Patanjali-Acquired Ruchi Soya's 8,764% Stock Surge Spurs SEBI Rethink
Patanjali bought Ruchi Soya swung to a profit of Rs 12.26 crore in the quarter ended June, while its revenue dropped 5 per cent from the preceding three-month period to Rs 3,040 crore.
An 8,764 per cent surge in the shares of a company with a minuscule public shareholding has prompted the Securities and Exchange Board of India to consider changing its rules for firms emerging from the nation's bankruptcy process.
The regulator has sought comments on a proposal to cut the time given to companies that re-list after bankruptcy resolution to boost the free float to at least 10 per cent within six months from 18 months currently. The rule mandating such companies to eventually get to the minimum shareholding of 25 per cent within three years of re-listing remains.“In one recent case it was observed that post insolvency resolution process, the public shareholding decreased to 0.97 per cent, and showed 8,764 per cent increase in its share price,” SEBI's consultation paper said, listing Ruchi Soya Industries Ltd. and four other companies that relisted between September 2018 and February.
Ruchi Soya was acquired by Yoga guru Baba Ramdev's Patanjali Ayurveda-led consortium last year via an insolvency resolution process. It paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi.
The founders held 99.03 per cent of the company's capital as of March 31.
The negligible free float saw Ruchi's shares soar from about Rs 17 at the time of re-listing on January 27 to Rs 1,519 on June 26. The price has since halved. Still, at its peak, the company was valued at $6 billion, ahead of bigger consumer-staples producers including Marico Industries Ltd. and Colgate-Palmolive India Ltd. The stock ended down 3.29 per cent at Rs 696.20 in Mumbai on Thursday.
ATUL GARG - A MAN WHO CHANGED THE FACE OF PAPER INDUSTRY IN INDIA
Successful people have a few traits in common – they’re willing to work harder than anyone else, they take a risk on an idea they believe in, they follow their gut even if everyone else is telling them they’ll never be able to make it. And, of course, they all start from very humble backgrounds. Introducing a pioneer in the stationery brand, Mr. Atul Garg, Director of Oddy and founder of Uniwraps. Though he belonged to a middle class family background and had no major savings when he decided to support his father in his work. He left his higher studies and started supporting his father at his shop selling stationery items. But his desire to do something great and big in life decided to launch his own brand for office stationery called “Oddy” which was coined by his father that means “On demand.”
Though the journey was not so easy, he started manufacturing stationery from a small set of secondhand machines. Fastforward to 2001, he had a dedicated building for sales, packaging, dispatch and billing and two years later, he bought the first factory for Oddy at Okhla Phase 2, New Delhi. There has been no looking back since then. He made several trips to Germany, France, Korea and China and kept adding prebranded stationery to the existing basket and expanded his distribution network across the country.
The idea was to start developing the stationery product line for masses by learning from other countries and then implementing at home. Also, he built very good relations with prominent paper suppliers in Europe and learnt about types of paper, paper properties and processes of papermaking. His passion for learning & research led to the launch of another innovative product in the Indian market, which he experienced at a family picnic when the mango pickle, which they carried in aluminum foil, leaked and spoiled the rest of the food.
He did quick research on google about aluminum foil and found that it reacts with food and can harm the human
Mr. Atul Garg, Director of Oddy and founder of Uniwraps.
body. That moment only he decided to launch the safe food packaging paper for the market.
He travelled a lot abroad to do extensive research and was looking for the solution to pickle puzzle, which he finally got in France. The solution meant that he had to purchase 75% paper from them and the rest 25% had to be processed in India. This involved huge potential risk, but he took a leap of faith and placed a huge order for the special paper that they offered. After several failed attempts and six months to get the right combination, the team came up with India’s First Food Wrapping paper Uniwraps that is safe and secure for human bodies. One must look into every single detail and create a product that addresses all the problems of the end user. They went ahead and printed one side to make it look attractive and to help the user identify the side that must come in contact with the food. So, they also tailor made a blade for cutting the paper. Today, there are a wide range of Food wrapping papers and baking papers for the food products. Accepted by the Indian market, Today Uniwraps is one of the leading and pioneer companies in the food packaging paper industry. Atul's success mantra of learning, passion, research & producing innovative products makes him a Real paper man from India.
