Despite the rough seas, Paytm appears to be continuing to navigate its course. The Reserve Bank of India (RBI) has already served the company with numerous notifications, putting it under its scrutiny. As part of their yearly evaluation cycle, Paytm is reportedly planning to lay off 20% of their workers. Several people in various departments are supposedly going to be fired soon. This action is being taken at a time when the Reserve Bank of India (RBI) is investigating Paytm’s payment banks for alleged inadequate due diligence.
The higher-ups claim that performance reviews are the basis for these adjustments, but there is noticeable disquiet among the ranks over the lack of sufficient severance payments and the implementation of plans to improve performance. Employees at Paytm are already anxious about the company’s future, and the timing of these staff changes, in conjunction with the current evaluation cycle, has further added fuel to the fire.
It has been stated that Paytm is also undergoing a technology overhaul, similar to many other organizations, and is shifting towards operations driven by artificial intelligence. This course correction towards automation heralds a period of increased efficiency and fiscal restraint but also raises doubts about the future of several job descriptions inside the company. Paytm is at a critical juncture, balancing innovation with worker welfare, as technology changes the trajectory of the fintech industry. These moves reflect larger trends in the financial technology industry as businesses try to use technology to adapt to a digital age, and their ramifications go beyond Paytm.
Number of Tech Employees Laid off Worldwide From 2020 to 2023, by Company
Fear of the Unknown
Staff have been living in constant fear of layoffs since the RBI clamped down on Paytm’s partner bank and subsidiary, Paytm Payment Bank (PPB), on January 31. In response, Paytm has been undergoing a slew of changes, such as a new TPAP license, a migration of merchants, and an effort to rectify misunderstandings and overhaul its banking partnerships.
Everyone is watching the implementation of these procedures to make sure Paytm consumers have a smooth transition as the March 15 deadline draws near.
Employees in all industries have been searching for greener pastures in the face of the uncertainties. According to the February study by specialty staffing provider Xpheno, there are over 6,000 active and available talent from Paytm on the job market.
There would be no layoffs, Vijay Shekhar Sharma told colleagues, according to a prominent media outlet. Everything is appropriate with you because you are a valued member of the Paytm family. Many banks are helping us,”Sharma said to staff in a February 5 virtual town hall meeting.
Regulatory Chaos and Unexplored Regions
The spike of regulatory scrutiny, especially over Paytm’s payment bank operations, is adding another level of complication to the seafaring adventure. The staff has been asked to reevaluate their banking affiliations and operational practices due to recent tests by the Reserve Bank of India (RBI). With this regulatory storm adding another complexity level to an already chaotic situation, both the crew and the investors are on high alert. There has never been a more critical time for Paytm and its stakeholders as the company works to restore trust in its banking services and conform to regulatory requirements.
Actions and Strategies of the Company
Using more technology is an effort to work smarter, according to Paytm. To streamline operations and cut costs, they seek to reorganize certain positions. Things may be tough, but Paytm’s boss assures that the company’s commitment to employee safety is unwavering.
“Adjustments may be made based on performance evaluations and position fit throughout our annual appraisal cycle, which is a normal approach for most firms. Layoffs are a normal part of performance reviews in any company, but this procedure is different, the representative stressed,” stated spokesperson of Paytm.
The talk of layoffs is indicative of the changing nature of PPB, which is going through internal and external transformations. The people impacted by these changes must not be forgotten as the corporation strives for efficiency. Observing how Paytm manages to improve things while also caring for its staff is fascinating.
The Indian Premier League (IPL) is a highly popular and competitive professional Twenty20 (T20) cricket league founded in 2008. The league follows a round-robin group and knockout format, which means that each team plays against the others in a predetermined number of matches, and the top-performing teams advance to the playoffs. The league comprises eight teams, each representing a major Indian city. It is widely considered one of the world’s biggest and most lucrative cricket leagues. The IPL has gained a massive following across India and beyond, with millions of cricket fans tuning in to watch the thrilling matches and rooting for their favorite teams.
The Tata Group, a well-known and prominent Indian conglomerate, boasts a vast range of products and services in more than 150 countries across six continents. With operations in over a hundred countries, the Tata Group has established itself as a global player in various industries.
In January of 2024, the Board of Control for Cricket in India (BCCI) announced that the Tata Group has secured the title sponsorship rights for the Indian Premier League (IPL) for the next five years, from 2024 to 2028. This renewal of the partnership is a testament to the strong relationship between the two entities and the immense value of the IPL in the global sporting landscape.
The Tata Group’s commitment to the IPL is reflected in the record-breaking sponsorship amount of INR 2500 crore, which highlights the significance of the tournament and its impact on cricketing entertainment. The collaboration between the Tata Group and the IPL underscores a shared dedication to excellence, innovation, and providing fans with an unmatched cricketing experience.
My11Circle is an online fantasy game created for cricket fans who love to showcase their knowledge and analytical skills. It is owned and operated by Play Games24x7 Pvt. Ltd. This company has many years of experience in the online games industry. Additionally, My11Circle is the proud sponsor of the Lucknow IPL team in a three-year deal that began in 2022.
In this game, you get to don the hat of a selector and create a play of your choice. As a manager of your team, you get to put your trust in the players on the field to keep the scorers busy and the spectators on the edge of their seats. This game is an opportunity to test your skills and create your fortune. My11Circle is managed by a professional team of experts with years of industry experience, ensuring players have the best gaming experience.
Angel One
IPL 2024 Sponsors – Angel One
Angel One is a prestigious full-service broking firm in India that has amassed a clientele exceeding 20 million. The company is well-regarded for its innovative and comprehensive suite of services that cater to the needs of investors and traders alike. These services include online trading, investing, advisory services, margin trading facilities, algorithmic trading, and intelligent order execution.
The Super App is the centerpiece of Angel One’s offerings. It is a robust platform with advanced features like basket orders, GTT orders, SmartAPI, and sophisticated charting tools. These cutting-edge resources empower users to navigate the capital markets with expertise and precision, making informed investment decisions easier.
Angel One’s commitment to innovation and excellence has earned it several accolades and partnerships, including a five-year collaboration with the Indian Premier League (IPL) from 2024 to 2028. The company’s association with the IPL is a testament to its reputation as a trusted and reliable financial partner for investors and traders in India.
RuPay is a payment network product of the National Payments Corporation of India (NPCI). This umbrella organization facilitates and powers retail payments nationwide. The Payment and Settlement Systems Act, 2007 provides the legal framework that empowers the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) to create a secure electronic payment and settlement system in India, which includes the RuPay payment network.
RuPay is a unique and first-of-its-kind global card payment network created and designed in India. It is widely accepted at various points, such as ATMs, POS devices, and e-commerce websites nationwide. RuPay is known for its high level of security and protection against anti-phishing. This fraudulent practice aims to steal sensitive user information such as passwords, usernames, and credit card details.
Star Sports
IPL 2024 Sponsors – Star Sports
Star Sports is a well-known group of South Asian pay television sports channels that Disney Star, a subsidiary of Disney India, operates. The network is highly regarded for its extensive cricket coverage in India. It holds the pay television rights to broadcast domestic national team matches, the Indian Premier League, and International Cricket Council (ICC) tournaments. In addition to its television coverage, many Star Sports properties are available for streaming in India through Disney+ Hotstar, a sister streaming service. Star Sports has established itself as the region’s leading broadcaster of sporting events, offering fans sports-related content and live matches across multiple platforms.
JioCinema is a popular Indian over-the-top media streaming service that allows users to access a vast collection of video-on-demand and live-streaming content. The service is owned by Viacom18, a joint venture of Reliance Industries and Paramount Global, and was initially launched on 4 May 2016, coinciding with the public launch of the Jio mobile carrier.
In April 2022, the service was brought under Reliance’s Viacom18 joint venture, further strengthening its position in the Indian streaming market. JioCinema has become the go-to platform for Indian entertainment, offering users the convenience of free advertising- and subscription-based VOD and live-streaming content.
One of the significant highlights of JioCinema is its association with the Indian Premier League (IPL), the official streaming platform. The IPL is one of the most-watched cricket leagues globally, attracting millions of viewers every season. JioCinema has successfully onboarded 18 sponsors and over 250 advertisers for the upcoming season, showcasing the service’s growing popularity.
Moreover, the platform has an impressive roster of digital streaming sponsors for this year’s season, including Dream11 as a co-presenting sponsor, which is expected to enhance the overall user experience. With its extensive collection of content and top-notch streaming quality, JioCinema has become a preferred streaming choice for millions of users in India.
CEAT
IPL 2024 Sponsors – CEAT
CEAT Limited is a renowned multinational company specializing in manufacturing high-quality tires. The well-known RPG Group owns the company, which was founded in 1958. Over the years, CEAT has established a formidable presence in global markets and has become a trusted name among customers worldwide. CEAT’s impressive production capacity of over 165 million tires per year is a testament to its commitment to quality and innovation. The company caters to various vehicles, including passenger cars, two-wheelers, trucks, buses, light commercial vehicles, earth-movers, forklifts, tractors, trailers, and auto-rickshaws.
In recognition of its exceptional services, the Board of Control for Cricket in India has selected CEAT as an official partner to sponsor specific segments of the IPL matches. The aggregate spend of about Rs 240 crore over five years is a testament to CEAT’s reputation as a reliable and trustworthy brand committed to excellence and customer satisfaction.
Paytm is India’s leading digital payment platform that provides users with a secure, efficient, and seamless experience. It allows users to make payments, transfers, and recharge their mobile phones and data cards, among other online transactions. The platform is designed with a user-friendly interface, making it easy for anyone to navigate through the app and complete transactions in seconds.
One of the most remarkable features of Paytm is its flawless integration with BHIM UPI, which ensures hassle-free transactions for its users across the country. Users can stay informed and in control of their financial activities with instant notifications and real-time updates on all their transactions. This reinforces transparency and confidence in their economic activities.
Paytm’s versatility extends beyond payments and money transfers. It is also a one-stop solution for bill payments, mobile recharges, DTH, data card top-ups, and Metro Card recharges. This makes it accessible anytime, anywhere and eliminates the need to visit different platforms for various payment needs.
Paytm and Paytm Insider have recently partnered with six IPL franchises, making them the official ticketing partner. This partnership is a significant milestone for Paytm and Paytm Insider, as it is a testament to the platform’s reliability and efficiency in handling online transactions.
Dream11
IPL 2024 Sponsors – Dream11
Dream11 is a popular online platform that allows users to create imaginary teams that are comprised of real-life players and participate in fantasy sports games. The platform offers its users a chance to earn cash rewards based on the match performance of the players they select on their teams. Dream11 provides various games in categories such as cricket, football, kabaddi, and National Basketball Association, providing users with multiple options.
