Be it rain or shine, summer or winter, fresh marginal fruit retailers from the National Capital Region routinely scour wholesale mandis at the crack of dawn to procure their daily stock. But by the time it reaches retail markets, much of the stockpile is sold at a fraction of its original value due to massive waste. In fact, nearly 18% of India’s fruits and vegetables are wasted annually, costing the economy an estimated INR 13,300 Cr, per a 2023 research by IJCRT. The global scenario also remains a cause of concern, with 40-50% of root crops, fruits and vegetables wasted each year.

Plugging these gaps is far more complicated than it may seem at first. Consider this: India is the world’s second-largest producer of fruits and vegetables after China. And it harvested 112.62 Mn metric tonnes of fruits alone in FY24. Yet, nearly 69% of smallholder farmers lack access to cold storage facilities within a 10 km radius of their land, according to a survey by Sambodhi Research and the Transform Rural India Foundation (TRIF). Additionally, there is a complex maze of challenges, including poor handling, lack of temperature-controlled transportation and delay in distribution, which systematically degrades product quality.

However, Fresh From Farm (F3), a B2B2C platform set up by Rohit Nagdewani in 2021, is now changing the rules of the game. By streamlining procurement, sorting, grading and deliveries, the full-stack platform caters to 400-500 marginal fruit retailers every day across Delhi NCR, including large- and small-format stores and stationery hawkers (fixed-location vendors, unlike door-to-door fruit peddlers). At any given time, its stock-keeping unit basket offers more than 15 premium products, depending on the season.

The startup sources fruits directly from farmers and orchards across India, cutting out intermediaries to reduce transit time and product costs.

“Fruits arrive at our central processing unit in Chattarpur at around 4-5 in the afternoon and are on their way to vendors the next morning. Vendors can place orders through F3’s easy-to-use app at night and receive their deliveries between 7:30 and 8 am, pre-sorted, pre-graded and ready for sale. This just-in-time inventory system prevents stock from piling up and minimises the time fruits stay in storage,” said Nagdewani. 

The platform also uses temperature-controlled storage and transportation so that the produce remains as fresh as possible upon delivery. 

Fresh From Farm has opted for machine learning algorithms to analyse sales and other relevant data and forecast the quantities and fruit grades a vendor can sell within a fixed timeframe. This predictive demand analysis ensures retailers stock only what they need, avoiding over-purchasing and excess inventory. Unlike traditional wholesale markets, F3 does not enforce minimum order quantities (MOQs), allowing retailers to buy what they need and thus reducing unsold stock.  

“We don’t just provide a service. We are solving a critical issue in India’s fruit supply chain,” said Nagdewani. “By managing everything in-house, we have better control over quality, can bring down post-harvest losses and maintain a just-in-time inventory system. These solutions reduce food waste and enhance food quality and safety.”

As the startup simplifies the chaotic pre-sales processes, retailers can skip their tedious early-morning trips to the mandis, negotiations with multiple suppliers and the hassles of sorting. Instead, they can focus more on their customers, sales and business development.

“Our business model has been a game-changer for marginal fruit retailers, giving them 18-20% more earnings than the traditional method,” claims Nagdewani.

F3 aims to achieve INR 300 Cr over the next 15-18 months and has introduced its private-label offering to reach the target. It sells branded fruits across five categories – apples, blueberries, kiwis, watermelons and bananas – and claims that 15-20% of its revenue now comes from private labels. The startup has raised $2.5 Mn and is reportedly in talks to raise another round to fund its growth.   

From Automotive To Hydronics To Fresh Fruit Supply: An Evolving Journey

Nagdewani is a serial entrepreneur whose journey is full of twists and turns. He started as an automotive journalist but soon launched an ecommerce platform selling automotive accessories. The business became a top seller in major marketplaces like Amazon, Flipkart and ShopClues.

However, farming ultimately caught his interest. By 2017, he delved into hydroponics (growing plants in nutrient-rich water instead of soil), intrigued by its vast potential in urban farming. The experience initially exposed him to the challenges faced by farmers, from inconsistent demand to supply chain inefficiencies. During the Covid-19 pandemic, the idea for Fresh From Farm began to take root.

“We produced exotic herbs and vegetables at Farming V2, my hydroponics startup. Then, the pandemic struck and disrupted the traditional supply chain. So, I took it upon myself to deliver fresh greens to society stores, ensuring uninterrupted supply during a critical time. That was when customers frequently asked for fresh fruits, and I saw the gaps in the supply chain. This got me thinking, and I pivoted from Farming V2 to Fresh From Farm for efficient, high-quality fruit procurement and delivery,” the founder said.

How Fresh From Farm Builds A Better Supply Chain With A Five-Point Strategy

Fresh From Farm’s operations are built on a technology-driven foundation, focusing on innovation, efficiency and sustainability. The B2B2C platform has developed a five-point business strategy and a proprietary tech stack, taking charge of the end-to-end solutions required by fresh marginal fruit retailers. Here is a quick look at F3’s key operational features:

Pan-India procurement for variety and easy access: The startup is operational in Delhi NCR, but the team has adopted a forward-thinking strategy and a big agenda. “We have a pan-India procurement team [about 8 members] that can get all seasonal fruits and transport them to our central facility in Delhi. By eliminating middlemen, our venture reduces inefficiencies and guarantees the freshest fruits straight from the source,” said Nagdewani.

Multigrade retailing for best business outcomes: Fresh From Farm segments its vendors based on their markets, consumer preferences (think of fruit varieties and quality grades in demand), purchasing behaviours and more for product and price matches. As retailers today also navigate a more complex landscape, where tailored product offerings and refined market strategies are crucial for a competitive edge, they can take a cue from F3 and adjust their approach to align better with their customers.

Tech for right stocking: As discussed, both low and overloaded inventories can be business deterrents, and retailers need to balance it right. Fresh From Farm provides ML-based, data-driven solutions to analyse past sales data, geographical factors and socio-economic conditions to forecast demand at a granular level. This means retailers get the right amount of produce, not more or less, thereby reducing overstocking and minimising waste. Its MOQ approach also prevents stock overloads. F3 redirects all unsold stock to alternative channels (like juice vendors), reducing wastage/spoilage to less than 2% at the organisational level. 

Packaging and delayed ripening for extended shelf life: The startup has invested in safe and approved methods to slow the ripening process. Plus, it works with agritech startups and incorporates innovative packaging solutions to extend shelf life, giving retailers more time to sell their stock.

An intuitive app to help retailers: Fresh From Farm’s full-stack app is a central hub for all logistics operations. It allows retailers to place orders seamlessly, manage their purchases and maintain a demand-supply balance to minimise waste.

Can F3 Carve A New Path For Fresh Fruit Distribution In India?

Easy access to fresh fruits is an attractive idea that millions of health enthusiasts embrace, especially in post-Covid times. The market projections sound encouraging as well. According to Grand View Research, the market revenue from fresh fruits is estimated to reach $78.6 Bn by 2028 from $57 Bn in 2020, at a CAGR of 4.1% during 2021-2028. Moreover, the Asia-Pacific held a dominant market share of 42% in 2021 and is estimated to be the fastest growing during 2022-2027. Globally, the market may reach $940.8 Bn by that time. 

Given these positive indicators, it is not surprising that Fresh From Farm has ambitious growth plans to pursue over the next few years. In the short term, it will onboard more retailers in Delhi NCR to deepen market penetration and increase its market share through more SKUs and private labels. Apart from diversifying its product line, F3 will invest in technology and infrastructure to optimise its supply chain and enhance distribution capabilities.

Long-term goals include entering other major cities and growing its private labels, with 80% of its income from those offerings.

“Eventually, we aim to be a household name across India. With our operations combining quality, sustainability and innovation in fruit distribution, we can scale rapidly and address key issues in India’s broader food supply chain,” said Nagdewani.

What Fresh From Farm is trying to address is by no means trivial. Its innovative approach deals with food waste, inconsistent food quality and supply chain inefficiency, which plague the broader agricultural sector. Therefore, it can shine a light on how fresh produce, irrespective of categories (fruits, vegetables, crops or something else), can reach pan-India consumers in a timely, cost-effective and sustainable manner.

As the startup and its peers scale up, it will be interesting to observe how they continue to innovate and drive change across the Indian food distribution landscape.

The post How Fresh From Farm Is Helping 500 Fruit Retailers Earn More appeared first on Inc42 Media.

Advertisement and marketing functions have undergone a sea change in the last few years. With the explosive growth of the digital age, the advertising tech (adtech) sector has today moved beyond the practices of spray and pray to resonate with a large pool of target customers.  

Today, even casual prospects expect meaningful communication with brands before committing. Modern consumers not only seek solutions to their needs but also look for alignment with their values. 

While adtech often focuses on driving conversions through vast datasets, there has been a clear need for brands to adopt a more tailored approach, similar to that used by marketing technology (martech) firms, to better understand and connect with their audience on a personal level.

This need for a deeper engagement with customers has led to the rise of madtech — a fusion of martech and adtech functions. Under this new category, brands analyse macro and micro datasets to enable effective communications with consumers across digital touchpoints.

“It is no longer about reach. Consumers expect a continuity of experience when connecting with brands via numerous digital channels. It is important for advertisers to reach and cater to their target audience across all possible platforms,” said Tejas Rathod, the founder and COO Mobavenue, a madtech startup that currently operates in eight countries. 

Founded in 2017, Mobavenue is an AI-powered programmatic advertising platform, which provides brands across the globe with tools to create more targeted, efficient marketing strategies. To do this, the company has developed its expertise in analysing consumer data and behaviour. 

Mobavenue leverages the open internet to address the limitations of “walled gardens” in digital advertising. Walled gardens are closed ecosystems where platforms control the flow of information and campaign performance data. 

Mobavenue breaches this limitation for modern advertisers, offering them better control, higher authority, and precise targeting via their advertisement campaigns.

Unlocking The Potential Of The Open Internet

Unlike closed ecosystems, the open internet offers brands several promising opportunities to connect with diverse audience segments across unrestricted platforms. 

In simple terms, the open internet includes publicly accessible platforms like websites and apps that allow users and advertisers greater freedom to interact.

These are in stark contrast to the ones that operate in tightly controlled spaces such as social media platforms or app ecosystems, where access and data are managed by platform owners.

Speaking with Inc42, Rathod shared that the open internet not only drives better control for advertisers but also offers precise targeting of marketing efforts, making each attempt leave a valuable impact in the long run.

“Today, brands on the open internet benefit from premium global inventory sources with high-intent users who are there for the long haul. Also, precision targeting, actionable ad formats, and full transparency over their campaigns are few major factors that give them a significant competitive edge unlike any other,” Rathod said.

For advertisers, this means that they can reach out to a high-quality and targeted audience via trusted platforms from around the world. 

“Our premium global inventory sources ensure that ads appear on reputable websites and apps, enhancing both the ad’s credibility and the brand’s reputation,” the founder added, explaining that Mobavenue helps brands engage high-intent users, making them more likely to interact with ads and convert into customers.

According to Rathod, the company’s precise targeting is based on factors like user interests, behaviour, or location, allowing advertisers to show ads that resonate with their audience and drive results effectively.

Empowering New-Age Brands With Solution-Led Approach 

Since its inception, Mobavenue has worked with global brands. The founder said that during the company’s early stages, he identified a series of common challenges faced by advertisers. 

These included a lack of transparency while running a campaign on walled gardens as they limit access to data, restricting marketeers from closely analysing any campaign. 

Apart from this, the inconsistency in the performance of the ad campaigns could neither be analysed nor traced back to understand why they did not perform.

To address these issues, Mobavenue has developed solutions that empower brands with complete control of their ad spending. These solutions also help brands provide actionable insights, all while enabling them to scale their campaign performance on the open internet without compromising on quality. 

The founder said that platforms developed by Mobavenue ensure seamless integration of strategies for brands at all stages of the marketing funnel. The company’s solutions also make sure that they lead towards delivering ads to an audience that is interested and willing to take the next step.

A Sneak Peek Into Mobavenue’s Comprehensive Product Suite 

Mobavenue has designed a full-stack suite of products for marketers and advertisers that supports them through every stage of their consumer journeys and addresses the challenges faced with traditional tools. Its solutions are not only effective in delivering results but also seamless to use. 

Mobavenue’s PrsmX helps brands improve their visibility and omnichannel engagement throughout the connected ecosystem, including CTV, OTT, Mobile, and DOOH. Meanwhile, AudX gives advertisers what they seek the most – audience insights on a granular level. 

The company’s SurgeX DSP has a unique USP. It has a response time of 4 milliseconds, making it one of the fastest DSPs in the industry. 

While SurgeX helps brands facilitate high-intent user acquisition, ReSurgeX allows for re-targeting and re-engagement of these high-value leads. 

However, Mobavenue is coming up with another innovative platform (GMP360) that will simplify the programmatic and digital growth of brands by bringing all the above-mentioned platforms under the umbrella of a single unified platform.

“Our upcoming GMP360 platform simplifies programmatic and digital growth solutions for advertisers and marketers by integrating branding solutions (PrsmX & AudX) and performance-based solutions (SurgeX DSP & ReSurgeX). Through a unified platform, brands can leverage powerful tools to enhance their consumer journeys and drive digital growth,” Rathod said.

For advertisers, GMP360 will offer an all-in-one solution to simplify their programmatic advertising. The unified platform will enable advertisers to manage their marketing funnel — from building awareness to driving conversions and retention — in a much better fashion.  

Mobavenue Is Building In India For The World

It is often said that building for India means building for the world, given the country’s diversity, which subjects any product to rigorous testing. Mobavenue believes the same. 

By building a comprehensive platform for marketers and advertisers in India, the company has the upper hand in handling challenges involving demographics, regional complexities, audience segmentation, consumer intelligence, user acquisition, and maintaining engagement.

Per the founder, all of this has been made possible by machine learning and AI, which have become the backbone of its solutions. 

“Our continuous innovation through our products enables brands to anticipate and adapt to the changing customer preferences. Our campaign strategies are agile and responsive to align with evolving consumer sentiments across regions and sectors. This allows brands to stay nimble and thrive in rapidly evolving international markets,” Rathod said.

Now the company is willing to bring its innovation to the global stage, where there is a strong demand for a comprehensive, unified solution to streamline open internet programmatic advertising.

As privacy concerns continue to grow, advertisers will shift towards safer, more secure programmatic ad management platforms. The madtech brand is looking at a great opportunity in the space to establish its authority as a privacy-friendly platform that enables targeted advertising using content-specific data instead of using the personal data of the end consumer. 

The post Made In India For The World: Decoding Mobavenue’s Bid To Empower Brands Across The Globe appeared first on Inc42 Media.

The Day: February 19, 2024. The Company: The Wise Travel India Cabs (WTicabs), a mobility startup specialising in corporate car rentals and employee transportation services (CCR & ETS). The Achievement: The 16-year-old cab service debuted on the NSE SME platform at a 32% premium over its IPO price – at INR 195 against the issue price of INR 147.

The WTicabs stock saw a 48% premium in the grey market prior to its listing and was oversubscribed 160 times, with the retail allocation booked 108 times. The 94.68 Cr IPO was open for subscription from February 12-14, and the price band was INR 140-147 per share.   

If this sounds impressive, looking at two core elements may explain WTicab’s success story. First, it started operations before Ola’s ride-hailing service or the ubiquitous Uber hitting the Indian roads. Its founders – Ashok Vashist, Hema Bisht and Vivek Laroia – were seasoned professionals with decades of experience in the transportation sector. In fact, Vashist’s career spanned more than three decades and prominent roles across renowned car rental firms. It was the era when Mega, Meru and EasyCabs ruled India’s radio taxi services. 

The founding team’s thorough understanding of the corporate mobility sector, especially the rising demand for a reliable platform offering tech-driven and environment-friendly solutions, led to the launch of WTicabs in 2009. Its goal was to create a significant presence across the B2B value chain through car and coach rental and leasing, customised solutions for employee transportation, and airport pickups, drops and transit transfers. 

The company set up an asset-light model by partnering with local operators and deepened its market penetration beyond metros by reaching Tier I-III cities. It has also entered the B2C segment, providing city rides and outstation services for one-way and round trips. 

If understanding an industry inside out is the primary condition for business success, operational excellence through technology integration is next in order.

“It helped us gain a competitive edge within the transport sector’s grinding competition,” said founder and CEO Ashok Vashist. 

WTicabs has integrated AI-ML and cloud solutions for optimum fleet management and quick scalability and added electric vehicles (EVs) to support the green initiative embraced by most corporate houses. Besides, it has automated day-to-day operations like cab booking, billing and transactions, thus minimising human errors and speeding up hassle-free service delivery (more on its tech offerings later).

It caters to 500+ corporate houses and covers over 250 cities and 17 airports in India. The firm is also operational in Dubai and is working on other overseas plans. It earns through long-term corporate contracts, customised pay-per-use packages based on employee headcount, route complexity and operational hours, and cost-efficient pay-per-ride options for added convenience. Together, these models ensure competitive pricing and consistent revenue growth. WTicabs rode past the INR 400 Cr revenue mark in FY24 and eyes 20.25% in the current financial year.

How WTicabs Carved A Niche By Building Credibility, Staying Frugal

Corporate mobility has long been a critical challenge for businesses, primarily due to unreliable vendor services, high costs and an increasing need to meet safety and sustainability concerns. Managing employee commutes, airport transfers and fleet operations remains a logistical nightmare for many companies.

Given their professional exposure, Vashist and the other two founders were well aware of these gaps. They came together in 1996 when India’s economic expansion gathered momentum due to a supply surge fuelled by newly implemented reforms. The concept took shape through endless discussions over coffee and fructified after years of planning and deliberations.     

But producing a change in the corporate transportation paradigm or solving long-standing issues in an unorganised sector cannot be a journey without hurdles. 

“First, we had to convince large organisations why they should shift from their current vendors to WTicabs. That, itself, was a daunting task. Our team had to build credibility to assure corporate houses of our service services. However, operational challenges like fleet management, driver reliability and security issues persisted,” the CEO said. “Developing an in-house fleet management and cab-booking system also demanded technical expertise and a lot of upfront investments.”

WTicab’s asset-light model, steady revenue stream and overall frugal approach helped at the time. It started as a bootstrapped business, with the founders pooling their savings to fund the venture. It also minimised opex and ensured scalability and profitability by forming strategic alliances with local fleet operators. Plus, its focus on corporate client acquisition, long-term client relationships and service excellence quickly gained traction and helped establish a stable revenue stream. Additionally, the business reinvested its revenue to meet growth capital requirements instead of raising external funding.

