bred Gir cows exclusively, and the fodder is grown on the farm as well. The cows are milked by hand, and the calves are fed completely before the cows are milked.
5. The Milk India Company
The company was founded by Shilpi Sinha in 2018. Milk India company aims to provide clean, fresh and nutritious cow milk to the client’s doorstep. The Milk India Company delivers unprocessed, unpasteurised milk to the customers daily. The company is certified by the National Dairy Research Institute of India. The Milk India Company delivers cow milk in glass bottles to customers’ doorsteps every morning, making it environmentally sustainable.
6. Milk Mantra
Milk Mantra Website
Based in Odisha, the company was founded in 2009 by Srikumar Misra. Milk Mantra began operations in 2012 and has made significant progress in reducing the state’s milk scarcity since then. Apart from milk, the company produces and sells a variety of dairy products such as ghee, curd, and cheese, as well as flavoured milkshakes under the Milky Moo and Mooshake brands.
7. Whyte Farms
Whyte Farms Website
Kanika Yadav and Sanjeev Yadav founded the company in 2015 with the goal of supplying healthy and clean cow’s milk. The Delhi-based startup, Whyte Farms provides pasteurised milk in glass bottles to roughly 3,000 families. The business is based on a 30-acre farm in Tijara, around 90 kilometres from Delhi.
8. Puresh Daily
Puresh Daily Website
Puresh Daily was formed in 2019 by IIM graduate Manish Piyush and his childhood friend Aditya Kumar and is based in Jharkhand. The vision of this company is to provide chemical-free pure milk to the population. The company provides its services through its mobile application, where people can find the subscription plan that suits their needs. Due to milk’s health benefits and being a staple in the Indian diet, the company experienced a 100 percent growth during the COVID-19 lockdown.
9. Matratva Dairy
Matratva Dairy Website
Based in Ajmer, Rajasthan, Matratva Dairy was founded in 2014, the company was founded by Ankita Kumawat, Lokesh Gupta, and Phool Chand Kumawat. The main products of the company are milk and ghee. All the dairy products are prepared by using traditional methods and minimum use of machinery or technology. Matratva Dairy will offer its products through e-commerce platforms like Amazon and BigBasket with rebranding under Goratan Products Pvt. Ltd.
10. Milkbasket
Milkbasket Website
Milkbasket is a grocery delivery service that operates on a daily basis. It was founded by Ashish Goel, Yatish Talavdia, Anant Goel, and Anurag Jain in 2015. The name ‘Milkbasket’ comes from the fact that milk entices buyers to buy other items as well. The company brings milk and other necessities to the customer’s doorstep.
Milk is a vital and necessary component of a healthy diet. It provides the body with all of the critical nutrients it requires. India has the greatest milk production and consumption rates. Many startups have formed to improve the country’s dairy production by introducing innovative technologies and providing training to locals, thereby enhancing the business and creating an environmentally friendly industry without injuring the animals and obtaining the highest potential milk yield.
FAQs
Which is the best dairy company in India?
Parag Milk Foods Ltd, Nandini, Dudhsagar Dairy, and Mother Dairy are some of the leading dairy companies in India.
Is dairy profitable in India?
Yes, the Dairy business is one of the most in-demand and profitable businesses in India.
Which state is the largest producer of milk in India?
Uttar Pradesh is India’s most milk-producing state, accounting for roughly 18% of the country’s total milk production.
The entertainment industry has evolved drastically over the last few years owing to the streaming websites, with growing choices for accessing content online. Digital media has made its way through a remarkable evolution over the last few decades. New platforms and streaming sites have emerged that allow movie/series lovers to watch video content over the Internet.
The growth of online streaming changed the multimedia and entertainment ecosystem. Several names come to mind when talking about online streaming but no one can beat Netflix and Amazon Prime Video. These are one of the widely used video streaming services and people’s favorite choice.
With online Streaming sites coming into a discussion, the inevitable question of which of them is the best also comes into the picture. There is a multitude of content to watch on the Internet depending on the taste of the viewers.
Netflix is an online streaming video-on-demand subscription service which provides its viewers to access to a massive list of movies and TV shows from around the world for a nominal monthly or annual fee.
It was founded by Reed Hastings and Marc Randolph, the entertainment company has grown from a DVD mail-order service to a global Internet TV sensation. Netflix has undergone several ups and downs since its inception in 1997 but evolved dramatically over the years to become the global leader of mainstream media. It’s the most common digital name today.
