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  • AASOKA EdTech: Monica Malhotra Kandhari’s Visionary Leap in Learning

    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.

    EdTech, short for education technology, is flourishing. The pandemic has spurred companies to develop exciting tools—online courses, engaging learning games, and AI tutors. This shift aims to personalize education, overcome distance barriers, and enhance the learning experience.

    Looking ahead, the EdTech industry is poised for remarkable growth. Projections indicate a compound annual growth rate (CAGR) of 15.2%. The global EdTech market is currently valued at $340 billion and is expected to reach $605 billion by 2027 (Research and Markets). The trajectory suggests a dynamic landscape, showcasing the increasing importance of technology in shaping the future of education.

    In our recent interview for Recap’23, we connected with Monica Malhotra Kandhari, Managing Director of AASOKA & MBD Group. We delved into AASOKA’s impact on EdTech, discussing challenges, customer outreach strategies, future plans, and beyond.

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

    Monica Malhotra Kandhari: AASOKA Learning and Teaching Solution is a comprehensive blended learning platform designed to deliver a tailored and research-based K-12 curriculum developed by its in-house research team using cutting-edge learning resources. AASOKA works with schools to facilitate required tools and services to upgrade administrative and teaching processes. It provides a 360-degree solution, including LMS (Learning Management System), SMS (School Management System) fee management, attendance management, digital content, adaptive tests, homework and assignment creation, learning gap analysis, and qualitative/quantitative evaluation of learning outcomes per student. The goal is to make high-quality academic resources cost-effective, ensuring accessibility for all students and supporting schools throughout India. With a deep foundation in EdTech, educational content, and academic research, AASOKA holds a prominent position in the education sector.

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

    Monica Malhotra Kandhari: Last year saw the launch of our AASOKA Version 2.0, powered by advanced AI, revolutionizing the Edtech sector in India. The update enables seamless tracking of individual student progress within classes or across subjects using AI-driven analytics. These analytics predict student growth based on real-time performance analysis, understanding their unique learning styles. We have enhanced the dashboard and added features like the Daily Task Calendar, Digital Signatures, Leave Request System, and AI-driven Ask-A-Question, among many others, to enhance the learning experience, streamline interactions, and improve accessibility for students, teachers, and school management.

    AASOKA stands out by offering personalized learning and tailored academic solutions for schools, focusing on customization to address each school’s specific challenges for better teaching and results. Our approach aligns with the National Education Policy 2020, emphasizing 21st-century skills for holistic learning. The learner-centric resources, crafted by our research team, use interactive multimedia content for an engaging learning experience.

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

    Monica Malhotra Kandhari: In recent years, the EdTech industry has transformed significantly, driven by tech upgrades and evolving academic techniques. The new developments include online platforms for flexible learning, AI-driven personalised education, integrated, immersive learning, and a renewed focus on practical skills. To adapt, AASOKA has revamped itself to be a user-friendly platform, using adaptive tech for personalised learning, embracing AI/AR/VR for student engagement, aligning academic courses with modern job market needs, experiential learning, self-evaluation, and supporting teachers and institutions in tech integration. Adaptability is now pivotal for success in this rapidly changing EdTech realm. Content in AASOKA is updated regularly to align to NEP 2020 and, NCF-FS 2022 &NCF-SE 2023.

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    Monica Malhotra Kandhari: Staying on top of the EdTech market’s rapid evolution necessitates active engagement in industry events like conferences and seminars for firsthand exposure to emerging trends. Building a strong network within academic communities through online forums and professional associations allows us to stay in touch with contemporary insights. Also, our research team is always skimming through reputable publications and research papers to gain invaluable analysis of expert case studies. Additionally, building partnerships with academic institutions and tech firms gives AASOKA access to industry trends and innovations.

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

    Monica Malhotra Kandhari: Tracking vital performance metrics is crucial for assessing AASOKA as a product. In the Edtech industry, user engagement and retention rates signify AASOKA’s effectiveness in the long-term learning curve of students. Powered by real-time AI analysis, we get a deep insight into user behaviour and content performance, ensuring our strategies are always razor-sharp. This data-driven approach has yielded remarkable results, with a 6x increase in schools using AASOKA since 2022-23 and a 5x growth in our revenue, all while maintaining a high retention rate that speaks volumes about the value we deliver. Furthermore, analysing user feedback through surveys and reviews guides us in making anticipated tweaks to the platform, ensuring the sustainable growth of AASOKA. By continuously learning and adapting, we’re confident AASOKA will remain a beacon of progress in the education landscape.

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

    Monica Malhotra Kandhari: In 2023, the EdTech world as a whole faced significant challenges due to rapid transformations in the global academic industry. Some of the major challenges that people still face include a lack of digital/ technical knowledge and minimal to no access to the internet and other resources to people in rural areas. While companies were catching up to quickly adapt to remote learning demands, AASOKA’s new-age online platform was already ahead of the curve. AASOKA upgraded its platform to handle more users, improving servers and internet capacity for a smoother experience. Similarly, meeting the changing needs of teachers and students meant developing engaging digital content fast, but partnering with experts helped us. We also improved customer support and tutorials to help everyone adjust to remote learning. These changes let us stay true to our commitment to quality education.

    StartupTalky: Good service is something everyone is talking about in the service industry. How does AASOKA ensure that their clients are happy?

    Monica Malhotra Kandhari: Maintaining a great standard of service and ensuring client satisfaction is key in education, just like any other industry. Building on MBD’s 67-year legacy of quality education, trusted products, and deep understanding of teachers’ needs, AASOKA takes a layered approach to understanding user needs. We actively engage with teachers and students through regular feedback surveys and direct communication. These insights guide AASOKA in refining its offerings to match the evolving learning trends in India, curating the platform accordingly. Importantly, AASOKA’s commitment extends beyond meeting user needs. With the educational landscape constantly shifting, we keep schools and teachers abreast of the latest policies and curriculum changes (NEP 2020, NCF) through dedicated resources and workshops. Additionally, we invest in our educators through regular Faculty Development Programs, equipping them with the latest teaching methods and technologies to deliver the most effective learning experiences for their students. Through these ongoing efforts, we ensure our clients feel heard, supported, and equipped to deliver exceptional learning experiences, ultimately keeping them happy and engaged with AASOKA.

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

    Monica Malhotra Kandhari: In our marketing endeavors, AASOKA follows a diverse strategy across multiple communication channels. Content marketing, including blogs and webinars, showcases niche academic expertise, engaging teachers and learners alike. Through social media, the brand shares informative, engaging content and success stories, nurturing a strong community all around. Moreover, targeted ads on social platforms drive user acquisition for the platform and boost our visibility through a word-of-mouth approach. Beyond the digital sphere, we actively engage through collaborative workshops with Sahodaya School Complexes and actively participate in various conferences and exhibitions to solidify AASOKA’s presence. In addition, AASOKA fosters educational enrichment through seminars, workshops, and teacher engagement programs, reinforcing its commitment to tailored solutions and collaborative learning experiences for K-12 schools.

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

    Monica Malhotra Kandhari: In the context of AASOKA’s current focus and operations, the company has primarily been concentrating on serving schools across India. As of now, the outreach to foreign clients has not been initiated. However, it is part of our strategic plan to explore and expand into international markets in the future. AASOKA recognizes the potential value of catering to foreign clients and intends to incorporate this into its growth trajectory.

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

    Monica Malhotra Kandhari: Behind the scenes of our smooth operation lay different in-house systems, each playing a crucial role in keeping things in tune. Our in-house tracking system tracks every shipment, ensuring timely deliveries and minimizing hiccups. For our internal operations, we rely on a dedicated system that functions as a project manager. It keeps everyone on the same page, with crystal-clear visibility into deadlines, tasks, and progress. This ensures seamless collaboration and eliminates the risk of missed deadlines or forgotten details. As for our support team, transparency is everything. A clear dashboard displays the current queue of needs, and with each resolved issue, a satisfying tick marks it off the list. This not only fuels our team’s motivation but also offers a real-time window into our service efficiency for any curious client. These are just a few examples of systems that power our smooth operation. 

    StartupTalky: What opportunities do you see for future growth in the EdTech industry in India and the world?

    Monica Malhotra Kandhari: In India, driven by a growing population and increased internet access, there’s significant potential to improve the accessibility of education, especially in remote areas. People are not aware of the current changes in the education sector, including National Education Policy 2020. Some of the ways it can be tackled can be in the form of making smartphones cheaper, increasing the reach of the internet in remote areas, and improving digital literacy. Additionally, AASOKA is well-positioned to tap into the growing market for regional language education, aligning with the aspirations of the NEP 2020. This presents a significant opportunity to extend the reach of education to a wider audience, fostering inclusivity and catering to diverse linguistic preferences.

    The rise of online learning platforms holds the potential to meet this demand for flexible learning experiences. Similarly, the integration of AI algorithms, Augmented Reality/Virtual Reality tools, and machine learning (ML) promises to enhance student engagement. Globally, the shift towards lifelong learning due to changes in the job market is fueling the growth of EdTech platforms.

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    StartupTalky: What kind of difference in market behaviour have you seen between India and the world?

    Monica Malhotra Kandhari: The market behaviour massively varies between the Indian and the global markets, especially in the Edtech space. In India, there’s a surge in demand for affordable education, mainly focusing on coaching and skill development for competitive exams, due to a large population aspiring for prestigious admissions or job opportunities. Worldwide, there is a broader focus on lifelong, skill-based learning and professional development aligning with the industry’s needs. While both markets embrace online learning, the global market leans towards personalised, experiential learning using the latest tech, while an Indian student relies more on foundational content delivery. However, both markets are quick to adopt digital solutions to meet learning needs.

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

    Monica Malhotra Kandhari: The past year has been a period of great learning for the team. With our training team visiting schools to generate awareness of technological interventions in school education, we received a very positive response. Schools are genuinely willing to upgrade to meet current demands. We ensured our training team reached every school, discussing topics related to every new trend in the market.

