StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
Food vlogging is a type of vlogging (video blogging) where the vlogger creates and shares videos about food, cooking, recipes, and dining experiences. It often includes footage of the vlogger shopping for ingredients, preparing meals, and eating, as well as commentary and information about the food and cooking process.
Food content can range from simple recipes and cooking tutorials to comprehensive food articles and food-related shows. With the rise of technology and the internet, food content has become more accessible and interactive. Many food-related websites now offer the option to order food online, either through their own delivery service or in partnership with popular food delivery companies. This allows users to not only learn about different types of cuisine and cooking techniques but also enjoy their favorite foods from the comfort of their own homes with just a few clicks.
According to various market research reports, the global food delivery market is projected to grow at a CAGR of around 12% from 2021 to 2026. The growth can be attributed to the increasing popularity of online food ordering, advancements in technology, and the growth of the gig economy.
As for food content, the demand for quality food content has been consistently increasing, driven by the growing interest in cooking, food, and wellness. With the rise of social media and the increasing popularity of food-related content, the CAGR of the food content industry is also expected to grow at a significant rate in the future.
For this Interview, we invited, Razia Ali and Hariprasad Shetty, Co-Founders of Blendverse, and we talked about the growth, challenges, insights, and future opportunities in the food tech industry.
StartupTalky: Hariprasad, what does your company do? What was the motivation/vision with which you started?
Hariprasad:Blendverse is a TikTok for food-the consumers who can not only experience good food content but also can relish it with the click of a button. Blendverse is a content-to-commerce Food-tech platform.
The food industry is meant to be an experience, but it has become transactional. Our goal is to revolutionize the industry by introducing content into the mix. We envision a scalable solution that allows users to not only discover and learn about food through engaging content but also order it. The combination of food, content, and technology is the perfect way to bring the industry to the next level.
StartupTalky: What is/are the USP/s of your products?
Hariprasad: Our platform allows you to easily access and discover the best food content from top creators, and have it delivered with just a few clicks. Not only does this provide a convenient way for food lovers to explore new recipes and ideas, but it also gives food creators a way to monetize their content and helps food brands to build their brand and product through immersive storytelling.
StartupTalky: How has the food tech industry changed in recent years, and how has your company adapted to these changes?
Razia Ali:The food industry has undergone significant changes in recent years, particularly since the COVID-19 pandemic. Food aggregators have become dominant players, which has put pressure on restaurant margins.
At the same time, there has been an increase in content consumption and a rise in new content creators. In India, there has also been a proliferation of D2C brands looking to build their communities. These developments motivated us to create @theblendcommunity, India’s fastest-growing community for food, fashion, and fiction. This journey led us to Blendverse, India’s only content-to-commerce food tech platform.
StartupTalky: How do you stay up-to-date on the latest trends and developments in your industry?
Razia Ali: By working closely with food partners, content creators, and consumers, we are able to stay attuned to the pulse of the market. The creator economy space is particularly dynamic, with trends changing rapidly. Our close involvement in the creator economy and our relationships with top creators have given us a unique insight into predicting trends in our industry.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Hariprasad:The first set of metrics we had set out to capture is around:
Content consumption: To gauge the effectiveness of our content, we track metrics such as average buying intent, the order conversion funnel (to identify drop-off points and reasons), and the percentage of content that is watched liked, and shared.
Content-to-commerce metrics: To assess the performance of our content-to-commerce efforts, we track revenue as a key metric.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Razia Ali: One of the major challenges we faced was attracting the right talent, as it is strong competition for skilled tech professionals. Another challenge was identifying talented content creators and helping them understand the potential of platforms like Blendverse that merge content and commerce.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Razia Ali: We employ a combination of social media marketing and community marketing techniques. As a brand that was born out of a community, our initial audience is both a test group for our product theories and our first source of user acquisition. Once our app launches in 7 cities, we will also utilize performance marketing, including digital and mobile channels, to expand our reach.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Hariprasad: To enhance the ranking of content on our feed and provide more personalized experiences, we investigated the use of newsfeed algorithms and general recommendation systems. We recognize that creating an unbiased, hyper-local, personalized feed is a challenging task that requires significant engineering effort and a long-term commitment. While we have already begun investing in this goal, we have decided to temporarily use a data services provider who also powers the feeds for platforms like SoundCloud and Dubsmash.
In addition, we have started building internal tools for labeling and moderating the content and data being ingested onto our platform. This is especially important as we onboard more creators, and brands, and increase the amount of content on our platform.
StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Hariprasad: There are vast opportunities for us to explore, as we have only just begun. Content consumption is increasing, and food habits are evolving. India is becoming a global center for innovation, and with its large consumer base and highest social media audience, it is an ideal market for platforms that are powered by creators. The food industry offers a diverse range of possibilities for brands to operate in, and we are optimistic about the opportunities that lie ahead.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Razia Ali: As a young company, we have learned many valuable lessons that have helped shape our future plans. One of the most important lessons has been the importance of collaboration and partnerships. We have been able to achieve impressive results through our partnerships with creators and brands. Going forward, our strategies will be centered around the belief that collaboration is the new currency.
StartupTalky: How do you plan to expand the Customers, product, and team base in the future?
Hariprasad: Currently, our focus is on the Indian market, but we have plans to expand geographically in 2024, starting with the Dubai market, which is a hotbed for the creator economy and Web 3.0. We will continually improve our product with new features and expand our team to support the growth of our business.
StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?
Hariprasad: Starting a company is less glamorous and more intellectually challenging and purpose-driven than it may seem. It’s not about achieving high valuations, but rather about the value that your startup will create. This is what truly matters.
We thank Hariprasad & Raziafor spending their valuable time and sharing their learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
The menstrual care industry refers to the production and distribution of products related to menstrual hygiene, such as sanitary pads, tampons, menstrual cups, and panty liners. The industry has grown significantly in recent years with increasing awareness of menstrual health and the need for sustainable and eco-friendly options. Companies are investing in research and development to create products that cater to diverse needs and preferences and address issues such as comfort, absorbency, and environmental impact.
The industry is expected to continue its growth in the coming years, driven by factors such as rising disposable incomes, urbanization, and greater access to menstrual care products through e-commerce platforms. According to market research reports, the global menstrual care industry is expected to have a CAGR of around 5% to 6% between 2021 and 2026.
However, the growth rate may vary in different regions, with developing countries witnessing higher growth due to increasing awareness and better access to menstrual care products.
For this Interview, we invited, Sujata Pawar, Co-founder of Avni, and we talked about the growth, challenges, insights, and future opportunities in the feminine hygiene industry.
StartupTalky: What products does your company sell? What was the motivation/vision with which you started?
Sujata: I (Sujata Pawar) and along with my husband Apurv Agrawal founded Avni in April 2021 to provide toxin-free, functional menstrual care products for women based on their flow, body type, and comfort. My anecdotal experience as a woman is the primary motivation behind setting up this start-up. I’ve had periods and the challenges that stem from them for the past 18 years, and I can confidently state that commercial pads have always caused redness, rashes, discomfort, and various types of skin infections. I began looking for better alternatives 8 years ago and was surprised to discover that none of the existing brands in the market catered to these considerations.
So I set out on a mission to provide well-researched menstrual hygiene products that are not only appropriate for sensitive areas but also eco-friendly and safe for sanitation workers. After doing my research and applying my original ideas, we launched our first product- Avni Anti-microbial reusable cloth pad- Avni Lush & Avni Fluff, India’s first tested cloth pad that not only absorbs period leaks but also protects against infections. Our product line also includes Avni Natural Cotton Sanitary Pads, Avni Period Wear Wash, Avni Menstrual Cup & Wash, Avni Antibacterial Soothing Intimate Care Wipes, and Organic Cotton Pantyliners. In addition to our massive online presence on major e-commerce platforms such as Amazon, Flipkart, OneGreen, Youcare, Smytten, and Woovly, have 26 retail outlets in southern India where our products are well received as a reasonable alternative for plastic-based sanitary products.
StartupTalky: What other products/features have been added in the past year? What is/are the USP/s of your products?
Sujata: Avni means ‘The Earth,’ and as a female hygiene brand, we are guided by Grand Moms and Ayurveda to offer our customers sustainable and safe products. Our products are proudly Made in India, and we believe that relying on locally sourced ingredients and skills leads to true empowerment. We take great care to guarantee that all of our ingredients are organic and non-toxic. Moreover, all of our packaging is 100% recyclable and eco-friendly.
We distinguish ourselves from the competition by focusing on a modern approach to time-tested ancient methods of managing menstrual cycles using high-quality natural ingredients backed by women themselves. As an example. Anti-microbial reusable cloth pads are designed to be effective and low- maintenance, particularly for impoverished rural women. The anti-microbial feature reduces the risk of bacterial infections, and disinfecting the product requires very little water and regular soap, which can be done while other clothes are being washed. We’ve also set up 24-hour helplines to help menstruators with product-related questions.
StartupTalky: How has the feminine hygiene industry changed in recent years, and how has your company adapted to these changes?
Sujata: While the feminine hygiene industry in India is still in its infancy, the recent growth is primarily attributable to widespread public awareness of the significance of intimate hygiene.
A decade ago, the only predicament with menstrual hygiene was the effectiveness of sanitary pads. All of the major brands addressed a few parameters such as pad size, dryness, and wettability. With the entry of new-age start-ups in the menstrual hygiene space, the emphasis has shifted dramatically from effectiveness to comfort, and from plastic-based sanitary products to organic and sustainable sanitary pads. Products such as pantyliners, tampons, menstrual cups, and intimate cleansers, which were previously unavailable, have begun to gain popularity.
In our initiatives, we developed holistic solutions for women of varying ages and demographics, from menarche to menopause. After recognizing the limitations of traditional plastic pads, we took on the herculean task of redefining the traditional way of menstruating by assisting women in making an eco-friendly switch.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the feminine hygiene industry?
Sujata: We stay up to date on the latest trends and developments in our sector through innovation, automation, and digitization to deliver our customers with enhanced efficiency through leading material flow offerings. As we have decided to work toward a more sustainable future, our daily operations are guided by our desire to create more resource-efficient sanitary products that are safe for both our manufacturing workers as well as our loyal customers.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Sujata: Running a successful business necessitates a thorough examination of the work, sales, and financial outcomes. Therefore, at Avni, we prioritize sales revenue as it informs us a lot concerning our company. Month-to-month sales findings suggest whether people are interested in buying our products, whether our advertising endeavors are paying off, and, most importantly, whether we are still in the competition, among other things. There is a plethora of key performance indicators to measure performance, but measuring them all is pointless. We track business metrics that show how our company is doing based on our goals. Tracking irrelevant KPIs only serves to divert attention away from the things that matter.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Sujata: As a D2C brand, we faced numerous difficulties since our inception. We recognized that transitioning from conventional period products is not easy for every woman. So, for Avni to establish itself as a trustworthy women’s health brand, we worked hard to garner the support of dedicated doctors and medical experts and provide a 24X7 Avni Buddy service helpline. Our customer service representatives strive to identify each customer’s concerns and guide them toward better product application and applicability.
