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  • The Print On Demand Industry – All You Need to Know

    An industry, valued at USD 4.90 billion in 2021 and expected to expand at a CAGR of 26.1% between 2022 and 2030, is the Print On Demand Industry. This industry has grown increasingly popular among budding entrepreneurs, who are looking for simple solutions to cultivate high incomes and showcase their creative side.

    The History of Print on Demand Industry
    Print On Demand Industry Growth
    Print On Demand Industry – During Covid-19 and Beyond
    How Does the Print on Demand Industry Function?
    The Process of Print on Demand
    Print On Demand – Platform Insights
    Print On Demand Industry Predictions

    Things to Know Before Starting a Print on Demand Store

    The History of Print on Demand Industry

    As a concept, it is a few centuries old. There are examples of printing techniques existing before the year 220. It was in the 12th century that Europe first discovered the benefits of printing custom demands onto materials. The art of printing and customising textiles is a prime example of this historical skill.

    The modern concept of print on demand emerged in the 1960s as newer methods of printing were introduced in the market. Since then, as the printing for customer orders has grown faster and more affordable, printing solutions have expanded and become more available to the masses.

    Now there are various options available for an artist to add custom designs to various products without the need for complex tools or it being expensive. There is a plethora of specialist machines like screen printing, direct-to-garment printing, and digital printing. As new printing options are emerging, so are the startups.

    Forecast for the Print on Demand Industry Market Size
    Forecast for the Print on Demand Industry Market Size

    The POD industry recorded a growth of 12% from 2017 to 2020. The Covid-19 pandemic adversely affected almost all industries except the Print on Demand industry which was actually recording a growing interest. There are several reasons for its growth.

    The demand for personalized products has been growing, with approximately 48% of customers ready for a longer wait to receive their choice. Another major reason has been the shift to eCommerce from traditional retail. The pandemic was the catalyst for this shift, which jumped from 13.8% in 2019 to 19.6 % in 2021.

    Another contributing factor has been environmental awareness, raising the demand for sustainable and eco-friendly products. A survey in 2021 highlighted that 27% of customers had experimented with sustainable products, with 25% spending money on sustainable fashion. This means that print on demand has become the sustainable option to fast fashion. Wastage is reduced as products are made only after the sale has been confirmed.

    Other facts include the rapidly changing world of fashion trends, increased disposable income, and, of course, advances in printing technology.

    Every industry changed and saw a shift in the face of Covid-19. People tried to increase their financial security by starting a side business. With the massive layoffs resulting due to the pandemic, people veered towards working for themselves instead of a job. This shift saw a huge impact on the print-on-demand industry.

    The reason the industry garnered such huge interest was the ease of setting up a fully functioning business. All it needed was a design or a design idea, and the products were ready to sell within a short period of time. Products like custom stickers and personalized gifts increased in search volumes. Custom face masks became the fastest growing print-on-demand product. Based on Google search volumes, the search for custom face masks grew from a mere 345 searches in January 2020 to 172,000 searches by April 2020. By July, that figure reached a whopping 224,000.

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    How Does the Print on Demand Industry Function?

    Global 3D Printing Market Size from 2015 to 2021
    Global 3D Printing Market Size from 2015 to 2021

    This is an industry that has quickly accelerated to become one of the most reliable ways for creative professionals to start their own business with minimal upfront costs. The individuals create unique designs and then work with suppliers to customize white-label products. These items can range from t-shirts, stickers, mugs, hoodies, and backpacks to pillow covers and a whole host of other products.

    The products are managed by the supplier, which means the entrepreneur does not have to bulk-buy and invest in storing the inventory with a POD service. The entrepreneur has to make the sale and then fill in the order details and then the supplier takes care of the printing and the delivery.

    The Process of Print on Demand

    The first step is for the individual to decide the profile of the products that they wish to sell and where to sell them. With the print on demand, the products can be sold on existing marketplaces or you can create and build a website for the business by choosing a store-building tool that can integrate with a POD solution. Of course, the advantage of selling on an existing marketplace is the wide access to potential customers, and creating own website allows the advantage for branding the eCommerce store as per personal vision and choice.

    Once the platform is ready, it is a simple five-step process to a successfully fulfilled order.

    • Designing POD Products

    The entrepreneurs can create their own unique designs or even use designs that are readily available from POD vendors. Another choice is to work with freelance artists who can create affordable designs.

    • Finding a POD Service

    This allows the entrepreneur to connect with the manufacturers and retailers. The tools on the POD service allow access to a range of products to choose from to add product designs to.

    • Making Mock-ups

    This allows the entrepreneur to build a product catalogue by creating mock-up images using a mock-up generator. It shows the final product with the design printed on them. This can then be circulated among personal networks as an advertisement to generate sales orders.

    • Calculating the Final Pricing

    The final pricing after the design is printed on the product, has to be decided after covering all costs as well as adding a certain percentage of the profit.

    • Accepting Customer Orders

    The customers can choose what product they want along with the design of choice. Once the order is placed online, it goes to the print provider for the actual printing. From here on, the provider handles the printing to the actual doorstep delivery of the product. The entrepreneur earns the profit.

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    Print-on-Demand (POD) means you will print and supply customized products. Top POD companies in India are Printrove, Qikink, Blinkstore, etc.
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    The Print of Demand industry can be categorized into two segments – service and software. The service segment is estimated to grow at a CAGR of 28.4% by 2030. This is due to the high number of service providers offering end-to-end fulfilment services and also sometimes offering other services like marketing, branding, custom packaging, photography and graphic design.

    The software segment is expected to retain its dominance through 2030 as it registered the highest revenue share in 2021. Advances and investments in technology by service-providers accounts for the growth in this segment. Service providers offer API and design-making tools making it easier for merchants to integrate their existing online stores with print-on-demand platforms.

    • By 2024, retail-focused eCommerce is predicted to amount to $7 trillion in annual sales or 25% of total retail sales at that time.
    • The web-to-print market is poised to grow by $528.71 million during 2021-2025, progressing at a CAGR of 7.99% during the forecast period.
    • By 2028, the global print-on-demand software market is expected to grow at a substantial CAGR of 33.5%.

    Conclusion

    With the growth in the print-on-demand industry, the competition is also getting stiffer. Service providers are always on the lookout for the latest developments and technologies for offering advanced products and integrating new technologies into their offerings. It will be interesting to see the path that the print-on-demand industry follows.

    FAQs

    What is print on demand?

    Print on demand is a method of printing customised designs. In this method, products are printed only after the customers confirm their orders.

    What is the market size for print on demand?

    The global market size for print on demand was valued at USD 4.90 billion in 2021 and is expected to expand at a CAGR of 26.1% between 2022 and 2030 and reach USD 39.4 billion by 2030.

    What is the process of print on demand?

    Once the platform is ready, it is a simple five-step process to a successfully fulfilled order. The steps are as follows:

    • Designing POD Products
    • Finding a POD Service
    • Making Mock-ups
    • Calculating the Final Pricing
    • Accepting Customer Orders

  • Marketing Strategy of Patanjali – How They Utilized People’s Beliefs?

    Patanjali is one of the few brands that make up the very backbone of the Indian consumerist identity. With a bevy of marketing tactics to push its plethora of products, the company has become one of the icons of the Indian economy.

    The privately-owned Indian FMCG Patanjali has a vast audience in India, no matter how young, there is nobody who doesn’t know the brand’s name. Let us take a look at the marketing strategy of Patanjali and how it utilized people’s beliefs as a marketing tool.

    Patanjali – Background and Vision
    Patanjali Today
    Patanjali Marketing Campaigns
    Key Marketing Strategies of Patanjali
    How Patanjali Used Common Beliefs as a Marketing Tool

    Patanjali – Background and Vision

    The 1990s in India saw the floodgates open and the global economy ushered in a new era of consumerism. As international companies and MNCs trickled in and became a deluge, the needs of Indians altered slowly but definitively. The new millennium was flush with international goods, but the people began to clamour for more homemade production. The swadeshi effect gradually spread like wildfire, and companies began to take advantage.

    Onto this scene came Patanjali, an Indian company with a vision that stretched beyond present profit quarters and into the future. Indian yogi Baba Ramdev and Acharya Balkrishna came together in 2006 to create a health and awareness brand that focused on the present needs of the people. The brand was created and heavily relied on the image of using ancient Indian Ayurved ingredients to detoxify both mind and body.

    The main aim of Patanjali is to establish and nurture a society that promotes health first and foremost. Therefore, the brand encourages not only its health and lifestyle goods but also ancient Indian practices like yoga. It aims to create life-changing goods that will help prevent as well as cure acute ailments through ingredients that are 100% natural.

    Patanjali relies not just on the veracity of products but also on Baba Ramdev’s claims of technological imports to get the most from Ayurvedic aid and literature. The brand and its founders use various forms of marketing to promote its products. Many of which have ensured that the company continues to flourish almost 16 years after its conception. Through meticulous brand promotion and successful trade systems, Patanjali seems to be on track to becoming a face brand of India itself.

