Everyone who has achieved success in life has a story to tell. An event that forever altered their lives and shaped who they are today. An event or an incident that gave them the guts and motivation to fulfill their life ambitions and goals.
There are many motivators and gurus present on the internet today who share knowledge about investments, startups, businesses, financial planning, personal life, and whatnot. There is one such prominent person who is an angel investor as well as a well-renowned YouTuber, Ankur Warikoo. Understand more about this gentleman – Ankur Warikoo’s journey in this writeup.
Ankur Warikoo is a business owner, motivational speaker, mentor, and angel investor by profession. Secondshaadi.com, Gaadi.com now Cardekho.com, and Nearbuy.com are some of the few startups that he co-founded.
Ankur Warikoo was one of the first employees hired by Groupon to launch and oversee its India operations in 2011 as it was its inception time. Deal-hunting was the most popular online activity at that time.
Ankur Warikooo Education
He completed his schooling at Don Bosco School in the capital city, New Delhi. Then he enrolled in Hindu College for a B.Sc. in Physics (B.Sc Physics). After that, he enrolled for Ph.D. in Physics (MS, Astrophysics) from Michigan State University, which he left after finishing his MS. He then went on to complete his MBA (Masters of Business Administration) at the Indian School of Business after returning from the United States.
Ankur Warikoo – Personal Life
Ankur Warikoo is a Kashmiri Pandit who was never born into a wealthy family. But he had a clear idea of what he wanted to achieve with his life, which turned out to be nothing like what he is doing now.
Despite his desire to work for NASA and travel to Mars, life had other plans for him. He dropped out of his Ph.D. program because he was unhappy with his work. Something was always lacking for him. He buried his emotions for years before seeing that this was not the road for him.
Ruchi Budhiraja Warikoo is the wife of Ankur Warikoo. She was Ankur’s love in high school. She met her when he was a student at the Hindu college and she was a resident of Miranda House. They met on the bus on their way to college, where Ruchi and her friends used to perform silly charades virtually every day.
Ruchi is the only one who truly understands and supports Ankur in whatever he does. Uzma andVidur, are their two children.
Ankur enjoys public speaking and is frequently seen giving talks at corporations, universities, schools, and conferences on topics such as motivation, leadership, consumer internet, and entrepreneurial attitude.
Ankur Warikoo at TEDxSBSC- Entrepreneurship As A State Of Mind
Ankur Warikoo – Career
After completing his studies, Ankur landed a position at AT Kearney, a consulting firm. Warikoo worked in the real estate industry and media and entertainment sectors in Dubai, New York, and India while working at Kearney. After getting his MBA, he worked at Kearney for three years until deciding to establish his own business in 2010.
While Ankur was at ISB, along with his batch mates he started his first venture, secondshaadi.com. In those few years after quitting his job, he joined in building various websites across industries like automobiles, education, and finance. One of the biggest hits was Gaadi.com which was eventually sold to goibibo.com.
Soon after these two startups, Ankur joined hands with Groupon as the founding CEO in India. Along with that he also managed businesses in Thailand, the Philippines, and Indonesia for Groupon. He led Groupon’s business in India for around four years until 2015. That year he took a major step and bought a major shareholding of India business from Groupon with Sequoia Capital and transformed it into a whole new independent startup, Nearbuy.com.
He started Nearbuy, a lifestyle company, in 2015 which provided interesting deals on restaurants, spas, beverages, and other local businesses. This startup was funded by Sequoia capital. He left his position as CEO in 2019 to pursue a career as a content creator. The other two co-founders still run the business of Nearbuy.
Ankur Warikoowas named toFortune India’s 40 Under 40 list, was the Social Media Entrepreneur of the Year held by CMO Asia in 2017, and was also featured in the LinkedIn spotlight in 2019.
Ankur Warikoo- An Author
Ankur Warikoo’s authored books- Do Epic Shit & Get Epic Shit Done
Ankur Warikoo as a content creator always shared productivity and life skills on different platforms like LinkedIn, Twitter, Instagram, and YouTube.
In 2021, He published all his posts compendium titled “DO EPIC SHIT” (National Bestseller), in which he talks about success and failure, habits, awareness, entrepreneurship, money, and relationships.
Again in 2022, he published another book on actionable hacks titled “GET EPIC SHIT DONE“, in which he intricacies of management of life like mindset, focus, meditations, etc.
Story Behind the Brand ‘Warikoo’
When Ankur was the CEO of nearbuy.com in 2016, he created the brand Warikoo. The brand was created with the goal of owning the stories and building a brand for future talent. Ankur volunteered for the job since he enjoys public speaking, and one lovely Wednesday, he filmed a video with the headline “If you don’t ask, the answer is always no!”
It was named “Warikoo Wednesdays” by him.
Since then, the brand has expanded by leaps and bounds, and it can now be found on nearly every major social media platform. The brand continues to expand mostly through video content, which assists consumers in making decisions based on awareness rather than ignorance.
Ankur Warikoo encourages young people in their twenties and thirties to explore new things, make errors, and learn from their failures. Spending time with individuals who aren’t like us was one of the three factors that let him live a life without a plan. “It is so easy for us to take our failures seriously and consider them the end of the road,” he writes on his website ankurwarikoo.com in a PDF document titled My Failure Resume. I am the best proof that self-doubt exists, as well as the finest proof that it can be conquered — it’s simply a never-ending struggle.”
FAQs
What is the net worth of Ankur Warikoo?
The net worth of Ankur Warikoo is approximately $10 Million.
What is the education qualification of Ankur Warikoo?
Ankur Warikoo did BSc in Physics from Hindu College, dropped out from MS in Astronomy and Astrophysics from Michigan State University, and MBA in Finance from ISB.
What does Ankur Warikoo do?
Ankur Warikoo is a content creator, public speaker, and entrepreneur.
Company Profile is an initiative by StartupTalky to publish verifiedinformation ondifferent startups and organizations. The content in this post has been approved by Faasos.
Have you ever fancied yourself as a restaurant owner at some time in your life? Don’t you think how complicated would it be to start and run a restaurant chain? Right from the choice of cuisine to the business model, and the ultimate presentation, how difficult it can be to run your chain when already hundreds of well-established brands are there in the market. When the whole world out there is having a good time, have you ever thought about how struggling it can be to establish you and your brand? Well, the answer to all these and many other questions, Faasos emerged. Founded back in 2004, Faasos was incorporated in 2011, as an Indian “food on demand” service company by Jaydeep Barman and Kallol Banerjee.
Faasos is a brand owned by the online restaurant unicorn Rebel Foods. The company currently operates ghost kitchens distributed across 35+ Indian cities. If you are looking to discover more about Faasos Startup Story, Founders and Team, Funding and investors, Business and Revenue Model, Competitors, Revenue, and more, then check them all out here in this article:
So what is Faasos? The Faasos company is an Indian online food delivery company that was incorporated in the year 2011. Faasos launched its mobile app in 2014 and since then the company has been catering to the customers of India as food on-demand service.
Headquartered in Mumbai, Maharashtra Faasos currently operates 160+ kitchens that provide meals from 4 different brands. Faasos India is the only company that works on all the three stages of food on-demand business which are ordering, distribution, and order fulfillment in the sector of online food ordering business in India.
Faasos is an Indian Online Food Delivery Company and a nationwide chain of food outlets. Faasos origin started out by selling only Calcutta rolls in Pune, but now Faasos menu includes wraps, rolls, Frankies, and Indian food items, which are delightful alternatives to the McDonalds, Subways, and Dominos. Faasos website takes online orders, prepares food for its customers, and delivers the same at their doorstep. Besides, you can also search for the website or Faasos outlets in India by simply searching “Faasos near me”.
The Faasos apps’ wide range of food items includes classic wraps, party wraps, rice bowls, desserts, meals, snacks, etc. According to the Faasos reviews, it also accepts online party orders. Since its inception, Faasos aimed to create a kitchen from where the customers can order all their favorite dishes and get them delivered in no time. Besides, Faasos branches across the country are based on the Faasos cloud kitchen model, through which people can order food.
Faasos – Founders and Team
Jaydeep Barman (CEO) and Kallol Banerjee are the Faasos founders.
Jaydeep Barman and Kallol Banerjee – Faasos, Founders
Jaydeep Barman
Jaydeep Barman completed his MBA from INSEAD and is the current Faasos CEO. This Faasos founder worked for McKinsey & Company, London, where Jaydeep was an associate principal.
Kallol Banerjee
Kallol Banerjee has completed his MBA from the Indian Institute of Management, Lucknow, and has further studied at INSEAD after completing his graduation in Mechanical Engineering from Jadavpur University. Kallol has previously worked in Singapore at Bosche before they started their venture.
Soumyadeep Barman
Soumyadeep Barman is known as the Chief Product Officer and Co-founder of Faasos. Barman was earlier the Chief Technology Officer of the company since he joined and stepped down from the same in April 2020 when he started as a Chief Product Officer.
Faasos currently has somewhere between 500-1000 employees.
Rebel Foods is the Faasos owner and the Faasos parent company. Rebel Foods is an Indian online restaurant company that operates several cloud kitchen brands. It was founded by Faasos founders Jaydeep Barman and Kallol Banerjee in 2011.
Rebel Foods Brands
Faasos – Startup Story | How was Faasos Started?
In 2004, Faasos’s startup story began as a Calcutta Roll store chain in the city of Pune. To provide end-to-end delivery, fresh food, and doorstep delivery, it took around 7 years for Jaydeep and Kallol, which helped them establish Faasos India with full commitment. The Faasos history was started with an idea over rum and cola at an apartment that was shared by the two in Pune.