There is also a large hindrance when it comes to serving rural areas, where adoption rates are lower than in urban areas. To address this, we launched the DAAG project, in which we collaborate with NGOs to provide educational and awareness sessions to young girls from rural communities and remote areas. We also donate menstrual health kits to resource-poor menstruators like sex workers, waste pickers, and college dropouts who rely on low-quality sanitary products through this social outreach project.
StartupTalky: Repeat purchase is one of the most important parameters on which most eCommerce brands are betting. How do you keep your customer engaged in stopping churn?
Sujata: At Avni, we truly understand the value of retaining an existing customer, which is far less expensive than acquiring a new one. As each customer is unique, we categorize them using different metrics such as age, gender, job title, location, interests, purchase history, and more. This enables us to target the various segments with customized messaging that speaks directly to them and addresses their specific needs and desires. We even provide an incentive in our re-engagement emails to increase conversions. This could be a discount code, free delivery, a free item, or another incentive to entice the customer to return.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Sujata: When publicizing the most basic product – the sanitary pad – female hygiene brands have encountered several barriers from abashed viewers. Keeping the existing problem in mind, Avni has emerged as a new-age brand catering to a whole new market of intimate hygiene products such as tampons, menstrual cups, and panty liners, we are marketing our products online and offline in such a way that it generates the proper conversation about intimate hygiene, which we have been embarrassed about for many years.
At the same time, we are extremely concentrating on organic and low-cost performance marketing efforts. Social media and personalized email marketing have been a go-to medium for us as it is the fastest growing channel to connect with customers and bolster product sales. Moreover, as most customers prefer to have a comprehensive knowledge of the product before making a purchase, so our real-time conversations with experts to answer their questions are certainly making a big difference for a brand.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Sujata: From the very beginning of our journey, we emphasized taking the help of technology in growing and building the business. We have been using various tools on the website to help us communicate with customers effectively and stay connected once they have visited our website. At the same time, it is important to have tools such as OMS and WMS tools to manage the regular order inflow as well as the warehouse inventory.
StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Sujata: Menstrual hygiene is gradually garnering acceptance in mainstream culture, and the stigma associated with it is beginning to disintegrate in both rural and urban communities.
However, the adoption rate is slower in rural areas than in urban areas where educated women have greater access to resources. Nonetheless, the trend of eco-friendly products in female hygiene will redefine the practice of menstrual hygiene in rural areas in the coming years due to their cost-effectiveness and reusability. Greater awareness about feminine hygiene and the benefits of using organic personal care products will further drive market growth in India.
StartupTalky: What lessons did your team learn in the past year and how will these inform your plans and strategies?
Sujata: One of the biggest learnings for our team has been to stay focused on the basics and make sure we stick to the basics. Be it marketing, sales, product launch, or new product development, the basics never change. Our plan is simple, find the right need gap, develop functional products at an affordable price to customers, and be present on the right distribution channels for customer discovery.
StartupTalky: How do you plan to expand the Customers, SKUS, and team base in the future?
Sujata: At Avni, we believe that female hygiene products are a necessity for all menstruators. Therefore, we intend to target every corner of the country via our online and offline models and do not want to be limited to a particular geography. We simultaneously seek to create a world where menstruation is not considered taboo anymore, where period poverty is non-existent and every menstruator is proud of bleeding.
In rural areas, we are focusing our efforts on increasing menstrual hygiene management awareness while also creating job opportunities. Each cloth pad that a customer purchase is meticulously hand-stitched by our tribe of incredible women spread across rural India. 8% of our profits are dedicated to empowering women and girls through education and high-quality products. So, for every pad purchased, one woman gains economic stability. We hope to reach 10 million women through our products, ambassador network, and micro-entrepreneurship initiatives as part of our ongoing efforts to improve women’s lives. Simultaneously, we are working diligently to broaden our product portfolio and strengthen our team to meet our business objectives.
StartupTalky: With so much hype around d2c brands spending on ads, what will be your growth strategy organic or inorganic? How to plan to work around SEO and content marketing?
Sujata: There has almost certainly never been a better opportunity in India to initiate a D2C feminine hygiene care brand. Owning much to the access of smartphones, the propagation of the internet, and, most importantly, menstrual hygiene understanding, customers are regularly considering a host of new products, which is bolstering the development prospects of feminine health.
Based on previous purchases, preferences, shopping behavior, and demographics, D2C empowers us to recognize each customer’s interest and create specific deals to drive purchasing decisions using a data-driven strategy. The direct-to-consumer subscription service model also provides shoppers with a more convenient, personalized, and cost-effective way to purchase what they require regularly. We have also seen referrals and word of mouth having a tremendous impact on our business. At the same time, direct interaction with clients during every phase of the purchasing process, including after sales, further enables us in driving organic traffic.
StartupTalky: One tip that you would like to share with another D2C founder?
Sujata: As the demand for personal hygiene products grows, we anticipate the emergence of more startups and brands in this space. For any D2C brand to stand out among its rivals, they need a business idea worth building a business around. They must also identify existing need disparity and assess their market potential to address the same. Lastly, it is critical to be able to sell products at a price point that makes sense for the customer while still allowing the brand to make a profit on each sale.
We thank Sujata Pawar for spending her valuable time and sharing her learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
EdTech, or educational technology, is helping to transform the education sector in India in several ways. Some of the ways in which EdTech is helping to improve education in India include accessibility, personalized learning, cost-effectiveness, and skill development.
Many players are entering the Edtech industry and attempting to solve various problems associated with India’s learning system. Overall, EdTech is helping to improve the quality and accessibility of education in India and is playing a crucial role in addressing some of the major challenges faced by the education sector in the country.
According to Statista, the online education market is expected to reach $166.60 billion in revenue by 2023, and show an annual growth rate of 9.37% over the period of 2023–2027, leading to a projected market volume of $238.40 billion by 2027.
For this Interview, we invited, Gaurav Goel, Co-founder, and CEO of Toprankers, and we talked about the growth, challenges, insights, and future opportunities in the ed-tech industry.
StartupTalky: Gaurav, what does your company do? What was the motivation/vision with which you started?
Gaurav: Toprankers is a Bhopal headquartered digital learning platform that enables students to prepare for unconventional careers via holistic guidance and support. The platform offers simulated tests and comprehensive study materials for all candidates appearing for examinations in the field of law, management, design, and other prominent verticals.
Incepted in 2016, Toprankers today is the country’s most preferred digital counseling & preparation platform for careers beyond engineering & medicine. The vision behind the initiative was to provide students with end-to-end assistance in their journey of new-age career courses. To date, Toprankers has successfully enabled more than 3 lakh students to pursue and thrive in the careers of their choice.
StartupTalky: What is/are the USPs of your products?
Gaurav: Our extensive portfolio of career products and services is strategically framed to address the end-to-end requirements of students who are opting for unconventional career options. Be it our hybrid learning model or virtual parent-teacher meetings, we leave no stone unturned to ensure an inclusive learning experience for students. We also boast a team of highly proficient and experienced teachers who excel in passing on their comprehensive knowledge to students in an engaging way.
StartupTalky: How has the ed-tech industry changed in recent years, and how has your company adapted to these changes?
Gaurav: The digital learning space has witnessed a substantial transformation after the advent of the Covid-19 pandemic. With schools being shut for more than a year, the pandemic resulted in a multifold growth of digital learning in India and also compelled students, teachers, and parents, to learn about numerous digital tools and adapt to a remote learning environment.
While the offline mode of learning is back in the post-Covid-era, the digital learning space has permanently changed the education landscape in the last couple of years. Toprankers in this regard has unveiled hybrid classrooms for students to help them leverage the best of both online and offline modes of learning.
Besides offering state-of-the-art career products and services, we have adopted a 360-degree approach to mentor our students to help them reach the pinnacle of success.
StartupTalky: How do you stay up to date on the latest trends and developments in the ed-tech industry?
Gaurav: For this, our highly experienced and dedicated team ensures that it stays in constant touch with our esteemed customers for their suggestions. We also lay emphasis on understanding the evolving requirements of students and parents and the changing dynamics of the education segment in India.
Furthermore, we regularly participate in education-oriented events across the country and network with industry veterans to garner a detailed understanding of the latest trends.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Gaurav: To assess the development and performance of our organization, we keep a consistent check on our revenue, growth in the number of students, and the performance of students in prominent, non-conventional tests among others. We also regularly gauge the performance of all our employees and make necessary course corrections to mitigate any bottlenecks.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Gaurav: The year 2022 has been an inspiration for us. A noteworthy accomplishment for us was to raise a Series A round of funding of $4 million with a renowned VC firm ”Sixth Sense Ventures” which augmented our growth initiatives.
However, for the startup ecosystem as a whole, this year has been a bumpy ride and we too witnessed our fair share of challenges. However, we firmly focused on finding the best solutions for those challenges which enabled us to mitigate them and continue with our success journey.
Here are some challenges that we struggled with in 2022:
Transitioning from online learning segment to hybrid solutions.
To ensure a quality learning experience for students in the ever-evolving education sector.
Since we are headquartered in a tier 2 city like Bhopal, finding and absorbing the right talent also came as a significant challenge for us.
Another major challenge that we witnessed in the year was creating awareness about non-conventional career options like Law, Management, and Design. These disciplines have low acceptance in India and overcoming the mindset toward deeply rooted domain subjects was the biggest hurdle
Lastly, ensuring encouraging growth in this competitive and dynamic market is a challenge in itself.
We resolved these challenges by taking necessary course corrections and accomplishing the following milestones:
We successfully registered more than five million users and secured a Series A funding of $4 million from the renowned investment firm ”Sixth Sense Ventures.”
We also expanded our presence and now boast more than 300 employees across the country of which 48 percent are females.
Students of LegalEdge by Toprankers have achieved top ranks including AIR 1, 2,3,8, and 10 for the CLAT UG exam. Bhopal-based student Piyush Gupta, AIR 8 secured Rank 1 in Madhya Pradesh while our students also outperformed in the recently conducted AILET 2023 exam securing top ranks including AIR 1,2,9 for the AILET UG exam and AIR 8,9,15 for the AILET PG exam.
