Connect with us
Wednesday,02-April-2025
Breaking News

Business

Ronnie Screwvala: No funding winter for startups with real business models

Published

on

There is no funding winter for startups and unicorns with great and real business models and for those building organisations to outlast all others, according to Ronnie Screwvala, Co-Founder and Chairperson of higher education platform upGrad.

In an interaction with Screwvala said that even today, there are investments being closed daily across multiple sectors, as the world faces a great deal of uncertainty over multiple macro-economic factors.

Here are the excerpts from the interview:

Q: How do you look at the current wave of ‘funding winter’ in India?

A: I am always amused to hear this phrase ‘funding winter’, heard it so often in the last 15 years. I always thought only God was responsible for the multiple seasons we enjoy each year but of late, the private equity (PE) investor community is taking that place with their own patent on seasons.

Summer is when you bask in your own self-made glory, excesses and intoxication of hyper valuations, where no one is accountable and everyone is told to make hay while the sun shines.

Monsoon (unique to India) is a realisation that when ‘it rains it pours’ — good or bad.

Then, of course, is Winter, the time to re-write the same 50-page presentation that in summer months said exactly the opposite — the time to reverse the same intoxication of fund raise, valuations and hyper so-called growth with ‘one time’ write downs and blame the whole world, war, inflation and more, that was lurking around the whole summer but no one wanted to put their glasses on.

Seriously though, there is no funding winter for companies with great and real business models and for those building organisations to outlast all others. Even today there are investments being closed daily across multiple sectors — maybe not with the maverick investors who may be.

Let’s face it, the markets have corrected 10-12 per cent, that’s it. Overall, it is still way higher than pre-Covid and if you look, many companies are at their all-time high. This is also the best time for real businesses and mature founders not inflated with valuations to go out there.

Every company worth its value has to go through multiple seasons, over and over again, and the right ones grow and mature from that.

Also in Winter, the most elegant of snow leopards come out to hunt and be predators, and so Winter is the time for those who want to build to outlast and who want to be predators.

Q: The edtech sector is witnessing layoffs. Is this because funding dried up or there is more to it?

A: There is absolutely no ‘dry spell’. Just because a few handful of start-ups got crazily funded, made them lose all focus, pushed to grow and diversify are now being forced by those same investors to wake up and smell the coffee, does not mean there is any dry spell.

They were misguided by themselves and their Board and now are correcting themselves, unfortunately at the cost of valued working colleagues, but they are the exception, not the trend at all.

Never in a 100 years of education and ‘LifeLongLearning’ has there been a more opportune time to disrupt scale and include millions of college learners and working professionals to re-invent, re-skill and get onto a new growth path in their careers. India is also placed brilliantly to open up the higher education market in Asia and around the world.

We, at upGrad, have stayed away from the hubris of distraction and focused on outcomes and impacting careers.

Let there be no mistake, there is no better time than now. K12 went through its Covid bump and it is now seeing much needed correction, but the majority of companies in edtech are just getting started.

Q: How do you look at the global macroeconomic conditions that have engulfed economies the world over?

There were some interesting themes across the three days at the World Economic Forum (WEF) at Davos. Here are some takeaways:

A) Those who were questioning the end of globalisation had not really spent enough time defining what that meant in the first place, before sounding the death knell on it. Globalisation is here to stay as the world consumer wants it that way. An 18-year-old Zayda in Bangladesh wants to own an Apple iPhone and the 22-year-old Amari in Zambia wants to graduate from a UK university.

While the world leaders have in their own way created barriers, through war or threats of war and more insular growth, the seven billion+ people on this planet will not let that happen and globalisation will prevail.

B) There is a reskilling revolution that is happening and will be a tsunami over the next decade across the world. Better education and lifelong learning — accessible and affordable to all — digitally can and will add a massive $8 trillion to the global GDP in this decade. Power shifts in countries will take place based on the workforce and their population being ready for the jobs of tomorrow and also be the learning capitals of the world.

