Mumbai-based ice cream brand NOTO raises 2 mn USD in funding

Currently, the company has an ARR of 35 crores and is targeting an ARR of 50 crores by the end of the summer

e4m by exchange4media Staff
Published: Mar 17, 2023 2:45 PM  | 6 min read
noto

Homegrown ice cream brand NOTO has raised 2 million USD in pre-series A funding led by investors White Whale Ventures and Rainmatter.

Previously, the brand had raised ₹4 crores in a funding round led by investors such as Titan Capital, Rockstud Capital, VCAT (Venture Catalysts), Bollywood actor and producer John Abraham, WEH Ventures, and other angel investors. Since its inception, the brand has been satisfying the sweet cravings of many Indians with its low-calorie ice creams and fruit popsicles. Now with funding, the company aims to strengthen its foundation in existing markets as well as tap into the vast market in tier-1 and tier-2 cities. Besides that, NOTO will also be working toward new product development and building on the core team. Currently, the company has an ARR of 35 crores and is targeting an ARR of 50 crores by the end of the summer. The company has indeed grown by leaps and bounds and is being led by a workforce of more than 200 people.

"Consumers today are more conscious about their diet and are unable to find healthier alternatives to indulgent categories. NOTO has carved a niche in the ice cream market, offering low-calorie, guilt-free ice creams with an uncompromising focus on taste. Through a combination of great products, attractive packaging, and affordable pricing, NOTO has garnered a loyal customer base and built a strong brand in a short period of time. We are excited to be on board Varun and Ashni's journey in creating a serious dent in the ice cream market in India." says Shapath Parikh, partner at White Whale Ventures, a multi-asset investment manager focusing on venture capital and listed equities in India.

"What we've realized at Rainmatter is that it's not reasonable to expect people to stop bingeing on things they love. Instead, the better thing to do is to make healthier alternatives easily available. That's what we love about NOTO, and we're excited to join them on this journey," says Nithin Kamath, director of Rainmatter Foundation.

The brand was founded in 2019 by the husband-wife duo Ashni and Varun Sheth. A paradise for ice cream lovers, NOTO brings forth delicious ice creams with a healthy twist! This is a market that is dominated by many national and international players, such as Amul, Baskin Robbins, Havmor, Vadilal, and more; however, that hasn't stopped NOTO from becoming a force to be reckoned with. The company is now on track to become profitable by FY24 and aims at strengthening its distribution via digital channels and making a bigger impact all over India. As of now, NOTO is available in more than 5 cities, which include Mumbai, Bangalore, Delhi, Pune, Chennai, Nagpur, Jaipur, Mangalore, etc. Also, NOTO is available for on-demand delivery on order.eatnoto.com and on food delivery platforms such as Swiggy, Zomato, Instamart, Zepto, and BBnow, in addition to being in gourmet stores across the country. The company operates on a hyper-local dark store model, which allows them to cater to impulse demand within 30–40 minutes. NOTO solely runs and manages all dark stores across five cities and, hence, is able to give the best product experience to the customer.
Besides that, the company has also decided on keeping its product mix dynamic based on customer feedback, establishing a strong distribution network, and working towards maintaining clear, honest communication in order to stay relevant and stand out from its competition in the market.

"NOTO was born to revolutionize the way people consume sweets. It's a common myth that if it's easy on the calories, it's not going to satiate those taste buds. We aim to disrupt this misconception one dessert at a time. Finding the sweet spot between taste and health has been the brand's mission, and they've achieved it by ensuring each scoop is just as creamy and satiating as regular ice cream.

With over 6 categories ranging from fruity popsicles to mini bites of ice cream to a vegan range and even traditional Indian mithai, NOTO is for everyone who wants to make healthy living a lifestyle," says Ashni Sheth, the co-founder and marketing and communications head of NOTO. She is a communications major from St. Xavier's College, Mumbai, and design alumni from Istituto Marangoni, Milan.

The story of NOTO began when Varun Sheth, NOTOs co-founder, and product development head, came face-to-face with his battle of curbing his sweet cravings in a bid to manage his weight. "It got me thinking — life's real joy is in that extra scoop to celebrate your friend's promotion, a cupcake too many on your birthday, or more than a generous helping of cake just because. We shouldn't have to give up on that. We Indians have a strong sweet craving, but we also wish to cut down on our sugar intake for health reasons. That's when the idea of starting a brand that provides a healthier, guilt-free alternative hit us," says Varun, who holds a degree in Culinary Arts from New York.

