In this exclusive interaction with StartupTalky, Mr. Sumit Lakhani, Deputy CEO of Awfis Space Solutions Ltd., talks about Awfisâ journey from a co-working startup to Indiaâs largest integrated workspace solutions company. He explains their flexible workspace offerings for startups, SMEs, and large corporations and discusses Awfis’ exciting partnerships with IITs to support entrepreneurship. Lakhani also shares an inside look into the strategic milestones of Awfis, including the experience of the Awfis IPO and ongoing plans for expansion into Tier 2 cities. He also talks about his vision for the company and how Awfis is using technology to enhance its offerings.
StartupTalky: Give us a brief overview of Awfis Space Solutions Ltd and its evolution from a co-working space to an integrated workspace solutions platform.
Mr. Lakhani: Awfis Space Solutions Ltd. has evolved from a pioneering co-working provider to a comprehensive workspace solutions platform, meeting the changing demands of Indiaâs modern workforce. Established with a vision to be the workplace of choice for the global workforce., Awfis initially focused on creating collaborative, flexible co-working spaces across major cities. This foundation soon evolved into an integrated platform catering to a wide spectrum of workspace needs.
Today, Awfis supports businesses of all sizes, including startups, SMEs, and large enterprises, by offering agile workspace solutions that range from co-working and enterprise-managed offices that cater to all their business and employee needs. Its ability to respond dynamically to evolving market trendsâparticularly the rise in demand from Global Capability Centers (GCCs) and Tier 2 citiesâhas fueled its growth and market reach. Through ongoing innovation and strategic expansion, Awfis has solidified its position as a leader in India’s workspace solutions industry, driven by a commitment to flexibility, scalability, and design excellence.
Awfis Journey So Far
StartupTalky: What types of flexible workspace solutions does Awfis offer, and how do these meet the different business needs of startups and large corporations?
Mr. Lakhani: Awfis delivers a broad spectrum of flexible workspace solutions tailored to the distinct needs of startups, SMEs, and large corporations. Our offerings include coworking spaces, managed offices, design & build solutions, mobility options, and a range of allied services. With a robust product portfolio and extensive network, we serve freelancers, entrepreneurs, startups, SMEs, and large corporations across India and Global Capability Centres (GCCs). Awfisâ solutions combine agility, scalability, and customizability, empowering startups to prioritize growth and equipping large corporations with dynamic, cost-effective spaces that seamlessly adapt to evolving business demands.
StartupTalky: How will Awfis support startup growth through its partnership with IIT Kanpur, IIT Bombay, and IIT Madras in flagship events like UpStart 2024, Eureka 2024, and Elevate 2025 with workspace credits and mobility solutions?
Mr. Lakhani: We are thrilled to empower the next generation of startups through our partnership with IIT Kanpur, IIT Bombay, and IIT Madras. As Indiaâs largest flexible workspace provider, Awfis is dedicated to promoting entrepreneurial growth and supporting innovative ideas. Through this collaboration, we are offering winners 100 hours of workspace credits, 50 hours for runners-up, and a 25% discount on our mobility solutions, which include access to meeting rooms, day passes, virtual offices, and our Virtual Office Plus offeringâeach designed to meet the dynamic needs of early-stage businesses.
Born from an entrepreneurial spirit, this partnership underscores our commitment to driving innovation and supporting startup success. By providing flexible, convenient workspaces, we enable startups to focus on what truly matters which is disruptive ideas that will enhance Indiaâs position on the world map. We are proud to support the startup ecosystem and look forward to the remarkable ideas emerging from UpStart 2024, Eureka 2024, and Elevate 2025.
StartupTalky: Awfis recently entered into a business transfer agreement with SMS Integrated Facility Services. Can you explain the strategic significance of this move for Awfis?
Mr. Lakhani: Awfis entered into a Business Transfer Agreement with SMS Integrated Facility Services Private Limited (âSMSâ), for the divestiture of its Facility Management division â Awfis Care for a sale consideration of INR 27.5 crores. SMS Integrated Facility Services (SMS IFS) Private Limited, a Samara Capital company, is one of India’s leading pan-India integrated facilities management firms. Awfis will benefit from the expertise of a specialized player like SMS with their distinctive capabilities in people management, digital operations, and facility cost optimisation, while maintaining the highest standards of compliance and governance.
This move will reduce Awfisâ administrative overheads, and compliance requirements, and enhance operational efficiencies. Additionally, the transaction will be cash flow accretive, freeing up working capital and leading to improvement of the working capital cycle. This increased liquidity will provide the company with additional financial bandwidth to invest in growth and expansion.
StartupTalky: What is Awfis’ business model, and how does it differentiate itself in the competitive flexible workspace market?
Mr. Lakhani: We operate under two leasing models: Managed Aggregation and Straight Lease. The Managed Aggregation model, pioneered by Awfis, is an asset-light and risk-averse. In this approach, we partner with landlords/developers, who typically cover part or all the fit-out capital expenditure. Under the Straight Lease model, we lease space from developers or property owners under traditional terms. This includes a fixed monthly rental, common area maintenance charges, security deposits, minimum lock-in periods, lease tenure, and escalations. Awfis fully funds the capital expenditure for fitting out the property.
In Design & Build we partner with the clients and create designs as per their business requirements. We also offer Mobility solutions which include day passes, meeting rooms, and virtual offices suitable for freelancers and new entrepreneurs/startups.
Awfis Growth Strategy
StartupTalky: Who are your primary clients, and what has been the feedback from them regarding Awfisâ services?
Mr. Lakhani: We cater to a diverse client base, comprising 68% Corporate MNCs, 20% SMEs, 11% startups, and a small segment of freelancers. Our clients, both domestic and international, consistently commend the comfort and convenience they experience at every Awfis centre. With thoughtfully designed spaces that blend aesthetics and functionality, we enhance productivity and support employee well-being. Our vibrant community events further promote collaboration, conversation, and connection, creating a dynamic work environment for all.
StartupTalky: Are there any plans for expansion in terms of new locations or service offerings in the coming year?
Mr. Lakhani: We are driving expansion through both geographic reach and diversification of our offerings, introducing products and services that elevate client experiences, streamline business operations, and empower clients to focus on their core growth strategies.
Our plans include a stronger presence in Tier 2 cities, where the demand for flexible workspaces is steadily rising, providing businesses access to premium work environments outside major metro areas.
Across our portfolio, we are set to add 40,000 new seats by the end of FY25, further consolidating our position in this dynamic market. This growth is propelled by the rising demand for flexible workspaces, a thriving startup ecosystem, and the robust expansion of Global Capability Centres (GCCs).
Awfis India’s Largest Flexible Workspace Provider
StartupTalky: Can you share insights into Awfis’ financial performance since its IPO? How has the share price reacted to the broader market trends?
Mr. Lakhani: Since our IPO, we have demonstrated consistent and growth-oriented performance. Revenue from operations has increased by 37% year-over-year, while operating EBITDA surged by 56%, resulting in an operating EBITDA margin of 30.7%.
Our successful IPO reflects our commitment to financial prudence and strategic growth. Over the past year, we launched 50 new operational centres, adding 33,641 seats. This represents a year-over-year growth of 43% in operational seats and a 40% increase in operational centres. Notably, 10% of these new centres are located in Tier 2 cities, highlighting our ongoing expansion strategy in these emerging markets.
Post-IPO, Awfis’ share price has demonstrated robust growth. As of November 5, 2024, the stock closed at INR 728.80 on the NSE, reflecting a significant increase from its listing price.
StartupTalky: What strategies did Awfis implement during its IPO process, and how have they contributed to the companyâs current standing in the market?
Mr. Lakhani: Clear, open, and most importantly planned communication has been a cornerstone of our organisational growth. We regularly organised town halls to ensure that every teammate at all levels, is informed and aligned throughout each aspect of the business.
Before the official IPO process began, we had an offsite where in an open forum we laid out our IPO mission. This was followed by a leaner growth meeting with next-in-line leaders to chart out a strategic short-term path and long-term metrics. A core IPO team was formed to adhere to and drive the process. Navigating the IPO process required strict adherence to regulations, complete transparency, and timely stakeholder communication.
Our external advisors were instrumental in assessing IPO readiness, shaping our narrative, and building investor confidence. Well-coordinated roadshows generated significant interest, while our legal counsel ensured compliance with regulatory standards, simplifying the complex documentation process.
Founded just nine years ago, Awfis was the first company in the flexible workspace sector to go public, facing unique challenges and without any precedents to guide us. At that time, coworking was still an emerging concept and had yet to establish its significance in the real estate market. Our oversubscription of 108 times not only provided a substantial boost to the flexible workspace industry but also solidified our position as a trusted leader, enhancing investor confidence.
Today, Awfis stands at the forefront of Indiaâs coworking landscape, recognized for its diversified portfolio, extensive network, and transformative impact on the flexible workspace sector.
StartupTalky: How do you envision Awfis evolving in the market following the IPO, and what growth opportunities do you foresee?
Mr. Lakhani: The growing startup culture, the rise of Global Capability Centres (GCCs), and the increasing demand for flexible workspacesâpreferred by both modern employees and corporations for enhancing productivity and promoting employee well-beingâhave solidified the position of flexible spaces within the commercial real estate sector.
As the only publicly listed player with the largest network in the country, Awfis stands out as the preferred provider of flexible workspaces. Our robust growth in the flex space industry is further underscored by the overwhelming success of our IPO, which was oversubscribed by 108.56 times. This achievement has enhanced our brand visibility, boosted investor and market confidence, and reinforced our status as a leading and trusted flex space provider in the commercial real estate market.
Awfis Team at the IPO Launch
StartupTalky: How does technology play a role in enhancing the services provided by Awfis, especially in the context of hybrid work environments?
Mr. Lakhani: Awfis offers a comprehensive suite of services within a diversified product portfolio, including TechLabs, where the company has developed advanced IT protocols and cutting-edge technology infrastructure. These measures not only safeguard sensitive information but also shield clients from cybersecurity threats.
Awfis integrates smart access and visitor management systems for enhanced on-site security, ensuring seamless tech-driven operations. In addition, the company provides advanced technology support through Data Center solutions, Cloud Computing, Network Solutions & Integration, Client-Side Computing, and a full range of Software & Hardware solutions. With robust cybersecurity solutions and a fully functional digital workplace, Awfis enhances efficiency and confidentiality for clients. Through user-friendly mobile apps, tenants can easily book workspaces and access services, elevating the overall experience.
StartupTalky: As the Deputy CEO, what is your personal vision for Awfis, and how do you plan to lead the company towards achieving its goals?
Mr. Lakhani: We recognize that the future of work requires a blend of flexibility, adaptability, and innovation. Todayâs demand for commercial workspaces is driven by a diverse ecosystem of large corporations, mid-sized companies, small businesses, and startups. The IT sector, historically the dominant consumer of these spaces, now shares that demand with IT offshoring, Global Capability Centres (GCCs), BFSI, and India-focused IT companies.
Additionally, post-pandemic demand for flexible spaces has tripled, a trend we expect to continue given the appeal of convenience and customizationâplacing us in a strong position for growth. Our Design & Build solutions allow us to craft spaces tailored to meet clientsâ unique business, aesthetic, and employee requirements.
Meanwhile, our mobility solutions empower freelancers, new startups, and solopreneurs with flexible, ready-to-use infrastructure that supports their specific needs in a hassle-free manner.
We want to build a transformative workspace ecosystem that not only promotes innovation and collaboration but also drives sustainable growth for businesses across India. Our aim is to expand across India, reaching every corner to empower entrepreneurs with a platform for growth and innovation, becoming integral to Indiaâs growth story. This comprehensive approach will enable Awfis to continue evolving as a leader in the coworking space industry, delivering value to our clients, communities, and stakeholders alike.
In this exclusive interaction with StartupTalky, Mr. Tapan Sangal, the founder of MAI Labs, shares about his passion for technology which can make a fair digital world. Inspired by the potential of decentralization, Mr. Sangal shares how MAI Labs is breaking down barriers through its innovative KALP blockchain platform and the revolutionary MY IPR tool for managing intellectual property. He shared his opinions on blockchain & AI, where in the future technology will be available to everyone. As MAI Labs continues to push boundaries, Mr. Sangal’s ideas shine through.
StartupTalky: What inspired you to launch MAI Labs and focus on the next Internet?
Mr. Sangal: The inspiration behind launching MAI Labs stemmed from a strong belief in technology’s transformative power and its potential to create a more equitable and efficient digital world. We recognized that, despite the immense advances in technology, access to these innovations remained limited, particularly in sectors where complexity and regulatory challenges hinder widespread adoption.
Our vision for MAI Labs was to bridge this gap by simplifying advanced technologies and making them more accessible. This journey led us to focus on creating a new era of the Internetâone that moves beyond the limitations of centralized systems toward a decentralized, secure, and user-controlled digital ecosystem. Our goal is to empower users by giving them greater ownership over their digital assets, data, and interactions, enabling a truly democratic digital infrastructure.
MAI Labs seeks to incubate deep-tech solutions that drive this transition, and our approach is grounded in regulatory compliance, scalability, and accessibility. We aim to lead the development of public digital infrastructure for the decentralized Internet, positioning MAI Labs as a key player in reshaping how people interact with technology.
StartupTalky: How does KALP, MAI Labs’ flagship product, differentiate itself from other blockchain platforms in terms of democratising digital infrastructure?
Mr. Sangal: KALP stands out as a blockchain platform that truly democratizes digital infrastructure. While many platforms offer decentralized solutions, KALP takes it a step further by integrating regulatory compliance directly into its architecture. This ensures that all participants on the network are verified, enhancing trust and securityâa critical aspect for the regulated tokenization of real-world assets (RWA).
What sets KALP apart is its comprehensive approach to decentralized public infrastructure. It provides a secure, high-performance platform with features like multi-chain mastery, enabling interoperability across multiple blockchains with simultaneous block finality. Additionally, KALP ensures user sovereignty by granting users full control over their private keys, making it a user-centric blockchain experience.
Another key differentiator is the strategic deployment of physical and cloud-based nodes across the globe, ensuring true decentralization and preventing any single entity from controlling the network. KALP’s coalition model further enables partners to host nodes in their locations, expanding the platformâs reach and robustness.
With a suite of tools, including KALP-Insight, which provides advanced analytics and monitoring, KALP not only democratizes digital infrastructure but also offers actionable insights for participants to make informed decisions.
StartupTalky: How does MAI Labsâ MY IPR platform transform intellectual property management?
Mr. Sangal: MY IPR, a revolutionary platform developed by MAI Labs, is the worldâs first Intellectual Property Rights (IPR) management cloud designed to transform how creators, inventors, and businesses manage, protect, and monetize their intellectual property. Traditional IP management processes are often fragmented, inefficient, and costly. MY IPR addresses these challenges by providing a fully integrated digital platform that simplifies the process from registration to monetization.
By leveraging blockchain technology, MY IPR ensures immutability and transparency in intellectual property management. Creators and inventors can securely register their IP assets with instant verification, reducing the risk of infringement. The platformâs assetization feature allows IP to be tokenized, creating new opportunities for creators to monetize their intellectual property by trading and sharing royalties seamlessly.
