New Delhi (India), January 4: Amidst the fast-paced world of electric mobility, where sleek cars and high-performance bikes competed for attention, an environmentally friendly vehicle emerged as the ultimate showstopper. At the Netherlands E-Mobility Expo, the humble Indian E-Rickshaw, affectionately dubbed the “City Pod,” took the event by storm. In an exhibition filled with a diverse range of vehicles and state-of-the-art technology, the City Pod’s standout performance underscored the untapped possibilities of Indian autos as sustainable tourist vehicles in Europe.
Savy Electric: A Vision for Sustainable Mobility
At the heart of this revolutionary moment stood Savy Electric Vehicles Pvt Ltd., fondly known as Savë. Founded on the principles of redefining conventional transportation and crafting eco-conscious vehicles, Savë aimed to revolutionize e-mobility solutions, battery technology, and financing accessibility. Their mission was clear: to provide efficient and eco-conscious vehicles that catered to diverse transportation needs, making clean air a fundamental right.
Facilitated by India Pavilion
Savy Electric was a proud participant in the India Pavilion at the Netherlands Expo. This pavilion facilitated the participation of six Indian EV companies in the event, showcasing India’s commitment to becoming an E-Mobility manufacturing capital, poised to rival even China. The India Pavilion’s mission was clear: to promote Indian EV companies in global expos and foster international collaboration. It was here that City Pod, developed in collaboration with Marutee Design and Engineers from Bangalore, made its grand entrance.
A Visionary Leap into Sustainable Transportation
Driving this vision forward was Chandan Mundra, the founder of Savë Electric Vehicles. Chandan’s journey from his family business to becoming a driving force in renewable and clean energy was the source of inspiration. His passion for making a positive environmental impact led him to explore the electric vehicle industry.
The City Pod’s debut was more than just a vehicle launch; it was a momentous leap into a sustainable future. Under Chandan Mundra’s visionary leadership, the company had achieved remarkable success in redefining electric mobility. With a strong focus on innovation and sustainability, Savy Electric had not only introduced EVs for door-to-door waste collection but also ventured into specialized applications such as EV Evelator Vans for hospitals and mobile veterinary vans.
City Pod: A Vision for Sustainable Transportation
The City Pod, with its modern aesthetics and eco-conscious engineering, is not just an E-Auto; it’s a sustainable solution with global implications. The expo attendees couldn’t help but imagine the City Pod as an ideal choice for European countries seeking eco-friendly, efficient, and stylish tourist transportation options. With the need for sustainable tourism on the rise, the City Pod’s unveiling hinted at a future where Indian autos could become the preferred choice for eco-conscious travelers exploring European cities.
The Global Buzz and Challenges Ahead
As City Pod garnered international attention at the Netherlands Expo, the buzz was undeniable. Enthusiasts and industry experts alike were captivated by its design and functionality. However, the road ahead presented its own set of challenges. Feedback from European audiences emphasized the need for certain enhancements, such as air conditioning and heating in the cabin, to cater to diverse markets.
Savy Electric was determined to meet these challenges head-on as it prepared for its international launch in 2025.
In a world where sustainability reigns supreme, City Pod’s international debut marked a significant milestone. It was not just a vehicle launch; it was a glimpse into a future where Indian autos play a vital role in reshaping urban mobility and sustainable tourism. As City Pod captured the world’s attention, it symbolized India’s unwavering commitment to innovation, sustainability, and collaboration on the global stage. Get ready for a new era in electric transportation, where the City Pod leads the way.
India’s food scene was simmering with change in the early 2010s. Food delivery apps like Swiggy and Zomato were redefining convenience, and a nascent cloud kitchen industry flickered on the horizon. Amidst this disruption, one company, Rebel Foods, defied the conventional by ditching dine-in and embracing the shadows of virtual kitchens. The result? A culinary whirlwind that redefined the industry, shaking giants and carving its billion-dollar empire.
How RebelFoods DISRUPTED India’s 8000Crore Cloud Kitchen Industry
Rebel Foods is an Indian online restaurant company that oversees more than 45 brands, including Faasos, Behrouz Biryani, and Oven Story. It stands as the world’s largest cloud kitchen restaurant chain, operating over 450 cloud kitchens in 10 countries as of April 2022. Recently, the brand expanded into the Saudi market with three new cloud kitchens.
Founded in 2009 as a single brick-and-mortar restaurant, Rebel Foods, then known as Faasos, faced a critical crossroads in 2013.
Founder Kallol Banerjee sensed the shift: “We found out our delivery business was growing independently of the stores,” he explains.
This led to a bold move – shedding the dine-in model and diving headfirst into cloud kitchens.
Pivoting for Profit
The gamble paid off handsomely. With lower real estate costs and streamlined operations, Rebel Foods’ rent-to-sales ratio plummeted from 15% to 4% within two years. “It fundamentally changed the economics of the business,” Banerjee observes.
Technology as the Secret Spice
But Rebel Foods wasn’t just playing the location game. They built a proprietary Rebel Operating System (ROS), a tech platform that streamlined everything from menu planning to inventory management and delivery logistics.
“ROS is the backbone of our efficiency,” says Arjun Krishna, Rebel Foods’ Chief Business Officer. “It helps us manage multiple brands, optimize kitchen layouts, and predict demand with astonishing accuracy.”
Rebel Foods didn’t stop at operational excellence. They understood the power of catering to diverse palates. Today, they boast over 15 brands under their umbrella, from the comfort of Indian biryanis (Behrouz Biryani) to global street food sensations (Fassos, Slay).
This strategy resonates with the evolving Indian consumer, as Krishna points out: “We offer customers variety without the hassle of switching apps or platforms.”
Sagar Kochhar, co-founder and chief of EatSure at Rebel Foods, attributes their success to the seamless integration of technology with exceptional food quality. Reflecting on the brand’s journey, Kochhar notes that before 2012, no indigenous food brand dominated the market. Although established brands existed for items like pizzas and burgers, Rebel Foods ventured into the market with wraps.
Successfully capturing the wraps market with Faasos, they had nearly 40 stalls by 2014. Recognizing the time it took for other successful brands to establish themselves, Kochhar underscores the importance of understanding customer preferences and the role of delivery in their business. They were pioneers in digitizing food ordering in India, capitalizing on the realization that a significant portion of their orders came through delivery.
From 2014 to 2016, Rebel Foods expanded to 160 locations, becoming the largest wrap operator in India. Kochhar observed that the food and beverage industry didn’t follow demographic divisions like other industries. This insight led them to explore diverse categories through the concept of cloud kitchens, which they introduced and coined as ‘dark kitchens.’
Moving beyond the association of a food category with a single brand, Rebel Foods adopted a multi-brand strategy with brands like Behrouz Biryani and Oven Story Pizza. Kochhar explains that they created each brand with unique positioning and invested in branding and storytelling. In 2020, Rebel Foods acquired the master franchise for Wendy’s, further diversifying its offerings.
The Impact: Numbers Don’t Lie
The results speak for themselves. With over 400 cloud kitchens spread across 10 countries, Rebel Foods has become the world’s largest internet restaurant chain, clocking over 15 million orders monthly. Their success has inspired a plethora of other cloud kitchen players, propelling the Indian market to an estimated $2 billion industry by 2024.
Operating Revenue of Rebel Foods Private Limited Between Financial Year 2019 to 2023
Challenges and Beyond
Rebel Foods is built on three pillars: great recipes, a robust tech stack, and an efficient supply chain, which are incorporated into all their brands. Kochhar acknowledges the challenges of building a food brand without visible kitchens and underscores their focus on storytelling, unique product naming, and challenging branding norms.
However, the road hasn’t been without bumps. Concerns about hygiene and worker welfare have occasionally shadowed Rebel Foods’ meteoric rise. The company has addressed these concerns head-on, implementing stringent quality control measures and partnering with NGOs to ensure ethical labor practices.
Looking ahead, Rebel Foods shows no signs of slowing down. With plans for international expansion and further tech integration, they aim to redefine the food delivery landscape not just in India, but on a global scale. Expanding globally, Rebel Foods recently entered the Saudi market, in addition to its presence in the UAE and London. Kochhar emphasizes their unique strategy in London, questioning the necessity of cloud kitchens and highlighting their ability to scale brands efficiently through the Rebel OS stack and partnerships.
Rebel Foods’ story is a testament to the power of vision, agility, and technological prowess. In a volatile industry, they not only adapted but thrived, transforming themselves from a single restaurant into a culinary behemoth. As the aroma of their success wafts across the global food scene, one thing is certain: Rebel Foods is here to stay, and their disruptive recipe for success is sure to inspire a generation of food entrepreneurs to come.
