Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Apeel Sciences.
Fresh fruits and vegetables are vital to a healthy, well-balanced diet. The global market size of fresh produce was valued at $144,004.80 million in 2022 and is projected to grow to $210,903.81 million by 2028, with a CAGR of 51.4%.
Despite such a huge figure, the world is experiencing global hunger because of the perishable nature of fruits and vegetables. Apeel Sciences has come across as a major breakthrough in preserving the quality of fresh produce for a long time.
This article talks about Apeel Sciences, how it was founded, its founder, business and revenue model, funding, partners, and more.
Apeel Sciences, popularly known as Apeel, is inspired by nature’s own technology. Every plant on Earth, from oranges to raspberries, has its own peel or skin that protects them. The company uses the edible materials found in the skin, seeds, pulp, and peels of every fruit and vegetable to keep the produce fresh for longer.
Apeel Sciences serves small growers to the world’s top retailers with delicious, nutritious, and longer-lasting produce in the U.S., Chile, Canada, Japan, China, South Africa, Mexico, the U.K., Switzerland, Kenya, and many other countries.
Apeel Sciences – Founders and Team
James Roger is the founder and CEO of Apeel Sciences. He completed B.S. in Materials Science and Engineering from Carnegie Mellon University, an M.A. in Economics, and a Ph.D. in Materials from U.C. Santa Barbara.
In addition to founding Apeel Sciences, he is a Board of Directors member at the UCSB Alumni Association, a Young Global Leader at the World Economic Forum, and a Board of Trustees member at the Santa Barbara Foundation.
James Roger – Founder and CEO, Apeel Sciences
Appel Sciences is a team of around 340 employees.
Apeel Sciences – Startup Story
While driving home, James Roger was listening to a podcast on global hunger and thought of having magical seeds that could absorb water and sunlight, produce food, and self-propagate. The thought stuck with him, and he decided to understand the reason for global hunger despite the abundance of food worldwide. Eventually, he came across a paper that stated all produce was seasonal and perishable. It’s when he realized that the perishability of production is the issue.
He identified some critical missing links to the food supply and demand problem, and his background in metallurgy became a critical link to his billion-dollar startup idea. Like a barrier around stainless steel, he thought of inventing an edible barrier around the food that could help food last longer.
He sharpened his idea and founded Apeel Sciences in 2012 after receiving a grant worth $100,000 from the Bill and Melinda Gates Foundation. The primary purpose behind this grant was to reduce post-harvest food waste in developing countries lacking refrigeration infrastructure.
Since its inception, the company is developing products for two categories- USDA Organic Certified and conventional produce.
Apeel Sciences – Mission and Vision
Apeel Sciences’ mission is to make exceptional quality, longer-lasting produce that helps prevent food waste- creating value throughout the supply chain and a more abundant future for human beings.
Apeel Sciences – Business Model
Apeel Sciences dramatically slows spoils’ production rate by maintaining moisture and reducing oxidation. The company supports the natural abilities of the plants to protect against environmental stress. The top layer of the plant’s peel, the cuticle layer, keeps moisture in while allowing the plant to breathe without letting it dry. Apeel Sciences forms a thin edible ‘peel’ on the fruit’s surface, similar to the plant’s cuticle layer, to protect fresh produce.
Apeel is composed of purified monoglycerides and diglycerides, edible compounds verified by regulatory authorities worldwide, including Health Canada, the Food and Drug Administration (FDA), and the World Health Organization (WHO).
Apeel Sciences – Revenue Model
Apeel Science generates revenue by selling its edible coating powder, application equipment, and onsite service team to small, mid, and large-sized growers and farmers.
Apeel Sciences – Products and Services
The company offers Edipeel, a thin, edible post-harvest coating made from plant-derived materials. Moreover, Edipeel is allowed to use on fruits and vegetables, including Avacados, English Cucumbers, Limes, Mandarins, Oranges, Organic Apples, Lemons, Grapefruit, Mangoes, Papayas, Pineapples, Pomegranates, Bananas, and more.
Apeel Sciences – Fruit with Edipeel
Apeel Sciences – Challenges Faced
Recently, posts on Facebook and Twitter confuse two different products Apeel – a hard surface cleaner produced by a U.K. company, and Apeel Sciences. These social media posts claimed that Edipeel is harmful to human health.
Apeel Sciences raised a total amount of $719.1 million over 10 funding rounds. Its latest funding round – Debt Financing, was held on June 29, 2022, and raised $4 million. 33 investors fund the company, including Andreessen Horowitz, Upfront Ventures, DBL Partners, Powerplant Ventures, S2G Ventures, The Bill & Melinda Gates Foundation, and others.
Date
Round
Number of Investors
Money Raised
Lead Investor
June 29, 2022
Debt Financing
2
$4 million
–
January 1, 2022
Debt Financing
–
$75 million
–
August 18, 2021
Series E
16
$250 million
Temasek
October 27, 2020
Venture Round
3
$30 million
–
May 26, 2020
Series D
7
$250 million
GIC
July 31, 2018
Series C
4
$70 million
Viking Global Investors
December 13, 2016
Series B
8
$33 million
–
June 25, 2014
Series A
4
$5.8 million
–
December 31, 2013
Seed Round
4
$1.3 million
–
November 1, 2012
Grant
1
$100k
Bill & Melinda Gates Foundation
Apeel Sciences – Mergers and Acquisitions
Apeel Sciences acquired ImpactVision on May 11, 2021, to use its imaging and machine learning technologies to allow food suppliers to collect quantifiable data about products, like freshness, ripeness, and nutritional density.
Apeel Sciences – Patents and Trademarks
Apeel Sciences has 64 registered patents, with ‘Food or Foodstuffs; Their Treatment, Not Covered by Other Classes’ primary category. Additionally, it has 24 registered trademarks, with ‘Agricultural Products; Live Animals’ as the most popular class.
Apeel Sciences – Growth
Apeel Sciences have prevented 44 million fruits from being wasted, avoided 7,000 metric tons of CO2-eq of greenhouse gas emissions, and conserved 1.7 billion of water. The estimated annual revenue of the company in 2022 is $88.1 million ($264,571 revenue per employee).
Furthermore, in 2022 Apple Sciences’ valuation was $2 billion. The employee count increased by -35%, and the web visits growth rate is 154.84%.
How Apeel Works
Apeel Sciences – Social Media Presence
Apeel Sciences has a fair share of presence on multiple social media platforms:
Some main achievements of Apeel Sciences are as follows:
‘Technology of the Year Award in 2019 by the University of California (U.C.) Santa Barbara
Selected for Rabobank Food & Agribusiness Industry Leadership Awards in 2018
Apeel Sciences – Competitors
Apeel Sciences ranks 2nd among its 17 active competitors. Here are some of its main competitors:
Karma
Ryp Labs
Full Harvest
PureSpace
Eden Agritech
More
Neolithics
AgroSustain
Apeel Sciences – Future Plan
Apeel Sciences plan to build a smarter supply chain by leveraging advanced technology to maximize the lifespan, quality, and sustainability of fresh fruits and vegetables.
FAQs
What does Apeel Sciences do?
Apeel Sciences, popularly known as Apeel, is inspired by nature’s own technology. Every plant on Earth, from oranges to raspberries, has its own peel or skin that protects them. The company uses the edible materials found in the skin, seeds, pulp, and peels of every fruit and vegetable to keep the produce fresh for longer.
Electronic Commerce, commonly known as E-Commerce, is defined as the buying and selling of goods or services on the Internet. The term embraces a wide variety of data, systems, and tools for online buyers and sellers which include mobile shopping as well as online payment encryption. In the year 2022, the global E-Commerce market size was USD 16.6 trillion which is expected to grow at a CAGR of 27.38% to reach a total size of USD 70.9 trillion by the year 2028.
What is today’s reality, was pioneered by entrepreneur Michael Aldrich in the United Kingdom in the year 1979. He successfully connected a modified domestic television to a real-time multi-user transaction processing computer through a telephone line. It was this system that was commercially marketed and sold as business-to-business systems in UK, Ireland, and Spain.
With the advent of the world wide web in the 90s, E-Commerce began to take shape and Book Stacks Unlimited, an online book store was created by Charles M. Stack in the year 1992. Then came the year 1995 and Amazon was officially launched, originally beginning its business operations as an online bookstore and the rest is history.
Ever since then, E-Commerce has grown and expanded exponentially and is, even now, consistently growing. This behemoth has substantially impacted seller and buyer behavior. This article is a look at some statistics and facts about E-Commerce.
Retail E-Commerce sales worldwide from 2014 to 2026
Business, by its very nature, is organic. It is ever-changing and ever-evolving. E-Commerce is no different. It is impacted by the purchase behavior of global internet users, mobile shopping, E-Commerce marketing, and social media’s relation to online purchases.
