Latest news with #Gurgaon-based
Time of India
a day ago
- Business
- Time of India
Insurtech firm Renewbuy bags $10 million from Apis, 360 One
Insurance broking startup Renewbuy has secured $10 million (about Rs 86 crore) in a funding round from existing investors, London-based Apis Partners and 360 One (previously IIFL Wealth), according to people with knowledge of the matter. It comes at a time when the Gurgaon-based insurance startup is in the process of merging with rival insurance broker InsuranceDekho. 'These funds will help in business development till the time the merger gets closed,' said one of the persons, who did not wish to be identified. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Jämför elpriser (Billigast) Undo Renewbuy did not respond to queries from ET. ET had reported on October 28, 2024, that InsuranceDekho was looking to acquire Renewbuy, valuing the startup at around $300-350 million, thereby creating a billion dollar merged entity in the insurance broking segment. Live Events While the deal is in the works, it is yet to be approved by the Insurance Regulatory and Development Authority of India. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The company plans to use the funds to run the business and expand its operations in the interim period. Renewbuy, founded in 2014, has raised $141 million since inception from large investors such as Japanese insurance firm Dai-ichi Life Insurance, Apis Partners and Lok Capital. After the last equity funding in June 2023, the startup was valued at around $324 million, according to Tracxn. Renewbuy sells motor health and life insurance products through a network of physical agents — or point of sales persons, in industry parlance. For 2023-24, the company reported total revenue of Rs 410 crore and net loss of Rs 114 crore. The startup competes with three other major players in this segment — CarDekho-backed InsuranceDekho, Peak XV Partners-backed Turtlemint and PB Partners, a subsidiary of Policybazaar.
Time of India
2 days ago
- Business
- Time of India
Viral post explains why 'Rs 70 lakh is the new middle class' in Gurgaon, Mumbai, or Bengaluru, and offers "practical advice"
A post on LinkedIn by a Gurgaon-based investment banker has gone viral for showing how even a high salary of Rs 70 lakh per year does not guarantee a comfortable life in metro cities like Gurugram, Mumbai or Bengaluru. In his detailed breakdown, Sarthak Ahuja explained how rising costs, big loans, and lifestyle pressures leave little money at the end of the month, even for people with top salaries. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 혈압, 혈당, 혈색소 2주만에 걱정 끝~ '이 방법' 이목 집중! 당뇨 관리 더 알아보기 Undo Where Does the Money Go? According to Ahuja, a person earning Rs 70 lakh annually ends up paying about Rs 20 lakh in taxes. That leaves around Rs 4.1 lakh as take-home income each month. Out of this: Rs 1.7 lakh goes towards a home loan EMI (for a Rs 3 crore flat) Rs 65,000 for a car loan Rs 50,000 for international school fees Rs 15,000 for domestic help This leaves only about Rs 1 lakh for everything else, including groceries, fuel, electricity, medical bills, shopping, eating out, and even savings for holidays. Live Events Why Even High Earners Feel Poor Ahuja says there are three main reasons for this squeeze: High urban inflation in cities like Mumbai and Gurugram over the last few years Expensive homes and cars that don't match income levels Aspirational lifestyles driven by what people see on social media 'By the end of the month, there's nothing left,' he wrote, calling this situation the rise of the 'new sub-middle class', people who earn well but feel broke. His Advice: Think Before You Buy a Home Ahuja ended the post with practical advice: don't rush into buying a house unless you truly need one. He also linked to his own website with advice on more affordable real estate choices. His honest post struck a chord with many professionals across different fields, with thousands commenting about facing similar struggles.
Mint
5 days ago
- Business
- Mint
Cabinet secretariat to hear taxpayer, trader grievances on tax, customs
New Delhi: In a significant move aimed at enhancing citizen-centric governance and ease of doing business through better grievance redressal, the government has brought both the income tax department and customs-related matters under the purview of its central public grievance system, a government notification said on Monday. This means that taxpayers or importers/exporters facing issues such as delays, harassment, or poor service from these departments can now file their complaints with the Directorate of Public Grievances (DPG), which functions under the Cabinet Secretariat. The decision is expected to improve government accountability and ensure faster resolution of complaints. Until now, such grievances had to be addressed within the respective departments. Also read: Smuggled gold, toys, gadgets spur customs reform push The notification marks a major administrative step in improving public service delivery in two of the most sensitive arms of revenue administration. According to the official order, the Directorate of Public Grievances—constituted in March 1988 to handle public complaints relating to select central government departments—will now also handle grievances related to the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC), specifically covering customs-related issues. 'With the approval of the competent authority, the jurisdiction of the Directorate of Public Grievances is extended to the Department of Revenue (Income Tax) and CBIC (Customs-related issues)," the notification stated. According to a senior government official, the decision is part of a broader push towards responsive and accountable governance. 'The Directorate, which functions under the Cabinet Secretariat, is mandated to take up individual cases of hardship or inaction in public service delivery and can recommend corrective action at the highest levels," this official said. Public grievance redressal has gained renewed attention in recent years, with rising concerns over taxpayer services and procedural hurdles in customs clearances, especially in the wake of India's efforts to improve its ease of doing business rankings. The directorate already covers departments such as posts, railways and telecommunications and the latest expansion is seen as a signal of the government's intent to bring critical public interfaces under greater scrutiny and accountability. 'It's a well-thought-out move by the government to empower both citizens and traders who often face issues with these two departments. Now, they will have a better grievance mechanism to reach out and get their cases resolved," said Dattesh Parulekar, assistant professor of international relations at Goa University. However, a Gurgaon-based textiles exporter, who wished not to be named, said the move will provide significant relief to traders who often struggle to get their GST refunds and have to run from pillar to post to get their issues addressed. Also read: Income Tax: Advance tax first instalment is due by June 15. Check if you are liable to pay Union minister of state (independent charge) for personnel Jitendra Singh had said in a written reply in Lok Sabha on 2 April that of over 29 lakh public grievances received by the government through a dedicated online platform, around 26.45 lakh were redressed in 2024. The complaints were received on the Centralized Public Grievance Redress and Monitoring System (CPGRAMS)—an online platform where citizens can raise complaints. Also read: Sitharaman to review ease of doing business, trade and tax refunds 'A total of 1,15,52,503 grievances were redressed from 2020-2024 and an annual all-time high of 26,45,869 grievances (90.5%) have been redressed on CPGRAMS portal from January-December, 2024," Singh had said.
