COVID-19 TESTING INNOVATIONS HEALTHTECH STARTUPS IN FEMTECH SPECIAL RNI REG. NO. MAHENG/2009/28102

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MUKESH AMBANI Chairman & Managing Director HEALTHTECH SPECIAL GREEN

PLUS GAMBIT GETTING DECODING RELIANCE MAHINDRA INDUSTRIES’ AMBITIOUS SUVs BACK ON TRACK RENEWABLE ENERGY ROADMAP TOWARDS NET CARBON ZERO STATUS BY 2035 FORBESINDIA.COM / VOLUME 13 ISSUE 16 JULY 30, 2021

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The pandemic may have driven home the short point that investing in health will help save lives Letter From The Editor Matters of Life erhaps one way to gauge India’s focus on health wave. The inability to control a devastating second wave would be to look back at the ministers in charge coupled with fl ip-fl ops on the vaccine front may have of the crucial portfolio post-Independence. called for a change in guard, but a bigger takeaway and P It seemed to have started well. The country’s hope is that health may fi nally fi nd its place in the sun. fi rst minster of health and family welfare was Amrit Innovation and entrepreneurship to solve India’s Kaur, a follower of Mahatma Gandhi, a member of the pressing problems are core to Forbes India, and this Constituent Assembly, and an advocate for women’s rights. Special Issue on health (and healthtech) delves into areas As health minister when nation-building was the that are both immediate and futuristic. That means deep priority, the Oxford University-educated Kaur was pivotal dives into new solutions to make Covid-19 testing quicker in setting up the All India Institute of Medical Sciences and more accessible, and a bunch of ventures focussed (AIIMS). She was also at the forefront of campaigns to on femtech (which is much more than reproductive rein in malaria and tuberculosis and spearheaded the health), along with a peek into the strides taken in genome world’s largest BCG vaccine programme. sequencing. Another Gandhian in charge of the portfolio in the The Covid-19 pandemic may have driven home the Nehru regime was Sushila Nayyar who, armed with short point that investing in health will help save lives. degrees in public health from the Johns Hopkins School Just as a shift from fossil fuels to cleaner energies will of Public Health, set up the Mahatma Gandhi Institute of ensure life lasts on earth. Medical Sciences, India’s fi rst rural medical college. The Forbes India cover story is on an oil and Yet, when it came to expenditure on health, it may petrochemicals tycoon who has committed to such a have been meagre in the early days of the nation. The 2017 radical transformation. Mukesh Ambani, chairman Economic Survey reckoned that “given the pressing need of Reliance Industries (owner of Network 18, which to redistribute, India did not invest suffi ciently in human publishes Forbes India), announced at the conglomerate’s 3 capital—for instance, public spending on health was an 44th annual general meeting last fortnight a green energy unusually low 0.22 percent of GDP in 1950-51”. It may plan that calls for an investment of `75,000 crore in the have risen since but, as the Survey pointed out, the “little solar and hydrogen fuel sectors. The end game: To become over 1 percent” of GDP is well below the world average of a net carbon zero business by 2035. 5.99 percent. Similar ambitions of global energy giants (but with Try recollecting the last time, pre-Covid, an election longer time horizons) of eliminating carbon emissions, campaign that had health as an issue. What is more, but from Royal Dutch Shell to BP, have had a section of for a handful of notable exceptions, health ministers rarely investors sceptical about the potential for returns. But had backgrounds connected to health, and an actor in then the bigger picture is less about return on investment charge of the portfolio in the early 2000s was clearly not in the short term and more about the war to save the what the doctor ordered. planet. For more on the four pillars on which Reliance’s Last fortnight’s rejig of the Union Health portfolio has Green Gambit will rest, don’t miss Samar Srivastava’s to be seen in the context of an impending Covid-19 third ‘Eyeing Greener Pastures’ on page 20.

STORIES TO LOOK OUT FOR Brian Carvalho Editor, Forbes India

[email protected]

Best,

(Left) Mukesh Ambani, chairman and MD, Reliance Industries, has launched an ambitious green energy roadmap; (Right) Veena Moktali is the co-founder of Periwinkle Technologies, which works in the cervical health screening space

JULY 30, 2021 • FORBES INDIA JULY 30, ON 2021 THE ☛ VOLUME 13 COVER Contents ISSUE 16

FEATURES IN FOCUS 26 • A NEW TERRAIN Mahindra is reinventing itself to get its SUV business back on track. Will it be a bumpy ride or can the carmaker script a turnaround?

32 • GRIT, GUTS AND GLORY How A Velumani, a landless farmer’s son, built Thyrocare into a billion-dollar behemoth before a surprise sell-off to PharmEasy

38 • HOW HDFC BANK’S CRISES HAVE SPELT GAINS FOR ICICI BANK As the former awaits lifting of credit card ban, rivals gain market share. Can the bank recover lost ground?

42 • WILL ZOMATO’S AUDACIOUS BET ON 4 GROFERS PAY OFF? Despite grocery being a high- risk play with thin margins, IPO-bound Zomato has little option but to take the plunge with a stake in Grofers

78 • STREAMING NOW: BOOKMYSHOW AND ITS PG. 20 FIGHTBACK Battered by the pandemic, BookMyShow is trying to reinvent itself by getting into multiple streams. Can it put up a good show? EYEING GREENER 82 • VALUE TO VALUATION PASTURES Bootstrapping serial Reliance Industries’ bold entrepreneur Bhavin Turakhia plan to move into the now has a billion-dollar company in Zeta. Can he green energy space—with script bigger success with an investment of `75,000 external funds? crore—is in keeping with its 2035 net carbon zero 86 • REIMAGINING commitment. It also has BANKING FOR TEENS the potential to catapult FamPay, a neo-banking startup RIL into the largest for teenagers, has whipped up green energy business excitement, but can navigating in India the regulated fintech ecosystem be child’s play?

Chairman and Managing Director Mukesh Ambani is bullish about Reliance Industries' green gambit

FORBES INDIA • JULY 30, 2021 ANIRUDHA KARMARKAR FOR FORBES INDIA PG. 52 PG. 70

The Supreme Court recently said that CoWin creates a digital Veena Moktali (left) and Koustubh Naik, co-founders of femtech divide in vaccine access startup Periwinkle Technologies

NEHA MITHBAWKAR FOR FORBES INDIA

HEALTHTECH PG. 26 66 • GOING VIRAL: SPECIAL FEAR AND FAKE NEWS 46 • PUBLIC HEALTH Misinformation surrounding CRISIS WITHIN THE Covid-19 vaccines is slowing PANDEMIC the pace of inoculation, and the problem might be more Corporates need larger deep-rooted than we think concerted public policy initiatives for employees with debilitating health symptoms 70 • WHAT WOMEN WANT for months post Covid-19 Femtech startups are trying 5 recovery to change the perception of women’s health as 52 • COWIN: GLOBAL reproductive health, but the AIMS BUT STRUGGLES industry is underfunded and AT HOME has a slow growth Millions in India cannot access Rajesh Jejurikar of Mahindra plans to launch 23 products across the online Covid-19 vaccine passenger and commercial vehicle segments in the next five years 75 • FIXING THE CODE platform, while shortages and Even as genetic-sequencing privacy issues add to concerns technology becomes cheaper PG. 88 and faster, the adoption of 57 • PUT TO THE TEST precision medicine remains limited in India India is innovating solutions to ramp up Covid-19 testing. To what extent can this solve CROSS BORDER issues related to availability, undercounting and delays? 88 • 50 UNDER 50 Meet the inaugural class of entrepreneurs, leaders and 62 • INHALE. EXHALE. creators who are part of INNOVATE an exhilarating movement Noccarc Robotics and redefining life’s second half Biodesign Innovation Labs have built affordable ventilators from scratch to better suit Indian conditions, while meeting global standards Julie Wainwright's The RealReal is now worth $1.3 billion

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FORBES INDIA • JULY 30, 2021 DR. MONICA SOOD: A WOMAN WHO BELIEVES THAT KNOWLEDGE IS GROWTH, NO ONE IS EVER OLD ENOUGH TO LEARN linking them with deadly chronic diseases. She unlocked her potential in healing, understanding and problem solving under the guidance of her father and grandfather, who were the face of Navjivan during the time. ‘She not only thinks, but makes it happen.’ At the age of 18, she became the youngest CEO of Navjivan Health Service, a 98 year old Ayurvedic organisation, established in 1923 by her Grandfather Dr. Amarnath Sood during British rule. Navjivan was the first one to introduce Ayurvedic System of medicine in foreign lands and treats patients worldwide, this contributed to the amount of maturity in her communication and decision-making skills. Navjivan Health Service is not a company, but a child that she has been nurturing since 23 years. Committed to this organisation and various establishments under Navjivan Group, she solely trusts that alleviating suffering of the downtrodden can create peace among the different nations. Dr. Monica acknowledges the trouble of every individual who seeks help from her, she deciphers the diagnosis and puts immense effort in finding the appropriate solution for the same. The depth of not only physical ailment but also mental ailment is engraved in her work. With Dr. Monica B. Sood the ability to console coupled with her super power to heal and diagnose has helped her treat countless patients with deadly diseases. ‘Every ‘Every patient suffers differently,’ patient suffers differently,’ as the finger prints of any two people in the as the finger prints of any two entire human race never tallies with each other; similarly the physical and people in the entire human race mental peculiarities of any two patients suffering from a common disease never tallies with each other; seldom coincide. similarly the physical and mental A widely travelled woman with an ambitious mind and a thirsty soul, she believes that knowledge is the only thing that can create peculiarities of any two patients water and quench her thirst. A supporter of neuroplasticity, she states suffering from a common disease that hardly any day goes by when she does not stimulate her neurons seldom coincide. with new information, the only way to keep your mind young is to keep introducing it to new ingredients of life. These experiences have urtured in a household infused with familial amplified her communication, emotional intelligence, professionalism ‘Nissues, stress has always been one element that and leadership skills. has watered her skills and personality.’ Dr. Monica B. Another experience that has moulded her personality to a great extent Sood - a qualified Physician in Ayurvedic Medicine & is her role in National Unity & Security Council as the Chairperson. Surgery, with a Master’s in Business Administration - Playing a multifaceted role in the field of medicine, entrepreneurship and Human Resources, International Business and Law politics, her socio-cultural activities for promoting solidarity and national is the epitome of the phrase ‘diamonds form under cohesion in India pressure’. Her current skillset constitutes of skills gained While campaigning for World Peace, she is devoted to the patriotic by her fellowship course` in Thoracic Oncology from mission of revitalising the country’s economy by proposing direly-needed University of Michigan and Course in Cancer Metastasis reforms to the Government and suggesting new policy and programme from John Hopkins University, U.S.A. She has recently which will conduce to wholesome changes in Socio-economic been accorded with Woman of Excellence Award infrastructure. Being based on a scientific approach, her policies will 2020 – 2021 by Indian Achievers Forum and Global yield desired results with almost absolute certainty by making the Indian Healthcare Awards 2021 – Outstanding & Remarkable economy truly dynamic and vibrant. Contribution to the Health Sector (Ayurvedic Medicine The ability to learn is a gift of life, knowledge is one fragment that & Surgery). makes a person whole, it can be in any field that they admire, any element With a keen interest in herbology in relation to that they are interested in. Regarding the future plans for her company, she medicinal plants since the age of 5, her attention to states that in the coming years she would like to strengthen the research detail was procured when she closely ascertained each methodologies of her organization and provide more opportunities for characteristic of different medicinal herbs and minerals youngsters to flourish, especially in times of coming epidemics. LeaderBoard

‘Communication Leader Of The Pack Tech-tonic Boost to India’s is Underrated’ How to build a champion Farm Sector Serial entrepreneur Ronnie mindset, from sport to Tech startups and new laws can Screwvala on his latest book P/10 the boardroom P/14 disrupt India’s agri sector P/18

SECOND INNINGS Riding Multiple Moon Shots Jeff Bezos stepped down as Amazon CEO on June 5, and is focusing on space rockets and climate change

market, and installed one of his trusted S-team executives as the country head of its operations. Amazon has created hundreds of thousands of jobs and facilitated over a billion dollars in exports from local sellers. It is also facing investigations over allegations that it favours some sellers over others, and is building up its own brand of products in 8 VIA GETTY IMAGES HARRER / BLOOMBERG ANDREW many categories. In fact, Bezos is stepping back from the day-to-day running of Amazon at a time when big tech faces the most scrutiny at home, where lawmakers have introduced a raft of bills to reign them in. And Lina Khan, the new chairperson of America’s competition authority, the Federal IN JULY, AMAZON’S FOUNDER catalysing the invention and planet- Trade Commission, is one of Amazon’s CEO Jeff Bezos, 57, plans to scale commercialisation of cloud biggest critics. go into space in a capsule atop computing, and building a media and Bezos’s personal life too, in a rocket, all built with his own entertainment business that wants to recent times, has caught attention. money—symbolising the rise of one of give Netfl ix a run for its money. His divorce from the mother of his the most infl uential human beings in People in markets far away from children, MacKenzie Scott, made her the modern world. Mid-life Seattle, Amazon’s headquarters, are one the richest women on the planet. distractions and all. Earlier in June, he now used to same-day and next-day In addition to Blue Origin, the handed over the reins of Amazon to his deliveries of everything from daily space tech company that Bezos has trusted lieutenant, Andy Jassy, who is essentials to refrigerators, from local funded, which is building rockets and now CEO. sellers using Amazon. In the US, space modules, he has also committed Bezos’s fame today as the world’s Amazon is also an online pharmacy. billions of dollars to fi ghting climate richest person has, of course, made his In India, Amazon is both loved and change. “I’m committing $10 billion to fi rst job famous too—fl ipping burgers seen with suspicion. Bezos wore a start with and will begin issuing grants at a McDonald’s outlet as a 16-year- beige bandhgala when he visited the this summer. Earth is the one thing we old. But it was his entrepreneurial country in 2014, the fi rst time since his all have in common—let’s protect it, venture—over the last 27 years—that ecommerce platform launched in India together,” he said on Instagram, when changed the world. Bezos went the previous year, and leaned out of he announced the fund last February. from selling books online from his a lorry driver’s cabin for pictures. He This may become his biggest legacy. garage to selling everything online, has invested billions of dollars in the ● HARICHANDAN ARAKALI

FORBES INDIA • JULY 30, 2021 Selling Books to Exploring Space GETTY IMAGES The Making Of A Billionaire Twenty-seven years and $203 billion later, Jeff Bezos is stepping down as Amazon CEO. A look at his journey from a high school in Miami to sub-orbital space

GETTY IMAGES 1964 1986 1993 Jeffrey Preston aka Jeff is Graduates from Princeton On November 19, marries born in Albuquerque, New University with a Mackenzie Tuttle Mexico, on January 12, 1964. Bachelor of Science in He is raised by single mother, Engineering, specialising Jacklyn Gise. Jeff is later in electrical engineering adopted by his step-father and computer science Miguel Bezos in 1968 when he was four years old

1994 1997 2000 Writes a business plan on On May 15, Amazon goes Bezos starts Blue Origin a roadtrip from New York public at $18 per share to make space travel City to Seattle, and starts accessible. It remains a Amazon in a garage on July 5 secret till 2013, when media catch a whiff after Bezos goes land shopping

GETTY IMAGES 2002 2007 2010 Bezos starts Amazon Web On November 19, Amazon On November 16, Amazon Services; gives Andy Jassy launches Kindle at $399. Studios is launched capital and freedom to create Readers get access to the cloud computing service more than 90,000 books, magazines and newspapers

GETTY IMAGES

June 2013 Aug 5, 2013 2015 Amazon arrives in India Bezos buys the Washington Amazon Studios' Transparent in Bezos' attempt to curb Post and its sister becomes the first TV show to Alibaba's popularity in Asia publications from the Graham win a Golden Globe award, a family at $250 million, ending first for a streaming service their ownership of 80 years AFP

July, 2018 Nov, 2018 Jan 9, 2019 Forbes, Fortune, Bezos announces that Blue Bezos and Mackenzie

Bloomberg Billionaires Origin's New Shephard announce their divorce. GETTY IMAGES Index, MarketWatch will take human beings Mackenzie gets 25 percent and Wall Street Journal to suborbital space ($36 bln) of their Amazon say Bezos is the world's stock, becomes world's richest person ($151 bln) third richest woman

Aug 2020 Feb 2, 2021 June 7, 2021 July 5, 2021 According to Forbes, Bezos Bezos announces he will step Bezos announces he will fly Jeff Bezos steps down becomes the 'first person down as CEO of Amazon to space as a passenger of as CEO of Amazon ever worth $200 billion' sometime in the third the first crewed flight of the quarter of 2021 and Andy New Shepard, with his brother Jassy will replace him Mark, to suborbital space

TEXT: RUCHA SHARMA, INFOGRAPHIC: PRADEEP BELHE

JULY 30, 2021 • FORBES INDIA LeaderBoard

INTERVIEW ‘Communication is Underrated’ Serial entrepreneur Ronnie Screwvala on his latest book, Skill it, Kill it, how he keeps himself upskilled and what he’d tell his younger self

Q What inspired you to write the It’s never about a mentor giving book? And what is the one thing you you advice—that’s good learning want readers to take away from it? but not great learning. Really good In the last fi ve years since we founded learning is when somebody asks upGrad, millions of students have you a question which makes you applied to us. I saw a serious gap go, ‘Why didn’t I think of that?’ when it comes to their soft skills. Skill means lots of things to a lot of people, Q Do you actively seek change but if you don’t practise and make a or wait for things to push you real change, you’ll always be a fi ve on out of your comfort zone? ten which is neither here nor there. Yes. I put myself in situations where In my fi rst book, Dream with I’m slightly on my toes. Everyone Your Eyes Open: An thinks you need to be Entrepreneurial Journey, hyper to be in a frame I aimed to talk about the A HABIT of ‘looking forward’, 10 failures for entrepreneurs. SHOULD BE but ‘looking forward’ is I failed my BCom and QUESTIONED, a discipline. It doesn’t then decided to be an BECAUSE have to be done when entrepreneur. THERE’S A you’re in the middle of The one thing I hope SENSE OF your career. It has to be people take away [from COMFORT done at the start. It is a this book] is that learning WITH necessary trait for people. never stops. In today’s ROUTINE If you don’t do that, day and age, people are you’re going to get stuck, competitive, so it’s going to and you will think the a disproportionate amount of time be important to realise that soft skills opportunity is failing you, when getting inspired, meeting strangers are as important, if not more, as hard it’s you failing the opportunity. and reading books. skills. I see myself as a product of soft skills. Almost every chapter of the Q. Are habits set in stone or do we Q How important do you book is about something that helped have to change them with the times? think the people around you me through life, like gaining more The one good thing about habits is are in affecting you? confi dence and focus, which helped they have been challenged during It’s important. First, of course, is your get better outputs. the pandemic. A habit should always family, the closest circle around you. It be questioned, because there’s a can make or break you in many ways. Q Did you learn anything in the sense of comfort with routine. It gives you a certain sense of comfort process of writing this book? Standing still is taking fi ve steps and a strong foundation. For everyone I learnt a lot when we did a focus backwards. You’re fooling yourself if else, it’s all about energy. You should group with about a thousand working you think that you will remain happy be surrounded by people with positive people across the world for this with your status quo. Habit is equal energy. You may have a great friend, book. I learnt that what people think to status quo. You’re assuming that for example, but if he’s constantly and what their biggest concerns are you are deciding your status quo, but running you down or trying to egg today versus what I heard fi ve or 10 the status quo is always changing you, then you’ll become that person. years ago, are diff erent. And the best around you. When you’re not clear on So I would say, sometimes it’s fi ne if way to learn is by asking questions. what you do, take some time off . Take you have a connection with a negative

FORBES INDIA • JULY 30, 2021 UPGRAD

The amount raised by Ronnie Screwvala’s upGrad $120 mln in April, its first round of external equity funding

11

person. But, at the end of the day, you tells you about the future. So for me, came naturally to me. I had to fi ght are who you are based on your energy it’s exactly this that keeps me going— for it. I think resilience and the and that energy needs to be positive. I’m able to use the skills I’ve honed ability to deal with setbacks are also in the past, especially my learnings very important. I don’t think we Q How do you maintain and failures, and adapt them to what I move on easily, which I, however, life-long learning? want to do. pride myself on doing quite well. I do new things, I constantly interact with new people, and I push the Q What are the most important Q If you could tell your younger envelope. The fi rst 10 years you’re skills you’ve learnt in your life? self anything, what would it be? kicked around and the next 10 you Communication is underrated. I would tell my younger self to get a have failures, and it lets you hone Especially in a digital era, we need lot more focussed on what I wanted in on what you want to do in life. to over-communicate. Most people to do; I was opportunistic and excited, It’s not like I was an education think that communication is oratory and wanted to do a lot at the time. expert when I started upGrad. The skills or command of the language, If I was more focussed, I would year before I decided I wanted to whereas communication is so many have walked a few more miles. And start upGrad, I met with hundreds things, including listening and I would tell myself to stick it out. of people, some twice, some thrice. I absorbing. Coming from a lower Because if there’s anything I can say read a few industry reports, but they middle-class family and being an for myself, it’s that through most of didn’t motivate me at all. Consultant entrepreneur along with that, neither the thick and thin, I stuck it out. reports tell you the past, but nobody confi dence nor communication —ANAVI KAUL

JULY 30, 2021 • FORBES INDIA About APFL The organization is engaged in HDPE, PP, THE YOUNG BOPP, and Woven Fabric bags’ manufacturing for micronutrients and organic fertilizers. About 80 million bags are produced per annum to pack fertilizers, food grains, etc at the industrial level. AND VISIONARY With a 90-crore turnover and net worth of 120 crore, the company functions at its optimum capacity with 100 per cent utilization. APFL boasts of a proficient workforce comprising of 400 persons employed directly across divisions such as Managerial, Technical, etc. under-skilled, semiskilled, and unskilled manpower categories. Expanding their scope of work in the year 2015, the Company entered the micronutrient fertilizers manufacturing business and started producing Zinc Sulphate Heptahydrate and Zinc Sulphate Monohydrate. Keeping in mind the alarming rate at which Zinc deficiency leading to decreased crop productivity was affecting our largely agriculture- dependent population and economy, 16,500 MT of fertilizers were produced per annum. In addition, they also started manufacturing Magnesium, Ferrous Sulphate, etc. The Company has a wide marketing and distribution network established across 16 Indian states. The direct and institutional distribution network works for the sale of various products including Zinc Sulphate, micronutrient mixtures, water-soluble fertilizers, zinc EDTA, formulas, organic manure, and plant growth promoters. APFL’s success can be attributed to the fact that it has worked on ground level and promoted the use of micronutrients in the agriculture industry. Being A businessman par excellence, one of the biggest producers of micronutrients; they produce 15,000 MT of micronutrients and 30,000 Yash Pal Singh Yadav, Managing Director, MT of organic fertilizers to facilitate the growth of the Anya Polytech & Fertilizers Pvt. Ltd. (APFL) agriculture sector in India. APFL has recently begun manufacturing certified seeds to extend further help established the firm in association with in the agricultural growth process. APFL engages with farmers actively in on- Anya Agro & Fertilizers Pvt. Ltd. ground meetings and gives field demonstrations across Uttar Pradesh and other states. The Company in January 2011. operates with the sole aim of mitigating nutrition deficiency in order to serve the farming community. ynonymous with dynamism, Yash has proved his mettle with a host of successful Committed towards promising better agricultural entrepreneurial ventures. Known for his business ethics and values Yash has a results, they participated in various Zinc Seminars/ Snumber of companies under his command. He epitomizes the amalgamation of Symposia around the world, particularly in Brazil professional knowledge, experience, intellect, and leadership which aids the enterprise’s and Belgium. sustenance in otherwise dire situations. Mr Yadav has achieved several milestones; During the peak of the pandemic, the Company’s showcasing his unique potential in constructing a sustainable and appreciable business growth rate for the year 2019-20 was recorded at 60 environment. per cent and in the following financial year—2020- Yash’s achievements are backed by academic and professional qualifications—BE 21— it grew by another 33 per cent. Mechanical, MBA in Finance (LSBF, UK), PG in Capital Market and Finance (IIFT), More recently in the year 2017, APFL was Export Management (IIFT), and PG in Management. felicitated for its best video film for farmers by

Final Advertorial - Yash Pal Singh Yadav 06.indd 2 08-07-2021 17:47:54 BRAND CONNECT

as well as help of all kinds. Finances and payment cycles were not left unaffected during the pandemic as dealing with the banks had also become diffi cult. However, the team Committed towards promising managed to sail through despite working remotely better agricultural results, and ensuring that neither the payment cycle nor the they participated in various production was hit adversely. In times when there Zinc Seminars/Symposia around was a shortage of funds even after the work was completed, APFL gave extra credit to their reliable the world, particularly in suppliers to keep the organization up and running. Brazil and Belgium. The health and safety of their employees topped their list of priorities. All the employees were given proper instructions and suffi cient protection gear Ministry of Agriculture, Government of India. In such as masks and sanitizers, and were strictly instructed to maintain social distance. addition, the Company’s contribution in the fi eld of agriculture is duly recognized and appreciated Social Activities Amidst COVID 19 every year with letters of appreciation from various Doing their bit for the betterment of the society and helping mankind in such testing agriculture universities and institutions for ‘Best Field times, APFL engaged in philanthropic activities. They distributed around 5,000 PPE Demonstrations to the Farmers’. kits to different hospitals, made free medicines available, and donated 20,000 face masks, sanitizers, and groceries (for a month) to 12,000 needy families. They saved Braving the Waves of the Pandemic starving families who had lost their bread-winning jobs due to the pandemic. APFL The supply chain and inventory management skills also contributed INR 5 lakh to Prime Minister’s Relief Fund. They are also working on were upgraded and with effective management sanitization and taking steps to make clean drinking water available in several villages control and strategic decisions a proper infl ow of of Uttar Pradesh. raw materials and distribution of the manufactured products was managed. CSR Initiatives of APFL Absorbing the complete manpower during • APFL has started an NGO—Naya Savera—to provide free medicines and video pandemic posed a great challenge, however, the consultation with doctors. Naya Savera also spreads information about various same was tackled by taking a step at a time. They government schemes amongst villagers and farmers. began with marinating 30 per cent manpower and • Recognizing their duty towards society, APFL began manufacturing masks during gradually took it up to 60 per cent. Work distribution the pandemic. This helped in generating employment and distributing free masks was planned in such a way that it became more to the poor. inclusive of the workforce whilst following the • School bags have been distributed among school students from time to time by COVID 19 guidelines laid down by the government the organization. They also distributed free seeds and Zinc Sulphate fertilizer samples of India. A major challenge was to cope up with to farmers. the tremendous shortage of unskilled labour but it • Understanding the digital needs of the society, several computers were installed at was handled well with great efforts and provision of various computer centers to enable children from poor families to gain access to better facilities in the form of both monetary rewards technical education.

For more details on their initiatives and offerings visit: http://apfl.in/

Final Advertorial - Yash Pal Singh Yadav 06.indd 3 08-07-2021 17:47:55 LeaderBoard

INSIGHTS Leader Of The Pack How to build a champion mindset, from sport to the boardroom PUNIT PARANJPE / AFP PUNIT PARANJPE

14

‘Encourage everyone to think like a leader’

everyone healthy, competitive and in but always trust your gut and instinct. KL Rahul the right frame of mind. I ask all the players to feel as if they Cricketer In sport or life, when under are the captains of the team—it is not pressure, you have two thoughts: my team or it isn’t the team of Anil LEADERSHIP PULLS YOU OUT Either adopt the aggressive or Kumble [former India cricket captain of your comfort zone. You cautious approach. I’ve encouraged and coach of Punjab Kings]. It is our have the responsibility of my team to always take the aggressive team. All of us are equally responsible creating a great environment, keeping approach; if we fail, we fail as a team, for what we do, whether we create

FORBES INDIA • JULY 30, 2021

331 AFP Matches in which MS Dhoni led India. As captain, he won the T20 World Cup in LeaderBoard 2007 and the ODI World Cup in 2011

history or we go down. I am the strengths and stick to those. In the achievement of a captain is to win the captain only on the scoresheet and processes of winning, losing, meeting, respect of your teammates. Any of us when I go for the toss at the start of planning etc, you tend to forget the would take a bullet for him without a a match. Once the game starts, it’s a simple things right. second thought. combined decision. The minute someone says captain, Also having played under Virat When you go into the game, and the name that comes into the mind Kohli... he operates at 200, when 100 there is so much pressure, you tend of anyone from our generation is is the best that you possibly can be to forget the plans because your mind MS Dhoni. Yes, he’s won a lot of at. And he has the ability to carry the and heart are racing. Remember tournaments, done amazing things other 10 guys, and pull them from the plans, remember your personal for the country, but the biggest 100 to 200.

Manasi Joshi Para-shuttler SAM PANTHAKY / AFP PANTHAKY SAM WHEN I HAD AN ACCIDENT THAT turned me into an amputee, all I had to do was accept that from now on I was going to be living as a person with disability. When I was in the hospital, one day, I just told myself ‘this is it’. The next day, I dreamt of myself as a person with disability; it meant 16 even my subconscious was able to accept it. There were diffi cult days because every fi ve days, I was going into the operation theatre. One day, I had a panic attack and the doctors had to calm me down. I’ve had great support from my family and friends… people around you help you. We sometimes feel we are alone in this, but that’s not true. Help is right beside you... all you have to do is ask. I’ve seen people do great things with whatever opportunities they get. I thought I’d also follow them... all I will have to do is push a little harder. When I started playing, I ‘One who navigates hurdles best would just hit standing strokes—for emerges a champion’ me that was also an achievement, because I was able to stand without support. Not being able to do one themselves. We are all champions, medal at the World Championship. I thing didn’t demotivate me, being we are all resilient, and all of us have don’t know what is the destination or able to do something else motivated the capability to adapt to whatever what these milestones are showing, me on the other hand. situations we face. but every such milestone takes me to Champion athletes overcome For me, to be able to continue the next milestone. their setbacks. They learn to navigate with the hurdles that I face and with ● KATHAKALI CHANDA & NAINI THAKER whatever obstacles they face. And minimum support that I get has they learn to accept those failures, been the journey. There have been Catch the interviews on From The Field every fi netune their skills and improve multiple milestones, like winning a Friday at 4 pm on www.forbesindia.com

FORBES INDIA • JULY 30, 2021 BRAND CONNECT SANJAY JHUNJHUNWALA: “Our future doctors, nurses, and MAN ON A MISSION technicians are trained not just to be competent, professional and knowledgeable but compassionate so that they can serve our nation by literally healing society.” Who or what was the inspiration behind this idea? Several brands, says Mr. Jhunjhunwala, but more so the people behind those brands. “Inspiration comes from places you wouldn’t imagine it would, and sometimes from people you do imagine it should! For me, inspiration has come from the likes of Niranjan Hiranandani and Surendra Hiranandani of the Hiranandani Group which, like us, has ventured into health care and hospitality… then there is Dr. Devi Shetty of Narayana Health, and, of course, who would not be inspired by the Oberois?” The Founder-CE0 of the Mani Group, which includes The recipient of several awards, Mr. Jhunjhunwala insists that the only one that IQ City Medical College Hospital, is a man with his eye, matters is the reward of trust you receive not just on the skyline, but on the future of healthcare. when you deliver on something to which you have committed. Over the years, the hen Sanjay Jhunjhunwala, the Founder-CEO the Mani Group of companies, which Mani Group, and all brands associated includes IQ City Medical College Hospital in Durgapur, started out, he was a man with it, has come to be recognised Won a mission with an eye on not just the skyline, but on the future. Four decades and respected by all those who value later, the Group comprises several verticals that are impacting lives in the residential property, uncompromised quality. retail, hospitality, healthcare, and education sectors.. This respect can only be garnered Healthcare has always been close to Mr. Jhunjhunwala’s heart, in keeping with the when you gain the trust of the people group’s motto – Change for Good – and the brand’s promise to improve the quality of life of who have invested in you, whether it’s whoever is touched by it. Out of that promise grew the idea of an integrated township that by way of delivering a quality home, would serve as a residential area, while incorporating the health and education sectors as or quality healthcare. According to Mr. well. Jhunjhunwala, gaining this trust is simple: So began the creation of a Knowledge & Health Campus over 100 acres in Durgapur “Only commit to what you can deliver, and which saw the emergence of IQ City Medical College Hospital – the first multi-speciality always deliver what you commit, if not hospital in the city to have a Medical College attached to it, and also the largest private more. The customer is not ignorant and teaching hospital in eastern India. will recognise value when he sees it.” According to Mr. Jhunjhunwala, it is the “realisation of a dream – to have healthcare with The Mani brand strives to constantly a difference, state-of-the-art medical treatment facilities available to all at affordable prices in innovate to achieve sustainable growth a safe and comfortable environment”. within its different spheres of operation. That dream that began in 2013, saw the birth of IQ City – an ultramodern infrastructure, This includes the group’s foray into housing an 800-bedded multispecialty hospital that catered to the needs of humanity – which healthcare. For Mr. Jhunjhunwala, it is to his delight quickly became an integral part of Durgapur township, its surrounding all about harnessing the best areas, and its people who have come to trust the brand and all that it stands for. talent to maintain the top-notch IQ City Medical College Hospital, as the name implies, is a teaching hospital. But eduhealth infrastructure at IQ City it was not enough to have a “safe and comfortable environment” just for patients, Mr. Medical College Hospital that Jhunjhunwala also wanted to ensure a safe and comfortable environment in which will send forth doctors, nurses healthcare workers would develop and flourish. and paramedics who will uphold And soon the hospital had siblings – IQ City Medical College and IQ City Institute of the highest standards of trust, Nursing Sciences. Which are testament to Mr. Jhunjhunwala’s commitment of ensuring integrity, service, and social our future doctors and nurses would be fully equipped to serve society and country. responsibility.