Jaydeep had no background experience in the food business sector and all his decisions were intuitive, which has served him well so far. He was just tired of the burger and pizza chains and wanted something Indian to pop up in the online sector and that’s how the Faasos story began. From 2011 to 2013, Faasos revenue grew and the founders opened over 70 Faasos franchises in the major cities of India.
The main aim/vision of Faasos is to become the best-in-class ‘Food on Demand’ business in the country. Faasos believes to stand as the best company to answer the customers’ queries of “what’s for dinner today?” and deliver them right at their doorsteps.
Faasos – Name, Tagline, and Logo
The Faasos name was taken from Burkina Faso, which is a French colony and it means ‘Land of Incorruptible People’. Although it does not symbolize anything nor is related to the food industry but the founders thought that it might be interesting to keep this name.
The Faasos tagline – We Got Your Food! Faasos logo is written in cursive font in blue. The Faasos company aims to become the leading ‘Food on Demand’ business in our country.
Faasos business model is developed around the idea of running ahyperlocal, cloud kitchen-based model, wherein the parent company Rebel Foods offers numerous in-house brands on its platforms like Oven Story, Kettle&Eggs, Behrouz, Firangi Bake. The Faasos cloud kitchen model was introduced after the other Faasos brands were added in the year 2015.
The Faasos food delivery process is designed in a way that turns out to be an easy and effective process for the customers to order Faasos food. In this way, the Rebel foods business model helps the company multi-task using the same kitchen, with common ingredients and the same staff to fulfill all their orders from varied brands. Today, Faasos operates more than 160 Faasos franchises that offer meals from four different brands.
Faasos has deeply followed the business model of Domino’s, which requires them to keep close to the neighborhoods of the customers, stay abreast of the customers’ orders and guarantee food delivery within 30 minutes.
Faasos earns from the commissions from the food order deliveries. Furthermore, it also earns from the delivery charges it levies on the food orders. The company further earns from the advertisements and features of food brands that it introduces on its app.
Faasos – Revenue
Faasos recorded a revenue of $75.24 million (Rs 572 crore) in FY20, thereby growing around 84% year-on-year (YoY) from ₹305.1 crores, which Faasos managed to pick up in FY19. The company’s revenues were recorded at only ₹147 crores in FY18, which has significantly grown.
The company’s net loss has also ballooned at INR 431 Cr from the past fiscal when it was only INR 131 Cr. Thus, Faasos’ losses increased by around 229%.
Faasos funding has raised over $111 million to date. Faasos’ first round of funding was held in January 2011 wherein the famous investor Sequoia Capital funded Faasos with $8 million.
The details of Faasos funding are as follows:
Date
Amount
Stage
Investors
January 2011
$8 Million
Series A
Sequoia Capital
2015
$16 Million
Series B
Sequoia Capital and Others
$30 Million
Series C
Sequoia Capital, RB Investments, Lightbox
INR 414 Million
Series C
Sequoia Capital, RB Investments, Lightbox
January 2019
$4.2 Million
Venture Debt
Alteria Capital
March 2019
$15.8 Million
Series D
Sequoia Capital India, Lightbox Ventures, Evolvence India Fund
February 2020
$4.9 Million
Series E1
Alteria Capital
July 2020
$26.5Million
Series E2
Coatue Management
Faasos – Startup Challenges
One of the most important aspects of any business is accounting and finance and that was an early challenge for Faasos to manage as it was using the legacy Point of Sales system for store sales and inventory management whereas, for the accounting and financing, Faasos was dependent on the ubiquitous Tally software.
Afterward, the company switched to Sage, which helped it overcome the problems of finance and accounting. According to the Faasos founders, one of the big earliest loopholes of the Faasos India business was tied to the location that they decided upon and the cost needed to repair the mistake. However, these challenges made them realize that they need to have multiple food brands rather than a brand extension.
Faasos is a chain that has direct competition with giant food aggregators like Zomato and Swiggy and the other Faasos competitors like FoodPanda and so on. In India, the food delivery market is valued at 15 billion dollars and is exponentially growing day by day. The online food delivery market has also become extensively competitive. Although Faasos app has a niche business model and works differently than the others, the company still faces stiff market competition. To compete in this competitive market and to be better than its competitors, Faasos focuses on the pricing and the range of food items that it offers to its customers.
Faasos – Growth
The Co-founder and CEO of Faasos, Jaydeep firmly believes that Faasos has no limit. It has expanded much in terms of the restaurant partners it collaborates with and also diversified its range of food items. Faasos outlets in India will keep increasing as the company has the power and ability to make strong brands in the food industry and the cost structure of lean manufacturing and distribution. In the long run, Faasos has the potential to offer products at low costs in the future as well and also expand to run it at a global level. Over the years Faasos has become one of the top food delivering companies in India. Besides, the company has also:
Built 1000 restaurants in just 24 months.
Increased its revenues by 5x in a really short time.
Raised itself to serve more 30,000 meals in a single day.
Faasos is expanding at an impressive pace. The company is further looking to capture more of the market shares in the times upcoming. Faasos is aiming to expand beyond the borders of India and partner with more restaurants to provide delicious foods to its world of customers. In terms of revenues, Faasos is currently targeting the $100 million mark. The Rebel Foods-owned brand is looking forward to building 10,000 restaurants across Indian in the next 5 years.
Faasos – FAQs
Who is the CEO of Faasos?
Jaydeep Barman is the Co-Founder and CEO of Faasos.
How much is the revenue of Faasos?
In FY20, Faasos has generated operating revenueof ₹572 crores, from ₹305.1 crores in FY19.
Who are the Top Competitors of Faasos?
Faasos is a chain that has direct competition with giant food aggregators like Zomato and Swiggy whereas there are other competitors like FoodPanda and so on
Who is the Owner of Faasos?
Rebel Foods Pvt Ltd., is the Owner/Parent Organisation of Faasos. It was founded by Jaydeep Barman (CEO) and Kallol Banerjee in 2011.
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 Freightwalla.
Freightwalla offers a full-stack online platform for businesses to plan, book and manage international freight shipments seamlessly. The Company provides instant quotations & booking of ocean freight, real-time tracking of shipments, and several other digital solutions to streamline supply chain processes. With over 300+ active customers, 30+ shipping line partners, and serving over 1000 port pairs, Freightwalla envisions revolutionizing international maritime logistics with much-needed transparency, simplicity, and service excellence at each step of the operation.
StartupTalky interviewed Mr. Sanjay Bhatia (Co-founder & CEO, Freightwalla) to get insights into the startup story and roadmap of the organization. In this article, you’ll discover how Freightwalla was started, its business model, funding, growth, future plans, and more.
Established in January 2017, Freightwalla is India’s leading digital freight forwarding company.
Freightwalla offers a full-stack online platform for businesses to plan, book and manage international freight shipments seamlessly. The Company provides instant quotations & booking of ocean freight, real-time tracking of shipments, and several other digital solutions to streamline supply chain processes. It thus empowers shippers with state-of-the-art technology and tools to better organize and monitor their logistics at scale and affordable prices.
While the current freight and shipping industry is largely unorganized and reliant on manual and offline processes, Freightwalla is digitizing the country’s traditional USD 160 billion logistics sector by introducing the latest technology solutions for the EXIM fraternity. The Company addresses shippers’ major pain points associated with working with traditional freight forwarders. It includes enabling exporters to view the costs & schedules of multiple shipping lines, helping them choose the best option for their needs, managing all their shipments online, including document automation and track & trace, and also providing all logistics services under a single roof such as Customs Clearance, Transportation, Insurance, Pre-shipment inspection, Trade finance, etc. through its partners.
All of the above is backed by the use of state-of-the-art data analytics and ML algorithms offering intelligent and customized insights, prediction of cargo delays, efficient document processing, and other trend analysis.
Ultimately Freightwalla offers improved transparency through these solutions that empower businesses to make intelligent decisions and improve efficiency. It has helped save as much as 70% of man-hours otherwise spent on traditional freight forwarding processes. At the same time, customers who have used the digital platform have reduced their documentation processing and turnaround times by 30%. Customers can now make better decisions due to increased transparency and thus exercise better control of their supply chains’ performance & costs.
The mission of the company: To build a service that addresses the needs of modern business of simplicity and transparency for shippers worldwide
Freightwalla – Market/Industry Details
India’s Shipping & Logistics sectors are the backbone of the Indian economy. The sector is increasing at a 10.5 percent CAGR and hit USD 215 billion in 2020. India’s trading around 95% in volume and 70% in value terms accounts for maritime transport. India has 12 major, and 205 notified minor and intermediate ports. The Indian ports and shipping industry plays a vital role in sustaining growth in the country’s trade and commerce. India is the sixteenth largest maritime country in the world, with a coastline of about 7,517 km. In FY20, essential ports in India alone handled 704.82 million tonnes (MT) of cargo traffic.
This industry is mainly dependent on two of the most unorganized sectors of India – transportation, and warehousing. Digitalization is now being introduced in logistics services, which has drastically improved port management and transportation efficiency, directly boosting the economy by speeding up the delivery of goods and improving international relations.
(Source: Indian Logistics Industry Outlook, 2020, NITE)
Post Sanjay’s master’s degree from Singapore Management University, he worked with many leading consulting, private equity, and venture capitalist firms. While working with PWC as a strategy consultant in the logistics industry, he realized numerous challenges the sector was going through. Similarly, while working with a leading venture capital firm based in Singapore, Sanjay grew his understanding of various technology-backed business models that could solve several challenges of the EXIM industry. During the same period, numerous digitized platforms and Logitech companies were on the rise, and the introduction of modern technology to the logistics industry was catching pace.