Technology has transformed the world and our daily lives over the years. Every year, new technologies are discovered. Revolutions emerging in the coming years will continue to impact our daily lives tremendously. Technology has significantly increased productivity and efficiency by automating repetitive processes and enabling remote work.
Whatever your industry or target market, businesses require technology to serve their clients’ demands better. Making use of cutting-edge technology can help a company stand out in terms of product offerings, services, and customer experience. Strategic technology adoption aligns to meet company goals and sustain long-term performance.
Here are some gadgets that any company seeking to reinvent its operations and thrive in the new economy should consider.
Smartboards are interactive whiteboards that incorporate both classic whiteboard functionality and digital technologies. Smartboards convert boring presentations into dynamic, interactive experiences. Multiple users can simultaneously collaborate on the same digital canvas via touch or pen input, encouraging teamwork. They help to create a more environmentally friendly and paperless office environment. Smartboards can also be effortlessly integrated with laptops, tablets, and other smart devices.
Digital Notebook
Digital notebooks are kept in digital formats, usually as files on your electronic devices. They provide synchronization across many devices, allowing users to access and edit their notes from various platforms. These notebooks are also capable of being password protected to avoid any security breaches. As more firms implement remote work practices, digital notebooks provide a flexible and accessible alternative for employees working from different locations. Updates on any project and meetings can be quickly documented. They’re highly adaptable tools that can be modified to the individual requirements of various industries and work environments.
Portable Projector
Gadgets Every Business Needs – Portable Projector
Portable projectors are intentionally designed to be moved from one place to another. They are smaller and lighter than typically fixed projectors, making them ideal for on-the-go presentations. It’s beneficial for sales pitches and product demonstrations. The presence of a rechargeable battery allows for presentations in areas where power sources are not readily available. By allowing presenters to use visual aids to create powerful presentations, portable projectors elevate the standard of professionalism at client meetings.
Wireless Charging Stations
Wireless charging stations offer a handy, cable-free way to charge electronic gadgets. Users place compatible devices on the charging pad, eliminating the need for various charging wires and connectors. Employees can charge their smartphones quickly and without interruption during breaks or meetings. Introducing this piece of technology shows your dedication to offering modern, functional facilities to clients, employees, or people visiting. You should additionally consider providing wireless charging solutions for staff at their desks, making it more convenient and time-efficient.
Biometric Authentication
Gadgets Every Business Needs – Biometric Authentication
Biometric authentication verifies and grants access using unique biological traits or behavioral patterns. Compared to traditional password-based options, biometrics provide a higher level of protection. Each person’s biometric data is unique so that biometric authentication can be highly personalized and accurate. The risk of unauthorized access is significantly reduced due to compromised passwords or stolen access cards. The use of biometric features eliminates the need for users to memorize and manage multiple passwords. When properly deployed and managed, biometric authentication can improve a company’s overall security posture.
3D Printers
As a result of their adaptability, 3D printers have become more and more popular in a variety of industries. Using digital models as a blueprint, they construct objects layer by layer. It makes it possible to produce highly personalized and tailored products that are made to meet specific requirements. Since 3D printing is relatively speedy and cost-effective, firms can afford to iterate on prototypes multiple times, refining ideas and addressing faults before final production.
Augmented Reality (AR) and Virtual Reality (VR) training systems are modern technologies that use immersive experiences to improve training and learning. These provide realistic simulations of job-related tasks, allowing individuals to practice and improve their skills in a safe and monitored setting.
AR/VR allows quick adaptation to changing training needs. AR/VR technologies provide users with real-time feedback, allowing them to correct faults and improve their performance on the spot.
IoT Sensors
Internet of Things (IoT) sensors collect data from the physical environment and communicate it to other devices or systems over the internet. These sensors assist firms in identifying inefficiencies and optimizing resource utilization by offering insights into operational processes. IoT sensors help with sustainability initiatives by minimizing the environmental impact of business operations and increasing resource efficiency and waste reduction. Businesses can also foresee and resolve problems before they cause disturbances. Thus, the use of IoT sensors helps to create a more connected, efficient, and data-driven environment.
Smart Desks
Gadgets Every Business Needs – Smart Desk
Smart desks are advanced pieces of furniture that incorporate technology to improve the user’s work experience. They come equipped with features like touchscreen surfaces, digital controls, built-in power outlets, and height adjustability. Incorporating technology into these desks can lead to greater space utilization as employees can have multipurpose workstations without needing additional gadgets or accessories. It significantly boosts employee well-being, productivity, and overall job satisfaction.
Robots
Robots are programmable machines that are programmed to perform specific tasks. The increasing advancement of technology has led to the increasing use of robots in workplace settings. They increase productivity by executing activities immediately, consistently, and without fatigue. Robots can be designed to undertake basic data entering, sorting, filing, and organizing papers, decreasing the manual workload for personnel. It’s important to consider what your office requires when deploying robotics for automation.
Conclusion
Embracing new technologies enables organizations to adapt to a dynamic landscape. They serve as armor in competitive business markets. Tech gadgets have become vital tools for startups and large organizations, transforming how companies function and connect with their stakeholders. So, choose the gadgets that are most compatible with your business and experience as your productivity flies high.
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 co-living space industry is transforming urban living with shared housing models. Providing furnished rooms and communal spaces fosters a sense of community and affordability. Popular among young professionals and students, co-living spaces offer flexible leases and amenities. Tech-driven platforms streamline bookings and enhance the resident experience.
The global co-living market is projected to achieve $8.9 billion by 2025, with a robust CAGR of 16.3% from 2019 to 2025. Simultaneously, India’s co-living sector anticipates a substantial CAGR of 17%, nearing INR USD 40 billion in the next five years. Projections suggest doubling India’s co-living market by 2024, reaching 450,000 beds by year-end.
In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Aditya Surneni, Director and COO of Boston Living. We explored Boston Living’s unique approach to co-living, uncovering their industry strategies.
StartupTalky: What service does Boston Living provide? What was the motivation/vision with which you started?
Aditya Surneni: Boston Living is one of India’s largest premium co-living spaces. Currently, we house 555 beds, with over 530 beds consistently occupied, within our expansive 1.6L sq. ft. property.
Our rental approach is simple: we offer stays on a per-bed basis across three categories: cozy, comfy, and plush. Each category distinguishes itself through amenities such as laundry, housekeeping, electricity inclusion, bed linen, and room decor. The quality and finish of our rooms reflect our commitment to providing a comfortable living experience.
As a hospitality partner for corporates, we accommodate their employees on a short-term basis. Our top priority is the safety and security of our residents, particularly women. To ensure this, we have implemented innovative access management systems.
Beyond the essentials, our property features diverse facilities to keep our residents engaged – from a late-night food truck and quaint bistro to a well-equipped gym, game room, co-working space, and even a football turf.
Our journey began with a vision to address a gap in the Hyderabad market for premium, convenient, and comfortable accommodation. Boston Living was established as a modern housing solution, sparing residents the hassle of dealing with expensive brokers and furnishing stores. Here, individuals can arrive with their bags and find a fully furnished home with all the necessary amenities under one roof.
We are driven by a desire to foster a sense of community for our residents. Our founders aimed to create more than just a living space. Boston Living has evolved into a place where individuals not only co-exist but also enjoy each other’s company, forming a closely-knit community. We aspire to become the global go-to brand for managed residences. Offering fully furnished, ready-to-move-in spaces.
StartupTalky: What new services have been added in the past year? What is/are the USP/s of Boston Living?
Aditya Surneni: At Boston Living, we’re not just a hospitality brand; we are enthusiasts of the community lifestyle. Our aim is to establish spacious co-living spaces that not only foster engagement but also enhance operational efficiency through economies of scale.
What sets us apart is our commitment to a community-driven approach. We firmly believe that a joyful and comforting home is created through the shared experiences and memories formed with fellow residents. The enduring loyalty of our customer base is a testament to the invaluable connections forged through networking during events and as roommates.
To further enrich the communal experience, we’ve introduced an in-house app tailored to our space. This app facilitates online connections among residents, fostering meaningful relationships while respecting individual privacy. The positive response and appreciation from our residents for this addition reinforce our belief in the power of community-driven living.
StartupTalky: How has the coliving industry changed in recent years, and how has Boston Living adapted to these changes?
Aditya Surneni: In the thriving coliving industry, our focus on the luxury segment with premium services sets us apart from competitors. The rising demand for rental housing in major metro cities, fueled by the return-to-office trend, positions coliving as an appealing choice for millennials and Gen Z seeking a hassle-free, ready-to-move-in setup. Our commitment to providing top-notch accommodation, housekeeping, food, fitness amenities, and engaging community activities distinguishes us as the only coliving player offering this full suite under one roof. Recognizing the trend towards private living spaces, we’ve upgraded our existing property inventory and incorporated this into the planning for upcoming properties.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the coliving industry?
