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<ul><li>Radhakrishna Damani’s <keyword id="2407038" type="General" weightage="20" keywordseo="dmart" source="Orion">DMart</keyword>, and Binny Sachin Bansal-founded <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> are the most valuable companies of the millennium created by self-made entrepreneurs.</li><li>A third of the 405 founders featured in the list are under 40, and over half of them are engineers.</li><li>Only 25% of the companies are publicly listed, and the rest are privately-held. </li></ul>This millennium’s wealth creation story is written by startups — well mostly. According to a report by Hurun and IDFC First, India’s top 200 companies of self-made entrepreneurs created wealth to the tune of ₹30 lakh crore – that’s equivalent to the GDP of Denmark. Founded at the start of the millennium, Radhakrishna Damani’s DMart sits at the top of the list with a value of ₹2.3 lakh crore. It’s followed by Flipkart created by Binny Bansal and Sachin Bansal. The rest of the top-10 list is dominated by startups like Zomato, Swiggy, Dream11, Razorpay and more. The only exception being Max Healthcare Institute founded in 2001. Beyond the top 10 too, the list is dominated by startups be it Ola, Oyo, <keyword id="7290363" type="General" weightage="80" keywordseo="daily-hunt" source="Orion">Daily Hunt</keyword>, Meesho, Udaan, <keyword id="1518229" type="General" weightage="80" keywordseo="lenskart" source="Orion">Lenskart</keyword> and more. Most of them were started in the early or mid-2010s with digital and new-age businesses like fintechs, app-driven business D2C brands and more. V Vaidyanathan MD &amp; CEO of IDFC FIRST Bank said that India is developing a modern digital architecture, which is a marvel of the world. “This economic progress naturally offers opportunities for entrepreneurship and wealth creation,” he added. The other sector, apart from digital businesses, which features heavily in the list is pharma and healthcare with Global Health, Laurus Labs, <keyword id="2749903" type="General" weightage="80" keywordseo="molbio-diagnostics" source="Orion">Molbio Diagnostics</keyword> and Anthem Biosciences. Young wealth creator profile: Engineer with an IIT degree The average age of the entrepreneurs in the list is 44, and a third of the 405 founders featured in the list are under 40. “We are particularly proud to highlight the presence of 32 founders born in the 1990s and 20 women entrepreneurs, reflecting the diversity and inclusivity of India's entrepreneurial ecosystem,” said Anas Rahman Junaid, founder &amp; managing director of Hurun India. The pedigree of founders is also interesting as over half of the entrepreneurs — over 200 of them, are engineers. Around 82 of them are from the IITs of Delhi, Mumbai and Kharagpur. Doctors and chartered accountants are other popular professional degrees, though their number is very low at seven and ten, respectively. Top 10 Companies created by self-made entrepreneurs this millennium <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Founded year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Founders </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avenue Supermarts </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹238,188 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flipkart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹119,472 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2008 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Binny Bansal, Sachin Bansal </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹86,835 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2010 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deepinder Goyal </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹66,542 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2013 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sriharsha Majety, Nandan Reddy </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dream11 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹66,542 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2008 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bhavit Sheth, Harsh Jain </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Razorpay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹62,384 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2013 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Harshil Mathur, Shashank Kumar </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Max Healthcare Institute </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹55,085 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2001 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Abhay Soi </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹54.328 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2009 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijay Shekhar Sharma </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cred </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹53,234 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kunal Shah </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zerodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹50,630 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2010 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nithin Kamath, Nikhil Kamath </td></tr></tbody></table>Source: Hurun A lot of wealth is private, not public Yet another key feature of the list is that most of the wealth created by the founders of the list is private not public. Only a quarter of these companies are publicly listed, and the rest are privately held by founders, private equity and venture capital investors and more. The profile of top-10 listed companies in the list also veers heavily towards startups like Nykaa, PayTm, Delhivery, Policybazaar and Makemytrip. Dmart, <keyword id="4509405" type="General" weightage="80" keywordseo="vedant-fashions" source="Orion">Vedant Fashions</keyword>, Star Health Insurance and Max Healthcare are the only exceptions. As many as 156 founders of 68 unicorns made it to the list. So did soon-to-be-unicorns including 40 gazelles, and 23 cheetahs. As many as 58 of the 200 companies are valued under ₹5,000 crore.