The founders started by developing a prototype and reaching out to the exporters and shipper associations to pitch their idea. Upon their feedback, the founders concluded that the demand for such platforms would continue to grow in the coming period, and that’s when after a few months of Beta launch, they finally propelled Freightwalla. With three co-founders, Freightwalla was formed in January 2017.
Freightwalla – Product/Services offered
The shippers moving goods from India to overseas primarily face three problems:
Delays & opacity in price quotations
Highly inconsistent delivery timelines
Multiple manual errors that result in delays and cost escalations
Freightwalla, with its technology-backed platform, solves these challenges while offering an end-to-end digitally-enabled logistics solution. Its innovative digital platform empowers its clients by providing unique tools that leverage technology to bring in unparalleled transparency & control over the supply chain.
The gamut of services described below, driven by process automation, is the first of its kind in the Indian industry and is the primary reason the company has been able to scale to such a significant level with minimal investments.
Services –
Instant Quotes and Schedules: A congregated destination of multiple shipping lines serving over 1000 port ports. Shippers instantly compare rates and draw the best pricing, effectively reducing the time spent choosing the right shipping partner from 4 days to 4 minutes.
Cost Transparency: Freightwalla provides comprehensive cost break-up, including local charges and all other additional costs at the time of quotes. Whereas Freightwalla’s services result in better cost management and hassle-free transparent booking, traditional forwarders do not serve all prices at the time of booking.
Real-time Tracking:It offers fully automated ocean and in-land tracking that provides transparency on the shipment status to all stakeholders. The tools such as track & trace, real-time notifications over email & mobile app for all important shipment milestones, alert shippers in due time for corrective actions if any.
Digital Workflow & Document Management: The digital platform uses cloud computing technology and robotic process automation to store bookings, invoices, and critical shipping documents. Digitization also helps reduce manual errors and risks in the documentation process, improving on-time cargo performance and lowering revenue leakages.
Data Analytics Reporting:Users can analyze historic pricing reports to plan for future shipments in advance.
One-Stop Value-Added Shipping Services:
Pre-Trip Inspection and Container Survey – Pre-trip inspection of containers and trucks to ensure reliability and avoid delays due to breakdowns.
Cargo Insurance- Cargos Insurance with trusted partners at competitive rates.
Sanjay Bhatia (CEO), Punit Java (CTO), and Bharat Thanvi (CMO) are the founders of Freightwalla.
The founders at Freightwalla bring decades of experience in building world-class technology and logistics operations, backed by advisors with 50+ years in the shipping industry, creating the perfect marriage of technology and domain experience that is needed to transform this industry.
Sanjay Bhatia | Co-Founder & CEO, Freightwalla
Sanjay Bhatia – Co-founder & CEO of Freightwalla
Sanjay brings in a wealth of experience from his prior experience with PwC Strategy Consulting, Solera Partners – a venture capital firm, and Everstone Capital – one of India’s biggest home-grown private equity firms. He has consulted numerous Fortune 500 firms and MNC logistics companies and founded and led an NGO. Sanjay holds degrees in Economics, Politics, and Philosophy from the University of Warwick. He also holds a Master of Science degree in Applied Finance from Singapore Management University. He has completed International Baccalaureate from Dhirubhai Ambani International School.
Punit Java | Co-Founder & CTO, Freightwalla
Punit Java – Co-founder & CTO of Freightwalla
As the technology expert at Freightwalla, Punit possesses the experience of leading product and engineering teams at Microsoft, Amazon, and other startups. He has built world-class applications using voice recognition, computer vision, and other advanced technologies. Punit has completed his education at the University of Waterloo in Canada, from where he holds a BASc degree in Computer Engineering.
Bharat Thanvi – Co-Founder & CMO:
Having started his career in freight forwarding and logistics at the age of 17 and worked his way up through different positions, Bharat’s knowledge and passion for this industry know no bounds. As part of his long career, Bharat has handled accounts for some of the country’s largest multinational companies, including Bajaj Auto Ltd. and Responsive Industries Ltd.
Freightwalla – Ideology behind Name & Logo
The team wanted the name and brand to convey trust and reliability. Freightwalla’s logo was designed to look like an abstract view of the bow of a ship to represent the business it is in and to represent a shield to convey that businesses could trust the company to protect their goods. They chose shades of blue to represent the startup’s sea trade industry
And finally, the name, ‘Freightwalla’, was chosen to emphasize the startup’s goal of being a leading player in the freight industry.
Freightwalla Logo
Freightwalla – Business Model & Revenue Model
Freightwalla follows a transactional revenue model. It earns a fixed service fee for every shipment handled. Besides standard services, it also offers customized services and pricing plans to meet the specific requirements of different sizes of business.
Freightwalla – Launch and Marketing Strategies
“Getting to your first 100 customers takes grit and determination. Getting to this significant milestone means not only have you found the market for your product(s), but you have also been able to build and grow your team, figure out how to hustle to win new customers, and continue to retain your existing customers base with a great product and service” – Sanjay added.
Sanjay Bhatia (Co-founder & CEO, Freightwalla) breaks this journey down into two parts:
First, it is about winning your first 20 customers. Here is where you will really discover your customers. Sure, you have an idea of a product you want to build, and you will get lots of enthusiasm & feedback from the market and potential customers for your solution that is going to disrupt the world. But you will hit a wall as soon as you ask your customers to adopt or pay for your solution as it now requires an investment of effort on their part. You will have to be open to pivot your ideas, dive even deeper into your customers’ psyche, and figure out the need (not want) that will drive them towards your products.
Now you’ve reached your first 20, time to get to 100. You’ve gotten to a point where you will start to recognize the pattern, which markets/segments are best to target, your key USPs, and the most important talking points. This is the time you actually have to figure out how to scale the process, the products & the team. You need to build a scalable customer funnel; you have to hone your sales process; you need to quickly adapt your product to growing customer needs while ensuring that you don’t compromise on the quality & reliability of your services. And this is the most challenging part; you have to do it while learning to manage a team. You can’t do everything yourself, so you have to hire the right people, ensure they are aligned with your vision and empower them to help grow your business. Getting the right people on board is one of the most critical parts of this phase of growth.
The marketing campaign becomes most successful when you get to care about customers deeply. For Freightwalla, It came when the startup touched its customer’s challenges at the core by educating them about different business solutions and government schemes. Last year, the business organized a series of webinars with Industry leaders and Government Officers, including a session with MSME Minister Shri Piyush Goyal. Freightwalla got overwhelming responses from companies of all sizes.
“Like many, our challenge has been finding the right product fit. The international logistics market is a US $30billion industry, with many players in the industry. As a startup, we’ve had to find which segments to focus on, ones that really resonate with the vision we are trying to build” – says Sanjay Bhatia, Co-founder & CEO, Freightwalla.
Freightwalla found many customers who were highly price-sensitive but not as concerned about service levels & the robustness of their supply chains. These were not the best fit for the startup. Eventually, they figured out which segments were a better fit. Even for the companies within this segment, the team at Freightwalla had to figure out whom to target (i.e. the business decision-makers) & how to reach them best. And finally, they had to figure out how to tackle the massive undertaking of digitizing their logistics processes; where to start? What does success look like? Even today, Freightwalla continues to discover more about its customers and evolve the products to meet their needs.
Freightwalla – Growth and Stats
With over 300+ active customers, 30+ shipping line partners, and serving over 1000 port pairs, Freightwalla envisions revolutionizing international maritime logistics with much-needed transparency, simplicity, and service excellence at each step of the operation. Its notable clients include Aditya Birla, Cipla, and Bajaj Electricals, among other mid-sized import & export businesses.
Key milestone achieved:
Achieved over 1000% growth in volumes over the last 18 months
30+ shipping lines partners cover services to multiple destinations globally
Have shipment handling partners in over 40 countries
USD 4 million secured in series A funding from global investors
Freightwalla – Funding and Investors
Date
Stage
Amount
Investors
December 2019
Series A
$4 Mn
Led By – Amplo, FJ Labs & Rogue One Capital. Other participants – Kae Capital & Tekton Ventures
Sasha Mirchandani, Founder, and MD, Kae Capital, India
Sheel Tyle, Managing Partner, Amplo, USA
Sailesh Bhatia, MD, Bhatia Shipping, India
Freightwalla – Recognition and Achievements
Freightwalla has been recognized as ‘Top 10 APAC Logistics Solutions Provider’ by CIO Advisor
It has also been honored with ‘Top 10 emerging companies of India’ by CEO Insights.
Recently it got acknowledged for its excellent smart-tech solutions and won IMC’s Digital Technology Award.
Freightwalla – Future Plans
In the post-pandemic world, many SMEs have realized the importance of building a more robust supply chain by adopting better planning of their needs & digitization to help them improve the visibility of their supply chain, which has helped Freightwaala see a massive increase in demand for the solutions it has built.
The company continues to invest in its products & technology like IoT, AI/ML, and blockchain to help its customers improve their efficiency, give them better visibility, reduce costs, and ultimately give them an edge in this highly competitive market.
Freightwalla – FAQs
What is Freightwalla?
Freightwalla is India’s leading digital freight forwarding company. It offers a full-stack online platform for businesses to plan, book and manage international freight shipments seamlessly. The Company provides instant quotations & booking of ocean freight, real-time tracking of shipments, and several other digital solutions to streamline supply chain processes.
Who are the founders of Freightwalla?
Sanjay Bhatia (CEO), Punit Java (CTO), and Bharat Thanvi (CMO) founded Freightwalla in January 2017.
Is Freightwalla an Indian company?
Yes. Freightwalla is an Indian company headquartered in Mumbai, India.
How does Freightwalla make money?
