According to Bobby Murphy, global chief technology officer (CTO) of Snapchat, the augmented reality (AR) developer ecosystem in India has expanded by over 50% over the last two years. Murphy added that the nation produced the most lenses posted on Snapchat while speaking at the second annual India AR Day in Mumbai. For those who are unaware, lenses are augmented reality experiences that show up within the Snapchat camera.
India is the country with the most lenses published on Snapchat out of all others. Additionally, within the past two years, the developer community has expanded by more than half. “India is a remarkable nation where AR has permeated everyday life,” Murphy added. The business claimed in a statement that over 3.75 lakh developers have created over 4 million AR lenses as part of its worldwide AR developer network.
Developers Pooling in from Metros as Well as Small Cities
According to Snapchat, the state capital and other Indian regions, including Goraya, Prayagraj, Cochin, and Ambala, are home to the company’s AR developers. According to Pulkit Trivedi, managing director (MD) of Snapchat India, the nation is home to over 200 million Snapchat users. “A vibrant community of developers and innovators in India is influencing the direction of augmented reality.
We think a robust developer ecosystem is essential to AR’s long-term success, and we’re still steadfastly dedicated to building this active community,” Trivedi continued. The social media giant further explained its focus on India by stating that it trained developers to create their first AR lenses by holding events like “Lens Studio meet-ups” in places like Surat, Coimbatore, Rajkot, Trichy, Trivandrum, and Gwalior. More than 6,000 AR developers reportedly attended the 120 “meetups” that Snapchat conducted in 2024.
Revealing the Spectacles AR glasses
Additionally, Snap showcased Spectacles, its fifth-generation see-through augmented reality spectacles, which were initially introduced in the US in September 2024. Snap OS, a brand-new operating system created just for the social media network to power its next AR products, powers these AR spectacles.
Without the need for controllers, the operating system’s natural interface puts the main menu in the palm of the user’s hand using their hands and voice. Currently, the company’s AR authoring software, Lens Studio, only allows developers to access it through the Spectacles Developer Program.
Additionally, Snap and OpenAI have teamed up to give developers access to multimodal big language models, which will make it simple for them to create lenses that can detect items in their environment and provide additional information. According to Jayashankar, they make heavy use of GenAI to assist non-developers or inexperienced developers in becoming Lens makers by merely prompting them to publish. Along with workshops and events, the firm also hosts Lensathons, which are hackathons in which developers collaborate with Snap specialists to create lenses or improve the Spectacles and expand the platform’s experiences.
According to reports, Aakash Education Services Limited (AESL) and its majority investors have requested the National Company Law Tribunal (NCLT) to deny Glas Trust’s request to join a lawsuit that aims to prevent the coaching chain from taking away the minority owners’ reserved rights. The coaching division of struggling edtech BYJU’S, private equity (PE) firm Blackstone, and Ranjan Pai’s Manipal Education & Medical Group presented the argument to the tribunal on February 12, according to a media report.
This occurred during the NCLT’s consideration of a petition from Aakash’s minority shareholders, who assert that the coaching chain is attempting to “remove their rights” and grant special rights to Manipal Education & Medical Group (which holds a 40% stake in AESL). However, since the insolvency-plagued edtech firm is a minority shareholder in Aakash, Glas Trust, which represents BYJU’S’s US-based creditors, wishes to be a party to the case. As both parties (AESL and minority shareholders) had made their cases during the hearing, AESL’s attorney reportedly asked the tribunal to postpone making a decision.
Argument Presented in Front of NCLT
The motion was denied by NCLT, which stated that Glas Trust had not yet presented its case. According to reports, Aakash’s attorney, CK Nandakumar, contended that they waited until the session was almost over before saying, “No, no, we have something to say.” They ought to have spoken sooner if they had anything to say. “They have nothing to do with me,” he added. Why are they delaying the hearing on my vacate application if that is the case? Regarding this case, this individual is an absolute stranger.
According to reports, senior counsel Srinivasa Raghavan, speaking on behalf of Glas Trust, contended that BYJU’s insolvency process would be impacted by the withdrawal of minority shareholder rights because the edtech firm would “lose control” of its lucrative affiliate (AESL). “The representative of Think & Learn (BYJU’S parent) must give their explicit assent to every board resolution.
Only with the presence of a Think & Learn representative can a quorum be created for each shareholders’ meeting. According to reports, Raghavan stated before the NCLT, “Now, the entire set of articles that control Think & Learn over Aakash is being sought to be removed.”
Further Argument on EGM
The extraordinary general meeting (EGM) held by Aakash in November 2024 was also questioned by Glas Trust’s attorney at the hearing, who claimed that the resolution adopted there was void. Citing his justification, Raghavan argued that because the edtech was already in the insolvency process, the promoters of BYJU’S attended the EGM on behalf of Think & Learn rather than the resolution specialist. In response, the NCLT asked Aakash to describe how the resolution was approved despite an unauthorised individual attending the meeting.
E-commerce giant Amazon has begun implementing its 10-minute delivery service, Amazon Now, in a few Bengaluru pincodes, weeks after testing it internally with staff members. According to a media report, which cited people with knowledge of the situation, the corporation plans to extend its rapid commerce services into further regions in the upcoming weeks. According to the report, this rapid commerce platform, which was internally dubbed “Tez,” is interacting with companies in the kitchen, home, and beauty sectors as part of its strategy to expand its business.
Many merchants are negotiating to join Amazon, and once they stabilise everyday necessities and groceries, these players should be starting their trade by March or April. According to a senior executive from a company that sells its goods on well-known rapid commerce platforms, “Beauty and home are the next focus areas,” the report stated.
Giant Testing Waters of Quick Commerce Sector
According to an Amazon representative, the company has always prioritised providing customers with a large selection together with quick and easy shipping. This limited pilot in a few Bengaluru pin codes is an experiment to deliver even faster speeds on a selection of daily necessities from our vendors that customers frequently require immediately. The brand is constantly evolving to give customers even more value. It should be noted that the e-commerce behemoth first told a number of media outlets that it had started testing Tez in December, using its staff in a few Bengaluru pincodes.
In the meantime, Amazon has started selling daily necessities and foods through Amazon Fresh. The business stated in November of last year that it was refocusing its efforts to increase order deliveries in 20 to 30 minutes. Its food delivery division stated at the beginning of 2024 that it had expanded its footprint to 130 cities, including Ambala, Aurangabad, Hoshiarpur, Dharwad, and Una. After rival Flipkart launched “Minutes” in August of last year, Amazon appears to have entered the rapid commerce arena late, recognising the opportunity to increase its client base and hold onto market dominance.
India’s Quick Commerce Race has Just Begun
Notably, this trend occurs at a time when well-established rapid commerce operators have begun to grow their dark shop count and reach tier II and III cities due to increased rivalry from up-and-coming labels in the market. Zomato, a prominent player in the foodtech industry, announced earlier this year that it has made significant investments in its rapid commerce, with the goal of building 2,000 dark shopfronts by December 2025.
Since 2023, when it stopped operating in more than 200 places, Zomato has been slow to expand. Conversely, Swiggy became optimistic about tier II and tier III towns and even launched its 10-minute meal delivery service in 400 cities.
After receiving an overwhelming response from young entrepreneurs across the country, the WTFund unveils its latest cohort of 9 groundbreaking startups, reaffirming its mission to fuel the next generation of risk-takers.
Bengaluru, February 13, 2025: WTFund, India’s pioneering initiative for entrepreneurs under 25, led by investor and entrepreneur Nikhil Kamath, has unveiled its second cohort of 22 trailblazing founders. WTFund provides up to Rs 20 lakh in grant funding, along with mentorship and strategic partnerships, to help startups scale their impact.
By democratizing access to opportunities, WTFund has become a launchpad for first-time founders, fostering a culture of innovation, resilience, and learning. Committed to bridging critical gaps in India’s startup ecosystem, it continues to empower young entrepreneurs to build, grow, and succeed on a global stage.
“Entrepreneurs can build at any age, but there’s something about being young—the audacity, the relentless energy, the willingness to take risks before the world tells you otherwise. WTFund exists to fuel that spirit. More than just capital, founders need a launchpad—access to mentorship, networks, and the freedom to execute big ideas. With Cohort 2, we’re backing founders who aren’t just dreaming of change but are actually building it. The future belongs to those who take the leap, and we’re here to make sure they don’t have to do it alone.” said Nikhil Kamath.
From Vision to Impact: The Founders Leading Cohort 2
WTFund attracted applications from 50+ cities, spanning all tiers and remote areas, reflecting the depth of India’s entrepreneurial talent. The second cohort brings together solutions across Tech/SaaS, D2C, EdTech, FinTech, HealthTech, AgriTech, and CleanTech, driving innovation at scale.
The applications also demonstrated that a clear mobile-first mindset runs across all tiers – Tier 1 startups are pioneering AI/ML-driven B2B solutions, while Tier 2 and 3 founders are building vernacular-first B2C innovations tailored for India’s diverse markets. These entrepreneurs are not just solving local challenges but creating globally scalable solutions, proving that India’s grassroots innovation is ready to make an impact on the world stage.
The second cohort showcases nine exceptional startups, each bringing innovative solutions poised to make a significant impact. They include:
Startup
Description, Founders, SDG Alignment, and Impact
Nasadya (H2ive)
Founded by Chaitanya Gulati, Subhechchha Paul, and Suhani Mohan, Nasadya develops advanced solid-state hydrogen storage solutions for safer, more affordable, and more efficient industrial energy use.
SDG 7: Affordable & Clean Energy – Enabling widespread adoption of hydrogen as a sustainable fuel.
InnerGize
Founded by Shalmali Kadu, Sidharth Bhargava, and Mitansh, InnerGize offers a wearable device that reduces chronic stress and anxiety using non-invasive technology.
SDG 3: Good Health & Well-being – Making mental wellness accessible with a clinically validated, on-demand relaxation tool.
Armatrix
Founded by Vishrant Dave, Prateesh Awasthi, and Ayush Ranjan, Armatrix develops industrial robotics, including flexible robotic arms for hazardous environments.
SDG 9: Industry, Innovation & Infrastructure – Enhancing worker safety and operational efficiency in high-risk industries.
Drnk
Founded by Raj Thakkar and Aryan Gandhi, Drnk provides affordable specialty beverages with a strong community-driven brand experience.
