Elon Musk had always been in the lime light and lately has been facing a lot of criticism due to the cryptocurrency market as well as questions raised on his sustainability projects. The most recent criticism faced by him was about non payment of taxes and very little payment of taxes.
However, any tweet posted by Elon Musk had always been the headlines of the news, even the recent tweet as well. Elon Musk had gone to Twitter and tweeted that he would want to sell his last remaining house. Let’s look at why he would want to sell his house.
The Chief Executive Officer of Tesla, Elon Musk had conveyed through Twitter that he is going to sell his last remaining house. The tweet was posted on 9 June 2021 which is a week after Elon Musk and other billionaires were criticized for the payment of their tax returns.
Yeah, sold my houses, except for 1 in Bay Area that’s rented out for events.
Working on sustainable energy for Earth with Tesla & protecting future of consciousness by making life multiplanetary with SpaceX. Also, AI risk mitigation with Neuralink & fixing traffic with Boring.
Elon musk said that he had decided to sell his last remaining house and added that it is a special place and would want to find a large family who would want to live there.
He conveyed that he had only one house left in the San Francisco Bay area which is being rented out for events to be held and added that if he would sell it, the house would see a lesser use until and unless it is bought by a large family.
Elon Musk had mentioned through his tweet which said that he had sold all his property and houses and there was only one left in the Bay area of San Francisco which is actually rented out for events to be held.
He further added in his tweet that he is working on sustainable energy on Earth with the help of Tesla, protecting the future of consciousness by trying to make life multiplanetary by working on SpaceX, working on AI risk mitigation through Neuralink and fixing the traffic faced with The Boring Company.
The Chief of Tesla, Elon Musk had announced about his plans to sell his property more than a year ago. This was a step taken by the him in order to cut down the criticism he faced regarding his wealth. However, it was found the within the span of few days he had put two of his properties for sale in the market.
One of the major reasons was because at the beginning of June 2021 Elon Musk, CEO of Amazon, Jeff Bezos and the Chairman of Berkshire Hathaway. Elon Musk had been criticized for paying a very little amount as Income Tax returns when compared to the wealth they possess. This was regarding the citing of valuable resources by the Internal Revenue Service Data on Tax returns for the thousands of Wealthiest Americans.
It was found that Elon Musk had paid no income taxes in the year 2018 and had paid around USD 70, 000 in the years 2015 and 2019. After the report from Pro Publica, Elon Musk had conveyed that he would keep paying the Income Tax in the state of California with regards to his stay in the place.
Elon Musk’s house in Boca Chica
Elon Musk had moved from California to Texas the previous year and conveyed that he rents a property which is estimated to be around USD 50,000. It is a house in Boca Chica from the Space Exploration Technologies Corp and also has a launch site in the area.
Conclusion
Elon Musk had been criticized for an innumerable amount of reasons lately and the most effective was the video that was released by the Anonymous group which had exposed a lot of controversies against the billionaire.
FAQ
Why Elon Musk sold his houses?
One of the reasons that Elon Musk sold his houses could be to cut down the criticism he faced regarding his wealth.
What is the Net worth of Elon Musk?
The estimated net worth of Elon Musk is 15,320 crores USD.
How much is Elon Musk’s house worth?
Elon Musk sold a contemporary 9.309-square-foot mansion with six bedrooms and seven bathrooms for $29.72 million. He also sold a Colonial-style home for $6.77 million, and a third small property for $4.43 million.
The State Bank of India which is one of the largest Public Sector Banks in the country and is one of the leading banks of the country. The bank had tagged Reliance Infratel Limited which is a company under the Anil Ambani group as Fraud and has recently announced that the bank is withdrawing the tag. Let’s look at why SBI is removing the Fraud tag from the company.
On 9 June 2021, the State Bank of India had conveyed that they would choose to withdraw the tag placed on Reliance Infratel which is a Reliance company that comes under the Anil Ambani group which is a Reliance communications tower and Fiber company. The bank had filed an affidavit in NCLT Mumbai stating that they would want to remove the Fraud tag on the company.
Why did SBI tag Reliance Infratel as Fraud?
Reliance Infratel is a bankrupt company that owes a lot of debt in the market majorly to many other investors. The company has around 13 lenders and some of the claims from the investors include State Bank of India – INR 3,628. 68 crores, Syndicate Bank – INR 1,225.18 crore, Bank of India – INR 1,064. 82 crore and also from the Industrial and Commercial Bank of China (ICBC) – INR 1,832.91 crore. These are the major lenders of the company.
Apart from these, there were a lot of financial creditors the company owed money to. Since the company owed a lot of money and had also recorded bankruptcy the State Bank of India had tagged the company as Fraud.
The Reliance Industries Group which is owned by Mukesh Ambani had been a resolution partner for Reliance Infratel. Reliance Industries Reliance Projects and Property Management Service had been successful in being the resolution partner in the Corporate Insolvency Resolution Process (CIRP) and also won the right to acquire a 100 % stake in the shareholding of Reliance Infratel Ltd.
The resolution order was given by the NCLT which awarded the Reliance Infratel company to the Reliance Industries owned by the Mukesh Ambanias on 3 December 2020 but then SBI had already classified the company as Fraud on 10 November 2020 and later on SBI had withheld this information before the NCLT before it gave the order.
The Fraud tag being classified by the bank and withholding it from the NCLT is considered to be a grave error and the State Bank of India also did not upload the same on the CRILIC website for 45 days until 21 December 2020 which is considered to be against the norms and violating the principles. Later the bank also filed a complaint to the CBI on the directors of Reliance Infratel.
One of the major reasons for the removal of the tag was because after the complaint being filed to the CBI, Reliance Infratel had moved to the High Court of India on 6 January 2021 and got a stay regarding the actions taken by the State Bank of India.
The court also ordered the CBI to not to take any actions on the complaint filed by the State Bank of India. Later on, the State Bank of India had moved towards withdrawing the Fraud tag which it had posted against Reliance Infratel by filing an affidavit in order to declassify it before the NCLT Mumbai.
Resolution plan of Reliance Infratel and Reliance communication
The dedicated insolvency court had provided a nod to the resolution plan of Reliance Infratel by providing 100 % shareholding towards Reliance Communication. The Reliance Jio Infocomm has received the permission to pick the tower and the fiber assets of the Reliance Infratel which is a bankrupt company.
Conclusion
It is said that the lenders are expected to take a 60 % of the 100% stake through the Asset monetization plan of the tower company. According to the plan provided by NCLT, the lenders are expected to recover an amount of INR 4000 crore through the resolution plan of the company.
FAQ
Who owns Reliance Infratel?
The Reliance Jio Infocomm received the permission from the court to pick the tower and the fiber assets of the Reliance Infratel which is a bankrupt company.
Why did SBI tag Reliance Infratel as Fraud?
Since the company owed a lot of money and had also recorded bankruptcy the State Bank of India tagged the company as Fraud.
Why did SBI Withdraw the fraud tag?
As the Reliance Industries Group which is owned by Mukesh Ambani had been a resolution partner for Reliance Infratel and has acquired a 100 % stake in the shareholding of Reliance Infratel Ltd, SBI had to withdraw the fraud tag.
Netflix is a popular OTT platform that has grown widely and has a worldwide presence. The OTT platform has the majority market in the OTT platform and has the best shows which include The Witcher, Lucifer, Crown and many more.
