Vedanta Resources is a global diversified company that is involved in mining. It has its headquarters located in London, England and is the largest mining company in India. The company was founded by Anil Agarwal who is the current Chairman of the company.
He has a net worth of USD 3.5 billion and is among the 24th richest men in India. He had recently announced that the company will be institutionalized and won’t be giving his business to his family. In this article let’s look at the further details about it.
The Chairman of Vedanta Resources, Anil Agarwal has conveyed on 26 June 2021 that the company will be institutionalized no matter what and it will not go to his family. He added that the company cannot be run in a defensive mode.
The family itself is an institution according to him and he conveyed that in the future if the family is capable enough to run the company then it is a different thing. It was conveyed during a webinar on Vedanta of Business that was organized by the FICCI Ladies Organization which is a women business wing of the apex body of FICCI.
Reason Why Anil Agarwal is not giving his Business to his Family
One of the major reasons the NRI Anil Agarwal and his family has stated is aiming to give back to the society from where he has got it all. He and his family have decided to give away 75 % of their wealth for the good of the society.
Anil Agarwal has stated that it is important to give back what we earn for the greater good of the society and community programmes that work towards the eradication of poverty, child welfare and women empowerment.
Vedanta Revenue from Operations
How is Anil Agarwal doing it?
Anil Agarwal has stated that he would provide 75 % to the society and the rest 25% would be given to his family. He also stated that the 25% will be enough for the family. The pledge of 75 % is estimated to be around USD 2.6 billion which is about INR 15.900 crores.
He stated that the company is the largest producer of oil in India and the largest producer of zinc and silver. He added that he would institutionalize the company at any cost.
Anil Agarwal on India
Anil Agarwal while speaking about India conveyed that India is a land of entrepreneurship with the advantage of location, young talent, natural resources, and sea on all the three sides. He also added that the country is moving towards an economy that is self reliant.
He added that the world never wanted India to grow and always looked at it as a market. But at present, the process of being self-reliant has grown over time and the youth of the country have come up with various startups and ideas and are taking the country to greater heights.
Anil Agarwal on Women Entrepreneurship in India
Speaking of women entrepreneurship in the country he added that India has the largest deposit of gold, oil and minerals and stated that it is high time that we explore them and added that the young and women entrepreneurs are supposed to do it.
Worldwide around 44% of the women are entrepreneurs and in India, it is just 20% of the women are into entrepreneurship. It is considered as the time for the women to come up as they can deliver as well as convince people.
Conclusion
India will have to eradicate poverty and create more jobs, which all the countries have done by exploring their natural resources and the current policy of India is expected to bring in a lot more investments because there are opportunities in the country and the government has created a likely environment.
FAQ
What is the net worth of Anil Agarwal?
The Net worth of Anil Agarwal is 430 crores USD.
What is the revenue of Vedanta?
The revenue of Vedanta is ₹183,622.00 crore (US$26 billion). Its operations span across India, South Africa, Namibia, Ireland, and Australia.
Is Vedanta an Indian company?
Vedanta Limited is the Indian subsidiary of London listed Vedanta Resources Plc and Its operations span across India, South Africa, Namibia, Ireland, and Australia.
El Salvador which is known as the Republic of El Salvador is a country that is located in Central America. The country has a population of more than 68 lakhs. El Salvador has accepted bitcoin as a legal tender and will be accepted in 90 days starting from 9 June 2021. Let’s look at how El Salvador became the first country to accept bitcoin as a legal tender.
El Salvador has become the first country in the entire world to accept Bitcoin as a legal tender after the country’s congress had approved it on 9 June 2021. The proposal was laid down by President Nayib Bukele in order to accept the cryptocurrency, this was a move that has delighted the supporters of the digital token.
In respect to the law to adopt Bitcoin, around 62 out of the 84 votes had voted in the favour of the law even though there was a concern about the potential impact on the country’s programme with the International Monetary Fund.
Reason Why El Salvador declared Bitcoin as Legal Tender
The President of the country had stated the various uses of Bitcoins. He has conveyed that through the potential held by Bitcoins the citizens of Salvador who live abroad will be able to send remittances back home. He added that Bitcoins would bring financial inclusion, tourism, innovation, investment and economic development to the country.
El Salvador is a country that relies heavily on the money that is sent back from the workers abroad. The cryptocurrency offers a quick and a cheap way to send money across borders without relying on the remittances firms. According to a data from World Bank, the remittances received in the country have made up a fifth of its GDP which is one of the highest ratios in the world.
He had stated all these shortly before the vote in Congress which is controlled by his party members. It was conveyed through a tweet and he also added that the US Dollar would also continue as a legal currency of the country. El Salvador does not have a currency of its own.
The President later had conveyed to La Geo which is a state owned geothermal electric firm to develop a plan in order to provide the Bitcoin mining facilities using the renewable energy from the volcanoes of the country.
He has stated that the idea was to build a mining hub around the geo thermal potential of the country. However, the idea is stated to be an overnight one. He also stated that El Salvador would provide citizenship to the people who show evidence that they had invested in at least 3 Bitcoins.
Acceptability of Bitcoin in El Salvador
The acceptability and the use of Bitcoins for the individuals are optional and would not bring any risks to the users. The President has conveyed that the government will guarantee convertibility to the US Dollars at the time of transaction through a trust that was created using USD 150 million at the development bank of the country, BANDESAL.
Under the law, the cryptocurrency should be accepted by the firms when they are offered as a payment for various goods and services. The Government has conveyed that the Tax can also be paid using the cryptocurrency.
The President of the country through an online conversation has conveyed that, if an individual visits McDonald’s and wants to pay through Bitcoins, then they will have to accept the Bitcoin and will not be able to tell that they won’t accept it as the Bitcoin is a legal tender of the country.
Response to the announcement of declaring Bitcoin as Legal Tender
In the capital of the country, it was found that there were mixed emotions when it came to declaring Bitcoins as a legal tender. Some of the individuals were excited about declaring it as a legal tender and the increase in the financial options and prosperity of the new currency, while the others were quite skeptical about it.
Analysts have conveyed that the move from the country would cause certain complications with the IMF, where the country has sought for more than USD 1 billion programme.
Estela Gavidia had questioned about, How he is going to accept the Bitcoins when he hasn’t seen it not even in photos and added that he doesn’t know nothing about it and understanding your currency is very important.
Conclusion
The supporters of the cryptocurrency have claimed it as a move to validate the emerging asset but also added that the regulation on Bitcoins, taxation, or the adoption in other countries is yet to be seen. However, there are no immediate signs that the other countries would follow El Salvador’s acceptance of Bitcoin.
FAQ
Is El Salvador a poor country?
El Salvador is one of the poorest countries, with low per capita income, chronic inflation, and high unemployment.
Does El Salvador have its own currency?
The official currency used in El Salvador is the US dollar.
What is El Salvador known for?
El Salvador is a country in Central America which is Known as the Land of Volcanoes, as it has frequent earthquakes and volcanic activity.
Cryptocurrencies have a separate fanbase that loves to mine, possess and trade in them. Ever since bitcoin, the open-source software, was released as the world’s first cryptocurrency, the era of this new form of digital currencies began.
