Netflix Layoffs 150 Employees Given Declining Subscribers Base

Netflix Layoffs

World’s largest OTT platform, Netflix layoffs 150 employees from its workforce. The firm has been lately striving hard to retain its falling number of subscribers, but it seems Netflix could not succeed in stopping the number of subscribers from plummeting. So, Netflix on Tuesday announced that it was laying off 2 percent of its staff.

The layoffs will mainly affect its office in the United States, which is located in the state of California. They make up roughly 2 percent of the company’s workforce in North America, somewhere around 7,500 people.

Why Netflix Layoffs Its Staff?

Netflix Layoffs us

Netflix announced in April 2022 that it had lost 200,000 members in the first three months of the year. This was the first time that the streaming service had ever seen a significant decline in consumers. The company also warned that another two million users were projected to flee in the next quarter.

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Despite these losses, Netflix remains the undisputed market leader with 220 million subscribers worldwide. However, its rivals are expanding at a much quicker pace than before, and they are starting to intrude into its domain by providing content and services that are alternative to their own.

Netflix has already taken steps to address this issue by reducing its workforce by 2% (around 150 employees) to reduce costs and increase efficiency. However, some analysts believe that further layoffs may be necessary if Netflix wants to remain competitive as its rivals continue their meteoric rise in popularity among customers worldwide.

“Netflix’s recent financial report showed that the business had lost customers due to the conflict in Ukraine and its decision to hike pricing in the United States. It was found that only leaving the Russian market had resulted in a loss of 700,000 subscribers for the business.
However, this was not the only bad news for Netflix. The company also announced an increase in its quarterly losses and said that it would be raising prices for new customers.

Clarification On Netflix Layoffs

A spokesperson for Netflix has released a statement regarding the company’s recent decision to reduce the number of employees by 2%.
The statement reads: “These decisions are primarily motivated by business requirements rather than individual performance, making them highly challenging since none of us want to say goodbye to such terrific colleagues.

The statement did not clarify which divisions of Netflix were impacted by these layoffs; however, according to the reports, content creation and recruitment departments and communications departments were affected by these job cuts.

Netflix is also trimming the number of its original productions. To minimize expenses, it decided to stop the creation of Pearl, an animated series that Meghan Markle developed. This decision was made in early May.

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Testing Alternative Revenue Models

Since it announced that it would be raising prices, Netflix has been investigating other ways that it may make cash. While the company has said that it still needs more time to figure out how these changes will affect its users, they have already begun testing ad-based pricing models.

The company is also working with advertisers to ensure that their ads are relevant instead of interrupting the user experience.
The OTT company also stated that it would be cracking down on password sharing among family members or friends who may be sharing accounts. Netflix said this practice was responsible for losing 100 million homes in worldwide markets, including India and China.

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Crypto Legalization In India Never Possible, Says Finance Secretary Somanathan, Leaves Traders In Worry

crypto legalization

According to the Reserve Bank of India (RBI), virtual currencies gaining ground in India, including the newly founded Non-Fungible Tokens, will never be accepted as legal tender in India, which creates doubts about crypto legalization in India, Somanathan, Finance Secretary of India, stressed that only digital currencies that would not default would be supported by the Reserve Bank of India (RBI).  TV Somanathan was speaking about the central bank’s stand on cryptocurrencies after Finance Minister of India Nirmala Sitharaman confirmed that virtual digital assets will be subject to a 30 percent tax.

Crypto legalization can never be considered in India Cryptocurrencies and NFT are digital currencies whose price is determined by a transaction between two parties.

TV Somanathan On Crypto Legalization

After being pressed to clarify his position, the Finance Secretary said that anyone who seeks to engage in private cryptocurrency should be aware that such investments do not have the government’s permission and that there is no guarantee whether their investment will be profitable or not. He went on to say that although one may incur losses, the central government is under no obligation to reimburse one for such losses.

Also Read: Crypto Tax Policy Brings 30% Tax On Cryptocurrency Transactions, No Respite On Losses

Providing clarity on the issues of cryptocurrency and crypto legalization, Somanathan stated the Reserve Bank of India would support the digital currency, and the money will be under its control; nevertheless, the currency will be digital in form. The Reserve Bank of India (RBI) has declared that the digital rupee that it will create would be recognized as legitimate money.  TV Somanathan said, “The rest of them do not fall under legal tender as per the opinion of the Reserve Bank of India, and they will never have legal tender status.

