If one considers the late nineties and early years of 21st century, one giant ruled the internet segment—Yahoo! Be it search engine, online tabloid, finance reports, or anything else, Yahoo! was the go-to solution for online needs, a powerful mega web service provider. While the brand may not be as powerful as it once was, it still wields influence even in the presence of competitors like Google, Facebook, Twitter, and others. 26 years and still counting!
Yahoo! was founded in the year 1994 by Jerry Yang and David Filo. An electrical engineer by profession, Filo co-founded Yahoo! at Stanford University. Initially, the duo called their venture, “Jerry and David’s guide to the World Wide Web”.
After launching Yahoo!, Filo recognized the potential of this website and subsequently launched ‘Yahoo! Inc.’. What started out as a web portal soon turned into something larger. Yahoo! became popular and started acquiring online gaming websites like ClassicGames.com, thereby releasing Yahoo! Games. Due to its partnership with multiple websites, Yahoo! enjoys considerable web traffic. By November 1994, its popularity sky-rocketed and 170,000 unique visitors were accessing the site every day.
Soon, more than a million web users were visiting Yahoo! daily. While David was operating Yahoo! alongside Jerry for enjoyment, they were revolutionizing the world wide web. Companies like Microsoft and Prodigy approached Jerry-David to buy Yahoo!, but they simply refused.
David Filo – Problems With Stanford University
Yahoo Founders- David Filo and Jerry Yang
Success stories and struggles go hand in hand. The story of Yahoo! was no different. While at Stanford, David and Jerry faced infrastructure issues. They were using the servers provided by Stanford and when the company was expanding, the systems regularly crashed. The Stanford University administration asked the duo to take their venture off-campus. However, this move encouraged the team at Yahoo! to take it to the next level, from a college experiment to the full-fledged business unit.
After funding from known sources was secured, the pair of Filo and Yang took a leave of absence from Stanford. They then hired school friends and interns to work for their company. Tim Koogle, former president of Motorola Inc., was roped in to add experience to the emerging team.
By 1995, Yahoo! had become a formidable company. An alliance with the famous Reuters boosted its popularity as users could access news headlines with a click.
A great entrepreneur knows how to pump customers with exciting offerings. Filo added new sections such as quotations, weather, and sports scores to the website. Extensions like ‘My Yahoo’ and ‘Yahooligans’, a special version of the website for children in the 8-14 age group, were released. By 1999, the company was making a profit from the advertisements displayed on the website and related pages. Yahoo! Inc. also made special co-op deals with online retailers all over the world.
David Filo – Simplicity
Even after achieving success and becoming a sensation, Filo’s lifestyle didn’t see changes. As usual, he went to office in a junk-filled Datsun, and his office desk was still surrounded by litter cans all around.
Coming Up With The Name Yahoo!
David Filo- Co-founder of Yahoo
The name Yahoo! is an urban legend. It stands for ‘Yet Another Hierarchic Officious Oracle’. The name became popular overnight courtesy of Filo and Yang’s brilliance.
Yahoo’s Connection With Netscape
Yahoo! and Netscape, two of the most popular websites, have some common elements. In return for a graphical link on Yahoo!’s homepage, Netscape’s founder gave the required equipment to keep the website running. A directory button was later added on the Netscape website which led to Yahoo!’s homepage. However, this didn’t go on for long and Netscape ditched Yahoo! for another website which offered a larger sum. Betrayals are inevitable.
Yahoo!’s Decline
According to many sources, Yahoo!’s decline began in 2000 when its search engine was powered by Google. After an all-time low value of the stocks at 4.40 USD, its popularity decreased and Google took over as the dominant player. Yahoo!’s rigidness in keeping up with evolving trends (much like Nokia’s debacle) was the salt rubbed into the wound.
Filo transformed his hobby into profession. His work went on to leave a drastic mark on the World Wide Web. Although it’s Google that is the big shot at present, one cannot overlook Yahoo!’s dominance in the 20thcentury and early 21st century.
David Filo’s net worth is 350 crores USD as of 2021. Filo is one of the early men to have realized the potential of the world wide web. His initiative came at a time when the internet segment was in its infancy. Innovation drove Yahoo! to prominence. What started with providing weather forecasts, match scores, and quotations is a behemoth today.
David Filo’s story should compel you to explore those untouched opportunities in the digital world and fill in gaps yet to be identified!
David Filo is a tech entrepreneur and businessman who co-founded Yahoo! with Jerry Yang in the year 1994.
What is Yahoo?
Yahoo! is one of the Internet’s leading search engines and web portals.
Who is the founder of yahoo?
Jerry Yang and David Filo are the founders of Yahoo.
What is Yahoo used for?
It is a web portal that provides news, entertainment, and sports information. The portal also gives users access to other Yahoo services including Yahoo! Search, Yahoo! Mail, and Yahoo! Finance.
What is Yahoo founders’ net worth?
Jerry Yang’s net worth is $240 crores and David Filo’s net worth $350 crores.
What is the difference between google and yahoo search engine?
Google is a company with an array of products that all integrate with search, the search engine being the flagship product. And Yahoo is not a search engine at all, but a web portal with a search engine powered by Bing.
Paytm Payments Bank after successfully providing their VISA virtual Debit cards to more than 4.5 million customers have now launched their physical VISA Debit cards which enables the users to upgrade to a contactless payment. Let’s look at the newly launched VISA Debit card, how to order and use it.
The new physical VISA Debit card that is launched by Paytm is a contactless globally accepted card. The card can be used to pay for shopping, gadgets or any other items as well as it can be used in the ATMs to withdraw cash in India as well as abroad.
The VISA Debit cards come with an NFC chip which will allow the users to pay the money with just a tap on the POS machine available at the store. The contactless debit card is common and have been widely accepted across the globe. They have been reported to be safer and highly secure.
The card also provides various rewards, offers and also provides an option for the user to enable or disable the card on the Paytm Payments Bank app according to their convenience.
In order to apply for the VISA Debit card, you should have a savings account with Paytm Payments Bank. You will have to download the app or visit their website in order to open account. Once you have opened the account and filled the KYC, the card will be delivered to your doorstep.
Even the users who already have a Paytm savings account and a virtual VISA or RuPay Debit card will have to visit the website and order the card. The users who have a RuPay Debit card will have to upgrade to a VISA debit card and order the physical card on the website.
If you already have a physical RuPay Debit card, you will have to block the physical card and apply for a digital VISA Debit card and later follow the above step of ordering the physical card from the website or the mobile application.
Paytm Website
How to activate the Paytm Physical Debit Card
In order to activate your Physical debit card, you will have to scan the QR code through the Paytm Payments Bank app which will ask for your bank passcode. Once the passcode is entered, you will be asked to verify your debit card details and will be prompted to set your ATM pin. Once you confirm your ATM pin, your physical card will get activated.
The Paytm Payments Bank’s VISA Debit and ATM card would cost an amount of INR 250. Paytm Payments Banks claims to have simplifying the banking process of the millennials since their establishment.
FAQ
What is Paytm Visa debit card?
The new physical VISA Debit card launched by Paytm is a contactless globally accepted card, which can be used for shopping or can be used in the ATMs to withdraw cash in India as well.
What are the benefits of Paytm debit card?
You can Withdraw cash from any ATM in India, you can also Swipe your card at any store or website across India and Paytm offers Cashback at 200+ stores across India.
Can we withdraw cash from Paytm debit card?
Yes, you can withdraw cash from Paytm physical debit card from any ATM in India.
Do you want to start your own E-commerce business in India?