The craze of cryptocurrencies is nothing new and is the drive that is increasing more than ever, pushing this generation of people towards possessing more of them. And why would it not be there?
Bitcoins and other cryptocurrencies have been well-known to offer healthy amounts of profits and with the adoption of these currencies as payment methods by organizations like Square (SQ), CashApp, Venmo, and the latest by PayPal, the cryptocurrencies are scaling new heights.
Furthermore, these currencies are also beginning to act like safe-haven assets.
Cryptocurrencies were relatively new in the past but with the turn of the last decade, they have been growing in popularity like never before in all the major countries of the world.
However, this new scam involving cryptocurrency in Africa is to put legions of people around the world in doubt where the founders of the African bitcoin investment and exchange company, Africrypt, vanish into thin air along with all their investors’ money!
What is Africrypt and How it Started?
Africrypt is an African cryptocurrency firm founded by Raees Cajee and Ameer Cajee. This company was established in 2019 by the two brothers, aged 20 and 17 years respectively, and aimed at providing bumper returns to their investors.
Soon after the company started its operations, it began to quote exceedingly profitable returns to its investors, which was allegedly at 10% per month. However, not a single person was to raise any questions with regards to the same until the case where the founders took flight occurred, to the shock of all of them.
With the New Year Came New Signs of Troubles
The investors were getting a palpable profit and that’s what helped them go further with Africrypt.
There wasn’t a single instance where they felt insecure even amidst the pandemic, until the month of April 2021, when the company’s CEO Ameer Cajee informed the clients that the company was struck by hackers.
He further implored them not to inform the lawyers and other legal authorities to take any steps because that would result in slowing down the recovery process of their money.
This aroused the suspicions of many of their investors, who immediately roped in the law firm, Hanekom Attorneys along with another group to start with the liquidation against Africrypt. However, the suspicions were only meant to stay.
Africrypt, which was otherwise deemed to be a profitable and reliable venture, revoked its employees‘ access to the back-end platforms. This added more panic to the anxiety that was already ripe and then, after seven days, it completely vanished untraceable along with bitcoins that are estimated to be worth around $3.6 billion.
What’s more shocking is that there is no single trace of the firm, its founders, and all the celebrity investors who were involved in it!
According to the recent Bloomberg report, any calls to Africrypt, where Ameer’s mobile number was on display, are being redirected to the voicemail service.
The value of the bitcoins saw a recent surge in the past year and with the loss of 69,000 coins through Africrypt, which would have amounted to 4 billion dollars in April, would represent a huge loss, and in fact, one of the biggest cryptocurrency scams in recent times.
Bitcoins and their traders are witnessing enormous losses and most of them in recent years are incidentally with the companies based out of South Africa. It was only in 2020 that the South African Bitcoin trading company, Mirror Trading International led to the loss of 23,000 cryptocurrencies, which amounted to around $1.2 billion and was reported as the biggest scam involving cryptocurrencies. However, with this latest Africrypt scam, losses are predicted to be three times as much.
Looking at the Latest Proceedings
Hanekom Attorneys, the Cape Town-based law firm that the investors approached fearing the hack, initially worked for the liquidation against the company. However, as the case took a new turn after the disappearance of the founders of Africrypt, they were unable to locate the brothers but have already informed other crypto exchanges requesting a quick revert in case they make any attempts to convert the digital coins.
Furthermore, Hanekom has further escalated the matter to the Hawks, an elite branch of the South African police force.
According to the reports, the coins with which the company has vanished were untraceable because Africrypt has already transferred its share of pooled funds to tumblers and mixers or other large pools of bitcoin.
While the founding brothers’ mobile phones and other numbers are being redirected to the voicemails, calls seem to be pouring in on the phone number of the cousin of the Cajee brothers, Zakira Laher, who was also a former fellow director of Africrypt. The investors, police as well as the media are seemingly calling her for updates regarding the scam.
Laher, who has a week-old baby at their residence, is scared of the situation that the brothers left their family in and is exceedingly worried about the safety of her family. Speaking about the position that she used to hold at Africrypt, Zakaria mentioned that her designation was peripheral and she didn’t gain anything out of the same.
Why is the Investigation of Cryptocurrencies Difficult?
Though the investigation is in progress, nothing is yet to come out that disclosed any whereabouts of the founders of Africrypt or the money lost. It is quite difficult to run an investigation involving cryptocurrencies even when it comes to a scam as colossal as the present case of Africrypt.
Brandon Topham, head of the Finance Sector Conduct Authority of South Africa said that the cryptocurrency assets are still not considered legal as financial products by the government, which is why they cannot launch a formal investigation for the same.
Conclusion
The cryptocurrency market has huge potential for the future, however, the road to success with these digital currencies is also fraught with frauds and losses. Besides, the latest rise in the prices of digital currencies ushered in a whole new world of risks.
With China announcing the latest ban on cryptocurrencies after their prices soared recently, it appears to be adding to the list of other countries like Bolivia, Algeria, Morocco, Saudi Arabia, making the future murkier for these currencies.
FAQ
Who are the founders of Africrypt?
Africrypt was founded by two brothers Raees Cajee and Ameer Cajee.
When was Africrypt founded?
Africrypt was founded in 2019 aimed at providing huge returns to their investors .
Did Africrypt founders left the company?
The founders of the company vanished with bitcoins that are estimated to be worth around $3.6 billion.
Indians prefer ordering from amazon compared to other marketplaces, Amazon has been dominating the Indian market since its entry in India, and it’s the most profitable website to market your products. Most businessmen prefer selling their products on amazon. Amazonhas seen massive growth since its entry into the Indian market many competitors have to try to come as close as the figures of amazon but in vain. If you want to start selling on amazon we will guideyou right away. Are you ready to grow your business on Amazon, let’s get started:
Here are some documents you’ll require for registering an amazon seller account:
PAN Card – PAN card can be individual if you hold the proprietorship or if you own a Pvt limited company, so the PAN card should be in the name of your company.
GST Number – You need a GST number to fulfill the registration process.
Bank Account – You require a bank account that can be current or a savings account.
Email Id – Email id is also required to fill the registration form which can be your email id or your business email id.
Mobile No.- Lastbut not least you need a mobile no. for registering your account.
First, you need to visit Amazon.in then scroll down there you’ll find an option sell on amazon, click on that option and a new tab will be open after that Amazon will offer you 2 business plan Professional and Individual.
How to Sell Through Amazon India?Amazon Product Tax Code
2. Create an Account
Enter your personal details and create your amazon seller account.
Create an Account
3. Register your Store
Fill in your details and create your amazon seller account then you will be asked to add your Registered Business name or the legally registered store name.
Register your Store
4. Verify your Mobile Number
Verify your mobile number for further.
Verify your Mobile Number
5. Seller Information
After that, you have to add your store name and the address of your store which it is located in after you add the address of your store, Amazon will display a message of amazon Easy ship service in this service amazon will pick orders from your store and directly ship them to the customers. If you don’t want to employ amazon Easy ship you can provide the contract to any third-party shipping services which will ship the package for you.
Easy Ship Fee in AmazonEasy Ship Fee Amazon
6. Tax Details
Fill in your GST details and if you don’t have one register your GST at how to register GST at amazon services and proceed further.
