11 Heroes who helped build the Indian startup industry

Although all entrepreneurs, regardless of whether they are established or new, have an equal in the Indian startup scene, here are 11 tech entrepreneurs that could be considered as largely responsible for these winds of change.

The Indian startup scene is witnessing a boom, with the number of entrepreneurs in India growing by the day.
Gone are the days when people shied away from quitting their jobs to start their own ventures. And although all entrepreneurs, regardless of whether they are established or new, have an equal in the Indian startup scene, here are 11 tech entrepreneurs that could be considered as largely responsible for these winds of change.

Sachin Bansal and Binny Bansal (Flipkart)

Sachin Bansal and Binny Bansal are probably the two most important people in the Indian e-commerce industry today. Interestingly, they both completed their studies together at OP Jindal Modern School, Hisar, and then went on study Computer Science and Engineering at IIT Delhi. Post that, Sachin Bansal started working at Techspan while Binny Bansal worked at Sarnoff Corporation. Before starting Flipkart in 2007, they both worked for Amazon for a while too. Like Amazon, Flipkart (valued today at US$17 billion) too started as a bookstore. Later, more product categories were added to the store. In September 2015, both its founders were ranked 86 th on the Forbes India list with a net worth of $1.3 billion. Flipkart has made a number of acquisitions, including Myntra, WeRead, Chakpak.com and Mime360.

Kunal Bahl and Rohit Bansal (Snapdeal)

Snapdeal founders Kunal Bahl and Rohit Bansal were both students of Delhi Public School before Rohit Bansal went to IIT Delhi and Kunal Bahl went to University of Pennsylvania.

Later, Kunal went to Wharton School and Kellogg School of Management before starting working with Microsoft. Prior to Snapdeal’s inception in 2010, the two started various other businesses, but nothing clicked as much as their e-commerce venture. Today, Snapdeal is among the largest online marketplaces in India, and has made quite a few acquisitions, including Exclusively.in, and Freecharge.

Bhavish Aggarwal (Ola)

Born in Ludhiana, Bhavish Aggarwal received his Computer Science and Engineering degree from IIT Bombay, and started his career with Microsoft Research. He stayed there for a good two years before quitting in 2010.
He then teamed up with Ankit Bhati and started his own venture – Ola Cabs, which went ahead to become India’s answer to Uber. As of September 2015, Ola is valued at $5 billion and the company has also made acquisitions like TaxiforSure and Geotagg.



Vijay Shekhar Sharma (Paytm)

The founder of Paytm, Vijay Shekhar Sharma, completed his education at Delhi College of Engineering with great difficulty because he couldn’t speak English.

However, that didn’t stop him from creating a website indiasite.net in 1997, which was sold two years later for $1 million. In 2005, Sharma started One97 communications (Paytm’s parent company), which offered news, cricket scores, ringtones, jokes and exam results.

Later in 2010, he started Paytm, an online recharge, bill payment and e-commerce website. Recently, the company has also added bus tickets and movie tickets booking to its list of services. Vijay Shekhar Sharma also took a stand against Facebook’s Free Basics in December 2015, saying that it was against net neutrality.

Pranay Chulet (Quikr)

The person behind one of India’s largest online classified portals, Pranay Chulet studied at Kendriya Vidyalaya in Rajasthan.

He later went to IIT, Delhi and then to IIM, Calcutta to complete his higher education. Post that, the Quikr co-founder started working at Procter & Gamble and then worked at Mitchell Madison Group, Walker Digital, PricewaterhouseCoopers and Booz Allen Hamilton. It was in 2007 that Chulet started his first venture – Excellere. In 2008, he came together with Jiby Thomas to start Kijiji India, known today as Quikr.

Deepinder Goyal (Zomato)

Whether it’s slashing a large chunk of his employee force, writing open letters to his staff or taking a stand against HSBC, Zomato co-founder Deepinder Goyal knows how to stay in the limelight. The story behind Zomato is an interesting one. Back when Deepinder was at Bain & Co. along with his co-worker Pankaj Chaddah, he decided to scan restaurant menus and upload them on an intranet website exclusively for Bain employees.

In 2008, the website named FoodieBay, went public and quickly expanded to other cities. But it was only in 2010 that it came to be known as Zomato. After their venture started gaining popularity, the founders quit their jobs to devote their entire time to Zomato. Today, Zomato is available in 23 countries and has acquired a number of companies like Urbanspoon and Lunchtime.

Kavin Bharti Mittal (Hike)

Kavin Bharti Mittal is the founder and CEO of instant messaging app Hike, and also the son of business tycoon Bharti Mittal. Before he started his venture, he studied Electronics and Electrical Engineering at University of York and then went to Imperial College London to study further. Hike Messenger was started in 2012 and in just a few months, raised $7 million from Bharti SoftBank.

Hike Messenger competes with the likes of WhatsApp, WeChat, Viber and Telegram. The app is available on iOS, Android, Windows Phone, BlackBerry and Symbian operating systems.



Kunal Shah (FreeCharge)

Arguably the masses’ favourite way to recharge their pre-paid phones, Freecharge, was founded by Kunal Shah in 2010. Prior to starting Freecharge, Kunal Shah did his graduation at Wilson College in Mumbai, and then briefly pursued an MBA at Narsee Monjee Institute of Management Studies before dropping out.

His idea behind Freecharge was simple. He wanted to launch a website that offered coupons and rebates to customers in return of each top up. FreeCharge became a super hit, and was recently acquired by Snapdeal for about $400 million.

Rahul Yadav (Housing.com)

Chances are, you have already heard about him. Rahul Yadav bags the prize for being the most popular and controversial face of the Indian startup scene. There is hardly anyone else about whom so much has been written. If we trace back his past, Rahul is an IIT-Bombay drop-out who started his venture with 11 other college mates in 2012. The real estate classified portal did really well and went on to raise $100 million in funding.

Rahul Yadav also made it to Forbes India list of 30 Under 30 young entrepreneurs for his work at Housing. However, things didn’t remain good for Rahul when he spent a large amount of money on marketing and also made rather nasty remarks about some key people at Housing. Following this, he resigned, withdrew his resignation, and then distributed all his shares among his employees. But it was the news of him getting kicked out of his own venture that made him popular. He is currently working on his next venture, backed by Flipkart’s Sachin Bansal and Binny Bansal, Micromax’s Rahul Sharma and Paytm’s Vijay Shekhar Sharma.

This article was originally published in Times Of India





Top 10 inspirational quotes by Indian entrepreneurs

Here are the top 10 quotes from Indian entrepreneurs everyone should live by. Learn from Sachin Bansal, Binny Bansal, Bhavish Aggarwal, Kunal Bahl, Vijay Shekhar Sharma, Naveen Tewari, Ritesh Agarwal, Shashank ND, Deepinder Goyal, Kunal Shah and Rahul Yadav.

Here are the top 10 quotes from Indian entrepreneurs everyone should live by. Learn from Sachin Bansal, Binny Bansal, Bhavish Aggarwal, Kunal Bahl, Vijay Shekhar Sharma, Naveen Tewari, Ritesh Agarwal, Shashank ND, Deepinder Goyal, Kunal Shah and Rahul Yadav.

1. Sachin and Binny Bansal, Flipkart

“The core of any business is to earn money. You have not done your job well until you find a stranger who is willing to open his/her wallet to give you money for the service/products that you are offering.”

2. Bhavish Aggarwal, Ola

“Go out and start up. It is the hardest thing to do. For me it was very hard. When I started, my parents thought I was going to become a travel agent. It was very hard to convince them that I was not.”

3. Kunal Bahl, Snapdeal

“Scale is important for a startup. Think big, but take one day at a time.”



4. Vijay Shekhar Sharma, Paytm

“Be so sharp that you cut”

5. Naveen Tewari, InMobi

“Entrepreneurship is all about how confident you are in changing something, because most of the people will not accept that change so go ahead and learn it.”

6. Ritesh Agarwal, OYO Rooms

“It is extremely important to build something that a 100 people absolutely love using rather than make something that a 1000 people would just, kind of, like.”

7. Shashank ND, Practo

“The goal has never been about being an entrepreneur or starting a company. It has always been about solving a problem we deeply care about.”



8. Deepinder Goyal, Zomato

“The fundamental model of our business is that in mature markets we should make profits and they shouldn’t need any more outside money to grow.”

9. Kunal Shah, FreeCharge

“If you fully accept the worst that can ever happen in your journey, fear won’t ever be an obstacle in starting-up.”

10. Rahul Yadav, Housing

“Life’s purpose is to be happy! So if you are happy, you are successful in life”





While on a hunt for a co-working space in India, this entrepreneur ended up creating one himself

When Shesh Rao Paplikar was hunting for office-space for a New York startup , where he worked as the chief technology officer, he sensed the need of a proper, functioning co-working space in India.

Real estate startups picked up late but looks like they are here to stay with co-working offices becoming most sought after workspaces in Indian metros where new startups are created every day.

Shesh Rao Paplikar

When Shesh Rao Paplikar was hunting for office-space for a New York startup , where he worked as the chief technology officer, he sensed the need of a proper, functioning co-working space in India. Shesh, who had spent close to a decade abroad, was used to very quality of co-working spaces. Despite a rigorous hunting process, Shesh could only fetch a very mediocre working space, where he himself as a CTO had to put in a lot of effort – from fixing the Wi-Fi, calling technicians and spending hours over the IVRs!

Shesh, who by then was contemplating the idea of starting something all by himself in the tech startup space, he found it difficult to find something that matched his expectations. This tussle inspired him to create a co-working space of his own, which he christened as the BHIVE Workspace.

Meeting his co-founder

Shesh and his co-founder Ravindra M.K were high-school classmates back in Mysore. Both of them go back in time where they had tried to give entrepreneurship a shot in 2003 during the final year of engineering. Though that venture failed to take shape, Shesh and Ravindran kept in touch with each other.

Ravindra MK

When Shesh moved back to India, Ravindran was initially helping Shesh put things together for BHIVE and eventually decided to quit his SAP job and join BHIVE.

The Bengaluru-based co-working space, which raised $1 million in funds from Blume Ventures last week, operates across 4 locations in India’s Silicon Valley Bengaluru. Launched in 2014, the workspace is now catering to over 150+ ventures and the company plans to expand into cities outside in Bengaluru.

Shesh sees the potential of the co-working space domain to become a billion dollar market. He expects BHIVE to churn revenue of $70 million annual revenue in the next two years.