As part of her Budget 2022 address, the Finance minister of India, Nirmala Sitharaman, proposed a 30 percent tax on digital assets derived from virtual assets delivered on Tuesday. The scale and prevalence of these transactions, in her opinion, have increased dramatically in recent years, and she believes that a particular tax system should be formed to address the frequency and amplitude of these transactions.

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It has been clarified that, except for the cost of purchase, no deductions would be permitted in respect of any expenditures or allowances while calculating such income, according to her. Aside from that, she recommended an additional 1% service fee on payments made regarding payments on virtual digital assets that are transmitted in amounts more than and equal to the threshold monetary amount. The proposed 30 percent tax on the cryptocurrencies will be chargeable at the receivers end, which means the sender of digital currency will not have to pay any tax. But the receiver of the currency will be liable to pay the newly proposed 30 percent tax. While in trading in these digital currencies, there will be no tax on purchasing but selling off coins will be taxable at 30 percent.

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Crypto traders seemed happy with the newly proposed crypto tax policy yesterday. However, crypto legalization bill is what they are waiting for. On the other hand, there was a little surge in values of the crypto coins. However, there was a significant fall in price today.

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Swiggy Raises Funding In Series K Round, Total Market Value Goes Up To $10.7 Billion

swiggy raises funding

Hardly six months after bagging a whopping $1.25 billion investment in funding, leading online food ordering platform based in India Swiggy raises funding one more time in Series K round of funding. Swiggy has freshly procured $700 million in a Series K financing round as the Indian food tech giant is proactively looking forwards to expanding its business operations. Apart from India, Swiggy has already rolled out its services in South Asian markets. 

An insider having direct knowledge of the matter revealed that Invesco managed the Series K investment round, which increased the market capitalization of Swiggy to $10.7 billion. Previously, during the Initial Public Offering (IPO) in July, the food-tech company was valued at $5.5 billion. 

The market capitalization value of the food tech giant crosses Zomato’s existing market value as Swiggy raises funding in the Series K round. It is important to note here that Zomato, a 13 years old company, is witnessing a slump in its share price, which has brought down Zomato’s market value below $10 billion.

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Swiggy’s Round K funding saw participation from Axis Growth Capital, Sixteenth Street Capital, Kotak, Sumeru Ventures, Baron Capital Group, IIFL AMC Late Stake Tech Fund, Segantii Capital, Ghisallo and Smile Group. Existing investors of Swiggy also participated in the funding round, which included Alpha Wave Global, Qatar Investment Authority, ARK Impact and Prosus Ventures.

Swiggy’s quick delivery service, Instamart, is on track to hit a $1 billion annual gross merchandise volume run rate in the coming three quarters, the food-tech firm believes.

Swiggy, India’s leading food ordering platform giving tough competition to Zomato,  had said last year that the firm wanted to spend $700 million to upgrade its services and geographic presence. After Swiggy raises funding, it seems the rivalry in the food delivery industry in India will witness stiff competition in grabbing market share.

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‘Invesco Developing Markets Fund, on a long term basis, is looking forward to investing in leading companies across the world that have long term structural development ability. Investment in Swiggy is one such kind of investment.’ Said Justin Leverenz, Chief Investment Officer at Invesco.

Majety’s Words After Swiggy Raises Funding

Sriharsha Majety, Swiggy co-founder and chief executive, said that Instamart had achieved a Gross Merchandise Value (GMV) in only 17 months, while the core food delivery company required 40 months to accomplish the same level of success.

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The ultimate goal of Swiggy is to make 100 million users at least use Swiggy 15 times a month. The completion of this goal will help Swiggy’s ecosystem to have a broader influence and bring revolution in the food and grocery delivery industry. For that, the food tech company will continue to invest in our partners and products.’ Sriharsha Majety added further.

The Indian food services sector will stand at a value of $97 billion by the end of 2026. Organized food service is increasing at a higher rate compared to the other industries, and it is anticipated to have a 55 per cent market share by 2025. By the end of 2025, we predict internet access to hit 20% and the market size to achieve $20 billion, with a compound annual growth rate of 46 per cent (CAGR). Acquisition of new customers as well as expanding into new and emerging areas will comprise the major of the company’s development.

