Google has officially acknowledged entering into a unique agreement with Spotify, allowing the music streaming service to bypass the standard Play Store commission fee. This revelation came to light during the ongoing antitrust case between Epic and Google, disclosed by Google’s Head of Global Partnerships, Don Harrison.
As reported by The Verge, the terms of this arrangement stipulated that Spotify incurred a zero percent commission when users purchased Premium subscriptions through the company’s payment system. In contrast, if a user utilized Google’s payment system, Spotify was obligated to pay a 4 percent commission, significantly lower than Google’s usual 15 percent fee.
In response to inquiries from the trial judge regarding the Spotify deal, Google asserted that disclosing specific figures would negatively impact ongoing negotiations with other parties. Although Google confirmed the details provided by Harrison, the company sought to rationalize the arrangement by emphasizing that certain developers investing directly in the Android and Play Store ecosystem receive deals that reduce commission fees.
Harrison further disclosed that Google and Spotify had committed to jointly invest $50 million in a ‘success fund.’ He defended the special agreement by asserting that ensuring the proper functioning of Spotify across play services and core services was crucial for the success of Android phones.
Introduced the previous year, Google’s User Choice Billing program typically imposed a 15 percent commission on payments made through the Play Store. However, if developers opted for their payment platform, Google offered a 4 percent discount, lowering the commission to approximately 11 percent. Despite this, Google’s VP of Play Partnerships previously acknowledged that, regardless of developers choosing User Choice Billing, they ultimately paid the same amount.
When questioned about potential similar arrangements with other companies, Google declined to provide further details. Recent revelations indicated that Google had proposed a 10 percent discount to Netflix, which the video streaming platform declined. Consequently, Netflix users are unable to purchase memberships through Android devices.
Spotify has consistently voiced concerns about in-app purchase fees. In the middle of 2023, the platform took a significant step by discontinuing support for Apple’s App Store billing system, aiming to evade the imposition of a commission as high as 30 percent. Spotify emerged as a prominent participant in the Coalition for App Fairness, a collective that included Epic, and endorsed the antitrust lawsuit initiated by the Fortnite publisher against both Apple and Google. However, in contrast to Epic’s sustained legal pursuit against both tech giants, Spotify seems to have identified a more straightforward and cost-effective resolution to disengage from the legal dispute with Google.
Epic, the developer behind the widely popular mobile game Fortnite, has initiated legal proceedings against Google, alleging that the search giant engages in unlawful price gouging by imposing commissions ranging from 15% to 30% on in-app digital transactions, according to a report by AP.
In the ongoing antitrust trial, Tim Sweeney, the CEO of Fortnite, testified, asserting that Google Play Store policies are illegitimate and contribute to Google’s monopoly in the mobile app distribution sector, as reported by Bloomberg. Sweeney claimed that Google attempted to sway Epic into releasing Fortnite through the Play Store by presenting a set of financial incentives during a meeting at the California office in 2018. Epic, however, rejected these offers, as stated by AP.
During his testimony, Sweeney expressed his perception of the situation, stating, “It seemed like a crooked arrangement… Google was proposing a series of side deals, which seemed designed to convince Epic not to compete against them.”
Does Google Favor Big Tech Companies with Lower Commission Fees?
Google’s revelation of a unique payment arrangement with Spotify has shed light on the company’s practice of selectively negotiating lower commission fees with certain developers. While Google justifies these deals by emphasizing the investments developers make in the Android ecosystem, critics argue that they create an unfair playing field and disadvantage smaller developers.
The Spotify deal is particularly controversial given that the company is a member of the Coalition for App Fairness, which is advocating for stricter antitrust regulations against Apple and Google. Spotify’s willingness to engage in a secret deal with Google suggests that the company may be more interested in protecting its interests than promoting fairness in the app market.
The Epic lawsuit against Google is likely to continue, and the revelations about the Spotify deal could give Epic more ammunition to argue that Google is abusing its monopoly power. It remains to be seen whether Google will be forced to change its policies and allow all developers to pay lower commission fees.
The Indian government’s initiative to make eCommerce accessible to every pin code in the country has resulted in the Open Network for Digital Commerce. Since then, ONDC has been touted as the next UPI (Unified Payments Interface) for eCommerce transactions. A one-stop online shopping web for buyers and sellers to transact with complete price transparency. It has rightly created the buzz to take eCommerce to the next level in India.
Already, ONDC is showing signs of buzzing activity. In the festive week leading up to Diwali, ONDC recorded almost 1.2 million transactions across 600 cities! In November itself, transaction value spiked to 4.7 million.
The big question, however, is whether ONDC will have enough muscle power to replace the shopping experience on huge aggregator platforms such as Amazon and Flipkart.
ONDC has only taken baby steps, experts opine.
“ONDC is in its early growth stage. But we are hopeful that it will start peaking in the next 2–3 years,” said Aashish Guglani, senior policy associate at the Digital India Foundation.
In this article, we take a closer look at how ONDC is expected to transform the shopping experience and what room for improvement some participants see within the ONDC universe.
From the word go, ONDC’s potential has been promising, given the sharp rise in online transactions by Indians.
The open network protocol is expected to act as a force multiplier for various segments—businesses, consumers, application developers, governments, and other relevant participants—through the creation of an interoperable and open playground for various sections to function and compete, ONDC said in a note when it announced the launch.
According to ONDC, India has the third-largest online shopping market, with 14 crore eRetail shoppers in 2020. Despite the large base, the eRetail penetration level is only 4.3%, compared with 25% in China and 26% in South Korea. This goes to show the untapped potential for eCommerce in India.
The COVID-19 pandemic forced people to shop online. Slowly but surely, Indian shoppers have now started digging their heels into the online shopping experience. The sudden boom in UPI payments only made shopping a seamless experience.
ONDC is trying to replicate the UPI experience in the eCommerce space by offering a more transparent framework.
McKinsey expects India’s digital commerce with ONDC to surge five times to around $340 billion by 2030.
With aggregator platforms reportedly charging commissions of 23-25%, ONDC does look attractive as of now. According to media reports, ONDC could start charging a small fee from participating platforms going forward in the range of 2–3%. As of now, seller network participants on the ONDC network may charge a marginal fee to the buyer. Even with these charges, the buyer has the choice to pick a seller based on their pricing points.
Number of Digital Buyers in India in 2021, With Estimates Until 2025
ONDC Network
ONDC offers a network for buyers and sellers. Consider it to be a digital land parcel hosting a township of malls, where buyers and sellers meet and transact their goods and services. As of now, some of the sellers on the platform range from food delivery apps to retail giants, small retail stores, and electronic stores, among others.
When it comes to the ONDC platform, the more, the merrier. The higher the number of participants, the greater the price discovery. As of now, ONDC hinges on buyers’ and sellers’ apps to route customers onto the network.
Buyer Apps/Seller Apps: For example, Paytm, Mystore, Craftsvilla, and Yatri are some of the buyer applications that allow customers to access the ONDC network through their respective apps. Similarly, there are seller-side apps that allow the onboarding of customers, including Magicpin, Bitsila, Growth Falcons, uEngage, and Mystore.
Gateways: Gateways are applications that aid the discoverability of goods and services for the buyer based on his or her search request and location.
Retail Boom
As of now, a chunk of Indian shoppers prefer to buy products from offline outlets. The Kirana store, infamously termed a ‘mom-and-pop’ store, forms 80% of India’s retail sector. Getting smaller retailers onboard the ONDC network is vital for its success.
Realizing the massive potential of ONDC, retail giants are doing their bit to onboard smaller retail outlets. India’s largest retailer, Hindustan Unilever, reportedly plans to help onboard around 1.3 million Kirana stores, which directly purchase from the giant.
Meanwhile, some companies from other sectors, such as electronics, are in a wait-and-watch mode.
We will get onboarded when we see a large part of our customers themselves upgrading and taking up this platform. As of now, we are just waiting and watching how this pans out. It seems promising on paper, but let’s see how it gets picked up in our industry, said Ujjwal Sarin, founder of audio electronics company Nu Republic.
Increased traffic on the ONDC platform holds the key for participants to reach a fair price discovery. Placeorder.com founder and CEO Thomson Skariah says it’s important for businesses to be available on the ONDC network to begin with.
“It’s about businesses being available on the network to receive orders. You need to make sure that you know this is one more revenue channel for you,” Skariah said.
Digital India’s Guglani says, “If the stakeholder and the market ecosystem come in, ONDC will be able to reach $500 million as UPI did.”
In June of this year, ONDC launched the B2B trade on its platform, which allowed merchants to transact with other businesses and undertake wholesale transactions. This is likely to be a game-changer for businesses going forward.
With the launch of B2B on ONDC, brands can establish connections with retailers or facilitate their distributors’ entry into new markets. With “plug and play” capabilities (such as real-time ordering, swift delivery, and credit management) offered by eco-system participants, ONDC will enhance the experience for both brands and retailers, said Sathish Gopalaiah, President, Consulting, Deloitte South Asia, in a press release.
