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  • Evolution of Indian Banking System: A Comprehensive Study

    Archaeological evidence from the era of 2000 BCE shows the beginning of the banking system with the first prototype that engaged in giving grain loans to farmers and traders. It also proves that money-lending was also an activity carried out in India and China as well. The historical roots of modern banking can be traced to medieval and renaissance Italy.

    Function of Banks
    A Short History
    The Impact of Nationalization
    Liberalization – 1991 Till Date
    Evolution of the Banking Model – A comparison
    The Risks Attached
    What Does The Future Hold

    Function of Banks

    “Banking is defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to conduct economic activities such as making a profit or simply covering operating expenses.”

    The primary role of a bank is to take in money, called deposits, pool them, and lend them to those who need funds. In essence, banks are intermediaries between depositors and borrowers.

    A Short History

    At the time, India won independence, and the major banks of the country were privately run. This created a potential problem as people from rural areas were dependent on money lenders for financial assistance.

    With an aim to resolve this issue, the government decided to nationalize these banks. Between 1969 and 1991, twenty banks, whose national deposits were more than Rs. 50 crores, were nationalized. The banks that were nationalized include the Bank of Baroda, Bank of India, Central Bank of India, Punjab National Bank, Oriental Bank of Commerce, UCO Bank, Union Bank of India, and many others. Also, the State Bank of India was formed in 1955.

    The Impact of Nationalization

    There were many other reasons and considerations behind the government’s decision to nationalize banks.

    • It led to an increase in funds and helped raise the economy of the country.
    • It increased the efficiency of the banks.
    • It helped boost the rural and agricultural sectors of the country.
    • It helped boost employment.
    • The profit of the banks was used by the government for the betterment of the citizens.
    • Competition decreased leading to increased efficiency.

    Liberalization – 1991 Till Date

    This was one of the biggest developments in the Banking sector. RBI gave licenses to 10 private sector banks to establish themselves in the country. These include ICICI Bank, HDFC Bank, Axis Bank, and IDBI Bank.

    This introduced a new era of the Banking model. As technology advanced so did the banking model evolve.

    Evolution of the Banking Model – A comparison

    Indian Banking Growth

    Until the 1990s, the banking sector in India had adopted the traditional means of banking and maintaining records manually. However, with the financial reforms since 1993, the Indian banking sector had to accept computerization in order to cope with the increasing overload and incompatibility of the manual system to sustain further growth.

    In 1993, the employees’ association of the Indian banks (IBA) contracted an agreement with the bank manager about the introduction of computerized applications in banks. This agreement was the major breakthrough in the introduction of computerized applications and the development of communication networks in banks.

    Once the technology was introduced into the banking sector, it saw unprecedented growth and advancement. Traditional means of banking were rapidly replaced by e-banking options –

    ATMs (Automated Teller Machines)

    Automated Teller Machines (ATMs) or 24-hour Tellers are electronic terminals that allow banking activities almost anytime. To withdraw cash, make deposits, or transfer funds between accounts, an ATM card / Debit card is utilized. It offers a host of functions –

    • Cash Withdrawals
    • Balance inquiry
    • Mini Statements for accounts
    • Cheque or Cash Deposit facility
    • Funds Transfer
    • Payments

    Telephone Banking

    Telephone banking is a service provided by a bank or a financial institution, enabling customers to perform various financial transactions without the need to visit a bank branch or ATM. These transactions do not involve cash or financial instruments such as cheques. Banks have upgraded their phone banking services enabling customers to avail of a whole host of services with the help of a Voice Response System (VRS)

    • Check account balance and statement information.
    • Transfer funds between accounts.
    • Payment of bills like utility, credit cards, mobile, etc.
    • Request cheque book or account statements.
    • Demand Draft request.

    Mobile Banking

    Mobile Banking refers to the provision and availability of banking and financial services with the help of mobile telecommunication devices. Mobile banking facility is offered by most major banks in India. This has made banking transactions easy and hassle-free. Customers can use mobile banking to view their account balance, make instant fund transfers and pay bills, etc. There are various types of mobile banking services i.e., SMS, USSD, and mobile apps. Some of the banks have incorporated services like loan approval and linking of insurance policy in their mobile banking apps.

    • Access to Account Information.
    • e-statement of account.
    • Loan statements.
    • Card statements.
    • Third-Party Money Transfers.
    • Payments via NEFT/IMPS/RETG/UPI/MMID.
    • Investments in various financial tools.
    • Opening fixed deposit/recurring deposits.
    • Portfolio management services.

    Online Banking

    Also known as Internet banking or web banking allows a user to conduct financial transactions via the Internet. It offers customers almost every service traditionally available through a local branch including deposits, transfers, and online bill payments. The most prominent advantages of online banking are:

    • 24/7 access and account service.
    • Speed and efficiency.
    • Online bill payments.
    • Cost-effective for banks.

    Other services

    The nature of banking services has evolved in the last 5 decades. Banks have also expanded their services to include various other peripheral services apart from traditional banking services.

    – Investment Options:

    Banks offer their own investment plans with a SIP option or one-time investment options which are, typically, stock market-related options.

    – Insurance Options:

    Banks have added a whole host of insurance options that they offer. Some options they offer are car insurance, house insurance, travel insurance, unit-linked life insurance policies, etc.

    The Risks Attached

    With advancements also come risks. The digitization of banks carries the same risks associated with the online internet world. There are security threats, privacy invasions, virus attacks, phishing scams, technological issues, money laundering risks, and many others.

    Of course, there are actions that can be taken by both the customer and the bank itself to minimize the threats but they can never be completely eliminated. Banks, in particular, must adopt a robust security plan and keep it upgraded at all times to protect the confidentiality of data.

    What Does The Future Hold

    The mobile and the wireless market has been one of the fastest-growing markets in the world.  The arrival of technology and the escalating use of mobile and smartphone devices have given the banking industry a new platform.  Connecting a customer anytime and anywhere to their money and needs is a must-have service that has become an unstoppable necessity. This worldwide communication is leading a new generation of solid banking relationships.

    At the pace at which technology is evolving, there is no way to know how the banking system will further evolve. The only certainty is that it will become more accessible and friendlier. It will grow to encompass other options and services for the benefit of its customers.

    FAQs

    What are the recent changes in the banking system?

    A recent change in the banking sector is the emergence of e-banking, which is crucial in offering better services to clients.

    What is the difference between traditional and modern banking?

    Traditional banking requires you to go to a physical bank branch in order to access your account. However modern banking, allows you to conduct transactions from anywhere with an internet connection.

    What was the aim behind the nationalization of banks?

    The aim was to encourage businesses in order to serve better the needs of the country’s economy.

    Which was the first nationalized bank?

    The first bank in India to be nationalized was the Reserve Bank of India.

  • Coca-Cola Vs. Pepsi: The Amazing Story of Brand Wars And Marketing Strategies

    A relationship and a rivalry ingrained in the culture that predates the 20th century. Two companies that have played a pivotal role in shaping the contours of modern advertising.

    J. C. Louis and Harvey Yazijian’s 1980 book titled ‘The Cola Wars’, perhaps, best describes it. “As two of the prime consumer products in modern civilization, Coke and Pepsi have come to epitomize perhaps the central feature of all advertising, which is to provide the forum for placing social values and attitudes on a plane with material ones — be they goods, services, or money”

    Between the two historical giants exists legendary marketing tactics to outdo each other. One of the most famous ones was the 1975 Pepsi Challenge.

    What was the Challenge
    The History of the two Titans
    Marketing Strategies Comparison
    Who is Better

    What was the Challenge

    The Cola War: Cola Cola Vs Pepsi

    The Year 1975

    Coca-Cola had been holding the number one position in the market for decades. Their superior distribution system, effective marketing, and incredible brand loyalty created a legion of happy customers.

    Pepsi was relatively new and looking to capture a sizeable market portion. They were driven, hungry, and willing to go that extra mile. A business savvy executive at the company designed a bold and revolutionary strategy and called it ‘The Pepsi Challenge’.

    They walked inside the malls around the country and invited people for a blind taste test. One can contain Pepsi and the other Coca-Cola. The blind taste test resulted in the favor of Pepsi. They were jubilant about the win and conducted television campaigns showing people choosing Pepsi over Coca-Cola.

    Pepsi had won the battle but the war was yet on. Coca-Cola had yet to respond.

    After a few initial blunders like issuing press releases and questioning the results of the Pepsi campaign, Coca-Cola came up with a devious plan. Enacting the adage ‘If you can’t beat them, join ‘em’, they came up with New Coke that was similar in taste to Pepsi.

    The plan worked like a charm. The ‘New Coke’ spurred debates as people wrote to the company to change it back to the classic Coca-Cola taste. Now people were again talking about Coca-Cola – New Coke vs. Coke Classic. And Pepsi was forgotten.

    The Year 2003

    This iconic battle was so baffling that a neuroscientist named Read Montague decided to resolve it through his own study.

    He recreated the blind taste test with a few test subjects and monitored their brain activity. His research was in line with the original campaign – Pepsi was preferred. His finding was that the subjects responded strongly to Pepsi in the reward center of the brain.

    Next, he tweaked the test the told his subjects exactly what drink they were consuming. This time the test results were in favor of Coca-Cola. He observed that brain activity changed. Memories and perceptions had taken over and sheer brand power overrode every other consideration. Coca-Cola has won again !!

