Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Infra.Market.
A lot of companies put their construction projects on hold as they are expensive and need a lot of time to implement the plan. For a company to successfully implement the construction they have to consider a lot of other things.
Thankfully, given the rise of innovation and technology, some companies deliver construction solutions to help organisations. Infra.Market is one of those companies which ties up with various contract manufacturers to create multi-product building materials through leveraging technology.
Here’s more about Infra.Market’sstartup story, founders and team, its business and revenue model, acquisitions, challenges, awards, and more.
This company is a unicorn in construction solutions that are engaged in creating one of India’s one of its kind multi-product building supplies brands. By utilising technology and scaling innovation, Infra.Market is aiming to revolutionise the ecosystem.
The company has a large product line that includes a diverse selection of construction materials along with lifestyle products that will help in improving many interiors in buildings.
Today, the company is one of the fastest-growing companies in India with quality units in economics and profitability metrics. Infra. Market is India’s only multi-category product brand.
Infra.Market – Industry
Infra.Market belongs to the wholesale building materials sector. The emergence of different sectors like retail, hospitality, entertainment, education, etc has made a major contribution to the growth building materials industry.
The construction and building material industry is estimated to grow at a Compound Annual Growth rate of 1.61% in the next five years. The building material industry today stands at around $240 billion in terms of market size.
Infra.Market – Founders and Team
Aaditya Sharada
Aaditya Sharada, co-founder of Infra.Market
He graduated from IIM, Ahmedabad. He has overall 10 years of experience in the building materials and infrastructure sector. Aaditya founded Infra.Market in 2016 making him one of the founders of Infra.Market.
Souvik Sengupta
Souvik Sengupta, co-founder and CEO of Infra.Market
He is a chartered accountant of having an experience of more than 7 years in P&L ownership and management. Before starting his own company, Infra.Market, Souvik has also founded a couple of companies like Equiphunt and Chemical.Market.
He also serves on the Board of Members at RDC Concrete (India) Pvt Ltd and Shalimar Paints alongside being the CEO of Infra.Market. Souvik Sengupta did his graduation Sydenham College in Mumbai and a master’s degree from IIM, Bangalore.
The company was launched in 2016 by Aaditya Sarada along with with his fellow Souvik Sengupta. After having spent 10 years in the infrastructure and construction sector, Aaditya came to the conclusion that the construction sector is still unorganised.
Aaditya says,
“The sector required a consolidated platform that could simplify and promote the access and usage of materials required across the construction lifecycle,”
To make up for this disorganized sector, Infra.Market was established as an end-to-end construction solution startup. The company takes up the entire procurement process carefully in online mode ensuring transparency in pricing and quality.
Infra.Market is now among the unicorn clubs this year with a more than $2.51 billion valuation.
Infra.Market – Mission and Vision
The tech-based building material startup is making great efforts to become one of the leading sectors across product verticals and wants to deliver a unique platform for its customers in India and overseas.
Here’s what Souvik says,
“Our vision is to provide end-to-end construction solutions and build a national-level wholesale, retail, and eCommerce platform with in-house logistics and warehousing.”
Infra.Market – Name, Tagline and Logo
Infra.Market Logo
The company’s main tagline is “Transforming construction through technology”
The company’s business model is all about the one-stop solution provider for all construction material requirements. They have a comprehensive range of materials that improves the overall levels of the interior.
Infra.Market has technology such as:
B2B App
This app helps customers to visualise the chain of construction materials right from purchase to delivery.
In-Store VR Tech
They also provide AR tech to experience a realistic view inside of the home and to re-imagine home interiors.
Retailer App
This for customers to have easy management of the business and to keep track of things in one place like – purchasing, financing, inventory management, delivery, etc.
Social Commerce
This platform is meant for influencers and freelancers to earn extra income through Infra.Market.
Infra.Market – Revenue Model
Over the years, Infra.Market has earned its revenue through various projects across the nation. They have done projects on Chennai Metro, Delhi Metro, Mumbai Metro, Kochi Metro, NHAI projects, and Delhi-Meerut RRTS.
The company makes profits by giving out solutions on how to improve an infrastructure design. Currently, they have over 4000 retail stores in 17 states in India with operations expanding globally.
Infra.Market – Shareholding
Infra.Market shareholding as of October 2024 (source: Tracxn):
Infra.Market has received a total funding of $726.6 Million over 15 funding rounds.
Date
Funding Round
Deal Amount
Lead Investors
Jul 12, 2024
Debt Financing
$17.78 million
Yubi
May 28, 2024
Venture Round
$50.5 million
MARS Unicorn Fund
Jan 24, 2024
Debt Financing
$12.1 million
SK Finance
Jun 13, 2022
Venture Round
$50 million
Mars Growth Capital
Feb 10, 2022
Debt Financing
$30 million
Navi Technologies
Dec 27, 2021
Debt Financing
$240 million
Avendus Capital
Aug 2, 2021
Series D
$125 million
Tiger Global Management
Jul 7, 2021
Debt Financing
$12.1 million
Alteria Capital
Feb 25, 2021
Series C
$100 million
Tiger Global Management
Jan 13, 2021
Debt Financing
$6.8 million
InnoVen Capital
Infra.Market – Growth
Infra.Market Financials
FY23
FY24
Operating Revenue
INR 11,847 crore
INR 14,530 crore
Total Expenses
INR 11,608 crore
INR 14,272 crore
Profit/Loss
Profit of INR 155 crore
Profit of INR 378 crore
Infra.Market Financials
Infra.Market – Challenges Faced
With having to deal with the construction industry, which is a key part of developing the economic segment of the country, Infra.Market is always surrounded by challenges.
The company contributes about 9% of the country’s GDP, which is a huge responsibility on its shoulders. To keep up with this commitment, they always have to be on their toes.
The competition is massive in the construction sector, with many newcomers coming to compete with them.
Infra.Market – Competitors
Infra.Market competes with the following competitors:
BuildNext
Infra Bazaar
Materialtree
Brick2Wall
Moglix
Power2SME
Zetwerk
Infra.Market – Partnerships
Pepperfry
On October 16, 2024, Pepperfry and Infra.Market have partnered to enhance customer experience by combining offerings. Infra.Market stores will feature Pepperfry products, while Pepperfry stores will offer Infra.Market’s IVAS services. This partnership creates a one-stop shop for furniture, home décor, renovation, and building materials.
Infra.Market – Acquisitions
This startup plus unicorn made its first acquisition in 2021.
Infra.Market, via its parent company Hella Infra Market Pvt. Ltd., is set to acquire a majority stake in Strata Geosystems Indiafor INR 910 crore from Glen Raven Technical Fabrics LLC and other Indian shareholders.
Infra.Market has acquired a Hyderabad-based construction equipment rental service, Equiphunt for a $10 million deal.
Other companies in which they have a 100% stake are RDC Concrete and a 24% stake in Shalimar Paints.
Infra.Market – Awards and Achievements
Infra.Market has won some prestigious awards like:
Accredited with Forbes Tycoon of the Year – 2021
Emerging Company of the Year by Construction World – 2021
Business Excellence Award by BNI CEO Connect – 2019
Fastest Growing Small Business by Small Business Awards – 2018
Infra.Market – Future Plans
The company is trying hard to push technology in the construction sector. The company is planning to take its AR/VR technology worldwide and give a better experience to its users. They aim to expand their 4000 retail stores to more numbers.
FAQs
What does Infra.Market do?
Infra.Market is a B2B startup that sells construction materials.
Is Infra.Market a unicorn?
Infra.Market entered the unicorn club in Feb 2021.
What is the valuation of Infra.Market?
The company has a valuation of $2.51 billion as of December 2024.
Ashneer Grover was the Managing Director and Co-founder of BharatPe, until February 28, 2022, when he had to resign and renounce his positions in the company. He co-founded the company along with Shashvat Nakrani in 2018. Within four years, they have turned BharatPe into one of the largest used payment apps in India. BharatPe founder Ashneer Grover was also seen on the judging panel of the Shark Tank India reality show. His net worth is around INR 700 crore.
Though Ashneer Grover had a good start in terms of education, career, and business, he also faced multiple challenges in his entrepreneurial journey. This article discusses the complete story of Ashneer Grover right from his early life, achievements, history, and career to the controversies and challenges faced by him recently.
Ashneer Grover was born in Delhi on June 14, 1982. His father was a Chartered Accountant and his mother was a teacher. As his parents were in good professions, the family was doing well. He got graduated from well-reputed institutes like IIT, and IIM.
Ashneer Grover was married to Madhuri Jain Grover. She’s an entrepreneur and owns a furnishing business named Mauve and Brown in Delhi. Ashneer Grover’s wife, Madhuri Grover had taken care of HR, finance, and other internal operations and headed the Controls at BharatPe before she was declared to be one of the employees who were involved in financial fraud and was eventually terminated by the Board. The couple has two children.
Ashneer Grover – Education
Ashneer Grover completed his schooling in Delhi. He then graduated B.Tech from the Indian Institute of Technology (IIT). During his time at IIT Delhi, he was selected for a student exchange program with the National Institute of Applied Sciences, also known as INSA Lyon, in France. It is one of the largest and finest engineering schools in Europe.
He moved to INSA Lyon in 2002 with a scholarship of €6,000 from the French Embassy. After graduating from IIT, Grover went to the Indian Institute of Management (IIM) Ahmedabad for his MBA in Finance. He graduated from the IIM in 2006.
Ashneer Grover – Initial Career
Kotak Finance Banking selected Ashneer Grover as the Vice President through campus placements from IIM. He has been a part of Kotak for almost 7 years since 2006.
In mid-2013, Ashneer joined American Express (AmEx), a payment card services company, and worked for two years. During his tenure, Grover also famously led some startup investments for the card network of India. The Series B investment in Mobikwik came on behalf of American Express when Grover was still there. He was designated as the Director of Corporate Development in AmEx.
After leaving American Express in 2015, Ashneer became the Chief Financial Officer at Grofers, a startup founded by his IIT Delhi classmate Albinder Dhindsa. However, Grover left the company in 2017 because he didn’t get the ESOP options there that were promised to him earlier. The company is now called Blinkit.
Later in 2017, PC Jeweller Ltd. took Ashneer as the Head of New Business, where he worked for exactly a year. Ashneer Grover established his own company BharatPe at a very young age.
After accumulating 12 years of experience from multiple jobs, Ashneer Grover decided to start his own business. His experience as the head of business development and payments at PC Jeweller sparked the idea of starting a payments company. Ashneer eventually joined hands with Shashvat Nakrani to establish BharatPe in 2018.
Together they built the fintech company from scratch and added several services to its core operation. Today, BharatPe offers UPI Payments, QR codes for transactions, POS machines for card payments, an investment and loan app called 12% Club, and digital gold transactions.
When BharatPe was a $30 million company, Ashneer claimed that he received an offer of $50 million from Google Pay, but he refused to materialize a deal with the latter, as per one of his statements on the show Shark Tank India. Grover later added that he knew that he was meant for something big, which all entrepreneurs, founders, and CEOs to be, should aim for, and BharatPe was last valued at around $3 billion.
They also got approval from the RBI for small business financing in collaboration with Centrum Financial Services Ltd. By offering diverse services, Ashneer Grover made BharatPe one of the most used payment apps in the country. However, he had to retire after numerous rounds of controversies thrown at him and allegations surrounding him due to the financial irregularities associated with him, which were noticed by the company’s board. Ashneer Grover tendered his resignation from BharatPe on February 28, 2022, and boasted of still being recognized as the single largest individual shareholder of the BharatPe company.
In a speech that Ashneer Grover gave at the Lovely Professional University on April 29, 2022, where he was invited as a guest speaker, Ashneer shared an insight into how businesses operate and all the things that need to be kept in mind while diving into a new venture. Speaking about the same, he disclosed one such incident, after starting BharatPe, when he sought to make it popular overnight. He had a total of Rs 100 crore in his bank account, but he wanted to sign up Salman Khan. The Bollywood actor charged close to Rs 7.5 crore. However, unsure of whether he could do that, Ashneer asked Salman to reconsider his fees. Salman’s manager also asked him “Aap bhindi kharidne aaye ho kya, kitni mandwali karoge?”. However, at last, Salman reconsidered the charge, and came down to Rs 4.5 crore, thereby becoming the brand ambassador of BharatPe in 2019.
Ashneer Grover – Shark Tank India
Ashneer Grover was a judge on the first season of Shark Tank India and became very popular. However, he was removed after a fallout with his former company, BharatPe, which he had helped start. Despite this, his popularity remained strong, with many fans still hoping he would return to the show in later seasons.
Ashneer Grover – Starting up again with the Unicorn Dreams
Ashneer Grover, as per the reports dated June 16, 2022, was looking to find another startup, for which he will likely be raising around $200-300 mn. The former Co-founder and MD of BharatPe is currently in the US and in talks with the US-based family offices and other private equity offshore players to raise the funding required. Sources said that Grover might also start the business with some of his own money and will eventually sell a part of his BharatPe stakes or raise funding by issuing a stake in the new company. People also added that Grover’s 8.5% stake is now valued at around $3 bn, and there are also buyers for the stake.