General E-Commerce facts to consider are –
Online global retail sales are projected to surpass USD 7 trillion by the year 2025
89% of E-Commerce companies are investing in personalization
Online sales through mobile commerce constitute more than 67.2% of all online sales
54% of all consumers who follow businesses online want more video content
By the year 2025, sales from E-Commerce can reach 20.8% of all global retail sales to surpass USD 7 trillion
The year 2022 saw the electronics industry leading the online sales market generating a revenue of USD 988.4 billion. Other thriving industries in the E-Commerce retail space included furniture, toys and hobbies, personal and household care
China is the country that dominates the E-Commerce market share with over 80% of Chinese internet users buying from online stores
While E-Commerce had been registering consistent growth since its advent, it is an indisputable fact that galloped its way to the forefront, especially during the pandemic. Hence, it is only fair to begin listing E-Commerce facts and statistics from this period.
Overall Impact of the Pandemic on the E-Commerce Industry
Contrary to the reality of the physical world where everything stood still for a long time as the globe grappled with the terrible virus, the E-Commerce industry thrived and recorded exponential growth. This was the only way for buyers and sellers to connect and it was utilized immensely.
E-Commerce’s share of grocery retail grew from a mere 7% to 10% amidst the global lockdown
The online drug industry registered a 16% growth in revenue during the containment and lockdown period
All industries registered growth in their online business with food and personal care products recording the highest at more than 26%, toys, hobbies, and DIY at more than 21%, electronics, and media at more than 19%, furniture, and appliances at more an 17% and fashion at more than 14%
Small and medium B2B companies also registered a growth in their E-Commerce business revenue share
Overall, E-Commerce across the world registered an increase of approximately 19% in revenue in the pre and post-pandemic time during the year 2020
The Future of Ecommerce: 9 Trends That Will Exist In 2030
E-commerce strategies of various businesses are centered around online shopping trends and evolving consumer behavior. The aim is to improve customer experience, thereby increasing sales. Prevailing E-Commerce facts and statistics are –
Approximately 70% of online shoppers abandon their carts midway and do not complete the process. This is related to the shopping experience – unexpected extra costs, account creation requirements, and/or a slow delivery process
Digital wallets have emerged as the dominant payment mode of all the global E-Commerce payment options available. It eases checkout processes and positively influences purchase decisions
More than 97% of online shoppers read and depend on online reviews before making the final purchase
Sustainability and environmental impact have emerged to be the chief concerns affecting more than 52% of global E-Commerce shoppers with the world dealing with 6.3 billion tons of plastic waste
Dominating global commerce sales, E-Commerce is the preferred shopping medium for almost 57% of customers due to its 24/7 availability, convenience, discount codes, health, safety, and speed
Consumer engagement on E-Commerce sites like live chat encourages sales with 38% of customers purchasing and more than 51% of customers showing an inclination for repeat purchases
Statistics Affecting Mobile E-Commerce
E-Commerce has evolved to fit on individual mobile screens with different E-Commerce business websites also building apps for higher customer engagement and a more personalized customer reach. Mobile E-Commerce also offers many opportunities for businesses to increase their brand awareness and result in sales.
Global mobile users are projected to reach 7.49 billion by 2025 accounting for 92% of the world population
Mobile E-Commerce has grown at a faster rate than general E-Commerce recording a growth rate of 29% and currently accounts for 67.2% of all E-Commerce transactions
The feature of voice shopping that is unique to mobile E-Commerce, contributes approximately USD 2 billion in consumer spending
Mobile users are increasingly using the QR payment method and it is estimated that by the year 2025, 29% of all mobile users will make payments using the QR code
The world of E-Commerce is highly competitive and changing continuously. Businesses must keep creating on-point marketing campaigns to remain relevant in such a business scenario.
Personalization in the digital space is now commonplace and E-Commerce employs it robustly as the chances of repurchasing from customers increase by 78%
Video marketing is a highly influential tool in the marketing arsenal as 54% of consumers prefer to see video content from businesses of their choice
More than 70% of small businesses have a web presence increasing consumer awareness as well as reach
More than half of E-Commerce businesses (52%) are strong in providing a robust and seamless customer experience through omnichannel presence to increase brand visibility and increase customer loyalty
Statistics Affecting Social Media for E-Commerce
With the advent of the internet, social media grew and today forms an integral part of everyday lives. With the number of mobile users increasing every day, social media grows too and has now become one of the best online marketing channels. It is actively leveraged to increase sales.
The potential of a younger demographic customer pool is wider on social media apps like TikTok and Instagram and these apps have added new and improved features for E-Commerce functionality. Social commerce is estimated to generate USD 30.73 billion in E-Commerce sales by the end of 2023
59% of the global population uses social media which is constantly growing with one report claiming that every second six new users join social media
The wealth of data available on social media sites about potential customers is invaluable for marketers as it helps them to be more competitive
Instagram has become the top social networking platform that keeps pace with the brands
Conclusion
Online shopping has grown to encompass the entire world within its grasp. Although a saturated space for E-Commerce businesses, this world is constantly evolving with the ever-changing consumer demographic. The statistics that hold true today for the E-Commerce world may also change. Hence, it is imperative for any business that is considering venturing into this space, to conduct due diligence as to the current trends that are steering E-Commerce.
FAQs
What is E-Commerce?
Electronic Commerce, commonly known as E-Commerce, is defined as the buying and selling of goods or services on the Internet. The term embraces a wide variety of data, systems, and tools for online buyers and sellers which include mobile shopping as well as online payment encryption.
How much are online global sales projected to grow by 2025?
Online global retail sales are projected to surpass USD 7 trillion by the year 2025.
The financial sector stands at the forefront of technological evolution, dealing with an immense volume of sensitive data, ranging from transactional records to regulatory reports. With the increasing need to modernize legacy systems, data migration has become a pivotal process, thus ensuring that financial institutions remain agile and competitive in a rapidly shifting environment. The complexity arises from the nature of financial data, which often includes intricate hierarchies and interdependent datasets. In such high-stakes environments, ensuring smooth transitions without compromising data integrity is crucial.
Kalpana Puli, with her extensive experience in Salesforce and financial data migration, has played a significant role in addressing these challenges across the trading, insurance, and tax sectors. One of her major contributions has been ensuring compliance with regulatory frameworks such as GDPR, FATCA, and Solvency II during complex data migrations. “The financial industry operates under strict oversight, so any data migration project must prioritize security and regulatory adherence,” she explains. Her ability to design secure migration strategies, including encryption and audit trails, resulted in 100% compliance for critical migration projects, helping clients mitigate legal risks while maintaining operational readiness.
Legacy systems in financial institutions often pose another significant hurdle. Many organizations have been operating on outdated platforms that are incompatible with modern CRM solutions like Salesforce. Addressing this issue involved extensive data cleansing and transformation before migration can begin. “Legacy data is rarely clean or complete, which makes pre-migration planning and validation essential to prevent errors post-migration,” emphasizes Kalpana. In one project, tackling incomplete policyholder records and ensuring adherence to Solvency II regulations led to a 40% reduction in data errors, improving overall reporting accuracy.
Another challenge encountered during data migration was minimizing downtime for critical operations, such as real-time trade processing or tax filing. Downtime can disrupt business continuity, affecting the organization’s credibility and financial performance. “By adopting an incremental migration approach and conducting parallel-run testing, it’s possible to achieve near-zero downtime, ensuring operations remain uninterrupted,” she recalls. This approach proved highly effective during the migration of a trading platform, where the use of automated ETL pipelines helped maintain 99.9% data accuracy and reduced the project timeline by 30%.
Kalpana’s expertise in stakeholder collaboration has been instrumental in the success of high-impact projects. Migration efforts involve multiple teams, including IT, compliance, and business units, each with distinct goals and timelines. Regular progress reviews and clear communication channels are essential to ensure alignment. “A successful migration is not just a technical exercise; it is a coordinated effort where every stakeholder’s role is clearly defined,” she remarks. This approach led to faster decision-making and smoother execution in a cross-sector data consolidation project, providing a unified client view across trading, insurance, and tax platforms.
Improved data accuracy, reduced timelines, and enhanced operational efficiency are some of the key outcomes that organizations have reported. The automation of compliance and tax reporting processes resulted in a 50% reduction in manual efforts and a 35% improvement in report generation timelines. Her achievements underline the critical role of planning, testing, and execution in data migration initiatives.
As Kalpana reflects, “Ultimately, a successful data migration is not just about moving data; it is about empowering organizations to operate with greater efficiency, accuracy, and confidence in their systems.”
To a great extent, the success in handling the major challenges that stem from the process of financial data migration consists of the combination of efficient professional competence, system and conceptual planning, as well as the enhancement of attention to detail, all of which the projects of Kalpana Puli demonstrate.
The COVID-19 pandemic reshaped global supply chains, bringing unprecedented challenges in logistics and trade. Cross-border transportation was one of the hardest-hit areas, with lockdowns, border closures, and strict health protocols causing widespread disruptions. Amid these challenges, innovative solutions emerged to keep goods moving.
Haroon Rashid, a Logistics & Warehouse Manager at a leading beverage packaging manufacturer in the UAE, with his strategic initiatives not only ensured business continuity during the crisis but also set new standards for cross-border cargo transfer, offering a blueprint for the future of the logistics industry.
