Decoding the Apple-OpenAI Tango

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GREENING THE GRID

How private sector power generators
are navigating India’s energy transition
towards renewables, although fossil-fuel
dependence of a fast-growing economy
won’t disappear any time soon
PLUS
Green + Growth = Jobs

Praveer Sinha,
CEO & MD,
Tata Power

www.forbesindia.com
 The challenge for India is to decarbonise even
as it keeps developing Letter From The Editor

The Growth Paradox

I
n the Cabinet formed by the new government of The growth imperative, which involves going big
the Bharatiya Janata Party (BJP)-led National on manufacturing everything from semiconductors
Democratic Alliance (NDA) in early June, to defence equipment, means that India’s energy
continuity prevailed in the top portfolios. demand is going through the (non-solar) roof. As
Other crucial portfolios that were tweaked received of fiscal 2022, 70 percent of India’s power needs
less attention. In this special issue focussed on were met through coal, of which India is the second
climate, let’s examine the relevance of a few of those largest producer and consumer. Expecting demand
modifications at a time when India may be at the cusp to peak between 2030 and 2035, the government
of the world’s most complex energy transition. has taken the call to ramp up coal production; it
Manohar Khattar getting the Ministry of Power (and expects demand to peak between 2030 and 2035.
Housing and Urban Affairs) made the headlines for Meanwhile, India’s non-fossil fuel basket—solar,
the former Haryana chief minister’s (CM) induction wind, hydro, bio-power—is also being ramped up
along with six other CMs. Prahlad Joshi took charge of to hit the target of it accounting for half of India’s
the Ministry of New and Renewable Energy (MNRE), cumulative capacity by 2030. That would be just
and G Kishan Reddy bagged the coal portfolio. an early milestone on the road to 2070—by when
It’s a reshuffle with significance. In the previous regime, India, as it declared in 2021 in Glasgow in Scotland
RK Singh, who lost from Bihar’s Arrah constituency, at COP26, plans to reach net-zero emissions.
had been entrusted with both power and MNRE. Now India’s energy transition would make for a
that’s been divvied up between Khattar and Joshi. fascinating comparative debate, if it wasn’t for the
More, Joshi had charge of coal and mines (along with climatic urgency of the challenge. Every Indian summer
parliamentary affairs) in Modi 2.0. That’s now gone to is getting hotter, and flashfloods and landslides in the
Reddy, who earlier headed the ministries of tourism, hill states are a regular occurrence. The big question 3
culture and development of the north-eastern region. then: How does India develop—like no other country
Having separate ministries for (thermal) power and is attempting to—and decarbonise at the same time?
MNRE can be construed as a need for sharper focus on Divya Shekhar attempts to find answers in the
each of these sectors that will call for careful calibration in climate edition of Forbes India. Her verdict: India
India’s energy transition. Perhaps Shripad Yesso Naik, the will need power from coal at least till 2050, if not
Minister of State in charge of both power and MNRE, will beyond. Yet, the big picture isn’t lost on India’s
play the role of a vital bridge between the two ministries. power producers; in fiscal 2024, India’s coal-fired
India is the fifth largest economy in the world, growing power capacity fell below 50 percent for the first
faster than the developed world. The industrialisation time, with renewables accounting for 71 percent of
that comes with that growth also makes it the world’s total capacity addition. That’s one small but vital step
third largest greenhouse gas emitter—after China in the net-zero sojourn. For more on the strategies
and the United States, and ahead of the European to calibrate this long journey, Divya’s ‘Great Power,
Union—accounting for 7 percent of global emissions. Great Responsibility’ on page 24 is a must read.

STORIES TO LOOK OUT FOR

Brian Carvalho
Editor, Forbes India

[email protected]

Best,

(From left) Praveer Sinha, CEO and MD, Tata Power-Solar Panels; Sharad
Mahendra, CEO and joint managing director, JSW Energy

JUNE 28, 2024 • FORBES INDIA

 Contents JUNE 28, 2024
* VOLUME 16ISSUE 13 O N TH E C OV E R

PG. 24
GREAT POWER,
GREAT
RESPONSIBILITY
The power industry is having
a moment in the sun. These
energy companies are expanding
their renewables capacity even
as the country’s dependence on
coal is on the rise. How are they
managing the transition?

Praveer Sinha, CEO &

MD, Tata Power

FORBES INDIA • JUNE 28, 2024

 CLIMATE SPECIAL 68 • ‘PEOPLE-FIRST
PG. 32 APPROACH FOR A
SUSTAINABLE ERA’
22 • FINDING CLARITY IN Jagjeet Singh Sareen on how
CHAOS the energy transition can be
India’s next steps towards turned into an opportunity
climate and sustainability will for broader socioeconomic
determine the course for both transformation
our growing economy and
future generations
IN FOCUS
70 • IT’S TIME FOR
32 • INSIDE JOB AFRICA
The government will have to Radisys, a wholly owned
work on generating jobs with a subsidiary of Reliance Jio
climate and sustainability lens Platforms, has got into a
partnership with Ghana’s
Next-Gen InfraCo to offer 4G
38 • DUAL POWER Rathish Balakrishnan, co-founder of Sattva, believes that green jobs and 5G technology
India’s automobile landscape in India should also focus on the informal sector
is witnessing a churn with
hybrid vehicles from top 84 • A HEADY
players taking on EV sales CORPORATE RIDE
PG. 48 Sriram Kannan has taken
doomsayers for a ride by
44 • BY THE WOMEN, FOR growing Routematic over
THE WOMEN seven times
Female-led communities are
finding on-ground solutions to
combat the climate crisis 103 • INSIDE HMD’S BOLD
GAMBIT
The Finnish brand is launching
48 • MAKING A CLEAN its own line of mobile
SWEEP devices—sans the Nokia
Antony Waste Handling branding—in India
Cell contributes to a cleaner 5
environment by processing
and managing municipal waste 106 • THE RIGHT DOZE
The Sleep Company is
Jose Jacob Kallarakal, founder, chairman and managing director, disrupting a cluttered mattress
56 • BEING THE CHANGE Antony Waste Handling Cell, at the company’s waste processing and comfort solutions market
Actor Bhumi Pednekar is plant in Kanjurmarg, Mumbai
investing in green businesses
and working towards making a
lasting impact with her climate KOHLER: THE BOLD
initiatives CLUB
PG. 56 109 • MASTER
CRAFTSMEN
60 • LIGHTS, CAMERA, Architects who are crafting
(CLIMATE) ACTION some of the most innovative
India’s environmental films structures in India
were previously not looked at
from an ecological perspective.
But that’s slowly changing
FORBESLIFE
120 • LEADING THE PACK
64 • ‘LINKING CEO Indian cricket captain Rohit
COMPENSATION WITH ESG Sharma is a sought-after
MARKERS IS THE WORST brand, with close to 30 brand
IDEA’ endorsement deals
Rajeev Peshawaria, CEO of
Stewardship Asia Centre
in Singapore, on why
sustainability is not a cost Actor Bhumi Pednekar at a beach cleanup in Mangaluru
problem, but a leadership
challenge
REGULARS 8/ LEADERBOARD l 122/ LISTICLE

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 LeaderBoard
Taking Bonds to the Masses ‘Reverse Flip’ of Tech Startups Ten-Figure Terminator
Scrutinised debt instruments Coming home has become attractive Arnold Schwarzenegger has
offered by Grip Invest are the latest to Indian startups as investors played many roles in his 76 years:
fixed income instruments seeing understand India now, and listing Bodybuilder. Box office star.
retail investor participation P/14 in Mumbai is considered solid P/16 Bureaucrat. And now billionaire P/17

TECHNOLOGY

Apple Goes Outside

The Park for Gen AI
Caught without its own powerful LLMs, Apple’s tried to make the best of the
fait accompli of OpenAI’s dominance, a senior analyst says

THINK OF THE FARADAY CAGE AS hates Apple’s new partnership with Developer Conference (WWDC). The
a box that prevents any OpenAI so much that anyone visiting iPhone maker also announced a slew
electromagnetic pinging of his companies will be expected to of other artificial intelligence (AI)
whatever’s inside the enclosure. It’s leave their iPhones in Faraday cages features as it sought to answer the
named after the 19th century English at the doors. question in many people’s minds, as to
scientist Michael Faraday. That partnership was revealed what Apple had in store, after Google
Elon Musk, the world’s richest at the opening of Apple’s annual and Samsung and Microsoft had
8 person as on June 11, said on X that he developer jamboree, the Worldwide brought out a lot of their AI products.

Apple CEO Tim Cook delivers

remarks at the start of the
Apple Worldwide Developers
Conference (WWDC) in
Cupertino, California
JUSTIN SULLIVAN/GETTY IMAGES

FORBES INDIA • JUNE 28, 2024

 Apple didn’t disappoint. And where Apple isn’t confident that it is upcoming operating system software
Musk’s angry posts could be written ready for its customers. updates—the company said in its
off as sour grapes, perhaps, as his Two analysts Forbes India spoke to June 10 press release. When needed,
new AI company xAI offers its ahead of WWDC offered their views Siri can tap into ChatGPT: Users are
own chatbot product, Grok, versus on the missing Apple LLMs: In short, asked before any questions are sent to
OpenAI’s ChatGPT, which Apple says Apple didn’t have the type of data that ChatGPT, along with any documents
will be “deeply integrated” into the Google had, or that OpenAI scraped or photos, and Siri then presents the
iPhone and other products. from the internet. answer directly. Privacy protections
However, Musk’s comments As to the partnership with OpenAI, are built in for users who access
also reflect the dire reality of the “given the expectations of Apple at ChatGPT—their IP addresses are
world’s biggest tech companies’ war this time, there simply wasn’t the time obscured, and OpenAI won’t store
to win the ongoing AI race. In some to wait and do it right themselves and requests. ChatGPT’s data-use policies
ways, Apple, as the planet’s biggest then bring something to market,” says apply to users who choose to connect
direct-to-consumer, hi-tech products Dipanjan Chatterjee, vice president their account, according to Apple.
company, has the most at stake with and principal analyst at Forrester ChatGPT will come to iOS 18,
its privacy-first stance, which is part Research. “And I think this is indeed a iPadOS 18, and macOS Sequoia later
of its appeal. sharp departure from what Apple has this year, based on OpenAI’s latest
That makes it even more done before.” model, the GPT-4o. iPhone, iPad
significant that a company famous for and Mac users can access it for free
its sophisticated vertical integration without creating an account, and
across products and services, and ChatGPT subscribers can connect
software and hardware, has chosen to their accounts and access paid
look outside for something as critical features within their Apple devices
as an important part of its AI strategy. and apps.
This, undoubtedly, will have a long- As companies rush to
term bearing on every single user of commercialise generative AI, Apple’s
any Apple product, eventually. somewhat delayed, and perhaps 9
Musk’s criticism underscores this more measured, entry onto the stage
departure, when he says it’s “absurd” OpenAI’s ChatGPT, will be “deeply will likely rekindle the conversation
that a company as phenomenally integrated” into the iPhone and other around privacy and how technology
products
capable as Apple, with virtually ought to develop around it.
limitless resources, couldn’t build its “Apple is never known to be the With its partnership with OpenAI,
own large language models (LLMs). first. They’re often known to be the Apple is doing nothing short of
And he adds that the partnership best,” he says. And he was speaking staking its reputation. At WWDC’s
means that we won’t know or can’t in the context of how Apple brings opening event, CEO Tim Cook,
know what happens when an iPhone a “maniacal obsession to customer after introducing the idea of “Apple
user’s data goes to OpenAI for experience” so that they don’t want Intelligence” and its relevance and
processing on the cloud. This on-the- you to care what’s under the hood, but usefulness to individual users, quickly
cloud processing is how Siri, Apple’s how useful a product is; the iPhone proceeded to talk about privacy,
intelligent assistant, can return a more itself, but also before that, the iPod, Chatterjee points out. “It’s very much
useful result versus what’s possible and later the Apple Watch, are all in the conversation.”
in-device, even with Apple’s powerful examples of that, of the way in which The nature of generative AI has
processors. they “upended categories”, he says. created a growing multiplicity of
Apple has introduced the Private This time, the anticipation that data, which exacerbates the problems
Cloud Compute, built with its own Apple would soon reveal its AI around the privacy of that data. “So,
processors and software. It’s not roadmap had built up so much—and Cook is very quick to pivot to this
immediately clear if this feature will indeed investors had begun to get idea that with the usefulness comes
kick in even with data sent to OpenAI. more than a little restless—that concerns of privacy,” the analyst
And, of course, it’s still not clear as Apple’s silence up until this year’s says. Apple’s answer for now is a
to why Apple—with a billion iPhones WWDC “was deafening”, he says. And tightly guarded private environment.
out there, not to mention iPads and this time, what’s under the hood has “They are going to work through the
MacBooks and Watches—didn’t also caught a lot of attention. mechanics of what’s needed to keep
SHUTTERSTOCK

build LLMs of its own. It’s possible Apple is integrating ChatGPT this private and secure. And I think
that the highly secretive company access into experiences within iOS 18, it’s just going to be a process,” he says.
is developing one, but it’s at a stage iPadOS 18, and macOS Sequoia—its ● HARICHANDAN ARAKALI

JUNE 28, 2024 • FORBES INDIA

 SHUTTERSTOCK
2011
LeaderBoard The year Apple
launched its virtual
assistant Siri

ARTIFICIAL INTELLIGENCE

Can ChatGPT Revive Siri?

Apple, through its OpenAI partnership, is integrating ChatGPT into experiences
within iOS, iPadOS, and macOS, allowing users—and Siri—to access its capabilities
SIRI CAME TO LIFE 13 YEARS in its communication to enterprises
ago as part of the iPhone 4S. on the OpenAI partnership and how
The voice-recognition the user data is decoupled from the
software was built on natural query to help maintain the trust and
language processing, a subset of privacy narrative, says Neil Shah, vice
artificial intelligence (AI). But Siri president, Counterpoint Research.
couldn’t keep up for long, and users Apple’s AI features will run on the
felt frustrated when it failed to most recent iPhone 15 Pro and Macs
perform the simplest of tasks. with the latest m-series of Apple-
The first-mover advantage fizzled designed semiconductors. The new
out. Competing virtual assistants 3 nanometer-based system-on-chip
emerged, including Samsung’s S (SoC) that Apple has used in the latest
Voice, Google Assistant, Microsoft’s generation of Pro iPhones, iPads, and
Cortana, and Amazon’s Alexa. Macs has enough capabilities and
These players, available on gadgets firepower to run advanced generative
beyond mobile phones, offered AI multimodal models. “For the
better language understanding and upcoming models, Apple might have
10 integration with third-party skills. to upgrade its memory configuration
At its annual Worldwide beyond 8GB of RAM if it has to
The handshake with Apple comes as a huge
Developers Conference, Apple endorsement for OpenAI CEO Sam Altman, process over 7 billion parameter
announced a host of new artificial who is the poster child of generative AI models in the future,” adds Shah.
intelligence features, including a The collaboration between
refurbished Siri in partnership with Apple comes as a huge endorsement Apple and OpenAI is beneficial, but
OpenAI’s ChatGPT. The company for the poster child of generative AI. the former will have to watch out.
has acquired over 30 AI startups since “They’ve done some things on privacy OpenAI is facing various legal actions,
last year, ranging from voice assistant that I like. They’re not tracking IP like the one from The New York
capabilities to expression recognition, addresses,” Apple CEO Tim Cook said Times, over copyright infringement.
app recommendations, and more. in an interview with The Washington The aftereffects might spill over to its
Apple is integrating ChatGPT Post. “They’re a pioneer in the area, partnerships. “We could see OpenAI
into experiences within iOS, iPadOS, and today they have the best model. get cancelled. It’s a distinct existential
and macOS, allowing users to access And obviously, we’re not stuck on one threat for them if it’s revealed that
ChatGPT’s capabilities—including person forever or something. We’re they used a bunch of data they
image and document understanding— integrating with other people as well. weren’t supposed to. That’s one of
without needing to jump between But they’re first, and I think today it’s the reasons when companies partner
tools. Siri can also tap into ChatGPT’s because they’re the best.” with these third parties they have to
intelligence. Apple is not going to be using the ask really tough questions about what
The financial arrangements are not public-facing ChatGPT model. It’s sources of data were used or are there
disclosed, but OpenAI will provide going to be owned and deployed by any known vulnerabilities or biases
free access to the latest version of Apple within its firewall, explains in the model. Companies are still
JUSTIN SULLIVAN/GETTY IMAGES/AFP

ChatGPT. On the privacy front, users Brandon Purcell, vice president and learning what those questions are,”
will have to consent to each query, principal analyst at Forrester. says Purcell.
and their information will not be How prudently Apple sandboxes Meanwhile, iOS users are looking
logged, according to Apple. users’ private information beyond forward to experiencing the new
OpenAI CEO Sam Altman regularly the queries to OpenAI using a private avatar of Siri. Let’s see if Apple
faces controversies over safety data centre is going to be key. The Intelligence can bring it back to life.
concerns. The latest handshake with iPhone maker will have to be clear ● NAANDIKA TRIPATHI

FORBES INDIA • JUNE 28, 2024

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 LeaderBoard
INTERVIEW

‘Private Enterprises Value

Continuity and Stability’
India has, over the years, established such a firm position for itself that a contrarian election outcome isn’t
significant enough to derail that, says Megha Chawla, senior partner at consultancy Bain & Company

ON A DAILY BASIS, MEGHA Western and more mature markets. make sure it’s a buoyant talent pool.
Chawla, based in New Delhi, I recall a 2019 conversation with a This entails an enabling ecosystem
advises clients ranging from German insurance company’s CEO, supporting continuous ability to
multinational businesses (on their about internationalisation and the adapt to new emerging skill sets and
India strategy) to India’s big and basis for it, which was that over the technologies. India has done a far
small IT services players (on their next 10 to 15 years, they had to have better job of that than many other
global growth, talent operations, their core talent pool coming from countries.
strategy, and mergers and India. There continues to be a cost
acquisitions). Today, India has The third factor is the pace of advantage. Even though India has
become a non-negotiable part of the emergence of new technologies. What seen wage inflation, we still tend to
global CEO’s strategy, she says in an that’s led to is not just the need to have a 60 to 65 percent advantage
interview with Forbes India. Edited access a large talent pool, but also to over, say, the US or Europe. And that
excerpts:

12 Q Leaving aside the election results,

give us a sense of how the way
your global clients look at India
as a tech investment destination
has changed over the years
If I look at the longer horizon, every
three to five years has been a new
phase in India’s positioning and
strategic importance for various
global organisations. In the last
three to five years, we’ve seen a few
spikes, a few characteristics that have
changed how India falls on the radar
of chief executives of global boards.
Number one, India has become
a non-negotiable part of the talent
strategy for global 2,000 companies.
One could argue, wasn’t that the
case always? What’s happened is the
nature and centrality of India for the
longer-term talent and capability
horizon for organisations have
changed completely.
Today, there’s just a lot more
comfort around all that’s possible
from an offshore location. More
importantly, there is a significant
demographic change and difference
between India and many of the
AMIT VERMA

