Zomato and Swiggy, two of the largest food delivery companies in the world, shocked consumers in important cities like Bengaluru and Delhi by increasing their platform costs by 20%, to Rs 6. Both sites gradually raised their order fees from Rs 2 to Rs 6 over several months.
Delivery companies rely on platform fees to boost their take rates, which dictate how much money they make from each order. Zomato and Swiggy have been exploring the possibility of using platform fees to increase their total revenues and profits because they have formed a pair of monopolies. Compared to the Rs 3 that many users were paying at the time, Swiggy’s January platform charge of Rs 10 was significantly higher. During checkout, users were shown the higher fee of Rs 10, however, they were only charged Rs 5 after a discount. This was just to tease them.
In several important cities, such as the National Capital Region, Bengaluru, Mumbai, Hyderabad, and Lucknow, Zomato raised its platform cost from Rs 4 to Rs 5 for each order in April.
These companies are attempting to boost their business revenue in several ways. One is by charging greater platform fees; another is by increasing their ad revenue. Platforms, especially those involved in food delivery, are struggling to raise the commissions they charge restaurants without displeasing them, thus this becomes important.
Moving Away From Earlier Statement
The increase contradicts Swiggy‘s previous claims that it had no intentions to significantly raise the platform price. Analysts believe that both businesses will keep raising rates until they see customer pushback and a decline in order volumes.
At this time, the platform charge is only applicable to Swiggy’s and Zomato’s food delivery services; neither company has expanded it to cover their quick commerce businesses, Instamart and Blinkit. But in March 2023, a rival in the fast delivery industry named Zepto introduced a platform fee. With a daily order volume of approximately 5.5 lakhs, Zepto’s Rs 2 platform fee brings in an extra Rs 11 lakh in revenue. Zepto doesn’t have a meal delivery service like Zomato or Swiggy; it focuses solely on fast commerce.
Cut Back Expenses
There may be a way to cut down on operational expenses associated with delivery services by using the platform charge. Expenses like these pay for things like delivery workers, app infrastructure, and fast customer service. Without significantly diminishing the quality of their primary offerings, Zomato and Swiggy may be attempting to strike a compromise between these operational costs by raising the platform fee.
It May Lead to a Change in Market Dynamics
As customers seek out more cheap solutions, newer or smaller platforms may see an increase in subscribers, leading to more competition in the meal delivery sector. As a result of the charge increase, eateries may have to adjust their prices to absorb the added costs without driving away consumers. To attract budget-conscious consumers, they may either raise menu prices gradually or provide more deals and discounts. The overall cost and service arrangement of the food delivery industry can be affected by these changes in the long run.
Startups in agriculture and related industries will soon have access to direct equity funding through the government’s ‘Agri Fund for Start-Ups and Rural Enterprises’ (AgriSURE), which will also invest in debt Alternative Investment Funds (AIFs) that are either sector-specific or sector-agnostic.
The creation of a Category-II Alternative Investment Fund (AIF) with a capital of INR 750 crore is part of this initiative’s plan to encourage innovation and sustainability in India’s agricultural industry. Targeting high-risk, high-impact initiatives in the agriculture value chain, the fund will provide both equity and financial backing.
The development was announced during a pre-launch meeting of stakeholders at NABARD’s Mumbai headquarters. A total of INR 750 crores would be used to establish the fund, with INR 250 crores allocated by NABARD and the Ministry of Agriculture, as well as INR 250 crores from other organisations.
Funding priorities include agricultural innovation, value chain enhancement for farm produce, rural infrastructure development, job creation, and FPO support. Information technology (IT) solutions and rental services for agricultural machinery will also be supported by the fund. The management of the AgriSURE Fund will be carried out by NABVENTURES, a fully-owned subsidiary of NABARD. The initial term of the fund is ten years, with two more extensions possible.
Additionally, NABARD launched the AgriSURE Greenathon 2024 to emphasise its dedication to encouraging innovation. It attempts to resolve three critical issues: “Smart Agriculture on a Budget,” which addresses the exorbitant cost of advanced agricultural technologies that hamper the success of small and marginal farmers; “Turning Agri-Waste into Profitable Business Opportunities,” which concentrates on the conversion of agricultural waste into profitable ventures; and “Tech Solutions Making Regenerative Agriculture Remunerative,” which attempts to overcome economic obstacles to the adoption of regenerative agriculture approaches.