SDG 12: Responsible Consumption & Production – Redefining the beverage industry with sustainable, healthier options for Gen Z and Millennials.
Neoperk
Founded by Satyendra Gupta, Neoperk is an AI-powered soil testing solution that improves agricultural productivity and sustainability.
SDG 2: Zero Hunger – Helping farmers reduce input costs and increase yield quality by 15-20%.
ReferRush
Founded by Vikram Pai and Rohan Verma, ReferRush is a multi-channel referral program platform for eCommerce brands.
SDG 8: Decent Work & Economic Growth – Driving sustainable business growth through AI-powered customer engagement.
Modus AI
Founded by Sunit Gautam and Somesh Lund, Modus AI is an AI-driven fraud detection system for financial institutions.
Founded by Aayush Kumar and Prakhar, Bytes offers an AI-powered Advanced Driver Assistance System (ADAS) for two-wheelers.
SDG 3: Good Health & Well-being – Reducing road accidents by improving two-wheeler safety.
Ai.gnosis
Founded by Raksheet Jain and Divyansh Mangal, Ai.gnosis is an AI-based developmental screening tool for early autism detection.
SDG 4: Quality Education – Enabling early intervention for neurodivergent children, improving long-term outcomes.
About WTFund
WTFund is a fund designed to empower young entrepreneurs under 25 by providing early-stage grants, mentorship, and resources. Led by Nikhil Kamath, WTFund backs founders solving critical real-world problems across sectors like health tech, energy transition, AI, and space tech, helping them scale without immediate dilution pressures. WTFund’s vision is to democratize access to funding and foster a new generation of bold, risk-taking entrepreneurs shaping India’s future.
Engineering businesses are related to building and implementing an engineered solution to a real-world problem. Unlike eCommerce businesses, engineering businesses need large capital infusions and abroad markets. With the increasing consumer economy, a large number of businesses require new and innovative solutions in manufacturing. With the right mix of design and innovation, such markets can be identified and dominated to create multi-million dollar businesses. However, if you are looking for some great engineering business ideas or engineering startup ideas then you have landed at the right place.
3D printing involves recreating products using a raw material fed into a machine that cuts a 3D design into an actual, real prototype. This is one of the works that is highly innovative and is a need of the hour. Many people seek the services of 3D printing to make samples, prototypes, or even actual commercial products. It is one of the best engineering business ideas.
3D printing services can generate huge profits due to large margins since it is a premium service. Currently, this field is unexplored due to the high capital infusion for the machinery involved and due to the lack of companies making quality 3D printers. 3D printers are yet to see engineering innovative ideas that can boost business in this segment. Chizel is one of the startups that provides 3D printing services.
This business is very profitable to begin because cookware utensils are needed in daily life to make food that is free from being charred. Nowadays, a large percentage of people turn to non-sticky cookware even for a higher premium because of the utility it offers. Hence, this is a viable business requiring engineering solutions.
Moreover, non-stick cookware has more benefits than other cookware as it consumes less oil and food is healthier when cooked in this type of cookware. Furthermore, if you explore more in this business segment then you might be going to have a win-win business model waiting for you.
Solar Panel Installation
Solar Panel Installation
Electricity can be generated from solar energy using solar panels. Solar energy is the need of the hour with the world’s increasing need for energy and the non-sustainability of fossil fuels to fulfill this need. On the other hand, solar panels can transform sunlight into electrical energy, which is renewable, sustainable, and non-depleting.
This is one of the best electrical engineering startup ideas or electrical engineering business ideas which makes the manufacture and installation of solar panels at homes and workplaces a great engineering business idea so that people can easily produce their own, clean electrical energy without having to pay the surmounting electricity bill each month and reducing the dependency on the depleting fossil fuels. However, this would bring down pollution and will further reduce costs overall.
Automobile-Repair Shop
Automobile Repairing Business – Mechanical Engineering Business Ideas
With the increasing urbanization, the number of people buying their own automobiles is at an all-time high, and this is increasing with every passing moment. With the advent of eco-friendly solutions like Tesla, the world is on the verge of a new automobile revolution.
With the increasing number of cars and motorbikes being sold, an automobile repair shop is a viable engineering business idea that can actually help people cater to their automobile repair needs.
Household Appliances Manufacturing – Electrical Engineering Business Ideas
Household appliances such as coffee makers, toasters, vacuum cleaners, tools, and other appliances are a part of everyday urban life. A business making home appliances will greatly benefit you when you can prove to them that the equipment that you can create functions properly and has greater benefits. People will prefer these innovations compared to their older models and shall adapt to the innovative, new version of the old equipment.
Engineering Consultancy
By having expertise in engineering, one can set up an engineering consultancy firm. This is one of the least capital-intensive engineering businesses and one can join with other engineers and employ them to grow the business and gain quality clients by providing value to them with expertise in the technical field, making it one of the low-investment business ideas for engineers.
Engineering consulting firms may require Engineers from multiple disciplines including Civil, Structural, Mechanical, Electrical, Environmental, Chemical, Industrial, Agricultural, and others. This diversity may be necessary to cover a wide variety of potential projects that could be presented to the firm.
Weighing machines are needed in various fields such as manufacturing, retail, and logistics. Even households require weighing machines for their own domestic requirements.
There is a constant need to know the exact weight of many items, e.g., food, ingredients for production, pharmacology, chemistry, technology, etc. This makes it a viable business because there are varied customer groups who would be interested in buying this machine, customized according to their needs.
Mining Equipment Manufacturer
Mining Equipment Manufacturer – Engineering Business Ideas
There are only a few companies that work in the field of mining equipment manufacturing due to the high complexity and the engineering dexterity involved in the same. Mining equipment includes mining drills and tools, earthmovers, crushing equipment and machines, feeding & conveying equipment, and others.
Furthermore, the adoption of various technologies such as automation and IoT is reducing labor costs and operational time associated with mining activities, this, in turn, is expected to increase the demand for innovative mining equipment. In addition, the growing consumption of natural resources, such as coal, diamond, and uranium, and the increasing need for mineral fertilizers to improve agricultural yield supplements are major factors expected to increase the demand for the global mining equipment market.
With the right expertise, innovations, and capital, one can make world-class equipment and bring value to large-scale corporation clients that operate in this engineering-intensive field.
Fitness Equipment Manufacturer
Fitness Equipment Manufacturing – Engineering Business Ideas
Worldwide, the rise of obesity and the incidence of weight-related health problems such as diabetes, hypertension, and heart disease increases health concerns and drives the use of fitness equipment.
This makes a quality fitness equipment manufacturing business with a clear differentiator, a strong business that is scalable as the urban population is happy to invest in fitness equipment even at premium prices. This helps people to train at the convenience of their own homes as auxiliary training to their regime at the gym.
Training School
The training school is the best business for engineers as it is the right place to coach kids who have expertise in the field of engineering. Such schools help students to practice both theories as well as with hands-on experiments, making the students gain valuable real-life insights.
As a trainer, one contributes greatly towards shaping students who are intelligent, and competent in their field and are trained to become innovators in their fields. This can provide benefits to them to prepare them for their professional careers and create disruption in their fields.
Starting an LED light production business is a promising engineering business idea that requires a modest initial investment. It’s important to research the market to understand current trends and demands before launching your venture.
Recycling of E-Waste
Starting an e-waste recycling business not only helps you earn money but also protects the environment from harmful substances. The goal of this engineering business idea is to turn electronic waste into useful raw materials like valuable metals, plastics, and glass using simple and affordable methods. This makes the materials valuable for both industrial and social use.
Welding Station
Welding Station – Engineering Business Ideas
Starting a welding shop with a mobile facility is a profitable engineering business idea. It allows you to offer on-site welding services for industries like construction and automotive repair. To succeed, you need a strong drive and enjoy interacting with people. Building good client relationships and providing high-quality, flexible services will help you stand out in the market.
Manufacturing of Nuts and Bolts
Nuts and bolts are essential industrial fasteners used across many industries. Starting a small-scale nuts and bolts manufacturing business is a great engineering business idea because it requires a comparatively low initial investment. It is one of the small-scale and low-investment engineering business examples.
Computer Assembler
Starting a computer assembling business is a great engineering idea for those knowledgeable about computer hardware. It requires a relatively low initial investment and allows you to build custom PCs. Many consumers prefer high-performance, custom-built computers over expensive branded ones, making this a potentially lucrative venture.
Manufacturing of Aluminium Doors & Windows
Manufacturing Aluminum Doors & Windows – Engineering Business Ideas
One of the top engineering business ideas is in the construction sector, focusing on aluminum doors, windows, and other metal fabrication products, which are currently in high demand. With continuous advancements in technology, these materials offer greater durability and a modern aesthetic compared to traditional options like wood or iron. This business can be launched with a 1,000-square-foot workspace, catering to both residential and commercial customers.
Manufacturing Generators
A generator serves as a reliable alternative power source during outages by converting mechanical energy into electricity through electromagnetic induction. This makes it an ideal engineering business opportunity, especially for mechanical engineers. Manufacturing generators can be considered one of the most reliable small business ideas for engineers.
Distribution and Installation of Machinery
Machines have become an essential part of daily life, playing a crucial role in various sectors such as retail, construction, transportation, and manufacturing. Different industries rely on specialized equipment to operate efficiently. You can start an engineering business by distributing and installing these machines in your area, but it is advisable to focus on a specific niche for a strong market presence.
Basically, to start any business a person needs passion and constant dedication. A person should be able to identify the specific demand and the target customers for his products and services. We hope this list of engineering-related business or engineering business opportunities will help you to start your own business.
FAQs
Can an engineer become a businessman?
Having an engineering degree will provide many different job opportunities. One of those career possibilities includes becoming an entrepreneur. Starting a new business can be quite challenging. However, an engineer possesses a few characteristics that will make the transition a bit easier.
How to start an engineering business at home?
Work out what you have to offer to the market, and make sure there is a niche for your company. Define your value proposition before you create your engineering consulting business plan. Think of it as the starting point from which you will develop the firm. Write it down and make your value proposition your mantra.
What are some best startup ideas for engineers?
Some startup ideas for engineers or business ideas for engineering students in India:
Nuts and Bolts Manufacturing.
Solar Panel Installation.
Product Assembly Service.
Mechanical Engineering Consultancy Firm.
