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  • Startups Funded by Omidyar Network India

    Usually investment firms only fund a startup when they see potential to grow their money. However philanthropic investment firms fund in startups that help achieve their philanthropic endeavors like solving a country’s problems or empowering the civil society.

    One such philanthropic investment firm and a non-profit organization is Omidyar Network India, which was established in 2004 by the eBay founder Pierre Omidyar and his wife Pamela Kerr. Omidyar Network India is part of the US based Omidyar Group which is a diverse collection of companies, organizations and initiatives that are dedicated in creating opportunity for people to improve their lives.

    Omidyar Network India has its headquarters in Mumbai, Maharashtra with over a 50 employees in the country. Omidyar Network invests in innovative organization and bold entrepreneurs that will eventually catalyze economic, social or political change. As of 2017, the firm had invested in more than 60 companies within a decade, and raised more $350 million by 2020.

    So far the organization has committed over $992 million to profit, nonprofit and public companies that aim in fostering economic advancement and that are trying to solve the problems of India’s hardest and most difficult problems and challenges.

    Omidyar Network India makes equity investments upcoming companies and provide grants to non-profit organizations in the areas of Digital Identity, Education, Emerging Tech, Financial Inclusion, Governance and Citizen Engagement, and Property Rights. The organization invests in 3 levels which are :

    • Supporting new and upcoming market innovators,
    • Help in building institutional & market infrastructure and
    • Working with the Indian Government to promote inclusion, entrepreneurship, competition, and ensure necessary safeguards and protections.

    Quikr
    HealthKart
    Dailyhunt
    1mg
    Scripbox
    Transerve
    Vedantu
    ZestMoney
    Credflow
    WhiteHat Jr
    Newslaundry
    Frequently Asked Questions

    Pierre Omidyar – Net worth, Business idea, Education and more
    Pierre Omidyar is an American Entrepreneur and a software engineer who foundedthe successful online auction platform, eBay in 1995. He was the Chairman of thecompany from 1998 to 2015. He soon became a billionaire as soon as eBay issuedan Initial Public Offering (IPO) in 1998. As of 2021, he has …
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    Here are some of the startups funded by Omidyar Network India

    Quikr

    Quikr is the India’s top online classifies platform that helps people of a particular city meet, trade, buy and sell household goods, cars, bikes, local services and even find jobs, among other services. Quikr was founded in 2008 by Pranay Chulet and has its headquarters based in Bengaluru, Karnataka.

    The company is currently has its footprint in 1000 different cities around the world. Quikr aims on empowering people to independently connect with different buyers and sellers. The company has so far raised over $350 million in 7 rounds in order to fulfill its dream of disrupting the ecommerce market in country and empower people.

    In 2009, the company raised over Rs 200 million in their second round of funding which was led by Omidyar Network and Matrix Partners India. Quikr has a long list of investors like Tiger global, Kinnevik, Matrix Partners, Omidyar Network, Norwest Venture, Nokia growth Partners, Warburg Pincus and eBay, etc.

    HealthKart

    HealthKart is known to be India’s largest online nutrition and fitness platform that offers products, services and even expert advice or assistance to fitness enthusiasts. The company also has leading subsidiaries like MuscleBlaze for (sports and fitness) and Healthkart for (health).

    HealthKart sells everything from protein supplements to vitamin smoothies at affordable prices. The company has it’s headquarters in Gurgaon and sells more than 200 brand products and authorized vendors that is listed on their website. It is known for nutrition products that are sold especially to elderly people, personal care, chronic care, eye and skin care.

    The startup raised over Rs 27 crore in their second round of funding from their existing investor Sequoia Capital and Omidyar Network India. With this the company expanded its product portfolio and is also developing an online magazine about health and fitness.

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    Dailyhunt

    Dailyhunt is one of the top news and local language content app in India. Currently, the company has over 150 plus million app installations with more than 100,000 news articles that are available in 14 different languages.

    The company was founded in 2007 by Virendra Gupta and its parent company is Verse Innovation. Dailyhunt claims to have 150 million monthly users and 27 million daily users. It also has 650 publication partners, while their content is created by machine learning algorithm that delivers real time personalized content.

    The company raised over Rs 24.61 crore in series E2 funding from Omidyar Network India, Sequoia Capital and the Renu Sehgal Trust. Omidyar also funds other news aggregators like Pratilipi and Helofy. The competitors of Dailyhunt are NewsDog which is backed by Tencent and Helo backed by Toutiao.

    1mg

    1mg website
    1mg Website

    1mg is one of the top online pharmacy and integrated health application in India and is known for its wide range of medicines, health products, online consultation, booking lab tests and providing information on doctors, clinics, diagnostic centres, pharmacies, etc.

    The company promotes transparency around medicine information and is the one stop shop for medical search and transaction experience. During the pandemic, the platform has become popular as it delivers medicines and health products at the safety of the homes in more than 1000 cities across India from Licensed pharmacies.

    In 2016, 1mg raised over $15 million in their series B funding round from Maverick Capital Ventures, Sequoia Capital and Omidyar Network India. The company at that time said that it was going to use the funds to expand their online pharmacy and diagnostics and also launch personalized health feeds for their consumers.

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    Scripbox

    Scripbox is an online mutual funds platform, which was founded by Sanjiv Singhal in 2012. The company has its headquarters in Bengaluru, Karnataka and uses proprietary algorithms to curate a portfolio out of 8000 other mutual funds in country, they are then divided into equity, debt and tax savings.

    The company aims to educate young working professionals to save and grow their wealth and also encouraging people to explore inflation beating instruments rather than the usual inflation par instruments like fixed deposits and gold. As according to E R Ashok Kumar, the CEO of Scripbox, equities will give people over 15% returns than compared to the traditional forms of investing.

    The company raised an undisclosed amount in their series B round investment from Omidyar Network India and Accel partners. The company joins Omidyars’s other investment made in the sector of personal savings such as Juntos from US and Tandem from UK. Scripbox was planning to expand to 1000 cities by 2020 with its funds.

    Transerve

    Transerve is a platform that offers geospatial tech based SAAS solutions. The platform allows solutions for sustainable growth and urban planning. Transerve is used by both individuals and companies for visualizing and sharing spatial data and map visualization through Map APIs.

    The platform is a data collector, has location intelligence and helps in mapping precisely so the companies can geo locate data and then make smart and accurate decisions. The company also built many apps and platforms like CityOS in order to solve problems which are related to urban setup, Watsan for waters supply and sanitation solutions and deploys Lidar for heritage restoration and highway engineering.

    The company aims in providing solutions to modernize a city’s municipal information system, which is why it went on to raise $1.6 million in Series A funding from IL and FS Investment Managers and Omidyar Network.

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    Vedantu

    Vedantu Website
    Vedantu Website

    Vedantu is a well-known Ed tech company that allows teachers to provide Live tuitions to students online. The online tutoring platform has more than 500 of India’s best curated teachers and over 1 million hours to over 40,000 students across 1000 plus cities from 30 countries.

    Vedantu uses a built in technology known as WAVE to create a marketplace model for teachers, where students can browse, discover and choose to learn from a particular teacher. So far the app offers teaching classes for 6th to 12th grades and also for co-curricular and competitive examinations.