Look no further we’ll help you right away
Gone is the time when building an e-commerce business in India was just a dream, well clear all your doubts regarding starting your own e-commerce business. When originating an e-commerce business, most individuals opt for the dropshipping model of business. Why is that so?
Most entrepreneurs recommend dropshipping business in India, because there are fewer risks and fewer funds required to start the business. In this guide will explain you to start your own dropshipping business in India with help of aliexpress.
Dropshipping is a business model in which the retailer does not require to have a stock of the products which they are selling, instead, they give the order and shipment details to the wholesalers, and then the wholesaler will directly forward the product to the customer. The benefit of this is that the retailer does not have to store the stock of products.
Now let us look at which dropshipping service is most suitable for you!
The most dropshipping service recommended by most e-commerce startups is AliExpress dropshipping service.
Dropshiping
AliExpress Dropshipping in India
AliExpress Dropshipping service is a service that allows you to sell a variety of products on your online store, With the help of AliExpress, you don’t require to maintain a warehouse.
You can list the products of AliExpress on your website and when a customer orders a product from your website, later AliExpress manages the rest. AliExpress accepts the order from you and then ships the order directly to your customer from their warehouse.
AliExpress Dropshipping
Dropshipping with AliExpress is the most profitable way to start your entrepreneurship venture.
Benefits of AliExpress Dropshipping
You can choose several products from your dropshipping store.
The burden of maintaining a warehouse is eliminated.
You don’t require a hefty amount to commence the business.
Retailers can price their products as per their preferences.
10 Easy Steps to Get You Started With AliExpress Dropshipping Business in India
Step 1:
First of all, you need to visit the AliDropship site to commence with.
Step 2:
After that, you can buy the plugin or let AliExpress build a store for you.
Step 3:
You have to choose a niche of products that you are interested to sell on your site, after that you have to select the products you need to dropship.
Step 4:
Now you can add the products to your list which you have chosen to resell (While choosing a product, analyze the product thoroughly).
Step 5:
Now add the product descriptions accurately on every product your Dropshipping (description should be informative and attractive).
Step 6:
Price the products efficiently and create a payment gateway so that customers can purchase the products with credit cards or by other non-cash payment methods
Step 7:
When a customer places an order inform the customer about the shipping cost and time and help them track their orders effortlessly with the help of an tracking application.
Step 8:
Advertise your product with the help of different digital marketing agencies.
Step 9:
You must need to prepare a spreadsheet of the products that you are selling with the price quoted of both you and AliExpress.
Step 10:
The final thing you need to learn is to manage your site regularly and efficiently.
Conclusion
Starting and Building an e-commerce business in India is not easy, but success does not come easy, You have to be patient and hardworking in this business full of contenders. With a well-planned idea, you can accomplish your business plan successfully. You can start your own Dropshipping business in India with the help of AliExpress dropshipping India.
Yes, you do need an LLC for your dropshipping business.
How much do I need to invest to start dropshipping?
Though it’s hard to predict the exact costs for any individual business, there are a few items every dropshipping business will need to spend money on in order to get started.
Is dropshipping a legitimate business?
Dropshipping is merely a fulfillment model, one used by many global retailers, and is perfectly legal. Like with any business, satisfying customer expectations and building a brand that resonates with the right audience is still key to long-term success.
This post is not something we publish on StartupTalky very often.
The purpose of this post is not to get it ranked on Google. Nor are we expecting anyone to give a backlink on this. This article is my random thought about the whole scenario that we can see happening right now.
But let me clarify just one thing, we, at StartupTalky, focus on delivering facts and stats based content instead of digging at controversies and giving our opinions.
But, at some level, we all like controversies. The fights between yours and mine! The fight between right and wrong.
Well, in this st0ry, neither any0ne is right n0r is wr0ng.
If y0u have c0me t0 this p0st, y0u already kn0w what this write up is ab0ut.
Yeah, this article is ab0ut this tweet:
My salary is ₹3L/annum.
I should have started a discount stock broking company to add more zeros to my salary.
Y0u might be l00king f0r the CREDibility 0f this Tweet.
If y0u are thinking if this is really the salary 0f Kunal Shah, then YES, Kunal Shah’s salary is 3LPA.
N0 f0under can lie ab0ut his 0r her salary publicly as they can easily be caught and l0se their CREDibility am0ng their f0ll0wers.
Alth0ugh, 0f c0urse, Kunal Shah is crying this meme 0ut l0ud:
but here is a better view 0n b0th the c0mpanies:
Nithin Kamath t0 Kunal Shah right n0w:
D0 marketing gimmicks and 0ver-the-t0p spending 0n publicity strategies guarantee a c0mpany’s success? Pr0bably n0t. 0n the 0ther hand, if y0u have the right pr0duct-market-fit and deliver tangible results t0 y0ur target audience, y0u are b0und t0 achieve success. Kunal Shah’s CRED is a case in p0int f0r the first claim and the Kamath br0thers’ Zerodha might be an apt example 0f the latter.
Well, its n0t me saying that, its the stats menti0ned ab0ve.
Zerodha: 0ne 0f the Pillars 0f CRED’s Valuati0n
Als0 Mr. Shah, I think y0u f0rg0t s0mething.
Zerodha is, if n0t the main reas0n, indeed 0ne 0f the reas0ns CRED is valued at $2.2 Billi0n.
But why did Kunal tweet such a thing?
I admire Kunal Shah’s marketing strategies t0 s0me extent.
And, 0f c0urse, Kunal Shah is very v0cal 0n s0cial media. He p0sts whatever he wants t0 p0st. But, at the c0re, he is an entrepreneur like us. And everything we d0, has a tinge 0f intenti0n t0 gr0w 0ur c0mpanies.
And I think, this tweet is actually m0re 0f a marketing step t0 leverage the fame Zerodha is bagging these days.
H0w did Nithin Kamath resp0nd t0 Kunal Shah?
Nithin Kamath has n0t resp0nded directly t0 Kunal Shah yet. H0wever, he tweeted this addressing the media:
TBH, I really have n0 0pin0n 0n wh0 is right and wh0 is wr0ng.
Y0u d0n’t need t0 always take sides.
Maybe, I am saying that because, as a media, it has bec0me 0ur habit n0t t0 f0rm 0pini0ns and analyse facts instead.
But, even if I want t0 f0rm an 0pini0n, I cann0t.
Because n0 0ne is wr0ng here.
And that tweet sh0uld n0t have bec0me such big news.
Yeah, I kn0w, I am being a hyp0crite here by writing ab0ut it. But, even if I w0uldn’t have written this piece, that tweet was still r0aming ar0und the c0untry.
S0, all I want t0 say is, take the best fr0m any0ne, but leave the rest.
There is a l0t 0f g00d stuff that Kunal Shah has tweeted. Read it. Like it. Share it.
But d0n’t make s0me things a c0ntr0versy.
M0re0ver, if y0u are at Shah’s place s0meday, d0n’t pick up 0n pe0ple with0ut any reas0n.
Additi0nally, my 0pini0n 0n if Nthin deserves this much salary is: He has a private c0mpany. His c0mpany is gr0wing. His team and b0ard members are n0t 0bjecting it directly. If he wants t0 take m0ney, he surely can. My 0pini0n 0r y0urs, d0es n0t really affect his decisi0n.
Featuring great replies t0 Kunal Shah’s tweet:
Kunal Shah when Zoho and Zerodha discussing how to make profitable business without raising VC money. pic.twitter.com/2xp2aTUL2H
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved bySIDBI.
Small business owners and entrepreneurs in India’s underdeveloped areas can get loans, credit, insurance, access to savings accounts, and money transfers via microfinance. Many who do not have conventional financial capital profit from microfinance.