Moreover, MY IPR offers tools for analytics and insights, empowering users to track the performance of their IP assets in real-time. This data-driven approach transforms IP from a static legal protection into a dynamic, revenue-generating asset. Ultimately, MY IPR democratizes IP management, making it accessible, secure, and efficient for creators across various industries.
StartupTalky: What key trends in blockchain and AI do you think will shape the tech industryâs future in the next 5 years?
Mr. Sangal: Over the next five years, we expect blockchain and artificial intelligence (AI) to converge, creating transformative impacts across various industries. Here are some of the key trends that will shape the future of technology:
Blockchain-AI Convergence: The integration of blockchainâs security and transparency with AIâs analytical power will drive new, trust-based business models. Blockchain will enable secure data sharing between AI systems, enhancing the reliability and accuracy of AI predictions. This convergence will fuel advancements in sectors like healthcare, finance, and supply chain, where both trust and data integrity are paramount.
Data Privacy and Security: With the rise of data breaches and privacy concerns, the fusion of blockchain and AI will create robust solutions for protecting sensitive information. Blockchainâs decentralized nature, combined with AIâs ability to monitor and detect threats in real time, will ensure enhanced security for personal data, particularly in regulated industries such as healthcare and finance.
Decentralized Autonomous Organizations (DAOs): As blockchain adoption grows, DAOs will emerge as a significant trend, enabling communities and businesses to operate without centralized leadership. AI will play a key role in automating the decision-making processes within DAOs, improving efficiency and transparency in governance.
AI-Enhanced Blockchain Operations: AI will streamline and optimize blockchain operations, from consensus mechanisms to smart contract execution. By automating complex processes, AI will make blockchain technology more efficient and scalable, supporting its adoption across global industries.
These trends will not only drive innovation but also redefine how industries operate, creating new opportunities for businesses and society to thrive in a decentralized and intelligent world.
StartupTalky: What role do you see AI playing in MAI Labs’ future projects?
Mr. Sangal: At MAI Labs, AI is poised to play a pivotal role in driving operational efficiency and enhancing the performance of various solutions across our product portfolio. We see AI as an indispensable tool in automating processes that require large-scale data analysis, fraud detection, and real-time monitoring. By integrating AI into our platforms, we can deliver faster, more reliable results in sectors like finance, healthcare, and real estate, where precision and speed are essential.
However, while AI will augment efficiency in repetitive or high-volume tasks, MAI Labs remains committed to keeping the creative and strategic aspects of our projects human-centric. We believe that true innovation stems from human creativity, which cannot be fully replicated by algorithms. AI will serve as a powerful enabler in tasks like data processing, compliance checks, and smart contract management, allowing our teams to focus on more complex, high-value work such as strategy development, design, and user experience.
In future projects, we envision AI playing a critical role in our decentralized infrastructure, particularly in optimizing smart contract execution, personalizing user experiences within immersive environments, and enabling predictive analytics. By harnessing AI, MAI Labs will be able to scale faster while maintaining a high standard of quality, security, and compliance.
StartupTalky: How does MAI Labs integrate blockchain with legal frameworks?
Mr. Sangal: MAI Labs has been a pioneer in integrating blockchain technology within established legal frameworks, making compliance a core component of our blockchain infrastructure. The decentralized nature of blockchain often raises concerns about regulation and legal enforceability, but MAI Labs addresses this by embedding legal standards directly into our smart contracts and blockchain protocols.
Our flagship product, KALP, is built with a âregulatory by designâ approach. We collaborate closely with legal experts to ensure that all transactions and interactions within the KALP ecosystem are compliant with global regulations, such as Anti-Money Laundering (AML), Know Your Customer (KYC), and data protection standards like the General Data Protection Regulation (GDPR). This allows users to engage in blockchain activities with confidence, knowing that their operations are fully compliant with relevant legal requirements.
Moreover, our Legal and Grievance Layer provides a unique mechanism for users to enforce legal rights and pursue remedies in the event of disputes or irregularities. By embedding legal terms and conditions into the blockchain’s code, we ensure that smart contracts are legally binding and enforceable in traditional legal systems. This integration of blockchain with legal frameworks not only enhances the trust and reliability of our digital infrastructure but also sets a new standard for how decentralized systems can coexist with established legal norms.
StartupTalky: What challenges did you face while developing KALP, and how did you overcome them?
Mr. Sangal: Developing KALP presented several significant challenges, which we addressed through innovation, collaboration, and a focus on regulatory compliance. One of the major challenges was balancing decentralization with regulatory adherence. In a decentralized blockchain, ensuring that participants and transactions meet global regulatory standards such as KYC, AML, and GDPR requires advanced protocols that donât compromise the blockchain’s decentralized nature. We overcame this challenge by embedding compliance directly into the core architecture of KALP, creating a platform that aligns with regulations without sacrificing decentralization.
Another challenge was scalability. Blockchain platforms often struggle with transaction speed and throughput, which can limit their ability to handle large volumes of data and real-time operations. We solved this by building KALP with multi-chain capabilities and parallel processing, which allows multiple chains to run concurrently and achieve block finality simultaneously. This architecture drastically improves scalability, enabling KALP to support a high volume of transactions without slowing down.
Interoperability with other blockchains was also a crucial hurdle. To ensure that KALP could function seamlessly with other blockchain ecosystems, we developed an innovative approach to multi-chain mastery, allowing KALP to interact with various blockchain networks while maintaining security and performance integrity.
Through continuous innovation and strategic partnerships, we addressed these challenges and built KALP into a platform that is scalable, compliant, and interoperableâsetting new benchmarks for blockchain technology.
StartupTalky: How do you envision Central Bank Digital Currencies (CBDCs) impacting global finance?
Mr. Sangal: Central Bank Digital Currencies (CBDCs) represent a transformative shift in global finance, offering the potential to modernize monetary systems, increase financial inclusion, and enhance the efficiency of cross-border payments. We envision CBDCs becoming a key component of the global financial infrastructure, driving both innovation and regulation in the digital asset space.
CBDCs will likely streamline transactions by reducing the reliance on intermediaries, which can make payments faster, cheaper, and more transparent. The programmability of digital currencies will enable central banks to implement monetary policies more effectively and with greater precision. For example, smart contracts could automate conditional payments, such as stimulus distributions, or enforce compliance with tax obligations in real-time.
Additionally, CBDCs could play a vital role in financial inclusion. By providing a digital currency accessible through mobile devices, central banks can reach unbanked populations in regions where traditional banking infrastructure is limited. This could democratize access to financial services and reduce barriers to entry for individuals and businesses in emerging markets.
However, the adoption of CBDCs will also raise important questions about privacy, cybersecurity, and the balance between centralization and decentralization. The integration of CBDCs with existing financial systems will require robust regulatory frameworks and a clear approach to protecting user privacy while maintaining transparency.
At MAI Labs, we see CBDCs as a significant opportunity for the tokenization of real-world assets (RWA) and decentralized finance (DeFi), where they could serve as a stable, government-backed asset within decentralized ecosystems. This will foster trust in blockchain-based financial systems and accelerate the adoption of decentralized finance on a global scale.
StartupTalky: What opportunities do you see in combining blockchain and AI?
Mr. Sangal: The combination of blockchain and AI presents transformative opportunities across multiple industries, enhancing both technological capabilities and business processes. At MAI Labs, we believe that integrating blockchain’s secure, transparent ledger system with AIâs predictive power can unlock new levels of efficiency, innovation, and trust.
Enhanced Data Security and Privacy: One of the key opportunities lies in data privacy and security. Blockchainâs decentralized nature ensures that data is stored immutably and securely, while AI can analyze this data to detect patterns and anomalies. This combination can be particularly powerful in industries like healthcare and finance, where sensitive data requires both protection and insight. AI can process encrypted data on the blockchain without compromising security, enabling insights without exposing sensitive information.
Automated Smart Contracts: Blockchain smart contracts are self-executing contracts with the terms directly written into code. AI can optimize these contracts by automating decision-making processes based on real-time data, ensuring the contracts adapt to changing conditions. This creates a dynamic environment where complex business processes can be automated, reducing human intervention and errors while improving efficiency.
Supply Chain Optimization: In logistics and supply chain management, AI can enhance blockchain’s tracking capabilities by predicting supply chain disruptions and recommending alternatives in real-time. The immutability of blockchain ensures that every action taken is recorded transparently, while AI provides the intelligence to optimize routes, manage inventory, and improve overall efficiency.
Personalized Financial Services: AIâs ability to analyze large datasets can enable the personalization of financial services, such as investment strategies or credit scoring, by analyzing user behavior and financial history. Blockchain ensures that these processes are transparent and secure, fostering trust between financial institutions and their customers.
Together, blockchain and AI represent a powerful combination that can create smarter, more secure systems across industries, driving new business models and reshaping the future of technology.
StartupTalky: What is the MayaaVerse project, and how does it align with MAI Labs’ vision for future technology?
Mr. Sangal: MayaaVerse is dedicated to delivering more than just a conceptâitâs a comprehensive immersive technology platform embedded with AI, accessible to everyone. By empowering individuals and organizations to create, experience, and monetize in unprecedented digital environments, MayaaVerse is setting new standards in immersive experiences.
MayaaVerse represents a milestone in MAI Labs’ mission to redefine human-computer interaction and unlock creativity within immersive environments. This advancement marks the next stage of interactionâa seamless fusion of the physical and digital worlds. Our goal is to revolutionize the creator economy by offering an innovative platform that empowers creators to develop, collaborate, and monetize their digital content in new and transformative ways using immersive technologies and AI. Given the immense potential we see, we are confident in our decision to make a significant investment in this technological arena.
StartupTalky: How do you ensure the technology developed at MAI Labs is accessible and inclusive?
Mr. Sangal: At MAI Labs, accessibility and inclusivity are foundational principles that guide the development of all our technologies. We believe that advanced digital infrastructure should be available to everyone, regardless of their technical expertise, geographic location, or economic background. To achieve this, we take a multi-faceted approach:
User-Centric Design: Our platforms, such as KALP and MayaaVerse, are designed with a user-friendly interface that simplifies complex technologies like blockchain, AI, and immersive experiences. This lowers the barrier to entry for individuals and businesses unfamiliar with deep-tech solutions. For instance, KALP Studio provides developers and non-developers alike with intuitive tools for creating and managing decentralized applications (dApps) without requiring advanced programming skills.
Scalability and Customization: MAI Labs’ technology stack is scalable and customizable to meet the needs of both small businesses and large enterprises. We offer white-label solutions, enabling startups and entrepreneurs to build on our technology with minimal upfront investment. This inclusive approach allows businesses of all sizes to access cutting-edge infrastructure without the burden of heavy financial commitments.
Global Reach: Our decentralized architecture, particularly in products like KALP, ensures that our solutions can be deployed and managed globally, overcoming traditional geographic limitations. Additionally, we partner with local entities to provide localized support and resources, making it easier for users in different regions to adopt and benefit from our technology.
Regulatory Compliance: Ensuring compliance with global regulations is critical to making our technology accessible. By integrating legal frameworks and compliance measures into our platforms, we provide a safe and secure environment for users, which is particularly important in regions with stringent regulatory requirements.
Ongoing Education and Support: We are committed to educating users about the potential of our technology through workshops, training programs, and community engagement. By providing technical support and fostering knowledge-sharing, we ensure that more people can take advantage of our platforms.
Through these efforts, MAI Labs is democratizing access to deep-tech innovations, ensuring that everyone-regardless of their background-can participate in and benefit from the next generation of digital infrastructure.
StartupTalky: How do you balance innovation with security in your products?
Mr. Sangal: At MAI Labs, security is at the core of everything we build, and we have developed a robust framework to ensure that our innovations are both cutting-edge and secure. Balancing innovation with security requires a thoughtful, layered approach that integrates the latest advancements in technology with industry-best security practices.
Blockchain Security Architecture: Our proprietary blockchain, KALP, is designed with multiple layers of security, including cryptographic protocols, decentralized governance, and real-time transaction monitoring. By embedding compliance with global security standards, such as GDPR, AML, and KYC, directly into the blockchain, we ensure that security is never compromised, even as we innovate.
Smart Contract Audits: We conduct rigorous audits of all smart contracts deployed on the KALP platform. These audits ensure that our smart contracts are secure, preventing vulnerabilities that could be exploited by malicious actors. This focus on security does not slow down innovation but rather strengthens it by building trust in the reliability and safety of our systems.
Legal and Grievance Layer: One of the key innovations weâve implemented is the Legal and Grievance Layer in our blockchain. This layer allows for legal recourse in the event of disputes or irregularities, providing an additional level of protection for users. By integrating a security-first approach with a legal framework, we ensure that our users are protected from both technical and legal threats.
Continuous Monitoring and AI Integration: Our use of AI for real-time monitoring and fraud detection enhances the security of our platforms. By continuously scanning for anomalies and potential threats, we can identify and mitigate risks as they emerge. This proactive approach ensures that security evolves alongside our innovations, keeping our platforms resilient in the face of new challenges.
Privacy by Design: We take a privacy-first approach to product development, ensuring that all user data is protected by encryption and secure storage mechanisms. Additionally, our platforms provide users with full control over their private keys, ensuring that they maintain ownership and control over their digital assets.
In summary, we prioritize security at every stage of product development, from design to deployment, while fostering an environment of continuous innovation. This allows us to build advanced, scalable solutions that users can trust.
StartupTalky: What are your thoughts on the future of digital ownership and intellectual property?
Mr. Sangal: The future of digital ownership and intellectual property (IP) is set to be revolutionized by blockchain technology, with platforms like our MY IPR playing a pivotal role. As digital content continues to grow exponentially, the need for secure, transparent, and immutable systems to protect and manage digital assets becomes paramount. Blockchain provides a decentralized framework where creators can assert ownership, track usage, and monetize their digital intellectual property without intermediaries.
One of the most significant shifts we anticipate is the tokenization of IP. By transforming intellectual property rights into digital tokens, creators will have more control over how their work is distributed and monetized. This tokenization will allow for fractional ownership, where multiple stakeholders can hold shares in a piece of intellectual property, enabling new revenue models for creators, including micro-royalties and automated payments via smart contracts.
StartupTalky: What global markets are you focusing on next for MAI Labs?
Mr. Sangal: MAI Labs is strategically focusing on expanding into several high-potential global markets that are primed for blockchain adoption and immersive technology solutions. Our next phase of growth will target regions with favorable regulatory environments, growing demand for decentralized solutions, and established digital infrastructure.
Middle East and North Africa (MENA): The MENA region, particularly countries like the UAE and Qatar, is rapidly becoming a hub for blockchain innovation. Dubai’s Virtual Assets Regulatory Authority (VARA) has created a conducive environment for blockchain-based platforms, and we are already establishing our STOEX Exchanges in this region. With increasing government and institutional support for blockchain and decentralized finance (DeFi), MENA is a critical focus area for our expansion.
Southeast Asia: Southeast Asia is emerging as a hotbed for blockchain and digital asset innovation. Countries like Singapore and Malaysia have adopted progressive regulatory frameworks that support blockchain and tokenization platforms. The region’s growing tech-savvy population and high rate of digital adoption make it an ideal market for products like KALP and Kalpify.