    The History of the two Titans

    Both drinks were created in a pharmacy. Coca-Cola was the first to be created by Dr. John S. Pemberton in the early 1800s. A little over a decade later, Caleb Davis Bradham created the drink that would later be known as Pepsi-Cola. For more than a century and traveling different paths, both these companies have created a niche for themselves. Their marketing techniques have made it to the Advertisement Hall of Fame and the brands are identifiable by their logos worldwide.

    Marketing Strategies Comparison

    Coca-Cola was the first company to expand internationally in 1915 by opening a plant in the Philippines. By the 1920s Coca-Cola was establishing a presence in Europe and within a decade expanded its presence to Australia and South Africa.

    Meanwhile, Pepsi had expanded its footprint in the country to 24 franchises by 1910. World War I and the resultant sugar crises almost forced Pepsi to go bankrupt in 1923. The company was sold about 5 years later and relocated to Virginia. In the early 1930s the company again faced bankruptcy but recovered and since then has been successfully growing.

    Both companies have developed logos after a deep market study using colors that most resonated with consumers. Their advertisement campaigns have been on an equal footing, be it creating catchy jingles to audience-engaging television promotions. By the 1960s, both companies had a presence in more than 100 countries when Pepsi decided to tap the youth market by dubbing the brand as ‘those who think young’. Its youth-focused advertisements continue into the 21st century.

    Both companies expanded their product range in the 1960s. Coca-Cola purchased the Minute Maid Corporation and launched its most successful product Sprite. Pepsi, at the same time, gave its health-conscious customers a sugar-free option called Diet Pepsi. They also acquired the distribution rights of 7-up, Sprite’s main competitor, in the 1980s. As time went on, both companies expanded their product ranges and are on an equal footing.

    With time and technological advances, this clash of the titans has also evolved. Both companies used celebrities for endorsements which lasted for about 2 decades. When social media marketing evolved, both companies became active online continuing their war.

    Over the years both companies have sponsored a slew of major sporting events. Coca-Cola has been associated with the Olympics since 1928 while Pepsi has a long-term deal with NFL.

    Who is Better

    Every year, with all the highs and lows, they win some and lose some. However, there is no clear demarcation about who is better. Both conglomerates are head-to-head. However, for both brands, the future is more about hand-in-hand as the market and consumers evolve.

    FAQs

    What marketing strategy does Pepsi use?

    Pepsi’s marketing strategy utilizes celebrity endorsements and company sponsorships to promote its product.

    What marketing strategies did Coca-Cola use?

    Coca Cola actively uses social media and online communication channels for business promotion.

    What makes Coca-Cola more successful than Pepsi?

    Coca-Cola has a much stronger position in the industry than Pepsi because of its diversified product line and portfolio, which gives it the upper hand when it comes to competition.

    Why did the Cola Wars happen?

    The great Cola Wars of the 1980s were a battle between Coca-Cola and Pepsi for dominance.

  • Why Did the Founder of KFC Sue KFC for $122 Million?

    When we think of KFC, we immediately think of an old man with a moustache and a trimmed, pointed white beard wearing a white suit with a black string tie.

    We are basically thinking about the founder and brand ambassador of KFC, Colonel Harland David Sanders.

    Also, how can we not forget about ‘It’s Finger Lickin Good’ chicken!

    Even after being the face of KFC for many years very few people know about the inspiring story of Sanders.

    Do you know Sanders started working at the age of 10 and did a wide variety of jobs like blacksmith, fireman, insurance salesman, tire salesman, steamboat operator, midwife, and secretary before revolutionizing the entire fast food system?

    Did you know that Sanders was rejected 1009 times for his franchise model?

    Or did you know Sanders developed his secret recipe for fried chicken using a pressure cooker?

    Wait! There is one more shocking news.

    Sanders even sued the new owners of KFC for 122 Million Dollars.

    Let’s uncover the interesting story of Sanders and understand how he invented his authentic and mouth-watering fried chicken recipe.

    Rough Start
    Juggling Between Different Jobs
    It’s Finger Licken Good
    Sanders Sold His Company
    Legal Battle Between Sanders and the New Owners of KFC

    Rough Start

    Colonel Harland David Sanders- Founder of KFC
    Colonel Harland David Sanders- Founder of KFC

    On September 9, 1890, Harland David Sanders was born on a farm in Henryville, Indiana.

    His father, Wilbur David first worked on his 80-acre farm.

    Unfortunately, he broke his leg in a fall and couldn’t do the farm work. Later on, he worked as a butcher.

    His mother, Margaret Ann Dunleavy was a homemaker. Sanders was the oldest of three children born.

    At the age of just 5, Sanders had to face the death of his father.

    All the responsibility of earning money and taking care of the house went on the shoulders of his mother.

    His mother took a job peeling tomatoes in a canning factory. For some extra money, the mother even worked at night sewing for nearby families.

    Colonel Sanders with his mother at the age of 7
    Colonel Sanders with his mother at the age of 7

    As you can guess, the mother was away from the home most of the time due to the heavy workload.

    Sanders being the oldest took care of his siblings and cooked meals for them.

    During this stage of his life, he mastered the art of cooking. Little did he know that cooking skills will change his entire life.

    At the age of 10, Sanders got his first job on a nearby farm.

    Although he was fired from the job since he spent all the time with the animals instead of doing the actual job.

    In 1902, Sanders’s mother remarried a violent man named William Broaddus and the family moved to the suburbs outside of Indianapolis.

    Sanders had a terrible relationship with his stepfather.

    At age 12, he dropped out of seventh grade later claiming that “algebra’s what drove me off” and lived and worked on a nearby farm.

    Juggling Between Different Jobs

    Before launching his iconic fried chicken recipe Sanders struggled a lot in his life and took a wide variety of jobs.

    When Sanders turned 13 he left the house and got a job where he had to paint horse carriages.

    He later quit this job and again worked as a farmhand for $15 a month until he was 15 years old.

    His uncle who worked for the streetcar company helped him to get a job as a conductor.

    In October 1906 when Sanders turned 16 he falsified his date of birth and joined the United States Army.

    He then spent a year as a soldier in Cuba. Although after a year only he was honorably discharged.

    Sanders then worked as a blacksmith, fireman, insurance salesman, tire salesman, steamboat operator, midwife, and secretary.

    Yeah, any employer would hire him if we listed his experiences on a resume.

    When Sanders turned 18 years of age he got married to Josephine King. They had 3 children: Margaret, Harland Jr. and Mildred.

    He made the decision to work at a more respectable and stable job because he was now responsible for both his wife and children.

    He began to practice law in Little Rock, which he did for 3 years.

    Although his legal career ended when he had a courtroom brawl with his own client which destroyed his reputation.

    He then got a job working at the railroad but, he got fired. When his wife Josephine got to know about this she was furious.

    Since Sanders was changing his job again and again his wife decided to leave him. She took their 3 kids back to her parent’s house.

    Sanders was disheartened by this incident. He couldn’t face the loss of both his job and family.

    He decided to kidnap his kids and take them home when they came outside to play.

    Sanders went to his wife’s house and hid in the woods waiting for his kids to come outside.

    By the grace of God, in the end moment, he decided to speak with his father-in-law.

    After talking with his father-in-law he got back with his wife and children.

    It’s Finger Licken Good

    Around 1930, when Sanders was 40 years old he got a job running a gas station named ‘Shell’ in North Corbin, Kentucky.

    Since a lot of travelers kept asking him for a good place to eat, Sanders decided to use his cooking skills.

    He made meals for his customers from the back room.

    He converted the storage room into a small diner and sold ham, steaks, string beans, hot biscuits, and most importantly fried chicken.

    His tasty meals soon became very popular among travelers.

    In 1935, the Governor of Kentucky, Ruby Laffoon awarded him the title of ‘Colonel’ in recognition of his contribution to the state’s cuisine.

    In 1939, the popularity of his food grew, even more, when food critic Duncan Hines listed Sanders’s restaurant in Adventures in Good Eating, his guide to restaurants throughout the US.

    In July 1939, Sanders started a motel in Asheville, North Carolina. But, it eventually got destroyed in a fire in November 1939.

    Although this didn’t stop Sanders. He built a 140-seat restaurant and continued selling meals.

    By July 1940 (age 50), Sanders decided to change his fried chicken recipe.

    Initially, the fried chicken took a lot of time to cook – around 30-35 minutes.

    At that time pressure cookers were making their way to the market. Even though it was used to cook vegetables Sanders tried cooking chicken in it.

    After a lot of experiments, he figured out a way to cook chicken in just 8-9 minutes.

    To make the chicken more delicious Sanders made a unique seasoning blend called his ‘Secret Blend of 11 Herbs and Spices’.

    His fried chicken was a massive hit and the sales grew rapidly.

    In 1947, Sanders divorced his wife Josephine.

    In 1949, he married a woman named Claudia Leddington.

    At the age of 65, Sanders decided to opt for a franchise system.

    He’d let other restaurants sell his chicken and charge 4 cents for every chicken sold.

    So, he put a bunch of pressure cookers and his secret recipe in his Ford 1946 and decided to travel across the United States to find potential franchisee restaurants.

    He would convince the restaurant owners to cook the chicken for his employees.