Aditya Surneni: One of the key approaches to staying relevant is by remaining ahead of the curve. This involves a keen awareness of trends, understanding customer perspectives, actively participating in industry events, and fostering connections. It’s essential to pay special attention to trends as they are significantly influenced by the evolving needs of customers.
StartupTalky: What key metrics do you track to check Boston Living’s growth and performance?
Aditya Surneni: We tailor our metrics to suit the nuances of our industry. We closely track key indicators such as occupancy percentage, sales cycles, and resident feedback. Additionally, we focus on specific metrics like the average revenue per bed per month and the time it takes to address resident-raised tickets across various categories. These metrics, among others, provide valuable insights into the progress and performance of our company.
StartupTalky: What were the most significant challenges Boston Living faced in the past year, and how did you overcome them?
Aditya Surneni: One of the persistent challenges we encounter involves optimizing costs as our property matures. We strategically utilize technology to implement preventive maintenance procedures, ensuring the efficiency of our operations. We employ various data-driven techniques to identify areas with significant operational expenditures, such as repairs, new acquisitions, housekeeping essentials, and linen. Our focus is on establishing enduring partnerships with vendors to achieve favourable costs and elevate the quality of our products. Maintaining a consistent customer flow to occupy our accommodations is important. To facilitate this, our sales team relies on a robust CRM tool, allowing for effective tracking of both existing and potential customers.
Regarding rent adjustments, historically a sensitive matter, we have navigated the process smoothly by introducing changes gradually. This approach minimizes resistance and ensures a more seamless transition for all parties involved.
StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that the clients of Boston Living are happy?
Aditya Surneni: The key to keeping a client happy is understanding them. One of the most effective ways is by communicating with them regularly to understand their day-to-day needs and challenges. The community managers and the guest relations team strive to know the basic details of every resident who stays on the property by personally meeting them and checking if they need any customization or if there is a scope for improvement.
Any issue is immediately raised with the management team, and depending upon the number of residents facing the issue/size of the issue, we immediately resolve it. Our guests treat our community managers as their go-to people/ friends. It helps us in establishing a long-term association with our guests resulting in a sustained relationship with our customers.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.
Aditya Surneni: Our brand has been built because of the positive word of mouth we get from our residents. They not only become repeat customers but also refer us to their friends, colleagues, and family members visiting/moving to Hyderabad. Influencer marketing has also helped tremendously to push our brand forward.
StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?
Aditya Surneni: While not a frequent occurrence, we do get opportunities to welcome foreign guests in Hyderabad on a short-term basis. The concept of coliving is more established abroad. The appeal lies in the opportunity to reside in a fully furnished home equipped with high-end security and complimentary access to amenities like a gym, Zumba studio, cafeterias, and laundry facilities.
StartupTalky: What are the important tools and software you use to run Boston Living smoothly?
Aditya Surneni: In our hospitality setting, we’ve incorporated a paperless approach, firmly grounding our belief in the pivotal role of technology within the hospitality industry. Our commitment extends to digitizing every facet of both the customer journey and our backend operations.
Diverging from conventional hotel practices, when guests provide their information on tablets, we take an additional step to delve into their interests and skills. This information allows us to curate events tailored to their preferences. Upon check-in, guests seamlessly transition into a customized mobile application. Here, they can interact with fellow residents, raise service requests via the app instead of using an intercom or calling the reception, pay rentals, and book amenities.
From a managerial standpoint, this technological integration has yielded valuable insights into the level of community engagement among residents. It assists in tracking the timelines for resolving housekeeping or linen change requests, which enables us to enhance operational service level agreements (SLAs). We can also gauge the regular usage of provided amenities, and residents even have the capability to monitor the pH value of drinking water.
Operationally, we’ve replaced traditional books and registers with asset management software for day-to-day housekeeping and proactive maintenance. This includes tracking in-house inventory down to the smallest items like tissue boxes, planning, assigning, and tracking our maintenance calendar.
StartupTalky: What opportunities do you see for future growth in the coliving industry in India and the world? What kind of difference in market behavior have you seen between India and the world?
Aditya Surneni: Co-living is truly versatile, transcending geographical boundaries. Its adaptability allows us to implement this concept anywhere in the world, tailoring community engagement to the specific characteristics of each region. The potential for growth is boundless.
We observe a significant alignment between coliving and employee accommodation. There’s a growing trend where more companies and startups are leaning towards coliving providers to furnish both short and long-term accommodation for their employees.
In the Indian context, the value proposition of coliving centers more on the convenience it offers rather than emphasizing the community aspect. In contrast, outside India, customers are drawn to coliving because of the desire to belong to a community. While we anticipate a gradual shift in Indian customers’ preferences towards the community aspect, it may not be the USP they seek when opting for coliving.
StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?
Aditya Surneni: We truly value the benefits that technology brings to the table. One of the standout advantages is its capability to track operations, offering in-depth insights crucial for informed decision-making regarding costs and staff efficiency. This year, we introduced user-friendly maintenance and inventory management software. The feedback from our staff has been positive, and they’ve embraced its ease of use. As we move forward, we’re keen on exploring enduring technology solutions for our upcoming properties to ensure seamless operations and continued efficiency gains.
StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?
Aditya Surneni: One of our flagship projects on the horizon is The Landing by Boston Living. It’s set to be a groundbreaking premier co-living facility, a first of its kind, nestled in the airport of Hyderabad. The Aerocity, being one of the largest in India, hosts several multinational corporations, and the demand for quality housing in this area is pressing.
The concept behind it is to cater not only to the workforce of these corporations but also to airline crew, frequent airport visitors, and business clients. We’ve envisioned it as a space that resonates with the diverse needs of individuals associated with entities.
Looking ahead, our future endeavors include establishing similar properties in key areas of Bangalore and Chennai. By the close of 2023, we aspire to evolve The Landing into a 1500-bed property. Our broader vision extends to reaching five more cities and offering a total of 10,000 beds by the year 2026.
StartupTalky: One tip that you would like to share with another service company founder?
Aditya Surneni: It’s crucial to recognize that customer preferences are ever-evolving and dynamic. In any service-oriented business, staying flexible and adapting to these changes is key, and it’s essential to make these adjustments proactively to emerge as the top choice for customers and outpace the competition.
In a service-centric company, it’s not just the leadership; every team member, from the most senior to the most junior, should maintain close proximity to customers. As leaders, our role is to encourage the team to engage with customers at a detailed level. Creating an environment where the team can freely share their insights fosters a comprehensive growth atmosphere.
StartupTalky extends its gratitude to Mr. Aditya Surneni for dedicating his valuable time and generously sharing his insights with all of us.
Brainbees Solutions, the parent company of omnichannel retailer FirstCry, has submitted its draft red herring prospectus (DRHP) with plans to raise ₹1,816 crore through the issuance of fresh shares and an offer for sale of more than 54 million shares. The Pune-based company intends to utilize the raised capital for establishing new stores and warehouses, as well as facilitating international expansion. Despite being valued at under $3 billion in the private market, the company is anticipated to launch its public issue at a valuation of approximately $4 billion.
Notably, existing investors such as SoftBank Vision Fund led by Masayoshi Son, Premji Invest, Mahindra Retail, and TPG Growth, among others, will divest a portion of their shares in FirstCry. In addition, all four co-founders of FirstCry will also sell part of their stakes to new investors through the offer for sale, with the proceeds not contributing to the company’s funds.
Ratan Tata is set to sell nearly 78,000 shares, while SoftBank plans to sell 2 crore shares, Mahindra Retail 28 lakh shares, and Premji Invest will offload 86 lakh shares, as revealed in the filings. Currently, SoftBank and Premji Invest hold 25.5% and 10.36% of FirstCry, respectively, with SoftBank being the sole investor possessing more than a 15% stake in the company.
CEO Supam Maheshwari has also diluted his holding, reducing from about 8.15% a year ago to 6%. The remaining co-founders – Sanket Hattimattur, Amitava Saha, and Prashant Jadhav – own 0.58%, 2%, and 1.44% of the startup, respectively.
Additional selling stakeholders encompass PI Opportunities Fund, NewQuest Asia, Apricot Investments, Valiant Mauritius Partners, TIMF Holdings, Think India Opportunities Master Fund, and Schroders Capital Private Equity Asia. The funds generated from these transactions are earmarked for several purposes, including the establishment of new contemporary stores and warehouses in both India and Saudi Arabia. Furthermore, the funds will be allocated for lease payments related to existing stores, acquiring a supplementary stake in indirect subsidiaries affiliated with GlobalBees Brands, financing marketing and technology expenses, and supporting inorganic growth initiatives.
FirstCry has indicated the possibility of exploring a private placement of equity shares for specific investors, with a potential infusion of up to Rs 363 crore, as outlined in the filing. If the pre-IPO placement materializes, the funds raised will be subtracted from the fresh issue, with the total amount not exceeding 20% of the overall size of the fresh issue.
