Financial record keeping is absolutely paramount irrespective of the size of the business. Typically, most newer businesses will have trouble keeping and maintaining accurate financial records. Self-employed and freelance work can be even trickier. This can quickly become an issue when it comes time to report taxes for the quarter or year. One major challenge that comes with smaller businesses is the separation of personal and business expenses. Business expenses can oftentimes be written off at tax time, and there are several free tax tools that can help with that. One of the easiest ways to keep expenses separated is to open a bank account separate from your personal account for accurate reporting of business expenses.
According to a survey, 82% of business fails due to poor cash-flow management. Business can grow well without technical hitches. Are you experiencing challenges in terms of keeping proper financial records? Here are some basic points that you need to consider How to keep Business and Personal Expenses Separate.
Personal and business accounts are two separate things. Each of them has got its own expenses. Separating accounts means you can measure each one’s independence. Reconciliation is easy by reviewing bank statements. Filing of taxes becomes a simple task.
Separate Personal and Business Receipts
It is definite that in both business and personal business, transactions will be made. It is important to sort and keep expenditure receipts separate. Financial accounting becomes very easy. When it is time for auditing your business, auditors will not bother with personal receipts. Priority will be given to business receipts hence saving time.
Acquire business credit card
Business Credit Card
Credit cards are very convenient. They keep you safe from carrying a lot of cash which is a security threat, especially to third world countries. Record keeping becomes efficient. Tracking of expenses is done by use of statements. Some credit cards give a summary of transactions yearly, therefore, saving time when filing returns. Withdrawal is done anytime when you are in need of urgent cash. They offer protection when purchasing. Credit card companies are ready and willing to take up disputes on your behalf. Enjoy low-interest rates and money is controlled effectively.
Establish a Business Budget
Always learn to stay within the limit. Never chuck money out of business aimlessly that you are sure you would be able to return. This situation can be avoided. The shortfall of a business do occur and most of the time you get yourself surfacing using the personal money. Budgets ideally should be developed based on earnings of the current business.
Notify Family on Business Status
We stay with people that depend on us in so many ways. Therefore, finances both personal and business involve quite a number of people. Make sure you are at par with family members and speak the same language at all times as far as finance is concerned.
Understand Business Expenses
Understand Business Expenses
It is important to understand operating expenses of a business. This includes costs of insurance, business supplies, rates for the taxes, costs for rent, and costs for repairs. It is prohibited to take out money from a business for things like food and family entertainment. It doesn’t matter how you keep good records for this but this doesn’t count at all.
Separate Home and Office Matters
Home and office are two separate things. Even if you have created an office in your home, it does not warranty you to use business funds to cater to house utility bills. Costs can be shared between both lines.
Keep Record of Business Items Usage
Sometimes due to limited resources, we cannot afford to have separate resources for each. There are times that we are forced to use personal things to run business errands. The Proper log should be kept to track on the expenditure and share the relevant cost.
Seek a Professional Financial Advice
Financial Advice – Audit Report
It does not mean we are stupid when we don’t understand some issues around us. Open up to a financial professional the moment you realize some areas are not okay. This is their area of the profession and is assured they will come up with a workable system to fix your issues.
Pay Yourself Worth Salary
Demands for life are many but we should not take out of business what we don’t deserve. The business will operate at a loss. It is easy to keep the proper budget for both personal and business expenditure hence proper financial accounting records.
Conclusion
Let us remain disciplined when operating a business. Maintaining proper records help business to run smoothly. Cash flow projection and statements are also put in an orderly manner for easy tracking. Hopefully, above ideas will help you to keep your business and personal expenses separate. Share this article with your friends and comment your thoughts.
How to Keep Business and Personal Expenses Separate?
Open a separate bank account and a credit/debit card for that account and it should be solely used for business expenses. Same goes with your personal account and plastic cards, that they should not be used for carrying out business expenses.
Why is it important to separate personal and business finances?
A significant reason to keep all personal and business finances and expenses separate are for tax and tax deductions.
How to separate business and personal expenses?
Obtain an EIN
Incorporate your business
Open a business bank account
Apply for a business credit card
Pay yourself a salary
Separate receipts
Understand the difference between personal and business expenses
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byMarico.
The consumer goods market is a group of stocks and companies that deal with goods purchased by individuals and households rather than by businesses and industries. Food manufacturing, baked goods, garments, drinks, vehicles, and electronics are also part of this industry.
Marico Limited is a leading consumer goods company in India, offering a wide range of food, beauty, and wellness products and services. Marico has offices in over 25 countries across Asia and Africa, with its headquarters in Mumbai, Maharashtra, India.
As of January 2021, Marico was adopting a digital-first approach for premium foods.
Marico, a major Consumer goods business, is aiming for a bigger share of the food market. Marico wants to increase revenue from its food sector to INR 500 crore in FY22, up from less than INR 200 crore the previous fiscal. Sanjay Mishra, COO of Marico, spoke about the company’s renewed emphasis on the men’s grooming market, as well as strengthening the company’s premium product range and introducing “mass products with differentiation.”
“The big picture is that we want to be present in the foods segment, in the premium as well as mass categories. For the premium segment, we are going to adopt a digital-first approach. This calls for doing multiple things including creating new categories and tapping categories that are huge in the digital space. We started by prioritizing Saffola Fittify and Coco Soul as digital-first brands to see the response we got. Over time, we have learnt that there is a demand for these categories, but at this time, the market size is very small in the country. Hence, we are focusing on creating categories digitally,” said Sanjay Mishra, COO of Marico.
About Marico and How it Works?
Marico Limited is a leading consumer goods company in India, specializing in food, beauty, and wellness. Marico has a presence in over 25 countries across Asia and Africa, with its headquarters in Mumbai. It nurtures leading brands in hair care, skin care, edible oils, nutritious foods, hygiene, male grooming, and fabric care, among other categories. Marico’s goods are a part of millions of people’s everyday lives all over the world.
Parachute, Parachute Advansed Livon, Set Wet, Mediker, Saffola, Nihar Naturals, and Revive are some of the famous Indian household brands. Parachute, HairCode, Ingwe, X-Men, Caivil, Isoplus, Code 10, Hercules, Black Chic, and Thuan Phat are among the foreign brands that have been localized to meet the fashion needs of international customers.
Marico – Vision and Mission
Every member of the Marico family has a vision of long-term growth and prosperity while also attempting to have a positive impact on the entire business ecosystem. They collaborate to improve the lives of all of their stakeholders, including consumers, investors, members, and society at large.