NOTO's main mission is to spread happiness with its healthy yet tasty desserts. Each 125-ml tub of ice cream has 75–95 calories, 3 grams of fat, 75% less sugar, and more protein compared to regular ice creams. The ice creams are made of high-quality ingredients and are available in a variety of flavors, such as Dark Chocolate, Belgian Chocolate, Blueberry, Strawberry, Mangoes &Cream, Salted Caramel, and lots more. Then there is also a range of fruit popsicles that have zero added sugar and are made with 40% real fruit (unsweetened), apple concentrate (not the one that comes in a tetra pack), vitamin C, and prebiotic fiber. The selection includes flavors like Strawberry Raspberry, Kala Jamun, Orange, Piña Colada, and Mango Coconut.

NOTO also has a delightful range of vegan frozen desserts with zero added sugar and made with almond protein, in addition to ice creams and popsicles. This is because vegan is a rapidly growing category, contributing upwards of 30%. Then there are the 'Mini Bites of Ice Cream,' which are a crowd favorite. A divine combination of creamy ice cream coated with crunchy dark chocolate, each Bitecarries 30 calories and has zero added sugar. Finally, it's difficult to resist NOTO's delectable range of Indian mithais, which are made by halwais using age-old traditional techniques and the purest ingredients, all while adhering to our promise of bringing you low-calorie sweet treats with ZERO added sugar.

"When we started NOTO, it was a blank canvas; creating awareness for the category was challenging but also very fulfilling. As founders, we were present at every front-facing event or point of sale to understand and converse with our potential customers. It gave us tremendous insight into behavioral and consumption patterns, which in turn helped us tailor our strategy and communication," says Varun.

NOTO has a lot in the works, both in terms of product and geographical expansion, and the brand is determined to become a one-stop shop for all 'good for you' desserts.
"There is no set formula or key to success when one starts an entrepreneurial journey. It's a balancing act of passion and reality: being agile enough to understand what the market needs and, most importantly, listening to your consumers. It's important to celebrate milestones irrespective of how small or big they may be," says Ashni.

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Adani Group refutes The Ken’s claims regarding repayment of loans against shares

Adani Group CFO, Jugeshinder Robbie Singh, criticised the digital publication for its deliberate misrepresentation

By exchange4media Staff | Mar 29, 2023 11:41 AM   |   2 min read

adani

Adani Group has refuted The Ken’s recent claims regarding repayment of loans against shares.

On Tuesday, Adani Group CFO, Jugeshinder Robbie Singh, criticised the digital publication for its deliberate misrepresentation.

"Deliberate misrepresentation ( and if i speculate out right lies) of @TheKenWeb ( @SudzzBTS an @nimishshp) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter,"tweeted the company CFO.

In its latest article, The Ken had cited Adani group's regulatory filings and claimed the company of not paying a significant portion of the promoters' shares.

“Regulatory filings examined by The Ken show that banks have not yet released a large portion of its promoters’ shares, as they should have if the loans had indeed been completely repaid. As per Indian laws, disclosures on the release of shares need to be filed with stock exchanges by lenders within two working days, and by promoters within seven working days. But neither the Adani Group nor the lenders have made these disclosures to stock exchanges," Adani group quoted the Ken's article in its release.

Debunking the claims made in the article, the company clarified that all the pledged shares have been released subsequent to prepayments.

“As per the present rules, any share pledge or release is automatically reported by system driven disclosure (SDD) mechanism of the depository participant, and no separate filing is required to be made" said the company in its release.

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Big Bang Awards 2022: Mindshare & Wavemaker among big winners

Mondelez India was the client of the year

By exchange4media Staff | Mar 25, 2023 4:33 PM   |   1 min read

Big Bang

At the recently held Big Bang Awards 2022, organised by The Advertising Club Bangalore, Mindshare India was named the Digital Agency of the Year and Wavemaker won the Media Agency of the Year. Mondelez India was the client of the year. The Creative Agency of the Year award went to Maitri Advertising Works. Pink Lemonade was the Design Agency of the Year.

