Cofounder Vinay Hiremath of Loom, which Atlassian purchased for $975 million in 2023, wrote a blog post detailing his experiences and fears following the sale of his profitable firm. In a blog post titled “I Am Rich and I Have No Idea What to Do with My Life,” he recounted the different interests he examined after learning he no longer needed to work for money anymore. He detailed his experiences, including rejecting a $60 million job offer, quitting a relationship, and making futile attempts at robotics and government reform.
I’m in the completely unrelatable situation of never having to work again after selling my business. In a depressing manner, everything seems like a side mission. Despite having limitless freedom, I am unsure of how to use it. “This post isn’t meant to garner sympathy or boast,” he stated.
Recalling the Hard Times
Despite being offered a possible $60 million compensation as CTO, Hiremath struggled to stay with the acquiring business, as he disclosed in the blog post. “What is the point of money if it is not for freedom?” he said, rejecting it. The Loom cofounder went on a journey to the Himalayas with no prior expertise, but it ended abruptly when he became ill and needed to be rappelled down a mountain. His buddies encouraged him to join the Department of Government Efficiency (DOGE) and work for Vivek Ramaswamy and Elon Musk after he recovered. Hiremath was able to secure the job, but he left after only four weeks after deciding it wasn’t a good fit.
“I therefore cancelled my plans to go to Washington, DC, and set out on a mission to save our country alongside some of the most intelligent people I’ve ever encountered after four demanding and intoxicating weeks.” He added, “And I purchased a one-way ticket to Hawaii.”
Hiremath concluded his blog post by stating that he is studying physics in the jungles of Hawaii. He intends to launch a business that produces tangible goods. He stated that he is content that his new business does not have to duplicate Loom’s success.
About Vinay Hiremath
Born in 1991, Vinay Hiremath dropped out of the University of Illinois at Urbana-Champaign after just two years. He relocated to Palo Alto, California, in order to pursue his love of startups. In 2018, Forbes listed him as one of the 30 under 30.
His first noteworthy job was as a software developer at Backplane, a well-funded Silicon Valley firm that focused on creating online communities. During their tenure at Backplane, Shahed Khan was introduced to Vinay Hiremath, with whom he subsequently co-founded Loom. Vinay Hiremath has also made investments in start-ups such as Enterpret Company.
He co-founded Loom with Joe Thomas and Shahed Khan in the early 2010s. Users of the video-sharing website Loom can produce and distribute short videos. Forbes claims that it currently serves over 14 million people and 2 lakh enterprises.
In its initial stages, Loom was mere weeks away from bankruptcy. Hiremath used all of his credit cards to keep the business solvent. As co-founder and former CTO of Loom, he grew the company from zero to 250 employees, helped raise $200 million in funding, and increased the number of users to over 30 million worldwide.
According to reports, iBus Network and Infrastructure Pvt. has inked a share purchase deal with telecom carriers Bharti Airtel and Vodafone Idea to transfer their full ownership of the joint venture Firefly Networks Ltd. According to exchange filings, both telecom companies would sell their 50% ownership in Firefly Networks to iBus Network for a total cash consideration of INR 4.5 Cr each. It is expected that the transaction will close within 30 business days of the parties’ agreement being executed.
Firefly will no Longer be a Part of JV
After the completion of this transaction, Firefly Networks will no longer be a joint venture between Vodafone Idea and Bharti Airtel. The filing states that the transaction is not categorised as a related-party transaction and that closing conditions must still be met. In a separate filing, Vodafone Idea stated that it would earn INR 4.5 Cr for the sale of its full 50% stake in Firefly. Wi-Fi hotspots are managed and monetised by Firefly, which also supplies Wi-Fi infrastructure to partners in major Indian cities, including public areas, malls, cafes, hospitals, corporate parks, and transit hubs. iBus Network and Infrastructure, which is backed by investors like the International Finance Corporation and the National Investment and Infrastructure Fund, specialises in providing Wi-Fi managed services and in-building telecom network solutions.
