While working with schools in Rajasthan, under a fellowship programme, in 2019, tier II educators and childhood friends Ajay Vishwakarma and Tanu Aggarwal realised that there was a serious dearth of skilled teachers and resources — both essential for quality education — for students. 

To bridge this gap, Vishwakarma and Aggarwal made it their mission to change the face of academics with a cost-effective solution that could play a key role in upgrading academic standards and ensuring quality education for all.

At the outset, the duo would record chapters in a creative and appealing fashion and share them with teachers on WhatsApp groups — a strategy that was a hit among students.

This vision paved the way for what many students today know as SunoKitaab. Launched in January 2020, the edtech startup provides academic content in the form of audiobooks and podcasts. On its website, it claims to have a compendium of more than 10K lectures in English and Hindi for students studying in Classes I to XII and the ones preparing for competitive exams.  

It is pertinent to mention here that just a few months after its launch, the startup received a major boost in its user base as Covid-19 wreaked havoc across the globe.

While on the one hand, the pandemic gave a significant thrust to many edtech business models, as everyone was forced to stay in the confines of their homes, it, on the other hand, unearthed many unique challenges for students.

For starters, the students with enough resources to study online were exposed to the harmful effects of longer screen time. In contrast, students hailing from the hinterlands of the country, or the ones with little resources to study online, lagged in their studies.    

At this point, the founders took inspiration from a music audio player, Caravaan, and launched an audio player for academic studies called ‘VidyaBox’ in 2022.

“Our academic audiobooks and podcasts bridge the gap between videos and written content, providing an accessible and engaging way to consume educational materials. We are helping students get access to valuable resources with zero screen time,” the cofounder and CEO of SunoKitaab, Vishwakarma, said.

The cofounders’ efforts to make education accessible have been well-received by both students and teachers. As a result, the startup today boasts having a user base of 2 Lakh students and 1,000 teachers. 

Not just this, SunoKitaab has successfully raised INR 20 Lakh from Startup India Seed Funds, Centre for Innovation, Incubation and Entrepreneurship (CIIE). Notably, the startup has also received immense backing from the Rajasthan government’s iStart initiative. 

“iStart programme has provided us with invaluable support, including mentors and essential infrastructure,” Vishwakarma said.

SunoKitaab’s Humble Beginnings 

At the outset, when the cofounders decided to embark on their journey to make available academic courses via audio means, they knew that the road they wished to take wouldn’t be a bed of roses as they lacked the technical skills to pursue their mission.

Another major pain point was a serious dearth of funds. However, the duo took a great leap of faith with just INR 1.5 Lakh in hand, and as they stepped forth into uncharted territory, they met Gurkaran Singh.

As the chief technology officer, Singh has played a pivotal role in building the SunoKitaab website and app.

Once the startup’s tech stack was ready, the cofounders leveraged platforms like Google and Facebook, along with content marketing campaigns to target its audience. 

“This increased our visibility and engagement, ultimately aiding in attracting and acquiring new learners for SunoKitaab,” Vishwakarma said.

Interestingly, Vishwakarma gives credit to the rise of non-music audio platforms for the success of SunoKitaab. The platforms that played a key role in inspiring the CEO to offer quality education to one and all are homegrown names like Audible Suno, Pocket FM, Khabr, and Kuku FM, just to name a few. 

In fact, Kuku FM is the closest competitor to SunoKitaab in the space. For context, Kuku FM has a range of educational content on various subjects on its platform.

A Deep Dive Into SunoKitaab’s Playbook

The non-music audio OTT approach has worked wonders for SunoKitaab to emerge in the edtech space. SunoKitaab offers a repository of audio content like recorded lectures and summaries. Their playbook has been to reduce screen time and internet dependency. 

This has made SunoKitaab a preferred platform for students who do not want to spend hours staring at computer screens for learning.

On the other hand, SunoKitaab’s VidyaBox has proved to be a game changer for students in the rural areas of the country. This is because VidyaBox is not only cost-effective but also gives access to offline learning in a creative vogue.

Vishwakarma claims that VidyaBox has been adopted by 70% of school students who do not have the internet, smartphones, or personal computers.  

The educational content provided via VidyaBox has been curated by 1,000 teachers and subject experts. The device helps students with ease of learning in different languages.

These teachers record their voices to provide educational content in VidyaBox. Post the first recording session, a team of audio editors and subject experts reviews the recorded content to ensure the sound and content quality before it’s made available on the platform/device.

Another aspect of ensuring content quality is to keep it relevant and up-to-date. For this, the startup takes regular student feedback and closely monitors school and state board syllabi.

All the recording sessions take place in the in-house studio equipped with the necessary audio equipment. This allows the startup to have full control over the content creation process.

The content can be tailored to suit the distinct needs and preferences of different students, with ongoing efforts to make it even more student-specific.

To customise the content in VidyaBox, the startup provides a form on the website to take the details of the academic needs of the students. Based on the input fed by the students, the curriculum is recorded and delivered to the students. It takes a maximum of seven days to deliver the device to the students and the costs for which are incurred by the startup. 

Vishwakarma claims that the platform has empowered many visually impaired students by providing them access to education through its audio content. He said, “Over 30,000 visually impaired students have benefited from SunoKitaab and more than 1 Lakh students in rural areas have gained access to quality education, showcasing the startup’s meaningful contribution to education.”

Moving on, the cofounders also started a fellowship in 2019 which continued after SunoKitaab’s inception. Fellows collaborate with schools to demonstrate the usage of VidyaBox across Tier II and III regions. Eligibility criteria for the fellowship require the candidate to be a graduate with strong communication skills.

The startup generates revenue by selling audio devices, app subscriptions and content creation.

What’s Next For SunoKitaab?

SunoKitaab is dedicated to expanding its audio content across various education boards in multiple regional languages. The startup’s objective is to optimise the learning journey by giving easy access to quality education.

“Audiobooks are gaining momentum as students and parents recognise their value in education. Audio offers quality content without the need for visuals,” Vishwakarma said.  

He believes that the country’s rural areas, including Tier II and Tier III cities and towns, represent a huge market for edtechs today. Not just this, even the quality of education in these areas will get a major overhaul if edtech founders shift their focus from Tier I towns and cities to these high-potential smaller regions. 

At a time when hybrid learning has become a buzzword in the edtech space, SunoKitaab is already catering to both offline and online learners. While we cannot ignore the strides that the startup has made since its inception a few years ago, there are areas that SunoKitaab can work on. 

For instance, its VidyaBox device is priced at INR 3,999, which is a lot of money for students hailing from the rural areas of the country and could defeat the founders’ vision to extend high-quality education in these regions. Realising this, the startup has partnered with Simpl for a buy now pay later option and also provides EMI options. 

As of now, it remains to be seen if the edtech will be able to secure a juicy chunk of the audiobook market, which is expected to touch $35 Bn by 2030, especially when a majority of edtech startups are looking to pivot to survive.

Disclaimer: This article is part of Inc42 and the Government of Rajasthan’s initiative to shine a spotlight on the state’s emerging startups.

The post How SunoKitaab Is Overhauling Education In India’s Tier II & III Towns With Its Audio Learning Playbook appeared first on Inc42 Media.

While investors are taking a more cautious approach to funding, trends suggest that they are still open to investing in early stage startups that have the potential to make a big impact.

This can be further substantiated by the fact that approximately 50% of the total seed funding, at nearly $6 Bn, raised since 2014 has been raised between 2022 and July 2023 alone, according to Inc42’s latest data. 

However, there is a catch here. Even though there is no dearth of funding options for startups with great ideas, just having a groundbreaking plan is unlikely to guarantee any long-term success. Therefore, to turn their vision into a viable business, startups need mentorship, guidance and resources.

To give a much-needed boost to the great Indian startup dream amid the ongoing funding winter, VC firm Accel, which counts the likes of BookMyShow, Browserstack, Flipkart and Swiggy among its portfolio companies, has announced the third edition of its accelerator programme, Atoms. 

Scheduled to commence on 20 September 2023, Atoms 3.0 is a six month cohort-based programme curated to offer industry-specific guidance to startups operating in the AI (Artificial Intelligence) and Industry 5.0 sectors.

Under this programme, Accel is set to select three to seven early stage startups each for its two cohorts from India, Southeast Asia and the Middle East. In addition to mentoring, the accelerator programme will invest up to $500K in each startup. 

In Focus: AI & Industry 5.0 

Since completing the programme, Atoms cohort companies across diverse sectors such as SaaS, Web 3.0. healthtech, ecommerce and more have raised $160M+ from both Accel and other funds. However, this time around, the accelerator programme is taking a thematic approach. 

“Based on the feedback from our founders in Cohorts 1 and 2, we launched Atoms 3.0 as a thematic cohort programme. We have also observed that companies targeting a similar industry and at a similar stage of evolution get to learn from each other a lot,” said Prayank Swaroop, a partner at Accel.

The VC firm revealed that the decision to choose Industry 5.0 and AI as core sectors was driven by a combination of strategic foresight and the lessons gained from previous funding experiences.

Accel has invested and closely worked with the likes of Zetwerk, Detech Technologies, Ripik, Facilio and Haver Water – giving it a ringside view of how AI, robotics and other emerging technologies are revolutionising manufacturing, improving automation and minimising the need for manual labour. 

Besides this, the en mass adoption of generative AI has created a lot of excitement among investors for startups exploring this segment. Therefore, Accel is actively seeking visionary founders from Indian and Southeast Asian regions who aspire to shape the future of AI.

Why Early Stage Startups Should Apply

Much like the past editions, Atoms will bring in its community of experts to give early stage founders actionable insights into building sustainable business. The programme will also offer personalised mentorship tailored to each startup’s unique needs. 

“Zero-to-one is the most challenging journey for an entrepreneur, as it sets the foundation for the business. This is what Atoms 3.0 hopes to accomplish for its founders,” Swaroop said. 

As Atoms is primarily targeting startups in the pre-product or pre-revenue stage, its mentors will help these businesses identify the right product-market fit (PMF), gain customer loyalty and achieve sustainable growth. 

Once selected, cohort members can also access perks worth over $5 Mn from Accel’s network partners including AWS, Google Cloud, Azure, Airtable, Carta and more. Besides this, they are eligible for investments of up to $500K initially, and Accel may consider investing up to $2 Mn in follow-on funding rounds.

As AI takes centre stage, Indian startups find themselves in a favourable position when it comes to receiving funding support. According to NetBase Quid, India is among the top ten countries in terms of AI funding and startups in this industry collectively secured $7.73 Bn between 2013 and 2022. 

With a well-established track record of working with AI startups and providing tailored assistance during their early stages of growth, Accel can prove to be an ideal partner for innovative businesses looking to script their success stories. 

The post Atoms 3.0: Accel Invites Applications From Early Stage AI & Industry 5.0 Startups appeared first on Inc42 Media.

In a bid to empower future founders with actionable insights and help them create companies of scale, VC firm Accel has launched an open-source community-knowledge platform, SeedToScale 2.0. 

The recently unveiled platform is the improved version of the VC firm’s SeedToScale resource platform, which it floated in August 2020. Since its inception, the platform has provided industry experts a forum to share their insights into building successful ventures via reports, blogs, articles, data visuals, and podcasts, among other things.

The platform has not only helped the community of startups and founders gather actionable insights into building sustainable, high-growth companies but also fostered collaborations among more than 80 industry experts, founders, and mentors to produce an extensive library of over 300 knowledge pieces, encompassing all stages of company building. This has also helped the platform build a community of 500K users.

Upping the ante, Accel has now upgraded the platform to serve the community in a more efficient manner. The VC firm’s latest initiative, SeedToScale 2.0, envisions the platform as a collection of insights comprising the knowledge and experience of founders, journalists, venture capitalists, and industry experts. The content on the upgraded platform has been curated to give founders of new startups more comprehensive insights relevant to their unique contexts.

Anand Daniel, partner, Accel, said, “Accel is dedicated to supporting the startup ecosystem beyond capital investment, with a long-standing history of supporting founders with our mentorship, expertise, and network connections. SeedToScale 2.0 is another milestone in our ongoing commitment to empowering startup founders, by providing them with the tools and resources they need to accelerate their growth and amplify their impact.”

The US-based VC firm Accel which has been operational in India since 2008 and has backed companies like BookMyShow, Browserstack, Flipkart and Swiggy, among others.

SeedToScale 2.0’s Open-Source Approach

The open-source model is a way of creating software that allows anyone to access software for free. This allows multiple ideas and skills to make open-source solutions better. More importantly, the open-source approach democratises knowledge, paving the way for collaborations, accessibility and inclusivity.

With this approach, the new version of the SeedToScale platform invites industry experts across the Indian startup community to decentralise knowledge so that new entrepreneurs can build sustainable companies of tomorrow.

“We believe that real knowledge and experience come from those who are actively building companies, and invite experienced members across the startup ecosystem to contribute their perspectives on building in India to share with the community,” said Daniel.

Leaders from the startup ecosystem such as other VCs, founders, subject matter experts, journalists and anyone with a captivating story related to building and scaling startups can contribute to the platform.

By adopting an inclusive and collaborative approach, SeedToScale 2.0 aims to build a thriving ecosystem where ideas, experiences, and expertise come together to empower aspiring entrepreneurs and startup enthusiasts. The platform aspires to serve as a repository of valuable insights.

SeedToScale 2.0: What’s New?

The SeedToScale 2.0 platform offers enhanced UI/UX (user interface/user experience) compared to the first version. The new version of the platform is more user-friendly and organised, making it easier for users to find what they need on the website. The goal is to make relevant content more accessible to founders and platform creators who intend to share knowledge on the platform.

The upgraded site offers actionable insights for everyone and caters to those with limited attention span or time. 

SeedToScale 2.0’s New Features

• Visual language & user experience: The platform is redesigned for easier navigation for users.
• Focus mode: This mode helps increase content retention for users.
• Global search: Users can search for blogs, podcasts, and trending topics, among other things on the platform.
• Sector-specific indexed content: Users can browse for content industry-wise.
• Intuitive content taxonomy: This feature refines search capabilities.
• Highlights feature: For a quick read, snapshots of key takeaways from the content will be pinned on the website.

The platform will add a new section to the existing podcast, ‘SeedToScale 2.0 Specials’. The series will begin with a discussion between Jim Swartz cofounder of Accel and Anand Daniel, partner, Accel (Bengaluru office). The investors will talk about the evolution of startups and how venture investing began. They will also discuss the topic of why 2023 has been dubbed a year of reset in venture capital. 

Meanwhile, the second episode in the series will be hosted by other Accel partners – Mahendran Balachandran (Bengaluru office), Harry Nelis (London office) and Sameer Gandhi (San Francisco office), who talk about the forty years of Accel, along with the key takeaways of past years that will continue to be relevant in the times to come.

On A Mission To Strengthen The Startup Community

“Looking ahead, Accel will continue investing in entrepreneurship as a whole. We will continue to improve the SeedToScale platform to ensure that founders are not hindered by a lack of “how-to” knowledge when embarking on their startup journey,” said Daniel.

Moving ahead, Accel has several developments in the pipeline, including an AI-based conversational tool that will be trained to address specific questions of founders. This feature aims to provide personalised guidance to entrepreneurs facing unique challenges.

In addition to its existing learning programmes, Accel will introduce the ‘SaaS with Accel’ programme, specifically designed for SaaS founders.

The post How Accel’s SeedToScale 2.0 Platform Is Democratising Knowledge For New Founders appeared first on Inc42 Media.

iStart Rajasthan, the flagship startup initiative of the Rajasthan government, recently launched the iStart Launchpad and a Learning Management System (LMS) in collaboration with the Thapar Entrepreneurs Academy (TEA). The initiative aims to foster entrepreneurship within the state and empower students with a comprehensive digital education platform to nurture entrepreneurial spirit. 

Hosted on August 24 at Jaipur’s Techno Hub, the launch event was graced by Namita Thapar, an angel investor and the executive director of Emcure Pharmaceuticals. She is also the founder of TEA, an organisation committed to fostering entrepreneurship among youth.

“The online learning platform is self-paced and very interactive. Students can play quizzes and watch videos on the platform. We are also training coordinators to help them learn how to create their business pitches and make prototypes,” said Thapar, while emphasising that early years are critical for developing an entrepreneurial mindset. 

The event saw participation from over 100 startup founders, stakeholders from educational institutions and government officials.

Promoting Entrepreneurship Among Youth

The iStart x TEA LMS portal was inaugurated by chief guest Thapar and Tapan Kumar, System Analyst (JT Dir.) at DoIT&C (The Department of Information Technology & Communication, Rajasthan). 

With an aim to nurture young minds and help them achieve high-end goals, LMS is a free-to-use tool that offers students essential resources for fostering creativity and embarking on entrepreneurial journeys. From informative sessions to hands-on workshops, the LMS aims to provide a holistic learning experience to students.

“Entrepreneurship needs to be celebrated and supported more in India. We, at TEA, are looking forward to partnering with iStart to foster an entrepreneurial mindset among school students through Launchpads in all districts in Rajasthan,” said Thapar.

The event also included an interactive session led by Thapar, focusing on startup success stories, challenges, and opportunities in today’s competitive market.

The launch of the iStart x TEA LMS is a significant development for the startup ecosystem in Rajasthan. The state is already home to over 3,500 registered startups, and this step can further motivate young individuals to confidently take the entrepreneurial plunge. 

The post iStart Rajasthan Partners With Emcure’s Namita Thapar To Encourage Entrepreneurship Among Youth appeared first on Inc42 Media.

For a long time, India’s startup activity has been primarily concentrated in major metro cities like Delhi, Bengaluru, and Mumbai. In recent times, however, startups have begun to see untapped opportunities in Tier 3 and 4 cities, as well as rural regions. This shift is fueling a transformative wave of entrepreneurship in these less-explored markets.

A wave of startups are aiming to overcome long-standing barriers in rural India, such as limited educational opportunities, lack of financial access and underdeveloped infrastructure. In doing so, they provide rural consumers with convenient access to high-quality products and services. 

Yet the impact of their endeavours extends beyond just economic growth, as they are also fostering social equality by creating job opportunities in rural India.

To recognise the efforts of these startups, Rajasthan iStart held a series of in-person and virtual sessions on 22nd August 2023. Organised by the Department of IT, Rajasthan, the event served as a forum for startups, innovators and entrepreneurs to exchange their experiences and technical expertise with one another. 

The event also sought to shine a spotlight on startups that have been honoured with the Rajiv Gandhi Innovation Award. Presented by the Rajasthan government, this award recognises startups and entrepreneurs tackling challenges in rural development, agriculture, environment, healthcare, and more.

One such awardee is Frontier Markets, a Jaipur-based social commerce startup focussed on empowering women micro-entrepreneurs in rural areas. Founded in 2011 by Ajaita Shah, Frontier Markets employs a network of local women, known as Sahelis, to help rural customers buy agricultural solutions, health and homecare products, and more via its app. 

