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  • Swiggy’s Strategic Merger: Instamart and InsanelyGood Align Ahead of IPO Launch

    Swiggy, a trailblazer in food delivery and quick commerce, has strategically merged InsanelyGood with its Instamart grocery delivery service, marking a significant move before its anticipated Initial Public Offer (IPO).

    The merger aims to increase investor confidence by improving efficiency and combining Swiggy’s food and grocery delivery services. This is particularly important in cities like Bangalore, where there’s high demand for fast service and fresh groceries delivered to doorsteps.

    “InsanelyGood focuses on high quality assortment of groceries and has seen a tremendous amount of consumer love. Given the great traction, we plan on scaling this up to the entirety of Bangalore and will do this as a separate entry point on Swiggy Instamart,” said Swiggy Instamart Spokesperson in a statement.

    Launched in August 2020, Swiggy Instamart is recognized as India’s leading quick commerce grocery service.

    Currently, Swiggy Instamart operates in over 25 Indian cities, using advanced technology and a specialized delivery fleet to promptly deliver groceries and household essentials to customers’ doorsteps within minutes.

    Swiggy’s integration of InsanelyGood into Instamart is part of its broader strategy to streamline operations and solidify its position in the rapidly expanding online grocery market.

    With consumers increasingly favoring online ordering, especially for quick delivery of essential groceries, this move enhances Swiggy’s competitive edge in meeting evolving demands in the eCommerce and instant commerce sectors.

    As per Statista, the Indian online food delivery market was USD 7.4 billion in 2023. The delivery market is expected to grow and reach USD 24 billion in 2026.

    The projected revenue for the online food delivery market in India is estimated to reach USD 43.78 billion by 2024, with an anticipated annual growth rate (CAGR 2024-2028) of 16.95%. This trajectory is poised to elevate the market volume to USD 81.91 billion by 2028.

    As Swiggy gears up for its IPO, this consolidation highlights its ambition to lead the quick-service sector and reflects its agility in responding to evolving market trends. 

    In addition to Swiggy’s transformative offers such as the instant grocery delivery app Instamart, dining out experience with Swiggy app Dineout, and same-day package delivery Genie, it also allows sellers to build their storefronts, and upload product catalogs at Minis.

    The food delivery firm consistently works and introduces smaller yet highly impactful features to enhance user convenience. 

    Features like voice search, the generative Artificial Intelligence (AI) feature, live activity on orders, smart push notifications, speech recognition, what to eat, personalized home page, and direct reply notification are some of the consistent upgrades Swiggy is doing to enrich customer experience.

    These features are designed to streamline the entire experience of ordering food and other services through the Swiggy platform, catering to the diverse needs and preferences of its users.

    “We understand that ordering food is not a transaction but an expression of one’s emotions, and a way to alleviate one’s mood,” Swiggy CEO of Food Marketplace Rohit Kapoor has said. “Many times people simply do not want to go through the process of browsing through multiple options and pondering over them. Wouldn’t it be nice to instead have sharp recommendations attuned to how they feel and what they crave? That’s exactly what we are trying to do with WhatToEat. It is for customers for whom food is a feeling or an emotion, and not merely a dish or a restaurant.”

    This paves the way for assessing the impact of these strategic decisions on Swiggy’s growth path, demonstrating its capacity to adjust to shifting consumer preferences towards local retailers, effortless ordering, and online grocery shopping.

    Swiggy’s Growth Trajectory

    The Role of Instamart and InsanelyGood in Swiggy’s IPO

    Challenges and Opportunities Ahead

    Swiggy’s Growth Trajectory

    Revenue and Profitability

    • Swiggy experienced a substantial surge in operating revenue, soaring over 40% to Rs 8,264.4 crore in the 2022-23 fiscal year, up from Rs 5,704.9 crore in the year 2021-22, indicating a robust growth trajectory after it scaled up its quick commerce vertical.
    • The food delivery segment of Swiggy achieved profitability in 2023, with a strategic focus on sustainable growth, and further improvements are expected this year.
    • A fund overseen by US-based asset manager Baron Capital Group has upped the fair value of Swiggy, the food-delivery platform, to USD 12.1 billion. This represents a 13% surge from Swiggy’s prior valuation of USD 10.7 billion, noted during its last fundraising round in 2022.
    • Invesco has raised the valuation of Swiggy, the food and grocery delivery platform, by around 9% to USD 8.5 billion according to its filings with the US Securities and Exchange Commission as of October 31.

    Investment and Expansion

    • Swiggy has received substantial funds worth USD 3.6 billion from 40 investors, including prominent names like Samsung Ventures, Tencent Holding, Wellington Management, Accel Northwest Venture Partners, and SAIF Partners, indicating robust investor confidence.
    • The company has been actively exploring the application of AI through initiatives such as Swiggy’s neural search. It would enable users to search using conversational and open-ended queries and receive recommendations tailored to their specific needs.
    • Swiggy’s foray into diverse sectors including grocery, clothing, and other essential items, coupled with the launch of Swiggy Mall offering home and kitchen items, electronics, and toys, demonstrates its forward-looking approach to expansion and diversification.
    • Swiggy’s valuation has doubled to USD 10.7 billion, underscoring its strong market position and growth prospects.

    Swiggy’s Generative AI Journey: A Peek Into the Future

    The Role of Instamart and InsanelyGood in Swiggy’s IPO

    Strategic Merger and Expansion

    Swiggy’s merger of InsanelyGood with Instamart is aimed at improving operational efficiency within its quick-commerce vertical.

    This strategic move aligns with Swiggy’s goal of expanding top-notch grocery delivery services in Bangalore by leveraging Instamart’s infrastructure and customer base.

    Operational Synergies

    The integration of InsanelyGood into the Swiggy app, coupled with the commitment to swift fulfillment, underscores Swiggy’s dedication to delivering a seamless user experience and ensuring customer satisfaction. Moreover, the merger is anticipated to streamline costs and enrich the value proposition for both customers and investors.

    Financial and Market Impact

    The merger underscores Swiggy’s commitment to dominate the quick-commerce space while preparing for a successful IPO. Instamart’s robust growth in gross merchandise value (GMV) indicates promising prospects for further expansion and market dominance.

    In the financial year 2022-23, Swiggy clocked a gross merchandise value exceeding USD 2.6 billion in India, marking a growth compared to the previous year. 

    Prosus, the largest institutional investor in Swiggy, reported that in the initial half of the financial year 2023-24, Swiggy’s primary food delivery segment experienced a 17% growth, achieving a gross merchandise value of USD 1.43 billion.

    Gross Merchandise Value of Swiggy From Financial Year 2019 to 2023
    Gross Merchandise Value of Swiggy From Financial Year 2019 to 2023

    Founded in 2014, Bangalore-headquartered Swiggy operates across 500 cities in India.

    Challenges and Opportunities Ahead

    Workforce Reductions

    Swiggy has undertaken cost-saving measures, including workforce reductions, amid challenging macroeconomic conditions. However, aggressive financial management has helped in reducing monthly cash burn, reflecting a prudent approach.

    As per media reports, Swiggy may reduce approximately 400 positions, constituting nearly 7% of its workforce. This move is aimed at enhancing the food tech giant’s financial standing in preparation for an upcoming IPO later this year.

    Financial Losses

    Despite revenue growth, Swiggy reported a net loss in the fiscal year 2022-23, highlighting the financial challenges. Nevertheless, the company is focused on strategic partnerships and market expansions, innovation, technology upgradation, and democratization to increase its valuation pre-IPO and sustain its competitive position.

    In its FY23 financial report, Swiggy announced that its food delivery division achieved profitability, attributed to its implementation of cost-efficient strategies.

    “One of the major moves Swiggy might make is to partner and expand its food delivery team per geographic location. The less delivery time will help Swiggy to lower the food delivery charges that increase its sales,” an article ‘Swiggy’s Future Plans To Increase The Sale Ahead Of Its IPO’ by Stockify Fintech on professional networking site LinkedIn said.

    Swiggy—Delivering happiness at your doorstep!
    Swiggy is a food delivery application. It allows the users to access their application from Android, IOS, and website, to order food from nearby restaurants. Read about Swiggy founders,funding and business model.
    StartupTalkyVidhi Punamiya

    Conclusion: Navigating Towards IPO Success

    Swiggy’s strategic merger of InsanelyGood with Instamart signifies a pivotal moment in its journey towards IPO. 

    The company’s commitment to adaptability, innovation, and market dominance sets a precedent for success in the competitive landscape of digital commerce. 

    Challenges notwithstanding, Swiggy’s clear vision for growth and sustainability positions it favorably for its upcoming IPO, promising a transformative impact on the quick-commerce and food delivery sectors.

    As per reports, the company aims to raise approximately USD 1 billion (Rs 8,300 crore) through its IPO scheduled for this year. Swiggy plans to file its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO) within the next few weeks.

    FAQs

    What is Swiggy Instamart and how does it differ from InsanelyGood?

    Swiggy Instamart is a quick-commerce grocery service launched in 2020, offering fast grocery delivery in over 25 cities in India. InsanelyGood, on the other hand, was a separate grocery delivery service that Swiggy merged with Instamart to enhance its offerings.

    How does the merger of InsanelyGood with Instamart impact Swiggy’s overall strategy and market positioning?

    The merger streamlines Swiggy’s operations and strengthens its position in the quick-commerce and grocery delivery sectors, enhancing efficiency and market reach.

    What are the key factors driving Swiggy’s decision to streamline operations and enhance efficiency ahead of its IPO?

    Swiggy aims to showcase robust financials and sustainable growth strategies to attract investors and maximize value for shareholders.

    What financial milestones and performance indicators should investors consider when evaluating Swiggy’s potential for growth and profitability?

    Investors should assess Swiggy’s revenue growth, profitability margins, gross merchandise value (GMV), customer acquisition, and retention metrics to gauge its growth potential and financial health.

    What role does Swiggy’s IPO play in shaping the future of the food delivery and quick-commerce sectors in India?

    Swiggy’s IPO will serve as a milestone event, signaling the maturation and potential consolidation of the food delivery and quick-commerce sectors in India, attracting investor interest, and driving further innovation and competition.

  • Global AI Show and Global Blockchain Show Premier in Dubai

    Dubai, March 28, 2024: VAP Group is pleased to announce the inaugural edition of the Global AI Show and the Global Blockchain Show scheduled to take place on April 16 and 17, 2024 at the Grand Hyatt, Dubai.

    The Global AI Show is a power stage hosting international and regional thought leaders in the artificial intelligence and machine learning space, while the Global Blockchain Show will bring together experts from the web3 ecosystem to share their insights and discuss future opportunities in the rapidly evolving industry.

    A wide range of themes will be discussed at both conferences in two days. At the Global AI Show, attendees will get a glimpse into an AI-powered future with keynote speeches on sectors such as healthcare, finance, retail, oil, and gas unlocking new possibilities with the help of AI. The evolution of the digital ecosystem, data protection, blockchain in finance, gaming, metaverse, and NFTs are some of the topics that will be discussed at the Global Blockchain Show.

    Jamie Metzl, a technology and healthcare futurist, will be navigating the implications of AI, genetics, and biotechnology revolutions. Attendees can get their copies of Hacking Darwin: Genetic Engineering and the Future of Humanity signed and also get exclusive insights from  Metzl’s new book – Superconvergence: How the Genetics, Biotech, and AI Revolutions Will Transform our Lives, Work, and World.