Final Advertorial - Sanjay Jhunjhunwala.indd 2 08-07-2021 18:04:32 $329 mln Private equity / venture

LeaderBoard capital investments SHUTTERSTOCK in agritech in India in 2020

Tech-tonic Boost to Tech startups and new laws can disrupt India’s India’s Farm Sector agri sector. Here’s how

With a host of agritech startups taking root across India, technology being deployed across the production and supply chain, and the government introducing new regulations last September, the agriculture sector is witnessing some signifi cant changes. Bain & Company, a US-headquartered management consultancy, highlights in a recently released report how these changes can be disruptive for the country’s farming sector. ● COMPILED BY JASODHARA BANERJEE

Size of Indian Agriculture Sector Impact of Agritech Startups on the Sector  Application of tech-based farming and services, analytics and farm management

 Sustainable farming models and services, carbon 20% trading $370 bln Population Agriculture’s contribution ~55% that depends  New food products and uses, such as alternative Value of the Indian to the country’s gross on agriculture proteins and feed, ocean farming agricultural sector value added (GVA) for livelihood Impact of New Govt Funding for Agritech Startups Regulations Key features of 3 new Bills passed in Sep 2020: Funding received by agritech companies $1 bln between 2017 and 2020  Broadens sales channels other than through APMCs, enabling farmers to sell anywhere

18 India is the third-largest nation in terms of funding received and agritech startups  Transfers market risk from the farmer to the sponsor France ~$28B France ~3,500 100% Australia  Deregulates commodities like cereals, oilseeds, Others pulses, onions, and potatoes Germany 80 Others Australia Portugal What fi rms can save on procurement UK 5-10% Portugal costs through a national strategy 60 China India China Value Leakage of Produce India 40 Germany UK from Farm to Mandi Transportation, waste 6-8% 20 US US Arthiya commission 5-7% Mandi cess ~1% 0 PE/VC funding Number of start-ups Weighing, bagging, etc 3-4% Funding CAGR Agritech~37% All industries ~4% Tonnage loss—moisture 3-4%

APMC and ECA reforms will enable companies to save between 5-10% of procurement costs by eliminating Arthiya Projected Growth & Investments commission, mandi cess, weighing and bagging costs $30-35 bln The value pool in agri-logistics, off take, and agri input delivery that tech and new laws can create by 2025 Value Leakage of FY19 FY25 Growth Private equity/venture capital investments Produce from Mandi to in agritech in India ($ mln) Online grocery buyers (mln) ~30 ~150 5x Consumer CAGR: ~53% Online Average spend per consumer ($) ~65 ~130 2x 400 Off take Arthiya commission 5-7% 329 Online off take market ($ bln) ~3 16–18 6x Trader margin 4-5% 296 300 Farm inputs ($ bln) ~85 ~150 2x Online Transportation 4-5% 219 Farm Online sales penetration Limited 5% 200 Inputs Retailer commission 20-25% Online farm input market ($ bln) <1 7–8 Nonlinear Waste 20-25% 100 91 Agri-logistics ($ bln) ~50 ~100 2x High middlemen commissions and food wastage leads to Digital Digital penetration 1%–3% 8%–10% 3x higher process for end consumers Logistics 0 SOURCE Bain and Company’s report ‘Indian Agriculture: 2017 2018 2019 2020 Digital logistics market ($ bln) ~1 7–10 Nonlinear INFOGRAPHICS: SAMEER PAWAR SAMEER INFOGRAPHICS: Ripe for Disruption’, June 2021

FORBES INDIA • JULY 30, 2021 TRANSASIA PUTS INDIA FIRST – SETS UP ASIA’S LARGEST FACTORY FOR COVID TESTS DURING THE LOCKDOWN While the ongoing pandemic continues Vazirani Foundation to hundreds of Govt. to spring unforeseen circumstances, the hospitals across India, especially in the Transasia-Erba group believes that it has smaller cities. been an insightful and dynamic period, The Affordable Oxygen Concentrator providing them the opportunity to serve rental program launched in partnership with the nation and its people in ways more AMTZ, Atal Innovation Mission (AIM) and than one! Uber enables patients to quickly get delivery of oxygen concentrators at a nominal rental Providing prompt after-sales services to cost, through a specially designed mobile hospitals even during lockdowns app - O2Home. Currently available across 12 In order to support the efforts of our brave cities, the service will be extended to cover doctors and healthcare workers, Transasia’s 100 cities. engineers did not deter from providing technical support services for even one day Medicine donation to NGOs, government Mr. Suresh Vazirani, during the strictest of lockdowns. Doctors and mission hospitals Founder Chairman, Transasia-Erba and hospitals appreciated the brave efforts of Transasia donated over 5 lakh tablets International Group of Companies Transasia’s engineers to continue to provide towards recovery of COVID patients. These medicines, a part of India’s COVID treatment n March 2020, when the COVID-19 full support to them when employees of protocol are mitigating the widespread pandemic hit the Indian shores, most other MNC medical device companies I human impact of the pandemic. Transasia-Erba International Group of refused to step out of their homes. Companies’ R&D teams in India, USA Aiding state governments with various Four decades of excellence and UK were asked to fast-track the COVID relief efforts Having started its journey in 1979, Transasia development of COVID testing solutions. Mr. Suresh Vazirani, Founder Chairman has been at the forefront of providing quality In no time, the Transasia-Erba group of the Transasia-Erba International Group and affordable diagnostic solutions for early developed the Erba COVID-19 IgG and of Companies believes that given the and accurate disease detection. Today, IgM test kits that played an important role company’s area of strength, it can make the Transasia is a trusted diagnostic partner for in surveillance and epidemiological studies. greatest impact on human lives, especially over 40,000 labs and hospitals across India, Very soon, the Group developed one of during the ongoing crisis. In what is set to be making it India’s largest IVD manufacturer most sensitive RT-PCR kits as well as rapid the largest humanitarian relief effort in the exporting to over 100 countries across the antigen test for COVID-19. company’s history, Transasia has mobilized world. In parallel to these R&D efforts, the critical equipment and medicines, through Dedicated solutions to monitor disease team at Transasia Bio-Medicals worked its CSR arm, the Vazirani Foundation. severity round-the-clock during the lockdown Over 2500 critical machines such Transasia’s comprehensive portfolio for to set up Asia’s largest manufacturing as BiPAP ventilators, 2000 oxygen monitoring disease severity and progression facility at AMTZ, Visakhapatnam to concentrators, blood cell counters and are trusted by large and small laboratories, manufacture these newly developed tests coagulation analyzers for D-Dimer tests for their accuracy among other features. in co-operation with Govt. of India. have been donated by Transasia and This is a major reason why its test kits for D Dimer, CRP, LDH and Ferritin were widely used during the pandemic. The company’s strength also lies in its reach, with the sales and service teams present in over 5000 tier II–IV cities, towns and villages!

Towards a COVID-free world Going forward, the Transasia-Erba group will continue to evaluate the crisis and commit additional resources. On the diagnostics front, the teams in India and globally are working on developing test kits that utilize other body fluids such as saliva, making it convenient for the end-user. Also, an RT- Mr. Suresh Vazirani with Dr. Jitendra Sharma, MD & CEO, AMTZ, Vizag at the PCR kit to identify variants of COVID-19 is inauguration of Transasia's manufacturing facility on its way! COVER STOR Y | RELIANCE INDUSTRIES LIMITED

GreenEyeing

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ver the last decade, as well as partnerships in the solar and Mukesh Ambani has hydrogen fuel economies. Notably absent moved to remake Reliance from the announcement was wind energy, Industries Ltd (RIL) with which is largely seen as a mature business a singular objective: To and one that hasn’t lived up to its potential. reduce its dependence on “The group has a unique ability to make its mainstay hydrocarbons significant end-to-end investments as it has business. At this year’s done with the oil & gas as well as telecom annual general meeting (AGM), the 64-year-old businesses. If it takes the same view in Ochairman took another step in that direction. renewable energy, that can be a very powerful On display was a bold plan to move into the differentiator,” says Vinay Rustagi, managing green energy space with an investment of `75,000 director at Bridge To India, a consultancy crore. While this would be supplemented with firm specialising in the renewables space. government grants in the form of production- Over the last year, carbon neutrality has linked incentives, the sheer scale has the emerged as a key theme globally and governments potential to catapult the company into the are making it easier for businesses to hop onto largest green energy business in India over this bandwagon. First, there are the obvious the next decade. It also dovetails with its plan societal benefits. Second, there are payouts to become a carbon-zero business by 2035. for select businesses like steel where the Reliance plans to invest in both manufacturing carbon footprint is particularly large. Third, as

FORBES INDIA • JULY 30, 2021 SHUTTERSTOCK

Reliance Industries’ bold plan to move into the green energy space—with an investment of `75,000 crore—is in keeping with its 2035 net carbon zero commitment. It also has the potential to catapult RIL into the largest green energy business in India er By SAMAR SRIVASTAVA Pastures 21

“We are exploring new and advanced electrochemical technologies that can be used for large-scale grid batteries to store the energy that we create.”

MUKESH AMBANI Chairman and Managing Director, Reliance Industries Limited

JULY 30, 2021 • FORBES INDIA COVER STOR Y | RELIANCE INDUSTRIES LIMITED

ESG (environmental, social and governance) the company to reduce India’s imports from China. investing comes more and more to the forefront, The company plans to build four gigafactories companies are going the extra mile to show in Jamnagar. For the production of solar energy, they are good corporate citizens. So not only there are plans to construct a solar photovoltaic would this make business sense, in time, it FOUR module factory. Think of this as the solar panels should also result in a higher valuation. we often see in pictures. They’d convert raw silica At present, Reliance’s valuation is a mix of GREEN into poly silicon and then to wafers that would a low multiple for the hydrocarbons business PILLARS make solar cells and then the modules. This would as well as higher terminal values ascribed to give them the benefit of full backward integration. telecom and retail. The company trades at a The Indian market for solar modules is 31 times multiple at a market capitalisation Photovoltaic dominated by Chinese imports with some Indian Module Factory of `14,00,000 crore. Its return on equity is Silica to be players like Vikram Solar and Waaree catering 8 percent and the stock has given investors converted to poly to the domestic market. A key use of these would silicon and then a return of 17 percent over the last year. wafers to make be in the market for rooftop and distributed solar For now, only the broad contours of the plan solar cells applications. While these markets are small and have emerged. Analysts Forbes India reached fragmented, Reliance’s commitment to set up out to declined to talk about specifics as they 100 GW of manufacturing capacity by 2030 has are still awaiting clarity on how the `75,000 Advanced the potential to dramatically increase usage. Energy Storage crore will be allocated and the cash flows it Battery Factory While companies like Tata Power have can produce. It also remains to be seen how To take care of been trying to increase adoption for the last intermittent government policies support the adoption of solar energy needs decade, they haven’t managed to achieve scale. in India’s energy basket. Anant Ambani joined Mass adoption of solar rooftops would require the boards of Reliance New Energy Solar and government policies to nudge people in that Reliance New Solar Energy—the two companies direction. From the announcements, it is clear that through which investments would be made. Electrolyser the company intends to deal with consumers and There has been no increase in the sum of the Factory not institutional clients. “Expect some big bang 22 To manufacture parts valuation (hydrocarbons, retail and Jio) modular initiatives in distributed solar,” says Rustagi. of Reliance Industries. But analysts also point electrolysers for The company has made no announcement captive out that the company’s execution capabilities production of on getting into the power generation space. “It can’t be underestimated. There was a fair green hydrogen doesn’t want to deal with discoms,” says Jyoti amount of scepticism over VoLTE (Voice over Gulia, founder of JMK Research and Analytics. Long-Term Evolution) technology when it was Reliance’s and Indian companies’ plans tie in deployed for Jio, but it worked eventually. with the government’s attempts to keep Chinese Fuel Cell Factory Uses oxygen manufacturers out of the Indian market. From The Green Energy Plan from air and April 2022, there will be an imposition of 40 hydrogen to A large part of the green energy rollout would generate percent basic customs duty on solar modules and be in the solar space. Here the technology is electricity 25 percent on solar cells. This should give a fillip reasonably mature and it provides an opening for to Indian manufacturing. But with the imposition of these duties, Gulia says there is a fear that lower-quality products may flood the Indian market until Indian supply comes on stream. Second, for storage of intermittent energy, the company plans to set up a battery manufacturing facility. The market is unclear whether these batteries would be of the sophistication required for electric vehicles or whether they would be for supplying electricity during times

Anant when solar or wind power is not available. Ambani is on If it is the latter, producing on a mass scale the boards of two Reliance is a lot easier and it can even be done from solar energy batteries that are pulled out of electric vehicles companies after the 3,000-charge cycle is over. “We are exploring new and advanced electrochemical technologies that can be used for such large- NIHARIKA KULKARNI / REUTERS scale grid batteries to store the energy that we create,” Mukesh Ambani said at the meeting. Lastly, there is the production of hydrogen and electricity from hydrogen and oxygen. This would be done through electrolysers. The technology here is still at a nascent stage and energy intensive. Getting it to work at scale at a low capital cost will be a key challenge. The modalities of transporting this would also have to be worked out. In the next decade, business models predict that these hydrogen fuel cells would power cars, aircraft and ships as well as data centres, telecom towers and micro grids. If Reliance manages to produce hydrogen at scale, it could emerge as a leader in this area.

Retail and Jio Over the last year, Jio Platforms and Reliance Retail have raised `1,52,056 crore and `47,265 crore from investors respectively. As India At `1,57,629 crore, Reliance Retail is India’s largest retailer by turnover stayed at home, both businesses benefited— increased telephone and broadband usage at customers, allowing Reliance Retail to play home and more deliveries through JioMart. the role of a distributor. This on-boarding is The increasing opportunities for both happening in 13 cities. Details of how many businesses should continue this year. merchants have signed up are not available. At `1,57,629 crore, Reliance Retail is now Jio Platforms ended FY21 as the largest 23 India’s largest retailer by turnover. The company operator in India with 426 million subscribers, operates 12,711 stores across the country and has up by 99 million users. It is the number one a lock on prime real estate across malls and high operator in all circles except Kerala, Karnataka streets. This makes it harder for competitors and Tamil Nadu. The company reported an to enter. The company has also acquired Big average revenue per user of `138 and started Bazaar which is pending regulatory approval preparations for the rollout of its 5G service. as well as the resolution of a court case with (Spectrum auctions for 5G are yet to happen). competitor Amazon, which contends that it has Net profit in Q4FY21 was `3,508 crore. the right of first refusal of any sale of Big Bazaar. The next battleground is likely to be grocery Valuing Reliance delivery with Amazon, Flipkart, Tata-BigBasket As the fossil fuel era fades away, Reliance is and DMart slugging it out for a slice of a market also diversifying its hydrocarbons business to valued at between $10 billion and $25 billion. produce specialty chemicals. The petrochemical Across large cities, vans delivering everyday industry forms the feedstock for this space items are now a staple feature as companies and the company as well as government oil build their databases of customer profiles. companies have a lock on the raw material. Reliance has alluded to broad-basing its These can either be sold in the raw distillate partnership with Facebook-owned WhatsApp form or converted to chemical compounds. to allow consumers to order through the app The chemistry for these compounds is complex, as well as make payments. A formal launch but once got right, there are usually only two to of the service has not yet happened. JioMart three suppliers the world over. Globally, there is delivers 5,00,000 orders a day, according to also a move to supply from Chinese manufacturers information released in December 2020. and Indian specialty chemical companies have Another venture that remains to be scaled benefited from the China +1 strategy. Companies up is bringing kiranas into the Reliance Retail like SRF, Atul, IG Petrochemicals quote in fold. Not only would this allow the company excess of 30 times earnings. Once the oil-to- to deliver orders from neighbourhood chemical business kicks off, expect a higher stores, it would also get them on-boarded as multiple for the parent Reliance Industries.

JULY 30, 2021 • FORBES INDIA COVER STOR Y | RELIANCE INDUSTRIES LIMITED

5G: THE NEXT BIG BUILD IN THE JIO ECOSYSTEM With his collaborations with Qualcomm, NXP and others on the 5G network and Google on an affordable phone, Mukesh Ambani is set to repeat the ‘Jio Effect’—at 1Gbps speeds

Additionally, the in-house development of Multiple-in Multiple- out (MIMO) and indoor 5G small cell is at advanced stages. Radio frequency capacity and coverage planning are also underway based on the 4G data traffic profile. Work is also ongoing on standardising 5G device configurations by collaborating with original equipment manufacturers. Jio Platforms, a subsidiary of Reliance Industries, and NXP Semiconductors have announced a collaboration to implement a small cell solution for 5G wireless that will enable a wide range of 5G use cases for broadband access as well as Industry 4.0 and Internet of Things applications, including telemedicine, tele-education, augmented/virtual reality, drone-based agricultural monitoring and several other hen Reliance Jio also be conducting trials using its applications, the companies have said. Infocomm rolls out the own indigenous technology. Jio is also collaborating with 5G wireless services in “We are excited with the Google to develop affordable 24 W India—perhaps as early development of a new generation but feature-rich Android as later this year—it will be the next cloud native 5G RAN technology that smartphones, the first of which big build out of the mobile internet- is truly open, and software defined. will be released later this year. led digital ecosystem that Mukesh Qualcomm and Jio successfully India could have 330 million 5G Ambani, Asia’s richest person, has tested 5G solutions in India, mobile subscribers by 2026, telecom been building over the last decade. achieving the 1 Gbps milestone on gear company Ericsson projects in It will set Reliance up to reach Jio 5G solution,” Ambani says in the its latest mobility report this year. its next 300 million users with company’s latest annual report. RAN Ericsson expects 5G to become the its trademark affordable services refers to radio access network. fastest adopted mobile generation. across businesses from groceries Qualcomm Technologies and Jio has invested over $50 billion to entertainment to health care. Jio, along with its wholly owned since inception to create the largest And Ambani wants to do so on the subsidiary Radisys Corporation, connectivity ecosystem in India, back of Reliance’s own technology, have announced expanded efforts according to its annual report. It has for which he has partnered to develop open and interoperable built sufficient network capacity with the best in the business. interface compliant architecture- for the next 300 million mobile In early May, India approved six- based 5G solutions with a virtualised broadband subscribers, over 50 month 5G trials by telecom service RAN. This work is intended to million fibre homes and 50 million providers, including Reliance Jio fast-track the development and micro, small and medium businesses. Infocomm, Bharti Airtel and Vodafone roll-out of indigenous 5G network Idea. Reliance Jio Infocomm will infrastructure and services in India. — HARICHANDAN ARAKALI

Over the last year, Reliance Industries has Simply put, India’s largest private sector become net debt free. This gives it the flexibility company will embark on a new spending cycle. to raise additional sums for future investments, For now, analysts aren’t sure what to make although it is possible it could fund a capex of of it as the market for solar modules is fairly `75,000 crore from internal accruals. At the 2019 commoditised. That is one reason why despite the AGM, Ambani had declared that Jio’s investment promise of the green energy business, the market cycle was over. With 5G auctions due and hasn’t ascribed any additional valuation to the infrastructure investment in telecom, that cycle company. In the fortnight since the AGM, the could resume again. The battle for grocery delivery market cap has hovered at `14,00,000 crore.

across India, which holds a lot of top line promise (RELIANCE INDUSTRIES LIMITED IS THE OWNER OF

SHUTTERSTOCK is likely to cause a dent to the bottom line. NETWORK18, PUBLISHER OF FORBES INDIA)

FORBES INDIA • JULY 30, 2021 BRAND CONNECT Milky Mist A Story of Growth,

Purpose and Sathish Kumar T Chairman & Managing Director, Sustainability Milky Mist

ith his humble beginnings as a milk supplier, Digitizing Dairy Sathish Kumar – Chairman & Managing Director, When the world was intimidated by the market shift brought WMilky Mist, has disrupted the Indian Dairy industry by the pandemic, Milky Mist saw a silver lining. In response by vertically integrating his way towards creating an end- to the digitization surge triggered by the lockdown, Milky to-end value chain. Fuelled by purpose, determination, and Mist served customers at their doorstep with its e-commerce careful planning, Milky Mist has carved a niche for itself over initiatives. When life gives lemons, Milky Mist uses them to the past 20 years. The brand has been a pioneer make Paneer. in introducing Paneer to South India and has become India’s largest supplier of Paneer with Keeping up with the racing technology over 1,50,000 retail partners. So, what’s the story Sathish, a tech enthusiast at heart, travels behind a school dropout, but thrustful learner, across countries to acquaint himself with the becoming a dairy tycoon? Let’s find out! new technologies. The 55-acre Perundurai plant DAILY DOSE OF NUTRITION is fully automated with State-of-the-art high-end Dropout with a Dream for Dairy technologies. The Plant can handle 1.5 million Sathish belongs to a proud pedigree of generational farmers liters of milk per day. Robotic packing lines ensure hygiene in Tamil Nadu. He was 16 when he leaped from being a high- and efficiency. Milky Mist employs an end-to-end cold chain school dropout to a hyper-successful entrepreneur. Since then, system with a fleet of refrigerated trucks. GPS monitors and Sathish and his team have devoted their full potential towards temperature monitors on the trucks help the company keep continuous innovation and growth. His team is led by Dr. K. a tab on product quality and delivery delays. Milky Mist also Rathnam - a visionary with 23 years of unmatched expertise and facilitates its retail partners with coolers and chillers. the CEO of Milky Mist. Thesuper-competent team is navigating towards taking ‘Milky Mist’ to International Markets. Green Milk. Green Car. Green Home. In a bid to remain carbon-neutral, the factory runs on Vertical Expansion - The Game Changer! sustainable energy with its own wind and solar energy farms The FMCG Conglomerate started with supplying milk. When with an installed capacity of 2 MW and 4 MW. Sathish’s love Sathish realized that the brand should have more products for sustainability doesn’t just stop with business. He drives an in its arsenal, ‘Milky Mist’ happened. The vertical expansion electric car and his home runs on solar power. Milky Mist has started off with paneer and proliferated into a ‘Dairy Realm’ planted over 100,000 trees and undertakes the revival of lakes with products like milkshakes, flavored yogurt, butter, cheese and rivers as part of its CSR initiatives. varieties, and UHT range of products - to mention a few. With the recent acquisition of Briyas and Asal, the tycoon is now looking Milking Every Drop of Creativity at capitalizing on a bigger part of the daily essentials market. The ‘Dairylicious’ brand has a history of thinking out-of-the- box. The Live Parlor concept in Cochin is one of their recent Impeccable Quality Starting with Cattle Feed innovations where customers can just walk into the live kitchen, Milky Mist’s quality assurance starts at the very bottom of the try and buy their products. Like most of their concepts, Live value chain - Feeding cattle with quality feed. The company parlors ended up receiving astonishing customers. Soon, more provides the partner farmers with quality compounded cattle parlors in other cities will be opened. feed to ensure that the cattle remain disease-free. Milky Mist’s automatic milk collection systems enable 60,000 dairy farmers Pan India Brand to supply milk. Each batch of products has to pass hybrid Sathish and his team are working towards making Milky Mist a quality tests conducted by automated systems, experienced Pan India FMCG Brand and become a market leader in product chemists and microbiologists. categories of dairy and Food.

Final Advertorial - Sathish Kumar 02.indd 2 12-07-2021 14:53:17 In Focus A New Terrain Mahindra is reinventing itself to get its SUV business back on track. It is seeking to redefine the authentic SUV, and will launch new models with modern features. Will it be a bumpy ride or can the carmaker script a turnaround?

By MANU BALACHANDRAN

26 MAHINDRA

ven in his wildest dreams, Rajesh Jejurikar hadn’t seen it coming. E Of course, he knew there would be some frenzy. After all, the Thar is an iconic model, and Mahindra was bringing out the second generation of the popular SUV after a decade. The new model would feature contemporary design, the latest infotainment options, an automatic gearbox that appeals to an urban clientele, and refreshed engines, among a slew of changes. For the fi rst time ever, Mahindra also packed a petrol engine in the SUV. The Thar, which bears a striking resemblance to the Jeep Wrangler, was launched in India last October. The hysteria had become obvious when the fi rst unit of the SUV was sold in an auction ahead of the offi cial launch for a staggering` 1.1 crore, the proceeds of which went towards a Covid-19 relief fund. Then, as bookings opened, 27 Jejurikar, the man in charge of the automobile business at Mahindra Group, knew that the company could be in for some trouble. A veteran at the homegrown automaker, Jejurikar has led and lived through the launch and hype of some of the company’s iconic vehicles, ranging from the Scorpio to the XUV 500 over the past two “To win in the SUV battle, you don’t have to make a product that’s similar to what somebody else is making. We must focus on our strengths.”

RAJESH JEJURIKAR, EXECUTIVE DIRECTOR (AUTO & FARM SECTORS), MAHINDRA & MAHINDRA NEHA MITHBAWKAR FOR FORBES INDIA FORBES FOR NEHA MITHBAWKAR

JULY 30, 2021 • FORBES INDIA In Focus

decades. In 2002, when the Mumbai- wants to build products that will headquartered company launched redefi ne authentic SUVs to reclaim, the Scorpio, Jejurikar was the man in what Jejurikar says, is a space that charge of marketing at the automaker. Mahindra continues to own. In 2011, when it rolled out the XUV “By picking on our capability 500, he was the chief of operations and competence, we want to attract for the automobile business. consumers who are looking at In the next fi ve years, Jejurikar, multiple other segments,” Jejurikar who took charge as the executive says. “You can be a specialised position director for the auto and farm sectors brand and still get volumes. To win at the Mahindra Group 15 months “Over the decades, in the SUV battle, you don’t have to ago, plans to launch 23 new products we have designed make a product that’s similar to what across passenger and commercial vehicles that somebody else is making. Because vehicle segments. The company that’s what works for them. We must has lined up capital expenditure of have created a focus on our strengths. And that’s `12,000 crore for the launch of new strong and loyal exactly the tweaking that we’ve done.” models, upgrades of existing ones customer base. To do that, he has the unfl inching and new variants. Of these, nine will support of his boss, Anish Shah, who be in the SUV segment, while 14 will The latest example took over as managing director and be in the light commercial vehicle is the Thar.” CEO of Mahindra & Mahindra Ltd in (LCV) category. Between July and April. “Auto is a core business,” says September, the company will also ANISH SHAH, Shah. “It is an integral part of who we launch two new models, including MD & CEO, MAHINDRA & MAHINDRA are and what we do. Over the decades, the Bolero Neo and XUV 700. we have designed vehicles that have “I have lived through the hype of created a strong and loyal customer 28 Scorpio, and I’ve lived through the base. The latest example is the Thar. hype of XUV 500,” says Jejurikar. “But We have consistently performed well the hype over Thar is something I’ve few years in its once impregnable in our core: Authentic SUVs that are never seen. It is eight months since stronghold of SUV business, delays tough and sophisticated. Our strengths the launch, and even today we are such as these can be a death knell. But lie in our deep-rooted understanding unable to deliver the vehicle to the Jejurikar isn’t bothered. New orders of customer requirements and an fi nance minister of a state in which continue to come in and he knows ability to deliver outstanding products we have a large industrial activity. that it’s only a matter of time before at a great value for our customers.” We are now quoting 10 months as the company can ramp up supply. the waiting period to customers.” In many ways, Mahindra’s renewed NEW THINKING, NEW PHILOSOPHY Much of the shortfall is a result sense of assurance stems from its faith Much of the recent tweaking, perhaps, of the second Covid-19 wave, and in the Thar, and the lack of a rival in is also a desperate need of the hour. a shortage of semiconductors that its category. The Thar, which gets For a while now, Mahindra has has hit manufacturing businesses its design from the jeeps Mahindra been steadily losing turf, particularly across the world. “It’s a mania that would assemble in 1947, is distinctive its dominance in the SUV market. Its is unimaginable and this is not and, until recently, did not boast much share in the utility vehicle category, because we are making 1,500 units a of the sophistication that numerous according to the Society of Indian month,” Jejurikar adds. “We are still other SUVs in the Indian market had. Automobile Manufacturers (SIAM), producing 3,000-plus units, but we are Unlike compact SUVs such as slipped from over 50 percent in getting bookings of 6,000 a month.” the Hyundai Creta or the Kia Seltos, 2012 to less than 15 percent in 2021. That means, for someone booking which have defi ned the segment, the The company is now fourth, behind a Mahindra Thar in July, delivery Thar, Jejurikar says, is busy creating Maruti Suzuki, Hyundai Motors isn’t expected until April 2022. a category for itself, a philosophy and Kia Motors in the category. That’s a long wait in India’s highly he wants other Mahindra vehicles Mahindra’s overall share in the competitive $104 billion automobile to follow. That means, over the next domestic passenger vehicle sector has market, and most often, such delays few years, as it looks at launching slipped to less than 6 percent from out buyers off . For Mahindra, which new models, Mahindra will not nearly 12 percent in 2012, making it is trying to stage a comeback and chase other carmakers and build only the fi fth-largest passenger vehicle reclaim some lost turf over the past rival of their off erings. Instead, it maker. Just a year ago, it was the third-

FORBES INDIA • JULY 30, 2021 Slipping Market Share MAHINDRA

Total Utility Market Vehicles Vehicles Share (%) 2014 254,344 219,421 10.15 largest automaker, cornering over 7 2015 223,968 206,837 8.6 Somebody just created a design percent. Rival Tata Motors, the other 2016 236,307 222,324 8.4 from their heart. XUV 500 was like homegrown automaker, has made a 2017 236,130 222,541 7.7 that. It’s a segment that didn’t exist stunning turnaround in its fortunes 2018 249,505 233,915 7.5 and, in a way, Thar is that. It is not over the past fi ve years, unleashing a fi ghter of anything. It just created 2019 254,701 235,362 7.5 products that boast best-in-class a segment of its own. People who features, design and safety, among 2020 186,977 179,405 6.7 compare the Hyundai Venue and Kia others. In the process, it has become 2021 157,216 155,686 5.7 Sonnet come and buy the Thar. So, the third-largest carmaker, from if you create a product that touches the sixth position a few years ago. Losing The SUV Market a sweet spot, you’re going to get Market share (%) One of the pioneers in the SUV 45 consumers coming from everywhere.” business, Mahindra’s dip in fortunes 41.7 This means the company will also comes at a time when India’s 40 eventually phase out some of its automobile industry has seen a 37.3 37.9 unsuccessful models, including the tectonic shift with auto makers making 35 Marazzo, and KUV 100. Mahindra’s a beeline to launch SUVs and compact pipeline for the next few years

SUVs. Much of the shift had to do with 30 29.2 includes the new Scorpio, XUV 700, changing customer preferences and a fi ve-door Thar, and an all-new 25.3 global trends. The success of models 25 24.9 Bolero. Then, there will be an electric such as the Kia Seltos and Sonnet, option of the XUV700, new XUV300, Hyundai Creta and Venue, MG Hector, and on SUVs code-named W620 and 20 Tata Harrier, Maruti Suzuki Brezza 18.9 V201. There will also be two ‘born and Mahindra Scorpio is proof. electric’ models debuting in FY26. 15 The trend towards bigger-looking 14 “We’ve invested in platforms over SUVs had also tempted Mahindra the last few years, and we’ve built 10 to spread itself too thin in the SUV a strong portfolio of engines and 29 business, creating a plethora of aggregates,” Jejurikar says. “Now products that it had hoped would 5 we need to leverage that in a way win the market. From entry-level that we deliver a brand idea and 0 SUVs to compact sedans and MUVs, 2014 2015 2016 2017 2018 2019 2020 2021 build products that are exciting.” its vehicles included unsuccessful SOURCE SIAM “The time has gone where models such as the Quanto, a smaller Mahindra needed to take small steps version of the Xylo, the TUV300, the to win market share,” says Puneet KUV100, and the Marazoo. “Market SUV space, where we primarily Gupta, director for automotive share is of importance to us as well,” had a presence,” Jejurikar admits. forecasting at consultancy fi rm Jejurikar says. “How you get market The company has identifi ed six IHS Markit. “The industry is in share has to be a strategic call. In pillars on which it wants to build a transformational phase, and all the desire to get market share, if you future products, including turn-on automakers from Hyundai to Kia and try and do things where you’re not design, unmissable presence, tough- Toyota are playing for global volumes. going to succeed, then you’re barking yet-sophisticated, safe, and sci-fi Mahindra has had a loyal customer up the wrong tree because you’re products. “For each of these pillars, base in India, but with India’s buyers going to get into segments where we created three or four parameters. now having global exposure and you don’t have a right to be in.” For instance, we will not do a access to aspirational brands, it needs That’s why after taking over as product that will not meet a certain to give more weightage to products head of the automotive business, ground clearance,” Jejurikar says. that can score well for themselves.” Jejurikar and his team spent time In addition, Mahindra is clear that That’s why Mahindra’s new on defi ning the vehicles they were it will not waste time making rivals for launches will be even more crucial. going to develop, and redefi ning successful models. “We don’t want to The Bolero Neo, a face-lifted version the idea of SUVs for the Indian create a Creta fi ghter. The minute you of the previous TUV 300, which is audience. The Thar is the fi rst of say I’m going to create a fi ghter for scheduled to be launched on July 15, those. “In the personal vehicle space, something, you’ve boxed yourself in,” will likely feature BS VI-compliant the battleground has intensifi ed Jejurikar says. “When the designers engines, redesigned headlamps and and there’s been a huge increase created Scorpio, they never said we grille to bring it closer to the Bolero. in competition, especially in the are creating a fi ghter for something. The XUV700 is expected to boast

JULY 30, 2021 • FORBES INDIA In Focus

best-in-class tech such as ADAS like Ertiga because that’s the only way “But we are not going to play in the driver aids, level 2 autonomous I can get market share and by playing mass-market of two-wheelers. We driving, a fully digital infotainment in every segment’. We’re taking a step have realised it’s not wise to play system, and a turbo petrol engine. back and saying, ‘that’s not going to in the two-wheeler market only to “As long as Mahindra balances work because that’s going to take us say we are in the mobility space.” the price-value equation, delivers into a territory where we don’t have This new direction has also begun exceptional customer experience and a competitive advantage’. We will to deliver fi nancial results, according works in harmony with its network be clear about where opportunities to Jejurikar. Over the past couple partners, reclaiming lost ground and are and where we can have a of years, strict cost management market share is absolutely doable,” distinctive off ering,” says Jejurikar. has helped reduce manufacturing says Harshvardhan Sharma, head Mahindra is expanding this fi xed expenses by 40 percent, and of auto retail practice at Nomura strategy to its other focus areas, sales and marketing expenses by 70 Research Institute. “Mahindra including two-wheelers, where percent. “Overall, we have reduced has been launching a bouquet of it has turned its attention to the our fi xed expenses—`900 crore market initiatives, especially on legendary Java motorcycles and over FY19—resulting in a much customer journey enhancement via France-based Peugeot Motocycles. fi tter, leaner and agile organisation,” digitisation as well as connecting with In July, Peugeot appointed tennis Jejurikar says. The company also millennials and Gen Z to deliver a legend Novak Djokovic as the brand walked away from businesses that holistic experience. With Thar and ambassador for its EV business. it wasn’t fi nding much merit in. the upcoming XUV700, I am sure “Our right to win has to come out “Our capital allocation actions market domination is possible.” of creating distinctive products that over the past year are delivering are true to our story,” Jejurikar adds. results,” says Shah. “Despite the LEADING THE CHANGE challenges of the pandemic, we Its renewed push in the SUV Tough Climb generated operating cash of over business means Mahindra intends `10,000 crore and delivered strong Manufacturer Sales Market share (%) 30 to stay away from the fl eet market, revenue and profi t growth.” Mahindra Maruti Suzuki and focus on personal ownership. & Mahindra’s consolidated revenue That strategy is akin to what Tata 229,101 stood at `21,456 crore in the January- Motors, which had struggled for 21.5 March quarter, up by 32 percent, while over a decade in the automobile Hyundai Motor India consolidated profi t after tax stood at business, followed in its comeback. `1,635 crore during the same period. Mahindra’s products such as the Xylo 214,167 The company is in the midst and the Marazzo had largely focussed 20.1 of selling its Korean subsidiary on the fl eet market in the past. Kia Motors India SsangYong, in which it owns a 75 “All our off erings should have percent stake. It had acquired it a adventure capability,” Jejurikar says. decade ago to further its international “We don’t want to be a mobility 155,686 14.6 presence. SsangYong is under court solution. And hence when we say Mahindra & Mahindra receivership after Mahindra failed we’ve now chosen to not play in to bring in a buyer over the last year shared mobility, it’s a conscious 155,530 14.6 after announcing it would make no call. Our products are being further investments in SsangYong. designed with a specifi c target.” Tata Motors Early this year, Mahindra also That’s a far cry from a decade announced that a joint venture with ago, when Mahindra wanted to be 86,447 Michigan-based Ford has been put an all-encompassing auto maker 8.14 off , after being under works for with UVs, tractors, two-wheelers, Toyota Kirloskar Motor over two years. “Apart from India, three-wheelers, sedans, pick-ups, Mahindra is looking at making itself light trucks, heavy trucks, electric 66,268 6.2 appealing to a global audience,” says cars, boats, and aircraft, among many Vinay Piparsania, former executive others. In 2018, Mahindra had also Renault India director at Ford India and former picked up a 16 percent equity stake at consulting director for automotive `176 crore in car rental fi rm Zoomcar. 51,434 4.8 at Counterpoint Technology Market “As an OEM we had two paths. We Research. “The company will SOURCE SIAM Data from March 2020 to March2021 CHAITANYA DINESH SURPUR DINESH CHAITANYA could say, ‘I’m going to make a product defi nitely want to hedge against the

FORBES INDIA • JULY 30, 2021 “As long as MAHINDRA Mahindra balances the price-value equation, delivers India cycles and has a signifi cant exceptional customer “Despite having a broad portfolio, business to go after in Asia and Mahindra Group has continued to Africa, among others. This means experience and build value, and remains relevant there shouldn’t be any confusion works in harmony in the market across sectors. By about who owns what in the minds with its partners, announcing nine new products of consumers. In India, Mahindra reclaiming lost across an assortment of segments has a dominating market presence and powertrains, it reasserts its pole and as long as it can off er products ground and market position as far as the SUV space is that are accessible and aspirational, share is doable.” concerned. What’s also interesting the brand will only get stronger.” is the decision to have electric HARSHVARDHAN SHARMA, powertrains for its whole PV range GEARING UP HEAD OF AUTO RETAIL PRACTICE, except Bolero, Thar, and Scorpio. Mahindra is also laying out elaborate NOMURA RESEARCH INSTITUTE Apart from Bose, Mahindra has plans to ramp up its electric off erings. hired several senior executives, In May, it approved the merger including Jogindra Shetti, a veteran of the EV subsidiary Mahindra at Ford who has joined as vice Electric Mobility Ltd (MEML) president for EV Tech business, with the company to consolidate Born Electric,” Jejurikar says. “It will Harish Lalchandani to drive strategy, operations, development, sourcing leverage the UK Design Centre for the and Binoy Paul, who will lead and manufacturing. It also set aside design, but core platform architecture all the electrical and electronics `3,000 crore for its EV plans, six of work will happen out of Detroit.” engineering activities for vehicles. which will be launched by 2026. The UK Design Centre, known “Mahindra is planning the The company was among the as the Mahindra Advanced Design new product lineup in sync with earliest entrants in the EV category, Europe (MADE) centre, was set up current mobility themes such as buying a stake in Bengaluru-based in May and will be headed by Pratap connected, autonomous driving, and Reva Electric in 2010. Despite that, Bose, until recently vice president, electrifi cation, as well as revamping 31 Mahindra didn’t make signifi cant design, at Tata Motors. Bose was its design language to cater to inroads in the segment. In 2017, it was instrumental in turning around Tata legacy and millennial customers… one of the companies chosen by the Motors’ fortune, and in designing these are all positive steps and will government agency, Energy Effi ciency bestselling models such as the defi nitely bear fruit in the coming Services Ltd, to provide 10,000 electric Altroz, Harrier, and Nexon. Bose’s years,” adds Sharma. It has helped cars for government use. But concerns appointment is likely to help Mahindra that the company has shifted from its over poor range and performance led in newer areas and SUVs. “Everything rugged nature to appeal to a wider, to the government shelving the plan. starts with design,” adds Goenka of younger customer base that prefers “Mahindra is bullish on EVs IHS Markit. “With EVs becoming a automatic and petrol variants. and rightly so,” adds Sharma of core of their strategy and a renewed Mahindra is gearing up for the long Nomura. “Given their prowess in focus on the SUV space, people like haul and wants to reclaim its status as product development and R&D, Bose will be able to deliver results.” leader of the lucrative SUV market, it’s the right way to go. India is at India sold over 21 million vehicles, which Jejurikar reckons is between an infl ection point for EVs, and including 17 million two-wheelers, 50 and 60 percent of the SUV market Mahindra, which has been a pioneer that run fossil fuels in FY20. China, in India. But does focusing on a niche with EVs is surely pacing well.” where EVs have seen traction in recent curtail growth? “We do have volume The company has hired Uli Stuhec, times, sold 1.3 million EVs in 2020, ambitions,” adds Jejurikar. “We do an EV veteran and a former vice according to Singapore-based market have strong growth aspirations, but president of vehicle engineering at research fi rm Canalys; it accounted for all we are saying is we should do it May Mobility, a Michigan-based over 40 percent of the global EV sales. in a way that we have a strong right autonomous vehicle startup, to kick- Over the past few months, everyone to win and not do it by getting into start its ‘Born Electric’ programme, from General Motors to Ford Motor segments where we are not going to be based out of its North American Company, Volkswagen and Honda competitive enough, either on costs or Technical Centre in Detroit. It has have been making commitments on the way our product is perceived.” also created two verticals: One to shift their entire fl eet to EVs. The drive may be bumpy, and focusing on last-mile mobility and “One foresees a bright future Jejurikar knows that well. But like the other on technology. “Right now, for Mahindra in the mid-to-long the Thar, who better than Mahindra we’re building a team in Detroit for term,” adds Sharma of Nomura. to handle the rough terrain.