Amazon Prime Video is a digital subscription-based video-on-demand streaming service owned and operated by Amazon that offers a myriad of movies, TV shows, documentaries, comedy specials, and so on. It costs INR 999 a year which allows viewers to enjoy unlimited video streaming and ad-free music on the top of Amazon-exclusive deals plus free two-day shipping after a 30-day free trial.
Streaming sites in Indian Market Share
Netflix vs Amazon Prime
Netflix
Amazon Prime video
Netflix broadcasts 4k and HDR content and it excels in video and sound quality making it stand out
Amazon Prime Video fails to play high-resolution HD content on low-speed connection
You can only stream movies or TV series on it
You can get other benefits such as Amazon Prime Music and faster Amazon delivery
Netflix supports wide range of devices including gaming consoles
Amazon Prime does not support Gaming consoles
Netflix has extensive library of titles including several renowned in-house documentaries as well as series
The library and content of Amazon Prime isn’t as extensive as compared to Netflix
Netflix is more expensive. In India, Netflix’s mobile plan starts at INR 199 and goes upto INR 799 per month
Prime is cheaper than Netflix. Users are charged INR 999 annually and INR 129 monthly for Prime
Just 897 Netflix movies are not rated
31,066 of Amazon Prime’s movies are not Rated, which means the movies are too old for rating or are too small to go through the rating process
Netflix provides limited downloads to the user
Amazon Prime Vidoe does not limit the user for the video downloads
It’s always about good content. Both Netflix and Amazon Prime Video have more than their fair share of amazing content. In Netflix’s case is House of Cards, Narcos, Orange Is the New Black, The Crown,BoJack Horseman, and Daredevil, to name just a few of its Originals.
On Amazon Prime, you got Bosch, The Man in the High Castle, Transparent, Mr. Robot,Hand of God, American Gods, Sneaky Pete, and many more. A particular show in mind will push the viewer towards a particular site.
When it comes to movies, Netflix caters an evolving catalogue of classics, relatively new movies, and some exclusive indie films. Amazon Prime Video also offers up a similar catalogue but it’s more focused on TV shows than films. Note that Prime Video also requires you to pay to watch some films despite having a Prime membership.
The total amount of TV shows and films available on both services continuously gets updated and evolve from time to time.
For a college student with a valid .edu address, one can pay just INR 499 per year for Amazon Prime. Everyone else has to pay INR 129 per month for Amazon Prime. Prime customers can use up to 3 screens at a time.
Netflix charges INR 199 – INR 499 per month for one screen option, INR 649 month for two screens plus HD access, and INR 799 month for 4 screens plus Ultra HD access.
Amazon Prime is a bundled service. Apart from Prime Video, you also get a host of other benefits like free two-day shipping on Amazon India website, early access to Amazon sales and deals, and more. Netflix is a pure video-streaming platform.
Not just video streaming, Prime also offers music streaming services with its Prime Music. It has a music library across 12 languages – English, Hindi, Punjabi, Tamil, Telugu, Marathi, Bengali, Malayalam, Kannada, Bhojpuri, Gujarati, and Rajasthani.
Amazon does not charge you extra for the 1080p Full HD and 4K Ultra HD resolutions on any of its plans, whereas on Netflix you have to pay for 1080p and 4K Ultra HD video quality for INR 499 monthly plan. Also, Amazon lets you stream videos on three different devices simultaneously. With Netflix, you have to pay INR 649 if you want to stream it on four devices simultaneously.
Since Prime Video also comes with free 2-day shipping for all Amazon products and sweet deals on subscription services, Amazon is the winner in this category.
Is Netflix better than Amazon Prime?
Shows offered by both the platforms offer very competitive content. Which makes it even harder to decide on which one is the best.
Over time, the meaning of the phrase “Netflix and chill” has evolved. It has gained popularity on the internet and users are actually using Netflix more to chill and enjoy the engaging content. What Netflix does is it premiers every episode of a season at once, tempting audiences to binge-watch a series upon release.
You might’ve seen everyone going crazy about shows they can’t get enough of (Black Mirror, 13 Reasons Why, Stranger Things, for starters), these are Netflix originals. The original movie selection includes 2020 Oscar nominees like The Two Popes, Marriage Story and The Irishman.
Netflix has become such a trusted source in the industry that content that shows in it are instantly boost in attention just from being on the service. So, the question is no longer whether someone wants Netflix, they already have it one way or the other.
You will find Tamil, Telugu, Bengali, and similar more regional movies on Prime but not on Netflix. Netflix has a rich library of international content but regional content still needs to grow. But Netflix is also expanding in India and planning to tie-up with local production houses to produce regional content.
