The name China brings one word to our minds- Economy! That’s because China’s economy has always been in the limelight due to several reasons.
China’s economic ascent from the late 20th century until the global financial crisis of 2008 is nothing short of remarkable. In the late 1970s, China embarked on a series of economic reforms under the leadership of Deng Xiaoping, transitioning from a centrally planned economy to a more market-oriented one.
This shift unleashed a wave of transformative changes that catapulted China into becoming the world’s factory.
A surge in exports, massive infrastructure development, and a burgeoning consumer market resulted in the annual GDP growth rates consistently exceeding 9%, with some years witnessing double-digit growth.
The skylines of Chinese cities transformed at an unprecedented pace, with towering skyscrapers symbolizing the nation’s economic prowess. The world marveled at China’s ability to lift hundreds of millions of people out of poverty while becoming an integral player in international trade.
That brings us to the main crux of the article, where we will discuss how the current crisis in Chain’s economy is impacting international trade.
Growth Rate of Real Gross Domestic Product (GDP) In China From 2012 to 2022 With Forecasts Until 2028
The Beginning of the Economic Crisis
While the Chinese economy was flourishing till 2008, that year gave a huge setback to the economy of the whole world as well as China.
Post-2008, China faced a series of economic challenges that contributed to a slowdown in its once-explosive growth.
One major issue was the aftermath of the global financial crisis, where China’s export-dependent economy felt the impact.
As the demand worldwide fell, China’s twin growth factors- FDI & exports, both fell to 36.5% and 2.2% respectively during this period. It is here, that China realized its huge dependence on foreign countries and their markets.
Skipping ten years later, this economic cancer kept growing due to different reasons like failed economic policies, booming real estate sector, pandemic restrictions, diversification of businesses around the world, unemployment & many more factors which have now crippled the Chinese economy.
Let’s see in depth about all these economic woes that are shaking the base of this huge economy.
China is grappling with a demographic decline characterized by an aging population and a shrinking workforce. As a consequence of the long-standing one-child policy, implemented from 1979 to 2015, the proportion of elderly citizens has surged.
According to data, the percentage of China’s population aged 60 and above reached 18.7% in 2020. To address this challenge, the Chinese government has implemented a two-child policy since 2016, aiming to boost the birth rate. Despite this policy shift, the impact of decades of population control measures is expected to persist resulting in declining domestic savings and investments.
Soaring Local Government Debt
After the 2008 crisis, China decided to move from an export-led growth strategy to local infrastructure-led growth. As a result, the Chinese officials unveiled a four trillion yuan ($586 billion) fiscal package.
But the initiatives, which were centered on government-sponsored infrastructure projects, also brought about an unprecedented increase in credit and a huge rise in local government loans.
In a similar situation now, due to the huge expenditure that the local governments had to incur for recurrent lockdowns, mass testing, and setting up quarantine facilities for implementing the Zero-Covid policy, the government coffers have once again drained resulting in high local government debt.
China’s overall debt, public and private including all sectors of the economy, has piled up to $51.9 trillion, almost three times China’s GDP.
The Property Market Crisis
For many years, China’s economy relied on its expanding real estate market, which was supported by population growth. For China’s expanding middle class, the property market was a source of employment and they were highly optimistic about it & poured all their savings into it. However, due to several factors including stricter government regulations, the real estate prices declined.
China’s two major real estate developers, Country Garden, and China Evergrande have reported huge losses of billions of dollars leading the public into a state of panic and distrust.
Deflation
Deflation has cropped up as a resultant major issue in the Chinese economy.
By the end of 2020, the Chinese economy saw a major deflation due to a fall in the prices of pork, which forms a major portion of China’s meat consumption.
Falling exports, zero-Covid policy, slowdown in property and banking sectors, unemployment, demographic crisis, and many other factors have joined hands in causing a situation of deflation in the economy.
All this said, do the other countries need to worry about this current crisis in China?
The next section explains how other parts of the world might be affected due Chinese economic crisis.
Effects of China’s Economic Crisis on Other Countries
Global Supply Chain Disruptions
China is pivotal in the global supply chain, particularly in manufacturing and exports. An economic crisis in China is very likely to disrupt the production and supply of goods, affecting industries worldwide. Reports say that China’s overall share of global goods exports was 14.4% in 2022 and as a result, interruptions in this could lead to shortages and increased production costs.
Reduced Global Demand
China is a major consumer of goods and services from around the world.
A slowdown in the Chinese economy would likely result in decreased demand for imports, affecting economies heavily reliant on exporting to China. Reports say that imports into China had dropped by 7.3% in 2023.
Industries such as commodities, luxury goods, and technology could experience a decline in sales and revenues.
Financial Market Volatility
Given its significant position in the global economy, any signs of a financial crisis in China may lead to increased volatility in international stock markets.
Investors worldwide may react to uncertainties in China by adjusting their portfolios, impacting global financial stability. Also, a weakened Chinese economy might lead to fluctuations in currency exchange rates & trade balance.
Impact of Deflation
Among all this crisis, there is a silver lining too. The crisis in China has the potential to drag down global oil prices. Also, deflation in China will reflect in lower prices of goods that are being exported benefitting many other countries.
Deflation is Amplifying China’s Economic Woes
Impact on Developing Economies
Many developing economies heavily depend on China as a trading partner and a source of investment.
A downturn in the Chinese economy could lead to reduced demand for commodities, affecting countries that export raw materials to China.
Countries receiving Chinese investments for infrastructure projects may also face challenges if China’s economic crisis results in reduced overseas investments.
Conclusion
In today’s globalized world, we cannot deny that such an economic crisis in one country or part of the world will definitely have a spillover effect worldwide. This makes it mandatory for us to keep a watch on all the global events & be adequately prepared for any such spillover effect.
FAQs
Is China going through an economic crisis?
China, the world’s second-largest economy, is currently experiencing its most significant economic downturn. Over the past couple of years, it seems that the rate of economic growth has been nearly halved.
What is China’s overall debt?
China’s overall debt is around $51.9 trillion almost three times China’s GDP.
Today, “Netflix and chill” is not just a phrase, but a synonym for our weekend plans.
It’s a cultural shift that has taken place between Gen X and Gen Z. Think about your favorite shows and movies— they’re just a click away.
All thanks to Netflix and the mastermind behind this entertainment revolution – Reed Hastings. Reed Hastings isn’t just a name; he’s one of the reasons our screen time is a whole lot more exciting.
He didn’t just create a streaming service; he created a whole new way for us to enjoy movies and shows whenever we wanted.
His ability to predict what we want to watch has made him a big deal in Silicon Valley, and as we get lost in the endless options on Netflix, we can’t help but appreciate the guy who changed the way we experience stories.
Let’s explore the world of this mastermind further in this article.
Reed Hastings – Biography
Name
Wilmot Reed Hastings, Jr.
Birthplace
Boston, Massachusetts
Born
October 8, 1960
Nationality
American
Education
Bachelor of Arts/Science, Bowdoin College and Master of Science, Stanford University
Born on October 8, 1960, in Boston, Massachusetts, Reed Hastings emerged as a key player in the tech and entertainment industry. Growing up in a middle-class family, his early life was marked by curiosity and a love for learning.
Hastings attended Bowdoin College, where he delved into mathematics, an interest that would weave its way into his innovative approach to the streaming landscape.
After earning his bachelor’s degree, Reed Hastings continued his academic journey at Stanford University, where he earned a master’s degree in computer science.
This educational background laid the foundation for his future ventures, combining a strong technical understanding with a creative vision that would redefine the way we engage with entertainment.
Reed Hastings – Career
Reed Hastings’ career is a narrative of great innovation. After completing his education, Hastings embarked on his professional journey, co-founding Pure Software in 1991, a company specializing in troubleshooting tools.
Although Pure Software faced challenges, Hastings’ ability to adapt and learn from setbacks laid the groundwork for his future endeavors. Rational Software eventually took over the company in 1997 for $750 million.
Post this, Hastings’ career took a significant turn when he founded Netflix alongside Marc Randolph.
Initially conceived as a DVD-by-mail service, Netflix disrupted the traditional video rental industry. In 1998, they launched Netflix.com, the first DVD rental and sales site. Some new innovations were brought into it like personalized movie recommendations based on members’ ratings on past titles.
Hastings’ insight into changing consumer behavior and his willingness to embrace emerging technologies led to the introduction of the streaming model of Netflix in 2007.
This shift catapulted Netflix into a global powerhouse, fundamentally altering how audiences consume entertainment. Today, Reed Hastings’ career stands as a testament to his strategic foresight, adaptability, and dedication to redefining the boundaries of the digital media landscape.
Hastings lives in Santa Cruz, California. He is married to Patricia Ann Quillin and is a father to two children. In an interview, Hastings admitted, “Unfortunately, and weirdly, I have almost no hobbies.” He is more of a person who is completely passionate and thus occupied with his work.
Reed Hastings – Company Name
Netflix, Reed’s masterpiece, has almost become a part and parcel of the lives of millions around the world. By 2022, the membership of Netflix crossed the 200 million milestone.
In the next year, Netflix rolled out spatial audio to bring the cinematic experience to any device and added Category Hubs for TV. In the latest, Netflix won many Academy awards, for its creations like “The Elephant Whisperers”.
In this manner, Netflix has always come up with new ways to engage the audience with maximum entertainment.
Reed Hastings – Investments
Hastings has made the following investments:
Announced Date
Organization Name
Lead Investor
Funding Round
Money Raised
September 7, 2023
Ello
–
Series A
$15 million
December 17, 2013
DreamBox Learning
Yes
Series A
$14.5 million
December 7, 2011
DreamBox Learning
Yes
Series A
$11 million
October 1, 1997
Netflix
Yes
Series A
$2 million
Reed Hastings – Philanthropy
In 2012, Hastings and Quillin signed The Giving Pledge, the pact founded by Bill Gates and Warren Buffett mandating that billionaire signatories give away most of their fortunes
In 2020 Hastings and his wife donated $120 million to fund scholarships at two historically Black Colleges and the United Negro College Fund
Reeds built a $20 million training camp for teachers in Colorado
To quote Hastings & Quillin, about their philanthropy,
“It’s an honor to be able to try to help our community, our country, and our planet through our philanthropy.”