Europe: Europe’s focus on data privacy, digital innovation, and regulatory compliance aligns well with our core offerings. The European Union’s evolving regulations around digital assets, particularly through the MiCA (Markets in Crypto-Assets) framework, present an opportunity for MAI Labs to introduce our compliant and secure platforms. Additionally, Europe’s push for Central Bank Digital Currencies (CBDCs) opens up new possibilities for collaboration and expansion.
India: India’s robust tech talent pool and growing interest in blockchain make it a critical market for MAI Labs. We are focusing on sectors like real estate, healthcare, and financial services, where blockchain and AI can drive significant value. As the government continues to explore the use of blockchain for public administration and governance, we aim to position MAI Labs as a leader in this market.
By focusing on these global markets, MAI Labs is poised to become a leading provider of decentralized solutions, immersive experiences, and tokenized assets worldwide.
StartupTalky: How does MAI Labs plan to empower the next billion users globally?
Mr. Sangal: At MAI Labs, our mission is to make cutting-edge technology accessible to everyone, and empowering the next billion users is at the core of our vision. We aim to achieve this through a multi-pronged approach that focuses on inclusivity, innovation, and global accessibility.
Building Scalable and Accessible Platforms: Our technology platforms, such as KALP, MayaaVerse, and MY IPR, are designed to scale seamlessly while remaining user-friendly and inclusive. By focusing on intuitive interfaces and reducing the complexity of blockchain, AI, and immersive technologies, we can bring advanced digital tools to a broader audience. For example, KALPâs decentralized infrastructure and regulatory compliance ensure that individuals from all regions, regardless of their technical expertise, can engage with secure, scalable blockchain technology.
Democratizing Access to Digital Assets: Through platforms like Kalpify and STOEX Exchanges, we are working to democratize access to real-world assets by making tokenization simple and accessible. This allows individuals from emerging markets to participate in fractional ownership of assets such as real estate, commodities, and intellectual property. Our goal is to bridge the gap between traditional financial systems and decentralized finance, creating opportunities for users who have been underserved by conventional banking systems.
Supporting Entrepreneurs and Innovators: MAI Labs is committed to fostering entrepreneurship by offering access to our comprehensive tech stack, including blockchain, AI, and immersive experience tools, with no upfront costs. Through initiatives like our entrepreneur support programs, we enable startups to leverage our technology to build innovative solutions without the financial burden of technology development. This empowers new businesses to grow and succeed, especially in regions where access to advanced technology is limited.
Promoting Financial Inclusion: One of our key goals is to bring financial services to unbanked and underbanked populations. By leveraging blockchain technology, we can offer decentralized financial services (DeFi) that enable users to store value, send payments, and access credit, even without a traditional banking infrastructure. This opens up new opportunities for economic participation, particularly in developing nations where financial inclusion remains a challenge.
Education and Skill Development: We believe that educating the next billion users is essential to driving meaningful engagement with technology. MAI Labs invests in educational programs and partnerships that teach digital literacy, blockchain development, and AI skills to individuals worldwide. Through workshops, training sessions, and online resources, we empower users to not only use our platforms but also create and innovate within the digital ecosystem.
By combining advanced technology with a deep commitment to inclusivity and education, MAI Labs is working to ensure that the next billion users are empowered to fully participate in the digital economy, creating a more connected, equitable, and innovative world.
In this exclusive interaction with StartupTalky, Ms. Naina Parekh, founder of EUME, shares the inspiration behind the brand and its journey so far. She talks about the experience of pitching on Shark Tank India, what went into preparing, and how it impacted EUMEâs visibility. From turning down offers to hitting major milestones, she shares insights into whatâs next for the brand, including exciting new products and plans for expansion. Explore how EUME is changing the game in travel accessories with smart, practical designs and a strong sense of purpose.
StartupTalky: What inspired you to start EUME, and what was the core vision behind the brand?
Ms. Parekh: The inspiration to start the brand came from a desire to merge innovation with everyday travel needs. We saw a gap in the market for ergonomic and smart travel solutions that addressed comfort and catered to modern travellers’ demands. Our core vision has always been to create products that are functional, stylish, and can genuinely make a difference in people’s lives.
StartupTalky: How did the Shark Tank India appearance impact EUMEâs brand visibility and public perception?
Ms. Parekh: Appearing on Shark Tank India was a game-changer in terms of visibility. It allowed us to reach a wider audience and create a strong emotional connection with viewers across the country. The exposure not only boosted public perception but also reaffirmed our mission of providing innovative travel products.
StartupTalky: What was the preparation process like for pitching EUMEâs products on Shark Tank India? Were there any unexpected challenges or surprises?
Ms. Parekh: The preparation process involved fine-tuning our pitch to ensure we conveyed the brand’s value and the problem we are solving. We rehearsed multiple scenarios and anticipated tough questions. One surprise was the intense scrutiny from the Sharks regarding product scalability and the potential for market disruption, which helped sharpen our focus.
StartupTalky: How did you feel when Ashneer Grover and Anupam Mittal made offers that you ultimately decided to reject? What was the rationale behind turning down their proposals?
Ms. Parekh: It was a tough decision because both Ashneer and Anupam brought a lot to the table in terms of experience and resources. However, we believed that the valuation and terms did not align with our long-term vision. It was important for us to retain creative and operational control to stay true to our brand ethos.
StartupTalky: Since your appearance on the show, how has EUME evolved? Can you highlight any significant achievements or milestones that have been reached?
Ms. Parekh: Since our appearance, weâve achieved several milestones, including expanding our product range, increasing our market footprint, and securing Pre-Series A funding. Weâve also focused on building a strong digital presence and enhancing customer engagement through our innovative product offerings.
StartupTalky: What key lessons did you take from the Shark Tank India experience? Would you change your pitch approach if given another chance?
Ms. Parekh: One of the key lessons was the importance of staying adaptable and open to feedback, even from the toughest critics. If I were to pitch again, I would focus more on the productâs unique selling propositions and long-term growth strategies, ensuring that the business potential is communicated clearly.
StartupTalky: How will you use the recent Pre-Series A funding to drive growth? What are EUMEâs next steps for product innovation and market expansion, and are there any upcoming projects or goals?
Ms. Parekh: The recent funding will be used to enhance our product R&D, streamline operations, and expand our market presence domestically and internationally. Weâre also working on launching several new products designed for the modern traveler, which will continue to set us apart in terms of functionality and design.
StartupTalky: Are there any behind-the-scenes details from your Shark Tank experience that are not commonly known but would interest readers?
Ms. Parekh: One behind-the-scenes moment that stood out was the camaraderie between entrepreneurs backstage. While thereâs a competitive element to the show, thereâs also a sense of shared purpose and learning, which was inspiring.
StartupTalky: Did you receive any unexpected benefits or opportunities from the Shark Tank appearance that were not directly related to funding, such as partnerships or media exposure?
Ms. Parekh: Absolutely. Beyond the funding offers, we received an overwhelming response from media outlets, potential partners, and even customers who resonated with our story. This opened doors for collaborations and media features that helped further amplify our brand.
StartupTalky: With EUMEâs focus on innovation and solving real-life problems, how do you plan to stay ahead in the travel accessories market and continue setting new standards?
Ms. Parekh: We plan to stay ahead by continually listening to our customers and anticipating their evolving needs. By staying at the forefront of ergonomic and smart travel technology, we aim to push the boundaries of what travel accessories can achieve. Our focus remains on creating products that offer a seamless blend of form and function.
Anuj Kumbhat, Founder & CEO of WRMS, has dedicated his career to helping vulnerable communities tackle the growing challenges of climate change. WRMS, in the beginning, focused on supporting farmers, but later expanded to offer climate risk management solutions across industries like agriculture, travel, and renewable energy. In this interview with StartupTalky, Mr. Kumbhat shares his journey and insights on the future of climate risk management.
StartupTalky: What inspired the founding of WRMS, and how has its mission evolved since then?
Mr. Kumbhat: WRMS was founded with a deep commitment to empowering vulnerable communities and businesses to navigate and overcome the challenges posed by climate change. Initially, the companyâs primary focus was on agriculture, developing innovative solutions to help farmers manage climate risks. However, as the company’s expertise in climate risk management and technologies grew, so did its mission.
WRMS expanded its reach into other critical sectors, including travel, supply chain management, and renewable energy. This evolution reflects the companyâs dedication to making a meaningful and lasting impact across multiple industries, driven by a powerful mission that now guides every aspect of its strategic direction and growth.
StartupTalky: How have WRMSâs solutions impacted farmers in India and internationally?
Mr. Kumbhat: WRMSâs solutions have had a profound impact on farmers both in India and internationally by equipping them with essential tools and financial safeguards to embrace smart and sustainable farming practices.
In India, WRMSâs SecuFarm platform has provided farm-level risk management and advisory services, enabling small and marginal farmers to protect their crops and make informed decisions that enhance productivity and resilience. This approach has ensured that farmers receive tailored guidance to navigate climate-related risks effectively.
Internationally, WRMS has partnered with organizations like UNCDF to create climate risk insurance products, including the Pacific region’s first index-based microinsurance against cyclonic storms. These efforts have empowered thousands of smallholder farmers and communities, helping them secure their livelihoods and withstand the increasing challenges posed by climate change.
StartupTalky: How does WRMS, through its subsidiary Ingen Technologies, utilize data, technology, and financial innovation to enhance risk management across various sectors, including agriculture?
Mr. Kumbhat: WRMS leverages data, technology, and financial innovation to significantly enhance risk management not only for farmers but also across various other sectors. Through its subsidiary, Ingen Technologies, WRMS utilizes advanced IoT devices and cutting-edge sensor technology for hyper-local monitoring of environmental conditions, assessing exposure to natural catastrophes such as droughts, floods, and cyclones.
This precise, real-time data is instrumental in designing accurate weather index-based insurance products that provide stop-loss protection, ensuring automated claims payouts based on actual losses caused by natural hazards.
By combining this real-time monitoring with innovative financial solutions, WRMS effectively safeguards the incomes and investments of farmers while also extending this expertise to other industries, enabling efficient and sustainable risk management across diverse sectors.
StartupTalky: What emerging trends in climate risk management, particularly in relation to regulatory frameworks, AI integration, and stakeholder engagement, are of most interest to WRMS?
Mr. Kumbhat: WRMS is particularly interested in several emerging trends in climate risk management that are shaping the future. The evolving regulatory landscape, especially with the introduction of frameworks like the ISSB (International Sustainability Standards Board), is becoming increasingly significant. WRMS recognizes the importance of adapting to new climate disclosure requirements and navigating these changes effectively to maintain transparency and meet stakeholder expectations.
Additionally, there is a strong focus on building credibility with stakeholders by providing accurate and structured climate-related disclosures. As the maturity of climate disclosure practices continues to evolve, WRMS is committed to ensuring that data is measured and reported effectively to stay ahead of emerging requirements.
Another key area of interest for WRMS is the integration of AI and advanced technology in climate risk management. The automation of once manual tasks is revolutionizing the way teams operate, allowing for greater efficiency and more data-driven decision-making. This technological advancement enhances the precision and effectiveness of climate strategies, which is crucial for effective climate risk management.
Furthermore, WRMS is keenly focused on balancing climate risks with opportunities, understanding that this is essential for long-term survival and growth. The investors are particularly attuned to how these factors influence both decarbonization efforts and adaptation strategies, a critical area of interest for investors and stakeholders alike.
StartupTalky: Can you explain the role of the SecuRisk platform in WRMSâs services and how it addresses climate risks?
Mr. Kumbhat: The SecuRisk platform plays a pivotal role in WRMSâs services by addressing climate risks through advanced parametric insurance solutions. This platform is specifically designed to cater to industries that are highly vulnerable to the impacts of climate change, thereby broadening WRMSâs reach beyond its traditional focus on agriculture.
SecuRisk offers an extensive range of services that include the meticulous design of parametric insurance covers tailored to specific risks, effective reinsurance management, and the deployment of advanced IoT devices for hyper-local forecasting. These IoT devices gather precise, real-time data that informs risk assessment and enables the development of more accurate and responsive insurance products.
By integrating these cutting-edge technologies and expertise, the SecuRisk platform empowers WRMS to deliver bespoke risk management solutions that provide financial protection against the adverse effects of severe weather events. This protection is crucial for businesses across various sectors, allowing them to maintain stability and resilience in the face of increasing climate volatility.
StartupTalky: How does WRMSâs SecuRisk platform enhance productivity and promote sustainable farming practices for farmers?
Mr. Kumbhat: WRMSâs SecuRisk platform supports farmers in improving productivity and practicing sustainable farming by providing advanced parametric insurance solutions that protect against climate-related risks. Utilizing hyper-local monitoring with IoT devices and satellite technology, SecuRisk offers precise risk assessments and automated payouts in the event of adverse weather, ensuring farmers’ financial stability.
Additionally, the platform integrates smart farming practices by offering access to high-quality agricultural inputs and real-time advisory services, encouraging sustainable farming methods. SecuRisk also connects farmers with better market opportunities, helping them increase their income while promoting long-term resilience and productivity.
StartupTalky: What challenges have you encountered in developing agricultural and dairy risk management solutions, and how have you addressed them?
Mr. Kumbhat: In developing agricultural risk management solutions, we have encountered challenges such as accurately assessing risks across diverse climatic conditions, limited access to reliable data in remote areas, and resistance to adopting new technologies. Additionally, many farmers lack awareness about the benefits of risk management solutions, which can hinder their adoption.
To address these challenges, weâve leveraged advanced technologies like IoT devices and satellite data to gather precise, real-time information, even in hard-to-reach areas. This data allows us to tailor our solutions to the specific needs of different agricultural regions. Weâve also prioritized education and outreach efforts, working closely with farmers to demonstrate the value of these technologies and encourage their adoption.
Moreover, increasing awareness and acceptance of these risk management tools within the dairy industry has been crucial, as many companies initially hesitate to adopt new technologies due to a lack of understanding of their benefits.
To address this, we have focused on building strong partnerships with dairy companies, offering comprehensive training and support to demonstrate how these solutions can enhance operational efficiency, mitigate risks like theft and supply chain interruptions, and ultimately lead to more sustainable business practices.
Through these efforts, weâve successfully helped dairy companies integrate advanced risk management strategies into their operations, ensuring greater resilience in the face of industry challenges
StartupTalky: How have investments and grants from organisations like SIDBI, UPL, ILO, and the Ford Foundation influenced WRMSâs growth and development?
Mr. Kumbhat: These contributions have enabled WRMS to develop and implement advanced solutions that integrate data, technology, and financial innovation. Specifically, the backing from SIDBI and UPL has facilitated the expansion of our climate risk management tools, allowing us to refine our technology and broaden our service scope.
The ILO’s support has been instrumental in fostering our capacity to address climate-related challenges in agriculture and other sectors, while the Ford Foundation’s investment has bolstered our ability to implement sustainable and impactful solutions on a global scale.
Overall, this support has been crucial in advancing our mission to tackle complex climate issues, enhancing our ability to deliver effective, data-driven, and financially innovative solutions that address the diverse needs of our stakeholders.
