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  • Top 6 Marketing Automation Software and Tools in 2024

    Marketing is a very important aspect of any business. If your marketing efforts are in the right direction it can increase your brand awareness and conversion rate. Marketers do a lot of things from strategizing content, capturing and nurturing leads, managing customer information, creating advertising campaigns, scheduling tasks, and a lot more.

    All these tasks require a lot of time and energy. Although if you want to save time and boost your productivity and sales you can use top marketing automation softwares to put these tedious tasks on autopilot.

    In 2021, about 51% of companies were using the marketing automation tool and were able to boost their sales productivity by 14.5%.

    80% of marketers saw an increase in their leads and 77% saw an increase in their conversion rates.

    All these stats show us that you should use this best marketing automation tool in your business. Although finding out a perfect marketing automation tool that matches your business needs is a tough job. Don’t worry we are here to help.

    In this article, we will tell you the 6 best marketing automation tools.

    What is Marketing Automation

    HubSpot Marketing Hub

    Rating 4.4/5
    Categories Email Marketing, SEO and Social Media Advertising
    HubSpot Marketing Hub Software- Automation Marketing Tool
    HubSpot Marketing Hub Software

    When you think of the best marketing automation tool HubSpot comes first to mind. The tool has an immense reputation in the market. Using this tool you can streamline your entire business workflow in a single place. No need to switch between different software!

    Using its easy-to-use visual editor you can make targeted workflows for your email campaigns or multi-stage journeys. Its advanced segmentation allows you to decide which audience will get enrolled in which workflows and when.

    The tool provides you with customizable email templates that you can use to write personalized emails with no coding skills. Automate your email campaigns, generate more leads and move your prospects further down the funnel. To send emails to the right people at the right time HubSpot gives you numerous triggers, conditions, and action parameters.

    HubSpot Marketing Hub goes beyond traditional email or SMS automation and provides you with all the tools and utilities through which you can score leads, rotate leads to sales, set up webhooks, and automate data transfer from one team to another.

    Your team will automatically receive notifications if a user performs an important action like putting up a business query in your forum. This will help your team to quickly message the users and convert them into customers.

    HubSpot also provides you with a set of SEO and blog tools. You can set up a drip campaign, manage your social media, build Al-powered live chat, and create forms and landing pages all in one place. The tool integrates with other HubSpot solutions which makes it a killer deal.

    You will also get access to HubSpot Academy where you can learn how to use the tool efficiently and easily. As you can see HubSpot is a stellar marketing automation tool.

    Plan Pricing ($/month)
    Starter $45
    Professional $800
    Enterprise $3200

    Oracle Eloqua

    Rating 3.9/5
    Categories Email marketing campaigns and sales lead generation
    Oracle Eloqua Marketing Automation Tool
    Oracle Eloqua Marketing Automation Tool

    Oracle Eloqua is an all-in-one marketing tool using which you can nurture your leads, get detailed analytics, automate workflows and manage cross-channel B2B marketing campaigns. Segment your users based on web visits, specific attributes, interests, and geography.

    You can easily create campaigns using its drag-and-drop editor. Get stats on what users are doing on your website in real time. Along with this, you can use SMS messaging to send event reminders, product updates, or to get feedback.

    Lead scores are updated in real-time across multiple campaigns based on customer profiles. For accurate lead scores, the tool analyzes the most recent activity of the user and adjusts the scores in real-time.

    Oracle Eloqua has built-in Al that suggests what action you should take for each contact. Find your best-performing products and content. Using Eloqua’s account engagement scoring, find the most engaged users.

    Automate your email campaigns, improve your subject lines using the Al suggestions and find the best time to send emails. Build responsive emails, landing pages, and forms without the need to learn HTML code. Save blocks of content that you often use so you can use them in future campaigns.

    Create dynamic content for your landing pages and emails that adapts and personalizes the messaging based on the user’s behavioral pattern and location. After launching the campaign analyze metrics such as email opens, clickthroughs, form submissions, and more.

    To help your brand in increasing sales, Eloqua will automatically identify and prioritize top-tier accounts that show high-buying opportunities. Get detailed statistics on your dashboard and analyze usage metrics like bulk API activity, native CRM activity, email sends, form submissions, page views, and much more. Monitor and compare all your campaigns.

    Plan Pricing ($/month)
    Basic $2,000
    Standard $4000

    Pardot

    Rating 3.9/5
    Categories Email automation and lead management
    Pardot by Salesforce – perfect marketing automation tool

    If you are in a B2B business then Pardot by Salesforce is a perfect marketing automation software to handle your business operation effectively. Using this automation tool, you can build relationships with your customers and boost your revenue. Pardot provides you with real-time sales alerts, prospect activity tracking, and sales campaign tracking.

    Using the drag-and-drop editor you can build landing pages and forms. Get highly profitable leads using Pardot’s automated lead-scoring functionality. Put your common marketing and sales tasks on autopilot.

    Market Automation Tool – Pardot by Salesforce

    Create dynamic campaigns that adapt to each customer’s activity and buying signals and move them further in the sales funnel. Using built-in sales alerts and assignment triggers your sales team can contact the prospects at the right time.

    Segment your audience based on their preferences and send the right email at the right time using Pardot’s intuitive email editor. The platform has an in-built SPAM analysis tool that will check your email copy against common spam filters.

    Personalize your email copy based on the prospect’s score, grade, title, industry, and job. You can also perform email A/B testing to understand which of your content is resonating more with your target audience.

    The visual reports help you analyze the ROI of your campaigns and empower you to maximize your marketing efforts. Using the engagement and lifecycle reports you can understand your sales performance and analyze where your prospects are getting stuck in the funnel.

    Plan Pricing ($/month)
    Growth $1,250
    Plus $2,500
    Advanced $4,000

    SendinBlue

    Rating 4.5/5
    Categories Email Campaigns, CRM
    SendinBlue Marketing Automation Tool
    SendinBlue – Best Marketing Automation Tool

    Using SendinBlue you can automate all of your tedious marketing efforts, capture leads, segment your audience and send the right message at the right time using email and SMS.

    You can set up a workflow and build a set of rules that triggers an action that you want to take for your prospects. This includes automatically sending emails and SMS, organizing contacts into different lists, and updating your database in real time. Automate lead scoring and perform A/B split testing.

    Set up a CRM in no time and upload all the information that you have about your contacts directly into the CRM contact profile. Create and assign tasks to your teammates and set up deadlines using the CRM.

    Create custom landing pages and forms without any coding skills. Choose from 40+ responsive email templates and easily edit your emails easily using the drag-and-drop editor. Personalize your email copy by adding your prospect’s name to the text.

    You can also use prospects database attributes to make your email more personalized. For example, if you know that a particular contact loves the color yellow you can show different product images with yellow color in the background.

    Segment your contacts list based on the prospect’s preferences, previous engagement or purchase history, and socio-economic or geographical characteristics. You can automatically update your contacts list based on actions your contacts take on your website and email.

    Get detailed email marketing stats and using the in-built Al find the best time to send emails to each recipient. Visually see how your recipients interact with your email using the email heat map functionality.

    Send bulk SMS marketing campaigns to your contacts directly from your database. You can also send transactional SMS order confirmations, shipping updates, password reset, and much more.

    Install a chatbox on your website and answer your user’s questions via Sendinblue Chat Inbox. You can even see on which page of the website the user is currently on directly from the chat box. You can directly use the Facebook ads tool inside SendinBlue.

    Plan Pricing ($/month)
    Lite $25
    Premium $65

    EngageBay

    Rating 4.6/5
    Categories Email Campaigns, Sales Automation, CRM
    Engagebay automation marketing software
    Engagebay automation marketing software

    Most of the tools on this list focus on automating marketing and sales efforts. But, EngageBay automates your support system as well. This allows you to provide top-notch after-sales service to your customers.

    You can set up live chat software on your website. Whenever users initiate a chat your sales team would be instantly notified. Find all the tickets raised by your customers on your dashboard. You can set up standard responses for the tickets. Create support groups based on department or skills and direct your support tickets to the right support groups.

    From the live chat itself you can find out customers’ locations, total pages visited and time spent on the website. Get powerful stats on support tickets and understand what common problems your customers are facing.

    Using EngageBay’s CRM you can send leads from marketing to the sales team, automate your workflow and data entry, schedule meetings, create follow-ups for each lead, and do much more.

    Every interaction with your customer like emails, calls, and meetings gets automatically recorded in the system and presented to you in a timeline format.

    Using the drag-and-drop visual builder you can create marketing and sales workflows. Automate lead scoring based on email opens, link clicks, website visits, etc.

    Create drip email campaigns and personalize emails with contacts’ names, companies, locations, interests, and more. Get notified when users open your email or click a specific link and engage with your customers at the right time to increase the conversion rate.

    Landing pages and forms can also be created easily. You can also send push notifications. Set up pop-ups on your website and show them to your customers when they are about to leave the website.

    Automatically segment your customer’s list based on what actions they take or do not take. Tag customers based on behavioral patterns and run smart personalized marketing campaigns.

    Plan Pricing ($/month)
    Basic $11.99
    Growth $33.99
    Pro $79.99

    ActiveCampaign

    Rating 4.6/5
    Categories Email Marketing, Automation, and CRM
    Active Campaign- Marketing Automation Tool
    ActiveCampaign- Marketing Automation Tool

    ActiveCampaign is a customer experience automation (CXA), which combines transactional email, email marketing, marketing automation, sales automation, and CRM categories.

    If you are specifically looking to automate your email marketing efforts then ActiveCampaign is for you. Most of the marketing automation softwares on this list will help you in automating your email campaigns but, Active Campaign takes email marketing to the next level.

    ActiveCampaign allows you to send a wide variety of emails to your customers: broadcast emails, triggered emails, targeted emails, transactional emails, scheduled emails, and email autoresponders.

    Using the drag-and-drop editor you can create beautiful email campaigns within a few minutes. Segment your audience based on their personal interests, job function, geographic location, website visits, email clicks, products purchased, quiz results, and time since the last purchase.

    You can automatically add tags to your list based on what pages or links they clicked on your website or email.

    Set up forms on your website and collect customers’ personal information, preferences, and more through standard and custom fields. Show forms at the right time based on the user’s behavioral pattern and interests. You can automate email sequences so that as soon as the form is filled the customers will get a series of emails that will nurture them to buy your products.

    Send personalized emails with customers’ personal information like name, city, preferences, purchase history, and a lot more. Active Campaign has 6 email deliverability best practices to ensure that your email lands in the subscriber’s inbox.

    To achieve the highest email deliverability the tool will automatically review and remove inactive email addresses. It has pre-built automation and re-engagement campaigns that help you in engaging with your customers constantly. The tool has an in-built spam checker as well.

    You can easily send double-opt-in emails to your customers to make sure only the interested ones get added to your email list. Notify your team to follow up with high-value leads.