Tax Details
7. Choose the Category of Products
Now you have to choose the categories you want to sell in your store. (Choose the products which are high in demand to get maximum sales), after selecting the categories Amazon will ask you to fill some questions such as where do you get your products from and what is your annual turnover answer these questions and proceed to the dashboard.
7. Amazon Listings and Shipping Rates
Click on start listing and list down all the products you’re going to sell in your store.
Now you have to set the shipping region your going to ship such as rural or urban and set the shipping rates and days for that area, if you don’t want the hassle of shipping choose amazon easy ship, and Amazon will ship it for you.
After selecting the shipping rates confirm the shipping rates and move ahead to enter the bank details.
Shipping Rates
8. Bank Details and Tax Details
Enter your bank details properly because you will receive payments in this bank account.
Enter the tax details such as your PAN and GST number and click save.
Bank Details
9. Tax Code and Digital Signature
The government has imposed a different taxon different for some it’s 8% or 12% search the tax code of your product and which category it falls in and add the tax codes to the product.
Upload a scanned copy of your signature and proceed further.
Tax Code and Digital Signature
10. Dashboard
After completing the entire process of registering your business a dashboard will appear, from the dashboard you can manage all the functions of the amazon seller central dashboard you can monitor the orders which are shipped or not inventory prices, and everything.
Dashboard
So, This was the complete process of registering as a seller on amazon and inaugurating your own business.
Amazon Fees
While selling on Amazon, Amazon charges a small fee for every product you sell. Amazon charges three types of fee on your product:
Amazon Referral Fee
Based on the category of product you choose a small percentage of your selling price is charged by Amazon, you can check the referral fee on different categories of products at selling on the Amazon fee schedule.
Amazon Fixed Closing Fees
Amazon closing fees is the fee charged by amazon based on your selling product and the shipping services you choose. you can check the fee charged by amazon by visiting the amazon calculator.
Amazon Easy Ship
Amazon easy ship is a service offered by Amazon in which Amazon will pick the product from your store and directly ship it to the customer if you want to ship manually, there also an option to ship manually but if you prefer amazon easy ship, Amazon will charge you a fee based on your product.
Amazon Easy Ship
Now you’re all set to sell your product on amazon lets learn how to get your first order when you don’t have any seller ratings
How can you get your first order on Amazon?
Product display is the most important aspect of any shopping site when a consumer is scrolling through amazon your product display should be such that he/she clicks on it immediately
While displaying your product on amazon use Hd images to showcase your product
Add bullet-points that highlight feature of your products
The description of your product should be informative so that the customer gets a complete idea about your product
Highlight the benefits of your product
A low pricing strategy never fails to attract customers
If you are confused about how to promote your product let amazon do it for you
There is an advertising program by amazon in which amazon promotes your product for you. The sponsored products by amazon appear on top and bottom of the page, amazon sponsored products are displayed with a badge called sponsored.
This can help you to advertise your product and increase your seller ratings if you’re a new amazon seller.
Amazon FBA
FBA (fulfillment by amazon) is a service provided by Amazon in which if a seller selects FBA the seller does not have to consider the hassle of storing the product in his store or warehouses, amazon store the product in their warehouses until it is delivered to the customer.
Benefits
Less shipping fee as compared to third party shipments
No burden of maintaining a warehouse full of products
All FBA orders are processed and handled the same way as amazon handles its merchandise
Drawbacks
There can be some handling issues by the amazon where a product can be lost or damaged
There are really precise product guidelines which every FBA compliant must follow
Given that Amazon handles returns with FBA, sellers may experience higher return rates once customers understand how easy it is to return a product on Amazon.
When you provide valid information about your bank account, Amazon will directly transfer your money obtained from the sales into your bank account every 7 days. To initiate a payment from amazon you must have a positive seller account, positive seller account is when the number of sales is greater than the amount of fees incurred by the amazon.
How to manage returns on Amazon?
Every amazon seller has this concern of returning products from the customers, you can’t get zero returns from the customers but you can add in extra effort to reduce the return rate such as pay special attention to defective products, great packaging, and delivery on time.
there are three types of return on amazon
Customer Returns
Undelivered Order Returns
Rejected orders Returns
Customer returns are the products that are returned by the customers.
Undelivered returns are when the amazon cannot find the address of the seller or if the package is rejected by the customer then it is returned to the seller as it is.
Refund Related to Customers
To access the return setting in amazon seller central:
Login to your amazon seller central account.
In the top navigation bar, you’ll find orders and under that, you can click on manage returns.
Click on manage returns there you’ll find an option “edit return settings”. Click on it and you can manage the return settings.
If you wish amazon to authorize your refund request then, In case of amazon will authorize the return request. Once the parcel is picked from the customer end the money will be auto refunded to your bank account.
If you want to authorize each request you can authorize the return request, the parcel will be returned to you, and based on the return item condition you can generate a refund to the buyer.
So, this was your ultimate guide to owning your own store and starting your own e-commerce business using amazon. We wish you luck for your first e-commerce store now go out there and reach out to lakhs of customers.
Yes. If you are listing taxable goods, GST details are required to sell online. You need to provide a GSTnumber to Amazon at the time of registration. However, if you are selling only GST exempted categories, then this may not be required.
How long does Amazon take to pay the seller?
The first payment will take 14 days after which sellers will be paid every 7 days.
What if my product gets damaged or lost?
Amazon has a reimbursement policy (Amazon Safe T Claim) to reimburse the seller from the losses incurred due to the buyer. Easy Ship sellers can file a claim against the order for which the shipments get lost, damaged, original item not returned to claim reimbursement from Amazon.
What is the product tax code?
Product tax codes are the codes of the tax which is levied by the government on a different category of products.
I don’t have a current bank account can I sell on amazon?
You can sell on Amazon if you don’t have a current bank account but experts recommend having a current bank account.
How does easy shipping on Amazon work?
Amazon Easy Ship is a delivery service for Amazon.in sellers. Amazon.in orders are picked up from the seller’s location by an Amazon Logistics delivery associate and delivered to the buyers’ location with minimal effort from sellers. With EasyShip, customers can track their orders and delivery date.
What is product tax code in Amazon?
Product Tax Code Amazon: Product tax codes direct Amazon how to charge sales tax to your customers in the states where you tell them to charge sales tax. Product tax codes don’t cover every item, but they do cover items that are sometimes taxed differently across different states or jurisdictions.
How to sell on amazon without GST?
You can sell online without GST only if you sell goods which are exempted. If you sell goods on which GST is applicable, then you have to get a GST number to be able to sell online. You have to take GSTIN even if turnover is less than Rs. 20 lakh.
In this new Insight series we connect with industry professionals to gain idea on starting and scaling a D2C Brand. It features startup experience, growth hacks, D2C industry highlights and learnings directly from expert!
A little background, D2C brands are companies that built its offering around direct digital marketing channels as opposed to selling through an online marketplace, retailer, or auction site. D2C business model in India eliminates middlemen to reach the end consumers and thus saves costs spent on distribution.