“The initial challenges we faced served as benchmarks, paving the company’s growth path and leading to important milestones along that route,” said Vashist.

WTicab grew exponentially over the years, hitting a CAGR of 45.41% before the pandemic.    

From Coping With Covid To A Technology Leap For Growth

WTicabs demonstrated remarkable market expansion through a multifaceted growth strategy prior to the pandemic. The company leveraged a diversified service portfolio, including corporate transportation and airport transfers, which enabled consistent revenue growth. Strategic market penetration was achieved through fleet expansion and targeted partnerships with businesses and institutions, allowing WTicabs to establish a strong presence in both urban and semi-urban markets. 

When the pandemic struck in early 2020, public and private transportation was hit the hardest, as India slapped strict lockdowns time and again in the following two years. Urban mobility was literally crippled (locations where WTicabs used to run most of its business). The only silver lining: Covid-19 saw an inclination away from public transportation and a preference for private modes when travelling for essential activities.    

In a bid to cope with the near-zero revenue period of 2020–2022 and keep the business afloat, WTicabs reduced operational costs (through process streamlining and contract renegotiations with service providers/vendors), leveraged technology to comply with health protocols and diversified its services to include essential deliveries and employee transportation for critical sectors. The company also optimised resource allocation and prioritised workforce retention through flexible work hours and proactive support systems.

When the world emerged from the pandemic, the founders were keen to pursue new market dynamics for sustainable growth. Commenting on the post-Covid landscape, Vashist said the team was committed to empowering businesses and commuters facing mobility challenges. So, they decided to analyse emerging trends, delve deeper into digital-first solutions and fulfil specific requirements by customising their solutions.

For instance, the company took note of the hybrid commute model – a work arrangement where employees split their time between on-site and remote working – and adjusted its services accordingly. Customer trust was regained through advanced safety measures. And its in-house tech stack integrated advanced digital tools for process excellence and customer satisfaction. 

WTicabs now uses AI-ML solutions for route optimisation, predictive maintenance (PdM) and real-time tracking to ensure efficient fleet management. Plus, its adoption of cloud-based systems enables the company to scale quickly, providing seamless integration of new locations and services. 

It is also adding more EVs to the fleet and looking at alternative-fuel vehicles (bio-CNG and hydrogen fuel cell vehicles) as businesses increasingly adopt ESG standards today. Capital market regulator SEBI now mandates all listed companies in India to identify ESG risks and detail their mitigation strategy and contingency plans against those risks.

WTicabs’ Expanding Horizons

The Indian corporate mobility market is experiencing rapid growth as businesses increasingly seek reliable and efficient CCR & ETS solutions to support their employees. The ETS market, valued at $6.1 Bn in 2023, is projected to more than double by 2030, while the CCR market is expected to surge to $8.8 Bn from $4.7 Bn, according to Eco Mobility’s Red Herring Prospectus (RHP). 

Frost & Sullivan also indicates a new mobility market worth $90 Bn by 2030 as the global trend gradually shifts towards shared commuting instead of solo driving to workplaces. Given these projections, WTicabs and its ilk have huge growth potential and may bring new tech-driven modalities to the traditional work commute modes.

While WTicabs’ primary focus is the domestic market, the company has set its sights on global markets, including London, the Middle East and the Far East. It will also introduce new offerings such as car rentals, chauffeur-driven vehicles and shuttles.

The company will continue to scale operations in India, using data analytics to identify underserved markets and forge strategic partnerships with corporate houses and airport authorities. Its ability to innovate and scale quickly will set it on a strong growth path, ensuring it stays competitive in a rapidly evolving market.

The journey of WTicabs from a bootstrapped startup to a listed entity and one of the biggest corporate mobility service providers is a perfect blend of vision, innovation and resilience. It also proves that the transportation culture can change fast, and one should evolve just as quickly to be ahead of the curve. Vashist and his team had the insight and the speed. All they need now is global validation.

The post How WTicabs Transformed Corporate Mobility Space To Become A INR 550 Cr Brand appeared first on Inc42 Media.

Imagine having VIP access to Wimbledon, securing tickets to sold-out music festivals, or owning a limited-edition Hermès bag — all with just a WhatsApp message. That’s the promise which Indulge Global is aiming to deliver.

Launched in 2022 by Karan Bhangay and Advita Bihani, Indulge Global provides luxury lifestyle concierge service. The startup garnered significant attention after its debut on a recent episode of the latest season of Shark Tank India.

“The response was overwhelming, with phones buzzing as affluent audiences rushed to embrace this new wave of effortless indulgence. The experience was both pivotal and exhilarating,” Bihani said.

The brand has grown from serving just three ultra-high-net-worth individuals (UHNI) and their families in 2022 to catering to over 180 clients today and facilitating unique requests in 180+ countries.

“We identified a gap in the market for bespoke, high-end experiences tailored for UHNIs and decided to create a platform that prioritises privacy, personalisation, and seamless service. The idea was to transform ordinary moments into extraordinary experiences, leveraging our (the founders) expertise in hospitality, technology, and cultural curation,” Bhangay shared. 

The startup’s clientele, which includes high-profile industrialists, actors, and entrepreneurs like Kunal Shah, Washington Sundar, and Arjun Kapoor, rely on its ability to provide extraordinary experiences that would be difficult to replicate elsewhere.

Shark Tank India: A Game-Changer For The Brand

The turning point for Indulge Global came when it appeared on one of the episodes of the latest season of Shark Tank India. The show, which has become a significant platform for entrepreneurs, offered Indulge Global a chance to present its unique value proposition to a panel of investors. 

The startup’s innovative approach to concierge services, including its 0% commission model and the availability of a 24/7 concierge team (referred to as “Genies”), captured the attention of both the sharks and the audience.

During the episode, the founders offered insights into how the startup’s service works and the growing demand for high-end, personalised experiences. They also highlighted the brand’s transparent business practices, particularly the approach to pricing and the direct value that customers receive on the platform. 

This openness resonated with the Sharks, who were impressed by the founders’ clear vision and business model.

What Indulge Global Offers To Its UHNI Clients

Indulge Global provides an exclusive gateway to luxury experiences through two models –  Indulge Blue to cater to the Indian audience for INR 50k annually and Indulge Global that caters to clients worldwide at  INR 4 Lakh annually.

Members gain access to a dedicated team of six to seven globally experienced professionals who are available 24/7 and can fulfill unlimited requests via a private WhatsApp group—from securing hard-to-get restaurant reservations to sending international birthday surprises. 

It recently launched the Indulge App, which, it claims, is the ‘world’s most expensive app’. Designed to offer a comprehensive luxury experience, the app allows users to manage their schedules with personalised calendars, conduct secure transactions using Indulge Tokens, and access curated reels showcasing the latest luxury trends. 

The startup also introduced Indulge Blue, a special tier focused on the Indian market, which offers a relationship manager and a range of exclusive services for a price of INR 50,000 annually. For global services available 24/7, the premium package costs INR 4 Lakh per year.

Surge In Demand For Luxury Concierge Services In India

The luxury concierge market in India is experiencing a transformative shift, driven by an evolving mindset among UHNIs. Unlike traditional wealth preservation services, today’s affluent clientele seeks curated, personalised experiences that transcend conventional luxury.

Indulge Global has strategically positioned itself at this intersection of changing preferences, offering services that prioritise cultural enrichment, seamless convenience, and unparalleled exclusivity. 

A recent study underscores the market’s potential – the number of ultra-rich Indians is projected to surge to 19,908 by 2028, up 50% from 13,263 in 2023. Capitalising on this exponential growth, Indulge Global has set an ambitious target of serving 12,000 families globally by 2025. 

Its recent breakthrough on Shark Tank India has not only validated its innovative approach but also positioned the startup to capture a significant share of this burgeoning luxury market.

The post How Shark Tank Fame Indulge Global Is Disrupting The Concierge Market Via WhatsApp appeared first on Inc42 Media.

iStart, a flagship initiative of the Rajasthan government to foster innovation and promote entrepreneurship in the state, will celebrate the National Startup Day by hosting a series of engaging sessions, designed to empower and inspire entrepreneurs, at the Bhamashah Techno Hub in Jaipur on January 16 & 17, 2025 (Thursday and Friday).

The two-day event will provide a platform for knowledge sharing and networking with industry stalwarts, as well as discussing strategies for growth and success with peers in the startup ecosystem. 

Archana Singh, secretary and commissioner of the department of information technology & communication (DOIT&C), will be the chief guest for the event. Over 300 attendees, including government officials and business leaders, are expected to join this celebration of innovation and entrepreneurship.

The two-day event is supported by organisations like Hero MotoCorp Ltd (HMCL), NVIDIA Technologies and IntelliDB Enterprise, among others. 

“National Startup Day is a celebration of the creativity and resilience of Rajasthan’s entrepreneurs. At iStart, we take immense pride in being a part of their journeys—helping ideas take shape and building a community that thrives on innovation and collaboration. This event is not just about sharing knowledge; it’s about coming together to inspire and be inspired. We hope to work together for a brighter entrepreneurial future for Rajasthan,” said Singh.

Recognising the importance of startups in driving innovation, creating jobs, and contributing to economic growth, the Centre launched the ‘Startup India’ initiative on January 16, 2016. This day has been celebrated as the National Startup Day since 2022 to commemorate the pivotal role that entrepreneurs play in transforming economies and societies. 

The National Startup Day serves as a reminder of the potential of startups to shape the future, foster a culture of creativity and resilience, and inspire the next generation of business leaders.

The two-day celebrations will start with a context-setting session by the iStart Team on Thursday. Following this, there will be a fireside chat featuring Shark Tank India, Season 3 participant Natwar Agarwal, founder of Bacca Bucci and Megha Pavan, founder of Tru Millets, on the theme ‘Click, Cart, Connect: The D2C Playbook for Success’, moderated by Dhawal Singhal, iStart’s program manager; a roadshow on ‘Hero for Startups’ powered by HMCL; and another fireside chat on ‘Driving Change Through Next-Gen Technologies’.

The event will also include a series of roundtables on topics such as Regional Capital Assistance Team (RCAT) courses, animation, visual effects, gaming, comics, and extended reality (AVGC-XR) talent development, and shaping Rajasthan’s future in AVGC-XR, moderated by industry experts. 

The National Startup Day celebrations will continue on Friday (January 17) with other engaging sessions for founders and entrepreneurs. The day will begin with an introduction of the ‘BuilderX’ accelerator programme, jointly launched by Favcy Venture Builders and the iStart team. 

A key highlight will be a panel discussion on ‘The Future of Startups: Trends to Watch in 2025. The session will be moderated by a representative of Favcy Venture Builders.

The afternoon will end with a product presentation and demo by participating startups, followed by a Q&A session. 

The two-day event shall focus on empowering startups with actionable insights on D2C strategies, leveraging next-gen technologies to drive impactful change, creating synergy between academia and industry through RCAT’s courses and advancing AVGC-XR talent by exploring opportunities for industry collaboration.

The post National Startup Day: iStart Rajasthan To Host A Two-Day Event For Founders appeared first on Inc42 Media.

Accelerator VC 100Unicorns and leading early stage investor Venture Catalysts together will host  the 6th Global Demo Day, also known as DDay, on February 11 to provide wings to several disruptive startups.

The DDay will feature 20+ startups from the portfolio of 100Unicorns and Venture Catalysts pitch their groundbreaking ideas to more than 1,000+ global investors with an aim to raise a cumulative funding of $100 Mn. The DDay has already garnered significant investor interest. Notably, 40% of the targeted fundraise has been subscribed.

The participating startups boast an impressive lineup of founders, with 55% being serial entrepreneurs or second-time founders bringing extensive experience from top-tier institutions like IITs, IIMs and held senior leadership at global MNCs among others. 

The upcoming edition will have a sharp focus on revenue generation and scalability. The presenting  startups are from nine diverse sectors, including enterprise SaaS, infrastructure, fintech, D2C, circular economy, and healthtech, with a specific focus on those leveraging artificial intelligence (AI). 

The past editions of DDay were big successes seeing participation from over 4200+ global VC firms, family offices, and institutional and corporate investors. 100Unicorns helped startups raise over $500 Mn across the previous editions of DDay. Success stories like Zypp Electric, BluSmart, and Renee Cosmetics showcase the platform’s ability to catapult promising startups into high-growth trajectories. 

Since Demo Days, Zypp Electric has raised a total funding of over $55 Mn to date from investors like ENEOS, Gogoro, among others. Meanwhile, BluSmart has raised an equity funding of about $136 Mn to date from investors like BP Ventures, Asia Climate Partners, responsAbility Investments, MS Dhoni Family office among others. Renee Cosmetics has raised about $48 Mn and counts names like Mensa Brands, Evolvence India, and Edelweiss Group among its investors. Other companies which participated in Demo Days include Presincto which was recently acquired by IBM, OTO Capital which raised over $10 Mn led by GMO Venture Partners and Charge+zone raising $108 Mn till date.

Zypp Electric has raised a total funding of over $55 Mn to date from investors like ENEOS, Gogoro, among others. Meanwhile, BluSmart has raised an equity funding of about $136 Mn to date from investors like responsAbility Investments AG, MS Dhoni Family Office, among others. Renee Cosmetics has raised about $48 Mn and counts names like Mensa Brands, Evolvence India, and Edelweiss Group among its investors.

The upcoming DDay is more than just a fundraising event. It will provide networking opportunities to the founders, allowing them to connect with prominent investors, receive mentorship from industry leaders, and potentially secure long-term strategic partnerships. With a focus on digital solutions and adaptability, these startups are well-positioned to navigate challenging economic landscapes.

Founded by Dr Apoorva Ranjan Sharma, Anil Jain, Anuj Golecha, and Gaurav Jain, 100Unicorns is the flagship fund of Venture Catalysts (VCats) Group, supported by over 10,000 angel investors and family offices. Since 2016, the group has incubated more than 400 startups. Over 90+ of its portfolio startups have provided exits with 3X to 80X returns within five years of inception.

“India is at an inflection point. Technological advancements, a burgeoning digital-first population, and a strong entrepreneurial spirit create a fertile ground for innovation. At 100Unicorns and Venture Catalysts, we are not just capital providers; we are active partners of strategic guidance and operational support to 20+ portfolio companies with the help of Demo Day 6. Our goal is to bridge the gap between India and the world, explore opportunities to co-invest with 1000+ leading global VCs, and provide access to international markets, talent, and expertise,” shares Dr Sharma.

Join the exclusive, invite-only Demo Day by 100Unicorns along with 1000+ global investors  by clicking here

The post 100Unicorns’ 6th DDay: 20+ Startups Eye $100 Mn Funding For Disruptive Innovation appeared first on Inc42 Media.

Delhi NCR-based venture building platform Favcy Venture Builders has partnered with Rajasthan’s iStart to launch an accelerator programme, BuilderX. 

The five-week accelerator programme is designed to support more than 100 ambitious founders of early stage startups by providing them with the tools, resources, and mentorship needed to turn innovative ideas into successful businesses.

The programme will have a structured, hands-on approach aimed at addressing key obstacles faced by founders in the early stages of a startup. 

Ragini Sharma, associate partner at Favcy Venture Builders, emphasised its transformative potential stating, “The BuilderX programme  is more than just an accelerator; it’s a springboard for tomorrow’s innovators to build ventures and solve real problems.” 

She added that the collaboration with iStart Rajasthan will offer entrepreneurs not only the resources but also a well-rounded experience to navigate the complexities of launching a successful startup.

It is pertinent to note that India has the third-largest startup ecosystem in the world, and the country has more than 70K tech startups. Despite the thriving entrepreneurial scene, many early stage founders face significant challenges, including limited access to essential resources, mentorship, and market validation. BuilderX seeks to address these issues head-on and help aspiring entrepreneurs overcome the barriers to success.

How BuilderX Plans To Help Founders Build Innovative Startups 

BuilderX brings together Favcy Venture Builders’ deep expertise in building scalable ventures and iStart Rajasthan’s robust infrastructure, creating a powerful partnership to accelerate the journey of startups in the region.

The programme will have a systematic methodology that will help founders save time and resources while refining their ideas into a clear, problem-solution fit. Additionally, mentorship hours will be tailored to meet the specific needs of each startup, ensuring that founders receive expert guidance at every stage of their journey.

A vital component of the programme is its focus on market validation. The founders will engage in user feedback sessions to ensure that their products or services meet the actual needs of their target audience. This approach increases the likelihood of building businesses that are not only innovative but also sustainable in the long term.

BuilderX will also help budding entrepreneurs provide access to funding opportunities. It will connect startups with potential investors, helping them take their ventures to the next level. Favcy Venture Builders will help founders hone their pitching skills and provide AI-driven real-time feedback to improve the quality and impact of their presentations.

The most exciting aspect for founders is the opportunity to present their business ideas at the next edition of ‘Rising Rajasthan Global Investment Summit’. The top 20 startups from the BuilderX Programme will be invited to showcase their ventures in front of a global audience of investors, government representatives, and industry experts, providing them with invaluable exposure and the chance to secure big investments.

Strengthening Rajasthan’s Startup Ecosystem

Since its establishment in 2017, iStart Rajasthan has played a pivotal role in nurturing the state’s entrepreneurial ecosystem. The initiative has been instrumental in providing startups with access to essential resources, mentorship, and funding opportunities. 

As a result, the state today boasts over 3,700 DPIIT-registered startups across sectors such as enterprise tech, ecommerce, edtech, among others.

By partnering with Favcy Venture Builders, iStart Rajasthan is looking to significantly expand the support available to local entrepreneurs.

BuilderX is designed not just to empower individual founders but also to foster a thriving startup ecosystem across Rajasthan. The collaboration between Favcy Venture Builders and iStart Rajasthan aligns with the state’s vision of becoming a key player in India’s innovation and entrepreneurship landscape.

Applications for the BuilderX Program are currently open. 

Click here to apply.

The post iStart, Favcy Venture Builders Join Hands To Support Early Stage Startups In Rajasthan appeared first on Inc42 Media.

AirBnB spent five months interviewing their first employee before hiring someone; in their first year, they only hired two people.