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Reliance JioFibre Broadband Dominates BSNL And Airtel In Home Broadband Segment, Reliance Gained 2.01 Million Users, VIL Lost 0.1

reliance jiobibre broadband

With passing time, a tug of war between India’s leading telecom operators is getting tougher. However, Nomura Research, a Japanese analyst firm’s data interpretation, shows that Reliance JioFibre Broadband has dominated the state-owned BSNL’s ( Bharat Sanchar Nigam Limited) broadband network and has pushed down Bharti Airtel to the third position in India’s telecom sector.

As per the data published by the Telecom Regulatory Authority of India, The Mukesh Ambani group managed to add .019 million subscribers to its Reliance JioFibre Broadband network in November 2021, which made the total number of active Reliance JioFibre Broadband users to 4.3 million. Jio, in terms of broadband users, surpassed Bharti Airtel and Bharat Sanchar Nigam Limited (BSNL) to become India’s number one wired broadband service provider. As of November 2021, Bharti Airtel had 4.1 million users, while BSNL had 4.2 million users.

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Mukesh Ambani introduced the Reliance JioFibre Broadband network in India two years ago in September 2019. Over two years, the broadband service reached India’s tier 2 and tier 3 cities as the company provided internet service at a significantly low cost.

As per statistics collected by the industry regulator, Reliance Jio first gained surplus customers than Airtel in the number of home internet subscribers counted in August last year. Later, the telecom company continued to maintain its position in the following months. However, the Reliance JioFibre Broadband network continued to trail behind BSNL until October 2021. According to ICICI Securities, the market share of Reliance JioFibre Broadband stood at 17.8 at the November month-end against BSNL (17.2 percent) and Airtel (16.7 percent).

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Bharti Airtel witnessed the maximum number of active mobile users until November 2021. Until November 2021, Bharti Airtel added a whopping 1.8 million users to its total number of active users – 348 million. Reliance Jio, on the other hand, remained sluggish in adding new users to its active customer base. However, Reliance Jio remained the market leader with the most number of active users and active user share scores. Reliance Jio’s active user base at the end of November 2021 stood at 360 million. Visitor Location Register data also confirmed the number of active mobile network users.

According to their estimates, with the basic prepaid plans starting at Rs 99 between July and November 2021, experts predict Airtel and Vi’s active user additions to stay low in the next few months.

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Reliance JioFibre Broadband Vs Rivals

As per the figures, the total number of customers using mobile networks stayed stagnated at 996 million. Additionally, the telecom industry experts also noticed a tremendous surge in Reliance Jio’s subscriber base during November 2021 compared to its rivals.

Reliance JioFibre Broadband retained its market share position to 55.2 percent after adding the biggest number of Mobile Broadband (MBB) subscribers. At the same time, Bharti Airtel added 1.3 million broadband users to its network, which helped the brand accommodate a 26.6 percent market share. Vodafone Idea (VIL) is bad cash strapped witnessed a steep fall in its subscriber base. The loss-making telecom operator lost 0.1 million mobile network users during the same period. Vodafone Idea’s market share stands at 15.8 percent.

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Unified Payments Interface AKA UPI Outage Crumbles GPay, PayTm and Phonepe

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Indian Tech Giant Tech Mahindra Acquires Com Tec Co IT Ltd For $310 Million, Bolsters Its Presence In Tech Industry

Com tec Co IT Ltd

On Monday, one of India’s leading tech consultants, Tech Mahindra, confirmed that it has agreed to acquire Com Tec Co IT Ltd (CTC) for 310 million euros (about Rs 2,628 crore) to comprise earnouts and synergy-linked incentives, among other things.  Furthermore, Tech Mahindra will also acquire 25 percent equity for a total of 20 million euros in two technology firms managed by Com Tec Co IT Ltd.

Tech Mahindra London Limited, the company’s wholly-owned subsidiary, sanctioned the proposition to procure 100 percent equity shares in Com Tec Co IT Ltd and 25 percent equity shares in each of SWFT Technologies Ltd and SWFT Technologies Ltd,”  Tech Mahindra stated in a regulatory filing. 

Tech Mahindra believes that the acquisition of Com Tec Co IT Ltd will allow the firm to capitalize on potential industry disruption in the insurance industry, broaden its services to comprise high-end digital technology solutions for some of the biggest insurance, re-insurance, and financial services companies in the world, as well as extend its nearshore delivery presence.