The company boasts in-house brands such as BabyHug, CuteWalk, Pine Kids, and Babyoye. Its comprehensive omnichannel approach encompasses 80 warehouses and stockists spread across 47 cities in India, boasting a cumulative capacity of 3.07 million sq ft to support 936 modern stores. Among these, 615 stores operate under franchise ownership, while 321 are directly owned and operated by the company.
For the efficient execution of its expansion strategy, FirstCry plans to allocate Rs 357.2 crore from the net proceeds. These funds will specifically be channeled into capital expenditures for fit-outs, inventory costs, and security deposits, facilitating the establishment of 483 new stores in India by the fiscal year 2026-27.
The book-running lead managers for the IPO are Kotak, Morgan Stanley, Bofa Securities, JM Financial, and Avendus, with Link Intime India Private Limited serving as the registrar of the offer.
Although the specific dates for FirstCry’s IPO subscription have not been disclosed in its DRHP, various media reports suggest that the public issue is anticipated to open in early 2024. Details such as the offer price and IPO price band are yet to be announced.
Established in 2010 by Maheshwari and Amitava Saha, the company initially commenced operations as an online baby care brand but swiftly transitioned to an omnichannel strategy, mirroring the approach of many direct-to-consumer entities. Despite experiencing consistent revenue growth, FirstCry encountered ongoing losses over the years. In the past decade, the company managed to achieve brief profitability in FY21, attaining a profit of Rs 216 crore.
FirstCry Financials
However, the financials for FY23 reveal a substantial six-fold increase in losses, reaching Rs 486 crore for the year. This escalation in losses occurred despite a twofold surge in sales, with the company reporting revenue from operations amounting to Rs 5,632 crore during FY23, more than double the Rs 2,401 crore recorded in the preceding year.
The expenses for the year exhibited a notable 146% increase, rising from Rs 2,568 crore in FY22 to Rs 6,316 crore in FY23. Virtually every cost component experienced a significant uptick for the company during this period.
According to the DRHP, FirstCry primarily contends with organized entities in the Indian Childcare Products market. This includes horizontal online platforms like Amazon, Flipkart, and Meesho, as well as vertical online platforms such as Hopscotch, Myntra, and Ajio. Additionally, it competes with multi-brand and exclusive retailers like Reliance Trends and Gini & Jony. Notably, there are no significant organized specialty vertical multi-channel players in India’s Childcare Products market.
A RedSeer Report indicates that India boasts the largest population of children globally, with approximately 309 million children under 12 years of age as of July 1, 2022, and a birth rate of 16.4 births per thousand people in the calendar year 2021. Despite the current nascent spending per capita on childcare products in India at ₹7,975 in the calendar year 2022, it is projected to grow rapidly, with an estimated CAGR of around 15% from 2022 to 2027. This growth rate surpasses that of mature markets, such as the USA (3%) and China (7%), as outlined in the DRHP.
FirstCry acknowledges potential risks in its future endeavors, highlighting concerns about expenses related to marketing, expansion, retail distribution, and stock options that could adversely affect its financial condition.
The DRHP explicitly states, We cannot assure you that we will continue to grow our customer base at this rate or at all in the future. Further, if we fail to acquire new customers, or fail to do so in a cost-effective manner, we may not be able to maintain or increase our revenues or grow our operations.
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 jewelry design industry is a dynamic and creative sector, continuously evolving with trends and craftsmanship. Designers combine traditional artistry with modern aesthetics to create unique pieces. Sustainability and ethical practices are gaining prominence, influencing design choices and materials. Customization and personalization are key trends catering to individual tastes.
The 2022 valuation of the global jewelry market stood at USD 216.48 billion, with a projected growth to USD 308.36 billion by 2030 at a 4.6% CAGR. Rings currently hold the largest segment share at 33.7% in 2022, and projections indicate continued dominance, foreseeing a market share increase to 34.5% by 2030.
In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Shakti Piplani (CEO) and Shefali Agarwal (COO), Co-founders of Increate Jewelry Institute (IJI). We investigated the growth, challenges, lessons, and future plans of IJI, revealing how their innovative approach is revolutionizing the jewelry courses industry.
StartupTalky: What does Increate Jewelry Institute do? What was the motivation/vision with which you started?
Shakti Piplani: We at Increate Jewelry Institute offer various jewelry designing courses by hand and by software. In our journey, we have experienced some major skill gaps in working professionals and students, which led us to the idea of opening up this institute and providing the right skill set required in each field to every aspirant. We have a vision to create unique and master jewelry designers by enhancing their skills and thought processes, which are valued globally.
StartupTalky: What is/are the USP/s of IJI?
Shakti Piplani: IJI offers a diversity of courses, which includes courses like Redesigning Expert, which have never been taught before. Courses have been diversified to cater to different aspects of jewelry design. Our faculties have great experience in their respective fields, and new parallel ways of jewelry designing are inculcated according to market trends, which makes us stand out from the rest.
StartupTalky: How has the jewelry design industry changed in recent years, and how has IJI adapted to these changes?
Shakti Piplani: Our institute provides a comprehensive and forward-thinking education in the technical jewelry sector, preparing students for the integration of technology in their future careers. Procreate, a graphics editor app, which is a new software and not being taught in institutes right now, is one of our latest additions to our advance technical courses. Apart from this, we have CAD Matrix 9.0, a widely used 3D modeling software for jewelry designing. We provide students with CAM wax pieces of their own design upon the completion of the course. IJI offers a brief training in Corel Draw as well, a 2D illustrator software very necessary in jewelry designing
StartupTalky: How do you stay up-to-date on the latest trends and developments in the jewelry design industry? Can you share examples of how staying informed about industry trends has influenced your service roadmap and business strategy?
Shakti Piplani: At IJI, we are always doing market research. We give projects to students guided by our mentors, who navigate the changes based on evolving markets and trends and create unique designs. This exposure fosters more comprehensive opportunities to understand diverse consumer preferences and enhances ability.
StartupTalky: What key metrics do you track to check IJI’s growth and performance?
Shakti Piplani: We assess customer satisfaction and loyalty based on feedback & recommendations. We constantly monitor employee engagement and turnover rates to gauge internal productivity & efficiency to give the best education/service. Understanding our company’s position in the market as compared to competitors is a key metric to check growth and performance. We keep on analysing website traffic, conversion rates, and social media engagements for the online presence of IJI.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.
Shakti Piplani: We are onto social media marketing, influencer marketing, referral marketing, SEO, and content marketing. In all, we are trying to reach as many people as we can. Earlier, we did not offer any online courses but people are approaching from remote areas who are unable to reach us and want to pursue jewelry designing, so we have started our online course modules. They are live now!
StartupTalky: What are the important tools and software you use to run IJI smoothly?
Shefali Agarwal: We use software like CAD Matrix, Procreate, and Corel Draw to run our courses. There are many other technologies that we use for constant market research and training for our students, and we provide all knowledge of digital platforms during our respective courses.
StartupTalky: What opportunities do you see for future growth in the jewelry design industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Shefali Agarwal: Opportunities:
Traditional and custom-designed pieces continue to be in demand, especially for weddings and festivals, which will grow business in INDIA.
Globally, jewelers are incorporating innovative designs and materials, such as sustainable items, which may appeal to environmentally conscious consumers.
Cultural influences continue to shape global jewelry preferences.
Difference in Market Behaviour: States often have diverse culture subgroups, each with its own unique jewelry preferences. Differences in state-level taxation and regulations can impact the pricing and availability of jewelry affecting consumer behaviour.
StartupTalky: What lessons did your team learn and how will these inform your future plans and strategies?
Shefali Agarwal: At IJI, we believe in keeping ourselves updated. The team embraces technology for effective teaching and administration. We invest in advanced learning management systems, collaboration tools, and virtual learning platforms. We will try to foster global partnerships, exchange programs, and collaborative research initiatives to enhance the institution’s global standing.
StartupTalky: How do you plan to expand the clients(students), service, and team base in the future?
Shefali Agarwal: With our modern teaching, administration, and student engagement, we understand the educational needs and demands of the local community. IJI has considered offering a variety of learning options, such as online courses, blended learning, new workshops, and flexible schedules. IJI aims to prioritize student success and satisfaction by providing quality education and support services. As stated earlier, we constantly gather feedback regularly to make continuous improvements.
Our curriculum is designed in such a way that it adapts to industry trends and incorporates practical skills. We have collaborations and ties within the industry for placements and research, and we plan on having partnerships with more educational organizations in future organizations. Design systems and processes that scale as the institute grows.
StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?
Shefali Agarwal: We are living in a developing country where every market evolves, so successful entrepreneurs should be flexible in adjusting their strategies based on changing circumstances.