New India’s greatest wealth creators are 90s babies, born without a silver spoon

<ul><li>More <keyword id="4112095" type="General" weightage="20" keywordseo="Unicorn-startups" source="Orion">unicorn startups</keyword> are starting to turn a profit rather than just burning cash, with <keyword id="2749903" type="General" weightage="80" keywordseo="molbio-diagnostics" source="Orion">Molbio Diagnostics</keyword> topping the charts with a profit of $46.8 million. </li><li>The onset of funding winter has pushed more <keyword id="6362513" type="General" weightage="20" keywordseo="Startups" source="Orion">startups</keyword> to generate profits instead of just burning cash – 17% of 2022’s <keyword id="2023017" type="General" weightage="20" keywordseo="Unicorns" source="Orion">unicorns</keyword> are profitable, while the overall average for all unicorns till date stands at 15%. </li><li>The newly-minted unicorns of 2022 also account for over a third of the total net profit reported by all the 13 profitable unicorns. </li></ul>More unicorns are starting to turn a profit rather than just burning cash, according to a new report by startup and private companies’ tracker Tracxn. According to the report, four out of the 23 startups which turned unicorns in 2022 are profitable, which is a strike rate of over 17%. Overall, there are about 13 profitable unicorns in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, says Tracxn, based on their last financial reports. According to a<a href="https://www.businessinsider.in/business/startups/news/how-many-startups-turned-unicorns-in-2022-in-india-check-out-the-list/articleshow/96248261.cms"> report</a> by PwC, there were a total of 85 active startups in India at the end of 2022. This means only 15% of the total unicorn startups are profitable. The most profitable amongst these unicorns is Molbio Diagnostics, a company founded in 2012. It is a provider of nucleic acid tests for infectious diseases. With a net profit of $46.8 million, it accounted for over a quarter of the total profit reported by the 13 unicorns in the list. Molbio Diagnostics turned a unicorn in 2022. The three other startups which turned unicorns in 2022 and are also profitable are PhysicsWallah, Oxyzo and Amagi. PhysicsWallah is an app-based online tutoring platform, while Oxyzo is an online marketplace for business credit. Amagi is an ad-solutions provider based in Bengaluru. <div type="image" title="Profitable unicorn startups 2022." msid="97029975" hostid="261" sizebytes="18822" caption="&amp;lt;p&amp;gt;Four profitable unicorns out of the 2022 batch&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Funding winter forces startups to focus on profitability" comment="subhead" text="Funding winter forces startups to focus on profitability">Funding winter forces startups to focus on profitability</cmsannotation> With funding being key to startups’ survival, the onset of funding winter in the startup world in India and beyond has forced startups to focus on profitability. For instance, the four profitable unicorns of 2022 account for over a third of the total net profit reported by the 13 profitable unicorns of India. According to data from Tracxn, these four unicorns reported a cumulative net profit of $64.1 million, while all the 13 profitable unicorns have reported a cumulative net profit of $181.82 million. <div type="image" title="All profitable unicorn startups 2022." msid="97030066" hostid="261" sizebytes="18390" caption="&amp;lt;p&amp;gt;Profitable unicorn startups in India&amp;lt;/p&amp;gt;"></div> Overall, these 13 profitable unicorns are from diverse industries, including life sciences, edtech, fintech, retail, real estate and more. <cmsannotation type="cmsannotation" annotationid="Funding winter sets in India and beyond" comment="subhead" text="Funding winter sets in India and beyond">Funding winter sets in India and beyond</cmsannotation> Funding winter – wherein startup founders find it difficult to raise money – has set in not just in India, but other major economies like the US, UK and China, too. <div type="image" title="Startup deals and funding 2022." msid="97030104" hostid="261" sizebytes="15828" caption="&amp;lt;p&amp;gt;Startups deals and funding in India, China, USA and UK in 2022&amp;lt;/p&amp;gt;"></div> Of the four countries, India saw the second biggest decline in total funds raised in 2022 when compared to 2021. Indian startups raised $35.6 billion funds in 2022 when compared to $53.7 billion in 2021, which is a decline of 34%. China saw the biggest decline at 55%, according to the Tracxn report. On the other hand, the total deals in India declined 24%, the highest amongst the four countries. <cmsannotation type="cmsannotation" annotationid="Late-stage startup funding down 52% in 2022" comment="subhead" text="Late-stage startup funding down 52% in 2022">Late-stage startup funding down 52% in 2022</cmsannotation> Funds raised by late-stage startups witnessed a 52% decline in 2022, according to a PwC report. Reflecting the caution amongst investors when it comes to late-stage startups, the total number of deals also fell 18%, while the average ticket size per deal saw a decline of 40% in 2022. Late-stage startups refers to those startups which have products and services in the market and are well-known. Early-stage startups are those which have a prototype or a service that has been tested as scalable. Early-stage startups saw a 12% increase in funding to $2.8 billion in 2022 from $2.5 billion in 2021. The average ticket size per deal remained constant at $4 million in this period. Amongst the top five sectors, fintech, edtech and direct-to-consumer witnessed a decline in funding, while the software-as-a-service sector witnessed an increase in 2022, making it the most-funded sector, according to PwC. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hiring-by-it-cos-down-96-in-q3-compared-to-preceding-7-quarters-even-as-attrition-cools/articleshow/97023873.cms">Hiring by IT cos down 96% in Q3 compared to preceding 7 quarters even as attrition cools</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-results-q3-fy23-wipro-sees-fy23-revenue-guidance-between-11-5-12/articleshow/96969117.cms">Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-lowers-revenue-guidance-for-fy23-to-13-5-14-q3-revenue-and-profit-growth-beat-expectations/articleshow/96944379.cms">HCL Tech lowers revenue guidance for FY23 to 13.5-14%, Q3 revenue and profit growth beat expectations</a>