The corporation has always taken steps to minimize negative environmental impacts while focusing on the common benefit of the people. It inspires people to contribute to society in every way they can. Marico claims that businesses and social organizations can improve their economic and social values through creativity and innovation. Instead, it is one of the company’s core principles.
Marico – Founder and History
Harsh Mariwala entered his family’s company, Bombay Oil Industries, in 1971, and by 1974, he had imagined an FMGC market for coconut and refined edible oils in smaller consumer packs, and had established a national distribution network for Parachute. And it was then that the first blue bottle of parachute oil appeared in Harsh’s invention.
Harsh Mariwala, Founder of Marico
Marico was born on April 2nd, 1990. Marico also released another haircare product, Hair & Care, a non-sticky hair oil, in the same year. Sweekar sunflower oil has also become a household name.
In 1992, Marico relocated its headquarters from Masjid Bunda Bazar to upscale Bandra. The business transitioned from being an exporter to an international marketer in 1992, when it opened its first overseas office in Dubai.
Marico – Name, Logo and Tagline
Marico’s tagline says, “Marico – make a difference”. The firm has always taken steps to minimize negative environmental impacts while focusing on the common benefit of the people.
Company Logo of Marico
Marico – Products
Hair Oil
Nihar Naturals Sarson Kesh Tel
Nihar Naturals Shanti Amla Badam Hair Oil
Parachute Advansed Deep Conditioning Hot Oil
Parachute Advansed Aloe Vera Enriched Coconut Hair Oil
Parachute Advansed Coconut Hair Oil
Parachute Advansed Jasmine Hair Oil
Hair & Care Fruit Oils
Nihar Naturals Coconut Hair Oil
Coconut Oil
Parachute Coconut Oil
Nihar Naturals Coconut Oil
Nihar Naturals Uttam Coconut Oil
Hair Serum
Livon Silky Potion Hair Serum
Hair & Care Silk n Shine Hair Serum
Anti-Hairfall
Livon Hair Gain Tonic
Parachute Advansed Ayurvedic Hair Oil
Parachute Advansed Ayurvedic Gold Hair Oil
Parachute Advansed Scalp Therapie Hair Oil
Male Grooming and Styling
Parachute Advansed Men’s Hair Cream Range
Set Wet Beard Styling Gel
Set Wet Deodorants
Set Wet Styling Gel
Wellness
Saffola Oils
Saffola Aura – Olive & Flaxseed Oil
Saffola Masala Oats
Saffola Multigrain Flakes
Skincare
Parachute Advansed Body Lotion
Marico – Business Model
The Marico business model is centered on focused growth across all of its brands/and territories, which is powered by constantly enhancing customer value propositions, market expansion, and expanding its retail presence. The model ensures Marico’s presence in niche / ethnic Indian product or service categories where traditional MNCs are weak.
Marico is a well-managed company that has created a stimulating work environment that empowers employees, facilitates teamwork, and encourages innovative ideas. Marico has risen to become one of the few profitable Indian FMCG companies over the years as a result of this.
Marico – Revenue and Growth
Marico Ltd posted a 13 percent increase in profit in the December quarter compared to the same period the previous year, despite rising raw material prices.
The company’s earnings beat analysts’ expectations, owing to strong growth across most of its portfolio. For the three months ended December 31, the manufacturer of Parachute coconut oil and Saffola edible oil posted a net profit of INR 307 crore, up from INR 272 crore the previous year.
In response to increasing prices, the company implemented selective price hikes in its main Parachute brand during the quarter. In India, Marico posted strong demand across 95 percent of its portfolio, suggesting that consumer sentiment is improving.
“In the India business, the company witnessed robust demand trends across more than 95% of its portfolio amidst steadily improving consumer confidence and a declining covid-19 graph. Traditional trade led the growth as the company took concerted efforts to drive excellence in execution. The company also continued to operate at reduced distributor inventory levels. Among the alternate channels, e-commerce witnessed augmented growth and modern trade also recovered sequentially to end flattish on a year-on-year basis,” the company said in a filing to the exchanges.
Marico – Key Financial Metrics
Financial Metric
2019-20
2018-19
Total Income
3504.00
3489.00
PAT Margin
-7.86
36.88
Equity Share Capital
93.03
93.03
Asset Turnover Ratio
5.61
7.14
Marico – Investments
Date
Organization Name
Round
Amount
Apr 18, 2018
Revofit
Corporate Round
–
May 18, 2017
Beardo.in
Funding Round
₹500M
Marico – Acquisitions
Acquiree Name
About Acquiree
Date
Amount
Beardo.in
Beard is an official brand manufacturer of natural ordinary oils or incompatible products to bearded man.
Marico faced an extreme challenge from Unilever at a critical juncture in its growth path. Back then, it was no secret that Parachute, Marico’s coconut hair oil brand, was the single largest contributor to the company’s portfolio. With the aim of wresting the market away from Parachute, Hindustan Unilever launched and began vigorously advertising their own brand Nihar.
HU’s aggressiveness was evident in its promotional campaign, which outspent Marico at every turn and drowned Marico out in the media with its deafening voice. Then came some alarming news from the field, with Marico salespeople reporting “green walls in retail stores.” Nihar was a green brand, while Parachute was a blue one. For Mariconians, visions of green walls became nightmares.
Explaining Marico’s strategy, Sameer Satpathy, Head of Marketing, said, “Our strategy has always been to focus strongly on brands; investments in brands in terms of what is correct for the brands, which builds long term preference for the brand. So, we fundamentally keep doing that and I believe that it is more important not only during times of slowdown, but also when there is a boom.”
Marico – Future Plans
Marico’s most aggressive strategy is in the food industry. It recently introduced honey, which it says is one of the purest in the world, as part of the Saffola brand. With Covid-19 still raging, Gupta says that people’s eating habits have been reorganized into three categories: health and hygiene, nutritional immunity, and ready-to-cook foods or between-meal snacks.
Marico does not yet have critical mass in health and hygiene, and has made its foray into the immunity room with honey.
Fortunately, 80 to 90 per cent of our portfolio consists of items of daily consumption where we can grab market share. And there is also a huge opportunity to quickly get scale in others so that they become a significant part of our portfolio,” says Gupta of the immunity-giving foods the company plans to launch.
Marico – FAQS
What does Marico do?
