In order to assist and facilitate the formation of at least 5,000 startups by 2035, the Delhi government has produced the draft “Delhi Startup Policy, 2025”. The government plans to launch a venture capital fund with a value of INR 200 Cr under the draft policy.
Benefits for Startups: Rentals, Patents, and Operating Expenses
According to the draft policy, the Government of the National Capital Territory of Delhi (GNCTD) may host experiential learning workshops in collaboration with prominent investor networks to educate high-net-worth individuals and prospective investors on the ins and outs of startup investing.
Additional benefits include a 100% reimbursement of leasing rentals for a maximum of three years, up to INR 10 lakh annually. Full reimbursement for filing patent designs up to INR 3 lakh for foreign filings and INR 1 lakh for domestic filings. For a year, a monthly allocation of INR 2 lakh will be given for operating expenses.
New Incubation Centres and Coworking Spaces in Delhi
In addition to the funding, the programme suggests establishing new coworking spaces or incubation centres to offer operational and capital support “over and above” the current Central government subsidies for a five-year term.
In order to mentor businesses situated in the nation’s capital, the Delhi government will also look into forming alliances with academic institutions, incubators, government labs, and financial organisations.
Virtual Incubation and Mentor Network via Delhi Incubation Hub
Through the Delhi Incubation Hub network, the Delhi government will offer entrepreneurs virtual incubation services so they can connect with mentors and experts. A policy monitoring committee will also be established by the BJP government, with the commissioner of industries serving as its head.
The group will also include a few industry specialists, the secretary of the planning department, and the deputy commissioners of the industries department.
Startup Task Force to Monitor Policy Implementation
Additionally, the policy suggests forming a “Startup Task Force” to review and approve applications submitted to obtain benefits under the programme. Five industry experts and two commissioners from the industries department would lead this force.
Every six months, the task team will be in charge of assessing the state of implementation. The state government’s emphasis on encouraging entrepreneurship coincides with the rapid expansion of the startup scene in the nation. With about 1.9 lakh firms that have funded over $164 billion to date, the Indian startup ecosystem is currently the third largest in the world.
Comparison with Haryana and Andhra Pradesh Startup Policies
States around the country are enacting specific laws to support startups in an effort to boost the local economy and generate employment. For example, as part of its state startup policy, the state of Haryana recently asked private investors to donate INR 2,000 Cr to a “Fund of Funds”.
In addition, the government of Andhra Pradesh recently unveiled the “AP Innovation & Startup Policy (4.0) 2024-2029”, which aims to establish 20,000 new companies over the course of the following five years.
Quick
Shots
•INR 200 Cr VC Fund – Govt to launch
venture capital fund to boost startup financing.
•Financial Support – 100% reimbursement
on rentals (up to INR 10 lakh/year for 3 years) & patent filing costs.
•Startups to get INR 2 lakh/month for
1 year.
•New coworking spaces & incubation
centres planned in Delhi.
On August 13, Swedish retailer IKEA India announced the opening of its first location in Delhi, at the Pacific Mall in Tagore Garden. With more than 2,000 products on display and about 800 available for immediate purchase, the 15,000-square-foot store brings the IKEA experience closer to households in West Delhi and the surrounding areas.
IKEA’s Strategy for Accessibility and Affordability in India
By emphasising accessibility, affordability, and localisation, IKEA India hopes to strengthen its position in the nation’s retail market with the opening of the Pacific Mall. The brand’s online debut in the NCR in March of this year was followed by the launching of the Delhi shop.
It is a component of IKEA India’s larger omnichannel strategy, which also includes Plan and Order Points, large-format shops, city stores, and e-commerce. According to a statement from the firm, IKEA hopes to provide a smooth and customised shopping experience through these many formats and services, whether customers are shopping in person or online.
‘One Click, 30 Minutes Away’ Concept Explained
For its Delhi location, IKEA has embraced the “One Click, 30 Minutes Away” business concept. Large-format stores in Bengaluru, Hyderabad, and Navi Mumbai offer a comprehensive experience, while city stores in South Mumbai and West Delhi now offer curated solutions and planning services in high-traffic urban areas.
E-commerce makes it simple to access the entire selection online, and the Plan and Order Point concept in East Bengaluru meets individualised needs such as kitchens and wardrobes. According to the firm, two full-format IKEA experience stores are presently being developed in Noida and Gurugram.
The opening of IKEA’s first store in the centre of the bustling city is a significant milestone for the brand, according to Patrik Antoni, CEO of IKEA India. The firm is thrilled to provide the many people in Delhi the chance to touch and feel the IKEA items.
Since the house is where it all begins, IKEA intends to encourage the many Delhites to view their homes in a fresh manner after carefully analysing the market. The company’s dedication to making IKEA more approachable, pertinent, and motivating for a greater number of Indians is reflected in this new store.
Key Features of the 15,000 Sq Ft IKEA Delhi Store
About 800 smaller “cash-and-carry” goods will be available for quick purchase at the recently constructed 15,000-square-foot IKEA store in West Delhi’s Pacific Mall, out of 2,000 items on display.
Additionally, customers can order any item from IKEA’s entire inventory, including kitchens, which will be delivered from its Farrukhnagar customer distribution centre. Visitors have access to the complete IKEA catalogue, even though only a selection is on display, Saiba Suri, Country Customer Fulfilment Manager, IKEA India, informed the media.
IKEA’s Customer Distribution Centre (CDC) in Farrukhnagar will supply the Delhi store, which is a city-format location. In accordance with a regular replenishment strategy, products will be refilled every day as sales take place.
Since the new policy’s draft would be subject to public input, which is anticipated to take time, the Delhi government has reportedly prolonged the present electric vehicle regulation until March 31, 2026, or until a revised version is announced.
According to a PTI report, the decision was made 22 July at a cabinet meeting at the Delhi secretariat, which was chaired by Chief Minister Rekha Gupta. Prior to implementing the revised policy, Delhi Transport Minister Pankaj Kumar Singh emphasised the necessity of “broader dialogue.”
Why the Policy Extension Was Needed?
According to Sing, the extension will allow the transport department to perform thorough talks with all parties involved, including the general public, business executives, academics, environmental organisations, and both public and private institutions.
He added that the main topics of these talks will include improving EV charging infrastructure, evaluating current subsidies and incentives, putting in place reliable systems for disposing of batteries and e-waste, and precisely defining the responsibilities of the public and private sectors in Delhi’s developing EV ecosystem.
What the New EV Policy Aims to Address?
By setting up battery collection facilities and a network of charging and swappable battery stations, the new strategy also seeks to develop an all-encompassing ecosystem for electric vehicles. Three months were added to the policy’s deadline in April, which was originally set to expire on January 1, 2025.
Manjinder Singh Sirsa, the environment minister for Delhi, stated in April that 20,000 new jobs are anticipated to be created by the second phase of the city’s EV policy. These positions are expected to cover a range of responsibilities within the EV ecosystem, from supervising battery recycling procedures to maintaining charging stations.
Sirsa’s remarks are in line with the Delhi government’s overarching objectives to encourage EV use and lessen traffic pollution in the city.