The company or the sector that Ashneer Grover will be inclined to start with his new venture was not confirmed, when last reported in June 2022. However, the former BharatPe founder stated on his 40th birthday that he will be re-entering the world of business and also has plans to build another “unicorn”.
Fast forward to July 9, 2022, the startup has already been formed by Ashneer and his wife Madhuri Jain Grover, and is called Third Unicorn Pvt Ltd., according to the Tofler data. The startup, which has reportedly launched on July 6, 2022, will have both Ashneer Grover and his wife as Directors. The total paid-up capital and the authorized share capital have been revealed as Rs 10 lakh and Rs 20 lakh respectively.
Ashneer Grover – Controversies and Challenges Faced
BharatPe, as a company, got into a controversy when it labeled itself as nationalistic and its competitors as Non-Indian companies. The company issued pamphlets citing such details to the public. So the competitors filed a lawsuit against BharatPe and reported the same to the RBI.
Another controversy arose when PhonePe and BharatPe fought for the word ‘Pe’ in their respective names. PhonePe has filed a case against the latter in the Delhi High Court. It was later disposed of by the same.
A major controversy faced by Ashneer Grover was about an audio clip leaked on Twitter. It is claimed that Grover used inappropriate language and threatened a Kotak employee over an issue of not securing Nykaa’s IPO shares. Before this issue could be settled, the company’s board raised accusations against Ashneer and his wife. The board accused them of initiating fraudulent transactions against non-existing vendors. They also reported irregularities in invoices. The audio issue forced him to stay away from the company and take a temporary leave for three months. After the discovery of the financial irregularities, the board demanded the permanent exit of Ashneer Grover from the company. Grover then responded that he was happy to leave his role in BharathPe but would always stay as a shareholder and a founder. With pressure mounting up on Ashneer Grover to leave BharatPe, he had strongly criticized the CEO Suhail Sameer. He said that Sameer manipulated and arm-twisted him to exit the company. Grover had also demanded a huge compensation worth around Rs. 4000 crores for his withdrawal from BharatPe. He said that he has 9.5% stakes, which would be worth around the same amount, but it’s been reported that the board is unlikely to agree with it.
Ashneer Grover had made an emergency arbitration plea to the SIAC but that was tossed off by the Singapore International Arbitration Centre. He made everyone believe that the probe by the board was unethical, but he failed. Grover also demanded his buyback before exiting the company, but the BharatPe investors declined the same. According to the BharatPe Board, Grover received the agenda of the company’s board meeting on February 28, 2022, which will also include the PWC report on the conduct of Grover where the actions were taken against him, will also be discussed, and it was on the same day that Ashneer Grover resigned. Grover resigned with immediate effect on 28th February but claimed that he would still be standing as the single largest shareholder of the company after mentioning that he and his family were “vilified” and forced to resign. On 30th September 2024, BharatPe and Ashneer Grover settled ending their long legal battle and public disputes. As per the settlement, Grover will no longer be associated with the company, and the legal case against him has been dropped. As part of the deal, Grover will also give up his shareholding in the company.
Ashneer Grover and Salman Khan
Ashneer Grover recently appeared on Bigg Boss 18 on 18 November 2024, where host Bollywood actor Salman Khan called him out for his past comments and accused him of “doglapan.” Salman also mentioned not remembering any previous meetings with Ashneer. In response, Ashneer praised Salman as a “great host” and said he was sure the episode got great TRP.
Conclusion
The story of Ashneer Grover enunciates that however successful you are, problems and challenges are part and parcel of life. The way you overcome them has the power to define who you are.
Despite the accusations made against him by the board, one can never disagree with the effort and time Ashneer Grover invested in the growth of BharatPe. The Ashneer Grover controversy undoubtedly kept the startup ecosystem, BharatPe Board, the media, entrepreneurs, business professionals, and others engaged for over 2 months, but what hooks all of us right in is what Grover next plans to do. A man of his caliber would certainly have some plans in mind for the startup ecosystem too along with his own personal gains.
FAQs
Who is Ashneer Grover?
Ashneer Grover is the former co-founder, MD, and CEO of BharatPe.
Who is the CEO of BharatPe?
Suhail Sameer has been the CEO of the company since August 2020.
Is Asheer Grover from IIT?
Ashneer Grover is from IIT Delhi.
How Ashneer Grover became rich?
Ashneer Grover became rich by co-founding BharatPe, a fintech company that helps small businesses accept digital payments. The company grew quickly and became valuable, making Grover a wealthy entrepreneur. He also earned money through investments and his role on Shark Tank India.
Which state is Ashneer Grover from?
If you are wondering Ashneer Grover is from which state, then you should know that the Former Founder and MD of BharatPe was born in Delhi.
What is Ashneer Grover education?
He graduated B.Tech from IIT Delhi and MBA in Finance from IIM Ahmedabad.
What is Ashneer Grover age?
Ashneer Grover was born on 14 June 1982. He is 42 years old.
What is the issue with BharatPe’s board and Ashneer Grover?
The board accused Grover and his wife of making fraudulent transactions and irregular maintenance of invoices.
Which was Ashneer Grover first startup?
Ashneer Grover’s first startup was BharatPe, a fintech company that he co-founded in 2018.
What is Ashneer Grover net worth?
BharatPe founder Ashneer Grover’s net worth is around INR 900 crore as of 2024.
What are Ashneer Grover companies funded by him?
Some of the major investments that Ashneer Grover made were in:
One of the best and most efficient matrimony sites in India, Shaadi.com has brought together many like-minded people. It is recognized as one of the most prominent matrimonial sites, with a reputation for bringing together the most compatible couples. Millions of individuals use this site to find the best match for their children. The site has a fantastic record of over 3.5 million weddings from all across the world. It has become the most popular matrimonial website.
Shaadi.com was started by Anupam Mittal in 1996 with a single goal in mind: to give a better matching experience by increasing the number of possibilities to meet possible lifemates. Since then, Anupam Mittal and his team have built a globally recognized service that has impacted the lives of millions of people.
In this StartupTalky story, let us learn about Anupam Mittal’s success story, early life and childhood, life history, personal life, journey to success, education, Shaadi.com, Shark Tank India, and more.
Anupam Mittal Biography
Name
Anupam Mittal
Born
23 December 1971
Birthplace
Mumbai, India
Education
MBA in Operations & Strategic Management (Boston College, US)
Position
Founder and CEO of the People Group and Shaadi.com
Anupam Mittal, the founder, and CEO of People Group is now one of the most well-known figures in India’s e-commerce industry. Mittal has seen his valuations rise 10-fold in the last couple of years alone, thanks to more than 40 investments in a variety of interactive services (Shaadi.com, Ola cabs, Makaan.com, and Mauj mobile, among others) and is listed among the country’s 50 most powerful people by a leading business publication.
Shaadi.com was founded by Anupam Mittal with a novel concept that finally led to its massive success. Anupam Mittal was born on December 23, 1971. He graduated from Boston with a Bachelor’s degree. He also earned an illustrious MBA in Operations and Strategic Management. After meeting a marriage broker, he proceeded with the noble idea of launching a matrimonial website.
With time, Anupam Mittal’s profession and business have flourished. Anupam Mittal’s resume is embellished with his successful business methods and planning, which opened the route for popularity and prosperity.
Anupam Mittal with his wife Aanchal Kumar
Anupam Mittal married Aanchal Kumar – a model, and actress. Aanchal Kumar is a model-turned-actress who has appeared in films such as Bluffmaster and Fashion in cameo roles. She also made an appearance in the fourth season of Bigg Boss. She has received several modeling honors.
Anupam Mittal’s wife’s biography does not reveal much about her career, yet she is well-known in the film world. She married Anupam Mittal in 2013 after a long relationship. They have a daughter, Alyssa Mittal.
Anupam Mittal – How He Founded Shaadi.com?
Shaadi.com Homepage
Anupam returned to India after his studies. He used to sit in his father’s office and conduct web development work for other firms because he didn’t have much else to do.
At the same time, he ran across one of those old-school matchmakers who will go to any length to get you married. To protect his reputation, he attempted to place Anupam with some of his customers. A thought came to Anupam when the matchmaker was at the peak of his push, and it transformed his life forever.
Now, while he was attempting to get rid of the matchmaker, it occurred to Anupam that what if there was a portal that could operate as a virtual matchmaker for weddings, what if all of the information such guys possessed was posted on the World Wide Web and made available to anyone looking for a bride or groom? This would not only eliminate all inefficiencies and geographical limits but would also greatly simplify the procedure.
As a result, Anupam published the initial version of Sagaai.com in 1997 without much thought. At the time, this was more of an experiment than a steady enterprise. Even though he was active in the business as well, he only did so on weekends or so, and his primary attention remained on his employment. He invested all of the money he had or had saved for the web module’s development simply because it was the thing that brought the money in.
In the years 2000-2001, an intriguing turn of events occurred when the dot com bubble burst, and most of the firms in the surrounding area went bankrupt. Micro Strategy, the business with whom he was working at the time and which had a pre-dot com crisis worth over $50 billion, had also entirely collapsed.
At the same time, Anupam came across Shariah [SP].com and observed that there were a lot of individuals in the United States who were looking for lifemates. He saw that there was a significant pain point that they could address and that this had enormous potential!
After almost three years of running his website in India, he realized that the country had very limited internet penetration and that it still had a long way to go before becoming a legitimate business. Because India was missing out on the Internet, Anupam chose to focus his efforts on the US market.
Even though Shaadi.com was founded in 1996, it wasn’t until the years 2000-2001 that they began to focus on it as a company and devote all of their resources to it. And, since the stock market in the United States was on the verge of collapsing, the idea of quitting work and returning home began to take shape. After much deliberation and consideration, Anupam left Micro Strategy in 2001, returned to India, changed the name of Sagaai.com to Shaadi.com, and entirely shifted his emphasis.
Now that he’d made his decision, he needed to narrow down his target audience, and while doing so, he realized that there was a greater need for a service like Shaadi.com among NRIs, or ex-pats from the United Kingdom, the United States, and Canada, simply because these people were geographically separated from their homelands but still wanted to marry within their relevant communities, but couldn’t find the right one because they didn’t know where to look. This is when Shaadi.com could come in handy!
Anupam Mittal – The Succes of People Group
People Group Homepage
People Group, which comprises Shaadi.com, Makaan.com, Mauj Mobile, and People Pictures, is where Anupam began his entrepreneurial path. Anupam has taken People Group from one milestone to the next, and the company is now acknowledged as one of the most inventive in the country. He is known for his strong commercial acumen and attention to detail.
In 1996, Shaadi.com, the world’s largest marriage service provider, was created. Shaadi.com has become the foremost matching brand on the Internet, and the first business of its type in the world, with over 35 million users and millions of success stories to its credit.
Similarly, Anupam launched Makaan.com, India’s fastest-growing online real estate platform, and Mauj Mobile, India’s top mobile media firm, both of which have swiftly become household brands in their respective fields.
Anupam Mittal – Investments Besides People Group
Anupam is also a successful angel investor, having made over 200 investments in companies such as Big Basket, Interactive Avenues, Ola Cabs, Druva, Fab Hotels, PropTiger, DocsApp, Rupeek, Porter, Ketto, Trell, Lets Venture, others. He advises and invests in some of India’s top venture capital businesses.
He is enthusiastic about entrepreneurship and innovation and is well-known for his knowledge and perspectives on the subject. Anupam is the founding Co-chair of H2 India and a founding member and past chairman of the Internet & Mobile Association of India (IAMAI).
Anupam Mittal – Shark Tank India
Mittal has been a “Shark” on Shark Tank India for Seasons 1, 2, and 3 on SonyLiv. In Season 1, he invested INR 5.4 crore in 25 businesses. In Season 2, he again invested INR 5.4 crore in 25 businesses. In Season 3, his investment grew to INR 8.05 crore in different companies. He will be seen in Season 4 too.
In Shark Tank India, Anupam Mittal is considered a seasoned entrepreneur and investor known for his expertise in startups and business growth.
Anupam Mittal has been awarded with various awards and recognitions:
In 2011, Mittal won the award for the most innovative company in India from Fast Company, a US business magazine.
He received the Karmaveer Chakra Award for Entrepreneurs for Social Change.
Business Standard named him the top angel investor in 2014 and 2015 for investing in 25 and 34 start-ups.
In 2016, Forbes listed him as one of India’s 8 most prominent angel investors.
In 2020, he won the TiE Award for Outstanding Serial Entrepreneur and Angel Investor.
He was also ranked among the 50 Most Powerful People in India by The Week.
Conclusion
Anupam Mittal was named one of India’s 50 Most Influential People by Business Week, and TiE recognized him Outstanding Serial Entrepreneur & Angel Investor in January 2020. In addition, he received the Karmaveer Puraskar (Award for Social Justice and Citizen Action) in the area of “Entrepreneur for Social Change.”
Anupam Mittal became India’s number-one matchmaker thanks to his matrimonial website. Multiple people look up to the businessman who wears many hats today.