FORBES INDIA • JUNE 28, 2024

 65.79%

GETTY IMAGES
Voter turnout in the
2024 Lok Sabha
elections in India

continues to stay irrespective of the durable differentiators for India, some of these initiatives are of such
sector you look at. irrespective of the political regime. economic importance that I would
As a tech market, while today India Both private enterprises and hope that that momentum should
pales in comparison to the Western successive governments have continue.
markets, the potential for growth that played a role in cementing some of When we talk to our customers,
India is showing is not something these advantages at global scale. our clients all over the world and
that organisations globally are taking That said, some opportunities they’re thinking about India, what’s
lightly. have definitely come out of the top of mind for them are some of
Finally, over the last three to government’s initiative, including the factors I discussed earlier—the
five years, India as a source of tech the PLI scheme, which has boosted market, the talent base, the innovation
innovation and tech manufacturing, electronics manufacturing, and the and the evolution of the talent base,
and as an export base, has seen a big national semiconductor mission, the cost.
uplift. Electronics is a great example which has tapped both India’s It is absolutely important for the
of a sector that’s benefited from the strategic needs and geopolitical infrastructure and the policy to be
production-linked incentives (PLI) opportunity. The enabling. But I think
plan. Semiconductors is in its early government moved India has, over the years,
days, but shows a lot of promise. to both create enough Even though established a pretty firm
dialogue to convince India has seen position for itself that I
Q To what extent would you the private sector and wage inflation, don’t believe an election
attribute these gains to the executed on areas like we still tend outcome which might
government’s policies? project approvals and to have a 60- be contrary to what was
The factors I just mentioned so on. 65 percent believed would happen
are fundamental that remain And over the last few advantage over, would be significant
years, we have seen the say, the US and enough to derail that.
ease of doing business Europe There is belief that
improve. We’ve also India has demonstrated 13
seen, with the national AI (artificial stability over a longer period of time
intelligence) mission, there is a and the story has held through. And
recognition that these are technology many clients have that vision, a time
and ecosystem shifts that can be huge horizon to see that there isn’t any
in their impact and opportunity for recalibration suddenly because of an
India and what India does for the election result.
world. And I think the government
has identified those. Q Can you talk about any interesting
sourcing strategies you’ve seen
Q What is your early assessment among your clients in the context
of whether, as India Inc is of increasing adoption of AI?
hoping, there will be continuity We’re seeing tremendous interest
in the government’s policies in terms of how clients are
on all these fronts? conceptualising, building their AI
From a purely business and enterprise muscle, and hence sourcing that
point of view, continuity and stability capability. They are looking at
are something that private enterprise investing differentially in AI capability
value. Our hope is that the kind of that can support the entire business.
initiatives and major shifts that we Organisations that historically saw
have seen will ensure that they will India as a back-office location are
continue to hold despite the change in shifting to say, ‘If I’m building global
the composition of the government. AI hubs, I need India to be one of the
To me, these are shifts that are largest hubs’. Further, as organisations
beneficial for India and for the world look at their service providers, there is
Megha Chawla, not just near term, but on a long- a lot of openness in looking at service
senior partner at
consultancy Bain
term basis. They have the promise of providers as partners in building and
& Company growth, employment and relevance. scaling up AI capability.
Even with a coalition government, ● HARICHANDAN ARAKALI

JUNE 28, 2024 • FORBES INDIA

 LeaderBoard
INVESTING yielding debt products. “There is

Taking Bonds
a class of people who want higher
yields without the volatility or risk
associated with equity investments,”
says Nikhil Aggarwal, founder of

to the Masses
Grip Invest. This can be done either
through mutual funds (MFs), AIFs
or debt investing platforms. Of these,
AIFs are available only to high net
worth individuals with a minimum
Securitised debt instruments offered by Grip Invest are the latest fixed investment size of `1 crore, MFs are
income instruments starting to see participation from retail investors accessible to all but offer few high-
yielding products (the most popular
CHITRA KOUSHIK’S FATHER IS A for a cab aggregator. are government bond funds).
fixed deposit saver. The She says the risk was compensated Debt investing platforms offer
retired post office employee by the higher payout of 9.5 to 10 bonds (government, corporate) and
would either save at his local bank or percent. So far, the interest payments have benefited on account of two
in savings certificates of his employer. have continued uninterrupted, regulatory changes in the last year.
He knew no other form of saving. prompting her to up her parents’ First are Securities and Exchange
A little over a year ago, Koushik investments. She is aware of the risks Board of India (Sebi) rules regulating
suggested that he try fixed income involved and stays away from lower Online Bond Buying Platforms
instruments with a higher payout that quality products with payouts of 13 to (OBPP). These stipulate the rights
she found on Grip Invest, a platform 14 percent. Her investments on Grip and obligations of both platforms
that specialises in fixed income Invest total `50 lakh. and consumers. For instance, it was
investing. While her father was Over the last two years, the rise possible earlier that money was
14 sceptical, but Koushik persuaded him in interest rates globally and in transferred to purchase a bond and
to invest `10 lakh in a product that India has resulted in an increase the seller didn’t transfer the bond
invested in securitised lease payments in Indians investing in higher in the buyers demat account. With
MADHU KAPPARATH

(From left) Aashish Jindal, co-founder & CPO, Nikhil Aggarwal, founder & CEO, Vivek Gulati, co-founder & COO of Grip Invest

FORBES INDIA • JUNE 28, 2024

 `250 cr

SHUTTERSTOCK
The total amount of SDIs Grip
Invest has done, with an average
ticket size of `2.5 lakh

this regulation, there are formal The growing crop of personal SDIs that yield 14 to 15 percent. Now,
mechanisms to enforce contracts. loans has resulted in companies as the company has matured and has
In effect, Sebi is working on looking to raise capital against those a BBB rating, it should be able to raise
creating an exchange-driven bonds assets. Recently, NBFC Navi put their money at lower rates, says Unadkat.
marketplace. There are initial signs personal loans into a security and
of this working for investors. On May offered those receivables to investors ONLINE FIXED INCOME PLATFORMS
30, the Corporate Bond Reporting at a 9.5 percent yield. Online fixed income platforms differ
and Integrated Clearing System Savvy investors like Shobhit Gupta, from MFs as they offer investors
reported trades of `5 crore within the a manager at EY, are happy to do the the opportunity to pick and choose
first hour of opening. research themselves and buy these specific instruments. Grip offers
Second, is the minimum ticket products. Gupta says he is primarily a government and corporate bonds as
sizes for investment in bonds. In fixed income investor and found SDIs well as SDIs with rating rationals,
May, this threshold was reduced while researching for high-yielding and information documents on their
to `10,000 from `100,000. This fixed income assets. He has invested website. (All bond buying platforms
makes bonds a truly retail product. `40 lakh in them and likes the fact are required to display these.)
Anyone with a demat account can that every month he gets an interest Grip, set up in 2020, has raised
complete the KYC requirements payout as well as some portion of the `100 crore from investors including
in a bond platform and have them principal as a payout reducing risk. Venture Highway, Anicut Capital
transferred to their demat account. One point to note is that while and AvantEdge. Aakanksha Sharma
With lower amounts, platforms are these instruments are rated and come of Venture Highway, who invested
trying innovative products that they with all the standard disclaimer `20 crore in Grip in multiple rounds,
say reduce risk while offering higher points to the increased sophistication
payouts. KreditBee, which makes of retail investors in understanding
Over the last two years, the
loans to customers, noticed the that a fixed income-like portfolio can
rise in interest rates has
appetite among retail investors. “Grip also offer higher returns.
made more Indians invest
was a subscriber to one of our non- So far, Grip has done `250 crore 15
in higher yielding debt
convertible debenture transactions (with an average ticket size of `2.5
products
and we realised there was appetite lakh) in SDIs and sees the market
for such debt among retail investors,” for both bonds and SDIs growing
says Vivek Veda, CFO, KreditBee. warnings, there is always a chance of rapidly in future. Aggarwal points
a default. Grip says it has taken care of to online brokers like Zerodha
SECURITISED DEBT INSTRUMENTS this by asking for security in excess of and RKSV (now Upstox), who in
While buying and selling company the price of the units as well as a first their infancy, took time to scale
bonds is the preferred offering of loss default guarantee. As Koushik up. The tipping point came when
bond platforms, Grip Invest has explains, in one of the securities she online KYC was allowed and demat
innovated and offers securitised bought that had pooled leased assets, account additions zoomed. With the
debt instruments (SDIs) to retail Bigspoon, a cloud kitchen company, minimum investment in corporate
investors. These put the receivables defaulted. Grip continued to provide bonds reduced to `10,000, Aggarwal
from a particular asset into a single them with updates and no payment believes the tipping point has been
instrument and sell units to investors. was missed on account of the security reached here as well.
Sample this: The investor buys the company had already mortgaged. Going forward, he sees Grip as
units in a security that has purchased What’s in it for the companies? a ‘manufacturer’ of fixed income
cars of ride-hailing company The ability to raise money from products like SDIs and hopes they
BlueSmart. The money earned by individual investors at more attractive have enough supply to cater to
running the cars as taxis is packaged rates. Often companies in the early the increased demand for retail
into a security and paid to investors. part of their lifecycle find it hard to investors. Expect some distribution
The cars (brand new Tata Tigor convince banks to lend to them. At tie-ups as well. How far could this
vehicles) are hypothecated to the Everest Fleet, a mobility company, market go? “The fixed deposit market
investor and the rentals flow into an the option was to raise some money is $2.5 trillion. Even if 10 percent
escrow account from which money is from banks and to get in expensive of this moves to bonds and SDIs,
paid. Called LeaseX, these securities equity capital for the rest. Instead, that’s a total size of $250 billion
have a BB+ rating. This product has says Shivang Unadkat, co-founder, [`25,00,000 lakh crore] to play for,”
been on the market since September Everest Fleet, the company connected says Aggarwal.
2023 and offers a 14 percent yield. with Grip and became a part of two ● SAMAR SRIVASTAVA

JUNE 28, 2024 • FORBES INDIA

 LeaderBoard
EXPLAINER

The ‘Reverse Flip’

of Indian Tech Startups
Coming home has become attractive as investors understand
India now, and listing in Mumbai is seen as a solid option
WHY ARE SOME OF INDIA’S
best-known fintech startups,
and others, doing a ‘reverse
flip’, to move their holding parent
entities to India from the US or
Singapore? These companies—
Groww, Pine Labs and Razorpay are
in the news—feel it’s worth the
complex, time-consuming process.
Flipkart, India’s biggest e-commerce
company, now part of Walmart, too is
rumoured to be preparing to reverse
flip ahead of an IPO. Keyur Shah,
partner and leader, Financial Services
16 Tax, EY India, explains the process:

Q The reasons for US- or Singapore-

based holding entities. robust in terms of investor protection be complex and needs multiple
Tech or fintech startups were and so on. regulatory approvals. Media reports
operating in areas that were too say that Pine Labs’ Singapore entity
complex for investors to understand. Q Why’s the ‘reverse flip’ merged into its Indian company. The
The founders were often returning picking up now? other way is a share swap, where
Indians, or the startups required Over time, a few things have changed. shareholders of the holding company
investors who understood the One is, venture capital (VC) and get shares of the subsidiary and,
ecosystem. Most founders were based private equity (PE) funds have therefore, swap shares. In both cases
in Silicon Valley or overseas, and understood how investments work in there can be a significant tax liability.
investors were comfortable when the India. The other thing is at least the
investee was based in a jurisdiction perception that valuations for IPOs in Q Do startups gain anything?
they understood. This is why some of India are far better. The third is when From an operating perspective, they
the large fintechs, including Razorpay you are a large company with most of aren’t losing out on much. In fact,
and Pine Labs, were set up outside your business in India, and you list in reverse flips can bring in operational
India, and got funded there. India, regulators look at it favourably. cost efficiency, because they are now
But these startups were India- Therefore, people are flipping not running a US and an India entity.
focussed. So they had a structure the structure, whereby the Indian
where the promoters were based [operating] company becomes the Q Which startups are doing this?
out of India and held shares in a US main entity and the [foreign-based] Even four years ago, most of our
or a Singapore-based entity. Then holding company folds, or ‘reverse clients wanted a holding company in
there was the main operating, Indian, flips’, into the operating company. Singapore or the US, and a subsidiary
entity. Also, the feeling then was if I in India. Now, most don’t want a
want to exit or list, then valuations Q What are the complicated structure. Companies
SHUTTERSTOCK

could be much better as a US or complexities involved? that are looking to list soon are the
Singapore entity. Also, in India, the The most complex way is through ones biting the bullet now.
regulatory framework was not very cross-border mergers, which can ● HARICHANDAN ARAKALI

FORBES INDIA • JUNE 28, 2024

 $5.5 bln

GETTY IMAGES
Box office earnings of
Arnold Schwarzenegger’s films
between 1970 and 2019

NEW BILLIONAIRE Forbes India

Ten-Figure Terminator Crossword No. 5
BY MANGESH GHOGRE

Arnold Schwarzenegger has played many roles Solve a customised puzzle with each
Forbes India issue that holds clues
in his 76 years: Bodybuilder. Box office star. from the worlds of Indian business and
Bureaucrat. And now billionaire culture, themed around this fortnight’s
magazine. This issue’s theme, for
receipts, or about $35 million, for instance, is Climate & Sustainability
his blockbuster 1988 comedy, Twins. 1 2 3
In all, Schwarzenegger made about
$500 million in paychecks and profit-
4 5
sharing deals from his movies. By his
own estimate, he gave up another
6
$200 million in Hollywood income
to serve as California’s governor from
2003 to 2011. 7

From the outset, Schwarzenegger

put his cash to work. Soon after 8
arriving in California, he used his
bodybuilding earnings to buy up
apartment buildings in Santa Monica. ACROSS
He claims he was a millionaire before 1. Sustainability framework (abbr.)
getting any major movie roles in 4. It can be purified using biomass
the 1970s. As the founding client of 6. Revenue-maker from trading carbon
celebrity investment firm Main Street credits, say 17
THERE AREN’T MANY MOVIES AS Advisors, he also pumped money into 7. The “C” of CDM (UN’s carbon offset
action-packed as Arnold private equity and stocks, including scheme)
Schwarzenegger’s actual life. shares of Starbucks and Google. 8. ___ Electric with S1 series of EV
scooters
Born into a poor family in the tiny Twenty-eight years ago, he picked
Austrian village of Thal (population up just under 5 percent of privately DOWN
2,500), where he later discovered his held Dimensional Fund Advisors,
1. Europe’s tallest active volcano
father had been a member of the Nazi the now-giant $718 billion (assets) 2. Spotted, as a Tesla Cybertruck on a
party, the Terminator and investment firm. street in SFO
Kindergarten Cop star used his Not every investment has been a 3. [“This is so frustrating!”]
muscles and charm to be winner. In 1991, he teamed 4. Dalal St : Mumbai :: ___ St : New
crowned Mr Universe up with Bruce Willis and York
four times, then conquer The star Sylvester Stallone to invest 5. Side by side ?
Hollywood and win claims he was in Planet Hollywood. The 6. “Green” prefix
California’s top political a millionaire themed restaurant chain
office. Along the way he before getting peaked at a valuation of
any major
A L O

has spun his fame into more than $3 billion in

fortune. The 76-year-old movie roles in 1996 only to end up in N A E L C

star is now worth more the 1970s bankruptcy three years

than $1 billion, according later. He also had a
R E N R A E

to Forbes’s estimates. costly divorce in 2021 from former R E T A W

Between 1970 and 2019, newscaster and Kennedy family
Schwarzenegger, who initially member Maria Shriver. Our math
ETHAN MILLER / GETTY IMAGES

G S E

struggled to secure roles because of assumes the pair didn’t have a prenup
his thick accent, churned out around and split their assets 50/50. Had they
50 films, which made $5.5 billion drawn up a premarital agreement, Mangesh Ghogre is the first Indian to have constructed
at the box office. He was early to Schwarzegger might be worth nearly crosswords for The New York Times. A Mumbai-bred in-
vestment banker, Ghogre recently moved to the US on an
negotiate a cut of sales, for instance, double his current fortune. Einstein visa, acquired for his crossword skills. He will be
making bespoke crossword puzzles for Forbes India, which
pocketing nearly 20 percent of gross ● JEMIMA MCEVOY can be solved in under five minutes.

JUNE 28, 2024 • FORBES INDIA

 LeaderBoard
INTERVIEW

‘Competition Is Good.
It Keeps Us On Our Toes’
Novo Nordisk, maker of blockbuster drugs like Ozempic, has a market capitalisation of $592.02 billion. The
company’s global CEO Lars Fruergaard Jørgensen talks about its India plans and ramping up innovation

NOVO NORDISK, THE MAKER OF

Novo Nordisk
blockbuster drugs Ozempic global CEO Lars
for diabetes and Wegovy for Fruergaard
Jørgensen
weight loss, is a 100-year-old
company. Riding on the success of
these two drugs, it is Europe’s most
valuable company with a market
capitalisation of $592.02 billion (as of
May 21), making it larger than the
entire Danish economy.
The Denmark-based drugmaker
has had a sharp focus on four key
areas: Diabetes, obesity, rare diseases,
18 cardiovascular and emerging therapy
areas. Its insulins have been present
in India since 1935. But it began
operations in the country in 1992.
With 1,300 employees currently, Novo
Nordisk is one of the fastest growing
pharmaceutical MNCs in India. been overwhelmed by the demand. wasn’t really there—clearly, that has
India is known to be the diabetes dramatically changed.
capital of the world. As per the World Q How long did research and Now that we have Ozempic and
Health Organization (WHO), in India, development for these drugs take? Wegovy, we can help patients who
there are close to 77 million people This has been a result of decades of have been struggling with these
aged above 18 who are suffering research in diabetes, dating all the diseases for a good part of their life.
from diabetes (type 2) and nearly 25 way back to the 1990s. Similarly, for We can also help mitigate some of
million are prediabetics (at a higher obesity, we have been doing research the other comorbidities that might
risk of developing diabetes in the near in this area for close to 25 years. So, follow [for those] living with obesity
future). So, the question on everyone’s this ongoing research effort to help and diabetes.
mind is when is Ozempic being our patients resulted in the molecule
launched in India. Forbes India finds we know today: Semaglutide. It is one Q How would you rate Big
CHRISTOPHER GOODNEY / BLOOMBERG VIA GETTY IMAGES

out during an exclusive conversation of the many molecules that we have Pharma’s recent track record when
with Lars Fruergaard Jørgensen, been engineering and testing out. After it comes to innovation? And how
CEO, Novo Nordisk. Edited excerpts: years of clinical research, where there would you compare Novo Nordisk?
were a lot of failures, we finally got to a I think there are two companies
Q Diabetes drug Ozempic and profile that we believed was working. that have been in the space of
weight loss drug Wegovy have seen From a market perspective, the diabetes, particularly sterile liquid
an incredible response from doctors surprise was the steep uptake, because products in high volumes—Eli Lilly
and patients. Was this expected? we know from prior generations that and Novo Nordisk. While many
The fact that we have not managed to medicines in this category did not companies have been active in
scale up manufacturing in time kind really take off. The willingness from this [segment] for years, we had
of hints to the fact that we have also both prescribers and also patients a head start. And even now many

