Honey is a software extension that helps you find suitable coupon codes for the product you have sold. Honey was started in 2012 in Los Angeles with the sole purpose of helping buyers find genuine codes. It started small but with time, it got a lot of success.
Today, it works with more than 30,000 retailers. It has an extension for many browsers like Google Chrome, Mozilla Firefox, Microsoft Edge, Opera, and many other prominent browsers.
Within its short journey, it has earned a lot of loyal customers over time. These customers use the services of Honey almost daily for their purchases. Honey gets mostly used when they want to order pizza. It works more efficiently in this field because this idea came to co-founder Ryan Hudson when he could not get any reliable coupons when he was buying Pizza. In this article, we will look at the business model of Honey in detail.
Honey was started in 2012 with the intention of providing reliable information of coupons. The idea came to the co-founder Ryan Hudson when he could not find any reliable coupon to buy pizza. Even after finding a reliable coupon, he found that it was a tedious task to find proper codes. He thought of automating the process completely. He started coding the extension for the Google Chrome browser.
At first, Honey was not so successful. Both of the founders George Ruan and Ryan Hudson after developing their minimal viable product went to various investors who did not fund them at all. As a lot of investors were turning down their offer, the founders got frustrated. Soon they were out of funds and, Hudson started working in an ad tech company.
Honey Founders
Things turned around when somebody mentioned Honey on Reddit. Soon Reddit started flooding with praises of Honey as people many had installed the extension and were delighted by its usage. In 2016, they managed to get their first funding of $4 million.
In 2017 alone, it had 5 million downloads. In 2020, the downloads reached to 10 million.
Business Model of Honey
Honey makes money from affiliate marketing. Honey does not have any deals with the stores directly. They work with various affiliate marketing platforms. Currently, Honey is working with about 20 affiliate marketing platforms. Their platform includes big companies like eBay, Rakuten, Groupon, Commission Junction, ShareASale, and many more.
Apart from that, the company has set up some unique ways to grow themselves. Honey has set up clever cashback programs which will help them retain customers. This will lead to the long-term growth of the Honey platform as it is increasing its customer base.
Honey has cleverly designed interfaces that would enhance compatibility with the user. It has a feature where it can compare different products of the same category and show their price comparison to the customer. Customers also receive a cashback under the Honey gold program. This increases the recall value of the customer. It also increases their market share.
Honey Gold Program
How does Honey make money?
Basically, Honey earns money from affiliate marketing but it has many other features integrated to enhance its affiliate marketing business. Honey is a unique product and it has also positioned itself cleverly in order to capture the majority market share.
Honey has a gold program where they give customers some cashback from the affiliate earnings. Thus it is a win-win situation. Through this, Honey retains more customers. Also, the customer is benefitting by saving more.
Droplist
Honey Droplist
In this droplist, you can check the cost drop for the selected item. It helps the consumers to make better decisions and, it also enhances consumer convenience.
Price history feature
Honey Price History
You can also see the price history of the product with the Honey extension. It helps the customer make better decisions. For example, if the product is showing a periodical dip then, the customer can delay his/her purchase and wait till the price drops again.
Amazon’s best price
With the extension, you can choose the best Amazon price. The honey extension shows the price of different products available for the selected item.
Savings finder
Honey Savings Finder
It automatically applies coupons from other prominent sites. This is the main feature why Honey is so attractive.
Honey PayPal Acquisition
Honey had slowly evolved from a small business to a billion-dollar evaluation company. They had specifically integrated such features which would enhance their customer adaptability.
With time it positioned itself competitively and grew as a unique company. Things started turning and, Honey generated revenue. Their business model worked perfectly and, investors flocked towards the company.
PayPal noticed the company and started negotiations with the founders. In 2020, January PayPal acquired Honey for 4 billion dollars. PayPal integrated Honey with its platform.
PayPal acquired Honey because they don’t have much chance of collecting data from a user. Honey is an extension that plays a major role in the buying behaviour of the consumer and acquires those data. This data will help PayPal acquire more data regarding its users. This helps them understand the likes and dislikes of the people.
Honey has slowly but steadily grown its business. Initially, they started small and then went on to implement some clever strategies to make itself more user-friendly. They acquired more customers and retained them with much-shrewed techniques. Their step-by-step proper implementation has made them a huge success.
FAQ
Who is the founder of Honey?
George Ruan and Ryan Hudson is the founder of Honey.
How does Honey app make money?
Honey makes money from the commission made on user transactions with partnering retailers.
WeWork was once hailed as the fourth highest-valued startup in the world after giants like Uber. It took on to the startup world through its idea of co-working spaces, which became really popular in a very short span of time.
As its name indicates, WeWork offers office spaces for various businesses and entrepreneurs to pursue their work at a cost that is far lesser than what they would have had to spend if they were preparing a workspace from scratch.
WeWork was founded in 2010 and it was valued at $47 billion at its zenith. One of the major reasons why WeWork worked was because of the responsibilities that the business owners can leave out by renting workspaces from this start-up.
However, since the announcement of its initial public offering in August 2019 the company has received a lot of criticism. Furthermore, it also became the victim of humongous losses due to the onslaught of the coronavirus pandemic, post which it was valued at $9 billion. Following that the company postponed the IPO indefinitely and two years later in March 2021, it announced that the company is going with the merger with BoX Acquisition Corp, which is still pending, as of October 2021’s reports.
WeWork – Latest News
October 21, 2021 – WeWork will finally go public. The company is all set to list its shares in the New York Stock Exchange as soon as this week.
October 6, 2021 – WeWork India appointed Megha Agarwal as the new Head of Marketing. Furthermore, it elevated Raghuvinder Singh Pathania to the Head of Community, India, who is also the Head of Operations at WeWork India. Besides, the new role of the Head – Digital Products is handed over to Dharam Mehta.
October 1, 2021 – WeWork launches Growth Campus, which is deemed to work in line with WeWork Labs. With the help of this new initiative, WeWork plans to encourage the world of startup companies to get access to workspaces at subsidized rates.
WeWork has successfully created an image wherein they posed themselves as a technology driven startup even though their basic level rests upon real estate. It is only in the development of a particular workspace that they deploy technology and not necessarily in the ways of doing business in itself.
However, that is not how WeWork portrays itself to the world or to their investors. This is because of the fact that these days technological companies tend to receive funds rather than non-technical ones.
The valuation of the WeWork has proved this correctly. Even though it does not make any profit or have a stable cash flow it is still valued way above its counterparts, whose valuations are not even half of that of the WeWork even though they have better profit and cash flow.
Hence, the way it portrays itself has a significant role in helping the startup to gain value.
Business Model of WeWork
One of the major partners of WeWork is entrepreneurs and small business owners who want office spaces for various purposes related to their organisation at a very cheap rate. Some of these people may not even need the spaces for a long period of time.
WeWork has suitable packages for all these kinds of people. The ones who rent out space from the work need not worry about any kind of bills or maintenance or connectivity. All these are handled by WeWork in itself.
As far as business owners are concerned this in itself is a huge advantage for them. The fact that it will cost more than double of the rent that they have to pay for the work, had they had to set up a workspace like the ones offered by WeWork.
On the other hand, as far as the people who lease these work spaces to WeWork are concerned, they prefer the ways of the organisation. It is because WeWork takes large work spaces for lease for at least 10 years and then they divide them into smaller work spaces and rent it out to other businesses.
Here, the owner will always prefer entering into an agreement with one organisation for a long duration than with multiple small buyers for a short duration of time. This also means that they will be able to keep track of the transactions and focus on other businesses in a better manner. They need not worry about finding a tenant or dealing with too many agreements at the same time.