Key Incentives Under the EV Policy
A possible ban on new petrol car registrations in the city is anticipated by the new Delhi EV policy, which is now pending Centre approval. Its main goal is to switch to all electric mobility by banning fossil fuel vehicles. Additionally, it requires public transportation fleets to be electrified and suggests installing 13,200 public charging stations.
The capital also intends to provide a purchase subsidy of up to INR 30,000 for EV two-wheeler purchases under this program. The Delhi government implemented the current EV policy in August 2020 in an effort to curb the city’s escalating air pollution and promote EV usage.
By 2024, the plan aimed to have one EV for every four cars sold in Delhi. According to Vahan data, 1.75 lakh EVs of all vehicle kinds were registered in June, an increase of more than 20% year over year.
Elon Musk-led electric vehicle manufacturer Tesla is allegedly finalising two locations for its showrooms in Delhi and Mumbai, marking another milestone in the company’s efforts to establish a foothold in India. According to sources cited by an international news agency, the company has decided on locations for its showrooms, which will span 5,000 square feet and be located in Mumbai’s Bandra Kurla Complex and Delhi’s Aerocity. According to the report, these showrooms would only be used to sell the company’s imported EVs; they would not be used as service centres. This comes after it was revealed in December of last year that Tesla was in negotiations with prominent real estate company DLF to look at potential locations for its showroom in India, including the Cyber Hub complex in Gurugram and DLF’s Avenue Mall in Delhi.
Additionally, the development coincides with the company’s eagerly awaited debut in the Indian market. Musk, the richest man in the world and the CEO of Tesla, met Prime Minister Narendra Modi last week while he was in the United States. During their conversation, Musk talked about topics that Modi is “passionate about, such as space, mobility, technology, and innovation,” according to a post on X.
Tesla Announces New Hiring Plans in India
Tesla has taken a big step by starting its employment process in India in this short time frame and after Modi’s visit to the US, where India and US President Donald Trump agreed on a trade deal roadmap. It would appear that Tesla is reaffirming its plan to enter India.
Tesla, which has long had a small presence in India, is currently hiring for 13 positions, both back-end and customer-facing ones. Following years of negotiations that experienced numerous setbacks due to tax exemptions and local manufacturing regulations, the news has rekindled rumours regarding Tesla’s long-awaited debut into India. Musk has long criticised India’s high import taxes, claiming that they are a significant obstacle to Tesla’s growth there. At the moment of Tesla’s action, US President Donald Trump is advocating for strict tariffs.
Picture Still Not Clear
Tesla’s abrupt decision to begin hiring in India has raised the prospect of large investments coming to the nation, but is there more to this than what first appears? Whether Tesla will get the tax breaks it has long desired is still up in the air. Additionally, we are currently unaware of Tesla’s plans to manufacture or assemble in India. However, the timing of Tesla’s ambitions to hire people in India has sparked a lot of debate due to growing tariff concerns and Musk’s tight relationship with Trump.
Now a significant Trump buddy, Elon Musk has a lot of influence within the government. Trump’s election to a second term in office means that US trade policy will probably become more assertive. Although Tesla had previously backed out of its intentions for India, the country may now feel pressured to provide more favourable terms due to the shifting political climate. Tesla has been pursuing reduced import taxes for years prior to making significant investments in India. In the past, New Delhi has lowered electric vehicle import duties for businesses that made at least 41.5 billion rupees ($500 million) and set up local manufacturing within three years. However, Tesla faces growing competition in India’s quickly changing EV industry.
Arvind Sanka, the co-founder and chief executive officer (CEO) of the ride-hailing startup Rapido, has informed a media outlet that the company is investigating the possibility of converting its bike-taxi service in Delhi to an all-electric mode within the next year. This would be accomplished through partnerships with companies like as Zypp Electric and Gogoro.
This change takes place at a time when the nation’s capital is making tremendous progress in the adoption of electric vehicles, which is backed by the state’s legislation regarding electric vehicles. Within the next year, the corporation plans to make the transition to using only electric vehicles in some cities. As an example, a company intends to launch this effort in Delhi to lessen the amount of pollution. Sanka stated that 25% of the company’s bike taxi services are already electric in Delhi and that it would gradually expand its operations to other states as well.
First-mover Advantage
As competitors like Ola and Uber experiment with environmentally friendly solutions, Rapido may also gain a first-mover advantage in the bike-taxi industry as a result of this transition.
Zypp Electric and Gogoro are two of the fleet operators that the company collaborates with. Original equipment manufacturers (OEMs) are also involved. In Bengaluru, the company also has its own electric vehicle fleet consisting of three-wheeler automobiles. In the event that there are fleet operators, company purchases from them. According to Sanka, in the event that there are no electric vehicle operators in a city, firm provides the drivers with its very own electric vehicle.
Promoting Sustainability
There are also negotiations taking place between companies like Uber and manufacturers of electric two-wheelers regarding the transition to electric vehicle fleet services or the formation of partnerships in order to provide driver partners with vehicles at a reduced cost. On September 16, 2023, the ride-sharing company Ola Cabs made the announcement that it will be relaunching its bike taxi service in Bengaluru, all of which would be operated by electric scooters.
Bhavish Aggarwal, the founder and chairman of Ola, stated that the company is willing to engage in collaboration with other local partners in order to acquire electric vehicles for the company. Currently, Ola Electric is the supplier of the company’s electric two-wheelers. At the same time as this is happening, a number of states, including Karnataka and Delhi National Capital Region, are expanding their regulations regarding bike taxis.
A statement made by the government of Delhi in November 2023 that stated that it intended to electrify all bike taxis by the year 2030. A gradual transition to electric vehicles was permitted by the state government inside the fleets of taxi operators.
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 GlobalBees.
The modern industries of the world are transforming each day with the addition of new companies or startups and their disruptive ideas. Though the increasing competition is certainly bringing forth the best products at equally appreciable rates for the customers of now, it is excessively detrimental for the companies, especially startups to hold on to the fast-paced environment and cement their position in their respective spaces. Thus, many startups often lose control and end up being forgotten. Experience is what most of them lack most often and here’s why nowadays we find companies and veterans teaming up to upscale the startups.
It was Thrasio Holdings, Inc., which had made this idea possible in the US, scaling over 150 brands to date. This Thrasio-style has become really popular indeed ever since Thrasio began to be a huge success. GlobalBees is one such company that believes in the upscaling of other companies in India and is making it possible in India.
GlobalBees invests in a wide range of companies across domains like e-commerce, consumer technology, marketing and operations, and more, with a special focus on the sellers of the popular eCommerce platforms like Amazon and Flipkart to improve their sales and help them grow. The company is a Thrasio venture-style arm of FirstCry is already a unicorn in less than 8 months of operation!
If you want to know more about GlobalBees, its Business Model, Revenue Model, Funding and Investors, Startup Story, Acquisitions, Challenges, Competitors, and more, then read ahead.
GlobalBees is a startup that focuses on identifying and scaling amazing products. Since it was founded in 2021, GlobalBees has created a varied portfolio of firms in sectors including beauty, home care, personal care, nutrition and wellness, fashion jewellery, and eyewear.
Globalbees Brands Private Limited is a Non-Government Company that is listed in the company class. This company is registered with the Registrar of Companies (ROC) in Delhi with a paid-up capital of Rs. 7 lakh and authorized share capital of Rs. 7 lakh.
