The World Opinion

Category: Economy

  • Meet Young Entrepreneur Who Went To Shark Tank India And Built Rs 10 Cr Company From Just Rs 2000 | Companies News

    New Delhi: From a small idea to a successful enterprise, this young entrepreneur’s journey is a story of grit and determination. She started with just a few thousand rupees but her vision and hard work turned that into a thriving business. 

    In today’s success story, we will be talking about Shelly Bulchandani who is a young entrepreneur hailing from Ajmer. Shelly caught worldwide attention in her latest episode of Shark Tank India’s third season with her innovative hair extension startup named ‘The Shell Hair’.

    The Shell Hair Launch 

    The Shell hair was launched in the year 2020 and it quickly garnered attention for its diverse range of products. Its products include hair extensions, wigs, toppers, bangs and colorful streaks. The speciality of this product is that it cater to the style-conscious taste of today’s youth. (Also Read: Centre Lifts Ban On Onion Export, Fixes MSP To Woo Farmers, Traders Ahead Of Phase 3 Polling In Maharashtra)

    Balancing Business and Studies

    Shelly manages to balance her studies along with her thriving business despite being a second-year MSC IT student. Her commitment and the high quality of her products has earned her recognition in both online and offline markets across the country. Shelly;s ability to juggle academics and entrepreneurship demonstrates her remarkable discipline and drive which makes her a rising star in the world of business. (Also Read: Six Adani Group Companies Receive Notice From SEBI; Know Why)

    Began Entrepreneurial Journey at 20

    Shelly faced fair share of challenges yet she never gave up. She began her business journey when she was just 20 years old and started with a modest investment of Rs 2,000 to buy hair from a vendor in Jaipur. Her initial success paved the way for expansion as her business was generating an annual revenue of around Rs 1.2 crore. Her determination and hard work drove her startup to greater heights as she achieved sales of around Rs 36 lakh in the last fiscal year.

    Shell Hair products: Affordable Prices

    The Shell Hair products are made from authentic Indian Remy hair which are sourced from single donors, ensuring top-notch quality. Further, these high-quality hair products are priced 30-40 percent lower than those of competitors which makes them both superior and affordable.

    Shark Tank India: Pitch Impresses Investor 

    In a recent episode of Shark Tank India, Shelly pitched her hair extension startup ‘The Shell Hair’ seeking a valuation of 10 crore rupees. She offered 3 percent equity in exchange for an investment of Rs 30 lakh. Aman Gupta, one of the show’s investors, was impressed by Shelly’s entrepreneurial journey and the potential of her business. He made a compelling offer, recognizing the promise in Shelly’s innovative approach to hair extensions.

    Initially, Aman Gupta offered Rs 30 lakh for a 5 percent stake in The Shell Hair. However, after further discussion, he proposed Rs 30 lakh for a 3 percent stake. Shelly accepted this offer which marked a major milestone for her startup. 

  • IDBI Bank Registers 44% Jump In Net Profit For Jan-March Quarter

    IDBI Bank’s provisions on bad debts written off came down sharply to Rs 1,049 crore from Rs 3,587 crore in the same quarter of the previous year. 

  • Govt Lifts Ban On Onion Exports, Sets Minimum Export Price Amid Lok Sabha Elections

    Onion traders and farmers, especially from Maharashtra had been demanding for the lifting of the export ban.

  • RBI Tweaks Rules To Cut Risk Banks Face In Exposure To Capital Markets | Economy News

    New Delhi: The RBI on Friday tweaked rules to reduce the risk faced by banks in their exposure to capital market in the case of issue of Irrevocable Payment Commitments (IPCs). The RBI issued a circular stating that “only those custodian banks will be permitted to issue IPCs, who have a clause in the agreement with clients giving the banks an inalienable right over the securities to be received as payout in any settlement.”

    However, this clause will not be insisted upon if the transactions are pre-funded i.e., either clear INR funds are available in the customer’s account or, in the case of FX deals, the bank’s nostro account has been credited before the issuance of the IPC. 

    The maximum intraday risk to the custodian banks issuing IPCs would be reckoned as Capital Market Exposure (CME) at 30 per cent of the settlement amount. This is based on the assumption of 20 per cent downward price movement of the equities on T+1, with an additional margin of 10 per cent for further downward movement of price, the RBI said.

