Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
In the current era, a student needs tutoring for almost every subject. Sometimes they even find it difficult to manage various tuitions while on other occasions they struggle to get desired learnings from tutoring. This leads to unhappy students, switching tutors, which ultimately leads to wasting the students’ time and hampering their performance.
To overcome these challenges, Classplus was founded in 2018 to cater to all the learning needs of the students. Classplus is a coaching management program that helps to digitize coaching class operations. Classplus also provides personalized multimedia educational content for students and helps in lifting the performance of students across the country.
With the latest funding round, Classplus is valued at over $600 Million. Check out this StartupTalky article that covers all you want to know about Classplus’sthe Success Story, Classplus funding, Founder of the the Classplus app, its Business and Revenue Model, Acquisitions, Growth, Competitors, and more.
Classplus is a mobile-first SaaS platformthat enables coaching institutions, tuition centers and private tutors to bring their businesses online and streamline their content distribution, payments, communication, and online assessments via the all-in-one teaching app. Classplus is providing the bestmanagement softwareand mobile application service for coaching institutes, tuition centers, and private tutors. The teaching and learning approaches have been reformed with the innovative features and technologies that Classplus brings in, thereby empowering the educationalists to become future-ready.
How to take your offline coaching to online mode?
Classplus – How the App Works?
The Classplus mobile application brings tutors, students, and parents on a single platform that results in better communication and measurement of the growth and performance of a student. Now, if you are wondering about the Class plus app and the Classplus web login, then you need to know that:
One can log in via three modes – as a tutor, student, or parent.
Once logged in as a tutor, they can start their live classes, add students, share notices and also assign tests on the platform.
Objective questions are automatically corrected. Feedback can be given in the form of reports.
Analytics is shared with the parents and the tutors.
For subjective questions, students are supposed to click a picture of the answer written or the diagram.
How to use Classplus Lite?
Classplus app login
Class Plus app login is made really secure and offers a two-way authentication process for the users, which helps them take online tests accurately and with utmost transparency. The users have to enter the Org Code in the web Classplus app log-in page along with their mobile number and then make the Classplus app login securely.
MukulRustagi, VatsalRustagi, BikashDash, NikhilGoel and BhaswatAgarwal are the founders of Classplus.
Bhaswat Agarwal (left) and Mukul Rustagi (right) – Classplus Founders
Mukul Rustagi
Mukul Rustagi is the co-founder & CEO of Classplus. He has pursued his Bachelor’s Degree from the Indian Institute of Technology, Roorkee, after which he served as the Design Engineer Summer Internship at ISA – Intelligent Sensing Anywhere, Equity Research Analyst at ARC Financial Services Private Limited and Derivatives Analyst at Futures First.
Bhaswat Agarwal
Bhaswat Agarwal is presently the co-founder of Classplus. He pursued his B.E. in Electronics and Communication from Netaji Subhas Institute of Technology. Currently, he is looking after the operations and products of Classplus. He was previously the Technology Strategist at Microsoft.
Vatsal Rustagi
Vatsal Rustagi was one of the co-founders of Classplus. He pursued his Bachelor’s Degree from Delhi College of Engineering. Presently, he is the co-founder of FactoryPlus. Rustagi managed the Industrial Switchgear Sales at Havells India Ltd before founding Classplus. He served as the Business Head – Large fleets at LocoNav Inc. after exiting Classplus in March 2018. Rustagi eventually served as the Head – Credit Cards at Happay – Expense Management Solution for Businesses and has eventually started with FactoryPlus, after founding the company in June 2021.
Bikash Dash
Bikash Dash was also one of the co-founders of Classplus. He pursued his B.Tech in Computer Science from the College of Engineering (CEB), Bhubaneswar. Dash is also one of the co-founders of FactoryPlus now after leaving Classplus in April 2018. Dash was previously the Co-founder and CTO of Classplus.
Nikhil Goel
Nikhil Goel was another co-founder of Classplus. He pursued his Bachelor’s degree in Electronics and Communication Engineering from Netaji Subhas Institute of Technology. Presently, he is CEO of GOKADA. Goel has previous experience as the Co-founder of DropCalorie. Goel, after leaving Classplus, became the General Manager of Online Ordering at Zomato, then the Head of New Verticals at SafeBoda, and finally joined as the Vice President of Operations at GOKADA.
Classplus – Startup Story
Mukul Rustagi and Bhaswat Agarwal both used to study at the same IITJEE coaching center in New Delhi back in 2007 which went shut for 10 months before the exam date. The reason being the owners of the coaching institute finds it tedious to keep track of the performance and attendance of their growing numbers of students, they knew it was time to embrace technology.
That’s when Rustagi and Agarwal realized the need to build and scale B2B products in EdTech to solve the potential problem of educators and students. Speaking of this, Rustagi went to IIT-Roorkee and Agarwal went to Netaji Subhas Institute of Technology in Delhi for their graduation. Later in 2015, they teamed up to work together and launched Classplus in 2018.
The tagline of Classplus is “Aapki Coaching, Aapki App” which is dedicated to all the coaching institutes, tuition centers and private tutors to bring their businesses online thus empowering them to become India’s top educators with their own app.
Classplus Business Model and Revenue Model
Business Model of Classplus
Classplus operates on a B2B business model as it helps the educators to bring their offline businesses to online mode. With online comes the freedom to reach any part of the country as communication becomes bi-directional. It offers educators to take multiple live classes & teach unlimited students across the country without worrying about storage and video quality.
Not only that, educators can share their notes, post their pre-recorded lectures, collect fees, track their student’s performance and growth, and much more. This gives them an edge to improve their online teaching experience.
Revenue Model of Classplus
Classplus has a subscription-based revenue model. The platform charges subscription fees for its software suite, which handles class communication, payments, assessments, online learning programs, and attendance, thereby reducing the time spent on management activities and focusing more on classroom teaching, which ranges from INR 15,000 – INR 50,000 on a per annum basis depending on the service required. One wishing to join Classplus can book a free demo to see how Classplus can help boost the business.
Classplus shareholding as of June 2024 (source: Tracxn):
Classplus Shareholding
Percentage
Bhaswat Agarwal
6.0%
Mukul Rustogi
6.0%
Tiger Global Management
13.4%
Alpha Wave Global
16.4%
Blume Ventures
10.3%
RTP Global
8.4%
GSV Ventures
7.4%
Sequoia Capital
5.8%
STRIVE
2.9%
ESOP Pool
13.0%
Others
10.4%
Classplus Shareholding
Classplus – Investments
Classplus has made a strategic investment in Gyan Live, a platform focused on Gujarat’s state-level government exam prep. The investment will help Gyan Live expand to central government and school exam prep in regional languages. It will also enable the platform to use Classplus’ technology to improve the learning experience and expand its reach.
Classplus – Funding And Investors
Classplus has raised over $129.5 mn in funding. The last funding round raised by Classplus came in June 2021 via a Series C round where it raised $65 mn.
Classplus funding details are as follows –
Date
Transaction Name
Money Raised
Lead Investor
March 29, 2022
Series D
$70 Million
Tiger Global Management, Alpha Wave Ventures
June 23, 2021
Series C
$65 Million
Tiger Global Management, GSV Ventures, AWI, Blume Ventures, RTP Global and Blume Ventures
Today, Classplus boasts of having digitised 1 Lakh+ educators user base serving 20 million+ students in over 1,500 cities across the world and earned over INR 500 crore. During the pandemic, online learning platforms witnessed a huge rise whereby teaching is undertaken remotely and on digital platforms. Taking this as an opportunity, the company also launched Classplus Lite, a free mobile app for tutors with a small student base, which has over 500,000 users now. More than 80% of the Classplus user base is from tier 2 and tier 3 cities.
Classplus is planning to improve its technology and expand more product offerings. It enables tutors to set up their businesses online and bridge the gap between the students and tutors. It has witnessed a number of downloads and the team is heading towards earning more in numerous ways and fields.
FAQs
What is Classplus?
Classplus is a mobile-first SaaS platform. It enables private coaching institutions and their tutors to streamline their content distribution, payments, communication, and online assessments through the app.
What is the Classplus Business Model?
Classplus has a subscription-based business model. The platform charges subscription fees for its software suite & other services, which range from INR 15,000 – INR 50,000 on a per annum basis depending on the service required.
Who are the founders of Classplus?
Mukul Rustagi, Vatsal Rustagi, Bikash Dash, Nikhil Goel and Bhaswat Agarwal are the founders of Classplus.
How is Classplus login?
Classplus login is extremely secure and safeguarded with two-way authentication.
Who are the competitors of Classplus?
Classplus’s top competitors are Ethena, LearnIn, Aanaab and BabySparks.
How do Classplus works?
Classplus empowers the tutors and institutions of today to manage their own classrooms via a mobile app. They can simple:
Download the Classplus Lite app from Playstore
Invite and connect with students
Start Teaching
Is Classplus free?
Classplus Lite is a free app for teachers to teach and engage with their students.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Isn’t it a bit exciting when you own a credit card? It is one of the most powerful tools a man can have. However, the right way of using a credit card is imperative as you have to pay for its bill later.
Several credit card issuers include VISA, MasterCard, and so on. However, digitization has bought a lot of changes in how we use how credit cards and the benefits that come with them. These advantages include a hassle-free shopping experience, easy cash withdrawal, no need to carry cash, and hundreds of rewards and offers like cashback, and coupons. You can see most working people use credit cards that have become an indispensable part of their lives.
With the ever-changing technology, this company is the first to launch a credit card for the mobile generation, we are talking about the newest startup company called OneCard.
Read through the article to learn more about OneCard’s industry details, business and revenue model, funding, competitors, and more.
Founded in 2019, FPL Technologies launched the brand ‘OneCard’ to redefine credit card that is designed in metal with full stack tech backed with transparency and clarity, making it India’s best-ever mobile credit card. OneCard currently offers services in 12 cities across India, including Mumbai, Bengaluru, Delhi, and NCR.
The newest startup to enter the unicorn club, OneCard has teamed up with several banks like IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank, and Bank of Baroda Financial. It claims to have more than 600,000 users across the country as of 2022.
To keep security in check, the company boasts of having a strong commitment to its users’ data security. It stores and uses user data using its rock-solid secure procedures and technology implementations, in conjunction with regulatory compliance.
OneCard’s credit card allows its users to control every characteristic of a credit card, such as domestic or international use, transaction limit, online or offline, contactless payments, and many more benefits.
Any customer wanting to start using OneCard can experience seamless onboarding without much of a hassle. The activation of the credit card is digital and activates within five minutes. It comes without any hidden costs or annual fees by giving its customers more flexibility in using the card for transactions. It also offers EMI transactions that further give rewards to its customers. Lastly, one of the interesting features of OneCard is – the credit card can be shared with the user’s family, wherein the family will get OneCard of their own, whose spending can be controlled and managed by the user. OneCard is available on both Android and iOS.
FPL Technologies also run another app known as ‘OneScore’ to allow users to track their credit score. This app has about 70 million users.
It is great to see that India is among the fastest-growing Fintech market in the world today. With this, some statistics say that the Indian FinTech industry is predicted to be worth $106.2 Billion in 2024. Furthermore, it was reported that global fintech industry revenue was around $312.92 billion in 2024, and since then, the figure is only been going upwards.
OneCard – Founders
OneCard is founded by three banking veterans Rupesh Kumar, Anurag Sinha, and Vibhav Hathi in 2019.
Rupesh Kumar got his master’s degree from the Indian School of Business in Analytical Finance. He is also an alumnus of IIT, Delhi, where he got his bachelor’s degree in Mechanical Engineering. Rupesh started by working as a Software Engineer at Geometric Ltd. He has also worked at Dresdner Kleinwort Wasserstein for almost 2 years. During his stint at ICICI Bank, where he worked for 18 years, Rupesh was engaged in building and scaling mobile banking and digital payments at the bank such as – iMobile, UPI, Immediate Payment Services, Digital Wallet (Pockets), and Internet banking. He was responsible for the equity and debt fundraising and acquisition of two banks.
Anurag Sinha
Anurag Sinha is a graduate of IIT, Varanasi. He holds an MBA degree from the Indian Institute of Management, Bangalore. Anurag serves as a Member of the Global Advisory Board at Shoolini University, Himachal Pradesh. Before founding OneCard, he founded Walnut App in 2016, which is a personal finance mobile app, that automatically tracks spending, bank and card balances, P2P & bill payments, and split expenses without the need for bank passwords. Later on, the company got acquired by Capital Float. He has been associated with many organizations playing key roles. His longest stint was at ICICI Bank, where he worked for 13 years. Anurag Sinha is presently the CEO of FPL Technologies.
Vibhav Hathi
Vibhav Hathi has worked at ICICI Bank for 14 years, where he played many significant roles. Before becoming the founding member of OneCard, Vibhav founded his first company called Open Canvas, which is a mobile-based transaction platform to drive inter-operable digital payment. He was also a part of Reliance as a Management Trainee. Vibhav holds an MBA degree from the Indian Institute of Management, Kolkata.
OneCard – Mission and Vision
The mission of OneCard is, “To be India’s Best Metal Credit Card”
OneCard- Business and Revenue Model
The business model of OneCard is a mobile-based application model. The company mostly offers B2C solutions by teaming with various banks to offer the services of a credit card. The company’s main focus is consumer-based initiatives and improving customer experience.
The main business of OneCard is that it provides first-time credit card customers with a virtual, cellphone-based card to help them increase their credit score. It also offers an EMI service for purchases of Rs 3,000 and more, with an interest rate of 1.33% and a payback period of 3-24 months. The Credit card can be used both online and offline. It also offers a loyalty program to its customers, granting them reward points that they may spend for their next purchase.
The main build-up of OneCard has a technological stack that enables common sense features like transaction transparency, credit card bill due dates, and incentives, which are more easily accessible.
The company’s revenue crossed over INR 10 crore in the fiscal year 2021. Along with this, the company’s total costs increased by 4.3X to INR 33.15 crore.
OneCard shareholding as of November 2024 (source: Tracxn):
Onecard Shareholding
Percentage
Anurag Sinha
15.8%
Rupesh Kumar
7.8%
Vibhav Kirit Hathi
5.2%
Matrix Partners India
17.3%
Sequoia Capital
22.2%
QED Investors
8.3%
Hummingbird Ventures
4.9%
Tamasek
3.7%
Ocean View Investment
3.5%
ESOP Pool
3.3%
Others
8%
Onecard Shareholding
OneCard – Funding, and Investors
OneCard has received $262 million in investment over 9 rounds. Their most recent funding came from a Series D round on November 25, 2024. Better Tomorrow Ventures, Peak XV Partners, and Z47 are the most recent investors of OneCard.