Supply Chain Management.
Chemical Industry Machines Designing.
CNC Machining Business.
E-waste Recycling, etc.
What are the start up ideas for engineering students?
Engineering students can explore startup ideas such as machine operations, electrical generator services, metal fabrication, and equipment distribution, catering to industries like construction, retail, and transportation.
What can be small engineering business ideas?
Small engineering businesses can focus on 3D printing, CNC machining, metal fabrication, and renewable energy solutions. Other ideas include automation, IoT services, machine repair, CAD design, and electronics repair. Manufacturing aluminium doors and windows or offering technical consulting are also great options with strong market potential.
Which engineering is best for business?
The best engineering fields for business include mechanical engineering for manufacturing and automation, electrical engineering for power and electronics, and civil engineering for construction ventures. Computer engineering is great for software and AI startups, while biomedical engineering suits healthcare technology. Industrial engineering is ideal for process optimization and logistics businesses.
Exactly when smartphones became the devices that could do everything, the users started feeling the need to be excited and well-informed about the entertainment activities happening in their locality. Besides, with the world summed up on their mobile devices, they also began to search and explore what they could do and where they could go nearby.
Furthermore, they also started to filter the results on the basis of cost. All these searches have just multiplied over time, and with not many apps that are equally smart and convenient for the users, magicpin was started by two brilliant minds.
magicpin was co-founded by Anshoo Sharma and Brij Bhushan in 2015, and it is a major participant in hyperlocal retail. The platform, which links companies of all sizes with consumers, flourishes in the digital sphere and promotes mutual development. By using creative solutions, magicpin enhances the purchasing experience and becomes a significant player in the dynamic world of online commerce.
Read to learn more about magicpin, its founder, business model, revenue model, funding, revenue, growth, financials, net worth, and more.
To put it simply, magicpin is an online location intelligence platform that allows users to discover restaurants, fashion stores, spas, and fitness centers in nearby areas. Headquartered in Gurgaon, Haryana, magicpin is a platform for merchants and brands to engage and provide personalized offers to their customers.
magicpin – How does it work?
magicpin functions as a versatile platform that offers a dynamic user experience in addition to transactions. A thriving community is fostered by users receiving acknowledgment through likes, comments, and follows based on local activities. Customers are encouraged to spread the word via the referral chain, which highlights the distinctiveness of the platform. By promoting popular events and activities nearby, magicpin keeps users interested while facilitating discovery.
It encourages off-peak transactions, makes it easier for new and established shops to acquire potential customers, and gives savings through rewards programs that are specifically created. magicpin ensures frequent returns by improving client engagement with clever offers. Essentially, magicpin changes the transactional environment into a dynamic ecosystem that is advantageous to both customers and retailers.
magicpin – Industry
The ecommerce market is expected to increase significantly. According to a Statista report an expected 11.45% annual growth rate from 2024 to 2029, which would result in a projected market volume of $101.90 billion by 2029, supports this encouraging trend even further.
These forecasts demonstrate the e-commerce industry‘s enormous potential, which is being fueled by changing customer tastes and technological advancements. In the years to come, there will be plenty of opportunity for innovation and growth in the e-commerce sector as companies continue to adjust to customer behaviors and digital trends.
magicpin – Founders and Team
magicpin is co-founded by Anshoo Sharma and Brij Bhushan.
Anshoo Sharma (Co-Founder and CEO) and Brij Bhushan, Co-Founders of magicpin
Anshoo Sharma
magicpin Co-Founder and CEO Anshoo Sharma had more than 15 years of professional experience in investing, consulting, and tech roles across India and the USA when he founded magicpin. He was the second person on Lightspeed’s India team, where he spent close to 6 years and led or was actively involved with nine investments.
Anshoo was at Bain & Co. for around four years before Lightspeed. He joined Bain in Boston and was a part of Bain’s early team in India, where he was an advisor consultant. Anshoo graduated from IIM-Ahmedabad, and before that, he worked at Motorola and Hughes Software (Aricent) in product and technology roles for 3 years. Outside of work, he enjoys spending time with family, driving, music, and movies.
Brij Bhusan
Brij Bhusan Co-Founder of magicpin, had spent a large part of his professional life where he was closely involved in the start-up ecosystem with Nexus as an investor and leadership role at an early-stage start-up before that. Even he spent around 4 years at Bain & Co.’s India and USA office after graduating from IIM Bangalore and had been in technology-related roles before that.
Brij is quite passionate about problem-solving and building things from scratch. Outside of living his dream of building magicpin, he likes to spend time with his family, followed by traveling and reading.
Abhishek Awasthi is a founding member of magicpin who was closely aligned with the team soon after the company was founded. Awasthi was serving as the Senior Vice-President of the company till August 2022.
magicpin has various products and services; some of the prominent ones are:
Velocity
magicpin, a hyperlocal delivery firm, has launched its delivery-as-a-service vertical, Velocity, to handle 100,000 orders per day, as per a news report from March 13, 2024. With 5,000 orders handled daily, the company wants to address the issues in the fragmented logistics market, where uneven demand patterns have prevented any third-party logistics (3PL) supplier from becoming the market leader.
45-minute pharmacy delivery service
In an effort to expand into new markets, magicpin introduced a 45-minute nationwide pharmacy delivery service for hyperlocal retail on June 1, 2022. The service’s quick delivery and user-friendly interface are intended to raise the bar for the pharmacy industry.
magicpin – Business Model
The foundation of magicpin’s business model is finance, mostly from brands and retailers. Through customized offers, the platform provides a means for brands and merchants to interact with customers.
For businesses produced with magicpin, they pay a per-transaction cost in addition to a platform fee. The company highlights that it is a technology- and data-driven enterprise and that it has a capital-efficient cost structure that allows it to scale operations to a large customer and merchant base without experiencing severe cost inflation.
By documenting the amount spent and the things eaten, magicpin’s back-end technology tracks users’ purchasing habits by analyzing bill invoices that have been uploaded. By contributing their local experiences through image tales in a variety of categories, users earn ‘magicpin points’ for their efforts on the network.
magicpin makes revenue from different resources; some of the prominent ones are:
Revenue from Voucher Details:
Success for magicpin comes from making coupon purchases easier and providing savings that can be redeemed at other retailers. This improves customer satisfaction while also increasing revenue and streamlining the user experience.
Partnerships Based on Commissions:
In exchange for facilitating transactions, magicpin works with brands and retailers, receiving commissions. For all parties, this guarantees a consistent and lucrative cash stream.
Marketing, advertising, and promotion
magicpin uses consumer data to provide tailored advertising, increasing merchant visibility and encouraging one-time and ongoing business transactions.
magicpin – ESOPs
magicpin company has announced a major expansion in its Employee Stock Ownership Plan (ESOP) Scheme of 2015, increasing the amount of ESOP options from 1,76,520 to 3,89,580, according to a news report dated January 28, 2022. The ratio of these ESOP options’ exercisability into equity shares is 12:1, which means that 12 ESOP options can be exchanged for one equity share.
Due to this growth, magicpin’s ESOP pool’s value increased by an astounding 120%, from INR 98.4 crore to INR 217.17 crore, as determined by Inc42. This action demonstrates magicpin’s dedication to rewarding and motivating its staff members while also recognizing their critical role in the expansion and success of the business.
magicpin – Challenges Faced
magicpin faced significant difficulty in its early stages when it came to collecting payments from retailers. In order to solve this problem, the company came up with a clever plan that involved giving retailers access to receipts, which served as concrete proof of the revenue produced by its platform.
This strategy had two benefits: it demonstrated the value magicpin provided to retailers by bringing in revenue, and it was essential in establishing mutual respect and cooperative partnerships. The successful completion of this task constituted a turning point in magicpin’s development and the formation of strong, mutually beneficial alliances with the companies it works with.
magicpin – Funding and Investors
magicpin funding
magicpin company has raised a total of $104.9 million in funding over 9 rounds.
Here are the funding details:
Date
Stage
Amount
Investors
November 10, 2021
Series D
$60 million
Zomato
August 31, 2021
Venture Round
$3 million
Ritesh Agarwal, Lightspeed, The Bunting Family and Moonstone
July 2020
Series C
$3 million
Samsung Venture Investment Corporation
May 2020
Series C
$3.8 million
Lightspeed, Waterbridge Ventures, The Bunting Family Private Fund and Moonstone Investments
November 2018
Series C
$20 million
Lightspeed India Partners
March 2018
Debt Financing
$1 million
Trifecta Capital
May 31, 2017
Series B
$7 million
Lightspeed Venture Partners
May 11, 2016
Non Equity Assistance
$50K
Google Launchpad Accelerator
February 22, 2016
Series A
$3 million
Lightspeed Venture Partners
magicpin – Growth
magicpin, growth highlights are:
It has 1 million+ stores across 1,000 localities as of February 2024
It has done 100 million+ retail transactions starting 2018 as of February 2024
magicpin does 300K+ transactions daily as of February 2024
It has 6 million+ engaged users as of February 2024
The user spends average 27 min+ active time/day as of February 2024
magicpin – Financials
magicpin Financials
FY24
FY23
FY22
FY21
FY20
Operating Revenue
INR 870 crore
INR 297 crore
INR 162 crore
INR 146 crore
INR 205 crore
Total Expenses
INR 961 crore
INR 429 crore
INR 319 crore
INR 192 crore
INR 306 crore
Profit/Loss
Loss of INR 78 crore
Loss of INR 114 crore
Loss of INR 149 crore
Loss of INR 43.7 crore
Loss of INR 95.5 crore
magicpin Financials
magicpin has seen significant revenue growth in recent years, but expenses have also increased, leading to continued losses. Magicpin, India’s largest hyperlocal startup, has achieved record-breaking revenue growth and improved operational efficiency. Its revenue surged threefold to INR 870 crore, up from INR 297 crore in FY23.
magicpin Revenue Breakdown
Revenue Source
FY23
FY22
Revenue from operations
INR 297.2 crore
INR 162.4 crore
Other income
INR 17.3 crore
INR 7.2 crore
Total Revenue
INR 314.6 crore
INR 169.6 crore
magicpin’s total revenue nearly doubled, driven by a rise in operational revenue from INR 162.4 crore to INR 297.2 crore and an increase in other income.
magicpin Expense Breakdown
Expense Category
FY23
FY22
Employee benefit expenses
INR 76.3 crore
INR 59.9 crore
Finance cost
INR 0.9 crore
INR 0.8 crore
Depreciation & amortization
INR 1.6 crore
INR 1 crore
Other expenses
INR 350.1 crore
INR 257.2 crore
Total Expenses
INR 428.8 crore
INR 318.9 crore
Expenses increased from INR 318.9 crore to INR 428.8 crore, mainly due to higher employee costs and other expenses.
magicpin Profit/Loss
Profit Metric
FY23
FY22
Profit/(Loss) before tax
INR -114.3 crore
INR -149.3 crore
Profit/(Loss) for the year
INR -114.3 crore
INR -149.3 crore
Losses reduced from INR 149.3 crore to INR 114.3 crore, showing improvement despite rising expenses.