Due to the unprecedented dedication of our team, we garnered exceptional results across all brands. For instance, 12 students qualified in Rajasthan Judicial Services (RJS) in 2022 from our brand Judiciary Gold.
For Creative Edge, one of our students bagged the highest rank in Madhya Pradesh in JEE B.Arch Exam 2022 and emerged as the regional topper for the state of Madhya Pradesh with a 99.96% percentile.
Over the years we have been successful in preparing 3 lakh candidates for modern careers.
Recently a substantial number of students (50+) from our platform secured more than 250 marks in the CUET PG examination.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Gaurav: We at Toprankers have forayed into new domains with our hybrid learning model known as Toprankers Classrooms from where we offer a hybrid mode of learning to students.
We have significantly invested in a high-touch model of learning and are focussing on enhancing student success & mentoring teams. We are also leveraging virtual parent-teacher meetings, boot camps, and much more to boost the confidence of our students and their parents in the online learning domain.
Toprankers ranks among one of the few Edtech companies in the country whose students boast of AIR 1,2,3 in prominent competitive exams in fields such as law, management, etc. Furthermore, our proficient marketing team consistently works on fortifying this position of trust with effective communication and building communities with social media.
StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Gaurav: As per the All India Survey on Higher Education (AISHE) 2019-20, released by the Union Ministry of Education, popular undergraduate-level programs like BTech (Bachelor of Technology) and BE (Bachelor of Engineering) have noticed a drop of 13.32 percent in enrolments in the last few years. The drop in enrolments is more substantial in postgraduate level programs like MTech, with 33.68 percent of students pulling out of the course.
The survey also demonstrated that about 93.49 lakh students are registered in arts courses at the country’s undergraduate level, making it the most popular course against the science stream.
This indicates that in the coming years, non-conventional career options like Law, Management and Design will witness rapid acceptance across India.
Talking about the digital learning segment, unlike conventional pedagogy, technology has allowed students to have a unique learning approach, including animations and experiential learning.
The rapid integration of technological applications in the educational sector will make learning more collaborative in the coming times while making students focus on the core of the online content delivered to them. With this, It wouldn’t be an exaggeration to say that digital learning is the future of education.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Gaurav: Some of the primary learnings that we gained from the last year include:
Strengthening our student-first approach and including their valuable suggestions in our decision-making.
Enhancing consumer engagement with a student-first approach.
Upgrading our technological infrastructure.
Finding the right marketing mix to amplify our reach & consumer engagement.
In the coming times, we will emphasize these learnings for robust growth and transformation of the digital learning space in India.
StartupTalky: How do you plan to expand the Customers, product, and team base in the future?
Gaurav: As learning today is not restricted to physical classrooms, we will deploy a 360-degree approach to educating students including career guidance, end-to-end assistance, personalized learning experiences, and much more in the coming times. To achieve this, our team will take the following initiatives:
Strengthen the presence of Toprankers’ Classrooms across the country by delivering hybrid learning solutions and maximizing our reach.
Developing strategic and effective career products to enhance the success rate of students.
Strengthening our position as an Edtech with outstanding results for the prominent CUET which will play a leading role in transforming the Indian education landscape. In our first endeavor itself, we have delivered over 50 toppers in this test and will continue to reinforce our position in the coming years.
StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship.
Gaurav: For students and individuals who wish to embark on the journey of entrepreneurship, we would recommend the following:
Be more resilient
Make data your priority
Don’t doubt yourself
Comprehensively understand the customer and the market segment
Pick a niche
We thank GauravGoelfor spending his valuable time and sharing his learnings with all of us.
Oral healthcare in India is often kept on the back burner deeming it unimportant while the statistics on the need for dental health workers, and the number of oral cancer patients in the country paint a different picture.
India in fact has the second-highest number of patients with oral cancers. Studies also show that 90% of adults and 80% of children in the country have cavities. Collating all these details gives a clear idea of the bleak stature of dental healthcare in India.
However, the industry recently is seeing a lot of dental startups being launched addressing various gaps in the sector. This article will look at 9 top dental startups in the country.
Dr. Arpi Mehta, Dr. Pravin Shetty, Dr. Manjul Jain, Dr. Anirudh Kale
Founded In
2018
Headquarters
Mumbai, Maharashtra
Website
makeo.app
Toothsi Website
This Mumbai-based startup was founded by a group of enthusiastic dentists in 2018. Dr. Arpi Mehta, Dr. Pravin Shetty, Dr. Manjul Jain, and Dr. Anirudh Kale are the masterminds behind this venture which now spans over 17 cities in India.
Guided by technology and rooted in a group of experts, Toothsi gives at-home teeth alignment services to customers. Toothsi focuses on issues like teeth gaps and oral hygiene. They also have several other products for teeth whitening, and general oral care apart from the teeth alignment essentials.
They have another startup called Skinnsi which provides skin care services to customers. Together, they aim to become India’s largest clinical beauty technology platform.
With an aim to improve the oral health of people in the country and to ensure a wider smile for its customers, Sabka Dentist is one of the most popular dental straps in India with a chain of dental clinics to its credit.
It was incorporated by Vikram Vora in 2009. Till now, the startup has raised over $18 million. Apart from overall oral well-being, they focus on cosmetic and restorative dentistry as well.
Sabka Dentist started off with a clinic in Vile Parle, Mumbai, and currently has over 100 clinics across Mumbai, Pune, Ahmedabad, Surat, and Bangalore. They are also committed to the oral well-being of their immediate community for which they give people from the underprivileged sections of the regions near their clinic, access to oral healthcare.
Asvin Tech
Startup Name
Asvin Tech
Founders
Dilip Kumar Sharma, Satwik Priyadarshi
Founded In
2021
Headquarters
Patna, Orissa
Website
dentratech.com
Asvin Tech Website
Asvin Tech is an AI-powered startup that creates scalable intraoral dental 3D scanners for dentists in a cost-effective manner. It was founded in 2021 by Dilip Kumar Sharma and Satwik Priyadarshi.
On April 2021, the startup raised $120,000 in its Pre Seed funding round from TechStars and Techstars Bangalore accelerators. Asvin Tech is of great relief to the dentists of developing countries who cannot access high-quality dental equipment due to its prices.
Laxmi Dental
Startup Name
Laxmi Dental/ Laxmi Dental Export Pvt. Ltd
Founders
Rajesh Khakar
Founded In
1989
Headquarters
Mumbai, Maharashtra
Website
laxmidental.com
Laxmi Dental Website
With a legacy of more than 30 years in the dental industry, Laxmi Dental has grown from a two-member dental lab to an extensive group of labs and clinics with more than 1800 employees spread across 50 countries. Laxmi Dental Export Pvt. Ltd was started in 1989 by Rajesh Khakar on the street of Mumbai.
In their dental lab services in USA and Europe as well. Equipped with the latest state-of-the-art facilities, Laxmi Dentals has provided high-quality products to its customers. So far they have raised more than 625 million in various funding rounds.
All of their products are made based on customer specifications and they also offer all services on fixed restorations. Laxmi dental was vertically integrated into a holistic dental lab that functions digitally in 2021.
MyDentalPlan
Startup Name
MyDentalPlan
Founders
Dr. Anand Krishna, Dr. Girish Rao, and Dr. Mohender Narula
Founded In
2015
Headquarters
Bengaluru, Karnataka
Website
mydentalplan.in
MyDentalPlan Website
My dental plan was founded in 2015 by Dr. Anand Krishna, Dr. Girish Rao, and Dr. Mohender Narula with the goal of integrating oral well-being with overall well-being.
Since its inception, the startup has been reimagining the ways in which dental health care was conceptualized and approached in India by blending art, science, information technology, and ingenuity. While offering curative solutions to all kinds of dental problems through online and offline platforms, My Dental Plan primarily focuses on preventive care.
In 2021 they received seed funding of $7000 from Safe Planet Medicare. They have several packages for both individuals and families that are inclusive of various dental services from which the customer can choose.
DentalKart
Startup Name
DentalKart
Founders
Dr. Vikas Aggarwal and Sandeep Aggarwal
Founded In
2014
Headquarters
New Delhi, Delhi
Website
www.dentalkart.com
DentalKart Website
The oral healthcare industry is not just about dental clinics but is also inclusive of another vast area that manufactures and sells the types of equipment used for these dental procedures. DentalKart is one of the best online dental shopping platforms which dentists can rely on.
With a wide range of more than 35,000 products assorted on its platform, DentalKart has become one of the favourite choices of thousands of dentists across the country. It was founded by Dr. Vikas Aggarwal and Sandeep Aggarwal in 2014 as India’s largest online dental market.
With a sound distribution system, the startup delivers to more than 6000 cities and towns in India. They started providing online services through their app which can be accessed on phones, laptops, and tablets through a simple login process.
Clove Dental
Startup Name
Clove Dental
Founders
Amar Singh
Founded In
2011
Headquarters
New Delhi, Delhi
Website
clovedental.in
Clove Dental Website
Founded in 2011 by Amar Singh Clove Dental is a string of oral healthcare clinics across India that offer extensive oral healthcare services with state-of-the-art equipment. Over the years they have been able to lead the way in setting new standards in the dental care industry by focusing on quality and transparency.
The introduction of technologically enabled painless dentistry has helped this startup have the edge over the others. Today they have more than 350 clinics managing over 1 million patients on a monthly basis. The start-up also claims to have conducted 15,00,00 treatments in the past decade.
Snazzy
Startup Name
Snazzy
Founders
Ayush Pateria and Keshav Chouksey
Founded In
2020
Headquarters
Hyderabad, Andhra Pradesh
Website
snazzyalign.in
Snazzy Website
It is a Delhi dentistry platform that focuses on teeth straightening among other dental issues. It was founded in 2020 by Ayush Pateria and Keshav Chouksey with a vision to provide high-quality affordable treatment.
Their advanced invisible braces have been one of their highlights which has attracted a lot of customers. Additionally, the startup also goes the extra mile to solve even the slightest problems that come along with alignment issues.
They have various packages covering different kinds of treatments from Rs. 3999 per month. They are guided by the idea that a good smile should not cost a fortune.
It is a Mumbai-based startup that was founded in 2017 by Arpi Mehta. Simply Braces focus on orthodontics for both kids and adults. They also provide aligning and teeth straightening services.
Since their establishment, they are known for their international standards validated by global companies like 3M, Ormco American orthodontics et cetera. They have five centers that have managed more than 15,000 cases till now.
They aim to provide high-quality, personalized, and computer-aided oral health care services in an effort-table manner within the stipulated time frame.