FAQs
What is Anupam Mittal’s age?
Anupam Mittal was born on 23 December 1971. He is 54 years old.
What is the net worth of Anupam Mittal?
The net worth of Anupam Mittal is around $23 million (Rs. 185 crores).
Who is Anupam Mittal wife?
Aanchal Kumar is the wife of Anupam Mittal.
Is Anupam Mittal an angel investor?
Yes, Anupam Mittal is amongst the most active angel investors in India.
How many deals did Anupam Mittal make in Shark Tank India?
Anupam Mittal made 24 Business deals in Shark Tank India.
What amount did Anupam Mittal invest in the Shark Tank India show?
Anupam Mittal invested $656.35K (Rs. 5.4 crores) in 24 startups in Shark Tank India.
Which are the top startups among Anupam Mittal’s investments?
Some of the top startups Anupam Mittal invested in are:
Ola
BigBasket
Rupeek
Druva
LittleEyeLabs
Who is Shaadi.com founder?
Anupam Mittal is the founder and CEO of Shaadi.com.
How did Anupam Mittal make money?
Anupam Mittal made money by founding Shaadi.com and investing in startups as an angel investor.
What is Anupam Mittal education?
Anupam Mittal studied at Boston College in the USA, earning an MBA in Operations and Strategic Management.
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!
Dr. Vivek Bindra is a familiar person to most of us as a motivational speaker, YouTuber, and trainer in Entrepreneurship and leadership in India. It is very difficult to stay motivated throughout all walks of life and more difficult to make others feel the same.
Mr. Bindra stands out from the rest of us in this regard. He has many achievements that are commendable, and he was successful in changing the lives of many people. The number of subscribers and viewers on his YouTube channel is proof of this fact. He has the highest number of subscribers in the whole of Asia in the field of entrepreneurship and motivational speaking.
Vivek Bindra, born in 1982 in Delhi, experienced a challenging childhood without the luxury and peacefulness of a beautiful upbringing. Mr. Bindra’s father died when he was very young, and his mother was soon remarried. He has been recently married to Yanika, making their journey a new chapter in his life.
He has mentioned that he felt alone when everybody was busy with new things in life. Amidst the chaos, he completed his schooling at St. Xavier’s High School in Delhi. Furthermore, he did his Masters in Business Administration from Amity University, Noida. He is also the recipient of an honorary PhD from OIUM University of Colombo.
Vivek Bindra – A New Life
During his post-graduation, he was introduced to the Bhagavad Gita, which gave him insights and inspiration to be better in life. Even today, he carries forward and shares the knowledge of this holy book with his followers. He began his YouTube channel by incorporating his knowledge of business strategies and problem-solving.
The medium of communication was English. Realizing the potential of Hindi to reach a large set of people, he started doing his videos in Hindi in 2017. Through his unique approaches and constant engagement, his YouTube channel keeps growing even today, with more than 21 million subscribers.
The channel, named Dr. Vivek Bindra, has become extremely helpful to people, especially entrepreneurs in overcoming the struggles of life and gaining relevant knowledge in the corporate world. Today, he is an internationally acclaimed motivational speaker, successful entrepreneur, Leadership trainer, and CEO Coach.
Vivek Bindra’s YouTube channel is considered a “Free digital learning university” for entrepreneurs. He provides unique business strategies and frameworks for the people who wish to make the best out of business.
He is careful enough not to confine to the business elements but also helps people by providing insights on how to hold up during tough times. Apart from these, he also shares various case studies on different companies so as to improve the expertise of budding entrepreneurs. His treatment of business problems in various cases is widely accepted and appreciated across the country.
Vivek Bindra – Bada Business
Vivek Bindra – Bada Business
This organization, known as “Bada Business,” is the result of Vivek Bindra’s vision for leadership and entrepreneurial training. Established in 2010, Vivek Bindra’s business grew and became popular within its domain only because of its novel approach to training and mentoring.
They focus on providing end-to-end personality development to their clients. It is not too much to say that they have revolutionized the training industry for the better. Through their intervention, corporations have been able to immensely reduce the funds they have to spend on each employee at a significant level.
Inadvertently, it helped improve the company’s return on investment by more than 100%. This is done through their unique strategies in Training Process Outsourcing.
Across the process of training, Mr. Bindra and his team ensure that the learning is happening effectively and personalized attention is given to each and every trainee. Today, he is the most trusted employee trainer and CEO coach for over 1500 corporates across the world.
As a part of the Vivek Bindra company venture, he has also launched a mobile app named “Bada Business App,” which provides two programs, namely “Everything About Entrepreneurship” and “Problem Solving Courses.”
By giving practical solutions and exposing viewers to relevant examples, these courses have become saviors for those who cannot afford an expensive entrepreneurial course or an MBA. He shows the way for aspiring entrepreneurs to lead through examples and experiences.
Vivek Bindra got married to Yanika on December 6, 2023. However, shortly after the wedding, Bindra was accused of assault and intentional insult under various sections, and a police complaint was lodged against him. The authorities are investigating the matter to determine the facts surrounding the allegations. This development has added a layer of complexity to Bindra’s post-marriage situation.
Conflict Between Sandeep Maheshwari and Vivek Bindra
Bindra and another motivational speaker, Sandeep Maheshwari, had a big argument. Bindra said Maheshwari tricked his followers into paying a lot for a course and got them involved in a scheme that the government didn’t like. Maheshwari made a video calling Bindra a “scammer,” where students said they paid a ton of money for a course that didn’t exist.
Sandeep Maheshwari Vs Vivek Bindra
The Morbi Controversy
Bindra got in trouble for saying bad things about the tiles made by a company after he visited their factory. The president of Morbi Ceramic Association didn’t like it and said Bindra should have known more before saying things that could make the company look bad on social media. The president also suggested that it would be better for Bindra to discuss any concerns directly with the company instead of sharing them online.
Disputes With the Sikh Community
In June 2022, Bindra faced backlash from the Sikh community because they thought he didn’t show Guru Gobind Singh correctly in one of his videos. Sikh groups and important leaders complained everywhere. The Shiromani Gurdwara Parbandhak Committee (SGPC) even sent him a legal notice. After that, Bindra said sorry and took down the video from his social media.
IMA Defamation Case
Bindra got into trouble with doctors in India because he made a video where he said bad things about them. He called them “murderers in white coats.” The doctors didn’t like it and took him to court, saying he was hurting their reputation. But Bindra said he had the right to say what he thinks. In the end, the court agreed with Bindra, and he won the case.
Conclusion
Dr. Vivek Bindra’s life is an example that you will never fail if your intentions are good. The service that he is doing to ensure equitable access to knowledge and expertise for aspiring entrepreneurs is commendable. He envisions empowering more people and contributing to India and the world economy. He believes that the more entrepreneurs become successful in India, the stronger India will be. He aims to further strengthen the corporate training sector to develop a generation of well-trained professionals who will take the nation to great heights.
However, Vivek Bindra has faced a series of controversies, from legal disputes with medical associations to conflicts within the Sikh community and allegations of exploitation. The recent assault accusations by his brother-in-law further intensify the scrutiny. These incidents raise concerns about Bindra’s public image and the impact on his professional standing.
FAQs
Who is Vivek Bindra?
Vivek Bindra is an Indian motivational speaker, leadership trainer, and founder of “Bada Business.”
Why is Vivek Bindra a Dr?
Vivek Bindra holds an honorary doctorate for his contributions to education and leadership training. He received his PhD from OIUM University of Colombo.
What is Vivek Bindra’s net worth?
The estimated net worth of Dr. Vivek Bindra is $11 million (2023).
What is the qualification of Vivek Bindra?
Dr. Vivek Bindra completed his schooling at St. Xavier’s High School in Delhi. Furthermore, he did his Masters in Business Administration from Amity University.
Who is Vivek Bindra’s Wife?
Yanika is the wife of Vivek Bindra. They got married on December 6, 2023.
What is Vivek Bindra’s business?
Vivek Bindra is the Founder and CEO of Bada Business Pvt. Ltd.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the Times of India.
Many years ago, there was no broadcast facility that happened to land directly at people’s homes. All the news or information was passed down from word of mouth during that time.
It’s quite interesting to imagine how people used to live without newspapers before it even was invented. Thanks to the political and economic chronology of India led to the development of newspapers. Furthermore, the consequences of globalisation and modernisation in the world are what pushed the need for printing news.
We can still see newspaper’s importance and dominance in homes today with our older generation hooked on reading the newspapers. From discussing the type of advertisements on our mini tables at home to becoming a part of hot discussion till late at night, newspapers remain an integral part of our lives and society at large.
As a matter of fact, newspapers have also evolved through these years with the quality of writing, type of news and articles being published and also digitising and the platform where they publish or more commonly known as e-newspapers.
We have seen or read this newspaper since we were born, ‘The Times of India’, which is the second-oldest newspaper in India, and the largest English language selling daily newspaper in the world. That’s quite the achievement the newspaper has maintained till now.
The Times of India also goes by the abbreviation TOI and is owned and managed by the Times Group. TOI came into existence with its first publication in 1838 making it the oldest English language newspaper in India. It is said that the TOI is given an alternative name called ‘The Old Lady of Bori Bunder’, for being the third-largest newspaper in India by circulation.
If newspapers and media are one of your areas of interest, here’s more about the Times of India, how it started and what led to its growth, the key people involved and about its owner, ‘The Times Group’, business and revenue model, challenges faced, competitors, funding and investments, and much more in this article.
Founded in 1838, the Times of India is an English Language daily newspaper and digital news in India. The newspaper publishes various news happening around the world, and articles on the latest issues written by prominent writers in the industry.
Times of India is owned by the ‘The Times Group. The Times Group is the trade name of the company, Bennett, Coleman and Company Limited (B.C.C.L), which is owned by the Sahu Jain Family. With headquarters in Mumbai, Times Group is a multi-media company with products like publishing, broadcasting, radio, films, entertainment, and so on.
TOI claims that every day, one of its 13 editions is read by more than 13.5 million readers. As of 2019, 2,880,144 daily newspapers were circulated as per reports.
The owner of TOI, The Times Group, which includes this business along with its other subsidiaries, also publishes the following publications: Ahmedabad Mirror, Bangalore Mirror, Mumbai Mirror, and Pune Mirror; Economic Times; ET Panache (Monday through Friday in Mumbai, Delhi, and Bangalore; Saturday in Pune and Chennai); Ei Samay Sangbadpatra, a Bengali daily; Maharashtra Times, a Marathi daily; Navbharat Times (a Hindi daily)
Times of India – Industry
Belonging to the media and printing press industry, the Times of India has put itself at the highest rank for selling the English Language daily newspaper in the world.
Today, Indian print media is also dominating alongside digital and television media. According to reports, it is recorded that the Indian newspaper revenue touched Rs 220.5 billion in 2021. At this rate, it is assumed that the growth of the print media industry is only going to go upwards.
Times of India – Key People
Times of India, which is managed by the Times Group is directed by Samir Jain, who is the Vice-Chairman of the company.
Samir Jain
Samir Jain is the Vice-Chairman of the Times Group which manages ‘The Times of India’. He is an Arts graduate from St. Stephen’s College, Delhi. Samir Jain’s parents are Ashok Kumar and Indu Jain. His mother Indu Jain became the Chairperson of Times Group after her husband, Ashok Kumar died.
It was in 1975 when Samir decided to join the family-owned business and started working as a junior executive at the media group Bennett, Coleman & Co. Ltd.
It was because of his leadership skills, that the Times of India regained its potential and made it the world’s largest circulating English newspaper.
Times of India – Name, Logo, and Tagline
The tagline of Times of India, “Let the Truth Prevail” rightly defines the company’s idea about telling stories and giving out information to its readers.
As you can see the logo of the Times of India has two elephants facing each other with a shield in the middle of them. The shield has the petals of a lotus flower and leaves and below them are three sailing ships placed in an inverted triangular shape.
Since TOI originally began as the Bombay Times and Journal of Commerce during the British Raj, Britishers were inspired by the elephants, which are carved at the Ajanta Caves. They wanted to target the Indian audience, which is why they used elephants as they play a very important role in the Indian culture.
Times of India – Startup Story
Started as The Bombay Times and Journal of Commerce
The history of TOI begins 183 years ago as ‘The Bombay Times and Journal of Commerce‘ under the leadership of Raobahadur Narayan Dinanath Velkar. He was a Maharashtrian social reformer, who collected news from the world, as well as the Indian Subcontinent and Britain.
TOI’s first-ever editor was J. E. Brennan. After a few years, Robert Knight, who was an English editor and a critic of the British empire acquired the Indian stockholders’ shares in 1860, merged his publication with his competitor Bombay Standard, and founded India’s first news organisation – Bombay Times and Standard.
After a year, The Bombay Times and Standard were once more united with the Bombay Telegraph & Courier, and it was given the new name The Times of India. That’s how where it began for the ‘TOI’ daily newspaper.
With many struggles, Robert elevated the newspaper to a position of importance across the country by fighting for the freedom of the press against government restrictions. The newspaper gained a lot of appreciation and was widely read in India and Europe. The newspaper employed approximately 800 employees and produced 3000 copies per day in 1890.