    Dr. Divya Chander, a neuroscientist and medical futurist, will take us on a journey from brain reading to brain writing to closed-loop brain machine interface systems through her headliner at the Global AI Show. Another prominent speaker at the Global AI Show is H.E. Dr. Mohamed Al Kuwaiti, Head of Cyber Security at United Arab Emirates Government, who will present a keynote on a future with AI.

    The Global Blockchain Show will showcase the dynamic landscape of blockchain technology. Among the distinguished speakers, H.E. Justin Sun, the visionary Founder of TRON and Member of the HTX Global advisory board, will take center stage. Renowned for his groundbreaking contributions to the blockchain space, Justin Sun will grace the event with his profound insights and forward-thinking vision. Additionally, Global Blockchain Show will feature a fireside chat with Lennix Lai, Chief Commercial Officer of OKX, who will encompass the yin and yang of crypto trading. Dominic Williams, Founder & Chief Scientist of DFINITY Foundation, will discuss the decentralized cloud vision of the DFINITY blockchain.

    Furthermore, the Global AI Show and the Global Blockchain Show are thrilled to have the world’s first AI humanoid robot Sophia as their Official Ambassador. Sophia is a prime example of the wonders of artificial intelligence and robotics, converging technology with humanity. Her presence at the two events seeks to inspire attendees on the limitless possibilities of AI and web3 technologies.

    The Global AI Show and the Global Blockchain Show will feature a start-up village where start-ups and scale-ups will have the chance to power pitch their innovative ideas, technology, and creations to investors, venture capitalists, and big tech. A VAP Accelerator will be launched to serve as an incubator for ambitious start-ups. Meanwhile, a community stage at the Global Blockchain Show and the Global AI Show will be set up to focus on fostering inclusivity, collaboration, and engagement within the blockchain and AI community.

    An official awards ceremony will take place on April 17 at the Grand Hyatt, Dubai. The Global AI Awards and the Global Blockchain Awards seek to recognise excellence and innovation and pay tribute to the trailblazers, innovators, and guardians who tirelessly push the boundaries of possibility in the field of AI and blockchain technology.

    The Global AI Show and the Global Blockchain Show will finish with an afterparty at the luxurious White Beach at Atlantis, The Palm. Hosted by VAP Group, the afterparty provides a unique platform for industry experts and enthusiasts to mingle, exchange ideas, build valuable connections, explore potential collaborations, and unwind in a relaxed atmosphere.

    About VAP Group

    VAP Group, an industry leader with over a decade of expertise in Web3 and Blockchain solutions, continues to revolutionize the landscape of digital innovation. Established in 2013, VAP Group has consistently delivered premium services including public relations, advertising, recruitment, content development, media, and management. Led by Mr. Vishal Parmar, the Founder and Chief Executive Officer, VAP Group stands at the forefront of innovation, shaping the future of blockchain technology. Under his mentorship, the company has focused on pioneering strategies in PR marketing, influencer marketing, bounty campaigns, conferences, and campaigns, setting new benchmarks in the industry. What truly sets VAP Group apart is its dedication to creativity, uniqueness, and holistic solutions. By adopting an innovative and forward-thinking approach, VAP Group has distinguished itself as a beacon of innovation amidst the competitive landscape of blockchain consultancy.

    VAP Group is the organiser of Global Blockchain Show and Global AI Show, extraordinary platforms poised to redefine the landscape of blockchain and AI technology respectively, offering dynamic gatherings where the brightest minds converge to unlock the potential of these transformative technologies.

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  • Fevicol: Crafting a Billion-Dollar Empire as the Ultimate Go-To Adhesive

    In the realm of household brands, Fevicol stands as a testament to the power of innovation, strategic marketing, and unwavering commitment to quality. Born out of humble beginnings, this adhesive startup has evolved into a billion-dollar empire, leaving an indelible mark on both Indian and global markets.

    The Genesis
    Disruptive Approach
    Building Trust
    Pillars of Success
    Market Dominance
    Beyond Adhesives
    Fevicol’s Global Footprint
    Market Dominance and Expansion
    Diversification and Acquisitions
    International Expansion
    Investment in Research and Development
    Community Engagement
    Corporate Social Responsibility
    Financial Performance
    Innovative Marketing
    Global Recognition
    Looking Ahead

    The Genesis

    In 1963, Pidilite Industries Limited introduced Fevicol to the Indian market. At that time, the company was relatively small, but its vision was grand. Fevicol was initially marketed as a synthetic resin adhesive tailored for carpentry and woodworking applications. However, its potential went far beyond these niches.

    In 1970, Fevicol debuted its compact 30-gram tube, swiftly embraced by families nationwide for its convenience. 

    Disruptive Approach

    Unlike its competitors, Fevicol took a direct-to-carpenters approach. By bypassing traditional distribution channels and reaching out directly to end-users, Fevicol revolutionized the adhesive industry. Carpenters welcomed this change as it liberated them from cumbersome animal glue, starch, and nails, which were difficult to apply and offered inconsistent results.


    Building Trust

    Fevicol’s success hinged on its ability to deliver quality and reliability consistently. Carpenters, contractors, architects, and interior designers quickly developed trust in the brand, appreciating its durability and performance. This trust cascaded to end-users, cementing Fevicol’s position as a household name synonymous with adhesive solutions. 

    Today, it’s a household staple, with hardly any home lacking a Fevicol tube or a bottle. It’s a common practice for families to keep Fevicol on hand for unexpected needs, underscoring its essential role in everyday life.

    Pillars of Success

    How Fevicol Became India’s Most Trusted Adhesive Brand | The Brands That Built India

    Several key factors contributed to Fevicol’s meteoric rise:

    • Quality Assurance: Fevicol prioritized quality control, ensuring each product met stringent standards. This commitment to excellence resonated with consumers seeking reliable solutions for their bonding needs.
    • User-Friendly Design: Fevicol’s intuitive application methods made it accessible to both professionals and DIY enthusiasts. Clear instructions simplified the bonding process, further enhancing its appeal.
    • Innovation Drive: Constant innovation fueled Fevicol’s growth. The company continuously introduced new adhesive solutions, staying ahead of the curve and addressing evolving market demands.
    • Customer-Centric Approach: Fevicol placed a premium on customer satisfaction. Robust support services, including warranties and technical assistance, fostered a loyal customer base.
    • Word of Mouth Marketing: Positive reviews and recommendations amplified Fevicol’s reputation, driving organic growth and expanding its market reach.

    Market Dominance

    Fevicol is a trusted brand with a dominant market share in the Indian adhesive market, boasting an estimated market share of over 70%. According to market analysis, the India Adhesives Market size is projected to grow from USD 2.87 billion in 2024 to USD 3.76 billion by 2028, at a Compounded Annual Growth Rate (CAGR) of 6.98% during the forecast period (2024-2028).

    Beyond Adhesives

    Fevicol’s success story extends beyond its core product. The company diversified its portfolio, introducing a range of consumer products and construction chemicals. This strategic expansion broadened Fevicol’s market presence, positioning it as a comprehensive solution provider.

    Pidilite Category Breakdown (FY 2023)
    Pidilite Category Breakdown (FY 2023)

    Fevicol’s Global Footprint

    Fevicol’s reach extends far beyond Indian shores, with operations spanning over 70 countries. The company boasts eight manufacturing facilities outside India, including Bangladesh, strategically positioning itself to cater to diverse markets worldwide.

    Market Dominance and Expansion

    Fevicol’s market capitalization has soared to Rs 1.38 lakh crore, underscoring its dominant position in the adhesive industry. Over the years, Fevicol established a virtual monopoly, captivating consumers with its superior quality and unmatched reliability.

    Diversification and Acquisitions

    In a strategic move to diversify its product portfolio, Pidilite, the parent company of Fevicol, introduced FeviQuick in 2002, catering to the growing demand for fast-acting adhesives. Additionally, Pidilite expanded its product range by acquiring M-seal and several other adhesive companies, further solidifying its market presence.

    International Expansion

    In 2006, Pidilite embarked on a bold international expansion strategy, setting up manufacturing facilities in key global markets such as the US, Thailand, Dubai, Egypt, and Bangladesh. This strategic move allowed Fevicol to tap into new markets and capitalize on emerging opportunities.

    Investment in Research and Development

    Recognizing the importance of innovation, Fevicol established a state-of-the-art research center in Singapore, dedicated to developing cutting-edge adhesive solutions. This investment in R&D reaffirmed Fevicol’s commitment to staying ahead of the curve and meeting evolving consumer needs.

    Pidilite Success Story – The brand behind the iconic Fevicol
    Check out the successful journey of Pidilite which is known for making a number of popular products like Fevicol, Fevikwik, Dr. Fixit & M-Seal.
    StartupTalkyShalini Rath

    Community Engagement

    Fevicol’s commitment to community empowerment is evident through initiatives like the Fevicol Champions Club (FCC). This platform not only provides carpenters with valuable business skills but also fosters a sense of camaraderie and professional development within the industry.

    Corporate Social Responsibility

    Giving back to society is ingrained in Fevicol’s ethos. By supporting farmers in adopting sustainable practices and empowering women through Self-Help Groups (SHGs), Fevicol contributes to positive change and community development. Initiatives in education, skill-building, and healthcare further underscore Fevicol’s commitment to social welfare.

    Financial Performance

    Pidilite Industries, the parent company of Fevicol, reported a net profit of Rs 12,889 million in FY23, marking a 6.8% increase compared to the previous fiscal year. Analysts at Goldman Sachs foresee new growth drivers emerging for the firm, signaling a positive outlook. The brokerage firm raised its earnings estimates for FY25/26 by 4/8%, respectively, expecting a strong recovery in margins from 16.7% in FY23 to 23.1% in FY26E.

    Innovative Marketing

    Fevicol’s marketing campaigns are legendary. Through creative and memorable advertisements, often featuring humorous situations where strong bonds are required, Fevicol captured the public’s imagination. These campaigns not only entertained but also reinforced the brand’s message, solidifying its place in popular culture.

    Fevicol’s MOST ICONIC ADS! 

    Global Recognition

    Fevicol’s impact transcends borders. Its innovative campaigns have garnered international acclaim, earning prestigious awards at events like the Cannes Festival. Fevicol’s journey from a local adhesive startup to a globally recognized brand is a testament to its universal appeal and enduring relevance.

    A notable instance is when Indian Prime Minister Narendra Modi likened the Indo-Japan relations to the strength of Fevicol’s bond. This exemplifies how Fevicol’s tagline has become ingrained in daily life situations, showcasing the brand’s pervasive presence in society.

    Looking Ahead

    As Fevicol continues to innovate and adapt to changing market dynamics, its future appears bright. With a steadfast commitment to quality, customer satisfaction, and community engagement, Fevicol is poised to maintain its position as a market leader and a symbol of adhesive excellence for generations to come.

    Conclusion

    Fevicol’s journey from a humble adhesive startup to a billion-dollar empire is a testament to the power of innovation, quality, and customer-centricity. By staying true to its core values while embracing change, Fevicol has left an indelible mark on the adhesive industry and beyond.

    FAQs

    What is Fevicol?

    Fevicol is a renowned adhesive brand introduced by Pidilite Industries Limited in 1963. It offers a range of high-quality adhesive solutions for various applications, including carpentry, woodworking, construction, and DIY projects.

