Shark Tank is an American reality show where hopeful entrepreneurs pitch their ideas to a panel of investors. It is a great show from which entrepreneurs can learn a great deal about how to secure investments for their venture. The reality show is based on a concept where aspiring entrepreneurs present their business ideas to a panel of investors and convince them to invest in their startups. Ventures like Tipsy Elves, Simple Sugars, Scrub Daddy and Bombas are some of the successful companies which benefited from Shark Tank. However, Jamie Smininoff and his company Ring takes the crown for the best ever Shark Tank product even though Jamie Siminoff could not secure an investment from any of the sharks. Jamie Siminoff and his company Ring have ever since grown by leaps and bounds so much so that Ring was acquired by Amazon for one billion dollars.
Jamie Siminoff founded Ring, a startup which is a Wi-Fi enabled video doorbell company, from his garage. While spending long hours in his work space, he became frustrated that he was unable to answer the doorbell without being interrupted. Siminoff began looking for a doorbell that rang to his phone and was surprised to find that there was nothing like it on the market. It was then Jamie began working on his idea to make a product which will enable a homeowner to see who is at their door on their cell phone. Jamie was rejected by more than 200 investors when he pitched his idea for Door Bot as Ring was then used to be called before being rebranded. By the time Jamie decided to go to Shark Tank, he had zero dollars in his bank account and everything was riding on his pitch to the Sharks.
In 2013, an acquaintance gave the email id of a Shark Tank producer to Jamie and he eventually decided to send a cold email without any hope for a response. However, the response did come, Siminoff and the DoorBot went through a legal review, then were vetted thoroughly by the producers of the show. They then went to filming, but Siminoff was told not to get his hopes up because only a small percentage of the products actually make it on the air. DoorBot, however, made the cut.
But, none of the Sharks invested in Jamie’s idea and talking about the incident Jamie said “I was convinced going on that I was going to get Mark Cuban to invest. and he was just like, “Jamie, it’s great, but I’m out.” And I was like, “Oh.” And then it kind of went down the line and everyone went out, and I went back to my garage broke and broken. It was a tough day (sic.)”
However Jamie Siminoff’s appearance on Shark Tank worked wonders in terms of brand visibility and advertising. Jamie said “The credibility and the awareness that Shark Tank brought was probably worth $10 million of ads. It really launched us (sic.)” Jamie’s first break came when a Ring owner visited billionaire Richard Branson’s private island. Branson watched, with fascination, when the guest remotely talked to a delivery person standing at his doorstep at home through Siminoff’s doorbell. Branson got on a call with Siminoff and invested an undisclosed amount of money. However, Ring’s biggest boost came in the form of Basketball star Shaquille O’Neal who moved to a new house in Atlanta. Shaq was looking for a big security company but upon being overcharged he looked on Best Buy and ended up stumbling on Ring. A few years later Shaq formally met with Jamie Siminoff at the Consumer Electronics Show (CES) and after some discussion ended up being the spokesperson for Ring. Since then, Ring has cornered the doorbell market in America. Shaq and Jamie used to go around to personally install Ring devices and it made a huge splash in the news.
But Jamie Siminoff’s crowning achievement arrived in February 2018 when Amazon announced the purchase of Ring for one billion dollars which was a shock for many investors including the Shark Tank Judges who declined to invest in Door Bot. Siminoff said he sold to Amazon because it was a good fit for all involved, as backing by the tech giant means that Ring can further its mission of creating safer neighborhoods.
In what can be called a full circle, Jamie was once again invited to be a part of Shark Tank but this time as a guest Shark. Talking about the experience Jamie said “Yeah, and it’s a funny thing, because I am now a shark on Shark Tank, and I was on both sides, and so I feel the empathy for peoples’ businesses, but at the same time, I’m also a real investor there, and it’s my money, so from the numbers side, if I’m going to invest $800,000, or whatever, in a business, that’s real money, and so I need to see what is really going on with the business (sic.)”
“Overall, this is a full-circle moment (sic,)” Siminoff said. “I now get the opportunity to give back to the very platform that allowed me to achieve my American dream (sic.)”
Despite Amazon owning Ring, Jamie still continues to steer the company until his vision for safe neighbourhoods is fulfilled. This is the story of Jamie Siminoff who has against all odds achieved his American Dream and will inspire new entrepreneurs to never give up on their ideas.
Cyril Amarchand Mangaldas Advised Zomato on Raising INR 9,375 Crores through IPO
Cyril Amarchand Mangaldas team advised Zomato Limited, which is a leading food services platform in India, on its initial public offering (IPO).
The Capital Markets team of Cyril Amarchand Mangaldas advised Zomato on the Transaction. The Transaction team was led by Yash Ashar, Partner & Head – Capital Markets; Bharath Reddy, Partner; Rohan Banerjee, Partner; and Gokul Rajan, Partner; with support from Sindhushri Badarinath, Principal Associate; Aashima Johur, Principal Associate; Nishkarsh Jakhar, Senior Associate; Amitpal Singh, Senior Associate; Aniran Ghoshal, Associate; and Shachi Singh, Associate.