“Retailers (such as grocery stores and pharmacies) could access a wider distribution network, saving time and costs. Direct linkages between retailers and manufacturers would be likely to cut prices, improving margins in sectors such as agriculture and construction,” said a McKinsey report.
Some experts hope that the network could also provide the elusive answer to questions about access to credit. The Open Credit Enablement Network, like the ONDC, is part of the India Stack of digital infrastructure envisaged by the government of India.
“Right now, with open credit, because everything will be catalogued, you are digitized. I would like to know what kind of sale you have in a month; we would have that kind of information collateral. Therefore, it becomes easier, cheaper, and less risky for a bank to give you a loan,” Guglani said.
Room for Improvement
Although the advantages seem to outweigh the risks at the moment for ONDC, the scope for improvement has nevertheless been expressed by experts.
Customer Service
The Digital India Foundation has named three key risks to ONDC, namely: access and ownership of data, customer service, and evolving roles and responsibilities. It has pegged the risk of the absence of clarity over customer service at 74%.
“Most of those associated with ONDC claimed to have faced no problem while onboarding, though few wished the process could be faster and the customer care segment more responsive,” said a survey released by Shiprocket on ONDC in August.
Data Privacy
Data privacy is also a concern shared by a few participants. At the very outset, ONDC has made it clear that it will not be storing or viewing any transaction data. Despite these assurances, data phishing continues to remain a risk.
“The government and ONDC are facilitating e-commerce. But, with so many people handling online transactions, their data could be misused by people with technical knowledge,” said Dr. Himanshu Talwar, executive board member of the Young Leaders Council (YLC) Executive Board Member – Young Leaders Council, under the All India Management Association.
User Experience
ONDC will have to put up an experience that remains on par with, if not exceeds, global standards.
“ONDC’s main challenge is to match the platform’s technological viability with the increasing number of transactions and clients. It needs to compete with some of the finest apps in the world, like Amazon, Flipkart, and Uber. There’s growing pressure on ONDC to keep up with the latest mobile apps and meet customer demand,” said the International Journal of Engineering & Technology in its research note.
Conclusion
Like any digital innovation, ONDC too may overcome its initial technical hiccups and upgrade with better versions going ahead. Going by the steady rise in the number of transactions on the platform, it’s only a matter of time before ONDC can become the big disruptor in India’s gargantuan eCommerce space.
The skyscraper method involves finding competitive content that currently gets links and high engagement. What is the goal? To develop outstanding content that other websites can’t help but link with.
Just like the tallest structure in a city draws attention, the top resource in your niche receives those valuable backlinks. It’s like you “steal” those links by excelling in current content and building the road for a link-rich future.
The Skyscraper Technique was an effective link-building tactic coined by Brian Dean in 2015. In layman’s terms, it consists of three major steps:
Find high-performing content in your niche that already has a lot of backlinks.
Improve, expand, and value the content by making it better, more detailed, and useful.
Contact the appropriate people and encourage them to link to your re-written content.
This strategy is based on the assumption that website owners naturally desire to link to the greatest resources accessible. By improving existing content, you want to “steal” important backlinks and lay the groundwork for long-term link growth.
Now, let’s go over each stage and see how the Skyscraper Technique can help you propel your link-building game.
How to Use the Skyscraper Technique
Let us now discuss the first crucial step of the Skyscraper Technique:-
Niche Content With a High Number of Backlinks
Use Site Explorer
Ahrefs Site Explorer
Step 1: Use the Ahrefs Site Explorer- Go to Ahrefs and select the Site Explorer tool. Step 2: Browse to the Competitor’s Website. Enter the URL of a competitor or a major player in your niche. Step 3: Look into the “Best by Links” report. See the most linked-to content on the website. Step 4: Explore the Top-Linked Content to determine what draws backlinks.
Use Content Explorer
Ahrefs Content Explorer
Step 1: Log in to Ahrefs and go to Content Explorer. Step 2: Enter niche-specific keywords or topics Step 3: Look through the results for “highly linked content” paying special attention to articles or content pieces with a high number of backlinks. Step 4: Simplify the content to choose ones for creating better content.
Use Keywords Explorer
Ahrefs Keyword Explorer
Step 1: Return to Ahrefs and click on the Keywords Explorer in the tool option. Step 2: Look for keywords that are relevant and high-ranking in your niche. Step 3: Find content with Strong Backlinks. Step 4: Look for keywords with a significant amount of backlinks. Step 5: Copy them to use and arrange in your content piece further.
Create Your Skyscraper Content
Now that you’ve listed your competitors, it’s time to compete with them. The magic happens when you create the tallest skyscraper. Here’s a step-by-step guide:
Carefully analyze the content you’ve selected. Recognize its strengths and weaknesses, as well as the reasons it is getting backlinks.
Write 100x content by adding new thoughts, data, and opinions that improve current content.
Use appealing visuals, including images, infographics, and statistics to improve the user experience.
Divide the text into manageable chunks using headers, bullet points, and brief paragraphs.
Pro Tip:
Your goal is to improve rather than imitate. Make your content the go-to resource in your niche by showing significant value.
Reach Your Right Audience
You’ve created a work of art; now let’s make sure it’s viewed by the correct audience. The “Reach out to the Right Audience” phase is about strategic communication. Here’s your strategic roadmap:
Find influencers and voices of opinion in your niche who would be interested in your optimized content.
Tools such as Ahrefs, Semrush, and even a basic Google search help in analyzing these major competitors.
Make your outreach communications more personalized. Mention specific features of their work that coordinate with your topic.
Explain why your content is valuable to them and how it enhances what they have in terms of content.
Tools like Respona, Snov.io, and even basic Gmail can help you automate your outreach operations.
Leverage mail merging options, auto follow-ups, and analytics to improve the performance of your reach.
Pro Tip:
Focus on creating connections with influential individuals. Genuine links lead to long-term collaborations and improved visibility.
Now for the big question: Does the Skyscraper Technique still work for SEO? The answer is- Indeed, but performance depends on how you handle it. Here is how you can do this:
Stay up-to-date on the latest developments in your industry. Your skyscraper should meet, if not go over, current content standards.
It is not about producing an infinite amount of information; it is rather creating content with richness and relevance. Prioritize quality over quantity.
Improve consistent user interaction. Make sure the content is mobile-friendly, user-friendly, and appealing to the eye.
Include multimedia elements including photos, films, and interactive features. Make your content shareable and entertaining.
Consistency is essential. Update and optimize your material regularly to preserve its relevancy and credibility.
Pro Tip:
The algorithms of search engines change often, and your strategy should, too. Keep an eye out for system upgrades and develop your strategy as needed.
You will not only ensure that the Skyscraper Technique remains effective, but you will also establish your content as the towering lighthouse in your niche.
Why does the Skyscraper Technique Fail?
Let’s look more closely at the Skyscraper Technique’s potential dangers. Understanding these details is essential for a pleasant journey. Here’s how it works:
Using an Outdated Email Template
Sending outreach emails with an out-of-date format is like wearing last season’s outfits – it makes a bad first impression. Maintain your email strategy by changing and honing your new outreach technique. Personalization and relevance are the keys to capturing the attention of influencers. Solution: Stay Updated
Failure to Segment Your Target Audience
Because not all influencers are the same, one-size-fits-all outreach is ineffective. Avoid the pitfalls of generic communication by defining your audience. Learn about their hobbies and preferences and then target your approach to them. A personalized strategy demonstrates that you’ve done your research and raises the likelihood of a positive response. Solution: Focus on Your Target Audience
Not Engaging Enough People
A common roadblock is a lack of reach. Don’t put all your eggs in the same basket. Connect with a wider range of influencers to expand your marketing efforts. The more you reach out, the more opportunities will present themselves. Solution: Expand your horizon
Big Works Better
Everything works well when quality serves your compass. Don’t fall into the trap of choosing quantity above quality. Identify influencers who share your values and are truly interested in your content. Backlinks from meaningful connections are more likely to be valuable. Solution: Prioritize quality over quantity
Lack to Consider Brand
Your brand is your identity, and it should shine through in all of your communications. Don’t let your brand image suffer in the pursuit of backlinks. Incorporate brand aspects into your messaging in an effortless way. A strong and recognized image can increase the value of your content to influencers. Solution: Work on brand image
Pro Tip:
We should view failures as beginnings. Analyze failed outreach as an opportunity to improve your plan. Adapt and learn from each engagement, taking comments and insights into account.
How to Find Link Prospects for Skyscraper Link Building
How to Still Make It Work?
The Skyscraper Technique has its barriers, but it still has its way. Here’s how you can put it back on track for profitable outcomes:
Look at previous outreach failures. Identify patterns, learn what didn’t work, and apply this knowledge to improve your strategy.
Adapt to new email writing techniques and tools. Experiment with headlines, content, and call-to-action buttons. A/B testing can help you figure out what works best.
Make your message truly personalized. Include insights about the creator’s work and explain why your content is relevant to their interests.
Extend your reach beyond emails. Engage with social media and influential people. Share their content, participate in debates, and build organic connections.
Change your emphasis from immediate backlinks to connection building. Meaningful contacts frequently result in long-term collaborations and organic link placements.