At the height of the pandemic, cross-border trade faced a perfect storm of challenges. Border closures and travel restrictions meant that major land routes were either shut down or had limited operational hours, leading to significant delays. Quarantine and health protocols added another layer of complexity, as shipments required extensive checks, increasing both time and cost. Driver shortages further compounded the problem, as mobility restrictions left many transport operators unable to cross borders. On top of it all, fluctuating demand and limited capacity caused freight costs to skyrocket.
To prevent unnecessary exposure and refine logistics during the pandemic, the government introduced a stringent driver swap mechanism at border points. While effective in theory, its execution faced significant challenges due to strict compliance measures and logistical complexities. Recognizing the need for a structured solution, he led a partnership with a strategically positioned transport company, using their cross-border expertise and infrastructure to develop an efficient cargo transfer model that aligned with government protocols.
Under this breakthrough process, UAE-based drivers transported beverage packaging cargo to designated border transfer zones, where pre-approved, health-certified drivers from the partner company seamlessly took over the same trailer, eliminating delays. Strict sanitization and contactless exchange protocols ensured compliance with international safety standards. This innovative approach not only met regulatory requirements but also set a new industry benchmark, influencing future cross-border logistics strategies and showcasing how strategic partnerships can drive supply chain efficiency.
When land routes became increasingly unpredictable, Haroon helped the development of an integrated sea-land hybrid solution, an approach that combined maritime and overland transport to avoid congested borders. Collaborating with a partner that controlled every aspect of the logistics chain, from ports to trucking fleets and customs brokerage, he was able to achieve an unprecedented level of operational efficiency.
By shifting critical shipments to sea routes, his team reduced their reliance on overburdened land crossings. This approach allowed for better control over the supply chain, with real-time digital tracking and predictive route optimization minimizing delays. Unlike traditional logistics providers that depend on external partners, this integrated model provided end-to-end visibility and an oiled process, reducing both risk and costs.
The company achieved a 95% on-time-in-full delivery rate, even with border restrictions in place. Lead times were reduced by 35%, while logistics costs dropped by 20% thanks to optimized routes and strategic partnerships. Most importantly, there were zero disruptions for key customers who relied on continuous beverage packaging supply.
Haroon’s ability to think beyond conventional logistics solutions has made a lasting mark on the industry. His innovative driver swap model and sea-land hybrid solution not only solved immediate pandemic-related challenges but also laid the groundwork for more resilient supply chains in the future. By fostering strategic partnerships and embracing new ways of working, he demonstrated how creativity and adaptability can turn a crisis into an opportunity for transformation.
Beyond his hands-on work, Haroon remains committed to sharing his insights with the broader logistics community. He has authored multiple research papers, including works on the long-term impacts of pandemic-driven logistics innovations and the role of custom trailer design in improving cross-border efficiency. His efforts have not gone unnoticed—he received a company award recognizing his exceptional contributions during the COVID-19 crisis.
As the logistics industry continues to evolve in a world where uncertainty is the only constant, Haroon Rashid’s forward-thinking approach serves as an inspiration. His work has not only reshaped how cross-border logistics can be managed but also highlighted the power of innovation and collaboration in overcoming even the toughest challenges.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by ZestMoney.
Many times in our lives, we just need a small financial push to realize our dreams or fulfill our needs. In today’s organized money market, we turn to banks and other financial institutions for credit for various purposes. However, it’s not always easy to get a loan. From documentation to your current income and credit history, there are lots of parameters that you need to fulfill to get credit.
Thankfully, the scenario is changing now, and many financial and fintech startups are coming up with innovative ways to make borrowing easy and quick for customers.
Bangalore-based ZestMoney is one such fintech startup that is making borrowing possible for people who have an insufficient credit history. People can get quick and easy loans and pay for products with ZestMoney Easy EMI.
Let’s know more about this BNPL startup that is making life easy for millions of Indians by providing easy access to credit.
ZestMoney is a platform that uses mobile technology, digital banking, and Artificial Intelligence to make getting loans easy. While many lending organizations hesitate to lend money in the absence of proper credit history, ZestMoney is the platform that does not see the absence of credit history as a barrier to getting a loan. ZestMoney through its AI-based machine learning decision engine creates a risk profile for every borrower. The ones who do not have sufficient credit history just need to provide some additional information based on which ZestMoney’s Decision Engine analyzes the credibility of the borrower and lends him money.
The products of ZestMoney include ‘credit limit’, also called ZestMoney EMI, and personal loans. To be able to access the ZestMoney Credit Limit, one just has to sign up with ZestMoney and complete the KYC process. Once approved, a user is assigned a credit limit based on his eligibility, and the user can use this credit limit to make payments to ZestMoney’s 3000+ merchant partners. ZestMoney has partnered with leading brands from different categories like Amazon, Flipkart, Myntra, SleepyCat, Xiaomi, NestAway, UpGrad, and many more.
The company’s lending partners include DMI Finance, Fox Capital, PACE Finance, Northern Arc, SMC Finance, Nahar Credits, InCred, Muthoot Finance, CSB Bank, Ghalla Bhansali, IIFL, and Hedge Finance.
ZestMoney offers personal loans only to customers who are using ZestMoney’s ‘Credit Limit’ service. As such one who wants to take a personal loan from ZestMoney needs to apply for ZestMoney ‘Credit Limit’ first.
ZestMoney’s founder trio, Lizzie Chapman from London, Priya Sharma from Delhi, and Ashish Anantharaman from Mumbai, were associated with a UK-based finance company called Wonga.
Lizzie Chapman
Lizzie Chapman served as the co-founder and CEO of ZestMoney. Lizzie was a student at the University of Edinburgh, where she obtained her BSc. degree in Microbiology. She started her career with Goldman Sachs, where she worked as a Business Analyst and an Associate. She then served as an Investment Manager at the Wellcome Trust. Wonga.com was the next company that she joined, and she served as the Country Head of India there. She then founded Abode Bombay. She also served as an Executive Director at DBS Bank and a Non-Executive Board Member at IndiaMart.
Lizzie is an advisor at India Quotient, a member of the Innovation Council of the National Payments Corporation of India (NPCI), and a member of the National Startup Advisory Council (NSAC).
Priya Sharma
Priya Sharma served as the co-founder, CFO, and COO of ZestMoney. Priya did a B.Tech. in Metallurgical Engineering from IIT Varanasi before obtaining an MBA in Finance from London Business School. Priya Sharma served as a Senior Associate at Sapient, a Consultant at Delloite, and an associate at Bank of America Merrill Lynch, and then she joined Wonga.com, where Priya was the head of corporate development before joining hands with the other co-founders and building ZestMoney.
Ashish Anantharaman
Ashish Anantharaman served as the co-founder and CTO of ZestMoney. He has a Bachelor’s degree in science, software engineering from the University of Mumbai. Ashish previously served as an Application Developer at Veritas Technologies LLC, a senior developer at Betfair, an engineering team lead at Sportingbet, and then the head of engineering at Wonga.com.
In a recent development, co-founders Lizzie Chapman, Priya Sharma, and Ashish Anantharaman have stepped down from their positions at ZestMoney. This decision comes in the wake of the collapse of the anticipated acquisition deal with PhonePe.
ZestMoney has announced that Abhishek Sharma, currently serving as the senior vice president of growth, Mandar Satpute, the chief banking officer, and Mohit Chhajer, the vice president of finance and financial operations (FinOps), will assume leadership positions within the company. This decision reflects ZestMoney’s commitment to maintaining a strong and experienced leadership team.
ZestMoney – Startup Story
Lizzie, Priya, and Ashish observed that the Online Credit Transaction facility was not up to the mark in India. Also getting credit was not easy for those who do not have proper credit history. With their knowledge and experience, they wanted to create a solution to resolve these uses, which led them to start ZestMoney in 2015.
ZestMoney – Mission and Vision
“We are on a mission to make life more affordable for India using technology-led solutions,” says the mission statement of ZestMoney. Making life affordable is the vision of ZestMoney.
ZestMoney – Name, Tagline & Logo
ZestMoney Logo
The word ‘Zest’ stands for positive feelings like enthusiasm, zeal, and passion, and thus the word ‘Zest’ in ‘ZestMoney’ represents the quick lending of money by ZestMoney thus making borrowing money a happy process rather than a matter of concern. The tagline of the company is ‘Adjust Nahi, Zest Karo.’
ZestMoney – Business and Revenue Model
ZestMoney acts as a virtual EMI platform, which integrates with merchants across online and offline channels. The company serves as a payment partner and an affiliate partner to these merchants and helps bring them new transactions and customers.
The company generates the major chunk of its revenues from the Direct Selling Agency Fees, which is the money that the company collects from its lending partners (NBFCs) as a result of the various services like lead generation, KYC, customer care and branding, which it provides. ZestMoney also charges a merchant commission on a fixed rate on products and services purchased by the borrowers from the merchants. Arranger fees are another vertical of revenue that ZestMoney has along with the other verticals, which consists of income from any other revenue wing.