Zomato issued 1,233,552,631 equity shares for cash at a price of INR 76 per equity share, aggregating up to INR 9,375 crores, comprising of a fresh issue of 1,184,210,526 equity shares aggregating up to INR 9,000 crores and an offer for sale of 49,342,105 equity shares aggregating up to INR 375 crores, comprising of 49,342,105 equity shares by Info Edge (India) Limited (the “Offer“). The Offer included a reservation of up to 6,500,000 equity shares aggregating to INR 49.4 crores for purchase by eligible employees of the Company.
This is India’s first unicorn to list on the stock exchanges and one of the largest digital economy companies to list in India. The deal is positioned to lead the way for other e-commerce, digital economy and technology-oriented companies to explore listing in India.
Other advisors involved in the Transaction are:
Kotak Mahindra Capital Limited, Morgan Stanley India Private Limited, Credit Suisse Securities (India) Private Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited (Book Running Lead Managers (BRLMs) to the Issue)
Latham & Watkins LLP (International legal counsel to BRLMs)
The draft red herring prospectus dated April 27, 2021 (DRHP) was filed with SEBI and the red herring prospectus (RHP) and the prospectus (Prospectus) were filed with SEBI and the Registrar of Companies, NCT of Delhi and Haryana at New Delhi on July 6, 2021 (read with the addendum dated July 11, 2021) and July 19, 2021, respectively.
The Company was listed on NSE and BSE July 23, 2021.
About Cyril Amarchand Mangaldas
India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 104 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has 750 lawyers, including over 130 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm was recently named in ‘25 Most Innovative Companies of the Year‘ by CII. Also, received “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm was recognised as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business.
Great Place to Work Announces the Best Workplaces in Asia™ 2021 Representing 3.3 plus Million Employee Experiences
Great Place to Work, the global authority on workplace culture, surveyed over 3.3 million employees from across 16 diverse countries and cultures in Asia and the Middle East to determine the Best Workplaces in Asia™ 2021. This is the largest survey of employee experiences in Asia.
To be named as best in Asia, these 200 companies were the highest ranked on Great Place to Work Best WorkplacesTM National lists across the region. This recognition is based on confidential survey data assessing employee experiences of trust, innovation, company values and leadership. Companies are also evaluated on how well they are creating a For AllTM workplace experience, inclusive of all employees no matter who they are or what they do.
Interestingly, organizations from India constitute 21% of the Best Workplaces in Asia™ 2021, making it the country with the highest representation on the list!
On average, companies ranked on the Best Workplaces in Asia™ scored 10% better than those that made it to the National list level – an incredibly high bar as such workplaces are the best of the best in their own country. The Best Workplaces in Asia™ also had 15% more employees report:
- Feeling that management involves people in its decision-making
- Receiving special and unique benefits
- Receiving a fair share of the profits made by the organization
For companies on National lists across Asia, 70% of employees said they experience well-being at work (defined by factors such as feeling cared for and believing their workplace is a psychologically and emotionally healthy place to work). But that number jumps even higher to 81% at the Best Workplaces in Asia™.
“The Best Workplaces in Asia™ set the bar for company culture by supporting employee well-being and building inclusive workplaces that are good for everyone,” said Michael C. Bush, Global CEO of Great Place to Work. “They demonstrate how much they value their most important resource – their people. Thanks to these companies, more than 3.3 million employees benefit from the highest working conditions in a range of industries across Asia.”
“It is inspiring to see that the leaders of the Best Workplaces in Asia™ have placed Employee Wellbeing at the heart of their business strategy and they understand that it is not just a ‘good to do’ but a ‘Must do’, for sustaining a High-Trust, High-Performance™ culture,” – Preeti Malhotra, Head – Wellness Practice and Partner, Great Place to Work India.
Highlights from the Best Workplaces in Asia™ 2021
Topping the list for the second year in a row in the multinational category are shipping company DHL Express and hotelier Hilton – both holding onto their 2020 first and second-place rankings, respectively.
In the large category, PAP Community Foundation (Singapore), Talawakelle Tea Estates (Sri Lanka), and KB Kookmin Card (South Korea) claimed the top three spots.
Canva (Philippines) topped the list in the small-medium business (SMB) category, followed by Charity Committee for Orphans Care (ENSAN) (Saudi Arabia) and THE One (UAE).
Several new entries made the list this year, including luxury retailer Chalhoub Group, telecom company Ericsson, medical device supplier Medtronic, and financial services brands American Express and Synchrony. All of these brands made it into the top 15 multinational workplaces in Asia.
This year, COVID-19 brought physical and mental well-being front of mind for both employers and employees. In China, Hilton provided a live-stream lecture on return-to-work safety with the chief doctor of the Shanghai Centre for Disease Control and the director of infectious diseases at Huashan Hospital.