    Who is considered the founder of Fevicol?

    Balvantray Kalyanji Parekh, commonly known as the “Fevicol Man,” is credited as the founder of Fevicol. As the visionary behind Pidilite Industries, the parent company of Fevicol, he played a pivotal role in shaping the brand’s identity and success.

    How did Fevicol revolutionize the adhesive industry?

    Fevicol revolutionized the adhesive industry by adopting a direct-to-carpenters approach, bypassing traditional distribution channels. Its disruptive strategy liberated craftsmen from cumbersome alternatives, establishing Fevicol as the preferred adhesive solution.

    What factors contributed to Fevicol’s success?

    Fevicol’s success can be attributed to several key factors, including its emphasis on quality assurance, user-friendly design, continuous innovation, customer-centric approach, and effective word-of-mouth marketing.

    What is Fevicol’s global footprint?

    Fevicol has a significant global presence, with operations spanning more than 70 countries and eight manufacturing facilities outside India, including Bangladesh. Its strategic international expansion has positioned Fevicol as a global adhesive powerhouse.

    Fevicol’s influence on popular culture is evident when Indian Prime Minister Narendra Modi likened the strength of Indo-Japan relations to that of Fevicol’s bond, stating, “Yeh Fevicol se bhi mazboot jod hai (this bond is stronger than that of Fevicol).”

  • Operating Virtual Offices in India: A Guide for Businesses on Rules, Regulations, and Utilization

    This Article has been contributed by Harsh Kumra and Sanjana Kumar, Associates with Spice Route Legal’s Corporate Practice Group.

    In recent times, the boom in the startup industry has given rise to another parallel ecosystem that shares a symbiotic relationship with early-stage startups — this ecosystem being the ecosystem of ‘virtual office spaces’.

    What is a “Virtual Office”?
    Legal Considerations
    How to Obtain a Virtual Office Space in India?

    What is a “Virtual Office”?

    A “Virtual Office” is a cost-effective solution that offers a non-exclusive and non-dedicated office address to entrepreneurs, for the purposes of managing communication and legalities (such as business registration, goods and service tax (“GST”) registration and maintenance of records). Virtual office allows entrepreneurs to have a professional presence, without having to physically work out of such a premise.

    Indian law does not prohibit the usage of virtual offices by entrepreneurs and establishments. In the limited cases where the judiciary has gotten involved in assessing the viability and legality of virtual offices, the stance taken by the authority has been in favour of virtual offices. Below are some of the legal considerations involved in setting up and operating virtual offices in India:

    A. Requirements Under the Companies Act, 2013 (“Companies Act”):

    The Companies Act requires all companies to have a registered office that is capable of receiving and acknowledging all communications and notices that may be addressed to them. The Companies Act does not create a distinction between physical offices and virtual offices. Section 12 of the Companies Act prescribes the conditions that must be fulfilled by a company for the purposes of its registered office, and some of these conditions are set out below:

    (1). Companies are required to furnish to the Registrar of Companies (“ROC”) verification of its registered office within a period of 30 (Thirty) days of their incorporation in Form INC 22 (Notice of situation or change of situation of registered office) with supporting documents such as (i) the registered document of the title of the premises of the registered office in the name of the company, (ii) the notarized copy of the lease or rent agreement in the name of the company along with a copy of rent paid receipt, (iii) the authorisation from the owner or authorised occupant of the premises along with proof of ownership or occupancy authorisation, to use the premises by the company as its registered office, and (iv) proof of evidence of any utility service like telephone, gas, electricity, etc. depicting the address of the premises in the name of the owner, which is not older than 2 (Two) months.

    (2). Every Company has to:
    1.     Paint or affix its name and the address of its registered office, and keep the same painted or affixed, on the outside of every office or place in which its business is carried on;

    2. have the address of its registered office printed in all its business letters, billheads, letter papers and in all its notices and other official publications; and

    3. publish the address of its registered office on the landing/home page of its website.

    If the ROC has reasonable cause to believe that a company is not carrying on any business or operations, then the ROC is entitled to cause a physical verification of the registered office of the company, and if any default is found to be made in complying with the requirements, the ROC may initiate action for the removal of the name of the company from the register of companies.

    (3). The Companies Act requires companies to maintain certain records and registers at their offices. These requirements would also extend to the companies operating through a virtual office. Some of these requirements include maintenance of copies of all incorporation documents (including the memorandum of association and articles of association), copies of annual returns filed by companies, and statutory registers (such as register of members (Form MGT-1), register of debenture holders or any other security holders (Form MGT 2), register of directors and key managerial personnel, register of charges (Form CHG-7), register of sweat equity shares (Form SH-3), register of employee stock options (Form SH-6) and register of loans, guarantee, security and acquisition made by the company (Form MBP-2)).

    Everything You Need to Know about Virtual Office
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    StartupTalkyVarad Kitey

    B. Goods and Services Tax Act, 2017 (“GST Act”)

    Under the GST Act, all companies that are over the threshold limit as mentioned therein are required to obtain a 15-digit GST identification number and a certificate of registration for each place of business. However, the GST Act does not make a distinction between virtual offices and physical offices. Virtual offices are subject to the same registration requirements under the GST Act as physical offices.

    M/s. Spacelance Office Solutions Private Limited, in an application filed with the Kerela Authority For Advance Ruling Goods and Services Tax Department Tax Tower, Thiruvananthapuram (“Authority”), 1 while highlighting that leasing and maintaining full-fledged independent offices in big cities are unaffordable and unfeasible to most of the startup companies due to high rentals and related charges, raised the question as to whether GST registration is allowed for multiple companies from the same address, provided they follow all GST rules related to “principal place of business”.

    While answering the question in affirmative, the Authority highlighted that there is no prohibition under the GST law for obtaining GST registration for a shared office space or virtual office, if the landlord permits such sub-leasing as per the agreement. The Authority further recognised that these offices are of greater benefit to travelling freelancers, small businesses, startups and even to the businesses that are operated from remote areas. Additionally, the Authority also stated that companies operating in virtual offices should provide to the relevant authorities, the rental agreement executed between the lessor and lessee, and in the event, there is any sub-lease arrangement, then the rental agreement between lessee and sub-lessee.

    In addition to this, the companies should also provide a copy of the “monthly utility bill” in connection with payment towards electricity charges, water charges or other common services availed by the respective suit or desk number occupied by the company operating in the virtual office.

    C. Shops and Establishments Framework

    Compliance with the shops and establishments framework varies from state to state, given that each state has its separate shops and establishments legislation which contains different applicability thresholds, i.e., the minimum number of employees that should be employed by a company in an establishment for the legislation to be applicable to a company. For instance, while the minimum number of employees in the state of Maharashtra has been designated as 10 (ten) for the Maharashtra Shops and Establishment (Regulation of Employment Condition of Service) Act, 2017 to be applicable to a shop and/or an establishment in the state of Maharashtra, there is no qualifying threshold under the Karnataka Shops and Commercial Establishments Act,

    Advance Ruling Number KER/55/2019 dated July 15, 2019

    1961, resulting in the act to apply to every shop and establishment in the state of Karnataka.

    The definition of “shop” and “establishment” includes any premises where any trade or business is carried on or where services are rendered to customers. The shops and commercial establishments framework applies to every office and shop where commercial activities are carried on. The license for a shop or an establishment is a license that gives an entity a legal identity in terms of carrying on trade or business. The Shops and Establishment legislation does not distinguish physical and virtual offices — accordingly, a view could be taken that even virtual offices would be covered under the ambit of Shops and Establishments legislation.

    Global Virtual Office Market Size
    Global Virtual Office Market Size

    How to Obtain a Virtual Office Space in India?

    There are several service providers in India, such as Awfis, Spring House, IndiQube, The Playce and Cofynd, that provide virtual office spaces to entrepreneurs and startups, and other allied services in relation thereto. The services provided by such service providers include allowing the companies to use the premise as its registered office address, assistance with government-compliant documentation, GST registration, and handling of mail, documents and written communications.

    Conclusion

    In recent years, to adapt to today’s evolving technological landscape, many businesses have opted for a virtual office solution. One of the main advantages of a virtual office is that they are much more cost-effective than a traditional physical office. This enables entrepreneurs to keep business expenses low as on account of reduced costs of commuting and transportation, office equipment, office maintenance and utilities and other such associated costs of a physical office.

    While virtual offices are ideal for new-age entrepreneurs and small-scale companies, this model might not be suitable for medium to large-scale companies, given that such companies would have increased legal compliance burden (in terms of maintaining documents and records, and facilitating statutory inspections); would require a larger workforce; and would have to place reliance on, on account of increased operations, physical meeting rooms and offices.

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    FAQs

    What is a virtual office?

    A virtual office is a cost-effective solution providing a non-exclusive and non-dedicated office address for entrepreneurs.

    Yes, virtual offices are legal in India. The Companies Act, 2013, and Goods and Services Tax Act, 2017, do not distinguish between physical and virtual offices.

    Which virtual office service providers are available in India?

    Some of the best virtual office service providers in India are:

    • Awfis
    • Spring House
    • IndiQube
    • The Playce
    • Cofynd

  • GST Shockwave Hits IPL 2024 Marketing Fund for Fantasy Gaming Apps

    The recent imposition of a 28% GST on fantasy gaming apps in India has disrupted the industry, particularly during the Indian Premier League (IPL) 2024 season.

    This unexpected move has hindered marketing efforts and user engagement strategies, posing significant challenges for fantasy gaming platforms during one of the most anticipated sporting events of the year.

    The high tax rate imposed by the Centre has caught many gaming operators off guard, compelling them to reassess their strategies and business models.

    Previously, these platforms were operating without any tax implications, but since October 2023, the sector has faced a significant financial burden. 

    The implementation of the 28% Goods and Services Tax (GST) translates to users needing to allocate Rs 28 for every Rs 100 spent on online games, regardless of their skill-based or chance-based nature. 

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    Why Is GST a Deterrent?
    How Did Fantasy Gaming Begin?
    Impact of the GST on Fantasy App Operators
    Who Are the Key Players in the Fantasy App Business?
    Potential Consequences for Fantasy App Users
    Responses From Fantasy App Operators and Industry Experts
    Exploring Alternative Revenue Models for Fantasy Apps
    Marketing Strategy for Fantasy Apps During Ipl With Gst in Place
    The Future of Fantasy Apps in the Wake of the GST
    Tips for Fantasy App Operators to Navigate the Changing Landscape
    Strategies for Fantasy App Users to Continue Enjoying the Ipl Season
    Adapting to the New Reality of Fantasy Apps in the Post-gst Era

    Why Is GST a Deterrent?

    This tightened taxation policy has raised concerns among gaming companies, particularly regarding its adverse effects on their ability to invest in new game development, hindered cash flows, and constrained business expansion opportunities. 

    Compounded with the current IPL season, where marketing budgets are already constrained due to the tax implications, gaming companies find themselves facing additional challenges in promoting their platforms and attracting users.

    In October 2023, the blanket GST tax was implemented by the Indian government to streamline taxation and bring more transparency to the booming fantasy gaming industry. 

    According to a report by the All India Gaming Federation, India’s online gaming market has experienced remarkable growth in recent years. It is forecasted to surge from USD 1.6 billion in 2022 to a projected USD 5 billion by 2025. This growth is attributed to the rising penetration of smartphones and the internet across the country.