About iBus
iBUS, which was founded in 2013 by Ram Sellaratnam, Subash Vasudevan, and Sunil Menon, provides cellular and Wi-Fi access at various locations, including hospitals, airports, and IT parks. iBus Sync (broadband services), iBus Find (customer behaviour analyser), iBus Talk (data connectivity inside buildings), and iBus Sense (IoT-enabled communication platform) are among its product offerings. To increase its footprint in foreign markets, the firm raised INR 280 Cr (about $34 Mn) a few months ago from the International Finance Corporation (IFC), a part of the World Bank Group.
Current Financial Graph of Vodafone
Vodafone Idea’s consolidated revenue from operations climbed by 2.02% year over year from INR 10,716 crore in Q2 FY24 to INR 10,932 crore in Q2 FY25 and by 4.03% quarter over quarter from INR 10,508 crore in Q4 FY24, according to its most recent filing. The quarter ended in September 2024.
From a loss of INR 8,738 crore in Q2 FY24 to a loss of INR 7,176 crore in Q2 FY25, Vodafone’s consolidated net loss has dropped 17.87% year over year. The net loss of the company has increased by 11.56% on a quarter-over-quarter basis from INR 6,432 crore in the fourth quarter of 2025.
Supported by former Tesla Chief Information Officer Jay Vijayan, Tekion is an automotive software platform that has relocated to a larger, modern facility in Bengaluru. According to a January 6 press release, the cloud-native platform that supports the automotive retail ecosystem also intends to hire over 300 experts in product, design, and engineering jobs.
Some of the top car dealers in the US, Canada, and the UK use the California-based company, which has onboarded more than 52 original equipment manufacturer (OEM) brands on its platform, according to the company. The platform connects OEMs (automotive assembly), merchants (car dealers), and customers through the utilisation of big data, machine learning, and artificial intelligence (AI).
Scaling its Operations and Product Portfolio
Tekion’s CTO, Binu Mathew, stated that the company would keep using the top talent to revolutionise the retail automobile industry. More than 300 AI, engineering, design, and product management specialists are joining the company worldwide, particularly in India. To enable rapid growth, accelerate AI-based disruption of old business processes, and solidify its position as the industry’s innovation leader, the company is increasing its product, technology, and AI infrastructure, according to Mathew.
In order to accommodate up to 2,300 people, Tekion has leased 240,000 square feet of office space in Bagmane Solarium City, Brookfield. Nearly 3,000 people work for Tekion in North America, Asia, and Europe. Founded in 2016, Chennai is the regional hub, and Bengaluru is the APAC headquarters. The business reported receiving $200 million in growth equity finance from Dragoneer Investment Group in 2024, increasing its valuation to more than $4 billion. The funding announcement came after Tekion’s 2023 performance, which saw a 97% year-over-year increase in run rate revenue. By the end of 2023, it had generated over $100 million in revenue.
Foreign-Incorporated Businesses are Returning to India
Many Indian firms have been exploring or are already moving their headquarters to India over the years, including Razorpay, Pine Labs, Zepto, Meesho, and Udaan. In 2022, PhonePe, which has its headquarters in Bengaluru and is supported by Walmart, moved from Singapore to India. For the startup’s investors, this action had a significant tax impact of around $1 billion, which Walmart mostly paid for.
India has launched a number of focused programs and initiatives in response to the country’s recognition of the need for greater ease of doing business and the critical role that startups play in promoting innovation. Seed capital and subsequent credit needs are supported by the Fund of Funds for Startups and Credit Guarantee Scheme.
One of the top travel and hotel booking websites in India, OYO, announced a significant policy change for its partner hotels on 5th January. The new rules state that unmarried couples would no longer be permitted to check in at the establishments. According to the corporation, the new regulation will initially only be in effect in Meerut, Uttar Pradesh.
According to Pawas Sharma, OYO North India’s Region Head, maintaining responsible and safe hospitality practices is a priority for the brand. In addition to upholding individual liberties, the business must cooperate with law enforcement and local communities to provide a peaceful workplace.
Empowering Hotel Partners
The business added that unmarried couples might not be accommodated, and hotel partners have the right to turn down reservations in accordance with regional customs. OYO claims that the action is a part of a larger plan to respond to community input and change its reputation as a reliable and secure lodging option for families, business travellers, students, religious pilgrims, and lone travellers.