They also have Netflix original movies which have a huge fan base. Netflix has made a recent announcement of launching a new platform called Netflix Shop. In this article let’s look at what exactly is Netflix shop and how Netflix plans to enter the e-commerce space with it.
Netflix has announced the launch of its online e-commerce store called Netflix shop. The online store will be selling the Merchandise of the Netflix original series. The sales are expected to start with the famous Netflix original series that is Stranger Things and the Witcher.
The online store has been launched and Netflix shop is the first retail outlet that is owned and operated by Netflix which sells products directly. The business model of Netflix e-commerce store is it will sell high quality apparel and lifestyle products that are related to the famous shows of Netflix and the products are going to be carefully chosen and limited edition.
Netflix has conveyed that their e-commerce store will soon see an exclusive release of merchandise based on the two popular original series of Netflix that is the Witcher and Stranger things. Both the shows have a huge fan base and Netflix is also planning to introduce a new Netflix logo wear from BEAMS which is a Japanese fashion house.
Beam Clothing
The company has announced that during the third week of June it plans to release the merchandises based on the Anime series Yasuke and Eden which would be streetwear and action figures and they also added that the store will also release limited edition apparel and decorative items from the French thriller series Lupin with a collaboration of Musee du Louvre.
Netflix has also conveyed that they are introducing the collection of collectibles that are inspired by anime’s from three up coming designers i.e., Kristopher Kites who is a noted jewelry maker, Jordan Bentley who is a streetwear designer, and Nathalie Nguyen who is a digital artist.
Is Netflix Entering the E-commerce space?
The most important aspect to be noted is that Netflix already has licensing deals for a lot of products that are sold by other companies. The top companies such as Amazon, Walmart, H&M, Target, Sephora and other retail investors have been selling the products merchandised products of the shows related to Netflix.
So, the next question is what difference does it make with Netflix launching its own E-commerce website. The strategy of Netflix e-commerce store is it would sell only the carefully chosen limited edition merchandise on its e-commerce store. The aim of the company is to sell the limited edition items to the super fans of the shows.
This is considered to be a move from Netflix to enter into the e-commerce segment as well as a move to increase the revenue generation of the company. This can be marked as an official entry by the OTT platform into the e-commerce segment and we will be able to see much more collectibles and limited-edition merchandise being released to the online platform of the company.
Media Platforms that are already in E-commerce Space
Even though Netflix has launched its new e-commerce platform for selling its merchandise products, Disney has been into the field for a very long time. The consumer products of Disney have earned a revenue of around USD 16.5 billion in the year 2020.
Disney has their own consumer products where they sell products such as Baby Yoda dolls and also an outlet such as theme parks.
Netflix shop website
The e-commerce website that is launched by Netflix was developed and launched with Shopify. It is to be noted that the e-commerce store will first be available in the United States and the company will later focus on expanding it to other countries.
Netflix Shop website
Netflix had also conveyed that they do not have any plans to open the outlets of brick and mortar.
Conclusion
The launch of the Netflix e-commerce website can be considered to be one of the important steps taken by Netflix to venture into the consumer goods segment. We may be able to find a lot of demand for the merchandise products listed on the site of Netflix by their super fans.
FAQ
What is Netflix Shop?
Netflix Shop is an ecommerce store launched by Netflix for selling merchandises of the popular series.
Is Netflix Shop available in India?
No, the shopping site will first be available in the United States and the company will later focus on expanding it to other countries.
What are the current merchandises on Netflix Shop?
Netflix has introduced a new logo wear from BEAMS and is planning to launch limited edition merchandises for super fans.
In this hour of need, startups have again risen to the occasion to help India cope with the second wave of the COVID-19 pandemic. From providing free vaccinations to imparting mental health sessions, Indian startups hasn’t left any stone unturned to help the country fight the Covid 19 pandemic. StartupTalky reached out to various startups to know how they are fighting the second wave of Covid 19 pandemic. Have a look!
Look at How these startups are helping the country to fight Covid-19:
Alserv – a tech start-up focused on non-real-estate-based assisted living services for the elderly has now launched “Alserv Care” for COVID-19 positive elderly individuals. This entails delivery of meals, grocery and medicine, facilitating services of nurses and caretakers, providing oxygen support and other medical equipment to the elderly (upon request).
Enabling quality care at home, Alserv provides these services starting at ₹300/month. The elderly can choose home cooked meals to be delivered at their residences from the variety of choices available. Alserv is delivering home-cooked meals through verified service providers who maintain the highest quality and hygiene standards.
For elderly who are living alone, Alserv is facilitating the services of nurses and caretakers who can stay at home with the elderly and take care of their needs. Speaking about the launch of Alserv Care, Jagadish Ramamoorthy, Co-founder & Director, Alserv, said – “Currently in our country, the hospitals do not have the sufficient number of beds to take care of COVID positive individuals. Also, we believe for the elderly, home care is critical in ensuring complete recovery from COVID. We are already receiving positive feedback regarding Alserv Care from our customers.”
To avail this new service from Alserv, users can download the Alserv app from PlayStore/AppStore or reach out to the helpline: +91-044-4666 4888.
The pandemic has increased the emphasis on the ‘human connect’ aspect of the HR function. Startups always run in a super dynamic and fast paced environment, and this element is even more prominent now for those operating in the healthcare sector. At StanPlus, we handhold our employees if they or anyone in their families are affected by Covid. Quarantine facilities and emergency services are provided at no cost. We ensure that our people on ground have sufficient supply of PPE kits and sanitizers always. Considering the industry StanPlus operates in, we realize the pressure and secondary trauma our people go through. Therefore we have taken away the concept of sick leaves. The employees have the liberty to take leaves whenever they feel overwhelmed. We are tackling these uncertain times as a family.
Spokesperson: Sudipta Sengupta, Founder & CEO, THIP Media
While there are a lot of efforts going into managing the pandemic, we are fighting the infodemic (fake news around COVID 19). Infodemic is a major problem even recognized by WHO. From falsifying treatments to creating Vaccine hesitancy – health misinformation and disinformation has major effects at multiple levels. We, as an IFCN certified Fact Checking organization, we weed out such messages from social media, fact check them along with doctors and medical professionals and publish in 7 different languages.
Rite KnowledgeLabs – Startups support during Covid 19
Mumbai-based startup Rite KnowledgeLabs has sanctioned an additional two days as vaccination leaves to all their employees, helping them to cope with the side effects of vaccinations, if any. The startup has provided a ‘no questions’ asked vaccination allowance to its employees, including their family members. The prolonging of the pandemic with a severe second wave has brought with it unique challenges.
At Rite KnowledgeLabs, we have always been proactive in our approach in enforcing the government regulatory directives from the onset of the pandemic and empowering employees to adapt to the ‘New normal’ way of working with a complete #wfh model. It has led to a series of infrastructural changes/support and social adjustments in the way we function.
Zaggle learnt about the challenges faced by Founders to access credit and especially in this pandemic where starts ups are shutting down or in a financial need, to meet their business expenses. This led the Foundation to ZikZuk a Financial Technology company that solves financial pain points of SMEs and Startups. It is a SME Neo Open Banking Platform with FoundersCard as its 1st Product. We want to create a platform for businesses to easily access financial services from different financial service providers. To avoid the hassle of different accounts, having cheque signed by authorities, going through RTGS, we thought this process should be automated through a platform to quickly flake in and move the funds to ensure that the cheque gets cleared without having to go through the process manually.