In India, Medtronic introduced a vaccination program for employees and their families. Lighting company Signify has in-house doctors available 2-3 days per week. In the Philippines, Canva is offering free COVID vaccinations for all employees and their household families.
The top 30 in the multinational category:
- DHL Express
- Chalhoub Group
- Landmark Group
- American Express
- General Mills
- Apparel Group
- DISCO Corporation
- S&P Global
- Siemens Healthineers
- Al-Dabbagh Group
To view the full list of the Best Workplaces in Asia™ 2021, click here: www.greatplacetowork.in/asia-best-workplace.
How Great Place to Work determines the Best Workplaces in Asia™
Great Place to Work identifies the Best Workplaces in Asia™ by analyzing companies’ workplace programs and surveying employees across Asia and the Middle East about the key factors that create great workplaces for all.
To be considered, companies must first be identified as outstanding in their local region by appearing on one or more of our Best Workplaces lists in Greater China (including China, Hong Kong and Taiwan), India, Japan, Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Sri Lanka or UAE during 2020 or early 2021.
Companies rank in three size categories: Small and Medium (10-499 employees); Large (500+); and Multinational. Multinational organizations are also assessed on their efforts to create great workplaces across multiple countries in the region. They must appear on at least two National lists in Asia and the Middle East and have at least 1,000 employees worldwide with at least 40% (or 5,000) of those employees located outside the headquarters country.
About Great Place to Work
Great Place to Work is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make strategic people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For AllTM.
Sector Well Prepared to Counter Third Wave: Sachin Gawri of Rise Infraventures Limited
Residential real estate in India has shifted from being dominated by investors to being dominated by end-users. Commercial real estate, on the other hand, is a far more appealing investment opportunity for both wealthy individuals and institutional investors. Sachin Gawri, Founder and CEO, Rise Infraventures Limited, throws light on the real estate scenario with focus on luxury residential and commercial segment.
Sachin Gawri, Founder and CEO, Rise Infraventures Limited
The real estate sector will be unaffected by the third wave because the country is prepared with a vaccination programme and the required infrastructure to mitigate the negative impacts. People have begun to look at real estate to stabilise their financial condition as a source of optimism. Following the first shocks in April and May 2021, economic activity across sectors began to build up in June 2021, owing to declining infections and progressive loosening of lockdowns.
Unlike the first wave, the real estate sector was more prepared for the second. The markets favourable tendencies, such as demand for larger homes, are seen in the numbers from Q2 2021. The real estate industry has likewise recognised the arrangements that it must deal with, and developers have maintained the ratio as a result. In the premium market, the percentage of new launches reached 15%, which is close to the 18% share it had in 2018. The sector will benefit from the optimization of launches in line with demand, enabling the sector achieve respectable sales statistics in the coming quarters.
Putting the fear of a pandemic aside, many property buyers are concentrating their efforts on luxury residential properties. The percentage of the premium has increased significantly, showing strong demand in Gurugram. Small investors, institutional investors, farmhouse seekers, and gated community enthusiasts all have options, thanks to the varied range of real estate options available in luxury.
The demand for houses in the periphery has risen dramatically; for example, the Dwarka Expressway in Gurugram is gaining much traction. Buyers from all sectors are shopping for properties in these places, not just those in the affordable group. The movement, however, cannot be credited to the COVID because work on rehabilitating the neighbourhoods has already begun. As infrastructure progresses, buyers begin to see the reality of the promise of a better living here. Buyers key concern is connectivity, and with many roads and expressways running through these neighbourhoods, acceptability has grown.
In the aftermath of the pandemic, the commercial has suddenly gained traction. Pre-rented units, for example, have joined the commercial area, assuring investors of a guaranteed income. There is no dramatic spike in demand, but a certain momentum could lead to brighter days ahead for the commercial sector. Commercial real estate is preferred by those contemplating real estate as an investment strategy because it provides attractive rent and appreciation returns. The category has also emerged, with creative technologies to make peoples lives easier. The most recent is a fractional investment, which allows smaller investors to participate in the pie.
Despite the pandemics interruption in recent quarters, office space absorption in Indias six major cities is expected to reach 41.3 million sq. ft. in 2021, up 22% from 2019. The leasing market in Delhi-NCR is forecast to grow by 20-25 per cent, with the majority of activity occurring in the second half of the year. Technology, BFSI, consulting, and manufacturing occupiers are projected to drive demand. The Delhi-NCR area has an 8.5 million sq. ft. pipeline of new supply, with Gurugram set to finish roughly 65 percent of it.
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- Great Place to Work Announces the Best Workplaces in Asia™ 2021 Representing 3.3 plus Million Employee Experiences
- Sector Well Prepared to Counter Third Wave: Sachin Gawri of Rise Infraventures Limited
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