C) India also has the place and the position to be the new voice of global leadership — largest democracy, fastest growing economy and a world leader with clarity, conviction and an agenda to put it at the centre-stage in the world.

D) There is no doubt that the world is going to pass through a very, very challenging time. With food being disproportionately available to countries around the world, the poor will get poorer even if the rich do not get richer. Covid is not leaving the planet in a hurry but has got us all hyper alert on health enough to take notice of even Monkeypox – something that was prevalent in Africa for years but ever since it hit the “western” world.

And the war is not going away in a hurry and it will be interesting to see how engaged the West stays as the war prolongs or will they lose interest if it does not serve their agendas.

The big question we also need to track is how polarised the world will get in the next two-three years. All of this will call for incredible world leaders and leadership in politics and in building business and organisations.

National

Bengal Police unnecessarily creating panic over Ram Navami: BJP

Published

on

Kolkata, April 2: A senior leader of BJP from West Bengal, on Wednesday, accused the West Bengal Police of creating unnecessary panic among common people over the forthcoming Ram Navami festival.

BJP’s former national vice-president and former party Lok Sabha member Dilip Ghosh said that the decision of the police authorities to cancel the leaves of all cops, except for emergency reasons, from April 2-9 was unnecessary.

“Such panic-driven decisions are prompted only during Hindu festivals. The police should take care of those who create trouble. Hindus are well organised and they perform their religious rituals peacefully. Lakhs of people participate in Durga Puja, and no tension is created. It has become a habit of the ruling party to create tension and panic,” Ghosh said.

He also said that the chances of untoward incidents over the Ram Navami processions will not be there if the police strictly handle those who want to create tension on the occasion.

Last week, two senior officials of West Bengal Police told media persons that they have got specific intelligence inputs on some vested interests trying to instigate violence in the coming days, especially targeting the forthcoming Ram Navami festival.

“There are plans to instigate people through different posters or posts. The police are on alert. There might be attempts to instigate tension among people from different communities, especially focusing on the occasion of Ram Navami. We requested people not to get instigated. There is no need to worry. But at the same time, we also request people to alert the local police in case they notice any suspicious activities in their respective areas,” said Additional Director General (South Bengal) Supratim Sarkar on March 29.

Recently, there were reports of communal clashes from Mothabari in Malda district.

Recently, the Leader of the Opposition in West Bengal, Suvendu Adhikari, said at least 2,000 rallies, big and small combined, will be brought out on the occasion of Ram Navami this year.

He also said that participants at the rallies on Ram Navami this year will be double compared to last year.

“Ram Navami will be celebrated this year in a major way. I will be there on the streets on that day. Last year, around 50 lakh Hindus were on the streets to participate in rallies on the occasion of Ram Navami. Last year, there were 1,000 rallies. This year there will be 2,000 rallies and around one crore Hindus will participate in those rallies this year,” he claimed.

Continue Reading

International

Man rescued in Myanmar’s Nay Pyi Taw five days after earthquake

Published

on

Yangon, April 2: A 26-year-old hotel staff member was rescued from the rubble of a collapsed hotel building in Myanmar’s Nay Pyi Taw on Wednesday, five days after the 7.7-magnitude earthquake struck the country, according to the State Administration Council’s information team.

Two people were trapped under the debris, and rescue teams from the Myanmar Fire Services Department and Turkey successfully pulled one survivor to safety, the information team said.

The operation at the hotel began at around 3:00 p.m. local time on Tuesday, and the man was rescued by approximately 00:30 a.m. local time on Wednesday, it said.

Efforts are ongoing to locate and rescue the remaining trapped individuals, media reported.

The death toll from the 7.7 magnitude earthquake in Myanmar has risen to 2,719, with approximately 4,521 people injured and 441 others still missing, said the country’s Prime Minister Min Aung Hlaing.

Meanwhile, Aung Hlaing, head of Myanmar’s junta, rejected ceasefire proposals from Ethnic Armed Organisations (EAOs) and declared a continuation of military operations.