These Sahelis are digitally savvy, rural women influencers who introduce products to local communities and gather consumer feedback at the grassroots level.

In January 2023, the startup, in collaboration with the World Economic Forum, initiated the ‘She Leads Bharat’ programme aimed at empowering rural women by facilitating sustainable income opportunities for them. The initiative intends to unite corporations, NGOs, government entities and investors for the same.

“She Leads Bharat was started with an intention to create a ‘saral jeevan’ (an easy life) for rural communities by giving them access to high quality, environment-friendly, and gender-inclusive products and services at their doorsteps,” said Shah.

Shah said that Frontier Markets wants to support the progression of India’s socio-economic index through the social marketplace.

How ‘She Leads Bharat’ Benefits Rural Women 

Women from rural areas who join the app undergo digital skills training and become ‘Sahelis’ (friends). Equipped with their new digital skills, these Sahelis utilise the She Leads Bharat app to present products, assist their communities with online shopping, collect customer feedback, and create a blended physical-digital shopping experience. They serve as local ambassadors for the app’s products, ensuring that their communities reap the benefits.

The startup claimed that the products listed on the app are environment-friendly and cost-effective.

The ‘Sahelis’ also provide digital training to other women interested in launching their own businesses. This not only promotes financial independence among these women but also fosters female entrepreneurship in Rajasthan.

While the app serves as a valuable resource for women and their communities in rural areas, it’s also being utilised by the government to distribute crucial information on topics like job opportunities, agriculture, education, and healthcare to these villages.

Frontier Market claims that the She Leads Bharat programme has helped more than 35,000 women and sold 50 Mn products. According to Shah, the app has reached 1 Mn households across 5,000 villages in rural regions of Rajasthan and Uttar Pradesh.

During the event held on August 22, Shah also shared her insights and strategies for engaging with rural communities. The event was inaugurated by DoIT officials who discussed the Rajasthan government’s initiatives, such as the Indira Gandhi Smartphone Yojana, to enhance digital access for women. 

Shah discussed Frontier Markets’ hands-on involvement in the programme and how Sahelis are actively responsible for distributing smartphones within their communities.

The event concluded with a Q&A session featuring three Frontier Markets’ ‘Sahelis’ who discussed how the partnership with Frontier Markets had impacted their lives and given them recognition in society.

The post How This Jaipur Based Startup Is Digitally Empowering Rural Women appeared first on Inc42 Media.

Governments and businesses around the world are stepping up their efforts to promote electric vehicles (EVs) to reduce transport-related emissions and combat climate change, and India is no exception. The country has made significant strides in EV adoption, particularly in the two-wheeler segment.

In May 2023, electric two-wheeler registrations crossed the 1 Lakh mark for the first time, despite the government’s decision to slash subsidies under its FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme.  

Although some saw this move as a blow to the EV industry, many opined that it would hardly derail the government’s ambitious plan to make 80% of the country’s two and three-wheelers electric by 2030. 

While the country is investing heavily in EV infrastructure, including charging stations and battery swapping stations, private players, too, have boosted their endeavour to innovate and ramp up R&D in the space so that these vehicles could be made more affordable for the masses.  

However, there is a dire need for the government and private players to be on the same page for the larger good of the country and the world at large.

According to the cofounder and CEO of EV manufacturer HOP Electric Mobility, Ketan Mehta, the active collaboration between policymakers and private players has the potential to put the country’s EV industry and adoption on a high-growth trajectory. 

However, the CEO believes that the government has done its bit by providing the necessary launch-pad to private players, and it’s time for the industry to gradually reduce its reliance on government subsidies.

Founded by engineers Mehta, Nikhil Bhatia and Rahil Gupta in 2019, the Jaipur-based startup manufactures electric two-wheelers (motorcycles and scooters). 

In an interaction with Inc42, Mehta talked about the growth drivers, challenges the future outlook of India’s EV market. 

Here are the edited excerpts

Inc42: Tell us how EV makers, like yourself, are helping the government achieve its target to electrify all two-wheelers by 2030.

Ketan Mehta: In line with the government’s push for sustainable mobility, prominent EV players are actively engaged in developing in-house technologies, conducting R&D to improve EV performance and exploring technologies that enhance the vehicle experience with applications like AI, IoT and telematics.  

EV players are also working towards establishing an extensive network of charging infrastructure across the country, which happens to be one of the most significant challenges for the EV industry. 

At HOP, we are developing a first-of-its-kind decentralised network of smart batteries, home chargers and charging & swapping stations called the HOP Infinity Energy Network. We have already launched a pilot with five swapping stations and 50 batteries in Jaipur and are now aiming to expand to more cities and states.

I believe that collaborative efforts are nurturing the growth of the domestic EV industry and will definitely contribute towards India’s sustainable future. 

Inc42: The FAME II subsidy cut has garnered mixed responses, with some arguing that it could make EVs more expensive for consumers. What are your thoughts on this?

Ketan Mehta: From price-sensitive customers to mid-segment and luxury aspirants, all types of consumers are becoming increasingly aware of the benefits of owning an EV. 

I feel the government has done its bit by providing the necessary launch-pad to private players, and it’s time that we gradually reduce our reliance on subsidies.

Consumers don’t buy a vehicle just for the sake of commuting. They look for new-age features such as biometric-recognition systems and other solutions that enhance their driving experience. Hence, a well-packaged product that offers sustainability and performance is a must to hold the interest of potential customers.

Right-value products for the masses will definitely shape the EV segment going forward. From manufacturing at scale to providing easier ownership options, we are taking many initiatives to accelerate the adoption of EVs. 

Inc42: Speaking of price-sensitive customers, what initiatives are EV stakeholders taking to ensure affordability? Tell us how this could unlock India’s EV potential.

Ketan Mehta: There is a remarkable transformation in the lending space and financial institutions now weigh environmental factors into their decision making. 

This allows them to offer special rates to individuals purchasing EVs, thus encouraging the adoption of sustainable transportation. So, you can say that easy financing options have become the catalyst for the cause.

Meanwhile, OEMs can make vehicles more affordable by pricing them competitively and developing them with specific target audiences in mind. It’s a well-known fact that EVs are costlier than ICE (internal combustion engine) vehicles as the battery cost increases the price of vehicles.

 In such a scenario, offering a Battery-as-a-Service option sweetens the deal! This helps separate the battery cost from the vehicle purchase price and customers pay a fee depending on the usage of batteries. 

Inc42: One of the biggest challenges for the domestic EV industry is its over-dependence on the imports of EV cells. How can indigenous EV battery manufacturing fuel EV adoption in such a scenario?

Ketan Mehta: The vision of ‘Atmanirbhar Bharat’ aims at self-reliance across sectors and the country seems to be on the right track. 

In July this year, India joined the coveted Mineral Security Partnership (MSP), a US-led collaboration of 14 countries, which is aimed at catalysing public and private investments in critical mineral supply chains. Interestingly, India is the only developing nation among the 14 nations under MSP. This gives us some strategic advantage in securing crucial resources to increase the production of indigenous EVs. 

Further, the recent discovery of lithium reserves in Rajasthan’s Degana, after Jammu & Kashmir, will only strengthen India’s position in the EV market. 

I think the commitment towards localising the EV supply chain is vital if we want to achieve self-reliance. Both public and private sectors should focus on developing a robust ecosystem of domestic suppliers for raw materials, components and spare parts used in EV manufacturing. This move will curtail dependence on overseas sourcing, strengthen local manufacturing and enhance India’s self-sufficiency in the EV space.

Inc42: Do you think that the growing demand for sustainable mobility is driving investment in EV startups?

Ketan Mehta: In an era where connected, digital and sustainable mobility is the need of the hour, there is a need for investment and a conducive regulatory framework. 

According to the Economic Survey 2022-23, the domestic EV market is expected to touch 1 Cr units in annual sales by 2030. Such aspirational numbers require capital for vehicle production and charging infrastructure.

In terms of institutional funding, the EV startup ecosystem raised a record $1.66 Bn in funding in 2022, up 117% YoY. And this is just the tip of the iceberg! I am confident that the sector will continue to attract investor interest with the same spirit.

Last year, we closed a strategic round of $2.6 Mn, as part of our ongoing $10 Mn pre-Series A fundraiser. Our strategic investor, a listed company, has previously supported us in becoming a successful mandate holder of the government’s ambitious Production Linked Incentive (PLI) scheme. We remain committed to investing more than INR 2,000 Cr in new products and charging infrastructure over the next five years.

Inc42: Could you shed some light on how you are utilising these funds? Also, tell us how you are creating a holistic EV network to boost EV adoption.

Ketan Mehta: We have taken a platform-based approach to our product development strategy. We are working on four platforms and will be launching 12 new products on these platforms in the next five years. 

• Platform Nimbus: This is a utility-based platform to develop vehicles in both B2B and B2C spaces. These vehicles will be equipped with multi-battery architecture swap support and we are targeting Indian and African markets with these vehicles
  
• Platform Alpha: This is a B2B-focussed platform for B2B applications, such as hyperlocal deliveries, food deliveries and last-mile deliveries, in the ecommerce sector.
• Entry-Level Scooter Platform: We are designing scooters for new or first-time buyers (typically those who are looking for affordable and easy-to-use modes of personal transportation).
  
• Platform OXO: Through this platform, we will be launching different motorcycles both in the commuter and sports segments.

The post Indigenous R&D And Cell Manufacturing Key For Faster EV Adoption: HOP Electric Mobility’s Ketan Mehta appeared first on Inc42 Media.

The Indian D2C model is not just about having a native ecommerce store and focussing all energies on that store. Despite the name, direct to consumer remains a distant notion, at least as far as the shopping journey is concerned.  Over the years, new-age D2C brands have seen that going omnichannel (blending marketplaces, native stores and retail presence) is key to maximising reach in the Indian market. So brands cannot go the whole distance on their own and each channel brings in new complexities. 

Mumbai-based Emiza is looking to solve at least one major headache for Indian D2C brands. The disparate and disconnected experience of logistics and deliveries across these channels. 

“Brands have to deal with multiple platforms and service providers right from the checkout process to post last-mile delivery (incase of an RTO). They require interoperability to overcome the challenges they face while dealing with multiple platforms,” Emiza founder and CEO Ajay Rao told Inc42. 

The logistics tech startup is looking to streamline access to these disparate services with its single platform, hoping to ease the life of online sellers, retailers as well as brands selling online natively. The idea is to not give them multiple logistics service providers that handle the user journey from checkout to communication. 

Emiza’s end-to-end platform called Unify was launched in June this year and it brings clear visibility to the logistics and distribution journey as well as analytics to help brands save costs directly and indirectly. 

Unify allows D2C and new-age brands to manage several processes on a single dashboard. Firstly, it enables consumer products businesses to cut the costs that they would otherwise incur by managing multiple logistics platforms/services. 

The analytics help brands monitor drop rate, conversion, sales, fulfilment, inventory, returns, and cancellations, while ‘Address & Order Confirmation’ or ACOC tackles returns by studying the intent of the buyers. 

Emiza’s partnerships with Delhivery, Xpressbees, Blue Dart and other delivery partners mean that it has extensive coverage. This has allowed it to work with FMCG brands and conglomerates such as Marico, Mamaearth, Clovia and The Souled Store. 

The startup claims that its warehousing and fulfilment solutions mean brands will see at least a 10% reduction in RTOs, 25% lower cart abandonment rates and 15% faster checkout times, which boosts conversions. 

To date, the startup claims to have brought 200 startups on board and has a presence found in Tier 2 cities and regions such as Indore, Lucknow and Patna, among other regions where brands typically have to deal with delivery hurdles.

This, in turn, helped Emiza grow in revenue by 65% YoY in FY23. Rao said the company aims to clock INR 140 Cr in FY24 and to achieve this it’s focussing a lot on omnichannel solutions.

A Deep-Dive In To Unify 

While it may be well known that D2C brands have to rely on marketplaces such as Amazon and Flipkart for online growth, they cannot afford to ignore retail or physical stores. Nykaa, SUGAR Cosmetics, Mamaearth, Lenskart, Damensch, BlueStone, and The Souled Store all have a wide presence in the retail space and this reliance is only about to grow as offline stores help create a clearer brand recall among consumers. 

Rao said that Unify with its single platform allows brands to manage orders from marketplaces, native stores and offline stores with ease. Brands leverage some of their offline stores to fulfil ecommerce orders for  B2C, D2C and offline businesses, as mentioned earlier. 

This is a clear USP that allows brands to enhance the post-checkout experience and match the likes of Amazon, Flipkart and others. 

This is critical for retaining users, fulfilling repeat orders faster and getting visibility on which sales channel is lagging in terms of the customer experience. “Unify brings together technology, network, and proven operation capabilities to create a complete experience for both brands and their customers,” said Rao.

The founder claimed that Unify enables a smoother customer journey, right from checkout to delivery by offering estimated delivery dates, multiple shipping and payment options through a unified communication. This will result in a positive shopping experience. 

As for brands, they will be able to manage actions such as checkout management, order management, warehouse management, shipping, and customer communication through a single window. 

The lack of a unified dashboard, for instance, can potentially lead to confusion for customer service teams, as agents have to switch between multiple panels to hunt down the order and its status. The delay is typically seen in newer brands that don’t have the best tools to streamline such operations. And naturally, it hampers the customer experience. 

Emiza’s Unify brings the relevant logistics and order information on a single dashboard. The startup charges a base fee of INR 75 for 500 gms of shipment delivering pan India. The charges includes checkout, storage, order processing and last mile delivery. These charges may vary based on the weight of the shipment and level of customisation. 

Further, from a sales perspective, having everything in one place allows the brand to see which channels are showing the highest movement of products and which products are more relevant for which channels. They can also check inventory levels, get detailed analytics and cut costs by removing the additional subscription fees associated with managing multiple SaaS tools. 

Rao believes that Unify is especially helpful for smaller or early-stage D2C brands as it helps them handle fulfilment thanks to straightforward pricing, minimal resource requirements and easy access to a network of fulfilment centres across cities like Gurugram, New Delhi, Mumbai, Kolkata, Guwahati, Bengaluru, Chennai, Hyderabad, Patna, Indore and Lucknow among others.

He also believes that brands need to look at adopting 3PL solutions when they start receiving around 3,000 orders per month.

Besides Emiza, there is a host of other 3PL providers that have been enabling the D2C brands in their growth like ODWEN, TVS Supply Chain Solutions, AAJ Enterprises and Kerry Indev Express. 

Emiza’s Tech-Enabled Warehouses for Efficient Storage

While Unify’s logistics SaaS product is one thing, Emiza goes a step beyond tech-driven warehousing management.  Emiza’s warehouse network has over 22 fulfilment centres. These tech-enabled warehouses offer multi-tier shelving systems for ease of order processing, and a host of safety and security features.

A conveyor system moves products at the right time with minimum human intervention. Automated fire sprinklers handle the safety of products, while CCTV cameras are strategically installed throughout the warehouse to offer surveillance of all stored items and monitor unauthorised access.

This is especially critical because multiple brands may be utilising Emiza’s warehouse space. 

Warehouse managers handle operations like shelf life management, assembly and kitting, quality checks and more, doing plenty of heavy lifting for brands that can focus on their product, sales and marketing operations. 

To ensure same-day/next-day delivery for partner brands, Emiza’s team assists brands in locating inventories at the closest demand centres and the startup has partnered with local courier service providers to meet last-mile demands.

Rao claimed that Emiza’s shipping platform ensures efficient and prompt deliveries by optimising shipment allocation based on delivery performance, payment mode and delivery cost.

Finally, Emiza’s operations team communicates with customers and delivery partners for order tracking and status. 

Emiza Is Enabling D2C Success In The Omnichannel Landscape

Rao says that Emiza has come a long way in its journey, pivoting from part load trucking to fulfilment for consumer brands in 2019.

Rao’s key takeaways from this journey are focusing on core competency, prioritising profitability and cash flow, and identifying market whitespaces. 

“We built an INR 100 Cr business almost entirely out of our own cash flows and without much external capital. We raised external funding for warehousing only in 2022,” he added.

Looking ahead, Rao sees potential in India’s consumer journey, anticipating exponential growth in product consumption, both online and offline. 

To capture the opportunity, Emiza plans to invest in three areas: expand its warehouse network and infrastructure to cover 5 Mn sq ft, improve its Unify tech stack to optimise inventory across multiple channels and strengthen its leadership team to handle this scale.

Rao believes that amid the funding winter, D2C brands need to focus on their product market fit and scale their businesses without cash burn on Facebook and Google marketing. Looking at improving the post-checkout experience can go a long way towards bringing in more repeat users. 

He also reckons that brands must focus on leveraging marketplaces for profitably, and expand offline for the larger brand recall and a connected brand experience. Brands in some categories can also leverage quick commerce channels such as Blinkit, Swiggy Instamart and Zepto. 

They can also tap into cross-border commerce to earn higher margins which would immediately have a positive impact on the bottom line if the distribution challenge is addressed smartly.

Omnichannel retail strategies are shaping consumer behaviour and brands that don’t have the right solution across channels will be left behind in the D2C battle. 

The post How Emiza’s Unify Is Enabling D2C Brands To Unlock Omnichannel Success appeared first on Inc42 Media.

The Rajasthan government’s IT and communication department has partnered with the Thapar  Entrepreneurs Academy (TEA) to launch iStart Launchpad Programme and Learning Management System (LMS) to promote entrepreneurship in the state.

The collaboration is part of the iStart School and Rural programme. iStart is the Rajasthan government’s flagship initiative to drive entrepreneurial spirit in the state and promote startups.

The iStart Launchpad Programme aims to train mentors of the iStart accelerator programme to nurture the startup ecosystem of Rajasthan further. 

Meanwhile, the LMS is a digital platform that will serve as a comprehensive educational resource to guide students about entrepreneurship. It will be leveraged by educational institutions to manage and deliver learning materials. It will empower the students by offering them essential resources to nurture creativity and support entrepreneurial endeavours. 

The launch event will take place on today (August 24). Namita Thapar, executive director of Emcure Pharmaceuticals, will launch the iStart Launchpad Programme and the LMS. The event will also be attended by the Rajasthan state commissioner and secretary, startup founders, school principals and college directors. 

The launch day will entail programmes like a fireside chat, insightful discussions, an engaging Q&A session, a mentor training session, a press conference, a demo day and a networking dinner. 

Key Highlights Of The Event

Training Session: The event will commence with a briefing about the iStart programme with a focus on conveying its mission. This will be followed by a joint training session held by the TEA and iStart for mentors and coordinators who will be providing training to early-stage founders.

The training session will include subjects like launchpad operations, effective mentorship, LMS utilisation, how to monitor students and nurture school entrepreneurship. 

The training session aims to enable the launchpad coordinators and mentors to guide and lead aspiring entrepreneurs in their journeys. The session will conclude with a group activity. 