    While the intention behind the move may be noble, its consequences for fantasy app operators and users have yet to be fully realized. Before learning further about the implications, let’s delve into the history and origin of fantasy gaming operations.

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    How Did Fantasy Gaming Begin?

    Fantasy sports involve creating teams of real players from different sports and earning points based on their actual game performance. It started after World War II, initially focusing on golf, then expanding to football and baseball.

    With digital advancements, fantasy sports have become a big industry. Applications now support multiple games, including popular franchise-based leagues like the NBA (National Basketball Association), AFL (Australian Football League), NRL (National Rugby League), and IPL (Indian Premier League). Dedicated game lobbies for these tournaments have further expanded the fantasy sports market.

    As per a recent study released by Allied Market Research titled ‘Opportunity Analysis and Industry Forecast, 2021–2027,’ the worldwide fantasy sports market was valued at USD 18.6 billion in 2019 and is anticipated to attain USD 48.6 billion by 2027, showcasing a compound annual growth rate (CAGR) of 13.9% from 2021 to 2027.

    Fantasy sports platforms team up with big sports leagues like the ICC Cricket World Cup, the Indian Premier League (IPL), and the Pro Kabaddi League to get more visibility and connect with a larger audience. These partnerships also boost user engagement and participation. However, during IPL 2024, fantasy gaming apps are finding it difficult to maintain their marketing and sponsorship efforts as they grapple with the burden of GST.

    Indian Online Gaming Sector from the Year 2019 to 2023 With Forecasted Value for the Year 2025
    Indian Online Gaming Sector from the Year 2019 to 2023 With Forecasted Value for the Year 2025

    Impact of the GST on Fantasy App Operators

    The rate of GST tax has left fantasy app operators scrambling to assess its impact on their businesses. 

    The sudden increase in tax rates from zero to 28% has significantly increased their operational costs. This, in turn, may lead to a decrease in revenue and profitability for these platforms.

    According to market reports, more than four months following the enforcement of a 28% GST on the sector, gaming companies have witnessed a staggering increase in operating costs, ranging from 4x to 6x. This surge in costs has significantly impacted profitability, leading to diminished or non-existent returns for many players in the industry.

    As per Inc42 Weekly Brief, over 500 employees were laid off by Mobile Premier League (MPL), Hike (Rush), and Spartan Poker, with Bengaluru-based Gameskraft‘s Gamezy Fantasy, MPL-backed Striker, Fantok, and Quizzy ceasing operations.

     “The new rules will increase our tax burden by as much as 350-400%. As a business, one can prepare for a 50% or even a 100% increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” the co-founders said in an email to the employees,” MPL CEO and co-founder Sai Srinivas had said in an internal email to employees.

    Who Are the Key Players in the Fantasy App Business?

    App Name Ratings Type
    Big Cash 4.7 Stars Multi-Gaming RMG
    Dream 11 4.5 Stars Fantasy Gaming
    My Team 11 4.3 Stars Fantasy Gaming
    MPL 4.1 Stars Multi-Gaming RMG
    Howzat 4.4 Stars Fantasy Cricket Gaming
    Fan2Play 4.3 Stars Fantasy Cricket Gaming
    Paytm First Games 2.7 Stars Multi-Gaming RMG
    BalleBaazi 3.3 Stars Multi-Fantasy Gaming
    Vision11 2.3 Stars Fantasy Cricket Gaming
    11Wickets 4.1 Stars Multi-Fantasy Gaming

    The higher tax rate means that fantasy app operators may have to make tough decisions such as reducing marketing budgets, cutting down on user acquisition initiatives, laying off employees to streamline costs, or even increasing the fees charged to users. 

    All of these measures could have a negative impact on the overall user experience and may deter new users from joining these platforms.

    Potential Consequences for Fantasy App Users

    The retrospective GST tax has the potential to affect fantasy app users in several ways. 

    Firstly, the increased costs incurred by app operators may be passed on to the users, making participation in fantasy games more expensive. This could lead to a decline in user engagement, as players may be hesitant to spend more money on these platforms.

    Additionally, the higher tax rate may also result in reduced prize pools and rewards for winners. Fantasy app operators, burdened by the additional tax liability, may be forced to cut back on offering attractive incentives to users

    This could further dampen the enthusiasm of fantasy gaming enthusiasts and discourage them from actively participating in the games.

    A media report quoted Aman Gupta, VP of Finance at Witzeal Technologies, a new-age gaming tech company, as saying, “Already, several startups in the gaming sector have ceased operations following the 28% GST adjustment. If the government’s anticipated review post-March fails to yield favorable results, I anticipate dire consequences for numerous gaming companies, including major players.”

    With the Lok Sabha polls announced and the government in election mode, it’s unlikely there will be any changes to the GST rate for fantasy gaming before June.

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    Responses From Fantasy App Operators and Industry Experts

    Fantasy app operators have expressed concerns about the GST tax and are seeking solutions. Many are disappointed with the abrupt implementation of the tax and are urging a reconsideration of the tax rate.

    Industry experts have also weighed in on the matter, highlighting the need for a balanced approach that takes into account the impact on both operators and users. 

    With around 71 show-cause notices issued by the government and approximately Rs 1.12 lakh crore at stake, clear regulations and a unified legal approach nationwide are crucial.

    Forecasts suggest that revenues from this sector are poised to reach an impressive Rs 29,000 crore.

    The industry suggests that a lower tax rate or a phased implementation could help mitigate the negative consequences of the tax and ensure the continued growth of the fantasy gaming industry.

    “Our legal advisors have indicated that the current environment creates uncertainties that we cannot ignore. The recent imposition of a 28% GST on the entire realized amount, coupled with high TDS and issues related to payment gateways, has further compounded these challenges. Additionally, the substantial cost of customer conversion has placed a significant strain on our resources,” a social gaming platform, FanTok said on the professional networking site LinkedIn before ceasing its operations temporarily.

    Exploring Alternative Revenue Models for Fantasy Apps

    To overcome the challenges posed by the retrospective GST tax, fantasy app operators are exploring alternative revenue models. 

    One such model is the introduction of in-app purchases or subscriptions. By offering additional features or premium content at a nominal cost, operators can generate revenue without solely relying on participation fees.

    Another approach is strategic partnerships and sponsorships. Fantasy app operators can collaborate with brands and advertisers to create mutually beneficial campaigns. 

    This not only diversifies their revenue streams but also enhances the overall user experience by providing engaging and relevant content.

    Marketing Strategy for Fantasy Apps During IPL With GST in Place

    Opt-In Registration Campaigns

    Launch enticing campaigns across digital channels to encourage users to subscribe for SMS and WhatsApp updates, emphasizing real-time updates and exclusive offers.

    Timely Updates and Reminders

    Send regular updates on IPL matches, trade deadlines, and player news directly to subscribers’ phones to keep them engaged and informed throughout the season.

    Exclusive Offers and Discounts

    Offer special promotions, such as discounted entry fees and referral bonuses, exclusively to subscribers to incentivize participation and foster loyalty.

    Real-Time Player Insights

    Deliver instant updates on player performance, injuries, and trade rumors to empower users to manage their fantasy teams effectively.

    Interactive Engagement

    Engage subscribers with interactive contests, polls, and surveys related to IPL matches, rewarding active participation and valuable feedback.

    Responsive Customer Support

    Utilize SMS and WhatsApp for quick and convenient customer support, addressing queries and resolving issues promptly to enhance user experience.

    Strategic Cross-Promotions

    Partner with sports brands and media outlets to amplify reach and promote the fantasy app’s subscription service, leveraging collaborative opportunities during the IPL season.

    Implementing these strategies will enable fantasy apps to leverage SMS and WhatsApp marketing effectively, driving user engagement and participation despite the challenges posed by GST implementation.

    The Future of Fantasy Apps in the Wake of the GST

    The fate of fantasy apps in this Indian Premier League season and beyond hinges on their ability to adapt to the new tax regime. 

    While the initial shock of the retrospective GST tax may have caused disruptions, operators and users alike are resilient and eager to find viable solutions.

    Despite the challenges, the IPL season remains an evergreen golden opportunity for fantasy app operators to attract new users and retain existing ones. 

    The thrill of the games and the spirit of competition continue to captivate cricket fans, making fantasy apps an enticing platform for engagement and entertainment.

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    Tips for Fantasy App Operators to Navigate the Changing Landscape

    To navigate the changing landscape of the fantasy gaming industry, app operators need to be proactive and strategic. 

    Here are some tips to help them stay ahead:

    Focus on User Retention

    Prioritize the needs and preferences of existing users by enhancing their experience through personalized recommendations, rewards, and exclusive content.

    Invest in Marketing

    Despite the increased tax burden, allocate a portion of the budget to marketing efforts, targeting potential new users and expanding the user base.

    Leverage Data Analytics

    Utilize advanced analytics tools to gain insights into user behavior, preferences, and trends. This data can be used to refine marketing strategies and improve the overall user experience.

    Strategies for Fantasy App Users to Continue Enjoying the IPL Season

    For fantasy app users, the retrospective GST tax shouldn’t deter them from enjoying the IPL season and participating in their favorite games. 

    Here are some strategies to make the most of the season:

    Plan your Budget

    Set a budget for fantasy gaming and stick to it. Be mindful of the increased costs due to the tax and allocate your funds accordingly.

    Explore Alternate Platforms

    Consider trying out different fantasy apps to find the one that offers the best value for your money.

    Take Advantage of Promotions

    Keep an eye out for promotions and special offers from fantasy app operators. They may provide an opportunity to maximize your winnings and offset the increased costs.

    Adapting to the New Reality of Fantasy Apps in the Post-GST Era

    The retrospective 28% GST tax has undoubtedly posed challenges for fantasy app operators and users alike. However, it is crucial to adapt to the new reality and find innovative solutions to sustain the growth and popularity of fantasy gaming.

    While the fate of fantasy apps in this IPL season remains uncertain, one thing is clear – the spirit of competition and the love for cricket will continue to drive users towards these platforms. 

    By embracing change, exploring alternative revenue models, and prioritizing user experience, fantasy app operators can weather the storm and emerge stronger than ever. 

    “ With Dream11 already having a big piece of the pie, smaller companies might feel the heat. This could lead to a pure monopoly as Dream11 grows even bigger, giving them more control over platform costs. If the decision to remove GST is made, Dream11 could emerge as the eventual winner,” a cricket enthusiast posted on networking site LinkedIn.

    And for users, the thrill of creating virtual teams and competing against friends and fellow cricket enthusiasts will keep the excitement alive, despite the financial implications of the GST tax.

    Conclusion

    In conclusion, the decision by India’s GST Council to levy a 28% GST on online gaming has stirred debate and apprehension among industry professionals.

    While the government’s intention to prevent gambling is understood, industry stakeholders fear catastrophic repercussions, including job losses, restrictions on foreign investment, and a potential shift towards illegal offshore platforms. 

    The future of the online gaming sector hangs in the balance, with the industry pleading for reconsideration of the high tax rate. Only time will reveal whether the government will heed these concerns and revisit its decision, ensuring a more balanced approach that fosters both regulatory compliance and industry growth

    So, as the IPL season unfolds, let us embrace this new reality and continue to enjoy the magic of fantasy apps, creating unforgettable moments and memories that will last a lifetime.