In April 2019, Dream11 achieved a significant milestone by becoming the first Indian fantasy sports company to become a unicorn. This achievement was a testament to the platform’s popularity and success in the Indian market.
Moreover, Gujarat Titans announced Dream11 as their principal sponsor for the upcoming IPL 2024 season. The team’s jersey will bear Dream11’s logo on the front, showcasing the platform’s association with the sport and the team. With this partnership, Dream11 continues to strengthen its position in the Indian sports market and cater to its growing user base.
The Board of Control for Cricket in India (BCCI) said that the Saudi Tourism Authority (STA) will be sponsoring the Indian Premier League (IPL), marking the first time that a government body of a foreign country will be sponsoring the high-profile T20 league. STA aims to position Saudi Arabia as a premier destination for Indian travelers by creating a sense of affinity and bolstering awareness. The partnership with the IPL is a significant development for STA as it expands its already impressive portfolio of global strategic relationships.
The IPL is one of the most prominent events on the international sporting calendar, drawing millions of viewers and fans worldwide. With the sponsorship deal, STA hopes to capture the attention of the younger demographic and establish itself as a significant player in the tourism industry. By using the IPL as a platform, the Saudi Tourism Authority will showcase the beauty and cultural richness of Saudi Arabia to millions of cricket fans worldwide, thereby increasing the country’s visibility as a premier tourist destination.
Overall, the partnership between STA and the IPL significantly enhances the relationship between India and Saudi Arabia. It will strengthen the ties between the two countries and create new opportunities for businesses and entrepreneurs to explore and expand their reach.
Saudi Aramco, officially known as the Saudi Arabian Oil Group or simply Aramco, is a state-owned company that distributes petroleum and natural gas. It is considered the national oil company of Saudi Arabia and is headquartered in Dhahran. As of 2022, Aramco is the second-largest company in the world by revenue, a testament to its significance in the global energy industry.
Recently, Aramco entered into a partnership with the Indian Premier League (IPL) to become the exclusive sponsor of two of the most prestigious individual awards in the sport of cricket: The Orange Cap, awarded to the highest run-scorer in the tournament, and the Purple Cap, given to the bowler who takes the most wickets. This move is just one of the many sports sponsorships that Aramco has undertaken in recent years, all to raise awareness about the brand while supporting excellence in the world of sports. With this partnership, Aramco has cemented its position in the cricket world. This sport is trendy in many parts of the world, including India, where the IPL is held.
Mastercard
IPL 2024 Sponsors – Mastercard
Mastercard Inc. is a leading global payment technology corporation operating in over 210 countries and territories. With its headquarters located in Purchase, New York, Mastercard offers a broad range of payment transaction processing and related services, including credit, debit, and prepaid cards, as well as digital payment solutions.
Mastercard replaced Paytm as the official title sponsor for all international and domestic cricket matches organized by the Board of Control for Cricket in India (BCCI). This move is part of Mastercard’s efforts to expand its presence in the Indian market and capitalize on the corporate cricket fanbase. The company’s sponsorship deal with the BCCI is expected to provide a significant platform to showcase its brand and services to a vast audience of cricket enthusiasts across India and beyond.
DP World, headquartered in Dubai, United Arab Emirates, is a prominent multinational logistics company that offers a wide range of services, including cargo logistics, port terminal operations, maritime services, and free trade zones. The company was established in 2005 due to the merger between Dubai Ports Authority and Dubai Ports International. With its strong global presence and a robust network of facilities and infrastructure, DP World has become a leading player in the logistics industry.
Recently, the Indian Premier League (IPL) team, Delhi Capitals (DC), has signed a new multi-year sponsorship agreement with DP World. The Emirati multinational logistics company will now sponsor the Delhi-based IPL team, providing it with the necessary support to enhance its performance and expand its reach.
FAQs
What is the playing format of IPL?
IPL follows a round-robin group and knockout format, which means that each team plays against the others in a predetermined number of matches, and the top-performing teams advance to the playoffs.
Who is the title sponsor of IPL?
The Tata Group has secured the title sponsorship rights for the Indian Premier League (IPL) for the next five years, from 2024 to 2028 for ₹2,500 crore.
What is the prize money for IPL 2024?
The prize money for IPL 2024 is yet to be disclosed, but it’s anticipated to either match or exceed last year’s figures. Winners could potentially receive INR 30 crore, while the runners-up may secure a prize of INR 10 crore.
A limitation on Paytm’s ability to engage in banking operations beyond February 29 by India’s Reserve Bank has put the country’s fintech behemoth in a bind.
Paytm, which was started in 2010 by Vijay Shekhar Sharma—who became famous as the face of digital payments following demonetization—is currently unable to process deposits, FASTag transactions, or credit transactions through any of the main financial institutions.
As they say “Someone’s loss is another person’s gain”! Exactly on the same lines the rival fintech companies are scripting their new expansion stories. Businesses that accept Paytm as payment have been approached by field agents from companies including Google Pay, Yes Bank, HDFC Bank, and PhonePe. To get a piece of this burgeoning industry, SBI is also actively engaging with domestic and international tech companies to extend its sound box network.
The development has shocked users. The Paytm website claims that the company’s customer base in India exceeds 300 million people. Following its first public offering in 2021, the company’s finances began to deteriorate. Building a sizable loan book, it has been attempting to become profitable and expand into additional segments ever since. Laid off 1,000 workers over a few months is another cost-cutting measure.
According to specialists in the field who spoke with various media outlets, Paytm’s credit operations have nearly stopped and earnings streams have come to a standstill as a result of the regulatory crackdown. This is happening even though probes into the firm are still ongoing.
After facing serious allegations, industry analysts predict the company may face the loss of its licence. Paytm is a shining light in India’s startup scene, and if that happens, it would be a black day for them. Until 2022, the business served as the official title sponsor of all cricket matches played by the BCCI, both at the international and domestic levels. In 2023, it partnered with Ticketmaster for the Indian Premier League playoffs and final.
This disaster has occurred just as investment in the financial technology sector has begun to decline. According to a Tracxn FinTech Report, the third-highest funded ecosystem in the world—India’s fintech sector—saw a 63% drop in funding to $2 billion in 2023 from $5.40 billion the year before.
Latching to the Opportunity
According to industry watchers, if Paytm goes under, customers may go to other financial apps, which would be good for their competitors.
Amid the continuing crises, news surfaced recently that Mukesh Ambani’s Jio Financial Services Ltd was among the leading bidders for Paytm’s wallet business, sending shares of Jio soaring by more than 15%.
“It would appear that businesses and customers are increasingly turning to alternative QR code platforms, UPI, and wallet transactions as a result of the aforementioned RBI injunction against Paytm.” According to Aviral Jain, Managing Director, Valuation Advisory Services at Kroll, “This disruption period could be short-lived if Paytm can resolve quickly,” meaning that competitors of Paytm have a good chance to gain a larger portion of the market.
From a business-to-business standpoint, the effect is more on the company’s bottom line than on Paytm’s reputation, albeit the latter will feel the effects in the medium run. Paytm must instill extra trust in its customers to avoid irreparable harm to its brand during this period of interruption, as Jain pointed out that gaining customers’ trust takes time.
For Paytm’s senior executives, the most pressing issue is calming nervous investors and forming alliances with financial institutions to support its Unified Payments Interface (UPI), wallet, and other merchant services. The firm also has the difficult challenge of transferring loan repayment customers from Paytm Payments Bank to other banks.
The top bank is already pressuring financial institutions to increase their net interest margins and reduce their high loan-to-deposit ratio; Paytm may encounter resistance from hesitant banks even if it simplifies these difficulties.
Additionally, there is the issue of a significant lack of end-user communication, which may eventually cause a retention problem. Nevertheless, the senior executives of Paytm assert that they are fully aware of the situation and want to implement a comprehensive marketing and communication campaign to alleviate these concerns and redirect users to partner institutions.
In the meantime, 42% of Indian Kirana stores have begun accepting payments through other applications, according to a Kirana Club poll. According to the research, Paytm used to have over 69% of the Kirana shop market. The poll also uncovered another shocking fact regarding the level of trust that local retailers have in Paytm. Some 42% of Kiranas have shifted to utilizing different payment apps, and 20% more have said they plan to do so soon. Among merchants that have implemented or are considering implementing alternative payment apps, 50% have opted for PhonePe, 30% are leaning towards Google Pay, and 10% are leaning towards BharatPe.
Paytm company has become the talk of the town these days as RBI is cracking down on its business operations. Those in the know say that the Reserve Bank of India’s technical audit exposed accounting and supervisory issues caused by data and money traffic flows between the highly regulated Paytm Payments Bank Ltd. and the rest of the Paytm universe. According to those who asked not to be named since the issue is private, the regulator had previously notified Paytm about these problems, but they have not been remedied.
Those in the know also alleged that the regulator became concerned about the bank’s and Paytm’s shared management structures. They noticed that the same group of senior executives were representing both the bank and the fintech firm as a whole, which raised concerns about possible biases.
Citing ongoing noncompliance and supervisory concerns, the Reserve Bank of India (RBI) issued an order to Paytm Payments Bank, a subsidiary of Paytm and 49% owner of the parent firm, on January 31, 2024, ordering it to cease operations, including its popular mobile wallet business. The part of the bank that handles payments for the massive Paytm brand was ordered by the regulator to cease all banking operations as of February 29.
Stock in the affiliated company, One 97 Communication, fell below 20% the day after the Reserve Bank of India (RBI) forbade Paytm Payments’ Bank from accepting deposits and conducting credit transactions, including top-ups, in any customer accounts, wallets, FASTags, or other instruments after February 29.
On the National Stock Exchange, the stock price plummeted 19.99%, reaching Rs 609. On the BSE, it dropped 20% to Rs 608.80, its lower circuit limit. Following many brokerages’ downgrades of the stock, the company’s market capitalization dropped 9,664 crore rupees to 38,664 crore rupees in early trade.
According to an analyst call by One97 Communications, the parent company of Paytm, the company is collaborating with partner banks to expand its financial services and payments business. The CEO and creator of Paytm, Vijay Shekhar Sharma, has stated categorically that the firm will reduce its reliance on its affiliate, Paytm Payments Bank.
“Marketing business services are not affected due to these directions,” Sharma said, adding that OCL and PPSL are already in the process of shifting nodal accounts to other banks. Companies will collaborate with major banks, according to Milind Deora, president and group financial officer, who also offers these services to other consumer-facing businesses.