    Plan Pricing ($/month)
    Lite $29
    Plus $49
    Professional $149

    Conclusion

    As you can see all of the tools will help you in automating your work but, you shouldn’t choose a software randomly. You need to understand your business needs, budget, and technical expertise to find out the right tool. Since most of the tools come with a free trial, you can use and test them first and once you are satisfied you can buy them.

    FAQs

    What is the difference between marketing automation and CRM?

    Marketing automation helps you to generate and score leads and automates your digital campaigns and email marketing efforts. On the other hand, CRM helps you to track leads and convert them into customers.

    What is the most common use of marketing automation?

    Marketing automation tools are majorly used for generating leads, automating email marketing, social media posting and ultimately increasing the conversion rate.

    What is marketing automation software?

    Marketing automation software streamlines the marketing processes used to support digital marketing campaigns.

    Are there any free marketing automation tools?

    Some market automation tools that offer a free trial or free plan include MailChimp, HubSpot, and Zoho.

  • Intelligence Vidyarthi – A Manifestation of Educational Transformation

    New Delhi (India), January 12: Daizy and Harshit Khurana’s Intelligence Vidyarthi is revolutionizing education, addressing the shortcomings of conventional systems. This pioneering online platform aims to redefine the educational landscape, providing a comprehensive and affordable learning experience for people of all ages and backgrounds. By prioritizing holistic development, the initiative seeks to make education more accessible and inclusive.

    A Vision Born of Frustration

    Daizy Khurana’s journey in education began in 2012 when she stepped into the role of an assistant teacher. Over the years, she observed a recurring problem: students excelled in exams but faltered when it came to crucial skills such as effective communication. This realization struck a chord, igniting the spark for what would become Intelligence Vidyarthi.

    Daizy Khurana
    Daizy Khurana

    The genesis of the idea lay in Daizy’s desire to transcend geographical limitations. While establishing a physical school would have confined her impact to a specific locality, an online platform offered the potential to reach anyone, anywhere. The vision was clear — to bridge the gap between traditional education and the evolving needs of the globalized world.

    Challenging the Status Quo

    What sets Intelligence Vidyarthi apart from other online platforms is its commitment to delivering more than just theoretical knowledge. The curriculum goes beyond rote learning, incorporating activities, case studies, and real-life experiences. Daizy and Harshit recognized the shortcomings of an education system that merely focused on syllabus coverage, neglecting the development of essential skills.

    The platform’s mission goes beyond profit; it is driven by the belief that education is a fundamental right. Affordability is at the core of their philosophy, ensuring that quality education is not a privilege reserved for a select few. By breaking the barriers of age and socio-economic status, Intelligence Vidyarthi stands as a testament to inclusivity in education.

    Mission: Education as a Fundamental Right

    The primary mission of Intelligence Vidyarthi is to democratize education. In a world where access to quality education remains uneven, the platform endeavors to level the playing field. All courses are meticulously priced to be within reach of individuals from diverse economic backgrounds, reflecting the Khuranas’ commitment to accessibility.

    Creating a conducive learning environment is pivotal to their mission. Intelligence Vidyarthi strives to foster self-motivation in students, empowering them not just academically but also instilling the entrepreneurial spirit. The platform’s vision extends beyond personal success, aiming to cultivate individuals who contribute meaningfully to society.

    Vision: Shaping Future Leaders

    At the heart of Intelligence Vidyarthi’s vision is a commitment to a future where every child, regardless of their circumstances, has access to quality education. Daizy Khurana envisions a world where education is not a one-size-fits-all concept but a tailored experience that nurtures creativity, confidence, and active learning.

    In pursuing this vision, Intelligence Vidyarthi seeks to be a trailblazer in educational technology. The platform aims to leverage innovative techniques, employing the latest tools to create an immersive and individualized learning experience. By doing so, they hope to equip learners with the skills necessary for success in their communities, transcending the narrow confines of academic performance.

    The Holistic Approach

    Intelligence Vidyarthi recognizes that education is more than a conveyor belt of facts and figures. It is about fostering empathy, compassion, and responsibility. Daizy Khurana believes in the potential of their learners not just as future professionals but as leaders and change-makers who can contribute meaningfully to society.

    In a world where the definition of education is constantly evolving, Intelligence Vidyarthi stands out as a beacon of change. The Khuranas have not just opened an online platform; they have unfurled a vision that challenges the very essence of traditional education. With affordable pricing, an intuitive interface, and content that is relevant and impactful, Intelligence Vidyarthi emerges as a transformative force in the online education space.

    A Vision Realized

    Daizy Khurana’s journey from frustration with the shortcomings of traditional education to the establishment of Intelligence Vidyarthi is nothing short of inspirational. Their commitment to making quality education accessible to all reflects a paradigm shift in the educational landscape. Intelligence Vidyarthi is not merely an online platform; it is a manifestation of a vision that seeks to empower individuals, transform communities, and shape a future where education is truly a right, not a privilege. In an era where education is often confined by geographical and financial barriers, Intelligence Vidyarthi emerges as a beacon of hope. It is not merely an online platform; it is a revolution that challenges the status quo, redefining the purpose of education in shaping individuals and society.

    As the platform continues to evolve, it is poised to leave an indelible mark on the landscape of education, ushering in an era where learning knows no bounds. Intelligence Vidyarthi is not just a platform; it is a movement, a testament to the transformative power of education when driven by passion, vision, and a commitment to change lives. As we witness the unfolding chapters of this educational revolution, one can’t help but feel hopeful about the positive changes it promises to bring to the lives of learners worldwide.

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  • Blance: Building India’s First Goal-Centric Recurring Deposit Marketplace App

    In the ever-growing fintech industry, marked by rapid digital transformation, Blance emerges as a dynamic player. With the Indian fintech market projected to reach $2.1 trillion by 2030, Blance strategically positions itself to capitalize on this growth.

    The company offers goal-centric recurring deposit solutions in India, ensuring 5x better maturity outcomes and providing users with exclusive benefits upon maturity.

    In this article, explore more about the journey of Blance, its founders, revenue model, product/service, and more.

    Blance – Company Highlights

    Company Name Blance
    Headquarters Bengaluru, Karnataka, India
    Sector Fintech
    Founder Ashutosh Prakash Singh, Neeraj Gupta, Pankaj Gupta
    Founded 2023
    Website blance.in

    Blance – About
    Blance – Industry
    Blance – Founders
    Blance – Startup Story
    Blance – Vision and Mission
    Blance – Products/Services
    Blance – Business and Revenue Model
    Blance – Challenges
    Blance – Key Tools and Software
    Blance – Awards and Achievements
    Blance – Competitors
    Blance – Future Plans

    Blance – About

    Founded in January 2023, Blance is India’s one and only goal-centric recurring deposit marketplace. With the unique solution of combining traditional RDs with the goal-based needs of retail investors, RDs on Blance provide 5x better maturity outcomes than a regular RD. Blance users can save systematically towards a goal in the form of an RD, and unlock brand discounts, credit cards, loans, and insurance options on maturity.

    Although the app is currently in the Beta version, it is fully operational. Blance is gearing up for a complete launch in the coming months with a mission to revolutionize the landscape of recurring retail investments in India.

    Blance – Industry

    In the Fintech industry, Blance targets a market size of over 90 million households earning more than INR 5 lakh yearly and spending USD 50 billion. They aim to capture a 10% market share in three years, particularly in financing high-ticket-size purchases with goal-based Recurring Deposits & other offerings.

    Regarding the industry’s future, Blance aims to forge partnerships with NBFCs, Banks, and other deposit-taking entities. Additionally, they are committed to assisting new-to-credit users in initiating their credit journey through secured credit cards and loans This will empower users to build their credit scores, subsequently opening doors to further credit opportunities.

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    Blance – Founders

    Co-Founders, Blance - Pankaj Gupta, Ashutosh Prakash Singh, Neeraj Gupta (left to right)
    Blance Co-Founders – Pankaj Gupta, Ashutosh Prakash Singh, Neeraj Gupta (left to right)

    Ashutosh, Neeraj, and Pankaj, co-founders of Blance, are childhood friends who hail from Lucknow, Uttar Pradesh, India, and have studied in the same school.

    Ashutosh Prakash Singh

    Ashutosh Prakash Singh, Co-founder and CEO, of Blance, pursued a B.Tech degree at AKTU. With over 7 years of experience in Product and growth, he is a 2-time Founder, having contributed to the success of ventures like 6Sense and Slintel.

    Neeraj Gupta

    Neeraj Gupta, Co-founder and COO of Blance, holds both B.Tech and M.Tech degrees from IITKGP. With a career spanning 6+ years in Fintech, he is a seasoned professional and a 1-time Founder, having played integral roles in Money View, GAIN Credit, and Zype.

    Pankaj Gupta

    Pankaj Gupta, Co-founder and CTO of Blance is an alumnus of IITK, holding both B.Tech and M.Tech degrees. With over 6 years of experience in Tech and data, he is a 1-time Founder who has made significant contributions to companies like Adobe, ShareChat, Udaan, and Lohum.

    Blance – Startup Story

    Back in 2020-21, when the coronavirus pandemic hit, Ashutosh, Neeraj, and Pankaj were brainstorming ways to create something new and amazing that could help people feel connected during this difficult time. Ashutosh came up with the idea of building a dating site, and soon that idea evolved into a small project, eventually becoming a startup. This was the first idea that the co-founders of Blance worked on together. However, they later pivoted to building a community ed-tech startup, which unfortunately did not take off.

    But their journey didn’t end there!

    While Ashutosh, Neeraj, and Pankaj were building their first startup, Hunkaar, they realized that in order to accept payments from tier 2, 3, and beyond cities, they needed to provide a savings solution. This is where the idea of Blance came into play.

    Fast forward to 2022, they began working on savings plans and schemes, which led them to develop the concept of “Save Now, Buy Later.” Throughout this journey, they faced multiple attempts and failures, but they never gave up on their determination to build something that people truly wanted.

    After researching the “Save Now Buy Later” idea for about 5-6 months and conducting proof of concepts, they started building Blance, and that’s when it became a force to be reckoned with.

    Blance – Vision and Mission

    Blance’s mission is all about striking the perfect balance in the financial journey, ensuring users save, take credit responsibly, and enjoy exciting rewards along the way.

    Blance’s vision is to become a full-stack solution for consumers in India to manage their finances and achieve their dreams.

    Blance – Products/Services

    Blance is recognized as India’s one & only goal-based saving & credit fintech startup. Based in Bengaluru, Blance has launched a beta program to help Indians, especially young adults, to improve their financial wellness. Blance offers discounts for planning purchases in advance, which can help consumers to save money and reach their financial goals. To avail of these discounts, the user has to download the Blance app from the Google Play Store.

    Blance is building to help people save for their future purchases & get up to 25% off. Blance also helps its users fast-track their goals through a credit offering. The best part is there are no commitments, users can switch brands & earn 10% fixed interest even if they cancel their goal anytime.