Keynote Speaker Address: Chief guest Thapar will provide key insights from her entrepreneurial journey to the attendees. There will also be a discussion wherein other dignitaries will discuss the significance of fostering Rajasthan as an entrepreneurship hub. Thapar and dignitaries will inaugurate the iStart x TEA LMS portal. There will also be an interactive session between the chief guest and startup founders to discuss emerging trends and opportunities in the startup ecosystem. 

Fireside Chat Session: In a fireside chat session, Thapar will explore the topic of “Nurturing Young Entrepreneurs For An Innovative Rajasthan”. This will also give the attendees an opportunity to ask questions to Thapar.

Demo Event: Five startups from rural areas of Rajasthan will get an opportunity to pitch their business models to Thapar and other startup leaders and government dignitaries.

 Networking Dinner: The event will present a networking opportunity for budding and fledgling startup founders. They will foster connections and collaborate with fellow attendees, including iStart dignitaries and leaders from the startup ecosystem.

The Rajasthan government has been at the forefront of the state’s digitalisation since the word startup began gaining momentum in its early years. The government’s efforts have resulted in the state being home to nearly 3,500 startups which have created about 25,650 jobs. These startups have reportedly received a total investment of INR 492 Cr.

The post Rajasthan Govt Partners With Thapar Entrepreneurs Academy To Boost Startup Ecosystem appeared first on Inc42 Media.

With millennials and Gen Z accounting for 50% of Indian consumers today, the demand for variety in snacking options has never been higher. What has fueled this demand is the growing new-age customers’ awareness of a variety of ingredients that make snacking a comforting experience, while catering to nutritional needs. 

The demand for more flavourful snacking options has set the stage for a plethora of direct-to-customer (D2C) snack brands. These brands are attuned to the snacking habits of their new-age consumers and are reshaping the snacking landscape with ingredients that are as deliciously satisfying.  

To give the efforts of these brands a further boost, Mondelēz International has launched its startup accelerator programme, CoLab, in India. Mondelēz has collaborated with Huddle, an early stage VC fund, to work with early stage snack brands.

Mondelēz International is a multinational snacking company that is headquartered in Chicago (US). It is also the parent company of Cadbury. It targets brands in the snacking space to drive growth. For this, it launched its startup accelerator programme CoLab in the US in 2021.

The early stage snacking startups that form this year’s cohort are Evolve Snacks, Happy Jars, Flyberry, Tru-Vitals and Nova Nova. These snacking startups will receive mentorship from both Mondelez senior leaders as well as industry experts across business topics of interest as the startups scale to their next phase of growth. 

The CoLab India accelerator programme includes a 12-week curriculum, consisting of virtual sessions and personalised interactions. These startups will also receive a $20K grant, along with the opportunity to raise funding from Huddle and other prominent VCs in India.

With that said, here is a sneak peek into the D2C snacking brands that have been selected under CoLab. 

Evolve Snacks

• Founder: Angad Sehgal  
• Founded In: 2017
• Headquarters: Delhi NCR
• Key Competitors: Snackible, TBH (To Be Honest), Fab Box

Delhi-based Indian snacking startup Evolve Snacks was conceived when marketing professional Angad Sehgal was forced to take a career break after fracturing his ankle in San Francisco. His doctor asked him to change his snacking habits from highly processed, oil-loaded snacks to more nutritious options that could help him recover. 

On his doctor’s recommendation, Sehgal included nuts and seeds in his diet. He was surprised to witness the impact of switching to healthier snacking options. This became the starting point of his entrepreneurial journey, and he launched Evolve in 2017 to promote healthy snacking habits. 

The brand offers snacks like multigrain puffs, oats chips, ragi chips, roasted seeds, makhana, pita chips and more. Ragi chips and bhakarwadi are the best-selling products, according to Sehgal.

The startup leverages high-end tech in manufacturing and packaging its products to ensure the food does not lose its taste and nutrients. Sehgal said that the customers can get their snacks delivered to them on a monthly subscription basis. 

Happy Jars  

• Founder(s): Vikram Sekhar, Surabhi Talwar
• Founded In: 2016
• Headquarters: Delhi NCR
• Key Competitors: Urban Platter, Whole Truth, Two Brothers

Vikram Sekhar, a marketing professional and an avid horse rider, found it challenging to meet his protein goals while staying committed to clean eating, besides horse riding demanded significant energy. One of his major pet peeves was that he didn’t trust store-bought products that claim to be healthy. 

Therefore, in 2016, Sekhar and his wife, Surabhi Talwar, founded the D2C brand Happy Jars. 

The venture made its humble beginning in the founders’ kitchen, where they created small batches of homemade peanut butter. Today, the startup’s peanut butter product portfolio comprises nut butter (made of almond and cashew), unsweetened peanut butter, and dark chocolate peanut butter.

Sekhar claims that Happy Jars’ peanut butter is made from 100% peanuts, sans additives, oil and preservatives. The startup also offers batter mixes for Indian breakfast dishes like idli, dosa and chilla, all manufactured in-house to ensure quality.

The brand has retail points of sale across cities such as Delhi NCR, Chandigarh, Dehradun, Ahmedabad, Jaipur and Lucknow. Happy Jars also leverages quick commerce platforms like Swiggy Instamart, BBDaily (BigBasket), Amazon and Zepto.

Flyberry Gourmet

• Founders: Akarsh Makhija
• Founded In: 2017
• Headquarters: Hyderabad, Telangana
• Key Competitors: Open Secret, Epigamia, Yoga Bar 

According to a study, 53.2% of women are anaemic and 50.4% of pregnant women suffer iron deficiency. Realising this, serial entrepreneur Akarsh Makhija, along with entrepreneurs Sumit Gurdev Singh Rajpal and Surender Singh Makhija, founded Flyberry Gourmet, a D2C snacking startup, in 2017.  

The startup claims to source natural, clean dates to make products like dried dates, granola and trail mixes and date derivatives like date syrup and powder. In fact, the startup allows customers to grind fresh nuts themselves, seeds and spice ingredients to create their own spreads and jars of seed butter at its branded retail stores. 

According to the cofounder, the brand’s savoury range of vegetable chips is first pre-treated for filler-free ingredients and then vacuum fried using 70 to 80% less oil to preserve nutrients. Akarsh says that the in-house R&D sources the best ingredients that have natural probiotics, prebiotics and adaptogens. 

He added that the R&D intensively researched for the brand’s smoky corn chips to replicate roadside ‘bhutta’ (corn) taste. 

To touch all points of sale, the brand has taken an omnichannel approach. It has leveraged quick commerce platforms like Swiggy Instamart and ecommerce platforms such as Amazon and Bigbasket. The startup has five branded retail stores in Hyderabad and Vijayawada, and its offline presence can be found only in South India.

Additionally, Flyberry Gourmet products can also be found in other retail outlets like Spencer’s, Q Mart and Organic World. Its corporate partnership includes the likes of Deloitte, Coca-Cola, Taj Hotel, Marriott, Accenture, and Google, among others. 

Talking about what lies ahead for Flyberry Gourmet, Akarsh said he would leverage social media to increase the brand’s online presence. The startup is also planning to establish an export arm to cater to South East Asian and African markets.

TruVitals

• Founders: Nikita Tamta, Rashi Sethia
• Founded In: 2022
• Headquarters: Delhi NCR
• Key Competitors: HealthKart, Sasta Sunder, Kapiva

Nikita Tamta, a marketing professional, and Rashi Sethia, a business executive, found it challenging to provide their kids with a balanced diet. According to Tamta, their kids were underweight and had chronic respiratory issues. 

To combat these issues naturally, they searched for ingredients that would improve their kids’ health but only came across ingredients that were marketed as effective but lacked nutrients to fulfil all the nutritional demands of a growing kid.

Tamta and Sethia then decided to take charge of their kids’ nutrition needs and help other parents who too were sailing on the same boat.

The two mothers launched TruVitals, a D2C snacking and health supplement brand, in 2022.

TruVitals offers biscuits, protein powder, protein-based bars and cookies, protein pasta and fibre gummies. Tamta said that each product took between nine months to one and a half years before the launch.

The startup has leveraged WhatsApp commerce to offer personalised experiences to their customers. For instance, customers can place an order on WhatsApp that will directly lead them to the checkout page to complete their shopping journey. 

Talking about the future plans, Tamta said that the startup aims to expand its online presence to drive stronger repeat rates.

Nova Nova (formerly known as Waffle House)

• Founders: Nidhi Gadia, Harsh Gadia
• Founded In: 2014
• Headquarters: Mumbai, Maharashtra
• Key Competitors: Yoga Bar, Epigamaia, Open Secret

The chocolate market in India has substantially grown over the past decades but has been majorly dominated by legacy players like Cadbury and Nestle. 

While Cadbury’s tablet-like chocolate bar and Nestle’s chocolate-coated wafer sticks are still ruling the chocolate market, this template has created a lot of white space for experiments in the chocolate sector. While the loyalists will choose the legacy brands, the new-age consumers are willing to experiment with new products. This gives early stage startups an opportunity to cater to the evolving consumer taste. 

Understanding this, advertising professional Nidhi Gadia and serial entrepreneur Harsh Gadia, started D2C indulgent snacking startup Nova Nova.  

The Gadias launched Nova Nova (earlier known as The Waffle House) in 2014. By 2019, Waffle House opened 25 more outlets in Mumbai, including partnerships with multiplexes like PVR  and INOX. 

However, it faced a major setback due to Covid when all its outlets were shut within weeks. It was then the startup pivoted and became a digital-first brand. It also rebranded itself to Nova Nova. 

“We understand that Indian consumers are interested in trying new products, but the traditional ways of selling them through stores are challenging. That’s why Nova Nova uses the direct-to-consumer (D2C) model,” said Gadias.

As the snacking landscape transforms to cater to consumers’ evolving preferences, the disruptive snacking D2C brands are enabled by initiatives such as Mondelēz International’s CoLab. Snacking has become more than a routine. Consumers are driven by modern lifestyles and are frequently replacing meals with snacking items. Besides, snacks have become an expression of comfort, further emphasising the impact of these innovative D2C brands in driving the snacking industry.

The post How Mondelez India’s Cohort Of CoLab Startups Is Changing The Snacking Behaviour Of Consumers In India appeared first on Inc42 Media.

In just a couple of months, the Indian ecommerce ecosystem will be in the throes of the festive season. The end of the fiscal year’s second quarter typically brings a lot of optimism not just for ecommerce marketplaces, but also the host of direct-to-consumer (D2C) brands that have emerged in the past few years. This is, after all, the peak online shopping season.

But over the past few years, the ecommerce ecosystem is faced with one big question: how to make the most of the India opportunity beyond the metros. 

While D2C brands have managed to capture a slice of the consumer base in metros and Tier 1 cities thanks to their marketing activities, it takes a lot more than promos and ads to tap the latent potential of consumers in India’s Tier 3 cities and beyond. 

For one, unlike metros, ecommerce brands, especially those in their early stages, have to counter a myriad of challenges in these untapped market segments. This is not just about the lack of brand awareness, but the very real problem related to logistical glitches, lack of road infrastructure and connectivity in Tier 3+ towns. 

“In Tier 2 and 3 markets, Cash on Delivery (COD) is usually a preferred mode of payment among customers. Failure to provide it could adversely affect your bottom line, yet its provision may also lead to instances where orders are not accepted upon delivery,” observes Sandeep Pati, AVP of marketing and partnerships at logistics platform Shipway. 

To counter logistical hiccups, players such as Shipway have stepped in to streamline logistics and offer courier aggregation, shipping intelligence, order tracking and other tech-led solutions. 

Founded in 2015 by Gaurav Gupta and Vikas Garg, the Gurugram-based logistics SaaS startup is bullish about D2C brands capturing a swathe of the opportunity in Tier 3 and beyond.

Drawing on seven plus years of experience in the ecommerce industry and helping renowned D2C players like Lenskart, Libas, Juicy Chemistry and BlueStone, Shipway believes that the key to conquering the Tier 3+ market lies in how brands get ready for the festive season rush. 

Formulating a robust pre festive season strategy and building capabilities to capitalise on the surge in demand will be critical for brands across categories, Pati tells Inc42.

Preparation Is Half The Battle  

“Ecommerce brands should ideally begin their festive season preparations at least three to four months in advance to ensure a smooth and successful campaign,” says Pati.

Each brand needs a distinct strategy, given that the logistics challenge varies for each product category and will need to be tailored according to consumer awareness of the brand. 

For instance, a relatively new brand needs to start its festive season preparation well before established names and invest heavily in creating brand awareness. This, Pati notes, is possible through localised marketing efforts. 

“Consumers in Tier 3+ towns may have a stronger preference for content in their regional languages and online retailers need to cater to this,” he says. 

But there are other unique challenges when selling to Tier 3 cities. Despite the rising adoption of UPI, there is a trust deficit between consumers and online brands or marketplaces in Tier 3/4 and beyond. So much so that a Rakuten Insights survey from June 2022 revealed that 62% of online shoppers in India prefer COD over other payment methods. 

But as many D2C brands might testify, the problem is that since there is no obligation to collect the order at the time of cash delivery, some orders may end up as RTO or ‘Return to Origin’. This is particularly expensive for brands serving consumers in Tier 3 or Tier 4 cities.

While brands cannot completely do away with COD, a few strategies can help them mitigate inherent risks with such orders. 

“Incentivise prepaid orders at checkout by highlighting savings for upfront payments and showing potential losses for COD. Additionally, consider not offering COD for orders above a specific amount,” Pati recommends. 

Shipway’s COD to prepay solution offers businesses the option to send WhatsApp and SMS notifications to inform them of last-minute discounts and encourage prepayments.

But given the strong affinity towards cash, COD orders are bound to happen. For this, Shipway offers early cash remittance to help brands improve their cash flows. Pati mentioned that while it typically takes brands about a week to receive cash remittance from courier partners, the platform is able to streamline the process. “ We provide faster remittance within 2, 3, and 4 days,” he added. 

These markets are also more prone to RTOs due to a variety of reasons besides COD and Shipway is committed to helping brands counter them with its suite of RTO solutions. 

The startup’s AI-powered fraud detection tool analyses user data (purchase history, address check, pincodes etc) and warns brands of potential frauds. For instance, if the customer’s address is not concrete, the tool detects it and marks it as a high risk order. Orders are primarily categorised under three buckets – high risk, medium risk and low risk.

Subsequently, brands have the option to review manually and either hold or confirm these orders. This is a huge cost saver for brands, whereas earlier they would have to bear the cost of reverse logistics, which is usually higher than deliveries.

Shipway also provides branded tracking pages, empowering businesses to engage with consumers throughout the logistics process transparently. Businesses can easily track and monitor their shipments and consumers also get updates about their orders through channels such as WhatsApp, SMS and email. In case they miss out on an order, customers can use the tracking page to request for a reattempt. 

Additionally, Pati mentioned that Shipway has a dedicated support team in place that helps brands to seamlessly navigate through the entire shipping journey. The team is responsible for making calls to the end customer to enquire about their orders in case they reject it or have not received it. Based on their response, the team manually adds a reattempt request on behalf of the brands. 

Reaching The Last Mile

Of course, payment and checkout strategies are only as good as the brand’s approach to handling demand surge, which is typical in the festive season. 

Consumers are not just buying for personal consumption but also for gifting, which adds another level of complication to order management, since brands may not have the data about the actual end user of their products. Nevertheless, there are ways that brands can make the most of the rush — once again by preparing themselves with data from previous years wherever available. 

Higher order volumes can lead to inefficient order fulfilment especially for brands that are reliant on marketplaces. Demand forecasting is especially critical for such brands. 

Pati recommends that brands should analyse past sales data and customer behaviour during previous festive seasons to identify patterns and trends. Primary and secondary market research can help D2C brands understand consumption trends, consumer preferences, and competitor strategies.

Implementing just-in-time inventory management systems can help minimise excess stock and optimise warehousing costs. Demand fluctuations are highly likely when it comes to the festive season, since trends and seasonal consumption drives purchases. Armed with demand forecasting data, brands can collaborate with manufacturers in specific geographies to adjust production targets on the go. 

Demand mapping is also key for brands to minimise logistics overheads and challenges. With a clear view on where orders are likely to come from, D2C businesses can look to automate their delivery operations — whether through native stores or third-party marketplaces. 

During the festive season, customers also expect brands to have an extensive reach so that they can send gifts to family members across the country. Eventually, a wider delivery range will make customers order more and rely on you for future orders, explained Pati. 

Shipway allows brands to select from over 20 carriers across 29K+ pin codes, helping them deliver pan India. Its AI-driven carrier allocation engine also ensures that brands are matched with the most suitable courier partner in the region, with the shortest Estimated Time of Delivery (EDD). The 3PL logistics provider claims that this system enables brands to enhance cost efficiency and achieve potential savings of up to 20% on logistics costs. 

Serving Semi Urban, Rural Markets: The Way Forward

As semi urban and rural Indians embrace online shopping, industry experts believe that these markets will spearhead the next wave of ecommerce growth.

With 70% of Indians residing in rural areas, there is massive untapped potential for ecommerce to flourish and the day when it becomes the hub for both big and small brands, may not be far off. 

More than 373 Mn rural Indians use the internet today, and the number of online shoppers is expected to surpass 500 Mn by 2030. 

Rural users are expected to drive the next wave of marketplaces and online brands, but building trust is still essential to make the most of these new-to-ecommerce users. 

“Consumers in Tier 3+ towns may have limited exposure to new products and brands compared to the urban cities. They rely more on word-of-mouth recommendations, local retailers and online platforms to discover new products. Brands must look out for these trends to grow in these markets,” adds Pati.

When it comes to logistics, there are certain hurdles that can impede trust development. For instance, the operational overhead of maintaining warehouses in Tier 3 regions can be quite challenging, often leading to order delays or misplaced products. As a result, replicating the gold standard of same day/next day deliveries popularised by Amazon and adopted by others may be hard to achieve. For this, inventory has to be geographically proximal to the consumers.

Nevertheless, the landscape is evolving as several logistics players such as Shipway, Pickrr, Shiprocket and the like are stepping up by providing a plethora of offerings, such as AI-powered inventory management, advanced forecasting and expansive on-ground warehouse capabilities that span across India. Thanks to these enablers, ecommerce brands can make the most of the festive opportunity that Tier 3+ market segments will undoubtedly present. 

The post How Shipway Aims To Help Ecommerce Brands Capitalise On Festive Rush In India’s Tier 3+ Markets appeared first on Inc42 Media.

A few years ago, one of the biggest pet peeves of Vinay Kamal Sharma, the erstwhile zonal head of a Mumbai-based coaching institute JK Classes, was the way students got evaluated on the examinations they took. According to him, just scoring students on what they wrote in their exams or tests did not add any value in terms of enhancing their learning. However, as a teacher, he was also aware of the fact that giving constructive feedback on every answer, written by hundreds of students, was not humanly possible, no matter how brilliant or efficient a person (teacher) is.

With two major pain points at hand — a) providing students with a valuable, insight-oriented analysis of their answer sheets; b) streamlining the marking process to reduce the burden on teachers — Sharma started working on a solution.

