According to court documents, Appario Retail, the former biggest seller on Amazon India, in which the e-tailer had a shareholding, has filed a lawsuit in the Karnataka High Court against the Competition Commission of India (CCI).
Based on an antitrust regulator’s findings, the Bengaluru-based company has petitioned the court to suppress a probe into Amazon and its vendors. Amazon India sold the seller firm to Clicktech in April. As a result, the seller firm has petitioned the court to have the report that identified it overturned. The court’s hearing date on the subject is still unknown.
CCI’s Findings Against Amazon and Flipkart
This event coincides with rumors that the Competition Commission of India (CCI) has found that Amazon and Flipkart are giving preference to some merchants in India, and that the watchdog may fine these two online retailers.
Delhi Vyapar Mahasangh, a traders organization and an affiliate of the Confederation of All India Traders (CAIT), initiated the CCI investigation in October 2019. The organization alleged that Amazon and Flipkart favored certain sellers over others.
Since then, online markets and small merchants have been debating this issue frequently. Amazon and Flipkart both insist that they have complied with Indian laws. For a limited number of consumers who are paid subscribers, Amazon and Flipkart launched their main holiday sale on 26 September 2024 in order to provide speedier delivery and other services.
In order to comply to regional e-commerce regulations, Amazon had to sell its ownership in Appario Retail, the second selling business. Amazon delisted and closed down Cloudtail, the largest seller at the time, in 2022. Catamaran Ventures, the founder of Infosys, and Amazon both had stakes in the business.
The Significance of the Appario Retail Litigation
Amazon has continuously refuted any misconduct, asserting that it abides by Indian law and handles all of its merchants equally. The company’s operations in India are seriously challenged by the CCI’s conclusions and the ensuing legal action.
The action could have larger ramifications for India’s e-commerce sector and represents the first legal challenge to the CCI’s inquiry. Should Appario succeed, it might create a precedent that would encourage other businesses to question the CCI’s jurisdiction.
Ecommerce Companies in India Are Under Strict Scanner
Increased surveillance has been directed towards the Amazon in India. A question that was posed by the Minister of Commerce, Piyush Goyal, in August was whether or not the exponential expansion of eCommerce companies in the country was a “matter of concern” or something that should be celebrated.
The government is also keeping a close eye on businesses that engage in quick trade. On 20th September a media report stated that the trade promotion organization DPIIT forwarded a complaint against rapid commerce companies that it had received from a retail sector body to the CCI. The report also stated that the commission had the option of taking suo motu notice of the matter.
A number of cutting-edge silo projects using the Public-Private Partnership (PPP) model have been successfully built by the Food Corporation of India (FCI) as part of the 100 Days Achievements of the Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution. These initiatives will significantly modernize India’s food grain supply chain, enhancing the effectiveness and sustainability of the storage and transportation of necessities.
Six operational silos, thoughtfully placed across the nation, are the newest addition to FCI’s infrastructure. Private investment established these silo projects, which are currently fully operational. They were built on a Design, Build, Finance, Own & Operate (DBFOO) or Design, Build, Finance, Operate & Transfer (DBFOT) basis.
Silo Projects
Darbhanga Silo Project (Bihar): Adani Agri Logistics (Darbhanga) Ltd. developed this project, which has a 50,000 MT storage capacity and a dedicated railway siding, using the DBFOO paradigm. Completed and commissioned in April 2024, it is currently fully operational.
Samastipur Silo Project (Bihar): Adani Agri Logistics (Samastipur) Ltd. built this 50,000 MT capacity silo in Samastipur, which is comparable to the Darbhanga project. The facility is currently in use after its completion in May 2024.
The Sahnewal Silo Project (Punjab): It was created by Leap Agri Logistics (Ludhiana) Pvt Ltd using the DBFOT paradigm. With a 50,000 MT capacity, it helps local farmers in Punjab by increasing the effectiveness of grain procurement and storage. May 2024 marked the completion of the undertaking.
Baroda Silo Project (Gujarat): Leap Agri Logistics (Baroda) Pvt Ltd completed construction of the 50,000 MT storage facility in May 2024, and it is now operating, improving the region’s capability for storing grain.
Chheheratta Silo Project (Punjab): NCML Chhehretta Pvt Ltd built this Amritsar-based facility, which has a 50,000 MT storage capacity. After being finished in May 2024, it presently offers crucial storage for grains that are purchased from local farmers.
Punjab’s Batala Silo Project: Developed by NCML Batala, the project is situated in Gurdaspur and was finished in June 2024. It benefits many local farmers by strengthening FCI’s storage infrastructure in the area with a 50,000 MT capacity.
The Food Corporation of India (FCI) will be able to guarantee food security in numerous vital ways thanks to these silos.
Enhanced Storage Capacity
Better Preservation
Reduced Losses
Efficient Handling and Bulk Storage
Automated Systems
Enables better quality control of stored grains
Built with integrated rail and road transportation links
Facilities designed for mechanized bulk loading and unloading
Lower Operating Costs
FCI’s larger efforts to guarantee food security and lower losses by enhancing the infrastructure for storage and transportation include these silo projects and transportation initiatives. The silos are outfitted with cutting-edge technology, which guarantees superior grain preservation, lowers losses, and helps farmers by offering better purchasing options.
To create a real-time payments platform for Trinidad and Tobago that is similar to the Unified Payments Interface (UPI), NPCI International Payments (NIPL) and the Ministry of Digital Transformation (MDT) have partnered strategically.
The first country in the Caribbean to use India’s well-known instant payments network, UPI, is Trinidad and Tobago.
According to a press release from NIPL, the partnership will enable person-to-person (P2P) and person-to-merchant (P2M) payments in real time, thereby increasing digital payments in the nation and promoting financial inclusion.
The Service Will Bring More Transparency in the Region
This relationship will improve accessibility, affordability, connectivity with domestic and international payment networks in the future, and interoperability by utilising technology and experiences from India’s UPI, according to the announcement.
Real-time payments may change economies by increasing access to necessary financial services and decreasing dependency on cash, as NPCI International’s experience with UPI in India has shown.
Ritesh Shukla, CEO of NPCI International, stated, “We look forward to working closely with the Ministry of Digital Transformation and the Central Bank in Trinidad and Tobago.”
Additionally, NIPL delegations made multiple trips to Trinidad and Tobago in order to further negotiations. This programme is in line with India’s overarching goal of being the world leader in digital public infrastructure (DPI). In order to expedite DPI projects in underdeveloped countries, Prime Minister Narendra Modi announced the establishment of a Social Impact Fund and the Global Digital Public Infrastructure Repository (GDPIR) during India’s 2023 G20 Presidency.
Trinidad and Tobago is anticipated to reap several advantages from the implementation of UPI, such as reduced transaction expenses, enhanced tax adherence, and enhanced clarity in public assistance initiatives. Significant financial innovation and economic development in the nation may be facilitated by this relationship.
India’s UPI Success Is Now Travelling to Other Nations
As the leader of India’s payments transformation, UPI is being introduced to other nations by the NPCI, the organisation that manages it, and the Indian central bank. Bhutan, Sri Lanka, Nepal, Singapore, and France are among the nations that are either utilising the open source platform to develop their own immediate payment systems or connecting to the UPI framework to make it compatible with their own payment systems.
The Ministry of Digital Transformation and the Ministry of Finance are excited to begin this important collaboration with NIPL in order to establish a digital payment system for Trinidad and Tobago, according to a spokeswoman for the Ministry of Digital Transformation in Trinidad and Tobago.
Based on India’s UPI, the digital payment platform will support Fintech innovation and improve the technical resilience of the existing payment infrastructure by offering a supplementary, non-competitive digital payments platform that reduces the need for cash and increases security.
“Furthermore, if implementation is effective, it will help our unbanked citizens become financially included. We would like to express our gratitude to the Central Bank of Trinidad and Tobago for being a key participant and strategic partner in this significant project. We are excited to work together with NPCI International to aggressively change the current payments landscape and create a cutting-edge digital payments ecosystem,” spokesperson added further.
On September 27, 2024, World Tourism Day, the Ministry of Tourism, Government of India, unveiled the Incredible India Content Hub on the redesigned Incredible India digital platform. The Incredible India Content Hub is an extensive digital library with many excellent photos, videos, pamphlets, and newsletters about Indian tourism. A wide range of stakeholders, including tour operators, journalists, students, researchers, filmmakers, authors, influencers, content creators, public servants, and ambassadors, are expected to use this collection.