Quick Summary
Revenue Growth: Strong 85% growth in revenue due to higher operations-driven income.
Rising Expenses: Higher operational and employee costs continue to push up expenses.
Loss Reduction: Despite losses, magicpin reduced its deficit from INR 149.3 crore to INR 114.3 crore.
Future Focus: To reach profitability, magicpin must focus on cost efficiency and revenue optimization.
EBITDA
magicpin FY21-FY23
FY21
FY22
FY23
EBITDA Margin
-29.11%
-86%
-35.2%
Expense/Rs of Op Revenue
INR 1.32
INR 1.97
INR 1.44
ROCE
-179.12%
-44%
-48%
magicpin – Advertisements and Social Media Campaigns
magicpin Campaign
magicpin’s Fashion Frenzy Promotion Campaign. This carefully selected event has exceptional discounts from surrounding retailers and is geared toward the discerning consumer looking for both style and savings, as shown in the campaign video.
magicpin – Awards
magicpin confirmed its position as a leader in the retail industry by winning the prestigious magicpin Retail Champs award in 2023. This award highlights magicpin’s commitment to quality and creativity in customer service and is a major turning point in the company’s development into a retail champion.
magicpin – Competitors
Some of the top Competitors of magicpin are:
Nearbuy is seen as one of magicpin’s top competitors. Nearbuy was founded in 2010 and is headquartered in Gurgaon, Haryana, India.
The BlueBook is one of Magimcpin’s top rivals. The BlueBook was founded in 2012, and its headquarters is in Bangalore, Karnataka. Like magicpin, The BlueBook also works within the Application Software industry.
Little is a Private company that was founded in 2015 in Bangalore, Karnataka. Little also works within the Application Software field, just like magicpin.
magicpin hopes to transform hyperlocal delivery by providing unmatched efficiency and speed with the release of its Velocity platform. magicpin sets the benchmark for flawless delivery experiences with its 30-minute delivery guarantee, live worker tracking via maps, and real-time order status information. Although the platform processes 5,000 orders a day at the moment, it aims to handle over 100,000 orders a day by increasing this number tenfold.
magicpin’s ambitious aim is indicative of its commitment to improving its service offerings and meeting the changing needs of its clientele. magicpin has the potential to revolutionize hyperlocal delivery with Velocity, achieving unprecedented levels of ease and delight.
magicpin – FAQs
What is magicpin?
It is an online location intelligence platform that allows users to discover restaurants, fashion stores, spas, and fitness centers in nearby areas.
What is magicpin revenue Model and magicpin Business Model?
maicpin’s business model is mainly funded by merchants and brands. They use the platform to provide personalized offers to their customers. They pay a recurring platform fee and a per-transaction charge for the business that magicpin drives to them.
How does magicpin work?
magicpin is a local discovery and rewards platform that helps users find nearby stores, restaurants, and services. Users earn cashback and discounts by uploading bills from partner merchants. Businesses use magicpin for advertising, customer engagement, and sales growth through promotions and loyalty programs.
How does magicpin make money?
magicpin earns money by charging businesses for promotions, ads, and premium marketing tools. It also takes a commission on customer transactions made through the app. Additionally, it partners with brands for targeted campaigns and offers businesses insights through advanced analytics.
What is magicpin net worth?
As per Tracxn, magicpin’s valuation as of January 2022 was $323 million.
Who are magicpin’s Competitors?
Nearbuy, Bluebook, Little are the top competitors of magicpin.
What is the use of magicpin?
It is a free Android app for discovering and earning great cashback and free recharge on shopping bills at restaurants, beauty salons, spas and fashion outlets.
Who is the owner of magicpin?
magicpin was co-founded by Anshoo Sharma and Brij Bhushan in 2015.
Is magicpin profitable?
magicpin, has achieved profitability at unit level and is currently looking at EBITDA breakeven in the next six months of 2025.
Who are magicpin owners?
Anshoo Sharma and Brij Bhushan are the founders of magicpin.
In today’s global tech world, there are a few who are considered the giants of AI and data management. Justin Hotard is one such person. This seasoned executive has a formidable track record in AI, data management, and high-performance computation.
He is currently at the forefront of groundbreaking advancements in AI and cloud computing and is set to join as the CEO of Nokia from 1st April 2025. So, let’s meet the man behind the name.
Justin Hotard Biography
Name
Justin Hotard
Birthplace
USA, 1974
Nationality
American
Education
Bachelor of Science degree in Electrical Engineering from the University of Illinois Champaign, MBA from MIT Sloan School of Management, Cambridge
Occupation
Excecutive VP and GM, Intel Data Center & AI group (current) , CEO of Nokia (joining from April )
Justin was born in 1974 and was always curious about how devices work. This led to him studying electrical engineering from the University of Illinois Urbana-Champaign, and then doing an MBA from the MIT Sloan School of Management, Cambridge.
He has been a part of the tech industry for over 25 years and has worked for brands such as Hewlett Packard Enterprise, Santa Clara, and NCR Corporation. At present, he is the Executive Vice President and General Manager at Intel’s Data Center & AI department. Hotard is known to have a strong track record of accelerating growth, especially in technology, along with expertise in AI and data-centric markets.
Justin Hotard – Career Highlights
Justin has over two decades of experience in the tech industry, with most of his focus on data center, AI, and high-performance computing. He started his career as an engineer intern at Intel Corporation in 1995, and from there, he shifted to the role of Senior Sales Engineer at Motorola, where he worked for 4 years.
In 2001, he joined the Monitor Group as a consultant intern. From here, he shifted to Symbol Technologies (now acquired by Motorola), where he joined as the Senior Manager of Business Development. He was in a 5-member team that was responsible for the identification and execution of acquisitions and partnerships.
In 2005, he became the director of Product Management, and grew the business by 30% annually.
In 2007, he joined NCR Corporation as the Vice President of Business Development. Here, he executed multiple investments and acquisitions over 3 years and helped define NCR’s entry into the mobile eCommerce sector. He closed over 5 acquisitions and investments that totalled $72 million in a span of a single year. He was then promoted to General Manager, where he grew revenue by 50% and achieved operating cash flow breakeven in 4 quarters.
In 2012, he was appointed the VP of Corporate Development, where he completed over $ 100 million in acquisitions to double the revenue. Lastly, he was appointed the President of Small Businesses in 2013, where he managed a team of 70 people and grew the SaaS Point of Sale business by nearly 300%.
In 2015, Justin joined Hewlett-Packard Enterprise as Vice President of Strategy, Planning, and Operations, Data Center Infrastructure Group. In this organization, he stayed for more than 8 years and quickly rose through the ranks. He ended his stint with HPE in 2024 as the Executive Vice President & GM, where he was responsible for high-performance computing and AI.
Hotard became the Executive Vice President and General Manager of the Data Center and AI Group of Intel. At Intel, his tenure involved efforts to enhance the data center and AI agendas of the company.
On 10 February 2025, Nokia named Justin as their new CEO. The firm stated that such extensive experience with AI and data center markets would be an incredible asset for future growth.
Justin Hotard – Personal Life
Justin has a lifelong passion for innovation and technology. This started when he was little and enjoyed dismantling devices around the house to see how they functioned. He is also enthusiastic about leveraging AI to solve complex issues that reflect a deeper commitment to technology.
Facts About Justin Hotard
Justin was a curious child who loved taking apart devices to see how they functioned.
He received his B.Sc. in Electrical Engineering and has always been interested in AI initiatives.
During his tenure at HPE the company signed a $2 billion deal with NSA to help support its data center and AI initiative.
Justin Hotard currently leads Intel’s Data Center & AI Group as executive vice president and general manager.
What is Justin Hotard’s role at Nokia?
The Board has appointed Justin Hotard as the next President and Chief Executive Officer of Nokia. He will start in his new role on April 1, 2025.
What is Justin Hotard’s background?
Justin Hotard has a strong background in the technology industry, with experience in various leadership roles. He has worked for several leading tech companies.
Abhishek Bansal, one of the co-founders of Shadowfax, is India’s largest crowd-sourced logistics portal. An IIT Delhi alumni, who recently turned 30, Abhishek has achieved in a few years what others struggle to achieve in a lifetime. Being an innovative and result-driven leader his focus is more on achieving exceptional results in the highly competitive logistics field. With his unwavering integrity and relentless passion, Abhishek has built Shadowfax as a strategic player in the logistics industry. With his deeply ingrained morals and the operations of major organizations in place, this startup has a uniqueness that made Shadowfax a household name in the country.
Abhishek was born and brought up in Meerut and is the first in his family to graduate from an IIT. Once he completed his graduation he went through multiple corporate jobs as a young engineer. But the restless innovator in him was slowly blooming. He worked a little in the Indian retail sector and later moved to China, where he developed a deeper insight into the world of logistics. In March 2015, with his friend Vaibhav, he co-founded Shadowfax.
Abhishek Bansal – Career Highlights
Abhishek worked as an Associate Consultant from 2012-2014 in Hay Group. During this time he worked with one of the largest global retailers across India and China for restructuring assignments. Additionally, the company also handled the entire transformation program for corporate finance, taxation, financial planning, and compliance. Abhishek also helped diagnose structural issues in the organization of a leading life insurance conglomerate in India.
Before joining the Hay Group, Abhishek served as the General Secretary for the Board of Student Welfare from March 2010-2011.
The Bangalore-based on-demand delivery service, Shadowfax, promises secure, speedy, and convenient delivery that is driven by cutting-edge technologies and a peerless network. Created in 2015, the brand is considered one of India’s largest hyperlocal delivery platforms that offer on-demand hyperlocal delivery options with improved delivery analytics.