Hiring leadership talent has always been a challenging task, but it has become even more difficult in recent times. Recruiting exceptional leadership talent in the dynamic and fast-paced world of startups requires more than filling a role—it demands identifying individuals capable of driving innovation, fostering resilience, and shaping the organisation’s trajectory. This shift underscores the need to adapt and reposition strategies accordingly.

Think of Covid-19. No business, large or small, was immune to its initial shockwaves or long-term socio-economic impact. But what happened next was far from expected. After the FOMO-driven investment tsunami and the Great Resignation of 2021 came a harsh funding winter.

But there is a silver lining. Indian startups are increasingly embracing tech enablement, leveraging advanced software to enhance business experiences, streamline hiring, and optimise customer interactions. This deeper integration of technology reflects a shift toward sustainable growth, a necessity after grappling with funding and scaling challenges. Today, startups are focusing on meaningful progress throughout their business life cycles, from early-stage growth to large-scale operations. They are seeking C-suite-ready leaders equipped to navigate the unique complexities of each phase, driving innovation and resilience while steering the organisation toward long-term success. 

Undoubtedly, innovation and disruption cannot take the backseat in the startup sector. But this time, entrepreneurs are keen to focus on what matters in the real world instead of exploring the glittery opportunities, prioritising sustainability over growth at all costs. 

In essence, startups are becoming more cautious about over-hiring or overspending. They are also less likely to underdeliver or experiment excessively unless founders are confident that their strategies will lead to profitable business outcomes. This shift in approach pressures startups to hire the right talent while balancing short-term scaling and risk-taking with long-term value creation, emphasising the need for a strategic equilibrium between growth and calculated risk.

Recently,  leadership hiring for Indian startups has seen a ‘notable increase’. As per an Accord India report, C-suite recruitment grew by 15% Y-o-Y in the first half of 2024. The report also highlights that sales and marketing has become the largest hiring function, with startup heads focusing on expanding their customer base and enhancing branding as competition intensifies. 

Again, the rise of startup IPOs in 2024 makes them attractive workplaces. It signals that startups are not scrappy newcomers but serious public market players seeking experienced leaders to guide them through complex business challenges, particularly from an IPO readiness standpoint. Being part of an IPO is a significant milestone for any leader, as it allows them to say, “I helped take this company public.” Having IPO and listing experience is a valuable achievement that enhances a leader’s career portfolio.  

According to Anshuman Das, cofounder and CEO of executive search and talent advisory firms Careernet,  Longhouse Consulting, and HirePro, the demand for C-suite executives has increased in recent years due to the evolving needs of startups and their expansion strategies.

“In tech-enabled or tech-first businesses, where the technology stack is the backbone of operations, the role of Chief Technology Officer (CTO) becomes pivotal in steering the company’s growth and innovation,” he said. 

“Even during frugal times, startups prioritise filling this position, as they need a solid technology foundation to run the business. In all tech-driven companies, a CTO acts as the backbone, ensuring that the infrastructure and the technologies required to scale the operations are in place and working in sync with business goals,” he added. 

Launched in 2009, Longhouse Consulting is a specialised executive search and leadership advisory firm, with a deep understanding of the talent landscape in the high-growth digital sector, emerging technologies, and the consumer internet space, operating under Careernet, a talent solutions provider since 1999. The Indian startup ecosystem was still in its infancy at the time. However, given their unique requirements and specific challenges, Das, an IITian, and his senior partner, Rohit Srivastava, understood the criticality of leadership hiring across startup stages.

Longhouse Consulting has been working with late-stage ventures since their early stages and has helped them hire talent across roles. The company hires key talent for organisations to enable them to be future-ready by providing talent advisory and assisting them at different stages of their evolution, both India and globally. Longhouse Consulting offers a blend of expertise, innovation, and an understanding of the talent landscape. 

The company’s legacy extends to curating complete leadership teams for key players in sectors like ecommerce, fintech and edtech, retail, food delivery, mobility, healthtech, logistics, SaaS, brick-to-click, VCs/PEs, professional services, emerging industries, and IT and offshoring. 

Longhouse Consulting has executed over 500 CXO mandates and established 100+ enduring client relationships. With a strategic focus on lending ventures, the firm has orchestrated external leadership hires, constituting 20% of its portfolio. 

Key Challenges Of Leadership Hiring

Startups face several hurdles regarding leadership hiring, but a high turnover can be particularly painful. As top leaders anchor businesses and take them ahead, rapid and unplanned exits will hurt startups’ growth. The C-Suite often exits amid unforeseen critical situations (think of merger and acquisition, demerger, reshuffle, financial crunch, or regulatory turmoil), recently observed in sectors like edtech, financial services, healthtech, and more. 

Stable and profitable startups also face this issue. As per a 2023 annual roundup by Inc42, more than 30 cofounders and CEOs transitioned to other companies and started new ventures during the year. Even at an IPO-bound startup like Shiprocket, nearly 89% of the entire leadership team has been working for three years, underlining how brief their tenure could be.      

Given that the leadership exodus will continue for internal and external reasons, how does Longhouse Consulting help startups cope with this challenge? 

“We start by looking at a startup’s stage and go deep into its growth trajectory and likely challenges. Instead of solely focussing on finding the right profiles, we do a strategic analysis of the startup’s requirements in the first place,” said Das. 

“Our approach goes beyond simply starting the search process based on a job description provided by the customer. We prioritise a thorough company analysis first, enabling us to propose a tailored strategy that aligns with their unique needs and goals. Our strength lies in offering advice that aligns new hires with broader business goals. We use our industry connections to find qualified candidates who are a good cultural fit.”

For example, the firm may recommend hiring a VP of Engineering for an early-stage startup, leaving the role of a CTO open for a later stage when the business will require more out-of-the-box solutions and better tech integration for seamless growth. Such hiring helps foresight prevent premature recruitment and ensures budget flexibility.

Longhouse Consulting has also crafted a hiring playbook for each stage. Here is a quick look at the essential criteria.

• Filling skill gaps for early-stage startups: This is the ideal time for founders to take stock of their strengths and weaknesses and onboard leaders to complement their expertise. For example, a technical founder could be looking for a cofounder with experience in marketing and sales to drive customer acquisition and revenue growth.
• Scaling-up specialists for growth-stage startups: As startups scale up, their hiring strategy must evolve to align with new growth criteria. Business leaders coming in at this stage should be able to manage large teams, work in sync with new markets, and achieve milestones like new product offerings, go-to-market strategy, geographic expansion, and product diversification.
• Specialised hiring for late-stage startups: At this stage, more specialised hiring happens for long-term, strategic roles. Startups now look for people with proven expertise in global expansion, public listing, compliance, corporate governance, merger and acquisition, or other critical objectives to guide the business closer to its core goals by fine-tuning operations.

From Domain Expertise To T-Shaped Excellence: How CXO Roles Are Changing

Startups essentially bank on the power of agility, enabling them to navigate changes and unforeseen business situations while leveraging the specialisation of their people to stay ahead of the curve. But extreme specialisation brings risks and creates silos, at times resulting in centralised bottlenecks, with founders holding sway. Hence, the current focus is on hiring leaders who nurture expertise, insights, and bold ideas so that they can successfully navigate through myriad challenges. In brief, they should be dynamic leaders who can build a business from the ground up.

This well-rounded expertise and adaptability across domains mark the new-age T-shaped leadership (Harvard Business Review is all praise for this model) and call for a new genre of executives. In simple terms, a T-shaped leader will share their broad yet ‘implicit’ knowledge with all functions (the horizontal part of the ‘T’) but will continue to focus intensely on their specific area of expertise (the vertical part of the letter). For instance, a CTO should understand other business functions and collaborate across other business units while staying laser-focussed on technology.

Das summarised this trend well. “Leadership in startups requires a unique blend of soft skills and adaptability. Understandably, collaboration is the key here. Leaders today must work closely with cross-functional teams and manage multiple stakeholders to move the business forward. The ability to create an impact quickly and efficiently is paramount, and leaders are expected to be hands-on. In a growth environment, a high-impact, hustle-driven role is essential, as relying on a hierarchy-led mindset will lead to failure in such fast-paced settings.” 

Much like the CTO, the role of the chief product officer (CPO) has also evolved as startups increasingly explore new product offerings to stay relevant in tech-driven markets. Many product leaders are now driving innovation across Indian startups after leaving their global roles.

“Then again, as companies grow and prepare for IPOs, seasoned CFOs become critical stakeholders for managing complex financial strategies and investor relations. The chief growth officer (CGO), a key role in high growth, digital-first sectors, is also gaining importance, especially in sectors like fintech and ecommerce, where business development, marketing, and revenue generation are key success drivers,” said Das. 

What The Future of Startup Hiring Holds

The new world order post the Covid-19 pandemic has ushered in several new trends. We have seen wary, cash-crunched founders waiting months for the perfect candidate or indefinitely putting the role on hold. We have also witnessed new businesses entering the market during the pandemic, thriving or shutting shop. However, the most significant change is work flexibility, the opportunity to work from anywhere (WFA), and companies worldwide trying to come to terms with this shift.

Not all of them, though. While a few startups have gone fully remote or operate in a hybrid mode, thousands of employees have been recalled to the office, and remote work is only readily available if one is in the C-Suite.

Companies like Starbucks and Victoria’s Secret have made rare exceptions. The world’s largest chain of coffeehouses and roasteries has a new CEO, Brian Niccol, who works from California instead of relocating to Seattle. Likewise, Hillary Super of VS stays in New York and occasionally flies to Ohio. Despite several debates, this broad trend highlights one critical tenet: Remote and hybrid work will be the future for many businesses, even at the C-level.

This can benefit Indian startups in more ways than one. As homegrown companies prepare to enter global markets, they are bound to require talented leaders with a deep understanding of those markets. Undoubtedly, remote work will help them recruit the right people without additional disruptions.

A good use case is Peppermint Robotics, a Pune-based startup that has expanded its operations to the US. It has also onboarded the US-based Donny Mitchell as its business president there to manage things efficiently. Mitchell comes with two decades of experience in healthcare and robotics.

“Indian startups are also adopting innovative practices to attract top talent. Stock options and restricted stock units (RSUs) are becoming more common, aligning leadership incentives with a company’s long-term success. This reduces the perceived risk of joining a startup and makes leadership roles more attractive than traditional corporate positions”, explained Das.

With flexibility shaping the future of work, new leadership models like the rise of fractional executives may emerge soon. This means professionals with C-Suite experience can guide businesses now and then. Such practices will be cost-effective and will help companies keep their heads above water during sudden exodus.

To build a strong leadership team, startup founders must clearly define their missions, visions and values. This is crucial as a new hire must align with the startup’s culture and long-term goals as soon as possible to give her best. Over-hiring or under-hiring can also lead to significant issues. Therefore, hiring leaders who fit the startup’s current development stage and can grow with the company is essential.

“Founders should recognise the importance of hiring for the future, not just the present. As the company grows, the leadership team must be able to scale with it, addressing both current challenges and future opportunities”, said Das.

With Indian startups maturing fast, the importance of leadership hiring cannot be overstated. As the startup landscape evolves, so must the hiring strategies to attract, retain and empower their leadership teams. 

The post How To Build A High-Performing CXO Team And Supportive Leadership For Startup Growth appeared first on Inc42 Media.

From the elegant sandals and shoes worn in ancient Greece and Rome to Debbie Wingham high heels or an Antonio Vietri classic in gold, diamonds and a fragment of a five-century-old meteorite (priced at $19.9 Mn), footwear has been a style and wealth statement all over the globe. India, too, is putting its best foot forward as the second-largest footwear producer and consumer after China. The country is eyeing a $36 Bn market by 2030 from $15.9 Bn in 2023, at a CAGR of more than 12%.

Much of this surge could be attributed to the domestic market driven by rising disposable incomes and changing preferences due to tech and design innovations. After all, who would not prefer a trendy, all-weather ‘performance’ brand for jogging/hiking or a pair of Insta-worthy dress shoes styled by celebrities and artists? The outcome was a dual market, with aspirational buyers looking for premiumised products and the masses struggling to fit themselves in low-cost, uncomfortable footwear.

The split in the traditional footwear market was bridged by Yoho, a comfort-first, pocket-friendly direct-to-consumer (D2C) brand making functional shoes designed for daily wear. Launched by corporate veterans Ahmad Hushsham and Prateek Singhal, the startup claims it has created a niche for ‘second shoes’ (everyone keeps the best pair to go with one’s formal outfit) with zero compromises on quality and style.

The brand was not initially started for sneakerheads. It aimed to make comfortable shoes like Skechers, a famous American shoe company. However, sneakers were favoured in every market and pushed the founders to innovate Blinc, India’s first hands-free sneakers. 

Yoho also introduced Lofos, a flexible loafer; Freestep, a slip-on with great space for the feet; and Waves, a slipper that offers excellent arch support. Over the years, it has developed a diverse product line for men and women and currently sells 100+ styles and more than 700 SKUs. These are available in different hues, on a par with Western brands, costing around INR 1-2.5K, going by the prices displayed on its D2C site. 

Yoho has adopted an omnichannel business model that targets customers from metros and Tier I and II cities. It aims to reach INR 100 Cr in revenue in FY25, a 400% jump from INR 20 Cr in the previous fiscal year.

The homegrown brand’s unique blend of comfort, style and affordability has made it an investor’s favourite. It recently raised INR 27 Cr as part of its pre-Series B round and secured a total of INR 47 Cr. The funding is used for R&D, product development and strategic overseas expansion.        

From A Chance Meeting To Building A Growth Brand: How Yoho Found Its Mojo 

Yoho was set up to bridge the glaring gap between customer expectations and experience, as most Indians found that comfortable and ergonomic shoes were either unaffordable or unavailable. This mindset changed when everything else gave way to the pandemic demand for health and comfort. Hushsham and Singhal said Yoho’s timing was impeccable, helping it earn INR 3 Cr in the first year of operations.      

The beginning was dramatic as the duo met in Kanpur through a friend. Hushsham, an alumnus of Chatrapati Sahuji Maharaj Kanpur University, ran a small shoe shop after working for Jabong (later acquired by Flipkart’s Myntra) and Paytm Mall, where he led footwear and other categories. Singhal, a mechanical engineer from IIT-Delhi, worked in healthcare (Tata 1mg) and foodtech (Zomato). Their first meeting and Hushsham’s interaction with a customer at the time revealed a shared passion for cushy shoes minus the mind-boggling price tags.

Launching their footwear brand looked like an alpha opportunity. But it was difficult to crack a market overcrowded with homegrown giants (think of Bata or Metro Brands) and top MNCs. Besides, attracting mass market buyers to value-added offerings did not happen frequently. To drive that change, the founders adopted four key strategies.

Research & tech incorporation: Yoho has blended R&D and technologies with its mission to build the very ‘sole’ of its product line.

“From the start, we wanted to deliver comfort to the Indian masses. But achieving the desired level of comfort without raising prices was tough. It took us two years of rigorous research to find suitable and sustainable materials that would last long and reduce waste,” said Hushsham. “We pilot every product, opt for customer feedback and refine it before hitting the market.” 

The brand also uses data analytics and feedback loops to personalise recommendations, identify gaps and discover opportunities.

“Take, for instance, women’s sneakers, which were either too expensive or the styles were all too similar. After speaking with our customers, we saw the gap and recently came up with a large range,” added Hushsham.

Additionally, Yoho is exploring AI solutions to tailor a shoe sizing system for Indian consumers, as these measurements differ from those in the US or the EU.                

Driving down costs: The founders put it to their make-in-India strategy, a robust supply chain (inbound) and efficient and economical outbound logistics for fast deliveries and returns. Logistics can be a significant challenge when the brand expands beyond Tier II markets. Given that the next billion online shoppers will come from Bharat, where the demand for affordable, high-quality footwear is surging, streamlining logistics remains a critical mandate. However, Yoho got into it early and kept its operational costs down.

Marketing that resonates: In spite of its two pillars – comfort and affordability – Yoho would not have been where it is today had it not been for its trendy designs and vibrant colours. These features strongly resonate with the Instagram-first crowd, especially students and young professionals, who want eye-catching footwear that does not lack functionality.

To foster a sense of community beyond traditional advertising, Yoho runs campaigns like Scene Hai, featuring pop-up performances, open mic nights and collaborative art projects to showcase budding talent. These are posted on social media to connect with a wider audience beyond live events. The brand also partners with artists to design its limited-edition footwear, a ‘signature’ offering few could resist. It claims strong marketing outcomes due to these measures, including a return on ad spend (ROAS) at 3:1 and the CAC (customer acquisition cost) at INR 150 against an ARPU (average revenue per user) of INR 757.

Tapping into offline retail, quick commerce for rapid scaling: Yoho has adopted an omnichannel model, with 75% of its revenue coming from online marketplaces like Amazon and Myntra, 20% from its D2C website and only 5% from physical stores. As offline retail plays a critical role in scaling up, the footwear brand has set up kiosks and entered into strategic partnerships with multi-brand outlets (MBOs). It is present in 500 MBOs and aims to expand to 2K stores by 2025 for better visibility and enhanced shopping experience.

Keeping in mind the fast lifestyle and the desire for instant gratification among the urban populace, Yoho is also tapping into quick commerce platforms like Blinkit to ensure 30-45-minute deliveries in metro cities like Delhi, Bengaluru and Hyderabad. This initiative underscores Yoho’s commitment to customer convenience and has yielded a 400% surge in order volume within a month.

How A Collaboration With Rukam Capital Propelled Yoho

Unlike many D2C brands, Yoho has found strategic investor backing to take its growth story forward. For instance, Rukam Capital, an early stage venture capital firm focussed on consumer products and services, has been a major supporter and has invested INR 7 Cr in two rounds.

Besides funding, it has been a hands-on partner, providing strategic guidance and helping shape key business strategies at Yoho. Its consumer insights also helped the brand expand its product range and refine sizing options to cater to a broader market.  

“As India is now home to a rapidly growing organised workforce, the need for appropriate workplace attire, especially quality shoes, is rising. With growing disposable incomes, people who once overlooked footwear now seek stylish, comfortable and affordable options,” said Archana Jahagirdar, founder and managing partner, Rukam Capital.

“This is a significant opportunity, and we researched the category thoroughly before selecting the right brand. Yoho stood out due to Ahmad’s deep knowledge of footwear and Prateek’s deep understanding of scaling consumer businesses.”

The Journey Ahead

A mid-priced and functional footwear range primed for total comfort has not entered the Indian mainstream market until now. Of course, global brands like Skechers and Adidas have made inroads here, but their pricing remains prohibitive. Local players, on the other hand, often lack the quality and innovative approach to address this pain point.

