The automobile business is one of the worldâs fastest expanding and evergreen industries, particularly in India, where it plays a significant role in the countryâs economic growth. Customers who are enthusiastic about cars and bikes will gain most from the industryâs perception of various automobiles culture of the industry. Droom is an online marketplace in India where you can buy and sell new and used cars. Sandeep Aggarwal established Droom in 2014. Droom provides a large variety of automobile categories and also other all connected services such as warranty, insurance, finance.
A variety of elements influence a customerâs decision-making process when acquiring a vehicle, including price, performance, mileage, and vehicle ratings and reviews. Customers look for easy online platforms for buying and selling automobiles as the use of the internet and technology for activities such as shopping grows.
Droom is a renowned autosite that provides an online platform for the vehicle industry. This is a digital automobile platform that employs technology to facilitate end-to-end vehicle sales and purchases from the vendor to the buyer. Droomâs broad and thorough platform allows users to buy or sell a variety of vehicles, from bicycles to aeroplanes. Droom is the largest online automobile platform in India for buying both used and new vehicles, and is also the fourth largest E-commerce site, with an 80% market share of Indiaâs online automobile transactions.
Droomâs business began in Delhi as an online marketplace for old vehicles, but after three months, it expanded to include two-wheelers as well. The brand spread its services across 100 cities within a year. After another six months, the company began offering services such as roadside assistance, warranty, and insurance. They also expanded their services to include seaways, planes, bicycles, and other vehicles.
Business Model of Droom
Droom’s Business Model
Droomâs tenacious business model was important in its growth and success. Let me first define what the term âbusiness modelâ means before examining Droomâs business plan.
A business model is a form in which an organization is built, that supports the practicability of a product or a company and portrays how an organization operates and goes forward to achieve its aim. As a result, a business model encompasses all of an organizationâs operations and regulations.
Droomâs business model is divided into four categories: business to consumer, customer to customer, customer to the business, and business to business. The business to consumer model accounts for the majority of its revenue (approx. 88%), with the customer to business and customer to customer models contributing 10%, and the business to business model accounts for the remaining 2%.
Value Proposition of Droom
A value proposition is a value that a firm claims to deliver to its consumers, and customers prefer to buy their products or services based on that value. Droomâs proposition of value is unique, consisting of pricing, trust, and transparency. It provides buyers with a low cost and large selection, while sellers have access to a large number of online shoppers, a full range of e-commerce services, and so on, allowing them to manage their online store at Droom.
Droom has become the first car gateway worldwide to house the entire ecosystem of the automotive, with additional elements such as price, finance, history, tools, and marketplace.
Droom provides its customers with a variety of ecosystem products and services which are mostly technology driven by combining, data science and artificial intelligence such as using the âECO Appâ for getting vehiclesâ inspection reports. It also offers purchasers a full circle trust score to verify that the sellers with whom they are engaging can be trusted.
Droom launched a pricing system for automobiles called Orange book value (OBV). It is the first company to introduce this feature in India. This assists dealers and consumers in determining the fair market price of automobiles. This is data-driven and unbiased. Consumers can also use this tool to see if a vehicle is available on the market. It also has Droom discovery, Droom assists, and Droom credit to help buyers and sellers.
Division of Customers in Droom
Droomâs target market is online consumers and internet users. In a larger sense, the companyâs customer sector is classified into four categories: Buyers, Sellers, Dealers, Enterprises.
Droom has created four marketplace types to ensure harmonious and smooth buying and selling operations. It offers a variety of purchasing choices to meet the needs of each buyer, which creates a major trust factor.
Droom strives to be incredibly transparent. It allows sellers to upload an unlimited no. of listings and promote to a large audience on the internet, and it allows sellers to sell both used and new vehicles.
Droom offers dealers self-service accounts, such as StoreManager. Dealers can use this to run and manage their internet company from anywhere at any time.
Droomâs customers also include businesses involved in the automobile industry, it provides vertical enterprise solutions. It also offers a variety of effective advertising options.
Important Resources of Droom
Droom uses technologies such as AI, Machine Learning, Data Science, and Big Data in its core services such as customer assistance and the development of various tools such as OBV, and so on. These are the key resources of Droom. Labs of Droom are dedicated to using world-class technology apps to provide excellent user experience and user satisfaction.
The company has a customer-centred approach and its trained and talented team of officials reach out to buyers and sellers helping the organization reach a certain level of growth.
Client Relations with Droom
Droom focuses on establishing trustworthy and strong client relationships and strives to provide excellent customer support and management, that is its assistant tool: Droom Assist. This tool helps buyers and sellers with guidance and consultation services. It also helps in transactions of its customers by making them easy and transparent. Droom improves its relationships with consumers by providing security to their funds with the use of easily refundable tokens.
Major Activities of Droom
Droom encourages its services and features through marketing and promotional activities on several social media platforms such as Facebook, Linkedin, etc. It also undertakes researches at its AI labs to develop improvements that would enhance customer satisfaction.
How does Droom Make Money?
Droom mainly has four sources to earn revenue that are, Service fees, Premium tools, Subscription, and Advertisements.
The service fee is the main source of revenue, and this is charged on every successful transaction on the platform. This varies according to the vehicle type.
The subscription plan is offered to various big auto dealers, and the company provides them with online products and services.
Its premium tools include OBV, Droom credit, etc. Droom also earns a lump of money from advertisements as it advertises different auto brands on its platform. This also helps in doubling traffic on the platform.
Competitors of Droom
Droom faces major competition from companies such as Car24, CarDekho, OLX, and Quickr. Droom has several advantages over its competitors such as, it follows all the models of business and it is very efficient for buyers and sellers to get on the platform and use its services and provides an end-to-end service.
Conclusion
Recapitulating, Droom operates on a Business model, a plan that is well-integrated with technological advancements and a progressive model. It gives details to distinctive marketing activities. In the future, when automotive sales are expected to skyrocket, Droom will be facing tough competition, even though it has a big advantage overall.
FAQs
What does Droom Company do?
Droom is India’s first automobile e-commerce platform that allows you to buy and sell automobiles online.
How does Droom make Money?
Droom mainly has four sources to earn money that are, Service fees, Premium tools, Subscription, and Advertisements.
This article is contributed by Mr. Harminder Singh Multani, CEO of MyDentalPlan Healthcare Pvt. Ltd.
The dental care industry is in an abysmal state! According to the Indian Dental Association, only 2% to 3% of the Indian population visits the dentist on a regular basis, and further adding to the jarring reality, only 50% use toothbrushes and toothpaste for regular oral routine. Conversely, there are about 2 Lakh registered dental graduates in the country with 95,000+ actively practicing dentistry. Annually, the tally rises in this ever-growing sector with approximately 12,000 – 15,000 new practices starting.
As per the surveys carried out, more than 70% of the Indian population suffers from some or the other oral problems that need attention and these are problems that will not self-heal themselves. More than 50% of children suffer from dental caries in India, about 40 – 45% go for Root Canal Treatment. Additionally, more than 65% of all dental procedures are carried out around Root Canal Treatment – which points to utter neglect, such that a small cavity was allowed to develop into a Root Canal Treatment.
A developing nation with 138 Crore people canât afford to have such a poor state of oral wellness. There is a need to spread more awareness about the importance of oral health and encourage people to seek help when they need it.
Why Indiaâs population suffers from dental complications?
All these problems stem from ignorance. People in India have a tendency to ignore the significance of preventive oral care and of course treatment of minor dental issues in a timely manner. The majority of people avoid or delay taking assistance for dental problems from the fear of exorbitant fees charged at the dental clinics. âIt will go away on its own this approach may work when one has a fever, cough, or cold because in most cases even if one does nothing about it, it will probably go away. However, a toothache or a gum problem is different. Early signs of any dental trouble must be tended to earliest, else it will only return as a bigger problem.
To summarise, about 99% Indian dental market is private with no motivation or check to keep the quality of dental services, the skill set of the professionals, and their work ethics at the highest standard. There is a need for transparency and standardization not just to monitor the health care service providers and practices but to also maintain demanded costs at the said clinics.
Transparency and standardization in healthcare will allow the patients to get a genuine estimate of the cost and legitimacy of the practicing clinics. A few clinics may offer lower prices to cut corners on hygiene practices that can cost a lot more in the long run. Additionally, standardization reflects the quality of the clinic and the skill levels of the clinician.
It enables predictability in the pricing and offering of bundled healthcare services and provides a structural method that saves time and makes it easy to decimate thoughtful ideas thus bringing innovation. Standardization has the potential to drive dental insurance, which is missing from the Indian health insurance landscape thus adding a larger customer base. Â In India, there is no provision to have dental health included in the medical insurance, unless it is an accidental case.
General oral health will positively improve with more people coming in for preventive care, which could improve significantly if there is insurance available for it. It is evident that help with finances will kill the postponement of those urgent treatments that are required today. A stitch in time saves nine.
