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The objective of writing this case study is to allow management students to engage with the complexities of mergers and acquisitions (M&As) in the insurance sector in an emerging economy like India. Upon completion of this case study, the students will be able to critically evaluate the business environment of the insurance sector of a developing economy like India, analyse the impact of M&As on the insurance industry of India, appraise the post-merger consequences and strategies to deal with these consequences, assess the applicability of market power and growth theories in the context of M&As and develop a strategic action plan for handling post-merger challenges.

On 3 September 2021, the Insurance Regulatory and Development Authority of India (IRDAI) approved the “Scheme” related to the merger of the non-life insurance division of Bharti AXA General Insurance Company Limited (“Bharti AXA”) with ICICI Lombard General Insurance Company Limited (“ICICI Lombard”). Earlier, on 21 August 2020, the boards of the companies had approved entering into definitive agreements through a scheme of arrangement. The merger received approvals from different regulatory bodies as mandated (Gandhi et al., 2023). Bhargav Dasgupta, managing director and Chief Executive Officer of ICICI Lombard, stated, “This is a landmark step in the journey of ICICI Lombard, and we are confident that this transaction would be value accretive for our shareholders” (FE Bureau, 2020). However, the merger posed a dilemma for Dasgupta and the management regarding crop insurance owing to its impact on profitability. Crop insurance historically had high claim ratios nearing 135% for ICICI Lombard for financial year 2018. The company ceased to underwrite this product from 2019 onwards (TNN, 2019). However, ICICI Lombard had to fulfil the three-year commitment made by Bharti AXA to the state governments of Maharashtra and Karnataka towards crop insurance. It was a scheme initiated by the Government of India, covering farmers against losses due to cyclonic rains, rainfall deficits and other unforeseen calamities. Dasgupta faced a challenge in managing the interests of the farmers and the company’s shareholders while balancing profitability, which had already been impacted by the COVID-19 pandemic. This case study delves into post-merger complexities in the financial sector non-life insurance industry in emerging countries like India.

This case study is suitable for undergraduate and post-graduate management students and executives from the insurance industry.

Teaching notes are available for educators only.

CSS 11: Strategy.

The case describes the dilemma faced by Meera Nair, chief manager at PhoenixWay – a consultancy firm that has successfully grown over the years. There is a silent conflict in the personalities, work styles and attitude of Meera Nair and Mohit Dubey, her contemporary looking after client relationships. Nair finds inconsistencies in the words and actions of Dubey that have started to impact the work and motivation of her team. Her unsuccessful attempts to draw the attention of their boss Shekhar Sinha to these variances have left her unsure and demotivated. Sinha overlooks Dubey's fallacies and shows no signs of paying attention to the discrepancies and contradictions.

The Tata owned Coastal Gujarat Power Limited is seeking to reopen Power Purchase Agreements (PPAs) with state owned distribution utilities because of increase in imported coal prices resulting from a change in Indonesian laws. The Central Electricity Regulatory Commission (CERC) has decided to provide relief through a “compensatory tariff”. This is opposed by the power purchasers. Simultaneously, another Reliance Energy owned power project is seeking relief from unprecedented change in exchange rates using the CGPL decision as a precedent. The CERC and the power purchasers have to decide what to do next.

Husk Power Systems, a young but widely celebrated firm based in India, needs $1.5 million to $2.5 million of expansion capital to grow quickly beyond the small footprint it had established in northeast India. It was a successful green-energy enterprise that aimed to provide electricity to millions of rural Indians in a financially viable way. With 10 “mini power plants” that used rice husks as a fuel source and a presence in 25 isolated Indian villages as of April 2009, the company's goal was to reach 350,000 to 400,000 consumers in 400 villages by the end of 2011. It was offered a convertible-note financing structure by a cleantech private equity firm and needed to assess whether it suited the company's and founders' interests.

This case was designed for and is used in Darden's Entrepreneurial Finance and Private Equity elective. With less of a focus on the financials, the Husk case has also been used in other Darden courses such as Social Entrepreneurship and Global Economies and Markets in a module focusing on emerging markets.

This case study outlines the strategic and organisational issues faced by an entrepreneurial firm operating in an emerging economy. This case study has been written to equip students with how entrepreneurs can overcome certain barriers and use technology to achieve product–market fit, taking the Indian laundry sector as an example. The following are the key learnings for the case: start-ups need to continuously assess the product–market fit to organise a highly unorganised sector; market entry and expansion modes require proper evaluation of available entry and expansion modes before pursual; franchising decisions require firm-specific and location-specific considerations; and careful consideration given to celebrity endorsement will result in increased sales.