Yoho considers this a unique growth opportunity, especially as its products tick all the boxes. To begin with, it’s not just a comfort thing but also a style thing, not merely about the cushioning, support or the excellent space for the feet but also trendy looks. The style quotient will be enhanced if more artists collaborate with the brand and create unique designs. Additionally, there could be extensive scope to explore biomechanics and India-first innovations to raise the bar for comfort and functionality.              

The brand aims to keep moving. It will soon introduce a kids’ line and sports/athleisure shoes, growing from 100 to 300 styles by 2025. Another significant area of growth will be expanding to markets like the US, the Middle East and Africa, where the demand for affordable, quality footwear is on the rise. 

Expansion at home and abroad will also drive Yoho’s offline growth. It aims to set up exclusive brand outlets (EBOs) powered by interactive merchandising and personalised fitting to deliver a premium shopping experience. 

“We aim to capture 10% of the Indian footwear market,” said Hushsham.

Although the market is ripe for disruption, the journey ahead is challenging. In a country where incumbents have substantial brand equity and new-age D2C brands vie for a lucrative market, Yoho must balance quality and innovation with the price factor and the complexities of scaling up. That is the winning combination for young disruptors in the traditional footwear space.

The post How Rukam Capital Backed Yoho Is Making Bold Strikes In India’s Footwear Market appeared first on Inc42 Media.

The Centre’s digital platform for startups, BHASKAR (Bharat Startup Knowledge Access Registry), has gotten off to a strong start. Within two months of its launch in September by commerce and industry minister Piyush Goyal, the portal under the ‘Startup India’ programme has seen 5 Lakh registrations from 28 states and more than 7 Lakh views.

In a short span, the BHASKAR portal has become a vital resource for startups seeking to navigate the complexities of entrepreneurship in India. Over the last week, 1,393 users have registered on the portal. 

The users registered on the platform are from various parts of India, including Tier II & III cities. This widespread engagement aligns with the government’s goal of ensuring that the startup ecosystem is not restricted to urban hubs alone. 

It is pertinent to note that the number of startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) crossed the 1.4 Lakh mark at the end of June 2024, a dramatic rise from just 300 startups in 2016.

The central government has played a key role in this sharp rise in the number of startups. Besides launching various schemes to support startups and entrepreneurs, the Centre has also been making efforts to expand entrepreneurship in Tier II, III and beyond towns. As a result, new startups have been emerging not only from primary hubs of Delhi, Mumbai and Bengaluru but also from emerging centres like Chennai, Hyderabad, Pune, and Kerala.

The BHASKAR portal intends to further simplify the journey of entrepreneurs. It offers a comprehensive, centralised compilation of startup data that can be used for effective networking and collaboration by registrants. The platform intends to speed up access to data resources, promote cooperation among users, and serve as a centralised hub for entrepreneurs, investors, mentors, and other stakeholders of the Indian startup ecosystem.

Since its launch, BHASKAR has already accounted for more than 12% of total traffic to the Startup India domain. The initiative aims to further expand the startup resource pool, funding initiatives, market linkages, incubation support, networking, and mentorship to create a more diversified and inclusive ecosystem. 

The free-to-use platform aims to eliminate data silos in India’s startup ecosystem. It integrates startup data banks from various ministries, government departments, and support organisations into a single platform. This consolidation ensures crucial information is readily accessible to all stakeholders, streamlining access to vital startup-related data.

The “connect” function is one of the platform’s main features, allowing for networking and cooperation among stakeholders. The total number of connections among registered users has already reached 17,000.

By providing ecosystem analytics and quantitative data, BHASKAR enables stakeholders to examine the effectiveness of ecosystem elements in facilitating cross-organisational collaborations and strategic resource allocations at micro and macro levels. 

BHASKAR’s growing user base highlights its role in driving long-term growth in India’s entrepreneurial ecosystem. The country already boasts the third-largest startup ecosystem in the world and is home to 118 unicorns. BHASKAR is expected to give a further boost to this ecosystem by centralising information, fostering collaboration, and providing key data and information. 

The post Indian Govt’s BHASKAR Garners 4.8 Lakh Registrations In 2 Months appeared first on Inc42 Media.

India is well on its way to becoming a Vikshit Bharat in a few decades. It is projected to emerge as the fastest-growing economy among the G-20. And its equity market has seen a near-non-stop bull run since the pandemic, primarily driven by institutional investors and a newfound surge in retail participation. Despite a few hiccups in the near term, J.P. Morgan and Goldman Sachs anticipate strong returns in the medium turn and a virtuous cycle of liquidity, sell-side coverage and capital issuance.

Not all retail investors can hope to become the next Rakesh Jhunjhunwala, though. Fast-paced financial markets are in constant flux, with a whirlwind of data, trends, split-second decisions and mammoth losses, overwhelming uninitiated individuals. However, AI-ML-powered algorithmic trading – automatically executed after strategies are pre-programmed based on investors’ goals, risk tolerance and trading preferences – has become accessible to a bigger user base. 

Set up by Pushpak Dagade, Suraj Bathija and Jimmit Patel, Mumbai-based AlgoBulls offers a user-friendly platform for algorithmic trading, encouraging greater participation from retail investors. The startup has also developed a cutting-edge technology stack that uses AI, trading parameters, deep data analytics and real-time market insights to generate sophisticated trading algorithms.  

For context, algo trading covers all aspects of the financial market, from stocks to futures & options and commodities & forex. The auto-trading system is highly coveted by many as it ensures speed and efficiency, reduces operation time and costs (no one has to scan the markets 24×7 to find a suitable deal manually) and minimises human biases and errors. 

SEBI has recently released a draft circular aimed at making algorithmic trading more accessible to retail investors—a positive move for both retail traders and compliant platforms like AlgoBulls. Dagade is a member of the SEBI working group that has actively contributed to shaping these upcoming regulations.

AlgoBulls provides a wide range of strategies, from off-the-shelf solutions to wholly customisable and dynamic models, to meet different requirements. Even users with zero coding knowledge can tweak pre-built templates to generate tailor-made options. These can be further modified, or new parameters can be added without adjusting the core code. Seasoned traders and traditional/small brokerages can leverage these solutions to develop their algorithms.

It has integrated the APIs (application programming interfaces) of several broking houses across India and the US. Hence, anyone with a trading account and an activated algo solution can benefit from automated trading on these platforms when the system finds a match for ‘buy’ or ‘sell’. Additionally, it generates server logs and ‘live reports’ to establish audit trail for every trading movement.

The platform has introduced extensive backtesting and paper trading capabilities to validate trading strategies before going ‘live’. Simply put, these are used to gauge how effectively these strategies will work in different market conditions so that users can assess potential risks and refine parameters.

It has adopted a diversified pricing structure to cater to retail traders, brokers and enterprises of all sizes. The revenue model has been designed to deliver flexibility and value, aligning with the varied requirements of platform users (more on that later).

AlgoBulls has attracted significant investor backing, securing $ 2 Mn in January 2023 during its pre-Series A round led by VCats++, an investor network funding early stage ventures across sectors. The startup raised INR 2 Cr in 2020 from the same lead investor. VCats++ combines funding with mentorship and networking opportunities to help founders drive growth and scale their businesses effectively.  

Advantage AlgoBulls: Its USP And Evolving Tech Stack

The journey of AlgoBulls started with a vision: To make tech-driven algorithmic trading accessible to all because of its transformative potential. After graduating from IIT-Delhi, Dagade moved to Bengaluru, where a chance introduction to trading by his colleagues sparked his interest.

“Initially, we were looking at a large block [read application], but soon realised that the pragmatic approach would be to develop more targeted services to cater to different users,” the founder and CEO said. “At AlgoBulls, users can create trading strategies from scratch using Python, opt for as-is templates or get modified ones.”

Dagade started with a core algorithmic trading engine and a bunch of strategies capable of fetching live market data so that the system could analyse the information and generate trading signals for automatic buying and selling. Over the years, the startup has developed miscellaneous service platforms and strategies. Here is a quick look at AlgoBulls’ major offerings.

Platforms for all traders – Odyssey & Phoenix: AlgoBulls lists its pre-built strategies on its curated marketplace called Odyssey and charges monthly subscriptions ranging between INR 499 and INR 3999. There are two more subscription models – Phoenix (INR 1,600-8300 for India, $20-$100 for US) and Phoenix Pro Build (starts from INR 20,000). The first is a customisable powerhouse, enabling users to create, test and execute their strategies. The ‘Phoenix Pro Build’ version allows traders to turn their unique ideas into actionable strategies minus any coding, as the startup’s in-house experts help them throughout the procedure.

An advanced AI tool – Phoenix Copilot: All AI-generated trading strategies are developed using Phoenix Copilot. For instance, a user can describe his/her trading strategy in simple English and say: Buy if the stock rises above the 200-day moving average and sell if it falls below. Once the parameter is specified, AlgoBulls’ AI-powered tool generates a sophisticated algorithm for auto-trading. 

Phoenix Copilot is primarily trained on indicator-based strategies for equity and options to identify potential entry and exit points. However, it is constantly refined to optimise algos, ensure the accuracy of predictive analytics and provide personalised insights based on historical and live market data.

“AlgoBulls also offers adaptive algorithms to dynamically adjust trading parameters with shifting market conditions such as changes in volatility and volume. These algos help users seize opportunities and minimise risk,” said Dagade. “Again, for certain strategies, we use machine learning to detect anomalies and outliers, alert users in real time and safeguard investments. Our AI tool will increasingly support more complex strategies and Indic languages, starting with Hinglish.”        

White-label partnerships and Enterprise setups: While its subscription-based models are available as SaaS offerings, AlgoBulls also provides white-label solutions (costs INR 50K onwards) and enterprise setups (INR 3 Lakh and above) for brokers, RAs, RIAs, small-medium-to-large hedge funds, fund managers and fintech companies operating in wealthtech space. These setups are hosted on client servers/cloud infrastructure and ensure complete customisation, control and scalability.

The startup claims 75% of its enterprise revenue comes from these custom setups and the remaining 25% from white-label solutions. Enterprise business accounts for 65% of its total revenue, and retail subscriptions contribute the remaining 35%, demonstrating a well-rounded revenue model that balances institutional and individual traders. 

The Five Pillars Of AlgoBulls’ Performance

In the high-stake financial markets, the likes of AlgoBulls are quickly becoming a darling of retail traders, wresting the stock market away from the traditional gatekeepers and letting people trade. However, putting huge amounts at risk requires responsible trading, even at the algo level, with zero human intervention. Hence, the startup has built its service platforms on five core pillars. These include:

Robust infrastructure: At AlgoBulls, each strategy operates on a virtual server, avoiding resource contention and maximising efficiency. The cloud-based platform also eliminates concerns about local hardware, network downtimes, or resource limitations.

IP protection for strategies: The platform employs proprietary formatting to safeguard user-developed strategies. The strategies generated here remain secure as these cannot be transferred to or run on other platforms.

Low-latency, high-speed execution: AlgoBulls has optimised its low-latency setup for low- and mid-frequency trading, thus ensuring high-speed execution. This speed advantage is critical for highly time-sensitive algo trading, as the goal here is to capture fleeting market opportunities with precision. 

Guardrails for risk management: It has incorporated robust risk management tools such as exposure limits, position monitoring, order controls and stop-losses to ensure disciplined trading. It also provides detailed transaction logs and performance reports in sync with compliance norms for easy tracking and monitoring. 

Regulatory compliance: AlgoBulls has a compliance-first approach and strictly adheres to SEBI regulations (in India), the SEC (in the US) and other jurisdictions where it plans to operate. Its compliance framework also covers risk management protocols, data privacy measures, internal audits and real-time monitoring systems, strategies and user activities for a secure trading experience.

AlgoBulls’ Vision For The Future 

According to Dagade and his team, AlgoBulls has gone beyond a fintech platform that demystifies algo trading. It is building a thriving community, conducting ‘Quant Quest’ competitions for algo trading across IITs and other institutes, educating the next generation of algorithmic traders and democratising access to wealth.  

In fact, it is high time for algo trading to take off in India. Despite the rise in overall retail trading, around 50% of the trade volume is automated here compared to 80-90% globally. Moreover, the record increase in demat accounts – the total number surged to 17.5 Cr in September 2024, according to Motilal Oswal – underscores the potential for algo trading. The newbies and the professionals flooding the market will require technical leverage to drive inclusion and profitability.

Globally, the algorithmic trading market is expected to hit $33.9 Bn in 2028 from $20.5 Bn in 2024. On the other hand, India’s algorithmic trading market is estimated to see a CAGR of 11.65% between FY25 and FY32, growing from $1.08 Bn to $2.6 Bn in FY32.

Realising the scope for empowering a new generation of investors, AlgoBulls aims to grow its product portfolio and enhance platform capabilities by integrating advanced AI-based features. It will also explore more complex multi-asset and multi-market strategies and expand its global footprint across North America, the EU and the Asia-Pacific. 

In the long term, the fintech startup wants to provide easy access to high-frequency trading (HFT) and introduce ASIC- and FPGA-powered algo trading via web browsers. While ASIC chips, short for application-specific integrated circuits, are optimised for specific tasks, FPGAs, or field programmable gate arrays, are more flexible and easily reconfigured to adapt to market shifts. 

It will also continue to work on educating retail users, forging strategic alliances with brokers, refining personalised investment strategies and upholding rigorous global compliance and risk management standards.

Global financial markets are changing fast. Automated algo trading will work well in India, or any market, for that matter, if new-age platforms like AlgoBulls can devise ingenious strategies and develop sophisticated trading algorithms.

The post AI On Trading Floors: Can AlgoBulls Make Automated Trading Mainstream In India? appeared first on Inc42 Media.

The year: 2002. The hospitals are G.B. Pant Hospital in Port Blair and Sri Ramachandra Medical College and Research Institute in Chennai. The project: Linking the two to mark the beginning of the telemedicine era in India. A year ago, ISRO ran a pilot, telelinking Chennai’s Apollo Hospital with a rural facility in Andhra Pradesh. Since then, this digital format fostering fast and efficient healthcare thrived and peaked during the Covid-19 pandemic, when virtual medical visits rapidly overtook in-person consultations.

In a country like India, telemedicine is not merely convenient but transformative. It can help the country’s rural population (about 65% of the total populace) remotely access more than 75% of the healthcare professionals in metropolitan regions. A survey also revealed a wide disparity: More than 60% of people from rural areas often travel up to 100 km to access critical treatment, and nearly 90% of the total population have no financial protection for health.  

While offering virtual consultations during Covid-19, Dr Vishesh Kasliwal became painfully aware of how rural healthcare fell short of standard services due to limited access to qualified doctors, lack of essential medicines and inadequate diagnostics facilities. The seasoned medical practitioner with an MBA in healthcare management joined forces with his wife, Rachita, an expert in healthcare marketing, branding and strategy. Together, they set up Medyseva, a platform focussing on underserved regions, matching patients’ requirements with the nearest specialists and connecting them for fast and affordable treatment.

At its core is a B2C phygital platform that enables teleconsultations via an app or by visiting any of its 200+ satellite clinics in 10 states, all fully equipped for secure video consultations. These rural hubs are managed by trained nurses and paramedics who help with initial assessments, connect patients with doctors via the Medyseva app and provide diagnostic services. Test reports are directly sent to the doctor concerned for review. 

What sets these clinics apart is the on-site installation of Medyvend, an IoT-powered automatic drug vending machine to ensure a seamless supply of medicines across rural and remote regions. Besides, the startup offers specialised healthcare services, including Medyvision for eyecare, Medyshe for women’s health, Medydiet for nutrition-related requirements and Medymate for preventive healthcare workshops.     

In the B2B space, it collaborates with medical colleges and hospitals to expand its teleconsultation network and set up more satellite clinics. Medyseva has partnered with five medical colleges and more than 25 private hospitals for quick referrals and claims a network of more than 1K doctors across specialities.

The startup earns from teleconsultation (accounts for 40% of its revenues), satellite clinic charges (35%), sales from drug vending machines (10%), specialised healthcare services (10%) and partnership fees from hospitals and doctors (5%). About 70% of its revenues come from rural areas and Tier III cities; the rest is from Tier II locations, underscoring its focus on non-metro healthcare. 

Medyseva is eyeing a more than 200% revenue jump in the current financial year and preparing to raise a Pre-Series A round of INR 8-10 Cr to scale operations and enhance its tech stack (more on its expansion plans later).

How Medyseva Is Redefining Rural Healthcare With Tech & Trust-Building

By the time the Kasliwals decided to launch their telemedicine platform, the pandemic benefit of the digital format had worn off, and questions were raised globally regarding the quality of care. Hot tech startups were accused of prioritising growth above everything else. In brief, a new telehealth format was needed to bring back the boom in a post-pandemic world. Here is a quick look at what the founders did to take their telemedicine startup a notch higher.  

Changing patient perception through a phygital model: As the realisation dawned fast that telemedicine was a mere tool and could not replace the traditional touch of a medico, the founders knew that a more integrated approach would be required to add value to the digital-only telehealth model. A well-juxtaposed phygital format, like a satellite clinic operating physically and digitally, was the first step to building accountability and trust among rural communities.

As the satellite clinics are closer to home, patients typically travel 0-15 km to access treatment, significantly reducing long-distance travel. Many of these units are strategically set up near a medical college or hospital to ensure quick access to emergency medical services. 

Medyseva has further deepened its reach through health camps and workshops via its Medymate initiative, localised campaigns promoted by village health workers and panchayats, spreading the word through educational institutions and building social media engagement.

In-clinic hand-holding and follow-up care: Unlike many telemedicine providers where patients are left on their own for appointments and consultations, Prior to the teleconsultation, a trained nurse assesses a patient’s vital signs (blood pressure, temperature, pulse and respiratory rates, oxygen saturation) and selects the appropriate speciality care (general medicine, dermatology, cardiology and so on). 

The platform instantly notifies all available doctors from the selected speciality, thus minimising wait time. Secure video consultations are carried out via the Medyseva Doctor App, and multilingual support is provided to facilitate effective communication.

“The entire process, from a patient entering a clinic to completing the consultation and leaving, typically takes eight to 11 minutes. This efficiency is crucial for serving more patients in rural areas and enhancing overall accessibility,” said Dr Kasliwal.