The startup purchases up-and-coming companies across niches. It aims to upscale merchants from an array of sectors such as fashion, home and kitchen, electronics, cosmetics, personal care, sports, and others. Globalbees works with entrepreneurs that have developed an internet-based business. The company’s staff grows direct-to-consumer (D2C) enterprises in India and beyond. Companies that have produced goods based on unique customer intelligence are favoured by the company.
GlobalBees assists businesses with scaling and revenue development once they have been acquired by the company. The New Delhi-based unicorn works with the merchants, especially with those who are on the e-commerce platforms like Flipkart and Amazon, the business uses smart marketing methods and other technologies to help these firms flourish. Not only that, but the corporation also starts the worldwide operations of these brands.
GlobalBees founder Nitin Agarwal stated in an interview that the company has already cooperated with 12+ digital businesses. These companies are selling their goods and services in domestic and international markets.
How GlobalBees Acquires Digital Brands?
GlobalBees works in a step-by-step way to acquire or collaborate with the brands. The GlobalBees team begins by gathering knowledge about the digital brand that it will purchase. The startup does this by looking at the revenue numbers and the items that the brand sells. For long-term success, the firm also learns how to establish a brand relationship with customers.
Following the completion of the first stage, the GlobalBees team prepares a contractual agreement with the founders, outlining all payout terms and circumstances.
Next, GlobalBees brings in its expertise and cutting-edge tools and technologies to expand the acquired brands. GlobalBees has a team of professionals who work directly with digital companies to help them flourish.
By acquiring more than 10 companies and becoming a unicorn in such a short span of time, GlobalBees has caused quite a stir in the Indian startup environment.
GlobalBees – Industry
The Thrasio model, pioneered by the US-based Thrasio Holdings has been insanely popular around the world and in India too following the brand’s success, which recently boasted of having a portfolio of over 100 brands and picking up a profit of $100 million on revenue of $500 million. The business model that replicates Thrasio was not quite explored before the Indian startups like Mensa Brands, 10Club, GOAT Brand Labs and GlobalBees started to foray into the same.
It was Amazon, which alone revealed in 2020 that as many as 4,152 sellers on its Indian marketplace have managed to cross Rs 1 crore in sales, which increased by 29% from the figures revealed in the previous year. This indicates the untapped opportunity in this space. The Indian brands like Upscalio, Evenflow, Powerhouse91, and the ones mentioned above have already started to take the pace and have together raised over $300 million so far.
GlobalBees – Name, Logo, and Tagline
GlobalBees assists emerging businesses in scaling and selling to marketplaces and other outlets in India and beyond the South Asian market, hence the name “Global-Bees”.
GlobalBees is founded by Deepak Khetan, Supam Maheshwari, and Nitin Agarwal in 2021.
Deepak Khetan
GlobalBees’ Chief Financial Officer (CFO) and Head of Corporate Development, Deepak Khetan is an alumnus of the Institute of Chartered Accountants of India, who also attained the CFA Institute and GARP, USA. Deepak is an experienced financial executive with over 18 years of experience in advising, credit, strategy, and accounting activities, and backed strong academic qualifications.
He has vast experience in mergers and acquisitions, strategic advising, capital raising, and restructuring transactions, as well as cross-border circumstances. Khetan has previously served as a Manager and Chief Manager at ICICI Bank; Group EVP – Investment Banking at YES Bank; Chief Strategy Officer at Smaaash Entertainment and as the CFO and SVP at Edelweiss Financial Services before co-founding GlobalBees.
Deepak Khetan, GlobalBees Founder
Supam Maheshwari
The CEO and Co-founder of FirstCry, Supam Maheshwari is a Co-founder of GlobalBees. A Mechanical engineer from the Delhi College of Engineering and an alumnus of IIM Ahmedabad, Supam had earlier co-founded Firstcry and Brainvisa Technologies.
Supam Maheshwari, GlobalBees Founder
Nitin Agarwal
GlobalBees’ Chief Executive Officer (CEO) is Nitin Agarwal. Nitin Agarwal obtained his Btech degree from IIT Delhi and has worked in a series of companies including Citibank, where he served as an Assistant Manager; Equirus Capital, where he served as the Director; Incred, where he was the Chief Operations Officer; Wecash, where he was the Chief Operating Officer and Edelweiss, where Agarwal served as the President and Group CIO, CTO and Chief Digital Officer. Nitin also co-founded Brainvisa, Bigshoebazaar India Pvt Ltd, and GlobalBees till now in his entrepreneurial career.
Nitin Agarwal, GlobalBees Founder-CEO
GlobalBees has an employee strength of 100+ employees.
GlobalBees’ mission statement says, “Investing in and nurturing brands to provide joyful product experiences to the world.”
According to the company, its growth drivers are:-
Innovation – The demands of customers are always changing. It seeks out novel solutions to meet the demands of customers and improve all parts of the customer experience.
Inspiration – The company is inspired by others. The team continually listens to our customers and is ever-changing to meet their needs. This enables them to develop amazing things even under the most difficult of circumstances.
Impact – Products can have a beneficial influence on people’s lives. The team collaborates with entrepreneurs to develop goods that serve both customers and society.
The Thrasio-style business model is a relatively new concept in India, but it has garnered positive feedback from the country’s startup community.
GlobalBees acquires and works with innovative digital companies working in areas such as grooming, personal care, home care and kitchen, food and nutrition, and sports and leisure. The New Delhi-based startup then assists these businesses in scaling and selling to marketplaces (such as Amazon and Flipkart) as well as other channels in India and beyond. GlobalBees has already purchased or collaborated with nearly a dozen businesses that they are selling both in India and beyond.
“We have created and engaged with brands in the past and realized that most of these brands reach a scale after which it becomes too difficult to scale them,” Agarwal said. “Supam and I have been talking about this for several years, trying to find ways to disrupt this market. We think there’s an opportunity to create a new house of brands that is digital-native.”
GlobalBees, according to Agarwal, will try to construct a distribution and enterprise ecosystem in the internet realm in the same way that conventional enterprises have done so in the offline world. GlobalBees plans to invest in roughly 30-35 companies spanning from various D2C categories to fast-moving consumer goods (FMCG) and more, following the strategy popularised by US-based Thrasio.
“Not all brands GlobalBees engages with will get acquired on day one”, Agarwal said.
GlobalBees isn’t the first company in India to use the Thrasio concept. Other well-known firms that have used the Thrasio strategy to acquire digital brands include Powerhouse91, Mensa Brands, 10club, and UpScale.
GlobalBees – Funding and Investors
GlobalBees has raised $301.8 million over five rounds of funding.
Date
Round
Amount
Lead Investors
Feb 6, 2024
Debt Financing
$18M
Avendus Capital
Dec 28, 2021
Debt Financing
$30M
Trifecta Capital Advisors
Dec 28, 2021
Series B
$110M
Premji Invest
Jul 18, 2021
Series A
$75.88M
FirstCry
Jul 18, 2021
Debt Financing
$75.88M
–
GlobalBees – Investments
GlobalBees had invested in one company on April 23, 2022, which was its maiden investment worth April 23, 2022, until it invested again in 5 companies, as of June 13, 2022 reports. The FirstCry arm has invested recently in HealthVit and Top Gummy, nutrition brands. Furthermore, it also invested in personal care brands UrbanGabru and Urban Yog, followed by another investment in a lifestyle brand named Kuber Industries. Though the funding rounds and the investment amounts have not yet been confirmed, reports mentioned that the company has invested up to Rs 50 crore in each of the brands.