Date
Funding Round
Amount
Investors
November 25, 2024
SERIES D
$28.5M
Better Tomorrow Ventures, Peak XV Partners, Z47
March 12, 2024
SERIES D
$918.0K
Alteria Capital
January 04, 2024
CONVENTION
$11.4M
Alteria Capital
May 23, 2023
SERIES D
$241.0K
Alteria Capital
July 13, 2022
SERIES D
$107 million
MacRitchie Investments
December 30, 2021
SERIES C
$75 million
QED Investors
April 9, 2021
SERIES B
$10 million
QED Investors
February 5, 2021
SERIES B
$25.1 million
Sequoia Capital
August 18, 2020
SERIES A
$10 million
Matrix Partners India, Sequoia Capital India
September 5, 2019
Seed Round
$4.5 million
Matrix Partners, Sequoia Capital India
OneCard – Revenue
OneCard Financials
FY22
FY23
FY24
Operating Revenue
INR 83.7 crore
INR 541 crore
INR 1,426 crore
Total Expenses
INR 281 crore
INR 1,000 crore
INR 1,866 crore
Profit/Loss
Loss of INR 182 crore
Loss of INR 406 crore
Loss of INR 401 crore
OneCard Financials
OneCard Operating Revenue has increased from INR 541 crore in FY23 to INR 1,426 crore in FY24. Coming to company profit/loss company losses decreased from INR 406 crore in FY23 to INR 401 crore in FY24.
Expenses Breakdown
OneCard total expenses have risen from INR 1,000 crore in FY23 to INR 1,866 crore in FY24.
EBITDA
The business’s financial performance improved from FY22 to FY23. Reduced expenses (INR 3.36 in FY22 to INR 1.85 FY23) were a major factor in the EBITDA margin shift from -184.18% in FY22 to -67.58% in FY23. ROCE showed improvement from -25.70% in FY22 to -34.73% in FY23, even though it remained negative. With potential for improvement, the company is on the road to recovery.
Indian Bank has partnered with OneCard to launch mobile-first, contactless, metal-cobranded credit cards. OneCard, managed by FPL Technologies, is designed for mobile use and developed in collaboration with issuer banks. FPL Technologies, founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, aims to innovate credit and payments with its digital-first approach.
Razorpay
OneCard has partnered with Razorpay to simplify credit card repayments for tech-savvy consumers. As OneCard’s user base grew, they sought a reliable payment partner to ensure seamless transactions. Known for its metal cards and user-friendly mobile app, OneCard stands out with transparent fees, an engaging rewards program, and a focus on financial management.
Innoviti
Innoviti Technologies (formerly known as Innoviti Payment Solutions), the largest partnership commerce platform in India, has teamed up with OneCard, a credit card redesigned for the mobile age, to promote greater financial inclusion in India through offline payments.
Federal Bank Partners
The nation’s youthful, tech-savvy populace is the target market for Federal Bank’s partnership with OneCard, which was unveiled on September 22, 2021.
Mswipe
Mswipe has partnership with OneCard on November 17, 2021 with this partnership company will offer no-cost Equated Monthly Instalments (EMIs) across its network of 250,000 retailers.
Pine Labs
OneCard and Pine Labs have a partnership to offer EMIs (equivalent monthly payments) to all OneCard credit card members on September 13, 2021.
OneCard – Challenges Faced
One of the biggest challenges faced by OneCard is the competition with UPIs. UPIs which are developed by retail banks are quickly gaining popularity. Although the rapid adoption of UPI reduced the use of debit cards, on the other hand, credit cards appear to be relatively impervious. However, the recent direction by the central bank that the role of co-branding partners for credit cards should be limited to marketing and distribution of cards and giving access to the cardholder for the products and services supplied is predicted to harm multiple credit card startups. Besides this, the integration of credit cards with UPI indicates that there will be an increase in credit card usage, but also poses a challenge to their business model because of no clearness on the merchant discount rate (MDR) for such expenses.
OneCard – Advertisements and Social Media Campaigns
In April 2022, OneCard ran two campaigns with the #BeTeamMetal. The ad is about OneCard’s mobile credit card that takes care of every aspect of its customer’s credit in just one card such as bill payments, transactions, spending limit, offers and rewards, and much more. In one video, a girl can be seen walking through the metal detector for security checking. The detector makes noise because of OneCard’s metal built-up, thus, showing the card’s genuineness. The campaign was a big hit with 14 million views.
With an unmatched focus on India’s diverse geographic needs, MapmyIndia has developed a comprehensive mapping platform that goes beyond traditional road navigation. From automotive solutions to smart city applications, their products and services cater to industries like fleet management, real-time traffic monitoring, e-commerce, and government sectors.
MapmyIndia’s dedication to accuracy, local relevance, and amazing technology has earned it a strong market position, distinguishing it from global competitors. With a firm belief in empowering users, MapmyIndia is committed to continuing its expansion across India and beyond, shaping the future of location-based services.
In this StartupTalky article, we’ll take a deeper look into MapmyIndia’s startup journey, business model, revenue model, funding, IPO, strategic investments, and vision for global and technological expansion.
MapmyIndia is a pioneering Indian technology company focused on creating advanced digital mapping and location-based solutions. Since its start in 1995, the company has grown significantly and now offers a suite of services including high-quality digital maps, telematics solutions, location-driven SaaS products, and cutting-edge GIS and AI technology. With its main office in New Delhi, MapmyIndia also operates regional hubs in Mumbai and Bengaluru, along with a network of smaller offices throughout India. On the international front, MapmyIndia has established a presence in the San Francisco Bay Area and Tokyo, furthering its global reach and influence in the digital mapping space.
MapmyIndia – Industry
The Indian geographic information system (GIS) market is on a strong upward trajectory, with a valuation of $547.3 million in 2023 and an anticipated compound annual growth rate (CAGR) of 13.5% through 2032. This growth is largely driven by the increased adoption of advanced GIS solutions across sectors such as agriculture, military, real estate, and transportation, each benefiting from the enhanced data insights and precision that GIS technology provides.
In terms of market composition, GIS in India spans three key segments: hardware, software, and services. At present, software dominates the market share, reflecting the high demand for GIS applications that help organizations visualize, analyze, and interpret spatial data.
Advancements in artificial intelligence (AI), cloud computing and the Internet of Things (IoT) are further boosting the appeal and versatility of GIS technology. These innovations are making GIS more powerful and accessible, offering businesses more ways to integrate spatial data into their operations. As these technologies continue to evolve, GIS solutions are expected to become increasingly critical for data-driven decision-making across both public and private sectors in India.
MapmyIndia – Founders and Team
Rakesh Verma
Rakesh Verma – Founder and Chairman, MapmyIndia
Rakesh Verma, Co-founder, Chairman, and Managing Director of MapmyIndia, has played a pivotal role in shaping the digital mapping landscape in India. Alongside his wife, Rashmi Verma, he co-founded CE Info Systems in 1995, inspired by the possibilities of Geographic Information Systems (GIS) to revolutionize data access and mapping in India.
With a background in mechanical engineering from the Birla Institute of Technology and Science (BITS), Pilani, and an MBA from Eastern Washington University, Verma initially built a successful career with General Motors in the U.S. before deciding to return to India. In 1993, his introduction to GIS sparked a vision for India’s digital mapping potential—a vision he was determined to realize. Under his leadership, MapmyIndia undertook the ambitious project of creating India’s first comprehensive digital map, laying the groundwork for the company’s future as a leader in digital maps, location-based solutions, and GIS technology.
Verma’s expertise and contributions earned him an appointment to the Government of India’s Committee on Geographical Information Systems (GIS), further solidifying his influence in the field. His journey highlights a commitment to innovation and to advancing India’s technological landscape.
Rashmi Verma
Rashmi Verma – Co-founder and CTO, MapmyIndia
Rashmi Verma, co-founder & CTO of MapmyIndia, has had an extraordinary career shaped by a deep commitment to technology and a desire to make a difference. An alumna of IIT Roorkee, where she earned her Bachelor’s in Engineering with Distinction in 1977, she went on to pursue an MS from Eastern Washington University in 1979. Her early career was marked by rapid growth at IBM in the U.S., where she rose from Software Engineer to consultant for IBM Global Business Services.
Despite her success in the U.S., Rashmi chose to leave a well-established career to follow her vision of bringing advanced IT solutions to India. Alongside her husband, Rakesh Verma, she co-founded CE Info Systems in the early 1990s, driven by her extensive technical experience and a passion for innovation. Her background with IBM gave her a strong foundation in the latest software technologies, which proved invaluable as she embarked on her entrepreneurial journey.
Beyond her work in technology, Rashmi is a frequent speaker at women’s business leadership events, where she encourages other women to pursue their entrepreneurial dreams. She and her husband live in New Delhi and they have two children, both accomplished in their respective fields. Rashmi Verma’s journey is an inspiring example of how determination and vision can bring about transformative change.
Rohan Verma is the CEO and Executive Director of MapmyIndia. While still studying at Stanford University, he played a key role in the creation of MapmyIndia. Rohan holds a Bachelor of Science (BS) in Electrical Engineering from Stanford University and an MBA from London Business School (2013-2015).
In addition to his work at MapmyIndia, Rohan has served as an advisor and investor for Visit Health and as a board member at Cholamandalam Investment and Finance Company Limited.
In December 2024, Rohan Verma announced his decision to step down as CEO of MapmyIndia to start a new B2C venture. He will continue as a Non-Executive Director on MapmyIndia’s board starting in April 2025.
MapmyIndia – Startup Story
Rakesh and Rashmi Verma co-founded MapmyIndia in 1995, with a vision to create India’s first digital mapping and GPS navigation service. Driven by the stark realization that India’s map data hadn’t been updated since the colonial era, the Vermas identified a critical need for comprehensive, accurate mapping solutions in the country. Although they initially approached the government for geographical data, they encountered bureaucratic roadblocks. This challenge prompted them to build a mapping database themselves—pioneering the use of both digital tracing and physical surveys.
The couple began their venture from a small three-bedroom apartment in New Delhi. They used a unique approach that combined top-down and bottom-up strategies. They digitally traced all available paper maps while conducting extensive field surveys to capture granular details that no digital maps in India yet had. This Herculean effort involved over 400 surveyors who trekked through cities and villages, manually gathering data to create a precise digital map of India.
Their journey officially took off with Coca-Cola as MapmyIndia’s first enterprise client, helping the beverage giant define precise distribution territories, an invaluable service at a time when accurate local maps were scarce. Soon, other major companies like Marico, Hindustan Unilever, and the Indian Defense Services followed suit. By the early 2000s, MapmyIndia’s enterprise client base expanded to 500, providing vital mapping services for logistics, telecommunications, and defense.
Over 25 years, MapmyIndia’s database has evolved to cover over 10.54 million unique destinations, 2 million kilometers of road, and 7068 cities with street-level data. The platform also includes house-level data for 80 cities, comprehensive mapping of 600,000 villages, and 3D landmarks in 86 cities. Today, MapmyIndia stands as India’s leading provider of location technology, offering an extensive API stack, IoT devices, mobile applications, and navigation tools that challenge global players like Google. The Vermas’ vision has transformed MapmyIndia into a critical asset for businesses, government agencies, and individual users, marking it as a pioneer in India’s digital transformation in geospatial technology.
MapmyIndia – Mission and Vision
MapmyIndia’s mission and vision reflect a commitment to making the world a better place through advanced location technology, IoT, and mapping solutions. With a strong focus on India, MapmyIndia delivers localized products and services that consider the unique cultural and geographical diversity of the country. Their deep understanding of India’s people, languages, and regional nuances enables them to develop tools that are both highly effective and culturally resonant.
A core part of their mission is to empower users by providing accessible, intuitive solutions that help them navigate and address daily challenges—whether in logistics, personal navigation, or enterprise needs. MapmyIndia’s dedication to continuous innovation underscores its commitment to solving evolving problems, staying ahead in the geospatial and mapping industry, and enhancing its technology to offer best-in-class solutions.
Through these efforts, MapmyIndia aims not only to lead in India but also to set a global standard for impactful, user-focused technology that leverages maps and location intelligence to improve everyday life.
MapmyIndia – Name, Tagline and Logo
MapmyIndia Logo
MapmyIndia’s logo, with its dynamic font and vibrant hues, represents innovation and progress in geospatial technology. The design symbolizes a modern and comprehensive approach to mapping, to convey the company’s mission to connect people, businesses, and governments through precise and user-centric mapping solutions.
Tagline: “Not just roads, we take you to doors.” This tagline perfectly describes MapmyIndia’s commitment to providing precise, hyperlocal mapping and navigation solutions. It emphasizes its focus on detailed, last-mile connectivity, ensuring seamless navigation not only through roads but also to exact doorsteps, reflecting the company’s drive for accuracy and usability.
MapmyIndia – Business Model
With a broad portfolio of services, MapmyIndia serves a wide array of clients across industries, from private companies in logistics and banking to public-sector organizations in transportation and emergency response. Their multi-layered service structure—MAAS, SAAS, PAAS, and DAAS—demonstrates MapmyIndia’s versatility and strategic alignment with diverse market needs, establishing them as a comprehensive provider in the location intelligence and geospatial technology space.
1. MAAS – Maps-as-a-Service MapmyIndia provides comprehensive mapping solutions to support businesses across multiple sectors. By offering their extensive digital maps as a service, MapmyIndia powers navigation and location-based services for automotive, fleet management, and mining companies. These maps are frequently used in school bus tracking, eCommerce deliveries, and paint companies to optimize operations with accurate and updated geographic data.
2. SAAS – Software-as-a-Service The company’s SAAS solutions focus on specialized software applications built around geospatial data. These solutions serve sectors like video telematics for real-time surveillance, banking and NBFCs for location-based customer services, and government organizations for applications like GPS installations, real-time traffic monitoring, and emergency response systems. Additionally, EV charging stations leverage MapmyIndia’s SAAS to help users locate nearby charging points, facilitating the growing electric vehicle ecosystem.
3. PAAS – Platform-as-a-Service As a PAAS provider, MapmyIndia offers robust geospatial platforms that support diverse applications. Ecommerce platforms and state transport organizations benefit from these platforms for optimizing logistics and managing real-time traffic updates. They also extend services to property tax assessment, providing accurate location data and helping municipal corporations assess and track property values.
4. DAAS – Drone-as-a-Service MapmyIndia’s drone services (DAAS) are tailored for industries such as mining for land surveying and state police for emergency and real-time surveillance. Drones provide valuable data to support property tax assessments, helping governments and local bodies achieve accurate property mapping.
5. Consumer Gadgets and Devices MapmyIndia caters to end consumers by offering GPS-enabled gadgets and devices that provide navigation solutions tailored for personal use.