Abhishek Bansal – Shadowfax
Shadowfax Founders Early Days
Abhishek and his friend Vaibhav built Shadowfax as an on-demand hyperlocal delivery platform provider that is committed to helping retailers concentrate on their main line of business by contracting out the last-minute delivery work. The brand serves mostly Indian clients, and accomplishes this through tracking orders, analyzing delivery data, and gaining access to consumer insights. The platform is also fairly easy to use as customers can track their orders by adding their AWB number to the tracker page.
Shadowfax was built as a tech-enabled one-stop delivery service for all eCommerce, restaurants, pharmacies, FMCgs, and both online and offline retailers to gain access to a reliable delivery network for fast and efficient delivery. With more than 1.5 lakh transactions Shadowfax is now one of India’s largest last-minute delivery platforms.
Abhishek is passionate about his work and ironing out any issues in the logistics industry. Other than this he loves to travel and explore new locations. He is also a LOTR fan and likes to read about business and social practices across the world. Abhishek is also an avid footballer and encourages his employees to play some form of sports.
Abhishek Bansal – Investments
Here are the investments made by Abhishek Bansal as sourced from Tracxn:
Invested In
Company Name
Nov, 2021
Attentive AI
Aug, 2021
Biddano
Jul, 2021
TradeX
May, 2021
Freightify
Jan, 2021
GoKwik
Nov, 2015
Singulariti
Jul, 2015
Shadowfax
Jan, 2012
Apple Institute of Child Health
Abhishek Bansal – Awards and Recognition
In September 2017, Abhishek launched a new concept where Shadowfax embedded social values into its unique logistics model. Due to this, the company was recognized and included in the top 100 upcoming companies by NitiAyog’s Champions of Change initiative. The Champions of Change initiative was an effort made by the Central Government to bring together diverse strengths in businesses for the benefit of society and the nation as a whole.
In 2018, Abhishek won the 40 under 40 awards by BusinessWorld, And in February 2019, Abhishek and Vaibhav Khadelwal won the title of Forbes 30 under 30 for exceptional contribution in the field of personal growth and work.
Facts About Abhishek Bansal
Abhishek starts his day with meditation and his daily routine of physial activity
He tries to read atleast one book a week
He plays football, tennis and squash whenever he gets time in the week
He started the quarterly sports event at Shadowfax called Shaolympics
The name Shadowfas is derived from the mythical creature from the LOTR series who is the epitome of speed and communication
He hails from IIT Delhi with a BTech in Production and Industrial Engineering.
FAQs
Who is Abhishek Bansal?
Abhishek Bansal is the CEO and co-founder of Shadowfax, a leading tech-enabled logistics company in India.
What is Shadowfax?
Shadowfax is a technology-driven logistics company that provides delivery services to e-commerce companies, food delivery platforms, and other businesses.
What is Abhishek Bansal’s leadership style?
Abhishek Bansal is known for his focus on innovation, technology, and customer-centricity. He emphasizes building a strong team and fostering a culture of growth and empowerment.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Suffering from code-based payments? At times servers go down and you are unable to make your payment, right? Merchants, retailers, customers, and myriad other businesses and businessmen often suffer from such issues. Embracing digital payment methods is not always smooth though it appears to be most often.
Anyways, now with BharatPe, you can approach your digital payment requirements easily and conveniently without any hassles. Read the BharatPe success story brought out by StartupTalky, which includes the Founders and Team, History, Business Model, Revenue Model, Funding and Investors, Growth, Competitors, Tagline, Slogan and Logo, and more!
BharatPe is a QR code-based payment app for offline businessmen and retailers. The company has its headquarters in New Delhi, but there are around five more offices of BharatPe across the country. The app, which allows its users to accept UPI payments for free through the BharatPe QR code, is hugely beneficial for small merchants and Kirana stores and their owners. Along with offering easy and interoperable QR codes for effortless UPI payments, BharatPe also extends Bharat Swipe (POS machine) for card acceptance and small business financing. Furthermore, the company also offers merchant loans of up to Rs 7 lakhs that can be availed for a duration of 3 to 12 months.
BharatPe also owns a peer-to-peer lending platform called 12% Club. BharatPe also launched the Digital Gold product in 2020. This will allow the users to transact for 24-carat gold with 99.5% purity.
The BharatPe app powered by efficient QR code payments helps its users to sign in immediately, and instantly start receiving the funds in their bank account. BharatPe started with a mission to make payments free for all its users. Its intention is to help all.
BharatPe – Founders and Team
BharatPe’s founders were Ashneer Grover, Bhavik Koladiya, and Shashvat Nakrani. However, with Ashneer’s resignation dated February 28, 2022, BharatPe listed Bhavik and Shashvat as its co-founders. Bhavik Koladiya resigned, months after Ashneer Grover was terminated, as per reports dated August 2, 2022.
Shashvat Nakrani (left) and Ashneer Grover (right)
BharatPe was initially founded by Shashvat Nakrani and Bhavik Koladiya, each of whom owned 50% of the company shares. It was Koladiya, who served as the face of the company and negotiated with the investors for funding. Then, Ashneer Grover joined in June 2018, 3 months later. He was the third founder of BharatPe. However, with Grover joining the company, BharatPe’s shareholding structure changed. It then granted Grover a 32% stake, Nakrani a 25.5% stake, and Koladiya held the largest stake (42.5%).
However, Koladiya’s name went missing from the founder’s list of BharatPe in December 2018, before Sequoia came on board. This is because the investors refrained from investing in a company whose co-founder was convicted in a US court in 2015. Koladiya was involved previously in a credit card fraud. Since then, Ashneer Grover was made the face of the company.
Ashneer Grover
Ashneer Grover served as the MD and the co-founder of BharatPe until he resigned from the company and relinquished his position on February 28, 2022. Ashneer is from South Delhi, India, and is a graduate of the Indian Institute of Technology, Delhi. He was once the new head of new business at PCJ. Furthermore, he headed Corp Dev for Amex India. He was also previously appointed as the CFO of Grofers.
Ashneer Grover had been in the news after his voice matched with a caller who reportedly hurled abusive language and was thoroughly threatening and ill-tempered while talking with a Kotak Wealth Management employee over the failure to secure financing for Nykaa’s initial share sale. Grover had then been asked by the company, BharatPe’s board, to take a voluntary absence for two months on January 19, 2022. However, this was not due to his telephone controversy but due to a bigger financial fraud to which he was allegedly connected. Grover was then put on a mandatory leave of absence. This did not only concern Grover but also his wife Madhuri and five others. His wife, Madhuri Jain Grover was also put on leave amidst the government probe. Madhuri Jain Grover, the wife of Ashneer Grover, who had headed the Controls at BharatPe, was finally terminated from her services due to financial irregularities, as per reports dated February 23, 2022. This termination meant that she had to part with her stakes in the company due to “misappropriation of finances”.
Madhuri Jain on one occasion after her termination, accused the company co-founder Bhavik Koladiya and CEO Suhail Sameer of merry-making inside the office premises, saying that both of them, along with Shashvat Nakrani, can indulge in their “drunken orgies” without her in the office, while referring herself as a “righteous lady.” Furthermore, Madhuri Jain Grover also took a jab at the BharatPe Board of Directors, where she termed them “male chauvinists” along with accusing them of “objectifying women”.
The Founder and MD Ashneer Grover was on the radar of the news and media for a long time. This was not only for the lowering standards and the toxic culture that Bharatpe exhibits, neither it related to the rude behavior of Ashneer on the Shark Tank show or on the call with a Kotak employee, which Ashneer tried to convince as fake, the financial misconduct seemed a really big thing, which was under scrutiny on behalf of the Board. The figure for the misconduct was reported to be in double-digit crores, as per the reports and the return of Grover to his position or back to the office seemed like a remote possibility. Yes, the reports that BharatPe will likely fire Grover, were ripe since the end of January 2022, according to close sources. BharatPe had appointed Alvarez & Marsal, a risk advisory firm to conduct an independent audit of the startup’s internal processes and systems on January 31, 2022. Reports also confirmed that Ashneer Grover approached legal aid in the form of Karanjawala & Co., a law firm from Delhi NCR, to secure his position in the company and keep his shareholding of 9.5% intact in the firm as per reported news of December 2022.
The Ex-co-founder and MD of Bharatpe, then demanded Rs 4,000 crore from the investors to buy him out, which implied that he needed to be paid a fair market value for his 9.5% stake in the company at a valuation of around $6 billion. “Either I’ll run the company or they buy me out; there is no third option,” said Ashneer. However, as the events unfolded, the rejection of his arbitration pleas by the Singapore International Arbitration Centre (SIAC) and the key investors turned down Ashneer Grover’s offer of selling out his 9.5% stake in the company, and he had to leave the organization. According to the BharatPe board, the resignation of the Founder and MD came minutes after he received the Board meeting’s agenda, which will include the PWC report submission containing the conduct of Grover and the actions that will be taken against him. However, even while he resigned from the company, the former MD and Co-founder of Bharatpe claimed that he would continue to be the “single largest individual shareholder of the company.”
The Ex-BharatPe Founder and MD has disclosed that it has registered a new company where both he and his wife, will be Directors. The company has reportedly been registered as Third Unicorn Private Limited, which they registered on July 6, 2022, with dreams of raising another unicorn company, as per Tofler reports.
Shashvat Nakrani took a dig at the Ex-co-founder and MD Ashneer Grover, by stating that the latter has created a false narrative about the company. This is one of the few occasions where Nakrani has spoken openly about anything. Shashvat had earlier backed BharatPe CEO Suhail Sameer when Grover remarked that he should be expelled from the company. Nakrani has also added that now that they have ended the boardroom fiasco, they should focus on building while staying careful about keeping the culture of the company untainted.
Bhavik Koladiya is another co-founder of BharatPe, who is popularly known as the Group Head of product and Technology.
Bhavik Koladiya – Former Co-founder and Group Head – Product and Technology
Bhavik Koladiya faced disagreements with the BharatPe management, primarily Suhail Sameer (CEO of BharatPe), which is why he resigned from the company, in June 2022.
Shashvat Nakrani
Shashvat Nakrani is also the co-founder of BharatPe. He is an IIT Delhi student, batch 2015-19, who got a bachelor’s degree in Textile Technology from the Indian Institute of Technology, Delhi. His hometown is Bhavnagar, India.