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What Is Com Tec Co IT Ltd?

Com Tec Co IT Ltd is an IT services and solutions company specializing in insurance and financial services. It has r&d centers in Latvia and Belarus and employs over 1,000 people worldwide.  The procurement of Com Tec Co IT Ltd is the second-largest procurement that Tech Mahindra has undertaken, a decade after the firm invested in Satyam in April 2010, which remained huddled by the fraud allegations.

Technology firm Tech Mahindra further announced that it is putting an additional 20 million euros to procure a 25 percent stake in the SWFT and Surance platforms, which are both subsidiaries of the same parent organization as Com Tec Co IT Ltd its existing investments.

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SWFT is an online consumer interaction platform that is delivered as a SaaS. It provides a variety of insurance sales and distribution features and is intended for use by online brokers, comparison websites, and insurers that want to engage with their consumers directly via digital channels. Cyber insurance for individuals is provided by Surance, an end-to-end service that concentrates on risk assessments, cybersecurity, and insurance plans for individuals.

“The insurance sector is now enduring a tremendous shift, which is being propelled by new developing business practices, which are being propelled by disruptive digital technologies,” said Vivek Agarwal, President – BFSI, HLS, and Corporate Development, Tech Mahindra.

In efforts to support insurers in advancing their migration to cloud-based platforms, we are focusing on enhancing our skills to provide end-to-end engineering with a powerful European nearshore footprint, as well as end-to-end engineering services. We are pleased to welcome the Com Tec Co IT Ltd team to the Tech Mahindra family, and we anticipate that this merger will result in substantial market and service line synergies.”

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Our employees and the company will benefit massively from becoming a part of a global organization such as Tech Mahindra because it will give them immediate access to the global scale as well as immense developmental opportunities.” “According to Avraham Shaked, Co-Founder of Com Tec Co IT Ltd.

Also Read: Unified Payments Interface AKA UPI Outage Crumbles GPay, PayTm and Phonepe

Unified Payments Interface AKA UPI Outage Crumbles GPay, PayTm and Phonepe

upi outage

Indian people who primarily rely on online payments faced a UPI outage for more than an hour. The Unified Payment Interface, also known as UPI, has more than 150 million active users in India. The interruption of online transaction services affected the money transfer through apps including Phonepe, GPay, and PayTm.

National Payments Council of India, which governs the Unified Payments Interface system, clears that the UPI outage ensued following the servers went down. As they felt difficulties transacting through UPI, UPI users came to the microblogging site Twitter to register their inconvenience. Many of those users faced issues like transaction failure or bank maintenance. Additionally, the payments made through wallet balance were not processed.

Users Complained UPI Outage On Twitter

Many users were unsure if the issue was only with their bank or a UPI outage. To clear the doubt, UPI users tweeted the screenshots of their failed transactions and asked other users if they were having the same issue. One tweeter user said he had not sent money through Google Pay, even trying several times.

Another Tweeter user said in his tweet that Google Pay users had been reporting against failed transactions for more than two hours. Several more users complained about the UPI outage as they could not receive and send payments through instant payments apps like PayTm, GPay, and Phonepe. GPay team immediately responded to the complaints through its official Twitter handle that the team of experts would fix the issue as soon as possible. Nevertheless, the Twitter users were still complaining about the UPI outage even after the GPay team cleared that it resolved the issue.

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To complain about the UPI outage, people were unconsciously sharing their personal financial information on social media, leading to hacking and online money fraud. GPay team, through its Twitter handle, was consistently alarming the UPI users not to share the screenshots of their transactions consisting of the confidential data of the bank.

The recent data published in December 2021 shows that UPI carried Rs 8.26 lakh crore (roughly $111.2 billion) transactions in value during the last December month alone. For the calendar year 202, UPI transactions valuing more than Rs 73 lakh crore ( $970 billion) were made on the UPI apps. The year-on-year growth in the UPI payments was recorded at 110 percent.

PhonePe was the most active UPI transaction service in the month of December 2021, with transactions exceeding Rs. 3.94 lakh crore. A total of Rs. 3.03 lakh crore worth of payments helped Google Pay retain its second-place ranking. Paytm ranks third with payments totaling Rs—88,094 crore in the transaction value. Amazon Pay gained a fourth place with payments of Rs 6,641 crore, while the recently launched WhatsApp Pay ranked fifth on the list of UPI Payments apps with payments totaling Rs 188 crore.