MapmyIndia has expanded its range of services, offering a comprehensive API stack that powers geo-locational functionality in various applications. This API suite supports app developers across sectors—examples include OLX, Flipkart, and accessibility apps for the visually impaired. The stack enables advanced navigation, tracking, telematics, and location-based analytics, with use cases extending to smart parking systems and personalized maps.
To enhance accessibility, MapmyIndia adopted a freemium model for its API stack. Rohan Verma, the CEO of MapmyIndia explained that going freemium was a strategic choice to broaden reach and adoption. With this model, MapmyIndia has observed significant growth in developers using its APIs, contributing to a notable increase in user base and customer engagement. Currently, the company boasts over 5,000 enterprise customers, holds an impressive 80% market share in the location intelligence sector, and supports more than 2,000 SaaS customers who utilize its platforms for fleet management and location analytics.
MapmyIndia has also diversified into several specialized initiatives:
CBDT Collaboration: The company assists the Central Board of Direct Taxes (CBDT) by mapping transactions to better assess taxable income based on locational data. By linking geographic information to PAN card data, the initiative aims to expand India’s taxpayer base.
SBI Finder App: This app aids users in locating SBI ATMs, PoS, branches, and fuel stations with cash points, showing MapmyIndia’s reach in fintech applications.
Safety and Tracking Solutions: The company has developed devices like Safemate, a compact IoT-enabled safety tracker ideal for personal security, especially for women and children. DriveMate, another key offering, is a plug-and-play GPS tracker for vehicles, compatible with most car models. DriveMate provides real-time data on vehicle status, such as speed, location, battery health, and engine activity.
Smart City & Swachh Bharat Initiatives: In Ambala, MapmyIndia implemented a GPS-guided biometric system to track municipal staff and sanitation workers, contributing to urban management under the Swachh Bharat mission.
Acquisition of VIDTEQ: MapmyIndia acquired VIDTEQ, a Bengaluru-based video mapping innovator, adding video-based route visualization. This acquisition enables users to view route previews within city areas, enhancing route-planning options and user experience.
Through these ventures, MapmyIndia remains at the forefront of India’s digital mapping and geolocation ecosystem, establishing itself as a critical player in government, safety, urban planning, and consumer applications, while continuously innovating to drive greater value in location-based technologies.
MapmyIndia – IPO
The successful IPO launch of MapmyIndia marked a significant step in its growth journey, providing the company with the capital to expand its innovative mapping and geospatial services.
MapmyIndia IPO is a book-built issue of INR 1,039.61 crores. The issue is entirely an offer for the sale of 1.01 crore shares.
MapmyIndia IPO bidding started on December 9, 2021, and ended on December 13, 2021. The allotment for MapmyIndia IPO was finalized on December 16, 2021. The shares were listed on BSE, and NSE on December 21, 2021.
MapmyIndia IPO price band was set at INR 1000 to INR 1033 per share. The minimum lot size for an application was 14 shares. The minimum amount of investment required by retail investors was INR 14,462.
MapmyIndia – Challenges Faced
Competitive Landscape
MapmyIndia operates in a competitive landscape, contending with established players like Google Maps and Apple Maps, as well as emerging competitors in the IoT-powered GPS device sector. Automakers are increasingly looking to develop proprietary mapping solutions, adding another dimension to MapmyIndia’s competition.
Despite its achievements, MapmyIndia has encountered skepticism from those who argue that India lacks a “map-reading culture.” Such views suggest that while GPS and digital maps are widely accepted, traditional map reading isn’t deeply ingrained in Indian users. Nevertheless, MapmyIndia has persisted in developing and localizing its offerings to cater specifically to India’s unique market dynamics, proving that mapping services can indeed thrive with the right approach and adaptation.
Proprietor Value
MapmyIndia has also faced legal challenges, including a high-profile dispute with Ola Electric over alleged breaches of licensing terms. The issue arose when MapmyIndia accused Ola Electric of duplicating its APIs and SDKs to create Ola Maps, which MapmyIndia claims violates their license agreement. Such disputes highlight the proprietary value of MapmyIndia’s mapping technology and the company’s commitment to safeguarding its intellectual property.
Building precise, reliable maps is a complex endeavor that requires significant time, investment, and expertise. MapmyIndia’s top-down and bottom-up approach, which combines digital tracing and extensive field surveys, underscores the resources and commitment necessary to maintain accurate and updated maps for a country as vast and diverse as India. Through this rigorous process, MapmyIndia has cultivated a rich repository of geographical data, enabling it to compete effectively while carving out a unique identity in the industry.
Providing accurate and efficient last-mile logistics solutions
Last-mile delivery demands customized, hyperlocal maps that account for variables like vehicle type, driver behavior, and real-time road conditions—factors critical for quick commerce and timely deliveries. Unlike standard consumer navigation apps, which lack this level of specificity, MapmyIndia must create maps that integrate machine-learning-based affinity navigation to guide drivers effectively, factoring in faster routes, traffic patterns, and even road safety concerns. The nuanced doorstep address system, potholes, and other localized issues also require constant adaptation to ensure optimized and safe delivery routes.
MapmyIndia – Funding and Investors
MapmyIndia has raised a total funding of $44.4M over 5 rounds.
MapmyIndia has made investments in the following companies:
Announced Date
Name
Funding Round
Money Raised
Feb 09, 2023
Indrones
Seed Round
$849K
Sep 06, 2023
KOGO
Corporate Round
$2.83M
Aug 8, 2022
Nawgati
Corporate Round
$427M
Feb 7, 2022
Chargeup
Seed Round
$9.56M
Aug 04, 2022
Cusmat
Seed Round
$4.22M
Jan 07, 2022
PupilMesh
Seed
$67K
Jan 15, 2021
RoaDo
Seed
$329M
Sep 28, 2021
Inventa
Seed
$835K
Jul 09, 2018
Glasswing
Seed
$2.35M
Apr 10, 2018
Zuppa
Seed
$1.6M
May 27, 2016
Visit
Seed Round
$7.79M
MapmyIndia – Mergers and Acquisitions
MapmyIndia has acquired the below two companies:
Acquiree Name
Date
Price
Transaction Name
Gtropy
March 04, 2022
—
Provider of GPS-based fleet management solutions
VIDTEQ India
Apr 17, 2017
$360K
VIDTEQ India acquired by MapmyIndia
MapmyIndia – Growth
Quarterly Decline Amid Strategic Realignment
In Q1 FY25, MapmyIndia experienced a 6% decline in its consolidated profit after tax (PAT), down to INR 35.9 Cr from INR 38.2 Cr in the prior quarter, driven by the ramp-down of older automotive original equipment (OE) customer programs and adjustments in its IoT-focused business. Operating revenue also saw a 5.1% decline, reaching INR 101.5 Cr. However, year-over-year (YoY) figures showed a positive trajectory, with PAT rising by 12.1% and operating revenue by 13.5%, indicating long-term growth.
MapmyIndia Financials
FY23
FY24
Total Operating Revenue
INR 253.85 crore
INR 315.61 crore
Total Expenses
INR 146.08 crore
INR 178.89 crore
Profit/Loss
INR 143.15 crore
INR 177.11 crore
MapmyIndia Finacials 2024
In FY23, MapmyIndia earned INR 253.85 crore in revenue and spent INR 146.08 crore, making a profit of INR 143.15 crore. In FY24, its revenue grew to INR 315.61 crore, while expenses increased to INR 178.89 crore, resulting in a profit of INR 177.11 crore.
MapmyIndia strategically shifted its IoT-led business focus towards higher-margin SaaS services over hardware sales, supporting its map-led business, which grew 17.2% and bolstered EBITDA margins to 50.1%. The IoT-led segment, focusing on SaaS, surged by 89.6% in revenue. Chairman Rakesh Verma noted that these efforts increased MapmyIndia’s market reach, especially in AI-driven data analytics and consulting services.
Diverse Vertical Growth and Key Partnerships
The company divides revenue across automotive & mobility tech (A&M) and consumer tech & enterprise digital transformation (C&E), with both showing notable YoY growth. A&M grew by 9.5% to INR 45 Cr, driven by partnerships with automotive brands like Mahindra and BYD, while C&E revenue rose by 16.9% to INR 56.5 Cr, supported by major projects such as the UP Police’s Dial 112 and collaborations in e-commerce and delivery efficiency solutions.
Minor Stake Losses and Continued Growth Outlook
In addition to its core performance, MapmyIndia reported a share of losses from its investments in KOGO and Indrones, with losses of INR 38 Lakh and INR 18 Lakh respectively. Despite these setbacks, CEO Rohan Verma affirmed the company’s ongoing growth across various customer segments, highlighting its readiness to capitalize on new customer acquisitions and expand use cases within its sectors, including automotive, fleets, and government services.
MapmyIndia – Advertisements and Social Media Campaigns
Challenge of Market Dominance and Consumer Outreach
MapmyIndia is actively strategizing to counter Google Maps’ stronghold in the Indian digital maps space, driven by increasing smartphone adoption and affordable data. Founded by Rakesh and Rashmi Verma in 1995, the company is leveraging national pride with campaigns like ‘Har Ghar Tiranga’ and ‘Meri Maati Mera Desh’, which highlight flag hoisting sites, memorials, and gardens across India in its Mappls app.
MapmyIndia Har Ghar Tiranga Campaign
In addition to patriotic campaigns, MapmyIndia is focusing on strengthening its user base through a revamped app and the introduction of digital addresses nationwide. The company recognizes that the Indian market has matured and now sees an increased demand for reliable, homegrown digital maps. CEO Rohan Verma acknowledges the need for a more aggressive marketing push, stating the importance of investing in campaigns to increase brand visibility and consumer reach. The challenge lies in not only enhancing the app’s features but also ensuring that MapmyIndia reaches a broader audience willing to engage with and adopt its mapping services amidst fierce competition.
MapmyIndia – Awards and Achievements
MapmyIndia has earned numerous prestigious awards and recognitions, underscoring its excellence and innovation in the digital mapping and location technology sectors.
Auto Bild Golden Steering Wheel (2010): Best Product/Service for their MapmyIndia VX140 GPS navigator.
Apollo-CV Truck Application Builder of the Year (2015): MapmyIndia received the Truck Application Builder of the Year award at the 6th edition.
Inc India 500 Certificate of Excellence (2013): This award acknowledged their sustained expansion and outstanding performance in the competitive technology landscape.
AatmaNirbhar Bharat App Innovation Challenge: Presented by the Government of India to support India’s vision of self-reliance and technological advancement.
MapmyIndia – Competitors
MapmyIndia faces competition from several existing and emerging competitors. Some of them are as follows:
Google Maps
OpenStreetMap
Mapchart.net
Waze
Sygic
OsmAnd
HereWeGo
MapmyIndia – Future Plans
MapmyIndia is charting an ambitious path toward an INR 1,000 crore revenue target by FY27-28, with the IoT business poised for an impressive tenfold expansion and other sectors expected to grow three to six times. As part of its international vision, MapmyIndia is taking its innovative solutions to new markets across Southeast Asia and the Middle East & North Africa. The company is also investing in full-stack drone capabilities through Indrones Solutions, pushing forward in drone manufacturing and data analytics.
With a SaaS-driven IoT model expected to see significant growth over the next five years, MapmyIndia is doubling down on its automotive OEM partnerships, which are set to be instrumental in hitting its revenue goals. Meanwhile, increased involvement with the ONDC ecosystem, digitization of land records, and advanced GIS solutions for urban planning signal MapmyIndia’s commitment to supporting India’s digital and infrastructural evolution.
FAQs
What is MapmyIndia?
MapmyIndia is an Indian company offering digital maps, navigation, GPS tracking, and location-based services for businesses and consumers.
Who are the owners of MapmyIndia?
Rakesh Verma and Rashmi Verma founded MapmyIndia and are its owners.
Who are the main competitors of MapmyIndia?
The main competitors of MapmyIndia include Google Maps, OpenStreetMap, HereWeGo, Mapchart.net, Waze, Sygic, OsmAnd, and many more.
When was MapmyIndia founded?
MapmyIndia was founded in 1995.
Who is MapmyIndia CEO?
Rohan Verma is the CEO of MapmyIndia. However, in December 2024, he announced his decision to step down from the role to focus on a new B2C venture. He will take on the role of Non-Executive Director on MapmyIndia’s board starting in April 2025.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Are you a movie buff? If it is a no, then sorry to name you out in your bluff. Come on, there are endless reasons for watching a movie: for unwinding after a long day, escaping reality for a couple of hours, having a good laugh, spending time with friends, and the list goes on and on. The genre differentiates the audience; some love action, others root for rom-coms, teens want drama, and all that jazz. Choices are never-ending. However, it is important to note that there’s something for everyone.
One platform that unites all moviegoers is BookMyShow, a platform that offers a plethora of options when it comes to booking tickets. Movies, parties, events, and everything else you can imagine—BookMyShow has it all covered. Booking tickets has become as easy as ABC courtesy of this venture. But turning into a successful venture wasn’t an overnight journey for them.
In this article, let’s explore the world of BookMyShow—its founders, History, Startup story, business and revenue model, controversies, funding, growth, and all the information about the company.
BookMyShow – Company Highlights
Startup Name
BookMyShow
Headquarters
Mumbai, Maharashtra, India
Sector
Entertainment Providers
Founder
Ashish Hemrajani, Parikshit Dar, and Rajesh Balpande
The company is currently India’s largest entertainment ticketing platform. BookMyShow started out in 1999 as a software re-seller for movie theaters and converted into a platform catering to cloud-based ticket booking of events, movies, sports, and plays. BookMyShow was known by the name of its parent company, Bigtree Entertainment Pvt. Ltd., at the time of its inception.
It operates in five countries with more than 30 million customers. In sixteen years, BookMyShow has been through a roller-coaster ride, seeing all kinds of crests and troughs. From INR 25,000 in initial capital to INR 976 crore in revenue in FY2023, from the ‘Dot Com’ crash in the early 2000s to the global financial crisis of 2008, the company has a story at par with the David v/s Goliath legend. It managed to sail through tough times and emerged as a winner in the end.
BookMyShow – Industry
A thorough analysis from Statista indicates that the entertainment industry is expected to rise significantly, with total revenue expected to reach an astounding US$31.23 billion in 2022. The prognosis indicates a strong trend, with a projected 11.44% annual growth rate (CAGR 2022–2027). In the future, the market is anticipated to grow to unprecedented heights, with a projected value of US$53.13 billion by 2027.