OYO’s ruling came after civil society organisations, especially in Meerut, repeatedly called for stronger laws prohibiting unmarried couples from staying. Residents of other cities have submitted similar petitions, so the company decided to test the policy in Meerut and, depending on response, consider extending it to other areas.
The policy is now only applicable in Meerut. OYO states that the feedback from the initial launch will determine whether or not the guidelines are extended to more places.
OYO’s Business and Financial Dynamics
Redsprig Innovation Partners, the company founded by Ritesh Agarwal, contributed INR 550 Cr, or around $65 million, to OYO last week. In order to obtain funds, the business issued 12.91 Cr equity shares at an issue price of INR 42.6 per share, according to its filings with the Ministry of Corporate Affairs.
OYO is a hospitality services firm that was founded in 2012 by Agarwal and offers reasonably priced lodging options to clients worldwide. It states that it provides over 40 integrated products and solutions in over 35 countries, including Southeast Asia, Europe, and India. In the second quarter of the current fiscal year, which concluded in September, OYO’s parent company reported a net profit of INR 158 Cr. This follows a profit of INR 132 Cr in the previous quarter (Q1 FY25). This represents a 19.6% sequential increase. From INR 1,413 Cr in Q1 FY25 to INR 1,578 Cr in Q2 FY25, the company’s revenue increased by 12%.
Through its app, used car marketplace Cars24 has introduced Car24 Driving School, a discovery engine for finding local driving schools. According to a media report, the new offering was introduced two weeks ago and is accessible in a number of locations, including Bengaluru, Chennai, Mumbai, Ahmedabad, and Delhi NCR. The business started testing the service at the end of last year, according to the media report. These driving schools are not currently subject to listing fees from Cars24. This might alter, though, if the offering becomes popular. By providing all car-related auxiliary services, the company hopes to become a one-stop shop for car owners.
Company Already Offering Plethora of Services
A dashboard to track PUC, challans, insurance, and service history; a vault to keep papers; driver recruiting; car scrapping; and a car management system are just a few of the car-related services that the business introduced last year. The business previously referred to its app as a “super app.” Cars24, a platform for buying and selling old automobiles in India, Australia, and the United Arab Emirates, was founded in 2015 by Gajendra Jangid, Vikram Chopra, Ruchit Agarwal, and Mehul Agrawal. Additionally, it offers financing for auto purchases.
Cars24’s Financial Outlook
CarTrade, CarDekho, Spinny, and Droom are some of the competitors of Cars24. Cars24 has raised more than $1.3 billion in capital so far, and its investors include well-known companies like Alibaba, SoftBank, DST Global, Peak XV Partners, and Alpha Wave. When it raised $400 million in 2021, its latest valuation was $3.3 billion. Due to a rise in unit sales and the average selling price per car, the startup’s operational revenue increased by 25% to INR 6,917.1 Cr in FY24 from INR 5,529.6 Cr the year before. From INR 467.7 Cr in FY23 to INR 498.4 Cr, its net loss increased by 7%.
India’s Used Car Market
Numerous reasons, including the COVID-19 pandemic’s effect on personal mobility preferences, the expansion of financing options available in the used car market, and the decline in cash inflow for new car purchases, are contributing to the dramatic alteration of the Indian used car industry.
Due to consumers looking for alternatives to new cars, the supply and demand for used cars have increased as a result of this change. With the introduction of new pollution regulations and an emphasis on lowering the production of diesel cars, the market is expected to rise significantly.
The Indian used automobile industry is projected to reach $36.39 billion in 2025 and increase at a compound annual growth rate (CAGR) of 15.10% to reach $63.87 billion by 2029, according to an analysis by Motor Intelligence. With more than INR 5,500 crore in revenue, Cars24 is the top used automobile company in India. Last year, Spinny’s revenue increased by almost 30 times, putting it in second place. Next on the list are Droom, OLX, CarDekho, and CarTrade.
Amod Malviya, a co-founder of the B2B marketplace Udaan, has launched a new business called Pre6 two months after leaving Udaan’s board. Malviya shared an announcement on LinkedIn that reads, “New beginnings!” and included a photo of the founding team.