SmarterBiz raises INR 8 crores Pre-Series from StartupXseed and prominent angels
Experience delivery with the most secure technology stack ! # 2021 *+: ; ; < = towards OPEX model > ;= ?@ < Q Z [ India, 21st August 2020: SmarterBiz, India's first end-to-end CX platform enabled with the gig workforce has raised INR 8 crore as a part of their Pre-Series A round.
The contributors for this funding round were StartupXseed Ventures (Deep Technology – B2B – Early-stage fund); Mr. Bhaskar Pramanik, Former Chairman of Microsoft India; Mr. MJ Aravind, Former co-founder Daksh, Former Partner
Artiman; Mr. Ravi Viswanath; Mr. Ramesh Radhakrishnan; Mr. Ranjan Biswas; and Mr. MJ Aniketh.
Founded in 2014 by Rajesh Bernard, Vijay Krishna, and Prateek Mehta, the company was funded initially by Utthsihta Yekum Fund.
SmarterBiz is an AI-powered customer experience platform that enables remote management of customer journeys and agent life cycles. SmarterBiz has helped several enterprises, including unicorns build scalable, flexible, and hyper-local customer experience, cost-effectively.
The COVID-19 pandemic has challenged businesses to ensure business continuity and manage increased customer interactions through remote workforce and reduced costs. With the SmarterBiz CX platform, customers can now remotely enable and manage the complete life cycle of the CX process across both digital and human touchpoints. With a single integrated approach, SmarterBiz takes away the pain of running customer experience on multiple siloed systems and processes that do not talk to each other. SmarterBiz provides an end-to-end platform to CX teams to manage the entire lifecycle of their customer, technology backbone, process, and customer support agents on the cloud. SmarterBiz serves seve ra l enterprises, including five segment leaders in E-commerce, BFSI, Hospitality, and Telecom sectors. It manages more than 5000 agents as part of its gig workforce. Rajesh Bernard, CEO & Cofounder of SmarterBiz said, "SmarterBiz has built a CX platform for a gig-workforce ideally suited under these COVID 19 conditions. SmarterBiz is committed to offering an omnichannel experience that elevates the experience across all customer touchpoints. We provide a competitive advantage to our customers by offering a choice between automation and manual intervention at all these touchpoints. With the investment, we plan to grow by 8X ARR this year and create more gig opportunities in the market."
"Companies like SmarterBiz can foresee the benefits technology can bring, to reinvent the businesses and add value to the system. It will surely be a game-changing category disruptor during and post-COVID 19. There will be an increasing need for companies to integrate customer journeys, tech, remote work, and Gig models into their business process. We believe that SmarterBiz will be one of the most sustainable global companies of the future, for the solution it brings in and the execution capabilities of the team," said Mr. BV Naidu, Managing Partner, StartupXseed Ventures.
BV Naidu, Managing Partner
"At last, a seasoned leadership team, a novel premise, immaculate conceptual skills, and meticulous execution. SmarterBiz is indeed a company to watch out for." Mr. M J Aravind, Ex co-founder Daksh.
The key benefits of the solution for customer experiences are that it facilitates remote work opportunities across India, flexible working hours, earning potential in a WFH set up, and is a mobile light, simple, and efficient application. The unique CX platform— Uearn.ai— streamlines the customer journey across multiple touchpoints with an omnichannel CX tech platform, fluid workflow management, and gig workforce, replacing the CapEx model to an OpEx model. The competitive advantage of SmarterBiz is the scalability (4X) it offers at lower costs and faster time to serve as
Rajesh Bernard, CEO & Co-founder M J Aravind, Ex co-founder Daksh.
compared to traditional models.
About SmarterBiz: SmarterBiz, founded in 2014, is India's first end to end CX platform enabled with gig-workforce. It allows companies to shift their CX centres to 100% OpEx model. SmarterBiz streamlines customer journeys across multiple touchpoints with its CX platform—Uearn.ai— lowering the cost to serve, time to serve, for CX centre. It delivers the customer experience through its platform and gig-workforce, bringing convergence of tech and people to run multi-layered operations for its clients. Its fluidity allows clients to scale 4X times faster than the traditional model supported by a talented workforce that can work from remote distributed locations. Uearn.ai facilitates remote work opportunities and has 5,000 trained gig workforces with customer experience profiles. Uearn is available as a remote gig workforce app in Google Play Store. SmarterBiz is transforming the CX delivery for some of the leading banks to tech unicorns. To know more, visit www. smarterbiz.ai