FORBES INDIA • JUNE 28, 2024

 77 mln

SHUTTERSTOCK
Number of people aged above 18 suffering
from diabetes (type 2) in India, according
to the World Health Organization

are trying to get in using different It depends a lot from product to merged. Now we compete
technologies. It will take time for product, and how that development with Eli Lilly and the likes.
them to build the full capability goes. Some products are only This means competition helps you
platform that is required to compete developed in the Western world stay under pressure, and that leads
in this space, ranging from research and never get to the low and to more innovation and commercial
and development to conducting middle-income countries. And success. I welcome competition here.
clinical trials, and then also being in some low- to middle-income Given the potential customers in
able to ramp up manufacturing countries, you have private segments India, it takes several products and
capacity. So it takes a lot. where there are patients who most likely several companies to build
This also means many more can pay out of their pockets. enough capacity to really have an
companies will be successful, and Our belief is that we have perhaps impact and meet the demand.
will help people live with obesity the best opportunity of all players in
and diabetes. So competition is ramping up manufacturing. In the Q Looking back, are there certain
good, because it keeps us on our years of our robust business cycle, decisions that you feel you
toes. We intend to stay among the we have also invested to get to many could have made differently?
top innovators, based on all the more patients, and we continue to do Yes, I would say in the area of
experience we’ve had over the years. that. investing in capacity. We could
The product we make are have dared to make some bolder
Q What kind of investments biological medicines, steroid liquid decisions. It’s interesting how we
are being made to expand products being injected on a weekly are all impacted by our biases. Back
operations in India? basis. This is highly complex as in 2017, when I took over as CEO,
India is one of our biggest footprints compared to tablets. Had it been the company was in no growth or
from an employee base point of view. very low growth phase. Access to
We have both a large commercial “The product we make resources was not as easy as it is
organisation and a very large are biological medicines, today when we’re growing more—
service centre, where a number of steroid liquid products, last year we grew by 36 percent. 19
our strategic services are done out which is highly complex as So, that low growth territory
of Bengaluru. We also do clinical compared to tablets. Had it somehow also biased our view on the
development and trials in India, been tablets, perhaps you future… it was hard for us to push
and we have a local manufacturing could scale easier.” and make those bold decisions.
partnership with Torrent Pharma. Looking back, I feel I should have
So, we also do manufacturing dared to think even bolder and make
of insulins in India. I think our tablets, perhaps you could scale the decision to invest in capacity
majority owner, The Novo Nordisk easier. But we are committed to earlier. We could have helped even
Foundation, is also looking to invest ramp up capacity as much as we can. more patients today. It’s good to base
in India and potentially also invest There’s a limit to how much we can decisions on your experience, but we
in biotech here. So India is an do in one go, because these are huge also have to be open-minded about
important market for us, and we have construction projects, but we are future opportunities.
most of our value chain functions aiming to ramp up capacity so that we Now we are driving some cultural
actively taking place in India. can serve our patients, also over time themes in the company about daring
in markets with a lower price point. to think bold, and looking at the
Q In that case, when can we future in a non-linear way.
expect Ozempic and Wegovy Q There are reports suggesting that
to launch in India? many Indian pharma companies are Q What is your vision
I cannot give you a date. looking to recreate their versions for Novo Nordisk?
Unfortunately, we are still rolling out. of Ozempic. Your thoughts. It would be a vision of driving a
We have a policy of not mentioning Competition is important. If you huge population towards health
dates before we start the launch. look at our history, we only ended intervention. So, getting to many more
up as a strong 100-year-old company patients than we’re serving today, and
Q Affordability may be a big because we had competition. In helping them live the fullest possible
concern in India. When you launch fact, two small Danish companies, life they can. As a company with
the two drugs here, which part of Nordisk Insulinlaboratorium and sustainability at its core, we want to
the Indian market will you address: Novo Terapeutisk Laboratorium, help society turn sustainable as well.
The mass market or the top end? were competitors until they ● NAINI THAKER

JUNE 28, 2024 • FORBES INDIA

 CLIMATE SPECIAL

Finding
Clarity
in
22
Chaos India’s next steps towards climate and
sustainability will determine the course for both
our growing economy and future generations

A
By DIVYA SHEKHAR

As I write this, the northeastern state of Sikkim

has been hit by heavy rains, with floods and
landslides claiming lives and leaving thousands of
people stranded. Over the last few months, India
faced its hottest summer yet, with a heatwave
causing scores of casualties. The climate crisis
is here, and it’s only getting more urgent.
At a diplomacy level, India has set ambitious
mitigation targets: Achieving net-zero emissions by
2070, meeting 50 percent of our energy demand by
non-fossil fuels by 2030, and reducing 1 billion tonnes

FORBES INDIA • JUNE 28, 2024

 Overview

of projected emissions from now till 2030. It

will be a responsible step forward, considering
that India is the third-largest carbon emitter in
the world, after China and the US. As per the
International Energy Agency (IEA), even as
India’s per capita emissions (at close to 2 GT)
are less than half of the world average, the country’s
carbon emissions grew faster than its GDP in 2023,
at slightly more than 7 percent, to reach 2.8 GT.
But India is also the fifth largest economy in
the world, which is growing faster than its peers.
This upward growth trajectory, which includes
going big on manufacturing, industrialisation
and urbanisation, means high immediate energy
requirements. It is here that the country finds
itself at the crossroads of a unique energy transition
paradox. The practical way to meet the growing
energy requirements is to continue the dependence
on thermal power (like coal, gas, diesel etc), which
is the case now and is likely to continue for the
next few decades. At the same time, not losing sight
of our clean energy commitments is imperative.
Forbes India’s annual climate edition this year contains
a handful of features looking at different aspects of the 23
climate crisis. There’s a story on how private power
companies, which generate over 50 percent of India’s
power requirements, are playing their part in the
country’s growth story, while trying to double down
on their capacities of non-fossil fuel power. We look at
how climate and environmental sustainability can be at
the centre of job creation, which is the most important
political and economic mandate in India right now.
There is also reportage on the role of the
ESG (environment, sustainability, governance)
framework followed by corporates, why the Indian
automotive industry is betting big on hybrids, how
cinema and TV shows are weaving in climate-
focussed narratives, and how individuals,
from actors with star power to women-led
grassroots communities, are facilitating climate
action and awareness on the ground.
It is also important to keep in mind the
human cost of India’s ambitious green
transition, particularly groups that are likely to
ILLUSTRATION: CHAITANYA DINESH SURPUR

be the most vulnerable, like the farmers and the

urban poor. As Jagjeet Singh Sareen, partner,
Dalberg Advisors, writes in his column, without
a people-first approach, decarbonisation efforts
could negatively impact lives, livelihoods and
natural ecosystems. “Acting now could turn the
energy transition into an opportunity for broader
socioeconomic transformation,” he writes.

JUNE 28, 2024 • FORBES INDIA

 CLIMATE SPECIAL

Great
Power,
Great
Responsibility
India is seeing a record demand for power, spurred both by economic
activity and the climate crisis. Power companies are expanding
their renewables capacity, even as the country’s dependence on
coal is on the rise. How are they managing the transition?
By DIVYA SHEKHAR
24

“India is looking at 500 GW of clean energy

by 2030. Around 300 GW needs to be added
in the next six years. All stakeholders must
work together.”
Praveer Sinha, CEO & MD, Tata Power
MEXY XAVIER

FORBES INDIA • JUNE 28, 2024

 Power Companies

T
The power industry in India
is having a moment in the
sun. Quite literally.
There are two main reasons.
First is the rising, unprecedented
demand for power, and second is the
ambitious green energy transition
goals the country has set, which
are to be led by renewables.
India logged a record peak
electricity demand of 250 GW on
May 30, and the power ministry
is bracing for it to reach 260 GW
in June. Among the main causes 25
for this is rising temperatures
and heatwaves that have been
gripping the country, leading to
a surge in demand for cooling
equipment like air conditioners.

Tata Power
Generation Capacity Mix
(Domestic + International)
Total
14,381 MW
Thermal Solar
8,860 MW 3,191 MW
(62%) (22%)

Waste Heat Wind

Recovery / BFG 1,007 MW
443 MW (7%)
Hydro
INFOGRAPHICS: MUKESH SINGH

(3%) 880 MW
(6%)

GOALS
To deploy 45% of its estimated capex
of around `60,000 crore on renewables
between FY24 and FY27e
SOURCE : Investor Presentations; company

JUNE 28, 2024 • FORBES INDIA

 CLIMATE SPECIAL

Economic growth is another is expected to ramp up thermal so, but its contribution to India’s
reason for high power demand. power plants and operate gas-based total installed capacity fell below
The International Monetary Fund power plants in full capacity. 50 percent for the first time last
has said that India will remain the At the same time, paradoxically, fiscal, with renewable energy
fastest-growing major economy at the heart of India’s power (RE) accounting for 71 percent
in 2024, and in its latest outlook, industry is greening of the grid. of India’s power generation
raised India’s growth projections Coal remains significant in capacity addition in FY24.
for the year from 6.5 percent to power generation, and will remain The ambition for transitioning
6.8 percent. The Reserve Bank of MEXY XAVIER
India, in its latest Monetary Policy
Meeting, raised the Gross Domestic
Product (GDP) forecast for FY25 to
7.2 percent from 7 percent earlier.
Sabyasachi Majumdar, senior
director at CareEdge Ratings, says
it is generally believed that the
demand for power grows roughly
at 0.9 percent of the GDP demand.
Over the next two decades, India’s
energy needs are set to account
for a quarter of global demand,
with projections indicating a surge
of 25 to 35 percent in demand by
2030, says Sagar Adani, executive
director, Adani Green Energy
26 Limited (AGEL). “This surge is
intricately tied to India’s ambitious
infrastructure development plans,
encompassing roads, railway ports,
and airports, all of which demand
an expansion of energy capacity.”
The immediate solution to meet
the growing demand has been to
increase thermal power capacities,
led by coal and gas. The government

JSW Energy
Generation Capacity Mix
Total “A power mix
13,300 MW dominated
by green
Wind Thermal energy will
4,700 MW
(35.34%)
3,900 MW
(29.32%)
differentiate
India’s
economic
Hydro Solar growth from
1,600 MW 3,100 MW
(12.03%) (23.31%) how the world
has grown.”
GOALS Sharad Mahendra
Achieve 20,000 MW (20 GW) of generation
capacity before 2030; become carbon joint MD and CEO,
neutral by 2050 JSW Energy
SOURCE Investor Presentation; company

FORBES INDIA • JUNE 28, 2024

 Power Companies

Powering Up over the next eight to 10 years.

India’s power generation capacity by resource India wants to reduce the
total projected carbon emission
Total Installed Capacity by 1 billion tonne by 2030, and
(Fossil Fuel & Non-Fossil Fuel) reduce the carbon intensity of the
4,44,757 MW economy by less than 45 percent
by the end of the decade, from
2005 levels. The government
Installed Generation Capacity
has incentivised solar power by
a production-linked incentive
(PLI) to the tune of `24,000 crore
Lignite
Diesel to enhance manufacturing and
6,620 MW
1.5% 589 MW export of solar PV modules.
0.1% There is also the National Green
Gas
24,818 MW Hydrogen Mission, which has an
5.6% outlay of `19,744 crore to generate
around 5 million metric tonne

Total Fossil
Solar Total of green hydrogen/ammonia by

Fuel Coal
84,277 MW
18.9%
Non-Fossil 2030. As per Invest India, up to 57
2,10,970 MW Fuel solar cities and parks of 39.28 GW
2,42,997 47.4%
Hydro 2,01,760
are approved to be set up across
states, and the wind-solar hybrid
MW 46,928 MV
10.6% MW policy is encouraging companies
54.6% to build more grid-connected
Wind 45.4% wind-solar PV hybrid systems.
46,422 MW
10.4% Praveer Sinha, CEO and MD, 27
Biomass Power/ Tata Power, says that apart
Cogeneration
10,355 MW from industrial and commercial
2.3% establishments, initiatives like the
Small Hydro
Power Nuclear rooftop solar scheme for electricity
Waste to 5,007 MW 8,180 MW will ensure part of the demand
Energy 1.2% 1.8%
591 MW for clean energy solutions comes
0.2% SOURCE Power Ministry; from residences too. Clients are
data as of May 2024
increasingly looking for how
companies will bring them bundled
Sector-wise Installed Capacity solutions based on their distinctive
Total: 4,44,757 MW
consumption profile, he adds.
“Fortunately, we have digital
Centre: 23.5% State: 24.2% Private: 52.3% technology that helps us decide
1,04,453 MW 1,07,671 MW 2,32,633 MW how much to generate at what
SOURCE Power Ministry, data as of May 2024 time based on the consumption
profile. Unlike earlier, where we
used to set up capacities and then
away from carbon-intensive power is billion is required to build this expected that the consumption will
clear: India wants to reach net-zero capacity by 2030, which will possibly happen whenever it happens.”
carbon emissions by 2070, and build lead to significant inflows into Other factors facilitating the
500 GW of non-fossil fuel energy India’s power sector. The analytics renewable energy push include
capacity over the next six years. firm, as per media reports, estimated the cross-border carbon taxation
India has built around 200 GW of that another $150 to $170 billion followed by countries like the UK
this capacity so far, and this goal investment will be required for and the European Union, which
would mean building additional electricity transmission, distribution, make it imperative that the power
capacity of nearly 50 GW every year. and energy storage, while adding supplied in those markets is
In early June, Moody’s Ratings that coal will remain a major produced using clean energy. “We
estimated that $190 billion to $215 source of electricity generation still need to do many things, but the

JUNE 28, 2024 • FORBES INDIA

 CLIMATE SPECIAL

movement has started,” Sinha says. Ready Reckoner

As India moves towards clean Net-zero Intermittency
energy, and rightly so, it is becoming An organisation will cut down carbon Renewable energy sources cannot
emissions to a small amount, and the consistently produce the same
increasingly difficult for power residual CO2 emission will be absorbed amount of power during all hours
companies, to invest in new coal- or stored. This leaves zero carbon in the of the day. For example, solar is
atmosphere available during the day and not
fired power plants, says Rajiv Ranjan at night
Mishra, managing director, Apraava Carbon neutral
An organisation will capture, remove or Hybrid power
Energy, which is a 22-year-old store the same amount of carbon dioxide Combining multiple sources (like
company that is jointly owned by from the atmosphere (through seques- wind and solar, for example) to
tration) as they are emitting. This means deliver non-intermittent electric
the CLP Group (one of the largest they won’t necessarily reduce emissions power
investor-owned power businesses in
Asia) and CDPQ (a global investment
group). This makes it among the miracle all of that is achieved, one emitter in the world, after China
oldest and largest foreign-owned will end up with an asset that will and the US. As per the International
power companies in India. eventually be phased out,” he says. Energy Agency (IEA), India’s
“The boards of most energy That said, Mishra (who is also carbon emissions grew faster than
companies will not easily approve chairman of the Association of its GDP in 2023, at slightly more
a coal-fired power plant. They will Power Producers) agrees that India than 7 percent, to reach 2.8 GT. But
find it challenging to get banks cannot completely do away with India’s per capita emissions remain
that will finance such plants, or coal at least till 2050, if not beyond. very low at around 2 tonne. “India’s
insurance companies that will “We will need to keep building per capita power consumption is
insure them. Even if by some triple more renewables capacity, to keep one-third of the world average,
the lights on,” he says, adding that one-fourth of China’s and one-tenth
the rate of transition to renewables of the US’s consumption levels,”
“Our approach is will be faster in the private sector, says Shalu Agrawal, director of
28
focussed on de-risking which at present, comprises around programmes at the Council on
our portfolio and return 52 percent of the total power Energy, Environment and Water
optimisation.” generation capacity in the country. (CEEW). “In line with the country’s
Sagar Adani economic aspirations, India’s power
executive director, Adani Green Industry’s Path to Transition demand will continue to rise in the
Energy Limited (AGEL) India is the third-largest carbon coming decades to at least converge

Adani Green Energy

Limited (AGEL)
Generation Capacity Mix
Total
10,934 MW

Wind-solar hybrid
2,140 MW (19.57%)
Solar
7,393 MW
(67.6%)
Wind
1,401 MW (12.81%)

GOALS
50 GW (50,000 MW) of renewable energy
in six years, around 10% of India’s goal
of 500 GW of non-fossil fuel capacity
by 2030

Note: Adani Power, AGEL’S sister concern, is the

largest thermal power producer in India with current
and planned capacity of over 22 GW (22,000 MW)
SOURCE Investor Presentations; company

FORBES INDIA • JUNE 28, 2024

 Power Companies

and surpass the world average.” power. For instance, it estimates the world, says Sharad Mahendra,
Adani Power, the largest private that in FY27, 59 percent of the joint MD and CEO, JSW Energy.
thermal power producer in India gross generation 2,025 billion units He explains that most
and a sister concern of the AGEL, of power will be thermal, while underdeveloped or developing
has a current and planned capacity in FY32, it is expected to be 50 countries move from agriculture to
of over 22 GW of thermal power. percent of 2,666 billion units. manufacturing, and then to services,
It anticipates in a March 2024 India’s power reforms trajectory in their path to development. India
investor presentation that while will be different from that of is a predominantly agriculture-
non-fossil sources will lead capacity the Western countries, because driven economy that jumped straight
addition, thermal will continue to India’s growth story has also to services, and is now focusing on
serve most of the base demand for been different from the rest of strengthening the manufacturing
sector as a growth strategy,
through strategies like China+1,
and the Make in India initiative.
“We will need
Mahendra adds that India’s
to keep building manufacturing efforts, including
more renewables the push for electric vehicles and
capacity, to keep the setting up of large data centres,
the lights on.” will make huge demands on the
Rajiv Ranjan Mishra power sector. “The Western world
MD, Apraava Energy is moving in a different direction.
We have to catch up, and we have to
be fast. And a power mix dominated
by green energy will differentiate
our economic growth compared to
how the world has grown,” he says. 29
Sinha of Tata Power believes
that the transition will take a long
time and it can only happen with a
new solution that is either as good
or better than the present solution.
“Coal and gas can be used 24x7, but
renewable energy is intermittent—
solar is only available during the

Apraava Energy
Generation Capacity Mix
Total
3,325 MW

Coal-fired
power plants Wind farms
1,320 MW 1,100+ MW
(39.70%) (33.08%)

Gas-based, combined
cycle power plant Solar plants
655 MW 250 MW
(19.70%) (7.52%)

GOALS
Double clean energy portfolio by 2025

SOURCE Company

JUNE 28, 2024 • FORBES INDIA

 CLIMATE SPECIAL Power Companies

day, while wind is [available] in Side-by-Side wind, for example). Its benefits,
the evening or night. We need to according to Adani, include
Even as India continues to ramp up
ensure uninterrupted, reliable renewable energy capacities, the increased efficiency, optimal land
and resilient power supply.” importance of thermal power (coal, and grid infrastructure use.
Transmission and storage are gas, diesel etc) remains intact A wind and solar hybrid with
important focus areas. It is not Thermal (coal, gas, diesel etc) storage can also possibly make
only important to add transmission Renewable Energy (excluding nuclear and hydro) power more cost-competitive than
capabilities, but also to ensure that Installed Capacity (MW) coal. A study conducted in Tamil
there is a stable grid that has better 2,26,279 Nadu in 2021 by Climate Trends
integration of power from various 2019 and JMK Research found that
77,642
sources, Adani says, on email. 2,34,728 installing battery-based energy
It is important for the system 2020
94,434 storage capacity in renewable
to be more flexible, adds Agrawal 2,36,109 energy-rich states can “cost-
of CEEW, so that the expanding 2021
1,09,885 effectively not only meet the
transmission capacity allows 2,36,109 state’s demand, but also export
inflow between states. “This 2022
156,608 surplus enough to power Delhi
will help better utilise surplus 2,37,269 as compared to coal power”, as
power generated in one state, 2023
1,25,160 per a report in Carbon Copy.
in another state,” she says. Mahendra of JSW Energy agrees
Adani adds that if renewable India aims for 500 GW (5,00,000 MW) that “in the next few years, plain
energy has to replace thermal of installed non-fossil capacity vanilla wind or solar bids will start
as the base load, it’s necessary by 2030 reducing”, adding that the company
to develop “utility-scale energy Green hydrogen production target is bidding for more hybrid plus
storage solutions in a speedy is 5 million tonne by 2030, which storage, and firm and dispatchable
will be supported by 125 GW (1,25,000
and cost-effective manner”. renewable energy (FDRE) tenders
MW) of RE capacity
30 One important way in which that will facilitate the provision
this is done is through round-the- Around 57 solar cities and parks of assured peak and round-the-
of 39.28 GW have been approved
clock structures, which combine clock power at any hour of the day
renewables and storage to supply Potential sites identified for wind as per demand specified by the
energy with an offshore target of
power on a 24-hour basis. For 30 GW by 2030 distribution company (discom) that
storage, specifically, companies distribute power to the end user.
At the same time: In Nov 2023, then
are exploring pumped storage Power Minister RK Singh said India
As far as “ease of doing business
plants (PSPs) and batteries. will add about 88 GW (88,000 MW) is concerned”, says Mishra of
Majumdar of CareEdge explains of thermal power capacity by Apraava Energy, it will help if the
that if India has a total renewable 2031-32 states and the Centre take steps to
energy capacity of 450 GW by 2030, SOURCE National Power Portal;
Invest India; media reports
ensure land blocks are available
it will require at least 19 GW of for renewable energy plants and
PSPs and 42 GW of battery storage. storage, which are many-a-times
“That will require a total capital generating 50 GW renewable energy spread across multiple kilometres.
expenditure of `17-18 lakh crore, by 2030, which is around 10 percent “Land acquisition, and acquiring
out of which 75 to 80 percent, will of India’s 500 GW goal—wants right of ways is difficult, varies
come from the debt side,” he says. to develop over 5 GW hydro PSP from state to state, and sometimes
Companies are investing capacity in the next six years. even within different areas in
heavily in PSPs. Tata Power will PSP is a proven technology, the same state. This can result
commission two projects of 2.8 GW and among of the cleanest ways in time and cost delays,” he says.
by 2027-28, with an investment to store energy, Adani believes, “Renewable energy takes less time
of about `13,000 crore, as per a and has a long project life of to ramp up, but the execution
November 2023 article in Fortune. potentially 100+ years. cycle can be improved to meet
JSW Energy, as per their May 2024 Another way in which AGEL the nation’s growing demand.”
investor presentation, is building wants to accelerate the integration Agrawal of CEEW says
3.4 GW of locked-in capacity, which of renewable energy to the grid is that power being a concurrent
is 2.4 GWh of hydro pump storage by investing in hybrid, which is subject in the Constitution, it is
and 1 GWh of battery storage. essentially a combination of different important for the Centre and the
AGEL—which has set a target of energy sources (like solar and states to be more in sync.

