MAM
Smile Group names Gagandeep Singh Bedi to lead Healthtech venture builder in Asia
MUMBAI: Smile Group has taken a bold step into Healthtech. The tech investment and venture-building firm has named pharma industry veteran Gagandeep Singh Bedi as managing partner to lead its new Healthtech Venture Builder initiative, marking its formal foray into a space projected to hit $50 billion across APAC.
With more than 25 years of leadership experience at Astrazeneca, Boehringer Ingelheim, Eli Lilly, and Baxter, Bedi brings both gravitas and grit to the new role. At Astrazeneca India, he steered a turnaround that doubled market growth and tripled market capitalisation to $1 billion, while also contributing to India’s Covid-19 vaccine rollout.
Bedi has been actively involved in India’s startup ecosystem, leading healthcare innovation partnerships with IIT Kanpur and the India-Sweden Healthcare Innovation Centre, alongside early-stage bets in Healthtech startups focused on coronary and oncology care.
“Smile Group’s strong track record in scaling impactful, tech-forward ventures across Asia is something I’ve always deeply respected”, said Bedi. “Their unique approach—combining capital with deep operational support—resonates strongly with my focus on partnering with mission-driven startup founders”.
Smile Group founder & CEO Harish Bahl added, “With AI in healthcare becoming a $50B+ opportunity across APAC, and India’s market growing at 42 per cent annually, the pace of change in Healthtech is phenomenal. Gagandeep’s rare combination of corporate leadership and Healthtech experience makes him the ideal fit”.
The venture builder will focus on co-creating disruptive Healthtech businesses across Asia by combining Smile’s capital firepower and founder-first model with Bedi’s domain expertise and deep ecosystem connects.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