    If the employees liked the chicken he would cook for the customers for a few days in hopes that the restaurant owner would request his franchise model.

    Sanders had to spend endless nights in the cars in search of a restaurant that would sell his chicken.

    After getting rejected 1009 times he got his first successful franchise in 1952 when Pete Harmon of South Lake in Utah agreed to sell Sanders chicken.

    The first franchise of KFC in South Lake, Utah
    The first franchise of KFC in South Lake, Utah

    Pete was the one who coined the famous KFC catchphrase ‘It’s Finger Lickin Good’.

    Pete’s sales increased by 3 times in the first year of selling Sanders chicken.

    After this huge success, many people started coming to Sanders to get franchise rights.

    Sander didn’t share the exact recipe with franchises. Instead, he sent the spice pre-made.

    By the end of 1963, he’d franchised over 600 outlets across the US and Canada.

    The above graph shows the number of KFC restaurants from the year 2016-2021 worldwide
    The above graph shows the number of KFC restaurants from the year 2016-2021 worldwide 

    Sanders Sold His Company

    John Y. Brown Jr, a 29-year-old lawyer, and Jack C. Massey wanted to buy Sander’s business.

    Since Sanders treated his business like his child he declined the offer.

    Although both Brown and Massey spent weeks convincing Sanders to sell his business.

    In 1964, at the age of 73, Sanders sold his company for $2 million on one condition.

    The condition was that John will never change the chicken recipe and maintain the highest quality of food control.

    John agreed to this condition and in return, Sanders got a lifetime salary of $40,000 (later upped to $75,000), majority ownership of KFC’s Canadian franchises, and remained the brand ambassador and advisor to the company.

    In 1971, John sold the company to a giant food conglomerate, Heublein.

    Unlike John, the new owners changed the recipe since they felt that the old recipe was expensive and hard to make.

    They replaced it with a cheaper recipe that anyone could learn.

    When Sanders tasted the new recipe he was furious.

    He opened his own competing restaurant named after his wife – ‘Claudia Sanders: The Colonel’s Lady Dinner House’.

    The new owners of KFC sued Sanders for opening a new restaurant under his own name.

    In retaliation, Sanders sued the new owners for misusing his name in selling products he didn’t develop.

    Sanders demanded 122 Million Dollars in compensation. The case got settled and Sanders received 1 Million Dollars.

    He resumed his competing restaurant in the name of ‘Claudia Sanders Dinner House’. This restaurant still exists even today in Shelbyville, Kentucky.

    On December 16 at the age of 90, Colonel died of pneumonia in Louisville, Kentucky.

    Biggest Fast-Food Restaurant Chains in the World
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    StartupTalkyMuskaan Kapoor

    Conclusion

    If you ever feel depressed in your life think about Colonel Harland Sanders.

    First, he lost his father at a young age and got tortured by his stepfather. Then he got fired from multiple jobs and ruined his legal career.

    Even after creating one of the best-fried chicken recipes he was rejected 1009 times. At this stage, anyone would lose their hopes and get into depression.

    But, he kept on fighting and developed one of the most popular and successful fast food companies and gifted the world a mouth-watering fried chicken which is still ruling the hearts of people even today.

    FAQs

    Who owns KFC now?

    Yum! Brands, an American fast-food corporation is the current parent company of KFC.

    How many times does Colonel Sanders fail before KFC?

    Colonel Sanders failed 1009 times before finding success.

    At what age did the KFC owner get success?

    At the age of 62 KFC’s founder got successful.

    How much did Colonel Sanders got when he sold KFC?

    Colonel Sanders got $2 Million when he sold KFC to a company led by a group of investors including John Y. Brown Jr. and Jack C. Massey.

  • Adani Ports And Special Economic Zone Ltd (APSEZ) Fundamental Analysis: Business Growth, History and Future Plans

    Adani Ports and Special Economic Zone Limited (APSEZ) is India’s largest multi-port operator. Currently, the Key Managerial Personnel at APSEZ is Karan Gautambhai Adani who serves as the Chief Executive Officer (CEO), and Kamlesh Prabhudas Bhagia who serves as the Company Secretary. The Board of Directors of Adani Ports and Special Economic Zone includes Karan Gautambhai Adani, Nirupama Rao, Avantika Singh Aulakh, and seven other members. APSEZ is India’s largest private port operator with the country’s largest SEZ at Mundra.

    Ports Under APSEZ
    Business in Numbers
    History of Adani Ports and Special Economic Zone Limited
    Time Line of Adani Ports and Special Economic Zone Limited
    Funding for Adani Ports
    Future of APSEZ & Conclusion

    Ports Under APSEZ

    Operating as India’s largest private port Adani Ports and Special Economic Zone Ltd. is also an end-to-end logistics provider. Their 12 strategically located ports and terminals represent their vision of readiness, ability, and willingness to serve the country’s core needs. Their ports are present and functional at –

    1. Krishnapatnam Port
    2. Mundra Port, Gujarat
    3. Tuna Terminal, Gujarat
    4. Dahej Port, Gujarat
    5. Hazira Port, Gujarat
    6. Mormugao Port, Goa
    7. Vizjhinjam Port, Kerala
    8. Ennore Terminal, Tamil Nadu
    9. Vizag Terminal, Andhra Pradesh
    10. Dhamra Port, Odisha
    11. Dighi Port
    12. Kattupalli Port, Tamil Nadu

    Business in Numbers

    Adani Ports Share Analysis

    The last five years of business for Adani Ports and Special Economic Zone Ltd. have been a bit of a curveball, which will the Covid-19 pandemic putting a giant wrench in business operations. In 2018, APSEZ recorded a total income of INR 8141.14 crore to recording INR 7679.28 crore in 2019, INR 7546.25 crore in 2020, INR 6643.46 crore in 2021, and INR 6725.53 up to now in the current year of 2022.

    History of Adani Ports and Special Economic Zone Limited

    It was incorporated as Gujarat Adani Port Ltd (GAPL) on May 26, 1998, and promoted by Adani Port Limited and Gujarat Port Infrastructure Development Company Ltd, a Government of Gujarat undertaking. Its main aim was to develop a private port at Mundra on the west coast of India. It was later changed to Mundra Ports and Special Economic Zone Limited to reflect its nature of business and then changed back to Adani Ports and Special Economic Zone Limited in 2012. A detailed growth timeline constitutes a better explanation of its business operations and expansions.

    Time Line of Adani Ports and Special Economic Zone Limited

    Adani Ports Revenue and Net-Profit Growth

    Adani Ports and Special Economic Zone Limited currently operates 12 ports in India comprising 45 berths and 14 terminals across 6 states. Its journey across more than 2 decades can be explained through a detailed timeline.