Small Industries Development Bank of India (SIDBI) is a non-profit financial institution dedicated to assisting India’s micro, small, and medium-sized businesses in their growth and development.
As of May 2021, SIDBI is hiring IT experts, including a Chief Technology Officer.
SIDBI, which panders to the funding needs of micro, small, and medium enterprises, stated that it aims to promote and improve the flow of credit to such businesses and resolve both economic and technological gaps in the MSME ecosystem. The Small Industries Development Bank of India (SIDBI) will employ information technology professionals on a contract basis, including a chief technology officer (CTO), to improve customer service in the face of technology’s growing importance.
About Sidbi and How it Works?
The Small Industries Development Bank of India (SIDBI) is India’s apex regulatory authority for microfinance institution regulation and certification. It is governed by the Ministry of Finance of the Government of India, which is based in Lucknow and has offices around the country. SIDBI is a commercial bank established in Lucknow, Uttar Pradesh, India.
Small Industries Development Bank of India is a wholly-owned subsidiary of the Industrial Development Bank of India, which was founded under a special Act of Parliament in 1988 and went into effect on April 2, 1990. The bank provides services such as promoting, financing, and developing the micro, small, and medium-sized firm sector, as well as coordinating the functions of institutions involved in similar activities.
Its objective is to provide refinancing and short-term lending to businesses, and it is the MSME sector’s primary financial institution. SIDBI also manages the functioning of organizations that do similar tasks. The bank provides debt funding to small and medium-sized businesses in the form of loans. Beverages, meals, banking institutions, financial institutions, industrial, mechanical, and electrical parts, database software, cloud computing, E-commerce, and many more industries are served by the bank.
Through the SIDBI Foundation for Micro Credit, SIDBI is actively involved in the creation of Micro Finance Institutions and assists in the extension of microfinance through the MFI method. Its promotion and development program focuses on the promotion of rural businesses and the development of entrepreneurship.
It runs a refinance program called Institutional Finance with the aim to expand and support money supply to the MSE sector. SIDBI assists Banks, Small Finance Banks, and Non-Banking Financial Companies with Term Loans through this program. SIDBI lends directly to MSMEs, in addition to refinancing operations.
Functions of SIDBI :
The SIDBI refinances loans made to small businesses by banking institutions.
Assists in the expansion of marketing channels for Small Scale Industries’ products.
It provides small-scale businesses with services like factoring and leasing.
In semi-urban areas, promotes employment prospects in small-scale industries.
Starts the process of upgrading technology.
Allows credit to flow to Small Scale Industries as working capital or term loans.
Sidbi – Mission and Vision
SIDBI’s mission statement says “To facilitate and strengthen credit flow to MSMEs and address both financial and developmental gaps in the MSME eco-system”
SIDBI’s vision statement says, “To emerge as a single window for meeting the financial and developmental needs of the MSME sector to make it strong, vibrant and globally competitive, to position SIDBI Brand as the preferred and customer – friendly institution and for enhancement of share – holder wealth and highest corporate values through modern technology platform.”
Sidbi – Name, Logo and Tagline
SIDBI stands for Small Industries Development Bank of India.
Sidbi’ s Company Logo
Sidbi – Founder and History
The Small Industries Development Bank of India (SIDBI), established on April 2, 1990, by an Act of the Indian Parliament, serves as the primary financial institution for the promotion, financing, and development of the Micro, Small, and Medium Enterprise (MSME) sector, as well as for the coordination of functions of institutions engaged in similar activities.
SIDBI’s activities have stayed committed to the national goals of poverty reduction, job creation, and entrepreneurial development in the MSME sector. The following are significant landmarks in SIDBI’s history:
Founded in 1990;
Microfinance foundation built-in 1994;
Technology bureau for small enterprise (TBSE) established in 1995, which later became India SME technology services.
SIDBI venture capital limited;
Credit guarantee fund trust for micro and small enterprises;
SMERA rating ltd.
India SME Asset Reconstruction Company Ltd., founded in 2008. (ISARC)
Setup MUDRA in 2015
2016 – Trade receivables discounting system (TReDS)
In 2017, a certified credit counselor was established (CCC)
Launch of MSME pulse and CriSidEx in 2018
Sidbi – Products and Services
SIDBI is a non-profit organization that manages and finances the different organizations involved in the development of small businesses. SIDBI runs a refinance program in which it provides term loan assistance to banks, small finance banks, and non-banking financial firms in order to sustain the money supply.
SIDBI’s 16.73 percent holding, which is the largest individual holding, is held by the State Bank of India. The following are some of SIDBI’s additional services:
Small-scale industry refinancing (SSI)
It provides aid with SSI import and export.
It offers SSI with seed cash and low-interest loans.
SIDBI assists with factoring, leasing, and HP financing, among other things.
Sidbi – Revenue and Growth
Sidbi, increased its net profit by 9% to INR 630 crore in the quarter ended December 20 from INR 578 crore the year before.
SIDBI received a liquidity support of INR 15000 crore from the Reserve Bank of India in April as a special refinance facility at the repo rate in April 2021 to deal with MSME funding during the pandemic, in addition to the government’s drive for MSME financing. From INR 816 crore in Q3’FY’20 to INR 840 crore in Q3’FY’21, the company’s net interest income increased by 3% .
“The credit growth to the MSME sector has been strong despite the impact of the COVID-19 pandemic and this has helped us to achieve encouraging financial performance with a boost to our loan book” said, V Satya Venkata Rao, deputy managing director, Sidbi. “We have also managed to keep our asset quality under check by. Our focus will be on sustaining the growth and scalability with various measures targeted towards recovery and strengthening of the MSME ecosystem.”
The top 10 competitors in SIDBI’s competitive set are moolya, LetsVenture, ah! Ventures, Startups.co, GREX Alternative Investments Market Pvt. Ltd., BitGiving, Applyifi , Equity Crest, TermSheet, Smergers, Startify, Catapooolt and Gust.
Sidbi – Awards and Achievements
From time to time, SIDBI has received a number of international prizes and honors. Several of SIDBI’s models are being copied more and more these days (i.e. MFI led inclusive growth, community linked financing model, Industry Association-BMO- led financing model, participatory development approach, cluster development – both hard infrastructure development support as also Making Market Work For MSMEs through business development service).
SIDBI was named the winner of the SABERA – Social and Business Enterprise Responsible Award 2020 in two categories: “Most Innovative Development Sector Project” and “Responsible Business of the Year.”
SIDBI’s responsive, inclusive, and impact-oriented activities for instilling entrepreneurship culture under Mission Swavalamban were recognized with this award. It also looked at creative approaches/initiatives that enhance the enterprise ecosystem and ease access to financial and non-financial services for entrepreneurs in India via digital bouquet offers.
In light of the growing role of technology, the Small Industries Development Bank of India would engage information technology specialists on a contract basis, including a chief technology officer (CTO). SIDBI, which provides funding for micro, small, and medium-sized businesses (MSMEs), stated that its goal is to improve and enhance credit flow to MSMEs while also addressing financial and developmental gaps in the MSME ecosystem.
Sidbi – FAQs
What does SIDBI do?
The bank provides services such as promoting, financing, and developing the micro, small, and medium-sized firm sector, as well as coordinating the functions of institutions involved in similar activities.
When was SIDBI founded?
The Small Industries Development Bank of India (SIDBI) was established on April 2, 1990.
What are the objectives of SIDBI?
To boost the marketing of small-scale industry products. Upgrade technologies while also doing small-scale unit upgrading. To provide additional financial help to the ancillary and smaller industry on a small scale. To promote sectors that provide jobs.