BookMyShow – Founders and Team
BookMyShow Co-Founders – Rajesh Balpande, Ashish Hemrajani, Parikshit Dar (Left to Right)
The founders of BookMyShow are three friends: Ashish Hemrajani, Parikshit Dar, and Rajesh Balpande. They are the alumnus of Sydenham Institute of Management, Mumbai University. Ashish Hemrajani is the CEO of BookMyShow.
Ashish Hemrajani
Ashish Hemrajani is an MBA Marketing graduate from Sydenham. Before launching BookMyShow, Asish worked at J. Walter Thompson, an advertising firm, where he served in the Account Management and Client Management departments respectively. He then pivoted with BookMyShow and is still the Founder and CEO of the company.
Under Ashish’s leadership, Bigtree Entertainment survived the Dot Com bust by providing back-end ticketing services to cinema theatres and selling the Vista ticketing software. Multiplexes have been developing and credit/debit card penetration inside the marketplace extended which brought about the release of BookMyShow. Ashish and his team saw the opportunity and made it successful.
Rajesh Balpande worked as an investment banker with The Chatterjee Group before joining his friend Ashish in the venture. He is still known as the Co-founder of BookMyShow.
Parikshit Dar
Parikshit Dar is another co-founder of BookMyShow. Dar is currently known as the Director of Bigtree Entertainment and the co-founder of BookMyShow. Dar was also a student of Sydenham College of Commerce and Economics along with the other founders and completed his MBA in 1997. With expertise in technology, Dar was involved in the tech part of the brand and its website. From designing and developing the BookMyShow website to building its ticketing portal and supporting back-end technology, Dar’s contribution to BookMyShow is huge!
BookMyShow – History | Startup Story
Ashish got inspiration when backpacking in South Africa, following his master’s degree completion and working with J.W. Thompson, and alcohol turned out to be the trigger for change. He was sitting under a tree, quietly listening to a radio ad for rugby tickets, when it dawned on him. This idea ignited Ashish, who left his job and immediately returned to India to fully commit to realizing his vision. Bigtree Entertainment Pvt. Ltd. was established to completely change the ticketing industry.
At the age of 24, Ashish founded his internet business, BookMyShow, converting his bedroom into its headquarters, despite his parents’ early misgivings. Overcoming obstacles, he persuaded his parents to support him, and the three of them—known as the “three musketeers”—founded Bigtree Entertainment Pvt. Ltd., the parent business of BookMyShow, along with co-founders Parikshit Dar and Rajesh Balpande.
BookMyShow was initially branded as ‘Go For Ticketing’. In 2002, the company was renamed ‘India Ticketing’ before ending up with the current name.
When the business was still known as India Ticketing in 2007, it held a contest for its staff to select a name for the business. The winner of the contest was given an iPod touch. An engineering intern proposed the name BookMyShow. This is how the project came upon a name that complemented its goals and objectives.
BookMyShow Logo
BookMyShow – Services
BookMyShow initially kept itself to movie tickets but soon had its fingers in various pies. Today, it offers tickets for just about any type of entertainment, including plays, movies, fairs, sports, and more. On the platform, you can also reserve tickets for international events and monument exhibitions. Tickets for nearby activities were also introduced by the company.
One can avail of the services of BookMyShow through its website or mobileapp. The app was first launched in 2012. It’s available for Windows, Android, iOS, and Blackberry. The company maintains updating and upgrading the app from time to time. BookMyShow also launched a ‘progressive web app’ in 2017. The app allows users to check show timings, book tickets, read reviews, watch trailers, and more. BookMyShow also provides 24/7 customer service.
BookMyShow – Business Model
The core of BookMyShow’s business model is its exclusive access to Vista ERP APIs, which allow for the integration of real-time movie ticket availability. To enable upselling and cross-selling, the platform extends these APIs to offer related services, including parking, food and beverage, shopping, retail, and security. The technology also supports offline ticketing via specific touchpoints and kiosks. This multifaceted strategy enhances BookMyShow’s client accessibility and variety of revenue streams.
BookMyShow – Revenue Model
BookMyShow makes money through the following sources:
Ticketing Revenue: This represents the primary revenue source for the overall results. It includes commissions on ticket purchases and internet handling fees. Convenience fees are extra that the company charges on top of the ticket price. BookMyShow maintains this distinction. Regarding events that aren’t movies, it receives a commission on the sales of those tickets.
Non-ticketing Revenue: To increase “interest creation” with the internet public, any business that wishes to promote its artwork—which includes, but is not limited to, films and short films—can get in touch with BookMyShow. The business that partners with BookMyShow uses the latter’s enormous page views to advertise new performers and their products. A ticket is considered sold once payment has been received. At that point, the ticket cannot be canceled or refunded.
BookMyShow – Challenges Faced
The company had a difficult journey ahead of them. BookMyShow has experienced it all, from the difficulties of launching a new business to the financial crisis of 2007 to the ‘Dot Com’ bubble of 2002. Online ticket sales were not common when BigTree Entertainment Pvt. Ltd. was founded in 1999. Even then, the internet remained a dynamic, experimental environment. The main obstacles to ticket sales were credit card, debit card, and net banking facilities’ uncommon, if not nonexistent, use. The problems were exacerbated by inadequate internet access and the absence of e-ticketing software in theaters.
BookMyShow once purchased tickets in large quantities and dispatched hundreds of workers to deliver them to clients by bicycle. Nevertheless, the company had to scrap it because the business model wasn’t scalable.
Initially, BookMyShow conducted the majority of its business offline. Despite the challenges, the company was performing well, with 150 people spread over 12 call centers in 12 cities. Chase, the business’s financial partner, sold News Corp., owned by Rupert Murdoch, its share. Then, the “Dot Com” crash hit it in 2002. It was the lowest point in the company’s history. The investors withdrew, forcing BookMyShow to repurchase their company from News Corp.
To mitigate the problem, BookMyShow reduced major expenses, including personnel wages. It even closed down a few offices and concentrated only on Delhi and Mumbai, the two largest cities. There were only six people left on the skeleton crew, down from 150. Even in the face of these difficulties, Ashish, Parikshit, and Rajesh persevered. Some positive developments in the Indian market have been brought about by the end of the ‘Dot Com’ scandal.
Internet facilities improved, and credit/debit cards became popular. The number of multiplexes proliferated. BookMyShow wanted to gain back its strong footing. It started selling software solutions, providing automated ticketing software to multiplexes. The company also started running call centers for its clients. BookMyShow gradually generated profits and was worth INR 24.1 crore in 2007.
A pessimist says the glass is half empty, an optimist says it is half full. An entrepreneur looks at the empty section and adds some scotch either to enjoy the journey or be too drunk to bother – Ashish Hemrajani, CEO, BookMyShow.
BookMyShow – Funding and Investors
BookMyShow raised over $224.5 million in six rounds of funding.
BookMyShow has invested in three companies to date:
Date
Stage
Amount
Company Name
Jul 7, 2022
Corporate Round
INR 10 crore
Popclub
Apr 16, 2019
Corporate Round
–
AtomX
Feb 14, 2017
Private Equity Round
–
Townscript
BookMyShow – Mergers and Acquisitions
BookMyShow or BMS has acquired seven companies. Here are the details of the acquisition:
Acquired
Company Details
Date
Price
TribeVibe Entertainment
Engagement software designed to assist college festivals in managing events in a variety of formats and genres.
April 20, 2022
–
nFusion
Audio entertainment offering (BookMyShow Jukebox!)
August 1, 2017
–
burrp!
India’s oldest food tech business
July 4, 2017
$10,300
Townscript
Pune-based DIY events ticketing and registration platform
February 14, 2017
–
MastiTickets
Hyderabad-based ticketing firm
January 24, 2017
–
Fantain
Chennai-based fan relationship and management and analytics startup
March 10, 2016
–
Eventifier
Bangalore-based Social Media Analytics firm
February 11, 2015
$2 million
Ticket Green
Chennai-based online ticketing company
March 2013
–
BookMyShow – Growth
Only in theaters and buying movie tickets meant only at the movie hall counters. Therefore, BookMyShow undoubtedly brought nothing short of a revolution here, leveraging digital technology.
Looking at the growth, it is to be noted that BookMyShow is presently operating in 650+ towns and cities including Hyderabad, Bangalore, Chennai, Pune, Mumbai, and 5,000+ screens in India. The company also forayed into the Southeast Asian markets in 2016 and was successful there.
Financials
BookMyShow Financials
FY22
FY23
FY24
Operating Revenue
INR 277 crore
INR 976 crore
INR 1,397 crore
Total Expenses
INR 395 crore
INR 941 crore
INR 1,320 crore
Profit/Loss
Loss of INR 92 crore
Profit of INR 85 crore
Profit of INR 109 crore
BookMyShow Financials
In FY23, BookMyShow had an operating revenue of INR 976 crore, but its total expenses were INR 941 crore, resulting in it making a profit of INR 85 crore. In FY24, the company’s operating revenue increased to INR 1,397 crore, while total expenses were INR 1320 crore. This change led to their profit rising to INR 109 crore.
EBITDA
BookMyShow FY22-FY24
FY22
FY23
FY24
EBITDA Margin
-16%
12.70%
11.07%
Expense/Rs of Op Revenue
INR 1.43
INR 0.96
INR 0.94
ROCE
-12%
12.63%
15.25%
BookMyShow – Partnerships
Lanka T10 Super League
The Lanka T10 Super League 2024 has partnered with BookMyShow, India’s top entertainment ticketing platform, as its official ticketing partner.
Joining the global rise of T10 leagues like Zimbabwe’s Zim Afro T10 and UAE’s Abu Dhabi T10, Sri Lanka introduces this fast-paced format to showcase innovation in cricket and deliver a world-class sporting spectacle.
IndiGo
BookMyShow partners with IndiGo for the ‘Runway to Party’ campaign, offering exclusive perks for attendees of Bandland Bengaluru 2024, Sunburn Goa 2024, and Lollapalooza India 2025 in Mumbai. The initiative aims to boost footfall at these major music festivals.
POP partners
POP, India’s emerging UPI app focused on D2C merchant rewards, has teamed up with BookMyShow and Team Innovation to offer exclusive tickets for Karan Aujla’s “It Was All A Dream” global concert. With tickets priced as high as INR 15 lakhs, POP provides a smart, affordable alternative for fans.
IMAX
IMAX Corporation has partnered with BookMyShow to transform how audiences discover premium entertainment online. The collaboration aims to enhance user experience and simplify the discovery of IMAX movies on the platform.
BookMyShow – Controversy
The authorities are investigating BookMyShow for allegedly helping with illegal ticket resales of the Coldplay concert scheduled for January 18, 19, and 21 of 2025 in Navi Mumbai, India.
The CEO, Ashish Hemrajani, and technical head have been called in by the Mumbai Police after tickets that cost INR 2,500 were being sold for up to INR 3 lakh. A lawyer filed a complaint saying this was a fraud. The police are looking into it, as reselling tickets for higher prices is against the Maharashtra Entertainment Act.
In response, the police filed an FIR based on BookMyShow’s complaint, which names 30 suspects involved in selling fake tickets or reselling them at inflated prices, including individuals and websites like Viagogo. The FIR was filed by Pooja Mitra, the legal manager at BookMyShow, part of Big Tree Entertainment.
BookMyShow – Awards and Achievements
Here are some of the prominent accomplishments of BookMyShow:
‘The Hottest Company of the Year-2011-12’ and ‘The Company to Watch Out for’ at the prestigious CNBC Young Turks Award
‘Best Omni-channel Customer Experience Brand’ at the OneDirect Quest Customer Experience (QuestCX) Awards
BookMyShow earned an operating revenue of INR 277 crore in FY2022, which is recorded at INR 976 crore in FY2023
Became exclusive ticketing partner for Formula 1 race in India
Became official ticketing partner for Mumbai Indians, Kings XI Punjab, Delhi Daredevils, Pune Warriors, and Rajasthan Royals in IPL
Attracted funding from big names like Stripes Group, Network 18, Accel Partners, and SAIF partners
Covers 5,000+ screens
Covers 650+ towns and cities
Operating in 5 countries
30 million+ customers
2 billion+ page views a month
15 million+ tickets sold in a month
50 million+ app downloads
BookMyShow – Competitors
BookMyShow’s local competitors include:
Explara
TicketGenie
Kyazoonga
IndianStage
BookMyEvent
MeraEvents
Asklaila
TicketCountes
However, it has an early-bird advantage over them.
As per a news report of 2018, BookMyShow had faced stiff competition from Paytm, which offered discounts and cashback to users on the purchase of movie tickets through the Paytm platform. Despite the competition, a report by Kalagato stated that BookMyShow held a 78% market share in the online movie ticketing sector at that time.
As BookMyShow owner Ashish Hemrajani puts it, “Our market share in movie-ticketing has not changed, it has actually gone up. We oscillate between 70% and 75%.”
BookMyShow – Partners
BookMyShow reduced employee pay and other significant costs to lessen the crisis’ consequences. It concentrated solely on the two largest cities, Delhi and Mumbai, closing down even a few offices. The skeletal crew had just six people, down from 150. Despite these difficulties, Rajesh, Parikshit, and Ashish remained persistent. There have been some positive changes in the Indian market since the ‘Dot Com’ fiasco passed.
Due to a disagreement between the two parties, Inox Leisure, the second-biggest multiplex chain in India, ceased selling its tickets on the BookMyShow platform in September 2018. BookMyShow was asked to pay Inox additional money in exchange for the ability to sell its tickets, but the latter company declined to comply. Thankfully, the disagreement was short-lived, as the two sides resumed discussions in October 2018.
BookMyShow – Future Plans
The company wants to add a merchandising section on its website where fans can buy tees, hoodies, and other apparel. The company is going to focus on the mobile segment, as nearly 25% of the total bookings are done through BookMyShow’s mobile app.
BookMyShow – Founder’s Advice
“It is all about going out and trying. But don’t follow the herd. You have got to be very clear why your idea or you as a person will succeed in this environment. How disruptive your technology is.”, said Ashish Hemrajani, BookMyShow owner.
We hope this gave you some insight into this beloved company for movie and entertainment lovers. Now, if you’ll excuse me, I have to go book my show at BookMyShow! (Wink, Wink)
FAQs
Who owns BookMyShow?
Ashish Hemrajani, Parikshit Dar, and Rajesh Balpande own BookMyShow.
What is BookMyShow?
BookMyShow is currently India’s largest entertainment ticketing platform. BookMyShowstarted out in 1999 as a software re-seller for movie theaters and converted into a platform catering to cloud-based ticket booking of events, movies, sports, and plays.
When was BookMyShow founded?
BookMyShow was launched in the year 1999.
How much is BookMyShow’s valuation?
The valuation of BookMyShow is estimated at around INR 7,500 crore ($900 million) as of 2024.