Key Takeaways!
As we conclude our exploration of the Skyscraper Technique, let us simplify the important insights that would help you with the skyscraper technique in SEO.
Constant Growth: As the digital market shifts, so should your approach. To stay ahead of the curve, adopt a mindset of constant evolution.
The Importance of Creativity: Don’t be afraid to experiment. The Skyscraper Technique is an old technique but with some creative content, it is effective.
Strategy and Analysis: Statistics are your guide. Measure the performance of your skyscraper content regularly, evaluate statistics, and make data-driven decisions.
Work in Collaboration: Teamwork is essential in the age of digital media. Connect with influencers, interact with your audience, and build a community around your work.
Stay True to Your Brand: Your brand is your pillar. Maintain your brand’s authenticity and collaboration while hunting for backlinks.
FAQs
What is the skyscraper technique?
The Skyscraper Technique is a link-building technique that involves identifying high-performing content with backlinks from various sources, developing an enhanced version of that content, and presenting it as an alternative linking option to publishers. The objective is to enhance your backlink profile by providing superior content.
Why does the skyscraper technique fail?
The skyscraper technique fails because of the following reasons:
Using an Outdated Email Template
Failure to Segment Your Target Audience
Not Engaging Enough People
Big Works Better
Lack to Consider Brand
Does the skyscraper technique still work for SEO?
Yes, the skyscraper technique still works for SEO but performance depends on how you handle it. Being real while reaching the influencers, being consistent, including multimedia elements, and making sure the content is user-friendly and mobile-friendly are a few steps to make the skyscraper technique work for SEO.
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The typical nature of formal and semi-formal clothes in the world of business wear has frequently left female office workers wanting more. Be it style, cut, or fit, there were not enough options available when it comes to office wear. To find a solution and to offer interesting workwear options to women, Ayushi Gudwani came up with FableStreet in 2016. FableStreet’s unique algorithm ensures that every woman looks stylish and feels comfortable irrespective of the size or shape of her body. This is how FableStreet came into being and how this startup is solving the women’s office wear dilemma.
In this article, let’s explore the world of FableStreet—its founders, business and revenue model, funding, and more.
FableStreet is the brand to turn to for elegant, classic, and well-made workwear that fits your specific body type precisely. The products are more than just average; they are painstakingly crafted with elegant materials and attentive detailing to effortlessly convey your style at home, at work, or when you’re having fun.
It is a premium workwear brand for online; offering timeless, versatile pieces, with fits tailored for your body measurements. The products are thoughtfully crafted with luxury fabrics and functional designs to give consumers a rich buying and wearing experience at affordable price points. FableStreet’s products can be purchased online from all over the world.
FableStreet
FableStreet’s USP is its ‘FS Sizing Algorithm‘. This proprietary fit algorithm has been developed by measuring Indian bodies- their data of more than 100,000+ measurements helps them give women a great fit (much better than market) with only 3 measurements (chest, waist, and hip) taken from customers during order placement. By taking just 3 measurements from the customers, ‘FS Sizing Algorithm’ extrapolates the remaining measurements to 95% accuracy.
FableStreet Jewellery
FableStreet’s core aim is to build a need-based brand by solving women’s workwear issues by offering anti-gape silhouettes, non-sheer styles dress with pockets, comfortable styles, and high-quality fabrics – all at tailored fits. They also offer one on one styling sessions at the FableStreet apparel house to clients looking for customized workwear solutions.
FableStreet Collections
FableStreet – Industry
In 2023, as per reports from Statista, the global apparel market is projected to hit an impressive $1.74 trillion, with an annual growth rate of 2.76% through 2027 (CAGR). Women’s Apparel leads the segments, reaching a substantial $0.91 trillion.
The United States leads in global revenue at an estimated $351 billion. On a per capita basis, the Apparel market is set to generate around $225.80 per person in 2023, emphasizing its widespread impact on the global consumer landscape.
FableStreet – Founders and Team
FableStreet Founder and CEO Ayushi Gudwani
Ayushi Gudwani
Ayushi Gudwani, founder and CEO of FableStreet, is an engineer by education. She is also an alumna of IIM Calcutta. Ayushi started her career in Lehman Brothers as a senior analyst. Later, she joined McKinsey & Company, where she worked in various positions from 2008–2015, before starting her own venture in 2016.
FableStreet – Target Market
There is a huge untapped women’s western workwear market in India. However, the industry is growing at an unprecedented pace with an increase in the number of women entering the workforce. It is the fundamental growth driver in the current economy. Besides, the industry is moving from an unorganized to an organized sector. Additionally, with the onset of social media and influencers, the e-commerce sector is fuelling growth in the retail sector.
The idea for FableStreet came from the common irritation of entering a trial room to put on a garment with the hopes of finding the right fit, only to walk out unsatisfied. FableStreet celebrates individual attractiveness without requiring size guarantees; it’s more than just fashionable clothing. Say goodbye to the difficulties of the changing room and hello to FableStreet, where you can find beautifully fitted clothes that embrace your uniqueness.
While working for McKinsey, I noticed a lack of comfortable formal wear in India. Therefore, we developed a unique formula for ‘style, comfort, and fit’ coming together in one garment after connecting with over 1000 working women to understand their workwear requirements, ” said the founder of FableStreet.
As Ayushi spoke with more and more women, she realized that the feeling was universal! When it came to office wear, most women faced issues finding quality pieces that looked great, fit well, and most importantly, were comfortable (think pockets, non-sheer, stretchable, etc.). So, the idea turned into an interesting concept to execute.
FableStreet Founder
The FableStreet team measured over 100,000 Indian women to understand the problems associated with the western workwear options available in the market. After accumulating an invaluable data pool on the various types of body shapes, the team devised a ‘Tailored Fit‘ algorithm that requires just 3 body measurements (chest, waist, and hip) along with height to extrapolate the remaining measurements with great accuracy. Ayushi even interned over the course of six months in an apparel house to understand the construction and sizing of garments, before launching FableStreet.
FableStreet – Mission and Vision
The company’s vision was straightforward. Women shouldn’t have to choose between comfort and style or scurry from store to store in search of that perfect outfit; rather, shopping for work attire should be enjoyable rather than stressful.
FableStreet – Name, Tagline and Logo
FableStreet Logo
The naming of the brand was a very thoughtful decision to ensure that women find meaning in the brand they are shopping. Globally, “Street” (as a word) is associated with shopping, for example, Oxford Street, 5th Avenue, etc. FableStreet is a place for women to be confident and happy about themselves by making them “tailor their story”. Hence, the name “FableStreet” made the most sense during brand inception.
FableStreet – Business Model
FableStreet follows a just-in-time model. The company does not keep any inventory and gets the outfits made as per order. The FableStreet business model operates on custom fits, strong brand equity, and affinity among the customers with real-time feedback. The main motive is to deliver a personalized experience and not just a product. From ordering to delivery to packaging to compliments the lady gets when she wears FableStreet is all considered a part of shopping from the brand.
Unlike domestic brands or designers, where the focus is primarily to design, the FableStreet team of skilled designers approaches product development through R&D on fabrics, fits, strength, etc. (in addition to design) which enables their garments to fit well, look great, and last longer. The team’s vision is to make women feel beautiful and confident about themselves, irrespective of shape or size. FableStreet is a celebration of such women, their achievements, contributions, and professional successes.
FableStreet – Revenue Model
FableStreet excels in the online marketplace, operating a successful website that caters to a diverse customer base in India and key international destinations such as the US, Australia, UK, Dubai, and Singapore.
Central to FableStreet’s revenue model is the potent blend of word-of-mouth marketing and online advertising. With an attractive starting price of Rs. 1495, the company maintains a solid profit margin, typically ranging between 60% and 65%, contingent on style and fabric choices. This strategic pricing, coupled with effective marketing, consistently attracts new customers, driving sustained growth and increased revenue. FableStreet’s revenue model epitomizes its prowess in balancing accessibility, quality, and strategic marketing in the dynamic realm of online fashion.
FableStreet – Challenges Faced
Being a newcomer in the apparel industry, there were many challenges Ayushi had to face. The first and foremost challenge for FableStreet was cracking the product development and apparel operations while being an industry outsider. At the onset, Ayushi knew that the vision would be “building a great product – a quality garment that is comfortable, functional and fits well” but without a pedigree in design or textile, building it was definitely a big challenge. Hence, Ayushi decided to intern in a manufacturing unit for 6 months to learn the basics of apparel making. Secondly, she wanted to learn to formulate the operations plan and just in time the product development approach.
Ayushi then built the first collection for FableStreet from scratch – sourcing the fabrics, deciding silhouettes, customer trials, and working with masters and tailors to even sew the buttons. In a mature industry, she struggled with sizing and blindly copying western sizes was a challenge to dream of great sizes/fits for Indian bodies. The FableStreet team needed an affordable and convenient “good fit option” and build that for Indian Women. Thus, the FableStreet proprietary fit algorithm has been developed by measuring Indian bodies, backed by data of more than 100,000+ measurements.