StartupTalky: How did your experience in finance and insurance influence your approach to establishing WRMS? (this is specific to Anuj Kumbhat)
Mr. Kumbhat: My experience in finance and insurance, particularly during my time working for a globally renowned insurer, played a pivotal role in shaping the approach to establishing WRMS. During my career, I gained a deep understanding of risk management and data-driven decision-making, especially while developing index insurance products.
This hands-on experience not only highlighted the potential of innovative insurance solutions to address complex challenges, but it also revealed significant gaps, particularly in climate risk management for vulnerable communities and sectors like agriculture, where traditional insurance products often fell short.
This realization inspired me to co-create WRMS, with a focus on leveraging advanced technologies and financial innovations to develop more effective and accessible risk management solutions. The principles I learnedâsuch as risk assessment, mitigation, and the importance of building trust through reliable and transparent productsâare deeply embedded in WRMSâs operations.
This foundation has driven the companyâs mission to not only provide protection against climate-related risks but also to empower communities and industries to thrive despite these challenges.
StartupTalky: How does INGEN Technologies complement WRMSâs mission and contribute to your overall strategy?
Mr. Kumbhat: INGEN Technologies plays a crucial role in complementing WRMSâs mission by enhancing our capabilities in comprehensive climate risk management. By integrating cutting-edge technology with expert knowledge, INGEN Technologies provides the technological foundation that drives our overall strategy.
Our collaboration allows us to offer an extensive range of services, including high-resolution climate outlooks, long-term climate change vulnerability assessments, and advanced risk modeling. These services are powered by state-of-the-art IoT devices, machine learning capabilities, and precise data from weather station networks.
Additionally, INGEN Technologies brings together a dedicated team of experts in remote sensing, data analysis, and ground-level operations, ensuring that we collect and analyze the most accurate and relevant data. This expertise is particularly valuable in creating tailored solutions for industries such as finance, insurance, and agriculture.
By combining technological advancements with deep industry knowledge, INGEN Technologies significantly enhances WRMSâs ability to deliver holistic and effective climate risk management solutions across multiple sectors, thereby advancing our shared mission of building resilience against climate-related challenges.
StartupTalky: What advice do you have for entrepreneurs looking to enter the agriculture and climate risk management sectors?
Mr. Kumbhat: For entrepreneurs entering the agriculture and climate risk management sectors, it’s essential to prioritize technology-driven solutions that are agile and adaptable to change. Building strong partnerships with key stakeholders, including financial institutions, government bodies, and industry leaders, will be critical to your success.
Embrace a mindset of continuous improvement, always looking for ways to enhance your offerings and stay ahead of industry trends. Additionally, focus on community development by creating solutions that not only address immediate challenges but also contribute to long-term sustainability and resilience.
Lastly, while it’s important to consider your business goals, ensure that your work also delivers real value to the communities and industries you serve, balancing self-interest with broader impact.
Abhimanyu Saxena, the co-founder of Scaler and InterviewBit, shares insights into the journey of building one of India’s leading edtech platforms. Starting with InterviewBit in 2015, the mission evolved into Scaler in 2019, aimed at bridging the gap between traditional education and industry needs. In this interview, Saxena discusses the motivation behind launching Scaler, the expansion into the Scaler School of Technology and Business, and the evolving business model. He highlights Scaler’s unique approach to tech education, success stories, and how technology and strategic investments are shaping the platform’s future.
StartupTalky: Briefly describe the journey of starting Scaler, including how and when it began and what motivated you to create it.
Mr. Saxena: The journey of starting Scaler began with a deep understanding of the gaps in the tech education landscape, which my co-founder and I encountered firsthand during our careers. Having worked in high-growth tech environments like Facebook and Fab.com, we realized that despite the increasing number of graduates entering the tech industry, there was a significant disconnect between what the industry needed and what traditional education offered.
In 2015, we launched InterviewBit as a platform to help aspiring software engineers prepare for their dream jobs by honing their coding and problem-solving skills. However, as we engaged more deeply with learners and industry leaders, it became clear that the challenges went beyond interview preparation. There was a pressing need for a more structured and industry-aligned educational experience that could bridge the gap between academic knowledge and real-world requirements.
This realization led us to launch Scaler in 2019. Our mission was to create an upskilling platform that imparts cutting-edge technical knowledge and equips learners with the practical skills and mindset needed to thrive in top tech roles. We developed a curriculum collaborating with industry veterans, ensuring our learners are always at the forefront of technological advancements. Over the years, more than 35,000 working professionals have enrolled in Scalerâs programs, benefiting from personalized mentoring, hands-on projects, and access to a network of top industry professionals.
Our journey has been driven by the vision to empower the next generation of tech leaders and create a benchmark for excellence in tech education. With Scaler, we aim to continue pushing the boundaries of what is possible in tech education, ensuring that our learners are well-equipped to meet the industry’s evolving demands.
StartupTalky: When was Scaler School of Technology established? What drove the decision to expand into specialized areas like the Scaler School of Technology?
Mr. Saxena: Scaler School of Technology was established in 2023 as part of our ongoing commitment to bridging the gap between traditional education and the evolving needs of the tech industry. Our mission to provide a more comprehensive and industry-aligned education experience for the next generation of tech leaders drove our decision to expand into specialized areas like the Scaler School of Technology.
While Scaler had already successfully upskilled working professionals and prepared them for top tech roles, we recognized the need to start this transformation earlierâat the undergraduate level. The tech industry is rapidly changing, and we saw a significant opportunity to create a curriculum that covers computer science fundamentals and provides deep exposure to emerging technologies and hands-on experience through internships and projects.
By establishing Scaler School of Technology, we aimed to create a world-class institution that goes beyond traditional academic offerings. The schoolâs industry-validated curriculum, expert faculty, and innovative mentorship model are designed to equip students with the skills, knowledge, and practical experience they need to excel in todayâs competitive tech landscape.
StartupTalky: How did the concept of Scaler evolve from InterviewBit? Are there any notable differences between the two?
Mr. Saxena: While InterviewBit is a free-to-use interview prep platform, Scaler offers a more comprehensive upskilling experience with structured programs aimed at transforming individuals into skilled software engineers and tech leaders. While InterviewBit is a great tool for sharpening interview skills, Scaler provides a more holistic learning experience aimed at long-term career growth in the tech industry.
StartupTalky:Could you walk us through the founding team? How did you and your co-founder come together to start Scaler?
Mr. Saxena: Anshuman and I first crossed paths during our time at IIIT-Hyderabad, where we both developed a deep passion for coding and problem-solving. Our shared experiences in competitive programming, particularly the intense preparation for contests like ACM ICPC, forged a strong bond between us. After graduating, we each pursued different pathsâI led the front-end design for Fab.com, while Anshuman worked at Facebook, where he had the opportunity to scale the Messenger feature and help establish the London office.
Despite our different experiences, we both recognized a common challenge in the tech industry: there was a significant gap between academic knowledge and the skills required to excel in real-world tech roles. This realization inspired us to come together and create InterviewBit, which initially focused on helping candidates prepare for technical interviews. However, as we worked with more learners, we realized that there was a need for a more comprehensive platform to address the deeper challenges of upskilling and career growth in tech.
This led to the founding of Scaler, where we combined our strengthsâmy entrepreneurial experience and my background in scaling productsâto build a platform that not only prepares individuals for interviews but also equips them with the advanced skills needed to thrive in their careers. Our journey from IIIT-Hyderabad to founding Scaler has been driven by our shared vision of transforming tech education and empowering the next generation of software engineers.
StartupTalky:Could you elaborate on the Scaler business model? How does it align with the growing demand for tech education and career-oriented learning?
Mr. Saxena: Scalerâs business model is designed to address the rapidly evolving needs of the tech industry by providing a rigorous, industry-relevant education to individuals who are serious about advancing their careers. Unlike traditional educational platforms, Scaler offers a deeply immersive and structured learning experience that includes live classes, mentorship from industry experts, and access to a community of like-minded professionals.
Our courses are prepaid, reflecting the value we deliver in terms of career outcomes. Weâve seen that when learners invest in their education, they are more committed to the journey, and the results speak for themselves. The curriculum is constantly updated to keep pace with industry trends, ensuring that our students are equipped with the most in-demand skills.
StartupTalky: How has Scalerâs revenue model evolved?
Mr. Saxena: Our revenue model has evolved significantly since our launch in 2019. We transitioned from an Income-Sharing Agreement model to an upfront fee structure, which provided a fairer and more predictable pricing model for our students. This ensures that everyone pays the same amount for the same quality of education, regardless of their circumstances.
StartupTalky: How has Scaler grown over the years? What role has funding played in shaping your strategy, and have you received additional support from angel investors?
Mr. Saxena: Scaler has seen remarkable growth, and funding has been a driving force behind this success. Our initial backing from Peak XV Partners (formerly Sequoia Capital India) and Tiger Global laid the groundwork, enabling us to hire top-tier instructors, develop a cutting-edge learning platform, and keep our curriculum aligned with industry needs.
As we scaled, additional funding led by Lightrock India, a new investor, and existing investors Peak XV Partners and Tiger Global allowed us to expand into specialized areas like Data Science, DevOps, and offline expansion with Scaler School of Technology and Scaler School of Business, while also investing in technology to deliver personalized learning experiences.
This strategic expansion has yielded significant results and has allowed us to grow tremendously. This growth reflects our commitment to delivering quality education and strong career outcomes. The funding has also helped us grow our mentor network with industry leaders and enhance our career services, securing top job placements for our graduates. Beyond the financial support, our investors have provided invaluable strategic guidance, helping shape our long-term vision.
StartupTalky: What courses does Scaler offer? Could you provide a brief overview of the courses available at Scaler and Scaler School of Technology?
Mr. Saxena: Scaler provides a diverse array of courses specifically designed for tech professionals and aspiring programmers. While Scaler School of Technology and Scaler School of Business are completely residential offline programs, Scaler’s upskilling offerings (Scaler Academy, Scaler DSML, Scaler DevOps) are online courses.
These programs are not only comprehensive but also intensive, offering deep insights and practical knowledge. Crafted and delivered by seasoned industry experts and tech leaders, each course is structured to equip learners with the skills needed to excel in the fast-evolving tech landscape. Here is a summary of the available courses:
Scaler
Scaler specializes in upskilling individuals in software development through structured online courses.
Scaler Academy is the first program that we launched in 2019. It is an online accelerator program that enhances the coding skills of software professionals with a specific focus on data structures and algorithms. Its curriculum is designed to make you a solid engineer.
In 2021, Scaler launched a Data Science and Machine Learning program (Scaler DSML) developed based on insights from over 100 data scientists at leading global tech companies. The course begins with a foundation in Data Structures and Algorithms, followed by modules on Mathematics, Data Mining, Statistical Analysis, Data Science, Machine Learning, Deep Learning, and Big Data.
In 2022, Scaler introduced Scaler Neovarsity, an online Masterâs program in computer science with specializations in software engineering, artificial intelligence, and machine learning. This program was developed in partnership with Woolf University, a global higher education institution offering programs under the European Credit Transfer and Accumulation System (ECTS).
In 2024, Scaler launched a new upskilling program focused on DevOps and cloud computing (Scaler DevOps). The curriculum covers Python, Data Structures and Algorithms, DevOps tools, and AWS. This program is designed for beginners interested in becoming DevOps engineers or Site Reliability Engineers (SRE) and does not require prior coding experience.
Scaler School of Technology
Scaler School of Technology is a 4-year residential undergraduate computer science program designed to revolutionize higher education for the next generation of Indiaâs software professionals. This program offers specializations in cutting-edge technologies such as Data Science, Machine Learning, Algorithmic Trading, and Competitive Programming. What sets Scaler apart is its industry-endorsed curriculum, a faculty of leading tech professionals, and an innovative 1:1 mentorship model. Scaler School of Technology graduates earn a 3-year BSc in Computer Science from BITS Pilani and a one-year Master in Computer Science from the globally recognized Woolf University. The masterâs degree awarded by Woolf is globally recognized, with recognition from ECS and CES.
Scaler School of Business
Scaler has also introduced the Scaler School of Business, a full-time, on-campus postgraduate program in Management and Technology in Bangalore. As Indiaâs first business school designed by industry leaders for aspiring industry leaders, it offers a curriculum that reflects the realities of todayâs tech and innovation-driven businesses. The program combines rigorous theoretical learning with practical application, moving beyond traditional academic boundaries. It includes a three-month internship, case studies, industry-driven assessments, and immersive projects from top companies. This program enables students to delve deeply into emerging technologies and innovations, equipping them with cutting-edge skills in AI and related fields, making them significantly more tech-savvy and effective than the average MBA graduate.
StartupTalky:What does the Scaler School of Business aim to achieve? How does it differentiate itself in the competitive business education market?
Mr. Saxena: According to LinkedIn data, the average number of active job openings requiring an MBA at entry and mid-junior levels decreased by 55% in 2023 compared to the previous year. Todayâs job market increasingly values deep specialization over a general management MBA degree.
Considering this, the postgraduate program at Scaler School of Business is specifically designed to bridge the gap between conventional business education and the industry’s evolving needs. Developed under the guidance of industry veterans who have successfully navigated large-scale business challenges, the program offers a unique blend of theoretical rigor and practical application.
Our postgraduate program goes beyond traditional academia by incorporating a three-month internship, case studies, industry-led assessments, and hands-on projects directly sourced from top companies. This approach enables our students to delve into cutting-edge technologies and innovations, equipping them with advanced skills in AI and related fields, making them significantly more efficient and tech-savvy compared to the average MBA graduate.
In addition to an industry-aligned curriculum, through SSB, we provide students with access to top industry leaders who will design practical exercises to impart real-world wisdom. Students will receive personalized mentorship from experts in their chosen fields, emphasizing experiential learning where they tackle real-world challenges with guidance and feedback directly from industry professionals.
StartupTalky:Scaler recently went through a restructuring phase to enhance long-term growth and sustainability. Could you explain the strategic decisions behind this phase and how they impact the organization?
Mr. Saxena: The recent restructuring at Scaler is a part of our strategy to achieve long-term growth and sustainability. Currently, our focus is on cost management and, ultimately, profitability, and we had to make the difficult decision to reduce our workforce by around 10%. This was in no way a reflection of individual performance but a necessary move to optimize operations and drive sustainable growth.
By restructuring, we aim to design a new way of working that enables growth and allows us to continue delivering the best learning experiences for our learners. This strategy will enable us to concentrate our resources better in areas that directly achieve our long-term goals by ensuring we remain competitive and adaptable to the ever-evolving edtech sector. This broader strategy is the key to ensuring we maintain both the quality of our offerings and our status quo in the education space.
StartupTalky:Scaler has invested INR 50 crore in the new Scaler School of Business (SSB). What are the main focuses of this investment, and how will it impact Scalerâs growth and the student experience?