    • October 2001 – The company begins commercial operations as Gujarat Adani Port Ltd. (GAPL).
    • May 2002 – Signs an agreement with Guru Govind Singh Refineries Ltd. (GGSRL) for crude oil handling at Mundra.
    • October 2002 – Signed an agreement with Indian Oil Corporation (IOC) to set up a Single Point Mooring (SPM) facility and crude oil handling at Mundra.
    • November 2002 – Signs an agreement with Indian Railways for integrating the Mundra-Adipur railway line with the national rail network.
    • January 2003 – Signs a sub-concession agreement for a container terminal.
    • July 2003 – Container Terminal I becomes operational.
    • April 2004 – The company enters into a shareholders agreement with Kutch Railway Company Ltd., for Gandhidham – Palanpur gauge conversion.
    • June 2005 – Adani Port Ltd. is amalgamated with the company with effect from April 1, 2003.
    • December 2005 – Single Point Mooring (SPM) becomes operational.
    • April 2006 – Mundra Special Economic Zone Ltd and Adani Chemicals Ltd are amalgamated with the company.
    • July 2006 – Gujarat Adani Port Ltd is renamed as Mundra Ports and Special Economic Zone Ltd (MPSEZ) to reflect the nature of business.
    • March 2007 – The company commissions two additional berths for bulk cargo operations at Terminal II.
    • April 2007 – The company signed Port Services Agreement with Tata Power promoted power generation company for handling imported coal cargo.
    • October 2007 – The company comes out with an Initial Public Offering (IPO).
    • November 2007 – Shares are listed on the National Stock Exchange and the Bombay Stock Exchange.
    • February 2008 – Company signs Port Services Agreement with Maruti Suzuki India Ltd. for handling car exports.
    • January 2009 – Adani Auto Terminal began terminal operations.
    • Entire 2009 & 2010 – The company incorporates Adani Murmugao Port Terminal Pvt Ltd, Adani Hazira Port Pvt Ltd, and Mundra International Airport Pvt Ltd as wholly owned subsidiaries. Adani Petronet (Dahej) Port Pvt. Ltd. (a joint venture between MPSEZ and Petronet LNG Ltd (PLL) ) became a subsidiary.
    • Between 2010 and 2011 – The company incorporates Adani Vizag Coal Terminal Pvt Ltd, Adani International Container Terminal Pvt Ltd, Mundra Port Pty Ltd Australia, and Mundra Port Holdings Pty Ltd Australia as subsidiary companies.
    • September 2010 – Promoter entities of the company merge with Adani Enterprises Ltd (AEL).
    • December 2010 – Mundra Port West basin commences its commercial operations with the berthing of its first cargo vessel M.V. CSK Beilun and with this, the port is poised to become the world’s largest coal import terminal.
    • January 2012 – Mundra Port and Special Economic Zone Ltd., changes its name to Adani Ports and Special Economic Zone Ltd.
    • July 2012 – APSEZ subsidiary Adani Kandla Bulk Terminal Pvt. Ltd., signs a concession agreement with the Kandla Port Trust to set up a dry bulk terminal on a build, operate and transfer basis.
    • July 2013 – APSEZ announces a joint venture with Switzerland-based MSC Mediterranean Shipping Company to operate a new container terminal at Mundra Port.
    • December 2013 – APSEZ announces completion of INR 400 crore steam coal import terminal at Vishakhapatnam – eight months ahead of schedule.
    • May 2014 – APSEZ announces a definitive agreement with L&T Infrastructure Development Projects Ltd., and Tata Steel Ltd., to acquire Dharma Port located in Odisha, east coast of India for an enterprise value of INR 5500 crore.
    • July 2014 – APSEZ receives environment and coastal regulation zone clearance from the Union Ministry of Environment and Forests for its Special Economic Zone at Mundra which is spread across 8481 hectares and includes Mundra Port.
    • February 2015 – APSEZ announces the commissioning of a bulk terminal at Tuna Tekra Kandla Port.
    • December 2015 – APSEZ formally begins the development of an international transshipment project in Vizhinjam, Kerala.
    • The year 2016 – The company announces that all ports and townships are being prepared to run on 100% renewable energy – a combination of solar and wind.
    • September 2016 – Abbot Point Operations Pty Ltd., an Australian subsidiary of APSEZ acquires ownership of Abbot Point Bulk Coal Pty Ltd.
    • April 2017 – Adani Logistics Ltd., a subsidiary of APSEZ announces the beginning of commercial operations at its Multimodal Logistics Park at Kilaraipur Ludhiana, Punjab.
    • April 2017 – APSEZ announces the commissioning of a new container terminal at Mundra Port in a joint venture with CMA Terminals for jointly operating the terminal for 15 years.
    • May 2017 – Mundra International Gateway Terminal Pvt. Ltd., is incorporated as a wholly owned subsidiary to develop, operate and maintain ports and related infrastructure.
    • April 2018 – Adani Logistics Ltd, a wholly owned company subsidiary buys Blue Star Realtors Pvt. Ltd.
    • March 2019 – The company owns 58 subsidiary companies (including step-down subsidiaries) 2 joint ventures and one associate company.
    • The year 2020 – The company acquires a 70% controlling stake at Krishnapatnam Port Company Ltd.
    • March 2020 – The company owns 67 subsidiary companies (including step-down subsidiaries), 2 joint ventures, and one associate company.
    • March 2021 – Board of Directors approves the Composite Scheme of Arrangement between Adani Ports and Special Economic Zone Ltd, Brahmi Tracks Management Services Pvt. Ltd., Adani Tracks Management Services Pvt. Ltd., Sarguja Rail Corridor Pvt. Ltd and their respective shareholders and creditors –
      – The amalgamation of Brahmi with APSEZ with effect from the appointed           date – 1st April 2021
      – The amalgamation of Adani Tracks with Sarguja with effect from the appointed date – 1st April 2021
      – Transfer of the Divestment Business Undertaking (Mundra Rail Business) as a going concern on a slump sale basis with effect from the appointed date – 1st April 2021 by APSEZ to Sarguja for a lumpsum consideration
    • 2020 – 2021 – Company issues and allots 30000 Rated Listed Secured Redeemable Non-Convertible Debentures (NCDs) of FV INR 10/- lakhs each aggregating to INR 3000 crore on a private placement basis listed on the Wholesale Debt Market Segment of BSE Ltd.
    • March 2021 – The Company has 77 subsidiaries and 7 joint ventures.
    • March 2021 – Completes 75% acquisition of the Krishnapatnam port and enters into a definitive agreement for the purchase of the balance 25% at an enterprise value of INR 13675 crore.
    • March 2021 – Private Equity Firm Warburg Pincus acquires 0.49% stake in Adani Ports for INR 800 crores.
    • June 2021 – Completes acquisition of the Dighi Port for INR 705 crore and announces the acquisition of Sarguja Rail Corridor and Gangavaram Port (INR 6200 crore acquisition).
    • June 2021 – Adani International Port Holdings Pte Ltd., is incorporated as a wholly-owned subsidiary.
    • April 2022 – Adani Harbour Services Ltd., a subsidiary, acquires a 100% stake in the Indian third-party marine service provider Ocean Sparkle Ltd.
    • July 2022 – Adani Ports seal Israel’s Port of Haifa bid with Gadot for INR 118 crore with Adani Ports holding 70% and the balance 30% shares held by Gadot.
    • September 2022 – Adani Port secures INR 310 crore port project in Eastern India.

    Funding for Adani Ports

    The total funding amount that Adani Ports and Special Economic Zone Ltd. has raised is INR 6580 crore. Most of this funding was raised in 2017.

    2017 Funding:

    1. APSEZ raises over INR 3400 crore by issuing foreign currency denominated bonds for funding SEZ project.
    2. Raises INR 1000 crore through allotment of non-convertible debentures on a private placement basis.
    3. Raises INR 1600 Crore by allotment of rated, listed, secured, redeemable, non-convertible debentures on a private placement basis.

    Future of APSEZ & Conclusion

    By April 27, 2022, the APSEZ stock reached its all-time high of INR 924 and the company aims at becoming India’s largest integrated transport utility company by 2030. Towards this end, APSEZ is working to strengthen its capabilities in all logistics segments like ports, CTO, warehousing, last-mile delivery, ICDs, etc.

    FAQs

    Who controls Adani port?

    Karan Gautambhai Adani as CEO(KMP) and Kamlesh Prabhudas Bhagia as Company Secretary are the key managerial personnel at Adani Ports And Special Economic Zone Limited.

    Which is the largest private port in India?

    Mundra Port is the largest private port in India located in the Kutch district, Gujarat.

    What is the incorporation year of APSEZ?

    Adani Ports and Special Economic Zone Limited went into business in 1998.

    What is Adani Ports’ business model?

    (APSEZ) provides Dredging and Reclamation solutions, primarily for port and harbor construction.

  • A Glimpse of Kunal Shah’s Most Successful Investments

    Unacademy, Slice, RazorPay, ChefKart, Khatabook, and Digit Insurance are all companies that have two things in common. They are all a part of the Indian startup ecosystem and they are all a part of the Kunal Shah Investment Portfolio.

    Who is Kunal Shah
    Most Successful Kunal Shah’s Investment

    Who is Kunal Shah

    He is a man with many adjectives – an active angel investor, serial entrepreneur, mentor, and advisor. The Indian startup ecosystem recognizes Kunal Shah as the Founder & CEO of CRED, a fin-tech Indian unicorn. He fulfills the advisory role in multiple well-known organizations like Bennett Coleman & Co. Ltd., AngelList, Sequoia Capital, and the Indian division of Y Combinator. The enigmatic man has an investment portfolio that is more than 200 startups strong. In 2021, Hurun India said Kunal Shah held the most number of investments in startups that may become unicorns in the next few years.

    A source close to Kunal Shah said – “Kunal really wants to do what he can for the ecosystem. If that one random founder can sell his company’s story to investors because Kunal Shah’s name is on his pitch deck, he does not mind that. This is his version of philanthropy.”

    Most Successful Kunal Shah’s Investment

    Over the years many startups that have been funded by Kunal Shah have seen phenomenal success. Of course, some have missed the mark but the successful one have been on a growth and expansion journey that is inspirational.

    1. Unacademy

    Unacademy

    Unacademy is an ed-tech platform that was founded in 2015 by Gaurav Munjal, Hemesh Singh, and Roman Saini and is headquartered in Bangalore. It began unconventionally as a YouTube tutorial channel of short videos by Gaurav Munjal, then an engineering student n himself. By December 2015, Hemesh and Roman joined him to launch the Unacademy app which aimed at creating free interactive content.

    It quickly gained popularity and by 2017 more than 5000 educators, 1 million learners, and more than 40,000 classes were launched. In January 2017, Unacademy raised USD 4.5 million in Series A funding and a year later it acquired the Jaipur-based online exam preparation and learning platform WIFIStudy for USD 10 million. Its growth continued as it launched its subscription-based model Unacademy Plus in 2019. In the same year, it also secured funding of approximately USD 87 million from investors. 2020 saw Unacademy achieve the coveted unicorn status and was named as one of the official sponsors of the Indian Premier League for 2020-2022. It also raised a Series G funding in November 2020 at a valuation of USD 2 billion. A year later, in 2021, it raised USD 440 million in a series of H funding. The beginning of this year saw Unacademy become one of the founding members of IAMAI’s India Edtech consortium.

    2. RazorPay

    Razorpay

    Shashank Kumar and Harshil Mathur founded the fintech company Razorpay in 2015 which is headquartered in Bangalore. It was the fintech startup’s aim to provide frictionless transactions for online businesses with clean, developer-friendly APIs and hassle-free integration.

    It earned unicorn status in 2020 amidst the Covid-19 pandemic through its October 2020 funding round and raising USD 100 million. In December 2021, it raised USD 375 million in Series F funding and became the most valued fintech startup in India at USD 7.5 billion as of December 2021. Razorpay’s total funding as of June 2022 is USD 815.7 million.

