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

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
Congress backs PM Modi’s BRICS stand, vows firm fight against terrorism

New Delhi, July 7: Backing Prime Minister Narendra Modi’s firm stance on terrorism at the BRICS Summit, senior Congress leader and Rajya Sabha MP Pramod Tiwari on Monday expressed his complete faith that India will fight terrorism with full resolve and determination.
His remarks came in response to PM Modi’s statement at the global summit, where he called terrorism “the most serious challenge facing humanity” and emphasised that condemning terrorism must be a matter of principle, not convenience.
Speaking to Media, Pramod Tiwari supported the Prime Minister, stating, “At the BRICS Summit, voices should have been more vocal against terrorism. The platform should also raise social, economic, and global concerns of its member nations. India has consistently spoken for global peace and justice.
“I have full faith that our country will fight terrorism with unwavering determination. I wish those responsible for the recent attack in Pahalgam had been caught — it would have revealed who trained and supported them. Such information is crucial and would have commanded greater respect globally.”
Tiwari also took a swipe at US President Donald Trump, who recently lashed out at the BRICS alliance and warned of an “additional 10 per cent tariff” on countries aligning with what he termed “anti-American policies.”
“BRICS is for protecting nations who are in it. President Trump had previously issued similar warnings during his visit to India. At that time, Prime Minister Modi should not have laughed or responded lightly. He should have stood firm and reminded Trump that BRICS works on its own principles and is committed to its founding objectives,” said Tiwari.
The Congress leader criticised the ongoing Special Intensive Revision (SIR) of electoral rolls in Bihar.
On Sunday, Chief Election Commissioner Gyanesh Kumar stated that extensive consultations had been held with political parties and acknowledged that “no one was satisfied” with the current status of the electoral rolls.
Reacting to the development, Tiwari said, “We are not satisfied with the Election Commission of India’s response. The documents required for voter list revision are unnecessarily complicated and impractical. If the process is designed to make it difficult for traditional voters who are against the BJP, Scheduled Castes, Backward Classes, and minority voters, to remain on the rolls, then this raises serious questions about the Election Commission’s intent. If the ECI wants to remove them.”
He added that while some groups have approached the Supreme Court, others are considering forming “people’s courts” to ensure fairness.
“The Congress has always upheld the voter’s right to participate in democracy. We will continue to stand by that principle and ensure that all necessary documentation is provided,” he asserted.
Tiwari also took aim at the National Democratic Alliance (NDA) in Bihar, particularly targeting Lok Janshakti Party (Ram Vilas) leader Chirag Paswan.
During a political rally in Saran district on Sunday, Chirag announced that he would contest the upcoming Bihar Assembly elections and urged his party workers to prepare for all 243 constituencies in alliance with the BJP and JD(U).
Mocking the move, Tiwari remarked, “The NDA in Bihar is a sinking ship. Chirag Paswan, despite being the son of a respected leader like Ram Vilas Paswan, is trying to stay afloat in turbulent political waters. If he’s contesting all 243 seats, it means internal cracks have widened and many alliance members are already looking for the exit door ahead of elections.”
He continued, “It’s clear that NDA leaders are aware they are going to lose many seats. Their desperation is evident. While they are forming the central government, they are losing their grip on the state. This creates confusion among their own allies.”
In the 2020 Bihar Assembly elections, Chirag Paswan’s LJP had contested 137 seats but managed to win only one, Matihani. Despite this, Chirag currently holds a Lok Sabha seat and serves as a Cabinet Minister in the BJP-led central government, which includes JD(U) and Telugu Desam Party (TDP) as key allies.
Crime
Man arrested in Delhi for trying to reactivate Baba Siddique’s mobile phone number