Last year, Netflix had mentioned its plans to launch 22 original movies and 11 series from India by 2020. Netflix’s entry into making movies and series in regional language might prove game-changing as a large part of India’s audience prefer to watch content in their native language.
However, Amazon evidently suggests that it is quantity more than quality. However, Netflix also has more titles in IMDb’s lists of the top 250 TV shows and movies, which combine user ratings and popularity to determine its rankings.
Annual Video Budget of Amazon Prime Video and Netflix
Conclusion
The cheaper plans get picked up all the time. Amazon Prime Video is an amazing service, and it saves users from buying expensive Netflix membership. On the other hand, people who do not want to compromise on the good content, they easily love Netflix.
Currently, Amazon Prime is not as entertaining as Netflix but some users are fine with it. Amazon Prime Video has more than enough content to keep the streaming habits going strong. The choice is subjective here.
Amazon Prime is cheaper compared to Netflix. Amazon Prime monthly subscription is available at INR 179 whereas for Netflix subscription price for basic plan ranges between INR 199 – INR 649.
How many subscribers does Amazon Prime Video and Netflix have?
Subscribers of Amazon Prime Video and Netflix are:
Amazon Prime Video subscriber: 21.8 million
Netflix subscribers: 5.5 million
Which country is the leading market of Netflix?
The United States is the leading market for Netflix followed by Brazil.
Which country is the leading market of Amazon Prime Video?
United Kingdom is the leading market of Amazon Prime Video.
How many shows are available on Netflix and Amazon Prime Video?
Number of Movies & Shows on Netflix Vs Amazon Prime Video:
Netflix: 15,000 Movies and TV shows
Amazon Prime Video: 30,000 Prime Video Movies and TV shows
Backlinks add credibility to your web page, and act as a vote of confidence, by the other websites which have backlinks to your website. This means that the higher the number of backlinks other websites have for your websites, the better the search engine ranks your site in the search results. This is why having more backlinks to your website gives it an edge over others in a similar domain.
Spending on SEO is a good practice, only until it helps you rank better. If you have any bad links to/on your website, the overall search ranking of your website is highly affected. This is where backlink searching tools come in handy. Moreover, it is extremely important to evade link-based penalties, that are easily avoidable with Backlink searching applications. It also helps escape de-indexing of your website and saves it from negative SEO.
Competitor Backlink Analysis
Sometimes it is necessary and unavoidable to perform a backlink analysis of your competitors, to see where you lag, and in what area or domain, the audience is driven by your competitors. By doing this, you can assess the competition in the industry that you’re part of, and analyze what makes others rank better than you. You can also identify the strong backlinks that your competitors use to drive more audience and earn their search ranking, which you can later use on your website.
How to Perform a Competitor Backlink Analysis?
Make a list of your competitors from the industry or domain. You can use various tools including Alexa’s Audience Overlap tool to do this.
Mark the number of backlinks for each competitor. You can do this using various site comparison tools.
Make note of the page authority of the linking sites, since the sites with a higher page authority contribute more and a greater value.
Analyze the linking sites to identify which of them are driving higher traffic to your competitor’s websites. You can also link to common backlink websites using the saved list.
Save the sites which you find are of higher value in backlinking and prepare a link building plan to link with the same.
Various tools help you find backlinks to a particular site or a page and analyze page authority and perform backlink analysis. Here we compare 5 Backlink Checker and Analysis tools, which help you look for backlinks and can help you grow organic traffic on your site using backlink analysis.
Give your organic rankings the desired boost with the Help of 99Outreach SEO Services
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Moz Pro offers a complete analysis of the URL of a website that you need to check for backlinks, and all you need to do is sign up. Get the Page Authority, Domain Authority, inbound links, and much more to know why your website ranks what it does. It also allows you to monitor where your competitors earn their links and helps you fix broken links to your site, improving the quality. Moz Pro can do more than just check for backlinks, including researching for quality content and analyzing other SEO elements.
Features Offered by Moz Pro
Moz Pro helps you detect spam links to your sites and hence improve the quality of backlinks for better SEO.
Analyze full anchor text and see how other websites are linking to your website, and also check domain authority, page authority, and spam with a spam checker.
Analyze links in real-time and find when your website is gaining and losing links, and also discover who links with your competitors.
Research top performers, your competitors and compare your content to see how you can rank better in SEO, and google search.
For finding backlinks, Moz Pro has a very simple interface where all you need to do is signup and enter the URL that you need to check the backlinks for.
Searching for Backlinks
Create a Moz account to access and utilize SEO tools and verify your email.
Enter the URL of the website or the page that you wish to search for backlinks.
Get complete URL analysis with not just the backlinks, but also other SEO data.