StartupTalky exclusively interviewed Dr. Himanshu Gandhi, Co-Founder and CEO of Mother Sparshto know his perspectives on D2C Brand & how he scaled Mother Sparsh from INR 10 lakhs investment to achieving an annual turnover of approximately INR 22 crore in FY20. Mother Sparsh is an innovative eco-friendly baby & mother care brand focused on delivering a holistic experience to the mothers and babies with their natural, eco-friendly, biodegradable, paraben-free and chemical-free product offerings.
Let’s see what Dr. Himanshu Gandhi, Co-Founder and CEO of Mother Sparsh has got to say –
1.From where did it all begin? It’d be great to walk through the initial journey of the company from ideation, team building to launch, funding, revenue & growth.
The inception of Mother Sparsh happened after my marriage with Rishu Gandhi, who happens to be the co-founder of the company. Prior to our entrepreneurial journey, I was a government officer while Rishu was a Java Developer at Infosys. After our marriage, we discovered our shared zeal to identify and fill the gaps in the baby and mother care segment.
We got into rigorous Research & Development (R&D), which was inclined towards recognizing the specific personal care needs of babies as well as mothers, and evaluating it in lieu of the gaps in the market. Therefore, our relentless endeavor to fill the gaps in the segment by working on a need-based proposition led to the birth of Mother Sparsh in 2016. We started with a seed funding of nearly INR 10 lakh, which was used in R&D and development of our first few products. We were able to break even in FY ’20 and went on to close the previous financial year with revenue of nearly INR 22 crore.
2. How do you differentiate yourself from other D2C brands in the ecosystem? Highlight the USP, Features & the problems that your brand tends to solve.
There are several D2C brands in the personal care segment, but the same does not stand true in the case of baby and mom care brands in India. Even if there are a few, they are mostly the ones with product portfolios laden with harmful chemicals and toxins. We are probably the only Indian nature-based baby and mom care brand that caters directly to the end consumers with its wide range of innovative products. For instance, we were the first D2C brand in India to introduce 99% Pure Water unscented biodegradable baby wipes that are good not just for the sensitive skin of the little ones but for the environment as well.
As mentioned earlier, our USP is that we bring the power of nature-based ingredients and Ayurvedic herbs in the most unadulterated manner, in a form that suits the modern lifestyle of millennial moms as well as their babies. While working on a need-based proposition, we have introduced products like Dashmoola Hair Lep, which new moms can use to deal with all kinds of post-pregnancy hair and scalp related troubles. Over past few years, we have fulfilled our commitment to solve or personal care woes of moms and babies with solutions that originate from mother nature.
3. The pandemic has posed its own challenges and opportunities. We are intrigued to know how it impacted the D2C industry in general and your company in particular? What strategies, plans etc., did you adopt and where do you stand at present?
The pandemic has brought about a significant change in the buying pattern of the consumers, with the trend now being more inclined towards online buying. This stands true for the consumers based in metro cities and those based in tier-2 cities. Further, for D2C brands, the consumers are much more willing to adapt and evolve to purchase products directly from the official brand website. This has been enabled by the increased assurances that the consumers have gained with regard to buying products and merchandise from the brand website.
For D2C brand, the marketing strategies were focused to increase the website sales and the marketing orientation has changed towards website. Moreover, the brand has worked and developed a loyalty & good customer retention programs. For example, we have curated a specific set of offers for our website to help retain our customers.
We observed a significant increase in the traffic during the pandemic which also helped us to make a change in our marketing orientation and eventually we had invested a decent amount on our website to get the traffic along with the specific set of offers for customers.
4. Target-based marketing is the craze these days! What are the offline & online marketing strategies adopted by your brand? How do you ensure that your brand is known across the nook & corner of your target market?
Mother Sparsh has always tried to work towards baby-mom specific set of products and bring innovation through its merchandise. In terms of reaching to our target audience, Mother Sparsh worked for better penetration via hospital sampling amongst premium hospitals across PAN India, catering specifically to expecting mothers during the early phase of pregnancy. We have effectively worked in this manner to achieve success and the brand continues to working on the sampling mechanism this year as well.
Besides, the brand campaign designed is ensured to serve with the right set of communication for reaching out to the influencers. As per the feedback fromvarious mothers, we have witnessed a big concern over hair fall in the post-pregnancy stages. So while making the effort of understanding the consumer need and bringing innovation as a factor, we launched Ayurvedic Dashmool Hair Lep.
Also, we ensured a wider outreach via various campaigns on Instagram and Facebook groups & mom communities so as to reach every nook & corner of our target market.
5. Amongst thousands of companies in the D2C domain, how did you evolve your brand identity and create brand loyalty amongst your customers? How do you control the 4P’s (Price, Place, Promotion, Product) of your brand.
In India, the culture of buying products via D2C companies is evolving at a very nice pace and is currently in a dynamic phase in our country. For Mother Sparsh, the key for creating a brand identity has always been its offering. In terms of our efforts, we have managed to provide India’s first water based wipes which is eco-friendly. The brand has maintained its ethos and launched products on Need-based Proposition and throughout worked to evolve the market.
The journey of Mother Sparsh has evolved with bringing innovation from its products, whether it be India’s first water-based wipes or After-bite solution for babies, which is very unique and one of its own kind of curative action.
As mentioned earlier, the brand recently launched Ayurvedic Dashmool Hair Lep, specifically curated product for hair-fall for post-pregnancy. The concept of this product was introduced from home remedy which is positioned against chemically made gel/crème based products available in the market.
With regard to controlling the 4 Ps of Marketing Mix –
For products we strive towards innovation and need-based positioning
For pricing we work on a valued pricing mechanism.
For place, we cater to aspirational consumers hailing from middle to higher income group, and
As far as promotion is concerned, we have relied majorly on brand website offers, hospital sampling and top e-commerce platforms such as Amazon, Firstcry etc.
6. How does your supply chain model add value to the company’s process? From product development, making the prospective customer aware of the product to order placement, distribution & post sale services, what does the process look like?
The brand inherits a culture of R&D and quality driven products, therefore, the value of pursuing or products starts from deep dive market research. Also, we incorporate the feedback of consumers (mothers) about the need and requirement for their wellbeing.With this extensive study, comes the quality work of our R&D team to understand and recommend the most suitable offerings in sync with the ethos of innovation of the organization.
While different types of media vehicles are leveraged, we enable effective communication by inking associations with various influencers on social media as well as tools like Facebook ads, google ads and print ads.
With every effort of launch, we are always willing to provide the feedback to our team members so as to continuously work on our offerings which eventually helps us to evaluate and create future path for new development and process enhancement.
7. Product Differentiation is the key! How do you ensure a higher degree of personalization/uniqueness in your product range? Are prospective customers surveyed? Is feedback mechanism reliable? Or any other strategy? Is your R&D strong?How do you stay on top of new technologies and changing customer habits?
The uniqueness of our product range comes from the fact that we provide expertly crafted nature-oriented solutions in the form of ready baby products. The brand inherits a culture of R&D and quality driven products. The journey of Mother Sparsh has evolved with bringing innovation from its products and inheriting the values of innovation. We stay on the top of the things majorly by motivating our R&D team to attend webinars and encourage them to widen their area of study.