ZestMoney has raised funding from leading investors like Goldman Sachs, Quona Capital, Alteria Capital, and Primrose. The funding details of ZestMoney are listed below:
Date
Funding Round
Amount
Lead Investors
June 29, 2022
Debt Financing
$2.54 million
Alteria Capital
September 22, 2021
Series C
$50 million
Zip Co Limited
March 13, 2020
Venture
$11.3 million
Primrose Hills Ventures
December 19, 2019
Series B
$15 million
Goldman Sachs
April 22, 2019
Series B
$20 million
Quona Capital
January 18, 2019
Debt Financing
–
Alteria Capital
August 27, 2018
Series A
$13.4 million
Xiaomi
December 7, 2016
Series A
$6.5 million
PayU
September 1, 2015
Seed
$2 million
Nelson Holzner, Omidyar Network
ZestMoney – Growth and Revenue
ZestMoney earns commissions from merchant partners, lending partners, and also from borrowers. The company has reported that it has 17+ million registered users and expects the numbers to rise further.
In 2019, the company also had an NPS rating of 75, which is higher than that of Amazon and Uber.
In March 2021, ZestMoney stood second in a ranking of the 50 fastest-growing technology companies in India by Deloitte Technology. The rankings were based on percentage revenue growth over three years and ZestMoney grew 2,706 percent in these years.
The leading player in the Indian fintech industry, ZestMoney’s total revenue grew 1.6x to INR 145 crore in FY22 from INR 89.3 crore in FY21. Operating revenue also witnessed substantial growth, soaring by 68.6% to INR 138.4 crore in FY22 from INR 82 crore in FY21.
However, alongside its revenue growth, ZestMoney also faced widening losses, with losses expanding 3x to INR 398.8 crore in FY22 compared to INR 125.8 crore in FY21.
ZestMoney – Partnerships
Though ZestMoney is known for partnering with lenders like ICICI Bank, TATA Capital, DCB Bank, and more, the company also saw some partnerships outside of it.
ZestMoney partnered with Pickyourtrail on February 2020. The fintech company collaborated with the Chennai-based travel startup to provide consumers with flexible payment options for booking itineraries. This tie-up comes as a part of Pickyourtrail’s strategic plan to reach more customers.
The new partnership aims to facilitate travelers a more seamless travel booking experience by offering No Cost EMIs, along with options to ‘Travel now, pay later in 3 easy installments’. Providing the highest approval rates and zero pre-closure charges, travelers now don’t require credit history and are assured hassle-free online loan approval to experience their dream destination.
ZestMoney is the largest consumer lending fintech company in India. Its unique platform uses mobile technology, digital banking, and Artificial Intelligence to make life more affordable to people who currently don’t have access to credit cards or formal financing options due to insufficient credit history. Pickyourtrail is the latest brand to get Zestmoney onboard as a payment partner. The company has previously partnered with notable brands like Amazon, Myntra, Raymond, Uber, Big Bazaar, and Titan.
ZestMoney – Competitors
Some of the major competitors of ZestMoney are:
Finzy
LazyPay
Snapmint
KredXIndia
ZestMoney – Future Plans
The company plans to expand its product development and partnerships with an increased run rate in the future. While several ZestMoney Merchant Partners like Xiaomi, Titan, and Croma, accept ZestMoney EMI at offline stores, the company is partnering with more such merchants which will allow customers to pay using ZestMoney EMI in more offline outlets.
FAQs
What is ZestMoney?
ZestMoney is a Bangalore-based Fintech startup that is making borrowing possible for people who have an insufficient credit history.
Who is the Founder of ZestMoney?
Lizzie Chapman, Priya Sharma, and Ashish Anantharaman are founders of ZestMoney.
Who are the competitors of ZestMoney?
Finzy, LazyPay, Snapmint, and KredXIndia are some of the major competitors of ZestMoney.
Who are the partners of ZestMoney?
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Who are the lending partners of ZestMoney?
The lending partners of ZestMoney include DMI Finance, Northern Arc, SMC Finance, Nahar Credits, InCred, Muthoot Finance, CSB Bank, Ghalla Bhansali, IIFL, and Hedge Finance.
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To pay with ZestMoney, select the EMI option at checkout and choose ZestMoney EMI as your payment method.
The global student housing industry has witnessed significant growth and transformation in recent years, driven by the increasing demand for housing solutions tailored to the unique needs of students studying abroad. As more students pursue educational opportunities in different countries, the need for reliable and convenient accommodation options has become extremely important.
In this evolving landscape, Amber has emerged as a prominent player in the industry, offering a platform that connects students with suitable accommodations near their universities. Amber’s commitment to simplifying the housing search process and providing a seamless booking experience has made it a preferred choice among students worldwide.
In this article, let’s explore Amber and its inspiring story of success, including its founders, business and revenue model, startup story, and more.
Amber is a user-friendly accommodation booking platform that specializes in helping students find and book full-time accommodations near their universities. With a wide range of housing options tailored for students, Amber simplifies the process of finding and securing accommodation. The platform provides a seamless booking experience, ensuring a convenient and stress-free housing search for students worldwide.
Amber – Industry
Here are the prominent details regarding Amber’s market/industry:
Industry and Target Market Size: The global student housing industry serves a global market of over 235 million higher education students, with approximately 70% residing in off-campus accommodations. Student demand for housing continues to considerably exceed supply in most destinations, to the point where access to affordable housing is an increasingly pressing issue for students when planning to study abroad. As the Purpose Built Student Accommodation (PBSA) sector continues to expand, the supply crunch has caused 53% of the global student population to opt for private accommodations in major education markets.
Market Share Calculation: Its market share calculation takes into account the significant growth in student housing rental yields across key international markets, including the US, France, the Netherlands, Spain, Germany, and the UK. Amber has established itself as the foremost global platform for student housing, surpassing competitors and cementing its position as an industry leader. This achievement can be attributed to its unwavering commitment to leveraging technology and optimizing operational efficiencies.
Industry Outlook in the Next Five Years: Regarding the industry outlook in the next five years, Amber anticipates significant growth and transformation in the student housing industry. The demand for streamlined, user-friendly platforms that simplify the process of finding and booking accommodations will continue to increase. Advancements in technology, along with changing student preferences, will shape the industry’s direction. The student housing market will continue growing for the foreseeable future, given that only 20% of student housing needs are met by educational institutes’ accommodations globally, offering a goldmine of potential for industry players.
Company Outlook in 5–10 Years: Looking ahead to Amber’s company outlook in five to ten years, it envisions itself as the dominant force in the student housing market, further expanding its global presence. Amber will continue to innovate and enhance its platform, leveraging technological advancements and customer feedback to provide an unparalleled user experience. By strengthening partnerships with universities, property management, and other stakeholders, Amber aims to solidify its position as the go-to solution for students seeking convenient and high-quality accommodations worldwide. By 2023, Amber aims for 100,000 bookings with a gross value of $1 billion.
Amber – Founders and Team
Amber was founded in 2016 by Saurabh Goel and Madhur Gujar.
Madhur Gujar
Madhur Gujar – Chief Business Officer and Co-founder, Amber
Amber is fortunate to have a team of exceptional founders who bring diverse backgrounds and expertise to the company. Mr. Madhur Gujar, the charismatic Co-Founder and Chief Business Officer, holds a distinguished Mechanical Engineering degree from IIT Kharagpur. With his entrepreneurial prowess and business acumen, Madhur has played a pivotal role in driving Amber’s success through his expertise in business development, marketing, and strategy.
Saurabh Goel
Saurabh Goel – CEO and Co-founder, Amber
Mr. Saurabh Goel, the dynamic Co-Founder, and CEO, is the visionary driving force behind Amber’s extraordinary growth. He holds a Bachelor of Technology degree in Chemical Engineering from IIT Kharagpur. With his expertise in technology and business, Saurabh has been instrumental in propelling Amber’s impressive journey, drawing from his prior experience at Housing.com, a prominent online real estate platform.
The task division among the founders is aligned with their respective areas of expertise and responsibilities. Madhur Gujar leads the business development and marketing efforts, while Saurabh Goel oversees the overall strategic direction and technological advancements of the company.
Amber Team
Amber Team
Amber currently has a workforce of over 600+ employees as of April 2023, reflecting the rapid growth and expansion of the company. The company believes in hiring young minds and fostering a culture of innovation, collaboration, and creativity. Its hiring philosophy focuses on attracting talented individuals who are passionate about revolutionizing the student accommodation industry and contributing to the collective success of Amber.
Amber – Startup Story
Established in 2016 by Mr. Saurabh Goel and Mr. Madhur Gujar, both esteemed alumni of IIT Kharagpur, Amber emerged as a game-changing student accommodation booking platform. Its inception was driven by the vision to provide an all-inclusive solution for students seeking affordable and secure accommodations overseas. Today, Amber stands tall as one of the Asia Pacific region’s fastest-growing enterprises, having catered to the needs of over 2 million students worldwide.
The inspiration to start the company came from firsthand experiences of helping friends find accommodations when moving to the US. Witnessing the inefficiencies and challenges in the housing process sparked the idea for Amber. To validate the concept, market research was conducted, revealing a significant problem in the market with outdated and inefficient methods for finding and booking accommodations.
During the journey of ideation, designing, and prototyping, key insights from Saurabh, who had previous experience at housing.com, were instrumental in identifying market gaps and applying learnings to build Amber. The initial response to the concept was overwhelming, with over 1,000 accommodation requests received within 24 hours of launching a rudimentary website.