FableStreet – Funding and Investors
FableStreet has raised around Rs 70 crore from three rounds of funding till date.
Here is the funding details:
Date
Stage
Amount
Investors
September 22, 2022
Series B
Rs 50 crore
Fireside Ventures
December 7, 2019
Series A
Rs 21 crore
Fireside Ventures
July, 2017
Seed Round
–
–
FableStreet – Growth
FableStreet has been growing year on year for the last 3 years. The team has served over 30,000 customers and an average order value of Rs 4,500 as per news report of January 2020. FableStreet also has significant brand traction. The brand has 50% of their monthly revenue from repeat loyal customers. Moving forward, the team plans to scale faster. FableStreet has appointed Srinidhi Shetty, Huma Qureshi, and Sonakshi Sinha as brand ambassadors.
Classy yet comfortable formal wear for women was like a dream. Ayushi Gudwani took this simple insight and built a meaningful brand out of it. FableStreet not only provides great formal wear but apparel that makes the women feel happy and satisfied in their own skin.
Financials
FableStreet showed impressive growth in the fiscal year 2022, with a notable 158% rise in income from manufactured goods sales. Regulated filings that are accessible on the business intelligence platform Tofler show that the company’s sales increased to an outstanding Rs 26.9 crore in FY22 from Rs 10.4 crore in FY21. But there was also a growing net loss during this time, rising by 41% to Rs 1.7 crore in FY22 from Rs 1.2 crore in FY21. FableStreet’s strong revenue growth illustrates its tenacity and success in the competitive industry, especially in spite of the increased net loss.
After acquiring the first 100 consumers, the FableStreet team approached marketing and brand building systematically. The team started with a paid marketing approach, sharing the story and the products, via Facebook. They also built a social media presence, sharing relevant products and customer stories.
As brand awareness increased, organic traffic also started increasing. Given the uniqueness of the FableStreet business model and product, they garnered significant press in the early launch days itself. This press attention added to increasing awareness. During the 3 year journey, FableStreet has also tied up with complementary brands to make the clients aware of their existing and new products.
FableStreet – Advertisements and Social Media Campaigns
FableStreet Campaign
Fits Like Nothing Else
Bollywood celebrities Sonakshi Sinha, Huma Qureshi, and Srinidhi Shetty have joined FableStreet, the top western apparel brand under FS Life, as brand ambassadors.
This calculated action is a part of the brand’s #FitsLikeNothingElse campaign, which highlights how important it is to customize apparel to fit a variety of Indian body types. With these well-known performers, FableStreet hopes to highlight its dedication to diversity and demonstrate its leadership in offering fashionable, well-fitting clothing options to a wide range of people.
FableStreet – Awards and Achievements
FableStreet has received significant awards and strong press given the strong brand and unique business models at the early stages.
Business World Young Entrepreneur Award, 2019
India Today Cover Story – 10 Women changing SME landscape
Though FableStreet has the USP of offering tailor-sized comfort and style to women purchasing formal wear from the brand, it still faces direct competition from many brands. The top competitors of FableStreet are eShakti, Cloud Tailor, and Sene Studio.
FableStreet – Future Plans
Owned by FS Life, FableStreet is making a foray into offline retail with plans to build three stores in prominent locales including Phoenix Marketcity in Kurla, Phoenix Palladium in Lower Parel, and Phoenix Mall of Millennium in Pune, Maharashtra, between mid-September and mid-October as per news report of September, 2023.
Founder and CEO Ayushi Gudwani plans to open at least five locations by the end of the fiscal year, with more expansion planned into Bengaluru and Delhi. This calculated action demonstrates a dedication to providing a flexible and approachable fashion experience across digital and physical platforms, which is in line with FableStreet’s online success.
FableStreet – FAQ
What is FableStreet? FableStreet is an online shopping website for modern professional woman, who is conscious about quality and fit and looking to curate their wardrobe with effortless and stylish.
When did FableStreet found? FableStreet was Founded in 2016.
Who is the founder of FableStreet? Ayushi Gudwani, is the founder of FableStreet.
What is the revenue of FableStreet? FableStreet’s revenue was Rs 26.9 crore in FY22.
At the age of 50, Radha Vembu has emerged as a notable figure in the Indian business arena, recognized as the wealthiest self-made woman in India as per the 360 ONE Wealth Hurun India Rich List 2023.
Renowned in the technology industry, Radha is highly regarded for her significant contributions to software development and business leadership. She is the sister of Sridhar Vembu, co-founder of Zoho Corporation, where she has played a crucial role in the company’s success and growth. With sharp intelligence and a passion for innovation, she has led various initiatives within Zoho, contributing to the company’s rise as a global leader in cloud-based software solutions. Radha’s leadership style combines technical expertise with a commitment to creating a collaborative and empowering work environment. Her dedication to advancing technology and achieving business excellence makes her a noteworthy and influential figure in the dynamic tech industry. Best known for the online office suite offering Zoho Office Suite, the firm competes with the likes of Microsoft and Salesforce.
Born on December 24, 1972, in Chennai, Radha completed her early education at the National Higher Secondary School in Chennai. She holds a degree in industrial management from the Indian Institute of Technology, Madras.
Her father, Sambamurthy Vembu, worked as a stenographer in the Madras High Court.
Radha’s husband, Rajendran Dandapani, serves on the Zoho board and holds positions as Business Solutions Evangelist at Zoho Corporation and President at Zoho Schools of Learning. On rare occasions, Dandapani has shared on social media that Radha gifts him books and cooks for him.
The couple is blessed with a son.
During her leisure time, Radha enjoys gardening, which is her favorite activity outside of her professional commitments.
Radha Vembu – Career
Radha Vembu, one of the founders of Zoho Corporation, has achieved the status of the wealthiest self-made Indian woman, surpassing Falguni Nayar of Nykaa, as per the Hurun India Rich List 2023. The report values Radha’s net worth at ₹34,900 crore, ranking her 40th among the top 100 richest Indians. In the list of India’s top five software entrepreneurs, she holds the third position, with Shiv Nadar and the family of HCL leading.
Over the past year, Radha has made a remarkable climb of 103 ranks, as reported in the 2023 M3M Hurun Global Rich List released on March 22. Globally, she stands as the second richest self-made woman in software and services. The 2023 Hurun list features 247 self-made women, a decrease of 22 from the previous year, with 102 women billionaires.
Radha possesses a 47.8 percent stake in Zoho, while her brother Sridhar Vembu owns 5 percent of the company. Another brother, Sekar, is also a stakeholder in Zoho but prefers to stay out of the public eye.
In addition to co-founding Zoho Corporation, Radha serves as a director for an agricultural NGO called Janaki Hi-Tech Agro Pvt. Ltd. and a real estate company named Highland Valley Corporation Pvt. Ltd.
Radha Vembu – Zoho
Zoho, with its headquarters in Austin, Texas, operates from a large 375-acre campus.
Founded by Radha’s older brother, Sridhar Vembu, the company originally started as AdventNet in 1996. Radha’s wealth comes from her ownership in the private Zoho Corp, known for providing cloud-based business software. After graduating with a degree in industrial management from IIT Madras, Radha serves as the product manager for Zoho Mail and is the director of the Corpus Foundation.
Radha also oversees Zoho Workplace, manages a team of 250, and actively contributes to the development of more than 45 products at Zoho Corporation. She emphasizes her involvement in creating a fair workplace and personally addressing internal issues.
Competing with major companies like Microsoft, Oracle, and Salesforce, Zoho Corp provides a suite of business, collaboration, and productivity applications. With over 30 online applications ranging from CRM to mail, office suite, project management, invoicing, email marketing, social media management, and more, the suite includes Zoho Writer, Zoho CRM, Zoho Sheet, Zoho Show, Zoho Projects, Zoho Meeting, Zoho Creator, Zoho Docs, Zoho Invoice, Zoho People, Zoho Mail, Zoho Assist, Zoho Reports, Zoho Recruit, Zoho Support, Zoho Books, Zoho Bug Tracker, Zoho Campaigns, Zoho Sites, Zoho Connect, and more.
In 2020, Zoho introduced a toolkit named Zoho Remotely to assist businesses in transitioning to a work-from-home setup.
Zoho has obtained 25 patents in the last three years.
Zoho Mail, initiated in 2008, boasts a user base of over 15 million.
Additionally, Zoho is currently testing ‘arattai,’ a WhatsApp alternative, with the term meaning “chat” in the Tamil language.
Apart from her business accomplishments, Radha is acknowledged for promoting gender equality and empowering women in the technology industry. Her journey aligns with the global push for fairness and representation in business, making her success a shared triumph for women aiming to overcome stereotypes and create a more inclusive future.
Additionally, Radha’s philanthropy work, especially in education, underscores her dedication to improving society. Through support for educational programs, scholarships, and initiatives, she significantly contributes to empowering young minds and nurturing the development of future leaders, extending her positive influence beyond the business sector.
Radha Vembu – Controversy
Pramila Srinivasan, the wife of Zoho’s CEO Sridhar Vembu, has claimed that Sridhar provided Zoho shares to his siblings for minimal amounts. One of these siblings is Radha, who holds an almost 48% stake in Zoho.