    Furthermore, our clients have responded positively, seeing their specific needs fulfilled. Whether it’s improving a school’s social media reach or providing strategies for boosting admissions, we take pride in being a complete school partner. Based on observations and responses, our current strategy is to incorporate every aspect of 21st-century schools’ needs within our blended learning solution.

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

    Monica Malhotra Kandhari: In 2023, AASOKA partnered with 1,900 schools in the second year of its operations and will be targeting collaboration with 20,000 schools in the next three years. For expansion, AASOKA’s strategy focuses on customer outreach, a variety of services, and staying in tune with current changes in technology. We will use targeted marketing techniques to reach new markets and strengthen existing ones. Moreover, introducing specialised courses for emerging skills is key while constantly improving our platform and user experience on priority.

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

    Monica Malhotra Kandhari: For fellow founders, my essential tip is to prioritise adaptability and responsiveness. Education, technology, and learning needs are ever-evolving. Therefore, being responsive is vital to staying relevant and meeting changing demands. Flexibility in strategy, quick adoption of new tech, and constant improvement based on user feedback are defining factors for success. Additionally, investing in curating your own high-quality educational content can be a game-changer. This will allow you to not only stand out from the crowd with unique offerings but also ensure the content aligns perfectly with your company’s vision and values.

    StartupTalky extends its gratitude to Mrs. Monica Malhotra Kandhari for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • Vygr’s News Platforms Cross Half Million Users, Looks at Pre-series Raise Early 2024

    Indian News Platform Vygr which saw its launch mid 2022 is successfully looking at the next step in its journey as it crosses half a million users across its platforms. Vygr News is a division of the Vygr Media group founded by first-generation entrepreneur Sonam Bhagat.

    Vygr (pronounced as Vigour which stands for the English word meaning Zest for Life and Enthusiasm) was incorporated in August 2022 with a vision to create India’s Informational Big tech platform. With a proprietary content management system that enables the creation, curation, and dissemination of News and informational content across 9 platforms simultaneously, Vygr effectively utilises Tech to supercharge human talent.

    Vygr currently generates all of its content in-house across 6 different languages – English, Hindi, Marathi, Tamil, Kannada and Telugu. The house has 4 content formats live across its platforms primarily its website and app (Live on both iOS and Android) – Video, Text, Images, and Audio. The content team is headed by senior Media industry professional and 2 times Cannes winner Abhishake Das. 

    The business is revenue generating and hit breakeven in October 2023 making it one of the few self-sustaining media outlets in the country with a vintage of a little over a year.

    Vygr Has Its Own App and Website That Serves News in 23 Categories (PC: Vygr)
    Vygr Has Its Own App and Website That Serves News in 23 Categories (PC: Vygr)

    The Founder-CEO Ms. Sonam Bhagat commented, “Vygr has the potential to become India’s big tech and perhaps our contribution to the world in terms of the apt format of information dissemination. India has a population of 135 crore people of which 40% are youth that crave for actionable insights, not just information but information that they can use. Vygr has been created to serve information that is use-worthy and not just newsworthy from across the nation. Raising funds for us to strengthen the AI capabilities of our systems and the capacities of our servers to take in a large number of users is now imperative. But the investors coming in now participate in revenues since we have stress-tested our revenue models for over a year and are now equipped to run an unbiased two-dimensional information ecosystem that can sustain itself.”

    Abhishake added, “Vygr’s USP is its pro-sumer model of information where content is created both in-house by Vygr’s journalists as well as the users who can contribute their own news pieces in the same four formats- Text articles, Videos, audio podcasts, and pictures.”

    The Business and Revenue Team for Vygr is led by Prashant Pandey who comes from over a decade of experience in Sales stated, “The website sees over 3.5 lac users every month and the app has already crossed 10000 downloads without much marketing push. As we cross 1 lac users on the app, avenues like app ads and user micro-purchases open up for us. We are yet to unlock our biggest potential stream of revenue as our average app usage time has high chances of being over 10 minutes per day – The app is gamified to keep users hooked on and the tiering levels give them a sense of upgradation as loyal users as they go higher up the value chain.”

    The Pre-Series for Vygr is expected to be a combination of debt and equity as the company intends to cross a user-level milestone before it raises a major round. The cap table currently consists of the promoter family and early-joiner employees. Vygr aims to utilise the funds for Tech and AI upgrades as well as manpower and user acquisition.

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  • “Swiftonomics” Wave Spurs Local Economies

    Taylor Swift, the internationally acclaimed pop artist, is not just a prominent figure in the music industry; she is emerging as a significant contributor to local economies throughout North America through her recent “Eras Tour.” This musical extravaganza has evolved into a remarkable subject of analysis, highlighting the extensive impact that major music events can exert on cities and communities.

    In unveiling the economic impact of Taylor Swift’s dedicated fanbase, commonly known as “Swifties,” a recent survey by QuestionPro has brought to light some striking numbers. Each average Swiftie is estimated to contribute a noteworthy $1,300 per show, creating a diverse array of expenditures that reverberate throughout local economies.

    The Impact Unfolds in Various Facets
    Resounding Economic Impact
    Media Spotlight on Swift

    The Impact Unfolds in Various Facets

    Ticket Sales: The North American leg of the tour is poised to achieve a staggering $2.2 billion in ticket sales, setting the stage for a potential record-breaking tour.

    Travel and Accommodation: Proximity to concert venues triggers a surge in hotel occupancy, soaring to as high as 95% during the immersive “Eras” weekends.

    Food and Entertainment: Local eateries, bars, and attractions experience a substantial uptick in foot traffic and revenue, with certain establishments near the venues reporting an astonishing 1,000% surge in demand for hourly workers during Swift’s performances. A bar owner near a Philadelphia concert venue provided insight into the widespread draw of the tour, stating, “We had fans coming from all over the country, and they were spending big on food and drinks.” This firsthand account highlights the tour’s capacity to attract a diverse audience, creating a boon for local businesses as fans contribute to the economic vitality of the area.

    Merchandise: Tour merchandise booths transform into lucrative pop-up destinations, where fans eagerly acquire an array of items ranging from glow sticks to personalized t-shirts. This surge in merchandise sales further adds to the economic resonance created by Swifties.

    Moving beyond mere numerical metrics, the impact of the “Eras” tour weaves a rich tapestry of both cultural and economic significance. This tour extends its influence beyond financial gains, contributing to a broader narrative.

    Job Creation: Acting as a catalyst for temporary employment opportunities, the tour generates hundreds of jobs per show across diverse sectors such as catering, security, hotel services, and transportation. This surge in employment not only supports the logistics of the tour but also injects vitality into local economies.

    Community Spirit: Beyond the stage, Swift’s concerts become a hub for fostering a sense of community and shared joy. Fans from various backgrounds come together to celebrate their shared love for her music, creating a positive communal experience. This collective celebration resonates within the concert venue and ripples into the local community, influencing morale and fostering a profound sense of belonging.

    Local Businesses Spotlight: The “Eras” tour provides an opportune moment for local businesses to shine. These enterprises seize the chance to showcase their unique offerings, catering to the influx of concertgoers. This spotlight on local businesses not only enhances the overall concert experience but also contributes to the economic vibrancy of the surrounding community.

    An economist, contemplating the magnitude of the tour’s influence on Toronto, remarked, “It’s like hosting six Super Bowls in a row.” This vivid analogy underscores the substantial and unprecedented impact that “Eras” has brought to the city.

    Resounding Economic Impact

    Projections for the “Eras” tour indicate an astronomical gross of $2.2 billion in North American ticket sales alone, positioning it as a potential record-breaking phenomenon in the realm of concert tours.

    Swifties, the dedicated fanbase, emerge as key contributors to this economic surge. According to a QuestionPro survey, these ardent fans, on average, invest $1,300 per show in local economies, as stated earlier. “Swiftonomics” emerges not just as a musical phenomenon but as a dynamic force propelling economic growth and vitality in its wake. The profound economic impact of the “Eras” tour extends far beyond the confines of concert halls, leaving an indelible mark on various sectors and contributing to overall GDP growth and industry success. This economic resonance is reflected in the latest GDP report from the Commerce Department, revealing robust consumer spending. Notably, events like Taylor Swift concerts play a significant role in contributing to this growth, showcasing the widespread impact of cultural phenomena on the broader economic landscape.

    The success story continues with Live Nation Entertainment, the parent company of Ticketmaster, reporting its strongest quarterly results to date. A record-breaking 140 million tickets have been sold this year, marking a notable 17% increase year-over-year. Additionally, concert revenue has surged by an impressive 32%, underscoring the enduring economic impact of the “Eras” tour.

    The Eras Tour Already the Most Profitable Concert Movie Ever
    The Eras Tour Already the Most Profitable Concert Movie Ever

    Media Spotlight on Swift

    The media’s focus on Taylor Swift’s “Eras” tour underscores its recognition of the cultural phenomenon it has become, with dedicated reporters diligently covering every aspect of the pop star’s journey.

    Media giant Gannett has taken a noteworthy step by appointing a Taylor Swift reporter. This dedicated journalist will be tasked with covering the exploits of America’s favorite pop star for The Tennessean and the USA Today Network. This strategic move by Gannett emphasizes the cultural significance Swift has attained, positioning her as a figure of immense public interest.

    Taylor Swift’s “Eras Tour” transcends the realm of a mere musical spectacle; it has evolved into an economic phenomenon. The tour is rewriting the playbook of entertainment economics and etching an indelible mark on local economies across North America. Swift’s influence, as evidenced by the media spotlight and economic impact, resonates far beyond the stage, solidifying her status as a multifaceted cultural force.

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  • Spirited Growth of India’s Booze Bazaar

    The estimated value of the alcohol market in India is projected to reach approximately US$ 54,740.0 million in 2023, with an anticipated increase to US$ 111,238.9 million by 2033. During the forecast period, a noteworthy Compound Annual Growth Rate (CAGR) of 7.0% is expected in alcohol sales.

    The growth of the alcohol market in India has been remarkable, driven by evolving lifestyles, urbanization, and the expanding middle class. The country’s rich cultural diversity has historically associated alcohol consumption with social gatherings, celebrations, and religious festivals.