By focusing on technology and operational efficiencies, Amber has quickly established itself as a market leader, surpassing competitors.
Amber – Vision and mission
Vision Statement: Amber’s vision is to be a trusted global leader for student accommodation, empowering students worldwide with seamless accessibility to find and book their ideal full-time accommodations.
Mission Statement: Amber aims to provide a one-click student accommodation platform that empowers students worldwide to easily discover, compare, and secure high-quality accommodation near their universities. By eliminating the complexities of negotiation, non-standardized paperwork, and unreliable payment processes, Amber aims to enhance the overall student experience and become the go-to solution for student housing. With its extensive listings spanning multiple countries and cities, Amber strives to connect over 235 million students with their ideal living spaces, fostering a sense of belonging and enabling academic success.
Amber – Name, Tagline, and Logo
Amber Logo
The process of creating the name, tagline, and logo for Amber, a one-stop solution for student accommodation, involved careful consideration and a focus on capturing the essence of the brand. Here’s an overview of how the elements were arrived at:
Name: The team wanted a name that evoked a sense of warmth, comfort, and familiarity while also reflecting the commitment to providing a secure and welcoming environment for students. After brainstorming various options and conducting market research, “Amber” was chosen as it symbolizes a warm and inviting atmosphere, reminiscent of a cozy home.
Tagline: The tagline, “Home away from home,” was crafted to encapsulate the core promise of the company. The aim is to create a living experience that goes beyond mere accommodation, offering a place where students can feel at ease, supported, and cared for, just like they would in their own homes.
Logo: The design of the logo aimed to visually represent the brand’s identity and values. A clean and modern look was chosen, with elements that conveyed a sense of comfort and belonging. The logo features a combination of soft colors, smooth lines, and a welcoming symbol, all of which reinforce the commitment to providing a welcoming and nurturing environment for students.
Overall, the goal was to create a name, tagline, and logo that resonated with the target audience and conveyed the brand’s values of comfort, security, and a home-like atmosphere. The intention was for students to instantly connect with the brand and feel confident in choosing Amber as their trusted student accommodation provider.
Amber – Product/Service
Amber provides a cutting-edge platform that revolutionizes the house-hunting experience for students. Its product eliminates the challenges of landlord negotiations, non-standard paperwork, and cumbersome payment processes. Through strategic partnerships with universities, property management groups, and study abroad organizations, Amber empowers students to effortlessly secure comfortable accommodations near their campuses.
Using its secure online search and intelligent filtering options, students can easily find personalized options that meet their specific needs. Amber also offers round-the-clock customer service to ensure a seamless experience throughout the accommodation search process.
The unique selling proposition (USP) of Amber revolves around its commitment to operational efficiencies and a personalized approach to student accommodation. Through astute recognition of opportunities in the pre and post-accommodation domain, Amber has expanded its offerings with amber+. This all-inclusive, in-house service effectively streamlines all supplementary requirements associated with booking and residing in student accommodations, providing students with a comprehensive and convenient solution.
Amber offers enticing features such as round-the-clock/24X7 assistance, virtual property viewings, and a dedicated team of dynamic and highly skilled professionals, ensuring that students receive unparalleled support throughout their accommodation journey. The proof of Amber’s unwavering commitment to excellence can be seen in its stellar reviews on reputable platforms like Glassdoor, where it boasts an impressive rating of 4.6 out of 5 and its outstanding trust score of 4.8 out of 5 on Trustpilot. These accolades solidify Amber’s position as a trusted and reputable provider within the industry.
In 2022, Amber decided to pivot and introduce amber+ as a suite of value-added offerings to cater to the diverse needs of international students studying abroad. This expansion further enhances Amber’s ability to serve students beyond accommodations.
Amber operates on an aggregator model, bringing together various real estate properties, including Purpose-Built Student Accommodations (PBSAs), onto its platform. The revenue model primarily revolves around earning a commission for each successful booking made through the platform.
Amber’s revenue model involves a commission structure where the platform receives a percentage of the transaction value as compensation for facilitating the booking process. The exact commission rates and profit margins may vary based on the agreements and partnerships established with property providers.
Amber – Launching Company Strategies
Acquiring the first 100 customers for Amber was an exciting milestone in the company’s journey. When the company initially launched with zero users, it found success by leveraging Facebook groups as a crucial channel for reaching out to students interested in studying abroad.
The strategy involved acting as facilitators, connecting these students with verified listing owners that matched their accommodation needs. By engaging with these Facebook groups, the company was able to tap into a targeted audience actively seeking international study destinations. This approach allowed it to provide a valuable service by connecting students with suitable accommodations and driving bookings.
Through an active presence in these Facebook groups, the company established trust and credibility among students, showcasing expertise in the student accommodation market. This personalized approach enabled the company to acquire its first 100 users and lay a strong foundation for future growth.
Overall, leveraging Facebook groups as a key channel and utilizing the role of facilitators proved to be an effective strategy for acquiring the initial customer base. It allowed the company to connect with the right audience, offer a valuable service, and establish itself as a trusted provider in the student accommodation industry.
Amber – Customer Acquisition and Retention Strategy
To achieve significant user growth, a comprehensive marketing approach was implemented. Firstly, performance marketing campaigns were employed on platforms like Google Ads and social media channels, specifically targeting students to increase awareness and generate initial interest.
Secondly, the website was optimized using search engine optimization techniques, including keyword targeting, navigation improvements, contextual internal linking, and UI/UX enhancements, to enhance organic traffic and search rankings.
Thirdly, referral programs were established, offering incentives to early adopters who referred their friends and peers. This leveraged word-of-mouth marketing and expanding the user base through existing student networks.
Additionally, strategic partnerships were forged with universities, study-abroad organizations, and property management groups. This allowed the company to gain visibility and provide exclusive deals to students.
Lastly, campus outreach activities such as organizing information sessions, participating in student fairs, and distributing promotional materials were undertaken to directly interact with students and highlight the benefits of using the platform.
These multi-channel strategies collectively resulted in Amber’s user base growing from 100 to 10,000.
Amber – Funding and Investors
Amber has raised $21 million in four funding rounds.
Here are the funding details:
Date
Funding Round
Amount
Investors
Feb 12, 2024
Debt Financing
$2.5 million
Gaja Capital, Lighthouse Canton, Stride Ventures
Feb 12, 2024
Private Equity Round
$18.5 million
Gaja Capital
Jul 1, 2022
Venture Round
–
–
Jun 1, 2021
Venture Round
–
–
Amber – Growth
Amber has consistently achieved revenue growth, with an increase of 4x year-over-year. Moreover, the company has seen a significant boost in profitability, with a 40% increase compared to the previous year. The user base has also expanded rapidly, with a 4x increase in active users. These achievements can be attributed to the company’s commitment to providing a seamless experience for students seeking accommodations.
As a key player in the student accommodation sector, Amber has successfully expanded its presence to other major countries. The Gross Booking Value (GBV) reached 350 million USD in 2022, highlighting the growing demand for the platform.
Amber has established partnerships with notable clients in international real estate and education, solidifying its reputation in the industry. The company has received impressive reviews on Trustpilot, indicating high user satisfaction.
Looking ahead, Amber’s future plans involve expanding internationally, investing in advanced technology, and growing its network of accommodation providers to offer diverse options. With strong performance, a growing user base, strategic partnerships, and a focus on innovation, Amber is positioned for continued growth.
Amber – Challenges Faced
During the COVID-19 pandemic, Amber faced significant challenges in the student accommodation industry. One of the key challenges was the uncertainty surrounding institute admissions, which left students unsure about their accommodation needs. In response, the company introduced a policy of free cancellation for almost all properties. This policy was specifically designed to help students navigate the uncertainties of the time and provide them with flexibility and peace of mind.
Managing the sudden growth of the workforce was also a major challenge during the pandemic. To overcome it, strategies such as scalable onboarding processes, streamlined communication channels, agile team structures, and a culture of continuous improvement were implemented. The company successfully integrated new team members and maintained productivity. However, transitioning to remote work had its challenges, including work-life balance and communication across time zones. Adopting an agile development methodology also required adjustments.
Overall, the company thrived and achieved remarkable growth by effectively managing these challenges and embracing new initiatives.
Amber – Tools Employed
To enhance collaboration among team members, Amber relies on a range of tools including Notion, Slack, Google Workspace, and Keka. Notion serves as the central knowledge base, allowing for seamless organization and sharing of information. Slack facilitates real-time communication, enabling efficient team collaboration and quick decision-making. Keka helps manage various HR and payroll processes, ensuring smooth operations and employee satisfaction. By leveraging these tools, Amber optimizes productivity and creates a cohesive work environment that drives the company’s success. Google Workspace provides messaging, meetings, document collaboration, and task management capabilities to support the workforce.
For data and insights, Amber utilizes Tableau and Google Analytics for measurement, tracking, and visualization. To handle user messaging and query resolution, Amber utilizes Intercom as a chat tool on the website.
Additionally, Amber employs secure web hosting services, content delivery networks, Google Maps embeds, and secure payment gateways among other tools to deliver a best-in-class experience for its customers.