Who is the owner of BookMyShow?
Bigtree Entertainment is the owner of BookMyShow.
BookMyShow is which country’s app?
BookMyShow, perhaps the default name for online ticketing in India, is one of the top three eCommerce websites in India.
Which is BookMyShow parent company?
Bigtree Entertainment Pvt. Ltd launched India’s first ticketing aggregator – BookMyShow.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Interior design is the art of organizing things and decorating the internal part of a building, home, or living space to give it a natural, healthy, and aesthetic look by ensuring the optimum utilization of the space available.
A house with a well-executed interior decoration is bound to be pleasant to live in, along with being really appealing to all others who happen to drop in there due to one reason or the other. Interior design helps to create a space that is equally pleasing and satisfying to the body and the mind of people, the benefits of which are variegated and proven. However, it is when someone actually decides to decorate the interiors of their house or renovate it to enjoy their dream house that they stumble upon numerous hurdles. One of the biggest problems is to make the inside of their house unique and beautiful without breaking the banks!
Such problems had still been a bother now had there been no Livspace. Yes, the home interior and decoration company has certainly been a relief for the people of India and Singapore, which has resulted in cutting off all the hassles in between them and their dream interiors.
Here’s all you need to know about Livspace and How it Works, Livspace News,Founder and History, Logo, Mission, Vision, Business Model, Funding and Investors, Acquisitions, Revenue and Growth, Partnerships, Awards and Recognitions, Competitors, Challenges Faced, Future Plans and more.
Livspace – Company Highlights
Startup Name
Livspace
Headquarters
Bangalore, India
Industry
Interior design
Founded
2014
Founders
Anuj Srivastava, Ramakant Sharma and Shagufta Anurag
Livspace is a personalized home design and decor marketplace that connects interior designers, vendors, and customers. It allows users to discover and customize designs and styles, place order, and get the requirements delivered, furniture and furnishings installed for their living room, bedroom, dining room, kitchen, and more.
Livspace uses a combination of data science, algorithms, and industrial designs, enabling customers to discover a variety of interior designs for all types of rooms, personalize the design by color, material, and style, and get the exact look for their homes. The company takes care of the design and installation and everything in between to transform the living experience.
Apart from its designing and design consultation services for home interiors, Livspace also presents an assemblage of furniture and home decor products with its Livspace store at livspacestore.com.
Livspace – Name, Tagline, Logo and its Meaning
Livspace’s Company Logo
The logo Livspace uses contains several geometric shapes that can be described as concentric or overlapping each other. The brand focuses on red and purple colors. Livspace has signified designs represented by different patterns in its logo, which is quite justified given the brand belongs to the interior designing industry.
The Livspace Tagline is “Hassle-free dream home interiors for any budget.”
Livspace – Founders and Team
In July 2014, Livspace was founded by IIT Kanpur alumnus Anuj Srivastava, who was previously with Google, and Ramakant Sharma, who was previously with Myntra.
Anuj Srivastava & Ramakant Sharma | Founders of Livspace
“At an early stage, investing in building a culture of autonomy may not seem critical but these things tend to stick as you grow. So, think about culture early,” said Srivastava.
Anuj Srivastava
Anuj is an IIT Kanpur graduate, who also has an MBA from the London Business School. Srivastava is currently known as the CEO and Co-founder of Livspace. Before founding Livspace, Anuj served as a Manager at Pepsico, and a Head of Product Marketing and Alliance at Encentuate. He also has over 7 years experience of serving as the Global Head of Product Marketing and Growth: Google Commerce & Mobile Payments, Maps/Local, and AdSense, after which he founded Livspace.
Ramakant Sharma
Ramakant is the Founder and COO of Livspace. He is also an alumnus of IIT Kanpur and has an MBA from the Indian School of Business. On the professional front, Ramakant Sharma started with Teradata as a Software Engineer. He then moved on to SumTotal Systems and GE Healthcare, where he served as a Software Design Engineer and a Senior Design Engineer. Ketera and Zapak were the next companies where Sharma worked as a Technical Lead and an Engineering Manager respectively. He then served as the VP of Engineering at Myntra. Along with being the co-founder of Livspace, Ramakant is also hailed as the co-founder of Violetbag.com. Sharma also has been an Operating Partner at Jungle Ventures.
Shagufta Anurag
Shagufta Anurag – Founder of Livspace
Shagufta Anurag has been a student of BArch and has completed his degree from BMS College of Engineering. Shagufta eventually went on to found her first company back in April 2001, named Space Matrix. With over 3 companies under her belt, she is a serial entrepreneur, the other two companies being Livspace and Saltmine.
Ranjit Kondeshan has been appointed by Livspace as the Head of Human Resources for the interior business of the company. Kondeshan was a Director of Human Resources at Ola, who joined the mobility company in May 2021. Ranjit left that position to join Livspace, as mentioned by the reports dated July 8, 2022.
The team of designers in Livspace is more than 1500 along with some other key executives of the company and its founders, making it a great team indeed brimming with expertise.
Livspace – Startup Story
Anuj and Ramakant, Livspace founders and college friends, were just like any other homeowner—they simply wanted good interiors. Instead, they got a rather appalling experience. It started with trouble in finding the right professionals. It ended with the realization that even after spending a lot of time and money one could never be sure of a fair price, quality, or even the final result. When they, Anuj Srivastava and Ramakant Sharma, set upon their journeys to design their dream homes, soon they found that the industry is really fragmented, where some factors like discovering the right professionals, managing tasks coordinatedly, and ensuring fair price and quality were some of the prominent pain points that people usually face. This is why they were determined to fix this and extend an experience that would truly be happy for the homeowners. This way they went ahead to build a much-needed bridge for the industry in the form of Livspace, which was founded in 2014 as a complete home interior design and renovation solution that is currently helping thousands of homeowners.
“The home that you always wanted is the home you deserve. Livspace helps you realize that dream with interior design that’s beautiful, reliable, and created just for you.”
Design Your Space with Livspace
Anuj Srivastava, CEO of Livspace said once, “our vision is to be the largest, most innovative interior design platform.”
By connecting vendors and designers to homeowners, the platform is acting as a marketplace for home design. It charges a commission or margin fee for all transactions, which range from INR 1 Lakh to over INR 50 Lakh. Livspace operates as a three-sided marketplace, connecting homeowners with designers and suppliers of home design products and services.
Livspace earns mainly through the sale of its design services and handling fees. The company also makes some income from two other sources – traded goods and software development services.
Livspace – Funding and Investors
Livspace has raised a total of $431.6 million of funding in over 10 rounds of funding. The latest funding of the company was raised on February 7, 2022, when it raised its $180 million worth of Series F funding round led by KKR, Ingka Ventures, and Jungle Ventures among others. This round enabled the company to reach a unicorn valuation. With over $1.2 billion in valuation, Livspace stands among the prestigious unicorn startups.
Livspace has acquired 4 organizations so far. Its most recent acquisition was Qanvast, which it acquired on December 29, 2021. It previously acquired YoFloor on Sep 10, 2015.
Acquiree
Date
Amount
About Acquiree
Qanvast
December 29, 2021
–
Home renovation platform to connect homeowners and interior designers
YoFloor
Sep 10, 2015
–
Home Design platform using Interactive 3D models
Dwll.in
May 19, 2015
–
Dwll.in is a curated network of interior designers
DezignUp
Mar 30, 2015
–
Online community for home designers and home products
Livspace shareholding as of February 2023 (source: Tracxn):
Livspace Shareholders
Percentage
Shagufta Anurag
3.0%
Anuj Srivastava
2.4%
Ramakant Sharma
0.6%
Reno Asia Holdings
15.2%
TPG
15.0%
Mercer
8.3%
Bessemer Venture Partners
8.2%
Ingka
6.4%
Helion Venture Partners
5.9%
Jungle Ventures
5.9%
ESOP Pool
4.2%
Others
24.9%
Livspace Shareholders
Livspace – Revenue and Growth
In December 2015, Livspace company introduced its private label of modular kitchens and wardrobes and rolled out services in Bengaluru, New Delhi, and Mumbai. In 2016, Livspace launched its home design automation platform for interior designers and announced its design partner community program. The startup later opened four offline design outlets with virtual reality setups in Bengaluru, Delhi, Gurugram, and Mumbai. In 2018, Livspace announced the expansion of its services to Hyderabad.
Livspace currently serves nine metro areas in India (Bengaluru, Chennai, Hyderabad, Delhi-NCR, Gurugram, Noida, Mumbai, Thane, and Pune) and expanded into APAC with its Singapore market entry in October 2019. The company is currently backed by the likes of TPG Growth, Goldman Sachs, Bessemer Venture Partners, Jungle Ventures, and Helion Venture Partners, the company has raised $191.7 million across equity and debt rounds.
Livspace company has raised $431.4 mn in funding and joined the unicorn club on February 8, 2022
Livspace boasts of having 35,000+ homes that are designed by the company
It has a team of over 1,500 expert designers
Livspace is currently present in 4+ countries and has expanded to over 32 cities
Livspace opened the largest Experience Centre (23,000 sqft) in Marathahalli, Bangalore in 2020
The Anuj & RK-led company opened 11 new Experience Centres in 2020 and 2021
Financials
Livspace Financials
FY23
FY24
Operating Revenue
INR 981.05 crore
INR 1,185.68 crore
Total Expenses
INR 1,767.9 crore
INR 1,647.8 crore
Profit/Loss
Loss of INR 768.8 crore
Loss of INR 413.8 crore
Livspace Financials
EBITDA
RentMojo Financials
FY23
FY24
EBITDA Margin
-69%
-27%
Expense/₹ of Op Revenue
₹1.80
₹1.39
ROCE
-98%
-79.5%
Livspace – LayOff
Livspace was compelled to take the difficult decision of laying off 450 employees, which constituted 15% of its total workforce, as a response to the adverse effects of the COVID-19-induced lockdowns. The company has downsized its workforce by approximately 2% as part of efforts to boost profitability by March 2024. This reduction notably impacted its technology and product teams, with 36 employees, including software engineering developers and directors, being let go, representing about 45% of that team as per various news reports in March 2023.
Livspace – Partnerships
Livspace partnered with Brand Capital, the strategic investment arm of The Times Group, and was able to create a strong brand presence. The brand targeted urban consumers focusing on working professionals in top metropolitan cities seeking assured quality and timely delivery of services. The company utilized a good mix of print ads, radio campaigns, and strategically located OOH properties offered by the Times Group, leading to a strong top-of-mind recall. This partnership created a valuable impact to build awareness and establish credibility.
Some of the prominent partnerships are:
Heseos: Livspace has partnered with Heseos to provide a home automation service, offering customers enhanced control and convenience in managing their living spaces.
Alsulaiman Group: Livspace has teamed up with Alsulaiman Group to drive its expansion efforts in the Middle East, tapping into new markets and opportunities.
Zunpulse Smart Home Automation: Through a partnership with Zunpulse, Livspace aims to offer cutting-edge smart home automation solutions, providing customers with modern and efficient living environments.
Schneider: Livspace and Schneider have joined forces to ensure a seamless and superior experience for both existing and potential customers, combining their expertise to deliver top-notch services.
IKEA Malaysia: Livspace has partnered with IKEA Malaysia to make interior design services more accessible and affordable, bringing quality design solutions to a broader audience.
Livspace, a home interior designing startup, has seen losses soar by nearly five times in the financial year 2016-17, even while the revenues more than doubled. The company registered as Home Interior Design e-commerce Pvt Ltd, saw revenues increase to INR 22.4 crore from INR 9.1 crore the previous year, while losses increased to INR 47.7 crore from INR 9.8 crore in the same period.
Another huge challenge that was imposed on Livspace came with the outbreak of the Covid-19 pandemic. Due to the pandemic, Livspace had to lay off around 450 employees as the company’s operations were severely hampered as its experience centers and last-mile operations were impacted due to the restrictions imposed by the government.
However, the company has recovered well since then and is currently operating in around 13 Indian cities. Furthermore, Livspace has also witnessed a successful expansion abroad, in Singapore, where it is been operating since 2019, and also established its headquarters.
Home interiors and renovation platform Livspace has entered the Singapore market. Through a six-month-long pilot, the startup said that it already has a $15 million gross revenue run rate and is growing at 25% month-on-month.
Livspace has also mentioned that it would invest $30 million to grow its business in Singapore – drive demand, hire talent, build design experience centers, and develop a regional supply chain.
“Over the next 30 months, we aim to build Livspace into a US$500 million business operating across APAC and solve the renovation problem for tens of thousands of homeowners. Singapore marks the first step in our APAC growth and will serve as the headquarters for our global expansion,” said Livspace’s CEO and Co-Founder, Anuj Srivastava.
The unicorn interior design startup is currently planning for global expansion, along with a focus on brand building and mergers and acquisitions. The company founder Srivastava in a recent interview dated February 8, 2022, stated “A significant portion of the funds will go into expanding in newer geographies including the UAE and the Middle East, and further expansion in Singapore and India” while referring to the funds that the company acquired, which led to its unicorn status.
On January 17, 2024. Livspace, headquartered in Singapore, announced plans to re-enter India within 9-12 months and aims for a public listing by 2025. The company is focusing on achieving profitability by the end of this financial year and is exploring strategic acquisitions to expand into private labels and niche categories. Chief Strategy Officer Anik Shah highlighted Livspace’s commitment to building a complete ecosystem for home interiors and renovations while staying closer to customers. Livspace is targeting acquisitions with strong growth, profitability, and capable management teams.
Conclusion
Livspace is an interior design startup that offers a platform that connects people to designers, services, and products and allows users to buy customized wardrobes, modular kitchens, and other interiors. Determined to never let another homeowner experience the misery, they created Livspace. Launched in 2014 in India, Livspace is now the trusted brand for complete home interior design for thousands of homeowners.
FAQs
Is Livspace an Indian company?
Yes, Livspace is an Indian company, headquartered in Bengaluru, India.
Who founded Livspace?
In July 2014, Livspace was founded by IIT Kanpur alumnus Anuj Srivastava, who was previously with Google, Ramakant Sharma, who was previously with Myntra, and Shagufta Anurag.
Who is the current CEO of Livspace?
Anuj Srivastava is the CEO of Livspace.
How does Livspace make money?
Livspace charges a commission or margin fee for all transactions, which range from INR 1 Lakh to over INR 50 Lakh.
Why choose Livspace to design your home?
Livspace emphasizes quality over quantity. They do 146+ quality checks that include pre-installation checks, post-installation checks, and furniture quality checks to ensure your interiors last a lifetime.
How much does Livspace cost?
For a three-dimensional (3D) view, the cost can go up to INR 75,000-INR 1.5 lakh. Some designers charge per room view as well, which can vary from INR 4,000-6,000 per view.