StartupTalky extends its gratitude to Ms. Shakti Piplani and Ms. Shefali Agarwal for dedicating their valuable time and generously sharing their insights with all of us.
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 healthcare industry focuses on providing medical services, including diagnosis, treatment, and prevention of illnesses. It involves diverse professionals, such as doctors, nurses, and support staff. Ongoing technological advancements drive innovation in treatments, telemedicine, and patient care. Accessible and quality healthcare is crucial for overall well-being, and the industry continually evolves to meet global health challenges.
The worldwide healthcare market is projected to hit $11.9 trillion by 2025. In 2023, the global home healthcare market reached a valuation of $284.96 billion, with projections indicating a growth to $461.36 billion by 2028. In 2022, India’s home healthcare market was valued at $179 million, with an estimated 6.40% CAGR from 2022 to 2030. By 2030, it is anticipated to reach $295 million.
In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Amol R Deshmukh, Co-founder and CEO of MedRabbits. We examined MedRabbits’ operational intricacies in the healthcare industry, delving into their strategies and gaining insights into their unique approach and strategic positioning.
StartupTalky: What service does MedRabbits provide? What was the motivation/vision with which you started?
Amol R Deshmukh: MedRabbits, founded by Amol R Deshmukh and Anshad Ameenza, delivers comprehensive home healthcare services through a technology-centric approach. The array of services offered spans the critical spectrum of healthcare needs, encompassing the review and booking of nurses, paramedics, diagnostic procedures, ambulances, medical equipment, and specialized care plans tailored for the elderly, including preventive and intensive care. In an innovative move, the company extends its reach to health-value travel services, catering to the growing field of medical tourism.
The motivation behind MedRabbits was to address the need for more organized home healthcare options, structured job opportunities in the healthcare force, and a lack of transparency in the market. This motivation was further fueled by the founders’ personal experiences, notably during the illness of Mr. Amol’s father in 2017. The firsthand encounter with the complexities of caregiving and the struggle to find skilled and reliable healthcare professionals at home unveiled a significant gap in care delivery. Thus, MedRabbits was conceived to address these gaps, offering organized, tech-driven healthcare services and striving to revolutionize the way healthcare is accessed and delivered.
StartupTalky: What new services have been added in the past year? What is/are the USP/s of MedRabbits?
Amol R Deshmukh: MedRabbits has recently expanded its services into medical value travel, aiming to elevate the healthcare journey for patients considering medical treatment in India. This initiative aligns with the Government’s ‘Heal in India’ campaign and includes:
Simplified Surgical Options in collaboration with leading hospitals in India, the Far East, and the Middle East.
Effortless Travel Coordination encompassing accommodation and transportation.
Visa Support ensures a smooth travel process.
Tailored Concierge Service catering to individual needs for a comfortable healthcare experience.
In the past year, MedRabbits has undergone a transformative evolution, positioning itself as a dynamic force in the healthcare industry. A pivotal element of this transformation is the implementation of a user-friendly web-based booking system, enhancing accessibility and streamlining the scheduling process for a myriad of healthcare services. This tech-first approach underscores MedRabbits’ commitment to providing a seamless and efficient experience for users navigating their platform.
Notably, the introduction of specialized elderly preventive care plans reflects MedRabbits’ dedication to addressing the unique healthcare needs of the aging population, aligning with the company’s vision of offering comprehensive and personalized healthcare solutions.
Venturing into medical value travel services further distinguishes MedRabbits, capitalizing on the growing trend of medical tourism and showcasing the company’s adaptability and global perspective.
MedRabbits’ unique selling propositions (USPs) contribute to its industry distinction. The tech-first approach ensures a user-friendly experience, while the Care Now, Pay Later (CNPL) model, offering 0% interest EMIs over 3-6 months, introduces financial flexibility unprecedented in-home healthcare services in India. Premium pricing signifies a commitment to delivering high-quality healthcare experiences, positioning MedRabbits as a premium service provider. The emphasis on user-friendly technology and customer convenience underscores the company’s dedication to exceeding user expectations in the rapidly evolving landscape of healthcare services.
Furthermore, MedRabbits offers comprehensive medical tourism services, both domestically and internationally, managing all arrangements on behalf of the customer. The introduction of the CNPL model, unique in the Indian home healthcare sector, addresses financial constraints, making quality healthcare more accessible. Services, including elderly preventive care, palliative care, high-quality ICU care, and home-based care, demonstrate MedRabbits’ commitment to diverse and specialized healthcare offerings.
Overall USPs:
Tech-first approach for seamless service scheduling.
Care Now, Pay Later (CNPL) model with 0% interest EMIs.
Premium pricing for a high-quality healthcare experience.
Emphasis on user-friendly technology and customer convenience.
StartupTalky: How has the healthcare industry changed in recent years, and how has MedRabbits adapted to these changes?
Amol R Deshmukh: In recent years, the healthcare industry has witnessed a significant shift, with a growing demand for home healthcare services. The COVID-19 pandemic, in particular, placed unprecedented pressure on healthcare resources, making qualified medical workers harder to find and escalating costs. MedRabbits adeptly navigated these challenges by proactively upgrading its technology, introducing new services, and promptly responding to customer needs.
The pandemic highlighted the necessity for innovative healthcare solutions, and MedRabbits rose to the occasion. Clients sought RT-PCR testing at home, a service MedRabbits efficiently provided even before it became a norm. The company’s swift response during these critical times earned customer trust, establishing a foundation for the development of tech-based medical options.
MedRabbits’ adaptation included the implementation of a user-friendly web-based booking system, enhanced service scheduling, and a mobile app. Recognizing the changing landscape, the company introduced specialized elderly preventive care plans to meet the evolving needs of the aging population. The surge in demand for high-quality ICU care, compassionate palliative care for end-stage patients, and convenient home-based services further shaped MedRabbits’ strategic evolution.
Diversifying into medical value travel services, MedRabbits not only taps into the rising trend of medical tourism but also supports the government’s ‘Heal in India’ initiative. This strategic expansion underscores the company’s dedication to improving the healthcare journey for patients seeking treatment overseas.
In essence, MedRabbits not only adapted to industry changes but proactively positioned itself as a leader in providing comprehensive, tech-driven, and responsive healthcare solutions, meeting the evolving demands of a dynamic healthcare landscape.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the healthcare industry?
Amol R Deshmukh: MedRabbits remains at the forefront of the ever-evolving healthcare industry by employing a multifaceted approach to stay abreast of the latest trends and developments. A primary source of insight is continuous customer feedback, providing valuable real-time data on user experiences and expectations. This customer-centric approach allows MedRabbits to adapt its services based on evolving needs and preferences.
The company maintains a strong connection with healthcare experts, fostering a collaborative environment that enables the exchange of knowledge and insights. By engaging with professionals at the forefront of healthcare, MedRabbits gains valuable perspectives on emerging trends, technological advancements, and best practices. Aided by strong doctor networks in India and overseas, MedRabbits is able to pre-empt and provide solutions for emerging healthcare issues.
StartupTalky: What key metrics do you track to check MedRabbits’s growth and performance?
Amol R Deshmukh: MedRabbits employs a comprehensive set of key metrics to meticulously assess the company’s growth and performance, ensuring a holistic evaluation of its impact and success in the healthcare industry. MedRabbits ensures a well-rounded evaluation of its growth and performance, encompassing operational efficiency, network strength, customer satisfaction, and financial success. This approach allows the company to make informed strategic decisions, continuously improve its services, and navigate the dynamic landscape of the healthcare industry with agility and success. Some of the key metrics are listed below:
StartupTalky: What were the most significant challenges MedRabbits faced in the past year, and how did you overcome them?
Amol R Deshmukh: Some of the significant challenges in the past year have been the development and expansion of the medical value travel business. The challenges in this unorganized sector highly excite the company to develop technology to solve some of the mistrust issues in the ecosystem.
StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that the clients of MedRabbits are happy?
Amol R Deshmukh: At MedRabbits, ensuring client happiness is a paramount focus, achieved through a multifaceted approach centered on customer-centricity and innovative service offerings. The company places a high value on customer feedback, actively seeking and analyzing input to understand user experiences, concerns, and preferences. This continuous feedback loop serves as a foundational element in adapting and refining services to align with evolving client needs.
The introduction of the Care Now, Pay Later (CNPL) model is a distinctive feature designed to enhance customer satisfaction. Offering 0% interest EMIs over 3-6 months, this financial flexibility addresses the diverse financial situations of clients who may find upfront payments challenging. This unique approach not only ensures accessibility to quality healthcare but also demonstrates MedRabbits’ commitment to accommodating and prioritizing customer convenience.