To incorporate the new Bengaluru-based firm, he has partnered with Rishi Kedia, the former chief financial officer (CFO) of Udaan. Malviya has been working on the new platform since November 2024, according to his LinkedIn post. With the exception of the fact that it would be a “technology, information, and internet” corporation, nothing much is known about the new platform’s features. The startup’s website simply says “coming soon” and is not yet operating.
Malviya’s Journey in the Startup Sector Till Now
Malviya, a former member of Flipkart’s core team, is an IIT Kharagpur alumnus. In 2015, he left his position as the e-commerce giant’s chief technology officer (CTO) to launch the B2B e-commerce platform Udaan the following year, in 2016.
Malviya resigned from the startup’s board late last year after leaving an operational position at Udaan in 2022. While the B2B e-commerce platform Udaan has been experiencing turbulent waters, Malviya has floated its new venture with a hope of striking a positive chord.
Current Financial Outlook of Udaan
During the fierce funding winter of 2023, Udaan’s valuation dropped to $1.8 billion, a significant decrease from its previous valuation of $3.2 billion in 2020. In October of last year, the business also announced the completion of its INR 300 Cr debt fundraising round, which was provided by Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital.
The B2B e-commerce company has been having financial difficulties growing. According to reports, it was able to raise its gross income from INR 5,609.3 Cr in FY23 to INR 5,706.6 Cr in FY24, a slight rise of 1.72%. At INR 1,674.1 Cr, its loss decreased 19% year over year (YoY).
Launching Their Own Startups Became a New Norm for Co-Founders
There has been an uptick in the number of new businesses launched by startup cofounders, and Malviya is the latest to sail Pre6. It was announced earlier this week that Mayank Kumar, a cofounder of upGrad, has founded a new company named “BorderPlus.”
With the establishment of his new company, Sports For Life, in 2024, DealShare cofounder Sourjyendu Medda made his foray into the sportstech space. In September 2024, Koo cofounder Mayank Bidawatka also founded Billion Hearts Software Technologies to develop consumer goods for customers throughout the world.
Prashanth Ranganathan, a cofounder of the fintech startup PaySense, also founded Zinc, a fintech company focused on international education, last year. Nexus Venture Partners led the $25.5 million seed fundraising round for Zinc.
The Indian startup environment is steadily improving in 2024 after plunging to a seven-year financing low during the extended funding winter of 2023. At $12 billion, the total amount of money raised by Indian entrepreneurs increased 20% year over year (YoY), reaching levels last observed in 2020.
The main highlight of the 2024 funding trend was Mumbai surpassing Bengaluru to become the nation’s most funded startup hub, according to the Indian Startup Funding Report 2024, even though the increase in overall funding has given the founders something to be grateful for and raised hopes for a better 2025. Mumbai’s startup funding skyrocketed to $3.7 billion in 2024, up from just $1.5 billion the year before, with an astounding 154% year-over-year (YoY) growth.
Speaking on this development, Tanay Sharma, COO & Co- Founder, CITTA, sated “It’s exciting to see Mumbai overtaking Bengaluru as India’s most-funded startup hub in 2024. For years, Bengaluru has been the go-to city for startups, often called the ‘Silicon Valley of India,’ but Mumbai’s rise underscores the city’s versatility and growing appeal as a startup destination. Mumbai brings its own unique advantages to the table. Being the financial capital, it naturally attracts a strong investor network. Add to that its access to diverse industries like media, entertainment, fintech, and real estate, and it’s no surprise that the city is drawing significant startup funding.”
Similar thoughts were echoed by Shreya Sharma, Founder, Rest The Case, she added, “Mumbai’s rise as India’s most-funded startup hub in 2024 isn’t just a reshuffling of numbers—it’s a powerful story of how the Indian startup ecosystem is evolving. From attracting $3.7 billion in funding—a staggering 154% jump from the $1.5 billion it raised in 2023—to dethroning Bengaluru, Mumbai is proving it’s more than just the financial capital; it’s the future of entrepreneurship. What’s driving this shift? It’s Mumbai’s unique blend of financial institutions, diverse talent, and the city’s relentless energy. Sectors like fintech, media, and consumer-focused startups have found their footing here, bringing a fresh perspective to India’s startup landscape.”
