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THE PRIDE MONTH!! –
HOW DID THE RAINBOW
FLAG BECOME A SYMBOL
OF LGBTQ PRIDE?
The rainbow flag was created in 1978 by artist, designer,
Vietnam War veteran and then-drag performer, Gilbert
Baker. He was commissioned to create a flag by another
gay icon, politician Harvey Milk, for San Francisco’s annual
BHARATPE pride parade.
The different colors within the flag were meant to
ACQUIRED LOYALTY represent togetherness, since LGBT people come in all
races, ages and genders, and rainbows are both natural
PLATFORM PAYBACK and beautiful. The original flag featured eight colors,
each having a different meaning. At the top was hot pink,
INDIA AS ITS FIRST which represented sex, red for life, orange for healing,
yellow signifying sunlight, green for nature, turquoise
ACQUISITION to represent art, indigo for harmony, and finally violet
at the bottom for spirit.
Later, because of the production issue, the pink and
Merchant payment and lending service provider BharatPe turquoise stripes were removed and indigo was replaced
has acquired Payback India from American Express and by basic blue, which resulted in the contemporary six-
ICICI Investments Strategic Fund, which hold 90% and striped flag (red, orange, yellow, green, blue, and violet).
10% stake, respectively. Today this is the most common variant of the rainbow
flag, with the red stripe on top, as in a natural rainbow.
Launched in 2010, Payback India is a multi-brand loyalty The various colors came to reflect both the immense
programme which has a user base of over 100 in the diversity and the unity of the LGBTQ community.
country. It has a network of more than 100 offline and
online partners and allows its customers to earn and
redeem points on every transaction at its partner merchant
outlets.
The acquisition is a part of BharatPe’s strategy to build
a robust and engaged network of over 20 million small
merchants by 2023, the statement said.
FOUR FIRMS LINED UP Steel producer Shyam Metalics
and Energy Ltd
FOR INITIAL PUBLIC Blackstone-backed auto parts
maker Sona BLW Precision
Forgings
OFFERINGS, EYES ₹9,132 General Atlantic-backed
hospital chain Krishna Institute
CRORE COLLECTIVELY TPG Capital-backed Dodla Dairy
of Medical Science (KIMS)
COMPANY IPO SIZE (RS. CR) DATES PRICE BAND
SHYAM METALICS 909 14-16 JUNE INR 303-306
KRISHNA INSTITUTE OF MEDICAL SCIENCE (KIMS) 2143 16-18 JUNE INR 815-825
SONA BLW PRECISION FORGINGS 5550 14-16 JUNE INR 285-292
DODLA DAIRY 530 16-18 JUNE INR 421-428
SOURCE: NSE
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