    In case the margin is paid in cash, the exposure will stand reduced by the amount of margin paid. In case the margin is paid by way of permitted securities to Mutual Funds / Foreign Portfolio Investors, the exposure will stand reduced by the amount of margin after adjusting for a ‘haircut’ as prescribed by the Exchange on the permitted securities accepted as margin, the RBI added.

    Under T+1 settlement cycle, the exposure shall normally be only for intraday. However, in case any exposure remains outstanding at the end of T+1 Indian Standard Time, capital will have to be maintained on the outstanding capital market exposure in terms of the Master Circular – Basel III Capital Regulations dated April 1, 2024, as amended from time to time.

    The underlying exposures of banks to their counterparties, emanating from the intraday CME, will be subject to limits prescribed under Large Exposure Framework dated June 3, 2019, as amended from time to time. The RBI said that these instructions shall come into force with immediate effect.

    The RBI also explained that the risk mitigation measures prescribed in its earlier circular were based on T+2 rolling settlement for equities (T being the Trade day). The Stock Exchanges have since introduced T+1 rolling settlement, and accordingly, the extant guidelines on issuance of IPCs by banks have been reviewed. Henceforth, all IPCs issued by custodian banks under the T+1 settlement cycle will comply with the new instructions.

  • Meet Indian-Origin Business Leader Who Became One of America’s Wealthiest Women And Built Rs 78,000 Crore Company | Companies News

    New Delhi: Meet the self-made Indian entrepreneur who has taken the world of entrepreneurship by storm. She is a visionary trailblazer shaping industries with grit and innovation. From humble beginnings to overpowering hurdles and achieving remarkable milestones, her journey embodies resilience, ambition, and boundless potential.

    A woman who dared to leave her lucrative job in the United States to pursue her entrepreneurial dreams. Against all societal odds, she founded a company that now stands at a staggering worth of Rs 78,000 crores. Her story is a testament to courage, determination, and the power of following one’s passion.

    She has been ranked 50th in the Forbes list of ‘America’s 100 Richest Self-Made Women’ 2023. Currently, she has a net worth of $520 million. Still, she continues to add glittering feathers to her prestigious caps. She is none other than Indian-American businesswoman Neha Narkhede, who was born in Pune and became America’s wealthiest woman.

    The 37-year-old Neha also made a mark as the youngest self-made woman entrepreneur in the IIFL Wealth Hurun India Rich List 2022. She was also named an Innovator Under 35 by the Massachusetts Institute of Technology (MIT) in 2017.

    Neha Narkhede’s Entrepreneurial Journey

    She enjoyed her job but later on, wanted to start something on her own. After some time, she quit her job. In 2014, she started her own company known as Confluent, a business providing a platform for streaming data. (Also Read: Success Story: Meet Mukesh Ambani’s Close Relative Who Worked With BCCI Long Before Ambani Founded the Mumbai Indians In IPL)

    A Businesswoman, Neha owns more than 6 per cent of Confluent, and the company is currently valued at over Rs 78,000 crore on the market. She has an incredible $520 million in net worth. In March 2023, Narkhede announced her new company with Sachin Kulkarni in 2021, a fraud detection firm called Oscilar, where she is co-founder and CEO. Neha is currently based in Palo Alto, California.

    Neha Narkhede’s Academic Journey

    Neha Narkhede completed her Bachelor of Science in Engineering from SCTR’s Pune Institute of Computer Technology (PICT). She pursued a master’s degree in computer science from Georgia Tech in the US in 2006.

    Neha began her career as a software engineer at major technology companies such as Oracle and LinkedIn.

    Neha Narkhede’s Inspiration And Upbringing 

    The Indian-American businesswoman attributes her success to her father. She expressed in an interview that her father had chosen books for her and had taught her tales of women who had broken the so-called glass barrier. (Also Read: From Sweets to Seats: Meet Man Whose Father Took A Loan Of Rs 500; Now He Owns India’s Largest Private University)

    She developed a sense of empowerment from reading these stories, including biographies of trailblazers like Indira Gandhi, Indra Nooyi, and Kiran Bedi.