In 1982, an Act of Parliament established NABARD as India’s top development bank with the goal of fostering equitable and environmentally responsible agricultural practices and rural infrastructure development.
By involving stakeholders in financial and non-financial interventions, innovations, technology, and institutional development, NABARD seeks to ensure agricultural and rural development that is both sustainable and equitable.
NABARD with the Government of India
By subsidising a portion of the total project cost, the Indian government encourages farmers to take up projects in specific locations. In sectors of critical national importance, all of these projects seek to improve capital investment, sustained income flow, and employment.
Throughout the government’s many projects and initiatives, NABARD has played a pivotal role in order to rightly execute these schemes and policies.
Schemes for the Farm Sector
New Agricultural Marketing Infrastructure (AMI) sub-scheme of ISAM
Agri Clinics and Agri-Business Centres Scheme (ACABC)
Scheme for Extending Financial Assistance to Sugar Mills for Enhancement and Augmentation of Ethanol Production Capacity
Interest Subvention Scheme
National Livestock Mission – Entrepreneurship Development & Employment Generation (NLM-EDEG) (Closed/Temporarily Closed)
Dairy Entrepreneurship Development Scheme (DEDS) (Closed/Temporarily Closed)
Commercial production units of organic inputs – National Project on Organic Farming (NPOF) (Closed/Temporarily Closed)
Schemes for the Off Farm Sector
Stand-Up India
Special Credit Linked Capital Subsidy Scheme (SCLCSS)
Farmers must be treated with the utmost care and given the resources they require because they are the backbone of the agri value chain. Agricultural problems cannot be resolved by the use of credit alone. Innovations necessitating public-private partnerships will drive the next level of growth. The government of India and related institutions are hoping to provide farmers with practical, long-term technological solutions by investing in early-stage innovators.
The Biden administration released updated details about the International Entrepreneur Rule (IER) last week. The IER permits foreign entrepreneurs to remain in the nation for a maximum of 5 years, provided their enterprise is determined to be significantly beneficial to the public. The entrepreneurs can be granted a first parole of 2.5 years, and if they meet additional funding, job creation, or revenue targets, they can be granted a second parole to extend their stay for up to 5 years.
According to the official statement, the International Entrepreneur Rule (IER) allows the Department of Homeland Security (DHS) to grant authorised stay periods to noncitizen entrepreneurs on an individual basis. These entrepreneurs must demonstrate that their business venture would significantly benefit the public and that they deserve a favourable exercise of privacy.
Entrepreneurs who are granted parole will be limited to working solely for their startup business under this provision. The parole eligibility of the noncitizen entrepreneur’s spouse and children can be extended as well.
“The Biden administration’s revival of the International Entrepreneur Rule (IER) program provides great potential for Indian startups aiming to set up in the U.S. market,” said Siddharth Ugrankar, Founder & CEO at Qila.io. “Originally released by the Obama administration, it was shelved by the Trump administration. IER offers a way for foreign workers to obtain temporary residence in the U.S. through ‘parole,’ if their business venture can demonstrate significant benefits to American citizens and the nation.”
Frequently Asked Questions and Official Answers on Startup Requirements
What responsibilities and degrees of ownership are necessary for a startup?
At the time of the initial application’s determination, you must have a central and active involvement in the operations of the startup business and a considerable ownership stake (at least 10%).
For a startup, what are the necessary conditions?
The startup, which must be a lawfully operating U.S. corporate entity, must submit its initial parole applications within five years of its formation. It also needs a lot of room to expand quickly and generate new jobs.
Is it possible to apply for parole while not in the US?
Yes, provided that both you and the startup satisfy all the requirements for consideration. To apply for an initial parole period under the International Entrepreneur Rule while outside the US, you’ll need to provide biometrics, which includes a photo and fingerprints. Officials will notify you of the location to submit your biometrics once they have coordinated with the relevant Department of State or international USCIS field office.
Additional Requirements
Startup entities must show evidence of at least $264,147 in qualified investments from qualifying investors, or at most $105,659 in qualified government awards or donations, or alternative evidence that demonstrates substantial potential for rapid growth and job creation.