Technological Advancements That Will Further the Cause
Tele-dentistry – Tele-dentistry is handy to offer dental service remotely via the internet to those who do not have access to quality dentists. It certainly is very useful for people living in rural or rough terrain areas where dental offices cannot be found easily. It allows the dentists to record the complaint, capture images (if and when required), and send information to their colleagues for gathering opinions. Consultation is through video chatting and, if a dentist finds a problem, they can advise a visit to a local dentist for further assessment
Intra-Oral Camera – Many dental patients have a complaint that sitting in the dentist’s chair with their mouths open for a long time is uncomfortable. For this, Intra-Oral camera technology is helpful. It allows the dentist to use the dental mirror along with the camera to look inside the patientsâ mouths, which eventually reduces the discomfort. The images are seen on the camera’s screen.
Artificial Intelligence – Artificial intelligence technology has become essential to nearly every industry. Even the dental industry is using it in a transformative way. Researchers are looking into ways to utilize AI for diagnosing dental problems through reading scans and X-rays. It is expected that AI will help in saving money and time for both the medical professionals and patients in going through dental records. It will also aid in a more careful and competent diagnosis of dental problems because of the reason that it could predict unknown and unseen issues.
Technology has been significantly adopted in the dentistry industry to help improve the quality of care. The better the technology, the easier the services can become.
The pandemic started to spread across the world’s boundaries in about march of 2020. It soon accelerated lockdowns all over the world. Major and minor, both types of cities came to a standstill. Not only this, people were confined to their homes. We spent an enormous amount of time inside our houses.
Nothing stopped the pandemic too, thanks to technology. Essentials, medicines and other things were shared and delivered with the help of technology. With these advancements, technology came to us as a saviour. The only thing that jumped to the back seat was health. The health of people all over the world took a toll because of excessive screen time and the sedentary lifestyle we all were having during the covid 19. The virus is still not gone and the sedentary lifestyle still continues.
If you look at the data of shipments of the wearable industry in India, you will notice a steep trend. That graph shows that people are buying products that help them track their health statistics. This in turn means that people are slowly becoming vocal about the fact that their health is the most important asset that they own.
Many wearable brands are trying to capitalise on this trend of health consciousness. One of the players that are trying hard and equally shining is GOQii. You probably have already heard of this company. It has been very vocal about health and fitness, as they make fitness-related products. This is the article that covers the story of the âgetting popularâ brand GOQii. Read this to know the man behind this innovation and the mission with which they operate.
GOQii is a fitness technology company. It is an Indian company in the sense that the brand is operated and even was generated by an Indian entrepreneur. However, it is an Indian company, it is headquartered in California. This fitness technology company offers a band of services and products that cover overall aspects of health for a person. It has smart wearable devices (Like a smartwatch or a smart fitness band). That device is coupled with a mobile app that works like the command centre for that wearable device.
GOQii Smart Watch
The unique thing about this company working in the health and fitness sector is that it offers a âcoachâ to every user. GOQii wearables and the android app has âpersonalised remote coaching. They have a team of health experts and doctors that guides every user to optimise his/her health goals. This optimization with each and every user helps maintain a healthy ecosystem in which people derive results.
GOQii Personal Coach
We all know or have heard somewhere that, everybody is different, you cannot examine each and everybody with the same instrument. That is when personalised care is needed and that is when the worth of personal coaches and trainers come into the picture.
They operated under the umbrella of a beta program until 2014 and then they closed it. After the closing of their beta program, GOQii became commercially available in India in August of 2014. It is to be noted that the beta program was closed in April of the same year.
The company has offices in Mumbai, Shenzhen, China and it hopes to have offices in the Middle East, the United States and Singapore. This venture has been highly trusted by investors of all sorts. Investors include Mitsui, NEA, Megadelta, DSG Consumer Partners, Galaxy Digital, Denlow Investment Trust, Edelweiss, Cheetah Mobile, GWC, Mr Ratan Tata (The OG investor), Mr Akshay Kumar (Popular Indian Actor) and Mr Vijay Shekhar Sharma (Paytm CEO).
About Vishal Gondal – CEO at GOQii
Vishal Gondal is a serious serial entrepreneur. We mean it seriously when we say, serious serial entrepreneur. Vishal started coding at the age of 16. He was passionate about gaming and soon started to build games of his own. At that age when a person knows how to code, the only favourable thing he/she codes are games. Those were the early days of the Internet and computers per se.
It was later in the year 1998 when something really interesting happened for Vishal. It was the time of Kargil and he out of curiosity made a game named âI love Indiaâ, and the main purpose of the game was to shoot intruders in the Indian boundary. The game was an instant hit and got over a lakh download at that time,
In 1998. That was impressive at the time as it is today. Then he got an idea that games that are India made and a little patriotic thematic in nature will go a long way if produced nicely. That was the time when IndiaGames, a venture came into existence. It was the brainchild of Vishal Gondal. Then he worked with venture capitalists and all, took the company from informally a game maker to a big name in the gaming industry. In 2011 Disney bought IndiaGames at a deal of over 100 million dollars.
That is a lot of money. Most people would take that money and go on a vacation of life. That âmost people ” are not Vishal Gondal. Vishal chose to not get stagnant or dormant, he chose to flow in the direction of his passion. His passion other than games is easily guessable, It is fitness and health.
Vishal moved to the health and fitness sector to work his ideas out. He was also into fitness as all those previous years had a toll on his health because he was working on computers a lot. He affected millions with his games (in a good and thrilling way) and now he did not choose to stay put, but he chose to provide value to the next billion people.
He enjoys running Marathons, Ultras, Trekking & SkyDiving. His love for the outdoors and pushing oneself physically dates to his growing years when he was a national level volleyball player. Vishal is also a long time TEDster, gadget & gizmo freak and a judge on two television shows ‘The Pitch’ on Bloomberg TV & ‘Your Wish is my App’ on NDTV.
His passion for technology, fitness & gaming led him to his next venture GOQii which is focused on helping people make a change towards a healthier lifestyle and be the force of good.
That is why he chose health as the domain for his next venture. He decided to jump on the health sector and that was how GOQii was born, the ultimate health and fitness ecosystem.
How was the Idea of GOQii Conceived?
The company was founded by a smart person named Vishal Gondal. He is a super tech enthusiast. He is also the former Chief executive officer of Indiagames. He is a big name in the gaming industry. Made some really successful and critically acclaimed games in the 90s and then the most recent hit FAU-G.
After exiting the gaming space, with a great dreamy exit from his own Indiagames when it was bought by Disney, he could have enjoyed life anyhow he wanted but he noticed something. He noticed that after all his star career in the gaming space, his health has taken a toll on him. Albeit, He was a fairly sporty person in his college and school time. His love for the outdoors and pushing oneself physically dates to his growing years when he was a national level volleyball player.
After affecting millions of people with his games in a good and thrilling way, he chose the health sector. When asked why he started working again, he said that he is just a passionate person who is trying to follow his passion of creating value and putting an effect on a billion people.
His goal is to see people healthy and happy. He plans to make not only people in India healthy but also plans to expand GOQii to a place that will make it responsible for health and fitness for many areas in the world.
As it is said that software is the most scalable thing in the whole world. Once the worth is proven by GOQii, its software can go overseas and start creating impact there too as it is doing in India. For its future, GOQii plans to expand its services to the Middle East, the United States, and Singapore.
GOQii is not just another smart wearable brand that promises to track accurate data regarding your health. Vishal Gondal plans to make it much more than it already is. Much more than the world has seen. He wants to evolve the digital fitness industry up to a level that is never seen before. Not to mention, Vishal has high hopes for the wearable industry. He even says that these wearables will soon replace mobile phones in the near future.
So what is the USP of GOQii? It is a legit genuine question that may haunt you. There are many many USPs of this fitness startup but few most noticeable features are listed here –
GOQii has a full-fledged health-friendly ecosystem.
Personalised health statistics with health experts.
The corporate challenge and User testimonials.
All these are the most loved unique prepositions that people love. Let us discuss all of them in a little more detail to understand the market in which they operate.
The GOQii Ecosystem
We, in the last paragraphâs last line, mentioned an ecosystem of health. That ecosystem is known as the GOQii fitness ecosystem. As we previously read that GOQii manufactures watches and bands and other wearables to provide you control of your health.
Not only this, but the fitness company also provides all sorts of help from, weather coaches or experts or doctors and nutrition people. That personal coaching aspect of GOQii is the innovation that acts as a USP or a unique selling proposition.
GOQii Ecosystem
The ecosystem entails the application which is connected to the smart wearable device that you wear. The tracker is connected and reports all data to coaches, doctors, and experts if you have the subscription. Every Health coach is a certified coach under the company GOQii.
This environment that they have managed to create is called the GOQii ecosystem. It is a full-fledged place for all your health needs, that is what the company strives to offer. It strives to combine a smart fitness band, an app, a team that is expert and has cared for your health. That team includes a personal health coach, all sorts of designated experts and a Doctor for helping you out to meet the targets that you set for yourself and for the people you love.