Conclusions
Start-ups in the dental industry have been coming up with innovative ways not only to improve the services and infrastructure but also to create awareness of the need to focus more on oral hygiene as far as Indians are concerned.
The increasing amount of funding received by dental start-ups is indeed a positive sign toward this awareness. With more funding opportunities and mentoring support, there is absolutely no doubt that the dental industry will continue to boom in the years to come.
FAQs
Can a dentist be an entrepreneur?
An entrepreneur is one who creates their own business and is responsible for its course of profit and loss. Most dentists move in to open their own clinic which eventually means stepping into the shoes of an entrepreneur. So yes, overall we can conclude that a dentist can be an entrepreneur too.
Who is the richest dentist in India?
The richest dentist in India is S.M Balaji with his net worth falling between $1 million to $5 million in 2021.
How do I start a dental startup?
One can easily get their dental startup started by following certain steps. The first step is to create a plan while setting the budget. After the budget finalization, one needs to arrange the amount while also making an arrangement for the machines. Once done, the startup can then be officially started.
In an era of technology where digital software can make or break success for enterprises, Senior Backend Developer Ajay Benadict has demonstrated how strategic application of technical architecture can dramatically improve system reliability and performance. Businesses are increasingly adopting microservices and through his approach to segregating a large legal application into microservices, Benadict has achieved remarkable improvements in system performance, scalability, and cost-efficiency.
The transformation journey, which focused on breaking down a monolithic financial application into discrete, manageable services, has yielded impressive results: a 60% reduction in system downtime, 35% faster transaction processing, and a 25% decrease in operational costs. These improvements have not only enhanced user experience but also positioned the organization for sustainable growth.
The work required not only breaking down a large application, It also required strategically identifying service boundaries that would optimize performance while maintaining data consistency and system reliability.
He also established a CI/CD (continuous integration and continuous development) pipeline for faster and more reliable deployment of individual microservices, reducing deployment time by 40%.
This methodical approach to service segregation has enabled the system to handle a 50% increase in user demand without performance degradation and meet evolving business needs.
One of the most significant achievements of this transformation was the dramatic improvement in system capacity. The redesigned architecture now successfully supports 10,000 concurrent users, up from the previous limit of 6,000. Another crucial activity to improve customer experience was the development of a dynamic load-balancing framework that automatically scales individual services based on demand. This smart scaling approach improved performance during peak usage periods. He also decreased downtime incidents from an average of 10 per month to less than 2 by isolating fault-prone services. These enhancements, coupled with a 45% reduction in API response times, have significantly improved the end-user experience, with critical services now responding in under 100 milliseconds.
The project wasn’t without its challenges. Benadict and his team had to overcome several technical hurdles, particularly in maintaining data consistency across distributed services. Their solution involved implementing sophisticated distributed transaction management systems, which virtually eliminated data discrepancies. They also tackled the complex challenge of inter-service communication by integrating circuit breakers and fallback mechanisms, ensuring robust service reliability even during partial system failures. They also addressed the issue of dependencies of the digital systems on legacy systems by developing middleware that allowed for smooth integration without compromising the benefits of microservices.
The success of this project has implications beyond immediate performance metrics. By establishing best practices in microservices segmentation using Spring Boot, Benadict has created a blueprint that benefits cross-functional teams and future projects.
Perhaps most importantly, the project demonstrated how legacy system dependencies could be effectively managed through innovative middleware solutions, allowing organizations to modernize their infrastructure without disrupting existing operations. This approach has proven particularly valuable for enterprises looking to modernize their technology stack while not hampering business continuity or processes.
Benadict’s work in microservices architecture continues to influence enterprise application design, setting standards for system performance and reliability in the financial technology sector. His work can be a blueprint for organizations seeking to modernize their infrastructure while maintaining service reliability and reducing operational costs.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
A digital marketing and design agency is a company that specializes in providing marketing and design services to clients in the digital space. These agencies offer a range of services, including website design and development, search engine optimization (SEO), social media marketing, email marketing, and digital advertising.
The goal of a digital marketing and design agency is to help clients build and maintain a strong online presence, increase brand awareness, and drive more traffic and conversions to their website. They use various digital marketing strategies and techniques to reach and engage with their target audience and achieve the desired outcomes for their clients.
According to MarketsandMarkets, the global digital marketing and design agency market was valued at USD 48.7 billion in 2020 and is expected to grow at a CAGR of 14.0% until 2026, reaching a value of USD 97.9 billion by the end of the forecast period.
For this Interview, we invited, Shiraz Khan, Founder Director of Spicetree Design Agency (SDA), and we talked about the growth, challenges, insights, and future opportunities in the Digital Marketing industry.
StartupTalky: What service does your company provide? What was the motivation/vision with which you started?
The company provides various marketing and design services across digital, online, and print media platforms. The gamut of services includes website design and development, conceptualizing and designing print artwork, and digital marketing, which involves SMM, SMO, SEO, e-mailers, and retargeting.
The company was started with a vision to deploy a unique mix of creativity and advanced technologies to enhance the brand presence of every client business. Over the journey, SDA has been able to deliver on that front.
StartupTalky: What new services have been added in the past year? What is/are the USP/s of your service?
Shiraz: In the post-pandemic scenario, the world of marketing and brand communications has undergone a sea change. There is a greater emphasis on engaging customers through content marketing, and we have accordingly expanded our capabilities and technologies in SEO, SMM, SEM, and various aspects of digital communications. The USP of SDA’s service is the excellent mix of creativity with advanced technologies that help us consistently create impactful branding campaigns for clients.
StartupTalky: How has the digital marketing industry changed in recent years, and how has your company adapted to these changes?
Shiraz: There has been an incredible shift in how digital marketing is approached, and we are witnessing greater tech sophistication and communication maturing. Old and pushy sales initiatives are now replaced by steady content-driven campaigns that engage the customers and sustain their interest.
Marketing is no longer a standalone function related to creating ads but a collaborative effort with the clients. We focus on understanding their business, USPs, products, and services and use our creative and technical expertise to help the brands grow. We have also introduced relevant services and tools from time to time.
For instance, now there is a greater focus on effective communication through various formats of creativity (Audio, Video, Animation) and marketing automation and we are helping our clients with that.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the digital marketing industry?
Shiraz: Our industry is highly dynamic, and as we work hands-on daily with the clients, we also keep an eye on the global players. Technological innovations, creativity, and changing customer sentiments are all routinely observed, and we keep testing ourselves with the best practices to ensure that we are constantly updated and competent enough to support our clients.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Shiraz: We check our company’s growth and performance via two metrics, internal and external stakeholders. Internal stakeholders for us are our team; if we have managed to retain the right talent and acquire the right talent and keep them motivated and happy, then we think we are doing well internally. External is our relationship with our clients, vendors, and partners. We have been in this business for nearly a decade, and we have managed to retain almost 60% of our clients and, at the same time, onboard some big names. These two things help us understand that we are doing well and are on the right path.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Shiraz: Budgets and more than required interference in the creative process. Our scientific approach helped us reason it out with them to show them why they should spend the apt amount to expect the kind of results they have in their mind. And give us creative liberty, it’s evident that if they have a suggestion that makes more sense, it is most welcome, but if it does not, then we explain our bit to push our ideas through.
StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that your clients are happy?
Shiraz: The definition of good service has changed over time; the client now feels that good service means attending to their numerous calls, changing the creative as per their creative sensibilities, and matching their unreasonable timelines. We focus more on the outcome; if the bottom line is met, then clients take a back seat, and that’s how we have managed to sail smoothly.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Shiraz: SDA is a premier multi-faceted marketing agency. We have been deploying a healthy mix of digital marketing tools, SEO, paid advertisements, print and digital media content, and video communication to promote our brand and client organizations.
The one growth hack that SDA has leveraged over the years is to ensure an optimum balance between technology and creativity. SDA’s core philosophy is to obtain factual creativity through a perfect blend of creative vision and scientific analytics. Most people believe that science and creativity are two different domains, but we have been able to use these in complete harmony to achieve a unique and previously unexplored manner.
StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?
Shiraz: For us, every client is equally important. Agencies indeed get greater creative freedom and economic opportunities with foreign clients, but our focus is on being the best in what we do. Our work speaks for itself, and we do get regular opportunities to work with Indian as well as foreign clients. We have expanded our operations in the US and Indian cities such as Chennai and Bangalore.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Shiraz: Apart from the regular Digital marketing tools for the marketing side of things, for our web, we use a wide range of technologies such as LAMP stack, HTML5, CSS3, SCSS, JQuery, Angular, and other web tools such as Bootstrap, WordPress, Code Ignitor, Shopify, Magneto and so on. Further, SDA has its video animation and production team to create short films, motion graphics, stop motion, etc., which are a critical part of digital communication today.
StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen between India and the world?
Shiraz: India is adapting super-fast to all the global trends; we are moving hand in hand with agencies worldwide. There is so much outsourcing happening from overseas that is testimony to the fact that we have a grip over this game. The market behavior and the buying patterns of markets across cities and countries are different and must be dealt with differently. Here is where our expertise in having a scientific approach helps us understand the TG more effectively. We do not try to please the client but always prefer to look at the result.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Shiraz: We have learned to become more flexible and stride forward with confidence. Bucking the slowdown trend, SDA managed to expand its domestic presence to Chennai and Bangalore, and we have also entered the US markets. Thus, this year has been great for the company, and we have added Indian and foreign clients and expanded our range of offerings.
StartupTalky: How do you plan to expand the Customers, service offering, and team base in the future?
Shiraz: We have plans to open more offices overseas and have appointed a team of consultants to help us take the franchise route to service more clients. As far as the internal team is concerned, we are looking for varied talents 365 days a year.
StartupTalky: One tip that you would like to share with another Service company founder?
Shiraz: Please refrain from falling prey to clients willing to pay peanuts and expect great results. Some don’t even want to spend monies on paid promotions and expect magical results. The ones that pay less are the ones that expect the maximum. Interview the clients before onboarding them.
We thank ShirazKhanfor spending his valuable time and sharing his learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
The rehabilitation industry encompasses a range of healthcare services aimed at helping individuals recover from injury, illness, or disability. This includes physical therapy, occupational therapy, speech therapy, and other related services. The industry includes hospitals, rehabilitation centers, clinics, and private practices.
The goal of rehabilitation is to restore an individual’s function and independence to the fullest extent possible and improve their quality of life. The rehabilitation industry continues to grow due to an aging population, increasing rates of chronic conditions, and advancements in medical technology.