Interaction with investors

Through several events that are conducted by the workspace the founders are given a chance to interact with investors and mentors. Elaborating on what investors visiting the space generally look for in a startup Shesh said, “Investors generally look for the quality of a team, product market fit and long-term revenue potential of the company.”

Shesh said that he has seen an exponential increase in the confidence level amongst startups. “Indian startup ecosystem has matured over the last three years and I see a lot more experienced people entering this field these days,” he added. He has also witnessed the entry of entrepreneurs, who were earlier working abroad, returning to India to set up something of their own.

He believes that there is a lot of capital available today, as people who were investing in real estate and other industries are now turning angels for startups.

Successful BEES !

Greenbooks was the first company that enrolled themselves to the workspace. Emphasising on workspace’s checklist for enrolment, Shesh said, “We look for companies which are financially stable who can afford the basic enrolment fee.” However, considering early stage startups lack financial stability, there are special passes such as weekend offers, etc that enable these companies afford the workspace. Some of the biggest success stories that have emerged from this space include Roadrunnr, LetsService and Springboard, to name a few.

With New York-based office rental startup WeWork gearing for their India debut, there has been a lot of chatter around the sustainability of Indian workspaces. However, Shesh says he BHIVE is ready to compete with WeWork as we have a better understanding of the market!

This article was originally published in Entrepreneur.com





Kishore Biyani, CEO Future Group, reboots for the digital era

As the lines between offline and online retail blur, India’s retail king is tweaking his strategy to stay ahead of the competition.

Fabfurnish.com, the online furniture retailer acquired by Kishore-Biyani-led Future Group, was relaunched with a fresh campaign and a slew of deals. It marks a new chapter in the evolution of the group, which is best known for kicking off the modern retail revolution in India a decade ago.

However, when Biyani, 54, laid his hands on the Rocket-Internet-promoted company last month, it did come as a surprise. The Marwari businessman has been a fierce critic of the e-commerce business model in India, saying it is designed to lure consumers with discounts with little focus on profits.

That moment appears to have arrived. Fabfurnish is his first acquisition but more such deals could be in the offing. “I am not closed to the idea,” he says. “I will do it selectively and ensure our investments make money,” he adds.

It is clear the lines between physical and virtual shopping are blurring for him. He said he plans to merge the group’s home furnishings business under HomeTown with Fabfurnish and subsequently de-merge it from flagship Future Retail.

The goal is to unlock value and make his home furnishings business a stronger enterprise in the face of increased competition. Once the online and offline arms are merged, HomeTown is likely to reach a turnover of Rs 1,000 crore within a year. It closed the last financial year with revenues of around Rs 750 crore.

The driving force

Biyani’s hybrid business model, also called omni-channel retail in industry parlance, is a compulsion, say analysts. With consumers today spread far and wide, brick-and-mortar retailers have been left with no option but to add an online leg to their offline operations in a bid to reach as many customers as possible, and quickly.



Biyani has been at work on an omni-channel presence for a year now, trying to create a seamless and consistent brand experience across his group’s retail channels: bigbazaardirect, futurebazaar.com and offine stores. Other retailers, including Reliance Retail, Aditya Birla Retail and Shoppers Stop, have also been working on creating an omni-channel presence in recent months.

“The endeavour is to reach more consumer touchpoints and ensure you are there while the action is on. The ultimate objective is customer acquisition. That will mean that you have to go where he or she is,” says Devangshu Dutta, chief executive, Third Eyesight, a consultancy firm.

A recent study by the Retailers Association of India and Mumbai-based data analytics firm Hansa Cequity says that nearly 74 per cent Indians shop across all channels including neighbourhood stores, modern trade outlets and online platforms.

The study also notes that a significant number of these consumers still prefer to touch and feel products before buying, implying therefore that an online-only model is not enough.

Domestic e-tailers have picked up this cue. The top three e-commerce majors -Flipkart, Snapdeal and Amazon – have all gone offline in the last six to eight months to ensure the “touch and feel” experience is provided to consumers.

Flipkart, for instance, has tied-up with brick-and-mortar retailer Spice Hotspot to provide access to its exclusive range of phones offline. Its fashion arm Myntra is in advanced talks to acquire brick-and-mortar chain Forever 21, which will allow it to stock its online catalogue offline.

The same goes for rival Snapdeal, which has initiated tie-ups with The Mobile Store and Shoppers Stop for mobiles and apparel, respectively. Amazon, too, is tying up with small retailers across the country in a bid to allow consumers with no internet access to shop online in these outlets. It is also setting up Amazon-branded stores offline.



Additionally, the top three e-tailers have pick-up stores offline where consumers who’ve purchased products online can get delivery of their goods.

Dutta says the online-offline retail marriage follows global trends. “E-tailers abroad such as Amazon, Birchbox and Bonobos in the US, Spartoo in France, Astley Clarke in the UK have all opened physical retail stores in recent years. This completes the picture in a sense and plugs gaps if any,” he says.

Social media to retail

Hybrid business models are not restricted to retail alone. Social media giant Facebook recently entered hyper-local services in India, offering everything from medical and repair to business and personal services. Apart from letting users to browse for these services, the initiative also allows them to leave reviews so that other consumers can make the right choice.

Tech giant Google, too, is on a similar adventure. In recent years, it has ventured into making wearable tech devices, mobile phones and is now piloting driver-less cars. This even as it strengthens its presence online with a suite of services from basic search to online advertising, email, chat, browsing and software for phones.

Harish HV, partner (India leadership team), Grant Thornton India, says that hybrid business models for these companies is a way to ring-fence themselves from competition by marking their presence in virtually every space.

This online-offline merger, he says, will mean that these firms will get stronger as they enter new areas. The world is indeed shrinking.

This article was originally published in Business Standard

Image credit: www.newsx.com



He begged on the streets once. Today, this entrepreneur has a turnover of 30 cr and dreams of an IPO

His company today has a turnover of Rs 30 crore and employs 150 people. This by no means is the finishing line even though 50-year-old Renuka Aradhya started life’s race with a major handicap.

His company today has a turnover of Rs 30 crore and employs 150 people. This by no means is the finishing line even though 50-year-old Renuka Aradhya started life’s race with a major handicap.

Renuka was born poor. Very poor. He has seen the kind of poverty that put him on the streets to beg. The poverty that kept him hungry both literally and metaphorically.

Where does one begin to tell this entrepreneur’s story? From pushing a handcart under a blazing sun to now owning a fleet of 1000 plus cars? Or from transporting 300 dead bodies to ferrying foreign tourists who left tips in dollars? Or from failing to clear class X exams to now rubbing shoulders with the industry’s who’s who?

Or the fact that with his foresight he was able to ward off Uber and Ola poaching his business, and is making the next generation ready to dream big by bringing his daughter-in-law (who comes from a poor family) into the business.

Ernest Hemingway wrote a long time ago, “It is good to have an end to journey toward; but it is the journey that matters, in the end.”

Here’s Renuka’s roller coaster journey in his own words because no other words will do it justice.

Every day is a winding road

I belong to a village called, Gopasandra, in Anekal taluk near Bengaluru. My father was apujari at a temple allotted by the state government though he did not get any fixed salary. After conducting the puja, he would go to nearby villages to beg for ragi, jowar, or rice. He would then sell the grains in the market and with the money that he got from the sale he would take care of us. We were three children, two boys and one girl.

I would go begging with my father to these neighbouring villages, which is now Electronic City.

After I finished Class VI, my father thought that he would put me in somebody’s home as a domestic help to make ends meet. My school fee till Class X was taken care of by my teachers because they would get me to do their domestic work like washing utensils and dusting and sweeping.



I started working for an old man who had a severe skin ailment. I would tend to him, give him a bath, and apply skin ointment all over his body. Since I belonged to the pujari clan, I also had to perform puja at a nearby temple. After that, I would go to school. I lived there for one whole year.

Soon after, my father admitted me to a boys’ ashram in Chickpet, where I remained for three years. The hostel would give us two meals a day, one at 8 am and the other at 8 pm and nothing in between. I remember I was always hungry. I could not focus on my studies at all and my mind was occupied with trying to find how I could lay my hands on some food.

It was mandatory in this ashram to learn Sanskrit and the Vedas. I quickly picked this up because I realised that if I could accompany the seniors in some naming ceremony, weddings, or pujas I could eat at those events. But it was not very easy to get hold of these opportunities. I had to placate my seniors by offering to do their personal chores like washing their clothes.

As a result, I failed in Class X, passing only in Sanskrit. I then had to return home as my father passed away and the responsibility of my mother fell on me. My older brother was married and not keen on taking care of her or my sister and me.

In poverty, there is no unity. Lack of money can make people selfish and mean. If people lived happily together in the midst of poverty then they are gods.

I soon started working in a factory in Audgodi. I was there for a year. This was followed by a stint in a plastic manufacturing company and then an ice-making factory. I then found a job as a sweeper in an AdLabs branch. My mind is sharp. I soon got a hang of printing and helping out with the work. I was there for three years and had to quit because I was getting drawn into nefarious activities by some employees, who expected me to join them as well. I am glad I quit because I heard later that they were found out and sacked.

Road to nowhere

I joined Shyam Sunder Trading Company where I started working as a helper. The company was into making and trading in bags and suitcases. I had to load a handcart with suitcases. Another helper and I took turns pushing and pulling it through the city roads and transported them from the factory to the shop. Soon, I was promoted to a sales position.

After working there for a few months, I thought ‘why not start my own business?’ Since I was familiar with this business, I decided to make covers for suitcases and vanity bags. I would take my bicycle and go around the city shouting for customers who wanted covers stitched for their suitcases and bags. It did not work out well for me and I lost some 30,000 rupees.

I was back to square one. My brother, who was a security guard, found me a job as one.

The reason I kept moving and starting all over again is because I wanted to achieve something. I did not have any educational background. I was not even a high-school pass. I had no money and no family connection. I did not have any mentors, no one to guide me. But I was always in search of opportunities.

I was around 18 when I got into bad company — drinking and gambling. Thankfully, the older boys I used to hang out with moved out and I escaped a life that would not have taken me anywhere.

When I turned 20, I told my mother I wanted to get married. I thought that marriage would make me more responsible and focussed. I was earning Rs 600 as a security guard, so to make a few extra bucks I started taking on odd jobs like that of mali, or climbing coconut trees. I remember that I charged Rs 15 per tree and I would climb 20 trees per day.



