Company lists
The Bhiwandi edition · 2026

Startupcompanies in Bhiwandi

Fashion, warehousing & logistics, waste & water, food & pets, e-commerce and more: the companies building startup in Bhiwandi, with their founders, funding, team size and business models.

60 company profiles12 with reported revenue0 with recorded fundingOctober 2026 edition
Bhiwandi · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent startup business events in India

Funding, M&A, contract wins and launches involving 336,782 startups in India, last 24 months: 5750 Contracts · 4578 M&A deals · 2520 funding rounds · 1371 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

FundingEquity partnership

Fittr

This is a fitness startup called FITTR. The company has shared information about Rohit Sharma becoming an equity partner. However, the amount of money they have invested is revealed there.

Investors Rohit sharma
Fitness and wellness
M&AAcquisition · Announced

Meesho acquires Kirana club

The renowned e-commerce company Meesho has acquired the platform 'Kirana Club' which serves small retailers. The deal of around ₹202 crore has given the opportunity to the existing…

Small retailers
ContractMaintenance

Na · client: Military Engineer Services

Military Engineer Services (MES) has invited bids for the comprehensive operation and maintenance (O&M) of 4 MW and 2 MW solar projects at the Army area in Jodhpur, Rajasthan.

Clean Energy / Solar
M&AAcquisition · Completed

Creative group acquires Yogosha

This company is involved in intertwining tests (pentests), security audits, bug bounty and identification of computer vulnerabilities. It was bought by Creative Group at the court's helm…

Cybersecurity
M&AAcquisition · Announced

Adani energy solutions acquires IntelliSmart Infrastructure

Adani Energy Solutions (AESL) has signed a binding securities purchase and subscription agreement to acquire 100% of the equity in smart metering company IntelliSmart Infrastructure.

Smart Metering
M&AAcquisition · Announced

Adani energy solutions acquires Intellismart

Adani Group's Adani Energy Solutions (AESL) has announced its 100% acquisition of IntelliSmart Infrastructure Private Limited, playing a big stake in India's smart metering sector. The…

Smart metering
FundingSeed

Elevate now

Elevate Now received Rs. 18 crores in seed funding to build on its data-driven platform for weight management.

LaunchSkoda Kodak RS

Skoda

In this context, these two giants are now preparing to bring two new SUVs and two new sedans to India. These include the new compact SUV from Volkswagen, along with the Skoda Kodak RS.

SUV
ContractInfrastructure

Sar Transport Systems · client: Food Corporation of India (FCI)

Other entities include SAR Transport Systems, Sabina Arora consortiums and Shree Karni traders.

Agriculture / Storage Infrastructure
ContractMaintenance

Steag energy services · client: Bharat

STEAG Energy Services (India), a wholly-owned stepdown subsidiary of the Company has been awarded an order from Bharat Aluminium Company regarding '1740 MW Power Plant Operations and…

Infrastructure
ContractInfrastructure

Bharat heavy electricals · client: Meja Urja Nigam

Shares of state-owned Bharat Heavy Electricals Limited went up by over 2 per cent on Friday after the engineering major secured an order worth over Rs 21,000 crore from Meja Urja Nigam…

Power
ContractService

Lohum · client: Hindustan copper

Hindustan Copper Limited (HCL) has awarded LOHUM the rights to restart, upgrade, and maintain the 50,000 tonne-per-annum Copper Project at Jhagadia, Gujarat, under a 20-year…

Copper
ContractService

Innovision · client: NHAI (National Highways Authority of India)

Innovision has secured a Letter of Award (LoA)/work order worth around Rs 26.35 crore from NHAI (National Highways Authority of India).

Infrastructure
LaunchAgentic Development & Modernization Services

Tech mahindra

Tech Mahindra has announced the launch of Agentic Development & Modernization Services, a next-generation services portfolio designed to empower enterprises modernize how applications…

AI-driven application development and modernization services
M&AAcquisition · Rumored

Yatra online acquires Yatra Online's founders

Yatra Online's founders are reportedly in talks to sell a controlling stake. Feelers have been sent to rivals like MakeMyTrip, Paytm Travel, Rapido, and Ixigo, along with a private…

Online travel
ContractInfrastructure

Bhel · client: Meja Urja Nigam

BHEL announced it has bagged an order worth Rs 21,000 crore for the development of a thermal power plant in Uttar Pradesh, awarded by Meja Urja Nigam Private (MUNPL).

