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  • CityFurnish – Rent Furniture Affordably and Easily

    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 CityFurnish.

    Furniture, appliances and interior equipment adds life to any space be it a home/ office/ gym or a restaurant. These units besides keeping space organized, makes our lives easy and efficient. However, owning high quality, well designed, highly efficient furniture and appliances could cost you a fortune.

    Solving this issue is a Gurugram based startup, CityFurnish. With CityFurnish, one can own high quality furniture and appliances based on affordable rental subscriptions, rather than spending a fortune on buying them. CityFurnish provides a wide array of products within the domain of furniture and appliances on rental subscription. Here is a how CityFurnish is making a mark for itself in the Indian furniture rental Industry.

    Read about CityFurnish Founders, Competitors, Growth, Funding, Business Model, Revenue, Awards etc.,

    CityFurnish Highlights

    Startup Name CityFurnish
    Headquarter Gurugram
    Sector Online Furniture and Appliances Rental Subscription
    Co-Founders Neerav Jain , Saurabh Gupta
    Founded 2015
    Parent Organization CityFurnish India Pvt Ltd.
    Website cityfurnish.com

    CityFurnish – About and How it Works
    Furniture and Appliances Industry Details
    CityFurnish – Founders and Team
    CityFurnish – How it Started?
    CityFurnish – Name, Tagline and Logo
    CityFurnish – Business Model and Revenue Model
    CityFurnish – User Acquisition
    CityFurnish – Startup Challenges
    CityFurnish – Funding and Investors
    CityFurnish – Advisors and Mentors
    CityFurnish – Awards
    CityFurnish – Competitors
    CityFurnish – Future Plans

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    CityFurnish – About and How it Works

    CityFurnish (CityFurnish India Pvt Ltd.) provides products ranging from furniture, furnishings, consumer appliances and fitness equipment on rental subscription. Besides offering high quality rental products for residential purpose, the company also has an accelerating presence into the commercial and hospitality segments

    CityFurnish’s vision is to be a benchmark in the country’s Furniture Rental Industry. The brand is currently servicing Delhi NCR, Bengaluru, Mumbai, Pune, Gurgaon, Ghaziabad/Noida and Hyderabad and plans to expand its business soon.

    The key focus area for CityFurnish founder, Neerav Jain is to drive the Company towards growth by way of strengthening the brand and by leveraging upon inherent strengths of the business, offering a one stop solution to customers for their complete furniture and furnishing needs.

    This is how CityFurnish Works-

    1. Customers can choose from the variety of products, packages and add-ons available, if there is no package catering to your needs; you can make your own package by adding the individual items in your cart.
    2. Customers need to make an advance payment for one month and provide some documents for the KYC process.
    3. Once the payment is done and documents are provided, the products will be dispatched within a period of a maximum of 72 hour.

    CityFurnish is revolutionizing the furniture industry by providing  quality furniture and home appliances on easy monthly rental. Renting furniture is the new way to live, and is easy on the pocket. Other benefits of renting furniture are that you don’t need to be stuck with the same old furniture for years and hence, get a chance to renovate the home quite often, as and when one desires. You can also change the furniture according to your needs and not have to deal with the hassle of buying/selling, shifting and relocating.

    CityFurnish’s products are crafted in their own state of the art manufacturing facility based in Rajasthan and are thoughtfully designed to provide utmost comfort.

    Furniture and Appliances Industry Details

    The Indian Furniture Market is anticipated to register a CAGR of 13.38% during the forecast period i.e. 2018-2023. The  market is expected to reach USD 61.09 Billion by the end of 2023.  Further, the India furniture market is anticipated to achieve a Y-o-Y  growth rate of 14.30% in 2023 as compared to the previous year.

    The technological  advancements such as availability of high speed internet networks such  as 4G and spiked absorption of smart gadgets is boosting the e-retail sector in India. These advancements further provide ease to the customers to buy furniture through online channels. Additionally, the growing online furniture selling companies are creating a great boost to the furniture industry.

    While, the total furniture market is $20 billion and growing at 15% YoY, Rental market currently is valued at $6 billion in India. The team at CityFurnish estimates that in the next five years the total market for rental furniture would be above $20 billion in India.

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    CityFurnish – Founders and Team

    Neerav Jain (CEO) and Saurabh Gupta (CTO) are the founders of CityFurnish.

    In a career spanning 3 years, Neerav worked in various key positions at Climpex Furniture and his family business Chandra shekhar Exports before founding CityFurnish. Neerav has extensive experience in furniture industry in managing sales, marketing and Business management (B2B and B2C) and formulating strategies for growth with an overall business perspective.

    CityFurnish Founders
    Neerav Jain (CEO) and Saurabh Gupta (CTO)

    Saurabh Gupta, is the co-founder and CTO of CityFurnish. He completed his M.Tech from IIT Roorkee. Before joining Neerav Jain as the Co- founder at CityFurnish, he worked with Vodafone and Amdocs and has experience spanning 10 years. Saurabh is a skilled technology  professional and possesses expertise in digital marketing.

    Currently CityFurnish has a team of 100+ member across 7 cities. Work culture is value driven to provide value to their customers. At present, they are hiring aggressively and aims to have 200+ staff by end of 2020.

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    CityFurnish – How it Started?

    Neerav hails from a family of furniture-makers in Jodhpur, and thus he had a fair idea about the furniture market. One thought – which was the absence of an alternative to buying expensive furniture for short term had struck Neerav and had not left him until he finally established, CityFurnish. He along with his team has conducted, 200+ interviews to validate the idea. Receiving positive response, CityFurnish took the shape of reality.

    When we started, almost 99 percent of people in India bought furniture. Renting and subscription was a very niche category because  it was looked down upon as a compromise on either product or service.  We were trying to change that perception and influence user behavior.  We did not want our customers to feel inferior for renting furniture- said CityFurnish founder Neerav Jain

    Neerav wanted to explore the rental space that had picked up in India. Mainly, with the increasing salaried young adults living away from their hometowns and moving houses regularly. For such individuals who are constantly on the move, owning the necessary furniture like beds, sofas, tables not only makes a dent in their bank account but also makes city-hopping harder. Hence, to encash upon such population of the community, Neerav worked upon creating a platform for rented furniture.

    When we started, we were more focused on acquiring customers. Now, we want to retain more. So, we are offering a 30-40 percent price benefit to renewing customers. We have also launched a free relocation service for customers who are moving cities in the middle of their subscriptions.

    CityFurnish started with just 50 rentals (or subscriptions) in Gurugram. Since then, the startup has grown to about 12,000+ live subscriptions in three years, with a presence in Delhi-NCR, Bengaluru, Mumbai, Pune, Gurgaon, Ghaziabad / Noida and Hyderabad.. It has also set up 8 fulfillment centers in 7 cities. CityFurnish offers furniture for a minimum rental tenure of 3 months. As the tenure increase, the rental per month reduces, to make it affordable for user in long run.

    The name CityFurnish intends to highlight the company’s prime target audience along with the core service they are providing. It also stands for the commitment of the team at CityFurnish to furnish any city for their users – hassle free and affordably.

    ‘ Renting Sets You Free’ is the tagline of CityFurnish.

    CityFurnish Logo

    CityFurnish – Business Model and Revenue Model

    The CityFurnish Business Model underwent a slight change to increase customer retention. Initially, CityFurnish followed hotel booking model. This model included asking people for a start date and an end date for renting. As a result, most of the users subscribed for a short period. Now, they have moved to a  Netflix-style subscription model, and that has helped them increase  customer retention from 35 percent to more than 52 percent.