FORBES INDIA • JUNE 28, 2024

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 CLIMATE SPECIAL Green Jobs

sustainability,” says Sashi Kumar, Bengaluru—followed by a small

head of sales at Indeed India. fraction in Pune and Chennai.
As per Indeed data, between “There is a huge mismatch of
April 2023 and April 2024, ESG job talent and opportunities in India
postings decreased by 9 percent, The versus countries like the UK, US
but job seeker interest saw an Promise and Germany,” he says, “Right now,
increase of 20 percent. Top roles many companies are still stuck in
that organisations are currently compliance mode. They will slowly,
hiring for include ESG and data but surely, realise the value in
analysts, deputy managers, engineers, India has the potential to create going beyond.” According to him,
developers, project managers, 35 million green jobs by 2047 companies will go the extra mile
and environmental managers. Decarbonisation of India by 2070 can provide either due to a strong regulatory
On the technical side, up to $15 trillion in economic push (like the GST, for example), or
sustainability professionals need opportunities there will be a more gradual change
and up to 50 million net new jobs
knowledge of environmental (like in the case of companies and the
Around 138 companies in traditional industries have
science, sustainable practices, committed to net-zero emissions diversity, equity, inclusion mandate).
carbon accounting, data analysis, and by 2050 For example, at Godrej and Boyce,
regulatory frameworks, says Thakur the flagship company of the Godrej
Pherwani, head of sustainability Group, to make ESG more central to
at TVS Motor Company. Non- business, there are revenue-based
technical skills include strong Renewables, automotive (EVs), green
targets. “At least one-third of our
communication, collaboration, construction, and sustainable textiles and portfolio revenue generation should
stakeholder engagement, project apparel are leading India’s green transition come from products that are green
management, and strategic/analytical Growth of EVs is expected to create and good,” says Tejashree Joshi, head
thinking abilities. “This blend of 10 million direct and 50 million of environmental sustainability.
skills allows them to effectively
indirect jobs by 2030 She explains that while the
36
address sustainability challenges Within renewables, company started its ESG efforts a
the solar energy sector is
and drive impactful initiatives projected to have 3.26 million decade ago, focusing on operational
within organisations,” he says. jobs by 2050 efficiencies and social welfare, their
Staffing specialist Kamal strategy for the next decade involves
SOURCE Gearing up the Indian Workforce for a Green
Karanth, co-founder of Xpheno, Economy report, May 2023 going beyond their own footprint to
says demand for sustainability- focus on sustainability of the entire
related jobs is mainly coming Mind the Gap value chain. “We want to improve
from multinational companies, energy productivity by 60 percent
India’s working age population will
consulting and real estate firms. The peak at 65 percent in 2030
and water efficiency by 25 percent
talent, right now, is only coming over the initial decade of 40 percent
from metros—Delhi, Mumbai and improvement,” she says. “We are also
taking a circularity approach in using
our resources, looking at a product
“While from the design stage to the end of
universities its lifecycle to enhance upcycling.”
will train In the context of climate change, The demand for climate and
India is estimated to lose sustainability jobs will continue
people in the 3 to 6 percent of its GDP,
annually from 2021, largely due to grow exponentially, believes
science of to the workforce not being attuned to Pherwani. The factors driving
climate and sustainable development needs
this demand, according to him,
sustainability, industry Very few of the 500+ government and will be increasing pressure from
private training institutes
must take risks and specifically focus on green investors, consumers and regulators
innovate to provide more skills in their courses to address climate change and
environmental degradation, and the
jobs.” There is lack of awareness about
specific career pathways and skill growing recognition of the economic
Somnath Baidya Roy development avenues benefits of sustainability, such as
head, Centre for Atmospheric in green or climate-positive jobs
cost savings, risk reduction, and
SOURCE Gearing up the Indian Workforce for a
Sciences, IIT-Delhi Green Economy report, May 2023 enhanced brand reputation.

FORBES INDIA • JUNE 28, 2024

 Trendsetters
& Trailblazers to
watch out for
in 2024

T
he tides of innovation are constantly turning,
and at the forefront stand a remarkable few
– the pioneers, the dreamers, the relentless
changemakers. This year, we turn our spotlight on
a diverse group of visionaries who are pushing boundaries
and redefining what's possible.

From the dedicated doctors on the cusp of groundbreaking

medical discoveries to the artists who ignite our
imaginations with their unconventional brilliance, these
individuals are reshaping the world around us. We'll
meet the entrepreneurs who are building the businesses
of tomorrow, the scientists unlocking the secrets of the
universe, and the activists fighting for a more just and
equitable future.

These are the minds who ignite progress, the hands that
heal, and the hearts that inspire. Prepare to be introduced
to the Trendsetters & Trailblazers – the individuals who are
making 2024 a year of remarkable transformation.
 Dr. Paramjeet Singh Makani Milin Shah
Serial Entrepreneur Director, Sarom Fab

D r. Paramjeet Singh Makani, at 30, is a remarkable individual

whose unconventional journey exemplifies success
beyond traditional conventions. Despite failing basic formal
M ilin Shah, a luminary in the realm of home furnishings,
has been instrumental in steering Sarom Fab Pvt. Ltd. to
unprecedented heights of success. With over three decades of
education, he earned his title as a prolific rainmaker and serial unwavering dedication and visionary leadership, he has not
entrepreneur, successfully scaling over 30 companies and only transformed Sarom into the nation's largest furnishing
numerous projects across diverse sectors. He currently oversees trading company but has also revolutionized industry
Pantomath Financial Services Group, a leading global financial standards.
services conglomerate, as the President. At the heart of Milin Shah's achievements lies a commitment
His work spans a diverse range of organisations to innovation that transcends conventional boundaries.
internationally, including governmental bodies, development A pioneering initiative by team Sarom - the "cut-length
agencies, and corporate frameworks, where he has tackled and service," revolutionized the retail landscape by simplifying
resolved major issues, showcasing his ability to devise impactful processes and empowering retailers to cater to diverse
breakthroughs in complex environments. He has also worked customer needs effectively. This innovation set a new
closely with the former President of the USA, Donald Trump, benchmark for service excellence, propelling annual growth
and his administration on several high-profile initiatives during rates to staggering heights of 25% to 30%.
Trump’s tenure. The journey of Sarom Fab Pvt. Ltd. mirrors Milin Shah's
His extraordinary achievements and contributions have relentless pursuit of excellence. Established in 2007 by the
earned him an Honorary Doctorate in Business Development visionary Shah brothers, Amarshi H. Shah and Shantilal Shah,
and Sales from Maryland State University and Bharat Achiever's Sarom began as a modest textile display for the wholesale
Award for Organisational Strategy Consulting. market. Through strategic expansion and groundbreaking
Central to success is his extensive and influential power innovations, Sarom evolved into a powerhouse in the home
network, which he has skilfully leveraged to foster connections furnishing sector, setting precedents for quality and customer-
and collaborations, driving remarkable outcomes by turning centricity.
gold to everything he touches. He envisions making the world Milin Shah's visionary leadership extends beyond
a better place, driving him to lead potential projects on issues innovative solutions to encompass a profound commitment
including environmental, economic, social, political, and to customer satisfaction. The introduction of fabric hangers
technological. revolutionized inventory management for retailers,
He credits his success to mere common sense, emphasising emphasizing Sarom's dedication to simplifying processes and
the power of practical wisdom, a visionary mindset, and intuitive enhancing customer experiences. Milin's strategic acumen and
decision-making. His story is a testament to the idea that with unwavering dedication have been instrumental in cementing
tenacity, ethics, ingenuity, and a strong sense of purpose, one Sarom's reputation as an industry leader.
can overcome traditional barriers and achieve exceptional
success.
 Ravi Daparthi and
Swami Kakarla
Pioneering the AI & GenAI Revolution
Harsh Gupta
Founder "HARSH HARSH
I n the rapidly evolving world of technology, few leaders have
made as significant an impact as Swami Kakarla and Ravi
Daparthi. With a track record of accelerating business growth
through technology and innovation, they have carved a niche

H arsh Gupta, the visionary behind the luxury brand "HARSH in the product engineering space. Their ventures, including
HARSH," is a distinguished fashion designer and a proud Signitives, are at the forefront of the AI and GenAI revolution,
alumnus of the National Institute of Fashion Technology transforming how enterprises operate and compete.
(NIFT). Gupta's talent was recognized early in his career, when Transforming Enterprises with AI and GenAI
he received the prestigious gold medal in design from the AI and GenAI are reshaping business landscapes, set to
late President of India, A. P. J. Abdul Kalam, during the NIFT revolutionize enterprises over the next five years by driving
efficiency, innovation, and competitive advantage. Swami
Convocation in 2005.
and Ravi, with their strategic vision, lead this transformation.
His label quickly rose to fame, celebrated for its free-size
Signitives is serving customers in Europe and North America
designs and ultra-flattering silhouettes, both in solids and with cutting-edge GenAI products in Marketing, Process
prints. Gupta's design philosophy centers on the belief that "a Optimization, Manufacturing, BFSI, and Chemical Industries.
good cut is everything," which has resonated deeply with his Achievements and Vision
diverse clientele. “We believe the future of AI and GenAI is transformative. These
Harsh's passion for fashion was ignited at a very young age, technologies will redefine the business landscape, driving
leading him to study at NIFT, Mumbai, where he excelled at the efficiency, innovation, and competitive advantage. At Signitives,
top of his class. After gaining extensive industry experience, he we’re leading this revolution, guiding organizations to excel in
launched his own label in 2013. the digital age. The next five years are crucial, and we’re excited
Harsh Gupta's ingenious approach and youthful flair have to shape the future with cutting-edge AI solutions.” – Ravi
brought him commercial success and a dedicated following Daparthi & Swami Kakarla
both in India and internationally from diverse age groups, Ravi’s leadership has driven organizational turnarounds
shapes and sizes. His brand was notably featured in Vogue by aligning IT with strategic business objectives, managing
multimillion-dollar projects across Europe and North America.
India’s January 2015 issue in the "Young and Restless" category,
Swami has launched successful SaaS products, leading a 350+
positioning him as a rising star in the fashion industry. member product team with onsite-offshore collaboration,
Gupta's esteemed clientele includes prominent industrialists, managing projects across 91 countries from four global
fashion icons, and Bollywood celebrities such as Deepika development centers.
Padukone, Kareena Kapoor Khan, Tabu, Shraddha Kapoor, Vidya Investing in the Future
Balan, Madhuri Dixit Nene, Neha Dhupia and many others. Signitives, under Swami and Ravi’s leadership, invests in AI and
Harsh Gupta envisions his brand as a one-stop destination GenAI, providing solutions for seamless enterprise adoption.
offering a diverse range of multi-functional designs that surpass Their focus on customer-centric, efficient products ensures
time, age, sizes for the modern, global Indian woman. clients achieve tangible results. With Ravi and Swami at the helm,
Signitives is setting new standards in technology innovation.
The Road Ahead
The future of enterprises lies in adaptability and innovation, with
AI and GenAI playing pivotal roles. Leaders like Ravi and Swami
pave the way by investing in these technologies and helping
organizations integrate them into operations. Signitives ensures
businesses are not just ready for the future but are leading it.
 Rhythm Wagholikar Dr Mustafa Yusufali Gom
Managing Director,
Author Care Takers Exterior & Interior

R hythm Wagholikar, born to Anuradha and Sudhir Wagholikar,

is a multifaceted individual who adeptly handles his family
business in the real estate sector , while pursuing his passion
D r Mustafa Yusufali Gom, the esteemed founder of Care
Takers Exterior & Interior, is making waves in the industry
with his outstanding performance and skills in building repairs
as an author. His profound love for music has inspired him to and restoration. Recently, he was awarded the Maharashtra
create unique literary works on legendary figures such as Lata Ratna Puraskar 2023 by the Maharashtra Society Welfare
Mangeshkar, Kishori Amonkar, Usha Mangeshkar, Girija Devi, Association, a recognition that comes as a validation of the
and several others. He also authored a prosopography on high-standard services rendered by his company.
transgender sociology, earning an honorary doctorate, reflecting The services rendered by Care Takers Exterior and Interior
his commitment to social issues. Rhythm's contributions extend Pvt Ltd under the able guidance of Dr Mustafa Yusufali Gom.
beyond literature. Alongside his wife Anuja, he hosted one of Care Takers Exterior and Interior aim to achieve a high standard
India’s first Transgender Marathons, promoting acceptance and that is economically viable and equipped with scaffolding,
equality in society. His creative prowess includes writing and mechanical platforms, mechanical hoists, power mixers, mixing
directing award-winning short films, sand art narratives, and trays, and hammers upgraded to enable higher operating
documentaries. His innovative approach to book aesthetics efficiency.
has resulted in several bestsellers, including "Swarlata," the Dr Mustafa Yusufali Gom was simultaneously honoured with
world's first gramophone record-shaped book dedicated to a doctorate owing to his immense thought leadership. Institute
Lata Mangeshkar, which has received numerous national and
of Entrepreneurship and Management (IEMS) conferred the
international awards.
doctorate to Dr Mustafa Yusufali Gom for his experience of 30
Recognised for his exceptional work, Rhythm has been
years in the repair restoration and maintenance industry and his
appreciated by former Presidents of India, Smt. Pratibha Patil
tremendous work in restoring more than 500 Buildings across
and the then President Shri. Pranab Mukherjee. He holds the
Mumbai City.
distinction of being one of the youngest Indians to receive the
On 14th February, Dr Mustafa Yusufali Gom was honoured
Mahatma Gandhi Samman at the House of Commons in London.
with the Gau Bharat Bharti by The Hon'ble Governor of
In collaboration with Rachana Shah, he recently penned a
Maharashtra, Shri Bhagat Singh Koshiyari. The award was a part
song dedicated to Indian Prime Minister Shri Narendra Modi.
Their social activism includes hosting motivational talk shows of the Rashtriya Sewa Samman 2023.
that have greatly influenced public awareness. Furthermore,
Rhythm is one of the youngest presenters of the Filmfare
Awards and was recently recognized as one of the top 10 game-
changing entrepreneurs of 2024. He has also contributed to the
advancement of musical education as part of the committee of
a world-class musical institute. Notably, he is among the rare
Indians to interview former Prime Minister H.D. Deve Gowda
at St. James' Court, London. Through his diverse endeavors,
Rhythm Wagholikar continues to inspire many with his creativity,
commitment to social causes, and exceptional achievements.
 Sayali Balachandran and Prashobhini Dr. Vaidehi Taman
Journalist, Cybersecurity personnel
Founders SWISSCHEMI

S WISSCHEMI: Leading the Charge in Sustainable Innovation.