Energy
ContractSupply

Abb · client: Cochin shipyard

Technology company ABB has won a contract from India's Cochin Shipyard to supply power and propulsion systems for two electric harbour tugs being built for Polestar Maritime.

Marine
ContractSupply

Bharat heavy electricals · client: Dangote Petroleum Refinery & Petrochemicals Free Zone Enterprise

Bharat Heavy Electricals Limited (BHEL) signed a contract on 2 June 2026 with Dangote Petroleum Refinery & Petrochemicals Free Zone Enterprise in Nigeria for a refinery and petrochemical…

Energy
ContractService

Indian overseas bank · client: National

National Aluminium Company Limited (NALCO) has signed a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB) to roll out a Corporate Salary Package for its employees.

Banking
LaunchWagon R Flex Fuel

Maruti Suzuki

Maruti Suzuki India shares traded higher on June 4 after the country's largest carmaker launched a flex-fuel version of the Wagon R, becoming the first passenger vehicle in India to be…

Automotive
LaunchWagon R

Maruti suzuki india

Maruti Suzuki India Ltd has launched India's first flex-fuel car which gives the flexibility to customers to run on any blend of ethanol and petrol from E20 toE100.

Automobile
LaunchBeer

Medusa Beverages

Beer maker Medusa Beverages has entered South India, launching in Karnataka with plans for extensive retail reach.

Beer
LaunchLogistics and Warehousing Policy

Delhi government

The Delhi Government is preparing to launch a new Logistics and Warehousing Policy aimed at improving freight movement, reducing congestion, and attracting investment in the Capital,…

Logistics
M&AAcquisition · Announced

True north acquires Cloudnine

True North looks to sell Cloudnine stake

Healthcare - fertility and maternity care
FundingFinancing

Avaada group

Renewable energy company Avaada Group has secured $950 million in financing from a consortium of global and domestic banks for renewable energy projects in India.

Renewable energy
FundingSeries Funding

Paytm

Digital payments major Paytm is looking at raising another round of funding of $1 billion, and is in discussion with multiple investors, including former UK Prime Minister David Cameron,…

Investors David Cameron
Digital payments
ContractInfrastructure

Bajel Projects · client: Datacenter Client

Bajel Projects has received a mega EPC contract from Datacenter Client (Mumbai) for design, engineering, procurement, supply, erection, testing, commissioning and performance testing of…

Infrastructure
LaunchNaturally degradable milk pouch (Cow Milk variant)

Mother dairy

Mother Dairy has announced the launch of what it describes as India's first naturally degradable milk pouch in soil. The packaging innovation will be introduced through the company's Cow…

Dairy / Packaging
M&AAcquisition · Announced

Mankind Lifesciences (MLS) acquires Upakarma ayurveda

Mankind Pharma's wholly owned subsidiary (WOS) -- Mankind Lifesciences (MLS) has acquired the remaining 10% stake of Upakarma Ayurveda (Upakarma) from Kaushcorp Media LLP through a share…

Ayurveda/Pharmaceutical

Startup companies in Bhiwandi, by funding and team

Few startups in Bhiwandi publish revenue, so this list compares what is on record instead: recorded equity funding, team size, revenue model, age and stage. The 50 companies below lead on recorded funding and team size among 60 active companies.