Radha Vembu – Awards and Recognitions
Radha’s name appeared on the Hurun Global Rich List 2023, showcasing a substantial increase in her wealth over the past year. She climbed an impressive 103 ranks during this period, securing the position of the second wealthiest self-made woman globally in the software and services industry.
IOTY 2022 | Zoho Corporation Wins Indian Of The Year: Start-Up Category
FAQs
Who is Radha Vembu?
Radha Vembu, one of the founders of Zoho Corporation, has achieved the status of the wealthiest self-made Indian woman, as per the Hurun India Rich List 2023. She currently works as a product manager at Zoho Mail.
What is the net worth of Radha Vembu?
The real-time net worth of Radha Vembu is $2.1 billion.
How much stake does Radha Vembu hold in Zoho Corporation?
Radha Vembu holds almost a 48% stake in Zoho Corporation.
Reliance Retail Ventures Ltd (RRVL), under the leadership of Mukesh Ambani, is gearing up for a monumental Rs 8.38 lakh crore IPO scheduled for 2025. As this colossal IPO looms on the horizon, the remarkable journey and strategic maneuvers of Reliance Retail have become a focal point for investors and market observers.
RRVL is in discussions regarding a comprehensive strategy that involves an additional divestment ranging between $250-300 million this year. This comes in addition to the recent dilution in favor of the Qatar Investment Authority (QIA) and the US-based private equity fund Kohlberg Kravis Roberts (KKR). According to sources familiar with the discussions, this will be succeeded by a third stake sale offer to investors next year, at an increased valuation, preceding an anticipated initial public offering (IPO) in 2025.
In August of this year, RRVL divested 0.99% in favor of the Qatar Investment Authority, amounting to $0.99 billion (Rs 8,278 crore), resulting in a nearly doubled company valuation from Rs 4.21 trillion to Rs 8.27 trillion post-deal. Additionally, RRVL secured a deal with KKR, wherein the existing investor invested an additional Rs 2,069.50 crore, increasing its stake from 1.17% to 1.42%.
In a headline-making move, the Qatar Investment Authority (QIA) acquired a 1% stake in Reliance Retail for an astounding Rs 8,278 crore. This substantial investment is expected to significantly enhance the growth potential of Reliance Retail. The QIA, established in 2005, serves as the sovereign wealth fund of the State of Qatar, managing surplus funds from the country’s substantial oil and gas reserves. With a diversified portfolio spanning various sectors, QIA is a key player in global investments.
Kohlberg Kravis Roberts (KKR)
Kohlberg Kravis Roberts (KKR) further demonstrated its commitment to Reliance Retail by increasing its stake from 1.17% to 1.42%, injecting an additional Rs 2,070 crore. KKR, a globally renowned investment firm founded in 1976, is recognized for its expertise in private equity and alternative asset management across diverse sectors such as technology, healthcare, energy, and retail.
Abu Dhabi Investment Authority (ADIA) secured a 0.6% stake in Reliance Retail through an investment of Rs 4,966 crore, signaling its interest in the Indian retail sector and expressing confidence in Reliance Retail’s strategic positioning. Established in 1976, the Abu Dhabi Investment Authority is a formidable sovereign wealth fund owned by the Emirate of Abu Dhabi in the United Arab Emirates. Known for its extensive and diversified global investments, ADIA holds stakes in various asset classes.
According to analysts at Motilal Oswal, Reliance Retail Ventures Limited (RRVL) is anticipated to experience substantial growth. We project an annual increase of approximately 25% in earnings and 34% in profits, resulting in total revenue reaching around INR 4.1 trillion and profits reaching around INR 320 billion by the year 2025.
An insider familiar with the developments stated, “Reliance Retail has extended participation offers to all their key investors in this round as well. The ongoing discussion pertains to further divestment in 2024, at an elevated valuation before gearing up for an IPO.” Sources indicated that considering upcoming elections in India and the US next year, the prevailing sentiment is to abstain from major financial moves in 2024 and instead pursue an IPO in the subsequent year.
RRVL also counts other global investors among its stakeholders, including sovereign funds such as Saudi Arabia’s Public Investment Fund, Mubadala, and GIC Singapore, along with TPG, Silverlake, and General Atlantic. These investors, who injected funds in 2020, have witnessed a substantial increase in valuations in 2023.
The funds divested in Reliance Retail constitute 11.31% of the stake, attracting investments amounting to Rs 57,562 crore. In FY23, Reliance Retail reported annual revenues exceeding Rs 2.6 trillion, marking a 30% increase, and generated profits of Rs 9,181 crore. The company currently holds a position among the top 10 retailers globally and ranks within the top four in the country.
Reliance Retail Revenue for FY 2022 and FY 2023
With a footfall of 780 million in FY23 and a customer base nearing 250 million, Reliance Retail reaches 30% of the addressable population in the country. Consequently, it stands among the 10 most visited retailers worldwide. While digital and new commerce businesses contributed Rs 50,000 crore to revenues in FY23, constituting a fifth of total sales, the company has invested over $10 billion in the last two years for expansive growth. This is evident in the opening of 55 stores in the first quarter of FY24, bringing the total store count to 18,446, spanning 70.6 million square feet.
Noteworthy Financial Performance
The formidable financial performance of Reliance Retail becomes evident when examining the first quarter results of the fiscal year 2024. During this period, the company disclosed an impressive revenue of Rs 62,159 crore, coupled with a net profit of Rs 2,448 crore. These figures underscore Reliance Retail’s remarkable growth trajectory and profitability, solidifying its position among the top 10 retailers worldwide and ranking within the top four companies in India in terms of equity value.
“I have the conviction that as India progresses from a $2500 per-capita economy to a $10,000 per capita economy, Reliance Retail will emerge as our swiftest-growing business in terms of revenues and EBITDA,” affirmed Mukesh Ambani, the chairman of Reliance Industries Limited (RIL), during the company’s 46th annual general meeting (AGM) held in August.
In addition to its flagship Reliance Retail, RRVL boasts other subsidiaries and joint ventures, including Reliance Brands and Marks & Spencer, overseeing the remaining facets of apparel and additional retail operations.
The Indian film industry has historically stood as a dynamic and captivating pillar of popular culture. It has delighted audiences worldwide with its extravagant productions, compelling narratives, and melodious soundtracks. However, in recent times, this industry has experienced a notable transformation fueled by the rapid ascent of over-the-top (OTT) platforms.
These digital streaming services, including but not limited to Netflix, Amazon Prime Video, Disney+ Hotstar, and SonyLIV, have brought about a revolution in how audiences engage with entertainment. They provide an extensive array of films, television series, and exclusive original content easily accessible at the viewer’s convenience. This shift in viewing preferences has unquestionably left an impact on the conventional movie theatre business, compelling it to undergo strategic adjustments to navigate the ever-changing landscape of the entertainment industry.
OTT platforms have garnered immense popularity in India, particularly during the COVID-19 pandemic when lockdowns restricted movement and encouraged home entertainment. According to a 2023 KPMG report, India’s OTT market is expected to reach a staggering ₹23,663 crore by 2026, driven by increasing internet penetration, affordable data plans, and a growing preference for personalized and on-demand viewing experiences. The convenience of watching movies and shows at home, coupled with the wide variety of content and affordable subscription fees, has made OTT platforms an attractive alternative to traditional movie theaters.
The rise of OTT platforms has brought about a revolutionary transformation in the global film industry, disrupting conventional distribution models and reshaping the entire process of film production, distribution, and consumption. Ritesh Sidwani, the co-founder of Excel Entertainment, highlighted the organic evolution of content creation that led to the emergence of OTT platforms in India. He noted that certain narratives were better suited for a digital format, exceeding the constraints of traditional cinema durations.
The lasting impact of the pandemic is evident in the sustained popularity of OTT platforms, diverting both time and money from consumers who, a decade ago, predominantly relied on cinemas for their movie-watching experience.
With smartphone subscriptions projected to exceed one billion by 2025, driven by increased internet penetration and affordable mobile data, there is a significant transformation in how content is consumed. Ritesh Sidwani further attributed the acceleration of OTT platforms to the shift in people’s preferences during weekend getaways, coinciding with traditional movie releases.
From the consumer’s perspective, the cost factor plays a pivotal role. In India, where movie ticket prices vary based on factors such as the film, showtime, and seat selection, OTT platforms offer a more economical alternative. With over 40 OTT platforms in India, boasting average fees ranging from Rs. 129 per month to Rs. 999 per year, the competition among global and local players has intensified, expanding the content library and providing consumers with a diverse range of options.
Kamal Gianchandani, CEO of PVR Pictures Ltd., explained the cinema industry’s stance on ticket prices, emphasizing the commitment to quality and the adoption of surge pricing. Despite the competitive pricing of OTT platforms, the cinema industry aims to enhance the overall cinema-going experience by reducing indirect costs.
Additionally, OTT platforms offer advantages such as convenience, on-demand services, a diverse content library, and the inclusion of genres like web series and sports that are not typically available in movie theaters. The continuous development of technology, coupled with the affordability of 4K and 8K televisions, contributes to an improved home viewing experience through OTT platforms.