To address these challenges, he envisioned a tech platform that could transform the examination landscape for both students and teachers. 

Staying true to his vision, Sharma launched TestnTrack in 2020, a SaaS platform that provides comprehensive end-to-end solutions to coaching centres and teachers. The platform streamlines the entire examination and evaluation process — from curating question papers to generating suggested answers.

While embarking on his entrepreneurial journey, Sharma joined hands with Priya Soni, who was then the cofounder of Examkul, an online examination platform. Interestingly, Soni and Sharma already shared a student-teacher relationship, when the former was aspiring to crack the CS (company secretary) exam. 

Onboarding Soni helped Sharma understand the perspective of students, allowing him to create a solution that caters to all key stakeholders — students, parents and teachers — to achieve the common goal of academic excellence.  

“We strive to make examinations stress-free for all stakeholders while fostering academic growth and success,” said Sharma.

The AI-powered TestnTrack platform not only checks the answer sheets of students but also provides automated real-time audio feedback. Additionally, the platform generates a report for students based on their performance, highlighting key areas of improvement.

The platform also enables teachers to provide gap analysis reports to students, pinpointing areas where they may be lagging or need a brush-up. Furthermore, the platform offers parents data-driven insights into the academic progress made by students over time.

To further push the startup’s vision, TestnTrack received INR 15 Lakh from the Rajasthan government’s iStart programme. It has helped the startup onboard 8K students from 112 institutions across three states and six cities.

TestnTrack’s Growth Story

Sharma’s entrepreneurial journey has not been a bed of roses, as he did not have the technical prowess to pursue his mission full throttle. This proved to be a major hurdle for the startup, which could only start its online operations in January this year, despite being founded three years ago.

“Due to a lack of technical skills, we outsourced the work of building the platform to a company, which turned out to be a fraud. It was then we decided to develop the tech in-house,” Sharma said.

During this time, the most impacted sector was offline education, even as many edtech startups rose to fame during the pandemic to compensate for offline learning. 

However, as luck would have it, TestnTrack’s tech solutions were a work in progress when it was raining the proverbial riches (funding) for many new-age tech startups. But, once the Covid waned, the founders, determined to make up for the lost time, started pitching their solution to coaching centres and ended up onboarding 63 of them as their clients.

The startup has also grown in revenue, it clocked INR 5.4 Lakh in FY22 and aims to generate INR 1.8 Cr in FY24, its ARR is INR 46 Lakh.

What’s The Monetisation Plan?

Unlike many startups that deploy social media and brand marketing teams to create brand awareness, TestnTrack has largely relied on reaching out to its potential clients in person. 

Additionally, TestnTrack leverages a community of book publishers in Jaipur, which endorses its product, helping the startup get access to a wider audience. 

“Under our B2C arm, DOT100, which is featured on our website, we hold an exam hunt programme annually to showcase our platform’s capabilities. We conduct engaging activities to enhance awareness among our target audience,” Sharma said.

Not just this, DOT100, which is a revenue-generating model, offers students and parents free access to basic features like assessing answer sheets under a freemium model. For more advanced features, the tech platform requests users to pay a fee of INR 9 per sheet. The platform also generates ad revenues from DOT100 by displaying the ads of other coaching centres and teachers.

Meanwhile, it offers annual subscription-based services to coaching centres to access its features and tools, such as customisable assessments, tracking and analytics, reports and other educational management functionalities. 

What’s At The Core Of TestnTrack

TestnTrack onboards coaching classes and individual teachers with a unique institute code generated by the platform. Following this, separate batches are created to register students. Institutes can access custom test papers for specific subjects or chapters with a single click. 

The startup also assigns two relationship managers to every coaching class for round-the-clock assistance via WhatsApp. These managers promptly resolve queries related to papers or results within five minutes, thereby enhancing user experience.

TestnTrack’s AI-enabled exam paper creator customises a personalised exam paper with an answer key to the questions. Teachers can conduct exams at will and provide personalised feedback. The automated audio feedback gives timely insights into students’ performance.

This helps in identifying knowledge gaps of students in specific subjects, allowing teachers to work on students’ weaknesses by creating micro-study plans. Students can also leverage the audio feedback system for self-learning.

TestnTrack handles subjective and objective exams. For subjective exams, digital copies of the answer sheets are available on Testntrack’s Market place made for evaluators. Around 1,180 evaluators are associated with the startup for assessment. 

“Students’ progress reports and answer sheets are shared in a PDF format to their parents’ WhatsApp numbers,” Sharma said.

The startup implements client feedback to upgrade its tech. “Our one-on-one interactions with clients enable us to deeply understand their upcoming challenges and obstacles, allowing us to provide effective and tailored solutions,” Sharma said.

The approach of giving personal attention has helped the startup achieve a 96% client retention rate and a 70% conversion rate in the past six months of operation.

Sharma said that through its diverse revenue channels, the startup has demonstrated its ability to adapt to market demands and generate sustainable income while catering to B2B and B2C segments.

How TestnTrack Is Empowering Tier II and III Cities

According to Sharma, today, Tier II and III cities require edtech solutions more than Tier I regions of the country. Students and teachers in these areas (Tier II, III and beyond) have immense potential but lack the necessary tech to harness it. 

He added that with the increasing interest of Tier 1 edtech SaaS startups in Tier II and III educational institutions, it is getting challenging for the local players to establish themselves in the market and compete with them.

“Fortunately, we have the support of the Rajasthan government, and the state’s iStart initiative helps us stay ahead of the competition curve,” Sharma said.

He added that ever since the startup registered itself under the iStart initiative, the startup has grown by leaps and bounds. For instance, the startup emerged as one of the top six startups selected in the Global Startup Challenge that was held in Jaipur in December 2022. The founders showcased their project to international investors like TiE SoCal through this opportunity. 

Not just this, TestnTrack was selected as one of the top five startups in the Rajasthan Startup Challenge in January 2023, which helped it create its brand visibility in the edtech ecosystem. 

“Since we are a registered startup with the government’s accelerator iStart, we received INR 15 Lakh from the state government, enabling us to grow our business,” Sharma said. Additionally, the startup also receives time-to-time guidance and mentorship from industry experts.

“These initiatives have helped us increase our user base 7X from 1100 students to 8,000-plus students in  6 months. This indicated the adoption of our tech by coaching centres,” said Sharma.

The Road Ahead

In the next 12 months, the startup aims to expand to 25 cities across six states. It is also looking to grow its user base 8X by penetrating deeper into the Indian edtech market. To achieve this, the founders will raise funding from a prominent angel network in India.

Further, TestnTrack plans to utilise the funding to improve its tech stack. To expand its B2B play by onboarding schools, the startup is looking at upgrading its audio chatbot Nivaa and the audio feedback API.

Sharma believes that the demand for personalised learning in edtech has escalated over the past years, and there has been a noticeable shift from offline to online and now hybrid learning and teaching methods, even in Tier II and III cities. 

According to Sharma, AI-powered SaaS solutions in the edtech space are steadily redefining the sector, especially in Tier II and III cities.

Notably, Edtech SaaS solutions are today addressing the diverse learning needs of students and providing them equal access to high-quality education, with an increasing number of educational institutions using audio chatbots to remove all kinds of learning barriers.

TestnTrack has captured the attention of investors at a very opportune time, especially when it is catering to students across age groups and segments, with the K-12 category alone is anticipated to reach a market size of $15 Bn by 2030 and the test preparation segment is predicted to become a $9 Bn market opportunity by then, according to Inc42’s Q1 2023 Edtech Report.

The post How TestnTrack’s AI Solutions Are All Set To Change How Students Take Exams appeared first on Inc42 Media.

In 2023, the oldest millennials turn 40, while the oldest Gen Zers have already entered their mid-twenties. This dynamic demographic represents those who witnessed technology’s rise and those who practically grew up with it. And both have also adeptly leveraged emerging technology to improve their lives.

With an active presence in the Indian workforce, those in the 23-45 age group continuously seek ways to enhance their financial well-being.

Factors such as rising discretionary spending, increased financial literacy and the Covid-19 pandemic have encouraged younger Indians to overcome their aversion to risk and explore alternative income sources. Interestingly, NSE (National Stock Exchange) data shows that the number of active retail investors in stock markets rose from around 30 Lakh in January 2020 to 78 Lakh by March 2023 — clocking a 160% increase in two years.

However, it is not the growing risk appetite alone that has contributed to the rise of retail investors in capital markets. The transition from traditional broker models and agents to online platforms and smartphone apps has made trading simple, user-friendly, and accessible to a large user base.

“The trading culture is going through a fast-paced evolutionary process. The temptation to participate in the Indian growth story has not only made the investors trade in stocks but also trade in derivatives,” says Sidhavelayutham M, founder, & CEO of investment tech platform Alice Blue.

Sidhavelayutham M, who holds a degree in business administration, started discount broking platform Alice Blue in Tamil Nadu’s Erode 16 years ago and moved its headquarters to Bengaluru in 2017, at a time when investment tech was growing as a niche category within fintech.

Since 2006, the company has scaled its physical footprint across 20 Indian cities and has served more than 4 Lakh investors.

In 2017, the startup launched its trading app ANT(Analyse and Trade) to improve the user experience and simplify online trading across various segments, including equity, currency, and commodity. The app also enables users to trade in F&O (Futures and Options) and invest in initial public offerings (IPOs) and mutual funds.

For context, a discount broker platform allows individuals to buy and sell various financial instruments including stocks, bonds, and exchange-traded funds (ETFs), at a reduced cost compared to traditional full-service brokerage firms. Such platforms offer online trading tools, including real-time market data, charts, and analysis tools to help users make informed investment decisions.

As opposed to the industry standard brokerage fee of INR 20, Alice Blue claims to charge INR 15 from its retail investors for intraday and F&O trading, besides offering free equity, IPO, and mutual funds investments.

Despite the macroeconomic headwinds and stock market crashes in the past year and a half, Alice Blue said that it witnessed an 18% YoY growth in trade volumes in 2022. This signals the retail investors’ confidence in the stock market and other investment assets.

Fostering Trust, Creating Awareness Around Retail Investment

Sidhavelayutham M entered the investment tech space even before the global financial crisis of 2007-08. Although that crisis was primarily caused by a downturn in the US housing market and a lack of regulatory oversight, its repercussions were felt in India as well.

The 2008 financial crisis demonstrated that reducing brokerage fees isn’t sufficient to earn the trust of investors, a lesson that India’s investment tech platforms have taken to heart. Beyond the allure of big bucks and exhilarating bull runs, there lies a harsh reality — without adequate knowledge and carefully calculated risks, no substantial returns can be achieved.

Even the past year has seen investors suffer big losses on their public market bets as the usually-reliable tech stocks crashed in a major way.

Recognising the importance of awareness and investor protection, investment techs have also added an educational component to their platforms. These aim to help individuals make well-informed investment decisions, something Alice Blue has also added in recent years.

For instance two of India’s prominent discount brokerage startups and Alice Blue’s notable rivals – Zerodha and Upstox — offer a wealth of resources including articles, videos, and glossaries focussed on stock markets, mutual funds, and more.

Commenting on Alice Blue’s educational mobile app ANTIQ, Sidhavelayutham M said, “We offer a wide range of webinars and seminars to ensure that young investors have the option of learning the nuances of the markets before investing. We always urge them to exercise caution and learn the ropes of the markets before plunging in.”

Educating investors is one thing, but converting potential leads into active retail investors is another.

According to Sidhavelayutham M, digital marketing has served the company well in reaching its target audience. Having physical offices across the country also helps build brand awareness and deepen the reach, he added.

However, nothing has worked as well as word-of-mouth marketing. Like its counterparts, Alice Blue has implemented a referral programme that allows users to receive a percentage of cashback on the brokerage fees they pay to the company.

By harnessing the power of referrals, investment tech platforms can not only acquire new users without overspending on marketing but also gain trust among them rapidly. Plus, the rewards programme is an incentive for existing users to stay loyal to the platform, since it reduces the fees even further.

This strategy works particularly well outside the metros that thrive on community networks and the trust inherent in one’s social circle.

In fact, a report by international research firm YouGov showed that millennials and those residing in Tier 2 cities are most likely to increase their investment in mutual funds. According to its June 2022 report, 26% of millennials increased investing activity in mutual funds as compared to Gen Z (23%) and Gen X (23%).

Likewise, people from Tier 2 cities (30%) increased their mutual fund investments more than Tier 1 and 3 cities.

“We have been noticing a lot of people from smaller towns and even villages coming to our platform. The Covid lockdown was of course a big contributing factor towards growing the investor base from far and distant towns,” adds the founder.

Enhancing The Trading Experience

It’s no surprise that novice investors are attracted to digital investment platforms due to the convenience and affordability they offer, plus these platforms do a lot of the heavy lifting in terms of account creation and payouts of the returns in a timely manner.

Unlike full-service brokers, who usually impose a brokerage fee of 0.25%-0.75% on every transaction, discount brokers charge a minimal amount which is definitely more appealing for a first-time or novice investor.

However, in order to effectively compete with traditional counterparts, discount brokerages must consistently enhance their offerings to align with SEBI (Stock Exchange Board of India) regulations, while also maintaining a bug-free, seamless trading experience and a high level of user security.

Alice Blue has NSE (National Stock Exchange) and BSE (Bombay Stock Exchange) licenses.

Besides this, the company aims to constantly innovate and upgrade its tech stack, which is a key competitive moat in the investment tech space.

“We place paramount importance on hiring and retaining top-tier tech talent. Our team consists of industry leading professionals specialising in software development, data analysis, cybersecurity, and AI,” says Sidhavelayutham M, adding that customisable and conversational trading bots and AI-driven platforms are key to simplifying trading for beginners.

The platform also offers robust trading which enables traders (who manage large trade volumes on behalf of investors) to integrate third party applications that provide additional utilities. This helps them track multiple orders placed on a daily basis and enables seamless access to historic & real-time market data, trade execution and account management functionalities.

Platforms such as Alice Blue and its ilk also use secure servers, networks, and storage systems, while employing strong encryption protocols such as SSL (Secure Sockets Layer) and TLS (Transport Layer Security) to protect user data.

Besides, it has support for two-factor authentication as an additional layer of security, requiring users to provide a secondary verification factor (such as an OTP) along with their login credentials. In addition, Alice Blue also employs fingerprint login for enhanced security and is currently exploring blockchain technology to decentralize data, making it more secure and harder to tamper with.

What Are Millennials Looking For?

According to Inc42’s estimates, the investment tech industry is experiencing rapid growth, and its market size is expected to surge from $9.2 Bn in 2022 to $74 Bn by 2030, growing at a CAGR of 30%.

This growth can largely be attributed to millennials joining the retail investor pool. A report by management consulting firm Zinnov indicates that over 55% of investment app users belong to this demographic.

Given the dominance of millennials in the user base, it is unsurprising that investment tech platforms are targeting this segment. However, it is worth noting that a substantial portion of millennials exhibit a preference for low to medium-risk investments and more than 44% of all retail investors opt for systematic investment plans (SIPs), as per the report.

But Sidhavelayutham M believes this trend is changing. “A lot of our users have been steadily investing in the IPO bouquet. We are also seeing a lot of excitement around forthcoming IPOs from the likes of LIC & Anuras, Craftsman, EaseMyTrip & Suryoday,” he says.

Goldman Sachs analysis says new IPOs may add up to $400 Bn of market cap by 2024, making India the fifth largest market by capitalisation by 2024. The expected entry of new-age tech companies in the public markets is also exciting as these are the companies that young Indians have seen grow and flourish within their lifetimes.

Sidhavelayutham M adds that investment tech platforms have the potential to bring on-the-fence hesitant Indians to the retail investor fray as these platforms remove the entry barriers. Plus as fears of a volatile market and long-term recession act as headwinds, the education component is vital to retain new and experienced investors and create trust in the system.

Retail investor participation is often seen as an analog for the economic development of a country, and by enabling easy participation, platforms such as Alice Blue are accelerating India’s economy.

The post From Simplicity To Security: Why Millennials, GenZs Are Riding The Investment Tech Wave In India appeared first on Inc42 Media.

The way the world snacks has been changing in post-Covid times. Of course, people will continue to purchase snacks in 2023 and the markets will be booming. But snacking for instant gratification, for comfort, or out of boredom is no longer the trigger as it was in the Covid days. Coming to India, the country’s snack market is expected to reach $23.7 Bn by 2028 at a CAGR of 12%.  As a country which has a vast domestic market and a consumer base that is always eager to try new flavours and ingredients, snacking brands thinking out of the box can easily tap into new opportunities.

To drive innovation and growth across snacking startups in India, US-based multinational Mondelēz International, announced the launch of its startup accelerator programme CoLab in India earlier this year. The 12-week virtual programme will kick off in August this year in collaboration with startup accelerator and VC fund Huddle. 

With the aim to provide the necessary skills and to accelerate these businesses to their next phase of growth and impact, CoLab India will soon announce the selected startups that will receive an equity-free grant of $20K and will also get an opportunity to raise between $500K and $1.5 Mn in seed to Series A funding from Huddle and other potential investors by the end of the programme.

 “CoLab is a very strong reiteration of Mondelez International’s commitment to consumer-centric innovation in shaping the future of snacking in the country,” said Sonali Mitra, director strategy, Mondelez India.

Regarding the applications, Mitra said that the programme received a fantastic response from India’s early stage snacking startups. Overall, Mitra claimed that CoLab received 250+ applications in two months. She added that the interest spanned start-ups from the snacking spectrum, including baked snacks, chocolates, confectionary and savoury snacks. A significant number of applications came from female-led startups and from cities like Mumbai, Delhi, Lucknow, Hyderabad and more.

In addition to capital, the shortlisted startups will receive one-on-one mentorship, access to virtual and in-person workshops and extensive guidance from a network of Mondelēz leaders and industry experts. 

“We are thrilled to witness the impact of CoLab India 2023. Collaborations like these enable new age brands to emerge through tailor-made support. Additionally, we have been tracking fundamental trends in the consumer ecosystem which these brands are aiming to target,” said Sanil Sachar, Huddle’s founding partner.

It is also worth noting that the accelerator is set to bring more than 35 industry leaders from India and abroad as mentors for the shortlisted startups. The list of mentors includes, from Huddle and Mondelez, Vishesh Khurana (Shiprocket), OmPrakash Muppirala (Fountain India), Anand Shankar (Sharrp Ventures), Ashwin Bhadri (Equinox), Ankita Balotia (Fireside Ventures), Mohit Satyanand (Teamwork Arts), Amit Dutta (LeMarche), Anurakt Jain (Klub), Arjun Vaidya (Verlinvest) and Roma Priya (Burgeon Law). 

Mentors from Mondelez India include Varinder Jaswal, sr director R&D (chocolate); Sonali Mitra, director strategy; Tejas Mehta, VP, finance; Sree Patel, executive director, Mondelēz International & chief counsel and Punit Modi, commercialisation & supply planning lead.