Freightwalla follows a transactional revenue model. It earns a fixed service fee for every shipment handled. Besides standard services, it also offers customized services and pricing plans to meet the specific requirements of different sizes of business.
Who are the notable clients of Freightwalla?
Aditya Birla, Cipla, and Bajaj Electricals, among other mid-sized import & export businesses.
What is Freightwalla’s funding details?
Freightwalla raised $4 million in a Series A round led by Amplo, FJ Labs, and Rogue One Capital.
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 Practically.
The lockdown induced by the Covid-19 pandemic has produced a paradigm shift in learners’ behavior leading to an exponential increase in the demand for EdTech products in India. The global education market is worth $6 Trillion out of which $10 Bn is the size of what the Indian education market will be by 2025. There are 100 Million learners in Practically’s target segment India, which is largely the private school student population.
Practically is an intelligent, interactive and immersive learning app for students of classes 6-12 with a focus on STEM learning. Being the only such product in the world, Practically combines gamification techniques, immersive learning assets, test-prep and AI-assisted study buddy in one compact cross-platform app. 3,30,000+ students have already benefited from the engaging content on Practically platform, which has the largest content library of world-class 3000+ 3D videos, 1000+ AR experiences & simulations, all created in-house.
StartupTalky interviewed Charu Noheria (Co-founder and COO of Practically) to get an insight on Practically’s Startup Story. In this post you will find all about Practically’s business model, revenue model how it started, its growth prospects, funding and more.
Practically is an intelligent, interactive, and immersive learning app for students of classes 6-12 with a focus on STEM learning. It is the only experiential learning app that brings learning alive through immersive videos, interactive augmented reality and 3D simulations.
It offers an edge over other learning apps by enhancing conceptual understanding and improving retention of concepts with features like –
Life-like video content
Hands-on learning,
experiential learning,
24×7 seek help with access to subject experts for doubt resolution,
Live classes
Coding++ and Proton – a very sophisticated virtual AI assistant that can answer most doubts learners may have.
3,30,000+ students have already benefited from the engaging content on Practically platform, which has the largest content library of world-class 3000+ 3D videos, 1000+ AR experiences & simulations, all created in-house.
Practically AI Buddy – PROTON
Practically offers a unique solution for schools. The new-age classroom experience for teachers and students, through the Practically School Solution, focuses on futuristic content, gamification, and distraction-free classes. The platform is currently free for all teachers and schools. Practically has come up with a unique tool, which gives teachers the AI-based insights and real-time data analytics of student attentiveness in the virtual classroom, and helps them to come up with alternative teaching solutions such as a pop-quiz or playing a subject related, simulation videos, thereby making learning fun, interactive and distraction-free. Apart from this, teachers have complete access to world-class video and simulations that uses real-life applications, 200K questions, various learning models that enables flipped or blended learning models, easily shareable reference material, test-prep with five-level question bank, detailed reporting and analytics, and most importantly, they can teach students anywhere and anytime on any devices.
Over 200 schools and 18,000 teachers across India are already using Practically to enable online classes during the pandemic. Practically is constantly innovating ways to improve the rate of retention for students to more than 90% by using new-age learning methodology and experiential content.
Practically is a young, insurgent brand from a team of energetic people who passionately believe in reshaping the way the world learns. It believes that there is a hidden explorer embedded within us, which is often stifled by the rigid notions of conventional education. Practically aims to nurture that explorer within every learner and unleash their true potential for limitless learning. Practically uses cutting-edge technologies to render experiential learning to the students. Its primary objective is to improve the rate of retention for students to more than 90% by using a new-age learning methodology and experiential content.
Practically’s aim is to be the ‘Most trusted and preferred’ EdTech brand globally. It will be looking at expanding pan India, one more international market followed by other markets with a collective reach of 20M users by 2025.
Although the near-term plan is to expand into other English-speaking countries globally, It is also exploring with partners in countries where there is a need for content in other languages as Practically’s immersive animated video content can be easily localized.
In the next couple of years, Practically expects to hire thousands of employees across its teams. By 2023, the company would have comfortably surpassed a unicorn status and will be well on its path to becoming a decacorn.
Practically’s product lineup will also see a number of additions to keep up with its growth plans. Starting with the K-5 segment this year, it plans to enter segments such as engineering and medical labs, patient education in healthcare, etc. which is in line with the company’s growth strategy.
Practically – Indian Edtech Market Details
The global education market is worth $6 Trillion out of which $10 Bn is the size of what the Indian education market will be by 2025 (Source: Inc42). There are 100 Million learners in Practically’s target segment India, which is largely the private school student population.
Growth of Indian Edtech Ecosystem in 5 years
The Indian EdTech ecosystem has raised nearly $2.2 billion in 2020 alone, whereas it attracted only $4 billion over the last five years. Over the last three years, this segment has received total funding of $31 million.
“Clearly there is interest from investors in the promise of EdTech companies and for good reason a joint report by Indian Private Equity and Venture Capital Association (IVCA), and PGA Labs, the market intelligence business of Praxis Global Alliance (PGA), revealed,” says Charu Noheria (Co-founder & COO, Practically)
The education sector in India is expected to be a $117 billion market with currently around 360 million learners, out of which around $49 billion is spent on school education. Traditionally, this sector has seen low investor interest however thanks to COVID, several startups have mushroomed and may have been funded as well. This is a watershed moment for EdTech as the next decade is the decade for e-learning companies.
The lockdown induced by the Covid-19 pandemic has produced a paradigm shift in learners’ behavior leading to an exponential increase in the demand for EdTech products in India. As consumers are more aware of the offerings and accessibility, the urge to learn beyond the syllabus will help in bringing in innovations in learning. With the implementation of the New Education Policy, online learning in higher education will experience accelerated adoption as people focus more on upskilling and reskilling.
The EdTech sector is witnessing unprecedented growth owing to the increasing adoption of technology during the pandemic. The team at Practically believe that technology adoption in the education sector is yet to see its peak and the growth trajectory is likely to continue beyond the pandemic years. The lockdown induced by the pandemic has brought an ever-increasing demand for EdTech products in India. Consumers are becoming more aware of the offerings and accessibility thus leading to new innovations in learning. With steep competition, players need to modify their offerings to engage consumers constantly.
The sector poses some challenges in terms of infrastructure such as access to devices like laptops, smartphones, availability of internet access for the learners in rural areas. Also, the lack of exposure to high-end technologies is creating disparity amongst the students. Usage of shared devices between children and parents is also making the engagement process challenging.
“We along with Government need to devise a strategy addressing these concerns as mentioned above, on an immediate basis ensuring seamless access to education across geographies” Charu Noheria (Co-founder and COO, Practically) added.
Subba has more than 20+ years of industry experience in technology, operations, and management. He was the CTO of Lumeris prior to starting Practically. A product guy at heart, he is a visionary with tremendous zeal and passion for problem-solving using technology.
Charu Noheria – Co-founder & COO, Practically
Charu Noheria is the Co-Founder and Chief Operating Officer of Practically. In 2018, she co-founded Practically, an experiential learning app for STEM, and has been working to revolutionize the education landscape for the last seven years. Charu has a bachelor’s degree in engineering (Computer Science) from R.V. College of Engineering, Bangalore, and an MBA from the University of Illinois-Urbana Champaign. She has over 12 years of corporate experience in operations, technology, strategy, and managing global teams. Noheria began her career as a software engineer at Samsung where she developed mobile applications. Later, she joined Lumeris Inc. – one of the largest value-based healthcare IT firms in the United States, as a Strategic Leadership Development Associate and quickly moved up the ranks to become Director-Technology Partnerships.
Ilango is a hardcore techie and was VP, Enterprise Architecture at Lumeris prior to starting Practically. He loves to roll up his sleeves and get his hands dirty with code. He has worked with some big names in the industry such as eBay, Quikr, etc. Ilango leads product development and technology at Practically.
Currently, 300+ employees are associated with Practically. While its focus so far has been on Andhra Pradesh and Telangana states in India, Practically is working aggressively on expanding pan-India in 2021 and adding over 2000 employees by December 2021.
Practically History – How it Started?
Reminiscing the inspiration to start Practically, Charu Noheria says – “Being part of the competitive rat race for IITs in India back in the day, all I remembered from that experience was stress in learning. I dropped a year, switched five engineering streams, and changed 3 colleges during the 18 months I struggled to get my footing right. Unconsciously this left a lasting mark on me and I was always attracted towards unconventional ways of learning which are away from rote learning. This inspired me to develop a model which will make education easy as well as a fun activity”
Practically’s Journey of Ideation, Designing & Prototyping
Practically is an outcome of deep-rooted insights based on several man-years of study around children’s learning & retention modes leading to the innovative use of new-age tech tools such as AR to provide an immersive learning experience for children.
With the first beta version of the Practically app that was launched in January 2020, it did a pilot study with two groups. Group I was given only reading material and group II was given access to immersive videos and simulations on the app. After two weeks, the team gave both groups a series of questions for testing the retention of concepts studied as part of this study. The results demonstrated that Group II was able to recollect 50% more concepts than Group I, and Group II students on average spent three times less time learning than Group I students. This further encouraged the team’s efforts at Practically in making learning more experiential and sticky. Since then, Practically has added many more features to the app considering the impact it can make on the journey of a learner.
The beta app was rolled out in Jan 2020 and it received an overwhelming response with more than 13k downloads of the app across two major educational institutions in AP/TS which encouraged the team and validated its initial product.