  • BMW M4 Competition Facelift Launched; Check What's New

    The BMW M4 Competition is powered by a twin-turbocharged 3.0-litre, straight-six petrol engine,  delivering an impressive 530hp and 650Nm of torque. 
     

  • SK Finance Limited Files DRHP With SEBI For IPO: Key Points To Note | Markets News

    New Delhi: Vehicle financing company SK Finance Limited has filed Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO). The company plans to raise funds through initial public offering of equity shares (face value of Rs. 1 each) aggregating up to Rs 2,200 crores.

    Here Are Key Points You Want To Know About SK Finance Limited Upcoming IPO

    1. The Promoters of the Company are Rajendra Kumar Setia, Yash Setia and Rajendra Kumar Setia HUF.

    2. The offer comprises of a fresh issue of equity shares of up to Rs. 500 crores offer for sale (OFS) of up to Rs. 1700 crores by the “Selling Shareholder” with face value of Rs. 1 each equity share. 

    3. The offer for sale comprises of equity shares aggregating up to Rs. 180 crores by Rajendra Kumar Setia, up to Rs. 20 crores by Rajendra Kumar Setia HUF , up to Rs. 75 crores by Evolvence Coinvest I, up to Rs. 25 crores by Evolvence India Fund III Ltd, up to Rs. 700 crores by Norwest Venture Partners X – Mauritius and up to Rs. 700 crores by TPG Growth IV SF PTE. Ltd. 

    4. The Company proposes to utilise the Net Proceeds from the Fresh Issue towards augmenting the capital base to meet future business requirements of the company towards onward lending and general corporate purposes.

    5. Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the issue.

    6. Established in 1994, the company has been operating in two verticals, vehicle financing and financing for Micro, Small and Medium Enterprises, As of December 31, 2023 the company has a presence across 11 states and 1 union territory through 535 branches. 

  • Meet Hrithik Roshan’s Business Partner Who Worked With Famous Bollywood Stars And Built Rs 1,000 Crore Company

    Zaidi’s skill in talent management and sharp business sense has propelled Exceed into a leading position in India’s entertainment industry.

  • Girish Mathrubootham Steps Down As Freshworks CEO; Dennis Woodside To Take Over | Companies News

    New Delhi: Girish Mathrubootham, the CEO of Nasdaq-listed company Freshworks, on Thursday announced to step down from his current position and transition into the role of Executive Chairman. US-headquartered, Nasdaq-listed company’s president Dennis Woodside will be its new chief executive officer (CEO).

    In a post on X social media platform, Mathrubootham said that he is announcing a new chapter in the company’s story and his career. “I have decided to step down as CEO of Freshworks and transition into the role of Executive Chairman. This decision was not made lightly and comes with a deep belief in our collective vision and the future of our company,” he posted. (Also Read: Google Layoffs: Tech Giant Fires ‘Core’ Employees, Shifts Positions To India, Mexico)

    Freshworks was founded as a tiny startup in Chennai 14 year ago, and is now a global software-as-a-service (SaaS) player and the first Indian SaaS company to list on Nasdaq. Dennis Woodside, the company’s President, will be the new CEO of Freshworks. (Also Read: Read The Inspiring Journey Of Mira Kulkarni From Single Mother To Becoming One Of India’s Richest Women)

    “We’re a true friend to more than 67,000 customers worldwide, and our global ‘Kudumba’ now has over 4,900 talented members,” Mathrubootham said in a separate message. “Freshworks is my baby, and over the years I have seen her grow — as a toddler trying to walk, a child growing really fast, and a teenager growing stronger,” he noted.

    After his announcement, Freshworks’ shares nosedived about 25 per cent and were trading around $13 apiece. Mathrubootham will now focus on the long-term product vision and AI, spending more time with the teams in India, and being a trusted advisor to Woodside.

    “Our mission remains unchanged, and our future is bright. The road ahead is filled with limitless possibilities, and I am excited to see where Woodside’s leadership takes us,” he said.

  • Vistara Flight's Windshield Cracks Mid Air, Emergency Landing

    Vistara Aircraft emergency landing: The incident occurred due to damage to the Vistara aircraft’s windshield during a hailstorm in Odisha.