Marico Limited is a leading consumer goods company in India, offering a wide range of food, beauty, and wellness products and services.
Who founded Marico?
Harsh Mariwala is the founder of Marico.
Is Parachute a product of Marico?
Yes, Parachute oil is Marico’s product.
What companies do Marico compete with?
Top competitors of Marico are Hindustan Unilever, Procter & Gamble, Dabur, Advantice Health, Emami, Gillette India, Bajaj Consumer and Colgate.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byNearbuy.
Owing to a lack of time and fair prices, everybody nowadays prefers online shopping. The eCommerce industry was last valued at $22 billion in 2018 and is estimated to be worth around $200 billion by 2027. Thus, the growth that the eCommerce industry is seeing is beyond comparison. This outstanding growth that the industry has seen and the exponential growth that is predicted for the industry could only be possible with the range of successful players and the pioneers of the idea. Moreover, the e-commerce players have rapidly grown over the past couple of years to become hyper-local entities to serve their customers better.
Gurgaon-based Nearbuy is one of the firsts of Indian hyperlocal eCommerce companies. The Indian hyper-local eCommerce company, founded in 2010, has been built to extend an array of products across diverse categories for the customers to buy almost anything when it comes to services. So, whether the users want to dine online, relax at the best spas, or discover their city most intimately, it is Nearbuy that they looked up to.
Nearbuy.com, which was formerly known as SoSasta, Crazeal, and Groupon, was formed in 2015 and now stands acquired by Paytm since December 7, 2017, when the digital payments giant acquired Nearbuy and its parent organization, Little, signed a merger deal of the two well-funded companies. The company still stands as a hyper-local, deals-based, e-commerce services company owned by Paytm.
Here’s a look at Nearbuy.com and its Founders and Team, Mission and Vision, Startup Story, Business Model, Revenue Model, Growth, Funding and Investors, Competitors, Challenges Faced, Future Plans, and more.
As of September 2019, Ankur Warikoo, the co-founder and ex-CEO resigned from Nearbuy. Warikoo announced that he would step down as CEO of Nearbuy in November, handing over the reins to co-founders Ravi Shankar and Snehesh Mitra. Shankar, who was previously the COO of Nearbuy, will take over as CEO, with Mitra taking over as COO of the Paytm-owned firm. Warikoo will remain a shareholder and member of the company’s board of directors.
About Nearbuy and How it Works?
Nearbuy.com (Nearbuy India Private Limited) is India’s first hyper-local online services platform, built to let consumers and local merchants connect and interact along with helping them get the best deals possible. The company was first founded as SoSasta and was eventually acquired by Nasdaq-listed Groupon Inc in 2011. The company then changed its name to Groupon India in 2013. Finally, the company was named Nearbuy in 2015 when Sequoia Capital India and Ankur Warikoo bought majority stakes in the firm. Ankur Warikoo has no longer been the CEO since November 2019 when Ravi Shankar was appointed for the position.
Nearbuy.com was built with the aim to make things easily available for users. Whatever the needs of the customers may be, whether it is to enjoy fine dining, unwind at the world-class spas, or simply get their city known a little better, Nearbuy.com aimed to make all of them possible for the users.
Nearbuy provides its merchants with a clear branding and visibility-driven network that makes it easy for consumers to find their businesses in and around their locations. Nearbuy is available in 35+ markets, 18+ categories, and 100,000+ unique places, with over 50,000 merchants.
You can download the Nearbuy app from the Google Play Store or the iTunes Store to discover, purchase, and share exciting experiences around you.
Nearbuy – Mission and Vision
The mission statement of Nearbuy says, “We at nearbuy.com are taking hyperlocal ecommerce where it’s never gone before. So, if you thrive on the thrill of operating in a world of firsts,you belong at nearbuy.com.“
Nearbuy – Founders and Team
Ankur Warikoo, Ankur Sarawagi, Sumeet Kapur, Sachin Kapur, Ravi Shankar,and Snehesh Mitra are the founders of Nearbuy, which was founded in 2010.
Ravi Shankar, current CEO and Co-Founder of Nearbuy
Ravi Shankar L
Ravi Shankar did his Bachelors of Engineering before pursuing an MBA Marketing from Symbiosis Centre for Management and Human Resource Development. Ravi Shankar started with Wipro as a Presales Technical Consultant and went on to become the National Sales Manager there. Shankar was then the Business Director at Groupon. After leaving Groupon, Ravi Shankar joined Little Internet, where he was appointed as the CEO and Board Member. Nearbuy was the next company where he went on to become the COO, who was later appointed as the CEO for a brief period of more than a year. Shankar is currently serving as a Co-founder and Board Member of Nearbuy along with being the SVP at Paytm.
Ankur Warikoo
Mentor, angel investor, and public speaker, Ankur Warikoo is a Hindu College and Michigan State University from where he graduated with a BSc in Physics and an MS in Astronomy and Astrophysics, eventually pursuing an MBA in Finance from the Indian School of Business. Warikoo started as the Head of APAC market at Groupon Inc and was then appointed as the CEO. He was also a co-founder and CEO of Nearbuy and is currently serving as a Board member. Along with this, Warikoo is an Educator and Content Creator at Brand Warikoo and a Board member of the Indian School of Business.
Ankur Sarawagi
Another co-founder of Nearbuy, Ankur Sarawagi is an IIT Bombay alumnus from where he completed his BTech and MTech in Mechanical Engineering and Computer Integrated Manufacturing along with a Minor in Operations Research. Starting from Bain & Company, Ankur joined Groupon as the Director of Sales. However, it was only a brief stint that Ankur had with Groupon, eventually moving on to co-found Nearbuy. Ankur is currently serving as the Vice President, International Growth & Managing Director of WeddingWire India at The Knot Worldwide, which came into being as a result of the merger of WeddingWire and The Knot. Sarawagi has also served as the VP & Country Manager at WeddingWire.
Snehesh Mitra
Snehesh graduated from IIT Kharagpur in Electric and Electronics Engineering. Mitra was the co-founder Urban Blocks and Nearbuy along with being the CTO of the former and CTO, COO, and CPO of the latter organization. Mitra is currently serving as a Product Manager of Google. Along with these, Snehesh had also previously worked with Algo Works, Mobicules Systems, NDS Limited, Headstrong, HCL Technologies, and more in numerous key designations.