In an industry where innovation often comes at the
expense of the environment, SWISSCHEMI stands out as a
V aidehi Taman: Revolutionary Journalist, Cybersecurity
personal and trend setter. Vaidehi Taman, a name
synonymous with excellence in parallel journalism, she
beacon of sustainable progress. Renowned for its pioneering is Maharashtra’s accredited journalist who is setting new
medical hygiene and infection control products, green water- benchmarks in the media industry. With over 20 years of
soluble plastics, and environmentally friendly chemicals, the dedication, Vaidehi has established herself as a formidable force
company owes much of its success to the visionary leadership in investigative journalism. As the Founder Editor of 'Afternoon
of Sayali Balachandran, 44, and Prashobhini, 78. Their dynamic Voice,' and “The Democracy”, Vaidehi has passionately
partnership is a testament to the adage that age is just a number, committed to nurturing the next generation of journalists.
proving that passion and dedication transcend generational She has mentored countless journalism students, instilling in
boundaries. them the values of ethical reporting and investigative rigor.
Sayali Balachandran, with her modern perspective Her guidance has helped shape the careers of many young
and dynamic approach, has steered SWISSCHEMI toward journalists, ensuring that the future of journalism is in capable
groundbreaking advancements in green chemistry and hands.
medical innovation. Her efforts have significantly bolstered the Vaidehi's journey is marked by significant accomplishments.
company’s commitment to sustainability, setting new industry She has been honoured with three honorary doctorates in
standards. Under Sayali’s leadership, SWISSCHEMI has developed journalism, a testament to her unwavering dedication and
hygiene products and eco-friendly medical disinfectants that exceptional contributions to the field. Her work extends
are both efficient and sustainable. This strategic direction beyond traditional journalism; she is also an ethical hacker and
has positioned SWISSCHEMI as a top exporter of healthcare “professional cloud security Engineer”, using her skills to protect
chemicals and sustainable solutions. the integrity of information and combat cyber threats. This
On the other hand, Prashobhini brings a wealth of experience unique combination of talents has positioned her as an inventor
and wisdom to the table. At 78, her enduring dedication to at the intersection of journalism and cybersecurity.
sustainable manufacturing is nothing short of inspirational. Her Under her leadership, 'Afternoon Voice' has become a
deep understanding of the industry’s intricacies and unwavering beacon of fearless journalism, inspiring others to pursue truth
commitment to ethical practices have shaped SWISSCHEMI’s and integrity. Vaidehi is also an author of 6 best-selling books.
core values. Prashobhini’s mentorship has nurtured a culture As we look towards 2024, Vaidehi Taman stands out
of integrity and responsibility, ensuring the company’s growth as a trendsetter and trailblazer, continuously pushing the
remains both ethical and sustainable. boundaries of what is possible in journalism and beyond. Her
Together, Sayali and Prashobhini exemplify a perfect multifaceted contributions make her a standout figure to watch
blend of youthful innovation and seasoned expertise. Beyond in the coming year.
their professional achievements, they embody the essence
of women’s empowerment, reminding us that age is merely a
statistic, not a limitation.
 Kushal Desai Krishnakumar K T
Chairman, Annamrita Foundation Managing Director, Oleevia

A nnamrita Foundation took inspiration from a directive

given by Srila Prabhupada, founder of ISKCON in 1974,
after he witnessed village children fighting over food scraps.
K rishnakumar K T is a distinguished banking and NBFC
professional with an illustrious career spanning over 19
years. Graduating with a degree in BSc Physics, he furthered
Prabhupada decreed that no one within a ten-mile radius of his education with studies in Business Administration and
ISKCON temples should go hungry. Inspired by this vision, the Social Work, enriching his understanding of diverse fields.
Annamrita Foundation was formed and had been committed Beyond his corporate expertise, Krishnakumar is a
to serving food with the same love and devotion that a mother multifaceted individual, showcasing talents as an artist and
provides to a child. actively participating in social work and arts performances. His
Established in 2004 as an NGO serving Mid-Day meals deep-rooted connection with society enables him to discern
to school children, Annamrita has expanded its mission to its pulse, driving his commitment to community welfare.
support the needy across India. The foundation’s state-of-the- Having held key roles encompassing sales, marketing,
art kitchens in 8 states and 19 cities, including Mumbai, Delhi, operations, auditing, risk management, strategy, recruitment,
Kolkata, Nagpur and other places, provide nutritious meals, and product design in the banking sector, Krishnakumar's last
tackling malnutrition and poverty. stint was as the Product Head at ESAF Bank, where he managed
The foundation faces competition from other NGOs for pan-India business operations. Subsequently, he embarked on
donors and volunteers, stringent government regulations an entrepreneurial journey by founding the Oleevia Group of
affecting charitable giving, and managing donor expectations Companies, fueled by a vision to establish his own bank in the
regarding the costs of running a nonprofit. Annamrita addresses future.
these by maintaining transparency and complying with all Krishnakumar's overarching mission revolves around
legal requirements. Annamrita has opened multiple kitchens empowering the underprivileged and fostering inclusive
and received numerous awards, including the IDF Best Partner development. To realize this vision, he established Oleevia
award (2011-2012) and the CSR Journal Excellence Award (2022, Grameen Credits (NBFC), Oleevia Multi State Agro Farming
2023). In 2023-24, the foundation served 10 lakh meals per day. Cooperative Society, Oleevia Foundation, and Oleevia
Rooted in Indian traditions, Annamrita translates to "Food as Marketing Company.
pure as nectar." The foundation’s strategy includes meaningful The Oleevia Multi State Agro Farming Cooperative Society
societal change through donation programs like Operation focuses on providing agricultural training and loans to youth
Karuna, Kit Of Joy, and Project Satvik, serving over 8 crore meals and existing farmers, promoting agricultural growth and food
in a year. security. Meanwhile, Oleevia Grameen Credits expeditiously
Annamrita’s ISO-certified kitchens use modern technology provides loans to small enterprises with vast potential, thereby
and ERP software for efficient operations and transparency. facilitating their growth trajectory.
The foundation addresses food insecurity with programs like
Mid-Day Meals and feeding initiatives for hospital patients'
relatives, the elderly, pregnant women, and orphans. It plans
to scale up by opening new kitchens and partnering with local
organizations to reach more communities.
 Janaki Pulaparthi Aatul Jain
Founder and CEO, AkinAnalytics Digital Marketing Entrepreneur

T he world of entrepreneurship thrives on those who

challenge norms and drive innovation. Janaki Pulaparthi,
Founder and CEO of AkinAnalytics, is one such visionary whose
A atul Jain, an Indian entrepreneur based in Jalandhar,
Punjab, is celebrated for his significant contributions to
the field of digital marketing. Recognized among the top 10
pioneering work integrating cutting-edge tech into defence promising entrepreneurs of 2024, Jain has established himself
and traditional sectors is transforming industries. as a formidable force in managing brand success through
An alumnus of the Indian School of Business and a Computer digital platforms.
Science Engineering graduate with 15 years of experience across Jain embarked on his digital marketing journey in 2017,
IT, Energy, and Mining, Janaki's unique cross-industry expertise driven by a passion for leveraging digital media to help
perfectly positions her to bridge the gap between technology brands carve out a robust online presence. His knack for
and legacy operations. Under her leadership, AkinAnalytics has understanding the complexities of digital marketing quickly
rapidly emerged as an industry pacesetter. earned him a reputation as a skilled strategist. By working
The company's groundbreaking solutions like the NANO closely with numerous brands and influencers, Jain has been
Drone design and Drone Analytics Platform have earned major able to provide personalized services that meet the unique
accolades, including the Eknari 2023 Women Entrepreneur needs of each client.
in Technology Award. Prestigious accelerators like AWS, Central to Jain's philosophy is the belief that focusing
T-Hub, Intel, and IIT-H have further validated AkinAnalytics' on sales should be the primary concern for businesses,
cutting-edge innovations through incubation. Selection of while the intricate task of managing digital media should
her technology by the College of Defence Management for be left to professionals. He advocates that a well-executed
mentorship with IIT-H, portrays her commitment to National digital marketing strategy can have a profound impact on a
Security. brand's success, particularly in today's highly competitive
Janaki's journey is fueled by an unwavering belief in the environment.
power of technology to transform lives and industries. Her Throughout his career, Jain has built a diverse and
vision transcends mere profit motives; it is a relentless pursuit impressive portfolio, collaborating with over 500 clients from
of excellence and a commitment to creating lasting impact. various industries, both within India and internationally. His
AkinAnalytics stands as a testament to her entrepreneurial spirit versatility and ability to deliver effective digital solutions have
and her ability to turn bold ideas into tangible solutions. made him a sought-after expert in the field.
Beyond financials, Janaki's inspirational journey showcases Aatul Jain's expertise, dedication, and innovative approach
her commitment to creating lasting societal impact. Her continue to shape the digital marketing landscape, helping
entrepreneurial grit and bold ideas turned into reality remind us brands navigate and thrive in the ever-evolving digital world.
that challenging the norm drives true transformation. His contributions have not only garnered recognition but have
also set a benchmark for aspiring digital marketers.
 Mayank Choudhary Atul Goswami
Spearheads MARV & ASSOCIATES LLP Master Franchise, The Alternative Board

M ARV & ASSOCIATES LLP, founded by CA Mukesh

Choudhary & CA Atul Aggarwal, has been a leader in
corporate governance and tax management for over three
U nder Atul Goswami's visionary leadership, The Alternative
Board (TAB) is making significant strides in North and East
India. As the Master Franchise for TAB International, Atul has
decades. launched an elite board of business owners with companies
Today, Mayank Choudhary upholds this legacy, continuing generating revenues exceeding 100 crore. This initiative
the firm’s tradition of client-centric services. With an exceptional in North India highlights the trust and value the business
leadership team and dedicated staff, the firm provides one- community places in TAB's innovative approach to leadership
stop solution in tax, audit, corporate restructuring and and mentorship.
bookkeeping services. With around 100 members across India, TAB fosters high-
They have a dynamic approach and extensive service level business discussions and strategic planning among top-
portfolio, which includes accounting, audit, corporate tier leaders. The success of this inaugural board is just the
restructuring, and governance, ensures quality and a proven beginning. Atul, with his exceptional team of coaches, plans to
track record of giving ROI driven results. MARV & ASSOCIATES establish five more boards of similar stature in 2024, solidifying
LLP, which is based out of Delhi, remains committed to TAB’s role as a key resource for business growth in India.
delivering personalized service, maintaining professional Atul aims to expand TAB’s membership to 5000 across
integrity, and fostering client success all over India. They are India within five years. This goal reflects his commitment to
renowned for their innovative approaches and have earned providing business owners with a robust platform for peer-
a stellar reputation in the industry, ensuring they remain to-peer advisory, enabling them to tackle challenges with
a trusted partner for businesses seeking expert taxation insights from peers and guidance from seasoned facilitators.
guidance. Under Atul’s leadership, TAB’s philosophy is that no business
leader should face their challenges alone. TAB’s peer advisory
Belief: boards offer strategic guidance and a sense of community,
Services of Chartered Accountant are all about trust and fostering a collaborative environment for business owners to
building long-term relationships with clients. We at MARV & share triumphs and seek advice.
ASSOCIATES have enabled our clients with these along with TAB’s launch in India represents a transformative step for
data backed services to become a part of their growth legacy. the region's business community. As Atul leads this journey
We continue to keep building these as we go. with his team of extraordinary coaches, business leaders across
India are invited to join in fostering growth, collaboration, and
success.
Vision:
The vision is to become the youngest dominating force in
the world of corporate restructuring and global accounting
services.
 Ramesh Rahii Yadavv Shabeena Parveen
Graphologist Founder, Yellow Achiever’s Awards

R amesh Rahii Yadavv: The Graphologist Who Unlocks

Human Potential & Growth. In an era characterized by
digital communication and technological marvels, the simple
S habeena Parveen, a dynamic 36-year-old entrepreneur, is
the visionary founder of Yellow Achiever’s Awards, a premier
platform that epitomizes excellence and recognition in the
act of signing one's name might seem mundane. However, for business realm. With a keen eye for identifying and honoring
Ramesh Rahii Yadavv, an eminent graphologist, a signature outstanding achievements, Shabeena has established Yellow
is far from ordinary. To him, it's a gateway to unraveling an Achiever’s Awards as India’s most prestigious corporate award
individual's innermost thoughts, motivations, and potential. platform. Her commitment to fostering a culture of excellence
This profound belief in the power of signatures was illuminated has made the awards a symbol of exceptional contributions
at the prestigious Times Applaud event on September 2nd, and innovation within the business community.
2023, where cricketing legend Harbhajan Singh bestowed upon Under Shabeena's leadership, Yellow Achiever’s Awards
Yadavv the coveted Inspiring Leader Award. celebrates remarkable accomplishments, encouraging a spirit
Harbhajan Singh, known for his stellar cricketing career, took of dedication and pioneering efforts among industry leaders.
a moment to pay tribute to Yadavv's remarkable expertise. He The platform takes immense pride in organizing highly
reminisced about the pivotal moments in his life when Yadavv's esteemed awards ceremonies that acknowledge and reward
analysis and redesign of his signature played a crucial role. the hard work and success of distinguished entities.
More astonishingly, Yadavv had predicted Harbhajan Singh's Since its inception, Yellow Achiever’s Awards has felicitated
foray into politics as a Member of Parliament—an astonishing over 50 notable awards, building a robust network of more than
testament to the graphologist's profound impact. 10,000 partners and sponsors. The platform's reach extends
Yadavv's journey into the world of graphology began with a globally, serving over 60 regions worldwide, thus cementing
spark of curiosity and evolved into a lifelong passion. Hailing its reputation as a global beacon of corporate excellence.
from humble beginnings, he embarked on a quest to fathom Shabeena Parveen’s vision goes beyond mere recognition;
the intricate interplay between handwritten strokes and the she is passionate about creating an ecosystem where
human psyche. His was not a passive exploration but an active excellence thrives and benchmarks for success are continually
quest to unravel the secrets concealed within penmanship. elevated. Through Yellow Achiever’s Awards, Shabeena not
Among Yadavv's significant contributions to the field of only celebrates outstanding achievements but also inspires
graphology stands his groundbreaking concept of Signature future generations of entrepreneurs to strive for greatness.
Astrology. This innovative approach unites signature analysis
with celestial insights, casting light upon character traits,
strengths, weaknesses, and life trajectories. It's an art that
combines the science of graphology with the mystical world
of astrology, offering a comprehensive understanding of an
individual's unique makeup.
 Yash Baheti, Cofounder & CTO, and Jitender Chawla
Karan Dembla, Founder & CEO, CEO, SMEBIZZ
Zomunk Technology Private Limited

Z omunk is revolutionising the travel industry by transforming

the way travellers access affordable international flights.
As a team of passionate travel enthusiasts, its committed to
J itender Chawla, CEO of SMEBIZZ, is a seasoned expert in
lead generation, branding, sales, and business growth
strategies. With a passion for brand building and marketing,
making global exploration accessible and easy for everyone. Jitender is dedicated to empowering entrepreneurs to achieve
Unlike typical online travel aggregators, Zomunk specializes their business goals. His core vision revolves around facilitating
the growth of businesses through effective branding and
in curating the lowest-priced flight deals from Indian airports
marketing strategies. Jitender firmly believes in the power of
to destinations worldwide. For instance, while standard round-
brands to inspire and create a lasting impact on people's lives.
trip fares to Central and South Asian countries hover around
Jitender is deeply committed to helping individuals
₹30,000-₹40,000, Zomunk has uncovered astonishing deals and companies establish strong brand identities, enhance
such as India to Vietnam for just ₹8,000 and India to Kazakhstan PR communications, and drive brand marketing initiatives.
for ₹5,900, all round-trip economy class deals. According to him, every individual and organization has the
For those with a taste for luxury, Zomunk has found potential to become a powerful brand, capable of making
remarkable business class deals like India to Italy and India to significant changes and leaving a lasting legacy. For Jitender,
Switzerland for ₹58,000 round trip. Zomunk firmly believes that branding is not just about communicating a brand's personality
the cost of flights should never be a barrier to international but also about driving sales and fostering continuous business
travel. growth through effective marketing efforts.
It has developed a specialized technology that meticulously As a TEDx speaker, Jitender has shared his insights and
expertise with a wider audience, inspiring many with his
scours the web to unearth the best deals, ensuring the users can
vision of business growth for entrepreneurs. SMEBIZZ, under
focus solely on planning their itineraries. Zomunk prides itself
his leadership, supports entrepreneurs, entrepreneurial
on being treasure hunters in the travel world, distributing the
forums, industrial associations, and social causes and events.
valuable deals to eager explorers. The mission is to help people His passion for entrepreneurship is evident in his core focus
see the world with their own eyes, flying on top airlines at areas: entrepreneurship, sales,advertising, marketing,brand
unbeatable prices. Zomunk does the legwork so that travellers branding, and finance.
can fulfil their dreams while saving money. Jitender believes that entrepreneurs are job creators for
society and Economy Growth for the systematic approach to
life and business. He emphasizes the importance of observing
time investment, learning from mistakes, and listening to
everyone. He views business challenges as opportunities
for learning, opening new income streams, and fostering
innovation.
 Anand Roy Dr. Md. Fazalunnisa
Founder & CEO - Wubble.ai and Founder & Medical Director,
Founder - Ring Of Fire Hira Fertility Centre

A nand Roy is a visionary entrepreneur who has founded

Wubble.ai and Ring of Fire.
His professional journey was shaped by nearly two decades
J uly 2021, Dr. Fazalunnisa faced a pivotal moment, resigning
from a prominent IVF corporation and embracing
motherhood again after the birth of her second child in March.
at The Walt Disney Company, where he developed a deep This transformative period inspired her to establish the HIRA
understanding of storytelling and technology. Fertility Centre in Tolichowki, Hyderabad, with a vision to assist
Anand's passion for Asian stories led him to create Ring of families on their journey to parenthood. With unwavering
Fire, a company that brings these stories to a global audience support from her father, Mr. Mohammed Ibrahim, a retired IFS
using the latest technologies and focuses on expanding officer known for his strategic management, she secured a loan
stories into different formats and experiences, using a long- against her property to bring this dream to life.
term franchise approach, including games, graphic novels Driven by a commitment to excellence and patient well-
and animation. Under his leadership, Ring of Fire has been being, HIRA Fertility Centre quickly became a sanctuary
recognized as one of the Top 10 Most Promising Content of hope and advanced medical care. In just three years, it
Companies in Southeast Asia for 2024. expanded to three additional branches, becoming a beacon
His second venture, Wubble.ai, is an enterprise grade AI of compassionate and innovative reproductive solutions. The
platform that allows businesses to create customised, royalty- clinic’s exceptional service garnered numerous accolades,
free music in an instant. Wubble.ai is backed by global early including the ‘International Excellence Award’ presented by
stage VC Antler and is currently in closed beta. Even at this Kiara Advani in 2024, the ‘Nari Puraskar Award’ in 2023, and
early stage, the platform is already creating tremendous buzz recognition among the "75 Doctors in Telangana Celebrating 75
around the world, due to its novel approach to an age-old Years of Independence." The esteemed APJ Abdul Kalam Award
problem, and the revolutionary AI technology that lies at the further highlighted its excellence.
heart of it, making Wubble one of the most hotly anticipated These honors not only elevated the clinic’s prestige but
tech launches of 2024. also attracted patients from Europe and Africa, seeking HIRA's
Anand's dedication to democratizing music creation, expertise. The trust and confidence of its patients fueled HIRA's
unique approach to storytelling and single-minded focus on rapid expansion and vision for international growth. With a
excellence, has earned him numerous accolades, including the reputation for excellence, ethical practices, and a proven track
W3 Awards and the Communicator Award from the Academy record, the clinic aims to extend its high standard of care
Of Interactive and Visual Arts in New York. He is also an globally.
International Emmy Award nominated producer. Beyond his HIRA Fertility Centre's journey stands as a testament to
ventures, he’s an active advisor and investor in startups and Mr. Mohammed Ibrahim's dedication, transforming a dream
SMEs. into reality and profoundly impacting countless lives. Dr.
Fazalunnisa cherishes his wisdom: “When life gives you lemons,
make lemonade, and share it with others, so their thirst can be
quenched too.”
 Shikha Agarwal
Founder, Nurture Aarzoo Shah