SEMRush
SEMRush is a tool that offers quality backlinks and also helps you check for them along with enhancing your SEO ranking. It helps you build SEO friendly links and improve outreach, and is an acclaimed tool for that matter. SEMRush also flaunts the world’s largest Backlink Index, with public updates every 2 days. Moreover, it offers you Backlink Analytics, Gaps, and Audit with a unique suite and a lot more functionality than other Backlink searching tools.
Features Offered by SEMRush
The Backlink Analytics provides you with research and insights into your competitions along with backlink opportunities and a clean link profile.
Compare backlink profiles with the Backlink Gap tool and benchmark backlink profiles of different domains and assess your situation.
SEMRush also offers to audit your backlink profile, and helps you get rid of toxic links with backlink monitoring and analysis.
SEMRush allows you to brand, schedule, and white-label your data and also build custom pdf reports.
Search for backlinks, filter them, identify toxic backlinks with markers, and use other backlink filters and integrations.
Ahrefs Backlink Checker
Ahrefs Backlink Checker
Ahrefs Backlink Checker is an all in one SEO analysis tool which offers a powerful and robust backlink checker. It possesses the most powerful web crawler with an accumulation of 24.71 trillion links and 170 million unique domains, seconded only by Google. It helps you monitor your backlink profiles, analyse the target backlink profile, along with organic traffic associated with each linking page. You also get other SEO tools such as site and keyword explorer, site audit and rank tracker.
Features Offered by Ahrefs Backlink Checker
Ahrefs Backlink Checker lets you analyse domain and page-level metrics, such as referring domains, backlinks, domain rating and Ahrefs rank.
Get real-time analysis of the growth and decline of backlinks, as well as insights within the target backlink profile.
Ahrefs Backlink Checker also allows you to sort and filter backlinks by language, type, platform, domain range and URL rating.
You can also view and analyze estimated traffic in each linking page and referring domain along with insights into the website or page.
It also allows you to track websites linking to your target with metrics including domain ratings, referring domains, and estimated organic traffic among other parameters.
To check for backlinks, all you need to do is paste the URL into the backlink checker, and voila, all the information you need is right in front of you.
LinkMiner
LinkMiner, a powerful backlink checking tool as suggested by the name, helps you find backlinks of competitors, and evaluate their SEO potential. With its robust and efficient interface, it lets you preview the referring website or page in the tool itself, and search for the anchor placement. It also allows you to save relevant URLs so you can link with them in the future. Moreover, LinkMiner flaunts a database of over 9.5 trillion backlinks and about 2.5 trillion unique URLs, to check against.
Features Offered by LinkMiner
LinkMiner lets you find powerful backlinks and also allows for backlink analysis with categories.
It also allows you to evaluate the strength of backlinks using link metrics with citation flow, external links and trust flow among others.
You can also view the live preview of backlinks to evaluate their potential along with a highlighted anchor and basic characteristics.
It further allows you to save backlinks to a Favorite list, which you can use to link in the future. You can also remove previously replicated backlinks.
LinkMiner allows you to do some advanced backlink analysis and lets you find your competitors’ domain when doing keyword research.
BuzzSumo
BuzzSumo lets you find and monitor backlinks with competitive intelligence and build a content strategy. It helps you analyze your competitor’s content and activity and notifies you and helps you make the right choice. BuzzSumo also helps you look for content and filter relevant stories which are fit for your audience. Moreover, with the Crisis Alerting of BuzzSumo, you have a better chance of responding to risks and opportunities.
Features Offered by BuzzSumo
Discover new content and get relevant ideas with the keyword generation tool that offers search trends and full insights.
With great content filtered through billions of articles online, deploy data-driven content and succeed in competitive benchmarking with volumes of data.
Identify and find authors and influencers on social media to recognize the winning strategy, and search influencers based on the content they share.
With the help of BuzzSumo, you can track your competitors and brand mentions with updates. Alerts with keywords and topics keep you informed.
With powerful APIs, BuzzSumo allows you to build internal reporting tools, client dashboards, enhance web applications and a lot more.
Conclusion
A Backlink is a great way to increase traffic to the website. It is a form of indication, in which someone talking about a topic related to you, your service, or your product wishes to refer to your website. This helps people gain more knowledge regarding the topic they are searching for and also makes it very easy to gather information.
Economics has always been an important thing for a country. You may not like the subject in your school but it is something that is super real in nature. It is basically the allocation of resources to achieve the most optimum efficiency. As the number of people grows in a country, so does the responsibility and the load to be more active and unbiased in every sphere of allocation of resources. Good allocation of resources is important because resources are finite.