    FAQs

    What are the top fantasy apps in India?

    The top fantasy apps in India include Dream11, MPL (Mobile Premier League), MyTeam11, BalleBaazi, and FanFight, among others.

    These fantasy apps boast millions of users and have a significant presence in the Indian gaming market. Dream11, in particular, has emerged as a market leader and official partner of major sports leagues like IPL.

    What types of games do these fantasy apps offer?

    These apps primarily focus on cricket, but they also offer fantasy leagues for other sports such as football, basketball, kabaddi, and more. Users can create virtual teams of real players and earn points based on their performance in actual matches.

    How do these apps generate revenue?

    These apps generate revenue through various channels, including entry fees charged for participating in fantasy leagues, advertising, sponsorships, in-app purchases for premium features, and partnerships with sports leagues and brands.

    Yes, fantasy sports apps operate legally in India under the exemption provided for games of skill in state gambling laws. However, they must comply with certain regulations and guidelines set by regulatory authorities to ensure fair play and responsible gaming practices.

  • Most Valuable IPL Teams 2024

    The Indian Premier League (IPL) is one of the most high-profile cricket leagues in the world, known for its star-studded lineups, and thrilling matches. However, the league’s significance goes beyond just sporting entertainment. With teams representing significant cities and corporate giants, the IPL has evolved into a massive business venture, generating yearly revenue. In this article, we delve into the financial powerhouses of the IPL, highlighting the most valuable teams that are not only dominating the pitch but also the boardroom.

    Mumbai Indians
    Chennai Super Kings
    Kolkata Knight Riders
    Royal Challengers Bangalore
    Gujarat Titans
    Delhi Capitals
    Rajasthan Royals
    Sunrisers Hyderabad
    Lucknow Super Giants
    Punjab Kings

    Mumbai Indians

    Team Mumbai Indians
    Owner Reliance Industries
    Value INR 725 crore
    Most Valuable IPL Teams 2024 - Mumbai Indians
    Most Valuable IPL Teams 2024 – Mumbai Indians

    Mumbai Indians is a highly acclaimed professional cricket team from Mumbai, Maharashtra. It was founded in 2008 and is owned by the prestigious Indian conglomerate Reliance Industries. It holds a 100% stake in its subsidiary – India Win Sports. The team has established itself as one of the most successful franchises in the history of the Indian Premier League (IPL) tournament, having won the championship title five times. The team’s impressive track record is attributed to the hard work and dedication of its players, coaches, and support staff, who have strived to maintain its high standards and reputation over the years. 

    In addition to its on-field success, the Mumbai Indians franchise has recently witnessed a significant increase in its brand value. According to reports, the team’s brand value has seen a 5% surge compared to the previous year, and it currently stands at an impressive Rs 725 Crores. This remarkable increase is a testament to the team’s widespread popularity and ability to attract and retain loyal fans. The Mumbai Indians franchise is undoubtedly one of the most valuable and sought-after franchises in the IPL tournament, and it continues to inspire and entertain cricket enthusiasts across the globe.

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    Chennai Super Kings

    Team Chennai Super Kings
    Owner India Cements
    Value INR 672 crore
    Most Valuable IPL Teams 2024 - Chennai Super Kings
    Most Valuable IPL Teams 2024 – Chennai Super Kings

    Chennai Super Kings (CSK) is a professional cricket team representing Chennai in the Indian Premier League (IPL). The team was founded in 2008 and has since become one of the most successful franchises in the IPL. They play their home matches at the M. A. Chidambaram Stadium in Chennai, which has a seating capacity of 50,000.

    India Cements owns the team through its subsidiary, Chennai Super Kings Cricket Limited. CSK has won five IPL titles, which they share with the Mumbai Indians. They have also appeared in a record ten finals and have qualified for the playoffs 12 times out of the 14 seasons they have played, which is more than any other team. In 2023, CSK won their fifth IPL title in a thrilling match against the Gujarat Titans. Ravindra Jadeja played a crucial role in the final, hitting a six and a four off the final two balls to help the team clinch victory. This record-breaking win was a testament to the team’s resilience, determination, and skill.

    CSK’s brand value has consistently increased yearly, with a 9% increase in the latest season. The team’s popularity results from its consistent performance on the field and strong leadership, with MS Dhoni captaining it for several seasons.

    Regarding sponsorship, CSK landed a lucrative deal with Etihad Airways for the 2024 season, a testament to the team’s brand value and popularity. With a strong team and a loyal fan base, CSK is one of the most respected and successful franchises in the IPL.

    Kolkata Knight Riders

    Team Kolkata Knight Riders
    Owner Shah Rukh Khan, Juhi Chawla, Jay Mehta, and Red Chillies Entertainment
    Value INR 655 crore
    Most Valuable IPL Teams 2024 - Kolkata Knight Riders
    Most Valuable IPL Teams 2024 – Kolkata Knight Riders

    The Kolkata Knight Riders (KKR) are a professional cricket team representing the city of Kolkata in the Indian Premier League (IPL). Famous Bollywood actor Shah Rukh Khan owns the franchise and has a rich history of success in the IPL. Over the years, KKR has developed many rivalries with other teams due to their consistent performances in the tournament.

    The Knight Riders play their home matches at the iconic Eden Gardens, which the Cricket Association of Bengal owns. The stadium has a seating capacity of over 66,000 and is known for its electrifying atmosphere during KKR matches. Despite their last IPL win in 2014, the KKR brand value remains solid due to their passionate and loyal fan base. The team’s past success, combined with their star-studded lineup and aggressive playing style, has made them one of the most exciting teams to watch in the IPL.

    Royal Challengers Bangalore

    Team Royal Challengers Bangalore
    Owner United Spirits Limited
    Value INR 582 crore
    Most Valuable IPL Teams 2024 - Royal Challengers Bengaluru
    Most Valuable IPL Teams 2024 – Royal Challengers Bengaluru

    Royal Challengers Bangalore (RCB) is a professional cricket team based in Bengaluru, India, and one of the franchises participating in the Indian Premier League (IPL). United Spirits Limited, a subsidiary of the Diageo Group, owns the team. It is known for its #PlayBold philosophy, which reflects its spirit on and off the field. The team’s motto, “Defeats don’t defeat us; the Challenger Spirit keeps us alive,” represents the players’ and fans’ never-give-up attitude.

    Despite not winning an IPL title yet, the Royal Challengers Bangalore is one of the league’s most popular and successful teams. The team has a massive and dedicated fan base that extends globally, and they are known for their passionate support for the team. One of the reasons behind the team’s enormous popularity is the presence of the Indian cricket team player, Virat Kohli, who is also the captain of RCB. 

    In 2023, the team announced a three-year partnership with Qatar Airways, a significant milestone for the team and the league. This partnership will not only boost the team’s profile but also help expand the reach of the IPL globally.

    Gujarat Titans

    Team Gujarat Titans
    Owner CVC Capital Partners
    Value INR 545 crore
    Most Valuable IPL Teams 2024 - Gujarat Titans
    Most Valuable IPL Teams 2024 – Gujarat Titans

    Established in 2021, Gujarat Titans is a professional cricket franchise that participates in the Indian Premier League (IPL). The team is based in Gujarat and plays its home matches at the world-renowned Narendra Modi Stadium in Motera. CVC Capital Partners, a leading global private equity firm, owns the franchise.

    The team is led by the talented and promising batsman Shubman Gill, who has been instrumental in guiding the team to success. In the 2022 season, under the captaincy of all-rounder Hardik Pandya, the team emerged victorious by clinching their maiden IPL title in their debut season. The achievement was a testament to the team’s hard work, dedication, and excellent teamwork. The team’s home ground is the Narendra Modi Stadium, which boasts state-of-the-art facilities and a seating capacity of over 100,000. Located in Motera, Gujarat, the stadium is one of the largest cricket stadiums in the world and has hosted several high-profile cricket matches.

    Gujarat Titans have been a force to reckon with in the IPL, having enjoyed a 38% increase in brand value since last year. They have captured the imagination of cricket fans with their attacking play style and earned a reputation for being a formidable team. 

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    Delhi Capitals

    Team Delhi Capitals
    Owner JSW Sports and GMR Sports
    Value INR 537 crore
    Most Valuable IPL Teams 2024 - Delhi Capitals
    Most Valuable IPL Teams 2024 – Delhi Capitals

    Delhi Capitals (formerly Delhi Daredevils) are a professional franchise cricket team based in Delhi. The GMR Group and the JSW Sports jointly own the franchise. Delhi Capitals, previously known as Delhi Daredevils, is a professional cricket team representing the city of Delhi in the Indian Premier League (IPL). The GMR Group and JSW Sports jointly own the franchise. The team is captained by Rishabh Pant and coached by the legendary Australian cricketer Ricky Ponting. 

    The Capitals made their first-ever IPL final appearance in 2020, facing the Mumbai Indians. Although they couldn’t emerge victorious, their impressive performance and fighting spirit won them many fans nationwide. Despite having yet to win an IPL title, the Delhi Capitals have been one of the most consistent teams in the tournament in recent years. They have a strong core of talented players performing exceptionally well, and their resurgence has contributed significantly to their growth. 

    Regarding brand value, the Delhi Capitals’ value increased by 3% year-on-year, although they have slipped one place down to sixth in the rankings. However, their constantly improving performance and fan following suggest they are on the right track. The Delhi Capitals have also been successful in securing new sponsorships. For instance, NueGo, India’s leading intercity electric AC bus service from GreenCell Mobility, has collaborated with DC for the 2024 season.

    Rajasthan Royals

    Team Rajasthan Royals
    Owner The Royals Sports Group
    Value INR 521 crore
    Most Valuable IPL Teams 2024 - Rajasthan Royals
    Most Valuable IPL Teams 2024 – Rajasthan Royals

    Rajasthan Royals is a professional cricket team representing Jaipur in the Indian Premier League (IPL). The team was founded in 2008 as one of the initial eight franchises of the league and has since been a consistent participant in the tournament. The franchise has seen a steady 2% year-on-year increase in brand value, which is a testament to the team’s success and popularity among cricket fans in India and abroad. 

    With the upcoming season, Rajasthan Royals have an excellent opportunity to break their trophy drought and make a mark in the tournament. The team boasts plenty of talent in their squad, comprising some of the best players in the world of cricket. RR has extended its sponsorship deal with Luminous Power Technologies to strengthen its position ahead of IPL 2024. The team’s association with Luminous Power Technologies is a testament to the brand’s commitment to supporting sports and promoting a healthy and active lifestyle.

    Sunrisers Hyderabad

    Team Sunrisers Hyderabad
    Owner SUN Group
    Value INR 401 crore
    Most Valuable IPL Teams 2024 - Sunrisers Hyderabad
    Most Valuable IPL Teams 2024 – Sunrisers Hyderabad

    Sunrisers Hyderabad is a professional cricket team in the Indian Premier League (IPL). The franchise is based in Hyderabad, Telangana, and is owned by Kalanithi Maran of the SUN Group. The team was established in 2012 after the IPL terminated the Hyderabad-based Deccan Chargers.

    Sunrisers made their IPL debut in 2013 and made an impressive start by reaching the playoffs in their first season. In 2016, the team won their maiden IPL title, defeating the Royal Challengers Bangalore by eight runs in the final. Since their title win, the team has qualified for the playoff stage of the tournament in every season. However, Sunrisers Hyderabad (SRH) is the only IPL franchise to see a year-on-year decline. Their brand value of 401 crore rupees is 1% lower than last year, and the franchise is looking to rectify their disappointing on-field performances this season.

