Commonly known as the Nikola Tesla of our generation, Elon Musk is a technology entrepreneur, engineer and investor. The self made billionaire managed to convert his scientific imaginations into reality and tried his hands in various fields, spread across technology, science and exploration. Most noted for creating two huge companies, Tesla and SpaceX, here are 5 different companies also founded by tech genius Elon Musk.
Companies founded by Elon Musk
Known as Global Link Information Network, this is the first company Elon Musk founded along with his brother Kimbel Musk and mentor Greg Kouri. Elon Musk dropped out of his doctoral program just after 2 two days of enrollment, to launch the website. Founded in 1995, Zip2 was a web software company which helped local newspapers design online city guides. Zip2 was later acquired by Compaq Computer for $ 340 million.
With the money he got from selling Zip2, Elon Musk founded the website X.com, along with his mentor Greg Kouri, in 1999. X.com was an online financial services and email payment company and is considered as one of the world’s first online banks. In 2000, X.com merged with its competitor Confinity, with Musk holding the majority of the Company’s shares. Musk served as the CEO of the Company until October 2000, after which he was ousted from the position due to disagreement with the other Company’s leadership.
Co founded by Elon Musk in 2015, OpenAI is a non profit profit organisation which specialises in research about artificial intelligence (AI.) The main aim of OpenAI is to promote and develop friendly AI which can benefit the human race as a whole. Musk, along with other investors, pledged $ 1 billion to the venture.
Neuralink is a startup which Musk co founded along with Ben Rapoport, Dongjin Seo, Max Hodak, Paul Merolla, Philip Sabes, Tim Gardner, Tim Hanson and Vanessa Tolosa in 2016. A neurotechnology company, Neuralink’s main focus is to create a device which can be implanted in the human brain to integrate the human mind and artificial intelligence.
5) The Boring Company
The Boring Company, an infrastructure and tunnel construction company, was founded after Elon Musk, stuck in traffic, tweeted, “[I] am going to build a tunnel boring machine and just start digging.” The Boring Company was then founded in 2016. The Company started digging a 30 foot tunnel under Space X’s office in Los Angeles in 2017. Elon Musk once stated the Company became a personal hobby for him.
Considered one of the most powerful people in the world, Elon Musk worked hard to accumulate a net worth of $ 20.6 billion. A successful inventor and entrepreneur, he is a true inspiration for our generation.
Maggi: The Story Of The Simple Noodles Which Became An Iconic Indian Snack
If you are an Indian there is no chance that you would have missed seeing the simple Maggi masala noodles on Indian streets. The bright yellow packaging is hard to miss when visiting any grocery store or supermarket. Maggi is undoubtedly the king of Indian snacks and wildly popular with youngsters across the country for its quick cook time and ease of preparation. Many a student or bachelor must have definitely whipped themselves up a quick bowl of warm Maggi noodles because they were feeling lazy or just simply craving for a bowl of goodness. However, this iconic brand has a long history starting with its introduction to Indian markets to the current day where it is available almost everywhere.
The Maggi brand was originally born in Switzerland in 1886 by Julius Maggi when the government tasked him with making a food product that is not just fast to cook but also delicious to taste. After a few experiments, Julius came up with a pea and bean soup which was simple and quick to cook. After further experimentation Julius figured out that a cheap but delicious food product would be helpful for industry workers and that was when he came up with the idea of soups, sauces and flours prepared from pulses. In the year 1897 Maggi GmBH was founded in Singen, Germany. Nestle group later acquired Maggi in 1947. Maggi products are extremely popular in India, Bangladesh, Malaysia, Pakistan and many other countries in the Middle East.
Brand Spread in India
The introduction of the humble Maggi noodles dates back a few decades to the early 1980s when the Indian Cricket team won its first World Cup in 1983. Maggi was introduced as a brand and it was marketed as a food that could be cooked in two minutes. The ‘2 minute noodles’ became a catchphrase that is synonymous with Maggi noodles in India. Nestle’s relationship with India goes back to 1912 when it launched in the country as The Nestle Anglo-Swiss Condensed Milk Company while India was still under colonial rule.
Nestle used to originally manufacture Milkmaid, a sweetened and condensed milk. After the Indian independence in 1947, Nestle realised that they were sitting on a potential gold mine and formed its Indian subsidiary in 1961 and opened its first factory in Moga, Punjab when it recognised the newly formed Indian government’s emphasis on local production. The choice of the location was also government-dictated and steered by the socialist idealism of India’s first Prime Minister Jawaharlal Nehru, who wanted Nestle to develop the milk economy of Punjab.