    Blance does this by clubbing credits, rewards, and discounts along with saving with various partner brands. Blance helps users save, generate returns on their savings, partners with brands to get extra discounts so users don’t have to haggle with brands, & finally, if users want to fast-track their goal or have missed their goal, Blance helps them complete their goal by taking credit for it.

    Blance has partnered with RBI Regulated NBFCs and banks & has also been recognized by Startup India. For Blance, the users’ data & privacy are the supreme priority, and that is why Blance takes strict measures to make it 100% safe & secure.

    Over 93% of the Indian population lacks access to credit. As a result, many rely on their hard-earned savings or informal credit to make high-value purchases. Through conversations with people across India, Blance has found that while many save diligently for their goals, they often turn to credit when they encounter budgeting challenges or haven’t reached their savings targets.

    When it comes to significant purchases like bikes, cars, etc, individuals save for down payments and book vehicles at retail stores, again facing challenges such as bank account not beating inflation, securing a favorable car loan, and negotiating discounts. Achieving financial well-being requires a balance between savings, credit, and rewards. However, today we don’t get rewards for high-ticket purchases made through savings.

    At Blance, the mission is to help users find the perfect balance between savings, credit, and rewards. Blance empowers its customers to achieve financial independence and personal growth. When savings are combined with credit and rewarded appropriately, they become a catalyst for financial success.

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    Blance – Business and Revenue Model

    Blance drives revenue in three ways:

    1. Subvention from Brand
    2. Commission percentage on Savings
    3. Commission percentage on Credit

    Blance – Challenges

    For any fintech, building trust with customers poses a challenge. Blance is 1000% focused on solving for trust. With a dedicated Chief Trust Officer responsible for creating trust around the brand and generating new ideas, here are some strategies the CEO, Ashutosh wrote about building trust:



    Blance – Key Tools and Software

    Blance utilizes a variety of key tools and software to efficiently run the startup. These include:

    Blance – Awards and Achievements

    Blance has received recognition from Startup India, marking a significant acknowledgment and achievement for the company.

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    Blance – Competitors

    Some of the top competitors of Blance are:

    • Multipl
    • Jar
    • SayF
    • Hubble

    Blance – Future Plans

    Blance’s future plans include expanding to other Tier 1 & 2 cities in India in the next few months, with a commitment to providing comprehensive financial solutions for users across the country.

    FAQs

    What does Blance do?

    Blance offers discounts for planning purchases in advance, which can help consumers save money and reach their financial goals.

    Who are the founders of Blance?

    Ashutosh Prakash Singh, Neeraj Gupta, and Pankaj Gupta are the co-founders of Blance.

    How does Blance generate revenue?

    Blance drives revenue through subvention from brands, a commission percentage on savings, and a commission percentage on credit transactions.

    How has Blance contributed to financial inclusivity?

    Blance’s user-centric approach has made goal-oriented saving and credit accessible, ensuring financial inclusivity for a diverse audience.

  • Inside Scoop: Gagan Anand of Scuzo Ice ‘O’ Magic Shares Insights on Franchise Business

    In India, the franchise business is experiencing significant growth, with the Indian franchise industry currently valued at around INR 800 billion. The industry is expected to grow at a rate of 30–35% per annum in the coming years. This growth is driven by increased franchise opportunities and a boost in consumer spending.

    To gain a deeper understanding of how a franchise business operates in India, we connected with Mr. Gagan Anand, Founder and Director of Scuzo Ice ‘O’ Magic. In this insightful conversation, Mr. Anand breaks down the dynamics of Scuzo’s franchise business, offering insights into how Scuzo is making its mark and providing us with a closer look at their unique position and strategy in this evolving business scenario.

    StartupTalky: Could you share a brief overview of Scuzo Ice ‘O’ Magic and its unique position in the dessert industry?

    Mr. Anand: Combining expertise with a commitment to innovation, Scuzo introduces a diverse range of delectable treats, capturing the essence of every child’s first love—ice candy.  It is the first live popsicle brand in India that offers an innovative live popsicle concept where customers can select their favorite fruit from an extensive range and witness the craft as their popsicle is prepared within minutes.

    Apart from popsicles, Scuzo offers premium products like gelatos, sorbets, milkshakes, sundaes, waffles, brownies, & many more. With a beautiful storefront for your Insta-worthy pictures, Scuzo specializes in providing healthy and natural desserts. It is an absolute one-stop dessert solution for the sweet tooth of all our customers, as it is also 100% vegetarian and guilt-free.

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    StartupTalky: What is the process for someone interested in buying a Scuzo Ice ‘O’ Magic franchise?

    Mr. Anand: For individuals looking to invest in a Scuzo Ice ‘O’ Magic franchise, the initial point of contact is our Business Development team. The executive presents the business proposal to them and helps finalise a suitable model amongst the different business models we offer. Initial contact with the executive can be made by directly putting a franchise query on the official site of the brand.

    StartupTalky: Are there specific criteria or qualifications that potential franchisees need to meet?

    Mr. Anand: Criteria or qualifications that the potential franchisees need to meet include prior experience in the food and beverage industry. While not obligatory, Scuzo as a brand is enthusiastic about nurturing and collaborating with emerging entrepreneurs who share the same zeal and passion for the business.

    StartupTalky: For new franchisees in India, what growth or sales expectations can they reasonably anticipate in the initial years of operating a Scuzo franchise?

    Mr. Anand: For our new brand partners in India, reasonable growth and sales expectations that they may anticipate in the initial years of operating a Scuzo franchise amount to an average of INR 3 lakhs per month, or close to INR 40 lakhs annually.

    StartupTalky: How do you assess the growth potential for Scuzo franchises in different markets, especially for those considering locations in smaller towns?

    Mr. Anand: Assessing the growth potential for dessert cafe franchises in different markets, especially in smaller towns, involves a comprehensive analysis of various factors.

    Market research is a primary aspect and includes demographics, competition, etc. It is imperative to gain an understanding of the local population, age groups, and preferences. Analyzing existing dessert options in the local area and identifying where we have our strengths and weaknesses compared to our local competitors. Consumer behaviour plays an equally significant role. Identifying current trends related to dessert spending patterns of local customers to align pricing strategy with local affordability. There are many such factors that need to be taken into consideration that provide valuable insights.

    StartupTalky: What kind of support and training programs does Scuzo Ice ‘O’ Magic provide to its franchisees to ensure a successful start and ongoing operations?

    Mr. Anand: We provide 360-degree support to our franchisees. The brand’s pre-opening support commences with the identification of a suitable site that aligns with our criteria. The company aids franchisees in finding such locations and offers guidance for negotiating favorable leasing terms. Reviewing & monitoring the fabrication of the store, providing comprehensive training to all brand partners on store operations, accounting and inventory control, assistance in tie-up with local delivery partners, and assistance in getting all required licenses to operate the store in coordination with consultants, etc. come under the umbrella of support for the franchisees pre-opening.

    Post-opening, we provide training on SOP’s and brand policies. New product launches and implementation, inaugural discounts, loyalty programs, assistance with local promotion programs and media launches, tie-ups with local influencers, guidance with inventory control and administrative hurdles, and more are activities that the brand undertakes for the franchisees.

    StartupTalky: Can you outline the initial franchise fee and any ongoing royalties or fees that franchisees are required to pay?

    Mr. Anand: The initial franchise fee is INR 6 lakhs and a monthly royalty is 8% (6% is pure royalty and 2% is marketing levy) on net sales is what the franchisees are required to pay.

    StartupTalky: What are the typical operational costs associated with running a Scuzo franchise in India, including staffing, inventory, and other overhead expenses?

    Mr. Anand: Typical operational costs pertaining to running a Scuzo franchise in India, including the rental charge of the location, lie between the range of INR 30 thousand to INR 1 lakh, subject to the city, specific area, size of the shop, etc. Staff costs can range from INR 30 thousand to INR 50 thousand, depending on the franchise model and size of the shop. The cost of electricity and water might range between INR 12 and 15 thousand. Other additional expense charges related to operations might be estimated at around INR 10 thousand. Royalty charges of 6% on net sales. The cost of goods, including packaging, is approximately 32%.

    Apart from the above-mentioned expenses, 30% (25% commission + 18% GST on commission) will be the cost of all sales generated through online aggregators such as Swiggy, Zomato, etc.

    StartupTalky: How does Scuzo support franchisees in marketing and branding efforts? Are there centralized marketing initiatives or guidelines for local promotions?

    Mr. Anand: Yes, there are centralized marketing initiatives.The brand is directly responsible for social media and countrywide marketing for both the brand and the franchise store. Our strategies are designed to bring our brand partners the proper exposure across all online platforms. Marketing for local stores is carried out in collaboration with brand partners. The brand partners get guidelines based on their specific domains.

    The marketing initiatives are divided into three major subheadings: pre-opening, soft-launch, and post-opening, respectively. Pre-opening marketing is generally accomplished through social media platforms, using methods such as targeted postings and teaser videos. Soft and grand launch events are prepared and carried out via newspaper inserts, pamphlets, local food blogger visits, celebrity guest visits, radio station tie-ups, and so on. Post-launch strategies include newspaper inserts, samples, blogger activity, and inauguration incentives, among many more.

    StartupTalky: How is the supply chain managed for franchisees? Are there designated suppliers, and how does Scuzo ensure quality and consistency in product offerings?

    Mr. Anand: Scuzo has a well-established supply chain that is entirely handled by the company. The brand meets all inventory requirements through a single point of contact, the Scuzo supply chain manager. This manager serves as a liaison between the brand and the brand partner. This is done to guarantee smooth operation throughout the order placement, payment, and shipment processes.

    We have year-round warehouses that keep our stock in order to assure quality and consistency in our product offerings. The brand is in charge of supplying raw materials and packaging. Local purchases are kept to a minimal minimum and include things like the store’s milk requirements, among other things.

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    StartupTalky: The company’s revenue for FY23 was INR 5.3 crore. Can you highlight key drivers and any unexpected challenges during this period?

    Mr. Anand: There were a myriad of challenges and key drivers during the period of FY23. Among these, prominent and recurring aspects included acceptance and awareness of a newer brand. There have been instances where the concept that we offer has been welcomed by the respective franchisees, but there remained an underlying sense of hesitation. Availability and feasibility of locations (considering increased rentals) were major concerns for certain locals, particularly in smaller cities.

    Adding to the above, there was the fact that many customers were unaware of the distinction between gelato and ice cream. One recurring element was potential franchisees’ misperceptions about our competition in the area. There are limits that come with being a self-funded, bootstrapped business. We were unable to prioritise certain areas for the same reason.

    But by approaching all of these obstacles with a deliberate, methodical, and focused approach, we were able to overcome them at their very core.

    StartupTalky: What measures are in place to achieve the targeted revenue for the upcoming year?

    Mr. Anand: We are expanding our market presence across various regions in India and internationally. We want to promote the Make in India concept by highlighting Indian flavors and expertise abroad. Our goal is to tap into the global market and offer a unique culinary experience that reflects the rich cultural heritage of India.