    Patanjali Today

    Patanjali Ayurved Annual Revenue
    Patanjali Ayurved Annual Revenue

    Today, Patanjali has become an organization worth crores. It is a leading health and wellness brand that competes against the biggest age-old names in operation – Hindustan Unilever, Colgate, Dabur, ITC, Godrej Consumer Products, and more.

    As of 2022, Acharya Balkrishna is the owner of the company with 94% shares under his control. The rest are divided among individual shareholders. As the chairperson, managing director, and chief executive officer, Balakrishna is also a key operator. Baba Ramdev is the face and brand ambassador of Patanjali, while his younger brother Ram Bharat is the de facto CEO. the total income for the financial year 2019 for Patanjali was ₹4,345 crores (US$590 million). With a net income of ₹590 crores (US$80 million) in the fiscal year of 2021, Patanjali has generated a revenue of ₹30,000 crores (US$4.02 billion) in the same year.

    The varied products make up for than 900 items and the organization sells them grouped under the following goods brackets:

    • Ayurvedic medicine
    • Consumer goods
    • Healthcare
    • Personal care
    • Cosmetics
    • Cleaning agents
    • Beverages
    • Fashion
    • Foods items

    With headquarters situated in Haridwar, Uttarakhand, India, Patanjali serves customers mainly in the Indian subcontinent and the Middle East. The brand has over 2,00,000 employees and controls the following subsidiaries:

    • Paridhan
    • Ruchi Soya
    • Herboved
    • Patanjali Renewable Energy Pvt Ltd
    • Advance Navigation and Solar Technologies

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    Patanjali Marketing Campaigns

    When it comes to marketing products, Patanjali uses its brand platform to spread awareness. The question that naturally arises is: how does Patanjali have such a devoted brand following? The answer lies in how popular brands of medicines used for treatments ply in India. The developing country attempts to offer affordable medicines to the socially backward and poverty-ridden majority. However, the elitist privatization of healthcare and extreme costs of life-saving medication does not allow people below the poverty line to access treatments.

    When such a vast avenue for health is closed off, alternative medicines become popular. The most crucial factor that boosts such alternatives is affordability. If alternative forms of medicine are marketed as cheap, over-the-counter, and somewhat trustworthy, people will gravitate towards them. This is where Patanjali uses its trump card to overpower allopathic medication and treatment. It promotes very affordable models of healthcare and ensures that the products are easy to acquire for anyone. Most Indians, no matter their literacy levels, are familiar with Ayurvedic medicines. Despite the lack of concrete results in studies that attempt to prove the adequacy of Ayurveda, the familiarity that people associate with this alternative cure is enough to boost sales.

    Baba Ramdev, through his platform, has helped create an image of the brand that is acceptable and popular, especially for the socially and financially challenged. His association with the brand has helped increase its visibility. Ramdev liberally promotes the Patanjali name in his innumerable yoga camps and shows. Moreover, consumer psychology maintains that the more people get to know the faces behind a company, the more they are likely to remain loyal. Ramdev’s direct communication and interaction with his buyers is a major factor in the brand’s successful image.

    The consumer goods company came just behind the chocolate-making giant Cadbury and skincare line Glow & Lovely (formerly Fair & Lovely) as the most advertised brands on television in India in 2016. Moreover, the expenditure attributed to advertising the products is very low. The brand prefers quantity over quality – its innumerable advertisements, promoting similar products, are testament.

    Costs are also low because of Ramdev’s promotions in yoga camps and reality shows like India’s Best Dramebaaz(sponsored by Patanjali). The camps are excellent sources of high consumer populations. Selling the brand is a matter of simplicity and convenience through Ramdev’s oratorship. Marketing strategist of Patanjali has made their way into the digital space through the internet and eCommerce opportunities.

    Key Marketing Strategies of Patanjali

    Patanjali Ayurved Products
    Patanjali Ayurved Products

    The process of marketing a brand is as crucial as the brand itself, if not more. Without the right sort of marketing, introducing a brand and its products becomes next to impossible. Consumers will not be interested in a product without some brand recognition. Sometimes, the brand exceeds the product (Philips, Godrej, Tata, etc.), and this is the result of excellent marketing strategies.

    The main reason why Patanjali continues to flourish in a market despite millions of obstacles is because of its subtly sophisticated marketing tactics. The marketing team behind the brand is why Patanjali is so widely accepted, especially among certain sections of society. The brand continues to come out on top, despite its weaknesses, scandals, threats, etc., again and again purely because of the way the brand markets itself. Let us take a look at why mainstream society is attracted to Patanjali and what Patanjali does to retain and expand its consumer base.

    The entire foundation of the brand is heavily reliant on the image of a Pre-Lapsarian India, so to speak. The picture is complete with ancient monuments and kings and rulers akin to the image of the gods. The allusion is to the fact that that time, throughout the various eras, was a pure one where health, hygiene, and progress of society were the aim of every individual. Therefore, the goal of the founders is to help the people let go of the burden of the pollution of the mind, body, and soul that the current kalyug (Dark Age) has imposed.

    Patanjali offers to transform and improve people’s health using the natural medicines people used in these times. It uses ayurvedic medicines to treat an extensive list of health problems. The treatments are often marketed for a variety of ailments. The brand has come under fire many times in the past for using incorrect treatments to cure illnesses like claiming yoga can cure HIV/AIDs. However, its marketing department continues to walk in the same direction.

    Baba Ramdev’s expansive yoga exercises are also a part of the Patanjali regiment. The televised events often pair up with the company. Ramdev expounds on the importance of Ayurveda and yoga to relieve the body from diseases, both as a precautionary and a curative solution. Ramdev also claims that yoga is better medicine than any other therapy or prescription for mental health disorders, often demonizing allopathic or psychiatric cures to his followers. These claims remain unsubstantiated. However, the benefits of yoga are what also keeps Ramdev so popular. The majority of his fanbase continues to follow the regimens he prescribes.

    How Patanjali Used Common Beliefs as a Marketing Tool

    One of the most significant means of spreading awareness for the Patanjali brand is a quiet barter that one of the cofounders has undertaken. While the barter system may seem outdated, its usage falls right on track with Patanjali’s principles. The bartering is not a part of the product sale nor is it a branding venture.

    On the contrary, it is a marketing scheme that helps propagate awareness of Patanjali, skewing people’s perceptions and opinions of the brand in its favor. The founders, despite their demand to go back in time to access a more “pure” and “perfect” time in Hindu history, are well aware of modern advantages like great branding. There is no doubt that a company must strive to achieve originality to survive and get ahead of the cut-throat competition. Patanjali’s founders take advantage of certain measures to ensure that the brand stays afloat.

    Baba Ramdev, the face of Patanjali, is well aware of the power of the platform he has tirelessly created over the past 20 odd years or so. His persona as a man with a fitness plan is well known. You will not find many places that have not witnessed the antics of Ramdev’s yogic postures that claim to cure all known ailments. His brand of yoga enmeshes Patanjali’s principles seamlessly, thus making it difficult for consumers to extricate the man from the brand. This, however, is what fuels Ramdev’s agenda.

    More than two decades of yoga performances have nurtured multiple associations, contacts, and deals based on goodwill. Using these means, Patanjali, by extension Baba Ramdev, has created a social platform to spread awareness of the brand. A constant influx of TV commercials, lurid advertisements, newspaper graphics, billboards, various magazines, social media handles, etc. are the weapons Ramdev uses to bring recognition to Patanjali’s products.

    These tools are cunningly crafted to foster and spread the sense of the brand and its offerings.  The goal of Patanjali is to utilize all digital, print, and other platforms available to spread recognition and induce loyalty to the brand by ushering in a sense of familiarity. Patanjali aims to secure the quintessential family demographic. Therefore, it heavily relies on television advertisements over the limited platforms of Google and Facebook ads.

    In exchange for his presence and significant influence among a major demographic in India, Baba Ramdev barters for a wider scope of audience. The type of people who continue to hold on to their television sets in an age of streaming is usually above the age of 30. They are also usually in a more traditional family setting. These are the two targets of Patanjali’s demographics, so the barter system works out well in terms of promotions and brand recognition.

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    Conclusion

    Using human psychology to push for brand recognition is a humongous part of the very identity of Patanjali. It uses people’s beliefs in old Indian ways of treatment to produce goods. With just the right marketing and offers, Patanjali has become a force to be reckoned with, despite its flaws. The co-founders of the company certainly have a long way to go. They must give up their propensity for spreading misinformation and have room for change. Their regressive attitudes can certainly create obstacles. However, as long as Ramdev and the company can hold on to their relevancy, Patanjali will go on.

    FAQs

    When was Patanjali Ayurved founded?

    Patanjali Ayurved was founded in January 2006.

    Who is the owner of Patanjali Ayurved?

    Acharya Balkrishna is the owner of the company with 94% shares under his control.

    Who is the CEO of Patanjali Ayurved?

    Baba Ramdev is the face and brand ambassador of Patanjali, while his younger brother Ram Bharat is the de facto CEO.