What companies do SIDBI compete with?
The top 10 competitors in SIDBI’s competitive set are moolya, LetsVenture, ah! Ventures, Startups.co, GREX Alternative Investments Market Pvt. Ltd., BitGiving, Applyifi , Equity Crest, TermSheet, Smergers, Startify, Catapooolt and Gust.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Enguru.
India is the world’s second-largest English-speaking country. Contradictory to this data, there are many Indians who are not confident to speak English. While speaking good English is much needed to get a good job in India, many educated youth are not equipped to speak fluent English. However all thanks to the boom in the ed-tech sector, learning English is no longer tough or boring.
An ed-tech startup that is working towards simplifying speaking English is enguru. Established in 2014, it is a mobile app that teaches English in regional languages, all the way from the basics to more complex job-specific functional English.
Founded in 2014, by Arshan Vakil & Udit Hinduja, enguru English learning app is a self learning app, that aims to solve the problem of access to a high quality English language training. It offers industry-specific English courses in over 12 different vernacular languages & has a focus on speaking through AI-enabled stimulated conversations.
This is also the only educational app that is available both on android and iOS and also the JioPhone – an extremely popular smart feature phone which has sold over 70 million devices in less than 2 years.
The app makes learning easier as it starts teaching the users right from the basics up to more complex conversations. Users go through a placement test when they first use the app, which identifies their starting point. This test includes a combination of English proficiency and general preference questions including reasons for learning English and career aspirations etc.
The app course is split into 10-minute short modules. Each module consists of a lesson and a conversation or comprehension. Lessons comprise a variety of questions including image, text, audio and speech questions coupled with an adaptive algorithm that ensures questions are based on the user’s past performance and career preferences. Conversations are based on workplace-specific scenarios that force users to speak into the app and provides feedback on their pronunciations.
Also, there are live classes that students can take. With live classes, enguru app aims to provide their users with an even more personalized learning experience by connecting students from across the country with Cambridge qualified English teachers in an online group setting. The first live class is completely free. Students then subscribe to various plans by using enguru coins. It covers one topic a day at multiple times, thereby giving students the flexibility to choose a time slot as per their schedule.
The company also partners with organizations across India to upskill their staff or students. This is done through a second app – enguru for enterprises – which is similar in most ways to the free B2C app. Key differences include dashboard access to track and monitor user progress, customized programs based on organization needs, & operational support.
What differentiates enguru is the focus on employability which goes beyond just marketing collateral as is the case with many of its competitors. Emphasizing on its USP, CEO Arshan Vakil says-
“One of the most important learning was to focus on immediate benefit through industry specific content. Our target audience likes to learn things that are directly related to their careers. Industry specific courses which allow them to learn functional vocabulary related to their jobs is critical in keeping them engaged and potential making them pay. This is something only we offer.”
enguru app screenshot
enguru – Target Market
There are over 400 million internet users in India with 250 million non-English speaking internet users. Non-English speaking internet users is expected to reach 550 million by 2021. enguru’s core focus is on young adults between the ages of 15-34 which makes up 75% of internet users in India.
A recent report by Google & KPMG projected online education in India to grow at 52% to reach over USD 2 billion by 2021. The report included English language learning as a key category in online education in India.
enguru has two core target audiences within India. The primary target customers are young adults – college students, recent high school and college graduates looking for jobs and working professionals who are still relatively new to the workforce. More specifically, the focus is on young adults who are looking to enter fields like retail, automotive, hospitality, IT, BPOs, BFSI.
The secondary target audiences are general English learners, especially women. For housewives, English is aspirational and often also a way to create job opportunities.
Arshan Vakil along with his friend Tahem Veer Verma started Kings Learning Private Limited (enguru’s parent organization) in 2014.
Tahem and Arshan were roommates at the University of Pennsylvania for 3 years and both lived in Mumbai from 2012-2014. They moved to Bangalore to start Kings Learning in February 2014. They recruited the head of content and programs, Laurie May from the UK and built the tech team starting with tech lead Sanju Kurian. In 2017, Tahem left Kings Learning to pursue higher studies and Udit Hinduja joined the team in June 2017 as COO.
Presently, Arshan Vakil is the CEO and founder of enguru. Hegraduated with a dual degree, cum laude, with a BSc in Economics from the Wharton School and BSc in System Science Engineering from Penn Engineering. Before founding the company, he was working as a product manager and founding member (1st employee) at Hopscotch, an eCommerce company in Mumbai. At this time he also founded a mentorship initiative called Project Vahana, which helped undeserved young adults get career ready. Having worked as a Product Manager and having a degree in System Engineering, he focuses a lot of his time on enguru’s products. In addition to product management, he also leads all digital marketing, analytics, and finance.
Arshan Vakil,Founder & CEO, enguru
Udit Hinduja is the COO of enguru. He graduated with a B.A. in Economics & Politics from New York University in 2012. He then moved to Mumbai and worked at KPMG for a year and a half in their advisory practice. After KPMG, He worked at Micro Housing Finance Corporation (MHFC), an urban microfinance company that provides small-sized home loans to low-income families to help them buy houses. After 3.5 years at MHFC, he joined Arshan – his friend from school in Mumbai – at enguru as COO, where he oversees the entire B2B vertical – from sales to operations.
Arshan is tech-savvy and has a very clear vision around the product. As an engineer, he has a keen sense of how the app should look and feel, what features should be added and product road map for the future. He also has a very analytical mind, so he understands user trends and makes data-driven decisions based on app metrics.
Udit loves delivering a premium service to clients and has a solid knowledge of what it takes to run a sustainable business. He handled the entire business side of enguru – client partnerships, operations, etc. His attention to detail and obsession with processes have allowed the company to scale up its enterprise partnerships & got them to close INR 2.5 Crore in revenue for FY 18-19, a 100% increase in FY 17-18 figures.
Currently, enguru has a team of 50 members. The company has an open, flat culture, where employees are empowered to learn & grow. They also offer several benefits to staff, including ESOPs, medical insurance & training.
enguru was started with a mission to ensure that access to English language training does not become an impediment to career opportunities. The idea is to provide affordable employability focused English language & communication skills training through innovative technology products and then helping link English speaking levels to appropriate job opportunities.
The idea of a self-learning app struck Arshan Vakil when he noticed how poor English training hampers career growth while working as a Product Manager at an e-commerce start-up and running a mentorship initiative for undeserved youth. English was an impediment across the board- from the kids they mentored in the program who were looking for basic entry-level positions in retail, hotels, etc. to Engineering graduates with whom he worked and struggled with internal communication. enguru co-founder, Tahem Verma, was already working in education and recognized how much students struggled with English due to the lack of focus on English training. This was the exact moment when they recognized there was a big opportunity here and a high latent demand for affordable English training. With the zeal to solve this problem, they launched enguru in 2015.
“enguru is envisioned to solve the problem of access to high-quality English language training. English is the language of the workplace in India yet most students do not have access to good English language training, which hampers their career growth. The majority of Indian students study in their local languages with English just being one subject – they inevitably only learn to read and write English to pass exams and are not able to speak well, which is what is expected in the workplace. This issue is prevalent across various levels, right from engineering and medical students to industries like retail and hospitality. The need for an accessible and effective English learning tool across the spectrum cannot be debated. Our 30 million downloads with very little marketing are proof of this.”, said Arshan Vakil, co-founder.