Time of India
5 days ago
- Business
- Time of India
Gurgaon manager failed class 11 maths exam, could not crack IIT/IIM but is redefining success in his own way
In a country where cracking IIT or IIM is often considered the gold standard of success, stories that break this narrative tend to stand out. One such story comes from a Gurgaon-based manager whose journey didn't follow the conventional script of top ranks, elite colleges, or perfect grades. Instead, it was marked by repeated failures—yet led to a fulfilling and well-earned career, proving that life has far more diverse paths to offer. Early Failures Don't Define Future The manager candidly admitted online that he failed in Class 11 mathematics—a subject that typically acts as a foundation for engineering aspirants in India. That didn't deter him from attempting competitive exams, but he couldn't make it to the IITs. During engineering, he even failed in two subjects. Later, his attempt at cracking the prestigious IIMs also fell short. Despite this list of academic hurdles, he sent out a powerful message, stating that it's absolutely okay to fail sometimes and that one doesn't need an IQ of 160 to be successful in life. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo Redefining Goals, Not Chasing Labels In response to the flood of questions and comments his post received, he encouraged others to reflect on their own definitions of success. According to him, people must first ask whether their goals truly align with societal expectations like top-tier colleges or high-paying jobs. If not, then there's no need to compare one's journey to someone else's. For those who do share similar aspirations, he advised building a strategy to achieve those goals—even if the starting point isn't ideal. He pointed out that many successful people, including Warren Buffett, accumulated the majority of their wealth after the age of 50. From Tier II to Day Zero Success While some questioned how he managed to secure a job after academic failures, he shared that supplementary exams during engineering allowed him to recover and move forward. Eventually, he got into a respected Tier II B-school. With an 89 percentile in CAT, he cracked a day-zero campus placement offer with a Rs 9 lakh CTC package. His success is a clear reminder that one setback—or several—doesn't end the story. In his words, if one door closes, another door likely opens for you! Online Reactions The reactions to his post reflect how many others have walked a similar path of failure and persistence. From struggling in stock markets for years to failing multiple times in college subjects, people related deeply. One user even wrote that if his story could uplift even one person, it was worth sharing. Still, there were critics. Some mocked the repeated failures, while others questioned his profession, qualifications, and net worth. But the manager remained unfazed, focusing instead on the broader message: failure isn't the opposite of success—it's often a part of it. When asked how he measures success, the Gurgaon manager didn't provide flashy numbers. His approach is clearly more introspective. Success, for him, isn't defined by elite institutions or public validation. It's about resilience, growth, and building a career despite not following the 'ideal' route.
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Business Standard
5 days ago
- Business
- Business Standard
Upcoming IPO! Earthood Services refiles draft papers with Sebi; detail
Upcoming IPO: Gurgaon-based services company, Earthood Services, is moving closer to its plan of going public as the company has refiled its Draft Red Herring Prospectus (DRHP) with the capital markets regulator, the Securities and Exchange Board of India (Sebi), to raise funds through an Initial Public Offering (IPO). Earthood Services had initially filed its draft papers with Sebi on December 27, 2024. Earthood Services IPO details The proposed public offering comprises entirely an offer for sale (OFS), with promoters divesting up to 6.29 million equity shares, with a face value of ₹10. The OFS consists of shareholders selling up to 4.290 million equity shares by Kaviraj Singh and up to 2 million equity shares by Ashok Kumar Gautam. 'The offer also includes a subscription reservation for eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion,' said the company. The Offer is being made through the book-building process, wherein not less than 75 per cent of the net offer is allocated to qualified institutional buyers, and not more than 15 per cent and 10 per cent of the net offer is assigned to non-institutional and retail individual bidders, respectively. MUFG Intime India (erstwhile Link Intime India) is the registrar of the issue, while Unistone Capital Private Limited is the sole book-running lead manager. About Earthood Services Established in 2012, Earthood Services specialises in providing Environmental, Social, and Governance (ESG) advisory and assurance services to clients in India and internationally. Its offerings include lifecycle assessment, sustainability consulting, climate risk assessment, and detailed ESG roadmaps, catering to the growing global demand for reliable and verified ESG solutions. The company's global footprint spans offices in India, the United Kingdom (UK), Russia, Turkey, and the United Arab Emirates (UAE). Over the last three fiscal years, Earthood has served more than 400 clients across 132 countries, demonstrating steady growth from 89 countries as of March 2022 to 100 in March 2023, and further to 132 by December 2024. Earthood Services financial snapshot The company's revenue from operations increased by 44.46 per cent to ₹46.79 crore in FY24 from ₹32.39 crore in FY23, primarily driven by an increase in sales of carbon verification and validation services. Additionally, ESG assurance and advisory services contributed to the growth. The number of projects undertaken rose to 219 in FY24 from 169 in FY23. Profit after tax (PAT) increased by 80.11 per cent to ₹19.34 crore in FY24 from ₹10.73 crore in FY23. For the nine months ended December 31, 2024, revenue from operations stood at ₹33.67 crore, and profit after tax stood at ₹8.14 crore.