Sumeet Kapur
Sumeet Kapur is also known as the co-founder of Nearbuy. Kapur was a student of Delhi University from where he completed Bcom. (Hons.) before moving on to The Institute of Chartered Accountants of India and completing his CA degree. In his career, Sumeet has been the Co-founder and Director of Finance at Edutopper, CFO and Regional Financial Director of Emerging Markets (APAC), Co-founder and CFO at Nearbuy.com, Co-founder at Inflexion Point and is currently serving as a Founder and CEO at Wellcure.com.
Sachin Kapur
Sachin Kapur is also a Delhi University alumnus, who next went to obtain a PGDBM, Management from the Centre for Management Development. Starting with a brief stint at Fever 104 FM, Sachin went to become a Sr. Manager Marketing and Strategy at BigRock. Leaving the company after a year and a half, Sachin Kapur then moved on to become the CMO of Groupon. He eventually became the CO-founder and CMO of Nearbuy. Presently, Sachin is serving as Sr. Director Marketing at Coupang.
Nearbuy, owned by Paytm, is currently around 160+ employees strong.
Nearbuy – Startup Story
Nearbuy was formed or rather named in 2015. The company was founded as SoSasta in 2009, but it was acquired in 2011 by the Chicago-based parent of Nearbuy, Groupon Inc., in 2011 with an aim to begin operations in India. It then changed its name to Groupon India in 2013.
Ankur Warikoo and Ravi Shankar worked for Groupon as executives, with the former leading the company after the founders of SoSasta left. After Sequoia enabled the exit of Groupon Inc in 2015, Groupon India was rebranded as Nearbuy. Nearbuy, along with Little, was purchased by the payments company Paytm in a distress deal two years later. Paytm helped promote a share exchange arrangement between Little and Nearbuy shareholders, which resulted in Nearbuy becoming a wholly-owned subsidiary of Little Internet.
The purchase price for both companies was set at INR 272.31 crore. Following the acquisition, the company gained access to a large pool of capital along with a large Paytm userbase. It, however, struggled to make an impact because sales were unable to keep up with expenses. The company had total revenue of INR 33.28 crore in FY18, with losses of INR 49.11 crore.
Nearbuy – Name, Logo and Tagline
Nearbuy’s old name is Groupon India. After the rebranding of Nearbuy in August 2015, Groupon became a minority stakeholder in nearbuy.com.
Nearbuy’ s Company Logo
“The Lifestyle App” is the tagline of Nearbuy. Nearbuy comes in and says “Let us give you a discount for visiting the place through us.”
Nearbuy – Business and Revenue Model
Nearbuy is an Online-to-Offline services ecommerce platform, which is currently owned and funded by Paytm, established to connect the consumers with India’s largest network of local businesses. nearbuy.com makes it easy for the consumers to discover their worlds along with helping them avail exclusive deals across categories such as restaurants, spas, salons, movie halls, retail stores, amusement parks and more.
The key highlights of Nearbuy business and revenue model are as follows:
Nearbuy makes a contract with local stores and service-based businesses such as spas and salons.
Retailers promise to lower their rates in exchange for being featured on the website.
Nearbuy makes the majority of its profits by charging a fee of 2% to 25% of the sale price.
Retailers receive a substantial amount of revenue in exchange for providing such steep discounts on the website.
They often accept advertisements on the website, increasing the company’s revenue.
Nearbuy – Revenue and Growth
In terms of sales, FY18 was another low year for the firm. Though the company’s overall revenue rose by just 4.9% from INR 31.73 crore in FY17 to INR 33.28 crore in FY18, its basic turnover decreased by 16.4% from INR 28.22 crore to INR 23.58 crore. This simply suggests that the minuscule rise in sales was not due to the company’s main operations. Instead, it leaned on a 2.76X increase in other revenue, which increased from INR 3.52 crore to INR 9.7 crore.
Nearbuy.com claims to be present in more than 33 cities across 18+ categories. Furthermore, the company has more than 68,000 merchants to deal with across 100,000+ unique locations. Here’s some more growth highlights of the company, as reported on March 2019:
It has a monthly active users count of 3 million
It receives around 7.5 million monthly visits
Nearbuy app has been downloaded by 4.9 million users
The biggest obstacle, according to Ankur, the former CEO of Nearbuy, was to build the group, to which Nearbuy belongs. Users would mistakenly think of the business as a deal and discount platform, which is exactly what Groupon was. The mission of Nearbuy is to put the offline world online in a way that allows users to discover, buy, and save.
Simply informing consumers that they can purchase their favorite restaurants, spas, salons, entertainment zones, hotels, brands, and other services online and then walk in to consume them while saving money is a huge challenge in and of itself. Few people get it, but the majority do not. They don’t consider it a normal part of their lives.
“I often say this internally – our job at Nearbuy is not to grow the company, rather to build a completely new way for Indian consumers to explore the offline world which was a big task,” says Ankur.
Nearbuy expects revenue of INR 255.99 crore and a net profit of INR 17.73 crore by 2022-23. The estimated sales, according to Warikoo, are reasonable and vary from the Gross Merchandise Value (GMV, or total value of merchandise), which is much higher.
“We are capitalized and on a growth expansion mode. As long as we are unit economics positive, we can manage our fixed costs with the investment raised out of this merger. The plan is to grow this number to 250,000 in three years. We have a maximum available universe of roughly around 350,000 merchants” says Warikoo.
Warikoo claims that discretionary spending among Indian consumers has increased by more than doubling to 7% of individual income over the last decade.
Nearbuy – FAQs
What does Nearbuy do?
Nearbuy.com (Nearbuy India Private Limited) is India’s first hyper-local online platform, allowing consumers and local merchants to connect and interact. Nearbuy.com makes it possible for you to enjoy fine dining, unwind at world-class spas, or simply get to know your city better.
Who founded Nearbuy?
Nearbuy was founded by Ankur Warikoo,Ravi Shankar and Snehesh Mitra in 2015.
Which company owns Nearbuy?
Paytm owns Nearbuy.
How does Nearbuy make money?
Nearbuy did not charge its merchant anything for setup. Customers are only charged a fee for each purchase they make. Depending on the popularity and category, the commission ranges between 2% and 25%.
Which companies do Nearbuy compete with?
Top competitors of Nearbuy are Gmarket, Magicpin, Paytm, Grofers India Pvt, Shopee, Blibli, Amazon India, Swiggy, CashKaro, and LivingSocial.