The requirements of rework and the demands of the lender matches along with the needs of small businesses. In this way all the three partners do their business smoothly in all regards.
WeWork has launched Growth Campus on October 1, 2021, with an aim to encourage the startup ecosystem. The company is starting this new initiative with an investment of around $3 million, as of the latest reports, and will extend its workspaces to budding companies and startups at highly subsidized rates.
Revenue of WeWork
How WeWork is Making Money Through Renting
Although the nuances of WeWork look sophisticated at the end of the day it is an office space renting company. Majority of its revenue comes from renting of spaces to people.
They take in real estate spaces from owners for lease and then convert them into smaller work spaces and common areas. They devise their packages in such a way that it suits all kinds of people.
Sometimes these areas are as small as per room or maybe even a floor. It can also be as large as a whole building in a prime location. Independent freelancers and workers who require office spaces with better connectivity only for a small duration find the services offered by WeWork the most advantageous.
From small businesses to big companies like OnePlus, have rented office spaces from WeWork. The rising of shared office culture was also a great advantage for WeWork and it has undoubtedly contributed to its success.
Conclusion
Over the years WeWork has been experiencing severe losses due to their carefree approach and improper planning. The only reason why WeWork continues to survive is because of its high valuation and funding that it received purely due to the way they portray themselves as a technological company.
They have also tried to expand their niche beyond work spaces. They have a very attractive state of the art architecture in spaces in prime locations which significantly adds to their value and an elite image.
WeWork can at the same time be an example for how a business should put themselves in front of others and also how not one should plan their initiatives. Their strategies and models have got a lot to learn from.
FAQ
How does WeWork make money?
WeWork generates revenue by renting office spaces to businesses and companies.
What is the valuation of WeWork?
The valuation of WeWork is $9 billion, as of October 2021.
Who is the founder of WeWork?
WeWork was founded by Adam Neumann and Miguel McKelvey in 2010.
No, this is not a magic spell from Harry Potter’s world. In English we call the above phrase ‘Mitsubishi corporation’ which is equally magical as a spell. This article is a dissection of the businesses they do, their business model and the philosophy they operate with. So, take your diving suits with you and get ready.
Headquartered in Tokyo, Japan. If we dive into the articles of this company we will find that it reflects quite a clear view of their working areas. It says that the company will be involved in diversified businesses including purchase, sale, manufacturing and development of products. Logistics, new business development, providing services in a broad range of fields, either through the company itself or with any other company in which they hold shares or interests. Okay, that is a lot of areas.
Thinking of one, Of all. – The tagline
Shoki Hoko (Corporate Responsibility to Society), Shoji Komei (Integrity and fairness) and Ritsugyo Boeki (Global Understanding Through Business) are the three prime philosophy pillars of this Global Brand.
Mitsubishi is an Integrated business enterprise with offices and subsidiaries in 90 countries and approximately 1,700 group companies worldwide. Their 10 business groups are engaged in a wide range of businesses across virtually every industry, ranging from natural resources to the items used in everyday life. Mitsubishi manages a variety of operations in locations across the globe working to achieve sustainable growth for the company and Society.
Mitsubishi evolution
Mitsubishi Mission
Their mission is to provide optimal business solutions to societal needs. Their food and consumer goods businesses help provide a stable supply and resources for everyday life. Engaging in each link of the supply chain, from the production of raw materials to processing, logistics and sales, we provide products that are safe, secure and highly traceable. In the fields of mobility and infrastructure their operations support the sustainable growth of cities. These include Automotive business, airports and other businesses that facilitate the smooth flow of people, goods and data as well as dedicated urban development projects.
The company has vehicle manufacturing facilities in Japan, the Philippines, Thailand, and Indonesia, and 12 plants co-owned in partnership with others. Mitsubishi has had a 30-year-long association with actor Jackie Chan, who has used their vehicles almost exclusively in his movies throughout his career.
They also invest in mineral resources and metals projects which are vital in so many ways to the growth of prosperous cities. Energy and power essential for both quality-of-life and industrial development, Operations there include liquefied natural gas or LNG as well as wind power and other renewable energy businesses. By providing a stable supply of energy and power they are helping to realise Sustainable societies. Having their roots in trade, Mitsubishi Corporation has flexibly adapted their business models in line with the ever-changing needs of society. Once again we are in a new era, this one Defined by innovative digital technologies. In order to continually evolve as a company they are taking on new challenges in this space as well. Since their Foundation the three corporate principles have underpinned our commitment to create a new value hand in hand with society.
Mitsubishi Facts
The Mitsubishi logo was derived from the flag design of its shipping company predecessor. The three triangles are actually based on the shape of a water chestnut. In Japanese, the word for three is “mitsu,” and the word for water chestnut is “hishi.” However, “hishi” is pronounced as “bishi” when used in the second half of a word. The combination generated the name Mitsubishi.
The logo design, originally created for the shipbuilding company, was based on a blending of two family crests. It existed for many years before the automotive manufacturer’s version was trademarked in 1914.
Sold in over 160 countries around the world, Mitsubishi has established itself as the 16th largest automotive manufacturer in the world. Over the years, Mitsu has partnered with other leading brands including Volvo, Chrysler, and Hyundai to produce vehicles sold around the globe.
In 1976, Mitsubishi developed the Silent Shaft engine, reducing vibration in 4-cylinder setups. After patenting the groundbreaking technology, they then licensed it to several other big-name manufacturers including Porsche an Saab.
The Mitsubishi brand name was not introduced in the U.S. until 1982, when their sedan, the Tredia, and coupes, the Cordia and Starion, hit the scene. When sales started out, Mitsubishi’s cars were sold through 70 dealers in 22 states. But by the end of the ’80s, the company had run its first U.S. ad campaign and significantly increased its presence.
Speaking of Guinness Book records, Mitsubishi beat five of them in 24 hours in 2011. Taking their newly released Outlander and Outlander Sport to remote Canada, they racked up a series of unrivalled achievements in one day.
Greatest distance driven by a vehicle in reverse on snow in 30 seconds (300 meters)
Shortest braking distance by a vehicle on ice (56.2 meters)
Most vehicle figure eights on ice in two minutes (3 laps)
Fastest vehicle slalom relay on ice (1 minute, 11 seconds)
Fastest driven square lap (19 seconds)
Mitsubishi Business Model
Mitsubishi Corporate Strategy Model 2021
Midterm corporate strategy 2021, showing business portfolio (Business management model)
This business portfolio shows clearly that the most business of the company comes from the mineral resources area and the second most investment balance is in motor vehicles, machinery and equipment and steel. Investments that show an upward trend in these times are
The reason behind this up jump In investments can be the unprecedented times we all are facing, that is the pandemic. Also, the future lies in electricity and is going to be about sustainability development and natural resources. So, the company wants to invest in the future via the course available through their widespread businesses. We can also see a downward trend in the retail business because of the Covid-19.
Mitsubishi planning reorganisations across fields of its presence(Mitsubishi Midterm 2021)
The company revealed in the annual business portfolio that the company will be forming more business groups for the likes of natural gas, industrial materials, Petroleum and chemicals, Minerals etcetera. While the LNG demand is rising because it is the prime resource in the power and industrial sector in the Japanese market, Their mission is to tap this demand via adjustments or betterment in the present scenario to be in sync with the rising demands.