More unicorns focused on profitability now than just burning cash as funding winter sets in

Mumbai, Mar 4 () The India Business Excellence Fund-III, a fund managed and advised by Motilal Oswal Private Equity, has decided to invest up to Rs 240 crore in Molbio Diagnostics, a Goa-based research-driven diagnostic firm, according to a company statement. Molbio along with its subsidiary Bigtec Labs, has developed and commercialised Truenat, which is claimed to be the world's first commercial point-of-care molecular diagnostics platform using PCR (polymerase chain reaction) technology. Truenat can diagnose 22 infectious diseases (like TB, H1N1, dengue, HIV and hepatitis) and has a pipeline of additional 43 diseases (such as coronavirus and MERS), Motilal Oswal PE, which manages over Rs 7,000 crore across growth capital funds and real estate funds, said in the statement on Wednesday. Set up in 2000, Molbio and Bigtec have spent 18 years on research and development, collaborated with reputed institutions across the globe such as CSIR, ICMR, BIRAC, Grand Challenges Canada, BMGF and FIND to develop and deploy molecular diagnostics in resource-limited settings. Truenat assays tests and offers results within 60 minutes at affordable cost. The equipment is battery-operated and can be used in peripheral centres without extensive infrastructure. Under the national strategic plan for TB elimination, the government plans to set up over 8,000 molecular labs and diagnose over 1.5 crore patients annually using molecular tests by 2025. Truenat devices are in use at over 500 private labs and 350 primary health centres in the country and across the 27 countries. India is home to the highest TB patients across the globe and nearly 1,400 people die of TB every day. BEN HRS