    What are some of the subsidiaries of Patanjali Ayurved?

    Ruchi Soya, Advance Navigation and Solar Technologies Pvt. Ltd., and Herboved Inc are the subsidiaries of Patanjali Ayurved.

  • How BNPL Helped Push the Ecommerce Sales in Diwali?

    One of the fastest-growing segments in consumer finance is BNPL (Buy Now Pay Later) firms. A market segment that was worth 33 billion USD in 2019, according to GlobalData, had grown to 120 billion USD by 2021. The business model of BNPL firms emerged from extremely low-interest rates that allowed these firms to raise funds at low cost and offer point-of-sale loans to customers on online shopping websites.

    Amid the Covid-19 pandemic, millions of Indians took advantage of eCommerce as online shopping gained a stronghold. Many of these shoppers did not own a credit card and opted for interest-free credit facilities at checkout points. To cater to this rising demand, online platforms and facilitators, who are mostly fintech firms like ZestMoney, LazyPay, Simpl, Pine Labs, and Capital Float, were willing to undertake the risks.

    The Growth of BNPL
    BNPL and Diwali Sales

    How BNPL startups are disrupting India’s lending space?

    The Growth of BNPL

    Global Transaction Value of Buy Now, Pay Later in Ecommerce from 2019 to 2026
    Global Transaction Value of Buy Now, Pay Later in Ecommerce from 2019 to 2026

    As the economy slowly opened with restrictions, after the severe Covid-19 lockdown, the oncoming festive season of Diwali saw eCommerce firms like Flipkart and Amazon offer various fintech and credit products to make buying more affordable for their customers. In a bid to widen their customer base, these eCommerce sites made these offers available in Tier 2 and Tier 3 cities as well.

    Rajeev Kumar K, Senior Vice President, Market Development, South Asia of Mastercard said – “To encourage sales this festive season and making products more affordable for consumers, merchants are partnering with banks to come up with varied co-branded cards. For instance, Mastercard has a co-branded card with Flipkart and Axis Bank that offers higher reward points, cash backs and other benefits on making card purchases at partner brands.”

    Backing this statement was Vikas Bansal, Director of Amazon Pay, who said, “We have definitely ramped up the coverage of our EMI-based credit products to help customers with affordability, keeping their monthly budget in control. Debit-card EMI will be a critical product for Tier 2 and 3 buyers this festive season. We have also increased the down payment cycles from 6 months to 9 months for credit card holders.”

    He further went on to say that no-cost EMIs accounted for two-thirds of all EMI purchases on Amazon in 2020. Amazon launched the ‘Pay Later’ product in April of 2020 and by October of that year had already offered more than 10 lakh loans.

    By 2021, consumer sentiment seemed to be peaking in light of higher vaccination rates. Indians were shrugging off the impact of a second wave of the coronavirus, which gave companies the confidence to look forward to a bumper festive season in 2021. This optimistic outlook was aided in large part by the flexibility to pay later.

    The BNPL market size in 2021 was worth USD 132 billion which is expected to grow at a CAGR of 45% and reach an estimated value of USD 3680 billion by 2030.

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    BNPL and Diwali Sales

    Shop Now for Diwali and Pay Later With Flipkart Pay Later
    Shop Now for Diwali and Pay Later With Flipkart Pay Later

    The Buy Now Pay Later concept continued to grow during the festive season of 2021 with multiple eCommerce players seeing disbursals growing by more than 100% in comparison to the festive season of 2020.

    LazyPay, the BNPL platform of Prosus-owned payments major PayU, saw a rise of 300% in credit demand, particularly in segments like travel, food & beverages and entertainment.

    Anup Agrawal, Business Head at LazyPay said, “We also saw an uptick of 70 per cent in user acquisition in the last two months. Around 60 per cent of the demand is from tier-2 and tier-3 cities, specifically outside of the top 10 cities in India, while the average age of consumers is 26-27 years.”

    Prateek Jindal, Co-Founder and Chief Product Officer of Uni, a BNPL startup, said they saw a 100% increase in their transactions, both in volume and value, within the first four months of beginning operations.

    He went on to say, “We are currently doing more than Rs 100 crore of monthly disbursals and the peak spend per day in the season was 200 per cent higher than the average.”

    Lizzie Chapman, Co-Founder and CEO of the Bengaluru-based startup, ZestMoney, confirmed that the company added 5x new customers in October of 2021 and intended to cross a gross merchandise value of USD 1 billion in the financial year.

    The eCommerce giant Flipkart too joined the bandwagon and raised the credit limit of its pay later service from INR 10,000 to INR 70,000 in September 2021, ahead of the festive season. For Flipkart, this move proved hugely successful as they witnessed a 4x increase in the number of transacting customers opting for Flipkart Pay Later.

    A company spokesperson said, “India is traditionally a credit averse market and the Coronavirus (Covid-19) pandemic’s impact has increased reliance on credit solutions. Access to credit is a key unsolved need for Indian customers who want to manage their expenses, while also fulfilling their aspirations.”

    BharatPe, the fintech unicorn, launched its BNPL platform PostPe and saw a daily average disbursals grow by 2X reaching INR 6 crores within the first two weeks of launch.

    Suhail Sameer, CEO of BharatPe said, “The top spends were in categories like cabs, QR transactions at grocery or small retailers as well as electronic purchases- these are ones that witness a spike during the festive season. We expect the numbers to stay steady post festive season as the awareness for the product has grown manifold in the last one month.”

    Most of the eCommerce players witnessed an increase in spends on categories like apparel, electronics, grocery, cosmetics, and food delivery.

    The payments company, Ezetap integrates BNPL with point-of-sales machines and at the checkout of eCommerce platforms. Ezetap recorded a 73% increase in Pay Later transactions volume and a 136% rise in transaction value during 2021 Diwali. It also recorded a 3% rise in the average ticket size of BNPL transactions.

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    Conclusion

    The trending surge of BNPL shows no signs of slowing and is likely to grow exponentially in the coming months and years. The oncoming Diwali season is showing an increased demand for BNPL as consumers are eager to indulge in high-value shopping with the Pay Later options readily available on most mega eCommerce platforms.

    FAQs

    What is BNPL?

    BNPL, short for Buy Now Pay Later, is a financing option that enables customers to buy a product or service and pay for it later within a specified interest-free period.

    What is the best BNPL in India?

    Some of the top BNPL apps in India are:

    • ZestMoney
    • LazyPay
    • Amazon Pay Later
    • Flipkart Pay Later
    • PostPe

    How does BNPL help push eCommerce sales during Diwali?

    BNPL plays an important role in pushing eCommerce sales during the Diwali season. It gives customers more control over how and when they want to pay for their products or services. This leads to a better customer experience which in turn helps in increasing sales.

  • How FIFA Makes Money? | How It Impacts the Global Economy?

    The year was 1872 when the first official football match was played between England and Scotland. From there on, football spread across Europe, giving birth to the Scottish Football Association in 1873. This was the second National Football Association, the first one being the Football Association, as the world’s only governing body for regulating the game.

    As the love of the game spread, and the number of international matches increased, there emerged a need to set up a global governing body and FIFA (Federation Internationale de Football Association) was founded on May 21st, 1904 in Paris. It is one of the oldest and largest NGOs in the world. It united the Football governing bodies of France, Belgium, Denmark, Netherlands, Spain, Sweden, Germany, and Switzerland.

    FIFA continued to grow and expand in federations and influence. The first non-European member to join FIFA was South Africa in 1909. In 1912, Argentina and Chile joined, and the US and Canada joined just before World War I in 1913. Since then, FIFA has continued to grow, being able to monopolize international matches. FIFA currently has 211 member associations. According to its official website, FIFA is “modernising football to be global, accessible and inclusive in all aspects. Not just on one or two continents, but everywhere.”

    How FIFA Makes Money?

    How Does FIFA Impact the Global Economy?

    FIFA World Cup – Hosts, Winners and Top Teams

    How FIFA Makes Money?

    FIFA's Major Sources of Revenue
    FIFA’s Major Sources of Revenue

    As a non-profit organisation, FIFA invests a large portion of its earnings back into the development of the game. Having said that, FIFA also has tremendous revenue-generating power. Most of FIFA’s earnings come from organising and marketing major international competitions, continental championships, and the FIFA Confederations Cup. The most popular competitions are the Men’s and Women’s World Cups, which are played every four years.

    The World Cups are one of the biggest events across the globe and also one of FIFA’s primary sources of revenue. There are other sources like television rights, marketing rights, hospitality and ticketing rights, and licensing rights that generate revenue for the federation. FIFA also makes strong efforts in minimizing costs, which allows for the majority of their revenues free to be reinvested in the development of Football.

    Television Rights

    The competition for broadcasting rights between television stations is often serious due to the global popularity of the sport. FIFA gives the rights once the negotiation between the television station and the federation is completed. FIFA is generally able to win its demands due to the sport’s large fan following.