What The Cohort Can Expect From The Curriculum

Building a thriving FMCG D2C brand in the snacking space is not easy. It requires a perfect mix of many ingredients, from insights into consumer mindset to creating a unique playbook in sync with the fast-evolving trends. 

To help the cohort seamlessly navigate the challenges of operating and scaling a D2C brand, CoLab mentors will delve deep into themes like product manufacturing, packaging, designing and logistics. 

The speakers will also conduct virtual and in-person one-on-one sessions as well as workshops, aimed at providing the cohort with guidance on how to fuel their journey from an early-stage startup to a high-growth snacking brand. 

During the sessions, the mentors will offer their insights into how startups can build sustainable and successful businesses. This will include topics like team building, finance management, corporate governance, cap table management and much more. 

Through a structured curriculum spanning 12 weeks, shortlisted startups can expect to gain a comprehensive learning experience and embark on their next phase of growth. 

From Demo Day To Raise Funding

And finally, the stage will be set for the early stage D2C snacking brands to pitch their business ideas to investors for funding. 

Now that the storied MNC Mondelēz International, with 75 years of experience behind it, has joined hands with Huddle, to usher in the third iteration of CoLab in India, all the right boxes have been ticked. And the accelerator programme may soon pave the path for indigenous brands looking to whip up taste and nutrition to reimagine snacks, the ultimate comfort food.

The post Mondelez India’s 12-Week Accelerator Programme CoLab Aims To Shape Indian D2C Snacking Brands In A $23.7 Bn Market By 2028 appeared first on Inc42 Media.

Technology-driven startups have emerged as the vanguards of innovation, driving disruption across industries. Their success is intricately linked to their ability to harness the power of cloud technology. These digital-age startups possess a deep understanding of cloud computing and its potential to transform their operations.

Notably, India has experienced significant growth in the public cloud services market, generating $6.2 Bn in revenue during 2022, as reported by the International Data Corporation (IDC). This market is projected to reach $17.8 Bn by 2027, growing at a CAGR of 23.4% from 2022 to 2027.

However, true success lies in going beyond surface-level adoption. Merely migrating to the cloud is no longer enough. Startups should strategically harness the existing as well as emerging technologies to foster innovation, enhance operational efficiency and elevate customer experiences, thereby maximising their return on investment (ROI).

To delve deeper into this and explore various avenues of optimising resources, Inc42 and Google Cloud organised a roundtable titled The Cloud Playbook: Unlocking Maximum ROI And Business Growth.

The session covered a range of critical topics, including:

• What are the advantages of moving to public cloud vs investing in on-premise systems
• Best practices to address the cost-innovation conundrum
• How recent technological advancements like generative AI are empowering startups

The roundtable was moderated by Vamsi Krishna Rupakula, partner, advisory services at PwC India. Rupakula advises startups and established businesses on cloud and transformational technologies.

The session brought together notable attendees from diverse industries, including startup founders and technology decision-makers. Among them were Shyam Sunder Prawal, chief technology officer of AuthBridge; Himanshu Gupta, cofounder & chief technology officer of Shipsy; Amit Choudhary, chief product & technology officer at Ecom Express; Ramanshu Mahaur, founder & chief technology officer of Spinny; Tirath Sharma, chief technology officer & founder of OneTo11; Jatinder Singh Alagh, chief technology officer at Arya.ag; Nitin Jain, cofounder & chief business officer at OfBusiness; Anirudh Bhardwaj, chief technology officer of Recur Club; Shiva Singh, director-technology at Moglix; Divyanshu Das, head-engineering at Rusk Media; Syed Shaaz, cofounder of Fantasy Trading League; Kunal Gupta, senior vice president at Magicpin; Suhan Shetty, enterprise architect of infrastructure services at Niveus Solutions and Rahul Gupta, head-enterprise digital natives business-N&E & West India at Google Cloud.

Decoding The Maturity Curve Of Cloud Technology

Public cloud, a dynamic and scalable computing environment offered by third-party service providers, has revolutionised the way organisations approach their IT needs. By contrast, on-premise systems entail maintaining hardware and software infrastructure within the organisation’s physical premises. From enhanced cost-effectiveness and scalability to improved reliability and accessibility, public cloud presents a wealth of advantages that can reshape the way organisations leverage technology.

“When starting a business, a cloud infrastructure allows us to scale, pay as we go, and focus on real-world problems rather than infrastructure procurement and maintenance. It’s best for startups to postpone on-premise infrastructure until they reach a certain scale, as it enables them to maintain focus on their core problems. Additionally, cloud solutions eliminate the costs and commitments associated with setting up physical environments and maintaining specialised teams,” said Ramanshu Mahaur of Spinny.

Presently, organisations have become increasingly conscious of the need to efficiently manage their cloud expenses. As cloud usage continues to grow, businesses are recognising the importance of understanding and controlling the costs associated with cloud resources.

“During my tenure at Expedia, Paytm and now at Ecom Express, I’ve witnessed diverse transformations that have unfolded over the past decade. The [Cloud] maturity model has evolved significantly… Looking back, significant savings could have been achieved. However, cloud providers have been supportive and mindful of reducing total cost of ownership (TCO) while offering value-added services to increase customer loyalty. The focus now is on leveraging managed services for efficiency and cost-effectiveness,” said Amit Choudhary of Ecom Express.

For more insights into cloud technology and how startups are leveraging advanced technologies like generative AI, watch the roundtable discussion on The Cloud Playbook: Unlocking Maximum ROI And Business Growth.

The post The Cloud Playbook: Unlocking Maximum ROI And Business Growth appeared first on Inc42 Media.

During his engineering days at IIT Ropar, Manoj Kumar got an opportunity to bring positive change in the city-based government schools while working with an NGO. Kumar and his friends visited multiple government schools and engaged with teachers, students and administrators to gain insights into their daily challenges. Kumar was told that many of these schools, particularly in Tier 2 cities and beyond, did not have comprehensive operational systems in place and, as a result, faced a lot of challenges in managing day-to-day operational and administrative tasks.

To address this, Kumar partnered with his techie friend Abhishek Singh in 2017 to launch a SaaS solution, Schoollog.

Jaipur-based Schoollog is an edtech SaaS platform, which has been designed to provide a comprehensive school management and communication solution. It streamlines and automates the administrative and operational processes of educational institutions. Further, the platform helps teachers, school administrators, students and parents to engage at all key levels.

According to Kumar, Schoollog also enables educational institutes to track students’ academic progress. ‘Teacher App’, which has 50K downloads, allows teachers to manage their day, syllabus and conduct tests, among other things (more on this later).

The startup’s ‘Parents App’ has 50K downloads, ‘Student App’ has 100K downloads and ‘Management App’ has 1,000 downloads. 

Singh claimed that the Schoollog apps have, approximately, 2 Lakh active monthly app users. Meanwhile, tuition centres have a separate app, ‘TutorLog’.

“Schoollog empowers students to learn at their own pace, track classroom activities and improve their weak points. As for schools and tuition centres, the platform helps them save time and cost, and gain valuable insights into the performance of students and teachers. Parents can easily monitor students’ progress, make online fee payments and get homework and attendance updates,” said Singh.

Singh pointed out that tuition centres have a comparatively simplified management process due to fewer decision-makers in their system, as compared to schools. However, the need for personalised learning for students in tuition centres remains the same as required in schools.

Meanwhile, talking about the Rajasthan government’s iStart programme, Singh said that it has consistently supported startups through mentorship sessions, providing them with platforms like IT Day and Digifest for product promotion and introducing new schemes and programmes to aid their growth.

He said that the startup generated INR 4.1 Cr in revenue in FY23, registering a 70% YoY increase from FY22. Schoollog aims to clock INR 10 Cr in FY24, nearly 2.5X revenue growth from the last fiscal year.

Schoollog’s Initial Quest

In their startup journey, the founders of Schoollog encountered multiple challenges before scripting their growth success. Singh faced the initial hurdle of convincing schools to become early adopters of Schoollog’s product.

However, their efforts paid off when Sanjeev Kulhari from Sikar-based Daffodils World School showed faith in their vision and became the startup’s first client. Schoollog also faced the impact of the pandemic, with revenues dropping to zero in the initial six months, leaving them cash-starved.

Despite these obstacles, the founders found a silver lining. Prior to their financial struggles, they had developed a test platform to create a minimum viable product. Working remotely, they and their team built an MVP within twenty days. Once the MVP proved successful, the startup experienced significant growth, tripling its revenue in FY21 to INR 1.67 Cr from INR 55 lakh in FY20 and onboarded 500 schools and tuition centres.

Building on this momentum, the founders actively collaborated with educational institutions, engaging online to gain firsthand insights into their specific requirements. This valuable interaction allowed them to shape and refine their platform accordingly.

Furthermore, the initial schools that joined became passionate advocates for Schoollog, effectively acting as the startup’s marketeers. The organic word-of-mouth promotion played a pivotal role in the startup’s scaling efforts, attracting more schools to join based on positive feedback and recommendations.

Today, Schoollog leverages events, conferences, seminars and Google and Facebook ads to onboard new schools. However, the founders attribute their success to their partner schools for refferal, which account for 10% of their monthly sales. Additionally, Schoollog has mapped out the locations of schools and tuition centres, deploying on-ground teams to extend their services.

Schoollog’s AI-powered ERP System Connects All Key Stakeholders

Schoollog connects parents, students, teachers and school administration through the Learning Management System (LMS), an AI-powered enterprise resource planning system. LMS streamlines school management processes and is available in a plug-and-play mode, allowing schools to integrate Schoollog into their existing systems. 

Schools can use specific services offered by the startup along with their current management system. For instance, they can leverage Schoollog’s personalised learning platform without disrupting their existing workflows. Parents, students, teachers and schools are connected by downloading apps, which cater to their specific needs.

Another key feature of Schoollog is an AI/ML-powered personalised learning engine for students. It recommends questions to students based on their learning journey, ensuring that every student learns at his own pace. This makes learning more effective and engaging. Kumar mentioned that the startup charges students a nominal fee of INR 10 per month. 

Schoollog aids in increasing school admissions by providing a comprehensive admission CRM system. This prevents potential admissions from being lost. For instance, a school with 1,000 students can generate approximately 20 extra admissions through Schoollog, resulting in revenue of INR 10-15 Lakh in a Tier 3 city, according to Singh.

‘Teacher App’ empowers teachers to manage their day-to-day activities. The startup will soon introduce Power BI to provide more in-depth analytics later this year.

LMS accounts for 90% of Schoollog’s revenue and the remaining 10% comes from the personalised assessment solution. Out of the total revenue of INR  4.1 Cr in FY23, 60% was generated from schools and 40% from tuition centres.

Democratising Education In Tier 2 and Tier 3 Cities

Singh believes that schools in Tier 3 cities and beyond have not been able to embrace technology, and this is where he aspires to bring a change. 

“With the launch of Schoollog Lite, we will provide cost-efficient tech solutions to schools from these regions. For this, we are actively working with banks,” he added.

The startup plans to align its offerings to schools and tuition centres with the National Education Policy (NEP) and aims to target Hindi-speaking regions like Haryana, Rajasthan and Uttar Pradesh. 

Schoollog intends to raise funds to drive digitisation within the education sector. Singh believes that private investors’ sentiment is negative towards edtech startups that are not generating profits.

According to Inc42, edtech funding dropped 93% YoY to $100 Mn in the first quarter of 2023, due to the resurgence of offline education as Covid subsided.

Despite the headwind, edtech SaaS stands out as a promising sector in the world’s third-largest startup ecosystem. According to experts, edtech SaaS will be one of the key growth drivers for the Indian edtech sector in the coming months. Notably, it emerged as the top-funded segment in the first quarter of 2023.

Even though Schoollog competes with the likes of Teachmint, MyClassboard, PowerSchool, Schoolguru and Classplus, among others, it has an array of growth opportunities in the country’s $5.9 Bn (approximately) edtech market, which is expected to touch $29 Bn by 2030, as per Inc42’s estimates. 

Disclaimer: This article is part of Inc42 and the Government of Rajasthan’s initiative to shine a spotlight on the state’s emerging startups

The post How Edtech Startup Schoollog Is Helping Schools, Tuition Centres Streamline & Automate Ops appeared first on Inc42 Media.

No industry has borne the brunt of the funding winter quite like the edtech sector. Following a streak of Covid-led good fortune of 2020-21, a bleak season has set in. According to Inc42’s ‘The Future Of Edtech Report’, the edtech sector saw a YoY (year-on-year) decline of 49% in funding amount and 42% in deal count last year. 

However, many edtechs are turning this adversity into an opportunity through strategic mergers and acquisitions (M&As). In 2022 alone, there were 33 M&As in edtech — a 2.5X increase compared to 13 recorded in 2020. This surge underscores the importance of consolidation, not only for survival but also to unlock synergies and utilise talent and resources.

The consolidation wave cannot be attributed to the funding winter alone though. 

Edtech giants have been leveraging acquisitions to establish their foothold across edtech segments for quite some time and to diversify their offerings and increase the customer base. Consider BYJU’s aggressive acquisition spree of 2021 when it acquired K-12 edtech rival Toppr, upskilling and higher education startup Great Learning, US-based digital reading Epic and offline behemoth Aakash Institute, after it had already acquired WhiteHat Jr in August 2020.  

Edtech startups are fast realising that diversity in revenue streams is key to ensure optimal customer lifetime value. 

It’s also the route taken by Adda247. The Google-backed startup offers online live classes, on-demand videos, e-books and more for 500+ national and state level government competitive exams in Indian regional languages. 

Most recently, Adda 247 acquired 3D experiential learning startup Veeksha, with an aim to offer interactive learning modules and cater to K12 students and JEE/NEET aspirants more efficiently. 

This is the startup’s second acquisition in the past 18 months, after it had acquired StudyIQ, a Union Public Service Commission (UPSC) exam-focussed test prep startup for $20 Mn in a cash and stock deal.

In many ways, it was the success reaped by the StudyIQ acquisition that Adda247 is hoping to use as a playbook for the Veeksha deal. This playbook revolves around leveraging overlaps in operations (distribution and target audience), and the tech platform that Adda247 has built. 

For instance, while Adda247 primarily focusses on test prep for state government exams, StudyIQ (SIQ) has carved a niche in UPSC. Leveraging SIQ’s extensive YouTube presence, Adda247 was able to enhance its UPSC arm and strengthen its position in that domain since late 2021. 

On the other hand, with Adda247’s technology, reach and capital, SIQ launched a live classes feature on its app, and shifted away from recorded course content. It’s proven to be a symbiotic relationship. 

Delhi-NCR based StudyIQ and Adda247 have experienced significant growth in their offerings and user base as a result of this strategic M&A. Today, SIQ’s YouTube channel has 14 Mn+ subscribers and it clocks 90 Mn+ views every month, up from over 11 Mn subscribers as of 2021. 

SIQ cofounder Abhishek Jain also revealed that the startup registered a 2X revenue increase from INR 30 Cr in FY22 to INR 66 Cr in FY23 and credits the acquisition deal for this feat. On the other hand, Adda247 claimed to have increased its revenue close to 2X from INR 72 Cr to INR 138 Cr in the same time period. 

StudyIQ’s Journey: From A YouTube Sensation To A Mobile App

StudyIQ cofounders Abhishek Jain and Gaurav Garg first met as faculty members at a renowned coaching institute. Bitten by the proverbial entrepreneurial bug, the teachers decided to make a greater impact in test prep by launching their own YouTube channel called StudyIQ in 2014. 

Within two years of its launch, SIQ reached a milestone of 20K subscribers on YouTube and established its presence in the test prep content space. Consequently, in 2016, it launched a dedicated website to sell pre-recorded course lessons on USB drives, catering to competitive exams like UPSC, railways, defence, SSC (Staff Selection Commission), banking exams and more. These courses were taught both in English and Hindi. A year later, SIQ was officially incorporated as a company. 

In a previous conversation with Inc42, Garg claimed that SIQ was profitable from day one, with no external funding. In three fiscal years, the startup’s revenue grew 7X — from INR 1.9 Cr in FY17 to INR 13 Cr in FY20. 

The reason? A firm grip on content and an outstanding faculty. Jain explained, “In edtech, you either build your own star faculties from scratch or poach them from competitors. We didn’t have the money for option two, so we just had to build a stellar team.”

Jain further disclosed that the platform’s well-crafted content, supported by thorough research and animations, has garnered widespread recognition from students. “We use graphics to explain and simplify concepts,” he added. 

In 2020, the startup introduced its own app to enhance the learning experience. This marked a significant transition from offering courses in physical format (USB drives) to providing in-app recorded courses. 

Despite relying heavily on YouTube in its initial years of operation, SIQ saw a remarkable transformation in terms of its revenue model since the launch of the app. Today about 97% of its revenue comes from the mobile app, with the remaining comes from YouTube.

Creating Synergies For Strategic Expansion

“Our interests aligned right in the first meeting, and the rest is history. We closed the partnership within two months by December,” Anil Nagar, cofounder of Adda247, recalled about the acquisition.

Nagar revealed that Adda247 was closely observing the growth of its competitor (SIQ) and found its content very compelling. “We used to admire its fan following, especially among UPSC aspirants,” said Nagar. 

At the same time, it also identified a vast potential in the UPSC online prep market and sought to seize the opportunity by leveraging SIQ’s expertise.

Edtech giants such as Unacademy, Vedantu and BYJU’s had already established themselves in the field of UPSC preparation, compelling even traditional players like Delhi’s Drishti IAS and Rau’s IAS Study Circle to embrace digital expansion in order to stay competitive. 

Given its technological expertise and extensive reach in nearly 15 states in north and south India, Adda247 decided that it was the right time to enter the UPSC market with full steam. Post 2021, startups such as PhysicsWallah have also looked to tap the UPSC opportunity, so Adda247 had found the right opportunity at the right time. 

However, as with any other acquisition or merger, when the two companies joined forces there were some problems in the transition phase. 

One such hurdle was establishing trust in the StudyIQ team and convincing them to relocate from the SIQ office in Delhi to Adda247’s Gurugram office. Further, SIQ’s team was resistant to the proposed changes to the app and website’s technological architecture.

The two startups had to invest a lot of time to align with each other’s vision, Nagar added.  

“As a bootstrapped venture, we were fighting to remain profitable and were trying to scale multiple exam categories. Through this deal, we have been able to narrow our focus to UPSC,” said Jain. 

In 2022, SIQ made a pivotal shift from pre-recorded classes to live classes. It now even offers one-on-one mentorship and personalised study plans to its users.  

The Way Forward For Adda247 & StudyIQ 

Over the next two-three years, Adda247 aims to provide content in more regional languages and reach a greater number of competitive exam aspirants. “We are focussing on increasing the portfolio offerings accordingly and become a household name,” said Adda247 cofounder Nagar.  

Although the edtech funding outlook has been gloomy, test prep could still attract investor interest. But here too, only startups that have expanded into offline operations are raising big rounds. 