The future of Netflix: Will subscriber growth continue?
Reed hastings – Awards and Recognitions
He was placed at number #5 in the list of America’s most innovative leaders in 2019
He has been given the Television Academy’s Charles F. Jenkins Lifetime Achievement Award in 2021
He has been enlisted in Forbes 400 Richest People In America 2023
He has also been enlisted in Forbes World’s Billionaires List 2023
He was listed under The World’s Most Powerful People in 2018
UCLA Anderson honored Reed Hastings with its 2018 John Wooden Global Leadership Award at Hollywood’s Raleigh Studios
The Henry Crown Leadership Award was presented to Reed Hastings in 2014
Reed Hastings – Latest
After 25 years, by the beginning of 2023, Reed stepped down as the CEO of Netflix. Ted Sarandos and Greg Peters have taken over as co-CEOs, while Reed continues as the Executive Chairman.
A few months later, he became the co-owner of Powder Mountain, a ski resort in Utah.
Reed Hastings – Interesting Fact
Before founding Netflix, Hastings spent one year teaching in Swaziland with the Peace Corps.
Reed Hastings – Quotes
“Being an entrepreneur is about patience and persistence, not the quick buck, and everything great is hard and takes a long time.”
“I think if you can make a contribution to solving one significant problem in the world, that’s amazing.”
“Incredible people don’t want to be micromanaged. We manage through setting the context and letting people run.”
Netflix is a paid online streaming platform that enables its subscribers to enjoy a wide range of television shows and movies on internet-connected devices.
Who are the founders of Netflix?
Reed Hastings and Marc Randolph are the co-founders of Netflix.
Who are the CEOs of Netflix?
Ted Sarandos and Greg Peters are the co-CEOs of Netflix.
What are the subscription plans offered by Netflix?
Netflix offers three subscription plans: Basic, Standard, and Premium.
New Delhi (India), October 14: In an era marked by digital transformation and the constant evolution of communication technology, the way we exchange contact information has been redefined. The days of fumbling for a pen or hurriedly typing contact details into our smartphones are now relics of the past. Thanks to Pulsar Card, a revolutionary smart NFC business card, exchanging contact information has never been more seamless, eco-friendly, and customizable. As we embark on this new digital age, the Pulsar Card is set to change the way we network and connect.
Effortless Sharing: The Touch of a Pulsar
Imagine attending a business conference, a networking event, or a casual meeting with a potential client. The exchange of contact information is an essential step in establishing meaningful connections. Pulsar Card simplifies this process to a mere touch. With near-field communication (NFC) technology embedded within the Pulsar Card, sharing your contact information becomes as simple as a touch of your card to another person’s smartphone. Gone are the days of fumbling with paper business cards, only to lose them later or forget the details. Pulsar Card offers an instant, elegant, and eco-conscious solution.
Save Time, Save Nature
With a Pulsar Card, you save more than just time; you save nature as well. In a world that is increasingly aware of its environmental footprint, Pulsar Card aligns with the spirit of sustainability. Traditional paper business cards contribute to deforestation and the overconsumption of resources. By eliminating the need for paper business cards, Pulsar Card takes a step towards reducing our ecological impact. Your choice to use the Pulsar Card is a testament to your commitment to a greener, more sustainable future.
Endless Customization: Reflecting Your Unique Brand
Pulsar Card doesn’t just stop at revolutionizing the way you share your contact information; it also offers endless opportunities for customization. Your business card is an extension of your brand, and Pulsar Card allows you to reflect your unique style and identity. The card is fully customizable inside and out, enabling you to choose colors, graphics, and the information displayed. Whether you’re a corporate professional, an artist, a tech-savvy entrepreneur, or anyone in between, Pulsar Card adapts to your needs.
Up-to-Date Information at Your Fingertips
Maintaining up-to-date contact information is critical for any professional. The traditional paper business card often falls short in this regard, as contact details change frequently. Pulsar Card, on the other hand, connects seamlessly with our app, ensuring that your information is always current. When you update your contact details through our app, it will automatically reflect the information stored in the card. Pulsar Card ensures that you never miss an opportunity due to outdated contact information.
Why Choose a Pulsar Card?
A Pulsar Card isn’t just a business card; it’s a statement about how you connect with the world. It’s a symbol of efficiency, sustainability, and adaptability. Here are some compelling reasons to choose Pulsar Card for your networking needs:
Efficiency: Pulsar Card eliminates the need for time-consuming data entry and the risk of errors in contact information.
Sustainability: By opting for Pulsar Card, you contribute to a sustainable future by reducing the need for paper business cards.
Customization: Your card, your style. Pulsar Card offers unlimited customization options to reflect your personal or brand identity.
Up-to-Date Information: Stay current with ease. Pulsar Card ensures that your contacts always have your most recent information.
Convenience: Sharing your contact information is as easy as a touch, saving you and your contacts time and frustration.
The founder, Noel Macwan, said, “In this new digital age, technology is transforming the way we connect and network. Pulsar Card is at the forefront of this revolution, simplifying the exchange of contact information and championing environmental sustainability. Whether you’re a business professional looking to make a lasting impression, a creative individual seeking to express your unique style, or someone who values efficiency and convenience, Pulsar Card is the smart choice for the modern professional.”
Say goodbye to the hassle of traditional business cards and embrace the future with Pulsar Cards. It’s time to connect with a touch and save the environment while doing so. Join the digital revolution, one touch at a time, with Pulsar Card – your gateway to a smarter, more efficient, and eco-friendly networking experience.
About Navidad Infotech Pvt Ltd
Navidad Infotech Pvt Ltd is a forward-thinking technology company dedicated to simplifying and enhancing the way individuals and businesses connect in the digital age. With a focus on innovation and sustainability, Navidad Infotech has created the groundbreaking Pulsar Card, a smart NFC business card that redefines how contact information is exchanged. Committed to reducing the environmental impact of traditional paper business cards, Navidad Infotech promotes a greener, more eco-conscious approach to networking. With its emphasis on efficiency, customization, and up-to-date information, Navidad Infotech’s Pulsar Card is leading the charge in transforming the networking experience for professionals and individuals alike. Join Navidad Infotech Pvt Ltd on their journey towards a smarter, more sustainable, and eco-friendly future.
Facebook, a social media platform that appeared some 18 years ago, is now used by nearly three billion users making it the largest social network in the world. This multifaceted invention has significantly affected our lives in many ways.
Most of us use Facebook, be it in our free time or for business as well. Of course, for its versatile ability, it is a widely used social media platform that offers numerous benefits and utilities for us to explore. From connecting us with our friends and families to sharing our creations like photos, videos, articles, and such, Facebook provides a range of features. Today, Facebook does not only remain as a forum to connect with your loved ones but as a remarkable means for businesses too.
Facebook offers tools for businesses, organizations, and individuals to create pages and promote their products, services, events, or causes. This helps them reach a wide audience, engage with potential customers, and advertise their offerings through targeted ads. Additionally, it has a feature known as “Facebook Marketplace”, which allows users to buy and sell items locally. It provides a convenient platform for individuals to find and purchase items, as well as sell their own products or second-hand goods.
Let’s head back to our main topic in this article, Facebook Polls. How can we create and use Facebook polls for business?
Facebook Polls are a feature on the Facebook platform that allows users to ask questions and gather opinions from their friends, followers, or a specific audience. They are a way to engage with others, spark discussions, and gather insights on various topics. They typically consist of a question and multiple options for users to choose from. Users can vote on the choices that best reflect their opinions or preferences. The results of the poll are displayed in real-time, showing the percentage or number of votes each option has received.
By now, you know what Facebook polls are, right, but can businesses use them? Absolutely yes! Facebook Polls are a great way to engage with audiences, which will help businesses make strategic decisions, and foster a sense of community.
How Facebook Polls are Beneficial for Businesses
Number of Facebook Users Worldwide
Businesses are always looking for various ways in which they can attract their customers. Today, the latest trend in digital marketing includes Facebook Polls. A lot of businesses can be seen incorporating polls to create anticipation and excitement around their new product launches, events, or promotions. By involving the audience in the decision-making process or seeking their opinions, businesses can build anticipation and generate buzz, leading to increased engagement and interest.
Four Key Highlights How Facebook Polls Help Businesses
It helps gather customer feedback: Facebook Polls can help businesses collect insightful client feedback. They can inquire about people’s tastes in products, their satisfaction levels, suggestions for new features, or their thoughts on possible business moves. Businesses may use this data to make data-driven choices and enhance their goods and services.
It helps with market research: Businesses have the chance to do market research at a reasonable cost, thanks to Facebook polls. They can know about consumer preferences, market trends, or competitive analyses. The feedback gathered through the polls may help organizations improve their marketing strategy and provide insights into consumer wants.
It helps with increasing brand visibility: Whenever a user engages in Facebook polls, their activity can be seen by their friends and followers. As a result, this increases the chances of a company’s brand becoming more well-known and accessible. When consumers see their friends participating in a poll from a company, they may be more inclined to learn more about the company and perhaps even buy something.
It helps in generating content ideas: Believe it or not, Facebook Polls can help businesses in developing ideas for their business. Through polls, companies can ask their target audience about their preferences. By understanding their preferences, businesses can adjust their content strategy and ensure that the material they produce connects with their target audience.
How Do We Create Facebook Polls and What Are the Right Ways of Creating One?
It is evident from the name Facebook Polls, that it can only be created on the Facebook platform. With time, things have changed drastically. Earlier Polls could only be created on personal profiles. Still, now, they can be created and shared on groups, events, stories, and business pages, allowing users to reach different audiences and tailor their polls to specific communities.