    CityFurnish has packages suiting wide sections of the community ranging from students, family to corporate setup. These packages are priced on the basis of monthly subscriptions. The basic package starts at INR. 900/month and goes up to INR 4500/month.

    The unique feature about CityFurnish that sets it apart from its competitors is their end-to end services. Besides designing and manufacturing its own premium furniture, CityFurnish, unlike many of its peers also controls the end-to-end value chain from product sourcing to fulfillment and delivery. It even services installation and maintenance requests from customers.

    “We  not only have in-house designers and manufacturers, but our team also  provides the ‘wow’ factor for customers. For instance, our delivery boys  will roll out the dining mats or tuck in the bedsheets. There is no  third party involved, and we control the entire user experience.”

    A premium service comes at a premium cost, of course. An average monthly subscription for a 2BHK flat costs about INR 4,000-5,000 on CityFurnish. However, prices fluctuate city-wise due to regional factors.

    Home furniture accounts for over 60 percent of CityFurnish’s subscriptions. Since recently, its commercial customers have been growing with shared workspaces gaining ground  in India. Its current clientele consists of large corporates like  Toyota, Indian Oil, and Samsung, as well as local startups

    CityFurnish – User Acquisition

    For the first 100 customers, CityFurnish used techniques like interview at metros and office hubs, expat meets, broker channel etc. Later on, they have adopted broker tie ups; referral marketing; expat Partnerships; relocation and moving company partnership as strategies to expand their scope and reach among their customers. Besides these strategies, CityFurnish also released coupons regularly to both retain their customers and get new customers.

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    CityFurnish – Startup Challenges

    In India furniture market is pretty big. However, 90% of the buyers prefer offline shopping furniture due to trust deficit about the quality, which is a big challenge for any furniture renting startup. Nevertheless, Neerav’s family legacy in furniture making and his experience in the domain has helped him create sophisticated, elegant and quality furniture and thereby, provide CityFurnish customers a “superior experience”.

    At the service end, providing white glove delivery experience involved lot of operations challenges. However, CityFurnish was able to overcome the same by training and organizing workshops for its installation and delivery team.

    CityFurnish – Funding and Investors

    The CityFurnish funding has seen it raise a total funding of around $5.2 million till date.

    CityFurnish raised close to $600,000 from Times Group-owned Brand Capital, and a few undisclosed angels. CityFurnish also received $150,000 from Y-Combinator against 7 percent equity stake. In its latest round of funding, CityFurnish raised $5 million in June 2019.

    Here are details of funding received by CityFurnish:

    Date Stage Amount Investor
    June 2019 Series A $5m Paul Buchheit, Soma Capital, Venture Highway, Steve Chen
    March 2019 Seed Round $150K Y Combinator
    July 2016 Seed Round $600K Brand Capital
    December 2015 Seed Round – –

    CityFurnish – Advisors and Mentors

    CityFurnish by the virtue of its wide scale of operations and gaining popularity has the best of the market as their advisors and mentors. One of the prominent mentor include, Youtube Cofounder – Steve Chan, who is also one of CityFurnish’s investors.

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    CityFurnish – Awards

    Early in 2019, CityFurnish became one of the four Indian startups to be shortlisted by Y Combinator (the top see accelerator in the US) for a 12-week programme. Under the programme, in exchange of a 7 percent equity stake, CityFurnish gained mentorship,  funding, and access to top investors in Silicon Valley.

    CityFurnish – Competitors

    In the furniture rental market the main competitors of CityFurnish are Furlenco and Rentomojo. Like any domain, it faces little competition from the unorganized sector side, which constitute players like Sab Rent Karo, Rent Macha  and FlatFurnish among others.

    Nevertheless, the team at CityFurnish is confident about their business having only growth in future. They believe that their unique amalgamation of technology and product which is entirely focused on  fulfilling customer need, is what sets them apart. Since the startup manufactures and designs  their furniture at their own facility in Jodhpur, it provides them  tremendous advantage over their competitors. By having control over the quality and cost of their products, the rental startup  is able  to manage inventory at more than 95 per cent efficiency than its major  competitors and  at the same time enable a faster collection of their payments.

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    CityFurnish – Future Plans

    With more sticky customers, revenues are looking up as well. CityFurnish claims that it has hit an ARR of $3 million and its revenues are increasing 100 percent year-on-year. Subscribers, meanwhile, are growing 20 percent month-on-month with a 3 percent churn (those who drop out).

    CityFurnish has set a target of 70,000+ subscribers by 2021, with an ARR of $8 million. The company has achieved profitability and plans to double it’s turnover by end of 2020.

    As far as product range is concerned, the startup is planning to expand towards kids’ furniture. At present, their product categories include home and office furniture, consumer durable and appliances, electronics, and fitness equipment. It will launch kids’ furniture shortly as it sees it as a prospective high-growth vertical.

    “We  see it as a perfect subscription category because kids tend to outgrow  furniture every 1-2 years. Hence, it makes more sense to rent than to  buy. We’re trying to bring depth and variety to it.”

    For expansion along these lines, the startup aims to focus on the population of age group 24-38. CityFurnish plans to be the first firm in renting of furniture from India to start operation across the Globe.

    Frequently Asked Questions – FAQs

    Who founded CityFurnish?

    Neerav Jain and Saurabh Gupta are the founders of CityFurnish.

    What can you rent on CityFurnish?

    You can rent anything from home furniture to appliances to office furniture and finess equipment on Cityfurnish.

    Is CityFurnish a subscription based model?

    Yes, CityFurnish currently follows a subscription-based model.

  • How CoWrks Used These 5 Marketing Strategies to Achieve Success

    Our country is becoming one of the largest incubation centers for startups in the world. In fact, it is also the second country with the largest freelancer workforce on this entire globe. The market and potential are huge in India and currently, more than 47% of the millennials are looking out for tech-smart offices.

    Due to the enticing growth of startups and the growth of businesses, many organizations are looking out for flexible office space. After the hit of the Covid-19 pandemic, many companies lost the capacity to pay rents for their workspace. Many business are now looking out for a new and trendy co-working space concept.

    The idea of having a flexible option of the workplace has now evolved over the past few years and co-working platforms have been a great opportunity for businesses to save their assets and earn huge profits.

    Increase in demand for Coworking spaces
    What Exactly is CoWrks
    Top 5 Marketing strategies used by CoWrks
    FAQ

    Increase in demand for Coworking spaces

    Even the large corporate along with startups are now looking out for cost-effective workstations and the demand for these platforms has been rapidly increasing. Many platforms like Awfis, Innov8, and Smartworks are the market movers in this co-workspace sector.

    Now even OYO has started to work on this concept with its name OYO Workspaces. One such compelling platform is CoWrks which has been in the market for a long time. It has been a great competition to others in the field, due to its extraordinary marketing strategies. Read this article to know more about the Marketing Strategies used by CoWrks.

    What Exactly is CoWrks

    CoWrks is India’s one of the largest co-working spaces. They hosts over 7000 member base from all business categories partnered with over 350 companies across 5 cities and in 16 operational centers. It is a working space built for all kinds of entrepreneurs, startups, freelancers, and even businesses like Fortune 500.

    The objective for the company is to provide a space to its clients where they can have their business meetings, partnerships, and networking. Now the company is operated and managed by Brookfield Properties which is one of India’s largest office owners.

    Top 5 Marketing strategies used by CoWrks

    1. Effective Website:

    One of the most important aspects of marketing strategies in such a field is that the business should have a compelling website for the potential market that it has. CoWrks has a well-designed and easy-to-use website. The professional layout and pertinent information help the potential customers to understand what actually the company is offering and to go ahead with the service.