Under Bennett, Coleman & Co. Ltd
After gaining so much importance, TOI was acquired by Thomas Bennett and Frank Morris Coleman. They started through their joint-stock company Bennett, Coleman & Co. Ltd. During this ownership, Sir Stanley Reed served as The Times of India’s editor from 1907 to 1924, and played a significant figure in Indian media in early 20th-century Indian journalism.
Post-Independence TOI’s ownership went to Dalmia
The Times of India (TOI) was acquired by Ramkrishna Dalmia of the illustrious industrial Dalmia family after India gained independence from British rule. The deal was closed at ₹20 million, which equals ₹2.4 billion or US$30 million in 2020.
Ten years later, it was found that Ramkrishna Dalmia was caught in legal complications surrounding the acquisition that led to a conviction following which he gave his son-in-law Sahu Shanti Prasad Jain administration of the company.
TOI ownership was, again and again, being transferred due to wrong leadership which happened with Sahu Jain as well.
Government of India’s involvement
A new board of directors was established under the government in 1969 on the authority of the Bombay High Court as a result of numerous misdeeds and business abnormalities. The government finally returned ownership of the newspaper to Sahu Shanti Prasad Jain’s son Ashok Kumar Jain in 1976, during India’s Emergency.
After going through a series of misfortunes, it was finally like a new dawn for TOI in the 21st century. The Times Group expanded with new publications aimed toward a contemporary readership.
The Economic Times and Maharashtra Times began publishing in the 1960s, while The Navbharat Times was established in 1946. The Vijay Karnataka daily was founded in 2006 when Vijayanand Printers Limited was acquired.
Bangalore Mirror debuted in 2007, and Mumbai Mirror did so in 2005. The Bengali daily Ei Samay was first published in 2012, while the Gujarati-focused Nav Gujarat Samay started publishing in 2014.
Times of India – Business and Revenue Model
A newspaper’s development story is inextricably linked to its advertisements. Ever since its inception, TOI earned its money through subscribers and advertisers. The business model of the Times of India is to print news and sell it to the consumers and other is by advertising. It can be safe to say, the TOI business model is Direct-to-Consumer and Business-to-Business.
Early advertisements targeted the upper class, but as time went on, TOI became to represent the average person, and advertisers began to use the company’s advertising services to connect with their target demographic. With editions available throughout India, advertising in the Times of India has become one of the most successful forms of advertising for both private individuals and corporations.
Today, TOI continues to advertise on its digital platforms as well. The company earns a big chunk of revenue from advertising agencies.
In the fiscal year 2019, the company reported a revenue of Rs ₹6,986 crores. However, in 2020, the company declared a loss of net income of ₹451.63 crores for the fiscal year.
Times of India – Funding and Investors
Over the course of two rounds, The Times Of India secured $17M in fundraising. Their most recent funding came from a Venture-Series Unknown round, which was raised in 2006.
Here’s the list of investors of the Times of India.
Date
Funding Round
Amount
Investors
June 29, 2006
Venture Round
$10 million
Sequoia Capital
September 29, 2004
Series A
$7 million
Sequoia Capital India
Times of India – Mergers and Acquisitions
In their entire journey of doing business, The Times Of India has acquired two organizations.
IS Integration was their most recent acquisition, made on 20 September 2006. For $37M, they bought IS Integration. The other one is KeyLabs, which the company acquired on the 25th of April, 2005.
Times of India – Competitors
Here’s the list of top competitors of Times of India:
The Hindu
The Hindustan Times
Deccan Chronicle
Verse
Dainik Bhaskar Group
One India
The Indian Express
Tribune Papers
HT Media
Times of India – Social Media Presence
Having been in the media industry, TOI has not left the social media space for increasing its brand awareness and spreading information through digital mediums. To follow the company’s latest updates and interesting news, you can follow them on Facebook, Twitter, and YouTube.
Times of India – Advertisements and Social Media Campaigns
Times of India has played a crucial part when it comes to advertising and running campaigns. While there are several campaigns organised by the company, it ran a social media campaign called the #WantMyPaper campaign in 2020 that highlights the importance of newspapers in today’s times.
The ‘Want My Paper’ campaign launched by the company aimed at Indians to make them realise the importance of the authenticity of daily newspapers. They emphasised through the campaign how crucial it is for media outlets to support the establishment of accountability through sharp reporting.
Newspapers, unlike digital media, do not restrict people’s access to news categories by applying filters, but instead, they put daily information from a variety of genres directly in the hands of the readers, giving them the chance to be notified without unnatural and fake barriers.
Here’s what Sanjeev Bhargava, Director of the Times of India said, “Newspapers are the guardians of democracy – they keep the public well informed about the important goings-on, and help shape public opinion on key ongoing issues of national interest. With growing scientific evidence that newspapers are safe, and that there’s really no risk of catching an infection from them, our #WantMyPaper campaign is aimed at nudging our ardent readers about what they’re missing out without their trusted newspaper in their hands.”
Times of India – Future Plans
As of now, it is hard to say what the Times of India is planning for the future. The company is the third-largest English Language selling newspaper in India in terms of circulation. After serving the nation for 180 years with the latest news, the company claims itself as still young and energetic, and not as an old and outdated company.
FAQs
When was Times of India founded?
Times of India was founded on 3 November 1838.
Who founded the Times of India?
Ramkrishna Dalmia, an industrialist founded the Times of India.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by IRCTC.
It can be safe to say, the need for catering services is constant throughout the year. The catering industry provides services to millions of customers worldwide through its variety of channels designed to cater to the customers’ needs. Even though event catering is likely the most well-known form of channel, it is not the only one available.
In India, the catering business is tremendously huge and growing. It is not only about weddings and birthdays, but we are talking about the catering services on railways which is also a thing that grabs one’s attention.
Nowadays, the Railway catering services are managed by both the government and some private licensed contractors. IRCTC is the largest government-owned catering service in India today.
IRCTC, the short-form of Indian Railways Catering and Tourism Corporation Limited, is a Central Public Sector Enterprise under the Ministry of Railways, Government of India that provides services such as ticketing, catering, and tourism services for the Indian Railways.
The company was founded in 1999 as an extended business of the Indian Railways to look after the catering and hospitality department at railway stations, in general.
In this article, discover all the information about IRCTC, its highlights, startup story, its business and revenue model, challenges faced, and much more.
Termed the Mini Ratna (Category-I), IRCTC comes under the ownership of the Central Public Sector Enterprise under the Ministry of Railways, Government of India. The company was incorporated with the aim to take over all the catering and hospitality services at every station, and train by creating low-cost accommodations, unique tour packages, informational and promotional materials, and global reservation systems for the development of local and international tourism in India.
IRCTC has its main administered office in New Delhi along with ten regional offices situated at Lucknow, Chandigarh, Jaipur, Bhopal, Ahmadabad, Guwahati, Bhubaneswar, Patna, Ernakulam, and Bangalore. The tourism and ticketing offices are located in New Delhi.
IRCTC is mainly involved in the following activities:
Catering and Hospitality
E-Ticketing
Travel and Tourism
Packaged Drinking Water (Rail Neer)
Currently, IRCTC has its operations located in the following manner,
Fourteen Rail Neer manufacturing plants at
Nangloi (Delhi)
Danapur (Bihar)
Palur (Tamil Nadu)
Ambernath (Maharashtra)
Amethi (Uttar Pradesh)
Parassala (Tamil Nadu)
Bilaspur (Chhatisgarh)
Hapur (Uttar Pradesh)
Sanand (Gujarat)
Mandideep (Madhya Pradesh)
Jagiroad (Assam)
Maneri (Madhya Pradesh)
Nagpur (Maharashtra)
Sankrail (Kolkata)
Eleven Base Kitchens setups at
New Delhi
Howrah
Ahmedabad
Patna
Mumbai Central
Mumbai CST
Ballarshah
Nagpur
Balasore
Sealdah
Kharagpur
Five Zonal Offices at
New Delhi
Mumbai
Kolkata
Chennai
Secundrabad
Additionally, IRCTC also has its services extended globally. They provide hassle-free tour packages to foreign destinations like the USA, Australia, Europe, Russia, Nepal, Macau, China, Hong Kong, Dubai, Singapore, Thailand, Malaysia, and Sri Lanka.
IRCTC – Industry
IRCTC belongs to the Catering and Hospitality industry. It was during the 19th century, that the network of railways began in the country. During that period, traveling was slowly picking up pace as many people started to travel from one part of the country to another, who needed food and drinks for the journey.
Ever since then, the catering and hospitality industry is increasing at a significant rate with the increase in travel by many tourists.
Compared to US$28.9 billion in 2018, the Indian tourism and hospitality industry expects to generate US$50.9 billion in traveler exports by 2028.
IRCTC – Leadership
IRCTC is headed by Smt. Rajni Hasija. She is the Chairman and MD at IRCTC.
Smt. Rajni Hasija
Smt. Rajni Hasija is a science scholar with an M.Phil from Delhi University. A postgraduate in Human Resource Management and a degree in Law, Smt. Rajni Hasija is the whole-time Director of Tourism & Marketing at IRCTC. Along with this role, she also happens to be the Chairman and Managing Director at IRCTC.
Smt. Hasija has over 29 years of experience in Indian Railways and has also worked in many managerial capacities as well as various public sector undertakings. She played a pioneering role in the creation and growth of the railroads’ www.irctc.co.in website for online ticketing facilities.
Smt. Hasija has also successfully completed many time-constrained projects for IRCTC, ranging from planning and executing the dynamic online cum counter ticketing platform for the Commonwealth Games 2010 to international marketing of the Maharajas’ Express Luxury Tourist Train.
She was able to pull this off because of her strong technical knowledge, organising and planning skills, and ability to communicate with her peers and team.
IRCTC – Startup Story
The story of IRCTC began in 1999 when the company was incorporated with the aim of the Ministry of Railways. IRCTC was initially entirely owned by the Government of India, but in 2019 it has been listed on the National Stock Exchange, with the Government still maintaining majority ownership. The government owns about 67% of ownership in IRCTC.
IRCTC is the only enterprise that is authorised to supply specific services to the Indian Railways. They are allowed to offer services such as online ticket booking, catering, and selling of packaged drinking water on trains and at railway stations. It was classified as a Mini Ratna public corporation in May 2008, which gave it some monetary independence.
IRCTC – Mission and Vision
Being in the catering and hospitality industry, IRCTC has developed many CSR activities.
They truly believe in doing for the society, for which their CSR vision is, “To be the leading provider of high-quality travel, tourism, and hospitality related services, for a range of customer segments, with consistently high level of customer satisfaction.”
IRCTC – Name, Tagline, and Logo
IRCTC means the Indian Railway Catering and Tourism Corporation Limited. The name rightly tells us the work they do that is providing catering and hospitality services to every railway station across India.
The tagline of IRCTC says, “Lifeline of the nation”
The logo of the IRCTC displays a combination of blue and grey symbols, which means pan-India connectivity of railway networks.
IRCTC – Business Model
IRCTC business is divided into four main services – hospitality and catering, online ticket booking for flights, trains, and buses, tour packages for both national and international places, and providing packaged drinking water under the label Rail Neer.
Here’s an in-depth dig into the business operations of IRCTC:
IRCTC boasts of being one of the largest hospitality and catering companies in the county. The catering business of IRCTC scatters across every passenger train in India, railway stations, and in and around the station premises.
The hospitality and catering business is split into three parts:
Mobile Catering Business
IRCTC oversees all of the Indian Railways’ onboard catering operations in more than 460 passenger trains with pantry cars, including the Rajdhani, Shatabdi, Duronto, Gatimaan Express, Mail/Express, and recently introduced Vande Bharat Express, and Tejas Trains.
In all of these trains, the pantry carriages are installed from which they get their onboard catering services.
Other Catering Services (OCS)
Under this service, its business is divided into two categories:
Static Catering Businesses
Under this business, IRCTC has static catering businesses as well. It’s amusing to know that IRCTC also indulges in managing Train side vending (TSV) on Mail/Express and Superfast trains that do not have the option of pantry cars.
With the help of TSVs, the onboard merchants take orders from the customers who have been offered with the menu chart. After the prescribed order is confirmed, the food is then picked up by vendors at the designated “meal pick-up places”, and it is then given to the passengers.
Base Kitchens
Another static business of IRCTC is Base Kitchens. The Ministry of Railways upgraded a total of 46 base kitchens with the object of producing high-quality meals for every one of its customers on trains.
These kitchens are in process and will be equipped with modern technology. Furthermore, the Ministry of Railways is soon going to activate CCTC cameras for live streaming in the public domain along with QR code facilities on meal packets.
Besides these two static businesses, IRCTC is also involved in other ancillary business activities. They have Food Plazas, fast food units, cell kitchens, and refreshment rooms.