Industrial materials are an ever increasing competitive market and diversifying materials are likely to provide the opportunity of diversification. The company is planning to redefine the role that they play In this scene. The food industry faces challenges of diversifications. Mitsubishi plans to tap this trouble too by introducing more stable and sustainable business models around this field. To calm societal problems around supply chain management. With the same target to spearhead into solutions, Mitsubishi also plans to jump around some stuff here and there in the Consumer Industry, Power solutions and Urban development to make their existing businesses in these domains more efficient and well planned.
Consolidated Net Income 2021
How does Mitsubishi make money?
The Company is actually a group of group of companies stacked together in harmony, Including but not limited to these groups –
One of the most prominent or major source of revenue for Mitsubishi is their automotive business, That is known to us as Mitsubishi Cars. They started manufacturing cars from 1917, a luxury vehicle for the government officials. They decided to jump into motorsport with the “Macau Grand Prix” In 1962. With an inception like this, Mitsubishi went through a long history of vehicles, made for everyone. They were sold in America, Japan and eventually spread out in the whole world. From that time, Their Automotive business became a major and prime source of the revenue.
In one of its leading places, North America, The company determined its initial target audience to be consumers under the age of 45, typically married, and with an annual household income above $55,000. Mitsubishi strategised about the best ways to reach this demographic group. The company’s solution was to pitch the Galant as an antidote to the drab routines and responsibilities of adulthood. So they came up with a tagline “Wake Up and Drive”. After cars this magnanimous giant corp is moving its legs to electric future. Yes, Mitsubishi Electric, a new sustainable approach to transportation that is matching the company’s tagline of sustainable future. Truly Thinking of one, of all.
So, we see that the company is totally diversified to too many areas. Be it manufacturing, development, services, transport of all sorts and what not. Let’s look at some interesting data touch points in representation.
Conclusion
The company has established itself as a global brand with its strong position in different spheres.
It is a group of companies packed together for synergy.
It operates heavily on its Automobile business and invests primarily in various sustainable resources.
The philosophy of this Corporation has three edges Shoki Hoko (CSR), Shoji Komei (Integrity) and Ritsugyo Boeki (Understanding).
It plans to go with the aim of sustainable growth in future, meeting the current pandemic needs.
FAQs
What is Mitsubishi known for?
Mitsubishi is among the top automotive manufacturer that sold in over 160 countries around the world.
What country was Mitsubishi founded in?
Mitsubishi was founded in 1870, Tokyo, Japan.
How much money does Mitsubishi make a year?
Mitsubishi Corporation generated revenue amounted to around 15-16 trillion Japanese yen.
What products does Mitsubishi make?
Mitsubishi products include products in several industries that are:
Numerous technological innovations and advancement has made the world a smaller place. Irrespective of type of business, online services is booming. The demand of online service has taken over the healthcare industry as well. Online doctor consultation is rising popularity and growing with high speed after Covid Pandemic. There has been 500% increase in online doctor consultations in India in 2020.
Practo is one of those online doctor consultation platform which has revolutionized the healthcare industry. Practo enables consumers to find the best doctors, book appointments, and consultations for better health care decisons and treatment. The bangalore based healthcare platforms has gained tremendous popularity. Here are insights of Practo’s Business model, its revenue model, and more to know about Practo.
Practo is an Indian based company that is now established in about 15 countries. It is an application that works as a bridge between doctors and patients and is mainly focused on booking interactions with doctors. It was founded by 2 Indian B.Tech students, Shashank ND and Abhinav Lal. They aimed to come up with a way to save or keep reports and other medical prescriptions. Their idea was then put into action and they came up with an online platform where the patients can interact with the best online doctors, book appointments and so on.
Services Provided by Practo
Their major value proposition for patients was to make online healthcare search easier. The application must be able to help patients look for various medical help like doctors, hospitals, clinics, laboratories, check-up and scan bookings and so on. This must be done through the app or website and without any issue. They should be able to get a virtual doctor on demand.
The next plan was Practo Plus, which is a subscription-based membership. This is to provide perfect 24/7 care.
Practo not just helps book appointments but also consult a doctor online. This is a cost and time-saving attribute in the app. In this case, the communication can be through audio call, video call and also image sharing through the app. This can help the doctors diagnose and give necessary medical advice.
Just like Google drive helps us save details and records for future use, Practo drive helps patients store the necessary medical records like test results, prescriptions, schedules, etc. This is highly secure and safe.
Business Model of Practo
Practo Logo
The first thing that a business has to do is to figure out the major activities and value propositions and make a perfect, working business model. Practo, being a common platform for patients and doctors, they had to make sure there was proper value provided to both sides.
Why Should Doctors Use Practo?
Practo competitors
Practo helps the doctors get more patients and grow their practice online. They can hence maintain a better relationship with the patients and also chat with them whenever necessary. A prescription can also be uploaded through the app. Follow-ups and other notifications can also be given by the doctors to the patients. They can also publish health-related articles and tips. Practo makes the entire system easier and efficient.
Practo provides a complete tool for clinic management for doctors which helps in generating invoices, reminders, storage of bills and prescriptions, etc. On the whole, the online visibility of the clinic and the doctor grows with the use of Practo.
Practo’s Customer Segments
Practo has segmented their customers into 3. Which are:
Practo’s customer segment
Key resources for Practo
The major resources that they use are the website, the app, their staffs and manpower and Information technology.
Their major activities are:
Marketing and advertising, through which they promote their product and services. With the growing use of social media, they use those platforms to promote Practo.
This, being a technology-based app, their another major activity is to develop an easy to use software.
They also had to bring in and enhance the network between patients, doctors, labs, clinics and so on.
They also have the perfect customer relationship management strategies. They provide 24/7 customer service through mails, chat and also phone calls and their automated services, like notification system and SMS services have helped them maintain customer relationships.
Any company thinks of how to increase revenues and hence generate more profits. Practo also has its way to make huge revenue. We know that Practo has a few products and services and using this they generate the revenue.
They initially started by taking a certain percentage of money for every booking that takes place. As they expanded, they found more opportunities to get better revenues.
Practo charges the doctors and hospitals some money for getting listed in the app or the website. This also gives them some revenue. They are now expanding their domain and are now connecting bigger hospitals, labs and pharmacies and take commissions from all these. This is their basic revenue model. Over this, there are a few other ways by which they generate revenue.
Acquisitions of Practo
They get revenues through their acquisitions. Practo has acquired 4 companies.
QikWell: It is an online appointment booking software
Over the years, Practo has helped doctors reach a lot of patients and also helped them practice medicine.
Just like there are search results on search engines, Practo has a search result. Doctors need to get on top of the list to be able to do more online consultations and hence earn more. Practo Profile sells premium listing and for this, the doctors have to pay some money. This is a part of their revenue.
The next way of generating revenue is through Practo reach wherein, Practo provides ad spaces on their website and app. It is available in various sizes and the payment depends on various factors. Displaying ads on their website also gives them good revenue as we know that Practo has a lot of users.
There is another division in Practo which is called as Practo Ray. This helps the doctors Manage the hospital or clinic. It is a PMS (Practice Management Software) for the doctors. For doctors to use this, they need to pay a fee, monthly. This is the largest source of revenue for Practo.
Next comes Practo Plus. It is a subscription-based yearly healthcare plan for patients. It offers unlimited online doctor consultation and Practo gets some revenue from this too.
Practo earns from medical deliveries too. Now that they have tie-ups with labs and pharmacies, they get some commission for bookings and also from delivering medicines to the patients. They also make the sale of medicines to drug stores and chemists.