FoundersCard is a Corporate Credit Card targeted at Business Owners and Founders. It solves the credit problems, and provides an excellent customer experience by leveraging technology and providing easy access to capital. FoundersCard is a Single payment instrument which can be used to Optimize Working capital and Digitally manage all the expenses of a SME/Startup. The card will be available in different form factors such as virtual card, physical card, e-card, on mobile etc. that will be issued to Founders. The credit card will be available in the form of domestic pre-paid, forex pre-paid and corporate credit and various other benefits that really matter to the Founders of start-up companies. Other than that we have helped in distributing ample of Mask, PPE kits to Indian Police, Daily necessities in village around Hyderabad.
Founded in 2017 by Aneesh Nair, Divya Laroyia and Shyatto Rana, MyHealthcare is a digital healthcare platform launched to improve access to healthcare services by connecting hospitals, doctors, and patients online. It works in partnership with hospitals such as Fortis, BLK, and Nanavati for online doctor consultations.
Shyatto, CEO & Co-founder of MyHealthcare, said, “Our partner hospital and clinic doctors have used our digital EMR and virtual consult platform to connect with patients. This convenience has seen a great acceptance from patients, especially during the last few months.
To support patients and hospitals amid the second wave of covid which resulted in the acute shortage of hospital beds and other resources, we launched our speciality healthcare service called MyHealthcare@Home. It is for patients who are under home isolation. Connected with a hospital team that keeps track of the patient’s health and wellness, the command center of the platform allows the medical staff to track vitals, read patient notes, view medical history, prescribe medicines, alert hospitals among other services, all in real time.
The system offers the already overloaded medical professionals a convenience that saves time and equips them with data to provide quick assistance. Moreover, in an effort to further offer primary specialty care, MyHealthcare is providing air and ground medevac for emergencies. This service entails safely transporting a patient from their location to another city hospital, post the confirmation of admission.”
Integration Wizard Solutions extend its health, safety and security solutions to hospitals, retail stores, warehouses, ATMs, etc. Their client relations are built across continents with AWS, Microsoft, Xerox, Godrej, Heineken, Johnson Controls, Tata, etc. They encourage less human contact, better social distancing, and accurate monitoring of patients/ workers/ people/ businesses.
In the last few weeks, we have witnessed the entire country come together, pool in resources and fight the battle against COVID-19. At Cashfree, we wanted to use our technical know-how and existing infrastructure to create a product that will help those who are helping others. Through the release of ‘Payment Links for Donation’, we intend to make the process of collecting donations easier for those who do not have the technical infrastructure.
The pandemic is impacting everyone around the world and every aspect of our daily lives: our social interactions, our family lives, our communities, and, of course, how all of us work. It’s times like these that remind us that each of us has something to contribute and the importance of coming together as a community. We want our employees to know that we are prioritizing the health and safety of them as well as their families first and foremost. To help them weather the second wave of the coronavirus safely, we have announced initiatives to help the, cope with this struggle. This is why we have directed our efforts to not only help our employees, but also their family members so that they can recover well.
The Covid-19 pandemic has been emotionally challenging for many people, changing the day-to-day life of everyone involved in unprecedented ways. As the second wave of the pandemic continues throughout the country, companies are tasked with balancing the health and safety of their employees while continuing to keep them motivated. During this second wave, Furlenco has taken many steps to help its employees in managing through these tough times.
In continuous efforts to tackle pandemic challenges, Ajith Karimpana, Founder & CEO, Furlenco says, “As India struggles with the latest, brutal wave of COVID-19, we at Furlenco are committed to supporting employees, partners, customers, and friends in their efforts to stay safe. We recognize the importance of our delivery staff as Front Liners and are doing everything to ensure their safety, and that of the customers interacting with them.”
Acknowledging their role as front liners during the pandemic, Furlenco has further enhanced Product Sanitization and Packaging Processes to ensure the complete safety of their delivery executives, while caring more for the safety of both our customers and our delivery champs alike. From effective sanitization of furniture and appliances to thorough clean-up after every installation, Furlenco makes sure that safety measures including ensuring social distancing in warehouses, distribution of masks and sanitation of all warehouses are being thoroughly followed to ensure the safety of all.
During this second wave and lockdown, the Furlenco delivery champions are the heroes making sure that products are reaching customers directly in the safety of their homes. Furlenco’s primary focus has been on Vaccinating their Delivery Executives serving as the front line of the business, with the vaccination costs of all employees being 100% borne by the company. This is a major step for the organization in supporting the needs of their delivery partners, benefitting both these providers of essential services and society as a whole with a safer delivery network.
For those employees who have tested positive for the virus, Furlenco has established a Covid Task Force dedicated to closely helping them and their families with any assistance required be it need of medical assistance, medicines, plasma, oxygen cylinders, oximeters and tele-consultation. In the same spirit, their Buddy Programme ensures that each and every employee has a fellow Furlenco team member identified for support and assistance. From its front line delivery staff to company CEO and founder, Ajith Karimpana, every Furlenco employee is equally involved in the programme and has a part to play in supporting the team.
Additionally, advancements in technology and social media present many opportunities to keep people safe, informed, and connected during the second wave of Covid-19. Furlenco has leveraged its Social Media platforms and Internal Communications channels to create awareness for those in need and to broadcast messages regarding Covid-19 help and support.
The safety of everyone around us and their family is of utmost importance. At challenging times such as these it helps to remember that we all want the same thing: for the people we care about to stay healthy, the virus’ impact to diminish, for treatments to be developed and for life to return to normal. That shared sense of hope and purpose can encourage each of us during this difficult time and help us rally to meet the challenges we face. We thank every person at Furlenco for all they are doing to help not just Furlenco, but also the partners and customers who count on us and the communities that we call home. Together, we know we can meet these challenges.
We are trying to encourage startup founders and innovators in the community to contribute towards Covid relief-related initiatives. Our mentor network has stepped up to provide one-on-one strategic mentoring sessions to startup founders in the ecosystem who are contributing to Covid-relief causes. Donations pooled for covid-relief efforts will go a long way toward mobilizing funds and resources for obtaining necessary supplies and coordinating logistics. Any growth stage startup founder or early stage entrepreneur who provides valid proof of such donation is eligible for a venture development mentoring call with an industry expert on their startup company!
Vantage Fit
Startup
Vantage Fit
Founders
Anjan Pathak, Partha Neog
Founded
2011
Headquarters
New Delhi
Industry
Software
Spokesperson: Anjan Pathak, Co-founder & CTO, Vantage Fit
Vantage Fit – Startup helps during covid pandemic
Vantage Fit, an AI-Powered Corporate wellness solution, is devoted to creating awareness about employee health, but at the same time is also dedicated to helping employers, encouraging a healthy lifestyle amongst their employees, which is an integral part of tackling the Covid-19 related health and mental well-being. Vantage Fit, a flagship corporate wellness product of Vantage Circle, was created with the vision of bringing work and wellness together for a sustainable future.