“For a music-tech startup like Hoopr, Mumbai’s vibrant creative scene and access to a diverse talent pool across sectors have always been significant strengths. Overall, I also feel that Mumbai has a much stronger culture of inclusivity. I believe the city is poised to become a leading hub for innovation and entrepreneurship in India. That said, there is still a long way to go before Mumbai can rival the kind of ecosystem that enables startups to thrive and flourish in Bengaluru,” stated Gaurav Dagaonkar, Co-founder & CEO of Hoopr.
Why Mumbai Notched Ahead of Bengaluru?
Zepto‘s numerous large finance arrangements during the year are partly responsible for this surge. In June 2024, the fast commerce juggernaut raised $665 million in its Series F fundraising round, nearly doubling its valuation from $1.5 billion to $3.6 billion. In August and November, the quick-commerce giant raised a further $340 million and $350 million, respectively. As a result, Zepto contributed 37% of Mumbai’s overall 2024 fundraising boost. Notably, Zepto relocated its headquarters from Mumbai to Bengaluru this year. To keep the data consistent, Mumbai has been given credit for its funding rounds.
“Zepto, this rising star contributed a whopping $1.3 billion to Mumbai’s total funding in 2024, showcasing how game-changing ideas are finding solid ground in the city. While Bengaluru still leads in the sheer number of deals (285 in 2024 compared to Mumbai’s 175), Mumbai’s growth signals that India is no longer a one-hub nation,” opined Sharma.
In terms of median ticket sizes, Mumbai also surpassed Bengaluru, rising 15% year over year to $3.4 million. But when it came to the number of deals, the city trailed Bengaluru. In 2024, Mumbai had a meagre 4.5% increase in investment deals, with 175 projects coming to fruition. Bengaluru, in contrast, continued to hold the top spot with 285 transactions, which is 14% more than the 249 deals that were signed in 2023.
Why Bengaluru is Still a Major Player?
Mumbai is unquestionably a significant hub, but the city has suffered from a few issues. The departure of major corporations like Zepto from Mumbai would have a big effect. In the past, Ola has relocated its headquarters from Mumbai to Bengaluru. If key actors leave an ecosystem after it has grown, it will not thrive. According to Rajesh Sawhney, the creator of GSF Accelerator, these businesses require people as they grow, but Mumbai’s prospects are continually harmed by the city’s inability to get talent at a reasonable price.
Since the majority of new founders come from larger startups or huge tech businesses, Bengaluru is gaining talent and startups from Mumbai. Future business owners are leaving Mumbai at the same time that big corporations are. He continued by saying that even though the city has the biggest pool of cash, there aren’t enough new businesses there, which results in little seed-stage activity.
While Base-Level Activity is Still Low, Late-Stage Funding is Flourishing
In 2024, Mumbai saw a significant increase in the number of growth-stage investment deals. In 2024, the city’s growth-stage startups raised $472 million or more, a 28% year-over-year increase. Additionally, the number of deals increased 67% year over year to 50 deals. In addition to the growth stage, Mumbai’s late-stage funding saw a 206% YoY increase to $3 billion or more. Furthermore, in 2024, there were 29 late-stage deals, a 16% increase.
Mumbai accounted for four of the top ten investment deals in the Indian startup ecosystem in 2024. In addition to Zepto, notable investments were obtained by Mumbai-based startups PharmEasy, Eruditus, and Rebel Foods. In April 2024, the Manipal Group chairman Ranjan Pai’s family office led a $216.2 million fundraising round for the healthtech unicorn PharmEasy. Following in October, Edtech unicorn Eruditus raised $150 million in a Series F investment spearheaded by TPG’s global impact investing platform. Temasek led the $210 million Series G investment round for cloud kitchen unicorn Rebel Foods in December.
What’s Up Next For Startups In Mumbai?
Mumbai’s consumption is still high, and the city is still a financial centre with the media, entertainment, and Bollywood sectors at its heart. Consequently, the region is expected to produce advances in areas such as media technology and direct-to-consumer businesses. Additionally, the Maharashtra government is launching numerous startup initiatives. According to Uday Samant, the minister of industries for Maharashtra, the state hopes to increase the number of startups it has from the current 8,300 to 50,000 in the near future.