Nalin Negi is currently the CEO of BharatPe, which presently operates with 201-500 employees.
BharatPe – How Does It Work?
As you all know almost all the merchants spend more time on the app BharatPe. Lending businesses are always crucial matter it’s small ones or big ones. So, BharatPe’s lending business is also crucial like the others.
It operates an eponymous service to help all offline merchants. However, such kind of payment apps nearly make no money by enabling free transactions on their platforms. Those processing UPI payments can not even charge a small commission to merchants. The BharatPe login and interface are also easy to use. BharatPe credit card can also be created after the merchant account.
BharatPe – Name, Tagline and Logo
It has launched India’s first UPI Bahi Khata for merchants. It’s the first Fintech startup in India to enable merchants to pay offline. The BharatPe logo is the property of the trademark owners.
BharatPe logo
BharatPe – Business Model
The BharatPe business is an Indian QR code-based payments company that operates on a B2B2C model because it helps the customers as well as the merchants or shop owners/retailers and other businessmen/women. The company’s app accepts payments from 100+ mobile apps downloaded the Indian mobiles on India’s UPI system by offering businesses a single interoperable QR sticker as per various report news in February 2022.
The QR can be scanned and then payments are accepted from all renowned mobile apps such as Paytm, WhatsApp, Mobikwik, Amazon Pay, BHIM, Google Pay, Freecharge, and TrueCaller. Retailers also get immediate credits for transactions made in their bank accounts on the same day.
In 2021, the cricketers Rohit Sharma, Jasprit Bumrah, KL Rahul, Mohammed Shami, Ravindra Jadeja, Suresh Raina, Shreyas Iyer, Prithvi Shaw, Sanju Samson, Yuzvendra Chahal, and Shubhman Gill were signed as BharatPe brand ambassadors.
The BharatPe revenue model depends on providing its consumers with a digital payments platform and also has a separate app for its merchant friends where the company credits them for their transactions digitally as mentioned above. It actually sails for providing credits to the merchants with cheaper interests.
The company counts on the interdependent cyclical connection of credit and application usage to boost the revenue on its platform. For a startup company like BharatPe, it’s important for them to focus especially on the merchant side of their business.
Bharape Merchant Club
BharatPe – Funding And Investors
BharatPe has secured a total of $808.4 million in funding across 14 rounds. The most recent funding was raised through a Debt Financing round on December 11, 2024.
Here are the funding details of BharatPe:
Date
Transaction Name
Money Raised
Lead Investors
December 11, 2024
Debt Financing
Rs 100 crore
–
July 30, 2024
Debt Financing
Rs 85 crore
Trifecta Capital Advisors
January 19, 2024
Debt Financing
$100 million
InnoVen Capital
October 25, 2021
Debt Financing
Rs 100 crore
MAS Financial Services Private Limited
August 19, 2021
Debt Financing
$27 million
–
August 4, 2021
Series E
$350 million
Tiger Global Management
May 10, 2021
Debt Financing
Rs 50 crore
Northern Arc
February 11, 2021
Series D
$108 million
Coatue Management
January 6, 2021
Debt Financing
Rs 60 crore
Innoven Capital
October 6, 2020
Grant
Rs 500K
Department for Promotion of Industry and Internal Trade (DPIIT)
February 24, 2020
Series C
$75 million
Coatue and Rabbit Capital
June 4, 2019
Series B
$50 million
Insight Partners, Rabbit Capital
February 21, 2019
Series A
$14.5 million
Peak XV Partners
After the posts vacated by Ashneer and his wife, Madhuri Grover, and the end of the boardroom spat, BharatPe Chairman, Rajnish Kumar asserted on April 2, 2022, that the company will likely bring an IPO in the next 18-24 months.
BharatPe’s shareholding pattern as of March 2023, sourced from Tracxn:
BharatPe Shareholders
Percentage
Ashneer Grover
8.4%
Shashvat Nakrani
4.8%
Bhavik Koladiya
2.3%
Sequoia Capital
18.7%
Ribbit Capital
10.7%
Coatue
13.7%
Beenext
9.1%
Tiger Global Management
3.5%
Steadview
3.9%
Amplo
3.3%
Steadfast Financial
0.9%
ABG Capital
0.5%
Dragoneer Investment Group
0.9%
Angel List
0.3%
QED Innovation
0.1%
Redwood Trust
0.1%
Venture Catalysts
0.1%
Grace Software Holdings
9.2%
Insight Partners
2.1%
Saam Partners
0.1%
Angel
0.2%
Other People
0.4%
ESOP Pool
6.7%
Total
100.0%
BharatPe Shareholding
BharatPe – Growth and Revenue
The BharatPe news and recent studies say that the company is growing rapidly and presently it’s the 4th largest player in the UPI portion after Google Pay, PhonePe, and PayTm as of December 2021. And the company has achieved this growth by spending very little money on it. BharatPe is in the 3rd spot in the private POS category as of January 2022.
Furthermore, it has also helped the company scale up its business rapidly and contributed around 20% to the overall payments Transaction Processed Value (TPV) of the company. BharatPe has installed over 1 lacs BharatSwipe machines across 16 cities in the country that supports transactions of over Rs 1,400 crore every month as per various reports of July 2021. Furthermore, it has also received an overwhelming response from small merchants across segments including Kirana store owners, restaurant owners, and entrepreneurs with 4-5 outlets.
The lending vertical of BharatPe has exponentially increased over the last 1.5 years. The company has already been successful in disbursing over $300 million in unsecured loans to 2 lacs+ merchant partners, with an outstanding loan book of over $100 million as per various report news in August, 2021.
Furthermore, the company has been estimated to have boarded around 24 lacs+ merchant members on its platform, when reported towards the end of FY20. This came at a cost though.
BharatPe – Financials
BharatPe has seen significant revenue growth over the years, increasing from INR 22.4 crore in FY20 to INR 1,167.5 crore in FY23. However, the company continues to report losses, with expenses consistently exceeding revenue.
Particulars
FY23
FY22
FY21
FY20
FY19
Revenue
INR 1,167.5 crore
INR 680.2 crore
INR 185 crore
INR 22.4 crore
INR 0 crore
Expenses
INR 2,108.5 crore
INR 6,296.7 crore
INR 1,804 crore
INR 934.6 crore
INR 23 crore
Profit/Loss for the Year
INR -927 crore
INR -5,610.8 crore
INR -1,619.2 crore
INR -912.2 crore
INR -23 crore
BharatPe Financials
BharatPe’s revenue nearly doubled from INR 680.2 crore in FY22 to INR 1,167.5 crore in FY23, but the company continued to report losses, reducing from INR 5,610.8 crore in FY22 to INR 927 crore in FY23.
BharatPe Revenue:
Revenue Breakdown
FY23
FY22
Revenue from Operations
INR 1,029 crore
INR 456.8 crore
Other Income
INR 138.5 crore
INR 223.4 crore
Total Revenue
INR 1,167.5 crore
INR 680.2 crore
BharatPe’s revenue from operations more than doubled from INR 456.8 crore in FY22 to INR 1,029 crore in FY23, while other income declined from INR 223.4 crore to INR 138.5 crore.
BharatPe Expenses:
Expense Breakdown
FY23
FY22
Employee Benefits
INR 304.4 crore
INR 184.8 crore
Finance Costs
INR 11.7 crore
INR 54.2 crore
Amortization & Depreciation
INR 106.3 crore
INR 38.1 crore
Other Expenses
INR 1,686.1 crore
INR 6,019.7 crore
Total Expenses
INR 2,108.5 crore
INR 6,296.7 crore
BharatPe significantly reduced total expenses from INR 6,296.7 crore in FY22 to INR 2,108.5 crore in FY23, mainly due to a decline in other expenses, which dropped from INR 6,019.7 crore to INR 1,686.1 crore.
BharatPe Profit/Loss:
Profit/Loss Breakdown
FY23
FY22
Gross Profit
INR -941 crore
INR -5,616.6 crore
Operating Profit
INR -941 crore
INR -5,616.6 crore
Net Profit/(Loss)
INR -927 crore
INR -5,610.8 crore
Losses narrowed from INR 5,610.8 crore in FY22 to INR 927 crore in FY23, indicating a move towards cost optimization despite rising employee benefits and amortization expenses.
Quick Summary:
Revenue Growth: 71.7% increase in total revenue from FY22 to FY23.
Expense Reduction: Major cut in expenses from INR 6,296.7 crore in FY22 to INR 2,108.5 crore in FY23.
Loss Reduction: Losses significantly reduced from INR 5,610.8 crore in FY22 to INR 927 crore in FY23, showing improved financial management.
Key Business Implication: While BharatPe is still in losses, the decline in expenses and improved revenue indicate a shift toward a more sustainable business model.
BharatPe – Products and Features Launch
BharatSwipe
It launched BharatSwipe, its disruptive card payment acceptance machine in the latter half of 2020. BharatSwipe is a zero rental Swipe machine, which is the first of such systems that India has seen, and therefore, it received an overwhelming response right from its inception. The overall business of BharatPe received a huge boost with the introduction of BharatSwipe. The network of the POS business (BharatSwipe) has grown by 25X and has been made available to over 250 cities in the last 12 months, as confirmed by a BharatPe PR dated March 14, 2022. The BharatPe PR also mentioned that the company has already been successful in deploying 1.25 lakh+ BharatSwipe machines across offline shops. BharatPe has achieved such a feat in a short span of around 1.5 years, which is really laudable and can be hailed as a remarkable scale-up of the POS business.
Gold loans for merchant partners
Bharatpe forayed into the secured gold loans segment by announcing the launch of gold loans for its merchant partners on March 14, 2022. The fintech company collaborated with RBI-approved NBFCs to offer gold loans up to Rs 20 lacs. Furthermore, the rates of gold loans by BharatPe will be competitive to the core at 0.39%.
Loan Application Process for the Merchants
If you are wondering about the loan application process, then the process to apply for loans will be completely digital. Here the merchants applying for loans would be able to view the best offers for them and then apply for the gold loans via the BharatPe app. These loans will be disbursed within 30 minutes after the assessment process of BharatPe is completed. The Suhail Sameer-led fintech company is offering a branch collection facility and a doorstep service as well, all of which are in partnership with the NBFC partners. The merchants would be able to opt for loans for a duration of 6, 9, and 12 months and can repay them via Easy Daily Instalments (EDI).