    The Indian alcohol market encompasses various segments, including spirits, beer, and wine, and benefits from a substantial consumer base exceeding 1.3 billion people. Consumption patterns vary across regions and demographics, traditionally favoring spirits such as whisky, rum, and vodka. However, there is a discernible shift towards premium and craft spirits, as well as an increased demand for wine and craft beer, particularly among urban millennials and the emerging middle class.

    India’s drinking culture has evolved to a sophisticated level, deviating from global trends where developed markets have experienced a decline in alcohol consumption. Factors contributing to this shift include health concerns, changing lifestyles, and generational differences in alcohol consumption.

    The Indian market stands out as one of the fastest-growing for various alcoholic beverage categories, in contrast to global trends where developed markets are witnessing a decline in alcohol consumption. The resilient Indian economy, marked by rising consumer incomes and post-pandemic recovery, plays a significant role in shaping alcohol consumption patterns. According to IWSR 2022, India has become the global leader in whisky, rum, and brandy consumption.

    The global alcoholic beverage market is projected to grow at a CAGR of 1%-2% by volume and value, while the Indian market is expected to experience a higher growth rate of 6.8%, especially in premium segments like whisky, with an impressive 61% growth. The influx of new drinkers, projected to be around 100 million in the next five years, is attributed to the maturing young population in India.

    The International Spirits and Wines Association of India (ISWAI) forecasts that the Indian alcoholic beverage industry will reach $64 billion over the next five years. This growth is fueled by rising incomes, urbanization, increased accessibility, premiumization, and a younger consumer demographic. The industry already contributes to employment for over 80 lakh people, both directly and indirectly, accounting for 1.5% of the total manpower in the country, according to ISWAI. The ICRIER report for 2021 states that the alcohol industry currently supports approximately 15 lakh jobs nationally.

    Challenges in the Industry
    The Industry Forecast

    Challenges in the Industry

    Despite the optimistic revenue projections, the sector confronts obstacles related to operating profit margins (OPM). In the fiscal year 2024, it is anticipated that OPM will contract by approximately 90-140 basis points, following a significant decline of 300 basis points in FY2023. The primary cause behind this margin reduction is the escalating prices of key inputs during the current fiscal year. Taxation and pricing policies wield a significant influence on consumer behavior and brand profitability. Navigating the intricate tax landscape necessitates a strategic approach to maintain competitiveness.

    Notably, the costs of non-basmati rice and other grains, such as maize, utilized in the production of extra-neutral alcohol (ENA), a crucial component for manufacturing spirits, have experienced a substantial increase. The impact of sub-optimal monsoon conditions and El Nino, along with government interventions affecting grain prices, plays a pivotal role in shaping the industry’s cost structure.

    The costs of packaging materials, especially glass, have also exerted pressure on margins due to a surge in soda ash prices. On a positive note, barley prices, a crucial raw material for beer production, have undergone corrections in recent quarters and are expected to remain stable in the near to medium term. Nevertheless, the diversion of grains toward ethanol production, driven by government blending norms, poses an additional challenge that industry stakeholders need to closely monitor.

    Moreover, the alcohol and beverage industry in India is subject to stringent regulations, making operations challenging and expensive. Most states have policies that diverge from practical realities, making the ease of doing business a mere term, particularly for the alcohol industry, except in a few states. Remaining compliant with evolving regulations stands as a top priority for alcoholic beverage brands. Navigating the legal intricacies of the region requires a proactive approach and a commitment to ethical business practices. To address these issues, additional costs are incurred in each state to establish local teams for follow-ups and to facilitate necessary procedures.

    As health consciousness rises, consumers are becoming more selective about their alcohol choices. Brands that prioritize transparency and provide clear nutritional information are likely to align with this evolving mindset.

    The Industry Forecast

    Nevertheless, as the year approaches its conclusion, the sales of alcoholic beverages in the nation appear to have experienced a downturn in 2023. The Confederation of Indian Alcoholic Beverage Companies (CIABC) estimates that the sales of alcoholic beverages have decelerated from a robust 14% growth in 2022 to approximately 7%-8% in 2023. However, a notable aspect contributing to this growth is the demand for products priced above ₹500 per bottle. Looking ahead to 2024, the sector aims to maintain a similar growth trajectory as observed in 2023.

    Revenue of the Alcoholic Drinks Market Worldwide From 2017 to 2027
    Revenue of the Alcoholic Drinks Market Worldwide From 2017 to 2027

    Vinod Giri, Director General of the Confederation of Indian Alcoholic Beverage Companies (CIABC), stated, “The previous year was exceptionally positive for the industry, with a growth rate of about 14% over the preceding year. Therefore, a slowdown in growth was anticipated this year, as sustaining such high levels is challenging. On the demand side, we did not encounter significant issues this year. Challenges were more prevalent on the supply side, especially with the elections in five states disrupting supply chains. Karnataka faced issues due to a steep price increase after the new government took office. Despite these challenges, growth remained relatively consistent across markets. Our estimate is around 7 to 8% growth, contingent on the outcome of the ongoing festive season.”

    Giri also highlighted, “In addition to volume considerations, the market’s value has been on the rise. We anticipate a 2% increase in premiumization, referring to products priced above ₹500 per bottle. This segment is expected to contribute positively to the market value.”

    Furthermore, the industry is experiencing remarkable growth in Indian single malts, indicating a healthy trend. Giri emphasized, “This underscores the exceptional quality of products originating from India, gaining acceptance globally. It reflects that we are not merely a large-volume consuming country but are also evolving into a production and export hub for alcoholic beverages.”

    The Confederation of Indian Alcoholic Beverage Companies (CIABC) expresses confidence that the industry will be able to sustain growth levels of 7-8% in the coming year.

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  • Jaideep Tiwari of BramhAnsh Technologies on Pioneering MedTech Innovations and Industry Dynamics

    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.

    In the world of medical technology, smart solutions are changing how we think about healthcare. The MedTech industry is like a game-changer, transforming the way we handle medical care, figure out problems, and provide treatment.

    Projections for the Indian MedTech sector showcase remarkable growth. Estimated revenue in the medical technology market is set to reach $9.19 billion in 2023, with the medical devices segment contributing significantly at $7.33 billion. Experts anticipate an annual growth rate (CAGR) of 8.27% for 2023–2028, projecting a market volume of $13.67 billion by 2028.

    In our recent interview for Recap’23, we connected with Jaideep Tiwari, Founder and CEO of BramhAnsh Technologies Pvt Ltd. We discussed how BramhAnsh is making its mark in the MedTech industry, covering its challenges, customer expansion strategies, future plans, and more.

    StartupTalky: Jaideep, what service does BramhAnsh Technologies provide? What was the motivation/vision with which BramhAnsh Technologies started?

    Jaideep Tiwari: BramhAnsh Technologies Private Limited stands as a trailblazing MedTech company committed to transforming the landscape of healthcare by offering cutting-edge medical devices tailored to address a spectrum of conditions such as headaches, anxiety, insomnia, migraines, and more. Our firm is deeply devoted to a mission that seeks to reshape healthcare through the introduction of innovative, clinical-grade wearable medical technologies, with the ultimate goal of enhancing patient outcomes and raising the quality of life globally.

    The spark for our journey ignited in 2015 when I, Jaideep Tiwari, the Founder and CEO of BramhAnsh Technologies, personally confronted an anxiety disorder and recognized the pressing need for effective treatment. Rather than succumbing to this challenge I and my colleague K. Kartik, Co-founder and COO of BramhAnsh Technologies, decided to harness the potential of technology to address mental health issues. Drawing upon a history of collaboration and shared interests dating back to our college days, we embarked on a mission to establish a company that would utilize technology to provide relief for a diverse range of disorders. Hailing from a small town in Chhattisgarh, we, as emerging young entrepreneurs, carried a bold vision.

    Our official journey commenced in 2017 when we initiated extensive research into the development of a technology utilizing sound waves as a method of stimulation to calm the nervous system. After countless hours of research, unwavering dedication, and hard work, we successfully created this groundbreaking technology. In 2020, we proudly secured a patent for our innovation, aptly named “MIGRAELIEF.”

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    StartupTalky: What new features have been added in the past year? What is/are the USP/s of BramhAnsh Technologies?

    Jaideep Tiwari: In 2023, the company commenced clinical trials, conducted comprehensive market research, and successfully launched the first flagship product into the market. “Migraelief” from BramhAnsh Technologies is the first wearable migraine treatment product in India that uses a neuromodulation method for treatment. Migraelief is a medical-grade device and is clinically validated to provide relief to individuals who have not found success with other migraine treatments. MIGRAELIEF is a CDSCO-registered and ISO-CE-certified device that utilizes research-backed low-frequency sound waves generated by the developed patented transducer technology. Migraelief is an effective solution to address the needs of a substantial portion of the population who find pharmaceuticals either ineffective or problematic for migraine relief or seek an alternative treatment method.

    This groundbreaking innovation in the Medtech industry precisely targets a crucial market requirement, offering an alternative to pharmaceuticals that provides meaningful relief to those affected by migraines.

    StartupTalky: How has the MedTech industry changed in recent years, and how has BramhAnsh Technologies adapted to these changes?

    Jaideep Tiwari: The Industry has undergone significant transformations over the past few years. Technological advancements and evolving consumer preferences have been pivotal drivers of change. To adapt to these changes, our company has undertaken a comprehensive digital transformation, leveraging cutting-edge technologies to enhance our products and services. We’ve invested substantially in the shift towards e-commerce and online engagement has been substantial, prompting us to revamp our digital presence and implement robust online sales strategies.

    Additionally, recognizing the growing importance of sustainability, we’ve intensified efforts to integrate eco-friendly practices into our operations, aligning our business model with the increasing environmental consciousness of our stakeholders. Embracing remote work models during the global pandemic has not only ensured business continuity but has also fostered a culture of flexibility and innovation within our workforce. Overall, our adaptive strategies position us to navigate the dynamic landscape of our industry and continue delivering value in an ever-changing market.