    Marketing Rights

    FIFA’s revenue generated from selling marketing rights is expressively high and it is also one of the major reasons for the increased corruption. This revenue is generally generated in the four years, leading up to the World Cup.  

    Hospitality and Ticketing Rights

    FIFA’s direct subsidiary company enjoys 100% of the ticket sale rights. The federation also generates significant revenues from hospitality and accommodation rights.

    Licensing Rights

    The four-year period between the World Cups generates a large sum as licencing rights for FIFA, increasing every year as the World Cup draws near. This amount of the licensing fees includes the sale of brand licensing contracts, royalty payments, etc.

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    How Does FIFA Impact the Global Economy?

    Revenue of International Federation of Association Football (FIFA) from 2015 to 2021
    Revenue of International Federation of Association Football (FIFA) from 2015 to 2021

    To host the FIFA World Cup, which takes place every four years, countries enter into a bidding war against each other in a harsh competition, after which the host country is decided by the federation. Each World Cup attracts a large audience, domestic and foreign. This puts huge pressure on the country’s infrastructure.

    However, it also attracts investors, facilitating financial development. The World Cup also acts as a catalyst to attract more tourism to the host country. The FIFA World Cup elevates the global economy by creating jobs, generating billions in total economic activity, and strengthens economic development opportunities by generating tax revenues for local communities, not only in the host country but across the countries where the sport is most celebrated.

    A few facts on how FIFA affects the global economy are:

    • More than half the population of the globe either tunes in or travels to the host country to watch the FIFA World Cup.
    • Figures indicate that the FIFA World Cup of 2002 generated a revenue of USD 9 billion for Japan and South Korea, USD 12 billion for Germany in 2006 and USD 5 billion for South Africa in 2010.
    • 222,000 jobs in Russia were created and supported by the FIFA World Cup.

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    However, wherever there are advantages, there are also disadvantages. There are ways in which FIFA also negatively impacts the local economy of the country hosting the World Cup.

    • Alternate expenses are not considered as the money which people would have otherwise spent on other activities like holidays, dinners and movies are diverted towards football.
    • FIFA has a whole host of conditions for the country hosting the World Cup, like state of the art stadiums, hotel accommodations for the players, etc., which are borne by the government and can run into large sums. This puts stress on the country’s economy.
    • A large part of the earnings from hosting the World Cup is taken by FIFA. The host country rarely gets any part of the profit. This results in the host country bearing the expenses while FIFA gets the profits.
    • Economists argue that the boost to tourism is only temporary, which falls back to previous levels once the World Cup event is over. This does not significantly affect the tourism industry.
    • The biggest loss to the host government is the tax it might have earned on FIFA’s earnings. However, whatever FIFA earns is tax-free and the government loses significant earnings.

    According to a report, many economists have questioned FIFA’s practice of bidding for selecting the host country for the FIFA World Cup. They have not been able to find any conclusive benefits of hosting the event.

    Conclusion

    As long as there is a craze associated with Football and the World Cup, FIFA will continue to exert its power over countries who are willing to host the World Cup event. Although FIFA receives many complaints over its bidding process or the resultant corruption, the sport itself enjoys a large fan base across the globe. FIFA is working towards making its bidding process more transparent and significantly reducing corruption. They are also working towards improving sponsorship levels as well as continuing to work for the betterment of the game.

    FAQs

    How FIFA makes money?

    Around 95% of FIFA’s revenue comes from:

    • Selling Television Rights
    • Marketing Rights
    • Hospitality and Ticket Rights
    • Licensing Rights

    Is hosting FIFA profitable?

    The major source of profit in the FIFA World Cup comes from selling tickets and television rights. However, the profit generated here is taken by FIFA and the host country does not get a part in it.

    What does FIFA do with their money?

    FIFA runs and generates profits in a four-year cycle. FIFA spends most of its money on the development of football all around the world.

    In which country FIFA 2022 will be held?

    The 2022 FIFA World Cup is scheduled from 20th November 2022 to 18th December 2022 in Qatar.

  • How Rapido Is Rapidly Beating Ola and Uber in India?

    India’s mobility tech sector, while unorganised, has seen unprecedented growth in the last decade. This is largely due to inadequate public transport infrastructure and an increasing demand for convenience and affordability.

    In the coming years, the shared mobility sector is set to witness greater democratisation and reach nearly 15 crore users by 2025. With a deeper penetration into non-metro cities, the economy will receive a boost by creating a viable revenue-generating opportunity for more than 3 million drivers across various platforms.

    With year-on-year growth, the Indian market has evolved to add more categories. The Indian mobility market is growing in line with the global trend. However, there is some localisation like rapid traction for two-wheelers and three-wheelers as well.

    Post the Covid-19 pandemic, bikes and autos have seen rapid traction and are gaining share quickly within the wider market.

    What is Rapido? – The Initial Journey
    The Challenges Faced by Rapido
    The Revival and Growth of Rapido
    Rapido’s Monitoring and Support Systems
    Rapido’s Sustainability

    The Future of Bike Taxi | Rapido Case Study

    What is Rapido? – The Initial Journey

    Aravind Sanka was on the verge of closing his local startup ‘theKarrier’, frustrated with the increasing traffic and cost. It was his two friends, Pavan and Rishikesh who came up with the suggestion of using two-wheelers as a way to work around the Bangalore city traffic issue. This idea prompted them to study consumer behaviour within the city and Rapido was conceived.

    In 2015, Pavan Guntupalli, Rishikesh SR and Aravind Sanka founded Rapido, an online bike taxi aggregator. Based in Bangalore, its fundamental and operational ideology was to create something unique and distinct from Ola and Uber. The aggregator particularly focused on hiring drivers possessing two-wheelers and allowed them to register and verify the information with the company.

    Rapido understood the issues and problems posed due to increasing traffic. Time and cost would eventually increase for the customers. This insight allowed them to strategize and plan for successful motorcycle rides. Their slogan ‘Ride Solo’ amplifies their ideology of offering services that are dependable, convenient and economical. Their stipulation for their captain’s two wheeler-vehicles not being any older than 2010 showcases their care for safety.

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    The Challenges Faced by Rapido

    Within the first month of launching Rapido, it received more than 10,000 downloads and gained popularity quickly. However, Ola and Uber saw the rising popularity and launched their own services within the two-wheeler market as well. This proved to be a huge challenge for Rapido, as the market giants were cash rich and could very well outrun Rapido by undercutting their rides by a huge margin.

    Rapido’s funds were depleting and this prompted Aravind to pitch to investors. However, investors were wary about Rapido’s sustainability in view of Ola and Uber’s strong grasp on the market. By 2016, Rapido’s future was bleak and it was on the verge of closing its doors.

    The Revival and Growth of Rapido

    Indian Bike Taxi Market Forecast (2021-2030)
    Indian Bike Taxi Market Forecast (2021-2030)

    The CEO of Hero Honda Motor Corporation, Pawan Munjal realised the potential for the success of Rapido. He not only invested in Rapido but helped them strategize their growth plan and the road to reach it.

    While Ola and Uber were strong in urban, metropolitan cities, they were less focused on tier 2 and tier 3 cities. This is where Rapido turned their focus. They built a local ecosystem that was in line with the needs of tier 2 and tier 3 cities. They built a two-pronged approach:

    • Provide bike rides to daily commuters with no vehicles.
    • Provide riders to commuters with bikes and help build a secondary income model.

    This brilliant strategy took quick roots allowing Rapido to strengthen its presence and grow its market share.

    Rapido’s Monitoring and Support Systems

    Their Rider Motoring System (RMS) tracks all their rides including ensuring the riders possess all necessary documentation, their behaviour with customers and their adherence to speed limits. Their riders who have clocked the most number of rides are regularly rewarded. This keeps their motivation high to provide consistent and best services to customers. Where Rapido excels is in a concentrated feedback loop. Their network is smaller than Ola and Uber but is more focused on providing better services.

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    Rapido’s Sustainability

    Rapido’s business model is similar to Ola and Uber. In some cases, Ola and Uber are far more advanced, technologically. In a scenario like this, Rapido has not only maintained a profitable business model but built it to sustain itself. Their operational ease and robust support systems for their drivers are what makes the company a preferred place of work.

    1. Rapido built and maintained its reward structure for its drivers. This builds trust among its drivers and keeps the momentum high for servicing its customers. Unlike Ola and Uber, which had announced a reward system for their drivers but they have not kept it updated.
    2. Rapido’s withdrawal system is friendly to drivers, allowing them to withdraw their earnings on a weekly or even daily basis, as required. This is too, unlike Ola and Uber, which have an inflexible accounting system.

    Conclusion

    What Rapido has done is not so far out of imagination. They have merely taken a different and less populous route to success. Their journey is a classic example of simply going through a window when the door closes.

    Their keen observation allowed them to spot the existing opportunity and then grab it with both hands. What does their ideology teach? Concentrate on what is personal strength and build on it.

    FAQs

    How did Rapido fought Ola and Uber?