A bend in the road

Not satisfied with what I was doing, I decided to become a driver, though I did not know how to drive. I did not have any money to learn driving and to get a driver’s licence. So I borrowed some money from my brother-in-law and pawned my wedding ring.

All went well and I got my driving licence. But the first day of my driving job was a big nightmare. I was meant to reverse the car and park it, instead, I banged it into the gate. That job lasted only a few hours. I was back to being a security guard.

It was very depressing. I would go to the temple and bang my head on the steps lamenting my destiny and how God was being so unkind to me. I wanted to drive and yet here I was going back to doing what I thought I had come out of.

 

Since I was always looking out for an opportunity, I met a taxi operator who decided to give me a break. He told me not to worry if I banged the car. ‘Just run away from there,’ he told me. I was so grateful that I told him he needn’t pay me till I can prove myself. I’ll manage with the driver ‘batha’ (per day charges on an outstation trip), I told him.

I remember carrying large stones in the car. Whenever I had to halt at an incline, I would pull the handbrakes and quickly place the stones next to the rear wheels to prevent the car from rolling back. Imagine how many stones I must have left behind me in a trail (laughs).

I was determined not to go back to being a security guard this time. In the nights, I would practice reversing the car, parking it, and managing inclines on the road without the stones. Slowly, my confidence grew.

My first outstation trip was to Gokarna. I learnt that if you drive slow and steady then everything works out well. So that’s what I did. I was so nervous that I did not dare press on the accelerator too hard. Imagine my surprise when I got this feedback from the guests saying that I was a very good driver (laughs).

One more thing I learnt was that if you take care of your customers, then you’ve won the battle. I got very good reviews from my customers and because of this, I was always in demand.



I worked at a transport company for four years. Besides ferrying passengers, the company also provided vehicles to hospitals like Nimhans to transport dead bodies back to their homes for the last rites.

I have transported approximately 300 dead bodies across India. And many times, I have done so alone because there was no one from the deceased family to accompany the body.

And look at the irony, immediately after I came back from one of these trips there would be a group waiting to go on a pilgrimage to Sabarimala. I would sprinkle some holy water on the vehicle and get on with the next journey.

This also taught me the impermanence of life. That nothing is enduring. That life and death are nothing but two ends of a long journey.

You know the most important learning for me in my journey has been that to earn money you must have a vision. And to make that happen, you must make the best of opportunities that come your way. You must do whatever you are doing with total dedication and keep a good track record. One day, fortune will surely smile upon you.

Two-way street

My wife used to work in the garment industry. First, she was a helper and then she went on to become a tailor. Together, we would earn Rs 900.

I was soon upgraded to another travel company. Here I got an opportunity to drive foreign tourists. I would get good tips in dollars. Over the four years that I worked there I had a neat sum saved up from these tips. I got my wife to withdraw her PF money, and together with the amount I had saved I started a company called City Safari with some other people.

Once the company started doing well, I was made the manager. When I was only a driver, I would often think that one day instead of submitting a trip sheet I should be the one collecting it. And that dream came true with my new post as manager (smiles).

Around this time, I bought my first car. It was an Indica. I had to take a loan from the bank. My older brother refused to be a guarantor, and I had to seek someone else’s help. In another year-and-a-half, I bought one more car. With these cars, I went to work for two years with Spot City Taxi.



As you can gather, I wanted to build my own travel/transport company. A company called Indian City Taxi was on a distress sale. I did not have any knowledge of merger and acquisition, just paisa de do, company le lo. I bought that company in 2006 with Rs 6.5 lakh. I had to sell all the cars that I had by then to produce this money. The company had 35 cabs attached to it and they would make Rs 1000 commission per vehicle, so in a month Rs 35,000 was assured.

I took a lot of risks, which thankfully paid off.

I had earlier registered the name ‘Pravasi Cabs’ when I had three cars of my own. So I now called my new company that. I was an entrepreneur now. The name came to me from the foreign tourists and expatriates I drove around. Pravasi is the Sanskrit word for expatriates.

However, it was not all that easy. There were a lot of complications. Anyway, to cut a long story short I soon got my first client – Amazon India. When they were setting up their Chennai office, they also helped me expand my business there.

Now the thing with corporates is they pay after three months, and I did not get my payments even after six months. So I took loans, and through the years have ended up paying lakhs as interest. But mind you, the money was not for me. I would give my wife Rs 20,000 every month to run the house. The rest was all for the company. I poured my days and nights with hard work. Slowly, revenue started coming in.

I thought of expanding my business and getting more clients. What if Amazon withdrew? I would end up on the streets. Hence, I slowly got more clients like Walmart, Akamai, General Motors, and others. I did not have a sales team, no marketing team, nothing.

I never lost an opportunity even if my cut was three percent, I did not care. I just wanted to get into operations. I had to increase my turnover, only then would I get funding from the market or banks. But if I concentrated only on profits, my turnover would decrease.

At this time, we were in on-call service, employee transport service (ETS), and train/bus ticketing (which I left after a year). I owe a lot to Amazon for supporting my growth.

I do not have any barrier to starting operations. I just look for three things: the attitude of the local drivers, their behaviour towards customers, and vehicle availability.

Are we nearly there, yet?

I learnt English by conversing with tourists. When the car would be parked while the tourists did the sightseeing I would wait in the car either trying to read from an English newspaper or write passages from it. I did not waste time gossiping with other drivers or smoking. I would either read or catch up on my sleep.

As my business grew, I felt the need to attend networking sessions, workshops and talks on marketing, customer retention or economics of running a business. A lot of my personal growth happened this way. The other advantage I had was that I am very tech-savvy; I can work any gadget.

Three years ago, I started providing buses to schools. Initially, the understanding was that we had to manage with the transport fee that the school charged. The first year, I lost Rs 10 lakh. I made an agreement with the school that I would give them 35 percent for the next 10 years. So I would invest in the buses. This is the first year that I am going to break-even. I started this because I could not rely on only ETS.



And, surely, when Ola and Uber came along, it impacted the taxi industry greatly.

But I escaped because I had around 700 cabs attached to me. I lost about 200 to them. But I was still left with 500. My idea was if I had more than 500 vehicles then no one can touch me. But if I had 100, 200 cars, then certainly I would have had reason to panic. In fact, many taxi operators had to shut shop when Ola and Uber speed chased them.

I believe that because I dreamt big, I managed to escape. If I had a small cab agency and was satisfied with earning Rs 40,000 a month, my business would certainly have been punctured.

I realised the best solution was to have a new scheme for my drivers, which was an owner-cum-driver scheme. The deal was that for an advance of Rs 50,000, I would buy them a new car. He had to work for 36 months, and after that, the car would be transferred to his name. Whatever he earns, he keeps, we just deduct the EMI for the vehicle. We now have 300 vehicles like that, and I have the liability of all those vehicles on my head.

An all-women group picked Renuka to drive them because of the trust they had in him.

Besides this, we also provide training to the drivers regarding behaviour and how to manage their finances.

You know, my growth has been only this much because I wasn’t educated enough. I do not know the planning and strategies like the IIT and IIM guys.

I am also a director in three startups. Along with six other directors, I sit on the board of loaddial.com. It is an aggregator of goods vehicles. I am also a director in a company that will provide affordable housing to people like drivers and garment workers. I have a few other concepts like having a Foodpanda like app for smaller cities and towns.

In three years, once I cross Rs 100 crore I will go for an IPO.

As a social responsibility, I want to encourage women drivers. I am ready to even waive the Rs 50,000 advance if women come forward saying they want to become owner-cum-drivers. We have also created an all-women call centre for Pravasi in Karwar.

I believe in the power of the mind. What we think, we become. How many times will you say ‘I do not have any experience so how will I do this?’ Initially, there will be more criticism and less goodwill. But slowly the criticism will fade away.

Whatever God has given me, I have shared with everyone. And I firmly believe that because of this I have managed to get myself educated and get rich. I took my chances and during all those times when I picked up an opportunity even though it was not financially viable, I firmly believed that one day God would give me back double. Otherwise how else can a security guard today drive a Rs 23-lakh car?





Is Oyo Rooms the startup equivalent of a Ponzi scheme?

Ritesh Agarwal, the CEO of Oyo Rooms, released a statement claiming that this 15X growth implied that the company has delivered 2.3 million booked room-night transactions in the first quarter of 2016 – this translates to more than 766,000 rooms a month.

Last week, SoftBank released its quarterly report that contained an update summarizing the state of state of Oyo Rooms, the Indian startup in which it had famously invested $100m late last year.

The slide contained the following graph claiming that Oyo has grown 15X year-on-year in the last one year.

SoftBank quarterly report May 2016 — Oyo Rooms update

Ritesh Agarwal, the CEO of Oyo Rooms, released a statement claiming that this 15X growth implied that the company has delivered 2.3 million booked room-night transactions in the first quarter of 2016 – this translates to more than 766,000 rooms a month.

All of this would have been fine if not for one little fly in the ointment.

A little less than a year back, Oyo had released a similar statement claiming that it was booking “400,000 rooms a month”!

Clearly, Oyo was either “exaggerating” the numbers then or they are doing so now.

Related Post: Oyo Rooms turns profitable with 15x growth year over year

What makes this even more interesting is a similar graph that SoftBank had inserted in an earlier report where Oyo was said to have grown a mind-boggling 34X times year-on-year with 895,000 rooms per quarter (approximately 10,000 rooms per night) for the Oct-Dec 2015 quarter.

Graph from SoftBank quarterly report — Jan 2016

But this graph is interesting for one more reason — rather than “booked room nights”, it speaks of “used room nights”.

Therein lies the tale of how Oyo is, in all probability, the startup equivalent of a Ponzi scheme!



Let’s take a step back to figure out how this scheme operates.

Related Post: Man behind OYO Rooms : Ritesh Agarwal

What exactly does Oyo Rooms do?

Contrary to this widely-believed notion, Oyo is not a “hotel chain”. Despite Ritesh’s constant attempts to position his company as “India’s largest hotel chain” comparable to the likes of ITC, Oyo is at its essence merely a hotel aggregation platform which delivers customer leads to low/mid-budget hotels. Oyo owns exactly zero hotels. Oyo operates exactly zero hotels on behalf of others. So Oyo is as much a hotel chain as MakeMyTrip is an airline company.

Oyo does do one thing somewhat uniquely — the hotels to which it routes customer leads to are co-branded with the Oyo brand. This ostensibly guarantees customers predictability and standardized room quality.