The ease of access, flexibility, and shorter waiting periods for content release further incentivize consumers to opt for OTT platforms. Although the post-pandemic shift has extended the cinema-to-OTT release window to eight weeks, this change is anticipated to create a sense of urgency among viewers, potentially boosting box-office numbers.
From a producer’s standpoint, OTT platforms offer a broader reach, with platforms like Netflix investing significantly in original Indian content. This investment has provided opportunities for new talent and diverse storytelling, as seen in the international success of series like “Sacred Games” and “Delhi Crime.”
Karan Johar, a renowned filmmaker acknowledged that OTT platforms have democratized storytelling and provided a platform for diverse voices to be heard.
The demand for original content has fostered collaborations between OTT platforms and filmmakers, leading to high-quality productions catering to both domestic and global audiences.
The creative landscape has expanded, resulting in a surge of talent and increased production crew sizes. Ritesh Sidwani acknowledged the incredible talent emerging from the digital space, emphasizing the inclusivity of the once-exclusive Indian film industry.
Producers benefit from the flexibility of content censorship norms on OTT platforms, allowing the streaming of adult content that may not be suitable for traditional movie theaters. This flexibility provides a significant advantage over cinemas, with examples like the film “Gehraiyaan” passing with an A certificate on Amazon Prime Video in 2022, while a film like “Gangubai Kathiawadi” received a UA certificate despite having fewer intimate scenes and simpler themes.
The decision to release a film in theatres involves additional costs, including marketing, non-production, and print & advertising costs, amounting to 25% of a film’s budget. The unpredictability of box office collections, coupled with indefinite release dates and erratic consumer behavior, has compelled production houses to recognize OTT platforms as a growing and relevant medium for content release.
Comparison Between Pre-covid and Post-covid Statistics
The global pandemic, which brought the world to a standstill, significantly impacted the revenue earnings of the Indian Film Industry. Despite producing over 200 Hindi language movies annually, the industry witnessed a staggering 89.5% decrease in gross revenues, plummeting from 5611.83 Cr in 2019 to 586.4011 Cr in 2021.
Contrastingly, the Indian Over-The-Top (OTT) market, valued at $576 million in 2019, is projected to surge to $3.22 billion by 2025, as indicated by the Price Waterhouse Coopers Global Entertainment and Media Outlook Report 2019-23.
Major production houses like Dharma Productions and Yash Raj Films (YRF) were compelled to halt production activities in 2020 due to the pandemic, with movie theatres closing indefinitely. This shift prompted around 24 million moviegoers to transition from cinemas to online streaming platforms, leading to a considerable loss for the Indian film industry. Some producers even chose to release their films on OTT channels without waiting for a theatrical release.
According to Price Waterhouse Coopers, the streaming market is expected to witness a 31% growth between 2019 and 2024, generating revenues of $2.7 billion, while cinema revenues are projected to decrease by 2.6%. Despite intensifying competition within the OTT space, the overall outlook for OTT platforms remains optimistic.
Even with leading theatre chains like PVR and INOX adopting the latest technologies and innovations, footfall has declined since COVID-19, reaching only about 50–60% of pre-COVID levels at best. This decline is not unique to India, as global theatres are also experiencing a sharp drop in regular patronage. PVR and Inox recently merged to create economies of scale and control 43% of the multiplex screens in India, adapting to the competitive environment dominated by OTT platforms.
Telecom companies have entered the OTT landscape, introducing their platforms and streaming apps to align with the growing trend. The expansion of 4G and 5G, coupled with increased smartphone usage, broadband accessibility, improved payment infrastructure, and a dynamic local content ecosystem, contributes to the surge in digital content viewership.
A Juniper Research report predicts a 65% increase in video-on-demand subscription services from 2020 to 2025. The advent of 5G is expected to bring cloud computing infrastructures closer to end-users, enabling real-time processing and minimal latency. Apple’s recent announcement of ‘Vision Pro,’ offering quality higher than 4K on demand, further supports OTT platforms’ expansion, posing a challenge to multiplexes.
Impact on Content Consumption
The transformation in infrastructure and the growing popularity of OTT platforms have reshaped content consumption in India. The industry has come to realize that the traditional cinematic formula, including musical numbers, star-studded casts, and picturesque locations, no longer guarantees a blockbuster. Unlike in the past, there is no clear trend on the types of movies that succeed at the box office, introducing uncertainty into the industry.
For instance, in early 2022, “Bhool Bhulaiyaa 2” achieved a worldwide gross collection of Rs. 266.88 crores and was declared a hit. Conversely, “Phone Bhoot,” a horror comedy with a bigger star cast, including Katrina Kaif, released in November 2022, only garnered a worldwide gross of Rs. 18.73 crores.
Filmmakers now categorize small-budget films or those with a strong social message as suitable for OTT release. Movies offering a ‘cinematic experience,’ such as Sanjay Leela Bhansali’s “Gangubai Kathiawadi” or Ayan Mukherji’s “Brahmastra,” are released in theatres, as the same viewing experience cannot be replicated at home.
Senior executives note a shift where character-driven stories find a place on OTT, while event-based stories are reserved for cinemas. Producers, like those at Excel and YRF, decide on OTT or cinema release during pre-production, considering factors such as script, budget, and directorial vision.
India’s traditional daily soaps, which once dominated linear television, are experiencing a decline. The introduction of short episodes ‘web series’ influenced by Western culture has contributed to this shift. As people embrace curated series, the era of endless daily soaps appears to be fading.
This evolving landscape emphasizes the importance of content, compelling producers to differentiate between cinema, TV, and broadband. However, industry experts suggest that government initiatives like Bhaaratplex (subsidizing cinemas) could positively impact box office collections, particularly in two and three-tier towns. The need to build infrastructure for better cinematic experiences is highlighted, with comparisons drawn to China’s larger screen presence.
Forecast of Video Over-The-Top (OTT) Market Size in India From Financial Year 2021 to 2030
Adapting to Change: The Resilience of Cinema in the Digital Era
It’s crucial to emphasize that the cinema industry is far from dead. Despite a noticeable decline in traditional movie theatre attendance, theatres are demonstrating resilience by embracing innovation and diversification.
Siddharth Roy Kapur, President of the Producers Guild of India says, “The rise of OTT is not a threat to cinema but an opportunity to expand the audience for films.”
Embracing Immersive Experiences
Recognizing the need to adapt, many theatres are enhancing the viewer experience by incorporating immersive technologies such as IMAX and 3D screenings. These technologies aim to provide audiences with an unparalleled cinematic journey that goes beyond the capabilities of home entertainment systems. The goal is to transform a visit to the cinema into a multisensory adventure, enticing viewers back to the big screen.
Diversifying Content
To regain their appeal, cinemas are expanding their content beyond mainstream Bollywood blockbusters. The inclusion of regional films, independent productions, live events, and even sports broadcasts demonstrates a commitment to catering to a diverse audience. This diversification not only broadens the cinematic offerings but also fosters a sense of inclusivity for a wide spectrum of movie enthusiasts.
Strategic Partnerships with OTT Platforms
Acknowledging the digital revolution, many theatres are forming strategic alliances with OTT platforms rather than considering them adversaries. Collaborations, such as PVR Cinemas partnering with Netflix to screen select films before their OTT release, exemplify the synergies between the traditional cinematic experience and the digital realm. These partnerships expand content choices for viewers and attract a new demographic, fostering a symbiotic relationship.
Harmonious Coexistence
The future of entertainment in India seems to be a harmonious coexistence between movie theaters and OTT platforms. While cinemas offer the communal experience of watching on the big screen, OTT platforms cater to the convenience and personalization desired by modern audiences. As technology advances and viewing habits evolve, both industries are poised to adapt and innovate, ensuring they remain relevant to the dynamic demands of entertainment enthusiasts.
Shekhar Kapur, Veteran Director held “Cinema and OTT are not competitors but complementary platforms that offer different viewing experiences.”
The cinema industry’s ability to adapt, innovate, and collaborate paints a promising picture of its enduring relevance in the dynamic entertainment landscape. As audience preferences continue to evolve, cinemas are poised to remain a cherished destination for those seeking a shared, immersive experience.
ZEVO’s Cutting-Edge Technology offers 16-hour Intracity Operations at -20°C with a Range of 120 km.
ZEVO, a leading tech-enabled EV mobility platform, is excited to announce its collaboration withMachphy Solutions, an innovative tech company from IIT Delhi. This partnership is set to deploy the brand’s innovation across 10 cities in its inaugural year and will be a game-changing development for Pharmaceutical, QSR, Seafood, Dairy, and FMCG Industries in the temperature-controlled last-mile delivery segment.
The Indian market’s growing demand for frozen goods and pharmaceuticals has increased the need for temperature-controlled logistics (TCL). However, sustainability and climate impact have been overlooked in this sector. With rising energy costs and climate change challenges, TCL providers must adapt to decarbonize and meet regulatory requirements. ZEVOs system, operating with an overnight plug-in electric charge, enables intracity operations for up to 16 hours at -20°C and a range of 120 km using PCM-based technology, with enhanced durability through the use of composite materials and aluminum in REV L5 construction, making it a leader in sustainable refrigeration.