The Indian laundry market was a highly unorganised market and presented an untapped opportunity. While the market opportunity was enormous, the existing solutions comprised local vendors that may not provide end-to-end services (washing, ironing, etc.). The case study described how a young entrepreneur, Arunabh Sinha, overcame certain challenges to achieve a product–market fit for metro cities and later expanded to Tier 2 and Tier 3 cities in India as well. However, the challenges remained, as the firm expanded by using a franchise model, and other modes of business were required to be evaluated as well.

The case study is suitable for students pursuing MBA courses in marketing, service marketing and entrepreneurship development.

Teaching notes are available for educators only.

CSS3: Entrepreneurship.

After completion of the case study, students will be able to describe the crisis types and the various phases in mapping a crisis and outline appropriate actions during each phase; identify stakeholders in the context of change management initiatives and map them through their power, influence and interest needs; identify the needs and resistance present in change management initiatives through the systems-thinking perspective; recognize the leadership competencies for an effective crisis management approach; and identify the way to conduct challenging conversations with important stakeholders whose support and influence are required.

Stella Fernandez, the vice president of human resources management in a family-managed business organization, was disturbed by the media reports on rising number of cases of COVID-19 infection in India during the first week of March 2020. She thought that a continued rise in the number of infection cases could affect the business continuity as well as the safety of the employees. In her opinion, a faster introduction of a work-from-home policy could help to reduce the impact of the potential crisis. Fernandez understood that without the senior management team’s consent, she could not drive the information technology team to implement the work-from-home measure. However, she felt that there could be challenges in convincing the senior management team, who did not treat this outbreak to be of grave importance. Anticipating the unfavourable reaction, Fernandez planned her approach carefully by identifying and convincing influential members to support this change management initiative; nevertheless, to her dismay, her meticulous plan failed to convince the powerful members of the team, who continued to resist the change proposed by her. Disappointed and surprised by their reaction, Fernandez wondered what she could have done to make the senior management team to accept her proposal.

This case study is designed for use in undergraduate- or graduate-level programmes.

Teaching notes are available for educators only.

CSS 6: Human resource management.

After completing this case study, students will be able to understand the issues firms, brands and influencers face due to sponsorship disclosure regulation and the impact of self-regulation on firms engaging in influencer marketing, explain the challenges regulators face in ensuring compliance in an emerging market, explain Advertising Standard Council of India (ASCI)’s challenges in adopting influencer guidelines from emerged markets and recommend ethical theory (or theories) and strategies to firms engaged in influencer marketing.

This case study centers on Mr Manish Chowdhary, co-founder of WOW Skin Science, who started the beauty and personal care business with his brother Karan Chowdhary in 2015 in Bangalore, India. The company successfully built its brand through influencer marketing but faced challenges after the ASCI implemented new influencer guidelines. On May 31, 2021, he expressed disagreement with ASCI guidelines during an interview with Akansha Nagar from Buzz in Content, particularly the requirement to label every product or service received by influencers as an advertisement. He expressed concern about certain rules, fearing they might harm organic content and reduce viewership and followers. Subsequently, ASCI registered noncompliance cases against the company and communicated with them about complaints regarding influencer guideline violations. In this situation, Manish needed to evaluate his decision on noncompliance with regulation and required an action plan to strategically manage its influencer marketing campaign by incorporating ASCI’s guidelines. Overall, this case study highlights the journey of WOW Skin Science and its challenges with self-regulatory authorities over its influencer marketing strategy in an emerging market. Additionally, students can gain insight into the marketing communication ethics of a startup operating in an emerging market by embodying the protagonist’s role.

This case study is suitable for postgraduate level students pursuing a Master of Business Administration program. The difficulty level ranges from moderate to complex. It fits well into integrated marketing communication and marketing strategy courses. This case study discusses marketing ethics, advertising and promotion regulation.

Teaching notes are available for educators only.

CSS 8: Marketing.

This study aims to particularly focus on undergraduate and postgraduate early stage level students pursuing business, educational, social work programs. Particularly those studying organizational behavior, leadership and change, curriculum design management, social literacy and courses on 21st Century Skills.

Social entrepreneurship, developmental studies, education, organisational behavior are the subject areas focused in this study.

