Online music learning platform Muzigal on Monday said that it is now growing at 20 per cent month-on-month in revenue and new learners and aims to empower music teachers to scale their music classes globally amid the remote learning times.
With more than 10,000 learners from 10 countries, 400 teachers and 120 employees now on board, the company was launched in July last year by Dr Lakshminarayana Yeluri to connect students, instructors, professional musicians and music enthusiasts for online lessons.
Muzigal which raised an undisclosed amount of funds from Kalaari Capital in February this year, said in a statement that it has conducted over 40,000 classes in subjects ranging from Indian classical to western music in over 20 specialisations in vocal and musical instruments categories.
“The total offline music learning market is around $500 million in India, and Muzigal is establishing leadership in the online segment of this market. We always knew that there is an immense potential in online music learning, which was largely unorganised,” said Dr Yeluri.
It launched its operations in August 2020 in the US to help non-resident Indians to learn music virtually with authentic and native language speaking music teachers from India.
The startup aims to empower more than 20,000 music teachers in the next four years and launch its marketplace in the US by September this year for the American citizens too.
“Certain segments like music are still nascent but growing fast. We are privileged to partner with Dr Yeluri and look forward to seeing Muzigal become the leading online learning platform in the segment of music education,” said Vamshi Reddy, Partner at Kalaari Capital.
The students can learn vocal classes like Carnatic and Western music and musical instruments like guitar, piano, sitar, keyboard, and violin, among many others.
Around one lakh students have been counselled, 25,000 students have taken free trial classes to experience the platform and over 10,000 students from 10 different countries have enrolled for classes, the company informed.
Unheard of Rs 3.3 lakh Cr bank deposit bulge in Diwali week slumped in a fortnight
State Bank of India’s Economic Research Department has highlighted the curious case of Rs 3.3 lakh crore deposit bulge and the Rs 2.7 lakh crore deposit slump in alternate fortnights.
As per the provisional data released by RBI for the fortnight ended November 19, ASCB’s aggregate deposits have slumped by Rs 2.7 lakh crore during the fortnight. The slump in deposits follows an abrupt increase by Rs 3.3 lakh crore during the previous fortnight ended November 5. Interestingly, such growth in deposits was around 36 per cent of the incremental deposit growth at that point of time. This increase in deposits and subsequent slump is quite a contrarian trend, says Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India.
While it may be exactly difficult to decipher the increase and subsequent decline, it does pose questions on liquidity management/financial stability or a shift in behavioural trend in customer payment habits through digitisation and hence lower currency leakage and concomitant deposit bulge or both.
First, the fortnightly increase of Rs 3.3 lakh crore. This has never happened during a Diwali week as there is always a currency leakage and concomitant deposit decline. This is also the fifth largest increase in any fortnight in the last 24 years. Such huge incremental addition has happened only a few times, with higher deposits accretion (than the current year’s fortnight) occurring during the fortnight ended November 25, 2016 (Rs 4.16 lakh crore), September 30, 2016 (Rs 3.55 lakh crore), March 29, 2019 (Rs 3.46 lakh crore) and April 1, 2016 (Rs 3.41 lakh crore). However, the increase in November 2016 was because of demonetisation and the March and April fortnightly increases could be attributed to seasonal year-end bulge. In this respect, the current deposit bulge requires a detailed explanation, the report said.
Next, the fortnightly deposit slump in the subsequent fortnight. ‘We believe that it is possible that there was a large influx of deposits into the banking system for the fortnight ended November 5, 2021 in anticipation of a build up in rally in stock markets post primary issuances of new age companies and others. However, when such a rally did not materialise, the bulge in banking deposits slumped and almost 80 per cent of deposit bulge was withdrawn, the report said.
Interestingly, the amount of money parked in fixed reverse repo window jumped from Rs 0.45 lakh crore on October 19 to Rs 2.4 lakh crore on November 17, 2021 and has remained at such level till December 1. However, it must be noted that the significant jump in digital transactions has also resulted in lower usage of cash in the current fiscal and ideally could also have resulted in a surge in deposits for the Diwali week.
Meanwhile, if we look at the quarterly ASCB data, though the deposits growth remains same in Q2 (2.6 per cent) as compared to Q1 (2.5 per cent), sequentially at all-India level, apart from Metro regions, the deposits growth has decelerated in Q2 as compared to Q1, particularly in rural areas indicating that the current economic recovery is mostly urban led and rural economy is still recouping. Meanwhile, ASCB’s credit has increased by Rs 1.18 lakh crore (7.1 per cent YoY) during the fortnight ended November 5, which may be due to festive demands.
Oil marketing companies keep diesel, petrol prices unchanged
Oil marketing companies kept diesel and petrol prices unchanged across major Indian cities on Friday.
Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively.
In the financial capital Mumbai, the prices remained unchanged at Rs 94.14 and Rs 109.98 respectively.
Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67 respectively.
In Chennai too, it remained at Rs 91.43 and Rs 101.40 respectively.
Across the country as well, the price of the fuel largely remained unchanged on Friday, but the retail rates varied depending on the level of local taxes.
Equity indices rise for third consecutive day
The 30-scrip Sensitive Index (Sensex) rose in the early trade on Friday. Indices have been gaining for the past three consecutive sessions.
At 9.15 a.m., the S&P BSE Sensex traded at 58,671 points, up 0.37 per cent.
It opened at 58,555 points from the previous close of 58,461 points.
Till now it has touched a low of 58,512 points.
Besides, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 17,424 points after closing at 17,401 on Thursday.
It traded at 17,475 points, up 0.39 per cent during the early-morning trade session.
Hindustan Zinc, Infosys, NMDC, L&T and BPCL were some of the top gainers during the early trade, exchange data showed.
Centre clarifies on 3rd wave possibility after Omicron detection
Punjabi singer Moosewala joins Congress
IND v NZ, 2nd Test: India reach 111/3 at tea on Day 1
ATP backs WTA, asks China to come clean on tennis player Peng Shuai’s wellbeing
Trouble looms for Balakrishnan as Mumbai HC to hear son’s DNA case
Omicron concerns: Mumbai, Pune, Nashik postpone schools’ reopening
Sameer Wankhede deboarded from cruise ship case probe
Big Tech now a quarter of S&P 500 combined market cap
Surgery on Thackeray successful, to go home in a day or two
Bollywood’s day out at Padma Awards: Kangana, Adnan Sami, Ekta Kapoor honoured
Business1 year ago
STPI-registered IT cos log Rs 4.21 lakh cr of exports in FY20
Maharashtra2 years ago
CM Uddhav Thackeray to decide on suspending Mumbai local trains
Business2 years ago
Bank of India Q2 profit Rs 266 crore as bad loan provisions fall
Maharashtra1 year ago
Allow Bakri-Eid with restrictions: Maharashtra Congress to CM
Business1 year ago
Amazon starts selling car, bike insurance in India
Business1 year ago
Target to make India a manufacturing hub of construction equipment: Nitin Gadkari
Business1 year ago
PSB loan disbursal picks up pace, rise to Rs 12K cr under ECLGS
General2 years ago
Not satisfied, Sunni Waqf board lawyer Zafaryab Jilani on Ayodhya verdict