The new Incredible India digital portal includes the Content Hub, which aims to provide the travel trade (travel media, tour operators, and travel agents) with simple and convenient access to all the information they may require about Incredible India at one location. This will enable them to promote and market Incredible India more effectively. In the Content Hub, there are now about 5,000 content assets. The Ministry of Tourism, the Archaeological Survey of India, the Ministry of Culture, and other institutions collaborated to produce the available content on the repository.
Commenting on this development, Ryan Prazeres, Co-Founder, OneBoard App, stated, “The launch of the Incredible India Content Hub and revamped digital portal by the Ministry of Tourism is a welcome move, especially on the occasion of World Tourism Day. This initiative is a significant step toward enhancing India’s visibility in the global tourism market. With around 5,000 high-quality content assets available, it provides an invaluable resource for tour operators, content creators, and travellers alike, making it easier to promote the diverse experiences India has to offer. However, it’s essential to consider India’s current standing in the global tourism landscape. As of 2019, India ranked 34th in terms of foreign tourist arrivals, attracting about 10.93 million international tourists, while countries like France, Spain, and the United States welcomed over 89 million, 82 million, and 79 million tourists, respectively. This disparity highlights the potential for growth in India’s tourism sector.”
Incredible India Digital Portal
An all-in-one digital solution focused on tourists, the Incredible India Digital Portal aims to improve travellers’ experiences when visiting India. Travelers may find all the information and services they need on the redesigned platform, from planning and research to booking, traveling, and returning home.
Through the use of multimedia content like videos, photos, and digital maps, the updated portal provides a plethora of information about vacation destinations, attractions, crafts, festivals, trip diaries, itineraries, and more. By offering the ability to book flights, hotels, taxis, buses, and monuments’ tickets, the platform’s “Book Your Travel” function improves accessibility for travellers. In addition, a chatbot driven by AI serves as a virtual assistant for travellers, responding to their enquiries and offering them up-to-date information. Additional features include a guide to visas, airport information, currency conversion, trip operator details, and weather information.
The Ministry of Tourism will keep working to make the digital portal a constant source of inspiration for anyone looking for Incredible India. This includes adding new features, using crowdsourcing to add more content, and collaborating with pertinent organisations and institutions.
India’s Tourism Industry’s Performance in 2024
India’s inbound tourism is still far behind other countries’ inbound tourism, even if the trend of worldwide tourism is rising and other countries are returning to pre-pandemic levels significantly faster. The most recent industry data indicates that 4.78 million foreign tourists arrived in the nation in the first half of 2024. In contrast, India’s outbound tourism is showing a different pattern in the first half of 2024, with a noteworthy 12 percent growth in Indian national departures above pre-COVID levels.
Following the pandemic, some foreign visitors have been discouraged due to health and safety concerns, which have affected their willingness to visit the nation. The difficulties associated with obtaining a visa and following entrance requirements have further delayed the resurgence of inbound tourism.
United States, 30 Sep 2024: Tracxn, a leading global SaaS-based market intelligence platform, has released its Geo Quarterly Report: US Tech Q3 2024. The report, based on Tracxn’s extensive database, provides insights into the US Tech space.
The United States remained the highest-funded country in Q3 2024. US-based tech startups raised $21.7 billion, a drop of 38.15% compared to $35.08 billion raised in the previous quarter (Q2 2024). This is also 21.38% lower than the $27.60 billion raised in the corresponding quarter last year (Q3 2023).
Late-stage funding fell 23.59% to $11.82 billion in Q3 2024 from $15.47 billion raised in the previous quarter. The ecosystem secured seed-stage investments worth $1.84 billion in the third quarter of this year, a minor drop of 1.6% compared with the $1.87 billion raised in Q2 2024. Early-stage funding fell 54.63% to $8.03 billion in Q3 2024 from $17.7 billion raised in Q2 2024.
Thirteen new unicorns emerged in Q3 2024, a massive improvement from five unicorns in Q3 2023. The country’s tech startup landscape witnessed forty-four 100M+ funding rounds during the quarter, of which two were higher than $1 billion. Anduril raised a total of $1.5 billion in a Series F round led by Founders Fund, valuing the company at over $14 billion, while SSI raised a total of $1 billion in a seed round led by NFDG, valuing the company at over $5 billion.
The top-performing sectors in Q3 2024 were High Tech, Enterprise Applications, and Enterprise Infrastructure. High Tech companies witnessed a 36% decline in funding in the third quarter of 2024, compared with Q2 2024. The Enterprise Applications segment saw a 52% drop in funding in Q3 2024 compared with the previous quarter. Funding raised by the Enterprise Infrastructure sector rose 8% in Q3 2024 compared to Q2 2024.
The number of acquisitions fell to 243 in Q3 2024, from 354 in Q2 2024 and 344 in the corresponding quarter in 2023. Only a handful of tech startups took the IPO route, with the number of IPOs falling to five in Q3 2024, as against 19 in Q2 2024 and 14 in Q3 2023. Bicara Therapeutics, Actuate Therapeutics, and OS Therapies were some of the companies that went public in Q3 of this year.
Tech startups based in San Francisco dominated the funding landscape, raising $4.4 billion in the third quarter of 2024. Companies based in New York City and Palo Alto raised $2.2 billion and $2.1 billion respectively during the same period.
Despite the overall decline in funding, the creation of unicorns indicates that investor sentiment is stable. The US startup ecosystem has displayed resilience amid challenges arising from the current global macroeconomic scenario.
(Data for Q3 2024 has been taken from July 1, 2024 – Sep 17, 2024)
All such reports are available on the Tracxn website: tracxn.com.
About Tracxn
Tracxn Technologies Ltd. is a data intelligence platform for private market research, tracking 3 million entities through 2700+ feeds categorized across industries, sub-sectors, geographies, and networks globally. It has become one of the leading providers of private company data and ranks among the top five players globally in terms of the number of companies and web domains profiled.
Abhimanyu Saxena, the co-founder of Scaler and InterviewBit, shares insights into the journey of building one of India’s leading edtech platforms. Starting with InterviewBit in 2015, the mission evolved into Scaler in 2019, aimed at bridging the gap between traditional education and industry needs. In this interview, Saxena discusses the motivation behind launching Scaler, the expansion into the Scaler School of Technology and Business, and the evolving business model. He highlights Scaler’s unique approach to tech education, success stories, and how technology and strategic investments are shaping the platform’s future.
StartupTalky: Briefly describe the journey of starting Scaler, including how and when it began and what motivated you to create it.
Mr. Saxena: The journey of starting Scaler began with a deep understanding of the gaps in the tech education landscape, which my co-founder and I encountered firsthand during our careers. Having worked in high-growth tech environments like Facebook and Fab.com, we realized that despite the increasing number of graduates entering the tech industry, there was a significant disconnect between what the industry needed and what traditional education offered.
In 2015, we launched InterviewBit as a platform to help aspiring software engineers prepare for their dream jobs by honing their coding and problem-solving skills. However, as we engaged more deeply with learners and industry leaders, it became clear that the challenges went beyond interview preparation. There was a pressing need for a more structured and industry-aligned educational experience that could bridge the gap between academic knowledge and real-world requirements.
This realization led us to launch Scaler in 2019. Our mission was to create an upskilling platform that imparts cutting-edge technical knowledge and equips learners with the practical skills and mindset needed to thrive in top tech roles. We developed a curriculum collaborating with industry veterans, ensuring our learners are always at the forefront of technological advancements. Over the years, more than 35,000 working professionals have enrolled in Scaler’s programs, benefiting from personalized mentoring, hands-on projects, and access to a network of top industry professionals.
Our journey has been driven by the vision to empower the next generation of tech leaders and create a benchmark for excellence in tech education. With Scaler, we aim to continue pushing the boundaries of what is possible in tech education, ensuring that our learners are well-equipped to meet the industry’s evolving demands.
StartupTalky: When was Scaler School of Technology established? What drove the decision to expand into specialized areas like the Scaler School of Technology?
Mr. Saxena: Scaler School of Technology was established in 2023 as part of our ongoing commitment to bridging the gap between traditional education and the evolving needs of the tech industry. Our mission to provide a more comprehensive and industry-aligned education experience for the next generation of tech leaders drove our decision to expand into specialized areas like the Scaler School of Technology.