JULY 30, 2021 • FORBES INDIA In Focus Grit, Guts & Glory How A Velumani, a landless farmer’s son, built Thyrocare into a billion-dollar behemoth before a surprise sell-off to PharmEasy, which will give the company an opening into B2C business and its founder an investing foray into the healthtech sector

By MANU BALACHANDRAN

32 JOSHUA NAVALKAR JOSHUA

FORBES INDIA • JULY 30, 2021 THYROCARE

t’s been a long and tiring near Coimbatore. Along the way, The life and times of journey for A Velumani. But, the bespectacled scientist has also A Velumani at the end of it, the 62-year- redefi ned the medical diagnostic I old is a satisfi ed man. industry in the country. The son of a landless His 26-year-old company 1959 Born to landless farmer, whose father couldn’t Thyrocare Technologies is one of farmers in aff ord to buy him a pair of pants or India’s largest health care diagnostic Appanaickenpatti Pudur near slippers, Velumani has traversed chains that has been instrumental Coimbatore some rather diffi cult terrains since in India’s long-drawn fi ght against 1978 1982 starting out from the nondescript Covid-19 for over a year now. “Mine Graduated in Moved to Mumbai to village of Appanaickenpatti Pudur is a story of grit, guts and glory,” chemistry from work at the Bhabha the University Atomic Research Velumani, the chairman and managing of Madras Centre as a scientifi c director of Thyrocare Technologies, assistant had told Forbes India in an interview a 1996 1999 few months ago. His company is today Started Thyrocare Company expands worth a staggering `7,000 crore and from a 200 sq ft room to processing over in Mumbai's Byculla 200 samples a day Velumani’s own stake in that venture locality, focusing on with 15 franchisees, used to be around `5,000 crore. providing Thyroid and a turnover of profi le tests ` 1 crore Until the last week of June. On June 25, Velumani surprised 2006 2011 the world when he decided to sell Turnover grows New Delhi-based to ` 29 crore, CX Partners picks his company to a relative newcomer employee strength up a 30 percent in the health industry and a unicorn, to 200 stake in Thyrocare for ` 188 crore PharmEasy, in one of the fi rst instances of a startup buying a listed 2016 2021 company. According to the deal, Thyrocare Velumani sells his 66% stake in 33 goes public, Thyrocare to PharmEasy’s parent Velumani sells his 66 percent stake for issue company API Holdings. Will subscribed make an investment of ` 1,500 `4,546 crore to PharmEasy’s parent 73 times crore to buy 4.9 percent in API company API Holdings. He will use `1,500 crore of those proceeds to buy 4.9 percent in API, which will its fi rst and second waves of Covid- propel PharmEasy’s valuation from 19, Thyrocare was at the forefront, `13,390 crore ($1.8 billion) to over processing some 35,000 samples a day. `29,700 crore (roughly $4 billion). “A lot of people are calling me “I would have retired now, had mad for leaving the company,” says I been in my previous job,” says Velumani. “But I saw great value the former scientist at the Bhabha for the company in the deal. I felt Atomic Research Centre. “The there was huge potential for the diff erence is my former colleagues company, and maybe I am not the have retired with maybe `5 crore, and right man to lead it. People with I have done so with `5,000 crore.” an ego wouldn’t have done that.” Thyrocare, a pioneer in the thyroid PharmEasy’s deal with Thyrocare testing segment, has, over the past comes at a time when India’s online few years, expanded its business into pharmacy segment has seen increased other areas, like preventive health traction. Earlier this month, Tata checkups and lipid profi ling among Digital, a subsidiary of Tata Sons, others, with outlets across India, announced it was acquiring a majority Nepal, Bangladesh, and the Middle stake in 1mg Technologies. “It’s like East. The company processes over an arranged marriage,” Velumani 920 million samples in India, through says about the deal. “About 25 boys 3,300-odd collection centres across had come to see, and with the 26th 800+ towns, making it one of the boy, it was love at fi rst sight. The largest chains of health diagnostic labs process was very fast, and I don’t see

in the country. As India battled both it as something where I am parting PAWAR SAMEER INFOGRAPHICS:

JULY 30, 2021 • FORBES INDIA In Focus

with it entirely. But the brand must Revenue Profi t Slow and steady (` Cr) transition for another 25 years, and 300.06 it can do that better without me.” 2017 74.85

FROM LANDLESSNESS TO 331.79 2018 BILLIONAIRE 96.07 Velumani’s story is one of true grit. 370.28 The son of a landless farmer, he 2019

Year 95.23 grew up near Coimbatore in Tamil 400 Nadu. “When it comes to poverty, 2020 there are two kinds of people,” says 79.32 Velumani. “One who enjoys it, and 474.27 2021 another who suff ers because of it. 119.77

The one who enjoys it will come out 0 100 200 300 400 500 of poverty very fast while the one SOURCE BSE who suff ers will remain poor.” His parents toiled hard to bring up Velumani and his three siblings and transformed.” But the entire process That meant, Velumani began ensured they received an education. of selection would take time and spending his free hours in the library His mother, Velumani says, inculcated Velumani returned home to look at and began studying everything about the lesson of not borrowing money, other opportunities. Around 50 days the thyroid gland, endocrinology, and taught him to manage with later, he received an off er letter to immunology, microbiology, and limited resources. “People in business join the institute and Velumani was molecular biology, among others. often forget how to manage with once again back in Mumbai. This time, In 1985, he enrolled for a master’s low resources, but I learnt how to however, a medical assessment had degree while being an employee at 34 manage with no resources,” he says. found him to have colour blindness, BARC, before going on to complete After graduating in chemistry in forcing BARC to withdraw the off er. his doctoral programme in thyroid 1978, Velumani’s career began with “After 15 days, I received a letter biochemistry by 1995. “When I was a job as a shift chemist at Gemini saying that colour blindness will travelling to Mumbai, I used to think Capsules, a small pharmaceutical not aff ect your work,” Velumani the BSc degree was a full stop,” company in Coimbatore, in 1979. says. “Finally, after three trips to Velumani says. He later realised it was Three years later, the company Mumbai in three months, I had a job only the beginning of his journey. It shut down and Velumani was at BARC.” His work profi le involved also helped that he had the support staring at an uncertain future. thyroid testing. “It’s a very boring of his boss, a blind man, who also Around the same time, Velumani job,” Velumai recalls. “I also would encouraged Velumani to study. used to frequent the Central Library have hated it had I been from a rich At that time, the University of in Coimbatore. “It was my adda family. There are two kinds of people Mumbai had a tie-up programme [hangout],” Velumani says. “I didn’t at the workplace: Those who only that allowed scientists at BARC have money and I didn’t have many work, and those who can also think. to study and research further. In friends. My life was about spending I was in the second category.” the meantime, he also rose to the time in libraries than in theatres rank of a scientist and was posted or other entertainment options.” “There are two at the Radiation Medicine Centre There, on a Wednesday, Velumani (RMC), a department that focussed saw a job posting in a newspaper kinds of people on the application of nuclear energy for a scientifi c assistant at the at the workplace: in health care and agriculture. illustrious Bhabha Atomic Research Those who only Centre. BARC, located in Mumbai, BUILDING THYROCARE is one of India’s foremost multi- work, and those By 1995, some 14 years after he started disciplinary nuclear research centre who can also think. working at BARC, Velumani knew that began operations in 1954. I was in the second it was time to start something of his “I came to Mumbai, not with some own. “My boss retired, and I was very big dreams,” Velumani says. “My category.” comfortable with him,” Velumani says. belief was that if I get a government “At that time, my wife was working job, my life will be completely with the State Bank of India. Since she

FORBES INDIA • JULY 30, 2021 THYROCARE

MEXY XAVIER had a stable job, I thought why not give up this job and try something else. I was a very frugal man” With `1 lakh that he had pooled through his provident fund, the then 37-year-old set up a testing facility in Byculla, a neighbourhood in South Mumbai, to detect thyroid disorders. It also helped that the lab was near the Tata Memorial Hospital, a prominent cancer institute. For long, India has grappled with hypothyroidism, with one in 10 people suff ering from it. Velumani started out by charging one-fourth of the existing fees in the market for processing the samples. Even at that time, the scientist- turned-entrepreneur knew the key to success was keeping costs low, which meant the business needed to process at least 25 samples a day to be cost-eff ective. The company would provide a thyroid profi le at `100. That was also largely because it focussed 35 on aggregating samples from numerous labs in the city, thereby Dhaval Shah (left) and Dharmil Sheth, co-founders of PharmEasy, which has a valuation of $4 billion achieving economies of scale. “When I priced my services very the effi ciency was going up but not world, India is the cheapest in health low, people asked me, ‘will you get the cost.” Today, the company has 15 care,” says Velumani. “And in India, I enough to eat’,” Velumani recalls. processing labs across the country. am the cheapest diagnostics provider. “But I knew, if I am the lowest, From testing for thyroid, the This is nothing but effi ciency.” That’s and I am the best, I’ll be the tallest. company expanded to other areas, probably why Thyrocare has seen its There is no company that has closed including preventive medical check- net margins hover between 25 and down because they kept prices low. ups, blood tests, and pulmonary 30 percent, unlike many of its peers All of them closed down because function tests. A signifi cant part of whose net margins have remained they could not control the cost.” the business, however, continued to between 15 and 20 percent. Over Over time, Velumani started be in the B2B category. “Velumani the years, by keeping prices low, out with a franchise model where had taken a philanthropic approach Velumani has managed to increase samples would be collected across to his business, and managed to volume and achieve economies of the country and sent back to the build the business well,” says Vishal scale, while by keeping overhead central laboratory in Mumbai. By Manchanda, research analyst for costs low, he protected his margins. 1999, the company had nearly 50 pharma at Nirmal Bang Institutional In 2016, more than 20 years after franchisees and processed some Equities Research. “He was the Velumani founded the company, 200 samples a day. Until 2015, one who brought down costs Thyrocare Technologies listed on the the company had only one lab in substantially in the testing business. bourses, which was subscribed some Mumbai to process the samples from In addition, his focus on operational 73 times. A few years before that, in all over the country. “I succeeded effi ciency also made him one of 2011, New Delhi-based CX Partners in logistics very early on,” Velumani the cheapest in the business.” picked up a 30 percent stake in the says. “But when we found that the Last year, Thyrocare posted company for `188 crore. “Had I not fl oor was losing effi ciency as samples revenues of `474 crore, up by 18 diluted my company, I would not went up, we decided to set up a percent, while profi ts grew by 51 have become cleaner and transparent, new lab in Coimbatore and found percent to `119.7 crore. “In the entire because once somebody else is the

JULY 30, 2021 • FORBES INDIA THYROCARE In Focus

stakeholder in your organisation, he money to those who pay salaries,” he e-pharmacy and B2B healthtech is bound to ask too many questions, jokes about his foray into investing. are the two largest segments in and you don’t want him to ask any To begin with, he will own a 5 the healthtech sector in India, and question which is worrying you,” percent stake in API Holdings, the account for about 70 percent of the Velumani says about the deal. holding company of PharmEasy, overall healthtech market, according At that time, the deal had valued which is likely to be listed on the to a report by IAMAI and Praxis. the company at about `600 crore bourses and is valued at $4 billion. Of this, the e-pharmacy business is ($100 million). Since then, other PharmEasy, founded by Dharmil worth $700 million. The past few investors, including Samara Capital, Sheth, Dhaval Shah, Harsh Parekh, years have seen increased traction in Norwest Venture Partners, and Hardik Dedhia and Siddharth health care, particularly healthtech, ICICI Bank’s Emerging India Fund, Shah, provides a slew of services, as Covid-19 accelerated a shift have also bought into the company. including teleconsultation, medicine towards tech-based off erings. “In 2011, somebody bought a stake deliveries, and sample collections “E-pharmacy saw a 200 percent in the company and for fi ve years, for diagnostic tests. The six-year-old increase in the number of orders they did not do anything,” Velumani company has a network of 80,000 in 2020; e-pharmacy adoption in says. “When they left, they got pharmacies and 6,000 doctors. households also increased by more four times the value without doing In April, PharmEasy became than 2x post-Covid-19,” the report anything. My son told me, ‘You do says. “The number of consultations four times the work and somebody on teleconsultation platforms else gets four times the reward’. He “My son told me, increased by 300 percent in 2020. suggested that I do what they did.” ‘You do four times India’s e-diagnostics market was the work and at $0.07 billion in 2020 and is LETTING IT GO growing at a CAGR of 66 percent.” Perhaps that was also a trigger when somebody else India has more than 5,000 it came to letting go of the company gets four times healthtech startups and the healthtech 36 he had held close to his heart. Five the reward’. He market, according to IAMAI-Praxis years ago, Velumani lost his wife, Global Alliance, is expected to grow who he believed was a pillar of suggested that I do at a CAGR of 39 percent to touch Thyrocare. Sumathi Velumani, a what they did.” $5 billion by 2023. “Due to physical former director at Thyrocare, passed restrictions and safety concerns away due to pancreatic cancer before owing to the pandemic, there has the company had gone public. been an increased adoption of tele- Their children, a son and daughter, consultation, homecare services, meanwhile, felt that only Velumani e-pharmacy, online fi tness and could do justice to the company. India’s fi rst e-pharmacy unicorn after digital personal health management, “Over the past fi ve years, I had raising $350 million at a valuation which has catapulted the Indian left it to them to run it,” Velumani of $1.5 billion in series E funding, healthtech sector on a high-growth says. “But, perhaps, they are more led by Prosus Ventures and TPG path,” said consultancy fi rm RBSA of managers than creators, and Growth. A month later, the company Advisors in a recent report. “The they felt it was not the best way to purchased e-pharmacy player consumer adoption that healthtech run it. A creator is somebody who Medlife for an undisclosed amount. has been able to achieve in 2020 dreams.” He then discussed the plan “Thyrocare is a B2B business, would have taken at least four to fi ve of a stake sale with his children, only which has been dealing largely years in a non-Covid 19 scenario.” after he had made up his mind to with hospitals,” Manchanda says. That’s perhaps something sell the company. “I took a decision, “With PharmEasy, it will have an Velumani knew was a long time and told them,” Velumani says. opportunity to deal with customers coming. “Anything connected with “You must never discuss and then directly and off er PharmEasy an technology and tech companies decide. That causes confusion.” opportunity to off er numerous will be very highly profi table, and Now, with nearly `3,500 crore in wellness packages, making it a scalable,” Velumani had said about his kitty, Velumani, the investor, is holistic player in the space.” the impact of Covid-19 on the health gearing up for the long gamble. “I Already, other players in the care services industry in 2020. “And used to get a salary fi rst, and then segment, including Netmeds, you will get a lot of valuation.” I began paying salaries,” Velumani Flipkart, and Amazon, are ramping Looks like, the canny investor in says. “Now, I will be the one giving up their presence. That’s because Velumani is only getting started.

FORBES INDIA • JULY 30, 2021 FITNESS AS A CHOICE, NOT A PUNISHMENT Tanvee Tutlani is known for her tailored fitness and diet guidance that pay attention to individual preferences and choices hey say one should treat their body like a temple. And yet, many of us refuse Tto pay attention to the daily requirements of our body when it comes to activity, fitness and health. If not for the pandemic, we would not even have devoted any time at all to include exercise in our daily regimen. It is almost as if we are too busy for it. Tanvee Tutlani suggests otherwise. The certified dietician and nutritionist firmly believe that one should prioritize health and fitness over and above any work commitments, study routines or daily chores. According to Tanvee, physical activity and fitness is not something you make time out for – it has to be treated as a part of your lifestyle, just like work or recreation.

The Stepping Stone of Self Love Tanvee began her journey in the fitness and healthcare field around eight years ago and has come a long way in shaping people’s lives for the better with her focus on a healthy lifestyle. Tanvee’s rollercoaster ride in an unconventional profession is something that continues to inspire her and others around her to this day. After completing her school education at Delhi Public School, Vasant Kunj, New Delhi, Tanvee decided to pursue a degree in Commerce from the reputed Tanvee Tutlani Delhi University. Throughout her childhood and at the beginning of her college In fact, the pandemic helped Tanvee spread days, Tanvee faced multiple concerns due to her obesity. her message of adopting a healthy lifestyle to many Her decision to transform herself and her body for the better turned out to be more people than she could in the pre-pandemic the stepping stone of her long journey in the world of fitness. Tanvee embraced years. As people become more understanding and regular workouts and healthy diet plans as her new way of life. With time, those careful about their bodies, health and immunity, around her started viewing her transformation as an inspiration for changing Tanvee’s healthcare, dietetics and online fitness their lifestyles for the better. Tanvee began helping them in her way with free classes have witnessed escalating demand for past workout sessions and by sharing some personal tips and insights with them. several months. In Tanvee’s own words, “Investing in yourself and Transforming Lives with Motivation and Care your health has become the single most significant The persistent encouragement Tanvee received from those around her aspect of our lives today. Many people are, probably strengthened her resolve of stepping into the field as a professional. She took for the first time in years, prioritizing exercise over up Dietetics as her subject of choice for further studies. Eight years down the movies, detox over junk and immunity-building line, Tanvee has helped reinvigorate more than 50,000 lives through her focus on activities over leisure. Isn’t it great?” fitness and health. Therefore, Tanvee has come up with multiple Today, Tanvee Tutlani is known for treating each of her patients equally, sustainable fitness and healthcare routines for people catering to their special needs through a tailored physical regime and diet plan who want to inculcate it as a part of their lifestyle for them. This has not only given her fame and name, but also the immense instead of a short-term hobby. Besides, she believes satisfaction associated with helping transform someone’s life for the better. in tailoring her regimes according to the client and “My mother and grandfather have been two of the biggest pillars of support their background, including BMI, medical history, in my life, followed by my husband who is my inspiration, guide and partner – all work schedule, favourite meals and more, for the in one! Being a mother to two infant twin boys, my hands are always full; it is best results. my husband who makes sure that I never compromise on my routine and health “A one-size-fits-all approach never works when schedules despite all the chaos associated with parenting,” Tanvee shares. it comes to fitness, nor just punishing yourself. At Diet Smart, we believe that Eating Smart is the only Fighting the Pandemic Hand-in-Hand way to Eating Right, and that means you can stay In these tough times of pandemic, Tanvee donned the hats of both a leader and a fit and healthy without giving up on what you love,” caregiver, helping as many people as she could to recover faster, build immunity concludes Tanvee Tutlani. against the virus, and reinforce their bodies with the strength needed to fight it. 38

SAMEER PAWAR W FORBES INDIA Gains for ICICI Bank Have Spelt Crises How HDFC Bank’s the pastseveral years, publicsector investors. Considerthefactthatin and ‘fi ‘justifi use thewords ‘sorry’, leader, more soofamegabank,to move was rare andcommendable. it toissuenewcredit cards—the been facingandabanimposedon to technologyoutagesthebankhad released inJune—about issuesrelating their integrated annualFY21report Bank, apologisedtoshareholders in It isunusualforacorporate In Focus x theproblem’ inamessageto •

JULY 30, 2021 CEO ofHDFC director and managing Jagdishan, hen Sashidhar ably’ ably’ market alongsideSBICard since gain market share inthecredit card Bank—a rival inretail banking—to the bank,buthasalsoenabledICICI not onlycausedembarrassment for (RBI)—is unfamiliarterritory. It has regulator Reserve Bank ofIndia penalties andbansimposedby the crisis—in theformofinquiries, private lenderby assets, internal regrets, explanations orconcerns. as mandated.There were no accounts tothefi mentioned theseonlyinthenotesto non-performing assets(NPAs), glaring divergences inreporting banks (PSBs)have, inthecaseof For HDFCBank, India’s largest nancial statements, in issuancesofnewcards, which market share, was themarket leader the HDFCBank stockin2021. the index andonly7.6 percent for in 2021againstjust13.8 percent for Nifty Bank index, gaining23.2 percent Bank; thestockhasoutperformed boosted investor sentimentforICICI Improved quarterlyearningshave Bank have riseninthesameperiod. the pastyear whilethoseforICICI for HDFCBank have dippedover and steadyassetquality, valuations through healthy revenue growth of HDFCBank (seetable). December 2020, attheexpense HDFC Bank, witha24percent Despite astrong setofearnings By SALIL PANCHAL recover lost ground? bank the Can share. market rivals gain credit ban, card ofawaits lifting former the As HDFC BANK

ranged between 1.5 to 2 lakh cards India on June 9, Jagdishan had said: “I every month, prior to the ban. must thank the regulator for rapping us in December 2020 as it has made THE HARD RAP ON KNUCKLES us run faster and think ahead of time.” In the past two years, HDFC Bank In several other analysts’ calls, he has suff ered three large outages at has reiterated that while technology its data centre: First on November outages will continue to take place 27, 2018, when its next-generation [in the system], the critical factor is mobile banking application crashed how resilient one is to withstand them due to a massive surge of customers; and how swift the recovery time is. the second during the fi rst few “Because of our Global data on tech outages at banks days of December 2019, when work on the digital from a Goldman Sachs May report net banking and mobile banking side, we were shows such incidences are higher in applications suff ered problems and overseas banks. Between June 2020 then again in November 2020. able to capture and May 2021, HDFC Bank had 16 The RBI in December 2020 issued opportunities outages, compared to 24 for National an order which temporarily banned perhaps faster than Australia Bank, 39 for Wells Fargo, 40 HDFC Bank from launching its digital for Citi, 52 for Bank of America and business-generating activities planned most others.” 73 for SBI, based on Downdetector under its programme Digital 2.0, data. But outages appear to last longer ANUP BAGCHI including issuing new credit cards. EXECUTIVE DIRECTOR, ICICI BANK for banks in India compared to the In another embarrassing overseas ones. HDFC Bank has the development, the RBI in May highest—4.1 hours—duration of outage penalised HDFC Bank `10 crore for followed by SBI (4 hours), compared wrongfully selling third-party non- 26-year period, built a bank that to 2 hours for National Australia Bank, fi nancial products (GPS devices) commands a market capitalisation 1.7 hours for Wells Fargo, 2.7 hours for 39 to its auto loan customers between of $109 billion (as of July 1), meant Citi and 2.5 hours for Bank of America. 2015 and 2019. This contravened the that he always had huge shoes to fi ll. provisions of the Banking Regulation Jagdishan’s doubters say after the DOING THINGS RIGHT Act 1949. The RBI action came after RBI actions he had little choice but to This shows that the agility to deal HDFC Bank probed into the matter admit to the problems and start afresh. with technological problems is weak based on a whistleblower’s complaint This is probably what gave rise to in Indian banks. While HDFC Bank to the RBI regarding the irregularities. HDFC Bank’s ‘Project Future–Ready’ waits for guidance from the regulator The bank had taken remedial action which Jagdishan announced in April, on the fi ndings of the third-party against six employees for improper in an eff ort to create the necessary audit report of its IT systems, the lending in the auto loans division, strategic and execution agility for the bank has started to strengthen its while the one-year extension for its bank to serve its customers. It includes existing technology architecture departmental head Ashok Khanna was redoubling its focus on verticals such and make the shift towards new-age not approved and he retired in March as retail, corporate, private banking cloud-driven processes. “Banks in 2020. “For many years we had been and increasing its focus on commercial general had been laggard in moving bundling the fi nancing of GPS systems banking, particularly the micro- and from their monolithic legacy-based and cars. The teams believed this was small and medium enterprise vertical. systems and swiftly adopting next- a routine lending activity,” Jagdishan HDFC Bank’s MSME loan book has generation processes, which some said in the 2021 annual report. grown 30 percent year-on-year to touch technology giants and fi ntechs have Jagdishan, an HDFC Bank veteran `2.02 lakh crore as of December end. been able to do faster,” says HDFC of over 25 years and chosen in 2019 The bank has also identifi ed four Bank’s Chief Information Offi cer as the ‘strategic change agent’, has delivery channels: Branch banking, Ramesh Lakshminarayanan. only seen external crisis such as tele-service/sales (including virtual HDFC Bank is pivoting to a factory rising NPAs, poor credit off take and relationship manager channel), sales approach through a digital factory the impact of the pandemic’s fi rst channels aligned with the business and an enterprise factory plan, wave. Rarely has the bank witnessed verticals and digital marketing. where it will roll out new digital internal battles of this nature. There is a certain amount of products and services, he adds. The fact that Jagdishan’s humbleness in the new regime. In an In the next three months, HDFC predecessor Aditya Puri, over a analyst call hosted by Morgan Stanley Bank customers could see changes to

JULY 30, 2021 • FORBES INDIA In Focus

their existing payment applications, since March 2018 has risen by 6.5 such as PayZapp, and also a new percentage points and SBI Card by platform for existing credit card 2 percentage points, compared to customers. These platforms will fl attish growth for HDFC Bank. be built on cloud-native stacks and “We have used the last six months not on conventional data centres. to introspect, re-engineer the cards The broader digital strategy will business, with our 15.5 million credit likely include collaborating and card customers. We need to get back partnering with some of India’s top to our pre-embargo run rate and then fi ntech unicorns, besides incubating “I must thank touch new milestones,” Rao says. some new fi ntech startups with a co- ownership formula and also creating the regulator for ICICI BANK GAINING MUSCLE and owning its own technology IPs. rapping us in 2020 In HDFC Bank’s absence, ICICI While declining to reveal actual as it has made us Bank has been a major gainer in both technology spends, Lakshminarayanan issuance of new credit cards and says it will “move in line with run faster and think gaining market share (see table). In global standards” and be funded ahead of time.” terms of new credit card additions, by existing business operations. ICICI Bank has seen an 18 percent Some of the recent digital payments SASHIDHAR JAGDISHAN growth year-on-year. “ICICI Bank data is encouraging for HDFC Bank. MANAGING DIRECTOR AND CEO, has seen a 20 to 30 percent jump in HDFC BANK Unifi ed Payments Interface (UPI) May its market share between December 2021 data on digital remittances from 2020 and April 2021,” says Nitin India’s top 30 banks shows HDFC Aggarwal, banking analyst at Motilal Bank to have the lowest technical Oswal Financial Services. HDFC decline [read as failure rate] of 0.06 December-ended quarter. These data Bank’s credit card base has contracted 40 percent and a debit reversal (DR) rate points give HDFC Bank the confi dence by 389,424 between December 2020 of 99.95 percent on a high volume about stickiness of its customers and and April 2021, RBI data shows. of 215.12 million transactions. ensuring that glitches are limited. One of the critical elements for its ICICI Bank is equally impressive HDFC Bank’s Parag Rao, group success in the credit cards business with a technical decline of just 0.08 head–payments, consumer fi nance, has been its tie-up with Amazon percent and a DR of 94.5 percent digital payments and IT, is confi dent Pay. In early July, the bank crossed on volumes of 151 million. Similarly, that the bank “will return with a the milestone of issuing two million in benefi ciary bank data, both bang” in the credit cards segment. Amazon Pay ICICI Bank credit card HDFC Bank and ICICI Bank have a His optimism stems from the fact since the tie-up in October 2018. technical decline of just 0.03 percent that despite the existing ban, HDFC Credit cards is the largest contributor each, on volumes of 143.07 million Bank has managed to maintain its to fee-based income for most banks. and 280.54 million respectively. leadership position in credit card In the pandemic, ICICI Bank also HDFC Bank has also managed spends at 28.5 percent, compared to got its retail lending mix right, both to maintain its market share (by 18.6 percent for SBI Card and 17.6 in secured and unsecured lending, volume) of UPI transactions at 8.7 percent for ICICI Bank. But HDFC analysts say. Nearly half of its retail percent in the three months to March Bank should be concerned because book is secured mortgages, which has 2021, compared to 8.6 percent in the ICICI Bank’s market share spend seen a 21 percent growth in volume to `2.43 lakh crore from levels a year Net Additions In Credit Cards (Thousands) ago. “ICICI Bank was trying to de- OCTOBER DECEMBER FEBRUARY APRIL risk its book and it has managed to 2020 2020 2021 2021 do it better than HDFC Bank, HDFC ICICI Bank 228.7 201 198.5 142.6 and Axis Bank,” Aggarwal said. SBI Card 139.8 194.6 99.6 105.7 In its broad retail book, ICICI Bank reported robust personal and Axis Bank 29 -12.3 98.8 56.5 rural loans sequential growth of 6.4 HDFC Bank 194.4 -78 -57 -66.4 percent and 7 percent respectively for the March-ended quarter. ICICI Kotak Mahindra Bank 6.4 11.2 21.8 -103.4 Bank’s entire retail book grew by SOURCE RBI, Motilal Oswal Financial Services 19.9 percent year-on-year, which is

FORBES INDIA • JULY 30, 2021 HDFC BANK

ICICI Bank Outperforms HDFC Bank is trading at around 3.7 times book, having improved in recent months, Stock Price of ICICI Bank but having been de-rated 10 percent 660 in the past one year, analysts say. 640 “ICICI Bank has narrowed the valuation gap and there is more to go 620 in ICICI Bank’s favour,” says Motilal’s 600 analyst Aggarwal. ICICI Bank in 580 FY21 delivered double-digit RoE (of around 12.6 percent) for the fi rst time 560 since FY17, and is now projected to 540 improve to 15.2 percent in FY23E.