There are four main categories for creating Facebook Polls, this includes:
Facebook Polls 0n Business Pages
Facebook Polls in Groups
Facebook Polls in Stories
Facebook Polls in Videos
Facebook Poll on Business Pages
Facebook Poll on Business Pages Example
Step 1: The first thing to do is to Log in to your Facebook account that has admin access to the business page.
Step 2: Go to your business page by clicking on the name or profile picture in the top right corner and selecting the page from the drop-down menu.
Step 3: On your business page, click on the “Create a post” box, which is usually at the top of the page.
Step 4: Click on the “…” (three dots) at the bottom right corner of the post box. A drop-down menu will appear. From the drop-down menu, select “Poll.”
Step 5: Once you have selected “Poll”, go to the “Ask a question…” field. Here think of a question related to your branding, and enter the question you want to ask in the poll.
Step 6: Click on the “Add a poll option” field to enter the first option for your poll.
Step 7: For extra options, enter additional poll options by clicking on the “+ Add option” button.
Step 8: To make it more appealing, you can add photos or GIFs to your poll by clicking on the camera or GIF icons below the poll options.
Step 9: Now, set the duration for your poll by clicking on the “1-week” drop-down menu and selecting the desired duration.
Step 10: Optionally, you can click on the toggle switch to allow users to add their own options to the poll.
Step 11: After carrying out the above steps, the final step is to post it. For this, click on the “Post” button to publish the poll on your business page.
Please take note that it’s vital to make the poll relevant to your brand and target audience when setting up Facebook Polls on business pages. Any unnecessary content can trigger wrong emotions among your audience and make your brand look giddy. Always consider posting questions about your products, services, customers’ preferences, or market trends. Adjust the poll’s questions and content to reflect the goals and messaging of your brand. While doing all of these, make sure you are sticking to Facebook’s rules and regulations for business pages.
Facebook Polls in Groups
Facebook Poll in Groups Example
Facebook Groups are like a community where you can indulge more with your customers. It gives your customers a more inviting platform, giving them an open space to discuss your brand freely.
Below are the steps to create polls in groups, which are similar to creating one in pages:
Step 1: Go to your Facebook Group, where you want to create a poll.
Step 2: Now locate the text box that says, “Write something…” or “What’s on your mind?” at the top of the group’s feed. Click on the three dots at the bottom right corner of the text box. There, you can find the “Poll” button.
Step 3: Enter the question you want to ask in the poll in the “Ask a question” space.
Step 4: After listing the question, put your poll options in the “Add a poll option” field. Followed by, the “+ Add option” button for more options in context to your question.
Step 5: Similarly to polls in the pages section, you can add images, GIFs, etc. Set your desired duration of the poll by clicking on the “1-week” button.
Step 6: Once you are satisfied with the poll, you can post it by selecting the “Post” button.
Facebook Polls in Videos
Facebook Poll in Videos Example
Nowadays, a lot of people prefer watching videos, as it is eye-catching and convenient for them to grasp information. However, there is no specific feature by Facebook to create Polls directly on videos yet, but still, you can create videos that include polls to give your audience more attractive content. You can create a poll related to a Facebook video by utilizing the available features and options.
Step 1: Upload the video on your Facebook Profile: Upload the video you want to share on your Facebook profile, page, or group. You can do this by clicking on the “Photo/Video” option in the post-creation box and selecting the video file from your device.
Step 2: Add a caption: Write a caption for your video post. In the caption, include the question you want to ask in the poll and provide any necessary context or instructions.
Step 3: Utilize comments for polling: Instead of creating a formal poll, you can encourage viewers to participate in the poll by commenting with their responses. For example, ask viewers to comment with their preferred option or ask a question related to the video content and ask for opinions or feedback in the comments.
Step 4: Engage with participants: Engage with viewers who comment on the post. Respond to their comments, acknowledge their opinions, and encourage further discussion.
Step 5: Keep track of responses: Monitor the comments on the video post and tally the responses manually. You can keep a record of the comments and calculate the number of responses for each option.
How do Facebook and WhatsApp Make Money?
Facebook Polls in Stories
Facebook Poll in Stories Example
The most fun way of engaging with your audience is through stories. By keeping content short and sweet, Facebook Stories has proved to be one of the best tools in digital marketing that delivers precision. There are over 250 million users, who use Facebook Stories almost every day, and what is the best way for businesses to raise their brand awareness?
Here’s how you can create a Facebook Poll in Stories:
Step 1: Open the Facebook app on your mobile device, tap on the camera icon at the top-left corner of the screen, or swipe right on your News Feed to open the camera. Take a photo or video for your Story, or you can choose an existing photo/video from your gallery by swiping up.
Step 2: Once you have the content ready, scroll through the available options and look for the Poll sticker. It has a square shape with a question mark inside. Tap on the Poll sticker to add it to your Story.
Step 3: Edit the Poll sticker by typing the question you want to ask in the “Ask a question” field. Then customize the poll options by filling in the “Yes” and “No” fields with your desired options. You can also tap on the options to edit the text.
Step 4: If desired, you can add additional stickers, text, or drawings to your Story before posting it.
Step 5: The last step is to tap on the “Your Story” button or the Send button (direct message icon) to share it with your followers, and congratulations, you have created a poll on your Facebook Stories.
While Facebook Polls can be an excellent tool to grow your business, it is also essential to take note of a few things. Consider the following tips to make it more effective:
Ensure that your poll question is easy to understand and doesn’t require too much explanation. Make it concise so that your audience can quickly grasp the options and provide their responses.
Provide options that cover different perspectives or choices related to the question. It is always better to offer meaningful and relevant options.
Too many options can overwhelm users and make the poll less effective. It is wise to stick to a reasonable number of options, typically between 2 and 5, to keep the poll focused and manageable.
Select a duration that allows sufficient time for participants to see and respond to your poll. Avoid setting it too short, as it may limit participation.
Try making it visually appealing. Add relevant visuals, such as images or GIFs, which will enhance the visual appeal of your poll and make it more engaging.
The Bottom Line
Whenever you’re creating a Facebook Poll, consider the rules and guidelines that are mentioned in Facebook’s policies. Through Facebook Polls, companies can understand their customer preferences, enabling them to tailor their content strategy accordingly, ensuring they create content that resonates with their target audience. Additionally, polls show what your audience thinks of you and how well you’re connected with them.
FAQs
How do I create a Facebook poll with multiple options?
You can add your questions and options by clicking the poll icon, which will take you back to the “create a post” box. Clicking “+Add Option” will allow you to add other potential solutions. To enable/disable users from selecting multiple replies, use the “Poll Options” feature.
Are Facebook polls anonymous?
No, Facebook polls are not anonymous. When you vote in a poll, the person who created it and anyone else who votes in it will be able to see your answer.
Do people still use Facebook in 2023?
Yes, people still use Facebook in 2023. It is still the most popular social media platform globally, with over 2.9 billion monthly active users.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Bots are software created by developers that conducts automated interactions with people in real-time. A recent study showed that the number of users on messaging apps has exponentially increased. This is why more and more companies that are launched today are greatly relying on automated chats and chatting services to interact with their users or potential customers. This shift towards chatting indicates that the bot phenomenon is truly here to stay.
Every Fortune 500 company has a bot strategy. Gupshup is a bot-building platform that encourages the creation of advanced bots. Gupshup gives creators all the tools required in the bot development lifecycle. One can build their bots on the cloud and can deploy them in a single click into 25+ messaging and voice platforms including Facebook Messenger, Slack, Skype, Line, Google Home, and more.
Know more about Gupshup technology, Gupshup company, Gupshup funding, owner, revenue, challenges, and more, with this StartupTalky article.
GupShup – Company Highlights
Startup Name
GupShup
Legal Name
Webaroo Inc.
Headquarters
San Francisco, California
Industry
Information Services, Information Technology, Messaging, Bot Development
Founder
Beerud Sheth, Rakesh Mathur and Dr. Milind R Agarwal(Ex-Founding Executive)
Gupshup, formerly called SMS Gupshup, is a messaging service and bot-development company that is operating in India, the US, and the UK. It provides a wide range of services including SMS, email, Voice, USSD, and IP messaging to banking, financial services, and insurance retail companies, and chatbot development to the leading retail and e-commerce companies.
Founded in 2004, by Beerud Sheth, Dr. Milind R Agarwal, and Rakesh Mathur, GupShup has extensive experience in building bots for companies such as Unilever, SAP, Tata Sky, TITAN, Vogue, and many more.
“Gupshup is simply a conversational messaging platform. When you book a ticket or buy coffee, you receive a confirmation SMS or a credit amount due to notification on your phone. We are basically the platform that facilitates that,” remarked Gupshup CEO and Co-founder Beerud Sheth in an interview.
The company provides a range of bot-building tools. The IDE bot developer gives all the features of a full-fledged development environment right in the browser of the users. It is built on NodeJS and has multifile support, a customizable UI, and also a package manager. This also enables the users to make HTTP calls to external services very easily. Each bot also comes with its own database and helps in storing and retrieving data. The most powerful feature of the Gupshup IDE bot builder is the bot scripting tool that enables the creation of bot conversations via a simple English script.
The users can also build bots without the need for any coding via the Flow Bot Builder feature. The Flow Bot builder helps them get a code-free way of creating structured bots via a graphical editor. Besides, the Bot interactions can be fully customized to involve users. One can even create structured messages and add media content with just a few clicks.
GupShup – Industry
According to statistics, over 91% of Indian users use messaging apps today. Furthermore, the premium messaging market, which was valued at around $54,579 million in 2016, is estimated to witness a rise at a CAGR of 5.4% and would be reaching $78,349 million by 2023.
Besides, reports say that the global customer service software market is set to grow at a CAGR of 20.4%, which is expected to reach $2.5 bn by 2025.
Since its inception in 2004, the company has experimented with a variety of business models in the messaging space, beginning with a consumer-focused community text messaging service, then a moment messaging app, and finally an enterprise messaging business that provides customer and brand communication solutions for developers and large businesses in a variety of industries.