Arshan and Tahem began with an offline English Language business. The founders always knew that they wanted to go online but the initial approach was to understand the users, their needs for English, behavior patterns and access to technology, etc. One of the most important learning was to focus on immediate benefit through industry-specific content.
enguru– or English guru – came about to create a brand that resonated with the Indian audience. A “guru” is a revered figure in Indian culture, and they wanted to ensure that the users felt that they were learning English in a safe environment, from their English guru. The guru logo is inspired by a design Arshan saw on a t-shirt worn by his father. They wanted it to be the first name that came up when you thought of spoken english enguru app.
enguru Logo
enguru – Startup Launch
When the company was launched in 2014, they started by teaching students English offline in their centers.
To get students to come to the centers, we used a combination of online marketing, SEO & leveraging interest from nearby educational institutes. Most people who visited our offline centers for classes were either working professionals or college students, most of whom found us online via Google searches or student referrals – Arshan says about the initial days of the startup.
Their app was launched in early 2015 – first with only general English as a course and no regional language capability. They saw a massive increase in engagement when they added industry-focused courses and vernacular languages to the app as part of enguru 2.0. With version 3.0, they launched the popular conversation modules, which gets users to speak out into the app and practice various industry-focused scenarios (for eg. Greeting a customer in a retail outlet).
The enguru business model is simple. The company currently has two apps – enguru spoken English app (B2C) and enguru for enterprises (B2B).
The enguru B2C app has close to 30 million downloads and is available for free. In August 2019, they also launched live video classes on the app – this is the primary source of monetization from the B2C app. Currently, users can book classes by using enguru coins earned through playing levels or by paying money. Live classes are still at a relatively nascent stage, so prices have been heavily discounted to gain initial traction.
The enguru B2B app is used to partner with organizations in the retail industry (like Trent, Titan, Godrej Nature’s Basket, Raymond, Manyavar, etc) to train their customer-facing staff. enguru charges per app license and offer staggered and bulk pricing options. Almost all of the revenue comes from these clients. Apart from retail, it also work with clients in other service industries like healthcare, hospitality, skilling centers, etc. to upskill their staff or students.
enguru is also available on the Jio Phone, the INR 1,500 feature phone launched by Jio in 2017. They are currently the only education app on the phone and have close to 22 million downloads on the device. They are not into monetizing this product at all.
Over the next 5 years, the aim is to monetize the B2C users through live classes and certification and at the same time building brand through B2B partnerships.
One of the major challenges they faced and continue to face is engagement on the app. Users download the app but don’t end up spending as much time as they’d like on completing levels. To increase this engagement, they keep reinventing the app.
enguru – Funding and Investors
The enguru app has raised $4.1 million in two rounds of funding.
Date
Stage
Amount
Investors
September 2017
Pre-Series A
$2.5 million
Michael and Susan Dell Foundation, Village Capital, Weihua Yan
November 2018
Venture Round
$1.6 million
Michael and Susan Dell Foundation
enguru – Advisors and Mentors
The Board of Directors includes Mr. Weihua Yan, a Chinese-American investor who co-founded Diapers.com, which was acquired by Amazon in 2011. Mr. Rahil Rangwala, a director at the Michael and Susan Dell Foundation, also advises the team on the strategic direction.
With its head office in Bengaluru and offices in Mumbai and Delhi, enguru is operating Pan India. In FY 2018-19, the company earned a revenue of INR 2 Crore. The app has close to 30 million users across India and is adding 1.5 million every month. Besides, enguru has worked with over 150+ organizations across the country and have upskilled over 25,000 staff. Clients include Trent, Godrej Nature’s Basket, Oberoi Hotels, Magic Bus India Foundation, NSDC, etc.
For the android app some key metrics are:
Cumulative Downloads- 6,578,942
MAUs (Monthly Active Users)– 300,000
DAUs (Daily Active Users) – 25,000
For the JioPhone app, some key metrics are:
Cumulative Downloads- 21,861,425
Monthly Active Users – 1.3 mn
Daily Active Users –100,000
In B2B they have three primary programs – a completely app-based training program, a blended training program, and a teacher-led training program. Currently, they have 33 ongoing contracts – 8 online, 16 blended and 9 teachers led with 5,000 MAUs. ARPU( Average Revenue Per User) for a 3-month program is 500, 1710 and 2188 for online, blended and teacher-led programs respectively.
enguru’s biggest achievement to date is being the only education app available on the Jio Phone, the INR 1,500 feature phone launched by Reliance. Over the past 2 years, the app has been downloaded organically by 22 million people across India. Other major achievements include:
Village Capital: Winner of Education Cohort 2016 for the investment of $50,000.
Reliance Jio GenNext: Selected to be part of the Winter 2016 Cohort.
Google Play App Excellence: Selected to be a part of the Class of 2019. The program is for early-stage startups, who demonstrate the potential to be drivers of quality and excellence in the apps they are building.
enguru – Future Plans
Over the next 5 years, enguru aims to monetize its B2C users through live classes and certification, while at the same time building the brand through B2B partnerships. The company envisions to be synonymous with affordable English learning in India. The goal is to be the best free accessible English learning tool in India- catering to the next billion users.
enguru – FAQs
enguru app is from which country?
Enguru app is headquartered in Bangalore, India.
Who are the Founders of enguru?
Arshan Vakil & Udit Hinduja are the founders of enguru app. It is an English learning app. Arshan Vakil and Tahem Veer Verma started Kings Learning Private Limited (enguru’s parent organization) in 2014.
Is enguru app free?
enguru app allows our first day of live classes FREE of charge. They offer UNLIMITED classes for the subscription period- 1 month, 3 months, 6 months, or 1 year.
How much funding did enguru raise till date?
The enguru app has raised $4.1 million in two rounds of funding.
There was a time when Bitcoin was the hot news in all forms of media. There were confusions regarding its credibility and liquidity. Now, flouting all of that in air, comes the wrapped Bitcoins amidst all the discussions about wrapped tokens. What is Wrapped Bitcoin or WBTC? Is Wrapped Bitcoin a good investment? – Get all your questions answered in this post!
WBTC (Wrapped Bitcoin) is nothing but an ER- 20 token which bridges the differences between Bitcoins and Ethereum Blockchain. WBTC integrates itself to the domain of Ethereum wallets, dapps and smart contracts while retaining a connection with the world of Bitcoins. This initiative helps the owners of Bitcoins to bring in the value of it to the programmability of Ethereum through a combination. 1 Bitcoin can be converted into 1 WBTC through a WBTC partner.
This conversion can be done through numerous platforms that are available online today. The reversibility of this process makes it easier and convenient for the users to juggle between BTC and WBTC. The 1:1 ratio of Bitcoin supported WBTC is transparently verified through a “proof of reserve” system. It allows the users to participate in Decentralized Finance which is also known as DeFi.
Although they differ in the terms of procedures, they unite when it comes to the end result. They are all BTCs in the Ethereum platform at the end of the day. The following are a few important and popular WBTC models –
Centralized BTC wrapping model
Here the owner gives the BTCs to a centralized intermediary where they crypto up your Bitcoins and issue a Ethereum- 20 token which corresponds with the value of Bitcoin. Here you are completely dependent on the intermediary for your wrapping. BitGo is an example.
Trustless BTC wrapping model
Unlike the one mentioned earlier, here the wrapping is more decentralized. The responsibilities of the intermediary are transferred to the smart contract. Since the BTC is locked in a network contract, the platform cannot update or adjust it without your approval. Hence it becomes a trust-less system.
Synthetic Assets
In this case, a synthetic asset of the same value is issued after the Bitcoin is wrapped into a smart contract. The asset is not backed by the BTC but the native tokens and liquidity pools.