    Jaideep Tiwari: As the CEO, maintaining a thorough understanding of the latest trends and developments within our industry is integral to our strategic decision-making process. To achieve this, I encourage the team to actively engage in industry conferences, and exhibitions, facilitating direct interaction with thought leaders and the acquisition of valuable insights. Our corporate culture places a premium on continuous learning, motivating our team members to stay informed and share their findings collaboratively. Leveraging advanced data analytics tools, we monitor real-time market dynamics and consumer behaviors.

    Furthermore, our company fosters collaborative affiliations with research institutions and strategic partners, ensuring access to cutting-edge insights and innovations. Through the implementation of this comprehensive approach, our organization maintains a dynamic and responsive posture, ready to capitalize on emerging opportunities within our dynamic industry landscape.

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    StartupTalky: What key metrics do you track to check BramhAnsh Technologies’ growth and performance? How does the company use these metrics to identify areas for improvement and guide strategic decisions for future growth?

    Jaideep Tiwari:  For a Company’s growth and performance monitoring key metrics is fundamental. Several key performance indicators (KPIs) are pivotal in this regard. Financial metrics, including revenue growth, profit margins, and cash flow, provide a comprehensive overview of our financial health. Customer acquisition cost (CAC) and customer lifetime value (CLV) help assess the efficiency and sustainability of our customer acquisition strategies. We closely track customer satisfaction scores and Net Promoter Score (NPS) to gauge the quality of our products and services from the customer’s perspective.

    Operational metrics, such as production efficiency, inventory turnover, and fulfillment speed, provide insights into the efficacy of our internal processes. Employee satisfaction and retention rates are monitored to ensure a motivated and stable workforce. Additionally, we analyze market share and competitive benchmarks to understand our positioning within the industry. These metrics serve as a compass for identifying areas of improvement. Regular reviews of these indicators allow us to pinpoint operational inefficiencies, customer pain points, or market gaps. Through a data-driven approach, we derive actionable insights that guide strategic decisions.

    For instance, if customer feedback indicates a need for product enhancements, we allocate resources to research and development accordingly. Likewise, if financial metrics indicate a particular product line’s success, we may consider expanding it or exploring similar market opportunities.

    In essence, these metrics act as a diagnostic tool, enabling us to diagnose challenges, capitalize on strengths, and make informed decisions that steer the company toward sustained growth. It’s a dynamic process that ensures we stay agile and responsive in a competitive business landscape.

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

    Jaideep Tiwari: Developing products like Migraelief presented significant challenges for a startup company like ours. One major obstacle was establishing a reliable network of fabrication vendors and suppliers. Many vendors demanded large quantity orders, making it financially daunting for a research-focused company like ours to invest heavily in sample pieces.

    Additionally, extensive education and awareness efforts were required to overcome the established reliance on pharmaceuticals for migraine treatment. Building a comprehensive understanding of the effectiveness of Neuromodulation devices among potential users became a crucial task.

    To overcome these challenges, the company worked diligently to identify vendors willing to accommodate smaller production quantities while remaining cost-effective. Through innovative, pragmatic, and frugal approaches, we successfully navigated these hurdles, leading to the successful development and introduction of innovative products like Migraelief. This product is clinically proven, doctor-recommended, and adheres to all safety parameters.

    StartupTalky: Trust among all the stakeholders is very important for a marketplace. How does BramhAnsh Technologies ensure it?

    Jaideep Tiwari:  In our marketplace, fostering and maintaining trust among all stakeholders is a paramount commitment. Transparency is at the forefront of our strategy, as we believe in openly communicating our policies, practices, and performance. This commitment extends to our customers, partners, and employees. Our customer-centric approach ensures that we consistently deliver high-quality products and services, aiming not only to meet but exceed expectations. A responsive and proactive customer service system is in place to address inquiries and concerns promptly, demonstrating our dedication to putting our customers first.

    Moreover, data security is a top priority, and we employ robust cybersecurity measures to safeguard the privacy of our stakeholders. Ethical business practices, fair pricing, and responsible operations are the cornerstones of our approach, building credibility and trust among our diverse stakeholders. Regular engagement through surveys and feedback mechanisms further allows us to adapt and improve, ensuring that trust remains the bedrock of our relationships in the marketplace.

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

    Jaideep Tiwari: Our marketing efforts involve a combination of informative blog posts and engaging social media updates. We regularly share educational content about migraine relief, non-pharmacological treatment methods, and the benefits of our product, Migraelief. Additionally, we utilize eye-catching creative artworks and videos to effectively convey our message to our audience. We have recently started working on SEO activities as well to generate organic traffic. We are also participating in various healthcare events and conclaves.

    StartupTalky: Keeping up with supply and demand is important. How does BramhAnsh Technologies keep both in order while ensuring a seamless experience for users?

    Jaideep Tiwari: Maintaining a delicate balance between supply and demand is crucial for a seamless user experience, and at our company, it’s a meticulous process. We employ advanced forecasting and inventory management systems that leverage data analytics to anticipate demand trends accurately. This proactive approach allows us to optimize our supply chain, ensuring that we have the right level of inventory to meet demand without overstocking.

    Additionally, we maintain strong relationships with our suppliers, fostering open communication to adapt quickly to any changes in demand. Our commitment to transparency extends to our users, as we provide real-time updates on product availability, delivery times, and any potential delays. Continuous monitoring of market trends, coupled with a flexible production and distribution system, allows us to respond swiftly to fluctuations in demand. By prioritizing data-driven decision-making, fostering strong supplier relationships, and ensuring transparent communication with our users, we strive to deliver a seamless experience while efficiently managing the delicate equilibrium between supply and demand.

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

    Jaideep Tiwari: The Medtech industry in both India and the world is poised for significant growth, driven by technological advancements, increasing healthcare awareness, and a growing aging population. In India, opportunities abound as the government focuses on expanding healthcare infrastructure and digital initiatives. The adoption of telemedicine, wearable devices, and AI-driven diagnostics presents substantial potential for growth. Additionally, India’s cost-effective manufacturing capabilities make it an attractive hub for global Medtech companies.

    Globally, the Medtech industry is witnessing a shift towards personalized and precision medicine, with innovations such as gene editing and regenerative therapies gaining prominence. The convergence of technology and healthcare is creating opportunities for smart medical devices, remote patient monitoring, and data analytics. The global market is also seeing a surge in investments in digital health startups.

    Market behavior differences between India and the world are notable. While developed nations have established regulatory frameworks and higher healthcare spending, India faces challenges of accessibility and affordability. The Indian market often demands solutions tailored to cost-sensitive demographics. Understanding these nuances is crucial for businesses aiming to navigate and succeed in both markets, where adaptability and a nuanced approach can unlock tremendous growth potential.

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

    Jaideep Tiwari: Over the past year, our team has navigated challenges that brought forth invaluable lessons and insights. The dynamic business landscape underscored the importance of adaptability and resilience. Rapid shifts in market demands emphasized the need for agility in our operations, prompting us to reevaluate and enhance our supply chain strategies. Moreover, customer behavior underwent significant changes, urging us to prioritize an even more customer-centric approach. These lessons have become integral to shaping our future plans and strategies.

    Moving forward, we aim to fortify our operational flexibility, invest in digital transformation, and further personalize our offerings to meet evolving customer expectations. The lessons learned have instilled a proactive mindset within our team, empowering us to anticipate and respond effectively to emerging trends and challenges, ensuring our continued growth and success in the ever-evolving business landscape.

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

    Jaideep Tiwari: Our strategic roadmap for future expansion encompasses a comprehensive approach to growing our customer base, refining service offerings, and strengthening our team. To broaden our customer reach, we are implementing targeted marketing campaigns, leveraging data analytics to identify and engage with new segments. Innovation is a core focus for our service offerings, involving rigorous market research, responsiveness to industry trends, and a commitment to customer feedback for the introduction of new, impactful products and services. Strategic partnerships and collaborations are being explored to augment our service portfolio.

    In terms of team development, we prioritize fostering a culture of learning and development as paramount, training initiatives, and the creation of an inclusive work environment to foster collaboration and creativity. This integrated strategy aims to not only expand our market presence and service capabilities but also cultivate a highly skilled and motivated team, propelling our company toward sustained success.

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

    Explore more Recap’23 Interviews here.

  • Vedantu – How is it Redefining Education Through Live Online Tutoring?

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    Venture into the realm of EdTech, where groundbreaking technology is reshaping education. EdTech acts like a guiding light, transforming traditional education and making knowledge accessible to everyone. Let’s dive into the captivating world of education technology (EdTech), where platforms like Vedantu leverage technology to revolutionize education, connect people, and strive for a future where education is within reach for all.

    Vedantu resolves this problem through personalized, ‘live’ online tutoring. It ensures every student associated with it is under the guidance of a dedicated teacher, and that every session on its platform is interactive, intuitive, and interesting. Launched in 2014, Vedantu has become immensely popular among students.

    Read on to know more about Vedantu’s founders, startup story, business model, revenue model, funding, competitors and more.

    Vedantu – Company Highlights

    Startup Name Vedantu
    Headquarters Bangalore, Karnataka, India
    Sector Edtech
    Founder Vamsi Krishna, Pulkit Jain, Anand Prakash and Saurabh Saxena
    Founded 2014
    Website vedantu.com

    Vedantu – About
    Vedantu – Industry
    Vedantu – Founders and Team
    Vedantu – Startup Story
    Vedantu – Mission and Vision
    Vedantu – Name, Tagline, and Logo
    Vedantu – Business Model
    Vedantu – Revenue Model
    Vedantu – Challenges Faced
    Vedantu – Funding and Investors
    Vedantu – Investments
    Vedantu – Mergers and Acquisitions
    Vedantu – Growth
    Vedantu – Advertisements and Social Media Campaigns
    Vedantu – Awards and Achievements
    Vedantu – Competitors
    Vedantu – Future Plans

    Vedantu – About

    Vedantu stands out as India’s premier Edtech startup, specializing in online tutoring for students in grades 6 to 12. The platform provides personalized coaching, connecting students with highly skilled teachers who employ advanced technologies like two-way audio, video, and whiteboarding to facilitate live interactions, ensuring a tailored learning experience. Based in Bangalore, Vedantu not only caters to academic needs but also prepares students for competitive exams and offers co-curricular modules.

