With the launch of JioStar.com as their official website, Reliance Industries and The Walt Disney Company announced on 15 November that their media merger in India was complete.
Instead of being a streaming platform as was previously speculated, JioStar.com, the company’s new digital destination, exhibits the merger’s tagline “forging a new path to inspire a billion imaginations” and is currently the company’s webpage.
Following the resolution of domain issues, there is speculation that the joint venture between Reliance Jio and Disney may eventually use JioHotstar for their unified streaming platform.
Jainam and Jivika, siblings from Dubai, currently own the JioHotstar.com name. They purchased it from a developer in Delhi who first requested INR 1 crore from Reliance to finance his MBA at Cambridge University. The siblings have offered to give Reliance the domain at no cost. “We have complete control over this. We have not received any correspondence or pressure from Reliance or any legal organisation,” the siblings said on their website.
The Jio-Disney Combination Unifies Two OTT Platforms and More Than 100 TV Channels
With the merger of JioCinema and Viacom18’s media activities with Star India Private Limited, the INR 70,352 crore (~US$8.5 billion) joint venture brings together India’s top entertainment companies. An additional INR 11,500 crore (about US$1.4 billion) in growth capital has been invested in the company by Reliance.
The joint venture will run more than 100 TV stations and generate more than 30,000 hours of TV content annually under the direction of recently appointed Chairperson Nita M. Ambani and Vice Chairperson Uday Shankar. The combined company includes JioCinema and Hotstar, two well-known streaming services with a combined user base of more than 50 million.
Three CEOs Will Spearhead Various Operations
Kevin Vaz will handle entertainment, Kiran Mani will lead digital operations, and Sanjog Gupta will oversee sports content. These three CEOs will drive various facets of the company. According to the ownership structure of the joint venture, Viacom18 owns 46.82% of the company, Disney 36.84%, and RIL 16.34%.
Disney CEO Bob Iger emphasised the venture’s ability to provide an improved content portfolio to Indian audiences, while RIL Chairman Mukesh Ambani referred to it as a “transformational era” for Indian media. Several regulatory bodies, including the Competition Commission of India, granted the merger the necessary approvals.
With a pro forma combined revenue of almost INR 26,000 crore (USD 3.1 billion) for the fiscal year that ends in March 2024, the joint venture is ranked among the biggest media and entertainment businesses in India.
According to RIL Chairman and Managing Director Mukesh Ambani, the establishment of this joint venture marks the beginning of a revolutionary period for the Indian media and entertainment sector. Reliance will guarantee unrivalled entertainment options at reasonable costs for Indian viewers because of its extensive creative experience, partnership with Disney, and unique comprehension of the Indian market. “The firm is very excited about the future of the JV and wishes it all the best,” Ambani added.
According to many media sources, food delivery and fast commerce giant Zomato Ltd. has selected investment bank Morgan Stanley and started developing its projected qualified institutional placement (QIP) offering of up to INR 8,500 crore (about $1 billion).
Depending on the state of the market, Zomato plans to deploy the QIP in December. According to the sources, the syndicate may be expanded to include one or two additional investment institutions. According to them, the final sale size might fall between $800 million and $1 billion. The Zomato QIP proposal follows its rival Swiggy Ltd.’s massive INR 11,327 crore IPO, which went public on the stock exchanges on November 13 with a 7.69% gain. Over the IPO price of INR 390, the stock made its NSE debut at INR 420 per share.
Recent Performance at BSE
Even though Zomato‘s stock price is down 9.6% from its 52-week peak of INR 298.2 on September 24, the company’s stock has increased by about 118% so far this year. On November 14, Zomato’s shares ended the day up 4.27% at INR 269.6 per share on the BSE. Zomato’s funding proposal is presently awaiting shareholder approval. Up until November 22, shareholders have the opportunity to vote in favour or against the proposal.
Justification for Fundraising
Zomato told its investors that the $1 billion fundraise was necessary to bolster its balance sheet at this time and that it has no plans to acquire any minority businesses or make any minority investments. In around three years, Zomato’s consolidated annualised adjusted revenue has increased fourfold, from INR 4,640 crore at the time of its July 2021 IPO to INR 20,508 crore at this time (Q2FY25 annualised). Zomato informed its shareholders in a notice asking for their vote on the fundraising proposal, “Our cash balance has decreased from INR 14,400 crore to approximately INR 10,800 crore in the same time period (primarily due to funding past quick commerce losses and some equity investments and acquisitions).”
Given the competitive environment and the considerably greater scale of Zomato’s business now, it further stated that even though the company is currently making money (as opposed to a losing business at the time of the IPO), it feels that it needs to improve its cash balance. “The company wants to make sure that Zomato is on an even playing field with its rivals, who are raising more money, but it also thinks that capital alone does not grant anyone the right to succeed (and that service quality is the primary determinant of success),” the company stated.
According to reports, boAt, a manufacturer of smartwatches and audio goods, has selected a number of bankers for an IPO that will cost between $300 and $500 million next year.
According to media sources, ICICI Securities, Goldman Sachs, and Nomura have joined the business as IPO bankers. The report also stated that although final numbers may change closer to the IPO filing, boAt may aim for a valuation of more than $1.5 billion. Regarding the development, boAt has refrained from commenting.
Second Attempt by the Startups to Launch IPO
It’s important to remember that this is the startup’s second attempt at an initial public offering. The company submitted its draft red herring prospectus (DRHP) for a public offering of INR 2,000 crore to the Securities and Exchange Board of India (SEBI) in 2022. Cofounder Aman Gupta stated last year that boAt was not in a hurry to pursue an IPO for the “next couple of years,” but eventually scrapped the plans. Rather than moving forward, boAt chose to raise $60 million in private funding from new investor Malabar Investments and current investor Warburg Pincus through convertible preferred shares, with a valuation cap of about $1.2 billion.
Roadmap to Launch its IPO
With plans to file for the upcoming fiscal year, the reports also stated that ICICI Securities would serve as the issue’s lead banker. The business has chosen four bankers in all. The news coincides with a severe slump in boAt’s wearables category, which saw its consolidated operating revenue drop by more than 7% to INR 3,117.7 Cr in the financial year 2023-24 (FY24) from INR 3,376.8 Cr in the previous fiscal year. The wearables segment saw a roughly 40% decline in sales, from INR 910.6 Cr in FY23 to INR 550.3 Cr in the reviewed year. However, revenue for boAt’s audio products segment, which makes up the majority of its total sales, increased by just 5% from INR 2,350.8 Cr in FY23 to INR 2,459.2 Cr in FY23.
Nevertheless, boAt was able to reduce its loss in FY24 in spite of the drop in its income. During the year, the net loss of the Aman Gupta-led venture decreased by more than 38% to INR 79.7 Cr, a decrease from INR 129.4 Cr in FY23. Gupta and Sameer Mehta founded boAt in 2015, and it sells speakers, smart watches, headphones, and other items in the broader wearables and audio sectors. It has raised over $177 million in capital to date and is supported by companies including Qualcomm Ventures, Ranveer Singh, and Warburg Pincus, among others. One of the leading brands of audio devices in India, boAt faces competition from industry titans like JBL, Sony, Samsung, OnePlus, Noise, and a number of up-and-coming new-age businesses.
On 13 November, the Confederation of All India Traders (CAIT) accused rapid commerce platforms of breaking a number of national laws, such as the Competition Act, the Consumer Protection Act, and Foreign Direct Investment (FDI) regulations.
The trade group stated in a white paper that more than INR 54,000 crore in foreign direct investment (FDI) funds have been given to the nation’s top three rapid commerce platforms: Zepto, Swiggy’s Instamart, and Blinkit, which is owned by Zomato. Just INR 1,300 crore, or 2.5%, of this has gone towards the creation of tangible assets. According to the report, operating losses brought on by predatory pricing practices may have accounted for more than half of the foreign direct investment.
It further stated that this is against FDI standards, which were designed to promote long-term growth through the development of infrastructure and assets.
Since retail trade is a state matter, CAIT will distribute copies of this white paper to the Ministry of Consumer Affairs, the Competition Commission of India, and the chief ministers of every state, according to CAIT secretary general Praveen Khandelwal.
Ignoring FDI Norms
According to the CAIT’s research, these platforms use a “closed nexus of preferred sellers,” which is against the FDI standards and acts. The CAIT claimed that FDI regulations specifically forbid foreign-backed marketplaces from controlling or holding inventory.
Additionally, the trade group has asserted that these quick-commerce platforms restrict market access by predatory pricing, deep discounting, and exclusive agreements with specific suppliers, all of which are violations of the Competition Act. According to the report, they are driving small retailers and kirana shops out of the market by giving chosen vendors free or drastically reduced storage and delivery services.
CAIT claims that Blinkit uses five major vendors, including Superwell Comtrade, TAMS Global, and Kemexel Ecommerce. Among other companies, Swiggy Insatmart depends on PYD Retail, Bhagwati Stores, Getmax Globe, and FOCLO Technologies. As an inventory-based e-commerce company, Zepto, on the other hand, directly supplies products, completely avoiding third-party vendors.
Vertical Agreement With Preferred Players
According to the white paper, these platforms have vertical agreements with their favoured vendors, giving them complete control over price, distribution, storage, production, and supply. This restricts consumer options, affects purchase costs, and hinders independent sellers’ access to the market. Furthermore, it asserts that the platforms are violating the Consumer Protection Act by not giving customers clear information about the merchants. According to the trade group, these activities are putting the livelihoods of 3 crore kirana shopkeepers in jeopardy and forcing over 25% of them to close.
The white paper was released at a time when regulators are looking more closely at platforms for quick commerce. The Food Safety & Standards Authority of India (FSSAI) requested on 12 November that operators of e-commerce and quick-commerce food businesses guarantee a minimum shelf life of 30% or 45 days prior to product expiration at the time of delivery to customers. The Central Consumer Protection Authority (CCPA) also sent notices to e-commerce and quick commerce companies last month for violating the Legal Metrology Packaged Commodity Rules (PCR) 2017 by failing to display the MRP and “best-before” dates for perishable goods on their platforms.
With so many options on the market, it is difficult to choose the best WordPress hosting for your website. That’s why we’ve tested the best of them and we’ll share the results here on the site.
The importance of choosing a better hosting for WordPress is evident when we take into account how much this type of service impacts the project’s success.
Unsurprisingly, the WordPress hosting you choose has an impact on your site’s SEO. This is because Google is keeping an eye on your site’s load time and availability.
If the site takes a long time to load or goes down, in addition to harming the user’s browsing experience, it also suffers from the ranking of the main search engines in the market.
For this reason, it is important to choose the best hosting for your website. And below you can check out some of the best WordPress hosting’s in the market.
Cloudways, a DigitalOcean company, is a managed cloud hosting platform that offers high-performance WordPress hosting with access to top cloud providers like DigitalOcean, AWS, Vultr, Linode, and Google Cloud. With over 100,000 customers, including agencies, SMBs, and individuals, Cloudways is known for its simplicity and powerful features, including 1-click app deployment, built-in caching, and free SSL certificates.
The platform also ensures high availability with seamless scaling, optimized stacks (NGINX, Apache, PHP-FPM), and automated backups. Cloudways’ focus on security, 24/7/365 support, and advanced features like staging environments, dedicated firewalls, team management, and more make it an excellent choice for businesses that need reliable WordPress hosting.