“The intended benefits of IER are substantial and resonate with the American dream, attracting entrepreneurs across the globe to become part of the U.S. growth story,” Ugrankar added. “Under IER, entrepreneurs receive authorisation to work at their startup and their spouses are eligible for employment in the U.S. The Rule has specific criteria to qualify, such as the venture demonstrating a $246,147 investment or $105,659 grants or rewards from the government.”
National Foundation for American Policy statistics show that US Citizenship and Immigration Services has only received 94 IER applications since FY21.
The US government’s tweak to the International Entrepreneur Rule (IER) is great news for Indian entrepreneurs, especially in tech. For Indian tech entrepreneurs, the rule’s requirement of $264,147 in investments or $105,659 in grants is a reachable benchmark, opening doors to vast opportunities in innovation and job creation. As Indian startups flourish in the US, it can attract more foreign direct investment (FDI) back to India. Successful Indian entrepreneurs in the US often reinvest in their home country, funding new ventures and supporting local startups. Additionally, this can also strengthen economic ties between the two countries, stated Edul Patel, CEO and Co-founder, Mudrex.
According to immigration experts, the IER has not seen a significant increase in enrollment just yet because applicants are confused by the back-and-forth between administrations.One participant stated that the program does not lead to permanent residency, but rather to five-year temporary parole. This insecurity about the future could be a big turn-off. If an entrepreneur’s startup fails, they will find themselves compelled to continue working for that company.
If an entrepreneur wants to stay in the country for more than five years, they will need to apply for a visa or green card from another country. Entrepreneurs from India face even more uncertainty about their long-term prospects in the US due to the decades-long green card backlog.
There have been a range of opinions on the revised US government regulation affecting foreign entrepreneurs. Some think it’s a fantastic chance for Indian business creators, but others don’t believe it will work. Issues of long-term stability and a clear route to permanent residency rank high on the list of worries.
“However, the IER program has faced some challenges due to its bureaucratic red tape and cumbersome application process,” Ugrankar noted. “The time for application processing is lengthy and unpredictable. Data from the U.S. Citizenship and Immigration Services (USCIS) shows that out of 94 applications received, many were denied or withdrawn, and only 26 were approved. Unlike the well-established H-1B visa program, the IER will need some simplification and transparency to gauge its success and outcomes.”
Some company owners believe that the US efforts to entice entrepreneurs demonstrate to governments around the world the importance of a strong founder ecosystem. Many, however, have spoken out against this change, arguing that, while appealing in theory, actually qualifying for the programme is a formidable challenge. The IER rule had previously gone into force during Obama’s final days in office, but it has encountered obstacles since Trump took office. This is a huge boon for Indian entrepreneurs with US-based startup roots who want to launch a company in the US.
Countries such as Canada and Germany have come up with similar programs,” Ugrankar continued. “In Canada, under the Start-Up Visa Canada, entrepreneurs are offered permanent residence. Germany provides a range of visa options customised for startup founders, such as the Self-Employment Visa and the startup visa in Berlin. These programs have been more attractive to entrepreneurs due to their clearer guidelines and faster processing times. If the USCIS could make the process more efficient and faster, then it will attract more entrepreneurs to set up shop in the U.S.
The parent company of Google, Alphabet, is reportedly in negotiations to acquire the cyber security startup Wiz for approximately $23 billion. This would be the biggest acquisition that Alphabet has ever made. The talks may not go through because many aspects have not been worked out yet, according to a report from a well-known media outlet. A little over ten years ago, Alphabet paid $12.5 billion to acquire Motorola Mobility.
What is Wiz?
Wiz, with headquarters in New York and founded in 2020, has raised over $2 billion in funding. Assaf Rappaport, an Israeli entrepreneur and former Microsoft executive, is the CEO of this $12 billion firm. Thrive and Sequoia Capital are among its backers. Tel Aviv is home to Wiz’s R&D facilities.
With more and more enterprises storing data and software in the cloud, Wiz assists them in securing their cloud programs. Reports indicate that the company’s yearly recurring revenue has surpassed $350 million.
An agreement to purchase Wiz would rank among the biggest purchases of a company funded by venture capital in history.
This young company claims, on its website, to be “mission-driven to assist organizations in developing safe cloud environments that power their enterprises.” To rephrase, it is a cybersecurity company that aids businesses in protecting themselves from potential dangers when they utilize cloud computing services.