    The platform’s cooperative sessions, adapting to the students’ pace, distinguish it from recorded videos and traditional classrooms. Vedantu’s video sessions accommodate low internet bandwidth, providing accessibility to a broader audience. With robust learning management tools and a comprehensive training approach, Vedantu emerges as a top-tier online educational service provider in the K–12 segment, making learning engaging, accessible, and effective.

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    Vedantu – Industry

    According to a Statista estimate, the Indian online education market is expected to grow rapidly, with revenues expected to reach US $5.76 billion by 2023—a considerable increase. With a strong 20.53% annual growth rate (CAGR 2023–2028), the trajectory is expected to continue rising and reach an amazing market volume of US $14.65 billion by 2028.

    Of particular note is the expected large contribution from the Indian market, which is projected to grow to a sizeable US $4.73 billion by 2023 for online learning platforms. These numbers show how online learning is becoming more and more important in India, and they also point to a positive future for the sector.

    Vedantu – Founders and Team

    Vedantu Founders Vamsi Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain (Left to Right)
    Vedantu Founders Vamsi Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain (Left to Right)

    Vedantu was founded by Vamsi Krishna (co-founder, CEO), Pulkit Jain (co-founder, head of product), Anand Prakash (co-founder, head of academics), and Saurabh Saxena.

    Vamsi Krishna

    Vedantu co-founder and CEO Vamsi Krishna completed his BTech from IIT Bombay in 2005 and co-founded Lakshya Institute—an educational enterprise that prepares students for engineering and medical entrance exams—with three more IITians: Saurabh Saxena, Pulkit Jain, and Anand Prakash. The four individuals have mentored 10,000+ students and trained more than 200 teachers through Lakshya. Vamsi, Saurabh, Pulkit, and Anand continued to work on Lakshya for nearly eight years until it was acquired by MT Educare in 2012.

    Anand Prakash

    Anand Prakash serves as the co-founder and Academic Head at Vedantu. Prakash was the Manager of Abhishek Industries before he founded Lakshya Institute and then Vedantu along with the other founders. Prakash is an alumnus of IIT Roorkee, from where he completed his BTech in Paper and Pulp Technology.  

    Pulkit Jain

    Vedantu co-founder and head of product Pulkit Jain has a BTech in Chemical Engineering from IIT Roorkee. He joined Evalueserve as a Business Analyst before co-founding Lakshya Institute and eventually establishing Vedantu with the other co-founders.

    Saurabh Saxena

    Saurabh Saxena is another co-founder of Vedantu. Saurabh Saxena served as the Head of Academics and exited Vedantu in January 2018. Saxena was a Chemical Engineering student at IIT Roorkee who completed his BTech from the same college. Starting his career by founding Lakshya Institute, Saxena later co-founded Vedantu. On exiting the company, Saxena founded Power Club, where he is serving as CEO. Saurabh had a brief stint as the Director of Ekya Schools.

    The edtech unicorn has an employee strength of 5,001–10,000 employees.

    Vedantu – Startup Story

    The story of Vedantu has the story of the four IITians and the story of Lakshya at its core. It was Vamsi Krishna who took the initial initiative along with the other IITians, founded the primary venture, and named it “Lakshya” in 2006. IIT Roorkee BTech graduates Saurabh Saxena, Anand Prakash, Pulkit Jain, and Vamsi Krishna started Lakshya Institute with an aim to train for a wide variety of tests and exams.

    Lakshya stuck to its goal for the next six years, although it had trouble expanding its offline model to five locations in Punjab. Getting qualified teachers to teach in remote places was a big problem. Krishna set out on a transformative journey to overcome obstacles, focusing on efficiency and innovation for a good and pleasurable change. To increase Lakshya’s effect and scalability, a strategic transition rather than merely adaptation was the aim.

    Therefore, they soon started working on it through Lakshya. However, they eventually realized that to up the game, they needed something beyond the brick-and-mortar institute, and this would be done only by leveraging technology and the internet. Such an institute would be online and scalable.

    They found that to establish an online education platform, they would be needing dedicated and skilled teachers. In 2012, realizing that the existing model was not yielding the desired results, Krishna candidly admits, ‘It was not working.’ Taking a strategic step, the friends decided to sell the venture. In a significant move, they sealed a Rs 30 crore deal, selling the business to coaching player MT Educare. After a two-year transition period with the company, the friends took a bold step into online live tutoring. In 2014, Vedantu was born, signaling their commitment to innovation in education.

    Vedantu – Mission and Vision

    The company’s primary mission is to make high-quality education accessible to all. In contrast to group classes, they aim to provide a better experience and let individuals select what suits them the most. Their goal is to establish a future in which everyone has easy access to and customization of high-quality education.

    Vedantu’s vision is to transform traditional teaching and learning methods. Through a blend of quality teachers, engaging content, and advanced technology, they aim to provide students with a superior learning experience, distinct from traditional offline methods, ultimately enhancing their academic outcomes.

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    The name ‘Vedantu’ is the result of combining the words ‘Veda’ and ‘Tantu’. ‘Veda’ means knowledge and ‘Tantu’ means network; thus, Vedantu acts as a network of wisdom.

    Vedantu Logo
    Vedantu Logo

    Vedantu – Business Model

    Vedantu provides a variety of services with an emphasis on online live tutoring under a B2C (Business-to-Consumer) business model. The company uses a virtual learning platform called WAVE (Whiteboard Audio Video Environment) to give K–12 peoples individualized, interactive instruction. This covers online coaching for a range of competitive exams in addition to routine academic support.

    Vedantu’s business strategy is centered on EdTech, remote learning, and mobile learning (m-learning). Through the integration of technology and high-quality instruction, Vedantu aims to transform and improve the educational experience for peoples. Using an online platform gives students freedom and makes education available to those who need it, no matter where they are or what their circumstances may be.

    The business plan of Vedantu comprises giving away few free lectures and digital educational resources in addition to delivering paid online teaching services. This dual strategy guarantees that the site serves a wide range of users, including those looking for low-cost educational options and those getting ready for competitive tests.

    Vedantu – Revenue Model

    Vedantu diversifies its revenue streams through various channels. Here are the key sources:

    Subscription Plans

    • Plan options for Vedantu Pro are paid monthly or annually.
    • Study materials and individualized learning elements are accessible for a fee.

    Exam-Preparation Courses

    • Paying courses for competitive exams like NEET and IIT-JEE are available from Vedantu.

    Partnerships and Collaborations

    • Works together to provide universities with specialized learning solutions.
    • Income via partnerships and license fees.

    Sponsored Advertisements

    • Makes money by running sponsored content and tailored advertisements.
    • Collaborations with brands to get extra revenue.

    Vedantu – Challenges Faced

    Vedantu encountered significant challenges during its journey, with money surprisingly not being a major concern for the co-founders. In the early stages, the struggle to scale was apparent as the one-to-one teaching model faced limitations. Realizing the need for change, Vedantu transitioned to a one-to-few model and eventually to a one-to-many approach, marking a pivotal shift in their strategy.

    Vedantu, however, suffered a severe setback in 2017 that nearly brought it to an end. An important $8 million fundraising round that was anticipated in September was abruptly canceled by the international venture capital fund after a one-month delay. With just three weeks remaining on its runway due to this unanticipated turn of events, Vedantu was on the verge of going out of business. A low point in Vedantu’s journey was reached when almost 30% of the personnel had to be let go in a desperate attempt to survive. During this turmoil, one of the co-founders also left.

    The co-founders learned two important things from the difficult experience: never presume success before it’s time and cherish money even when it goes above and beyond expectations. This turbulent time highlighted how crucial it is for Vedantu to be resilient and adaptable in order to overcome unanticipated obstacles and come out stronger.

    Vedantu – Funding and Investors

    Vedantu has raised around $292.2 million in funding to date. Vedantu had witnessed a total of 11 rounds of funding.

    The table below provides a detailed description of the funding raised by Vedantu so far:

    Date Stage Amount Lead Investors
    February 24, 2022 Series E $2 million Orio
    September 29, 2021 Series E $100 million ABC World Asia, Coatue, Tiger Global, WestBridge
    July 15, 2020 Series D $100 million Coatue
    April 23, 2020 Series C $7 million KB Global Platform Fund
    February 13, 2020 Series C $24 million GGV Capital
    August 29, 2019 Series C $42 million Tiger Global Management, WestBridge Capital
    August 8, 2019 Debt Finacing Rs 9.42 crore Trifecta Capital Advisors
    November 24, 2018 Series B $11 million Accel, Omidyar Network, TAL Education Group
    May 7, 2015 Series A $5 million Accel, Tiger Global Management
    August 1, 2014 Seed Round $400K –

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    Vedantu – Investments

    Vedantu contributed $2 million to Instasolv’s seed round fundraising on June 23, 2020, making a total investment in the ed-tech firm. However Vedantu has since exited from this transaction, changing the composition of its investment portfolio.

    Vedantu – Mergers and Acquisitions

    Vedantu has acquired three companies to date.

    Here are the acquisition details:

    Acquiree Name Acquired Date Price
    Deeksha College Oct 13, 2022 $40 million
    Pedagogy July 15, 2021 –
    Instasolv February 22, 2021 –

    Vedantu – Growth

    The edtech sector in India has grown significantly in the last several years, and a number of platforms have emerged to meet the demands of students. Vedantu has become a prominent participant in the edtech space, revolutionizing academia not only in India but around the world.