    We are developing our own delivery platform, including an app, to facilitate direct ordering and delivery. While we may collaborate with platforms like Zomato and Swiggy, we want to have our own reliable delivery system to ensure efficient and cost-effective operations.

    Also, we will be opening around 10 cloud kitchen locations in Delhi/NCR simultaneously to cater to these areas. With such wide coverage, we can also consider delivering to places slightly outside our designated delivery areas, as long as it is feasible. Our goal is to ensure that customers receive their orders promptly, and we aim to deliver within 24 hours from the time the order is placed.

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  • Sudeep Kulkarni’s Game-Changer: Navigating the Future of Sports Tech With Game Theory

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The sports industry is a global powerhouse with a multi-billion-dollar market that encompasses professional leagues, equipment manufacturing, and media. Major events like the Olympics and FIFA World Cup generate massive revenue through sponsorships and ticket sales. Athlete endorsements and partnerships are crucial turning sports stars into influential figures. Technology, such as virtual reality and data analytics, revolutionizes training and fan engagement.

    In 2022, the sports market was anticipated to achieve $2.65 billion in revenue, with industry revenue reaching nearly $487 billion. Projections indicated a compound annual growth rate (CAGR) of 5.2% between 2022 and 2023. The global sports market is expected to surpass $623 billion by 2027.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Sudeep Kulkarni, Founder and CEO of Game Theory. We examined Game Theory’s operations within the sports industry, analyzing their strategies and unique positioning.

    StartupTalky: What inspired the founding of Game Theory, and how has the vision evolved since its inception?

    Sudeep Kulkarni: Game Theory was inspired by the founders’ understanding of challenges in the sports and fitness industry, evolving from insights gained in Sudeep’s previous venture, “The Tribe.” The vision shifted towards creating a seamless, engaging experience for real sports, simplifying scheduling, and improving player interactions by gamifying the entire experience.

    Since its inception, Game Theory has transformed into a platform redefining sports participation challenges, offering professional sports experiences to all. Collaborating with prominent sports figures, powering coaching academies, and providing world-class facilities, the company now focuses on delivering the joy of playing sports and democratizing access through top-tier facilities and elite coaching. Positioned as the future of sports, Game Theory embraces innovation and technology to continually enhance user experiences.

    StartupTalky: What is/are the USPs that set Game Theory apart in the sports-tech industry?

    Sudeep Kulkarni: At Game Theory, our mission is to redefine the sports-tech industry with a set of Unique Selling Propositions (USPs) that truly distinguish us. We take pride in elevating the sports experience through extensive gamification, ensuring every aspect is engaging and contributes to a journey that users find immersive and enjoyable. What sets us apart from competitors is our strategic approach to facility utilization – a blend of leisure play and coaching for a sustainable growth model. Unlike merely focusing on availability, we prioritize strategic venue optimization. Our commitment is underscored by collaborations with renowned sports figures like Phelps Academy, Rohan Bopanna, and Pullela Gopichand. This highlights our dedication to powering coaching academies and delivering world-class facilities, ensuring that our users receive the best in sports training and experiences.

    Democratizing sports is at the heart of our mission. We aim to make professional sports experiences accessible to everyone, delivering the ultimate joy of playing sports with top-tier facilities and access to elite coaching. Our strategy is infused with innovation and technology integration, leveraging cutting-edge trends such as AI, ML, computer vision, edge computing, wearables, and fitness tech.

    StartupTalky: In what ways does Game Theory aim to make sports more accessible, enjoyable, and habit-forming for users? Are there specific strategies or technologies employed to cater to a diverse audience?

    Sudeep Kulkarni: Game Theory is committed to enhancing the accessibility, enjoyment, and habit-forming nature of sports through a comprehensive approach. Leveraging specific strategies and cutting-edge technologies, the company has crafted a multifaceted initiative. The gamified experience stands as a cornerstone, where we incorporate gamification into every facet of the sports journey. This move aims to infuse an element of fun and competition, acting as a compelling hook to make sports more engaging and habit-forming for users.

    In the realm of facility optimization, we distinguish ourselves from competitors by strategically blending leisure play and coaching. This unique approach ensures users have convenient access to top-tier facilities, fostering an environment that makes sports more accessible and enjoyable. Technology integration is a key element in Game Theory’s strategy, incorporating cutting-edge trends such as AI, ML, computer vision, edge computing, wearables, and tech in fitness. This not only enhances the overall enjoyment of sports but also introduces technology as a motivational tool, creating an immersive and engaging sports experience.

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    StartupTalky: Can you elaborate on any ‘gamified’ elements integrated into Game Theory’s offerings? How does the platform use features like automated scoring, game highlights, and stats to enhance user engagement?

    Sudeep Kulkarni: We go beyond conventional sports engagement by integrating various gamified elements into its platform. The use of automated scoring streamlines the gameplay experience, providing precision without the need for manual scorekeeping. Additionally, the inclusion of game highlights adds a storytelling dimension, allowing users to relive and share their standout moments. Pro-sports-like statistics offer valuable insights into individual performance, fostering a data-driven approach for users to track progress and set goals.

    Leaderboards and challenges introduce friendly competition, build a sense of community, and encourage ongoing participation. The rewards system further enhances user engagement by providing recognition and incentives for skill improvement. Through these gamified features, Game Theory creates an immersive and dynamic sports environment, making the platform not only a space for physical activity but also a compelling and enjoyable journey for users. Further in our technology roadmap, we aim to make video analytics a key feedback tool for even the casual player. With increased usage, our matchmaking capabilities help you get paired with a player of a similar skill set, making the game more intense and enjoyable. 

    Game Theory’s association with the likes of Phelps Academy and Rohan Bopanna is also a key offering for our users to not only access world-class centers but also enroll in coaching designed by the legends of the sport. 

    StartupTalky: How does Game Theory stay innovative and ahead in the sports technology space amidst rapid industry changes?

    Sudeep Kulkarni: In the ever-evolving landscape of sports technology, we try to maintain our innovative leadership through a proactive and adaptable approach. The company integrates cutting-edge technologies, including AI, ML, and wearables, ensuring users experience the latest advancements for an engaging sports journey. Agile development methodologies allow for rapid adjustments and updates, enabling us to swiftly respond to industry changes and user feedback. 

    Our recent acquisition of Matchday.ai will further help accelerate the timelines on some of our innovative technology offerings. 

    Collaborations with renowned sports figures and institutions contribute expertise, while user feedback and data analytics drive informed decision-making and feature development. Actively engaging with government bodies and staying compliant with regulations ensures long-term sustainability. With a forward-thinking vision anticipating trends like augmented reality overlays, Game Theory not only keeps pace with industry changes but also leads in shaping the future of sports technology, providing users with a dynamic and futuristic sports experience.

    StartupTalky: Are there specific features or updates geared toward user retention and satisfaction?

    Sudeep Kulkarni: Game Theory strategically incorporates a range of features and updates aimed at bolstering user retention and satisfaction. The infusion of gamified elements, including automated scoring, game highlights, and statistics, fosters an engaging and competitive atmosphere, encouraging habitual use. A rewards system with virtual badges and recognition adds a layer of achievement, incentivizing regular participation and skill improvement. Leaderboards and challenges contribute to community building, providing users with a sense of camaraderie and motivation for ongoing involvement. Personalized coaching programs, facilitated through collaborations with sports figures, enhance the user experience by catering to diverse skill levels. The agile development approach ensures regular updates based on user feedback, demonstrating responsiveness to user needs. Technological advancements, including AI and ML, contribute to the platform’s uniqueness, while active solicitation and integration of user feedback reinforce a user-centric focus. These collective efforts create a user-friendly and dynamic sports environment, promoting user satisfaction and fostering long-term engagement.

    StartupTalky: Looking ahead, what are Game Theory’s plans for expansion, both in terms of the user base and new features or games offered within the platform?

    Sudeep Kulkarni: Looking ahead, we envision significant expansion across various fronts in our plans. Our primary focus is on broadening the user base to reach a diverse demographic, spanning from children to adults. We aim to make sports more accessible to a wider audience, promote active participation, and foster a healthy lifestyle.

    We also aim to bring in a lot of additional features on both the app and the smart courts, elevating the user experience. Some of these developments will be brought about much earlier than anticipated, thanks to some of the strategic investments we have made in acquiring key assets and our hiring roadmap. 

    In terms of where Game Theory will be available to the users, our primary focus for 2024 will remain to create a stronger base in Bangalore by expanding to 200+ Badminton courts, 20+ Swimming pools & squash courts, and 40+ Tennis courts and football arenas.

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    StartupTalky: If applicable, how has any backing or mentorship from investors or industry experts influenced Game Theory’s journey?

    Sudeep Kulkarni: Early in our journey, we partnered with the Phelps Academy to bring swimming to our users. Our recent investors included Nithin Kamath of Rainmatter, who is a massive proponent of a healthy and active lifestyle, which is a great validation of our business and an enormous support for our roadmap. Another key investor in the recent round included Rohan Bopanna, who has not only brought in crucial capital to fuel our growth but also will partner with Game Theory to improve our tennis offering to our users. 

    StartupTalky extends its gratitude to Mr. Sudeep Kulkarni for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • Who Is Soma Mondal, Featured on Forbes’ Most Powerful Women List

    Soma Mondal, a prominent figure in the Indian steel industry, made a significant impact during her tenure at the Steel Authority of India Limited (SAIL), a government company with a value of Rs 41,075 crore. Mondal, known as the “Queen of Steel,” has been recognized on Forbes’ Most Powerful Women list for her remarkable leadership.

    During her impressive 6-year and 3-month journey at SAIL, Mondal displayed exceptional dedication and leadership skills. Progressing through various key roles within the organization, she eventually became the Chairperson, serving in this role for 2 years and 5 months after a tenure as the Director Commercial for 3 years and 11 months.

    Born in West Bengal, India, Mondal holds a degree in Electrical Engineering from the National Institute of Technology, Rourkela. With a career spanning over three decades, she has played a pivotal role in transforming SAIL through initiatives focusing on modernization, technological advancements, and sustainable practices.

    Beyond her corporate success, Mondal is known for her commitment to social responsibility, actively driving initiatives for community welfare and environmental sustainability. As a role model for women aspiring to leadership in male-dominated industries, Mondal’s journey reflects resilience, vision, and the ability to navigate challenges.

    Given the nickname “Queen of Steel” for her substantial contributions, Mondal has earned a place on Forbes’ “World’s Most Powerful Women” list for 2022 and 2023. Her story stands as an inspiration, proving that gender should never hinder one’s ability to reach the pinnacle of success in the dynamic business and industry landscape.

    Soma Mondal – Biography

    Name Soma Mondal
    Education Electrical Engineering, National Institute of Technology, Rourkela
    Nationality Indian
    Position Former Chairman, Steel Authority of India Ltd (SAIL)

    Soma Mondal – Personal Life
    Soma Mondal – Early Life
    Soma Mondal – Career

    Soma Mondal – Awards and Recognitions

    Soma Mondal – Personal Life

    Soma Mondal was born and raised in a middle-class Bengali family in Bhubaneswar. Her father was an agricultural economist. Mondal’s husband, an engineer and graduate of IIM-Ahmedabad who worked with UTI, passed away in 2005. Despite this loss, Mondal managed to raise her three children with support from her parents and mother-in-law while also maintaining her job.

