From Mamaearth's valuation to Abhinav Bindra's take on India for Olympics, here are our most-read stories of the week

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1) Justifying the valuation

The valuation debate that the startup world has been grappling with for some time has raised its decibels once again, and this time, the topic of concern is the upcoming Mamaearth IPO. Honasa Consumer, the parent company of the beauty brand, in its draft red herring prospectus, had projected the company valuation at $3 billion. Now, en route to IPO, the company has stripped its valuations and is now pegging it roughly at $1.2 billion (similar to its January 2022 valuation at the time of the last fundraising). Turns out, the move has not gone down well with the experts who are not convinced by the devaluation. The digital-first BPC brand wants a price band of Rs308-Rs324 a share, but will the new valuation bring them fresh investors? Read more

2) Reboot and conquer

Second chances are rare, they say, and you must grab that opportunity with both hands because you are wiser now. But few understand that these second chances can be created if you are willing to pivot, reboot, gamble, and charge. Manoranjan Mohapatra and Comviva Technologies did precisely that. Hit by regulatory uncertainties in Africa, dwindling revenue from the telecom content business, and the need to cater to enterprises, Comviva made yet another attempt to enter the lucrative markets of the US and Europe. Mohapatra marched with only Plan A and burned the bridges to avoid retreat. Just two years into Comviva 2.0, the results are encouraging. Here's the thrilling story of the win.

3) EdelGive Hurun India Philanthropy List 2023

The annual EdelGive Hurun India Philanthropy List is out, and focusing on giving for education, art and culture, Shiv Nadar has topped the list of philanthropists in India one more time. HCL cofounder donated Rs2,042 crore in FY23—roughly Rs5.6 crore every day. The list features 119 philanthropists who cumulatively donated Rs8,445 crore in FY23, up by 59 percent compared to last year and 200 percent compared to three years ago. The list also specifically categorises the top people who have donated entirely out of their wealth, which means private donations outside of CSR, plus any donation over and above the mandatory 2 percent CSR contributions. Let's take a look at the nuances.

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1) Two generations of Pathbreakers

The Dalmia family was among the pioneers in the cement industry. The second and third-generation entrepreneurs of Dalmia Bharat, the father-son duo Yadu Hari and Puneet Dalmia, appear on the latest edition of Pathbreakers to talk about what it takes to carry a rich family legacy forward while adapting to a changing and competitive business landscape. The senior Dalmia recounts interesting anecdotes of a 'fierce competition' between ACC and Dalmia and how his 'enterprising' and 'risk-taking' son, Puneet, transformed the family business over the last two decades by steering Dalmia Bharat to enter the top league as India's fourth largest cement manufacturer. Puneet offers insightful lessons on entrepreneurship, strategy and values. He also discusses the current market dynamics and why the cement sector 'isn't a straight road to paradise'. Watch now.

2) From creator to entrepreneur

Digital content creators have changed how advertising and marketing work. After establishing themselves as the essential tool for brands, becoming a more significant part of the system and going deep into the creation end, a move from creator to entrepreneur seems natural to many of them. Raj Shamani, Masoom Minawala, and Tech Burner are good examples of influencers taking on the entrepreneurship challenge and succeeding. According to Raghav Anand, partner-digital media for Africa, India and the Middle East at EY India, when influencers establish their brands, the horizon of socioeconomic impact expands to include retailers, distributors, manufacturers, raw material providers, and an array of other stakeholders—enlivening the entire ecosystem. Here's how the creators are taking the next step.

3) Olympics and optimistic Abhinav Bindra

India recently hosted the 141st session of the International Olympic Committee (IOC), where Prime Minister Narendra Modi confirmed the country’s intention to bid for the 2036 Olympics. The announcement is in keeping with India’s upward trajectory in Olympic sports, propelled by a rich haul of medals at marquee tournaments. Abhinav Bindra, India’s first individual Olympic gold medallist and an appointed member of the Athletes Commission of the IOC, takes a deep dive into the Olympic ecosystem that’s not only nurturing champions at the elite level but also fostering equality and inclusivity at the grassroots for the new episode of Sports UnLtd podcast. Listen now

4) Mumbai: City of billionaires

The India's 100 Richest 2023 list was released last month. It shows that the collective wealth of India's 100 wealthiest people stood at $799 billion. It was just a touch lower than $800 billion in 2022. Reliance Industries' Mukesh Ambani regained the top spot after Gautam Adani disrupted the order last year. Savitri Jindal is India's richest woman, and Nikhil Kamath of Zerodha is the youngest billionaire at the age of 37. Eight people, including Byju Raveendran and Divya Gokulnath of BYJU's couldn't make it to the list this year. Falguni Nayar of Nykaa saw the biggest drop in ranks from 44 last year to spot 88 in 2023. Uday Kotak is the richest banker on the list. But do you know which city has the most number of billionaires in India? Do you know what Haridwar and Tenkasi have in common? We have these answers for you.