Moreover, the implementation of premium pricing reflects the company’s dedication to delivering a high-quality healthcare experience. By positioning itself as a premium service provider, MedRabbits aims to exceed customer expectations, providing not only essential healthcare services but a level of care and service that elevates the overall client experience.
MedRabbits combines active listening through customer feedback, innovative financial models like CNPL, and a commitment to premium service to ensure that clients not only receive the healthcare they need but also feel valued, satisfied, and well cared for throughout their journey with the company.
Additionally, in the rare instance of a dissatisfied customer, we offer a full refund policy.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.
Amol R Deshmukh: Most of our customers are referred to us by other customers and treating doctors. We rarely conduct any paid marketing campaigns. The power of a positive customer referral has a much faster customer conversion rate as compared to thousands of rupees spent on marketing. Our customers are our greatest investors and brand ambassadors.
StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?
Amol R Deshmukh: MedRabbits has strategically expanded its services to cater to foreign clients, particularly in Bangladesh, Africa, and the Middle East, aligning with the Government’s ‘Heal in India’ mission. This extension into international markets, especially in the context of medical tourism, has been a positive and strategic move for the company.
The decision to offer medical tourism services reflects MedRabbits’ commitment to providing high-quality healthcare experiences to a broader clientele. Additionally, the home care services offered by MedRabbits add an unparalleled extension of service at the patient’s hotel or accommodation. The Government’s ‘Heal in India’ campaign provides a supportive framework for such initiatives.
The experience with foreign clients has been very positive, contributing to MedRabbits’ overall growth. Engaging with clients from different cultural backgrounds not only diversifies the company’s customer base but also enhances its reputation on an international scale. Positive word-of-mouth from international clients can further strengthen MedRabbits’ position in the global healthcare market.
MedRabbits’ expansion into catering to international clients, notably in Bangladesh, Africa, and the Middle East not only resonates with Government healthcare initiatives but also serves as a platform for the company to exhibit its proficiency and dedication to high-quality healthcare on a global platform. This endeavor aims to cultivate favorable experiences, thereby bolstering the organization’s success and advancement.
StartupTalky: What are the important tools and software you use to run MedRabbits smoothly?
Amol R Deshmukh: We have always been a tech-first company and utilize a number of in-house as well as outsourced technologies in order to ease operations and conduct data analysis. We are a keen follower of Zoho and subscribe to several of their accounting products. There are two reasons for this: Firstly, to support an Indian company and Secondly, to emulate a successful bootstrapped company. Our tech team is also very talented and has developed a lot of the CRM and customer user experience tools in-house.
StartupTalky: What opportunities do you see for future growth in the healthcare industry in India and the world? What kind of difference in market behavior have you seen between India and the world?
Amol R Deshmukh: The future growth prospects for MedRabbits in India and globally are very promising, presenting opportunities to expand services and tap into emerging trends.
Domestically, there is substantial room for growth by expanding services to new cities within India, reaching untapped markets, and addressing the evolving healthcare needs of diverse communities. Additionally, entering new international cities aligns with the global trend of seeking quality healthcare services, particularly in neighboring countries. The hyper-growth in assisted living centers for the elderly population is also a very interesting opportunity for domestic growth.
The medical value travel sector represents a significant growth opportunity for MedRabbits on a global scale. As the company extends its services to patients traveling to India for medical treatment, it not only capitalizes on the flourishing medical tourism industry but also aligns with the broader trend of seeking healthcare solutions beyond borders.
MedRabbits recognizes a shift in market behavior, especially in India, with an increasing acknowledgment of the importance of home healthcare services. The pandemic has accelerated this recognition, emphasizing the convenience and safety of receiving healthcare in the comfort of one’s home. The company has also observed a notable trend wherein healthcare professionals, including physicians and nurses, are in high demand in developed countries.
MedRabbits is strategically positioned to leverage both domestic and international growth opportunities by adapting to evolving market behaviors and staying at the forefront of emerging trends in the dynamic healthcare landscape.
StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?
Amol R Deshmukh: One of the most important lessons learned in the past year has been team building and organization towards new projects and the importance of setting up SOPs for these projects. As an organization evolves, SOPs play an important role in ensuring consistent delivery of services.
StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?
Amol R Deshmukh: MedRabbits envisions a comprehensive growth strategy centered around expanding its customer base, diversifying service offerings, and fostering team growth. To enhance its customer reach, MedRabbits plans to deepen its presence in existing cities, leveraging the trust and relationships established within these communities. Simultaneously, the company is set to embark on international expansion, entering new markets and addressing global healthcare needs.
Diversifying service offerings is a key focus, with MedRabbits aiming to launch innovative services that align with emerging healthcare trends. This could involve introducing specialized healthcare plans, incorporating advanced technologies, and staying at the forefront of industry developments. The goal is to position MedRabbits as a dynamic and comprehensive healthcare provider catering to a broad spectrum of medical requirements.
Team base expansion is inherent to these growth initiatives. MedRabbits places emphasis on attracting, retaining, and nurturing a skilled workforce. This involves recruiting committed medical professionals, fostering a culture of continuous learning, and adapting to evolving industry standards.
Throughout this expansion journey, MedRabbits remains dedicated to excellent customer service. The company will leverage technological innovations to enhance service delivery and establish strategic partnerships with medical experts, ensuring a collaborative and holistic approach to healthcare. By aligning these strategies, MedRabbits aims to solidify its position as a leading and forward-thinking healthcare solution provider.
StartupTalky: One tip that you would like to share with another Service company founder?
Amol R Deshmukh: One crucial tip I’d like to share with another Service company founder is –
Time can be your greatest ally and your fiercest opponent: What I mean by this is one needs to move quickly to identify opportunities and execute them. At the same time, you need to spend adequate time in the business to bear the fruits. A drive for quick profit and exit invariably results in incorrect decision-making. Tardiness in executing new opportunities invariably results in the opportunity being lost.
Evolution is the cornerstone of any business. If a company does not evolve, it will inevitably perish: Embrace the philosophy that there are no failures, only learnings. Building a successful company demands time, patience, and perseverance. It’s imperative to nurture a highly motivated team. Sustaining their motivation is an ongoing challenge every entrepreneur encounters. Their dedication and contributions are the bedrock of your company’s triumph.
StartupTalky extends its gratitude to Mr. Amol R Deshmukh for dedicating his valuable time and generously sharing his insights with all of us.
The way we live is changing, moving from traditional to digital, thanks to Electronics and IT. Watches have become Smartwatches, cars are becoming Smart Vehicles, and TVs are becoming Smart TVs. Our houses can now be smart! Globally, the concept of smart houses is gaining popularity.
India is quickly following suit with this trend. It came in third place in the world among smart houses in 2020. Dhruv Patel and Parth Shah developed Smart Node in 2015 as a direct response to the growing need for smart living in India. Smart Node is introducing cutting-edge products that are creating waves in the Indian home automation sector. All of this is a part of the amazing adventure that Dhruv Patel and Parth Shah started, where technology works nonstop to improve and simplify daily living.
Let’s dive into the article to know all about Smart Node, its Startup Story, Business and Revenue Model, Competitors, andmore.
SmartNode offers a wide range of products that can convert any existing and new home into a smart home. The products are designed not just to add convenience and comfort to the lives of the users, but also to conserve energy.
Some facilities you can expect in a Smart Home designed by Smart Node are, the curtains/lights can turn on sunrise using the sunrise/sunset feature. Using the Human-centric features, the tuning of light takes place according to the natural lights having a tremendous impact on human health. By geofencing, automatic gates can open when we are near our home. Smart Node has a lot to offer for making your home a smart home.
In retrofit home automation solutions, Smart Node’s different solutions include:
Lighting Automation Controllers
Curtain Controller
IR Blaster (a universal remote which replaces all your remotes, so that you can control all your devices using your mobile or simply via voice commands)
RGB Automation (lets you lighten up your home as per your mood)
Scene Controllers (lets you set the lighting, music, and entertainment devices in your home as per your wish with a single tap)
Door Lock controllers
The appliances connected to Smart Node hardware can be operated via Smart Node application, Alexa, Google Home, and remote. In Touch, Smart Node has different materials like glass, acrylic, marble, and veneer. The color and icons can be customized as per the actual load.
Smart Node also supports IFTT and NFC Tags and has drivers developed for integration with wired controllers like Control4, Elan, and Creston.
Smart Node – Industry
The Indian smart home market is likely to increase significantly, with a projected revenue of US $6.5 billion in 2024, according to a Statista analysis. The market, which has a projected 9.14% annual growth rate (CAGR 2024–2028), is ready for significant expansion. By 2028, this remarkable development is expected to reach a projected market volume of US $9.2 billion, demonstrating a growing trend in the nation’s adoption of smart home technologies.
These figures demonstrate the growing significance and demand for smart home solutions in India, which is indicative of a growing trend among consumers to use technology to improve and simplify their daily lives.