    The growth trajectory of Razorpay has been consistent throughout the years. In 2017 it launched four products namely Route, Smart Collect, Subscriptions, and Invoices allowing businesses to manage multiple aspects of money movement. It also launched a subsidiary named Razorpay Capital, a lending platform supporting SMEs with easy and quick access to lenders. As technology is evolving, Razorpay is adding more and better features including introducing Razorpay X. Razorpay X is a unique solution allowing businesses to conduct every activity that is offered by banks.

    3. Digit Insurance

    Digit Insurance

    Headquartered in Bangalore, Digit Insurance was founded by Kamlesh Goyal in 2017. As the name suggests, the company primarily deals in insurance products and financial services. Digit Insurance’s product portfolio includes health insurance, car insurance, commercial vehicle insurance, 2-wheeler insurance, and travel insurance.

    The insurance firm has gone through eight funding rounds and raised a total funding of USD 530.8 million. It reached unicorn status in 2021. As of January 2022, Digit Insurance was valued at approximately USD 3.54 billion.

    Since its inception, Digit Insurance’s growth has been consistent and it witnessed its highest growth in 2020 with 31.9% and earning a premium of USD 186 million between April 2020 and December 2020. This growth amidst the Covid-19 lockdowns and subsequent restrictions was owed to two of their products – Covid Health Insurance and Fire Insurance. In FY 2021-2022 Digit Insurance recorded its total gross recorded premium since inception at USD 52.68 billion. The insurance company is considering an IPO in a bid to raise USD 500 million to be listed by January 2023.

    4. Khatabook

    Khata Book

    It is popularly known as Digital India’s Digital Khata. It was launched in 2018 in Bangalore by Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe, and Jaideep Poonia and has emerged as India’s fastest-growing SaaS company. Khatabook is a business management app, operating on an Android platform that enables MSMEs to keep a digital log of their financial transactions and digitize their accounting. The app also supports online payments and is available in 12 regional languages which cater to a diverse audience.

    By the year 2020, Khatabook had a user base of merchants from 95% of Indian districts recording USD 100 billion in transactions and more than 150 million customers. The business has witnessed a phenomenal growth trajectory by registering more than 5 crore businesses spread over more than 4000 cities across India.

    Khatabook has raised a total of USD 186.5 million in its four rounds of funding. As of August 2021, Khatabook was valued at approximately USD 600 million. Going forward, Khatabook intends to grow its business two or three times by remaining committed to the MSME segment and simplifying the traditional way of doing business. Its app is already widely accepted within the MSME framework of the country. Khatabook is now looking forward to offering disbursement of financial services through its tech platform.

    Conclusion

    Over the years, there are many startups that Kunal Shah has funded. The success stories that have emerged from these investments are proof of the ingenuity of the Indian entrepreneurial mind. These companies have grown and expanded and show every sign of marching forward into the future with their focus firmly on making their businesses better and more innovative. Some of the new startups that Kunal has invested in are AntWalk, BimaPlan, Bundle-O-Joy, Coffee and many more within the time this article was framed. The future looks promising and it will be interesting to see which of these startups make it to the next generation of unicorns.

    FAQs

    Is Kunal an angel Shah investor?

    Kunal Shah has topped the list of angel investors with more than 200 investments done across startups such as Razorpay, Unacademy, Khatabook, Mensa, Digit Insurance, and more.

    What is the qualification of Kunal Shah?

    Kunal Shah graduated with a Bachelor of Arts degree in Philosophy from Wilson College, Mumbai, and briefly pursued an MBA from SVKM’s NMIMS before dropping out.

    How many companies has Kunal Shah invested in?

    Kunal Shah has made investments in 210 companies.

  • The Future of Ecommerce Industry in India

    With growing internet penetration and disposable incomes, the people of India are experiencing a massive change in their shopping habits. People from all fronts are using their smartphones to buy products and items. With the big three — Amazon, Walmart, and Alibaba, entering the Ecommerce sector of India, the market is slowly maturing and expanding its footprint to the most remote locations across the country. This market for Ecommerce in India is further estimated to witness another transformation with the spread of the all-new ONDC concept that is still new in its approach and promises to make ground-breaking changes.

    According to an analysis, the Ecommerce Industry in India grew from 4% of the total population in 2007 to around 40% in 2017, clearly indicating the rise of the internet era in the world’s fastest-growing economy. The growth of the Ecommerce market in India is expected to further be registered at around $188 billion by 2025. This industry would again rise to reach $350 billion by 2030, as per the latest statistical reports. This internet boom is directly proportional to the emergence of Ecommerce in India and other internet-based domains.

    WIDGET: leadform | CAMPAIGN: undefined

    This post analyzes the current scenario and the future of Ecommerce in India.

    Ecommerce Industry In India
    Growth Of Amazon In India
    Growth Of Flipkart In India
    Other Ecommerce Players In India

    Ecommerce Industry In India

    Projected Ecommerce Revenue of India from 2017-2027
    Projected Ecommerce Revenue of India from 2017-2027

    This success story started in 2007 with the inception of India’s most successful startup, Flipkart. Initially, companies found it tough to encourage people to shop online but with advancing technology, logistics, and payment methods supported by various offers and sales, people slowly drifted to this convenient mode of online shopping. Internet penetration and easily available data, fuelled by the low costs were and continue to be the most prominent factors encouraging this trend.

    Ecommerce in India is expected to touch $200 billion by 2025 from the figure of around $40 billion in 2017. The internet economy, on the other hand, is expected to hit $1 trillion by 2030, majorly riding on the Ecommerce wave. Seeing this potential, Amazon, Walmart, and Alibaba started heavily investing in India and building a strong presence. Various domestic players like Snapdeal, Shopclues, Infibeam, etc. are also a part of this organized and exponentially growing Ecommerce segment in India. Though some of them might not be standing tall enough at the present moment, they always have a chance to bounce back though. Also, as a result of the domain of Ecommerce being broad enough to nourish many other subdomains, the Indian ecosystem of Ecommerce has seen the growth of both men and successful women entrepreneurs, with many more opportunities ahead.      

    Growth Of Amazon In India

    Annual Net Sales Revenue Worldwide of Amazon from 2004 to 2021
    Annual Net Sales Revenue Worldwide of Amazon from 2004 to 2021

    Amazon expanded its footprints in India by promising to invest $5 billion, and until now it has pumped in more than $6.5 billion. These investments are being used for expanding its portfolio by bringing various sellers onto its platform, building and leasing warehouses for storage, improving logistics, offering heavy discounts to acquire new customers, and foraying into new verticals like grocery and payments wallet.

    In 2017, Amazon’s founder Jeff Bezos stated that Amazon’s app was the most downloaded shopping app in India. Moreover, the company’s loyalty program—Amazon prime—was adopted in India at a much faster rate than in any other country. Its international losses as of April 2018 were $622 million and the revenue was $14.08 billion, whereas a year back the figures were, $481 million and $11.06 billion respectively. Amazon.com had $469.80 billion in revenue in 2021. Amazon is also focusing on improving its smart AI-based speaker, Amazon Echo. Alexa, Amazon’s voice-controlled personal assistant, is being trained to understand and focus on the Indian dialect and vernacular languages.

    Amazon now has options for Hindi, Tamil, Telegu, Kannada, Malayalam, Bengali, and Marathi on its website and app to conquer customers from tier-2, tier-3, and rural areas where English is not widely used or taught. With a growing focus on improving customer service through setting up various fulfillment centers and faster logistics, Amazon is working to counter its local competitor Flipkart which was bought by Walmart and Paytm Mall. It is going to provide drone-based delivery very soon. With its increasing investments despite heavy losses, Amazon strongly believes that today’s investment of Re 1 will yield returns of Rs 100 tomorrow.

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    Growth Of Flipkart In India

    Revenue of Flipkart Private Limited between Financial Years 2014 and 2022
    Revenue of Flipkart Private Limited between Financial Years 2014 and 2022

    On the other hand, Flipkart is a successful domestic Ecommerce player in India. Initially, it had its share of struggles in bringing sellers and buyers on its platform while dealing with the challenges of logistics and maintenance of warehouses. But with grit and hard work, Flipkart has been successful in bringing a revolution that changed the face of the startup ecosystem in India.

    It was the first Ecommerce company to introduce the system of cash on delivery, being mindful of the reluctance people faced while using their cards online. It also accomplished the task of setting up its own logistics unit, Ekart, along with various warehouses for storage and faster deliveries. Just like Amazon, Flipkart’s founders also started their startup by selling books online and slowly scaled their startup to various segments. It has also acquired various startups like Myntra and Jabong in the fashion segment, and PhonePe to delve into the mobile wallet industry. As of FY2017, it held around 45% of the total market in India, with losses of about Rs 8771 crores and revenue rising by 29% to Rs 19,854 crores. Though the market share figures changed slightly, Flipkart still maintained a lead over its counterpart Amazon in terms of market share, which was reported to hold 31.9% market share over the US-based Amazon, which held 31.2% of the market share in 2020.  

    Flipkart also launched its smartphone segment under the name ‘billion’, and also forayed into the electronics segment under the name MarQ. It is even venturing into the untapped potential behind the furniture segment. The basic reason behind launching an in-house brand is to attain profitability; many experts say that in-house brands will ultimately become the backbone of Ecommerce. Success was not easy for Flipkart. Ideas like trying to turn Flipkart into a mobile app completely didn’t go down with customers, and there were other failure stories as well.