If not managed well, the whole economy can just crash, however big or small the economy is. This is what we are reminded of every now and then. This unusual year brought up the news of a country getting economically unstable. The country is Sri Lanka and it is in a really serious economic condition. The people of Sri Lanka are facing extreme situations associated with their economy. This article focuses right on the same topic.
Read this article to know about what is happening in Sri Lanka and what the world is saying about it, how the country plans to get out of this tight phase and much more. Here we go,
A Little Brief About the Sri Lanka Economic Crisis
Recently, the news broke out about Sri Lanka from which we came to know that the country to the south of India is facing a financial crisis and there are fears of bankruptcy. News resources reported that Sri Lanka is in a super tight place right now and it might have extreme economical conditions in the near future.
The Sri Lankan foreign reserves have hit a record low where the commercial banks are failing to secure “dollars to finance imports of food, fuel and medicines”, as says Deccan Herald. All of these started with the outbreak of the COVID-19 pandemic, which devastated the country’s tourism sector, a pivotal industry of the Sri Lankan revenue, and also reduced the foreign workers’ remittances.
To save the country, the Sri Lankan government announced a broad import ban in March 2020. However, this backfired in the form of shooting the food prices up by 25%, as per the reports of February 2022, and has contributed to an overall inflation of 17.5%. Furthermore, the country is also facing 5-hour electricity blackouts each day because the thermal generators have run out of fuel. According to the reports, the country is still battling its $51 billion sovereign debt.
It has been heard that he Sri Lankan government had received a $1.2 billion economic relief package from India for a cure. This economic relief package, as announced by the government on January 4, 2022, amidst the ongoing forex crises of the country, ensures that the Sri Lankan government is optimistic about their future. They want to communicate that the country will not default on its international debt.
The Current Situation in Sri Lanka Due to the Crisis
The GDP of Sri Lanka over the years
Sri Lanka’s external reserves were dropped severely in November of 2021. The fall marked the external reserves to $1.6 billion. This fall triggered alarm in most of the domains and quarters of the country. Concerned people warned about this in the government. Economists and Think tank’s warned that this fall in foreign reserves will mean a sovereign default in the future.
American credit rating organisation ‘Fitch’, after the event in Sri Lanka downgraded the nation’s rating to CC. A CC rating is the lowest rating just before the defaulter tag. It is to be noted that Sri Lanka had a piling pile of feigning debt over the last few years. However, the island has never defaulted on any of the foreign debts until now.
Fitch Ratings of Sri Lanka
This downtrend in the year 2020 is seen as the record breaker for Sri Lanka. The current situation is seen as a super meltdown and has impacted the whole island. Living costs are rising impeccably, food shortages are forecasted up this year and as per the reports, Sri Lanka will likely default on the debt that it has accumulated.
Having said about the economic crisis and the depleting foreign reserves, there are many issues that Sri Lanka is facing right now. Inflation is seen at an all-time high in the country and the basic living conditions are getting costlier. Food prices are skyrocketing and its treasuries are shrinking.
The economic crisis that the country is facing right now is inhumane and the hole is too deep to get out from. The country appears to be staring at a human crisis that will hurt not only the growth rate in the pandemic era but the basic sustainability index of the country.
According to World Bank estimates, 5 lakh people in Sri Lanka have fallen below the poverty line since the pandemic struck, which it described as a “huge setback equivalent to five years’ worth of progress”.
The World Bank has estimated that about 5 lakh people have fallen below the poverty line and this trend started during the Covid 19 pandemic. This setback was so deepening that it took away Sri Lanka’s five years worth of growth with itself. This is a huge shock for the economy of Sri Lanka and the people who make up the economy.
In further reports, it is said that the country’s economy has contracted by 1.5%, just by the end of the third quarter of 2021. With the new year 2022, it is not going to be easy for Sri Lanka to sustain itself as there are real concerns about the country going bankrupt.
The government, however, said Tuesday the country will not default on its international debt as it announced a USD 1.2 billion economic relief package.
Finance Minister Basil Rajapaksa said Sri Lanka would duly pay the international sovereign bond of USD 500 million due in a fortnight, a PTI report said.
Sri Lanka, which is an Island to the south of India, is a great tourist spot. It is estimated that tourism revenue makes up about 10% of the island’s GDP (Gross domestic product). This was the usual rate in the island country.
With the onset of the Covid19 pandemic, this rate was badly hit and the tourism sector came to a sudden halt. This had really a cascading effect on the earnings of the nation. However, every other major tourist destination faced this issue but the effect was real. Magnified on Sri Lanka as the tourism there makes up a good chunk of the GDP.