Colgate-Palmolive, AON, IHG Hotels & Resorts, BMW, and many more prominent brands are Wiz customers. In 2023, WIZ introduced its Digital Forensics capabilities, which enable organizations to promptly address threats in contemporary cloud environments by autonomously obtaining forensic-level detail on incidents through a cloud-native approach.
By downloading a forensic investigation package that contains the information needed for the incident’s first evaluation, businesses can quickly access the critical security logs and artifacts of the potentially infected system. Without executing any collection tools or scripts created in-house on the compromised workload, the forensics package is collected in an agentless manner.
Why is Google Showing a Keen Interest in Wiz?
The CEO of Google Cloud, Thomas Kurian, reportedly spearheaded the effort to purchase Wiz, according to a well-known news outlet. According to the article, Kurien and Google are working on a plan to elevate Google Cloud’s cybersecurity offerings.
It is believed that Google would make its largest acquisition to date if the $23 billion deal for Wiz goes through. Before this, in 2011, Google paid an astronomical $12.5 billion to acquire Motorola. The business, however, sold it to Lenovo for $3 billion two years down the road. One such cybersecurity company that Google purchased in 2022 for $5.4 billion was Mandiant.
Not long ago, Alphabet considered acquiring HubSpot, a provider of marketing tools for the web but ultimately opted against it. It looks to be shifting its attention now to strengthening its cybersecurity skills, perhaps through the acquisition of Wiz.
As of yet, neither Alphabet nor Wiz have made any statements about the potential merger. Because of the potential influence on cybersecurity and Alphabet’s bottom line, the IT industry is keeping a careful eye on the outcome of this massive transaction.
A startup founder’s life comes with layers of challenges, responsibilities, commitments, all-nighters, long hours, and more. It can be heartbreaking when things don’t work out, and rewarding beyond belief when they do.
The “Crafting Bharat – A Startup Podcast Series” powered by AWS, and an initiative by NewsReach, in association with VCCircle, unlocks the secrets behind these successful entrepreneurs’ journeys aiming to equip aspiring entrepreneurs and business enthusiasts with invaluable insights. The podcast series is hosted by Gautam Srinivasan, famed for hosting a diverse range of TV and digital programs, currently consulting editor at CNBC (India), CNN-News18, Forbes India, and The Economic Times. In this episode of Crafting Bharat, Gautam speaks to Rajat Deshpande, Co-Founder and CEO of FinBox, and a shining star of India’s fintech ecosystem. Here, he talks about what motivated him to embrace entrepreneurship and the ways in which credit infrastructure is changing India’s fintech landscape.
Through the Crafting Bharat Podcast Series, let’s discover the stories of Indian startup founders’ journey of turning dreams into reality and turning challenges into opportunities.
Crafting Bharat, Episode 6 With Rajat Deshpande, Co-Founder and CEO of FinBox
Segment 1: The Incubator
They say there is a thin line between genius and insanity. What made you sure about being on the right track since India’s digital payments and lending revolution was yet to take off then, there wasn’t much bureau penetration yet, and none of you were engineers early on.
FinBox was founded twice, once in 2015 as a Personal Finance Management App which didn’t work, so we reworked the product, launching it again in 2 years in a B2B format which you see now. The interesting piece was that we got so involved and we learned so much in that period. These experiences kept building, and we had so much fun along the way that we weren’t thinking about whether it would be a success or not. We were focused on building this, and we knew once we had built it, it would be great.
Was there ever a situation where if you didn’t secure a client, the future of Finbox was at stake? Or did the B2B model, where it’s easier to build something that customers pay for from a use case perspective, enable a smoother ride that trained you to sell before you build versus the reverse?
This first sale was for more than $1 million which we thought was insane. When we received that payment in our bank account, we were in a state of shock, and we were counting zeros. It’s in that stage where you feel a huge burden because of the trust people are putting into your vision, which then makes you worry about what happens if things go wrong. But then suddenly, there’s a resolution that validates your vision.
Besides generating personalized credit risk profiles with limited data and fraud detection, which emerging use cases for GenAI are you most optimistic about in terms of adding value for your company?
I look at GenAI in two different ways. One of the most talked about use cases is the customer experience layer and the second is the operational nature of GenAI in the B2B SaaS space. I am most excited about the latter, because if you get this right then the way the software is delivered and consumed changes meaningfully.