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Phonepe and GPay still hold a significant share in the UPI quick fund transfer apps, making it difficult for the other UPI apps to come close to them. Still, new apps in the world of UPI payments such as Amazon Pay and WhatsApp Pay have a long way to cover to get close to the top three UPI apps in the Indian market.

L&T Finance Holdings Ltd To Transfer Its Business To HSBC AMC, Deal Finalized At $425 Million

L&T Finance Holdings Ltd

L&T Finance Holdings Ltd announced on Thursday 23 December that it is transferring its asset management business to HSBC AMC. In a deal finalized between two parties, the HSBC AMC will acquire 100 percent stake in L&T Finance Holdings Ltd for $425 million (roughly Rs 3,191 crore). However, the deal is subject to approval from the concerned regulatory body.

The L&T Finance Holdings Ltd’s board of directors, in a meeting held on 23 December, consensually decided to sale 100 percent of its paid-up shareholdings  to HSBC Asset Management (India) Private Limited (HSBC AMC).

According to the data records available as latest as September 2021, L&T Finance Holdings Ltd holds the 12th rank in the list of the biggest asset management companies in India. The mutual fund manager has more than 2.4 million active folios and 803 billion asset under management. While the L&T acquirer company HSBC AMC holds Rs 117 billion worth asset under management (AUM).

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Both asset management companies, until the successful take over, have made sure that their services to the counterparties and investors are continued without a gap given the transfer of ownership.

More About L&T Finance Holdings Ltd

“For last ten years, L&T Mutual Fund has achieved the trust of the people across the investor sphere, which has been matched by consistently reliable performance,” said Dinanath Dubhashi, managing director and chief executive officer of L&T Finance Holdings, in a statement on the sale released after the announcement of the deal. The latest deal with HSBC, in addition to the recent capital raise, will provide us extra ammunition to ramp up retalization in our lending portfolio, Dinanath Dubhashi added further.

L&T Finance Holdings Ltd expects to liquidate some money by divesting its subsidiary companies to improve its balance sheet. On the other hand, the investment banking company HSBC headquartered in London, United Kingdom has planned strategic growth in India.

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L&T Finance Holdings Ltd began its services in mutual funds sphere in India after it purchased DBS Chola back in 2010. In 2012, the company eventually grew its business in the country after it took over additional asset under management from Fidelity Mutual Funds worth rupees 8,881 crore.

Following the purchase deal, HSBC AMC intends to leverage its in hand resources to finance the takeover and it will have a modest effect on HSBC’s Common Equity Tier 1 ratio. HSBC thinks that the takeover will be principally attributable to the company’s profits upon completion and that the transaction will provide a return on investment of better than 10% in the longer term.

As per the CEO of HSBC NOel Quinn, ‘the deal between L&T Finance Holdings Pvt Ltd and HSBC will bolster the company’s presence in India and pave a way for the company to sit amongst the top wealth management companies of India at the same time. Merging our existing asset management division of India with L&T Financial Holdings Pvt Ltd will provide us size, reach, and potential to capture a portion of 15-20 percent annual asset management market growth in the upcoming five years.

With the growing interest of investors in the mutual funds, the mutual fund industry has shown a rapid growth in just a few years. According to the available statistics with Association of Mutual Funds in India, the asset under management of Mutual Fund industry has increased from Rs 16.50 trillion to 37.34 trillion in last five years.

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Data Patterns IPO: Share Allotment Status Declared Today, Know How To Check Allotment Status

data patterns ipo

Data Patterns Limited issued its Initial Public Offering (IPO) on December 21, 2021. Data Patters IPO received a massive response from investors when it announced that it was open for subscription on December 14, 2021. Data Patterns closed its IPO on December 16, 2021. 

Data Patterns IPO is one of the four IPOs listed on the stock exchanges today. The other three include MapmyIndia, MedPlus Health, Metro Brands.

The bid price of Data Patterns IPO is Rs 585 per share. Its Face value is Rs 2 per equity share. The size of Data Patterns IPO is Rs 588.22 crore and will be listed at BSE and NSE. The lot size of the Data Patterns Limited IPO is 25 equity shares. Pre-issue shareholding of Data Patterns is 58.63%, and post-issue shareholding is 45.62%.

