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Lal10 builds the Alibaba of startups of Indian Crafts globally

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This startup is a fast-growing cross border wholesale platform for creative Indian products

Akankshya Mukherjee, Mumbai Uncensored, 13 th January 2022 :

Mr. Maneet Gohil is one of the Co-Founders and Chief Executive Officer (CEO) of Lal10 which is a Noida based startup which enables creative manufacturing Micro, Small and Medium Enterprises (MSME) to sell, digitize, and manage Indian Crafts globally in wholesale markets. Lal10 is a private company which started in January 2016, aims mainly for profit. Other founding members are Mr Sanchit Govil and Mr Albin Jose.

Lal10 is an online B2B, Business-to-Business, wholesale marketplace for Rural Small and Mid-Size Enterprises (SMEs). He was fascinated by the creative manufacturing Industry in India when he visited his grandfather’s Leather footwear manufacturing unit in Jalgaon, district in Maharashtra. Realization hit him when he understood that MSMEs have less access to markets compared to industries and manufacturing units, they relied on traditional markets, trade shows, exhibition, middlemen or exporting houses for selling their products. The MSMEs never had the exact idea about the International Markets or the basic knowledge, design to match their products in the current era.

Mr Gohil completed his MBA in 2015 and joined Flipkart where he witnessed expanding a machine’s capability i.e. scale technology. He says he was very much inspired by the Co-Founders of Flipkart, Sachin and Binny who were demi-gods and and inspiration for aspiring entrepreneurs. He also mentions that he got in touch with his former colleague, Mr Sanchit Govil and friend, Mr Albin Jose; they
together travelled to 18 states and met 6000 Small and Mid-Size Enterprises (MSMEs) before starting up Lal10 to understand what problems they need to solve.

As of today, Lal10 is one of the largest vertical wholesale Indian marketplace for creative manufacturing Small and Mid-Size Enterprises (MSMEs). Mr Gohil quotes that Lal10 is on a mission bright up the lives of the rural MSMEs by breaking up the supply chains of manufacturing units. Lal10 has been created as a maker’s revolution by digitizing alongside the small and medium rural manufacturers taking their products to Intercontinental markets.

In contemporary time, Lal10 has been able to support over 1.2 million creative manufacturing MSMEs who struggled to reach the markets due to supply chains and exploitation. It aims to build up a
technology-led selling ecosystem for Small and Mid-Size Enterprises (MSMEs). The company supports MSMEs in erecting digitalized web-stores that access domestic as well as global markets, and supply
Small and mid-size business (SMBs) with perks of Big-Box Retailer, including affordable sourcing, new curated design, and a mixture of products. Small manufacturers who have registered on the Lal10
platform can use the la10 Karigar app to compute the available inventories which can request for quotations (RFQs) on the global platform.

Mr Gohil further adds that the adoption of technology alongside supply side with MSMEs is efficient. More than 2000 MSMEs have digitized more than Stock Keeping Units (SKUs) using their application. The company has hit more than $7 million and has grown up to $22 million in the Financial Year (FY)-23. During March 2020, the company was able to raise $11 million from private investors such
as Utah based impact investment company, Serenson Impact, and Indian Pegasus Finvest, Upaya Ventures, Beyond Capital and many more.

The company now is planning to extend their outreach more to increase global marketers and buyers to come visit their platform. They have plans to launch a warehouse in the States and a few European markets. For International buyers they have planned to reach out their sellers in Southeast Asia as well in countries such as Vietnam, Philippines, Indonesia, and Thailand. The company is also investing a huge amount on technological innovations of their platform. The design insights of the bestselling products are most appropriate for helping the MSMEs to improve their design and sell. With adequate design support the company can create products of contemporary designs for the markets, adds Mr Govil.

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Celebrating 25 Years of Innovation and Success: Priyank Sukhija’s Journey in the Food and Beverage Industry

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Priyank Sukhija, the CEO & MD of First Fiddle F&B Pvt. Ltd., has completed 25 years in the food and beverage industry, marking a significant milestone in his remarkable career. From a 19-year-old dropout setting up his first venture to becoming a leading restaurateur, Priyank’s journey is a testament to passion, creativity, and relentless ambition.

Starting in 1999 with the fine dining restaurant Lazeez Affaire at Malcha Marg, Priyank quickly made a name for himself in the hospitality industry. He followed this with the renowned club RPM at Priya Complex, and from there, his ventures only expanded. Despite coming from a family of lawyers, Priyank was the first to venture into business, altering Delhi’s hospitality landscape forever. Over the past 25 years, he has opened more than 30 different outlets, each unique and innovative.

Priyank’s success can be attributed to his love for food, music, and innovation. His brands, including Miso Sexy, Bougie, Diablo, Lord of the Drinks, Plum by Bent Chair, and Lazeez Affaire, have become some of the most talked-about names in the industry. “I realized that nothing makes me happier than eating and serving a delicious meal. Food, music, and innovation were what always inspired me and hence I ventured into an area that could fulfill this passion,” Priyank explains.

One of Priyank’s major accomplishments has been revolutionizing the F&B industry and introducing the concept of casual experiential dining to India. His establishment, Plum by Bent Chair, revived the Aerocity Worldmark area, while Diablo kickstarted the bar culture in Mehrauli, turning it into a vibrant hub. At Epicuria, Nehru Place, Priyank was a pioneer with Flying Saucer and is now reinventing the space with his new launch, Thanks & Beyond.