GupShup – Name, Logo and Tagline
“Gupshup” as the name implies, is an Urdu term for ‘having a conversation‘. GupShup is a leading smart messaging platform provider that enables better customer engagement through conversational messaging.
gupshup – Logo
Gupshup presented a new brand identity. The revamped website, updated tagline, new logo colors, and updated brand look-and-feel make up the new brand identity in March, 2022. These modifications support Gupshup’s goal of revolutionizing business-to-customer interactions and commerce in the future through conversational engagement.
New Tagline – “One-on-one. With everyone”
GupShup – Founders and Team
GupShup was founded by Beerud Sheth,Rakesh Mathur and Dr. Milind R Agarwal.
Beerud Sheth
Beerud Sheth is the Co-founder and CEO of Gupshup. An alumnus of IIT Bombay and Massachusetts Institute of Technology (MIT), Beerud was a Computer Science student. Sheth started his career working with Citibank, where he was the AVP. He then worked with Merrill Lynch with the same designation before venturing into the startup world.
When the internet was the talk of the town and names like Google, Amazon, and many more echoed in the room, Beerud decided to not miss the opportunity of doing something new. He then co-founded Upwork, where he was the Co-founder and VP. After he left Upwork, Beerud founded GupShup right in the same year.
Beerud Sheth, co-founder and current CEO of GupShup
Rakesh Mathur
Rakesh Mathur is an alumnus of IIT Bombay from where he obtained his Btech ME, after which he pursued an MS in Engineering and Operations Research from The University of Texas. Mathur has been a serial entrepreneur for quite some time now. He founded Armedia and Junglee, where he served as the VP of Marketing and the CEO respectively. Mathur then became the VP of Amazon but for a brief period post which he founded Stratify, SnapStick, and JustChalo, where he served several key designations. After this he became the VP of Rovi.
Rakesh Mathur, Founder GupShup
The entrepreneurial journey resumed again for Mathur as soon as he left his job at Rovi. He again founded a string of companies including Droptalk, InfoNam, GupShup, percipient.ai, and WhiteRabbit.ai. Along with being the Co-founders of a bunch of companies, Mathur always believes in taking up key leadership roles for the same. Besides, Rakesh also has been a notable investor in the startup ecosystem where he even led seed investments in many of them.
Dr. Milind R. Agarwal
Known as the Founding Executive of GupShup, Dr. Agarwal has Manipal Institute of Technology as his alma mater, from where he completed his BTech degree in Electronics and Communication after which he went for an MBA from Michigan State University and then a Ph.D. degree from the University of Mumbai in Indian Philosophy and Management.
Dr. Milind R. Agarwal, Ex-Founding Executive, GupShup
On the work front, Dr. Agarwal has been the Director of Sai Transport Corporation, after joining GupShup as the Founding Executive. He eventually left the company in 2013, after more than 7 years. He then became the Founder and National Coordinator and eventually the Member of the International Advisory Board at the Michigan State University. Quickwork was the last company that Dr. Agarwal founded in 2015, where he is still serving as the CEO.
GupShup has somewhere between 10001 – 5000 employees who work for the company.
GupShup – Startup Story
Beerud started a company named ‘Elance’ with his two IIT Bombay classmates before he was approached by Rakesh Mathur, who was an accomplished entrepreneur in Silicon Valley. Mathur and Beerud started a company named ‘Webaroo’ in 2014-15.
“Users could publish their thoughts like tweets, and people could follow them and receive messages,” Beerud explains. “Gupshup grew to 70 million users in India at a time when Facebook and Twitter had only one million users in the country.”
The company was a unicorn with its headquarters in the coveted Silicon Valley, was not a huge hit back then when it started its run. The startup was initially an SMS application, strictly, the business model of which revolved around subsidizing the cost of sending messages. Though the idea was successful, there were many regulations that prevented it from monetizing the application. This is why it hit a roadblock. Gupshup eventually changed its business model from consumer-oriented to enterprise-oriented, and since then, the company had to never turn back nor pause.
GupShup’ s mission statement says, “build the tools that help businesses better engage customers through mobile messaging and conversational experiences.”
“Our vision is a world where it’s as easy for consumers to interact with a business as it is to chat with a friend; where consumers can shop, buy, pay, book, learn, transact and interact with businesses through short, simple conversations,” said Beerud Sheth, CEO and Co-founder, GupShup.
GupShup – Business and Revenue Model
Though GupShup was initially started with a business model that revolved around the consumers, the company eventually changed its business model to focus on enterprises. This is how the company operates now where the businesses use GupShup’s application programming interface for customer interaction across more than 30 contact networks, including SMS. Developing chatbots, omnichannel inbox capabilities, conversational AI, and client-side apps to handle interactions are among the API services.
GupShup earns its revenues from mobile messaging services, and the facilities of mobile advertisement through text messages that it offers.
Operating revenue for Gupshup grew from INR 739.0 in FY21 to INR 1,132.1 in FY22. Regarding net profit for the company, it went up from INR 52.5 crore in FY21 to INR 39.9 crore in FY22.
Gupshup – Financial
GupShup – Products and Services
Click-To-WhatsApp Ads Manager
The Click-To-WhatsApp Ads Manager, a full-funnel application that enables companies to harness the power of CTWA, was revealed by Gupshup on August 4, 2023. This launch’s primary goal is to enable brands to amass relevant performance insights through accurate attribution.
Auto Bot Builder
Gupshup has introduced Auto Bot Builder on January 18, 2023, which creates sophisticated enterprise chatbots using GPT-3. The GPT-3 LLM (long language model) will be used by the tool, which will be tuned using its own enterprise knowledge base and domain knowledge.
GupShup – Funding and Investors
Date
Round
Amount
Lead Investors
July 23, 2025
Equity and debt funding
$60M
Globespan Capital Partners and EvolutionX Debt Capital
May 19, 2022
Private equity Round
$100M
Tiger Global Management
July 28, 2021
–
$240M
Tiger Global Management, Fidelity Management and others
Apr 8, 2021
Series F
$100M
Tiger Global Management
Jan 1, 2021
Venture Round
–
–
Aug 31, 2011
Series E
$10M
Tenaya Capital
Mar 2, 2010
Series D
$12M
Globespan Capital Partners
Oct 14, 2008
Series C
$11M
CRV, Helion Venture Partners
Dec 22, 2006
Series B
$10M
–
Jun 9, 2005
Series A
$1.1M
–
GupShup – Shareholding
Indian unicorns have experienced a slew of valuation reductions as a result of the ongoing macroeconomic problems facing the world, with SaaS unicorn Gupshup suffering the reduction. The value of Gupshup have reduced by 31.6% on March 23, 2023, according to US asset management firm Fidelity Investments. The SaaS startup is valued at about $957 million, down from its initial valuation of $1.4 billion made on April 8, 2021, during its Series F funding round.
Fidelity reduced the value of its position in Gupshup from $10.15 million at the end of May 2023 to $8.08 million at the end of June, 2023. The total value of Fidelity’s share in Gupshup has been reduced and making total valuation of $697 Mn recently, removing the unicorn label from the company as per news resources of July 31, 2023.
GupShup has won STAB Success Award 2023 designed by G7 CR and Microsoft at the STAB Success Awards.
Company won Partner of the Year Award on September, 2023.
GupShup – Acquisitions
GupShup acquired OneDirect on June 2, 2022. The customer engagement platform that is powered by AI was acquired in an all cash deal, according to which the founders and employees of the company will also be joining GupShup.
This acquisition of OneDirect marked the 4th acquisition of GupShup in 2022, which acquired AskSid, Active.ai, and Knowlarity Communications earlier in the same year. OneDirect, has offered services in over 10 languages and has served 1 bn+ customers to date. Indian Railways, Myntra, KFC, Indigo, and Airtel are some of the distinguished customers of OneDirect.
Knowlarity was acquired with an undisclosed amount on February 2, 2022, after which it acquired Active.ai on April 5, 2022, in a deal that involved mainly cash. Active.ai is a Conversational Banking as a Service (CBaaS) platform, headquartered in Singapore, which aims to make client communication easy with the customers.
The enterprise-tech unicorn has acquired 5 companies so far in its journey. Here’s taking a quick look at them:
Company Acquired
Acquired Date
Price
OneDirect
June 2, 2022
–
AskSid Technnology Solutions
April 20, 2022
–
Active.ai
April 5, 2022
–
Knowlarity Communications
February 2, 2022
–
Dotgo
September 23, 2021
–
GupShup – Challenges Faced
When GupShup (formerly called Webaroo) launched in 2007, mobile was the only means to communicate with many people. At that point (which was before the smartphone era) everybody used to use feature phones. The sole way to reach people on feature phones was via SMS.
GupShup developed a really noteworthy idea of an SMS application but that was found to be increasingly difficult to monetize back then. “We could neither subsidise nor monetise. The platform was great; the scale was engaging, but we could not afford the model,” he shares. This is the time when the company changed its business model and began to build an enterprise-oriented model, and success followed.
GupShup – Future Plans
As per the reports of July 28, 2021, the company’s co-founder and CEO, Beerud Sheth stated that the company is looking for a US listing in the forthcoming year. He has further mentioned that GupShup will be buying back shares from its employees and early investors. Fast forward to April 5, 2022, after it acquired Active.ai, Beerud stated that the company would most likely be launching its IPO later in 2022 or the next year. This will make the company build an enviable track record, which will lead to building relations with the marquee firms.
FAQs
What does GupShup do?
GupShup, formerly called SMS Gupshup, Webaroo, is a messaging services and bot-development company operating in India, the US, and the UK providing SMS, email, Voice, USSD, and IP messaging and chatbot development to many Retail and e-commerce companies.
Who are the GupShup founders who founded Gupshup?
GupShup was founded by Beerud Sheth and Rakesh Mathur.
What companies do GupShup compete with?
