In this update, we will take a look at the top business updates in the business world like Hitesh Doshi’s Story from Rs 5000 debt to a multi-billion-dollar company, Pavan Guntupalli’s million-dollar company short case study, and Gold update. So, let’s take that many updates in just one article.
Hitesh Doshi: Story From Rs 5000 Debt to $5 Billion Company
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Hitesh Chimanlal Doshi, managing director and chairman at Waaree Energies Limited, started this company by borrowing Rs 5000 from a relative in 1985. Still, this company stands at $5.3 billion, as per a Bloomberg report on Tuesday, October 29.
Hitesh Doshi was born in Tunki, Maharastra. He took a Rs 5000 loan from his one of relatives and went to attend Shri Chinai College to study commerce and economics at the university of Mumbai travelling 600 km distance from his village in 1985, as per the report.
When he was in college, borrowed Rs 5000 from his relatives to start trading in hardware, electronics, and instrument gauges, and profit from this venture he paid in his living expences and college fees, Doshi told the Economic Times in 2014.
Now, after graduating from college he took Rs 1.5 lakh from the bank to set up a manufacturing company to make pressure gauges, gas station equipment, and industrial valves. Doshi receives the biggest orders from the US and Europe. In 2007, he visited a trade exhibition in Germany, and watching the potential of solar energy was “spellbound”, reported the news portal YourStory, cited by Bloomberg.
After this incident, he sold his thermal equipment business and shifted the whole focus to solar-cell manufacturing. According to the report he named the company Waaree Energies after a Wari temple in his village. After the government’s higher spending on infrastructure and policy reforms at the central and state levels at Doshi and others.
After the initial public offering (IPO) of $514 million, the solar cell manufacturing company’s shares surged by %56, Which increased the Doshi family’s net worth to nearly $5.3 billion, according to the Bloomberg Billionaires Index cited in the report.
Meet Man Who Faced 75 Rejections Before Making Rs 6,700 Crore Worth Company
Powan Guntupalli who struggled and faced 75 rejections from investors for the funding in Rapido bike taxi service but now has created Rs 6,700 crore worth empire. But How? Let’s dive into this inspiring story.
Pavan Guntupalli was born and grew up in Telangana, from a very young age he was very talented. He was very passionate about computer programming and stock trading. After clearing the IIT-JEE exam, he enrolled in IIT Kharagpur where he earned his Bachelor’s degree and then he joined Samsung where he gained valuable experience in the tech industry.
Because he was always passionate about starting a business he launched “TheKarrier”, a logistic startup with his fast friend Arvind Sanka. But it failed badly due to its struggle to find its footing and eventually, it shut down.
With this failure and learnings from this failure, Pavan decides to start “Rapido”, a bike-taxi service which was affordable bike rides and rickshaw option, targeting people quick, budget-friendly transportation. But taking funds was not the easy task, he faced 75 times rejections after rejections from investors. The fear in investors was to compete with giants like Ola and Uber. But when Pavan Munjal, Chairman of MotoCorp, saw potential in Guntupalli’s idea and invested in Rapido, pavan Munjal’s investment opened the door of other investors for Rapido.
And Eventually, it launched in 2016 and initially Rapido charged Rs 15 as a base fare and Rs 3 per km, it was affordable and good news for customers but it was difficult to convert into profit for them. But today it’s spread in 100 countries. Rapido app is downloaded 50 million times on google play and apple store, where around 7 Lakh users and a team of 50,000 riders, or ‘captains’ are available.
Today, the company’s valuation stands at an impressive Rs 6,700 crore. Swiggy, the popular food delivery platform, holds majority investments in Rapido which is helping this company to grow at Rs 1,370 crore Year on Year (YOY).
Check The Gold Price In Your City Dated 04 November.
The gold market is changing every day and the increase in the price of gold has made the customers scared the expert’s speculations are to jump in the future. On November 4, gold costs around Rs 80,000 per 10 grams. 24-carrot gold which is the purest gold, stands around Rs 80,390 per 10 grams of gold, And 22-carrot gold, which is durable because of its alloy composition, was priced around Rs 73,690 per 10 grams gold.
Gold rates in your city
| City | 22 Carrot Gold Rate | 24 Carrot Gold Rate |
| Delhi | Rs 73,790 | Rs 80,540 |
| Mumbai | Rs 73,690 | Rs 80,390 |
| Ahmedabad | Rs 73,740 | Rs 80,440 |
| Chennai | Rs 73,690 | Rs 80,390 |
| Kolkata | Rs 73,690 | Rs 80,390 |
| Pune | Rs 73,690 | Rs 80,390 |
| Lucknow | Rs 73,790 | Rs 80,540 |
| Bengaluru | Rs 73,690 | Rs 80,390 |
| Jaipur | Rs 73,790 | Rs 80,540 |
| Patna | Rs 73,740 | Rs 80,440 |
| Bhubaneshwar | Rs 73,690 | Rs 80,390 |
| Hyderabad | Rs 73,690 | Rs 80,390 |
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