    Vedantu raised $11 million in Series B funding round from Omidyar Network in 2018. It also went on to raise $12.5 million in Series C-1 round of funding from Legend Capital and Omidyar’s Ohana Holding in 2020.

    ZestMoney

    ZestMoney is India’s fastest growing Fintech startup that was founded in 2015 by Lizzie Chapman, Priya Sharma and Ashish Anantharaman. ZestMoney uses mobile technology, AI and digital banking facilities to make life more affordable to millions of Indians by managing their credit for them and helping them pay in affordable EMIs.

    The platform was made with the aim of improving lives of the people who don’t have an access to credit card or other financial option due to insufficient credit history.

    The Bengaluru based digital lending startup raised over $20 million funding in Series B round from Quona Capital, Reinventure, Omidyar Network, Ribbit Capital and PayU. The company is said to use these funds for expanding their platform with EMI-based financing for e-commerce and for other online purchases.

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    Credflow

    Credflow is a New Delhi based Fintech startup, that offers small and medium enterprises (SMEs) solutions for cash flow management. With the help of the platform SMEs can manage their finances better with timely insights of pending amounts by customers, sending regular payment reminders, validating invoices and negotiating discounts for early payment, among others.  

    So far over 5000 SMEs are said to have used Credflow to process invoices that are worth over Rs 70,000 crore. The main aim of Credflow is to help small businesses grow exponentially by managing their banking, payments, and treasury.

    Credflow raised $2.1 million in their seed round of funding from Stellaris Venture, Omidyar Network and Flourish Ventures. The company said that they would use the funds to develop its platform, strengthen its technology and come up with new products in order to expand their customer base.

    WhiteHat Jr

    WhiteHat Jr Website
    WhiteHat Jr Website

    WhiteHat Jr is a Mumbai based Edtech startup that offers live online 1:1 classes on coding and math. The platform is also built on the foundational skills like literacy and numeracy from an early stage.

    WhiteHat Jr helps in connecting top certified teachers that can teach children topics such as e-learning, coding, early childhood education, computational thinking, logic, algorithmic thinking, etc. After learning the kids are encouraged to come up with creative outcome like animations and apps.

    The startup raised over $1.3 million in a seed funding round from Nexus Venture Partners and Omidyar’s Network India in 2018. It also raised $10 million in their Series A funding round by their existing investors Nexus Venture Partners and Omidyar’s Network India in 2019. The company said that they would use the funds to strengthen their platform and expand their curriculum and marketing to increase consumer awareness.

    Newslaundry

    Newlaundry is a well-known independent news media company that provides its readers with media critique, reportage, satirical commentary, podcasts, documentaries, comics and animation content. The media company was founded by former journalists Abhinandan Sekhri, Madhu Trehan and Prashant Sareen in 2012.

    Newslaundry was also the first subscription based website in India, as unlike other news websites like The Wire, The Quint, Scroll, etc the company relies on public subscriptions for revenue instead of advertisements. In 2016, the media company raised Rs 3.1 crore from Omidyar Network, Omidyar now owns 18.4% stake in the company.

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    Conclusion

    Over the years Omidyar Network Indian helped in driving empowerment and social impact at a big scale, by investing in startups and entrepreneurs who aim in providing solutions to solve Indian chronic problems. Even during the Covid 19 pandemic, Omidyar Network funded over Rs. 10.75 crores to 67 projects out of 2000 under the Rapid response funding initiative in 2020. The investment firm will continue to help many upcoming startup grow and bolster a vibrant entrepreneurial ecosystem.

    Frequently Asked Questions

    What is Omidyar Network India?

    Omidyar Network India is part of the US based Omidyar Group which is a diverse collection of companies, organizations and initiatives that are dedicated creating opportunity for people to improve their lives.

    Who is the founder of Omidyar Network India?

    The philanthropic investment firm and a non-profit organization was founded by Pierre Omidyar (also the founder of eBay) and his wife Pamela Kerr.

    What are the areas that Omidyar Network India funds?

    The areas in which Omidyar Network India funds are Digital Identity, Education, Emerging Tech, Financial Inclusion, Governance and Citizen Engagement, and Property Rights.

    What are some of the Top startups funded by Omidyar Network India?

    The startups funded by Omidyar Network India are Newslaundry, WhiteHat Jr, Credflow, ZestMoney, Vedantu, Transerve, Scripbox, Dailyhunt, 1mg, HealthKart and Quikr.

  • How Gautam Adani’s Net Worth Surged by $43 billion in 2021?

    Adani is a first-generation entrepreneur and is considered as one of the Indian Tycoons. He was born on 24 June 1962 and is an industrialist who is the founder and chairman of Adani Group. Adani group is a multinational corporation that is involved in a lot of businesses. The net worth of Gautam Adani jumped to $76.7 billion as he added an amount of $43 billion to it in 2021 according to the Bloomberg Billionaires List.

    Adani Group is mostly involved in port development and operations in India and is located in Ahmedabad, Gujarat, India. The Group operates mines in India, Australia, and Indonesia. It supplies coal to countries in Southeast Asia, China, and Bangladesh.

    Adani Group has made the largest investment in Australia surpassing any other Indian Company. It has also invested in Carmichael Coal Mine in the Galilee Basin, Queensland. In June 2019, Adani got permission to start work on the Australian coal mine after a 9-year wait.

    Adani is the second richest person in India after Mukesh Ambani and in 2019 India Today ranked Adani as the third most powerful person in India.

    Sudden surge in Gautam Adani’s Net worth
    Reasons for a surge in Gautam Adani’s Net worth
    Expansion of Gautam Adani’s Business
    Story of Gautam Adani – The Founder of Adani Group
    FAQ

    Sudden surge in Gautam Adani’s Net worth

    In 2021 Gautam Adani has added billions to his wealth. He added the most amount of money compared to anyone else in the world. The net worth of Adani jumped to $76.7 billion as he added an amount of $43 billion to it in 2021 according to the Bloomberg Billionaires List.

    All the stocks of Adani Group which are publicly traded have increased more than 50% in 2021. This increase in his net worth has made him the world’s richest wealth gainer in 2021. He has gained more wealth than Elon Musk and Jeff Bezos who have been got the world’s richest titles.

    Reliance Industries Chairman Mukesh Ambani has added 8.1 billion wealth during the year which is comparatively lesser than Adani’s. Mukesh Ambani is the richest person in India and Asia. When looking at the wealth addition in 2020 Adani still added more wealth compared to Ambani.

    Gautam Adani – Chairman and founder of Adani Group

    Reasons for a surge in Gautam Adani’s Net worth

    Adani group is a diversified company that has its presence in multiple businesses. Some of their businesses include renewable sources of energy or green energy, gas distribution, airports, ports and terminals, power transmission, and so on.

    Stock Prices

    One of the major reasons for Adani’s surge in his net worth is the rise of his stock prices. The company has around 6 companies that are listed on the stock exchange. As of 2 March 2021, the market capitalization of the Adani group was $80 billion.