In modern medical science, there are many traditional healthcare challenges, and as a result, many startups are working to improve medical processes through evidence-based solutions.
According to a recent market research report, the global rehabilitation market was valued at around $34.5 billion in 2020 and is expected to grow at a CAGR of 5.5% from 2021 to 2028. This growth can be attributed to factors such as the increasing prevalence of chronic diseases, the aging population, and advancements in medical technology.
For this Interview, we invited, Riday Nakhate, Managing Director and Founder of Kan Innovations, and we talked about the growth, challenges, insights, and future opportunities in the Rehabilitation industry.
StartupTalky: What does your company do? What was the motivation/vision with which you started?
Riday: Kan Innovations Pvt. Ltd. designs, develops, and manufactures technology-based solutions to help people live longer healthier, and more active lives. We launched a first-of-its-kind comprehensive solution called the OHM Series of plantar pressure systems that assesses balance, posture, and human biomechanics. Coupled with REGO, a gamified rehabilitation software, it also aids in rehabilitation for sports, ortho, neuro, and prosthetic patients. Our series of research-backed plantar pressure devices are used by Indian medical and paramedical professionals in a variety of sectors, including physiotherapy, orthopedics, diabetes, and prosthetics and orthotics.
The idea of Kan Innovations germinated while I was in the USA when I suffered from L4-L5 disc desiccation, a right knee meniscal tear, and a left knee cap dislocation. L4-L5 disc desiccation went misdiagnosed for two years which took away my freedom of mobility.
As a patient, I got introduced to the world of physiotherapy and worked on my rehabilitation to the point of pain relief. I assumed that everything would be fine from that point and began to ignore the last and most important part of rehab, ‘strengthening’. After my right knee meniscus tear, I soon dislocated my left knee cap and the primary reason was that I had been overloading my left limb, due to the incomplete rehabilitation of my right limb.
It was at that moment, I realized the lack of evidence-based tools available for doctors to make return-to-play decisions as well as the lack of evidence to educate patients on their issues and their recovery. The personal incident inspired me to discover a solution so that others would not have to endure the same suffering. I believe our cutting-edge technology will transform healthcare by providing better results to patients and restoring their quality of life.
StartupTalky: What is/are the USP/s of your products?
Riday: That’s our niche; we have understood the gap, identified the need, and launched a complete Made in India product. What sets us apart from our competitors is our comprehensive offering where a practitioner can conduct assessment and rehabilitation on the same platform that suits all domains of practitioners: Physiotherapists, diabetologists, Prosthetists & Orthotist engineers, Orthopedics, etc.
StartupTalky: How has the rehabilitation industry changed in recent years, and how has your company adapted to these changes?
Riday: The rehabilitation industry has begun to evolve and focus on the integration of tech and evidence-based tools to treat patients and giving immediate biofeedback to patients has become supremely important. Patients have grown more conscious of their health and better educated about the gold-standard approaches available across the globe. Health tech businesses across the globe are also using AI and Big data learning to evolve their product offerings so that medical practitioners can deliver the best patient care. It’s important to remain connected with our customers and our potential customers. They are usually early adopters of technology and invest time in learning more about new technologies and methodologies in their respective spaces. As a young company, we are quite dynamic and constantly work on accommodating new approaches, thoughts, and ideas into our offerings.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the rehabilitation industry?
Riday: At Kan Innovations, we work very closely with our customers and our potential customers to identify the trends and requirements of the market. Our sales and marketing teams constantly bring in new requirements from customers that are discussed monthly and market research and clinical research are then initiated to further understand the business scope as well as the clinical value add for both doctor and patient. Our R&D and marketing teams are also constantly researching new technologies that are available globally.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Riday: Our primary objective is that our solutions are accessible to patients around India and that the technologies are being used effectively to drive better outcomes. Like most companies, we track sales of our systems but also offer several different business models. We track the number of installations around India and the number of tests that are conducted as well. We have also begun working on a strong educational campaign which includes, talks at colleges, workshops, and webinars. We also track these.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Riday: The primary challenge has been that this is a concept sale for most of our clients. Most of them don’t have a strong clinical understanding of the technology and what it can do for them. Also have not seen this in use, and they are hesitant about the financial outcomes of investing in a device like this. We have also begun working on a strong educational campaign which includes, talks at colleges, workshops, and webinars.
As a small startup working with a low-volume good, we have always struggled with finding the right production partner. Low-volume manufacturing in India is already very hard to establish and coupled with the high accuracy requirements, it makes it exceedingly hard to find the right partner who sees the same vision. We spent a lot of time on vendor development and have finally managed to set this up with strong Quality Control measures.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Riday: We use a consultative approach to selling. Our sales personnel are trained to the depth that they can hold up clinical conversations with all kinds of doctors and are also trained in understanding the clinics/hospital requirements to provide them with a proposal on how they can better their ROI from their potential investment.
This coupled with a series of educational webinars and workshops allows customers to gain the confidence to adopt the technology in their own practices. We share regular pieces of content that current customers as well as potential customers can learn on a regular basis. We also use traditional approaches like tradeshows and seminars to generate new leads and interest. We also have a strong distributor and dealer setup that helps generate new leads.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Riday: We use multiple software and platforms for our smooth functioning:
Startuptalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Riday: The diagnostic sector is rapidly expanding in India, and there will be plenty of opportunities. Now that the medical fraternity is implementing evidence-based practice, the demand for diagnostic devices & instruments stands omnipresent. According to the report, ~411 million individuals in India require rehab in some form.
To meet their requirements, infrastructure development, trained professionals, cutting-edge technology, and evaluation processes will be on the rise, keeping the health tech companies in a sweet spot. Vocal for local, made-in-India emotions are now taken seriously with the adoption of technology education is improving as a result of government incentives. With such the latest advances, the opportunities and future Medical Device Industry look brighter.
The west of India is relatively early adopters looking for both a clinical and business value add however real estate is usually the problem. The south is a lot more focused on research, whereas the north is focused on technologies for patient education.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Riday: The biggest lesson is that in India, in the medical space, it’s all about the in-person touch points. Constantly showing your face and remaining in touch with the contact brings yield.
We have also learned that conversion times are a lot slower and need to be sped up with education through strong well-planned workshops and webinars. We also realized that all clinicians have very different approaches. It’s important to listen and learn from every conversation and bring insights back to HQ. New concepts require flexibility in several domains. We intend to bring this flexibility in our pricing and business models, in training as well as in product development.
StartupTalky: How do you plan to expand the Customers, product, and team base in the future?
Riday: Education! Education! Education! For our customers. There is no other way but to constantly educate our practitioners. Busting the myths and helping them envision their practice of the future is our priority.
Product evolution is always to be derived from market insights with cyclic development for our current product line. New products like upper body gaming as well as an all-in-one diabetic foot lab are currently in development in partnership with some other startups doing some great stuff.
StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?
Riday: There is a big difference between starting a ‘Dhanda’ and being an entrepreneur. If India is to be the next startup capital of the world, there must be constant innovation, whether it be a service or product. I have always believed in starting something, where you can create an impact because that mission and vision will continue to drive you even when things become difficult. Create LONG-TERM VALUE!
We thank Riday Nakhatefor spending his valuable time and sharing his learnings with all of us.
With the growing demand for online shopping in India, there has been a rise in the number of e-commerce platforms catering to the Indian market. AliExpress, being a popular platform for global shopping. It offers a wide variety of products, including clothing, electronics, beauty products, home goods, and more, at wholesale prices.
AliExpress allows small businesses and individual sellers to reach a global customer base. It offers international shipping. However, the delivery times can be long, customs issues, and the uncertainty of the product’s quality can often make the shopping experience frustrating. Also, due to security and privacy concerns, AliExpress and other Chinese apps were banned in India, which left many dropshippers searching for a reliable alternative to Aliexpress in India.
That’s why, in this blog, we aim to provide you with a comprehensive list of the best AliExpress alternatives in India that offer a seamless and hassle-free shopping experience.
Best AlieExpress Alternatives For Dropshipping
List of AliExpress Alternatives In India
Here is a list of some popular Ali Express alternatives in India:
Moderate range of products, mostly electronics and gadgets
Shipping Time
Faster shipping time and can deliver products within 7 to 15 days
Return Policy
Available
Customer Service
Email, Phone, and Live Chat
Gearbest – AliExpress alternatives in India
Starting with one of the most preferred and popular AliExpress alternatives in India, Gearbest. Gearbest is one of the best eCommerce sites that is reliable and has almost all the similar features to AliExpress. You can find almost all the products which you could buy from AliExpress.
It has a collection of more than 5000 products on it. The USP of this eCommerce website is the good quality control of its products. You can find a number of local brands on this site.
Shipping and Delivery Options in Gearbest
You can get the delivery within 9-15 days. It uses standard shipping companies like FedEx, EMS, DHL. The average time duration for your products to get delivered is 2-5 days. If you’re in the UK, it might take about 3-4 days. In other western countries, it takes about 3-8 days.
Payment Options in Gearbest
You get options for all the popular payments on this site. The payment options include PayPal, Visa, American Express. You can also find some of the local transaction options on Gearbest.
Wide range of products including electronics, home goods, fashion, and more
Prices
Competitive prices with frequent discounts and promotions
Shipping Time
Usually takes 2-3 weeks, but some items can be shipped faster
Return Policy
14-day return policy for most items
Banggood – Alternative to AliExpress
Banggood is the ideal alternative to AliExpress in India. You can sell products from Banggood almost anywhere. It has warehouses located internationally in the US, China, and the UK. You can find a number of the latest and trending products on this site at a cheap price.
It is also a great store for dropshippers. You can import products from this website and easily sell them anywhere. It can deliver products to almost all of the foreign markets. This is because it has warehouses in most foreign countries. The profit margin is also usually higher.
Shipping and Delivery Options in Banggood
Banggood can deliver products to any corner of the world. It generally delivers any product to the USA, Europe, Russia within 30 days. If you are delivering your products to countries like Argentina, Peru, Venezuela, and South Africa, the product will deliver in 90 days. This is the average delivery time.
Payment Options in Banggood
This site has provisions for all the standard payment options. You can pay via PayPal, American Express, Visa, Credit card, and Mastercard.
Top Product Categories in Banggood
Electronics
Apparels
Accessories like bags and shoes.
Automobiles
Shoes
Computers
Toys
DHGate
Website
www.dhgate.com
Product Range
Wide range of products including electronics, fashion, home goods, etc.