Other Hospitality Businesses
IRCTC has also introduced other hospitality businesses like:
Executive Lounge
The idea is to provide and cater to the demands of the mid-segment and high-end passengers. It wanted to build a comfortable place inside the railway stations to dining in hygienic surroundings. The company took inspiration from airport lounges, it has already opened eight Executive Lounges in the Railway Stations mainly at the New Delhi (Paharganj Side & Ajmeri Gate side), Agra Cantt, Jaipur, Ahmedabad, Madurai, Sealdah, and Varanasi. Some of the other facilities provided at these lounges are wifi services, reclining sofas to relax, shower facilities, etc.
Retiring Rooms
IRCTC has already established retiring rooms at 19 railway stations. Furthermore, there are many rooms, which are under construction right now. The concept of these rooms is to enhance the accommodation facilities for the travelling passengers.
Rail Yatri Niwas/BNR hotels
At present, there are two Rail Yatri Niwas at New Delhi and Howrah railway stations and two BNR Hotels at Puri, Odisha, and Ranchi, Jharkhand.
E-catering Business
The most recent expansion of IRCTC’s catering and hospitality operations is E-Catering. This new business by the company is a combination of technology and cuisine.
With the help of a smartphone application, customers can order food from participating restaurants and food outlets using this internet-based service while riding a train. The passengers’ seats or berths are where food is delivered. To enjoy the service, customers have to book in advance.
Online ticket or Internet Ticketing
IRCTC launched its internet ticketing facility in 2002, and ever since then, IRCTC has made the lives of many travellers easy and convenient.
As per data and survey, there have been 15.88 lakh e-tickets booked as of 21st March 2022.
This proves that the company has emerged as one of the largest e-commerce websites not in India but also in Aisa Pacific.
Tourism business
Apart from just catering and hospitality business, IRCTC has put its benchmark in the tourism department as well. The company has played a majestic role in the development of rail tourism in India.
With its website www.irctctourism.com, the company offers a myriad of options Rail based Packages, Hotels, and Railway Retiring Rooms to provide the users with a one-stop solution to all their travel needs.
By 2015, IRCTC started giving tour packages that include flight booking, hotel accommodation, sightseeing, etc. These packages are meant for both national and international trips.
One of the most unique services provided by IRCTC is the Land Packages. These packages are meant for those customers who are interested in visiting temples for darshans, more commonly for teertha darshan.
It also offers air ticketing, and bus ticketing and has now also ventured into cruise bookings targeting both domestic and international markets.
Packaged Drinking Water
Another major business of IRCTC is manufacturing packaged drinking water known as Rail Neer. Rail Neer is the company’s own branded packaged drinking water.
Presently, the company has fourteen operational manufacturing plants of Rail Neer. These are located at Nangloi, Danapur, Palur, Ambernath, Amethi, Parassala, Bilaspur, Sanand, Hapur, Mandideep, Nagpur, Jagiroad, Maneri, and Sankrail. In addition to this, the company is planning to set up six other plants to increase the production capacity of 18.40 lakh bottles per day in FY 2021-22.
IRCTC – Revenue Model
IRCTC’s most of its earnings are through its internet ticketing facility. The company has reported that a total amount of Rs. 38178.32 crores was collected as ticket fare from the users of E-ticketing during the year 2021-22. It has also been shared by IRCTC that the total number of tickets booked was 4174.49 Lakhs, which is 140% of the previous year.
IRCTC gets 63% from e-ticketing, 22% from the catering business, 8% from Rail Neer, 7% from tourism, and the rest from State teertha.
IRCTC – Challenges Faced
In 2016, there was a case against the IRCTC by the Mumbai police for not maintaining its customers’ data. The allegation was that the company was involved in leaking the private data of its 10 million customers.
The company also faced criticism that there were data breaches and exposures, and there are worries that the government may have utilised passenger information to transmit targeted advertisements.
Another challenge faced by IRCTC was during the 2020–2021 Indian farmers’ protests. The company was criticised for sending emails without its customer’s content.
The email advertised the benefits of government policies to Sikh farmers who are protesting under the subject “PM Modi and his government’s special relationship with Sikhs”. Later, it was found that these emails were sent to promote government messages.
IRCTC – Partnerships and Collaborations
Earlier this year, IRCTC announced that it has partnered with Paytm to digitise its ticketing system for customers through its Automatic Ticket Vending Machines (ATVM) installed at every railway station. Its online ticketing system now has QR code digital payment solutions.
On 21 February 2022, IRCTC collaborated with the Bank of Baroda to launch IRCTC BOB Loyalty Cobranded Credit Card on the RuPay platform.
Previously, it has also collaborated with SBI to come up with a travel credit card called IRCTC Rupay SBI card. The credit card gives access to various benefits like railway lounges, travel offers, rewards, and many other benefits.
IRCTC – Mergers and Acquisitions
As per sources, the Central government is planning to merge the six public sector undertakings (PSUs) by the end of 2023.
The companies which are likely to be merged are Rail Vikas Nigam Limited (RVNL) with Indian Railway Construction Limited (IRCON), RailTel Corporation with Indian Railway Catering and Tourism Corporation (IRCTC), and Braithwaite and Co Limited with Rail India Technical and Economic Services (RITES).
The Ministry of Railways hopes to get better funding and boost the overall value of these PSUs with this merge.
IRCTC – Social Media Presence
The IRCTC does strong advertising and branding on its social media profiles. The company does seem to be quite active on its social media channels by posting various interactive and informative posts regarding its services.
You can follow the company for its latest updates on its Facebook, Twitter, and LinkedIn page.
IRCTC – Competitors
The tourism and hospitality sectors are swarming in the Indian market, which of course, gives rise to tough competition between these companies. IRCTC is not alone in the catering business, many other companies give a tough fight. IRCTC competes with the following companies:
Interglobe Aviat
Delhivery
Indian Hotels Co.
Blue Dart Expres.
Devyani International Ltd.
Easy Trip planners Ltd.
Westlife Development Ltd.
Sapphire Foods
TCI Express
Chalet Hotels
Restuarant Brand
Lemon Tree Hotel
NIIT
Mahindra Holiday
Thomas Cook
ITDC
SpiceJet
IRCTC – Awards and Achievements
Throughout its journey, IRCTC has come a long way in receiving many achievements or milestones to take its catering and tourism services to newer heights.
Some of the achievements of IRCTC are:
IRCTC launched a new e-Ticketing Website & Mobile App for the booking of online Railway Ticket (2020)
A payment wallet named iMudra provides an easy way to book railway tickets, and pay, send or withdraw money. (launched in 2019)
Launched the first semi-private Train ”Kashi Mahakaal’ inaugurated by Prime Minister Narendra Modi (2020)
Launched second semi-private train ”Tejas” between Mumbai and Ahmedabad (2020)
Launched Tejas Express from Mumbai CST to Karmali, Goa (2017)
IRCTC – Future Plans
IRCTC has shown great results in the stock market. Many experts believe that the company is planning to grow exponentially. It is expected that stocks would grow from Rs 3,000 to Rs 5,000 stock level. As of 2021, the market capitalisation of IRCTC is Rs63,726 crore.
From the looks of this tremendous growth, the future of IRCTC seems bright. It is also assumed that with the rise of internet usage, the company will see a growth in its online ticketing business at a CAGR of 17% in the coming years.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Facebook.
In the world of digitalisation, there are only a handful of people who are not on this social media platform, Facebook. Although the company, Facebook, began as a social network for particular college students, it has now evolved into an important tool for day-to-day socialising and business professionals.
As a small company owner, Facebook may be precisely what you need to find potential workers, get new clients, or see what your competitors are up to. And doing so – browsing content on Facebook– does not need creating your new Facebook profile.
Facebook is an American online social networking website owned by Meta Platforms. Mark Zuckerberg, along with other three Harvard University undergraduates, launched Facebook in 2004. Facebook is free to use, yet ads on the platform provider for the bulk of the gross profitability. Members may establish accounts, upload photos, join established communities, or start their own.
Facebook’s popularity stems in part from creator Mark Zuckerberg’s insistence from the beginning that members be truthful regarding who they really are, as phoney pages are just not permitted.
According to the company’s business, transparency is necessary for developing interpersonal relationships, exchanging information and recommendations, and strengthening society as a whole. It also noted that the bottom-up, peer-to-peer networking of Facebook users makes it easier for businesses to connect with customers about their services and goods.
Know more about the Meta-owned company, Facebook, and how it is helpful to us, its business model, startup story, and much more by reading this article further.
Facebook – Company Highlights
Startup Name
Facebook
Parent
Meta Platforms (formerly known as Facebook, Inc)
Headquarters
Menlo Park, CA
Industry
Social Media Platform
Founders
Mark Zuckerberg, Andrew McCollum, Chris Hughes, Dustin Moskovitz, and Eduardo Saverin.
Facebook, a US-based online social media and social networking website is owned by Meta Platforms. The site’s features include Timeline or wall, a section on the user’s homepage where users can post content and friends can send messages, Status, which allows users to notify friends of their current location or set of circumstances, and News Feed, which notifies users of changes to their friends’ statuses and profiles.
Through Facebook, the users can communicate with one another and send and receive messages. Besides, they can also signal their approval for posts and comments on Facebook using the Like button, which can also be seen on many other websites.
In 2006, Facebook allowed anybody above the age of 13 to join, expanding its enrolment beyond students. Advertisers were able to develop new and successful consumer connections, just as Zuckerberg expected.
In October 2021, Facebook announced that its parent business will be renamed Meta Platforms. The name change signalled a shift in focus to the “metaverse,” an augmented reality realm in which people would participate. The Meta Platform now includes Facebook, the social networking platform.
Facebook – Industry
Customers can engage, produce, and share material and information through the social media market, which is made up of sales by entities (organizations, single traders, or partnerships). Social media platform users can exchange photos, videos, and audio clips.
This market generates revenue from advertising sales and other services provided through social networks. Advertising on social media and social media subscriptions are two different segments of the social media business.
The worldwide social media industry is predicted to increase at an annual pace (CAGR) of 39.7% from $159.68 billion in 2021 to $223.11 billion in 2022.
Businesses are reforming their operations and recovering from the effects of COVID-19, which had previously culminated in restrictive measures such as social distancing, the closure of commercial firms, and remote work, all of which caused operational challenges. Growing at a CAGR of 39%, the market is estimated to reach $833.50 billion in 2026.
With 46% of the global social media market in 2020, Asia Pacific was the most important region. The 2nd-largest area, North America, accounted for 32% of the worldwide market. Africa was identified as the fastest-growing region in the social media market between 2020-2021.
Facebook – Name, Logo, and Tagline
Facebook Logo
According to David Kirkpatrick’s book The Facebook Effect, the name Facebook was picked because every Harvard student was given one of these, which held images of their classmates and were referred to as Facebook.
A majority of the American university students received face book directories, which consisted of individuals’ names and photos and were distributed among the university students to help them know each other. This is where the name “Facebook” came from, the sole aim of which is to connect people with their friends and family via its social media platform. The small F sign on Facebook’s site is considered to represent the name Facebook.
Facebook’s tagline used to be, “It’s Free and Always Will be” which was changed to, “It’s Quick and Easy.” It was changed silently between 6th and 7th August 2019, and Facebook didn’t clarify the reason why.
Facebook – Founders and Team
Facebook was founded by Mark Zuckerberg, Andrew McCollum, Chris Hughes, Dustin Moskovitz, and Eduardo Saverin.
Co-founder and current CEO of Facebook – Mark Zuckerberg
Mark Zuckerberg
Mark Zuckerberg is an American businessman, media personality, and philanthropist. He is best known as the co-founder of Meta Platforms, Inc. (previously called Facebook, Inc.), where he currently serves as chairman, CEO, and dominant shareholder. He is also a co-founder and board member of Breakthrough Starshot, a solar sail spacecraft development initiative.
Andrew McCollum
Andrew McCollum joined Philo, an entertainment-focused OTT streaming service, as CEO in 2014. Philo debuted countrywide in November 2017. Andrew was on Philo’s board of directors, supervised the company’s co-founders, and was one of the company’s early investors before becoming CEO.
Andrew was a member of the founding team of Facebook before joining Philo, and he has a long-standing interest in the social design of products. Following Facebook, Andrew worked as an Entrepreneur in Residence at New Enterprise Associates (NEA) and Flybridge Partners, two of Philo’s investors. He is still an active angel investor and counsellor in the early stages of a company’s development.
Chris Hughes
Chris Hughes (November 26, 1983) is an American entrepreneur who co-founded and served as spokesperson for the online social networking and directory site Facebook with his Harvard companions. He was the editor-in-chief and publisher of The New Republic from 2012 until 2016. As of 2019, Hughes is a co-chair of the Economic Security Project.
Dustin Moskovitz
Dustin Moskovitz is the CEO and Co-Founder of Asana. He co-founded Good Ventures and the Open Philanthropy Project. He is also one of the co-founders of Facebook.
Eduardo Saverin
Eduardo Saverin is a B Capital Group co-founder and partner. Saverin is a co-founder of Facebook and the initial investor. Saverin is eager to put money into the next wave of technical developments. He has counselled and worked closely with an array of firms of different kinds and stages as a technology investor and supervisor, all of which share one consistent theme: a love for people-centric technology, as well as a mobile platform lean with pan-global ambitions.