Inc42 data shows that the test prep segment is expected to reach $9 Bn by 2030, growing at a CAGR of 29%. It is the second fastest growing segment within edtech, just behind skill development. 

StudyIQ’s Jain, however, aspires to double down on the government competitive entrance exams, including the State Public Service Commission (PSC) and add more solutions to enhance learning for UPSC aspirants . 

While industry experts believe test prep and skill building will continue to grow, edtech companies must tread with caution when it comes to expanding and scaling up. Sustainability will remain a key consideration for founders even post the funding winter. 

According to Inc42’s layoff tracker, as many as 22 edtech startups have let go of close to 10K employees since last year. Moreover, the corporate governance and debt issues at BYJU’S, which is said to laid off 1,000 employees in June, has further dampened investor interest in the edtech sector. 

However, not all edtech players are in the same boat. Nagar revealed that his company has not resorted to layoffs even amid the downturn, which demonstrates the startup’s commitment to creating a resilient and sustainable edtech brand.

This is why, despite the turbulent state of edtech, Adda247’s Nagar remains optimistic. “The edtech industry has a lot to offer to the society at large. Not everybody has the means to move to metros and online learning still has room to make great strides in Tier 2+ cities and towns,” he said.

The post How Adda247’s Strategic Acquisition Of StudyIQ Helped It Strengthen Its UPSC Arm appeared first on Inc42 Media.

Thriving on skyrocketing digital media consumption and affordable data services, India’s media and entertainment (M&E) sector is currently in the midst of a remarkable growth trajectory.

In 2022, the sector surpassed pre-pandemic levels with an impressive growth rate of 20% and became a $26.2 Bn market. India’s M&E opportunity has great momentum and is projected to grow to $35 Bn-plus by 2025, as highlighted in a report by EY and FICCI.

But this opportunity does not account for the undergoing seismic changes that the media & entertainment sector has to contend with in the near future. And by that we mean, the increasing ubiquity of data-driven models driving content creation.

Startups across sectors are leveraging data by gathering, analysing and deriving insights to enhance not only business decision-making but also drive creativity.

What’s becoming increasingly clear is that data-driven models empower content creators, marketers and business leaders to get closer to the digital-savvy Indian consumers and their needs.

Over the past two decades, time and again, internet media and entertainment platforms have proven that embracing data can unlock customer and operational insights, as well as aid businesses thrive amid technological advancements and evolving consumer behaviours. With generative AI taking centre stage, data is more critical than ever.

So how can startups and large companies harness data to be ready for the next generation of customers? Inc42 and Google Cloud organised a roundtable titled Data Revolution: Fuelling Creativity In The Media And Entertainment Sector.

 Among the critical topics discussed, including:

• The willingness of customers and gamers to share data and the ongoing challenges associated with data collection
• Utilising data analytics to acquire and retain customers for gaming and streaming platforms
• Future trends such as subscription models that have the potential to sharpen the revenue stream for the gaming and streaming segments

The roundtable was moderated by Ashish Pherwani, partner, media & entertainment at EY. The session brought together notable attendees from the gaming and streaming segment, including startup founders and technology decision-makers.

Among them were Oliver Jones, cofounder & CEO of Bombay Play; Biswatma Nayak, cofounder & CTO of Chingari; Romi Chandra, cofounder & CEO of CloudFeather Games; Evangelos Pappas, CTO at IndiGG; Siddharth Swarnkar, cofounder of Tamasha.Live; Dhruv Parpia, cofounder of CloudCover; and Chirag Sanghani, head of the media, entertainment & gaming business at Google Cloud.

Decoding The Transformative Power Of Data-Driven Approach

While harnessing data analytics can enable companies to better understand consumers, the question on the consumer’s mind is always about the misuse of data.

“I’ve noticed that people’s willingness to share data depends on their demographic and their knowledge regarding data usage. Those with higher awareness of the consequences of their data are more likely to be concerned about their privacy, and therefore less likely to share data,” highlighted Siddharth Swarnkar of Tamasha.Live.

For instance, when it comes to marketing and discovery-focussed operations, data can enable precise targeting, surface personalised recommendations and shape business development objectives too. But often consumers are reticent about sharing data without knowing for what purposes it would be used.

 “There is a big perception problem with data collection although the reason why we collect data is first and foremost to give consumers a better experience and on the advertising side we wish to show ads to relevant audiences again keeping the best interest of our customers in mind” said Oliver Jones of Bombay Play.

Speaking about this particular aspect, the roundtable believes that companies need to have a transparent yet multifaceted approach to data collection — this is crucial to protect the consumer experience while enabling business growth.

Of course, this is just the first step. Data can unlock revenue growth, enable sustainable customer acquisition and retention and take media and entertainment startups to the big league. Watch the roundtable discussion on Data Revolution: Fuelling Creativity In The Media And Entertainment Sector to know more.

The post Data Revolution: Fuelling Creativity In The Media And Entertainment Sector appeared first on Inc42 Media.

Digital payments are becoming the norm globally, but unlike the West where this wave is led by credit cards, the India story is centred around unified payments interface or UPI. Since 2016, UPI has become the de facto digital payments channel, but India’s credit card market has also grown exponentially in that time frame.

Although the primary narrative around credit cards in India is focussed on under-penetration, the fact is that credit card usage has somehow outpaced debit card transactions in the past couple of months.

India currently has over 86 Mn issued credit cards — more than 10 Mn have been added in the past year and the number of CCs has more than doubled since 2020. Credit card usage has jumped 20% in April 2023 compared to last year, while debit card usage has dropped by 31% in the same time period.

Startups solving for credit card management are also spurring on new users who often need hand-holding and incentives to enter this new payment system. From dedicated apps to ‘super fintech apps’ such as Paytm, PhonePe, Amazon Pay and Google Pay — pretty much every major player is eyeing the credit management space through various services.

Their target: Acquire a slice of the 86 Mn credit card users and drive the shift from traditional debit card payments to smart payments, credit management and more.

While most would be familiar with CRED, the first mover in this credit card management space, the Bengaluru-based unicorn is diversifying into other areas to grow into its $6.4 Bn valuation. This has opened up the space for CheQ — the latest entrant in this segment founded by Aditya Soni, former business head of payments at Flipkart.

Soni left his relatively comfortable job at the ecommerce major and took the entrepreneurial plunge in 2022 to set up CheQ.

The Bengaluru-based fintech startup commenced operations on 23rd February 2023 and rewards-focussed credit management solutions have already struck a chord with the relatively young credit card customer base, Soni said. In fact, in a span of just over four months, CheQ claims to have served 400K+ users.

Simply put, CheQ enables users to pay credit card bills and loan EMIs through its platform. Its flagship ‘Pay Together’ feature also allows users to pay multiple bills through a single transaction. Further it offers a 1% reward, known as CheQ Chips every time they pay these card bills or EMIs. The in-app currency can be encashed and the money is transferred to the user’s bank account. However, CheQ Chips can also be used to buy brand vouchers or pay subsequent bills on the app. (more on that later).

So far, it seems similar to Kunal Shah-led CRED, but CheQ’s vision is to become a holistic credit management company, rather than a jack-of-all-trades fintech app.

“Credit management as a service is missing for young Indians and we want to address this gap. CheQ is creating a new category of credit management for India’s working population by providing a comprehensive solution for their credit health,” said Soni.

While CheQ has set its sights on India’s growing credit card market, digital lending has skyrocketed in India in the past few years and CheQ is looking to cash in on this market too by helping people manage their personal loans.

To enable this, the app lets users repay personal loans from a range of lenders and provides a cohesive view of their overall credit exposure, besides credit cards.

Despite being a newcomer, CheQ has already facilitated  about 1.5% of all retail credit repayments in India in May, Soni claimed. It has also raised funding from Venture Highway and 3one4 Capital and is targeting a revenue between $10-12 Mn in FY24.

The revenue confidence stems from the aforementioned growth seen in the credit space. According to the founder, the startup boasts a presence across 300+ Indian cities and 1K+ pin codes.

This growth can also be attributed to the rules around card tokenisation that have simplified online card payments. It’s also in line with the aspirational nature of Indian retail consumers.

Of The Tech Stack, Challenges & Opportunities

“We want to be India’s most efficient credit management company which fundamentally makes us ubiquitous to all things credit,”—CheQ founder, Aditya Soni.

Even before his stint running the payments business at Flipkart, Soni had seen the Indian BFSI space closely during his time as a product manager at CitiBank. This, he claims, gave him an opportunity to get a ringside view of Indians managing personal finance. “The financial crisis of 2008 taught us to approach investment and savings with caution because tough times don’t come with a warning,” Soni says.

Indeed, that was around the same time when the likes of Zerodha emerged onto the scene, and soon others also joined the investment tech wave. But Zerodha is today synonymous with retail investing and stock market education, which Soni hopes to do with CheQ for the credit management space.

He adds that he has seen a similar pattern in the credit card industry as more and more people are opting for credit cards. This is clearly the credit card moment for India, however, a 2022 report by paisabazaar suggested that only 43% Metro users have a credit score of 750 or more which is considered a healthy credit score. On the other hand, 36% customers from Non-Metros meet the healthy credit score criteria, the report highlighted

For context, a credit/bureau score is a numerical representation of an individual’s creditworthiness based on their credit history.

While the startup has great ambitions for the future, particularly in improving the credit health of Indians, it has adopted a pragmatic strategy to start with. Its initial focus is on assisting users in timely bill payments, providing reminders for any delays and enabling them to monitor their credit health through a central dashboard.

It is also worth noting that while Soni’s industry connections aided the startup in securing $10 Mn in seed funding in June 2022, attracting skilled tech talent can be challenging for a young startup.

However, he claims that CheQ was able to navigate through these challenges seamlessly. “I don’t have a tech background but our aim was always to have a strong leadership in place,” Soni recalls.

Hence, when Bipin Toro, the former COO of customer engagement platform Reward360 and Akash Kedia of Germany-based online broker Trade Republic joined as CheQ’s heads of engineering and product respectively, the startup successfully put together a skilled tech team, the most critical piece of the company’s product.

CheQ’s tech stack works on two fundamental layers. The first layer involves a direct integration with financial institutions such as ICICI Bank, Axis Bank and SBI. With this, customers can directly pay the credit amount to the banks.

Besides a direct interface with the banks issuing credit cards, CheQ has integrated with  payment gateways and aggregators, including Razorpay and Cashfree, which means users can pay multiple credit card bills at once across several banks using a single payment window.

The second layer involves analysing a user’s credit exposure and providing valuable insights — such as credit score improvements, payment history and other credit-related information. Users get a collated view on the CheQ dashboard, and can gain a comprehensive understanding of their financial health, Soni says.

The CheQ Business Model

The first step involves a user downloading CheQ’s mobile app, and going through the verification process. This involves fetching the credit report from an RBI-approved bureau partner, which has attached data around credit cards and loans availed by the user.

Users are also required to do a one-time tokenisation which is mandated by the RBI to enable credit card bill payments. Tokenisation is essentially a way for apps to store credit/debit card details through unique codes or “tokens” and not the actual credit card numbers or card verification values. This ensures the security of a card holder as the actual card details are not shared with the app or the merchant during a transaction.

CheQ has gone for a more open approach to customer acquisition, unlike CRED. Any individual with an active credit card or a personal loan can use the app and there is no selection criteria. For context, CRED only allows users with a credit score of 750 and above to join the platform.

The home screen on CheQ is the personal dashboard which displays a user’s credit score and outstanding dues and upcoming payments. This is also where one can see the CheQ Chips balance.

This is how a typical transaction works on CheQ:

Let’s say user X has to pay INR 80K as their credit card bill. When paying through CheQ, X is charged CheQ’s 0.2% processing fee (up to INR 99) but also receives 1% of the paid amount as Chips, in this case 800 CheQ Chips.

Often users might call reward points pointless, but CheQ Chips can be used in three ways: X can convert them to actual rupees in a 4:1 ratio (800 CheQ Chips that can be converted into INR 200). X can get a payout in their bank account or use it to pay the next bill.

The user can also convert the chips into vouchers, worth INR 0.5 or INR 1 per chip. The vouchers can be used on CheQ’s partner brands across sectors like travel, beauty, shopping, health and more. The list of partner brands includes Flipkart, Myntra, Swiggy, Ola, Blinkit, Cleartrip, EaseMyTrip, The Man Company, Wow Skin Science, PVR among others.

Currently, CheQ has two revenue streams — the processing fee charged from users when they pay the bill as well as a commission charged from partner banks and other financial institutions for facilitating credit collection.

CheQ’s Push For Sustainability

It’s the former revenue stream that has attracted some controversy. Some users did not like CheQ’s transition to a processing fee recently.

For an app that was only launched in February, this was a bold move. But Soni says this was to ensure a fast, reliable and secure repayment solution. He added that the reward system offers significantly higher value than the processing fee which would allow the startup to offer a seamless user experience.

For context, on May 25 2023, CheQ made the decision to implement a 0.2% processing fee on all transactions, capped at INR 99.

CheQ claims that no other fintech player has introduced a processing fee as early in their journey as it has.

“We have strategically introduced a processing fee to uphold our high standards. This approach enables us to focus on maintaining our commitment to customer satisfaction without resorting to cross-selling or engaging in intrusive marketing activities on the app,” Soni tells us.

Of course it is a road less travelled and the competition might shape the future for this processing fee. But CheQ’s founder insists that the startup is pushing for sustainability, which means revenue generation and diversity is key.

This move also coincides with the ongoing funding winter. According to an Inc42 report, the fintech sector witnessed a 40% YoY decline in funding value and 13.5% in deal count in 2022, indicating that the funding winter is showing no signs of relenting.

The startup ecosystem is undergoing a shift in mindset as investors exercise greater caution when making funding decisions. Instead of focussing on rapid growth, sustainability has become a top priority. This changing trend offers CheQ the opportunity to build a robust brand capable of cornering long term success.

Soni remains confident of this strategic step, even though the move to charge a processing fee created some stir. He is confident that users will come to realise the significance of the processing fee, and many of them already have.

This is because most of CheQ’s users value the convenience of being able to settle all credit card bills at once, and don’t mind the processing fee, the founder claims . Further, he adds that 50% of the new customer acquisition happens through word of mouth marketing and the brand spends very less on advertising. The founder anticipates referrals to grow in the future — highlighting that the processing fee has not shaken user confidence.

What’s Next: CheQ’s Roadmap

In 2023, the credit management platform is giving priority to technological advancements while simultaneously focussing on acquiring and expanding its customer base.

Further, Soni says the startup has plans to launch marketing and communication strategies to acquire new customers and retain existing ones. Instead of side-stepping the processing fee, the marketing would emphasise on it being a necessary step to provide exceptional rewards and convenience to users.

It’s hard to ignore the CRED-sized problem in CheQ’s road ahead. Since inception in 2018, CRED has not only raised millions, but has grown a reputation for being a cutting-edge fintech company. In 2023, CRED’s ambitions have extended beyond credit card management too — the startup has diversified into consumer loans, UPI payments and even travel bookings.

Does CheQ plan to take a similar ‘super app’ route? At the moment, Soni is not thinking about that. He wants CheQ’s niche to remain in the credit management space and create a differentiated product that can generate sustainable revenue.

It is yet to be seen whether CheQ’s focussed and product-led approach to solve the credit management problem is able to win over India’s credit card users in light of several rivals in this space. Despite the competition intensifying, CheQ’s journey so far shows promise and this is the best time to enter the credit management space.

The post How CRED’s Rival CheQ Is Aiming To Revolutionise Credit Management In India appeared first on Inc42 Media.

Digital experiences define the everyday lives of individuals today, and reaching the modern Indian consumer is no longer about having an email address or a phone number. But many businesses are still stuck in their ‘old ways’ — emails, push notifications and SMS marketing — when it comes to reaching customers. It’s no wonder that they suffer from low marketing return on investment (ROI), sagging engagement rates and limited customer insights. 

A lot of this has to do with how consumers have matured. They seek meaningful interactions with brands and businesses, instant responses and resolutions and personalised experiences. That’s an area that conversational commerce delivers on, with a two-sided promise of higher customer satisfaction and improved marketing performance for businesses. 

A Research And Markets report estimates that conversational commerce will reach a market value of $51.97 Bn by 2028, at a CAGR of 18.9%. And experts believe that these projections may well be conservative as conversational AI and large language models have further changed the game.

Of course, businesses also need the right expertise to navigate this ever-changing world of conversational commerce. Business solution providers such as CM.com, the Netherlands-based cloud software major, have made this convenient with their API integration and advanced tools. Marketers are no longer searching in the dark for the best way to implement conversational commerce.

Plus, marketers are also realising that conversational commerce makes sense for Indian businesses because regardless of where the consumer shops, customer service is best delivered at a personal level — such as on WhatsApp, Instagram and other social channels. Simply put, it brings customer service closer to the end user and makes them feel valued thanks to the immediacy of resolutions. It’s also about making problem solving effortless and seamless for the end customer. 

Of course, more importantly for businesses, it solves a major problem related to costs and marketing spends gives greater visibility into your customer service campaigns to curb overspending on ineffective channels and double down on what’s working to unlock growth. 

How can businesses optimise their marketing budgets and implement large-scale personalisation through conversational commerce? To know this and more, Inc42 spoke to Gleb Grozovskii, the head of sales (India) at CM.com, who shed light on the potential of this approach and the right strategies for marketers looking to leverage conversational commerce.

Below are the edited excerpts of the interview.

Inc42: What is the first step in the conversational commerce journey for businesses? 

Gleb Grozovskii: Like any other digital strategy, a good place to start is identifying business challenges: is it related to brand awareness, customer acquisition, conversion metrics, retention, engagement, channel sales or all of them? Once these challenges are identified, you should clearly define the marketing goals for each and break down the current costs — financial and opportunity — for each of these aspects.

For instance, you can look at the past purchase behaviour of a customer, and identify the drop-off points during the shopping journey to know where conversion is failing or where the engagement rates are low. Creating a cohort of customers on the basis of this behaviour can help arrest drop-offs. 

Personalisation goes beyond including the first name in the copy. What lies at the core of personalisation is effective segmentation. A customer data platform (CDP) helps create segments and build unique journeys for different customer segments. 

This not only allows marketers to create hyper-personalised campaigns for different segments of customers, but also more effectively target future customers that fall into these cohorts.

At CM.com, we also suggest starting slow and not going all-in with your first digital campaign.  Running A/B tests helps monitor costs and continually optimise campaigns. These can only be done after effective segmentation. So this is more often than not, the first step. 

Segmentation also helps you narrow down the channels that are working for you. Whether it is the app, the website, social media channels, WhatsApp, SMS or email. While the omnichannel approach is effective, understanding which channels work best is critical for optimising budgets using conversational commerce as each channel has different degrees of data dependency.  

Inc42: Building an automation stack from scratch can be daunting. Is there a playbook marketers can use to ease some of the heavy lifting? 

Gleb Grozovskii: Yes, building the right marketing automation tech stack for a brand is significantly challenging. You need to carefully choose the tools that integrate with your existing data systems and a skilled team is needed to execute. 