Investment Platform
For its merchant partners, the company introduced an investment platform in May 2022. According to the press release note, the company will launch P2P investments and bank deposit products for its merchant partners in the initial phase.
Payback(Zillion)
Payback has been rebranded as Zillion in May 2023. Zillion will provide customers with a variety of choices for earning and redeeming at a variety of partners across the nation.
12% Club
BharatPe has partnered with the NBFCs, which are approved by the RBI, to launch the 12% Club, the first-of-its-kind investment, consumer lending, and borrowing app. The 12% Club app is a significant step forward into the consumer space for BharatPe and will be a huge benefit for the customers. By the end of the fiscal year 2021, BharatPe looked to have an AUM of $100 million and a lending AUM of $50 million from the 12% Club app.
BharatPe – Challenges and Controversies
BharatPe Pending Employee Salaries: The Boardroom Battle Turned into a Keyboard Fight
BharatPe is yet to pay a number of its employees, notes Karan Sarki, Senior Associate IT at BharatPe on April 6, 2022. Sarki has blamed the company for not paying their employees including those who have been right from the start of the company. Besides, Karan also mentioned that all of the old admin and staff of BharatPe have been terminated without any reason and have not even been paid off. What’s more interesting here is the reply of the Ex-Founder and MD of BharatPe, Ashneer Grover, who asked Suhail Sameer and Hersimran Kaur to look into the matter. Here is the LinkedIn post of Karan Sarki:
The boardroom spat that BharatPe became famous for, has been dragged to Twitter now, which has become the ground for a keyboard battle. The reason was Karan Sarki’s comment where Ashneer Grover replied, which was eventually followed by Aashima Grover, the sister of Ashneer Grover, and the CEO, Suhail Sameer. After Ashneer and Aashima’s post that blamed the management of BharatPe including Suhail Sameer, the CEO replied that Ashneer had stolen all the money and that only a small amount was left to pay the employees. Sameer, in conclusion, apologized for his earlier comment on the thread and mentioned that the employees’ salaries have already begun to be paid out in full and final, and the other employees’ pending payments would also be cleared and have further requested the employees to keep from building stories.
BharatPe Fined Again for Invoices to Fake Vendors
The fintech unicorn has been on the radar of the Directorate General of Goods and Services Tax Intelligence (DGGI) for many months now, where the governing body is scrutinizing the financial data of BharatPe. The company, which was fined by DCGI in October 2021, was fined again for an amount close to Rs 1.5 crore because of the reports that state that the company has generated invoices for non-existent vendors. BharatPe has to deposit Rs 12.5 crore in total. The Suhail Sameer-led company had to deposit Rs 11.5 crore on the earlier occasion as a penalty.
Ashneer Grover Claimed that the Gold Loan Vertical Launch was his Brainchild
After BharatPe had shook off the influence of Ashneer Grover when finally the BharatPe co-founder and MD resigned from the company days after his wife Madhuri was fired by the Board, BharatPe had another controversy. This is after the fintech company announced its plans for disbursing gold loans to merchants. The ex-MD Ashneer Grover has again targeted the CEO, Suhail Sameer, claiming that the idea of launching the gold loans vertical was his and it was Sameer who is credited for the same. Grover claimed that he brought Nikhilesh, who was Grover’s colleague back in Kotak and PC Jewellers to foray into the gold loans segment one year back. Along with this, Grover also added that there is an array of other products like the:
Merchant Stock Option Plan – This was ‘supposed to go live by January 2022’ but has not been launched by the fintech giant even in March 2022.
3 Month customer interest-free EMI product – BharatPe was to launch the ‘3 Month customer interest-free EMI product’, which was designed to counter the already existing ‘UNI Cards,’ and would thus, have enabled the fintech major “to help merchants sell items to customers on EMI without the need for a PoS machine.”
UNITY small finance bank depositors – Along with these, Ex-BharatPe MD also mentioned that the UNITY small finance bank depositors were to be provided with a digital interface without which they are highly impeded from accessing their funds. This was also not done by the fintech company.
Grover again took to the media after he was hit because of the Porsche Cayman that he owned after his issue of financial misconduct at BharatPe was ripe. In response, Grover had already criticized Suhail Sameer for buying a BMW Z4 convertible ‘within a year of joining BharatPe’.
Controversies earlier arose when a Bloomberg report, quoting sources, stated that Grover had spent Rs 1 crore on his dining table, which he told his coworkers. Grover even responded to this by tweeting a photo of his dining table and saying that it was ‘not even worth 0.5%’ of the alleged amount as of March 2022.
BharatPe – Acquistion
BharatPe has acquired two companies. The most recent acquisition was TrillianLoans, which was worth $36.05 million, on March 21, 2023.
Company Name
Date
Amount
TrillianLoans
March 21, 2023
$36.05 million
Payback
Jun 10, 2021
$27 million
BharatPe – Partnerships
National Payments Corporation of India (NPCI)
BharatPe has partnered with NPCI on March 2023. Bharatpe following a recent move by the Reserve Bank of India (RBI) to link RuPay credit cards to UPI, has joined forces to facilitate credit card transactions on the Unified Payments Interface (UPI) in India. Through UPI, the project intends to offer clients a quick payment experience along with the advantages of short-term credit and rewards provided by credit cards.
Women Entrepreneurship Platform
In March 2023, BharatPe and Women Entrepreneurship Platform announced their partnership, which will help women all around India on their path to independence and economic growth.
BharatPe – Marketing Campaign
BharatPe Lagao Dhandha Badhao
BharatPe Campaign
‘BharatPe Lagao, World Cup Jao’ is an innovative competition that BharatPe, India’s top financial company for merchants, has launched for its merchant partners. In order to support India in the ICC Men’s T20 World Cup 2021, BharatPe has offered with its BharatPe QR merchants the chance to travel to Dubai for two days on the company’s dime as part of the campaign.
BharatPe, a fintech startup primarily focused on merchant payments, is planning to expand its offerings by launching mutual funds and insurance as its next major product lines. The company aims to evolve into a full-stack financial services platform, according to CEO Nalin Negi.
BharatPe says that there will be rising demands of the shopkeepers, so, to develop their app further and to uplift its performance is their next plan. The company also disbursed around Rs 140 crore. The founder of the company said that there has been no development in the loan demand of the shopkeepers recently so they plan to move forward with it and they think that rental payments and stocking up for inventory payments will soon rise.
A pioneer in UPI payments and digital money lending for merchants. It is a payment solution application exclusively designed for merchants that can accept payments from any UPI payment app through a single BharatPe QR Code.
Who are BharatPe founders?
BharatPe founders initially were Ashneer Grover, Bhavik Koladiya, and Shashvat Nakrani. However, Ashneer Grover resigned from the company on February 28, 2022, and relinquished his designation of Co-founder and Managing Director of the firm. Now, Bhavik Koladiya also resigned, as per reports dated August 2, 2022, after facing disagreements with the BharatPe CEO, Suhail Sameer.
Is BharatPe a government company?
No. BharatPe is a private fintech company.
Who is the owner of BharatPe?
The former Co-founders Ashneer Grover, Bhavik Koladiya, and Shashvat Nakrani, is the owner of BharatPe.
What is BharatPe Balance?
BharatPe Balance gives the user information on their daily QR collections, balance in investment account, and their available loan limit.
How does BharatPe make money/BharatPe revenue model?
BharatPe makes money through transaction fees, interest on loans, merchant services, and card partnerships.
What is BharatPe launch date?
BharatPe was launched in April 2018.
Is BharatPe safe to invest in?
Yes, it is safe to invest in BharatPe, as a lot of people use the app on a daily basis.
How to delete BharatPe account?
To delete the BharatPe account, a user can go to Settings, and then select the Deactivate account option.
What is BharatPe business model?
BharatPe operates on a merchant-focused fintech model, offering QR-based UPI payments, loans, and BNPL (Buy Now, Pay Later) services. It earns revenue through merchant transaction fees, lending interest, and financial services.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
As a pioneer in the ever-changing world of professional networking and job platforms, Apna connects professionals with businesses in a smooth manner and opens doors to rewarding career prospects.
Millions of people in India lost their jobs during the coronavirus pandemic as numerous enterprises shut down and forced workers to return home. In India, there are nearly 500 million blue and gray-collar employees as per news report of 2022, and providing them with meaningful job opportunities is one of our country’s major concerns.
Apna is a leading professional networking and job platform that facilitates seamless connections between professionals and employers, enabling individuals to secure rewarding career opportunities.
Founded in 2019, Apna became a unicorn approximately 21 months after its founding and 15 months after it started full-scale operations. The firm was founded by ex-Apple executive Nirmit Parikh and has been valued at $1.1 billion, becoming a unicorn following a fundraising round led by Tiger Global Management in 2021.
Read the success story of Apna and also learn about its founder, business and revenue model, funding and investors, financials, revenue, growth, and more.
Apna is an Indian digital recruiting company that links companies with millions of blue, gray, and entry-level white workers. Job seekers may use the platform to build a profile that includes their talents, education, and experience, search for opportunities, phone the company directly, schedule an interview, and be hired. Apna job portal has grown rapidly, using AI-driven recruitment models to connect job seekers with opportunities.
Employers may use it to advertise job openings, interact with prospects, arrange interviews, and recruit employees. BYJU’S, Swiggy, Paytm, Flipkart, Delhivery, Zomato, Licious, and others are among the company’s notable clientele. The Apna app is also accessible as an Android and iOS app.
The coronavirus pandemic boosted digital recruiting, with a rise in job postings in manufacturing and eCommerce fueled by the country’s recovery from multiple illness waves.
The Apna platform has earned the trust of 5 crore job seekers community, making it India’s sought-after destination for discovering relevant opportunities. With a presence in over 74 cities and ongoing expansion, Apna is meeting the surging job demand as India returns to work.
Apna – Industry
The staffing and recruitment market is projected to grow from US$ 757.56 billion in 2023 to US$ 2,031.34 billion by 2031, with a CAGR of 13.1%. The increasing use of automation and AI-driven recruitment models is expected to be a major trend shaping the market.