While Scaler had already successfully upskilled working professionals and prepared them for top tech roles, we recognized the need to start this transformation earlier—at the undergraduate level. The tech industry is rapidly changing, and we saw a significant opportunity to create a curriculum that covers computer science fundamentals and provides deep exposure to emerging technologies and hands-on experience through internships and projects.
By establishing Scaler School of Technology, we aimed to create a world-class institution that goes beyond traditional academic offerings. The school’s industry-validated curriculum, expert faculty, and innovative mentorship model are designed to equip students with the skills, knowledge, and practical experience they need to excel in today’s competitive tech landscape.
StartupTalky: How did the concept of Scaler evolve from InterviewBit? Are there any notable differences between the two?
Mr. Saxena: While InterviewBit is a free-to-use interview prep platform, Scaler offers a more comprehensive upskilling experience with structured programs aimed at transforming individuals into skilled software engineers and tech leaders. While InterviewBit is a great tool for sharpening interview skills, Scaler provides a more holistic learning experience aimed at long-term career growth in the tech industry.
StartupTalky:Could you walk us through the founding team? How did you and your co-founder come together to start Scaler?
Mr. Saxena: Anshuman and I first crossed paths during our time at IIIT-Hyderabad, where we both developed a deep passion for coding and problem-solving. Our shared experiences in competitive programming, particularly the intense preparation for contests like ACM ICPC, forged a strong bond between us. After graduating, we each pursued different paths—I led the front-end design for Fab.com, while Anshuman worked at Facebook, where he had the opportunity to scale the Messenger feature and help establish the London office.
Despite our different experiences, we both recognized a common challenge in the tech industry: there was a significant gap between academic knowledge and the skills required to excel in real-world tech roles. This realization inspired us to come together and create InterviewBit, which initially focused on helping candidates prepare for technical interviews. However, as we worked with more learners, we realized that there was a need for a more comprehensive platform to address the deeper challenges of upskilling and career growth in tech.
This led to the founding of Scaler, where we combined our strengths—my entrepreneurial experience and my background in scaling products—to build a platform that not only prepares individuals for interviews but also equips them with the advanced skills needed to thrive in their careers. Our journey from IIIT-Hyderabad to founding Scaler has been driven by our shared vision of transforming tech education and empowering the next generation of software engineers.
StartupTalky:Could you elaborate on the Scaler business model? How does it align with the growing demand for tech education and career-oriented learning?
Mr. Saxena: Scaler’s business model is designed to address the rapidly evolving needs of the tech industry by providing a rigorous, industry-relevant education to individuals who are serious about advancing their careers. Unlike traditional educational platforms, Scaler offers a deeply immersive and structured learning experience that includes live classes, mentorship from industry experts, and access to a community of like-minded professionals.
Our courses are prepaid, reflecting the value we deliver in terms of career outcomes. We’ve seen that when learners invest in their education, they are more committed to the journey, and the results speak for themselves. The curriculum is constantly updated to keep pace with industry trends, ensuring that our students are equipped with the most in-demand skills.
StartupTalky: How has Scaler’s revenue model evolved?
Mr. Saxena: Our revenue model has evolved significantly since our launch in 2019. We transitioned from an Income-Sharing Agreement model to an upfront fee structure, which provided a fairer and more predictable pricing model for our students. This ensures that everyone pays the same amount for the same quality of education, regardless of their circumstances.
StartupTalky: How has Scaler grown over the years? What role has funding played in shaping your strategy, and have you received additional support from angel investors?
Mr. Saxena: Scaler has seen remarkable growth, and funding has been a driving force behind this success. Our initial backing from Peak XV Partners (formerly Sequoia Capital India) and Tiger Global laid the groundwork, enabling us to hire top-tier instructors, develop a cutting-edge learning platform, and keep our curriculum aligned with industry needs.
As we scaled, additional funding led by Lightrock India, a new investor, and existing investors Peak XV Partners and Tiger Global allowed us to expand into specialized areas like Data Science, DevOps, and offline expansion with Scaler School of Technology and Scaler School of Business, while also investing in technology to deliver personalized learning experiences.
This strategic expansion has yielded significant results and has allowed us to grow tremendously. This growth reflects our commitment to delivering quality education and strong career outcomes. The funding has also helped us grow our mentor network with industry leaders and enhance our career services, securing top job placements for our graduates. Beyond the financial support, our investors have provided invaluable strategic guidance, helping shape our long-term vision.
StartupTalky: What courses does Scaler offer? Could you provide a brief overview of the courses available at Scaler and Scaler School of Technology?
Mr. Saxena: Scaler provides a diverse array of courses specifically designed for tech professionals and aspiring programmers. While Scaler School of Technology and Scaler School of Business are completely residential offline programs, Scaler’s upskilling offerings (Scaler Academy, Scaler DSML, Scaler DevOps) are online courses.
These programs are not only comprehensive but also intensive, offering deep insights and practical knowledge. Crafted and delivered by seasoned industry experts and tech leaders, each course is structured to equip learners with the skills needed to excel in the fast-evolving tech landscape. Here is a summary of the available courses:
Scaler
Scaler specializes in upskilling individuals in software development through structured online courses.
Scaler Academy is the first program that we launched in 2019. It is an online accelerator program that enhances the coding skills of software professionals with a specific focus on data structures and algorithms. Its curriculum is designed to make you a solid engineer.
In 2021, Scaler launched a Data Science and Machine Learning program (Scaler DSML) developed based on insights from over 100 data scientists at leading global tech companies. The course begins with a foundation in Data Structures and Algorithms, followed by modules on Mathematics, Data Mining, Statistical Analysis, Data Science, Machine Learning, Deep Learning, and Big Data.
In 2022, Scaler introduced Scaler Neovarsity, an online Master’s program in computer science with specializations in software engineering, artificial intelligence, and machine learning. This program was developed in partnership with Woolf University, a global higher education institution offering programs under the European Credit Transfer and Accumulation System (ECTS).
In 2024, Scaler launched a new upskilling program focused on DevOps and cloud computing (Scaler DevOps). The curriculum covers Python, Data Structures and Algorithms, DevOps tools, and AWS. This program is designed for beginners interested in becoming DevOps engineers or Site Reliability Engineers (SRE) and does not require prior coding experience.
Scaler School of Technology
Scaler School of Technology is a 4-year residential undergraduate computer science program designed to revolutionize higher education for the next generation of India’s software professionals. This program offers specializations in cutting-edge technologies such as Data Science, Machine Learning, Algorithmic Trading, and Competitive Programming. What sets Scaler apart is its industry-endorsed curriculum, a faculty of leading tech professionals, and an innovative 1:1 mentorship model. Scaler School of Technology graduates earn a 3-year BSc in Computer Science from BITS Pilani and a one-year Master in Computer Science from the globally recognized Woolf University. The master’s degree awarded by Woolf is globally recognized, with recognition from ECS and CES.
Scaler School of Business
Scaler has also introduced the Scaler School of Business, a full-time, on-campus postgraduate program in Management and Technology in Bangalore. As India’s first business school designed by industry leaders for aspiring industry leaders, it offers a curriculum that reflects the realities of today’s tech and innovation-driven businesses. The program combines rigorous theoretical learning with practical application, moving beyond traditional academic boundaries. It includes a three-month internship, case studies, industry-driven assessments, and immersive projects from top companies. This program enables students to delve deeply into emerging technologies and innovations, equipping them with cutting-edge skills in AI and related fields, making them significantly more tech-savvy and effective than the average MBA graduate.
StartupTalky:What does the Scaler School of Business aim to achieve? How does it differentiate itself in the competitive business education market?
Mr. Saxena: According to LinkedIn data, the average number of active job openings requiring an MBA at entry and mid-junior levels decreased by 55% in 2023 compared to the previous year. Today’s job market increasingly values deep specialization over a general management MBA degree.
Considering this, the postgraduate program at Scaler School of Business is specifically designed to bridge the gap between conventional business education and the industry’s evolving needs. Developed under the guidance of industry veterans who have successfully navigated large-scale business challenges, the program offers a unique blend of theoretical rigor and practical application.
Our postgraduate program goes beyond traditional academia by incorporating a three-month internship, case studies, industry-led assessments, and hands-on projects directly sourced from top companies. This approach enables our students to delve into cutting-edge technologies and innovations, equipping them with advanced skills in AI and related fields, making them significantly more efficient and tech-savvy compared to the average MBA graduate.