    Soma Mondal – Early Life

    Soma Mondal majored in Electrical Engineering at the National Institute of Technology, Rourkela in 1984.

    “Chairman Is A Gender-Neutral Word”: Soma Mondal, Chairman, SAIL

    Soma Mondal – Career

    Soma Mondal – NALCO

    Having earned a degree in Electrical Engineering from the National Institute of Technology, Rourkela, in 1984, Soma Mondal has more than 35 years of experience in the metal industry. Her career began as a Graduate Engineer Trainee at NALCO, where she steadily advanced to the role of Director (Commercial) in 2014. Mondal dedicated 32 years and 4 months to NALCO, starting her journey in November 1984 and concluding in February 2017, serving in various capacities along the way.

    Soma Mondal – SAIL

    When she took on the position of Director Commercial in March 2017, her tenure at SAIL officially started. From 2017–18 to 2019–20, Soma Mondal led the way in implementing marketing initiatives, which produced back-to-back best-ever sales volumes. She is in charge of starting an 80,000 million rupee production capacity expansion project.

    After taking over at SAIL in January 2021, Mondal led the steel giant to earnings that broke all previous records, tripling to 120 billion rupees in just her first year. In January 2021, Mondal was appointed as the first female chair of the state-run SAIL. In addition to being SAIL’s first female functional director, Mondal holds the special honor of being the corporation’s first female chairman.

    To address the changing demands of the challenging domestic market, Mondal made the necessary adjustments to SAIL’s Marketing Organisation Structure on time. She established three verticals Sales, Marketing, and Services, to improve the administration and marketing of the increased volumes after SAIL’s modernization and expansion. This was intended to improve the marketing operations’ concentration and level of micromanagement.

    She has worked in the metals sector for almost thirty years. To support the company’s branding initiatives for its numerous products, she played a key role in the introduction of two new labels, “NEX” and “SAIL SeQR,” which are used to market TMT bars and PF structural sections, respectively.

    Having recognized the necessity of increasing sales via retail channels, she has worked hard to establish a two-tier distribution network. The “Gaon Ki Ore” workshops were held in almost all of the States and Union Territories in India to educate people and harness the enormous potential of rural areas.

    On 30 April 2023, she was retired from her position. As of December 6, 2023, SAIL’s market capitalization is Rs 41,075 crore.

    She was chosen to serve as the head of the Standing Conference of Public Enterprises (SCOPE), which is the body that represents public enterprises under the Central Government, in March 2021.

    She is the chairperson of the CII subcommittee on “Safeguard for Tariff and Non-Tariff Barrier” and a member of the CII-National Committee on Steel.

    As of May 2023, after retiring from SAIL, Mondal is a member of the Public Enterprise Selection Board.

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    Soma Mondal – Awards and Recognitions

    • Soma Mondal secured the 70th position in Forbes’ World’s Most Powerful Women list for 2023. Other Indian women on the list include Finance Minister Nirmala Sitharaman, HCL Technologies Chairperson Roshni Nadar Malhotra, and Biocon Chairperson Kiran Mazumdar-Shaw.
      Forbes wrote, lauding her “She’s responsible for launching an 80,000-million-rupee effort to expand production capacity.”
    • In 2023, Soma Mondal was recognized as the ‘CEO of the Year’ at the ETPrime Women Leadership Awards.

    FAQs

    Who is Soma Mondal?

    Soma Mondal is the Former Chairperson of the Steel Authority of India (1 January 2021 – 30 April 2023). 

    What is Soma Mondal doing post-retirement from SAIL?

    Post-retirement from SAIL Mondal is now a member of the Public Enterprise Selection Board (PESB).

    What is Soma Mondal also known as?

    Soma Mondal is also known as the “Queen of Steel”.

  • Customer UX & Feedback: A Key Tool in the Startup Survival Kit

    If the customer is king, then customer feedback equals bags of gold coins for any business. Knowing what your customers are thinking about your product or service is an added weapon in your entrepreneurial arsenal.

    Amazon’s Jeff Bezos once famously said, “We see our customers as guests to a party, and we are hosts. It’s our job every day to make every important aspect of the customer experience a little better.”

    In this article, StartupTalky looks at why customer feedback is essential for any business and the various online and offline modes of feedback mechanisms employed by companies.

    Importance of Customer Feedback
    Online Channels
    Post Purchase Feedback
    Offline Feedback

    Importance of Customer Feedback

    Any information that customers express about the product or service they are using is customer information or feedback. 

    Every successful endeavor thrives on a conversation—a continuous feedback loop between creator and consumer that fuels growth and progress, said Harkunwar Singh, CEO and co-founder of Novatr. 

    Simply put, a good customer experience bodes well for your business. A statistical report by Bain & Company showed that companies that excelled at customer experience grew revenues by around 4–8%!

    Continuous integration of customer insights allows us to refine features, enhance user experiences, and address pain points swiftly. This dynamic feedback mechanism is ingrained in our deep tech development processes, fostering agility and responsiveness to the evolving needs of our user base, said Swayam Agrawal, founder and CEO of Aarika Innovations.

    Our team on the ground collects feedback from our outlets regularly to understand the trends in terms of consumer taste preferences. Each comment guides us in refining flavors and enhancing overall customer satisfaction, ensuring your products not only taste great but also resonate with our consumers, said Siddharth Saraf, co-founder of Vaum Tonics.

    However, the question arises: what defines a good customer experience?

    Bain & Co. suggests answering five questions that will help companies come up with the best customer experience:

    1. What do we want to stand for in the eyes of our customers?
    2. Which actions will have the greatest effect on our target customers?
    3. How can customer feedback promote learning and behavior change?
    4. What aspects of their experience would our customers want to change?
    5. How can we anticipate and mitigate risks to sustain the changes?

    If you can answer these questions, you might as well have crossed the Laxman-Rekha to connect with your customer!

    Online Channels

    Unlike a few years ago, digitalization and the plethora of tech tools available have made listening to customers a little bit easier. Some companies tell us their pick as far as online customer listening tools are concerned.

    1. Interactive Polls: Instant and ready-made feedback is available to companies through startups, which is made public. Dealing with them appropriately can lead to instant customer redressal and thereby alleviate the company’s brand image as well. Soulweaves, a handmade luxury sari brand, often floats polls through their stories on Instagram for certain decisions. “For example, a poll to choose option A or B bag for packaging. We will finally produce the bags that have more votes,” said Swati Kapoor of Soulweaves.
    2. Surveys: Opinion matters, and there are several platforms where customers can easily chip in with their view of your product or service. However, the key to constructive feedback is to ask the right questions. “We regularly send out surveys via email to gather insights directly from customers about their experiences with our products or services,” said Deepti Sharma, Director of ThinkerPlace.
    3. Social Media Listening Tools: Several social media analytics tools help to understand the thought processes of a potential customer or an existing one. In the digital sphere, we closely monitor KPIs (key performance indicators) such as returning customer rates and retention rates. These analytics serve as quantitative benchmarks, offering insights into the efficacy of our products and customer engagement strategies, said Akanksha Sharma, co-founder and CEO of CITTA.
      A vibrant community helps some other companies touch base with customers. “We make a concerted effort to actively listen to our vibrant community, comprising over 2,500 members, including top-tier company executives, industry experts, learners, and our dedicated research team. This collaborative effort allowed us to pinpoint major improvement areas and craft a course that uniquely equips individuals for the challenges of both today and tomorrow,” said Harkunwar Singh, co-founder, and CEO of Novatr.
      A data survey by Nosto found that 61% of consumers—out of which 65% were Gen Z consumers—were more loyal and more likely to buy from a brand if they were invited to take part in a customer advocate community.
    4. Reviews: Reviews, especially positive ones, definitely help in bulking up a company’s brand image, but some of the reviews also end up giving perspective. “Keep track of reviews on platforms like Google My Business or specific industry-related review sites. Positive reviews indicate satisfaction and loyalty,” said Bhawna Sethi, founder of Let’s Influence.
      A survey carried out by BrightLocal showed that 98% of people read online reviews for local businesses. The survey also showed that 87% of consumers will use Google to evaluate local businesses.
    Consumer Attitudes and Behaviors Based on Their Customer Service Experience Worldwide as of May 2022
    Consumer Attitudes and Behaviors Based on Their Customer Service Experience Worldwide as of May 2022

    Post Purchase Feedback

    Following up with a customer after a purchase forges a long-lasting connection with the latter. 

    Since our customers are parents, a feedback call helps us to build a connection and shows our concern and care towards them. This personalized approach ensures that we not only capture quantitative data but also delve into qualitative insights, said Sharma from CITTA.

    But there is more to following up with customers after a purchase than merely ticking the box of a marketing practice. 

    A statistical chart titled ‘Attitude of Consumers Worldwide Toward Personalization and Customer Experience Provided by a Company‘ reported that 88% of consumers feel that the experience a company provides is as important as its product or service.

    Another survey of 300 customers across different nations by Twilio in March 2023 showed that consumers say they will become repeat buyers after a “personalized experience.”

    At times, it can help you understand the drawbacks and, thereby, go ahead and improve your product or service.

    After an offline purchase, we may follow up with customers via calls or emails to gather feedback about their experience, said Sharma of Thinkerplace. 

    Offline Feedback

    Although online platforms have made it easier for companies to collect feedback, the classic traditional modes of feedback can never go out of fashion.

    We also ask them directly through old-school methods like surveys, face-to-face chats, and group discussions. This mix helps us see the full picture of what customers feel about us in different situations, said Rajan Gupta, Director of 10x Make it Happen.

    Former Managing Director of HDFC Bank Aditya Puri was feared within his company for making surprise visits to his branches so he could get feedback from the customers themselves and check if the bank processes were followed on the ground.

    Another ex-HDFC Bank executive, Ruby Jain, who is now chief executive officer and founder of Vyaparify, resonates with the offline mode of communication. 

    Whatever we have learned is from the market. Sitting in the office, one will never get the idea. Going down to Tier 2 and Tier 3 cities, talking to the local business owners, and understanding what they feel is one way to earn their trust. They should feel that they are one of us. But at the same time, they should feel that you know slightly better than them, or else why would they listen to you? said Jain of Vyaparify, a one-stop platform that provides digital solutions to local businesses.

    Founder of kids health supplement brand Kiddoze, Nonita Mehta, talks of various offline modes of accumulating feedback. 

    “We regularly gather input from parents, healthcare professionals, and customers through surveys, reviews, and direct communication. This helps us refine formulations, improve flavors, and ensure our vitamin supplement meets the needs and preferences of both kids and parents. Additionally, we stay abreast of nutritional research to enhance the effectiveness of our products.”