The good news is that, thanks to the state’s proactive government measures, startups are seeing Maharashtra as a prime location to establish their manufacturing operations. The IPO-bound electric two-wheeler manufacturer Ather Energy said last year that it would open its third factory in the state to construct battery packs and e-scooters. India’s goal to become a global centre for chip production was further strengthened when the Maharashtra cabinet approved Adani Group’s plan to establish a $10 billion semiconductor manufacturing facility in partnership with Israel’s Tower Semiconductor. IIT Bombay’s Society for Innovation & Entrepreneurship (SINE) is also bolstering Maharashtra’s startup scene by establishing its first venture capital fund, worth INR 100 Cr, to assist tech-focused firms.
According to a media outlet, Kabeer Biswas, a cofounder of the hyperlocal delivery service Dunzo, is expected to become the chief of operations at Flipkart Minutes. Following the departure of numerous other cofounders, including Mukund Jha, Dalvir Suri, and Ankur Agarwal, in recent months, Dunzo has been going through a difficult time. Reliance Retail, Dunzo’s biggest stakeholder, recently wiped off its $200 million stake in the business. Additionally, it was stated that due to its financial difficulties, Reliance Retail will not be purchasing Dunzo or investing more money in it.
Denzo Navigating Through Troubled Waters
Due to Dunzo‘s problems—such as a liquidity shortage and a retreat from fast commerce—Biswas began searching for possible purchase opportunities and reportedly valued Dunzo at about INR 300 Cr, or $25–30 million. Compared to the $770 million valuation of its most recent investment round, in which Reliance contributed funds, this represents a significant decrease. Over the past year and a half, these difficulties have caused employees’ salaries to be delayed. In addition, the business has looked into possible buyout discussions with Tata’s BigBasket and Swiggy, although the conversations most likely failed. Reliance Retail looked into the idea of purchasing Dunzo at a much lower price earlier this year. Notably, Biswas told staff members in July that major investors, such as Reliance Retail, had promised to contribute more money to the business. This funding, though, never materialised.
In 2014, Dunzo began as a WhatsApp group and has now raised nearly $400 million from investors including Reliance, Google, Blume Ventures, Lightrock, and additional companies. Even though it developed into a strong hyperlocal competitor that faced off against Swiggy Instamart, Tata BigBasket, and Blinkit, which is owned by Zomato, the company suffered from excessive capital burn and a more competitive environment.
With Biswas, Flipkart Miniutes Likely Gain an Edge
Having spent more than ten years in the industry, even before rapid delivery became a popular trend just a few months ago, Biswas’s leadership of Flipkart Minutes is likely to give the Walmart-owned company an advantage over other major players in quick commerce, including Zomato-owned Blinkit, Swiggy Instamart, Zepto, Tata BigBasket, and others. Given that Flipkart Minutes launched just in August 2024—many months later than the others—and that it still has some catching up to do, this is particularly important.
Hemant Badri, Flipkart’s senior vice president (SVP), is probably going to collaborate closely with Biswas. In April 2022, this development first appeared in the media that Badri had been given more responsibility as the leader of Flipkart’s rapid commerce initiative. Badri is the head of supply chain for the e-commerce giant Flipkart, where he has worked for more than three years.
Ayush Mathur, an early team member of the hotel and travel-tech company OYO, and Mayank Kumar, an education leader and co-founder of upGrad, have joined forces as co-founders to develop BorderPlus, a talent mobility platform that links blue-collar workers to opportunities throughout the world.
After working at the Parthenon Group for almost ten years, the pair is getting back together with the goal of closing the labour gap and emphasising fair access for workers from developing nations like India.
Natural resources are hardly abundant in India. The greatest resource of the nation is its people. India needs to leverage its demographic dividend in order to create something significant and expansive. One of the best examples of how India has created a remarkable service line to meet global demands is in IT services. “I think India is positioned to become the world’s largest supplier of talent to the global economy, given the country’s demographic dynamics,” Kumar said.
With aspirations to grow into other industries like hotel, retail, teaching, construction/logistics, and trucking, in addition to exploring other regions in the future, BorderPlus will initially concentrate on the German healthcare market.
Mathur, who has worked for OYO for more than ten years and was most recently the President of OYO Europe, explains that a large amount of OYO’s European business is in Denmark and Germany, where he has observed a lack of housekeeping workers.