Shipping cost
Free or low-cost shipping options available
Shipping Time
Usually takes 7-30 days
Return Policy
30-day return policy
DHgate – AliExpress Alternative in India
When AliExpress was banned in India, the one alternative that came to every dropshippers mind was DHgate. It is another reliable AliExpress alternative in India. You can get almost every product on DHgate. It is both a B2B and a B2C eCommerce website. The best thing about this site is its user interface. It has categorized its products in a detailed manner. There are subcategories of various categories.
Shipping and Delivery Options in DHgate
DHgates uses the services of all the prominent logistics companies like Tnt, HK Post, Singapore Post, Post Link, Ems, China Post, UPS, DHL, FedEx. On average, DHgate takes around 3 to 15 days to deliver its products. The days might change depending on the type of product. While it has imposed a ban on some countries.
Payment Options in DHgate
In DHgate you have the option for credit cards, PayPal, and Western Union.
Wide range of products including consumer electronics, clothing, home goods, beauty products, etc.
Shipping cost
Free or low-cost shipping options available
Shipping Time
Usually takes 7-15 days
Return Policy
30-day return policy
Geekbuying – Best AliExpress Alternative in India
GeekBuying is one of the best AliExpress alternative in India. It is an online retailer that sells a wide variety of consumer electronics, including smartphones, laptops, tablets, smart home devices, and other gadgets. It’s based in China and operates globally, offering competitive prices and fast shipping. GeekBuying also has a loyalty program for its customers, offering rewards points for purchases and other activities on the site.
In addition to consumer electronics, GeekBuying also sells clothing, home goods, beauty products, and other items. It aims to provide a one-stop shopping experience for its customers, offering a wide range of products and a user-friendly shopping platform.
Shipping and Delivery Options in Geekbuying
Geekbuying can deliver products anywhere on the globe. The usual delivery time is approximately 7-15 days anywhere in the world. You can also bulk order from this website.
Payment Options in Geekbuying
In Geekbuying you have a number of options for payment. On this site, you can pay via PayPal, Credit card, Debit card, Boleto, Konbini. You can also pay in instalments and via wire transfer too.
Top Product Categories in Geekbuying
Phones and Computers
Electronic wearable devices.
Security systems
Tablets
Consumer electronics
Home Essentials
Tomtop
Website
www.tomtop.com
Product Range
Wide range of products including consumer electronics, home goods, toys, clothing, etc.
Shipping cost
Free or low-cost shipping options available
Shipping Time
Usually takes 7-15 days
Return Policy
30-day return policy
Tomtop – Alternative to Aliexpress in India
Tomtop is one of the most trusted online retailers that is known to sell the latest gadgets. It was started in 2004 and is based in China and operates globally, offering competitive prices and fast shipping.
In addition to its broad product selection, Tomtop also provides an easy-to-use shopping platform, with detailed product descriptions, customer reviews, and seller ratings to help customers make informed purchases. The company offers a loyalty program for its customers, providing rewards points for purchases and other activities on the site. The website also has a currency converter so it eliminates the hassle of using a currency converter.
Shipping and Delivery Options in Tomtop
It can ship its products to almost all the countries. The average delivery time is 7-15 days. In the case of Brazil, Mexico, Russia, where there is a requirement for airmail, it delivers the product in 20 days.
Payment options in Tomtop
Tomtop has a number of payment options like JCB, Credit Card Express, Visa, Mastercard. You can also pay by wire transfer.
Top Product Categories in Tomtop
Health & Beauty
Smart devices
Apparel and jewelry
Cell phones
Car parts
Focalprice
Website
www.focalprice.com
Product Range
Wide range of products including consumer electronics, fashion, home goods, sports and outdoor, health and personal care, etc.
Shipping cost
Free or low-cost shipping options available
Shipping Time
Usually takes 7-15 days
Return Policy
30-day return policy
Focalprice – Top alternative to AliExpress in India
Focalprice is also a Chinese company that sells a wide range of consumer electronics and other products, including smartphones, laptops, tablets, smart home devices, and more. You can find some very good deals and the prices are generally low to reasonable. It has over 70,000 items on its website across 100 categories.
With its buyer protection program, fast shipping, and responsive customer service, Focalprice has become one of the top alternative to AliExpress for many consumers in India.
Shipping and Delivery Options in Focalprice
It has its warehouses located in China and Hong Kong. They can ship anywhere in the world due to their strategic location. They can deliver the product within 7-15 days if you have selected EMS or SF-express.
Payment Options in Focalprice
You have options like Mastercard, PayPal, American Express for payment. You can also directly transfer money from your bank account.
Wide range of products including clothing, electronics, home goods, health and beauty, and more
Shipping cost
Varies based on the supplier
Shipping Time
Varies based on the supplier
Return Policy
Varies based on the supplier
SaleHoo – Best Alternatives for AliExpress
Salehoo is a reliable New Zealand based wholesale directory and online marketplace that connects buyers with wholesalers, manufacturers, and suppliers of a wide range of products including clothing, electronics, beauty products, home goods, and more, from over 8,000 trusted suppliers. The company verifies all of its suppliers to ensure they are trustworthy and provides additional resources and tools to help businesses succeed, such as market research and e-commerce training.
It is one of the best alternatives for AliExpress. If you have a website, SaleHoo can help you add products to your store. You can also access the directory of wholesalers, for that you need to pay a sum of 67 dollars annually. If you are newly setting up your dropshipping store, Salehoo is your best bet. Additionally, Salehoo offers a 60-day money-back guarantee, ensuring that businesses have time to test the platform and see if it’s the right fit for them.
Shipping and Delivery Options in SaleHoo
Shipping and delivery options in SaleHoo vary depending on the supplier you are buying from. Each supplier has their own shipping policies and procedures. Some common shipping options offered by SaleHoo suppliers are standard shipping – 7-20 days, express shipping 5-10 days, free shipping, drop shipping and international shipping.
Payment Options in SaleHoo
SaleHoo accepts all major credit cards and PayPal.
Wide range of products including Electronics and gadgets, toys, beauty products, and more
Shipping cost
Free or low-cost shipping options available
Shipping Time
Usually takes 20-30 days
Return Policy
45-day return policy
DealExtreme – AliExpress Alternative
DealExtreme is an online retailer that specializes in selling electronics and gadgets. The company is based in Hong Cong, China and has been in business since 2005. DealExtreme offers a wide range of products, including cell phones, computers and accessories, cameras, audio and video equipment, and other consumer electronics.
One of the key features of DealExtreme is its low prices. It also offers free shipping on many of its products and known for its good customer service and secure payment options. Overall, DealExtreme is a good alternative for AliExpress for customers in India looking for a convenient and cost-effective way to purchase electronics and gadgets.
Shipping and Delivery Options in DealExtreme
Generally, they promise to deliver your products as fast as possible, but it takes 20 to 30 days. They use prominent logistics companies like FedEx, DHL and UPS.
Payment Options in DealExtreme
DealExtreme accepts several payment options, including Paypal, Credit Cards, Wire Transfer and Western Union.
Top Products Categories in DealExtreme
Phones and electronics accessories
Shoes
Consumer durable electronics
Bags
Toys
Home and Garden
KoleImports and Closeouts
Website
www.koleimports.com
Product Range
Wide range of products, including toys, home goods, and party supplies.
Shipping cost
Varies depending on the order size and location
Shipping Time
Varies based on number of factors, including the location of the warehouse, destination, and shipping method selected
Return Policy
30-day return policy for most products
Kole Imports Inc – AliExpress Alternative
Kole Imports Inc is a wholesale and closeout company based in Los Angeles, California. They specialize in selling a wide range of products, including toys, home goods, party supplies, and more, at competitive prices. They offer products in bulk quantities, making them a good choice for small business owners, retailers, and other buyers in India who are looking to purchase products in large quantities at a discount.
Shipping and Delivery in Kole Imports
It does offer fast shipping for its products. KoleImports can deliver products to any part of the world. They use the logistics services of FedEx and UPS.
Payment Options in Kole Imports
You get payment options like Mastercard, American Express, Discover, PayPal, visa.
Top Product categories in Kole Imports
Household equipment’s
Kitchen equipment
Barbeque ovens
Apparels
Hardware
Lightinthebox
Website
www.lightinthebox.com
Product Range
Wide range of products including clothing, electronics, home goods, and more.
Shipping cost
Free or low-cost shipping options available
Shipping Time
Usually within 26 days
Return Policy
30-day return policy for most products
Lighinthebox – Aliexpress Alternative in India
LightInTheBox is an online retail company that provides a wide range of products, including clothing, electronics, home goods, and more, at competitive prices, with many products available at a discount. It was founded in 2007 and is based in Beijing, China. It delivers products to consumers in over 200 countries.
Overall, LightInTheBox is a good choice for customers looking for a wide selection of products at competitive prices, with the convenience of global shipping and easy payment options which makes this website one of the best alternatives to AliExpress in India.
LightInTheBox Review
Shipping and Delivery Options in Lightinthebox
On average, they deliver products within 26 days. There are different shipping options available including standard shipping, express shipping, and premium shipping for different countries. Postal shipping usually takes 15 days.
Payment Options in Lightinthebox
You have payment options like Electronics, American Express, JCB, Diners Club, Discover, Visa, Mastercard, Hypercard.
This completes our list of all the sites like AliExpress in India. All of the alternatives are pretty reliable. You can choose the one in which your commodity is found in proper quantity. If you are into dropshipping business, you can use almost any site listed in the article. I hope this article helped in knowing about the AliExpress alternatives.
What are some of the best alternatives to AliExpress in India?
Gearbest, Banggood, DH Gates, Geekbuying and SaleHoo are some of the top alternatives of AliExpress in India.
Why should I consider an alternative to AliExpress?
Long shipping times, customs issues, and uncertainty about product quality are some of the reasons why shoppers may consider an alternative to AliExpress.
Does AliExpress ship to India in 2023?
No, AliExpress does not ship to India in 2023.
What country is AliExpress located in?
AliExpress is an online retail service based in Hangzhou, China, owned by the Alibaba Group.
How long does it take to receive a product from an AliExpress alternative in India?
Delivery times can vary depending on the platform and the seller, but it’s usually faster than AliExpress. Some platforms offer express shipping options, so you can receive your purchase within a few days.
Which has faster shipping DHgate or AliExpress?
DHgate has faster shipping than Ali Express.
How do I know if the product I’m buying is of good quality?
Before making a purchase, it’s important to research the product and seller by reading reviews and checking the seller’s ratings. Many AliExpress alternatives have strict policies in place to ensure product quality, and some even offer a return or replacement policy if you’re not satisfied with your purchase.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
B2B EdTech refers to educational technology solutions that are designed for businesses rather than individual consumers. This includes software and services that help companies train their employees, manage their learning and development programs, and improve their overall organizational performance.