Showing 25 of 50

Provider of an online food ordering platform

Food tech
—None recorded
7-8% 12 mo to Jul 2024LinkedIn · Jul 2026
E-commerce - service / Fee-for-service
7 yr2019
0none in 3 months

Manufacturer and supplier of radiators

Auto components
—None recorded
18-17% 12 mo to Sep 2024LinkedIn · Jul 2026
E-commerce - product / Physical commerce
15 yr2011
0none in 3 months

Manufacturer of aroma and fragrances products

Beauty & personal care products
—None recorded
26+39% 12 mo to Aug 2024LinkedIn · Jul 2026
E-commerce - product
15 yr2011
0none in 3 months

Manufacturer of diverse textiles including apparel, automotive, home, sports, and technical applications

Home furnishing products
—None recorded
29-12% 12 mo to Sep 2024recorded Sep 2024
E-commerce - product / Physical commerce
15 yr2011
0none in 3 months

Provider of health supplements for pets

Pet tech
—None recorded
21-4% 12 mo to Jan 2018recorded Jan 2018
E-commerce - product
13 yr2013
—No postings tracked

Manufacturer of customised industrial and automation machines

Industrial robotics
—None recorded
20+11% 12 mo to Sep 2024recorded Sep 2024
E-commerce - product / Physical commerce
14 yr2012
0none in 3 months

Provider of water and wastewater treatment solutions for industrial applications

Water and wastewater management tech
—None recorded
18LinkedIn · Jul 2026
Fee-for-service
13 yr2013
0none in 3 months

Manufacturer of sustainable and blended fabrics for apparel and home furnishings

Home furnishing products
—None recorded
9LinkedIn · Jul 2026
E-commerce - product
8 yr2018
0none in 3 months

Provider of orthopaedic and diabetic footwear for men and women

Fashion tech
—None recorded
—Not available
E-commerce - product
13 yr2013
0none in 3 months

Provider of enzyme-based nutritional supplement for livestock animals

Livestock tech
—None recorded
7LinkedIn · Jul 2026
E-commerce - product
8 yr2018
0none in 3 months

Online B2B platform offering a wide range of office supplies

B2b e-commerce
—None recorded
—Not available
E-commerce - product
5 yr2021
0none in 3 months

Internet first brand offering customized tailored shirts

Fashion tech
—None recorded
—Not available
E-commerce - product
6 yr2020
0none in 3 months

Online platform offering luxury ethnic wear products for men, women, and kids

Fashion tech
—None recorded
204LinkedIn · Jul 2026
E-commerce - product
15 yr2011
0none in 3 months · last posted Feb 2026

Retailer of dog products and accessories

Pet tech
—None recorded
—Not available
E-commerce - product
4 yr2022
0none in 3 months

Platform offering baked millet snacks

Food & beverage products
—None recorded
7LinkedIn · Jul 2026
E-commerce - product / Physical commerce
5 yr2021
—No postings tracked

Internet first brand offering backpacks

Fashion tech
—None recorded
—Not available
E-commerce - product
13 yr2013
—No postings tracked

Distributor of food products

Food distributors
—None recorded
8LinkedIn · Jul 2026
E-commerce - product
12 yr2014
—No postings tracked

Brand of bags and footwear

Fashion accessories
—None recorded
4LinkedIn · Jul 2026
E-commerce - product
14 yr2012
0none in 3 months

Designs and develops industrial electronic systems

Electronic manufacturing services
—None recorded
5LinkedIn · Jul 2026
E-commerce - product / Physical commerce
11 yr2015
—No postings tracked

Online fashion brand offering multi-category formal wear for men

Apparel brands
—None recorded
—Not available
E-commerce - product
13 yr2013
—No postings tracked

Operator of online platform providing access to casino gaming via UPI

Gambling tech
—None recorded
6LinkedIn · Jul 2026
Commission on transaction / E-commerce - service
4 yr2022
—No postings tracked

Provider of complete waste management, e-waste recycling, and EPR services

Waste & water management
—None recorded
2LinkedIn · Jul 2026
Fee-for-service
5 yr2021
0none in 3 months · last posted Jul 2025

Manufacturer of legwear products using supreme threads, offering a variety of cotton, wool, and viscose socks

Fashion accessories
—None recorded
4LinkedIn · Jul 2026
E-commerce - product
8 yr2018
—No postings tracked

Chain of eye care hospitals

Hospital chains
—None recorded
—Not available
Fee-for-service
6 yr2020
—No postings tracked

Food ordering and delivery app

Food tech
—None recorded
28LinkedIn · Jul 2026
E-commerce - product / E-commerce - service
7 yr2019
0none in 3 months
50 of 60 companies shown here · the full list is on Radar
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Explore startups in Bhiwandi by what you are looking for

Browse startups in Bhiwandi, from fashion and apparel brands to warehousing and logistics, food and pet brands. You can also see top startups in Bhiwandi founded recently and startups hiring now.