The advantage of wrapped Bitcoins over Bitcoins and any other cryptocurrencies are many. The overarching support of the Ethereum blockchain is what gives WBTC an upper hand over the others. There are however some disadvantages like delay in blockchain and cryptocurrencies coming to the mainstream. However, there is no doubt that the benefits outweigh the risks. Here are a few reasons why WBTCs are a good investment.
1. Alliance with Ethereum Blockchain
Ethereum is the largest ecosystem as far as any cryptocurrency is concerned. The very integration of Bitcoin with Ethereum is beneficial for the user due to its large reachability and exclusive facilities like dapps, DEXs, games etc. Through this integration, Bitcoin users can gain access to Decentralized Finance without having to lose any Bitcoins.
2. Liquidity
The liquidity offered by WBTC is diverse and spread out because of Ethereum. This is especially when various instances have shown us how various functionaries like Decentralized Exchanges lack the required liquidity to function to their maximum potential. In the case of WBTC, this lack does not come up at all and rules out chances for functioning in a way less than the best.
3. Scalability
Flexibility or Scalability of the wrapped Bitcoin is another important reason why this investment is really good. After wrapping, WBTC exists in the Ethereum blockchain rather than Bitcoin itself. This makes transactions easier and cheaper.
4. Decentralized Finance
The advent of DeFi has in fact paved the way for WBTC. It has transformed centralized finances to a decentralized one. Today users have been allowed to replace banks and have been facilitated with the option for providing liquidity in return for rewards as far as popular apps like Compound is concerned.
5. Better Functionality
As mentioned earlier, the integration with Ethereum has opened a wide expanse of opportunities for Bitcoin users. They can make use of the facilities like smart contracts to leverage WBTC. BTC lacks this facility. Smart contracts being self-executing pre-programmed protocols give tremendous impetus to the blockchain sector.
6. Yield Farming
This is another DeFi protocol that allows users to lend out their crypto currencies for interest. It is a passive income for many which is not granted by any other blockchain sectors. The popular app, Compound allows this to be done among many others.
WBTC (Wrapped Bitcoin) is an ER- 20 token which bridges the differences between Bitcoins and Ethereum blockchain. WBTC integrates itself to the domain of Ethereum wallets, dapps and smart contracts while retaining a connection with the world of Bitcoins.
Is WBTC the same as BTC?
WBTC stands for Wrapped Bitcoin and is simply an ERC20 token that represents Bitcoin. One WBTC equals one BTC. BTC can be converted into WBTC and vice-versa.
Is WBTC backed by BTC (Bitcoin)?
WBTC is an Ethereum token that’s backed one-to-one by bitcoin (BTC), which means that one WBTC is always equal to one bitcoin.
Is Wrapped Bitcoin a Good Investment?
The advantage of wrapped Bitcoins over Bitcoins and any other cryptocurrencies are many. The overarching support of the Ethereum blockchain is what gives WBTC an upper hand over the others. Better functionality, scalability, liquidity, decentralized finance are some the advantages of WBTC.
Conclusion
While WBTCs are safe and a good investment, one must watch out for any kind of frauds or theft that can likely happen in this situation. It must also be noted that WBTC is just a Bitcoin in the Ethereum platform and there is absolutely no difference in values. Blockchains are the pioneers of a new tech revolution. Embrace it first before everybody follows your suit.
Tax filing is a tedious tax for most of the people with its multiple tabs and tax consequences. A tiny mistake or late filing can have a negative impact on your pockets as well. To make Income Tax filing easier, there are a lot of online software available. It not only makes the process of filing easier but also keeps track of your records and may even point out any mismatches in the data entered.
With these software, the process of ITR filing has become a way easier task. Tax filing software and Tax Preparation companies takes care of all the compliance issues that can arise and can be even used for live tax calculation which significantly reduces the time required for filing Income Tax. This article introduces a few online software and websites that will help you to file your ITR hassle-free.
Through its special features and appreciable security, H&R Block is a very popular choice among Indian tax payers. It provide consultations for your returns if necessary. If your entries are really complicated, you can make use of this service. Above all that, this software ensures that the data entered are extremely secure. H&R Block also helps in filing the returns in a short span of time. If you are looking for hassle free tax filing and post taxation support, this is your way to go.
myITreturn is a government authorized e-return intermediary that is registered with the Income-tax department of India. This subsidiary of Skorydov Systems Private Limited was launched in 2006. One of the distinguishing features is its inclusivity. It helps people to file Income Tax Returns in 9 different languages (English, Hindi, Gujarati, Marathi, Tamil, Telugu, Kannada, Malayalam, Bengali and Punjabi).
This product of Vittena has gained its popularity amongst its target audience in a very short span of time. It is because VitteTax is India’s first interactive tax planning tool. It helps you to plan your taxes depending on your expenses or incomes. It is customized. This app serves the best for pensioners, self-employed people, NRIs, people seeking foreign employment, Salaried people etc.
This most trusted and largest tax filing website offers online preparation and filing of ITRs of individuals. However, there is no free service available from them. Their charges start from Rs.499. However, SBI customers have an advantage as they can get a 50% off on the charges. Like any other paid websites, they have different plans depending on the requirements of the individual like Plus, Assisted and Optimizer. And there are three categories of filing like Salary e-file, Investor e-file and Business e-file. If you are looking for a reliability guaranteed source, this is the best option due to its reputation and popularity.
ClearTax
ClearTax – Manage and File taxes online
If your requirements are more than just managing and filing your taxes, then ClearTax is a good option. And if your additional requirement is to manage your business compliances, then you need not think twice before using this software. Their service helps you save taxes using various investment strategies. The color on ClearTax further increases with the fact that they offer solutions for GST as well. Their services are so efficient that they automatically adjust the taxes paid in advance and also select the relevant ITR forms.
EzTax
Eztax – Online Income tax filing
This online tool makes income tax filing easy by helping people plan, prepare and save taxes. It is extended to both individuals and businesses. If you upload the photo of your form-16, it automatically reads from it. They have a tax optimizer that further improves your potential investment returns. Along with that, you are saved on your income tax by Eztax’s optimization of capital gains, salaries, property etc.
Taxsmile.com
Taxsmile – File ITR returns online
Taxsmile is yet another online platform where you can file your Income Tax returns. They have various options available depending on your requirements. The process of tax filing is free if you can do it by yourself. On the other hand, if you need the assistance of the software, pay Rs.500, upload your form 16 and Taxsmile will do the rest of the job. It is not only for people settled in India, but also for NRIs and corporates.
It is the ultimate destination for all your tax filing related concerns- fully automated. It also provides accounting solutions for individuals and businesses. It has connected itself with GST, TDS, ITR filing systems so as to simplify the process and enable the person to manage everything from one place. Additionally, they also facilitate importing of all important data from excel to tally. TaxRaahi is fully equipped with its inbuilt HSN (Harmonized System of Nomenclature) codefinder, user-friendly interface and tools that can compute TDS.
All India ITR
All India ITR – Income tax Filing Software
All India ITR is an e-intermediary that is certified by the Indian government. It is an app which is available on both Android and iOS. All India ITR offers 100% paperless and smooth processes. All you have to do is to upload the images or PDFs of form-16 and the app will auto read the document. Along with that, it fills the forms automatically and makes income tax filing hassle free.
ITR Filing Online Software – Conclusion
It has to be accepted that the software that is mentioned above has significantly reduced the struggle of filing Income Tax. The technological advancement and innovations have created a sense of security and reliability surrounding these online tax filing and preparation services. However, to be on the safer side, it is important to understand the nature and reviews of the software you are using. It is widely advised to use paid services rather than free services due to security concerns. Other factors you should consider before finalizing a software are –
Ease of usage
Extent of payment integration
Quality of customer support
License cost
Security features and Reviews.