“My restaurants are known for providing an experience, and this makes them stand apart from the crowd. I believe in the ‘vibe’ of the restaurant, and that is what sets them apart. All my restaurants have an extensive menu with dishes and drinks that can be enjoyed by people of all ages,” says Priyank. His eateries have become one-stop solutions for complete entertainment, featuring performances by the most sought-after bands and artists.

With his numerous successes, Priyank’s ambition continues to grow. His current brands, including Diablo, Miso Sexy, and Bougie, have become the go-to destinations in Delhi for top artists and bands. His latest ventures, Diablo Cyberhub, Sitch, and Bizou-Bizou, have created a buzz in Delhi and NCR with their unique cocktail-focused concepts. Additionally, he is expanding to tier 2 cities with the introduction of Miso Sexy in Noida and Diablo in Goa.

In celebration of his 25 years of success, Priyank has opened a new restaurant, Thanks and Beyond, in Nehru Place. This venture is a gesture of gratitude to everyone who has supported him, a homage to Delhi for the love shown to him, and a promise of many more exciting ventures to come. This summer, Priyank has several more launches lined up, promising to bring even more innovation and excitement to Delhi’s F&B scene.

Priyank Sukhija’s journey in the F&B industry is a story of vision, hard work, and a relentless pursuit of excellence. His passion for creating unique dining experiences has not only set him apart but has also significantly shaped the hospitality industry in India. As he continues to innovate and expand, the future looks incredibly promising for Priyank and First Fiddle F&B Pvt. Ltd.

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Gold and Silver Rates Today: Latest Prices on July 24, 2024

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Gold and Silver Rates Update: On July 24, 2024, gold and silver prices have seen significant changes across major Indian cities, reflecting the latest trends in the global and domestic markets.

Gold Prices in Major Cities

  • Delhi: The price of 10 grams of 24-carat gold stands at Rs.70,716, a decrease from Rs.75,217 on July 23, 2024. The 22-carat gold rate is Rs.64,775 per 10 grams, down from Rs.68,745.
  • Chennai: 24-carat gold is priced at Rs.70,716 per 10 grams, a drop from Rs.75,657 the previous day. Last week, the rate was Rs.74,659.
  • Mumbai: Gold rates in Mumbai are at Rs.71,412 per 10 grams, down from Rs.74,925 on July 23, 2024. A week ago, the price was Rs.75,026.
  • Kolkata: The gold rate is Rs.70,716 per 10 grams, a decrease from Rs.75,144 the day before and Rs.75,539 a week ago.

Silver Prices in Major Cities

  • Delhi: Silver is trading at Rs.85,170 per kg, down from Rs.89,160 on July 23, 2024. Last week, the price was Rs.92,110.
  • Chennai: Silver rates are Rs.85,000 per kg, compared to Rs.89,070 the previous day and Rs.92,290 a week earlier.
  • Mumbai: The silver rate today is Rs.85,170 per kg, a decrease from Rs.89,160 on July 23, 2024. The rate was Rs.92,110 a week ago.
  • Kolkata: Silver is priced at Rs.85,170 per kg, down from Rs.89,160 yesterday and Rs.92,110 last week.

MCX Futures

  • Gold August 2024 Futures: Trading at Rs.73,121 per 10 grams, a slight increase by ₹Rs..179.
  • Silver December 2024 Futures: Trading at Rs.92,020 per kg, down by Rs.0.154.

Factors Influencing Prices

Gold and silver prices are affected by several factors, including demand from major jewelers, global market trends, currency fluctuations, interest rates, and government policies. The international economic situation and the strength of the US dollar against other currencies also play a crucial role in determining gold and silver rates in India.

Stay updated with Mumbai Uncensored News for the latest on gold and silver prices and market trends.

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Union Budget 2024: Key Changes to the New Tax Regime Announced by Finance Minister Nirmala Sitharaman

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In a significant announcement during the Union Budget 2024 speech, Finance Minister Nirmala Sitharaman introduced changes to the tax slabs under the new tax regime. Since becoming the default tax regime on April 1, 2023, employees have had the option to switch to the old tax regime by notifying their employers at the start of the financial year. This choice, however, can only be exercised once annually.

Revised Tax Slabs and Options for Employees

With the recent changes to the tax slabs, effective from April 1, 2024, there may be an opportunity for employees to choose their tax regime again, specifically for the purpose of Tax Deducted at Source (TDS) on their salaries. This update is particularly relevant for those who initially opted for the old tax regime but may now find the new regime more appealing due to the revised slabs.

The government has been actively promoting the new tax regime, making it increasingly attractive to taxpayers. The recent adjustments are part of this effort, aimed at encouraging more individuals to transition to the new system. Those who have already opted for the new tax regime could also benefit from reduced taxes, contingent on the proposals passing through Parliament and receiving the President’s assent.

Implications for Taxpayers

The changes introduced in the Union Budget 2024 are designed to streamline the tax process and provide more favorable conditions for taxpayers under the new regime. It’s a strategic move to widen the adoption of the new tax framework, which offers simplified tax calculations and potentially lower tax liabilities for many.

As the new provisions come into effect, employees and taxpayers are advised to review their financial planning strategies. Understanding the benefits and implications of the revised tax slabs will be crucial in making informed decisions about which tax regime to choose.

For the latest updates on the Union Budget 2024 and other financial news, stay tuned to Mumbai Uncensored News.

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