In addition to an industry-aligned curriculum, through SSB, we provide students with access to top industry leaders who will design practical exercises to impart real-world wisdom. Students will receive personalized mentorship from experts in their chosen fields, emphasizing experiential learning where they tackle real-world challenges with guidance and feedback directly from industry professionals.
StartupTalky:Scaler recently went through a restructuring phase to enhance long-term growth and sustainability. Could you explain the strategic decisions behind this phase and how they impact the organization?
Mr. Saxena: The recent restructuring at Scaler is a part of our strategy to achieve long-term growth and sustainability. Currently, our focus is on cost management and, ultimately, profitability, and we had to make the difficult decision to reduce our workforce by around 10%. This was in no way a reflection of individual performance but a necessary move to optimize operations and drive sustainable growth.
By restructuring, we aim to design a new way of working that enables growth and allows us to continue delivering the best learning experiences for our learners. This strategy will enable us to concentrate our resources better in areas that directly achieve our long-term goals by ensuring we remain competitive and adaptable to the ever-evolving edtech sector. This broader strategy is the key to ensuring we maintain both the quality of our offerings and our status quo in the education space.
StartupTalky:Scaler has invested INR 50 crore in the new Scaler School of Business (SSB). What are the main focuses of this investment, and how will it impact Scaler’s growth and the student experience?
Mr. Saxena: Our INR 50 crore investment into Scaler School of Business (SSB) was with a strategic focus on enhancing both the institution’s growth as well as student experience. The amount will be primarily used to build offline infrastructure, formulate a curriculum aligned with the needs of modern businesses, foster partnerships with industry leaders, and onboard world-class experts as mentors and instructors. Through this investment, we aim to identify and address the gaps in traditional MBA programs that focus excessively on theoretical knowledge, often failing to equip students with the relevant practical skills required for today’s fast-paced, tech-driven business environment.
We established SSB to commit to bridging this gap by offering a curriculum that promises a unique blend of both theoretical knowledge and practical application through the Postgraduate Program in Management and Technology (PGP-MT). This program has been designed to make our students ten times more competitive than the average MBA graduate. We encourage them to hone their entrepreneurial skills through industry-driven evaluations, real-life case studies from our partner companies, and access to emerging technologies such as AI. Additionally, our on-campus incubator, the Scaler Innovation Lab, allows our students to create and showcase prototypes, apps, and more, providing them with a launchpad into the world of business.
StartupTalky: What are the key success stories from Scaler? Could you share some examples of how Scaler has transformed careers and helped students achieve their goals?
Mr. Saxena: Scaler has been instrumental in transforming the careers of many aspiring tech professionals by providing them with the skills, mentorship, and support needed to achieve their goals. One of the most inspiring success stories is that of Antara Sarkar, a mother from a small town in West Bengal who, with little prior knowledge of coding, joined Scaler and built her own AI startup. Through relentless practice and the guidance of Scaler mentors, Antara turned her vision into reality, exemplifying how dedication and the right learning environment can lead to incredible achievements.
Another remarkable story is that of Prateek Agrawal, a software engineer from Bhopal, who overcame a significant speech impediment and secured a 250% salary hike after upskilling with Scaler. Prateek’s journey from a shy, underconfident individual to a self-assured professional at BookMyShow is a testament to the transformative power of Scaler’s comprehensive training and mentorship.
Manideep Siva’s story is another shining example. Hailing from Hyderabad, Manideep upskilled at Scaler, which helped him secure his dream role as SDE II at Slice with a 400% salary hike. His journey from a Tier-3 college to a high-growth startup demonstrates the impact of Scaler’s personalized mentorship and industry-relevant training.
These stories highlight how Scaler is about imparting technical knowledge and empowering individuals to overcome challenges, pursue their passions, and achieve their career aspirations.
StartupTalky: How is Scaler positioned to compete in the evolving edtech landscape? What makes Scaler stand out from its competitors?
Mr. Saxena: Since its inception in April 2019, Scaler has been at the forefront of transforming tech education. Our mission is to bridge the gap between traditional education and the dynamic demands of the tech industry. We achieve this by offering a meticulously structured program that enhances learners’ skills and ensures they are equipped with the latest technological advancements.
Several key differentiators characterize Scaler’s unique approach to tech education. One of the most notable aspects of our program is our emphasis on personalized learning. Unlike traditional educational methods, Scaler provides each learner with a dedicated Teaching Assistant (TA) who offers tailored support, guidance, and feedback. This personalized approach ensures that learners progress at their own pace and maximize their potential.
Another key differentiator is our industry-driven curriculum. Our curriculum is co-created with industry experts and is continuously updated to reflect the latest trends in technology. This ensures that our learners are not just learning but mastering the skills that are currently in demand.
In addition to personalized learning and an industry-driven curriculum, we offer our learners the opportunity to learn from over 2,000 professionals from leading global tech companies, including MAANG firms. These experts bring real-world insights and experience to the classroom and act as instructors, mentors, and career coaches.
Scaler has partnered with over 1,000 organizations, including Microsoft, Amazon, Adobe, Flipkart, and Uber. These collaborations enrich our curriculum and provide our learners with extensive job opportunities.
StartupTalky: What role does technology play in your vision for Scaler? How are you integrating emerging technologies into your curriculum and operations?
Mr. Saxena: LLMs offer a unique opportunity to hyper-personalize the learning experience for each student. We’ve been experimenting with using an AI teaching assistant, which students can chat with during the lecture and resolve their queries. Often, students feel shy in asking questions in the middle of class, stopping the whole class. However, we’ve seen many more students interacting with the chatbot, which is pre-trained on the content and context of the topic taught in the specific classroom.
Apart from just giving answers to specific queries, we’re also experimenting with utilizing learning techniques like the Socratic method of teaching, where in response to a student’s question, another question is asked, which leads students to discover the right answer instead of answering directly. This approach helps students build critical thinking and the ability to find the answers themselves using reasoning and logic rather than just knowing facts, which leads to them becoming much better problem solvers and first-principle thinkers. Building such tools was impossible until just a year back, as the kind of capabilities that advance LLM models like GHT-4 and Llama 16b expose were not available. However, we already see a significant impact on learning outcomes when such techniques are implemented in the student’s learning process.
StartupTalky:What does the future hold for Scaler? How do you see Scaler evolving in the next five years, especially considering recent challenges and opportunities?
Mr. Saxena: In the near future, we plan to sustain substantial revenue growth from 30-40% from FY24 to FY25. Our focus extends beyond financial progress to consistently delivering high-quality education and essential skills to our learners. At Scaler, we believe execution is equally essential for success in online learning. Therefore, we continuously experiment with and incorporate new methodologies for teaching and learning to ensure effective outcomes.
Additionally, our foray into the offline space with Scaler School of Technology and Scaler School of Business represents significant strides towards creating a holistic educational environment. The decision to move offline was driven by the need for a residential program that not only imparts technical skills but also provides mentorship and guidance, focusing on soft skills, communication, teamwork, and strong technical foundations.
Ultimately, we aim to bridge the demand-supply gap in the tech industry by producing highly skilled and well-rounded professionals.
In this insightful interview, Shashwat Swaroop, founder of Marmeto, takes us through the inspiring journey of building a bootstrapped startup into a million-dollar business. He shares the challenges faced in the early days, the strategic decision to focus on Shopify, and how Marmeto became Shopify’s first Plus Partner in India. Shashwat also explains what sets Marmeto apart from other eCommerce service providers, their commitment to customer experience, and their vision for India’s digital growth. Discover how Marmeto is shaping the future of eCommerce by addressing unique challenges and providing innovative, scalable solutions for leading brands.
StartupTalky: What inspired you to start Marmeto in 2017 with a bootstrapped budget?
Mr. Swaroop: If I’m being completely honest, Marmeto didn’t start with grand ambitions or external funding, it started with a belief. Coming from a modest background in Bihar and moving to Delhi for education and then to Bangalore for engineering, I realised that my true passion lay in entrepreneurship. I dropped out of college to pursue this path, and launched a book-renting portal inspired by U.S. models. Although it didn’t succeed due to financial constraints and unit economics issues in the business model, it taught me crucial lessons about managing a team and running a business.
When we founded Marmeto in 2017, we had no external funding, no influential networks, and came from a background where every move had to count. Bootstrapping wasn’t just a financial necessity, it allowed us to retain full control and stay focused on delivering real value. Our goal was to help businesses adapt to the rapidly evolving eCommerce landscape in India. Starting small and staying lean wasn’t just about survival—it was about building something meaningful and sustainable from the ground up. We wanted to build something long term, something that can last centuries, beyond us.
