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One week only: Score 4th of July discounts on Disrupt 2020 passes

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Here’s a Fourth of July event that doesn’t require a mask or social distancing. This week only you can save an extra $50 when you buy Disrupt Digital Pro passes or a Disrupt Digital Startup Alley Package for Disrupt 2020.

Buy the pass or package you want and save $50 at checkout when you use this promo code: 50JULY4. The discount remains in play until Sunday, July 5 at 11:59 p.m. (PDT).

Our first virtual Disrupt spans five programming-packed days from Sept 14-18. Both types of Digital Pro pass holders enjoy live and on-demand access to the full breadth of content across all Disrupt stages. For starters, don’t miss TechCrunch editors interviewing some of the biggest names in tech and watch the always-epic Startup Battlefield pitch competition on the Disrupt Stage.

The Extra Crunch Stage features interactive, moderated discussions with top experts — growth marketers, lawyers, investors, technologists, recruiters — on topics critical to founders’ success. Submit questions and get answers in real time.

Check out early-stage startups in Digital Startup Alley. Browse hundreds of exhibiting startups, organized by category, and watch their product demos on demand. See something you like? Arrange a 1:1 video conference right then and there with the founders.

And that brings us to the Disrupt Digital Startup Alley Package. You get all the access benefits of a Digital Pro pass for up to three people in your company and will be able to exhibit and promote your product from wherever you are in the world. It includes a custom landing page to collect leads, post a marketing video or promote your pitch deck among several other benefits and tools to help you get in front of the right audience.

Whether you buy an individual pass or a package, CrunchMatch will keep your networking organized and on track. The AI-powered platform features a new-and-improved algorithm for faster and more precise matching, and it makes connecting with people who can help grow your business easier than ever. Schedule 1:1 video meetings with prospective investors, customers, collaborators — or recruit talent. CrunchMatch launches weeks before Disrupt begins so you can disrupt longer.

There’s so much more to do at Disrupt 2020, and all of it’s designed to help you keep your business moving forward. Take advantage of the July Fourth discount. Buy a Disrupt Digital Pro pass or a Disrupt Digital Startup Alley Package and plug in promo code 50JULY4 — before July 6 at 11:59 p.m. (PDT), save an extra $50 and disrupt for less. No mask or social distancing required.

Is your company interested in sponsoring or exhibiting at Disrupt 2020? Contact the sponsorship sales team by filling out this form.

Source: https://techcrunch.com/2020/06/29/one-week-only-score-4th-of-july-discounts-on-disrupt-2020-passes/

Financial Express

Flipkart picks up minority stake in Arvind Fashions subsidiary for Rs 260 crore

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Flipkart, Arvind Fashions subsidiary, AFL, Arvind Youth Brands, Myntra platforms, Flying Machine brand, latest news on flipkartFlipkart said it will work with Arvind Youth Brands to continue to grow the market for its portfolio of products.

The Flipkart group has invested Rs 260 crore to acquire a minority stake in Arvind Youth Brands – a recently formed subsidiary of Arvind Fashions (AFL). Flipkart did not comment on the quantum of stake it acquired but said it is “significant”.

Through this investment, the Flipkart group and Arvind Fashions will collectively work to identify opportunities to develop products at attractive price points, the companies said in a joint statement on Thursday.

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Arvind Youth Brands-owned Flying Machine brand has been retailing on Flipkart and Myntra platforms for over six years. Flipkart said it will work with Arvind Youth Brands to continue to grow the market for its portfolio of products.

“The partnership with the Flipkart group will help us accelerate our online growth strategy as we focus our efforts on developing an omni-channel retail approach for Arvind Youth Brands and Flying Machine,” J Suresh, MD & CEO at Arvind Fashions, said.

The transaction is subject to customary approvals and processes. Metta Capital Advisors acted as the financial advisers to AFL for this transaction.

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Source: https://www.financialexpress.com/industry/flipkart-picks-up-minority-stake-in-arvind-fashions-subsidiary-for-rs-260-crore/2019198/

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Financial Express

FINMIN NOD: BSNL, MTNL to get Rs 15k-cr sovereign guarantee

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BSNL, MTNL, sovereign guarantee, department of telecommunication, VRS for BSNL employee,latest news on BSNLThe government in October last year had approved a nearly Rs 70,000-crore revival package for BSNL/MTNL.

In a major relief to BSNL and MTNL, the finance ministry has approved issuance of a sovereign guarantee of Rs 15,000 crore, enabling the two companies to raise money by issuing long-term bonds and restructure their existing debt and meet some capex requirements.

The issuance of sovereign guarantee is part of the Rs 70,000-crore revival package announced by the government in October last year. “…sovereign guarantee of Rs 15,000 crore (Rs 8,500 crore to BSNL and Rs 6,500 crore to MTNL) for restructuring of their existing debts and meeting some capex requirements for launch of 4G services. The proposal has been examined in this department and agreed to subject to the adherence of terms and conditions,” an office memorandum of department of economic affairs said.

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The department of telecommunication (DoT) will review proper utilisation of the guaranteed funds and will also review the guarantees annually to ensure that there is no risk of default in repayment of loans together with interest.
The government in October last year had approved a nearly Rs 70,000-crore revival package for BSNL/MTNL. The biggest chunk of the revival package — Rs 29,937 crore – was meant for voluntary retirement scheme (VRS) for employees above 50 years of age. This included Rs 17,169 crore ex-gratia amount and Rs 12,768 crore towards pension, gratuity, and commutation.