The awards for Excellence in Creative, Design, Media, Digital and Marketing were announced on March 22.

“We received over 800 entries from 51 agencies and 8 clients, from all over India. We decided to move away from the traditional venue for the event and do something completely different and we are delighted with the participation for the awards night themed “Finding the Balance,” said Laeeq Ali, President, The Advertising Club Bangalore.

The Big Bang awards were open to all members of the advertising and marketing fraternity.

The high-power jury comprised of eminent advertising, media and marketing professionals, people drawn from across the country and the APAC region. The Big Bang Awards for Excellence will celebrate market winning campaigns covering various facets of brand and marketing strategy in the ‘phygital” world and will honour the innovative work being done by Brands, Creative, Media and Digital agencies.

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Ashish Kaul chosen as Jury for Promax Awards

Kaul has spent 29 years in the global media and entertainment industry

By exchange4media Staff | Mar 24, 2023 2:08 PM   |   2 min read

Promax Awards

Promax Awards, the iconic global association for media and entertainment industry, has chosen media veteran Ashish Kaul as a coveted jury member for Promax India Regional Awards 2023.

The association represents more than 10,000 companies and individuals at every major media organization, marketing agency and research company.


Promax International/BPME (branded as Promax) sponsors awards competitions at the global level, as well as in North America, Latin America, Europe, the United Kingdom, Africa, Asia, India, Australia and New Zealand.

There is also a competition at the local level in the United States and Canada.

The award categories include network TV, TV stations, cable networks, cable systems, network radio, radio stations, syndication distributors and interactive media.

Ashish Kaul has spent 29 years in the global media and entertainment industry and served as a business leader across global organisations. He was Group President (Corporate Brand Development), Zee Network & Essel Group, Group CEO News 24, Business Head Bajaj Herbals, Business Head Hi Duma Group, CEO Prakash Jha Films among other conglomerates.

He is also a best-selling author of critically acclaimed books on women of Kashmir including Didda-The Warrior Queen of Kashmir released by Amitabh Bachchan.
Winners in the past have included FX Networks, Showtime, Red Bee Media, HBO, A&E Networks, 4Creative, Les Télécréateurs Paris, Rogers Media and Bell Media Agency.

The Promax Global Excellence and North America Awards are handed out each year at Promax’s annual conference.

The conference in June is typically held in Los Angeles at the JW Marriott at LA live or New York at the New York Hilton Midtown hotel.

The Promax Awards at Station Summit honouring local station marketing are handed out in late June at the annual Promax Station Summit event at the Mirage in Las Vegas.

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Design Doyens meet corporate honchos at BW Businessworld Future of Design  

BW Businessworld is back with the fourth edition of the BW Future of Design Summit and Awards on 6 April 2023 in Mumbai 

By exchange4media Staff | Mar 23, 2023 2:32 PM   |   2 min read

BW

Connect, Create, and Innovate with Ajay Jain, Head of Global Design Strategy, Tata Motors, Darshan Gandhi, Global Head of Design, Godrej, Pallavi Utagi, Founder & CEO, SuperBottoms, Pernia Qureshi, Creative Director, Saritoria, Gautam Sinha, Founder & Creative Director, Nappa Dori, Sonali Rastogi, Co-Founding Partner, Morphogenesis, Rahul Kadri, Partner & Principal Architect, IMK Architects, Akshat Bhatt, Principal Architect, Architecture Discipline, Anuj Sharma, Founder, Button Masala, Rahul Vohra, Actor, Himani Dehlvi, Costume Designer, Amit Khanna, Design Principal, AKDA, Pearl Uppal, Founder & Creative Director, Talking Threads, Siddharth Das, Founder, Siddharth Das Studio, Pradyumna Vyas, Former Director, National Institute of Design & Board of Member, World Design Organization and many more at the Future of Design Summit & Awards.  

BW Businessworld is back with the fourth edition of the BW Future of Design Summit and Awards on 6 April 2023 in Mumbai at the Four Seasons Hotel.  

This year the conference focuses on regenerative design. Thought leaders are emphasizing the regeneration of our economies and societies. The summit brings together design thinkers from across industries to discuss the focus on regenerative design.  