GupShup’s top competitors are ServiceNow Now Platform, IBM Watson Assistant, TARS, ManyChat, Qualified, Rulai, e-bot7 and LivePerson.
Is Gupshup a unicorn?
GupShup was a unicorn, which entered the unicorn club of the Indian companies on April 18, 2021. As per various news reports, the GupShup valuation is $697 million as of July 2023.
Is Gupshup India a listed company?
The Gupshup Company is not listed but is aiming to launch an IPO soon in 2022 or 2023, and would likely list in the US market.
Diwali festivities seem to have started a wee bit early within the fintech ecosystem. Spirits are high after the tough taskmaster and India’s banking regulator Reserve Bank of India gave a no-objection certificate to what is being touted as a rare merger.
Digital payments app company–Slice Pay–merging with the lesser-known Guwahati-based North East Small Finance Bank has certainly piqued the interest of stakeholders. This move effectively gives Slice the power to raise deposits, and lend and offer their own unique products to customers of NESFB.
Slice began operations in 2016 and was essentially a prepaid card with a credit line. According to data tracking platform Tracxn, the Bengaluru-based unicorn fintech company was valued at $1.8 billion as of March 2023. Meanwhile, NESFB’s valuation has been pegged at around $72.4 million.
For financial technology companies, this move comes as a lifeline as it opens up another avenue for scaling up operations.
In this article, we explore how fintech companies can lay the foundation and prepare for a probable merger-like scenario with a bank in the future.
Getting a banking license in India is a big deal. RBI scrutinizes applications under a microscope. Earlier this year in July, the RBI rejected three applications for small finance bank licenses, maintaining its reputation for being a taskmaster. In 2022, the regulator had rejected 6 licenses as it found it unsuitable.
One exception was the central bank’s green signal in 2021 to Resilient Innovations Pvt. Ltd (owned by fintech unicorn BharatPe) to buy a 49% stake in Unity Small Finance Bank. But, then this was a distress sale, where RBI was doing its job of safeguarding the deposit holders’ interest.
PwC’s 2021 report on neobanks in India delved into the ambiguity surrounding regulations for smaller digital financial institutions. Neobanks is a term used for financial institutions or fintech companies that operate digitally, without a physical presence. “Currently, unlike neobanks, the regulatory regime does not envisage a completely digital method of offering financial products. It is extremely critical that the current indirect regulations are relooked at in light of the digital offerings of neobanks and their relationship with financial entities.”
Transaction Value in the Neobanking Market
For a fintech company, opting to go through the due diligence of getting a bank license and following regulatory norms can prove to be a headache. At present, RBI rules state that a payments bank or an NBFC with a successful track record of 10 years is eligible to apply for a bank license. This may seem like a long wait for a fintech company as it may take years for some companies to even break even.
A fintech company usually has three options when it comes to the renewal of its license. One, it either applies for a non-banking finance company license with the RBI. Two, it can choose to join hands with another fintech company. And three, taking the heartbreaking decision of shutting shop in case they don’t rake in enough value. The option of merging with a small finance bank as a business objective was never really given much thought, until now.
Meanwhile, for a small finance bank, merging with a fintech company is a shortcut to upgrading its technology, staying relevant to the youth, and paring its losses to some extent. North East Small Finance Bank reported losses for the third straight year with losses widening to ₹288 crores in 2022-23. Its net worth dropped to ₹60 crore, much lower than RBI norms of maintaining a net worth of ₹200 crore. A section of the media has raised eyebrows over the shelf-life of this collaboration, given the losses on both sides and the contrasting cultures in both organizations.
However, the Slice-NESFB merger seems to be a well-planned strategy and not a spur-of-the-moment decision. In March, Slice acquired a 5% stake in NESFB, to get “comfort”. Media reports have also quoted an unnamed source from the company claiming that Slice had been following through with due diligence over the past 15 months to get the deal through.
True to their nature, startups, and fintech companies prefer to see this merger as a window of opportunity rather than view the deal with scepticism.
Before celebrations begin within the fintech space, it is time for companies to ponder over making the most of this development. How can they be the next in line as far as envisioning their banking ambitions are concerned? Taking cues from this new-age merger, we enlist a few parameters on which fintech companies can buckle up and chart a similar route to growth:
Self-regulate Prudently
Fintech companies have long borne the ‘bad boy’ image in the eyes of the regulator.
In 2022, RBI barred non-banking entities from embedding credit lines in their loading PPIs (prepaid payment instruments) such as prepaid cards or mobile wallets. This decision had hit Slice itself which then applied for a PPI license and received it by the end of 2022.
Recently RBI Governor Shaktikanta Das asked fintech companies to form a self-regulatory organization. In RBI’s view, such an organization would help to evolve best practices, protect privacy and data norms, avoid mis-selling, and promote ethical business practices.
“You need to think you are already a small finance bank and create those kinds of capabilities within the organization before the regulator would even consider something like this,” said Yogi Sadana, Founder and CEO of Zype Loan App. He added, “Unlike an NBFC, the amount of opportunities and liabilities that rests on a bank which a banking license allows taking customer deposits, to open bank accounts, that’s a completely different ball game altogether as compared with an NBFC which was not taking customer deposits, in terms of governance standards, in terms of operating stats, cheques, and balances, more importantly, the management. “
It’s only a matter of time before RBI comes cracking the whip on those who fail to comply, which could in turn tarnish the company’s image.
“Eventually they (fintechs) should be ready to come under regulation…the framework for regulation may come. RBI does not leave any stone unturned to leave anybody out of their purview,” said Jaslene Bawa, from Flame University who has worked as a financial market researcher in the corporate sector.
Bawa also said that having rigid mechanisms, assessing credit profiles, regular audits, keeping an easy cash flow, and creating a robust board can help a fintech or an NBFC get bank-ready.
Play to Your Strengths
Setting up an intricate financial technology infrastructure for a mid-sized or a small bank is an exhaustive process. In such a scenario, merging with a fintech company is akin to adding a bit of zing to their portfolio. In addition, fintech apps are a popular choice among the youth, giving ready access to a younger customer base, albeit small to begin with.
“Strategic plan for a fintech should be how nimbly can they set this (technology) up. Can they set it up internally or do they need to acquire an existing company with skill sets and reputation which can marry their reputation, culture, and ethos so that integration of both is seamless and easier,” said Badrinarayan Vedanthan, a banker with 26 years experience across MNCs, SME and MSME/Rural Finance business sectors. Vedanthan, now an independent financial consultant, also previously served as the head of strategy at Suryoday Small Finance Bank.
Slice’s main target has been the Gen Z and millennial crowd. In a media interview in 2021, Rajan Bajaj, founder of Slice emphasized how they would continue to target the young segment, despite their high-risk profile. “The average age of slice’s customers is 23-24, which differentiates us from the rest. We understand the risk and demand profile of this young customer and know how to help them navigate through their finances. At present, there is no other solution at a slice’s scale in the market that can cater to the needs of this generation in a transparent and scalable manner.”
Fintech companies should play to their strengths as far as their technological reach is concerned. Digital payments have revolutionized the way Indian banks and organizations have managed to get millions of unbanked individuals into the purview. RBI’s Das acknowledged this feat in his speech at the G20 summit held in September.
Just a month before the Slice-North East Small Finance Bank merger was announced, RBI Deputy Governor Rabi Sankar took note of the upper hand that fintech companies possess. Sankar said, “An arrangement of financial institutions buying services of fintech companies was “functional” adding, …fintech entities can perform functions where they have a competitive advantage and banks focusing on areas of their expertise. While customers benefit from an improved experience with curated products and services at competitive prices…”.
Customer is King
A customer-service-oriented approach will help a financial technology company deepen its stronghold and make it an attractive proposition for merging.
“Banking is not just a business, it’s a responsible service, so if they wish to merge with any such entity, they have to make sure that the customer is well taken care of,” said former banker and head of department – finance at Lexicon MILE, Dr Manju Chopra. “Secondly, they (fintech companies) can go slow on the entire due diligence, the valuation study. Don’t hurry into valuing or finding these banks, ensure that synergies are very very high,” she added.
The segment and geographies where a fintech company operates could also end up being their USP (unique selling point). Deepening that stronghold could turn fintech into an attractive proposition.
RBI’s Das has himself stressed the three key aspects that will make fintech “future-ready”.
“…key issues which are critical for the Fintech ecosystem to be stable and future ready. In this context, three critical issues, viz., customer centricity, governance, and self-regulation merit attention.”
On the surface, this merger seems like a foot in the door for financial technology companies’ growth, but it has raised many eyebrows for its “unusual marriage” of two contrasts.
It’s indeed an uphill task for both entities to find a middle ground as far as expanding their customer base, scaling up technology, and customer data sharing are concerned. Only time will tell if these opposites, who have attracted themselves to each other, will result in a honeymoon period for customers.
Unarguably, the merger has set the ball rolling for a number of possibilities for fintech companies and small finance banks to stay afloat. In the meantime, it only makes sense for these smaller players to clean up their image and books so that they are not caught by surprise when the RBI comes knocking at the door.
In an exclusive interaction with StartupTalky, Mr. Alain Raes, Founding Partner and Chief Commercial Officer of iPiD discussed iPiD’s Validate Solution and how it is addressing fraud and failed payments in the global payments industry, as well as its role in supporting emerging payment methods. Additionally, iPiD’s collaboration with fintech companies and strategies for adapting to regulatory changes and future competition were discussed, along with their commitment to developing new products and services focused on security and fraud prevention in the evolving payments landscape.
How is iPiD’s payment addressing data platform Validate Solution helping to address the challenges of fraud and failed payments in the global payments industry?
M.r Raes: iPiD’s payment addressing data platform, Validate, helps address the challenges of fraud and failed payments in the global payments industry by offering an advanced API solution that seamlessly integrates with domestic account validation schemes. With Validate, banks or payment providers can ensure payments reach the intended recipients every time. It does this by confirming payee names and bank account details in real-time, offering an essential tool in the battle against fraud and failed payments.