Date
Name of the Company
Funding Round
Deal Value
Lead Investor
June 13, 2022
Kuber Industries
–
–
June 13, 2022
Urban Yog
–
–
June 13, 2022
UrbanGabru
–
June 13, 2022
Top Gummy
–
–
June 13, 2022
HealthVit
–
–
April 23, 2022
Candes
Corporate Round
$3.2 mn
Yes
GlobalBees – Acquisitions
GlobalBees last acquired Reach on February 9, 2022, which is a sports equipment brand. Reach is the 2nd brand in the sports and fitness that the Thrasi-styled brand acquired.
Among its other investments, GlobalBees had invested in had acquired a controlling share in Healthyhey (a dietary supplement company), Rey Naturals (a hair care product company), and Intellilens (an eyeglass company) in November 2021. It also invested in Yellow Chimes, a prominent fashion jewellery brand, and Absorbia, an innovative home care brand to possess majority stakes in them, which were added to GlobalBees’ portfolio in the same month.
Prolixr, a local millennial skincare business, &ME, and The Better Home, a women’s health solutions firm are some other brands that have been earlier acquired by GlobalBees, all of which are covered in the “Acquisitions” section below.
GlobalBees plans to invest in roughly 30-35 companies spanning from various D2C categories to fast-moving consumer goods (FMCG) and more, following the strategy popularised by US-based Thrasio. The organization is excited about the prospect of purchasing and combining companies, as well as assisting them in scaling and transforming their digital presence. Within this financial year, GlobalBees plans to invest in over 20 brands.
GlobalBees acquired 11 brands to date. Here’s a list of its acquisitions below:
Date
Acquiree Name
About Acquiree
Amount
February 9, 2022
Reach
Fitness equipment company from Gurgaon, which rents out equipment and promotes fitness
–
Jan 11, 2021
The Butternut Company
Healthy snack food brand
–
Jan 11, 2021
Mush
Premium brand that is aimed to design and develop high-quality bamboo textile products
–
Jan 11, 2021
Strauss
Premium quality gym and fitness equipment company
Nov 23, 2021
Rey Naturals
Therapeutic Grade essential oils.
–
Nov 23, 2021
HealthyHey
The company create nutritional and health products for overall fitness and well-being.
–
Nov 2, 2021
Yellow Chimes
Yellow Chimes is a fashion jewellery brand.
–
Nov 2, 2021
Absorbia
Absorbia is an innovative product that keeps your belongings damp-free.
–
Oct 25, 2021
Prolixr
Prolixr embodies the perfect balance of formula savvy and playfulness to inspire a love for skincare.
–
Oct 4, 2021
&ME
&Me is a lifestyle nutrition brand creating bioactive beverages for women.
–
Aug 31, 2021
The Better Home
The Better Home is a home care products company, as it builds its portfolio of digital-first brands and helps them scale.
–
GlobalBees – Growth
As the need for online D2C brands grows, GlobalBees is taking up the challenge pretty well. It has been the second Thrasio-style firm to become a unicorn in 2021, following Mensa Brands.
In just seven months, GlobalBees built a wide portfolio of firms in sectors such as home care, beauty, and personal care, nutrition and wellness, fashion jewellery, and eyewear. Over the next three years, GlobalBees expects to invest in over 100 brands across sectors, including fast-moving consumer goods (FMCG), sports, home organization, and leisure.
GlobalBees boasts of a presence across 600+ cities. The company has hit a monthly revenue of Rs 1 crore in October 2020, within just nine months after launch.
The firm, which has offices in Delhi and Bangalore, has established assets and skills in marketing, technology, supply chain and logistics, product innovation, and other areas.
GlobalBees – Competitors
The market for Thrasio-style startups has grown rapidly and GlobalBees has also picked up numerous competitors like:
The funding that the company received will be used to expand the firm’s product range and accelerate the innovation process, customer experience, talent recruiting, and corporate growth, according to the founder of the company.
Globalbees has grown to over 100 members. In addition, the firm is in advanced conversations with over 20 organizations to expand its digital-first brand portfolio.
Speaking on the development, Nitin Agarwal, GlobalBees CEO said, “We have a deep purpose to build meaningful products across industries that address unique consumer needs. With this investment, we are well setup to become India’s largest brand platform. We are an august company of exceptional founders who have built great companies online. With this infusion of capital, we can work together to take these companies global.”
The company aims to reach $1 billion in revenue by 2026 and turn into a profitable startup.
FAQs
What does GlobalBees do?
GlobalBees invests in potential merchants on e-commerce platforms like Flipkart, Amazon, and Myntra, and works with their founders to improve their sales. These businesses can help businesses separate from the crowd of e-tailers by providing marketing skills.
Who founded GlobalBees?
GlobalBees is founded by Deepak Khetan, Supam Maheshwari, and Nitin Agarwal.
When was GlobalBees founded?
GlobalBees was founded in May 2021.
Which companies do GlobalBees compete with?
10.Club, Mensa Brands, GOAT Brand Labs, Upscalio, Recommend.my, Bellhops, Venn, Mensa, Peopletail, and Key Reception are some of GlobalBees’ major rivals.
How are GlobalBees and FirstCry related?
GlobalBees is often referred to as a Thrasio venture-style arm of FirstCry, which it is.
Delhi being the capital of India is one such metro city, where wealth grows. This city is home to many billionaires. India being a developing nation, most of the industries and big firms target the metros for business opportunities. Delhi is the largest commercial center in northern India that acquires around 42% of the state’s total wealth figure.
As per surveys, the Delhi state gives out total revenue of 2958 billion rupees in the form of taxes to the central government. This shows why the richest business tycoons love to work and stay in Delhi. In this article, you will find more information about the richest men in Delhi.
Shiv Nadar is an Indian industrialist; the founder of HCL enterprises and also the chief strategy officer at HCL Technologies. Shiv Nadar founded HCL in the year 1976 when he started making calculators and microphones and over the years worked to build a multi-billionaire company that today is the third-largest software service provider in India.
Rajiv Singh
Net Worth – INR 32,800 crores
Rajiv Singh
Rajiv is the chairman of DLF Ltd, appointed on the 4th of June 2020. DLF stands for Delhi Land & Finance which is a real estate development company founded in 1946. Rajiv was the executive vice-chairman of the company since 1999. He holds a professional degree in mechanical engineering. For working over decades in DLF, he has now reached this level with all his consistent hard work, perseverance, and strategic mindset.
Vikram Lal
Net Worth – INR 30,600 crores
Vikram Lal is the founder of Eicher motors, a company based on the manufacturing of commercial vehicles in India. He started his career by joining the family company Eicher India founded by his father. He changed the concept of the company by expanding it from commercial vehicles to domestic vehicles as well.
He started manufacturing motorcycles which are now sold by the name – Royal Enfield. He owns three factories in India and has sold over 6,97,582 bikes in just one year.