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If you have invested in the Data Patterns IPO, then you can check the share application status in the following ways:

1. BSE Website

2. Registrar’s website

You can check IPO allotment status for Data Patterns on the BSE website by following the below steps: 

Step 1: Go to the BSE website by clicking on the URL: https://www.bseindia.com/investors/appli_check.aspx 

Step 2: It will show you the ‘Status of Issue Application’ page. On this page, you click the ‘Equity’ option.

Step 3: Select Data Patterns (India) from the drop-down adjacent to Issue Name.

Step 4: Enter your application number and PAN card number and click search. It will show you the status of your application.

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You can also use Registrar’s website, Link Intime India, to check the allotment of Data Patterns IPO by following the below process: 

Step 1. Go to the Link InTime website

Step 2: Select the ‘Data Patterns Ltd’ option from the drop-down list adjacent to Company. 

Step 3: You need to enter either of the three modes: Application number, Client ID and PAN ID. 

Step 4: Select between ASBA and non-ASBA application types.

Step 5: Enter details of the mode you have opted in Step 3, fill the captcha and enter the ‘Submit’ option.

The date of refund initiation for unsuccessful bidders of Data Patterns IPO is December 22, 2021, and the shares will be credited into the Demat Account on December 23, 2031. The shares of the IPO will be listed on December 24, 2021. 

Data Patterns Limited was founded in 1985 and is one of the fastest-growing companies in the Defense and Aerospace Electronics sector and has proven its in-house designs and development capabilities. Data Patterns India Limited makes various products associated with defense and aerospace and provides services like software engineering, firmware engineering, environment testing, mechanical engineering, electronics hardware engineering, functional product testing, prototype design, and engineering services.

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The Company provides indigenous integrated and strategic defense and aerospace electronics solutions and thus benefits from the Indian government’s ambitious ‘Make In India’ scheme.

Indian Origin Leena Nair Becomes The New CEO Of Chanel; Know More About Her

indian origin leena nair

Indian origin Leena Nair, has been appointed as the new global Chief Executive Officer (CEO) of Chanel, a French luxury fashion house. The announcement came after the French luxury brand underwent a rapid internal transformation to deal with the slump amid the COVID-19 pandemic.

Leena Nair will be joining Chanel at the end of January and will be working from London, announced the company by releasing a statement. The organization also mentioned that the new appointments would ensure “long-term success as a private company.”

Chanel’s decision to hire a CEO from a non-fashion industry is considered part of its efforts to show a more inclusive approach.

Indian origin Leena Nair took to social media to show her excitement following the announcement. She tweeted, “I am humbled and honored to be appointed the Global Chief Executive Officer of Chanel, an iconic and admired company.”

Who Is Leena Nair?

Indian origin Leena Nair, who is now 52-year-old, was born in Kolhapur, Maharashtra. Electronics and telecommunications engineering at Walchand College in Sangli. Later, she pursued her MBA in Human Resources from Xavier School of Management-one of India’s top B-school, situated in Jamshedpur, in 1992, where she was awarded a gold medal.

She started her career as a management trainee at Unilever in 1992. She was one of the rare female employees of her time who opted for factory roles. In her early years, she worked at various Hindustan Unilever Limited (HUL) factories that include West Bengal’s Kolkata, Tamil Nadu’s Ambattur, and Maharashtra’s Taloja.

In 1993, Indian origin Leena Nair was appointed as the factory personnel manager of Lipton (India) Ltd, a tea brand owned by HUL.

She was appointed as the Employee Relations Manager by HUL in 1996 and was later ranked as the HR manager of Hindustan Lever India by 2000.

With her gradual growth in the organization, she held the post of Unilever’s senior vice president, HR, in 2013, and in the same year, she also took over as the global head of diversity.

Career Of Indian Origin Leena Nair

She spent over 30 years at the organization handling and managing different job roles, with the most recent role as the chief of human resources and a member of the company’s executive committee. With her steady growth at various ranks, she was declared the “first female, first Asian, youngest ever” Chief Human Resources Officer (CHRO) at Unilever in 2016. Nair was also a member of the Unilever Leadership Executive (ULE).