GOQii also plans partnerships with top labs in the domain of diagnostics. It helps you to get recommendations for tests that might help you on the basis of the targets that you need to tough. You can do some of the reports from the comfort of your home and you can then access the reports directly on the app.
The GOQii ecosystem is designed to keep chronic diseases under control through increased adherence to therapy, lifestyle change and continuous data monitoring. Doctors are adopting this ecosystem for managing chronic diseases of their patients and are seeing great results. It has an app locker that they call a health locker. It is a cloud storage tool. That helps people to save their health records.
That cloud has unlimited space so that you donât have to worry about losing your health records. That locker is accessible and can be accessed even remotely via a login and pass. GOQii has tied up with diagnostics labs like Thyrocare, which allow users to book tests directly via the GOQii app. Test results are directly sent to the Health Locker to be reviewed by the GOQii Coach and GOQii Doctor.
There is one more thing that you get with the GOQii ecosystem. It has a bonus feature called âKarmaâ. It is quite similar to the real phenomenon of karma. If you do something good, you will receive something good.
GOQii Karma
With the âKarmaâ feature GOQii plans to use the same philosophy for a good social cause. So what happens is, if you walk with this feature, you get points, the more you collect points, the more you can donate to social causes that the company supports. It matches the philosophy of the whole wearable brand of âBe the forceâ.
Personalised care with health experts
GOQii runs on two models, that too simultaneously. It has the main product domain, which is the smart wearable technology that it advertises with Akshay Kumar. The other domain is the personalised health coaches support. This is the back end sort of thing and you can only experience it with a subscription that you can buy with the product itself.
Both these packages combined help in building a rapport with your own health. The best thing about the combination of health and technology is that it is capable of providing personalised results and guides and suggestions to the person using it.
As we all know, people love personalised tech. Like we love Netflix recommendations, and the social media algorithms to work on personalised tech. This is very recently made possible with the help of new and efficient technology for maintaining data, big data. It is a field that deals with extracting data and making sense of large amounts of data. It is true that data is the gold of the 21st century.
GOQii Corporate Challenge
GOQii Corporate Wellness Program
One of the most stuck starts of people who are not living a healthy lifestyle at all is the corporate people. The pressure to rise up at the corporate level makes them sit for long hours and thus deteriorates the health of these hard-working people. We can easily see and witness all around us that corporate people are the most prone to health discomforts.
GOQii has innovated a cool thought in this area of life. The fitness company organises a corporate challenge every now and then. The corporate challenge is a sixty-day fitness event. So, it spans about two months in total. This corporate challenge includes daily virtual and fitness sessions that are corporate-friendly.
Corporate friendly exercises means those sorts of exercises that can be performed in a short space and with low intensity of work done or effort induced. This allows all the employees to walk, get active, increase their fitness levels and make a positive move towards living a healthier lifestyle. Moreover, it is all in the app, a single application that entails everything for your health.
GOQii Health quiz
GOQii Health Quiz
Not only the corporate challenge, but GOQii also has hosted a series of health quizzes in the past. The motive of these quizzes was to improve the general knowledge about health. It is often seen in our society that we tend to believe some myths and misconceptions of the fitness world.
The goal of these health-related challenges and quizzes is to bust the myth around health and common fitness in society. Moreover, GOQii has taken a step further than just casual challenges and quizzes of stagnant general knowledge, it now hosts experts that debunk myths around health.
If you visit their youtube page, you will find a plethora and plenty of videos that are hosted by health experts, personal health coaches, doctors and nutritionists. This sort of clear and unbiased knowledge is freely available, this is a great initiative by Vishal and the team at GOQii. It helps build a rapport with users who are truly willing to do the actions required to meet their health and fitness goals.
GOQii Arena
GOQii Arena
The GOQii social feature lets you discover and make new friends, share your habits, goals, health & fitness stories, as well as motivate each other! It helps you build communities of like-minded individuals who share similar goals with GOQii users within the app in your region.
GOQii Health store
GOQii Health Store
The GOQii Health store is a one-stop online health store that offers a whole suite of curated health products and services. These products are tested for quality by our experts before being launched in the store. You can also redeem your GOQii Cash for discounts on listed products.
User Testimonials (What the users are saying about GOQii)
The GOQii watches went on from a beta version to a full-fledged company in April 2014. It is still somewhere in the middle phases of growth in India. As we all know that India is a very big country and global brands are fighting very hard to establish themselves in our country.
GOQii is one of the native brands that is trying hard to speak up among such massive competition from global brands. One of the best ways to look at the quality that the brand creates is by checking its testimonials. Let us see what people are saying about the GOQii ecosystem.
User Testimonial of GOQii
âRahul Pandit gets off medication and gets healthier with GOQii” read an article on a website. This is an article that was listed on the blog that the GOQii team manages. The blog has all the success stories of fat to fit and healthy and happy people who have used the product and the support of coaches from GOQii.
This proves that there are actually real stories that are transformed with products and services that GOQii strives to provide. The blog not only contains success stories but the blog tries to become a companion in someone’s fitness journey. It entails all the healthy tips, tricks, recipes that will help people get from a bad shape to probably the best shape of their lives.
A comment on GOQii’s YouTube channel
This is a user testimonial that typed words on Youtube. He is thankful for how he found GOQii and how it has become a part of his life. This is one example but there are plenty more. GOQii has many people supporting it and making it an established brand.
Akshay Kumar, the actor and probable epitome of fitness in India is the brand ambassador of this company. As it gets more and more views and subscriptions, one thing is sure, that if GOQii is able to stand the market in India, then probably it can win most of the world.
Conclusion
Being healthy involves a lot of factors other than just exercise. You need to watch what you eat, get quality sleep and manage stress effectively as well. With a lot of foreign brands trying to provide value in this space, there are very few Indian brands that are trying to enter and establish themselves in this market.
GOQii is one of them. It strives to provide a full ecosystem for health and fitness. It has personalised coaches, health experts and all sorts of advantages that the wearable tech industry has to offer.
GOQii was started with the same goal in mind. That goal was to make a billion people happy and healthy. The focus is primarily on India. GOQii, a collaboration of some of the world’s leading experts and an amazing management team who are driven by a passion for healthy sustainable living, and who believe that all of us contain boundless potential.
GOQii’s goal is to enable millions of people across the world to “be the force” by helping them unleash their untapped potential. The passion with which Vishal and team manage and build products for India, Is the fuel for such ventures. All these steps will lead to a healthy and happy India.
FAQ
Who is the founder of GOQii?
Vishal Gondal is the founder and CEO of GOQii.
What is the revenue of GOQii?
The revenue of GOQii was âš220 million as of 2019.
Is GOQii an Indian company?
Yes, GOQii is an Indian company founded by Vishal Gondal, the company is headquartered in Menlo Park, California.
Wipro Limited is an Indian multinational corporation that is headquartered in Bengaluru, Karnataka. It is known for Wipro products and services list which includes IT services, BPO services, IT consulting, testing, research and development in the software and hardware areas of companies around the world.
Wipro Group is a global leader when it comes to cognitive computing, robotics, hyper-automation, cloud, analytics and emerging technologies. The Wipro group of companies list is recognized globally for its portfolio of services, sustainability and corporate citizenship. The chairman of the company is Azim Premji who is the second wealthiest person in India and the person credited for the success of Wipro.
The Wipro subsidiary companies are well one of the top IT service providing companies different types of Wipro products such as enterprise application services like ERP, SCM, CRM to services like E-procurement, E-Business solutions. The Wipro subsidiaries are divided into four different parts which are Wipro Limited, Wipro Consumer Care and Lighting, Wipro Infrastructure Engineering And Wipro GE Medical Systems Limited.
The Wipro group companies offer services and products of Wipro to various industries like Finance, Telecom, Media, Utilities, Energy and Entertainment. Not only that, but Wipro company is also one of the largest R&D services in the world. The company has over 180,000 employees from various countries across six continents. Wipro also offers Consulting services and helps companies in Business Process Outsourcing which help in HR, Procurement, Finance and Accounting.
The Wipro sub-companies also provide technology infrastructure services in terms of revenue, people and to over 200 customers in the US, Japan and Europe and 650 customers in India. The total revenue of Wipro as of 2021 is over $10 billion while its net income for 2021 is $1.4 billion. Wipro Industries is known to be the largest public-traded company in India and the seventh-largest IT Services Company in the world.
Wipro originally known as the Western India Palm Refined Oil Limited (abbreviated to Wipro) started in December 1945 by its founder Mohamed Premji. The initial products of Wipro were different types of oil, as it started out as a manufacturer of vegetable and other refined oil known as Kisan, sunflower and camel in Maharashtra.
In 1966, Azim Premji took over as the companyâs chairman after his fatherâs death. The name of the company was changed from Western Indian products limited to Wipro products in 1977. That name was further replaced by Wipro limited in 1982, this was because in the same ear the company also entered the IT industry.
Azim Premji is responsible for transforming Wipro into a Wipro Fluid company and also introducing Wipro Fluid Power that manufactures hydraulic and pneumatic cylinders. In 1979 Wipro became Indiaâs first computer manufacturer as the company developed and sold its computers in 1981. With its success, the company forayed into the field of software development and is credited for introducing software packages for hardware customers.