Motilal Oswal PE fund to invest up to Rs 240 cr in Molbio Diagnostics

<ul><li>Cyient DLM looks to raise ₹740 crore through a fresh issue of equity shares.</li><li>The company is a wholly owned subsidiary of IT services company Cyient, which is listed on Indian stock exchanges.</li><li>The company is a qualified supplier to global original equipment manufacturers (OEMs) in the aerospace and defence, medical technology and industrial sectors.</li><li>China plus one strategy is aiding the company by providing opportunities to grow its business and market share, it says in its DRHP. </li></ul>Electronic manufacturing services and solutions provider Cyient DLM filed its draft red herring prospectus (DRHP) papers with market regulator SEBI to raise funds through an initial public offering (IPO). The company is a wholly owned subsidiary of IT services company Cyient, which is listed on Indian stock exchanges. Cyient has informed investors in a BSE statement that its subsidiary may also consider raising up to ₹148 crore prior to the filing of the red herring prospectus with the registrar of companies. If it raises funds through the pre-IPO placement, the fresh issue size will be reduced accordingly. Cyient DLM is looking to raise ₹740 crore through a fresh issue of equity shares. The proceeds from the IPO will be utilised towards funding incremental working capital, capital expenditure, repayment of loans, achieving inorganic growth through acquisitions and general corporate purposes. The company is a qualified supplier to global original equipment manufacturers (OEMs) in the aerospace and defence, medical technology and industrial sectors. It claims to be amongst few electronic manufacturing services (EMS) companies in India catering to highly regulated industries; and the largest supplier of EMS services to the aerospace and defence industry. Its offerings include printed circuit boards, cable harnesses, and box builds which are used in safety critical systems such as cockpits, inflight systems, landing systems, and medical diagnostic equipment. Some of its marquee customers are Honeywell International, Thales Global Services SAS, ABB Inc, Bharat Electronics and Molbio Diagnostics. It has manufacturing facilities in Mysuru, Hyderabad and Bengaluru. China plus 1 strategy The company in its DRHP said that India is well positioned to benefit from global original equipment manufacturer’s (OEM) strategy towards China plus 1 strategy for supply chain diversification. China leads the global electronic manufacturing services business, and had 46.7% share in 2021. It is a global leader due to operational cost benefits, availability of a large number of highly skilled personnel, infrastructure, logistical advantages, and proximity to the largest end user base across all end-user verticals, the company says. “However, many global electronics manufacturers are now contemplating on China + 1 strategy and looking for alternate manufacturing locations for exports, creating tremendous investment potential for countries like Vietnam, India, and the Philippines etc,” said the draft red herring prospectus. Its order book has increased to ₹1,202 crore as on March 2022 from ₹906 crore in the previous year. The company is heavily dependent on ten customers as 93.24% of its revenues came from them in FY22. Its dependence on these customers has gone up slowly but steadily to 90.8% in FY21 and 89.3% in FY20. The profitability of the company has more than tripled in FY22 from the previous financial year at ₹39.7 crore. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit for the period </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹720 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹39.7 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹628 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11.8 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹457 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹6.7 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/this-shark-tank-india-s2-winner-bowls-judges-over-with-its-for-profit-approach-to-social-impact-haqdarshak/articleshow/96906954.cms">This Shark Tank India S2 winner bowls judges over with its for-profit approach to social impact</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/net-inflows-in-mf-schemes-up-three-times-at-7303-crore-in-december/articleshow/96881163.cms">Investors continue to SIP on equities: Net Inflows in MF schemes up three times at ₹7,303 crore in December</a>

Cyient subsidiary files draft papers with SEBI for IPO worth ₹740 crore

The funding in Indian startups nosedived a massive 80 per cent (year-on-year) in the third quarter (July-September period) this year, with the late-stage funding seeing the biggest fall, a report showed on Tuesday. Indian startups raised $3 billion in Q3, which was also 57 per cent lower as compared to the previous quarter (Q2) this year. The average ticket size also witnessed a drop across all funding stages, with the late stage seeing the biggest fall of over 70 per cent, from $142 million in Q3 2021 to $42 million in Q3 2022. This indicated that investors are not willing to make large <keyword id="6362476" type="General" weightage="20" keywordseo="investments" source="Orion">investments</keyword> until economic conditions stabilise, reports market intelligence platform Tracxn. "<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is currently experiencing a funding slowdown which is expected to continue for the next 12-18 months and the effects of the funding slowdown are expected to intensify going forward," said <keyword id="520013" type="General" weightage="80" keywordseo="neha-singh" source="Orion">Neha Singh</keyword>, Co-Founder of Tracxn. Executives across the world anticipate a recession in the near future and are making preparations to cut costs. "To add to their woes, the recent energy crisis in the UK and Europe and also the sliding GBP and EUR have increased the likelihood of a global recession," Singh added. Genomics sector in India saw maximum investor interest in Q3, receiving over $231 million in funding, which is higher than the total funding received in the year 2021. The five companies that raised funding rounds of more than $100 million in the quarter were EarlySalary, 5ire, InsuranceDekho, OneCard, and BookMyShow, with the most active investors being Better Capital, Venture Catalysts and <keyword id="6426108" type="General" weightage="80" keywordseo="surge" source="Orion">Surge</keyword>. Some of the other key highlights were 109 startups closing their first funding round, three startups turning unicorns, 39 startups getting acquired, and two filing for their IPOs. Molbio Diagnostics, 5ire and OneCard turned unicorns and Zopper, LifeCell, Jar, DotPe, Vegrow Bigspoon, InsuranceDekho, CUSMAT, Airtribe and Serentica Global joined the Soonicorn club. India received $752 million in funding in the month of September, down by 15 per cent as compared to August and down by 83 per cent as compared to the same period last year. "We are seeing large PE and VC funds treading cautiously led by significant changes in the investment environment in recent quarters. We expect this to continue until we see signs of stabilisation globally, said <keyword id="886686" type="General" weightage="80" keywordseo="abhishek-goyal" source="Orion">Abhishek Goyal</keyword>, Co-Founder of Tracxn. SEE ALSO:

India startup sector sees 80% drop in Q3 funding, slowdown to continue

New Delhi, Jul 3 () The World Health Organization (WHO) has endorsed rapid molecular Truenat assays by three research bodies, including ICMR, for initial diagnosis of tuberculosis (TB) and subsequent detection of rifampicin resistance in adults and children. Rifampicin is a standardized drug that is used to treat Tuberculosis. In a joint statement, the Foundation for Innovative New Diagnostics (FIND), Molbio Diagnostics and the Indian Council of Medical Research (ICMR) said the WHO has now endorsed three of their rapid molecular Truenat TM assays for initial diagnosis of TB and subsequent detection of rifampicin resistance in adults and children. "Both Truenat MTB and Truenat MTB Plus detect Mycobacterium tuberculosis bacteria for TB diagnosis, while Truenat MTB-RIF Dx identifies resistance to rifampicin, the most commonly used first-line treatment. "All three tests are run on the portable, battery-operated Truenat device and provide results in less than an hour," they said in a statement. Noting that TB remains the leading cause of death from an infectious disease worldwide, with around 10 million cases and 1.5 million deaths in 2018, they said drug-resistant TB poses a particular challenge, with growing resistance to rifampicin and other drugs that treat the disease. "In 2018, around half-a-million new cases of rifampicin resistant TB were diagnosed. Urgent action is needed to close the gap in TB diagnosis and treatment, particularly in low-resource settings, to reach the WHO target of ending TB by 2030," the statement said. To that end, bringing sensitive TB diagnosis and drug susceptibility testing closer to patients is a key priority for global TB control, but requires robust point-of-care diagnostic tests that are easily implementable at lower levels of the healthcare system, it said. "This is a matter of pride for ICMR, Department of Health Research (DHR), New Delhi. It was a long journey to advance indigenous diagnostic technologies for diagnosis of TB and MDR/XDR-TB. Truenatis already accepted for use under the NTEP in India. "Endorsement of Truenat by WHO will enable other low-and middle-income countries to procure Truenat for diagnosis of TB and rifampicin resistance, thus supporting TB elimination in developing countries," the statement quoting Balram Bhargava, Secretary DHR and Director General - ICMR said. UZM TDS TDS

WHO endorses Truenat tests by ICMR, 2 others for TB diagnosis, rifampicin resistance detection

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(Eds: Adding details) New Delhi, Jul 3 () The World Health Organisation (WHO) has endorsed tests by three research bodies, including ICMR, for initial diagnosis of tuberculosis and detection of resistance to a drug most commonly used to treat the disease. The three research bodies said their tests -- "rapid molecular Truenat assays -- have been endorsed by the global health body for initial diagnosis of tuberculosis and subsequent detection of rifampicin resistance in adults and children. Rifampicin is a standardized drug and the most commonly used first-line treatment of tuberculosis. The three research bodies -- the Foundation for Innovative New Diagnostics (FIND), Molbio Diagnostics and the Indian Council of Medical Research said drug-resistant tuberculosis poses a particular challenge, with growing resistance to rifampicin and other drugs that treat the disease. Truenat is a novel molecular test that rapidly detects tuberculosis and rifampicin-resistance. All the three tests are run on the portable, battery-operated Truenat device and provide results in less than an hour, the bodies said in a joint statement. "Both Truenat MTB and Truenat MTB Plus (tests) detect Mycobacterium tuberculosis bacteria for TB diagnosis, while Truenat MTB-RIF Dx (test) identifies resistance to rifampicin, they said in the statement. Truenat MTB, Truenat MTB Plus and Truenat MTB-RIF are names of the tests endorsed by WHO. Noting that tuberculosis remains the leading cause of death from an infectious disease worldwide, with around 10 million cases and 1.5 million deaths in 2018, they said drug-resistant tuberculosis poses a particular challenge, with growing resistance to rifampicin and other drugs that treat the disease. "In 2018, around half-a-million new cases of rifampicin resistant TB were diagnosed. Urgent action is needed to close the gap in tuberculosis diagnosis and treatment, particularly in low-resource settings, to reach the WHO target of ending tuberculosis by 2030," the statement said. To that end, bringing sensitive TB diagnosis and drug susceptibility testing closer to patients is a key priority for global TB control, but requires robust point-of-care diagnostic tests that are easily implementable at lower levels of the healthcare system, it said. "This is a matter of pride for ICMR, Department of Health Research (DHR), New Delhi. It was a long journey to advance indigenous diagnostic technologies for diagnosis of tuberculosis and MDR/XDR-TB. Truenat is already accepted for use under the NTEP (National TB Elimination Program) in India. "Endorsement of Truenat by WHO will enable other low-and middle-income countries to procure Truenat for diagnosis of tuberculosis and rifampicin resistance, thus supporting tuberculosis elimination in developing countries," the statement quoting Balram Bhargava, Secretary DHR and Director General - ICMR said. UZM TDS TDS