    Despite their struggles, SRH boasts of a talented squad, including arguably the best overseas pool of any team. The team’s principal sponsor for the 2024 IPL is FanCraze.

    Lucknow Super Giants

    Team Lucknow Super Giants
    Owner RPSG Group
    Value INR 392 crore
    Most Valuable IPL Teams 2024 - Lucknow Super Giants
    Most Valuable IPL Teams 2024 – Lucknow Super Giants

    Lucknow Super Giants (LSG) is a professional cricket team based in Lucknow, Uttar Pradesh, India. The franchise is owned by the RPSG Group, who also owned the Rising Pune Supergiant franchise in the Indian Premier League (IPL) between 2016 and 2017. LSG is captained by the talented Indian cricketer KL Rahul, who has been putting up an impressive performance in the IPL and is a critical player in the Indian national team. 

    Despite being ranked ninth in the tournament, the team has shown remarkable growth in its brand value, with a staggering 48% increase compared to the previous year. The franchise’s success can be attributed to its exceptional performance in the IPL, which has helped it gain a strong fan following. LSG has made two playoff appearances in their first two seasons, which is a commendable effort for a relatively new team. The team has a well-balanced squad, with some of its ranks’ best domestic and international players. LSG’s batting lineup is led by KL Rahul, one of the best batsmen in the world. It is supported by other talented players such as Mayank Agarwal, Chris Gayle, and Nicholas Pooran. The bowling attack is spearheaded by the experienced Australian pacer Nathan Coulter-Nile. It includes the likes of Mohammed Shami, Ravi Bishnoi, and Murugan Ashwin. 

    The franchise’s principal sponsor is My11Circle, a popular fantasy sports platform. The team has also partnered with other brands, such as Tata Motors, Jio, and Kotak Mahindra Bank, which has helped it increase its revenue streams. With a solid fan base and a talented team, LSG is poised to achieve even greater success in the future.

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    Punjab Kings

    Team Punjab Kings
    Owner Mohit Burman, Ness Wadia, Preity Zinta, and Karan Paul
    Value INR 377 crore
    Most Valuable IPL Teams 2024 - Punjab Kings
    Most Valuable IPL Teams 2024 – Punjab Kings

    Punjab Kings (PBKS) is a professional franchise cricket team established in 2008 as Kings XI Punjab (KXIP) based in Mullanpur, Punjab. The franchise is jointly owned by Mohit Burman, Ness Wadia, Preity Zinta, and Karan Paul. The team has been playing its home matches at the PCA Stadium in Mullanpur. Still, since the 2010 season, they have also played some of their home matches at Dharamsala and Indore.

    PBKS is a team that has been struggling to make a mark in the Indian Premier League (IPL), having not qualified for the playoffs since 2014, despite some close calls in recent seasons. The team has been performing well, but more is needed to take them to the playoffs. PBKS is looking forward to the 2024 season, hoping to turn things around and make it to the playoffs.

    PBKS is currently ranked tenth in the IPL with a brand value of 377 Crore rupees, up 1% from last year. The team has a solid fan base, and their home matches are always well-attended. With a talented squad of players and a dedicated coaching staff, PBKS is determined to make a mark in the IPL and bring home the coveted trophy.

    FAQs

    Which is the most valuable IPL team in 2024?

    Mumbai Indians with a brand value of INR 725 crores is the most valuable IPL team 2024.

    Who is the owner of Gujarat Titans?

    CVC Capital Partners is the owner of Gujarat Titans.

    Which team’s value has a year-on-year decline?

    Sunrisers Hyderabad (SRH) is the only IPL franchise to see a year-on-year decline. Their brand value of 401 crore rupees is 1% lower than last year, and the franchise is looking to rectify their disappointing on-field performances this season.

  • Reddit’s IPO Fever Is Rising High

    The year 2005 saw the launch of Reddit, an online community and message board. Over 100,000 distinct neighborhoods/communities (Subreddits) make up Reddit’s infrastructure; each has its own lingo, culture, customs, and set of rules—written and unwritten alike. In these communities, people build their own neighborhoods and also moderate it to make sure it stays secure, lively, and, most importantly, authentic to who it is.

    At present, Reddit ranks as both the seventh most popular social networking platform and the sixteenth most viewed website in the world. The ability to publish anonymously is the site’s main selling point since it promotes honesty and openness.

    Being the first US-listed social media firm in the last five years (since Pinterest’s launch in 2019), it’s sure to be a widely watched initial public offering. After a long absence of tech IPOs, investors and entrepreneurs will be keeping a close eye on this one to see whether it will revive the market for initial public offerings.

    According to sources close to the situation, Reddit’s first public offering is four to five times oversubscribed, which increases the likelihood that the social media network will achieve its $6.5 billion valuation target.

    Although the oversubscription does not ensure a successful stock market debut, it does indicate that the company is well-positioned to achieve its target price range of $31 to $34 per share when pricing the initial public offering.

    Reddit CEO Steve Huffman on IPO debut: The best investors of Reddit are people who use Reddit

    Turning the Cornerstone
    A Flimsy Business Projection
    Reddit Is Also Trying to Regulate AI to Help It Grow

    Turning the Cornerstone

    Reddit has been an integral part of the social media landscape since its 2005 inception. One of the most recognizable trademarks on the internet is its famous logo, which features an extraterrestrial against an orange backdrop.

    “The sublime to the ridiculous, the trivial to the existential, the comic to the serious” are just some of the subjects that can be discussed on its 100,000 online forums, called “subreddits,” according to co-founder Steve Huffman. According to Huffman’s letter, he sought assistance from one of the subreddits in order to stop drinking. Similarly, in 2012, former US President Barack Obama conducted an interview with the site’s users called an “AMA” (“ask me anything”).

    In 2021, members of the company’s powerful communities gained notoriety for their involvement in the “meme-stock” scandal, in which a number of individual investors pooled their resources on Reddit’s “wallstreetbets” forum to purchase shares of heavily shorted firms, including gaming retailer GameStop.

    Worldwide Visits to Reddit.com From July to December 2023
    Worldwide Visits to Reddit.com From July to December 2023

    A Flimsy Business Projection

    Contemporaries like X (formerly known as Twitter), Facebook (META.O) by Meta Platforms, and opens new tab have been more successful than Reddit, despite the cult-like status of its supporters.

    In a previous filing, the firm claimed to be “in the early stages of monetizing (its) business” and to have never made a profit.

    For the three months ending December 31, 2023, Reddit reported an average of 73.1 million daily active “uniques” (users who log in at least once per day).

    Another issue that advertisers have pointed out is the company’s lax approach to content management.

    In order to keep the forums free of inappropriate material, it depends on volunteers from its user base. In 2023, a number of moderators resigned in protest of Reddit’s intention to charge outside app developers for data access, but they are free to resign at any moment.

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    Reddit Is Also Trying to Regulate AI to Help It Grow

    Another way Reddit plans to make money off of its platform is by selling licencing its content rights to companies who use it to train AI models. Last month, a renowned media house reported that Google and Reddit had signed an agreement to use Reddit content to train Google’s huge language models. The transaction is worth $60 million per year.

    But even that income isn’t without its doubters. Last Monday, Reddit announced that the FTC is investigating its licencing practices for user-generated content.

    “Given the novel nature of these technologies and commercial arrangements, we are not surprised that the FTC has expressed interest in this area,” a regulatory filing from Reddit stated. “We do not believe that we have engaged in any unfair or deceptive trade practice.”

    Even more so in the beginning, IPO stocks can be somewhat unpredictable. Redditors, the name given to both users and moderators on the platform, were allotted around 8% of the 15.3 million shares that were issued during the IPO. There will be no lockup period for those users; they can sell whenever they want, according to the Reddit post.

    FAQs

    What is Reddit?

    Reddit is an online platform enabling users to share links or text posts encompassing various content types, including images, videos, news articles, and discussion threads, fostering a vibrant community-driven experience.

    Who are the founders of Reddit?

    Reddit was founded by Steve Huffman and Alexis Ohanian, and Aaron Swartz in 2005.

    When were subreddits created?

    The feature of commenting on posts was introduced several months after Reddit’s initial launch, while users gained the ability to create their own subreddits in 2008.

  • Navigating the Storm: Mental Health Challenges in the Startup World

    In the fast-paced and ever-evolving landscape of startups, where innovation meets ambition, lies a silent struggle often overlooked – the mental health of entrepreneurs. 

    At StartupTalky, we’re diving into a crucial yet often overlooked issue: the mental health hurdles faced by startup founders. The relentless pressure to succeed, coupled with long hours and constant uncertainty, can take a significant toll on the well-being of founders striving to make their mark in the industry. 

    In February, Nithin Kamath, the co-founder of India’s largest stock brokerage firm, Zerodha, spoke about suffering a stroke, emphasizing the importance of prioritizing health amidst the pressures of entrepreneurship. 

    According to a recent study, nearly 49% of CEOs face mental health issues, with burnout, stress, and anxiety being common experiences.

    Sandeep Ghule, co-founder of Credilio, emphasizes the need for preventive measures, stating, “A thorough preventive health check that goes beyond regular tests is a must.” He advocates for healthy eating habits, regular exercise, and stress-reducing practices like yoga and meditation to mitigate the risks associated with the high-pressure startup environment. 

    Ghule has been a product & marketing professional for over 20 years. He has built and marketed technology-enabled cards, wallets, and digital payment products at ICICI Bank, HSBC, TranServ (as a co-founder), and at Indiabulls Consumer Finance.

    Zerodha’s Nithin Kamath Suffered A Stroke | What Are The Warning Signs? | ‘BEFAST’ Technique

    Ritu J Goyal Harish, founder of Ease India Travel, sheds light on the personal sacrifices often made in pursuit of entrepreneurial success. 

    Despite the demands of her startup, Ritu carves out time for activities that rejuvenate her, whether it’s hiking in the hills of Pune or simply spending quality time with loved ones. For her, maintaining a healthy balance is not negotiable – it’s essential for long-term success and well-being.

    My business involves a lot of traveling, staying out of home, and disrupting my routine. It entails sleeping in various cramped spaces without proper beds and compromising on food and other comforts. Naturally, all these factors can take a toll on one’s mental well-being. So, the primary strategy I adopted was to align with my body clock. I discovered that I need to sleep between 7:30 and 8:30 pm. Missing this window would mean I couldn’t fall asleep until 01:00 at night. Hence, I prioritized early bedtime, which consequently led to early mornings. Waking up by 4:00 am allows me ample time for meditation, deep thinking, and journal writing. These practices are instrumental in maintaining my mental health and resilience amidst the challenges, I face, says Ritu Goyal, who is currently reinventing herself as a travelpreneur and helps organize quirky, unusual, exciting and fun trips. 

    Ease India Travel promises great travel experiences to destinations, which are not popular yet on the internet.

    The recent health scare of Nithin Kamath, founder of Zerodha, has underscored the high-pressure nature of the startup world. Kamath suffered a stroke, a stark reminder of the physical toll that stress and overwork can exact on individuals. 

    His experience serves as a wake-up call for entrepreneurs to prioritize their well-being and seek a balance between ambition and self-care.