Facts on Wipro
In the 1990s, the company got started its range of baby toiletries like Wipro baby soft and also the Santoor talcum powder which became a staple in Indian homes which was among the first Wipro subsidiaries. Wipro Infotech and Wipro system got merged with Wipro in 1995 and they became Wipro subsidiary companies. The company expanded internationally in the 1990s and even got listed on New York Stock Exchange in 2000. It was in 2002 that Wipro became the first Indian software tech and services company to get the ISO 14001 certified.
The Wipro subsidiaries list kept growing as it ventured into manufacturing fluorescent lamps making the Wipro Consumer Care and Light Group enter the market. Wipro joined the billion-dollar club in 2004 and also partnered with Intel on a project called i-Shiksha. It wasnât until 2012 that the company decided todemerge its consumer care, lighting, furniture, infrastructure engineering into a separate company known as the Wipro Enterprise Limited. The company further made many clever and strategic acquisitions and signed contracts with many international firms.
Wipro has so far made over 19 acquisitions and 8 investments. All the Wipro acquisitions so far are estimated to beover $2.49 billion. The company has invested in many industries like SaaS, Search AF test, standard, manufacturing tech. Some of the top companies in the Wipro acquisitions list are Infocrossing acquired for $600 million in August 2007. One of the other top Wipro acquisitions was Appirio acquired for $500 million in October 2016 and HealthPlan Services acquired for $460 million in February 2016.
Some of the other recent Wipro acquired companies are Rational Interactions a settle based digital customer experiences consultancy which the company acquired in February 2020. Wipro recent acquisition was in October 2020, when Wipro acquired Encore Theme Technologies, that same month it also acquired Eximius Design for $80 million. The last Wipro acquisition was in March 2021 was Capco a British consultancy firm.
Topcoder became one of the Wipro subsidiaries when the company was acquired by Wipro in 2016 along with Appirio which were a part of their $500 million deal. Topcoder is a crowdsourcing company that has a huge global community of data scientists, developers, programmers and designers. Â How Topcoder works is that it pays the members of its community for offering its services to corporate, mid-size or even small business clients.
The company is also known for its yearly Topcoder Open tournament and other small regional events. This subsidiary of Wiprowas founded by Jack Hughes in the year of 2001, the company first started with Competitive programming challenges which helped generate interest among the student community. Â The company became one of the Wipro sister companies when it started offering various software development services and similar products of Wipro to 3rd party clients.
In order to generate more income, the company started new competition tracks that gave more work to its employees. After being acquired by Wipro the company has continued to offer its clients many hybrid crowd platforms and help create certified and private crowdsourcing communities. Wipro then integrated its employeeâs only crowdsourcing platform TopGear with Topcoder.
The various services offered by the Topcoder design community are Information Architecture which helps the clients with wireframing and generating ideas. It also helps with the UI/U/CX design which involves the creation of apps and web designs and coming up with design concepts, ideas and presentation design all of which are said to be top Wipro company products. The software development challenges that topcoder offers are bug bash, code, first to finish, etc.
Appirio
Wipro Subsidiary- Appirio logo
Appirio is one of the best Wipro acquisitions, as it was acquired in 2016 as a part of their $500 million deal along with Topcoder. The company was founded by Chris Barbin, Narinder Singh, Glenn Weinstein and Mike O Brien. Appirio is currently one of the topWipro sub-companies as offers information technology consulting services and has its headquarters based in Indianapolis in the USA. It company is known for its tech and professional services that its offers only to the clients that want to adopt public cloud applications.
They also offer SaaS services like Salesforce and Google apps which are the top products of Wipro. The main competitors of Appirioâs are Accenture and Deloitte. The company was founded by Salesforce and angel investors ($1.1 million), Sequoia Capital ($5.6 million), Sequoia Capital and GGV capital ($10 million) and General Atlantic ($60 million).
The company is a leader among Wipro group of companies and was awarded many titles such as On-Demand Company Of The Year by AlwaysOn, Best Place To Work In Bay Area by San Francisco Business Times in 2010. This is one of the few Wipro listed companies that have many other satellite offices in cities like Tokyo, London, Dublin, Sydney, Espoo, Stockholm, Porto, Pune, Bangalore, Noida, Hyderabad and Jaipur. The company is known to utilize public cloud solutions as it is a serverless company.
Opus Capital Markets Consultants
Wipro Subsidiary- Opus Capital logo
Opus is one of the top companies in the financial services industry which is why it became one of the top Wipro subsidiary companies. The headquarters are based in Lincolnshire in Illinois, the US and have over 500 employees. The company was founded in 2005 that became a wholly-owned subsidiary of Wipro in 2013. Opus offers various services like Residential mortgage, commercial mortgage, Compliances services, servicing reviews and advisory services which extends the Wipro company products list.
The company is among the few Wipro subsidiaries that specialize in risk management providers for mortgage and consumer lenders, services and investors. The company is focused on delivering a wide range of services like due diligence, quality control, servicing oversight and operational assessment.
Yardley of London is a British personal care brand that was acquired by Wipro in 2009 and is one of the unique Wipro subsidiaries. The company is known to be one of the oldest and specializes in cosmetics, fragrances and toiletry products. Yardley is also one of the biggest manufacturers of soap and perfumes, which increases the Wipro FMCG products. Yardley is known to have received two Royal Warrants.
The company was originally established by the cleaver family in 1770. The name of the company was changed to Yardley and Statham in 1823 after William Statham brought the firm. Yardley has made many soaps that are to this date popular. Because of the growing popularity of Yardley soaps and cosmetics in the 20th century, the company opened a shop in London in 1910. Â
In 1991, the company also introduced menâs grooming products. In 2005, the Jatanias which is Britain richest Indian family brought Yardley for 60 million euros 2005. It wasnât until 2009 that Wipro consumer care brought Yardley for $45 million the brand ambassador for Yardley in India is Bollywood actress Katrina Kaif. Yardley is among the most popular Wipro company products.
Wipro GE Medical Systems
Wipro Subsidiary- GE Healthcare logo
Wipro GE Medical Systems is a joint venture between GE Healthcare South Asia and Wipro in 1990 and is currently one of the top Wipro companies in India. The company is known for its research and development of healthcare products. The company increases the Wipro products list in India, as it manufactures a vast variety of gadgets and equipment for diagnostics, healthcare ITand services to help healthcare professionals that are used for combat cancer, heart disease and other ailments.
Wipro GE Medical Systems is among the only company in Wipro companies list that strictly follows six sigma quality standards in all products. The company is an expert in medical imaging and information technologies, medical diagnosis, patent monitoring systems, drug discovery, and biopharmaceutical manufacturing tech, performance improvement and solution services, which are among the well known Wipro company products list. They offer all these services at a lower cost.
The company is among the most respected Wipro group companies as it is present in Asia Pacific, China, Africa, Europe, India, Latin America, America and Canada. The specializes in making products for Vascular, Orthopedics, Spine, Urology, Cardiac, General Surgery, Pain Management, Outpatient Interventional.
Wipro Consumer Care and Lighting
Products of Wipro Consumer Care and Lighting
Wipro Consumer Care and lightning are one of the biggest and fastest FMCG companies in countries like India, Asia and Africa. It is one of the most successful companies owned by Wipro as its annual sales revenue is now up to Rs. 77.4 Crore in the year 2019 to 2020. The company is currently present in 20 different countries like India, Asia, Africa and the Middle East. Wipro consumer care and lightning have over 16 manufacturing units in India, Malaysia, Indonesia, the Philippines, Vietnam, China and South Africa.
The company also has Research and Innovation Centers in India, Malaysia, China, the Philippines and South Africa. They are based in 22 countries, marketed in 60 plus countries with over 10,000 plus employees. The Wipro company products list such as like personal wash products, skincare products, male grooming products, toiletries, household products, furniture, commercial lighting, etc is well known in the country.
Wipro Consumer Care and lightning are among the top Wipro group of companies as has made several acquisitions like Unza, Yardley, LD Waxsons in order to get a global footprint. The key brands of Wipro consumer care and lighting are Santoor, Chandrika, Maxkleen, Giffy, Enchanteur, Safi, Aiken, Romano, Carrie, Garnet, Splash which come from different parts of the world.
This company is one of the Wipro companies in India and is known for developing, marketing and manufacturing hydraulic cylinders that are used for cargo handling, mining, freight and waste processing. The company also makes various products such as filters, pumps, valves, rear hinges and different components of hydraulic cylinders.
It is known to deliver over a million cylinders to original equipment manufacturers (OEMs)across the world. The company specializes in top Wipro products and services such as hydraulic cylinders for Construct and Earthmoving, Material and Cargo handling, Forestry, Farm and agriculture and mining. The companyâs business has stepped up and launched specific solutions to fight Covid 19.