Fintech Players Supporting Paytm
Despite RBI’s strong crackdown on the fintech firm, many fintech players have come out with strong support for Paytm. There has been a lot of support for the Paytm founder from other company founders and VCs.
Some members of the startup community have spoken out against the RBI, claiming that it has an unsupportive attitude towards financial technology companies.
Following a protracted period of non-compliance with central bank regulations regarding customer due diligence, fund usage, and technology infrastructure, the Reserve Bank of India (RBI) has decided to block new deposits into Paytm Payments Bank accounts and other popular digital wallets starting in March.
Co-founder of BharatPe Ashneer Grover vented his anger at the RBI in a tweet, calling the limits imposed on Paytm “Doglapan.”
Extending his disappointment, Grover wrote on X “I don’t understand RBI. Clearly RBI does not want FinTechs in business – of late all regulations / moves are against Fintechs. Such moves will kill the sector altogether. The @FinMinIndia @nsitharaman @PMOIndia need to step in. Startups have been biggest creators of market cap and employment in last decade. Today IIM and IIT are struggling to place people – we as a country cannot afford such overreach ! Tom-Tom-Ing @UPI_NPCI to the world and punishing pioneers in the space is pure ‘Doglapan’ !”
I don’t understand RBI. Clearly RBI does not want FinTechs in business – of late all regulations / moves are against Fintechs. Such moves will kill the sector altogether. The @FinMinIndia@nsitharaman@PMOIndia need to step in. Startups have been biggest creators of market cap…
The prime minister’s office, the finance ministry, and Nirmala Sitharaman, the finance minister, are among the important authorities that Grover urged to swiftly resolve the issue because such regulatory restrictions could hinder the expansion of fintech in India.
Capitalmind CEO Deepak Shenoy was shocked by the RBI’s judgment and drew comparisons to the bank’s handling of the Yes Bank issue.
Paytm Experiences an Effect of ₹300-500 CR EBITDA
According to brokerage Macquarie, Paytm Payments Bank’s capacity to provide loan and payment products and retain customers will be significantly hindered by RBI’s restrictions.
Macquarie analyst Suresh Ganapathy noted, “We think revenue and profitability implications in the medium- to long-term could be significant and remain a key item to monitor. I couldn’t agree more.”
The RBI is essentially taking away Paytm’s PPI (pre-paid instrument) license, according to Ganapathy, since there is no immediate plan to fix the issues.
“Lending partners may reevaluate their relationships with Paytm moving forward due to the company’s poor standing with the regulator,” he added further.
One97 Communications and Paytm Payments Services Ltd’s nodal accounts must also be terminated by February 29, according to RBI’s Wednesday announcement.
The Indian startup circuit has witnessed many astounding stories. The growth of many multinational companies has added to its worth and value as an ecosystem where everyone gets an opportunity to shine and rise. With the new era approaching, it is time to have a sneak peek into one of the most successful entrepreneurs, Vijay Shekhar Sharma. Well, if you are residing in India or if you have kept in touch with the Indian startup ecosystem, then you might have heard about Paytm. It is one of the first e-wallets and is still considered the representative of the Indian startup system in the e-wallet circuit.
Vijay Shekhar Sharma is a billionaire with a $1.2 billion net worth. Once, Sharma used to earn around Rs 10,000 a month when he was 27 years old and based in Aligarh. From the small town of Aligarh to being the head of one of the largest fintech companies focused on digital payments and wallet-based payments, the journey of Vijay Shekhar Sharma is as unique and interesting as it is inspiring.
So, let’s take a walk along the journey of Vijay Shekhar Sharma and get a glance at the key highlights of Vijay Shekhar Sharma’s Story, Education, net worth, obstacles & more.
Vijay Shekhar Sharma- Biography
Name
Vijay Shekhar Sharma
Born
8 July 1978 Aligarh, Uttar Pradesh, India
Citizenship
Indian
Education
B.Tech from Delhi College of Engineering (now Delhi Technological University)
Vijay’s story can be compared with that of Mahendra Singh Dhoni. Both of them came from small towns but were full of sheer determination and passion, and eventually brought about a big change in the system. In real life, Vijay is self-effacing and has no pretensions. He speaks from the heart. His colleagues love him because he is a genuine person who is kind to all. Talking about the Indian startup circuit, everyone loves him because he epitomizes startup resilience.
Vijay is further known for his love of rock music and rock concerts. The Paytm founder is also famous for his heartfelt speeches. Furthermore, he is a really cheerful person as a CEO and often takes the stage to deliver motivational speeches that are roaringly applauded both by the employees of Paytm and other audiences.
Whenever Vijay shared his life story, one would get the idea that he truly understands what it takes to succeed in the ever-changing and challenging world of entrepreneurship. He has been on the receiving side of the harsh times when one would have to toil hard with no guarantee of success. However, Vijay has a wonderful ability, which is to make others laugh because he admires his roots and failures.
The above-mentioned characteristics of Vijay make him one of the most charming CEOs in the country today. However, one must be aware of the fact that his self-effacing humour doesn’t take away Vijay’s staunch belief in inspiring change.
Vijay Shekhar Sharma- Overcoming The Tough Circumstances
Vijay was the third of four children born to school teacher Sulom Prakash and Asha Sharma, a homemaker. He has seen the tough life of the economically backward section of the country. When he was a 12-year-old kid who used to sport a chappal and visit his school, his batchmates had no money to afford a pair of slippers. After witnessing this, he wrote a poem expressing his bewilderment at the inequalities of life.
Vijay hailed from Aligarh, where he was based in a small town. Vijay was once considered an ineligible bachelor, earning around Rs 10,000 a month at the age of 27. Though the challenges tried hard to bring him down, he always had the ember in him to shine.
Sharma didn’t even have an educational background in English and was hence quite poor in the language. However, he didn’t shy away from it but taught himself English through rock music.
Vijay Shekhar Sharma was, nevertheless, quite inclined to literature, Hindi literature to be precise, since his early school days. He wrote many poems and even got some of them published. The Paytm chief recently shared on Twitter one of the poems he had written back in 1991 on August 6, 2022. The poem is titled “Vishwas Karo Karm Mein” and is motivational to the very brim, so much so that it strikes the right chords even with the netizens.
Just found my poem, from our school magazine published in 1991. 😊 I was in class 10 then. pic.twitter.com/84pVlrBGJw
Vijay was one of the two people from his village who went on to pursue engineering. Vijay holds an engineering degree from the prestigious Delhi Institute of Technology. As per Vijay, if one used to study in a Hindi-Medium school, he/she had to face many difficulties. A child reading in the 1990s framed Hindi-medium school rarely had access to books and coaching facilities! Therefore, Vijay realized he was alone on his path to success.
During his time at DTU, he expressed his life in a manner similar to the popular Bollywood movie Tare Zameen Par! That is, he could see the lips of his teacher moving, but he could not understand a single word! While preparing for the exams, he and his friends would read the answers and not know the questions because the questions were written in English. However, he conquered one of his greatest fears successfully!
Paytm, which was founded in August 2010, has always been highly valued as a company and features as one of the biggest digital payment services relied upon by merchants and users alike. Furthermore, it has recently witnessed one of the biggest IPOs in Indian history, which kickstarted on November 8, 2021. However, ever since the listing of Paytm shares, the company has witnessed some challenging drops in the share prices, which declined to a record low of nearly 37% to hit an all-time low of Rs 1,283 per share. Nevertheless, the shares of the company had finally seen a rise of 9% in prices, as reported on November 23, 2021.
Vijay Shekhar Sharma’s Paytm was recently barred by the RBI from onboarding new customers under its banking vertical, Paytm Payments Bank. This significantly affected Paytm’s performance on the share market. Right after the spreading of the news, the company’s shares tanked 14% to hit a new low of Rs 672 on the BSE in the intra-day trade on March 14, 2022. All of this started after it went for its public listing.
Paytm, which once commanded the market and looked forward to a magnanimous public listing with an issue price of Rs 2,150, has witnessed a considerable erosion of its value, which waned by 70%. As per the reports dated March 18, 2022, the Paytm Founder and CEO, Vijay Shekhar Sharma, has lost around Rs 88 crore daily after its stock market debut on November 18, 2022.
Paytm has seen a whole lot of controversies since the wake of the new year, 2022. Amidst the free fall of its shares that the fintech company is witnessing, reports of the arrest of the Paytm founder Vijay Shekhar Sharma were also circulated. Vijay Sharma was allegedly arrested and bailed on the same day, February 22, 2022, for hitting the vehicle of DCP (South Delhi) Benita Mary Jaiker. Though the fintech company and its founder are currently pitted against challenges on all sides, this too, will pass.
Vijay Shekhar Sharma- Converting The Obstacles Into Opportunities
Vijay Shekhar Sharma: Founder and CEO of Paytm and One97 Communications
The turning point in Vijay’s life came when he went to market one Sunday and picked up a Forbes magazine. He came to know about the success stories of mega-brands like Apple, Intel, and HP and how they became one of the biggest names in the startup circuit. Each of the companies had one thing in common: all of them were built from basement garages! Then, Vijay wanted to go to Silicon Valley. But, due to a lack of money and resources, that was never possible. Therefore, despite giving up, he taught me that even though Vijay couldn’t visit Silicon Valley, he could create one in India!
Hence, he started an internet company with his friend Hari during his college days in 1997. It was in their second year of college that Vijay started a company called XS Corps back in 1997. Both of them wanted to develop search engines, and they knew that the search engine would become the main attraction given the fact that the internet was taking giant strides in the technology circuit during that time. Reflecting on this, Harinder Takhar and Vijay Shekhar Sharma managed to build indiasite.net, which was made to serve as a search engine for a firm. After working on it strenuously for a period of 2 years, they managed to pull off a great deal and sold the website to US Lotus Interworks for a million dollars.
It was in the same year, early in his career, that Vijay Shekhar Sharma developed electronic itineraries for Jet Airways. He also made another website for India’s tourism department. In contrast to the other ventures in his professional career, where he was utterly serious, passionate, and dedicated, Sharma was really impatient when it came to studies. He often used to walk out of the examinations. I wanted to achieve a lot in a short span,” said Sharma.
Sharma’s company, XS Corps, was attempting to create a search engine in India. Though this idea could not be materialized then, due to the scarcity of funding, the company managed to create a content management tool, which helped several media agencies like Living Media and Express Group to host their content. In the final year of college, Sharma aimed to go for River Run Software, which offered the highest-paid job on campus. Sharma still has the memories of the interview day really fresh in his mind. It was one such occasion where he was under immense pressure, which was similar to some more instances. For instance, when he sat in front of Jack Ma or when he sat face to face with the RBI governor, it was the same inexplicable pressure that Vijay experienced.