The main reason for Practo to be able to attract the customers is because they can cover the right audience. They know that there is no big point in covering famous doctors as they would have already established themselves and would not pay much for Practo and so, they started by approaching new doctors and clinics who will need to get patients. Also, there are not many competitors in the field as Practo has already attracted most doctors and patients and it is well established.
FAQs
What is the revenue of Practo?
Practo has recorded a revenue of Rs 124.3 crore for the financial year ended March 31, 2019.
How does Practo work?
Practo offers a secure and encrypted platform for patients to connect with doctors online to interact at their own convenience.
What is the valuation of Practo?
Practo valuation stands at $904 Million (April, 2021).
When the most awaited T20 World Cup match final is gonna start, as you are oblivious of it and attending a crucial meeting at the office or with family. You can skip neither meeting nor the match. Even though you have a phone and a ferret for the score on Google doesn’t give you more goosebumps than watching it live.
Sometimes, Google itself takes time to update the current news of cricket, but here Cricbuzz is an app & sports website that engages in Indian cricket news. Cricbuzz covers news, articles, live commentary including the textual context in the video of live cricket, player stats and team rankings.
Times of India invested a major share and became the owner of Cricbuzz. Three former Infosys employees- Pankaj Chhaparwal, Pravin Hedge and Piyush Agrawal jointly developed a mobile app for live cricket news & scores in 2004.
Cricbuzz became the 7th most searched site in India as of 2014, and the app was hyped with more than 100 million downloads in 2019. According to the report, in 2015 the Cricbuzz website crossed over 2.6 billion page views, making it the most renowned mobile app for cricket news in India.
Cricbuzz is an Indian cricket news website that functions all over India, gathering all cricket news & score live and updating it on the website.
Target Audience of Cricbuzz
When statistics are taken by Top end Sports on ‘which country has most cricket fans?’ whereby India ranked first in the list with 100 regional popularity. Usually, 70% of people in India are cricket fans, and without any dubious Cricbuzz underscore the population of Cricket die-hard fans.
Cricbuzz offers live coverage of cricket matches including videos, updated scores, and commentary. It provides its services to On-Mobile. On-Mobile has collaborated with different mobile operators that function its services worldwide over 1.68 billion mobile users across the globe. Cricbuzz derives its primary source of income via ON-Mobile.
Apart from that, Cricbuzz generates revenue from displaying advertisements on its platform, where they have partnered with InMobi for generating mobile advertisements.
Cricbuzz became the most reputed sports website in India, after defeating the top competitors– International Cricket Council, Cricket Exchange, ESPNcricinfo and OneCricket.
How does Cricbuzz make money?
The two main sources of revenue of Cricbuzz are advertisements and selling the latest cricket updates to the On-Mobile networks as they cast the gathered information of cricket from Cricbuzz on various sports networks all over the world. Also, the company sells cricket scores to the Telecom operators and, they present the scores on other sites and charge a small fee for them.
Besides, the Hike messenger pays a huge sum to Cricbuzz in streaming live scores to its users. Cricbuzz sends messages to their users to keep informed of the latest news & scores of the live match. Notably, Cricbuzz net revenue is worth 7.8 million dollars with more than 100 million users.
Cricbuzz also generates revenue from its recently launched subscription service – Cricbuzz Plus. The services offer users In-match clips for select India matches with no ads.
Every game has a bunch of crazy buffs, but cricket lovers are the craziest among them. When a match begins they get into their own space. It’s only them and the game, the rest of the world turns out blank. They skip their food, family, friends and even work if they can, they refuse to book from the screen just to make sure they don’t miss any of those crazy fan moments or shots.
Sometimes, there come unavoidable duties and we have no option left other than skipping the game. But that doesn’t mean we can’t keep track of the scores of the game.
If you want to know the live scores and news at the actual time, then the Cricbuzz is one you are looking for. The scores are updated on the site, or you can also download the Cricbuzz app on your device.
FAQs
What is Cricbuzz?
Cricbuzz, an Indian website where the live scores of the cricket matches are uploaded along with videos, Articles, and other stats. The website was Launched in November 2004. You can also get the updates through the Cricbuzz app.
Who is the founder of Cricbuzz?
Cricbuzz was created in 2004 for the cricket buffs to know the live scores and the current updates. Pankaj Chhaparwal, Piyush Agrawal, and Pravin Hegde are the originators of Cricbuzz, and still are the managers.
What is the revenue of Cricbuzz?
As per the stats, the Revenue of the Cricbuzz is $7.8 million.
When you are related to advertising, you must have come across one of the most brilliant and successful advertising websites – Craigslist. Started as a “side-gig” the brand truly made a remarkable presence in the advertising businesses and made its strong position in the billion dollars company’s list. Sounds impressive, right? Well, yes! That’s some pretty amazing strategies behind it.
Craigslist came out as a non-profit organization but soon the company took its level up and registered itself as a profit organization in the year 1999.
However, in the very same year, Craigslist bought a verified domain for its company in order to protect its brand significance and name in the market. Also, it made the subscribers more dedicated towards the brand.
But it can’t be ignored that the tactics and strategies Craigslist applied in its marketing are pretty strong and present an example among the other companies. Talking about strategies, let’s get a brief understanding of how Craigslist came out to be such a successful brand. So, Let’s look at its business model and how it makes money.
Before we get started with the business model of Craigslist, let’s understand what really is Craigslist?
Craigslist is an online marketplace that provides services to people and companies for listing on its official website. They can post their listing of jobs, services, offerings, or sale items as per their requirements.
Craigslist was founded by a prominent American internet entrepreneur, Craig Newmark who is also known as a famous philanthropist. The brand was established in 1995 and is headquartered in San Francisco, California.
Today, Craigslist is known as one of the most visited websites across the world with a monthly visit of more than 500 million visitors.
Where does Craigslist operate?
Being one of the most successful advertising websites across the world, Craigslist operates in around 23 largest cities in the United States which are promptly listed on the homepage of the Craigslist website.
Apart from this, the brand serves over 700 cities across 70 countries in the world. The users can easily see the ads available in their nearby locations based on their residence.
Target audience of Craigslist
Craigslist targets every community, age group, and gender. As it provides ads in various categories across the globe, it does not target its audience specifically. So, Anyone with an internet connection can easily benefit from the amazing service of Craigslist.
The most amazing tactic that Craigslist uses in its marketing plans is offering the service of posting any sort of ad from any category by anyone, on its official website. And that’s something that attracts more users towards it.
In fact, Craigslist allows users free classified services for posting ads. This makes the brand extremely different from the usual advertising companies.
However, when it comes to specific sections for advertising, Craigslist does charge some money that varies according to advertising plan and the geographical location.
With Craigslist, users get a wide range of commercial categories where they can list out their ads. Then when visitors see their preferential advertisement, they can get directly in touch with the user through the given contact information.
How does Craigslist operate?
Craigslist functions as a host for displaying classified ads from different categories including job postings, sales items, housing, business, service (Beauty, legal or lesson), and personal.
For classified advertising, Craigslist is absolutely free of cost and also for browsing and ad responding. It charges a definite amount of money in only some specific categories.
How does Craigslist make money?
The main source of revenue for Craigslist is charging the users for listing their ads in some selected categories. The rate varies as per the geographical location and the advertising plan the user opts for. Like for the listing, Craigslist charges around $3 to $75 based on the category and preferences.
Apart from these specific charges, Craigslist is absolutely free for the users as well as the users and interested candidates.