Follow-up consultations are managed through reminders and automated scheduling to ensure the continuity of care, especially for chronic conditions. 

Robust tech for medicine vending, digital framework: To optimise its telemedicine delivery, Medyseva has integrated diagnostics services with its satellite clinics and digitally records all outcomes and case histories for instant access by doctors and patients. All patient data and transactions are encrypted for healthcare data confidentiality.

Each satellite clinic will install Medyvend, an IoT-powered automatic medicine vending machine, to source prescribed medicines instantly. These are connected to a secure cloud platform synced with the Medyseva app and the entire telemedicine system. When a doctor prescribes medication, the prescription is directly sent to the vending machine of the specific clinic from where the patient has signed in. 

These machines verify each prescription before dispensing the correct dosage, thus minimising human errors, while patients can use QR codes or unique prescription IDs to access their medications. These are also equipped with sensors to monitor stock levels and send real-time alerts.

B2B and B2G collaborations for specialised care: The platform will increasingly tie up with private hospitals, global organisations and government initiatives such as Ayushman Bharat to integrate with rural healthcare. It aims to expand medical services, increase Medyvend installations and 5x its satellite clinics in the next five to 10 years to provide inclusive care for the most marginalised communities.

How Tie-Ups With iStart Rajasthan, Other Investors Are Driving Growth

Support from iStart, a flagship initiative by the Rajasthan government, has played a key role in shaping Medyseva’s growth journey. The programme has provided valuable mentorship and much-needed networking opportunities, as well as a space to showcase the startup’s innovative services and cutting-edge technologies. 

The platform is now looking at widespread campaigns, word-of-mouth promotions and social media engagement to grow pan-India, with a focus on underserved tribal communities and the northeast region. Hence, iStart’s access to the grassroots and expertise in building a vibrant ecosystem around target audiences will stand in good stead. 

It has already secured INR 1.6 Cr from Arise Ventures, Anikarth Ventures, ITI Ventures and a clutch of angel investors. It is preparing to raise a pre-Series A round to fund its business growth and next-gen medtech products.

Will Medyseva Witness A Business Boom Post-Pandemic?  

Is the telemedicine boom over now that physical visits to doctors and hospitals are no longer a near-impossible task? In 2020, at the outset of Covid-19, India’s healthtech market size was estimated to reach $21 Bn in 2025 on the back of telemedicine and preventive healthcare, growing from a meagre $6.8 Bn. However, after a 4.8x funding surge during the pandemic – from $456 Mn in 2020 to $2.19 Bn in 2021 – capital flow in this sector dipped by 19% CAGR between 2022 and H1 2024.

Some industry experts believe that the lack of a value-added care mechanism in telemedicine was partially responsible for the dip. Others feel telemedicine will continue to thrive if specialist doctors and hospitals remain out of bounds for rural and remote India.    

Medyseva seems to be addressing the hybrid requirement rising out of this scenario – a combination of remote consultations and human help at hand. In a way, telemedicine would always thrive in a hybrid setting, as a Deloitte report said. Even when artificial intelligence identifies all medical conditions, human validation and help will be needed to meet people’s emotional requirements.       

Meanwhile, the startup is not sitting on its laurels because it may have cracked the value code. Instead, it will grow patient registrations to 1.5 Mn in the next two to three years, enter semi-urban areas with high population density, set up 100 more satellite clinics with Medyvend machines and partner with 10 more medical colleges and 50 additional private hospitals to expand its network.

“We aim to upgrade Medyvend machines and deploy them to Tier II and III cities and primary healthcare centres. The aim is to dispense OTC devices like glucometers and thermometers. Plus, we will introduce advanced AI-based health monitoring to improve the quality of remote care,” said Dr Kasliwal.    

In the long term, the startup plans to enter all Indian states and replicate its business model in South Asian and African nations where similar conditions prevail in rural healthcare. It will also develop SaaS solutions for global hospitals and healthcare providers, build a top-notch team and target an annual revenue of more than INR 100 Cr.

Can Medyseva emerge as a trusted and innovative healthcare partner for millions worldwide? It seems to be taking healthy steps towards the right direction for now. 

The post How Medyseva Is Solving The Doctor Drought In Rural India With A ‘Phygital’ Telemedicine Model appeared first on Inc42 Media.

The Rising Rajasthan Global Investment Summit 2024 concluded on Wednesday (December 11) with Memorandums of Understanding (MoUs) worth over INR 35 Lakh Cr signed. 

On the final day, the state secured investment commitment totalling INR 30 Lakh Cr, reflecting the business community’s confidence in Rajasthan’s potential as an investment hub.

At the special Micro, Small, and Medium Enterprise (MSME) Conclave, held on the last day of the Summit, the state government announced land conversion exemption for small industries. Under the new policy, conversion of 1 acre of land will be allowed without any additional charges. This move is expected to significantly boost the growth of MSMEs in the state. 

The government also announced plans to establish district-level committees to address challenges faced by businesses. 

CM To Present Report Card Next Year

Chief minister Bhajan Lal Sharma commended the success of the Summit and said that the state government will present a progress report on the MoUs signed during the three-day event on December 11, 2025. 

“The MoUs signed through this Summit shall be implemented with full force, ensuring they contribute towards the development of the state. This Summit has been a monumental one and marks a new chapter in the state’s history that shall lead towards the path of progress,” the chief minister said.

Union minister Dharmendra Pradhan, who attended the closing session, reiterated the importance of removing restrictive clauses in policies that hinder business growth. 

Meanwhile, Rajasthan’s information technology and communications minister Colonel Rajyavardhan Rathore said that small enterprises will benefit significantly from the new land conversion policy. 

He also said that the district-level committees will have representation of small business associations with an aim to improve the ease of doing business in the state.

Rajasthan Poised For A Giant Economic Leap 

The Summit saw the leading corporations of the country announcing investments in Rajasthan. The Adani Group said it would invest a whopping INR 7.5 Lakh Cr in the state. Announcing the investment, Adani Ports & Special Economic Zone MD Karan Adani praised Prime Minister Narendra Modi’s leadership and vision for India’s strong economic growth.

Additionally, the Aditya Birla Group announced an investment of INR 50,000 Cr, focussed on sectors such as cement and renewable energy. Of this, INR 6,000 Cr has been earmarked for renewable energy projects over the next two years.

Renewable energy was among the hottest topics during the Summit. According to Sumant Sinha, CEO of Renew Power, approximately 70-80% of India’s increased power demand in the coming years will be fulfilled from renewable sources. 

This aligns with the strategic initiatives taken by the Rajasthan government to position the state as a hub for renewable energy.

The Summit also focussed on Rajasthan’s abundant natural resources and leveraging them as key drivers for the state’s economic growth. Anil Agarwal, chairman of Vedanta, pointed out that these resources can significantly contribute to the state’s development trajectory. 

The Rising Rajasthan Summit not only aimed to attract investments but also delve on fostering innovation and entrepreneurship. With the launch of new policies to support MSMEs – including the MSME Policy 2024 and One District, One Product – the state is positioning itself as a competitive investment destination.

The investment commitments and business friendly climate in the state have set the stage for rapid industrial growth, job creation, and overall economic development of Rajasthan. 

The success of the Summit is a key milestone in the state’s journey towards emerging as a key player in India’s economic landscape, promising a future of growth, innovation, and prosperity for businesses and citizens.

The post Rising Rajasthan Summit 2024: MoUs Worth INR 35 Lakh Cr Signed appeared first on Inc42 Media.

Prior to the funding winter, raising mind-boggling amounts from private investors was usually considered a surefire path to startup success. But when financing dried up, bootstrapping to build a successful, sustainable business became tricky for cash-guzzlers. Those who survived realised that the quality of holding out and evolving into an enduring business would be the success benchmark in the new normal. 

Long before the exuberant funding years triggered by the pandemic-led FOMO and the brutal market corrections that followed, two engineering students proved that a strong product could overcome growth hurdles minus the VC dollars. Tejas Rathod and Kunal Kothari did not attend elite institutions (read IITs and IIMs). Neither were they connected to the old boys’ club (venture capitalists, per se). But during their college days itself, Tejas Rathod and Kunal Kothari transformed their college project into a content monetisation platform.

They were elated when the duo earned a $100 paycheque from Google for their initial work. But it set them thinking about a technology-driven business to navigate complex customer journeys better than any traditional tech solution. The year was 2017, and the portmanteau concept (a cocktail of martech and adtech, but more on that later), globally introduced by David Raab in 2015, was nascent in India. 

Realising the limitations of traditional digital marketing was not adequate for businesses in a hyper digital-first era, Mobavenue pivoted to the all-new hybrid model. Customers expect a continuity of experience when connecting with brands via numerous digital channels. Hence, madtech combines martech’s individual reach and the massive datasets of adtech to ensure that advertisers can reach and cater to target customers across all possible platforms. 

To ensure end-to-end offerings, the duo launched a programmatic advertising platform, essentially an automated way for selling and buying online ad space, so that brands can decide where, when and how to display their digital ad campaigns to top off their marketing efforts. Today, Mobavenue operates as a one-of-its-kind madtech agency, enabling brands to grow beyond walled gardens by guiding consumers through awareness, acquisition and retention. 

In 2020, Rathod and Kothari met Ishank Joshi, a serial entrepreneur and thus, began a long-standing association among them. Soon Ishank joined as CEO and cofounder of Mobavenue, bringing his long-standing association with Kothari and Rathod to the forefront. He was tasked with driving the company’s growth strategy, market expansion and profitability.

Mobavenue caters to startups of all sizes, large enterprises, media agencies and ad publishers. Its key clientele includes  HDFC Bank, PhonePe, Groww, Swiggy, Zepto, Nykaa, and Games 24×7.

It has executed more than 30K campaigns and expanded to a team of 150+. According to Joshi, the startup has a strong presence across travel, gaming, retail, BFSI and entertainment sectors.

With its operations spanning eight countries – India, UAE, the US, the UK, Australia, Singapore, the Philippines and Malaysia – and overseas offices in London, New York, Kuala Lumpur and Dubai. Mobavenue wants to emerge as a global madtech powerhouse and feels confident of sustainable growth, given its track record.

How Mobavenue Navigates Its MadTech Journey To Empower Brands

Aware that martech and adtech (marketing tech and advertising tech, respectively) are interdisciplinary yet collaborative aspects of holistic branding to drive sales, Mobavenue has built a full-stack madtech pack in-house for comprehensive and connected operations. It required targeted hiring – picking and choosing talent who could wear multiple hats typical of a startup culture. Given its bootstrapping strategy, setting up a lean team was mandatory at the time.

Next came the pivot from a straightforward digital marketing agency to a madtech platform. For context, martech utilises first-party or consent data captured from owned media (CRMs, CDPs, email/website/app interactions and more) to create and manage personalised messages. Adtech, on the other hand, gathers third-party datasets (as permissible by law) and displays relevant campaigns on paid media like digital ads, paid searches and social networks. 

Madtech is the convergence of both. Essentially, it is an amalgamation of the valuable customer insights retrieved from internal systems and data from external channels for more value-added engagement to attract target customers across all channels, locations and devices. Artificial intelligence and machine learning (AI-ML) are also incorporated in madtech for process automation, optimisation and better decision-making based on cutting-edge data analytics. 

Consider this. A fashionista browses online for the latest fashion trends on mobile. As one explores, this activity sends a signal to advertisers (in this case, fashion brands) interested in showing highly relevant ads. Behind the scenes, these advertisers compete to display their ads by real-time bidding. The highest bidder wins the opportunity. Soon, one sees an ad within a given app offering a special discount. Intrigued, one clicks the ad, downloads the app, and makes a purchase. It is an excellent example of personalised mobile/app marketing and advertising technology, demonstrating how effective programmatic advertising is in identifying, reaching and acquiring new users (and later, retargeting them).

Initially, Mobavenue launched two products – SurgeX and ReSurgeX – to cover the entire funnel from awareness creation to acquisition, retargeting and retention. Here is how it works:

SurgeX: The AI and ML-powered demand-side platform (DSP) automates ad impression buying and selling and ensures that ads are placed in the best spots online. Essentially, brands/advertisers leverage the DSP to bid on ad space, while publishers list their inventories on its supply-side platform (SSP) on ad exchanges. Using data analytics, Mobavenue enables these ads to reach target audiences.  

SurgeX employs advanced algorithms and predictive bidding tools to forecast ideal costs, manage ad spending and maximise return on ad spend (ROAS).

“Our ML algorithms are designed to adapt and evolve with the unique demands of each industry segment and continuously optimise campaign performances,” said Joshi. 

Its real-time monitoring and tracking dashboards allow brands to assess their alignment with key performance indicators (KPIs) and enable data-driven decision-making for maximum impact.

ReSurgeX: Designed for customer re-engagement, ReSurgeX uses contextual and product-based ads to convert past visitors and retain lapsed users, driving higher conversions.

This was followed by the launch of AudX in 2023, PrsmX in early 2024 and now, the brand is set to launch GMP360 in 2025. 

AudX: AudX is a consumer intelligence platform that collects and analyses customer data for AI-driven, personalised campaigns. With access to a database of over 500 million unique users in India, AudX helps brands define user cohorts in real-time.

PrsmX: The platform focuses on upper-funnel activities, enhancing brand awareness, engagement and uplift through a programmatic ecosystem that includes video, connected TV (CTV), OTT, audio, and retail media solutions.

GMP360: The company is set to launch the Growth Marketing Platform 360 (GMP360) in early 2025. This unified growth platform will integrate Mobavenue’s entire product suite, harnessing the power of AI and ML to streamline media and performance marketing operations. By incorporating advancements in generative AI, GMP360 aims to reduce time and costs while driving comprehensive growth across all marketing touchpoints.

Overcoming Growth Hurdles And Data Privacy Challenges

“Around five years ago, brands used to allocate 50-60% of their digital budgets to paid searches and social platforms. So, we needed to educate brands about the advantages of programmatic advertising [the kind of work Mobavenue does] as a transparent, data-driven, scalable and cost-effective solution. As the outcomes demonstrated its effectiveness, brands’ trust in us and programmatic advertising gradually grew,” said Joshi.

The founders also understood that a stellar product alone could not thrive in a market where awareness was limited. To bridge this gap, the leadership team started awareness campaigns to showcase the benefits of programmatic advertising (and madtech), resulting in a surge in brand interest and user engagement.

Mobavenue products are built to address the distinct challenges faced by specific industry verticals such as BFSI, ecommerce, fintech, gaming and D2C businesses. By analysing historical data, consumer behaviour and market trends, it has crafted strategies that resonate with target audiences and deliver measurable outcomes. 

“Our deep sector knowledge enables us to create highly effective, industry-specific advertising campaigns that drive business growth and sharpen competitive edge,” said Joshi.

Interestingly, the startup’s decision to expand overseas is driven by analytics and precision.

“We enter a new market only after a meticulous, comprehensive analysis. We evaluate key metrics such as population size, mobile user penetration rates, internet usage levels and the scale of digital media expenditure,” the CEO added.

The Road Ahead For Mobavenue In A World Of People & Data

Over the next three years, Mobavenue aims to expand its global footprint by establishing offices across North and South America, the UK, the EU, East Asia and LATAM. This strategic expansion includes hiring local talent in these regions while retaining its core global operations teams in India, leveraging a cost-efficient model akin to software-as-a-service (SaaS).

“India will remain our technology and operations powerhouse as we expand globally,” said Joshi. Adding further, “we will continue investing in tier 2 cities like Surat, Pune, Hyderabad and Jaipur to build a world-class tech and operations workforce.”

Its expansion strategy aligns well with the emerging opportunities in programmatic advertising and the madtech sector. Globally, programmatic ad spend, a critical component of the madtech business, is estimated to reach $800 Bn by 2028 from an estimated $595 Bn in 2024. On the other hand, industry analysts predict that by 2027, stakeholders will invest $245 Bn annually in the madtech space, up from $100 Bn in 2020. 

That is a lucrative market, but Mobavenue faces competition from players like Inmobi, Affle and global giants like Applovin and The Trade Desk. However, what differentiates the startup is its proprietary service platform that enables brands to make data-informed decisions, refine strategies, and optimise costs. This is crucial in an era when nearly 40% of global digital marketing spend is estimated to be wasted on underperforming campaigns.

The startup is preparing to lead the charge as the digital ad space shifts toward AI-driven personalisation and privacy-conscious practices. “Technologies like contextual advertising and persona-based targeting, which analyse usage patterns without collecting personally identifiable information, will play a pivotal role. As consumers demand stronger data protection, Mobavenue’s privacy-first approach positions us to lead this shift,” said Joshi.

The only glitch: Despite all tech advantages, markets will always be about people and what they choose to buy. Technologies like madtech can help brands carve a path to reach consumers amid constant flux. But brands, publishers and tech service providers like Mobavenue must understand why and how people choose. That will remain the cornerstone of effective campaigns and madtech success.

The post How Mobavenue Bootstrapped Its Way To Global MadTech Success appeared first on Inc42 Media.

The second day of the ongoing ‘Rising Rajasthan Global Investment Summit 2024’, being held in Jaipur, on Tuesday (December 10) saw the top names from the Indian startup ecosystem as well as key political figures coming together to discuss Rajasthan’s potential as a leading investment destination. 

The Summit is a platform for fostering collaboration, showcasing the economic opportunities, and attracting investments with a vision to transform Rajasthan into a $350 Bn economy in the next  five years. It aims to promote Rajasthan as a top-tier hub for investment and innovation. 

The three-day event is bringing together 5,000 participants, including industry leaders, investors, entrepreneurs, and international dignitaries. Diplomats and representatives from 32 countries, including Japan, Switzerland, Singapore, Denmark, and South Korea, are participating in the Summit, with 17 nations designated as partner countries. 

The event was inaugurated by Prime Minister Narendra Modi on December 9. 

Business Leaders Highlight State’s Investment Potential 

Speaking during the event, Paytm founder Vijay Shekhar Sharma exhorted founders to build AI-first ventures. “If you are not building technology that replaces humans in workflows, your startup might not survive five years,” he said. 

Sharma emphasised that all jobs currently being done by humans – physical or mental – will eventually be done by AI-powered machines. 

Meanwhile, CarDekho cofounder and CEO Amit Jain talked about the growth of Rajasthan’s startup ecosystem over the last few years. “The Rajasthan government has always been very supportive of startups. One of the benefits of starting CarDekho in Jaipur was the fact that we could directly connect with consumers, understand their problems, and build a product that solved them. We are thankful to generate jobs for 12,000-15,000 people in Rajasthan,” Jain said. 