S hikha Agarwal is fervently dedicated to revolutionizing

perspectives on nutrition. Armed with a Diploma in
Nutrition & Food Science and six years of hands-on experience,
A arzoo Shah is a visionary entrepreneur, esteemed coach,
and celebrated TEDx speaker, dedicated to transforming
lives and empowering individuals worldwide. With over seven
she has made remarkable strides in the field. Her journey years of extensive experience, Aarzoo has made a remarkable
encompasses volunteering for various workshops such as impact across ten countries, reaching and inspiring over one
Health and Hygiene Awareness (Support for the Mind - million people through her innovative strategies and insightful
Iswar Sankalpa), Health Awareness Workshops organized guidance.
by Cosmopolitan and Hindustan Clubs, Health Awareness Aarzoo has collaborated with thousands of business
initiatives for working women (EY - Ernst & Young Services owners, including high-profile celebrities and national
Private Limited), and workshops and webinars for Mahila champions. She has worked with some of the most successful
Samithi. Since 2017, Shikha has also spearheaded a personal
and influential figures in the country, such as IPS officers,
project titled ‘Healthy Alternatives for Conventional Recipes,’
CEOs, National Award Winners, and Bollywood actors, gaining
where she shares healthy recipes with friends and family daily.
unique insights into achieving financial independence
Her profound personal transformation, which saw her
through groundbreaking strategies.
shed 60 kgs over three years, serves as a testament to her
unwavering commitment to a holistic lifestyle. Shikha actively Her expertise spans various domains, including coaching,
guides others towards improved health, emphasizing the financial freedom, and digital marketing. Aarzoo has
importance of meal pre-planning, appropriate physical successfully mentored over 3,000 individuals to become
activities, and consistency in order to mitigate risks of chronic coaches, enabling them to share their knowledge and skills
diseases. She customizes empathetic guidelines for her clients, with others. Her powerful investment and wealth creation
empathetically understanding their unique challenges. strategies have led nearly 600 people to achieve financial
Shikha’s expertise is prominently featured in esteemed freedom.
publications like The Indian Express, NDTV Food, PINK VILLA, In addition to coaching, Aarzoo has helped over 150
The Channel 46, SheThePeople, and Femina magazine. individuals launch their own profitable digital marketing
Through her contributions, she shares comprehensive insights agencies through high-ticket programs. Her high-impact
on health and nutrition, empowering individuals to make coaching has also propelled 100 game-changing entrepreneurs
informed choices. She has also conducted seminars in schools, to unparalleled success, consistently setting new benchmarks
corporate houses, and NGOs. in the industry since 2015.
Shikha has successfully assisted people in overcoming Aarzoo's vision is to continue transforming lives and
chronic issues such as fatty liver, gut problems, diabetes, businesses by providing life-changing resources and ideas.
cholesterol, and obesity. She has garnered numerous She remains committed to continually redefining standards
accolades, including the "Most Inspiring Nutritionist" award and empowering individuals to achieve their fullest potential.
from the Oriental Chamber of Commerce, and has been Join Aarzoo on this transformative journey and discover the
frequently featured on CNBC and Zee News. Her journey is power to create something truly impactful.
driven by her fervent passion to make nutrition accessible,
comprehensible, and transformative for all she touches.
 Sandeep Kerkar Avi Vatsa
Empowering Entrepreneurs and Pioneering AI and
Transforming Lives Championing Social Change

S andeep Kerkar, the pioneering force behind Sandeep Kerkar

International, epitomizes the convergence of expertise, vision,
and altruism. With a diverse background spanning engineering,
F orbes India is proud to feature Avi Vatsa, a trailblazer at the
intersection of AI innovation and social entrepreneurship.
As the dynamic CEO and Founder of Growth-Driven Digital
business administration, and nutrition, Kerkar has seamlessly Agency, Avi is redefining the boundaries of technology and
blended his passions to emerge as a beacon of inspiration for philanthropy, positioning himself as a leader in AI and a
aspiring entrepreneurs and wellness enthusiasts alike. beacon of social change.
As the founder of Sandeep Kerkar International, Kerkar's At just 29, Avi Vatsa has already made indelible marks in
mission transcends mere business pursuits; it embodies a diverse industries. In 2024, Avi is spearheading transformative
profound commitment to unlocking the full potential of projects in AI, focusing on revolutionizing the legal industry and
individuals. Armed with an engineering degree, an MBA, and launching cutting-edge AI ventures in trading and marketing.
certification as a nutritionist, Kerkar has crafted a multifaceted His visionary leadership has earned him accolades, including
career that encompasses authorship, direct sales leadership, the Economic Times Change Maker Award and recognition as
training, and coaching. one of the 10 Dynamic CEOs of 2022 by Business Standard.
Central to Kerkar's ethos is the belief in empowering Avi's journey began at 15, and his meteoric rise is a
entrepreneurs to elevate their business acumen and diversify testament to his relentless pursuit of excellence. Beyond the
their revenue streams. Through his dynamic training programs, corporate realm, Avi's commitment to social entrepreneurship
he imparts invaluable insights garnered from over three decades is unparalleled. As President of Youth for Human Rights India,
of experience, equipping entrepreneurs with the tools and Avi has educated over 30 million youth on human rights and
strategies needed to thrive in today's competitive landscape. led impactful anti-drug awareness campaigns. His efforts were
Moreover, Kerkar advocates for the cultivation of a second
recently honored with the prestigious Best Human Rights NGO
income, recognizing its transformative potential in fostering
Award at the APJ Abdul Kalam Inspiration Awards 2023.
financial stability and abundance.
Avi’s philanthropic endeavors extend to rescuing hundreds
In tandem with his entrepreneurial endeavors, Kerkar has
during the Nepal earthquake and consistently advocating
pioneered a revolutionary weight loss system within his training
for education and sustainability. His dedication to mental
program. By marrying his expertise in nutrition with his passion
health awareness was showcased at TEDx in 2022, where he
for personal development, he has devised a holistic approach to
captivated audiences with insights on consciousness and well-
wellness that transcends fad diets and quick fixes. Through this
being.
system, Kerkar has touched the lives of thousands, inspiring them
Avi Vatsa's multifaceted achievements in AI and social
to embrace a healthier, happier lifestyle.
entrepreneurship are setting new standards for the next
Beyond his professional accolades, Kerkar's true legacy lies in
the lives he has transformed and the communities he has uplifted. generation of leaders. His innovative spirit and unwavering
For over three decades, he has been a guiding light for individuals commitment to making a positive impact are driving forces
seeking to achieve holistic success – be it in health, wealth, or in shaping a better future. Forbes India celebrates Avi Vatsa as
personal fulfillment. His unwavering dedication to empowering a true visionary, transforming industries and lives alike.
others underscores his profound impact and solidifies his status
as a luminary in the realm of entrepreneurship and wellness.
 Maher Ali Rusho Brij Kishore Pandey

M aher Ali Rusho is a 16-year-old academic who is making

significant progress in the Human-Computer Interaction
(HCI) field. He is currently employed as a Pre-Doctoral research
B rij Kishore Pandey a principal software engineer at ADP
and a distinguished tech influencer, hails from a rural area
in Bihar, India. His exceptional skills not only earned him an
associate at Brain-Station 23 PLC while pursuing his graduate H-1B visa to the United States but have also placed him at
degree at the University of Colorado, Boulder. the forefront of the IT industry for over 15 years. Today, Brij
In addition to his academic and professional endeavors, leads the development of innovative AI solutions, applying
Maher is the founding partner of UntieAI, a software company his software engineering expertise to enhance the capabilities
based in Canada. His impressive research background includes of one of the world’s largest human resources and payroll
8 design patents and numerous scholarly articles indexed in the solutions providers.
Science Citation Index (SCI). Beyond his technical prowess, Brij is dedicated to making
Recently, Maher gained global attention for his collaborative complex concepts in AI and software more accessible to a
research with some of the world’s top 2% scientists. Their paper, global audience. His insightful LinkedIn posts and strong
titled "Feature Fusion-Based Food Protein Subcellular Prediction presence on Instagram, with a combined following of over
for Drug Composition," was published in the prestigious Elsevier 750,000 people, showcase his commitment to educating
Food Chemistry journal (Q1). According to ResearchGate, and empowering the younger generation. This educational
Maher's work has gained nearly 200 citations (184 citations), initiative reflects his broad impact and influence in the tech
earning him an h-index of 10. community.
"Pure hard work, no shortcuts" is what Maher lives by. He is Brij’s journey from a small village in Bihar to a tech leader in
still an impressive figure in both his academic and business lives, the U.S. is not just a story of ascending career ladders but also
showing off his incredible talent and dedication. of his profound commitment to empowering others with his
knowledge. Through his work, he not only enhances business
solutions but also nurtures a community where technology
serves as a bridge to innovation and growth. His leadership
in integrating AI into business practices and his mentorship of
emerging talent are pivotal in shaping the future of technology.
As Brij continues to share his expertise and lead
transformative projects, his narrative stands as a powerful
testament to the impact of education, perseverance, and
community in the AI and tech world.
 hmd

Inside HMD’s
Bold Gambit
The Nokia phone maker plans to stand out in the cluttered smartphone
market by loading its phones with sustainability, repairability and data
privacy. Can the Finnish company find its X-factor by wooing Gen-Z?
By RAJIV SINGH

R
avi Kunwar has Nokia branding. “It’s not going to be HMD’s differentiated game plan.
loaded his armoury ‘X’ megapixel versus ‘Y’ megapixel,” The Finnish brand is shunning
with unconventional reckons Kunwar, an old Nokia hand the tried-and-tested path. HMD will
weapons. “We are not who joined HMD in December 2016, not play a price warrior. “It can’t be
waging a spec war,” and has had stints with Microsoft and our price versus their price,” says the
says the vice president (India & APAC) Samsung in his over three decades handset veteran, who is confident
of HMD Global. The Finnish company, of experience in the mobile and of taking on the much-bigger
which has been producing Nokia consumer durables industries. “It’s smartphone rivals in India with his
phones since 2017, is set to launch not going to be ‘small’ versus the out-of-the-box product and marketing
its own line of mobile devices sans ‘big’ screen,” says Kunwar, outlining strategy. HMD, he underscores,

103

MADHU KAPPARATH

Ravi Kunwar, vice president (India & APAC), HMD Global. The Finnish brand that is launching its own line of mobile devices—sans the Nokia
branding—in India is shunning the tried-and-tested path. HMD will not play a price warrior, he insists

JUNE 28, 2024 • FORBES INDIA

 In Focus

Feature vs Smart
65 million 2023 152 million
feature phones sold in India smartphones sold in India

Feature phone penetration Smartphone penetration

34 % 66 % 28 % 72 % 30 % 70 % 35 % 65 %

2021 2022 2023 Q1 2024

SOURCE Counterpoint Research

will roll out phones that would be “There’s a red which appeal to Gen-Z,” he says. This
loaded with different kind of specs: generation—born between the nineties
Sustainability, repairability, and data
ocean out there, and the noughties—prefers a brand
privacy. “Our products will have it’s crowded and that drives sustainability. “We needed
best-in-the-class features,” he claims. hyper-competitive. to answer ‘what next’ for HMD,” he
“But we are more than that. We are But our moats are says, adding that the philosophy of the
making sustainable phones.” HMD’s company was in sync with Gen-Z and
plan, he lets on, is rooted in purpose.
sustainability, a growing set of consumers who care
104 “We do what is right for our partners, reparability and for the environment, and the future.
people and the planet,” he says. data privacy.” Noble intent notwithstanding, the
Kunwar’s language mirrors HMD’s task won’t be easy. “I know it’s a red
global ideology. Take, for instance, the RAVI KUNWAR ocean,” confesses Kunwar. With the
talk on sustainability, which revolves VICE PRESIDENT (INDIA & top five brands collectively cornering
around three Rs: Repair, reuse and APAC), HMD GLOBAL almost 65 percent of the smartphone
recycle. HMD’s approach, he reckons, market during the first quarter of this
spans the lifecycle of a device. “We year—Vivo (16.2 percent), Samsung
make devices that last; we help keep (15.6 percent), Xiaomi (12.8 percent),
devices in use for longer, and we fixed.” The descriptive note flashing Oppo (10.2 percent), and Realme (9.8
harvest recycled materials. Then on the global website goes on to ask a percent)—there is not much left for
we do it again,” he says, reflecting pertinent question: Why should one a new brand to manoeuvre. “I know
the global credo of the brand. “If buy a brand-new phone if the screen it’s hyper-competitive,” concedes
your car breaks down,” the Finnish cracks, or if the battery runs dry? Kunwar, who is fixated on the task of
company decodes its philosophy by HMD is building for the present making a mark in the Indian market,
making an elementary point on its and future. “We’re making phones which happens to be HMD’s biggest
website, “you don’t drive it straight that you can fix yourself,” says in terms of value, volume and profit.
to the junkyard. You try to get it Kunwar. “We are making phones “But we are ready,” he says beaming.
His team flashes a victory sign.
The smartphone dangal is on.
“HMD already has the As one strides into the corporate
experience of manufacturing headquarters of HMD in Sector 62
Nokia phones. So, it’s not of Gurugram, one can sense a feisty
INFOGRAPHICS: MUKESHA SINGH

vibe. “Fight the odds,” reads one of the

new to the market.” motivating posters of Aamir Khan-
starrer Hindi blockbuster Dangal,
TARUN PATHAK
RESEARCH DIRECTOR, COUNTERPOINT RESEARCH which dangles on one of the walls.
Then there is the Shah Rukh Khan-
starrer Chak De India, which urges

FORBES INDIA • JUNE 28, 2024

 hmd

the team to “find your chords”. For

the ones still starved of inspiration, Nokia’s Market Share in India
there is another poster of Bhaag Feature Phones 14.8 %
Milkha Bhaag, and the message is: Run 12.2% 12.7%
to greatness. ‘Take bold steps’, ‘dare 11.4%
and dazzle’, and ‘show your colours’
are a bunch of energising words Smartphones
that lift the peppy office interior.
The panoramic landscape,
0.4% 0.5% 0.4% 0.4%
though, changes as one steps out of
the building. Just 100 metres away,

2020

2021

2023

2020

2021

2023
2022

2022
one can spot a billboard of Vivo, the
biggest smartphone brand in India SOURCE Counterpoint Research

during the January-March quarter.

A kilometre away from HMD’s
building, Samsung makes its strong a new experience,” reckons Ashita India. As and when a user upgrades
presence felt via signboards, posters Aggarwal, professor of marketing at to a smartphone, HMD will strongly
and aggressive advertisements. SP Jain Institute of Management and remain in the recognition fray of the
Xiaomi, another Chinese biggie which Research. The fact that HMD has buyer. HMD, Pathak underlines,
topped the chart for 20 consecutive been selling Nokia-branded phones has experience in manufacturing
quarters in India, starts grabbing by highlighting its name—the makers Nokia phones. “Therefore, it’s
the eyeballs as Mi-branded stores of Nokia phones—makes it a known not new to the market,” he says.
dot the competitive landscape. brand. “It will have the brand equity HMD plans to enter the belly of the
For HMD, the fight won’t be a and recall that Nokia had,” she adds. smartphone market—$100-$200
cakewalk. What makes it tougher Industry experts too reckon that (`8,327 to `16,654)—that covers 48
for the Finnish challenger brand is HMD will reap a positive Nokia percent of the smartphone market in 105
the sobering reality that Nokia—a rub-off. “Nokia’s strong position in India. “Since Nokia’s market share
brand that HMD has been making the feature phone market and its vast is negligible, there won’t be any
and selling since 2017—doesn’t even retail footprint are opportunities for chance of cannibalisation,” he adds.
have 1 percent smartphone market HMD in entry-level smartphones,” A new brand, point out handset
share in India (see box). Even though says Upasana Joshi, senior research analysts, will also have an initial edge.
Nokia is the biggest feature phone manager at IDC. Nokia, she adds, had “This edge is known as ‘beginner’s
brand in India in terms of value a 21.6 percent market share in feature luck,” reckons Faisal Kawoosa,
market share, this statistic won’t phones in the first quarter of this year. founder of techARC, a technology
be of much use when it comes to Another plus for a rookie brand is analytics, research, and consulting
the smartphone battle. HMD is a dominant feature phone market in firm. But after the honeymoon, he
going solo, and it won’t be easy. India, which rebounded last year. “A underlines, the brand will have
Interestingly, a clean slate and a huge chunk of the population remains its task cut out. “Your product,
life without baggage—HMD won’t unpenetrated. This gives new players proposition and marketing will decide
be carrying the Nokia branding on an opportunity,” says Tarun Pathak, your fate,” he says. “Beginner’s luck
its phones—is what gives the Finnish research director at Counterpoint can only work in the beginning,”
contender a fighting chance. “It’s Research. Last year, around 65 he says, adding that HMD needs
a new beginning, a new brand, and million feature phones were sold in an aggressive marketing strategy
to take on the nimble and fierce
Chinese brands. A Nokia pedigree,
“HMD will have the he points out, gives an entry. “How
beginner’s luck, but eventually HMD plays its game after the entry
it all boils down to product, is up to the new brand,” he says.
HMD’s Kunwar, for his part,
proposition and marketing.” is confident. “We are sticking to
innovation, and the three pillars
FAISAL KAWOOSA
FOUNDER, TECHARC of sustainability, repairability
and data privacy. We are
confident,” he signs off.

JUNE 28, 2024 • FORBES INDIA

 In Focus

The Right Doze

The Sleep Company is disrupting a cluttered mattress and
comfort solutions market with its science-led approach
By RAJIV SINGH

L
aundry, diapers, babies, in Ganganagar district of Rajasthan, In fact, Salot’s story has always
and climax… that’s how where she lived for her first 10 begun after a climax. The year she
Priyanka Salot’s story years. In 1994, her family relocated graduated from IIM-Calcutta, 2009,
arc transpired during to Chandigarh, and she toiled to the corporate world had nosedived
eight years of her stint transition from a Hindi medium to into a severe recession. Bereft of
at P&G. “I started with Ariel. Then an English school seamlessly, and ample options, the young management
they gave me Pampers. And then I eventually got her prized catch when graduate started her career with JP
got pregnant,” smiles the engineer she made it to an engineering college Morgan Chase, and after a brief stint,
who was born in a nondescript town in Delhi. Then came the climax. joined Frost & Sullivan in Singapore.