Spokesperson: Amit Nigam, COO & Executive Director of BANKIT
Bankit – Startups support during Covid
Amidst the catastrophic second wave of the pandemic ravaging the country, India’s ongoing vaccination drive is now open for the 18-44 age group, albeit with the government mandating that there will be no walk-in vaccinations for this age group, and everyone must register on the CoWin app to book a slot. However, a large chunk of India’s population resides in the hinterlands, in remote areas with little to no access to technology. Besides, many may not be tech-savvy either, thereby needing a certain degree of handholding to complete the self-registration process and book a slot.
Against this backdrop, BANKIT, a Noida-based FinTech startup, through its DigiMitra outlets, is assisting India’s rural population in registering for getting inoculated faster through its portal. With the link of the CoWin self-registration portal in the BANKIT agent app and portal, BANKIT is committed to doing their bit to ensure that every citizen in the country get the vaccine at the earliest. People who are not digitally equipped or informed can go to the nearest BANKIT outlet and have them registered through the BANKIT app and portal. BANKIT has 60,000+ agent outlets spread across 8800 pin codes PAN India. Through this initiative, BANKIT aims to handhold over 2.2 million citizens across the country for COVID-19 vaccine registration from their outlets.
There is a huge digital divide between rural and urban India. Despite significant growth overall in terms of technology adoption, rural India is still not well equipped or skilled to use available digital sources. BANKIT has always been committed to bringing digital services to rural areas and helping the people utilize the same. Through this initiative, BANKIT will be including the vaccination link in its app and portal where our correspondents can help those in India’s hinterlands register them for booking appointments for getting inoculated. We hope the country soon recovers from the pandemic and bounces back to normalcy.
BANKIT agent outlets witness over 2 crore customers walking in each month to avail its wide range of banking and financial services.
Spokesperson: Nithya J Rao, Co-founder, Heart It Out
Heart It Out helps during covid 19
Heart It out is a mental health organisation. The pandemic has deeply affected the mental health of people. Heart It Out launched ‘Brief Relief’- a 24×7 Free chat service which provides an individual with immediate emotional support in a safe and non-judgemental environment. The helpline aims at de-stigmatising mental health and providing accessibility in eleven Indian languages.
Enduring these unprecedented times gets a lot easier when we connect, share and seek support from those walking the same path. Heart It Out has thus been conducting ‘Pandemic Peer Support Sessions’ to enable listening authentically to peers sharing their everyday experiences so we extend and receive support from one another. These sessions are open to all front line workers in various sectors like medicine, security and food delivery. Aside from these we also offer regular one-on-one psychotherapy, workshops and light hearted, fun events. We have served over 8000 people over the last year in various capacities.
With the second coronavirus wave disrupting the startup environment, AAIENA has been trying to help the retail vendors by harnessing technology. AAIENA, an Artificial Intelligence and Augmented Reality based body measurement sizing software, came up with virtual shops to provide retailers with a platform to carry on their business online. This helped them earn by creating their visibility amongst the target audience. Here, AAIENA also devised an alternative feature, trial and earn initiative, to help vendors earn even when they are unable to sell the product. The vendors are entitled to get 70% of revenue for getting the per trials which is safe & secure.
Lifelong India
Startup
Lifelong India
Headquarters
Gurgaon, Haryana
Industry
Consumer Durables, Home Appliances
Spokesperson: Bharat Kalia, Co-founder & CEO, Lifelong India.
Lifelong India fights Covid 19
In these unprecedented times, we have witnessed how the nation hascome together to bravely battle the pandemic. As a brand, we knew our efforts had to be two-fold, so we could help and ease the worries of both, our customers and our employees. We understood the importance of certain kitchen appliances, like gas stoves and mixer grinders, and how crucial they are for everyday use. When our customers requested support or service for these products, and we were unable to provide it due to strict lockdown restrictions within their district, we replaced the product for them through no-contact delivery. We ensured that our customers’ grievances were adequately and timely addressed. For our employees and their families, we opened up our call centre lines to verify any leads and availability of beds, injections, medicine and oxygen. When someone tested positive, they could focus on getting better without worrying about tracking leads. We supported our team further, by providing health insurance that included covid coverage.
Spokesperson: Bharti Singh, Sr Manager – People, Leverage Edu
Leverage Edu – Startups Fighting Covid 19
As things started to get bad last week, Akshay asked us to set up a small team to help internally. That very quickly scaled into we helping patients and their families across the country, bulking up the team, and being able to help more than 300 people already. Alongside, Akshay also recently announced free vaccines for all of our 200 employees & their families, & at the moment we are also working towards setting the logistics of it. It’s empowering to work in a missionary company, where the focus is on always doing the good, all else later.
Conclusion
These startups have proved that nothing is impossible! Even in this pandemic situation, individuals and groups are coming forward to help the humanity survive. It is this dedication, commitment and positivity that will help the country to fight the Covid. If you’re a startup that has joined the fight towards Covid 19, do contact us to get featured in the list.
India has been planning to shift more into a much greener source of energy. The country has decided to increase the production of Ethanol to increase the production by 2025. Let’s look at the importance of Ethanol in the economy and why India is planning to spend an amount of around USD 7 billion for the production of Ethanol.
India has announced that the country is planning to spend an amount of USD 7 billion in order to boost Ethanol production as the country is planning to reduce the dependency on importing the foreign oil and to increase the roll out of much more greener sources of energy.
India’s oil secretary, Tarun Kapoor had conveyed in an interview that in order to meet the 20 % ethanol blended fuel standard by the year 2025, there will be a requirement of 10 billion litres of Ethanol.
The reason why India is Spending $7 Billion in Ethanol production
The Ethanol production target is estimated to be more than triple the amount of Ethanol that is going to be produced as compared to the Ethanol production as of November 2021. As of now, Ethanol produces 9% of the gasoline blend added Tarun Kapoor.
This move is expected to require around USD 500 billion for the investments in order to build new bio-refineries. The Prime Minister of India, Narendra Modi had also conveyed in the month of June 2021 that the target of the nation in order to make gasoline of 20 % ethanol by the span of 5 years by 2025 is expected to save a huge amount for the country.
The increase in the Ethanol production is expected to save around USD 4 billion annually. This move will also help in increasing the use of renewable sources of energy as India is the world’s third largest importer of oil and this will help in turning the excess rice and damaged foods of the country into Ethanol.
As of now, the majority of the country’s Ethanol output is made up of the molasses that is obtained from sugarcane. However, the South Asian nations are trying to push for much more production from sources other than sugar which is estimated to make only 10 % of the contribution to the Ethanol production.
The Government has also conveyed that they would provide financial assistance for setting up the distillation units which will rely more on molasses and the grains for raw materials. According to Tarun Kapoor, the country is expected to reach a stage where the contribution for production of Ethanol will be 50 % grain based and 50 % sugar based.
Production volume of ethanol in India
How will Ethanol benefit Indian Economy?
The Ethanol industry will create a lot of jobs in the economy both direct and indirect jobs other than these the Ethanol will boost the rural economies; the co-product provides a valuable market for the corn grown.
Ethanol also helps in reducing the dependency on energy dependence and will reduce the importing of oil barrels of the country. The Ethanol biorefineries also make more than the fuel they also contribute towards food by providing nutritious animal feed like distillers grains. This is one of the most sought-after animals feeds as it is very nutritious.
Ethanol also contributes towards removing carbon from the environment which is expected to remove around pollution caused by 10 million cars on the road. It is also a cleaner and more greener option compared to the traditional fuel options.