Which is better HomeLane or Livspace?
HomeLane is highly rated for work-life balance on the other hand Livspace is highly rated for culture.
What is the average cost for interior design?
Interior designers can charge anything between INR 75,000-INR 10 lakh depending upon the furniture and design you choose. The cost can be customized as per your requirements. Interior designers have the capability to design your interiors within your budget.
Millennials today are more into sharing than owning things. Be it workspaces, cars, or furniture. With the passage of time, we are seeing a revolutionary modernization of the things that were done traditionally. To bring a change in lifestyle and how it is led, RentoMojo was founded in 2014 to empower the furniture renting space. RentoMojo is a company that allows you to rent appliances, furniture, and even office furniture online.
Read more about RentoMojo, Founders and Team, Business Model, Revenue Model, Funding and Investors, Growth, and more.
As the name suggests, RentoMojo is a consumer leasing company. It is an online rental platform that provides furniture and appliances on a monthly rental basis. It is quite the leader in the lifestyle leasing/subscription industry in terms of revenue and number of subscribers. One of the reasons that fostered its growth is the asset-light financial business model, which makes this venture unique and sustainable.
RentoMojo – How it Works?
The verticals of RentoMojo majorly include furniture, appliances, and electronics. These verticals offer various items such as beds, microwaves, televisions, tables, and water purifiers for rent. Besides this wide array of items, this platform also offers packages for combined items.
The Indian furniture market was valued at approximately $23.12 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.9%, reaching $32.7 billion by 2026, according to TPCI. A big part of this growth comes from the increasing demand for rental furniture.
Factors driving this growth include urbanisation, higher disposable incomes, a rise in home decoration and renovation, changing lifestyles after COVID, and a boost in online shopping. These trends show the changing preferences of customers and the growing importance of rental furniture in India’s furniture market.
RentoMojo – Founders and Team
RentoMojo was founded in November 2014 in Bangalore, Karnataka, India by Geetansh Bamania, along with Ajay Nain, Achal Mittal, and Gautam Adukia (all former co-founders). Geetansh Bamania is the current CEO of the company.
Geetansh Bamania, Founder & CEO of RentoMojo
Geetansh Bamania
Geetansh Bamania, the visionary Founder of RentoMojo, holds a strong academic background with a BTech and MTech degree in Mechanical Engineering from IIT Madras. His career path encompasses a wide variety of experiences; he began as an IT Strategy Consultant at KPMG Advisory. After that, Geetansh moved into the fast-paced world of e-commerce and helped Flipkart.com expand before deciding to start his own business.
Initiating click2skill.com, he was a key member of the group. Geetansh, who had an eye for innovation, started at HopeMonkey before making a big difference at Pepperfry as the Furniture Head for Private Label. His varied experiences highlight a broad career filled with leadership positions and strategic insights in a range of industries, which finally led to the founding and development of RentoMojo.
Ajay Nain
Ajay Nain, Ex-Co-Founder, RentoMojo
Ajay Nain was the Co-Founder and COO of the company. Ajay is an engineer from IIT Madras and holds a dual degree (BTech and MTech) in Mechanical Engineering, much like the founder of the company, Geetansh. Nain also happens to be a Lean Six Sigma expert in Supply Chain from RABQSA.
After being the co-founder of RentoMojo, Ajay Nain went on to found Gully Network Retail with the vision of organizing the unorganized retail space however he left the company on March 23, 2023, and joined Turno as a growth consultant, where is worked for about 6 months. Ajay Nain was a senior consultant at KPMG, the Manager at The Himalaya Drug Wellness Company, and the Project Manager at Daimler India.
Achal Mittal
Achal Mittal, RentoMojo
Achal was one of the founding members of RentoMojo. Mittal comes to the position with a strong professional and academic background. After completing his studies and getting a Bachelor of Commerce (BCom) from Narsee Monjee College of Commerce and Economics, he went on to earn a Master of Business Administration (MBA) with a finance concentration.
Following that, Achal Mittal started a career in finance, holding managerial roles in corporate banking at ICICI and then HSBC. In addition to his achievements in the finance sector, he is also the Co-Founder of LiquiLoans.
Achal Mittal and Gautam Adukia were among the prominent founding members of Rentomojo.
All of this started when Rentomojo founder Geetansh was managing products at Flipkart and then went on to head the furniture category at Pepperfry. All this while, he kept moving around the four main cities of India, namely Chennai, Bengaluru, Delhi, and Mumbai.
And during this exact time, his brother was in the UK, and he rented or leased pretty much everything he needed to sustain a temporary living arrangement. Hence, Geetansh too started thinking along similar lines, but renting furniture and appliances was the first of the ideas that he came up with.
Geetansh, RentoMojo owner of RentoMojo, initially thought of renting out toys to children, with the reasons being that they are expensive and children only use them for a couple of days before the parents buy them new ones. However, Geetansh soon recalled that he had a background and relevant experience in furniture and appliances.
This is why he realized that furniture and appliances would be a more known path to begin his entrepreneurial journey. That’s when he quit Pepperfry and went on to launch RentoMojo in November 2014.
RentoMojo – Name and Logo
RentoMojo Logo
RentoMojo’s registered company name is Edunetwork Private Limited.
RentoMojo – Business Model
RentoMojo started as a furniture rental platform, and within no time it also started to offer a wide range of rental solutions, including furniture, appliances, and electronics. It gives people an alternative to owning things by offering them the flexibility to rent. The company works with manufacturers, sellers, and delivery partners to offer products that people can rent for as long as they want. This helps the urban population, professionals, and students get what they need without having to pay a lot of money upfront.
Rentomojo offers customisation options and also clubs multiple products into packages, making the rental process easy for customers. The platform offers services like delivery, maintenance, and relocation support, helping customers have a satisfying experience.
RentoMojo – Revenue Model
RentoMojo makes revenue from different sources; some of which are listed below:
Furniture and Fixtures Rentals: RentMojo gets a large amount of its income from clients who rent furniture and fixtures. In order to provide a consistent flow of revenue, the business rents out a variety of furniture, including couches, beds, tables, and other necessities for the home.
Value-Added Services: RentoMojo also earns money from extra services like maintenance, helping with moving (relocation support), upgrading products, and delivery fees. These services not only give the customers a smooth experience but also add to the company’s income.
Subscription Models: Rentomojo offers rental plans based on subscription. This allows customers to choose how long they want to rent the product. Thus, the subscription model is another good source of regular income for Rentomojo.
Ancillary Fees Collection: RentMojo gets extra money from clients by charging them ancillary fees. These extra fees could cover a range of platform services or features that improve customer satisfaction and support the company’s overall financial viability.
After launching the startup, RentoMojo received its first order in just within a month i.e., December of the same year. Also, within 24 months, RentoMojo grew from catering to 1,000 customers to 25,000 customers. During this time the company claimed to grow on a scale of 40X.
When it comes to sourcing, RentoMojo works with only a few vendors. These vendors have been identified carefully by the company on a basis like the quality of products and turnaround time (TAT). Instead of dealing with large and well-known vendors in the city, the startup ideally relies much more on local vendors.
RentoMojo – Challenges Faced
There is a common insight into the huge disparity in the purchasing power of developed and developing nations. RentoMojo, as a venture, strives to erode this problem and provide a contemporary and comfortable lifestyle to the younger generation.
Though availing consumer products through leasing and renting is a fairly great concept because it is cheaper and also effectively more convenient and flexible than buying, it is still a foreign and new concept for Indian consumers.
“Effectively reaching out to make them aware and influence our target audience with the appropriate marketing mix at optimum investment is the challenge”, said Geetansh, RentoMojo CEO.
RentoMojo is dodging challenges through effective targeting, putting up relevant and optimized content, spreading awareness hacks, and communications to educate Indian customers about renting and its benefits.
“We face the same challenges as what Airbnb, Uber and lending clubs would have faced in their initial days”, added Geetansh, RentoMojo founder.
RentoMojo shareholding as of March 2024 (source: Tracxn):
Rentomojo Shareholders
Percentage
Geetansh Bamania
12.9%
Ajay Nain
2.7%
Gautam Adukia
1.1%
Achal Mittal
0.5%
Chiratae Ventures
22.3%
ValueQuest
2.9%
Accel
20.5%
Bain Capital Ventures
6.7%
Edelweiss Asset Management
4.3%
Angel
5.1%
ESOP Pool
8.5%
Others
12.5%
Rentomojo Shareholders
RentoMojo – Growth
Some of the growth highlights of RentoMojo are as follows:
It has served over 1.5 lakh happy subscribers as of January 2024.
It has served 450,000 customers since its inception as of January 2024.
It operates in 16 cities as of January 2024.
RentoMojo clocked a revenue of INR 121 crore in FY23.
Serves more than 100,000 live orders in a month as of 2019.
Financials
RentMojo Financials
FY23
FY24
Operating Revenue
INR 121 crore
INR 193 crore
Total Expenses
INR 117 crore
INR 174 crore
Profit/Loss
Profit of INR 6 crore
Profit of INR 22 crore
RentMojo Financials
RentoMojo – Awards
RentoMojo was declared the winner of the Chiratae Ventures Pride of India Awards 2020 edition.
RentoMojo – Competitors
In the rental space of the country, RentoMojo faces both direct and indirect competition from competitors like:
Fabrento
Furlenco
Guaranted
There are many other major and minor players in the industry that also act as rivals to RentoMojo. However, none of these scaled-up companies in the lease and subscription industry have an asset-light model similar to RentoMojo, which it believes, is the only way to scale and crack the subscription business globally. This asset-light business model is where most of the inventory is not owned by the company.
“As an asset-light company, we have the flexibility to expand to a new location at the click of a button, increase our number of partners, and expand our capacity. Through outsourcing of asset sharing, we can focus on scaling by investing in R&D”, said Geetansh, owner of RentoMojo.
RentoMojo – Campaigns
RentoMojo’s “Keep it Casual” ad Campaign
“Keep it Casual” ad Campaign
Rentomojo, a leading furniture and appliance rental platform, unveils its “Keep it Casual” campaign, targeting young Indians. The ad, featuring a playful conversation between friends, emphasizes the ease of renting, returning, and relocating furniture anytime.
RentoMojo – Future Plans
Following the successful completion of the most recent investment round, Rentomojo is preparing for growth and strategic development. The money will help the company expand its business and bolster its balance sheet. Although the precise valuation is still unknown, Bamania views this money as a springboard to keep Rentomojo at the top of India’s furniture and appliance rental market.
To ensure sustainable growth and take advantage of new prospects in the rental market, the future plans call for significant financial investments and operational upgrades. This strategy demonstrates Rentomojo’s dedication to long-term success and innovation.
FAQs
What is RentoMojo?
Rentomojo is an online rental platform that provides furniture and appliances on a monthly rental basis.
What is RMI RentoMojo?
RMI (Rental Monthly Installment) is an interest-free payment system that is far more convenient compared to interest-heavy EMIs. RentoMojo allows consumers to lease or subscribe to products using its Rental Monthly Installments (RMI) system.
Is it better to buy or rent furniture?
Buying your own furniture is an expensive process, requiring a high amount of money that requires to be paid upfront. Whereas the key benefit of renting furniture is the fact that only a negligible amount is paid upfront, with a reasonable rent to be paid monthly.
Where is RentoMojo Head office?
RentoMojo headquarters is in Bangalore, Karnataka, India.
Who is the CEO of RentoMojo?
Geetansh Bamania is the Founder & CEO of RentoMojo
When was RentoMojo started?
RentoMojo was founded in 2014.
What is the registered company name of RentoMojo?
The registered company name of RentoMojo is Edunetwork Private Limited.
How long does RentoMojo take to deliver?
Once payment has been confirmed, kindly upload the required files. They’ll deliver your order in a span of 72 hours. If more documents are required, they’ll get in touch with you.
Sony is a global leader in technology and entertainment, renowned for its diverse portfolio of innovative products and services. The company’s presence spans consumer electronics, gaming, entertainment, and financial services, making it a well-rounded conglomerate.
In the entertainment domain, Sony has made significant strides through Sony Pictures, Sony Music, and the PlayStation platform, contributing to its prominence in both film and gaming.
Beyond its consumer offerings, Sony is committed to sustainability, aiming to reduce its environmental footprint through initiatives like its Green Management 2025 program, which focuses on reducing plastic usage and lowering energy consumption in its products. In this Start-Up Talky article, we will explore how Sony India leverages its global expertise, local innovation, and expansive network to stay ahead in the ever-evolving tech landscape.
Sony India – Company Highlights
Name
Sony India
Headquarters
New Delhi, India
Sector
Marketing, sales and after-sales service of electronic products & software exports
Sony India Pvt. Ltd. is the Indian arm of Japan’s renowned Sony Corporation. Known for delivering cutting-edge technology, Sony’s presence in India stretches across major cities and towns, supported by an extensive network of over 20,000 dealers and distributors. With 300 exclusive outlets, 25 branch offices, and 19 sales branches, Sony covers 450 cities nationwide. To streamline its operations, the company has also set up 30 warehouses and 270 Sony Centers, ensuring its products are within easy reach for Indian customers. At the heart of its operations in India is the Sony India Software Centre (SISC) in Bengaluru, established in 1997. Nicknamed India’s Silicon Valley, Bengaluru houses this vital hub, which serves as a global offshore IT center and a powerhouse for the development of software driving Sony’s diverse product portfolio.
From advancing 3D technology to pioneering products like Sony Internet TV, Sony Tablets, and Android-based mobile devices, SISC plays a pivotal role in bringing next-gen innovations to life. As a strategic offshore IT hub, SISC collaborates with Sony Group companies worldwide, focusing on enhancing operations and driving product development. By leveraging India’s tech talent, Sony ensures it remains at the forefront of technological innovation while serving its customers with precision and excellence.
India’s electronics export sector is witnessing remarkable growth, with exports soaring to $155 billion in FY23.
This upward trajectory is expected to continue, with projections estimating exports will reach $120 billion by 2026.
Key contributors to this growth include mobile phones, IT hardware, consumer electronics, industrial electronics, and auto electronics—highlighting the country’s evolving technological capabilities and competitive edge in global markets.
Meanwhile, the after-sales service market in India is thriving, driven by the growing need for dependable customer support solutions.
Valued at around $10 billion in 2020, this sector is anticipated to double, reaching an impressive $20 billion by 2025.
This expansion underscores the critical role of robust service networks in enhancing customer experience and sustaining product loyalty in a dynamic market.