Ravi Jaipuria’s name is also spelled as cola king in India. He is the chairman of RJ Corp. Ravi also owns a company with the name Varun beverages which to tell is the second-largest bottling partner for the American joint Pepsico.
He has studied management course in the United States and came back to work in his family-owned business of bottling. Ravi also received the bottler of the year award by US President George Bush.
Sunil Mittal
Net Worth – 25,500 crores
Sunil Mittal
Sunil Bharti Mittal is also one of the richest people in Delhi. He is the founder and chairperson of Bharti enterprises. One of the flagship groups of the company is Bharti Airtel. It is the second-largest telecom company in India and has a customer base of 400 million people across the world.
Sunil Mittal was also the Forbes richest person of India for some time and has also been awarded Padma Bhushan in 2007
Vijay Sharma
Net Worth: 23,000 crores
Vijay Sharma
Vijay Sharma is one of India’s youngest billionaires and an inspiration to many. He is the chief executive officer of Paytm. Vijay has studied engineering at the Delhi College of Engineering. He established the company One 97 Communications in 2000. One 97 Communications is the parent company of Paytm. He revolutionized the method of payment by bringing Paytm. The tagline he used to send payment was #paytmkaro. Today he is a role model for the youth as being one of the youngest billionaires in India.
Anand Burman is a leading businessman and chairman of Dabur India Ltd. Anand joined the family business of Dabur in 1980. His company is a consumer goods company related to FMCG products. Dabur is a leading brand in India. Anand has a degree of doctorate in pharmaceutical chemistry from the University of Kansas.
Munjal Pawan
Net Worth – 22,000 crores
Pawan Munjal heads the Hero Motocorp. He serves as the chairman, managing director & CEO of the company. Munjal’s Hero Motocorp manufactures affordable motorcycles for Indian people. He joined the company from Hero Honda Motors in 2001 and made the company grow. He successfully transformed it into Hero Motorcorp by 2011. Today Hero Motorcorp offers a huge variety of segments to its customers at a very affordable and economic cost.
Kuldip Singh Dhingra
Net Worth – 18,000 crores
Kuldip Singh is the Indian Entrepreneur who is the chairman of Berger Paints Ltd. He started Berger paints with his brother in 1991 when he purchased the company from Vijay Mallya. He tells that the business of paints was in his blood as his grandfather was also in into paints business in Amritsar.
V.C. Burman
Net Worth – 17,000 crores
Vivek Chand Burman is the former chairman of Dabur India Ltd. Vivek is one of the oldest members of the company. He joined the company in 1954 and was appointed as the chairman in 1998. Over the years he built the company strong and more reliable and because of health issues he retired and gave the position to his nephew Anand in 2007.
Conclusion
So, here was a list of the richest men living in the streets of Delhi with their amazing and lavish lifestyles. To sum up, these men have worked hard enough to achieve this success. Being in such a state is not easy but requires enough dedication, perseverance, and hard work. These men are a true inspiration, so start exploring more and more ideas and work hard so that you can come closer to your dreams.
FAQ
Who is the richest person of New Delhi?
Shiv Nadar is the richest person in Delhi who has a net worth of INR 1,41,700 crores.
Who is the richest man in India?
Mukesh Ambani is the richest man in India with a net worth of $84.5 billion.
Which is the richest city in India?
Mumbai is considered as the richest city in India.
Company Profile is an initiative by StartupTalky to publish verifiedinformation ondifferent startups and organizations. The content in this post has been approved by ElaWoman.
Infertility is a topic people don’t talk about openly. It is the inability to conceive children even after frequent, unprotected sexual intercourse over a year or more. It’s a condition that impacts couples both physically and emotionally, often ruining relationships.
Victims of infertility are more often than not left disheartened by bogus advertisements and claims that guarantee a sure-to-work solution for this medical condition. In the end, they don’t get the desired results and regret spending so much for nothing.
ElaWoman is a visionary healthcare startup making a significant difference in the lives of those affected by infertility. ElaWoman provides customized plans and treatments to solve this problem through the use of latest technology and data analytics. The transparency in treatment is what differentiates ElaWoman from others. Moreover, safe and easy financial options ensures couples with financial difficulties are not left out out.
Elawoman helps couples who are struggling to realize the happiness of parenthood. Treated as a taboo, topics such as infertility are not discussed openly on healthcare platforms. This leaves no choice for patients but to blindly believe marketing gimmicks of a non-transparent ecosystem setup by some doctors and clinics in the medical industry. This is why out of 10% of couples (of child-bearing age) facing fertility issues, only 1% go for treatment.
ElaWoman was born as a one-stop solution portal to counter the increasing occurrence of fertility problems worldwide and the increase awareness about the same. The entire team makes it a point to bring the best quality infertility treatments to couples at affordable prices.
ElaWoman – Target Market
The infertility treatment/diagnosis segment is expected to grow steadily in the coming decade. According to a top research firm in India, this industry is set to grow at 13% CAGR in the year 2020. The rapid advancements in the field of infertility medicines is can be attributed to increasing child-bearing age, growing usage of contraceptives, and altered lifestyles.
The field of infertility medicine comprises fertility drugs, infertility-related surgeries, and Assisted Reproductive Treatments (ARTs). Latest developments include Frozen Embryo Transfer (FET), Preimplantation Genetic Diagnosis and Screening (PGD/PGS), and Anti-Mullerian Hormone (AMH) tests to name a few. Array Comparative Genetic Hybridization (CGH) was recently introduced to increase the success rates of infertility treatments. A huge potential exists in this field which needs to be exploited and utilized for the welfare of couples across the globe.
How was ElaWoman Started?
The Elawoman founders came across several cases that revealed couples struggling to find a good infertility clinic or doctor for treatment. They also realized the stigma and taboo surrounding infertility issues; affected couples are afraid to discuss their issue in front of family members and friends.
ElaWoman solves the problem by bringing in transparency and independent facilitation through data analytics and other technological mediums. It offers a system that provides unbiased transparent information on doctor and centre data, treatment pricing, clinical success rates, and past patient reviews.
Couples get the benefit of having a personal health assistant to help them in each step of conceiving. The service is an end-to-end platform providing access to different features and plans.
Furthermore, ElaWoman provides information on over 5,000 fertility hospitals and doctors for IVF, IUI, ICSI, surrogacy treatments, and pregnancy care services. The fertility centres and doctors partnered with ElaWoman are encouraged to provide a transparent, upfront, and affordable pricing structure for infertility procedures. Patients are provided with customized treatment packages for result-oriented execution of the chosen infertility treatments. The customization is done based on the treatment cost, patient appointment, and the clinic/centre chosen. Ela specialists assist patients in the personalization of infertility treatment packages.
ElaWoman – Founders And Team
ElaWoman was founded by Ritu Singh, Yogesh Agarwal, and Aditya Kandoi.
Elawoman founders Ritu Singh, Yogesh Agarwal, and Aditya Kandoi (L to R)
Ritu Singh : Born in 1988, Ritu did her schooling from St. Thomas School and then pursued a B.Tech from Netaji Subhas Institute of Technology in 2005. She then did an MBA in Marketing from IIM, Udaipur. Ritu Singh is the CEO of ElaWoman.