How does Oyo make money?

Traditionally, this works on the basis of commissions — a MakeMyTrip or ClearTrip kind of agent will walk to a hotel and tell him “I’ll be an agent, give me commission”. Sure, says the hotel owner. If the hotel has a good room booking system, then the agency will set it up so that they can request for room availability at any time, and they will negotiate a rate that they can use for different days. If the hotel does not, the agency will attempt to “block” rooms for certain days, adjusting the blocks on a regular basis so that the hotel can continue to accommodate walk-ins while the agency manages to book their inventory too. The commission for a booking is typically a percentage of the room rate and ranges from 15% to 30% of the total.

One big problem with this model, at least from the perspective of agents like Oyo, is that the hotel owner sees this as a purely commercial/transactional type of arrangement — a hit-or-miss “race to the bottom” business model with progressively tighter margins given the fact that there is zero stickiness and the hotel owner can tie up with any number of agents simultaneously.

To secure an initial mandate from the hotel owners around using the Oyo brand, they offered sweeteners in the form of “soft loans” (ostensibly to refurbish or improve hotel infrastructure — supply new mattresses, equip them with WiFi, new paint jobs etc) but the broad model was still the same.

Enter “Minimum Guarantee”.

To ward off competition and to build a deeper relationship with hotels, Oyo came up with a “minimum guarantee” offer.

The minimum guarantee model involves the agent committing a certain amount of business to the hotel and only taking a cut on the incremental revenue. So let’s say a hotel has 10 rooms. The agent pre-blocks say 5 rooms and guarantees the hotel owner with a certain sum of money per year for those rooms. Let’s say Rs. 4 lakhs. The agent now has to fill this inventory — if he is unable to drive at least Rs. 4 lakhs of revenue for these rooms and say does only Rs. 3 lakhs instead, he has to pay the hotel owner the difference of Rs. 1 lakh out of his pocket. If he is able to generate say Rs. 6 lakhs of revenue for these rooms, the hotel owner gets to first keep Rs. 4 lakhs and the incremental Rs. 2 lakhs is shared between the hotel and agent usually in a 70–30% split or thereabouts. So at the end of all this, the agent gets Rs. 60,000 (30% of Rs. 2 lakhs).

This is a great model for the hotel as it derisks his inventory risk and shifts the burden to the agent.

However, this wasn’t enough for Oyo to win the game.



Competitors soon cottoned on and started offering minimum guarantees to hotels and the market became increasingly crowded and noisy.

That’s when Oyo took the step that took them down the Ponzi rabbit-hole.

Take a look at the note below extracted from Oyo’s financial statement. Do you notice anything unusual?

Extract from Oyo Rooms annual report for FY 2014–15

Minimum guarantee is listed as an operating expense!

Related Post: Top 10 Indian Startups and how they took off

What does this mean?

Well, ideally there should have only been one operating cost item related to minimum guarantees — “Minimum tariff loss” that recognizes the shortfall the Oyo would need to pay out of its own pocket. But the fact that Minimum guarantee itself is an operating expense implies that Oyo was not only offering such guarantees, it was actually paying these amounts up-front!

While this might seem like a harmless thing that buys hotel loyalty, it is in fact a dangerous step that leads to all kinds of perverse incentives and adverse behaviour.

Unraveling the Ponzi

The hotel owners were delighted to get this upfront minimum guarantee — not only were they derisked from unused inventory, they got paid in advance which greatly helped working capital requirements.

But it created two specific types of perverse incentives for hotel owners.

Firstly, now that they were paid in advance, they were under no pressing obligation to maintain the hotel to the standards that Oyo aspired towards — after all, even if they gave poor-quality rooms to Oyo’s customers, what is the worst that Oyo could do? They couldn’t terminate the agreement or even if they did, they wouldn’t get their investment back. So, a cursory search of any of the hotel review sites will show you a great number of complaints from consumers who got stuck with pathetic rooms that they booked through Oyo.

Secondly, the minimum guarantee was an unexpected bonus in another way. Since Oyo rarely picked up the entire inventory of a hotel and because the hotels themselves hardly had any type of dashboard that would show details of walk-ins, hotel owners could give out rooms that Oyo has already paid for to their direct customers! While in theory Oyo monitored inventory usage, in practice, they had close to zero visibility. This would often lead to situations where customers who would book rooms on Oyo finding the hotel refusing to honor the booking by claiming that they were overbooked. Again, one can see numerous examples of customer complaints of this nature on the hotel review sites.

This essentially meant that both the benefits— standardized room quality and predictability — that Oyo touted as its core value propositions were completely frittered away. Oyo had basically shot itself in the foot.

While this was a bad thing, there was something even worse.



Oyo would buy rooms at say Rs. 1,999 per night — the only way it could make any money was if it sold the same room to a customer for Rs.2,000 or more. Not only did Oyo discover that this was easier said than done, especially during lean and off-peak seasons where uptake was very low but they also realized (rather belatedly?) that these rooms have zero inventory value! If a night passed without being used, the entire Rs.1,999 was down the drain with nothing to show for it.

But if they could sell a room even for Rs. 1 per night, they could at least count this as a “used room night”. Of course, this wouldn’t make much of a difference to their revenue figures but what if they could bandy this as a metric that is shown growing up and to the right?

This imperative kicked off the fire sale — not only did Oyo offer rooms at severely discounted prices (losing as much as Rs. 1,000 on each room night as per some estimates), they literally gave away rooms for next to free! There are well-traveled stories that Oyo grew so desperate to shore up this metric that their representatives went out to local colleges and handed out coupons in the parking lot to any student couple who could use the room for as little as one hour for a session of “joint studies”! This one-hour type of booking also meant that they could potentially turn over multiple bookings per day and further boost their used room nights count (of course, some hotels refused to honor such bookings while others weren’t so puritanical).

Related Post: These 13 successful Indian college dropout entrepreneurs prove that college is not necessary for success

Now, if you are thinking that all of this is fine (maybe unethical on multiple fronts but not illegal) but how exactly does it constitute a Ponzi?

Let’s take a step back and revisit what the metric “booked room night” means. It implies a transaction where a hotel room night was booked. But nowhere does this guarantee or explicitly say that the room was booked by an actual customer. So a minimum guarantee paid upfront is also technically a room booking in itself!

So we have a potential situation where Oyo could be selling zero rooms but could still tout a huge count for booked room nights because…they are buying the rooms! This essentially means that they could be touting traction not on the basis of SKUs that they sell but those that they — a bizarre turn of events that gives the phrase “buying traction” a completely new spin! This also means that forget about having negative gross margins, we could potentially be looking at a situation where a product has a negative selling price!

Admittedly, there is no way to know for sure whether the numbers reported by Oyo fall in this hoary category but the point is that Oyo is now reporting vanity metrics that can stage-managed and gamed in any which way they choose and quite easily at that. While vanity metrics are bad for a number of reasons, in most cases, they are at least directionally correct but in this case, there is hardly any correlation.

This article was originally publish in LinkedIn

Image credit: www.couponmytri.com



Why Bangalore is the perfect breeding ground for entrepreneurs

What better place than “Namma Bengaluru”, whose famously cosmopolitan culture, agreeable climate and a young, enthusiastic populace provides the perfect breeding ground for original businesses.

“Do not go where the path may lead, go instead where there is no path and leave a trail,” Ralph Waldo Emerson, Poet.

An entrepreneur is a person who organizes, operates, and assumes the risk for a business venture. An entrepreneur is someone who believes they he/she has a good business idea and try very hard to start a business.

This entrepreneurial spirit describes the enthusiasm, excitement, initiative, commitment to the idea, the will to succeed and the dedication to the venture that is necessary to overcome the initial difficulties and demands faced by someone starting their own business.

Bangalore has had the reputation of being a technology and IT hub for a while now, and over the last few years has definitely evolved into a hub for entrepreneurs and startups as well (think Flipkart, Redbus and MakeMyTrip).

That ‘spirit’ is what has put Bangalore on global map and it now hosts 41 per cent of India’s startups. First-time entrepreneurs – many of them highly interested and proficient in various technical fields, many from outside Bangalore – are giving up the comfort of a steady job to set up small, dynamic companies that think out of the box and make you wonder “Why didn’t I think of this?”.

A thorough study of the startup ecosystems in different cities across the globe has shown that Bangalore has a strong early stage funding ecosystem, more mentors, and therefore ambitious and risky startups.



Suddenly, anyone who has an idea seems to have a company, fueling a boom in offline and online ventures in food, design, travel, fashion, healthcare and education. And what better place than “Namma Bengaluru”, whose famously cosmopolitan culture, agreeable climate and a young, enthusiastic populace provides the perfect breeding ground for original businesses.

A healthy growing set of funding options, and with a reliable IT solutions and infrastructure backbone, times have never been better for being an entrepreneur in Bangalore.

“We’re witnessing a strong thought wave here, where young and veteran professionals are looking at local problems, and exploring solutions within the city mainly through online portal systems.

RedBus’ CEO, PhanindraSama was recently selected by Endeavor magazine as a high impact entrepreneur. Phanindra took the idea to his college friends and colleagues and that was the beginning of RedBus.

It solves travel agent problems by allowing consumers to look at bus ticket availability across all the operators and book in advance, even across state boundaries.

They even give a layout of the bus seating, and allow a customer to return the ticket. RedBus has crossed the one-crore (10 Million) mark in the number of tickets sold in July 2012. It has over 2 million registered users and is rapidly approaching the $200 million gross merchandize value (GMV) mark. The company stresses a lot on keeping their costs low.

Flipkart’CEO, Sachin Bansal, a leading E-Commerce Provider in India is an IIT Delhi Alumnus. Sachin left Amazon to start Flipkart along with a friend Binny Bansal with a mere investment of Rs 4 Lakh. Today Flipkart generates Rs 1.5 Crore a day. It has a record user base of 1 Million in India only.

Myntra was established by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena in February 2007. All three are IIT alumni, and have worked for several start-ups.



The company started off in the business of personalization of products in Bangalore, and soon expanded to set up regional offices in New Delhi, Mumbai and Chennai. It began its operations in the B2B (business to business) segment with the personalization of gifts, which included T-shirts, mugs and caps to name a few.

However, in 2010, the company shifted its strategy to becoming a B2C (business to customer) oriented firm, expanding its catalogue to fashion and lifestyle products.