    CoWrks Website
    CoWrks Website

    The website includes all the information that a member would need including locations, amenities, plans, etc. Their social media channels are also linked to the website.

    2. Appealing Services:

    One of the most intriguing factors about CoWrks is that it provides various appealing amenities to its customers which other co-working space providers might not provide.

    The amenities offered by CoWrks along with their space includes mail & package handling, phone booths, luxurious lounges, gourmet coffee, mobile application, business-class printers, uninterrupted Wi-Fi access, video conferencing facilities, parking facilities, and a lot more. By offering these appealing services to its customers, CoWrk has built trust and loyalty.

    3. Using social media to their advantage:

    CoWrks advertises its space very well on social media platforms. Their presence on all social media platforms is very effective. They constantly engage their audience with curated pictures of spaces and events. Along with that, they have a budget where they promote their website, services on social media channels via paid ads and other targeted ads.

    4. Offering flexibility:

    Due to the Covid-19 pandemic, many businesses have suffered huge losses over the past few months and now they want to avoid the massive capital expenditures. Many companies were on a look out for facilities that provide flexibility. CoWrks offers flexibility to its clients for taking the space for short-term durations as well as long-term durations.

    This helps the business to take the advantage of the flexibility that CoWrks is offering. Many businesses can manage their business operations and finances with ease. CoWrks has taken the situation of Covid times as an opportunity to create more business. They offer clients a place that is hygienic and the requirements of keeping the health and safety of clients on priority are considered.

    5. Leveraging Content Marketing:

    Content marketing has a lot of power and benefits as well, especially in the co-working space sector. CoWrks has a compelling blog where they inform the potential co-working members about various topics like tips and tricks, knowledge, trends, and so on.

    They target the specific market and channelize their content in a way where they set themselves apart from others. They use SEO to optimize their content to the fullest.

    FAQ

    Who is the founder of CoWrks?

    Sidharth Menda is the founder of CoWrks.

    What is the Revenue of CoWrks?

    Cowrks estimated annual revenue is around $1 million.

    Who are the competitors of CoWrks?

    91springboard, WeWOrk, BHIVE Workspace are some of the competitors of CoWrks.

    Conclusion

    The co-working space model has certainly given a business a better approach to operate their functions. When in India, the country has become a rearing ground for businesses and startups, there is a developing interest and need for having innovative workspaces and workstations.

    With companies like CoWrks, the requirements of the market can be fulfilled. CoWrks continues to plan and expand its operations in other parts of India as well. Since the company has strong marketing strategies and a well-organized expansion plan, the company will certainly continue to grow with great opportunities.

  • Jio to soon Enter Laptop Industry with its Reliance Jio Laptop – Jiobook

    Jio is the largest telecom operator in India and is the third-largest operator in the world. During the year 2020, the company had raised an amount of INR 1,52,056 crores by selling their stake of around 32.97%. This helped the company in coming up with new products and making the services affordable to the consumers.

    The company is said to launch its new product JioBook. After years of speculation, it is believed that the product is in the Engineering Validation test stage.

    What is JioBook
    Specs of JioBook laptop
    Reason for Launch
    FAQ

    What is JioBook

    JioBook is a laptop going to be launched by Reliance Jio. Just like any other product of Jio, this laptop is said to be affordable and would attract a lot of customers. As per the speculations the price of the laptop would start from INR 10,000 onwards.

    In order to make affordable JioBook laptops in India, the company had partnered with Bluebank Communication Technology which is based in China. Bluebank Communication technology is a well-known software company that develops software for third parties and creates mobile devices. Bluebank has also worked in developing the popular OS used on Jio Phones which is known as KaiOS.

    The news of Jio launching the laptop came out in 2018, when Qualcomm announced that it was in talks with Reliance Jio to launch laptops in India that are affordable with cellular connectivity. After that, there were lot of speculations about the launch of the laptop. After years of wait, Jio finally announced that they will be launching their laptops soon in the market.

    It has also been said that the price range of the JioBook laptop would differ according to their storage options and different models.

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    Specs of JioBook laptop

    According to the reports JioBook laptop is expected to be an android based laptop  by XDA developers. The android operating system UI will be called JioOS. The laptop will run on a Qualcomm Snapdragon 665 chipset with the support of Snapdragon X12.

    JioBook laptop is said to support 4G LTE and would have a display of 720P HD. The laptop is said to have a screen resolution of 1366 x 768. It will run on the JioOS.

    The JioBook laptop would come with a storage facility of 32/64 GB with an eMMC (embedded Multi-Media Card) 5.1 memory. It is an internal storage card used in portable devices. Apart from all these features, the laptop would have features that include Bluetooth, Wi-Fi 2.4 and 5 GHz connectivity, and so on.

    The laptop will come with all Jio-apps installed to ensure that JioBook is affordable to consumers.

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    Why Jio is launching Jiobook

    JioBook laptops would be the most affordable laptop ever introduced in the country. Earlier Jio had introduced JioPhones which disrupted the entire industry. Since the launch of Jio sim in 2016 the company has been trying to come up with affordable products.

    In the beginning stages, Jio sims were given for free with free internet access and unlimited calls and now Jio sim has the greatest number of subscribers in the telecom industry. Reliance Jio has the majority market share in the telecom industry with over 35.7% and 404.12 million users.

    Telecom Subscriber Market Share
    Telecom Subscriber Market Share 

    The low-cost JioPhone which was launched later on helped millions of users to shift to 4G from their 2G enabled phones. Reliance Jio provided JioPhones for INR 1,500 with an inbuilt OS system which helped the users use Facebook, Google and a lot of other apps.

    According to the reports from Reliance Jio, in just a span of 2 years, they had sold around 70 million JioPhones.

    One of the other reasons why consumers choose Jio is its offers provided such as subscriptions to OTT platforms, cashback, etc. Buyers who bought JioPhone early were provided free voice calls and 4G data for a year.

    Jio is trying to use the same strategy used in JioPhones and Jio sims with the plans to launch JioBook. The company will try to capture the laptop industry with the launch of its JioBook laptop.

    FAQ

    What will be the Specs of JioBook laptop?

    JioBook laptop will come with a storage facility of 32/64 GB with an eMMC (embedded Multi-Media Card) 5.1 memory, with support of 4G LTE and a display of 720P HD.

    What is the expected price of JioBook laptop?

    The expected price of JioBook laptop is 10,000.

    When will JioBook laptop be launched?

    JioBook laptop will may be launched at the Reliance Annual General Meeting likely to be held in July 2021.

    Conclusion

    Jio has announced a lot of other products which include Jio Glass for video call with the support of holographic. Jio is also planning for an affordable android phones which will be priced at the range of INR 4,000. The android phone will be manufactured with the partnership with Google.

    The company has received a lot of funding last year from the biggest companies around the world. This has led Jio to overcome the major hurdles in the Industry making it the leading company in India. JioBook laptops are expected to launch soon. However, there have not been any official announcements regarding the launch of the laptops. The announcement is expected to be during the next Annual General Meeting of the company.

  • Accelerator Vs. Incubator – Which one is Right for your Startup

    Accelerator and incubator have a lot of differences. Most of the time the entrepreneurs would get confused in choosing the right programme. Understanding the key differences between the two will help you choose the ideal programme for your startup.

    Below are the key differences between Accelerators and Incubators

    Accelerator
    Incubator
    FAQ

    Accelerator

    Accelerator fund companies that have a proper idea to execute

    Accelerators are funded by an existing company. Big companies fund the new startups helping them to grow the business on a large scale. It is normally the top companies funding the smaller startups. Accelerators fund the existing companies that have a business model and a proper idea to execute.