Advantages
Access to five top cloud providers (DigitalOcean, AWS, Vultr, Linode, GCE)
Built-in caching (Varnish, Redis, Memcached) for faster performance
Free SSL certificate and automated backups
24/7 real-time monitoring and support
Seamless vertical scaling and staging environments
Disadvantages
Pricing can be higher compared to traditional shared hosting
With over 17 years of experience, HostGator is one of the most popular website hosting companies in Brazil. It also has the best-selling WordPress hosting service on the market.
The cost-benefit is not the only attraction of HostGator. Their unrivaled support and service make them stand out. No wonder that WPTotal has been using this company since 2013.
Advantages
Free domain (on payment starting from the year)
Free SSL for all domains
Extremely stable service
High-quality support
Uptime close to 100%
Disadvantages
The service may take a while sometimes
Pricing
HostGator offers the below pricing plans:
Plan
Pricing
Hatchling plan
$2.75/month
Baby plan
$3.50/month
Business plan
$5.25/month
Hostinger
WordPress Hosting Provider
Hostinger
Founded
2004
Rank
4.4 out of 5
Hostinger – Best WordPress Hosting
Hostinger is the ideal service for those looking for a low price and do not want to compromise on quality. After months of testing Hostinger’s WordPress hosting, I can guarantee that it has excellent quality, far superior to services like GoDaddy and Locaweb. And the company still has plenty of breath to fight HostGator.
Low price is not always synonymous with low-quality service and Hostinger is there to prove it. Paying 1/4 of what you would pay in other companies, using Hostinger you will have quality, efficiency, and stability. And I say this because I have tested Hostinger’s service for months.
Another point worth mentioning is that Hostinger is the only company that offers 30 days to test the service. If you are not satisfied with the quality of service during this period, you can request a full refund of the amounts paid. Other WordPress hosting services offer a maximum of 7 days of trials.
Advantages
Competitive price
Fast and stable service
30-day satisfaction guarantee
Free Domain
Compatible Renewal Pricing
Disadvantages
No phone support
Pricing
Hostinger offers below pricing plans:
Plan
Pricing
Single Web Hosting
INR 79/month
Premium Web Hosting
INR 159/month
Business Web Hosting
INR 279/month
GoDaddy
WordPress Hosting Provider
GoDaddy
Founded
1997
Rank
4.0 out of 5
GoDaddy – Best WordPress Hosting
An excellent WordPress hosting option is offered by the company GoDaddy. When choosing the largest domain registrar on the planet, you have reliable, quality service and good service from the technical support team.
The low price is one of the differentials of this company, which often offers services for much lower prices than the competition. But beware, it is always important to pay attention to the renewal value of each of the services to ensure real savings in the long and medium-term.
GoDaddy is one of the best options when it comes to domain registration at prices well below market prices. But other companies such as HostGator have been offering equally interesting deals for those wanting to register a domain.
Recommended by WordPress.org, SiteGround stands out for offering an extremely high-quality service. SiteGround WordPress hosting has a specialized team to support this platform.
SiteGround prides itself on having a 98% customer satisfaction rate, according to the company’s own surveys. This is a very high value, by the way, but knowing the quality of services offered by SiteGround does not surprise me with such a large number of satisfied customers.
Another important factor is that it is recommended by several large websites and even by the creators of Plugin SEO by Yoast.
What stands out the most about SiteGround is the extremely simple and intuitive interface for managing the WordPress hosting service. This is without a doubt one of the best administration interfaces I’ve seen so far.
Advantages
The company is recommended by WordPress.org
Free SSL Certificate
Intuitive and simple-to-use administration interface
Optimized for WordPress
Disadvantages
Only accepts payment in dollars
Does not provide support in Portuguese
Pricing
Siteground offers below pricing plans:
Plan
Pricing
StartUp
$3.99/month
GrowBig
$6.69/month
GoGeek
$10.69/month
DreamHost
WordPress Hosting Provider
DreamHost
Founded
1996
Rank
4.0 out of 5
DreamHost – Best WordPress Hosting
Like the previous companies, DreamHost is a very popular American company, with more than 400 thousand customers and more than 1 million domains under its management.
DreamHost is a company known for offering WordPress hosting and website hosting with great performance and stability. Like the previous web hosting, DreamHost serves many websites of large corporations and well-known brands in the market.
DreamHost’s dashboard is very intuitive and easy to use, it makes administering one or more sites extremely simple. The intuitive and visually pleasing interface makes the processes much more agile and simple to carry out.
But it is not just the control panel that is the highlight of this company. The stability of the service and the features offered are good differentials for hiring this website hosting company.
This is the company recommended by WordPress.org and perhaps that explains DreamHost abroad is among the most popular in the market.
Advantages
Recommended by WordPress.org
Servers on SSD
Free SSL Certificate
Optimized for WordPress
Disadvantages
No support for many foreign languages
Does not accept payment in various currencies
Pricing
DreamHost offers below pricing plans:
Plan
Pricing
WordPress Basic
$4.95/month
DreamPress
$12/month
VPS for WordPress
$30/month
Bluehost
WordPress Hosting Provider
Bluehost
Founded
2003
Rank
3.5 out of 5
Bluehost – Best WordPress Hosting
Bluehost is a leading web hosting and domain registration provider, offering various hosting services for individuals and businesses. Founded by Matt Heaton in 1996 and officially launched in 2003, Bluehost proliferated and was acquired by Endurance International Group in 2010. Today, it operates under Newfold Digital, following a 2021 merger with Web.com.
Its options include shared hosting for small websites, WordPress hosting optimized for WordPress sites, VPS hosting for growing sites needing more control, dedicated hosting for high-traffic websites, and WooCommerce hosting for e-commerce platforms. Bluehost provides 24/7 customer support via chat and phone, free SSL certificates for secure connections, and marketing tools with SEO insights.
Advantages
User-Friendly Interface
Affordable Pricing
Free Domain and SSL
Reliable Performance and Support
Disadvantages
Backup and Performance Limitations
Restricted Backup Access
Pricing
Bluehost offers below pricing plans:
Plan
Pricing
Shared hosting
$4.95/month
VPS hosting
$18.99/month
Dedicated hosting
$79.99/month
Hostwinds
WordPress Hosting Provider
Hostwinds
Founded
2010
Rank
4.9 out of 5
Hostwinds – Best WordPress Hosting
Hostwinds, founded by Peter Holden in 2010 in Tulsa, Oklahoma, is a web hosting provider focused on affordable and reliable hosting services. Now based in Seattle, Washington, Hostwinds offers a wide range of hosting solutions, including shared, VPS, dedicated, and cloud hosting to meet diverse client needs. It provides a strong 99.9999% uptime guarantee through robust infrastructure, proactive monitoring, and free SSL certificates for added security. Hostwinds is known for 24/7 customer support via chat, phone, and ticketing systems, a user-friendly control panel, and flexible billing options. Managed services are also available for VPS and dedicated servers. Hostwinds has earned recognition for its commitment to customer satisfaction and reliable performance.
Advantages
Diverse Hosting Options
High Uptime Guarantee
Competitive Pricing
User-Friendly Features and Support
Disadvantages
No Free Domain Registration
Limited Windows Hosting Options
Pricing
Hostwinds offers below pricing plans:
Plan
Pricing
Basic
$5.24/month
Advanced
$6.74/month
Ultimate
$8.24/month
Web.com
WordPress Hosting Provider
Web.com
Founded
1999
Rank
4.2 out of 5
Web.com – Best WordPress Hosting
Founded in 1999 and based in Jacksonville, Florida, Web.com specializes in online services for small businesses, supporting over three million users. The platform offers a drag-and-drop website builder with over 150 mobile-responsive templates, enabling users to create professional websites without technical expertise. For e-commerce, Web.com provides dedicated plans featuring unlimited product listings, real-time shipping, and secure payment options through PayPal and Stripe. Hosting services are included in all plans, with unlimited storage, a free domain for the first year, and an SSL certificate for added security. Additionally, customers benefit from one hour of personalized design support, enhancing their setup experience with Web.com’s expert guidance.
Advantages
User-Friendly Website Builder
Integrated Offering
E-commerce Capabilities
Efficient Content Assistance
Disadvantages
Limited Design Flexibility
Pricing and Feature Limitations
Pricing
Web.com offers below pricing plans:
Plan
Pricing
Website
$4.99/month
Website + Marketing
$7.99/month
eCommerce
$9.99/month
MochaHost
WordPress Hosting Provider
MochaHost
Founded
2002
Rank
4.1 out of 5
MochaHost – Best WordPress Hosting
MochaHost, founded in 2002 and based in San Jose, California, provides affordable web hosting services without compromising on performance. Over the years, the company has expanded its offerings to include shared, VPS, dedicated, and cloud hosting, incorporating advanced technologies like NVMe SSD storage and RAID 10 configurations. MochaHost is committed to sustainability, using renewable energy and eco-friendly practices. It offers competitive pricing starting at $1.95 per month for basic shared hosting and provides a 100% uptime guarantee, free lifetime SSL certificates, and unlimited bandwidth and storage on most plans. With an intuitive cPanel, one-click app installations, and a 180-day money-back guarantee, MochaHost ensures a user-friendly and risk-free experience.
The best way to keep your WordPress site always running and performing at its best is to choose a good host, preferably a hosting that specializes in WordPress, and always keep all plugins and themes up to date.
Remember to only use plugins from the official directory, or from trusted developers, as some plugins can facilitate the invasion of WordPress. And the same goes for WordPress themes.
Although most hosts do backups, don’t just rely on automatic backups and always keep a manual backup, just in case.
FAQ
Which hosting provider is best for WordPress?
HostGator, GoDaddy, DreamHost, and Hostinger are some of the best WordPress providers.
Which is the fastest WordPress hosting provider?
SiteGround, Bluehost, WP Engine, Flywheel are few of the fastest WordPress hosting providers.
India’s lawn and garden industry is growing, with revenue reaching $14.96 billion in 2024. It is expected to rise by 4.53% each year until 2029. Leading this movement, MyGardenEmporium brings urban greenery to people’s doorsteps. The company offers gardening, landscaping, and community projects to inspire sustainable living. By helping people connect with nature, MyGardenEmporium is making a real impact.
In this article, explore more about MyGardenEmporium, its founder, business model, marketing strategy, challenges, growth, and more.
MyGardenEmporium is a sustainability-focused venture on a mission to bring nature back to our cities, creating greener, healthier urban spaces that inspire and thrive. Founded by Nithin Hassan, MyGardenEmporium provides a carefully curated selection of garden essentials—from vibrant plants and seeds to eco-friendly tools and fertilizers—all designed to empower environmentally conscious practices. But it is more than a garden store; they transform spaces through their landscaping services, turning everyday areas into lush green sanctuaries.
In line with the commitment to community and environmental impact, MyGardenEmporium reinvests 20% of its profits in initiatives that empower rural women and support children’s education, bringing the vision of sustainable growth full circle. At its core, the company aims to balance urban expansion with a steadfast dedication to preserving greenery, creating a world where cities and nature coexist harmoniously.
MyGardenEmporium – Industry
MyGardenEmporium operates within the gardening and landscaping industry, which has seen a surge in demand due to increased interest in sustainability and urban greening. The global gardening and landscaping market, valued at over $100 billion, is projected to grow steadily as more urban populations prioritise sustainable living and mental well-being through natural spaces.
The primary target market includes urban households, commercial properties, and environmentally conscious individuals and institutions across India, where the gardening and landscaping market is growing significantly. Based on urbanisation trends and increasing environmental awareness, the company estimates a potential target market in India of around $3 billion by 2028.