Charu Noheria (Co-founder & COO, Practically) added – “The three of us- Subba, Ilango and myself were colleagues at Lumeris Inc., in the USA and in the hallways of our workplace is where those very first conversations of Practically began. When my co-founders and I were bouncing off ideas to pursue, it became apparent that we all shared the excitement for tech-based, non-traditional methods of teaching and learning. We all wanted to make some of those very dry subjects more interesting, engaging and fun for learners around the world”
STEM learning for school students has become rote and educators have no means to increase students’ engagement and interaction with concepts to boost the rate of retention. Students have access to mostly passive and rote learning sources and methods when learning foundational concepts leading to a less than a 30% rate of retention. This disengagement leads to a lack of interest in key subjects.
It also aims to make everything that a learner needs available on a single app helping the parent pay for a single product containing content, simulations/AR, test prep, analytics/feedback, gamification, doubt resolution, live classes, coding, summer programs.
Practically is an Immersive & Experiential ONE STOP SOLUTION for students, parents, teachers, and schools. Practically is the only such product in the world that combines gamification techniques, immersive learning assets, test-prep, and AI-assisted study buddy in one compact cross-platform app. Through its patent-pending technology, thousands of exhilarating, life-like simulations, and Augmented Reality (AR) experiences are combined with learning pathways to bring learning alive and increase the rate of retention of concepts. Practically also offers live classes, Coding++, and a 24×7 Seek Help feature for doubt resolution, where students can reach out to subject experts on the platform.
Bringing back joy into learning and using tech to create life-like experiences, Practically uses AI to empower teachers. Practically helps teachers with intelligent insights into their student population, helps them auto-generate question papers, correct answers, giving them 2 hours of operational time back and impacting their experience in teaching overall, making classes engaging and effective.
Practically Platform
Practically is built on Edgar Dale’s ‘Cone of Learning’; we retain 10% of what we read, 50% of what we see and hear, and increasingly more to 90% when we learn by doing. The more dramatic the experience, the more lasting the recall, and most concepts that are dry can be taught with experiential learning.
Practically’s vision is to reshape the way the world learns. It aims to bring modern methods to the everyday teaching process and empower teachers to use the power of visualization and experiential content to transform dry subject areas into jaw-dropping experiences. Its objective is to enable classrooms with a ‘learning by doing’ approach and increase the rate of retention of students to more than 90% for key subjects like math and science and to make learning more fun and engaging.
The team wanted to name the product in line with its vision. As the founders believe in a practical approach towards learning, they liked Practically for the name of the product. Simple yet powerful as the need of the hour is to revolutionize education with immersive and experiential content and encourage practical learning.
Brand Logo
The team chose the colors yellow and red as it signifies passion, warmth, and learning all of which are deep-seated in Practically’s DNA. “We are a passionate group of people who are dedicated to the cause of reshaping the way the world learns!” says Charu Noheria.
Practically Logo
Brand Proposition
Charu Noheria adds – “Learning Alive was a core message that we had arrived basis a brand workshop which also tied into our core feature of immersive and experiential learning that brings learning to life. We made it purposeful and more action-oriented and arrived at our brand proposition – Bring Learning Alive”
Practically primarily has two channels for customer acquisition
Business to Customer (B2C): Any learner can download the app and register on it. A learner may get to know about the product via a marketing campaign, TV or print ad, customer reference, actively searching for learning apps, etc.
B2B2C through school acquisition: Practically School Solution is FREE for all schools and teachers. Teacher app is used by thousands of teachers to make their classes engaging and interactive. Every teacher in turn onboards learners to the student app for free.
These free customers, both from B2C and B2B2C, then act as a top of the funnel for downstream monetization efforts through its on-ground and virtual sales agents who directly engage parents and students for paid subscriptions on the app. Practically’s demo to paid conversion rate is more than 30% which is substantially higher than any other product out there. Paid subscriptions can be monthly, annually, or multi-year with an ARPU of > $400.
Practically’s Launch and Initial User Acquisition
Practically launched its beta app in Jan 2020 across two large clients in AP/TS for testing the waters. It received a phenomenal response with over 13k students downloading the app over a 30 day period. This cohort became its first user base and learnings from this pilot were instrumental to get to a commercial launch in April 2020.
Practically’s B2B2C strategy of going through schools by providing them FREE Practically School Solution worked great for the initial mass acquisition of users. It had schools from various nooks and corners of India using the platform and onboarding thousands of students for free onto the product.
Practically’s Key Strategies and Marketing Campaign
The product uniqueness is its biggest selling point with users. An experiential product with this quality and grade has never been seen by an Indian consumer. Practically makes sure to be a part of the learning journey of a child and have multiple touchpoints with the student and the parent. It offers doubt resolution services, mentorship programs, and summer workshops which further fuel retention. Practically recently started spending on marketing and growth hacking efforts. It will be more aggressive towards the marketing efforts in 2021.
Practically’s Most Successful Marketing Campaign
Practically’s first-ever brand campaign around the theme – ‘Bring Learning Alive’ in December 2020 helped garner 3x growth and the app has successfully crossed 330,000 downloads to date. The TVCs have garnered over 32 million+ views combined on YouTube and seen above average and consistent view rates, even after two months of launch, indicating relevance and popularity of the campaign amongst the target audience. This has been one of the highest by an EdTech company in India, without celebrity endorsement, so far.
The campaign was released across all mediums – print and television targeting Telangana and Andhra Pradesh, and, social and digital media with a pan-India focus. The digital campaign ran in the top 40 cities across the country with a greater emphasis on Mumbai, Delhi, Bangalore, and Chennai. Predominantly, the metros and Tier-1 cities attracted larger traction. The campaign saw healthy participation among parents in the age group of 35 to 55 years and students in the age group of 11 to 17. Interest was also evinced among people of the age group of 18 to 24 years who visited the website for programs related to Coding++, Test Preparation, etc. Practically also featured amongst the top brands in pure search volumes among the EdTech players in Andhra Pradesh and Telangana during the campaign, clearly emerging as a strong challenger brand for the incumbents and indicating resonance with the target audience.
Challenges are a big part of the start-up journey and almost always the team at Practically were able to keep their heads above water. They embrace challenges with open arms and if not for them, the journey would be far less fulfilling.
COVID: The lockdown was a blessing in disguise for EdTech giving it the right push for education to go online. Due to the current situation, the focus is on following a medium that allows for safe, continued, and effective teaching. This meant the team needed to be agile and quickly start offering what was the need of the hour: an experiential and immersive learning experience to K-12 schools like in a physical classroom environment using augmented reality (AR), 3D videos, and simulations. Practically launched in India amidst the lockdown in April 2020.
Model: The challenges began when Practically wanted to grow the product to become a one-stop solution rather than a point application so that learners won’t have to pay for multiple apps and they get everything they need on Practically.
Capital:Practically required substantial capital upfront to build unique life-like immersive and experiential content. It put in all profits from the existing product sale into this and also went in for its Series-A fundraise which helped the team achieve that. The team faced numerous challenges when it started scaling the business to all parts of the twin states of AP/TS as this needed a larger team and growth capital. Practically was lucky that it was able to raise pre-Series B round just in time to help it scale and grow in this region and further set it up for a pan-India launch this year. In addition, it has been able to build a great team passionate about its singular vision of shaping the way the world learns.
New/Late entrant: Practically has been widely accepted with 330,000 downloads in a short span of time despite the brand being a relatively new entrant in this category launched in April 2020 amid the lockdown. While competition with deep pockets has been around for a decade, It kickstarted its first-ever brand campaign around the theme – ‘Bring Learning Alive’ which includes TV, Digital, Print, and Social Media Marketing with a regional focus on Andhra Pradesh and Telangana markets in December 2020 and the TVCs received a stupendous response with close to 32 million views combined on YouTube since its launch.
Just like most technology companies, Practically uses tools to enhance productivity and products that give it operational excellence. It also recently launched its Sales CRM which is a fully customized solution for Practically’s rapidly growing sales team.
Practically was recently been awarded the title of ‘Most Innovative Stem Solution’ at World Education Summit – School Education 2021 organized by Elets Digital Learning.
The efforts of the team also received accolades at Startup Awards 2021, where Practically was bestowed with ‘Best EdTech Startup of the Year’ by Franchise India and Entrepreneur India magazine.
Global School Leaders’ Consortium -INSPIRE Education Awards 2020- The Best Learning App of the Year
Practically’s Co-founder & COO Charu Noheria has been chosen to be a part of Entrepreneur India’s 35 under 35 class of 2021. She was featured in the coveted ORF-GP report on Women in Technology, 2020
Practically – Growth and Future Plans
Currently, Andhra Pradesh and Telangana are Practically’s key markets. It just entered the South and West regions with a small team. It is working on expanding pan-India in 2021 and adding over 2000 employees by December 2021. 2021 will also see Practically entering the K-5 segment while currently, it does grades 6-12.
“We believe that technology adoption in the education sector is yet to see its peak and what started as a mad rush to adopt technology during the pandemic is likely to continue and sustain well beyond the pandemic years making products such as Practically a household name among students and teachers alike” saysCharu Noheria, Co-founder & COO, Practically
With the latest round of funding, the team expects to take Practically to the rest of the country by the end of 2021. As mentioned earlier, outside India, the Middle East is its focus market as it received very positive responses to its product. Practically will be partnering with many more schools there in 2021. It is also looking to move to another international market by the end of the year.
The Practically School Solution is absolutely free of cost to schools. The experiential solution has been a mega-hit with teachers. In addition to the above, Practically’s immersive animated video content can be easily localized into any language. Although the near-term plan is to expand into other English-speaking countries globally, the team is also exploring with partners in countries where there is a need for content in another language.
Practically – FAQs
Who are the founders of Practically?
Subbarao Siddabattula (CEO), Ilangovel Thulasimani (CTO), and Charu Noheria (COO) are the founders of Practically.
How much funding has Practically raised?