    Flipkart was acquired by the American-based supermarket giant Walmart for $16 billion in 2018. This led to a growth in Flipkart’s valuation, which reached $21 billion. This deal was a win-win situation for both as Walmart got a 77% stake in expanding itself into the world’s new Ecommerce battleground, and Flipkart got ammunition in the form of investment and equity to counter Amazon. It eventually began to launch numerous programs like the loyalty program, and Flipkart Plus, where users are provided with free delivery and points. It also has a Flipkart affiliate program where you can become a partner and earn money. These points can be further used to redeem offers on platforms like Bookmyshow, Zomato, Hotstar, etc.

    Flipkart launched its refurbished marketplace, 2gud.com, after parting ways with eBay India. With the competition getting tougher every day accompanied by growing market size, it remains to be seen whether Flipkart will be able to maintain its supremacy. No matter what, Indians will always be proud of Flipkart as it changed the way for the average Indian shop.

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    Other Ecommerce Players In India

    The third dimension of Ecommerce in India is Paytm Mall and other small players. After the fall of Snapdeal, Paytm Mall (started in 2017) was quick enough to conquer the third spot in the industry. Focusing on its Online to Offline model (O2O model), which allowed consumers to avail of online discounts and offers in Offline partner stores, it established a niche in this particular segment.

    Alibaba and Soft Bank invested $356 million in the company. Alibaba took a stake of 28.34% and Soft Bank 19.86%. After this valuation of the company reached $2 billion. It reported annual gross sales worth around $3.5 billion in FY18 and earned operating revenues of $102.97 million in FY19. It reported $34.72 million in revenue from operations and a $17.48 million loss in FY22.

    Short-term visions, lack of experience, and strategic setbacks led to the fall of the company. Alibaba and Ant Financial sold their stake at just $5.17 million and backed out of the company. According to reports, its valuation dropped from $3 billion to $13 million in March 2022. Paytm Mall can make a comeback through ONDC.  

    Another small and promising player was Shopclues, which had been successful in attracting customers from Tier-3 and Tier-4 towns, clearly indicating its difference in thinking from Flipkart and Amazon. It consisted of various small sellers on its platform, selling quality goods at a cheaper price. This business model attracted people from various rural areas who had low disposable incomes compared to their urban counterparts. According to a ROC 2018 filing, it was revealed that Shopclues’ revenue increased by 60% to Rs 180.3 crores, and losses came down by a massive 40% to Rs 332.65 crores. It also hinted at profitability in the coming quarters. However, the promising unicorn, which turned the fourth Indian unicorn startup in January 2016, led by Radhika Ghai Aggarwal and Sandeep Aggarwal, headed only towards nothing.    

    Conclusion

    Many people from the industry feel that the current Ecommerce ecosystem in India (consisting of both the marketplace and inventory type) is less than 5% of its actual potential. With this industry growing exponentially, many small and big players feel that there are more horizontals and verticals which are yet to be explored and organized. Myntra, IndiaMart and Nykaa are among the fastest-growing Ecommerce players in India. The Ecommerce segment will be imperative in pumping up the Indian economy and boosting employment rates.

    FAQs

    What is the future of Ecommerce in India?

    As per predictions, the Indian Ecommerce market will increase by 21.5%, reaching $74.8 billion in 2022, and it will reach $350 billion by 2030.

    What is the present scenario of Ecommerce in India?

    Ecommerce has transformed the way business is done in India. The Indian Ecommerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration.

    What is the market share of Ecommerce in India?

    Growing at an exponential rate, the market value of the Ecommerce industry in India is approximately $88 billion in 2022.

    Which is the biggest Ecommerce company in India?

    Amazon India is the biggest Ecommerce company in India.

    What are examples of the Ecommerce industry?

    • Amazon
    • Flipkart
    • Snapdeal
    • Myntra
    • Shopify
    • Nykaa
    • Alibaba Group

  • Launching a Startup in Handicraft Market: Challenges & Solution

    This article is contributed by Mr. Meet Shah, Founder of Craftezy.

    Entrepreneurship as a concept has picked up pace over the years. The excitement and the pride associated with launching one’s venture and finally converting that dream into a reality is indeed indescribable!

    The effect of the pandemic on the Indian handicrafts sector –

    As much as the journey is a roller coaster ride, it is full of roadblocks as well. This is mainly witnessed in the handicrafts sector. Ever since the pandemic outbreak, the livelihood of artisans and the handicraft community has been impacted severely. The production hit the pause button, unsold inventory started piling up, and the demand for orders from the customers came to a halt. Businesses also faced a lack of capital with reinvesting and continuing the operations. To sum up, the community witnessed a dearth where the meager survival of artisans was in danger. In such a scenario, launching a startup in the handicraft community seems to be a daunting task.

    Roadblocks faced in the path of launching a startup

    The Indian handicraft segment is a highly unorganized market. Consequently, the gap between sellers and buyers remains prominent at the global level. One of the significant challenges an entrepreneur faces while launching a startup in this sector is bringing decorum to a chaotic market. Adding to it, the industry also envisions offering equal growth opportunities to both sellers and artisans, and this aim comes with its fair share of challenges.

    As most sellers hold a strong presence in the local markets and not the global marketplace, it’s a significant hurdle for them to help reach international audiences. Providing solutions for payments and keeping a check on the quality of the products is another major hurdle for the sector, which is primarily driven by exports and is addressed as an export-centric business. The authenticity of crafts and having a robust logistics model are other major road bumps faced by startups planning to enter the handicraft ecosystem.

    While the challenges disrupt the optimal functioning of the sector, they also come with a silver lining. They have eventually paved the way for the digitization of the handicraft sector. A segment that was always working with a brick-and-mortar model is now undergoing significant transformations. Realizing that to thrive through the troublesome situations and enjoy a competitive edge in the market, technology deployment is essential; the players have been focusing on introducing innovations and digital transformations in their operations.

    Digitization: The feasible solution and the dire need of the hour

    In an attempt to sail through the turbulent times induced by the pandemic, the sector is embracing digitization. The industry is hopeful that adopting technology will create employment opportunities and help businesses drive more significant revenues. The players are also focusing on leveraging the power of technology to bring convenience to the doorstep of their customers. While on the one hand, tech solutions have made payments smooth, quick, easy, and secure, on the other hand, the logistics and the marketing activities have also boosted exponentially, all thanks to technology!

    Digital deployment has enabled the handicraft ecosystem to tap the global markets, and the players have been able to engage and establish a customer base at the international levels. On the whole, with the tech revolution, the handicraft sector has been upscaling significantly and will help in easing out the journey for aspiring entrepreneurs to launch their startups in this domain. Technological disruption will also help streamline the unorganized sector into a structured one.

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    Craftezy, one of the leading B2B marketplaces, has successfully understood the pain points of the handicraft industry. Ranging from authenticity and credibility of the crafted masterpieces to ensuring equal compensation for the sellers and educating them about the crafts’ business models, the brand has designed its offerings to ensure the players have access to apt solutions for the problems faced by them. Understanding the needs of the buyers and the sellers and the diversely growing preferences of the customers, Craftezy leaves no stone unturned to come up with viable solutions that are suitable for all! Becoming an end-to-end solution for sellers and buyers implies ensuring the provision of a platform that would simplify and ease out the operations of businesses.

    Conclusion

    As much as ‘Vocal for local’ and ‘Make in India’ campaigns are boosting the handicrafts sector, there are various hindrances in the journey for startup launches. However, the answer to all the troubles is digitization and collaboration with the marketplaces! A recent report by IMARC Group points out this trend and states that the Indian handicrafts market is projected to witness significant growth in the times ahead, primarily due to the surge in the e-commerce industry.

    Ensuring that the entire process of buying, selling, and delivering is fool-proof and error-free is one of the most appropriate ways to gain consumer trust. This would eventually lead to customer loyalty and increased revenues. Furthermore, providing marketing support to an otherwise un-exposed form of business would help small enterprises to tap the international market. This is the reason why marketplaces are rendering a helping hand in providing solutions. They are giving relevant opportunities to aspiring entrepreneurs and are helping them mark their presence in the market. These platforms take care of the entire buying and selling processes, transactions, along with end-to-end operations in a seamless, safe and secure manner.

  • How Telegrammers can monetize via affiliate marketing?

    This article is contributed by Neha Kulwal, Country Manager, Admitad India.

    With about 660 million users worldwide, messaging service Telegram is growing fast to become a high-engagement platform that consumers can leverage not just for their regular conversation, but for shopping and learning with the possible existence of so many channels. Besides, Telegram also emerged as the most in-demand traffic source in the affiliate industry, turning out to be the best for existing publishers and even for the individuals who have a huge audience base on their app.

    Telegram allows everybody to easily communicate via private messaging, channels, or groups. To maximize the earnings, most publishers sign up with an affiliate network because it’s a one-stop platform where they can find a wide range of offers, well-known brands to work with, and advanced tools and technologies.

    All in one platform

    Affiliate networks, being the key source for publishers, plays an important role by allowing them to not just access many campaigns but also provide several monetization opportunities as well. The use of social media, personal recommendations via messengers, and other platforms by publishers push the consumer to the conversion stage. Usually, it can be used for a targeted niche where publishers can share various deals/offers with their users.