WHO endorses tests by ICMR, 2 others for TB diagnosis, drug resistance detection

New Delhi, Mar 31 () Tech major Cyient on Tuesday said its Mysore facility has received clearance to run med-tech manufacturing lines to support production of medical equipment that is critical in the fight against COVID-19. Cyient is producing assemblies that are used in X-ray generators from GE Healthcare and diagnosis units from Molbio Diagnostics to enable rapid disease testing in India, a statement said. "We are proud to support our customers in the healthcare industry at this critical time. We will continue to do everything we can to help reduce the impact of this crisis on our customers' operations as they focus on delivering the technology needed to fight COVID-19 at a national and global level," Rajendra Velagapudi, senior vice president and CEO at Cyient DLM, said. Cyient's facility in Mysore is dedicated to electronic manufacturing processes, including printed circuit board assemblies, cable harnesses, and box-builds. COVID-19 infection, which originated in Wuhan in China, has spread across the world and claimed over 35,000 lives. Countries like South Korea, Spain, Italy, Iran and the US have been badly hit. In India, the total number of COVID-19 cases has risen to over 1,200, while the death toll touched 32. To combat the spread, the government had announced a 21-day lockdown that ends on April 14. SR SHWSHW

Cyient gets nod to manufacture assemblies for COVID-19 diagnosis units, X-ray system

New Delhi, April 16 () Pharma and biotechnolgy industry leaders on Thursday stressed on the need for more testing across the country while hailing the government's move to contain the spread of COVID-19 pandemic.This pandemic has put spotlight on science, scientists and biotechnology, Biocon Chairperson Kiran Mazumdar-Shaw said while addressing an online conference organised by the Department of Biotechnology and School of Engineering &amp; Applied Sciences at Bennett University."What we need today is to understand the pandemic and find ways of testing the presence of the virus and ultimately develop a vaccine to counter the virus," she said.It was realised that there is a shortage of testing kits in the country, and there are people who could develop these kits.India has started the manufacturing of indigenous kits to face the challenge of their insufficient availability, Mazumdar-Shaw said in the conference on 'Combating COVID-19: Biotech to the Rescue'.Expressing that the number of tests being done in the country is very small, Sanofi Healthcare Pvt Ltd Chairman Varaprasad Reddy said: "Situation In India is very pathetic regarding the testing. There is lack of test kits. The government has to procure test kits... We are not testing enough".My appeal to the government is to import test kits, some startups in the country are also making the test kits as these viruses keep coming, but India must be well prepared for it, testing should come first and then drugs and vaccines, as developing them is a long drawn process, he added.In similar vein, Molbio CEO Sriram Natarajan said that currently, the country does not have enough kits for COVID testing and though the company is planning to deliver to the larger areas of the country it has capacity constraints.Mylab Discovery Solutions Pvt Ltd's MD Hasmukh Rawal said: "As the research on vaccine is going to take some time, diagnosis is going to play a major role".Distancing and diagnosis are going to be main factors to control the spread of the COVID-19. India's diagnostic response has been been apt. It is ensuring that the right product with the right quality is reaching the market, he added.Highlighting the role being played in current pandemic crisis, Organisation of Pharmaceutical Producers of India (OPPI) DG KG Ananthakrishnan said today more than ever the world is looking at innovative research solutions for the treatment of the disease. India has done a good job in containment but could have done better in testing."We need to create a environment that promotes innovation," Ananthakrishnan said. AKT BALBAL

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