Yogesh Agarwal : Yogesh was born in 1986 and completed his schooling from Birla High school. He obtained a Bachelor’s in Electrical Engineering from IIT, Varansi in 2005. Post graduation, he joined Lancaster University for an MBA. Yogesh is the Chief Technology Officer (CTO) of ElaWoman.
Aditya Kandoi : Aditya Kandi was born in 1989 and is an IIT Varanasi alumnus. He later did his MBA from Warsaw School of Economics. Aditya is currently working as the Chief Operating Officer (COO) of ElaWoman.
ElaWoman – Name, Logo, And Tagline
Logo of ElaWoman
ElaWoman was chosen as the brand name since Ela stands for a beautiful person surrounded by several friends and their loved ones. The company logo consists of a butterfly that demarcates freedom; the freedom ElaWoman gives couples in the form of parenthood.
ElaWoman – User Acquisition
We were on cloud nine when we met the achievement of the first 100 customers. Initially, it felt like a challenge as our concept is a new one. But then we came out with a combination of ways to reach the audience and have 100 successful customers – Ritu Singh, CEO of ElaWoman
The ElaWoman team leveraged the power of social media and user-oriented information through website’s blog section. This was combined with the reach of advertisements to target the desired audience.
Initially, it was difficult to attract customers/couples towards the concept of infertility treatment but the quality and usefulness of ElaWoman’s services made this possible. Testimonials of patients who had infertility treatments at the top centers and hospitals along with impressive success rates helped several couples contact Elawoman and trust its services.
Reaching the first 100 customers and helping them have successful infertility treatments was a remarkable experience for ElaWoman and a milestone.
ElaWoman has evolved into a healthcare platform dealing with infertility medicine, treatments, and surgeries. The innovative ElaPay facility, the first payment mode in the field of medicine, has also made it easy for patients to take a step forward. Ela’s medical loans have made the financial aspect of the treatment more hassle-free than expected. Patients also receive guidance on travel and accommodation as part of their infertility treatments.
ElaWoman – Startup Challenges
One of the biggest challenges which we faced during our initial days was mainly to convince couples to consult an infertility specialist about their infertility issues. Also, we had difficulty in making patients understand our unique brand concept – Ritu Singh, CEO of ElaWoman.
The team eventually cracked it through timely counselling and discussions with several couples in collaboration with medical specialists and psychologists; distinguished medical professionals known for successfully dealing with some of the most complicated medical cases.
Chiratae Ventures with co-investor Alkemi Venture Partners
ElaWoman – Future Plans
ElaWoman has achieved several milestones in the domain of infertility medicine since its launch. ElaWoman today has a network of more than 11,500+ doctors and clinics. Ela has its footprints in over 89 cities and 11 countries. Features such as ElaPay and Ela medical loans have made the treatment for patients a smooth sail. The company’s future looks promising with expansion plans.
ElaWoman – FAQs
What is ElaWoman?
ElaWoman is a visionary healthcare startup making a significant difference in the lives of those affected by infertility.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byPanacea Biotec.
Since the pandemic began, India has recorded more than 19 million cases, second only to the United States. Over 200,000 deaths have also been recorded. A total of 150 million vaccine shots were given out, covering 11.5 percent of India’s population of 1.3 billion people. Panacea Biotec is a pharmaceutical and vaccine company based in New Delhi, Mumbai, and Lalru in India.
Panacea Drugs Pvt. Ltd. was established in 1984 and became Panacea Biotec Ltd. in 1995. India’s second largest vaccine manufacturer, Panacea Biotec, offers a highly advanced prescription product range in essential therapeutic areas such as pain control, diabetes care, renal-disease management, anti-osteoporosis, anti-tubercular gastro-intestinal care drugs, and vaccines.
Know the entire Company Profile of Panacea Biotec in the post ahead! Also get a glance on Panacea Biotec vaccine news, its business model, how it started, Panacea Biotec products and more…
As of April 2021, the stock of Panacea Biotech has risen to levels not seen in more than a decade.
“The Russian Direct Investment Fund (RDIF), and Panacea Biotec announced cooperation to produce 100 million doses per year of Sputnik V, the world’s first registered vaccine against coronavirus,” the company said in a press release on April 4.
Production of Sputnik V at Panacea Biotec sites would aid in RDIF’s foreign partners’ global supply of Sputnik V. Sputnik V has been registered in fifty-nine countries with a total population of more than 1.5 billion people around the globe. Data published in the Lancet, one of the world’s oldest and most respected medical journals, shows that Sputnik V has around ninety-two percent efficacy score.
“The vaccine is based on a proven and well-studied platform of human adenoviral vectors and uses two different vectors for the two shots in a course of vaccination, providing immunity with a longer duration than vaccines using the same delivery mechanism for both shots,” it said.
About Panacea Biotec and How it Works?
On February 2, 1984, Panacea Drug was incorporated as Panacea Biotec Limited, India’s leading science-based health management company with established research manufacturing and marketing expertise.
India’s second largest vaccine manufacturer, Panacea Biotec, offers a highly advanced prescription product range in essential therapeutic areas such as pain control, diabetes care, renal-disease management, anti-osteoporosis, anti-tubercular gastro-intestinal care drugs, and vaccines.
The business has collaborated with established national and international research businesses and organizations. PBL has four research and development centers and ultra-modern state-of-the-art production facilities in Himachal Pradesh, Punjab, and Delhi for manufacturing vaccines and pharmaceutical formulations that meet US-FDA, UK-MHRA SAMCC, and WHO-cGMP requirements.
In addition, the company owns 24 product patents that are valid in over 60 countries around the world. Radicura Pharma, a vaccine manufacturing plant opened in 1988, and Panacea Drug, a pharmaceutical formulations plant opened in 1989, in New Delhi.
Panacea Biotec’ s mission is derived by its core values:
Innovation
Pioneer
Integrity
Humane
Panacea Biotec was established in 1984 as Panacea Drugs Private Limited, with the aim of making innovative products affordable and available to the general public.
Panacea Biotec – Founder and History
Panacea Biotec Ltd was established in 1993 as a result of a merger between Panacea Drugs (P) Ltd and Radicura Pharma. Panacea Biotec built a state-of-the-art Drug Delivery R&D center in Lalru in 1995, the same year it launched its initial public offering. The company received its first product patent in many countries in 1997.
In 2001, PBL’s Research & Development formed a partnership with a European MNC, and in 2002, an in-licensing agreement with the Biotechnology Consortium of India was signed for the development and commercialization of the anthrax vaccine. The company also opened a Recombinant Vaccine Manufacturing Plant in the same year, 2002.
In 2004, PBL signed an in-licensing agreement for the marketing of Japanese Encephalitis Candidate Vaccines with the National Institute of Immunology in New Delhi, and a collaboration with Cambridge Bio-stability UK for Thermo Stable Vaccines.
Key People/Executive Directors of Panacea Biotec –
Panacea Biotec product range includes highly advanced pharmaceutical drugs in specialty clinical fields like Pain Management, Diabetes & Cardiovascular Management, Oncology, Renal Disease Management, Osteoporosis Management, Anti-tubercular, Gastro-intestinal Care Products, and Vaccines.