Apart from the VRS, the government has to provide Rs 23,814 crore towards administrative allocation of 4G spectrum and a sovereign guarantee of Rs 15,000 crore. The government also said that  the two PSUs would monetise their assets like land worth Rs 38,000 crore over a period of four years.

The DoT had written a letter to the department of economic affairs on December 2, 2019, for issuing sovereign guarantee for the two firms. Both the firms have around Rs 40,000 crore of debt on their books. After the DoT letter, a series of meetings have taken place and DoT has also sent clarifications sought by DEA regarding the sovereign guarantee.

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Source: https://www.financialexpress.com/industry/finmin-nod-bsnl-mtnl-to-get-rs-15k-cr-sovereign-guarantee/2019185/

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Financial Express

UDAN has failed to take off – The govt must give it a relook

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Estimates are that the UDAN routes have not been cash- or value- accretive to airlines. Estimates are that the UDAN routes have not been cash- or value- accretive to airlines. (Representative image)

By Satyendra Pandey

In 2016, during the Modi government’s first term, the country saw its first National Civil Aviation Policy. Integral to the policy was the regional connectivity scheme, aptly named the Ude Desh Ka Aam Nagarik (UDAN) scheme. The scheme itself was launched with much fanfare including the slogan “from hawai chappal to hawai-jahaz”. Put simply, it incentivised airlines to fly to under-served airports. The goal: connecting all parts of India. Yet, three years and four airline failures later, the jury is out on whether the scheme has delivered the desired outcomes.

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The UDAN scheme is a supply-side focused initiative, and entices airlines to fly underserved routes, through economic incentives. These include a reduction of charges and also cash subsidies for a portion of seats on the aircraft. The cash is generated from levies on passengers flying on core routes, mostly between metro cities. The only caveat is that, in exchange for this cash, the airfares on these routes have to be capped at pre-determined levels. And, the cash-subsidy is only valid for three years, after which the route is assumed to have gained enough traction.

It goes without saying that the scheme depends on robust passenger demand on core routes to generate the cash. And, with the passenger demand at 40-50% of previous levels, and not expected to recover anytime soon, the cash-flow has simply dried up.

The subsidy burden on the government, if all UDAN route flights operate as planned, is estimated to be between Rs 1,700-1,900 crore per annum. Collections were way short of this even prior to the Covid impact. The budgetary support requirements for the scheme were estimated at Rs 441 crore for FY19 and Rs 480 crore for FY20. In earlier years, the shortfall was made up by a dividend payment by the Airports Authority of India (AAI) that, ironically, is also the designated implementing agency for the scheme.

But, now in a catch-22 situation, the AAI is also owed money (at times by the same operators that the scheme will subsidise with dividends paid by AAI). With lack of funds coupled with the current, low traffic levels, the government will have to find alternate means.

It doesn’t help that some regional airlines, including ones that are about to get launched, have developed route-networks that have 60-90% of flights under UDAN. These operators have built entire business plans that depend on subsidies as a major revenue stream. With the funds drying up and with no additional government support, these airlines now face an uncertain future.

Looking beyond just the economics, the intent versus impact of the scheme has been very different. The intent was to encourage greater connectivity, especially to the underserved parts of the country.

It was widely believed that areas such as the North-East, which has been a focus area of the government, would finally get the connectivity they required; not only to the metro-cities, but also intra-region connectivity. Yet, a cursory glance at the routes flown indicates that this has just not been the case. Rather, airlines have leveraged the scheme strategically towards gaining additional slots at congested tier-1 airports, monopoly status on routes and lower operational costs.

Some argue that the scheme has been a success because it spurred larger airlines like Indigo and SpiceJet to order regional aircraft and start to fly several new routes. But, this is flawed on several fronts. One would expect several new or existing pure regional airlines coming up or, at the very least, continuing operations on a sustainable basis. But, that too has not happened.

As of the time this article was being written, only 26% of the total 705 routes have been assigned to operators; the number being flown on is even lower. Several ghost airports continue to exist and several communities are left wanting for connectivity.

Estimates are that the UDAN routes have not been cash- or value- accretive to airlines. Few airlines, such as Air Odisha and Air Deccan, have ceased operations altogether (together, they were to fly 84 UDAN routes).

Others such as StarAir and TruJet continue, but the business plan fails to hold when the cash from subsidies is delayed or taken away. Alliance Air (a subsidiary of Air India), which continues to fly several un-served and underserved routes is doubly funded by taxpayer money—since it is government-owned and loss-making, and further because it receives UDAN subsidies. Surely this would beg the question ‘why have the scheme in the first place’?

If the intent of the scheme was to make for viable and sustainable regional operations, as of now, this has not got fructified. This, while passengers on core metro-routes are forced to pay an additional Rs 50 as UDAN levy.

The difference between intent and impact can also be traced to a failure to address structural challenges, an inability to take on airport monopolies, a lack of focus on the demand side and attempting to address the chances of failures without adequately addressing the costs of failure. These are areas that the government will have to address if the scheme is to be revived.

As of now, the scheme makes for good messaging and good politics, but not good economics.

With more airlines at the end of the liquidity runway and positioned at the brink of bankruptcy, the outcomes are not looking very good. The government may likely have to revisit its flagship aviation scheme, and the Covid crisis has likely added to the urgency of this.

Author is former head of strategy, GoAir, & led the advisory and research teams at CAPA
Views are personal

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Source: https://www.financialexpress.com/opinion/udan-has-failed-to-take-off-the-govt-must-give-it-a-relook/2019116/

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