CRIME
Mumbai, July 7: Mumbai Police have arrested a man from Delhi for allegedly attempting to fraudulently take control of a mobile number belonging to late NCP leader Baba Siddique, which is linked to his family’s businesses.
The accused, identified as Vivek Sabrawal, was apprehended in the Burari area of Delhi and brought to Mumbai for further investigation.
According to officials, Sabrawal tried to reactivate Siddique’s phone number on a new SIM card with the intention of using it for cyber fraud. Police said the accused has a history of cybercrime, with prior cases registered against him.
He was out on bail in one such matter when he attempted this latest fraudulent act.
A case has been registered under several sections of the Bharatiya Nyaya Sanhita (BNS), including provisions related to cheating, attempted offences, forgery, fabrication of records, and using forged electronic documents as genuine.
Authorities suspect that Sabrawal aimed to misuse the number for financial or digital scams.
The matter came to light after Siddique’s daughter, Arshiya Siddique, filed an FIR at Bandra Police Station in Mumbai. She reported that an unknown individual had fraudulently attempted to become the “authorised signatory” for her late father’s mobile number, which remains active and is associated with the family’s business interests, including Zears Business India LLP and a food venture she runs under the name Flavour Food Venture.
Police said the fraudster had created a fake email ID in the name of Shahzeen Siddique, Baba Siddique’s wife, and used it to contact Vodafone to enquire about the status of the authorised signatory on the mobile number.
In a more disturbing development, the individual accessed Shahzeen Siddique’s personal documents — including Aadhaar, PAN card, GST details, and the company’s letterhead — to support the fraudulent request.
Using these forged details, the accused submitted a request to Vodafone to update the signatory, listing fake identities such as Michael Sharma, Tarun Kumar, Avinash Arora, and Sumit Sharma.
On June 25, Vodafone responded to the request by CC’ing Shahzeen Siddique’s real email ID, which immediately alerted the family that an unauthorised application had been made using forged credentials.
Alarmed by the development, the Siddique family approached the police. While Sabrawal has been arrested for his involvement in the SIM card reactivation attempt, investigations are ongoing to determine whether there are additional suspects involved in the attempted fraud.
The complainant has urged Mumbai Police to trace the origin of the fake email ID and analyse the call data records (CDR) associated with the number listed in the request, citing fears of a possible connection with individuals involved in Baba Siddique’s sudden demise.
Mumbai Police have said further action will follow based on electronic and forensic analysis of the digital evidence, and more arrests may be made if links to a broader conspiracy are established.
Baba Siddique, a former Maharashtra minister, was shot dead in the Bandra area of Mumbai on October 12, 2024.
Crime
Awami League slams Yunus administration for rising rape incidents in Bangladesh

CRIME
Dhaka, July 7: In a span of nine days, 24 women, including an infant, were raped in Muhammad Yunus-led Bangladesh, according to the Awami League, which added that over 281,000 complaints have piled up and are still “unresolved.”
“In just 9 days, 24 women were raped. Among them, a child was raped by a 60-year-old man. These numbers are horrifying, but each number hides a lifetime of pain and trauma,” said the Awami League on Sunday.
According to the former Prime Minister Sheikh Hasina’s party, “Rapists aren’t strangers — they’re police officers, teachers, politicians, and many roam free, protected by silence and a broken system.”
“Under Yunus’s illegal rule, Bangladesh is no longer a safe place for women. Every day, women are raped while the state stays silent. When survivors seek justice, they’re humiliated again — by police questions, invasive medical exams, courtroom cruelty, and society’s blaming gaze. In court, survivors are shamed for their clothes and character. Cases drag on for years. Social media adds more wounds, as victims’ images spread while rapists remain anonymous,” the Awami League stated.
“Laws alone won’t save us. We need a social revolution. Women must rise, confront, and demand justice. Men must stand with them. Silence is complicity. As long as leaders like Muhammad Yunus remain in power, nothing will change,” it added.
Calling a Bangladeshi woman’s body “a battlefield,” the party said, “Until the state takes responsibility, this bleeding won’t stop. We must challenge the state — or women will never be safe.”
Recently, the Awami League revealed the statistics mentioned that only in June, 63 incidents of rapes were reported, including 17 gang rapes, seven survivors were women/girls with disabilities, while 19 children and 23 teenage girls were raped.
Additionally, 39 cases of sexual harassment and 51 physical assaults on women were reported.
“These aren’t just statistics. They are devastating proof that women and girls in Bangladesh live in constant fear,” said the party.
Last week, addressing a press briefing in Dhaka, Sharmeen S. Murshid, Social Welfare and Women and Children Affairs Advisor of Bangladesh under the interim government, described the rising incidents of violence against women and children in the country as a “pandemic-level crisis.”
The advisor revealed that over the past 10–11 months, 281,000 complaints have been received by the ministry’s toll-free hotline.
“Violence is being committed in families, workplaces, public spaces, and online. Despite Section 14 of the Women and Children Repression Prevention Act and the High Court’s directives, victims’ photos are still being published in the media,” Bangladesh’s leading daily, The Dhaka Tribune, quoted the Advisor as saying.
“Though I am a human rights activist, I now support the death penalty for these criminals. The level of violence has exceeded our tolerance,” Sharmeen added.
Bangladesh has been gripped by protest movements, a deteriorating law and order situation and an increasing number of incidents of violence against women since the ouster of Hasina in August 2024, when the Yunus-led administration took the helm.
-
Crime3 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra9 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra9 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra10 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
Crime9 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
National News9 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Maharashtra8 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News10 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface