A venture fund of INR 1000 crore has been set up to support space startups. The statement was made by Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, and Public Grievances on 7 September 2024. He stated that the decision was made within the first 100 days of the Modi 3.0 government, indicating the high priority that Prime Minister Narendra Modi’s administration places on the space sector. According to him, one of the top three or four sectors that the government has designated as its focus for its third term, 3.0, is space.
Dr. Jitendra Singh briefed the media, stating that almost four years ago, the decision was made to open the space industry to private actors as a revolutionary step. IN-SPACe India was created as the gateway with the private sector, while New India Space Limited (NISL) was a newly formed PSU.
He reported that the outcome has been remarkable, demonstrating a quick leap from one space sector startup to over 200 in the present day. In addition, he claimed that some of India’s space startups are among the first of their kind and have the potential to be globally successful. He mentioned Vikram-S, the first private rocket in India, as one among them.
Sharing his thoughts on this development, Varun Chawla, Founder, build3 stated, “Not just space, but many other industries stand to gain from the central government’s plan to earmark INR 1,000 crore for venture funds to space startups. With over 200 startups leading the way in technological improvements, innovations beyond space exploration are also possible. Innovations in satellite communication, earth observation, climate monitoring, and even resource management could result from these endeavours. And these sectors have broad implications for urban growth, agriculture, healthcare, and disaster relief. This step creates an ecosystem that can support India in becoming a global hub for space-tech innovation, drawing in foreign investments and collaboration. This is a fantastic chance for venture capitalists to make early investments in innovations that will influence the economy of the future. At build3, we’re especially passionate about helping entrepreneurs in space technology create impact businesses, making sure that innovation not only spurs economic growth but also improves the environment and communities.”
India Is Growing Its Muscle in the Space Sector
Dr. Jitendra Singh emphasized that the ISRO (Indian Space Research Organisation) was established in 1969, a year in which the United States successfully landed its first human on the Moon, which is no minor feat. But in less than 60 years, India’s Chandrayaan 3 spacecraft arrived near the Moon’s South Pole ahead of all other nations, demonstrating that not only is India a front-runner in the space industry, but it can also provide important examples for other countries to imitate.
According to Dr. Jitendra Singh, the government has permitted 100% foreign direct investment (FDI) in the space sector, which has been very beneficial for new businesses and initiatives. While the number of startups in India has increased from 350 in 2014 to over 1.5 lakh, positioning India as the third largest ecosystem in the world, StartUps in the space sector have also begun to make a significant contribution to the country’s future economy, which is growing quickly from the fragile five to the first five and is expected to rise to the fourth and third places in the coming years.
The Future of Space Startups in India
Dr. Jitendra Singh highlighted one distinctive aspect of India’s space industry: even ordinary Indian citizens who have no direct interest in space believe that their country has become a force to be reckoned with.
He also mentioned that space technology is now playing a significant role in a number of infrastructure and development sectors, such as agriculture, infrastructure, and road construction, smart cities, urban development, land revenue records, health care, etc. We are no longer limited to just launching rockets, he added further.
Openplay Technologies, a gaming company subsidiary of Nazara Technologies, was given an interim exemption from the show cause notice issued by the Director General of GST Intelligence, Kolkata, by the Calcutta High Court.
After being notified in July of a liability of INR 845.72 crore for the years 2017–18 to 2022–2023, Openplay filed a writ suit in the Calcutta High Court contesting the claim. In an exchange filing, Nazara said that the Hon’ble High Court had granted Openplay interim relief, directing that no effect would be given to any ruling passed by the Tax Authority regarding the show cause notice for the aforementioned demand without the Hon’ble High Court’s permission.
Halaplay Technologies Also Received a Notice
Another subsidiary, Halaplay Technologies, also received a notification from the GST department, in addition to Openplay, which Nazara purchased in August 2021. After being purchased in several installments, Halaplay has an obligation of INR 274.21 crore from 2017-18 to 2022-2023 years. The affiliates are challenging the GST computation process, claiming that it ought to be rooted in total gaming income instead of the contribution from the player pool.
Nazara goes on to say that these subsidiaries make up very little of its sales and profit—less than 2% and 1%, respectively, in the quarter that ends in March 2024. A higher 28% tax rate on the total contest entry amounts for online gambling, casinos, and horse racing was imposed in 2023 by the GST Council. Online gaming companies received 71 show-cause notices in the previous year for alleged GST evasion surpassing INR 1.12 lakh billion in the fiscal years 2022–2023 and 2023–2024.
Bigger Consequences
An apt representation of the difficulties facing India’s online gaming industry is the legal dispute over GST estimates. The regulatory burden has increased in tandem with the industry’s growth. A new tax rate of 28% was imposed by the GST Council in 2023 on the total amount of contest entries for online gambling, casinos, and horse racing. Operators are becoming more concerned about compliance and sustainability as a result of this sharp increase in tax rates.
According to Nazara Technologies, its subsidiaries accounted for less than 2% of its sales and 1% of its profit for the quarter that ended in March 2024, meaning they had a negligible impact on the company’s total financial performance. This background is crucial because it clarifies the difficulties these businesses encounter in a highly regulated setting where tax obligations can have a significant impact on business operations.
Byju Raveendran’s remarkable journey from a humble village in Kerala to the global arena stands as a testament to the transformative power of passion, perseverance, and innovation. Through his pioneering venture, BYJU’S, he has not only revolutionized the learning experience for millions of students but also ignited a spirit of ambition among aspiring entrepreneurs. BYJU’S serves as a beacon of possibility, illustrating the profound impact visionary leadership coupled with a sincere drive for positive change can achieve.
BYJU’S has redefined traditional education methods, inspiring a generation of educators and entrepreneurs to envision a future where learning is dynamic and inclusive. Byju Raveendran’s leadership continues to drive BYJU’S forward, pushing the boundaries of educational innovation and creating opportunities for learners on a global scale. His unwavering commitment to excellence fuels the company’s mission to provide accessible, high-quality education to all.
In the ever-evolving landscape of education, BYJU’S remains at the forefront, challenging conventional norms and embracing technology-driven solutions to address the diverse needs of learners worldwide. Byju Raveendran’s vision for BYJU’S extends beyond mere academic success, it encompasses the holistic development of individuals, empowering them to thrive in an increasingly complex world.
Learn about Byju Raveendran, his education, career, family, BYJU’S, and more from this article.
Byju Raveendran was born on January 5th, 1980, in Azhikode village, Kerala, India, to Raveendran and Shobhanavalli, both teachers in Physics and Mathematics. Growing up, he attended a Malayalam medium school where his parents taught. He later pursued Mechanical Engineering at Government Engineering College, Kannur, and subsequently worked as a service engineer in a multinational shipping company.
In 2009, Byju Raveendran married Divya Gokulnath, who was one of his early students. They have two sons together.
Apart from his entrepreneurial and teaching endeavors, Byju Raveendran is also a skilled athlete, participating in six different sports including football, cricket, table tennis, and badminton at the university level. Referred to fondly as “Byju sir” by his students, he achieved a perfect score twice in the CAT exam. However, he chose not to attend any IIM.
Byju Raveendran – Early Life
In 2003, during a break, Byju Raveendran lent a helping hand to his friends preparing for the CAT exam. His remarkable performance, scoring a perfect percentile, instilled confidence in his teaching abilities. Motivated by this success, he made a pivotal decision to leave his job two years later, committing himself to aiding others in their exam preparations. Byju Raveendran embarked on his entrepreneurial journey by establishing BYJU’S Classes in 2007, initially offering free mathematics workshops. As his reputation grew, so did the demand, leading him to transition to paid workshops. The popularity of his sessions soared, with attendance peaking at over 20,000 students at a single workshop. Recognizing the potential to reach a broader audience, Byju Raveendran began recording workshop sessions in 2009, laying the groundwork for future endeavors.
Divya Gokulnath and Byju Raveendran
In 2011, Byju Raveendran joined forces with his wife, Divya Gokulnath, whom he had met during his teaching ventures, to launch BYJU’S. Their collaboration marked the beginning of a new chapter, as they expanded their scope beyond test preparation to create educational content for school students. Encouragement from former students who had graduated from prestigious institutions like IIMs spurred them on this path, culminating in the formation of ‘Think and Learn Pvt Ltd’.
Byju Raveendran – Career
In 2015, BYJU’S introduced a mobile app designed by Byju Raveendran himself, tailored for student learning on handheld devices. The app’s reach expanded globally to the UK, US, and other English-speaking nations by October 2018. By July 2022, it garnered over 150 million downloads, with users spending an average of 71 minutes daily on the platform. The app caters to students preparing for various exams in India such as IIT-JEE, NEET, CAT, and IAS, as well as international exams like GRE and GMAT.
Byju Raveendran – Journey so Far
Since its inception, BYJU’S has undergone a phenomenal journey of growth and expansion, establishing itself as a frontrunner in the global educational technology landscape. Born out of humble beginnings in Bangalore, BYJU’S has transcended geographical boundaries to become a multinational powerhouse, operating in more than 50 countries worldwide.
At the heart of BYJU’S success lies a commitment to leveraging technology to transform the learning experience. Byju Raveendran, with his keen understanding of the educational landscape, recognized the immense potential of digital platforms in revolutionizing traditional teaching methods. With this vision, he embarked on a mission to democratize education, making quality learning accessible to students across diverse socio-economic backgrounds.
BYJU’S app, conceptualized and crafted by Byju Raveendran himself, marked a paradigm shift in the way students engage with educational content. As smartphone screen sizes expanded, BYJU’S seized the opportunity to provide a convenient, on-the-go learning experience tailored for handheld devices.
In 2015, BYJU’S secured funding from prominent investors like Sequoia Capital and the Chan Zuckerberg Initiative, validating its vision and fueling its expansion.
Byju’s relentless pursuit of innovation and user-centric design propelled its rapid expansion into international markets. By October 2018, BYJU’S app had made its mark in the United Kingdom, the United States, and other English-speaking countries, cementing its position as a global player in the edtech arena. The app’s intuitive interface, coupled with engaging content, resonated with learners worldwide.
Financial milestones further underscored BYJU’S remarkable growth, with its valuation surpassing the $5 billion mark in 2019. The organization’s robust financial performance was reflected in its revenue growth and profitability, with revenues soaring from INR 490 crore in the preceding fiscal year to INR 1341 crore in 2019.
In January 2021, Byju Raveendran’s appointment as a non-official member of the National Startup Advisory Council underscored his stature as a visionary leader driving India’s entrepreneurial ecosystem forward. This recognition not only validated BYJU’S impact on the education sector but also positioned the organization as a catalyst for innovation and economic growth.
The acquisition of Aakash Educational Services Ltd. in April 2021 marked a significant milestone in BYJU’S expansion strategy, signaling its foray into the test-prep segment. With a hefty investment of nearly $1 billion, BYJU’S demonstrated its commitment to diversifying its offerings and catering to a broader spectrum of learners. The strategic acquisition provided BYJU’S with access to Aakash’s extensive network of coaching centers and expertise in exam preparation, further enhancing its value proposition in the competitive education market.
In March 2022, BYJU’S successfully concluded the funding round, securing $800 million from investors like Sumeru Ventures, Vitruvian Partners, and BlackRock. However, challenges emerged during the closing of the funding round in July 2022, with some investors citing macroeconomic reasons for their inability to transfer the agreed-upon amount.
By July 2022, BYJU’S app had amassed a staggering 150 million downloads, a testament to its widespread popularity and impact.
In July 2022, BYJU’S secured a substantial investment of $400 million during a venture capital financing round, underscoring investor confidence in its long-term vision and potential.
The organization embarked on an acquisition spree, with notable purchases including GeoGebra, Toppr, Great Learning, and Tynker. These strategic acquisitions further bolstered BYJU’S market position and product offerings, enabling it to cater to a diverse range of educational needs and preferences.
Byju Raveendran – BYJU’s
Since its establishment, BYJU’S has experienced tremendous growth, emerging as a leading player in the global edtech sector. Originating as a coaching center in Bangalore, it has expanded into a global entity, serving millions of users in India and beyond. BYJU’S offers a comprehensive range of courses spanning from kindergarten to post-graduation, covering diverse subjects and competitive exams.
BYJU’S success is credited to Byju Raveendran’s dedication to innovation and excellence. Continuously seeking ways to enhance learning, he drives initiatives like school partnerships, business acquisitions, and product development.
BYJU’S continually innovates and adapts to meet learners’ needs. Whether through new learning tools, market expansions, or collaborations with schools, the company stays at the forefront of educational advancement.
At its core, BYJU’S provides personalized learning using technology. Through video lessons, quizzes, and adaptive algorithms, it caters to individual learning styles, ensuring effective comprehension and retention.
Raveendran has made one investment to date, the details of which are as below:
Announced Date
Organization
Funding Round
March 11, 2022
BYJU’S
Private Equity Round
Byju Raveendran – Philanthropy
In September 2020, BYJU’S introduced the “Education for All” Initiative, targeting children from marginalized backgrounds. One of the initiatives within this program is Byju’s Give, which commenced in November 2020. Through BYJU’S Give, the company collects old or unused smart devices, refurbishes them, and loads them with BYJU’S educational content. These devices are then distributed to children without internet access at no cost.
Byju Raveendran – Controversies
BYJU’S subsidiary, WhiteHat Jr., faced scrutiny from the Advertising Standards Council of India, resulting in the removal of five TV advertisements due to allegations of misleading content and aggressive sales tactics. Allegations surfaced regarding fabricated claims in social media advertisements involving a fictitious child named “Wolf Gupta.” Additionally, BYJU’S faced a defamation lawsuit in November 2020, which was later withdrawn, and experienced a data leak compromising the personal information of over 200,000 users.
Concerns were raised by the Department of Consumer Affairs in June 2022 regarding aggressive sales practices and deceptive marketing strategies employed by BYJU’S and its affiliated entities, prompting recommendations for closer collaboration with the ASCI to address complaints.
In April 2023, Indian authorities conducted a raid on Byju’s Bengaluru office over suspected violations of foreign exchange laws. The company faced further legal challenges, including a lawsuit from lenders in a US court alleging defaults on payments and breaches of loan agreements. BYJU’S refuted allegations of fund diversion through its US-based subsidiary, Alpha, and counter-sued the lenders for harassment following alleged non-payment of an interest installment. Layoffs ensued, and Deloitte Haskins and Sells resigned as auditors, citing delays in financial statement submissions. Three board members also resigned, leaving Byju Raveendran, Divya Gokulnath, and Riju Raveendran as the remaining members.
On February 1, 2024, multiple shareholders initiated a call for a general meeting to address various concerns at BYJU’S, including calls for changes in the board of directors and leadership. In the same month, India’s economic intelligence and law enforcement body, the Enforcement Directorate, issued a lookout notice against Byju Raveendran. On February 23, shareholders voted to remove Byju Raveendran as CEO, with Byju Raveendran later disputing the validity of the vote due to insufficient attendance.
Raveendran has been recognized with the following awards:
2017- The Indian Express IT Awards
2019- Manorama News Newsmaker Award
2020- Ernst & Young Finalist, Entrepreneur of the Year, India and Winner, Business Transformation Award
2020-Fortune Magazine’s ’40 under 40′ list
2021-Forbes India Leadership Award (FILA) Entrepreneur for the Year
In March 2017, Harvard Business School included a case study on Byju in its curriculum, marking a significant milestone for the company’s global recognition and prestige. This recognition is a testament to Byju’s impact and success beyond financial measures.
FAQs
Who is Byju Raveendran?
Byju Raveendran is an Indian businessman, investor, and teacher. He co-founded BYJU’s, an educational company, along with his wife, Divya Gokulnath.
Who is Byju Raveendran wife?
Divya Gokulnath is the wife of Byju Raveendran.
What happened to BYJU’S?
BYJU’S, once one of India’s most successful startups with a value of $22 billion, faced a financial crisis as its debts grew. The high demand for online education during the COVID-19 lockdowns dropped afterward, leading to the company’s troubles.
According to a media source, the foodtech giant Swiggy’s cheating complaint against a former employee was recently forwarded to the Karnataka Crime Investigation Department (CID) for additional investigation. The investigation gained momentum once the business said that it discovered the former employee had conspired with 12 other individuals and businesses to steal from Swiggy.
Swiggy initiated legal action, according to a media report, following the discovery that a former employee had taken away INR 32.67 crore from the company over a period of time. Swiggy first filed a complaint with the Bengaluru Marathahalli Police Station and then assembled an outside team to investigate the situation. Given the amount involved, the Marathahalli Police Station officers transferred the case to the CID after starting an investigation.
Statement From Officials
Police officials stated that they had forwarded the case to the Crime Investigation Department because of the significant sum of money involved. They are currently looking into the matter.
A media outlet received confirmation from CID sources that they have taken over the case. According to a top official, “We are currently investigating, and there will be a breakthrough soon.”
What Exactly Happened?
The former employee of Scootsy Logistics Private Limited, a subsidiary of Swiggy, and 12 other people were accused of stealing INR 32.67 crore over a period of time. On November 27, 2023, the FIR was filed. Swiggy’s Scootsy purchases goods from one company and resells them to another.
Srikhara KM, the primary accused in this case, is accused of defrauding RPGS Associates, Swiggy’s vendor, by fraudulently transferring INR 32.17 crore between August 2021 and February 2022, according to the cheating complaint filed by Scootsy Logistics, Swiggy’s business-to-business (B2B) arm. The complaint further stated that throughout the period, an extra INR 50.06 lakh was transferred to other companies for unidentified work.
This means that throughout those roughly six months, Swiggy lost a total of INR 32.67 crore. Previously, Srikhara served as the finance manager and later the general manager of Scootsy, according to the FIR. RPGS Associates, Fresh Farm Agro Pvt Ltd, Acuity Stationery Pvt Ltd, First Choice Grocery Ltd, Amaxa Pharma Prvt. Ltd, Packingocity Pvt. Ltd, and “others” are among the companies included in the complaint.
Executives including Rasitha Prasad, Swara Prasad, and Chackingal Prasad Nair (directors of 360 Fresh Farm Agro Pvt Ltd), as well as Chakingal Prasad Nair (RPGS Associates), are named as co-accused in the FIR. A case has been filed by Indian Penal Code sections 34 (common intention), 408 (criminal breach of trust by employee), and 420 (cheating).
Shocking Development Before IPO
All of this is happening just as Swiggy is gearing up for one of the biggest initial public offers (IPOs) in India, which is set to take place later this year when it plans to go public on the stock markets. Swiggy intends to raise $1.25 billion, or INR 10,414 crore, in total.
Swiggy will issue new shares valued at INR 3,750 crore, while the offer for-sale component would be about INR 6,664 crore (comprising 18.53 crore shares). Swiggy submitted its first updated draft red herring prospectus with the Securities and Exchange Board of India (SEBI) on September 26.
According to previous media reports, the business is expected to boost the value of its IPO by INR 1,250 crore, or $150 million, bringing the total to INR 11,664 crore, or $1.4 billion.
Five well-known social media influencers, including YouTubers Elvish Yadav and Bharti Singh, have been called by the Delhi Police in a significant crackdown over an extensive app-based scam that robbed investors of about INR 500 crore. The ‘HIBOX’ smartphone application, promised consumers guaranteed returns on their investments but was a platform for unlawful operations.
Over 500 complaints have been filed against the program, according to a police spokeswoman. The victims claim they were tricked into investing by well-known internet figures who promoted the software on social media. Over 30,000 people were impacted by the scam as they were duped by influencer-led campaigns offering investment opportunities and mystery box shopping with speedy returns.
A syndicate using the ‘Hibox’ app to deceive almost 30,000 individuals with promises of guaranteed returns on investments was brought down by the Delhi Police’s IFSO squad. Several well-known YouTubers and social media celebrities are said to have promoted the hoax, luring naive people in with their sizable online followings.
Using Social Media Celebs to Allure Users
“Hibox” was an app that advertised itself as a place to find investment possibilities and mystery box shopping experiences. A growing trend on e-commerce sites is mystery box buying, which enables customers to buy parcels whose contents are unknown, increasing the excitement of opening them. But the ‘Hibox’ platform, which attracted users with claims of instant earnings and returns, turned out to be a front for dishonest business practices.
The Delhi Police claims that a large number of victims were made aware of the app by well-known YouTubers and influencers who shared the link with their millions of fans. The list of people under investigation includes comedian Bharti Singh, YouTubers Abhishek Malhan, Elvish Yadav, Lakshay Choudhary, and Purav Jha. Nine influencers in all participated in the app’s marketing campaign.
An IFSO unit spokesman claimed that by utilizing these social media stars’ power, the syndicate was able to reach a sizable audience. The aforementioned people have received summons letters to participate in the investigation and make statements as part of the ongoing investigation.
How Did the Scam Unfold?
When several users came forward to report that they had been duped into paying money for the software only to discover that the promised rewards had never materialized, the scam was exposed. Many of the victims were lured to the platform by influencer-sponsored content, which gave them reason to think the scam was real.
Growing numbers of people now believe the opinions of social media influencers, often making it difficult to distinguish between paid marketing and sincere suggestions. This instance serves as a warning about the dangers of using internet platforms that mix investment programs with popular practices like mystery box buying.
The Delhi Police’s IFSO squad is still looking into the syndicate; depending on the investigation’s findings, more action might be taken. Users of social media are being advised to thoroughly investigate platforms before making financial commitments and are being alerted about the possible risks associated with investment plans.
According to Zerodha’s cofounder Nithin Kamath, recent actions taken by the Securities and Exchange Board of India (Sebi) regarding futures and options (F&O) trading are predicted to have a nearly 30% negative impact on Zerodha’s business and cut the company’s overall F&O trading volumes by 60%. Kamath further stated that the company will determine its pricing structure following the implementation of the new rules on November 20.
As it stands, over 60% of all F&O trades and roughly 30% of all orders will be impacted, assuming that those who trade weekly don’t switch to trading monthly. Kamath posted on X. I suppose that as of November 20th, everything will become much more apparent. He continued, “We will then consider the impact on the business when deciding on our change in pricing structure.”
Market Regulator Releasing Key Directives
The market regulator acknowledged the speculative nature of index derivatives trading on October 1 and issued a set of instructions aimed at lowering risks for retail traders in the F&O market. One of the main instructions is that option buyers must pay the premiums beforehand; formerly, traders could pay the premium after the trading day. Traders must now pay the entire premium at the time of order placement under the new regulation.
The market regulator has also implemented other significant steps, such as restricting weekly index expiries to a single exchange and raising the minimum contract size for index derivatives, which will make them less available to smaller retail traders.
93% of Retail Traders Suffered Losses
93% of retail traders in the F&O category lost money between FY22 and FY24, according to a recent Sebi report, while only 1% of them made earnings of more than INR 1 lakh yearly. 89% of retail traders in the category lost money between FY19 and FY22, according to a previous Sebi survey.
From 5.1 million retail merchants in FY22 to 9.6 million in FY24, the number of traders on Dalal Street has almost doubled. This sharp rise raised concerns that savings are shifting from safe investments to high-risk ventures in the F&O sector.
Zerodha’s Additional Concern
Stricter guidelines regarding the referral program are among the additional threats mentioned by Zerodha. The business announced that it has relied on word-of-mouth recommendations from customers since its inception to run sizable partner and referral programs. When customers brought in new customers, the company rewarded them with a small cut of the broking as a commission.
These distributions must now halt because the exchanges released new criteria stating that only Authorised Persons (AP) who have registered on the exchanges may receive payouts. As a result, growth will be impacted as thousands of referrers will now be limited to a small number of registered APs.
On October 3, discount stock broker Upstox announced that it had completed a buyback of 5% of former Tata Sons chairman Ratan Tata’s equity in the business, giving him a 10x return on his initial capital investment as realized.
Based on our most recent round valuation of $3.5 billion, Mr. Tata’s interest in Upstox has generated an astounding 23,000% return on the initial investment in 2016. According to a press release shared by the company, this accomplishment is a testament to our commitment to creating value for all parties involved, including our partners, investors, and most significantly, users.
Upstox Wealth Provides Easy Access to the Best Financial Tools and Advice
According to Upstox cofounder Kavitha Subramanian, the platform is especially honored that Mr. Tata, a well-known and respected person in India, has played such a significant role in the company’s development. He gave Upstox a lot of early support, which was a major vote of confidence in the company. His challenge to the company was straightforward but impactful: How can the company provide every Indian with the same excellent wealth advice that prosperous folks receive? Everything we’ve done at Upstox has been driven by this question.
That vision served as the impetus for the development of Upstox Wealth, a platform that is intended to provide all Indians with access to the most effective financial tools and guidance, irrespective of their background or investment size. Firm thinks that everyone, not just the wealthy and privileged few, should have the chance to increase their wealth. Its goal is to provide all of its investors with significant returns, and it is happy to report that it has been able to reimburse a portion of Mr. Tata’s investment.
Tata Being a Driving Force
The corporation claims that even after reaching the predetermined targets, Mr. Tata still owns the bulk of his shares in the company, demonstrating his ongoing support for the firm’s goal. His encouragement keeps the company going, and we’re steadfast in our resolve to give every Indian access to excellent financial management. Until everyone gets access to the resources they need to secure their financial future, we won’t give up, the company stated further in the release.
About Upstox
RKSV Securities operates the online investment platform Upstox. It is a financial service provider registered with SEBI. RKSV provides online trading for mutual funds, commodities, currencies, stocks, and Demat accounts. Upstox provides traders in the Indian stock market with a quick, dependable, and user-friendly trading platform.
Upstox provides budget-friendly trading services. The consumer receives the equity delivery (cash & carry) trade at no cost. Orders placed in this sector are not subject to brokerage fees. Upstox imposes a flat brokerage fee of INR 20 per trade for all other trading categories on the exchange. It offers its clients a top-notch trading platform and tools. This covers Algo Lab, Upstox Pro Mobile, Upstox MF, and Upstox Pro Web, among others.
This article has been contributed by Yashika Arora, PR Manager at Mrig Sight Media.
Public relations (PR) and media interaction are essential elements of a successful brand growth strategy in today’s fast-paced, hyperconnected society. Understanding PR and media may help organizations become more visible in the market and improve their reputation by increasing consumer interaction, brand visibility, and trust. Here’s how you use PR and the media to accelerate the development of your brand.
1. Developing a Compelling Brand Message
Developing a strong and consistent brand message is the basis of any effective PR campaign. Your target audience should be able to relate to your brand messaging, which should be short and straightforward. It’s critical to concentrate on what sets your brand apart and why clients should be interested in your goods or services.
To Craft a Compelling Message:
Ensure that your messaging is consistent across all platforms, such as websites, press releases, social media, and interviews.
Recognize the problems that your customers are facing and offer your brand as the answer.
Determine the essential characteristics and values of your brand.
Establishing an identifiable brand message promotes recognition and trust. The value and authenticity of your brand are strengthened when your audience hears the same message repeatedly from several sources.
2. Establishing Connections With the Media
Effective PR is centered on building relationships with the media. Building strong relationships with journalists, bloggers, and influencers can help your company reach a wider audience because they are the gatekeepers to enormous audiences. Find media sources that are relevant to your audience and industry first. Engage with the material of journalists and influencers that cover themes related to your brand by following and following them.
Advice for Building Connections With the Media:
Make your outreach more unique: Make your pitch specific to each influencer or journalist. You can easily remove generic emails.
Assist: Provide information, statistics, and narrative concepts that will aid them in their reporting.
Remain current: Share noteworthy changes or market trends frequently to keep your brand at the forefront of people’s minds.
These connections may eventually result in beneficial media attention that presents your company to a larger audience.
3. Producing Newsworthy Content
Media organizations are constantly searching for new and useful data. You must feed them stories that are relevant, engaging, and beneficial to their readers if you want to get their attention. Here are a few strategies for producing newsworthy content:
News releases: Provide information about partnerships, new product launches, business achievements, and honors.
Professional judgments: By providing knowledgeable comments on current events or trends, you can establish yourself or your business as a leader in the sector.
Success stories and case studies: Emphasize client success stories that show how well your goods or services work.
You can also approach media publications with pitches for guest blogs, feature stories, and exclusive interviews. A steady stream of excellent, newsworthy material will help your brand get favorable media attention.
Social media platforms are effective public relations tools that give brands the chance to interact with consumers directly, disseminate news, and establish an online presence. Social media gives businesses the chance to communicate with customers in real time and receive their opinions, which can have a big impact on brand expansion.
To Get the Most Out of Social Media PR Efforts:
Distribute press mentions: Share media coverage of your brand on social media to broaden its audience and boost visibility.
Interact with your followers: To promote a feeling of community, reply to questions, comments, and feedback.
Partner with influential people: Collaborate with brand-aligned influencers to expand your audience and boost your reputation.
You can also use social media sites like Instagram, LinkedIn, and Twitter to interact with bloggers, journalists, and business gurus while promoting your PR initiatives.
5. Evaluation of PR Outcomes
Measuring the impact of your PR and media initiatives is crucial to making sure they are fostering brand growth. Monitoring key performance indicators (KPIs) enables you to determine what is effective and where changes are required.
Among the KPIs to Think About Are:
Press coverage: Keep tabs on the number of times your brand appears in articles, interviews, or mentions.
Website traffic: Keep an eye out for any traffic increases that coincide with PR initiatives or media attention.
Participation on social media: After PR efforts, track the rise of followers, likes, shares, and comments.
Sentiment of the brand: Assess how the reputation of your brand is being impacted by media coverage by using technologies such as sentiment analysis.
Your PR campaigns can be improved and optimized for greater outcomes by routinely examining these data.
6. Managing Communications During Crisis
Good public relations not only builds your brand but also safeguards it under trying circumstances. A crucial component of PR that has the power to build or destroy a brand’s reputation is crisis communication.
To Get Ready for Future PR Emergencies:
Create a crisis communication plan that specifies what should be done if bad press arises.
Address concerns head-on and respond to any difficulties in an open and timely manner.
Stay in touch with important parties, such as clients, staff, and the media, to uphold credibility and confidence.
Professionalism and open communication during times of crisis can transform a potentially harmful circumstance into a chance for brand expansion.
Using PR and the media is a smart way to increase credibility, raise brand awareness, and inspire growth. Brands may fully utilize public relations to expand their reach and impact by developing a compelling brand message, cultivating strong media partnerships, producing newsworthy content, using social media, gauging PR success, and effectively managing crises. A strong public relations plan has the power to set your brand apart in a crowded market and take it to new heights.
The automotive detailing industry in India is growing steadily, driven by the increasing demand for car maintenance and the rising number of vehicles on the road. Globally, the car detailing services market was valued at $39.50 billion in 2023 and is expected to grow at a CAGR of 5.5%, reaching $58.06 billion by 2030. The Asia-Pacific region, including India, is projected to experience the fastest growth, attributed to increased sales of high-end and luxury vehicles and growing consumer awareness of car hygiene.
The Detailing Mafia is making a significant impact in this expanding industry by providing top-tier car detailing services and leveraging the franchise model to grow its brand presence across India.
In this article, explore more about The Detailing Mafia company, its founders, its franchise business model, growth, and more.
The Detailing Mafia – Company Highlights
Company Name
The Detailing Mafia
Headquarters
Delhi, India
Sector
Automotive Detailing, Car Care, Care Detailing
Founder
Kunal Sethi, Anil Sethi
Founded
2017
Website
thedetailingmafia.com
The Detailing Mafia – About
The Detailing Mafia is a high-end car cleaning and detailing studio. Over a short period of time in the industry, the brand showcases a portfolio of 180+ studios across India, providing services with unmatched quality, reliability, and durability and giving attention to detailing meticulously. The company offers several services in the detailing process, including PPF, ceramic coating, glass films, ceramic wash, maintenance wash, car denting/painting, windshield protection field, and bike detailing.
The Detailing Mafia – Industry
The Detailing Mafia operates in the burgeoning automotive detailing industry, targeting owners who value exceptional vehicle care. It estimates its target market size by analyzing the number of small, luxury, and high-end vehicles in its region, as well as consumer spending trends on automotive care services.
The detailing industry is poised for significant growth, driven by increasing disposable incomes and a growing affinity for vehicle aesthetics. The Detailing Mafia envisions a future where detailing becomes an integral part of car ownership, akin to regular maintenance.
Its aim is to expand service offerings in the next five years, including the adaptation of new technologies. Within a decade, it aspires to be the leading detailing brand renowned for unparalleled craftsmanship and customer experience.
Anil Sethi, Managing Director and Kunal Sethi, CEO, The Detailing Mafia
Kunal and Anil Sethi are the co-founders of The Detailing Mafia, with Anil being Kunal’s father. The decision to work together was a natural progression, stemming from their shared vision and Anil’s extensive experience in the automotive segment.
With a passion for cleanliness and a vision for unparalleled service, Anil Sethi established Anil Sethi Cleaning Services with the mission to provide top-notch cleaning services that exceed client expectations.His dedication to excellence has instilled values of integrity, reliability, and customer satisfaction at the core of the operations.
The idea of co-founding The Detailing Mafia evolved naturally. Kunal and Anil often discussed industry trends and business ideas, with Anil’s insights proving invaluable. When Kunal decided to pursue the franchise model for TDM after successfully operating 13 COCO models for 10 years, he approached Anil with a detailed plan and shared his vision for the company. Anil’s enthusiasm for car detailing and belief in the potential of Kunal’s idea was instrumental in his decision to join.
Anil Sethi
Anil Sethi serves as the Managing Director of The Detailing Mafia. He is responsible for leading the overall company strategy, business development, and stakeholder relationships. Anil manages investor relations, long-term strategic planning, high-level business negotiations, and digital marketing efforts. His primary focus is on steering the company’s vision, driving growth opportunities, and representing the company in major external engagements. Anil is a graduate of Delhi University.
Kunal Sethi
Kunal Sethi serves as the Chief Executive Officer (CEO) of The Detailing Mafia. He oversees daily operations, manages project execution, and coordinates cross-functional teams. Kunal is responsible for supply chain management, client relations, and product development. His primary focus is on operational efficiency and ensuring that all departments align with the company’s strategic goals.
Driven by a passion to redefine the car care industry in India, he previously worked with the esteemed Manmachine Group for a decade before establishing The Detailing Mafia in 2017.
As of October 2024, the group company has over 2,000 employees, including the founders. They have grown from a small team to a more structured organization, with departments including Sales, Marketing, Product Development, Operations, Finance, and Training.
Work Culture Their work culture is built on the principles of collaboration, innovation, and mutual respect. Key aspects include:
Open Communication: They foster an environment where ideas and feedback can be freely shared, and everyone’s input is valued.
Flexibility: They support a flexible work environment, allowing team members to balance their personal and professional lives effectively.
Growth Mindset: They encourage continuous learning and development, providing opportunities for employees to enhance their skills and advance their careers.
Hiring Philosophy Their hiring philosophy focuses on finding individuals who are not only skilled but also align with the company’s values and culture. They prioritize:
Cultural Fit: They look for candidates who share their vision and values and who will contribute positively to their work environment.
Skill and Expertise: While cultural fit is important, they also seek candidates with the right technical skills and experience necessary to excel in their roles.
Growth Potential: They value individuals who are adaptable and eager to grow with the company, taking on new challenges and responsibilities as they expand.
The inspiration to start The Detailing Mafia stemmed from a deep passion for automotive care and a vision to create a community centered around excellence in car detailing. After 14+ years of working in the automotive industry, Kunal Sethi noticed a significant gap in quality and consistency among detailing services. Many customers were seeking a trusted brand that could deliver not just superior results but also a seamless and professional experience.
Kunal aimed to build a brand that would not only set a high standard in the detailing industry but also empower others to join this mission through a franchise model. By establishing The Detailing Mafia, his goal was to create a supportive network where franchisees could thrive while delivering exceptional service to their customers.
Through a combination of innovative techniques, top-notch training, and a commitment to sustainability, he envisioned The Detailing Mafia as a leader in the automotive care space. Ultimately, it was about transforming the perception of car detailing and fostering a community where passion and professionalism go hand in hand.
Researching and validating the idea:
Comprehensive Market Research: Identified industry gaps and customer needs.
Direct Customer Engagement: Validated ideas through surveys and interviews.
Practical Testing: Implemented pilot programs to gather actionable insights.
Industry Collaboration: Leveraged expert feedback to refine the business model.
Financial Viability Assessment: Ensured a sustainable and profitable franchise model.
The journey of ideation, designing, and prototyping:
Collaborative Ideation: Engaging with others helped refine and solidify the initial concept.
Real-World Testing: The pilot program was crucial for validating the business model and gathering feedback.
Continuous Improvement: An iterative approach ensured that the final product was well-aligned with market needs and customer expectations.
Initial people, he talked about the company with:
Industry Colleagues: He reached out to fellow professionals in the automotive and detailing industry. Their insights on market trends and operational challenges were invaluable in shaping his approach.
Friends and Family: He discussed his ideas with friends and family, who provided honest feedback and encouragement. Their support helped him refine his vision and identify potential blind spots.
Mentors: He consulted with mentors who had experience in entrepreneurship and franchising.
The feedback Kunal received from his initial discussions about The Detailing Mafia was overwhelmingly positive and insightful. Here’s a summary of the responses:
Industry Colleagues: They expressed enthusiasm for the idea, highlighting the need for a brand that prioritizes quality and customer service. Many offered valuable suggestions on operational efficiencies and best practices.
Friends and Family: Their responses were supportive and encouraging. They provided constructive criticism that helped him refine his vision, especially regarding brand identity and potential challenges.
Mentors: His mentors were impressed with the concept and encouraged him to pursue it further. They shared their experiences and emphasized the importance of thorough market research and strategic planning.
Potential Customers: Feedback from potential customers was particularly enlightening. Many voiced their frustrations with existing services and expressed excitement about a brand focused on high-quality detailing and customer satisfaction.
Marketing Experts: Marketing professionals provided critical insights into branding and audience engagement. They affirmed the need for a strong online presence and suggested strategies to effectively communicate the brand’s values.
The Detailing Mafia – Mission and Vision
The Detailing Mafia envisions a world where every vehicle is treated as a masterpiece, reflecting the owner’s passion and pride.
Its short-term vision is to establish itself as the undisputed leader in car care services within its region, delivering exceptional customer experiences and operational excellence.
In the long term, it aims to become a nationally recognized brand synonymous with automotive perfection, expanding its reach and offerings while maintaining a commitment to quality.
Its core belief is that a car is more than just transportation; it is an extension of one’s personality, and it is dedicated to enhancing that experience through meticulous detailing.
Its motto, “Perfection is in the detail,” encapsulates its unwavering focus on precision and attention to every aspect of its craft.
The Detailing Mafia – Name, Tagline, and Logo
The Detailing Mafia Logo
The name “The Detailing Mafia” was inspired by the vision of fostering a strong community of detailing professionals united by their dedication to excellence. The term “Mafia” was chosen to convey a sense of belonging, expertise, and trust, while the word “Detailing” was selected to clearly define the industry focus. Together, they form a brand that is both memorable and impactful in the automotive care market.
Tagline:“Perfection is in detail” Their tagline was developed to encapsulate their commitment to high-quality service. It reflects their mission to provide top-notch detailing while emphasizing the expertise and professionalism that define their brand.
For the logo, they aimed for a modern and recognizable design. They incorporated bold typography to convey strength and reliability, paired with a sleek graphic element that symbolizes precision in detailing. The color palette was chosen to evoke a sense of trust and professionalism, making it appealing to their target audience.
The Detailing Mafia – Products/Services
The Detailing Mafia is a premier automotive detailing service provider dedicated to elevating the appearance and condition of vehicles to unparalleled standards. It specializes in comprehensive car care solutions that restore, protect, and enhance the overall aesthetic appeal of automobiles.
Core Offerings: The Detailing Mafia’s services include a wide range of detailing options, such as:
Exterior and Interior Cleaning
Paint Correction
Polishing and Waxing
Ceramic Coating
Paint Protection Film (PPF)
Upholstery Restoration
Through meticulous attention to detail and the use of premium products, The Detailing Mafia transforms ordinary vehicles into extraordinary masterpieces. The company addresses common challenges faced by car owners, such as removing stubborn contaminants, restoring faded paint, protecting against environmental damage, and preserving the vehicle’s interior. Its services enhance the car’s appearance while also protecting its value over time.
The Detailing Mafia’s unique selling proposition lies in its unwavering commitment to quality, expertise, and, most importantly, customer satisfaction. It has assembled a highly skilled team of automotive detailing specialists who are truly passionate about their craft. Combined with the use of cutting-edge techniques and top-tier products, the company consistently delivers exceptional results that exceed customer expectations. Moreover, it has forged strategic partnerships with several renowned brands to collaboratively deliver unparalleled services to Indian car owners.
At The Detailing Mafia, the focus is not just on being a service provider but also on being at the forefront of industry innovation. The team is constantly exploring new technologies and products to enhance their services and provide clients with the most advanced car care solutions available.
The Detailing Mafia leverages a range of advanced technologies to develop and support its services:
POS Software: The company utilizes advanced Point of Sale (POS) software to streamline operations. This system enables efficient management of transactions, tracking of sales, and monitoring of inventory in real-time. Franchisees can quickly process payments, issue invoices, and access detailed sales reports through user-friendly interfaces.
Training and E-Learning Platforms: Understanding the importance of continuous learning in delivering top-notch detailing services, The Detailing Mafia offers comprehensive training modules through an online platform. This platform provides franchisees with easy access to resources, tutorials, and best practices, ensuring they are always equipped with the necessary knowledge and skills.
Social Media Management Tools: To foster community engagement, the company employs social media management software to schedule posts, analyze engagement metrics, and interact with customers effectively.
Online Reputation Management (ORM): A dedicated ORM team at The Detailing Mafia fosters strong customer relationships and effectively resolves customer grievances through the implementation of this solution.
Initially, when the brand was launched in the car detailing industry, the focus was solely on traditional detailing services. However, after conducting market research and gathering feedback from customers and franchisees, The Detailing Mafia recognized the growing demand for eco-friendly products and services. In early 2022, the company pivoted by incorporating sustainable practices and offering eco-friendly detailing options. This shift aligned with consumer preferences and differentiated The Detailing Mafia in a competitive market.
The Detailing Mafia – Business Model
The business model revolves around providing high-quality, comprehensive vehicle detailing services to customers. The brand has adopted a franchise model to expand its operations and reach a wider customer base.
The franchise model offers a proven business concept with the following key components:
Brand Licensing: Franchisees are granted the right to use The Detailing Mafia brand, logo, and operating systems.
Training and Support: The franchisor provides extensive training to franchisees on all aspects of vehicle detailing, including techniques, equipment usage, and customer service. Ongoing support is also offered to ensure franchisees’ success.
Marketing and Advertising: Marketing and advertising materials are provided to franchisees, helping them attract customers and build brand awareness.
Inventory Management: The franchisor assists franchisees with inventory management, ensuring they have the necessary supplies and equipment to deliver high-quality services.
Site Selection and Development: The franchisor offers guidance on site selection and development, helping franchisees choose suitable locations and set up their detailing facilities.
Ongoing Support: The franchisor provides ongoing support to franchisees, including troubleshooting, problem-solving, and performance analysis.
Detailing Mafia franchisees typically offer a wide range of detailing services, including:
Exterior detailing: Washing, waxing, polishing, and paint correction
Interior detailing: Vacuuming, shampooing, cleaning, and conditioning
Paint protection: Applying protective coatings to preserve the vehicle’s finish
Window tinting: Installing tinted films to reduce heat and glare
Ceramic coating: Applying a durable, protective coating to the vehicle’s exterior
By providing a comprehensive range of detailing services and leveraging a strong franchise model, The Detailing Mafia has established itself as a leading player in the automotive detailing industry.
The Detailing Mafia – Launching Company Strategies
Social Media Marketing: They focused on platforms like Instagram and Facebook to showcase their detailing work through high-quality visuals. Regular posts, before-and-after photos, and engaging stories helped create buzz and attract potential customers.
Local Partnerships: They collaborated with local automotive businesses and influencers to promote their services. These partnerships enhanced credibility and extended their reach within the community.
Referral Program: They implemented a referral program offering discounts for customers who referred friends. This incentivized word-of-mouth marketing and helped them build a loyal customer base quickly.
Promotional Events: Hosting free workshops and community events allowed them to demonstrate their expertise and connect with potential customers face-to-face, generating interest in their services.
Targeted Online Advertising: They utilized social media ads targeting local car enthusiasts and potential customers, significantly increasing their visibility in the area.
Launch Promotions: Offering limited-time promotions and discounts for first-time customers helped incentivize initial purchases and encourage trial of their services.
The Detailing Mafia – Growth
The Detailing Mafia started its operation in the year 2017, within the span of 7 years, the brand has opened 180+ car detailing studios through their franchise model, moreover, the brand is planning to open 300 car detailing studios by the end of 2027.
The Detailing Mafia – Competitors
Some of the key competitors of The Detailing Mafia include:
Detailing Devils
MG Car Care
Car Dhobi
The Detailing Gang
The Detailing Mafia – Future Plans
The Detailing Mafia is committed to expanding its reach and retaining its position as India’s leading car detailing brand. In the process, the company also strives to organize the car detailing industry. This dedication to growth and expansion reflects their confidence in the franchise model and their continued support for the entrepreneurial dreams of their franchisees.
FAQs
What is The Detailing Mafia?
The Detailing Mafia is a high-end car cleaning and detailing studio. It offers several services in the detailing process, including PPF, ceramic coating, glass films, ceramic wash, maintenance wash, car denting/painting, windshield protection field, and bike detailing.
Who is the founder of The Detailing Mafia?
Kunal and Anil Sethi are the co-founders of The Detailing Mafia, with Anil being Kunal’s father.
What is the business model of The Detailing Mafia?
The business model revolves around providing high-quality, comprehensive vehicle detailing services to customers. The brand has adopted a franchise model to expand its operations and reach a wider customer base.
This article has been contributed by Muskan Kakkar, COO and Co-Founder, GoMechanic.
Customer experience is what sets an automotive service business apart. An automotive industry continues to rapidly evolve with rising tech and personalization dependences to compete and address customer needs. This guide provides action-based strategies, together with real-world examples from key brands, on how best to transform your service offerings as well as improve customer satisfaction.
Building Operational Efficiency Using Technology
Advanced technology can greatly streamline your operations and improves customer care. Here’s how the industry leaders manage it:
Ford Service Management System:
The automobile corporation, Ford, implemented an advanced service management system which displays real-time service progresses and even controls its entire process. Such a system then sends texts or emails to customers with respect to the service in motion, removing uncertainties and making it transparent.
BMW App Integration:
BMW’s iDrive is directly available on the dashboard where a customer can book appointments and know whether his car is in the shop or not.
Actionable TIP:
Invest in a robust service management system that is capable of doing real-time updates and notifications. This technology is going to help you manage customer expectation and reduce that feeling and anxiety about possibly improper service.
Data as Personalization of Customer Experience
Personalization boosts the experience of the customer by tailoring services according to the precise needs of the individual. The majors in brands in automobile brands use data analytics to achieve this aim:
Predictive Maintenance of Mercedes-Benz:
It predicts whether its maintenance is required based on information from the vehicle sensors, and sends a notice to the customers beforehand. As a consequence, surprise break downs are thus less likely to occur.
Targeted Campaign of Toyota through Customer Service History and Preference:
Toyota sends personal offers and reminders of the service before it is due to increase engagement and leads to maintaining the cars in time.
Actionable Tip for Your Shop:
Use customer data to make personalized service reminders or targeted offers. Install tools that analyze the vehicle data so that service needs are anticipated and proactive notification is sent.
AI and Machine Learning for Better Service
The AI and ML are making the acts of automotive service different as it helps to make the diagnostic procedure much more accurate and efficient in operation as
Audi AI Diagnostic Tools:
With the huge deployment of AI in diagnostics, Audi is using its quick and right diagnosis approach through the AI system. This helps cut down time to a large extent wherein it takes much time to identify the issues with a vehicle. Then this means faster service and improved satisfaction of the customer in question.
ML for Battery Health in Tesla:
Tesla uses ML to monitor its batteries for status of health and predict when to replace or service, which will prevent performance issues from occurring.
Actionable Advice:
Implement AI-powered diagnostic tools and ML algorithms to improve diagnostic accuracy and service productivity. This will enable you to resolve issues even more efficiently and effectively.
Automation of Customer Experience Journey
Automation can be utilized to include many procedures in the customer service chain, from the initial inquiry towards the collection of feedback:
Volkswagen’s Automated Customer Service:
Volkswagen utilizes automated chatbots to manage their service inquiries, make appointments, and even provide updates in real time. This enables them to reduce manual interventions as much as possible while maximizing efficiency.
Toyota’s Automated Systems for Feedback Acquisition:
Toyota automates the process of collecting post-service feedback; this helps Toyota analyze it quickly and draw actionable insight towards making the quality of the service better.
Actionable Tip:
Automate routine activities such as appointment scheduling, service updates, and gathering feedback from customers. Efficiencies will, then, improve, and your employees will be able to work out more difficult customer issues.
IoT connects vehicles to its associated service centers, enabling real-time monitoring and the most advanced diagnostics. This might improve the execution of service by better highlighting, to a detail analysis, the performance of the vehicle and any problems in it.
Real-Time Vehicle Monitoring:
IoT sensors continue to collect vital data about the health of a vehicle so that issues are detected before they become critical.
Remote Diagnostics:
Technicians can test and diagnose faults and communicate with customers more accurately about time required and estimates.
Customer Interaction:
The customers are made aware of the status of their vehicles in due time, thereby building trust and confidence.
Tesla’s Over-The-Air Upgrade:
Tesla monitors their vehicle’s performance through IoT and thus upgrades them over the air with the aid of which they ensure the vehicles are properly functioning without having to take them to the service center.
Customer Feedback Collection and Application
Effective customer feedback collection is needed for continuous improvement and good service delivery:
BMW’s Over-the-App Customer Feedback Collection:
BMW collects customer feedback through their mobile application. BMW makes sure prompt action upon any problem that has arisen, and they get ideas for the improvement of services through it.
Audi Follow-Up Surveys:
Through follow-up surveys post servicing, Audi involves the customer by seeking comprehensive, detailed opinions and responds immediately to anything problematic.
Actionable Tip:
Strategize a mechanism to collect, analyze, and enhance customer feedback constantly. Apply those learnings to data-driven, incremental value for better overall service.
Designing a Seamless Multi-Channel Service Experience
A multi-channel approach helps ensure the customers have a less disjointed experience, regardless of where they happen to connect with your service center-online, from mobile apps, or in-person.
Key Takeaways
Unified Communication Channels: Unify all communication channels such as email, chat, and phone support to provide a coherent experience.
Consistent Service Standards : Ensure the standard of service and information is always consistent, regardless of what channel they receive it through.
Omni-Channel Integration: Services should offer customers to initiate a process on one channel and then complete it in another channel without disruption.
Example:
Mercedes-Benz Multi-Channel Platform: This car company offers its customer a fully integrated platform which allows the customer to order service, to track the progress of the service order and even to communicate with the service advisors through various channels.
Technological and personalizing approaches will really help automotive service businesses improve customer experience. Investing in real-time tracking, data analytics, AI, and automation will not only process things but also make it a much more personalized, satisfying customer journey. Implement these strategies to help you remain competitive and ensure that your customers receive the best possible service.
Nitin Konde
