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Hrithik Roshan Signs $15.6 Million Endorsement Deal With CureFit

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Bengaluru based health and fitness startup CureFit announced a Rs. 100 crores partnership deal with Bollywood actor Hrithik Roshan. The actor will be the brand ambassador for the startup for the next five years.

CureFit, according to sources, will accelerate their pan India expansion plans and add 500 new fitness centers, called the Cult. This partnership is said to be one of the largest endorsement deals signed by an Indian startup and is expecting to generate around $ 39.2 million in annual revenue within the next few years.

According to the deal, Hrithik Roshan has been offered an equity stake in the company in place of cash investment. CureFit will also be introducing a customized work out plan from Hrithik’s personal brand, HRX, in all their fitness centers, which will also be available on their mobile app.

CureFit was cofounded by Mukesh Bansal and Ankit Nagori in 2016. Mukesh Bansal is also the founder of fashion ecommerce platform Myntra, which was later sold to Flipkart. In a statement regarding the partnership, Mukesh Bansal said, “CureFit’s growing popularity amongst consumers validates the need for holistic, preventive healthcare solutions in the country. Our partnership with HRX will enable us to expand our market presence and consumer base.” The startup will soon launch a do it yourself format for the HRX work out and Hrithik will be promoting their healthy lifestyle philosophy.

Speaking about CureFit and the partnership, Hrithik Roshan, who is also the founder of HRX, said the HRX work out received a tremendous welcome at the fitness centers and he is delighted with the initial response. He added, “The idea behind this workout is to help people move better, faster and feel athletic by progressing gradually. We are delighted with this initial response and it also gives us great confidence to look at reaching out to newer markets and further the HRX vision through this partnership.”

Many celebrities have signed contracts and invested in upcoming startups in the past couple of years. Recently, Alia Bhatt signed a deal with the online jewelry brand BlueStone. The Baadshah of Bollywood, Shah Rukh Khan and the Perfectionist, Amir Khan have also signed deals with grocery startup BigBasket and ecommerce startup Snapdeal, respectively in 2015. Such endorsements by celebrities give startups immense value with respect to visibility and image.

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Apple Ordered to Pay €13 Billion in Back Taxes to Ireland by EU’s Top Court!

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In a significant ruling, the European Court of Justice (ECJ) has ordered Apple to repay €13 billion ($14 billion) in back taxes to Ireland, affirming a 2016 European Commission decision that Apple received illegal state aid from the Irish government. This ruling concludes a lengthy legal battle that began in 2014 when the Commission initiated an investigation into Apple’s tax practices in Ireland, where the company has its European headquarters.

Background of the Case

The European Commission’s investigation revealed that Apple benefited from two tax rulings in 1991 and 2007, which allowed the company to significantly reduce its effective tax rate in Ireland—from 1% in 2003 to just 0.005% in 2014. The Commission determined that these arrangements constituted unlawful state aid, prompting it to instruct Ireland to recover the unpaid taxes from Apple.

Legal Proceedings

Initially, in 2020, the EU General Court sided with Apple, overturning the Commission’s ruling by stating that it had not adequately proven that Apple received a selective tax advantage. However, the Commission appealed this decision, leading to the recent ECJ ruling that reinstated the original order for Apple to repay the taxes.

Apple’s Response

In response to the ruling, Apple expressed disappointment, asserting that it has always paid the taxes owed in accordance with international law and that the income in question had already been taxed in the U.S. The company maintained that the case was not about the amount of tax owed but rather about which government had the right to collect it. Apple emphasized its role as a significant taxpayer and contributor to economic growth in Europe.

Implications for Ireland and the EU

This ruling is seen as a setback for Ireland, which has positioned itself as a favorable location for multinational corporations due to its low corporate tax rates. The Irish government has contested the need for Apple to repay these taxes, arguing that such arrangements are essential for attracting foreign investment. The ECJ’s decision, however, reinforces the European Commission’s efforts to eliminate preferential tax deals that give certain companies an unfair advantage over others in the EU market.

Conclusion

The ECJ’s ruling not only marks a pivotal moment in Apple’s tax saga but also serves as a critical victory for the European Commission in its ongoing campaign against tax avoidance by multinational corporations. As the legal landscape continues to evolve, this case underscores the tensions between U.S. tech giants and European regulatory frameworks regarding taxation and competition.

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Swiggy Instamart Celebrates Ganesh Chaturthi with Free Modak Dispenser in Mumbai

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As Mumbai geared up for the grand celebration of Ganesh Chaturthi, Swiggy Instamart installed a unique modak dispenser on Carter Road to mark the auspicious occasion. The dispenser, operational on September 6th and 7th, offered 1,000 free modaks daily to passersby, dispensing approximately 142 modaks per hour.

The modak dispenser, designed to attract attention, featured an audio sensor that was triggered when a bell was rung. Within five seconds of activation, the dispenser released a single hygienically packed modak in a box. Each box contained a QR code that directed users to Swiggy Instamart’s dedicated Ganesh Chaturthi section on their platform.

Swiggy Instamart’s Ganesh Chaturthi Section

The Ganesh Chaturthi section on Swiggy Instamart offered a wide range of pooja essentials, modak-making kits, assorted modak flavors, and eco-friendly Ganesha idols. Customers could access these items through Swiggy Instamart’s quick delivery service, with items being delivered within 10 minutes.

Collaboration and Social Media Impact

The initiative, a collaboration between Swiggy, Havas Media, and Havas Media Tribes, gained significant attention on social media. The dispenser featured the Marathi phrase ‘Ghanti Vajwa, Mithai Milwa’ (ring the bell, get the sweet), adding a touch of traditional charm to the modern technology.

Swiggy Instamart’s modak dispenser not only celebrated the cultural significance of Ganesh Chaturthi but also served as a strategic promotion for their festive offerings. The initiative exemplified how brands can effectively connect with local traditions and enhance customer experience through innovative approaches.

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iPhone 16 Series Price Comparison: Where Should You Buy the New iPhone – India, US, UK, Dubai, or Vietnam?

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Apple’s recent ‘It’s Glowtime’ event introduced the highly anticipated iPhone 16 series, which includes the iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max. Notably, despite the introduction of a more powerful processor and several cosmetic enhancements, the pricing for the new models has remained consistent with last year’s iPhone 15 lineup.

In India, the iPhone 16 starts at ₹79,900, while the iPhone 16 Plus is priced at ₹89,900. The premium models, iPhone 16 Pro and iPhone 16 Pro Max, have seen a significant price reduction, launching at ₹1,19,900 and ₹1,44,900, respectively. This marks a ₹15,000 decrease from the previous year’s models, making them more accessible to consumers.

For international buyers, the pricing structure varies significantly. The iPhone 16 is available in the United States starting at $799 (approximately ₹67,100), while the iPhone 16 Pro starts at $999 (around ₹83,896). In the UAE, the iPhone 16 is priced at AED 3,399 (approximately ₹78,000), and the iPhone 16 Pro at AED 4,299 (approximately ₹98,000).

This price comparison raises an important question for consumers: Is it more economical to purchase the iPhone 16 series in India or abroad? While the standard models (iPhone 16 and 16 Plus) are competitively priced in India, the premium models exhibit a notable price gap, with potential savings of up to 30% when purchased in the US or UAE.

As pre-orders for the iPhone 16 series begin on September 13, with official sales starting on September 20, customers are encouraged to consider various factors, including exchange rates and promotional offers, to secure the best deal on their new device.

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