    The main aim of the accelerator would be to scale the company and increase its productivity. They will be focused on accelerating the company. Mostly they would help the startups in increasing their presence in different areas and making their services and products more affordable and available easily to the end consumers.

    Accelerators have a fixed period of time

    There is a fixed period time for accelerators. Usually, an accelerator would give the companies few months to scaleup which would be around three to four months. At the end of the four months, they will provide the company a platform to pitch their business idea to different investors. They work on a time frame which is set by the accelerators.

    Accelerator monitor the companies by purchasing a small stake in the company

    Accelerators monitor the companies. In the majority of the cases, the accelerators would buy a small stake in the company and monitor them. They provide mentorship and feedback to the startups. The startups also get access to a lot of resources which will help them in scaling up.

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    Structured Approach

    The programme of an accelerator is structured. Their focus will be to create an alignment and understanding with the startups. Since accelerators invest a specific amount in the startups and acquire equity stakes, they will take up more responsibility and the success of the startup would be their need.

    Accelerators use a more traditional approach for applying to their programme. The application process for accelerators is much more formal. Hence, there is a high threshold for being accepted into the accelerator programme.

    Limited Slots

    You will have to apply for slots in the programme and the slots would be limited. The accelerators will later identify the top startups among the applicants. They will select the startups which can be invested in and the scalable ones.

    The startups will have to show that they have the ability to grow in a fast-paced environment within months.

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    Indian Tech Startups Funded by International Investors
    Indian Tech Startups Funded by International Investors

    Incubator

    Incubators are Independent

    Incubators are mostly independent. They will have connections with universities or venture capitalist firms for funds. They support the startups who are in their beginning stages. They help the startups in building their company.

    Incubators help the ideas to turn into reality

    Incubators normally fund ideas. They will help the people who have a new idea that will shake the market. Most incubators fund startups who have an idea with no proper business model. They will help in transferring the ideas into a specific set of actions.

    Incubators primarily focus on developing innovations. In a few cases, incubators work as a means to develop the company so that the accelerators can take them up.

    Incubators doesn’t buy a stake in the company

    Incubators provide mentorships and feedbacks to the developing companies. Incubators also monitor the companies but unlike Accelerators, they don’t buy a stake in the company. Incubators mostly provide capital to the companies. They are mostly funded by universities or certain economic developmental organizations.

    Incubators are not bounded by time

    Incubators normally operate in an open-ended time frame. They do not have a specific time period. Commonly they mentor the startups for more than a year. They would want the startups to run for a longer period of time, focusing on longevity.

    Incubators are less concerned about how quickly the startups would grow. They invest their time in developing local startups. The startups will get access to various resources. Incubators focus on creating more jobs. They also help startups in licensing intellectual properties.

    Even a slow-growing and startups that are less scalable can approach incubators since they are not concentrated in fast-growing and scaling up the business. Incubators are concentrated on the sustainability of the business.

    Incubators are concentrated on creating a creative environment for the startups than having a structured programme.

    Which one is right for your startup – Accelerator or Incubator?

    Incubators would be your choice if you just have an idea that should be developed or a solution that is not much scalable.

    Once you have placed your idea into action and want to scale your startup you can apply for the accelerator programme or if you have a startup that you would want to scale then you can do the same.

    If you want to enter into an accelerator programme, you will have to show that your startup has the potential in scaling it up. In simple terms, you have to prove that your startup will be an asset to them.

    FAQ

    What does a Startup Accelerator do?

    A startup accelerator is an organization that helps  early-stage companies develop their product and connect them with investors.

    What does an Incubator do?

    Incubators are an organization, or team of experienced professionals that helps startups bootstrap during its early stages and often provides mentoring, guidance, co-working space and also at times some funding.

    Do incubators take equity?

    Many incubators take little to no equity, as they are funded by grants through universities, allowing them to provide their services without taking a cut of your company.

    Conclusion

    Although no one really knows what is good for them until they try it, choosing right incubator and accelerator is crucial. Many soonicorns and unicorns have their base in incubators and accelerators.

    If you are not sure, you can always consider with someone who has experience or take help of professional business coach.

  • Twitter to Consider a Subscription Service for Exclusive Features

    Twitter is moving beyond the traditional social networking business model and is experimenting with new business model to sustain their platform. The latest test is a subscription service for exclusive features.

    Twitter is considering a subscription model to counteract its falling ad revenues. CEO Jack Dorsey said subscriptions are just one of several ways the company is looking to boost income from users.

    Twitter has had a meteoric growth as a popular microblogging platform with its quirks. Several celebrities like Elon Musk, Donald Trump and Kangana Ranaut use this platform to post controversial thoughts quickly picked up by the audience.

    Why is Twitter Considering a subscription Model
    How will Twitter’s new Subscription Model look like
    Will the Subscription Model impact Twitter’s growth
    FAQ

    Why is Twitter Considering a subscription Model

    A subscription model could offer a new source of revenue for Twitter. By charging some of its 353 million users in the US and others elsewhere to access extra features such as more followers or enhanced analytics. It would also mark Twitter’s most significant departure from its core advertising business model when it is struggling to attract advertisers.

    The company has suffered a sharp decline in its ad revenue in recent quarters as it works to grow beyond its stagnant user base. The majority of the revenue share came from the targeted advertising model that this platform offered. In 2021,  Twitter is looking to move away from revenue dependency on brand-oriented advertising approach.

    How will Twitter’s new Subscription Model look like

    Twitter launched a survey among users last year in July 2020 to analyze the interest levels.


    These are the potential features that are likely to be provided to the premium Twitter users in 2021.

    1. Undo Send

    Post something really embarrassing accidentally on Twitter? No problem. This feature helps you delete your Tweet before anyone even sees it, all within 30 seconds of posting. The premium Undo event on Twitter is a simple way to recall or withdraw a tweet, so it never gets seen by anyone.

    2. Custom Colors

    Change the feel and look of Twitter – adapt it to suit your style. In addition to Night Mode, the premium feature allows you to change your default background color and other critical elements in your interface. The new custom color setting gives you more control over the appearance of Twitter on your phone or computer.

    3. Video Publishing

    Twitter currently limits uploaded video size to 140 seconds or 6 MB for most users. With a premium subscription, you could publish videos 5x longer than the current default settings (i.e. 5 minutes), and use a much higher maximum resolution (8192×8192) for each frame within the video.

    4. Badges

    Twitter Badge helps users learn more about the people they follow on Twitter. The badge shows users the businesses a user writes for or owns. It’s just another way for people to discover others and get to know them better. It also helps maintain a credible brand presence.

    5. Auto Responses

    Auto-response in the premium version of Twitter helps you come up with tweets that can increase your following. This is done through a menu of auto-responses to use in the direct messages to Twitter netizens. When Twitter detects a matching phrase, it will send out an automated reply.

    6. Social Listening

    See how often your brand is mentioned on Twitter and get a deeper understanding of what people are saying with the new social listening tool. This tool lets you see the general conversation around a brand, including total volume seen through the social search function, and which users or businesses are talking most often.

    7. Brand Surveys

    Create surveys and polls to collect feedback about your Twitter Ads campaigns. This insight can help you measure your campaigns effectiveness, understand if your audience is likely to buy the products or services featured in your ad, and optimise future creatives.

    8. Freedom from Ads

    Enjoy premium Twitter with a different kind of streaming experience. Say goodbye to ads; say hello to a whole new look and feel without the distractions of promoted tweets. Have your data protected from advertisers and upgrade the privacy options.

    Disclaimer: “This is not necessarily reflective of Twitter’s future subscription model, and will change at the discretion of Twitter’s management. The survey is the current source of official information.”