    While Ola and Uber were strong in urban metropolitan cities, they were less focused on tier 2 and tier 3 cities. So, Rapido built a local ecosystem that was in line with the needs of tier 2 and tier 3 cities. Rapido understood the issues people faced due to traffic and this allowed them to strategize and plan for successful motorcycle rides.

    Which is cheapest bike ride app?

    Some of the cheapest bike ride apps are:

    • Rapido Bike Taxi
    • Ola Bikes
    • UberMoto
    • Mopedo Bike Taxi

    How much does 1 km of Rapido cost?

    Rapido charges ₹35 for 2 km as a base price. After the 2 km distance, it charges ₹15 per km.

  • Who Owns the Media in India? | A Connection of Business, Politics, and More

    Television, Radio, Cinema, Newspapers, Magazines and internet-based Websites and Portals are all various arms of the Indian Media – among the oldest in the world. Out of the 880 satellite TV channels, more than 380 are news channels, several among them relaying current affairs 24×7.

    However, a large number of media outlets and the country’s rich culture and ethnicity do not translate into a variety of news supply. Ironically, the media ownership concentration indicates the opposite and a significant trend towards the control of content and public opinion.

    Who Owns and Runs Indian Media?
    New Delhi Television (NDTV)
    Network18 Media and Investments Limited
    Republic TV
    India News
    Times Now
    Why Do Media Monopolies Flourish?

    Indian Media’s Credibility Crisis during Covid-19

    Who Owns and Runs Indian Media?

    Value of Media and Entertainment Industry in India (2019-2024)
    Value of Media and Entertainment Industry in India (2019-2024)

    There is a strong connection between media, business and politics. Most of the leading media companies are owned by large conglomerates which are controlled by founding families with a vast array of business interests other than media.

    The last few weeks’ news headlines have been bursting with consistent news of the hostile take-over of NDTV by the Adani Group. It seems to be a good place to begin delving into this seemingly bottomless pool of secretive allegiance of the media to its various counterparts.

    New Delhi Television (NDTV)

    Adani Group to Acquire a Majority Stake in NDTV
    Adani Group to Acquire a Majority Stake in NDTV

    The news channel has been openly biased towards the Congress and notoriously anti-BJP in the recent past. It was a majorly held company between a few individuals and corporate groups – Radhika Roy, Prannoy Roy, RRPR Private Holding Ltd. and Oswal Greentech Ltd. The murky ownership of NDTV goes deeper with Radhika Roy being the sister of Brinda Karat, a Rajya Sabha MP from CPI(M). Abhay Kumar Oswal, the owner of Oswal Greentech Ltd., is the father-in-law of Congress MP Naveen Jindal. Prannoy Roy is the first cousin of Arundhati Roy – erstwhile winner of the Booker Prize for her book ‘The God of Small Things.’

    A little over a decade ago, Prannoy and Radhika Roy, borrowed approximately INR 403 crore from Vishvapradhan Commercial Pvt. Ltd. (VCPL), in exchange for warrants allowing them to acquire approximately 29% stake in the news group. The Adani Group acquired VCPL and exercised those rights. In accordance with Indian Regulations, the group put forth an open offer to purchase 26% more from existing shareholders, giving them an opportunity to exit. Adani Group stands to acquire more than a 55% stake in the popular news network, NDTV if the two-pronged strategy succeeds.  

    Network18 Media and Investments Limited

    Formerly known as SGA Finance and Management Service and Network18 Fincap Limited, passed ownership a couple of times and also went through a restructuring and founded a subsidiary called Global Broadcast News (GBN). A series of losses between the years 2008 and 2010 with existing debts drained the company’s funds. In an effort to mitigate its financial losses, the company began restructuring and consolidating its assets. Their efforts proved futile as, after 2011, it faced possible financial collapse and loss of control for its managing director Raghav Bahl. By September 2011, the company had accumulated a debt of INR 1400 crores and was on the lookout for external financing to bail itself out. Reliance Industries Ltd. (RIL) entered into a partnership with Network18 and infused funds through Independent Media Trust.  

    Over the next couple of years, through a series of business dealings and manoeuvring, RIL succeeded in gaining total control over Network18 Media and Investments Ltd.

    Network18 Owned by Reliance Industries Limited
    Network18 Owned by Reliance Industries Limited

    It is assumed, that the main reason behind RIL gaining control over Network18 was the network’s incessant coverage of Arvind Kejriwal and his allegations against RIL supremo, Mukesh Ambani over the irregularities in the pricing of natural gas in the Krishna-Godavari Basin. No charges were filed, however, and RIL denied the allegations vehemently.  

    Today, Reliance Industries Ltd., through Network18 Media and Investments Ltd., owns TV18 Broadcast, Web18 Software Services, Network18 Publishing and Capital18. Through subsidiaries and franchise licensing agreements, the Network18 group owns and operates news broadcasting networks of News18, ETV and CNBC India channels, Forbes India and Overdrive magazines, Moneycontrol and Firstpost websites.  

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    Republic TV

    Contrary to popular belief, Republic TV and Republic Bharat are both owned and run by ARG Outlier Media Pvt. Ltd, allegedly funded by Rajeev Chandrashekhar. He is the Bhartiya Janta Party member of parliament in the Rajya Sabha and the vice-chairman of the Kerala Wing of the National Democratic Alliance. The general belief is that Republic TV and Republic Bharat are both owned by anchor Arnab Goswami.  

    India News

    This media news channel is owned by former Congress leader Venod Sharma’s son Karthikeya Sharma. Karthikeya Sharma is the brother of Manu Sharma who has been sentenced to life imprisonment for the murder of Jessica Lal. Karthikeya Sharma is the owner of ITV Media group operating many news channels including News X.  

    Times Now

    The giant Times Group, owned by Bennett, Coleman and Company Limited, is one of the most powerful and influential media houses in the country. It owns Times of India, Navbharat Times, Mid-Day, Stardust, Femina, Vijaya Times, Vijaya Kannada and Times Now News Channel. A major share in the company is owned by an Italian Robertio Mindo, who is a close relative of Sonia Gandhi.

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    Why Do Media Monopolies Flourish?

    The reason for the foray into the news space by large conglomerates is for the edge that it gives their companies. The acquisition of Network18 by RIL was one of the first corporate takeovers of a news media channel. With RIL’s deep interest in the energy sector, this move was considered a part of a trend of growing commodification of information, detrimental to the treatment of journalism as a public service.

    The reason for these flourishing monopolies can be fairly laid at the door of non-existent laws and regulations that prevent:

    • Horizontal monopolies specific to the media industry
    • Cross-media ownership and vertical integration in the media
    • Disclosure norms for media ownership
    • Media monopolies not linked with a lack of freedom of speech

    In the absence of strict laws, media in India is self-regulated by News Broadcasters Association and Indian Broadcasting Foundation which lays down guidelines, rather than rules.

    Conclusion

    The political affiliations of media channels prior to corporate takeovers have already travelled the path of misinformation, selective information and commodification of information. As one of the biggest media markets in the world, Indian media ownership and control in the hands of a few reflects its inability to report with objectivity and without bias. Be it political, business, religious or any other type of affiliations, journalism needs to be free and clear of such loyalties or biases to be truly a public service, working only for the public interest at large.

    FAQs

    Which is the most-watched news channel in India?

    According to Reuters Institute at Oxford University’s latest report, NDTV 24X7 is the most-watched news channel in India.

    Who is taking over NDTV?

    AMG Media Networks, a subsidiary of Adani Group bought Vishvapradhan Commercial Pvt. Ltd. (VCPL) in exchange for warrants allowing them to acquire approximately 29% stake in NDTV. Adani Group has also announced an open offer to acquire a 26% additional stake in NDTV.

    Which are the top news channel in India?

    The top news channel in India are:

    • NDTV
    • India Today
    • ABP Network
    • Republic TV
    • Times Now
    • Network18
    • Aaj Tak

  • An Overview of the Telemedicine Industry in India 2022

    Do you know which industry saw a major boost during the COVID-19 Pandemic?

    During the outbreak where most of the industries were drastically falling, there was one industry that skyrocketed and acted as a catalyst for innovation.

    I am talking about the telemedicine industry.

    When the COVID-19 cases were increasing rapidly telemedicine was the only hope for the government and doctors to provide healthcare to the patients.

    According to Statista, in 2019 the telemedicine market size in India was around 829 million U.S. dollars.

    This figure is expected to reach 5.4 billion U.S. dollars by 2025.

    This huge figure shows us that the telemedicine industry will be growing at a rapid speed.

    But, where does India stand in the telemedicine industry?

    Let’s find out.

    What is Telemedicine?
    Telemedicine Industry in India During Pandemic
    Government’s Efforts to Strengthen Telemedicine Industry
    Teleconsultation Market on a Boom
    Top 3 Key Players in Telemedicine Industry in India
    Future of Telemedicine in India

    What is Telemedicine?

    When doctors use telecommunication technology like phone calls, email, SMS/chat, and video calling to diagnose and treat patients remotely it is known as telemedicine.