    Conclusion

    Customer feedback is what a company not only thrives on but also survives on. However, it is essential to complete the feedback loop and implement it into the product cycle so that you put the user and customer experience before anything else. Like Steve Jobs said, “You’ve got to work with the customer experience first and then backward with the technology. You can’t start with the technology and then try to figure out how you are going to sell it.” Making use of technology and various online channels can strengthen your product development cycle, yet keeping a close eye on ground feedback remains equally important.

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  • Ritesh Agarwal’s Journey From Oravel to OYO

    Ritesh Agarwal, the visionary entrepreneur behind OYO, has become a trailblazer in the hospitality industry, changing how people view and experience budget accommodations worldwide. From a small-town dreamer to the head of one of the world’s fastest-growing hospitality chains, his journey speaks to his persistence, strategic thinking, and steadfast belief in his vision. He started with Oravel Stays in 2012, a platform for budget accommodations, and in 2013, he conceptualized OYO Rooms, transforming the hospitality landscape.

    OYO, short for ‘On Your Own,’ was founded with a mission to offer standardized and affordable accommodations. Agarwal’s deep understanding of the challenges in budget lodging, combined with his innovative approach, propelled OYO’s rapid growth. The platform provided a range of budget hotels, guesthouses, and homes, each subject to strict quality checks to ensure a consistent and comfortable stay. This commitment to quality, along with Agarwal’s relentless drive, attracted attention and investments.

    Under Agarwal’s leadership, OYO expanded not only in India but globally. The company’s aggressive expansion involved strategic partnerships, acquisitions, and a robust technological infrastructure. By using technology to streamline operations, improve customer experiences, and support hotel partners, OYO disrupted traditional hospitality models. Agarwal’s ability to navigate challenges and adapt when necessary played a key role in OYO’s remarkable success.

    Beyond business, Agarwal is known for his leadership style marked by innovation, adaptability, and a strong commitment to social impact. His efforts to empower small hotel owners have transformed the hospitality sector and created economic opportunities in various communities.

    As a young and dynamic entrepreneur, Ritesh Agarwal continues to inspire aspiring business leaders globally. His story illustrates that with a compelling vision, determination, and readiness to embrace change, one can overcome obstacles and reshape industries.

    Ritesh Agarwal – Biography

    Name Ritesh Agarwal
    Birthplace Bissam, Cuttack. Odisha
    Born 16 November, 1993
    Education College Dropout, Sacred Heart School, and St. Johns Senior Secondary School
    Nationality Indian
    Position Founder and CEO, OYO Rooms
    Net worth $2 billion

    Ritesh Agarwal – Personal Life
    Ritesh Agarwal – Early Life
    Ritesh Agarwal – Career
    Ritesh Agarwal – OYO Rooms
    Ritesh Agarwal – Journey so Far
    Ritesh Agarwal – Shark Tank India
    Ritesh Agarwal – Investments
    Ritesh Agarwal – Philanthropy
    Ritesh Agarwal – Controversies
    Ritesh Agarwal – Awards and Recognition

    Ritesh Agarwal – Personal Life

    Ritesh Agarwal was born into a Marwari family in Bissam Cuttack, Odisha, and grew up in Titilagarh. His family operated a small shop in Rayagada, Odisha. He completed his education at Sacred Heart School and later at St. Johns Senior Secondary School. In 2011, he relocated to Delhi for college.

    On March 7, 2023, Agarwal married Geetansha Sood, a native of Lucknow. Unfortunately, just three days after their wedding, Agarwal’s father passed away, which came as a shock.

    Ritesh Agarwal – Early Life

    Ritesh Agarwal initiated his entrepreneurial journey at the young age of 13 by selling SIM cards. Despite his father’s aspirations for him to become an engineer, Agarwal had different plans. In pursuit of his dreams, he moved to Delhi during 10th grade to prepare for the IIT-JEE entrance exam. During this period, he began selling SIM cards, not only to develop business skills but also to financially support himself independently. Despite enrolling in an engineering college, he made a daring choice to drop out and venture into entrepreneurship.

    In 2013, at the age of 19, he earned a spot in the prestigious Thiel Fellowship initiated by Peter Thiel, receiving a $100,000 grant to materialize his ideas. Utilizing this opportunity, he launched Oravel Stays in September 2012, a budget accommodation portal similar to Airbnb, marking the commencement of his journey in the hospitality industry.

    The success of Oravel Stays paved the way for the establishment of OYO Rooms in May 2013. This ground-breaking hotel network rapidly gained popularity, providing affordable and standardized accommodations throughout India. Agarwal’s commitment and innovative approaches attracted substantial funding, with the company securing $1 billion by September 2018. Through the visionary entrepreneur’s leadership, OYO Rooms expanded its reach to 154 cities in India, becoming the largest hotel network in the country.

    Ritesh Agarwal – Career

    OYO Rooms is identified as a potential future unicorn in a study by CB Insights, as reported in The New York Times. The company has secured a total funding of $125 million through four rounds from seven investors. Ritesh Agarwal, the founder, has received numerous awards, including the Business World Young Entrepreneur Award, acknowledging his notable contributions. He is a frequent speaker at entrepreneurial events globally and holds a fellowship with the Thiel Foundation.

    Ritesh Agarwal – OYO Rooms

    Ritesh Agarwal, a college dropout, stands as the wealthiest self-made Indian under 40, boasting a net worth of $2 billion. His remarkable journey from a modest background to the forefront of the hospitality industry underscores his resolute determination and entrepreneurial drive.

    OYO Rooms’ success transcended national borders. In 2016, Agarwal achieved a significant milestone as the hotel chain surpassed one million check-ins and ventured into Malaysia. The subsequent year they witnessed the launch of OYO Rooms in Nepal, solidifying its footprint in South Asia. Expanding further, the company entered the UK, UAE, Dubai, China, Singapore, and Indonesia in 2018. By 2019, OYO Rooms had acquired over 330,000 rooms in 500 cities globally, showcasing Agarwal’s exceptional leadership and expansion prowess.

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    Ritesh Agarwal – Journey so Far

    Under the leadership of Agarwal, OYO, the hospitality and travel tech startup, reached a noteworthy milestone by achieving positive cash flow in the fourth quarter of the financial year 2023. As per a presentation shared with employees, the company concluded Q4FY23 with a cash flow surplus of Rs 90 crore, signaling a positive financial trajectory. This accomplishment sets OYO on a path to mark its first profitable year since its inception in 2013, with an estimated adjusted EBITDA of about Rs 245 crore for FY23.

    In September 2018, the company secured $1 billion in funding. By July 2019, reports indicated that Agarwal had invested $2 billion in shares, tripling his stake in the company. In August 2020, OYO Rooms achieved a valuation of $9.6 billion after raising $5 million from tech giant Microsoft. OYO Rooms initiated the IPO filing process in October 2021.

    During challenging times, OYO had to make adjustments, laying off 400 employees in December 2019 and more during the lockdown imposed in India in March 2020. Despite this, OYO remains committed to expansion, with plans in key markets such as India, China, Southeast Asia, the Middle East, and Europe.

    OYO Rooms has garnered support from notable investors including SoftBank Group, Didi Chuxing, Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise, Airbnb, and China Lodging Group.

    Ritesh Agarwal – Shark Tank India

    Agarwal, the self-made billionaire and highly successful entrepreneur behind OYO Rooms, has earned the distinction of being the youngest Shark on the panel for Season 3 of Shark Tank India. He will join other accomplished Sharks such as Aman Gupta (co-founder and CMO of boAt), Amit Jain (CEO and co-founder of CarDekho Group, InsuranceDekho.com), Anupam Mittal (founder and CEO of Shaadi.com – People Group), Namita Thapar (Executive Director of Emcure Pharmaceuticals), Vineeta Singh (Co-Founder and CEO of SUGAR Cosmetics), and Peyush Bansal (founder & CEO of Lenskart.com) in the upcoming season.

    Ritesh Agarwal - Shark Tank India 3
    Ritesh Agarwal – Shark Tank India 3

    Ritesh Agarwal – Investments

    Ritesh Agarwal has made 22 investments. Their latest investment was Venture Round – Beyond Odds on Dec 19, 2023, when Beyond Odds raised ₹910M.

    Announced Date Organization Name Funding Round
    December 19, 2023 Beyond Odds Venture Round
    November 2, 2023 FroGo Seed Round
    January 19, 2023 The Forest Collective Grant
    January 19, 2023 Siachen Naturals Grant
    January 19, 2023 Nima Goos Goos Grant
    January 19, 2023 Ladakh Brew Grant
    November 30, 2022 Vetic Seed Round
    June 8, 2022 Pepper Content Series A
    May 8, 2022 Josh Talks Seed Round
    January 27, 2022 Growth School Seed Round

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    Ritesh Agarwal – Philanthropy

    During the challenging period of the coronavirus crisis, Agarwal took a proactive stance, announcing his decision to forgo his entire annual salary to support the government. In a show of solidarity, other executive leaders at OYO also voluntarily accepted pay cuts of up to 50%, contributing to building a financial runway for the company. Agarwal expressed his gratitude towards the leadership team for their collective effort during these unprecedented times.

    In response to the global business challenges, OYO committed not to reduce the salaries of its employees. The company assured its workforce in India, including over ten thousand OYOpreneurs and numerous OYO-managed assets staff, that their salaries and benefits would remain uninterrupted throughout the nationwide initial 21-day lockdown.

    OYO also demonstrated social responsibility by offering its hotels to various groups affected by the lockdown, including frontline medical staff, aircrew, corporates, tourists, paying guests, and stranded foreign nationals. This initiative aligned with government directives and aimed to provide support to those impacted by the pandemic.

    Venturing into the healthcare sector, Agarwal has revealed plans to set up five healthcare centers dedicated to the underprivileged in Odisha, his home state. As per an official announcement, the strategic positioning of these centers is intended to address areas with restricted healthcare accessibility, effectively reducing the disparity between healthcare services and marginalized communities.

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    Ritesh Agarwal – Controversies

    Agarwal faces allegations of deceiving OYO’s co-founder, Manish Sinha, during the company’s early stages. Accusations suggest that Agarwal, through his company OYO, entered into agreements with U.S. hotel owners to rebrand their properties under the OYO name, promising compensation and guaranteed income. However, crucial information was omitted, OYO lacked authorization to operate a franchise business in California. In March 2019, California regulators fined OYO $200,000, and a cease and desist order was issued by Washington after discovering unauthorized offers made to hotel owners and managers.

    In September 2020, Agarwal faced a case in Dera Bassi, lodged by a Chandigarh-based businessman, charging him with fraud and conspiracy under IPC 420 (cheating) and 120 B (criminal conspiracy).

    An October 2019 report revealed police cases filed against OYO by hotel operators in Bangalore, Mysore, and other Karnataka cities, accusing Agarwal of fraud. Despite this, he successfully secured a stay order on one case in Bangalore.

    OYO encountered opposition from 10,000 hotel owners in India who claimed that undisclosed fees, amounting to half or more of their revenues, were charged by OYO when hotels joined the platform.