8. What metrics do you analyze to compare your performance from that of your competitors & previous periods? (E.g. conversion rate, unique customer, visitors rate etc., ) Real-life case studies/metrics information would be much appreciated.
Mother Sparsh’s offerings for the niche nature-based baby and mom care market have no competition as such with any other brand. This is primarily because most baby and mom care brands thrive on chemicals and toxins rather than nature-oriented ingredients. More or less, the way we serve our consumers is different where we indulge in consolidating our understandings about home remedies & natural remedies to develop new products.
9. It’s be great if you could share any Advice/expert’s opinion/findings on the D2C ecosystem in India. And what do you think is the future of this industry? What should the budding entrepreneurs have a look out for?
D2C undoubtedly is the future in the market. But as a founder, we are concerned about the quality parameters which we feel should be enhanced so as to give value to the end consumer. It is also imperative that any entrepreneur who introduces new products in the market must ensure that while they are conducive to the needs of the consumers, they should not leave any harmful after effect on the environment.
The idea behind the endeavors of any budding entrepreneur should be to thrive on eco-friendly and organic product range that leads to holistic wellbeing of both individuals and environment.
The meat production industry is a vital part of the Indian agricultural setup. According to a research, meat production in India is estimated at 6.3 million tons annually and is ranked 5th in the world in terms of production volume. India is responsible for 3% of the total meat production in the world. The nation has the world’s largest population of livestock at about 515 million.
The meat production segment has witnessed a healthy growth rate. It is known for generating reasonable returns for the producers. In India, beef and pork serve as valuable nutrition-filled consumables and are available at relatively lower prices. Almost 70% of the Indian population is non-vegetarian. The per capita meat consumption in India every year is around 5.2kg. Chicken and fish have the highest consumption rate. The consumption of poultry meat in India was over 3.9 million metric tons in 2020.
India exports more than more than 7,000 metric tons of poultry meat to other countries. Livestock trading in India is regulated by the state governments. India has the lowest per capita meat consumption in the world. It was just 5.6 kg in 2013, whereas the global average was 33.2 kg in that year. The Indian meat market mostly focuses on fresh meat; frozen meat is mostly exported.
The volume of meat produced from 2016 to 2019 in India.
India has a large resource pool of animal castings and other by-products. The meat industry in India grew substantially during the periods of 2006-2007 and 2012- 2013. India is the second largest producer of buffalo meat in the world. The poultry meat segment is the largest sub-sector in the country’s meat industry and owned almost 50% of the total meat production in 2012-13. It is followed by beef/buffalo meat, goat meat, pork meat, sheep meat, and lamb meat.
Uttar Pradesh (UP) is the largest meat producer followed by Andhra Pradesh, West Bengal, Maharashtra, and Tamil Nadu in the specified order. Sustained income and economic growth, a growing urban population, rapidly growing middle class, changing lifestyles, improvement in transportation and storage facilities, and the rise of supermarkets in rural towns are fueling the rapid increase in the consumption of animal-based food products in India.
Why is India a Favorable Destination for Poultry and Food Processing Industries?
India is the fastest growing economy in the world.
It is the largest producer of agricultural commodities.
It has the second largest consumer market globally.
India has significant investments in world class ports, logistics, and supply chain infrastructure.
Advantages of Starting Meat and Poultry Production in India
India has the world’s largest population of livestock.
India produces around 5.3 million metric tons of meat and 75 billion eggs annually.
India is the largest producer of buffalo meat and the second largest producer of goat meat.
The current processing level in poultry is 6% while it stands at 21% for meat.
Poultry is a highly integrated industry.
The country is on par with the efficiency levels of many western countries.
The government of India has taken steps for modernization of municipal slaughter houses to provide safe and hygienic meat to consumers.
Export-oriented units have invested significantly in the establishment of large slaughter houses-cum-meat processing plants laden with the latest technology.
Farm automation, slaughter houses, logistics, and point-of-sale cold storage infrastructures are amazing growth avenues in India given the changing preference of Indian consumers for clean, safe, and hygienic meat products.
There are about 27 modern meat processing plants (approved after due inspection) for the export of meat. All export oriented units (EOU) are registered with the Agricultural and Processed Food Products Export Development Authority (APEDA) of India.
An video about Licious, an Indian startup for meat and seafood production in India.
Opportunity in Poultry and Meat Sector
The table below outlines the growth opportunities for the ‘technology and equipment suppliers’ and ‘poultry industry players’.
Technology and Equipment Suppliers
Poultry Industry Players
New technologies in meat and poultry processing.
New products that add value such as frozen products, RTC/RTE, and snacks.
Cold chains.
Egg powder plants.
New veterinary technologies and services.
New feed formulations.
Food testing labs.
Hatcheries.
Challenges Faced by the Meat Industry in India
One of the major challenges is improving the productivity of farm animals. The average annual milk yield of Indian cattle is 1172 kg which is only about 50 per cent of the global average. The frequent outbreak of infections like the foot and mouth disease, black quarter infection, and influenza severely impacts livestock health and lowers productivity.
The next problem is the generation of greenhouse gases by the humongous population of herbivorous animals in India. Reducing the emissions through mitigation and adaptation strategies is a major challenge.
Crossbreeding of indigenous species with exotic stocks to enhance the genetic potential of different species has been successful only to a limited extent.
A breakdown of meat production trend in India.
Unregulated meat markets, tropical climate, inadequate slaughterhouse hygiene measures, and the lack of surveillance of meat-borne diseases enhance the risk of health-related and occupational hazards. According to research, there are about 8000 registered and more than 20,000 unregistered slaughterhouses in the country and most of them are devoid of basic amenities like light and ventilation. Moreover, the slaughtering and carcass-dressing processes are performed in open areas in highly unhygienic conditions following which the meat is sold with little or no veterinary inspection.
Finally, the meat production segment is largely unorganized. Traditional production systems and disorderly practices have spoilt the reputation of the Indian meat industry.
More about the Meat Industry in India
While India has an abundant supply of meat, the meat processing industry is yet to catch up. Meat processing covers a spectrum of products. It includes animal husbandry, poultry farm produce, bulk frozen meat, chilled and deli meat, packaged meat, and ready-to-eat processed meat products.
There is immense scope for meat processing in poultry. In fact, the poultry industry has made considerable progress by developing and marketing value-added products. The meat industry is slowly yet steadily catching pace on the global front with India now exporting both frozen and fresh chilled meat to more than 60 countries.
The major item of export is de-boned frozen buffalo meat which accounts for 97 per cent of the total meat export. The major markets for Indian buffalo meat are Malaysia and Egypt while for sheep meat and goat meat, the markets are UAE, Iran, and Jordan. India also exports a small quantity of processed meat to Thailand, Yemen, and Japan and some poultry products to Saudi Arabia, Oman, Kuwait, and Qatar.
Raising animals that are in good health is essential for the production of good quality meat. Farmers’ cooperatives can play a major role in the nourishment and marketing of hale and hearty livestock. They can also encourage backward integration/contract farming. Above all, if the Indian meat industry wants to achieve global recognition, the maintenance of food safety at all stages of production, processing, packing, storage, and marketing of meat and meat-derived products while adhering to the standards prescribed by the importing countries shall make a significant impact.