    Twitter Revenue
    Twitter Revenue

    Will the Subscription Model impact Twitter’s growth

    There has been a general resistance against paid social media networks in general. A Washington Poll in 2018 revealed that fifty-eight percent of the respondents wouldn’t pay for Facebook if it adopted a paid network model. The same would go true for Twitter. However, Twitter has always emphasized that they would not ask the users to pay for the current features they enjoy.

    The most important thing to remember is that Twitter must be a zero-sum game. For users who are not paying for access, there can’t be any knock-on effect of paid Twitter users keeping content to themselves.

    Twitter is a model that depends on users, not mouse clicks. It’s the connective tissue between friends and strangers, emphasizing broadcast v/s a one-way conversation (social media has been big on one-way communication).

    FAQ

    How does Twitter make money?

    Twitter earns its revenue from Data licensing and Advertisements.

    What is Twitter’s net worth?

    As of Oct, 2020 Twitters revenue was nearly $40 billion.

    Who is the CEO of Twitter?

    Jack Dorsey is currently the CEO of Twitter.

    Conclusion

    An exclusive Twitter subscription model could be just what the company needs to make money and keep customers privacy intact. In this world, where our activity across social media platforms is monitored, Twitter can offer a premium social network to eliminate our privacy concerns.

  • Indra Nooyi: Board of Directors, Amazon | Former CEO, Pepsico

    Indra Nooyi is an Indian-American business executive who became the Chairperson and fifth CEO in PepsiCo‘s history. She currently serves as the Board of Directors of Amazon and International cricket Council. She is an active Philanthropist as well. She and her husband has displayed collated efforts in philanthropy by donating amount to schools for education purposes in rural areas of the U.S. She was ranked 13th on the Forbes list of the World’s 100 Most Powerful Women. In 2017, she was ranked the 2nd Most Powerful Women in the Forbes list. As of January 2021, she has an estimated net worth of $100 million.

    Indra Nooyi | Board of Directors, Amazon

    Indra Nooyi- Biography
    Indra Nooyi- Personal Life
    Indra Nooyi- Education
    Indra Nooyi- Professional Life
    Indra Nooyi- Tenure at PepsiCo
    Indra Nooyi- Connecticut public service
    Indra Nooyi- Honors & Awards
    FAQ’s

    Indra Nooyi- Biography

    Name Indra Krishnamurthy
    Born 28 October, 1955
    Birthplace Madras, India (now, Chennai)
    Age 66 (2021)
    Nationality Indian-American
    Citizenship United States
    Education University of Madras; Indian Institute of Management, Kolkata; Yale University
    Profession Business Executive
    Position CEO of PepsiCo
    Board of Directors Amazon
    Net worth $100 million (January, 2021)
    Marital Status Married (1981)
    Spouse Raj Nooyi
    Children 2
    Sister Chandrika Tandon

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    Indra Nooyi- Personal Life

    Indra was born in Madras, India. She loved to play cricket. She used to play guitar in an all-girl rock band. She completed her studies in India. In 1978, she moved to the USA for higher studies.

    In 1981, she married Raj K. Nooyi, who is the president at AmSoft Systems. The couple has two daughters. She was ranked 3rd in the World’s Powerful Moms’ list by Forbes.

    Indra Nooyi- Education

    Indra completed her elementary education from Holy Angels Anglo Indian Higher Secondary School. She graduated with a Bachelor of Science (B.S.) degree from Madras Christian College of the University of Madras in 1974.

    She pursued Masters of Business Administration (MBA) from Indian Institute of Management, Kolkata. She further completed her Masters degree in Public and Private Management from Yale University- Yale School of Management in 1980.

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    Indra Nooyi- Professional Life

    Indra started her professional career as a Product Manger at the textile firm, Mettur Beardsell Limited. She worked there for one year (1976-1977). She further worked as a Product Manager for one year at Johnson & Johnson.

    While attending Yale School of Management, she completed her summer internship with Booz Allen Hamilton. She then served as International Corporate Strategist at The Boston Consulting Group. She worked there for 6 years (1980-1986).

    Post that, she sat at the position of Vice President & Director of Corporate Strategy and Planning at Motorola. She served at the company for 4 years (1986-1990).

    She started working at Asea Brown Boveri Private Limited from 1990 to 1994. She served there as the Senior Vice President of Strategy and Strategy Marketing. Since February 2019, she is serving at the Board of Directors of Amazon as the member of Audit Committee.

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    Indra Nooyi- Tenure at PepsiCo

    PepsiCo Logo

    Indra joined PepsiCo in 1994 as the Senior Vice President of Strategic Planning. After serving for two years with this position, she was promoted as the Senior Vice President of Corporate Strategy and Development.

    After four years, she was again promoted as the Senior Vice President & Chief Financial Officer, and served with this position for one year. She was then promoted to the position of President & Chief Financial Officer with a continuation of five years. Her hard work and strategic planning resulted into several promotions within the same company.

    In October, 2006, she was declared the Chairman & Chief Executive Officer of PepsiCo by replacing Steven Reinemund. After spending about 24 growing years at PepsiCo., she officially left the company in January 2019. During her tenure, the sales of the company grew from to 80%.

    Indra became the co-director of the Connecticut Economic Resource Center in 2019. The company is a public-private partnership with the Connecticut Department of Economic and Community Development.

    She is a resident of Connecticut and examines the state’s new economic development strategy. She is also the Co-Chairman of AdvanceCT, a Connecticut based nonprofit organization.

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    Indra Nooyi- Honors & Awards

    • Indra received the Outstanding Woman in Business award by the League of Women Voters in Connecticut.
    • She received the Bower Award for Business Leadership from the Franklin Institute Awards Program in 2019.
    • The CEOWORLD magazine named her Best CEO in the World in 2018.
    • She was named number one on the annual ranking of Most Powerful Women in business for 2006, 2007, 2008, 2009, and 2010.

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    • She was elected to the Fellowship of the American Academy of Arts and sciences in 2008.
    • She was the elected Chairwoman of the U.S.; India Business Council (USIBC).
    • In 2009, she was named CEO of the year by Global Supply Chain Leaders Group.
    • In 2013, she was named one of “25 Greatest Global Living Legends” by NDTV and was awarded by President of India at the Rashtrapati Bhavan.
    • She has been conferred with the Honorary degree under several categories from different universities.
    • She was awarded the third-highest civilian honor, Padma Bhushan from the President of India in 2007.

    FAQ’s

    How did Indra Nooyi start out?

    Beginning her career in India, Nooyi held product manager positions at Johnson & Johnson and textile firm Mettur Beardsell. While attending Yale School of Management, Nooyi completed her summer internship with Booz Allen Hamilton.

    What is the net worth of Indra Nooyi?

    Indra Nooyi is an Indian-born American businesswoman who has a net worth of $100 million. Indra Nooyi was born in Madras, Tamil Nadu, India in October 1955.

    Why Indra Nooyi is a good leader?

    She treads with courage. Another great leadership lesson for Indra Nooyi is to have the courage to innovate. Great leaders are those who take decisions with conviction, even amidst scrutiny and criticism. When Indra Nooyi took the decision of making PepsiCo products healthier, the critics were harsh on her.

    What made Indra Nooyi successful?

    During her 12-year tenure as chief executive, Nooyi transformed PepsiCo into one of the most successful food and beverage companies worldwide. Her push for healthier snack and beverage choices, along with an eye for product packaging, led to an 80 percent sales growth in the 12 years she was CEO.

    Why did Indra Nooyi retire?

    Nooyi joked that her retirement was sole “a retirement from quarterly earnings”. “As CEO, you were a prisoner of the quarterly earnings because you had to deliver. Everything you did was around the quarterly earnings,” she said.