While the halting of tourists was a good attack on the economy, there were some other reasons as well. The other ascertained reasons for the fall would include, Heavy Expenditures. The president of Sri Lanka, Gotabaya Rajapaksa did some hefty expenditures during the year.
Gotabaya Rajapaksa – President of Sri Lanka
His government tried to cut taxes from people that impacted government revenues. More and more spending led to less and depleting foreign reserves and thus the reserves hit a rock bottom. The country is very high on loans and grants and has China as a major debt partner. The Guardian recently reported that Sri Lanka has massive debt repayments to China alone.
Sri Lankan rupee (Currency of the island) crashed too. This is basically termed as ‘Inflation’. Inflation reached a record high in Sri Lanka, and is rising continually, leading to a spike in food prices, which was the reason for worry for the common citizens of the country. Reacting to the rise in inflation, President Rajapaksa announced an economic emergency in August 2021, just a couple of months before the foreign reserves crash. This emergency was implemented to control the situation and contain it. The effect was to lessen the hoarding of items by people in their homes, which could lead to more severe shortages.
Four months went by and as the inflation rose more, basic goods became unaffordable for the general public. Not just that, it has been reported that even well off or socially rich people are having trouble affording basic needs and wants. These many months, the citizens of Sri Lanka faced a tough time to make both ends meet.
The government had appointed a former army general as commissioner of essential services, giving him the power to seize food stocks hoarded by traders and retailers, and ensure essential items were sold at prices set by the government, but little was done on the ground to lift people out of their misery, the Guardian report said.
What Sri Lanka is facing right now is inhuman and horrendous. The economic conditions there have seen very tight phases but this phase is the most horrific. Adding to that, this is when the whole world is facing a global pandemic which could lead to any ruins. This has broadened the possibilities of Sri Lanka going bankrupt. After witnessing a drop of 70% in foreign exchange reserves during the past 2 years, the government of Lanka and the people of the island country, are experiencing a currency devaluation and are looking forward for help from the global lenders. According to the latest news dated March 28, 2022, Sri Lanka, which is a country for 22 million people, is struggling to pay for essential imports Let us see what the numbers and opinions about the country say.
This is not a certain statement but the probability of this country going bankrupt has never been this high. It has been reported that the country is super deep in debts and owes tremendous amounts to other counters. Here we are presenting a few stats that prove the misery of Sri Lanka.
Sri Lanka owes an amount that is more than $5 billion to China. This is probably the biggest amount of debt that the country has ever taken. The country is paying the China debt in instalments.
Not only that, but Sri Lanka is also a debtor to Beijing for $1 billion, which it took to overcome the previous acute crisis. Along with the major countries and regions that Sri Lanka owes money to, it is reported that there are many private and government entities that it owes money to. This situation of enormous debts and depreciating foreign reserves can be a ‘Checkmate’ situation for the republic of the nation.
“We have high debt from three countries — China, Japan and India. The total outstanding for this year would be USD 6.9 billion,” FM Rajapaksa, the younger brother of President Rajapaksa and Prime Minister Mahinda Rajapaksa, was quoted as saying in the PTI report.
The finance minister of Sri Lanka openly announced the amount they owe to countries. He said that Sri Lanka owes a sum total of about $7 billion to countries like China, Japan and even its neighbour, India.
Sri Lanka’s huge foreign debt burden is one of the main reasons for its economic crisis. As of November, foreign currency reserves available with the country were just $1.58 billion, down from $7.5 billion when Rajapaksa became the president in 2019, the report said.
National debt of Sri Lanka
Amid the falling environment, the opposition party in Sri Lanka also took a dig. An opposition member of parliament, Harsha de Silva (who is also an economist) told parliament that foreign reserves would be in the negative if the rate of decline continues. Moreover, the Sri Lankan newspaper ‘Daily mirror’ quoted “The nation will go totally bankrupt”.
Opposition MP Harsha de Silva, who is also an economist, told Parliament in December that the country’s foreign currency reserves would be minus $437m by January, and the total foreign debt services would be $4.8 billion between February and October 2022. “The nation will be totally bankrupt,” Sri Lankan newspaper Daily Mirror quoted him as saying.
De Silva said he was not trying to scare anyone but it was a reality that “all imports will come to a halt, the entire IT system will be shut down including the google map as we will not be able to pay for it”.
The government has, however, always made an optimistic approach and has insisted that it can meet the obligations.
Minister Ramesh Pathirana has said they would try to settle past oil debts with Iran by paying them with tea. Sri Lanka plans to send $5m worth of tea every month to Iran to save “much needed currency”, The Guardian reported.