    Booking a video call consultation with a doctor using Practo or Pharmeasy or transfer of medical images between different hospitals for diagnosis are all examples of telemedicine.

    The above graph shows the telemedicine market size in India as per the data shared by DataLAbs. The market is estimated to cross 5.4 million US dollars by 2025
    The above graph shows the telemedicine market size in India as per the data shared by DataLAbs. The market is estimated to cross 5.4 million US dollars by 2025

    Telemedicine Industry in India During Pandemic

    Telemedicine is not a new concept in India. It was introduced by the Indian Space Research Organization (ISRO) in 2001.

    The Health Ministry also deployed a National Telemedicine Task Force in 2005 under the Ministry of Health and Family Welfare (MoHFW).

    But still many health centers and even Indians never took telemedicine seriously.

    Patients felt that they won’t get a proper diagnosis and treatment if they consulted a doctor via video calling and preferred meeting the doctor in person.

    Although when coronavirus happened in India everything completely changed.

    Within just 4 months of coronavirus hitting India, in June 2020, the country had already crossed the 5 lakh corona cases mark with a death toll of 15,619.

    Since India is the 2nd most populated country in the world coronavirus cases were increasing rapidly.

    There was a lack of health care, beds, and oxygen all over the country.

    Situations in rural areas were even worse. In rural areas hospitals needed 3-5 times more nurses and 5 times more paramedics.  

    During such severe times, telemedicine helped doctors in diagnosing patients virtually with just a smartphone or laptop.

    When the concept of social distancing started emerging people understood that telemedicine would guarantee them maximum safety against the virus.

    The behavioral pattern of people toward telemedicine completely changed.

    In India people usually visited doctors when they were sick. But, due to the outbreak people started emphasizing health checkups.

    People started accepting teleconsultation, teleradiology, telepathology, and e-pharmacy.

    A report by Practo suggested that the online consultation had increased by 500 percent between March 1 to May 31, 2020.

    Over 2 crore Indians accessed healthcare online during those 3 months as per the report.

    This shows how much terror the coronavirus created in the minds of Indians within a month.

    Practo witnessed 80% of first-time telemedicine users on its app and a 67% drop in in-person visits. Indians consulted doctors virtually 2 times per month.

    As per the survey conducted by EY Parthenon's life, the above graph shows the comparison and willingness of different age group people to have a telehealth visit in percentage
    As per the survey conducted by EY Parthenon’s life, the above graph shows the comparison and willingness of different age group people to have a telehealth visit in percentage 

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    Government’s Efforts to Strengthen Telemedicine Industry

    To be very frank, the Indian government never made any efforts to strengthen the means of telemedicine around the country.

    But, due to the coronavirus, the government started deploying telemedicine services across various health centers.

    You will be shocked to know that the Indian government never released any guidelines on how telemedicine would work around the country.

    But, due to the drastic negative impact of coronavirus around the country, the government on 25th March 2020 issued ‘Telemedicine Practice Guidelines’ that provided a framework for the practice of telemedicine.

    These guidelines provided all the norms and protocols for the telemedicine practice like doctor-patient relationship, treatment, informed consent, continuity of care, privacy and security of patient’s details and medical records, and much more.

    The guidelines also mentioned which technology and tools will be used to treat patients.

    The government also developed a telemedicine app, eSanjeevani to give free OPD services to Indians. In March 2022, eSanjeevani completed 3 crore teleconsultations.

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    Teleconsultation Market on a Boom

    The teleconsultation market in March 2020 was $26 million which grew to $163 million in March 2021.

    It is expected for the market to grow by 72% which is about $836 million by March 2024.

    According to the ‘Outpatient Healthcare Market in India’ study by Praxis Global Alliance, the total number of consultations in India in FY2021 crossed 4 billion. Furthermore, $26 billion were spent on outpatient prescriptions.

    The report also found out that the outpatient doctor consultation spend is valued at $10.4 billion.

    General physicians are in high demand, accounting for 60 percent of the consultations.

    Top 3 Key Players in Telemedicine Industry in India

    There are many new startups emerging in the field of telehealth and telemedicine.

    Some of them have revolutionized the industry and many more are on the way to create a new norm for people.

    Let’s see some of the best Indian telemedicine companies.

    PharmEasy

    PharmEasy Website
    PharmEasy Website

    PharmEasy is a healthcare super app headquartered in Mumbai that provides consumers with a wide range of medicines, comprehensive diagnostic test services, and teleconsultations.

    Siddharth Shah founded this company in 2014.

    The company has 25 million registered users on its app.

    PharmEasy earned a revenue of $315.99 million in FY2021. The company has got total funding of $1.6B.

    In May 2021, the company acquired Medlife, another healthcare app that provides its users with pharmacy, diagnostics, and e-consultation.

    By acquiring Medlife, PharmEasy has become the largest healthcare delivery platform in India.

    TATA 1mg

    TATA1mg Website
    TATA1mg Website

    1mg was established in 2015 by the joint efforts of Prashant Tandon, Gaurav Agrawal, and Vikas Chauhan.

    The 1mg company provides healthcare services like e-pharmacy, diagnostics, e-consultation, and lab tests.

    The company is headquartered in Gurgaon, India.

    In June 2021, TATA Digital, a subsidiary of TATA Group acquired a 55% stake in the company.

    1mg has raised total funding of  $204.6M. In FY2021, the company recorded a revenue of Rs 357.9 crore.

    Practo

    Practo Website
    Practo Website

    Practo provides medicine delivery, online consultation, and diagnostic tests via Practo labs.

    It also has a comprehensive medical directory that has verified information about 1,00,000+ doctors.

    Shashank ND and Abhinav Lal founded this company in 2008. The head office of this company is in Bengaluru.

    Recently, the company has also started 50+ Practo Care Surgery clinics in six key cities (Bengaluru, Mumbai, Pune, Delhi-NCR, Hyderabad, and Ahmedabad).

    The clinics have experienced surgeons that provide General Surgery, Proctology, Gastrology, and Urology treatments to the patients using advanced medical procedures.

    Practo has total funding of $228.2M.

    Future of Telemedicine in India

    In September 2021, Prime Minister Narendra Modi launched ‘Ayushman Bharat Digital Mission’ to digitize the health ecosystem.

    Under this mission every Indian will receive a digital health ID which will contain details of their diseases, tests taken, doctors visited and the medicines taken.

    This ID will help hospitals, insurance companies, and citizens to access health records electronically.

    Citizens can get their health ID free of cost.

    Doctors will give digital prescriptions which will prevent unauthorized doctors from treating people.

    Another aim of the program was to establish Healthcare Professional’s Registry (HPR) and Healthcare Facilities Registry (HFR).

    These can allow electronic access to medical professionals and health infrastructures.

    A special announcement was made during the union budget by the government. The government allocated 86200.65 crores for the health sector with a hike of about 16% over Rs 73,931 crore in 2021-2022.

    The reason behind this huge hike was the coronavirus.

    The government wants no stone unturned when it comes to strengthening the country’s health sector.

    Another effort made by the government was to roll out the Tele Mental Health Programme. The prime focus of this program was to build a network of 23 excellent telemental health centers.

    The National Institute of Mental Health and Neuro-Sciences (Nimhans) will be allocated as the nodal center.

    While the International Institute of Information Technology-Bangalore (IIITB) will provide technical support.

    This program was essential because most of the time mental health is ignored by a lot of people.

    Many people don’t even know that they are going through a mental crisis. The program will help in preventing mental issues across all age groups and genders.

    All these programs and the government’s increased funding in the healthcare sector will surely push the field of telemedicine in India to the next level.

    Conclusion

    As you can see, the telemedicine industry is growing at a rapid speed. In the future, you will see many people booking online consultations with doctors.

    Indians must adapt to this new method because telemedicine helps in saving costs and time.

    Most importantly, it also reduces the wastage of gloves and masks which are needed when doctors and patients meet in offline mode.

    This does not mean the traditional mode of patient-doctor meetings will disappear completely.

    It would still exist because complicated medical procedures cannot be done online.

    But, the government and people should help in boosting the development of telemedicine because coronavirus is still present.

    We will see many more variations of coronavirus in the future. During such uncertain times, we should have advanced technologies and a robust framework for telemedicine.

    FAQs

    What is the value of the telemedicine market in India?

    In 2019, the telemedicine industry was around 829 million U.S. dollars. This figure is expected to reach 5.4 billion U.S. dollars by 2025.

    How many telemedicine companies are there in India?

    As per the data shared by industrywired.com, there are approximately 3225 health-focused startups in India for 2022 with many more in the progress.

    Is telemedicine an industry?

    Telemedicine allows health care experts to treat and observe patients remotely. After the pandemic, this field is expected to grow into a 250-billion-dollar industry.

  • Top 12 Reasons Why Most Startups Are Registered in Singapore

    A recent study revealed that between 2000 and 2012, 4000 Indian startups have registered in Singapore. As of 2020, this number has grown to nearly 8,000. This is despite the fact that the Indian ecosystem is the third largest in the world after the United States of America and China.