How is iPiD’s technology supporting the development of new payment methods, such as instant payments and cryptocurrencies?
Mr. Raes: iPiD’s technology supports emerging payment methods, including instant payments and cryptocurrencies. While it is worth noting that cryptocurrency itself is not considered a traditional payment method, iPiD’s Validate API solution can facilitate the integration of cryptocurrencies and enhance their utility in the payment ecosystem.
In the context of instant payments, iPiD’s technology ensures the seamless validation of essential data points concerning the recipient, a critical requirement for real-time transactions. This verification process promotes the reliability and security of instant payments, helping to build trust among users and enabling these payment methods to thrive in an increasingly fast-paced financial landscape.
When it comes to cryptocurrencies, iPiD’s Validate API solution can be integrated into the existing payment systems of service providers in the crypto space. This integration allows for the verification of crucial data points about the recipient of the cryptocurrency payment, contributing to the overall security and legitimacy of cryptocurrency transactions.
How is iPiD working with other fintech companies to revolutionize the way global payments are made?
Mr. Raes: iPiD is collaborating with various fintech companies to spearhead a revolution in the way global payments are conducted. The key strategy lies in the integration of the Validate API solution into the existing payment systems of these fintech firms.
This integration is pivotal because it empowers these companies to validate essential data points about the payment’s recipient. By leveraging iPiD’s technology, any payment provider can enhance the accuracy and security of their transactions. iPiD’s cooperation with fintech companies is driving an evolution in global payments by ensuring that the fundamental data elements related to payment recipients are consistently validated. This innovation contributes to the overall enhancement of payment processes and security, ultimately reshaping the landscape of global payments.
What are iPiD’s views on the latest regulatory developments in the payments industry, such as PSD2 and Open Banking?
Mr. Raes: PSD2 and open banking regulations have been in existence for a significant period. One of the central principles of open banking is the requirement for participant consent, which underscores the importance of authorization in data sharing. More recent payment regulations are specifically targeted at safeguarding paying agents against the repercussions of the rapid evolution of real-time payments. These developments primarily address concerns related to misdirected payments and, significantly, the rise of APP Fraud.
It is worth noting that these new regulations are focused on mandating account validation, a crucial aspect of payment security, which aligns with iPiD’s capabilities and support. iPiD is well-equipped to facilitate compliance with these regulations, providing a valuable solution to enhance payment security and protect against emerging payment risks.
How is iPiD preparing for the future of global payments, which is likely to be characterized by increased competition from emerging players and new technologies?
Mr. Raes: We have a distinctive approach. Instead of positioning itself as a direct payment provider, iPiD serves as an enabler for various payment platforms.
iPiD’s primary focus is on enhancing the customer experience by offering a robust account validation mechanism. This mechanism operates independently of the payment rails, which means it can be seamlessly integrated into various payment systems and platforms. By facilitating account validation before the payment initiation process, iPiD plays a crucial role in fortifying the foundation of payment processes and, consequently, in improving the overall customer experience.
This approach enables iPiD to adapt and thrive in the rapidly changing landscape of global payments, ensuring its relevance and effectiveness in a world characterized by increasing competition and the emergence of new technologies and players in the payment industry.
What new products and services is iPiD developing to meet the needs of its customers in the future?
Mr. Raes: To meet the evolving needs of its customers in the future, iPiD is actively working on the development of new products and services. Among the current initiatives, iPiD has introduced a second API designed to foster interoperability between domestic proxy payment schemes. This feature promotes smoother and more efficient payment interactions across different platforms, enhancing convenience and accessibility for customers.
Additionally, iPiD is committed to expanding its service offerings by introducing more microservices. These microservices will play a pivotal role in enhancing security measures by strengthening defenses against fraud. As the payments landscape continues to evolve and face new challenges, iPiD’s dedication to innovation ensures that it can deliver the products and services that meet the ever-changing needs of its customers, particularly in the context of fraud prevention and payment security.
Like they say there’s a song for every mood, but in a practical sense, it is not possible to have such a large number of songs stored on any device. Spotify perfectly solves this problem. Spotify is an international online and offline music streaming and media services provider, headquartered in Stockholm, Sweden. Founded in April 2006, which is the Spotify creation date, Spotify is the world’s largest music streaming service provider. In India, Spotify is the largest audio streaming platform among international players. So, let’s have a look at the Spotify success story, where we will also learn about Spotify, the Founders of the app or the Spotify creator, the Fundings it received, Spotify Business Model, Revenue Model, Acquisitions, Challenges and discuss how it gained the immense popularity it enjoys among the music lovers globally.
Spotify began its journey in the year 2006, which was the start of Spotify, and since then, it has been serving a platter of podcasts, videos, and music to its customers. Founded by Daniel Ek and Martin Lorentzon, Spotify is a Swedish audio streaming and music service provider. Headquartered in Stockholm, Sweden, Spotify brings a wide selection consisting of more than 70 million songs from an array of diverse record labels and media companies. As the company brings digital, copyright-protected podcasts and musical content to its users, it helps them enjoy the basic features and access limited contents that are distinguished for the advertisements in them as freemium. However, Spotify also brings affordable subscriptions for the users, which helps them access its treasure trove of content, add-free.
The core business of the company lies in music or audio streaming. Although Spotify was founded in 2006, it was launched 2 years later in the year 2008. One of the main reasons for the commercial success of the Spotify business is that it provides a good list of search variables where the users can type the song, artist, album, or genre on the search bar and then hit go, THAT’S IT. Spotify enjoys a huge cheering section of about 381 million active users (monthly), of which 172 million are premium users as of September 2021.
A user can use Spotify in two modes i.e, online and offline. For offline mode, a premium membership is needed with which you get access to download from Spotify’s collection of 13 million+ songs. However, for the online mode, the internet connection is a prerequisite and premium membership is not needed. Spotify App is available both for mobile and desktop, so you can just sign in to spotify.com and start listening if you don’t want to go with the app.
Spotify also introduced “Spotify for Artists” a platform to provide artists and their teams with audience statistics and various tools to promote their music and manage their profiles on Spotify. From promoting their shows to selling artist-branded merchandise, Spotify for Artists is a great platform for artists.
The market size of the music streaming industry across the globe was last reported to be around $20.9 bn in 2019. This was estimated to be going up at a CAGR of 17.8% from 2020 to 2027. This rapid growth of the industry of music and online streaming of music is expected to expand due to the increasing adoption of smartphones and rapid digitalization coupled with the growth of digital platforms. Here, Spotify was reported to have a market share of more than 32%, as of November 2021’s reports.
Spotify – Startup Story | History
Spotify was founded by Daniel Ek and Martin Lorentzon as a way to deal with the problem of music piracy. Before the music streaming services got popular, there were many who downloaded pirated music files. This was a growing challenge for the whole music industry and is the base of Spotify history. Daniel and Martin realized that music streaming has a huge potential, which made them start Spotify startup in 2006.
The name ‘Spotify’ came to the founders just by chance. It was when Daniel and Martin were yelling out some possible names for their music streaming business that Daniel misheard the name ‘Spotify’. Spotify name meaning was later summed up as a combination of two words “Spot” and “Identify”.
Spotify’s services were publicly released (by invitation only) for the first time on 7 October 2008, in Scandinavia, the United Kingdom, France, and Spain. In 2009, Spotify started offering free but limited access to its services in the UK. As of today, Spotify is operational in over 180 countries and is working towards entering many more new territories, when last reported in October 2021.
Spotify – Founders and Team
Spotify has been founded by Daniel Ek and Martin Lorentzon.
Martin Lorentzon and Daniel Ek, Founders of Spotify (From left to right)
The Spotify founders’ story is quite an interesting one.
Daniel Ek
Spotify founder Daniel Ek is currently the Chairman and CEO of Spotify. Ek started his entrepreneurship when he was just 13! He used to design websites for his clients. Daniel Ek worked in a senior role at an online commerce company, Tradera. After Tradera he served as CTO of Stardoll ( a browser-based game and fashion community). He later started an advertising company Advertigo which was sold in 2006. After this, Daniel worked as the CEO of μTorrent (BitTorrent download client on desktops) for some time before starting up Spotify.
Martin Lorentzon
Spotify co-founder Martin Lorentzon initially began with an internship in Telia (a Swedish Multinational Telephone Company) and was later shifted to San-Francisco where he joined AltaVista (one of the early search engines that were later purchased by Yahoo). There he met web entrepreneurs and landed a job in Cell Ventures, an investing company. Martin went on to co-found Netstrategy in 1999, which later came to be known as Tradedoubler – a leading European Marketplace. Tradedoubler bought Daniel Ek’s advertising company Advertigo in March 2006, and this is when Daniel and Martin came to know each other.
Spotify operates globally with a team between 5,000 – 10,000 employees.
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The naming of Spotify has a really interesting backstory. As shared by one of the creators of Spotify, who is also the CEO of the company, Daniel Ek, the naming of Spotify was decided when Daniel and Martin stayed at a flat in the suburbs of Stockholm. The founders of Spotify were sitting in different rooms one day, and exchanging different naming ideas of the brand, shouting them back and forth. Then, Martin shouted a brand name to Daniel, which was misheard by the later as “Spotify”. As soon as he heard the name, or rather misheard it, Daniel googled the same, and finding no matches or hits for Spotify on Google, they registered the same for their company immediately. However, the founders are often embarrassed to disclose this story behind the naming of the popular music streaming app and generally weaves in the after construction that the name of Spotify is a portmanteau of “Spot” and “Identify”.
Spotify is fueled with the tagline “Music for Everyone.”
Spotify Logo
Spotify – Mission and Vision
Spotify claims that its mission is “to unlock the potential of human creativity—by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by it.”
Spotify’s vision revolves around extending a cultural platform where the professional creators can break free of their medium constraints and can thereby enjoy an immersive artistic experience.