Ethanol has already been extensively adopted in the United States and has been contributing to the country’s economy. The approach taken by the Government of India towards increasing the production of Ethanol will be a significant step in the major sectors of the economy from Automobile to Agriculture.
FAQ
Who is the largest producer of ethanol in India?
Uttar Pradesh has become on of the highest producer of ethanol in the country with the number of distilleries producing the solvent from heavy molasses, a by-product of cane juice.
Is ethanol production profitable in India?
The profit on ethanol production has come down to 5rs/litre.
What is Ethanol used for?
Ethanol is an industrial chemical; it is used as a solvent, in the synthesis of other organic chemicals, and as an additive to automotive gasoline (forming a mixture known as a gasohol).
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byDevyani International.
RJ Corp, the Indian billionaire Ravi Jaipuria’s company, owns Devyani International, which was founded in 1991. Jaipuria’s net worth is $3.5 billion, and he named the company after his daughter.
KFC and Pizza Hut franchises account for the majority of Devyani International’s revenue. Despite the once-in-a-century epidemic, these two franchises have helped the company grow.
As of May 2021, Devyani International, the world’s largest franchisee operator of global restaurant franchises Pizza Hut, KFC, and Costa Coffee, has filed for an initial public offering (IPO) to generate close to INR 1,400 crore, joining the QSR IPO craze.
The offer, according to DRHP, includes a fresh issuance of INR 400 crore and an Offer of Sale of up to 125.33 million equity shares by Investor Selling Shareholder Dunearn Investments (Mauritus) Pte. Ltd, a wholly owned subsidiary of Temasek Holdings, and Promoter Selling Shareholders RJ Corp Ltd.
About Devyani International and How it Works
Devyani International Limited, an associate company of RJ Corp, PepsiCo’s largest bottler, with interests in beverages, food, dairy, healthcare, real estate, and education, is the fastest rising, most financially viable player in the Indian retail F&B sector, with 500+ restaurants across the Indian subcontinent, Nepal, and Nigeria.
As of March 31, 2021, Devyani International is India’s largest Yum Brands franchisee and one of the country’s largest network of quick-service restaurant operators, with 655 locations in 155 cities.
DIL has created its own brand Vaango – a world-class south Indian QSR chain with intentions to expand across India, based on its illustrious track record and competence in the QSR category. DIL also operates Food Courts and Lounges at the airports of Delhi, Mumbai, Hyderabad, Raipur, Srinagar, Lucknow, Trichy, and hospitals and shopping malls. The Grid Bar, Katism, Foodies Bar, Delhidare Devils, Tea Cups, Masala Twist, and other ‘Own Brand’ restaurants can be found in the Food Courts.
Devyani International – Name, Logo and Tagline
Ravi Jaipuria, the founder of Devyani International, named the company after his daughter, Devyani.
Devyani International Limited’ s Company Logo
Devyani International – Mission and Vision
Devyani International Limited’s mission and vision statement says, “To be a people centric, customer focused and process driven operations, striving for excellence day in day out with a beat year ago and turnaround mentality”.
Devyani International – Founders and History
DIL is a non-govt. corporation that was founded on December 13, 1991 by Ravi Kant Jaipuria.
Ravi Kant Jaipuria, Founder of DIL.
In 1991, Ravi Jaipuria founded Devyani International Limited, which is an Indian food and beverage company, based in Gurugram, Haryana. There are 1420 people working at Devyani Internationals.
Devyani Internationals is one of Pizza Hut’s largest franchisees in India. In June 1996, Pizza Hut opened its first location in India, in Bengaluru. This was the first multinational restaurant chain to join this sector, and it is recognized for helping to establish the Indian pizza market.
With the opening of its first Pizza Hut store in Jaipur in 1997, Devyani International began its partnership with Yum. It had 297 Pizza Hut locations, 264 KFC locations, and 44 Costa Coffee locations in India as of March 31, 2021. Between March 2019 and March 2021, the number of core brand stores increased by 13.58 percent, from 469 to 605. According to DRHP, the company employs 9,356 people.
Through an association with Whitbread Group UK, Devyani Internationals brought a fresh gust of coffee aroma into the country in 2005. Costa Coffee has become a darling among India’s coffee connoisseurs. Despite being a relative newcomer to the business, Costa Coffee has established a strong presence in the NCR, Bengaluru, Jaipur, and other cities, with over 80 locations.
It is designated as a ‘company limited by shares ‘ and is a public unlisted corporation. The authorized capital of the company is INR 12500.0 lakhs, with an 84.933334 percent paid-up capital of INR 10616.67 lakhs. The DIL’s most recent annual general meeting was held on August 10, 2017. According to the Ministry of Corporate Affairs, the company’s financials were last updated on March 31, 2017.
Devyani International Limited has been in the Manufacturing (Food products) company over the past 30 years, and the company is still operational. Rashmi Dhariwal, Vishesh Shrivastav, Varun Jaipuria, Som Nath Chopra, Virag Joshi, Ravi Gupta, Raj Pal Gandhi, Ravi Kant Jaipuria, and Devyani Jaipuria are the current board members and directors.
Devyani International – Revenue and Growth
DIL presently owns and runs 297 Pizza Hut outlets. As of March 31, 2021, the company was also a Costa Coffee franchisee, with 44 Costa Coffee outlets and 264 KFC stores. DIL owns Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar, and has 692 outlets in 26 Indian states, as well as Nepal and Nigeria.
DIL’s core brands (India and global) amounted to 94.19 percent of its operations revenues in FY21, while delivery sales amounted for 70.20 percent of revenues, an increase from 51.15% in FY20. Despite the epidemic, the company has worked to expand its shop network, with 109 new locations opening in the previous 6 months across its core brand business.
The core brand stores grew 13.58 percent from 469 to 605 shops between March 2019 and March 2021, and the firm credits its success and continued growth efforts to its 9,356 workers. Devyani Internationals is the largest QSR firm in India to be featured on Swiggy and was one of the top QSR companies in India to be registered on Zomato in 2019 and 2020.
"India’s 100 Best Workplaces for Women 2020" by the Great Place to Work Institute, India
2019
Pizza Hut and KFC were recognised among the “Most Trusted Brands” in Food Services category in Brand Equity Survey conducted by The Economic Times.
2018
“Great Workplace” by the Great Place to Work Institute, India, Costa Coffee (T3 International Departure Pier) was awarded the Certificate of Excellence for “Outlet of the Year- F&B (International)” by Delhi International Airport Limited at the IGIA Awards 2018, Grid Bar (T3 Domestic Departure Food Court) was awarded the Certificate of Excellence for “Outlet of the Year- F&B (Domestic)” by Delhi International Airport Limited at the IGIA Awards 2018.
Devyani International – Competitors
Top Competitors of Devyani International are as follows :
The business’s DRHP, which was filed with SEBI, clearly reveals that COVID-19-related concerns are the most pressing for the sector and the company. Due to a considerable drop in footfalls as a result of COVID-19 regulations, Devyani International permanently closed 61 locations under its major brands in FY21.
The Devyani Iternational revenue has also suffered as a result of falling footfalls, with in-store dining revenue falling to 29.8% from 48.85% in FY21. The impact of COVID-19 is expected by the company to persist, as footfall and sales are still being impacted by the second wave of COVID-19. As the company explains in its DRHP, COVID limits have had a direct impact on the business’s capacity to manage product inventory, resulting in considerable inventory write-offs, with the majority of the inventory consisting of perishable components for direct purchase.