    A Brief History
    Reasons for Startups’ Registration in Singapore

    Registering a Business in Singapore – All You Need to Know

    A Brief History

    India and Singapore share a common culture, history and ethnography. The countries’ values and social norms can be traced to South Asian Indo-Chinese cultural patrimony. Both countries are a part of the commonwealth of nations and were under British rule for a long time. India and Singapore received their Independence around the same time. After independence, both countries were severely underdeveloped. India and Singapore have strong trade ties.

    However, this is where the similarities ended. While Singapore has grown to become a showcase of economic progress, India’s economy has progressed unsteadily and haltingly. India has followed a meandering but democratic path from a closed socialist economy to a market-based economy. Singapore’s market approach has been resolute, steadfast and undergirded by a tinge of authoritarianism.

    Even when it comes to topics like law and order, Singapore ranks higher than India having been successful in running a rule-following, corruption-free, market-based economy. The wide gap between the two countries is visible in their approaches towards the regulation of their economies. Singapore promotes a light-touch compliance-based regulatory framework, while India operates a complex, heavy-touch system that is mired in corruption.

    Singapore also ranks higher than India in other factors like political stability, crime levels, rule of law, multicultural harmony, economic stability, foreign reserves, currency stability and global integration.

    Reasons for Startups’ Registration in Singapore

    There are some generic and specific reasons which are prompting Indian startups to register their companies in Singapore. India is one the toughest countries to conduct business. In the World Bank Ease of Doing Business report of 2020, India at no. 63 as opposed to Singapore’s rank of No. 2.

    Ease of Doing Business in Singapore Score from 2014 to 2020
    Ease of Doing Business in Singapore Score from 2014 to 2020

    Corporate Taxation Structure

    There is a marked difference in the Corporate Tax rate between the two countries. Indian Corporate tax rate for domestic companies is at a whopping 30%, whereas Singapore’s corporate tax is more attractive at 17%.  

    Dividend Distribution Tax

    In India, the dividend is paid from the company’s post-tax profits. However, the dividend amount that is paid is also taxed. Singapore avoids this double taxation and the company is not taxed on the dividends that are paid to the shareholders.

    Capital Gains Tax

    India’s Capital Gains Tax structure is high. It is anywhere between 15% and 20%. Such a high tax structure works almost like a penalty for entrepreneurship and risk-taking. Singapore does not have Capital Gains Tax within its Taxation framework.

    GST Structure (Value Added Tax)

    India’s GST structure ranges from 5% to 28%, depending on the products or services sold by the company. In Singapore, however, the value-added tax is fixed at 7% with many goods and services exempt from it as well.

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    Taxation and Other Benefits

    The Indian government does not give any significant benefits to startups – either in Taxation or any other advantages. To put it bluntly, Singapore rolls out the red carpet for new entrepreneurs.

    Infrastructure and Quality of Life

    Singapore offers world-class infrastructure for burgeoning businesses and also a better quality of life. Indian Infrastructure is yet to reach that level and amenities of life can be challenging even for the rich elite within the country.

    Global Advantage for Business Expansion

    Singapore’s extensive network of tax treaties with other countries, including India, makes it easy for Indian companies to conduct international business. Of course, the bigger attraction is that businesses avoid double taxation on their income.

    Number of Investment Deals Made in Tech Startups Based in Singapore from 2018 to the first half of 2020
    Number of Investment Deals Made in Tech Startups Based in Singapore from 2018 to the first half of 2020

    Ease of Foreign Investment

    India’s laws on foreign investment are complex with a lot of red tape. Singapore, however, makes it easy to do foreign investments which is quick, secure and confidential.

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    Ease of M&A Activities

    Singapore’s robust infrastructure for Mergers and Acquisitions (M&A) is ideal for an Indian startup to operate the Singapore business as an M&A arm. Nearly all of the world’s investment banks, consulting firms and accounting firms have a strong presence in Singapore.

    Singapore has a clean, efficient and well-functioning legal system which is very attractive to international deal-makers. Any disputes can be settled either through Singapore’s court system or its extremely effective Alternative Dispute Resolution System.

    Setting up a Holding Company

    A Singapore-based holding company is a very common corporate structure for Indian startups. It is very useful when a company is growing and taking unquantified risks. Such a holding company can provide risk management and flexibility in terms of dividing the ownership of the component companies among various parties. Often the holding company may own the assets that are used by its subsidiaries. Investing in an Indian company through a holding company based in Singapore provides substantial tax benefits.  

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    Currency Risks for India-based Businesses

    Indian businesses that deal with payments in foreign currencies run a significant currency risk, the target foreign currency moves in an adverse direction to the Indian Rupee. Due to the high volatility of the Indian Rupee, this risk is high and real. An alternate approach is to hold assets in stable currencies like USD, GBP, EURO or SGD. This is easily achieved by creating a Singapore subsidiary which has one of the most well-run foreign currency markets.

    Conclusion

    As more entrepreneurs join the growing Indian Economy consensus is building regarding providing recommendations to the Indian Government to pave the way for ease of operations for startups.

    FAQs

    Why do startups prefer Singapore?

    Startups prefer Singapore because of its extremely attractive tax rates. Singapore’s corporate tax of 17% is one of the lowest in the world.

    Why did Flipkart register in Singapore?

    One of the most prominent reasons why Flipkart registered in Singapore is the customs duty. Compared to India, Singapore has no export duty and only a limited import duty on products like petroleum, tobacco, etc.

    What are the benefits of having a company in Singapore?

    The following are the benefits of having a company in Singapore:

    • The corporate Tax rate is 17%
    • Dividends are tax-free
    • Ease of Foreign Investment
    • No capital gains tax
    • A low value-added tax of 7%

  • How Does McKinsey Make $500,000+ on a Single Presentation?

    A management consulting firm provides professional expertise and specialized service for a fee, through the use of consultants. These consultants possess a broad spectrum of skills in various domains like management, engineering, etc. These management consultants work with businesses to enhance their performance and encourage growth across various functions like business strategy, finance, HR and marketing.

    Organisations hire management consulting firms to help them answer hard questions that they are facing in a bid to work through the roadblocks that they face. Their worth lies in the specific expertise they offer.

    • Their answer matters which is why they are expensive to hire
    • They are rare and offer solutions that are unusual and unique
    • Their expertise is a result of access to cross-industry and cross-functions which gives them insights not often available to others

    McKinsey & Company – An Overview
    McKinsey’s Four-Step Solutions
    How McKinsey Makes $500,000+ on a Presentation?
    The McKinsey Way

    McKinsey & Company – An Overview

    Size of Global Consulting Market from 2015 to 2020
    Size of Global Consulting Market from 2015 to 2020

    McKinsey & Company is one such management consultancy firm that delivers asset-based insightful consultancy that makes a quicker impact on the client’s performance. Their solutions leverage advanced technologies, proprietary data and deep expertise through four steps:

    • Diagnostics
    • Market Intelligence
    • Management Technology
    • Analytics

    Their expert consulting ranges from Agriculture to Healthcare Systems & Services, Oil & Gas, Financial Services, Metals & Mining, Retail, Electric Power and Natural Gas, Aerospace & Defence and Technology & Media and Communication.

    Within the space of each industry, the consulting firm offers unique and insightful solutions based on specific business functions:

    • Strategy & Corporate Finance
    • Operations
    • Marketing & Sales
    • Organization
    • Digital
    • Sustainability
    • Risk
    • Transformation

    McKinsey’s Four-Step Solutions

    Businesses function with foresight along a focused path to reach a pre-determined goal. There are obstacles, challenges and various deviations that businesses encounter that require thoughtful and contemplative responses and resolutions. This is where McKinsey suggests a specifically designed 4-step approach:

    1. Reduce product cost through Cleansheet Analysis.
    2. Leverage digital to stay competitive through Digital 20/20.
    3. Improve network reliability and reduce costs with predictive asset maintenance through Power Solutions.
    4. Get data-driven insights for wealth management through PriceMetrix.

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    How McKinsey Makes $500,000+ on a Presentation?

    Making presentations is easy. One would think so, but making a presentation that is effective, concise, focused, action-oriented, filled with new insights and delivers an action plan that points to a realistic path to the final goal is a challenge. Designing such a presentation requires skills, careful thought and a structured template that can be applied to the various needs of any business.

    As a Management consultant with a global reputation, McKinsey & Company has devised such a template. Their presentation employs three simple concepts – Story, Flow and Structured Arguments.

    The entire presentation is broken down into different stages. It begins with engaging the audience and feeding their curiosity about why the audience needs to read. The stages are:

    SCQA Framework

    The SCQA framework refers to four points that set the tone of the entire presentation.