    Sushant Roy, Chief Operating Officer & Chief Business Officer at Alyve Health, advocates for proactive wellness initiatives to combat the challenges of startup culture. “Stress management activities such as yoga, listening to your favorite music, and spending time with loved ones are some immediate steps to prevent long-term health issues,” he suggests.

    By fostering a culture of holistic health within their organizations, founders can mitigate the risks of burnout and promote overall well-being.

    “The rapid development on the technological front has blurred the line between personal and professional zones and we are connected to our professional commitments 24×7. It is important to strive for professional success but at the same time, we need to focus on our overall health to enhance productivity and remain healthy in the long term,” Roy, who is the co-founder of a company dealing in the health, wellness, and fitness industry.

    In the face of uncertainty and adversity, entrepreneurs like Shubham Rawal, CEO of StockPe, embrace stress as an inherent part of the entrepreneurial journey. “If you are a founder/CEO, then you are married to stress,” he remarks. Rawal emphasizes the importance of strategic decision-making and resilience in navigating the challenges of startup life, acknowledging that mistakes are inevitable but essential for growth.

    “We all strive to maintain a balance, but it’s rarely a perfect 50-50 split; it’s often more like 90-10 or 70-30. I’ve carved out a dedicated 2-hour slot on my calendar for gyming, a practice I’ve been incorporating on and off since 2018. I make a conscious effort not to schedule any meetings during this time, and I’m transparent with my team about how important it is for me. They appreciate my honesty and understanding,” says head of StockPe.

    StockPe is the first platform to gamify stock education in India. The app allows learning from mistakes and refining strategies before one dives into the real stock market trade.

    “Being aware of your mental health is crucial, and I’ve been vocal about this aspect. Sometimes, I even advise mental health companies. I can sense my creativity and questioning skills getting drained, and that’s when I take time to either go for a walk, take a few hours off, or hit the gym. When I feel like I’m burning out, I tend to go for a long drive with good songs. I enjoy driving, and engaging in activities you love apart from work can uplift your mood significantly, ” said Rawal, who aims at providing financial education to new-age investors like college students, freshers in a fun way.

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    Ria Rustagi, the visionary founder of Neuphony, echoes the sentiments of prioritizing mental health in the startup ecosystem. She feels regular exercise, mindfulness practices like meditation, and open communication with the team ensure a healthy work-life balance through setting boundaries and taking breaks when needed. 

     “These practices help me stay focused, resilient, and effective in my role,” says Rustagi, CEO and Co-Founder of Neuphony. Neuphony is India’s first and only brain wearable device that helps monitor brain activity and converts data into user-understandable formats such as stress, focus, and distraction levels. 

    “Just like Nithin, many of us are founders, including me, or corporate people with hectic work hours, leading busy lives and juggling multiple responsibilities. It’s essential to prioritize self-care amidst the hustle. Ultimately, this is a wake-up call for all of us to know when it’s the need to shift a gear down!,” Rustagi, who received funding in Shark Tank India Season 2,  wrote on a professional networking website LinkedIn. 

    In startups, vulnerability is often perceived negatively, yet CEOs like Ria Rustagi demonstrate their power for positive change. Through open sharing of struggles, they cultivate trust and authenticity within their teams in Neuphony, fostering a supportive environment where everyone feels valued. 

    Dr. Prarthana Shah, an integrative health coach specializing in preventive cardiovascular medicine, shares her insights into the unique pressures faced by entrepreneurs and helps them take stock of their current life situation. 

    “72% of startup CEOs and founders struggle with mental health, from anxiety, burnouts and panic attacks. Their roles are challenging and often the journey of a founder is filled with challenges and uncertainty. They suffer from insomnia and stress. The stress takes a serious toll on their mental health. Blood pressure issues are also fairly common and if these founders don’t take charge of their health, they can also face challenges with obesity, diabetes etc.,” Prarthana, Founder of Buova, remarks. Buova is a health coaching practice, where Shah helps people globally become their happiest and healthiest versions.

    She highlights that her sessions help CEOs first identify their why. “After that through motivational interviewing, I help them carve out time (whether it’s less or more) to do something to prioritize themselves. We work to incorporate activities that honor their specific health needs. Whether it’s exercising, eating healthier living more mindfully, or even working on their sleep, we identify areas of concern and work towards filling those gaps. Through coaching, I help them create a roadmap to navigate this fast-paced life and still take time out for themselves and their health.”

    Executive Coach and Founder of Lucid Minds Coaching, Sridhar Laxman, emphasizes the importance of self-awareness and holistic well-being in the entrepreneurial journey. “Well-being is not a short vacation plan; it brings results when it is sustainable, ongoing, and treated with equal importance,” he advises. 

    Sridhar advocates for a balanced approach to success, where mental health is prioritized alongside professional achievements. “In startups, individuals handle multiple responsibilities with less expertise in each of them. The pace of work is fast as they are venturing into newer, unknown markets, and competition can come swiftly from anywhere in the world. The result, more often than not, is high levels of stress, which then manifest in different forms like sleep deprivation, disturbed sleep, inability to focus or concentrate, irritability, fatigue, lowered energy, frequent headaches, back pain, acidity, gut-related discomfort, anxiety, restlessness, palpitations and eventually burnout and more severe health challenges.” 

    Laxman helps CEOs by making a plan for the desired state and breaking it down into small, easy-to-do everyday steps. Add to that reorganizing lifestyle, work and rest hours, proper nutrition, and exercise. Lastly, knowing when to seek help, be it a counselor, therapist, or coach, so they don’t have to try to address it alone is also vital to their well-being.

    Dr. Rahul Chandhok, Head Psychiatrist at Artemis Hospitals, sheds light on the typical stress-related symptoms and mental health challenges observed in startup CEOs.

    “Anxiety, depression, insomnia, mood swings, and physical symptoms such as headaches and fatigue are common among startup CEOs,” Chandhok explains. 

    The relentless pressure to succeed, coupled with the fear of failure, can take a toll on their well-being. However, amidst the chaos, therapeutic interventions offer a glimmer of hope. 

    “Cognitive-behavioral therapy (CBT), mindfulness-based interventions, stress management techniques, and support groups have proven effective in addressing stress and promoting resilience among high-stress individuals,” Chandhok remarks.

    But when do stress levels warrant urgent psychiatric attention? “Persistent suicidal thoughts, severe impairment in daily functioning, substance abuse, or psychotic symptoms require immediate intervention,” Chandhok emphasizes. These red flags signal the need for urgent psychiatric evaluation and support.

    In response to the growing mental health crisis among startup founders, specialized support programs and resources have emerged. Founder-specific therapy, startup accelerators/incubators offering mental health support, peer support networks, and online resources tailored to entrepreneurs provide much-needed assistance.

    Amidst the statistics and clinical insights, the stories of startup founders like Ria Rustagi and Prarthana Shah offer a poignant glimpse into the human side of the startup world. 

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    StartupTalkyPreeti Karna

    Conclusion 

    The startup culture presents a unique set of challenges for entrepreneurs, often taking a toll on their mental health.

    By prioritizing self-care, fostering open communication, and seeking support when needed, founders can navigate the turbulent waters of startup life while safeguarding their well-being.

    It is imperative to address the stigma surrounding mental health and create a culture, where entrepreneurs feel empowered to prioritize their mental and emotional well-being.

    As the startup landscape continues to evolve, mental health must remain at the forefront of discussions. With the right support and resources, founders can navigate the highs and lows of entrepreneurship while safeguarding their well-being.

    FAQs

    What is mental health?

    Mental well-being is the state wherein individuals can effectively manage life’s challenges, harness their capabilities, excel in learning and productivity, and actively participate in their communities.

    Which mental health issues are most common across the world?

    The most common mental health issues are insomnia, anxiety, and obsessive-compulsive disorder (OCD).

    What is the size of the global mental health market?

    As per Yahoo Finance, the global mental health market was valued at USD 375.21 billion in 2022 and is expected to reach USD 532.86 billion in 2030.

  • Sabin Mathew: Bridging Engineering and Education with Lesics

    Discover the inspiring journey of Sabin Mathew, the founder of Lesics Engineers Pvt. Ltd. Lesics is an EdTech company that simplifies engineering concepts through physics-based explanations. Starting his education in a small village in Kerala, his love for science and math led him to excel in his studies. With a deep sense of understanding of physics, he thrived in academics. Now, as a prominent player in EdTech, Mathew’s focus on quality content and smart solutions is what drives Lesics forward in the industry.

    In this article, learn more about Sabin Mathew, his education and career, daily responsibilities, hiring criteria, strengths, and more.

    Sabin Mathew – Biography

    Name Sabin Mathew
    Education M.Tech, Mechanical Engineering, IIT Delhi
    Nationality India
    Position Founder, Lesics Engineers Pvt. Ltd.
    Website sabinmathew.com

    Sabin Mathew – Education and Career
    Sabin Mathew – Daily Responsibilities
    Sabin Mathew – Challenges Faced
    Sabin Mathew – Strengths and Superpowers
    Sabin Mathew – EdTech Industry Insights
    Sabin Mathew – Essential Tools for Startup Success
    Sabin Mathew – Productivity Hacks
    Sabin Mathew – Hiring Criteria
    Sabin Mathew – Industry Advice & Inspirational Quote

    Sabin Mathew – Education and Career

    Mathew did his schooling in Kerala in a village atmosphere. Only towards his tenth standard did he develop an interest in science and mathematics. After that, it was a deep love, especially for physics. His way of understanding and learning things based on the first principles of physics gave him immense growth in his academic life. He was able to postgraduate with flying colors from IIT Delhi with an M.Tech in Mechanical Engineering because of the same quality.

    Before establishing Lesics Engineers Pvt. Ltd. in the field of EdTech, Mathew gained valuable experience as a Project Engineer at McClelland Engineers Pvt. Ltd., a Technology Developer at Larsen & Toubro Limited, and a Senior Engineer at LMS International. The current business he is running, Lesics, is built on his knowledge of engineering with a strong background in physics.

    Photovoltaic Power Production Explanation by Sabin Mathew

    Sabin Mathew – Daily Responsibilities

    Mathew has to solve a lot of conceptual problems related to engineering. As his videos are conceptually oriented, he has to brainstorm and come up with the easiest explanations for various engineering phenomena. He also needs to convey his ideas to the animators in a simple way. He works hard during weekdays and relaxes on weekends. Moreover, he enjoys what he does. So, he doesn’t get exhausted by the weekend.

    Sabin Mathew – Challenges Faced

    Mathew struggled a lot when one of their main revenue sources suddenly became half. He and his team overcame it by reducing the expenditure and also by diversifying their revenue model.

    Sabin Mathew – Strengths and Superpowers

    Mathew is quite strong in physics and mathematics. Above all, he holds a superpower in the art of storytelling.

    Sabin Mathew – EdTech Industry Insights

    According to Mathew, many people misunderstand the EdTech industry as just great visuals and animation. More than the visuals, the content quality is the king in EdTech. Mathew believes that if you build great visuals around bad content, it is not going to work.

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    Sabin Mathew – Essential Tools for Startup Success

    Mathew uses Blender a lot for his business. Half of their life depends on Blender. It’s a quite powerful, free-to-use tool.