106

“Our disruptive
products are “A good laugh and
our biggest a long sleep are the
differentiator… best cures... we take
we want to make care of your sound
people sleep, sleep so that you
and sit better.” can have a good
life, and laugh.”
PRIYANKA SALOT,
co-founder, The HARSHIL SALOT,
Sleep Company co-founder, The Sleep Company

FORBES INDIA • JUNE 28, 2024

 the sleep company

A few months later, she realised that

she was not cut out for consulting
Name & Game
and investment banking roles.
A few years ago, during her Claims to use a
undergraduate years in engineering, patented ‘SmartGRID’
Started as a mattress brand, technology in its range
Salot—she was influenced by two Founded by of products, including
The Sleep Company now
books: Shoe Dog by Phil Knight, and Priyanka and
offers mattresses, sofas, mattresses and chairs
Harshil Salot in
Steve Jobs by Walter Isaacson—was October 2019
pillows, cushions, bedding,
gripped with the same sense of and office chairs
déjà vu. “I realised I didn’t want to
be in a technical field,” she recalls. In June 2022, The Over the last two Plans to launch
Sleep Company years, it has opened 150 stores and expand
“I didn’t want to be an engineer.” forayed into offline over 85 stores footprint to 50 cities by
Then why engineering? “What do retail in Bengaluru across 25 cities the end of 2024
toppers in schools usually do? It’s
either engineering or medical,” she she didn’t dare to take the plunge. herself. “What is the legacy you
reckons. “That’s how engineering “I was earning big money. A salary want to leave behind?” Days of
happened.” The college years made of over `1 crore was indeed big introspection paid off when she quit
her discover her love for managerial money.” Big money does, she lets P&G in May 2018, spent the next
things and she figured out that the on, inhibit you from taking risks. one-and-a-half years giving shape
IIMs were the best place in the Her pregnancy, though, pushed her to her fledgling venture, and rolled
country to study management. out of her comfort zone. Salot went out The Sleep Company in October
Back in Singapore, Salot was back to work after just five months 2019. And true to her track record of
forced to put on her thinking cap, of her maternity leave, and found encountering climax, the pandemic
or shoes. Thanks to Shoe Dog, the something amiss in her life. “I was no came calling after six months.
young professional had another bout longer enjoying my job,” she recalls. But before we get to the Covid
of self-discovery. “I’d tell men and Salot’s harrowing experience of episode, let’s rewind to May 2018 107
women in their mid-20s not to settle countless sleepless nights after giving when Salot resigned from P&G. A lot
for a job or a profession or even a birth made her realise that there was happened over the next six months,
career. Seek a calling,” underlined a big opportunity in the business and Salot lost sleep for a battery of
Phil Knight in his memoir. “Even if of sleep and comfort: Mattresses. reasons. First, there were not enough
you don’t know what that means, seek Coming back from the break made believers in her dream of building
it.” After the first few months into her her see the futility of doing something a high-quality mattress which was
professional stints, Salot was scouting that she was no longer enjoying. backed by science. Sceptics kept
for her elusive calling. This time, her Ironically, the world around her questioning her business idea. “What
flatmates guided her to her calling. failed to grasp the tug-of-war that do you want to load your mattress
“They used to work at P&G, and I Salot was dealing with. “What do with? A mattress is a mattress. It will
was fascinated with what they were you mean you are not enjoying?” look the same,” they pointed out.
doing,” she says. Infatuated with the asked a colleague. “It’s a dream Salot, however, saw a clear gap in
job description, Salot reached out to role for anybody in P&G. You are the cluttered market. Yes, there were
the marketing head of P&G for a role. getting the biggest category—fabric brands, but most were products that
There was none. Reason? “They care business—and you want to mimicked the attributes of a brand
didn’t have a policy of lateral hire,” give it away,” she tried to inject and sold like hotcakes because of low
recalls Salot, who persisted with her some sense of realism into Salot’s cost. “I can name 10 brands that were
efforts and was finally rewarded. “I wonderland, which was now being launched at that time. All were getting
came back from Singapore, joined influenced by Steve Jobs’ biography. produced at the same factory, all
P&G in Mumbai, and found my love “Being the richest man in the had different packaging and all were
for consumer brands,” she recalls. cemetery doesn’t matter to me. playing price warriors,” she recalls.
She started with Ariel, worked on Going to bed at night saying we’ve The second set of cynics popped
INFOGRAPHICS: MUKESH SINGH

the detergent brand for over four- done something wonderful... that’s up after a year or so. Salot started the
and-a-half years, and then was made what matters to me,” the founder venture with her husband, joined
India head of Pampers. “And then of Apple underlined in the book. hands with AK Tripathi, a former
I got pregnant,” she says. “I always Salot too wanted to do something Defence Research and Development
had an itch to start something of my wonderful. “What is that you want Organisation (DRDO) scientist, to
own,” she confesses, adding that to be remembered for?” she asked work on a high-tech product, and

JUNE 28, 2024 • FORBES INDIA

 the sleep company

In Focus

had little to show in The Sleep Company

after months of in 2021, points out
intense R&D. “I Dipanjan Basu, co-
encountered the 0.0053 FY20 0.74 Report Card (` cr) founder and partner at
lowest moments in my Operating revenue the venture fund, the
life during the R&D 1.04 FY21 11.73 Profit/loss excitement centred
phase,” she recalls. around the co-founders’
“We did over 1,000 11.56 FY22 55.62 innovative approach in
experiments. All failed.” the comfort tech space,
The failures plunged 37.06 FY23 127.14 and how they were
her into a valley of self- leveraging SmartGRID
doubt. “Did I make FY24 400 technology with their
the right move to quit disruptive omnichannel
my job?” she asked FY24 data is unaudited SOURCE Regulatory filings, company strategy. “Today, the
herself. “It’s been company stands out
more than a year, and as one of India’s
nothing has worked fastest growing and
out. What if nothing most disruptive consumer brands,”
works out?” A spate of rejections support and comfort, the offline he claims. “We see enormous
by venture capitalists during experience centres offer a ‘Sleep Lab’, potential for TSC to democratise
pre-Series A fundraise added which allows customers to explore their SmartGRID technology
to her woes and uneasiness. the mattress. “Through omnichannel and drive global disruption.”
Fast forward to Covid. Salot again marketing, we highlight SmartGRID’s The challenge, though, would
experienced a climax moment, this advantages like pressure relief and be to simultaneously grow both
time as an entrepreneur. Ecommerce temperature regulation,” says Harshil the engines: Revenue and profit.
108 marketplace players Amazon and Salot, co-founder of The Sleep Another big ask would be to stay
Flipkart got the licence to sell Company. “Our tech gives us an edge away from mistakes. Take, for
mattresses under the ‘essentials’ in the competitive sleep market,” he instance, the move to have enough
category, and Salot started working says, adding that they plan to launch headcount. “There were times
with hospitals in terms of widening 150 stores and expand the footprint when we didn’t hire enough people
the appeal for her products, and the to 50 cities by the end of this year. at the right time. Fireside taught
patented SmartGRID technology When Fireside Ventures invested us to hire before time,” says Salot,
started finding buyers. Over four adding that the founders must always
years after the first Covid lockdown, invest in the right kind of people.
The Sleep Company has started Another mistake was to shun
giving sleepless nights to its rivals. a long-term approach and pluck
Its operating revenue zoomed the low-hanging fruit. Quite early,
from `74.05 lakh in FY20 to `127.14
crore in FY23. Twelve months later,
Funding Journey the co-founders couldn’t resist the
temptation to play the ‘trending’
the numbers leapfrog to `400 crore game. One of the ecommerce
Pre-Series A
in FY24. “By the fourth quarter of marketplace players nudged the
this year, we will be profitable,” 13.4
` crore rookie founders to launch a bed.
Funding round led by Fireside Ventures;
claims Salot, who has made The LogX Ventures and Mamaearth founder “Bed kaafi bik raha hai. Launch kar
Sleep Company transform from Varun Alagh also participated do [beds are selling a lot; launch
a mattress brand to a sleep and Series B one],” was the feedback. And a plain
comfort tech solutions company that November 2022 vanilla wooden bed was launched.
has products such as sofas, pillows, 177
` crore “It was a mistake. We discontinued
cushions, bedding, and office chairs. Round led by Premji Invest and Fireside in four months,” she recalls.
Ventures; Alteria Capital also participated
“We will reach `1,000 crore in The mistake, though, strengthened
two to three years,” she claims. Series C the resolve to stay away from
December 2023
Salot’s co-founder chips in to products or categories where tech
highlight the brand’s tech prowess. 184
` crore can’t be used to alleviate comfort.
While the patented SmartGRID Led by Premji Invest & Fireside Ventures “We are on a mission to make people
technology provides exceptional sleep, and sit better,” she signs off.

FORBES INDIA • JUNE 28, 2024

 THE LUXURY ARCHITECTS AND DESIGNERS

Master Craftsmen
Architects who are breaking norms with their smart designs to create spaces that are
environmentally conscious and technologically advanced
By MOHAN SIDDHARTH & KAMAYNI

A
rchitectural luxury is no longer defined desires and expectations of discerning individuals.
solely by opulence but by the harmonious Season 3 of The Bold Club embarks on a
integration of technology and nature. captivating journey into the changing landscape
“We will never be truly healthy, satisfied of architectural opulence, introducing audiences 109
or fulfilled if we live apart and alienated from to some of the world’s most eminent architects
the environment from which we evolved.”— who have carved a name for themselves in the
Stephen R Kellert, author of Biophilic Design. smart building designs. This season redefines
Our upcoming series explores the convergence architectural luxury in the 21st century,
of smart buildings and biophilic design, where smart buildings and biophilic design
redefining the future of luxurious living. harmonise to create opulent spaces that are
The realm of architectural luxury is undergoing a environmentally conscious, technologically
profound evolution, transcending traditional notions advanced, and deeply human-centric.
of opulence and aesthetics. Modern architectural The lineup includes architects renowned
opulence now encompasses a harmonious fusion for crafting some of the most innovative
of exquisite design, technological innovation and structures in India, visionaries who are
a holistic approach to well-being. It is no longer reshaping architectural norms, and individuals
defined by mere grandeur but by the ability to curate whose passion for sustainable living has
exceptional living experiences that cater to the left an indelible mark on the industry.

R E S E ARC H M ETH O DO LOGY

The research methodology comprised a point system through which 80 top luxury architecture and design firms were assessed on a scale of
1 to 5 based on their approach towards luxury, innovation and technology, biophilic design integration, education, sustainability & ESG, clientele
and projects, and aesthetic and awards. Eventually, a list of top 30 luxury architects and designers was finalised to be featured in Season 3 of
The Bold Club.
COURTESY STUDIO GULMOHAR

JUNE 28, 2024 • FORBES INDIA

 THE LUXURY ARCHITECTS AND DESIGNERS

Creating Dynamic Spaces

H
eaded by the husband- the hills are testament to their environmental responsibility.
wife duo of Aamir Sharma commitment to innovation and Sharma makes sure that meticulous
and Hameeda Sharma, sustainability, giving the occupants research and development
AANDH Design Studio is a pioneer a harmonious blend of comfort takes place, and the client
in delivering luxurious, chic, refined and connectivity with nature. expectations and sustainable
interior designs. During their Amidst the creative journey, design principles are adhered
diploma course in architecture and challenges come up, particularly to when finalising the design.
interior design, the Sharmas’ innate in reconciling luxury with Sharma believes that the
inclination towards interior design landscape of architectural luxury
ignited their career trajectory. is poised for continuous evolution.
Starting with small steps, they With changing trends and
Aamir Sharma and
have traversed a path fuelled by influence of fashion, preferences
an unwavering commitment to
Hameeda Sharma change, but one enduring trend
the art of design. In their practice Founders and principal designers is the growing appreciation of
of the last two decades, they have Aamir & Hameeda Design Studio simplicity and sustainability.
won numerous accolades for their ● KAMAYNI
versatile and extensive body of
work that includes interior design
110 of residences, corporate offices,
retail stores and hospitality spaces.
For Sharma, luxury doesn’t
have a single meaning—everyone
perceives luxury in a different way,
whether it is in the form of cutting-
edge technology, timeless simplicity
or harmonious living with nature.
Sharma believes that as designers,
their role is to orchestrate spaces
that cater to diverse tastes, redefining
luxury as per the client’s aspirations.
At AANDH, any new project
brings along a burst of ideas, fuelled
by creativity, innovation, out-of-the-
box thinking, constantly pushing the
boundaries of conventional design
to unveil truly exceptional spaces.
For most of the projects, they take
the biophilic approach, connecting
indoors to the outdoors seamlessly,
creating environments that resonate
with the rhythm of nature. Smart
building technology enables them to
control light filters and surroundings,
creating dynamic spaces.
‘Thinnu farmhouse’, where
RICKEN DESAI

indoors and outdoors were blended,

and the ‘Kotagiri home’ built on

FORBES INDIA • JUNE 28, 2024

 Redefining Luxury

111

A
shmit Singh Alag, 46, is a Ashmit Singh Alag bedroom with a backlit Barrisol
luminary in the world of Principal designer, panel mimicking sunlight, nurturing
architecture and design, plants and providing a luminous,
Transform Design
serving as principal designer nature-inspired sanctuary.
at Transform Design, based in For Alag, inspiration stems from
New Delhi. A connoisseur of the opportunity to create exclusive,
opulence and functionality, Alag's buildings and biophilic design, groundbreaking designs that enrich
pursuit of a career in architecture where technology seamlessly lives. While challenges in designing
and design was inspired by his integrates with nature to redefine environmentally responsible-
belief in crafting a thoughtful, luxury living. Alag's excitement yet-luxurious spaces exist, Alag
luxurious lifestyle. For him, lies in the potential of this fusion tackles them with expertise and
architecture shapes environments to offer serenity, well-being, innovation, prioritising timelessness
and thus, lives, offering a canvas and prosperity, while enhancing and meticulous planning.
to blend beauty, functionality privacy and reducing the need Looking ahead, Alag envisions
and exclusivity seamlessly. for extensive housekeeping. luxury as a timeless concept, rooted
Beyond the veneer of grandeur, In his projects, Alag successfully in culture, education and wealth. He
Alag defines luxurious living as integrates smart building foresees technology liberating the
a harmonious interplay of high technology and biophilic design human element, enabling consistent,
service, thoughtfulness and principles, creating spaces that quick results without compromising
BANDA RAJU

timelessness. His ethos resonates evoke a profound connection with on luxury's essence.
with the convergence of smart nature. An example is the master ● MOHAN SIDDHARTH

JUNE 28, 2024 • FORBES INDIA

 THE LUXURY ARCHITECTS AND DESIGNERS

Spirit Of Excellence

I
112
n the realm of architecture and Hardesh Chawla to budget and time constraints.
design, the names Hardesh & Monica Chawla Yet, such obstacles coax them to
and Monica Chawla resonate think creatively and accomplish
Co-founders, Essentia
with innovation, elegance and the tasks within limitations.
a commitment to excellence. Environments Looking ahead, the Chawlas
The dynamic duo stumbled into foresee a shift towards innovation
architecture and design while and smart living, with clients
dealing with property investments The convergence of smart increasingly prioritising functionality
in the late 90s. The need to buildings and biophilic design and personalised experiences over
develop properties sparked their excites the Chawlas, who recognise ostentatious displays of wealth.
interest in the field and they ended its potential to shape the future of As India's economy flourishes,
up as co-founders of Essentia luxury living. With a keen focus on the demand for comprehensive
Environments. With a rich tapestry sustainability and a deep appreciation design solutions is poised to surge,
of achievements spanning over 25 for nature, they seamlessly integrate positioning firms like Essentia
years in the industry, their journey biophilic principles into their Environments at the forefront
is marked by accolades, creativity, designs, fostering a sense of harmony of architectural innovation.
and a profound dedication to crafting and well-being. They feel that their In the ever-evolving landscape
spaces that transcend the ordinary. inner sensibility leans towards of architectural luxury, the
Educationally diverse, yet united, connecting with nature, and they try Chawlas stand as visionary leaders,
in their passion for design, Chawla's to ensure their clients find a deeper reshaping the way we perceive
engineering and business background connection in their daily living. and experience the spaces we
complement Monica's artistic flair, The Chawlas remain driven by inhabit. With a blend of creativity,
forging a partnership grounded a relentless creative spirit, finding expertise, and commitment to
in expertise and vision. For the inspiration in the opportunity excellence, they redefine the
Chawlas, architecture is not merely to craft spaces that delight and boundaries of architectural
about aesthetics; it's a harmonious inspire their clients. Challenges, luxury, leaving an indelible mark
BANDA RAJU

blend of functionality, uniqueness they acknowledge, are part of the on the world of design.
and personality of the client. creative process, mostly related ● MOHAN SIDDHARTH

FORBES INDIA • JUNE 28, 2024

Playing
It ‘Smart’
A
rchitecture is an art
form to design spaces
that engage your
senses and elevate the human
experience within that space.”
Inspired by the works of legends
like Frank Llyod Wright, Charles
Correa, BV Doshi and Tadao Ando,
Haresh P Lakhani is a self-taught
architect with an experience of more
than 30 years. He is the founder
and principal designer of HP
Lakhani Associates, an architecture
and interior designing firm.
Growing up in a modest
background in Mumbai, Lakhani
was intrigued by the architectural
marvels that surrounded him. It
was the sight of Kanchanjunga
Apartment, designed by Correa, 113
that ignited his passion for
architecture and design.
While pursuing the interior
designing course at LS Raheja
College of Interior Design and
Architecture, he worked with his
brother, a seasoned practitioner,
and gained practical experience Haresh P Lakhani healthy impact on human well-being.
and exposure, which clubbed Principal designer, HP Lakhani At HP Lakhani Associates, they
with his curiosity and love for have spearheaded projects that
Associates
structures, nurtured and polished induce biophilic with other green
the architect within him. building features to encourage
Lakhani believes that sustainable interactions with nature. From
structures and resilient design inspiration, planning and synergising residential complexes to commercial
are the biggest trends today. The ideas with clients, and collaborating spaces, each design reflects a
convergence of smart buildings with associates and partners to plan, meticulous balance between luxury
and biophilic designs holds counsel and develop environmentally and environmental responsibility.
immense potential to redefine responsible designs and architecture According to Lakhani, the idea
the future of architecture, solutions. He implores that creating of luxury living is evolving, with
offering sustainable solutions that designs using elements such as sustainability and biophilic design at
prioritise the well-being of both natural ventilation, passive solar the centre stage. Lakhani envisions
occupants and the environment. design, and organic and natural a future where energy-efficient
He states, “Biophilic designs try to materials, seeks to connect indoors solutions and eco-friendly designs
erase the defining lines between and outdoors seamlessly, bringing us are seamlessly incorporated in
human and nature interactions in close to nature. This approach makes luxury homes and offices, having a
MOHD. ROSHAN

creative and sustainable ways.” the structures more energy-efficient positive impact on the environment
For Lakhani, each new project and reduces the overall carbon and quality of human living.
comes with excitement and footprint, and has a positive and ● MOHAN SIDDHARTH

JUNE 28, 2024 • FORBES INDIA

 Timeless Elegance
THE LUXURY ARCHITECTS AND DESIGNERS

I
ram Sultan, principal designer
at Iram Sultan Design
Studio, is a respected name
in the architectural and design
sector. With over two decades of
experience and a distinguished list
of accolades, Sultan embodies a
standard of excellence in her field.
For Sultan, luxury is not merely
about grandeur; it's about crafting
an experience that resonates
with depth and sophistication.
Her signature style is marked
by a quiet-yet-profound sense
of luxury, emphasising timeless

Iram Sultan
Principal designer, Iram Sultan
Design Studio

114

elegance over fleeting trends.