Lack of standardization, data regulation, and privacy, lower digital literacy and digital infrastructure, and competition from established players are major hindrances to the B2B EdTech industry in India.
The compound annual growth rate (CAGR) of the B2B EdTech industry in India is expected to be around 20–25% from 2021 to 2026. This growth can be attributed to factors such as the increasing adoption of technology in the workplace, the growing demand for corporate training solutions, and the increasing availability of digital infrastructure and internet connectivity in India.
For this Interview, we invited Amit Kapoor, Co-founder of Eupheus Learning, and we talked about the growth, challenges, insights, and future opportunities in the EdTech industry.
StartupTalky: Amit, what does your company do? What was the motivation/vision with which you started?
Amit:Eupheus Learning is positioned as the ‘largest, school-focused distribution platform in India’ and is already present in “One out of Four Premium Private Schools of India” in five years of starting operations.
The B2B EdTech firm is bridging the gap between in-class and at-home learning by offering pedagogically differentiated, technology-led solutions. With its Classroom-first and Curriculum-focused approach, it aims to reach 10 million kids in India through its curriculum and specially curated educational offerings in Kinaesthetic Learning, Reading Enhancement, STEM/STEAM, and English language learning via exclusive tie-ups with award-winning education technology companies from across the world. Unique personalized remedial solutions for students have created differentiation for the company in this highly competitive and contested education market.
Vision: To be the lighthouse of transformation in Schools. We will be the change makers inside schools by transforming them to become 21st Century Schools and democratizing access to quality education for students. We will do so by empowering schools with learning solutions and technology through content and operating systems. Because we feel that an empowered school is a great breeding point for a happier student.
StartupTalky: What is/are the USP/s of your products?
Amit: Firstly, a wide catalog of curricular and supplemental content mapped to CBSE and ICSE boards. With differentiated pedagogies and personal attention to each student. Second, 21st Century Skills learning program via exclusive tie-up with award-winning global Edtech companies. And finally, 21st Century School OS (operating software), a unified platform for content management, learning management, and ERP on a single sign-on for Schools. Also, modules aligned to key mandates of NEP 2020, for e.g., we have introduced “progress report” in place of “report cards” for schools.
StartupTalky: How has the ed-tech industry changed in recent years, and how has your company adapted to these changes?
Amit: The curriculum and technology space for K-12 has undergone a transformational change during a pandemic. Schools considered the safest place for learning were tested during the lockdown. The learning aids (textbooks) didn’t reach students on time, the learning management was disrupted leading to a grave learning loss for students and schools lost students since there wasn’t a comprehensive communication platform leading to a business loss for schools.
The interventions required can be summarised through 3 broad points:
Textbooks will continue to be the main source of learning for students, however, today, the same textbook needs a whole lot of well-researched learning aids – audio, video, reference links, an online platform for practice, etc.
Personalized learning solutions are required for students inside the classroom as well. Since no two students are the same, hence, the same lecture or practice test for a classroom of 40 students will not work.
An integrated platform that helps in content dissemination, learning management as well as school management on a single sign-on.
While many publishers have started to work in this direction, Eupheus Learning since the start was busy building this platform and network of solutions. The curricular and supplemental learning content is fully digitized as well. They are loaded onto a 21 st Century School OS which is a unique platform for content, learning management, and school management on a single sign-on.
Besides this, our new offering from ClassKlap has a proprietary personalized remedial solution to deliver personal learning goals for each student inside a classroom. No wonder then, that Eupheus Learning has been championing the change in the K-12 learning space.
StartupTalky: How do you stay up to date on the latest trends and developments in the ed-tech industry?
Amit: Founding team of Eupheus Learning has a rich background in the K-12 education sector along with a rich network of key stakeholders in education design and technology. It also has a large sales and editorial staff which is in constant touch with users of solutions. Together, it acts as a source of rich information to pre-empt trends and transformational changes in the sector.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Amit: Eupheus Learning keeps a watchful eye on ‘profitability’, ‘margins’, ‘conversion’, ‘customer acquisition cost’, and ‘retention’.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Amit: Regaining the growth momentum and profitability were our key challenges. Innovating and acquiring solutions for our existing and prospective new customers kept our growth momentum focus and our speed-to-market helped ensure profitability.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Amit: Different strategies for marketing:
Insight-led solutions development.
Direct Sales force: Eupheus has a strong on-ground sales force covering 120 cities with a footprint of 20,000 schools. This gives us exposure to schools on a daily basis.
Dealer network: Over and above our direct sales channel through our sales force, we have scores of dealers who help us connect with schools for transactions and servicing.
Communication channel: Over and above our social media channels, we hold webinars for teachers and students to create awareness about our supplemental offerings including various competitions – “Olympiad” and “Coding Competition”. The messaging platforms adopted by schools are leveraged to amplify communication on these webinars and competitions.
PR and Corporate Communication: We create multiple media opportunities to engage with targeted journalists, councils, and digital platforms to amplify our presence.
Growth hack: Ensure speed to market by “not creating everything in-house”. Curate, Co-create, or Acquire and Deploy.
StartupTalky: What are the important tools and software you use to run your business smoothly?
StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Amit: Eupheus Learning is focused on the premium, mid-premium, and affordable private schools in India, and today, there are close to 125,000 such schools. We have our reach into about 20,000 schools today out of which 7,500 schools use our solutions. Hence, from a future growth potential standpoint, there is ample opportunity. Also, since our solutions are mapped to CBSE and ICSE schools in India, we can convert schools that are following or are aligned to any of these 2 boards in the global landscape.
NEP 2020 policy is truly transformational and all schools, state-board aligned or otherwise, will have to elevate their infrastructure and capabilities to operate. And here’s an opportunity that exists for companies like ours.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Amit:
The transparency of the learning system experienced by students and parents during the pandemic has become a standard expectation today. Hence, how will schools build a network to provide a continuum of learning with thorough progress tracks for students? Fortunately, school leaders are more open today to experiment and they need a quality solution at an affordable price point.
Schools operating environment is becoming dynamic too with the introduction of NEP 2020 and they will need credible partners to guide them.
Our thesis has only become strengthened with the introduction of NEP 2020 and hence we are well-equipped to address the key needs of our school partners. Since its inception, we have been innovating on curriculum with technology being an enabler. Our focus is to bridge the gap between in-classroom and at-home learning has been the bedrock of our content and technology solutions for schools.
StartupTalky: How do you plan to expand the Customers, product, and team base in the future?
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 the organization it is based on.
As many of us are aware, attending college in America causes millions of students to believe that the only way they will be able to survive is by taking out student loans and leading a meager life for the rest of their adult lives. The price of education in the United States is excessive and sometimes out of reach. Mike and his Stanford pals made the decision to concentrate their efforts in this area. This is the issue that SoFi would aim to resolve more effectively than any other business.
Financial services provider SoFi was established in 2011 and is now headquartered in San Francisco. The firm, which was first recognized for its work in student loan refinancing, has since broadened its range of products, including credit cards, mortgages, investment accounts, personal loans, and banking services.
SoFi Technologies, Inc., sometimes known as SoFi, is an American online bank and personal finance startup. SoFi, a financial services company based in San Francisco, offers a variety of financial services via desktop and mobile apps, including student and vehicle loan borrowing, personal loans, mortgages, credit cards, investment, and banking.
SoFi is a unique type of financial institution whose objective is to aid individuals in managing their money correctly. Its products are designed with the members in mind, giving them the resources they require to take charge of their financial destinies.
Putting members first is the firm’s top priority, and it’s even one of its core values. The firm is viewed as successful if its people are successful. SoFi provides special member advantages at no cost as a result.
SoFi – Industry
The term “financial services” refers to the monetary services provided by the banking sector, which includes comprises like credit unions, financial institutions, individual asset managers, card companies, insurance providers, consumer finance firms, accounting firms, brokerage firms, investment funds, and some govt-sponsored entities.
With a CAGR (Compound Annual Growth Rate) of 9.7%, the worldwide financial services market increased to $25,588.3 billion in 2022 from $23,319.52 billion in 2021. Though temporarily, the Russia-Ukraine conflict gave rise to the possibility of a COVID-19 pandemic-related global economic rebound. Economic sanctions, a rise in commodity prices, and disruptions in the supply chain as a result of the conflict between these two European nations have created an impact on several markets throughout the world. At a CAGR of 6.9%, the global financial services industry is anticipated to reach $33,358.77 billion by 2026.
SoFi – Founders, and Team
SoFi was founded by Daniel Macklin, Ian Brady, James Finnigan, and Michael Cagney in the year 2011.
Ian Brady, Michael Cagney, James Finnigan & Daniel Macklin
Daniel Macklin
Dan Macklin, a.k.a. Mr. Macklin, is the Vice President of Community & Member Success at Social Finance, Inc., which he co-founded. Mr. Macklin oversaw product development and medium enterprise sales for Standard Chartered Bank in China and North-East Asia. In both London and Singapore, he held executive positions at Standard Chartered Bank in the CEO’s Office and corporate banking. Mr. Macklin graduated from Durham University in England with a B.A. in business economics. Additionally, he has an MBA from Stanford Graduate School of Business.
Ian Brady
Ian after co-founding SoFi joined Kensho Technologies as an advisor. He also co-founded and served as the CEO of AVA, which is a personalized nutrition platform leveraging artificial intelligence and nutrition science. He is currently the CEO of Hologram Sciences, which is a personalized biotech and health incubator backed by $100M in funding from Royal DSM. He pursued his MS in management from Standard University Graduate School of Business.
James Finnian
James Finnigan is the President and founder of Bernie’s Perfect Poop. James Finnigan has also held the position of co-founder at SoFi. His educational pursuits included an MBA from Stanford University Graduate School of Business and a BS in Electrical Engineering from Rice University.
Michael Cagney
Mike is the co-founder and CEO of Figure, where he oversees business development and strategy. Mike, who formerly held the positions of CEO, chairman, and co-founder of SoFi, brought a decade of expertise in the financial sector to his leadership of the organization.
Some other team members of SoFi are :
Anthony Noto – CEO
Michelle Gill – Chief Financial Officer
Rob Lavet – General Counsel
Maria Renz – Executive Vice President Consumer Finance and Wealth Management
Richard Garside – Global Head of Operations
Darwin Ling – Investor
Greg Safran – Head of Strategic Partnerships
Michelle Gill – Executive Vice President Lending & Capital Markets
SoFi – Startup Story
Mike and three other fellow University students founded SoFi in 2011 because they believed there has to be a better way to pay for their university fees. Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, the founding members of SoFi, were following in the footsteps of pioneers.