    Sabin Mathew – Productivity Hacks

    Mathew believes in small teams and baby steps. He has a lot of small teams in his company. Their target is something that can be achieved in 2-3 days. This way the work is straightforward and there is no confusion around the work that is to be finished. In short, they progress forward parallelly as many small teams with a minimum chance of re-work.

    Sabin Mathew – Hiring Criteria

    Mathew wants smart people in his team who can use their common sense and solve problems without waiting for the manager. He also likes employees who are punctual.

    Lesics Workspace
    Lesics Workspace

    Sabin Mathew – Industry Advice & Inspirational Quote

    Since Mathew’s business is in the EdTech industry, his quote is very specific – “When you learn things with the aim of developing a product, learning is an enjoyable and exciting process.”

    He hopes the people working in the EdTech industry can easily connect with this quote. All their courses are product development journeys. During this journey, the students will automatically acquire all the knowledge they are supposed to acquire in that field.

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    FAQs

    Who is Sabin Mathew?

    Sabin Mathew is the founder of Lesics Engineers Pvt. Ltd.

    What is Lesics known for?

    Lesics Engineers Pvt. Ltd. is known for simplifying engineering concepts through physics-based explanations, encouraging understanding and passion for the field.

    What are Sabin Mathew’s strengths?

    Mathew is quite strong in physics and mathematics. Above all, he holds a superpower in the art of storytelling.

  • ZingHR: Future of The Hire-to-Retire Plan

    The HR tech sector has experienced incredible expansion and innovation in recent years, completely changing how businesses handle their workforces. Technology has advanced, especially in fields like cloud computing and artificial intelligence. As a result, HR tech solutions have grown more complex and provide a wide range of tools for streamlining and optimizing different HR procedures.

    From hiring and onboarding to performance management and offboarding, these solutions cover every stage of the employee lifecycle. HR tech platforms give businesses useful insights into labor trends through the use of data analytics and machine learning algorithms. This helps businesses make strategic initiatives and decisions.

    ZingHR is a prominent participant in this ever-changing HR industry, specializing in artificial intelligence-powered cloud-based HR solutions. ZingHR’s creative strategy, which includes voice help enabled by Google Assistant, is an example of the industry’s dedication to using state-of-the-art technology to improve productivity and efficiency in the contemporary workplace.

    ZingHR continues to be at the forefront of digital revolution in HR procedures, enabling companies to manage their workforces strategically and stimulate long-term growth.

    So this article will give you all the information about ZingHR founders, funding, growth, competitors, and more.

    ZingHR – Company Highlights

    STARTUP NAME ZINGHR
    Headquarters Mumbai, Maharashtra India
    Sector HR Technology
    Founders Prasad Rajappan, Ravi Bajaj and Venkat Balan
    Founded 2016
    Website zinghr.com

    ZingHR – About
    ZingHR – Industry
    ZingHR – Founders and Team
    ZingHR – Startup Story
    ZingHR – Name, Tagline and Logo
    ZingHR – Mission
    ZingHR – Offerings
    ZingHR – Business Model
    ZingHR – Revenue Model
    ZingHR – Funding and Investors
    ZingHR – Growth
    ZingHR – Recognitions
    ZingHR – Competitors
    ZingHR – Future Plans

    ZingHR – About

    ZingHR is an HR startup that focus on empowering the workforce to strategically expand businesses. ZingHR establishes a digital workforce that is well connected and well informed. It consists of a Hire-to-Retire plan that eases the employee user experience. ZingHR has also added voice assistance powered by google assistant, which only increases the ease of user experience.

    It is an active software solution that works continuously the organization’s HR operations. It’s multilingual software that provides support in 21 languages. ZingHR specializes in the recruitment process. It has robotic interviews that work in real-time. It even has a machine learning system that increases hiring by 92%.

    ZingHR – Industry

    According to a report by Fortune Business Insights titled “Human Resource Technology Market Forecast, 2023-2029,” the global Human Resource Technology market was valued at USD 22.90 billion in 2021. According to the report, the market is expected to develop significantly and reach USD 39.90 billion by 2029, with a strong compound annual growth rate of 7.5% throughout the forecast period.

    This thorough analysis demonstrates how the demand for effective labor management and digital transformation projects has led to a global increase in the adoption of HR technology solutions across a range of industries. The research highlights the market’s potential for growth and innovation and stresses how technology will play a significant role in transforming human resource management in the future.

    ZingHR – Founders and Team

    ZingHR was founded in 2000 by Prasad Rajappan (Co-Founder and Managing director), Ravi Bajaj, and Venkat Balan.

    Prasad Rajappan

    Prasad Rajappan (Co-Founder and Managing Director) of ZingHR
    Prasad Rajappan (Co-Founder and Managing Director) of ZingHR

    Prasad Rajappan is the Co-Founder and Managing Director of ZingHR. He has a bachelor’s degree from KES College of Engineering and done MBA from Narsee Monjee Institute of Management Studies. Before founding ZingHR, he worked in Reliance Industries Limited as GM and in SAP projects, and before that, he worked in EY and Mahindra and Mahindra.

    Ravi Bajaj

    Ravi Bajaj is the Co-Founder of ZingHR. He has a bachelor’s from the University of Mumbai. Before founding ZingHR, he worked at Cnergyis Infotech India Pvt. Ltd. as Director of Information Technology, and before that, he worked at Enron Oil and Gas India Limited, Crest Computer Education, and BITS Computers.

    Venkat Balan

    Venkat Balan is the Co-Founder of ZingHR. He earned his bachelor’s from Shivaji University and his MBA from NMIMS, Mumbai. Before joining ZingHR, he worked at Cnergyis Infotech India Pvt. Ltd. as a director, and before that, he worked for many companies like Quinnox Consultancy Services Ltd., Patni Computer Systems Ltd., Birla Management Corporation, vCustomer, and Godrej GE Appliances Ltd.

    ZingHR – Startup Story

    Prasad Rajappan, who started an HR consulting organization, Cnergyis, in 2006 in Mumbai, thought of launching a cloud platform with the idea of covering the entire spectrum from hire-to-retire, but he did not want to address it from an HR automation perspective.

    Therefore, ZingHR was born in 2014 as a cloud-based Human Capital Management (HCM) solution covering the entire spectrum from hire-to-retire to an end-to-end HCM solution with a focus on small and medium enterprises.

    Additional to that, ZingHR wanted to give customers the simplicity of social media on an HCM automation app, thus allowing them to do HR management right from their mobile.

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    ZingHR Logo
    ZingHR Logo

    ZingHR tagline is “LET’S TALK OUTCOMES.“

    The legal name of ZingHR is “Cnergyis Infotech India Pvt. Ltd.“

    ZingHR – Mission

    ZingHR mission is “to enhance your company and empower your employees through improved HR practices and resources.“

    ZingHR – Offerings

    ZingHR is a smart Human Capital Management platform that empowers businesses with Enterprise Cloud Application Solutions for Human Capital Management. ZingHR adopts an employee-eccentric, mobile-first approach covering the entire spectrum from ‘Hire-to-Retire Processes’. With the cloud application solutions, it aims to help increase in margins, impact business outcomes, and increase people engagement.

    ZingHR delivers Talent Management, Learning Management, Time & Attendance, Payroll, Talent Acquisition, Travel & Expense Management, Life cycle, Off-boarding with a layer of cutting-edge technologies, including analytics, Artificial Intelligence, Machine Learning, Voice Bots, Face Recognition.

    ZingHR’s cloud-based and SaaS modeled product provides real-time transactions, reduces administrative effort, and increases data quality. It provides a clean and uncluttered user interface for its users. It also provides easy integration with existing systems and faster deployments, supported by the best-in-class security platforms and a multi-tenant architecture.

    ZingHR plans
    ZingHR plans

    ZingHR – Business Model

    ZingHR uses a subscription-based business model, with several subscription plan tiers catered to the requirements and sizes of enterprises. The platform offers cloud-based HR management solutions that address employee engagement, talent acquisition, workforce management, and other areas. The scalable business model of ZingHR serves companies of all sizes, from startups to major multinational corporations.

    Its core proposition is centered around providing all-inclusive HR solutions via an intuitive cloud-based platform. Furthermore, ZingHR provides scalable and affordable HR solutions with its cloud-based pay-per-use Software-as-a-Service (SaaS) model, which enables businesses to access particular features or services whenever needed and only pay for what they use.

    ZingHR – Revenue Model

    ZingHR makes revenue via its pay-per-use Software-as-a-Service (SaaS) model, which is cloud-based and gives businesses the option to pay only for the HR management features or services they really use. This source of income supports the platform’s subscription-based business model, which requires employers to pay a certain amount to access ZingHR’s whole array of HR management products.

    ZingHR’s pay-per-use software as a service (SaaS) model offers extra revenue prospects for the company based on the utilization of specific features or services by its clients. This model caters to organizations who are looking for more flexible and cost-effective choices for managing their human capital.

    ZingHR – Funding and Investors

    ZingHR has raised $13 million to date from four rounds of funding.

    Here are the funding details:

    Date Funding Round Amount Investors
    Jan 17, 2022 Venture Round $10 million Tata Capital
    Jun 11, 2018 Venture Round – –
    Jun 30, 2017 Venture Round – Zeta
    Jan 22, 2014 Venture Round – –

    ZingHR – Growth

    ZingHR: growth highlights are:

    • It has 1100+ worldwide customers as of March 2024
    • It has 2 million+ active customers as of March 2024
    • The company has 30+ HCM Modules as of March 2024
    • It has 26+ global languages as of March 2024

    Financials

    ZingHR Financials
    ZingHR Financials
    ZingHR Financials FY22 FY23
    Operating Revenue Rs 55.77 crore Rs 84.48 crore
    Total Expenses Rs 66.05 crore Rs 106.69 crore
    Profit/Loss Loss of Rs 11 crore Loss of Rs 20.56 crore

    EBITDA

    ZingHR Financials FY22 FY23
    EBITDA Margin -17% -23%
    Expense/Rs of Op Revenue Rs 1.18 Rs 1.26
    ROCE -17% -54%

    ZingHR – Recognitions

    ZingHR: recognitions are:

    • It won the CIO Choice 2017 Award in HR and Global Payroll Services for the SME category
    • ZingHR won the ISV Partner of the Year award at the Microsoft Summit 2016
    • It is also recognized by the Gartner in top 10 HCM Suites

    ZingHR – Competitors

    ZingHR competitors are:

    • Darwinbox
    • greytHR
    • sumHR
    • tomHRM

    ZingHR – Future Plans

    ZingHR, a ground-breaking domestic company that specializes in automating HR procedures across numerous industry verticals, disclosed big ambitions for growth in a big announcement made in May 2023. Strategically focusing on international markets, ZingHR announced that it plans to expand into important areas of the current fiscal year, such as the UK, Europe, Japan, and a few African nations.

    In order to support these expansion initiatives, the company plans to hire twice as many people—from the present base of 625 employees to an astounding 1,200. ZingHR’s strategic growth plan demonstrates the company’s dedication to expanding its operations globally and securing its leadership position in the HR technology industry.

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    FAQs

    What is ZingHR?

    ZingHR, an Indian technology company, develops a cloud-based workforce management platform that uses artificial intelligence to facilitate or automate human resources tasks throughout the employee cycle, including recruiting, training, and performance evaluation.

    Who is the founder of ZingHr?

    The founder of ZingHR is Prasad Rajappan, Ravi Bajaj and Venkat Balan.