XS Corps was acquired by a US entrepreneur in 1999 for $1 million of cash and some stocks. This gave him the opportunity to pay off his father’s debt, and in doing that, he left the job there. However, his parent insisted he join a real job, but his sheer determination towards developing a new company never allowed him to stay in the traditional job for a long period! Throughout his life, Vijay wanted to be a bird who had freedom; he never wanted to be a horse who ran the same track over and over again!
Hence, to pursue his dream, he founded One97 Communications in 2000 with an aim to create an online directory for people to access through SMS. Sharma managed to work on the idea and managed to expand other value-added services like live astrology, cricket, songs, and more. However, soon after, he realized that recovering money from telecom operators in India wasn’t as easy as it seemed. In his first tenure, he learned that cash flow matters, not profitability! With the lack of a collection team and mounting outstanding amounts, the company was on the verge of collapse, and Sharma again had to hit the roads for a new job in 2003.
This was because he was the victim of this cash flow problem, as his clients would never pay him on time. Sharma took up repairing computers against a daily wage and was forced to sell 40% of the company for Rs 8 lakh to his angel investor at that time. It was high time for Vijay as his sister’s marriage was coming up, and he wanted to secure that marriage. There was a big problem for the family as his father, even though he was clean on the loan defaulters sheet, was not granted a loan of 2 lakhs! Hence, by drawing inspiration, he developed Paytm, the platform that aimed to resolve the issues of the poor and economically backward sections of society. The platform was built for a shopkeeper or an auto-rickshaw driver who is never respected or liked by any financial institution.
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The platform has been synonymous with the rise of e-wallet in the country. The Paytm Payments Bank has become the first platform to offer a zero-balance account facility. This platform also offers UPI payments and shopping facilities. Paytm as a brand continues to rise in the modern-day era of e-commerce.
How to Be Fearless By Vijay Sharma – Founder of Paytm
Vijay Shekhar Sharma – Awards and Recognitions
Vijay Shekhar Sharma has received numerous awards and recognitions during his career, some of which are:
Received Best Serial Entrepreneur Award at Rural and Urban Development Summit 2022 from the Ministry of Housing and Urban Affairs, Govt. of India.
Forbes magazine has ranked me as the youngest Indian billionaire.
Vijay Shekhar Sharma was felicitated with the Yash Bharati Award, the highest civilian award from the Uttar Pradesh government.
He was ranked in the 62nd position in the Forbes list of the richest person in India in 2020.
He was listed as the youngest billionaire in India in 2017, with a net worth of $1.3 billion.
Time Magazine listed Sharma among the 100 most influential people in 2017.
Sharma was recognized by The Economic Times as the ET Entrepreneur of the Year for 2016.
He was also named the Dataquest IT Man of the Year in 2017.
Sharma was felicitated with an Honorary Doctorate from Amity University, Gurgaon, in 2016.
He received the title Businessman of the Year at the GQ Men of the Year Awards in 2016.
He also became the NDTV Indian of the Year in 2016.
Sharma also emerged as India’s Hottest Business Leader under 40, as recognized by The Economic Times in 2015.
Vijay Shekhar Sharma- An Inspiration
Vijay has been the face of the economically backward section of Indian society. Even though he came from a family that had financial issues, he was able to break the barriers and work for the betterment of society. Undoubtedly, Vijay is one of the biggest names in the Indian Startup circuit!
If you are an event organizer or a company planning a special event, you know how crucial it is to spread the word and attract attendees. In today’s fast-paced digital world, event listing portals have emerged as powerful platforms to promote and publicize events of all kinds.
By listing your event on these websites, you not only connect with their existing website traffic but also enhance the credibility of your event. However, you won’t be the only one taking advantage of this opportunity, as there are numerous other events also vying for attention.
Listing your event on event listing platforms in India holds great significance. People from all walks of life visit these portals daily to stay updated on the latest trends and happenings. By utilizing these platforms, you can reach a broader audience and generate interest in your event without incurring any additional costs or efforts.
In this article, we will explore some of the top event listing portals in India that can significantly boost the visibility of your event.
Facebook stands as one of the most ubiquitous and widely used social media platforms today, with nearly everyone actively engaged on this network. With over 2.8 billion active users worldwide, Facebook provides event organizers an unparalleled opportunity to connect with a vast and diverse audience. Given the extensive time people dedicate to surfing through Facebook, it becomes a natural hub for monitoring the happenings around us.
With its unparalleled user base, Facebook Events guarantees a far-reaching impact, offering unparalleled growth opportunities for businesses. Leveraging this platform for event listings opens doors to a wider audience, promising better visibility and enhanced prospects for your enterprise.
Yelp is an American multinational company, is renowned for its platform that offers comprehensive business reviews. However, Yelp’s usefulness extends beyond businesses, making it a valuable resource for event organizers as well. Within its website, there exists a dedicated section where you can create and share events with a vast audience.
By utilizing Yelp’s event listing portal, you can maximize the reach of your event by providing relevant and detailed information. Whether you’re hosting a corporate seminar or a community gathering, Yelp’s event listing feature ensures that your event gains the visibility it deserves.
Moreover, Yelp’s user-generated reviews further enhance its value for event planning. Potential attendees can gauge the quality of events by reading reviews left by previous participants, aiding them in making informed decisions about the events they wish to attend.
Book My Show
Website
www.bookmyshow.com
DA
92
PA
68
Type
Paid
BookMyShow
BookMyShow is a well-known and popular event listing platform in India. It is a comprehensive online entertainment ticketing platform that provides users with easy access to book tickets for various events, including movies, concerts, sports events, theater performances, and more. With a vast network of partnerships with event organizers, BookMyShow offers a one-stop destination for users to discover and book tickets for a wide range of entertainment options.
On BookMyShow, event organizers can list their events, allowing them to reach a massive audience of potential attendees. For users, BookMyShow provides a convenient way to explore upcoming events, view event details, and purchase tickets securely. The platform often features user reviews and ratings for events, helping others make informed decisions about the events they plan to attend.
Times Of India is one of the most prominent national daily newspapers. The event section of it is quite popular as well. There is a separate portal for events available in both the print as well as e-newspapers. You can also search manually if you are using the online mode. You can also get regional-based events available. Since newspapers are widely consumed media, this will help you to get easily noticed throughout the country.
Paytm Insider is a popular and widely used event listing platform in India. It serves as a comprehensive hub for discovering and booking tickets to a diverse range of events, including concerts, comedy shows, sports events, theater performances, workshops, and more.
For event organizers, Paytm Insider provides a valuable platform to list and promote their events, allowing them to reach a large and engaged audience. Users can explore upcoming events on Paytm Insider, view event details, read reviews and ratings, and securely book tickets for their preferred events. The platform often offers exclusive deals and discounts, enhancing the overall user experience and attracting more event-goers.
Indiaeve is a prominent event listing platform in India that offers a comprehensive space for discovering and promoting various events across the country. Designed to cater to a diverse range of interests and preferences, Indiaeve serves as a one-stop destination for event organizers and attendees alike.
For event organizers, Indiaeve provides an ideal platform to list and showcase their events to a wider audience. Whether it’s concerts, art exhibitions, workshops, sports events, or cultural festivals, Indiaeve allows organizers to reach out to potential attendees and effectively promote their events.
Attendees can explore a plethora of upcoming events on Indiaeve, including detailed event information, dates, venues, and ticket booking options. The platform’s user-friendly interface facilitates easy event discovery and ticket booking, ensuring a seamless experience for event-goers.
Eventbrite is a leading global event management and ticketing platform that enables event organizers to create, promote, and manage various events. From small gatherings to large conferences, Eventbrite caters to a wide range of events across different industries and interests.
With Eventbrite, you can create your event listing page that comes with a built-in payment, processing, and support system. You can manage your guest list with a simple set-up process at ease. It is also accessible on any device that will enable you to operate anywhere and at any time.
Townscript
Website
www.townscript.com
DA
51
PA
46
Type
Free
Townscript
Townscript is among the best event listing portals in India. From small local gatherings to large-scale conferences, Townscript caters to a diverse range of events across different industries and domains.
This enables the company to list their event and do the needful as well. You can get your event ticketing and registration. It also makes it hassle-free to sell event tickets online. It supports all the small, medium as well as big events that you want to host.
Hook 2 Events
Website
www.hook2events.com
DA
29
PA
52
Type
Free
Hook2Events
Another social platform like Facebook, Hook2Events provides a unique and stylish way than many other event listing portals in India. It engages the company to create, manage, publish, promote and share events and activities around the country. This site has already partnered with TIECON, RAI, IITs, IIMs, Rotary club and others.
Explara
Website
In.explara.com
DA
61
PA
53
Type
Free
Explara
Explara gets you the best way to monetize your business through various events, community, and online selling as crowdfunding. From corporate conferences and workshops to music concerts and cultural festivals, Explara caters to a wide range of events, making it a valuable resource for event planning and ticketing. The website of Explara has displayed its growth graph that contains the data for the existing decade. This makes it a reliable one among all the event listing portals in India.
MeraEvents
Website
www.meraevents.com
DA
56
PA
27
Type
Free
MeraEvents
MeraEvents is a prominent event listing and ticketing platform in India. MeraEvents provides event organizers with a comprehensive platform to list and promote their events, reaching a vast audience of potential attendees. The platform covers a wide range of events, from professional conferences and workshops to entertainment shows and cultural festivals.
For attendees, MeraEvents offers a user-friendly interface to discover and book tickets for their preferred events. Users can access event details, view ticket options, and securely make purchases, simplifying the event registration process.
Events Near Here
Website
www.eventsnearhere.com
DA
43
PA
49
Type
Free
Events Near Here
EventsNearHere is an event listing website that provides comprehensive information about events happening in various locations. It serves as a valuable resource for event organizers and attendees alike, featuring a wide range of events, including concerts, workshops, art exhibitions, sports events, and more. The platform allows event organizers to list their events and provides users with a convenient way to discover local happenings and access event details.
Conclusion
India boasts a plethora of exceptional event listing portals that have revolutionized the way events are planned, promoted, and attended. From the convenience of online ticketing to the vast reach of social media integrations, each platform offers unique features that cater to diverse event organizers and attendees.
Whether you’re a professional event organizer, an aspiring performer, or an enthusiastic attendee, these best event listing portals in India offer something for everyone. With their user-friendly interfaces, vast reach, and robust features, these platforms have redefined event experiences, bridging the gap between organizers and their audience. So, take your pick, list your event, or explore the exciting lineup – let the magic of events unfold with the best event listing portals in India!