Sony India – Founders and Team
Masaru Ibuka (Co-Founder)
Masaru Ibuka (Co-Founder)
Masaru Ibuka, a pioneering Japanese electronics industrialist, co-founded Sony Corporation alongside Akio Morita. His innovative spirit and leadership helped shape Sony into a global technology powerhouse.
After graduating from Waseda University in 1933, Ibuka began his career at Photo-Chemical Laboratory, a company specializing in movie film processing. During World War II, he served in the Imperial Japanese Navy, contributing to the Wartime Research Committee. Post-war, in September 1945, Ibuka left both his job and the navy to establish a modest radio repair shop in the bombed-out Shirokiya Department Store in Nihonbashi, Tokyo—a humble beginning that laid the foundation for a technological revolution.
In 1946, Ibuka’s initiative caught the attention of Akio Morita, a fellow wartime researcher. Morita joined Ibuka in Tokyo, bringing financial support from his family. Together, they co-founded Tokyo Telecommunications Engineering Corporation, which evolved into Sony Corporation in 1958.
Ibuka played a pivotal role in Sony’s early success. His foresight led to the acquisition of transistor technology licensing from Bell Labs in the 1950s, positioning Sony as a pioneer in adapting this technology for consumer products. His leadership also drove the development of the iconic Trinitron color television in 1967, a breakthrough in TV technology that solidified Sony’s reputation for innovation.
Ibuka served as Sony’s president from 1950 to 1971 and later as chairman until his retirement in 1976, leaving behind a legacy of technological advancement and entrepreneurial excellence.
Akio Morita (Co-Founder)
Akio Morita (Co-Founder)
In 1944, Morita graduated from Osaka Imperial University with a degree in physics. During World War II, he served as a sub-lieutenant in the Imperial Japanese Navy. It was during this period that he met Masaru Ibuka, his future business partner, while working on the Navy’s Wartime Research Committee, specifically in a study group focused on developing infrared-guided bombs.
In 1946, Morita and Ibuka co-founded Tokyo Tsushin Kogyo K.K. (Tokyo Telecommunications Engineering Corporation), later renamed Sony. The company’s first breakthrough came in 1949 with the development of magnetic recording tape, followed by the release of Japan’s first tape recorder in 1950. Ibuka played a crucial role in securing the licensing of transistor technology from Bell Labs in the 1950s. Sony became one of the first companies to apply transistor technology for non-military purposes, setting the stage for groundbreaking consumer electronics innovations.
Morita’s leadership and vision transformed Sony into a global brand, introducing iconic products like the transistor radio and the Walkman, which redefined the electronics industry. His passion for innovation and global outreach made him a pivotal figure in modern business history.
Sunil Nayyar (Managing Director)
Sunil Nayyar (Managing Director)
Sony India achieved a significant milestone on April 1, 2018, with the appointment of Mr. Sunil Nayyar as its Managing Director, marking the first time an Indian has held this prestigious position. In his role, Sunil is entrusted with steering the company’s growth and profitability in the region. He oversees the development and execution of an integrated business and marketing strategy, ensuring top-tier market performance across all product categories.
Sunil brings a wealth of international experience to the role. He began his journey with Sony in the Sony Gulf sales team, managing key markets such as North and East Africa, Russia, Lebanon, Syria, and the GCC countries. From 2006 to 2015, he served as Sales Head, successfully driving business in these regions.
Building on his expertise, Sunil transitioned to Sony North America in 2015, where he led the Retail Experience division until March 2018, honing his skills in customer engagement and strategic operations.
Sony’s journey started in 1945, when Masaru Ibuka opened a modest radio repair shop in Tokyo’s Shirokiya department store, laying the groundwork for a tech empire. A year later, in 1946, Ibuka teamed up with Akio Morita, a wartime research colleague, to establish Tokyo Tsushin Kogyo K.K. (Tokyo Telecommunications Engineering Corporation)—the company that would eventually become Sony.
Sony’s initial product was an electric rice cooker, developed in the late 1940s. Although it wasn’t a commercial success, it marked the company’s entry into consumer electronics.
The turning point came in the early 1950s when Sony secured a license from Bell Labs to build transistors. This strategic move allowed the company to explore innovative uses for this groundbreaking technology.
Sony became a pioneer in making transistor radios a household product. While American companies focused on military and computing applications, Sony’s emphasis on consumer use brought widespread success and transformed the market.
In line with its global ambitions, the company rebranded itself as Sony in 1958. The name was inspired by the Latin word sonus (sound) and the colloquial term “sonny”, reflecting the brand’s youthful and innovative spirit.
Sony didn’t stop at radios. It expanded into producing VCRs, stereos, and recording equipment and later became a leader in the gaming industry with iconic products like the PlayStation series.
Sony India – Mission and Vision
Mission
Sony’s mission is centered on creating kando, a Japanese concept that embodies the ability to move people emotionally and spark their curiosity. By blending the power of technology and creativity, Sony aims to enrich lives and foster a deeper connection between individuals and their experiences. Beyond innovation, Sony actively seeks to make a positive impact through partnerships, product donations, and employee volunteer programs, ensuring its technology serves as a force for good in society.
Vision
Sony envisions a world where it continues to inspire and connect people by delivering kando globally. The company strives to lead in innovation, not only through groundbreaking products but also through meaningful contributions to society. Sony’s Corporate Social Responsibility (CSR) initiatives reflect this vision, with a focus on education, sustainability, heritage protection and providing shelter and rehabilitation. Through these efforts, Sony seeks to be more than a technology provider, positioning itself as a beacon of creativity and empathy in a constantly evolving world.
The name “Sony” is a fusion of two distinct inspirations: the Latin word sonus, meaning sound or sonic, and the playful English term” symbolizing youthful energy and curiosity. This unique blend reflects Sony’s dedication to innovation in audio technology while embodying a youthful, forward-thinking spirit that resonates with creativity and progress.
Tagline
Sony India’s tagline, “make. believe”, encapsulates the spirit of imagination and innovation. Launched in 2009, this slogan unifies Sony’s global brand identity and reinforces its belief that anything you can imagine is possible. It reflects Sony’s commitment to turning creative ideas into groundbreaking realities through the fusion of technology and creativity, inspiring consumers worldwide.
Sony India – Business Model
Sony India’s operations are built around a robust business model that includes:
Marketing and After-Sales Service: The company not only markets and sells electronic products and software but also ensures reliable after-sales service for its customers.
Extensive Distribution Network: With a reach of over 20,000 dealers and distributors, 300 exclusive Sony outlets and 25 branch locations, Sony ensures its products are accessible across India.
Efficient Supply Chain Management: The company operates 30 warehouses and 270 Sony Centers, facilitating seamless product availability and distribution.
Through its corporate social responsibility (CSR) initiatives, the company supports individuals with disabilities by providing free artificial limbs, callipers, crutches, and other essential aids.
Sony India – Revenue Model
Sony India’s revenue model thrives on a diversified presence in the consumer electronics market, with a strong emphasis on premium products that cater to evolving customer needs. Here’s a breakdown of its key revenue streams:
Televisions (55–60%): The flagship segment, contributing the largest share to Sony India’s annual revenue, driven by its high-end Bravia TV range.
Digital Imaging (15–20%): Cameras and imaging solutions remain pivotal, attracting photography enthusiasts and professionals alike.
Audio Products (10–15%): Personal audio devices, home theater systems and car audio products form a significant portion of revenue.
Gaming (10–12%): The PlayStation 5 console is a major growth driver, reflecting Sony’s strong foothold in the gaming industry.
Sony India – Challenges Faced
1. Declining Advertising Revenue
In the fiscal year ending March 31, 2024, Sony India’s advertising revenue declined by 11%, amounting to INR 2,912 crore. This drop highlights challenges within the advertising market, including economic pressures and shifting ad spending patterns.
2. Falling Viewership for Sony Entertainment Television (SET)
Sony Entertainment Television has experienced a decline in viewership in recent years. This is primarily due to:
Viewership Saturation: Audiences for reality shows, a key draw for SET, have reached a plateau.
Lack of Innovation: A stagnant programming lineup has failed to capture newer audience interests.
Competition from Streaming Platforms: On-demand services like Netflix, Amazon Prime and Disney+ have increasingly diverted viewers.
3. Complex Zee Entertainment Merger
The merger with Zee Entertainment Enterprises posed significant challenges due to its scale and complexity. Integration required extensive time and resources to align operations, culture, and strategies between the two large organizations.
4. Shifts in the Media Landscape
The rapid rise of digital platforms and changing consumer content preferences have reshaped the entertainment industry. Sony India faces pressure to adapt to this evolving landscape while maintaining relevance and profitability.
Addressing these challenges will require Sony India to innovate in its programming, strengthen its digital presence, and effectively navigate organizational changes.
Revenue Growth: Operating revenue saw consistent growth across all three years, with a notable 20.6% increase in FY24.
Expenses: Total expenses increased significantly by 20.5% in FY24 compared to FY23, driven by higher marketing and promotional spending.
Profitability: Net profit grew 22.18% in FY24, reaching INR 167 crore, despite higher expenses, reflecting improved operational efficiency and market performance.
Sony India – IPO
Sony is preparing for a major capital infusion as it plans to launch an IPO for its financial unit in 2025. This comes after PlayStation 5 (PS5) sales have started to falter, prompting the company to adjust its forecasts for its core gaming division. Despite these challenges, Sony aims to secure additional funds through the IPO, potentially boosting its financial resources to support growth in other areas, including its premium product strategy and expansion plans in the consumer electronics and gaming sectors. This move is part of Sony’s broader strategy to diversify and bolster its revenue streams amid slower growth in gaming.
Sony India – Marketing Strategy and Advertisements
Here are some of the prominent marketing strategies of Sony India:
Brand Films: Sony India produces brand films showcasing product features, such as highlighting their cameras and lenses for capturing moments.
CGI Campaigns: Creative CGI campaigns are used to promote products, like the Holi-themed campaign for the XV800 party speaker.
Social Media Engagement: Active engagement on platforms like Facebook and Twitter, including interactive posts and product pages to connect with consumers.
TV Commercials: TV ads are used to showcase product features and benefits to a broad audience.
Sports Sponsorships: Sony India taps into various markets through sports sponsorships, increasing brand visibility.
Celebrity Endorsements: High-profile endorsements help amplify the brand’s reach and appeal, utilizing star power to resonate with consumers.
Sony Sports Ad: The “Live Every Sport” campaign inspires people by showcasing the perseverance of athletes, encouraging viewers to apply the same spirit in life.
Think Weddings, Think Sony – Marketing Campaign
“Think Weddings, Think Sony” Campaign
Sony India’s latest brand film takes creativity to the next level by highlighting why their cameras and lenses are the ultimate choice for capturing every special moment. Featuring breathtaking visuals and heartwarming scenes, the film emphasizes Sony’s cutting-edge technology that ensures flawless photos and videos.
On an emotional level, the film celebrates love, tradition, and weddings, reinforcing Sony as the go-to brand for such precious moments. The campaign also sparked a conversation across social media, with fans and brand loyalists joining in to show their support. The perfectly timed campaign not only strengthened the association of Sony with weddings but also reinforced its position as the ideal partner in capturing life’s most cherished events with a simple, yet powerful tagline: Think Weddings, Think Sony.
Sony India has garnered numerous awards and recognition for its impactful corporate social responsibility (CSR) initiatives, sustainability efforts, and more:
Golden Peacock Awards: For contributions to education and village development.
Golden Peacock Award for Corporate Social Responsibility: Received in January 2016.
Best Employer Brand Award: From the National HRD Congress and CMO Asia.
Sony S3 Honour Awards: Recognized Asit Kumarr Modi and Neela Film Productions for achievements in sustainability, safety and security.
Biodiversity Action Award: For the Wow! Wow! Biodiversity Project in November 2016.
2016 Environmental Media Awards: For The Angry Birds for A Happy Planet campaign by Sony Pictures Entertainment.
Innovation Award: For the development of Entertainment Access Glasses (STW-C140GI) in May 2016.
BT Award: For the “Hole in the Wall” project and village development.
Sony India – Competitors
Sony India’s competitors in the security and surveillance industry include:
Strategy for Growth: Sony India’s strategy revolves around premiumisation, focusing on selling more premium products across its product zones such as TVs and audio products. The goal is to raise the average selling price (ASP) and offer new technology to customers annually.
Historical Revenue: Sony India aims to surpass its historical revenue of INR 11,000 crore (FY15) in the coming years. Its revenue had declined after the exit from the mobile phone and laptop business but stabilized and showed positive growth from FY22.
Future Goals: Sony India is targeting INR 10,000 crore revenue in the near future, though no specific timeline is set.
Environmental and Sustainability Initiatives: Green Management 2025: Sony aims to reduce its environmental footprint by 2025, focusing on lowering plastic usage and energy consumption in its products.
Gaming Business: Sony expects modest growth in its gaming business in 2024. The PlayStation 5 currently holds a 95% market share in India.
Expansion Plans: Sony plans to expand its Bravia TV series and continue to develop its gaming market in India.
Future IPO Plans: Sony India is planning an IPO for its financial unit in 2025.
FAQ
Who owns Sony India?
Sony India is owned by Sony Corporation, a Japanese multinational conglomerate.
Is Sony successful in India?
Yes, Sony is successful in India, with a strong market presence in consumer electronics, gaming, and entertainment sectors.
Who is the CEO of Sony?
The current Chairman and CEO of Sony Group Corporation is Kenichiro Yoshida.
What is Sony’s biggest product?
Sony’s biggest product is its PlayStation gaming consoles, which dominate the global gaming market.
Tata Consultancy Services (TCS), founded in 1968, stands as a testament to India’s emergence as a global IT powerhouse. As one of the oldest and largest IT firms in India, TCS has built a legacy rooted in innovation, resilience, and a deep commitment to shaping the future of technology.
What started as a modest IT services subsidiary within the Tata Group has evolved into a global leader, known for its wide-reaching influence across industries and geographies.
Over 5 decades, TCS has achieved numerous milestones, including being the first Indian IT company to cross the billion-dollar revenue mark and becoming a pioneer in exporting software services, establishing India as a premier global IT destination.
In this StartupTalky article, we will learn more about TCS’s startup story, founders, business model, revenue model, competitors, funding, investments, acquisition strategy, how these deals have shaped its growth, and what this means for the future of the IT giant.
Tata Consultancy Services (TCS) is more than an IT services firm—it’s a trusted partner for some of the world’s top organizations, helping them transform and thrive in an increasingly digital world. A technology powerhouse that has been shaping the future of global business for over half a century, with a consulting-first approach and advanced cognitive tools, TCS delivers a suite of business, technology, and engineering solutions, powered by its acclaimed Location Independent Agile™ model, setting a high standard in software development.