Mr. Saxena: Our INR 50 crore investment into Scaler School of Business (SSB) was with a strategic focus on enhancing both the institution’s growth as well as student experience. The amount will be primarily used to build offline infrastructure, formulate a curriculum aligned with the needs of modern businesses, foster partnerships with industry leaders, and onboard world-class experts as mentors and instructors. Through this investment, we aim to identify and address the gaps in traditional MBA programs that focus excessively on theoretical knowledge, often failing to equip students with the relevant practical skills required for todayâs fast-paced, tech-driven business environment.
We established SSB to commit to bridging this gap by offering a curriculum that promises a unique blend of both theoretical knowledge and practical application through the Postgraduate Program in Management and Technology (PGP-MT). This program has been designed to make our students ten times more competitive than the average MBA graduate. We encourage them to hone their entrepreneurial skills through industry-driven evaluations, real-life case studies from our partner companies, and access to emerging technologies such as AI. Additionally, our on-campus incubator, the Scaler Innovation Lab, allows our students to create and showcase prototypes, apps, and more, providing them with a launchpad into the world of business.
StartupTalky: What are the key success stories from Scaler? Could you share some examples of how Scaler has transformed careers and helped students achieve their goals?
Mr. Saxena: Scaler has been instrumental in transforming the careers of many aspiring tech professionals by providing them with the skills, mentorship, and support needed to achieve their goals. One of the most inspiring success stories is that of Antara Sarkar, a mother from a small town in West Bengal who, with little prior knowledge of coding, joined Scaler and built her own AI startup. Through relentless practice and the guidance of Scaler mentors, Antara turned her vision into reality, exemplifying how dedication and the right learning environment can lead to incredible achievements.
Another remarkable story is that of Prateek Agrawal, a software engineer from Bhopal, who overcame a significant speech impediment and secured a 250% salary hike after upskilling with Scaler. Prateekâs journey from a shy, underconfident individual to a self-assured professional at BookMyShow is a testament to the transformative power of Scalerâs comprehensive training and mentorship.
Manideep Sivaâs story is another shining example. Hailing from Hyderabad, Manideep upskilled at Scaler, which helped him secure his dream role as SDE II at Slice with a 400% salary hike. His journey from a Tier-3 college to a high-growth startup demonstrates the impact of Scaler’s personalized mentorship and industry-relevant training.
These stories highlight how Scaler is about imparting technical knowledge and empowering individuals to overcome challenges, pursue their passions, and achieve their career aspirations.
StartupTalky: How is Scaler positioned to compete in the evolving edtech landscape? What makes Scaler stand out from its competitors?
Mr. Saxena: Since its inception in April 2019, Scaler has been at the forefront of transforming tech education. Our mission is to bridge the gap between traditional education and the dynamic demands of the tech industry. We achieve this by offering a meticulously structured program that enhances learners’ skills and ensures they are equipped with the latest technological advancements.
Several key differentiators characterize Scaler’s unique approach to tech education. One of the most notable aspects of our program is our emphasis on personalized learning. Unlike traditional educational methods, Scaler provides each learner with a dedicated Teaching Assistant (TA) who offers tailored support, guidance, and feedback. This personalized approach ensures that learners progress at their own pace and maximize their potential.
Another key differentiator is our industry-driven curriculum. Our curriculum is co-created with industry experts and is continuously updated to reflect the latest trends in technology. This ensures that our learners are not just learning but mastering the skills that are currently in demand.
In addition to personalized learning and an industry-driven curriculum, we offer our learners the opportunity to learn from over 2,000 professionals from leading global tech companies, including MAANG firms. These experts bring real-world insights and experience to the classroom and act as instructors, mentors, and career coaches.
Scaler has partnered with over 1,000 organizations, including Microsoft, Amazon, Adobe, Flipkart, and Uber. These collaborations enrich our curriculum and provide our learners with extensive job opportunities.
StartupTalky: What role does technology play in your vision for Scaler? How are you integrating emerging technologies into your curriculum and operations?
Mr. Saxena: LLMs offer a unique opportunity to hyper-personalize the learning experience for each student. We’ve been experimenting with using an AI teaching assistant, which students can chat with during the lecture and resolve their queries. Often, students feel shy in asking questions in the middle of class, stopping the whole class. However, we’ve seen many more students interacting with the chatbot, which is pre-trained on the content and context of the topic taught in the specific classroom.
Apart from just giving answers to specific queries, we’re also experimenting with utilizing learning techniques like the Socratic method of teaching, where in response to a student’s question, another question is asked, which leads students to discover the right answer instead of answering directly. This approach helps students build critical thinking and the ability to find the answers themselves using reasoning and logic rather than just knowing facts, which leads to them becoming much better problem solvers and first-principle thinkers. Building such tools was impossible until just a year back, as the kind of capabilities that advance LLM models like GHT-4 and Llama 16b expose were not available. However, we already see a significant impact on learning outcomes when such techniques are implemented in the student’s learning process.
StartupTalky:What does the future hold for Scaler? How do you see Scaler evolving in the next five years, especially considering recent challenges and opportunities?
Mr. Saxena: In the near future, we plan to sustain substantial revenue growth from 30-40% from FY24 to FY25. Our focus extends beyond financial progress to consistently delivering high-quality education and essential skills to our learners. At Scaler, we believe execution is equally essential for success in online learning. Therefore, we continuously experiment with and incorporate new methodologies for teaching and learning to ensure effective outcomes.
Additionally, our foray into the offline space with Scaler School of Technology and Scaler School of Business represents significant strides towards creating a holistic educational environment. The decision to move offline was driven by the need for a residential program that not only imparts technical skills but also provides mentorship and guidance, focusing on soft skills, communication, teamwork, and strong technical foundations.
Ultimately, we aim to bridge the demand-supply gap in the tech industry by producing highly skilled and well-rounded professionals.
In this insightful interview, Shashwat Swaroop, founder of Marmeto, takes us through the inspiring journey of building a bootstrapped startup into a million-dollar business. He shares the challenges faced in the early days, the strategic decision to focus on Shopify, and how Marmeto became Shopify’s first Plus Partner in India. Shashwat also explains what sets Marmeto apart from other eCommerce service providers, their commitment to customer experience, and their vision for India’s digital growth. Discover how Marmeto is shaping the future of eCommerce by addressing unique challenges and providing innovative, scalable solutions for leading brands.
StartupTalky: What inspired you to start Marmeto in 2017 with a bootstrapped budget?
Mr. Swaroop: If Iâm being completely honest, Marmeto didnât start with grand ambitions or external funding, it started with a belief. Coming from a modest background in Bihar and moving to Delhi for education and then to Bangalore for engineering, I realised that my true passion lay in entrepreneurship. I dropped out of college to pursue this path, and launched a book-renting portal inspired by U.S. models. Although it didnât succeed due to financial constraints and unit economics issues in the business model, it taught me crucial lessons about managing a team and running a business.
When we founded Marmeto in 2017, we had no external funding, no influential networks, and came from a background where every move had to count. Bootstrapping wasnât just a financial necessity, it allowed us to retain full control and stay focused on delivering real value. Our goal was to help businesses adapt to the rapidly evolving eCommerce landscape in India. Starting small and staying lean wasnât just about survivalâit was about building something meaningful and sustainable from the ground up. We wanted to build something long term, something that can last centuries, beyond us.
StartupTalky: Can you describe the initial challenges you faced in building Marmeto and how you overcame them?
Mr. Swaroop: Frankly, starting Marmeto was like setting out on a journey without a map. We didnât have external funding or influential connections and we came from very modest beginnings. The initial challenges were numerous and daunting. Our first office was a cramped coworking space where only two of us could sit comfortably, the third had to juggle between college and work. Even securing an office was a challenge. We finally found a small space where the biggest perk was unlimited chai and biscuits, which often served as both breakfast and dinner for us.
Hiring was another significant challenge. We couldnât offer competitive salaries back then but we were lucky to get some of the amazing folks who believed in what we wanted to build. There have been days that tested us the most, days which made us question our decision of starting up, days where we felt we should be doing something else but all were a part of the journey.
The eCommerce landscape in India was evolving rapidly, presenting both opportunities and challenges. We saw immense potential to help businesses navigate this shift, but it also meant we had to be highly agile and innovative. The bootstrapping approach allowed us to remain nimble and responsive to market changes without the pressure of chasing growth at all cost. Industry insights show that bootstrapped companies often develop a sharper focus on customer needs and practical solutions, driven by necessity to create real value.
Throughout these challenges, we were committed to maintaining a culture that respected and valued our team. Even in those early days, we made sure that we are building for the team along with our customers and creating opportunities for their growth as the company grows further. Our team believed in our vision and contributed significantly to our growth. We would not have been able to build Marmeto without them.
Looking back, those early struggles were integral to shaping Marmeto into the company it is today. They taught us the value of perseverance and the importance of staying focused on delivering genuine value.
StartupTalky: Why were the main reasons to focus on Shopify, and how has this decision shaped your business strategy? How did Marmeto become Shopify’s first Plus Partner in India, and what does this partnership mean for your company?
Mr. Swaroop: When we first set our sights on Shopify, we were driven by a vision to bridge the gap between global innovation and local needs. Shopify was already thriving in the U.S., but we saw an opportunity to make a significant impact in India, a market with immense potential but also unique challenges. This decision was rooted in our belief that we could harness Shopify’s strengths while addressing the localised hurdles that Indian eCommerce faced.
Indiaâs eCommerce market is experiencing unprecedented growth, projected to reach $188 billion by 2025. This growth is fueled by increasing internet penetration, mobile usage, and the rise of digital payments. However, the market also presents complex challengesâregulatory frameworks, diverse consumer preferences, and fragmented logistics create a landscape that requires thoughtful adaptation. We recognized that Shopify, despite its global success, needed significant localization to effectively serve Indian merchants.
For instance, Cash on delivery (COD) as a payment method was not known to Shopify, being a western company. We worked with them to build for India, bridge the localisation gap, enhance user verification processes and design custom discount structures to cater to India’s price-sensitive consumers. According to a 2023 industry report, eCommerce users in India are expected to reach 500 million by 2026, highlighting the importance of scalable platforms tailored to local demands.
Our innovative work in addressing these challenges did not go unnoticed. Shopify recognized our efforts and brought us on as their extended tech team to help launch and implement Shopify Plus for their merchants across India. This collaboration was a pivotal moment, leading to Marmeto becoming Shopify’s first official Plus Partner in India later. This partnership was more than a milestone; it was a testament to our commitment to delivering tech-driven solutions and our role as leaders in the Indian eCommerce landscape.
The decision to focus on Shopify has profoundly shaped Marmetoâs business strategy. By solving India-specific issues and scaling businesses on Shopify, we also scaled our own operations. Today, our partnership with Shopify is a cornerstone of our success. We are deeply grateful for the support and recognition from Shopify, including celebratory acknowledgments from their CEO and COO. This fruitful relationship has not only driven growth for our clients but has also been a source of immense pride and accomplishment for us.
In essence, our journey with Shopify reflects our dedication to innovation and our commitment to meeting the evolving needs of the eCommerce sector. We look forward to continuing this partnership and contributing to the ongoing success of the eCommerce revolution in India.
StartupTalky: What sets Marmeto apart from other eCommerce service providers in India?
Mr. Swaroop: From the beginning, our approach at Marmeto has been deeply rooted in a commitment to solving real-world problems rather than focusing on the competition. Our journey has been driven by a genuine desire to address the unique challenges businesses face in the eCommerce landscape, and this focus is what sets us apart.
Weâve always believed that solving problems effectively is more valuable than merely keeping an eye on competitors. Our commitment has been to harness the right technology and innovative solutions to meet our clientsâ needs. This focus on problem-solving has earned us the trust of major brands like Boat, Mcaffeine, Birkenstock, etc from early on. These partnerships are a testament to our ability to deliver scalable and sustainable solutions.
We donât just offer services; we immerse ourselves in the intricacies of eCommerce to provide solutions that are both impactful and sustainable. We prioritise long-term growth and scalability over shortcuts for immediate gains. Our emphasis on sustainable tech practices ensures that our solutions not only address current needs but also support the future growth of businesses.
Industry insights reveal that businesses that leverage advanced technology and prioritise scalability are better positioned to thrive in the competitive eCommerce space. At the heart of Marmetoâs, is our unwavering dedication to solving commerce challenges with thoughtful, sustainable technology. Our goal has always been to drive genuine progress for our clients, and thatâs what we believe sets us apart in the eCommerce world.
StartupTalky: How does Marmeto enhance the customer experience for brands? Can you provide examples of how youâve achieved this?
Mr. Swaroop: At Marmeto, enhancing customer experience is about creating tailored, scalable solutions that address each brand’s unique needs. We donât offer off-the-shelf tech, instead, we carefully craft solutions that solve specific challenges and align with the brandâs long-term goals.
We acted like Tech partners to brands than just service agencies. We believe that doing what is right for them is more important than what they want.
What sets us apart is also our collaboration with various partnersâwhether it’s payment gateways, logistics providers, specialised service agencies or any other commerce enabler. These partnerships allow us to implement seamless solutions that enhance payment processing, streamline order fulfilment, and improve overall customer satisfaction. By working closely with these agency partners, we ensure that every aspect of the customer journey, from checkout to delivery, is optimised.
This approach has proven successful. Industry insights show that brands using tailored tech solutions experience up to a 30% increase in customer retention, and our work is a testament to that, helping brands not just meet but exceed customer expectations.
StartupTalky: What are the key factors that have contributed to Marmetoâs growth from a bootstrapped startup to a million-dollar business?
Mr. Swaroop: From the very beginning, we knew we were embarking on a journey that would test our limits, but we also knew we had a dream that was worth every challenge. We were not in a hurry to become successful overnight, we were here for the long run. The leap from a bootstrapped startup to a million-dollar business wasnât just about scaling up, it was about building something enduring and impactful.
Our success began with a clear vision: to create a lasting company that could make a real difference in commerce. We took a strategic approach, identifying and tackling niche challenges. For instance, when Shopify faced significant localization hurdles in India, we stepped in to bridge the gap by building solutions on top of it to help fight COD frauds, enable local payment partners to serve Indian consumer needs which transformed Shopify into a powerful tool for Indian merchants and helped the platform achieve its product market fit in India.
Consistency has been our ally throughout this journey. Over the past seven years, we’ve navigated the complexities of the Indian market with a passion for solving commerce challenges, even without extensive marketing. Our energy and enthusiasm for eCommerce innovation have been a driving force behind our growth.
A significant factor in our success has been our incredible team. Weâve always been committed to hiring people with the right attitude. Our work culture prioritises nurturing talent and offering more than what was initially promised. This approach has been crucial in creating a dedicated team that drives our mission forward.
Industry insights reveal that businesses that maintain a clear vision and invest in their team are more likely to succeed. A study shows that companies with a strong team culture experience 25% higher revenue growth compared to their competitors.
In summary, Marmetoâs growth has been fueled by our steadfast commitment to our vision, our focus on solving niche challenges, our consistent efforts, and the dedication of our team. Weâre incredibly grateful for our journey and excited about the future as we continue to innovate and support the eCommerce landscape.
StartupTalky: Can you elaborate on how Marmetoâs technology has specifically impacted the eCommerce success of industry leaders such as ITC, Unilever, and BoAt?