FAQs
What are event listing portals?
Event listing portals are online platforms that allow event organizers to showcase and promote their events to a wider audience.
Where can you post an event?
Events can be posted in various event listing portals. Those portals are:
Facebook Events
Book My Show
Explara
Hook 2 Events
Townscript
Eventbrite
Indiaeve
Paytm Insider
Yelp
Why should I use event listing platforms to promote my event?
Event listing platforms offer numerous benefits, including increased event visibility, wider audience reach, and streamlined ticketing and registration processes. By utilizing these platforms, you can effectively market your event, attract more attendees, and enhance its overall success.
Who founded Eventbrite?
Eventbrite was founded by Julia Hartz, Kevin Hartz and Renaud Visage.
How do event listing sites help attendees find events of interest?
Event listing sites provide users with a comprehensive database of upcoming events, offering detailed information about event dates, locations, ticket prices, and event categories. Users can easily search and filter events based on their interests, ensuring they find events that match their preferences.
Who founded BookMyShow?
BookMyShow was founded by Ashish Hemrajani, Parikshit Dar and Rajesh Balpande.
Are event listing portals safe for online ticket purchases?
Yes, reputable event listing portals use secure payment gateways to ensure safe and protected online ticket purchases.
How can I choose the best event listing website for my event?
To choose the best event listing website for your event, consider factors such as your event’s category, target audience, budget, and desired features. Assess each platform’s offerings, user reviews, and reach to make an informed decision that aligns with your event’s specific requirements.
There are over a billion successful startups in the world, every startup strives hard to be successful and reach the top, but only a few make it to the list of most valuable startups in the world.
Being the most valuable startup is a perk in itself because the funds they possess happen to be much more compared to their rivals and other companies giving them an extra edge to grow.
Here’s a list of the Top 15 Highest Valued Startups in the world:
Kohlberg Kravis Roberts, SoftBank Group, Sequoia Capital, General Atlantic, and Hillhouse Capital Group.
Products and services
Toutiao, TikTok, BuzzVideo, Vigo Video, Helo, Xigua Video
Lark, Babe
Valuation
$300 Bn (2022)
Bytedance Founder | Zhang Yiming
Bytedance is the most valued startup in the world with a current valuation of $300 billion.
ByteDance Ltd. is a Chinese multinational internet technology company headquartered in Beijing, ByteDance was founded by Zhang Yiming in 2012. ByteDance operates a range of content platforms that inform, educate, entertain, and encourage people across languages, cultures, religions, etc.
ByteDance is the parent company of famous video-sharing social networking services TikTok and Vigo Video and many more, where the infamous app Tiktok crossed 2.6 billion downloads globally on the App Store and Google Play. As of now, it has over 1 billion monthly active users worldwide.
Bytedance is also the parent company of Toutiao which is a news aggregator app that uses AI algorithms to track the habits of the reader and deliver relevant content.
Kuaishou is a short video social platform that is not much popular in western countries. It is a short video-sharing platform that has over 363.4 million daily active users and 626 million monthly active users in 2022. It is listed on most downloaded apps on google play and apps store outside of china, Kuaishou is often referred to as Kwai in overseas markets.
Kuaishou was founded by Su Hua and Cheng Yixiao in march 2011. The direct competitor of Kuaishou is the infamous app Tiktok.
Warburg, Carlyle Group Inc, General Atlantic, Silver Lake Partners LP
Products and services
Online payments platform services, money market fund, Zhima credit, and more
Valuation
$70 Bn – $151 Bn (2022)
Ant Group Founder | Jack Ma
Ant Group is an affiliate company of Chinese e-commerce giant, Alibaba. Previously known as Ant Financial and Alipay, Ant Group is the owner of the largest digital payments platform, Alipay, in China. The latter boasts of serving around 80 million merchants and approximately 1.3 billion users worldwide.
The company is currently valued between $70 billion and $151 billion.
Greylock Partners, SV Angel, Sequoia Capital, Keith Rabois, Ashton Kutcher, Elad Gil, Jeremy Stoppelman, Y Ventures
Products and services
Lodging and Hospitality
Valuation
$57.54 Bn (2022)
Airbnb Founders | Brian Chesky, Joe Gebbia, and Nathan Blecharczyk
Airbnb is nothing but an accommodation marketplace that provides access to over 6 million unique places to stay comfortably and at their leisure in 220+ countries and regions. The company does not own any of the real estate listings, it just acts as a broker and earns a commission from each booking.
Airbnb was founded by Brian CheskyJoe, Gebbia Nathan, and Blecharczyk in August 2008. Airbnb’s valuation dropped to $57.54 billion in 2022 from $130 billion (2021).
Stripe Founders | Patrick Collison and John Collison
Stripe is an online payment processing platform for internet businesses. Stripe provides an API to web developers so that they can integrate payment processing on their websites and mobile applications. Stripe was founded by Patrick Collison and John Collison in 2009 in San Francisco, California, and the United States.
Stripe allows other companies to receive payments over the internet with the help of its platform. Square, Adyen, PayPal, WePay, etc are the competitors of Stripe. As of 2022, 8,000 employees are working for the company.
Google, Fidelity, Draper Fisher Jurvetson, Founders Fund, Valor Equity Partners, and Capricorn.
Products and services
Launch vehicles, rocket engines, Dragon capsules Starship (in development), Starlink, ASDS landing platforms, Orbital rocket launch
Valuation
$127 Bn (2022)
SpaceX Founder | Elon Musk
It’s no surprise that SpaceX made it to the list of the top 10 most valuable startups in the world. SpaceX is a private American aerospace manufacturer and space transportation services company that manufactures rocket engines and thrusters. SpaceX has developed several launch vehicles and spacecraft.
SpaceX was founded by Elon musk who also owns Tesla and PayPal, he founded SpaceX on 6 May 2002 which is now headquartered in Hawthorne, California, United States. SpaceX became the first private space company to launch humans into space. The main aim of SpaceX is to reduce space transportation costs and colonize Mars.
Taxi, Express, Premier, Luxe, Bus, Designated Driving, Enterprise Solutions, Bike Sharing, E-bike Sharing, Automobile Solutions, and Food delivery
Valuation
$17.91 Bn (2022)
Didi Chuxing Founder | Cheng Wei
Didi Chuxing is a world-leading mobile transportation platform. DiDi provides automobile services, including sales, leasing, financing, maintenance, fleet operation, electric vehicle charging, and co-development of vehicles with automakers. Didi uses artificial intelligence technologies and machine learning to optimize the dispatch system and route planning services of the platform.
Didi is similar to the transportation service Uber, but it offers cheaper rides than Uber, DiDi platform provides over 10 billion passenger trips a year. The subsidiaries of Didi include 99, Uber (China) Ltd, DIDI Bus, Xiaoju, Automobile Solutions Co., AssureSec, Qingju Bike, Shanghai Dahuangfeng, Network Information Technology Co. Ltd, Shanghai Shiyuan Technology Co., Ltd.
Klarna, Sweden
Startup Name
Klarna
Headquarter
Stockholm, Sweden
Industry
Online payments, fintech, financial services
Founders
Sebastian Siemiatkowski, Niklas Adalberth, and Victor Jacobsson
Founded
2005
Investors
Sequoia Capital, Silver Lake, Bestseller Group, Dragoneer, Permira, Visa, Ant Group
Klarna Founders | Sebastian Siemiatkowski, Niklas Adalberth, and Victor Jacobsson
Klarna is a Stockholm, Sweden-based fintech company that offers online payment services to empower digital payments like payments for online storefronts and other direct payments, including post-purchase payments.
In 2021, it raised funds valued at $639 Mn led by Softbank Vision Fund II and some other investors, which had shot its valuation to $46 Bn. But Klarna’s valuation dropped to $6.7 Bn from $45.6 Bn in July 2022.
Andreessen Horowitz, Greenspring Associates, Temasek Holdings, Tencent Holdings, Greylock Partners, Tiger Global Management, Index Ventures, Meritech Capital Partners, and Kleiner Perkins
Products and services
Games and Roblox
Valuation
$15.18 Bn (2022)
Roblox Corporation Founders | David Baszucki, and Erik Cassel
Roblox Corporation is a video game developer from America with headquarters in San Mateo, California. Roblox Corporation is best known for developing Roblox, an online gaming platform and game creation system, in 2006.
Roblox’s valuation dropped to $15.18 billion in 2022 from $41.9 billion (2021).
Grab is a multinational ride-hailing company based in Singapore. It operates in South Asian countries and it is dubbed as its region’sfirst Decacorn (a startup with a valuation of over $10 billion). It provides services like transportation, on-demand delivery, and financial services on a single mobile platform.
Canva online and app for graphic designing, Canva Pro, Canva for Enterprise
Valuation
$26 Bn (2022)
Canva Founders | Melanie Perkins, Cliff Obrecht, and Cameron Adams
Canva is a graphics design platform founded by Melanie Perkins, Cliff Obrecht, and Cameron Adams in Perth and headquartered in Sydney, Australia. The users can use this platform to design their website banners, presentations, social media, documents, or any other visual content online or through the Canva app. Canva also provides a wide range of templates for free. Furthermore, the app also offers paid subscriptions like Canva Pro and Canva for Enterprise containing a broad spectrum of additional content and other functionalities.
Instacart Founders | Apoorva Mehta, Max Mullen, and Brandon Leonardo
Instacart is a popular grocery delivery and pick-up service renowned for its services in the USA and Canada. With the wide range of grocery retailers that Instacart collaborates with customers need not wait for too long to order their groceries online and shop smoothly and conveniently with the help of a personal shopper.
Ali Ghodsi, Andy Konwinski, Ion Stoica, Matei Zaharia, Patrick Wendell, Reynold Xin, and Scott Shenker
Founded
2013
Investors
Microsoft, Andreessen Horowitz, Alkeon Capital Management
Products and services
Helps in pulling data from Azure Blob Storage, AWS S3, Azure SQL Data Warehouse, Azure Data Lake Store, and numerous other NoSQL data stores
Valuation
$38 Bn (2022)
Databricks Founders | Ali Ghodsi, Andy Konwinski, Ion Stoica, Matei Zaharia, Patrick Wendell, Reynold Xin, and Scott Shenker
Created by Apache Spark, Databricks is an enterprise software company that acts as a web-based platform that works with Spark, thereby offering automated cluster management services and IPython-style notebooks. Some of the open-source projects that the company has created include Delta Lake, MLflow, and Koalas, mostly spanning data engineering, data science, and machine learning.
