Decoding Zetwerk’s six-fold growth

Hello Reader,

ISRO’s heaviest rocket has taken flight.

On its maiden mission, the LVM3-M2 successfully placed 36 broadband communication satellites in space, marking a historic day in Indian space history.

In other news, the Insurance Regulatory and Development Authority (IRDA) has set October 31 as the deadline for health insurance products to make provisions for mental illness. “...all the insurance products that are in force on or after the date of MHC Act, 2017 coming into force shall be deemed to provide cover for Mental Illness diseases,” IRDA said in a circular.

Meanwhile, Reliance Industries Limited posted its Q2 earnings and the contents of the call on the metaverse—becoming the first Indian company to do so. Produced in partnership with GMetri, it can be accessed from any device. And no, you do not need AR/VR headgear.

ICYMI: The world’s largest cruise ship has been unveiled… and it has an indoor water park! 

Last but not least, wishing you and your loved ones a very happy Diwali from all of us at YourStory!

In today’s newsletter, we will talk about 

• Decoding Zetwerk’s six-fold growth
• Skills that every woman in tech need
• A bankable insurance partner

Here’s your trivia for today: What was the first message sent using Morse Code?

Manufacturing

Decoding Zetwerk’s six-fold growth  

After seeing multi-fold business growth over the previous year, manufacturing unicorn Zetwerk is embarking on a second wave of diversification and international expansion to fuel its next leg of growth.  

Zetwerk, a managed marketplace for contract manufacturing, clocked a Gross Merchandise Value (GMV) of Rs 5,718 crore in FY22—6X higher than in the previous year. Its operating revenue stood at Rs 4,961 crore in FY22, a six-fold jump from Rs 835 crore in the previous year. 

What’s new:

• Zetwerk partners with industrial and consumer enterprises to get their products manufactured via a global network of small manufacturers. 
• It operates in about a dozen supply chains including oil and gas, railways, defence, and aerospace, and is looking at penetrating deeper in each of the segments to expand its market share. 
• Its consumer business, which was launched in 2020, makes up about 30% of Zetwerk’s overall revenue. This is expected to touch 35-40% in the next couple of years.

Women in Tech

Skills that every woman in tech needs

With over 23 years of experience in new technology solutions, delivery, and client engagement roles, Mangalapadma Srinivasan’s career high points have always been “a by-product of risk-taking and stepping outside known boundaries”. 

As the Director of Verizon Consumer Group, she drives strategic innovation with 5G, mobile edge computing (MEC), and customer experience. She leads a team of 500 tech professionals overseeing the experience management portfolio. 

According to her, women in tech need four key things. 

Leaving inhibitions behind:

• Mangalapadma is actively involved as an industry speaker in guiding young women on the skill sets required for navigating through a volatile industry environment and getting them equipped for a diverse workplace. 
• She was part of the Tech4Girls STEM workshop in Cambridge, sponsored by Verizon, and also engages with women technologists across forums such as Techgeek Goddess.
• At Verizon, Mangalapadma also spearheads Tech for Women, a leadership programme that empowers Associate Directors and Seniors Managers in her team.

MSMEs

A bankable insurance partner

India is one of the largest insurance markets in the world. However, the SME (small and medium enterprises) sector hardly benefits from it.

To tap into this underserved market, Tejas Jain, who hails from a family of insurance experts, started BimaKavach in 2021. The company strives to simplify the way SMEs and startups avail of business insurance. 

Key highlights:

• In a year, BimaKavach has catered to around 350 enterprises and has grown 2X. It is eyeing a gross written premium of Rs 20 crore in FY 2023-24.
• “We have made business insurance digital, self-directing, and more transparent so business owners can easily understand the nitty-gritty of the insurance and the protection they will provide, and hence make an informed and prompt decision,” Tejas tells SMBStory.
• It plans to onboard 500 to 600 clients in the next 12 months and, in due course of time, penetrate Tier II and III cities as well.

News & updates

• A new playbook: Whether it is a genuine passion for luxury “kicks” or a desire to be on-trend with TikTok-ing Gen Z consumers that eBay wants to attract, CEO Jamie Iannone is confident the booming second-hand luxury market will help turn round the online marketplace’s fortunes.
• Rest in peace: Austrian billionaire Dietrich Mateschitz, co-founder of Red Bull, has died. He was 78. Mateschitz not only helped the energy drink become popular around the world but also built up a sports, media, real estate, and gastronomy empire around the brand.
• Legal recourse: The Australian government will introduce legislation to significantly increase penalties for privacy breaches after the huge hack at mobile-phone operator Optus. It will boost the maximum penalty for serious or repeated privacy breaches to A$50 million ($32 million).

Here’s what you should watch out for

• Last episode of House of the Dragon season 1 airs today.
• United Nations Day.

What was the first message sent using Morse Code?

Answer: "What hath God wrought?" sent by Samuel Morse, one of the co-founders of the Morse Code. It was sent on May 24, 1844, from Washington D.C. to Baltimore.

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail [email protected]. 

If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.