Mr. Swaroop: At Marmeto, our tailored technology solutions have made a significant impact on industry leaders like ITC, Unilever and BoAt, each at different stages of their journey with us. When BoAt first partnered with us, we focused on building their online presence for a superb commerce experience. As they grew, we helped them build omnichannel commerce experience, unified data flows and a lot more at different stages of the brand.
For ITC and Unilever, we provided scalable and efficient technology solutions that addressed their complex requirements and supported their expansive operations. Our approach involved integrating Shopify with local payment systems, enhancing user verification to fight frauds, and creating custom discount structures to overcome Indiaâs unique eCommerce challenges.
Industry insights highlight that businesses using localised solutions experience up to 40% higher operational efficiency and 30% better customer engagement. Our recognition as Shopifyâs first Plus Partner in India underscores our successful strategy in delivering impactful, scalable solutions. Weâre proud of our role in driving growth for our clients and excited about continuing to contribute to Indiaâs eCommerce success.
StartupTalky: How does Marmetoâs technology stack contribute to improving online sales and customer retention for brands?
Mr. Swaroop: At Marmeto, we understand that technology is no longer just an investment; it’s a core driver of ROI. Our approach to the tech stack is always through the lens of how it impacts both the end consumer and the brand’s operational efficiency. We focus on implementing solutions that reduce costs, automate manual processes, and ultimately make the shopping experience more seamless and convenient for customers.
For example, we prioritise automations that can reduce human dependencies, eliminating manual errors and streamlining processes. This not only helps brands reduce costs but also enables them to focus on growth areas like customer satisfaction which directly impacts the repeat purchases.
On the sales front, we focus on technologies that improve convenience for the consumerâwhether itâs through frictionless checkout processes, personalised product recommendations, or mobile-optimised experiences. Studies show that brands leveraging these types of innovations have seen up to a 15% increase in conversion rates, highlighting how essential tech is in influencing buying behaviour.
To ensure weâre always aligned with brand goals, we conduct regular reviews with different vertical headsâbe it marketing, operations, or customer experience. These conversations help us understand their challenges and how tech can solve real problems, from scaling eCommerce operations to retaining customers. Additionally, our Merchant Accelerator Programs help us identify ways to accelerate growth by fine-tuning the tech stack based on specific brand needs. Ultimately, technology at Marmeto isnât just an enablerâitâs at the heart of driving sales and customer retention for the brands we work with.
StartupTalky: What are the most common issues brands face in eCommerce, and how does Marmeto address these issues?
Mr. Swaroop: Brands face a variety of challenges ranging from technology integration to localization issues. Among the most common problems are managing diverse payment offerings, optimising user verification processes, addressing complex regulatory frameworks, and offering region-specific discounts. These challenges are further compounded by the fragmented logistics and diverse consumer preferences that are unique to the Indian market.
Today commerce is way beyond just having a website. You now have to treat your website as online stores just like you have a retail store. Today, consumers are used to Amazon and Flipkart standards everywhere so everything that they offer to customers should be available on your online store too. The next important thing for all brands is to start solving for Omnichannel customer experience and get their brand ready for Unified commerce. This is a commerce transformation era, similar to the digital transformation era we had in the late 1990s.
According to a 2023 report, the number of eCommerce users in India is expected to reach 500 million by 2026. With such growth, itâs imperative for brands to have robust, scalable ecommerce infrastructures, and thatâs where Marmeto truly excels.
StartupTalky: How do you see the Indian eCommerce industry evolving in the next few years, and what role will Marmeto play in this transformation?
Mr. Swaroop: Ecommerce in India is evolving at a high pace and its future looks highly promising, with forecasts predicting an annual growth rate of 18% through 2025. By 2030, we are expected to become the third-largest consumer market worldwide. This highlights the significant opportunities and potential within the country’s eCommerce sector. As the Indian economy expands and consumer spending power rises, along with the full facilitation of 100% FDI in B2B eCommerce and marketplaces, India’s eCommerce landscape is set for continued growth and innovation.
This presents Marmeto with an unparalleled opportunity to tap into the demand for online presence by brands and enterprises. As a leading commerce enabler, we aim to catalyse this process and scale their businesses thereby scaling eCommerce globally.
StartupTalky: What are your vision and mission for Marmeto in the context of Indiaâs digital growth and Vision 2047?
Mr. Swaroop: India’s eCommerce market is experiencing explosive growth, projected to reach $200 billion by 2026. This digital boom aligns perfectly with India’s “Vision 2047” of becoming a global technology leader. In todayâs time and age, when eCommerce is booming at a fast pace, any brand or enterprise should have an online presence. But the online journey is not paved with gold. Indiaâs commerce experience has evolved way beyond what we have in Europe or US for in some areas even now, for instance, quick commerce, Dunzo/Genie are the kind of things you donât find elsewhere even today.
We need to work on other parts of the digital transformation and commerce transformation will be one such important area of it. With ecommerce standing at just 8% of retail today, there is a lot to happen and we all have to work together to make this dream of Viksit Bharat come true. We will continue to enable brands to do commerce the right way and help them build scalable tech solutions crucial for their growth.
StartupTalky: How do you plan to expand Marmetoâs services globally, and what challenges do you anticipate in this expansion?
Mr. Swaroop: We have taken baby steps for expansion outside India but too early to comment or share any insights there.
StartupTalky: What are your goals for Marmetoâs future growth?
Mr. Swaroop: As we celebrate seven years of resilience and growth in the eCommerce industry, Marmeto is poised to embark on an exciting new chapter of expansion. Moving beyond our initial bootstrapped phase, our goals for future growth are both ambitious and strategic.
We have consistently achieved impressive year-on-year growth, and as we look to the future, our focus will be on driving exponential financial and market expansion. While our core strength lies in leveraging eCommerce platforms, our focus will be more on helping growing brands solve the omnichannel experience for their customers and make them ready for further scale with Unified commerce.
Our commitment to innovation in commerce technology remains strong, but we are also strategically broadening our horizons through vertical expansion. This involves exploring new technologies and verticals to ensure that we help brands stay ahead of industry trends and help them leverage the right technology basis on the scale of their business.
On the other end, we will continue to invest further into building an inclusive ecosystem for our team members which can fuel our mission to empower more and more lives as Marmeto grows.
According to recent industry trends, the global eCommerce market is projected to surpass $7 trillion by 2025, driven by advancements in technology and shifts in consumer behaviour. Marmeto is well-positioned to capitalise on this growth by leveraging our tech-first approach and deep understanding of both local and global markets.
StartupTalky:How do you stay updated with eCommerce trends and ensure Marmetoâs technology remains up-to-date?
Mr. Swaroop: Staying updated with eCommerce trends is second nature for us at Marmeto. Itâs embedded in our DNA and how we operate. We have all time access to national and global industry insights that highlight key performance areas like customer behaviour shifts, technology innovations, and new business models emerging in eCommerce. For instance, insights show that technology-driven solutions are now responsible for up to 30% increases in conversion rates for many businesses. This drives us to continuously refine our own tech stack to offer more scalable and performance-driven solutions.
Our in-house R&D team plays a pivotal role, constantly exploring how advancements in automation and cloud infrastructure can elevate our clients’ performance. This proactive approach ensures weâre not only keeping up but leading in providing cutting-edge solutions.
Weâre also closely working with platform leaders like Shopify, BigCommerce, Salesforce etc. to gain deeper insights on commerce behaviour and patterns.
Above all, we do get the pulse of this industry and thatâs natural to us as a team and industry leader.
In this insightful interview, Ms. Shivani Tayal, co-founder of Lark Finserv, shares the inspiration behind launching a fintech company focused on Loans Against Securities (LAS). Lark Finserv offers a digital-first approach to lending, ensuring quick, secure, and transparent processes for borrowers. Ms. Tayal discusses the innovative technology behind the platform, its expansion into Tier-2 and Tier-3 cities, and the company’s commitment to regulatory compliance and customer satisfaction. She also provides valuable advice for aspiring fintech entrepreneurs looking to make their mark in the lending space.
StartupTalky: What inspired you to co-found Lark Finserv, and how did your background in finance influence the companyâs vision?
Ms. Tayal: The inspiration for founding Lark Finserv emerged during the COVID-19 pandemic when I saw individuals and businesses facing liquidity crises despite holding valuable securities. At that time personal loans and credit lines also became less accessible due to stringent lending standards. This is when I felt the need for Loans against Securities as a viable alternative.
Coming from a finance background, I had a deep understanding of the financial markets. This helped us design a lending solution that is not only quick and innovative but also safe and reliable.
Our network with people in the industry has helped the company to form strategic partnerships and stay informed about the trends.
StartupTalky: How does Lark Finservâs technology streamline the process of providing Loans against Securities?
Ms. Tayal: Our platform is built with the user in mind, offering a seamless and transparent experience from start to finish. We have reduced the approval times from days to minutes. Borrowers can apply for loans from the comfort of their own homes, offices, or any location using our interface. Weâve removed the need for physical paperwork, replaced it with a completely digital journey, and provided clear, upfront information about terms and conditions. This level of convenience and transparency is something that traditional lenders have struggled to match.
StartupTalky: What are the key features of Larkâs digital platform that enhance the user experience?
Ms. Tayal: We, at Lark, offer a completely digital journey starting from the onboarding process for customers. By using e-KYC and digital document verification, pledging, e-mandate, and e-sign Lark Finserv eliminates the need for physical paperwork, reducing the time required to onboard new clients from days to just minutes. Our technology allows for real-time fetching and pledging of securities that customers wish to pledge as collateral. Our platform enables instant disbursal of funds. This is achieved through integrations with banking systems and payment gateways, ensuring customers receive their loans quickly without unnecessary delays. Our digital platform is accessible, anytime providing customers the flexibility to apply, track, and manage their loans.
StartupTalky: How does Lark Finserv ensure the security and privacy of financial transactions on its platform?
Ms. Tayal: We at Lark, implement strong encryption protocols to protect data as it travels between the borrowerâs device and our servers. Regular security, audits and vulnerability assessments are conducted to identify and mitigate potential risks. We secure all APIs used in our platform with strong authentication, rate limiting, and secure communication channels.
StartupTalky: What differentiates Lark Finservâs LAS from traditional personal loans in terms of interest rates and liquidity?
Ms. Tayal: Personal loans being unsecured loans have high rates of interest as they carry a higher risk of default. LAS typically offers lower rates compared to traditional personal loans as is collateral-based lending. The presence of collateral reduces the lenderâs risk.
Personal loans typically take longer to process because they require a thorough credit check and assessment of the borrowerâs creditworthiness whereas LAS provides faster access to funds as the loan is backed by liquid assets that can be easily valued and used as collateral. Lark Finservâs LAS allows the borrower to leverage his securities within minutes.
StartupTalky: What specific growth metrics has Lark Finserv achieved, including loan disbursal rates and expansion across Tier-2 and Tier-3 cities?
Ms. Tayal: Lark Finserv has enabled seamless onboarding and processing for customers all over India. This has reduced the need for physical visits and paperwork, making it easier for customers to access loans and other financial services from the comfort of their homes. Understanding that many customers in Tier 2 and Tier 3 cities primarily use smartphones to access the internet, Lark Finserv has optimized its platform for mobile use, ensuring a smooth and user-friendly experience.
Lark Finserv’s expansion into Tier 2 and Tier 3 cities has been a significant milestone in broadening its customer base and increasing financial inclusivity. We have more than 500 partners from these cities. Approximately 30% of the cases processed by Lark are from Tier-2 and Tier-3 cities.
StartupTalky: How does a user secure a loan against securities through Lark Finserv, from application to disbursal?
Ms. Tayal: Securing a loan from Lark Finserv involves 6 steps from application to disbursal.
Starting from the application where the borrower provides his, name, number, and PAN number.
Then he does his Digital KYC.
Fetching the Securities from RTAâs.
Pledging the securities.
E-Sign
E-mandate
Once the e-mandate is signed, the client gets the sanction immediately and the loan amount is credited to the borrowerâs account in 2 hours.
In Larkâs digital journey, One-Time Passwords (OTPs) play a critical role in ensuring security and verifying the identity of the user at various stages.
StartupTalky: What measures does Lark Finserv take to comply with regulatory requirements and industry standards?
Ms. Tayal: We adopt a comprehensive approach that ensures legal compliance, protects customer interests, and maintains operational integrity. We strictly adhere to the RBI guidelines.
We aim at transparent disclosure of terms and conditions related to the securities used as collateral, regular reporting of financial statements, customer holdings, and other relevant data to the regulatory body.
StartupTalky: How does Lark Finserv collect and incorporate customer feedback into its service offerings?
Ms. Tayal: We, at Lark, understand the importance of customer feedback for continuous product and service improvement. To capture a comprehensive view of customer experiences, as LAS, we offer various channels for customers to provide feedback. We train customer service representatives to solicit feedback during interactions. This is done at the end of a call or chat session, asking customers to rate their experience or provide suggestions for improvement. We are embedding feedback forms directly within the companyâs digital platforms allowing customers to provide feedback while interacting with the service. We ensure that based on the client feedback, we keep on improving the product and the service.
StartupTalky: What is your vision for the future of digital lending in India, and how do you see Lark Finserv contributing to this evolution?
Ms. Tayal: India has a $1 trillion lending opportunity against digital assets. Growing financial literacy among the Indian population is increasing the acceptance and understanding of digital financial products. The digital lending market in India is expanding rapidly, with ample opportunities for innovation and growth.
At Lark, our vision is to enable credit against securities through a dynamic digital lending platform, ensuring financial empowerment and inclusivity for all.
Lark Finserv shall continue to be at the forefront of digital lending enhancing its digital platforms with AI-driven personalization, user-friendly interfaces, and seamless customer journeys. By focusing on innovation and customer satisfaction, we will remain competitive in the ever-evolving market.
StartupTalky: What advice would you give to aspiring fintech entrepreneurs looking to enter the lending space?
Ms. Tayal: Entering the fintech lending space can be both exciting and challenging. Due to digital transformation, the LAS market has seen significant growth. Technology has made it easier to evaluate, process, and manage loans against securities online. While digital lending presents significant opportunities, it also comes with a range of challenges that require careful management and strategic planning. Addressing these challenges effectively involves leveraging technology, adhering to regulatory requirements, maintaining high standards of data security, and focusing on customer experience and trust.
In this compelling interview, Ms. Nupur Garg, founder of WinPE, shares her journey from a successful career in private equity to championing gender diversity in the investing industry. Inspired by a desire to address the systemic barriers faced by women in finance, she founded WinPE to promote change and increase female representation. Ms. Garg discusses the current trends shaping private equity and venture capital, the strategies WinPE employs to promote diversity, and the challenges she faced in her career. Her insights shed light on the critical need for inclusive practices in the investment landscape and the role of mentorship and community in driving progress.
StartupTalky: What inspired you to start WinPE, and what gaps does it aim to fill in the investing industry?
Ms. Garg: It is a story of serendipity. The inspiration for WinPE struck me during a vacation. While I was transitioning from my full-time role at IFC, I aimed to build a portfolio of work that would not only leverage my investing experience, knowledge, and skills but also serve a deeply meaningful purpose. One day, I found myself discussing the alarmingly low numbers of women and the lack of gender diversity in private equity with my husband. That conversation and my desire to do something about the situation ultimately led to the founding of WinPE.