The Facebook team last registered 71,970 full-time employees in December 2021.
Facebook – Startup Story
Facebook, a social networking website, was established on October 28, 2003, as “FaceMash” before rebranding as “The Facebook” on February 4, 2004. It was established by Mark Zuckerberg and his Harvard University classmates. The website’s designers initially limited membership to Harvard students.
Nonetheless, it was gradually expanded to include additional Boston-area colleges, the Ivy League, and finally most universities in the United States and Canada, businesses, and, by September 2006, everyone over the age of 13 with a valid email account.
In September 2004, the Wall was added to a Facebook user’s online profile. This widely used feature allowed a user’s friends to post information to their Facebook wall, and it rapidly became an important part of the social aspect of the network. Facebook had gained one million active members by the end of 2004. However, the firm was still lagging behind Myspace, the top online social network at that time, with five million users. Nevertheless, in the long run, MySpace failed to compete against Facebook.
2005 was a momentous occasion for the company. It was then that the idea of “tagging” people in photographs posted to the site was born. Tags were used to identify themselves and others in photos that were viewable to other Facebook friends. Facebook users can upload an unlimited amount of photos but the facial recognition feature of Facebook, which tagged the persons on the photograph earlier, is not there anymore now.
Outside of the United States, high school and university students were allowed to join the ‘Facebook army’ in 2005. By the end of that year, it had six million monthly active users.
Facebook’s mission is to give people the power to build community and bring the world closer together.
Based on the company’s social media service offerings, Facebook’s corporate vision statement is “People use Facebook to stay connected with friends and family, discover what’s going on in the world, and share and express what matters to them.”
This corporate vision demonstrates that the company is more than just an online social networking service. Rather, the firm aids in the gathering of information and meaningful dialogue among individual customers.
Facebook – Business Model and Revenue Model
Facebook makes money largely through showing commercials from businesses on its Facebook and Instagram apps. Ads contributed to 98% of Facebook’s $86 billion revenue in 2020. The remaining 2% of profits came mostly from Oculus and Portal device sales, as well as development payment fees.
Facebook’s business strategy is centred on providing its products and technologies to billions of users for free and then generating money by enabling businesses to show advertisements to Facebook’s consumers. Advertisers pay Facebook auction-based pricing depending on supply and demand.
This implies that the individuals who consume Facebook’s services (users) aren’t the people who are paying for them. Small companies who advertise on Facebook’s collection of applications are the real clients. With the launch of Facebook Shops, the initial iteration of Facebook’s e-commerce capabilities, the company’s focus on small companies became much more obvious.
Notwithstanding its history and present problems, Facebook is doing incredibly well. Despite the COVID-19 pandemic, sales increased by 22% to $86 billion in 2020. It had a profit margin of 38% and a net income of $29 billion.
Facebook – Funding and Investors
Facebook raised a total of 16 funding rounds to date, as of July 12, 2022, which helped the organisation raise over $16 bn. Here’s a look at the Facebook funding table:
Date
Round
Amount
Lead Investors
Oct 20, 2014
Post-IPO-Equity
$13.8B
–
May 10, 2011
Secondary Market
–
–
Mar 4, 2011
Private Equity Round
–
–
Jan 21, 2011
Private Equity Round
$1.5B
DST Global, Goldman Sachs Investment Partners
Jan 1, 2011
Secondary Market
–
–
Jun 28, 2010
Secondary Market
$120M
Elevation Partners
May 26, 2009
Series D
$200M
DST Global
May 1, 2008
Debt Financing
$100M
TriplePoint Capital
Mar 27, 2008
Series C
$60M
Horizons Ventures
Jan 15, 2008
Series C
$15M
Global Founders Capital
The Facebook investors include Elevation Partners, DST Global, Horizons Ventures, Goldman Sachs Investment Partners and more.
Facebook – Investments
Facebook has made 44+ investments in total to date, as of July 12, 2022. Here’s diving into the most recent Facebook investments:
Date
Organization Name
Round
Amount
May 27, 2022
OlaClick (YC W21)
Seed Round
$4.4M
May 4, 2022
Ami
Seed Round
$3M
April 6, 2022
VerSe Innovation
Series J
$805M
Jan 1, 2022
PlayCo
Corporate Round
$40M
Nov 8, 2021
Inworld AI
Seed Round
$7M
Oct 5, 2021
echo3D
Series A
$4M
Sep 30, 2021
Meesho
Series F
$570M
Aug 3, 2021
Formaloo
Grant
–
Jul 5, 2021
Helpmum
Grant
$55K
May 3, 2021
Obviously AI
Seed Round
$3.7M
Apr 5, 2021
Meesho
Series E
$300M
Jan 1, 2021
FEMCA Financial Services
Pre-Seed Round
–
Dec 24, 2020
ArtyOwl.com
Grant
₹100K
Dec 4, 2020
Com Olho
Grant
–
Facebook – Acquisitions
Facebook has acquired a total of 95+ companies to date. The last acquisition of Facebook is presize.ai, which the company acquired on April 14, 2022.
Here’s a look at some of the recently acquired companies of Facebook:
Acquiree Name
About Acquiree
Date
Amount
presize.ai
Presize is a Germany-based company that is fuelled by the Computer Vision and Deep Learning technologies to develop the most accurate body scanning software
Apr 14, 2022
–
ImagineOptix
ImagineOptix is a US-based company that manufactures optical thin films to help the production of small, affordable, battery-efficient video projectors
Dec 21, 2021
–
Within (VR/AR)
Within is a virtual reality and augmented reality media and technology company.
Oct 29, 2021
–
AI.Reverie
A leading provider of synthetic data to train machine learning algorithms.
Oct 12, 2021
–
Unit 2 Games
Unit 2 Games is a game creation and sharing platform designed to develop video games
Jun 4, 2021
–
Kustomer
Kustomer is an omnichannel Software-as-a-Service (SaaS) CRM platform specializing in customer service
Nov 30, 2020
$1B
Lemnis Technologies
We set a new standard for visual fidelity in VR/AR head-mounted displays, opening new opportunities for professional users.
Sep 22, 2020
–
Mapillary
Mapillary has built a street-level imagery platform that uses photos which have been uploaded by members of the public.
Jun 18, 2020
–
Giphy
Giphy is an online database and search engine that allows users to search, share, and discover GIFs.
May 15, 2020
$400M
Sanzaru Games
Sanzaru Games is an independent console video game development studio.
Feb 25, 2020
–
Scape Technologies
Scape is a computer vision startup, building the localization engine for city-scale augmented reality.
Feb 9, 2020
–
Packagd
Packagd is a series of app that offers new mobile shopping experience.
Dec 20, 2019
–
Facebook – Growth
Facebook is the most popular social media network in the world, with 2.91 billion active monthly users as of the fourth quarter of 2021, which went up to become 2.93 bn in Q1 of FY22. Here’s a look at the rise of Facebook’s monthly active users.
Facebook’s Growth of Monthly Active Users
The number of registered Facebook members topped 1 billion in the third quarter of 2012, making it the first social networking service to accomplish so. In the first quarter of 2021, the company said that 3.51 billion people used at least one of its key platforms on a monthly basis (Facebook, Whatsapp, Messenger, or Instagram).
Facebook initially began with only 150 people working with the same firm back in 2006. This rose and rose over the years, and was last registered with 71,970 full-time employees in December 2021.
What’s Facebook Changing to Ramp up Growth?
Facebook and Instagram both will see some changes, and many of these changes will be inclined towards altering the process of how Facebook and Instagram users share posts and videos. On this, Mark Zuckerberg announced that the platforms will make it easier for the users to control what they “see and discover on Facebook.” Here are some of the proposed changes that will take place:
Feeds will be introduced as a new tab. This will help the users see the most recent posts from their friends, groups, and Pages.
A Favourites list can be curated of the friends and Pages the users care about.
The first thing that the users will now see is Home.
According to Bloomberg, Facebook is on a mission to change the way it shows its users’ posts and videos in order to enable the users to watch content from accounts that they don’t already follow. This will, thus, help the Meta flagship product, Facebook to better compete with viral video app TikTok.
Facebook’s Annual Revenue :
Year
Revenue
2010
$1.97 billion
2011
$3.71 billion
2012
$5.08 billion
2013
$7.87 billion
2014
$12.4 billion
2015
$17.9 billion
2016
$27.6 billion
2017
$40.6 billion
2018
$55.8 billion
2019
$70.6 billion
2020
$85.9 billion
The revenue of Fb in Q3 2021 was registered at $29.01 bn, which included $28.27 bn in ad revenues and $734 mn worth of other revenue.
Facebook Begins Testing Ethereum and Polygon NFTs on Profiles
Facebook announced that it has already started rolling out NFTs for some of the American creators in a report dated July 1, 2022. A spokesperson of the social media giant mentioned that the platform has started initially with NFTs on Ethereum and Polygon and will eventually add support for NFTs on Solana and Flow as well.
According to a post by Meta Product Manager Navdeep Singh, the users’ Facebook profiles will have a “digital collectibles area”, where they can display their NFTs, which are special blockchain tokens representing ownership. Singh also mentioned that the users will also be able to link their Facebook profiles to their bitcoin wallets. Also, they will have the option to convert their NFTs into Facebook posts that may then be shared, liked, commented on, and responded to, just like any other Facebook post.
Here’s the first look shared by Navdeep:
Facebook NFTs
Face Recognition Shutdown
Face recognition will be phased out of Facebook’s social network, as announced by the company in November 2021. Its use will be limited across all products, and over a billion saved faces will be deleted, according to Meta, Facebook’s newly formed parent company.
According to a blog post by Meta’s VP of artificial intelligence, Jerome Pesenti, the action will destroy over a billion saved faces in the following weeks. The removal of such a large database signal that Meta would limit the use of facial recognition in its planned “metaverse” projects, which will involve actual people interacting in vast virtual settings, including game environments, at least initially.
“The many specific instances where facial recognition can be helpful need to be weighed against growing concerns about the use of this technology as a whole,” wrote Pesenti. “There are many concerns about the place of facial recognition technology in society, and regulators are still in the process of providing a clear set of rules governing its use,” he said. “Amid this ongoing uncertainty, we believe that limiting the use of facial recognition to a narrow set of use cases is appropriate.”
Facebook – Competitors
The top competitors of Facebook are technology giants like:
The prominence and magnitude of Facebook have prompted condemnation from a variety of quarters. Internet privacy, its face recognition software, excessive data retention, DeepFace’s addictive nature, and its function in the workplace, including access to employee accounts by employers, are all challenges.
Facebook has been chastised for its consumption of electricity, tax evasion, real-name user verification regulations, censorship, and participation in the US PRISM surveillance program.
Users of Facebook are said to have negative psychological impacts such as jealousy and tension, a lack of focus, and social media addiction. Facebook has been slammed for enabling users to post obscene or illegal content. Copyright and intellectual property infringement, hate speech, rape, terrorist incitement, fake news, crimes, murders, and live-streaming violent situations are among the specifics.
Sri Lanka suspended both WhatsApp and Facebook in May 2019 as a temporary fix to restore peace following anti-Muslim violence, the worst in the country since the Easter Sunday attack the preceding year. Between the fourth quarter of 2018 and the first quarter of 2019, Facebook removed 3 billion fake accounts, bringing the total number of monthly active users to 2.39 billion.
The company said in late July 2019 that the Federal Trade Commission was investigating it for antitrust breaches.
Facebook Layoffs
Facebook is looking to lay off employees and has already asked the process managers to identify the low-performing employees and move them to exit, as per reports dated July 15, 2022. The company has been reportedly struggling with macroeconomic pressures and incurred hits to its advertising business.
Facebook Parent Meta Faces Trademark Lawsuit
Meta Platforms Inc., the parent company of Facebook has been hit by a trademark lawsuit filed by Meta X LLC., a virtual reality-based company, in Manhattan federal court, as of the reports dated July 26, 2022. MetaX alleged that the Facebook owner (earlier Facebook, Inc.), which is now renamed Meta Platforms Inc., has stolen its name since its pivot to metaverse. MetaX also reported that Meta has infringed its federal “Meta” trademarks.
Following the renaming of Facebook as ‘Meta,’ the firm will be “metaverse first,” according to CEO Mark Zuckerberg, which means you won’t need a Facebook account to access other Meta products in the future.
“I’ve been thinking a lot about our identity as we begin this next chapter,” he said. “Facebook is an iconic social media brand, but it just doesn’t encompass everything that we do.”
It also suggests that the company would divide its activities into two segments: one for its future platform efforts (Reality Labs is going to be the tag for that segment) and another for its app family.
Whilst expanding their social networking applications will remain a priority, he believes that the company’s identity will become less tied to a single product/ service over time.
In short, the metaverse will be an embodiment of the internet, according to Zuckerberg, who believes it will be the next integrated virtual media to emerge after video (which evolved from photos and texts).
Rather than staring at a screen, you’ll be able to immerse yourself in these activities. That’s most probably to be accomplished through instilling a strong sense of presence in a shared environment, which would be the metaverse’s distinguishing characteristic. This will demand hardware from the firm, such as the Oculus Quest 2 or others.