Segment 2: The Accelerator
The balance between hustle and process for startup founders. How do they achieve this to hyperscale effectively?
Every startup founder is trying to find an answer to this question. I would say that the balance between hustle and process evolves as the company scales. In the early stage, you are the aggressor, all you want is hustle. As you grow larger and become a company, you have a lot to defend, a reputation to protect and customer experience on various layers, that’s where the process kicks in that you need to set up.
From a product manager to a startup founder. What has this journey taught you?
Firstly, the product is not everything, distribution is equally important. Secondly, have real gumption for the startup roller coaster ride, and lastly, give importance to family support because they will be there through thick and thin. India’s startup landscape is expanding rapidly, emerging as a vibrant ecosystem in the global landscape. And it’s the founders’ vision and commitment that’s propelling this ecosystem forward.
Stay tuned to the Crafting Bharat Podcast Series as they bring you these inspirational entrepreneurs for insightful and candid discussions with Gautam Srinivasan.
New Delhi, July 8, 2024: The Indus Entrepreneurs (TiE) Delhi-NCR, a premier organization fostering entrepreneurship and innovation for over 2 decades is all set to host the D2C Summit on July 19 at the India Habitat Centre. Themed ‘Startups of Naya Bharat’ the summit is set to bring together a powerhouse of experts, entrepreneurs, and enthusiasts to delve into the ever evolving Direct – to- consumer (D2C) Sector.
The Summit promises to explore the latest trends, challenges, and opportunities providing attendees with a comprehensive understanding of the D2C landscape. The event programming is interestingly curated featuring interesting sessions starting with the Founders & Funders Breakfast which will give startup founders a chance to connect with Delhi-NCR’s top investors.Other high impact sessions will address various realms of the D2C in India, these include Building Marketing Strategies for Rapid Growth; Decoding Funding Landscape for D2C Brands in 2024; D2C Brands’ Roadmap to Cracking The Omnichannel Game; Cracking the Supply Chain; Effective Brand Building. As part of the startup showcase – unique D2C brands will get a chance to present their products to the audience.
mbitious founders will have the privilege to share the table with a seasoned, successful founder from a specific category, engaging in discussions on scaling strategies, overcoming challenges, and building enduring companies. These mentoring roundtables shall focus on various themes like Babycare, Beauty & Personal Care, Food & Beverage, Fashion & Apparel and Healthcare.
“TiE Delhi-NCR’s D2C Summit is your gateway to understanding and navigating the dynamic world of Direct – to – Consumer Brands. Whether you’re a seasoned entrepreneur or an emerging enthusiast, this summit offers invaluable insights to drive your D2C ambitions forward. I urge startups to not miss this opportunity to learn, network and grow.” opined Upasana Sharma, Executive Director, TiE Delhi-NCR.
New Delhi (India), July 10: With the Indian economy approaching the $4 trillion GDP mark, the country has seen a significant rise in the incorporation of MSMEs and the rise of new businesses. This growth presents immense opportunities for the commercial insurance segment as employee welfare becomes a central focus for businesses, and the demand for commercial insurance to protect the workforce is set to increase significantly.
According to the latest data published by the IRDAI, approximately one-third of all issued policies are in the commercial insurance sector. This translates to an impressive 100 million policies issued in the commercial insurance space as of 2022. But the sector’s functioning is less than impressive as the commercial insurance segment continues to rely on outdated methods, with internal processes still being manual.
Aditya Dadia noticed the problem and founded Alwrite to address the challenges faced by market players in the commercial segment. Alwrite has streamlined the quote placement process (the step before policy issuance), which is managed through Excel sheets and emails and required an estimated 30 interactions between intermediaries and insurance companies for a single commercial insurance policy. Aditya Dadia, Founder of Alwrite, talked about his journey as the founder of an innovative venture.
Tell us about Alwrite and why did you decide to launch your startup in the insurance sector?
Well, Alwrite is an all-in-one platform designed to streamline commercial insurance. The idea struck me during the pandemic when I was working as a corporate lawyer at Trilegal, focusing on PE/VC and M&A deals as well as corporate advisory. I saw the immense potential for digitization in this sector while working with fintech companies. I realized commercial insurance remained heavily reliant on manual processes, lagging behind the innovation sweeping the rest of financial services. Alwrite aims to bridge that gap by offering solutions for both insurance companies and intermediaries, making the entire process faster, smoother, and more efficient.