    Some of Adani’s publicly traded companies have provided a return of more than 90% this year. Adani Total Gas Ltd had provided a return of over 96% this year. The flagship Adani enterprises have provided a return of 90%. Adani Green Ltd had provided 500% returns in the previous year and this year it is up 12%.

    Adani Transmission has provided a return of 79%, Adani Ports, Adani Power Ltd, and Special Economic Zones Ltd have provided a return of around 52% this year.

    Adani has a 66% stake in Adani Ports and Special Economic Zones Ltd. 75% stake in Adani Enterprises Ltd, 75% stake in Adani enterprises Ltd and 73% stake in Adani Power Ltd. This huge rally in the stocks have increased his net worth.

    Top 10 Richest Indians
    Top 10 Richest Indians

    Expansion of Gautam Adani’s Business

    Adani is continuously expanding his corporation which is mostly made up of a number of diverse and unrelated businesses. It has been rapidly expanding its corporation by adding ports, airports, coal mines, and data centres in India.

    Adani Ltd had plans to develop 1 Gigawatt of data centres in India and has signed a pact for it last year. The company had formed a 50:50 joint venture to provide data centre solutions in India. The joint venture was with global data centre operator Edge Connex which was during February 2021.

    Sunil Chandiramani the founder and CEO of Nyka Advisory Services, said that Adani has been continuously expanding its business in areas from which he can quickly recover from market cycles.

    He also added that now since the company has entered into providing data centres and businesses related to it, the group has shown their appetite in venturing into technology.

    Story of Gautam Adani – The Founder of Adani Group

    Gautam Adani Journey
    Gautam Adani Story

    FAQ

    Who is Richer Adani or Ambani?

    Adani is the second richest person in India after Mukesh Ambani.

    How did Adani become rich?

    1988, Gautam Adani set up his trading company Adani Enterprises Limited. In the 1990s, he started operating Mundra Port, off the coast of the Arabian Sea. From there on, Adani expanded his business into the electricity, gas, real estate sectors.

    What is Gautam Adani’s Net worth?

    As of 2020 Gautam Adani’s Net worth is $25.2 Billion. and as of 2021, his net worth is $50 Billion.

    Conclusion

    Some of the biggest Wealth Gainers other than Adani during the year 2021 are Larry Page who has added $14.3 billion in net worth with a total net worth of $97 billion.

    Sergey Bin who has added $13.8 billion in net worth with a total net worth of $94 Billion. Warren Buffet has also added $12.1 billion in net worth with a total net worth of $100 billion.

    Larry Page is in the second position after Adani followed by Sergey Bin and Warren Buffet. Mukesh Ambani has added $8.1 billion and is in the 13th position with a total net worth of $85 billion.

  • 10 Must-Have Skills to Succed as an Entrepreneur

    There are some sets of skills that every entrepreneur should have like leadership, managing and entrepreneurship skills. It is considered as one of the major factors of production. An entrepreneur’s ability is gauged by how well they make decisions, creativity and how well they are good in the management of risks and resources. If you are an entrepreneur and you are not sure about what it takes to boom your business, here are some must have skills for every entrepreneur.

    Skills For Every Entrepreneur
    FAQ’s
    Conclusion

    Skills For Every Entrepreneur

    Skills For Every Entrepreneur

    These are some of the necessary skills an aspiring or a-would-be entrepreneur should possess in order to succeed as an Entrepreneur.

    1. Ability to Solve Problems

    In this world, there is no entrepreneurship that will succeed perpendicularly. Problems do arise but we should apply different tactics to handle them. Before winning a battle, failures are guaranteed. Have the skills to predict risks and come up with risk management plans to solve the problem.

    2. Ability to Manage Money

    An ultimate goal of doing business is to make a profit (money). How do you expect to manage a business if you don’t have the skills to manage money? Budgeting for the business will also be a big challenge to any business which is not well handled will result in a loss.

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    3. Networking with the Right People

    Before venturing into any business, you must set goals for it. Create the right linkages and fish out resourceful people to acquire business ideas. Out of the entrepreneurs, you spend time with, define your role model and work towards achieving that. Learn more from successful ones and ask them how they manage. Share as many challenges as possible to get solutions to the problems affecting the business.

    4. Building Relation with Customers

    In a real sense, business without customer is like dead wood. In business engagements, we either sell services or products. Make sure the ideas you employ, the decision you make and services offered meet customer needs. Do a lot of research where necessary to get a viable solution. Sell the skills acquired into the business so as to attract more customers.

    5. Being Resourceful

    The moment an entrepreneur knows how to manage money; the next question should be how he can source for more to pump the business to a greater profit. Have the capacity to identify the sources of funding. This also involves a convincing voice to sell out the business and attract more funding.

    6. Managing Stress Efficiently

    Stress can kill entrepreneurs if not well handled and managed. There will always be a time when all options that you try will hit the wall. Frustration occurs in the process of trying to fix this. Don’t let stress put you down, instead, turn them into an opportunity to grow. Apply useful tactics for business growth.

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    7. Managing People Effectively

    Managing people takes different dimensions. Use different parameters to gauge people’s capabilities. Identify their weakness and work on them. Productivity can only be achieved by having an effective team on board. Motivate and build them every day. Treat employees with equality as it brings respect. Timely feedbacks about the business will be experienced.

    8. Capacity Building

    Limited skills can affect the growth of a business. Enhance the team performance by training them in key areas. Identify the gaps in each and every team member and plan for capacity-building sessions. This will give them the strength to handle complicated issues as commitment levels go high. As an entrepreneur, this will form a basis to handle employee misconduct issues.

    9. Learning Ability

    The market demands changes and affects business every now and then. Don’t assume you know every detail about your business. How to build customer trust in an online business?  A business if strategized well moves very fast. Emerging trends should be monitored and applied with immediate effect to avoid business disruption.

    Get skills and focus more on what level you want to take the business. Whether you want to generate revenue or to make a mark in the business. You might want to make your customers loyal to your business or brand? All these types of questions should be answered while trying to learn about your business.

    10. Identifying Strength And Weakness

    Nobody is perfect in this world. It is crucial to identify what you are good at (strength). Identify weaknesses so they don’t overpower the strengths. This will help in making an informed decision about your business. Acting on weaknesses with courage and sheer strength will help you go long way.

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    FAQ’s

    What are entrepreneurial skills?

    Entrepreneurship is an individual’s ability to turn ideas into action. It includes creativity, innovation and risk-taking, as well as the ability to plan and manage projects in order to achieve objectives.

    How do you develop entrepreneurial skills?

    Here are some effective ways to enhance your entrepreneurial knowledge.

    • Attend events
    • Learn from the experts
    • Don’t give up
    • Volunteer to lead
    • Learn from a mentor
    • Keep learning
    • Enhance communication skills

    What is an entrepreneur example?

    An entrepreneur is a person who starts a new business and usually risks his own money to start the venture. Examples of well-known entrepreneurs include Bill Gates, Steve Jobs, Mark Zuckerberg, etc.

    What are the 7 skills of an entrepreneur?

    These are some essential skills required to succeed as an entrepreneur.