520 JAGDISHAN’S LEGACY 500 In eight months, Jagdishan has put Jan 1, 2021 Feb 1 Mar 1 Apr 1 May 1 June 1 July 1 some things in order through the Stock Price of HDFC Bank Project Future-Ready programme. 1650 He has also started to create a new profi le for himself which has moved 1600 out of Puri’s long shadow. “This is 1550 probably his way of saying that I am my own person,” says business 1500 journalist Tamal Bandhopadhyay, 1450 who chronicled HDFC Bank’s digital

1400 journey in his book HDFC Bank 2.0: From Dawn to Digital. Bandhopadhyay 41 1350 says that while several banks are 1300 “extremely savvy” in their digital banking journey, Puri was well 1250 ahead of his time in terms of getting Jan 1, 2021 Feb 1 Mar 1 Apr 1 May 1 June 1 July 1 the bank onto the digital journey. Independent banking expert impressive coming in a pandemic much faster than others due to the Hemindra Hazari, who has studied year. HDFC Bank saw a modest 6.7 advantages in digital banking. He the governance of banks in India, is percent growth in its retail book, said credit delivery has become “not surprised” that all these events Axis Bank saw a 10 percent jumpand more seamless and gained pace, have come to light in recent months, Kotak Mahindra Bank’s pure retail which has led to improved market post Puri’s retirement. “Puri was so book grew by around 7 percent. share of the non-mortgage book. focussed on achieving targets and Retail growth for HDFC Bank ICICI Bank is now trading at a getting the ladoo in each business continued to be modest in the multiple of around 3.2 times book line that compliance took a June-ended quarter. Retail loan value and about 2 times adjusted backseat under his leadership,” growth fell by around 1 percent for subsidiaries book. HDFC Bank Hazari says. Jagdishan is fi rmly from the March-ended quarter and trying to correct this while deposits edged up just 0.8 percent Cards Outstanding (mln) not compromising on growth. sequentially to `13,46,000 crore “Jagdishan is doing an honest job.’ in Q1FY22. “HDFC Bank’s credit APRIL Y-O-Y Lakshminarayanan is confi dent momentum has moderated a bit in 2021 GROWTH (%) that the learnings from these episodes Q1, dragged mainly by continued ICICI Bank 10.7 18 will only make the bank stronger. weakness in the retail segment,” says IndusInd Bank 1.5 15.2 “Companies which are awake and Anand Dama, head-BFSI at Emkay SBI Card 11.9 13.6 understand the customer pulse are Research, in a note to clients. the ones that will move ahead. Our RBL Bank 3 14.4 ICICI Bank’s executive director customers will decide which way HDFC Bank 14.9 3 Anup Bagchi says the bank was we go. If make this pivot quickly, our able to capture opportunities SOURCE RBI, Motilal Oswal Financial Services customers will speak for us.”

JULY 30, 2021 • FORBES INDIA In Focus Will Zomato’s Audacious Bet on Grofers Pay Off? Despite grocery being a high-risk play with thin margins and dynamics that are different from food delivery, IPO-bound Zomato perhaps has little option but to take the plunge with a stake in Grofers. It gives it a chance to keep the growth story intact

By RAJIV SINGH

ast April, it was not spices and dairy beverages. “We are a question of choice trying to transform Zomato into a for Zomato. foods company, much on the lines L The country shut down, of a farm-to-fork model,” Deepinder restaurants shuttered Goyal said in an interview to Forbes and food business got hammered. India in July 2018. The co-founder To keep the home fi re burning, the explained the evolution of the online food delivery and restaurant company. In July 2008, Zomato was discovery platform started delivering born as a food discovery and ratings grocery with ‘Zomato Market’. platform. “In July 2013, we started Though getting into grocery and walking. Now in July [2018] we will 42 essentials was the need of the hour, start running,” he had stressed then. as demand for food delivery suddenly Three years later, Zomato evaporated, the bigger question was: is sprinting. The Gurugram- Who would buy grocery from Zomato? headquartered company, which Five months down the line, the is scheduled to get listed in July, food delivery giant got the answer. reportedly bought a 9.3 percent stake By September 2020, Zomato in online grocery startup Grofers for had delivered 1.1 million grocery $100 million. The investment values orders across 185 cities, points out CLSA in its brokerage report this April. “Thank you for giving us the opportunity to serve you during the lockdown,” Zomato wrote in a blog last September, announcing the ‘signing off ’ of Zomato Market. With a gradual lifting of the lockdown curbs, the company was getting back to its core business and focus: Food delivery. The company fl irted with grocery Online Grocery: The delivery for half a dozen months and Next Big Opportunity there were signs of a promising future. Size of India's e-grocery market Back in 2018, Zomato was (gross merchandise value, $bln) committing itself a serious relationship by getting into B2B 2016 0.5 grocery business. It bought Bengaluru- 2019 1.9 based company WOTU, rebranded it 2020 3.3 as Hyperpure, and started supplying 2025 24

restaurants everything they needed: SOURCE RedSeer

INFOGRAPHICS: SAMEER PAWAR SAMEER INFOGRAPHICS: Vegetables, fruits, poultry, groceries,

FORBES INDIA • JULY 30, 2021 ZOMATO-GROFERS

Grofers at over $1 billion, and gives in GMV (gross merchandise value), with, especially after the listing. It Zomato—which is reportedly seeking the e-grocery market leapfrogged would need more engines, if not one a valuation of $10 billion—a much- to $3.3 billion last year, according to which can be as big and promising stronger blueprint and chance to RedSeer. The contribution of fruit, as food delivery, to fi re. Reason: Low make a dent in the grocery business. vegetable and staples, the consulting transacting consumers. Though While Zomato declined to comment, fi rm pointed out in its report released Zomato, Ambit Capital Research Grofers did not reply to a set of early this year, stood at a staggering points out in its brokerage report questions sent by Forbes India. 47 percent. What is interesting, in May, has a high monthly active Industry watchers are not though, is the projection. By 2025, user (MAU) base of 42 million, the surprised with Zomato’s move for the e-grocery market is estimated number for monthly transacting two reasons. First, online grocery to be valued at over $24 billion. user (MTU) is just 11 million. What business has got a massive boost due Second, food delivery alone won’t this means is that the online food to the pandemic. From $1.9 billion make Zomato a force to reckon delivery major has to provide more

43

Given Zomato co- founder Deepinder Goyal’s penchant for taking risks, grocery seems to be the best bet for the entrepreneur AMIT VERMA

JULY 30, 2021 • FORBES INDIA In Focus

reasons and occasions for consumers to pay. Food alone won’t suffi ce. Zomato’s Stellar Food Play There is another potential blip. Globally, Zomato has one of the highest frequency of orders The pandemic delivery tailwinds, especially from the latter part of

the last year, are likely to abate once Users Orders Orders per user the raging pandemic subsides and a vast majority of the population gets DoorDash (US) vaccinated. This, in turn, will not only result in a dip in online food volume 20 mln 816 mln 3.40 and value order, but will also force online food delivery companies to Zomato (India) look for new sources of revenue. If food delivery companies needed 11 mln 403 mln 3.14 one more reason to look beyond food, then they must look at the ‘collateral’ Meituan (China) damage of the pandemic on the urban population. “The eff ect of the 511 mln 10,147mln 1.65 pandemic on the lower middle class would be catastrophic,” reckons the JustEat Takeaway (Global) Ambit Capital Research report. While 81 million of urban India is poor, a similar number of lower 60 mln 588 mln 0.82 middle class people would be unlikely Grubhub (US) to aff ord food delivery services. 44 Around 150 million urban users are not the right target market for food 31 mln 227 mln 0.61

delivery companies in the near-to- SOURCE Ambit; CLSA medium term, the study predicts. If one adds another grim data—women workforce participation in India stands at 20 percent unlike the US with a host of convenience services SPAC that it was exploring early this and China at 57 percent and 60 for consumers. “Relatively high year—gives Zomato a fi ghting chance percent respectively—the picture take rates in India demand that to keep its growth story intact. becomes clear as to why food delivery online food delivery platforms also The going, though, won’t be easy companies would not fi nd it easy to expand their revenue bases,” says for one simple reason. One plus one expand their catchment area over the the CLSA report released in April. doesn’t always make two, reckon next few years. What this means is Zomato, for its part, is well aware retail analysts. Food delivery, they they need to fi nd other modes to earn of the problem, and the potential point out, is not equivalent to grocery income. Grocery might be an option. solution. One of the threats in delivery. The dynamics are diff erent, Globally, too, food players are the excruciatingly long list of risk the market is diff erent. The customer diversifying. In its recent report factors mentioned in its draft red base of Zomato and Grofers is also on online food delivery in India, herring prospectus (DRHP) fi led in diff erent. While the former has built brokerage company CLSA points out April includes, “If we are unable to its business by having consumers how global players are getting into make acquisitions of and invest in who are ‘convenience’ oriented, the adjacent categories such as cloud complementary businesses, assets latter has been catering to users who kitchens, grocery and other essential and technologies, or successfully are price sensitive, and would not deliveries by using high customer integrate them into our business, settle for higher-priced products. engagement, delivery expertise and our business, results of operations, Absence of overlap is crucial data analytics on consumer insights. cash fl ows and fi nancial condition because grocery is a high volume Online food delivery companies could be adversely aff ected.” Buying and wafer-thin margin business. around the world are attempting a stake in Grofers—which was “Grocery delivery is a very challenging to transform their single-purpose struggling to raise funds and also business,” says KS Narayanan, apps into multi-use ‘super apps’ dumped its listing plans through a food and beverage expert.

FORBES INDIA • JULY 30, 2021 ZOMATO-GROFERS

Grocery has been the mainstay of lease of life. For Zomato, looking at millions of general trade stores dotting Zomato’s Acquisition Grofers gives it an opportunity to take streets across the country, where the Track Record: a long-term view. “Will the gambit supply chain is managed in a pretty A Mixed Bag pay off ? It’s too early to say,” he says. cost-effi cient manner due to lower Cibando: Against the mixed track record Italy expansion overheads. “Given tight margins, of Zomato in its acquisition strategies, Gastronauci: the prospects of a profi table grocery Polish market Grofers’ deal too does not look too delivery operation for an aggregator Obedovat: promising. “Zomato has struggled is very low,” Narayanan points out. 2014 Slovakian market with its acquisitions,” points out Status: Let’s take Grofers, for example. International Lunchtime: Czech Ambit in its analyst report. “It tried For the FY20 fi scal, total revenue operations have Republic market to expand in multiple geographies winded up MenuMania: New reportedly stood at `176.79 crore, and Zealand market but failed,” it adds, listing out losses were at `637.49 crore. These prominent examples of large write- numbers do not come anywhere close Urbanspoon: off s. The acquisition of Urbanspoon US market to BigBasket, India’s biggest e-grocery restaurant [a US restaurant information and discovery portal platform: `3,822-crore revenue and recommendation service] in 2015 NexTable: `611 crore losses for the same fi scal. 2015 US market table- for over $50 million and shutting Though the headroom for growth Status: booking portal down its operations within fi ve International is massive in grocery, one also has operations have Mekanist: months was a big jolt for the to look at the fl ip side. It is hard to winded up Turkey market company, the report highlights. make money and sustain the business. Another US-based acquisition in Runnr: Creation Even BigBasket, a decade-old player 2017 of in-house 2015 was written off in 2020. delivery fl eet and the biggest in India’s e-grocery Status: Back home, the acquisition of Merged with Zomato’s fl eet business, had to sell out recently. In Bengaluru-based Tonguestun Food, May, Tata Digital bought 64.3 percent TongueStun Food: an aggregator of caterers and 2018 Food@work off ering stake in BigBasket, reportedly at a Status: restaurants for offi ce canteens, 45 post-money valuation of $1.8 billion. Scaled down due to the pandemic bombed. Though the plan was to The only thing common between Uber Eats: create an entire ecosystem around 2020 Strengthening Zomato and e-grocery platforms, presence in Indian food, the execution proved to be a Status: market says Narayanan, is on-demand Merged with Zomato challenge. “The pandemic made delivery. However, with millions of things worse, and thus another Buys a 9.3% stake write-off in FY20,” the Ambit locally-relevant stock-keeping units 2021 in Grofers (SKUs) that are required in the case report points out, adding that SOURCE Ambit report; analysts of grocery, it becomes challenging for the company wrote off its equity an aggregator to stock and deliver. investments in multiple global Another potential impediment Can Zomato ‘Grab’ subsidiaries (see ‘Zomato’s Acquisition for Zomato is the intense fi ght in The Opportunity? Track Record: A Mixed Bag’). With the grocery segment. “It has become Singapore-based startup Grab, which Zomato’s appetite to take risks started as a ride-hailing company, the big boys’ play,” says Ankur has morphed into food-delivery remaining intact, can grocery change Bisen, senior vice president (retail and fi nancial services giant across the narrative for India’s biggest & consumer products division) Southeast Asia online food delivery player? at consulting fi rm Technopak. 2012 Grab rolls out ride-hailing taxi service The answer, perhaps, lies With Tata, Reliance, Amazon in the draft red herring prospectus. 2014 Adds GrabCar and GrabBike and Walmart-owned Flipkart taking “We may not be able to sustain deep positions and getting hyper 2015 Starts GrabExpress, an on-demand our historical growth rates, and aggressive in the segment, there is parcel and courier service our historical performance may not enough room for smaller or niche 2016 Adds GrabShare, a carpooling service not be indicative of our future players. The Zomato-Grofers deal, growth or fi nancial results,” reads 2017 Rolls out GrabPay, a mobile wallet Bisen points out, is a good example of the top risk factor outlined by two desperate players. For Grofers, 2019 Starts GrabKitchen, GrabMart, Zomato. Given Goyal’s penchant with an aborted IPO listing plan GrabFinance, and GrabInsure for taking risk, grocery seems to be and its failure to get more funds 2020 Adds GrabInvest and GrabDefence the best bet for the entrepreneur from its existing or new backers, an SOURCE Ambit who has handsomely delivered investment by Zomato gives it a new on the food front.

JULY 30, 2021 • FORBES INDIA 46

INFOGRAPHICS: SAMEER PAWAR in afast-paced work environment. unable toperformandbeproductive leads toanxietyandguiltofbeing slightest exertion. Allthis, inturn, of energy levels thatplummetatthe out ofthehouseforawalk because a toss, andsheiseven scared toget healthhasgonefor gastro-intestinal she hascontinuousbackache, her It’s cyclical,” Todi says, adding that to situpstraight andconcentrate. day, I’mnotabletoeven getmyself day Idowell atwork, butthenext fatigue andinabilitytomultitask.“One clearly atwork. There was consistent the screen andbeingunabletothink Todi insteadfoundherselfstaringat listdaily,all theitemsonherto-do As someonewhoeffi not completelyalrightwas brain fog. FORBES INDIA the 30-year-old tellsForbes India. building oninmy bodyandmind,” compared totheafter-eff contracting Covid itselfwas nothing unexpected. “Now Ifeellike mental healththereon was completely what happenedwithherphysical and get onwithwork “full throttle”. But negative. Todi’s intentionwas to which sherecovered andtested herself athomefor15daysfollowing tested positive forCovid-19. Todi, whofoundedabootstrapped Her fi With mildsymptoms, sheisolated Within ThePandemic months post Covid-19 recovery. companies While have to do their bit for employees, Many peopleMany experience debilitating physical mental and health for symptoms rst cluethatthingswere Public Health Crisis Public HealthCrisis L A H I C C E E T P H S SPECIAL T L A E H HEALTHTECH • April, Megha Todi in Mumbai inearly capital (VC) fi internship ataventure ne week intoher

JULY 30, 2021 ciently ticked there needs to concerted belarger public policy initiatives ects thatkeep rm no longermanageitalongsidework 2018, hadtoshutitdown asshecould lifestyle andhomedecorproducts in ecommerce startupforhandcrafted disturbances anddiarrhoea,among others rashes, loss ofsmell,shortness ofbreath, sleep persistent cough, muscleandabdominalpain, depression, anxiety, headache, chest pain, r  c  Long Covid could alsoleadto serious Long Covid What is eported, includingfatigue, recurrent fever,  Peoplecanhave symptoms thatlast for weeks omplications intheheart,lungsandbrain Common Symptoms: Wide range ofsymptoms or e ven monthsafter recovery from Covid-19 By DIVYA JSHEKHAR as yet agreed defi is nointernationally of ill-health”.There as a“persistent state describes Long Covid Or  The World Health health eff may have lasting conditions that develop medical adds WHO  Somepatients, ganization (WHO) ects nition , it leaving something open-ended, take tosubside. “As doctors, we call time LongCovid symptoms will breath, diarrhoeaandfatigue. rashes, lossofsmell,shortness cough, muscleandabdominalpain, headache, chestpain,persistent is recurrent fever, depression, anxiety, long-term symptomsreported, there agency adds. Amongthewiderange of the conditionasyet, thepublichealth internationally agreed defi during thistimeandthere isno may have lastinghealtheff develop medicalcomplicationsthat from acuteillness… somepatients or even monthsafterrecovery have symptomsthatlastforweeks to normalhealth,“somepeoplecan with Covid-19 recover andreturn explains thatwhilemostpeople a “persistentstateofill-health”.It Covid-19, describesLongCovid as the clinicallong-term eff (WHO), inaMarch updateon ,”back quicklypost-Covid shesays. others intheoffi I’ve testednegative, especiallybecause perception isthatIamfi ill every otherday. “Ultimately, the to explain thefactthatshestillfalls her recovery, shedoesn’t know how work were understandingduring Todi explains thatwhilepeopleat just 50percent effi months andI’mstillabletowork at commitments. “It’s beenover two There isnosayinghow much People are notinfectioustoothers The World Health Organization ce have bounced ciency,” she says. ne because ects of nition of ects”. LONG COVID

MADHU KAPPARATH

47

Megha Todi from Mumbai says contracting Covid was nothing compared to the after-effects that kept building on in her body and mind because we really do not know how dropped during a 5-km bike ride. Postgraduate Institute of Medical long it will last. I usually tell people At its peak in May, India reported Education and Research (PGIMER) three to six months, which is also 4 lakh Covid-19 cases in a day. in Chandigarh. He is also a doctor a very long time,” says Dr Joyeeta While infections reduced to about managing Covid-19 patients and is Basu, consultant physician. 1/8th of those numbers in June the lead author of a research paper According to her, cases of Long [standing at 54,069 over 24 hours titled ‘The Conundrum of ‘Long- Covid have been more prevalent in the on June 24], people testing positive Covid-19’: A Narrative Review’, wake of the second wave. While 5 to 7 for Covid in India still contribute published in the International percent of her patients came back with to about 22 percent of global cases, Journal of General Medicine in June. Long Covid concerns after the fi rst according to online scientifi c Dr Basu, who is the co-founder wave, the rate has tripled over the past publication Our World In Data, which of medical clinic Doctors Hub in few months. “This can be attributed is the highest for any country. Gurugram, has been seeing Long to the [coronavirus] variants, which “India is still battling the acute Covid playing out among her patients caused a more severe disease in many phases of Covid-19, wave after wave. through complications in the heart, people this time around,” she says, This takes the attention away from lungs, brains and mental health. narrating a recent incident about how Long Covid, which gets pushed “People are fearful and anxious two of her patients in Gurugram who behind and a lot of things about it that they might lose their jobs if had recovered from Covid landed up remain unclear even today,” says Dr they cannot go back to work or be in hospital for about seven to 10 days Mandeep Garg, professor, department productive enough soon,” she says, after their oxygen levels suddenly of radiodiagnosis and imaging at the adding that more young adults are

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL

showing Long Covid symptoms. “This about Covid or how to manage it. It is a public health crisis,” she adds, Role of was terrifying,” she says. Even today, explaining that over the next couple Companies she suff ers from chronic fatigue of months, she expects to see a rise in syndrome, gastrointestinal issues, such cases. “For example, post-Diwali, Some of the initiatives taken by chest tightness [airways become when we have rising pollution levels, companies to support people infl amed] and breathlessness. “Even we’re going to see a lot of people with suff ering from Long Covid if I just talk over the phone with COPD [chronic obstructive pulmonary my friends for about an hour, I get disease]. I dread the coming winter.” Leaves: Unlimited completely exhausted and need to leaves for employees suff ering from Covid lie down,” she says. Mewar struggles and post-Covid Mental Health: SPOTLIGHT ON YOUNG WORKFORCE conditions; leaves Improving employee to fi nd doctors who can manage her In a press briefi ng on April 21, for employees who access to counsellors conditions properly. “Guidance from are caregivers also and organising group Union health secretary Rajesh considered therapy sessions Long Covid support groups on social Bhushan said age groups 20-30 and media, which predominantly have 30-40 accounted for 19.35 percent people from the US and UK, help Insurance: Expanding and 21.15 percent respectively of medical insurance cover to me take care of myself,” she says, take care of employees and total Covid cases in 2021. This is their dependents adding that the communities she is the highest among all age groups part of have close to 300 Indians. in the country. People aged 50-60 Sensitisation: Making managers across levels The nature of Mewar’s job accounted for 15.07 percent, making aware of the day-to-day challenges of working does not allow her to work remotely with Long Covid complications it the third-most aff ected category. from home. So while her boss at the Redistribution of Work: Sometimes by even According to the Periodic Labour engaging contract/freelance workers, in order to museum gave her a sabbatical enable people to take extended leaves while not Force Participation Survey (PLFS, adding to the burden of those who are working between June 2020 and January 2018-19), the 15-59 age group forms 2021, even after rejoining, Mewar Vaccination: Covering 63 percent of India’s total workforce vaccination costs for has to take frequent breaks during of an estimated 47 crore people. employees, and in some the day at work, because even a 48 cases, their immediate India has the second-highest families; ecommerce little extra exertion aggravates platforms also vaccinating Covid-19 caseload in the world, behind delivery executives her symptoms. “I’m scared of this the US. Unlike the US, however, there becoming a permanent debility. I’ve Open Communication: is very little research or data available Encouraging managers been told to just rest, rest and rest. in India around Long Covid and how and colleagues to check But I’m not able to do that because in on each other regularly it is impacting people, be it through to talk about challenges I need my job and must report to at work due to Covid- lowered productivity levels at work related health issues work,” she says, adding that having or daily life. In February, the US a supportive boss and workplace Data: Leveraging technology to collect and National Institute of Health (NIH) study data that provides insights on how Covid are critical for long haulers. and post-recovery physical and mental health launched a major initiative to study complications aff ect employees In corporate circles, while Long the long-term eff ects of Covid-19, Covid is defi nitely a conversation— with a funding of $1.15 billion. from discussing health benefi ts like In India, the health ministry, 2020. Nine months on, this data insurance to impact on overall work Indian Council of Medical Research has not been made public. Queries practices—it is not likely to be very (ICMR) and the All India Institute of about the Registry sent by Forbes detailed at this point, says Shanthi Medical Science (AIIMS) launched India to ICMR were unanswered Naresh, careers business leader, a National Clinical Registry of at the time of writing this article. Mercer India. “Productivity loss is a Covid-19 in September 2020 to When it comes to managing Long concern for organisations, and many track long-term symptoms. The Covid on-ground, there continues companies are undecided about Registry was supposed to collect and to be awareness limitations among having a formal policy on extended monitor real-time data of Covid-19 many members of the medical employee recovery periods,” she says. patients from 100 hospitals across community, says Dr Garg. Alpana Dutta, partner, people the country. “Such data will serve as Bhasha Mewar’s experience is advisory services at EY India, agrees an invaluable tool for formulating an example. When the 37-year-old that business aff ordability is a reality appropriate patient management museum professional developed and if a business cannot aff ord strategies, predicting disease severity, acute Covid symptoms back in early something, it can become a short-term patient outcomes etc,” read a letter March 2020, she struggled to get a measure, but not a policy. “So unless an from the ICMR dated August 6, diagnosis. “Back then, nobody knew organisation can aff ord being generous

FORBES INDIA • JULY 30, 2021 LONG COVID

of workload to ensure people can take their time to rejoin work and those working are not overburdened by the long-term absence of their colleagues, the consultancy fi rm has started counselling helplines for employees and their family members. “All of our 65,000 employees and their families have access to this confi dential counselling helpline, 24x7, on all 365 days. Compared to before the start of the second wave, we have witnessed a four-fold jump in calls,” he says, adding that employees are also encouraged to reach out and check in on one another on a regular basis. Awareness is paramount for After recovering from Covid, Bhasha Mewar, a museum professional, is forced to take frequent empathy at the workplace, believes breaks at work because even a little extra exertion aggravates her symptoms a senior sales associate at a data with medical coverage, leave policy, of employees and their families, science startup in Bengaluru, who vaccination etc, it is very diffi cult,” HUL has increased the number of did not want to be identifi ed. The she says. “Many organisations have doctors and counsellors accessible 31-year-old has been suff ering from raised their hands and said, ‘This to them, and has tie-ups with 214 brain fog, fatigue, blurry vision, is all we can do. Beyond this, we hospitals across the country. nausea and gastrointestinal issues empathise, but cannot support as an There’s a two-level business since October 2020. “Companies organisation’.” Therefore, according continuity plan that fi nds ways understand when you are suff ering 49 to her, the loudest statements with to cover for people’s tasks even and give you leeway to a certain respect to taking care of the health if they fall sick, redeployment of extent, but if there are people on the and safety of employees are made talent when understaff ed, and team who are just not aware of what by either companies that are large sensitisation of leaders and managers someone can go through because of with deep pockets, or have gained across levels, Razdan says. She Long Covid on a day-to-day basis, business on account of the pandemic. adds that investment in medical they can be quite unsupportive One such large organisation that infrastructure and employee welfare and insensitive about it,” he says. has a multitude of policies to tackle while ensuring availability of A senior media sales executive the long-term implications of Covid-19 suffi cient manpower at all times is in Mumbai agrees that beyond a among its 21,000 employees (including the route to long-term resilience. certain time, there is expectation 12,000 blue-collar workers) and “Compassion does not need to from employees to perform like 300,000-plus people in its extended come at the cost of business,” she normal again. The executive, who ecosystem [like micro-entrepreneurs says. “If we have prioritisation did not want to be identifi ed, was in its network] is FMCG major of health and safety, agile ways hospitalised twice: First, because of Hindustan Unilever (HUL). of working and redeployment of severe Covid in October, and then “Extended absence from the talent as per requirement, you due to post-Covid symptoms in workplace either because of an can be compassionate without late December during which time arduous recovery from Covid-19 or compromising on the commercial he was completely immobile for a caregiving responsibilities, and how aspects of the business.” few days due to sharp pain in his that impacts productivity, has very Consistent and long-term mental body, among other symptoms. much been on top of our mind,” health support is one of the biggest He recounts how managers says Anuradha Razdan, executive priorities for employees during this expected him to work as early director (human resources), HUL. time, says SV Nathan, partner and as two-three days after both The company supports its people chief talent offi cer, Deloitte India. his hospitalisations, despite the through sick leave policy and He explains that apart from Covid- severity of his case. He continues encourages them to resume work related policies like insurance cover to experience frequent headaches, only when they feel completely fi t. for employees and their dependents, bouts of cough, sleep disorders, drop Apart from undertaking vaccination unlimited leaves, and redistribution in energy levels, fatigue, and inability

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL LONG COVID

to concentrate and handle stress. initiatives that have had a positive “Things get overwhelming faster impact on the lives of employees. than they used to before,” he says. “Tech has enabled us to ensure that “My blood sugar is also on the we’re able to meet growing higher side as a result of Covid. demand, but it’s never at the cost The doctor says if I do not manage of the health of a [delivery] partner, a lifestyle, this could become a team member or merchant,” says problem,” he explains, adding that Geetanjali Swamy, head-people team if there are no defi ned company at Dunzo. “Everyone’s reaction to policies about how employees with Covid is diff erent and keeping in Long Covid must be treated, many “By prioritising touch with team members who lay people cannot understand the are aff ected helps us solve their severity. “If I was discharged and health, safety, agile challenges. We are also evolving out of the hospital, it was assumed I ways of working benefi ts on an everyday basis as could be back at work. Nobody asked per what people need,” she says in or checked about what symptoms and redeployment an email response, adding that the I was facing,” he says. “There of talent, you can company is also providing sensitisation needs to be a mechanism where training, vaccinations, counselling the company is able to understand be compassionate and group therapy sessions. diff erent cases in consultation with without Dr Garg of PGIMER stresses doctors and accordingly decide how that awareness around Long Covid much leeway needs to be given.” compromising on continues to be low among various Due to lack of a standardised the commercial stakeholders, which is why apart company policy, employees have to from corporate workplaces, rely on empathy and sensitivity of aspects of the it is important to continue 50 individuals, he says. While from a business.” disseminating information among work perspective he did not receive medical professionals, patients, much support and was expected to ANURADHA RAZDAN policymakers and the public. Executive Director be back almost immediately post (Human Resources), HUL According to him, health care hospitalisation, the executive realised facilities must be equipped to that some others in the organisation conduct regular follow-ups around suff ered disparity even with respect with respect to Long Covid. the conditions of patients and to the extent of company support Companies like ecommerce fi rm study recovery patterns. Medical during Covid treatment. “While Flipkart and hyperlocal delivery professionals could be more I got the support I needed during startup Dunzo say they are putting proactive and interactive with my hospitalisation, from arranging in place personalised programmes to patients, particularly those who are ambulances to cashless insurance, cater to specifi c physical and mental not very literate or tech-savvy. diff erent departments or managers health requirements of employees. Dr Garg’s research article warrants behave diff erently,” he says. Apart from Covid leaves, setting up of dedicated, post-Covid Naresh of Mercer India says medical insurance, counselling care, multidisciplinary clinics, and that given the emotional toll Covid support and vaccinations, Flipkart rehabilitation centres. “Further takes on people, sensitisation of is placing an emphasis on regular, research comprising cataloguing managers is forward-looking and open conversations to address the of symptoms, longer-ranging necessary to ensure empathy on a evolving needs of the employees, observational studies, and clinical day-to-day basis. Dutta of EY India says Chief People Offi cer Krishna trials are necessary to evaluate long- agrees that managers need to develop Raghavan. “We encourage regular term consequences of Covid-19,” it skills to help stressed employees communication between leaders states. He adds that the government and deal with stress themselves. “It and their teams, to understand needs to prioritise a coordinated is important to study data around their day-to-day experiences and and systematic collection of data Long Covid in the organisation address any apprehensions they around Long Covid, which needs to design progressive wellbeing might have,” he says over email, to be made public. “This will help policies,” she says, adding that adding that gathering insights and us create a more robust strategy, companies cannot follow a one- feedback almost on a real-time basis because Long Covid is going to be a size-fi ts-all approach, particularly have helped the company implement huge challenge in times to come.”

FORBES INDIA • JULY 30, 2021 THE RIGHT CHEMISTRY With more than two decades of experience in active packaging chemistry, Manish Jain founded Cilicant Chem Private Limited. Despite being an indigenous company, his leadership and strategic approach catapulted Cilicant to a global level. We recently caught up with him to learn more about his entrepreneurial journey and his learnings.

Can you share with us the growth plans and vision for the company? MR. MANISH JAIN Of course! FOUNDER AND MD, CILICANT With the motto of continuous improvement, we aim to be the fastest- growing active packaging manufacturer of India. With the trust and support of our partners in the healthcare and food industry, we were able to establish our 3rd manufacturing facility in Pune in 2020. Soon, we are coming up with our 4th manufacturing facility to keep up with the demands of the industry.

What strategies were adopted or implemented on the operational level to provide effective customer service? Desiccants in active packaging is mostly an 11th hour requirement of our customers. Due to the active nature of our products, we ensure their efficacy by focusing on their packaging, from using hermetic sealers and barrier bags for our desiccant packs to selecting renowned logistic partners. ese parameters ensure safe and quick delivery of our products to our customers.