    Some of the growth highlights of Vedantu are:

    • It offers more than 2.1 crore hours of live learning
    • Vedantu boasts of having 10+ lakh monthly Youtube views
    • It promises to resolve 25+ lakh doubts via the Vedantu app
    • Vedantu brings LIVE classes opportunities for students from across 57+ countries

    Financials

    Vedantu Financials
    Vedantu Financials
    Vedantu Financials FY20 FY21 FY22
    Operating Revenue Rs 25 crore Rs 94 crore Rs 169 crore
    Total Expenses Rs 186 crore Rs 748 crore Rs 891 crore
    Profit/Loss Loss of Rs 150 crore Loss of Rs 616 crore Loss of Rs 696 crore
    Cash from Ops Deficit of Rs 143 crore Deficit of Rs 655 crore Deficit of Rs 518 crore

    Expenses Breakdown

    Vedantu Expenses FY21-FY22 FY21 FY22
    Employee benefit expenses Rs 407 crore Rs 489 crore
    Advertising promotional expenses Rs 176 crore Rs 182 crore
    IT Cost Rs 19 crore Rs 25 crore
    Seminars conference expenses Rs 18 crore Rs 29 crore
    Others Rs 128 crore Rs 166 crore

    EBITDA

    Vedantu Financials FY21-FY22 FY21 FY22
    EBITDA Margin -447.41 -350.97%
    Expense/Rs of Op Revenue Rs 7.96 Rs 5.27
    ROCE -110.25% -116.93%

    Vedantu – Advertisements and Social Media Campaigns

    Vedantu Campaign

    Aamir Khan, a well-known actor from Bollywood, starred in a creative advertising campaign released by Vedantu to promote their Ai-LIVE technology. The marketing presents Ai-Live as the newest EdTech innovation that democratize education for millions of students by crafting a unique narrative. Vedantu hopes to revolutionize education by utilizing cutting-edge technology and the support of a well-known figure like Aamir Khan to make high-quality education accessible and reasonably priced.

    Vedantu – Awards and Achievements

    Vedantu has earned several awards and distinctions, some of which are highlighted below:

    • Vedantu earned the title of ‘Best Organization to Develop Technology for Education’ at the DNA Innovative Education Awards in February 2016.
    • The platform was a winner at ‘KINSES 2016 EduAwards.’
    • Vedantu was honored with the ‘Online Education Startup of the Year’ award at Elets World Education Summit in 2015.
    • In 2015, Praxis Media recognized Vedantu as the ‘Most Promising and Live Online Tutoring Platform in India.’
    • Vedantu’s founders, Vamsi Krishna, Pulkit Jain, and Anand Prakash, were honored with the ‘Comeback Kid’ title at the ET Startup Awards in August 2020.

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    Vedantu – Competitors

    Vedantu’s top competitors are –

    However, new rivals are emerging every other day with the advancements in the edtech segment.

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    Vedantu – Future Plans

    Vedantu’s future plans include the creation of distinct categories for primary children, starting from kindergarten. Infusing learning with enjoyment and making learning accessible to the students of remote areas is Vedantu’s supreme strategy. With 1 million lifetime learners and 4x growth in 2020, the company will explore new prospects and engage in expedient educational services in the future.

    The company plans to open more than 30 offline centers in different Indian cities that would provide JEE, NEET, and Foundation courses in an effort to increase its market share. These centers will be situated in important cities such as Delhi, Patiala, Pune, Nagpur, Muzaffarpur, Bangalore, Chennai, Coimbatore, Madurai, Trichy, Puducherry, Hyderabad, Visakhapatnam, and Vijayawada, as per the official press release of December 12, 2023.

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    FAQs

    How does Vedantu work?

    Vedantu is an online tutoring platform that provides live online masterclasses for the students to help them ace their examinations while they stay at home.

    Who are the Founders of Vedantu?

    Vedantu was founded by Vamsi Krishna (co-founder, CEO), Saurabh Saxena, Pulkit Jain (co-founder, head product), and Anand Prakash (co-founder, head academics) where Saurabh exited the company in 2018.

    How much is Vedantu’s Revenue?

    Vedantu recorded Rs 169 crore in revenues in FY22, which increased from Rs 94 crore that it earned in FY21.

    Who are the Top Competitors of Vedantu?

    Vedantu’s top competitors are Byju’s, Toppr, Unacademy, Eruditus, Physics Wallah, Lead, upGrad and more.

    What were the Vedantu layoffs in 2022?

    Vedantu had initially laid off around 200 employees on May 5th, 2022, and announced its second round of layoffs on May 18th, 2022, when the company parted with 424 more employees. The company again laid off 100 employees, who received their termination letters allegedly between July 4-9th 2022.

  • Confidence Code: The 12 Books You Need To Move Beyond Doubt

    Confidence is having faith in oneself and believing that one can overcome obstacles to succeed. It is the willingness to take the necessary actions. Having self-confidence involves understanding one’s abilities and feeling secure in that knowledge.

    An individual who exudes confidence can handle pressure, surpass obstacles in their personal and professional life, establish trustworthiness, and make a solid first impression.

    Confidence is not an inbuilt genetic characteristic. It is an ability that is developed over time and improved with experience. And by reading books that focus on self-esteem and self-worth. Over the years, several books have been written, but only some have managed to make an impact. 

    Top 12 Books for Confidence Building

    Feel The Fear and Do it Anyway
    Quiet
    The Six Pillars of Self-Esteem
    How to Stop Worrying and Start Living
    Soul Without Shame
    Unstoppable Confidence
    Presence
    The Confidence Gap
    The Self-Confidence Workbook
    Unleash The Warrior Within
    The 5-Second Rule
    Big Magic

    Feel The Fear and Do it Anyway

    Book Feel The Fear and Do it Anyway
    Author Susan Jeffers
    Goodreads Rating 4.01 out of 5
    Top Confidence Building Books - Feel The Fear And Do It Anyway
    Top Confidence Building Books – Feel The Fear And Do It Anyway

    Author Susan Jeffers discusses how a person’s fear of even trying can lead to a significant lack of confidence. In her book, Feel The Fear And Do It Anyway which is one of the best books to learn confidence building, she empowers us with practical methods and insightful ideas that have benefited a multitude of people in seizing control of their fear, conquering it, and moving on with their lives.

    Quiet

    Book Quiet: The Power of Introverts in a World That Can’t Stop Talking
    Author Susan Cain
    Goodreads Rating 4.08 out of 5
    Top Confidence Building Books - Quiet
    Top Confidence Building Books – Quiet

    As an introvert herself, Susan Cain has dedicated her writing career to supporting non-extroverts. Her bestselling book, Quiet: The Power of Introverts in a World That Can’t Stop Talking, explores the role that introversion plays in a world that is governed by extroverts. According to Cain, an introvert can only transform their own lives and the way society views them when they learn to embrace their skills and contributions.

    The Six Pillars of Self-Esteem

    Book The Six Pillars of Self-Esteem
    Author Nathaniel Branden
    Goodreads Rating 4.12 out of 5
    Top Confidence Building Books - The Six Pillars of Self-Esteem
    Top Confidence Building Books – The Six Pillars of Self-Esteem

    This book The Six Pillars of Self-Esteem by Nathaniel Branden, which is one of the best books to learn about building confidence, will make you realize what confidence means. It delves deeply into the six fundamental pillars needed to establish and preserve your self-worth. The relevance of self-esteem is examined throughout the book in five key areas: the workplace, parenting, education, psychotherapy, and culture at large. By reading this, you will learn how focusing on self-esteem development can lead to overall social development.

    How to Stop Worrying and Start Living

    Book How to Stop Worrying and Start Living
    Author Dale Carnegie
    Goodreads Rating 4.15 out of 5
    Top Confidence Building Books - How to Stop Worrying and Start Living
    Top Confidence Building Books – How to Stop Worrying and Start Living

    Dale Carnegie’s self-help book How to Stop Worrying and Start Living offers realistic strategies for overcoming your worries that you can apply in your everyday life. The techniques mentioned in the book are based on real-life experiences that have been tried and tested by numerous individuals who have successfully overcome their anxieties. Furthermore, the book provides seven strategies that can be employed to develop a mindset that fosters satisfaction and tranquility.

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    Soul Without Shame

    Book Soul Without Shame: A Guide to Liberating Yourself from the Judge Within
    Author Byron Brown
    Goodreads Rating 4.08 out of 5
    Top Confidence Building Books - Soul Without Shame
    Top Confidence Building Books – Soul Without Shame

    Byron Brown’s literary work, Soul Without Shame: A Guide to Liberating Yourself from the Judge Within, is one of the best books to learn confidence building and it explains how the inner critic operates through dramatic portrayals. The book also includes straightforward exercises designed to inspire readers to continue their journey of self-discovery. 

    Unstoppable Confidence

    Book Unstoppable Confidence
    Author Kent Sayre
    Goodreads Rating 3.50 out of 5
    Top Confidence Building Books - Unstoppable Confidence
    Top Confidence Building Books – Unstoppable Confidence

    This ground-breaking book will teach you precise, instantly applicable practical methods to actually feel confident and act confidently. It discusses Neuro-Linguistic Programming (NLP), a scientific method of communication that can help you master confidence and step outside of your comfort zone. Investing time in reading this book is the best investment you can make in yourself.

    Presence

    Book Presence: Bringing Your Boldest Self to Your Biggest Challenges
    Author Amy Cuddy
    Goodreads Rating 3.90 out of 5
    Top Confidence Building Books - Presence
    Top Confidence Building Books – Presence

    Amy Cuddy’s goal with this book is to help you increase your self-esteem and confidence in social situations, presentations, and speaking publicly by utilizing the power of your personal stories. She believes that by harnessing the power of your personal stories and incorporating nonverbal cues such as posture, you can enhance your presence and leave a lasting impression on your audience.

    The Confidence Gap

    Book The Confidence Gap
    Author Russ Harris
    Goodreads Rating 4.06 out of 5
    Top Confidence Building Books - The Confidence Gap
    Top Confidence Building Books – The Confidence Gap

    One of the top books to learn confidence building is The Confidence Gap, which is a handbook for overcoming fear and self-doubt. It acts as a blueprint for bridging the gap that often prevents us from achieving our goals and realizing our full potential. Russ Harris encourages establishing a relationship where you approach your goals confidently and efficiently without forcing yourself to coerce in any way.