Smart Node – Founders and Team
Smart Node was founded by Dhruv Patel and Parth Shah.
Dhruv Patel
Dhruv Patel, the Co-Founder, COO, and Chief Decision Maker at Smart Node, is a visionary leader with over 9 years of experience in smart living solutions. Since the establishment of Smart Node, Dhruv has played a pivotal role in shaping the company’s innovative approach to smart living.
Before he also served as the Co-Founder and Software Developer, specializing in Cloud and Mobile App development in Smart Node. His earlier professional journey included valuable experience as an Assistant System Engineer at Tata Consultancy Services.
Dhruv graduated from GCET with a Bachelor of Engineering (B.E.) in Electrical Engineering. Having a wide range of experiences—including working as a freelance software consultant—he has made a substantial contribution to Smart Node’s achievement in revolutionizing the smart home automation sector.
Parth Shah
Smart Node Co-founder Parth Shah
Parth Shah, the Chief Revenue Officer and Co-Founder of Smart Node, graduated from G.H. Patel College of Engineering and Technology with a bachelor’s degree in electrical and electronics engineering. He started his career with Diamond Infosystem Ltd. as a business development executive. After thereafter, Parth moved to Vertical Dots Technologies to take on a crucial position as Partner.
Smart Node has a team of 11–50 employees.
Smart Node – Startup Story
Before starting the current venture, Dhruv served TCS, and Parth had served a local cable industry for ten months. After that, they developed an IOT product for the cable industry to enhance its production capacity. For this, the duo also got the Best Start-up award at Switch Global Expo in Vadodara. This changed the direction of the company.
During this time, Dhruv and Parth saw that the internet was getting cheaper and quickly available, and the disposable income of the Indians was increasing. So, to tap this opportunity, they shifted their experience to bring IoT to the home and developed home automation products.
After crafting the beta version, they tested its stability in their homes and those of friends and relatives. Following numerous iterations for refinement, Smart Node confidently launched its product in the market. In the early stages, they provided direct installation and services to clients in Vadodara, gaining valuable insights into user experiences.
Smart Node – Mission and Vision
SmartNode’s vision in venturing into the Retrofit Home Automation field is to enhance and simplify people’s lives, making them better and smarter. The mission is to become a major force in the Internet of Things (IoT)-based electrical sector, setting the standard for innovation and technical progress.
Smart Node – Name, Tagline, and Logo
Smart Node Logo
The brand name is ‘Smart Node’.
The company’s tagline reads, “Discover the Joy of Smart Living.“
Smart Node – User Acquisition
Most of Smart Node’s initial orders were from well-wishers and personal contacts. They designed pamphlets that were marketed through the newspaper. They also went on to run small digital marketing campaigns targeting the probable customers just within their area to gain initial traction. Door-to-door demos to new homeowners, builders, and architects were another strategy adopted by the company.
To gain the confidence of the architects in their products, Smart Node started offering free demos of their products to the architects. Gradually, the company started receiving good responses from the market, and after six months of beginning, they started to develop channel partners in Vadodara and nearby regions.
Smart Node – Business Model
In the IoT-based electrical industry, Smart Node functions on a business-to-business (B2B) and business-to-consumer (B2C) paradigm, bridging the gap between the two types of interactions. At the heart of its business, Smart Node caters mostly to residential homeowners looking for cutting-edge home automation solutions. The core of the company’s value proposition is its cutting-edge technology, which prioritizes improved customer ease and safety while enabling seamless control and monitoring of home devices.
In order to increase its market share, Smart Node actively works with channel partners. The implementation of digital marketing campaigns is crucial in establishing brand recognition and expanding the reach of smart home solutions’ advantages. Direct involvement during the installation process, ongoing product innovation based on user feedback, and free product demonstrations for architects are some of the ways the company cultivates its customer ties.
Smart Node – USPs
In the growing home automation segment, the USPs that keep Smart Node ahead of its competitors are:
Smart Node’s adaptability to new technologies in the market, leads to timely upgradation of the products to keep up with the latest trends.
Customization of the touch panels with quick delivery
Smart and sleek hardware
Amazing application features
Compatibility with different platforms in the industry
Smart Node also counts on its vibrant team and effective sales model as its major strengths that help the company face the competition better.
Smart Node – Revenue Model
Some of the prominent ways Smart Node makes revenue are:
Direct Sales:
Smart Node makes money by selling its state-of-the-art home automation devices directly to consumers.
Service Fees:
To improve the entire customer experience, the company offers professional service for price.
Channel Partnerships:
To increase its market presence, Smart Node carefully collaborates with distributors to build a network of dealers. Sales produced by this distributor network provide revenue.
Smart Node – Growth
Over the course of its five-year, successful journey in the industry, Smart Node has demonstrated creativity and adaptability. The company’s product line is notable for its ability to be customized, providing customers with a wide choice of smart home options that are catered to their specific requirements.
Based on this basis, Smart Node has developed strong bonds and mutual trust with its channel partners. The company’s remarkable statistics of more than 250 channel partners and more than 5,000 automated homes attest to its commitment to broad market penetration. Furthermore, the fact that more than 15,000 people use the app shows how useful Smart Node’s features are. With its smart home solutions, the company, which operates in more than 20 states, has made a significant impact on households.
Smart Node – Awards and Achievements
Smart Node has been recognized for the high-quality solutions the company is offering.
In 2019, the company got recognition from the Government of India in the Start-up India program( recognition number is DIPP32339). In that very year, Smart Node was also awarded the “the most promising home automation startup award” by Silicon India.
Smart Node – Competitors
Smart Node categorizes its competitors into three types:
1. Electrical like GoldMedal, GM, Legrand, Norisys
2. Chinese make products available online.
3. Wired Automation companies like Control4, ELAN, Creston
Smart Node – Future Plans
Team Smart Node is dedicated to creating the best user experience for its customers by bringing in the best of technology. In the future, the company is planning to bring dimmable drivers for lights, sensors, and KNX actuators, which will ensure that homes become smarter as per news report of October 2022.
FAQs
What is Smart Node ?
Smart Node offers home automation solutions that make your home more comfortable and secure. From mood lighting, curtain controllers, door lock controllers, and more, it offers smart home solutions customized to your needs.
Who founded Smart Node?
Batch mates turned friends Dhruv Patel and Parth Shah founded Smart Node in 2015.
Binny Bansal, the co-founder of Flipkart, has launched a new venture named OppDoor, which is geared towards assisting eCommerce businesses in expanding globally through comprehensive solutions. OppDoor aims to provide end-to-end support, including design, product, human resources, and backend assistance, to eCommerce companies seeking to extend their operations to different regions, leveraging top platforms like Amazon and others.
The company’s website outlines a wide range of services, describing them as covering a brand’s entire lifecycle, from inception to exit. OppDoor emphasizes its ability to deliver fully managed operations and business advisory services.
The strategic timing of OppDoor’s launch is noteworthy, occurring five years after the sale of Flipkart to Walmart in 2018 by Sachin Bansal and Binny Bansal. The non-compete clause associated with the Walmart deal ended in 2023, allowing Binny Bansal to venture into eCommerce again. In contrast to a consumer-facing internet firm like Flipkart, Bansal’s focus with OppDoor is to establish a startup that directly engages with businesses, aiding them in scaling operations.
Initially concentrating on eCommerce companies in the United States, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia, OppDoor does not mention India on its website.
Highlighting the significance of Amazon for eCommerce companies, OppDoor emphasizes its commitment to fully managed Amazon services for expanding private label brands globally. The website notes Amazon as an “endless opportunity,” citing that 63 percent of Amazon sellers embracing global expansion witnessed a surge in sales. OppDoor points out that brands with a multi-region presence achieved three times higher exit multiples compared to those operating in only one or two Amazon regions.
While Amazon is a primary focus, OppDoor states its intention to collaborate with other platforms such as Walmart, Etsy, and more, offering services related to marketplace operations and seller management.
It is important to note that the company is registered in Singapore and was incorporated in May 2021, initially operating under the name Three State Ventures Pte Ltd, which is Binny Bansal’s venture capital firm investing in various startups across sectors in India, including Curefoods and Scapia.
Crafting a Multichannel Symphony: The OppDoor Approach
Recognizing that Amazon is poised to be the linchpin of OppDoor’s client revenue, their strategy does not involve distancing but rather adding strategic layers. OppDoor is poised to focus on Walmart, an organic choice given its marketplace prominence. The objective is to establish a secondary sales channel, acting as a safety net for the predominantly Amazon-centric business model.
Data-Driven Expansion to Walmart
In a thorough analysis, OppDoor will delve into the search volume potential for each product listed on Amazon, aiming to expand to Walmart. While encountering fewer long-tail keywords compared to Amazon, the company will pinpoint broader keywords applicable to specific products. Based on this insight, OppDoor will strategically introduce selected products to Walmart, anticipating a noteworthy 10% incremental revenue boost for those items.
