With the aim of effectively managing bulk orders, the food delivery startup Swiggy, preparing for an IPO, has formally introduced its XL electric vehicle (EV) fleet in Gurugram. This new service was launched on 5 September 2024, following a fruitful trial period throughout the holiday season.
The debut of Swiggy Food Marketplace is timed to coincide with a rise in demand for bulk purchases when family and friends get together to celebrate, according to Sidharth Bhakoo, National Business Head. Since food is intimately linked to good times and laughter, Swiggy is seeing a rise in demand for large orders during get-togethers amongst friends and family. According to Bhakoo, owing to the on-going festive season, when there is happiness and cheer around, it is the right time to roll out this service.
High-Tech Vehicle Will Deliver the Food
Temperature-controlled compartments are a feature of the XL fleet that guarantee food quality while in transit. During the Haryana state assembly elections, the fleet has already provided 3,500 meals to election officials at over 580 voting places in the constituencies of Gurugram and Badshahpur since the launch of this service.
Twenty Swiggy XL EVs provided officials with three meals spread over two days, giving them the vital nourishment they needed throughout the challenging election season. The Deputy Commissioner of Gurugram, Nishant Kumar Yadav, praised Swiggy for their role in the election process and urged them to keep up their civic engagement.
The initiative’s environmental benefits were emphasised by Sidharth Bhakoo, who pointed out that the all-electric fleet reduces carbon emissions by minimising the need for several delivery journeys.
This debut comes after Swiggy recently unveiled “Bolt,” a 10-minute meal delivery service that can be found in major cities including Bengaluru, Chennai, Hyderabad, Delhi, Mumbai, and Pune and that delivers food within a 2-kilometre radius.
Company’s Financial Report Card
The business also recently introduced “Cafe,” a service that delivers snacks and drinks in 15 minutes. Despite these advancements, Swiggy’s losses increased by 8.31% year over year to INR 611 crore in the first quarter of FY25, and the company recorded slower growth than its competitor Zomato.
Currently gearing up for its impending initial public offering (IPO), the foodtech business has gained clearance from shareholders to raise the new issue size to INR 5,000 crore. In order to maintain its competitive edge in the food delivery industry, Swiggy is getting ready to expand its XL EV fleet to include additional cities in addition to Gurugram.
The government of Rajasthan and Tata Power, the biggest integrated power firm in India, have inked a Memorandum of Understanding (MoU) for a substantial investment of INR 1.2 lakh crore to overhaul the state’s electricity industry.
Senior Rajasthani government officials, together with Chief Minister Bhajan Lal Sharma and Col Rajyavardhan Rathore, the state’s minister of industry and commerce, witnessed the signing of the Memorandum of Understanding during the Rising Rajasthan Investor Meet in New Delhi.
With investments in manufacturing, transmission, distribution, nuclear power, rooftop installations, EV charging, and renewable energy projects, the 10-year investment plan seeks to support Rajasthan’s transformation into a power surplus state that offers a clean, affordable, and dependable power supply around the clock.
“Tata Powers’ investment in Rajasthan is a pivotal step to enhance the energy infrastructure. It is a step towards a future where electric mobility solutions are not just a vision but a reality, especially for e-rickshaws. This investment will significantly enhance the energy infrastructure by providing access to reliable, and affordable charging infrastructure. This step is aligned with India’s vision of achieving the electrification goal and it will not only drive higher EV adoption but will also have greater economic benefits including job creation and the growth of ancillary industries such as battery production and EV parts manufacturing. We are confident that this game-changing investment will certainly accelerate the adoption of electric vehicles and empower manufacturers, end users, and local economies alike,” stated Nitin Kapoor, Managing Director, SAERA Electric Auto Ltd.
Emphasis on Sustainable Energy Sources
Roughly INR 75,000 crore, or a large amount of the investment, will go into renewable energy projects. In multiple regions, including Bikaner, Jaisalmer, Barmer, and Jodhpur, Tata Power intends to create 10,000 MW of renewable energy capacity. This comprises hybrid energy projects with 4,000 MW and 6,000 MW of solar electricity. India’s capacity to manufacture solar modules domestically would be strengthened even further by this MoU, which calls for the construction of a 2,000 MW facility in Jodhpur.
The collaboration between Tata Power and the Government of Rajasthan, according to CEO and MD Dr Praveer Sinha, is evidence of the companies’ common goal of creating an integrated, low-carbon energy ecosystem in the region. The company wants to help Rajasthan achieve its energy goals and give its citizens access to economic possibilities by leveraging Tata Power’s knowledge throughout the whole power sector value chain.
Modernizing the Power Grid’s Transmission and Distribution Systems
In addition to renewable energy, Tata Power has made a large financial investment in Rajasthan’s electricity infrastructure modernization. To update the state’s distribution systems and lower energy losses while raising power quality, the business intends to invest INR 20,000 crore.
To improve transmission infrastructure, an extra INR 10,000 crore has been set aside. It is anticipated that these investments will increase the energy grid’s dependability in the state and guarantee that businesses and homes will always have access to cheap, clean power.
Focus on Electric Vehicles and Solar Panels for Homes
By investing INR 1,000 crore to build 1 lakh electric vehicle (EV) charge stations throughout the state, Tata Power also intends to assist Rajasthan’s shift to electric mobility. This will be crucial in lowering carbon emissions and promoting the use of electric vehicles in the area.
Tata Power has also promised to install rooftop solar power systems under the PM Surya Ghar Yojana for 10 lakh families. With the help of these installations, distributed renewable energy generation will be encouraged, and affordable, clean power will be delivered directly to houses throughout the state.
The MoU has the potential to establish Rajasthan as one of India’s foremost renewable energy hubs, helping the state meet its ambitious goals of reaching net-zero emissions by 2070 and 500 GW of renewable capacity installed by 2030.
Directly Supporting More Than 28,000 Individuals
Over 28,000 direct jobs are anticipated to be created in Rajasthan as a result of the MoU, significantly boosting the region’s economy. Rajasthan will become a more desirable location for green investments as a result of this significant investment. This development will also support several businesses, such as solar manufacturing, infrastructure development, and innovative renewable energy sources.
This partnership is anticipated to have a far-reaching socio-economic influence above and beyond the energy sector. Tata Power hopes to promote sustainable industrial development in Rajasthan by bringing down energy costs for enterprises and consumers alike through large-scale integration of renewables.
Telecom regulator Trai has been urged by Reliance Jio to draft a revised paper on spectrum distribution for satellite communication, claiming that it fails to address the crucial issue of guaranteeing parity between satellite and terrestrial services.
The Telecom Regulatory Authority of India (Trai) Chairman, Anil Kumar Lahoti, received a letter from Reliance Jio requesting that the consultation document on suggested rules for “terms and conditions for the assignment of spectrum for certain satellite-based commercial communication services” needed to be revised.
Why Does Reliance Jio Want to Revise the Paper?
The crucial problem of guaranteeing fairness between satellite-based and terrestrial access providers has been entirely disregarded in the consultation paper, which astonished us. In a letter dated October 4, Reliance Jio (RJIL) stated that this omission has led to the absence of any queries addressing the necessity of establishing a level playing field amongst these providers. According to Jio, if this element is left out, stakeholders won’t be able to give Trai enough thought and relevant input, which will compromise the suggestions’ fairness and the government’s goal of encouraging balanced competition.
Trai launched a consultation process on September 27, 2024, to investigate the process and cost of allocating spectrum to satellite firms for the provision of broadband, messaging, telephony, and other services throughout the nation. In India, satellite-based internet services from firms like Jio Satellite Communications, OneWeb, which is sponsored by the Bharti Group, and Starlink, which is owned by Elon Musk, will be made possible by the decision on spectrum pricing and allocation methods.
Jio and Vodafone Idea Have Opposed the Allocation
Jio and Vodafone Idea have protested the distribution of spectrum to satellite firms without conducting any official auction for the same. Jio claimed that the paper’s bias towards administrative spectrum assignment violates the Telecommunications Act of 2023’s standards.
According to the Telecommunication Act of 2023, auctions are the primary means of allocating spectrum for commercial services. To address the level-playing field difficulties between satellite and terrestrial networks, the company kindly requests that Trai rethink and update the consultation document with targeted questions. According to Jio, stakeholders should continue to have a say in both the auction and administrative assignment processes, with careful attention paid to competitive fairness.
A system for calculating spectrum charges, frequency ranges for satellite communications services, assignment length, and provisions for surrendering spectrum are among the 21 items on which Trai has requested feedback. According to the regulator, the deadline for comments on the paper is October 18, and the deadline for counter comments is October 25.
Following the Central Consumer Protection Authority’s (CCPA) show-cause notice to the business on 7 September 2024, shares of newly listed Ola Electric Mobility dropped 6.17 percent in intraday trading to INR 85.21 on 8 September 2024.
In an exchange filing, Ola said that the CCPA has given the company 15 days to reply to the show-cause notice. The business promised to reply to the notification and provide the necessary documentation within the allotted period.
The CCPA has issued a show-cause notice for suspected unfair trading practices, deceptive advertising, and violations of consumer rights. The company will respond to the CCPA’s show cause notice. At the moment, the Show Cause Notice has no bearing on the business’s operations, finances, or other activities. Additionally, the management of the company stated in an exchange filing that the notice did not impose any penalties or monetary fines.
One of India’s leading EV companies, Ola Electric, is committed to building vertically integrated technology and production capacity for EVs and their parts, such as battery cells. At the Ola Future Factory, it manufactures EVs as well as necessary parts like motors, battery packs, and vehicle chassis.
Company’s Recent Market Performance
The Indian electric two-wheeler company recorded its lowest monthly sales of the year in September as its dominance faded due to new competition from smaller firms and issues with the servicing network. In September 2024, Ola Electric sold 23,965 units, marking the second consecutive month that the company’s month-over-month (M-o-M) sales have decreased. According to research, its market share dropped from above 50% in April to 27% in September for five consecutive months due to its declining M-o-M sales.
Bajaj Auto and TVS Motor both reported increases in their market shares for five consecutive months during this time, closing the sales gap.
Ola’s declining sales and frequently undercutting prices present additional difficulties for the business’s financial performance. It hasn’t made any money yet.
Kamra and Aggarwal Locking Horns on X
Now, the issue has gone to X, where stand-up comedian Kunal Kamra has questioned Ola’s service by using a tweet from Ola CEO Bhavish Aggarwal that included an image of the Ola Gigafactory.
In the tweet, Kamra asked if Indian customers had a voice. Are they deserving of this? Is this how Indians will adopt EVs? Two-wheelers are the livelihood of many daily wage labourers. If you have a problem with OLA Electric, please share your tale here, tagging everyone. The result was a prolonged verbal sparring match between comedian Kunal Kamra and Ola CEO Bhavish Aggarwal. Kamra didn’t stop here; he went further and tagged Nitin Gadkari, Union Minister for Road Transport & Highways, Government of India, in the tweet.
A report from a media house stated that Zepto, an Indian startup known for its 10-minute grocery delivery service, has reportedly acquired a deal to transform Total Mall in Sarjapur into its Bengaluru office space.
Zepto’s sector peers, Swiggy and Flipkart, as well as giant corporations like Walmart, Adobe, and Rubrik, are located on Sarjapur Road.
Transfer of Staff to Bengaluru
The fast-commerce behemoth reportedly gave its employees until February 2025 to pack up and relocate to Bengaluru, extending the deadline by a few months. The startup had previously given its staff members until November to move from Powai, Mumbai, to Sarjapur, Bengaluru. However, because it took longer than expected to find a suitable office location, the deadline was later extended.
Zepto has started relocating certain positions to a temporary office in the city, with plans to start operations on 11 November 2024. Zepto’s development and product teams already operate out of Bengaluru, while the company’s business operations are headquartered in Mumbai. According to the source, all important departments would be consolidated in the new Bengaluru headquarters by February.
Budget Projections for the Bengaluru Relocation
As mentioned in the repot, the one-time cost of moving Zepto’s headquarters from Mumbai to Bengaluru is anticipated to be approximately INR 3–4 crore. However, by moving from Mumbai to Bengaluru, the Aadit Palicha-led company anticipates saving about INR 40–50 lakh in rent each month, offsetting this expense.
Approximately 1,000 of Zepto’s 1,700–1,800 workers are presently situated in Mumbai, 400 in Bengaluru, while the rest 300 are dispersed among different areas for city operations. Interestingly, the study also stated that almost 90% of the employees based in Mumbai are already willing to go to Bengaluru, Karnataka.
Further Expansion
In addition to the move, Zepto intends to increase its workforce. According to Aadit Palicha, co-founder and CEO of Zepto, the company plans to add 500 more workers for its corporate operations, bringing its overall workforce to between 2,200 and 2,300.
Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto has raised more than $1.5 billion from investors, including StepStone Group and Nexus Venture Partners. The business, which is currently valued over $5 billion, is regarded as one of the quick commerce industry’s fastest-growing businesses.
Zepto was previously welcomed by the Karnataka government to the capital city, and the government encouraged other start-ups to consider Bengaluru for their primary operations. Begaluru city, which ranks 18th in Asia Pacific, is also the most millennial-friendly in India in terms of jobs and education. It is a hub for innovation, home to over 3,600 funded tech firms and the greatest proportion of employable female talent. Welcome, @ZeptoNow! Karnataka IT Minister Priyank Kharge said. “I invite more startups to join us and flourish in the best startup ecosystem in India,” he added further.
A world where financial professionals can predict market trends, analyse complex data, and make informed decisions with the click of a button! We’re not talking about science fiction – this is the reality of AI in finance today. As we step into 2024, the corridors of financial technology are growing at breakneck speed, with these finance tools leading the charge.
These cutting-edge solutions are not changing the game. Infact, they’re redefining it entirely. In this article, we’ll explore the cream of the crop when it comes to AI financial analysis tools. Even if you’re looking to enhance your risk analysis, improve customer retention, or gain deeper insights into stock market prediction, these tools are set to change the world upside when it comes to how financial professionals work in the coming year.
ChatGPT has emerged as a powerful tool for financial analysis, offering a range of capabilities that are transforming how professionals approach their work. This AI-powered assistant can process vast amounts of financial data in a fraction of the time it would take a human analyst, making it an invaluable asset for those looking to gain quick insights and make informed decisions.
Financial Analysis Capabilities
ChatGPT is an absolute breeze when analysing complex financial documents, including balance sheets, cash flow statements, and earnings reports. Through natural language processing, it can extract relevant information and provide concise summaries, helping analysts quickly grasp the essential points. This AI finance tool can also identify trends and patterns in market data that might otherwise be overlooked, offering a more comprehensive view of the financial circle.
Impact on Financial Decision-Making
The impact of ChatGPT on financial decision-making is significant. It can generate financial forecasts by training on historical data, enabling more accurate predictions of future trends. This capability is handy for portfolio management, where real-time analysis of market movements can inform investment strategies. Moreover, ChatGPT can assist in risk assessment by analysing various data sources, including credit histories and financial statements, to provide a more holistic view of potential risks.
Best Practises for Using ChatGPT in Finance
To maximise the benefits of ChatGPT in finance, it’s crucial to follow best practices. Firstly, ensure that the data used to train the model is accurate and up-to-date. Secondly, you should use ChatGPT as a complementary tool rather than a replacement for human expertise. While it can process information quickly, human judgement remains essential in interpreting results and making final decisions. Lastly, regularly update and refine the model to keep pace with changing market conditions and regulatory requirements.
This AI finance tool can process vast amounts of complex data, turning it into eye-catching and interactive visualisations that help analysts quickly grasp essential points and make informed decisions.
Financial Data Visualisation Features
Tableau offers a variety of chart types, including bar charts, line charts, scatter plots, and maps, allowing users to create dynamic dashboards and visualisations. These features enable financial professionals to understand data in depth, drill into specific data points, and create hierarchies. Tableau’s flexibility in connecting to various data sources, including cloud-based platforms, makes it a versatile choice for financial analysis.
Integration with AI
The integration of AI in Tableau has further enhanced its capabilities. Tableau Agent, powered by generative AI and statistical analysis, helps users prepare data sources, create visualisations, and tell stories with data more efficiently. This AI assistant automates time-consuming analytics processes, accelerating data-driven decision-making across the entire analytics journey.
Benefits for Financial Professionals
Financial professionals can leverage Tableau to create dynamic, interactive, and automated financial reports such as P&L statements, balance sheets, and cash flow statements. The tool’s data blending and drill-down features help in determining data variations and patterns within organisations. Tableau’s ability to connect numerous data sets and draw up relevant financial information makes it an invaluable asset for making important financial and business decisions.
Plan
Pricing
Tableau Creator
$75/Month per user
Tableau Explorer
$42/Month per user
Tableau Viewer
$15/Month per user
Enterprise Creator
$115/Month per user
Enterprise Creator
$70/Month per user
Enterprise Viewer
$35/Month per user
RapidMiner for Predictive Analytics
Website
www.altair.com
Rating
4.6
Free trial
Yes
Platforms supported
Web
RapidMiner – Best AI Finance Tools
RapidMiner is known for offering a comprehensive set of predictive analytics capabilities. This platform simplifies the process of extracting data from diverse sources, cleaning it, and incorporating it into various predictive modelling workflows.
AI-Powered Predictive Models
RapidMiner’s AI Studio supports model development by data scientists, providing a user-friendly interface and automation features that streamline the ETL process. This makes it accessible to users with varying levels of technical expertise. The platform’s ability to handle unstructured data and produce actionable insights swiftly makes it a preferred choice for organisations focused on efficient data mining and aggregation.
Financial Forecasting Capabilities
For financial forecasting, RapidMiner offers various tools and techniques. Users can create models for individual series or aggregate data for broader predictions. The platform supports the use of windowing operators for both training and testing sets, which is crucial for forecasting multiple time periods ahead. Additionally, lag series and moving average operators are particularly useful for volatility forecasting in stock market prediction.
Risk Assessment Tools
RapidMiner provides robust risk assessment tools, making it valuable for financial professionals. The platform’s ability to process vast amounts of data quickly allows for comprehensive risk analysis. Users can make the most out of RapidMiner’s machine learning algorithms to identify patterns and trends that might indicate potential risks, enhancing decision-making processes in financial analysis.
Plan
Pricing
Professional
$7,500/Month per user
Enterprise
$15,000/Month per user
AI Hub
$54,000/Month per user
Microsoft Power BI for Business Intelligence
Website
www.microsoft.com
Rating
4.5
Free trial
Yes
Platforms supported
Web, IOS/Android
Microsoft Power BI – Best AI Finance Tools
This powerful platform enables financial professionals to transform raw data into actionable insights, allowing them to make informed decisions and drive business success.
AI-Enhanced Financial Reporting
Power BI’s AI-driven capabilities have revolutionised financial reporting. The platform incorporates advanced analytics and machine learning algorithms to automate data analysis and uncover hidden patterns. This feature allows financial professionals to generate in-depth reports with ease, saving time and reducing the risk of human error. Power BI’s natural language processing capabilities enable users to ask questions in plain English, making data exploration more intuitive and accessible.
Real-Time Analytics
Providing real-time analytics is one of the standout features that Power BI possesses. This capability is crucial for financial professionals who need to monitor market trends and make split-second decisions. Power BI allows users to connect to various data sources and refresh data automatically, ensuring that dashboards and reports always reflect the most current information. This real-time functionality is particularly valuable for stock market prediction and risk analysis in the world of finance.
DataRobot has emerged as a powerful AI finance tool, revolutionising the way financial professionals approach machine learning. This platform simplifies the process of building and deploying models, making it accessible to both data scientists and business users. DataRobot’s automated machine learning capabilities enable rapid model development and deployment, reducing time to value for financial institutions.
AI-Driven Financial Modelling
DataRobot’s AI-driven financial modelling capabilities are transforming how professionals approach complex financial tasks. The platform’s automated machine learning features allow users to quickly build and deploy models for various financial applications, including stock market prediction and risk analysis. DataRobot’s ability to handle unstructured data and produce actionable insights swiftly makes it a preferred choice for organisations focused on efficient data mining and aggregation in the financial sector.
Fraud Detection Capabilities
In the realm of fraud detection, DataRobot shines as a robust tool for financial professionals. The platform’s advanced analytics and machine learning algorithms can process vast amounts of data to identify patterns and trends indicative of fraudulent activities. This capability is particularly valuable in the insurance industry, where DataRobot has been used to improve the accuracy of predicting fraudulent claims. By leveraging historical cases of fraud and their associated features, DataRobot can apply learnings to new claims, assessing whether they share characteristics of known fraudulent patterns.
Investment Strategy Optimisation
DataRobot’s investment strategy optimisation features provide financial professionals with powerful tools to enhance their decision-making processes. The platform’s ability to analyse complex financial data and generate insights allows for more informed investment strategies. Its machine learning models can pick up patterns from historical data to accurately predict future consumer behaviour, superseding traditional analytics for population segmentation and filtering. This capability is particularly useful for financial institutions looking to optimise their investment portfolios and maximise returns while managing risk effectively.
Plan
Pricing
Essentials
Custom
Business Critical
Custom
Conclusion
As we wrap up our journey through these tools, it’s clear that 2024 is shaping up to be a transformative year for financial professionals. The future of finance is undoubtedly intertwined with AI, and staying ahead of the curve is crucial for success in this field. If you want to get to the next level with AI, why not dive into StartupTalky’s legacy newsletter, ‘Smell The Coffee‘? It’s packed with quality case studies, news, insights, and business model decoding sessions that’ll keep you at the forefront of AI innovation. As we continue to glide forward in this exciting new era, one thing is certain: the tools we’ve discussed today are just the beginning of a revolution that will shape the financial world for years to come.
FAQ
What is the future of Ai in the finance industry?
The future of AI in finance will enhance risk assessment, provide personalized customer experiences, and enable automated trading. It will improve fraud detection and regulatory compliance while streamlining operations. Overall, AI will transform the financial industry by increasing efficiency and reshaping how institutions interact with clients.
Can Ai replace financial professionals?
AI can automate routine tasks in finance, but it won’t replace financial professionals entirely. Human skills like strategic thinking and relationship management are irreplaceable. Instead, AI will enhance decision-making, allowing professionals to focus on higher-value tasks.
How is AI used for finance?
AI tools work hand in hand with finance professionals by handling data analysis and automating routine tasks. This partnership frees up time for experts to focus on making strategic decisions and building relationships with clients, ultimately improving efficiency and the quality of service they provide.
Can AI make financial models?
Yes, AI can create financial models by analyzing large datasets, identifying patterns, and automating data processing. It enhances accuracy and efficiency, enabling finance professionals to generate better forecasts and insights.
The startup circuit at present is filled with intensive competition that transcends genres. Consider the food-tech startup segment; Zomato and Swiggy are using every possible strategy to increase their reach. Such rivalry can also be in the social media space with brands like Facebook, Twitter, and others fighting for bragging rights.
The Indian startup sector is also at the fore of competitiveness and the stories of Flipkart, Ola, Zomato, OYO, and whatnot attest to this claim. The eCommerce segment in India is interesting. Amazon, Flipkart, etc. know the value that Indian customers bring to the table. With marketing stints like end-of-season sales, these giants are leaving no stone unturned to establish dominance. Snapdeal is one such successful behemoth that has pumped up the e-commerce/retail domain. The credit for its brilliance could largely be attributed to one man, Kunal Bahl. A failed attempt at getting into the IITs didn’t deter this gritty man from amazing milestones that people only dream of, with Snapdeal being the biggest of them all.
Learn about Kunal Bahl, his education, career, family, Snapdeal,Titan Capital, his entry into the Shark Tank India season 4, and more from this article.
Kunal Bahl – Biography
Name
Kunal Bahl
Born
1 January 1984
Born Place
New Delhi, India
Nationality
Indian
Education
B.S.E in Entrepreneurship, Operation & Information Management, Wharton B.A.S in Engineering
Kunal Bahl grew up in India and went to Delhi Public School R.K. Puram for his early education. He later studied at the University of Pennsylvania, where he joined the prestigious Jerome Fisher Program in Management and Technology. He secured two bachelor’s degrees—one in Entrepreneurship, Operations & Information Management from The Wharton School and another in Engineering from the School of Engineering and Applied Science respectively. He also completed an executive marketing program at the Kellogg School of Management to further build his business skills.
During his stay in the United States, he launched a detergent company whose products were sold at Walmart stores. He had to return to India in 2008 due to some visa complications.
Kunal Bahl – Personal Life
Kunal Bahl tends to keep his personal life relatively private, focusing more on his professional journey and entrepreneurial ventures. However, it is known that he is married to Yashna Bahl.
Kunal Bahl with wife Yashna Bahl
Bahl is also known for his interests outside of business. He enjoys reading and often shares insights from books on social media. He is passionate about technology, innovation, and mentoring young entrepreneurs. Despite the challenges faced in the competitive eCommerce space, Kunal has maintained a positive and resilient approach, balancing his work and personal life effectively.
Kunal Bahl – Snapdeal
Kunal joined Rohit Bansal, his childhood friend who was working for CapitalOne at that time, to get his hands in entrepreneurship. They launched an offline couponing business in 2007-08. The internet was taking baby steps towards popularity during that phase. A couple of merchants working with the duo asked them to shift to an online platform. They then registered a domain and named it ‘Snapdeal.com’. There were a lot of glitches in the beginning and Kunal-Rohit made a lot of mistakes. Slowly, they improved Snapdeal’s condition by tracking the customers’ preferences and using feedback. After consistent improvisations, the site was on the path to profitability.
After setting up the online platform, there was no stopping for the duo. They began hiring people. Today, Kunal credits Snapdeal’s success to his employees. The company had no plants and machinery and the team felt that the venture’s success pivoted on the workers; determination. His co-worker Vani Kola’s inputs were crucial for Snapdeal. The company grew from a team of 30 to a family of 150. The team also has a dedicated sub-team that takes care of Snapdeal’s cultural aspects.
Vani in turn credits Kunal and Rohit for Snapdeal’s fortunes. According to her, the duo had a great ability to listen, learn, and absorb like “sponges”. They had unmatched confidence and trust and kept executing their plans diligently. The duo welcomed innovative ideas from their employees without any bias. When it came to HR practices, they focused on their workers’ self-improvement and progress, and there was intense cross-learning and skilling.
Kunal’s philosophy was to hire people on demand. He sought 100% customer satisfaction. The willingness to fulfill the customer’s needs paved the way for Snapdeal to create the largest assortment of products in the country in 6 months. There were around 2000 brands and merchants selling their products through Snapdeal.
In 2022, the company rebranded itself as AceVector, which includes several businesses like Snapdeal, Unicommerce, and Stellar Brands. Under Kunal Bahl’s leadership, AceVector has transformed the Indian eCommerce market by using new distribution channels, brands, and platforms.
Kunal describes Snapdeal’s culture as “smart, generous, and humble”. According to him, culture determines a company’s pace of growth. He cites the ability to solve problems as a catalyst for an organization’s progression. A team’s capability to remain objective helps in all-round development. Kunal attributes Snapdeal’s potential to scale faster than rival companies in topping the charts. Vani’s role in handling people was a differentiator.
Kunal Bahl – Professional Life
In 2015, when Kunal Bahl and Rahul Bansal were fresh from co-founding Snapdeal, they built another company from scratch, Titan Capital. The fund company was created to support entrepreneurs with innovative ideas and futuristic startup ventures financially.
Titan Capital has invested in companies like Ola, Urban Company, Mamaearth, Credgenics, Shadowfax, Razorpay, and Giva. Notably, Titan Capital, which uses the personal funds of Kunal and Rohit Bansal, has achieved returns of over 100 times on several investments, including Ola, Urban Company, and Mamaearth.
Kunal Bahl also holds several important positions. He is on the board of governors for the Indian Council for Research on International Economic Relations, a member of the executive council of NASSCOM, and chairs the Confederation of Indian Industry (CII) National Committee on Ecommerce. He is also a member of the National Startup Advisory Council.
He also serves as an Independent Director on the Board of Piramal Enterprises.
Kunal Bahl – Investments
In addition to his success with Snapdeal, Kunal Bahl gained recognition for believing in Bhavish Aggarwal’s ambitious business idea, Ola Cabs now Ola Consumer. Kunal introduced Ola to Rohit Bansal, and together, they invested $60,000 in Bhavish’s venture. This investment turned out to be a brilliant decision. Kunal Bahl has made 255 investments including Urban Company, Razorpay, and many more. As an investor, Bahl has 22 exits and 7 Unicorns.
Kunal Bahl – Philanthropy
As the company grew, Kunal and his team decided to install a hand pump in villages. This step changed the lives of hundreds. Kunal says that Snapdeal grows by leaps and bounds, and he and his team will improve the conditions of the society’s backward section by providing necessities. His vision is to make Snapdeal India’s number one B2C marketplace. He wants his company to be the home to the most admired alumni in India.
Kunal Bahl – Shark Tank India
Kunal Bahl – Shark Tank India Season 4
Kunal Bahl is the newest shark on Shark Tank India season 4, replacing Zomato CEO Deepinder Goyal. He will join the show alongside other investors like Ritesh Agarwal, founder of OYO; Namita Thapar, executive director of Emcure Pharmaceuticals; Aman Gupta, co-founder of boAt; and Anupam Mittal from People Group.
Before this, Kunal Bahl appeared as one of the three judges on Prime Video’s reality show Mission Start Ab aired on 19 December 2023, where 10 founders competed for mentorship and funding.
Kunal Bhal has been awarded with the following awards:
BMA Entrepreneur of the Year 2014
ET Top 50 Entrepreneurs of India 2014
Ranked 25 on Fortune 40 under 40 most influential business leaders list 2014
EY Entrepreneur of the Year – Startup 2014
Nasscom NextGen Entrepreneur 2014
The Economic Times Entrepreneur of the Year Award 2015
AIMA Transformational Business Leader of the Year
Indian Affairs Business Leader of the Year 2015
The Joseph Wharton Award for Young Leadership 2018
The Economic Times Comeback Award 2019
Kunal Bahl – Advice To Budding Entrepreneurs
Kunal advises entrepreneurs not to invest in monetary growth. The willingness to serve society is what entrepreneurs should look out for. He asks people to focus on the social dimension rather than only focusing on earning money. According to him, if the company provides good service or has something unique to offer, customer retention is bound to happen. As almost 75% of the website visits are organic without the help of advertisements, Snapdeal has performed very well when it comes to customer satisfaction. A customer buying a diamond ring was the best purchase for Kunal ever since Snapdeal was conceived.
Kunal Bahl – An Inspiration For Many
The credit for Snapdeal’s continual growth as an e-commerce giant goes to Kunal and his leadership in collaboration with Rohit. His open-minded approach towards employees and customers was instrumental in Snapdeal’s progression. While other e-commerce platforms focused on advertisements to seek customers, Snapdeal was confident enough in its service to lure buyers. Kunal, with his unique vision, is truly a role model for many entrepreneurs.
FAQs
Who is Kunal Bahl?
Kunal Bahl is the co-founder of Snapdeal and Titan Capital.
When was Snapdeal founded?
Snapdeal was founded in 2010.
What does Snapdeal do?
Snapdeal stands as India’s premier pure-play value eCommerce platform, ranking among the top online lifestyle destinations. Snapdeal comes under AceVector Group. With a commitment to provide high-quality products at competitive prices, Snapdeal wants to make shopping enjoyable and dependable for the people of Bharat.
Who is Kunal Bahl wife?
Yashna Bahl is Kunal Bahl’s wife.
What is Kunal Bahl age?
Kunal Bahl was born on 1 January, 1984. He is 40 years old.
What is Kunal Bahl education?
Kunal Bahl pursued his education at prestigious institutions. He completed a dual degree in Marketing and Operations Strategy from The Wharton School and Systems Engineering from the University of Pennsylvania as part of the Jerome Fisher M&T Program from 2002 to 2006. Bahl also attended an Executive Program in Marketing at the Kellogg School of Management, Northwestern University.
This article has been contributed by Anna Koh, Chief Business Officer (Asia), Cyfirma.
The boom of cloud technology has changed how we as a business, governments, and consumers interact with digital services. It has come a long way from a novel concept to an integral part of our daily lives. This pervasive adoption of cloud services has brought unprecedented agility in terms of growth and introduced us to new challenges in terms of security. This clubbed with the rise of AI, it has compelled us to rethink our security strategies.
Cloud computing began as a means to provide scalable IT resources online, eliminating the need for traditional in-house infrastructure. In the beginning cloud services offered basic computing resources such as storage and processing power, but with time technology matured and its capabilities improved. Today, the cloud offers a broad of services including Software as a Service (SaaS) Platform as a Service (PaaS) Infrastructure as a Service (IaaS)
These services allow organisations to leverage cloud resources for various purposes, such as data analytics, AI, software development and disaster recovery. The pervasive adoption of cloud technology is evident across various sectors as businesses of all sizes rely on cloud solutions for their cost savings to operations that cloud platforms offer. Governments use the cloud to enhance public services and manage vast amounts of data. And consumers interact with cloud-based applications for everything from social media, online banking to entertainment and personal productivity.
Cloud Attacks Industry Targets
Cloud technology is becoming increasingly integrated into our digital lives, making it a crucial part of daily life. This shift to cloud computing has created new attack risks and amplified the potential impact of cyber-attacks. Threat actors look for vulnerability such as:
Misconfiguration
Cloud services often come with complex settings, if not properly configured it can expose sensitive data or leave systems open to unauthorised access.
Centralised Storage of Vast Amounts of Sensitive Information
Threat actors use techniques such as phishing and malware to gain access to cloud accounts and exfiltrate data. The scale and accessibility of cloud environments make these breaches particularly damaging.
Application Programming Interfaces (APIs)
Cloud services rely on APIs for integration and communication. Any vulnerabilities in APIs can be exploited by attackers to gain unauthorised access, manipulate data, or disrupt cloud services.
DDoS Attacks
Attackers overwhelm cloud resources with a flood of malicious traffic. The scale of cloud services makes them particularly susceptible to these attacks, which can cause significant disruptions and financial losses.
Threat actors exploit vulnerabilities in the supply chain to compromise cloud services, infecting systems with malware or gaining unauthorised access to sensitive data.
The integration of AI into cyber-attacks has introduced new dimensions of sophistication and efficiency like:-
Attackers use AI to create personalised phishing emails by analysing the target’s communication habits, tricking employees into revealing cloud credentials and allowing unauthorised access to sensitive data.
AI is used to develop adaptive malware that evades traditional security systems by altering its code or behaviour based on defences. A notable case is AI-driven polymorphic malware that continuously changes its appearance to avoid detection by static antivirus tools.
Threat actors use AI to optimise data exfiltration processes by analysing network traffic and identifying optimal times and methods for data exfiltration. AI-driven algorithms can automate and accelerate the data extraction without triggering traditional security alerts.
Sophisticated DDoS attacks use AI to adjust the volume and type of traffic based on defensive measures, making it harder for cloud providers to mitigate the attack. This adaptive approach was evident in high-profile DDoS attacks that overwhelmed cloud infrastructure.
Cybercriminals use AI to conduct scans and exploit vulnerabilities of cloud environments. AI tools can find and exploit unpatched vulnerabilities before security teams can address them.
To address the evolving threats posed by AI-driven cyber-attacks, cloud security must adapt and incorporate advanced strategies. Here are key areas where cloud technology and security practices need to evolve:
Integrating AI into cloud security tools improves threat detection and response. AI can analyse patterns and spot anomalies in real-time, providing more accurate and timely alerts for potential threats.
Adopting a Zero Trust approach, where trust is never assumed and access is granted based on strict verification. This means continuous monitoring and validating user access and behaviours to minimise the risk of unauthorised access.
Strengthening API security by implementing rigorous and regular vulnerability assessments and API-specific security measures to mitigate risks associated with API exploits.
Leveraging automation in threat response to quickly respond to detected threats thus reducing the time attackers have to exploit vulnerabilities.
Training Personnel Regularly Regular training and awareness programs can help prevent human errors that lead to security breaches.
Collaborating with industry peers to share threat intelligence that can enhance cloud security. Collective efforts to share insights on emerging threats and vulnerabilities can strengthen defences and improve overall resilience.
As cloud technology and AI-driven threats evolve, organisations need to adapt their security strategies. Enterprises can better protect their cloud environments by integrating AI tools, adopting modern security architectures, and fostering a culture of continuous improvement to ensure resilience of their digital operations.
Mumbai, October 2024: In a pioneering step set to transform India’s rental landscape, RentenPe is introducing the country’s inaugural Rent Credit Score and Residence Card (R-Card). This trailblazing initiative, endorsed by market research from the global consultancy firm Ernst & Young, seeks to fill a notable void in the financial ecosystem by acknowledging and rewarding tenants for their reliable rent payments—a vital yet often undervalued financial responsibility.
Transforming the Rental Sector
With almost half of India’s population under 40, a significant number of young professionals are moving from smaller towns to major urban centres, significantly contributing to the national economy. These individuals typically allocate a considerable portion of their earnings— up to 30% towards rent, while also aspiring to achieve homeownership, which is highly valued in Indian culture.
Despite the importance and regularity of these rent payments, they have been largely ignored by traditional financial assessments. Unlike credit card payments or loan instalments that positively influence credit scores, rent payments have historically been disregarded, leaving renters without proper financial acknowledgement.
Harnessing the Potential of Rent
RentenPe aims to address this issue by launching the Rent Credit Score, a groundbreaking metric tailored for the residential rental sector. Utilizing an advanced algorithm, this score evaluates a range of financial, qualitative, and quantitative factors. It allows tenants to establish a credit profile based on their rental history, potentially leading to improved rental agreements, rent-related loans, pre-approved home loans, and potential savings on rent.
Sarika Shetty, Co-Founder & CEO of RentenPe, comments, We believe that rent, a major monthly financial obligation, should receive the same recognition as EMIs and credit card payments. Our Rent Credit Score and R-Card are designed to empower tenants by acknowledging their financial commitment and supporting their long-term goals, including homeownership. While we do not engage in property listings, our initiative will be advantageous for prop-tech companies as well.
Global Validation and Impact
RentenPe’s approach is backed by extensive research conducted in partnership with Ernst & Young, which revealed the potential of integrating rent payment data into financial assessments. It is a point of pride for India that RentenPe is the first in the world to recognize the importance of including rent in credit scoring. The company began its research and development in 2021 with EY Parthenon.
Three years later, the Canadian government acknowledged the same issue and proposed measures in their budget to incorporate rental payment history into credit scores and mortgage evaluations based on rental payment patterns.
The R-Card: India’s First Digital Rental Identity
Complementing the Rent Credit Score is the R-Card, India’s first digital rental identity. Unlike a payment card, the R-Card acts as a digital ID, functioning as your rental passport with a verified profile and Rent Credit Score, enabling tenants to access better rental deals, quicker approval processes, and potential rent discounts. For landlords, it provides instant access to verified tenant profiles, early rent facilities, and more, streamlining the rental process and fostering trust.
A Paradigm Shift in India’s Rental Market
As RentenPe prepares for its official launch, the platform is set to drive a fundamental shift in how rent is perceived. By turning rent payments into a powerful financial tool, RentenPe is not just launching a new product—it is revolutionizing the rental landscape by making every rent count, and not treating it as an expense but as a step closer to owning a home.
The country’s top government agencies are now investigating cryptocurrency exchange WazirX, which experienced a big cyber theft in July that cost INR 2,000 crore, or roughly $234 million. Millions of users are still waiting for their money in digital assets to be returned.
The government is reportedly worried about the effects on WazirX investors; therefore, representatives from the Financial Intelligence Unit (FIU) and the Indian Computer Emergency Response Team (CERT-In) met with the company’s top executives to enquire about the hacking of cryptocurrency tokens.
According to a media report, the cryptocurrency exchange has given the requested material, and investigatory teams are going over the specifics. Given the severity of the WazirX cybercrime, legal experts in the nation have already requested that state authorities conduct a comprehensive investigation.
43% Likely to Lose Money-Claims the Company
Nearly 43% of WazirX consumers, mostly in India, stand to lose money that has been stolen from their digital assets, as the company has already acknowledged. Meanwhile, the WazirX theft hackers have begun removing their pilfered digital assets through the Tornado Cash platform, an open-source, completely decentralized cryptocurrency mixer platform that operates on networks compatible with the Ethereum Virtual Machine.
The video of a live town hall meeting where the management promised to share “100% profits from any crypto price appreciation in the future with users” was taken down by WazirX, according to new reports that surfaced last week.
Developments During the Town Hall Session
Affected users asked questions during the town hall session, which was attended by George Gwee, director of the Kroll legal company handling WazirX’s restructuring following the hack, and Nischal Shetty, co-founder of WazirX.
Gwee stated in the video that consumers will receive 100% of any earnings from the increase in cryptocurrency prices during the reorganization process, according to another media report. Subsequently, WazirX management changed the live feed to “private.” In the Townhall event, Shetty asserted that 87% of the 4.4 million users of the exchange have only 8% of their cash in the exchange.
About WazirX
WazirX is more than just a digital asset trading platform since its founding in 2018. The path has been driven by enthusiasm, determination, and a desire to provide all Indians with democratized access to cryptocurrency. WazirX is the market leader in terms of transaction volumes, boasting a listing of over 350 cryptos and tokens and over 16 million users. This solidifies WazirX’s position as a reliable leader in the nation’s cryptocurrency market.
Nitin Konde