Initially, Craigslist came out with the freemium model that only attracts more customers and increases growth. The founders did their best in keeping Craigslist an affordable brand for the convenience of its users. Besides, the highest rate that Craigslist charges is $75 in the job postings section, that too in the United States; the brand did its best to provide the utmost choice and service for the users.
To conclude, with time, Craigslist came out as one of the biggest and most successful advertising websites across the globe. Although the founders keep the numbers hidden, it’s quite sure that they earned great profit through their website.
In the upcoming years, Craigslist will be seen with advanced business developments in order to emerge more promptly in the marketplace. Also, it would be providing new channels to the advertising industries as an alternative opportunity.
Even though the brand charges so little from the users and has such a simplified charging system, Craigslist still made a remarkable market presence.
FAQ
Who is the founder of Craigslist?
Craigslist was founded by Craig Newmark in 1995.
Is Craigslist available in India?
Yes, Craigslist has an India specific section and is currently available in 16 states.
Is Craigslist free?
Craigslist lets users post listings for free but for some specific listings users have to pay a fee.
It is almost impossible to not hear about Britannia while living in India. This household name has conquered the country with its spectacular food products, which have been tasted by almost everyone. From starting a ‘Good Day’ by being the partner of a cup of tea to patch up the broken hearts with ‘Little Hearts’. It has done everything, to be one of the leading food companies in India specializing in bakery and dairy products.
Britannia, the name of the brand itself speaks its value. Since the 1990s, it has fallen under the Wadia group that has now been lead by Nusli Wadia. It has been a part of the country for over a hundred years and has been serving the taste buds of many generations. From biscuits to cheese, to cakes, you name it, they have it.
The success that this company tastes is a result of a structured business model. Let’s find out about the model that helps the business to climb the stairs, to reach the top position.
The history of Britannia is just like the taste of its products, rich and fascinating. In 1892, the Britannia industry was founded by some English businessmen and the investment was of just ₹295. It was started as a mere bakery at first.
Later on 21st March of 1918, another businessman, named C.H. Holmes becomes a partner and the Britannia Biscuit Company Limited came into existence. Initially, Britannia was only manufacturing biscuits and was selling them. Although, in 1997, they started producing dairy products as well, since then it hasn’t looked back.
Where Does Britannia Operate?
Britannia has its footprints in more than 60 countries and has been serving them nonchalantly. Especially, it has conquered the hearts of the Middle Easterns, by locally manufacturing its products in UAE and Oman. International Bakery products serve as the subsidiary of Britannia. The main headquarters of the company is in Kolkata. Britannia products are distributed among over 5 million stores in the country.
As mentioned before, Britannia manufactures and sells Bakery and dairy items.
Bread and Buns -Britannia bread, Atta Kulcha bread, Britannia Pav, Britannia sweet bun, Britannia fruit bun
Biscuits -Good Day, Britannia Crackers 50-50, JimJam, Milk Bikis, Tiger, Marie Gold, Little Hearts, Bourbon, Nutri Choice
Cakes– Britannia Gobbles, Britannia Muffins, Tiffin Fun
Dairy – Cheese, Milk, Butter, Ghee Yoghurt
Target Audience of Britannia
The target audience of Britannia is not limited to a certain age group or of an income group. It is truly for anyone and everyone. Products like Little Hearts, Tiffin cakes are used, to appeal the kids. Nutri Choice is for those who are a little bit health-conscious. Marie Gold caters to the need of the older generation as well.
Business Model of Britannia
Britannia is a brand that decided to serve the people with utmost care with deliciousness and nutrition. It basically focuses on two things, Bakery products, and Dairy products. Its main motive is to provide healthy and nutritious food items to the people. With that target, it has become the first food company that has zero Trans Fat in its food items.
Britannia becomes one of the leading Indian bakery brands by following some unique strategies. It has 13 factories located all over the country and has 4 franchises.
Some of the key points of Britannia’s business models that make it unique are:
Its main objective is to promote biscuits of the Britannia brand more than other products.
It concentrates on providing food items to its customers that will fulfill their daily need for nutrition.
It believes in quality food items that deal with fruits, nuts, seeds, pulses, dairy, and protein substances that are necessary for the healthy growth of a normal human being.
Focuses on producing better quality food and selling them economically in prices for every income group.
It has joined hands with the Government and different NGOs to fight against malnutrition and undernutrition prevailing in the country.
It has started the Britannia Cares program that offers fitness activities to ensure a healthy lifestyle amongst its employees.
To counter attack micronutrient deficiencies in India, it has taken steps to avoid all those products that are harmful according to the Food Safety and Standards Authority of India (FSSAI)
Britannia also decided to curb down the salt and sugar limit of its snacks to promote Eat Right Movement by FSSAI in 2018.
How Does Britannia Make Money?
There is a number of ways Britannia makes money although its main focus is to provide nutritional elements through their food items to everyone.
Britannia’s revenue depends on the sale of its bakery and dairy products.
95% of sales depend on the products dealing with biscuits.
5% of sales depends on dairy products.
Britannia has signed a deal of joint venture with a Greek Company named Chipita S.A to produce and sell ready-to-eat croissants in India. It is also working on expanding its demand abroad, especially in Africa and South East Asia.
In 1921, Britannia becomes the first company from the East of The Suez Canal to import and use gas ovens.
The trust Britannia has created from their initial days made it possible for them to supply biscuits to the British army during World War II.
It is one of the oldest biscuit companies in India and carrying its legacy since 1918.
Conclusion
‘Britannia’, this name carries the trust of millions of people. From providing biscuits to the soldiers during World War II to being responsible by taking steps to eradicate malnutrition and undernutrition from the country. It has come a long way to be one of the biggest Food and Beverage companies of India.
FAQ
What is the revenue of Britannia?
The revenue of Britannia was ₹11,878.95 Crores (US$1.7billion) in 2020.
Who is the CEO of Britannia?
The current CEO of Britannia is Varun Berry.
When was Britannia founded?
Britannia is one of the oldest companies in India founded in 1892 and is headquartered in Kolkata.
In the world of technology, we came far from bringing light to the world to brighten our life. Technology played a crucial role in everyone’s life, as it brought effortless connectivity between individuals. Besides, improving the world in such a way, anything can be possible with the help of technology.
For instance, this ongoing pandemic indeed proved that technology is the sole way to connect people from far distances. On the other hand, companies are combating each other to manifest who has ingenious technology and designing products in order to make people’s lives better than usual. That’s where Carl Pei, CEO of OnePlus commenced his next move in inaugurating his consumer technology company- Nothing. The company set an aim to eliminate the hurdles between people and technology.
In simple words, Nothing is built to generate a seamless and intuitive technology for people without any barriers such as poor connectivity, quality, price etc. Some companies urge us to improve people’s lives by generating innovative products, for example, designing virtual connectivity really helped us in some way or the other in this pandemic. But, Nothing wanted the people to experience not only consumer electronics but also in life by ameliorating a seamless digital future.
Carl Pie, the founder of Nothing and Ex Co-founder of OnePlus, invested his idea in developing technology starting in 2020.
Nothing’s is a London-based consumer technology company. Therefore, Nothing is operable all over the world with a goal to enhance a seamless digital future for people.
Products & Services of Nothing
Generally, Nothing is established to eliminate barriers between people and technology. Moreover, the founder of Nothing already mentioned that the company’s main purpose is to create an ecosystem of products, whereby one device communicates to another.
As of now, on 27th July 2021, Nothing has released its very own first product- Ear (1) which bestows a raw beauty of innovation in experiencing real and pure sound.