The two minute noodles advertising campaign became a hit with mothers and children as the ads focused on the motherly love to cook up delicious food for their children. The message was one of liberation for women as the noodles were very easy to cook and tasty to eat which meant a very little effort on the part of the mothers. This made Maggi very attractive among the women in India.
Maggi quickly spread like wildfire and was able to command 90% of the quick noodles market it had created within its first 25 years of launch. When the brand launched the Me and Meri Maggi campaign (Me and My Maggi,) in its silver jubilee year in 2008, inviting people to send in their personal Maggi stories, its advertising agency Publicis Capital was deluged with more than 30,000 entries. Even today people can hum the Maggi Maggi song which comes in the television advertisements. India today is the biggest market for Maggi noodles in the world, despite the serious challenge mounted on the brand by rival Top Ramen.
Maggi, along with the buffet of complementary products – soup mixes, sauces and cup noodles – contributes more than 20% of Nestle India’s revenue, clocked around 15 billion rupees in annual sales in 2015.
Today Maggi has spawned a slew of entrepreneurs who have set up their own businesses to sell the noodles in various kinds and forms like the soupy noodles, schezwan noodles, cheesy noodles, fried noodles and a long list of other delicacies. It is easy to find a store selling hot cooked Maggi in any corner of India be it the Himalayan ranges, the Indian Ghats, the Indian shores and any remote location. Maggi has managed to transcend economic divide as it is enjoyed by people from all classes.
Maggi has managed to dig its roots deep in the Indian culture and is an integral part of the Indian gastronomy scene. Maggi managed to become an Indian ‘staple food’ after wheat and rice. There is no doubt that the popularity of Maggi will only continue to grow in the future. Let us know when you had your favourite bowl of Maggi noodles!
How KhataBook Grew From Simple SMS App To Leading FinTech App In India
If you are an Indian citizen living in any of the urban cities of the Country, you might not have heard of this application until recently when the Indian Cricket Team Captain Mahendra Singh Dhoni, invested in a startup called KhataBook. The question that was on many minds when Dhoni invested in this startup was what is KhataBook doing that has made Dhoni, one of the most popular celebrities in India, invest in this finance technology. However in order to answer this question, we need to understand how KhataBook came into being and what it is today.
KhataBook was founded by Ravish Naresh, Dhanesh Kumar, Vaibhav Kalpe and Ashish Sonone in 2018. The idea for KhataBook however has been on the minds of the founders for a long time before 2018. It all began when Ravish Naresh along with his friends began a digital spending manager app called Kyte.ai in 2016. The app lets a user understand their spending patterns by making use of the transactional SMS alerts. The initial traction for Kyte was good but the growth was not reaching the scale the founders had in mind. After researching the user data they realized that most of their users are based out of metro cities. Upon digging deeper the data revealed that first time online users did not deal in digital transactions. They were still relying on traditional ‘khata,’ or ledger books. That is when the idea for KhataBook materialised for the Kyte team in 2018. ‘Khata’ simply stands for account in Hindi.
In 2018, the Kyte team decided to work on a simple cash management application called KhataBook on the premise that a real life ‘Khata’ can be replaced by a digital ‘Khata.’ The idea was to shift the focus of small time traders and businesses to move their accounts to digital platforms. The team also included Kyte’s SMS checking mechanism to track data and provide free SMS updates on a user’s customer transactions. This feature has ensured a three times faster return on credits for their users. The app has recorded $ 5 billion+ cash transactions by November 2018. What makes this app attractive is that it employs artificial intelligence to track SMS alerts for transactions and use that to keep a track of accounts and spending. With the internet penetration Reliance Jio offered, it was easier for KhataBook founders to target users in smaller cities and towns. KhataBook is unique in the finance technology sector and has no major competitors. However, OkCredit and Vyapaar app are the closest competition KhataBook has in the market currently.
Kyte is still an ongoing process for the founders of KhataBook, but KhataBook has managed to record 100x of Kyte’s users. KhataBook currently has 5.5 million active users per month and the startup aims to reach 20 million active users by the end of 2020.
Upon reaching a quick growth KhataBook got its first big publicity push when Dhoni invested an undisclosed amount in the startup and also became its brand ambassador. KhataBook is now being used in more than 5000 cities and the users range from kirana shops, merchants, recharge shops. The app currently supports eleven languages and even has users in Nepal, Pakistan and Bangladesh.