8 ways to explore startup in Bhiwandi

Fashion, apparel & accessories startupsWarehousing & logistics companiesWaste, recycling & water management startupsFood, snacks & pet brandsE-commerce & online retail startupsManufacturing, robotics & IT startups

Fashion, apparel & accessories startups

Internet-first clothing, footwear, bags and accessories brands.

  1. BKMPL

    Manufacturer of diverse textiles including apparel, automotive, home, sports, and technical applications

    Home furnishing products
    See in list
  2. Doctor Extra Soft

    Provider of orthopaedic and diabetic footwear for men and women

    Fashion tech
    See in list
  3. Indoweave

    Manufacturer of sustainable and blended fabrics for apparel and home furnishings

    Home furnishing products
    See in list
  4. 15Buttons

    Internet first brand offering customized tailored shirts

    Fashion tech
    See in list
  5. MirrawLuxe

    Online platform offering luxury ethnic wear products for men, women, and kids

    Fashion tech
    See in list

Warehousing & logistics companies

Providers of warehouse space, storage, transportation and supply chain software.

  1. Madon Pure Foods

    Distributor of food products

    Food distributors
    See in list
  2. Mindwise

    Provider of warehousing, logistics, and other services

    Warehousing
    See in list
  3. DIAL

    Provider of warehouse space, transportation, logistics, material handling, and equipment services

    Warehousing
    See in list
  4. Robin Enterprises

    Provider of warehousing, storage, and other services

    Warehousing
    Website
  5. Connect My B2B

    Online platform offering supply chain management solutions

    Scm software
    See in list

Waste, recycling & water management startups

Companies in waste management, e-waste recycling and water treatment.

  1. Clear Water

    Provider of water and wastewater treatment solutions for industrial applications

    Water and wastewater management tech
    See in list
  2. Sanjari Recycling

    Manufacturer of pharmaceutical preparations and provider of contract manufacturing services

    Waste & water management
    See in list
  3. We The Recycling

    Provider of complete waste management, e-waste recycling, and EPR services

    Waste & water management
    See in list
  4. V Kwality Electromech

    Provider of waste recycling services

    Waste & water management
    Website

Food, snacks & pet brands

Food ordering apps, packaged snack brands and pet supplies.

  1. Mirek

    Provider of food packaging services

    Food packaging
    See in list
  2. Nutranovel additives

    Provider of enzyme-based nutritional supplement for livestock animals

    Livestock tech
    See in list
  3. Venttura

    Provider of health supplements for pets

    Pet tech
    See in list
  4. Crisfood

    Food ordering and delivery app

    Food tech
    See in list
  5. Jedlo

    Provider of an online food ordering platform

    Food tech
    See in list

E-commerce & online retail startups

Online stores and marketplaces selling multi-category consumer products.

  1. Doctor Extra Soft

    Provider of orthopaedic and diabetic footwear for men and women

    Fashion tech
    See in list
  2. Venttura

    Provider of health supplements for pets

    Pet tech
    See in list
  3. WisyCart

    Online B2B platform offering a wide range of office supplies

    B2b e-commerce
    See in list
  4. 15Buttons

    Internet first brand offering customized tailored shirts

    Fashion tech
    See in list
  5. MirrawLuxe

    Online platform offering luxury ethnic wear products for men, women, and kids

    Fashion tech
    See in list

Manufacturing, robotics & IT startups

Industrial robotics, electronics manufacturing, auto parts and IT services companies.

  1. G E W Radiators

    Manufacturer and supplier of radiators

    Auto components
    See in list
  2. Automations Machine Tools

    Manufacturer of customised industrial and automation machines

    Industrial robotics
    See in list
  3. Nexgen Electrotech

    Designs and develops industrial electronic systems

    Electronic manufacturing services
    See in list
  4. Anstrack

    It provides government-approved GPS tracking solutions

    Geographic information systems services
    See in list
  5. KB Bicycles

    Manufacturer of bicycles, including mountain, city, hybrid, electric, and children’s

    Bicycle manufacturers
    See in list

New startups in Bhiwandi

Companies in Bhiwandi founded in the last few years.