The day-long conference will see design thinkers from across sectors highlighting examples of design done right. In addition to talks and presentations, the audience will be invited to immerse themselves in workshops and masterclasses. Anuj Sharma of Button Masala will lead a workshop on an innovative method of creating clothing. The Isha Foundation will conduct a session on meditation and design for well-being. From calm to high energy, the audience can look forward to a performance by The Dharavi Dream Project.  

The day will close with the much-anticipated jury-led design awards. “The awards recognize and felicitate the best prototype and finished designs by designers, architects, innovators, and businesses. This exclusive event curated by us will cater to products from across industries that touch human lives and make them future-ready” says, Dr. Annurag Batra, Editor-in-Chief, of BW Businessworld.   

For more information please visit the event site. The Future of Design Summit & Awards 2023

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BW Wellbeing World announces 2nd edition of Better Life campaign

The event will take place on 5th April in Mumbai

By exchange4media Staff | Mar 23, 2023 2:23 PM   |   2 min read

Wellbeing

BW Wellbeing World is excited to announce the 2nd edition of their annual conclave, an extraordinary experience for everyone who's passionate about wellbeing. The event will take place on 5th April, at Four Seasons Hotel, Worli, Mumbai.

This year's event theme is "Holistic Approach Towards a Better Life." BW Wellbeing World believes that wellbeing is not just about physical fitness, but also about mental, emotional, and spiritual wellbeing. To deliver insights on this, BW Wellbeing World has curated an exciting line-up of speakers who are experts in the fields of immunity, mental wellbeing, harmony & abundance, physical fitness and technology.

The line-up of speakers includes holistic lifestyle coach Luke Coutinho, actor and casting director Abhishek Banerjee, global leading holistic health guru and corporate life coach Dr. Mickey Mehta, celebrity master Pilates instructor and Yasmin Karachiwala Body Image founder Yasmin Karachiwala, angel investor and wellness enthusiast Mira Kapoor, bestselling author and yoga Acharya Ira Trivedi, President of Divine Shakti Foundation Sadhvi Bhagawati Saraswati PhD., Buddhist teacher and spiritual speaker His Eminence the 8th Choekyong Palga Rinpoche of Ladakh, fitness and nutritional scientist and Food Darzee co-founder Dr. Siddhant Bhargava, CEO of Prime Land Promoters & Builders Sumit Singla, Director of Fortis National Mental Health Program Dr. Samir Parikh, Founder & Chairperson of Dr. Batra's Healthcare Dr. Mukesh Batra, founder & CEO of Leena Gupta Inc Leena Gupta, Managing Director of Daivik Moringa Devika Bajaj, Cancer, Nutritional & Mental Health Therapist Rachna Chhachhi, and lifestyle chef, India's Cultural Ambassador, and Tedx Speaker Chef Amrita Raichand.

In addition to the conference, the event will also feature the launch of two prestigious awards: BW Wellbeing 30under30 Awards and BW Wellbeing Person of the Year, and the 2nd edition of BW Wellbeing 40under40 Awards. Attendees will also have the opportunity to explore and browse various wellbeing products, pick up their favorite books and get a signed copy, and indulge in a delicious spread of meals.

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Dr. Subi Chaturvedi Wins LMA Outstanding Woman Achiever Award 2023

This honour recognises Dr. Chaturvedi's incredible contributions to the fields of strategic advisory, public policy, corporate affairs, and communications

By exchange4media Staff | Mar 23, 2023 10:44 AM   |   3 min read

subi

Dr. Subi Chaturvedi, Chief Corporate Affairs and Public Policy Officer, InMobi Group, was awarded the LMA Outstanding Woman Achiever (Corporate) Award 2023. The award was conferred by Sri Brijesh Pathak, Deputy Chief Minister of Uttar Pradesh, in recognition of Dr. Chaturvedi's exceptional contributions to the field of public policy, corporate affairs and her unwavering commitment to promoting responsible innovation, inclusive growth, and bridging the digital divide.

