InsuranceDekho’s future plans; Dangers of ultra-processed food

Hello,

Meesho is all about bargain deals and hefty discounts. Its valuation, though? Anything but. 

The ecommerce platform is set to raise as much as Rs 5,400 crore through an initial public offering that will open on December 3.

The SoftBank Group Corp.-backed company plans to offer the shares at about 111 rupees each, which is the upper end of the price band, valuing the company at as much as $5.9 billion. 

It’s a good time to be in the Indian markets. India's stock benchmarks surged to record highs on Thursday, powered by cooling valuations, expectations of an earnings recovery, and a resilient economy supported by favourable fiscal and monetary policies.

In fact, despite the larger macroeconomic pressures, the country’s markets have been among the world’s calmest stock markets. Prior to Wednesday, the Nifty gauge logged a 77-day streak of intraday moves smaller than 1.2%—a first, according to Bloomberg Intelligence. 

The rupee, though, has not been as lucky. Here’s a deep dive into what’s made it Asia’s worst-performing currency this year. You win some, you lose some. 

In the meantime, there’s always the highly anticipated season of Stranger Things to round out your year—even if it started by sending Netflix into the Upside Down with an outage!

In today’s newsletter, we will talk about 

• InsuranceDekho’s future plans
• Dangers of ultra-processed food
• Making pharma exports more efficient

Here’s your trivia for today: What was the first US company to be valued at $1 billion?

Interview

InsuranceDekho’s future plans

InsuranceDekho has about three lakh agents, covering 98% of the pincodes in the country. Each month, these agents sell a total of 10-15 lakh policies. “We are very clear that in another five years, we have to cover all 600,000 villages in the country,” said Co-founder Ankit Agrawal in an interview with YourStory founder & CEO Shradha Sharma.

Key takeaways:

• Agrawal’s childhood was spent partly in Bihar (he moved to West Bengal later), when 15-16-hour daily powercuts were the norm and a generator used to power a fan and a bulb in his house.
• Adaptability and survival form the philosophical basis of InsuranceDekho. “Jo aaj hum hai kal hum rahe na rahe (Whether we are here today or not here tomorrow) that business survives the test of time. And that is what we built in insurance.”
• Agrawal said offline channels will remain relevant for a long time in the country. “This is a country where digital will also thrive, where a mix of digital plus offline will also thrive, and where pure offline will also thrive,” he said.

Funding Alert

Startup: Ace International

Amount: $35M

Round: Institutional fundraise

Startup: CloudExtel

Amount: Rs 200 Cr

Round: Debt

Startup: Tijori Finance

Amount: $5M

Round: Undisclosed

Insight

Dangers of ultra-processed food

A new analysis by the Tony Blair Institute for Global Change titled 'Building on Success to Secure India's Future Health' argues that nutritional decline is no longer a byproduct of poverty or underdevelopment; it is being driven by the rapid spread of ultra-processed foods, shifting diets, and weak regulatory controls.

As noncommunicable diseases surge across the country, there is an urgent need for a comprehensive overhaul of the country's regulatory mechanisms and health policies.

Eat right:

• The study by Tony Blair Institute shows that about 89% of food and beverage items in sampled Indian stores are packaged, while only 11% are unpackaged, fresh, or minimally processed.
• Many households, especially in low- and middle-income groups, increasingly rely on processed foods, while intake of fruits, vegetables, and legumes is insufficient. 
• Compounding the problem, many staple foods, from milk and paneer to spices and low-cost packaged goods, are also frequently adulterated or contain inferior or synthetic ingredients.

Startup

Making pharma exports more efficient

India exports nearly $27 billion worth of pharmaceutical products every year. Yet the country’s manufacturing backbone tells a different story: thousands of certified plants, many compliant with WHO, EU GMP and export-grade norms, run at barely 60% capacity. Based in Ahmedabad, GenAide Pharma is on a mission to make the system more efficient. 

News & updates

• Deal talk: Puma shares jumped as much as 16% early Thursday following a report that China’s Anta Sports is among several firms looking to buy the struggling German athletic brand.
• Smart glasses: Alibaba’s artificial intelligence-powered smart glasses went on sale on Thursday as the Chinese tech giant looks to ramp up its focus on consumer AI in an increasingly competitive market.
• Cyber safety: EU member states and the European Parliament have agreed on new rules to force banks and other payment service providers to better protect their customers against online fraud, hidden fees and data leaks, the Parliament said on Thursday.

What was the first US company to be valued at $1 billion?

Answer: US Steel. 

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