    • Ambition
    • Willingness to Learn
    • Ability to Listen
    • Creativity
    • Assertiveness and Confidence
    • Perseverance
    • Courage and Risk Taking

    Feel free to reach us and share your feedback. We would love to hear from you. Do comment us in the comments section below. Happy Reading.

  • Ringostat Review : Intelligent Call Tracking

    Marketing and CRM are delicate aspects of a business regardless of its scale. Advertising generates client interests and these may be in the form of phone calls. Phone calls done right are one of the most effective ways to turn clients into customers. How do you do this though? Ringostat is an intelligent call tracking and end-to-end analytics tracking platform with features to optimize CRM and marketing. Ringostat is more than just a telemarketing tool.

    Ringostat includes features that cover three main aspects: analytics, communication, and sales. Ringostat helps businesses identify their best places for customers through call tracking. This data can give valuable insight on where to invest depending on the gains.

    Ringostat: Features
    1. Call Tracking
    2. End-to-End Analysis
    3. Virtual PBX
    Ringostat: Pricing
    Ringostat: Is it Worth it?
    Ringostat: Conclusion
    Ringostat: FAQs

    Ringostat: Features

    Ringostat is aimed at businesses that receive at least 50% or more of their client responses via phone. It has features curated to analyze and sort out these calls. Ringostat’s features are priced so you only pay for features you need. This popular pricing approach is often the best, especially when it comes to trying out a service. The primary features of Ringostat are:

    1. Call Tracking

    Having a direct conversation through the phone is a great way to build customer relationships. Ringostat provides the user with different phone numbers for various places of advertising. Once the calls start coming in, it displays all the analytics including the specific ad in a dedicated dashboard. This is great for businesses as they understand what advertisements are doing better by taking a glimpse of the analytics graph. Knowing the right places to invest always helps and this is no different.

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    2. End-to-End Analysis

    Besides tracking calls, Ringostat does a good job in analysis. Statistics for most clicked ads, session data about calls, and periodic reports are available. It collects data from the very beginning of customer engagement. These reports help in optimizing the expenses and avoiding unnecessary advertisements. Information about specific keywords in a call can reveal the customer’s view of the product. Using Google Analytics they claim up to 97% accuracy. This feature is not entirely perfect but it works for the most part as long as the user is concerned.

    Ringostat – Example of generated report

    3. Virtual PBX

    A Private Branch Exchange or PBX is an internal network within an organization to handle internal and external calls. Ringostat offers a virtual PBX which doesn’t need any local hardware. It is a cloud-based solution and a better alternative to traditional PBX. Calls made by users go through the PBX for tracking. Activities like call forwarding and interlinking are managed by the platform automatically. Users and call center employees get to have a conversation easier due to virtual PBX.

    Besides these features, it includes cloud-based call recording, Ringostat Smart Phone for receiving calls in your browser, and a messenger. Furthermore, it provides a dedicated CRM dashboard and widgets for ease of access. There is also a callback feature and voicemail box for the authentic phone experience. These features work great when combined but also stand up for themselves if purchased individually.

    Ringostat: Pricing

    Each feature can be bought separately to suit the needs of an organization. These features can also be integrated with comparable third-party apps. A free trial period of 14 days is available if you just wish to try out the service. The features are priced as follows:

    • Call Tracking – $49/month
    • Virtual PBX – $33/month
    • Analytics – $33/month
    • Ringostat Smart Phone – $33/month
    • Callback – $33/month

    The prices although subject to changes are mostly stable throughout the year. The services are priced to be affordable to both small businesses and large enterprises. Third-party integrations work well and the platform itself works with Google Analytics.

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    Ringostat: Is it Worth it?

    As stated on the company website, if your business does indeed receive 50% or more traffic in the form of phone calls, Ringostat can be a great platform. Even if it’s just the PBX their services are great compared to traditional PBX solutions. Priced affordably these services can step up your marketing game and make new customers. The UI can seem complicated at first glance but this is backed up by their highly-rated support team. Ringostat offer 24/7 technical support for all services. In a survey it was revealed that 86% of people want to ask questions in person before buying a product. In today’s automated digital world, perhaps investing in human interaction will make a change. Ringostat just makes the process easier with reports and analytical data.

    If your business gets more sales just from clicks and website traffic then there is no need for a telephone platform. The use of a service depends on the business and if the criteria are met it’s something worth trying.

    Ringostat: Conclusion

    Having a dedicated case study page on their website, Ringostat claims to have boosted sales of businesses along the lines of real estate, startups, and food products. The platform has done well in the past with high ratings among advertisers, media industries, and telemarketing firms. If having a good CRM and investing in the right sources is something that you want to do, Ringostat can do more than just track calls for you. The platform can indeed bring in an influx of customers if used efficiently regardless of the service you chose to go with.

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    Ringostat: FAQs

    What is Ringostat?

    Ringostat is an intelligent call tracking and end-to-end analytics tracking platform with features to optimize CRM and marketing.

    Who is the founder of Ringostat?

    Ringostat was founded by Oleksandr Maksimeniuk, a web analyst in 2014.

    What are the features of Ringostat?

    The primary features of Ringostat are – Call Tracking, End to End Analysis and Virtual Private Branch Exchange (PBX).

    What are the prices of the features provided by Ringostat?

    Call Tracking – $49/month, Virtual PBX – $33/month, Analytics – $33/month, Ringostat Smart Phone – $33/month, Callback – $33/month.

  • Why is Facebook launching its own Smartwatch? (Even after the Failure of its smartphone)

    Facebook has recently announced that it would launch its smartwatch during the year 2022. They have also planned to launch the further versions of the watch. However, this is not the first time the company is entering into the hardware technology sector. Let’s look at the latest news about the smartwatch, its features and also look at one of the reasons for the failure of their smartphone.

    Facebook Smartwatch – Latest News
    Features of the Facebook Smartwatch
    Why is Faceboook Launching its Smartwatch?
    Previous products by Facebook
    Reason Why Facebook’s Smartphone failed
    FAQ

    Facebook Smartwatch – Latest News

    Facebook has conveyed that they would release a smartwatch under their brand during the 2022 summer. They have also conveyed that they would release the second and third generations of the watch in the coming years. The first smartwatch of Facebook is expected to be priced at around USD 400 (around INR 29,000) which could have certain changes in the coming years.

    Features of the Facebook Smartwatch

    The watch is expected to be released in three different colour variants namely black, white and gold. The watch will not only have the messaging features but also has a heart rate monitor and two cameras. It is said that the cameras will be able to separate from the wrist in order to take videos and share them on the social media.

    The smartwatch is said to have two cameras, where the front camera can be extensively used for video calling services and the rear camera can be used for video recordings to share it on the social media. The rear camera will have a 1080p auto focus camera.

    One of the most exciting features of this watch is that it can be used without an internet connection and users also have a feature to connect to services of hardware of health and fitness companies in addition to the heart rate monitors of the smartwatch.

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    Why is Faceboook Launching its Smartwatch?

    The main reason for releasing the Smartwatch is to try and replace the smartphones. The smartwatch owners are considered to use the smartwatch for the activities that are done through the usage of Smartphones.