Big basket CEO UshaMuralidhar saw early a change in the Bangalore shopper’s attitudes that few could have foretold, especially when you consider that as much as 80 per cent of their orders include perishables, such as fruits and vegetables. The entrepreneurs behind these ventures are confident that this is a sign of bigger things to come.

As commonly observed with any start-up, Hari too had his fair share of adversity. According to him, HolidayIQ.com was ahead of the curve, making the most of the crowd sourcing. He says, “The adoption of travel among the average Indian is still growing. So back in 2006 using the internet, it was very difficult to tap into the small segment of people who traveled. The whole venture capital scene was very new in India, so raising money to sustain the project was also a challenge.”

Most of the content on HolidayIQ.com is user-generated, which added to the heady concoction of challenges. But with some initial seed funding and an institutional funding round from Accel Partners, Hari and his team pulled through, and today, HolidayIQ.com reports over 50,000 reviews a month.

When asked about why he persisted with the idea, he gave us some numbers to put the Indian tourism industry in perspective. “Last year, about 3 million foreigners came to India as tourists. The number of Indians who went abroad was about 15 million. The number of travelers in India is increasing at 15% per annum. As of last year, there was 400 million trips in India alone. Whichever way you slice it, the Indian opportunity is absolutely huge.”

To conclude right attitude, proper condition and correct approach can lead to great success. Startups need to be strategic about picking the right participation and not overdoing it by entering too many ventures. The entrepreneur is widely regarded as an integral player in the business culture of Bangalore life, and particularly as a spirit engine for job creation and economic growth.





What entrepreneurs can learn from Shradha Sharma, founder of YourStory

Shradha Sharma, founder of YourStory is a rare species of entrepreneur. She is indeed the Elon Musk of entrepreneurship fraternity.

There aren’t many entrepreneurs who break the conventional mode of thinking and embrace the radical innovation. An entrepreneur who has taken the road less travelled is a rare species. Shradha Sharma, founder of YourStory is a rare species of entrepreneur. She is indeed the Elon Musk of entrepreneurship fraternity. Her venture, YourStory stands for a promise and exists for a purpose beyond just topline and bottom line growth. She set the ball rolling by challenging the status quo. YourStory.com is India’s no.1 media platform for entrepreneurs, dedicated to passionately championing and promoting entrepreneurial ecosystem in India.

Here is what entrepreneurs can learn from Shradha Sharma, founder of YourStory:

1. Make your choice:

Life is a harried race where nothing is absolute. To achieve preposterous goals, one has to make tough choices. Shradha Sharma opted for a tough choice. Many opined that a venture covering the stories of entrepreneurs cannot become a commercial success. However, she listened to her heart and made it big.

Related Post: 7 Indian women entrepreneurs who have carved a niche for themselves

2. Stay relentless:

Entrepreneurship is a rat race where only the determined, dedicated and dutiful survive. At times, Shradha Sharma questioned herself and the credibility of her venture. However, she found spots of solace by keeping the action plan simple- She did what Einstein asked us to do “Learn the rules of the game and then play it better than anyone else.” Her relentless efforts yielded rich dividends. In August 2015, YourStory completed seven fruitful years.



3. Belief in karma:

Life is enmeshed deep within our lives where circumstances are closely entwined. We are all gifted with imperfections. Burgeoning expectations have made us all selfish. Being selfish is not necessarily the only way to begin. A strong belief in karma gives us all a window to our thought process. Having faced the rapacious corporate world, Shradha Sharma quipped, “I believe in good karma. I have seen good gestures being returned 100 fold, if not more. I have seen many entrepreneurs change and I have tried very hard not to (helped by my team who I can always rely on to bring me back to earth). But having said that, I know that everything around me will keep changing. As long as I can feel my ‘centeredness’ – acutely, deeply and vehemently, I know I will be fine.”

Related Post: Success story: Nina Lekhi and her struggles to make Baggit reach the pinnacle of success

4. Live your experiences:

Sometimes, mistakes in our lives become unpardonable. Quite clearly, the prevailing ‘war for being the supreme’ will leave us with encumbrances where the road ahead seems replete with hindrances. The incessant struggle to meet the seemingly insurmountable deadlines and delusive expectations will never be an easy one. Shradha Sharma reveals the most startling secret- “Live your experiences. Learn from good and bad. Your career will never be decides by an ugly spat, a heated argument or a disagreeing opinion. It depends on how you take life.”

For budding entrepreneurs equipped with unduly theoretical knowledge and markedly low practical exposure, Shradha Sharma’s success story provides food for thought.

This article was originally published in myventure.in

Image credit: riseconf.com





Passion, Compassion and Profession: Inspiring stories of 20 women entrepreneurs

Entrepreneur and writer Prachi Garg offers her collection of 20 such stories in her new book, Superwomen: Inspiring Stories of 20 Women Entrepreneurs.

From e-commerce and creative firms to library networks and online support agencies, women entrepreneurs are blazing new trails in India. Entrepreneur and writer Prachi Garg offers her collection of 20 such stories in her new book, Superwomen: Inspiring Stories of 20 Women Entrepreneurs.

Prachi Garg is an entrepreneur and writer, and founder of GhoomoPhiro.com (for corporate tours) and Anmol Uphar (gifts based on currency notes). She graduated from Miranda House and Great Lakes Institute of Management, with a background in computer science.

The 197-page book is packed with stories of 20 startups founded by women. Here are some brief vignettes from the book; the author is working on another startup sequel as well.

Madhavi Gandhi founded Happy Hands to preserve and revive traditional handicrafts and art, and empower rural artisans. She was active as an art enthusiast from the age of 22, and was inspired by thought leaders like Kamla Devi Chattopadhyay. She received strong support from family and well-wishers, and spends extensive periods of time helping artists with capacity-building workshops. Her vision is to ensure that children of artisans do not feel embarrassed about their parents’ work, and find pride and livelihood in Indian culture.

Ria Sharma founded the NGO Make Love Not Scars to help acid attack survivors. Though she studied fashion in the UK, she felt a stronger attachment to social justice, and become devoted to the cause of acid attack victims after completing a project on the issue. Her NGO has supported hundreds of victims with social, financial, legal and medical aid. “I thought I was going to save them. But I eventually realised they were the ones saving me,” she says, describing the emotional upliftment she herself has received.

Richa Singh founded Your Dost to provide online counseling to those in depression or seeking emotional support for well-being. She graduated from IIT Guwahati, but was deeply affected when a friend committed suicide after a bout of depression. She also noticed that there were deep taboos in India about seeking psychological help, and decided to launch an online site with peer support, help lines, and inspirational stories. Though her family was not excited about this track, they later supported her when they saw her determination. The site has raised funds from Milaap, and has received enthusiastic endorsements from online users.

Masoom Minawala founded StyleFiesta as an online destination for fashion jewellery and accessories. Though she was regarded as a tomboy in childhood, she gravitated later to fashion when she realised how popular one of her fashion blogs became. She studied fashion in London and launched her startup in 2012, riding the e-commerce wave – particularly in smaller cities of India. Women are blessed “with an undeniable charm” and it would be “foolish not make use of it,” she jokes, describing the blend of creativity and commerce in her work.



Richa Kar founded Zivame as an online lingerie retailer to improve the experience of lingerie shopping for Indian women. She combined experience, opportunity and insight to launch her venture, which claims to sell a bra every minute. Her background in engineering and business, along with work as a consultant to global retailers, led her to e-commerce as a way to overcome the misinformation, misconceptions and taboos about the lingerie industry in India. Educational content, discreet packaging and a fitting lounge in Bengaluru are some of Zivame’s innovations in this space. But the journey was not easy, with lots of challenges in setting up her venture – and her mother was also initially shocked with the idea of the venture, Richa recalls.

Sneha Raisoni started Tappu ki Dukaan in the Fort area of Mumbai to sell quirky and unique Indian objects. Though she began in investment banking, she decided to pursue her own passion “instead of someone else’s dreams.” She sources products which have “utility with a twist” from Happily Unmarried, Mixed Juice, Pop Goes the Art, and other creative firms. She sees copycats and competition merely as drivers to further evolution.

Sunita Jaju and Swati Maheshwari co-founded Rustic Art as a portal selling eco-friendly products for body care. Growing up in Nainital and Mysore, respectively, the duo blended their environmentalist passions with entrepreneurial drive. Without passion it would have been impossible to sustain the venture, the co-founders recall, as they continue to expand to new areas like pet care.

Alicia Souza is an independent illustrator and communications designer, with clients such as Google, Yahoo, Penguin, Cadbury and AOL. She spent many of her growing years in the Middle East, and branched off into independent design. She recalls that she would give herself pep talks in her early years, and draws inspiration from everything around her. She overcame the early skepticism from her parents via a ‘show and tell’ attitude to prove she was on the right track. “Real learning comes with experience out in the real world,” Alicia says.

Anisha Singh founded Mydala.com as an online discount site, after her earlier e-learning venture, Kinis Solutions. She grew up in a joint family in Delhi and worked on women entrepreneurship during her US stint. Inspired by the collective business model in Chinese e-commerce, she started Mydala after her return to India. The early office space was shared with a dentist, and today the company employs over 400 people.

Charnita Arora launched Perfect Life Spot to help with language skills and overall development of young students. It goes beyond rote-based learning to offer mindfulness and emotional intelligence support. The company is now offering skills to corporate audiences as well.

Falak Randerian founded My Little Chatterbox to help children develop healthy reading habits, as well as lending library The Reading Room. She launched the venture at age 30, combing her own passion for books with her affection for children. “I take criticism as a serious source of learning,” she says, recalling her journey into the field of phonics.

Pankhuri Shrivastava founded Grabhouse as an online platform for landlords and tenants. The basic listing is free, but other options are charged for, such as moving services. She graduated with a BE in computer science from Bhopal, and founded her venture at the age of 23. “Basic things like outsourcing to a third party can make you lose control of things,” she says, as words of advice. Each new user or funding milestone is regarded as a reason to excel even more.

Saumya Vardhan launched ShubhPuja as an online portal to offer religious and astrological consultancy services. She worked for KPMG and EY, but was deeply affected by the death of a close friend and the struggle the family went through during the rituals. She spotted an opportunity in making the fulfilment of these rituals more convenient as well as more transparent to remove misinformation and malpractices. She took a course in Vedic astrology, and brought on board a team of pundits as experts for online consultation. TV channel partnerships have helped extend their reach and brand.

Dr Surbhi Mahajan founded Dermatocare to offer online consultation on skin care and cosmetic products. She began with a blog, whose popularity led to forming a full-fledged venture in 2012. She sees her work as going beyond short-term solutions for glamour.