Practically has raised total funding of $14 Million to date in Series A and Pre-Series B and Series B rounds.
What is Practically’s marketing campaign?
Practically’s first-ever brand campaign was around the theme – ‘Bring Learning Alive’
How does Practically make money?
Via Paid Subscriptions. Practically’s demo to paid conversion rate is more than 30%. Paid subscriptions can be monthly, annually, or multi-year with ARPU of > $400.
What is the USP of Practically?
Practically is an Immersive & Experiential ONE STOP SOLUTION for students, parents, teachers, and schools. Practically is the only such product in the world that combines gamification techniques, immersive learning assets, test-prep, and AI-assisted study buddy in one compact cross-platform app.
Zoomcar is the first self-drive car rental firm in India. ZoomCar operates on a strategy in which it borrows money from banks to acquire 75% of the cars in its network, with the other 25% leased from major firms like Avis Budget Group.
Zoomcar was founded by Greg Moran and David Back in April 2012. In this article, you will find some intriguing information about the life of David Back.
David Back is one of the two co-founders of Zoomcar which is India’s first car rental company specialising in “western-style” self-drive rentals. With seven cars, Zoomcar commenced operations in Bangalore in February 2013. It had expanded to roughly 1,500 automobiles in six locations by the time Back departed day-to-day administration at the end of May 2015.
The company is still expanding, with over 9,000 automobiles in over 45 Indian cities. Zoom is assisting India’s cities in becoming smarter and more sustainable by providing a variety of transportation solutions to meet a variety of demands. Today Zoomcar is having its existence in five countries and 100+ places.
The idea to India was unique and Zoomcar did not have to initially struggle for investments. Their advisors include Former Infosys CFO Mohandas Pai, British politician and entrepreneur Lady Barbary Judge, Former US Treasury Secretary Larry Summers, and academics from Wharton, Harvard Law School, and Cambridge University’s Judge School of Business.
David Back graduated magna cum laude from the University of Pennsylvania and cum laude from Harvard Law School, where he held teaching fellowships on the history and prospects of globalisation under Niall Ferguson and Larry Summers. He was given a full scholarship to study for an MBA at Cambridge University’s Judge School of Business. But fortunately and unfortunately he quit out after one term to start Zoomcar in India.
David Back with Greg Moran
David Back has worked in various organizations. Some of them include a consultant for McKinsey & Co., an investment manager for Goldman Sachs, and a research analyst for the Kauffman Foundation’s General Counsel too. He also has worked and contributed to The Hydrogen Expedition. This was a campaign to raise awareness about alternative fuels by circumnavigating the world on a hydrogen fuel cell-powered boat. David is exceptional with his career and serves on the boards of advisers for a number of start-ups in the US, India, and the UK.
David Back also edited, 365 Of The Wittiest, Most Cutting Insults From History. It is a page-a-day desk calendar sold to Barnes & Noble Publishing. It features, among other things, critiques from Winston Churchill, Mark Twain, Voltaire, and Mahatma Gandhi too.
David Back’s Journey with Zoomcar
By late 2012, the two founders Greg Moran and David back had collected a significant amount of money, and David and Greg had quit their professions in the United States and relocated to Bangalore, India.
They intended to establish Zoomcar as an hourly rental platform at first. However, it now functions not just on a short-term rental basis, but also on a long-term subscription basis.
Zoomcar is the market leader in India’s self-drive sector, with approximately 10,000 automobiles in its fleet. The company’s golden era began in 2018, when its income topped Rs 155 crore, before skyrocketing to Rs 259 crore the following year. That isn’t to say it didn’t hit some roadblocks along the way. Challenges were unavoidable when launching a whole new company model, from forming a partnership with a fleet vehicle owner to obtaining licence plates for the fleet of automobiles.
David’s Exit from Zoomcar
David Back, the co-founder of Zoomcar, resigned from the self-drive car rental startup in 2015 and returned to the United States for personal reasons. According to paperwork submitted with the Registrar of Companies, Back left ZoomCar India Pvt. Ltd on May 12, 2015.
“It’s been a smooth move for David,” said Greg Moran, co-founder and CEO of Zoomcar. Back’s departure, according to Moran, was prompted by both personal and professional factors. “David has always prioritised early-stage prospects and will do so in the future.”
“I’ve been the company’s CEO since the inception, and his departure will have no influence on the company’s growth trajectory,” he continued. Back will retain his stake and board seat in Zoomcar Inc., the parent company of Zoomcar India, according to Moran. But David never returned to Zoomcar again.
Today, David says that “I was a co-founder of India’s first automobile rental firm. I’m now based in Denver. I am the Chairman of Tattered Cover, the greatest bookstore in the Western Hemisphere.” People like David create a revolution. Zoomcar is one such revolution for our country. There is no denying that India has a market for automobile rentals. However, it has a long way to go before it reaches the maturity of a European or American market. Nonetheless, David continues to grow his life in different spheres and will continue the same ahead in future.
FAQ
Who is David Back?
David Back is the co-founder of Zoomcar, who is now a chairman of Tattered Cover Book Store.
Why did David Back resign from Zoomcar?
David Back exited Zoomcar in 2015 and returned to the United States for personal reasons.
India has given rise to many billionaires who now hold a major number of positions on the list of the world’s wealthiest people. India, behind the United States and China, has the third-highest number of billionaires in the world, according to Forbes magazine.
India has surpassed Germany (136 billionaires) to take third place in the list of countries with the most billionaires in 2021, according to Forbes. Well, there is one such infamous wealthy family in India, who isn’t much talked about, but plays a significant role in the Indian business sector. They are the Wadia Group.
Mr Nusli Wadia, the chairman of Wadia Group and principal owner of Bombay Dyeing, a large Indian textile company, is regarded as one of the most astute business people in the industry. If you want to know more about this great businessman read this article.
Bombay Dyeing, a well-known Indian textile company, is led by Mr Nusli Wadia, who is also the majority stakeholder. The Indian Parsi businessman is the son of Neville and Dina Wadia and the grandson of Pakistan’s founder, Muhammad Ali Jinnah. The Wadia Group, which has significant real estate holdings across Mumbai, is valued at $4.1 billion and possesses one of the city’s largest land banks.
Wadia, although being connected to Jinnah, had a complicated past. He was born a Christian but subsequently converted to Zoroastrianism to dwell among Mumbai’s industrially prosperous Parsi community. He has completed his PhD in Chemical Engineering from the University of Florida in the United States. Nusli was sent to a public school in England (Rugby) for his schooling, where he was a bit of a failure by all accounts.
Nusli Wadia’s Sons
Nusli’s sons are Ness and Jehangir Wadia. Ness Wadia oversees the IPL team Kings XI Punjab.
Ness Wadia
Jeh Wadia founded GoAir (now GoFirst) in 2005, at a time when the market was dominated by Air India, Air Asia, SpiceJet, Kingfisher, and other major airlines.
Jehangir Wadia
Nonetheless, GoAir’s joint management team of Nusli and Jeh Wadia was able to establish a brand for the airline through low rates, effective operations, and smart development.
How Nusli Wadia Kept Bombay Dyeing Afloat?
When Neville Wadia tried to sell Bombay Dyeing to the Goenkas from Kolkata in 1971, Nusli stood in his way. To derail the purchase, he persuaded employees to acquire stock in the firm and keep it afloat. The textile behemoth was kept as a result of this action, and Nusli Wadia was able to demonstrate his commercial acumen by increasing the worth of the company. As a result, he became Chairman of Bombay Dyeing, succeeding his father.
Mr Wadia has been Chairman of the Bombay Dyeing since 1977. He has been Chairman of the Board of Bombay Burmah Trading Corp. Ltd. since July 27, 1982, and a Director since October 28, 1980.
He was a member of the Prime Minister’s Council on Trade and Industry in 1998, 1999, and 2000. He was the Convener of the Special Group Task Force on Food and Agro Industries Management Policy in September 1998. He was a member of the Special Subject Group on Disinvestment and the Special Subject Group on Reviewing Regulations and Procedures to Unbind Indian Industry.
The Wadias are one of India’s most prominent business dynasties. They have always prided themselves on doing business honestly, never paying bribes, and never dealing in black money.
In the late 1970s, Bombay Dyeing was still India’s largest and best textile company. That wasn’t the one, though, that everyone was talking about. The ‘Polyester War,’ as the battle between Wadia and Ambani was dubbed, became part of corporate lore. It was a fight that included not only the two of them but also several politicians, including then-Prime Minister Rajiv Gandhi and his Finance Minister V P Singh, as well as two news organizations, the Indian Express and the Observer.
For two years, Wadia was held in the courts. His passport was taken, and a deportation order was issued. Wadia was found not guilty after 42 court hearings and 2,500 pages of interrogation.
For Mr Wadia, the 1990s were a pivotal decade. He was no longer a major source of concern for the Ambanis; they had simply outgrown him. Wadia needed to show that he knew how to operate a business.
Nusli Wadia’s Long Awaited Dream of Taking Over Britannia
Nusli had a long desire to engage in the biscuit sector and had agreed to take over Britannia in India with Huntley and Palmer. While Nusli met with Nabisco officials through his friend (and cashew firm partner), Rajan Pillai, and looked to have secured an agreement in which he would still be allowed to purchase Britannia, the Americans eventually changed their minds. Rajan Pillai was named chairman, and Britannia was maintained.
Pillai teamed up with Danone, a French business, but the two swiftly fell out, with Danone accusing Pillai of being dishonest. Nusli came in as Danone’s new Indian partner to fill the vacancy.