Can you share an example of value addition to your healthcare partners? For example, Accuuip has been a result of constant improvisation and has been touted as a value-added product for the active packaging industry. Accuuip is an RH regulating product and has addressed the needs of formulators and packaging specialists by solving the problem Cilicant has now established itself as one of the of over-desiccation. trusted brands in active packaging, what was the main pillar of thought behind creating this brand? As an entrepreneur, what has been your success mantra? As you know that Rome wasn't built in a day. e e key to building a successful brand is “Continuous improvement journey from building a company to a brand requires with accepting the changes.” years of persistent hard work and continuous improvement. My vision was to create a brand that Your major learnings in your entrepreneurial journey and advice to symbolises a ‘trusted partner’. budding entrepreneurs? I have been a learner throughout my life. e most signiicant learning Tell us about the major milestones of your journey, over the years has been that TRUST is the foundation of everything, how did it begin? and it is more important to ‘earn people’ than ‘money’. e most signiicant milestones in our journey have been guided by client feedback. Right from the beginning, my team and I always kept our eyes and ears open to pick up customer feedback. I believe that every customer or client sends signals or messages My advice to entrepreneurs is to about his pain points or areas of concerns. trust yourself, trust your vision, is keen understanding of our client’s feedback “trust your team and focus on earning enabled us to develop our products, manufacturing people than money. facilities and technical support. HHEALTHTECH E A L T H T E C H SPECIAL CoWin: Global Aims, But Struggles at Home Millions in India cannot access the online Covid-19 vaccine platform, while vaccine shortages and privacy issues add to concerns

By DIVYA J SHEKHAR

he Jawhar and Mokhada Vaccinating people in these navigate CoWin, while others struggle taluks in the Palghar district taluks presents a diff erent set of with patchy internet connectivity, of Maharashtra are just challenges. First is the fear of vaccines, says Sarika Kulkarni, founder of the a three-hour drive from due to low awareness, illiteracy Raah Foundation, which has been Mumbai, but in terms of and misinformation. Second, it is helping with vaccinations in these human development indices, they nearly impossible to use the digital- areas. “Many places do not have basic are many decades behind. They are centric route through the CoWin cell phone reception. Forget 4G, even home to tribes including the Warli, platform, which the government the 2G network is poor,” she adds. Katkari, Kokana and Mahadeo Koli, calls the “technological backbone” According to her, many tribals, many of who are small farmers, of India’s vaccination process. including 40 to 50 percent of senior landless labourers or daily wage Many people in Jawhar and citizens, do not even have an ID earners struggling to make a living in Mokhada do not own smartphones; proof, which is mandatory for 52 the wake of the Covid-19 pandemic. among those who do, some cannot vaccine registration. Getting IDs

District administration personnel have been helping those without digital access to register for Covid-19 vaccine doses

SANCHIT KHANNA / HINDUSTAN TIMES VIA GETTY IMAGES

FORBES INDIA • JULY 30, 2021 COWIN made delays their vaccination by at of universal immunisation owing to The Indian civilisation considers the least another two to three weeks, she such a digital divide,” said a special whole world as one family, and the explains, adding that CoWin allows bench led by Justice DY Chandrachud pandemic has made many people just four registrations per ID card, in an order released on May 31. “It realise the fundamental truth of this which limits the ability of people is the marginalised sections of the philosophy, he said. “That’s why with access to register others. society who would bear the brunt our technology platform for Covid Kulkarni is working with the of this accessibility barrier. This vaccination, CoWin, is being prepared district administration offi cials and could have serious implications on to be made open-source,” he said. ASHA workers to facilitate offl ine the fundamental right to equality Back home, however, most Indians vaccination camps that involve paper- and the right to health of persons continue to struggle to access and based registrations. The benefi ciary within the above age group.” The navigate the platform. According data is uploaded to CoWin only when bench added that the government to Statista, a data research fi rm, there is network connectivity, and must have “ears on the ground”. smartphone penetration rate in India vaccination certifi cates are distributed It is against the backdrop of these is 41 percent in FY21, and is estimated later. “If we depend on the internet, developments that the government is to cross 51 percent by FY25. The SC, we won’t be able to vaccinate even planning to take the CoWin platform in its order, also pointed to a National half the people in this area,” she says. to other countries for their vaccination Statistics Offi ce Survey of 2018, which “If a digital platform is at the centre programmes on July 5. “When our said that around 4 percent of rural of such a crucial process, there are Prime Minister was reviewing the households and 23 percent of urban bound to be multiple challenges.” National Digital Health Mission on households owned a computer, while May 27, he directed us to open-source internet access rate was at 15 percent NEED EARS ON THE GROUND the software and platform, and give in rural areas and 42 percent in urban The harsh realities of the Covid-19 it as a gift to anybody who wants to areas during the same period. vaccination process—low digital literacy, inadequate last-mile health “If I have to depend on someone else infrastructure and vaccine supply 53 constraints—have resulted in just 7 to access my rights, that itself is a crore people getting fully vaccinated disempowering experience.” as of July 12; this is just about 7 percent of about 94 crore adults. PRASHANTH N SRINIVAS, Assistant Director (Research), The government has set an Institute of Public Health, Bengaluru ambitious target to vaccinate the entire adult population by year-end, for which it will need to administer use it. So we will give this free of Sharma believes that lack of direct about 188 crore doses. With six cost to any country that wants to access to CoWin is not a concern, as months to go, it is now on the 37 take advantage of the platform and those who cannot self-register can get crore mark. Between January 16 modify it [as per their requirements],” it done through health professionals at and June 30, on an average 20 lakh says Ram Sevak Sharma, head of the vaccination site. He says that “80 people were vaccinated per day. the CoWin platform and CEO of the percent of the people in this country To reach the target, this number National Health Authority (NHA). get registered through walk-ins, only has to go up by almost fi ve times. “Various countries have registered for 20 percent are using the reservation Meanwhile, vaccine shortages and the conclave, which you can count as and booking system”. He also says that booking slots through CoWin has an interest shown in the platform.” assisted bookings can be made through turned vaccination into a scramble. Sharma told Forbes India that close call centres and Common Service The Supreme Court (SC) recently to 50 countries had registered for the Centres (CSCs), which are physical said that CoWin creates a digital conclave, including Iraq, Peru, Mexico, units set up to take e-governance divide in vaccine access, and that Panama, Vietnam, Canada, Dominican services to rural and remote locations. even the digitally literate are fi nding it Republic, Uganda and Nigeria. Aishwarya Narayan, research diffi cult to get slots on the platform. “A Addressing the global CoWin associate, Dvara Research, says that vaccination policy exclusively relying conclave on July 5, Prime Minister vaccination data estimates place the on a digital portal for vaccinating a Narendra Modi said that India had number of registrations through signifi cant portion of the population decided right from the beginning to such assisted models at a meagre of this country between the ages 18-44 adopt a “completely digital approach” 1.5 percent. “Faced with some would be unable to meet its target while planning its vaccination strategy. evidence on low availability and

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL

MADHU KAPPARATH uptake of CSC services in the context of vaccine registration, it is worth looking into the larger issues that plague their functioning,” she says. According to Prashanth N Srinivas, assistant director (research) at the Institute of Public Health, Bengaluru, CoWin has not yet been able to fulfi l its basic purpose, which is to improve the effi ciency of vaccine delivery by making doses accessible at lesser human and manpower cost, compared to traditional inoculation systems. “If I have to depend on someone else to access my rights and entitlement to a technology, that itself is a disempowering experience,” he says. He gives the example of Chamarajanagar district in Karnataka, where he is based, and where he works “Eighty percent 209 temporary shelters with close to with the local Soliga tribe. The rural 4,000 people) where they identify one district has very little private sector of the people person in the shelter with an ID. “We penetration and development, and get registered create a patch of 100 vulnerable people low literacy levels, Srinivas explains. who could get vaccinated, based “There are so many settlements where through walk-ins, on that one person’s ID,” he says. 54 piped water has not yet reached. More only 20 percent Apart from the digital divide, than half the population does not have many rural vaccination sites are far access to proper roads. There is no are using the from villages and people do not have telephone coverage in many places. reservation and the means to travel. “So they wait So I cannot even imagine CoWin’s for vaccination sites to be set up role here.” Till June end, about 3,158 booking system.” nearby. In villages, vaccination is not inhabitants of Chamarajanagar, yet a priority, so people won’t do it RAM SEVAK SHARMA, out of 15,568 eligible ones, had themselves until we take the vaccine Head, CoWin platform received at least one vaccine dose. to them,” says Aliva Das, senior Srinivas believes a CoWin-centric manager of non-profi t Transform vaccination strategy is unsuitable Rural India (TRI), which has close for such settings. It is the concerted a platform that provides sophisticated, to 2,000 volunteers in Jharkhand offl ine eff ort of local community real-time data is gone,” says Srinivas, and Madhya Pradesh to help people leaders, health workers, non- adding that the platform should navigate CoWin. One challenge here profi t organisations and district have factored in the diversity of is that while people do not know administrations that is driving the ideas, people and geographies that how to self-register, they are also inoculation process, he says. “When interface with its technology. “Now skeptical about sharing their ID districts realised that vaccination CoWin is like this elephant in the details with community workers. is the only way out, it also dawned room no one wants to address.” Das adds that in the areas where upon them that CoWin will not In Delhi, for instance, the local she works, people between 18 and work. So they tried to fi gure out ways administration has a “special 44 years still had to pre-book slots to personally connect with each arrangement authorised by district on CoWin, instead of walk-ins. person to get them vaccinated.” magistrate” to vaccinate homeless The Ministry of Health and Family The system has self-corrected people, many of who do not have Welfare had initially made online itself, he explains, with measures any form of ID, says Sunil Kumar registrations mandatory for this age that involve generating awareness, Aledia, executive director, Centre group, to reduce overcrowding at putting manpower on the ground, for Holistic Development. He is vaccination centres, but subsequently and creating a paper trail to vaccinate working for the Delhi Urban Shelter allowed walk-ins at all centres. people. “So CoWin’s purpose of being Improvement Board (which runs over Das believes that the government

FORBES INDIA • JULY 30, 2021 COWIN

Long way CoWin has been central to the Covid-19 vaccination exercise in India. While the platform has undergone many changes since it was launched in January, following are a few areas of to Go? concern expressed by experts and stakeholders

Exclusion Limited Registrations Data Security Informed Consent CoWin has been inaccessible to Current limit is four people In the absence of a data protection CoWin’s privacy policy states that if Aadhaar those without digital devices or per mobile number, which law, there is no way of knowing is used for vaccination, benefi ciaries may technological know-how. Having to limits the number of what exactly is going to be done choose to get a Unique Health ID. There depend on someone else to register people who can be helped with personal data, which parties have been cases where people were not you and handle your health records is a by one person to access it’s going to be shared with, and for asked for consent for creation of the health disempowering experience the platform what purposes, thus creating room ID, but ended up getting one, thus going for speculation against informed consent

Glitches Access to Persons with Disabilities Centralised Delivery Channels

Users have faced glitches that have made it diffi cult CoWin’s Captcha requirement makes Experts ask for greater coordination with district to book slots and get vaccinated. For instance, doses it inaccessible to persons with visual and block-level offi cials and greater empowerment received are not refl ected correctly or there is duplication impairment. Measures have to be taken to stakeholders at the local level to enable last-mile or non-receipt of certifi cates. People have also faced to make it make it more user-friendly vaccinations in underserved locations. There is also need delays in OTPs and diffi culties in grievance redressal for persons with disabilities to monitor and empower local Common Service Centres

is not decentralising or opening senior citizens and persons with who is also a programmer, struggled more centres because of vaccine comorbidities by July, before to fi nd a slot when vaccinations shortages. She has seen centres vaccinating everyone else. On March were opened to all adults, and 55 that need a minimum of 10 people 1, it opened vaccinations to people decided to gain an upper hand. He to start vaccinations and prevent above 60 and those over 45 with wrote a script over CoWin’s public wastage, and if fewer people turned comorbidities. On May 1, as Covid- API (application programming up, they were denied vaccines. “If 19 cases began to surge during the interface) to help identify available denied once, people do not return for second wave, the government opened slots for his age group in his city. vaccination, no matter how much you vaccinations to all adults, which is “There is a clear advantage in persuade them,” she says. Another close to 70 percent of 136 crore people, using the API, rather than going reason vaccines have to be taken to and placed greater responsibility through the whole list of centres on rural people, instead of the other way with the states. This led to a scramble CoWin, which was not user-friendly,” around, is that many of them cannot among states to procure vaccines, says Thomas. It was not possible to aff ord to spend hours at the centres which were in limited supply. quickly go through the entire list to or make multiple visits, as it might This resulted in people desperately spot vaccines available for 18+ people lead to loss of earnings for the day. trying to book slots on CoWin, which because CoWin also shows slots for Then there are glitches on the got fi lled within seconds. “CoWin the 45+ group, or centres with zero platform. Teekaram Mouhari, one of only shows vaccines available, slots. “That is a challenge I wanted TRI’s community volunteers from right? It can’t produce vaccines,” to solve, so that people can quickly Samnapur block in Kanchanpur village says Sharma. “When vaccinations access slots meant for them.” of Madhya Pradesh, got vaccinated on were opened for 18- to 44-year- Thomas decided to run the June 1, but his certifi cate still doesn’t olds, a number of vaccines were script on the server that would refl ect on CoWin. “They [offi cials] are not available. There was a huge issue alerts as soon as slots were saying it’ll get updated, but it’s already demand and less supply. But now the available. His website under45.in a month so we don’t really know situation has changed completely. adds people to relevant Telegram when it’ll get resolved,” Das says. Now you can get slots easily.” groups in their areas. As of July 1, India’s vaccination policy has seen Berty Thomas agrees that while his tool was being used in 675-odd multiple fl ip-fl ops. After launching the gap has been bridged to a certain districts across the country and has it on January 16, the government extent in major cities, there continues 41 lakh subscribers. As of July 5, initially aimed to vaccinate 30 crore to be signifi cant disparity in many code-sharing service Github showed health care and frontline workers, places. The analyst from Chennai, 2,430 repository results for CoWin

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL COWIN

slot-booking alert systems in India. on the Fundamental Right to Privacy. given the data to CoWin, I’m not sure But despite the alerts, it is still Tanmay Singh, associate litigation what you can do to keep your own diffi cult to fi nd slots, Thomas says. counsel at the Internet Freedom data secure on the platform. So that “For example, until about two weeks Foundation, says that CoWin is is certainly a potential problem.” ago in Ernakulam, Kerala, we had following the Aadhaar playbook. Sugathan says that as per the close to 60,000 to 70,000 people “While people now have a choice to privacy policy, users do not really have in the Telegram group wanting link CoWin with UHID, we have seen any control of their data. “They cannot vaccines, but only 200 or 250 slots in the past how ‘voluntary’ has become delete their data from the CoWin opened on a daily basis. Even those ‘mandatory’ and people are left with portal once they are vaccinated. They 250 slots did not come together, but no choice but to comply,” he says, cannot opt out from data-sharing in batches of 100 or 50, making it adding that this is likely to become with third-parties by the NHA,” he more diffi cult for people to access a bigger concern as the UHID gains says. According to him, CoWin also CoWin and book slots,” he says. ground in the wake of the scaling up needs to be made more accessible to Thomas sees the usefulness of of the National Digital Health Mission diff erently-abled people. The Captcha CoWin as a centralised database of (NDHM). He points to how Digilocker requirement, for instance, makes it information for studying data trends is a partner programme for CoWin. diffi cult for visually challenged people for pandemic management. “We face “This is all a data-collection exercise.” to access the site. “We are still hearing issues because everyone does not have The Personal Data Protection about people facing diffi culties with access to the internet, plus there’s a (PDP) Bill, 2019, has still not been grievance redressal and delays in vaccine shortage,” he says. “So while passed by Parliament, in the absence OTPs. That needs to be fi xed as well.” I understand the need for CoWin, Sharma, who was one of the main I don’t know how well its current architects of Aadhaar in India as the form has been thought through.” “As per CoWin’s chief of the Unique Identifi cation privacy policy, Authority of India (UIDAI), sees a HOW WILL ALL THIS DATA BE USED? the obligation to life beyond Covid-19 vaccinations 56 CoWin was created without a for CoWin by deploying it for other ‘privacy by design’ approach, says keep your data vaccinations and immunisation Prasanth Sugathan, legal director, programmes in the future. He says Software Freedom Law Center, secure is not that in fi ve months since its launch India (SFLC.in). “SFLC.in had upon CoWin, but in January, CoWin has got about 300 fl agged the lack of a specifi c privacy million registrations. “You cannot say policy during its launch. It took the on you, which is that a product has achieved fi nality in NHA almost fi ve months to come surprising.” fi ve months. It is obviously a work-in- up with a specifi c privacy policy.” progress and we will continue to add There are issues with the privacy TANMAY SINGH, Associate features as required by the policy or policy in its current form too. For Litigation Counsel, Internet people-centricity of the platform.” instance, under Use of Information Freedom Foundation Singh agrees that offi cials have is a term that those using Aadhaar been consistently improving CoWin, may choose to get a Unique Health based on feedback, which is why the ID (UHID). However, for generating of which, there is no clarity on platform today is not the same as the a UHID you need to be authenticated how the government will use the one that was launched in January. through any of the means for personal data collected via CoWin, “But when you make a platform of Aadhaar authentication at the time of says Singh. “This is a cause for this nature, and more importantly, verifi cation at the vaccination centre. concern, because we don’t know when you make it the only way to Sugathan says they know of what is going to be done with this access vaccines, you must get it right several instances where “people data, which parties this is going to be the fi rst time. Because if there are had not been asked for consent for shared with, and for what purpose. It issues that lead to even 1 percent creation of the UHID, but ended up creates a lot of room for speculation, of the population getting excluded, getting one. This does not constitute which, ideally, should not exist.” that’s more than a crore people,” informed consent,” he says, adding He also says that as per the terms he says. “With the technology that creation of the UHID “under the in CoWin’s privacy policy, the solution as it is now, you stand to garb of vaccination process” is not in obligation to keep your data secure exclude not just 1 percent, but 20-30 compliance with the SC decision in KS is not upon CoWin, but on you. “This percent of the population, which Puttaswamy vs Union of India (2017) is surprising, because once you have is a mind-boggling number.”

FORBES INDIA • JULY 30, 2021 COVID TESTING Put To The Test India is innovating solutions to ramp up Covid-19 testing. To what extent can this solve issues related to access, availability, undercounting and delays?

By DIVYA J SHEKHAR

ANIRUDHA KARMARKAR FOR FORBES INDIA

57

Hasmukh Rawal, promoter and MD of Pune-based Mylab Discovery Solutions that launched India’s first self-use Covid home test kit

asmukh Rawal believes the on it for almost six months. “It was the register themselves on a mobile app. only way to prevent a third fi rst time in the history of diagnostics Its kit lets people take a nasal swab Covid-19 wave in India is to in India that a mobile-based AI sample, put it in a prefi lled extraction test, isolate and vaccinate. was being used in screening of an tube, add two drops of the swab The promoter and infectious disease,” he says, explaining sample to the test platform, and wait managing director of Pune-based that normally, self-tests are conducted for 15 minutes. If the platform shows Mylab Discovery Solutions launched for blood glucose or pregnancy. one line, the result is negative, and India’s fi rst self-use home test kit for The Rapid Antigen Test (RAT), if it shows two, it’s positive. Results Covid-19 in late-May, after working called CoviSelf, requires users to after 20 minutes cannot be considered

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL

“Self-use RATs are easily scalable, and can reach areas that lack testing infrastructure or laboratories.” SANJEEV BHATT, senior vice president, corporate strategy, Meril

valid. The test card also has a QR Rawal says Mylab has the capacity code that can be scanned on the app. to make 70 lakh CoviSelf kits per Rawal says he wants to help people RT-PCR vs Rapid antigen tests week and has rolled out close to test, isolate and get treated faster. 30 lakh kits in the market. Apart “During the second wave, testing  Real-time Reverse Transcription-Polymerase from multi-linguistic information Chain Reaction (RT-PCR) and Rapid Antigen didn’t happen at the right pace, Tests (RATs) are the mainstay for Covid-19 and videos to cater to people across which led to many complications,” diagnosis in India languages and socio-economic groups, he says, adding that while the  Companies are off ering new RT-PCR and RAT the app allows “one phone number standard RT-PCR tests have to be solutions, and claim they save cost, time and to create an unlimited number of manpower, while enabling scaling up and handled by trained technicians in a improving access to quality tests profi les for testing, so people who laboratory, home self-test kits can  Some of the main distinctions are as follows: do not have a phone can access the “reach even villages and rural areas, test with the help of someone in RT-PCR RAT where there might not be a diagnostic their vicinity who does”, he says. centre, but people have phones”. Molecular-based. Detects specifi c According to the ICMR, real-time Looks for viral proteins, known as In June, Vapi-based global medical genomic material antigens, on the Reverse Transcription-Polymerase device and health care company specifi c to Covid-19 outside or surface of Chain Reaction (RT-PCR) and the Covid-19 virus Meril got an approval from the Rapid Antigen Tests (RATs) are the Indian Council of Medical Research Need specialised Faster and cheaper; mainstay for Covid-19 diagnosis in laboratories; time don’t need labs; 58 (ICMR) for its indigenous rapid- taken to provide off er results in 15-30 India. While RT-PCR is considered antigen self-test called CoviFind. results is capped at minutes the gold standard, it takes up to 24 hours The method of collecting samples 24 hours in India, and requires a and testing them is similar to Mylab’s Can detect even Detects body’s laboratory with skilled technicians. small amount of viral immune response CoviSelf, as is the time taken for genetic material, so to the virus, and are RATs take between 15 and 30 test results. Data generated through a test can be positive not eff ective at the minutes, but are less reliable since long after the earliest phase of these tests are stored with ICMR. person stops being infection they are not as sensitive as RT-PCR, Innovations in the diagnostics infectious which can detect even miniscule

space are essential to meet the SOURCE Nature; Johns Hopkins Center for Health Security; amounts of the coronavirus. needs of India’s population, says interviews On May 4, at the peak of the Sanjeev Bhatt, senior vice president, ICMR Guidelines for second wave, the ICMR had stated corporate strategy, Meril. “Self-use Home-based Testing Solutions in an advisory that, “At present, RATs are easily scalable, and can laboratories are facing challenges to  Should be validated in India thus reach areas that lack testing meet the expected testing target due  Manufacturers must ensure: infrastructure or laboratories,” he to extraordinary case load and staff says, adding that rapid antigen tests i. All material for sample collection, testing getting infected with Covid-19. In and disposal should be part of the kit are also diagnostic solutions that are ii. Kit should include detailed instructions view of this situation, it is imperative more convenient and aff ordable. for usage, interpretation and disposal of the to optimise the RT-PCR testing and Bhatt intends to make 30 to 50 test kit simultaneously increase the access lakh CoviFind tests available in  Must have an inbuilt system of data capture and availability of testing to all citizens the market within the fi rst month through mobile phone-based software of the country.” It also suggested of launch. Meril has a tie-up with  Manufacturers advised to liaise with the data that in this scenario, RATs, with entry team of ICMR to ensure compatibility of Piramal Pharma, as part of which data fl ow into the ICMR Covid-19 testing their short turnaround time, have 1,200 people on-ground will educate portal the advantage of quick detection of doctors and pharmacists about the  Once compatibility is ensured, regulator DCGI cases and opportunity to isolate and test so they can guide consumers. may be approached for approval treat early for curbing transmission. This is apart from distribution  Manufacturers not synchronising data with Then on July 5, the ICMR said through e-pharmacies, ecommerce ICMR cannot market under the category of that about 120 RAT kits had been home-based testing solutions

INFOGRAPHICS: PRADEEP BELHE PRADEEP INFOGRAPHICS: platforms and a dedicated website. validated and found to be satisfactory.

FORBES INDIA • JULY 30, 2021 COVID TESTING

Dr Viswesvaran Balasubramanian, Testing Rate: Where Does India Stand? consultant for interventional Country Tests [Per 10 lakh population] pulmonology and sleep medicine United at Yashoda Hospitals Hyderabad, Czech Republic Canada Kingdom 2,694,358 Russia says RATs have a higher chance 3,035,904 959,507 1,013,039 China of missing a positive Covid-19 1,013,039 case, especially in those with low viral load. “Though still a matter of research, few manufacturing companies have reassured that the accuracy of diagnostic tests used to Germany detect Covid-19 was unlikely to be 759,242 aff ected by fast-spreading mutant USA Bangladesh strains of the virus,” he says. 1,513,238 39,125 Companies off ering diff erent RT-PCR or RATs claim they save India cost, time and manpower, while 291,644 enabling scaling up and improving Pakistan access. Some examples include 64,239 Tapestry Pooling by Bengaluru- based Algorithmic Biologics, which SOURCE Statista; as of June 28, 2021 Map not to scale collects less-invasive, self-swabbed shallow nasal samples from multiple CAN THEY REDUCE TESTING WOES? lakh) population remains low. individuals to be pooled and tested in India’s testing capabilities have Last September, for instance, when a single round using RT-PCR. There increased manifold since the the single-day count of Covid-19 cases is the PanBio RAT device by Abbott, beginning of the pandemic in March reached 98,000, ICMR data says India 59 approved by ICMR, for home tests 2020. Daily testing numbers have was conducting 11 lakh tests per day. for Covid-19. Then there is Thermo exceeded 19 lakh, with a total of The number of daily cases increased Fisher Scientifi c, which launched a more than 40 crore since March by over four times since, reaching a rapid point-of-care testing platform in last year, says Dr Balasubramanian. high of 3.8 lakh in April, while India’s June that uses the RT-PCR method to He adds, however, that the number testing capability did not even double. provide visual results in 30 minutes. of people tested per million (10 “Another point of concern is that the number of positive cases per 100 samples tested is around 7.35 percent, well above the recommended level of 5 percent,” says Dr Balasubramanian, explaining that one reason for this could be because only symptomatic people are getting tested, while asymptomatic ones continue to spread the infection. “A multitude of issues related to capacity, data monitoring, skilled human resource and supply chain constraints pose major challenges to strengthening testing capacity.” India’s testing infrastructure was not equipped to fi ght sudden major surges in cases, and the country’s testing strategy has been more reactive than proactive, says Ameera Shah, promoter and managing director of diagnostics company Metropolis Manoj Gopalkrishnan, founder of Algorithmic Biologics Healthcare. “It takes around 45

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL

out that one person who is positive.” Gopalkrishnan is focusing on educational institutions, commercial offi ce spaces and apartment complexes for deployment of Tapestry Pooling. “It has merit in any place where people see value in gradual reopening and resuming social interactions. Especially in a post- vaccination world, where we will look at those rare individuals who have the infection in an attempt to detect some early variant of the virus, this kind of testing becomes an important strategy to complement vaccination.” The solution involves weekly re- testing of individuals. “In that kind of situation, we do not expect more Thermo Fisher’s reusable Accula Dock streamlines RT-PCR testing using a fully integrated, than 10 people to test positive. So if single-use microfluidic test cassette there are 1,000 people on campus and 10 or fewer have Covid-19, that’s days to two months to build or reducing costs. “Because if one person where pooling really shines,” he says, upgrade a Covid lab for new capacity. is Covid-positive and you give that adding that the biggest advantage is Therefore, it is diffi cult for any lab, person 12 more hours to spread that perhaps how the method allows a lab even of scale, to expand their capacity infection in the community [due to with a certain capacity to massively 60 overnight. By the time the capacity delays in testing], you might end up increase the number of samples it can is expanded, the surge is already with eight more cases on your hands.” test without buying new material or over,” she explains. “The planning Suppose one person in a group of 16 equipment, or hiring more people. must be done much in advance.” has contracted Covid-19. Individually, The idea is to reduce the time taken Shah believes the government this would mean conducting 16 to test pooling samples using RT-PCR must have more frequent dialogues diff erent tests. Tapestry Pooling to 12 hours from the current 24 hours. with stakeholders to take stock of attempts to identify who is positive “We also believe we can bring down the on-ground situation. She says in just one-fi fth the number of tests. the cost of testing by half in campus in the wake of the second wave, “We combine samples in diff erent screening use cases. The goal is that if she saw doctors confused about ways so that every sample ends up people on a campus are getting tested how to diagnose patients, given the going to diff erent cohorts,” explains every week, then in a month each evolving nature of the virus; there Gopalkrishnan, a professor at IIT- person should not be paying more was pressure from consumers who Bombay. “For example, you could than `1,000,” says Gopalkrishnan. wanted reports as soon as possible, arrange these 16 samples in a grid Dr Balasubramanian says pooling while broken supply chains meant of 4*4, test all four samples in each samples of individual PCR specimens testing equipment and chemicals row together and then each column. from high-risk groups such as migrant were not reaching labs on time, and So you’ve done eight tests in total. workers and international passengers health care workers were getting Exactly one row will be positive, in institutional quarantine facilities— infected. With laboratories getting corresponding to the row of the followed by individual specimen overwhelmed, people are spending person who tests positive, and exactly testing only if a pooled sample tests more time waiting for results. one column will be positive. From this positive—can save time and resources, “In terms of testing, time is a information, you have uniquely picked and help understand disease patterns. variable that has not been fully appreciated,” believes Manoj Gopalkrishnan, founder of India’s testing infrastructure can’t Algorithmic Biologics, who has fi ght sudden surges, and its testing developed Tapestry to pool test samples in a bid to speed up and has been reactive, not proactive scale up coronavirus testing, while

FORBES INDIA • JULY 30, 2021 COVID TESTING

AALOK SONI That said, he believes lack of skilled could result in many active cases lab personnel and delayed reporting being falsely reported as negative, says remain major hurdles. “Adhering Shah of Metropolis Healthcare. “For to the recommendations of ICMR example, the glucometer has existed and usage of standardised kits might for a long time, but diabetes patients mitigate the problem to some extent.” still often prefer to come to a lab and Testing requirements are evolving confi rm whether their blood sugar in various settings as per changing levels are correct, as the glucometer travel regulations, lockdown norms, does not always have the same level health care needs, and with the of accuracy as a lab test,” she says, emergence of variants, a standard adding that Covid home self-care lab-based RT-PCR test will need to tests have been developed in a much be complemented with rapid point- shorter time period. “There will be of-care tests which are as accurate, a reason and need for both [PCR says Amit Chopra, managing director, and home self-test kits] in diff erent India and South Asia, Thermo contexts and settings, but PCR will Fisher Scientifi c.The company’s always remain the gold standard.” rapid point-of-care RT-PCR testing “There will be a The ICMR has set a minimum platform—Accula system, was acceptance criteria for sensitivity launched in India in June. It has reason and need and specifi city of rapid antigen tests. been developed by the US-based for both PCR and Sensitivity is a test’s ability to correctly Mesa Biotech, which was acquired generate a positive result for people by Thermo Fisher earlier this year. home test kits in who have the condition they are being The testing platform has received diff erent settings, tested for, while specifi city is a test’s an emergency use authorisation ability to correctly generate a negative (EUA) from the US Food and but PCR will result for people who don’t have the 61 Drug Administration (FDA) for always remain the condition they are being tested for. the detection of the coronavirus in For point-of-care tests that do not Clinical Laboratory Improvement gold standard.” require transport to a laboratory, the Amendments (CLIA)-waived AMEERA SHAH, ICMR has a 50 percent and above environments. The reusable Accula Promoter & MD, threshold for sensitivity and 95 Dock, which can also be powered Metropolis Healthcare percent and above for specifi city. by a portable battery, is imported The ICMR guidelines also suggest from the US, and streamlines RT- no repeat testing is required if RAT PCR testing using a fully integrated, equipment,” he says. Another example results are positive. But if a person single-use microfl uidic test cassette. of the point-of-care platform is when is symptomatic and the RAT result The fi nal pricing will be determined patients are admitted to emergency is negative, then an RT-PCR is by entities undertaking testing. care units in hospitals, and doctors recommended. Dr Balsubramanian The test uses nasal swab samples to need immediate test results to says, “Such sequential testing provide visual results in 30 minutes. determine whether the patient needs with an RT-PCR after a negative It can be used in places like a Covid ICU or non-Covid ICU. “The RAT report might increase the airports, ICU settings, ambulances, National Football League in the US expenditure for screening.” defence and sports arenas, amongst is using this technology to screen Going forward, prioritising numerous other applications, Chopra players, spectators etc. Rapid testing last-mile access to diagnostic explains. “For example, the rapid is required in environments and off erings will be an important task test is being used by the Cochin scenarios where you cannot carry for the industry, stresses Bhatt International Airport in Kerala, bulky machines or labs, but you need of Meril. Another area with a and will be very helpful as some equally accurate results very fast.” potential for growth, according countries may implement a protocol to him, is strengthening the that mandates a rapid PCR negative A FINE BALANCE diagnostics’ value chain to enable certifi cate taken within four hours A lot of new tests and technologies a “smooth, streamlined, robust before departure for passengers have been launched due to the and well-connected network that travelling from India. This is not urgency of the Covid-19 crisis, but not supports the delivery of medical possible with standard RT-PCR maintaining the highest standards diagnostics and devices”.

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL Inhale. Exhale. Innovate Noccarc Robotics and Biodesign Innovation Labs have built affordable ventilators from scratch to better suit Indian conditions and needs, while meeting global standards

By JASODHARA BANERJEE

62

Noccarc Robotics’s V310 ventilator deployed at a remotely located hospital in Bijapur, Karnataka AFFORDABLE VENTILATORS

hen the Covid-19 & Policy (CDDEP), which produces of imported variants. Their aim pandemic arrived independent and multidisciplinary has been to create ‘made-in-India’ on Indian shores research, estimated India had about products of superior quality that meet in 2020, the 1.9 million hospital beds, 95,000 global standards and certifi cations, country was caught ICU beds, and 48,000 ventilators. while keeping them aff ordable for off -guard on several fronts. One With Covid-19 still an unknown hospitals of all sizes and capabilities. of them was the acute shortage of element across the world, and ventilators. In April 2020, the Center experts uncertain of ways to hen we started in late March for Disease Dynamics, Economics tackle it, ventilators emerged as an last year, all we knew was immediate way of treating critical that there was a pandemic patients. Expecting a massive surge and the country needed to get in demand for ventilators in the ventilators, and we had to put together coming months, the government a task force that would design, of India, in March 2020, called on manufacture and deploy a word-class Indian companies to rapidly scale ventilator,” says Srikant Sastri, who, up manufacturing capacities and fi ll along with Amitabha Bandyopadhyay the supply gap. India Inc rose to the formed the IIT Kanpur Ventilator challenge, with established ventilator Consortium to assist Noccarc manufacturers as well as startups Robotics, a young startup, in building ramping up production capacity, aff ordable high-quality ventilators for inventing entirely new machines, and India’s hospitals. “Looking back, it was collaborating with other industry mad to set out that ambitious a goal.” players in unprecedented ways. The team’s journey to successfully Conventionally, ventilators are make the Noccarc V310 ventilator expensive and highly sophisticated in a record time of 90 days has machines, with high-end tertiary been documented in The Ventilator 63 hospitals in big cities usually Project, written by Sastri and using imported variants that cost Bandyopadhyay, who were the between `10 lakh and `30 lakh. Once team leaders in the project. installed, these complex machines When the pandemic reached cannot be moved around within the India last year, adversely impacting a hospital, depending on changing wide range of industries, Pune-based requirements, and need trained Noccarc Robotics pivoted from clean technicians to operate and monitor tech to health tech, switching from them. These factors make it diffi cult making robots that clean solar panels for smaller hospitals, and those in to making ventilators. IIT-Kanpur smaller cities and towns, to aff ord graduates Nikhil Kurele and Harshit and operate these machines. Rathore had founded the company The Covid-19 crisis presented in 2017. “The decision that we made an opportunity to fl edgling Indian last year was primarily driven by two startups to take up the challenge of factors: One, our existing business technological innovation and create became highly restricted because ventilators that are at par with any of the lockdowns and we could not world-class product, but better suited progress with it; and two, we realised to Indian needs and conditions, and that there was a requirement for available at a fraction of the cost medical technologies in the country, Fledgling Indian startups have created ventilators at par with world- class products, available at a fraction of the cost of imported variants

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and we could contribute meaningfully to that as we had experience of building complex electro- mechanical products,” says Kurele. Sastri recalls how a process that usually takes 18 to 24 months to complete, was condensed into three months: “The only way we could do it was by bringing together many more experts. There were experts in charge of design, experts in charge of certifi cations, experts in charge of manufacturing and experts in charge of relationship with doctors, sales and distributions and service infrastructure.” Talking about the challenges that they faced in the process, Bandyopadhyay says, “The biggest challenge was of the supply chain, because the whole world was under lockdown, and we were trying to IIT- Kanpur graduates Harshit Rathore (left) and Nikhil Kurele founded Noccarc Robotics in 2017 make a machine with more than 500 parts. The other challenge was “We would quality of the product; it is up to the winning the trust of the market. No manufacturers to produce equipment 64 doctor would want to take a chance have made the that is of superior quality. “What with a machine that they don’t have ventilator in 50 we are trying to do is comply with full confi dence in.” But thanks to the US and EU certifi cation standards, reputable mentors that the team had days rather than which will automatically raise the on board, they were able to get an 90, if regulatory standard of the product,” he says. audience with some of the top doctors “Most medical equipment in India in the country and demonstrate the requirements are imported, and hence are designed capabilities of their ventilator. were clear.” for European and US markets. Our Sastri adds that another major designs keep in mind the ground challenge was the regulatory SRIKANT SASTRI, co-lead, requirements of India, with the uncertainty that they came up against. IIT Kanpur Ventilator Consortium quality standards of global markets.” “We could have made the ventilator It was only by November- in 50 days rather than 90, if regulatory December last year that the ventilator requirements were clear. In the challenges lay ahead, as despite made by Noccarc began to fi nd absence of those, we were second- creating a ventilator that met all the acceptance and recognition among guessing at all points of time,” he says. specifi cations, orders were hard to the medical community. While by The government had issued an come by. “Although we were the fi rst the end of March 2021, the company initial set of specifi cations for the Indian company to be certifi ed by the had deployed 750 ventilators—“not ventilator it wanted to procure, Directorate General of Health Services in bulk government orders, but in but, he adds, these specifi cations [DGHS], and got certifi ed on June 19 ones and twos, to hospitals across kept changing. “By the time we last year, we did not get any orders,” the country who could earlier not were ready with one version of the he says. “This was because orders aff ord imported ventilators,” says machine, we were told that additional for ventilators were placed even Sastri—and another 100 in March specs were required, so we made before DGHS approvals, with various itself, it was during the second wave another version, and then another. domestic and foreign companies.” of the pandemic that orders picked If the specs had been laid out clearly Kurele says while government up signifi cantly. “Between April and upfront in a transparent manner, we specifi cations and certifi cations June this year, we sold 2,500 units,” could have done it much faster.” ensure that an equipment meets the says Kurele. With the ebbing of the Kurele recalls that further requirements, they do not specify the second wave, numbers have come

FORBES INDIA • JULY 30, 2021 AFFORDABLE VENTILATORS down, and although the company validations and testing,” he adds. has the capacity to manufacture up “Right now, we are working with the to 100 units a day at its Pune plant, it government of Karnataka to deploy normally makes about 40 units a day. our ventilators in Tier II and III The fact that Noccarc’s ventilators hospitals; we have also deployed our are being installed in some of the machines in Bengaluru hospitals,” says best hospitals in cities such as Pasupuleti. “We have a target of saving Mumbai, Pune and Delhi proves that the lives of at least 10,000 patients they are being recognised for their in the next 12 months, and 5 million capabilities and not simply their patients in the next fi ve years, with lower price. Noccarc has also found this particular product.” It is currently takers in hospitals in smaller towns working on increasing production such as Balaghat in Madhya Pradesh, capacity to 1,000 units per month to and Surajpur in Chhattisgarh. “We aim to save meet demands due to an expected Bandyopadhyay says that “health third wave of the Covid-19 pandemic. care and related infrastructure has the lives of fi ve The company, which was a been neglected by most governments million patients fi nalist at the Ayushman PMJAY and for far too long.” He says that it Tata Social Enterprise Challenge, appears from reports that apart from in the next fi ve was declared Winner of Pandemic the quality of ventilators procured years with this Response Prize in the Cisco under PM Cares, there were problems Global Problem Solver Challenge of availability of spares, timely repairs product.” in July. Bild received a patent for and the lack of trained technicians at GAUTHAM PASUPULETI, its product this January, and has hospitals. Hence, buying ventilators CEO and MD, applied for patents in the US, UK, and other medical devices is not Biodesign Innovation Labs Australia, Japan and Europe. enough to prepare for a third Covid Pasupuleti highlights the help 65 wave; there should be long-term it has received from the Karnataka eff orts to develop a testing and they would refer patients to other government, and how its product regulatory compliance framework, hospitals because of the limited was referred to the state health domestic production of reliable number of ventilators they had.” department, which gave it the spares, and training of technicians With the aim to bridge this gap, opportunity to do pilot projects. to operate medical devices. Bild made RespirAid—a portable “The government’s support has mechanical ventilation device— been useful where getting patents nlike Noccarc, which had which can even be used inside and patent reimbursements are to pivot to making medical ambulances when a patient is being concerned. But there are more equipment, Biodesign taken to a hospital. The four-year-old incentives for commercialisation Innovation Labs (Bild) was already startup received support from the that are required,” he says. “Getting making ventilators since its inception Biotechnology Industry Research payments are a signifi cant challenge, in 2017. “We visited more than 100 Assistance Council (Birac, a not-for- and as a startup we have to plan hospitals across India, including profi t state-owned enterprise under for alternative funding. Signifi cant primary and secondary health care the Department of Biotechnology, funding is required to commercialise centres in districts, and found that government of India), the government medical equipment in India, and there was an unmet medical need, of Karnataka, Nidhi Prayas and others. that is missing right now. We learnt where there was a shortage of In order to ramp up production that as a medical device startup, ventilators, which led to mortality,” during the pandemic, Bild has tied even when we are working with says Gautham Pasupuleti, CEO and up with Remidio, a Bengaluru-based the government, we need working MD of the Bengaluru-based startup maker of ophthalmology devices. capital to manage orders.” that manufactures respiratory The company aims to reduce the Bild is currently in talks with support devices. “Existing respiratory cost of treatment by reducing the cost potential investors to raise between equipment in the market are very of equipment. “We want to create $0.5 million and $2 million in expensive, and regular hospitals aff ordable Indian products that can funding. It is also looking to export cannot aff ord them. Tertiary hospitals replace the imported products, by its products to Africa—countries such too had limited number of ventilators, not compromising on the quality as Tanzania and South Africa—where which were manual variants, and and going through the necessary it has tied up with a distributor.