The Lucknow Management Association (LMA) hosted the event on March 21, 2023, where the best and brightest from the fields of business, public service, and entrepreneurship came together to celebrate excellence

This honour recognises Dr. Chaturvedi's incredible contributions to the fields of strategic advisory, public policy, corporate affairs, and communications, where she has made a significant impact over the past two decades.

As a global leader, Dr. Chaturvedi has worked with governments, international organisations, and multilateral institutions in leadership roles, serving as a Member of the United Nations Internet Governance Forum (MAG), Global Co-Chair of the Netmundial Initiative, and on the Boards of the UK India Business Council (UKIBC) and IGFSA.

Dr. Chaturvedi has also played a pivotal role in championing issues such as responsible innovation, inclusive growth, bridging the digital divide, and improving access for the less privileged. She has helped two sovereign countries negotiate in areas like ICT, IT, and electronics manufacturing, telecommunications, financial, digital, and health services.

Dr. Chaturvedi's impact on the industry is far-reaching and her achievements are numerous. She led the industry advocacy for central regulatory oversight for the gaming industry in India, which was formerly deemed impossible due to state-owned legislation. She successfully led and contributed to negotiations resulting in six MOUs worth over 100 million USD, creating a pipeline across manufacturing, ICT, financial, and health services between the governments of India and Saudi Arabia, ahead of HM Prince Salman’s 2019 visit to India.

Thanks to her efforts, UP has become a hub of innovation and talent, contributing to the recently concluded Global Investor Summit and G20 meetings at Lucknow. Dr. Chaturvedi has held leadership positions in the country’s leading banks, MNCs, PSUs, media and strategy companies, industry bodies, chambers, advocacy firms, and think tanks.

Dr. Chaturvedi is a leading voice for developing countries and emerging economies on a wide range of topics, such as the digital economy, global markets, deepening democracy, and disruptive technology. She is a widely published author and has been instrumental in shaping national discourse on policy interventions for unlocking the full potential of the digital economy, transforming the Indian Mobile Congress (IMC) into a credible platform for government-industry dialogue.

The LMA Outstanding Woman Achiever (Corporate) Award 2023 is a fitting tribute to Dr. Subi Chaturvedi's outstanding contributions to the industry and is a testament to her leadership, vision, and unwavering commitment to promoting innovation and progress in the field of corporate affairs. Her achievements serve as an inspiration to future generations of professionals and leaders as they strive to make their mark in their respective fields.

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Print & broadcast journalists awarded at 16th Ramnath Goenka Awards

The winners were felicitated by Dr. Justice D.Y. Chandrachud, the Chief Justice of India

By exchange4media Staff | Mar 23, 2023 10:21 AM   |   5 min read

Goenka awards

The Indian Express Group hosted the 16th edition of the Ramnath Goenka Awards for Excellence in Journalism on March 22, 2023, in Delhi, with Dr. Justice D.Y. Chandrachud, the Chief Justice of India, as the Chief Guest. The ceremony honoured journalists from both print and broadcast media who have demonstrated exceptional strength of character and integrity while reporting news under challenging or dangerous circumstances.

Addressing the audience in his speech, the chief guest of the evening, Justice D.Y. Chandrachud, Chief Justice of India, said, “The media is the fourth pillar in the conception of the State, and thus an integral component of democracy. A functional and healthy democracy must encourage the development of journalism as an institution that can ask difficult questions to the establishment – or as it is commonly known, ‘speak truth to power.’ The vibrancy of any democracy is compromised when the press is prevented from doing exactly this. The press must remain free if a country is to remain a democracy. India has a great legacy of newspapers which have acted as catalysts of social and political change. Many journalists, both in our country as well as across the world, work in difficult and unfriendly conditions. But they are relentless in the face of adversity and opposition. It is precisely this quality which must not be lost. As citizens, we may not agree with the approach that a journalist has adopted or the conclusions that they reach. I, too, find myself disagreeing with many journalists. After all, who amongst us agrees with all other people? But disagreement must not distort into hatred and hatred must not be permitted to evolve into violence.”

