Home to 25% of the list – Mumbai is not only the billionaire capital of Asia, overtaking Beijing but also the preferred city for Hurun India R
Where They Live
Home to 25% of the list – Mumbai is not only the billionaire capital of Asia, overtaking Beijing but also the preferred city for Hurun India Rich Listers, followed by New Delhi and Hyderabad. Mumbai registered a net increase of 58 individuals, followed by New Delhi, which registered a net increase of 18.?
With 470 and 213 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in the 2024 Hurun India Rich List.?
Top Cities of Residence for Hurun India Rich Listers 2024:
Other prominent cities include Pune, Surat, and Gurugram, each recording a significant uptick in entries. Internationally, London and Dubai have also maintained their presence on the list.
The 2024 Hurun India Rich List paints a vibrant picture of wealth distribution, with India's metros continuing to dominate as homes to some of the world's wealthiest individuals.
Trade finance platform Drip Capital raises $113 million in debt-equity mix from Japanese investors
The funding round includes $23 million in equity from two major Japanese institutional investors—GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC)—along with $90 million in debt, sourced from the International Finance Corporation (IFC) and East West Bank.
Digital trade finance platform Drip?Capital has raised $113 million in a fresh funding round, combining equity and debt, to accelerate its expansion plans and enhance product offerings for small and medium-sized businesses (SMBs) across key markets, including India and the US.
The funding round includes $23 million in equity from two major Japanese institutional investors—GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC)—along with $90 million in debt, sourced from the International Finance Corporation (IFC) and East West Bank.
Some of Drip's existing investors also participated in the round.
“Our revenue has quadrupled over the last 2.5 years, and we’re targeting consistent 40 percent growth over the next two,” said Pushkar Mukewar, CEO and Founder of Drip Capital, in an interview with Moneycontrol. While the US-headquartered firm is yet to file its results for FY24, it claims to have achieved breakeven or cash profitability during the financial year.
Founded in 2016,?the Palo Alto and Mumbai-based firm provides SMBs in India and the US with trade financing solutions such as receivables discounting for immediate payment on shipped goods and supply chain financing for extended credit terms.
The company recently launched a forex solution in partnership with Barclays, offering SMBs a transparent and cost-effective alternative for handling international remittances.
Additionally, Drip is piloting a platform to connect buyers with global suppliers.
The platform claims to serve over 9,000 sellers and buyers across more than 100 countries and has financed over $6 billion in trade transactions to date, with 60 percent of its business coming from India, followed by the US and Latin America.
To date, Drip has raised about $640 million in equity and debt funding, including Series C round of $175 million in 2021,?from investors like Accel, Wing, Transpose Platform, Peak XV Partners and Y Combinator.
“We’re doing almost $1.7–1.8 billion annually in trade financing on the platform,” Mukewar added.
The CEO?also highlighted the growing interest from Japanese investors in the Indian market, noting, “Japanese institutional investors are very bullish on India, especially given the current geopolitical climate. Both GMO Payment Gateway and SMBC see immense potential in the trade finance and supply chain sectors, which aligns perfectly with our mission.”
Avg?household spending on food in India falls below 50% of monthly expenses,?first time since independence: Report
Recent data indicates that the expenditure on cereals has decreased considerably among households, with the most significant reductions observed in the bottom 20% income bracket in both rural and urban settings
In a remarkable shift in the spending by Indian households, the share of total household expenditure on food has seen a substantial decline across both rural and urban areas in India, marking a significant milestone in modern Indian history.
For the first time since independence, average household spending on food has fallen to less than half of overall monthly expenditures, signalling notable progress in the country’s economic landscape, according to a report by the Economic Advisory Council to the Prime Minister (EAC-PM).
Recent data indicates that the expenditure on cereals has decreased considerably among households, with the most significant reductions observed in the bottom 20% income bracket in both rural and urban settings.
This trend likely reflects the Indian government's effective food security policies, which provide free food grains to millions of beneficiaries, particularly targeting the most vulnerable populations.
The changing dynamics of household expenditure on food affect agriculture and health and nutrition policies in India. As consumer demand shifts and supply factors improve, experts suggest that the government should continue to support agricultural policies that enhance the production and accessibility of a diverse range of food items, including fruits, vegetables, and animal-source foods.?
The report states, "Agriculture policies will have to be tailored beyond cereals, whose consumption is declining across all wealth classes of society. At the same time, support policies like MSP, which overwhelmingly targets cereal procurement, will have a limited impact on the welfare of farmers."
The alterations in household expenditure patterns reflect both changing consumer preferences and significant improvements in supply chains, including better infrastructure, storage, and transportation. These advancements have broadened market access for perishable items such as fresh fruits, dairy products, eggs, fish, and meat, making them more accessible and affordable throughout the country.
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Moreover, there has been a notable increase in the share of household expenditure on served and packaged processed foods, a trend observed across various income classes but particularly pronounced among the top 20% of households and in urban areas.
On the other hand, the report states that the significant decline in the share of cereals in household expenditure has allowed households to diversify their diets, with increased spending on milk & milk products, fresh fruits, and eggs, fish & meat.
Maharashtra tops India's FDI second time in a row; leaves Karnataka, Delhi way behind
Maharashtra secured the maximum foreign direct investment (FDI) in India for the second consecutive time in a row. The state secured Rs 70,795 crore in Q1 FY2024-25 (April-June 2024), confirming its position as India's top destination for foreign investment.?
With this, the state secured 52.46 per cent of the country's total foreign direct investment, according to the data by the Department for Promotion of Industry and Internal Trade (DPIIT).
Commenting on the data, Maharashtra Deputy Chief Minister Devendra Fadnavis said: "In short, the total investment in the country during this quarter is Rs 1,34,959 crore, of which Rs 70,795 crore or 52.46 per cent alone is reported from Maharashtra."