Nothing ear (1)
After, Nothing first ever release, the company is planning to release products across multiple categories, keeping in mind that it should be an ecosystem of devices as well as play a vital part in improving the digital world in the future.
Target Audience of Nothing
Nothing only aim is to bestow a seamless digital future to the people, whose lives depend on the digital world, because technology is omnipresent.
Nothing is built to ensure impeccable technology services to the people with the goal to eliminate the barriers faced by the individuals with the technology. Carl Pei proclaimed his next venture- Nothing after parting ways with OnePlus in October 2020.
The company raised its fund around 7 million dollars from various capital ventures such as Kevin Lin, Tony Fadell, Paddy Cosgrave, Kunal Shah, Casey Neistat, Tony Fadell and Steve Huffman.
Nothing opened investment opportunities to the community, the amount to invest is estimated at 1.5 million dollars and one community member will be selected to Nothing Board of Directors. The company recently raises 15 million dollar funding in a Series A round led by Google venture.
What is Unique about the Business Model of Nothing
Nothing is established to create a free flow of technology between people. The company planned to release products across multiple categories covering all the technology devices.
Besides, Nothing has promulgated its new release- Ear(1) where it weighs around 4.7 grams and is considered Ultra-light in weight. The device’s sound is developed by the Teenage engineering community, with an 11.6mm speaker driver designed in it. The Ear (1) is estimated to function up to 34 hours of listening and comes at 6000 rupees.
The company is veil about other products which are in the line of release, so until then Nothing is progressing in generating a seamless digital world in the future.
Nothing, with the launch of its first product Ear(1) had gained the attention of people around the globe for its unique model. The Wireless Bluetooth earbuds sector has a lot of competitors like Apple’s AirPods, Samsung Galaxy Buds, OnePlus Buds, etc but Ear(1) has made to stand out with the design which isn’t similar to any other wireless earbuds available in the market and the exceptional specifications for this price range.
Carl Pei was one integral part of the success of OnePlus and with Nothing similar results can be seen with Carl Pei bringing his customers the best of artistically created consumer technology products.
Even though the company has released only one product after its incorporation last year, Nothing is aiming to prove that their services are gonna bring a unique lifestyle in the upcoming years by releasing sui generis smart devices, which you won’t even find in any other market in the world.
FAQ
What is Nothing?
Nothing is a London based startup company that deals in consumer technology. The company aims to remove barriers between people and technology and create products that are artistic and bring back passion and trust in the consumer technology industry. The company wants to create consumer technology products that are smart and well connected while enhancing a seamless digital world in the future.
Who is the founder of Nothing?
Nothing was founded by Carl Pei in October 2020 after he left Oneplus. Carl Pei was the co-founder of Oneplus in 2013. He implied his idea to bring a barrier-free between people and technology in 2015 and made his path towards creating a world of seamless digital and built NOTHING in 2020.
What is the net funding received by Nothing?
Nothing had raised $7 Million in a seed financing round in November 2020. Investors in Nothing include Tony Fadell, Casey Neistat, Kevin Lin, Steve Huffman, Josh Buckley and Kunal Shah(founder of CRED). Nothing had also invited users to invest in the company by making $1.5 million shares available to the general public. The company also raised $15 million in Series A funding led by Google Ventures.
What makes a startup idea remarkable is its potential to solve a problem and make people’s lives easier. The issue does not have to go unaddressed; the question is how effectively it can be addressed. Many company models are based on this notion. With that in mind, allow me to share Trivago’s amazing startup story and its business model with you.
Trivago is a multinational technology company based in Germany that specializes in internet-based hotel, lodging, and metasearch services and products. It was Germany’s first hotel search engine, and it is now one of the country’s fastest-growing businesses, with profits doubling since 2008.
Expedia Inc. holds a majority of the equity in the firm. A hotel search company with the main objective of changing the way people search for and compare hotels online. It also offers hotel advertisers to promote their brand on the Trivago website providing them access to a broader target audience who visits its website.
How was Trivago started?
Earlier, booking a hotel used to be complicated. There used to be frauds and people were not able to get better deals. Looking at this problem gave rise to new startups such as Expedia, Orbitz, etc. that allowed customers to compare prices and get the best deals.
People liked this idea and these startups quickly gained traction. Rolf Schrömgens, Peter Vinnemeier, and Stephan Stubner saw this as an opportunity and they came up with this new hotel aggregation site which they named Trivago.
It was founded in 2005 in Dusseldorf, Germany where its headquarters are. It was first established in a garage. It was like a bootstrapped company with very little external capital and on going away with little steps and small steps forward. They grew very slowly in the beginning but eventually gained momentum.
Trivago has evolved from a €1.4 million seed investment to become one of Europe’s most renowned unicorns. Today, they have 3 million hotels and alternative accommodations, search through more than 250 booking sites, active in more than 190 countries on 54 platforms, 33 languages, and more than 100 filters that you can apply to your search.
Founders & core team
Founders:
Rolf Schrömgens
Stephan Stubner
Peter Vinnemeier
Malte Siewert
Trivago’s core team:
Axel Hefer – Chief Executive Officer (CEO)
Anja Honnefelder – Chief People Officer (CPO)
Matthias Tillmann – Chief Financial Officer (CFO)
James Carter – Chief Product and Technology Officer (CTPO)
Trivago has 2 types of customers. The first type includes partners like hotels, online travel agencies, and media who promote their products on the Trivago website. The second type is guests like travelers who compare offerings and pricing before making a purchase decision to book their desired hotel.
Key partners:
Hotels, online travel agents, and guests are among Trivago most important partners, but so are media and advertising firms, payment processors, and investors and stakeholders.
Key activities:
Based on key resources, Trivago acts as a platform for hotel brands to display their offerings and customers can find what they want. It manages guest and hotel networks, develops its products, and conducts sales and marketing.
The Company promotes transparency by allowing users to contribute to the content on its website. They can add content to hotel and cabin brand portrayals, complete missing brand profiles, and change profiles for quality assurance.
Personalization:
The platform encourages personalization by allowing firms to customize their profiles in a variety of ways.
Convenience:
Users can search for a variety of alternatives and narrow down results using hundreds of filters available on the platform.
Brand/positioning:
Because of its success, the site has developed a strong brand. It receives 120 unique visitors every month, indicating that it has a large user base. Trivago is one of Germany’s best and fastest-growing startups, with its advantages multiplying since 2008.
Customer relationship:
Trivago is an entirely automated platform, thus users have very little or no engagement with the team. The site’s FAQs answer the majority of questions, and email support is available for personal assistance.
Key resources:
Trivago most valuable assets are its website and application through which customers can search for hotels. Its highly trained workers are another crucial resource for maintaining and updating the website. In addition, being a startup, it is reliant on investor funding, which raised $53.8 million in December 2010.
Cost structure:
Technology setup and running costs, personnel pay, sales, and marketing divisions all contribute to the overall cost structure.
How does Trivago earns Revenue?
We know Trivago doesn’t offer tangible products or has no tie-ups with other hotels. So you might be wondering how it makes money. Here’s how.
Listings:
Trivago charges commissions to online travel agencies for promoting their services and hotel rooms on the Trivago website.
Services:
Trivago earns revenue by managing the listings i.e. the presence and visibility of hotel brands on their platform. For this, they have a feature known as Hotel Manager PRO wherein hotel brands need to pay the subscription fees.
Cost Per Click:
Trivago links itself to other websites like Oyo and Make my trip. When people visit the Trivago website and want to book their desired hotel, they get redirected to the hotel’s website.