In the course of my journey as an LP, I noticed the significant lack of gender diversity in the private equity and venture capital (PE-VC) industry. As I examined the challenges faced by women in this sector, I realized there were systemic issues that needed to be addressed. As I reached out to my network in the PE-VC industry, I found those sentiments echoed by industry leaders and firms – all of whom believed that diversity is critical and were looking for the right suite of solutions that they could leverage, support, and champion.
WinPE was born out of this collective desire to fill systemic gaps. WinPE works with PE-VC firms to change their policies, practices, culture, and decision-making, driving change in the investing industry by increasing access and opportunities for women. In addition, WinPE supports women through mentorship, networking, and career resources, ensuring they have the tools they need to succeed professionally. WinPE works to address the gender gap in the investing industry through multifaceted interventions.
We work closely with members of PE-VC firms to identify and solve the challenges that hinder gender balance, bring forward industry and thought leadership in diversity, equality, and inclusion (DEI), and transform the environment to support equal access and equal opportunity. We also run a suite of initiatives designed to support women in achieving career success in PE-VC – including community building, 1:1 mentorship, networking, career resources, job vacancies, board roles, speaking opportunities, etc. Our mission is to enhance womenâs representation in the industry ecosystem, both as investors and as recipients of investment capital.
StartupTalky: What major trends are currently shaping the private equity and venture capital industries?
Ms. Garg: If I focus on WinPEâs PoV, one of the major trends shaping the industry is the growing emphasis on gender diversity and inclusion, which is creating a push toward a more equitable investing ecosystem. Investors are increasingly acknowledging that diverse teams enhance decision-making and financial performance. Initially led by institutional limited partners, the growing commitment to gender diversity has become a priority for leading PE-VC firms, gradually reshaping fundraising conversations. Over time, this shift is expected to reshape the demographic landscape of the industry.
Recent times have seen global structural changes, including digital disruption, AI’s impact on operations, the low-carbon transition, geopolitical fragmentation, and shifting demographic distributions. These are reshaping private markets and creating new opportunities for private capital. After a slow year in fundraising and deal/exit activity, there is now greater appreciation for fund managers who have been creating value and generating liquidity for investors. With substantial dry powder available, the industry is well-positioned to capitalize on current market dislocations. Key trends include:
Digital Transformation and Tech-Focused Investments: Technology-driven companies and sectors such as fintech, health tech, edtech, and SaaS are drawing interest owing to their ability for innovation and disruption. The emphasis on digital transformation is expected to intensify as firms seek out startups that offer scalable tech solutions.
Sustainability and ESG (Environmental, Social, Governance) Integration: Becoming increasingly central to investment strategies. With a growing awareness of the long-term impacts of environmental and social issues, firms are integrating ESG criteria into their decision-making processes.
Resurgence in Deal Activity and Operational Value Creation: There is a strong expectation that private equity firms will see a resurgence in transactions as market conditions stabilize and dry powder continues to pile up. With valuations holding firms for good quality companies, investors are likely to prioritize operational value creation within their portfolio companies, focusing on enhancing efficiency, scalability, and strategic direction to drive growth and achieve higher returns.
Heightened Regulatory Scrutiny and Compliance: As private equity and venture capital sectors continue to mature; they face increasing regulatory oversight. Stricter compliance requirements are being imposed by governments and regulatory bodies to ensure transparency and accountability.
StartupTalky: How do you manage your roles across multiple boards while advancing WinPEâs mission?
Ms. Garg: It is crucial for me to remain fully committed to the role I am playing in the given moment. In board meetings, my focus is entirely on the companyâs agenda. As an independent director, fulfilling my responsibilities takes top priority. Similarly, when I am working on WinPE, my focus is on advancing its mission and objectives. In terms of overlap, yes, gender diversity is important to me in my capacity as well. So when in a board meeting, I consider where each company stands on DEI and contribute constructively.
WinPE was built with an institutional foundation and mindset. While my passion undoubtedly drives it, there is an incredible team that is as excited about the outcomes. We all have a role to play in driving WinPEâs mission forward. I do my share as the founder.
StartupTalky: What are the most effective strategies WinPE uses to promote gender diversity in investing?
Ms. Garg: As I mentioned above, at WinPE, we focus on a multi-pronged approach consisting of three main strategies to promote gender diversity:
Collaboration with PE-VC firms to drive cultural shifts and reduce unconscious biases.
Support for women who are already in the industry by offering mentorship and networking opportunities.
Attracting more women into the industry through job and career resources.
We believe that dialogue and action must go hand-in-hand to drive real change. Our approach is multifaceted, focusing on transforming the culture within the investment ecosystem while providing practical tools to support women who are already in or aspiring to enter this field.
What sets us apart is our role as a DEI driver within the PE-VC industry, there is no preaching from the outside. We engage in open dialogues with firms and their decision-makers and catalyze collaborative action toward our shared goal. We complement this with comprehensive resources, including training, networking, and mentorship, to empower women and enable them to thrive professionally. We are also equally focused on building a talent pipeline for the industry via our newly launched career portal. We collate vacancies, job resources, training courses, and close interactions with recruiters for PE-VC aspirants. To increase the representation of women in leadership roles, we have been working with our member firms in placing experienced women on boards of their investee companies.
WinPE adopts a 360-degree approach to this challenge and continuously launches new solutions!
StartupTalky: What barriers to gender diversity have you faced, and how have you addressed them?
Ms. Garg: My professional journey, though fulfilling, has not been without challenges. While discrimination and harassment were prevalent even then, 10-15 years ago no one openly acknowledged either of them. They were often overlooked or dismissed and no one was talking about unconscious biases. When discussing our experiences with seniorwomen and peers in my network, we found a common thread: our strategy for success involved focusing on our work and ignoring gender-based distractions. We worked hard and well, refusing to let surrounding noise distract or drag us down. We must ask colleagues not to view us through gender-coloured lenses, and we must do the same for ourselves.
These experiences have shaped WinPE’s initiatives, aiming to create unbiased workplaces and level the playing field. We strongly believe in creating awareness, fostering sensitivity, and ensuring leadership commitment for DEI, alongside managerial accountability. Through our workshops and discussions with women, we discuss the need to build a winning mindset and the confidence to disrupt sexism. Strong industry networks are crucial for success in PE-VC, and WinPE fosters a supportive community for women in this field.
Finally, I have had a powerful support system in my family and I believe it has been crucial to have that safe space that provided positive reaffirmation. So, this is one piece of advice that I share with young women who ask – the choice of life partner could be one of the most important factors influencing professional success for women!
StartupTalky: How do current trends in venture capital affect investment opportunities for female-led startups?
Ms. Garg: The emphasis on DEI is one of the current trends in venture capital. Development Finance Institutions are pushing gender lens investing, expanding the pool of investment capital available to female-led firms. Research and data stating the improved performances of diverse teams have added to the case for investing in female founders. Women now make up a significant percentage of the startup workforce, including core tech roles, creating a large pipeline of female founders and investors.
At WinPE, we have observed a significant change in the awareness and conversations on DEI within the Indian PE-VC industry. This change is evident not only in firms but also among women who are increasingly unafraid to ask for their fair share. We also see increased demand from PE-VC firms for diverse teams. All in all, there is progress and we are seeing changes seep through.
At the same time, it is too early to declare victory. Industry data continues to reflect a large gap in funding for women-led startups. This is correlated to the large gap in the representation of women in decision-making roles at PE-VC firms. By promoting more inclusive practices and catalyzing resources that accelerate the growth of women as investors and founders, initiatives like those headed by WinPE are essential in closing this gap.
StartupTalky: What key factors should investors consider when evaluating opportunities in emerging markets?
Ms. Garg: Emerging markets offer significant growth potential due to their rapid expansion, increasing consumer populations, and evolving infrastructure. The shift from low- to middle-income status in these regions drives strong economic growth and rising consumer spending.
At the same time, investors must also navigate the higher risks associated with emerging markets, such as market volatility, regulatory changes, currency risk, and political instability. In the more nascent markets, an underdeveloped ecosystem and scant talent pool are big concerns too. These challenges require careful consideration and a strategic approach to portfolio allocations.
Emerging markets are particularly attractive for industries that are leveraging technology to create access to products and services efficiently and affordably. For example, the ability to sell products across a country with the help of technology versus decades of building capex-intensive retail infrastructure or using AI to create smart underwriting algorithms to underwrite credit for the underbanked and new-to-credit consumers. Innovation is driving growth in sectors like fintech, renewable energy, and mobile technology. Additionally, the young and expanding populations in these regions present long-term opportunities in sectors like financial services, retail, healthcare, and education. Ongoing infrastructure development also creates investment opportunities, particularly in construction and related industries.
StartupTalky: How does WinPE measure the success of its programs, and how do you use this data to improve?
Ms. Garg: A focus on outcomes has been a foundational aspect of WinPE from Day zero. We emphasize initiatives where we can have a tangible impact in a sustainable way and at scale. WinPE operates with a fully developed Theory of Change that guides our work and metrics to measure outcomes.
Through our Collegium discussions, we work closely with our member firms to create incremental changes in their policies, practices, and operations to support equal opportunity, equal access, and greater gender balance. Every 12 months, our members identify areas of action and corresponding KPIs. For example, to enhance the hiring of women into teams, WinPE member firms now require a diverse candidate pipeline and are implementing blind screening practices, diverse interview panels, etc.
We have achieved significant progress, with 70% of member firms reporting progress on their KPIs. Very importantly, we have seen a 3x growth in our member firms which we believe is a testament to the incredible work that WinPE and all its partners have done in the 4 years since WinPEâs inception. More than 400 firms from the industry ecosystem have participated in WinPE initiatives and we are excited to have reached that level of penetration in such a short period.
Through the last 4 years, WinPE has organized 40+ knowledge sessions, training etc for women that have seen >9000 registrants and >90% satisfaction scores. More than 70% of the mentees from 3 completed cohorts of our flagship mentorship program have reported career progress within 12 months. And most heartwarming of all, we have countless testimonials from firms and women who love the positive change that WinPE is driving.
A very interesting phenomenon we are experiencing now is the expectation and request that WinPE take the lead in building solutions. For example, last year, we rolled out curated training and workshops on unconscious bias for the PEVC industry. This year, we have launched a career portal to build a talent pipeline for the industry and to support our members in accessing the same. We are helping member firms place senior women professionals on the boards of their portfolio companies. We are also compiling a superset of best practices as a reference guide for our member firms.
By emphasizing results, WinPE has been able to start addressing challenges to DEI from multiple fronts.
StartupTalky: What actions can institutional investors take to support gender diversity more effectively?
Ms. Garg: I believe institutional investors are in a privileged position from where they can strongly influence the industry. Institutional investors can promote gender diversity by setting transparent, quantifiable targets for gender diversity in their operations and investment portfolios. This may include goals for female representation in decision-making roles, leadership positions, and across the workforce.
For LPs, this translates into gender-action plans for their teams and for the funds they invest in. For fund managers, it means gender action plans for their teams and the companies they invest in. Gender needs to be mainstreamed rather than confined to impact initiatives.
I donât say that gender should be a decisive criterion where investors reject a non-diverse fund manager or company. However, we can certainly advocate for a roadmap to build that missing diversity. While representation levels wonât change overnight, the collective will of institutional investors can kickstart meaningful progress. A great example is the Investor Leadership Network (ILN), a collective of institutional investors representing billions of dollars, advocating for sustainability and diversity in their investments.
WinPE today represents a collective of 30+ global and regional investing firms with billions of dollars in AUM, spearheading the transformation in the Indian PEVC ecosystem. These firms are continuously implementing incremental changes in their operations, policies, portfolios and teams to pursue an outcome oriented DEI agenda. And that I believe is an incredibly powerful force of change.
StartupTalky: How do your roles on investment committees influence your work with WinPE?
Ms. Garg: My roles on investment committees are an extension of the work I did in my last full-time role as an LP. They keep me abreast with market developments across various developing markets.
From WinPEâs perspective, these roles offer me a window into how the DEI conversation is progressing across different regions, how LPs are pushing the agenda and what challenges hinder these initiatives. Conversely, I use my industry knowledge in IC discussions, leading to cross-pollination since knowledge is fungible. However, my IC role is distinct and independent from my WinPE role; I don’t try to fit WinPE into IC discussions or vice versa.
While the knowledge is fungible, the agendas are completely independent.
StartupTalky: What advice do you have for female entrepreneurs looking to enter the investment field?
Ms. Garg: Entering the investment field is a genuinely interesting choice. It offers intellectual stimulation and constant learning and can be highly rewarding if you are willing to put in the necessary effort. Itâs important to recognize that this isnât a typical nine-to-five job; it is a demanding profession where success comes from passion, dedication and from truly enjoying the process.
For women to succeed in this industry, itâs essential to approach their careers with an understanding that the industry is still male dominated and therefore, role models may be difficult to find. You may have to carve your own path. It is not to say that it will be difficult – the industry has many men who strongly champion diversity and are great allies, sponsors and mentors. But the onus to reach out and gain support lies on the individual. It is an industry that rewards outperformance like none other so it is important to be proactive, grab opportunities, develop strong networks and build solid credentials.
In this insightful interview, Tanul Mishra, founder and CEO of Afthonia Lab, shares her journey from being an entrepreneur to leading Indiaâs only independent fintech-focused incubator. She discusses the labâs rolling cohort model, personalized startup blueprints, and its mission to bridge gaps in Indiaâs fintech ecosystem. Mishra highlights emerging trends such as InsureTech, cybersecurity, and AgriFinance, emphasizing the importance of product-market fit for fintech startups. Through a robust network of mentors, partners, and investors, Afthonia Lab provides critical support, guiding startups in fund optimization and strategic growth.
StartupTalky: Please give us an overview of what Afthonia Lab does and what its mission is in the fintech industry.
Ms. Mishra: Afthonia Lab is India’s only independent fintech-focused incubator, distinguished by our rolling cohort model that allows year-round onboarding, as opposed to batch-oriented programs. Each startup we engage with receives a personalized blueprint designed to propel them to their next inflection point. Our program offers a global perspective, providing access to worldwide knowledge, funds, and networks, crucial for market access and expansion. We utilize a proprietary tool to shortlist startups and craft their development blueprints, supported by a global panel of mentors and a strong network of investors from micro VCs to venture capitalists.
StartupTalky: What motivated you to transition from being an entrepreneur to leading an incubator focused on fintech startups?
Ms Mishra: Having built and co-founded my own food business, I realized the critical importance of a robust network and sufficient funding for business growth. After exiting, I observed a significant gap in Indiaâs startup ecosystem, particularly a lack of structured support compared to countries like the US and China. This insight led me to establish Afthonia Lab, a fintech-focused incubator designed to offer structured growth environments and allow startups to learn from their mistakes effectively.
StartyupTalky: What are the key latest trends you foresee for the future of the fintech industry in India?
Ms. Mishra: Looking ahead, sectors like InsureTech and cybersecurity show significant growth potential due to increasing digital transactions. Another promising area is AgriFinance, particularly for innovations targeting tier two and three cities, which are currently underserved.