The firm also notes that if the second wave worsens or is not controlled in a timely manner, it may be unable to meet the increased development obligations, further adjust these arrangements, or operate our stores economically, if at all. This might have a variety of repercussions, including the termination of Yum’s different agreements, which would have a material negative impact on the business, results of operations, and financial condition if they are unable to renew them.
Devyani International has filed a draught red herring prospectus (DRHP) with market regulator SEBI to undertake an initial public offering (IPO) of INR 1,400 crore (IPO). KFC, Pizza Hut, and Costa Coffee are the company’s major franchisees. Investor Selling Shareholder, Dunearn Investments (Mauritius) Pte. Ltd, a wholly owned subsidiary of Temasek Holdings, and Promoter Selling Shareholders and RJ Corp Ltd would issue new equity shares worth INR 400 crore, as well as an offer-of-sale (OFS) of up to 12.5 crore equity shares.
The losses indicated from FY19 to FY21 were mostly attributable to increased operational expenditures incurred as a result of the company’s store network development. DIL, on the other hand, has not been able to recoup these costs. In FY20, their total revenue from operations climbed by 15.7 percent year over year.
In FY19 and FY20, Devyani International had negative cash flows (cash outflows) of INR 17.29 crore and Rs 13.47 crore, respectively. In FY21, the company received INR 26.73 crore in cash. The company states in its DRHP that it may experience negative cash flows in the future, which could have a detrimental impact on its operations and growth objectives.
Devyani International intends to maintain its growth potential in the future by building new stores every year. In the future quarters, this will result in a further increase in operating costs and other expenditure. As a result, DIL anticipates losses until the new stores reach maturity. The net profits from the IPO will be used to pay down a major percentage of the company’s debt. This would allow them to use their internal accruals (or operating profit) to fund investments in business sustainability and diversification.
Devyani International – FAQs
When was Devyani International Limited founded?
DIL is a non-govt. corporation that was founded on December 13, 1991 by Ravi Kant Jaipuria.
Where is Devyani International Limited headquarters?
Devyani International Limited is headquartered in Gurugram, Haryana, India.
Is Devyani International Limited a private company?
Yes, DIL is a private company.
What sector does Devyani International Limited operate in?
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byKarkhana.
The importance of “4C Education,” which consists of “communication,” “collaboration,” “creative thinking,” and “creativity,” is vital because it helps children achieve their full potential. The aim of this educational policy is to develop proactive employees who can function both independently and collaboratively.
A group of engineers and artists wanted a change in the age old educational system in Nepal and came up with a very creative and much-needed idea to reform the system. Karkhana was founded by this community with the aim of establishing a makerspace. This quickly developed into a catalyst for an environment that inspires children to explore, invent, and collaborate rather than memorize their syllabus in the “traditional” way.
Karkhana is the owner and operator of a makerspace and education business that aims to provide a truly unique learning experience. Teachers, developers, designers, artists, and scientists transform the classroom into a lab for exploration, designing workshops to teach concepts from Science, Technology, Engineering, Arts, and Mathematics contemporaneously with providing students with 21st-century skills such as Critical Thinking, Creativity, Collaboration, and Communication.
They are a co-curricular after-school program with a distinctive learning style. The company’s strategy is to teach their students one important lesson: the world is malleable. Karkhana serves 5,500 students annually through co-curricular activities in schools and after-school enrichment programs in 20 schools.
Schools and other organizations in Nepal are established with the purpose of fixing the floor i.e. just the bare minimum. We, on the other hand, are trying to raise the ceiling – we want to set a benchmark and influence others to do better.
They are currently reaching out to 2600 students every week across 80 classes delivered to 17 local schools. BeeCreative and the Karkhana Innovator’s Club are two separate initiatives.
Karkhana – Founder and History
Sakar Pudasaini, Sunoj Shrestha, Suresh Ghimire and Pavitra Gautam founded Karkhana, the education company based in Nepal.
Sakar was a part of a month-long event in 2012 where he discussed the need for “makers rooms” in Kathmandu. At the same time, members of the Robotics Association Nepal were holding robotics-related sessions and activities. At the Google Developer Group Bar Camp, he met Sunoj Shrestha, Pavitra Gautam, and Suresh Ghimire and thought of merge-up.
The Karkhana’ s Team
The first few years were difficult, and their company did not succeed. They started a product design business, focusing on developing new products to sell to potential customers, after realizing that Nepal lacked any and deciding to be the first to contribute in that area. That’s how they came up with Karkhana as a team.
They began as a product design firm but quickly discovered that due to a lack of automation, mass production was impossible. They also lacked the human capital to do so because people lacked the motivation or mindset to try something different. That’s when the team realized the ecosystem required more creativity and tinkering! They came to the conclusion that the education sector appeared to be a wide enough space for their concept’s long-term viability, growth, and development.
They began with robotics lessons. Then they decided that they needed to extend and redesign. As a result, they began bringing in experts and specialists from different fields, such as farming and wildlife, to share their expertise. The classes developed over time as a result of the accumulation of ideas.
Karkhana – Logo
Karkhana’ s Logo
Karkhana – Mission and Vision
Karkhana’ s mission statement says, “We created Karkhana to nurture a spirit of innovating locally so as to make a global impact. We want to empower people with the skills & attitudes that will help them build their future and the future of their community.”
According to the company, they would accomplish their goal by demonstrating to children how to use science and technology in innovative ways. Children can discover how science and technology will assist them in resolving issues in their own lives, their communities, their countries, and the world at large.
Karkhana makerspace was established in 2014 with a ten thousand euro investment from the co-founders. They then rented the space, began purchasing materials for the workshops, and completed the rest by hand. The business model is focused on the children attending the workshops paying a monthly membership fee.
They continue to invest in modern equipment (including a laser cutting machine), tools, and the recruitment and training of new teachers. Human Capital (salaries/training) receives 40% of the budget, while classes resources (materials) receive 15%, operating costs receive 13%, sales and marketing receive 13%, and rent receives 7%.
Karkhana – Growth
“Actually, one passerby found our concept interesting and encouraged us to have a program. He even got his own kid as well as a few others for the after-school program. After that, quite a few more students came in on referral. Then, a few schools heard about us and wanted to collaborate, and they were even willing to pay. That is how we stumbled upon our selling point. We went from 5 students to 3500!”, said Pavitra.
They’ve been creating innovative educational content and hosting fun workshops for kids aged 8 to 14 in their space and in schools for the past two years to help them explore the power of fabrication and imagination. They taught 1400 students per week in 2016, and by the end of 2017, they plan to be teaching +3000 students per week! Karkhana is a for-profit corporation. They also founded Kharkana Samuha, a non-profit organization in 2016, to organize workshops for children from underserved communities.
They are engineering graduates who never imagined themselves as teachers, according to Sarkar. They had difficulty communicating with the students because they didn’t know how to maintain their interest and focus. They had no idea how to run a classroom or create lesson plans. They needed to seek advice from a few mentors in order to succeed.
The most difficult task they faced was finding good people and teachers. They also follow the national curriculum; schools need 100 percent enrollment, so it must be mandatory for all students. And though their children seem to be really involved, some parents are hesitant to do so. Finding a balance between versatility and structure is a challenge for them as an organization.