Trivago is promoting the hotel’s products and services and driving a sale for them. They are referring it to customers and in turn charge commission for doing the same. This is known as affiliate marketing or Cost Per Click (CPC) wherein they get paid whenever customers click on a link of that hotel’s website and their entire revenue model is based on this.
A customer is referred to the website of the advertiser when the user clicks on the deals present in the search results. Trivago charges money for every referral. This model is known as the Cost-Per-Click (CPC) model.
What makes Trivago unique?
Compared to other hotel search engines, Trivago’ USP is its product focus: hotel search. It doesn’t offer other features like car rentals or booking flights just the hotel price comparison making it less confusing for customers. It benefits Trivago as well such as:
They have no conflict of interest.
Can focus on developing their products.
Be committed to helping hoteliers compete and travelers locate their desired hotel.
Competitors of Trivago
The top three competitors of Trivago are:
Tripadvisor:
Trivago’s main competition is Tripadvisor. It is a publicly-traded firm based in Needham. The company was founded in Massachusetts in the year 2000 and works in the travel agency business. It employs 1745 people more than Trivago. Tripadvisor has revenue of $366.5 million dollars higher than Trivago. It has raised a total of $3712.8 million, which is higher than Trivago.
Booking.com:
Booking.com is another major competitor of Trivago. It was created in 1996 and has its headquarters in Amsterdam. It’s in the field of web-based software. It brings in $6798 million dollars more than Trivago. It employs 19,466 people more than Trivago.
The recovery process for the travel industry will be complicated but let’s see how Trivago faced these challenges and how it will reposition itself for the post-pandemic era.
In the fourth quarter of 2020, Trivago’s earnings and revenue plummeted. It lost €12.3 million in adjusted EBITDA, compared to a profit of $70 million in 2019.
Despite this considerable decline, Trivago saw this as an opportunity to innovate and bring back the old and think about the new customers as well. Instead of promoting the most popular destinations, they started promoting the hidden gems i.e. smaller cities that are not on the top of your list.
The destinations from where you start keeping it shorter or local trip. This is their new product launch i.e. new local trip offerings which are more inspirational compared to their core product which requires you to know where you want to go.
This recent diversification beyond traditional metasearch and new launches will help them target a broader audience and not just the ones looking for hotels at low prices. They are working on the second big release and will be coming up with new product launches.
Final Thoughts
Being one of the world’s most burgeoning hotel search engines, it has made it possible for us to find the best hotel at the best price. The company is focused on reorganizing and streamlining its business in light of the current volatile tourism industry. I must say, Trivago nailed the market demand and came up with a fantastic startup concept that was not just our desire but also the urgent need of the hour.
This was all about Trivago and its business model.
FAQ
Who is the founder of Trivago?
Rolf Schrömgens, Malte Siewert, Peter Vinnemeier, and Stephan Stubner are the founders of Trivago.
Is Trivago an Indian company?
No, Trivago is an German multinational company that specializes in internet-related services and products in the hotel, lodging and metasearch fields.
Who are the competitors of Trivago?
Trivago competitors include Booking.com, Tripadvisor, KAYAK and Expedia Group.
We hope to look well and feeling positive in this ever-changing world. This has instilled in us the desire to set newer standards daily. This time, we present to you the intriguing business model of “Flyrobe” that will fascinate you. Flyrobe is an apparel rental firm with the mantra “rent, wear, repeat.”
Flyrobe is an apparel rental firm that allows you to rent designer outfits for a reasonable price. It offers a wide range of products for men and women, including ethnic wear, premium apparel, and accessories. It lets you rent high-end clothing and accessories and arranges garments from brands like Ritu Kumar and Masaba Gupta.
It has a presence in ten of India’s most populous cities. Flyrobe serves approximately 12 cities through e-commerce means such as an online portal and iOS and android mobile apps. The company’s headquarters is located in New Delhi’s Rajouri Garden.
Flyrobe was acquired by its competitor Rent It Bae, partly in cash and partly in a stock arrangement. The consolidated firms will now be working under the name of Flyrobe and their combined value is roughly INR 60 crore.
7 September 2018
Sequoia Capital led a $3.71 million Series B fundraising round for Flyrobe, an on-demand apparel rental firm.
Flyrobe – Founders
Shreya Mishra
Tushar Saxena (Co-founder & CTO)
Pranay Surana (Co-Founder & COO)
Flyrobe – Startup story
It all started when Shreya Mishra the founder of Flyrobe visited Airbnb headquarters in 2012 for an entrepreneurial seminar at Stanford University, where she came up with the idea for this startup. She was inspired by the potential of rental stores, which may be run with existing assets.
Three IIT Bombay colleagues, Shreya Mishra, Pranay Surana, and Tushar Saxena, began brainstorming ideas for a rental business that might be popular in India. They discovered that consumers pay a fortune on clothes that are only worn a couple of times. It would surely be beneficial to them to freely access new outfits without the burden of ownership.
Flyrobe’s creators quickly carried out a survey, polling 200 females on their thoughts on the concept. Over 80% of participants responded with enthusiastic approval. Flyrobe was established as a result of this.
Tushar Saxena was an expert in IT and was approached by his colleagues to assist them in developing an Android app for Flyrobe. They released the app in September 2015, followed by the website in October.
Flyrobe Website
Omapal Technologies Private Limited was responsible for its inception. The trend of apparel rental grew in popularity, and several companies entered the market. Flyrobe managed to acquire prominence using digital platforms, which supported them in becoming more well-known than rival online rental firms.
Masaba Gupta, Outhouse, and Ritu Kumar are among the designers who have collaborated with Flyrobe. They also collaborated with brands like FCUK, Armani, Asos, and others who also sell western attire.
Flyrobe – Vision, and Mission
Vision
Their vision is: “To make designer clothes available to masses at pocket-friendly prices on rent“
What do they offer? (Mission)
On-demand rental: Choose an outfit at least three days in advance and it’ll be delivered to your door on any set date.
Unlimited subscription plan: Rent any two items from their closet and exchange, repeat, or restore them as desired.
Flyrobe – Tagline and Logo
Flyrobe’s tagline is “Outfit on Rent, Memories Permanent.”
Flyrobe’s Logo:-
Flyrobe Logo
Freedom & Fashion was the inspiration for the design. When one can do anything one desires, one is said to be free. By making fashion widely available, they hope to promote freedom in the fashion realm. They genuinely think that one’s preferences, devotion to ownership, and cost need not be limited.
Flyrobe – Business model
Flyrobe’s business model revolves around customers renting an attire for 4–8 days. This portal offers bookings for western dress outfits with a 3–4 hour shipping period and ethnic clothing. The app has a 4.3 rating on Google Play. Influencer marketing is their key marketing strategy.
A diverse selection of designer brands
Flyrobe is the top digital apparel rental firm, offering a large selection of designer clothing for men and women. It offers the most prestigious worldwide brands. People are interested in the Flyrobe since it provides outstanding facilities.
It has a variety of outfits for various events. The finest feature is that it offers a selection from popular brands such as Zara, Armani, and others. It is the finest alternative for individuals who want to dress in designer apparel at a reasonable price.
Affordable rent
Their main line of service is offering a wide selection of authentic traditional attire for a reasonable price. The price is so low which makes it acceptable to all types of people.
It only rents garments for four days. Flyrobe’s business model aims to make global fashion labels accessible to the general public. Some ethnic garments are extremely expensive, and most people cannot afford them, especially if they pertain to a specific brand.
In short, Flyrobe is beneficial for the ones who want to wear branded clothes but can’t afford them due to high prices.