    Mark Zuckerberg also aims to create more consumer and hardware products in order to find a way and compete against the tech giants Apple and Google

    Previous Hardware products by Facebook

    Facebook has a set of hardware products already in the market which include a portal and also a video calling device with a voice assistant which is similar to Alexa or Google’s device. The company had also launched 3 new portals in the year 2019 and currently has 4 hardware products in the market. These products are available in the United States.

    Facebook had also ventured into the smartphone segment in the past with the launch of the brand HTC back in 2013. But the venture had later failed and did not end being successful.

    Reason Why Facebook’s Smartphone failed

    Facebook's First Smartphone - HTC First
    Facebook’s First Smartphone – HTC First

    The smartphone brand of Facebook that is HTC was a global brand and was considered to be one of the coolest smartphones back in the times of its launch. The company’s smartphone brand had lasted only for about half a year and due to the poor sales, they had to slash the price of the phone.

    Even after cutting down the price of the phone, the smartphone sales were really less and sold only about 15,000 phones. Some have estimated that the reason for the failure of the smartphone segment of Facebook was as users did not find a need for such a smartphone at that time and the features of the phone were already present on the mobile applications that were available on the iOS devices and the cheaper Android devices.

    It was found that consumers were not dying to buy Facebook’s phone and there is a difference between the having a phone in the market and having a phone which consumers would choose to buy. One of the major reasons Facebook says they failed was due to the high pricing and poor user interface.

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    Conclusion

    The hardware segment is not an area where Facebook has been successful so far. Majority of the Facebook’s revenue comes through advertising and with the introduction of the Smartphone, Facebook will be venturing into an entirely new segment. However, the company has not yet decided on the name for its Smartwatch segment.

    FAQ

    Did Facebook make a phone?

    Yes, Facebook launched a phone with collaboration with HTC but it was a flop back in 2013. The company created an Android skin for the phone and dubbed it Facebook Home.

    What will be the cost of the Facebook Smartwatch?

    The watch might retail for around $400 (Rs 29,000) and will have three colour options to choose from (white, black and gold).

    When will the Facebook Smartwatch launch?

    The watch is yet to enter mass production but should be available in the summer of 2022.

  • Why has ED issued a showcause notice to WazirX?

    The Enforcement Directorate has announced that it has sent a notice towards the largest cryptocurrency exchange of India, WazirX and its directors regarding a money laundering investigation. Let’s look at the information regarding the money laundering case and the amount involved.

    ED notice to WazirX – Latest News
    Names mentioned in the notice issued to WazirX by ED
    The Allegations on WazirX
    What did Enforcement Directorate found through Investigation upon WazirX
    FAQ

    ED notice to WazirX – Latest News

    On 11 June 2021, the Enforcement Directorate had issued a show cause notice to the largest cryptocurrency exchange in India, WazirX. The notice provided is for going against the law of FEMA 1999 (Foreign Exchange Management Act). The cryptocurrency exchange has been said to be involved in the transactions involving cryptocurrencies which are estimated to be a worth of INR 2,790.74 crores.

    The Enforcement Directorate had mentioned in a statement that it had initiated the statement regarding FEMA due to the ongoing investigation regarding the investigation of money laundering which involves various betting online applications that are owned by the Chinese.

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    Names mentioned in the notice issued to WazirX by ED

    WazirX is a cryptocurrency platform that is registered under the company name Zanmai Labs Pvt Ltd. The company was registered in the year 2017 in the month of December as a domestic cryptocurrency startup.

    After the completion of the investigation, the central probe agency had issued a notice in which the name of the company and the name of the directors Hanuman Mhatre and Nischal Shetty have been mentioned. The global cryptocurrency exchange Binance had acquired WazirX in the year 2019.

    WazirX Trading volume Growth
    WazirX Trading volume Growth

    The Allegations on WazirX

    During the duration of the investigation, it was found that the Chinese nationals who were accused of the money laundering case had laundered the proceeds of the crime which is said to have a worth of INR 57 crores.

    The laundering of the amount is said to be converted into cryptocurrencies from the Indian National Rupee. The amount was exchanged to the Tether cryptocurrency and was then transferred to the wallets on the Binance Exchange that is registered in the Cayman Islands.

    The wallet transaction was expected to be based on the instructions that were received from abroad. The Enforcement Directorate also alleged that the cryptocurrency exchange WazirX also allows a wide range of transactions with cryptocurrencies which include the transactions to the exchanges or INR and vice-versa, peer to peer transactions, exchange of cryptocurrencies and even the transaction of cryptocurrencies that are held in its pool accounts to various other exchanges.

    The wallets can be held by anyone who can be foreigners in foreign locations.

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    What did ED found through Investigation upon WazirX

    The ED had alleged that WazirX does not collect any required documents which is a proper violation of the basic mandatory Anti-money laundering (AML). They also added that it was against the Combating finance of terrorism (CFT) norms and also FEMA guidelines.

    During the investigation, it was found that WazirX had received cryptocurrencies through its pool account from Binance exchange which had a value of around INR 880 crores and it was also found that there was a transfer of cryptocurrencies from WazirX to Binance exchange which had a value of around INR 1,400 crores. However, these transactions were not recorded on any blockchain and could not be audited or investigated.

    The investigation also found that the cryptocurrency exchange WazirX could also transfer cryptocurrencies to people from any location or any nationality even without proper documents which makes it a safe haven for people who are involved in illegal businesses and money laundering. It makes itself a crypto exchange supporting illegitimate activities.

    WazirX founder stated on Twitter they didn’t receive any show-cause notice till now from the Enforcement Directorate and they comply with all applicable laws.


    Conclusion

    WazirX one of the largest cryptocurrency exchange has been alleged for promoting illegal and illegitimate activities through their exchange and even the parent company of WazirX, Binance exchange has also the involvement in the case. The Indian Government has conveyed that they were open to exploring the new technologies like cryptocurrencies for improving their governance.

    FAQ

    Why did ED issue notice to WazirX?

    ED has issued a notice to WazirX, and its Directors Nischal Shetty and Sameer Hanuman Mhatre for alleged violation of the Foreign Exchange Management.

    Is WazirX owned by Binance?

    Yes, WazirX is owned by Binance and is often acknowledged as the world’s largest cryptocurrency exchange by trading volume.

    Who is the CEO of WazirX?

    Nischal Shetty is the CEO and Founder of WazirX who founded WazirX on march 2018.

  • How did EaseMyTrip Manage to Launch its IPO Amid the Pandemic?

    When situations turned worse for most of us due to the Covid-19, and all of us were restricted to our homes with few hopes of breaking the chains and going out, EaseMyTrip managed to sail past the hurdles and made their stock market debut on March 8, 2021.

    The journey wasn’t an easy swim on calm waters though!

    What did EaseMyTrip achieve?
    Why was this feat hard for EaseMyTrip to achieve?
    How did EaseMyTrip manage to achieve this feat?
    The Future Ahead for EaseMyTrip
    FAQ

    What did EaseMyTrip achieve?

    Covid-19 has turned the tables for all of us and on almost all occasions, it has been for the worse. The period of the pandemic has seen everything including layoffs, pay cuts, dissolution, and liquidation but in the midst of all these horrors, EaseMyTrip, led by the brothers, Nishant Pitti, Rikant Pitti, and Prashant Pitti, launched its Rs 510 crores initial public offering (IPO).