Conclusion
Wipro is an Indian conglomerate that has a global footprint for its services and products like IT services, BPO services, IT consulting, testing, research and development services. One of the main reasons for the companyâs success is the strategic and clever subsidiaries it has acquired. Wipro group companies were and will continue to be a leader in the consumer market space and will increase the Wipro clients list. Because of the Wipro subsidiaries and Wipro acquisitions, the company has an extensive Wipro products list in India.
World Vegan Day is November 1st, and it’s a day to honour those who do not eat animals, dairy, or anything else that originates from or involves an animal. They also don’t wear any animal-derived apparel, accessories, or objects. The vegan day started in 1994 to mark the Vegan Society’s golden jubilee. Here’s a look at a brief history of veganism, present and what the future holds for the vegan industry.
Vegan Industry – Past: What is Veganism and who started it?
Veganism is an advanced version of vegetarianism that traces its origins to India and eastern European communities, although the name was developed in 1944. In 500 BC, the Greek thinker and statistician Pythagoras of Samos initially proposed vegetarianism. He preached compassion amongst creatures, notably humankind, in contrast to his theory about right triangles. Vegetarianism was also espoused by Buddhists, Hindus, and Jain, who believed that people mustnât impose agony on other species.
While it would occasionally flare up amid fitness trends and spiritual renaissance, the vegetarian diet never attracted the West. Vegetarianism and chastity were promoted by the Ephrata Cloister, a rigorous congregation founded in 1732 in Pennsylvania. Jeremy Bentham, an eighteenth-century pragmatic thinker, considered that animal slaughter was exactly as bad as mankind’s misery, and compared human supremacy to bigotry.
In 1847, the 1st veggie group was founded in England. The American Vegetarian Society was co-founded shortly afterwards by Rev. Sylvester Graham, the originator of Graham crackers. Graham was a Presbyterian preacher, and his disciples, known as Grahamites, followed his rules for living a good life, which included veganism, sobriety, celibacy, and daily baths.
In Nov 1944, an English carpenter named Donald Watson declared that since vegetarians consume eggs and dairy, he coined the term “vegan” to denote those that don’t. Last year, it was discovered in 40% of Britain’s dairy cattle, which Watson exploited by arguing that the vegan diet protected individuals from unsafe meals.
He offered a precise clarification of how the name must be spoken 3 months into saying the word: “Vegan, not Veejan,” he stated in his own Vegan Society magazine that had 25 readers. There would have been 2.5 lakh, vegans, in the UK and 1.9 million in the US when Watson passed in 2005 aged 95.
Vegan Industry – Present: Present Scenario and Its Impact on Different Industries
Folks often say they won’t become vegan as they believe being a vegan themselves won’t matter, or that the world will not go vegan, so it’s meaningless for them to go vegan. Is it fair, though?
Veganism has the potential to save over 1000 species, over 1 lakh tons of water, over 32,000 sq. of forests, nearly 44,000 lbs of grains, and more. Isn’t it incredible how much of an influence one can make in just 3 years as a vegan?
People change and demand change, and when more people change, this becomes a greater trend, which can lead to social reform.
Is the Vegan Industry growing?
Yep. I’d want to highlight plant milk as non-dairy milk substitutes and options such as soy milk and rice milk weren’t viable two decades ago, certainly not publicly. Today, go to any supermarket and you’ll notice soy, cashew, hazelnut, and other forms of milk. The non-dairy milk aisle at these shops is the same size as the dairy milk aisle. As a result, things are changing.
According to recent findings, as many as 6% of U.S. consumers identify as vegan, up from 1% in 2014. According to a 2018 study, about 40% of millennials identify as vegans, and economists have declared 2019 to be the year of veganism, with no signs of slowing off in 2020. Veganism is becoming trendier, and the number of vegans is rising.
It has a significant effect on the food industry. The worldwide food sector was estimated to be valued at over 12 billion in 2018, and vegan food sales in the U.S. climbed 11% from 2018 to 2019. In 2016, the worldwide dairy segment was worth more than $8 billion, but by 2024, it is predicted to be valued at more than $11 billion. This indicates that vegan products are on the rise, while non-vegan ones are on the decline.
Impact on the Food sector
The worldwide vegan meat sector is also rising, with estimates that it will reach 7.5 billion dollars by 2025, driven by firms like Beyond Meat, which had the top overall public offering by a leading U.S. firm in over 2 decades when its shares went public.
The vegan food business in the United States rose by 29% during 2017 and 2019, with a world average of $27.9 billion by 2025. Due to the recent spike in tofu sales during the pandemic, Canada issued new food rules that are more vegan forward, and the Chinese govt-issued new regulations that aimed to cut meat intake in half.
Vegan brands such as the veggie grill and plant power fast food are also seeing progress. Vegan and veg have been top Meta keywords on services like UberEats and Grubhub recently, and this shift in expansion isn’t just happening for vegan sectors; a lot of big chains, such as Subway, Dunkin’ Donuts, Taco Bell, and KFC, are currently adding vegan food to their menus, allowing even more change.
This shift is so pervasive and dangerous that certain animal-based firms and organizations have begun to sue plant-based enterprises in an attempt to prevent them from using terms like “milk” or “butter” on their items.
Impact on Fashion and Entertainment Sector
Veganism isn’t all about diet; it’s about all forms of animal suffering, which encompasses a wide range of sectors. So, are those sectors undergoing any shifts as well? Vegan culture is gaining popularity.
By 2025, the vegan leather business is expected to be worth $85 billion. By 2025, the global demand for vegan makeup is expected to reach $20.8 billion. Like Ringling Brothers, non-vegan theatre is losing steam and closing. Whales, dolphins, and porpoises are no longer held captive for amusement in Canada.
Vegan Industry – Future: What does the Future Hold for Vegan Industry?
Veganism is gaining popularity in civilized countries. A major study put the plant-based diet to the trial, examining a hypothetical case in which the world becomes vegan by 2050. Greenhouse gases could be decreased by three-quarters if this occurs.
Cows are the primary source of greenhouse gases. Methane is produced by bugs in their digestive tract, while co2 is injected by deforestation for their grazing. These gases cause global warming. Cows would be the 3rd largest producer of greenhouse gas if they were a nation.
Animals raised on farms have a strong desire to graze on the land. Animal farming takes up more than 80% of all farmland on the planet. However, it only yields 18% of the world’s calories. To gain by one kilo, a cow needs roughly ten kilos of food, pigs six kilos, and poultry 3 to 4 kilos. A lot of food is lost as cattle feed, which we would then consume.
More diverse vegan diets with low calories can save lives with a well-balanced vegan diet. Early death might be lowered by 20% if the world went vegan in 2050, making the world economy healthy as well.
A lot of money is spent on treating illnesses like stroke, cancer, and diabetes that are linked to diets. In 2050, around one trillion dollars might be saved. That’d be around 3% of the total cost of healthcare.
Since 1960, worldwide meat consumption has grown at a rate of over 3% per year. No one loves how factories treat their animals. Because meat firms don’t own the farms, shifting from chickens or pigs to vegan meat is simple. If the market and the customers want it, they’re willing to adjust.The world may potentially hit peak meat and descend another way due to a lack of economical and available options.
If you look at historical statistics, it’s improbable that the world will be vegan by 2050. We’d have a little chance to stay below toxic levels of global warming unless we made massive diet adjustments further towards vegan diets. However, switching to a vegan diet may be beneficial.
A vegan diet could bring us three-quarters of the way there. Authorities can play a key role by setting effective nutritional guidelines. They can implement sourcing standards that make it apparent that the baseline foods bought are plant-based, healthy, and environmentally friendly.
Is Vegan Meat better than Regular Meat?
We are addicted to the taste of meat, yet the only way to break this habit is to create goods that provide the exact taste minus the use of an animal. Plant-based meat employs the same machinery as meat processing factories. Only this time, there won’t be any blood all over the place. Components like soy, lupine, wheat, peas, and others can be utilized in the preparation of replica meats to provide a similar experience.
Vegan meat is simply the next step on the path of agricultural advancements. In the farming sector, things are forever evolving. There were billions of horses to move and plough a century ago. They are now on the endangered list because we no longer require them. The meat will be made using automation in the future, and slaughter species will be endangered as well, leaving room for wild poultry and feral pigs. That, I hope, is destiny.
FAQ
Is the vegan food industry growing?
Yes, the global vegan industry is projected to expand at a CAGR of 9.6% from 2019 to 2026.
What is the vegan industry worth?
The Vegan Food market size was valued at $14.2 billion in 2018 and is expected to reach $31.4 billion by 2026.
If you have gone through the news, you will find a story of a Kanpur businessman surfacing everywhere. Packets of seized currency notes after Income Tax officials’ raid at the premises of businessman Piyush Jain, in Kanpur, on December 24, 2021. Piyush is a businessman of perfumes in the perfume capital of India. Indiaâs tax authorities have seized wads of currency notes running into millions of dollars and several kilograms of gold from the premises of the businessman.
This article is about Piyush, the money recovered and everything in between and after that. We will read about the perfume capital of India. How Piyush is found guilty, how did the money that was found come to Piyush and where is he now ?