Spotify – Business Model and Revenue Model
Spotify works on a “freemium” business model. According to this model, there are certain services that are free while the other services are paid. The source of revenue for Spotify is the premium subscription for paid services. It also earns revenue by selling ad space on its non-premium streaming service.
Other than paying the artists, Spotify also pays the rightsholder of any song anything between $0.006 to $0.0084 per play ( according to 2018 reports).
Spotify has raised a significant amount of $2.1 billion to date (February, 2023). It has witnessed over 19 funding rounds and the last funding round was a Post-IPO round, which came in on February 10, 2023. There are 3 lead investors for the company.
Below are details of funding raised by Spotify –
Date
Stage
Amount
Investors
Feb 10, 2023
Post-IPO Round
–
ValueAct Capital
February 25, 2021
Post-IPO Round
–
–
January 8, 2018
Corporate Round
–
SharesPost Investment Management, EquityZen
December 15, 2017
Funding Round
–
Tencent Holdings, SchindlerAM Ventures, Tencent Music
April 2, 2017
Secondary Market
–
–
July 28, 2016
Secondary Market
–
Manhattan Venture Partners, blisce, Harmony Partners, GP Bullhound
March 30, 2016
Debt Financing
$1 Billion
Dragoneer Investment Group, TPG, Vulcan Capital
January 2016
Convertible Note
$500 Million
–
January 21, 2016
Secondary Market
—
blisce
August 30, 2015
Secondary Market
–
EquityZen, SharesPost Investment Management
June 10, 2015
Series G
$526 Million
Goldman Sachs Investment Partners
April, 2015
Funding Round
–
Goldman Sachs Investment Partners
November 25, 2014
Secondary Market
–
blisce, Groupe Arnault
November, 2012
–
–
$100 Million
June, 2011
–
$100 Million
February, 2010
–
–
Founders Fund
Spotify – Shareholding
Several distinct parties jointly own Spotify. Martin Lorentzon, who as of January 3, 2023, owned 10.9% of Spotify’s total shares, and Daniel Ek, who owns 7.3% of the total shares, collectively hold the majority of the company’s stock. Investment corporation Baillie Gifford & Co., which owns a 14.5% stake in the business, is the company’s largest institutional stakeholder.
T. Rowe Price and Morgan Stanley are two more significant institutional shareholders, each holding a 6.18% and 3.66% interest respectively. Other institutional and private investors in the business include Tencent, which is the owner of 8.61% of the company’s shares, and Sony Group Corporation, which is the owner of 2.65% of the company’s shares.
Spotify – Acquisitions
In 2013 Spotify acquired Swedish music discovery app Tunigo
In 2014 it acquires music tech company The Echo Nest
2015 Spotify acquired Seed Scientific, which is a data science consulting firm.
In 2016 Spotify acquired two companies within a day. The companies are Soundwave (music discovery startup) and Cord Project (audio messaging apps building startup)
In 2016 it acquired photo startup Crowd Album.
In 2016 again, Preact was acquired. Preact is a startup that helps businesses acquire and retain subscribers.
In 2017 Spotify acquires Sonalytic, a United Kingdom-based audio detection startup
In 2017 Spotify also acquired content recommendation service MightyTV.
Spotify acquired blockchain startup Mediachain Labs in 2017, in order to solve music’s attribution issue.
In 2017 Spotify acquires Niland, a Paris-based AI startup, to improvise its music personalization and recommendations feature.
In 2017 it gets Stockholm-based online music studio Soundtrap
In 2018 Spotify acquired Loudr, San Francisco-based licensing startup. This acquisition will help Spotify to identify, track and pay royalties to music publishers.
Spotify acquired SoundBetter, a music production marketplace that connects artists, producers, and musicians.
In 2019 Spotify acquired podcasting studio Parcast.
In 2019 Spotify acquired Anchor, an online platform that lets users create and distribute podcast content.
In 2019 Gimlet Media was acquired by Spotify. Gimlet is a podcasting startup.
In 2020, Spotify acquired The Ringer, a leading creator of sports, entertainment, and pop culture content. With this acquisition, Spotify is all set to expand its sports and entertainment offerings.
In 2020 Spotify acquired Megaphone (formerly Panoply Media) for $235 Million. Megaphone is also a podcast hosting company. they definitely want to take over the Podcast market.
Here’s taking a better look at some of the recent Spotify acquisitions:
Acquired Company Name
Date of Acquisition
Price
Kinzen
Oct 5, 2022
–
Heardle
Jul 12, 2022
–
Sonantic
Jun 12, 2022
–
Chartable
Feb 16, 2022
–
Podsights
Feb 16, 2022
–
Whooshkaa
December 16, 2021
Findaway
November 11, 2021
–
Podz
June 17, 2021
–
Betty Labs
March 31, 2021
–
Megaphone (formerly Panoply Media)
November 10, 2020
$235 mn
The Ringer
February 5, 2020
–
Parcast
March 26, 2019
–
Gimlet Media
February 6, 2019
–
Anchor
February 6, 2019
–
Loudr
April 12, 2018
–
Spotify – Investment
Spotify has invested in three companies to date.
Below are the details:
Company Name
Date
Funding Amount
Funding Stage
DistroKid
Oct 18, 2018
–
Corporate Round
Tencent Music Entertainment
Dec 15, 2017
–
Funding Round
Soundtrack Your Brand
Jun 23, 2015
$10.9M
Series B
Spotify – Partnerships
Spotify frequently teams up with companies and organizations from around the world to help see an increase in its user counts. The music streaming giant has partnered with over 47 companies to date where 20 of these partners are channel partners and 27 of them are technology partners. Among the biggest of the Spotify partners are Slack, Salesforce, and wufoo.
Calm
On July 18, 2023, Spotify and Calm entered into a relationship with the goal of delivering a variety of calming material from Calm to support people on their mental health journeys.
Open AI
Spotify and Open AI announced a partnership on February 23, 2023. With this partnership, Spotify has created a new AI-powered service called DI to provide the music streaming service with better personalization features.
Spotify is facing opposition from many artists, who see the platform as an ‘unwanted middleman’. Artists like Thom Yorke, Johnny Marr, and David Byrne have been vocal against Spotify. While some artists feel that the payouts they receive from Spotify are inadequate, some others feel that the platform is not supportive enough for emerging artists and the Spotify team is trying to deal with this effectively. In 2013 Spotify launched ‘Spotify for Artists’ which is an attempt to clarify its business model to the artists and help the artists create a fanbase and earn great revenues as well.
Besides experts holds that making money from the streaming business is not an easy task. From paying royalties to artists to other costs involved it is tough to turn profitable, and Spotify despite its popularity has incurred many losses. However, with the increase in the paid customer base, Spotify will be able to deal with it better. As per a 2019 report, Spotify has turned profitable only thrice since its inception.
Another challenge for Spotify is the competition that it is facing from competitors like Apple Music and Amazon Music Unlimited.
Spotify occupied a market share of over 32% in the global streaming market in November 2021
Spotify market cap in early May 2020 was $26.9 billion
Spotify is now available across devices and diverse Operating Systems
The app is currently available in over 184 markets
Spotify has last been known to be operational in 180+ countries, as reported in October 2021
The app boasted of having 381 million monthly active users, which includes 172 million paying subscribers, when last reported in September 2021
13,000 out of 7 million artists on Spotify, reportedly generated around $50,000 and even more in payments in 2020
Financials
Operating revenue for Spotify grew from Rs 0.34 crore in FY21 to Rs 16.12 crore in FY22. In terms of company profit/loss, the company went from Rs 44.25 crore in FY21 to Rs 156.46 crore in FY22.
Spotify – Financials
Spotify – Products and Services
Free Spotify Service
In India in October 2023, Spotify had restricted access to a few important features for free users. Only premium subscribers will have access to it, and users won’t be able to play songs in a particular order, replay songs, or go back to their prior tracks or features.
Audiobooks
As part of a larger push into the market, Spotify Technology SA is providing 15 hours of audiobook listening for free each month to its premium users in the UK and Australia as per news report of October, 2023. Spotify Audiobook was launched in September 2022.
Daylist Feature
The Daylist feature that Spotify has introduced allows users to customize according to their emotions or moods on September 12, 2023. Depending on the users’ previous listening patterns during the day, the Daylist will be updated.
Spotify – Future Plans
The Spotify team looks forward to increasing their active users monthly and also at growing the number of their premium subscribers. “Our goal (is to become) the world’s No. 1 audio platform,” says Daniel Ek, CEO of Spotify.
According to a news article from October 9, 2023, Spotify is going to offer a Super premium service with lossless music, AI playlists, enhanced mixing capabilities, and more.
Spotify will test out Voice Translation as per news report of September, 2023, an innovative AI-powered function that converts podcasts into multiple languages while preserving the podcaster’s voice. In order to mimic the original speaker’s manner, this Spotify-developed tool makes use of the most recent technological advancements, including OpenAI’s just-released voice generation technology.
Frequently Asked Questions – FAQs
Is Spotify free now?
Yes, there is a free version available but with limited features and frequent ads. However, the content is the same. With the premium version, on the other hand, you get access to all the content and all of its features.
How do I listen to Spotify without downloading it?
You can access Spotify through their website on your desktop if you do not want to download their app. Signing up is free!
Can I download songs from Spotify?
Yes, absolutely! You can download songs playlists or podcasts from Spotify if you have the premium plan and listen to music offline. However, as soon as your premium version expires you will lose access to the songs playlists, or podcasts.
How long is Spotify free?
Spotify Free lets you listen to music, but you have to listen to advertisements as well. After six months of use, you get a time limit of 10 hours per month.
Can you listen to Spotify without WIFI?
Yes, if you have the premium version you can listen to Spotify offline without WIFI as long as you have downloaded the tracks or podcasts previously.
How many devices can use Spotify?
Spotify allows premium users to install the application on as many devices as they like. However, you can only stream music on one device at a time.
Who owns Spotify app?
The Spotify app is owned by Spotify Technology S.A.