After a protracted judicial and public battle, Pillai was removed, and Wadia finally got his heart’s desire: The Control of Britannia. Mr Wadia has been named Non-Executive Chairman of the Board of Britannia Industries Limited. He joined Britannia Industries Limited’s board of directors on September 5, 1993, and has been Chairman since.
How Nusli Wadia and Ratan Tata went from friends to foes
Ratan Tata with Nusli Wadia
Ratan Tata and Nusli Wadia have a personal connection that goes beyond business. Nusli served as a mentor for Ratan Tata in addition to being childhood pals. As a result, people were taken aback when they learned that Nusli had brought a defamation suit against the Tata Group and Ratan Tata.
All of this began when Wadia chose Mistry over Tata for the position of Tata Group chairman. As a result, he was sacked as a Tata Motors independent director.
He subsequently dropped the case, but only after receiving notification from India’s Supreme Court. He also gave up the Rs. 3000 crore he would have gotten if he had won by settling.
The epitome of a workaholic Mr Wadia is a firm believer in living a simple life. He is believed to do a lot of his cooking, and despite spending a lot of time in London, he enjoys vacationing in Goa. Cricket is his main interest, and he rarely remarks, either literally or symbolically.
FAQ
What is the net worth of Nusli Wadia?
The net worth of Nusli Wadia is 370 crores USD.
What companies does Wadia Group own?
Wadia Group owns, Go First Britannia Industries, Bombay Dyeing, Bombay Realty, Bombay Burmah Trading Corporation, National Peroxide, and Wadia Techno-Engineering.
What is the business of Ness Wadia?
Ness Wadia is the Managing Director of Bombay Burmah Trading Company Limited and Chairman of National Peroxide Limited.
A successful firm isn’t built by luck or by how much money you invest into it; instead, it’s the result of a series of activities made to grow a brand, which is guided and reinforced through time by a set of skills and choices. Building a brand is essential for every firm that wants to succeed, but sustaining it is even more critical and complex. It ensures that it remains relevant as customer behaviour evolves.
When marketing a product or service to a significant number of people, it’s better first to link them all to a common platform and then explain what’s available to each of them. The objective should be to create a compelling conversation that allows you to shift views, analyse expectations, and clarify the subject.
A brand mantra is a brief expression that captures the essence of what a brand stands for or the image a company would like to convey. A brand mantra is usually two to three words long. Although the message’s wording might vary, the tone is the most significant factor. A statement describes a brand with a sequence of adjectives and may or may not include the brand name.
A brand mantra communicates emotional and intangible connotations that attempt to generate a connection between a customer and a brand, which might shape the brand’s overall sentiment. The tagline of a company is frequently its brand essence statement, and as such, it is critical to brand identification.
The language used in a brand mantra represents the company and its goods and differs significantly from one to the next.
A brand slogan should be chosen based on the consistent experience and the emotional response it elicits in its clients. It hopes to pique the curiosity of new customers drawn to such attributes and promote brand loyalty among existing customers through this consistency and emotional reaction. For rebranding initiatives, marketers frequently devote a significant amount of work to developing a new brand motto statement.
Brand principles are all about capturing your product or service’s target market and instilling confidence in current and potential customers.
A solid brand management strategy aids in the development of a corporate image, and the brand manager is responsible for overseeing the brand’s overall success.
Brand management encompasses both the intangible and tangible aspects of a brand on a larger scale. The tangibles for product brands include the item itself, packaging, pricing, and so forth.
When it comes to services, tangibles include the client experience, while intangibles involve the emotional connection.
Credibility
It all starts with sincerity, the primary goal, personality, and worth. Every brand is built on the foundation of trust. It refers to the perception that a brand’s product information is accurate and fair. Credible brands are perceived as having the capacity and desire to deliver on their promises by consumers.
It is a never-ending and ongoing process. Product positioning, customer experience, value-added services, and customer relationships with the brand are intangible components of brand management that contribute to credibility.
Concentrate on your most vital skills and then communicate them consistently. There have been multiple cases when firms have bought other brands only to subsequently sell them off because the purchases did not fit within the parent company’s brand architecture.
Be Consistent
When it comes to distinguishing your message, consistency is always the key. For whatever you do, own up to your position on all reference points.
The degree of harmony and convergence among the marketing mix parts is consistent. It also refers to the consistency of marketing mix techniques across time. Companies must develop and maintain brand consistency in design, communication, and delivery.
The pattern of expression that influences what others perceive about a brand is brand consistency. The branding will be more consistent if the messaging is consistent. It doesn’t matter through design, language, or viewpoint.
Connect with People
A brand is more than simply a name, a logo, a website, or a billboard. This is just a set of tools, not a brand. A brand is a much more significant concept, the desired notion embodied in products, services, locations, people, and experiences.
Try selling something that meets not just people’s physical but also their emotional wants, and they’ll begin to associate with your brand over time.
On a fundamental human level, meaningful connections are formed when a brand forges a link between what it does and what people are looking for. Brand appeal, distinctiveness, and loyalty are enhanced through meaningful connections that flow deep inside the business and extend deep into people’s hearts and minds.
Established brands aspire to function higher than emotive and meaningful brands. They behave, interact, and react so that each moment becomes emotionally significant.
Communication is the Key
Brand Communication
Brand Communication is a significant aspect and instrument of brand management or marketing, which firms use to persuade, convince, and enlighten customers about their brand and its values.
The brand will communicate its strengths, values, basics, and product and service offering by championing the art of brand communication. If you master the art of contact, your company and brand will attract a vast portion of the community to communicate with them.
Build a Community
People are inextricably linked to the image of some companies. Others may not agree, but you must have individuals who understand and support the brand’s mission and values. A brand community is a specialised, non-geographically bound community formed by an organised system of social relationships among a brand’s fans. Customer loyalty, engagement, and relationships are all enhanced through brand communities. It provides marketers with glowing suggestions as well as fresh marketing concepts.
The most crucial aspect of brand management is maintaining the image of your product or service. A good brand management plan can give your product or service more purpose and clarity, allowing you to focus on making, developing, and selling something that people care about. As a result, your brand will become distinct and recognisable in its own right, earning a reputation in the marketplace. But then comes the most challenging part: maintaining the brand’s value in the future.
FAQs
What is Brand Management?
Brand management is a function of marketing to build the identity of the brand.
What are the principles of Brand Management?
The five principles of brand management are:
Credibility
Be Consistent
Connect with People
Communication is the Key
Build a Community
What is brand mantra in brand management?
A brand mantra is a brief expression that captures the essence of what a brand stands for or the image a company would like to convey.
SaaS referral programs are interesting to build and at the same time some amount of effort is also required. However, there is a way to build a SaaS referral program which you can follow. But, before moving on to building programs one should be thorough about the basics of it.
With the simple process given below, you can try building a SaaS program for yourself. Whether it is a business or for any other purpose it will make your work much easier.
Step 1. Customers Should Be Motivated To Share Your Product Or Service
Satisfied and Happy Customers
Satisfied customers are the reason for a business or a service to sustain and flourish in the market. So, your business or your service should satisfy them and let them share about your business with others. But, how does this contribute to building a successful SaaS referral program?
Well, you should have the perfect business to attract customers and customers should be happy with your service. Incentives and rewards do attract customers but customers will not refer your SaaS product to their personal network until and unless they are satisfied with your service.
You can start by conducting research or online reviews so that you gain some data about what customers think about your product. By doing this you will be able to gain in-depth data and accordingly, you can take necessary actions.
Step 2. Know What Your SaaS Referral Program Should Be About
Do not be confused because this is something almost similar to an elevator pitch. An elevator pitch is something that you propose an idea in front of someone within 20-30 seconds. Similarly, your referral program should be something that should grab the attention of the customers.
However, you should try to keep your referral messaging short and to the point. Given below are some examples that you can try out.
Try to get 16 GB of free space by inviting your friends to Dropbox
Businessmen would want customers to share their products with as many people as possible. But, this does not happen in the real world. This is when you decide to give incentives that will make your referral program much easier.
Do not go for incentives that will make the customers uninterested and boring but try to bring something new and catchy to make customers share your product. Given below are some ideas that you can try out.
50% discount on your next bill
Free upgrade (premium version)
Cash credits (example $50 to offset next bill when a friend signs up)
Step 4. Choosing The Right Referral Tool
There are several tools that you may come across for referral marketing. Most of these tools are great but you should find out the most suitable one for you. Tools are used to set up programs manually and this helps a lot. But, in order to track down the effectiveness of your program tools are necessary for doing the job. Some tools that you can try considering are Growsurf, ReferralHero, and Viral Loops.
It is important to make certain conditions while creating a SaaS referral program so that bases are covered. Customers will be looking at it and they will see whether you are ready to make referral bonuses. If a referral done by a person has been done successfully then the person can turn into a customer.
Other than these you would also want to make sure to specify the people who are eligible for referral bonuses. People should know beforehand about the offers that you want to make to them.
Step 6. Promoting Your SaaS Referral Program
Building a SaaS referral program successfully is not the end of it. There is something that you need to do and that is ‘PROMOTIONS’. You can take the help of social media to promote your referral program so that a large number of people will know about it.
There are several ways you can promote your referral program. For example, given below are some methods you can use.
Without tracking the results you will not be able to judge your growth. Therefore, it is important to track and as well as to measure your results. First of all, you have to think about how you can track your results. You can take the help of some popular metrics systems for tracking.
Some of the most popular metrics include the following things.
Percentage of people who have become referrers
The percentage of the numbers of referrals sent
Conversion rates like conversion of sign-ups through referrals
There are many more metrics that you should be able to think of based on your goals and targets. Make sure that your goals and target are met because that is what you have been working for.