Karkhana – Future Plans
Despite their slow progress in the educational sector, the Karkhana founders believe they still face a larger problem. Four million children in the United States currently lack access to a decent education. Slowly but steadily, they want to change that. In the future, they hope to reach out to more than 10,000 children, up from the current number of 2600.
We are seeing some natural limitation in growth here at Kathmandu. So, one strategy is to move on to more cities. The other strategy is to collaborate with teachers to empower them to run their own classes. This way we can design the lesson and kits for the teachers and the program will be self-sustaining, said Pavitra Gautam.
Karkhana – FAQs
What does Karkhana do?
Karkhana is the owner and operator of a makerspace and education business that aims to provide a unique learning experience.
Who founded Karkhana?
Sakar Pudasaini, Sunoj Shrestha, Suresh Ghimire and Pavitra Gautam founded Karkhana, the education company based in Nepal.
Are you looking for the best business ideas for the healthcare industry? It is one of the continuing growing industry. You can start your business whether you are medical professionals or having an interest in the healthcare industry. It has a lot of opportunities to start a healthcare business. Some healthcare business needs a medical certificate while some needs only specialize training certificate. It also plays a key role in the economy of a country. We will discuss the top 10 business ideas that you can start your business in this field.
Medical Transcription Services offers the transcription of audio files recorder or depicted by doctors, medical practitioners, or any other healthcare staff into a text document of patient’s records. There is voice-to-text technology available but it still having errors so you can offer not only transcription services but also review and correct voice-to-text files. It is one of the best business ideas to start and work from or digitally as you offer transcription electronically.
Retail Medical Shop
Business Ideas in Pharma
It is one of the simplest and easiest ways to innovate business ideas in a pharma or medical store. To run a medical business you have to follow the Regulations of Retail Pharmacy Business. As medicine is in daily demand so it is continuing growing business. You can also keep a stock of daily essential products like lotions and other things. The investment is also very less in this business but tries to find a place near the hospitals or nursing homes as more demand in those places.
Home Medical Services
It has a wide range of health care service that is given in your home for small injuries and illness. It is very helpful for elder age people, post-pregnancy problems. Also, you can include a simple doctor’s consultation and take care of extended bed rest patients. You can work as the assistance of someone who needs to manage a healthy lifestyle. You can also start a medical supply delivery business. You need to be a registered nurse to offer in-home medical services.
Healthcare Mobile Apps
Everyone is going to busy day-by-day and no one wants to stand in line to get an appointment with doctors and also not able to call the doctors to get an appointment with them. By developing a healthcare app or mobilemedical screening business with features of booking doctor’s appointments, ordering medicines, and also scheduling vaccinations. It can do all the activities without visiting the doctor’s office or queuing for long hours waiting for their turn. You can also add a feature that gives all the information about the disease, medicine reminders, and virtually connected with doctors.
The number of health-conscious people increasing day by day. More and more people searching for quick tips to stay healthy. You can create a healthcare website to provide healthcare information and advice. You can include YouTube videos, blog posts, info-graphics, videos, tutorials, etc. to create the content of healthcare information.
Physical Therapy Center
It is one of the best healthcare business ideas in India. It does not require any certification but you can hire certified therapists to provide service. After an injury physical therapy reduces the pain and gains the motion and strength of the body. You can also get education and training to open your own private therapy center. By having professional therapists they provide patients to perform day to day activities such as feeding, dressing, etc.
Diabetes Care Center
Diabetes is growing day-by-day continuously. It is one of the best healthcare businesses where diabetic patients provided dialysis, nutrition counseling, and other medical services. It also helps to improve the quality of life of diabetic patients. You can also provide preventive help such as teaching healthy or support groups of the diabetic.
Gym or Fitness Center
best fitness business ideas
Many youngsters and especially peoples in metro cities become more conscious about their health. So starting a gym or fitness center is one of the best fitness business ideas in the healthcaresector. Gyms or fitness centers are equipped with many exercise equipment to use in the workout and also booming in the minds of youngsters. The investment is based on the service that you are going to provide and make sure you are doing suitable research before you start.
Medical Record Management
You can start your business as a Medical Record Management service for hospitals, clinics, doctor’s offices to manage their medical records. You can implement your best record management system, provide training to their staff about how to use their system. It is one of the best profitable businesses in the healthcare sector as many hospitals outsource their record management system as they don’t want to dedicate the time of their staff.
Manufacturing of Healthcare Equipment
Manufacturing of Healthcare Medical Equipment
It is one of the innovative healthcare ideas. If you are looking for highly profitable and having some investment then you can start with the manufacturing of healthcare medical equipment like drugs, syringe, needle, etc.
China and India are leading in the manufacturing of medical equipment. It has a lot of opportunities to sell medical equipment. There are many business ideas you can manufacture like:-
Drugs
Sanitary Napkins
Surgical Bandages
Surgical Dresses
Medical Gloves
ECG machines
X-Ray Machines, etc.
Conclusion
There are lots of business ideas present in the healthcare sector whether you are a professional or interest in the healthcare sector.
Healthcare is the maintenance or improvement of health via the prevention, diagnosis, treatment, recovery, or cure of disease, illness, injury, and other physical and mental impairments in people.
Why is healthcare important?
An efficient health care system can contribute to a significant part of a country’s economy, development, and industrialization. Health care is conventionally regarded as an important determinant in promoting the general physical and mental health and well-being of people around the world.
What is the purpose of healthcare?
The fundamental purpose of health care is to enhance the quality of life by enhancing health. Commercial businesses focus on creating financial profit to support their valuation and remain viable. Health care must focus on creating social profit to fulfill its promise to society.
How to start a healthcare business?
Step 1: Create a business plan
Step 2: Register with the state
Step 3: Obtain Medicare and Medicaid certifications
Step 4: Hire a great staff
Step 5: Get your clients
Step 6: Have a solid financing plan for growth
Is healthcare a business?
Yes. Health care is a business. Like any other business, the healthcare industry stands to benefit from practices that drive innovation and growth.
India had been severely hit by the second wave of the coronavirus pandemic and the country saw a shortage in the availability of vaccines. Even though the country is slowly recovering from the second wave the vaccination in the country is still facing certain problems and the one of the most important problems is related to logistics and supply chain management.
The e-commerce giant, Flipkart has announced that they would deliver the vaccines in Telangana through drones. Let’s look at the further details of the drone delivery by Flipkart.
On 11 June 2021, the e-commerce giant of India, Flipkart had announced that it was going to test the drone delivery facility of the company by delivering vaccines in the state of Telangana. The company conveyed that it would use the learnings from its supply chain that is tech enabled in order to use drones for delivering vaccines and medical supplies in the state.
The company announced that it had partnered with the Government of Telangana to form an association in order to run the task of delivering the medical supplies and vaccines to the remote areas of the state using the drone technology.
Flipkart to join hands with Medicines from the sky project for Drone delivery of Vaccine
Flipkart has conveyed that they will conduct the pilot drone delivery of medical supplies under the Medicines from the sky project. It is a project which outlines the requirement for drone delivery and to assess the proposals which are created under the Healthnet Global Limited and the World Economic Forum.
The Government of Telangana has decided to work on this project and to implement it into the healthcare supply chain of the state in order to implement drones for reaching the most remote areas in Telangana.