In the 21st century, the fashion industry isn’t just about clothes or accessories. It’s a dynamic force shaping our culture, identity, and the way we express ourselves.
Beyond the runways and glossy magazines, fashion has become a powerful storyteller, reflecting societal shifts, breaking down stereotypes, and championing diversity. This cultural phenomenon has succeeded in blurring boundaries, fostering creativity, and influencing the way we perceive ourselves and the world around us.
Let us take you on a journey into the world of one such fashion brand that has stood against time with all its beauty & elegance – the world of DIOR.
Dior is a fancy fashion brand that’s been making waves in the fashion industry since 1946. Started by Christian Dior, this brand is all about making clothes that are super fancy and stylish. Imagine clothes that celebrate how awesome it is to be a woman – that’s Dior’s vibe!
That said, Dior isn’t just about clothes, though. They are also known for products like wines and spirits, leather goods, perfumes, cosmetics, watches, jewelry, and much more.
It’s like a whole lifestyle and art thing.
Every collection they make tells a cool story that mixes together history, culture, and new ideas.
Being part of the Dior world is like stepping into a place where fashion is more than just clothes – it’s a way to show who you are and what you dream of.
Dior – Industry
Dior, a beacon of elegance and innovation, has played a pivotal role in shaping the fashion landscape since its inception. As a symbol of sophistication, Dior’s impact on the fashion industry stands as an inspiration to many other brands.
This industry which is estimated to be worth $3 trillion worldwide, is a dynamic world where designers, both iconic and emerging, bring their imaginations to life on the runway, shaping the way we express ourselves through clothing and accessories.
Dior – Founders and Team
Christian Dior – Founder, Dior
Christian Dior, a luminary in the world of fashion, was born on January 21, 1905, in Granville, France. He started the House of Dior in 1946 after World War II.
Before establishing his own fashion house, Dior had gained experience working with renowned designers and had a keen understanding of the fashion industry. With financial backing from Marcel Boussac, a prominent textile magnate, Dior opened his couture house at 30 Avenue Montaigne in Paris.
As Christian Dior was building this great fashion empire, unfortunately, he had an untimely death in 1957.
After that, the House of Dior experienced a succession of creative directors like Yves Saint Laurent, Marc Bohan, Gianfranco Ferré, John Galliano, Raf Simons, and Maria Grazia Chiuri each contributing a distinct touch to the iconic brand.
Dior – Startup Story
Before entering the fashion industry, Christian Dior, who had a strong passion for art, owned an art gallery in France. He worked for couturier Lucien Lelong and fashion designer Robert Piguet after closing his gallery during the Great Depression.
However, Dior was eager for his own work to be appreciated, which inspired him to create his own fashion house in 1946, giving rise to Christian Dior.
Just after a few months, Dior’s revolutionary “New Look” collection in 1947, featuring luxurious fabrics and extravagant silhouettes, created a sensation in the fashion industry and marked a post-war departure from wartime austerity, especially for women.
Dior’s innate flair for design and business acumen propelled him to the forefront of the industry.
Christian Dior’s “New Look” Fashions | Movietone Moment
Dior – Mission and Vision
Dior’s mission says, “Our mission, to only leave beauty as a legacy, means being fully committed to reducing our carbon emissions by 46% full scope by 2030 and aligning our business with the 1.5°C pathway. It also means to gather our efforts in favor of biodiversity with flower farming as driver of regeneration”
Dior’s vision says “At the heart of everything we do lies the limitless love of flowers that inspired Monsieur Dior. They are the source of every fragrance, skincare and make-up we create. We believe it is the responsibility of Parfums Christian Dior to harness the power of flowers to regenerate biodiversity by cultivating, preserving and reintroducing them into ecosystems.”
Dior – Logo
Dior – Logo
Dior’s logo, a bold and elegant “CD” intertwined, holds a fascinating story. It was created by Christian Dior himself when he founded the fashion house in 1946. The iconic emblem not only represents his initials but also symbolizes the unity of tradition and modernity.
The letters “C” and “D” are interlocked in a stylish manner, reflecting Dior’s vision of bringing together classic elegance with a fresh and contemporary approach to fashion.
The logo captures the essence of the brand’s enduring legacy and its founder’s innovative spirit.
Dior – Business Model
Christian Dior’s business model reflects a balance between tradition and innovation, luxury and accessibility, ensuring its enduring presence in the competitive world of fashion.
It also encompasses a diversified approach, including collaborations, strategic partnerships, and a strong online presence to reach a global clientele.
The brand’s commitment to sustainability and ethical practices is increasingly integrated into its business model, aligning with evolving consumer values.
Dior – Revenue Model
Dior makes money through a variety of products and services that showcase its luxury and style. The main sources of revenue include selling ready-to-wear clothes, chic accessories, and iconic handbags that fashion enthusiasts around the world adore. Dior’s exquisite fragrances and high-quality cosmetics also contribute significantly to their income.
Dior – Challenges Faced
While talking about all these success stories, let’s not forget the challenges that Dior faced like the scarcity of resources in the post-World War II world, financial constraints, initial resistance to the ‘New Look’, untimely death of Christian Dior, succession challenges, changing consumer trends, global economic turbulence and many more unforeseen hurdles.
Bernard Arnault, one of France’s richest men and the one who runs Louis Vuitton and Moet Champagne was already a main shareholder in DIOR.
In 2017, the Arnault family purchased the rest of the Dior at a $13.1 billion buyout.
Now, Dior holds 42.36% of shares and 59.01% of voting rights within LVMH.
Dior – Online and Social Media Presence
The company has a strong online presence and the social media profiles for Dior target a certain audience. Dior is integrating its offline strategy into its online channels through a variety of means, including famous influencers and creative advertisements.
For instance, the brand has a very elegant Instagram account flooded with beautiful pictures of models wearing Dior.
Dior – Advertisements and Social Media Campaigns
In the latest, Dior’s “SPRING 2023 MEN’S CAMPAIGN”, the new collections are unveiled in a campaign featuring Dior’s ambassador Robert Pattinson.
In an exclusive interaction with StartupTalky, Mr. Agastya Dalmia, Director, Keventers, discussed how the iconic brand has evolved to meet the changing needs of Indian consumers, its impact on Indian society, and how it balances heritage with innovation.
Mr. Dalmia is the visionary leader steering the ship of one of India’s most iconic brands. With a history that spans back to 1925, Keventers has held a special place in the hearts of countless Indians, and under Agastya’s guidance, the brand has continued to thrive and evolve. Agastya Dalmia’s dedication to preserving the brand’s heritage while embracing innovation has made Keventers a symbol of quality, authenticity, and progress in the world of beverages.
How has your brand evolved over the years to meet the changing needs and aspirations of Indian consumers?
Mr. Dalmia: We have continuously refined our offerings to cater to diverse tastes and preferences. From our classic milkshakes to newer, innovative flavors, we have strived to keep our menu both timeless and relevant. Some new and trendy flavors include Lotus Biscoff, Ferrero Rocher, etc.
Over the years, we have enhanced our menu and introduced more product offerings, including Ice Cream, Thick Shakes, Iced Beverages, Smoothies, etc. Additionally, with our recent launch of “Value shakes” priced at Rs. 99, we have introduced something truly pocket-friendly for our audience!
In response to modern tastes and the increased interest in and demand for vegan foods, we have launched our first-ever range of Vegan Scoops this year. It is a treat for people with dietary restrictions, including gluten or lactose intolerance and dairy allergies.
What are ways in which your brand has shaped the way Indians live, work, and consume goods and services?
Mr. Dalmia: As the iconic creator of milkshakes and India’s favorite milkshake brand, we have been setting trends in milkshakes since pre-independence! Our legacy, timeless milkshakes, and authentic bottle packaging have resonated with the audience for generations. As pioneers of the milkshake industry, we have made milkshakes a convenient go-to beverage for getting a delicious refreshment at any point throughout the day!
Can you share some specific examples of how your brand has made a positive impact on Indian society?
Mr. Dalmia: Heritage and Nostalgia: As a homegrown brand, we have a rich history that resonates with many. Established in 1925 by Edward Keventer, the brand has been a part of the Indian landscape for almost a century. Keventers invokes a sense of nostalgia among generations of Indians who have fond memories associated with its timeless milkshakes.
Contributing to the Indian Army: Post-independence, we were the official dairy partner of the Indian Army.
Introduction of Vegan Range: In response to the majority of Indians suffering from gastric ailments due to cow’s milk allergy and other health concerns, as well as the growing awareness of animal welfare and environmental issues, we launched an all-new Vegan Range consisting of Strawberry and Dark Chocolate Scoops.
Charity: We have also participated in charitable activities and supported causes that matter to our society. Some examples from the past include a Consumer Social Responsibility initiative with The Robin Hood Army, wherein Keventers distributed milk to underprivileged children and women in Delhi and Noida and raised awareness about child malnutrition.
During COVID-19, Keventers and the Amba Dalmia Foundation Trust raised more than INR 1 crore to provide critical care to COVID-19 patients.
Job Creation: Over the years, Keventers has created numerous job opportunities in India, contributing to employment and economic growth. Our expansion into various cities and regions has furthered this positive impact.
How do you balance the need to stay true to your brand’s heritage with the need to innovate and adapt to changing times?
Mr. Dalmia: Keventers has a rich legacy dating back to 1925. In its early days, our brand symbolized quality, consistency, and a commitment to delivering a memorable taste experience. Fast forward to the present, we have evolved into a modern and dynamic brand while still retaining our core values of quality and authenticity. With a perfect blend of tradition and innovation, Keventers offers a diverse range of products, including milkshakes, sundaes, ice creams, and more.
We have ensured that the core values and essence of Keventers remain intact. Our classic milkshakes, for instance, are still crafted using the same timeless recipes. They have stood the test of time and continue to be beloved by customers of all ages.
The pure joy of sipping a Keventers milkshake should always remain a constant in our customers’ lives!
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