    The Self-Confidence Workbook

    Book The Self Confidence Workbook: A Guide to Overcoming Self-Doubt and Improving Self-Esteem
    Author Barbara Markway
    Goodreads Rating 4.17 out of 5
    Top Confidence Building Books - The Self Confidence Workbook
    Top Confidence Building Books – The Self Confidence Workbook

    The author, Barbara Markway, holds a PhD in psychology and has years of experience working in therapeutic confidence practices. Offering a systematic step-by-step approach, The Self Confidence Workbook helps you develop ways to accept yourself, boost your confidence, and succeed in all your future endeavors.

    Unleash The Warrior Within

    Book Unleash The Warrior Within
    Author Richard ‘Mack’ Machowicz
    Goodreads Rating 3.83 out of 5
    Top Confidence Building Books - Unleash The Warrior Within
    Top Confidence Building Books – Unleash The Warrior Within

    Richard ‘Mack’ Machowicz was a Navy SEAL veteran with ten years of experience. He underwent rigorous training to acquire the necessary skills to complete each assignment given to him, no matter what, since failure was not an option. Mack used his experience to teach people his seven strategies to reduce anxiety into manageable chunks, making them easier to confront and overcome. 

    The 5-Second Rule

    Book The 5 Second Rule: Transform Your Life, Work, and Confidence with Everyday Courage
    Author Mel Robbins
    Goodreads Rating 3.87 out of 5
    Top Confidence Building Books - The 5 Second Rule
    Top Confidence Building Books – The 5 Second Rule

    With nearly 2 million copies sold, The 5 Second Rule is the key to transforming any aspect of your life. It discloses the simple yet potent trick: it’s not about knowing what to do; instead, it’s about learning how to force yourself to act on that thought within five seconds. The book focuses on the idea of instilling the power in yourself to take the one necessary action that can turn your life around.

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    Big Magic

    Book Big Magic: Creative Living Beyond Fear
    Author Elizabeth Gilbert
    Goodreads Rating 3.95 out of 5
    Top Confidence Building Books - Big Magic
    Top Confidence Building Books – Big Magic

    To excel in any creative industry, you must have robust self-confidence. It is a pre-requisite to tap into your creative potential and fire your enthusiasm. In her book Big Magic: Creative Living Beyond Fear, which is one of the best books to learn about confidence building, the author, Elizabeth Gilbert teaches you how to break through creative blocks and freely explore the art of expression.

    Conclusion 

    Throughout our journey of delving into the masterpieces on the subject of cultivating confidence, each book serves as a personal cheerleader, a sort of guide, motivating us to embrace our authentic selves and strive for triumph. Every literary work ends with the beginning of a new expedition that enables wisdom to seep into our minds, empowering us to unleash our full potential and achieve success.

    FAQs

    What is the key to true confidence?

    The key to true confidence lies in a combination of self-awareness, self-acceptance, and positive self-action.

    How does being confident help in life?

    Confidence boosts performance, communication, and resilience, leading to career success and positive relationships. It reduces stress, enhances decision-making, and fosters creativity for overall well-being.

    Which is the best book to learn confidence building?

    Some of the best books to learn confidence building are as follows:

    • Feel The Fear and Do it Anyway
    • Quiet
    • The Six Pillars of Self-Esteem
    • How to Stop Worrying and Start Living
    • Soul Without Shame
    • Unstoppable Confidence
    • Presence
    • The Confidence Gap
    • The Self-Confidence Workbook
    • Unleash The Warrior Within
    • The 5-Second Rule
    • Big Magic

  • Upwards’ Abhishek Soni Discusses Fintech Triumphs, Challenges, and Future Strategies

    StartupTalky is back with its Year-End Stories, presenting Recap’23. This is a series of interviews in which we conduct in-depth discussions with founders and industry leaders to understand their growth in 2023 and their predictions for the future.

    Today, our focus is on fintech and financial services. The fintech industry has become a powerhouse, providing innovative solutions that transform how we manage money, invest, and access financial services.

    Projections indicate that the Indian fintech market is expected to reach an impressive $1.3 trillion by 2025. Looking further ahead, the estimated growth in Assets Under Management and Revenue is significant, with estimates hitting $1 trillion and $200 billion by 2030, respectively. These numbers highlight the huge potential and significant impact the fintech industry can have on the future.

    In our recent interview for Recap’23, we connected with Abhishek Soni, the Co-Founder and CEO of Upwards. We discussed how Upwards is growing, the challenges it faces, what they’ve learned, and what’s coming up in the future. We also explored how Upwards is making a difference in the fintech world. 

    StartupTalky: Abhishek, what does Upwards do? What was the motivation/vision with which you started?

    Abhishek Soni: We offer the best-in-class user experience, access to credit to underprivileged sections of society, and a fully real-time and paperless process. Solving the large & underserved credit opportunity in India by leveraging tech and data is the key motivator for us.

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    StartupTalky: What are some noteworthy achievements in Upwards’ journey?

    Abhishek Soni: Our business has received significant validation from the end user, investors, and various ecosystem stakeholders with:

    • 10 million customer sign-ups.
    • $5 million of equity infusion by top global VCs & ~$40M of institutional debt.
    • Deep partnerships with all key institutional lenders like HDB, ABFL, Vivriti, Fullerton, etc.
    • Acquisition by Lendingkart in Jan 2023 in a deal valued at $15 million and numerous industry accolades in 2023.

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

    Abhishek Soni: While technology has penetrated all aspects of financial services and fintechs continue to grow at an unprecedented pace, a key underlying trend is proactive collaboration between conventional institutions (like banks, NBFCs) and fintechs. In the context of lending, co-lending, joint product creation, and deep tech integrations between banks and fintechs have been key enablers. Upwards has benefitted massively from this trend, and 80% of all loans we disburse are via a co-lending partnership.

    StartupTalky: Could you share how Upwards adjusted its entrepreneurial strategy to navigate the evolving business environment against all odds.

    Abhishek Soni: In the face of an evolving business environment and formidable odds, especially with COVID and various BFSI sector crises, Upwards remained frugal, flexible, and adaptable in our entrepreneurial strategy. When unforeseen challenges (like COVID) arose, we embraced change and leveraged adversity as a catalyst for innovation.

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

    Abhishek Soni: We rely on a robust automated dashboard and data lakes to stay on top of all KPIs. Some of the key ones are disbursal and AUM growth, collection resolution rates and delinquencies, customer satisfaction scores, app rating, and tech downtimes among others.

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

    Abhishek Soni: Post our acquisition, there was a massive push on growth, and given our vision to stay operationally lean and tech-first, we needed to quickly get to the product market fit. To achieve that, we launched 7 pilots in the last 12 months, and 2 of them worked and received phenomenal customer validation.

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

    Abhishek Soni: We bet big on iterating to product market fit and listening to the voice of the customers. As mentioned above, we develop a thesis around customer pain points and then ‘win a stay, lose shift.’ Our focus, almost never in our journey of 6 years, has been on paid marketing.

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

    Abhishek Soni: Credit penetration in India is still <5%, so just the domestic opportunity is massive, and with rising consumption, it is growing fast as well. Across states, we have not seen much difference in consumer behavior.

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

    Abhishek Soni: Customer-centric products and avoiding short-term gratification for long-term value creation are some of the key lessons. These enable us to lay a strong foundation for the future and ensure that as our numbers keep growing, financials stay green.

    StartupTalky: How does Upwards plan to expand the customers, product, and team base in the future?

    Abhishek Soni: We plan to hit Rs 1500 crore AUM in the next 24 months. Our focus (same as today) will be on fully digital loans to underserved segments across salaried and self-employed segments.

    StartupTalky: One tip that you would like to share with budding entrepreneurs.

    Abhishek Soni: Embrace failure as a stepping stone to success, stay relentlessly curious, and prioritize a problem-solving mindset. Build a strong network, value integrity, and maintain a clear, unwavering vision. Be adaptable, listen to your customers, and never stop learning. Your journey will be challenging, but the rewards are worth it.

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

    Explore more Recap’23 Interviews here.

  • Tanishq: Crafting Brilliance, Blending Tradition, and Sparking Innovation

    In the glittering realm of Indian jewelry, Tanishq stands as a crown jewel, not just for its exquisite craftsmanship but also for its revolutionary journey of disrupting and dominating the gold market. Its tale is a compelling case study in innovation, market penetration, and understanding the cultural pulse of a nation.

    From Humble Beginnings to Brand Brilliance
    Bridging the Gap Between Tradition and Trendsetting
    Innovation as the Guiding Light
    The Power of Storytelling and Emotional Connect
    The Midas Touch of Market Penetration
    A Legacy of Disruption and Domination

    From Humble Beginnings to Brand Brilliance

    The Tanishq journey began with the establishment of Titan in 1984. Originally focusing on watches, Titan quickly recognized the immense potential within the Indian gold market. The inception of Tanishq can be traced back to 1994, marked by the launch of 18k gold watches adorned with precious stones. Evolving swiftly, it transformed into a distinguished 22K jeweler renowned for its exquisite range of gold and diamond jewelry. The name Tanishq, crafted by Mr. Xerxes Desai, marries ‘Tan,’ signifying the body, with ‘Nishk,’ denoting a gold ornament. The first cutting-edge jewelry factory was established in Hosur, Tamil Nadu, featuring a dedicated karigaar park.

    In 1996, Tanishq faced a critical juncture with dwindling sales and escalating losses, threatening closure. However, resilient and armed with innovative strategies, the brand staged a remarkable turnaround, culminating in an impressive annual revenue of three billion dollars last year.

    Before Tanishq’s entry, the Indian gold jewelry sector was predominantly unorganized, characterized by numerous small local jewelers neglecting intricate designs and craftsmanship. Tanishq aimed to fill this void by producing intricately detailed gold jewelry that resonated with Indian consumers.

    We realized that gold buying in India was an emotional experience, often shrouded in uncertainty,” explains Rajesh Ramesh, former CEO of Tanishq. “We aimed to build trust and transparency, making gold a more accessible and aspirational asset.