Flipkart’s plan of Drone delivery of Vaccine
Flipkart had conveyed that it would use the knowledge that the company has gained from their tech enabled supply chain in order to deploy the drones and to provide health care supply chain support by delivering the medical supplies.
These are going to be supported by the technologies which the company has developed over the years such as geo-mapping, track and trace of location and routing of shipments.
Some of these technologies will also be used to deliver the vaccines and medical supplies to the most remote areas where the infrastructure of the road makes it impossible to deliver them. The company will use the technology to conduct Beyond Visual Line of Sight deliveries using the drone. It will make the deliveries really faster and will play a major role in vaccinating the remote areas.
Pranav Saxena who is the distinguished product manager of Flipkart conveyed that the Coronavirus pandemic and the situation has pushed the countries worldwide to adapt to rapid technologies and shift towards robust technologies by developing scalable products. The medicine of the sky project is considered to be a sign towards it.
He added that the step taken by Flipkart is a quick decision in order to make use of the cutting edge technology for the safety and the wellbeing of the people.
He also conveyed that the company was proud to partner with the Government of Telangana in leading the association by utilizing the companies subtle understanding of the supply chain and the technologies that are helping and supporting in the automated movement of the medical supplies in completing the emergency requirements of the citizens across the state.
The company conveyed that even during the disasters or any natural calamities they would deliver the medical supplies and the required products using the drone technology and this will set a place in the industry for providing the necessary products in the time of need.
Government of Telangana on Drone delivery of Vaccine
The Government of Telangana has always been a step ahead in utilizing the technology for improving the lives of citizens. The Telangana Government stated that introducing the drone technology for delivery of vaccines and medical supplies for the citizens in the remote areas is going to be the first ever introduction in the entire country and added that the Government is happy to have partnered with Flipkart towards this initiative.
Jayesh Ranjan who is the Principal Secretary from the Government of Telangana has conveyed that this initiative will go a long way in testing the best in class technologies and solutions in order to solve the future crisis that will be faced by the society.
Conclusion
The drone delivery is considered to be the most effective way to deliver vaccines and to solve the supply chain related problems faced by the country. India is one of the most populated country having a lot of population concentrated in the remote areas, this technology can be a solution for the major crisis faced by the country regarding vaccines if worked effectively.
FAQ
Is drone delivery legal in India?
Yes, Drone delivery is legal in India but the operations must be limited to visual line of sight and the drone must not carry any dangerous goods.
Where is Flipkart planning to deliver vaccines?
Flipkart is planning to conduct drone delivery of vaccines in Telangana and deliver medical supplies under the Medicines from the sky project.
How many vaccines are there for Covid-19 in India?
India has authorized three COVID-19 vaccines: Covaxin developed by Bharat Biotech, Covishield developed by Oxford/AstraZeneca, Sputnik V developed by the Gamaleya Research Institute of Epidemiology and Microbiology, Russia.
Selling your business can be a hard choice due to various reasons. Whether it is to protect you or for better fortune, it is important to understand the steps that you need to follow while you sell your business. In this article the steps that you need to follow if you are planning to sell your business in Australia. Keeping in mind that laws vary from place to place, the article adheres to the steps suggested by the Australian government in its self to avoid any kind of confusion and to present the article as objectively as possible.
There might be various reasons why you sell your business. Whatever the case maybe it is important that you scrutinise all the options available before finalising that you have to sell the business.
Having a clear idea will also help you engage with the buyer who will most probably ask the same question. Another reason why thinking enough before you choose to sell is that in many cases the sale can add additional financial responsibilities even when your intention was to get rid of it.
Employee entitlements or tax amounts may continue to haunt you even after the sale. So, if you are going to sell think it through.
Deciding means of Sale
There are different ways through which you can sell your business. While you can do it on your own it is highly recommended that you do it with the help of a business broker. They are professionals in the field who will help you have a better understanding of all kinds of legal documents and government requirements.
They also help you make the best out of the sale by advising you about the most profitable ways in which you can complete the transaction. However, it is extremely important to double-check the details of these professionals.
Analysing the Worth
One of the most important tasks, before you sell your business, is determining how much your business is worth. Giving the right pricing is a very determining factor. You can do this estimation either by doing a comparison with similar businesses in the market or you can look at the amount for which businesses similar to yours were sold.
This process will give you an idea about the possible market conditions. Another way is by calculating the differences that arise between assets and liabilities. It is important to consider tangible and intangible assets like buildings and brand recognition respectively. Or else you may also use the net profit of your business to finalise the value of your firm.
Finding the Right Buyer
There are multiple ways in which you can find buyers for your business. As mentioned earlier you can take the help of business brokers or agents to help you connect with a buyer who will give you the rightful price. Here too, Lloyds brokers will be an excellent guide and support to find a buyer in Australia.
You can also exploit your existing networks of friends employees or family to find out people who will be willing to buy your business. As technology gets revolutionised you can use different media to give publicity to the sale through advertisements.
You can always use the help of the customers of your business to find the right buyer. Whenever you try to convey the message of sale, make sure that you are clear about your requirements and other relevant information about which the buyer should be aware.
The part where you negotiate with your prospective buyer is a place where you need to be extremely careful, honest and accurate. During the negotiation make sure that there is a proper agreement at least on words on things like sale price, settlement period, the handover training for the buyer if necessary, demand of advance to be paid et cetera.
Writing the contract
The preparation of your contract is normally done by an intermediary for you. However, you should be aware of the requirements and laws that you need to follow as they vary from state to state. So make sure that you go through the rules and regulations pertaining to the state or territory in which the business is situated.
You will have the help of a solicitor to crosscheck the contract for you. They will help you figure out any kind of discrepancies and will also ensure that every detail of the sale is clearly mentioned in the contract. These include assets like property, equipment, stocks et cetera and also the liabilities inclusive of creditors.
If there are any other special kinds of agreements like the ones where you are restricted from starting a business in the same field or anything of the same kind, make sure that you are aware of all these and that they are properly mentioned in the contract. Be watchful about the things that are mentioned regarding the future of the business and if they have any connection with you.
Addressing the Employees
Employees are the most important driving force of any business. Being the foundation they are the ones who are the most affected when a careless sale happens. Hence it is important that you communicate with your own employees about the things that are going to happen and inform them about the decisions taken with regard to employee positions.
You are obliged to give them prior notice or provide payment in lieu of notice. If at all the employees are getting transferred along with your business make sure that you provide all the necessary details about the employees to the new business owner.
You need to seriously consider if CGT or Capital Gains Tax and GST or Goods and Services Tax apply to your business sale. The procedure you need to follow completely depends on whether you are registered for GST or CGT.
Transferring the Business
When you are transferring your business after the sale you need to make sure that you transfer all permits, licenses, and leases. Do not forget to cancel you are ABN. You can either transfer or cancel your business name as well.
Finalising things like activity statements, installment notices and tax returns are also an important part of transferring your business. Remember that until the transferring of the business to the new owner is complete you will be the one who is responsible for any kind of agreements and obligations which are a part of your business.
In Australia, it can take up to 12 months to complete the process of license transfer which means you need to plan well ahead.
FAQ
What are the three ways to value a company?
There are three main methods used to value a company is, DCF (Discounted Cash Flow analysis), comparable company analysis, and precedent transactions.
Do I have to pay tax if I sell my business?
Yes, you may have to pay capital gains tax if you sell your business.
Alan Joseph