It was the 24th of December when a news story showed that a Kanpur based perfume businessman was caught with about 200 crores of cash in his house. Piyush Jain, the Kanpur based perfume trader was found with this questionable amount of money in his house.
Tax officials raided his house and found this enormous amount of money and kilograms of gold. The simple and normal looking person as Piyush was to the outsiders, the news piece was a surprise not only for the country but even to the people who knew him.
The intelligence wing of the goods and services tax department found unaccounted wealth, including around 23 kilograms of gold in the form of biscuits and currency worth over $24 million, from a perfume trader. The seizures were carried out at the premises of Trimurti Fragrance Pvt Ltd, Odochem Industries and a transport company called Ganpati Road Carriers, all based in the north Indian state of Uttar Pradesh.
âThis is the biggest ever seizure of cash by the Central Board of Indirect Taxes and Customs. The documents seized from the premises are under scrutiny,â the statement said. During interrogation, Jain also accepted that the cash recovered from Odochem Industries is related to the sale of goods without payment of GST.
Kanauj – The Perfume Capital of India
Kannauj is a little city in Kanpur in the Indian state of Uttar Pradesh. The fact that its history is rich in the fragrance of perfume makes it the perfume capital of India. Being the perfume capital in the second-most populous country in the world elevates its already shiny appearance to the country and the world outside.
The city of Kannauj is a little over 2 hours away from Kanpur in the state of Uttar Pradesh. The fact that Kanauj is primarily known for making perfumes should not be regarded as a ticket for cheap perfumes with quality. Even better, you will find the very popular variety of perfumes called attar. Attar is the regal perfume of the ancient world.
It is said that the city has a long history of making perfumes. Some experts even say that the perfume practice dates back up to thousands and thousands of years. The art of attar is well known in the city.
While perfumes are made from alcohol or have some or the other constituent that is based out of alcohol, the attar is completely different. Attar is made from essential oils, which makes it unique and attractive.
The âEyebrow raisingâ Simple life of Piyush Jain
Piyush Jain lived a very simple life. He never indulged in any sort of luxury behaviour or any expense that seems unusual. He lived a simple life, had a simple car, and always dressed simply.
Piyushâs father was a soap manufacturer hailing from Mumbai. Piyush and his brother were noticeably studious and both went on to get masters in the stream of science. The brotherâs wives had bachelors degrees in science. They were a single-family with knowledge of science in abundance. With that knowledge, they started manufacturing compounds of perfumes.
The family mastered the art of manufacturing sandalwood oil through chemicals at a low cost, rather than from natural sandalwood, and thus started earning huge profits. Piyush Jain used to sell the perfume compounds to different foreign clients. Among others, he also supplied fragrance to the Shikhar Pan Masala company.
Let us see what people have to say about the case and the âEyebrow raisingâ simple life of arrested Piyush Jain.
Mr. Suresh, who has known Mr. Piyush Jain for four decades, said there was no criminal case against anyone in their locality. Mr. Piyush Jain is a âwonderful human beingâ who lived a âsimple lifeâ and did not even carry any security with him, said Mr. Suresh. âI cannot understand how he got trapped in this matter,â he added.
One of the close acquaintances of Piyush Jain said Jain always used to dress simply. Besides his bungalow, He owned a scooter and used to drive around his Hyundai Santro and an old Toyota car.
According to Mr Gupta, Mr. Piyush Jainâs father worked in a soap manufacturing company in Mumbai. Piyush and his brother both had masters degrees in science while their wives had bachelors degrees in science. Using this knowledge of chemicals, the family started manufacturing compounds for perfumes, said Mr. Gupta.
The family mastered the art of manufacturing sandalwood oil through chemicals at a low cost, rather than from natural sandalwood, and thus started earning huge profits, said Mr. Gupta.
Mr. Gupta also said Mr. Piyush Jain âhad a lot of faith in his religionâ and made contributions of âš60-70 lakh for the building and revamp of two Jain temples, including one in Tirwa.
A perfume trader from the Jain community said he would often bump into Mr Piyush Jain at the temple. âHe is a simple and sober person, had nothing to do with the society, even to the extent that he never made anyone his confidant,â said the trader.
PM Narendra Modi publicly announced that Uttar Pradesh has a fragrance of corruption and black money under the rule of SJ. SJ here means the Samajwadi party, a leading political party in the state of UP.
As it is the time of elections and each and every political party is trying to prove that they are the clearest and clean. This news of Piyush Jain, a perfume trader, stacking hundreds of crores told a completely different story.
PM also alleged the Samajwadi party for being related to the scam and corruption in the perfume capital of India. The case has turned into a political agenda where the motive is to qin elections.
The Same Name Issue
According to the most recent reports, there are actually two P.Jains in the city of Kannuj. One is the arrested Piyush Jain and the other person is named Pushpraj Jain. Pushpraj is also a perfume trader and has the same name initials.
The 60-year-old Pushpraj Jain is a âphilanthropistâ in Kannauj and a politician who also owns a petrol pump and a cold storage unit and has a house and an office in Mumbai.
The news probe stated that there must have been a change of names and the wrong person was raided. It raises more concerns on the authority to recheck the records and make sure that the correct person is raided. If this raid was unnatural then there can be supposedly more traders with black money.
The Pile of Money Recovered from Piyush Jain
On the 24th of December, it was reported after a raid on Piyushâs residence that a huge sum of money was recovered from his home. The directorate general of GST intelligence said that the first amount that they recovered was about 177 crore rupees from the residential premises of Odochem Industries in Kanpur. It was one of the biggest raids and seizures by the CBIC officials.
Piyush Jain Kanpur Raid
The Directorate General of GST Intelligence said it first recovered unaccounted cash of âš177.45 crores from the residential premises of Odochem Industries in Kanpur, in the biggest ever seizures by the CBIC (Central Board of indirect taxes and customs) officials.
The story doesnât end here, it was probably the beginning. The DGGI officers then recovered âš17 crores in cash from the residential factory of Odochem Industries in Kannauj, while also recovering around 23 kgs of gold and a huge quantity of raw materials used in the manufacture of perfumery compounds. Everything until this segment was unaccounted for.
The newfound materials included more than 600 kg of sandalwood oil hidden in underground storage. That alone had a market value of about âš6 crores. Moreover, the gold that was recovered had foreign markings, the Directorate of Revenue Intelligence (DRI) was roped in for necessary investigation, said the DGGI.
The perfume capital of India is famous for its perfumes, the practice dates back thousands of years. This new smell of black money stocking really stains such a great history. Piyush has been arrested and he is waiting for his trials at the court of law. As of now, he is spending time thinking about what he will do now to bail out of this situation.
We donât think there is much of a light left for him, as this is such a big case of black unaccounted money. Some say that this amount of money is related to political parties in Uttar Pradesh. This has also become a new political agenda where politicians play the blame game. However, This case has a lot to do with businesses and the income that they can hide successfully and illegally.
The government has to make strict rules to make not just the perfume capital but the whole of India devoid of unaccounted money.
FAQ
What was the business of Piyush Jain?
Piyush Jain was a perfume trader and he used to sell the perfume compounds to different foreign clients.
What did Piyush Jain do?
Piyush Jain was arrested on charges of evasion of Goods and Services Tax (GST).
The world we live in is a place where now nothing seems impossible. Whatever we had hoped for, is turning into a reality now. Our life is nothing less than a sci-fi movie. One of the prime elements of this new world is social networking sites. It not only helps us to communicate with each other, which is the most significant thing but also other relevant things as well. We get to share our ideas, photos videos basically our entire lives on these platforms.
Facebook, Twitter, Instagram, WhatsApp are just some of the most popular social networking sites of this era. Like their name, it helps us in socializing with people, even with those who live in some entirely different part of the world.
One such social network is Clubhouse, a unique way of communicating with people. In this article, we will talk about the rise and fall of Clubhouse and how it has affected Social Media altogether. So letâs not wait any more, and get started with the business.
âIf you are on social media, and you are not learning, not laughing, not being inspired, or not networking, then you are using it wrong.â
Clubhouse was founded in the month of March of 2020 by Paul Davison and Rohan Seth. At first, it was only available for iOS users but now android users can also use this app. This app provides the users with an option to listen to their favourite celebrities and influencers as if they are on a phone call.
Here, people discuss various topics where users also get to be a part of it. At first, it was an invite-only app, where people can only use it when they got an invite from a user only, but now anyone can join the platform and use it according to their wish. it can assist groups of thousands of people.
Here, people can use their voice to connect with people, tell stories to update them about their life and get to know and meet interesting people. It was launched during the initial period of Covid-19 when everyone was confined inside their home.
Although the popular social media apps helped in keeping people connected, there was a lack of human touch. The audio-based social media gave a real feeling and a touch of humanity.
Features of Clubhouse
Some of the special features of the Clubhouse app that makes it unique and interesting for the users are down below:
The app asks its users to make a profile, where they can put their own information for other users to know about them.
This voice chat app is divided into rooms where communication takes place, the topic can be anything. The rooms are dedicated to different topics and it has a name a list of members.