What challenges did you face while launching Alwrite?
Of course, Launching Alwrite wasn’t without its hurdles. One of the biggest challenges was developing an effective algorithm for commercial insurance, which is far more nuanced than retail insurance. Risk assessment in this space involves a lot of intricacies, and building a system that could handle that complexity was a significant undertaking.
What are some of the most significant milestones that Alwrite has achieved since its inception?
We’ve had some exciting milestones at Alwrite. This year, the absolute highlight was securing an exclusive partnership with Moody’s Risk Management Solutions (RMS). They’ve chosen Alwrite as their only partner for this type of offering in India, making this collaboration a real game changer. It lets us offer clients way more accurate quotes, thanks to their risk assessment expertise. We’re able to avoid location-based guesswork for pinpoint pricing, which creates a smoother experience for everyone. Plus, securing seed funding from a fantastic group of angel investors was a huge boost – it shows real confidence in our vision for a future-proof Indian insurance industry.
What do you think about the use of technology in the insurance sector how can it change the sector?
Technology has the potential to completely revolutionize the insurance sector, particularly commercial insurance, which has lagged behind in digital adoption. By leveraging technology, we’re not creating problems to solve, but addressing the real pain points faced by everyone involved. Our goal is to streamline processes, improve efficiency, and make the entire insurance experience smoother for both insurance companies and intermediaries.
How is the response of the client so far?
As mentioned, the client’s response so far has been encouraging. We’re constantly working on refining the platform based on their needs and feedback.
How can Alwrite contribute to the bright future of the insurance industry?
Alwrite can contribute to a brighter future for the insurance industry by making it more efficient and accessible. Our platform streamlines processes reduces turnaround times, and minimizes errors. This not only benefits intermediaries to generate quotes for risks and insurance companies to underwrite those risks but also creates a smoother experience for policyholders.
What are your plans for Alwrite’s expansion?
Right now, our focus is on achieving significant penetration within the Indian market. Our product is designed to be universally applicable, so once we’ve established a strong presence here, we can look towards expanding to other regions.
Can you tell us about your early life and educational background? What sparked your interest in law and later, in entrepreneurship?
I studied in St. Mary’s ICSE till the 10th grade, did the IB at Aditya Birla World Academy, and read law at Government Law College, Mumbai. Law has always been a fascination for me, even as a child. That’s why I moved towards logical subjects and activities in school. Debates and MUNs were a great way to sharpen my critical thinking skills, and choosing the IB program, even though I wasn’t planning to study abroad, further helped it.
In law school, I interned as a corporate lawyer and decided to pursue corporate law as a career. I guess, that was the birth of entrepreneurship in me. I loved working in private equity because of the exposure to the newest groundbreaking ventures. And the bug finally bit. From facilitating those ventures through deal-making and advisory, I wanted to make the shift to being one of these ventures. Creating the impact directly rather than indirectly.
The banking sector is in the midst of a digital revolution. Traditional brick-and-mortar institutions are being challenged by nimble fintech startups and the ever-growing demand for convenient, digital-first banking solutions. To stay ahead, established banks need to navigate complex change management processes. This is where innovative approaches come into play, ensuring successful digital transformations and sustained competitive advantage.
Raghu Koilakonda, a prominent figure in digital transformation and change management, is making significant strides in revolutionizing the banking sector through innovative solutions. His expertise in establishing Change Management Centers of Excellence (COE) for digital transformations is proving particularly valuable in the rapidly evolving financial services landscape.
Koilakonda’s approach to banking transformation is rooted in his understanding that successful digital innovation requires more than just technological implementation. His work emphasizes the critical role of organizational change management in ensuring the smooth adoption of new technologies and processes within banking institutions.
His strategy is the establishment of Change Management Centers of Excellence (COE) specifically tailored for digital transformations in the banking sector. These COEs serve as central hubs for managing the complex changes associated with digital initiatives, providing a structured framework for banks to navigate the challenges of technological adoption and organizational adaptation.
The impact of Koilakonda’s work extends beyond theoretical frameworks. His recent certification in Generative AI demonstrates his commitment to staying at the forefront of technological advancements. This knowledge positions him uniquely to guide banks in leveraging cutting-edge technologies like AI and machine learning for improved customer experiences, risk management, and operational efficiency.