    After the co-founders diluted their 25 percent stake, they were set to issue shares worth Rs 510 crore. The company stated they were oversubscribed by 159 times, which put forth a demand of around Rs 44,881 crore. The total valuation of the company stood at Rs 2,040 crore during the IPO, as per the reports.

    Prashant Pitti, one of the co-founders of the company made it clear that EaseMyTrip has never been a company that heavily stressed on marketing. “The company was profitable and growing. It felt like a good fit for the IPO”, added Prashant.

    Each share was sold at Rs 187 during the IPO, which is now trading at Rs 230. The shares of EaseMyTrip have thus generated around 23% profit for investors within just two months.

    EaseMyTrip was successful in making a business of Rs 4,204 crores in the previous financial year. The EBITDA of the company for FY20, as per Prashant, was Rs 49.8 crores, and that for nine months of the financial year 2021 was around Rs 43.4 crores. It was towards the end of 2020, in the month of December that the company’s overall cash or cash equivalent raised to Rs 208 crores from Rs 148 crores in March 2020.

    According to Prashant, the company has listed 17 percent of the share amount above the premium, which is still consistent.

    Why was this feat hard for EaseMyTrip to achieve?

    EaseMyTrip is a company that drives its sales through its wide range of travel booking services including flight booking, booking of hotels, and processing visas. For a company that is based on the travel and tourism industry, the coronavirus pandemic was surely an uphill journey more than ever. However, according to the company, they have been frugal, curtailed a lot of things, went wise with several others, and aimed for the bigger goal to pull off such a feat!

    EaseMyTrip Profit
    EaseMyTrip Profit

    How did EaseMyTrip manage to achieve this feat?

    The growth that EaseMyTrip showed during the pandemic might seem unprecedented to most of us but it is simply a result of a lengthy effort for days, months, and years.

    EaseMyTrip made a breakthrough in the market

    EaseMyTrip, the brainchild of the Pitti brothers was started by the idea of helping people go about their travel bookings seamlessly and bringing parity to the whole booking process.

    Back in those days people exceedingly relied on the booking agents to make their booking possible, and ultimately ended up paying more to them. In one such flight booking made by the father of the co-founders, the Pitti brothers discovered that their father paid more to the agent than the actual prices online. This incident led to the launch of EaseMyTrip in 2008.

    The Delhi-based online travel agency initially aimed to ensure that the travel agents would receive the same prices and commissions as they did from the other similar booking websites.

    Furthermore, they also ensured that the customers would also stay in this loop and would receive the same prices from the booking agents. Moreover, the team also wanted to build a software as a service program that would serve as an easy-to-use webapp that would make travel bookings hassle-free.

    While the travel booking agents initially had to pump in some money with each airline to avail of the bookings, they received only around 3-4% commission. However, EaseMyTrip, on the other hand, came up with the idea of letting the travel agents book for any airlines against an initial deposit of Rs 50,000 and allowed a 5% commission on the same. This helped them effectively reduce their capital expenses and increase their profit margins.

    Bootstrapping their way forward

    As soon as EaseMyTrip was launched, the founders decided to raise money to start with their company, however, the market was found unfavorable soon after that. EaseMyTrip focused on a B2B market, which was something unique in the market that was already full of B2C companies like MakeMyTrip and Cleartrip. This well made EaseMyTrip a competitor to the already established online travel companies and also left bootstrapping as the only option left.

    EaseMyTrip bootstrapped their business success as a B2B company, and soon entered the B2C market offering the facility to avail their services without any convenience fees.

    Countering the Covid-19-induced adversities

    Though EaseMyTrip was a running business well before the pandemic struck the markets, waddling through the pandemic was difficult for any business, and EaseMyTrip was not an exception. However, the company had to win over the situation anyhow, which they managed with the help of some laudable efforts from their end.

    Rising up to the dizzying demands

    As soon as the lockdown was announced, the government decided to resort to extreme restrictions on traveling, including a dead stop of both the railways and domestic and international air travel.

    This resulted in multiplied call volumes. EaseMyTrip also had to abide by the work from home culture and resorted to WhatsApp messages to tackle the overflow of calls, which were then responded to by the executives one by one.

    This not only boosted the goodwill of the company during these testing times but also helped in keeping things on a budget.

    Early refunds policy

    Deeming that the people are scared as well as scattered all across the country, EaseMyTrip decided to refund the money of their customers on a priority basis, even before the airlines refunded them their money.

    This immediate refund policy was something really unique and positive responses came pouring in from all around the world in favor of EaseMyTrip all around the social media platforms, which further increased their reputation and added to their credibility.

    Wise advertisement campaigns

    As soon as EaseMyTrip absorbed the positive vibes, they thought it fit to come up with a unique advertisement campaign on social media, titled “Saath Laakh Crore ka Kharcha”.

    The sole motive of the advertisement was to share the message that the Indians spent around Rs 7 lakh crores annually for their vacation. Therefore, they can easily avail of their bookings via EaseMyTrip, which is a 100% Indian company with huge benefits.

    For this advertisement, EaseMyTrip had to reach out to 5-6 celebrities but the responses that the company received were overwhelming!

    Discounts were curtailed

    After the lockdown was lifted for the air travel, EaseMyTrip soon found out the pulse of the customers and discovered that they weren’t much concerned about the discounts and were only looking to make their trips possible. Therefore, the company reduced their discounts and managed to draw in the one percent commission that they received after negotiating heavily with the airline companies.

    No pay cut policy

    Payment deductions were on a rise with the COVID-19 and are always silent blemishes to a company. Therefore, EaseMyTrip ensured that they would not adopt such practices even if they had to shed some of their total strength. They reduced the total number of employees from 450 to 370 in the first wave of the coronavirus spread but they haven’t opted for any further reductions or pay cuts since then.

    The Future Ahead for EaseMyTrip

    “People travel for work, leisure, and to meet extended family. All this has stopped now, but it will restart”, going by the words of Sreedhar Prasad, Advisor, Analyst, ex-KPMG, and ex-Kalaari Capital.

    Conclusion

    The travel and tourism industry happens to be one of the worst affected industries post-Covid. However, the industry would soon rise and will be among the first set of booming industries.

    FAQ

    Who is the Founder of EaseMyTrip?

    Nishant Pitti is the founder and CEO of EaseMyTrip, the company commenced its operation in 2008.

    Is EaseMyTrip profitable?

    According to a Motilal Oswal, EaseMyTrip is the only OTA in India to have a good net profit margin over the last three years.

    What is the Revenue of EaseMyTrip?

    The annual revenue of EaseMyTrip is $18.8M.

  • The Complete Office Setup Guide for Entrepreneurs

    “Don’t be afraid of the space between your dreams and reality. If you can dream it, you can make it so.” – Belva Davis.

    The words above laconically describe an entrepreneur’s ethos, entrepreneurship is all about turning even the most paradoxical dreams or ideas into practicality. But the space between these two things might appear to be infinite if you don’t step on the right road from the start. And if you do all of it right, voila you have a startup. Congratulations! But the work doesn’t end here, the road ahead has a lot of steps and the first one is to set up the right office.