Panacea Biotec’s current business is focused on its leadership positions in India, which include Transplant, Nephrology, Diabetes, and Pain, as well as some unique products based on proprietary Drug Delivery Systems. Its first Nanotechnology-based medicine, PacliAll (Paclitaxel in protein-bound particles), was introduced in 2011 and was the world’s first generic for Abraxane, produced by Celgene USA.
Panacea Biotec – Name, Logo, and Tagline
Panacea Biotec Private Limited was established in 1993 as a result of a merger between Panacea Drugs and Radicura Pharma.
Panacea Biotec’ s tagline is “Innovation in support of life,” which implies the company is India’s leading science-based health management company with established research manufacturing and marketing expertise.
Company Logo of Panacea Biotec
Panacea Biotec – Business Model
Panacea Biotec is a pharmaceutical and vaccine company. Panacea Biotec’s product range includes highly advanced pharmaceutical drugs in specialty clinical fields
Oncotrust, Critical Care, Diacar, Procare, and Growcare are the five strategic business units (SBUs) that Panacea Biotec has created to sell and market pharmaceutical formulations.
Panacea Biotec has entered the Contract Research & Manufacturing Services (CRAMS) market with the aim of expanding its knowledge and experience in on-time and high-quality delivery to clients.
The Company has built a strong portfolio in the fast-growing, multi-million dollar CRAMS market, based on its strong capabilities and state-of-the-art facilities, and powered by the enthusiasm of its experienced and skilled people. From sourcing to production, packaging to growth, the Company’s CRAMS portfolio covers the entire spectrum of processes and services.
The table below highlights some of the key financial metrics of Panacea Biotec extracted from the company’s annual reports.
Financial Metric
2019-20
2018-19
Total Income
5335.83
4522.83
PAT
(1530.7)
265.7
PAT Margin (%)
(31.70)
6.04
Equity Share Capital
61.25
61.25
Net Fixed Assets
5667.47
8232.42
Panacea Biotec – Funding and Investors
Panacea Biotec is a publicly traded company listed in stock exchanges. It has also received investments from India Resurgent Fund and more .
Date
Round
Amount
Lead Investors
Dec 21, 2019
Grant
$24.3M
–
Apr 8, 2019
Venture Round
$144M
India Resurgent Fund
Panacea Biotec – Competitors
Glenmark, Torrent Pharmaceuticals Limited., Ranbaxy, Cipla, Dr. Reddy’s, Lupin, Aurobindo, Sun Pharma, Zydus Cadila, Cadila Pharmaceuticals are the top ten competitors in Panacea Biotec’s competitive set.
Panacea Biotec Ltd.’s stock plummeted after the US Food and Drug Administration sent a warning letter to its Baddi, Himachal Pradesh, unit, prohibiting new approvals.
Following an inspection on February 10, 2020, the US Food and Drug Administration released a warning letter outlining major violations of existing good manufacturing practice legislation for finished pharmaceuticals.
“Until you correct all violations completely and we confirm your compliance with CGMP (current good manufacturing practice), FDA may withhold approval of any new drug applications or supplements listing your firm as a drug manufacturer,” it said in the statement.
The company failed to develop laboratory controls, such as scientifically sound and acceptable requirements, guidelines, sampling plans, and test procedures, to ensure that materials, drug product containers, closures, in-process content, labelling, and drug products meet appropriate identification, power, consistency, and purity standards.
To guide long-term development, Panacea Biotec plans to scale up its vaccine and pharmaceutical verticals. According to a company spokesperson, Panacea Biotec’s long-term growth ambitions include scaling up its current product range, developing new drugs, and expanding into new markets.
The company transferred its pharmaceutical formulations business, as well as related research and development and natural products extraction activities, to its wholly-owned subsidiary Panacea Biotec Pharma Limited during the year under review.
In June 2020, the company announced the formation of a joint venture company in Ireland with Refana Inc of the United States to produce a COVID-19 vaccine. Panacea Biotec will be in charge of product production and industrial manufacturing, while the JV agency will be in charge of clinical development and regulatory submissions all over the world, according to the agreement. In their respective territories, Panacea and Refana will sell and distribute the vaccine.
Panacea Biotech – FAQs
What does Panacea Biotech do?
Panacea Biotec is an Indian pharmaceutical and vaccine company with headquarters in New Delhi, Mumbai, and Lalru, in India.
What is Panacea Biotec Vaccine News?
Panacea Biotec is India’s second largest vaccine manufacturer. The Russian Direct Investment Fund (RDIF) and Panacea Biotec announced cooperation to produce 100 million doses per year of Sputnik V, the world’s first registered vaccine against coronavirus (April 2021)
How Panacea Biotec Started?
Panacea Biotec Ltd was established in 1993 as a result of a merger between Panacea Drugs (P) Ltd and Radicura Pharma.
What are Panacea Biotec Products?
Panacea Biotec product range includes highly advanced pharmaceutical drugs in specialty clinical fields like Pain Management, Diabetes & Cardiovascular Management, Oncology, Vaccines among others. Its first Nanotechnology-based medicine, PacliAll was the world’s first generic for Abraxane.
Who are the competitors of Panacea Biotec?
Glenmark, Torrent Pharmaceuticals Limited., Ranbaxy, Cipla, Dr. Reddy’s, Lupin, Aurobindo, Sun Pharma, Zydus Cadila, Cadila Pharmaceuticals are the top ten competitors of Panacea Biotec
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organisations. The content in this post has been approved by the organisation it is based on.
We know important work station spacing and culture are. With the young minds hustling all day to achieve organizational goals, it is imperative to provide them the right frame of mind with regards to the space and ambiance of the office. With the same insight and to provide top-notch work stations, Vinayak Agarwal and Utkarsh Kawatra launched myHQ in 2016.
myHQ was conceptualized with the idea of creating a chain of work-friendly spaces and providing young millennials, Startups, SMEs and Enterprises with excellent work experience. Keeping in mind the real estate space crunch in urban cities and realizing the importance of an all-encompassing ecosystem for better productivity, motivation and networks myHQ was envisioned by the founders.
myHQ is building a chain of branded and standardized workspaces. It guarantees the users that all the office essentials such as high-speed Wi-Fi, plug points at every seat, discounted F&B, free printing, and stationery and access to all other office amenities at all workspaces and work cafes. It offers different workspace solutions over these network of spaces:
Flexi The Flexi subscription is a unique visit based subscription model, where the user only has to pay for the days they use the space, without having to worry about monthly rentals or security deposits. The Flexi subscription plans offer users access to a rich variety of workspaces with lifetime validity and standardized workplace experience at just INR 200/day. Users can, for example, choose to work from a coworking space in Connaught Place one day and from a high-end work café in Gurgaon the next, without having to worry about monthly rentals and security deposits.
Team Flexi The team Flexi plan is targeted towards the mobile sales and business development team that are constantly on the move. They need space for their meetings or between their meetings to sit and work for a few hours. The Team Flexi plan allows companies to easily manage their mobile team, gives them visibility of their work schedule and helps them eliminate the need for reimbursements / per-diems. Once the company subscribes to the myHQ Team Flexi, they give access to their employees through a dashboard. The employees can reserve and work from any myHQ space that is close to their home/client office. There are no monthly or fixed charges, like the Flexi the plan the company is only charged for the reservation they make.