The firm is thinking about offering incentives to developers and new users to join. To boost adoption, these alternatives include cutting costs, subsidizing gadgets, or selling them at a loss.
It’s crucial to stress, though, that the metaverse of Zuckerberg’s visions is far from complete. Currently, just the fundamental building pieces work, according to Zuckerberg. In the end, technological obstacles remain—compressing augmented reality technology and sophisticated computers into a pair of spectacles, for example, is a difficult task.
Although Zuckerberg vows to encourage security and privacy on this new “social technology” network in a founder’s letter, it remains to be seen if he can persuade people to use it, particularly younger generations who have been abandoning Facebook. Many people question if a new interface would simply reintroduce the same old issues.
FAQs
What does Facebook do?
Facebook is an American online social networking website owned by Meta Platforms.
Who founded Facebook?
Facebook was founded by Mark Zuckerberg, Andrew McCollum, Chris Hughes, Dustin Moskovitz, and Eduardo Saverin.
When was Facebook founded?
Facebook was founded in the year 2004.
How does Facebook make money?
Facebook makes money primarily by showing advertisements from businesses on its Instagram and Facebook apps.
Which companies do Facebook compete with?
The top 10 competitors in Facebook’s competitive set are:
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Freshworks.
Let’s be honest about the fact that a majority of the employees despise the software application they use at work. Business software has always been noted as cumbersome, costly, difficult to implement, and challenging to use.
Days are usually spent attempting to tailor a difficult software to use for a specific purpose as decided by the company. Sometimes it becomes so difficult that the companies need to recruit full-time staff to oversee the application, which is simply another hit to their finances. All of these can now be avoided with the emergence of Freshworks, which is a one-stop cloud-based software solution for businesses.
Freshworks was founded in 2010 by Girish Mathrubootham, Shan Krishnasamy, and Vijay Shankar in Chennai. Freshworks agrees that every company needs better technology that is ready to use, easy to scale, affordable, and leaves a little room for configuration. All of the company’s products deliver on this pledge and are backed by world-class customer service. The best thing is that getting them to work is not very expensive.
Know more about Freshworks success story, its Founders, Business Model, Team, Logo, Startup story, Challenges, Competitors, Mission and Vision, Funding, Future Plans and more in this article.
Freshworks is a global Saas-based software solutions provider that helps enable businesses to get the best out of their software. Originally headquartered in Chennai, India, Freshworks is currently listed on Nasdaq with its headquarters in San Mateo, California, United States.
Founded by Girish Mathrubootham and Shan Krishnasamy in 2010 in Chennai, the company brings in a range of product suites, including sales CRM software, recruitment tools, and customer-support helpdesk software to exceed customer and employee expectations.
With a focus on enabling all kinds of big and small companies and their increasing requirements, Freshworks builds and distributes easy-to-use SaaS software, and helps all of its customers drive clear business results. Freshdesk, Freshworks, Freshservice, Freshteam, Freshchat, Freshcaller, and other products are among the company’s offerings.
The company already boasts of enabling over 50,000 big and small companies across the globe.
Freshworks, now a California-based company, is a part of the Business Intelligence Software Industry. The company has 4000+ employees working on all of its sites and it has already witnessed an annual recurring revenue of more than $300 million in the month of February 2021.
Freshworks – Target Market Audience
Freshworks brings in cutting-edge SaaS customer engagement solutions for startups and other business professionals. It targets businesses of all sizes and all kinds and makes it easy for the operating teams to acquire customers and keep them engaged for life. The company currently operates in India and the US.
Freshworks will continue to acquire new customers and catalyze global brand awareness using a variety of Google resources. Freshworks expects to use Google Translation Services to expand globally as its product range grows.
Freshworks – Startup Story
The founder of the company was an employee of Zoho Corporation. While Girish was reading an article on Hacker News, he found Zendesk raising their prices from 60% to 300% and how the Zendesk users were unhappy about it. He found a comment, where it was written that there’s a big opening in the market for someone to come inand take all of Zendesk’s and eSupport’s customers. It was a slap on his face.
Girish knew that the opportunity was sitting right in front of him and also that he had knowledge about the transition taking place. He then thought that he should do something in the customer support market delivered as SaaS.
The next few weeks turned out to be stressful. He was very excited about this new idea but didn’t expose the fact. Mathrubootham spoke to his friend Shan Krishnasamy about the matter and they immediately agreed. They both resigned from Zoho and coupled with Vijay Shankar to bring Freshworks into existence with a team of six people as Freshdesk.
The founder trio soon set up a 700 sqft warehouse in Chennai to launch their IT helpdesk company in 2010. This new startup not only started to change the ways the customers interacted with the companies using social media but also helped the companies to address the customer complaints across diverse channels.
It was around eight years of hardwork, which led the company to scale its revenue to touch the $100 million mark. Soon after, Freshdesk was rebranded to Freshworks, the success of which followed and helped it set up its headquarters in the US, thereby bringing the company closer to a majority of its userbase.
The founders of Freshworks are Girish Mathrubootham, Shan Krishnasamy and Vijay Shankar. It was founded in 2010, in Chennai.
Girish Mathrubootham
Starting his career as a Member of Technical Staff at HCL Cisco ODC, Mathrubootham served as a Senior Software Engineer at eForce and then went on to become a Lead Engineer and a Product Manager AdventNet Inc.
After staying with the company for over 4 years, Girish landed a job at Zoho Corporation, where he joined as a Director and was later promoted to the position of Vice President – Product Management. Girish Mathrubootham worked with Zoho for over 5 years before founding Freshworks in 2010.
Girish Mathrubootham (Left) and Shan Krishnasamy
Freshworks CEO and Founder Girish Mathrubootham has been given $233.41 million in stock awards, which will be vested over the next 7 years, which will make it one of the biggest compensation packages received by an Indian business leader in recent years. Girish Mathrubootham received a salary of $611,980 in 2021, and the additional stock award that he will receive is exclusive of his salary.
Shan Krishnasamy
Shan Krishnasamy is also the Co-Founder of Freshworks. He too used to work at Zoho Corporation as a Technical Architect, where he worked for over 9 years before co-founding Freshworks. Shan pursued his Bachelor’s degree from TPGIT and is currently serving as a Co-Founder and CTO at Freshworks.
Vijay Shankar
Vijay Shankar
Vijay Shankar is the Co-founder and Director of Solutions Engineering at Freshworks. He is the principal solutions consultant of the company. Vijay had worked for the company right from the initial stages and is experienced in building multiple high-performance support teams from scratch.
Vijay started his career as a Tech Support Engineer at HCL, who then went on to work for Zoho Corporation as a Pre Sales Technical Consultant. Then, he went for Millicent Technologies and finally founded Freshworks along with the other 2 founders.
Freshdesk is currently 4K+ employees strong.
Freshworks – Name, Logo and Tagline
Freshworks Logo
Freshworks, as the name suggests refers to a “Fresh” helpdesk that creates a customer service management platform to help businesses improve the market experience by ‘refreshing business software’, which is the company’s tagline.
Freshdesk got rebranded as ‘Freshworks’ in June 2017 meanwhile evolving its products as well.
Freshworks – Vision and Mission
Freshworks’ mission statement says, “To help companies better engage and communicate with their customers and employees with refreshing business software that is easy-to-use, feature-packed, and accessible to businesses of all sizes.”
The vision of Freshworks is to become “One of the most loved companies in the world.“
Freshworks – Business Model
The Freshworks business model depends on upmarket sales and its products. The company has got a unique global inside sales model. Business software is expensive and hard to use. People waste hours to get things done. In the end, corporations hire employees to take care of the software.
To tap into this market, Freshworks decided to provide quality and ready-to-go software, which is easier to use. This is why the customers trust the Freshworks products and are also backed by impressive support.
Freshworks’ emphasis in 2010 was on creating and selling goods to small and medium-sized businesses. Due to the effective and easy solutions that the company came up with, it began to gain prominence within larger corporations throughout the years.
Freshworks started the transformation and evolution of its services by expressing its broader vision of helping companies win lifetime loyalty. The unique Indian democratic design principles of Freshworks help the company create software that is simple, scalable, inexpensive and encapsulates true craftsmanship, all the while enabling businesses to be self-reliant.
Freshworks has a wide range of products for small and medium-scale businesses, entrepreneurs, and business professionals. Freshmarketer, Freshsales, and Freshdesk are some of its core products, which have been bundled together in the form of a unified product suite for startups launched by the company on November 11, 2021. This is a part of the company’s startup initiative that was launched in 2019 and has successfully onboarded 2,500 startups so far, out of which 500 of them are paying customers of the company. Freshworks claims that its products are used by 150+ unicorns or around 20% of the unicorns globally.
Here’s a look at the products list of Freshworks:
Freshteam
Freshteam Homepage
This Freshworks product is a smart HR software that aims to provide businesses with an opportunity to modernize their HR department.
Freshservice
Freshservice Homepage
Freshservice from Freshworks helps the companies to modernize their ITSM (IT Service Management)
Freshmarketer
Freshmarketer Homepage
This product from Freshworks is designed as a marketing automation software that will let businesses personalize their messages
Freshsales
Freshsales Homepage
Freshsales from Freshworks is built to aid the companies in accelerating their revenues via content-driven sales
Freshdesk
Freshdesk Homepage
Freshdesk from Freshworks brings effortless customer service solutions that turns the service agents into customer champions.
Freshchat
Freshchat
Freshchat is a smart chatbot service from Freshworks that helps the customer-support employees expedite calls and more. Through Freshchat the customer service executives can focus on more challenging support queries and solve them while the integrated bots answer the common questions. Freshchat further freshens up its smart chat service for enterprises by re-architecting the application to include a unified customer record, as per the reports dated July 23, 2022..
Freshworks extends Freshdesk as an omnichannel service provider.
Freshwork’s remarkable growth curve is a reflection of how companies are searching for new and creative ways to engage with their customers, as well as the company’s creativity and tenacity.
In mid-February 2021, the company announced it surpassed the $300 million mark in its annual recurring revenues, thereby growing by around 40% year-over-year even in the challenging, pandemic-strick times.
By opening offices in Paris, the Netherlands, France, and Utrecht, the company expanded its corporate network. This followed the expansion of the current London office. It also hosted Refresh19 London, which was the city’s first meeting, and was attended by about 400 people.
Furthermore, the company also expanded its presence in APAC outside of Europe by collaborating with OrangeOne Corporation, a leading tech company in Japan. Freshworks currently has offices in Hyderabad, Melbourne, and many other cities across the globe. All of these show how the business is expanding on a wider scale.
Some other prominent growth highlights of the company are:
Freshworks has enabled over 50,000 small and big companies across the globe to exceed customer and employee expectations.
Freshworks’ products are used by the people and businesses of over 120 countries around the world.
Freshworks claims to be the first Indian Saas company to have been listed in Nasdaq, US.
Freshworks claims to be the first Indian Saas company to reach a billion-dollar valuation.
Freshworks CEO and Co-Founder, Girish Mathrubootham, post its IPO listing on September 22, 2021, announced that around 500 employees having shares in the company have turned into crorepatis almost overnight, following the listing.
Furthermore, around 70 of them are aged under 30 years, “People who have graduated college a few years ago and they fully deserve it for believing in us over the past ten years”, as reported by the Freshworks CEO. The company currently boasts of having around 4,300 employees globally.
Freshworks Financials
Freshworks has reported around 46% growth in its revenues, which stood at $96.6 million during the third quarter between July-September 2021 for the company. The company reported an increase in its total revenue, which was recorded at $114.6 mn, thereby exhibiting a 42% YoY growth in the first quarter (Q1) of FY2022. With this, the US-listed Indian company has successfully recorded more than $100 mn in revenue for the second consecutive occasion.
The consolidated losses of the company increased to $107.4 million, including the July-September 2021 quarter, which came on the back of a huge rise in expenses at 305% to $214.63 million. Freshworks losses were recorded at $49.1 million during the January-March 2022 quarter, which was quite an increase from the net losses of $2.4 million reported in the corresponding quarter of the previous year.
Freshworks – Funding And Investors
Freshworks has raised a total of $484 million in funding over 9 rounds. The company is funded by 6 investors, Steadview Capital and Accel are the most recent investors.
Date
Transaction Name
Money Raised
Lead Investors
January 1, 2020
Secondary Market
$85 million
Steadview Capital
November 4, 2019
Series H
$150 million
Accel, CapitalG, Sequoia Capital
July 31, 2018
Series G
$100 million
Accel, Sequoia Capital India
November 1, 2016
Series F
$55 million
Sequoia Capital India
April 20, 2015
Series E
$50 million
Tiger Global Management
June 12, 2014
Series D
$31 million
Tiger Global Management
November 21, 2013
Series C
$7 million
Accel
April 26, 2012
Series B
$5 million
Tiger Global Management
December 2, 2011
Series A
$1 million
Accel
Freshworks – IPO
Freshworks was looking forward to raising up to $912 million through its IPO round, as per the regulatory filings of the company with the US Securities and Exchange Commission dated September 13, 2021.