Currently, MyGardenEmporium is in its early growth phase, aiming to capture a 1-2% share of this market within five years by focusing on quality, community-driven services, and sustainable products. This calculation is based on competitor analyses, consumer surveys, and market reports that detail urban gardening and landscaping trends in India.
In the next five years, the industry is expected to lean heavily towards eco-friendly practices, with increased interest in carbon footprint reduction, biodiversity, and smart gardening solutions. Urban areas will see a growing demand for green spaces in homes, offices, and public spaces, aligning with government and corporate sustainability goals.
Within five years, MyGardenEmporium aims to become a recognised leader in urban landscaping and gardening in India, known for its sustainable products and impactful community initiatives. In ten years, the company envisions expanding internationally, setting standards for eco-friendly urban spaces, and actively contributing to the global movement for sustainable cities while maintaining a community-first approach that uplifts and empowers local communities.
Nithin Hassan founded MyGardenEmporium after two decades of experience in Silicon Valley, where he held key roles at Meta, Microsoft, and Amazon. His personal passion for sustainability and a commitment to social impact inspired him to launch this company, aiming to blend environmental responsibility with community empowerment.
Nithin isthe sole founder and currently leads the company, bringing together a team of dedicated professionals skilled in horticulture, sustainable design, and e-commerce operations. Their tasks are divided based on expertise: Nithin focuses on strategic vision, technology development, and business partnerships, while the team manages key operational areas like product management, customer service, and community outreach.
MyGardenEmporium runs with a dedicated small team of professionals and contractors who manage and maintain the platform to ensure a seamless customer experience. They’ve built partnerships with trusted vendors to supply high-quality plants and garden essentials, which allows them to focus on service quality, customer satisfaction, and continuous innovation. The company’s work culture is collaborative and mission-driven, emphasising flexibility, teamwork, and a shared passion for sustainability.
Hiring Philosophy
MyGardenEmporium values individuals who are passionate about the environment, driven to make a difference, and bring a hands-on approach to problem-solving. The hiring focus is on individuals with skills in horticulture, customer engagement, and e-commerce, with a preference for those who share the company’s commitment to sustainability and community impact.
MyGardenEmporium – Startup Story
The inspiration for MyGardenEmporium came from witnessing the drastic loss of greenery in Bangalore due to rapid urbanization. Nithin recognised how critical greenery is to mental well-being, air quality, and stress reduction, especially highlighted during the COVID-19 pandemic when access to fresh air and nature became essential. Combining his passion for sustainability with his experience in the tech industry, Nithin envisioned creating a platform that would make greenery accessible to urban dwellers and help counteract environmental degradation.
To validate the idea, Nithin conducted a series of surveys targeting urban residents, green enthusiasts, and industry experts. He also researched consumer trends indicating a rise in eco-conscious lifestyles and analysed competitor offerings to identify gaps, particularly in sustainable and community-focused gardening services. The findings confirmed a growing demand for garden products and services that emphasise environmental responsibility.
Leveraging his background in coding and technology, Nithin built an MVP (Minimum Viable Product) on his own. This initial version included a curated selection of plant offerings, essential gardening tools, and basic landscaping services, showcased through a user-friendly website. This hands-on approach allowed him to test the concept, refine product offerings, and gather early feedback, setting the stage for a scalable platform focused on sustainable urban greening.
Nithin took a hands-on approach by personally delivering plants to customers, using these interactions to gain direct feedback. He also shared his vision with close friends, family, and colleagues in the tech industry, as well as mentors within his startup network. The response was overwhelmingly supportive, with many resonating with Nithin’s mission to reintroduce greenery into urban spaces. This positive feedback, especially the enthusiasm for the social impact aspect, strengthened his conviction that MyGardenEmporium could create a significant, positive change.
MyGardenEmporium – Mission and Vision
The company’s long-term vision is to bring a “farm-to-table” experience to urban communities through sustainable agriculture. At the heart of this vision is a large-scale hydroponic facility dedicated to cultivating fresh produce. This initiative will be showcased at Project Promenade, an immersive experience center where visitors can engage in farm life through a unique farm stay centered around hydroponics. Project Promenade offers a hands-on connection to sustainable agriculture, inviting people to reconnect with nature and understand the value of fresh, locally-grown produce.
In the next 1-2 years, MyGardenEmporium aims to become the leading platform for eco-conscious individuals and businesses seeking quality garden essentials and landscaping solutions. By partnering with vendors in major cities and establishing retail experience centers, they’re making urban greenery accessible nationwide. To enhance the offerings, they’re integrating AI-driven features, like the “AI Plant Doctor” for real-time plant health monitoring and an optimized inventory management system for seamless service. Aligned with the commitment to rural empowerment, they’re focused on creating job opportunities and supporting sustainability projects, expanding MyGardenEmporium’s impact well beyond urban gardening.
MyGardenEmporium’s core belief is that sustainability and urban development must go hand-in-hand. Founded on the understanding that greenery is essential—not a luxury—for mental well-being, environmental health, and community resilience, they envision a world where urban spaces are green, vibrant, and sustainable. The company’s mission is to inspire a deep connection between people and nature, leading the transformation of cityscapes through sustainable greenery and creating healthier, more tranquil environments for future generations.
Motto: “Transforming Spaces, Enriching Lives”
MyGarden Emporium’s motto embodies the commitment to greening urban spaces while empowering the local communities that drive sustainable change.
MyGardenEmporium – Name, Tagline, and Logo
MyGardenEmporium Logo
The name MyGardenEmporium was inspired by a vision to create a one-stop destination where everyone could find the essentials for a personalised and sustainable garden, right in the heart of urban living. The word “Emporium” reflects a wide, curated selection that caters to every type of green enthusiast, from beginners to seasoned gardeners, making it accessible and inviting.
The tagline, “Transforming Spaces, Enriching Lives,” captures the dual mission of the company: promoting urban greenery while investing in social causes like women’s empowerment and children’s education.
The logo combines elements of nature and growth, featuring a sprouting plant to symbolise the beginning of something new, fresh, and impactful. It visually represents the company’s dedication to promoting life and well-being in every space. The entire process—from the name to the logo—was inspired by the goal of creating a brand that not only sells products but also connects with people’s aspirations for a greener, more meaningful life.
MyGardenEmporium – Products/Services
MyGardenEmporium DIY Products
MyGardenEmporium is dedicated to bringing nature back into urban environments through high-quality gardening products and personalised landscaping services. The company provides an extensive selection of plants, seeds, tools, and eco-friendly gardening essentials. Additionally, MyGardenEmporium offers customised landscaping and lifetime maintenance services, transforming everyday spaces into vibrant, sustainable green zones.
How It Works
Customers can explore and purchase products on the MyGardenEmporium website, where they can also schedule landscaping consultations and maintenance services. The platform is designed for user ease, guiding customers through the selection process and offering tailored recommendations based on their unique space requirements and preferences.
As urban areas expand, green spaces often disappear, leaving residents with limited access to nature and its health benefits. MyGardenEmporium addresses this by making greenery accessible, convenient, and sustainable, helping urban dwellers create natural retreats in their homes and offices, and improving air quality, mental well-being, and environmental impact.
USP and Innovation
MyGardenEmporium’s unique value lies in its focus on sustainable, high-quality products backed by community impact. The company stands out through its personalised landscaping and lifetime maintenance services, along with a commitment to donating a portion of profits to empower rural women and support children’s education. By reinvesting in communities, MyGardenEmporium combines social responsibility with urban greening.
The platform leverages an e-commerce infrastructure with intelligent recommendations for plant care and landscape design, enhancing the customer experience with intuitive navigation and tailored suggestions. Sustainability is central to the tech framework, which tracks carbon impact reductions and optimises delivery logistics for minimal environmental impact.
Pivot History
Initially focused solely on retailing gardening products, MyGardenEmporium quickly pivoted to offer personalised landscaping and maintenance services. This shift came after early feedback revealed strong demand for customised solutions that helped customers fully utilise and maintain their green spaces.
MyGardenEmporium – Business and Revenue Model
MyGardenEmporium operates as an e-commerce platform dedicated to providing sustainable gardening products and personalised landscaping services. The company sources high-quality plants, seeds, tools, and eco-friendly gardening essentials from trusted vendors and offers these through its user-friendly online platform. Additionally, MyGardenEmporium provides customised landscaping consultations and lifetime maintenance services, catering to individuals and businesses alike who wish to incorporate greenery into their spaces.
Revenue is generated through direct sales of gardening products and service fees for landscaping and maintenance solutions. The pricing range varies depending on the product or service category. Standard products like plants and seeds are available from INR 200 to INR 5,000, while premium services such as landscaping design and long-term maintenance packages are priced based on scope and complexity, with tailored solutions for each client.
MyGardenEmporium maintains competitive profit margins by partnering directly with vendors and negotiating bulk supply rates. This ensures quality while keeping prices accessible. On average, profit margins range from 15% to 25% on products and slightly higher on landscaping services. The company operates without a commission structure, as the focus remains on direct sales and value-added services to support its sustainability-driven mission.
Launching MyGardenEmporium started with a grassroots approach focused on building a community and gaining early traction. With zero users initially, the company prioritised a few key strategies that proved successful in acquiring the first 100 customers:
Local Partnerships and Events: MyGardenEmporium partnered with local nurseries and eco-friendly businesses to cross-promote. By participating in gardening and sustainability fairs, the company showcased its products and services to an engaged audience, resulting in a direct boost in early sales and interest.
Social Media Marketing: Leveraging social media, particularly Instagram and Facebook, helped build brand visibility. MyGardenEmporium created visually appealing content, such as plant care tips, urban gardening ideas, and transformation stories, which resonated with green enthusiasts. Targeted ads and engaging content reached people interested in sustainability, nature, and gardening.
Word of Mouth and Referrals: To encourage customer referrals, the company launched a referral program offering discounts on future purchases. Satisfied customers shared their experiences with friends and family, expanding the company’s reach organically.
Personalised Service: I personally delivered plants to early customers, using these interactions to gather direct feedback and refine offerings. This personal touch created a strong customer connection and fostered trust, leading to positive reviews and recommendations.
Community Initiatives: MyGardenEmporium aligned its social impact mission with the launch strategy. Initiatives like donating a portion of profits to local women’s empowerment projects resonated with customers who valued sustainability and community support.
These combined efforts helped MyGardenEmporium gain visibility, build trust, and establish a solid base of loyal customers within its first few months.
MyGardenEmporium – Customer Growth and Retention Strategies
MyGardenEmporium’s journey from 100 to 10,000 customers has been driven by promoting customer loyalty through personalised experiences and community-focused values. Key strategies for achieving this growth include:
Targeted Content Marketing: By sharing engaging, informative content on topics such as gardening tips, sustainability practices, and plant care, the company attracted eco-conscious customers. Regular blog posts, instructional videos, and DIY garden transformations on social media have consistently drawn new followers and customers.
Email Marketing and Exclusive Offers: Building an email list from the beginning helped in maintaining close connections with customers, offering seasonal deals, plant care advice, and exclusive content. Personalised emails with tailored product recommendations have been key in driving repeat purchases and boosting the retention rate.
Referral and Loyalty Programs: Their referral program has transformed satisfied customers into brand ambassadors, rewarding them with discounts and incentives for introducing new customers. Additionally, their loyalty program awards points for repeat purchases, fostering engagement and encouraging ongoing interaction.
Partnerships with Local Nurseries and Influencers: Collaborations with local nurseries and gardening influencers have helped extend MyGardenEmporium’s reach. Influencers share product reviews, gardening tips, and transformation stories, which increase visibility and drive traffic. Partnerships with eco-conscious brands create opportunities for cross-promotional campaigns, expanding the company’s presence.
Community and Social Impact Initiatives: By committing to community projects like women’s empowerment and educational programs, they have garnered strong support from customers who feel connected to a broader purpose. This approach has enhanced brand loyalty and promoted word-of-mouth referrals.
Viral Marketing Campaign: MyGardenEmporium’s “Bring Home a Plant, Grow a Greener World” campaign encouraged customers to share photos of their green spaces on social media, tagging MyGardenEmporium for a chance to win prizes. This campaign reached thousands of new people organically, sparking a surge in new customers.
Through a purely organic growth approach, MyGardenEmporium prioritises high-impact, low-cost strategies like community engagement, influencer partnerships, and organic referrals to maximise its reach without any marketing spending.
One of the biggest challenges that Nithin faced was the logistical complexity of shipping live plants online. Shipping delicate, perishable items like plants requires careful handling to ensure they arrive at the customer’s doorstep in perfect condition. Many traditional shipping methods weren’t viable, and they encountered initial issues with plants arriving damaged due to mishandling during transit.
To address this, Nithin and the team experimented with several packaging solutions, seeking one that was both protective and cost-effective. They developed an innovative packing method that stabilises the plants during shipment, protects them from temperature fluctuations, and minimises moisture loss. This solution has reduced damage rates significantly and improved customer satisfaction.
They are also tackling challenges around scalability, as demand grows faster than anticipated. Balancing high-quality service while managing a growing volume of orders is their current focus. They’re testing new strategies for streamlining operations without compromising on quality, including improving their inventory management systems and collaborating with eco-friendly logistics partners. These adjustments are vital as they continue expanding MyGardenEmporium’s reach.
MyGardenEmporium – Marketing Campaigns
Nithin of MyGardenEmporium Educating Kids about Nature and Sustainability
The most successful marketing campaigns at MyGardenEmporium have been a blend of community-focused initiatives and customer-driven programs that resonate deeply with the company’s values of sustainability and social impact.
“For Every 10, Give 1” Plant Giveaway: For every 10 plants sold, the company gifts one plant, encouraging customers to feel they’re part of a movement to bring more greenery into the world. This has created a sense of shared responsibility and led to high engagement and loyalty.
Impact-Driven Profits: They’re committed to making a difference by sharing 20% of the profits with rural schools and supporting rural women’s empowerment. This initiative has built strong brand loyalty, as customers appreciate that their purchases directly support impactful causes.
Garden Happiness and Meaningful Gifting: With the message “Garden Makes You Happy, Gifting Plants Gives Real Meaning,” the campaign focuses on the emotional and environmental benefits of plants. This unique perspective on gifting has resonated with eco-conscious consumers, driving both sales and referrals.
Nature and Sustainability Education for Kids: Nithin and his team are passionate about teaching the next generation. By visiting schools to distribute DIY gardening kits and teaching kids about nature and sustainability, they engage with young minds while encouraging a connection with parents who support green education.
Referral and Loyalty Programs: Thereferral program rewards customers for sharing MyGardenEmporium with friends and family, while their loyalty program offers redeemable points for repeat purchases. This has created a community of dedicated, recurring customers who actively advocate for the brand.
MyGardenEmporium is flourishing as a prominent brand in India’s online plant and garden supply market, with a strong focus on sustainability and community impact. It delivers plants across the country, bringing nature closer to homes.
Key Metrics and Growth Highlights:
Revenue: Since the launch on June 1, 2024, the brand experienced steady month-over-month growth, achieving over INR 20 lakh in revenue within just 4 months. Starting with about 5 plant sales per day, it now averages 30 to 50 daily, demonstrating strong customer demand and engagement with MyGardenEmporium. In under 5 months, the brand sold over 10,000 plants and garden supplies, underscoring its impact and the growing appeal of sustainable, nature-centred lifestyles.
Userbase: With over 10,000 loyal customers, 20% of whom are repeat buyers, MyGardenEmporium’s community continues to grow.
Market Share: MyGardenEmporium has captured 12% of India’s online plant and garden supply sector, solidifying its position as a leading garden-centric platform.
GMV: Since launching on June 1, 2024, MyGardenEmporium has achieved a Gross Merchandise Volume (GMV) of over INR 25 lakh, driven by strong customer engagement and an expanding product range. Offering a wide selection of plants, gardening supplies, and eco-friendly products, the brand successfully catered to a growing eco-conscious community, resulting in the sale of over 10,000 plants and supplies within the first five months. This GMV milestone is a testament to MyGardenEmporium’s impact, blending environmental responsibility with social purpose in a way that resonates with its customers.
MyGardenEmporium has partnered with major developers and apartment complexes to create green spaces for residential and commercial projects, enhancing the brand presence.
NPS: With an outstanding Net Promoter Score exceeding 90, MyGardenEmporium reflects exceptional customer satisfaction and loyalty. This achievement underscores its growth journey, powered by a deeply dedicated customer base and impactful partnerships.
MyGardenEmporium – Funding
MyGardenEmporium remains bootstrapped with INR 1 crore from personal and family sources, focusing on sustainable, self-sustained growth. The company is also open to exploring funding opportunities that align with its commitment to sustainability and community impact.
MyGardenEmporium – Technology and Innovation
Nithin Hassan, founder and CEO of MyGardenEmporium, relies heavily on in-house tools to streamline the company’s operations and ensure a seamless customer experience. MyGardenEmporium is also planning to integrate AI to enhance inventory tracking and management, helping the team meet customer demand efficiently. In addition, they are developing an “AI Plant Doctor” feature to monitor plant health, ensuring the delivery of high-quality plants and proactive care support. These innovations are essential to MyGardenEmporium’s growth, as Nithin and his team continue to prioritise quality and customer satisfaction.
MyGardenEmporium – Recognitions and Achievements
MyGardenEmporium’s biggest achievement is the trust and satisfaction of its customers. With a consistent 5-star rating and over 50% of customers returning, the company takes pride in the strong community it has built. Furthermore, MyGardenEmporium’s efforts have been recognised by global platforms like Business Insider, highlighting its journey and impact as a startup committed to sustainability and customer satisfaction. This recognition reinforces the company’s commitment to quality and nurturing lasting customer relationships.
MyGardenEmporium – Competitors
MyGardenEmporium does not have direct competitors, positioning itself as a one-stop shop for sustainability and urban greenery, offering a unique blend of products and services that extend beyond traditional gardening. While companies like Ugaoo and Urvan focus primarily on gardening, MyGardenEmporium differentiates itself by offering a broader range of services, including landscaping, community initiatives, and rural empowerment projects. This comprehensive approach sets the platform apart in the urban greenery space.
MyGardenEmporium – Future Plans
Over the next 1-2 years, MyGardenEmporium is set to expand by partnering with vendors across major Indian cities and establishing retail experience centres, making urban greenery more accessible nationwide.
The company is also set to bring a “farm-to-table” concept to urban communities by developing a hydroponic facility for cultivating fresh produce. This initiative will be showcased in the upcoming Project Promenade, an immersive experience centre where visitors can engage in farm life through a unique farm stay. Project Promenade offers a hands-on connection to sustainable agriculture, encouraging people to reconnect with nature.
MyGardenEmporium’s product offerings are evolving with the addition of AI-driven features, including an “AI Plant Doctor” for monitoring plant health and an enhanced inventory management system to improve service efficiency. Alongside expanding the company’s landscaping services to create green spaces in residential and commercial areas, Nithin and his team are deeply committed to rural empowerment. By generating employment and supporting sustainability projects, they aim to extend MyGardenEmporium’s impact well beyond urban gardening.
FAQs
What is MyGardenEmporium?
MyGardenEmporium is a sustainability-focused venture on a mission to bring nature back to our cities, creating greener, healthier urban spaces that inspire and thrive. It provides a carefully curated selection of garden essentials—from vibrant plants and seeds to eco-friendly tools and fertilizers—all designed to empower environmentally conscious practices.
Who is the founder of MyGardenEmporium?
Nithin Hassan is the founder of MyGardenEmporium.
What are the products and services offered by MyGardenEmporium?
MyGardenEmporium provides an extensive selection of plants, seeds, tools, and eco-friendly gardening essentials. It also offers customised landscaping and lifetime maintenance services, transforming everyday spaces into vibrant, sustainable green zones.
Waaree Energies Ltd. stands at the forefront of India’s solar energy sector, driven by a commitment to delivering sustainable, high-quality solar solutions across the globe. Established as a leader in solar photovoltaic (PV) module manufacturing, Waaree has a vision to reduce carbon emissions and enhance the quality of life through accessible, green energy. With a robust manufacturing footprint, Waaree has quickly become India’s largest solar module producer, supporting the nation’s renewable energy goals and the global shift toward clean power. As it broadens its horizons through franchise networks and a growing portfolio of services, including engineering, procurement, and maintenance, Waaree Energies is building a comprehensive solar ecosystem. Its dedication to a sustainable future is evident in the accolades it has received, setting a benchmark in clean technology. With a clear roadmap, Waaree is set to redefine the solar energy industry in India and beyond.
Read the Waaree Energies success story, about its founders, startup story, business model, revenue model, and more.
Waaree Energies Limited is India’s leading solar PV module manufacturer, boasting a total installed capacity of 12 GW as of June 30 (CRISIL Report). Starting in 2007, WEL has focused on producing top-quality, affordable solar PV modules to help make sustainable energy accessible worldwide. By actively reducing carbon emissions,WEL is paving the way for cleaner energy solutions that positively impact quality of life. Today, the company operates four state-of-the-art manufacturing facilities across India, extending its reach to global markets. Their goal is to lead the way toward sustainable living by inspiring individuals to embrace green energy as of June 30, 2023. With a strong connection to local communities, they are dedicated to making homes safer and more eco-friendly. Through its Corporate Social Responsibility program, Waaree supports initiatives that benefit people, protect the environment, and uplift communities.
As of June 2023, Waaree has established itself as India’s leading solar module provider, with an installed capacity of 12 GW across its facilities in Chikhli, Surat, Tumb, and Nandigram, Gujarat. Waaree is also a significant player in solar module exports and has set ambitious plans for backward integration into solar cell manufacturing, aiming for substantial capacity by the close of FY24.
Waaree Energies – Industry
The Ministry of New and Renewable Energy has set a target to achieve 500 GW of non-fossil-based electricity generation by 2030, aligning with the Prime Minister’s announcement at COP26. In 2023 alone, India added 13.5 GW of renewable energy capacity, representing an investment of approximately INR 74,000 crore (US$ 8.90 billion).
Driven by strong economic growth, extreme heat waves, and the growing adoption of electric technologies like EVs and heat pumps, India’s electricity demand is projected to rise by 8% in 2024.
In the 2024-2025 Interim Budget, the allocation for solar power grid development doubled to INR 8,500 crore (US$ 1.02 billion), compared to INR 4,970 crore (US$ 0.60 billion) the previous year. Additionally, INR 17,490 crore (US$ 2.10 billion) was dedicated to the Green Hydrogen Mission and the Strategic Interventions for Green Hydrogen Transition (SIGHT) Program.
According to ICRA, India’s installed renewable energy capacity is projected to reach approximately 170 GW by March 2025, up from 136.57 GW in December 2023.
Hitesh Chimanlal Doshi is the Chairman and Managing Director of Waaree Energies.
Hitesh Chimanlal Doshi – Chairman and Managing Director, Waaree Energies
Hitesh Doshi’s journey began in a small village in Maharashtra’s Buldhana district, where he was born into a family with humble means. His father ran a modest grocery store and the village had limited amenities—electricity and telephones were rare luxuries. Education beyond the 7th standard required him to travel daily to a neighboring village by bicycle, an experience that only strengthened his resolve to overcome challenges and seek opportunities for a brighter future.
Growing up with financial constraints, Hitesh saw education as a pathway to improvement. He completed a Bachelor’s degree in Commerce from Shri Chinai College of Commerce & Economics, University of Mumbai, in 1987. His time in Mumbai, living in a hostel in Nagdevi, was transformative; he realized early on that he wanted more than a conventional job. Driven by the need for financial independence, he chose to explore trading and other small ventures while studying.
In 1985, Hitesh took his first step into the business world, determined to ease his family’s financial burden. He borrowed INR 5,000 from a relative and launched a small venture focused on trading pressure and temperature gauges. Despite balancing studies and business, his efforts paid off, earning him a profit of INR 1,000 per month—enough to cover his college fees and living expenses.
Hitesh Chimanlal Doshi’s path from a modest village to leading Waaree Group exemplifies resilience, innovation, and a visionary approach to business. His journey has not only secured his success but has also propelled Waaree Group to the forefront of India’s renewable energy industry.
Beyond business, Doshi is dedicated to social impact. Actively involved in nonprofits focused on education, he prioritizes giving back to the community and supporting those in need.
In 1989, Hitesh officially registered his company, Waaree Instruments, marking the start of his entrepreneurial journey. Initially manufacturing measuring instruments, he quickly identified the potential to diversify, adding thermometers to the product line. In 1992, Hitesh expanded further by leasing a 300 sq. ft. space in Andheri, setting up Mahaveer Thermo Equipments. This bold move laid the groundwork for what would become a remarkable venture, fueled by his vision and unrelenting determination.
With a bank loan of INR 1.5 lakh, Hitesh Doshi took the next step in growing Waaree, investing in locally sourced lath machines and assembling a small team. Initially focused on thermometers, the company soon expanded its portfolio to include a range of industrial products.
Waaree Group’s growth was fueled by strategic product diversification—expanding into pressure gauges, solar power equipment, LED lighting, and beyond. By 2007, Waaree embraced solar energy, launching a 30 MW solar module facility in Surat primarily for European clients, as the Indian market was still developing. This success led to exports across China, the U.S., and Japan.
In 2011, Waaree Group made a pivotal move by selling its manufacturing unit to Switzerland’s Baumer Group, securing capital to deepen its investment in solar technology. Building on this momentum, Waaree formed an international partnership with Zucatti in Italy to produce solar panels, highlighting Doshi’s forward-thinking approach.
Waaree continued its expansion in 2013 by acquiring Cesare Bonetti SpA, an Italian leader in level gauges and valves. This acquisition diversified Waaree’s offerings and expanded its workforce to over 200 employees across India and Italy. Today, the Waaree Group has a presence in 65 countries, with headquarters in Mumbai and offices worldwide.
Hitesh Chimanlal Doshi’s path from a modest village to leading Waaree Group exemplifies resilience, innovation, and a visionary approach to business. His journey has not only secured his success but has also propelled Waaree Group to the forefront of India’s renewable energy industry.
Waaree Energies – Mission and Vision
Vision: Waaree Energies’ vision is to make sustainable energy accessible and affordable across all markets, driving down carbon emissions and setting a foundation for a cleaner future that enhances the quality of life now and for generations to come.
Mission: Driven by their commitment to stakeholders, Waaree Energies aims to consistently elevate the quality of our products and services, ensuring continuous improvement and excellence in all we do.
Waaree Energies – Name, Tagline and Logo
Waaree Energies Logo
Waaree envisions a future powered by high-quality, affordable, and sustainable energy solutions, aiming to reduce carbon footprints and uplift the quality of life for current and future generations. Inspired by the #VocalForLocal initiative, Waaree has launched a campaign encouraging prosumerism with the tagline, “Solar lagao, Apni Bijli Swayam Banao – Atmanirbhar ban jao!” This campaign is about empowering individuals to generate their electricity through solar power, fostering a sense of energy independence. Waaree’s logo symbolizes innovation and commitment to sustainable energy, with a design that reflects its focus on solar power and a brighter, greener future.
Waaree Energies – Business Model
Waaree Energies is a leading Indian solar PV module manufacturer with a comprehensive business model that spans across:
Manufacturing: Waaree Energies produces solar PV modules using advanced technologies such as multicrystalline, monocrystalline, and TopCon. The company operates four manufacturing facilities in India and is expanding globally with a new plant in the US.
Sales: Waaree Energies markets its products through direct sales to businesses, a retail network of franchises, and international exports.
Services: Waaree Energies offers a range of services, including Engineering, Procurement, and Construction (EPC), Operations and Maintenance (O&M), and the trading of ancillary solar products.
Research and Development: The company invests in R&D to develop more efficient and cost-effective solar solutions.
Geographic Expansion: Waaree Energies is actively exploring international markets to expand its global presence.
Government Initiatives: Waaree Energies leverages national and state-level solar energy policies, including the National Solar Mission, to further its growth.
Diversification: The company is diversifying its offerings by including solar storage solutions and EV charging infrastructure, aiming for a more sustainable energy future.
Waaree Energies – Revenue Model
Waaree Energies’ revenue model is built around multiple streams that support its solar energy business:
Direct Sales: The company sells solar products directly to enterprises, ensuring tailored solutions for large-scale projects.
Retail Sales: Waaree Energies utilizes a franchisee network to cater to rooftop installations and MSME customers, expanding its reach to local markets.
Exports: The company exports its solar products, primarily to the United States, tapping into the international market.
EPC Revenue: Waaree Energies generates revenue from providing Engineering, Procurement, and Construction (EPC) services to domestic utilities and enterprise clients, ensuring efficient installation of solar systems.
O&M Services: The company offers Operations and Maintenance (O&M) services to maintain and optimize solar plants, contributing to their long-term performance.
Ancillary Product Trading: Waaree Energies also trades in ancillary products related to the solar industry, diversifying its offerings.
Export Incentives: The company capitalizes on export incentives, helping boost its international sales.
Scrap Sale: Waaree Energies generates additional revenue from the sale of scrap materials, maximizing value from all aspects of its operations.
Waaree Energies – Challenges Faced
Waaree Energies, despite being the largest manufacturer of solar PV modules in India with a significant installed capacity of 12 GW as of June 30, 2023, faces several challenges that could impact its operations and growth:
Dependence on the U.S. Market: Waaree Energies has seen significant growth in export sales, especially to the United States, which accounted for 98.67% of its export sales in FY23. This heavy dependence on a single international market poses a risk. Changes in U.S. policies, such as trade tariffs, regulatory adjustments, or shifts in demand, could lead to a substantial revenue loss, leaving the company vulnerable to market fluctuations beyond its control.
Regulatory and Policy Changes: The company operates in a highly regulated industry, dependent on favorable government policies and incentives that support the growth of the solar energy sector. Any adverse changes, including the reduction or elimination of incentives, changes in renewable energy regulations, or delays in approvals, could negatively impact Waaree Energies’ business. Furthermore, such shifts may increase compliance costs, require additional management resources, and potentially hinder new solar projects or reduce profitability.
Solar Module Pricing Volatility: Waaree Energies faces considerable risks from fluctuations in solar module prices. While prices surged in FY22 and FY23, they saw a sharp 21% decline in early FY24 due to an oversupply of key components such as polysilicon. Although the company attempts to mitigate this risk through indexed pricing mechanisms, unexpected price drops could strain profit margins and affect revenue realization from ongoing contracts, making it challenging to maintain stable profitability.
Material Cost Volatility: The company is heavily reliant on external suppliers for essential materials like solar cells, and glass and aluminum panels. Price volatility in these materials, driven by factors such as global market trends, currency fluctuations, and import duties, could escalate material costs. If Waaree Energies cannot secure stable and competitively priced materials, its operating margins could suffer, potentially eroding profitability and affecting its ability to maintain cost-effective production.
Waaree Energies – Funding and Investors
Waaree Energies has attracted substantial funding and investment, reflecting strong confidence in its growth potential within the solar energy sector. Their last funding round was on August 2, 2023.
Waaree Energies has pursued strategic mergers and acquisitions to expand its market reach and strengthen its position in the renewable energy sector.
Name
Total Equity
Current Stage
LEO 1
$41.7M
Series B
Waaree Energies
$263M
Public
Vidyakul
$2.76M
Seed
Kashware
$1.26M
Seed
Avishkaar
$1.53M
Seed
Gold Farm
$2.58M
Seed
cesare-bonneti.it
–
Acquired
Waaree Energies – Growth
Waaree Energies Financials
FY23
FY24
Operating Revenue
INR 6750 crore
INR 11397 crore
Total Expenses
INR 6162 crore
INR 10239 crore
Profit before Tax
INR 677 crore
INR 1734 crore
Waaree Energies has experienced impressive financial growth, with its revenue expanding at a remarkable 54% CAGR, from INR 1,996 crore in FY20 to INR 11,397 crore in FY24. This growth has been accompanied by a 107% CAGR in net profit, indicating strong demand for its products and effective market expansion strategies.
The company’s operating profit margin improved significantly, rising from 5% in FY20 to 14% in FY24, underscoring its enhanced cost efficiency and the benefits of economies of scale. The adoption of advanced technologies like TopCon solar modules has further bolstered margin growth.
Waaree Energies Financials FY24
Waaree Energies’ operating revenue grew by 69%, from INR 6,750 crore in FY23 to INR 11,397 crore in FY24. Total expenses increased by 66%, from INR 6,162 crore to INR 10,239 crore. Profit before tax jumped by 156%, from INR 677 crore to INR 1,734 crore.
In FY24, Waaree achieved an exceptional ROCE of 43.6% and ROE of 33.4%, reflecting efficient capital utilization and robust profitability. These stellar returns demonstrate the success of Waaree’s growth strategy and its ability to generate high returns for its stakeholders.
Waaree Energies is now India’s largest manufacturer and exporter of solar modules, with a capacity of 13.3 GW—a sixfold increase from 2 GW in FY21. The company holds a 21% market share in India and commands a 44% share of India’s solar module exports, solidifying its position as a dominant player in the industry.
Waaree Technologies – IPO
Waaree Energies launched its highly anticipated IPO from October 21–23, 2024, with a price range of INR 1,427–INR 1,503 per share and a lot size of 9 shares. The total issue size was 28,752,095 shares, aggregating to INR 4,321.44 crore. The IPO witnessed overwhelming demand, being subscribed 76.34 times, with retail investors booking 11.27 times, non-institutional investors (NIIs) 65.25 times, and qualified institutional buyers (QIBs) an impressive 215.03 times. On October 28, 2024, their shares were listed on the BSE and NSE at a premium, soaring 66.33% on the NSE and 69.66% on the BSE, reflecting strong investor confidence in the company’s legacy and growth potential.
Waaree Energies – Advertisements and Social Media Campaigns
Waaree Energies has partnered with Carat India, a Dentsu company, to amplify its commitment to sustainability and cleaner energy. Under this partnership, Carat India will manage Waaree’s television media strategy exclusively across India, while also assisting in planning and buying for print, radio, and digital platforms. Posterscope, Dentsu’s OOH specialist, will handle out-of-home advertising.
Nilesh Malani, Chief Marketing Officer at Waaree Energies, expressed that choosing Carat as their media partner is a strategic decision to enhance Waaree’s brand presence and promote sustainable innovation throughout India.
Waaree Energies – Awards and Achievements
Waaree Energies has garnered multiple awards, highlighting its commitment to excellence and leadership in the solar industry. Among its notable achievements are:
REI Company of the Year and REI Jury Recognition Leadership in Solar Manufacturing awards at the 16th Renewable Energy India Expo.
In the 2023 PV Module Reliability Scorecard by PVEL, Waaree was recognized as a Top Performer for its reliable solar modules.
Other recognitions include the Long Association Award from Enerparc Energy and India’s Greatest Brand honor by AsiaOne.
Economics Times Best Brand Award
Make in India Awards for Excellence
Additionally, Waaree Chairman Dr. Hitesh Doshi won the World CleanTech Award for Visionary Individual in 2021
Waaree Energies – Competitors
Waaree Energies operates in a highly competitive landscape within India’s solar energy industry, with several notable competitors:
Tata Power Solar Systems
Vikram Solar
Adani Mundra Solar
Goldi Solar
KPI Green Energy
SWELECT Energy Systems
Waaree Energies – Future Plans
Waaree Energies Ltd. has outlined a strategic plan focused on growth, innovation, and sustainable energy advancements:
Rooftop Solar (RTS) Expansion: Waaree expects rooftop solar to become a substantial revenue stream, projected to account for at least 30% of total revenue in the coming years. CEO Amit Paithankar highlighted RTS as pivotal to Waaree’s growth, forecasting it to significantly boost its revenue and align with India’s 100 GW RTS goal by 2030, despite associated challenges.
Global Expansion: The company is building a 3 GW solar module manufacturing facility in the U.S., with 1.6 GW slated to be operational by March 2025. Waaree also aims to penetrate the European Union and Middle Eastern markets to enhance its global presence.
Manufacturing Capacity Increase: Waaree plans to raise its solar module manufacturing capacity from 13.3 GW to 21 GW by 2027, aiming to meet domestic and international demand.
Operational Diversification: Establishing a U.S. manufacturing facility marks a significant move to localize production, providing flexibility and logistical advantages.
Hydrogen Exploration: Committed to clean energy innovation, Waaree is exploring hydrogen technologies as part of a broader effort to create a sustainable energy ecosystem.
FAQs
What is Waaree Energies?
Waaree Energies is one of India’s leading solar energy companies. It specializes in manufacturing solar panels, providing solar energy solutions, and offering engineering, procurement, and construction (EPC) services.
When was Waaree Energies founded?
Waaree Energies was founded in 1989 and is headquartered in Mumbai.
Who is Waaree Energies founder?
Hitesh Chimanlal Doshi is the Chairman and Managing Director of Waaree Energies.
Who are the main competitors of Waaree Energies?
The main competitors of Waaree Energies include Tata Power Solar Systems, Vikram Solar, Adani Mundra Solar, Goldi Solar, KPI Green Energy, SWELECT Energy Systems, and more.
The Jet Airways case study is now so popular that it is mentioned in almost every Business School’s curriculum due to the airline’s unimaginable debacle. Founder Naresh Goyal has been investigated by the Enforcement Directorate (ED) and a large number of ex-employees have remained jobless after the airline shut down its operations in April 2019. April 2020 reports revealed that around 4000 employees were still on the rolls of Jet Airways, and these employees were facing tough times in the absence of any regular source of income.
Jet Airways’ shutdown is often considered one of the biggest organizational failures to have occurred in India. A lesson for many, this post covers the journey of Jet Airways and digs deep into the reasons for its failure. If you ever wondered, “Is Jet Airways coming back?”—the answer was yes, until the Supreme Court’s recent order in November 2024 for its liquidation.
After its collapse, Jet Airways declared bankruptcy, and on 17 April 2019, it decided to shut down operations temporarily. Some of its assets have gone to other airlines while a few aircraft remain parked till the bankruptcy proceedings are completed.
In this Jet Airways case study, we will delve into the Jet Airways insolvency case, which will cover the Jet Airways introduction, the history of Jet Airways, the downfall of Jet Airways, and the hopes for resuming its operations and the final descent. So, let’s get started!
Aviation is an under-saturated sector in India. As more and more Indians choose flight as the best means of travel, the availability of aircraft is yet to catch up with this growing trend. For the numbers, India has 771 commercial aircraft for a population of over 1.4 billion.
To add to the aviation industry’s woes, the majority of Indian airports are not up to the mark in terms of infrastructure. For instance, most of the airports in India have only a single operational runway, whereas countries like the US have no less than 5 runways.
Naresh Goyal started Jet Airways with 4 leased Boeing 737 aircraft in 1993. The airline was the paragon of success for domestic carriers in India. There were rumblings of trouble brewing within Jet Airways in August of 2018 when the company deferred the second quarter results of that year.
The government watchdogs got a sniff of discrepancies in the airline’s financials. In the same month, the DGCA (Directorate General of Civil Aviation) conducted a financial audit of Jet Airways. It was based on the reasoning that the deferment of employees’ salaries ought to affect their morale and attitude.
The same month, Jet Airways posted a loss of INR 1323 crores.
In September of 2018, the Income Tax department surveyed the Delhi and Mumbai offices of Jet Airways. The company was then accused of financial misappropriation. Naresh Goyal, who was then the Founder-Chairman of Jet Airways, also came under the radar of the government and its law enforcement agencies. He and his wife, Anita Goyal stepped down from Jet Airways’ operations on March 25th, 2019, after the financial crisis that the airline company was in, came in front of everyone.
Jet Airways founder Naresh Goyal and his wife Anita, were stopped from leaving India by immigration authorities at Mumbai airport. They were offloaded from a Dubai-bound Emirates flight, which was called back after it had reached the taxiway at Mumbai airport on May 25, 2019, since then, he was stopped from flying out of India.
There were charges of money laundering and foreign exchange violation against Naresh, and this led the Enforcement Directorate to question him in September 2019. He was detained and questioned again by the ED in 2020.
Legal Challenges and Bail
In 2023, Goyal was accused by Canara Bank of defrauding them of INR 538.62 crore. He was arrested by the Enforcement Directorate (ED) in September 2023 for using company funds for personal expenses. His wife, Anita, was also arrested in November 2023 but got bail due to health reasons. Unfortunately, Anita passed away on May 16, 2024. On November 11, 2024, the Mumbai High Court granted Goyal permanent medical bail for his cancer treatment. He had been on temporary bail before, which was extended several times. The ED opposed it, saying he could get treatment in jail, but the court allowed him to seek care outside.
The Consequences of the Downfall of Jet Airways
Jet Airways shut down its operations temporarily on 17 April 2019. The last flight was from Amritsar to Mumbai. The shutting down of the company affected 20,000 employees and more than 60,000 people indirectly. At the time of its closure, Jet Airways was reported to be in debt by over a billion dollars. NAG (National Aviator’s Guild) appealed to the PMO (Prime Minister’s Office) and then-Civil Aviation Minister Suresh Prabhu to help the company and its employees.
Jet Airways Employees Pleading with the Government to Save the Company
The government on the other hand reportedly asked the banks to save the company without pushing it to bankruptcy. With unemployment being a major electoral issue for the government, an addition of 20000 to the list of jobless Indians will only give more substance to the opposition. The Government was therefore pulling out all the stops to prevent Jet Airway’s insolvency.
Jet Airways Employees Lit Candles, Pleaded the Govt. to Save the Company and Their Jobs
Consequences have been of such an unprecedented level that an employee of Jet Airways committed suicide in Mumbai. Shailesh Singh was a cancer patient and was on a break from his job as a senior technician at Jet Airways. He jumped from his building due to depression on 27 April 2019.
It is not the first time that an airline company has fallen from grace. Many companies before Jet Airways have seen a similar fate. Some of them are:
Kingfisher Airlines
Air Deccan
Air India Cargo
Indian Airlines
Sahara Airlines
The Common Link In All Of These Cases
The common link in all of the above examples is that they all were, at some point, involved in a merger.
Deccan Airlines Plane
Kingfisher Airlines bought Air Deccan. Kingfisher was a full-service airline, whereas Air Deccan was a low-cost airline. When Kingfisher bought Air Deccan, it incorporated some changes in Air Deccan’s fleet and we all know what happened after that. Both the companies faced a downfall.
Before Air India and Indian Airlines merged, both of them were doing reasonably well. However, after the merger, Air India has struggled financially, with mounting debt and operational issues. As of 2021, Air India’s debt stood at over ₹61,000 crores, and despite the government’s efforts to revive the airline, it has yet to return to profitability.
Jet Airways merged with Sahara Airlines and Jet rebranded Sahara as “Jet Lite”. Over time, Sahara Airlines faded into oblivion, and Jet Airways, despite its initial success, later faced a similar downfall, eventually shutting down its operations in 2019.
Therefore, it won’t be wrong to say that mergers and acquisitions in the case of airlines are a risky bet. A successful airline establishes a unique identity of its own, and meddling with its brand and presence usually ends on a negative note.
There are many reasons behind the failure of Jet Airways:
Merger
The merger between Sahara Airlines and Jet Airways was a mistake on Jet Airways’ part. Sahara was acquired by Jet Airways for $500 million which was way above what the airline was worth.
JetLite Plane
Rebranding Sahara Airlines
Jet Airways renamed Sahara Airways as JetLite. Sahara at the time was a powerhouse with its name on every Indian’s tongue. The rebranding cost Jet Airways a major chunk of its customers; flyers who were attracted to the Sahara brand image couldn’t resonate with JetLite.
Mismanagement
Every company and organization rests on the abilities of its management board; there are no second opinions to this school of thought. Naresh Goyal, the founder of Jet Airways, decided to become a one-man army for Jet Airways and did not hire a sound management committee to assist him in running the airline. Insiders often talk about his poor financial acumen. He relied on a single management team to handle all the operations related to Jet. Understanding that specialized teams are needed to run different departments is no rocket science. And when you acquire one more airline, you can’t rely on your existing management board that’s already burdened to take up additional responsibilities!
Jet Airways’ Founder and Former Chairman, Naresh Goyal
Full-Service Airline
Full-service airlines offer passengers the choices of economy, business class, premium economy, and first class on their flights. The company was operating as a full-service airline. Operating as a full-service airline in India is not an easy task. One needs formidable financial support and customer relationships. Catering to the wealthy, the middle class and the lower sections of Indian society requires strategy and operational excellence beyond imagination. That is why most of the companies focus on the middle-class segment and keep the prices as low as possible. Jet Airways was biting off more than it could chew.
Drowning in Debt
Jet Airways was never good with money. It kept on incurring debt and spending more than its revenue. The employees were paid lavishly when compared to the industry standards. For the sake of providing comfort and luxury, the Naresh Goyal-backed airline compromised with finances.
Jason Unsworth, a British Entrepreneur, and CEO of Atmosphere Intercontinental Airline, expressed his interest in buying a controlling stake in Jet Airways.
However, Jason was told by Jet Airways to sit down with SBI Caps Limited, which was leading the resolution plan for the carrier.
Jason claims to have written to Jet Airways’ lenders but never received any reply in return. He later wrote to Jet Airways’ CEO, Vinay Dube, about the proposal to purchase a stake in the airline. Jason said he was provided with contacts of SBI to get in touch with. He was also in talks with other Indian entrepreneurs and investors for financing his bid for a controlling stake in Jet Airways.
The winner of the Jet Airways bid was the Kalrock and Jalan consortium, which had proposed a total cash infusion of INR 1375 crore, which included INR 475 crore that will go to meet the stakeholders’ payments and of the other financial creditors.
Jet Airways 2.0 Vision
On 18 October 2020, the lenders of Jet Airways approved the resolution plan submitted by UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan to revive and operate Jet Airways.
“The Consortium’s vision was to regain lost ground and set new benchmarks for the airline industry with the tag of being the best corporate full-service airline operating on domestic and international routes. The Jet 2.0 hubs will remain in Delhi, Mumbai, and Bengaluru like before. The revival plan proposed to support Tier 2 and Tier 3 cities by creating sub-hubs in such cities,” the official statement noted.
The new management’s vision for Jet 2.0 was inclined towards increasing cargo services to include dedicated freighter service, an underserved market for Indian carriers. “Given India’s position as a leading center for global vaccine manufacture, cargo services have never been more required,” the statement added.
In 2020, UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan submitted a resolution plan to revive Jet Airways. The Committee of Creditors approved the plan in October 2020, and the National Company Law Tribunal (NCLT) approved it in June 2021. The Jalan-Kalrock Consortium aimed to revive the airline, which had been grounded since April 2019 after financial troubles.
Acquisition and Ownership Transfer
In 2021, the Jalan-Kalrock Consortium officially won the bid to take over Jet Airways. However, several steps were required to complete the transfer. The consortium was given 90 days to complete the ownership transfer, which included securing certain properties, issuing Jet Airways shares to the consortium, and repaying creditors.
Approval and Operations Preparation
The Union Home Ministry granted security clearance to Jet Airways in 2022. A test flight on May 5, 2022, was conducted to prove operational readiness, followed by other proving flights required by the Directorate General of Civil Aviation (DGCA) for the air operator certificate. The airline planned to relaunch with hubs in Delhi, Mumbai, and Bengaluru, focusing on both passenger and cargo services.
Historical Significance and Revival Vision
Jet Airways, once India’s largest private airline, had operated successfully for over two decades before grounding operations in 2019, affecting around 20,000 employees. The consortium aimed to leverage the brand’s strong customer connections. Plans included supporting Tier 2 and Tier 3 cities by creating sub-hubs and introducing dedicated freighter services to address India’s increasing cargo needs.
Financial and Legal Challenges
The revival faced delays due to the COVID-19 pandemic, financial challenges, and leadership changes. Despite these setbacks, the consortium remained hopeful, with Jet Airways’ shares surging by 5% in September 2021. However, Punjab National Bank, one of the creditors, later filed an appeal against the resolution plan with the National Company Law Appellate Tribunal (NCLAT), citing irregularities.
Hopes for a Comeback in 2024
In September 2023, the Jalan-Kalrock Consortium injected an additional $12 million, furthering its commitment to reviving Jet Airways by 2024. However, on November 7, 2024, India’s Supreme Court ordered the liquidation of Jet Airways, officially ending the airline’s revival efforts more than five years after it had gone bankrupt.
Legacy and Closure
The Supreme Court’s decision effectively closed the chapter on Jet Airways’ comeback efforts. Despite its strong brand value and previous successes, the airline was ultimately unable to overcome the financial and operational challenges that led to its liquidation.
As reported in March 2020, the bidders who issued an Express of Interest (EoI) to buy Jet Airways did not submit any resolution plan adhering to the requirements. As confirmed, the grounded airline did not find any buyer till 9 March 2020.
By March 2020, around 20,000 claims were made on Jet Airways which amounted to around INR 37,000 crores. Of these claims, workmen and employees sought over INR 14,000 crores, while creditors were claiming more than INR 11,000 crores from the airline.
While looking at this scenario, it seemed like the Jet Airways saga would come to an end soon. The Indian Government’s role was pivotal in deciding the course this crisis ultimately takes. However, with the advancement in 2023, powered by the Kalrock-Jalan consortium, things seemed to be looking up at last for Jet Airways.
As of September 2023, Jet Airways was getting ready to fly again in 2024. The airline’s parent company, the Jalan-Kalrock consortium, had invested another $12 million, fulfilling their promise to bring the airline back to life.
This consortium, which took over Jet Airways in 2020, had a plan. They wanted to restart the airline and fully control its operations.
But then, India’s Supreme Court decided that Jet Airways should be liquidated. This decision ended any chance of the airline coming back, more than five years after it went bankrupt. In the end, Jet Airways’ hope for a comeback was officially over.
FAQs
What is Jet Airways?
Jet Airways is an Indian International airline service provider that was founded on April 1, 1992, and headquartered in Delhi NCR. It commenced its operations on May 5, 1993.
Who founded Jet Airways?
The NRI Indian businessman, Naresh Goyal founded Jet Airways, who was also the Chairman of the airline company.
Why Jet Airways failed?
There are numerous reasons that propelled the downfall of Jet Airways but the most prominent reason for the Jet Airways shutdown is the lack of funds and mounting debt.
What is the Jet Airways insolvency case?
Jet Airways, which started off as an air taxi operator in 1993, was under insolvency for nearly 2 years after which it ceased its operations in April 2019, when it revealed the huge debt that it was in. The insolvency resolution plan was eventually brought up by UK-based Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan, which looked promising enough, and it is the same consortium that is finally proving promising enough for Jet Airways today.
Is Jet Airways coming back?
Yes, the news was true, for Jet Airways was coming back indeed for operations until the Supreme Court ordered the liquidation of Jet Airways on November 7, 2024, officially ending any hopes of reviving the airline over five years after it went bankrupt.
Kaivalya Vohra, India’s youngest billionaire, and co-founder of Zepto, has made a remarkable name for himself in business at a very young age. Known for revolutionizing the quick-commerce industry, his story stands as an example of how the drive to bring a change can transform the way people experience everyday services.
His entrepreneurial success under his leadership has attracted widespread attention, making him a prominent figure in India’s business landscape. His story is one of the inspiring tales every young entrepreneur looks to learn from. Let’s dive into the story of his towering success.
Kaivalya Vohra – Biography
Name
Kaivalya Vohra
Birth
March 15, 2003
Birth Place
Bengaluru
Education
Bachelor’s degree in Computer Science at Stanford University (dropped out)
Hailing from Bengaluru, he was brought up in Dubai. His family valued learning and innovation which shaped Kaivalya’s life and later fuelled his entrepreneurial ventures.
His passion for learning led him to excel academically, and he soon found himself at Stanford University, where he pursued computer science. However, while Stanford opened doors to learning from the best minds in technology, Kaivalya’s ambition couldn’t be contained in the classroom.
During his time at Stanford, he began exploring opportunities in the startup ecosystem. His entrepreneurial spirit was reignited, pushing him to rethink his academic journey and prioritize building something impactful over following a conventional path. It was this mindset that led to a life-changing decision—leaving one of the most prestigious universities to venture into the business world just like his partner and co-founder of Zepto, Aadit Palicha.
Kaivalya Vohra and Aadit Palicha – Co-founders of Zepto
Leaving Stanford was not an easy choice, but for Kaivalya, the decision was driven by a larger vision. Along with his partner, he noticed a significant gap in India’s commerce industry. The lack of quick, reliable delivery services in the grocery segment inspired them to create a solution that would revolutionize the experience for millions of customers.
Their journey started with their company called Kiranakart, which laid the basement for their next improvised venture.
And so, Zepto was born—a startup built on the promise of delivering groceries within ten minutes. A fun fact is that the name Zepto has its root in “zeptosecond,” the smallest unit of time, reflecting the company’s promise to its customers.
What began as an ambitious idea soon turned into a thriving business. The duo launched Zepto during the pandemic, a time when the demand for home-delivered essentials skyrocketed. The app gained rapid popularity for its efficient service, which resonated with urban consumers who were looking for convenience in their everyday shopping experiences.
Zepto’s unique proposition allowed it to grow at an extraordinary pace, drawing attention from major investors and consumers alike.
Kaivalya Vohra – Zepto
Zepto’s rapid success was no accident. Kaivalya’s strategic insights and leadership played a crucial role in the company’s ascent to prominence. Under his guidance, Zepto tapped into the quick-commerce industry, a sector that was still in its infancy in India. By building a hyper-local supply chain, ensuring swift delivery times, and prioritizing customer satisfaction, Zepto established itself as a key player in the eCommerce market.
The company’s growth was meteoric. Within a short period, Zepto raised significant funding from major investors, reaching a valuation that few startups achieve in such a brief timeframe. This growth made Kaivalya one of India’s youngest billionaires, a testament to his ability to navigate a highly competitive market.
Kaivalya and Aadit’s bold approach to tackling challenges, their eye for innovation, and their focus on creating seamless customer experiences were pivotal to Zepto’s dominance in the industry.
Behind the corporate success, Kaivalya remains grounded. Despite his immense wealth and business achievements, he is known for his low-key lifestyle. Kaivalya prefers to keep his personal life private, focusing his energy on growing his business and working on innovations.
Outside of work, Kaivalya’s passion for technology continues to influence his life. He is known to keep himself updated with the latest advancements in tech and business.
Kaivalya values staying connected with his roots and makes time every few months to catch up with his childhood friends, despite his busy schedule. He says that for now, he’s fully dedicated to building Zepto, prioritizing growth over work-life balance.
A fitness enthusiast, Kaivalya prioritizes physical exercise, finding his hour in the gym without gadgets therapeutic. He was also seen mentioning about incorporating meditation into his daily routine, spending at least 10 minutes each day, either before work or during his commute, to stay centered and focused.
Kaivalya Vohra – Awards and Recognitions
Kaivalya’s contributions to the business world haven’t gone unnoticed. His journey from a college dropout to a billionaire has been recognized by prestigious institutions and publications.
In 2024, he was listed in the Hurun India Rich List as the youngest Indian billionaire, a milestone that showcases his rapid rise to the top.
His achievements have been highlighted by major media outlets like Forbes India, Economic Times, and Financial Express, solidifying his reputation as a game-changer in the quick-commerce space.
Kaivalya has also taken a place on Forbes’ influential 30 under 30 Asia list.
Beyond personal accolades, Zepto itself has received multiple awards and recognition for its innovation in e-commerce and customer service. The startup’s ability to transform grocery delivery and challenge traditional business models has made it a celebrated case study in India’s burgeoning tech ecosystem.
Kaivalya Vohra – Future Plans
While the success of Zepto has been extraordinary, the journey has not been without challenges. But that hasn’t stopped the duo from looking ambitiously into the future.
Kaivalya is focused on expanding Zepto’s footprint, both within India and potentially globally. As the quick-commerce industry continues to evolve, Kaivalya is committed to staying ahead of the curve. He envisions Zepto becoming synonymous with fast, reliable service, catering to a wider range of products beyond groceries. His drive to innovate, paired with a deep understanding of consumer needs, will likely fuel Zepto’s continued growth in the coming years.
Kaivalya Vohra is the co-founder and CTO of Zepto.
What is Kaivalya Vohra education?
Kaivalya Vohra is a former student of Stanford University, where he began pursuing a Bachelor’s degree in Computer Science before choosing to leave the program to focus on other ventures.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Money transactions are a part of our daily life now! Nowadays, Rs 100 to Rs 200 are even transferred online. In today’s world, nobody needs to carry cash along with themselves anymore whenever outdoors. Life has become quite easy now because no one has to really be afraid of thefts and other impending risks involving money. This is all because of the emergence of digital banking. This digital banking, which sprouted under the umbrella of physical banks or financial institutions is now rapidly growing to be a new entity, where all the retail banking services are offered to the customers independently.