    With the trust and reliability of messengers among consumers, brands have started allowing products promotion for customer acquisition. The foremost benefit lies in the source of income through affiliate marketing which enables telegrammer a static income for a longer period of time with the same affiliate link. Also, they are not bound to reach out to different brands at the same time as with affiliate networks, they can access multiple brands’ offers across categories to promote.

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    Affiliate program for every niche

    Consumers nowadays have become very reluctant to find different offers/ deals from different brands. Telegrammers come as a mediator between the brands and consumers providing all the deals on one channel/group. The good news is that Telegram allows you to share affiliate links organically without restrictions so once your communities start expanding, you can look out for affiliate programs based on your niche. It is easy to find affiliate programs on affiliate networks, they can help you find effective campaigns that allow Telegram traffic.

    According to Admitad, a 3x growth in the number of orders has been observed via Telegram. As affiliate networks provide multiple solutions like various payment methods, advanced tools, 24*7 steam support, best payouts making it easier for publishers to work hassle-free.  For instance, a telegrammer having an audience niche of fashion and beauty can choose a variety of beauty and fashion affiliate programs to promote and earn.

    Making money with Telegram

    Telegram doesn’t pay for channels or groups themselves, there is no monetization program inside it. However, in late 2020 it was announced that Telegram monetization will be launched any time soon. Even without an official monetization opportunity, Telegram is one of the most popular platforms for advertising. People already make a huge income per month by selling their products, services, or ads on Telegram channels. But, though Telegram offers a lot of money-making opportunities, you have to invest a lot of time and effort to get your Telegram business off the ground, like creating top-notch valuable content, posting consistently, building a loyal following, opting for relevant tools, and making sure you are one step ahead of your competitors. On the Admitad platform, the publishers have earned on an average 6.5 lacs monthly via telegram. If you play your cards right and use the relevant tools, eventually, telegram will become a lucrative revenue stream for you.

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    Using the right tools (Role of Bot)

    In the online space, there are many tools available that can help telegrammers/publishers to monetize their website as well assist them to attract users effectively. One might already be acquainted with some of the tools or are planning to do so. Using at least the two following tools will ease your life greatly: they are multifunctional and rather helpful – Extension for Google Chrome and Telegram Bot.

    After adding the Admitad extension to your chrome browser, the publisher can see the main details of the affiliate program in the browser window of the advertiser webpage. Also, any unique deep link can now be created literally in one click. The tools tend to be highly recommended and useful for bloggers.

    Telegram Bot by Admitad is the tool that immensely helps to work with the affiliate programs from any device where this messenger is installed. The Bot is useful for any telegrammer to create a short link and can also generate multiple deep links at a go making it convenient for both the users and publisher while keeping a check on their earnings. Telegram bots give the app a competitive advantage over other messengers. Bots can serve a lot of marketing purposes and can save marketers a lot of legwork when communicating with clients.

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    Wrapping up

    With the rise in demand for affiliate marketing and with the overall positive responses from the industry, it is sure that affiliate channels have turned out as a win-win situation for both advertisers and publishers. Looking at the positive side, it is best for all brands and publishers to partner with affiliate channels to grow more and look out for better and positive results.

    Remember, Telegram is growing in terms of earnings, don’t miss your chance to find your niche and make money online!

  • Exploring the Rise of the Gift Card Industry

    A prepaid stored-value money card, issued by a retailer or a bank that is used as an alternative to cash, for purchases within a particular store or related businesses is known as a gift card. They can generally be redeemed for purchases at relevant retail stores and, often, be subject to fees or expiry dates. Such gift cards are given by individuals to friends or family members in place of an object as a gift. They are also given by employers or organizations to their employees as rewards linked to either festivals or performances. There are generic gift cards available, usually issued by banks like American Express or even Visa, for cashback marketing strategies. Other companies like airlines, cruise ships, hotels, theme parks, and restaurants also offer gift cards in an effort to earn repeat business.

    History of Gift Cards
    Gift Card Market Insight
    Factors Impacting the Growth of the Gift Card Industry
    Advantages of Gift Cards
    Areas of Concern for Gift Cards

    History of Gift Cards

    Gift Certificates were the predecessor of the more modern gift cards. They were first invented in the 1930s by department stores. However, gift certificates were available to only limited customers, and that too only on request. Gift certificates gained popularity in the 1970s when McDonald’s first ran the campaign by giving out Christmas Gift Certificates. The trend caught on quickly with many stores, restaurants, and retailers joining the gift certificate bandwagon.

    However, as beneficial as gift certificates were, there were a few issues attached to them. The process of issuing and redeeming gift cards was time-consuming and there were a lot of fraudulent activities which resulted in retailers losing a large amount of revenue. It was in the 1990s that gift cards entered the market that addressed the issues faced with gift certificates.

    The Smithsonian magazine states that gift cards were first produced by the luxury departmental store Neiman Marcus in 1994. However, they did not market them to their consumers and hence, Blockbuster is officially considered the first company to market plastic gift cards to the masses. They test-marketed them in 1995 and launched them in the USA the next year. These gift cards replaced Blockbuster’s gift certificates and were processed by Nabanco of Sunrise, Florida.

    From then, the gift card industry witnessed significant growth as the concept of gift cards extended to different renowned brands. Many other retailers adopted the gift card program in a bid to remove their gift certificate programs. Issuing cash cards instead of cash for non-receipted returns became a popular practice with merchants. In the year 2001, Starbucks was the first company to launch reloadable gift cards.

    Gift Card Market Insight

    Gift Card Market Revenue Worldwide

    The global gift card market size was recorded at USD 437.78 billion in 2020. It is estimated to grow at a CAGR of 15.4% to reach a market size of USD 1396.01 billion between 2021 and 2028. According to regional market analysis, during the same period between 2021 and 2028, the Asia-Pacific Gift Card market is predicted to grow by a CAGR of 16.0% to generate a revenue of USD 301.54 billion. Between 2022 and 2027 India’s gift card market is expected to grow at a CAGR of over 19.1% to reach a market value of USD 93.96 billion by 2027.

    Factors Impacting the Growth of the Gift Card Industry

    Covid-19 Pandemic

    The pandemic resulted in global lockdowns which in turn resulted in travel restrictions and financial market disturbances. It adversely affected every industry severely disturbing supply chains and production levels. The gift card market was no exception as the focus shifted from physical gift cards to digital gift cards as demand increased due to convenient availability and ease of use.

    Increase in the Use of Smartphones

    The rapid evolution of smartphones has ensured the increased innovation of gift cards. Smartphone penetration has provided customers with flexible and convenient payment options which, in turn, has boosted the gift card market. Modern technology and marketing strategies have created different ways for users to purchase digital gift cards as the industry moves from plastic cards to digital cards.

    Advantages of Gift Cards

    Be it digital or plastic cards, gift cards are a marketing strategy that is beneficial to businesses in multiple ways.

    Raising Brand Awareness

    Gift cards are a cost-effective promotion technique that keeps the brand at the forefront of the customer’s mind. Virtual gift cards can promote brand messages with online customers. As people purchase and deliver gift cards to friends and family for special occasions, the brand achieves higher visibility and more customers. Gift cards work as an effective marketing tool.

    Increased Customer Engagement

    The gift Card program is a customer engagement exercise that not only encourages and builds customer loyalty but also further markets the brand to new potential clients.

    Boosts Sales

    Gift cards have a set specific amount loaded onto them. However, most often, customers will purchase items higher in value than gift cards. It is a bargain for the customer as they pay for only a fraction of the value and the experience leaves them fulfilled.

    Convenience and Reliability

    The digital gift cards available today are reliable and convenient to use. They can be accepted online, in-store or in-app which makes them safe from loss, theft, or fraud.

    Provide Useful Data

    Data is equivalent to money in any business. Gift cards help collect vital customer data as brands learn about customer preferences through their usage.

    Areas of Concern for Gift Cards

    The primary area of concern for gift cards is their lack of security. The case in point was Distil Networks which discovered GiftGhostBot that attacked almost 1000 websites to find gift cards which led to a breach of access to their balance. Additionally, many companies, in an effort to roll out gift cards quickly and cheaply have, inadvertently, overlooked security risks that can allow any shopper to use money that is loaded on another shopper’s gift card. These security threats can prove to be a major hindrance to the gift card market growth.

    Conclusion

    The evolution of the Gift Card industry has been revolutionary. Their functions and benefits are immense. If the concern areas are addressed strongly, this is an industry that is set to grow exponentially in the coming years.

    FAQs

    What is a gift card?

    A card entitling the recipient to receive goods or services of a specified value from the issuer is known as a gift card.

    Who are the top online gifting startups in India?

    Some of the top online gifting startups are Qwikcilver Solutions, Indigifts, Wedtree, BigSmall, Giftsvilla, and more.

    What transactions are permitted by gift cards?

    It can then be used to make any purchase for which payment is made electronically.

    Can gift cards be used as cash?

    You cannot use gift cards to withdraw cash.

  • How SaaS Can Be the Future of the Insurance Industry?

    You’re living under a rock if you don’t know what software is. We use it every day, day in and day out. Even if you don’t work on software, you know it. A game is a software made for leisure purposes, there is specific work software. The apps on your smartphone are also software. The point to be clear is basically we are drowned in software. Welcome to the 21st century.