StartupTalky: Can you describe the initial challenges you faced in building Marmeto and how you overcame them?
Mr. Swaroop: Frankly, starting Marmeto was like setting out on a journey without a map. We didn’t have external funding or influential connections and we came from very modest beginnings. The initial challenges were numerous and daunting. Our first office was a cramped coworking space where only two of us could sit comfortably, the third had to juggle between college and work. Even securing an office was a challenge. We finally found a small space where the biggest perk was unlimited chai and biscuits, which often served as both breakfast and dinner for us.
Hiring was another significant challenge. We couldn’t offer competitive salaries back then but we were lucky to get some of the amazing folks who believed in what we wanted to build. There have been days that tested us the most, days which made us question our decision of starting up, days where we felt we should be doing something else but all were a part of the journey.
The eCommerce landscape in India was evolving rapidly, presenting both opportunities and challenges. We saw immense potential to help businesses navigate this shift, but it also meant we had to be highly agile and innovative. The bootstrapping approach allowed us to remain nimble and responsive to market changes without the pressure of chasing growth at all cost. Industry insights show that bootstrapped companies often develop a sharper focus on customer needs and practical solutions, driven by necessity to create real value.
Throughout these challenges, we were committed to maintaining a culture that respected and valued our team. Even in those early days, we made sure that we are building for the team along with our customers and creating opportunities for their growth as the company grows further. Our team believed in our vision and contributed significantly to our growth. We would not have been able to build Marmeto without them.
Looking back, those early struggles were integral to shaping Marmeto into the company it is today. They taught us the value of perseverance and the importance of staying focused on delivering genuine value.
StartupTalky: Why were the main reasons to focus on Shopify, and how has this decision shaped your business strategy? How did Marmeto become Shopify’s first Plus Partner in India, and what does this partnership mean for your company?
Mr. Swaroop: When we first set our sights on Shopify, we were driven by a vision to bridge the gap between global innovation and local needs. Shopify was already thriving in the U.S., but we saw an opportunity to make a significant impact in India, a market with immense potential but also unique challenges. This decision was rooted in our belief that we could harness Shopify’s strengths while addressing the localised hurdles that Indian eCommerce faced.
India’s eCommerce market is experiencing unprecedented growth, projected to reach $188 billion by 2025. This growth is fueled by increasing internet penetration, mobile usage, and the rise of digital payments. However, the market also presents complex challenges—regulatory frameworks, diverse consumer preferences, and fragmented logistics create a landscape that requires thoughtful adaptation. We recognized that Shopify, despite its global success, needed significant localization to effectively serve Indian merchants.
For instance, Cash on delivery (COD) as a payment method was not known to Shopify, being a western company. We worked with them to build for India, bridge the localisation gap, enhance user verification processes and design custom discount structures to cater to India’s price-sensitive consumers. According to a 2023 industry report, eCommerce users in India are expected to reach 500 million by 2026, highlighting the importance of scalable platforms tailored to local demands.
Our innovative work in addressing these challenges did not go unnoticed. Shopify recognized our efforts and brought us on as their extended tech team to help launch and implement Shopify Plus for their merchants across India. This collaboration was a pivotal moment, leading to Marmeto becoming Shopify’s first official Plus Partner in India later. This partnership was more than a milestone; it was a testament to our commitment to delivering tech-driven solutions and our role as leaders in the Indian eCommerce landscape.
The decision to focus on Shopify has profoundly shaped Marmeto’s business strategy. By solving India-specific issues and scaling businesses on Shopify, we also scaled our own operations. Today, our partnership with Shopify is a cornerstone of our success. We are deeply grateful for the support and recognition from Shopify, including celebratory acknowledgments from their CEO and COO. This fruitful relationship has not only driven growth for our clients but has also been a source of immense pride and accomplishment for us.
In essence, our journey with Shopify reflects our dedication to innovation and our commitment to meeting the evolving needs of the eCommerce sector. We look forward to continuing this partnership and contributing to the ongoing success of the eCommerce revolution in India.
StartupTalky: What sets Marmeto apart from other eCommerce service providers in India?
Mr. Swaroop: From the beginning, our approach at Marmeto has been deeply rooted in a commitment to solving real-world problems rather than focusing on the competition. Our journey has been driven by a genuine desire to address the unique challenges businesses face in the eCommerce landscape, and this focus is what sets us apart.
We’ve always believed that solving problems effectively is more valuable than merely keeping an eye on competitors. Our commitment has been to harness the right technology and innovative solutions to meet our clients’ needs. This focus on problem-solving has earned us the trust of major brands like Boat, Mcaffeine, Birkenstock, etc from early on. These partnerships are a testament to our ability to deliver scalable and sustainable solutions.
We don’t just offer services; we immerse ourselves in the intricacies of eCommerce to provide solutions that are both impactful and sustainable. We prioritise long-term growth and scalability over shortcuts for immediate gains. Our emphasis on sustainable tech practices ensures that our solutions not only address current needs but also support the future growth of businesses.
Industry insights reveal that businesses that leverage advanced technology and prioritise scalability are better positioned to thrive in the competitive eCommerce space. At the heart of Marmeto’s, is our unwavering dedication to solving commerce challenges with thoughtful, sustainable technology. Our goal has always been to drive genuine progress for our clients, and that’s what we believe sets us apart in the eCommerce world.
StartupTalky: How does Marmeto enhance the customer experience for brands? Can you provide examples of how you’ve achieved this?
Mr. Swaroop: At Marmeto, enhancing customer experience is about creating tailored, scalable solutions that address each brand’s unique needs. We don’t offer off-the-shelf tech, instead, we carefully craft solutions that solve specific challenges and align with the brand’s long-term goals.
We acted like Tech partners to brands than just service agencies. We believe that doing what is right for them is more important than what they want.
What sets us apart is also our collaboration with various partners—whether it’s payment gateways, logistics providers, specialised service agencies or any other commerce enabler. These partnerships allow us to implement seamless solutions that enhance payment processing, streamline order fulfilment, and improve overall customer satisfaction. By working closely with these agency partners, we ensure that every aspect of the customer journey, from checkout to delivery, is optimised.
This approach has proven successful. Industry insights show that brands using tailored tech solutions experience up to a 30% increase in customer retention, and our work is a testament to that, helping brands not just meet but exceed customer expectations.
StartupTalky: What are the key factors that have contributed to Marmeto’s growth from a bootstrapped startup to a million-dollar business?
Mr. Swaroop: From the very beginning, we knew we were embarking on a journey that would test our limits, but we also knew we had a dream that was worth every challenge. We were not in a hurry to become successful overnight, we were here for the long run. The leap from a bootstrapped startup to a million-dollar business wasn’t just about scaling up, it was about building something enduring and impactful.
Our success began with a clear vision: to create a lasting company that could make a real difference in commerce. We took a strategic approach, identifying and tackling niche challenges. For instance, when Shopify faced significant localization hurdles in India, we stepped in to bridge the gap by building solutions on top of it to help fight COD frauds, enable local payment partners to serve Indian consumer needs which transformed Shopify into a powerful tool for Indian merchants and helped the platform achieve its product market fit in India.
Consistency has been our ally throughout this journey. Over the past seven years, we’ve navigated the complexities of the Indian market with a passion for solving commerce challenges, even without extensive marketing. Our energy and enthusiasm for eCommerce innovation have been a driving force behind our growth.
A significant factor in our success has been our incredible team. We’ve always been committed to hiring people with the right attitude. Our work culture prioritises nurturing talent and offering more than what was initially promised. This approach has been crucial in creating a dedicated team that drives our mission forward.
Industry insights reveal that businesses that maintain a clear vision and invest in their team are more likely to succeed. A study shows that companies with a strong team culture experience 25% higher revenue growth compared to their competitors.
In summary, Marmeto’s growth has been fueled by our steadfast commitment to our vision, our focus on solving niche challenges, our consistent efforts, and the dedication of our team. We’re incredibly grateful for our journey and excited about the future as we continue to innovate and support the eCommerce landscape.
StartupTalky: Can you elaborate on how Marmeto’s technology has specifically impacted the eCommerce success of industry leaders such as ITC, Unilever, and BoAt?