These software has done their part in making tax filing easier. Now it’s our turn to show our responsibility by filing income tax correctly and on time.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byKredX.
Invoice Discounting, also known as Invoice Bill Discounting, is a method for a business to get working profits by issuing an invoice to a lender at a lower price than that mentioned on the bill. In this setup, the seller obtains the payments well ahead of the bill’s due date and can put the money to good use in his enterprise.
KredX, headquartered in Bangalore, Karnataka, is a web-based invoice discounting tool that allows businesses to fundraise for their operating expenses.
As of December 2019, KredX, an invoice discounting platform, has raised $26 million (nearly INR 184 crore) in Series-B fundraising led by Tiger Global Management, with participation from previous investors. In 2016, Sequoia Capital and Prime Venture Partners invested INR 40 crore in the company’s Series-A investment. The Bengaluru-based venture assists businesses with short-term financing needs by paying bills and receivables.
According to the company’s most recent data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country. Scott Shleifer, Partner at Tiger Global, remarked, “I believe the firm (KredX) has developed an efficient and reliable loan marketplace connecting Indian companies with institutional investors.”
About KredX and How it Works?
KredX is a company that creates an invoice-discounting platform that allows businesses to grow without having to worry about collateral. The business’s platform provides an investing software that connects micro, small, and medium-sized businesses seeking working capital with individual lenders, allowing firms to obtain working money quickly by selling outstanding receivables.
KredX is a platform where company owners can sell invoices raised on large cap firms and investors can buy them. By purchasing these future income flows, investors wishing to invest money for a short period of time (1-3 months) can earn substantial returns. It creates a whole new financial asset class by combining advanced software with credit underwriting and data and analytics expertise. This platform allows business owners searching for a cash advance on invoices raised against big-name institutions to sell these outstanding bills at attractive rates.
KredX assisted the business in managing its finances while maintaining that its client relationships were not jeopardized. They were able to grow and develop their business by partnering with KredX, raising liquidity without affecting the balance sheet. KredX’ s customized methods and structured solutions assisted the organization in effectively allocating resources for its expansion needs.
KredX – Mission and Vision
KredX was founded in 2015 with the sole purpose of assisting businesses with their working capital needs by leveraging an asset that sits dormant on their balance sheet in the form of accounts receivable.
KredX – Name, Logo and Tagline
KredX’ s Company Logo
KredX believes in improving people’s lives through its intuitive and innovative products, and its work culture reflects this belief. The team is dedicated to achieving the “all work and must-play” aim.
KredX – Founder and History
Anurag Jain is the Founder and Executive Director of KredX. KredX was founded in 2015 with the sole purpose of assisting businesses in overcoming cash flow difficulties and hence boosting growth.
The KredX range of products grew from an invoice discount platform to handle greater concerns including early payments for corporate treasuries through Early Payments Technology and Growth Capital solutions. At present, KredX is India’s biggest cash flow solution provider, providing unique capital solutions to businesses and their suppliers while also providing investors with a unique opportunity to make low-risk, high-return investments.
With just INR 2 lakh in the capital, the company that began with the goal of providing cost-effective goods and solutions in all areas of IT has developed into a professionally run supply-chain specialist with a revenue of INR 3400 crore.
On a daily basis, the company’s unshakable devotion to customer experience, irrepressible desire for excellence, seamless coordination among team members, and solid business ethics lead to a large and diverse clientele. The payment cycle can be pushed out across a few weeks in such instances. Dealing with major vendors whose payment timeframes may fluctuate, ultimately influencing their finances, is important to any company’s business growth.
KredX – Products and Services
The KredX Product Suite is a collection of following KredX products:
Working Cash Solution – Enabling businesses to obtain working capital in a short period of time while also giving investors with a lucrative return on their investment.
Growth Capital Solution – KredX’ s growth capital solutions assist firms in overcoming obstacles by offering upfront funding for expansion and growth.
Early Payments Technology — A cloud-based technology solution that allows businesses to make discounted early payments to their vendors.
KredX is a digital invoice discounting platform that allows businesses to acquire funds for working capital needs at advantageous terms by selling outstanding bills raised against blue-chip firms, while also giving investors a unique short-term investment opportunity.
The KredX business model is an alternative investment model in which you can begin investing with a minimum of 3 Lacs for a short period of time and expect a fixed return at the end of the investment period, which can range from 30 to 90 days. Annual returns range from 12 percent to 20 percent (as per their marketing material).
KredX – Revenue And Growth
At present, KredX’ s revenue is $31 Million. Through its network of lenders, digital lender KredX said it will disburse INR 1,000 crore in loans in the fiscal year 2021 through its revenue-based financing (RBF) product, with an emphasis on consumer brands and software-as-a-service (SaaS) firms.
Through its revenue-based financing product, KredX has disbursed loans to a number of brands trying to sell on e-commerce platforms like Flipkart, Amazon, and Myntra in the last two years.
KredX – Funding and Investors
Date
Round
Amount
Lead Investors
Dec 11, 2019
Series B
$26M
Tiger Global Management
Oct 25, 2016
Series A
$6.3M
Sequoia Capital India
Apr 13, 2016
Seed Round
$750K
–
KredX – Acquisitions
Acquiree Name
About Acquiree
Date
Amount
Hummingbill
Hummingbill is a B2B invoice platform that helps vendors and enterprises run more efficiently, using email plugins.
The organisation tried a variety of financial aid options in search of solutions to meet their needs, but there were a number of issues with the options, the most significant of which was the time needed in the process. There are various issues with the offerings, the most significant of which is the amount of time required to complete the process. Other disadvantages included:
Reduced the funding limit in accordance with existing policies and procedures.
To access standard offerings, the organization had to provide collateral and financial information.
Other types of short- and long-term financing were prohibitively expensive.
Obtaining capital for liquidity and expansion is a challenge.
KredX – Future Plans
“Being in the B2B payment ecosystem, our transaction processing volume has crossed $2.4 billion annually and is forecast to double in the next twelve months. With wider acceptance of our products, we are well-positioned to serve the entire spectrum of the supply chain for any company,” said Anurag Jain, executive director, KredX.
More than 120 companies use the platform, including Tata Croma, Future Group, and Vedanta. The company intends to use the additional funds to hire senior executives in order to accelerate its expansion. It also plans to use the capital to develop new products and make acquisitions.
According to the company’s data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country.
” I believe the company (KredX) has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors,” said Scott Shleifer, Partner, Tiger Global.
Referral Marketing is one of the newer methods of advertising a product which many companies have adapted for smarter advertisements. In previous years, it has been observed that ‘Word of mouth’ marketing strategies have been effective in making a content go viral, and they continues to do so. In such marketing, instead of going for traditional advertisement, Companies let their customers do the talking, and reward them for referrals. Referral marketing thus ensures greater marketing reach with lesser costs.
Referral Marketing is initiated by a business, and is meant to promote the products offered by the business. This also means that the business needs to track and regulate the referrals, which can be seamlessly handled by Referral Tracking Software. Referral Tracking Tools can be used by businesses ranging from SMEs to large corporations, and hence these software are in demand these days. Since these tools are meant for different business including retail stores, banks, restaurants and others, it is often problematic to choose which is the best suited tool for you. So here we compare 5 best Referral Tracking Software, to help you make the right choice.