Conclusion
In the end, you need to make sure that the referral program that you created is a success. Success should be in any senses not just focussing only on one thing. The next thing after building a SaaS referral program you should try out advanced level techniques for referring your services and products.
FAQs
What are the four elements that I should consider while building a referral program?
The four elements that you should consider are:
Offers
Communication
Execution
Supportive Programming
How to create an effective referral?
There are various ways that you can create a referral quite effectively. Focus on what the customers would want and accordingly, you can drive them to make your referrals effective.
If you own a restaurant, café, or bakery, you need to advertise your business on popular food delivery apps (if you haven’t done so yet). Zomato is one of the most popular food-delivery apps in India. So you must advertise your dining businesson Zomato for the sake of marketing. Moreover, if you advertise your business, Zomato offers you a ‘track performance’ feature that can be used to analyze how your advertisement campaigns perform on Zomato. More than 12,000 restaurants have already been advertised on Zomato. Why should you be left out? Before you understand how to advertise on Zomato, you should know why to use the food delivery app.
If you advertise on Zomato, your advertisement will appear as a banner on Zomato’s mobile app and website. The visibility of your restaurant is boosted in the collections where you already appear.
Zomato offers showcased advertisements when customers in your local neighborhood search on Zomato.
Zomato offers state-of-the-art analytical tools that you can use to analyze how your advertisements perform on its platform.
You can record and listen to calls regarding your restaurant or café and evaluate your customers’ preferences along with their queries.
Scroll down and find the ‘For Restaurants’ column.
Click on ‘Products For Businesses’.
Under ‘Advertise Your Business’, click on the ‘Learn More’ button.
You’ll see ‘Advertisement On Zomato’ and click on the button saying ‘Yes, I’m interested’.
If you haven’t yet added a restaurant, you will be asked to add it. If you have added your restaurant, go to step 7.
‘Add Media To Dashboard’.
You will now be able to customize your advertisement using filters. The first filter is the ‘Placement page’ where you select your advertisement’s display location (such as the homepage). The second will ask you to choose the dimensions of your advertisement. The third filter is ‘Banner Type’ which has options such as ‘Banner Website’, ‘Banner Collection’, etc.
Select the start date and end date for your ad campaign.
Upload your artwork that will be displayed as the advertisement.
Make payment for the advertisement.
And that’s it. Your advertisement will appear on the website within 24 hours after the start date. After your advertisement campaign starts, you will receive a screenshot of your advertisement which will confirm the start of your ad campaign. After the ad campaign has been completed, you will receive a report of the campaign at your email address.
1. Provide Special Deals and Offers to your Customers
You should provide special deals, offers, and discounts to your customers once in a while. This ensures your existing customers continue to buy their favorite meals from your restaurant while attracting new customers.
2. Meals of the Day!
Offering a special ‘meal of the day’ is one of the best ways to advertise your restaurant. This exercise spurs curiosity among foodies and lures them to your dining place.
3. Happy Hours
Offer special discounts and promotions only during specific hours. These special time slots are popularly known as ‘happy hours’. An example of happy hours’ discount is “buy one drink and get another one free between 3 PM and 6 PM.”
4. Be Unique
Offer cuisines people haven’t heard of before. You could come up with sweet dishes or traditional delicacies that haven’t become mainstream yet.
5. Zomato Banner Ads
Ad banners improve your visibility through personalized banners on Zomato’s web and mobile discovery platforms. Additional exposure is available via collections. Boost your visibility on collections where your restaurant has already been featured. In short, run advertisements on Zomato to the maximum possible extent.
Promoting your business on Zomato can be extremely beneficial. If you are a new business and do not want to invest in advertisements, Zomato also offers other options for promotion.
Create a Zomato review listing. Visit Zomato’s ‘Add Restaurant’ page.
Submit requests for ‘Zomato Partner Registration’.
Alternate method: Call the Zomato tie-up contact number.
Keep soft copies of the legal documents ready.
Get the paperwork done and go live.
What is Zomato Business Model?
Through its food delivery business, Zomato charges a commission fee from restaurants on the basis of orders. While users pay a delivery fee, Zomato earns through restaurants that pay a commission fee for each delivery. The commission is then split between the delivery partner and Zomato.
How does Zomato Advertise?
Zomato, the global restaurant search, and discovery service, has introduced context-based advertisements on its mobile app. These advertisements symbolize a shift from Zomato’s earlier model where ads appeared only on the website. Using location-based information (GPS), the app will show in-line ads targeted at users in a certain geographical area.
How to promote on Zomato or how to promote your restaurant business?
The best way to attract customers to Zomato is by promoting the restaurant through visual content. You need to post bright and attractive photographs of the dishes available on your menu.
How much does it cost to put an ad or how much Zomato charge from restaurants?
Zomato Advertising Cost: Zomato charges as much as INR 40 to INR 50 per click for an advertisement on its platform. The charges are far greater than what Google and several other players charge.
How to register on Zomato or how to add a restaurant to Zomato?
Step 1 – Go to zomato.com and click on the ‘Add a restaurant’ button at the bottom of the page.
Step 2 – Complete the basic form to get your application underway.
Step 3 – Fill in the detailed form that follows.
How to increase sales on Zomato or how to increase visibility on Zomato?
Online ordering through ZomatoApp: As a restaurant, you should be aligned with the Zomatoapp.
Staff: Your staff should also be kind enough to take orders down when the time comes.
Condition of food at the time of delivery.
You can advertise on Zomato.
How to promote food delivery business?
Create a Website for Your Delivery Business.
Keep Improving the Quality of your service.
Collaborate with Food Bloggers.
Market Your Delivery Service through Social media.
This article is contributed by Sohail Mirchandani, Chief Operating Officer & Co-Founder, Ekostay, a homestay venture.
Despite the setbacks, the hospitality and tourism industry is only projected to grow by leaps and bounds by the year 2029. For aspiring start-up owners, this is the motivation they were looking for. Because as intimidating it is to launch a start-up, it is even more of a challenge in the post-COVID era – knowing the industry can dip due to factors beyond its control. The journey will be a lot less daunting and more exciting if you know how to navigate the paths beforehand. These six proven startup strategies will help you turn your startup into a lasting success:
1. Understanding your industry/ sector
The first step before starting your entrepreneurial journey is to do exhaustive research of the industry or sector your start-up belongs to. For the hospitality space, this involves keeping up with the present and future movements in the local and foreign markets that are shaping it continually. For instance, understanding the growth predictions for hospitality and travel amidst the local and international markets can help you analyze customer demand and scope for penetration in the existing market. Another instance would be the rising demand for staycations and staycation packages post-COVID along with mandatory sanitization and a heightened need for adherence to safety/ cleanliness protocols.
A core part of research also involves analyzing what your competitors are up to. Competitors aren’t rivals; they are your inspirators. You can take competitor research as a personal fuel to motivate you to carve your start-up goals and find your niche. Understanding what the major hospitality players are doing, specializing in, and preparing for will give you excellent insight into what the market is missing and how you can fill the gaps in what is lacking. That way, you can even gauge your core demographic and market your unique selling point better. For instance, travelers are on the lookout for luxury-like yet affordable staycations – something which top hoteliers might not be able to offer to meet their financial margins – but a start-up like you could fuse the two and rake huge profits.
3. Building presence through marketing and social media
At present, nothing reaches prospective customers more effectively than digital marketing and social media. As a startup, it is crucial to build a strong social media and digital presence to garner the maximum number of customers. Ensure that before you launch your website, you have registered on all the popular social media apps as well like Instagram, Facebook, and Twitter. Once you are operating, you can develop daily or weekly posts that engage with your key demographic. Make sure to grow your reach organically and resort to paid adverts rarely. Not many users appreciate being bombarded with or shown sponsored posts.
4. Listening to your customers
Listening to what your core clientele wants is a marker of trustworthiness and reliability – two qualities that you must establish as a start-up. For your startup venture to be a success, people need to know that you are listening to them and coming up with ways to serve their needs. One of the best ways you can tap into your customer’s mind is through social media. Social media applications enable customers to reach you directly and engage with them in numerous ways – including chat, email, call, direct message (DM), tags, and comments. So, if there is any negative feedback or complaint, use it as constructive criticism to change/ upgrade to what works best for the customer. Acknowledging this feedbacks will also make you adaptable and establish your business/ company as a people-first organization.
Reiterating on the point above, being ready to adapt is one of the most vital essentials of transforming from a hopeful startup to a successful large-scale venture. The world we live in today is hyperdynamic and constantly evolving. Just last year, no one would have predicted how the coronavirus would take our world by storm. And while the hospitality sector took one of the biggest hits, it still found a way to get back on its feet and adapt to people’s changing needs. So, if you cling on too tight to your old ways, you run the risk of becoming inflexible and losing out on revenue/ profits in the long run.
6. Re-investing any money earned into the start-up
Those who save a penny today earn a penny later. Saving whatever income you earn from your start-up helps you stay prepared against emergencies that require your immediate attention. Resist the urge to spend away from your earnings or profits on your personal desires at least for a few years from your launch. Re-invest that money into your startup and see the scope of returns multiply within the next few years. Focus on the aspects of the business that need financial assistance and improvement. Sow to reap more and grow beyond expected margins.
The hospitality industry is an exciting space, especially for spirited entrepreneurs. Before COVID-19 hit, the hospitality space was thriving and ever agile. It is no secret then that the impact of COVID-19 left several leading players, let alone young start-up owners struggling to stay afloat. However, with almost everyone vaccinated and the resumption of local and international travel, the hospitality sector is seeing a bigger, better, and wiser revival. Now is the perfect time to strap on your entrepreneurial gear and kick-start (forgive the pun) your start-up journey with these six proven-to-work strategies!
Manav Makhija