Dedicated Desks With the dedicated plan, users get a dedicated space reserved for them for a month. Users can choose to book just a desk, a private cabin or a customized private managed office designed according to your needs. Our representatives help the users choose from the best option depending on their requirements and arrange visits to these spaces. myHQ has the widest coverage in the market with 160+ workspaces across Delhi NCR and helps the user find the best space based on their needs. Once the users are satisfied, they can book the space online. It also offers the lowest price guarantee, where if they find a better price myHQ gives them an additional 10% discount.
Vinayak Agrawal andUtkarsh Kawatra are the Founders of myHQ
myHQ Founders
“Interestingly, we first met each other at a break-up party of one of our common friends during college. It was just a casual interaction, though it did lead us to work together in a college project and BloodConnect which is an NGO founded by Utkarsh Kawatra. We have been friends ever since. The bond grew in 2015 when we were both in Bangalore. Bangalore traffic and dinner outings gave us a lot of time to catch up and become good friends.” Said Vinayak Agrawal, Co-Founder & CTO, myHQ.
Over the last 2.5 years in myHQ, they have gotten to know each other even more. The journey from the highs to the lows, both personally and professionally – the founders practically live each other’s lives!
myHQ Team
Vinayak Agrawal is the Co-founder and CTO at myHQ. At myHQ, he spearheads the product, technology, and marketing divisions. Before starting his journey with myHQ, Vinayak worked as a Quant and Algorithmic Trading Strategist at Goldman Sachs. At Goldman Sachs, Vinayak built pricing models and scalable trading platforms for the Asia Fixed Income trading desks. Vinayak holds a degree in Electrical Engineering from the Indian Institute of Technology Delhi. During his time at IIT, Vinayak worked on Machine Learning and Computer Vision research and was awarded the best undergraduate thesis in his department. Vinayak also holds two patents to his name.
Utkarsh Kawatra is the Co-founder and CEO at myHQ. He spearheads the Sales, Business Development and Operations divisions at myHQ. Before myHQ, Utkarsh co-founded BloodConnect (bloodconnect.org), India’s largest youth-run initiative in the field of blood donation. BloodConnect is present in 10+ cities, a team of 200+. He is currently on the Board of BloodConnect as an advisor. Utkarsh started his professional journey as an investment analyst with Helion Ventures, where he evaluated B2C startups for investments. Utkarsh has also worked at Opera Solutions where he was responsible for procurement, handling cost-cutting projects for clients across IT and telecom sectors. Utkarsh has graduated from the Indian Institute of Technology Delhi, with a degree in Mathematics and Computing. At IIT, Utkarsh was actively involved in various extra-curricular activities. He has represented IIT Delhi in aquatics at inter-IIT sports meet and has led the social service wing (NSS) of the campus.
myHQ – Target Market Size
In India, this sector is a $20 Billion market. The coworking market size for SMEs and Startups is $4 billion (2 Million seats for SMEs/startups). The day time cafe users market is $16 billion large – this includes freelancers ($15Million), Masters / Ph.D. Students ($2.5Million), and corporate professionals/sales teams/business travelers ($6Million).
All of this started when the co-founders were looking to solve the commercial real estate leasing problem. They were exploring the area of setting up coworking spaces. One of their friends, who owned a lounge in Greater Kailash (Delhi), suggested they use his lounge as a day time co-working space. Though initially hesitant, the founder duo took it up and saw many people, joining and working from the space.
Within a month, they had the lounge filled without any marketing effort. They saw different types of users, right from a college student coming to study to a freelancer working on projects, from a 5-member start-up working out of the space regularly to a VC using it for meetings. Seeing the varied use cases, and getting more requests from other space owners to set this up, the founders realized that this was hitting a sweet spot of bringing efficiency and creating a lot of value for all involved stakeholders. Looking at the initial interest, they finally decided to go ahead with this. And that’s how myHQ was born.
myHQ Logo
Working on only one location initially for 3 months, they learned with time- about the expertise needed in this business. They had realized it is a lesser real estate and more about hospitality, streamlining operations with technology and building a community. Though the initial offering was targeted towards individuals, over the past couple of years, they have expanded their product offerings for Mobile Teams (sales & business development folks on the go), Start-ups, SMEs and enterprises looking for private or customized shared office spaces.
Since Vinayak and Utkarsh did not own the space or have a person present at the spaces, controlling the work experience at these spaces imyHnitially was a challenge. Over the last couple of years, they have invested in building a strong technology infrastructure to get a real-time snapshot of the space – a centralized Wi-Fi management system, Payment system at spaces to redeem credits, inventory management, monitoring the spaces real-time (occupancy levels, Wi-Fi status, etc.). This has helped them keep their operations lean and at the same provide great work experience to the users.
myHQ – Business Model and Revenue Model
myHQ is a workspace solution provider – whether you are an individual or an early stage start-up or an enterprise, it offers products/services that meet the user’s requirements most precisely. One can book seats by the day, month or get an office space designed according to their needs.
myHQ offers both fixed workspace solutions for teams and mobility solutions for individuals and corporations to manage their mobile teams. It is more of a managed marketplace, and the revenue model is revenue sharing.It takes a percentage of the revenue that it helps the partner spaces generate.
Most of the initial users came from the co-founder’s network – friends who we invited to try the product/experience working out of a lounge and share their feedback. They would speak to people working from cafés, explaining them about myHQ and offering them free trials to myHQ spaces. Also, the founders hosted a lot of networking events at their spaces which helped them spread the word. Post the initial set of users, most of the user growth came from word of mouth and referrals. SEO and content marketing are other important channels of growth.
There’s also this marketing campaign that went viral. It so happened that the founders launched a Coworking In Delhi Metro Campaign on April Fool’s day which went viral! While they did expect the campaign to do well, they didn’t expect people would believe it to be true especially with the timing of the campaign. They even received a call from a journalist who wanted to go live with the story in the next 30 mins on national TV. “We still receive messages from people asking how the metro coworking is doing!” Added Vinayak Agarwal.
myHQ – Growth
Currently present at over 160 locations in Delhi NCR.
Maintaining an aARR of $3.5 Million
Has 12000 active members on myHQ.
Some notable clients include Etsy, Magic Bricks, OYO, Bharat Pe, Bulbul.
“We have been fortunate to have some great investors who actively mentor and advise us. Most of our investors are ex-entrepreneurs who have firsthand experience of building and scaling companies. We reach out to our investors for help, guidance, and advice.” Added Vinayak Agrawal.
“We plan to grow 6-7x by the end of this year. We are planning to expand to Bangalore in the next couple of months.” Concluded Vinayak Agrawal.
myHQ – FAQs
What is myHQ?
myHQ is building a chain of branded and standardized workspaces. It guarantees the users that all the office essentials such as high-speed Wi-Fi, plug points at every seat, discounted F&B, free printing, and stationery and access to all other office amenities at all workspaces and work cafes.
Who are the Founders of myHQ?
Vinayak Agrawal and Utkarsh Kawatra are the Founders of myHQ
How much funding is raised by myHQ?
myHQ has raised funding of $2.1 million till date. Recent Funding in November 2019 was led by India Quotient, RB Investments, Suashish and LetsVenture for $1.5 Million as Pre series A