    There is no lie in the statement that software has invaded the world. It has penetrated the deepest of our lives. As tech becomes more and more accessible, there is a sure chance it will grow manifolds. It has also penetrated the walls of industries, every company now is a software industry first and a product/service company second. SaaS, software as a service is the new trend. It has transcended boundaries and has leapt to the insurance world. This article talks about SaaS and its application in the insurance industry.

    What is SaaS?
    How Does Insurance Sector Works?
    How SaaS can Transform the Insurance Industry?
    Is there a Need for SaaS in Insurance Sector?
    Benefits of SaaS in the Insurance sector

    What is SaaS?

    Even if you are naive, you will surely know something about this synonym. SaaS or software as a service is a business model that has been intriguing every business mind out there. It is a model in which software is used as a service and a whole business organisation is built around the walls of these services.

    The reason for such popularity of software as a service model is simple to think of. They are easy to operate. Software is the best thing that has happened to humans after hardware tech. They are easy to use, have more efficiency, and are more effective for any scale of organisation. For example, Canva is a popular graphic design platform founded by Melanie Perkins, one of the world’s fastest-growing saas companies. It is valued at $40 billion.

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    How Does Insurance Sector Works?

    Most people are insured but why is the sector even needed? The insurance sector works on a very easy model of work. You love someone/something and you want to make them safe. So, businessmen came up with a cash-making idea. The model of insurance was made.

    Insurance companies will assure you of the monetary safety of the things/person you love and in return, they charge a little fee every month. That monthly charge is known to us as an insurance premium. And yes, you can even include yourself in the category of insurance and not just the precious things. The whole business is made on the basis of fear, or we can call it love. Many celebrities also ensure their body parts.

    Insurance companies work for a lot of people, thus, they take insurance premiums from a lot of people. Now the hook is that there are fewer chances of ‘disaster or ruin’ happening every day so they just save and invest the premium money. Or the insurance companies can use some of that money to pay claims for some disaster that may have happened to some insured.

    Insured things/people do not get ruined/die daily, so insurance companies save the premium and these earnings are invested. Making the whole business profitable.

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    How SaaS can Transform the Insurance Industry?

    Now that we have discussed software and the insurance industry, it is safe to walk on the path of the intersection. Software is known to manage digital data and make sense of data of any magnitude. Insurance companies are companies that operate with a lot of people (Insurance clients). The intersection does make a lot of sense.

    Software as a service has penetrated all the domains that humans have known, we mean, mostly though. In the industry of insurance, it has even more demand. It has made things simpler, easier and faster. That makes the work of the company, the firm and the client.

    This hassle-free functioning was not possible before this new entrant in the domain. The insurance industry now saves a lot of time and money that can be used somewhere else. Which clearly is a benefit in daily operations as well as in the long term.

    SaaS uses a licence and a delivery strategy that provides all the listed benefits of the insurance to the clients without even contacting the brick-and-mortar office. They kill the mediatory and increase the overall efficiency without even taking the support of a third-party source. This is cool and most people would love to pay for this software which actually gets the work done. SaaS provides the most up-to-date information to you and works on the new normal of the Internet.

    Talking about the cash of the business, most software doesn’t take a cut for themselves while they cater to a company. By most, we meant the on-premises and hosted systems. The fact that this software in the insurance industry has to deal with a lot of data, does not really bother their efficiency.

    Is there a Need for SaaS in Insurance Sector?

    There are a lot of activities that an insurance company has to do. They have to constantly improve performance, speed up the writing and acquire new and new businesses (Investment) as soon as possible. With all these hassles, the insurers also have to increase efficiency and cut expenses, and the more the better.

    With all this hard work, they still have to manage the clients’ risks well. They have to give strong competition and keep the existing customer happy while maintaining a good amount of new client base. All this can be easily overwhelming. This is the point in the picture when appropriate software comes into play.

    If chosen suitable and relevant software services for an insurance firm, they can do wonders. Otherwise, it is not to mention that any insurance company is fragile and can come down like a house of cards. A suitable software as a service results in a fast and developed approach and better work management. Let us see how SaaS is shaking things up in the insurance world. Before we prepare a firm to jump into the software train let us read the benefits.

    Benefits of SaaS in the Insurance sector

    As discussed above, the insurance sector has a lot of work to do and a lot of data to manage. Incorporating suitable software can help address those mentioned challenges. This will enable the company to focus on its core business model and be more profitable. This is the basic thing that technology does. It simplifies things at any scale.

    Catering to customer demands, lowering costs and providing security at a much better level are some of the benefits. Insurance companies can even entail cloud computing to use already-made configurations. Let us discuss the benefits in a little clear way.

    Forward-thinking

    Tell someone that you don’t want to use the software in your business, and watch them laugh. Forward-thinking is the phrase that properly explains the new innovations and the efficiency that they provide.

    If an insurance company uses the best software in line, and they have everything automated, it is obvious that it will attract more customers. This is a great method to stay competitive. As this is a really good competitive advantage.

    There are plenty of SaaS platforms like the Invoice cloud that companies can choose from and let them do the magic. Efficient software helps the IT department of an insurance company to manage more data with even more efficiency. Changes can be made easier and more rapidly than ever with no additional workloads.

    This makes the business a little more flexible and we all know flexible businesses survive the most. There is also personalised software that crosses paths with users. You can customise, and enable-disable workings as per your specific business needs and requirements.

    Greater customer retention

    Customers or clients are good for any business out there. If you can increase the comfort for them, it will bounce back and they will be more loyal to the business. The insurance business is a big hard business and there are many rivals in the market.

    In a market where everyone is trying to create differentiating factors, a great customer experience can go a long way in increasing retention. The software can make everything easy today, they can manage data, manage payments and improve the overall customer experience.

    SaaS is easily expandable and is updated from time to time. The software can make things possible like automatic renewals, and automatic payments of premiums from bank accounts and there are a lot more ways. This is an investment in the comfort of clients and will pay in future retention rates.

    Customisability and Scalability

    Most of the Software that is provided as services is tailor-made to the needs and wants of organisations. They are super customisable and highly scalable in this sense. As the industry of insurance demands more and more rapid growth and scale. It becomes imperative to improve working management. If they are not calling fast and maintaining efficiency, they will not be able to hold customer demands and eventually lose customers. Thus, the software does the work for them, most software is extremely flexible and highly customisable that can take the shape of any organisation.

    Data Guard

    Data is the most important and precious asset in this digital world. If a company does not know how to keep its data safe then it is bound to not survive. In the insurance sector, they deal with millions of clients who are unique and have their own set of information. If the insurance company is unable to keep the data safe and secure then they will soon vanish from the competition.

    SaaS systems are built with keeping in mind the security and guarding data that they will hold and manage in future. They have the capability to handle large sets of data with the same constant and clear security. They make sure that the insurance firm is never vulnerable in terms of data. These platforms are built with the thought of managing the data of each and every client while keeping a guard as they work and make sense of data for the company.

    Insurance firms save the two most needed assets in the world today. With good, efficient software they save time as well as money. The Information technology department saves time by focusing on more important things. The finance department saves money to invest more and earn more returns in present as well as the future. Customers are happy too. For example, a firm can include a chatbot for prospectus clients that can improve the experience.

    Albeit the fact that insurance software is effective and efficient, it is hard to prepare a company to incorporate software into the system. They have to look after many things before jumping into the storm. Let us see a few checkpoints before adding SaaS to an insurance corporation. For example, they have to plan everything in advance which can help decrease the hindrances in the process. Most software incorporates skill sets to handle all the data of the business architecture but they still have to be made personalised.

    Insurance companies also have to look at integrations that they can provide. Once the software is at work, they have to check the value added to the company. If something is not bearing fruit, it is important to cut that part off. Only allow integrations that serve the users in a better way than before.

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    Conclusion

    We discussed that software is the new ‘workers’. Needless to mention that these workers are a million times more efficient than their human counterparts. That is the reason why software is transcending barriers and now is used in almost every domain. They are now even in the risky business of insurance.

    Insurance companies can soar high with the help of these little thingies. They can manage data efficiently. They can improve the client experience which will help in more retention rates. They can save time and money with the help of suitable software.

    All of these benefits while still managing to be more secure and alert with data security. This is almost heaven for the insurance world. Never before this was possible and it is delightful to see how companies can perform with these technological aids.

    FAQs

    What is SaaS insurance?

    SaaS insurance is a delivery strategy that provides all the listed benefits to the clients without contacting the brick-and-mortar office. They kill the mediatory and increase the overall efficiency without even taking the support of a third-party source.

    What are examples of SaaS?

    Adobe, Google Workspace, Salesforce, ServiceNow, and Atlassian are examples of SaaS providers.

    Who is the largest SaaS provider?

    Adobe Inc, which has a Market Cap of $198.9 billion, is the largest SaaS provider.

    What is SaaS in business?

    SaaS is a software-as-a-service model where an application is delivered over the internet and can be accessed from any device with an internet connection.

    Why do companies use SaaS?

    SaaS eliminates the cost of purchasing and installing software and maintenance. Also, SaaS applications are easy to install and maintain than hardware installations.

    What are the most important aspects of SaaS?

    It is easy to use, has enhanced security, saves costs and is scalable.