  1. WisyCart

    Online B2B platform offering a wide range of office supplies

    B2b e-commerce
    See in list
  2. Pawpular

    Retailer of dog products and accessories

    Pet tech
    See in list
  3. Rightcrunch

    Platform offering baked millet snacks

    Food & beverage products
    See in list
  4. Line Artists

    Operator of online platform providing access to casino gaming via UPI

    Gambling tech
    See in list
  5. We The Recycling

    Provider of complete waste management, e-waste recycling, and EPR services

    Waste & water management
    See in list
22 companies in Bhiwandi

Startups hiring in Bhiwandi

Bhiwandi startups currently recruiting.

  1. Capitalsofts

    Provider of customized surveillance system and total implementation services

    Physical security services
    See in list
  2. MirrawLuxe

    Online platform offering luxury ethnic wear products for men, women, and kids

    Fashion tech
    See in list
  3. We The Recycling

    Provider of complete waste management, e-waste recycling, and EPR services

    Waste & water management
    See in list
  4. KB Bicycles

    Manufacturer of bicycles, including mountain, city, hybrid, electric, and children’s

    Bicycle manufacturers
    See in list
4 companies in Bhiwandi
The business behind the activity

Startup financials in Bhiwandi

Revenue, profit and growth from the filed annual accounts of 12 startups in Bhiwandi for FY24-25 — 12 of the 60 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 88% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹314.23 cr

12 companies filing accounts

combined net profit₹5.79 cr

1.8% aggregate margin

are profitable83%

10 of 12 companies

median revenue~₹8.4 cr

the typical company

median revenue growth+15%

into FY24-25

earned by the top five88%

revenue concentration

Six-year view

Combined revenue of filing companies

₹196.33 crFY19-205 filers
₹143.17 crFY20-216 filers
₹204.77 crFY21-229 filers
₹261.61 crFY22-2310 filers
₹291.52 crFY23-2411 filers
₹314.23 crFY24-2512 filers

The number of companies filing changes each year; the three-year cohort below compares like with like.

Like-for-like

The same 9 companies over three years

+13%
FY22-23₹258.00 cr₹7.91 cr net
FY23-24₹279.61 cr₹7.54 cr net
FY24-25₹292.19 cr₹5.51 cr net

Companies with accounts for all three years, so growth is not an artefact of who filed.

Scale and profit

Bigger companies are far more often profitable

Under ₹1 cr1100% profitable
₹1–10 cr683% profitable
₹10–100 cr475% profitable
₹100–1,000 cr1100% profitable
Over ₹1,000 cr0—

Companies by FY24-25 revenue. Bars show how many companies sit in each band.

Momentum

How fast revenue moved into FY24-25

Shrinking4
0–20%3
20–50%1
50–100%1
Doubled+2

11 companies with accounts for both years; median growth +15%.

Profitability

Profit is concentrated at the top

10profitable
2loss-making
1.8%aggregate margin
3.6%median margin

The aggregate margin is pulled up by a few large filers; the median shows the typical company.

Growth leaders · ₹10 cr+ revenue

Fastest growing, FY24-25

CompanyGrowthRevenue
Clear WaterCLEAR WATER RESEARCH & INFRA PRIVATE LIMITED+59%₹18.24 cr
MirekMIREK THERMOFORMERS PRIVATE LIMITED
G E W RadiatorsGEW RADIATORS INDIA PRIVATE LIMITED+15%₹54.96 cr
BKMPLBEST KNITTING MILLS PRIVATE LIMITED-3%₹145.48 cr
Involve Your Senses Car PerfumeCANOPY ESSENCE PRIVATE LIMITED-9%₹29.99 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
Involve Your Senses Car PerfumeCANOPY ESSENCE PRIVATE LIMITED6.8%₹29.99 cr
G E W RadiatorsGEW RADIATORS INDIA PRIVATE LIMITED5.1%₹54.96 cr
BKMPLBEST KNITTING MILLS PRIVATE LIMITED0.3%₹145.48 cr
Clear WaterCLEAR WATER RESEARCH & INFRA PRIVATE LIMITED0.2%₹18.24 cr
Leaders