A user can grow their business with the help of this app, as it helps you find the desired potential customers for your business.
The clubhouse provides its users to hold meetings with a huge audience where they can indulge themselves in the topic. The number of people can be 5000.
The Rise of Clubhouse
With its exclusive features at a time of where people were confined inside their homes, it was able to entice the people, and naturally, the app created frenzy amongst the social media users. The Clubhouse kept on trending in the year 2020 and also at the initial months of 2021.
Global Monthly Installs of Clubhouse
Businesses that were intended to connect with their audience in a more personal way. When the app was alone available for iOS users, it had over 10 million downloads. Such was the popularity of this app that, NFL collaborated with it and made a space where people were able to participate in a conversation especially related to football.
Clubhouse NFL Collaboration
There were a number of reasons why the app was a huge success, amongst them probably the biggest one is that it helps to connect with your favourite celebrity. Jared Leto, Justin Bieber, Oprah Winfrey, Kevin Hart, Drake, Mark Zuckerberg, and others are on the list of celebrities.
As the video was not present, it created less distraction and was able to offer its users quite a great service. Its exclusive feature of the invite-only option, where one can join a conversation if they are invited by an already involved user was also a reason for its rise.
The app saw a sudden rise in the market but it also experience a sudden downfall as well. As per reports, Clubhouse saw a 70% decrease in their average monthly users. According to some surveys, this downfall is the result of people returning to the somewhat ânewâ normal life.
It can be considered as a one-time wonder because during the lockdown people craved for actual human conversation and this app has done quite a lot in that field.
People now donât have that time to indulge in this conversation when they can now have actual ones. The number of notifications can also be considered a nuisance that makes people avoid this because it always sends some kind of notification and this may become a reason for irritation for people.
Clubhouse Notifications
Other popular social media app started introducing this audio feature in their platform and become their competitors. Twitter introduces sound space, Instagram introduced an option where you can go live without turning on the video, communication is possible only through sound. Facebook Live audio rooms are also considered a huge competition.
As mentioned above, Clubhouse disabled its invite-only feature and now anyone can join the space of their preferred topic. Somehow, it has lost its exclusiveness, which led to the downfall of the app.
Competitors of Clubhouse
Some of the popular competitors of Clubhouse are:
Twitter Space
Discord Stage Channels
Facebook Live Audio Rooms
Telegram Voice Chat
Reddit Talk
Fireside
Leher
How Clubhouse Changed The Environment of Social Media?
Clubhouse is definitely not the first audio-based social media platform, but it certainly was the most famous one because it came at a time of need, the pandemic era. This app coerces other popular social media platforms to introduce the audio feature in their app so to entice the audience and become a competitor of Clubhouse. This bought a change in the social network industry.
Although there are people who are still using Clubhouse the hype has died down and anyone can see that. With several competitors in the market that are already established brands, if a new app is not able to hold its exclusivity, it is bound to happen. If Clubhouse wants to go back to its initial days, then it must introduce some new features that will be able to catch the attention of people and will be able to engage them with the platform.
FAQ
Is Clubhouse losing popularity?
Yes, the downloads of the app have started falling drastically. The social media app had 10.6 million installs in February 2021, 2.9 million in March, and 873k in April.
How did Clubhouse become so popular?
The Clubhouse became popular as it was an exclusive invite-only app, and during times of covid, it helped people to stay connected in a more personable way.
Is Clubhouse still invite-only?
No, the app is no longer invite-only, anyone can join Clubhouse.
The service industry got swooned away with the entrance of Urban Company in the market. It came and created a huge place for itself in the business world.
It came into peopleâs life no less than like a genie. People wanted to enjoy services like beauty, the spa at home. So, Urban Company came like a genie and granted this wish.
The company has grown well and gained great success for itself. The reasons for its success are its planned business model and great marketing strategy.
Today the competition in the startup industry is increasing. Urban Company has earned huge popularity in no time. One thing that plays a major role in making it popular is its marketing techniques.
It was not too long ago that this startup came into existence in 2014. The unique idea helped to get the customerâs attention and proper planning made it grow.
The Urban Company came with the idea of providing various services at home. It started with a few services. But with great customer response, soon the company introduced many more services. Its services include beauty, spa, educators, electricians, etc.
The company is like a bridge that connected the customers with service providers. It made the whole process easy, affordable, and reliable.
The startup has turned out to be a great success in the past seven years. In recent June, the company raised a $255 Million Series F round and turned into a Unicorn with a valuation of $2.1 billion.
Importance of Marketing Strategy
Marketing Startegy is a process that helps a company use its resources in the best way to increase its sales. In simple words, it is a strategy to promote and sell goods and services.
The process of marketing is the most important in any business. In this competitive world, it is the marketing strategy that helps a business to stand out.
Various startups become big in the industry because of their good strategic management. Startups like Urban Company, Nykaa, are growing and glowing with their strategic marketing. Their strategies of marketing help them to sell and promote their products and services so well.
Hence, having a good strategy for marketing is essential for any business to flourish.
Every company needs the right marketing techniques to be successful. Â The following are the strategies followed by Urban company:
Television Commercials
One of the best ways to attract Indian audiences is through television commercials. If anyone wants to promote something, place an ad on the television. This is what the Urban company did.
They have made television ads showcasing how easily one can bring services at home. To make the ads even more attractive, they have featured Bollywood celebrities in them.
In an ad, Kriti Sanon is seen hiring salon services at home. In another, Ayushman Khurrana shows how easy it is to get your repair and cleaning done with the Urban company app.
These ads created a great impression on the audience about the company being reliable and affordable.
Google and Facebook Ads
Urban company has also dived into to sea of digital marketing. To keep up with the market trends and technologies, the Urban company knows its way for sure.
It runs both Google and Facebook ads. The platforms are a huge hub of the Indian audience. If someone searches for the company or visits the website, soon they will spot its ads around Google.
The ads on Facebook help the brand reach the target audience. These ads by the Urban company is a great strategy to increase their online presence and gain potential customers.
Influencer Marketing
The audiences consider a brand more conceivable when they see others using it. Considering this and the social media reach, the Urban company has also opted for influencer marketing.
It is one of the most successful strategies for marketing nowadays. The company gets to promote its services by leveraging the influencerâs audience.
In this way, the Urban company has made itself super popular among the customers. The influencers promoting the brand include Gauahar Khan, Shivangi Joshi, Mallika Dua, etc.
To attract customers is one thing and to retain them is important as well. Urban company doesnât like to forget their customers after the services are done. So, it tries to retain its customers with email and SMS marketing.
A customer adds a phone number to register on the app. In this way, the Urban company can send them messages. It helps to inform customers of new offers and discounts. It is a great strategy to market and develops trust among the users.
SEO Strategy
It is important for an online brand to attract traffic for its growth. The urban company uses simple keywords like massage services near me, yoga teacher, etc. This helps them to bring organic traffic.
Urban companyâs SEO strategy is strong enough to gain the audience for itself. It generates search traffic of 61.26%.
Advertisements With Regional Touch
Urban Company Marketing Strategy
The company is born in India. So, they use a great strategy to gain popularity among different regions. The brand has made ads celebrating regional festivals in regional languages. This marketing strategy has helped the company to develop a bond with the audience.
There are a few other strategies followed by the Urban company for its marketing. These include PR strategies, Campaigns, sponsorship, (sponsored IPL in 2020).
Urban Company Covid-19 Marketing Strategy
The company played an amazing marketing strategy with a message. They created a gap in their logo that displayed the importance of social distancing. The company paid great attention to the trends. They started posting DIYs for beauty to help their customers.
It also took live sessions on social media to connect with its audience. In this way, the Urban Company maintained its online presence during the pandemic.
Urban Company has come up as a leader in the service industry. It has used technology to bridge the gap between customers and service providers.
The company has made a strong online recognition for itself. It has now become an essential app for many metropolitan cities.
It has made use of various marketing strategies to earn great popularity. It has indulged in digital marketing, SEO, PR strategies, social media, and more. All this with proper planning and analysis has made the company grow so well.
FAQ
What is the marketing strategy employed by Urban Company?
Urban Company promotes its services using television commercials, email marketing, and PR strategy.
Who is the founder of Urban Company?
Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra are the founders of Urban Company.
Today the whole world works over the internet. No industry can work without internet services. People cannot complete their dayâs function without using their smartphones.
This increased dependency on smart devices and internet services has led to the growth of e-commerce. Be it buying, selling, or even window shopping, all a person do is pick up their smart devices and use the internet for them.
The massive rise of the e-commerce industry led to the idea of the C2C industry. The C2C industry enables consumers to buy and sell goods with each other. They use third-party e-commerce platforms to help this process.
Commerce is the trading of goods and services. When we add an âeâ to commerce, it becomes electronic commerce. This means trading goods, services, or information over the internet.
In the early days, e-commerce platforms did not gain much trust among consumers. People use to doubt the quality they might receive. But in no time, this industry started to flourish. People began to trust these platforms more and more with time.