    Income of Titan Company Limited From Jewelry From Financial Year 2015 to 2023
    Income of Titan Company Limited From Jewelry From Financial Year 2015 to 2023

    Bridging the Gap Between Tradition and Trendsetting

    While embracing modernity, Tanishq never lost sight of its cultural roots. It was understood that gold held immense sentimental value in Indian households, often passed down through generations. To bridge the gap between tradition and trendsetting, Tanishq created collections that were both contemporary and rooted in classic Indian motifs.

    We didn’t want to alienate our core audience, states Mr. Ramesh. We offered designs that resonated with their cultural understanding of beauty while introducing them to fresh silhouettes and styles.

    Innovation as the Guiding Light

    Tanishq didn’t shy away from pushing boundaries. It revolutionized the gold buying experience with initiatives like Karatmeter, a device that allowed customers to verify the purity of gold instantly. It launched innovative schemes like Dhanvarsha, a gold accumulation plan, and introduced online gold-buying platforms, making buying and owning gold easier than ever.

    We constantly strive to innovate. Technology and customer convenience are at the heart of our every decision, says Mr. Ramesh.

    Tanishq's Karatmeter
    Tanishq’s Karatmeter

    The Power of Storytelling and Emotional Connect

    But Tanishq’s success goes beyond product and design. It mastered the art of storytelling, weaving emotional narratives around its campaigns. From celebrating life’s milestones like weddings and festivals to portraying gold as a symbol of empowerment and achievement, Tanishq tapped into the deepest desires and aspirations of its audience.

    “We connect with our customers on an emotional level,” shares Mr. Ramesh. “We understand that gold is more than just an ornament; it’s a symbol of love, tradition, and hope.”

    The Superwoman | Tanishq

    The Midas Touch of Market Penetration

    Tanishq’s relentless focus on quality, innovation, and emotional connection translated into unparalleled market penetration. It expanded its reach from a single store in 1955 to over 300 stores across India today. It successfully entered Tier II and Tier III cities, catering to the rising aspirations of a burgeoning middle class.

    “We didn’t limit ourselves to metros,” emphasizes Mr. Ramesh. “We recognized the potential in smaller towns and cities, and created offerings that catered to their specific needs and preferences.”

    A Legacy of Disruption and Domination

    Today, Tanishq stands as a behemoth in the Indian gold market, having redefined the way gold is perceived and purchased. Its journey is a testament to the power of innovation, emotional connection, and a deep understanding of its cultural context. It disrupted an age-old industry, not through brute force, but through intelligent strategies and a genuine desire to create a better gold buying experience for every Indian.

    As Mr. Ramesh aptly concludes, “Tanishq’s success is not just about selling gold; it’s about building trust, celebrating tradition, and empowering individuals to own a piece of the golden dream.”

    The analysis of Tanishq’s rise to dominance in the Indian gold market, highlighting its key strategies:

    • Focus on innovation and quality control: Implementing modern manufacturing and stringent quality measures
    • Bridging tradition and trendsetting: Creating designs that resonate with both cultural heritage and contemporary aesthetics
    • Embracing technology and customer convenience: Introducing Karatmeter, Dhanvarsha scheme, and online gold buying platforms
    • Emotional storytelling and brand connect: Weaving narratives around gold as a symbol of love, tradition, and achievement
    • Strategic market penetration: Expanding reach to Tier II and Tier III cities and catering to diverse needs

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  • OLA Electric Powers On for Historic Indian EV IPO

    In a groundbreaking move, OLA Electric, the renowned electric vehicle (EV) manufacturer, is gearing up for its much-anticipated Initial Public Offering (IPO). This milestone event is poised to make history, representing the first IPO by an automaker in India in over two decades. The last instance dates back to 2003 when Maruti Suzuki (then Maruti Udyog) embarked on a similar venture.

    In a recent triumph, OLA Electric secured a substantial Rs 3,200 crore in October of this year, employing a strategic mix of equity and debt. The majority of this funding is dedicated to accelerating the establishment of an EV manufacturing unit and a cutting-edge battery facility within its gigafactory situated in Tamil Nadu. This gigafactory, set to commence operations in early 2024, holds immense significance in OLA Electric’s overarching mission to contribute to the environmental cause by spearheading the decarbonization of the transportation sector.

    The impending IPO, aiming to raise a formidable $700 million, has the potential to value OLA Electric between an impressive $7 billion and $8 billion. This valuation marks a notable leap from previous funding rounds, triggering a wave of scrutiny from market experts who are expressing concerns about the rapid surge in valuation.

    One key aspect under the microscope is the imperative for OLA Electric to chart a clear path to profitability and sustained growth. The company faces the challenge of justifying a substantial $2–3 billion increase in valuation within a remarkably short span of two months. As OLA Electric prepares to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in the coming days, the anticipation is palpable.

    Market analysts are scrutinizing the critical factors contributing to this surge in valuation. The company is under pressure to present a comprehensive view of its trajectory, outlining a strategic roadmap that not only ensures profitability but also underscores its commitment to sustainable growth in the burgeoning EV market.

    This IPO holds immense significance not only for OLA Electric but also for the broader landscape of the Indian automotive industry. As the company navigates this pivotal moment, stakeholders, investors, and industry enthusiasts await insights into OLA Electric’s financial strategy, growth prospects, and its role in shaping the future of electric mobility in India. The success of this IPO could set a precedent and pave the way for further innovations and investments in the electric vehicle sector, contributing to the nation’s broader environmental goals.

    Bhavish Aggarwal, the founder of OLA Electric, unveiled ambitious plans during the company’s annual event on August 15 last year. The revelation included groundbreaking initiatives such as the development of a new indigenously produced lithium-ion battery, coupled with OLA’s visionary goal to position India as a global Electric Vehicle (EV) hub. This event also shed light on the eagerly awaited details of OLA’s upcoming electric car.

    Impressive Sales and Manufacturing Milestones
    Financial Resilience and Stakeholder Structure
    Innovations Beyond Wheels: Krutrim AI and Future Prospects
    Ambitious Targets and Market Dynamics
    Diversifying Beyond Two-Wheelers: Future Product Lineup
    CEO Insights and the Sequential Roadmap
    Navigating Challenges in a Competitive Landscape
    Strategic Delays and Market Expectations
    OLA Electric’s Dynamic Journey

    Impressive Sales and Manufacturing Milestones

    In the calendar year 2023 alone, OLA Electric achieved remarkable success by selling over 2.4 lakh vehicles, securing a substantial 35% market share. Looking ahead, the company is poised to further enhance its capabilities with the launch of a giga factory dedicated to lithium-ion cell manufacturing, scheduled to commence operations by February.

    Financial Resilience and Stakeholder Structure

    OLA Electric has exhibited financial resilience, demonstrating a noteworthy evolution in its gross margin. Progressing from a negative margin of -5.4% in FY22, the company achieved a positive 7.63% margin in FY23. As part of its strategic roadmap, OLA Electric aims to attain EBITDA profitability by FY25, targeting a commendable profit margin of 6.6%.

    Bhavish Aggarwal commands a substantial 37% stake in the company. Other key stakeholders include industry giants like SoftBank at 23.6%, Tiger Global at 6.3%, ANI Technologies, OLA (each at 4.7%), Matrix Partners at 3.8%, and Alpha Wave Global at 3.6%.

    Total Expenses of Ola Electric Mobility From Financial Year 2020 to 2022
    Total Expenses of Ola Electric Mobility From Financial Year 2020 to 2022

    Innovations Beyond Wheels: Krutrim AI and Future Prospects

    Bhavish Aggarwal’s recent launch of Krutrim AI on December 15 positions OLA Electric at the forefront of innovation. Touted as India’s first full-stack AI, Krutrim AI emphasizes unique localization, supporting 20 Indian languages with over 2 trillion tokens. The model aspires to shape a culturally expressive future for India, driving an AI-first economy and challenging global paradigms.

    Ambitious Targets and Market Dynamics

    OLA Electric sets ambitious targets, planning to sell 9 lakh units in 2024-25 and further escalating to 2.3 million units in 2025-26, as per a Reuters report. These goals, although lower than earlier estimates, align with the evolving market dynamics and changing incentives.

    Diversifying Beyond Two-Wheelers: Future Product Lineup

    OLA Electric’s strategic initiatives extend beyond two-wheelers, with plans to launch a giga factory for lithium-ion cells by February 2024. Additionally, the company contemplates introducing a 500km range electric car by late 2024, signaling its commitment to diversify its product portfolio. Notably, OLA is also in the testing phase for an autonomous vehicle, showcasing its commitment to cutting-edge technological advancements.

    CEO Insights and the Sequential Roadmap

    Bhavish Aggarwal’s grand vision for OLA Electric involves not just two-wheelers but an entire spectrum, including scooters, motorbikes, cars, and the fundamental cell platform. The sequential roadmap envisions the progression from scooters to motorbikes and eventually cars. Concurrently, the company remains focused on enhancing cell technology.

    Aggarwal boldly stated that by the end of 2025, OLA Electric aims to make all two-wheelers in India electric. Acknowledging the ambitious nature of this goal, Aggarwal emphasized the need to develop the right products for India, ensuring cost-effectiveness and bringing supply chains into the country.

    While OLA Electric celebrates its successes, challenges loom on the horizon. Maintaining a market lead in the face of fierce competition from players like TVS, Bajaj, Hero, and Ather remains a critical objective. The company also grapples with the task of reducing losses post-subsidy reductions and addressing after-sales issues more effectively.

    Strategic Delays and Market Expectations

    To meet market expectations and justify its valuation, OLA Electric faces the challenge of demonstrating its ability to launch viable products across different segments. Recent hints from Aggarwal suggest a potential delay in the launch of OLA’s electric car until early 2025, aligning with the company’s strategic approach.

    OLA Electric’s Dynamic Journey

    OLA Electric’s journey is marked by innovation, strategic planning, and the pursuit of an ambitious vision. As the company navigates challenges and seeks to establish itself as a global EV hub, stakeholders, market analysts, and enthusiasts await the unfolding chapters in this dynamic narrative. The IPO, with its substantial valuation, sets the stage for OLA Electric’s continued growth and its pivotal role in shaping the future of electric mobility in India.

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