This innovative solution is tailored for EV operators, offering lightweight, corrosion-resistant features without relying on expensive lithium batteries to maintain the required payload temperature. It caters to chilled, frozen, and ultra-low temperature operations, utilizing proprietary technology leveraging advanced thermal materials for efficient energy storage compared to alternative technologies.
Mr. Aditya Singh Ratnu, Founder & CEO of ZEVO India, expressed enthusiasm about this collaboration, stating, “Our partnership with Machphy Solutions signifies a groundbreaking leap towards revolutionizing the cold chain logistics landscape. The REV L5 (1) stands as a testament to our steadfast commitment to trailblazing eco-friendly innovations that directly address the urgent demands of our industry, propelling us into a sustainable future.”
Mr. Dhruv Bhatia, Co-founder and Chief Operating Officer at ZEVO India stated, “Our cutting-edge system empowers ZEVO to undertake intracity operations even in extreme Indian temperatures covering a wide radius. This innovation underscores our unwavering commitment to reliable and efficient logistics in the most demanding environments.”
Pradeep Rout, founder of Machphy Solutions, expressed, “At Machphy, we’re dedicated to reshaping the narrative of cold supply chains. Our collaboration with ZEVO Electric epitomizes our shared vision for a sustainable future, blending our zero-emission refrigerated solution, REV L5 (1), with ZEVO’s cutting-edge EV mobility technology.”
In conclusion, ZEVO’s collaboration with Machphy Solutions is a significant step towards revolutionizing cold chain logistics. This partnership underscores a commitment to sustainability and eco-friendly innovations. The REV L5 (1), a testament to this collaboration, sets a new standard in reliable and efficient cold supply chains, blending ZEVO’s electric vehicle technology with Machphy’s zero-emission refrigeration. Together, they are shaping a sustainable future for the industry.
About ZEVO
ZEVO – ZERO EMISSION VEHICLE OPERATION, is India’s first Electric Vehicle Mobility as a service platform enabling end-to-end supply chain solutions including first-mile procurement, last-mile delivery, temperature-controlled refrigerated delivery, forward and reverse logistics, and agricultural supply chain electrification. ZEVO takes a microscopic approach to the transformation of the entire supply chain network with the help of innovation, technological integration, real-time visibility, control over vitals, and real-time exchange of information between our clients and vendors. The future is electric and the future is mobility, ZEVO brings them together.
Alex Pall and Drew Taggart, widely known as “The Chainsmokers,” have achieved remarkable success in the fiercely competitive realm of electronic music. Forbes magazine crowned them the highest-paid electronic duo in 2019, a testament to their musical prowess, further underscored by their Grammy award, two American Music Awards, and seven Billboard Music Awards. Their meteoric rise to fame has been accompanied by the creation of a multifaceted empire that encompasses music, fashion, philanthropy, and more. Having solidified their standing in the music industry, the dynamic duo is now venturing into an entirely different domain – the high-stakes arena of venture capital.
They collaborated with entrepreneurs Milan Koch and Jeffrey Evans in 2020 and founded Mantis Venture Capital, focusing on supporting early-stage tech startups. Since its inception, Mantis VC has successfully secured over $110 million in funding, drawing investments from notable figures such as Mark Cuban, Keith Rabois, Jim Coulter, and Ron Conway. To date, Mantis VC has made strategic investments in nearly 200 groundbreaking companies spanning diverse industries, including healthcare, education, finance, and, naturally, music.
The Chainsmokers, characterized by the electronic production prowess of Drew Taggart and Alex Pall, weave together indie, dance, and pop to create a chart-topping sound, resulting in multiple multi-platinum singles.
Their journey commenced with the release of their official debut single in 2014 – the chart-topping dance hit “#Selfie,” offering a satirical take on the narcissism of the 2010s. Subsequent releases, such as “Roses” and the Grammy-winning “Don’t Let Me Down,” both achieved Top Ten pop status in 2016, each securing at least 5-times platinum certification. The summer of 2016 witnessed the ascent of “Closer,” featuring Halsey on vocals, holding the top spot for 12 weeks and eventually achieving a remarkable 12-times platinum status. In 2017, Taggart and Pall transitioned from their aggressive EDM style to incorporate more pop and indie rock influences, yet maintained their platinum status with hits like “Something Just Like This” featuring Coldplay.
Their full-length debut, “Memories: Do Not Open,” debuted at number one on the Billboard 200 in 2017. The subsequent years saw a consistent release of singles, culminating in the albums “Sick Boy” (2018) and “World War Joy” (2019). Notably, their soundtrack contribution to 2020’s “Words on Bathroom Walls” preceded another Top 40 hit in 2022 with “High” from their fourth set, “So Far So Good.” In 2023, they continued their collaborative efforts with artists like Cheyenne Giles, Bludnymph, and others.
This multifaceted journey showcases The Chainsmokers’ evolution from electronic music sensations to influential players in the venture capital landscape, illustrating their commitment to diversifying their impact across various industries.
The electronic duo has been actively involved in establishing Mantis Venture Capital since 2020. In the initial funding round, Alex Pall and Drew Taggart successfully secured $41 million, followed by an impressive $81 million in the subsequent round. Currently, they are setting their sights on surpassing these achievements with a third fund, concentrating on artificial intelligence and the evolution of Web 4.
Recognizing the power of fashion to connect with fans, The Chainsmokers launched their clothing line, Chainsmokers Merch, in 2016. The line offers a range of apparel and accessories, reflecting their signature style and appealing to their fashion-forward fanbase.
The Chainsmokers Website
Philanthropy
With their growing platform, The Chainsmokers have embraced philanthropy, using their influence to support various causes. They have established their foundation, The Chainsmokers Foundation, which focuses on empowering youth through education and music. They have also partnered with organizations such as Make-A-Wish Foundation and Pencils of Promise, demonstrating their commitment to giving back.
Brand Partnerships
The Chainsmokers’ popularity has made them attractive partners for brands seeking to connect with a younger demographic. They have collaborated with brands such as Spotify, Samsung, and BMW, showcasing their influence and appeal to a wider audience.
From Music to Startups to Venture: The Chainsmokers’ Journey to Mantis VC | 2023 Upfront Summit
Statistics that Highlight Their Impact
Over 53 million monthly listeners on Spotify
Over 25 billion streams on Spotify
Over 40 million records sold worldwide
Numerous awards, including a Grammy Award, an American Music Award, and a Billboard Music Award
Clothing line, Chainsmokers Merch, with a global reach
Established foundation, The Chainsmokers Foundation, supporting youth empowerment
Collaborations with major brands, including Spotify, Samsung, and BMW
The Chainsmokers have maintained a low profile regarding their investment endeavors, channeling their resources into fintech companies such as Trace Finance and Vise, steering clear of consumer-oriented brands. Despite owning a stake in Jaja Tequila, they have deliberately refrained from featuring in advertising campaigns or leveraging their substantial social media following to showcase their investments.
Insiders suggest that the duo’s intentional silence stems from their desire to establish a distinct brand for their business, one separate from their musical pursuits. They have chosen not to issue press releases, allowing the success of their investments to speak for itself. Rather than focusing on direct consumer engagement, they have dedicated their time to engaging with numerous investors.
Functioning in an advisory capacity, the duo has invested more than 10,000 hours comprehending the intricacies of the companies they collaborate with, involving tasks such as scrutinizing pitch decks, analyzing investments, and engaging with founders.
Beyond virtual platforms, the duo frequently engages in calls with engineers contemplating job offers at portfolio companies, leveraging their influence to support hiring efforts.
Alex Pall, aged 37, pursued studies in art history and music business at NYU, while Drew Taggart, aged 32, studied music at Syracuse University. Despite lacking a finance background, they have made noteworthy seed investments of approximately $250,000 in Ember, a coffee mug insulation company, and another investment in LoanSnap, a loan processing service.
In interviews, the duo has expressed admiration for “Margaritaville” singer Jimmy Buffett, citing him as an inspiration for seamlessly intertwining creativity and music writing with entrepreneurial understanding. Buffett’s incorporation of a hospitality company inspired by his song “Margaritaville” serves as a model, leading to the creation of merchandise, casinos, restaurants, and even a retirement community.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
To stay connected with your near and dear ones, the invention of mobile phones is one of the greatest inventions that has proved to be truly beneficial for all of us. Who would have thought that this handy electronic device, the mobile phone, would become an integral part of our lives?
Socialization among human beings is the basic feature that keeps them together. Thanks to mobile phones, which make socialization easier and more convenient,. However, mobile phones have evolved since their inception, and today they are not used for communication but for other purposes such as marketing, navigation, playing games, keeping notes, etc.
To help companies gain user engagement through their mobile apps, CleverTap brings the ultimate all-in-one platform to help with analytics, segmentation, and other marketing techniques to reach the targeted audience. CleverTap was founded in 2013 and, ever since, has powered more than 10,000 apps and is still counting.