Ministers are worried about what the future may look like and all they want is to minimise the damage.
Central Bank Governor Ajith Nivard Cabraal has also said that Sri Lanka would be able to pay off its debts “seamlessly”.
Former central bank deputy governor WA Wijewardena, however, told The Guardian that there were high chances that the country would default on repayments, and that would have catastrophic economic consequences.
“When the economic crisis deepens beyond redemption, it is inevitable that the country will have a financial crisis too. Both will reduce food security by lowering production and failing to import due to foreign exchange scarcities. At that point, it will be a humanitarian crisis,” he warned.
The chances of Sri Lanka defaulting on loans and debts have never been high. However, when we dug up information about the finance department in the government and what the finance minister has to say about this, we found that they have a plan.
The plan is a new and strong relief package that will try to rebalance the economic imbalance. The debt can be looked at as a secondary objective but for now, the thing that they would like to focus on is the foundation of the economy. The employees, pensioners and differently-abled soldiers are the first-hand people who will get the benefits.
The finance minister, meanwhile, said Tuesday they have a plan in place. He said the new $1.2 billion (229 billion Sri Lankan rupees) economic relief package includes payment of a special monthly allowance of Rs 5,000 to 1.5 million government employees, pensioners and differently-abled soldiers from January 2022.
This is by far the response of the Sri Lankan government to the crisis that the nation is facing. Let us now look at some of the major factors on why and how the economy at Sri Lanka sunk this much, the first one is the tourism setback.
Reasons Behind the Economic Crisis in Sri Lanka
Tourism in Sri Lanka and turmoil
The impact of the pandemic was huge on Sri Lanka. Covid 19 has stopped any sort of travel and tourism in the country for a long time now. According to the reports of the world travel and tourism council, nearly 2 lakh people have lost jobs in the travel industry since the pandemic began and globalised.
The loss of foreign revenue is huge too. According to the Hindu report last year, forex reserves have dropped from $7.5 billion to $2.8 billion, which is a steep decline and is obviously not healthy at all. The loss of foreign revenue from the sector has been substantial.
Adding to the above-mentioned deficits, the Sri Lankan rupee is depreciating too. This is known as inflation and it is very high in Sri Lanka right now. Basic livelihood items such as food items’ prices have risen manifold and people have to face difficulties to meet both ends. The nation, for now, has to depend heavily on imports.
Food Shortage in Sri Lanka
Photos of Lines and queues of people can be seen all over the news from Sri Lanka. These are the lines of people who are in a queue to buy home essentials, like food items. Prices of such basic items have risen enormously and are out of reach for many. Prices of bread, rice, wheat, sugar etc., have all risen several times.
People standing in Queue in Sri Lanka
It has never been hard for poor and middle-class people to buy items like these. The daily wage earners especially are affected the most.
Quoting a man who works as a chauffeur in Colombo, The Guardian report said he has now taken up a second job and his family now eats two meals every day, and not three. He said his village grocer now makes ten 100g packets out of a 1kg milk powder packet because no one can afford to buy the full packet.
The pandemic has just more severely affected those in the nation. The government’s efforts to make Sri Lanka ‘100% organic’ is at a loss. Last year, The Hindu reported that the country is planning to cut the use of chemical fertilisers to almost zero. To which farmers opposed and replied that this will affect food production. Pandemic made the food situation of Sri Lanka more severe.
“The government has no money for fertiliser subsidies. Many of us farmers are reluctant to invest money because we don’t know if we will make any profit,” A farmer was quoted as saying.
At the time of crisis, everyone hopes high from the government and the people of Sri Lanka are hoping the same from the government there. Speaking at the parliament in December 2020, MP, Harsha de Silva said that the only solution to the crisis is to seek assistance from the IMF(International Monetary Fund). He said homegrown solutions would not help, and only the IMF can revive the country’s economy.
The president’s office did not have an official notice or announcement for the citizens and the central bank is appealing for the foreign currency. The government of Sri Lanka is hustling to make things better for the people but it is just too hard. They are trying to stabilise the situation and try to help poor and sick people first and apply that others have to sacrifice a little.
The central bank had earlier last year prohibited traders from trading more than 200 Sri Lankan rupees for a single US dollar, they also have stopped traders from entering into forwarding currency contracts. The government has since been taking temporary relief measures to ease the situation.
Early December, Finance Minister from Sri Lanka Basil Rajapaksa visited neighbour India and commenced talks with his Indian counterpart Nirmala Sitharaman and India’s External Affairs Minister S Jaishankar to which they were thinking to take forward.