While exiting from Unilever, the Indian origin Leena Nair also showed her gratitude towards Unilever. She tweeted, “I am grateful for my long career at Unilever, a place that has been my home for 30 years. It has given me so many opportunities to learn, grow and contribute to a truly purpose-driven organisation. I will always be a proud advocate of Unilever and its ambition to make sustainable living commonplace.”

After being declared the CEO of Chanel, Indian origin Leena Nair has joined the list of executives who hail from India and have taken up top roles in some of the biggest global companies in recent years. Another current name added to this list was Parag Agrawal, the new CEO of Twitter replacing Jack Dorse.

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3 Days MedPlus Health IPO Open For Subscribing Today, See Share Price, Lot Size, Schedule And Reviews

medplus health ipo

Medplus Health IPO (Initial Public Offering) opened up today in the primary market and will end three days after on Wednesday, December 13 2021. Medplus Health, India’s second-biggest online pharmacy after NedMeds, is eying to raise Rs 1,398.29 crore through the issue.

Medplus, an omnichannel platform launched in the year 2006, has priced its shares between Rs 780 to Rs 796 a piece. MedPlus Health IPO will consist of freshly released shares worth Rs 600 crore and existing shares worth Rs 798.29 crore offloaded by the current shareholders of the online pharma company.

MedPlus Health IPO Lot Size

One lot of MedPlus Health IPO consists of 18 shares. Interested investors are required to purchase a minimum of one lot. Given that, the minimum amount to be invested in the MedPlus shares is Rs 14,328.

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MedPlus Health IPO Reserved Quota

HedPlus Health IPO will see a reservation quota for its employees, retail buyers, and Qualified Institutional Buyers. MedPlus will offer shares worth Rs 5 crore to its employees at a discount of Rs 78 per share on the final issue price. On the other hand, 50 per cent of the issued shares will be reserved for the qualified institutional buyers, 35 per cent will be kept for retail buyers, and the remaining 15 per cent shares will be allotted to the HNI investors.

MedPlus Health IPO Schedule

The final allotment of the MedPlus shares will be conducted by December 20. Shares of the pharma company will get deposited into the Demat accounts of confirmed shareholders by December 22. Later, MedPlus will list on the Bombay Stock Exchange and National Stock Exchange on December 23.

About MedPlus Health Services

Located in Hyderabad, MedPlus Health Services was founded by Madhukar Gangadi in 2006. Running 48 pharmacies in Hyderabad to expand its business to 2000 pharma stores spread across seven states, the pharma company has shown surging growth since its inception.

Medplus was the only retailer in 2015 to offer its services through omnichannel, which means the pharma company provided its services both online through its website, mobiles apps and offline through its outlets.

MedPlus deals in a vast range of products comprising wellness and skincare products, pharmaceutical products, and Fast Moving Consumer Goods.

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MedPlus Health IPO Reviews

The MedPLus IPO has awarded a subscribe rating from brokerage company Prabhudas Lilladher, which predicts that Medplus will scale up in terms of growth and profitability due to a fast pace of store growth; the advantages of economies of scale, and a quicker break-even point.

“We anticipate Medplus will trade at a higher multiple due to the fact that it is a pure-play omnichannel enterprise with a scarcity premium and robust growth rates,” the Prabhudas Liladher report suggested. 

As per ICIC Securities’ report that shed light on the risks involved in the business, “Medplus’ operations are exposed to high working capital requirements, and any changes in product mix can exert a negative impact on margins.”

While issuing a “subscribe” rating to the MedPlus Health IPO, it also highlighted that Medplus, with its retail clustering presence, is ideally suited to benefit on an omnichannel platform with a hyperlocal service platform and is offered at a competitive rate, among other things.

MedPlus Health Services posted a profit of Rs 63.11 crore for fiscal year 21 compared to a loss of Rs 1.79 crore in fiscal year 20. Revenue grew to Rs 3,069.26 crore during the period, up from Rs 2,870.6 crore before.

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The pharma company recorded total sales of Rs 1,890.9 crore for the quarter that ended on September 30, 2021, and a net profit of Rs 66.36 crore for the same period.

HDFC Trustee, Aditya Birla Sun Life, SBI Mutual Fund, Nippon Life, Kotak Mutual Fund, Motilal Oswal Mutual Fund, and HDFC Life Insurance, among others domestic investors, made investments in the company. Other domestic investors include ICICI Prudential Life Insurance, SBI Life Insurance, and Edelweiss.