Colonel Rajyavardhan Singh Rathore, the minister of information technology and communication in the Rajasthan government, made a strong pitch to invest in the state. 

He urged NRI industrialists and diaspora members to invest in Rajasthan, and underlined six key reasons for investing in India and the state – democracy, demography, data-driven growth, delivery, demand, and decisive leadership. 

Citing the steps taken by the state government to facilitate investments and growth of businesses, Colonel Rathore said that new policies have been formed to eliminate red tape and make it easier for startups and businesses to set up base in Rajasthan.

“To streamline the investment process, the government has designated officers as single points of contact for different countries and states, who will serve in this capacity for the next five years,” Colonel Rathore said.

He also highlighted the economic incentives offered by the state, including subsidies for technology, MSME support, and assistance in reducing export costs. 

He emphasised India’s position as the world’s largest market, and called on business leaders to leverage this market by investing in Rajasthan to drive the country towards self-reliance, as envisaged by PM Modi. 

The post Rising Rajasthan Summit Day 2: Colonel Rathore, Minister IT&C Makes Strong Pitch For Investing In The State appeared first on Inc42 Media.

Social media-savvy young Indians are driving the latest consumer trends, especially in the beauty and personal care (BPC) sector.

But as buzzwords like “paraben-free,” “natural” and “fruit-enriched” become commonplace, beauty brands must genuinely deliver on their promises to meet the expectations of a discerning younger audience. In response, many newcomers to India’s BPC market are rising to the challenge.

One notable example here is Dot & Key. 

Interestingly though, its journey didn’t begin with a targeted focus on the younger generation. Instead, it was born from a personal struggle. 

Anisha Saraf, an avid swimmer, faced severe tanning issues due to chlorine exposure and harsh sunlight. After searching the market in vain for suitable products, Anisha and her husband, Suyash Saraf, decided to create their own solution. This personal need, combined with Suyash’s expertise in FMCG, led to the launch of Kolkata-based Dot & Key in 2018.

In essence, it’s a brand designed for young women, from late teens to early 30s, addressing a range of skincare needs with fruit-based ingredients. With a diverse portfolio of 100+ SKUs spanning more than eight categories — sunscreens, moisturisers, face washes, lip care and more — it has successfully expanded its offerings to cater to a wide array of skincare needs.

The Sarafs leveraged social media platforms, mainly Instagram, where influencers inspire millions to pick what’s hip and hot. 

Then, in 2021, Dot & Key partnered with Mumbai-headquartered third-party logistics (3PL) provider Emiza. 

This collaboration has enabled it to scale effectively by accommodating increased inventory needs, implementing accurate demand forecasting algorithms and ensuring efficient order fulfilment. 

“We are able to efficiently manage fresh and return inventory through effective batch management and regular inventory counts, maintaining the freshness and accuracy of their stock,” said Ajay Rao, Emiza’s founder and CEO. This ensures seamless fulfilment, crucial for Dot & Key’s scaling needs.

Dot & Key’s impressive growth is evident, with over 60 Lakh customers and counting.

Dot & Key claims its net sales grew 3.4x YoY between FY23 and FY24. They are targeting a revenue of INR 350 Cr in FY 25.

Dot & Key’s Formulations To Grow Customer Base

The Sarafs were aware that building brand recall would not be easy unless they could address consumers’ pain points and turn one-off shoppers into loyal brand advocates. Therefore, they conducted thorough market research before adopting a nature-forward approach for a healthier, cleaner impact. 

From the start, quality has been a key part of Dot & Key’s brand identity, as it aims to produce the best after plenty of iterations. Suyash calls this micro-detailing, which is required to create go-to essentials that earn a lot of customer love.

 “Say we want to launch a sun stick, a popular alternative of sunscreen lotions. Initially, we will have 62+ prototypes of the same formulation. Then, our in house R&D experts test and iterate before releasing the final product. That’s the level of detailing that goes into every product,” he added.

The brand sources ingredients from India and across the world, tests raw materials and conducts in-process inspections and random samplings during production. (It has tied up with third-party players who specialise in different product categories and follow good manufacturing practices.) Final products are tested for safety, efficacy and compatibility with various skin types. 

The digital-first D2C brand also emphasises that communication with customers is a key growth driver and listens to them carefully for continuous improvement. 

However, Dot & Key’s social media engagement takes the cake when it comes to customer relationships and trust building. The brand educates its  social community about using the right product for their skin and motivates them to consistently use skincare for healthy skin

It recently partnered with Shanaya Kapoor (daughter of actor-producer Sanjay Kapoor), a prominent social media face who will soon make her film debut. This strategic move aligns with its attempt to target the young audience by presenting a ‘fresh face’ as the brand ambassador.

Conquering Issues Of Speed & Scale 

In a consumer-first world, the defining factors of customer satisfaction boil down to quality, availability and fast delivery. Dot & Key quickly realised this and entered marketplaces like Nykaa, Myntra and Amazon, as well as quick-commerce platforms like Blinkit and Zepto. 

It has started working on offline expansion, and its products are available across 170+ Nykaa outlets and several retail shelves across India. Although most of its customers are currently concentrated in metros, the brand has seen growing traction in Tier II, III and beyond. Hence, there is a requirement for an omnichannel presence, Suyash tells Inc42.

 But with scale came the need for an enabler to help the brand deliver its products quickly and efficiently. To ensure that Dot & Key would always be at the top of its game, even during demand spikes in festival and holiday seasons, the founders started looking for a 3PL partner specialising in ecommerce order fulfilment and inventory management. They picked Emiza in 2021.

As a case in point, Suyash said that during last year’s Diwali surge, Emiza quickly scaled up operations, optimised workflows and deployed extra staff to meet delivery demand without delay. “Its proactive approach and scalable infrastructure are vital for high customer satisfaction during peak periods,” he added. These strategies ensure that Dot & Key can handle increased order volumes efficiently. 

The brand has also seen significant enhancements across critical metrics. For instance, SLA compliance has risen from 90% to 98%; order processing time has dipped by 50%, from 48 hours to 24 hours, and return processing time has come down from seven to four days. “These improvements result in faster delivery and better service for our customers, ensuring a smoother and more efficient logistics process,” explained Suyash. 

“We’ve partnered with Dot & Key for nearly four years, expanding from one to four locations. Post-Nykaa acquisition, we remain their 3PL partners. It’s been wonderful to see their growth with Dot & Key believing Emiza contributed to their success,” said Rao from Emiza.

Rao delved deeper into how Emiza optimises return management, especially for BPC brands.

He said, “We adhere to stringent quality checks and ensure returned inventory is back on the shelf within 48 working hours. Managing returned inventory from various batches is a unique challenge in the BPC sector, but Emiza addresses this by storing returns in designated areas to ensure returned inventory is consumed first prior to consuming fresh stock.”

Will The Focus On ‘Missing’ Dots & Solution Keys Unlock Bigger Success?

Curious about the brand’s offbeat name, we looked at its website to find that it strives to identify the missing dots in one’s skincare regime and provides solutions or keys. Interestingly, the same approach can help it create a niche in a competitive market crowded with new-age contenders like Juicy Chemistry, The Derma Co, Nat Habit and Organic Kitchen.

However, Dot & Key has recognised a couple of missing dots and is working on solutions to emerge as a go-to beauty brand.

For one, the BPC market, especially the clean beauty segment, is growing exponentially. Although India-specific data is not available, clean BPC brands will reportedly account for 5-10% of the total BPC market, pegged at $28 Bn by 2030.

To cater to the bigger Bharat market beyond metros/Tier I, Dot & Key is amplifying its brick-and-mortar presence in 2024, planning to set up offline kiosks and double down on existing retail partnerships. 

Now, with Nykaa’s increased stake, the founders are optimistic about the brand’s growth potential. 

Dot & Key appears to be on the winning path with its targeted marketing efforts and a comprehensive product portfolio that resonates with its audience and can make a significant impact in the BPC space. 

The post How Dot & Key Cracked The Speed & Scale Code To Make A Mark In India’s Booming BPC Market appeared first on Inc42 Media.

Prime Minister Narendra Modi inaugurated the ‘Rising Rajasthan Global Investment Summit 2024’ at the Jaipur Exhibition and Convention Centre (JECC) on December 9. 

The three-day event will host over 5,000 participants, including industry leaders, investors, and international dignitaries. 

In his keynote address, PM Modi commended the Rajasthan government for organising the Summit and emphasised the positive business climate in the country. 

He noted that India has significantly improved its economic standing, becoming the fifth-largest economy in the world from the 11th largest within a decade. Modi attributed this growth to the mantra of “Perform, Transform, and Reform”, which has led to the doubling of the size of the economy and exports over the past 10 years.

The Rising Rajasthan Global Investment Summit 2024 is a significant step in the state’s economic development. It will bring together global and local stakeholders to explore investment opportunities and foster partnerships. 

Business leaders like Gautam Adani, Kumar Mangalam Birla, Anil Agarwal, Anand Mahindra, Sanjiv Puri, and Ajay S. Shriram will attend the event. Diplomats and representatives from 32 countries, including Japan, Switzerland, Singapore, Denmark, and South Korea, will also be present, with 17 nations designated as partner countries.

The Summit aims to position Rajasthan as a prime investment destination, highlighting its skilled workforce and expanding market potential. It will feature 12 regional thematic sessions focussing on critical topics such as water security, sustainable mining, inclusive tourism, agri-business innovation, sustainable finance, and women-led startups. 

The event is expected to create a platform for meaningful dialogue and collaboration, driving the state’s growth and positioning it as a key player in the global market.

PM Modi Bats For Investments In Rajasthan 

During his inaugural speech, PM Modi highlighted the importance of technology and data in driving economic growth. “This century is tech-driven and data driven,” he said.

Modi underlined that India has seen a four-fold increase in internet users over the last decade, facilitating record levels of digital transactions. He pointed out various digital initiatives such as UPI and direct benefit transfer, and said their success shows that digital technology can benefit all sectors of society. 

Calling businesses to invest in Rajasthan, Modi underlined the state’s strategic location connecting economic centres like Delhi and Mumbai. He said that infrastructure projects such as the Delhi-Mumbai Industrial Corridor will enhance economic opportunities across several districts in Rajasthan. 

Modi also said that Rajasthan ranks among the top five states in India in terms of the employment opportunities created by micro, small, and medium enterprises (MSMEs). He said that over 27 Lakh MSMEs in the state employ over 50 Lakh people, and called on businesses to utilise them to make India a manufacturing hub.

He stressed that India’s MSMEs are not only bolstering the national economy but also playing a crucial role in global supply chains. 

The prime minister expressed confidence that with collective efforts, or “Sabka Prayas”, Rajasthan will achieve significant development milestones, contributing to India’s broader economic aspirations. 

Spotlight On Startups Supported By iStart 

The Summit is hosting a ‘Rajasthan Business Expo’, featuring a pavilion showcasing notable startups supported by iStart – a programme launched by the state government in 2017 to foster innovation in Rajasthan. Oceantree, Thrillophillia, Drone AI, Club First Robotics and Artflix Private Limited are among the startups supported by the programme. They exemplify the entrepreneurial spirit thriving in Rajasthan and highlight the state’s commitment to nurturing innovation. 

The iStart programme has been pivotal in the growth of the startup ecosystem, providing funding, mentorship, and infrastructure support to emerging businesses. It is among the largest startup programmes in India, with presence in every district of Rajasthan. 

Over 5,100 startups, including more than 1,700 women-led enterprises, are registered with iStart. It also has 300+ registered mentors and has sanctioned over INR 35 Cr to support startups. It also offers mentorship and funding to school startups and has conducted 100+ events to support young entrepreneurs.

The post PM Modi Inaugurates ‘Rising Rajasthan Summit’, Highlights State’s Investment Potential appeared first on Inc42 Media.

Prime Minister Narendra Modi inaugurated the three-day ‘Rising Rajasthan Global Investment Summit 2024’ on December 9 at JECC, Jaipur. The Summit, which will be held till December 11, is envisaged to promote Rajasthan as a top-tier hub for investment and innovation, drawing global investors, NRIs, industry leaders, and policymakers. 

It will present a comprehensive showcase of the opportunities in the state through strategic thematic sessions, country-specific discussions, facilitating one-on-one business meetings, and more.

“The state has committed itself to realisation of the ‘Viksit Bharat – Viksit Rajasthan’ vision and we have drawn up an action plan towards becoming a $350 Bn economy in the next five years. I see our youth, women, farmers and the underprivileged as the biggest beneficiaries of this far-reaching economic transformation of the state in the coming years. We recognise the role that the private sector can play in assisting the state to move on this growth trajectory and are working on an extensive overhaul of the policy environment for a quantum enhancement in ease of doing business,” Rajasthan chief minister Bhajan Lal Sharma said about the Summit. 

Known for its forts and palaces, Rajasthan has emerged as a key entrepreneurial destination over the last few years. The state boasts over 3,700 DPIIT-registered startups across sectors such as enterprise tech, ecommerce and edtech. Its capital Jaipur is home to more than 53% of these startups, driven by a skilled talent pool and favourable government policies. 

The iStart programme, launched in 2017 by the state government, has been pivotal in this growth, providing funding, mentorship, and infrastructure support to emerging businesses. It is among the largest startup programmes in India, available in every district of Rajasthan and is open to startups from all states. It has 5100+ registered startups, 1700+ women-led startups, 300+ registered mentors, and has INR 35 Cr+ investment sanctioned to support startups. It also offers mentorship and funding to school startups and has conducted 100+ events to support young entrepreneurs.

Key Focus Areas Of the Summit

On December 10, the second day of the event, 75 startup founders and key participants will be a part of a breakfast roundtable with Vijay Shekhar Sharma, founder, Paytm, Ritesh Agarwal, founder, OYO Rooms, to discuss ‘Building a Robust Startup Ecosystem in Rajasthan’. 

Across the three days, iStart will set up a startup pavilion, where many startups will showcase their products and services. Of these, 20 selected startups will get a chance to engage in an interaction with PM Modi. This will be a part of the Rajasthan Global Business Expo, an expansive exhibition showcasing different pavilions from leading companies and government departments from across the country. 

The Summit shall also host a Pravasi Rajasthani Conclave, designed to engage with the diaspora community and a MSME Conclave, dedicated to promoting micro, small, and medium enterprises (MSMEs), which are the key drivers of the state’s economic growth.

Rajasthan, A Hub For Innovation & Entrepreneurship 

While Rajasthan has established its name as a leading source of innovation and entrepreneurship, the Summit aims to further its position and attract investments in newer areas.

Over INR 20 Lakh Cr worth of Memorandums of Understanding (MoUs) are expected to be signed during the three-day Summit. 

The state government aims to secure investments across various sectors, with a special focus on renewable energy, digital transformation, and inclusive tourism. Besides, job creation and facilitation of partnerships with international entities and diaspora members to bring new technologies and expertise to the state are among the key goals for the Summit.

It will also provide a platform for successful startups to show their products and services and connect with investors and industry leaders. 

The post Three-Day Rising Rajasthan Global Investment Summit 2024 Begins Today appeared first on Inc42 Media.

The last three decades of the internet saw content evolve from text to images to videos and short-form content, which saw the rise of modern day giants such as Youtube, Meta, Tiktok capturing audiences like never seen before and fundamentally transforming our lives.

Creators, brands & audiences haven’t been able to unlock the next level of engaging content beyond videos primarily due to the impossible tradeoffs presented to them.

Amit Gaiki, chief technology officer at Flam explained, “Prior to Flam’s foray into the space, advertisers were presented with two primary options – Browser based AR that offers high accessibility but low performance or app-based AR that offers high performance but low accessibility.” 

He added, “Flam uniquely delivers on both fronts. It gives app-like performance with <175kb MR bundle without requiring app downloads and high accessibility like WebAR with significantly better latency <100 ms. It comprehensively supports 6 Bn+ smartphone devices with proprietary libraries, even the lowest end android phones.”

Through Flam, brands can publish interactive mixed reality content that can be accessed via QR codes or links. Consumers can access MR content by scanning QR codes on any medium, digital or in the physical world.

Flam’s links make consumers get a chance to interact with the products virtually on digital platforms before buying them or just to engage with the brand.

Founded in 2021 by Shourya Agarwal, Malhar Patil and Amit Gaiki, Flam has worked with the likes of Samsung to launch its flagship smartphone series in India, and also powered Kamala Harris’ US Presidential election campaign, helping the former US Vice President reach and engage with more citizens in innovative ways.

“Flam has grown rapidly to power 80+ global and large-scale brands with MR infra in just a matter of months. Marquee brands and tech companies such as Google, Flipkart, Samsung, Emirates, LG, Wargaming deploying Flam’s AI is a testament to our enterprise grade infrastructure. Beyond advertising and communication, Flam is disrupting e-commerce, entertainment, retail and numerous other markets. We are built for scale and our adoption across geographies excites me for the massive potential ahead,” added Patil.

The startup raised INR 38 Cr ($4.5 Mn) in its Pre-Series A funding round in May 2024 from institutional investors such as Silicon Valley Quad, Inventus Capital Partners, Turbostart, Twin Ventures, marquee angels like Kalyan Krishnamurthy (CEO, Flipkart), Veteran Venture Capitalist Ashish Gupta, celebrity cricketer KL Rahul and YRF chief executive officer, Akshaye Widhani.

With a digital reach of over 500 Mn users, Flam deploys mixed reality experiences via image tracking, ground tracking and digital experiences backed by proprietary AI algorithms for lightning fast recognition and enterprise grade content delivery.

“Mixed reality content aligns with the marketing and communication strategy across channels — whether they do television, digital, print, out-of-home, retail product packaging, WhatsApp or Instagram ads. We have barely scratched the surface. With our fast expanding product suite, Flam is firmly positioned to capture a massive foothold not just in the $1 Tn advertising market, but the digital ecosystem as a whole,” Agarwal told Inc42.

Diving Deep Into Flam’s Mixed Reality Play

In the 2010s, marketing was evolving and trying to figure out how to integrate emerging technologies into their advertising strategy, that is when MR/AR tried to pick up the pace but the campaigns, despite being well designed, could not go far. The reason – a lack of strong and scalable backend infrastructure that can deliver a pure MR experience without trading off the accessibility and performance of the model. 