His innovative solutions address several key areas in banking transformation. These include enhancing customer experience through AI-driven personalization and chatbots, utilizing big data analytics for more accurate risk assessment and fraud detection, streamlining back-office processes through automation and digital workflows, implementing advanced analytics for better strategic planning and product development, and leveraging technology to ensure adherence to evolving financial regulations.
The banking industry’s ongoing digital transformation aligns closely with Koilakonda’s expertise in emerging technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and big data analytics. His insights into how these technologies can reshape business models and customer experiences in the consumer goods sector are equally applicable to banking, demonstrating the cross-industry relevance of his approach.
As banks continue to face pressure to innovate and adapt to changing customer expectations, Raghu Koilakonda’s change management solutions offer a roadmap for successful digital transformation. His approach to change management is multifaceted, recognizing the importance of understanding the human element, building a strong vision, and leveraging technology to support change initiatives.
Koilakonda’s work in banking transformation represents a significant contribution to the industry’s efforts to remain competitive and relevant in an increasingly digital world. As financial institutions continue to evolve, his innovative change management solutions are likely to play a crucial role in shaping the future of banking.
India, July 09, 2024: Felicity Games, a leading casual game developer and publisher, has secured a $700K pre-seed funding from DeVC, Visceral Capital, and marquee angel investors including Kunal Shah of CRED, former Nazara CEO, Manish Agarwal, Sriharsha Majety, Nandan Reddy of Swiggy and Sameer Pittalwala, Head of Gaming, Google Cloud (APAC) among others.
Felicity was founded in 2023 by ex-Swiggy executive Anurag Choudhary with an aim to become India’s leading mobile game publisher. In under a year, Felicity has launched over 10 game titles, which are played by more than a million monthly users across 14 geographies. The company will use the funds towards testing 10 more such games by March 2025. The company aims to scale revenue by 10x by the end of this year.
The company’s success lies in rapidly prototyping and testing casual games in partnership with Indian game developers for commercial viability using a proprietary framework called ‘Pokhran’, and accordingly scaling only the successful ones.
Anurag Choudhary, Founder & CEO of Felicity Games, “Given our cost and skill advantages, Felicity Games is well placed to build a multi-million dollar casual gaming business from India for the world.”
“Felicity has a unique vision to mobilise the growing ecosystem of Indie developers with the capability of producing high-quality game prototypes at a fraction of the cost. Felicity combines an objective approach to commercial testing with iterations on non-conventional channels to drive risk-adjusted growth for new IPs, unlocking developer friendly publishing for the indie ecosystem” says founding member Divyanshi Chowdhary from DeVC, a leading pre-seed fund in the Indian tech ecosystem.
Felicity recently launched two titles ‘Seek & Find’, and ‘Nova Solitaire’ which are already unit economics positive in the US and other western markets with 100,000+ downloads within a period of 3 months.
Beyond game development and publishing, Felicity Games distinguishes itself through strategic partnerships with studios and brands to co-create compelling intellectual properties (IPs). This collaborative approach not only enriches the gaming ecosystem but also expands the company’s reach and influence within the industry.
About Felicity Games
Founded in 2023 by ex-Swiggy executive Anurag Choudhary, Felicity Games has swiftly emerged as a trailblazer in the realm of casual gaming. Headquartered in Bengaluru, India, the company operates on a global scale, embodying the ethos of ‘building from India for the world.’
Felicity Games is synonymous with innovation, consistently pushing the boundaries of creativity and technology to deliver captivating gaming experiences. Felicity rapidly prototypes and tests casual games for commercial viability using their proprietary framework “Pokhran”, scaling only the successful ones. In under a year, Felicity has launched over 10 game titles, which are played by more than a million monthly users across 14 geographies. Its two most prominent titles, Seek & Find and Nova Solitaire, available on Play Store and App Store are scaling well globally with 100,000+ downloads within a period of 3 months.
Beyond game development and publishing, Felicity Games distinguishes itself through strategic partnerships with studios and brands to co-create compelling intellectual properties (IPs). This collaborative approach not only enriches the gaming ecosystem but also expands the company’s reach and influence within the industry.