Many of you must have heard the word “Dropshipping”. Your friends must have been telling you again and again. Many other people must be talking about it around you. But you have no idea what they were talking about. So let’s face it.
According to a report 27% of online retailers have adopted dropshipping. We will tell you about dropshipping which can be an amazing business opportunity for you. If not, it will still be better to know about this term. Before getting directly to how dropshipping works, we will be knowing what it is.
Dropshipping is a supply chain management system. In dropshipping, the retailer does not necessarily keep the stock of the good every time. The product is delivered to the customer directly from the wholesaler. People say it is investment free and you can make so much money from it. Yes, it is true, but it cannot give long-term success. There are many apps and websites available which can let you earn for free. But, if they are free, then there must be a big crowd of people who are doing it. And very few unique niches left when there is that much competition. So, I would suggest you create a website and raise your own business to the sky.
How Dropshipping Works?
How Dropshipping Works
Dropshipping is not that tough to understand that you think you it is. Take an example of C (customer), R (retailer) and W (wholesaler). C visits the website of R, which is R.com. C sees an amazing watch for Rs. 1000 and he immediately click at the “buy now” option. After filling details, he gets an email that the watch will be shipped in the next 4 or 5 days. Now, let’s go to R. R receives the order and the payment. He just informs about it to W and pays him Rs. 600 for that watch. W gets to know about the order C just made. He prepares the watch to supply it to C. C gets his watch, R gets his profit and W gets his money too. Everyone is happy. Do you see? R is making money out of nothing. He just took C’s money and bought the watch from W and made a profit. This is what Dropshipping is. But remember, it is not that simple as it seems in the example above. You have to work your butts off in making the strategy to make a profit.
Why Customers Don’t Go Directly To “W”?
What is Dropshipping
I know you must be thinking how stupid that customer is. Customers can directly go to wholesalers’ websites and order directly from there and get an amazing discount. But just imagine, you are in a Facebook group of around 6,00,000 people. Many people post good reviews of the products the admin posts in the group or on his website. Will you go for this man? Or will you directly go to some Chinese wholesaler website and buy from it. You know nothing about that Chinese company. So definitely, it will be so insane to buy from that website. However, on the other hand, you buy that product from that group’s admin. In case, there is something wrong, you can contact him or post in the group at least. But there will be no one to hear you out on that wholesaler’s website. That is why people buy from the retailers rather than buying directly from the wholesaler.
Benefits Of Running A Dropshipping Business
There are many advantages to the dropshipping business. Some main of them are:
1. You can run your business from anywhere in the world. All you have to have is your laptop, your phone and internet access.
2. It is a mobile business because you don’t have to worry about inventory and warehouse management. So, you don’t have to spend money on those investments.
3. There will be no headache for the leftover stock as you don’t own any stock at all.
4. You can easily try a new product without buying it if you want to. All you have to find is the supplier.
5. The shipping takes less time as the product is shipped directly from the wholesaler to the customer. Speaking of which, the retailer also saves so much time as they do not have to manage the products physically.
1. A lot of competition makes it difficult to sell a product. Even if your quality is good, you can’t expect too many customers. Unless you are selling a unique product.
2. You might have to suffer the low margin. As the supplier is doing most of the work, they may ask you for much more money than you expected.
3. You need to have good networks. Although there are many dropshipping suppliers available online, you can’t believe what they are saying.
4. There is no point in your dropshipping business unless you have a good brand identity. If no one knows you, no one will come to you. So you will have to work on building a brand.
5. You can experience times when your supplier will just raise both hands and say I don’t have the stock. In those cases, you can’t say anything but find other suppliers.
Yes, you can start dropshiping on 2020. But the competition is much higher than before. Hence, If you want to do a dropshipping business, please do deep research on this topic first. Furthermore, meet people who are already doing it and also those who have failed in it. Also do the product research and find best products for dropshipping in 2020. Don’t think it’s easy to do this. Moreover, if you want to play it safe, go for free ways to do it. Go for Shopify 14 days free trial and sign up to Oberlo. This would give you a basic idea of how it works. But do not expect much from it. If you fail to make money from this method, that doesn’t mean it doesn’t work. Try building a brand or a Facebook page with many followers.
Conclusion
The dropshipping business can be started with very little investment. But that doesn’t make it is an easy job. Every work in this world is equally hard. Only an intelligent person makes it easy to do. And intelligence comes from experience. Do dropshipping but also expect failure and loss from it. Learn to make a smart move in this field. Moreover, always have a backup in this business as your supplier can take his step back anytime.
This was our overview of dropshipping which also covered how dropshipping works.Share this post with all those friends who always keep annoying you by telling about easy business ideas. And let them know what a real business is?
FAQs
How do Dropshippers make money?
Dropshipping businesses act as product curators, selecting the right mix of products to market to customers. Remember, marketing is a cost you incur, in both time and money, helping potential customers find, evaluate, and buy the right product.
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.
Alibaba Group Holding Limited which is also known as Alibaba group is a Chinese based technology company. The company was founded in the year 1999 and has its headquarters located in Zhejiang. Alibaba group specializes in e-commerce, internet, technology and retail sectors. The company has recorded a loss for the first time ever, so let’s look at the reason behind it.
The top e-commerce platform of China Alibaba had recorded a loss of 7.66 billion yuan on 13 May 2021 for its first quarterly results. This is the first time the company has recorded a loss in its history after going public in the year 2014.
The company has recorded an annual revenue of 930 billion yuan for the year ending March 2022 which is more than what they had estimated that is 982.25 billion yuan.
There was an increase in the core commerce revenue of the company of around 72% which was amounted to 161.37 billion yuan in the fourth quarter. But the company’s cloud computing has seen a slow in its growth which had reduced by 58% to 37 % compared to the previous year to 16.8 billion yuan. This is considered to be the most weakest growth since the year 2016.
The overall revenue of the company has seen an increase with 187.4 billion yuan for the fourth quarter when compared to the Refinitiv forecast of 180.41 billion.
The main reason for the recorded loss by the company is considered to be the regulations bought in by the Chinese regulators. The regulatory crackdown in China had led to the suspension of one of the biggest IPO of the affiliate company of Alibaba Group, Ant group where the IPO was estimated to be USD 37 billion.
Other than that, the company was fined by the Chinese regulators on the basis of anti-competitive business practices with a fine of USD 2.8 billion. The fine had led to an operating loss in the fourth quarter of around 7.66 billion yuan.