Let’s take the example of personalisation — firstly, marketers need to think beyond sending push notifications to customers. That’s not personalisation. 

Personalisation involves understanding how a customer interacts with the brand’s app or website and then intervening at the right time to optimise their journey. Tailoring messaging at various points in the shopping journey, for instance, is far more effective than the relatively broader messaging in advertisements and push notifications. 

Customer engagement is about understanding the various stages of the customer journey and defining use cases accordingly. Combining the right customer engagement strategy with personalised experiences can enhance customer satisfaction, net promoter score and customer lifetime value, which are the key metrics for measuring success.

Conversational commerce interventions can strengthen weak points in the customer journey through personalisation and boost conversion rate.

Inc42: What roadblocks do Indian marketers encounter while implementing conversational commerce and how can they integrate it into their existing marketing matrix?

Gleb Grozovskii: Firstly, you need to understand that conversational commerce is a relatively new concept in ecommerce. There are no established playbooks and best practices specifically tailored for different industries. So it can be challenging for businesses to implement conversational commerce effectively and integration is also very operations-dependent. 

There is ambiguity around the meaning of conversational commerce itself, multiple interpretations exist and it all depends on which of these meanings make the most sense to solve your business problem — which is the first step highlighted above. 

Additionally, fully integrating a business’s existing stack with vendor tools for conversational commerce can be challenging and expensive. We suggest companies consider adding WhatsApp to their tech stack, as it is the gateway to the conversational commerce journey. 

Businesses can retarget ads on Instagram or social media and drive traffic to WhatsApp to facilitate the completion of the purchase journey. 

One effective strategy is running Click To WhatsApp Ads on Facebook, which can drive traffic directly to a business’s WhatsApp account and encourage conversational commerce interactions.

Another challenge is balancing AI-based recommendations and human intervention in the customer’s purchase journey. While AI recommendations can be practical for many brands, one can’t ignore the value of human interaction, especially in certain industries or specific consumer behaviour.

Inc42: We’ll come to AI soon, but earlier you spoke about industry-specific strategies  — what are some examples of CM.com’s partnerships delivering results for Indian brands across travel tech, ecommerce, healthtech and edtech?

Gleb Grozovskii: Every industry has a different and similar use case, therefore it’s crucial to understand what conversational commerce means for the particular industry. 

For instance, conversations in travel tech can assist customers in booking cabs, hotels and buses and travel experiences, if they have already booked a flight ticket. Conversational commerce unlocks the upselling potential of travel tech. The AI-powered conversational commerce tools can analyse best flights for customers and recommend these based on their past bookings. 

In ecommerce, we have seen conversations and chat commerce create an end-to-end shopping journey. WhatsApp is a messaging channel, a storefront, the shopping assistant and the checkout counter, so conversations can be a very powerful motivator if WhatsApp is a significant channel for your business.

Similarly, in healthtech, users find the right doctor, can book doctor appointments, set reminders and evaluate symptoms and generate OTPs for insurance and other data in a natural conversation flow — just as they would with a real doctor. 

In edtech, conversational commerce can help students and parents find the right course and businesses can use past transactions and outcome data to upsell courses to existing customers. It can also be a useful component in doubt solving for the K-12 and test prep space. 

Inc42: Experts predict that generative AI will revolutionise marketing. What is your take on this and what practical applications can marketers explore with generative AI?

Gleb Grozovskii: Generative AI is a great example of the influence of modern day machine learning, large language models and artificial intelligence at large. It will help marketers solve their challenges while running their day-to-day campaigns in a more personalised manner. Only time can tell whether or not it will “revolutionise” marketing, but it will have a huge impact certainly. 

Practical applications for marketers include generating and modifying text, images and video. It also helps marketers optimise their digital campaigns by understanding and converting large amounts of data into practical and actionable insights.

We have integrated ChatGPT into our solutions and are still discovering how generative AI can be integrated into our portfolio of products. We don’t want to jump on the bandwagon just because it is trendy. Right now, we are understanding what generative AI can do and how it will complement CM.com’s suite of products to deliver maximum value to our customers. 

Inc42: You mentioned how conversational marketing strategy effectively saves business costs. It would be great to understand more about this. 

Gleb Grozovskii: No one likes to be pushed to buy something. Push marketing can create brand awareness amongst the company’s target market, but pull marketing drives conversions. 

Running conversational marketing is cheaper than traditional digital marketing channels because it is about finding the optimum way to reach customers. It’s also easier to track the performance of conversational marketing campaigns because channel data is not in silos. 

The growth in the adoption of conversational marketing is directly linked to the growing reliance on messaging channels among Indian online shoppers and digital consumers. Messaging apps have become the new marketing hubs for consumers and here conversational commerce is indispensable. No one likes to feel like they are chatting with a robot, despite everything being automated. 

Another point to consider is the cost they incur while running conversational marketing campaigns. Marketers have defined key performance indicators to track the effectiveness of the campaigns and they get access to far more granular metrics to effectively sell, instead of just looking at email or push notification click rates. 

Inc42: What are some unique characteristics of Indian consumers that marketers should consider while crafting conversational commerce strategies?

Gleb Grozovskii: India is a unique market that requires a careful strategy due to its size and characteristics, it poses several complexities for businesses operating in the country. As a marketer, you have to incorporate cultural and linguistic diversity in your campaigns, no matter the category.

Marketers must also understand that regional diversity directly contributes to customer behaviour. But marketing fundamentals need to remain the same — keep your customers at the centre of your campaigns and deliver a seamless and consistent experience.

The internet revolution in India has accelerated the adoption of digital-first technologies in all age groups, but there will be minor variances in customer behaviour. Do younger people prefer low-touch marketing and do older audiences find greater value in a more hands-on experience? Each conversation can be customised according to the individual. It’s critical for marketers to address their mobile and digital-first strategies to each cohort accordingly.

Inc42: What are CM.com’s plans for the Indian market in the next two-three years and its value proposition?

Gleb Grozovskii: In the next two-three years, our top priority will be setting up a data centre in India to comply with data regulations. It will help us expand our total addressable market.

We are exploring the possibilities of launching our own payment solution or integrating with various third-party payment gateways for our customers. Furthermore, we have a new product in the pipeline that will enable us to build more personalised interactions throughout the customer journey. 

CM.com offers a suite of products for a comprehensive platform that allows brands to leverage messaging channels effectively. Businesses can leverage our Mobile Marketing Cloud to drive conversion, engagement and customer retention. The Mobile Service Cloud enables real-time query resolution, ensuring prompt and efficient customer support. Our Conversational AI Cloud empowers brands to deploy chatbots across multiple channels, streamlining communication and enhancing CX.

We also plan to launch CM Connect, which is aimed at helping brands integrate with third-party tools. Brands will be able to leverage our suite of products to integrate it with their existing tools and systems.

Over the past five years, there has been a shift due to changing consumer behaviour and the rapid growth of SaaS in the country. However, we also recognised the challenges that brands face in dealing with multiple vendors and platforms when it comes to communication.

The post For Personalised Marketing, Marketers Have To Think Beyond Sending Notifications: CM.com’s Gleb Grozovskii appeared first on Inc42 Media.

The Indian healthcare landscape presents a myriad of challenges, including the scarcity of affordable services, accessibility and low insurance penetration.

According to a report published by the US-based National Center for Biotechnology Information (NCBI), insurance penetration remains dismally low at 37%, despite the government’s efforts to promote universal health coverage. While the national health insurance scheme, PM-JAY (Pradhan Mantri Jan Arogya Yojana), plans to cover the bottom 40% of India’s population, there is a catch.

The report further suggested that the government-sponsored schemes primarily target the lowest income groups, leaving a significant portion of the underserved middle class to face the highest burden of Out-of-Pocket Expenditures (OOPE) on healthcare.

“High healthcare costs and limited access to quality treatment impact low and middle-income groups in India.Transparency issues, operational inefficiencies, fragmented patient experience and overall shortcomings in delivering quality care also lead to treatment delays,” said Senu Sam, founder of Kochi-based healthtech startup Mykare Health. 

Further, he noted that small and medium-sized hospitals and surgeons could play a vital role in offering affordable elective surgeries to lower-income groups. However, the lack of visibility, experience, and awareness of these hospitals and their resources hinders their utilisation.

Before starting his venture in 2022, Sam held leadership positions at premium hospitals like Apollo and Gleneagles Global  for over 12 years. From his work experience, he knew how challenging surgeries could be for unprepared and underserved patients struggling to find the best possible procedures at pocket-friendly pricing.

However, a personal experience compelled him to address these issues head-on. “When my father had to be admitted for surgery, I realised the person’s pain undergoing the entire journey. From finding a suitable hospital, coordinating with it and waiting for days, or even months, for surgery appointments can be tough,” he recalled.

To help improve patient experience, access and outcomes, Sam teamed up with techies Rahmathulla T.M. and Joash Philipose to design a comprehensive framework ranging from initial consultation to postoperative care at home after discharge.

Mykare Health primarily helps in researching and panelling specialist doctors and quality hospitals, zero cost EMI, end-to-end operational support for prompt and reliable healthcare services. Its core focus is planning and managing elective surgeries across major disciplines, including orthopaedic and vascular care, urology, proctology, laparoscopic procedures, ophthalmology and cosmetic surgery. 

Mykare Health operates at a hyperlocal level in Tier 1 and 2 cities in South India. “About 99% of our patients are locals, mostly within the radius of 10 Km of network hospitals. However, we also cater to inter-city/town patients,” explained Sam. Currently, Mykare Health is operational in 12 Indian cities, including Pune, Kochi, Chennai, Bengaluru, Hyderabad and Visakhapatnam. 

Within a year of its launch, the platform had a network of 100+ hospitals in place and 4.5K+ beds. It has now grown to a 75-strong team, managed 3.1K+ surgeries and 3.5K+ preventive health check-ups and catered to 85K+ users. 

The startup operates an asset-light model and shares revenue with partners. In June 2023, the startup raised $2.01 Mn seed funding from investors including OnDeck ODX – US, Avaana Seed, Huddle, Endurance Capital, F Health, Stanford Angels and Phoenix Angels and angel investors including Ajit Mohan (former MD, Meta India), Nitish Mittersain (joint MD, Nazara Technologies) and  Arjun Vaidya (founder, Dr. Vaidya’s) among others.

Sam said that the freshly raised capital will be utilised towards enhancing the overall patient experience and strengthening its talent acquisition efforts.

How Mykare Health’s Tech Stack Drives Quality, Accessibility & Better Patient Experience 

The pandemic had a few hard lessons for the healthcare industry, especially regarding the critical importance of expanding healthcare services minus all barriers. Although Mykare Health was born in the thick of it, setting up the business had never been a cakewalk for the founding team. 

“I pitched my maiden venture (Mykare Health) to 80 investors or so, but all of them rejected it,” he recalled. Meanwhile, he had an opportunity to shift to the UK but decided to stay back and build his company here, which has a valuation of INR 100 Cr, the founder claimed. 

Unlike other players, Mykare Health has developed a stringent vetting process for onboarding specialist doctors and hospitals. For onboarding the doctors, the in-house team initially reviews their qualifications and then runs a peer review for further validation. It also checks patient reviews posted online and then onboards the doctors  only after they meet every criterion. 

For onboarding hospitals, their registration documents and online feedback are examined and peer-reviewed. Additionally, Mykare Health’s team has set 30 parameters for the hospitals that are onboarded to ensure they offer quality care. Some of the parameters include National Accreditation Board for Hospitals & Healthcare (NABH) certified hospitals, prompt and qualified support service among others.

Besides the treatment, a patient can also expect to save 20-30% on their surgery expenses and postoperative care by planning through Mykare Health. Sam also claims that Mykare Health has tied up with 10+ NBFCs and fintech platforms to provide a variety of medical loans to help users.

Additionally, optimising current healthcare resources available at Mykare Health’s network hospitals can also bring down costs and wait time. This requires an efficient scheduling protocol for seamless co-ordination between clinics/OPDs, ORs and surgeons’ slots, maximising productivity and OR utilisation.     

Mykare Health has developed all its tech tools in-house, including an AI-driven auto-updated dashboard and real-time updates. 

Sam said that the entire elective surgery journey is unorganised and broken, right from preoperative consultation, price transparency to postoperative support. In contrast, Mykare Health’s end-to-end platform offers personalised and standardised care for patients looking for affordable and best-quality surgical care. 

Will Small & Medium Hospitals Script A New Success Story For Mykare Health?

In a digital-first ecosystem, transformative digital health  driven by maximum resource utilisation and the best possible outcomes is expected to cover the entire care continuum. Moreover, healthcare delivery won’t be merely episodic, confined within the medical facilities. Simply put, the value proposition of new-age healthcare startups is to make 24×7 quality care affordable and accessible, as demonstrated by Mykare Health.

But Mykare Health is not the only player in this space. Recently, there has been a surge in tech-driven healthcare startups providing personalised care for patients undergoing elective (non-emergency) surgeries. All of them offer preoperative planning and postoperative support and are quickly gaining traction due to their broad-spectrum convenience. 

Out of this bunch, Gurugram-based Pristyn Care has already joined the coveted unicorn club (2021). Others like Medfin and AyuHealth and its ilk offer single or multi-speciality assistance to ensure a hassle-free patient throughout the journey.  

Aware of the crowded market, Mykare Health has doubled down on serving medical travellers  from cross border seeking affordable healthcare in India and connecting them to small and medium and specialised  hospitals to generate a consistent revenue flow. 

Based on the startup’s research, it has been found that only 10% of the top hospitals in India attract the majority of international patients, while the remaining patients seek affordable yet quality care elsewhere. Sam claims that Mykare Health’s strong vetting process can help foreign patients find highly skilled doctors and NABH accredited facilities, making medical care about 40-50% less expensive than high-cost hospitals. 

Although it did not disclose the name of the country, the startup claimed that it has already identified touchpoints to onboard medical travellers from a neighbouring country and aims to tap a significant number of medical travellers from South Asia in the near future. 

This can be a robust revenue channel, to say the least. A recent FICCI report shows the country received 6.5 Lakh medical tourists in 2022 despite the pandemic challenges. In April 2023, Shripad Naik, the union minister of state for tourism and ports & shipping, also stated that more than 1.4 Mn medical tourists visited India in the past year, making it a leading destination for medical tourism.     

Despite India’s potential in medical travel , most small and medium hospitals still struggle to attract International patients, although they have teams of skilled and experienced doctors across multiple disciplines, according to Sam. Therefore, a platform optimising cost and care for planned surgeries and connecting global patients with suitable medical facilities and doctors can be a win-win for all.  

Sam will focus on growing Mykare Health’s operations in southern India this year to move closer to his vision and will expand to northern India. “Other industries like fintech and ecommerce have gone way ahead compared to healthcare, which needs empathy and strategy for expansion and profitability,” he said. 

Can Mykare Health and its ilk push the envelope in elective surgery by revolutionising patient experience and empowering mid-to-small medical facilities? As an industry expert said, it is about making affordable quality care a primary objective. When that is done, and successful execution follows, the country’s overall healthtech market size may soon go north from $21 Bn in 2025 and hit $50 Bn by 2033.   

The post How Healthtech Startup Mykare Health Is Uplifting Patient Experience And Empowering Small, Medium Hospitals appeared first on Inc42 Media.

The SaaS economy worldwide has experienced significant shifts in the past few years. From the bull run of 2021, this fast-maturing tech sector has careened into severe growth challenges and a pervasive global economic slowdown. Clearly, it is on the cusp of a sombre reality check and no longer thrives on the heedless optimism and the reckless investment dollars that used to keep the tech parties booming.

But what is particularly encouraging even now is the excellent resilience demonstrated by Indian SaaS businesses in spite of macro headwinds. They have outshone some of their Silicon Valley counterparts, paving new growth paths in the process.

The SaaS industry in India has witnessed a remarkable leap, securing the second spot globally in terms of size and maturity. Whether measured in total annual recurring revenue (ARR) of $12-13 Bn in 2022 or an investment of about $5 Bn in the same year, the progress of Indian SaaS businesses was stunning.

It is further estimated that in the next five years, Indian SaaS companies will collectively reach $35 Bn in ARR to capture around 8% of the global SaaS market.

To understand how Indian SaaS companies have built a strong muscle amid macroeconomic disruptions, Inc42 and Google Cloud hosted a roundtable titled Indian SaaS Startups’ Playbook For Balancing Cost And Scale. The session covered several critical topics such as:

• The impact of the current macroeconomic headwinds on Indian SaaS businesses
• Assessing Indian versus the global market response to the recent economic setback
• How to approach emerging technologies like generative AI

The roundtable was moderated by Preeti Anand, director of business consulting at EY, who helps growth stage and enterprises with revenue increase, operational optimisation and innovation.

The session brought together notable attendees from the Indian SaaS industry, including startup founders and technology decision-makers. Among them were Iesh Dixit, cofounder & CEO of the end-to-end construction management SaaS platform Powerplay; Avra Banerjee, cofounder of AI-based SwitchOn that helps manufacturers detect and eliminate product faults; Soumitra Gosh, VP (engineering) at Entropik, an AI-powered integrated market research startup; Gaurav Gupta, cofounder of Shipway, a SaaS startup specialising in ecommerce workflow management, and Harshad Satam, the head of ISVs (independent software vendors) at Google Cloud India.

Decoding The Ripple Effect On The Indian SaaS Landscape

With the Indian startup ecosystem grappling with macroeconomic uncertainty, it is essential to analyse how the ‘shock’ factors impact the entire spectrum of organisational dynamics, including operational challenges, sales cycle, employee sentiment and more. More importantly, how will the terrible global turbulence affect customer behaviour, the cornerstone of business growth?

“The scaling up and expansion process are taking longer. Large deals have definitely slowed down. And all this is the outcome of the things happening around us. It’s a combined impact. Moreover, everyone is sceptical about large deals due to increasing capital and operational expenditures leading to longer sales cycles,” said Avra Banerjee of SwitchOn.

While a longer sales cycle directly impacts business decision-making, it is worth noting how the market, in general, is responding to headwinds. Sharing his view on how the economic slowdown affected the domestic market compared to the global landscape, Harshad Satam of Google Cloud India said that the Indian SaaS market did not witness any slowdown.

“India’s enterprise customers continue to invest, seeking scalable solutions for growth. However, SaaS companies targeting the North American market face challenges as customers there prioritise spending. The focus shifts to deciding between product development, customer retention and upsell-cross-sell opportunities from existing customers,” he explained.

To dive deep into the discussion for a close look at the SaaS realities in India and abroad, watch the roundtable on Indian SaaS Startups’ Playbook For Balancing Cost And Scale.

The post Indian SaaS Startups’ Playbook For Balancing Cost And Scale appeared first on Inc42 Media.