FAQs
What is livestock industry?
Livestock industry is the industry dealing with raising the animals and processing of the animal products for consumers.
What is meat industry?
The meat industry handles the slaughtering, processing, packaging, and distribution of animals such as poultry, cattle, pigs, sheep and other livestock.
What is the rank of India in meat production?
India ranks 5th in meat production.
Who is the largest meat producer in the world?
The United States is the largest meat producer in the world.
Which state is the largest producer of meat in India?
Uttar Pradesh is the largest producer of meat in India.
Bitcoins have been criticized by a lot of people from the beginning of the launch of the cryptocurrency. Many of the investors and economists believe that the coin is worthless and does not have any valuation and the increase in the price is mainly due to skepticism. Paul Krugman who is a Nobel Peace Prize winner for one of his works on global trade theory in 2008 is also a critic of cryptocurrency. In this article let’s look at why he claims the cryptocurrency to be a cult.
Paul Krugman who is one of the prominent critics of digital coins and digital assets had posted a tweet on the microblogging platform predicting the downfall of the world’s most famous and one of the favourite Digital tokens, Bitcoin. He also described the digital token as a cult that cannot survive for an indefinite period.
Paul Krugman who is a Nobel Peace Prize award received economist and an author who contributes to the New York Times has publicly criticized the cryptocurrency, bitcoin. Even in the past, it was noted that the famous economist has described the digital asset bitcoin as an evil.
In the latest tweets that he posted on Twitter; Paul Krugman has conveyed that even though the coin has been present since the financial crisis of the last decade it had failed to build up its reputation as legal currency.
I don't write much about Bitcoin because there aren't any fundamentals to discuss. 1/ https://t.co/G7WtGDYv3Q
He also added that the cryptocurrency, bitcoin has a cult-like support base which would keep it going further. He also said on Twitter that he has stopped predicting what is going to happen to the crypto asset and added that all the time the digital currency would have a new set of believers. He also added the statement to think of the digital currency, bitcoin as a cult that would be able to survive indefinitely.
Other Major reasons Why he criticized the popular cryptocurrency, Bitcoin
Paul Krugman who is one of the world’s most credible economist has cited two major reasons behind the skepticism claimed by him. He has conveyed that the cryptocurrency, bitcoin has a lack of tethering and have high gas fees.
A certain article that was published by Paul Krugman in the past has argued that digital assets like cryptocurrency have a higher rate of transactional fees while compared to the traditional fiat currencies. He also argued that when compared to the financial assets that are backed by the Government of certain countries the cryptocurrencies or digital assets do not have a body that governs them or backs them or provide reinforcement.
He wrote in a column that instead of creating a smooth transaction the people have high costs of doing the business because transferring cryptocurrencies or bitcoins will require providing a complete history of the previous transactions.
What did Paul Krugman predicted about Bitcoin in 2018
In the year 2018, Paul Krugman had a view that there was a total possibility for a complete collapse of bitcoins due to an absence of a backstop. He had conveyed that the value of the cryptocurrency depended completely on self-fulfilling expectations and stated that the total collapse is completely possible.
He added that if the speculators have had a doubt or a collective moment on the value of the bitcoin and a sudden fear or a feeling that bitcoins are worthless, then bitcoins would become worthless according to his prediction.
Conclusion
However, when compared to the statement his view point on bitcoin has changed since then but the other qualities have been intact and have not seen much changes in his opinions.
FAQ
Who is Paul Krugman?
Paul Krugman is an American economist and journalist who received the 2008 Nobel Prize for Economics for his work in economic geography and in identifying international trade patterns.
Where did Paul Krugman go to college?
In 1974, Krugman earned his BA in economics from Yale University. He then pursued a PhD in economics from Massachusetts Institute of Technology (MIT). In 1977, he successfully completed his PhD in three years.
What is Paul Krugman’s theory?
Krugman developed New Trade Theory as an alternative to older theories that explain patterns of international trade as based on comparative advantage and natural resource endowments.
The youngest self-made billionaire in India, Nithin Kamath is the CEO and co-founder of the largest stockbroking company- Zerodha in India. Zerodha is quite a prominent company that started in 2010 as a brokering business.
Later, Nithin Kamath along with his brother Nikhil Kamath built the company into a huge fintech independent business whose valuation is now marked as 1 billion dollars. Nithin Kamath has always been absolutely devoted, determined and daring with his business. He never missed a step to success! That’s the sign of a true entrepreneur and catalyst for development.
Nithin Kamath entered the world of the stock market at the age of 17. He has been a trader for all time. Many ups and downs came with the territory but Nithin Kamath has always been uptight with his work. From earning Rs. 4 lakh by just being in college to losing the entire money in a chance and ended up working in a call center on a monthly pay of Rs. 12,000. He has seen it all in little time.
Moreover, Nithin Kamath is also the founder of Rainmatter which is a fintech startup fund as well as an incubator in order to contribute to India’s capital markets ecosystem. In this article, we have discussed some of the very interesting and lesser-known facts about Nithin Kamath. Stay tuned!
Nithin Kamath dropped out of college at the age of 14. Then he joined a two-year chess career, playing both international and national levels.
In an interview with CNBC, he said, “As I dropped out of college I didn’t have a degree so it would have been very tough to get a job. That’s why I chose a career that did not require a college degree.” He also added, “Chess is something that teaches you how to move in a structural system and also, how to be creative and smart.”
Nithin Kamath is an avid reader
Very few know this, but Nithin Kamath is an avid reader. He is a self-professed bibliophile. His favourite Book is Market Wizards written by Jack Schwager. In fact, he has more than 500 books. And said, he reads at least one or two books every week. This keeps him calm and fresh to new thoughts.
Nithin Kamath lost almost Rs 5 lakh during his teenage
When Nithin Kamath was in his teenage years, he lost almost Rs. 5 lakh. Obviously, this is a huge amount for a teenager. But he kept on moving, he didn’t pack up his career in trading.
To cover this up, he joined a call center during nights at the monthly pay cheque of Rs. 12,000. He used to trade in the daytime and then, get back to his duty at the call center in the night. This continued for a few years until he met an American HNI. He appointed Nithin with a cheque to manage his money. He took the job and managed brilliantly.
Nithin Kamath owns True Beacon
Nithin Kamath along with his brother Nikhil Kamath owns another company that is an investment management firm– True Beacon. This investment management firm is known as the ecosystem of copyrighted products, services of capital markets, management and advisory for portfolios and tailored programs for different strategic investors. These have been intended for India’s public and private markets.
How the Events turned from Call Center for Nithin Kamath
When Nithin Kamath was working in the call center, two major things happened to him. First- he met his wife Seema Patil, with whom he married and have a son together.
Nithin Kamath with his wife Seema Patil
Secondly, he along with his younger brother Nikhil Kamath started their careers in trading together in 2010. After 11 years of working together, the two brothers transformed the Indian trading system with their brilliant flat fee model. With this, they got to be at the top in the market.
Nithin Kamath re-build his career in trading along with his brother Nikhil Kamath and together they gained absolute success.