Maharashtra has been the FDI leader for the past consecutive two years. Fadnavis added that Maharashtra received Rs 12,35,101 crore in FDI in 2023-24, more than that of Gujarat and more than Gujarat and Karnataka combined.
This time around, the state has outpaced a total of eight states including Karnataka, Delhi, Telangana and Gujarat. Karnataka emerged a distant second, with total FDI investments worth Rs 19,059 crore.?
While sharing this data, Fadnavis also wrote: "We had told from day 1 that we would do 5 years' work in just 2.5 years! So, in just 2 years and 3 months, we have brought in Rs?3,14,318 crore investment! And still, the second quarter numbers are yet to be out..."
He further mentioned that during his tenure as the Maharashtra CM from 2014-19, a total of Rs 3,62.161 crore of foreign investment came into the state. The DPIIT data comes as a major relief to the Mahayuti government at a time when the opposition Maha Vikas Aghadi (MVA) bloc has been attacking it over investments moving to Gujarat and other states.?
The MVA upped its ante against the Mahayuti after Maharashtra lost multi-crore projects such as Rs 1.80 lakh crore Vedanta-Foxconn project, Tata Airbus manufacturing plant, GAIL's 1.5 million tonnes per annum ethane cracking unit at Sehore, Madhya Pradesh with an investment of Rs 50,000 crore to other states.?
Excellence Singapore Group Launches Operations in China & Hong Kong, Elevating Regional Business Services
SINGAPORE - Media OutReach Newswire - 9 September 2024 - In a strategic move to redefine international business dynamics, Excellence Singapore Group strategically extends its footprint into China and Hong Kong. Located at the nexus of Asian commerce, this expansion not only broadens its suite of sophisticated corporate services but also cements its role as a cornerstone for enterprises navigating the complexities of the Singaporean and Chinese markets. With the inauguration of new services, Excellence Singapore Group merges traditional business acumen with contemporary solutions, reinforcing its commitment to fostering global business growth and operational excellence.
Amid tightening business regulations across China, Singapore has ascended as the preferred regional hub for expansion, drawing Chinese firms with its stable and transparent regulatory framework. Excellence Singapore Group, established in 2013 and rooted in Singapore's dynamic Central Business District, capitalises on this trend by officially launching operations in China and Hong Kong. This strategic move introduces new services, such as incorporation in Hong Kong, the US, BVI, and the Cayman Islands, alongside international trademark registration.
Anchored by ISO-certified quality and a diverse client base, the expansion not only broadens the firm's repertoire but also strengthens its position as a key facilitator for Chinese enterprises aiming to penetrate or enhance their presence in Asian markets.
This initiative, announced in early September 2024, addresses the increased influx of Chinese businesses and entrepreneurs seeking robust business frameworks within Singapore, spurred by the pandemic's impact on global commerce. Now offering a comprehensive array of services tailored to facilitate seamless market entry in Singapore and compliance for foreign businesses, these services include company incorporation, corporate secretarial support, trademark registration, specialised accounting and taxation services, and work visa applications, all designed to mitigate the complexities of regulatory environments in both regions.
Cilio expects to double global business in 18 months with India foray
US-based SaaS firm Cilio Technologies expects to double its global business in the next 12-18 months with its foray into India which will also serve as its hub for operations in the Middle East and Southeast Asia, a top official of the company said.
Cilio President and CEO Rick Olejnik told PTI that to cater to the growth the company will also double its engineering team in India.
The company, which focuses on home furnishing segment, entered the Indian market with the acquisition of startup Automation Factory.
Olejnik said that home improvement products are coming with improved standardisation and the per capita spent on house improvement has been growing 40 per cent year-on-year in India which is going to drive the company's software-as-a-service in India.
The company works with vendors in the home improvement segment through retailers like Lowe's, Home Depot, Ikea etc. It provides software tools that facilitate options from product selection till their installation as well as associated services.
Google faces an existential threat from the rise of Gen AI
Google faces unprecedented challenges in the search market due to generative AI and emerging competitors. While its search model has been revolutionary, evolving user behaviour and AI tools threaten its dominance, prompting the need for strategic innovation and adaptation.
For over two decades, Google has dominated the online search market, establishing a $175 billion business that has become integral to the internet.
Controlling roughly 90% of the global search market, Google's position now faces unprecedented challenges due to the rise of generative artificial intelligence (Gen AI) and chatbots, such as OpenAI’s SearchGPT prototype. This technological shift is putting immense pressure on Google to adapt or risk being overshadowed. Microsoft's $13 billion investment in OpenAI and Apple’s collaboration to integrate ChatGPT into Siri signal a significant challenge to Google’s supremacy.
These moves compel Google to act decisively to maintain its position in the market.Historically, Google’s success has been attributed to its user-friendly design and powerful algorithms, which made information retrieval faster and simpler than competitors like Yahoo. By efficiently indexing vast amounts of data, Google became the go-to search engine for users.However, as the web has evolved and generative AI technologies have emerged, Google’s once-revolutionary search model is beginning to show signs of age. AI-driven tools can generate direct answers to user queries, eliminating the need to sift through multiple links—a hallmark of traditional search engines.This shift in user behaviour poses a significant threat to Google’s established model. What was once its greatest strength—simplicity—has become a liability as AI platforms reshape how people access information. Emerging competitors, such as Perplexity, a startup valued at $1 billion and backed by Amazon founder Jeff Bezos, are gaining traction.
These AI tools provide streamlined user experiences by offering direct answers instead of lists of links, potentially drawing users away from Google’s traditional search service. The presence of intrusive ads on Google’s search results further complicates the user experience, making alternatives more appealing.