    Startups usually begin with a small team so you don’t need to have a huge space, just a well-constructed area in an apt location would do. Let’s dig into some must-haves in a new working space. Let us see the complete report on the ultimate office setup guide for entrepreneurs.

    Who Is An Entrepreneur?
    The Structure Matters
    What All You Might Need?
    Let The Office Speak
    FAQ’s

    Who Is An Entrepreneur?

    Before moving on, let’s try to understand what is entrepreneurship? Who is an entrepreneur? How to become an entrepreneur?

    According to the Entrepreneur website, an entrepreneur is-

    Someone that creates something new, either an initiative, a business or a company. He or she is the beginning (and sometimes the end) of a venture, project or activity.

    The entrepreneur might not be the ideator, but he or she is definitely the one that decides to make that idea a reality. An entrepreneur is a driver, a starter is accountable and responsible.

    The video below clearly explains all these questions in brief. Have a look into it to understand entrepreneurs better.

    The Structure Matters

    Cool, open office spaces are now the new trend, the layout isn’t considered of that much importance. But, the fact of the matter is that structure matters a lot. The structure is the first and the foremost point which should be in the checklist of the ultimate office setup guide for entrepreneurs. You need to divide the space diligently. You got to maximize the utility even after realizing the limitations of space, budget or maintenance.

    Open space doesn’t mean interference. Every employee should get a proper working area where they can isolate themselves and think. Remember, the environment influences the quality of the work.

    Office Setup for Entrepreneurs
    Office Setup for Entrepreneurs

    You got to fade away noise. Whether it’s from your own office, or from somewhere around you. Lay carpets to dampen the excess noise. Use curtains, if you have employees who constantly need to be on the phone with the clients or give them a separate space.

    Proper partition of space is super crucial. You need a formal meeting room, you need a brainstorming area, you need an informal briefing area, the paperwork room, you need cabins for the founders, a small kitchen, washrooms and what not. You see, a small office has a million smaller rooms. If you don’t manage the space cautiously chaos is bound to be your first client.

    What All You Might Need?

    1) Reception Area

    The most important thing if you’re setting up an office as an entrepreneur is a welcome space i.e. The Reception Area. This is the first impression of your company, this sets the theme in your client’s mind, in your employees’ mind. You don’t need to overdo it, just add a fascinating backdrop, a classy desk, some pictures, figures on display, and your company’s name in a stylish, unique manner that stays in the client’s mind for long.

    2) Work Desks

    Rows of individual cubicles with desks and chairs, don’t make their hellholes. Choose the ones, which feel more open and connected to the whole space but also give you the room to function. Place ergonomic chairs and tables so that they will be comfortable while working for long hours.

    3) Board Meeting/Client Meeting Room

    This space where you’ll talk to your prospective clients, this is where you lay down the work, where you persuade them to go with your ideas. The room should be professional, of course, but should it be nerve whacking? No. Make the room formal but don’t lose touch. Make it comfortable. Add a plant or two in the corners. Let it have glass partitions. Remember you need a projector, a great conference table and comfortable chairs.

    4) Brainstorming Zone

    This might just be the most important space. Startups are made up of ideas. They feed on ideas, nurtures ideas, if not ideas then why even call it a startup? The brainstorming area is where dreams are born, this is where plans are made, this is where the foundation of the building called success begins. This is the place where your journey of becoming a successful entrepreneur begins in the first place. You need to focus on the energy in the room, it should be motivating, it should spark something. Add up a bookshelf, fill it up with amazing books relevant to inspirational content. Put up posters, which contain a spirit that resonates. Set the room up with whiteboards, beanbags, a small swing maybe.

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    5) Briefing Area

    This is the zone where communication happens. This might be the space where you design the outline for the day, set the targets, assign jobs or just talk. Talk about progress, loopholes, improvements anything at all. Space should be comforting and informal so that the employee feels free of any barriers to expression. Just add a few chairs arranged in a circle or something with a table in the middle for paperwork and you’re good to go.

    6) Kitchen and Coffee Area

    Startups usually don’t stick to the 9 to 5 regime. They have flexible working hours with some going on even the night. You need to fuel your employees so that they can deliver. Make a small kitchen with an induction stove, coffee maker, snacks, 2 minute noodles, energy bars. Keep a small fridge for some fruits or something. Keep it stocked. Let your employees contribute to the fridge.

    7) Play Area

    As much as it is about work, startups are also funky and friendly. Design a small relaxing area, where there’s music, a small tv, a foosball table, UNO, Jenga. If you have the budget, make the office pet-friendly, dogs are the best stress-busters, maybe all that the mind-blocked employees need is an escape for a while to make the productivity race. This will improve the overall vibe of the office, give it a playful impact.

    Let The Office Speak

    The company vision should echo in the space, the employees should feel the work that does, and the environment gives them that vibe.

    Casual is the key, but remember your office nurtures your work. The office should resonate with the motivation behind your startup. It should be a little version of the big mountain, that’s your inspiration. Put up motivational stickers, posters, add up the flavor with your company name. Anything that adds a personal touch. Keeping it bare would make it dull faster than quicksand.

    Organize team-building events, fun activities, co-curricular activities, surprise them with gifts that will allow your team members to interact with each other and will also keep them off from their work for a while.  

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    When you have a small space, it’s very easy to make it monotonous, because why take the effort. But, a few months into the work and the monotonicity will start suffocating. So, it’s better if you make every room different. For example, add colours. Choose the brighter ones for the brainstorming area, obviously the decent ones for your cliental meeting zone. Add wall decor, wall art to make it more classy. Green adds life to space, so remember to have indoor plants.

    Your office should be a combination of industrial and cozy. The office environment should allow people to socialize and communicate with each other, interact with their fellow colleagues to be more efficient and comfortable at their work. Falter here, and all you get is a boring space. Startups create magic, so let be unique, let it be flawed, what matters the most is that it should be personalized.

    FAQ’s

    Who is an Entrepreneur?

    The entrepreneur might not be the ideator, but he or she is definitely the one that decides to make that idea a reality. An entrepreneur is a driver, a starter is accountable and responsible.

    Where do entrepreneurs work?

    The workplace of an entrepreneur will be office-based, but it can vary.

    How big is the workplace for entrepreneurs?

    The size of the workplace will depend on the size of the venture and may start at home or in a small office and grow to a large corporation.

    What is the work environment of an entrepreneur?

    An entrepreneurial work environment is one in which people are not afraid to take calculated risks, and in which they can embrace the idea of learning something valuable from a failure.

    How many hours does an entrepreneur work?

    Lots of entrepreneurs work 60 to 80 hours a week.

    Why are coworking facilities attractive to entrepreneurs?

    Coworking can greatly ease the path to starting a new business and also provide flexibility when your business is growing. You can add team members at any time without the costs and commitment of commercial lease space.

    Feel free to reach us and share your feedback. We would love to hear from you. Do comment us in the comments section below. Happy Reading.