Nithin Kamath is a big Fan of music and Sports
Nithin Kamath is a big fan of music. Whenever he gets too busy with his working schedule, he takes some time out and sings while playing the guitar. This calms the chaos of work and keeps his mind smooth. His favourite song is ‘Zindagi Kaisi Hai Paheli‘ from Anand (1971).
He is also a big passionate sports lover. He loves to play basketball, snooker and poker and he is pretty good at it. Besides, Nithin loves cycling, swimming and running as well.
In the Zerodha company video of 2017, Nithin Kamath mentioned that he started his trading career at the age of 17. He said, “I joined trading as an active interest in the stock market. My brother and father were already in the stock market investing. Then I too joined them and as I won the first bit of money, I got more interested in this and the rest is history.”
Nithin Kamath has several unique techniques and approaches towards trading. He called it ‘the infinite sky, without a ceiling’, in an interview with Arabian Business a year earlier.
He added, “When you become a good trader, you keep on investing and making the money out of it. There is no limit to scaling and that’s the thing that attracted me most towards it. Also, you do not need a proper qualification for trading in the stock market. You can gain your knowledge from any source you like. You can come up with your theories and tips and become a good trader all by yourself.”
Conclusion
Nithin Kamath had worked really hard in making Zerodha what it is today. He is a college dropout hence, does not have any proper study or guidelines in finance. But, still, he managed to gain the knowledge required from all possible sources. He is fond of books which helped him a lot. Trading has brought great balance in his life and he along with his brother changed the entire Indian trading system. They went on the top and remained there as true entrepreneurs and businessmen.
FAQ
Is Zerodha a unicorn?
Zerodha founded by Nithin and Nikhil Kamath entered the unicorn club with a self-assessed valuation of about $1 billion on June 2020.
What is the net worth of Nithin Kamath?
Nithin and Nikhil Kamath are the wealthiest entrepreneurs under the age of 40 in India with a wealth of ₹24,000 crore.
How much does Nithin Kamath earn?
Zerodha co-founders Nithin and Nikhil Kamath to get Rs 100 crore annual salary.
Madhuri Dixit, the “dhak dhak girl” has always been the heartthrob of millions. She rocked through Bollywood initially. Hits after hits left the audience mind blown. However, after a successful era, she married Dr Nene and moved to the US. It was a major break that she took from the screen. Later she returned with a handful of movies and quite a few endorsements. Therefore most ads we see are in her late 40’s.
She has been the leading face of the campaign “Beti Bachao Beti Padhao” to promote female education and to save girl child. Here we are enlisting few brands that this gem lady endorsed:-
In the 1980’s Ruchi Soya, to be the household common for soya chunk, under the brand name Nutrela. When Dinesh Shahra founded this brand, Madhuri Dixit was announced as the ‘first brand ambassador of Nutrela’.
Makrand Shastri, the national sales head of Nutrela states that it was the first time in the prolific journey of Nutrela that it opted for elaborate advertisement. With Madhuri Dixit’s star status and assurance, they hoped to reach more people.
Madhuri said that she couldn’t agree more with the tagline of Nutrela, saying “Healthy Rehna Safe Hai” (staying healthy is safe) as she’s a mother herself. It’s very difficult to keep children entertained through both healthy and tasty food. Nutrela has always been there to her rescue. Hence she was elated to be able to endorse this brand.
Dabur Chyawanprash
Chyawanprash, an ancient key to immunity is used all over India for ages. However, Dabur introduced its packaged form for the first time in 1949 in tin packs. Since then, Dabur is the one-stop solution for ready-made ayurvedic Chyawanprash.
Madhuri Dixit was introduced as their brand ambassador in 2013. Rajeev John, marketing head of health supplements, Dabur LTD stated that, Madhuri Dixit is the modern-day mother who is equally responsible for her career and family. In her hands lies the health of her family which she tactfully maintains.
Hence no one could epitomize the goodness of their product better than her. Madhuri Dixit was also overwhelmed to be the face of a brand that is trusted by millions of Indians over years.
Mortein is an Australian brand, manufacturing pest control products. It was introduced to Indians, in the year 1993. In the 25th year of its launch in India, it announced Madhuri Dixit as its brand ambassador. She was introduced as the face of Mortein insta range of liquid vaporiser.
Along with her came their new tagline “Mom Aur Mortein Sabse Tez” (Mom and Mortein are the fastest). Sukhleen Aneja, CMO, Marketing Director, South Asia RB Hygiene Home stated that Madhuri Dixit exemplifies the modern-day Indian mothers, who look for quick and effective ways to protect their families from diseases. Madhuri’s assurance would affect numerous mothers all across India to opt for the goodness of their brand.
Aquaguard
In 1982, Eureka Forbes was one of the first brand to introduce water purifiers in India. They named the purifier, Aquaguard. In 2015, Madhuri Dixit and Dr Nene were roped together for an endorsement, 5 years long with Aquaguard. According to Marzin Shroff, the CEO of direct sales, and senior VP (marketing) of Eureka Forbes, the celebrity couple was the most appropriate face of the brand because just like them they worked for the betterment of health-related aspects.
Intex
Intex a strong presence holder company selling consumer durables, personal care appliances, mobile and mobile accessories started its journey in 1996. Intex announced Madhuri Dixit as their brand ambassador in 2016. The superstar endorsed a new range of refrigerator and washing machines.
Keshav Bansal the director of Intex technologies commented that Madhuri Dixit is known for her commitment and excellence in whatever she does. She is a combination of style, efficiency and appeal just like the new range that was launched by Intex. Hence she was the most appropriate face for the brand.
Ruchi Soya in 2014 again launched a brand for edible vegetable oil, namely “Mahakosh”. It launched Madhuri Dixit as its brand ambassador. The brand chose her because her cosmopolitan appeal as a good wife, caring mother and successful woman overall inspires numerous woman. Also, her naturally healthy properties compliments and define the product at its best.
Odonil
In order to promote healthy smelling bathrooms, Odonil was first introduced in India in 1972. However, in 2005 it was bought by the Dabur company who elevated it to numerous variants and perfumes.
The air fragrance brand made a major innovation in 2013 when they announced Madhuri Dixit as their brand ambassador. Madhuri expressed her joy by stating the fact that endorsing a brand about freshness and transformation is bliss itself. Her new campaign was a film filled with flowers, magic and fairies which left her extremely elated. She promoted the new variant Odonil 2X.
However, we have seen Madhuri Dixit in lot more advertisements. These enlisted are the major and most recent endorsements that the Bollywood beauty was roped into.
FAQ
What is the net worth of Madhuri Dixit?
The net worth of Madhuri Dixit is around 35 million dollars which roughly translates to Rs. 264 Crores.
How old is Madhuri Dixit?
Madhuri Dixit was born on 15 May 1967 and is 54 years old.
What is the annual salary of Madhuri Dixit?
The estimated annual salary of Madhuri Dixit is 10-12 crore.
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Whether it’s buying a real estate, selling one or investing in real estate properties, nothing is easy. One needs to do a lot of market research to buy a property suited to his requirements. On the other hand, selling a real estate property is a complicated task and takes much time in most of the cases. Besides, price negotiations are always a troublesome issue. In such a scenario will not it be nice if someone guides us regarding the best property to buy, the best price to sell or the best way to manage our realty?