At the heart of Sultan's philosophy
lies the belief that every space
should tell a unique and intimate
story. She champions the concept
of "invisible design", where art,
heritage and emotional resonance
converge to create environments
that inspire and delight.
Sultan believes that the fusion
of smart buildings and biophilic
design extends the potential of
flexibility in the way we live,
using technology to aid in a
better lifestyle and the greatest
luxury of living amidst nature.
Driven by a deep sense of
collaboration, Sultan finds
inspiration in her clients, whom
she views as partners in the
creative process. Each project is a
narrative woven from the dreams
and aspirations of those who fine wine that ages well,” says Sultan as a true visionary in the world of
inhabit the spaces she designs. about her core design philosophy. design. With her relentless pursuit
SUDHIR CHANDRA

“I am not a believer in trends. I am In a sector dominated by fleeting of excellence, she continues to shape
a proponent of timeless design that fads, Sultan's steadfast dedication the landscape of luxury living.
can grow and evolve with you, like to timeless elegance sets her apart ● MOHAN SIDDHARTH

FORBES INDIA • JUNE 28, 2024

 Artistic Vision
K
anhai Bharat Gandhi,
Neemesh Ashwin Shah, and
Shresht Kewal Kashyap,
co-founders of KNS Architects,
exemplify a blend of artistic
vision, architectural prowess and
a commitment to sustainability.
With a combined experience of
29 years since the inception of
KNS Architects in 1997, they have
steered their firm to become a
beacon of innovation in the field.
Operating from their offices in
Worli and Andheri, Mumbai, KNS
Architects has carved a niche for
itself in redefining luxury living
through a holistic approach to
design. Their portfolio boasts
projects that seamlessly integrate
smart building technology and
biophilic design principles, setting
new benchmarks in the industry. 115
For the trio, luxury transcends
opulence; it embodies an identity
that marries efficiency with comfort.
Their philosophy revolves around
creating spaces that not only
look good but also make people
feel good. From the sprawling From left: Neemesh
villas of Goa to the minimalist Ashwin Shah, Kanhai
Bharat Gandhi and
residences of Mumbai, each project Shresht Kewal Kashyap
is a testament to their belief in
personalised, timeless design.
The convergence of smart Kanhai Bharat Gandhi, responsible, yet KNS Architects
buildings and biophilic design Neemesh Ashwin Shah, tackles them with creativity and
excites them as it offers a unique and Shresht Kewal Kashyap innovation. By carefully selecting
opportunity to create spaces that materials, embracing sustainable
Principal architects and co-
are technologically advanced, practices, and leveraging advanced
sustainable and human-centric. By founders, KNS Architects technologies, they strike a
seamlessly blending cutting-edge balance between aesthetics and
technology with elements of nature, environmental consciousness.
KNS Architects crafts environments in Mumbai, and 'Riddhi Siddhi' in They believe that architectural
that prioritise the well-being Lonavala. These spaces not only luxury is evolving towards
and vitality of their occupants. showcase their technical expertise sustainability, wellness and
In its pursuit of architectural but also reflect their deep-rooted flexibility. They envision a future
VIKRANT RAJENDRA KHARAT

excellence, KNS Architects has commitment to creating experiences where luxury is not just about
successfully integrated smart that resonate with the human spirit. material possessions but also about
building technology and biophilic Challenges abound when meaningful experiences that enrich
design principles in projects like designing spaces that are both lives and respect the planet.
'Thrive' in Goa, 'Muted Minimalism' luxurious and environmentally ● KAMAYNI

JUNE 28, 2024 • FORBES INDIA

 Beyond Opulence
THE LUXURY ARCHITECTS AND DESIGNERS

design stresses on the principles

From left: Jasem of connectivity to the natural
Pirani and
Huzefa Rangwala environment and further builds on
the ideas of good design in the built
environment, and smart buildings
use technology and various resources
to create a habitable environment.
One such project exemplifying
their commitment to the above
principles that was completed under
their mentorship is the ‘Bombay
HQ for Aquagreen water solutions’.
The challenging project was to

Huzefa Rangwala & Jasem Pirani

Co-founders, MuseLAB

transform an existing warehouse

116 into a high tech, sustainable and
relevant smart office and experience
centre. They relied on fluid
dynamics and similar softwares, and
worked with a team of consultants
to make it smart, biophilic and
economically sustainable.
As they embark on a new project,
Rangwala and Pirani find inspiration
in their conversations with the
client, the story, to understand

H
uzefa Rangwala and Jasem mere opulence and extravagance. the context and the brief. A good
Pirani founded MuseLAB They champion the concept story coming to life through the
Architects in 2012, built of ‘quiet luxury’, a timeless process of creating tangible from
upon their shared passion for movement deep-rooted in the intangible excites them and
design. Unable to pursue his tradition and craftsmanship, and propels them to create luxurious
dream of becoming a chemical celebrating subtlety and comfort. and sustainable architecture.
engineer, a chance encounter with In architecture, it is about using In future, they foresee a shift
a friend led Rangwala to explore local materials to create something towards a holistic approach to
architecture, and find a perfect timeless, thus creating harmonious luxury that prioritises sustainability,
synergy with his passion for art. environments contributing to a biodiversity and its impact on the
Pirani, on the other hand, had sense of well-being and comfort. environment. At MuseLAB, they
always been intrigued by the built For them, the convergence of are constantly striving to blur
environment. His keen observation smart build technology and biophilic the boundaries between design
of buildings and sketching them designs create a human-centric typologies and scale, to explore new
out made it evident early on that environment and focus on wellness. technological tools to be able to
he wanted to pursue architecture. They believe that this fusion holds adapt to the changing environment
NAYAN SONI

Rangwala and Pirani, believe immense potential to redefine the and deliver unique solutions.
that the term luxury transcends future of luxury living. Biophilic ● KAMAYNI

FORBES INDIA • JUNE 28, 2024

 Comfort Zone
W
ith three decades
of experience in
residential and
hospitality interiors, Nitin Kohli
has garnered recognition both
domestically and internationally for
his exemplary work. Graduating in
economics and later completing his
master's in business administration,
his journey in the world of design
was ignited by transformative
travels that started at the age of 28.
For Kohli, design isn't merely
about aesthetics but about
creating personalised experiences
that resonate with the clients'
aspirations. His approach revolves
around balancing grandeur with
practicality, infusing sophistication
with vibrancy to craft spaces
that transcend boundaries. At 117
the heart of his creations lies a
deep understanding of the clients'
needs, resulting in designs that
reflect the modern spirit of India.
“Luxurious living surpasses
opulence and grand aesthetics. It’s
about the beautiful harmony of
comfort, meaningful experiences

Nitin Kohli
Founder-director, Nitin Kohli Home

and the freedom to enjoy life’s

finest moments in a space that feels
individually crafted,” says Kohli.
He envisions future homes environmentally responsible poses As Kohli continues to redefine
as eco-friendly sanctuaries, distinct challenges, requiring architectural luxury, his work
blending high-tech features with a delicate balance between serves as a testament to the
biophilic design elements to create aesthetics and sustainability. evolving landscape of design.
harmonious living spaces. Kohli foresees a shift towards With a commitment to innovation,
Kohli’s inspiration stems maximalist luxury in architectural sustainability and client-centricity,
from interactions with clients, trends, where spaces exude richness he paves the way for a new era
fuelling fresh perspectives and and timeless elegance. His vision for of luxurious living, where every
SUDHIR CHANDRA

innovative ideas for each project. the future of architectural luxury space tells a unique story of
However, designing spaces encompasses celebrating classical craftsmanship and elegance.
that are both luxurious and elements while embracing modernity. ● KAMAYNI

JUNE 28, 2024 • FORBES INDIA

 THE LUXURY ARCHITECTS AND DESIGNERS

Lavish
Look
P
avan K Suryadevara’s passion
for architecture and design
was fuelled by his father, an
esteemed architect. A fascination
for the built environment and a
keen desire to contribute to the
transformation of spaces where
people live, work and play instilled in
him a desire to pursue architecture
as a career. After completing
his master’s in architecture, he
established Clark Lloyd Architects,
a multi-skilled design, planning and
regeneration consultancy in 2007.
118 Since then, they have delivered a
wide range of projects in all domains.
For Suryadevara, luxurious living
is defined by the harmonious fusion
of smart home systems, automation
and innovative technologies
where every element serves to
elevate convenience, security
and connectivity. His focus is on
creating spaces where technology
serves as an invisible facilitator
of a sophisticated lifestyle.
Suryadevara believes that
the fusion of smart buildings
and biophilic designs unleashes
boundless possibilities, enabling
the creation of architecturally Pavan K Suryadevara and client expectations with an
stunning and innovative structures; Architect, Clark Lloyd Architects unwavering commitment to creating
buildings adorned with living walls, spaces that epitomise opulence.
green roofs and natural elements He is optimistic that in
seamlessly integrated with state- ‘Sumana residence’ and many more. future there will be continued
of-the-art amenities. This synergy Suryadevara asserts that incorporation of biophilic design
results in aesthetically pleasing, designing spaces that epitomise principles with an emphasis on
futuristic, and visually captivating luxury with environmental nature. His focus would be on
designs that redefine the traditional responsibility is a complex-yet- creating spaces that enhance well-
notions of luxury. Suryadevara’s rewarding endeavour. He further being by integrating natural elements
VIVEK PAKALAPATI

portfolio boasts of many such states that one must navigate the and sustainability, while shaping the
initiatives, notably ‘Vasuki landscape of material choices, energy landscape of architectural luxury.
residence’, ‘Lanco Madhu residence’, efficiency, waste management ● MOHAN SIDDHARTH

FORBES INDIA • JUNE 28, 2024

Holistic Solutions
119
Shabnam Gupta
Founder, The Orange Lane &

A
Peacock Life
storyteller par excellence is no longer about acquiring
and an award-winning expensive brands, but about being
interior designer, Shabnam able to free one’s mind from the expensive than conventional designs,
Gupta had always been inclined chaos and hustle of life. In her but Gupta believes that investing in
towards creative arts. Exposure words, “Luxurious living is about such designs is a commitment to a
to the vibrant culture of Indian homes that can balm your soul and better future for generations to come.
arts and crafts as a teenager while transport you into your bubble.” An epitome of this commitment
accompanying her father to the She believes the convergence of is ‘The Lakeside Home’, designed
cottage industries and design smart buildings and biophilic designs by the firm where the indoor luxury
stores served as an inspiration for holds immense potential to redefine spaces are seamlessly connected
her to pursue a career in design. the way one inhabits a space. By with the outdoor courtyard and
Driven by her passion for design blurring the lines between nature verandah which further blur the
and encouraged by her strong and indoor living, this fusion offers lines with a lake touching the
entrepreneurial spirit, Gupta a retreat from the concrete jungle property, giving the feeling of
established The Orange Lane, an and moves a step closer to the way living without walls and fostering a
interior design firm that is home the Earth is meant to be lived in. sense of serenity and connection.
to holistic design solutions since For Gupta, the inspiration for Going forward, Gupta envisions
2003. In two decades, they have a project springs from the ever- a future where luxury is not defined
completed various projects in the changing tapestry of nature and by brands alone but by personal
residential, corporate, farmhouses, nuances of day-to-day interactions; style and values. As trends evolve,
hospitality and retail sectors. sometimes a simple conversation she is dedicated to lending her
Gupta’s conception of luxurious can lead to a creative chain of distinctive style to crafting spaces
SAFE BHANDARE

living transcends mere aesthetics, thought. Designing luxurious and that resonate with the individuality
it’s about the feelings a space environmentally responsible spaces and aspirations of the clients.
evokes. She believes that luxury is challenging as they are more ● KAMAYNI

JUNE 28, 2024 • FORBES INDIA

 ForbesLife sport

LEADING THE PACK

Despite being removed as Mumbai Indians captain and the occasional
inconsistent form, Indian cricket captain Rohit Sharma remains a
sought-after brand, with close to 30 brand endorsement deals
By NAINI THAKER & KATHAKALI CHANDA

I
PL 2024 started on an unprecedented, albeit heard telling Karthik, alluding to the latter’s
sour note for Mumbai Indians (MI) as their explosive form in the twilight of his career. Sharma
captain Hardik Pandya was booed by fans. is candid, authentic and fun-loving, which has
Not just at away venues, but the 30-year-old caught on with the masses and resonates with
faced taunts even at Mumbai’s Wankhede brands like Adidas India, CEAT, Oral B, Dream11
Stadium, the home ground of the five-time IPL and Swiggy, who can reach out to a large target
champions. Reason: Pandya, who was earlier Sources group through the Indian national captain.
say the
traded from the Gujarat Titans, was announced overall He has been a brand ambassador for Adidas India
as the skipper of MI, replacing Rohit Sharma, valuation for over a decade now. “We look out for athletes
of Rohit
who, the fans felt, was dumped unceremoniously Sharma's with values like team play, innovation, respect—
despite winning five titles in his 10-year stint. deals is Rohit, as a human being and athlete, personifies all
growing at
While Sharma is back in the saddle for the 25 percent of them,” says Neelendra Singh, managing director,
national team for the ongoing T20 World Cup, the year-on-year Adidas India. Singh feels that Sharma drives both
fan backlash during the IPL points to his enduring credibility and visibility for the brand. “He's the
120 appeal, something brands are looking to cash captain of one of the best performing teams we've
in on. So it is perhaps no surprise that Sharma, had, and his teamwork is often spoken about
with 30 brand endorsements in his portfolio, is even when he wasn't the captain in the IPL.”
one of the most sought-after Indian cricketers. Shanth of ITW feels that the removal from MI
In 2024 alone, he is said to have signed on captaincy might actually be a blessing in disguise
12 brands, more than one-third of his overall for Sharma’s brand equity. [Mumbai Indians
portfolio that ranges from sportswear to mutual finished last on the IPL points table this year with
funds, media to personal care and everything just four wins from 14 games.] “Being removed
in between. Industry sources state that his from captaincy has driven public sentiment
average deal size is close to `5 crore and the further in his favour and brands are tuned in to the
average contract duration, one to two years.
Despite being stripped of captaincy at MI and an
inconsistent form at times, what makes Sharma
such a lucrative brand? “Of late, we have
seen his stump mic clips going viral and
even in the past he has come up with
some witty gems making him very relatable.
This is why brands feel like he would be a good
fit for them as he has an aura of authenticity
which works very well for brands,” says
Bhairav Shanth, co-founder, ITW Universe.
In the IPL 2024 encounter between MI
and Royal Challengers Bengaluru (RCB),
GARETH COPLEY / GETTY IMAGES

Sharma was caught bantering with RCB

finisher Dinesh Karthik: “Dimaag mein
iske World Cup chal raha hai (he’s eyeing
a T20 World Cup slot),” he was

FORBES INDIA • JUNE 28, 2024

outpouring of solidarity Rohit has received. These posts to identify brands that can fit well
feats have solidified his reputation as a sort of with it. Since there is vested interest,
big-stage performer, further enhancing his stature the collaborations also come naturally
as a preferred brand.” Outside of his leadership and the organic visibility is high.”
skills, he has a knack for delivering outstanding But would losing the ICC Men’s T20
performances during critical moments—Sharma World Cup impact his brand value? Shanth
was the highest run-scorer at the ICC Men’s ODI of ITW doesn’t think so. “Indian fans will be
World Cup in 2019, scoring a record five centuries disappointed undoubtedly if India fails to win
in the tournament; he also aggregated the second- the T20 World Cup, but we have seen Rohit
highest at the recently-concluded ODI World Cup. perform both as a captain and a player in the
Tyre manufacturing company CEAT has past in such tournaments, and a loss in the
also had Sharma as their brand ambassador World Cup is unlikely to have a major long-
since 2015. One of the biggest reasons, says term impact on his personal brand value as
Lakshmi Narayanan B, CMO, CEAT, was, “Our long as his batting style and captaincy remain
brand’s commitment is to craft superior high- of the standard we have seen so far,” he says.
performance tyres which can conquer all terrains.
Rohit exemplifies these qualities fabulously.” BUILDING A LEGACY
Sources state that the overall valuation of But Sharma is also in the last mile of his cricketing
his deals is growing at 25 percent year-on-year. career, and stands the risk of dipping equity once
Currently, he endorses the 30 different brands in he hangs up his boots. Which is why RISE has built
different forms of engagement, whether it is as an a diversified long-term portfolio for him. From
ambassador, an equity partner or as an advisor. Oral being sought-out as brand ambassador to now
B is one of the newer brands that onboarded him being pitched to come on board as an investor,
in April. Gopalakrishnan Kalianna, vice president
& category head—oral care, P&G India, says,
“Cricket is the most loved sport in this country, and “BEING REMOVED FROM MI CAPTAINCY HAS DRIVEN PUBLIC 121
Rohit Sharma the indisputable 'hitman', known
for his powerful sixes on the field.” While the SENTIMENT IN HIS FAVOUR... BRANDS ARE TUNED IN TO THE
partnership is still quite new, Kalianna says the OUTPOURING OF SOLIDARITY ROHIT HAS RECEIVED.”
response from consumers has been phenomenal. BHAIRAV SHANTH, CO-FOUNDER, ITW UNIVERSE

CREATING ‘BRAND ROHIT’ Sharma’s off the field journey has continued to
While picking endorsements for Sharma, RISE evolve. Says Bardia, “What we do is map trends,
Worldwide, the independent agency that manages and anticipate the next big thing way ahead of time
him, closely studies how the partnership solves a to give him the first-mover advantage and build
brand problem and Sharma’s personal passions, from there. Our relationship with Rohit is to build
and then creates a portfolio that would benefit a legacy that will speak for itself way beyond any
both Sharma and the brand. The agency has been timeline—be it through licencing, merchandising,
working with him for close to eight years now. content and investments—the avenues are endless.”
Nikhil Bardia, head, RISE Worldwide, says, Besides, unlike earlier, now even retired
“All of Rohit’s associations—be it short-term cricketers enjoy longevity in fame, thanks to the
for a single campaign or a long-term brand IPL. However, the future would depend on what
ambassador relationship—mean deeply to Sharma chooses to do. Shanth reckons that if he
him and this is very evident in his discussions goes the mentor or coach route, he will still be
with the brands on how and what can be in the public eye, and is likely to sign on brands
better; he is also constantly improvising.” as seen with former India captains Ravi Shastri,
Sharma’s fan following and love for ‘Brand Rahul Dravid and Sourav Ganguly. Even the likes
Rohit’ is evident on social media—totalling 81+ of Sachin Tendulkar and MS Dhoni are sought
million across platforms. On Instagram alone, he after, without any major cricketing affiliation post-
has recorded the most follower increase in 2024 retirement. Says Shanth, “Rohit is perhaps among
across all Indian cricketers and a 100 percent the last generation of these pan-Indian superstars
increase in engagement on static posts from 2023, and should be able to command some brand equity
claims RISE Worldwide. Bardia adds, “We also even if he were to retire and not be as active on
focus on Rohit’s storytelling through reels and either the coaching or broadcasting scene.”

JUNE 28, 2024 • FORBES INDIA

 ForbesLife Listicle

Food Lovers’ Paradise

From Naples to Copenhagen, 20 top spots for culinary-related travel

W
hile the foodie
community
awaited the
unveiling of this
year’s ranking of the World’s 50
Best Restaurants from Las Vegas,
Time Out revealed its list of the
world’s best eating destinations.
The opinions of local residents
have been taken into account to
compile not-to-be-missed culinary
specialties and the best value for
money. And it’s worth noting that
Paris doesn’t feature in the ranking.
Some people build their
travel itineraries around unique
landscapes. Others around top
monuments. and cultural attractions. Naples is known for restaurants where one can eat well on a tight budget
But some people prioritise food in
122 their travel plans! When vacations TOP SPOTS FOR FOODIES it is the culinary specialties that
take the form of a culinary tour, are the focus of interest. And who
Here are the 20 cities in
not all regions are created equal. better than locals to reveal the best
the world where you can
And certain destinations that eat well and affordably: places to eat good, local food?
may not have a well-known To establish the list, Time Out
reputation for their food offerings 1. Naples, Italy not only took into account the
may be highly recommended, 2. Johannesburg, South Africa opinions of locals, but also the
to the surprise of many. 3. Lima, Peru quality and affordability of the food.
Time Out magazine has got 4. Hô Chi Minh City, Vietnam That may explain why famous food
many in the food world talking destinations like Paris, London and
5. Beijing, China
with its ranking of the 20 best food Tokyo are conspicuously absent.
cities. Why is this listing sparking 6. Bangkok, Thailand By contrast, in Naples, you can
strong reactions? One reason is 7. Kuala Lumpur, Malaysia get your fill for just one euro.
because France, renowned as the 8. Mumbai, India However there are some
country of gastronomy, features destinations that figure prominently
9. Dubai, United Arab Emirates
marginally. Not only is Paris not here and in the Michelin guides and
mentioned, but the country only 10. Portland, United States the 50 Best Award. For instance,
gets one entry—although there’s no 11. Liverpool, United Kingdom Lima is one of the most affordable
denying that the specialties of that 12. Medellín, Colombia gastronomic destinations, even
particular destination, Lyon, which 13. Séville, Spain though it is home to Central, the
comes in 16th place, are praised table of chefs Pia Leon and Virgilio
14. Porto, Portugal
by many discerning food lovers. Martinez, currently ranked the
Meanwhile the best destinations 15. Marrakech, Morocco ‘World’s Best Restaurant’ by the
for eating well are Naples (Italy), 16. Lyon, France 50 Best group Similarly, Bangkok
Johannesburg (South Africa), Lima 17. Sydney, Australia ranks sixth, even though the Thai
(Peru), Hô Chi Minh City (Vietnam) 18. Montréal, Canada capital boasts 34 Michelin-starred
SHUTTERSTOCK

and Beijing (China). To understand restaurants, and is also a major

19. Osaka, Japan
this ranking, it’s important to stronghold of Asia’s best restaurants,
understand its methodology. For 20. Copenhagen, Denmark according to the 50 Best.

FORBES INDIA • JUNE 28, 2024

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