Amber is proud to have received the prestigious recognition of being named one of the FT rankings: Asia-Pacific High-Growth Companies 2022 and High Growth Companies in Asia Pacific in 2023 by the Financial Times. This esteemed award serves as a testament to Amber’s unwavering commitment to innovation, customer satisfaction, and sustainable growth.
The award is a great honor, further motivating Amber to continue striving for excellence and delivering exceptional value to students and accommodation providers worldwide.
Amber – Competitors
In the student housing market, Amber faces competition from several notable players, including Student.com, University Living, UniHomes, Unilodgers, UniAcco, and uhomes.
These companies are also dedicated to providing accommodation solutions for students and have established their presence in the market. Amber acknowledges the presence of competition and aims to differentiate itself by offering a unique and exceptional experience to its users through its platform.
Amber – Future Plans
Amber is strategically positioning itself to capitalize on the vast potential of the student accommodation market. Its future plans revolve around leveraging its expertise and market presence to achieve ambitious goals within the next five years. The company is committed to sustainable growth and long-term value creation, aiming to become a leading global force in the student accommodation industry.
To achieve these objectives, Amber’s focus will be on prioritizing technological advancements and product innovations. By staying at the forefront of technological developments, the company will continuously enhance its offerings and elevate the overall user experience. Furthermore, expanding operations into new regions will enable Amber to extend its reach and cater to a broader student population. Strategic partnerships will also play a crucial role in driving growth, allowing the company to tap into new markets, unlock new customer segments, and generate demand for its services.
As the leading player in the student accommodation market, Amber has set ambitious growth targets for the next three years. The goal is to grow tenfold by 2025, aiming to deliver 225,000 bookings and achieve a gross booking value of $2.5 billion. These aspirations demonstrate the company’s unwavering determination to solidify its position as the premier rental provider in the industry.
FAQs
What does Amber do?
Amber provides a cutting-edge platform that revolutionizes the house-hunting experience for students. Its product eliminates the challenges of landlord negotiations, non-standard paperwork, and cumbersome payment processes.
Who is the founder of Amber?
Amber was founded in 2016 by Saurabh Goel and Madhur Gujar.
What is the business model of Amber?
Amber operates on an aggregator model, bringing together various real estate properties, including Purpose-Built Student Accommodations (PBSAs), onto its platform.
Who are the top competitors for Amber?
Amber faces competition from several notable players, including Student.com, University Living, UniHomes, Unilodgers, UniAcco, and uhomes.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Aura.
Cybersecurity has become a crucial part of our daily lives, whether a person is scrolling through social media at his home or connecting to public WiFi hotspots. Due to cloud services and global connectivity, cyber threats can come from anywhere, anytime. Therefore, protecting personal systems, networks, and accounts is essential.
You can find several cybersecurity tools and software to protect businesses against cyberattacks, but there are limited solutions for individuals. It’s when Aura came to the rescue. It is a US-based technology company offering individuals and families all-in-one digital threat protection solutions.
This article will help you uncover everything about Aura, from its startup story, founder, and mission to its business and revenue model, funding, and plan.
Previously known as Affinity Solutions, Aura is a developer of digital security software designed to protect privacy and prevent identity theft. Its all-in-one intelligent safety solution manages and protects against the risks related to personal information, enabling the entire family to manage its cybersecurity needs easily and effectively. More than 1.7 million customers trust the company’s offerings.
Aura – Industry
Aura caters to the cyber security industry, whose market size was estimated at USD 153.65 billion in 2022. The market can grow $424.97 billion by 2030 with a CAGR of 13.8% during 2023-30.
Size of the cyber security market worldwide from 2019 to 2030
With robust cybersecurity software and solutions, individuals and companies can protect their systems, programs, and network from digital attacks. The Covid-19 pandemic significantly boosted the need for security solutions across government and healthcare sectors, which resulted in market growth.
Due to rising technological advancement and the usage of digital channels and e-commerce platforms, the need for robust digital security solutions is increasing, creating expansion opportunities for key industry players. In addition to Aura, Cisco Systems, Inc., IBM Corporation, Fortinet, Inc., Microsoft Corporation, and ProofPoint, Inc. are leading the cybersecurity market.
Aura – Founders and Team
Hari Ravichandran is the founder of Aura. He studied B.S. in Computer Engineering from Mississippi State University, Electrical Engineering from Stanford University, and went to The Warton School for MBA.
In addition to Aura, he founded Endurance International Group and Jump Ventures. Currently, Hari is the CEO of Aura and Jump Ventures.
Hari Ravichandran – Founder and CEO, Aura
Aura’s team comprises over 660 employees with profound experiences in identity, privacy, and security.
Aura – Startup Story
Aura was founded by Hari Ravichandran in 2017. Ravi was surprised when he learned his credit information was stolen in 2014. As a result, he invested a lot of time in finding out what can he do. During his research, he learned that digital security was a significant problem with no effective solution. The products that were available for help were expensive, confusing, and difficult to use. But the most critical concern was that no product could offer him all the required solutions.
It was when he was inspired to establish a company that assures people of a safe online experience. In December 2017, iSubscribed was formed to simplify online security. The company launched Intrusta antivirus and acquired Intersections Inc and Identity Guard in 2018. It was in July 2019 that iSubscribed and Intersections Inc. was renamed to a combined business entity Aura.
In 2022, the company added automatic password change and integrated parental controls into its intelligent safety platform. Currently, the company is serving more than a million members worldwide.
Aura – Mission and Vision
Aura’s mission is to create a safer internet for everyone. The company is working on enabling people to live with the assurance that their identity, devices, and online accounts will remain safe, protected, and private, no matter where they go. It is dedicated to making comprehensive digital security that is accessible to all.
Aura – Business Model
Aura offers identity theft protection tools preventing clients’ data from being hacked and protecting against identity theft. The individual’s data is monitored for financial transactions, social security, personal data, home title, and criminal and court activity.
Moreover, Aura keeps tabs on data brokers and the dark web. The software watches for suspicious activities in clients’ bank, retirement, or other financial accounts. A person can access multiple features, like credit lock, lost wallet, monthly and annual credit bureau reports, etc.
Aura – Revenue Model
Aura’s all plans come with $1 million insurance and 24/7 customer support. The company offers three plans- Family, Couple, and Individual, for a 14-day free trial. Below is the pricing of all three plans-
The dot-com crash in 2000 was the biggest challenge for Aura. An advertising-based model subsidized the company’s business. And when the crash hit, many advertisers pulled back and caused a significant revenue downfall. Moreover, Aura lost a lot of its funding.
Aura – Funding and Investors
With 4 funding rounds, Aura raised a total of $500.7 million. The company conducted the latest funding round – Series F Round on October 19, 2021, and raised $200 million. 6 investors back Aura, of which Accel, Madrone Capital Partners, Warburg Pincus, WndrCo, and General Catalyst are the main ones.
Date
Round
Number of Investors
Money Raised
Lead Investor
October 9, 2021
Series F
6
$200 million
Madrone Capital Partners
June 9, 2021
Series E
1
$150 million
Warburg Pincus
July 15, 2019
Venture Round
2
$150 million
WndrCo, Generaal Catalyst
March 24, 2016
Seed Round
–
$675K
–
Aura – Mergers and Acquisitions
Aura acquired 2 companies, including Circle Media, on December 9, 2021, and Pango on July 7, 2020.
Aura – Growth
By solving more than 150,000 Identity Fraud cases, Aura’s annual revenue in 2022 grew from $220 million in 2021 to $300 million per year. Its post-money valuation stood at $2.5 billion in 2022. Employee count increased by -16%, and the monthly web growth rate is -19.27% with 2,290,488 visits.
Aura – Partners
Aura partners with several industries, including employee benefits, technology providers, auto dealerships, professional associations, insurance agents, and retailers. Below listed are some of its partners:
Blue Star Families New England
Kidas
Robert Downey Jr.
Cyversity
Cyber-Seniors
Timberwolves
DonorsChoose.org
$200M for Katzenberg-Backed Cybersecurity Firm Aura
Aura – Awards and Achievements
Some of the awards Aura is honored with are as follows:
Has been named a ‘Mom’s Choice Awards’ Gold Recipient for family-friendly apps and software.
Won’ Best in Business Award’ in the Security Category by Inc. Magazines 2022.
Aura – Competitors
Aura’s top competitors are listed below:
Kape Technologies
Identity Force
Allure Security
LifeLock
CPP Group
Identity Guard
Safe Shepherd
Keeper Password Manager
Aura – Future Plan
Aura plans to establish itself as a carbon-neutral company by the end of 2023.
FAQs
What does Aura do?
Aura is a developer of digital security software designed to protect privacy and prevent identity theft. Its all-in-one intelligent safety solution manages and protects against the risks related to personal information, enabling the entire family to manage its cybersecurity needs easily and effectively.
The definition of a startup company states that it is a company or project undertaken by an entrepreneur to seek, develop and validate a scalable business model. Such newly formed companies, typically, do not have a fully developed business model and, more importantly, they lack adequate capital to grow and expand. They begin their business operations with high costs and limited revenue.