Tina Garg founded creative communications agency Pink Lemonde. Her degree was in computer science, but she also had a flair for writing, communication and design. “Every day in the creative field is like delivering a baby,” she jokes. She had to work extra hard to establish her space as a woman in a male-dominated field. Her firm sustains a creative and cool culture via initiatives like Fun Fridays and Pink Holiday monthly draws for a free holiday for an employee.

Vidula Kantikar Kothare founded ThinkCreative Ad Solutions as an end-to-end provider of marketing, advertising, branding and event management. She grabs every opportunity to learn, and regards every single milestone as significant; she also celebrates the power of women as “multi-tasking geniuses.”

Other entrepreneurs profiled in the book are Rachana Nagranee (founder of Pitaara, for handcrafted bags and accessories), Geetika Chadha (founder of image consultancy Imagenie), Rashi Narang (founder of pets merchandise store Heads up for Tails) and Sneh Sharma (founder of the only-girls digital media agency Ittisa). It would have been great if the book also offered tips and advice in a concluding chapter, which would have been useful for other aspiring entrepreneurs.

You can now have your own copy of Superwomen from Amazon.com

This article was originally published in YourStory



Why do Indian entrepreneurs ignore the Indian-Ness of their customers?

In India most entrepreneurs and businessman tend to attach themselves to the western aspect of what a startup means – the coolness, the techiness, putting things into place, coding something. They forget that the chole kulche vala is also a startup!

You know well that the term startup comes from the West and is mostly associated with building something in terms of complete uncertainty and absence of business model. On the other hand startup also means solving a problem, seeing through a real pain point, truly seeing your customer and empathize with him.

Now why we tell you this is because in India most entrepreneurs and businessman tend to attach themselves to the western aspect of what a startup means – the coolness, the techiness, putting things into place, coding something. They forget that the chole kulche vala is also a startup!

The Varanasi saree vendor is also a startup. Just look at the way the entire floor of the shop is being turned into a sitting place and hundreds of Indians spend hours going through the pieces of clothes. It is no more just an act of buying, it’s a ritual.

So why do the young Indian entrepreneurs forget this? Why do they no longer do darshan? “Gazing” at their customers? Darshan karo? Well, not really!

Why do they choose to ignore the Indian-ness of their customers and then when their businesses fail they again try to seek the reasons through Western lenses, theories and rationalizations? In the West a success of a startup is defined in vertical means. Building something viral that will skyrocket and launch the owner in the stratosphere.

But that was never the case in India.

In India a successful startup is one where you see people around it. It all revolves around the collective and family. You start an Indian story and it immediately begins with parents, evil maid, wife, son being prosecuted into the forest for 14 years. In contrast, you start narrating a Western story and it starts with Hercules, Achilles, a sole hero, all of them killing the weird looking creature, the Minotaur, Chimera.

Let’s get back at the chole kulche vendor. Observe his day. He creates a crowd around his small barrow with sometimes tens of people waiting around him to get the snack?

Is this a successful startup?

Per Western thought – No, because it doesn’t scale!

Per Indian thought – Yes, it is because it creates a collective around him, mass of people who come there because their tastes are being understood and personalized right here on the spot.

Collectiveness. Darshan. Adjustment. Jugaad!

In the West, you bring the warm up snack, the main course and finally the dessert.



In India, you are given an Indian thali where all the food is put together in one go. I may decide to deep my roti into the kheer first. You may decide to roll it and put sabzi on it. Same plate but the food will taste differently for different people. Unfortunately, Indian entrepreneurs subscribe to the Western thought of standardization and scale fast while forgetting that in fact they live in a market far more diverse. I find this so disappointing and ironic in a country like India with such diverse market and traditions.

Customer Hi Bhagwan Hai

Indians will know what “kolam” or “rangoli” in North India means – Creating a design by connecting the dots. Kolam is an offering, which means that the person who makes it know exactly who is it meant for. Unfortunately, Indian entrepreneurs make the kolam before asking for whom that kolam is in the first place.

The people of India do aarti every morning and evening, an act of telling their god which part of their demands has he fulfilled and what is still pending. To “motivate” him to bestow the rest of their demands on them they do offering, swaha, in exchange for tatastu, the benediction. This happens every day in India where millions of gods are been given aarti every day. But mind this. Every god accepts a particular type of offering. The Indian customer would never offer bhel to Krishna or tulsi to Shiva. Why don’t all make aarti to the millions of customers in this country. Why following the Western logic of standardization instead of customizing the experience for your customers (tulsi or bhel)?

Entrepreneurs. It’s time that you get off that shiny flight you have boarded and get back here in order to truly see your customers and his uniqueness.

In other words:

1. Darshan karo
2. Aarti karo

May all of us who are building their small businesses start the day of tomorrow by gazing at our customer and talk to him the way we talk and love and fight every day to bhagwan, to our personal god.





Truejodi – How this startup solves the core problems in online matrimony

Truejodi is an online matrimonial site that aims to solve a very important problem in online matchmaking – eliminating “fraud” profiles and getting in genuine people who are looking out for matches based on their requirements.

Are you inspired by the advertisement of a matrimonial site featuring Chetan Bhagat and his love story, but reluctant to create your profile on any of these matrimonial websites because you do not know how reliable they are? India is a country where marriages and matchmaking are taken very seriously and in a county where most of the people rely on the match to be arranged by their parents and family peeps, matrimonial sites have revolutionized these searches – both, for the bride & the groom.

Friends and family who used matrimonial sites to seek matrimonial alliances often cribbed about fake profiles and frauds on these sites. Having seen this happen with close family and friends, Ravi Mittal thought that no matrimonial site was looking at authenticating profiles. This led him to build Truejodi – a reliable place to find a 100% verified match.

Truejodi is an online matrimonial site that aims to solve a very important problem in online matchmaking – eliminating “fraud” profiles and getting in genuine people who are looking out for matches based on their requirements. This startup understands that the matrimonial club has two major issues:

  • There are hordes of singles looking for matches online, but are often cheated by fake profiles due to lack of verifications.
  • People seeking matches are often scared to ask about their match’s education, age, income, medical records and have to rely on the vocal commitments without any facts



Understanding these two major problems that force people to avoid using the internet to find matches, Truejodi is trying to solve this twin problem of removing fakes and bringing in transparency to matchmaking with a 9 step verification process and zero-tolerance towards frauds. Users are awarded trust ratings based on the information they verify. This helps others take a better call on their match. Once a user signs up, the next step is an elaborate 9 step verification process where users have to submit their photo ID proof, education, income, address proof, Facebook and mobile number and even undergo medical test before they can enter to find a match. There is an entry barrier for users who do not verify themselves.

Truejodi is a team of 15 passionate people comprising of web developers, app developers, digital marketers, social media specialists, graphic designers, UI/UX designers, moderators and more.

This startup sprang into action in November 2015 and in just 3 months has managed to gather a user base of 4000+ users. Out of these 70% are female users. They expect to cross 300,000 users by end of 2016 and help people find true life partners.

Kudos to the entire team in coming up with such a trusted source for taking the most important decisions of our lives – choosing a life partner.

Also read: HyperTrack: A start-up to track people and products

This article was originally published in Start-up Hyderabad



HyperTrack: A start-up to track people and products

HyperTrack is serial entrepreneur Deorah’s attempt at creating a global tech firm from India.

Serial entrepreneur and author of The Golden Tap, a book on—what else? — start-ups, Kashyap Deorah, is close to launching his fourth start-up, HyperTrack, which has created software for tracking products or people across the globe.

Deorah, 38, who has been working on building HyperTrack for almost nine months, is testing the software in several countries including India, the US, the Middle East, Australia and some in Europe.

The software is currently in private beta and is being tried out by 25 clients.

HyperTrack was founded in October 2015 by Deorah and Tapan Pandita, who together pooled in $300,000 to launch the venture. The company has already raised an undisclosed amount of angel funding from investors in Silicon Valley.

HyperTrack is Deorah’s attempt at creating a global technology firm from India.

“Only a few companies in the world have built the smartphone tracking technology that HyperTrack aspires to build. Uber and Google are two such companies. Today you can track your Uber but it is surprising that there is just no publicly available web service to continuously track people and things while they are out and about,” said Deorah.

Delhi-based HyperTrack’s services will allow businesses or consumers to track goods or people in real time.

Imagine ordering food online and getting to track the order on a map, as it moves towards you. Just like a cab ride, Deorah eventually wants to enable businesses to track bike taxis, shuttle services or any other kind of feet-on-the-street through its services.

“It’s a problem that app developers are facing worldwide. There is no web service to “track the app until it gets there,” he added.



HyperTrack’s software will allow businesses to track people, goods and pay per use. For companies that are just starting out and are in boot-strap stage, the services will be offered free for up to 1,000 orders a day.

HyperTrack is largely looking to make money from established and sufficiently funded start-ups. The companies could pay $35 per 1000 orders tracked.

The biggest challenge in front of Deorah would be to convince consumer internet firms, especially in India, which are already trying to curb costs to invest in software that helps improve service levels.

Deorah believes these services will help companies to plug into a technology which is expensive and hard to build in-house.

HyperTrack has a six-member team and Deorah is actively scouting for talent in Silicon Valley. He has managed to attract Google’s Abhishek Poddar to join as the head of product at HyperTrack.

Poddar, who was working as the product manager at Google San Francisco for more than three years, decided to quit his job and relocate to India to help build HyperTrack.

According to Deorah, unlike high-flying Silicon Valley executives who joined Indian unicorns at million dollar salaries only to move back a year later, Poddar will draw a fraction of his salary at Google but have high ownership in the company.

“The motivation is to move back and make most of the market. It is a good time to start up in India because you have a chance of building a real valuable company now rather than what was happening a year or two ago,” said Poddar.

Poddar is a graduate from Indian Institute of Technology, Kanpur and holds a management degree from Stanford.

HyperTrack is also close to hiring an engineer from Amazon who will be joining the firm in Delhi in the next 30 days, added Deorah, who declined to divulge further details.

The company has got Meena Srinivasan, formerly at fitness device maker FitBit, as its advisory chief financial officer and is looking to further strengthen its advisory board by signing on a couple of technology heavy hitters in the map space.