Types And Details About Corporate Loans
Guest post by Ashish Gupta
Corporate loans are loans that are taken for the purpose of business. There are many banks which provide corporate loans. However, the eligibility criteria and the upper limit for the sanction of such loans would differ. The loans are generally sanctioned for those businesses that have been in existence for at least 5 years and have been making profits for a period of at least 2 years before making such an application for the loan. The funds of the loan when sanctioned can be used for long term as well as short term business expenses.
Corporate loans can be either secured or unsecured loans. Secured corporate loans require collateral like business assets, for the sanction of the loan, and such collateral can be seized in case of non payment of principal or interest amount depending on the contract between the lender and the borrower. On the other hand, unsecured corporate loans are those that do not require any collateral as such. However, unsecured loans can be obtained only if the borrower has a good credit score.
Types of Corporate Loans
There are various types of corporate loans offered to be lent by financial institutions. Few of them are:
- Term loan is a loan that can be secured for the purposes of buying property for business, or for buying new equipment with better technological advancement.
- Loans against securities are those where the borrower can obtain a loan by pledging securities like mutual funds, bonds, insurance policies, and any other securities of similar nature.
- Letter of Credit Facility and Bank Guarantee is when the bank acts as a surety for transactions made by the concerned person for business purposes.
- Cash Credit Facility is wherein the borrower can avail up to 70% to 80% of the value of assets that he/she pledges for business needs.
- Overdraft Facility is an offer by the bank to debit your current account beyond the money that is present in there. Such a facility is generally provided according to the assets pledged by the borrower.
- Channel Financing helps the distributors in obtaining the funding required for buying new equipment, tools and other items.
- Working Capital GST Corporate loans help in attaining quick cash on the basis of the applicant’s GST returns and also eliminates some cumbersome paperwork.
- Drop-line overdraft facility is where the lender deposits certain money in a separate account for the borrower, from which the latter can utilise business expenses. The speciality of this kind of loan is that the borrower only needs to pay interest up to the amount of loan that has been used by him/her from the money deposited in the account.
The eligibility criteria for each financial or lending institution may vary according to their policies and rules. However, few of the basic requirements that are necessitated by almost all lending institutions for availing a corporate loan are as follows:
- AGE: The applicant must at least be 21 years old, but less than 65 years.
- INCOME: The expected annual income of the applicant is generally Rs.1, 00, 00,000. However, some financial institutions may provide loans for a slightly lower income level as well.
- INCOME TAX RETURN: The income tax return for at least one year must be filed before applying for such a loan. Some lenders may even expect the applicant to have filed income tax returns for two years before applying for the loan.
- PROFIT: Most lenders require that the business must have made profits for at least 2 years before submitting the application for a corporate loan.
- CREDIT RATING: The applicant must have good credit ratings and credit score before making an application for a corporate loan, especially for those who wish to obtain unsecured loans.
- STABILITY: The history of the business is also looked into by financial institutions to know the stability and growth of the business.
The documents required may also be subjective depending upon the lender. However, few documents are fundamental that all lending institutions would need when an application for a corporate loan is submitted. They are:
- Permanent Account Number card, or the PAN card
- Identity proof
- Address proof
- Bank Statements for the past 6 months of one years
- Continuance proof of the business
- The latest Income Tax Returns which have been filed
- Other Documents like the certified copies of Memorandum of Association and Articles of Association of the company, or a declaration of sole proprietorship or partnership deed.
Things to consider before applying for a corporate loan
- CREDIT SCORE: The applicant must check his/her credit score before applying for such a loan, as credit scores would drastically affect the availability of a loan.
- INTEREST RATE: It is important to analyse the interest rates of each bank to ensure that more of the profits in business do not end up getting spent for interests.
- TENURE: The tenure of the loan is another important aspect that needs to be considered and analysed for the benefit of the applicant’s business. If the applicant knows that more profits can be made quickly, then he/she must opt for a shorter term of repayment of loan. On the other hand, if the applicant is aware that the business might not make profits immediately, then it is better to opt for a long-term loan.
- FILING INCOME TAX RETURNS: The applicant must ensure that the ITR has been filed for at least 1 or 2 years before applying for a corporate loan.
- OTHER ALTERNATIVES: The applicant must consider other feasible alternatives than loans while in need of funds for business. For instance, if the business is a registered company, then alternatives such as shares, and debentures must also be considered.
Term of repayment for corporate loans
The term for repaying corporate loans depends on the contract between the lender and the borrower, and the kind of loan that has been secured by the borrower. The repayment period of some corporate loans may be about 12-48 months, or it can even extend up to 5 years.
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