Jupiter is one of the promising digital banking startups that is modeled on the neobanking concept. Headquartered in Mumbai, Maharashtra, Jupiter promises a wide range of banking and account-related services, unique savings pots, real-time spend breakdowns and insights, real-time monitoring of your net worth, and more, all of which might also present you excellent rewards. Therefore, with Jupiter, you can master your own money without any hassles. There’s no scene of hidden fees at Jupiter. This banking company also provides its users with instant rewards like no one else.
Hooked? Read the Jupiter success story below along with knowing about the industry, Founders and team, Startup story, Business model, Revenue model, Funding and Investors, Competitors, and more!
Jupiter is a banking app which delivers a banking experience that fluidly changes with the speed of the user. Jupiter guarantees transparency in financial transactions by demystifying technical banking jargon. With a wide range of modern features, the app provides insightful analysis based on spending habits. Jupiter makes financial management simple and confident, enabling users to move confidently and easily across the banking environment.
Besides this it also integrates unique facilities to the customers of monitoring their wealth, offers real-time spend breakdowns with insights, and helps them with convenient savings pots for the customers to save for their purchase. Furthermore, all of these can be managed on a real-time basis. The amount on your Jupiter account can easily be withdrawn from any of the nearest ATMs in your locality. Jupiter is also considered among one of the fastest payment apps based on UPI.
Jupiter – Industry
The Indian banking sector is forever booming. According to the RBI, the banking sector of India is sufficiently capitalized and well-regulated. Besides, the credit, market, and liquidity risk studies have also indicated that the banking sector in India is resilient and can also withstand global downturns.
The finance and banking space was further backed up by the ‘Pradhan Mantri Jan Dhan Yojana, which was launched by Prime Minister Narendra Modi in 2014. This has been done primarily to ensure the spread of the banking sector to the rural parts of the country. Anyways, the banking sector, as of 2021, has already been almost digitized, where most people prefer their transactions to be online rather than being offline. Besides, with the rise of the various FinTech companies, availing efficient digital banking services has now been faster and easier than it was ever before.
In 2023, the global neobank market is projected to grow from $143.29 billion in 2024 to $3,406.47 billion by 2032, a remarkable compound annual growth rate (CAGR) of around 48.6%. Due to their meteoric rise and widespread adoption of digital banking technologies, neobanks are positioned as major players reshaping the global financial environment.
Jitendra Gupta is the founder and CEO of the company, Jupiter. He was the Managing Director of PayU for more than two years before founding Jupiter. Prior to that, Jitendra Gupta founded a company as well, named Citrus Payment Solutions Pvt. Ltd. Besides, he was also the Chief Manager and the Regional Sales Manager of ICICI Bank where he worked for a total period of seven years. Jitendra Gupta began his career as an Article Trainee at Lodha & Co. and then had a brief stint as a Staff Accountant at RSM & Co. Jitendra Gupta pursued his BCom degree from the Sydenham College of Commerce & Economics and then went on to obtain a degree as a Chartered Accountant. He is also a founder at Digifin.
Jupiter – Startup Story
Jitendra Gupta then had served Naspers-owned PayU for 3 years when he began his second phase of entrepreneurship in August 2019 and planned to found “something large and impactful”, which he missed out on even after staying in the startup ecosystem for over 10 years. Gupta eventually decided to leverage his finance and banking experience in the form of a disruptive idea of revolutionizing the traditional banking system. He aimed towards building a mobile-first experience for all of the Indians. His plan of building a cost-effective and bright digital banking space for the Indians eventually was materialized in the form of Jupiter, with the help of which the younger generations would be able to manage their money well.
Jupiter was built with a vision of disrupting the Indian banking system, thereby standing as a business that would transcend the mere transactional relationship with customers.
Jupiter founder, Jitendra Gupta said,
“We wanted to deliver a personalised banking experience with the mindset of an internet company. Our customer service is not differentiated based on a customer’s balance, and we give them an instant resolution to their needs”.
Jupiter – Name, Tagline and Logo
Jupiter Logo
The neobanking company is named Jupiter because they dream to becoming the biggest financial services company in India.
“We called our product Jupiter, which is the biggest planet, because we have aspirations to become the largest financial services company in India,” said Jupiter Founder Jitendra.
Jupiter – Business Model
Jupiter serves as a digital banking company, which offers a wide range of exciting facilities to help and satisfy the growing demands of young and old in India.
The business model of this company is loosely based on UK’s digital mobile-only bank, Monzo, and Brazil’s Nubank.
Jupiter offers four products to save money, as per expert insights, monitor their savings effectively, and earn rewards as per news report of 2021. The largest banking partner of the company is Federal Bank, followed by NPCI and VISA.
Jupiter announced Employee Stock Ownership Plan (ESOPs) worth $4.9 million in liquidity transactions for both its past and present employees, as per news dated Aug 5th, 2024.
“The Founder and CEO of neobank Jupiter, Jitendra Gupta said “ESOPs instil a true feeling of ownership amongst individuals and are the key to creating long-lasting, generational wealth.”
Jupiter – Funding and Investors
Jupiter has raised a total of $169.5 million over the six funding rounds it has seen so far.
Here are the funding details:
Date
Transaction Name
Money Raised
Lead Investors
Jun 21, 2024
Venture Round
$2.4 million
Peak XV Partners
Dec 30, 2022
Debt Financing
$1 billion
Alteria Capital
Dec 27, 2021
Series C
$86 million
Peak XV Partners, QED Investors, Tiger Global Management
Aug 5, 2021
Series B
$45 million
Global Founders Capital, Matrix Partners India, Nubank, Peak XV Partners
Apr 8, 2020
Series A
$2 million
Hummingbird Ventures
Nov 5, 2019
Seed Round
$24 million
Peak XV Partners
Some leading investors of Jupiter are Global Founders Capital, Sequoia Capital, Matrix Partners, and more.
Jupiter – Investments
Jupiter has made a total of 2 investments to date.
Here’s the list of the Jupiter’s investments:
Date
Company Name
Funding Round
Amount
September 6, 2022
Dust Labs
seed round funding
$7 million
July 27, 2021
Pencilton
pre-seed investment
$330K
Jupiter – Shareholdings
Here are the prominent shareholders of Jupiter as of May 2024 (source Tracxn):
Jupiter Shareholdings (As of May 2024)
Shareholder
Percentage
Jitendra Gupta
36.5%
Sequoia Capital
11.4%
Matrix Partners India
9.4%
QED Investors
4.4%
Beenext
4.2%
Invopps
3.4%
3one4 Capital
3.3%
Tiger Global Management
2.8%
Rocket Internet
2.5%
ESOP Pool
8.2%
Others
13.9%
Jupiter – Acquisitions
Jupiter has acquired two companies till date, which goes by the name sumHR acquired on September 17, 2023, and EasyPlan, an AI-powered financial savings app acquired on June 28, 2021.
Jupiter – Growth and Revenue
The beta app of Jupiter serves 100,000+ users who had signed up to the waitlist and eventually was about to be rolled out to the general public as well as per the news report of June 2022. Jupiter released the Bullet Money app in 2020, a micro-lending (‘Buy Now Pay Later’) app that to extend small-ticket loans up to INR 10,000 for the customers to use for UPI-led purchases. The Bullet Money app has been renamed Jupiter Edge, where the credit limit is calculated based on your credit score.
Revenue
Jupiter Financials
FY21
FY22
FY23
FY24
Operating revenue
INR 18,000
INR 42 lakhs
INR 7.1 cr
INR 51.2 cr
Total expenses
INR 26 cr
INR 183 cr
INR 359.9 cr
INR 330.1 cr
Profit/Loss
Loss of INR 14.18 cr
Loss of INR 156.3 cr
Loss of INR 303.97 cr
Loss of INR 233.63 cr
EBITDA Margin
-115%
-810.57%
–
-202.4%
Jupiter Financials FY24
The fintech company Jupiter recorded a seven-fold increase in its operating revenue, reaching INR 51.2 crore in FY24, up from INR 7.1 crore in FY23.
Despite the spike in revenue from operations, the company managed to reduce its consolidated net loss, lowering it from INR 303.97 crore in FY23 to INR 233.63 crore in FY24, a 23.1% drop. Jupiter’s financial dynamics highlight the impressive techniques and strategies utilised while operating in the competitive fintech space throughout the given fiscal year.
Notably, Jupiter also reduced its total expenses such as software and technology, digital infrastructure investments, legal, advertising, and other operational expenses. These efforts led to a reduction of expenses to INR 330.1 crore in FY24 from what used to be INR 359.9 crore in FY23. An 8.3% decrease in overall expenses.
Jupiter Expenses Breakdown
Jupiter Expenses Verticals
FY20
FY21
FY22
Employee benefit expenses
INR 2.77 cr
INR 17.94 cr
INR 68.6 cr
Marketing and advertising
INR 0.5 cr
INR 1.37 cr
INR 50.14 cr
Rent
INR 0.86 cr
INR 1.74 cr
–
IT and Communication Costs
INR 0.13 cr
INR 1.88 cr
INR 20.31 cr
Professional and legal fees
INR 0.26 cr
INR 1.3 cr
INR 16.94 cr
Others
INR 1.78 cr
INR 1.6 cr
INR 27 cr
Jupiter – Partnerships
Jupiter has previously partnered with Federal Bank and Visa, which powers the neobank that allows users to issue zero-balance savings bank accounts and debit cards. It also has an association with Axis Bank along with the Federal Bank to offer savings bank account features.
In 2022,Jupiter partnered with Razorpay, choosing it as their primary payment platform, particularly for lending operations. Later in 2024, Jupiter found themselves partnered with Bold Care to address finances and intimacy.
Jupiter – Advertisements and Social Media Campaigns
Make Any Day Salary Day, #MonthEndKaTheEnd
Make Any Day Salary Day – End of shady loan apps
This advertisement video emphasizes the risks associated with taking out month-end loans from questionable apps. In the movie, a Pehelwaan, a goon employed by these rapid loan applications to retrieve any money they have loaned to defaulters, is shown.
It exposes the unsavory truths of obtaining quick loans from these kinds of apps, particularly month-end loans. The endearing account of one such Pehelwaan serves as a warning about the dubious nature of these lending apps, their exorbitant interest rates, and their concealed terms and conditions.
Jupiter – Competitors
The top competitors of the company Jupiter are as follows –
Fi
Fi is the topmost competitor of Jupiter. It is headquartered in Bengaluru, Karnataka, India, and was founded in 2019. Fi competes in the Fintech field.
NiYO
NiYO is perceived as one of the top competitors of Jupiter like mentioned above. This is also a Bengaluru-based company that was founded in 2015.
Jupiter – Future Plans
Jupiter is set against the challenge of maintaining the “fine balance between compliance and agility.”
As per January 2023 news report, the company is seeking to differentiate itself from competitors by offering users customized and agile credit products.
FAQs
Is Jupiter neobank safe?
Jupiter neobank is a fair and transparent digital bank, which ensures that its charges structure is fair. The digital bank doesn’t rely on any hidden fees.
What is a Jupiter zero balance account?
Jupiter is designed as a digital bank for the convenience of the uses across the country. The bank promises to be a 100% digital bank, built in partnership with Federal Bank, which extends the zero-balance advantages for the customers where the users shall not have to pay any fees against the saving bank that they will open with Jupiter.
Is Jupiter a banking app?
Jupiter is a digital banking app, established with a simple aim, which is to deliver a banking experience that keeps pace with the users.
Nitin Konde