    • Situation (S) – What is the current stage of the company?
      This details the current status of the company and the path it is on. Also, it subtly introduces that the company is likely to stay at this stage if there is no intervention.
    • Complication (C) – What needs to change?
      This refers to the complications like the owners would like to see higher profits, expansions, more ROI, etc.
    • Question (Q) – How can the complication be solved?
      The Complication leads to this question – What can the owners do next to achieve their goals and ambitions?
    • Answer (A) – This deserves its own slide – up next
      This is where the engagement happens. The stage is now set and the audience is fully engaged and curious about the next step.

    Leading with the Answer

    The fourth point of the previous slide (the answer) is the one that is displayed here. The examples for this particular answer follow in the upcoming slides. This allows the audience time to digest the answer. It also creates confusion and questions which is advantageous when following up with the reasons for this answer.

    Employing the Pyramid Principle

    The Pyramid Principle for Presentations
    The Pyramid Principle for Presentations

    Now come the reasons for the answer that was provided in the previous slide. The answer is backed by 3-5 key arguments. These arguments, in turn, are supported by facts, figures and data. To drive the point home more firmly, each argument is depicted using the pyramid principle. Clarity is achieved by showcasing one argument per slide. There are no overlaps and nothing is missing.  

    Build a Storyline

    The main idea is that the answer along with its reasonings and arguments is driven across to the owners. This is achieved by combining all the previous slides into one and building a compelling storyline. This includes presenting the key takeaways, the main arguments supporting the final answer and the reasons why the owners must care.

    The Slide Title Justifies the Goal

    This final slide is the last stage that firmly drives the conviction deeper. This slide supports the point made in the title. It explains how the data leads to the key takeaways. It shows the supporting findings and data that were highlighted in the pyramids and it gives context to the arguments.

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    The McKinsey Way

    As management consultants, understanding the inner functions of their client’s business processes is second nature to McKinsey. However, analysing the data, breaking down the process complexity, deriving insights from the market study and research and strategic execution for growth and expansion is a process that McKinsey has uniquely made its own.

    Traditionally, McKinsey’s consultancy charges are approximately 25% higher than the market. The book that was published in 1999, ‘The McKinsey Way’ said that their consultants designed and implemented studies to evaluate management decisions using data and interviews.

    Conclusion

    McKinsey builds stories that are clear and persuasive. Stories that are supported by data and numbers. Stories that are easy to execute and converted to successful realities. There is no doubt as to the reasons behind their high fees per presentation.

    FAQs

    How much does McKinsey charge its clients?

    McKinsey charges its clients between $500,000 to $1,250,000. This cost varies depending on the length of the case and the number of consultants required.

    How do you make a McKinsey presentation?

    The basics for making a McKinsey presentation are to use the same font size for the entire slide body, not write outside the margins and make sure to keep the font size for all the titles in a presentation is same and the titles are not more than two lines. Also, ensure that all slides ultimately prove a single solid point.

    What is the most prestigious consulting firm?

    The most prestigious consulting firms are:

    • McKinsey & Company
    • Bain & Company
    • Boston Consulting Group
    • Accenture
    • Deloitte

  • What Is the Micro Labs Dolo-650 Scam? | Why Are the Makers in Trouble?

    There may be very few people in India not familiar with the paracetamol tablet Dolo-650. The tablet was termed the ‘Magic Pill’ and was widely used to combat fever, especially, during the Covid-19 pandemic. It was nicknamed “Covid – Pandemic’s Favourite Snack” and has recorded a sale of INR 500 crore selling more than 350 crore tablets, starting from March 2020.

    Micro Labs Ltd is a Bangalore-based pharmaceutical company that produces the famed drug and other generic medicines and drugs for cardiology, diabetology, anti-infectives and ophthalmology. Founded in 1973 by the late Mr G. C. Surana, Micro Labs is a privately held company now under the leadership of his sons – Mr Dilip Surana and Mr Anand Surana.

    Recently, though, this 49 year old Indian MNC has been in the grips of an emerging controversy.

    The Alleged Scam of Dolo-650
    Micro Labs’ Response to the Charges
    The Effects of the Scam

    Dolo-650 | Everything about the ‘Magic Pill’ of the Covid-19 Pandemic

    The Alleged Scam of Dolo-650

    Earlier this year, the Income Tax Department accused the manufacturer of Dolo-650, Micro Labs of tax cheating and evading and put the company under income tax scrutiny.

    In the latest development, The Central Board for Direct Taxes (CBDT) has levelled an accusation that the makers of Dolo-650 are guilty of distributing free gifts worth INR 1000 crores to doctors for prescribing this tablet. This was pointed out by Advocate Sanjay Parikh who appeared on behalf of the Federation of Medical and Sales Representatives Association of India. Advocate Parikh further elaborated stating that it is “an irrational dose combination” to ensure higher profits are earned by the company. He also filed a rejoinder stating that he would like to bring more facts to the knowledge of the court. The court approved his request and the judges have given him a week’s time to bring forth all the facts.

    Supreme Court Bench of Judges D.Y. Chandrachud and AS Bopanna heard the plea and Justice D.Y. Chandrachud described it as a ‘severe issue’.

    He said – “What you are saying is not music to my ears. This is exactly the drug that I had when I had Covid recently. This is a serious issue and we will look into it.”

    The Bench of Judges posted the matter for further hearing on September 29, 2022, and asked Additional Solicitor General K.M. Nataraj to file his response in 10 days.

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    Micro Labs’ Response to the Charges

    Micro Labs Profit Growth from 2017 to 2021
    Micro Labs Profit Growth from 2017 to 2021

    The company spokesperson has responded by clarifying that the amount referred to, is actually reflecting the total sales and marketing expenses incurred for its Indian business in the last five years. He went on to assert that Micro Labs maintained uninterrupted supplies during the pandemic keeping the price constant as per government regulation. This was despite the rising costs of raw materials. Doctors across the country were able to successfully manage patients suffering from covid with an economical option like Dolo-650 and sparing the public from expensive drugs.

    The company’s spokesperson stated – “To think of distribution of freebies worth thousands of crores is thus highly preposterous. The medication has been prescribed by doctors due to its quality, effectiveness and speedy relief from fever and on the trust built over three decades. We are fully cooperating with the authorities to provide all the necessary information and explanation for their due consideration.”

    Mr Dilip Surana, the Chairman and Managing Director at Micro Labs has also given his input during an interview. He stated that Dolo-650 was designed only after detailed discussions with doctors and realising the gap that existed in managing fever as the relief provided by Paracetamol 500 mg was not adequate. The drug was launched in 1993 as the answer to the aforementioned gap. He further went on to say that the medicine was never directly advertised to the people and hence its rise to fame during the pandemic was unexpected. However, he clarified, that Dolo 650 has always been the number one medicine prescribed in its category in India, since its inception.

    Mr Surana claimed that Dolo-650 helped in the promotion of the vaccination drive by addressing public doubts through posters put up at all vaccination centres throughout the country. Doctors also prescribed the tablet for any complaints of fever or body pains as a result of the vaccine. This popularized the brand at the grassroot level.

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    The Effects of the Scam

    An NGO has asked the Supreme Court to hold pharmaceutical companies accountable for giving incentives to doctors to prescribe their medicines.

    In March, the Supreme Court agreed to examine a plea seeking the direction of the central government in framing a Uniform Code of Pharmaceutical Marketing Practices. This would help in curbing unethical practices of pharma companies and ensure an effective monitoring system, encourage transparency, and accountability and have severe consequences for violations.

    Advocate Parikh clarified in the Supreme Court that he has been pursuing this issue with the government since 2009 and until the government frames a regulation code, he asked the court to lay down certain guidelines.

    The plea filed by Advocate Aparna Bhat stated that the Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations of 2002 must prescribe a Code of Conduct for Doctors to regulate their relationship with pharmaceutical companies and the allied health sector. It must specifically prohibit acceptance of gifts and entertainment, travel facility, hospitality, and cash or monetary grants by medical practitioners. The plea continued stating that even though termed as ‘sales promotion’, these are direct/indirect advantages that are offered to doctors in exchange for an increase in drug sales. This unethical drug promotion can adversely influence a doctor’s prescription thereby endangering human lives.

    Conclusion

    Micro labs is into the manufacturing and marketing of various pharmaceutical products and APIs (Active Pharmaceutical Ingredients) other than Dolo 650. These include Lubrex, Diapride, Vildapride, Arbitel, Avas, and more. However, recently, the company has been put under income tax scrutiny for tax cheating and evading. It will be compelling to watch how this allegation against Micro Labs, the maker of Dolo-650 develops as time goes by.

    FAQs

    What is paracetamol Dolo-650 used for?

    Dolo-650 is a medicine commonly used to relieve fever, back pains, common colds, muscle aches, sore throat, and nerve pains.

    Why is Dolo-650 manufacturer Micro labs in trouble?

    The Income Tax Department had accused the manufacturer of Dolo-650, Micro Labs of tax cheating and evading and put the company under income tax scrutiny. The makers of Dolo-650 are charged for the accusation of distributing freebies worth INR 1000 crores to doctors for prescribing this tablet.

    Who manufactures Dolo-650?

    Micro Labs Limited, an Indian pharmaceutical company is the manufacturer of Dolo-650.