How BorderPlus will work?
With a target of 20–30 applicants every batch, the business intends to deploy many batches each month across different areas. It plans to ramp up to weekly batches after first running batches once a month.
For efficient language learning, the last month or two of the six- to nine-month programs are conducted offline. The remaining months can be completed online, in a hybrid learning environment, or offline. According to Kumar, the first training site is in Pune, followed by Mumbai, and other last-mile training sites will be established around the nation.
For language practice through back-and-forth spoken exchanges, the startup is creating an AI-led conversational bot based on OpenAI architecture. Kumar emphasises that although the programs would cost INR 2 lakh, participants will receive complete reimbursement as a scholarship or relocation aid after they arrive in Germany.
“Once a recruiter recruits them, we might get paid.” It’s a revenue stream that is more driven by enterprises than by consumers,” he continues. The organisation focuses on a finishing school that offers a curriculum that includes 10% skills development, 20% cultural preparation, and 70% language training to prepare students. Kumar notes that India’s educational system already offers robust skill training, particularly in fields like nursing and healthcare, as seen by the BSc Nursing program.
Major Challenges
Teaching 20–23-year-olds a foreign language, especially German, at a time when language acquisition is challenging is one of the biggest obstacles, according to Kumar. Maintaining industry standards is made more difficult by competing with unorganised players who don’t follow the regulations. Building trust for a strong Indian brand abroad is another challenge, especially in the German and European markets where corporates and recruiters might not be familiar with the brand.
Since hospitals are looking for clear and reliable hiring procedures, Mathur thinks that trust is a big issue because of the reputation of unregulated methods. This trust gap can be closed by providing a transparent, technology-driven solution, which is essential for industry growth and cooperation with European and UK organisations.
Resilient Innovations, the parent company of fintech giant BharatPe, is apparently seeking to sell its ownership of Unity Small Finance Bank (Unity SFB). According to a media report, which cited people familiar with the situation, the business is considering selling 25% of its bank holding in order to earn $800 million. It is important to remember that 49% of Unity SFB is owned by Resilient Innovations. The regulatory mandate for BharatPe to reduce its stake in the bank to 10% by 2029 is in line with this unloading. BharatPe must reduce its ownership of the bank to 10% within eight years of the bank’s opening in order to comply with licensing regulations. The fintech business will continue to work with the bank after reducing its investment because the deal is being completed to comply with regulatory standards.
BharatPe on Expansion Spree
Prior to the bank going public, BharatPe intends to sell off a sizable portion of its ownership. In addition to BharatPe, Centrum Financial Services supports Unity SFB. In 2021, the bank received an SFB licence from the Reserve Bank of India (RBI). The development coincides with BharatPe’s current expansionary phase. The financial titan enhanced its investment portfolio a few months ago with the release of Invest BharatPe, a new app. In addition, the organisation declared that digital gold was the initial product which the firm has launched recently on its platform.
Offerings of BharatPe
In addition to UPI payments, bill payments, and credit card repayment possibilities, the fintech firm BharatPe also investigated the super app wave by incorporating an e-commerce sector onto its platform. Additionally, through NBFC partners including L&T Finance, CASHe, and True Credit, it provides unsecured personal loans up to INR 15 lakh. In FY24, BharatPe reported a consolidated revenue of INR 1,426 Cr, a 39% increase over FY23’s INR 1,029 Cr.
Settling Dispute with Ashneer Grover
Days after Grover’s brother-in-law was detained by the Delhi Police’s Economic Offences Wing (EOW) on suspicion of embezzling money from the fintech company, BharatPe and its former co-founder, Ashneer Grover, have reached a settlement in their long-running legal battle.
Grover will not have any affiliation with BharatPe or ownership of any of its shares as part of the settlement, according to the Gurugram-based business. For the interest of the business, some of Grover’s shares will be moved to the Resilient Growth Trust, while his family trust will oversee the remaining shares. According to a statement from BharatPe, both parties have chosen not to pursue the filed complaints.
“BharatPe and I have come to a definitive agreement. Grover posted on the social media platform X, “I have complete faith in the board and management, who are doing a fantastic job of moving BharatPe in the right direction.”
Nitin Konde