    Ritesh Agarwal – Awards and Recognition

    In 2016, Ritesh Agarwal earned a spot in Forbes’ “30 under 30: Consumer Tech” list for his role as the founder and CEO of the innovative hospitality business and app.

    Reflecting his remarkable achievements, Agarwal’s net worth in 2020 was estimated at around $1.1 billion (Rs 7253 crore). This positioned him as the youngest self-made billionaire globally, a recognition acknowledged by the Hurun Rich List.

    In 2023, Agarwal achieved another milestone by becoming the youngest Shark to be featured in Shark Tank India.

    FAQs

    Who is Ritesh Agarwal?

    Ritesh Agarwal is the founder and CEO of OYO Rooms.

    What are OYO Rooms used for?

    OYO rooms are popular choices for budget-conscious travelers, tourists, and individuals seeking affordable and convenient accommodations.

    What is the full form of OYO?

    The full form of OYO is On Your Own.

  • The Business Behind Cult.fit’s Rapid Expansion Through Franchising

    The allure of stepping into a Cult.fit center extends beyond just fitness; it delves into a strategic business model that has allowed it to rapidly expand its footprint across the country. The franchisee-owned, franchisee-operated (FOFO) model serves as the backbone of Cult.fit’s widespread success.

    Curefit Healthcare Pvt. Ltd., established in 2016 by Mukesh Bansal and Ankit Nagori, stands as India’s largest fitness company. Offering a wide spectrum of fitness services and products through its brands Cult.fit and Cult.sport, Curefit aims to make fitness enjoyable, accessible, and easy. Cult.fit provides group workouts, online classes, sports facilities, and personalized solutions at fitness centers and partner gyms nationwide. Embracing innovative subscription-led revenue models and cutting-edge technological interventions to promote healthy habits, Cult.fit has become the preferred destination for fitness enthusiasts throughout the country. Cult.sport, focusing on simplifying health and well-being, offers smart fitness products tailored to everyday athletes. The Cult.sport product range includes thoughtfully designed high-quality sportswear, versatile at-home workout equipment, bicycles, and nutraceuticals to deliver the ultimate workout experience.

    What sets Cult.fit apart from other fitness apps is its distinctive approach, offering a comprehensive range of facilities, including online fitness classes, gym and equipment-based workouts, healthy food options, yoga, meditation, and more.

    The success and widespread appeal of Cult Fitness can be attributed not only to its cutting-edge facilities and innovative workouts but also to its dedicated trainers who serve as mentors, fostering a sense of community where individuals are more than mere numbers on a scale.

    Cult Fitness Franchise Model
    Steps to Establish a Cult Fitness Franchise
    Prospects of Fitness Franchise in India
    Starting a Cult Fitness Franchise in India

    Cult Fitness Franchise Model

    With ambitious aspirations for the future, Cult.fit aims to uphold its leadership in the competitive fitness app industry. The company plans to invest in cutting-edge technology, explore new markets, introduce fresh features and content, and collaborate with influencers and brands.

    To expand its reach into smaller areas, Cult.fit adopts a franchise model, enabling it to make a significant impact in previously untapped locations. The franchise program boasts a world-class tech system for class bookings and seamless center operations management. Cult.fit has established itself as the largest and fastest-growing fitness chain in India, boasting a presence in multiple cities and over 200 centers nationwide.

    The franchise program offers a competitive edge with expertise in best practices, equipment vendors, training academies, and marketing strategies. With premium fitness clubs equipped with state-of-the-art facilities, the franchise has an initial funding range of INR 1 Cr to INR 1.2 Cr, providing a promising return on investment with a break-even period of 24-36 months and a 30-40% return.

    Since its inception in 2020, the franchise operations of Cult.fit have been dedicated to serving fitness enthusiasts in Tier 1 and Tier 2 cities across India. Within the franchise model, a notable offering is the amalgamation of machine-based workouts and group class facilities under one roof, presenting customers with a comprehensive array of fitness options. In 2022, Curefit further solidified its presence in the fitness industry by expanding its franchise portfolio to include Fitness First and Gold’s Gym outlets in India.

    Porko Elango, Head of Business at Cult.fit, emphasized the pivotal role of the franchising model in the brand’s swift expansion, reaching previously untouched localities nationwide. This vertical is poised to contribute significantly, targeting a 30% share of revenue at Cult.fit. The franchise partners have played a crucial role in establishing accessible fitness spaces and empowering individuals to lead healthier, happier lives. Looking ahead, Cult.fit is committed to expanding its impact and envisions the establishment of 200 franchised centers across the country by 2025.

    The brand’s goal is to make fitness enjoyable and accessible to everyone, providing unlimited access to group classes through their app and offering wellness products for online purchases.

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    Steps to Establish a Cult Fitness Franchise

    For those interested in setting up a Cult Fitness franchise, the following steps can be followed:

    1. Ensure adequate capitalization with a minimum initial investment of INR 1 Cr.
    2. Recognize the financial commitment needed for real estate, equipment, licenses, permits, insurance, etc.
    3. Check the accessible markets for Cult.fit franchisees and determine suitability for your desired location.
    4. Submit your franchise application online, and upon receipt, expect confirmation and contact information from the franchise owner.
    5. If approved, receive a franchise agreement to sign and return to the franchisor.
    6. Attend a comprehensive training program provided by Cult.fit, covering all aspects of running a franchise.
    7. Upon completion, open your Cult.fit franchise with full support in marketing, operations, and tech enablement.

    Prospects of Fitness Franchise in India

    The primary target group for the fitness industry in India is the youth population aged 15 to 34, projected to constitute 34.33% of the total population, amounting to around 440 million individuals.

    The health and fitness market in India is anticipated to grow by 12.51% (2022–2027), reaching a market volume of US$31.97 million in 2027. The digital fitness and well-being market is projected to grow by 18.75% (2023-2028), resulting in a market volume of USD 15.11 billion in 2028.

    In conclusion, the fitness industry in India is experiencing rapid growth, presenting significant investment and business opportunities. The youth population remains a crucial target, and digital fitness is poised for substantial growth in the years to come.

    Revenue of Curefit Healthcare Private Limited from Financial Year 2018 to 2022
    Revenue of Curefit Healthcare Private Limited from Financial Year 2018 to 2022

    Starting a Cult Fitness Franchise in India

    Expertise and Support: Cult.fit’s franchise program offers expertise in best practices, equipment vendors, training academies, and marketing strategies, along with continuous support from a dedicated central team.

    Large Customer Base: As the largest fitness chain in India with over 230 centers and 1 lac active members, Cult.fit provides franchise partners with a substantial and consistent revenue stream.

    High Return on Investment: With a 30–40% return on investment and a break-even period of 24-36 months, Cult.fit presents a potentially lucrative investment opportunity for franchise partners.

    Tech-Enabled Platform: Leveraging top-notch technology, Cult.fit offers a unique member experience, allowing seamless class bookings through the Cure.fit app, a valuable selling point for franchise partners.

    Fun and Easy Fitness: Embracing the slogan “Make fitness fun and easy,” Cult.fit offers a range of group workouts, appealing to customers seeking an enjoyable and straightforward approach to fitness.

    Low Capex: Cult.fit’s equipment-free workout studios require investments of less than INR 1 Cr, making it a more affordable option for potential franchise partners.

    The brand’s success lies not only in its fitness offerings but also in its ability to craft a scalable and lucrative business opportunity for entrepreneurs through its FOFO model. Cult.fit’s journey showcases how strategic acquisitions and a robust franchise network can fuel the growth of a fitness empire.

    FAQs

    What is Cult.fit?

    Cult.fit is a comprehensive health and fitness platform, offering personalized workout programs and wellness services. It combines technology with expert guidance for a holistic approach to fitness.

    What is the cost of Cult.fit membership per month?

    Cult.fit offers a 12-month plan(Rs 17,490), a 6-month plan(Rs 14,990), and a 3-month plan (Rs 9,990). It also offers a Buddy pack in which you can take your buddy along with you to the cult.fit centers and take a 3-month Buddy pack with just Rs 25,100.

    What is the business model of Cult.fit?

    Cult.fit’s success is rooted in its Franchisee-Owned, Franchisee-Operated (FOFO) model, serving as the fundamental framework behind its widespread reach and impact.

  • Tech Innovator Padmakumar Nair: Ennoventure’s Quest to Eradicate Counterfeits and Redefine Brand Protection in It

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The IT industry focuses on developing, implementing, and maintaining computer systems and software. It is essential for efficient data management, communication, and automation in modern businesses. Key areas include software development, hardware manufacturing, cybersecurity, cloud computing, and IT services. Rapid technological advancements mark the industry and play a crucial role in global digital transformation.

    In 2023, the global IT market reached $8852.41 billion, growing at a CAGR of 8.2% from 2022. The IT and BPM industries generated a combined revenue of $245 billion. India’s IT sector will contribute 10% to its GDP by 2025. In 2023, the domestic revenue of the Indian IT industry amounted to $51 billion, with export revenue reaching $194 billion.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Padmakumar Nair, Co-founder and CEO of Ennoventure. We conducted an in-depth analysis of Ennoventure, delving into its evolution, challenges, key learnings, and upcoming strategies. Our examination revealed how Ennoventure is spearheading innovation to transform the IT industry.

    StartupTalky: What service does Ennoventure provide? What was the motivation/vision with which you started?

    Padmakumar Nair: Ennoventure Inc. stands as a technology-driven leader specializing in covert brand protection solutions within multiple industries, including FMCG, automotive spare parts, and agrochemicals. Addressing the pervasive challenges of product counterfeiting across these sectors, Ennoventure offers a non-disruptive solution for verifying product authenticity without necessitating alterations to current package designs or printing procedures. Leveraging AI and cryptography, our anti-counterfeit technology provides seamless authentication through smartphones by embedding an imperceptible cryptographic signature onto the package.

    Looking ahead, our long-term vision revolves around combating the escalating challenges presented by counterfeiting across diverse industries. The rapid surge in digitalization, amplified online consumer shopping behavior, and subsequent payment habits have exacerbated the risks associated with counterfeit products in the market. While this digital shift has brought convenience to consumers, it has also heightened the prevalence of counterfeit goods in sectors like pharmaceuticals, FMCG, and automotive, particularly in regions such as India.

    Ennoventure recognized a critical gap in safeguarding product authenticity and intellectual property across sectors, prompting the development of patented solutions to address these vulnerabilities. Our mission remains rooted in offering robust protection against counterfeiting attempts, ensuring the integrity and legitimacy of products in an evolving market landscape.

    Ennoventure Inc. sprouted from a pivotal moment when Padmakumar, inspired by the alarming impact of malaria in Africa, envisioned a solution to combat counterfeiting. In 2017, while Shalini Nair managed her own business, Padmakumar approached her to initiate the establishment of Ennoventure. By August 2018, Shalini had submitted two US patent applications, both securing approval—one in November 2018 and the other in February 2019.