Google-Driven Visibility Improvement
Based on this insight, OppDoor will strategically introduce selected products to Walmart, anticipating a noteworthy 10% incremental revenue boost for those
Innovative Shopify Storefront Collaboration
For products gaining momentum through these campaigns, OppDoor will pioneer an innovative approach: partnering with their clients to establish a Shopify storefront. This strategic move is designed to redirect traffic from Google and various social media platforms to a dedicated Shopify website.
OppDoor’s approach signifies a nuanced understanding of the evolving eCommerce landscape, where the orchestration of multiple channels and data-driven insights will play a pivotal role in shaping the success of businesses venturing into the global market. As OppDoor embarks on its journey, it is poised to redefine the dynamics of eCommerce expansion through innovation, strategic partnerships, and a commitment to client success.
Believe it or not, playing board games can help you develop critical thinking abilities essential for a business mentality. Playing board games makes it easy to plan your moves, anticipate what your opponent will do, and come up with winning strategies. In business, this leads to more significant strategic thinking and proactive decision-making.
Teamwork-based board games require good communication, teamwork, and trust between players. This helps strengthen teamwork abilities that are important for managing people and workplace relationships. Thinking creatively and finding one-of-a-kind solutions are often necessary to win games. This encourages out-of-the-box thinking and innovative problem-solving skills needed for handling unexpected business challenges.
In simple language, board games force you to strategize, collaborate, and think creatively – all skills directly translating to handling real business situations. They also offer a safe environment to make and learn from mistakes, fostering a growth mindset and the ability to embrace failure as a learning opportunity.
Let us now dive into some games that have been specifically chosen to turn your game nights into a business masterclass.
Decision-making, Financial management, Math and calculation, Deal-making
Best Board Games for Business Minds – Monopoly
‘Monopoly‘ is a timeless classic and one of the best board games that introduces fundamental concepts of business. This engaging and captivating game focuses on managing properties and assets, making sound financial decisions, and planning to beat your rivals. The skewed rent and property values draw attention to the benefits of intelligent financial choices and any possible downsides of making rash choices.
The game is built around the basic notion of communication. This helps the players become more skilled in that area and learn how to negotiate better deals to succeed. If you want to focus on developing a specific skill, you can choose from other game versions, including Empire, Millionaire, and Corporate.
The Entrepreneur Game
Board Game
The Entrepreneur Game
Skills Learnt
Marketing and Sales, Team Management, Innovation and Creativity, Business Strategy
Best Board Games for Business Minds – The Entrepreneur Game
The Entrepreneur Game is one of the top board games that teaches you how to generate ideas and launch a business from the ground up. By creating and establishing their own business, obtaining startup funding, producing goods and services, and launching to clients, players get a flavor of what it’s like to head a business. They encounter all of the highs and lows of operating a company in the fast-paced world of economic volatility. Different market conditions and situations can result in a variety of gameplay experiences, which helps to keep things fresh and challenging.
GoVenture Entrepreneur
Board Game
GoVenture Entrepreneur
Skills Learnt
Business Planning, Risk Management, Financial Literacy, Adaptability
Best Board Games for Business Minds – GoVenture Entrepreneur
This highly adaptable board game serves as an immersive business simulation that can be tailored to any industry, product, or market. Beginning with basic business scenarios, the game progressively introduces more complicated elements, offering players a comprehensive learning experience. By playing this game, participants gain extensive knowledge in finance and marketing. Notably, the inclusion of accounting journals and ledgers enhances the gameplay and provides an insightful addition for players managing their businesses. It is not compulsory to use them, but they make a great add-on to the game.
Free Market NYC
Board Game
Free Market NYC
Skills Learnt
Market Understanding, Strategic Planning, Critical Thinking, Social Skills
Best Board Games for Business Minds – Free Market NYC
Free Market: NYC being one of the best board games is a competitive and tactical board game with a light-hearted and satirical outlook on life. It is based on the concepts of a free market economy. The gameplay is spiced up by the unique benefits that each player gets to begin with. It comprises four rounds of gameplay where you have to oversee a team of people completing various tasks to increase their collective wealth. One of the most appealing aspects is the truck, which can transport workers into other sections of the board to overtake opponents’ businesses.
Acquire
Board Game
Acquire
Skills Learnt
Strategic planning, Financial management, Risk Assessment, Negotiation and diplomacy
Best Board Games for Business Minds – Acquire
Acquire’s primary purpose is to construct and strategically invest in hotel chains to build up wealth. To do this, players have to extend their financial resources, buy and merge hotel chains, and profit from the success of these chains. In addition, the game features stock certificates that reflect ownership of hotel businesses. An individual who owns more stock in a particular hotel chain will make more money. It requires thorough risk assessment and tactical planning.
Catan
Board Game
Catan
Skills Learnt
Strategic Planning, Probability and Mathematics, Resource Management, Trading Skills
Best Board Games for Business Minds – Catan
In this two-to-four-player top board game, players must gather resources and construct buildings on a modular game board to establish towns and cities. The board is made up of hexagonal tiles that depict various landscapes, including fields, pastures, hills, forests, and mountains. The goal of the game is to be the first player to reach a certain number of points, which are earned through various means, such as trade and victory points. Players begin by constructing towns and ultimately progress to cities. Multiple expansions for Catan add additional components, gaming mechanics, and scenarios. Catan is well known for combining resource management, strategy, and negotiating in a way that benefits business minds everywhere.
How To Play Catan
Steam
Board Game
Steam
Skills Learnt
Economic Strategy, Spatial Awareness, Competition and Cooperation, Resource Management
Best Board Games for Business Minds – Steam
In the fascinating economic board game Steam: Rails to Riches, you can take on the roles of 19th-century railway tycoons. Players strive to develop the most profitable and extensive railway network across a map of the United States. The participants have to invest in the business, build railroads, purchase locomotives, and transport goods between cities. To open up profitable distribution routes and increase the value of your network, you must understand how to connect cities strategically. You can win this game in several different ways. No game played again will be identical to the first. All in all, it offers an enjoyable, challenging, and fulfilling business simulation experience.
Best Board Games for Business Minds – I’m The Boss
This is a negotiation board game in which players compete for the title of ultimate entrepreneur. It is a frenzy of clever decision-making, bluffing, and bargaining. Strengthening your negotiating skills is essential to your success. There aren’t any other rigid rules that you must stick to. It is entirely based on interaction between participants. The excitement of outwitting your competition and its simple yet strategic gameplay make it the ideal game for business people.
Innovation Ultimate
Board Game
Innovation Ultimate Edition
Skills Learnt
Innovative Thinking, Collaboration and Competition, Critical Thinking, Resource Management
Best Board Games for Business Minds – Innovation: Ultimate Edition
Innovation: Ultimate Edition – Unleashing a Universe of Invention is considered one of the top board games of all time. It is more than just a board game; it’s a whole arena where you can unleash your innovator spirit. This edition includes the original game, its expansions, and the two new eras of Futurism and Beyond. Each generation has different scoring objectives, so be sure your strategies are aligned to meet them.
It offers layers of complexity and strategic depth by allowing you to explore ideas like entropy, parallel universes, and even the manipulation of time itself. The goal of the game is to demonstrate your intelligence and keep you captivated for years to come.
Throughout four rounds, players fight to acquire stock in companies that are building railroads across the country, manipulate stock prices, and finally reap the financial benefits of their strategic maneuvering. Players are exposed to a variety of investment scenarios in the game, which allows them to try out various tactics and assess their possible results. Every skill you pick up while playing the game translates very well in real life.
The game additionally has an expansion pack called ‘Continuing Corruption,’ which adds more market volatility to the game, making it an even more challenging experience.
Conclusion
Ultimately, the world of board games provides a surprisingly rich environment for refining the minds of business enthusiasts. Although these experiences cannot precisely replicate real-world experience, they can offer insightful information and give you a more robust mental toolkit to help you navigate the ever-changing landscape. It is not the outcome that is important; it is the journey that holds valuable.
What are the most popular board games for entrepreneurs?
Below are the most popular board games for entrepreneurs:
Monopoly
The Entrepreneur Game
GoVenture Entrepreneur
Free Market NYC
Acquire
Catan
Steam
I’m the Boss!
Innovation Ultimate
Stockpile
What is a business board game?
Business games also known as Business Simulation Games are educational simulations used for training in areas like general management, finance, organizational behavior, and human resources.
How do these board games help entrepreneurs?
Playing board games makes it easy to plan your moves, anticipate what your opponent will do, and come up with winning strategies. In business, this leads to more significant strategic thinking and proactive decision-making.
Muskaan Kapoor