The slow growth in the cloud computing sector is due to a top customer which had a huge presence outside of China in the cloud computing business of Alibaba. The company had conveyed that the customer had ended its business for non-product related reasons which led to the slower growth.
The US listed shares of Alibaba group had seen a fall of around 3% in the choppy market even though there was an increase in the revenue of the company as the pandemic had forced people to depend more on the e-commerce solutions and would help the company recover easily from its losses.
It is seen that since the shares of Alibaba group had hit a record high in October, the US listed shares have fallen more than 30% as the founder Jack Ma had delivered a speech in Shanghai where he criticized the financial regulators of China.
Brock Silvers who is the Chief Investment Officer at the Hong-Kong based Adamas Asset Management has said that the fall in the share price of Alibaba reflects that there is anxiety amongst the investor community in regards to the regulation.
He added that the company has currently faced a huge regulatory risk, which has now become a threat to the entire technology sector.
Daniel Zhang who is the Chief Executive officer had conveyed in an earnings call that the penalty decision had motivated them to reflect on the relationship between the economy of the platform and society, as well as their commitments and their social responsibilities.
FAQ
Who owns Alibaba now?
SoftBank Group is the major shareholder of Alibaba.
Who is the current CEO of Alibaba?
Daniel Zhang is the current CEO of Alibaba.
Is Alibaba bigger than Amazon?
Amazon is vastly larger than Alibaba.
Conclusion
Alibaba group is one of the largest and successful e-commerce groups in China. As of 2020, the company has around 779 million active subscribers.
SHIFT which is a software testing company that is based in Japan has seen an increase in its stock price of around 5,300%. The CEO of the company has shared the secret behind the surge in the stock price of the company. Let’s look at the reason for this bull run in the stock price of the company.
Shift was established in the year 2005 by Tange. He was grown up in an ordinary family in the Southwest Japan and started the company after completing his master’s in mechanical engineering and spending more than 5 years in working for a consulting firm.
Before entering the software testing business in 2009, Shift was involved in advising companies on how to improve their profits. Tange had conveyed that he would want to change the perception towards the job of software engineering from considering it as a second-rated job by increasing their pay.
For example, for a service that would be charged in the market for 3 million yen would be charged 2.5 million yen by the company. This strategy helped them win more clients and the engineers who would get paid around 400,000 yen for their work would be paid 700,000 yen by Shift. This was possible by cutting down the middlemen.
Yusuke Santo who is a software developer of a company acquired by Shift has said that his salary had jumped more than 70% post the acquisition. He said that Shift was a huge turning point in his career. Shift has acquired more than 14 firms from the year 2015 with an increase in their number of permanent engineers from 228 to 3,308.
Tange has conveyed that his business model is an attempt to remove the inefficiencies in the software industry of Japan. The subcontractors take cuts from the top industry and later pass on the work to the lower companies which reduces the pay of the engineers.
He also said that it is a step to taking a break from the Mergers and Acquisition strategy of buying a business in order to reduce the cost. He conveyed that he is on a mission to rescue the young employees and would want to create a fair working environment through the Mergers and Acquisitions.
Rise in Shift’s Shares
The shares of Shift Inc. have seen a rise of more than 5,300 % since the day it went public in the year 2014. The company is considered to have shown the second-best performance in the benchmark of the Tokyo stock index.
The market capitalization of the company has seen an increase to around USD 2.3 billion, where Tange holds 33 % of the stock which has a valuation of about USD 745 million.
The market size of IT Industry in Japan
The Strategy of Shift behind the surge of Stock price
The CEO of the company Masaru Tange has shared the strategy where he says that increasing the pay of his engineers is the secret behind the surge in the stock price of his company. He conveyed that he acquired smaller firms and increased the pay of the workers. This is the ultimate strategy that boosted the share price of the company.
The company would acquire other businesses that are at the bottom of the supply chain industry and increased the salary of their engineers. He communicated that he is able to do so and charge competitive prices from the company’s clients by cutting down the company’s that act as a middleman in the outsourcing process.
He added that having more workers in your company leads to an increase in the number of sales.
According to Go Saito who is an analyst has conveyed that increasing the number of engineers leads to an increase in the revenue as the company will be able to do more business. The sales of the company can be derived by multiplying the number of engineers and the unit price for engineers.
He also conveyed that the company has a highly qualified human resource as they have created a framework of skill developed engineers. In the year August 2020 the revenue of the company had increased to 28.7 billion yen compared to 208 million yen 3 years back.
The company forecasts an increase in its revenue this fiscal year to 45 billion yen and is expecting to reach 100 billion yen by the end of 2025. The CEO of the company has said that the company is the best in its field in Japan.
FAQ
Who is the founder of Shift?
the Founder of Shift is Masaru Tange who founded the company in 2005.
What does Shift Inc. do?
Shift is a software testing company, headquartered in Tokyo.
What is the revenue of Shift?
The revenue of Shift was ¥28,712,177 thousand in 2020.
Conclusion
The shares of Shift haven’t fallen much and the most recent was during the month of October where the company had seen a fall of around 22% as investors had sold high-technology stocks. Even after the fall in shares, the company is estimated to be trading more than 80 times the estimated earnings.
Byte Dance which is a parent company of popular short-video app TikTok which has a huge market worldwide. The popular application was banned in India and was about to be banned in the United States. Recently the founder of TikTok and the CEO of ByteDance had announced that he is going to quit from his positions as a CEO. Let’s look at the reason why he decided to quit from the post of CEO of ByteDance?
ByteDance is an international internet technology company that is based in China. The company was founded in the year 2012 and has its headquarters in Beijing and it is legally domiciled in the Cayman Islands.
ByteDance is the developer of TikTok and Douyin who are video sharing social networking services. In the year 2017, the company had acquired Musical.ly which was a famous social media startup and combined it with TikTok.
As of 2018 the company had around 800 million daily active users. As of March 2021, the company has a valuation of more than USD 250 billion.
Why Zhang Yiming is Stepping down as Bytedance’s CEO?
Zhang Yiming was the founder of TikTok and he is currently the CEO of ByteDance. He is one of the major pioneers behind making the tech giant successful and making it one of the biggest names in Chinese tech.
Yiming had announced that he will be stepping down from the post of CEO. He had announced that in an internal memo sent to the employees on 19 May 2021. The major reason for stepping down from the position as mentioned is that he lacks some of the skills required by an ideal manager.