There are many startups that turn to family, friends, and even venture capitalists for seed capital that can be used for market research as well as developing a business plan. As a business is taken off the ground by the entrepreneur, there are many important considerations like deciding on a location, the legal structure of the company, setting up the distribution channel for their product or service, etc. However, continually measuring the performance of the business to ensure that it remains valid, scalable, and relevant tops this list.
Key Performance Indicators, more commonly known as KPIs, are used extensively by businesses to measure their value and success. As true as these are for established businesses, startups fall into a different category in relation to KPIs.
To drive growth that is meaningful and relevant to the target market, startup KPIs are used to identify, evaluate and develop a better strategy that helps to improve operational efficiency. Such KPIs, as related to startups, are the qualitative and quantitative measures that allow them to grow and sustain themselves.
Need For Startup KPIs
KPIs allow startups to better evaluate their business processes, and understand their efforts and the related results. It helps them to concentrate their focus and efforts better on processes that deliver better results through sound business decisions.
KPIs highlight the right path and direction for the business
Measuring KPIs allows the startup to identify gaps in the products or services and recognize areas that need improvement
KPIs are extremely helpful to showcase business results to prospective investors. It shows sincerity and focus as it can help the entrepreneur highlight the YoY business growth projections
Having understood what are startup KPIs and why are they needed; it is equally important to have a clear understanding of exactly what KPIs need to be tracked for a startup.
Addressable Market Size
As the header suggests, this measures the company’s target audience and market size which, then, determines the number of consumers it might attract. What this does is give the startup an idea of its operating budget by determining the marketing needs. This KPI can be measured through conducting market research and communicating with their target audience through various forms of advertisement and social media.
Profit Margin
Undeniably, this is probably the most important KPI to track for a startup. This can be measured by calculating the difference between the cost of manufacturing and the final selling price. This gives an insight into the company’s return on investment and the probable time period in which the company might turn profitable. It also helps in evaluating the company’s long-term sustainability prospects and its growth.
Calculating Monthly Burn
Startups commonly have a negative cash flow in the beginning stages of their business operations due to either higher customer acquisition rates or smaller profits. The monthly burn statement helps them to understand their total debt and the money that they might lose every month in the beginning. Simplistically, monthly burn is calculated as the revenue generated minus the expenditure for inventory and overheads.
Adora Cheung – How to Set KPIs and Goals
Measuring the Runway
This is a KPI that allows the company a clear understanding of the time they have before the cash runs out. Commonly, the runway time for startups is between 12 and 18 months to gain a steady number of customers and become profitable.
Measuring Customer Acquisition Cost (CAC)
Manufacturing cost, marketing cost, and distribution cost, all add up to a final number called the Customer Acquisition Cost (CAC). This is a cost that startups must be aware of and maintain strict vigilance on it. CAC is directly proportional to the growth time of a business.
Customer retention is important for the survival of any business, especially startups. Measuring CRR gives a startup a clear idea of how its product is performing in the market. It also helps startups to estimate future sales on a monthly basis and take steps to improve and increase customer retention.
Measuring Customer Lifetime Value (CLV)
This particular business metric allows the business to understand the business a startup may receive from a customer over the course of the company’s lifespan. The higher the customer retention rate of a startup, the higher the customer lifetime value for the company. It helps the startup to determine its growth as well as identify potential sales forecasts.
Measuring CAC Recovery Time
After measuring the CAC, it is also important to measure what will be the time frame in which the startup will begin making a profit from their customer acquisition cost. Measuring the CAC recovery timealso helps a startup in gaining insights into the possible net revenue that the company might generate, affecting the organization’s cash flow and financial growth.
Conclusion
Startups are businesses that aim for success through growth and expansion by building a business that is sustainable by driving revenue growth. Hence, their business strategies have to be focused on driving a product that answers a customer need and growing their customer base through customer acquisition and customer retention. Hence, every step taken in a startup business operation must be well thought out and measured so that the path to success becomes clearer and more focused. That can be achieved by measuring KPIs to ensure that the business is growing in the right direction and that the money invested will result in continued and sustained profits over a long period of time.
FAQs
What are startup KPIs?
To drive growth that is meaningful and relevant to the target market, startup KPIs are used to identify, evaluate and develop a better strategy that helps to improve operational efficiency. Such KPIs, as related to startups, are the qualitative and quantitative measures that allow them to grow and sustain themselves.
What KPIs need to be tracked for a startup?
The KPIs that need to be tracked for a startup are:
Addressable Market Size
Profit Margin
Calculating Monthly Burn
Measuring the Runway
Measuring Customer Acquisition Cost (CAC)
Measuring Customer Retention Rate (CRR)
Measuring Customer Lifetime Value (CLV)
Measuring CAC Recovery Time
What is Customer Acquisition Cost?
Manufacturing cost, marketing cost, and distribution cost, all add up to a final number called the Customer Acquisition Cost (CAC). This is a cost that startups must be aware of and maintain strict vigilance on it. CAC is directly proportional to the growth time of a business.
Post-pandemic, E-commerce has changed the business model of retail— which traditionally means physical retail stores. The E-commerce growth rate in 2021 was higher than retail; do you know why? It is because of covid19 pandemic, that forced people to remain inside most of the time and order online. And that made sense at the moment. But, there is no pandemic now, so why is E-commerce booming, and why do retail stores need to step up their game? It’s because there is an apparent paradigm shift in how customers shop. People have changed, and so have their shopping habits. Now, people don’t want to go out and buy milk. They like a packet of milk delivered to their place whenever they want. E-commerce is there to fill this need generated by a host of reasons, ease of shopping being the primary one.
The E-commerce sector has a lot to gain from the latest developments in generative AI or Artificial general intelligence (AGI). The inherent capabilities of an AI chatbot such as ChatGPT hold the key to a range of customer and vendor-related opportunities including— ordering, supply chain and logistics, timely delivery, and fulfilling customer expectations. ChatGPT, as an advanced language model, can provide personalized recommendations to customers as per their past interests, as well as address their queries instantly, in real-time.
OpenAI’s ChatGPT and its latest upgrade, the ChatGPT Plus, are trained over a vast dataset comprising texts and codes using the reinforcement learning technique and do a pretty great job in producing human-like text responses when prompted by a user. It does great as a human conversationalist.
The E-commerce Sector And Why It Needs Something Like ChatGPT
The E-commerce sector is at a significant junction in the field of business where if it does everything it is supposed to do, it will become an unstoppable force changing the business, job, and customer expectations all at once. We are talking about AI-driven perceptivity, AI-driven trend optimization, and that unique sense of leveraging Artificial Intelligence to deliver what E-commerce offers or tries to offer. While the use of AI in data mining, data cleaning, and predictive analytics is significant in the optimization of day-to-day E-commerce operations, and most businesses are implementing it, the use of AI Chatbots like ChatGPT can help you achieve substantiated client support.
From dispatch marketing, data dissection and analytics, and website optimization to AI-driven robotization, the E-commerce future pretty much depends on what retail stores can and cannot do with Artificial intelligence and what strides E-commerce businesses make with their AI-first initiatives. It is all a matter of who wakes up, smells the coffee, and takes concrete steps towards automation, from farm to fork and plant to end users.
So, let’s see what are the ways that one can use ChatGPT in E-commerce:
ChatGPT can help create unique and value-oriented product descriptions that attract potential customers. Suppose you’re a retailer and want to attract customers to your new athleisure collection. ChatGPT could generate product descriptions for a new line of athleisure apparel in the following fashion:
Stretchy fabric: “Our athleisure apparel is made from stretchy fabric that will move with you, so you can focus on your workout without worrying about your clothes getting in the way.”
Comfortable fit: “Our athleisure apparel is designed to fit comfortably, so you can wear it all day long without feeling restricted.”
Stylish design: “Our athleisure apparel is stylish and on-trend, so you can look good while you’re working out.”
So, ChatGPT can create product descriptions that are both informative and persuasive by using engaging language and storytelling, such as the above, helping fashion retailers to increase their sales and grow their business.
Providing Customer Support
ChatGPT in Providing Customer Support
ChatGPT can also automate the process of answering frequently asked questions, providing 24*7 customer support for E-commerce businesses. This will not only enhance the customer experience but attract more customers and help build a loyal customer base for the businesses. Since ChatGPT has been trained on a massive amount of dialogue-based data, it can be easily customized (domain-specific chatbot) and help with 24*7 support.
Personal Shopping Assistants
Using ChatGPT, E-commerce businesses can offer personalized shopping experiences to customers by recommending products based on their preferences. This will not only reduce scenarios where customers spend massive time on the E-commerce website and still can’t find or choose what they like. What happens is that customers spend lots of time going through the enormous catalog of products and given the competition in e-commerce, a website with unique shopping features will attract more customers. ChatGPT can be a big help in this regard, helping customers out with their preferred products and enhancing their E-commerce shopping experience.
Using ChatGPT-4 to Make $1,000,000 in 2023 (Ecommerce)
Social Media Marketing
ChatGPT in Social Media Marketing
Marketing and advertising are proven ways to attract more customers, and, ChatGPT can transform how businesses engage customers with gripping and creative marketing pitches. ChatGPT can help generate content ideas and create marketing campaigns for social media platforms to attract potential customers, but it can help you analyze the impact of such curated ads and marketing campaigns. ChatGPT can come up with simple and creative yet engaging Ad banners and frames that are bound to get you more customers cause those who do not like a great pitch.