  • Siemens History and Facts | German Company Establishment in India

    Siemens, founded in 1847, is a producer of radiology equipment primarily, with one of the dynamic histories. Siemens AG, (AG short for Aktiengesellschaft, is a German word meaning corporation,) a German engineering brand with its headquarters in Berlin and Munich, is the largest engineering company in Europe.

    Siemens is divided into nine divisions, including Power and Gas, Energy Management, Mobility, and Financial Services, with Healthcare as a distinguished managed business.

    About Siemens
    Siemens- History
    The Bribery Scandal of Siemens
    Establishment of Siemens in India
    FAQs

    About Siemens

    Siemens is one of the top-notch heads in healthcare and medical diagnostics and radiology equipment, with its healthcare products generating about 12% of the company’s total revenue. It has a dramatic history, and here are some fun facts about Siemens and its history trivia curated for you.

    Werner von Siemens and Johann Georg Halske- founders of Siemens

    Siemens- History

    Werner von Siemens, a German inventor, and Johann Georg Halske, a German master mechanic, founded Siemens (Siemens & Halske) on October 12th, 1847. Werner von Siemens, the co-founder of Siemens, founded the company based on his telegraph invention that implemented a needle to point to the right letter rather than the Morse code. Due to this, Siemens was initially referred to as Telegraphen-Bauanstalt von Siemens & Halske.

    Werner von Siemens later discovered the first electric passenger train in 1879, the world’s first elevator in 1880. They helped invent the tubes with which Wilhelm Conrad Rontgen, the discoverer of the X-Ray, first examined them.

    In 1919, S & H and two other companies cooperatively designed the Osram light bulb company.

    During World War I in the ’20s and ’30s, Siemens developed radios, television sets, electron microscopes, and even designed aeroplanes.

    During the final years of World War II, multiple plants and factories in Berlin and other significant cities were demolished by Allied air raids. To put an end to further losses, the manufacturing set-up was therefore pushed to alternative places and regions not directly impacted by the air war.

    The aim was to attain continuous production of important war-related and basic products. As per reports, Siemens was functioning from almost 400 alternatives or relocated manufacturing set-ups, by the beginning of 1945.

    In 1932, Reiniger, Gebbert & Schall (Erlangen), Phönix AG (Rudolstadt) and Siemens-Reiniger-Veifa mbH (Berlin) were integrated to form the Siemens-Reiniger-Werke AG (SRW), which again was combined in 1966 to form the present-day Siemens AG.

    In 1972, Siemens sued German satirist F.C. Delius for his satirical portrayal of the company, through the book, Unsere Siemenswelt, and it was established that much of the book contained false claims. However, the trial itself disclosed significant participation of Siemens in the holocaust and other events in Nazi Germany. It is said that the company delivered electrical parts to Nazi concentration camps and death camps.

    The factories had poor working conditions, where malnutrition and death were the ordeals of the day. Siemens businessman and Nazi Party member John Rabe is, however, received accolades for saving several Chinese lives during the notorious Nanking Massacre. He later visited Germany and talked about the atrocities committed by Japanese forces in Nanking.

    The first cardiac pacemaker was founded and manufactured by Siemens and was inserted in a patient with severe cardiac arrhythmia on October 8th, 1958. Today, nearly a million pacemakers are installed worldwide.

    About Siemens

    The Bribery Scandal of Siemens

    Siemens got embroiled in a worldwide bribery scandal in the early 2000s. One of them being the several deals carried out between the Greek government officials and the company during the 2004 Summer Olympic Games. A total of 64 individuals were found accused, including nationals from Germany and Greece.

    In 2005, Germany disclosed investigations into Siemens business practices worldwide, driven by prosecutors in Italy, Liechtenstein and Switzerland. The US investigators were included in the investigation in 2006, however, they addressed violations only since 2001, when Siemens began to sell shares in a US stock exchange. The investigators discovered that bribing officials to acquire contracts was the standard operating procedure. Over that period, the company bribed around $1.3 billion to many countries and maintained different books to confine them.

    Fines were established to be as high as $5 billion as the investigation further unfolded. Settlement negotiations took place through most of 2008 and when they were disclosed in December they were far less than what was anticipated.

    The company paid about $1.6 billion, around $800 million in each of the countries of US and Germany. This was the biggest bribery fine in the history of that time. The money that was paid to Germany involved a $270 million fine paid the year before (concerning bribes paid in Nigeria).

    The bribery system had further grown up within Siemens after World War II as Siemens attempted to renew its business by establishing itself in the developing countries, where bribery is common. Until 1999, in Germany, bribes were considered a tax-deductible business expense, and there were no laws concerning penalizing companies for bribing foreign officials. However, in 1999, the OECD Anti-Bribery Convention came into effect, to which Germany was a party member, and Siemens began to implement off-shore accounts and other means to hide its bribery methods. As the investigation unfolded, it was found that Siemens paid the highest bribes in Argentina, Israel, Venezuela, China, Nigeria, and Russia. This led to several prosecutions of Siemens employees and recipient countries and settlements with other governments.

    Establishment of Siemens in India

    siemens India

    Siemens founded its India unit in 1922, but it was only after the country acquired its independence from British imperialism that it started expanding its business here. Motivated by the policies fostering industrial revolution by India’s first Prime Minister, Jawaharlal Nehru, Siemens built its first manufacturing plant in Mumbai in 1955. It began with a group of twenty-four workers functioning in a small workshop under the Mahalaxmi bridge.

    A year later, it started its first full-fledged factory at nearby Worli, building switchboards using imported substances and a few basic types of machinery such as drilling machines and a power saw. Over the next few years, it started manufacturing healthcare equipment and railway signalling gear, as well.

    By the mid-1990s, Siemens India had increased its number of divisions to eight as it moved its strategy from importing products to manufacturing them locally.

    However, speedy expansion took its toll. In 1996/97, during its diamond jubilee year in the country, Siemens incurred a loss of Rs 84.5 crore. The company adopted certain tough measures to bring back the original profitability. It cut its employee strength from 8,500 to 4,000.

    Today, Siemens has 20,000 employees working in 23 factories across India. In 2009, it launched the SMART strategy. SMART refers to simple-to-use, easy-to-maintain, affordable, reliable, and timely products. It is now one of India’s largest engineering brands with its annual revenue generated close to Rs. 13,000 crore.

    The India unit is also the fourth-largest contributor to Europe’s largest engineering company, Siemens – after Germany, the United States and China, in terms of global revenue.

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    FAQs

    Who founded Siemens?

    Werner von Siemens and Johann Georg Halske founded Siemens German Company.

    When was Siemens founded?

    Siemens  German company was founded on  1 October 1847.

    What companies are owned by Siemens?

    • Siemens Financial Services.
    • OSRAM GmbH.
    • Roke Manor Research Limited
    • Siemens Airfield Solutions, Inc.
    • Siemens Building Technologies Ltd.

    What is Siemens famous for?

    The company focuses on intelligent infrastructure for buildings and decentralized energy systems, on automation and digitalization in the process and manufacturing industries, and on smart mobility solutions for rail and road transport.

    What are Siemens products?

    • Manufacturing IT
    • Control Systems
    • Industrial Products
    • Telecommunications
    • Transportation
    • Healthcare
    • Energy
    • Infrastructure