Biggest trade partner
Being the biggest trade partner, it gives people access to the world’s largest marketplace. It has over 1800 designers aboard to provide rental solutions to its consumers.
Serves a variety of metropolitan areas
It offers clothing rental solutions in a couple of key locations across India. The company is working on growing its operations throughout several cities. As a result, they will expand their operations to 30 additional cities. Their business approach relies on offering flexibility across India.
Collaborations with renowned brands and a variety of firms
Their strategy is based on establishing relationships with well-known brands. They feature a large selection of ethnic wear from well-known brands. They can offer their clients unique designs in a wider range. The motive is if the firm has strong & creative affiliates, it will continue to grow.
No additional charges
Flyrobe goes to great lengths to ensure that its customers are satisfied. They offer special pick-up and shipment services to clients who cannot visit the store to collect their orders. Customers aren’t charged anything but delivered the greatest services.
Flyrobe earned $2 million in revenue in 2018 and aimed to triple that in 2019. According to the creators, 65 percent of the company’s overall revenue comes from online sales.
Their revenue streams include:
Commission
Every apparel rental purchase on their official site generates a little commission for them.
Advertising
Website or app ads is a component of their long-term revenue strategy.
Subscription plan
Their subscription plan ranging from monthly to annual subscription allows consumers to pay a one-time price in exchange for benefits such as reduced shipping charges, refunds, or perhaps a free apparel rental if they fully subscribe.
Flyrobe – Startup Challenges
While the business hurdles were obvious, they also had to deal with the Indian attitude toward secondhand apparel. People’s assumptions about renting garments are the reason for the sluggish start of the firm. Indians shun those who cannot pay for expensive outfits.
India is a nation based on possession, the most difficult hurdle in implementing a business plan like renting is changing client preferences. A social taboo is linked to rentals because fashion has grown to reflect one’s identity, goal, and prominent status symbols. Their cynicism about sanitation, personality concerns, and social influence are some of the most difficult barriers to overcome.
Only when the customer is willing to rent or wear a previously owned item you would succeed. The perspective shifts as people understand the product’s worth and the reasonable amount they spend for a temporary solution.
Nonetheless, Shreya Mishra believes a trend will eventually be the standard and India is at the onset of that trend.
Flyrobe – Funding & Investors
To date, Flyrobe has raised close to $10.7 million in funding. Sequoia Capital, Chiratae Ventures, and Strive Ventures are among the major financial backers of Flyrobe.
Flyrobe raised $7 million during its initial two series of fundraising in 2016. Paytm CEO Vijay Shekhar Sharma, Stanhope Capital chairman Leon Seynave, and others also contributed. Flyrobe’s technical, biz, and brand development personnel have all enhanced as a result of this funding. Chiratae Ventures led a round of fundraising that year, raising 5.3 million dollars.
In September 2018, Sequoia Capital India led a new investment round, and Flyrobe managed to acquire 26 crore rupees from existing owners. InnoVen Capital led a venture round that received an undisclosed amount of money in January 2019.
Flyrobe was acquired by its competitor Rent It Bae on November 27, 2019, which led to the consolidation of firms that will now be working under the name of Flyrobe and their combined value is roughly INR 60 crore.
Date
Stage
Amount
Investors
July 5, 2016
Seed Rounf
$1.7M
Sequoia Capital India
Aug 31, 2016
Series A
$5.3M
Chiratae Ventures
Nov 22, 2016
Non Equity Assistance
$50K
Google Launchpad Accelerator
Sep 6, 2018
Series B
₹264M
Sequoia Capital India
Jan 1, 2019
Venture Round
–
InnoVen Capital
Note: I have mentioned lead investors, but there are more than 1 investor for some of them.
On November 27, 2019, Rent It Bae acquired Flyrobe.
Date
Acquired by
Amount
Transaction Name
Nov 27, 2019
Rent It Bae
–
Flyrobe acquired by Rent It Bae
Flyrobe – Awards and Achievements
In 2015, when the company was just 15 weeks old, they finalized 100 clients in a single day. 20 Bollywood celebs, including Huma Qureshi, Parineeti Chopra, and Sunny Leone, have supported Flyrobe on social media sites.
Flyrobe – Competitors
Oh Look
Oh Look is a subscription-based fashion rental platform for males and it was designed by Arshad Azad. The firm has teamed with prominent apparel companies such as Zara, Louis Philippe, Allen Solly, and others to create a vast wardrobe assortment.
The Clothing Rental
The Clothing Rental, a Mumbai-based firm that began in 2005, happens to be a secret destination among the glamour industry’s elite. It allows you to hire their exclusive brands from their New York procurement office in addition to acquiring outfits from the most essential brands. It has two outlets in addition to its online presence (in Bandra & Versova).
Wrapd
Wrapd began in 2009 as Rent A Party Dress, a Delhi-based startup. It’s also one of the few online services with a physical outlet. You just have to go look at the attire, whether it be in person or online. After that, you can inform them of your size for the outfit you’ve selected (if it needs to be modified).
Book the outfit by paying a rental fee and a security deposit that’s up to 3 times the rent, and return it the day after the occasion. Pay the rental fee and a down payment of up to three times the rent to book the attire, then return it the day following the event.
Klozee
This business, which is now present in Bangalore, provides quality clothing rentals without any down payment. Klozee Express guarantees that the outfit will arrive in less than 3 hours of your order. Perhaps it allows customers to pay retail price for an outfit especially if you love it.
Liberent
With a three-day rental duration, you can hire an outfit from LibeRent without paying any extra down payment. It makes modifications based on the measurements provided. The best part is, for an extra Rs.350, they permit a trial before the actual rental day.
SwishList
SwishList allows you to hire outfits by browsing their online fashion collection and booking an outfit for the day of your ceremony. The outfit will arrive two days before the event. The following day, you can return the outfit. A down payment of 50% or more of the rental amount is required.
They plan to expand their online services to Dubai, London, and the United States. In the next few years, there will be 15 more outlets.
The partnership between the current CEO, Aanchal Saini, and the former CEO, Rent It Bae, led to improved efficiency.
Flyrobe will launch its unique virtual trial room.
In the future, they will collaborate with more major companies to build trust.
Other businesses:
Flyrobe primarily sells apparel, but it has recently begun renting out jewelry, handbags, and other accessories. Its wedding attire collection is one of the finest.
Value of product:
Every month, the retail value exceeds $1 million, with approximately 5000 products. It is one of the top product rental sites, as per reviews, and it is filled with a new ideas.
Here’s a short video for you guys on Founders describing their brand:
Final thoughts
Flyrobe is India’s first and fastest-growing e-commerce and in-store rental portal for premium and designer outfits for men and women. The online clothing rental market is already booming. Flyrobe provides free pick-up, shipment, and reservations for handcrafted ethnic, modern, as well as men’s clothing.
Flyrobe is now the main avenue, much above its rivals, with several Bollywood celebrities endorsing it. Customers are seeking alternatives to purchasing their favorite brands without spending a fortune as we increasingly become a westernized and ambitious community with the mantra of “Use and discard.”
It is fashion that never goes out of style. The world is your runway and every day is a fashion show.
FAQ
What is the revenue of Flyrobe?
The estimated annual revenue of Flyrobe is $2 million.
When was Flyrobe founded?
Flyrobe was founded in 2015 by Shreya Mishra, Tushar Saxena and Pranay Surana.
Who founded Flyrobe?
Flyrobe was founded by Shreya Mishra, Tushar Saxena and Pranay Surana.
Abinaya Arangarajan