Mr. Swaroop: At Marmeto, our tailored technology solutions have made a significant impact on industry leaders like ITC, Unilever and BoAt, each at different stages of their journey with us. When BoAt first partnered with us, we focused on building their online presence for a superb commerce experience. As they grew, we helped them build omnichannel commerce experience, unified data flows and a lot more at different stages of the brand.
For ITC and Unilever, we provided scalable and efficient technology solutions that addressed their complex requirements and supported their expansive operations. Our approach involved integrating Shopify with local payment systems, enhancing user verification to fight frauds, and creating custom discount structures to overcome India’s unique eCommerce challenges.
Industry insights highlight that businesses using localised solutions experience up to 40% higher operational efficiency and 30% better customer engagement. Our recognition as Shopify’s first Plus Partner in India underscores our successful strategy in delivering impactful, scalable solutions. We’re proud of our role in driving growth for our clients and excited about continuing to contribute to India’s eCommerce success.
StartupTalky: How does Marmeto’s technology stack contribute to improving online sales and customer retention for brands?
Mr. Swaroop: At Marmeto, we understand that technology is no longer just an investment; it’s a core driver of ROI. Our approach to the tech stack is always through the lens of how it impacts both the end consumer and the brand’s operational efficiency. We focus on implementing solutions that reduce costs, automate manual processes, and ultimately make the shopping experience more seamless and convenient for customers.
For example, we prioritise automations that can reduce human dependencies, eliminating manual errors and streamlining processes. This not only helps brands reduce costs but also enables them to focus on growth areas like customer satisfaction which directly impacts the repeat purchases.
On the sales front, we focus on technologies that improve convenience for the consumer—whether it’s through frictionless checkout processes, personalised product recommendations, or mobile-optimised experiences. Studies show that brands leveraging these types of innovations have seen up to a 15% increase in conversion rates, highlighting how essential tech is in influencing buying behaviour.
To ensure we’re always aligned with brand goals, we conduct regular reviews with different vertical heads—be it marketing, operations, or customer experience. These conversations help us understand their challenges and how tech can solve real problems, from scaling eCommerce operations to retaining customers. Additionally, our Merchant Accelerator Programs help us identify ways to accelerate growth by fine-tuning the tech stack based on specific brand needs. Ultimately, technology at Marmeto isn’t just an enabler—it’s at the heart of driving sales and customer retention for the brands we work with.
StartupTalky: What are the most common issues brands face in eCommerce, and how does Marmeto address these issues?
Mr. Swaroop: Brands face a variety of challenges ranging from technology integration to localization issues. Among the most common problems are managing diverse payment offerings, optimising user verification processes, addressing complex regulatory frameworks, and offering region-specific discounts. These challenges are further compounded by the fragmented logistics and diverse consumer preferences that are unique to the Indian market.
Today commerce is way beyond just having a website. You now have to treat your website as online stores just like you have a retail store. Today, consumers are used to Amazon and Flipkart standards everywhere so everything that they offer to customers should be available on your online store too. The next important thing for all brands is to start solving for Omnichannel customer experience and get their brand ready for Unified commerce. This is a commerce transformation era, similar to the digital transformation era we had in the late 1990s.
According to a 2023 report, the number of eCommerce users in India is expected to reach 500 million by 2026. With such growth, it’s imperative for brands to have robust, scalable ecommerce infrastructures, and that’s where Marmeto truly excels.
StartupTalky: How do you see the Indian eCommerce industry evolving in the next few years, and what role will Marmeto play in this transformation?
Mr. Swaroop: Ecommerce in India is evolving at a high pace and its future looks highly promising, with forecasts predicting an annual growth rate of 18% through 2025. By 2030, we are expected to become the third-largest consumer market worldwide. This highlights the significant opportunities and potential within the country’s eCommerce sector. As the Indian economy expands and consumer spending power rises, along with the full facilitation of 100% FDI in B2B eCommerce and marketplaces, India’s eCommerce landscape is set for continued growth and innovation.
This presents Marmeto with an unparalleled opportunity to tap into the demand for online presence by brands and enterprises. As a leading commerce enabler, we aim to catalyse this process and scale their businesses thereby scaling eCommerce globally.
StartupTalky: What are your vision and mission for Marmeto in the context of India’s digital growth and Vision 2047?
Mr. Swaroop: India’s eCommerce market is experiencing explosive growth, projected to reach $200 billion by 2026. This digital boom aligns perfectly with India’s “Vision 2047” of becoming a global technology leader. In today’s time and age, when eCommerce is booming at a fast pace, any brand or enterprise should have an online presence. But the online journey is not paved with gold. India’s commerce experience has evolved way beyond what we have in Europe or US for in some areas even now, for instance, quick commerce, Dunzo/Genie are the kind of things you don’t find elsewhere even today.
We need to work on other parts of the digital transformation and commerce transformation will be one such important area of it. With ecommerce standing at just 8% of retail today, there is a lot to happen and we all have to work together to make this dream of Viksit Bharat come true. We will continue to enable brands to do commerce the right way and help them build scalable tech solutions crucial for their growth.
StartupTalky: How do you plan to expand Marmeto’s services globally, and what challenges do you anticipate in this expansion?
Mr. Swaroop: We have taken baby steps for expansion outside India but too early to comment or share any insights there.
StartupTalky: What are your goals for Marmeto’s future growth?
Mr. Swaroop: As we celebrate seven years of resilience and growth in the eCommerce industry, Marmeto is poised to embark on an exciting new chapter of expansion. Moving beyond our initial bootstrapped phase, our goals for future growth are both ambitious and strategic.
We have consistently achieved impressive year-on-year growth, and as we look to the future, our focus will be on driving exponential financial and market expansion. While our core strength lies in leveraging eCommerce platforms, our focus will be more on helping growing brands solve the omnichannel experience for their customers and make them ready for further scale with Unified commerce.
Our commitment to innovation in commerce technology remains strong, but we are also strategically broadening our horizons through vertical expansion. This involves exploring new technologies and verticals to ensure that we help brands stay ahead of industry trends and help them leverage the right technology basis on the scale of their business.
On the other end, we will continue to invest further into building an inclusive ecosystem for our team members which can fuel our mission to empower more and more lives as Marmeto grows.
According to recent industry trends, the global eCommerce market is projected to surpass $7 trillion by 2025, driven by advancements in technology and shifts in consumer behaviour. Marmeto is well-positioned to capitalise on this growth by leveraging our tech-first approach and deep understanding of both local and global markets.
StartupTalky:How do you stay updated with eCommerce trends and ensure Marmeto’s technology remains up-to-date?
Mr. Swaroop: Staying updated with eCommerce trends is second nature for us at Marmeto. It’s embedded in our DNA and how we operate. We have all time access to national and global industry insights that highlight key performance areas like customer behaviour shifts, technology innovations, and new business models emerging in eCommerce. For instance, insights show that technology-driven solutions are now responsible for up to 30% increases in conversion rates for many businesses. This drives us to continuously refine our own tech stack to offer more scalable and performance-driven solutions.
Our in-house R&D team plays a pivotal role, constantly exploring how advancements in automation and cloud infrastructure can elevate our clients’ performance. This proactive approach ensures we’re not only keeping up but leading in providing cutting-edge solutions.
We’re also closely working with platform leaders like Shopify, BigCommerce, Salesforce etc. to gain deeper insights on commerce behaviour and patterns.
Above all, we do get the pulse of this industry and that’s natural to us as a team and industry leader.
This article has been contributed by Mr Jitin Bhasin – CEO and Co-founder of SaveIN.
As we move forward, the intersection of healthcare and financial technology (fintech) is poised to play a pivotal role in shaping the future. “If timely and quality healthcare can be made accessible to everyone, our country will have truly evolved.” This belief underscores the crucial role of healthcare in India’s path to becoming a developed economy by 2047, marking 100 years of independence.
India’s Growth and the Healthcare Sector
Currently, India is the fifth-largest economy globally, boasting a GDP of over $3.5 trillion. The nation is on a robust growth trajectory, setting benchmarks across various sectors. However, to achieve developed nation status, the healthcare sector must undergo a significant transformation.
With a healthcare market valued at around $372 billion, the government has initiated numerous programs to bolster this sector. Initiatives like the Pradhan Mantri Swasthya Suraksha Yojana, National Health Mission, and the Ayushman Bharat Health Infrastructure Mission are key in fostering sustainable partnerships between the public and private sectors. These efforts aim to make healthcare both affordable and accessible.