Now, the pandemic has made e-commerce need of the hour. No matter what the need is. Be it clothes, groceries, cooked food, electronics, at-home services, there is an e-commerce platform for all. You name it and e-commerce has it.
E-commerce has made the process of buying and selling easy. Apart from ease, it has made the global market approachable. Indeed, e-commerce has made a huge space for itself in the global economy.
The Concept of C2C Industry
C2C stands for Consumer to Consumer or Customer to Customer. C2C is the concept that came into existence with the popularity of e-commerce. It is a category of e-commerce. This allows the consumers to trade with each other.
Earlier the trading of goods and services only involved the B2C model. In this model, consumers buy the goods and services from the businesses themselves.
Now, with rising e-commerce, the C2C model is gaining popularity. In this model, there is a platform where the consumers can sell goods and services to one another.
The C2C model is beneficial for both buyers as well as sellers. The buyers can find a variety of goods and services easily and the sellers can sell and earn from it.
How Do C2C works?
The main idea of C2C is to connect the buyers and sellers on a platform. These platforms are the third parties that act as mediators between the two parties.
These platforms enable the sellers to post their goods and services online and make them available for purchase. In this process, the third parties charge a commission for the products sold.
Users have to sign up on online platforms that allow C2C services. Different platforms have different terms and conditions for it. In this way, the users can buy or sell through online portals.
What are the Types of Customer-to-Customer Businesses?
The following are the types of C2C business:
E-commerce platforms
E-commerce sites provide a large platform for various goods and services. These platforms allow consumers to set up their stores online.
Those who want to have their own C2C business can sign up on these sites and start selling. This enables them to find a large audience for their products or services.
Online Auctions
Online auctions enable the customers to bid on the things that other customers are selling. An online auction requires third-party sites for its process. The users have to sign up or get a membership to take part in the process.
In online auctions, one sells rare items like antiques, jewellery, precious stones, etc.
Social Media Platforms
This is one of the most popular platforms for a C2C business nowadays. People spend a lot of time on their social media handles. This influences their choices accordingly.
Due to this, social media sites have now introduced features for online stores. A consumer can sell new or even old items to other consumers.
Various e-commerce platforms support the C2C industry. These are:
Etsy
Etsy Homepage
Etsy is a C2C site. It allows a person to set up their website where they can market and sell their products. It also has an app named âSell on Etsyâ. This helps you to keep track of orders, transactions, and also customer queries. Etsy focuses on handmade goods, craft supplies, and vintage products.
eBay
eBay Homepage
eBay supports both B2C and C2C sales. Along with basic selling practice, it also offers an online auction facility. One can put up a vintage or precious item for bidding. The other consumers can place their bids on it. The item gets sold to the highest bidder.
Amazon
Amazon Homepage
Amazon is the biggest online retail platform in the world. It facilitates both the business-to-consumer and customer-to-customer industries.
It acts as a third party between the buyers and sellers. It markets the products to the customers and also enables the users to sell on the platform. For this, Amazon gets a commission from the sellers for using its website.
Some other platforms include Flipkart, Craigslist, Facebook Marketplace, etc.
Growth of C2C- A Great Marketplace for Entrepreneurs
The rise of e-commerce technology gave birth to the C2C industry. The C2C industry saw massive growth and popularity during the pandemic. During the pandemic, the most popular C2C categories included, fashion, family items, handcrafted goods.
The C2C e-commerce market is growing faster than ever. More people are now interested in the C2C market. This increasing interest has encouraged various startups to facilitate the industry.
With such a great amount of growth, the industry has become super competitive. But there is always a scope for specific niche opportunities in the market.
C2C industry has grown a lot and has even more growth potential. The world is shifting from offline to online. Here, the C2C industry is sure to rise more in the coming years. Be it buying, selling, investing, this industry is beneficial for all.
The Disadvantages of C2C Industry
C2C industry is full of benefits. But like a coin, even it has two sides. The C2C platforms can have scams. There is a possibility of online frauds, identity threats, or a lack of guaranteed payments. The C2C sites do not have any power over quality control as they are only mediators.
C2C industry is a fast-growing industry. It has made the process of buying and selling super easy. Consumer-to-Consumer is a lucrative marketplace. It is a market that is worth exploring by every entrepreneur around the world.
The beginning of a C2C business can be quite difficult. But with time, proper planning, and tools, it can be successful in no time.
FAQs
What is C2C business examples?
Some of the examples of C2C businesses are Amazon, Alibaba, eBay, and Facebook Marketplace.
How to start a C2C business?
Choose a platform to sell your products, build your network, use advertising and marketing strategies to grow your business.
What is the C2C business model?
Customer to customer (C2C) or Consumer to Consumer is a business model where customers can trade with each other on online platforms.
The average life of a global enterprise is usually just 2 years; most of them fail and cannot survive after this time, due to different factors. Among them, we can find financial lack of control, bad administration, and a little vision to take them into the future. In the next top 8, we will be able to give you some tips to prevent your business from failing and even to boost it.
Researching the market is probably the number one step that every entrepreneur or business owner should take. This is as such a tool applied through surveys, evaluations, and file information, which allows knowing the real needs that consumers have, their tastes, preferences, and profile.
It should be done in order to know how the competition develops, what customers are they looking for and the opportunities they have to be a strong company. By having this information very well-identified, viable business models can be created and adapted, which by themselves are already promising for the future.
2. Take Care of Finances
Take Care of Finance
The administration of financial resources is very important to be able to support the entire business and prevent it from falling. The rules that must be followed include the constant review of the financial statements, the measurement of expenses and income, and taking into account the need for financing at some point.
In other words, every business that wants to accelerate its growth needs to obtain sufficient financial resources to achieve it. In one of the reports on credit and growth, we learned that only 40% of entrepreneurs focus their resources on strategies that can create long-term value.
3. Set Goals and Objectives
Set Goals and Objectives
It is important that you adhere to the business plan that you created, in order to have the goals and objectives established and to know where it is necessary to direct your business. In other words, this helps you know what you and your team need to do in order to take the company to the next level.
You can follow work methods in which everyone knows and defines their tasks to fulfil them on an estimated date, and thus obtain the improvement and growth metrics they are having.
4. Identify Areas of Opportunity
Identify Areas of Opportunity
Identifying the areas of opportunity is the only way in which a business can improve and be more likely to continue operating and attracting customers. Ideally, you should constantly get feedback from your customers, to know what your service is like, the quality of your product, or even what they need.
You must identify those aspects within the business that need to be improved, for example, manufacturing, administrative, or even maintenance processes, and think about how you can improve them.
5. Find the Differentiation
Find the Differentiation
One of the very important qualities that prevent a business from failing is its differentiation. By offering something totally innovative that makes the business stand out, it is possible to attract an endless number of clients and consumers who wish to satisfy any need.
Companies that manage to be disruptive stand out from their competition and even manage to change the development of their industry. In Latin America, different businesses have been created that start from being SMEs to achieving a big breakthrough.
6. Attract Customers Constantly
What makes a business work, in addition to finances, are the clients since they are the source from which the capital is obtained so that everything continues. There are different ways to attract them, for example, digital presence, different sales channels, advertising on social networks, and other marketing strategies that you can adapt to the vision of your business.
At this point, we recommend that you must know very well the profile of your clients/consumers and that your efforts really serve and turn into sales.
7. Startup Costs for Starting your Business
In addition to infrastructure and personnel costs, it is necessary to take into account the costs of setting up the company itself. The main expenses to start a business are the fees of the Board of Trade and the issuance of the permit, if applicable, in addition to others that vary between states.
The total cost by traditional means can vary from R$700 to R$2,000. However, the facilities of the internet already influence these processes and the costs to start a business online may be lower than that.ââ
8. Working the âFearâ of the Risks of Starting a Businessââ
Working the Fear of Risks
One of the biggest fears faced by the entrepreneur is making mistakes and, consequently, losing the money and time invested. Among the risks of starting a business, this one stands out. This fear usually arises from insecurity in making some important decisions that involve risks. The tip is: take risks, even though you are going to make mistakes. You might take wrong decisions and will make a lot of mistakes but this is natural.ââ
It is estimated that out of 1,000 businesses, 800 fail in the initial stage of growth due to their negligence towards several crucial factors. Therefore, by following the above tips, you can increase the chances that your business will continue to develop in the market.ââ
FAQs
What is the most common cause of failure for a startup?
The causes for startup failure are money running out, lack of research/being in the wrong market, ineffective marketing, bad partnerships, etc.
Why do 90% of Startups fail?
The major reasons behind the startup failure in India are lack of motivation, lack of funds, lack of focus, lack of agility, business model failure, etc.
How can startup failure be avoided?
The startup needs to be updated with the technology and the software that they are using. All the members of the company should communicate, motivate and channelize the energies of the team to be successful. By following this we can avoid startup failure.
What happens when Startups fail?
When startups fail they would apply those payments to any outstanding debts, liquidate assets to pay debts. In many cases venture, capital investors, and other investors will end up with the loss.