AI Center Action Center Apps, Assistant Automation Hub, Automation Platform, Document Understanding Insights, Orchestrator Process Mining, StudioX Test Suite
Valuation
$6.89 Bn (2022)
UiPath Founders | Daniel Dines, and Marius Tîrcă
The Romanian company UiPath is a global software company headquartered in New York City, USA. UiPath uses Robotic process automation (RPA) and monitors user activities, to help automate repetitive tasks in both the front and the back ends of companies. UiPath’s automation is including but is not limited to customer relationship management.
Banking services including GBP and EUR bank accounts, debit cards, fee-free currency exchange, stock trading, cryptocurrency exchange, and peer-to-peer payments
Valuation
$33+ Bn (2022)
Revolut Founders | Nikolay Storonsky, and Vlad Yatsenko
Headquartered in London, England, Revolut is a financial technology company that offers banking services. Revolut offers a wide range of services including accounts featuring currency exchange, debit cards, virtual cards, Apple Pay, interest-bearing “vaults”, commission-free stock trading, crypto, commodities, and more. Founded in 2015 Revolut has shown incredible growth throughout the years and expanded to various markets across countries including Japan. Furthermore, it has also been successful in amassing around 3500 employees, who work for the organization.
With $5.10 billion, as estimated in November 2020, Revolut emerged as the UK’s most valuable fintech. The company is presently valued at $33+ billion, which makes it Europe’s most-valued startup, surpassing Checkout.com.
Conclusion
This is the list of the Top 15 Highest Valued Startups in the world. Hope you have enjoyed reading it. Feel free to let us know what you think about our content and also mention any more content ideas that you think might be helpful for readers, budding startups, entrepreneurs, and other individuals!
FAQs
Which is the most valued startup in the world?
With over $300 billion valuation, ByteDance – the parent company of TikTok, is the most valued startup in the world.
Which types of startups are most profitable?
Some of the most profitable startups are:
E-commerce
Business Consulting
Tech Support and Consulting
Real Estate
Online courses
Website, Logo, and Graphic Design Services
What types of startups are in demand?
Some of the startups in demand are:
Vehicle Renting Services
Trucking & Delivery Services
Food Delivery Services
Grocery Delivery Services
Vacation Rental Services
Learning Apps
Do 90% of startups fail?
Yes, 90% of startups fail. Only a few startups are successful by overcoming the obstacles and challenges on their way.
The startup industry in India is growing faster than we could have imagined. They are now paving a new way for the future of India. Some popular startups that caught the eyes of everyone in the past few years are Zomato, BYJUs, Nykaa, and more. These are living proof of the evolution of startups in India.
These startups have been able to provide solutions to many of our problems. Along with this, they have been able to make huge progress for themselves as well. The startups in India are now generating a great amount of revenue and an increase in terms of their valuation.
The last two years have been full of ups and downs. The time has been mixed with old and new ideas. Many businesses could not cope well during the pandemic. On the other hand, many were able to reach their prime time. The Indian startup industry has grown in the past two years like never before. Startups like BYJU, Zomato, Nykaa, and more made India proud by entering the unicorn club.
Thanks to technology, continuous innovations, and passion for entrepreneurship, India is now the third-largest home for unicorn startups in the world with almost 100+ unicorn startups already established and many more are on the way to becoming unicorn startups.
Startups in India can secure a strong foot in India now due to new terms and policies installed by the government as well as the development faced by the Indian startup ecosystem. The startups in India have become the most potential eye-catchers for investors. With great funding at proper times, startups have been able to progress at a faster pace.
Here is the list of all Indian Unicorn Startup with their revenue, profit, and valuation:
Nykaa’s CEO and Founder Falguni Sanjay Nayar- StartupTalky
It is an Indian e-commerce platform launched in the year 2012 by Falguni Nayar. The company sells its products through three channels- website, app, and offline stores. It offers a wide variety of beauty, wellness, and fashion products.
Nayar made her company the first Indian unicorn startup led by a woman in 2020. The Firm Nykaa has revenue of INR 2,440 crores, in 2021. It has also announced revenue of INR 3,773 crores FY 2022.
This year in Q2 FY23, Nykaa’s net profit has reached 344% Y-o-Y to Rs. 5.2 crore. The company has also reported a 39% increase in its revenue which is Rs.1230 cr.
2. Swiggy
Revenue: INR 2,547 Crores in FY2021
Swiggy’s CEO Sriharsha Majety- StartupTalky
It is an online food ordering and delivery platform based in India. The Swiggy startup was started in the year 2014. The platform’s services are active in more than five hundred Indian cities like Delhi, Mumbai, Jaipur, etc.
The platform has taken a tech approach to handle logistics and provide solutions to customer demands. Swiggy generated revenue of Rs. 2,547 cr in FY21. This number was a 23% drop from their previous financial year 2020.
3. Zomato
Revenue: INR 4192.4 crore in FY2022
Zomato – A food delivery startup
It is an online food ordering and delivery company founded in the year 2008. From menus to reviews the platform provides you with all the information about its partnered restaurants and gets your delicious food delivered to your doorstep.
It was the first Indian startup to make its debut in the stock market. The Zomato Unicorn is considered one of the most successful startups in India with a revenue of INR 4192.4 crores, in Financial Year 2022. It has also announced its gross order value of INR 5,500 crores in Q3 FY 2022.
The above graph shows India’s Unicorn surge with its aggregate valuation.
4. BYJU’S
Revenue: INR 3,039.45 Crores in FY 2022
BYJU’S – The ed-tech startup
It is a global ed-tech startup founded in India in the year 2011. The platform is known to provide adaptive, engaging, and effective learning solutions to its students around the world. Online coaching has the school’s curriculum as well as training for exams like JEE, IAS, GRE, etc.
This education startup earned the status of the 13th largest unicorn in the world as per CB insights in December 2021. The startup BYJU’s had revenue of INR 3039.4 crores as of FY 2022.
5. Paytm
Revenue: INR 4,846 crores in FY 2022
Paytm – The Financial service providing startup
It is an Indian multinational technology startup that provides a digital ecosystem for consumers and merchants. Paytm was founded in the year 2010. The company offers payment services, commerce and cloud services, and financial services.
It enables users to make quick and safe UPI payments, book movie tickets, EMI payments, and more. This top Indian startup has a revenue of INR 3,187.6 crores for FY21. It has also generated revenue of INR 4846 crores in FY2022.
OYO – A full-stack technology providing a global platform startup
It is an Indian multinational online travel agency for homes and hotels. It was founded in the year 2012. The OYO platform offers hotel rooms at affordable rates all across South Asia. It also offers services like complimentary breakfast services, holiday packages, rewards, etc.
The platform has made travel experiences for people easy and reasonable. It has a revenue of INR 4,157 crores, in 2021.
7. Udaan
Revenue: INR 8450 Crores in FY 2022
Udaan – A trade processing startup
It is a network-centric B2B e-commerce platform founded in the year 2016 in India. The startup helps traders, manufacturers, and wholesalers to connect directly in one place. Udaan startup also facilitates secure payments and smooth logistics.
Udaan has been successful in solving the problems of trade for businesses across India. It has a revenue of INR 5,919 Crores in FY 21. However, in FY22 Udaan has shown Rs.8450 cr in revenue with a loss reaching Rs.3030 cr which is 22.1% more compared to the FY21 loss of Rs. 2482.
8. Digit Insurance
Revenue: INR 5,268 Crores in FY 2022
Digit Insurance – An insurance-providing startup
It is an operator of an insurance brokerage firm founded in the year 2016 in India. The Digit Insurance company offers insurance for commercial and non-commercial vehicles, property, and travel.
Digit Insurance is one of the leading insurance companies in the nation enabling clients to make informed decisions and get themselves insured. It has a revenue of INR 5268 crores in FY22.
9. PharmEasy
Revenue: INR 4363 Crores in FY21
Pharmeasy – The online drug/medicine delivery startup
PharmEasy is an Indian e-pharmacy startup, founded in the year 2015. PharmEasy sells medicine and healthcare products, along with that it also connects local clinics to medical stores for health equipment supply.
In order to expand business PharmEasy has started connecting doctors to patients online and jumped into Lab testing operations now. Though PharmEasy total revenue has increased 48% to Rs 6,461.1 crore in FY22 from Rs 4,363.2 crore in FY21.
But it’s a loss that has been widening. The company has now started to take steps to make it profitable in the coming years despite having fierce challenges from its competitors.
10. Dream11
Revenue: INR 2,554.4 Crores for FY2021
Dream11 – A fantasy sport startup
It is a fantasy sports platform based in India, founded in the year 2008. Dream11 startup enables users to play fantasy sports like cricket, kabaddi, hockey, basketball, and football.
This has been the first Indian gaming company to become a unicorn. The gaming startup has revenue of INR 2554.4 crores for the Financial Year 2021.
Conclusion
The startups in India have seen massive growth in the past decade. Many startups were able to attain the status of unicorn in recent times making India the third-largest hub for unicorn startups in the world.
India has always been famous for its successful talent in technology, medical fields, and more. Now, the nation is shining bright with its batch of growing startup industry.
FAQs
What is a Unicorn company in India?
A unicorn company stands for the term for any privately owned company having a value of more than $1 billion.
Which city has the most startups in India?
At present times, the city of Bengaluru claims the position of the Indian city having the most number of startups in India.
Is BYJUS profitable?
No, the ed-tech platform BYJUS is highly appreciated for the introduction of a new concept in the world of education. It is counted among the most profitable unicorn in India.
Are Indian unicorns profitable?
India contains more than 100 unicorns on its record. However, not every unicorn is counted as a profitable company. It is estimated that out of 100 only 18 unicorns are profitable.
Which is the biggest startup in India?
India is home to many valuable startups. Some of the biggest startups in India are Urban Company, Paytm, Classplus, Razorpay, etc.
Noida is positioned midway between Ghaziabad & Delhi. It was mainly constructed across the Yamuna River in the mid-1960s as a technologically advanced city. Its populace grew dramatically over the last 20 years, and the town has a citizenry of over seven million folks.
The realtors are constructing cutting-edge workspaces to allure investors. It has grown as the most important home market in the NCR region. Several multinationals have established themselves in Noida. Experts from India travel to the region to hunt for cushy careers and new businesses.
It’s no longer a cliched urban city but the epicenter of India’s upsurge as a worldwide financial powerhouse. It is a popular destination for fresh-faced experts and firms. It has grown into a booming metropolis of successful startups. Now let us focus on a few of its most promising startups. So let’s dive right in.