Marketing professionals, especially when it comes to promoting their brands, would any day prefer not to do anything over putting an edgy attempt at public display. Even though Snapchat, 8thWall, etc exist, they either require a native application downloaded and installed in the smartphone of the end consumer or offer a WebAR experience, which is of subpar quality with latency >5-6 secs.

Flam addresses the root cause of these inadequacies and tradeoffs by offering a lightweight MR bundle that is compatible across 100% mobile devices. Content and MR experiences can be delivered on a single click without any app installation or browser redirection.

Key Standout Features Of Flam

• App like efficiency with unmatched accessibility
• No-code, easy-to-deploy high-quality graphics
• Lightning fast image recognition by AI, with a capability to search billion+ concurrent targets real time
• Proprietary libraries to support 40% of low-end devices which lack AR Core support
• Faster, better, and more efficient performance than any other infra 
• High Resolution (4K 120 FPS) output
• Ultra-low latency in content delivery 

“Even with the connection of 4 Mbps, which is the minimum benchmark for 3G connections, Flam can empower the end user to interact with the content within 500 milliseconds, solving one of the biggest hurdles in MR experiences – accessibility,” said Gaiki. 

Moreover, once the bundle is opened on the smartphone, it can interact with every hardware acceleration sensor on the device, making sure that the user experience is as seamless as possible, minimising any difference between using other mixed reality apps.

The startup’s tech uses advanced surface, depth, and light detection to provide a more immersive and dynamic user experience which is not possible with the WebAR capabilities. 

For example, the median time taken by WebAR to load and show the first screen is around 6-8 seconds, which is more than 2X than the average watch time for Instagram reels. So it’s a problem of holding the viewer’s attention. 

Flam claims to provide a much higher graphic fidelity and a more realistic experience in under 100 ms, which is exponentially faster than WebAR solutions, which is the industry’s go-to open source standard for AR development. 

Flam also stands out by offering better device coverage and advanced motion-tracking capabilities. While the other solutions available in the market face limitations, such as incompatibility with lower-spectrum Android devices and reliance on basic browser-based tracking; Flam claims 100% device compatibility with its proprietary tech stack.

The R&D Behind The Tech

Gaiki revealed that months of R&D has gone into optimising the client-side application and addressing performance challenges, such as cutting down on stabilisation and environmental tracking, which helped in reducing the file size of the bundle, and improving accessibility of the content. 

Arguably Flam’s biggest claim to fame was when it powered the US Vice President Kamala Harris’ presidential campaign. With Flam, Harris was able to interact with her supporters and mobilise millions of potential voters during the campaign on broadcast television.

Besides this, Flam also powered a mixed reality fashion show for Reliance-owned AJIO that allowed users to turn billboards into runways. For Flipkart, Flam emulated Harry Potter by making the Big Billion Days Sale’s ad leap out of the front page. 

Flam also implemented MR for a Samsung Galaxy S24 Ultra ad which allowed the viewers to interact with the ad itself to explore a key feature of the phone. 

Flam’s collaboration with Britannia and The Hindu also garnered strong attention with the newspaper ad featuring actor Ranveer Singh coming to life as soon as viewers scanned the QR code on their smartphone. 

From Tanishq’s MR shopping experience to Shashi Tharoor’s election campaign, Flam has proved its mettle in the MR and adtech business, with an objectively defined impact on engagement, clicks, CTR and other key metrics.

Will Mixed Reality Tech Shake Up The Ad Industry?

With millions of brands out there, advertising is a complex landscape and technology is the one way to break through the clutter. Brands have always looked to break through the noise and stand out. 

Mixed reality is the newest piece in the puzzle and with more and more mixed reality devices hitting the market, one can say that this is the beginning of the MR era. Mark Zuckerberg positioning the Meta Quest 3 as a mixed reality headset is indicative of this.

Flam is enabling brands to pivot their advertising from one-way content publishing to two-way interactions. The startup’s no-code tech stack has huge potential as brands and ad agencies typically do not want to spend huge capital and resources when it comes to the engineering required for mixed reality and immersive content. 

And in addition to this, Flam AI infra intends to make MR accessible for consumers and viewers. Essentially, it solves the two biggest challenges holding back mixed reality today. 

Going forward, Agarwal claims Flam wants to democratise mixed reality, and bring it not only to brands but also to individual creators, who can explore newer ways of non-linear storytelling and content creation.

The post How Flam’s App-less AI Infra Is Transforming Content And Digital Ecosystem appeared first on Inc42 Media.

Rajasthan chief minister Bhajan Lal Sharma has launched the animation, visual effects, gaming, comics and extended reality (AVGC-XR) policy 2024, which was announced in this year’s Budget. The policy’s objective is to make Rajasthan a global hub for AVGC-XR by 2030. 

The official launch of the policy took place ahead of the ‘Rising Rajasthan Global Investment Summit’. The launch event was attended by senior government officials and dignitaries from the state.

The AVGC-XR domain will be a major focus area during the upcoming Summit, which will be held from December 9-11, as the state government doubles down to boost innovation in the sector. The Summit is envisaged to elevate Rajasthan as a top-tier hub for investment and innovation, drawing global investors, NRIs, industry leaders, and policymakers. 

“Rajasthan’s AVGC-XR policy will be a bold leap into the future, positioning the state as a vital pillar in India’s burgeoning AVGC-XR ecosystem. By blending its timeless heritage with cutting-edge innovation, Rajasthan is fostering talent, enabling entrepreneurship, and building an infrastructure that will drive India’s creative economy forward and establish a global footprint in the world of immersive technologies,” the chief minister said during the policy launch.

Rajasthan, which is counted among the key emerging startup and entrepreneurship hub, boasts more than 600 startups in the AVGC-XR domain with Altie Reality in Jaipur and Culenz and Artflixare in Udaipur leading the way. The state aims to increase the number of AVGC-XR startups to 3,000 by 2030, further enhancing its creative ecosystem.

“Rajasthan’s forward-thinking AVGC-XR policy will set a new benchmark for India’s creative economy, positioning the state as a pivotal hub in the national ecosystem and a catalyst for innovation and growth,” said Archana Singh, secretary & commissioner, Department of Information Technology and Communication (DOIT&C), government of Rajasthan at the launch event.

Rajasthan Poised To Become Hub Of AVGC-XR Startups

The AVGC-XR sector is increasingly becoming an increasingly attractive area for investors within Rajasthan’s startup ecosystem. The government’s proactive approach in creating favourable policies and infrastructure is expected to attract both national and international investors to the state. 

With a supportive policy framework and investment in infrastructure, the state is poised to capture a significant portion of India’s AVGC-XR market, which is projected to grow from $3 Bn to over $26 Bn by 2030. India’s current share of the global AVGC-XR market is just 1%, but the country aims to reach 5% by 2025, and Rajasthan plans to play a key role in this growth.

The state is set to emerge as a thriving hub for AVGC-XR startups, driven by the following factors:

• • Government Support: The state government has allocated INR 1,000 Cr in its 2024-25 budget towards developing the AVGC-XR sector.
    
  • Infrastructure Development: The establishment of high-tech AR/VR labs and subsidised coworking spaces is enhancing startups’ accessibility to advanced tools.
    
  • Talent Pool: Comprehensive skill development programmes are being implemented to nurture a skilled workforce ready to meet industry demands.
    
  • Educational Institutions: Several universities in Rajasthan are collaborating with industry leaders to offer cutting-edge research and development support and educational courses in the AVGC-XR domain.
  • Role Of Incubators & Accelerators: The policy outlines plans to establish Atal Innovation Studios and Accelerators program in key cities like Jaipur, Udaipur, Bikaner, and Bharatpur. These hubs will provide mentorship, resources, and networking opportunities to support emerging entrepreneurs.
  • iStart programme: The Rajasthan government’s iStart programme will focus on the AVGC-XR domain over the next few years. The initiative aims to provide a conducive environment for startups by offering financial support, mentorship and access to resources necessary for growth in this rapidly evolving sector.

The Vision For The Future

The AVGC-XR policy aims to generate over 50,000 jobs by 2030, providing significant employment opportunities for Rajasthan’s youth. With a focus on research and development, the policy aims to encourage young creators to experiment with new ideas and explore emerging digital technologies. A key objective is to produce content that reflects Rajasthan’s rich cultural heritage, enabling local entrepreneurs to develop globally recognized intellectual properties. 

In addition to fostering economic growth, the policy aims to empower local talent and artisans by blending technology with creativity. This approach is expected to give rise to a new generation of creators who will shape the future of digital content and immersive technologies.

Rajasthan’s bold embrace of the AVGC-XR sector places the state at the forefront of India’s digital transformation and enhances its potential to become a global leader in the creative tech space.

The post Rajasthan Launches AVGC-XR Policy To Establish Itself As A Creative Technology Hub appeared first on Inc42 Media.

A consumer revolution is upon us, bolstered by new-age brands. Bain & Company calls them insurgent brands keen to outperform their respective markets and on track to capture an outsized share of growth. They not only challenge incumbents with disruptive products, services and business models but also resonate well with Gen Z and millennials, demographics that dominate India’s consumer landscape.

In a digitally driven consumer ecosystem, B2C and D2C brands are the new power players expanding their reach and redefining almost every category, be it food and beverage, beauty and personal care or lifestyle. Think of personalised skincare,like Minimalist, plant-based F&B with essential nutrients like Beyond Meat, or how consumer electronics startups like boAt and Noise have disrupted high-end audio and wearable markets in India.

Ecommerce as a go-to distribution channel also fuels this consumer segment. Delivering across India’s sprawling network of pin codes is no longer an added perk but a necessity for driving business growth. 

A quick look at the numbers narrates the growth story well. While the ecommerce market is estimated to reach $400 Bn by 2030, at a CAGR of 19%, investors have been bullish on early stage consumer brands embracing digital commerce for growth. India’s startup ecosystem has yet to recover fully from the funding winter. However, ecommerce brands have bagged $1 Bn+ in funding alone in 2024 (Q1-Q2) and the total number of funding since 2014 is more than $34 Bn, according to Inc42 data. 

What makes early stage consumer brands so appealing to investors? Inc42 caught up with Archana Jahagirdar, founder and managing partner of Rukam Capital, to find out. Set up in 2019, the Delhi-based venture capital firm invests in early stage consumer products and services companies with significant growth potential. The VC has funded as many as 20+ startups, including noted brands such as Go DESi, Sleepy Owl Coffee, Burger Singh, BECO, The Indus Valley, Curefoods and more. 

During the interaction, Jahagirdar shed light on the three pillars forming the investment playbook of Rukum Capital and how the VC keeps pace with an evolving market and adds value to portfolio companies. Here are the edited excerpts from the interview. 

Inc42: What is the core philosophy of your investment playbook? How does it help you spot and scale promising consumer brands?

Archana Jahagirdar: Our playbook involves working with startup founders who understand the three core pillars of building a business from the ground up. The first is spotting the gap in the market. Sometimes, startups introduce products that may seem too niche, almost insignificant from a market perspective. But it is precisely these niches that may lead to market dominance. We look for such insights when meeting with founders. 

For instance, when we invested in BECO, its core play was making everyday products like garbage bags and tissues from bamboo and to most downstream investors that looked like a very niche consumer category. However, conscious consumers really care about these products and when BECO launched more mainstream products like dishwashing liquids and laundry detergents, the consumer base happily accepted the new but far larger categories. And that is how niches help you to build a large company.

The second pillar is solid business acumen. This includes everything from business and operational knowledge to compliance and the ability to build an EBITDA-positive company in the long run.

Finally, we assess whether founders understand brand-building from scratch. At a time when performance marketing rules the world, people tend to mistake marketing success for brand strength. But that is not the case. That distinction is crucial for investors like us when we decide which founders to back.

Inc42: What critical metrics do you consider when investing in a startup?

Archana Jahagirdar: Well, we value capital efficiency in a founder. Consumer businesses need not raise funding at the same pace as tech businesses. But recently, some consumer startup founders have been trying to compete with their tech counterparts by frequently raising large amounts and grabbing media attention. This approach can be counterproductive for a consumer brand. Raising too much capital can be as harmful as undercapitalisation. That’s why we seek out founders who understand these nuances.

Inc42: Has your investment thesis changed over the years? How do you align it with evolving market dynamics?

Archana Jahagirdar: As an early stage VC, you must respond to the market in real time as new ideas and business cases emerge. Staying too rigid can be the death knell for any early stage investor. But it is equally important to know when not to give in to trends likely to be fads. Let’s say it is like walking a tightrope. You must evolve, though, as the market changes, which is happening rapidly in India.

Inc42: Last year, you launched a second fund called Rukam Sitara for tech startups. Does this mark a shift from consumer brands?

Archana Jahagirdar: Rukam Sitara is a continuum rather than a shift. We are looking at adjacent sectors related to consumer businesses, including packaging, warehousing, logistics and a few consumer tech categories. Today, consumer companies are looking to optimise various aspects of their operations, be it supply chain, customer data analytics, specialised packaging for shelf life extension or meeting ESG (environmental, social and governance) goals. This new focus has emerged from years of investment experience in consumer companies.

 Inc42: Which is the most critical stage in a consumer brand’s journey that requires VC hand-holding, and why?

Archana Jahagirdar: There is no one-size-fits-all playbook for startups. A good VC has a playbook, but a great VC rises to the occasion for every challenge their portfolio founders face. During Covid-19, our portfolio startups faced various challenges. Some needed help with funding; others had to make difficult pivots, and some dealt with team and supply chain issues. Sure, a standardised approach is helpful. However, new challenges will emerge as a business grows and one may come to a fork in the road.  One must be prepared to cope with those.

Inc42: What about adding value to your portfolio startups? 

Archana Jahagirdar: At Rukam Capital, we target holistic growth, and the focus goes much beyond business expansion. We also ensure that our portfolio startups stay resilient against economic headwinds. Our approach revolves around four core elements – robust governance and compliance, right hiring, smart capital infusion and effective strategy discussions. Now, let us look at these one by one. 

• A robust framework for governance and compliance: The startups we invest in are mostly small [as these are early stage businesses]. Hence, their primary focus is revenue growth rather than governance and compliance, which may seem boring. However, we know these aspects are critical for long-term success and help them build robust frameworks early in the day.
• Right hiring: Bigger companies can tap into large talent pools, but early stage startups don’t have access to many experienced professionals. So, hiring remains our key focus area, especially for critical functions like finance. It’s because we are not just recruiting talent but hiring the right people to set up a solid foundation for growth.

Holding proper board meetings rather than doing them on paper or hiring top-tier finance experts can significantly shape a startup’s future. Building the right culture from Day 1 impacts more than surface-level activities like team bonding. When employees see that founders prioritise doing things the right way, it fosters a culture of integrity and governance that resonates throughout the company.

• Smart fundraising: Contrary to what people think, raising money is not a box for founders to tick off and be done with; it’s not a natural extension of their role. Proper capitalisation is the lifeblood of a new venture. Both underfunding and overfunding may pose risks to a business. 

We work closely with founders to help them assess funding requirements and ask them to factor in past performances, market conditions and macro trends, locally and globally, before looking for investments. Then, you must find the right investment banker depending on the business stage, founders’ vision, specific goals and market dynamics. It is quite critical, and we help them navigate every step.

• Effective strategy discussions: Strategic mistakes prove expensive in the early growth stage. If founders hold strategy discussions regularly, they will be open to feedback without delay, can quickly change their plans and do necessary course corrections. These discussions may not be well-structured, but the ability to adapt fast will keep the company on track and move forward.

Inc42: What are the most lucrative D2C segments from a VC perspective?

Archana Jahagirdar: There are quite a few such as jewellery, beauty and personal care [BPC], home décor, pet care, single speciality healthcare, consumer durables, food & beverages and fashion & apparel. Interestingly, modern Indian women are reshaping many of these segments.

As more women join the workforce, how they look at fine jewellery has changed. Occasions like festivals and weddings still drive the demand. But there is an opportunity to create modern heirlooms, a trend that brings a minimalistic approach to traditional materials and design rulebooks to cater to new-age Indian women.

Similarly, consumers look beyond fashion in the lifestyle space and explore make-up, home décor and more. Even new categories like pet care are gaining traction. Aspirations for better living among the growing Indian middle class (to hit 38% of the population by 2031 and 60% by 2047) are also evident as dining out and food discovery become popular.

Inc42: Do you have any advice for founders looking to raise capital? 

Archana Jahagirdar: One should be capital-efficient and focus on differentiation. Don’t follow what everyone else is doing; stand out in the market. And always remember that rejection is part of the journey. Don’t let a ‘no’ dampen your enthusiasm for building your company.

The post Rukam Capital’s Archana Jahagirdar On Backing India’s Next Wave Of Consumer Startups appeared first on Inc42 Media.

The Entrepreneurship Cell of IIT Kharagpur, conducted the Entrepreneurship Awareness Drive (EAD) and Local Startups Meet (LSM) 2024 — its flagship initiatives aimed at fostering and strengthening the entrepreneurial ecosystem across India. 

The event brought together a diverse mix of aspiring entrepreneurs, seasoned professionals, and industry leaders, creating a platform for impactful knowledge-sharing, networking, and collaboration.

EAD-LSM 2024, which was the 16th edition of EAD and 7th edition of LSM, witnessed participation from over 25,000 students from various regions across the country. Attendees had the opportunity to engage with more than 90 guest speakers from a variety of industries. 

Among the esteemed speakers were Monish Darda (CTO, Icertis), Amitesh Saha (VP & head, Vedanta Group), Harsimarbir Singh (founder, Pristyn Care), Faizal Khan (educator and Indian YouTuber), Harish Mehta (cofounder, NASSCOM), Nagraj Prakasam (founding angel, Indian Angel Network) and Amrita Siroha (cofounder & CRO, INDmoney).

Their insights and experiences provided participants with a deep understanding of the entrepreneurial landscape and practical advice to navigate their journeys.

The event also showcased more than 1,000 innovative startups, highlighting the creativity and entrepreneurial drive thriving across the nation. These startups presented their solutions and business models, offering attendees insights into the latest trends and opportunities within the startup ecosystem. 

Various partners came together to execute this one-month-long event, including Krafton as title partner. Other partners included Flashaid, Motul, NTPC, Ayla, Veedol, Motovolt, GreenSole, Beyoung, StockEdge, Herody and Samocha. Besides, the company also partnered with pTron as the audio wearable partner, The Business Scan as the title media partner and Inc42 as its startup media partner. 