Shubhi Agarwal, Co-Founder & COO of Locobuzz, Dives into Entrepreneurship, Funding, and Innovative GenAI Applications.
The journey of a startup founder is filled with good times and bad times, successes and failures. Being a female founder in a male-dominated tech industry can be uniquely demanding. As a startup founder, they are not only breaking barriers and shattering stereotypes but are awe-inspiring entrepreneurs.
The “Crafting Bharat – A Startup Podcast Series” powered by AWS, and an initiative by NewsReach, in association with VCCircle, unlocks the secrets behind these successful entrepreneurs’ journeys aiming to equip aspiring entrepreneurs and business enthusiasts with invaluable insights. The podcast series is hosted by Gautam Srinivasan, famed for hosting a diverse range of TV and digital programs, currently consulting editor at CNBC (India), CNN-News18, Forbes India, and The Economic Times.
The Indian startup ecosystem has grown rapidly and evolved over the past decade. Shubhi Agarwal, Co-Founder and COO of Locobuzz is creating a buzz with their unified CXM platform. In the Crafting Bharat Podcast series, Shubhi Agarwal shares about her entrepreneurial journey leading to the incorporation of Locobuzz. She also talks about the lows and highs of being bootstrapped and how they are innovatively using GenAI.
Through the Crafting Bharat Podcast Series, let’s discover the stories of Indian startup founders’ journey of turning dreams into reality and turning challenges into opportunities.
Crafting Bharat, Episode 5 With Shubhi Agarwal, Co-founder & COO of Locobuzz
Segment 1: The Incubator
What are your thoughts on taking a strategic time-out? Any benefits that you see especially for startup founders?
While this whole presumption may look very counterintuitive, I completely agree with your observation of this, because 8 hours of sleep is sacrosanct. I recently read a book by Matthew Walker named ‘ Why We Sleep’. The book talks about why sleep is required like any good fitness regime needs a day of rest and recovery, an individual also needs rest and recovery to induce ideas and creativity. It helps to be in sync with the innovation happening around you. So, a strategic timeout is very important, the best ideas happen when you are with yourself.
Locobuzz started as a tool for monitoring and analyzing social engagement and is now an end-to-end customer experience platform. What were the highs and lows of that transformation and the lessons that it taught you in growing a business?
Being a bootstrapped company we have to be very cognizant of the inflows and outflows which have been happening. One thing that we have been very careful about is to maintain unit economics. I think every journey is full of highs and lows and ours has been the same. I remember this very fondly when we started Locobuzz, every single win got us so much joy whether it was a new customer acquisition that gave us maybe $200 or $300,000, where we knew that most of that money would go back into the business where we would invest into technology or build the team.
From the largest telecom player to the largest hospitality chain, your customer base of around 300+ is diverse. Any insights on how the CX needs of your large customers differ from the smaller startups that work with you?
Be it a small startup or a big enterprise, their reputation is of utmost importance to them and they trust us to maintain that and that is the common factor which brings it all together. Big enterprises require the platform to work along with their existing system and startups require a platform that is self-sufficient and can be managed by a lean team. The platform that we have created can address both spectrums of clients easily.
Segment 2: The Accelerator
Someone wrote on social media that women in tech are over-mentored and under-sponsored. What’s a professional tactic you could suggest to overcome this problem – especially type casting for roles?
I have done a TEDx talk on this topic. At Locobuzz, we have a very meritocratic society, where your capability is your capability, and you will be hired based on that and not based on gender or where you come from. I would say that one needs to show that they have a result-oriented mindset, take initiative and get them to their logical end. That solves most of the under-sponsored part.
Sometimes startup founders can get enamored by an idea and end up not keeping the consumer pain point that is supposed to be addressed in focus. How should one avoid this?
It’s honestly very tricky. It happens with us also. What we do is create focus groups within the organization and if all the focus groups unanimously agree on building a certain kind of concept we go ahead with that, however, if we are not taking that approach we do what we did at the start of our journey which is we go to our clients.
Entrepreneurs who embark on the journey of making an impact in the world, often face unique challenges. Their undying motivation and dedication to building something exclusive and leaving a mark on India’s startup landscape is what drives them through the challenges.
Stay tuned to the Crafting Bharat Podcast Series as they bring you these inspirational entrepreneurs for insightful and candid discussions with Gautam Srinivasan.
Anish Sharma