    Founded in 2018, Ennoventure aimed to be an innovative force crafting digital solutions for everyday challenges. Their primary focus centered on fortifying packaging and designs for seamless verification throughout the supply chain.

    Understanding the landscape intricacies, the founders engaged extensively with key stakeholders—from printers to heads of packaging, counterfeiting, and security divisions within major brands. Acknowledging the significance of no process alteration and the typical hurdles in technology implementation, they conducted a prototyping exercise in collaboration with a prominent pharmaceutical company.

    StartupTalky: What new services have been added in the past year? What is/are the USP/s of Ennoventure?

    Padmakumar Nair: Ennoventure has recently unveiled an advanced anti-counterfeit solution that promises to elevate brand protection efforts significantly. This new solution is designed to tackle the growing complexities of counterfeiting by integrating cutting-edge technology. By leveraging state-of-the-art advancements, Ennoventure’s solution offers a comprehensive approach to fortifying brand integrity.

    This offering marks a pivotal moment in the fight against counterfeit products, providing brands with a powerful tool to safeguard their reputation and consumers’ trust. The technology’s sophistication aims to create robust barriers against fraudulent activities, thereby enhancing legal strategies for brand protection. Ennoventure’s commitment to innovation reflects its dedication to addressing the evolving challenges of counterfeiting in the market, reinforcing its position as a leader in brand protection solutions.

    This technology’s key features include:

    • Proof of Location: Utilizes geolocation and timestamped photos to track counterfeit products, aiding in assessing their circulation duration for legal purposes.
    • Cost-Effective Solution: Minimizes litigation expenses by providing indisputable evidence, empowering brands to pursue legal actions confidently for favorable outcomes.
    • Timely Evidence: Timestamps on captured evidence are crucial in cases involving unauthorized production, especially by former partners, aiding in legal considerations.
    • Comprehensive Evidence: Combines photographic evidence with geographically based and time-stamped data, offering substantial proof for multiple cases without requiring on-site investments.

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    StartupTalky: How has the IT industry changed in recent years, and how has Ennoventure adapted to these changes?

    Padmakumar Nair: In response to the evolving landscape of consumer behavior, legislative frameworks, and technological advancements, Ennoventure has actively embraced these changes within the anti-counterfeiting and brand protection domains.

    • Technological Advancement – Amid rapid technological advancements, the fight against counterfeiting and the need for brand protection has expanded, presenting both new opportunities and challenges. The industry has become increasingly intricate and interconnected due to advancements in artificial intelligence and the proliferation of e-commerce platforms.

    Ennoventure’s Approach: To integrate cutting-edge technologies into our solutions, significant investments have been made in research and development. This enhancement enables us to more effectively detect and prevent counterfeit activities across the market.

    • Elevated Emphasis on Brand Image – In the face of discerning consumers, safeguarding brand reputation has gained significant prominence. The detrimental impact of counterfeiting on brand image has far-reaching consequences.

    Ennoventure’s Approach: Beyond merely detecting and halting counterfeits, our services encompass comprehensive brand protection strategies. Collaborating closely with clients, we tailor solutions to enhance brand integrity and fortify defenses against potential reputational damage.

    Padmakumar Nair: We employ a multifaceted approach to remain abreast of the latest trends and developments in our industry. Our strategy encompasses various sources and mediums, including:

    • Blogs and Articles: We regularly follow industry-specific blogs and articles from reputable sources, leveraging diverse perspectives and insights shared by experts and thought leaders.
    • Research Papers: Engaging with academic and industry research papers allows us to delve deeper into specific topics, accessing in-depth analyses and findings relevant to our field.
    • Market Study Reports: We meticulously study market reports and analyses, gaining valuable market intelligence, understanding emerging trends, and foreseeing potential shifts in the industry landscape.
    • Podcasts: We listen to industry-focused podcasts featuring discussions with experts and pioneers, offering nuanced insights and real-time discussions on relevant topics.

    By actively engaging with these diverse information channels, we ensure a holistic approach to staying informed about the latest advancements, emerging trends, and evolving dynamics within our industry. This comprehensive approach enables us to adapt, innovate, and make informed strategic decisions to remain at the forefront of our field.

    StartupTalky: What key metrics do you track to check Ennoventure’s growth and performance?

    Padmakumar Nair: We closely monitor several key metrics to gauge and assess our company’s growth and performance. These metrics include:

    • Growth Rate: This helps us measure the speed at which our company is expanding, providing insights into our market traction and overall progress.
    • Net Dollar Retention: This metric aids in understanding the ability to retain and expand revenue from existing customers, reflecting customer satisfaction and upselling potential.
    • Customer Lifetime Value (CLV): CLV is vital in determining the long-term value a customer brings to our business, guiding our strategies for customer acquisition and retention.
    • R&D Spend as a Percentage of Revenue: Tracking this ratio informs us about the commitment and investment in innovation, which is crucial for staying competitive and driving future growth.
    • Sales and Marketing Spend as a Percentage of Revenue: This metric provides insight into the efficiency of our sales and marketing efforts, ensuring optimal allocation of resources.
    • Payback Period: We monitor this metric to evaluate the time it takes to recoup the cost of customer acquisition, guiding our financial planning and investment decisions.

    Collectively, these metrics offer a comprehensive overview of our company’s growth trajectory, financial health, customer-centric focus, and future prospects, guiding our strategic decisions and ensuring sustained progress.

    StartupTalky: What were the most significant challenges Ennoventure faced in the past year, and how did you overcome them?

    Padmakumar Nair: Over the past year, our company encountered two significant challenges that required strategic planning and adaptability to ensure continued success. The first major obstacle was optimizing productivity and maintaining the highest output possible during the widespread shift to remote working. The second challenge involved navigating the complexities of fundraising in the current economic climate.

    The transition to remote work posed several hurdles, including the need to establish effective communication channels, maintain team cohesion, and address potential disruptions to workflow. To overcome these challenges, we implemented robust communication tools, such as video conferencing platforms and collaboration software, to facilitate seamless interactions among team members. Additionally, we introduced regular virtual meetings to ensure that everyone remained aligned with the company’s goals and objectives. By fostering a culture of transparency and open communication, we were able to mitigate the impact of remote work on productivity and maintain a strong sense of team unity.

    The second challenge involved fundraising in a climate marked by economic uncertainties. To overcome this hurdle, we undertook a comprehensive analysis of our financial position and adjusted our fundraising strategy accordingly. This involved refining our pitch to highlight the resilience and adaptability of our business model in response to the changing landscape. We also engaged in proactive communication with existing investors, keeping them informed about our strategies for navigating the challenges and showcasing our company’s value proposition. Furthermore, we explored alternative funding sources and strategic partnerships to diversify our financial support.

    StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that your clients are happy?

    Padmakumar Nair: Our paramount goal is to instill in our customers the unwavering confidence that they are never alone in their journey. Our dedicated customer success and account management team diligently works to provide a robust support system, ensuring that our customers feel backed and supported at every step. We prioritize their peace of mind by fostering a relationship built on trust and reliability, where they can rely on us as a dependable partner, ever-ready, to assist them in navigating challenges and achieving their objectives.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Padmakumar Nair: We leverage a wide array of marketing strategies, including LinkedIn ads, webinars, speakership opportunities, event participation, etc., with the purpose of increasing our brand awareness and amplifying our outreach to garner attention towards our unique, patented covert brand protection solutions. One notable achievement in our growth strategy has been the success of our ads based on real-life case studies. These ads have not only increased our visibility but have also proven effective in generating more leads.

    StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?

    Padmakumar Nair: Our company, headquartered in Massachusetts, USA, operates within the realm of Software as a Service (SaaS), catering to a diverse clientele across various sectors globally. Our international client base spans industries such as automotive, agrochemicals, and fast-moving consumer goods (FMCG).

    As a SaaS-based product company, our focus revolves around developing and delivering innovative solutions tailored to the unique needs of our clients within these sectors. Our technology enables us to provide scalable, efficient, and customizable brand protection solutions.

    The diverse nature of our clientele across different industries has allowed us to gain valuable insights into various market dynamics, challenges, and opportunities. This breadth of experience empowers us to adapt our products to meet the distinct requirements of each sector, ensuring we deliver tangible value and impactful solutions to our global client base.

    Our commitment to innovation, coupled with our SaaS expertise, allows us to remain at the forefront of technological advancements while continuously striving to exceed the evolving expectations of our international clientele.

    StartupTalky: What are the important tools and software you use to run Ennoventure smoothly?

    Padmakumar Nair: The entire ERP module of Zoho, that is, Zoho One, which we use extensively for all functions like marketing, sales, and HR. On the engineering side, we use Jira and Atlassian products.

    StartupTalky: What opportunities do you see for future growth in the IT industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

    Padmakumar Nair: As businesses increasingly transition from traditional brick-and-mortar stores to online platforms, the risk of counterfeiting has surged. This shift presents an opportunity as more brands seek robust anti-counterfeit solutions. The advent of generative AI has exacerbated the ease of copying and producing fakes, necessitating advanced technologies to combat counterfeiting. Additionally, with the global market becoming more unified, there’s a convergence in market behavior between India and the rest of the world. The location of manufacturing and shipping has become inconsequential in this interconnected market landscape.

    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Padmakumar Nair: Success isn’t merely about rapid expansion or lavish spending; it’s about achieving growth with capital efficiency. Numerous companies have faced bankruptcy due to cash depletion. The lesson learned from the past year emphasizes the importance of being capital-efficient: making decisions based solely on necessities and eliminating non-essential expenses.

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    StartupTalkyGorish Dua

    StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

    Padmakumar Nair: We have shifted our primary focus towards the US and European markets, actively targeting not only large enterprises but also small and medium-sized companies. Our strategic pivot involves a more inclusive approach, now catering extensively to SMEs as well. The core driver of our team’s expansion is aligned with customer growth, emphasizing a customer-centric approach to fuel our growth trajectory.

    StartupTalky: One tip that you would like to share with another service company founder?

    Padmakumar Nair: An untapped opportunity exists within the anti-counterfeit sector that holds immense potential for transformative technologies to combat counterfeit products effectively. Rather than adopting a ‘wait-and-see’ approach, many companies across industries can proactively tackle counterfeiting while safeguarding brand reputation and authenticity.

    Globally, the anti-counterfeit solutions market is projected to reach significant heights by 2025, estimated at $120 billion. Recognizing and integrating these technologies across sectors will fuel demand for innovative solution providers, presenting a substantial opportunity for entrepreneurs to contribute to addressing this global challenge.

    The approach we’ve undertaken aims to empower consumers through cutting-edge technology. Our solution not only prevents counterfeiting but also grants consumers easy access to comprehensive product information. By providing details such as product composition, potential side effects, and usage instructions, we ensure consumers have vital information readily available.

    The key lies in understanding the potential of leveraging advanced technologies to combat counterfeiting while prioritizing consumer empowerment and information accessibility.

    StartupTalky extends its gratitude to Mr. Padmakumar Nair for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.