A strong presence across industries including IT & Telecom, BFSI, Healthcare, Retail & E-commerce, and a variety of staffing kinds and expanding recruitment platforms are some of the causes driving this growth. In addition to being a major player in the financial sector, the staffing and recruitment business is crucial in determining the nature of work globally.
Apna – Founders and Team
Nirmit Parikh – Founder and CEO, Apna
Apna was founded by former Apple executive Nirmit Parikh in 2019.
Nirmit Parikh
Apna is the biggest recruiting and vertical professional network for India’s working class, and Nirmit Parikh is the Founder and CEO of Apna. Nirmit was previously a member of Apple’s iPhone product operations team and Director of New Products / Data Analytics at Intel Corporation. Earlier, he established Cruxbot (which was bought by Kno, Intel Corporation).
Nirmit holds a Master’s degree in Business Administration from Stanford University and a Bachelor’s degree in Instrumentation and Control Engineering from Nirma Institute of Technology.
Apna’s startup story began with its founder, Parikh, recognizing the challenges faced by his relatives and friends in India when it came to recruiting employees. Despite a large number of people actively seeking employment, there was a significant labor shortage. Parikh identified the lack of a scalable networking infrastructure as the main obstacle to connecting job seekers and employers.
To gain a deeper understanding of the labor market challenges, Parikh immersed himself in the field. He engaged with employees and even took on roles as an electrician and a floor manager, going undercover to experience firsthand the issues they faced. These experiences provided valuable insights and informed the development of Apna.
At the core of Apna’s business is a mission to address the network gaps experienced by workers. Apna has developed an Android app available in multiple languages, offering over 70 categories tailored to specialized professions such as carpenters, painters, and field sales representatives. Through the app, users can interact with each other, sharing leads and career advice. Apna also provides resources for skill development, interview practice, and job enhancement. The company aims to further enhance its offerings by developing skilling courses, result- or job-based training, and peer-to-peer learning opportunities through vertical communities.
With a user-centric approach, data insights, and a continuous feedback loop, Apna has experienced rapid growth, facilitating over 20 million job interviews per month as of 2022. The company’s focus on addressing the needs of both job seekers and employers has positioned it as a significant player in the job market, striving to bridge the gap between talent and opportunities.
Apna – Mission and Vision
Apna works with the strong mission of accelerating India by empowering the rising workforce with better professional opportunities.
Apna – Name and Logo
Apna Logo
Apna means “ours” in Hindi. It is a platform that brings job seekers and recruiters together, empowering both sides by connecting them to relevant opportunities and resources in India’s job market.
Apna – Business and Revenue Model
The core of Apna’s business model is to assist employees in both the formal and informal sectors of the Indian economy. The platform has steadily broadened its focus to include white-collar jobs, despite its initial emphasis being largely on blue-collar vocations. Employees can streamline their job hunt with Apna’s free access to professional tools and job prospects.
Companies use a fee-based mechanism on the employer side of Apna to post job openings and gain access to the platform’s wide applicant pool. This two-pronged strategy positions Apna as an essential intermediary between companies and job seekers, expediting the recruitment process and promoting professional and social growth for all stakeholders.
Revenue Model
Apna generates its revenue through various channels within its business model. One of its main sources of income is providing technical support services to the holding company, which in turn offers platform services to recruiters and job seekers. This mutually beneficial arrangement allows Apna to earn income while supporting the smooth functioning of the platform.
In addition, Apna monetizes its operations by offering recruitment solutions through its web platform and mobile application. By providing valuable services to both job seekers and recruiters, Apna creates a platform where employers can connect with potential candidates and individuals can explore job opportunities tailored to their preferences.
The company also diversifies its revenue streams by earning interest on fixed deposits, current investments, and other non-operating income. These additional sources contribute to the overall financial stability and growth of Apna.
Through its unique approach and commitment to facilitating connections, Apna strives to provide value to both employers and job seekers in the ever-evolving job market.
Apna has raised a total of $193.5 million in funding over five rounds as of November 2023.
Here are the funding details for Apna:
Date
Round
Amount
Lead Investors
Sep 15, 2021
Series C
$100 million
Tiger Global Management
Jun 16, 2021
Series B
$70 million
Insight Partners, Tiger Global Management
Mar 2, 2021
Series A
$12.5 million
Peak XV Partners
Sep 1, 2020
Series A
$8 million
Lightspeed India Partners, Sequoia Capital India, Peak XV Partners
Jul 5, 2019
Seed Round
$3 million
Peak XV Partners
Apna – Shareholding
Apna shareholding
Shareholders Name
Percentage
Founder
41.79%
Enterprise
49.00%
Other People
9.20%
Apna – Growth and Revenue
Apna, a digital employment platform for blue-collar employees, and gray and entry-level white-collar employees, was valued at $1.1 billion just two years after it was launched. Another intriguing aspect of Apna is that it was in the pre-revenue stage, with no revenue at that time.
Here are some of the growth highlights of Apna:
It has 5 crore job seekers community
The company has a presence in 74+ cities
Apna has 50 lakh+ jobs, as per the website
It has 501–1,000 employees, as per LinkedIn
Apna – Financials
Apna financials
FY24
FY23
FY22
FY21
FY20
Operating Revenue
INR 127.6 crore
INR 180.3 crore
INR 63.9 crore
INR 16.95 crore
INR 5.22 crore
Total Expenses
INR 191 crore
INR 308.4 crore
INR 178.3 crore
INR 45.4 crore
INR 4.92 crore
Profit/Loss
INR -51.3 crore
INR -120.3 crore
INR -112.5 crore
INR -28.27 crore
INR -0.3 crore
Apna Financials
Apna’s revenue in FY24 was INR 127.6 crore, down from INR 180.3 crore in FY23. Expenses also dropped to INR 191 crore from INR 308.4 crore. Losses narrowed to INR 51.3 crore in FY24 from INR 120.3 crore in FY23. Over the years, revenue has grown from INR 5.22 crore in FY20 to INR 127.6 crore in FY24, but losses remain due to high expenses.
Apna Revenue Breakdown
Apna Revenue
FY24
FY23
Operating Revenue
INR 127.6 crore
INR 180.3 crore
Other
INR 11.3 crore
INR 7.8 crore
Total Revenue
INR 138.9 crore
INR 188.1 crore
Apna’s total revenue in FY24 was INR 138.9 crore, down from INR 188.1 crore in FY23. Operating revenue dropped to INR 127.6 crore from INR 180.3 crore, while other revenue increased to INR 11.3 crore from INR 7.8 crore.
Apna Expenses Breakdown
Apna Expenses
FY24
FY23
Employee Benefits
INR 123 crore
INR 204.1 crore
Ads & Promotions
INR 37.3 crore
INR 62.1 crore
Other
INR 30.7 crore
INR 42.2 crore
Total
INR 191 crore
INR 308.4 crore
Apna’s total expenses in FY24 were INR 191 crore, down from INR 308.4 crore in FY23. Employee benefit costs dropped to INR 123 crore from INR 204.1 crore, while ad and promotion expenses fell to INR 37.3 crore from INR 62.1 crore. Other expenses also declined to INR 30.7 crore from INR 42.2 crore.
Apna – Partnerships
Apna company collaborated with some of India’s most prestigious governmental and private institutions, including the Ministry of Minority Affairs, the National Skill Development Corporation, and UNICEF YuWaah, to help applicants get improved skilling and employment prospects.
Apna’s platform onboarded more than 100,000 recruiters in India, including BYJU’s, Flipkart, Zomato, Licious, Burger King, Zepto, Rapido, PharmEasy, and more. With a streamlined job posting process that takes less than five minutes, recruiters can connect with hyperlocal candidates possessing relevant skills within a span of two days.
Swiggy
In April 2023, Swiggy, the popular online food delivery startup, joined forces with Apna in a collaborative effort. The partnership’s primary focus is to create 10,000 hyperlocal opportunities exclusively for Swiggy’s quick-commerce grocery service, Instamart. This strategic alliance aims to enhance Swiggy’s operations and strengthen its delivery workforce in Tier 2 and Tier 3 cities.
Apna – Advertisements and Social Media Campaigns
Apna Brand Campaign | #ApnaKaamAyega
Apna company has undertaken advertising and social media campaigns to create awareness and attract job seekers. Their notable campaign, #ApnaKaamAyega, launched in April 2022, aimed to highlight Apna’s ability to connect job seekers with relevant opportunities. The campaign conveyed a message of hope and confidence to job seekers, establishing Apna’s brand presence in the competitive job market.
Additionally, Apna leverages social media platforms such as LinkedIn and Instagram to share engaging content. Their social media posts focus on capturing users’ attention and fostering relatability. By utilizing these channels, Apna expands its online presence, reaches a broader audience, and generates interest in the platform.
Apna, India’s largest professional networking platform, is committed to improving job accessibility and helping users find the right opportunities. Their new initiative, Apna Ascend, aims to upskill 1 million job seekers by 2024, providing top-notch training and bridging the skill gap. With dedicated coaching, improvement sessions, and insights from industry experts, Apna Ascend empowers job seekers and addresses the skills mismatch.
Additionally, Apna plans to launch more courses in sectors like sales and data support services to widen the scope of upskilling and create job opportunities in emerging technologies. Furthermore, Apna has introduced an international jobs feature, expanding career horizons by assisting Indians in finding work opportunities in the global market. These efforts align with Apna’s commitment to enhancing job prospects for its users.
FAQs
What is Apna company?
Apna is a job portal and professional networking platform that helps job seekers, especially blue-collar and grey-collar workers, connect with employers. It offers job listings, skill development, and networking features to simplify hiring and job searching.
What does Apna do?
Apna is a professional networking platform that connects job seekers with relevant opportunities and empowers recruiters to find the right talent.
Who is Apna founder?
Apna was founded by former Apple executive Nirmit Parikh in 2019.
What is Apna app?
Apna app is a mobile application that serves as a comprehensive platform for job seekers and recruiters, facilitating job searches, networking, and professional development.
What was Apna revenue in FY24?
Apna’s total revenue in FY24 was INR 138.9 crore, down from INR 188.1 crore in FY23.
What is Apna net worth?
Apna is valued at $1.1 billion as of January 2025.
What is Apna business model?
Apna follows a B2B and B2C model. It earns revenue from employers through job postings, recruitment services, and hiring solutions. It also offers upskilling and networking features for job seekers.
Nitin Konde