Basil Rajapaksa with Nirmala Sitharaman
The talks included a total of $1.9 billion of assistance for the country and besides that, a $500 million credit line for fuel and $400 million swap was discussed too. Similar talks were also held with China and Bangladesh.
Of all the reliefs and grants, Rajapaksa, (The President) assured that the relief package would not contribute to further inflation and that there won’t be any new taxes.
India’s Relations with Sri Lanka and the Assistance
India has always been a healthy and supportive friend to its neighbours. One of the neighbours of the Indian subcontinent is Sri Lanka. Speaking of help and assistance from India, the news is flooded with nice gestures from the Indian government for the Sri Lankan government. Let us have a look:
India assured Sri Lanka of its support to ally over these “difficult times” even as it welcomed the Trincomalee tank farms project saying it will augment bilateral energy security.
External Affairs Ministry Spokesperson Arindam Bagchi, when asked at a media briefing on the possibility of India extending the credit line to help Sri Lanka overcome its economic crisis, said it has always stood by the people of that country.
It is a great hope to notice how countries are helping each other in such times. India has agreed to mostly increase the credit line and time for repayments for Sri Lanka. Decisions like these will help foster friendly relationships with neighbouring countries.
After a telephonic conversation with his Sri Lankan counterpart, External Affairs Minister S Jaishankar said India will support Sri Lanka in “these difficult times”. “Greeted FM G.L. Peiris of Sri Lanka in the New Year. A reliable friend, India will support Sri Lanka in these difficult times. Agreed to remain in close touch,” Jaishankar tweeted.
“We have seen reports that the Sri Lankan Cabinet has approved the development of the Trincomalee tank farms. Energy security is an important area of our bilateral cooperation with Sri Lanka,” he said supporting relations with the neighbour.
The Sri Lankan government replied that after analysing the three existing agreements with the Indian government about the strategic Trincomalee oil tank complex, usually known as the Trinco oil tank farm, the two countries have reached an agreement to implement a joint development project to make
On the query on extending the credit line time by India, Bagchi referred to the visit to New Delhi by Sri Lankan Finance Minister Basil Rajapaksa last month.
“He briefed the Indian side on the economic situation in Sri Lanka and his government’s approach in addressing these challenges. India has always stood by the Sri Lankan people and Sri Lanka is an important part of our neighbourhood first policy,” Bagchi said relying on support to the island.
The above dialogues and discussion proved that India was ready to help Sri Lanka. Therefore, after mutual agreements and deals that were beneficial for both the countries, India extended a relief fund of $1 billion to the present Sri Lankan government. This was a good move indeed and helped Lanka in its time of need. However, after the March relief extended by India, Sri Lanka is again seeking for an additional credit line of $1.5 billion on top of the earlier funds. This credit line will also be met by India, which will be used by Sri Lanka for the import of its essential goods like rice, flour, sugar, pulses, medicines and more, as far as the Reuters reports go.
The help, extended by India, will undoubtedly be beneficial for the economically devastated Lanka and will further help in bettering the relations between the countries. India always proves that it is very much ready to help out everyone and set an example of moral duties for onlookers.
It is not that the nation of Sri Lanka has found this issue very sudden, but that the country is experiencing it for quite some time now, which is more worrying. It has been two years since the pandemic started and globalised but the foreign reserves at Sri Lanka were depleting long back and it only shows some leniency. The tolerance of the Sri Lankan government can be detained in the present crisis as a reason for the same.
India, as a supporting country, has always been together with other countries who are in need. It plans to do the same this year too, even when the shadows of the pandemic are hovering above still and India itself needs support. It is time that every country follows the same rules and morals so that the world can be a happier place to live in. The pandemic has massively accelerated empathy in the world and whatever lies ahead, we can feel a sense of togetherness.
FAQs
Why is there an economic crisis in Sri Lanka?
The economic crisis that Sri Lanka is currently undergoing points to a severe depreciation of the country’s foreign exchange reserves. The crisis started back in 2019, when there was a massive dip in the country’s overall produce, which declined by 50%. Then the Covid19 pandemic struck, which made it insanely difficult for the country to recover, followed by a ban on import on March 2020. Now, the struggle of the country is real, with debts piling in and the government requesting relief funds from the other countries to import the essential goods.
How much does Sri Lanka owe the world?
The national debt of Sri Lanka is around $51 billion, as of March 2022.
Is Sri Lanka in an economic crisis?
Yes, Sri Lanka is facing its worst economic and debt crisis, which started in 2019 and is continuing even now!
Sarika Anand