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL Going Viral: Fear And Fake News Misinformation and mistrust surrounding Covid-19 vaccines are slowing the pace of inoculation, and the problem might be more deep-rooted than we think

By MANSVINI KAUSHIK

n June 28, senior advocate he says, adding that he believes is no point in injecting a vaccine Prashant Bhushan Indians have developed robust that has not passed proper testing posted a series of tweets immunity against the coronavirus phases and was rushed.” about how Covid-19 because “50 percent of the population Doctors and scientists, however, vaccines are unsafe. has been infected by the virus”. say Covid-19 vaccines currently His comments were soon fl agged He says, “Just like we do administered are safe and effi cacious as misleading by Twitter. not know how long the natural (see Myths vs Facts). “Vaccine In response to the backlash, he put immunity will last after the disease, development has gone through out a detailed clarifi cation on Twitter we do not know how effi cient the rigorous safety and testing. The titled ‘Why I Am Vaccine Skeptic’, vaccinevacc will be. There process has been expedited at where he claimed that while he is not anti-vaccine or anti-science, he is aware of scientifi c views on several 66 subjects being driven by “political, commercial and media-vested interests”, and serious adverse eff ects of vaccines being underreported. Experts and fact-checkers, however, even fl agged as misleading some of the reports Bhushan, 64, cited to make his case. For instance, the advocate quoted a report that uses data from a June 18 technical briefi ng by Public Health England (PHE) to claim that those who have received a Covid-19 vaccine are six times more likely to die from being infected by coronavirus variants than those who have not taken the shots. The PHE data in the report, experts have pointed out, has been taken out of context, as it incorrectly gives the number of deaths among vaccinated and non-vaccinated people without taking into consideration other factors like age group, comorbidities etc. “Why can’t those in the establishment take opposing views like mine?” Bhushan asks Forbes India. “There’s enough research to show that the disadvantages of taking the vaccine far outweigh the advantages,”

FORBES INDIA • JULY 30, 2021 VACCINE HESITANCY various steps, but the steps have not “Vaccine challenge, says Shankar Kaul, been ignored,” says Dr Akhil Singh, managing director of information and assistant professor, anaesthesiology, development has analytics company Elsevier India, pain medicine and critical care, All gone through which is helping institutions and India Institute of Medical Sciences. health care workers with Covid-19 He explains that the literature rigorous safety research. This fear has a direct impact around antibodies produced by and testing... the on India’s vaccination numbers, which Covid-19 vaccines is evolving and are dismal due to factors ranging there is no conclusive evidence yet steps have not from vaccine supply constraints on how long natural immunity lasts. been ignored.” to rural-urban access divide. “It is important to be sceptical of India has set an ambitious target of everything, even science,” he says. Dr AKHIL SINGH, vaccinating its entire adult population “But public personalities should be Assistant Professor, AIIMS by year-end, for which it will have to aware of the weight of their words administer close to 188 crore doses. and choose them wisely. Especially With less than six months to go, the in the middle of a pandemic that has for multiple reasons, including country’s vaccination numbers stand claimed so many lives... and when lack of trust in the government, at 37 crore as of July 9, with close to we know that mass vaccination misleading reports, lack of data in 30 crore people receiving the fi rst is the only way to end it.” the public domain, and fear-inducing dose and seven crore individuals The problem, however, is not just misinformation through social media. receiving both doses. Kaul points limited to Bhushan. Many Indians Vaccine-related misinformation out that the total number of fully- are wary about getting inoculated fuels hesitancy, which is a huge vaccinated people represents just about 5 percent of India’s population. Low vaccination numbers, when combined with misconceptions and fear, are risky, he says. “For instance, 67 there is a common misconception that after taking the vaccine, a person does not have to wear a mask. Vaccinated people can still infect other people, which is a high risk given that only 5 percent of the population has been fully vaccinated so far.” According to Kaul, this calls for the government at both the Centre and state-level to collaborate with health care providers, non-profi t organisations, and public health experts to amplify the reach of verifi ed information. “Regular communication through mass media channels can also help to a certain extent,” he says.

INFODEMIC IN INDIA An August 2020 report by the American Journal of Tropical Medicine and Hygiene highlights that in the fi rst three months of 2020, nearly 6,000 people were hospitalised globally because of coronavirus misinformation. During this period, the report says, at least 800 people may have died due to misinformation related to Covid- CHAITANYA DINESH SURPUR

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL

19. Injury or death was a result of Myths vs Facts that conducts data analysis, fact- following unscientifi c advice, such India started its Covid-19 vaccination checking, media research and as eating large amounts of garlic, programme on January 16, and since then, development initiatives. “Data taking vitamins to treat infections, or there has been misinformation surrounding defi ciency and information vacuum self-diagnosis such as holding their vaccines and their development. allow misinformation to fl ourish.” Below are a few common myths breath for a certain period of time. addressed by Dr Niranjan Patil, scientifi c The dangerous implications business head—infectious diseases, SPREADING FEAR of misinformation led the World microbiology, and molecular biology—and The WHO has declared vaccine Health Organization (WHO) to coin biosafety offi cer, Metropolis Healthcare: hesitancy as one of the top 10 threats the term ‘infodemic’, which is “an 1. Myth: The Covid-19 vaccine is unsafe as to global health, says Anand K, CEO, overabundance of information and it has been developed quickly SRL Diagnostics. “Lack of trust in the rapid spread of misleading or Fact: Authorised vaccines are proven to the newly developed vaccines, fear of be safe and eff ective fabricated news, images, and videos”. side eff ects and even unfounded fear “Infodemics and rumours create 2. Myth: We can do away with masks of death, inconvenience of booking mistrust and undermine public after vaccination slots on a web platform have all led health responses at the national Fact: Masking, hand washing and social to vaccine hesitancy,” he adds. distancing remain necessary in public and community levels by confusing places until a suffi cient number of people Dr Niranjan Patil, microbiologist people and nudging them to adopt are vaccinated and have developed herd and scientifi c business head of risk-taking behaviours, such as immunity Metropolis Healthcare, says people

refusing vaccination,” Dr Roderico 3. Myth: Once I receive the vaccine, I will in India are not as vaccine-resistant H Ofrin, WHO representative to test positive for Covid-19 (objecting to vaccines) as they are India, tells Forbes India. “Infodemics Fact: None of the authorised vaccines vaccine-hesitant (being unsure about surge during health emergencies, can cause you to test Covid-positive. It getting the vaccine). “Risk perceptions is, however, possible to get infected with when evidence-based information the virus before the vaccine has had time and demographic characteristics, about a disease is still evolving, to fully protect your body. Vaccination socioeconomic status and political which leads to uncertainty that both is necessary to teach our immune ideology have all led to a decline in 68 systems how to recognise and fi ght confuses and scares people and the coronavirus. Getting infected after India’s vaccine uptake,” he says. prompts them to seek information vaccination reduces the risk of severe This hesitancy stems from various from every possible source, some health complications dubious, uncorroborated claims

of which may be unreliable.” 4. Myth: I’m not at risk for severe being circulated online, such as In India, misinformation has been Covid-19 complications, so I do not need videos claiming that vaccines contain propagated even by political leaders, the vaccine tracking devices, or can alter our public fi gures, and celebrities. For Fact: Regardless of your risk, you can DNA, says Nazakat. Other recent still contract the infection and spread instance, yoga guru and businessman it to others, so it’s important you get fear-provoking claims, he explains, Baba Ramdev, Niti Aayog’s VK Paul vaccinated have been that of the Bharat Biotech’s and Madhya Pradesh Chief Minister Covaxin containing calf-serum and 5. Myth: Vaccines cannot be taken during Shivraj Singh Chouhan have claimed menstruation few videos claiming that the vaccine that immunity boasters can be used for Fact: Vaccines are non-hormonal and do has dangerous amounts of potassium treating Covid-19. Doctors and experts not aff ect the menstrual cycle. It is safe to chloride, which is used in lethal have said that such claims encourage take them during menstruation injections. “The most dangerous people to try untested therapies and 6. Myth: Covid-19 vaccines in India has also been the false claims that wait too long to seek medical help. contain pork people aged below 50 who took the Ayush 64, for instance, is a Fact: Pork gelatine has sometimes been vaccine are expected to die within polyherbal concoction that the used as a stabiliser in vaccines for some fi ve to 10 years. Vaccine hesitancy diseases, but neither of the two Covid-19 Ministry of Ayush said has been vaccines—Covaxin and Covishield—rolled grows largely from this kind of “found to be useful in treating out in India has pork misinformation,” explains Nazakat. mild to moderate cases of Covid in clinical trials”. No clinical data RIPPLE EFFECT IN RURAL INDIA has been released to verify the Health Minister Harsh Vardhan. Rural India is home to 65 percent claim. Ramdev falsely claimed There is a need to make accurate of India’s population, amounting that Patanjali’s Coronil tablet was information available to people in a to nearly 90 crore people. As per a certifi ed by the WHO and can be timely manner, says Syed Nazakat, Reuters analysis, published on June used as a “cure for Covid-19”, which founder of DataLEADS, a digital 7, titled ‘India’s Vaccine Inequity was later endorsed by former Union media and information initiative Worsens as Countryside Languishes’,

FORBES INDIA • JULY 30, 2021 VACCINE HESITANCY

114 of India’s least-developed districts, identify and correct rumours. “We do fact-check less than 50 percent of home to about 18 crore people, had this by actively listening to people’s messages before forwarding them. administered only 2.3 crore doses concerns and addressing them by About 13 percent of respondents say of Covid-19 vaccines. Almost the sharing verifi ed information. This they never fact-check messages same number of vaccines had been creates information literacy that builds before forwarding. “Rumours on administered across nine cities— resilience to misinformation and fake WhatsApp have resulted in chaos, Mumbai, Delhi, Kolkata, Chennai, news, and empowers communities panic, and mob lynching in many Bengaluru, Hyderabad, Pune, Thane to identify genuine sources to make parts of the country. People are led and Nagpur—“which combined evidence-based choices,” says Ofrin. to believe anything,” says Nazakat, have half the population of the least “Health care workers, ASHAs in adding there have also been cases developed districts”, the report states. particular, are the fi rst point of of doctors and health care workers Adding to this is unfl inching fear. information source for the community falling for misinformation. “People think they are test subjects for and WHO supports the provision To aid medical experts and curb the government, and that if something of latest, accurate and simplifi ed the spread of misinformation, Elsevier happens to them post-vaccination, information for them to deliver.” has launched the Covid-19 Healthcare no one will help them. It is hard to WHO’s fi eld workforce in India Hub, a platform for evidence-based explain to them that vaccines are constitutes 2,600 people in 23 information and tools. “We aligned for their benefi t,” says Anuradha states, who act as amplifi ers and localised resources with global care Jakhoda, an ASHA worker in Bichpuri listeners. They have become the standards to provide frontline workers village of Uttar Pradesh. “For the voices for credible information. with a single source of credible data to past few months, getting them to help with prevention and management believe in us has been diffi cult.” PERILS OF SOCIAL MEDIA of the disease,” says Sonika Mathur, A case in point is Beena, a domestic A January 2021 study by doctors from global chief content offi cer, Elsevier. worker in Jalandhar, Punjab, who Rochester, US, and Pune, published Over the past year, Elsevier has does not want to get vaccinated. “I in the Journal of Medical Internet researched the Alpha, Gama, Zeta, won’t be able to bear the expenses Research, points out that 30 percent Beta and Delta variants, and has 69 of hospitalisation if anyone in my Indians use WhatsApp for Covid-19 partnered with experts to provide family gets sick after vaccination,” information, and just about as many vaccine administration resources she says, adding that she has heard and clinical guidance on vaccines that people in the village died after available for use and in development. taking the shots. “Vaccination is WhatsApp “The judiciary and the government not for us, it is for those who can and Covid-19 have also had a role to play in aff ord treatment,” says Beena, a Misinformation combating misinformation and single mother of four children. A scientifi c study published in the vaccine hesitancy,” says Biranchi “The biggest challenge with Journal of Medical Internet Research Narayan P Panda, assistant professor (JMIR) in January 2021 surveyed 1,137 misinformation in rural and urban Indians for an insight into how (law), Xavier Law School. Some of the India is not just that false information Covid-19 misinformation on initiatives taken by the government, makes people believe unscientifi c and WhatsApp shaped behaviour: he explains, include setting up a harmful claims, but it is also making Indians use WhatsApp as a 24-hour portal to curb the spread them less likely to accept truthful 31%source of information of fake news on the direction of the information,” explains Nazakat. Fact-check less than 50% of Supreme Court, invoking Section Some villages are using language 30%messages before forwarding 54 of the Disaster Management Act, and culturally-relatable messages People think an attached link 2005, to punish persons indulging in awareness campaigns that are 76%and/or citing of sources in spreading fake news, and increases the credibility of messages proving to be eff ective. Examples directing social media companies to include messages in the local dialect Respondents trust messages remove posts spreading misleading in rural Nashik, Maharashtra; songs 33%from unknown senders information around Covid-19. and memes in the Wagdi dialect in Most likely to receive misinformation: Nazakat says the dangers of Banswara and Dungarpur in southern People above the age of 65 misinformation are worse than most

Rajasthan; videos in Kurku, the Least likely to receive misinformation: people realise. It needs a multifaceted, indigenous language of tribals in the Those under the age of 25 multi-disciplinary and long-term

Amravati city of eastern Maharashtra. SOURCE ‘Demographic Factors Influencing the approach. “There is no magic bullet,” Impact of Coronavirus-related Misinformation on WHO is working closely with the WhatsApp’, JMIR (January 2021) he says. “Combating misinformation central and state governments to should be the topmost priority.”

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL What Women Want Women’s health is still usually misunderstood as just reproductive health. While femtech startups are trying to change that, the industry is underfunded and witnessing a slow growth

By ANUBHUTI MATTA ANIRUDHA KARMARKAR FOR FORBES INDIA

70

n 2019, 500 women were Naik’s Periwinkle Technologies tested in a Pune-based OPD launched the Smart Scope in 2019. PERIWINKLE TECHNOLOGIES for cervical cancer and 20 of It is an innovation in the femtech Co-founders: Veena Moktali, Koustubh Naik them showed pre-cancerous sector, an industry that is still at a What’s it about: In 2019, the lesions. A previous Pap smear nascent stage due to underfunding startup launched Smart Scope, an AI-based hand-held cervical health test had missed these in 14 women. despite its massive potential, examination system They were tested with Smart Scope, given that women in India lack “Cancer screening facilities are only available a hand-held cervical health screening awareness around sexual health and in specialty hospitals or labs in big cities. As a result, over 90 percent of Indian women never system that uses artifi cial intelligence access to medical intervention. get screened and many don’t even know that (AI) to classify abnormalities in A term that encompasses products they are at a pre-cancerous state.” —Veena Moktali a body cavity to enable a trained and technology that cater to women’s health worker to provide results health needs, femtech has so far in a single visit. The Smart Scope, been limited to period tracking, and understand their data. says Veena Moktali, can provide fertility, pregnancy, maternal and “However, women are much results in under seven minutes. child care, and family planning to more than their reproductive Moktali and co-founder Koustubh empower women to better track capabilities, and women’s health

FORBES INDIA • JULY 30, 2021 FEMTECH goes beyond the needs of fertility and reproduction,” says Suchismita Das, industry analyst-health care and life sciences practice-at research and consulting fi rm Frost & Sullivan. “India still has a lot of room for development to create awareness, aff ordability, and accessibility to cater to specifi c women’s health issues. Femtech in India needs to spread its wings from just period care to advanced technologies that can make life better for women,” she adds. Moktali agrees. In India, 17 percent of all cancer deaths among women aged between 30 and 69 are due to cervical cancer. The National Center for Biotechnology Information estimates that cervical cancer will occur in approximately 1 in 53 Indian women during their lifetime compared to 1 in 100 in developed countries. Despite the alarmingly high fi gures, India does not have a nationwide government-sponsored screening days travelling for tests and results. programme, even though breast MYAVA For this woman, when the Smart 71 cancer and cervical cancer can be Founder: Evelyn Immanuel Scope showed her in the red band cured if diagnosed at an early stage. immediately after she got tested, What’s it about: Through its website and an “The current cervical cancer app, women with chronic conditions such as she understood the complexity of screening methods are subjective and PCOS, thyroid and insulin resistance can get the situation and turned up at the access to gynaecologists, nutritionists, time-consuming. Moreover, these fi tness coaches, dermatologists and clinic the next day,” Moktali says. facilities are only available in specialty personalised plans for a fee For another bank manager, the hospitals and labs in big cities. As “One in fi ve Indian women in India has device helped her detect the pre- PCOS. Despite the incidence, there is very a result, over 90 percent of Indian little help available that off ers holistic cancer in grade-II stage and she was women never get screened and many solutions. There was a huge unmet need for able to access a minimally-invasive such interventions and MyAva is bridging don’t even know that they are at a that gap.” treatment on the same day instead of pre-cancerous state,” says Moktali. —Evelyn Immanuel having to take more work days off . Smart Scope can be made available The aim is to now expand even in small private clinics, nursing a cost similar to a Pap smear test, operations in other states, increase homes, municipal dispensaries, but without the dependency on an private health care sales and primary health care centres and external lab and associated delays. enter markets outside India. district hospitals. It has benefi ted But its major advantage, she says, While Smart Scope could possibly over one lakh women spanning six is that it gives quick results, compared be an answer to the long-standing states in India and has made remote to the week-long turnaround of a lab- problem, it is still a drop in the ocean expert reviews available across three based test. This has helped in many considering the gamut of women’s continents. Not only its portability, but ways. She recounts an incident of a needs that remain unaddressed. The also its low operational cost is helping tribal woman who didn’t visit a clinic industry’s focus has only now started many more women get diagnosed in that was four hours away for further to shift towards pre-menopause and the early stages. Moktali says under investigations despite being advised menopause issues, along with other the Ayushman Bharat scheme, a by a visiting doctor in her village areas such as endometriosis, pelvic Smart Scope test and a colposcopy- that her symptoms signal cancer. health, fi broids, thyroid problems, guided biopsy can cost under `1,000, “For women in villages, daily mental health issues, and PCOS. whereas in private setups, the clinician wages are far more important than MyAva is one such platform can provide the Smart Scope test at their own health. They will not spend that was founded to help women

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL

OOWOMANIYA Co-founders: Krutika Katrat, Sneh Bhavsar What’s it about: An online network for women to discuss their health and emotional wellness safely and privately with doctors and counsellors “It is a tragedy that even in present times, women’s health is one of the most neglected subjects when it comes to funding, supporting or encouraging. As a business, often it doesn’t attract the typical investors and for many of them, bold communication and feminism doesn’t fi t into their cultural orientation.” —Krutika Katrat

deal with chronic health issues. Launched in July 2020, the Bengaluru-headquartered lifestyle management website and app helps women deal with polycystic ovary syndrome (PCOS), thyroid, and insulin resistance. According to medical reports, one in every fi ve women in India suff ers from PCOS, a hormonal 72 disorder characterised by irregular and workout plans, infertility support because they make medical care menstruation, obesity, excess and hair and skin treatment plans. a little more accessible to all. hair growth and acne. MyAva’s For Dr Apoorva Pallam Reddy, a “There has always been a gap founder, 31-year-old Evelyn fertility specialist and laparoscopic between gynaecologists and Indian Immanuel, is one of them. surgeon who has been associated women especially because they “The idea was born out of the with MyAva for over a year, fear being judged or get unsolicited frustration of being prescribed birth platforms like these are important advice. Technological platforms are control pills after pills, and moving now helping bridge this gap and from doctor to doctor. The fact that help patients get access to friendly, there was no holistic solution to this Prime Growth non-judgmental care,” says Dr made me want to look at off ering an Segments in Femtech Reddy. “If women don’t reach out, integrated management for chronic Pre-Covid-19 it prevents them from taking the conditions in women,” says Immanuel. Fertility solutions right course of treatment and in On the platform, a team of various conditions such as PCOS, it might experts, including gynaecologists, Menstrual care lead to long-term fertility issues. And nutritionists, fi tness coaches, Covid-19 has highlighted the need dermatologists and mental health Pregnancy care for more such platforms,” she adds. professionals are currently helping Realising the need for having a safe 15,000 women navigate various Avenues of Growth and non-judgmental space for women, chronic conditions that require a Post-Covid-19 Krutika Katrat and Sneh Bhavsar holistic approach and often demand Menopause and launched OoWomaniya in 2014. lifestyle changes. Through its geriatric care What started as an anonymous community page, women can discuss experience-sharing platform is now their PCOS journey, avail of a PCOS General health and a one-stop solution for women to guide curated from clinical research wellness access information, experts and papers that are free of cost. Through services related to their health, its subscription plans priced between Pelvic health says the duo. On a website, it brings

`2,500 and `14,000, the platform off ers SOURCE Frost & Sullivan together a panel of credible and counselling, a personalised PCOS diet reputed experts to help in verifying

FORBES INDIA • JULY 30, 2021 FEMTECH content and answer user queries. and more. They also have diaper “We also felt the need to pivot to changing stations and feeding zones. offl ine services to tackle the acute lack While the plans were to open 10 of information and basic knowledge powder rooms a year, there are now about reproductive health issues 1,500 in Mumbai, including Woloo among women. We expanded to hosts that have tied up with the colleges, schools, corporates and organisation to make their toilets even in rural areas to educate girls hygienic and safe. On the drawing and women on menstrual hygiene, board are more than 25,000 geo- pregnancy and other health- tagged washrooms in over 160 cities. related issues,” says Bhavsar. “More than eight million people, While these offl ine programmes 41 percent of whom are women, use are run in fi ve states, women can Mumbai’s local trains and they don’t also access information through have access to clean toilets. Women their web portal and content partner we’ve spoken to say they don’t sites. An expert consultation is drink water for hours before they available through web and mobile “Pregnancy have to travel for the fear of having applications for `99. This has helped and motherhood to use a public toilet. Woloo is not more than 1.5 million women. just a toilet but a place for women “OoWomaniya as a digital platform are unfortunately to catch breath, relax, or wait for will grow at a steady pace, more the only need someone if they need a safe space so because of the pandemic. It has to do so... our mission is to provide changed the way people access most men as hygiene dignity to 150 million urban information and services. We look investors can working women,” says Kelshikar. forward to growing the digital apps to reach out to more and more people in relate to.” MEN vs WOMEN 73 the coming fi ve years,” says Bhavsar. Although femtech startups are SHUBHRA JAIN In addition to these health-centric Physician-turned-investor, slowly starting to emerge and are femtech startups is another startup who is also on the advisory revolutionising women’s health, to tackle women’s hygiene. Woloo board of Femtech Collective the industry remains a stepchild is a tech-enabled loo-discovery of digital health, feels Das. platform, funded by JetSynthesys, According to a Frost & Sullivan which helps women locate the report, the femtech market revenue nearest washroom whenever they will cross $1 billion by 2024, growing are away from home or offi ce, says at a compound annual growth rate its co-founder Manish Kelshikar. Picking Up Pace (CAGR) of 12.9 percent (2019-2024). Through the Woloo app, Despite a cumulative of $2 billion • At least 50% of the core femtech women can easily fi nd Woloo hosts companies globally are managed or that has been invested in the women’s (premium restaurants, and QSRs founded by women entrepreneurs, health space, it represents less than that have tied up with the company) either as a part of solution to their three percent of the total digital health own health problems or by and Woloo powder rooms near understanding the gaps in health care investments between 2013 and 2020. suburban train and bus stations, • Over the past fi ve years, femtech In addition, while the pandemic temples, and tourist places through has received more than $15 billion in led to a huge jump in funding for a subscription plan for `99 a month. private and public funding. Funding digital health solutions, femtech across the key segments through “When you think of a toilet VC has exceeded $1 billion solutions have not experienced facility, there is an assumption of the same growth, Das says. “A • Investments are mostly from the US the stink, unhygienic and unsafe (72%) followed by China (11.5%), Israel major chunk of this amount, environment that comes to your (5.74%) and EU (a total of 10% from approximately 65 percent, directly mind. That is precisely what we the UK, Switzerland, Sweden, Spain goes to companies addressing fertility, ) wanted to change,” says Kelshikar. Germany, Netherlands and Ireland pregnancy, and motherhood—areas These powder rooms with toilets • Other countries like India (0.5%), that have somehow managed to Africa and Hong Kong (0.2% each) are air-conditioned facilities with a are slowly picking up pace collectively represent femtech café and a women-centric convenience SOURCE Frost & Sullivan as an industry,” says Das. store selling sanitary products This is because VC (venture capital)

JULY 30, 2021 • FORBES INDIA HHEALTHTECH E A L T H T E C H SPECIAL FEMTECH

funding is still witnessing gender bias Digital Health vs Femtech Funding ($ mln) wherein male investors are unable 16000 to understand and relate to women’s The maximum funding for global femtech 1.8% 14000 (to date) is only 6.64 percent of the total digital health funding for the year needs and solutions. “If a comparison 12000 14,100 6.64% 4.51% is drawn between menopause and 10000 6.42% erectile dysfunction, the latter led 8000 4.08% 3.48% 3.18% 6000 8,200 7,400 companies to heights, whereas the 3.27% 4000 4,700 4,600 5,800 former remained underfunded 2000 4,100 2,100 69 131 192 160 372 544 333 254 30 and insignifi cant,” Das adds. 0 Another problem with the paucity 2013 2014 2015 2016 2017 2018 2019 2020 2021 (till Jan 15) of women in boardrooms and senior Digital Health Funding Femtech Funding leadership is that it is often diffi cult Note: Excludes sexual health and Femtech pharmaceutical funding Funding data for Digital Health is only provided for the US

for major corporations to fathom SOURCE Rock Health (for Digital Health Funding), Frost & Sullivan Funding business opportunities that femtech products capture. “They are often dismissed as ‘niche’ opportunities with fi nancially dependent on investors.” to selected startups, Anthill a ‘small market’, says Dr Shubhra Jain, Katrat’s experience is something Ventures spoke extensively with a physician-turned-investor, who is investors are aware of. them. And some common themes also on the advisory board of Femtech In its research phase before emerged, says partner and leader Collective, a global network of health launching the Athena scaling of the programme, Kabir Kochhar. tech professionals. “Pregnancy and programme to mentor women “Financial planning and fundraising motherhood are unfortunately the entrepreneurs and off ering funding are concerns, especially with female only need most men as investors can founders that, at times, don’t have relate to. There is a whole sector of the a male co-founder. There is also female population beyond the age of a large concern with government 74 40-45 who struggle with challenges relations and vendor management like menopause, vaginal dryness, where women at times are not taken incontinence and more which have as seriously as male counterparts. still not gained much attention. There There is a need to connect fi rst- is also a whole industry around sex- time female founders with their tech and pleasure-tech to empower entrepreneurial peers and strengthen and enable women to take control of their own networks,” he says. their pleasure and life whose potential Given equal opportunities, women remains untapped,” she adds. businesses perform on a par with Katrat of OoWomaniya, who men-led enterprises, says Arati raised seed funding through a private Menon-Gupta, a partner with investor and won grants from the the programme. “Women are government’s startup funds, says, underrepresented in the investor “Investors have often looked at us as community, and by this, I mean a non-profi t that works for women. “Women are both as VCs and investors and also It is a tragedy that even in present much more as venture-backed entrepreneurs. times, women’s health is one of Stereotypically, if you are a VC, you the most neglected subjects when than their are almost certainly a man,” she says. it comes to funding, supporting reproductive “It has also been observed that or encouraging. As a business, women-led companies, with some often it doesn’t attract the typical capabilities... degree of risk aversion, are less investors and, for many of them, bold their health is inclined to pursue external fi nancing communication and feminism doesn’t options. Many of them prefer to fi t into their cultural orientation.” beyond the needs provide a large chunk of startup She adds, “We have had our share of reproduction.” capital by themselves. A combination of disappointments from investors, of all the above factors and gender industry leaders, but our users have SUCHISMITA DAS bias on the part of men leads to always valued our work, so we have Industry analyst, Frost & Sullivan this vicious cycle that has been sustained our business without being diffi cult to break,” she adds.