Interested in knowing more about CleverTap? then read on further to learn about CleverTap’s founders and team, how it works, its mission and vision, the business model, and more.
CleverTap is a SaaS-based mobile marketing company founded by three colleagues who worked at Network 18—Sunil Thomas, Suresh Kondamudi, and Anand Jain—in Mumbai.
The company works by offering user engagement and mobile marketing solutions to digital brands in over 100 countries in sectors such as food tech, fintech, media and entertainment industries, travel and transport, and many e-commerce platforms.
CleverTap works with more than 10,000 brands that use its intelligent and smart mobile marketing solution platform to improve their audience engagement and other analytics. Its clients are Dunzo, Lenskart, Sony Liv, Tata Cliq, Gojek, Ixigo, Mxplayer, and many more.
CleverTap – Industry
There is no doubt that the IT industry is among the most crucial industries in the market today. Every company has this department that takes care of its crucial data and information. CleverTap belongs to the information and internet industries.
According to the business research company Information Technology Global Report, the global information technology (IT) market grew at a compound annual growth rate (CAGR) of 8.2%, from $8,179.48 billion in 2022 to $8,852.41 billion in 2023.
The likelihood of a global economic recovery from the COVID-19 pandemic was hampered, at least temporarily, by the Russia-Ukraine war. Due to the conflict between these two nations, numerous nations are subject to economic sanctions, commodity prices have skyrocketed, and supply chain disruptions have resulted in the inflation of goods and services, impacting numerous global markets. At a compound annual growth rate of 7.9%, the information technology (IT) market is projected to reach $11,995.97 billion by 2027.
CleverTap – Founders and Team
CleverTap Founders Anand Jain, Sunil Thomas and Suresh Kondamudi (From left to Right)
Sunil Thomas, Suresh Kondamudi, and Anand Jain, thethree coworkers who worked together at Network 18, are the founders of CleverTap.
Sunil Thomas
Sunil Thomas is the co-founder and executive chairman of CleverTap, who also served as the CEO of the company for around eight years. He had many C-suite jobs before starting CleverTap. Infospace, now known as Blucora, Infomedia18, Microsoft, CNBC, and Hewlett-Packard, are among Sunil’s prior employers. His passion lies in playing badminton and cricket. In addition to this, he has participated in many tournaments in the San Francisco Bay Area and closely follows football and Formula 1.
Suresh Kondamudi
Suresh Kondamudi is one of the founders of the company, CleverTap. He is also the Chief Technology Officer, who is leading the entire engineering team at CleverTap. Suresh has previously worked at ngpay, Network18, and Qwest Software Services. His interests are mainly watching TV shows with his wife and playing sports.
Anand Jain
Anand Jain is the co-founder and Chief Product Officer at CleverTap. His main responsibility involves the platform’s strategic direction, including innovation, design, development, project management, and product marketing. Anand has more than 25 years of leadership experience, which includes leading as a CTO at Infomedia18, and Head of Engineering and IT at Network18 Media and Investments. He was also the co-founder of Burrp, India’s first food tech company. Anand enjoys trekking when he has the opportunity. Along with this, he is a stamp collector.
According to LinkedIn, CleverTap employs 500–1,000 individuals.
CleverTap – Startup Story
Anand Jain, Sunil Thomas, and Suresh Kondamudi departed from Network18 in 2013 because they felt that speed was a necessity for digital communication. This conviction gave rise to Mountain View, California-based CleverTap, a SaaS-based mobile analytics startup.
In 1994, Anand started his career in technology as a co-founder of Compoint Computers while still in college. After passing the national-level CDAC exam, he set out on a coding journey despite having no prior experience with coding. During his six months in Delhi, Anand became an expert in Java, C, C++, and Cobalt. Equipped with exceptional coding skills, the three established CleverTap, demonstrating their tenacity and dedication to transforming digital correspondence.
CleverTap – Mission and Vision
The mission statement of CleverTap is, “To help brands build differentiated and personalized marketing strategies powered by advanced customer insights.”
CleverTap – Name, Tagline, and Logo
CleverTap Logo
The tagline of CleverTap goes about like this, “We’re on a journey of epic proportions.”
CleverTap – Business Model
The business model of CleverTap operates on a business-to-business model. Their B2B model involves providing mobile marketing solutions to brands to enhance their customer engagement and promote their brand awareness with features such as email automation, push notifications, SMS messaging services, WhatsApp marketing, personalized messages, and A/B testing.
CleverTap offers a robust set of marketing segmentation, and customer lifecycle management for industries in areas such as Food, Finance, Media and Entertainment, Travel and Transport, and E-commerce.
CleverTap main business is the different kinds of products it offers. These products are mainly focused on delivering its clients’ an overall structure of the market and helping them derive predictions on business outcomes. Some of the products of CleverTap are Lifecycle optimization, security and compliance, behavioral analytics, pricing, and planning structure, market target segmentation, campaign optimization, and other solutions exclusively designed for startups.
CleverTap integrates with
Mobile platforms –
iOS, Android, unity, flutter, react native, etc.
Email –
Gmail, mandrill, amazon simple email services, postmark, and SendGrid
With a B2B model, CleverTap offers a marketing platform for app developers to further upgrade its features and help many brands in marketing spread across a wide variety of marketing channels. CleverTap generates its source of revenue through annual contracts and incorporates the SaaS platform into its customer’s app for a set of tools and services known as “plans.”
CleverTap – Funding, and Investors
CleverTap has raised $181.6 million in investment over six rounds.
Below is the funding details:
Date
Stage
Amount
Investors
August 9, 2022
Series D
$105 million
Caisse de Depot et Placement du Quebec
October 15, 2019
Series C
$35 million
Peak XV Partners, Tiger Global Management
April 10, 2019
Series B
$26 million
Peak XV Partners
November 1, 2017
Venture Round
$6 million
–
August 3, 2015
Series A
$8 million
Peak XV Partners
July 7, 2014
Seed Round
$1.6 million
Accel
CleverTap – Mergers and Acquisitions
CleverTap has acquired two businesses to date. On May 19, 2022, they made their most recent acquistion, Leanplum, which is also a mobile marketing platform that provides meaningful engagement through messaging and in-app interactions. The other one is Patch, which the company acquired on November 10, 2021.
With the use of Patch, a special kind of technology, companies may brand and integrate push, chat, and in-app voice channels.
CleverTap – Growth
CleverTap powers around 10,000 apps of many top brands across 100 countries as of 2022. Over the years, the company has gained significant experience in optimization that features assist growth teams in integrating massive amounts of data from online and offline channels into a single customer data platform for its clients.
All these years, CleverTap has made itself so sufficient that it is said to have a holistic solution approach. It helps in powering through a sophisticated segmentation engine, which aids in the creation of a fuller, more precise image of a customer based on targeted optimization across lifecycle stages.
The company’s revenue in FY23 increased by 31% to Rs 34.6 million from Rs 26.4 million in FY22 as per insights from dealroom.co. incorporate communication channels such as in-app voice, chat, and push.
CleverTap – Awards and Achievements
Some of the awards won by CleverTap are:
CleverTap has been named the leader in nine categories by G2’s Fall 2023 reports.
CleverTap was recognized as a Leader in G2’s Summer 2022 Report for Mobile Marketing
It has received the Great Place To Work Award for India’s Great Mid-Size Workplaces in 2022
Company was named a Leader in G2’s Spring 2022 Report for Mobile Marketing and Multiple Other Categories
It Wins AWS 2020 Technology Partner of the Year – 2020
CleverTap’s platform was awarded a bronze Stevie Award for Business Technology/Best Marketing Solution – in 2019
CleverTap – Competitors
The top competitors of CleverTap are:
Facebook Analytics for Apps
Localytics Mobile Engagement Platform
Adobe Analytics (Mobile App Analytics)
MoEngage Customer Engagement Platform
Mixpanel
Amplitude Analytics Platform
Adjust
CleverTap – Future Plans
The all-in-one engagement platform, signaled a calculated shift in emphasis to assisting companies in optimizing customer lifetime value (CLV). Understanding CLV’s potential is essential as companies begin to prioritize long-term profitability and sustainable growth.
Anand Jain, co-founder, and chief product officer of Clevertap, said
10 years ago when we started building clevertap, our aim was to ensure the foundation of the platform is future-proof and agile enough to adapt. over the last few years consumer behavior and needs have evolved faster than the rate at which marketers can keep up with. the customer attention is divided today due to distractions by noisy marketing competing for marketing share. our all-in-one solution allows brands to focus on building deep relationships with their users by leveraging the power of hyper-personalization, which helps maximize CLV.
FAQs
Who is the CEO of CleverTap?
Sidharth Malik is the CEO of CleverTap.
What is the net worth of CleverTap?
CleverTap is valued at $775 million as of 2022.
What are alternatives to CleverTap?
MoEngage, WebEngage are some of the alternatives to CleverTap.
Is CleverTap free to use?
CleverTap is a pay-as-you-grow model that allows monthly payments without a yearly commitment and gives the freedom to select the add-ons.
PV Vyshnavi