He added that, he is more interested in analyzing the principles related to the market and organizations and to leverage these theories which will help in reducing the works related to management rather than managing people.
He also conveyed that he would prefer reading and day dreaming than running the tech giant. He added that he would transition to a new role by the end of 2021 where he would concentrate on long-term strategy, social responsibility and corporate culture.
Zhang Yiming has conveyed that he will be handing the position of CEO to Liang Rubo who is co-founder and the HR head of ByteDance. In order to ensure a smooth transition, the two men are looking forward to working together for the next 6 months.
According to the memo received by the employees, Yiming has communicated that Liang Rubo would be better with his strengths in management, organization and social engagement.
Liang Rubo had prior experience as he was the head of the R&D of Lark and Efficiency Engineering and he currently is the head of HR and marketing role as the company had scaled up at an incredible level on a global basis.
FAQ
How much is Zhang Yiming worth?
The net worth of Zhang Yiming is 3600 crore.
When was ByteDance founded?
ByteDance was Founded in 2012.
Who is CEO of ByteDance?
The new CEO of ByteDance is Liang Rubo.
Conclusion
This is considered to be another big change in the upper management as the TikTok CEO had quit back in 2020 just 4 months after he was appointed to the new position. The popular social network application is being banned in India and there is no information about the lifting of the ban.
One of the major countries in the world China has banned any transactions and financial products related to cryptocurrency in the country. The Chinese government had earlier bought certain regulations towards these financial assets. Let’s look at the reason for the ban and how it has affected the cryptocurrency market.
The regulators of China have increased the restrictions on the financial institutions and the payment companies from providing various services that are related to cryptocurrency which is a fresh crackdown on the cryptocurrency market.
Most of the new rules laid down by the regulators are considered to be an extension of the previous ban and are expected to fill the loop holes that were present after the previous restrictions in the country which allowed certain payment firms and financial institutions to continue in the cryptocurrency field.
Earlier Restrictions by China on Cryptocurrency
The earlier restrictions made clear that China had considered cryptocurrencies to be an illegal tender and did not accept the digital coins or provide any services related to it.
In the year 2013, the Chinese government had defined bitcoin to be a virtual commodity and allowed their citizens to trade the digital coins. But later in the same year, the financial regulators of China including the PBOC had banks and other financial companies from providing any services related to bitcoins.
Later in the year 2017, the country had banned Initial Coin Offerings (ICOs) in order to eliminate the financial risk and to save the investors of their country. The ICO rules also banned the cryptocurrency exchanges to convert the legal tenders into cryptocurrencies or converting cryptocurrencies into legal tenders.
The restrictions that were laid down in 2017 had let a lot of cryptocurrency exchanges and the trading platforms to shut down and shift their services from China to other countries. According to a report from PBOC around 88 virtual currency trading platforms and around 85 ICO platforms had withdrawn from the market by 2018.
Three financial industry Associations have directed all the financial institutions and payment companies to not offer any services related to cryptocurrencies to their clients such as currency exchanges, trading, registration, clearing and settlement.
Additionally, the institutions were banned from providing cryptocurrency trust, saving or pledging services or even issuing any financial products related to cryptocurrencies. Even the services related to cryptocurrencies such as insurance and derivatives trading is also banned in the country.
The decision was taken collectively by three major regulators of China which include the China Bank Association, the National Internet Finance Association of China and the Payment and Clearing Association of China. The decision was posted by the People’s Bank of China (PBOC).
The firms are also asked to step up in monitoring the flow of money which are involved in cryptocurrency trading.
Impact of the Regulation by China on the Businesses of Cryptocurrency
The new regulations bought in by China have made it difficult for the individuals to buy cryptocurrencies using various payment channels and this could also impact the businesses of the cryptocurrency miners in the country by making it harder for them to exchange the mined cryptocurrencies for Yuan.
Even the banks and the financial institutions will face challenges in analyzing the flow of money that is related to cryptocurrency. In response to the regulations laid down by China, the bitcoin association of Hong Kong had replied to their tweet saying for the people who are new to bitcoin, it is compulsory for the People’s Bank of China to ban bitcoin at least once in a bull run.
After a day on the ban of cryptocurrencies in China there has been a fall in value of cryptocurrencies such as bitcoin, Ethereum, Binance coin, Dogecoin, Litecoin, Polkadot and many others.
The bitcoin has been the lowest price since January 2018. The market capitalization value of the cryptocurrencies had declined from USD 2.5 trillion to USD 1.5 trillion which is a 38 % contraction.
FAQ
What did China say about Cryptocurrency?
The People’s Bank of China reportedly said virtual currencies can’t be used as a form of payment because they aren’t real currencies.
Why is Cryptocurrency banned in China?
China banned Cryptocurrency to curb money laundering.
Is it legal to buy Bitcoin in China?
No, It is not legal to buy Bitcoin in China.
Conclusion
Chinese regulators consider cryptocurrencies to be a potential threat to their national currency Yuan. This had led the People’s Bank of China to launch its own digital currency. The regulations is expected to create a negative impact on a lot of people that are related to the cryptocurrency market.
Owning a business is among the best ways to earn a high income. But it comes with its fair share of challenges and requires that you strictly follow laws and regulations set by your state. Among these are laws governing the products being sold in your business.
Product liability law is the regulation that defines who should be held responsible if your business sells a product that is unsafe, defective, or dangerous to consumers. The liability of a product that causes harm to a consumer can be placed on anyone across the entire product distribution chain.
Therefore, a product manufacturer, component parts manufacturer, assemblers and installers, wholesaler, and the retailer who finally sells the consumer can all be held liable. Read along to find out what you should always have in mind about product liability as a business owner.
Product Liability Claim
The law seeks to protect consumers by requiring that products meet some standard expectations. If a product does not meet these standard customers’ expectations, it’s considered defective and dangerous. While there isn’t a uniform federal law governing product liability in the United States, each state has its standards.
Legal practitioners such as Mark Sadaka specialize in bringing lawsuits against businesses for defective products. This is the kind of lawyer that disgruntled customers would go to if they have complaints about your product. The institution of product liability claims can be brought under these theories:
Breach of Warranty
Strict Liability
Negligence
Each state also has commercial statutes under the Uniform Commercial Code; this lays out warranty rules that govern product liability.
Parties In Product Liability Claims
These claims arise from products that have been sold to consumers. As long as a product was sold to someone, anyone injured by the dangerous products can seek to recover for the damages caused.