    What is Indra Nooyi doing now?

    Indra Nooyi stepped down from the post of CEO of PepsiCo in 2018. From starting her career as a product manager at Johnson & Johnson to becoming the CEO of PepsiCo, Indra Nooyi has come a long way and has paved the path for many successful women to follow in her footsteps. Currently, Nooyi is working in Amazon and is the second woman of color to be added to Amazon’s Board of Directors.

    Conclusion

    Indra Nooyi has come a long way and has paved the path for many successful women to follow in her footsteps. She was the CEO of PepsiCo for a period of 12 years that showcases her strong leadership quality and taught us how to lead with power and dignity. She excelled in her role which can be seen by the growth of PepsiCo into the most successful food and beverage company. She treads with courage. Another great leadership lesson for Indra Nooyi is to have the courage to innovate. Great leaders are those who take decisions with conviction, even amidst scrutiny and criticism.

  • Checklist for Hiring Remote Employees – Everything that you need to do

    The rise of the global pandemic and the lockdowns implemented around the world had forced every organization to implement work from home culture. Even though the situations are becoming normal, most of the organizations are continuing work from home for the safety of their employees.

    Hiring a remote employee can be quite a tedious task and would require the employer to understand certain skillsets and the mindset of the candidates.

    Here is a checklist you should consider while hiring remote employees.

    Quick responses
    Communication skills
    Showing results
    Time management
    Being independent
    Giving a test project
    Prior experience
    FAQ

    Quick responses

    Keep an eye on how quickly the candidate responds to the mail and follow up regarding the selection rounds. If he takes some days to respond to the emails or if you find that the candidate hasn’t followed up regarding the job, it shows that he is not much interested in the work profile.

    If the Candidate is motivated and loves the job profile, the candidate would be waiting for the emails and would check their email on a regular basis.

    If the email hasn’t been received the candidate would follow up regarding the process to know the results. This would show how interested they are to work for the company and job profile and how motivated they are.

    Communication skills

    A remote employee will have to communicate with other members of the team. Unlike the normal employee and remote employees will have to communicate over emails or other applications which are provided by the company.

    You should make sure that the candidate has good written and oral communication skills. If the hired employee has poor communication skills there will be a problem to effectively communicate. The productivity and the quality of the work would reduce.

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    What's the biggest benefit you see working remotely?
    What’s the biggest benefit you see working remotely

    Time management

    Time management is one of the basic and most important skills necessary for a remote employee. A remote employee should be able to manage his time and make sure he’ll be able to finish the assigned work on time. The employee will have to handle his personal and professional life in a systematic way.

    You should make sure that the employee can differentiate between the personal and professional life and able to manage the time accordingly and not mix both.

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    Being independent

    You should make sure that your remote employee is independent. The employee should be able to do his research and able to complete his works at the given time.
    At times when there is a problem to communicate, the employee should be able to work on his own without depending on anyone else. An independent remote employee can be an asset to the company.

    Giving a test project

    You can give your candidates a test project according to the domains they have applied for. Apart from the technical and interpersonal skills, you can’t hire someone without knowing their skills and knowledge in the specific work domain they have applied for.

    Giving a test project also provides you with an idea of how they would be able to manage their time, keep up the deadline, the quality of their work, and a basic idea of their productivity. It would help you understand how their work would be without actually working with them.

    Giving a test would help you understand whether he meets the criteria of the remote employee you are looking for.

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    Prior experience

    Candidates with prior experience as remote employees would have the required discipline and motivation to complete the work. They will require very little training and will be able to meet all the above criteria.

    Prior experience is a sign that the candidate has the organizational skills which is required to work effectively. Depending on candidates who have prior experience would help in reducing the risks.

    Showing results

    A remote employee should be oriented in finishing his tasks. A remote employee wouldn’t have a supervisor or anyone to look over him on a daily basis. The employee should be responsible enough to make sure he performs.

    He should take action and show the results and not just log in for the work every day. You should make sure you would hire an employee who is a person who takes actions and shows results.

    During the interview, you should make sure you get to know about the employee’s past experiences and the results he has obtained from those experiences.

    FAQ

    What are the best jobs to work remotely?

    Teacher, Data Entry, Coding, Medical Billing, Web Developer, Graphic Designer and Freelance Writer are the best jobs to work remotely.

    Are remote workers less productive?

    Various studies proved that employees felt more productive and more engaged with remote work than work from the office.

    Which two tools are most useful to remote employees?

    Video Conferencing and Productivity or Project Management Tools are most useful for remote employees.

    Conclusion

    Finding the ideal remote employees can be hard. But, through the right approach and proper screening process, you will be able to find your desired employees. Even after finding the right employees, you should be able to communicate effectively and ensure that you keep them motivated.

    Providing them with the right environment, conducting frequent virtual meetings, virtual team building programme, following up regularly, ensuring that their remuneration is on time, etc. All these would make the employees stay motivated and would make them work collectively in building the company.

  • How is Tata Planning to Revolutionize Cloud Technology with Google

    Gone are the days when corporates had file rooms or storage rooms to have their data backed up. With the evolution in technology these rooms were replaced by computers and now most of its applications are being managed by cloud services.

    Cloud services refer to a wide range of services, provided on demand to organizations which are used to data compilation, storage and day to day applications. These services are designed to provide hassle free access to resources and applications without the need of internal infrastructure or any hardware.

    Cloud services can be delivered publicly and privately. Services which are made available to a number of consumers are public cloud services and private cloud services are provided to those who maintain highly sensitive data such as healthcare or banking institutions.

    Latest News
    Types of Cloud Services
    Tata Communications
    IZO – Google Cloud Partnership
    The Cloud market
    The Future of Cloud computing
    FAQ

    Latest News

    February 16,2021 – TCL and Google Cloud have decided to deploy services to organizations through TATA communications’ IZO Managed Cloud, including services like infrastructure planning, workload migration and ongoing operational support.

    Tata Communications

    Tata Communications, the Global Digital Enabler is present in more than 200 countries and serves 7000 plus customers globally that represent 300 companies of the Fortune 500.

    Tata communications’ IZO cloud Management services is a cloud service that provides an orchestration platform to manage and integrate the IT requirements of an organisation. IZO Private Cloud provides scalable resources, hybrid cloud management, and top notch risk and security management. It provides the required expertise, infrastructure and services to act as a catalyst in driving the business growth and enhanced performance.

    IZO Cloud command portal offers a tool that integrates different IT requirements under a single umbrella with a unified cloud experience. With a comprehensive view of IT resource utilization, it grants better control to the customer with cost efficiencies and improved productivity.

    IZO – Google Cloud Partnership

    With Tata communications already spanned across the globe with its cloud services, now has taken a leap further by collaborating with Google cloud. It has thus further gained grounds with its managed public cloud services by adding finer resources by the Google Cloud. Google cloud is expanding its cloud footprint with already marked regions in the Asia-Pacific.

    This partnership will enable organisations to utilize and access google cloud through Tata communications IZO managed cloud, while also providing them with user friendly and end to end services. This also includes cloud infrastructure planning, workload migration and ongoing operational support.

    It will also support organisations with infrastructure and application modernisation, data transformation, analytics and multi-cloud management. Along with infrastructure management. Tata communications will also manage Kubernetes deployments on google cloud to support containerization in hybrid multi-cloud environments.

    Worldwide Market Share of Leading Cloud Infrastructure service providers
    Market Share of Leading Cloud Infrastructure service providers

    The Cloud market

    According to a survey conducted by the International Data Corporation, the cloud market has grown over 26% over the years with revenues totaling $233.4 billion.