India’s recent strides in digitalization have propelled it ahead of other emerging economies. The country’s efficient handling of the COVID-19 pandemic, built on a solid digital infrastructure, exemplifies its ability to execute at scale. The next wave of healthcare disruption must also be rooted in the principles of transparency, efficiency, and accessibility through digital means.
Challenges and Opportunities in Healthcare
Indian Digital Health Market
Today, India’s healthcare sector faces three primary challenges: accessibility, quality, and affordability. While many salaried workers benefit from government schemes such as the Employee State Insurance (ESI) and Central Government Health Scheme (CGHS), the public healthcare infrastructure struggles to meet rising demand. This gap presents an opportunity for increased public-private collaboration.
Despite the presence of over two million healthcare providers across the country, affordability remains a critical hurdle. While insurance penetration is expected to rise over the next decade, many medical procedures, especially elective and outpatient treatments—which account for nearly 50% of medical expenses—are not covered by insurance. These treatments remain outside the scope of insurance due to a lack of data and standardization, making it difficult to price insurance products effectively.
For inpatient procedures where insurance is more common, patients often face insufficient coverage, delays in approval, or are required to pay out of pocket before receiving reimbursement, which can take months. To increase insurance penetration and improve healthcare affordability, these issues need to be addressed.
The Role of Fintech in Bridging the Healthcare Gap
This is where fintech, particularly embedded finance, can play a transformative role. By providing on-demand credit at the point of care, embedded finance can bridge the affordability gap in private healthcare. Similar to how the consumer electronics and smartphone sectors have evolved, offering financing options for healthcare can create a revolution in the industry.
Embedded finance (EmFi) allows healthcare providers to partner with lenders, enabling patients to pay for medical services using pre-approved credit lines. These credit lines can be repaid through easy, interest-free installments. This model benefits both providers, who can serve more patients, and recipients, who can access timely medical care without financial strain.
As more healthcare facilities adopt these simplified payment solutions, the demand for such services will likely increase, encouraging people to prioritize their health. A healthier population can lead to improved productivity, contributing to national GDP growth and creating a positive economic cycle.
Over time, data from Electronic Medical Records (EMRs), treatment patterns, and demographic information will help standardize and streamline healthcare services, leading to greater efficiency across the board.
Financing Health: The Role of Fintech Companies
Fintech companies, along with the private sector, are uniquely positioned to address the affordability issues in Indian healthcare. By leveraging cutting-edge digital technologies, risk-based underwriting, and innovative product structures, they can offer solutions that cater to both patients and providers.
The fusion of healthcare and finance holds immense potential, and the process of consumerizing healthcare has already begun. The timing is perfect, as the importance of health has never been more paramount to society. With clear roles for providers, patients, and financial facilitators, the coming decade promises to bring about significant advancements in personal healthcare.
The luxury world is shifting and it’s all about “quiet luxury” now—think understated elegance and functionality over flashy logos. Brands like Stone Island are already riding this wave, focusing on minimalism and anti-fashion trends. While big names like Dior and Chanel have adapted to this new vibe, Gucci’s been slow to adjust. Their focus on hype and trends worked for a while, but now it’s starting to hurt them. As more consumers go for subtle, high-end pieces, Gucci’s gamble on staying trendy could be putting its long-term success at risk.
Gucci Faces Challenges in Brand Positioning Amid Leadership Changes
Gucci’s struggles with brand positioning have become painfully clear to everyone involved. In 2023, Kering brought in new leadership with CEO Jean-François Palus and designer Sabato De Sarno, hoping to shake things up. But despite these changes, Gucci’s fortunes haven’t improved much and the brand is on track for another tough year; with revenue expected to drop by nearly 20% in the second half of 2024. It’s evident that Gucci needs a major overhaul and rethinking its brand positioning should be top of their list.
Gucci Faces a New Challenge: Embracing Functionality in Luxury Fashion
Moncler CEO Remo Ruffini has recently talked about what he calls the rise of “new luxury”—a mix of luxury fashion with culture, music and especially sports. Stone Island is already embracing this “anti-fashion” approach, focusing on functionality over style. This shift is part of a broader trend towards minimalist, “quieter luxury,” which has been gaining traction, particularly in athleisure.
The market seems to be craving something different from the flashy, affordable options offered by brands like Nike and Lululemon. As consumers increasingly lean towards subtle, high-end athleisure, there’s a growing gap for prestigious sportswear. The demand for luxury in this space is real and expanding. This is an opportunity Gucci could capitalize on if it can pivot away from its current trend-focused approach.
In 2023, the luxury market hit a bump, growing by just 4%—a sharp drop from the 20% boost it enjoyed the previous year. While heavyweights like Dior, Chanel and Hermes have managed to stay on top, Gucci’s strategy of chasing trends and collaborations has put it in a tricky spot. This slowdown isn’t just a blip; it’s partly due to the hurdles luxury brands are facing with their big bet on China.
With more and more brands flooding the Western luxury scene, the competition has become fierce and those deep-pocketed buyers are now fewer and farther between. Gucci has built its reputation on trendy, buzz-worthy items and flashy partnerships, targeting these aspirational shoppers. However, with inflation squeezing wallets and these buyers pulling back, Gucci’s reliance on hype-driven sales is starting to backfire. Unlike the classic allure of Dior, Chanel or Hermes, Gucci’s trend-chasing approach might be costing it long-term brand loyalty and success. As the luxury landscape shifts, Gucci’s gamble on staying ahead of the fashion curve could be leaving it out of touch with the true essence of luxury.
Traditional luxury shoppers, who stick with high-end brands through thick and thin, haven’t been swayed by rising costs or economic uncertainties. But the same can’t be said for the aspirational buyers—those who dabble in luxury as a treat but cut back when times get tough. Kering Group’s top three brands—Gucci, Yves Saint Laurent and Bottega Veneta—Gucci has hit the hardest, with a 6% revenue drop during the first quarter of 2024. This is quite a blow for what’s considered Kering’s flagship fashion house, as Gucci traditionally brings in over 50% of the company’s annual revenue. Given its status as a giant in the luxury world, Gucci’s struggle raises serious questions about Kering’s future growth. To make matters worse, Kering’s stock price has nearly halved over 2023 and the first quarter of 2024 (April), dropping from a high of €603 to €383.
Global Revenue of Gucci 2012 to 2023
Why Gucci’s Strategy Shift is Hurting the Brand
The brand’s trouble boils down to its shifting approach. In the past, Gucci thrived by keeping production limited and maintaining its aura of exclusivity. It catered to high-income individuals who valued Gucci’s rich heritage. But nowadays, Gucci seems to have pivoted towards a more premium, aspirational market. The brand has shifted its focus to younger shoppers and started mass-producing its goods. Millennials, aged 25-35, now represent the bulk of Gucci’s customer base.
Adapting to the Post-Pandemic Landscape
Gucci’s pre-pandemic strategies have become outdated, forcing the brand to rethink its approach in the new normal. To stay afloat during tough times, Gucci had to adapt its operations, including ramping up its eCommerce efforts—a shift the pandemic underscored as essential for survival in the fashion industry. This period acted as a wake-up call, showing Gucci the critical importance of online platforms.
For Gucci, building and maintaining a luxury brand goes beyond high price tags. It’s about creating exclusivity and attracting the right people—those who set trends and create a “taste hierarchy.” Traditional marketing methods just don’t cut it in the luxury space. According to a benchmarking study by Kapferer and Bastien (2012), luxury brands succeed slowly, often through trial and error and they use marketing techniques that are totally different from the fast-moving consumer goods (FMCG) playbook.
Now, with digital technology coming into play, the luxury shopping experience is about to get a major upgrade. Virtual reality (VR), augmented reality (AR) and artificial intelligence (AI) are reshaping how people shop for luxury items, offering more immersive and personalized experiences. A McKinsey & Company survey from 2023 revealed that 60% of luxury shoppers are open to brands that provide these kinds of digital experiences.
While Gucci has made progress in integrating technology, competitors like Burberry and Balenciaga are ahead of the curve, using AR to offer virtual try-ons and AI to tailor product recommendations, setting a new standard in the digital luxury shopping landscape.
Digital Marketing Challenges
Like other top brands, Yves Saint Laurent, has gone all out with their marketing strategy. They dive into digital promos, video campaigns, social media and even run contests. A great example is how they use YouTube to connect with their audience, promote the brand and reinforce their iconic image. It’s all about using these platforms to keep YSL fresh and relevant in the fashion scene.