In a digital-first, technology-powered business landscape induced by the pandemic, India’s SaaS sector is set to witness accelerated growth at home and abroad. Thanks to the large-scale adoption of techvantages by SMBs and enterprises across industries and the rapid rise of techpreneurs worldwide, the global SaaS market is projected to grow from $251.2 Bn in 2022 to $883.3 Bn in 2029. A Zinnov report also says that the Indian SaaS market is likely to cross $26 Bn by 2026 on the back of a 2.5x YoY growth. 

However, India’s positioning as the next SaaS capital will also depend on the permeation of SaaS tools across every nook and cranny of its fast-evolving SMBs. This may not take a long time, as a Microsoft study shows that 35% of them are already spending more than 10% of their revenue on technology and plan to be in the cloud in the next two to three years.

The only glitch: The country still lacks a comprehensive SaaS discovery and buying platform to enable enterprise support for businesses of all sizes.

Consider this. There are thousands SaaS solutions/tools available in India, adding to that are the offerings galore from global tech companies and it becomes an arduous task to identify the best possible solutions for specific requirements. This is especially true for businesses opting for SaaS for the first time. Additionally, there is no universal platform for price comparison to help companies prevent unexpected costs.

As business owners new to the SaaS territory often require guidance and support, Prateek Mathur, an engineer and a tech enthusiast, set up SaaSDekho in 2022 to plug these gaps. The startup helps businesses explore, buy and manage SaaS tools by matching their requirements with the most suitable solutions available in the market.

To date, it has partnered with 5K SaaS companies worldwide, such as Freshworks, Google Cloud, AWS, Razorpay (for SaaS and IT) and HubSpot (for technology and SaaS), to provide cutting-edge SaaS tools to more than 750 businesses across 100+ categories, including sales and marketing, CRM and CDP, event management, SEO, ecommerce and more.

“When I realised the potential of SaaS solutions, I wanted to simplify discovering, buying and managing software tools for startups and SMBs. Our goal is to empower businesses with a comprehensive and user-friendly platform for exploring and evaluating a wide range of SaaS products before purchasing,” said Mathur.

The founder lauded iStart, the Rajasthan government’s startup initiative, for the success of SaaSDekho. “It has played a crucial role in SaaSDekho’s growth by providing mentors and connecting us with higher government officials in critical times,” he added. Mathur has also applied for an iStart grant to accelerate his startup’s growth.

Although he did not reveal the numbers (a 2022-born company seemed too young for that), Mathur claimed that the startup’s user base and revenue would grow by 70% and 50%, respectively, in 2023.

Help Businesses Adopt SaaS Solutions

Mathur was not initially bitten by the proverbial entrepreneurial bug. As a 21-year-old engineering student, he was passionate about technology but found it difficult to turn that into a substantial business concept. 

“Maybe that’s why I found my startup FindFirms, a software outsourcing company for businesses, also my first venture, a daunting task. I was determined to make it work. I knew I had to be patient and persistent, as it takes time to build a successful business. And I had lucrative revenue numbers,” he recalled. But it did not align with his passion for SaaS and he launched SaaSDekho.    

Meanwhile, there was more heartening news. India emerged as the second largest SaaS ecosystem, right behind the US, measured in total annual recurring revenue (ARR) of $12-13 Bn in 2022, according to a Bain & Co report. 

The tech stack: Although the growth momentum enthused Mathur to push his second venture, the initial roller-coaster continued. Mathur and his team of 10 faced several challenges while curating a comprehensive catalogue of SaaS tools for 100 software categories. They conducted extensive research, sought user feedback and reached out to experts to ensure the catalogue stays up to date with the latest tools and quality. 

Once the reference data was ready, SaaSDekho developed a four-step process for end-to-end customer enablement. (Refer to the snapshot)

SaaSDekho has also onboarded lenders to facilitate hassle-free payment options. “If a business opts for an annual subscription from one of the SaaS providers, we will help them pay via a 12-month EMI,” said Mathur. 

Finally, a dashboard for SaaS management: The startup has built a SaaS management platform, a dashboard for businesses to manage their SaaS tools. Besides, there is a discovery engine to help companies find and finalise their purchase with the assistance of an account manager. 

“Moreover, our dashboard helps businesses customise and optimise their SaaS packs. We customise their package of tools based on what suits these businesses. Even if they have bought a package of 20 tools, chances are they won’t require half of that. Therefore, we will identify 10 useful tools, repackage them and sell them at a reduced price,” said Mathur.

The investment funnel: SaaSDekho has collaborated with startup accelerators, technology companies, angel investors and venture capitalists as channel partners to attract early stage startups that need funding. 

“We are helping investors identify SaaS startups, especially early stage companies, for investment opportunities. This strategic move is also driving sales. We got our first 500 buyers through our channel partners,” the founder said.

The marketing & content stack: The platform also promotes SaaS companies through content, video and other engagement plans to enhance their visibility and connect them with potential buyers. Additionally, it features industry-specific content to improve SaaS understanding and generate overall demand.

The revenue model: SaaSDekho has adopted a subscription-based model for SaaS buyers, who account for 60% of its revenue. The rest comes from the marketing services extended to SaaS companies and advertisements.  

Will Tapping Into Bharat Pave The Growth Path For SaaSDekho? 

In the next three years, SaaSDekho will enhance its website by improving its recommendation and personalisation features, expanding its curated catalogue and adding more valuable content. It further aims to double down on SaaS communities in multiple cities to connect sellers and buyers via a digital marketplace and spread awareness through events and meetups. 

These upgrades will further bolster its offerings and stay ahead as it locks horns with other SaaS discovery platforms like SaaSworthy, Techjockey, SoftwareSuggest and their ilk. Ultimately, the startup seeks to become the go-to destination for businesses looking for all things SaaS.

Interestingly, the startup’s targeted customer base currently covers companies from Tier II cities and beyond because Mathur wants to bridge the knowledge gap across non-metro markets. 

According to Mathur, the growing traction around SaaS in Tier II cities has been triggered by the rise of startups and SMBs in these regions. Its adoption is irrefutable and the growth trajectory is promising, thanks to cost-effectiveness, fast implementation and reduced burden on IT. 

The agile approach is just right for a fast-evolving techno-business landscape, providing instant access to advanced features and enhanced productivity required for scaling up. And the range is pretty wide – from core tech operations to customer management, logistics and other critical business functions, SaaS can be a go-to stack for every tech and non-tech business.

 It is not surprising, therefore, that the SaaS industry has emerged as a bulwark for investors even during the ongoing funding winter. Consider this. In 2022, India SaaS startups raised $4 Bn across 303 deals, a YoY increase of 25% and 32%, respectively, according to Inc42 estimates. Mathur also believes there will be no downtime for the SaaS industry when it comes to investment and growth.

But that may not be strictly true at a time when the macroeconomic condition, massive layoffs and the recent collapse of the Silicon Valley Bank have hit an industry that rarely saw recession before. For instance, the ProfitWell B2B SaaS Index increased by 9.1% in annualised terms between 1-22 April, 2023, a significant dip from the 20.1% rise in March, per a Paddle report. For context, ProfitWell subscription indexes collectively aggregate monthly recurring revenue data from 33.6K companies on ProfitWell Metrics. Net new sales and revenue flow from new customers also slipped, which means Indian SaaS companies selling in scaled markets like the US may feel the pinch as well.

Indian SaaS players may also face growth obstacles due to the limited domestic market. According to industry reports, only 20% of their revenue comes from domestic spending, currently pegged at $2-3 Bn. In contrast, the US leads domestic SaaS spending with about $140-150 Bn, while the UK clocks $13-15 Bn. 

Clearly, the rise and rise of the domestic SaaS market in India can be a game changer in these challenging times. It also justifies SaaSDekho’s granular growth strategy that delves deep into the Bharat market to raise awareness and push technology. This will create true value for all stakeholders instead of just equity value, leading to long-term investment decisions and sustainable growth.  

Disclaimer: This article is part of Inc42 and the Government of Rajasthan’s initiative to shine a spotlight on the state’s emerging startups

The post How SaaSDekho’s Innovation Stack Matches SaaS Tools With Business Requirements To Drive Growth appeared first on Inc42 Media.

In the realm of direct-to-consumer (D2C) brands, customer centricity is no longer a buzzword but a survival strategy as the market gets fiercely competitive. This is no overstatement, as the essence of D2C success is embedded in brand-consumer engagements. With India emerging as the third-largest digital shopping base globally, comprising 190 Mn online shoppers and 700 Mn internet users, the stage is all set for digital-first D2C startups to leverage their unique advantages and forge deeper connections with consumers.

Recognising the immense potential of this ecommerce sub-sector, Inc42 and Simpl, a fintech startup specialising in payment solutions for online commerce, came together to organise a panel discussion titled How Customer Centricity Helps D2C Brands Boost Sales, Drive Success

The session explored many critical areas, such as:

• Insights into how to arrive at a problem statement and find a solution
• Deconstructing and unpacking D2C brand positioning
• Implementing customer-centric strategies, including frameworks and best practices

Moderated by Nitya Sharma, cofounder and CEO of Bengaluru-based Simpl, the discussion included Bharat Singhal, founder of Bili Hu Coffees; Jovita Mascarenhas, founder of Bartisans; Rajat Jadhav, founder of Bold Care, and Deepanshu Manchanda, founder & CEO of Zappfresh.

How To Get The D2C Branding Right

Establishing a strong presence in the D2C space requires a thorough understanding of the target market that a brand aims to serve. Therefore, gaining extensive insights into customer problems, behaviours and habits is essential. Such insights instil confidence in the brand’s offerings and highlight the problem areas it will address within the chosen category.

“Meat as a [grocery] category stood out for me. So, we delved deeper to figure out the issues customers faced and their overall behaviour. I had a couple of concerns as well. First, it should be a big enough market. Next, there should be enough broken pieces to solve [to position ourselves strongly]. Finally, from a customer’s perspective – things like quality, convenience and availability were missing [and needed to be fixed]. That’s what made us [feel] sure about what we wanted to do,” said Deepanshu Manchanda, founder of Zappfresh.

Analysing what worked well for men’s sexual health brand Bold Care, founder Rajat Jadhav termed India as a post-consumer market. It essentially means the country has progressed beyond the initial stage of consumerism, and there are brands for all sorts of needs. However, it is worth noting that the Indian startup ecosystem still has untapped areas and unresolved pain points.

“When prompted to think of a sexual health brand or a way to resolve sexual health issues, most people I spoke with couldn’t think of anything right away. It is one of the few remaining areas in consumer healthcare where a problem statement for around 90 Mn+ men in India is yet to be effectively addressed,” said Jadhav.

“In the epharmacy business [my first venture], sexual health products made up 30% of the business volume. That was the first trigger. Later on, when I spoke to companies like Practo and DocPrime, I found that this category also accounted for 10-15% of their business volume,” he observed.

This also demonstrated how D2C brands must unravel complexities, pinpoint gaps and craft innovative solutions to thrive in a fast-evolving landscape. Also, resonating with specific audience segments will eventually drive growth and success.

To gain valuable insights into customer-centric strategies that D2C brands should adopt, watch the panel discussion titled How Customer Centricity Helps D2C Brands Boost Sales, Drive Success. 

The post How Customer Centricity Helps D2C Brands Boost Sales, Drive Success appeared first on Inc42 Media.

Unless you’ve been living under a rock, most people are fully aware of the souped-up AI chatbot that has gone viral across virtually every industry segment that has anything to do with human intelligence. ChatGPT is the latest iteration of generative AI from the tech stack of OpenAI (a San Francisco-based research laboratory). With its earlier large language model (LLM), now fine-tuned with extensive human-guided training now incorporated into its datasets, ChatGPT is fully ready for just about any knowledge-driven exercise.  

ChatGPT is estimated to have gained 1 Mn users in a week since its launch in November 2022, becoming the quickest application to touch the milestone. Since then, the AI tool has been used to draft blogs/articles, compose essays, find responses to queries and churn out creative ideas like an unstoppable genius. 

Its impact has been so profound that Italy has immediately banned the advanced AI model citing privacy concerns, and tech behemoth IBM has said it will hire fewer people in the next five years. Out of its 26K back-office jobs, nearly one-third (7.8K) can be replaced by AI bots, according to IBM CEO Arvind Krishna. 

Although ChatGPT has successfully outlined what generative AI can accomplish in a short span of time, the critical question remains. Can AI bots ensure contextual problem-solving in the same way humans do? This is especially important when businesses handle customer-facing functions. While AI/ML-based bots can help with personalised recommendations and drive sales and marketing to some extent, it falls short of creating the human-like connections desired by most customers.

A survey by Germany-based live chat software Userlike revealed that at least 60% of customers would prefer to wait in a queue if they could speak to a human agent immediately, although more than 40% were willing to interact with a chatbot first.

A key element in delivering excellent service is empathy and understanding what customers expect when doing business with a company. And as more and more businesses adopt cutting-edge technologies to automate the experiences they provide their customers, it’s important that they recognise when human intervention is required to deliver the best possible outcome.

To decode how startups in India can strike the perfect balance between automation and human involvement, Inc42 and Intuit, a global financial technology platform company, recently held a round-table discussion in Bengaluru on Redefining Customer Service: Role Of AI/ML & New Age Tech In Enhancing Customer Experience. 

Moderated by Sudip Gupta, director (experience consulting) at PwC, the conference saw the participation of industry leaders from various sectors such as edtech, fintech, gaming and foodtech. Here is a quick look at the most noted people who took part in the discussion: 

• Mark Notarainni, EVP & chief customer success officer, Intuit
• Anuj Rathi, SVP (revenue and growth), Swiggy
• Arzoo Jain, AVP (product, games & development platform), MPL
• Biswatma Nayak, cofounder & CTO, Chingari
• Praveen Joshi, VP (engineering), Lokal
• Rahul Singh, senior director (product management), Teachmint
• Samdani Basha, SVP (experience), BYJU’S
• Subhash Chaudhary, cofounder & CTO, Dukaan
• Sunil Bissa, VP (India), Groww

 Finding The Sweet Spot 

As many startups find it challenging to strike the perfect balance between automation and ‘humanisation,’ moderator Sudip Gupta from PwC asked the edtech players how they are delivering a well-rounded customer experience. 

Basha from BYJU’S said that the use of AI/ML tools for personalisation covers a broad spectrum of use cases and different strategies work for different platforms, depending on the intended goal.

For instance, the edtech’s self-paced learning modules require no (human) mentoring, representing one extreme of the personalisation spectrum. On the other hand, creating content or developing a curriculum does require human expertise.

“Of course, there are tools to facilitate content creation. But I would say it is 90% human intervention,” he said.

According to Basha, knowledge experts like tutors and mentors at BYJU’S convert concepts into bite-sized videos and continuously monitor student reception and retention of the same. 

Rahul Singh from Teachmint had a fair idea of why the human component worked well in many edtech use cases. “Schools are, by nature, risk-averse businesses. They need to be convinced that they are picking the right product. Therefore, a lot of sales happen based on trust and relationships, achieved only through human interactions.” 

Therefore, the startup’s ground operations team visits schools in person for sales, onboarding and support.

Swiggy’s Anuj Rathi revealed how the foodtech unicorn employed AI/ML tools to track and analyse changing consumer trends before venturing into quick commerce. It used the existing tech stack to build a minimum viable product for an on-demand grocery delivery platform (Instamart). When the new module worked, Swiggy scaled up the business. 

Again, some startups like the B2B retail tech platform Dukaan run their support system without human components. 

“Right when we started, we knew it would be impossible to directly tend to lakhs of customers everyday. So, we decided not to have a customer support system,” said Subhash Chowdhary, Dukaan’s cofounder and CTO. 

Instead, he posted a number on the site and the app to collect customer feedback. The calls came, and he modified Dukaan’s offerings accordingly. 

Why ‘Humans’ Are At A Premium In Tier 2 & 3 Markets 

High-speed internet and affordable smartphones have brought digitalisation to people from Tier 2 cities and beyond. And given the growing demand for digital commerce in non-metros and rural India, industry experts believe these untapped regions will be the next growth frontiers for Indian startups. Therefore, it is crucial to promote digital literacy among this newly incorporated consumer base and find their tech comfort zone through meaningful communication, not exactly a bot’s strong point. 

According to Praveen Joshi of hyperlocal news startup Lokal, the ‘real’ India is there, in the regions beyond the metropolitans. And these users from ‘Bharat’ still prefer human interactions to get their queries resolved. 

For instance, Lokal has an operations team in smaller towns like Khammam in Telangana to help small players like local schools display their admission ads on the hyperlocal app. 

Although many of these schools have the technology to post their ads online, they prefer to call customer support for ad placements. The Lokal team also calls to remind them to reinstate their ad cycles.   

Sunil Bissa of Groww agreed with Joshi. 

“Customers in Delhi and Mumbai can access financial services like investment tech. However, customers from smaller towns in Uttar Pradesh may have the intention to invest but have no access to such services. Keeping these pain points in mind, our design philosophy for the website is simple, and we have human support whenever needed.”

How Startups Are Catering To Digital-First Consumers  

“Gen Z has grown up in the age of technology, with gadgets. So, they have high expectations from basic activities like scrolling and sharing. It is imperative to provide them with a best-in-class experience around that,” said Arzoo Jain of MPL.  

The gaming unicorn also noticed a significant difference between the Zoomers and the rest (Gen Alpha is not included here). For example, the desire for instant gratification among Gen Z is higher than others. 

Jain said that Zoomers do not give enough time to explore a product, if it works for them in the first or second instance, they will continue using it. If not, then they will move on to another website to test a different product. 

Biswatma Nayak, the cofounder and CTO of the reward-based short-video platform Chingari, thinks transparency is crucial for Gen Z. 

Incidentally, 70% of Chingari users are Zoomers who prefer to use the platform due to its transparency. Nayak said that a lot of reward-based platforms don’t disclose the virtual earnings of their users on their platforms but Chingari does. “Whatever reward is given on Chingari app to users and video content creators is visible to all. We have a leadership board in the app that shows the list of earners and their earnings and this is why the Zoomers trust our app,” said Nayak. 

Chingari incentivises its users and video content creators with its virtual currency called GARI token to watch and create videos to drive engagement. 

Prioritising Data Security

Intuit’s Mark Notarainni believes that the quickest way to lose customers’ trust is by allowing a breach that endangers their data security. In describing tactics often used by fraudsters, Notarainni said, “Social engineering (retrieving personal information by deception) is plaguing the internet. Fraudsters collect customer data by pretending to represent a company that the customer knows already has  access to their data.” 

This scenario is causing concern. “As technologies continue to quickly evolve and the cost to purchase those technologies continues to drop, fraud rings are getting more sophisticated, so businesses have to stay ahead of them,” he said.

No single AI tool, no matter how “scary good” it is (according to Elon Musk), can guarantee business success or customer satisfaction. The key to ensuring a seamless, safe and confident customer experience is for businesses to embrace a holistic view of how they use AI-driven and automation technologies to augment the outcomes they deliver; bringing them together with robust security measures, and the empathy, understanding and expertise that only human intervention can provide.

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