It’s a globalized tech organization in India specializing in fintech, e-commerce, & financial services. Presently, it’s accessible in 11 Indian dialects. Paytm provides internet services such as cellphone recharges, paying bills, trips, cinema tickets, and occasion reservations. In-store payouts using the QR code are another facility.
Details of the Company:
Name: Paytm
Founded: 2010
Founder: Vijay Shekhar Sharma
Industry: E-commerce and Finance
Headquarters: B-121, Sector 5, Noida, Uttar Pradesh, India
Number of employees: 15,665 (2021)
Rivals: Paypal and GPay
Website: paytm.com
2. Awon Gamez
Awon Gamez Website
It’s a framework for fictional video games. They want to provide gamers with a one-of-a-kind gameplay experience. Players can form communities to share stories, and contests, and win. They intend to develop a mono multi-gaming tool from which myriad games could be installed. In their leisure moments, family members can try all sorts of smartphone games.
Details of the Company:
Name: Awon GameZ
Founded: 2020
Founder: Amardeep Bajpai
Industry: Gaming
Headquarters: Express Trade Tower, B Block, Block A, Sector 132, Noida India
Number of employees: 11-50 (2021)
Rivals: Dream11 and TreePlanet
Website: a1games.in
3. Pine Labs
Pine Labs Website
It’s a vendor app firm based in India that specializes in providing funding & last-mile e-commerce tech. Pine Lab Business has developed from a provider of oil mechanization sales alternatives to a provider of billing offerings for vendors. It operates a vendor app and develops tools for PoS machines. About 350,000 PoS stations in India are powered by their platform.
It’s an online store firm specializing in Business – to – business industrial supply sourcing. They buy MRO, electronic parts, cleanup, household chores equipment, workplace stationaries, equipment, power drills, & a variety of other industry necessities. Moglix proudly offer world-class assistance and cultivate good client ties. Their idea is to make a unique technology platform tailored to market participants’ varying requirements.
Details of the Company:
Name: Moglix
Founded: 2015
Founder: Rahul Garg
Industry: B2B service, e-commerce
Headquarters: D-188, Sector-10 Noida, India
Number of employees: 959 (2022)
Rivals: Saltside Technologies and Elo7
Website: moglix.com
5. FarEye
FarEye Website
It’s enhancing supply chain coordination and leads to high-quality solutions. Its cutting-edge supply chain software platform supplies previously unseen efficiencies to dozens of people worldwide. FarEye platform aims to strengthen operational efficiencies, predictability, and organization. They have created a strong framework that top multinationals have incorporated.
Details of the Company:
Name: FarEye
Founded: 2013
Founder: Kushal Nahata, Gautam Kumar
Industry: Logistics
Headquarters: Tower B, Sec-127, Noida, India
Number of employees: 1000+ (2022)
Rivals: FourKites and Shippeo
Website: getfareye.com
6. Innovaccer
Innovaccer Website
It’s assisting medical professionals in constructing the fate of wellbeing. Its purpose is to integrate and collate all of the globe’s medical data to make it more accessible.
It wished to create a framework that would enable medical professionals to acquire a 360 ° view of their clients and thus improving treatment performance and cost. The Health Cloud of Innovaccer accomplishes this by combining an inclusive DAP and implementation toolkit with a large collection of app features and solutions.
Details of the Company:
Name: Innovaccer Incorporation
Founded: 2014
Founder: Abhinav Shashank, Kanav Hasija
Industry: Meditech and Healthcare
Headquarters: Candor Techspace, Block B, Sector 62, Noida, India
Number of employees: 750 (2021)
Rivals: Smile CDR and Enli
Website: innovaccer.com
7. Classplus
Classplus Website
It’s an Education technology firm that is revolutionizing education. They provide educators with technological tools to assist them in planning. Mentoring establishments can get their app thanks to their industry-first single interface. This enables them to handle all of their duties and reach mil of undergrads using Classplus’ cutting-edge tech.
Headquarters: Plot No. 1, Film City, Sector 16A, Noida, India
Number of employees: 899 (2022)
Rivals: Schoology and GoReact
Website: classplussapp.com
8. Addverb
Addverb Website
It’s a multinational robotics firm. Their goods use cutting-edge technology to boost the precision and effectiveness of intralogistics processes. Through their exclusive crafted hardware & reliable software, they have activated the potentialities of automation machines. This helps in making rapid progress in the field of robotics automated processes.
Details of the Company:
Name: Addverb Private Technologies Limited
Founded: 2016
Founder: Satish Kumar Shukla, Sangeet Kumar, Prateek Jain, Bir Singh, Amit Kumar, Neeraj Sharma
Industry: Automation
Headquarters: D-108 Sector 2, Noida, India
Number of employees: 500-1000 (2022)
Rivals: Falcon Autotech and CKF Systems
Website: addverb.com
9. Super plum
Superplum Website
The Frederator is a new and distinctive cold storage remedy for fresh fruit yield. This vessel, which can be connected to any 24-foot lorry, can move 4-7 tonnes of fruit from the ranch while keeping it new for up to 4 weeks. It opines that fruits should be consumed in their natural state – organic, sweet, and luscious. Shobhit Gupta established it in 2019.
It’s a hotel and trip SaaS business that delivers alternatives to resorts, flights, tourism services, meta-search firms, and other businesses. It’s the only trip portal firm that offers all aspects of the tourism and catering industries. This is accomplished through real-time intellect, access to the biggest demand and supply channels, and focused SEO packages. Bhanu Chopra established it in 2004.
Headquarters: B-15, Block B, Sector 57, Noida, India
Number of employees: 630+ (2022)
Rivals: TripAdvisor and Traveloca
Website: rategain.com
11. Ingenium
Ingenium Website
For K-12 learners, it’s a meta-skill-based dynamic evaluation tool. It has functionalities like students’ progress assessment, attendance assessment, and so on. It sends routine alerts to interact with learners and parents through a specialized bulletin board, designs study material, and conducts live exams, among other things.
Papers, documents, and research papers can also be submitted as images or files. Aakash Gupta, Mohit Patel, Pramudit Somvanshi, and Saurabh Anand formed it in 2016.
It offers technology-based test preparation answers. They assist unskilled grads and undergrads with competitive test prep. Careers in the central and state govt, financial institutions, the LIC, the Reserve Bank of India, & other entrance tests are among them. ixamBee offer a free mock test for over 50 entrance tests. are some of their rivals.
Headquarters: A-31, Vyapar Marg, Block A, Sector 3, Noida, India
Number of employees: 25-50 (2022)
Rivals: EduGorilla and Toppr
Website: ixambee.com
Why Choose Noida for Startups?
Due to the huge abundance of high-paying white-collar employment and good facilities. It is preferred by many companies over Delhi because it is considerably cheaper without compromising quality. Lately, UIET Minister R.S. Prasad declared that the govt, in cooperation with the state govt of Uttar Pradesh, plans to develop it into a 2nd Singapore.
The government is unquestionably committed to enhancing the metropolitan area as among the forthcoming zones. It will undoubtedly become a larger startup center in the coming years. If you’re searching for a metropolis to help you bring your ideas to life, Noida could be the solution!
The above graph shows the sector wise distribution of emerging job opportunities in Noida because of budding startups
Noida happens to be a Fantastic Startup Center. It has many new budding startups established there with many more to come in the future. The above article has given an insight into some of its most well-known startup businesses. I hope that this list has provided you with useful information about such exciting new businesses. It is undeniably India’s fastest-growing metropolises.
FAQs
Which city in India has the highest number of startups?
The cities having the highest number of startups include names like Delhi NCR, Bengaluru, Chennai, Mumbai, etc.
Which is the IT hub of India?
Bangalore is termed the IT hub of India.
Which is the number 1 startup in India?
The number 1 startup keeps on changing with time. The most recent number 1 startup in India is Byjus.
Is Noida good for startups?
Noida provides several opportunities for young professionals and budding startups to evolve. Hence, Noida is considered a good place for startups.
Open Network for Digital Commerce (ONDC) was formed on 31st December 2021. However, the initial pilot phase of this program was launched on 29th April 2022. The target behind the introduction of this platform in India is to bring scalability and accessibility to the field of e-commerce.
The initial idea of ONDC came from the Piyush Goyal-led Department for Promotion of Industry and Internal Trade (DPIIT).
The project is moving forward under the leadership of T Koshy (CEO), who was a former partner at the consulting firm EY, along with a 9-member advisory council that consists of names like Nandan Nilekani, the co-founder of software powerhouse Infosys Ltd, National Health Authority’s RS Sharma and more.
Nilekani has also earlier helped the Indian government in developing Aadhar biometric ID system. As per him, ONDC is meant to democratize digital commerce in India.
As per a survey, India in 2021 had around 289.1 million digital buyers. This number is expected to increase and reach around 377.6 million in 2025.
Number of Digital Buyers in India
To date, the maximum share of eCommerce in India is in the hands of a few big companies. However, the growing number of buyers invokes the need of including small sellers from remote places to become a part of this huge market.
To help resolve this issue with the aim of bringing more retailers and sellers online government brought forward the concept of Open Network for Digital Commerce (ONDC).
Impact of ONDC on the E-commerce Industry of India
What is ONDC?
ONDC Logo
Before understanding how the government will implement this and what are its benefits, let us first understand clearly what ONDC is.
Until now, digital commerce across India is abiding by the platform-centric model. This means there are different platforms available online through which a seller can sell his product and a buyer can purchase them by registering on the same platform.
This means that the buyer and seller have to be on the same platform for an online deal to occur.
The idea behind ONDC is to bring e-commerce to the open network model instead of the platform-centric model. This will make e-commerce approachable for all types of buyers and sellers.
The idea is to bring the buyers and sellers from different platforms into each other’s approach without any of them having to register on the platform on which the other exists.
It will allow the buyers and sellers from different platforms to connect with each other, provided that both the platforms are linked to ONDC. This is similar to the role UPI plays in terms of transactions. UPI is a fitting example of the concept that ONDC is working on. This is because where UPI united the banking partners and the merchants/users, via a single unified platform connected through the mobile number, ONDC is pivoting on a similar concept that will unite the buyers, sellers, logistics providers aggregators, payment gateways, and more on a single platform, which will make buying and selling easier for everyone in the ecosystem.
Therefore, the ONDC network allows the buyer to connect with the seller and make transactions to settle the deal irrespective of which applications they are using for buying or selling the products.
UPI and ONDC | What’s the Difference?