FORBES INDIA • JULY 30, 2021 GENOME SEQUENCING

y the time Devina Bose, 65, noticed a lump in her breast, the tumour Fixing The Code had advanced to stage four. Tests revealed that Even as genetic-sequencing technology becomes the cancerous cells were hormone cheaper and faster, the adoption of precision medicine, receptor positive, which means they which decodes a patient’s DNA to treat them in a more needed estrogen and progesterone to personalised, targeted way, remains limited in India. What grow and spread, but HER2 negative, referring to a growth-promoting will it take to turn it into an everyday reality? protein found on breast cells. By VARSHA MEGHANI She was immediately put on hormone therapy drugs to lower her female hormone levels and make cancer patients. Luckily for Bose, a in Bose’s cancer. “No two patients them less available to the growing drug called Alpelisib, developed by with the same stage of disease cancer cells. Bose, a high court judge Novartis to specifi cally inhibit the respond to the same treatment,” whose name has been changed, PI3K mutation in advanced breast says Julka. “Precision medicine is responded well to the treatment, says cancer patients who are hormone not the future, it is the present.” Dr Pramod Kumar Julka, director receptor positive and HER2 negative, Ever since the fi rst human genome of oncology at Max Hospital in was approved by the FDA only two was sequenced in 2003—taking 13 Delhi and former dean of AIIMS. years ago. She’s recently started years, hundreds of scientists and But to better understand how the medication; clinical trials have costing almost $3 billion—doctors likely the tumour was to grow and found it to cut the risk of death or have been predicting an age of spread, Julka suggested genomic disease progression by a third. precision medicine. Back then, much sequencing. A “liquid biopsy” or If not for genomic sequencing of it was hype, given the costs and sample of blood was sent off to a which is the key to precision medicine time involved in sequencing a single 75 specialised lab to look for pieces of or idea of treating patients in a more genome, that is reading every one DNA from the tumour cells circulating personalised, targeted way, Julka of the three billion letters of genetic in Bose’s blood. The results revealed a would have relied on the cookie- information contained within the mutation in a gene called PI3K found cutter approach of surgery, radiation, DNA in every cell of the human in about 30 to 40 percent of breast and a blast chemotherapy to rein body. Over the years, the technology

Scientists working on genome sequencing at the MedGenome lab in Bengaluru HIMADRI SHARMA FOR FORBES INDIA FORBES HIMADRI SHARMA FOR HHEALTHTECH E A L T H T E C H SPECIAL

has become faster and cheaper—a databases are skewed towards genome can now be sequenced Caucasian populations. South Asian for $1,000 in a single day—yet the representation is a mere 10 percent, practice of precision medicine is yet according to 2019 study by Sirugo et al. to take off in the manner predicted. While this does not matter in the “Cost is the biggest challenge in the case of monogenic disorders caused by adoption of precision medicine,” says a single gene, according to Hariharan, Dr Ramesh Hariharan, co-founder it does matter when identifying and CEO of Strand Life Sciences, mutations in polygenic disorders a Bengaluru-based company that caused by genetic and lifestyle factors. sequences genomes. Unlike the US For monogenic disorders, companies where insurance companies cover like Strand Life Sciences and health care costs, patients bear MedGenome draw on global datasets out-of-pocket expenses in India. to fi nd gene mutations as well as their That explains why genomic testing “Cost is the in-house data compiled over the years. has become a routine, standard of biggest challenge “India represents 17 percent care in the US for cancer patients, of the world’s population with whereas in India, patients like Bose in the adoption extensive genetic diversity but have to shell out vast sums—`6 lakh of precision is underrepresented in global in her case—for similar tests. sequencing datasets,” says Sivasubbu. In fact, rarely do doctors medicine... As we Even eff orts like the GenomeAsia100K require a patient’s whole genome achieve scale, our study, a global eff ort to sequence the to be sequenced. Usually “panel genomes of Asian people, included sequencing” is performed where a costs will drop.” just 598 samples from India—mostly few hundred genes relevant to the DR RAMESH HARIHARAN, specifi c castes from the south. 76 patient’s ailment—as opposed to all Co-founder and CEO, “Population-specifi c genome 20,000 present in the human body— Strand Life Sciences sequencing of Indians can help in are examined for abnormalities. characterising variants associated For example, in the case of a with diseases, improving precision neurological disorder, a doctor can that go into genome sequencing medicine outcomes,” explains request for panel comprising a few machines,” says Hariharan. They help Sivasubbu. This was the “impetus” hundred genes and gain valuable to process the DNA and are currently for the ‘IndiGen’ programme which insights. Companies like Strand or imported from the US. But import sequenced the whole-genomes of MedGenome—leaders in the space duties are as high as 50 to 55 percent, 1,029 healthy Indian individuals in India—carry out for anywhere says Hariharan. If that’s rationalised, in 2019. The database is publicly between $200 and $400. In the US, costs would come down considerably. available. In a parallel eff ort, the while base tests would cost a similar GenomeIndia Project, spearheaded amount, overheads such as costs NEEDED: LOCAL SEQUENCING by Vijayalaxmi Ravindranath, was connected with the interpretation Besides, India lags behind in launched in January 2020 and and analysis of the data generated cataloguing local genomes; such aims to carry out whole-genome and genetic counselling can take the reference databases form the very sequencing for 10,000 Indians from total up to $3,000, says Hariharan. foundation of precision medicine. various representative communities. “No one can aff ord that in India, so While the fi rst human genome was But sequencing an individual’s we don’t charge for overheads. That sequenced in 2003, the fi rst Indian genome is not the “ultimate aim”, enables more patients to opt for genome was sequenced in 2008 by a says Scaria. Turning the reams of data sequencing. As we achieve scale, our team of scientists led by Dr Sridhar generated by genome sequencing into costs will drop,” says Hariharan. Sivasubbu and Dr Vinod Scaria at “actionable results” is the end goal. But waiting to achieve scale CSIR-Institute of Genomics and This led Scaria to set up the Genomics before prices fall is a chicken and Integrative Biology (CSIR-IGIB) in for Understanding Rare Diseases India egg situation. Costs must fi rst fall Delhi. Once a patient’s genome is Alliance Network (GUaRDIAN) along for patients to opt for reading their sequenced, the data generated needs with Sivasubbu. Over 300 clinicians DNA, but only if more people opt for to be compared to a healthy reference across 80 health care centres in the the latter will prices fall. “The lowest genome to look for any variants or country refer rare disease patients to hanging fruit is the cost of reagents mutations. At present, reference the GUaRDIAN team who, in turn,

FORBES INDIA • JULY 30, 2021 GENOME SEQUENCING sequence their genomes or exomes, tests reveal underlying conditions real-time data from wearables like followed by computational analysis or the risk of developing those smart watches. All of these sources to identify variants in the patients’ conditions later on, the information combined can help doctors better genes. If mutations are indeed found, can be used to discriminate against tailor treatments to individual the team works to develop low-cost individuals. Insurance companies patients. “You can monitor data diagnostic tools and therapies to help may deny premiums; employers may from smartphones, wearables like the patient. For example, a few years choose not to hire them. The US smart watches and even embedded ago, the team was able to diagnose has legal protections against such devices like implants. So we’re getting a rare mutation in the MLC1 gene discrimination but India does not have closer and closer to the human connected with neurological and substantial laws in this regard. “Until body to unlock intimate, real-time muscular growth. Six children from you have safeguards against such information. This is all in addition a family belonging to the Nalband discrimination, precision medicine to genome sequencing data,” says community in Agra were crippled by cannot truly be achieved,” he says. Dr Eng Lim Goh, chief technology frequent seizures, bamboo-thin limbs Additionally, in the absence offi cer for artifi cial intelligence and bloated heads. Their condition of data privacy laws in India, the at Hewlett Packard. The rise of worsened with every passing year, so onus is on companies to safeguard artifi cial intelligence and machine much so that the parents petitioned sensitive medical data. “We put it learning tools will help analyse the government to terminate their upon ourselves to comply with the these reams of data, adds Goh. lives. Local newspapers carried news It helps that India has a strong of the family’s predicament, which “You can monitor IT sector, points out Praveen Gupta, caught the attention of the CSIR-IGIB managing director and founder of scientists. A doctor at AIIMS noted data from smart Premas Life Sciences, the Indian that the symptoms appeared to fi t a devices and partner of US-based Illumina which rare class of genetic disorders called makes state-of-the-art genome leukodystrophies. Whole exome impants. We’re sequencing machines. “Pundits say sequencing revealed a variation in the getting closer that in the next fi ve to six years, 15 77 MLC1 gene of all the aff ected children. percent of the world’s population will As a follow up for this, an additional and closer to the be whole genome sequenced. If it takes 83 members of the community were human body to 100 GB of data for a genome sequence, screened. Out of these, 24 were found for 1.5 billion people, 25 to 30 exabytes to be the carriers of the gene and unlock real-time of data will be needed. To put that in nine were aff ected. In order to aid information.” perspective, the entire data content the community, a polymerase chain on YouTube, globally, is 0.8 exabytes. reaction (PCR)-based test for the DR ENG LIM GOH, Imagine the kind of data generation mutation in MLC1 was developed Chief Technology Offi cer and analytics possibilities.” People by the GUaRDIAN consortium for for Artifi cial Intelligence, will be needed to make sense of this carrier status determination and Hewlett Packard data. Says Gupta, “If we can train our prenatal screening, at an aff ordable manpower, we can be leaders in this cost. “This is where you see the real industry. We didn’t invent computers, impact of our work,” says Sivasubbu. EU’s GDPR and the US-based Hipaa but we created the IT industry. In data protection laws,” says Hitesh the same way, we haven’t invented PRIVACY WORRIES Goswami, founder and CEO of genome sequencing but we can create While “signifi cant” progress has been 4BaseCare, a Bengaluru-based startup a genome informatics economy.” made in using genomic sequencing that is developing curated panels to be The possibilities are endless and to detect and treat various forms of used in sequencing cancerous tissues. the promise enormous. “Genome cancer, for paediatric neurological sequencing should become as routine disorders and rare genetic diseases, A GENOME ANALYTICS ECONOMY an MRI,” says Sivasubbu. No one can there are legal and regulatory hurdles Genomes are but one source of pin down how long that will take, but that need to be overcome before personal health data. There are the Covid-19 pandemic has thrust precision medicine percolates to the several other sources such as forward the agenda. Says Strand’s grassroots, says Dr Vedam Ramprasad, information from medical tests, Hariharan, “It’s created a large CEO of MedGenome, a large player electronic health data like the kind amount of awareness about genome in the genomic sequencing space, collected by telemedicine companies sequencing. Nothing could have built based in Bengaluru. Since genetic since the onset of the pandemic and this in such a short span of time.”

JULY 30, 2021 • FORBES INDIA In Focus Streaming Now: BookMyShow and its Fightback

Battered by the pandemic, BookMyShow is trying to reinvent itself by getting into multiple streams. Can it put up a good show?

By RAJIV SINGH

irst came the climax. “Early last March, movie ticket sales were at an F all-time high,” recalls Ashish Hemrajani. BookMyShow, India’s largest movie and event ticketing company, was set to end the fi scal year on a high note. “Everybody was riding high. 78 The entertainment business was doing phenomenally well,” says the founder and CEO of BookMyShow. The company posted `594.19 crore in revenue from operations in FY19, and was primed to stage a much better show in FY20. Hemrajani, the hero of the show, was excited about the future. A few days later, entered the villain, and the anti-climax. Towards the end of March, the country went into a lockdown due to the Covid-19 pandemic. Everything got shut down, screenings stopped, events paused, and businesses came to a screeching halt. Nobody saw it coming. “There are things you can’t control,” rues Hemrajani. The show business braced itself for a merciless battering. Hemrajani, for his part, was getting mentally prepared for a long take. “It won’t end soon. Maybe a year, if not longer,” he prophetically told one of his friends last April. Hemrajani’s caution stemmed from experience. At the peak of the dotcom bust in 2001, and just two years into his venture of digitising ticketing solutions for cinemas and MEXY XAVIER

FORBES INDIA • JULY 30, 2021 BOOK MY SHOW

HEMANT MISHRA booking movie tickets via phone close to 95 percent of it from the for customers and delivering to sale of movie tickets and events, their homes, Hemrajani was forced BookMyShow has been mauled by the to cut the headcount of Big Tree pandemic. After a partial reopening Entertainment by 96 percent. From last year (fi ve months of FY21, from 150, the rolls shrank to six. “We did November to March), theatres are what was right for the organisation,” shut again, as the country battles he says. “It’s [cutting jobs] not a happy the second wave of the pandemic. moment. It doesn’t make us proud.” On-ground events are still a thing His voice falters and he pauses for of the past, and movies are released a moment. “We are battle-hardened on ‘over the top’ (OTT) platforms. as an organisation.,” he lets on. What this means for BookMyShow Two decades later, it’s time for is a prolonged period of pain. The another battle. After posting revenues headcount, this time, has been slashed of `701.40 crore in FY20 and getting by 48 percent—from 1,450 to 750. “We are bullish Though Hemrajani declined to on the strategy share fi nancials for FY21, one can get a sense of the hit that companies in ahead and the entertainment and movie industry BookMyShow’s have taken from the performance of category leadership PVR, India’s biggest theatre player. The multiplex operator posted a is all set to total revenue of `749 crore in FY21 compound.” as against `3,452 crore in FY20. While Ebitda during the same period PRASHANTH PRAKASH shrunk from `1,114 crore to `134 crore, FOUNDING PARTNER, ACCEL 79 PVR posted a loss of `748 crore as against a profi t after tax of `27 crore a year earlier. “FY21 was marked by never before seen challenges across music, comedy, and other for the multiplex industry,” said performing arts. This vertical too Ajay Bijli, chairman and managing has been promising growth. Till last director of PVR, earlier in June. December, 37,381 hours of content While PVR is doing its bit to was streamed, and over 2.35 lakh keep a lid on fi xed costs, shoring up consumers bought tickets to watch liquidity and generating revenue virtual events. “We just need to from new sources like, among others, make sure that when we come out private screenings, BookMyShow of Covid, we are more effi cient, has been exploring new levers of nimble and agile,” says Hemrajani, business in a bid to reinvent itself. sounding optimistic about the future. Take, for instance, BookMyShow He is not alone in seeing a silver Stream. The Transactional Video lining. The backers of BookMyShow on Demand (TVOD), or ‘pay per too sound upbeat. “We are absolutely movie viewed’, was rolled out this bullish on the strategy ahead,” says February, with 600 movie titles. Prashanth Prakash, founding partner Within four months, the service at Accel. The venture capital (VC) fi rm has seen a brisk uptick: Over 2 lakh fi rst invested in the company’s series A streams, 33 percent new transacting round in 2012, and followed it up with users and 1,200 titles. “Over 40 funding in series B and C rounds in The Covid-19 pandemic is not percent of the content is exclusive to 2014 and 2016, respectively. “We have the first crisis Ashish Hemrajani, founder and CEO of BookMyShow, BookMyShow,” asserts Hemrajani. no doubt that BookMyShow’s value has faced. And he wants to make Last year, the company started creation and category leadership is sure BookMyShow comes out of it more efficient and agile BookMyShow Online, a video all set to compound,” he adds. While streaming for live entertainment the pandemic has persisted and has

JULY 30, 2021 • FORBES INDIA In Focus

Revenue grew at a brisk pace till FY20…

Consolidated revenue …and the break-up Income from turnkey Income from sale and Income from live events from operations… Income from online ticketing solutions maintenance of software ticket booking ` Crore ` Crore ` Crore ` Crore ` Crore 800 400 378.68 60 8 200 182.16 701.40 51.85 6.92 700 350 331.56 7 6.33 594.19 50 600 300 40.14 6 150 40 500 250 5 105.10 400 200 30 4 100 300 150 20 3 200 100 2 50 10 100 50 1 0 0 0 0 0 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20

Income from advertising Ticketing revenue Income from breakage Income from sale of food Other operating income and marketing (bulk booking) and beverages

` Crore ` Crore ` Crore ` Crore ` Crore 25 14.23 25 23 50 25 15 13 15 40.86 20.31 20 40 20 12 12 16.64 15 30 8.05 80 24.66 15 9 9 7.30 10 20 10 6 6

5 10 5 3 3 0 0 0 0 0 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20

SOURCE Company/RoC hurt the entertainment industry Crises, layoff s… Unitus Ventures. The company needs signifi cantly, BookMyShow’s ability to to fi gure out if there is a similar value react swiftly and change track to move to aggregation of online streaming from out-of-home entertainment to 2001 events at one destination. They could all-things-entertainment is a result experiment with new revenue models of the deep foresight and experience Dotcom bust of content-led subscription packages. of its founding team, he maintains. The company, Mantha says, may also What gives Prakash hope is the have to become a bigger producer of history of the ticketing major, which 96% cut; events as opposed to simply curating has battled crises in the past. The 150 6 and marketing them on its platform. company, he says, has experienced from to The task, though, won’t be easy. multiple challenges in its journey, but Reason: Sales from online streaming has successfully adapted each time, and virtual events are not likely to and bounced back stronger. Apart from make up for the loss of movie ticketing Accel, other backers of BookMyShow 2020-21 and physical events, which form a bulk include TPG Growth, Stripes Group, of the revenue. Moreover, it would be Elevation Capital, and Network18, Covid naïve to expect the four-month-old which publishes Forbes India. BookMyShow Stream to turn into a Exploring new streams of revenue, money-spinner overnight. There is reckon analysts, is the need of the 48% cut; another problem. Though growing at hour. “BookMyShow will have to from 1,450 to 750 a fast pace, TVOD is still a niche space reinvent itself,” contends Surya in the OTT world, which is dominated

INFOGRAPHICS: PRADEEP BELHE PRADEEP INFOGRAPHICS: Mantha, senior partner at VC fund by advertising VOD (AVOD) and

FORBES INDIA • JULY 30, 2021 BOOK MY SHOW

subscription VOD (SVOD) players …And the fi ghtback with that diversifying into radio streaming like Netfl ix and Amazon. “The strong new initiatives was not a right move. So what went identifi cation of BookMyShow as wrong? While BookMyShow was a ticket booking platform might deeply immersed in movies, the hinder wide adaptation of its entrepreneur didn’t have any clue streaming vertical,” says Ashita about the nuances of radio, content BOOKMYSHOW ONLINE Aggarwal, marketing professor at acquisition cost, and driving customer SP Jain Institute of Management • Online video streaming for live adoption. “But we learnt from it,” he and Research. One needs to build entertainment launched in says. The biggest learning was sticking May 2020 awareness as well about the new to the core: Movies. “Movies and off ering. Take, for instance, Flipkart • Off ers content across music, theatres are very much going to stay,” comedy, and other performing and Amazon. Both the ecommerce he says. The era of hyper growth, he arts majors had to spend considerable time believes, will be back from next year. to let consumers know that they can • Hosted virtual music festival Analysts too predict a rebound Sunburn Home Festival, apart from shop for grocery on the platform. “It in the fortunes of the entertainment international performances such as can’t happen overnight,” she says. Rambo Circus' digital edition world across the world, including Hemrajani, for his part, is confi dent India. “Whenever things go back • Till last December, 37,381 hours of of the new strategy. He starts with content was streamed to normal, the movie industry will the biggest reason. “We understand be back with a vengeance. It has • Over 2.35 lakh consumers bought movies better than anybody else,” he tickets to watch virtual events already started happening in the US says. BookMyShow, he claims, has 200 and Europe,” says Depesh Kashyap, million customer visits per month, media and entertainment analyst and 80 million monthly active users. at Equirus Securities. As the pace What this means is that data analytics BOOKMYSHOW STREAM of vaccination gathers steam, and will reveal how many of the users did movies start releasing, people will go not watch a certain fi lm or a piece of • Launched in February this year back to the theatres. “BookMyShow’s 81 content. “So we built our stream as a with 600 titles main revenue stream will see a second opportunity for them to catch • Stream off ers option to rent a sharp uptick whenever things start the product,” he says. BookMyShow movie or buy it for unlimited rolling,” he predicts. Over the next access Stream off ers users the option to rent few months, the new business a movie for a fi nite duration or buy • Charges range from `40 to `070 ; verticals will revolve around the has sold over 2 lakh streams it for unlimited access with prices core ticketing and event business. ranging from `40 to `700, depending • Stream has added 33% new “For the company, it’s just a question on the rent or buy option, as also the transacting users, and has of surviving the storm,” he says. 1,200 titles; target is to have over recency and scale of the movie. Meanwhile, Hemrajani is not 2,000 titles by next February The second strong moat is the thinking too much about the results. • Over 40% of the content is ‘windowing period’, which enables “When the disruption is external, exclusive to BookMyShow it to stay away from taking on OTT one just needs to focus on inputs,” he players head-on. After any theatrical says. Underlining that the pandemic release there’s a windowing period is not the last challenge the company of four to six weeks before the would face, Hemrajani outlines content goes into the long tail of his dual approach to deal with OTT. “This is how we position BOOK A JAB such crises. First is the realisation BookMyShow Stream,” he says. What • Started in June this year, that everybody has been hit by the BookMyShow needs to do, he says, consumers can book slots, make storm. “You’re not alone, you keep is to ensure that the right content online payments via BookMyShow reminding yourself,” he says. Second is married to the right data set. app and website is to be ready for the future. So would But will the streaming gambit • BMS off ers discovery, search, BookMyShow be better prepared pay off ? After all, BookMyShow did authentication, booking of vaccine whenever the next normal comes? try to dabble in radio streaming in slots as also certifi cate access “Hundred percent,” says Hemrajani. the past, but it bombed. Hemrajani across cities “I have no sleepless nights, knowing is convinced about hitting the bull’s • BMS charges a convenience fee; that I did my best,” he says. eye. “Our success is founded on a pile has facilitated over 2 lakh jabs Will BookMyShow meet a befi tting of failures,” he says, acknowledging climax? Well, the show is on.

JULY 30, 2021 • FORBES INDIA In Focus Value To Valuation For over two decades, serial entrepreneur Bhavin Turakhia stayed bootstrapped. With Zeta now a billion-dollar company, can he script bigger success with loads of external money and his obsession with focus?

By RAJIV SINGH

uly 2019. A bootstrapped warrior fi nally raised money. Bhavin Turakhia’s JZeta was being valued at $300 million by French employee benefi ts giant Sodexo, which pumped in an undisclosed amount in the banking tech startup. The funding was interesting for two reasons. First, Zeta managed to get the backing of an MNC biggie, which liked the global aspirations of the startup co-founded by Turakhia and Ramki Gaddipati in 2015. 82 What made the funding most fascinating, though, was the background of serial entrepreneur Turakhia. He founded a bunch of companies with his brother Divyank, kept all the ventures self-funded, sold the fi rst company Directi for $160 million in 2014, and his brother Divyank sold adtech venture Media. Net to a consortium of Chinese buyers for $900 million. In fact, the brothers were on the 2019 Forbes India Rich List with a net worth of $1.54 billion. For most founders, raising external money for the fi rst time might have called for uncorking of a champagne bottle, but not for Turakhia, who got down to penning his thoughts. The jottings were neither about funding nor valuation. They were about how staying bootstrapped helped him avoid mistakes that could kill funded startups. “I’ve always been concerned about how the media glamourises lofty valuations and achieving unicorn status much more

Ramki Gaddipati (left), co-founder and CTO, Zeta, and Bhavin Turakhia, co-founder and CEO

FORBES INDIA • JULY 30, 2021 ZETA

than value creation,” he wrote in his Cut to May 2021. Zeta makes a why the context has changed this blog in July 2019. “We will soon run grand entry into the unicorn club by time. “My every subsequent bet has out of letters in the alphabets,” he raising $250 million from SoftBank to be bigger in size,” he explains. In exclaimed, alluding to entrepreneurs Vision Fund 2, and gets a valuation Directi he co-invested `25,000 and focusing on running through Series of $1.45 billion, a jump of nearly fi ve it grew to a $160-million company. A to Series F. The focus is always times since its last round in 2019. In Radix, the domain registry fi rm on the next round of valuation. “I’m For Turakhia, valuation still doesn’t started in 2012, the Turakhia brothers not against funding,” he explained. matter. “I still don’t have anything pumped in $25 million; in enterprise Focusing on valuation, though, is not against funding,” he emphasises. collaboration platform Flock, another the same as focusing on value creation. He is, however, quick to underline $30 million was invested and in Zeta too, the co-founders invested $40 million till 2019. All the ventures, he explains, didn’t need external funds. Then why now with Zeta? What has changed? Turakhia reckons it’s the global opportunity, and aspiration to take a bigger, bolder bet. Banks across the globe, he maintains, spend roughly $200 billion in IP spend. “Our goal is to try and get Zeta to address a signifi cant chunk of that,” he says. Zeta has over 750 employees across its offi ces in the US, UK, Middle East and Asia “We have extremely ambitious plans to scale up,” he adds. The investors are backing the 83 vision. Banking software is a $300 billion industry globally, says Munish Varma, managing partner at SoftBank Investment Advisers. Most banks still employ technology which is signifi cantly older than their customers, impacting user experience and engagement. Zeta’s modern Omni Stack will drive banking software upgrades catering to the digital consumer, and innovations in fi nancial services globally, he adds. What has also whetted Turakhia’s global appetite is the massive tailwind over the last year. The pandemic, “It’s okay to fail, but the thing that scares me the most is not giving my best shot.”

BHAVIN TURAKHIA CO-FOUNDER, ZETA

JULY 30, 2021 • FORBES INDIA In Focus

he explains, has made almost the entire economy, including banks, think digital fi rst. “Our product Zeta’s Tech Factor lineup was just fi t for their needs,” he claims. What made banks come out How chief technology officer Ramki Gaddipati of their comfort zone was a bunch of turned out to be the X-factor pluses for them. A cloud-native SaaS (software as a system) that requires amki Gaddipati knows While the world moved away from minimal capital investment, minimal R only one thing: Product licenced software to SaaS, banks IT infrastructure and training is engineering. In 2008, he were still running mainframes something the banks couldn’t resist in joined Directi as a project lead, for critical applications. their pursuit of a digital-fi rst product and closely worked with the Consequently, failures of the strategy, he adds. Moreover, most Turakhia brothers to build various systems became a norm. fi nancial institutions are looking to platforms and multiple messaging Gaddipati devised a solution accelerate digital transformation and services. Take, for instance, Flock. to disrupt the banking structure. have realised the benefi ts of a cloud- Started in 2014, the enterprise and He built Tachyon, a banking and native modern stack that can enable a real-time team messaging and payments platform, that replaced them to launch new-age banking collaboration platform focussed on traditional core banking systems products. “We saw a massive interest simplifying communication and and mainframe based payment and uptake during this pandemic,” he boosting productivity. “We shared systems and switches with a says, declining to share the fi nancials mutual trust and transparency,” cloud-native technology. The of Zeta. “We haven’t provided any says Bhavin Turakhia. Back in product was off ered as a SaaS, guidance around revenue numbers,” 2014, the duo often discussed liberating banks from running he says, adding that Zeta counts and expressed frustration around IT infrastructure and software among its customers over 10 banks and payments. Banking, both believed, upgrades. “This is a fi rst-of-its- 84 25 fi ntech fi rms across eight countries. was one of the last industries kind in the $300 billion banking Industry watchers are not surprised where customer experience had IT industry,” says Gaddipati. Six with Zeta’s growth. “Anyone who has stayed stagnant. “Even space travel out of the top 10 private sector used a banking website or app will got disrupted before banking,” banks in India have adopted see the need for a player like Zeta,” exclaims Gaddipati, who exited Tachyon for various use cases, reckons Srikrishna Ramamoorthy, Directi in 2014 as senior director at within a year of launch, claims the partner at venture capital fund Unitus software engineering. After a year, chief technology offi cer at Zeta. Ventures. He explains what’s wrong he co-founded Zeta with Turakhia. The platform, he adds, has now with the banks. The user experience In 2015, Zeta was staring at a been launched in the US as well. is not the best; in fact, at times it’s huge problem, and an opportunity. Turakhia acknowledges broken; and traditional banking The co-founders set a goal of the tech heavy lifting done by technology hasn’t kept up with the building a modern platform Gaddipati. “Ramki’s work paves times. Such issues have fuelled the to enable banks to off er state- the way for banks to embrace and rise of neo-banks and fi ntechs across of-the-art experience that can excel in the fi ntech revolution,” the globe. Customers now want the be deployed rapidly. The task, he says. Banks now can work with ecommerce-like experience or the though, was not easy. Banks were each fi ntech as a digital branch of app store experience in banking used to multiple vendors off ering the bank, in lieu of the traditional which old banks can’t provide. “Zeta disconnected solutions. It’s almost brick-and-mortar branches. Over helps traditional banks reduce the impossible for a bank to work with 21 fi ntech fi rms have built their ‘technology debt’ that most of them all of them in unison to create business using the embeddable have carried for decades,” he says. new experiences for customers. banking solution from Zeta and By doing so, he adds, Zeta helps the “Banking software systems are half a dozen banks have adopted bank upsell and cross-sell better. relics of legacy,” says Gaddipati. it to partner with fi ntech, he says. What has also worked for Zeta is morphing into a one-stop solution for banks. The fi ntech startup, managed by using a dozen vendors. As “That’s the bold bet now,” he says. Ramamoorthy lets on, has managed banking needs are fairly similar across Back in 2015, a bunch of Zeta’s to ‘productise’ requirements of the the world, it now makes sense for Zeta domestic bets didn’t pay off . Turakhia banks, which might have earlier been to cater to the wider global market. calls them experiments. For a few

FORBES INDIA • JULY 30, 2021 ZETA

months, the co-founders started to the thing that scares me the most is build the payments business, and A to Z of Zeta not giving my best shot,” he says. piloted a wallet in Mumbai and Turakhia now wants Zeta to Bengaluru. The idea was to design become the best in the world. The an eff ective payment mechanism for target over the next 24 months is to be everybody, including autorickshaws, present in every country in the world. 2015 shops, and merchants. Unfortunately, Zeta is co-founded by Bhavin Turakhia “Our goal is to make Zeta the default the venture couldn’t scale. “But it and Ramki Gaddipati in April model platform for banks,” he says. had a lot of learning,” he recalls. 2017 Back in India, it has been raining The young startup then took a It gets into a partnership with Sodexo goals of a diff erent kind: Startups stab at solving the pain-point of 2019 getting the prized tag of unicorns,  Sodexo values Zeta at $300 million; cafeterias. The plan was to automate invests in the startup privately-held companies with payments. Cafeterias, Turakhia  Zeta pushes with its global operations a valuation of $1 billion or more. recalls, are one of the most stressful Turakhia tries to decode why India is 2021 witnessing a fl urry of $1 billion-plus places to collect payments. A typical  Launches operations in the UK lunch break lasts for an hour, and the  Turns unicorn; gets valued at $1.45 billion companies. When any ecosystem entire campus or company descends  Headcount increases to 750 reaches a level of maturity, he on a restaurant. The scene gets all explains, the impact that the same the more chaotic if hungry people people can make becomes much get angry with poor services. “It’s failure as an outcome,” says the man bigger. Eighteen years ago, the impact quite challenging as compared to any who turned entrepreneur when he that a startup in India could have other payment problem,” he says. The was a teenager. In 1998, Turakhia made was small. Reason: The domestic experiment again couldn’t scale. and his younger brother founded market was not big; the ability to scale Gaddipati, Zeta’s co-founder, points Directi as a web-hosting business globally was missing and opportunities out another memorable mistake. from their parents’ house in Mumbai. were limited. Though things have “Bhavin and I got excited about a The duo took a loan of `21,000 from changed massively in India for 85 product called Collect Card,” he their father, and within four years, startups over the last few years, for recounts. “We felt it was a magical their fl edgling business posted a entrepreneurs, the focus must be on innovation,” he laughs. The logic revenue of $1 million. Over the next value, and not valuation, he insists. behind the card fl ipped the notion of few years, the revenues leapfrogged Though Zeta’s off ering makes how payment cards work. Most card to $10 million. Entrepreneurship, it unique, is there something that solutions are about customers carrying Turakhia maintains, is like a journey diff erentiates it from a sea of ntechfi a card, taking to a card machine and towards mastery. “There is no binary startups that have emerged? Turakhia then the merchant swiping it. Zeta did outcome. There is no fi nal outcome. names just one factor: Focus. In 2014, exactly the opposite. While making the It’s a lifetime journey,” he says. The when he was brainstorming about payment, the merchant would swipe serial entrepreneur views success and disrupting the fi nancial ecosystem, his card, and the customer just needed failure too from the same lens. “You there were three options. First, start to enter a PIN for the transaction learn from failures and you celebrate a bank. Second, become a fi ntech to complete. The co-founders were successes,” he says. The goal is to player. And last, turn into a technology delighted with the idea, which simply become a better version of oneself. service provider. The temptation meant that merchants would not have Having an almost 100 percent to do all was hard to resist. After to worry about getting a new payment strike rate in all ventures so far, does all, the precedent was there. Taxi terminal or sticking a certain QR the thought of missing the bull’s eye cab operators add fi ntech products; code or anything. “We thought this play on his mind? “I believe it’s our fi ntech players add ecommerce would dramatically solve the mobile- moral obligation to make an impact businesses and ecommerce businesses based payment problem across the proportionate to our potential,” he add travel services, Turakhia wrote country,” he says. The product and the says. Having a fearless mindset is in his blog in 2019. Capital tempts experiment were discontinued after a something that he learnt from his into buying and juggling more balls. few months. Excitement, he lets on, at father. Turakhia recalls the words: But one needs to learn how to catch times doesn’t translate into success. You can achieve anything if you one before adding fi ve more. “Your Turakhia, though, views the set your mind to it, his father had probability of success,” he concludes, imposters—success and failure—from said. What he is scared of at times, “is directly proportional to focus a diff erent lens. “We don’t tend to though, is something that most might and inversely proportional to the

think of success as an objective and fi nd amusing. “It’s okay to fail, but number of balls you juggle.” PAWAR SAMEER INFOGRAPHIC:

JULY 30, 2021 • FORBES INDIA In Focus Reimagining Banking For Teens FamPay, a neo-banking startup for teenagers, has whipped up excitement among users and VCs, but can navigating the regulated fintech ecosystem be child’s play?

By RAJIV SINGH

ver 85 kilos of food getting wasted in his college canteen O was not acceptable for Sambhav Jain. “Imagine this used to happen every month!” recalls the Indian Institute of Technology [IIT] Roorkee undergrad. What made the sin grave was the fact that the discarded food could easily have been used. “It is no rocket science,” wondered 86 19-year-old Jain, who then, along with batchmate Kush Taneja, started working on project Appetiser in 2017. Jain recounts that students used to skip meals to have food from outside, while the hostel administration prepared food for all. Result: Wastage. The solution devised by the duo involved preparing a weekly menu, IIT-Roorkee graduates Sambhav Jain (left) and Kush Taneja, co-founders of FamPay making it available to students on an app and giving them the power to the second issue: Why were banks in September 2019. They got a decide which meal they would like to and other fi nancial institutions not bunch of backers such as Kevin skip. There were dual benefi ts: First, talking to kids and teens? “There was Lin, co-founder of American live the hostel administration would not a big gap,” Jain says, alluding that all streaming platform Twitch, Vladimir have to prepare extra food. Second, fi nancial products are focussed on Tenev, co-founder of fi nancial students would get the money back adults. Another slice of data egged services company Robinhood, and for the meals they did not consume. the duo to take the entrepreneurial Amrish Rau, CEO of merchant “The students loved it,” says Jain, plunge. “Around 40 percent of India’s commerce platform Pine Labs. now 23. The app, he says, has become population is under 18,” Jain says. Over the next few months, Jain and the offi cial mess app at IIT-Roorkee. The friends chose to look at Taneja started building the product Two years later, in 2019, Jain banking from a fresh lens. The idea and the team. The task, though, was and Taneja felt irritated. The fi rst of was to making it cool, fun, and at the no kid’s play. The biggest challenge, many issues was the lack of fi nancial same time, empower kids in terms of Jain recalls, was navigating the literacy among students. In a market fi nancial literacy and responsibility. regulated fi ntech space. By February research done with close to 100 Three months after graduating 2020, FamPay was ready to go live. children aged below 14 in Bengaluru, from IIT-Roorkee, the duo fl oated Then came Covid-19 and the the duo got another insight: Over 90 the idea of FamPay, a neo-banking lockdown. “There was so much percent respondents did not have a platform for teens, and managed to uncertainty. Schools got shut down,” bank account. This brought them to close a seed round of $4.7 million Jain recounts. Finally in July 2020,

FORBES INDIA • JULY 30, 2021 FAMPAY

FamPay was launched by rolling out jarring to Jain and Taneja. “Don’t you brand is connecting with them FamCard, India’s fi rst numberless card guys hate to code? Then why are you young, and is building an early in partnership with IDFC Bank. The doing it?” they asked. The answer relationship. “FamPay will become debit card can be ordered once the was unexpected, but practical. ‘It the gateway for brands to target Gen account is set up on the app, after both will get us high-paying jobs. Our life Z,” he says. The startup, he lets on, the parent and teen complete their would be sorted’ is what the friends is approaching banking from a new KYC (know your customer) online. said. The duo couldn’t understand lens, with its recipe of community and Within eight months, the startup how money could be the only reason gamifi cation to match the Gen Z vibe. got two million registered users. to do a job. So both skipped the Industry watchers, however, point In June 2021, FamPay raised placement season at college. Result: to potential roadblocks. First is the $38 million in Series A round of Their friends mocked them while monetisation. Though FamPay plans funding led by Elevation Capital. the others were dismissive. Their to partner teens in their fi nancial Existing investors, including Sequoia families, too, couldn’t understand journey and intend to become the only Capital India, Venture Highway the method behind the madness. bank they will ever need, the problem and Y Combinator, as well as new Placements, Jain explains, are the is teens would eventually graduate backers such as General Catalyst, biggest part of IIT education. “At to become adults. And a product for Rocketship VC, and Greenoaks least that’s what we have been teens would not resonate with adults. Capital participated in the round. hearing for years,” he smiles. Second problem is stickiness. Wallet The backers reckon FamPay brands also think that users will is on track to reimagine banking migrate to their banking platform, but for teenagers. “We are extremely “We are extremely it seldom happens. Third, the product impressed by FamPay’s product impressed by is dependent on parents’ consent. innovations, growth trajectory FamPay’s product “Hence, the startup needs to ensure and customer love,” Mridul Arora, that parents see long-term benefi t and partner at Elevation Capital, said in innovations, don’t fi nd it a hassle along with other a media release. All these early signs, growth trajectory managed products,” says Anil Joshi, 87 Arora added, indicate that FamPay is and customer love.” founder at Unicorn India Ventures. destined to become the destination Jain is aware of these challenges app for Gen Z, and a gateway for their and fi gured them out while naming MRIDUL ARORA, access to fi ntech services and beyond. PARTNER, ELEVATION CAPITAL the startup. Though the idea was What makes funders bullish on to target teens, the fl ip side would teen neo-banking is the fact that have been losing them once they India has a sizeable population of 250 became adults. Moreover, parents million adolescents. “Catering to this are the fi nancial engines behind the unserved audience with innovative teens and their spending power. products contextualised to their needs Once the duo started to build So it made sense to have the family and behaviours will create a valuable FamPay for teens, the bankers involved in the venture. Fam, Jain business,” Arora added. Sequoia India, were dismissive. Most traditional underlines, is a cool Gen Z lingo which came on board during the banks could not understand how for family. “This makes us a young seed round last year, is also upbeat. 20-somethings could disrupt brand. Our branding too is not “They understood their users, and had payments. After the product was childish,” he adds. FamPay’s goal, he nuanced views on how to serve them ready, Jain and Taneja travelled explains, is to enable a fi nancially- best,” Shailendra Singh, managing from Bengaluru to Mumbai at least aware generation understand the director, Sequoia Capital (India) three times a week to pitch their fundamentals of personal fi nance Singapore, said in the media release. idea. There were no takers. ‘Teens and empower them to take fi nancial Though the funding and growth don’t earn, so they won’t spend’ was decisions with confi dence. have come at a super brisk pace, the the widely accepted norm. Despite The new kid on the block will beginning, especially the time leading multiple rejections, the duo persisted. have to ensure two things over up to the founding of FamPay, was Almost a year into the journey, the next few years: First, living up not easy. The founders were seen Jain feels vindicated. Every year, to the erratic expectations of the as ‘robinhoods’ during their college he underlines, millions of new teens. Second, generating enough days, disruptive in their ideas. teenagers will start using their fi rst cash—through revenue and not When a bunch of their collegemates smartphone and FamPay envisions funding—to ensure that banking started to learn coding, it appeared becoming their go-to brand. The fi nally becomes a child’s play.