Last year, Deorah authored The Golden Tap: the inside story of hyper-funded Indian start-ups. Over the last 15 years, he has started and sold three companies. He is also an angel investor in over 20 companies in India and Silicon Valley. Deorah founded Chalo, a payments app which was acquired by OpenTable in 2013. Prior to that he founded Chaupaati, a phone commerce marketplace, sold to Future Group in 2010. He served Future Bazaar as president for over two years.

“I am a big believer of selling shovels in a gold rush. At a time when everybody is building consumer centric businesses, the company that makes software such as these to help them reduce costs and bring in efficiencies can be a billion dollar opportunity,” says Rohan Malhotra, co-founder Investopad, a start-up incubator.

This article was originally published in LiveMint



3 former Housing co-founders to launch a HR management startup

At the core of the solution, the three are looking to make use of semantic search, machine learning and big data to build the product.

Abhishek Anand, Sanat Ghosh and Ravish Naresh, all co-founders of Housing.com, are set to launch a product startup in the human resource management sector, a week after resigning from the Mumbai-based real estate portal.

“We want to leverage technology to bring the process of ‘recruiting’ completely online. By building a platform where we can help candidates and companies to discover, communicate and engage with each during the entire ‘recruiting’ process,” said Ghosh, a 26-year-old IIT-Bombay graduate who built the product team at Housing.

Anand, the former CTO at the real estate portal, said while building Housing, he realised that the “recruitment” process is broken at the fundamental level. “When we dug deeper, we felt that this is a big enough problem that can be solved by building an Internet product and no one in the industry has approached it in the right manner,” said the 24-year-old.

At the core of the solution, the three are looking to make use of semantic search, machine learning and big data to build the product.

The three engineers – Ghosh, Anand, and Naresh – plan to move to Bengaluru and bootstrap in the coming months until they build the product.

Of the 12 IIT-Bombay graduates who co-founded Housing, nine have now left the company. After the ouster of co-founder and CEO Rahul Yadav, none of the founders hold a board position.

Anand was responsible for scaling the technology team of over 200 at Housing and led its Data Science Labs (DSL) division. Naresh, 26, scaled Housing’s on-ground data collection model to top 20 cities and later built the sales teams.

Also read: Top 10 Indian Startups and how they took off

Housing, too, revamped its top management team to get more experienced talent on board. It made numerous additions to its leadership team, including Mani Rangarajan, chief financial officer; Nikhil Rungta, chief marketing officer; Nandini Mehta, general counsel; and Abhishek Hota, chief of staff.

In November, Housing said it would focus on its home buying and selling business and scale down its listings and rentals, commercial properties, short stays and land businesses.

Housing competes with CommonFloor, 99Acres and MagicBricks, owned by the publisher of this paper.

“Abhishek, Ravish and Sanat played an important role in building the foundation of Housing.com. They are moving out to pursue their new dream of starting another new ventur. I am sure what they undertake next will be as exciting as Housing,” said Housing CEO Jason Kothari.

This article was originally published in ET Tech



The theory of Indian startups

The startup story of India has fascinated everybody, starting from students to the Prime Minister of the nation. But the moment flyers are printed about entrepreneurship courses for the school going and are nicely tucked in daily newspapers, it is time for us to take a step back and understand the entire situation.

THE PAST: We all know that billions of dollars were infused in our country’s startup ecosystem, almost nearing a global outcry for massive returns from a highly populated country with English speaking citizens who fancy smartphones. We saw some heroes rising and creating stellar businesses. But there were some bad things as well.

Firstly, most of the startups were opportunistic rather than being real disruptors. Young Indians were scouting for ideas in the US that could be speedily recreated in India. Almost every other youth was consciously or unconsciously trying to emulate the Rocket Internet legacy. While some startups made relevant localizations to the foreign ideas, some did not. But overall it looked like a stampede of Indians competing with each other fiercely in the hopes of getting a multi-million dollar cheque. If one got it, one aspired for a bigger cheque. The VCs promoted it; they had their own agendas to run. So ultimately, while many companies were rationally correct in their individual standing, collectively we did unsatisfactorily.

If we look at our achievements, more than 80% of all startups remain in 3 cities. Even if we forget the collective dependency of these startups on the disposable income of the urban city dwellers, the benefits of these could not be passed beyond tier I cities. If we observe India, there are huge Bottom of Pyramid opportunities that we seem to have missed. We lived in our fantasy to cash on the ideas that originated in the West. India is different. Out of all the nations considered paragon of entrepreneurial excellence, India has the least per capita income (even after PPP), least internet penetration, least internet bandwidth, lowest life expectancy, very low quality of infrastructure and more bad things. So what do we have? India holds the promise of growth, explosive growth.

The penetration of internet growth is the highest, our literacy rate is rising and the middle income segment is fattening as we speak. So when we copy other successful ideas, we are trying to confuse absolute numbers with growth. The thing with growth is that it’s investment dependent and uncertain. So our disruption is supposed to be different from the Silicon Valley. When we hurriedly create companies that are based on successful models of the US firms, we nurture a hope to compete and that too on investor money, often assuming a perennial availability.

The technologies created in the foreign country have significant advantage because their models are not based on phenomenal labor force availability. This gives them efficiency. And when these companies enter India, they demonstrate that efficiency, which means that their survival in the game holds higher chances. But don’t we all know it now.



THE PRESENT: Having witnessed a bubble in 2000s, many experts have warned the investors and entrepreneurs about the possibility of a similar outcome in India. Consequently, all startups now have a single goal, to move from growth to profitability. While it is obvious that this is the right thing to do but it is far tougher than what we can imagine.

Changing a company’s strategy is not just about a change in pricing or mellowing down the discounts. It is far greater. All the business relationships need to be redefined or changed altogether. Employee mindset, company’s culture, business structure, contracts and many other things have to be changed with a focus on the minutest details. Going from growth to efficiency involves working on seven broad aspects. Starting from customer and market reach to fine tuning corporate strategy, a shift in company’s core objectives that too in a short span of time is a tough task.

Especially when all VCs seem to be working in unison and creating a scarcity of available funds that were easy to avail in the recent past. It is time for our startups to learn things from the mature companies and incorporate the best practices that make them successful. The transition is tough but is not impossible. The ones who can make this shift will be the ones who will succeed.

But in this entire episode of an artificial fiscal drought for entrepreneurs few good things have happened. Firstly the likelihood of obviating the conspicuous bubble has been increased. Startups have steered away from ‘growth only’ fallacy on time, at least so it looks like. Secondly startups are now orienting towards actual value creation and streamlining their efforts on creating sustainable businesses, which bodes well for India. Thirdly, this will create a bigger pool of domestic investors, primarily angel and series A which again is a good news for the community.

THE FUTURE: The future of Indian startups is bright, there’re no questions. In the realm of things happening today and that have happened in the past, the fledgling companies that can make a shift to a more operationally efficient model and generate profitability will be the ones that may emerge as leaders of tomorrow. The ones who cannot, might opt out of the game or will be absorbed by some of the stronger players. We will see some consolidation happening.

Starting from technology to operations there’s a lot of interdependency that startups have on each other, so it becomes important for few of the bigger startups to survive otherwise the whole thing may fall like a house of cards in the short term. But there’s a floating sentiment that the prudent investors will save the pivotal companies and the entire ecosystem will thrive.

Once we overcome this phase, there will be a paradigm shift in the startup culture, a shift that’s very good. We will have entrepreneurs focusing on profits, which will ultimately need them to harness the opportunities and potentials that exist in India. Accordingly, we will see innovation in agriculture, healthcare, manufacturing and education too. All these areas, as rightly envisioned by the Startup India plan of our PM, are essential for the long term growth of the country. If Startup India plan sees the light of the day, we will have the right attitude and skills imparted to the youth of the country.

Lastly and most importantly, there are further opportunities that await the entrepreneurs of tomorrow. Starting from the Digital India drive to the success of JAM (Jan Dhan Yogna, Aadhar card, Mobile) there will be myriad opportunities.

As JAM becomes successful we will have a good infrastructure to reach a much higher proportion of population, interact with them and work with them. This will open many doors. Once that happens, money will flow in while startups will be efficient and hence hopefully flourishing.

This article was originally published here



Top 10 Indian Startups and how they took off

Here is a list of top 10 Indian startups that are riding the startup wave, and how they started.

The year 2015 was a definitive year for the Indian internet industry. As the economy continued to grow at a healthy 6-7%, the sluggish Chinese economy meant investors are looking at India with renewed interest. Nobody cashed in bigger than the e-commerce players.

Experts believe that while the Indian e-commerce market is currently pegged at $5 billion, the figure might leap to as much as $40-50 billion by 2020. A 2015 PwC report even states that Tier 2 and 3 cities have seen 30% to 50% rise in transactions.

With the rural and semi-rural markets catching up to the trend, no wonder the likes of internet startups are pulling out all their stocks to acquire customers with hefty discounts and schemes. However, while all this might seem very recent, it all started a while ago.

Here is a list of top 10 Indian startups that are riding the startup wave, and how they started.

1. Flipkart

This Bangalore-based e-commerce company is already registered in Singapore. Sachin and Binny Bansal launched it back in 2007, and the company now has launched its own product range under the brand name ‘DigiFlip’! Flipkart is currently one of India’s largest e-commerce players.

2. Snapdeal

Online marketplace Snapdeal was started by Wharton graduate Kunal Bahl and IIT Delhi guy Rohit Bansal. The company now has top investors like SoftBank onboard and is the biggest local rival to Flipkart.



3. Paytm

This Indian e-commerce company is based in Noida, India. Launched in 2010, Paytm has expanded to mobile recharges and bill payments, e-commerce, bus travel and even online deals. It is giving Flipkart and Snapdeal a run for their money.

4. OlaCabs

OlaCabs, commonly called Ola, is India’s home-grown transport network company. Launched as an online cab aggregator in Mumbai, this Bangalore-based startup is among the fastest growing online businesses currently. It is also India’s answer to global taxi giants like Uber.

5. Oyo Rooms

Touted as India’s largest branded network of hotels, OYO Rooms currently operates in more than 160 Indian cities.

This company, founded by a rather young founder-CEO Ritesh Agarwal, has been branded as one among the next start-up unicorns. It is backed by investors like Softbank Group and Sequoia Capital.

6. Zomato

This restaurant search and discovery service was founded by Deepinder Goyal and Pankaj Chaddah. It also provides cashless payment, online ordering, table reservation, and point-of-sale systems.

Users have access to restaurant contact details, scanned menus and photos sourced by local street teams. User reviews and ratings also help.