    “Cloud is expanding far beyond niche e-commerce and online ad-sponsored searches. It underpins all the digital activities that individuals and enterprises depend upon as we navigate and move beyond the pandemic,” said Rick Villars, group vice president, Worldwide Research at IDC.

    It also points out that the Covid-19 pandemic has been a catalyst in accelerating cloud adoption and estimates that organisations will soon convert to becoming cloud centric IT. As a result of the pandemic, 64% of Indian companies are expected to increase the demand in cloud computing while 56% will opt for cloud software to keep up with the trends.

    “The current demands on enterprises to manage and optimise their cloud solutions has never been more important, especially in the wake of Covid-19 and our increasing reliance on cloud infrastructure,” said Rajesh Awasthi, global head of cloud and managed hosting Services at Tata Communications.

    “As organizations migrate to Google Cloud, they need a partner that will support them across their entire IT ecosystem and deliver a unified cloud management platform that offers greater transparency, control and security of their data and applications,” he added.

    Amitabh Jacob, head of partners and alliances at Google Cloud India, said the true test of 2021 will be how organizations adopt a cloud-first approach. “Through our partnership with Tata Communications, we will be able to provide our customers with a unified, end-to-end experience that will remove the complexity in cloud management and help them transform at speed and scale”, he added.

    The Future of Cloud computing

    Organizations in the future will not require employees to work at physical desks or even devices. Cloud based systems will take over instead unifying the entire process to make it further more efficient and productive. Cloud computing is already being opted by half the organizations around the globe.

    The easy to use and tech-rich environment has made it the need of the hour for organisations that want to simplify their resources and management tools. Hybrid multi-clouds are helping organizations with expert assessment and seamless workload migration hence making cloud computing a cost effective and sustainable choice in the long run.

    FAQ

    What is a Kubernete Engine?

    Google Kubernetes Engine (GKE) provides a managed environment for deploying, managing, and scaling your containerized applications using Google infrastructure.

    What is IZO?

    IZO is a cloud Platform & services provided by Tata. It is a flexible, one-stop cloud enablement platform designed for organisations to navigate complexity for more agile business performance.

    What are the different types of cloud services?

    The different types of cloud service are IaaS (Infrastructure-as-a-Service), PaaS (Platform-as-a-Service) and SaaS (Software-as-a-Service).

  • America’s Top Billionaires to pay Billions under Ultra-Millionaire Tax

    Ultra-Millionaire Tax is a wealth tax that is introduced for the richest people in the U.S.A. It is a new bill that is introduced by Senator Elizabeth Warren of Massachusetts. She has been proposing to introduce this for a long time.

    Senator Elizabeth Warren introduced the Ultra-Millionaire tax with Representative Brendan Boyle of Pennsylvania And Representative Pramila Jayapal of Washington. The main aim of the new bill is to fight for wealth inequality in the country.

    The wealth tax would force the American households whose income is more than $50 million to pay taxes.

    Lets dive deeper to understand what is this tax all about

    Who is this Tax for
    Evasion Methods
    Reasons for this Tax
    Amount Owed by the Rich
    FAQ

    Who is this Tax for

    The American households whose net worth is in-between $50 million and $1 billion will have to pay a 2% wealth tax. For example, if the household is earning $50 million then they will have to pay $100,000 in the form of wealth tax.

    The American households whose net worth is more than $1 billion will have to pay a 3% wealth tax. For example, if the household is earning $2 billion, then it will have to pay $60 million in the form of wealth tax.

    The households earning below $50 million will not come under the tax bracket. 0.05% of the American households will come under the proposed tax bracket according to a press release.

    Evasion Methods

    The Ultra-millionaire tax has anti-escape measures been taken under consideration. The country will invest an amount of $100 billion to strengthen the IRS (Internal Revenue Service) who is responsible for collecting the taxes. There will be a minimum of 30% audit rate for the taxpayers who are responsible for paying the wealth tax.

    If the U.S citizens who have an income of more than $50 million would want to leave the country or move their assets and citizenship to another country, then they would have to pay an exit tax of 40%. There would be penalties implements for underpayment of the wealth tax.

    Top Richest Americans
    Top Richest Americans

    Reasons for the new Ultra-Millionaire Tax

    The main reason for the implementation of the new bill is to reduce the wealth inequality in-between the American Households in the country.

    Let’s take an example – consider two people A and B. A’s father is a millionaire with an income worth $50 million, pieces of jewelry, collectibles, and yachts. A earns an income of $50,000 and B comes under the American household who earns an income of $100,000. B’s income is also $50,000.

    But even though A has a lot of assets and income generated in his family he will have to pay the same amount of tax that B is paying. Increasing the income tax would affect B more than that of A and that is why the wealth tax is implemented.

    Wealth tax is calculated based on the entire income of the family and not just an individual.

    According to an analysis conducted by economists Emmanuel Saez and Gabriel Zucman from the University of California-Berkley, The American wealth of the richest that is 0.1% of the population has seen their income triple from 7% to 20% in the years 1970-2016 and the rest of the 99.9% has seen a decline in their share of wealth from 35% to 25% in the years 1970-2016.

    The richest families of America are 13,000, they have the same amount of wealth as the rest of the 117 million families in the country. According to their study, they’ve found that the top 0.1% pays around 3.2% of their income as taxes while the bottom 99.9% pays around 7% of their income as taxes.

    Amount Owed by the Richest for Ultra-Millionaire Tax

    According to the Tax rates which is proposed by Elizabeth Warren, Amazon’s Jeff Bezos will have to pay $5.7 billion as a wealth tax for the year 2020. Jeff Bezos would still have $185 billion in net worth after paying the tax.

    Tesla’s Elon Musk will have to pay $ 4.6 Billion as a wealth tax for 2020. Elon Musk would still have $148 billion in net worth after paying the tax.

    Microsoft’s Bill Gates will have to pay $ 3.6 billion as wealth tax for 2020 and Facebook’s Mark Zuckerberg will have to pay $3 billion as wealth tax for 2020.

    According to a survey conducted by CNBC on Millionaires, it was seen that around 60% of the millionaires support the wealth tax proposed by Elizabeth Warren.

    FAQ

    How many billionaires are there in India?

    There are 177 billionaires in India as of 2020.

    Who is the richest billionaire in India?

    Mukesh Ambani is the richest billionaire in India.

    Who is richest woman in India?

    Roshni Nadar Malhotra with a wealth of ₹54,850 crore is the richest woman in India.

    Conclusion

    According to Elizabeth Warren, the implemented wealth tax would raise around $3 Trillion in 10 years. It is said that the tax would raise around 1% of America’s GDP in a year. The revenue would help in paying for child care, developing the educational infrastructure, developing nursing home cares, tuition-free public colleges and schools, and promoting clean energy in the country.

    Elizabeth Warren has said that implementing the wealth tax will help in raising money for President Joe Biden’s agenda ‘#BuildBackBetter’ which includes policies like expanding the caregiving economy.

  • Case Study of Wadia Group

    Wadia Group has been in function since the year 1736 and is one of the oldest Conglomerate in Indian Business market. The Wadia Group business empire has been running for over 280 years in India. Currently, it is broadly diversified in several sectors and industries which includes Textile, Chemicals, Consultancy, Plantations, Foods, Electronics, Light engineering, Health, Laminates, Real estate, and many more.

    The Wadia group companies have popularly emerged as market leaders in the Wadia business field and over the functioning years, the group has developed an excellent record of managing diverse technologies and adapting to it.