The company then decided to sell 28.5 million of its Class A common stock between $28 and $32 per share. It was also announced that if the shares of the company would successfully be sold at the higher range, then it would raise around $912 million, thus increasing the valuation of the company to around $9 billion.
Freshworks further confirmed that it would be going public and had already filed the initial public offering in the United States, where the company is presently headquartered. According to the company’s filings with the US Securities and Exchange Commission, Freshworks was then looking to raise around $100 million, in an IPO round led by Morgan Stanley, Bank of America, and JP Morgan Chase. However, that was just a placeholder amount.
The company finally went public on September 22, 2021, and successfully raised over $1.03 billion in its IPO round. Soon after its IPO listing, Freshworks also listed itself on the NASDAQ stock exchange. The price of the shares surged to $36 per share from $32-34 per share or $28-32 per share, which it announced a week ago. The last share price of Freshworks was recorded at $19.25 in Feb 2022.
The IPO has increased the market cap of Freshworks to over $10 billion, which was $9 billion earlier. With a market valuation of $10 billion, Freshworks was leading the band of Indian Saas startups, even ahead of Postman valued at $5.6 billion, and Browserstack valued at $4 billion. Besides, Freshworks also became the first software startup of Indian origin to be listed on the NASDAQ stock exchange. Freshworks was even valued at $13.56 billion on November 2, 2021, when the intraday high peaked at $53.35 per share, where the Girish Mathrubootham-led company also overtook Zendesk, which was valued at $12.1 billion then. The Freshworks market cap is $4.57 billion, as of May 2022.
The company had earlier mentioned that it has a large addressable market of around $120 billion ahead, in its regulatory filings with the US Securities and Exchange Commission earlier in September. It has also estimated the annual potential market opportunity for its products to be $77 billion.
It might use a portion of the proceeds for acquiring complementary businesses, products, services, and technologies, said Freshworks while it was filing its IPO with SEC.
Freshworks Shareholding
Freshworks listed its shareholders in its IPO papers filed with the United States Securities and Exchange Commission (US SEC), where the company has recorded Tiger Global as the majority stakeholder with 26% shares in Freshworks. The others that follow are Accel, Sequoia Capital, Capital G, Girish Mathrubootham, and Others.
Freshworks Shareholding Pattern
Freshworks – ESOPs
Freshworks on November 9, 2021, announced the initiation of a share sale worth $500+ mn from its board of directors, top management, current, and former employees, third-party consultants, contractors, and more. This cashout is certainly counted among the largest cashouts in recent years.
Freshworks has acquired 13 organizations to date, and the acquisition of Flint on Jul 9, 2020, is its most recent acquisition. Here’s a glimpse of the Freshworks acquisitions:
Acquiree Name
Date
Amount
About Acquiree
Flint
Jul 9, 2020
–
Flint is the most advanced and innovative open standards-based automation platform.
AnswerIQ
Feb 26, 2020
–
AnswerIQ is an artificial intelligence service in the customer support space.
CanvasFlip
Sep 17, 2019
–
CanvasFlip is a cloud-based design collaboration and testing platform.
Natero
May 21, 2019
–
Natero harnesses your data to predict, analyze and drive customer behavior.
Zarget
Aug 29, 2017
–
Zarget is a SaaS-based conversion rate optimization company that provides comprehensive solutions for small- and medium-sized businesses.
JoeHukum
Jul 20, 2017
–
JoeHukum Is Your Virtual Personal Assistant. From Flight Booking To Food Delivery
Pipemonk (Formerly ZapStitch)
Jan 4, 2017
–
Pipemonk is a data integration platform that allows companies to synchronize and move data amongst multiple cloud apps quickly and easily
Chatimity
Oct 18, 2016
–
Chatimity is a social chat application helping people discover others based on locality and interests.
Airwoot
Apr 13, 2016
–
Airwoot is a real-time customer support provider enabling brands to provide customer support on social media.
Framebench
Feb 22, 2016
–
Changing how people interact with files on the web & mobile
Freshworks – Awards and Recognition
The most recent awards and recognition of Freshworks are:-
Year
Recognition Name
2019
Supreme Software Award for 2019
2019
Expert’s Choice for 2019
2019
Great User Experience for 2019
2020
Summer Leader 2020
2020
Spring Leader 2020
2020
Top 10 Fastest Growing Software in Q1 2020
2020
Top 10 Most Searched Software in Q1 2020
2020
Best call center software for 2020
2020
VoIP phone services for 2020
Freshworks – Competitors
The top Freshworks competitors are :
Zendesk
Salesforce
Zoho
ServiceNow
Microsoft
Cherwell
Oracle
Coheris
Freshworks – Challenges Faced
Freshworks, being a fast-growing Business-to-Business, Software-as-a-service company with thousands of B2B and B2C clients, including legacy corporations, which are fast-growing billion-dollar businesses, must ensure that its services have minimal downtime, outages, or latency.
“To do this, we need to have visibility into the infrastructure, how it is behaving at any given point of time and how our customers are using our products from an infrastructure standpoint,” says Pradeep Thangavel, Engineering Manager, at Freshworks, “Because Freshworks is integrated on to the customer’s platform, any traffic that comes to the customer’s platform is as good as traffic to the Freshworks platform.”
Further, Pradeep explains how this challenge is difficult because no other Indian B2B SaaS company functions on the same level as Freshworks’, which means the company lacks simple access to industry benchmarks or learnings in terms of aligning their infrastructure optimally for daily services.
Freshworks – Future Plans
Freshworks presently assists businesses by providing intelligent customer engagement software which improves their IT operational efficiency.
Employees at Freshworks were able to see the magic in action, which added to the excitement of the trip. All of this entails pursuing bigger deals meanwhile still expanding our existing customers.
The company has grown from a small startup producing tools for small businesses to a mid-sized business that caters to larger businesses, pushing them to rethink their marketing and sales strategy.
In 2020, a freshworks spokesperson told, “We are actively focusing on building the business, driving growth in new markets, and strengthening our position in existing markets. We will aim for an IPO if and when a public offering proves opportune for the business.”
Freshworks’ expansion has been aided by solid financials, an acquisition-led growth strategy, and the bundling of a suite of services with individual goods.
FAQs
What does Freshworks do?
Freshworks is a cloud-based company that creates sales & support solutions that help businesses improve the market experience. The company’s services facilitate connectivity and enable teams to interact and engage customers and subordinates in order to tackle technological concerns.
Is Freshworks an Indian company?
Yes, Freshworks is an Indian company founded by Girish Mathrubootham, Shan Krishnasamy and Vijay Shankar in Chennai, in 2010.
What is the valuation of Freshworks?
Freshworks is currently valued at $4.57 billion, as of May 2022.
When was Freshworks founded?
Freshworks was founded in 2010 by Girish Mathrubootham, Shan Krishnasamy and Vijay Shankar.
Who is the founder of Freshworks?
Girish Mathrubootham, Shan Krishnasamy and Vijay Shankar are the founders of Freshworks.
He dared to dream, and dream big. And then he decided to do it. And how!
At the young age of 26, he carved out a niche for himself that most dream of doing. He built a Rs 4 crore tea empire that continues to grow under his leadership.
Who is he, you ask? He is Prafull Billore, the man behind the hugely successful brand MBA Chaiwala. His story is as unassuming as the man himself.
Prafull is the older son of Sohan Billore and his wife. He was born in Dhar, Indore, Madhya Pradesh on 14th January 1996. Not much is known of his childhood or his family. However, in his interview, Prafull mentions that he grew up in modest circumstances. It was his parent’s wish that he completes his MBA in order to secure a high-paying job.
Prafull tried hard to fulfil his parent’s wish and even attempted the CAT (Common Admission Test) in order to secure admission into IIM (Indian Institute of Management) at Ahmedabad. He was unsuccessful and, well, uninterested. After three failed attempts at clearing CAT, he gave up on formal education.
Prafull Billore – Career
“I wanted to be a big man. Bachpan se bahut tang samay dekha tha (Have seen tough times since childhood), and so my only passion was to make more money and live a comfortable life.”
Prafull readily admits that his aspirations did not lie with his parents. As a young man of 20, he was still struggling to understand what he could do. He travelled to various cities in India which gave him the opportunity to meet people from diverse backgrounds.
Meeting and talking to them gave him many insights. He read success stories about American businessmen like Jeff Bezos and Richard Branson. Prafull realized a common thread between these people. All of them, at some point in their lives, had worked for McDonald’s.
Prafull joined McDonald’s in Ahmedabad and earned Rs. 300/- a day. His interactions with customers there were educational. Says he, “I also took a part-time job at McDonald’s to see how it feels to work. The salary was not much and it made me think “aise bada aadmi kaise banunga, MBA ke baad bhi aise he kaam karta rahunga (how will I become a big man if even after MBA I’d work like this}?” Although Prafull quickly rose up the ranks from the housekeeping staff to the cashier, he was not satisfied.
Prafull began exploring business opportunities and quickly realized that most businesses asked for a very high initial investment. An amount that he did not have. So, he settled for a simple plan.
He decided to start selling tea. He called his father and borrowed Rs. 8000/- from him under false pretences. He, then, invested that money towards buying the inventory that he needed to start a small roadside tea shop. All the while, he kept his day job working at McDonald’s.
Prafull says he is not a tea drinker and he had no idea how to make it. The first day that he made tea, he could not sell a single cup. Not one to give up, he came up with a plan. The next day, he began approaching people, engaging them in conversation.
Praful Billore selling tea
The fact that a roadside tea seller was speaking fluent English was fascinating for people. To top it up, Prafull was serving tea in earthenware cups with a slice of toast and tissue paper – a complete antithesis to the image of a regular tea seller. Soon he became the talk of the town. His tea was becoming famous, as was his conversation.
His growing fame came at a price. The other tea vendors in the surrounding area were unhappy with the new kid on the block. They conspired to close his operations and resorted to bullying and threatening Prafull.
Sensibly, Prafull decided to close his stall, but, undaunted, he approached a hospital owner and with his permission and help from other authorities, opened up another stall near the hospital. He named it MBA Chaiwala. He jokingly says – “MBA stands for Mr. Billore Ahmedabad”.
To increase his customer base, Prafull deepened his customer engagement by creating a small corner for job seekers. He put up a whiteboard for the job seekers to write down their details so potential employers could contact them.
Such was his fame that YouTubers put up videos of him further helping him reach a larger base. This was how his parents first heard of him selling tea instead of earning a degree. Initially upset with him, they, however, understood his motivation.
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Prafull continually found ways to engage with his customers. Organising cricket matches, ludo games or even just a place where people could leave messages for loved ones were various activities that people looked forward to anytime they visited his stall. Two years of operating from Ahmedabad allowed Praful to expand to his first franchisee café in Bhopal.
Now five years later, the brand that is MBA Chaiwala is more than 50 franchisee outlets strong and growing stronger. They undertake large-scale catering orders for parties, weddings, etc.
MBA Chaiwala Franchise
It is Prafull’s ambition to grow the brand presence to 200 outlets by the end of this year. “If anyone asks me to make chai today, I won’t. I don’t like it. I was struggling when I was making tea on the street but now, I am focusing on expanding my business,” he quips.
First and foremost a focused, goal-oriented businessman, Prafull wears several hats. His goal is to create a millionaire from every village through his franchisee business model.
The MBA Chaiwala Academy
Prafull has launched the MBA Chaiwala Academy. The focus of this academy is to share entrepreneurial knowledge with other budding stars. It will include the ‘How to…’ instructional guidance for building a sustainable and thriving business. The complementary peripheral topics associated with self-development, mental growth, trading, marketing, etc will also be addressed.
Social Media Presence
This tenacious young entrepreneur is a strong presence on social media and an avid YouTuber. He maintains that his social media presence also helps him to spread more awareness for MBA Chaiwala.
Philanthropist
Taking advantage of the growing fame of MBA Chaiwala, Prafull has organised various events like Poetry/Singing nights, ‘Mehfil-e-Kavita’ to encourage budding artists and afford them visibility and educational sessions for youth with guest speakers talking about entrepreneurship. He has hosted fundraisers to support various causes like upliftment of the underprivileged, treatment for cancer patients and the Kerala Flood Relief Fund.
The Motivational Speaker
Prafull Billore has been invited to talk at colleges like IIMs, IITs, Josh Talks, TEDxKIET, TEDxMDI GURGAON and Lovely Professional University.
Prafull Billore burst on the Indian business scene with a steaming hot cup of chai and is serving his way to the top. His dynamism, energetic approach to life and willingness to learn and engage has won him many admirers. He is like a duck – calm on the surface and paddling furiously beneath to reach his goal quickly. Here’s wishing him all the luck in this journey.
FAQs
What is the net worth of Prafull Billore?
The net worth of Prafull Billore is approximately $3 million.
Who is Prafull Billore?
Prafull Billore is an entrepreneur and founder of MBA Chaiwala.
Why is MBA Chaiwala so famous?
Prafull Billore built a 4 crore business around tea without having much knowledge about business is what intrigues people.
Damini Bhandary