ChatGPT at its best
Suppose you run an E-commerce platform where you sell sports gear and you want more customers turning up, here’s what ChatGPT got for you when we asked, “create 10 marketing pitches for my E-commerce platform selling premium sports gear”:
“Unleash the Athlete Within: Discover the Power of our Premium Sports Gear Collection!”
“Unleash the Potential Within: Keep Your Game High and Sports Gear Premium!”
“Experience Sporting Excellence with our Premium Sports Gear Delivered to Your Doorstep!”
“Gear Up for Victory: Discover our Exclusive Collection of Premium Sports Equipment!”
“Uncompromising Quality: Find the Perfect Sports Gear to Amplify Your Performance!”
“Unleash Your Inner Champion with our Handpicked Selection of Premium Sports Gear!”
“Our Top-of-the-Line Gear Designed to Elevate your Game-Changing Performance!”
“Unleash Your Sporting Style: Shop our Premium Sports Gear and Make a Statement!”
“Have the Ultimate Edge: Explore our Range of High-Performance Sports Gear that can Upgrade Your Game”
“Unleash Your Potential: Shop with Confidence and Achieve New Heights with our Premium Sports Gear!”
You can refine and tailor these results to your liking and use it to create engaging and effective social media marketing campaigns.
ChatGPT can assist businesses in improving their stock management by predicting trends and analyzing purchase patterns resulting in a better, updated, and managed inventory. See, ChatGPT, as a generative AI LLM, has massive potential and capability when it comes to trend analysis and data cleaning, and generating insights. This will help the E-commerce with better inventory control and timely replenishment of stocked-out options. An updated inventory will also help with better customer fulfillment through timely, complaint-free delivery.
Use ChatGPT for Lead Generation
E-commerce businesses can use ChatGPT to create chatbots that can engage customers and identify potential leads, enabling companies to capture more sales.
There exist ChatGPT APIs that can help to create domain-specific AI chatbots, basically, a version of ChatGPT that can handle specific E-commerce tasks such as lead generation, customer service, and more. It can provide a better and more relevant response and engage inquiry clients and customers with their needs. More positive engagement will lead to more lead generation and, thus, more chances of a sale.
Cater to the International Audience
ChatGPT in catering to the International Audience
If you want your business to do good, use a global rather than a local approach.
ChatGPT can help with that as well. It is great at supporting multi-lingual communication, allowing E-commerce businesses to cater to international audiences easily. By developing multilingual chatbots for support and shopping needs at your E-commerce platform, you will ensure that no customer, no matter from which corner of the world one belongs, will turn away from your business due to a lack of understanding of languages.
Hyper-personalized Email Marketing
ChatGPT in offering Hyper-personalized Email Marketing
With ChatGPT’s help, E-commerce businesses can offer their customers hyper-personalized email marketing campaigns, increasing the likelihood of conversions. See, companies can already track what people visiting their E-commerce websites are interested in (via website cookies), and using such information, they can prompt ChatGPT to come up with a specific and personalized email marketing pitch, and it will surely help with that— delivering a catalog of products someone is interested in directly in one’s inbox, what’s not to like there!
Voice-enabled Shopping Experience
Another trend driving more E-commerce businesses is hands-free shopping, where users can command the platform to put certain items in the cart and proceed to checkout, schedule the delivery time, and pay. Using ChatGPT to develop voice-enabled shopping assistants, E-commerce businesses can cater to customers who prefer hands-free shopping, and this feature is bound to rope in more customers, and people always like more features. Minimalism is good, but more features are always a better option. By making the voice assistant multilingual, businesses can draw more customers across the continents.
Analyzing Customer Reviews
ChatGPT in Analyzing Customer Reviews
E-commerce is a business model where customers shop, but they also like to leave feedbacks that not only help the platform but helps other customers with their shopping as well. ChatGPT can analyze customer reviews throughout the platform by identifying patterns and trends, providing insights to E-commerce businesses on improving customer satisfaction and boosting sales.
Conclusion
ChatGPT, developed by OpenAI, can be a great tool when it comes to attracting more customers on an E-commerce platform. Businesses can update their stock by analyzing customer reviews and orders; and enhance customer fulfillment which now has become a deal-breaking factor when it comes to people shopping through offline or E-commerce channels. Timely and effective customer support and settlement of problems with customer-oriented solutions can be the right tool to drive more customers and keep customers loyal, and ChatGPT can make a huge difference with its capacity to generate creative content and provide information in a human-like approach.
FAQs
What are the ways that one can use ChatGPT in E-commerce?
Here are the ways that one can use ChatGPT in E-commerce –
Writing Product Descriptions
Providing Customer Support
Personal Shopping Assistants
Social Media Marketing
Inventory Management
Lead Generation
Cater to the International Audience
Hyper-personalized Email Marketing
Voice-enabled Shopping Experience
Analyzing Customer Reviews
How ChatGPT can help in Inventory Management?
ChatGPT can assist businesses in improving their stock management by predicting trends and analyzing purchase patterns resulting in a better, updated, and managed inventory. This will help the E-commerce with better inventory control and timely replenishment of stocked-out options. An updated inventory will also help with better customer fulfillment through timely, complaint-free delivery.
Resistance to change is often the biggest challenge in the logistics industry, where speed and efficiency define success. Companies striving to streamline operations with new technology frequently encounter pushback from employees accustomed to traditional methods. Overcoming this resistance is key to driving long-term efficiency and cost savings.
One of these leaders is Bhavya Vashisht, an Operations Manager with several years of experience in the trucking industry. He has optimised processes which have increased efficiency, reduced cost, and provided better logistics performance. His method, which centers on strategic thinking, data-driven solutions, and employee engagement, has helped the companies to survive the challenges that come with modernization.
Change in Logistics
For generations, logistics was more of a do-it-yourself profession. Dispatching, repair activities, and inventory control were depended on instincts and experience. But growing demands such as faster delivery times, higher fuel prices, and more stringent regulations make the case for using technology for a more efficient operation.
Still, change rarely happens with open arms. Bhavya had also witnessed resistance in altering the status quo and how it slows down progress. Drivers were slow to adopt ELDs; mechanics were also hesitant to digitize inventory tracking, and senior management also found it hard to let go of processes they had followed for years. However, this made Bhavya take resistance as not a challenging but an opportunity to push meaningful change.
Changing Obstacles into Opportunities
Bhavya’s approach went beyond just implementation of technology by building an innovative culture. This was exemplified by the initiation of predictive analytics for vehicle maintenance. This he did through utilization of real-time data on health monitoring, a factor that was able to curb breakdowns in vehicles by 30%, translating to an average saving of over $250,000 annually on the maintenance and revenue lost due to breakdowns.
He also utilized business intelligence to optimize fleet usage, which increased on-time delivery by 15% and cut idle time down by 20%. This simply meant that without increasing the number of fleets available, the firm could process a 25% increase in shipment volume.
Real-time business intelligence dashboards revolutionized dispatch operations, reducing average delivery times by 10% and fuel consumption by 12%. These gains translated to an estimated $150,000 in annual savings. Bhavya also tackled one of the biggest challenges facing the trucking industry: driver retention. Predictable schedules and optimized routes based on driver feedback led to a decrease in turnover rates of 18%, saving more than $150,000 in recruitment and training costs while also stabilizing the workforce.
Safety was another priority. Bhavya introduced telematics and data-driven driver behaviour tracking, leading to significant reduction in fleet accidents. This not only improved road safety but also resulted in $120,000 in savings through lower insurance premiums and repair costs.
Lessons in Leading Change
It was not just a matter of putting in new systems but how those systems were put in. Bhavya knew that resistance is often based on fear of the unknown, so He focused on clear communication. He made employees at all levels feel involved and invested in decisions.
It ensured that each employee gains confidence in using the newly implemented systems. Bhavya also came up with a strategic plan of piloting key projects before rolling them out at an organizational level. He also brought change from skeptics to advocates through visible benefits early on.
Future of Logistics
Bhavya is looking forward to the future, and he sees logistics at a turning point. Emerging technologies like AI-driven route optimization, blockchain for supply chain transparency, and sustainable logistics initiatives will shape the future of the industry. As concerns around driver shortages and cybersecurity grow, it will be companies that prioritize adaptability that will thrive.
One of the main insights he has is that technology drives efficiency, but people are at the core of logistics. So, engaging employees, encouraging continuous learning, and balancing automation with human expertise would be key to sustaining long-term success.
A Call to Action for Industry Leaders
Bhavya’s journey therefore presents the roadmap for logistics professionals in optimizing operations. Successful change thus requires a strategic approach, so technology adoption solves real challenges rather than solutions for its own sake. Employees must be engaged throughout this whole process because their buy-in would determine the success of the transformation.
Change is never smooth, but here Bhavya’s story demonstrates that it results in exceptional outputs when the obstacle is crossed,” said Rohan. In logistics, adaptability is the only constant. Those committed to continuous improvement will shape the industry’s future.”
Preeti Karna