EAD-LSM 2024 fueled IIT Kharagpur’s aim to expand awareness around entrepreneurship by reaching a large audience across more than 30 cities including Delhi, Mumbai, Pune, Ahmedabad, Chennai, Kochi among others. 

The post IIT Kharagpur Host EAD-LSM 2024 To Empower India’s Future Innovators appeared first on Inc42 Media.

If we can detect water on the Moon, why can’t we use that technology to solve water scarcity on Earth? It was a eureka idea for Riddhish Soni, who worked on ISRO’s Chandrayaan-2 mission. The Clementine project, a joint initiative of NASA and the U.S. Department of Defense, and India’s lunar mission Chandrayaan-1 used advanced technologies to detect water on the Moon. Recognising their potential to address water scarcity on Earth, the tech maven wanted to adopt these to locate and manage groundwater for optimum use.

To launch the venture, Riddhish teamed up with Chetan Soni (they are not related), a communications expert who has been in the real estate space for more than two decades. The collaboration culminated in Aumsat, a deeptech startup with 21 technology patents.

At the core of its water management solutions is a cutting-edge system that harnesses advanced satellite imagery, radar tech (object detection through radio waves) and geographic information systems (GIS) to gather and analyse data for locating potential groundwater zones. Using AI-ML, the Aumsat team has also developed sophisticated algorithms and data processing methodologies to derive actionable information without expensive and time-consuming on-field explorations.

The startup sources L Band satellite images from the Japan Aerospace Exploration Agency (JAXA) as they ensure remarkable subsurface penetration – up to 10m in concrete and 60m in dry soil.

“This helps us detect and map all underground features such as water bodies and pipeline leakages, with a precision that sets us apart from traditional geospatial data providers,” said Riddhish.

In addition, Aumsat has integrated radar polarimetry and radar interferometry into its system. The first differentiates underground water bodies from other objects, and the second tracks changes in subsurface conditions such as water leakage or ground subsidence.

It also monitors water quality and detects underground pipeline leaks to prevent non-revenue water (NRW) waste, essentially the amount of treated water lost before reaching end consumers. Officially, the NRW level in India is around 38%, leading to a significant water crisis and loss of revenues.     

Initially, the startup aimed to strengthen India’s groundwater ecosystem through multi-dimensional water management. But its solutions were soon used for smart agriculture, disaster control, defence & surveillance and environment monitoring (more on this later). 

Its solutions have reached more than 20K customers in the business-to-government (B2G) space and the B2B2C segment (business-to-business-to-consumer, essentially collaborations with enterprises to benefit end users). However, Aumsat prefers to work directly with Indian farmers. Besides India, it operates in other parts of Asia and a few African nations such as Kenya, Uganda, Burkina Faso and Namibia. The startup clocked revenues of INR 4 Cr in FY24 and targets INR 6 Cr in the current financial year, a 50% jump.

Backed by the Department of Science and Technology (DST) and other institutional investors, Aumsat raised INR 55 Lakh. It actively participates in iStart, the Rajasthan government’s flagship programme that empowers local startups with funding, mentoring, networking opportunities and infrastructure. 

Why Agritech, Water Leak Detection Remain Top Priorities For Aumsat

Although India is an agricultural powerhouse, a 2024 report by Sphere India reveals a grim picture of drought. Around 26% of its land area is now affected and 9% experience extreme conditions. The country’s dependence on monsoon rain for farming makes these dry spells a serious threat to agri-produce and food security.  

Aumsat decided to take on this challenge by improving irrigation and boosting crop yields. Hence, it has used satellite data and radar polarimetry to help more than 3.8K farmers locate subsurface water for irrigation efficiency. It also monitors crop health and leverages predictive analytics for yield forecasting and water resource planning.

The startup’s versatile water detection techniques, especially its use of radar interferometry and AI-ML-based hydro analytics, can track and predict leaks in underground pipelines by monitoring subsurface changes. Its innovative but cost-effective leak forecasting model, developed in partnership with the Public Utilities Board (PUB), Singapore, can predict pipeline leaks with 78% accuracy, a big stride in water waste reduction. It recently analysed the Udaipur-Jaisamand pipeline and identified 35 leaks, saving more than 55K litres of water per day.

Riddhish and his team worked with Mumbai-based ACTREC (Advanced Centre for Treatment, Research and Education in Cancer) to map flood-prone areas to enhance disaster preparedness. Another focus area is environmental risk mitigation by assessing CO₂ and trace gas emissions.

Aumsat has joined forces with the Indian Army to detect subterranean tunnels along the Chinese border and partnered with the Indian Navy to track subversive submarines to boost maritime defence.

Aumsat Solutions At A Glance

A Multi-Level Business Model For Sustainable Growth  

Aumsat banks on three distinct business models to ensure a robust revenue framework. The first is B2G, which involves sound collaborations with government agencies such as water resources, agriculture, and housing and urban affairs ministries. Revenue is generated through contracts and project-based engagements tailored to governmental priorities.

In the B2B2C space, it partners with big businesses and organisations such as ICICI Bank and IndusInd Bank, Selco Foundation (works on environmental sustainability), Japan International Cooperation Agency (JICA), and Deloitte to help farming communities and the urban population. Under this model, Aumsat earns through service contracts and collaborative projects funded by these organisations.

Besides, it runs a SaaS-based agri solutions business and directly works with farmers. It is not a typical direct-to-consumer (D2C) model. But Riddhish likens it to one, providing advanced groundwater detection and water management solutions for affordable precision farming. 

The startup charges INR 3.3K per km of agricultural land, allowing farmers to seek services for specific requirements and get actionable recommendations. One can connect for projects of any size, as Aumsat supports a scalable approach and the pricing has been designed accordingly.

A significant portion of Aumsat’s revenue comes from the B2G segment, followed by B2B2C. However, the direct-to-farmer segment is also growing, underscoring the venture’s expansion into agri-centric solutions.

Learning The Ropes, The iStart Way

Good startup mentors stand out for three specific reasons. They educate young companies, create a conducive environment for growth and provide access to resources. As Aumsat is a venture ingrained in deeptech, iStart focussed on developing an extensive IP strategy.

“Understanding the nitty-gritty of intellectual property is tough. But our thorough training protected our proprietary technologies and innovations, ensuring that we maintain a competitive edge in the market,” said Riddhish. “Another thing we loved to learn was the art of storytelling and mastering the body language. One needs these lessons to engage with investors, prospects and enthusiasts. That’s how a business grows.”

iStart also provided deep financial insights required to run a sustainable business. It nurtured an innovation culture within the startup, initiated the founders in problem-solving and helped expand Aumsat’s professional network, driving growth and collaboration.

“The programme honed our skills in many ways, equipping us to navigate the capital-intensive, tech-driven water management space,” added Riddhish.            

Will Aumsat Strike Gold In The Global Market?

The startup has forayed into overseas markets, specialising in groundwater exploration and pipeline leak detection. It did some commendable work in Afghanistan, identifying 15 critical water points to help address severe water scarcity and tracking groundwater overexploitation in Karbala, Iraq. Recently, it conducted a post-flood damage assessment for the government of Uzbekistan, using satellite data to guide resource allocations for rescue and recovery.

As groundwater accounts for around 25% of global irrigation water, Aumsat’s expertise in identifying subsurface water sources and supporting sustainable management positions it well to expand to water-scarce regions like Africa, Southeast Asia and the Middle East. Managing pipeline leakage will be another growth area, as non-revenue water loss costs more than $14 Bn globally, per a World Bank estimate.

Aumsat plans to invest more in R&D to make its leak detection technology more accurate and scalable. However, digitalising pipeline networks will be critical for smart monitoring and quick repairs, and failing to do so will bring these investments to nought. In the long term, it will explore cloud seeding with meteorological rockets, robotics and IoT and collaborate with the World Bank to pilot new projects globally. 

“One of our most ambitious goals is to help ensure that every rural household in India receives at least 55 litres of water every day by 2030. This aligns with the United Nations’ Sustainable Development Goals (SDGs) and directly contributes to improving the quality of life for millions of people,” said Riddhish.

As climate challenges heighten water scarcity, it can jeopardise more than half of the world’s food production and cause an average global GDP loss of 8% by 2050, according to a recent Global Commission on the Economics of Water report. Worse still, lower-income countries can face up to a 15% loss. If Aumsat and its peers can empower governments, businesses and communities with their innovative solutions to rethink water detection and usage, the global water cycle may still recover from the unprecedented stress it is experiencing.

The post Can Aumsat Help Farmers Beat the Water Crisis? appeared first on Inc42 Media.

A few years ago, real estate in India often elicited images of pushy brokers, the hassle of visiting multiple localities, and tough negotiations involving hefty sums—usually with little to no legal mediation or security for customers. However, technology, which has transformed nearly every aspect of our lives, brought change to this sector as well. 

Companies like Housing.com, 99Acres, NoBroker and others grabbed the limelight with rapid development and expansion, while others such as Aurum PropTech looked to take the slow road and build businesses that can withstand economic cycles and decades of changes. 

Aurum PropTech, a real estate technology company conceptualised in 2021, has reported an impressive 30% year-on-year (YoY) growth in revenue in H1 FY25. 

The company reported INR 137 Cr in revenue for H1FY25, as opposed to INR 105 Cr in the first half of FY24 (April to September period). Income from the rental business contributed a bulk of this with INR 80 Cr, while the distribution business contributed INR 40 crore revenue.  The real estate capital business saw the biggest spike in revenue YoY, growing by a staggering 350% from INR 2 Cr to INR 9 Cr in H1FY25.  

Listed on the BSE and NSE in the year 2013, Aurum PropTech, known as Majesco Limited changed its business model from InsureTech to PropTech after acquisition by Aurum Ventures group in 2021. Aurum Ventures Group, which is based out of Mumbai with active operations in Real Estate, PropTech and Asset Management, owns about 50% shareholding in Aurum PropTech Ltd.  Aurum PropTech’s share price  has grown by nearly 50% over the past 12 months, and ended trading on November 27 at INR 212 per share. The company’s current market cap has surged from INR 250 Cr in 2021 to presently around INR 1,500 Cr (with fully and partly paid up shares).

The challenges for Aurum were not very different from some of its more modern competitors. Most real estate stakeholders have established workflows that are built around non-tech systems. 

This means that legacy operations struggle to adapt to emerging technologies and more accessible service distribution. This is something Aurum PropTech identified early and raised the bar on its tech stack.

Aurum’s Prop Tech Stack

According to an EY report on tech adoption in commercial real estate, 58% of real estate companies surveyed shared that new-age systems do not integrate easily and require a major change to IT or business processes to implement new technology. 

On this front, Aurum PropTech is breaking the norm with AI-enabled features for discovery, match-making, sales automation, transaction management, and customer relationship management for its platforms and products including NestAway, Aurum Analytica, Sell.do and Aurum WiseX across real estate rentals, real estate distribution and real estate investments. 

The question at the heart of what Aurum was trying to solve is this: how can technology simplify property transactions – rental real estate, distribution of real estate and capital financing of real estate? 

The company’s steady focus on AI-driven analytics tools has given it a lead against its arch-rivals in the proptech business. With new innovations and products such as Aurum Analytica — more on this later — the company has streamlined key processes such as customer discovery and transaction management, engagement and onboarding, and post transaction relationship management. While maintaining a customer-first approach across rentals, purchase and investments. 

Apart from that, the company’s entry into the property co-living services through partnerships with local housing providers has created a diversified revenue stream for it which allowed it to hit the INR 137 Cr  mark and improve its EBITDA margins and unit economics.

Underlining its improving operational efficiency and cost management, the company has posted a 183 bps improvement in adjusted EBITDA on a quarter-on-quarter basis for the second quarter of the current fiscal (Q2FY25). 

Ashish Deora, Founder & CEO, Aurum Ventures  said that across segments, the rental business has been the key driver for Aurum’s boosted numbers for the quarter. 

“Our H1 FY25 results demonstrated growth across Rental, resilience across Distribution and institutionalisation across the Capital business segment. Revenue increased on account of the addition of short-stays, the introduction of value-added services and launch of two new cities in the Rental business,” Deora told Inc42.

AI Adoption Drives Efficiency

Aurum Analytica, the company’s in-house data analytics division, uses cutting-edge AI and machine learning (ML) algorithms to generate actionable insights. Apart from supporting the company’s core businesses, Aurum Analytica is now evolving into a pivotal standalone product and a key focus area for growth.

The company claims to have seen a 30% year-on-year growth in revenue from its AI-enabled lead generation services with over 100 new projects. 

In line with its growth strategy, Aurum Analytica has established new offices in Ahmedabad, Bengaluru, and Hyderabad, with plans to launch operations in Lucknow soon. 

Here’s how data is enabling Aurum PropTech to customise and automate its sales processes, while also contributing to overall operational efficiency. 

Deora attributed the contraction in quarterly losses to the ‘improved AI-enabled algorithms that allowed the company to reduce workforce dependency and push it towards a flat organisational structure in rental business which led to greater employee autonomy and open communication in the management.

Apart from strong growth in the rental and capital business segment, Deora elaborated that the proptech startup’s improved earnings is down to increased account coverage and penetration in the data analytics business.

Aurum Analytica’s AI lead generation has marked a 30% increase in revenue and signed more than 100 new projects. And the repeated mentions of AI in the company’s H1 FY25 presentation indicate that Aurum is bound to double down on its technology in the coming years.

Where’s India’s Real Estate Sector Heading?

Prop tech is certainly not a new concept, but the challenges related to scaling up the services and the customer base persist. 

Startups have tried to position themselves as super apps for B2C and B2B customers.

But so far technology has played the role of aggregator or matchmaker for real estate customers. Companies have not built a 360-degree suite that manages the end-to-end value chain in real estate. Which is why Aurum PropTech’s AI-powered tech stack could be a game changer in this sector. 

It might be surprising for some to know that more than 13,200 ultra-rich Indians and 200 institutional investors are making an annual real estate investment of nearly INR 80,000 Cr in the country for the last three years with expectations for the global market to grow at a rate of 16% YoY, reaching $1 Tn from $350 Bn.

As more and more skilled professionals migrate to Tier I and Tier II cities for work, the demand for Aurum’s rental business is expected to reach around 2 Cr units annually while currently, the company is providing its services only to 8 Lakh units across both co-living and family rentals, creating a huge supply-demand gap. 

The proptech major has already started to encash on this opportunity across rentals, purchases and investment in real estate. As  for the first half of the current fiscal, it managed 32,000 rental units, serving a total of 1.2 lakh tenants who collectively processed INR 135 Cr in rent payments. 

And even at this scale, Aurum only touches 4% of the total organised supply of rental units. 

The distribution of real estate essentially consisting of discovery, sales, transaction management and post sales presents a INR 34,000 Cr TAM in India which is split between aggregators, social media spends and broker fees. Aurum PropTech’s distribution business segment with market leading brands like Sell.do and Aurum Analytica are using AI products with offerings to more than 1,000 real estate developers across the country. In an underpenetrated market such as this, the first priority for any business is often scaling. However, Aurum PropTech has focussed, thus far, on building a robust tech infrastructure while also scaling up sustainably. 

Aurum’s PropTech’s diverse portfolio also includes its capital portfolio of businesses which enable real estate investments in a transparent, compliant, and efficient way. For this segment, the company manages INR 600 Cr as of the first half of the current fiscal, which only marks 0.75% of the available market in India of INR 80,000 Cr. 

With 680 active investors on its platform and INR 240 Cr in investments managed through a Category II AIF, the company already serves over 70 real estate developers. This segment holds immense potential for the company amid growing investment awareness and Indian investors’ increasing willingness to diversify through smart options. Aurum WiseX also applied for SM-REIT application in Q2 FY25 and is in active consultation on obtaining the license to launch rent yielding commercial real estate properties under it.

Aurum’s Roadmap Ahead

Aurum’s expansion across categories has been strategised to maximise the operational efficiency while also steadily incorporating AI algorithms for smoother customer interactions. 

In terms of the company’s rental business, HelloWorld, the co-living platform for students and young working professionals by Aurum PropTech, has added 22 new co-living properties, taking its total to more than 15,000 live beds, with expansions into Ahmedabad and Goa. 

To maximise the cash inflows during comparatively leaner periods of demand, the company is piloting short-stay offerings which will maximise the asset utilisation. 

Deora  also shared that the company has realigned its marketing and sales automation business, shifting focus on ‘core technology offerings with scale’. He further added that the core focus for the team lies in profitable growth, improved revenue quality, and scale. 

On the other hand, Aurum’s fastest-growing managed home rental network NestAway is integrating AI-enabled matchmaking features into its platform and going full force in corporate tie-ups that will add to the overall tenant acquisition in the long run.

In the investor presentation, the company claims it is considering a resale business which can leverage the existing rental inventory and further diversify the revenue streams for its customers. 

The distribution business segment, led by Sell.do, has been a key contributor to the company’s cash inflows, and is also likely to remain in focus, Deora  added. Further, new features for customers and brokers such as the AI-based WhatsApp chatbots and CRM tools for brokers are also expected to drive revenue growth and conversion for the real estate giant.

Last but not least, Aurum’s capital business segment, the standout performer for Aurum in H1FY25, will see a couple of major launches.

The company’s fractional ownership platform WiseX is in the process of applying for a small and medium-scale real estate investment trust (SM REIT) licence which would allow it to branch out to other revenue areas. SM REITs allow individuals to invest in rent-yielding properties such as office buildings, retail malls, hotels, hospitals etc. that are valued between INR 50 Cr and INR 500 Cr. 

Further, Aurum’s Integrow, which offers high-yielding working capital for the construction ecosystem in Mumbai and Pune is expected to launch a new residential fund with broader investment options.

This 360-degree approach is what sets Aurum apart from other prop tech players that have focussed on one vertical and scaled that up on the back of VC funds. However, seeing its positive cash flow and profits, Aurum can afford to take the sustainable product and service development road that other startups cannot possibly match. 

Aurum PropTech is set to host the ‘India PropTech Summit – 2024’ in Mumbai on December 2 at the Jio Convention Centre. This event will gather industry leaders, innovators, and stakeholders to discuss the future of property technology in India. The summit aims to foster collaboration and drive innovation within the industry.

Register here: https://www.aurumproptech.in/india-proptech-summit-2024 

The post How Aurum PropTech Built Its AI/ML Playbook With Its 360-Degree Tech Platform For Real Estate appeared first on Inc42 Media.