JULY 30, 2021 • FORBES INDIA 88

PHOTOGRAPH: CELESTE SLOMAN FOR FORBES FORBES INDIA you’re notthereyet.Learninghappens ateveryage.” Julie Wainwright:“Youneedtothink ofyourcareerasalong-terminvestment.Neverstoptakingrisks. Andevenwhenyouthink Cross Border Cross •

JULY 30, 2021 entrepreneurs, leaders creators and who are part of an exhilarating movement exhilarating of an part are proving success that no age has limit For women, thesedynamic growing bolder. of class Meet inaugural the older isabout getting wiser—and redefining life’sredefining second and half Edited By MAGGIE MCGRATH The List The you’rethere, 50 OVER 50

By MIKA BRZEZINSKI

ven as a kid, I knew I wanted to be a reporter. E Closing my eyes, I had an image of what that future looked like for me after college, when I was 30, then 40. All with a family mixed in some way, somehow. Anything at 50 and beyond, though, proved mental white space. Did women even have careers at those ages? Looking around back then for role models in my desired fi eld, or pretty much any position of authority, it sure didn’t seem so. Now, four years into my 50s, I wish my teenage self could have conjured what I see now. Women over 50 are having a moment. A 56-year-old woman is vice president of the United States. A 64-year-old woman runs UPS. At 74, Janet Yellen runs the US Treasury; 81-year-old 89

Nancy Pelosi serves as speaker of the Mika Brzezinski: The Morning Joe co-host and founder of Know Your Value has partnered with House. Far better, though: All these Forbes for this inaugural edition of 50 Over 50 women, like millions of us, achieved their best success after 50. Rather equity titans), visionaries (whether extended further or looked more than just hanging on, experience tech entrepreneurs or artists) and beautiful. Just as modern technology and wisdom translate into our most changemakers (from politics to social has done its work on the biological productive days still in front of us. entrepreneurship). Most of these clock, relieving many women of the That’s why Forbes, in partnership extraordinary women touch all three. need to pack everything into their with Know Your Value, believes the We received more than 10,000 30s (freeze your eggs if you need time for this inaugural 50 Over 50 nominations for the 50 Over 50, to!), this list, we hope, removes list couldn’t be better. Our criteria and reviewed every single one, some of the professional tick-tock highlight why: First, yes, it’s just for amazing story after amazing story. pressure traditionally lurking for women. (Men already have their A large team of screeners winnowed younger women. It chronicles what’s own 50 Over 50 lists: the Business that initial list, using the criteria possible for older women. And it’s a Roundtable. NFL owners’ meetings. above, to a few hundred. From reminder to all of us that there’s no The US Senate. And so on.) Second, there, we convened an incredible rush—that we can stop and smell the we’re not necessarily looking for panel of outside judges: Diane fl owers and enjoy every experience, the most powerful women, but von Furstenberg, Andrea Jung every twist and turn, all of which rather those who leveraged their life and Janice Bryant Howroyd. provide yet another building block. experience to achieve their greatest These iconic women over 50 How do I know this is taking success past 50, with extra points for helped us develop this fi nal list. hold? Because in a world that has adversity overcome. Finally, we’re The results are inspiring. “We valued female youth for millennia, looking for scale—and purpose. need these women to tell their where shaving a few years down Women, of course, recognise that stories, share their paths to success,” felt expected, our fact-checkers the former is useless without the US’s First Lady, Jill Biden, recently found several prospective listees latter. To help focus, we sorted told me when I relayed some of who had lied up to get themselves candidates into three major buckets: the names we had discovered, or over our age threshold. Now that’s

Rainmakers (from CEOs to private rediscovered. Those paths have never change we can believe in. FORBES MILLER FOR REBECCA

JULY 30, 2021 • FORBES INDIA Cross Border

The New Rosalind ‘Roz’ Brewer • 58 CEO, Walgreens Boots Alliance In 2021, Walgreens Boots Alliance appoint- ed Brewer its CEO, making her the only Black Golden Age woman at the helm of an S&P 500 company. The daughter of assembly-line workers at General Motors, she was a fi rst-generation Selected from 10,000 nominees, these 50 college student who started as a trained women are running companies at scale chemist at Kimberly-Clark. In 2017, Brewer ($20 million or more in revenue), leading became the fi rst woman and fi rst African- movements and changing the world. They’re American to serve as COO of Starbucks. also paying forward their after-50 success  Tracy Chadwell • 55 Reporting By ELANA LYN GROSS & LISETTE VOYTKO Founding Partner, 1843 Capital Only 2.4 percent of venture capital found- ers are women, but after a career spent in law and banking, Chadwell felt ready to partnerships for communications fi rm take on the challenge. In 2016, she founded Madeleine Albright • AGE: 84 Edelman, she had a breakthrough idea in her 1843 Capital (named after the year that Ada Diplomat kitchen—where she spent too much time and Lovelace wrote the fi rst computer program) Born in the former Czechoslovakia in 1937, made too big a mess assembling homemade as a vehicle to invest in early-stage startups Albright escaped Nazi occupation with her caulifl ower-crust pizzas for her two then- founded by women and operating in the “sil- family, eventually arriving at Ellis Island in teenage sons, both of whom have Celiac ver tech” space—that is, technology geared 1948. A half-century later, when she was 59, disease. Unable to fi nd good frozen options, toward improving the lives of people over 50. Albright was appointed the nation’s fi rst she decided to package and sell her own, female Secretary of State. She has spent the inadvertently creating a new category of Carmen Chang • 73 last 20 years working to safeguard caulifl ower-based food. Today, Caulipower is one of the fastest-growing food brands, with General Partner, democracies around the world, and in 2018 New Enterprise Associates (NEA) published Fascism: A Warning. more than $100 million in annual sales. Born in Nanjing, China, and raised in Taiwan, Kathy Bolhous • 61 Chang came to the US to attend Stanford. 90 Nandita Bakhshi • 62 She then spent decades as a lawyer repre- CEO, Bank of the West, CEO, Charter Next Generation senting some of the world’s biggest tech Co-CEO, BNP Paribas USA Inc As the ninth of 10 siblings, who also put companies: Tencent, Lenovo, Huawei and In 2008, Bakhshi was working at Washington herself through college, Bolhous knows a Foxconn. At 64, Chang switched careers, be- Mutual when it became the biggest bank thing or two about healthy competition and coming a venture capitalist. In 2013, she was failure in American history. Not knowing what hard work. These lessons served her well: In named NEA’s fi rst female general partner. to do with her career, she returned to her na- 2010, when Bolhous took the reins as Charter Her eye for Chinese deals has been valuable: tive India to spend time with family and work Next’s CEO, the plastics company was worth Her portfolio of investments includes TikTok’s at a microfi nance organisation, lending mon- a paltry $62 million. Bolhous kept her parent, ByteDance, and software company ey to women in rural areas. She came back to head down, investing in the company’s Tuya, which has had the second-largest IPO the US the following year and was tapped in technology and, in 2019, engineering a by a Chinese company in 2021 so far. 2016 to be CEO of Bank of the West, a merger with a competitor to form a subsidiary of BNP Paribas, where she’s using bigger, better Charter. Investors approve: In Anna Maria Chávez • 53 May 2021, the company landed an investment what she learnt about gender equity in Executive director and CEO, fi nance to advocate for women in P&L roles. (of an undisclosed amount) from KKR that puts Charter’s new market value at $4 billion. National School Boards Association In June 2020, Chávez was appointed to Mary Barra • 59 Diana Bomar • 74 the biggest job of her life: Running an Chair and CEO, General Motors (GM) organisation that represents the nation’s Founder and CEO, Platinum Cargo Logistics When Barra was named the CEO of GM in 50 million public-school students during 2014, she became the fi rst woman to lead Bomar dropped out of college to raise her a pandemic that has shuttered in-person one of the nation’s Big Three automakers. children, but by the time she turned 57, those learning for more than a year. A longtime Barra has since pushed the 112-year-old kids were adults. She realised she was now advocate for better STEM education company to focus on 21st-century free to leave a career spent working in sales for women and the former head of innovations, including self-driving cars and for other people and go into business for Girl Scouts of America, Chávez is using electric vehicles; she has pledged that the herself. So she launched Catalyst Solutions, her position to lobby for more coronavirus entire GM fl eet will be electric by 2035. an independent logistics company. Four relief for schools, arguing that the $54 billion years later, Bomar spun Catalyst into deployed in December is insuffi cient Platinum Cargo Logistics, a domestic and in the face of municipal budget cuts. Gail Becker • 57 international shipping provider with a Founder and CEO, Caulipower staff of 130 and north of $50 million in Liz Cheney • 54 annual revenue. Becker’s career has taken her from Capitol Congresswoman, Wyoming–At Large Hill (she was a broadcast journalist in the late 1980s) to the halls of Warner Bros, A conservative who was fi rst elected to her where she worked as a communications congressional seat at 50, the daughter of the strategist in the earliest days of the DVD. In former vice president has risen to nation- 2016, when Becker was running strategic al prominence as her party’s most vocal critic of former US President Donald Trump. One of

FORBES INDIA • JULY 30, 2021 50 OVER 50

Tracy Chadwell: “I never saw any other women investors. I never saw any women founders of companies. And all of a sudden, we had this perfect storm of women being interested in building businesses, and no capital. So I said, I’m going to start by investing in women.”

91

just 10 House Republicans to vote to impeach the former president in January, she Fran Dunaway • 60 Amy Errett • 63 has since fought claims that the 2020 Co-founder and CEO, TomboyX CEO and Founder, Madison Reed presidential election was “stolen”, a stance At 52, Dunaway co-founded gender-neutral Errett worked at Bankers Trust, E-Trade that led her party to vote to remove her as intimates and loungewear maker TomboyX and venture capital fi rm Maveron before leadership chair in May. with her wife. They’ve gone from working starting her at-home hair colour company, out of their garage to running a fast-growing Madison Reed, in 2013. Sales for the brand Jennifer Doudna • 57 business whose sales jumped 50 percent last have boomed as the pandemic shuttered Co-founder, Mammoth Biosciences year, to $24 million. The company also repre- salons, including her own. She grew her sents the community it serves, with 81 percent customer service team, hosted virtual tutori- Doudna, a biochemist, was awarded a of the 35 employees identifying as female or als with colourists and expanded TV advertis- Nobel Prize in December for her work in genderqueer/non-conforming, 42 percent as ing. The pivot paid off : Madison Reed raked CRISPR gene editing, which enables the LGBTQ and 16 percent as non-white. in more than $100 million in 2020 revenue, genomes of living organisms to be double that of the previous year. The compa- modifi ed. She’s also an entrepreneur: In ny raised $52 million in February, bringing its 2017, she co-founded CRISPR disease- Cathy Engelbert • 56 total funding to nearly $200 million. detecting fi rm Mammoth Biosciences, which Commissioner, WNBA in 2020 raised a $45 million Series B round and counts Apple CEO Tim Cook among its In 2019, at 54, Engelbert was named Janet Evanovich • 78 commissioner of the WNBA, the oldest early investors; today, she’s the chair of the Author company’s scientifi c advisory board. Doudna professional women’s sports league in the has also applied CRISPR technology to the United States. Immediately prior to that, Evanovich had been writing romance books pandemic through Mammoth’s creation of a she spent four years as Deloitte’s CEO, the with moderate success when, at 51, she Covid-19 diagnostic test, though it has not fi rst woman to hold that position. She also published her fi rst crime novel, the fi rst in what yet been deployed at scale. sits on the board of McDonald’s. became the Stephanie Plum series. Forty of her books have been New York Times bestsellers; her advances, which once amount-

ed to $7,000, now routinely top seven fi gures. FORBES MILLER FOR REBECCA

JULY 30, 2021 • FORBES INDIA Cross Border

 Aicha Evans • 52 Aicha Evans: “I feel CEO, Zoox free. I don’t really have anything to Growing up in Senegal and Paris, Evans prove to anyone in idolised Marie Curie and dreamt of the grand scheme of becoming a technologist—one who would things. Life is good.” make an impact on the world. In 2019, after more than a decade of working for Intel, Evans got that chance: She was tapped to become the CEO of autonomous-vehicle company Zoox. Less than a year later, she orchestrated its $1.2 billion sale to Amazon but held on to her C-suite spot. “When you’re a little girl born in West Africa, you’re not exactly supposed to be—at least in this current world—sitting where I am,” she says.

Anne Finucane • 68 Vice chair, Bank of America Bank of America’s vice chair since 2015, Finu cane is on the cutting edge of corporate and social responsibility initiatives with a $300 billion budget to spark climate action and $1.25 billion to support racial justice and equality for people of colour. She is a confi dante of CEO Brian Moynihan, who once joked that “we all report to Anne”.

Jane Fraser • 53 CEO, Citigroup Fraser became the fi rst female CEO of a 92 major Wall Street bank in March when she took the job at Citi as the fi rst woman to lead the 209-year-old fi rm. Born in Scotland, Fraser started her career as an analyst at Goldman Sachs in London in 1988. After earning her MBA in 1994, she joined McKinsey & Co as a part-time consultant while raising her two young children; she later became a partner.

Ina Garten • 73 Chef, TV Host In 1978, Garten left her job as a budget analyst at the White House to buy a specialty food store in East Hampton, New York. After 18 years, she sold the business where it’s one of the top brands. Revenue service, R3 Score, with her daughter (the and decided to write a cookbook. In 1999, topped $60 million last year. startup was accepted into incubator at 51, she published the best-selling The Techstars) and Mission Launch, a non-profi t Barefoot Contessa Cookbook, catapulting Kamala Harris • 56 that works with fi nancial institutions to help her career. Her popular Food Network show the formerly incarcerated obtain access to debuted in 2002, and she has written 12 Vice president of the capital to start their own businesses. chart-topping cookbooks in all. United States of America On January 20, 2021, Harris became the Lori Hotz • 54 highest-ranking woman in American political Marla Ginsburg • 65 history. She is the fi rst woman, the fi rst Black Co-founder and co-CEO, Lobus CEO and Owner, MarlaWynne person, the fi rst South Asian–American and Three years ago, Hotz started the At one point a high-ranking television the fi rst graduate of a historically Black asset-management platform she wished producer with credits including Highlander college to become vice president of the existed when she was a global managing and La Femme Nikita, Ginsburg saw her United States. director at Christie’s. Now with $5 billion career prospects and investments wiped out in assets, Lobus leverages blockchain after the 2007 TV writers’ strike and 2008 Teresa Y Hodge • 58 technology to provide artists, collectors recession. So in 2009, Ginsburg bought and advisors with management tools a sewing machine and taught herself to Founder, CEO Mission Launch including real-time market pricing make clothes. The result: Her fashion brand When Hodge was 44, she was found guilty information, portfolio analytics and a Marla Wynne, which peddles “real woman of mail fraud and served 70 months in jail. digital inventory. Its mission is to give sizes” and is aimed at Boomers growing Five years after getting out, in 2017, she artists continued ownership over their

CELESTE SLOMAN FOR FORBES FOR SLOMAN CELESTE older. It has found success on QVC and HSN, co-founded an alternative background-check work so they profi t from future sales.

FORBES INDIA • JULY 30, 2021 50 OVER 50

Arianna Huffi ngton • 70 Dr. Katalin Karikó: Founder and CEO, Thrive Global “Everybody was saying no, no, no. In 2005, at 54, the journalist and But as long as I had author founded her own media company, one person who was The Huffi ngton Post. She collapsed two for the idea... if you years later due to sleep deprivation and focus, you can burnout. It led her to change her habits stay on course.” and, eventually, her career trajectory. At 65, she left to start Thrive Global, a company that aims to help people reduce stress and burnout via media and technology.

 Dr Katalin Karikó • 66 Biochemist and senior VP, BioNTech The Hungary-born scientist immigrated to Philadelphia in 1985 with her husband, daughter and roughly $1,200 stuff ed in a teddy bear for safe keeping. She pioneered research into mRNA technology in the early 1990s but for years toiled away in obscurity. At one point, she was demoted because a boss deemed the technology too nascent. Now she’s being hailed as a hero whose work helped accelerate the development of the Pfi zer and Moderna Covid-19 vaccines currently being distribu ted across the globe.

Kay Koplovitz • 76 Co-founder and chair, Springboard Enterprises 93 Koplovitz started USA Today Networks in 1977 and helmed the company until it was sold for $4.5 billion in 1998. In 2000, at 55, she started the accelerator Springboard Enterprises to increase funding for female founders. Since then, Springboard’s 835 portfolio companies have created more than $27.5 billion in value.

Ellen Latham • 64 tests and more than 17 million vaccines chapters by consolidating purchasing, Founder, Orangetheory Fitness in its stores and long-term care facilities. marketing and other vital resources to cut In 2010, Latham co-founded Orangetheory costs and increase effi ciency. More than a Fitness, a boutique workout that has decade later, she has been largely credit- Susan Lyne • 70 developed a cult following and, pre- ed for revitalising the organisation, which re- pandemic, hit $1 billion in franchise-wide Founder, BBG Ventures sponds to some 60,000 disasters every year. sales. Starting the company marked a In 2014, Lyne founded BBG Ventures, a rebound for Latham: When she was 40, she fi rm focussed on early-stage consumer Cindy J Miller • 58 had been fi red from her job as a physiologist companies with female founders. Her at a high-end spa. She was a single mother, portfolio reads like a who’s-who of such CEO, Stericycle so to pay the bills she started teaching startups, with investments in Glamsquad, Full Miller began her career as a UPS delivery Pilates out of her home; this eventually Harvest, Lola and Zola, among others. Lyne driver, ultimately spending more than morphed into what is now the signature made the jump to entrepreneur/venture cap- three decades with the logistics company science-backed Orangetheory workout. italist after a career spent in corporate Amer- before joining medical-services provider ica; she held various leadership positions at Stericycle as president and COO in 2018. A Karen Lynch • 58 Disney, ABC, Martha Stewart Living Omnime- year later, at 55, Miller was promoted to CEO. dia, Gilt Groupe and AOL’s Brand Group. She has since led Stericycle to a $7 billion President and CEO, CVS Health market capitalisation—up 55 percent since Lynch ascended to the top role at the her promotion—and overseen its rollout of Gail McGovern • 69 300,000-person health-services company in pandemic-related medical waste disposal. February. She joined Aetna in 2012 and was CEO, American Red Cross appointed its president three years later. She McGovern was tapped as Red Cross CEO in Donda Mullis • 57 joined CVS as executive vice president when 2008, when its reputation and fi nances were it completed its $70 billion acquisition of in need of rescue. Using nearly 30 years of Co-founder and CMO, Raw Sugar Living Aetna in 2018, and has led its Covid-19 corporate experience at places like AT&T, After decades as a marketer helping oth- response eff ort since last March. To date, McGovern streamlined the Red Cross’s 720 er people develop their brands, Mullis decid-

CVS has administered 23 million Covid FORBES MILLER FOR REBECCA

JULY 30, 2021 • FORBES INDIA Cross Border

ed it was time to build her own company at Kim Ng: 51. In 2014, she and husband Ronnie Shugar “To be rejected that launched Raw Sugar, a clean-beauty brand many times [after now sold in Target stores nationwide. interviews with 10 Estimated sales last year were $60 million. teams over the years] is tough on anybody’s ego. But at the end of  Kim Ng • 52 the day, it’s hard to lose hope in your dreams, General manager, Miami Marlins and you just have to Ng, who played softball at the University keep pushing on.” of Chicago and wrote her thesis on Title IX, has spent her career in baseball’s front offi ces and unsuccessfully sought the GM job with 10 teams over the years; the Dodgers, Mariners and Angels are among the franchises that turned her down. It was a 2020 interview with Derek Jeter’s Marlins that got her around the bases at last. Ng is the fi rst woman in Major League Baseball history to become a team’s GM.

Catherine O’Hara • 67 Actor O’Hara started her career as a comedian in 1974 and appeared on television and in movies throughout the ’80s and ’90s (notably, she played Kevin’s mother in Home Alone). But her theatrical portrayal of Schitt’s Creek’s Moira Rose from 2015 to 2020 propelled O’Hara to new levels of fame and meme-ability. As her now-iconic character might say: “I can hardly hear you! The 94 cheering and accolades are drowning out your gentle voice.”

Eren Ozmen • 62 Owner, chairwoman and president, Sierra Nevada Corporation Ozmen and her husband, Fatih, both Turkish immigrants, used their house as collateral to get a loan to buy Sierra Nevada Corporation for $5 million in 1994. They grew what was then a 20-person electronics business into a multibillion-dollar global aerospace and national-security company with nearly 5,000 employees. In 2008, they bought their now-famous Dream Chaser spacecraft, signalling their move into that sector; nine years later, Ozmen became a billionaire. In 2020, NASA selected Dream Chaser to provide cargo services for the International Space Station.

Bettie J Parker • 72 Mayor, Elizabeth City, North Carolina When Parker was born in 1948 in Elizabeth City, North Carolina, Jim Crow ruled the land. Growing up, she was not allowed to use most city services, including the public swimming pools. Sixty-nine years later, in 2017—and after a 33-year career as a math teacher at the town’s high school—Parker was elected its mayor. She is the fi rst woman to hold the position.

REBECCA MILLER FOR FORBES

FORBES INDIA • JULY 30, 2021 50 OVER 50 Screen Queen Shonda Rhimes spent the first 12 years of her TV career contributing to Disney’s empire. Now she’s building her own

By MADELINE BERG

ast Christmas, as millions of people were watching Bridgerton for the fi rst time, Shonda Rhimes was at home in L Los Angeles with her three daughters, unwrapping gifts. Her fi rst hints of the mania her debut Netfl ix series was sparking were multiple gushing texts from the streaming giant’s CEO, Ted Sarandos. Then came an email from Hillary Clinton. “How does one cure oneself of a Duke obses sion?” Clinton asked, referring to the Shonda Rhimes: “I’m very clear on my track record... I’m no longer worried about negotiations in any way, shape or form.” actor Regé-Jean Page and his beloved portrayal of aristocrat Simon Basset in the as the medical drama Grey’s Anatomy; That empire, dubbed Shondaland, is now Regency-era drama. Scandal, which cast Kerry Washington as the 50 staff ers strong and, like the casts of her With her adaptation of the popular fi rst Black female lead in a network drama in series—some of the most racially diverse on 95 romance novels, Rhimes, 51, has done the almost 40 years; and How to Get Away with television—is “uncommonly inclusive”, ac- seemingly impossible: Created a must-see Murder, starring Viola Davis, who became the cording to Rhimes. While half are engaged in sensation in a world overfl owing with binge- fi rst Black woman to win a Best Lead Drama creating television, the others are working in worthy television. In the fi rst 28 days it was Actress Emmy for her role. new areas. There’s Shondaland Audio, a available, 82 million households—40 percent Even so, Rhimes had to constantly fi ght partnership with iHeartRadio, which has a of Netfl ix’s paying audience—watched the for higher writing and producing salaries (she Bridgerton companion podcast, as well as eight-episode series, smashing the service’s went from making about $30,000 per shows hosted by Laverne Cox and Scandal previous viewing records. Sarandos booked a episode to $250,000 since Grey’s premiered star Katie Lowes. Shondaland.com, a second season within weeks, and in April he in 2005, Forbes estimates) and a larger cut partnership with Hearst, is a mix of articles agreed to fund seasons three and four. A of the show’s profi t. Network executives meant to empower women and update fans spinoff is in the works. Rhimes, who is would eventually step up, she says, but it was on Rhimes’s series. There’s also an eight- already making about $30 million a year to always a battle. week Peloton programme based on her create exclusive content for the streamer, is 2015 inspirational book, Year of Yes, and a expected to receive millions in bonus pay “It’s really startling to realise how much top-selling master class. money your work is earning for a place and because of the series’ success—a rare feat in Forbes estimates Rhimes will earn close typically frontloaded streaming deals. then to discover how much they think that you’re worth versus that,” she adds of the to $40 million from Netfl ix this year thanks “I never worried that I deserve the mon- years she spent wrangling with ABC. to her Bridgerton bonuses, plus about $8 ey,” Rhimes says. “I deserve every penny I million in producing fees for Grey’s Anato- make... I always fi nd these young women When she began negotiations with my and Station 19, another $17 million for her who have been conditioned to believe or to Sarandos in 2017, Rhimes dispensed with any share of the profi ts from Grey’s, Scandal and speak of themselves in ways that make them pretense of modesty. “I was very clear that How to Get Away with Murder, and a few mil- smaller. It drives me bonkers.” everybody was going to make it happen in lion more from Shondaland ventures, includ- the way that I wanted,” she says. Sarandos Bridgerton’s resounding success is proof ing podcasts, web content, books and more. concurs: “I’ve been astonished by Shonda’s All told, Rhimes should take home close to that jumping ship in 2017 from ABC, her total clarity about what she wants in this home for more than a decade, has paid off . “I $70 million before taxes in 2021, her biggest next chapter. [She] is at the very top of her payday yet. Since her television career be- don’t know how you do things without game.” betting on yourself,” the show creator says. gan, she has earned more than $350 million, “If I was going to play it safe, I would’ve “Shonda Rhimes is a force like no other,” pre-tax. stayed exactly where I was and kept doing says Michelle Obama, who fi rst met Rhimes All that is just the beginning, too, as exactly what I was doing. It wasn’t like a when the showrunner sat in the Obamas’ box Rhimes looks decades ahead. “We’re not crazy leap to believe in myself.” at the 2013 Kennedy Center Honors. “All you working for anybody... We do things the have to do is look at the empire that keeps Not after all her success. Rhimes has Shondaland way,” she says, adding: “In 30 growing year after year to see that her years, somebody should look around and not brought in more than $2 billion to ABC’s par- stories—her example—are something people ent company, Disney, with hits such know there’s a Shonda to the Shondaland.”

are hungry for.” FORBES FOR TOPPIN JAMEL

JULY 30, 2021 • FORBES INDIA Cross Border

 Nancy Pelosi • 81 Speaker of the House of Representatives First elected to Congress at the age of 47, Pelosi became the fi rst woman to lead a major political party when she was elected Speaker of the House in 2007. She regained her position and started her third term as speaker in 2019 after the Democrats retook the House in the 2018 mid-term elections, becoming the fi rst person to serve three terms as the head of the House in more than 60 years.

Esther Perel • 62 Psychotherapist, author and podcast host Perel has run her New York City–based practice for more than 35 years, but the release of her 2017 book, The State of Aff airs, and the launch of her podcast, Where Should We Begin, turned her into the nation’s pre- eminent relationship and sexuality expert. Perel’s three TED Talks have racked up 30 million–plus views, and two bestsellers have been translated into nearly 30 languages.

Shonda Rhimes • 51 Founder, Shondaland The creator of Grey’s Anatomy scored this year with Bridgerton, the fi rst show she produced for Netfl ix under her landmark 96 $150 million deal.

María Elvira Salazar • 59 Congresswoman, Florida-27 Salazar came to politics after a three- decade career as a journalist for Spanish- Nancy Pelosi: language television. She fi rst ran to “People make their own represent Florida’s 27th congressional decisions about their district in 2018, positioning her past timing, and they don’t have interviews with Fidel Castro and Venezuela’s to comply with somebody Nicolás Maduro as confrontations with else’s view of how that “corrupt elites.” Though she lost that 2018 should be. It’s about what works for them.” race, she engineered an upset victory in 2020 with support from President Trump and a surge of conservative Cuban- by the military to heal battlefi eld injuries. her one of television’s highest-paid stars. In American voters in Miami-Dade County. Shaban started Virtue Labs in 2014, two 2021, Judge Judy goes off the air after 25 years after meeting the scientists behind the seasons, but Sheindlin will soon debut a new Miyoko Schinner • 63 keratin; her fi rst products launched in 2017. show, Judy Justice, on cable and streaming. In just four years since its launch, Virtue has Founder and CEO, Miyoko’s Creamery won more than 50 editorial and industry Rea Ann Silva • 59 In 2014, then-57-year-old Schinner awards and signed Jennifer Garner as a founded vegan cheese company Miyoko’s celebrity partner (her hairdresser Founder, Beautyblender Creamery from her California kitchen. recommended the product). Its revenue Silva was working as a makeup artist on She now oversees a 200-person team, doubled year-over-year to $30 million the show Girlfriends when she formed the and her plant-based cheese and in 2020. beginnings of what would become a butter products are sold in more than category-creating product: She cut makeup 29,000 stores across North America and Judy Sheindlin • 78 sponges into egg shapes to smooth skin Australia. The vegan and self-proclaimed imperfections to a degree that not even “former cheese-aholic” also runs Rancho TV Courtroom Judge high-defi nition television would show. Compasión, a sanctuary that rescues The Manhattan criminal and family court Actors swiped them for themselves—helping neglected farm animals. judge known for her tough demeanour convince her to found Beautyblender captured the attention of millions with her in 2007. Silva kept her day job as a makeup Melisse Shaban • 60 courtroom programme Judge Judy, which artist as she worked to scale the company debuted in 1996 when she was 53 (after she but didn’t move to the business full-time Founder and CEO, Virtue Labs retired from her court job). It became the until Beautyblender’s products expanded The keratin used in Shaban’s hair-care prod- top-rated daytime TV show, and her $47 nationwide in 2012. Today, sales are close

REBECCA MILLER FOR FORBES MILLER FOR REBECCA ucts to repair damaged hair was developed million annual salary starting in 2012 made to $200 million.

FORBES INDIA • JULY 30, 2021 50 OVER 50

• 75 Ruth J Simmons Dr Laura Stachel: President, Prairie View A&M University “What was once viewed Simmons has had multiple “fi rsts” in as the most devastating setback to my career academia, but her biggest have come past ended up opening the 50. In 2001, she was named president of door to probably even a Brown University, making her the school’s more exciting career... fi rst female president and the fi rst African- I loved working with American to lead an Ivy League institution. patients one on one, but In 2017, at 71, she was named the fi rst female now I know I’m touching president of Prairie View A&M, a historically literally millions of lives.” Black college in Texas.

 Dr Laura Stachel • 62 Co-founder and executive director, We Care Solar A trained concert pianist whose dexterity helped during her two-decade career as an obstetrician, Stachel had been a busy clinician until a back injury sidelined her medical career in her mid-40s. She went back to school, getting her master’s in public health. When she was 51, she co- founded We Care Solar, an energy compa- ny that provides “solar suitcases” (briefcases fi lled with solar-powered lighting and emer- gency communication tools) to underserved health clinics and hospitals throughout Africa. To date, 6,000 of them have helped more than 7.5 million mothers and newborns.

Carol Tomé • 64 97 CEO, UPS Tomé, a longtime Home Depot executive who had been passed over for the top job there, started 2020 in retirement. But when UPS (a company on whose board she’d sat since 2003) came calling, Tomé readily re-entered corporate life. Shares of the logistics giant have doubled since she took over last June, and the company proved to be a lifeline for essential household goods during coronavirus stay-at-home orders.

Julie Wainwright • 64 Founder and CEO, The RealReal Once the CEO of dotcom bubble casualty Pets.com (she shut it down in 2000 the same day her husband asked for a divorce), Wainwright started over again in 2011 at 53 with luxury-goods consignment shop The RealReal. She took the second-hand marketplace public in 2019; the company, which has $300 million in sales (trailing 12 months), is now worth $1.3 billion. Julie Wainwright: Photography by Celeste Sloman for Forbes. Floral design by Emily Thompson Flowers, assisted by Suzette Lee. Produced by Peter Schnaitmann. Mika Brzezinski: Photography by Rebecca Miller for Forbes. Floral design by Emily Cathie Wood • 65 Thompson Flowers, assisted by Alison Layton and Kinga Mojsa. Hair and makeup by Suzannah Halilii. Photographed at the CEO, Ark Invest Four Seasons Hotel Washington, DC. Tracy Chadwell: Photography by Rebecca Miller for Forbes. Floral design by Emily Thompson Flowers, assisted by Alison Layton and Kinga Mojsa. Hair and makeup by Suzannah Halilii. Photographed at A star stock picker, Wood founded Ark Invest the Four Seasons Hotel Washington, DC. Aicha Evans: Photography by Celeste Sloman for Forbes. Floral design by Emily in 2014 at 58; her hedge fund has $29 bil- Thompson Flowers, assisted by Suzette Lee. Hair and makeup by Dawn Suti. Produced by Peter Schnaitmann. Dr. Katalin lion in assets. Known for her bold predictions Karikó: Photography by Rebecca Miller for Forbes. Floral design by Emily Thompson Flowers, assisted by Alison Layton and (bitcoin will one day hit $500,000, she says), Kinga Mojsa. Kim Ng: Photography by Rebecca Miller for Forbes. Floral design by Emily Thompson Flowers. Produced by Wood is one of Tesla’s biggest boosters—she Peter Schnaitmann. Photographed at loanDepot Park in Miami, Florida. Shonda Rhimes: Photography by Jamel Toppin for invested in the electric-vehicle manufacturer Forbes. Floral design by Emily Thompson Flowers. Hair by Verlyn Antoine, makeup by Armond Hambrick, styling by Dana Asher Levine. Nancy Pelosi: Photography by Rebecca Miller for Forbes. Floral design by Emily Thompson Flowers, assisted by in 2018, predicting then that its stock would Alison Layton and Kinga Mojsa. Hair and makeup by Suzannah Halilii. Photographed in the National Statuary Hall, US Capitol, hit $4,000. It reached that number in Janu- Washington, DC. Dr Laura Stachel: Photography by Celeste Sloman for Forbes. Floral design by Emily Thompson Flowers,

ary, two years before she expected it to. assisted by Suzette Lee. Hair and makeup by Dawn Suti. Produced by Peter Schnaitmann. FORBES FOR SLOWMAN CELESTE

JULY 30, 2021 • FORBES INDIA ForbesLife ON HEALTH THOUGHTS

SHUTTERSTOCK Be careful about reading health books. You may die of a misprint. —MARK TWAIN American author SHUTTERSTOCK

The doctor of the future will give no medicine, but will instruct his patients in care of the human frame, in diet, and in the cause and prevention of disease. —THOMAS EDISON SHUTTERSTOCK American inventor and businessman The cheerful mind perseveres, and the strong mind hews its way through a thousand difficulties. —SWAMI VIVEKANANDA Indian monk

98 Good health is not

something we can buy. GETTY IMAGES However, it can be an extremely valuable To keep the body in A sad soul can be just savings account. as lethal as a germ. —ANNE WILSON SCHAEF good health is a duty... —JOHN STEINBECK American clinical American author psychologist otherwise we shall not be able to keep the mind Health is not valued till strong and clear. sickness comes. —BUDDHA —THOMAS FULLER Founder of Buddhism English historian

I have chosen to be happy because it is good for my health. —FRANÇOIS-MARIE VOLTAIRE French philosopher GETTY IMAGES

Keeping your body healthy is an expression Healing is a matter GETTY IMAGES of gratitude to the whole of time, but it is He who has health, GETTY IMAGES cosmos—the trees, the sometimes also a has hope; and he Physical fitness is the clouds, everything. matter of opportunity. who has hope, has first requisite —THICH NHAT HANH —HIPPOCRATES everything. of happiness. Vietnamese spiritual Ancient Greek —THOMAS CARLYLE —JOSEPH PILATES leader physician Scottish historian German physical trainer

FORBES INDIA • JULY 30, 2021