It currently operates in 23 countries, including India, Australia and the United States.



7. ShopClues

This online marketplace in currently based in Gurgaon, India. It was founded in California’s Silicon Valley in 2011. It came to India as the 35th entry in the Indian e-commerce space and now has over 12,000 registered merchants, 2,00,000+ products and over 42 million visitors every year across 9500 locations in the country.

8. Practo

Practo is a comprehensive health app. It currently has over 1,00,000 doctors listed from over 310 Indian towns and cities. It has over 1.3 million pageviews and 30,000 appointments booked every month, with traffic growing at 24% month-on-month.

The company has seven offices, in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune and Singapore.

9. UrbanClap

UrbanClap is an online platform that helps customers find and hire service professionals. The idea is really picking up amongst India’s nuclear families, tanks to the ease it offers.

10. Lenskart

Lenskart is an online eyewear portal founded by Peyush Bansal along with Amit Chaudhary and Sumeet Kapahi. They currently sell prescription eyeglasses, sunglasses and contact lenses.

The company has self owned and franchise stores across India.

This article was originally published in Business Insider India.



10 Powerful quotes from Indian entrepreneurs that will empower you

Here are ten powerful quotes from Indian entrepreneurs that will recharge your energies and once again encourage you to dream big!

Oprah Winfrey was right when she said, “Don’t worry about success. Worry about being significant and the success will naturally follow”.

Here are ten powerful quotes from Indian entrepreneurs that will recharge your energies and once again encourage you to dream big!

1.

Crackverbal is a startup offering GMAT and GRE coaching and application services.

Author’s Take: What Arjun said is absolutely true. When I got the chance to work on an arts and crafts startup, my first day at work entailed safai, jhaado and duster intact! There is no peon going to hand you chai in the initial days of your startup, so be prepared to take on the fancies and the frivolities, both with equal responsibility.

2.

Saumil Majumdar is personally engaged with over 100,000 children, 50,000 parents and over 200 schools in the sports domain over the last decade. He is an alumnus of IIT Mumbai and Indian Institute of Management, Bangalore.

Author’s Take: Many business owners boast about the turnover of their enterprises, but according to Saumil, rightly, the word reeks of vanity. Profit is still a more realistic interpretation of how a business is performing. But the real thing is definitely the cash.

3.

What: Freshdesk is a cloud-based customer support software that lets you support customers through traditional channels like phone and email. It serves some 30,000 customers worldwide including Hugo Boss, UNICEF, Good Reads, University of Pennsylvania, etc.

Author’s Take: Girish’s comments once again remind us of the need to be good to others, even if you are exceptional at what you do.



4.

Venture Partner, Seed Fund; Advisor at Ojas Venture Partners, Sanjay has over 25 years experience as entrepreneur, corporate executive, venture capitalist, angel investor, teacher, advisor and mentor. He is an advisor to early stage funds and also overlooks a social fund.

Author’s Take: Any entrepreneur who is more interested in the money than his own vision of his product is not a true entrepreneur. When you are pitching to VCs or even to a customer, what you should sell is not just the product, but your vision, your dream.

5.

Kalpana Rao of Pari’s created a specialty store in Bangalore that deals in clothes made up of natural, environment-friendly dyes.

Author’s Take: For all those who sometimes get bogged down in the long, tiresome and lonesome journey of entrepreneurship, this one is for you!

6.

RJS is a leading game and app development company based out of Kolkata, India.

Author’s Take: Involve customers and your social community whenever you can. One reason why the AAP was hailed as a disruptive political party when it started was that it involved its supporters whenever it could. Learn from that.

7.

For those awesome companies that want to attract the finest minds and play the game beyond HR, plugHR drives hiring, motivation and performance, and automates people management in minutes. It also innovates for culture development in organizations.

Author’s Take: Any organization that really wants to succeed loses or wins half the battle if it is able or not able to hire the right talent. Therefore, don’t just account the experience and qualifications of the person, peer inside and try to hire him for the person that you make of him.



8.

Practo is an innovative health startup which schedules appointments of patients with doctors online. Practo’s technology significantly improves patient experience and allows better functioning of clinics.

Author’s Take: As a new startup, you should polish the product and make it such that customers are themselves pulled by the magnetism of the product. A sales officer/team should be set up only to scale operations later.

9.

GoodWorkLABS is a new-age boutique software lab offering solutions in Software Development, Mobile Apps and Games, UX and UI Design and enterprise solutions.

Author’s Take: The home loans, car loans and other things your batch mates and colleagues are managing will be a struggle for another day’; for now, you’ve got a baby at hand!

10.

Vaatsalya is an award winning social enterprise, focused on building a network of hospitals in Tier II and Tier III towns in India.

Author’s Take: Be a firm believer in the adage that winners aren’t those who never fall, but those stand up and fight again!

 

This article was originally published in MensXP.com

Image credit: www.albaniperfumes.com





Government launches portal, mobile app for startups

The Department of Industrial Policy and Promotion(DIPP) on Thursday launched a portal and mobile app through which start-ups can gather all latest updates on various notifications, circulars issued by various departments and different funding agencies.

The Department of Industrial Policy and Promotion(DIPP) on Thursday launched a portal and mobile app through which start-ups can gather all latest updates on various notifications, circulars issued by various departments and different funding agencies.

Secretary in the DIPP, Ramesh Abhishek said the portal and app were launched as an integral component of an action plan.

He said it would also provide information regarding incubators and funding agencies recognised for the purpose of recommending startups as part of startup recognition application.

He also said that the ‘Startup India Hub’, which has been established within Invest India, will be a single point of contact for the entire start-up ecosystem which would enable exchange of knowledge.

“The hub will work in a hub and spoke model with governments, VCs, angel funds, incubators, mentors. It will assist startups through their lifecycle, on all aspects, such as providing mentorship, incubator facilities, IPR support, funding,” he said.

Abhishek said a real-time recognition certificate will be available for download upon completion of the application process. Similarly, small and medium enterprises and start-ups, especially in the communications technology sector, would be able to take advantage of the IPR portal.

Start-ups will also be able to find information regarding various notifications issued by government ministries and information about incubators and funding agencies.

Entities that fulfil the criteria as per the definition of startup and are incorporated/registered in India, can obtain recognition as a startup to avail various benefits listed in the Startup India Action Plan.



“Start-ups have to pay only statutory fees, which is minuscule,” he said, adding the hub would start working from Friday. He added that while the fund was already declared in the Budget and accordingly Rs 2,500 crore each year would be released over next four years to SIDBI. All the tax benefits will be extended to budding entrepreneurs after the passage of the Finance Bill.

“The process of recognition is simple and user friendly and involves a single page application form that a user can fill either through a web interface or through mobile app.

Formats of the recommendation/support letters that need to be attached as part of the application form have been published on the portal and mobile app,” he told reporters here.

Abhishek said that a real time recognition certificate is provided to startups on completion of the application process.

“A digital version of the final certificate of recognition is available for download, through the portal and mobile app. A request for certificate of eligibility for tax exemptions from Inter-ministerial Board will be made simultaneously by selection of a simple option,” he added.

DIPP has also set up an Inter-Ministerial Board to verify the eligibility of startups opting to avail tax and IPR related benefits and to provide a certificate of eligibility to innovative startups.

“The board will not take much time to verify. It will happen at a faster pace,” he said.

The board would meet every week. The DIPP is also holding consultations with the Ministry of Corporate Affairs regarding digital signatures.

According to the FAQs of the DIPP, where a recommendation is issued by an incubator without proper examination or without itself satisfying about the innovative nature of the business it shall be “blacklisted” from giving any future recommendation or receiving any benefit from government

This article was originally published in knowstartup.com

Image credit: bigstartups.in



How to start a business in India successfully

Are you interested in doing business in India? Do you want to start a business in India? If yes, there you have it; the steps you would need to follow if you want to start a business in India.

India is the next big business flash point after China. Why? The reason is because of rapidly growing economy and a massive population; which is second only to China. Are you interested in doing business in India? Do you want to start a business in India? If yes, there you have it; the steps you would need to follow if you want to start a business in India.

Choose an Industry: If you want to start your business in India, the first thing that is expected of you to do is to choose an industry where you would want to build a business in. There are several highly thriving industries in India and it is expected that you decide on the industry to build your business based on your area of strength. For example, the I.T. industry is one of the thriving industries in India and there are countless numbers of business opportunities available in the industry.

Conduct Your Feasibility Studies: Once you are able to make up your mind on the industry to build your business, the next step that you are expected to take is to conduct feasibility studies. India is a unique country when it comes to setting up businesses; a business that can thrive in one region will likely fail big time in another region. So, you are expected to conduct your own feasibility studies in the region you intend starting your own business.



Write Your Business Plan: Irrespective of what part of the world you intend starting your business, the norm is that you are expected to write a workable business plan before launching the business. Consequently, if you are starting a business in India, you are also required to write a business plan. The truth is that without a good business plan in place, you are likely going to struggle to build a business from the scratch in India. The competition amongst entrepreneur is much in India; every business owner would want to outsmart their competitors. That is the reason why you need to draft a workable business plan that has unique business strategies.

Register Your Business: As it is required in most countries of the world, you cannot legally operate a business in India without registering the business with the government. If you run a business that is not registered, there is a limit to the height the business can grow to. The ministry of corporate affairs is in charge of registering business in India, so you are expected to visit their office to make enquiry of the requirements needed if you want to register a new business in India. Basically there are four categories of company registration in India you will be required to choose from any of them when you want to register a new business in India. The categories are: Indian Company, Part 1 Company, Section 8 Company and Foreign Company. The various application forms are available for free download in the official website of the Ministry of Corporate Affairs, India.

Join Professional Networks: One of the means you would need to survive as startup in India is to join professional networks. Any business built in isolation will struggle to survive in India that is the reason why people look for professional organizations and enroll as a member. The benefits you stand to gain when you join a professional network in your industry are unlimited. Thus, ensure that you look for relevant professional organizations to join once you start your business in India.

Create a Professional Website for Your Business: The average Indians are internet savvy, so if you intend starting a business in India, you must ensure that you open a professional website for the business. When you have a professional website for your business, it makes it easier for people searching online for businesses to locate your businesses. It is also important to create a platform where people can purchase your goods online. E – Commerce is in vogue in India and if you must do pretty well with your business in India, you must create room for people to purchase your goods online and get it delivered to them.



Also read: 10 Things Entrepreneurs Must Avoid While Starting Their Ventures In India

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