Often during the ideation and the development of the ONDC product, we have heard people, businesses, and media placing ONDC and UPI systems side by side. While both the systems are based on a similar idea, which is to link people and make things in the Indian market easier, they are poles apart really in terms of the functionality, complexity, magnitude, people, segments and markets involved, and more.
For example, the UPI system was involved in the secure transfer of finances, the main objective of which was to facilitate the transfer of funds, and keep the same secure between banks, merchants and customers. However, when it comes to ONDC, the concept of ONDC does not involve a direct transfer of goods and services but is related to the same.
Besides, ONDC also has a list of subjective variables, which the UPI doesn’t have. For instance, ONDC has to look after the quality of the products being sold, onboarding sellers and shops, making the communication between them easier, overlook the reliability of both the sellers and the buyers, looking after the speed of delivery and more.
Also, when it comes to the UPI system, nothing was dependent on physical interaction, which stands in sharp contrast to the ONDC system, where the latter is significantly dependent on the offline steps after the matchmaking is done online.
The first option is to create its own website. This might require some technical support. Further, this is a cost-intensive process as it involves a lot of extra charges such as website creation and management costs, logistic charges, etc.
Also, even after the website is built and functional, the seller will have to invest a lot of money in advertising for his website in order to attract buyers.
The second option is to sell the products on aggregator platforms or so-called online marketplaces. Although this system appears quite convenient in comparison to building a website, it has its own issues.
The two top players in this field i.e. Amazon and Flipkart are both US-based companies. They keep a large share of profit in return for displaying and selling your products on their platform. In addition, sometimes, there have been complaints of brand preferences where these platforms are said to exhibit favoritism towards a few brands.
Moreover, sometimes these marketplaces collect data from the sellers and depending on the market inclination, introduce their own products, to stay ahead of the curve.
Another main concern associated with e-commerce is the lagging of small retailers, merchants, MSMEs, etc. Owing to the limited reach of e-commerce in small towns and villages, these small businessmen are deprived of the benefits associated with e-commerce.
Most of them have not been able to begin their online journey on these digital selling platforms due to restricted technical knowledge and the small number of options available.
To counter these problems and take digital commerce to a whole new level, ONDC has been formed. The aim is to make e-commerce reachable even for small retailers and merchants.
The ONDC platform is an idea that is focused on increasing 3 major things that most buyers and sellers dream of:
Discoverability – The ONDC platform will help both the buyers and the sellers maximise their discoverability.
Transparency – ONDC will offer clear visibility and the benefits of comparing everyone and everything that is listed on it. This will make things transparent enough for everyone and everything related to eCommerce.
Interoperability – The ONDC network will have the buyers, sellers, aggregators, delivery partners, logistics providers, and more, and all of them will be operating freely with each other, forming a stable and trustworthy network for maximum benefits.
How will ONDC impact the e-commerce industry in India?
The introduction of ONDC will encourage small retailers to step foot into e-commerce. ONDC will result in bringing separate buyer-centric and seller-centric apps that will be beneficial for anyone who is invested in e-commerce.
The new apps that may appear in the market can help resolve other issues for buyers as well as sellers. For example, it may help the sellers with logistics solutions while the buyers may be benefitted by shopping from the nearest available or cheapest store in town.
The main benefits expected out of ONDC are as follows:
Formalization and democratization of e-commerce.
Large scope for discovering prices and comparing them.
Auxiliary support and services for both buyers and sellers.
Enhanced business opportunities owing to the open platform.
Option to outsource for both buyers and sellers.
Reducing the monopoly of big shots in e-commerce.
Rational process of business.
Some of the areas/industries that ONDC is expected to disrupt are:
Cab services – Two major players driving the cab services in India are Ola and Uber. However, whether it is their drivers or the Indian customers, all are dissatisfied with the policies and the management of the companies. Here, the ONDC platform can come as a respite for the users, who can get the services they ask for at lower costs, while on the other hand, the cab drivers can freely sign in with ONDC to get a bigger and better reach.
Food delivery – The food delivery ecosystem of India has been largely controlled by Zomato and Swiggy, where both the customers and the restaurant providers are at the mercy of these two foodtech giants. Many restaurant partners have earlier thought of delivering directly, but they failed. The ONDC can now empower them better to bring in the change!
Quick commerce – Quick commerce, which is looked up to as the next big thing in India, was earlier in the hands of the Kirana stores, who were the original quick commerce players. However, they seemed to have lost the battle against the able quick commerce players like Zepto, Dunzo, Instamart, Blinkit, and more. This new initiative of ONDC can, therefore, gear up the Kirana stores and their owners to serve their customers faster and better.
For the first couple of years, ONDC has set a budget of Rs 150-200 crore, mentioned by T Koshy, in a report dated July 2, 2022. CEO Koshy said that it has already raised 85% of its funding for the first phase of the operation. The platform had earlier chosen 20 institutions and asked them to put Rs 10 crore each from their funds. It has been earlier reported that the ONDC platform has raised over Rs 155 crore with the help of some of the largest banks of India – SBI, Axis, PNB, HDFC, Bank of Baroda, and Kotak Mahindra Bank, and some of the financial institutions like NSE, NPCI, NABARD, and SIDBI. T Koshy has further specified that ONDC has got 17 such investors to fund them with Rs 10 crore each by March 31, 2022, while the remaining organisations will extend their funds to ONDC by August 2022.
Speaking about the ownership of ONDC, T Koshy mentioned that no investor would be allowed to hold more than 50% of the ONDC stakes.
Tracing the Growth of ONDC
The ONDC platform is on the brink of completion and pilot have already started in a selected list of Indian cities. A trial run of ONDC has been conducted in 6 cities in India including Bengaluru, Shillong, Lucknow, and Coimbatore.
ONDC Onboarding Grows!
With players like Walmart-owned Flipkart, Reliance Retail-backed Dunzo, Alibaba-backed Paytm, and more already joining the revolutionary platform, and Amazon willing to join it ahead, ONDC is already creating waves. Many other seller platforms, buyer platforms, logistics providers, and payment gateways are also signing up with the ONDC concept. As per the latest news, nearly 24 startups, like Meesho, and numerous other subsidiaries of Flipkart have joined ONDC. The ONDC platform is looking to onboard around 200 companies ahead, as per reports dated July 19, 2022. Snapdeal has already signed the agreement with ONDC earlier in July 2022, and will likely be integrating with the platform by the end of August 2022.
After Dunzo, another Reliance Retail-owned startup Grab joined the ONDC platform, as per reports dated August 1, 2022. 80% of Grab shares are currently owned by Reliance Retail. Grab is a 9+ years old startup that offers a wide range of services including on-demand, reverse deliveries services, and first and last-mile logistics to clients including FedEx, Blinkit, Paytm, BigBasket, Myntra, Amazon, and Swiggy.
Dunzo’s B2B logistics arm, Dunzo for Business (D4B) has collaborated with ONDC with an aim to provide last-mile delivery services to local enterprises on the ONDC network, as per reports dated August 5, 2022.
Microsoft has become the first international company to join the ONDC platform. The American software giant will reportedly bring a social commerce platform or one that will allow a group buying feature for its Indian users. This association would enable Microsoft to connect with Indian users without depending on any e-commerce platforms. This partnership with Microsoft reveals the credibility attached to the ONDC platform of India, mentioned T Koshy.
ONDC Inked MoU with the Small Industries Development Bank of India (SIDBI)
ONDC inked a Memorandum of Understanding with SIDBI to onboard small and medium-sized businesses on the ONDC platform, which would help ONDC improve ecommerce participation. Signed between the CMD of SIDBI Sivasubramanian Ramann, and the Managing Director and CEO of ONDC, T Koshy, this agreement would lead both the entities to encourage the MSMEs access the open network ecommerce platform.
The ONDC platform is not here to challenge the big players like Flipkart and Amazon. The ONDC CBO Shireesh Joshi confirmed that the platform will stay essentially as “eCommerce enablers helping the small retailers leverage the digitisation of commerce through our network.”
The penetration of the eCommerce industry has only been 4-5% so far, as per July 2022 reports. To boost the same by increasing the number of retailers is one of the main objectives of the ONDC network. Joshi further revealed that the bigger players like Flipkart and Amazon will reap major benefits if this objective is fulfilled.
The ONDC platform will be launched in 75-100 more cities in India by August-September and will be open to the public during the same time in 2022, mentioned T Koshy, the CEO of ONDC, as per the reports dated July 2, 2022.
Koshy has added that the ONDC will be opened to be public whenever it will find that there are enough sellers in a pin code area. Launching the service in these cities ahead will help the initiative lay a foundation on which the network can grow in the times upcoming, organically. The ONDC platform is expected to see a “hockey stick-like growth”. The CEO of the platform also pointed out that if it gains the support of the CSC SPVs (common service centre – special purpose vehicles), which are designed to spread the government’s e-services to rural areas and remote places, then that can help ONDC reach at least half of the Indian villages.
Marquee investors like Sequoia India and SoftBank have advised their portfolio companies to join the Open Network for Digital Commerce (ONDC), as per reports dated July 20, 2022.
ONDC Challenges
ONDC has come up as a revolutionary product that will transform the Indian market in the times upcoming. However, due to the complex design of the product, it has already started to face numerous implementation challenges. In comparison to the UPI system, ONDC is way tougher to both design and implement.
Conclusion
With the schemes like digital India, no doubt e-commerce is the future of the Indian market. This is also clear from the fact that the Indian e-commerce industry is expected to rise from $46.20 billion in 2020 to $200 billion in 2026. Here, the ONDC can easily be identified as a new-age idea that has a huge market ahead.
At this stage, the e-commerce platforms, being totally captured by a few large companies can certainly impact the small businessmen from the remote areas of the country, who still are unable to utilize this amazing platform.
This is sure to have an adverse effect on the economy with these small retailers losing their business to a few big players.
The introduction of the Open Network for Digital Commerce (ONDC) at this point is certainly a great initiative by the government to help these small businessmen to maintain their position in the race.
This will also give them the opportunity to escalate their businesses to a larger scale by making their products reach a larger audience.
FAQs
What is ONDC?
Open Network for Digital Commerce (ONDC) is a non-profit organisation in collaboration with the Government of India that brings e-commerce to the open network model instead of the platform-centric model. This will make e-commerce approachable for all types of buyers and sellers.
Who owns ONDC?
ONDC is owned by the Department for Promotion of Industry and Internal Trade.
Who is developing ONDC Project?
T Koshy of EY is leading the Open Network for Digital Commerce (ONDC) project, supported by a 9-member advisory council consisting of names like Nandan Nilekani, the co-founder of Infosys Ltd., and others.
Nitin Konde