Purpose – The present case study is an empirical account of the gender perspectives on leadership styles and entrepreneurial mind-set demonstrated by Jigyasa and Gaurav, the co-founders of “Slam Out Loud” (SOL) – an Indian for mission non-profit organisation established in 2017. The authors intend to highlight the challenges faced by SOL during COVID outbreak, to establish community connect in the virtual domain and deliver hyper-personalised socio-emotional learning (SEL) frameworks. Will SOL’s Creatively Omnipresent and Versatile Inclusive Design framework transform Indian child education in the wake of New Education Policy 2020 of India while being sustainable as well as globally competitive?

This case study is based on primary data collected through semi-structured in-depth interviews with the founders of SOL. It follows the deductive approach of methodology. The data has been complemented by documentary analysis, including videos, descriptions of internal processes and articles.

SOL has been strengthening the transformative power of performance and visual arts to help build creative confidence (CC) among children from disadvantaged communities below five years of age. The co-founders have focused on imparting life skills such as communication, critical thinking and empathy in children. The framework adopted by SOL is a combination of six 21st century and SEL skills including creativity, communication, critical thinking, collaboration, self-esteem and empathy.

A novel Sinha’s 5 × 7 SEL- COVID Matrix.

Learning outcomes can only be achieved using case-based pedagogy. Students are encouraged to dive deep into the dilemma. After the case discussion students will be able to define Creative Confidence (CC) with its importance in social development, comprehend the impact of developmental interventions such as Jijivisha Fellowship during COVID 19 and post COVID 19, understand servant leadership and its impact in the management, analyse how servant leadership accelerates social efficacy in the social enterprises, illustrate the novel 5 × 7 SEL-COVID framework for educators, create and evaluate their hyper-personalised SEL framework curriculum.

The SOL initiative is well aligned with the National Education Policy introduced in India in 2020. It will address the issues of not only providing equitable and inclusive education but also enhancing enrolment ratio and reducing dropout rates. Adoption of Arts-based education will also develop Creative Confidence (CC) and improve emotional well-being of children in primary education.

Teaching Notes are available for educators only.

CSS 3: Entrepreneurship

This case describes the growth of ReNew Power during its first decade of operation. Sumant Sinha, a first-generation entrepreneur and former banker, founded the company, which grew from a modest generator-cum-developer of wind energy-based electricity to one of India's largest companies in the renewable energy sector. With the entry of large, well-funded players such as Tata Power and Adani Green into the Indian renewable sector by the end of 2020, Sinha had to make a strategic decision: should ReNew continue to organically scale up its presence in an increasingly competitive yet expanding Indian renewable energy sector, should it diversify geographically, or should it pursue emerging opportunities for vertical or horizontal integration within the sector? The case provides an opportunity to discuss how alternative business models and competitive scenarios may facilitate or inhibit the growth of a player in the renewable energy sector.

The primary learning objective is to challenge students to evaluate the decision facing The Magic of Sarees (MOS) Preloved. The students will need to assess the risks involved versus maintaining the status quo. Students should apply strategic management concepts in their analysis. The second learning objective focuses on developing the students’ understanding of effective merchandising and pricing strategies for MOS Preloved. This case study discusses how MOS Preloved manages its inventory, the constant refreshing of collections and seasonal relevance and also discusses challenges and opportunities associated with managing a preloved inventory, considering factors like authenticity and quality control. This case study also considers pricing strategies (BCG matrix could be referenced for differential pricing) that could be used to strengthen the brand’s identity of “affordable, accessible, and authentic sustainable fashion”.

This case study is based on the brand “MOS Preloved”, an e-commerce market place in India for the buying and selling of preloved sarees. Founded by Susmita Misra in July 2021, the objective of the business is to create an online marketplace, buy and sell, for preowned sarees that facilitates circular economy. The accompanying saree stories add to the allure and ensure the magic of these sarees continues for the entire lifetime of each saree. Being an unstitched garment, the saree has no size limitation and with a little care could last for at least 100 wears. This case study discusses the founder’s dilemma of deciding to premiumize the merchandise which would include both adding higher priced preowned sarees as well as charging 50% of market price for current merchandise (currently being priced at 25%–40% of the current market price). The decision requires considerable investment in terms of information technology, infrastructure, human resources and marketing spends. Given how nascent, unorganized and unbranded the preloved saree market is, the founder is unsure of the time that it could take to get the return on investment. The risk: the longer she hesitates, the more vulnerable her monopoly becomes. The case study also discusses the evolution of saree into contemporary wear, the hurdles and possibilities in the preloved fashion sector and brand MOS Preloved’s attempts at creating a distinctive positioning.

This case study is suitable for postgraduate programme for MBA.

Teaching notes are available for educators only.

CSS11: Strategy.