Ten years after its inception, the business reached this point after traveling down a path filled with extreme flips and turns, nearly collapsing totally after being shaken by charges of unethical behavior. Nevertheless, they have persevered through the difficulties to establish themselves as a market leader in the publicly listed sector.
As many of us are aware, attending college in America causes millions of students to believe that the only way they will be able to survive is by taking out student loans and leading a meager life for the rest of their adult lives. The price of education in the United States is excessive and sometimes out of reach. Mike and his Stanford pals made the decision to concentrate their efforts in this area. This is the issue that SoFi would aim to resolve more effectively than any other business.
Utilizing the network of alumni from their own institution, SoFi came up with a novel way for students to receive financial aid for their college education.
Other peer-to-peer social lending options were accessible at the time, but SoFi concentrated on communities and gathered cash to be dispersed through college financial aid departments.
SoFi was able to provide a fixed interest rate of 5.99% through this scheme, which was far less expensive than the interest rates on government student loans at the time, which were 6.8% on loans like Stafford loans. For students, this resulted in a more affordable, dependable system.
On the other hand, the initial investors, the graduates, might anticipate a return of at least 5% annually. It was a win-win-win situation, like most good enterprises that address a need.
SoFi stated in October 2013 that it had raised $500 million, which was available for the refinancing of student debts at 100 qualified institutions. These funds included credit lines from Bancorp and Morgan Stanley. By 2014, further investment rounds have allowed SoFi to diversify into personal loans and mortgage lending in more than 20 states.
SoFi reported that it secured $4 billion in loans in 2015 after receiving a $1 billion investment from SoftBank. When SoFi reported in 2016 that it had 175,000 customers, or “members,” with a total loan volume of $12 billion, Moody’s assigned it a triple-A rating.
SoFi had issues in 2017 and 2018, with the then-CEO Mike Cagney stepping down in the midst of accusations of sexual harassment and violating compliance standards. The Federal Trade Commission (FTC) accused SoFi of exaggerating how much money might be saved by refinancing student loans, but the business settled the complaint in 2018.
With the Los Angeles Rams and Los Angeles Chargers of the NFL, SoFi signed a 20-year agreement to rename their stadium to SoFi Stadium. The next year, SoFi acquired the investing platform 8 Securities as well as the payments provider Galileo.
SoFi – Name, Logo, and Tagline
SoFi is a short term for “social finance,” which depicts it as a finance company aiming at solving social problems.
SoFi’s tagline says, “Bank, Borrow, and Invest—Get Your Money Right.”
SoFi – Mission, and Vision Statement
SoFi’s mission is to help people reach financial independence to realize their ambitions. And financial independence doesn’t just mean being rich—it means getting to a point where your money works for the life you want to live. Everything we do is geared toward helping our members get their money right.
SoFi – Products
SoFi’s product range includes:
Student Loan Refinancing
Medical/Dental Resident Refinancing
Parent PLUS Refinancing
Medical Professional Refinancing
Law and MBA Refinancing
Private Student Loans
Undergraduate Student Loans
Graduate Student Loans
Law School Loans
MBA Loans
Health Professions Loans
Parent Student Loans
Personal Loans
Credit Card Consolidation Loans
Home Improvement Loans
Family Planning Loans
Travel Loans
Wedding Loans
Mortgage Loans
Mortgage Refinance
Auto Loan Refinance
SoFi Invest®
IPO Investing
Crypto
Fractional Shares
Active Investing
Automated Investing
ETFs
SoFi Protect
Renters Insurance
Homeowners Insurance
Auto Insurance
Life Insurance
Cyber Insurance
Estate Planning
SoFi Credit Card
SoFi Checking and Savings
SoFi Insights
SoFi at Work
Small Business Financing
SoFi – Business Model
SoFi generates revenue in four key areas: Financial services, Lending, Technology, and Insurance.
Financial Services
Their range of financial services includes:
SoFi Invest: With the exception of cryptocurrency trades, SoFi Invest offers a $0 account minimum and no trading commissions. SoFi makes money by lending shares to other financial institutions whose clients want to short the market or cover their short positions, and it also receives payments from market makers for order flow services.
SoFi Money: Cash management accounts with no minimum balance requirement and no monthly fees that resemble checking and savings accounts; In addition to income on deposits, SoFi benefits from payment network fees on debit cards bearing the SoFi logo through a partnership with MasterCard.
ETF Management Fees: The SoFi Select 500 (SFY), SoFi Next 500 (SFYX), SoFi Social 50 (SFYF), SoFi Gig Economy (GIGE), and SoFi Weekly Income ETFs are among a group of ETFs that are subject to yearly management fees (TGIF).
Investing Automation: SoFi’s Robo adviser software develops and rebalances portfolios automatically. There are no administrative costs.
Lending
SoFi receives revenue from loans from:
Securitizations: Loans are bundled together in securitizations, which use their combined cash flows to pay tranches—collections of investors—in a predetermined order.
Net Interest Income: The difference between interest collected and interest paid to fund loans is known as net interest income, according to SoFi.
Whole Loan Sales: A group or pool of loans are sold to investors, like pension and insurance funds, who are willing to pay a premium upfront in exchange for future cash flows. Because SoFi’s borrowers hardly ever default, its loan bundles are regarded as being in very high security, which enables SoFi to charge higher than usual premiums.
The absence of origination, inadequate money, and late fees in SoFi’s lending strategy is a significant plus. Private student loan payback durations from SoFi range from five to fifteen years while refinancing loan repayment lengths range from five to twenty years. On all of its refinancing and private loans, SoFi offers a grace period of six months.
For undergraduate students and graduate or professional students, the current interest rate on federal student loans is roughly 4% and 5.5%, respectively. Private student loan interest rates for graduate and undergraduate students range from 2.99% to 12.99%, according to Bankrate.
Technology
Technology platforms used by SoFi include:
Apex Clearing offers custody and clearing services for investments.
Galileo provides services of digital banking, card issuance, payment processing, and business-to-business payments.
Insurance
Term life insurance: As a result of its collaboration with Ladder, Sofi receives a marketing charge whenever one of its users applies for insurance.
Homeowners insurance: is provided in conjunction with Lemonade.
Auto insurance: Through their association with Root Insurance, they offer auto insurance.
SoFi – Funding, and Investors
Date
Round
Amount
Lead Investors
Jan 7, 2021
Venture Round
$369.8M
–
Dec 25, 2020
Secondary Market
–
–
Sep 20, 2019
Secondary Market
–
–
Sep 1, 2019
Venture Round
–
–
May 29, 2019
Venture Round
$500M
Qatar Investment Authority
Jan 23, 2019
Venture Round
–
–
Jun 8, 2018
Secondary Market
–
–
Nov 14, 2017
Secondary Market
–
–
Feb 24, 2017
Series F
$500M
Silver Lake
Sep 30, 2015
Series E
$1B
SoftBank
SoFi – Investments
Date
Organization Name
Round
Amount
Apr 13, 2021
Wage
Seed Round
$5M
Jul 27, 2020
Indigo Diabetes
Series B
€38M
Jun 6, 2019
Partake Foods
Seed Round
$1M
Feb 13, 2018
BlockFi
Seed Round
$1.6M
Dec 20, 2016
Indigo Diabetes
Series A
€7M
Jan 21, 2016
PieSync
Venture Round
$1.6M
Aug 6, 2015
CoScale
Venture Round
€2M
Apr 1, 2015
neoScores
Series A
€2M
Mar 10, 2015
GlobalYeast
Series A
$6.8M
Jul 17, 2014
Porphyrio
Series A
€850K
SoFi – Acquisitions
Acquiree Name
About Acquiree
Date
Amount
Technisys
Technisys offers digital banking technologies for the financial services industry.
Feb 22, 2022
$1.1B
Golden Pacific Bancorp
Golden Pacific Bancorp is a bank holding company for Golden Pacific Bank Company.
Mar 9, 2021
$22.3M
8 Securities
8 Securities offered mobile-only investing, a robo-advisory service, a social trading platform, and zero-commission brokerage.
Apr 21, 2020
–
Galileo Financial Technologies
Galileo is a payment processing platform offering neobanking, card issuing, and B2B fintech solutions.
Apr 7, 2020
$1.2B
Lantern Credit
Lantern Credit, LLC is a financial technology company working to solve systemic inefficiencies in the consumer credit market.
Apr 1, 2019
–
Zenbanx
Zenbanx is a financial technology company that created a mobile multi-currency account for people who live, work, or travel across borders.
Feb 1, 2017
$100M
SoFi – Competitions
The top 10 competitors of SoFi are:
TurnKey Lender
Sageworks Lending
Finflux
FIS Commercial Lending Suite
Calyx PointCentral
LoanPro
Centrex Software
FIS Loan Management System.
SoFi – Challenges Faced
In November, shares of financial technology company SoFi Technologies (SOFI 0.44%) fell 10% in value. This year, the company has had a lot of issues relating to the down economy, which were represented in the third-quarter results report, which was announced on Nov. 1.
The company’s net loss more than doubled from $30 million last year to $74 million this year, and its deeper entrance into banking means it is more vulnerable to loan defaults. SoFi benefited from higher interest rates in the third quarter, with an increase in net interest income on loans, and loan volume climbed as well.
However, it is hampered by the government’s extension of the student loan moratorium until June 2023. That implies SoFi’s bread and butter will continue to take major damage long into 2023. The volume of student loans fell by more than half in the third quarter. Rising interest rates are also having an impact on the housing market, which had an impact on SoFi’s loan book in the third quarter. The number of home loans fell 73% from the previous year.
SoFi – Future Plans
Expansion into new markets: SoFi has the chance to broaden its business operations into other geographic areas, which can boost its clientele and revenue.
Leveraging its reputation and brand: SoFi has developed a solid reputation in the financial services sector, and the company may use this to entice new clients and business partners.
Utilizing data and technology: SoFi has access to many client data and could employ cutting-edge analytics and machine learning to enhance its products and services and provide customers with a more individualized experience.
Acquisitions: SoFi might pursue acquisitions to gain access to additional clients, resources, and experience while accelerating its growth.
Over 1.5 million people are currently SoFi subscribers in the United States and Canada. The company has 10 locations across North America and more than 1,500 employees. Recently, SoFi’s stock has fallen because of the suspension of student loan repayments, but previous performance is no guarantee of future outcomes.
FAQs
What does SoFi stand for?
SoFi stands for Social Finance.
Is SoFi a Bank?
SoFi offers its banking services through SoFi Bank N.A.
Ashwini
