According to a report by Private Circle, Paytm employees who left the company to start 22 different startups have collectively reached a valuation of ₹10,668 crore. Among these startups are Pocket FM, co-founded by Rohan Nayak, Park+ by Amit Lakhotia, and Indiagold by Deepak Abbot and Nitin Misra.

 Most of these companies were established after Paytm’s ₹300 crore ESOP buyback in January 2018. The report also mentioned that around 24% of these startups are in the fintech sector, creating 2,500 jobs in the country. 

Additionally, employees who departed from Flipkart have contributed to companies valued at $24.6 billion, including PhonePe, Groww, Udaan, and others.

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The administrator and committee of creditors of Reliance Capital have agreed to release bank guarantees of three bidders, but the guarantee of the Torrent Group will only be released after seeking legal opinion due to a case before the Supreme Court.

 The three bidders, Oaktree Capital, Piramal Enterprises, and Cosmea Financial Holdings, did not participate in the extended challenge mechanism or the second e-auction, citing lack of clarity in the process. 

They had requested assurance of finality in the insolvency process before placing bids. The CoC of Reliance Capital could not incorporate a finality clause in the second e-auction, which was opposed by the company’s largest lenders. Torrent Group’s bank guarantee will be released later pending the legal opinion on their case before the Supreme Court.

 Typically, bank guarantees are released within 14 days of regulatory approvals in bankruptcy proceedings. The resolution plan submitted by IndusInd International Holdings was approved by the Mumbai bench of the NCLT on February 27.

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In March, the HSBC Flash India composite Purchasing Managers’ Index (PMI) increased to 61.3, the highest in eight months, from 60.6 in February, due to strong demand conditions that boosted growth and sales, according to S&P Global. 

The growth was mainly driven by a significant rise in manufacturing output, with both domestic and export orders showing improvement. Service providers also experienced a rise in business activity similar to February. 

The index, which measures the combined output of India’s manufacturing and service sectors, is compiled from surveys of around 400 manufacturers and service firms. In March, new export orders saw the fastest expansion in seven months, with increased buying levels and input inventories also expanding.

 Price pressures increased for private sector companies, leading to higher output charges. Despite this, business optimism improved in March, driven by expectations of continued growth and favorable economic conditions.

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A senior government official stated that price controls for pharmaceutical formulations and medical devices should be established based on different criteria, as these are distinct product categories. 

Despite a government committee preparing to review the Drug (Prices Control) Order (DPCO), 2013, the official, Arunish Chawla, reassured medical device manufacturers that this review would not necessarily result in broader price controls that could harm the industry.

 Chawla mentioned that the committee would engage with medical device associations as “special invitees” to understand their perspectives before making any recommendations. 

He emphasized the need to differentiate between drugs and medical devices within the regulatory framework, citing differences in development cycles and approval processes. 

Chawla highlighted the necessity for a new legal framework to cater to the evolving pharmaceutical and medtech industry while ensuring drug availability and affordability. Lastly, Chawla dismissed speculations about imposing price ceilings on more medical devices.

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Zia Mody, Co-founder and Managing Partner of law firm AZB & Partners, stated that India’s entrepreneurship journey has gained worldwide acclaim, leading to increased interest from foreign investors in domestic companies.

 The number of unicorns in 2022 was 44, while in 2023 there were only one or two, but Mody believes that the global recognition of Indian entrepreneurship will attract more foreign investment. This support is driven by successful entrepreneurs and the potential of young individuals to create value, ensuring a continued interest from investors in the future.

Speaking with Anant Goenka, the Executive Director of The Indian Express group, Mody expressed confidence in the potential for progress in the current decade.

 He emphasized the importance of maintaining good governance to capitalize on factors like demography, democracy, and the aspirations of the youth.

When asked about the challenges facing four top startups – Dream11, Paytm, Byjus, and Ola – Screwvala stated that every business group experiences ups and downs, and it wouldn’t be fair to single out a few.

 He mentioned that governance develops with time and is influenced by the investors involved. Screwvala highlighted his concerns about the sense of entitlement among entrepreneurs and the success overshadowing the true meaning of life.

 He also emphasized the increasing income inequality in the country, calling for more attention to wealth balance and income equality for India to progress as a fully developed nation.

Swati Piramal, Vice-Chairperson of Piramal Group, was honored with the lifetime achievement award this year. Ananya Birla, Roshni Nadar Malhotra, along with other exceptional winners, were recognized for their significant contributions in their respective fields.

 The list of winners also included Deepika Padukone, Renuka Ramnath, Zoya Akhtar, Reema Kagti, Meher Pudumjee, Laila Tyabji, Jyotsna Suri, Indu Shahani, Meena Ganesh, Ghazal Alagh, and Vineeta Singh in various categories. Avarna Jain was selected as a promising FICCI-FLO entrepreneur.

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