Fairpockets, a Noida based startup is doing all these for you so that, you can buy and sell properties easily. The startup even helps you to manage your existing properties profitably.
Know more about Fairpockets Company Profile, Founders, Funding, Business Model, Revenue Model, Challenges, Future Plans, Logo
Fairpockets is a Fair price property portal and a SaaS based builder broker mobile marketplace. It is an online platform that connects the buyers, sellers and brokers.
In the case of sellers, Fairpockets allows free property posting on its site and property valuation is done for resale property before going live. After selling a property, it even suggests reinvestment options to the sellers. One can also rent properties through Fairpockets. Price calculator, Inventory management, Lead management, communication system are some of the features used by sellers.
The company’s short term goal is to help builders and brokers bring sales growth, efficiency and transparency. Fairpockets is working towards a PAN-India broker network and connect them with builders and ultimately to the end consumers. All information flow happens seamlessly so that there is transparency of information, speed of connecting between builders & brokers and professional response to the query of consumers to build trust between these three stakeholders.
In the long term, FairPockets is looking forward to connecting serious property sellers to its broker network and help them in selling the property fast within a specified timeline and hence bringing predictability.
Our website will help us in identifying serious sellers at the right price and our app will help in pushing inventories to the broker network.
Fairpocket’s current target market in the Real Estate industry is Builders and Brokers as it is currently providing SaaS solution. In India, the real estate CRM is currently used by only large developers and few brokers.
Client Segment
Real Estate, SaaS, Marketplace
Target Companies
Medium Enterprise, Small Enterprise, Large Enterprise
Geography
India
“As per our internal estimates the market size of real estate CRM is around 30cr and is currently a very underserved market. Going forward we will be leveraging our broker network for transaction services which as per various media report is around $4bn” Says Ritesh.
Founders of Fairpockets and Team
Ritesh Anand and Rumki Sengupta are the founders of Fairpockets.
Fairpockets Founder – Ritesh Anand and Rumki Sengupta
Ritesh Anand is the Co-founder & CEO of Fairpockets. Ritesh completed his MBA from Ivey Business School, Canada and has been part of Media/Internet industry for over 15 years in Sales, Strategy and as Business Head before starting Fairpockets. He has worked with organization like Radio Mirchi, SHL, Monster and Times Internet. He has been a long time real estate investor in cities like Mumbai, Delhi NCR, Patna – having executed residential/commercial/land/JV with developers and related transactions. He is also passionate about teaching and had been a visiting faculty at IIM Raipur & IMT Ghaziabad.
Ritesh is also Co-founder and Director of India Canada Alumni Network (ICAN), an organization that represents Canadian Alumni residing in India. Ritesh handles Product, Sales, and marketing departments in Fairpockets.
Rumki Sengupta is the Co-Founder & Director of Operations in Fairpockets. Rumki has around 14 years of experience in Human resource and Operations. She has worked with companies like Patni Computers, L&T Infotech & Octopus Retail. She has completed her MBA from Pune University & Sunstone Business School. Rumki is also a professional artist who has participated in many group shows. Rumki takes care of research and operations.
Another core members of the team is Digpal Singh, the Tech Lead. Digpal has over 6 years experience in developing small to large web application using PHP, CakePHP, Laravel framework. Digpal has done his masters in physics & computer science.
Ritesh has been a long time real estate investor and has bought and sold multiple properties in 3-4 cities. One problem which he faced all the time is that of selling the property. It takes a long time to sell a property. He observed that people have to wait for months and sometimes even years to find suitable buyers for their property. He realized that it’s one of the biggest challenges in the real estate sector and also a large opportunity.
Ritesh with a motive to find a solution to this issue started speaking to many property owners and brokers in Delhi NCR, Mumbai and Bangalore to understand the selling cycle and process. This dawned upon him that there are many problems in the real estate sector that requires a solution.
There are primarily 2 ways by which any property owner or developer can sell their property:
Advertising
Broker Network
Advertising is moving away from print and shifting to the internet. Most of the property portals have a lot of broker listing with fake pricing or very low pricing. Because of this, the buyer gets attracted and brokers get the leads. On the other side, the owners generally post at higher than market price with the hope that they will negotiate when they get serious sellers but that doesn’t happen so easily.
As far as broker network is concerned most of the property owners may not have time to be in touch with them on a regular basis. There are so many unsold inventories so brokers generally push only the ones which are on their top of the mind.
To solve these issues that have been prevalent in the real – estate sector for years, Fairpockets was formed. Fairpockets was launched in Noida.
The name Fairpockets was given focusing on the company’s mission to establish price transparency in the real estate sector.
Fairpockets Logo
If you have ever bought or sold any property either through a new or any resale property then the one thing which you are not sure about is the price. You speak to multiple brokers about the same property and everyone will quote you a different price as there is no standardization and you may find it very unfair at times. So our idea was to bring price transparency in the entire selling and buying process and make it a fair transaction for you. The name Fairpockets syncs with this idea .
Fairpockets – Business Model and Revenue Model
Fairpocket’s business model revolves around providing mobile project listing and software service to builders and brokers. Builders can provide all the relevant information related to their project, price, inventory, leads etc to their sales team and channel partners through Fairpockets mobile or web platform.
Fairpockets earns revenue through the subscription of its web and mobile app services to builders and has just started the same for brokers as well.
Being a B2B service Fairpockets reaches out to its customers through direct interaction. However, for its B2C services, Fairpockets uses online marketing to reach out to users/customers.
Reaching out to customers directly is the best way for us, but we are exploring some strategic alliance to reach out to customers quickly. Though we are getting some good referral as well and we are very confident that with time our model has the potential to go viral. Currently, our marketing spends on Campaign is nil as we are building through organic mode.
At present, Fairpockets has some good clients associated with it. Its rate of client acquisition is also on a growth trajectory. The company’s app user base is also growing and its services for brokers will help it further in increasing the base. The company is also focusing on its B2C business. It plans to start the process of raising funds to speed up growth.
Fairpockets – Startup Challenges
One of the biggest challenges faced by Fairpockets was getting the business model right.
“We wanted to solve a very large problem of reducing the time to sell the property for owners and developers. When we started exploring the solutions, we found some direct ways to solve this problem but none seems very effective. So we broke our problem into 3-4 small or tactical problems and started solving them one by one, making sure that each solution generates revenue for us and is a step towards solving our big problem in a much more effective way” says Ritesh.
Fairpockets – Competitors
Currently, Fairpockets is operating in B2B SaaS space in Real Estate Sector. Some competitors of Fairpockets operating in this domain are mini ERP/CRM players like FarVision and SalesForce.
Fairpockets – Future Plans
Going forward, Fairpockets will be focusing on the transaction services which is a very fragmented market but have some large players in it.
Fairpockets – FAQs
What is Fairpockets?
Fairpockets, a Noida based startup is doing all these for you so that, you can buy and sell properties easily. The startup even helps you to manage your existing properties profitably.
Who are the Founders of Fairpockets?
Ritesh Anand and Rumki Sengupta are the founders of Fairpockets.