However, one downside for Gucci is that while many lower-priced premium brands pump money into digital marketing to expand their reach, Gucci risks falling behind if they don’t do the same. Another challenge is the rise of counterfeit Gucci goods flooding lower-income markets, along with growing competition from emerging luxury brands and cheaper alternatives. With economic pressures causing a dip in consumer spending, some might start opting for more affordable luxury options over Gucci.
Despite a shift towards digital, the fashion industry, including Gucci, has been somewhat slow in transitioning from its traditional brick-and-mortar model. For years, luxury brands like Gucci, Louis Vuitton and Prada relied heavily on their physical stores to serve their affluent clientele. But once they saw that their customers were finding inspiration and making purchases online, they knew it was time to adapt.
While Gucci has made some strides, brands like Chanel have excelled in seamlessly translating their classic elegance into the digital realm by mastering the art of creating unique, high-quality content for a social media-savvy audience, further solidifying their online presence as a leading luxury brand.
Furthermore, on the eCommerce front, Chanel’s partnership with Farfetch, a top online luxury retail platform, has strengthened their connection with shoppers and enhanced the overall user experience for both customers and store staff. By embracing more digital tools, Chanel is not only optimizing customer engagement but also streamlining its operations. Gucci, while progressing, has room to further enhance its digital strategy to compete at the forefront of luxury in the online marketplace.
Test of Endurance
Recent marketing strategies and social media campaigns have been aimed at engaging these aspirational buyers, who are more active online. However, this shift has come at a cost. Gucci’s designs have become more about fleeting trends than enduring style, diluting the brand’s once timeless prestige. In contrast, competitors like Chanel and Dior have stuck to their classic, enduring designs, which has helped them weather the storm better.
As far as creating groundbreaking marketing strategies, Giorgio Armani is famous! He was actually the one who popularized the “zero figure” model trend, hiring only super slim models to showcase his clothes. Armani also made history by being the first to stream a fashion show live on the internet, turning it into a global event. His brand’s reach extends far beyond fashion. Armani has partnered with premium car brands to design ultra-luxury interiors and is a go-to designer for celebrities like Lady Gaga. He’s even created outfits for entire sports teams. These high-profile collaborations have kept the Armani brand synonymous with glitz and glamor.
Maintaining a Premium Image
Interestingly, Gucci isn’t big on traditional advertising. They don’t need to be, thanks to their unique image and exclusive product lines. Instead, they focus on personalizing the customer experience. The brand has been all about understanding what their customers want and delivering just that from its very inception.
With top-tier materials and craftsmanship, Gucci’s prices are high, but people are willing to pay for that level of quality. To maintain their luxury status, Gucci avoids discounts or sales altogether, reinforcing their premium image.
While Gucci emphasizes personalization, Louis Vuitton excels at staying ahead of trends, employing both demographic and psychographic strategies to deeply understand its customers. They’ve nailed a unique targeting approach that keeps up with the changing needs of their clients.
To draw in new buyers, they focus on value-based marketing. Their motto, “The Art of Travel,” taps into the idea that travel is more than just a journey—it’s an experience. Their iconic explorer trunks, like the Monogram Cloud and Monogram Mirror versions, showcase this blend of tradition and innovation, reflecting the brand’s adventurous spirit and craftsmanship.
While Louis Vuitton attracts new buyers with innovative campaigns, Gucci continues to solidify its reputation by consistently delivering an elevated, personalized experience for its loyal, high-end clientele.
Gucci’s focus on trendy fashion might be hurting its long-term success and this could be a sign of bigger challenges ahead for Kering. With revenue expected to further drop by nearly 20% in the 4th quarter of 2024, it’s clear that Gucci needs a major rebrand. If the brand can pivot towards more timeless, high-end pieces, there’s still a chance for recovery in this evolving luxury landscape.
FAQs
Who is the CEO of Gucci?
Jean-François Palus is the CEO of Gucci since 3rd October 2023.
What is the revenue of Gucci in 2024?
In the first half of 2024, Gucci generated €4.1 billion in revenue, reflecting a 20% decline in reported figures and an 18% drop on a comparable basis. Sales from its directly operated retail network saw a 20% decrease on a comparable basis, while wholesale revenue fell by 9%.
How many brands does Kering Group holds?
Kering Group holds Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ginori 1735 as well as Kering Eyewear and Kering Beauté. Out of which Gucci is the biggest contributor in its revenue.
This article has been contributed byPraveer Kochhar, Co-Founder & CPO, Kogo Tech Labs.
Gen Z is coming of age as consumers, and they are changing everything we know about customer service. Their influence on consumer behavior is massive with older generations now accepting AI. McKinsey found that 74% of Gen Z customers, 82% of millennials, and 81% of Gen X customers are more accepting of AI-powered customer service now than ever before. CRM leaders today are facing the greatest challenge in decades — preparing their organizations for an AI-ready future, while meeting tough revenue targets and rising customer expectations.
Technology has surely enabled businesses to scale their operations significantly, and the traditional call centers are rapidly becoming a relic of the past. Yet, many leaders are faced with underperforming AI tools, leaving them to master entirely new approaches to performance improvement while retaining traditional tools. It’s Catch 22. But does it really have to be?
Let’s consider realities as they exist. Currently, 57% of CRM leaders expect ticket volumes to increase by as much as one-fifth over the next one or two years. At the same time, nearly 40% of them say that cost is still a key priority. The need to excel in service across multiple channels creates extra challenges for customer care leaders, especially when budgets are tight. This tension is driving companies to look for new ways to control the customer care costs with automation. Enter AI Agents.
Why AI Agents Mark a Monumental Change in CX as We Know It
AI Agents are the next generation of AI-powered bots that are already helping CRM teams scale quickly, while delighting customers. Built on a large agentic framework, AI Agents are made to not just respond to customers with empathy, but perform real-world tasks. For example, most chatbots are limited to their conversational capabilities. AI Agents can go a step further. It can process refunds, track orders and so much more than conversational bots.
It finally frees human agents to focus on more high-value work, which would be less monotonous.
High-value work taps into the strengths of human agents: empathy, building lasting customer relationships, and resolving issues in creative and innovative ways. And when the business is closed for the day, AI Agents can still be at work. They are highly customizable—and their personalities can be tailored to fit the company’s voice, making convincing small talk with customers, offering personalized responses that go a long way in building loyalty.
With customer interactions expected to continue skyrocketing, AI Agents are the best solution to manage this challenge. You don’t want to leave your customers waiting for someone to address their concerns. Because bad experiences will lead customers to your competitors. Fortunately, setting up AI Agents requires minimal effort. Advanced AI Agents built on small action models allow businesses to simply connect the AI agent to existing knowledge bases — be they structured or unstructured — and begin tackling your customers’ top requests on day one. It’s not rocket science.
AI Agents today are so advanced that it is easy to customize and control how the AI agent interacts with customers. They can also be configured to take on more advanced tasks autonomously, like returns or exchanges, by easily connecting them to backend systems. It ensures that the AI Agent can seamlessly resolve customer issues from start to finish.
These advanced capabilities reduce costs significantly. AI agents can autonomously resolve most of the customer service requests, allowing businesses of all sizes to scale quickly, without adding headcount.
These agents can be programmed to be expert sellers. They can upsell, crosssell, and even offer personalized recommendations to customers, reducing support costs and turning the contact center into a revenue-generating operation.
It can be a great tool for presenting customers with relevant, and timely offers. By analyzing data like purchase history, browsing behavior and demographics, AI Agents can identify products or services customers are interested in. For instance, AI can recommend sale items that the customer previously viewed or similar products to their previous purchases. It can use data to trigger promotions. For instance, an abandoned cart might trigger an AI-powered bot to send a discount code to the customer. As they learn from every interaction, and are pre-trained to automatically detect what customer intent and sentiment are, AI agents can deliver the right response every time.
AI is raising the bar for personalization, productivity, and performance in CRM. In the future, almost all customer interactions with brands will be powered by AI in one way or another. It’s time for businesses to relook and rethink their CX environment. There’s a great need to look at changing customer expectations and the role of AI within their organizations. The future of customer care is AI-driven. Leaders mustn’t hesitate. It’s time for a bold vision and bolder measures to make their organizations AI-ready.
Nitin Konde