Largest startups by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
BKMPLBEST KNITTING MILLS PRIVATE LIMITED₹145.48 cr₹46.03 lakh0.3%-3%
G E W RadiatorsGEW RADIATORS INDIA PRIVATE LIMITED₹54.96 cr₹2.82 cr5.1%+15%
Involve Your Senses Car PerfumeCANOPY ESSENCE PRIVATE LIMITED₹29.99 cr₹2.05 cr6.8%-9%
MirekMIREK THERMOFORMERS PRIVATE LIMITED
Clear WaterCLEAR WATER RESEARCH & INFRA PRIVATE LIMITED₹18.24 cr₹3.27 lakh0.2%+59%
Doctor Extra SoftSS FAMILY FOOTWEAR PRIVATE LIMITED₹9.08 cr₹23.49 lakh2.6%+315%
Pandey LogisticsPANDEY LOGISTICS PRIVATE LIMITED₹7.67 cr-21%
CapitalsoftsCAPITAL SOFTS SECURE PRIVATE LIMITED
IndoweaveINDOWEAVE TEXTILES PRIVATE LIMITED₹5.93 cr₹34.85 lakh5.9%+18%
Automations Machine ToolsAUTOMATIONS MACHINE TOOLS PRIVATE LIMITED₹5.28 cr₹16.63 lakh3.1%—
Some figures are available to Radar members.Log in to Radar to see every figure

Standalone annual accounts filed with the Ministry of Corporate Affairs. Brands that share one legal entity are shown together and counted once.

For investors and data teams

Put this intelligence into your own tools

The figures on this page come from Fliar’s company, funding and MCA filings data. Use it through the Investor Intelligence API and MCA financials feeds, or explore every company, filing and investor in Radar.

Capital & corporate activity

Startup funding and M&A across India

37,239 recorded equity rounds have gone to 336,782 startups in India — how much, at which stage, into which sub-sectors, from whom, and how Bhiwandi compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months937

US$8.43bn

equity rounds, last 24 months3467

US$23.98bn

raised over five yearsUS$121.75bn

17,208 rounds in India

M&A deals, India4578

last 24 months

Capital by year

Equity funding into startup in India

amount rounds
$15bn20182493
$19bn20192842
$37bn20202774
$38bn20213915
$29bn20224039
$16bn20233121
$17bn20243117
$15bn20252377
$6.6bn2026639

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2021, with US$37.99bn across 3915 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$1.16bn2,889 rounds · median US$111k
SeedUS$9.20bn9,663 rounds · median US$464k
Series AUS$16.95bn2,388 rounds · median US$4.09m
Series BUS$16.36bn1,023 rounds · median US$10.65m
Series CUS$14.69bn500 rounds · median US$21.22m
Series D+US$45.54bn619 rounds · median US$30.12m
Private equityUS$7.52bn90 rounds · median US$52.32m
Where the money went · five years

Most-funded sub-sectors

Horizontal e-commerceUS$5.93bn74 rounds · 36 companies
Electric vehiclesUS$5.50bn455 rounds · 172 companies
Online groceryUS$5.35bn517 rounds · 186 companies
PaymentsUS$4.90bn273 rounds · 124 companies
Alternative lendingUS$4.87bn515 rounds · 228 companies
Consumer and sme loansUS$4.12bn189 rounds · 83 companies
Solar energyUS$3.38bn122 rounds · 64 companies
Corporate activity · last 24 months

M&A in India

4168Acquisition
354Merger
16Announced

Most active acquirers

  1. Na78
  2. Nazara technologies40
  3. Adani group37
  4. Ambuja cements35
  5. Wipro30

Most acquired or merged

  1. Jaiprakash Associates39
  2. Rajasthan royals37
  3. Na29
  4. Yes bank18
  5. Orient cement16

Each deal appears in the events strip at the top of the page.

Founders and momentum in Bhiwandi

Meet the people behind startups in Bhiwandi. 22 of 60 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Keep exploring startup in India and nearby markets.

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