    About Wadia Group
    Wadia Group History
    List of Wadia Group Companies
    Growth of Wadia Group
    Interesting Wadia Group Facts
    Final Note

    About Wadia Group

    Wadia Group is all about setting the foot in every possible sector and field. Wadia Group through its child Company called the famous Bombay Dyeing & Manufacturing Company Ltd. is establishing a place in the Realty Sector with rapid expansion plans.

    The Group has access to around 10,000 acres of the historically acquired land at rock bottom prices belonging to Britannia Industries, National Peroxide, Bombay Burmah Trading Corp., Bombay Dyeing & Manufacturing Company and the Wadia Trust.

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    Wadia Group History

    The Wadia Group was first founded by Loeji Nusserwanjee Wadia in 1736. The group’s journey began when the founder set up a marine construction company obtaining a contract from the East India Company. The contract was to build 355 ships including the first Wadia group ships constructed for the British navy outside England.

    Over the next 150 years, the group manufactured over several ships and vessels that ploughed international waters. The year 1879 saw yet another Wadia visionary twist in the Wadia group business. With careful vision and ready to take the risk, Nowrojee Nusserwanjee Wadia moved his stakes into the textile industry.

    By the next half of the 19th Century, as Wadia Group of Bombay (present Mumbai) was gaining its reputation as the 2nd largest cotton trading port in the world as well as India, the cotton capital of the world. This indicated the birth and rise of one of the greatest success stories in Indian entrepreneurship.

    The Wadia Group today has a Rs 10,000 crore ($2 billion) Business operation in the world. The Wadia Group investment portfolio covers a number of industries which includes Aviation, Healthcare, Auto Components, Real Estate, Retail, Plantations, Chemicals and many more.

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    List of Wadia Group Companies

    There are several Wadia group subsidiaries under the giant Wadia group which have been successful in their revenue and Wadia group turnover.

    Britannia Industries

    Britannia Industries is one of India’s leading food companies with a history of around 100 years. Britannia is the most trusted food brands in India and also manufactures brands like NutriChoice, Good Day, Tiger, Marie Gold and many more which are household brands.

    Britannia’s portfolio includes all the bakery products like Biscuits, loaves of bread, Cakes, and Dairy products like Milk, Cheese, Beverages, and Yoghurt. The Britannia products are available across the country and reach around every 3rd Indian home. Britannia’s Dairy business contributes to around 5 % of its revenue and the dairy products directly reach more than 100,000 outlets.

    Bombay Burmah Trading Corporation Ltd

    The BBTCL founded its fortunes in the year 1863, as a public company which makes it almost 150-year-old company. It is the largest Wadia company in the Wadia Group based on its revenue of Rs 11,743 Cr.

    It is the 2nd oldest publicly quoted company. It is also the largest Agriculture Company In India based on company sales. The Sales Growth of 3 Years is almost 9.24 %.

    Bombay Realty

    Bombay Realty is the Wadia Group’s real estate company which concentrates on redefining the Mumbai skyline with its two iconic developments in the heart areas of Mumbai. The prime amazing developments of Bombay Realty are The Island City Centre which is at Dadar and Wadia International Centre located at Worli.

    Bombay Dyeing & Manufacturing Company Ltd

    The most important company of the group established as a small operation of Indian spun cotton yarn dyed by hand. It has also now grown to be one of the respected brands in the business.

    There is a wide variety of product portfolio like linens, towels, furnishings, leisure clothing, kids wear and a whole bunch of other products are now available across more than 2100 multi-brand stores.

    All the concerned products come with the company’s hallmark finishing, great textures, designs to match the latest trends which have been synonymous with Bombay Dyeing for over a century. The Wadia group revenue stood at Rs 4,404 Cr and the Sales Growth of 3 years is 33.95 %.

    Go Airlines

    Go Airlines (India) Ltd is an aviation business of the Wadia Group and functions under the company GoAir. GoAir launched its operations as a low budget and fare carrier to make it easier to air travel and offer airline seats at a marginal premium fare across India in the year 2005.

    It currently operates around 330 flights across 36 destinations and 9 international. The airline uses a state-of-the-art Airbus A320 aircraft as a part of the expansion plan.

    National Peroxide

    National Peroxide, a Wadia group company is India’s largest Hydrogen Peroxide manufacturer based in Kalyan, Maharashtra. It ha been operating for the last 64 years. Hydrogen Peroxide is widely used as antimicrobial chemical against a wide range of microorganisms, including bacteria, yeasts, fungi, viruses, and spores. Keeping in mind the need to do large scale disinfection, NPL has quickly developed a 3% Hydrogen Peroxide solution which can be used for disinfecting public places like airports, road, railway stations etc.

    Wadia Techno-Engineering Services

    The Wadia Group acquired 100% shareholding in Gherzi Eastern Limited “(GEL)”, from the Gherzi Group, as a result of which now The Wadia Group is the sole promoter of GEL. The name of ‘Gherzi Eastern Limited’ has been changed to “Wadia Techno-Engineering Services Limited”  in 2012. Since its inception WTESL has been a market leader and has helped shape some of the landmark constructions in the History of modern India.

    Growth of Wadia Group

    Textiles is set to be the main driver for the group, while he also plans to develop the real estate business in a major way considering its growth in the business. The complete concentration will be on brand building and establishing the textile business. Textiles will remain a dominant activity for Bombay Dyeing and the group is in the process of restructuring the entire business operations, including the manufacturing and production facilities.

    The group is on a revival mode to carve its growth path and has also taken initiatives for re-establishing the products as well as broad basing the market penetration. As a part of the marketing initiative, the company has adopted the task of refreshing the brand in the consumer minds, keeping intact the brand popularity.

    Interesting Wadia Group Facts

    • In the year 1971, then 26-year-old Nusli Wadia saved Bombay Dyeing from a takeover bid from R.P. Goenka.
    • The second oldest ship in the world was built by the Wadia group naming “HMS Trincomalee” is still afloat today in Hartlepool, England.
    • The US national anthem “Star-Spangled Banner” was composed on a ship “The Minden” built by Wadias in 1812.
    • Nowrojee Nusserwanjee Wadia started Bombay Dyeing in a humble red-brick shed.
    • The Wadia Group founder Loeji Nusserwanjee Wadia was India’s one of the first master shipbuilders.

    Final Note

    The Wadia Group is notably the widest diversified industry in India that covers almost all the growing fields of business like textiles, chemicals, plantations, food products, electronics, health, laminates, real estate, consultancy and many more.

    The history and growth of this group are legendary for a common man and it is worth knowing the facts behind the rise of this business.

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    Frequently Asked Questions

    Which is the oldest warship built by Wadia group or which ships built by Wadia group in bombay or which ship is built by Wadia group in bombay?

    HMS Trincomalee was launched in 1817, is the ship built by Wadia Group in Bombay is the oldest British warship still afloat.

    Who is the owner of Wadia group?

    Wadia group owner: Wadia family.

    Who is Ness Wadia wife?

    While Ness Wadia is known for his flamboyance and arrogance his younger brother Jeh Wadia shuns the spotlight and has stayed clear of controversies. He is married to Celina, an Australian and is the Managing Director of the group’s flagship company Bombay Dyeing.

    What is in the list of Wadia Group Companies?

    Wadia group companies list:

    • Britannia Industries.
    • Bombay Burmah Trading Corporation Ltd.
    • Bombay Realty.
    • Go Airlines.

    Is Bombay Dyeing Indian company?

    Bombay Dyeing & Manufacturing Company Limited (Bombay Dyeing) is the flagship company of the Wadia Group, engaged primarily in the business of Textiles. Bombay Dyeing is one of India’s largest producers of textiles. Its current chairman is Nusli Wadia.