This move directly affects humanitarian efforts as the casualties from the devastating earthquake escalate.

“Some ethnic armed groups may not be actively engaging in battles right now, but they are gathering and training in preparation for attacks. Since this is a form of aggression, the military will continue necessary defence operations,” Hlaing said during a fundraising event in Naypyidaw on Tuesday.

A powerful 7.7 magnitude earthquake, followed by a 6.4 magnitude aftershock minutes later, struck Myanmar’s Mandalay region on Friday, causing massive casualties and damage.

Myanmar announced on Monday a week-long mourning period following the earthquake that struck the nation and wrought widespread destruction.

As the earthquake left entire communities in ruins, reports suggest that concerns have arisen about the potential for Myanmar’s military junta to direct humanitarian funds to affected areas. It is stated that supplies are driven to the areas the junta favours rather than those most in need of help.

The United Nations and international aid organisations are struggling to respond to the devastating earthquake, which destroyed several cities such as Mandalay, Sagaing, and Naypyitaw, and displaced tens of thousands of people. The hospitals are trying to cope with the high influx of patients.

However, the United Nations, the US, India, the European Union, and several other nations and international organisations have sent aid and rescue efforts for earthquake victims in Myanmar.

The Indian Army and Navy mobilised their resources with unwavering resolve, providing both immediate rescue support and long-term aid to the affected communities.

Continue Reading

National

Maha govt transfers seven bureaucrats in a minor reshuffle

Published

on

Mumbai, April 2: In a minor reshuffle, the Maharashtra government on Wednesday transferred seven bureaucrats.

Nishi Pandey, an IAS officer of the 2001 batch, has been posted as Managing Director of Maharashtra Small Scale Industries Development Corporation.

Laxminarayan Mishra, an IAS officer of the 2012 batch, has been posted as Joint Managing Director of Maharashtra State Road Development Corporation.

Bharat Bastewad, an IAS officer of the 2013 batch and CEO of Raigad Zilla Parishad, has been appointed Commissioner of the Mahatma Gandhi National Rural Employment Guarantee Scheme at Nagpur.

Indurani Jakhar, an IAS officer of the 2016 batch, who is the Municipal Commissioner of Kalyan-Dombivali Municipal Corporation, has been posted as Collector, Palghar district.

Vasumana Pant, an IAS officer of the 2017 batch, who is Director General, VANAMATI, Nagpur, has been posted as Additional Municipal Commissioner, Nagpur Municipal Corporation.

Vaishnavi B, an IAS officer of the 2019 batch, who is Chief Executive Officer, Akola Zilla Parishad, has been posted as Additional Municipal Commissioner, Nagpur Municipal Corporation.

Neha Bhosle, an IAS officer of the 2020 batch, has been posted as Chief Executive Officer, Raigad Zilla Parishad.

Earlier, on March 25, the state government transferred five IAS officers.

The state government posted B. H. Palawe, an IAS officer of the 2013 batch, who is Chief Executive Officer, Zilla Parishad, Palghar, as the Managing Director, Maharashtra State Financial Corporation, Mumbai.

Manoj Ranade, an IAS officer of the 2014 batch and the Director of Municipal Administration, Mumbai, was appointed Chief Executive Officer, Zilla Parishad, Palghar.

Shubham Gupta, an IAS officer of the 2019 batch and the Municipal Commissioner of Sangli-Miraj-Kupwad City Municipal Corporation, was posted as Member Secretary, Vidarbha Statutory Development Board, Nagpur.

Anjali Ramesh, an IAS officer of the 2020 batch, after transfer of cadre from Madhya Pradesh, was appointed Chief Executive Officer, Zilla Parishad, Hindoli.

Zenith Chandra Deonthula, an IAS officer of the 2022 batch, who is Assistant Collector, Varora Sub-Division, Chandrapur, was posted as Project Officer, ITDP, Kinwat, and Assistant Collector, Kinwat Sub-Division, Nanded.

Continue Reading

Trending