StartupTalky: How do you support fintech startups in achieving a sound product-market fit?
Ms. Mishra: Achieving a strong product-market fit involves multiple stages, from sketching out business models to developing a minimum viable product, and devising customer acquisition strategies. At Afthonia Lab, we address these stages by leveraging a vast network of ecosystem partners and growth mentors who provide the necessary support for startups to navigate these phases efficiently. Our approach ensures founders spend less time seeking partners and more on strategic growth.
StartupTalky: How does Afthonia Lab facilitate connections between startups and venture capitalists?
Ms. Mishra: Over time, we have cultivated a strong network of 100 + partners and investors that play a pivotal role in the startup ecosystem. This network allows us to provide startups with early feedback on their business strategies, enhancing their viability and scalability. Our connections also facilitate a deeper understanding of investor expectations, which helps in aligning startup offerings accordingly.
StartupTalky: What strategies does Afthonia Lab use to guide startups in optimizing their use of funds?
Ms. Mishra:Financial management is crucial, and at Afthonia Lab, we emphasize optimizing fund flow, which involves careful planning of future financial sources and uses. We assist startups in maintaining financial stability without compromising growth, ensuring efficient working capital management, and exploring viable revenue streams.
StartupTalky: What advice would you give to aspiring entrepreneurs looking to enter the fintech space?
Ms. Mishra: I advise fintech founders to focus on the core problems their technology is solving for customers rather than the technology itself. Itâs crucial to address real customer needs effectively and remain adaptable to feedback to ensure long-term success.
In this insightful interview with StartupTalky, Salloni Ghodawat, Director of Ghodawat Consumer Ltd. (GCL), discusses the companyâs mission to enhance lives through affordable, high-quality essentials while promoting consumer health and nutrition. Ghodawat shares GCLâs commitment to food safety, advanced manufacturing practices, and innovative product lines like the “To Be Honest” range of nutritious, vegan-friendly snacks. She also touches on GCLâs business model, growth strategies, and dedication to sustainability, while addressing key trends and challenges in the fast-evolving FMCG and nutrition industries.
StartupTalky: Can you briefly describe Ghodawat Consumer Ltdâs mission and its focus on nutrition?
Ms. Ghodawat: GCLâs mission is to enhance lives globally through continuous innovation, expanding product lines, and ensuring that consumers worldwide have access to daily essential, high-quality products at reasonable prices. We ensure our food staples are accessible and meet the highest quality standards, promoting consumer health and well-being. GCL prioritizes staples like rice, wheat, pulses, and flour, which are essential for daily nutrition in rural areas, to provide safe, nutrient-rich foods for overall health.
The quality and safety of non-branded staples can leave much to be desired. These kinds of foods may not undergo necessary tests aimed at ensuring their safety hence exposing consumers to various health problems including digestive complications, and lack of nutrients among others. There are reports about pesticide residues existing in such raw materials sometimes due to chemicals being used in farms as herbicides or insecticides, etcetera.
We are proud of our consistent commitment to maintaining the most rigorous hygienic requirements for our products. Our products undergo stringent quality control measures in state-of-the-art laboratories, where they are tested for purity, nutritional content, and safety. We adhere strictly to government-mandated quality compliances, ensuring that every product meets or exceeds the established standards for food safety and nutrition. By focusing on quality and safety, GCL not only enhances the lives of consumers but also contributes to the overall improvement of public health, particularly in rural areas where the availability of safe and nutritious food is paramount.
StartupTalky: How does GCL ensure its products meet nutritional standards while keeping them affordable?
Ms. Ghodawat: Our dedication to providing nutritious products at reasonable rates starts with sourcing the best quality raw materials. We pick the best rice, wheat atta, and edible oil that fulfill strict quality standards. The careful choice of these is the initial step towards making sure that all our products are not only good for health but also affordable to buy.
Such raw materials are processed in our modern facilities where advanced technologies play vital roles in maintaining intrinsic properties as well as nutritional values. To minimize contact with people to prevent contamination and ensure uniform product quality, these plants have been built with the need for minimum human interference. Automation ensures precise, high-standard processing while upholding strict hygiene and safety measures.
The To Be Honest (TBH) product line is a great representation of our commitment to quality. The TBH snacks are made of real fruits and veggies, which are not only gluten-free but also vegan-friendly. The TBH range is processed using cutting-edge techniques that preserve the nutritional content of the raw materials while enhancing flavor and texture. We ensure that every bite gives maximum health benefits by using gentle processing methods that avoid excessive heat or chemicals, thereby retaining the essential nutrients that make our products both nutritious and delicious.
Thus, starting from scratching the whole notion of quality together with also being efficient at processing has always made it easier for us to provide people with what they need without compromising on prices. This also goes down well with our general idea i.e., we want everyone, every day to be able to eat healthy food.
StartupTalky: What is the process behind developing new products like the âTo Be Honestâ range?
Ms. Ghodawat: These days, people are increasingly becoming health conscious of what they consume, and what benefits they avail. They have understood the importance of making mindful choices that cater to their nutritional needs, and at the same time, their lifestyle and well-being goals, and there is a growing preference for products that offer a balance of health and taste, leading many consumers to seek out options that support their overall well-being without compromising on flavor or quality.
Recognizing this shift, we embarked on the journey to develop our âTo Be Honestâ range – a product line crafted to meet the needs of today’s discerning consumers who prioritize health without compromising on taste and quality.
The development process begins with understanding consumer trends and preferences. We noticed that when given a choice, a significant number of consumers expressed a strong interest in shifting towards healthier alternatives. Our goal was to offer products that cater to this demand, providing options that are both nutritious and delicious. The âTo Be Honestâ range is a testament to our dedication to innovation and our commitment to meeting the evolving needs of both our rural and urban consumers.
StartupTalky: What strategies does GCL use to identify and develop new product categories?
Ms. Ghodawat: To identify new product segments, GCL leverages insights into emerging trends, such as the growing consumer shift toward healthier choices. As health and wellness become top priorities for consumers, we closely monitor market trends that indicate a growing demand for products that support a healthier lifestyle. This awareness informs our research and development (R&D) efforts, allowing us to innovate and create products that align with these preferences.
Our R&D team is dedicated to exploring new ingredients, formulations, and processes that meet the evolving needs of todayâs health-conscious consumers. In addition to monitoring trends, GCL also focuses on identifying the specific product needs of different generations, each with its unique lifestyle demands. This proactive approach is key to our ongoing innovation and our ability to deliver products that resonate with a broad and diverse customer base.
StartupTalky: What is GCLâs business model and how does it support your growth in the FMCG sector?
Ms. Ghodawat: GCL has a strong and highly efficient distribution framework where channel partners help products reach consumers directly. We have formed a wide and strong network across different markets through 3,000+ channel partners for key product lines including oil, atta, and rice, making it possible to effectively address consumer demands and boost growth for the FMCG industry. It is through these interdependent relationships that GCL fulfills this aspect of its distribution strategy.
There are various engagement programs and schemes that GCL has developed specifically for channel partners to maintain such relationships and promote mutual development at the same time. These programs are seen by them as means of improving their businesses by providing them with necessary tools, resources as well as other options that would allow them to compete effectively in any market. While GCL continues to add more members to its distribution network, the companyâs impact on the FMCG sector increases. Through this, we can penetrate new markets, reach more potential customers, and ensure the availability of products. GCLâs business model is centered around a strong and expanding network of channel partners and is instrumental in supporting the ongoing growth and success of the FMCG sector.
StartupTalky: How does GCL utilize technology in its manufacturing processes to enhance product quality?
Ms. Ghodawat:At GCL, we ensure the highest quality products possible through advanced manufacturing and technology. Every stage of production is guaranteed to be executed with accuracy, consistency, and excellence due to our sophisticated manufacturing processes. Central to our approach is our state-of-the-art R&D lab, where we continually innovate and refine our products. The lab is equipped with cutting-edge technology that allows us to conduct in-depth research, test new formulations, and develop advanced manufacturing techniques.
The implementation of AI-based programs throughout almost all stages of the manufacturing process enables us to monitor and control various aspects of production. The use of AI also allows us to quickly identify and address any potential issues, minimizing waste and ensuring that only the best products reach our consumers. Also, GCL conducts various audits through authorized third-party organizations. These audits provide an extra layer of assurance, verifying that our manufacturing processes adhere to the strictest standards of quality, safety, and hygiene.
StartupTalky: What are some key nutrition trends currently impacting the FMCG industry in India?
Ms. Ghodawat: India’s FMCG business is witnessing tremendous disruption as consumers become more health-conscious and seek products that align with their nutritional goals. There are several key trends responsible for this, some of which are:
Convenience: One of the most prominent trends is the growing demand for convenient yet healthy food options. Nutritious ready-to-eat meals, snacks, and drinks have hit the market aimed at balance of convenience and health. They have been made with essential nutrients retained for busy individuals not to compromise nutrition by being so absorbed in their daily activities.
Transparency: The current consumers value what they eat more than ever before and expect brands to be honest regarding their productsâ contents. Consumer preference has shifted towards products with clearly labeled components thus avoiding artificial additives completely. Such a shift indicates an extensive movement towards clean labels where truthfulness together with simplicity weigh more than anything else; hence consumers get a clear understanding of what they are consuming.
Foods with Added Benefits: Consumers are increasingly shifting their attention towards more nutritious foods with health benefits. There is high demand for products that contain functional ingredients such as immunity boosters, additional vitamins and minerals, or other components that enhance health. A kind of pervasive trend is borne out of consumer awareness that emphasizes holistic individual wellness; they want foods that not only assuage hunger but also help them stay healthy in the long run.
These changes in the nutritional patterns are altering Indiaâs FMCG landscape compelling brands to innovate and adjust to the new tastes and preferences in the market. As consumers continue to prioritize health and wellness, the demand for convenient, transparent, and functionally enhanced food products is likely to grow.
StartupTalky: What is GCLâs strategy for staying ahead in the competitive nutrition market?
Ms. Ghodawat: GCL’s approach to remaining ahead in the competitive nutrition market is based on ongoing product innovation and sophisticated marketing. The distinctive products, such as Coolberg and the ‘To Be Honest’ range, demonstrate this approach. Coolberg distinguishes out as a refreshing, non-alcoholic beverage, whereas ‘To Be Honest’ offers healthy, ready-to-eat snacks that cater to the growing need for nutritious convenience.
We continue to establish ourselves by promoting both brands through diverse channels that would connect us with as many consumers as possible. These productsâ originality and high quality make us different from the competition. This approach enhances our competitiveness and conforms to changing consumer needs.
StartupTalky: How have specific initiatives helped GCL build and maintain customer trust and market presence?
Ms. Ghodawat: We have successfully created and sustained customer loyalty and presence in markets through various targeted activities. An example of one such initiative is our âBarso ka bharosa, ab nai pehchaan ke sathâ campaign. This campaign reinforced our long-standing commitment to quality while introducing a fresh, modern identity. The campaign featured Raveena Tandon, a prominent actress known for her strong public presence, and it effectively communicated the brandâs dedication to quality while projecting a modern image with a multi-channel approach that included TV commercials, digital ads, and social media.
We frequently participate in industry events, which allows us to stay updated with market trends and engage directly with our target market. These events provide enormous possibilities for networking, receiving feedback, and illustrating our ideas, all of which help to establish our industry reputation. At the heart of our strategy is an uncompromising commitment to provide consistently high-quality products. We ensure that every product achieves the highest levels of perfection by adhering to strict quality control standards and investing in cutting-edge technology.
StartupTalky: How does GCL’s sales strategy contribute to revenue growth and market expansion?
Ms. Ghodawat: The sales strategy, implemented through many significant initiatives, is critical to generating revenue growth and market expansion. The key pillar of our strategy is the deployment of comprehensive programs for our channel partners. We understand the significance of rewarding our sales personnel. We provide competitive rewards and prizes based on performance, which not only stimulates increased sales but also fosters a motivated and committed team. Training and skill development are also key components of our sales strategy. We invest in continuing training programs to increase our sales team’s skills and knowledge, ensuring they are well-equipped to meet market expectations.
StartupTalky: What advice do you have for entrepreneurs entering the food and beverage industry?
Ms. Ghodawat: Entering the food and beverage industry can be both exciting and challenging due to its vast and ever-evolving nature. First of all, be ready for tough rivalry. The industry is saturated with competing firms and thus developing a strong and distinct brand is necessary for differentiation. This identity needs to be maintained and improved to attract loyal customers. Continuous innovation is crucial, regularly update and improve your product offerings to keep up with changing consumer preferences and trends. Product safety, as well as adherence to quality, must be strictly enforced; thus this means one has to ensure good management of their supply chain so as not to experience any challenges. Investing in effective packaging is also a crucial aspect as it not only helps to maintain product quality but also plays an important part in branding and attracting customers.
StartupTalky: How does GCL address challenges in meeting consumer expectations for healthier products?
Ms. Ghodawat:The problem of meeting consumer expectations for healthy products is addressed by retaining a core emphasis on staple items while expanding product offerings. A key solution to this is the introduction of innovative products like the ready-to-eat sprout offerings from our âTo Be Honestâ range. These products meet the increased demand for convenient, nutritional solutions. By constantly evolving our products and introducing healthier options, GCL guarantees that we satisfy the different needs of consumers.
StartupTalky: How does GCL plan to contribute to better nutritional eating habits and sustainability in the future?
Ms. Ghodawat: Ghodawat Consumer Ltd. is recognized as a Global Sustainable Organization dedicated to enhancing nutrition and pushing for sustainability in the future. Our core Environmental Social Governance (ESG) goals require us to conduct our businesses ethically, transparently, and within the law while ensuring the best quality and safety standards for our products.
Our goal is to remain relevant to the new trends in nutrition and consumer preferences concerning health by constantly innovating our products. Some of these strategies include the reduction of unhealthy ingredients, the fortification of foods with required nutrients, as well as clear labeling schemes that help consumers make informed decisions.
GCL provides its employees with a seamless and uniform infrastructure meant for their wellness. To support this, there is a three meals canteen where healthy meals are provided to promote good nutrition among employees during their working hours.
Our ambition is to lead the market in the clean technology sector through increased renewable energy share, responsible water management practices, and sound waste management practices. In our efforts to create a circular economy, GCL utilized 3,389.7MT (48%) of rice husk as boiler feed in the year 2022-23, and we achieved 100% bagasse usage for our co-generation plant and its boiler feedstock.
Also, GCL disposed of plastic waste totaling 912MT comprising HDPE, PET, PP, LDPE, and MLP during the same period. With such endeavors, we have reduced landfill burdens by up to 453489 cubic feet, avoided air pollution amounting to 3,402590 kilograms, conserved 247064433 liters or so of water, and 6765438Kwh energy units too.
Notably, any single-time consumption of plastic is not used in our company. By continually advancing our ESG initiatives, GCL is committed to contributing to a more sustainable and healthier future. By advancing our ESG initiatives, GCL is not only committed to sustainability but also to creating a healthier future for our consumers, employees, and society as a whole.
Lakshya Singh