Referral Factory is a software for businesses to run and track referral programs so the customers can be efficient in buying products and attract even more customers. It helps you turn your loyal customers into marketing assets, and increase your reach. Referral Factory offers flexibility in rewards, which you can regulate, while also offering several different referral templates to choose from, which help you go through with marketing strategy even if you are completely alien to it.
Features Offered by Referral Factory
Referral Factory offers you a collection of over 1000 templates of different referral programs to work with and choose the one that works for you.
Customers like nothing more than a reward. Set flexible milestones, and reward your customers accordingly, so you can get the best out of them.
Referral Factory offers you custom built-in notifications. Brand them as you like, and keep your customers in loop with regular notifications.
You can efficiently manage referrals by manually adding them or giving them referral links or QR codes.
Track your referral program in real-time and recognize your top referrers. With the help of an intuitive dashboard, you can also integrate with google sheets to manage this data.
Pricing for Referral Factory
Starter Plan
Basic Plan
Enterprise Plan
Costs €75 per month
Costs €150 per month
This plan offers custom pricing and needs the user to contact sales
All the basic referral program utilities with over 1000 referral templates
All features in Starter plan without Referral Factory branding
Allows for unlimited users and customizable front end
Allows you to build landing pages and templates with certain terms and conditions
Allows you to add buttons, links, and webhook integrations
Enterprise plan offers you a dedicated account manager along with advanced security features
Allows for up to 7500 users with basic reporting
Allows for up to 15000 users with advanced reporting tools
This plan offers custom reporting as well as reporting tools
Referral Rock
Referral Rock
Referral Rock is a referral tracking software that aims to ease customer tasks. Be it removal of roadblocks to enhance referrals, or to level up customer acquisition, Referral Rock has proven its worth and served over 1000 customer. Customer Referral programs give your customers a reason to invest more time in marketing for you, while your new customers are also influenced a great deal by the rewards. You also get to integrate the software with your existing system, for better productivity and management.
Features Offered by Referral Rock
Referral Rock system offers an easy onboarding and referral program with widgets, registration pages, and Google/Facebook signups.
It offers customers an enhanced engagement, offering them statistical insights, real-time activity notifications, and help them carry out email marketing campaigns.
Personalize the advertise and tailor the images and messages you share according to customer needs and expectations with landing pages and more.
Give away rewards and incentives upon reaching milestones and regulate the reward flow so it benefits, both the customer and the seller.
Analytics and Suggestions help you make sure you’re making the best business choices. Also target your friends and potential customers with a professional referral marketing team.
Pricing for Referral Rock
Starter Plan to set up and run a Referral Program
Growth Plan to run multiple Referral Programs with advanced features
Established Business Plan to scale your referral programs with branding and integrations
Costs $200 per month
Costs $400 per month
Costs $800 per month
Allows for 500 member with 1 referral program
Allows for 5000 users and lets you run up to 3 programs
Allows for 10000 users and lets you run up to 5 programs
Lets you manage unlimited referrals with standard rewards
Lets you manage unlimited referrals with advanced rewards
Lets you manage unlimited referrals with advanced rewards
Standard integrations with dedicated success manager
Advanced integrations with dedicated success manager
Premium and advanced integrations with dedicated success manager
Referral Hero
Referral Hero
Referral Hero offers you a referral program as an acquisition channel. It offers a two week course on how to build and sustain a referral program, and multiply and expand your business in a matter of months. With custom widgets, social sharing, automation, and analytics, Referral Hero might just be the platform for you to take your business to a higher level and scale seamlessly, with customers bringing in more customers.
Features Offered by Referral Hero
Use custom widgets free of backlinks, along with custom design, branding, referral links, and social sharing.
Referral Hero offers users automated behavior triggered emails, and helps segment users based on their activity to have a more organized user experience.
Review and confirm referrals with a smart leaderboard, and manage access codes distribution without much haste.
Powerful analytics helps you identify your top ambassadors and reward them likewise. Also seamlessly track attribution and sharing channels with Referral Hero.
Individual Analysis also allows you to view and assess the activity of each subscriber, and export data in a csv file.
Offers various integrations such as MailChimp, Intercom, and Shopify with FB Pixel Integration
Offers users unlimited campaigns with memorable referral links and email automation
Offers the use of webhooks with ReCpatcha tool
Offers users an anti fraud algorithm with coupon codes
Allows for custom sender domain with API access and use of webhooks
Premium plan offers user SMS verification and priority support
InviteReferrals
Invite Referrals
Invite Referrals is one of the simple and easy to integrate Referral program software, that helps you grow your business. From sharing, registrations, sales, to conversion, Invite Referrals gives you the best referral strategy and implementation methods to scale your business. While it works with multiple platforms, Invite Referrals also offers you analysis tools, custom campaigns, social sharing options and reward flow.
Features Offered by Invite Referrals
Works across different platforms with adaptable widgets, and offers in depth analysis with real-time referral program tracking.
Invite Referrals Editor allows you to run custom campaigns without having to code to create widgets and emails.
Invite Referrals offers simple mobile integrations through SDK, along with a small block of JavaScript code for websites.
Invite Referrals also allows you to create and manage multiple rewards for achieving milestones, and allows you to export campaign data.
With a plethora of social sharing options, Invite Referrals allows you to import email, along with social media platforms and custom invitation messages.
Pricing for Invite Referrals
Basic Plan
Standard Plan
Enterprise Plan
Costs $79 per month when billed annually and $99 per month when billed monthly
Costs $199 per month when billed annually and $249 per month when billed monthly
Enterprise plan offers custom pricing and you need to contact sales
Offers you up to 1000 new referrers per month
Offers you up to 3000 new referrers per month
Offers greater number of referrers and campaigns according to the custom pricing
Offers 3 campaigns with account access of 1 member
Offers 6 campaigns with account access of 5 member
Offers account access of 10 members with email and skype customer support
Email support with a response time of 24 hours
Email support with a response time of 16 hours with a personalized program
Personalized program with a dedicated account manager and custom developments
InviteBox
InviteBox Referral Tracking
InviteBox helps you reach new customers with a social referral program. It offers a simple process of initiating and running your referral program by pasting a snippet code of a widget on your website, and InviteBox interface takes care of the rest. You can come up with your own reward idea of your referral program, and have appropriate incentives for your loyal customers, in turn, helping you grow.
Features Offered by InviteBox
Arrange proper and incentives for your customers to make your referral program run better with advanced technical assistance.
Referral ideas for E-commerce stores such as coupon give away, as well as for that of SaaS, including unlocking of advanced features and more.
InviteBox also helps you if you are an individual, such as a blogger or a musician, with poll results, music tracks, rewards and more.
InviteBox also offers different reward programs for your customers such as instant rewards and goal based rewards.
InviteBox gives its users the best experience with social media integrations, advanced and actionable analytics, and more.
Pricing for InviteBox
InviteBox offers its users with three different pricing options, them being, Startup Plan, Small Business Plan, and Unlimited Plan. The Startup Plan offers up to 100 campaigns per month and comes at a cost of $29 per month, while the Small Business Plan costs $59 per month and allows for 1000 campaigns per month. The Unlimited Plan as the name suggests, offers unlimited campaigns per month and costs $199 per month.
FAQs
What is referral marketing?
Referral Marketing is one of the newer methods of advertising a product which many companies have adapted for smarter advertisements.
How do you market a referral program?
Some other methods you can use to market your referral program include 1. Promote your referral program with email marketing 2. Share your customer reviews 3. Make sure you have social share buttons 4. Include your referral program on the homepage of your website as well as a dedicated landing page 5. Include in your customer accounts
How to Create a Customer Referral Program?
Set your goals
Research how referrals are coming to your business
Piyush Mishra
Lakshya Singh