Adding to this, Viveck Goenka, CMD, Indian Express group, says: “An independent judiciary and an independent press are -- and will remain -- inalienable parts of our democracy. Do what is right irrespective of who is before you, who it’s affecting, and, in this case, who you are challenging” and lauding the CJI’s work, the CMD said “his innovative initiatives to open up court hearings; his use of technology to increase public access to the bench; his moves to bring transparency into the court’s decision-making; his thoughtful, nuanced reflections on the role of the court and its limitations; his acknowledgements of differences. All these are enduring reforms that, I am sure, will strengthen the judiciary and deepen public trust in it.”

Raj Kamal Jha, Editor-in-chief, The Indian Express, said, “The evening was a “very special story”. 37 pieces of powerful reporting from 27 newsrooms, two books that enriched our understanding of what shaped India and a wonderful applause that cuts across party lines.” Thanking the Chief Justice, he said “Your vision for a free media and your notes of caution affirm our faith that the Supreme Court will remain to borrow a metaphor you used in your recent speech, the north star. For journalists and journalism, year after year, case after case, the star light has illuminated the road ahead. From scrapping teh ban of a publication, Romesh Thapar 1950 to protecting the media from executive interference in Indian Express 1984, to extending free speech online, Shreya Singhal 2015 to ensuring journalists personal liberty in Arnab Goswami 2020, the court has kept pushing back at the state to expand our freedoms. That’s why when the lights dim, when a reporter is arrested under a law meant for terrorists, when another is arrested for asking a question, when a university teacher is picked up for sharing a cartoon, a college student for a speech, a film star for a comment, or when a rejoinder to a story comes in the form of a police FIR, we turn to the north star for its guiding light. More so as Chairman Mr Viveck Goenka said a free media and an independent court are kindred spirits. The health of one has serious implications for the health of the other. Both secure an invaluable space. The work we celebrate this evening comes from that space. “Thank you to the winners, we know that an abusive social-media post is more fun to read, summoning righteous rage, needs no effort, being afraid is very easy, but its reporting like yours with fairness and accuracy, with a rigour for detail and a respect for the contrary that best makes the case for journalism.”

The winners of the 15th & 16th Ramnath Goenka Awards for Excellence in Journalism which were felicitate during the event are:

 

S.No

Media

Award Categories

Year

Name

Publication

1

Print

Hindi

2019

Anand Choudhary

Dainik Bhaskar

2

Broadcast

Sushil Kumar Mohapatra

NDTV India

3

Print

Hindi

2020

Jyoti Yadav

The Print

4

Print

Bismee Taskin

The Print

5

Broadcast

Ashutosh Mishra

Aaj Tak

6

Print

Regional Languages

2019

Aniket Vasant Sathe

Loksatta

7

Broadcast

Sunil Baby

Media One TV

8

Print

Regional Languages

2020

Sreelakshmi M

Mathrubhumi.Com

Rose Maria Vincent

Mathrubhumi.Com

Shabitha Mk

Mathrubhumi.Com

9

Broadcast

Shrikant Bangale

BBC News Marathi

10

Print

Uncovering India Invisible

2019

Shiv Sahay Singh

The Hindu

Broadcast

Tridip K Mandal

The Quint

Print

Uncovering India Invisible

2020

Team

Thomson Reuters

11

Broadcast

Sanjay Nandan

ABP News

12

Print

Reporting on Politics and Government

2019

Dheeraj Mishra

The Wire

Broadcast

Seemi Pasha

The Wire

13

Broadcast

Reporting on Politics and Government

2020

Bipasha Mukherjea

India Today TV

14

Print

Environment, Sciences and Technology  Reporting

2019

Team PARI

People's Archive Of Rural India

15

Broadcast

Team Scroll.in

Scroll.in

16

Print

Environment, Sciences and Technology  Reporting

2020

Manish Mishra

Amar Ujala

17

Broadcast

Faye D'Souza

Freemedia Interactive

Arun Rengaswamy

Freemedia Interactive

19

Print

Business & Economic Journalism

2019

Sumant Banerji

Business Today

21

Broadcast

Ayushi Jindal

India Today TV

Print

Business & Economic Journalism

2020

Omkar Khandekar

HT Mint

23

Print

Investigative Reporting

2019

Kaunain Sheriff M

The Indian Express

25

Broadcast

S. Mahesh Kumar

Manorama News

Print

Investigative Reporting

2020

Tanushree Pandey

India Today

27

Broadcast

Milan Sharma

India Today TV

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