Types of Product Defects
For a product liability case to stand under any theory, the plaintiff must prove that the injuries indeed occurred because of the product’s alleged defects. Also, they need to provide proof that the said defect made the product dangerous. Product defects are generally categorized into the following:
Design Defects It’s when the design of a product is, in a true sense, faulty. It primarily affects the entire product line rather than only one product. Examples include such things as airbags that don’t inflate as required when an impact occurs, or cloth driers that get so hot that they cause house fires. A poor design shows that an entire line of products is possibly defective and unsafe for consumers.
Manufacturing Defects Manufacturing defects are those which occur during the process of making the product. It does not affect the entire line, but only on specific products. This happens when parts or screws were incorrectly attached. Most of the product liability lawsuits arise from these defects.
Marketing Defects These defects involve the failure to give adequate and visible instructions or warnings on how to use a product properly. These claims involve unsafe products in a particular way that is not obvious to the user unless warned or correctly instructed. Examples include a steam iron with the steam valve oddly positioned without adequate warning.
How A Business Can Stay Protected Against Product Liability Claims
If you’re in the business of manufacturing and supplying products or product components, you’ll need to take responsibility for consumer safety. There are some initiatives that your business can undertake to minimize the risk of product liability claims by consumers. Here are a few things you should consider.
1. Always Undertake Comprehensive Product Testing
It may be costly, but it can’t be as expensive as a product liability claim can potentially be. Create and adopt guidelines for testing that your business must follow before launching a new product. This will help you find any possible flaws in the design, manufacturing, marketing, and use of your products.
If you fail to test the products sufficiently and they end up defective, you might be held liable. But proper testing measures limit such incidences by halting the products from reaching the consumer, therefore, averting product liability claims. In the event of a lawsuit, you should be able to give sufficient proof that you took all the necessary steps to ensure that the product was safe before it was marketed and sold to the public. That’s where thorough product testing guidelines and actions can save your business.
2. Give Adequate warning On Hazardous Products
Your business should take the steps needed to give enough warning labels on products. This is very important if you’re selling products that are considered dangerous or are at risk of chemical reactions. Disclosing and giving crucial warnings on your products can help shield your business from liability.
3. Review Suppliers Regularly
If your business makes changes or repairs products from manufacturers, you need to have specific measures to review the manufacturers’ processes and procedures regularly. You also need to test the products you receive from your supplier or manufacturer.
Also, it’s advisable to have in place legal contracts that confirm that you can’t be held liable for product liability lawsuits that are a result of defective manufacturing processes. The suppliers should be financially responsible for any product faults discovered by a consumer.
4. Get Product Liability Insurance For Your Business
It’s not a mandatory requirement, but a business should take out an insurance policy that can cover product liability claims—especially frivolous ones. The cover takes care of the compensation that the plaintiffs may be awarded for product liability claims against your business. It also takes care of legal fees. The policy cover depends on the nature of the possible risk your business is likely to suffer.
Takeaway
Anytime your business opens its doors to customers, you inadvertently also open doors for a possible product liability lawsuit. It’s very important for you as a business owner to know how product liability can affect a business. The liability can trickle down the supply chain to your level at any time, and therefore, always take the necessary measures and guidelines to protect your business.
Elon Musk is an American entrepreneur and a Business Magnate. He is the founder, Chief Engineer and CEO of SpaceX, CEO, product architect and an early-stage investor of Tesla, founder of the Boring company and also the co-founder of Nueralink and OpenAI.
He is one of the richest men in the world. Elon Musk has been posting a series of tweets on the major cryptocurrencies such as Bitcoin and Dogecoin from the past few months. Let’s look at why Elon Musk is not launching his own cryptocurrency.
Elon Musk is regarded as the father of Dogecoin. He was the major reason for this volatile meme currency to increase its market capitalization and for a lot of users to invest their money into it. He has also promoted bitcoin and Dogecoin through a several number of tweets on his twitter platform.
He has also had a lot of optimistic views about the cryptocurrencies especially bitcoins and dogecoins. He had posted a tweet where he conveyed that there are a lot of chances that cryptocurrencies will be the future currency on the planet.
Elon Musk’s View on Cryptocurrencies
While a lot of financial managers and investors have always been pessimistic about these digital coins and always regarded them as a bubble, Elon Musk on the other hand always stayed optimistic. Even Tesla has bought bitcoins worth billions of dollars.
The company had also started accepting bitcoin as a payment method for purchasing their products. But recently they had stopped accepting this cryptocurrency.
Reason Why Elon Musk is not launching his own Cryptocurrency
The main reason which was quoted by the company for the stoppage of accepting bitcoins as a payment gateway was due to the environmental harm caused by the digital coin. This was a major controversy against the billionaire as he was the one who promoted it and later claimed that bitcoins were causing a lot of pollution.
Elon Musk had posted a tweet which conveyed that the company will no longer accept bitcoins as a payment method as mining bitcoins require a lot of electricity and the major source of electricity is from coal and this leads to a lot of pollution and due to the reasons regarding sustainability.
He had also conveyed that the company Tesla will not sell any of their bitcoins and the company would start accepting cryptocurrency as a payment method as soon as the bitcoin miners would move to a sustainable source of energy.
Environmental Sustainability can be one of the major reasons for Elon Musk to not launch his own cryptocurrency. But Elon Musk had conveyed that they were looking for other cryptocurrencies that use less than 1% of bitcoins energy for transactions.
A twitter user had recently asked Elon Musk, why he was not creating his own cryptocurrency from the scratch which would do everything he requires technically and have a lot of dev support and wouldn’t have a high concentration of ownership initially.
Elon Musk had replied to the tweet saying that, if only Dogecoins won’t be able to do it, he said he would look in for creating another one.
Only if Doge can’t do it. Big pain in the neck to create another one.
Elon Musk Clarified that Tesla has not sold its Bitcoin, but Tesla has stopped taking Bitcoin as a mode of payment for its cars.
Does Elon Musk invest in Cryptocurrency?
Elon Musk has actively supported dogecoin, a cryptocurrency that started as a joke which portrays a shiba inu dog.
Conclusion
Elon Musk had recently promoted Dogecoin while hosting a live show on the TV. Dogecoin is the fourth largest cryptocurrency in the market and has increased more than 659 % during the year. However, Elon Musk considers that the digital coin has a long way to go.
Shubham Kumar