Tata Consultancy Services (TCS), a core member of India’s largest multinational group, the Tata Group, has established a vast global presence across 55 countries, with a talented team of over 601,000 professionals. In the fiscal year ending March 31, 2024, TCS reported impressive consolidated revenues of $29 billion and maintains a prominent position on both the BSE and NSE in India.
TCS is not just about business growth; it’s about creating meaningful change. From a proactive approach to tackling climate issues to impactful community initiatives, TCS has earned a respected spot on top sustainability indices like the MSCI Global Sustainability Index and the FTSE4Good Emerging Index, underscoring its commitment to responsible and sustainable growth.
India has become a powerhouse in the global IT outsourcing arena, supported by its expanding market and vast pool of skilled professionals.
Market Revenue
India’s IT outsourcing sector is set to generate $11.04 billion in revenue in 2024. With a projected compound annual growth rate (CAGR) of 13.52% through 2029, the market size could reach $20.81 billion by the end of that period.
IT Spending
IT spending in India is on the rise, with forecasts showing an 11.1% increase in 2024, pushing total spending to $138.6 billion.
Skilled Talent Pool
India is home to 5.4 million IT professionals and as demand for digital skills grows, Amazon Web Services anticipates a nine-fold increase in digitally skilled workers by 2025.
Outsourcing Preference
India is a top choice for IT outsourcing, with 59% of American companies and nearly 60% of leading global enterprises outsourcing their IT projects to Indian firms.
Global Position
Though India is a leader in IT outsourcing, the U.S. remains the top revenue-generating market worldwide, with projected IT outsourcing revenues of $197.3 billion in 2024.
Tata Consultancy Services – Founders and Team
K. Krithivasan
K. Krithivasan- CEO and MD, TCS
K. Krithivasan is the Chief Executive Officer and Managing Director of Tata Consultancy Services (TCS).
In his prior role, Krithi was the Global Head of the Banking, Financial Services, and Insurance (BFSI) Business Group at TCS. He played a pivotal role in strengthening customer relationships, increasing mindshare, and enhancing the company’s market positioning across various geographies. With over three decades at TCS, Krithi has been instrumental in guiding customers through their growth, transformation journeys, and technology strategies.
Krithi holds a bachelor’s degree in Mechanical Engineering from the University of Madras and a master’s degree in Industrial and Management Engineering from IIT Kanpur. Outside of his professional endeavors, he is an avid reader and a fitness enthusiast.
Natarajan Chandrasekaran
Natarajan Chandrasekaran – Chairman, Tata Sons and Tata Group
Natarajan Chandrasekaran is the Chairman of Tata Sons and Tata Group.
Natarajan Chandrasekaran, often called “Chandra,” has risen from humble beginnings to become a prominent figure in the Indian IT industry. Born into a farming family in the village of Mohanur near Namakkal, Tamil Nadu, Chandra’s early education took place at a Tamil government school. Alongside his two brothers, he would walk three kilometers daily to school. This modest lifestyle continued into college, where Chandra and his brothers shared a small apartment in Chennai and commuted on a scooter.
Chandra pursued a Bachelor’s in Applied Sciences from Coimbatore Institute of Technology, followed by a Master’s in Computer Applications from the Regional Engineering College in Tiruchirappalli (now NIT Trichy), graduating in 1986. During his final year, he took on an assignment with Tata Consultancy Services (TCS), which marked the beginning of his journey with the company. Joining TCS formally in 1987, he steadily advanced to become COO and executive director, eventually taking the helm as CEO on October 6, 2009. He later became the Chairman of Tata Sons, joining the board of directors in 2016, and also served on the Reserve Bank of India’s board that same year.
Chandra’s dedication extends beyond work. An avid marathon runner, he completed the TCS New York City Marathon in 2014 with a personal best of 5 hours, and 52 seconds. His spiritual side shines through his participation in multiple Char Dham Yatras and his knowledge of Vedic hymns, which he learned from a scholar.
In recognition of his contributions, Chandra has received honorary doctorates from institutions such as Jawaharlal Nehru Technological University, Hyderabad, in 2014, SRM University in 2010, and KIIT University in 2012. His family, especially his father S. Natarajan, who returned to farming in Mohanur, remains proud of Chandra’s achievements.
J. R. D. Tata
J.R.D. Tata – Founder, TCS
J.R.D. Tata is the Founder of the company.
J.R.D. Tata succeeded his second cousin Nowroji Saklatwala as Chairman of Tata Sons, ushering in a new era for the Tata Group. Over the decades, he expanded the group’s reach into sectors like steel, engineering, power, chemicals, and hospitality, all while upholding a reputation for ethical business practices. Known for his firm stance against bribery and black-market dealings, J.R.D. built a legacy of integrity that became a hallmark of the Tata brand.
Under his visionary leadership, Tata Group’s assets grew impressively from $100 million to over $5 billion. Starting with 14 companies, J.R.D. expanded the Tata Group into a conglomerate of 95 enterprises by the time he stepped down on July 26, 1988, with each company either founded or acquired under his guidance. His leadership transformed Tata Sons into a diverse and influential powerhouse, leaving an indelible mark on Indian industry.
Tata Consultancy Services Limited, initially named Tata Computer Systems, was founded in 1968 by Tata Sons Limited.
The company was the brainchild of J.R.D. Tata, the visionary chairman of Tata Group, and F.C. Kohli, an electrical engineer from MIT who is often hailed as the ‘Father of the Indian Software Industry.’ The founding of TCS was driven by the increasing demand for skilled IT professionals and the need for innovative IT solutions for businesses worldwide.
With his foresight and determination, F.C. Kohli recognized the IT sector’s immense potential in India. His leadership was pivotal in shaping TCS into a global IT giant, playing a crucial role in transforming India into a hub for information technology and contributing significantly to the country’s economic growth.
Early on, TCS provided punched card services to Tata Steel (then TISCO), developed a reconciliation system for the Central Bank of India, and offered bureau services to the Unit Trust of India. By 1975, TCS had created SECOM, an electronic depository and trading system for Switzerland’s SIS SegaInterSettle, as well as System X for Canada’s Depository System, and automated the Johannesburg Stock Exchange. TCS later partnered with and acquired the Swiss company TKS Teknosoft.
In 1980, TCS launched India’s first dedicated software R&D center, the Tata Research Development and Design Centre (TRDDC) in Pune, and in 1981, set up India’s first client-specific offshore development center for Tandem.
Tata Consultancy Services – Mission and Vision
Mission: Tata Consultancy Services (TCS) is dedicated to empowering global businesses in their digital transformation journeys by offering a consulting-led, cognitive-driven suite of IT, business, and engineering services. Through its unique Location Independent Agile™ delivery model, TCS aims to provide agile, high-quality solutions that drive operational excellence and innovation, helping clients achieve their strategic objectives in a fast-evolving technological landscape.
Vision: TCS envisions a world where businesses are equipped to achieve sustainable growth and resilience through advanced digital solutions. By leading with a commitment to social responsibility and sustainability, TCS strives to make a lasting impact, both in the communities it serves and on a global scale, while continuing to set new benchmarks for excellence in technology and consulting.
Tata Consultancy Services – Name, Tagline and Logo
TCS Logo
In 2021, Tata Consultancy Services (TCS) embraced a millennial-focused rebranding, shifting its tagline from “Experience Certainty” to the more aspirational “Building on Belief.” This new tagline reflects TCS’s commitment to partnering with clients in their growth journeys, emphasizing the shared confidence and belief in innovative solutions that drive transformation and success.
TCS old Vibrant Logo
In May 2018, to celebrate its 50th anniversary, TCS introduced a vibrant, colorful wordmark, which initially served as a commemorative emblem until April 2019. Then, in October 2020, this colorful design was formally adopted as the company’s official logo, now frequently displayed alongside the classic Tata Consultancy Services wordmark. This logo update reflects TCS’s dynamic approach and reinforces its brand identity as an innovative, forward-thinking organization.
Tata Consultancy Services – Business Model
Tata Consultancy Services (TCS) is a global IT services and consulting firm renowned for its consultative approach to crafting tailored business solutions. By expanding a consulting-led portfolio, TCS aligns its services with clients’ strategic goals to deliver holistic solutions that drive growth.
TCS’s Global Network Delivery Model is a recognized benchmark in software development. Its Location Independent Agile approach enables seamless, high-quality delivery across geographies.
TCS also champions ecosystem-enabled business models, blending its technological expertise with partner networks to deliver impactful solutions.
Emphasizing the Three Ps—patents, products, and platforms—TCS aims to reshape its business model, fostering innovation and creating a competitive edge in the digital era.
Tata Consultancy Services – Revenue Model
TCS generates the majority of its revenue—around 90%—from providing IT solutions and services, primarily through its consulting and technology offerings.
Key Clientele Overview: TCS boasts a strong client base, including 24 clients in the $100 million revenue bracket. The largest share of clients falls within the $1 million category, with key sectors spanning banking and finance, retail, and telecommunications.
Geographical Market Distribution: The company’s primary market lies in the United States, which constitutes the largest portion of its clientele. The UK and Europe follow closely as significant markets, while India, despite being the company’s base, accounts for a smaller percentage of its service demand.
Earnings Allocation: A large portion of TCS’s earnings is allocated to employee salaries, as its workforce is considered its most valuable asset. Significant funds are also dedicated to sales and marketing efforts, aimed at expanding its client base and promoting its services globally.
Global Growth Strategy: TCS’s global business model allows it to maintain a strong response to external economic factors, particularly those in Western markets. The company’s strategy supports an impressive annual growth rate of 40%.
Strategic Partnerships and Alliances: TCS actively seeks strategic partnerships with global technology leaders such as Hewlett-Packard (HP), Intel, and IBM. These alliances foster a collaborative approach to joint research, development, and mutual business growth.
Tata Consultancy Services (TCS), India’s largest IT services company, is currently navigating a series of challenges all while striving to maintain its competitive edge in an increasingly digital world.
1. Skills Gap Hindering Recruitment: India’s largest IT services company, Tata Consultancy Services (TCS), is currently facing a significant challenge in filling a large number of vacant positions due to a widening skills gap. During a recent town hall, Amar Shetye, the global operations head of TCS’ Resource Management Group (RMG), highlighted the struggle to fill thousands of open roles despite the company’s ongoing efforts.
2. Slow Digital Transformation in Banking and Insurance: In contrast, industries like banking and insurance have been slow to embrace digital transformation compared to customer-facing sectors. Jamie Patel from American Century Investments noted the growing expectation for seamless digital interactions, with customers now accustomed to swift online shopping and instant gratification. However, in sectors such as banking, customers still experience delays, with many online transactions requiring in-branch visits or extended processing times. Experts agree that the sector must accelerate its technological advancements to remain competitive.
3. Slowing Growth Amid Global Challenges: Meanwhile, TCS, grappling with a slowdown in growth as clients reduce spending amid high interest rates and geopolitical tensions, has responded with a strategic move to repurchase shares. The TCS board recently approved a share buyback worth INR 17,000 crore, buying back shares at a 15% premium to the closing price, marking the fifth such repurchase in the past six years.
Tata Consultancy Services – Investments
TCS has strategically invested in talent, technology, and acquisitions, bolstering its position as a global leader in IT services and innovation.
Date
Organization Name
Funding Round
Money Raised
Jan 24, 2022
ZobHunger
Series A – ZobHunger
–
Dec 18, 2015
KOOH Sports
Series D – KOOH Sports
–
Dec 15, 1999
Niku
Venture Round – Niku
–
Tata Consultancy Services – Mergers and Acquisitions
Tata Consultancy Services (TCS) has made 18 notable acquisitions, as follows:
Acquiree Name
Announced Date
Price
Transaction Name
Pramerica
Nov 12, 2020
–
Pramerica acquired by Tata Consultancy Services
Postbank Systems
Nov 9, 2020
–
Postbank Systems acquired by Tata Consultancy Services
The BridgePoint Group
Nov 28, 2018
–
The BridgePoint Group acquired by Tata Consultancy Services
W12 Studios
Nov 1, 2018
–
W12 Studios acquired by Tata Consultancy Services
Alti SA
Jul 24, 2013
€75 million
Alti SA acquired by Tata Consultancy Services
Computational Research Laboratories Ltd
Aug 16, 2012
$34 million
Computational Research Laboratories Ltd acquired by Tata Consultancy Services
Supervalu India Services Pvt Ltd
Sept 16, 2017
$100M
Supervalu India Services Pvt Ltd acquired by Tata Consultancy Services
Citigroup Global Services
Oct 8, 2008
$505 million
Citigroup Global Services acquired by Tata Consultancy Services
Australian consulting company – TCS
Nov 8, 2006
$13 million
Australian consulting company – TCS acquired by Tata Consultancy Services
Tks-Teknosoft Sa
Nov 3, 2006
$80.4 million
Tks-Teknosoft Sa acquired by Tata Consultancy Services
Comicrom
November 2005
$23 million
–
Pearl Group
October 2005
$94.7 million
–
Financial Network Services (FNS)
October 2005
$26 million
–
Swedish Indian IT Resources AB (SITAR)
May 2005
$4.8 million
Airline Financial Support Services India (AFSI)
January 2004
$5.1 million
–
Aviation Software Development Consultancy India (ASDC)
March 2004
$3.1 million
–
Phoenix Global Solutions
May 2004
$130 million
–
CMC Limited
Oct, 2001
$33.9 million
–
Tata Consultancy Services – Growth
Revenue of Tata Consultancy Services Limited Worldwide from 2013/14 to 2023/24
Tata Consultancy Services (TCS) has demonstrated consistent growth in recent years, although it faced some challenges in FY24. Here’s a summary of its financial performance and growth trajectory:
Revenue Growth:
TCS’s revenue for FY24 grew by 4.1%, reaching $29.08 billion.
This growth was considered one of the best among large-cap IT firms, though it marked one of the lowest annual growth rates for TCS in recent history.
For the 2023 fiscal year, TCS’s revenue reached INR 2.388 trillion, up from INR 2.168 trillion in 2022.
Quarterly revenue for Q4 FY24 was reported at $7.36 billion, showing a sequential increase of 1.1%.
Profit Growth:
Net profit for FY24 stood at $5.62 billion, marking a 7.7% increase from FY23’s $5.22 billion.
TCS also reported a 6.4% increase in net profit for Q4 FY24, reaching $1.5 billion.
Regional Performance:
North America, the largest revenue contributor (around 50% of TCS’s revenue), saw a 2.3% decline in revenue year-on-year for Q4.
UK revenue increased by 10.1% year-on-year and India saw a 20.2% growth in revenue, which helped offset declines in other regions.
Sector Performance:
BFSI (Banking, Financial Services, and Insurance), which accounts for 32% of TCS’s revenue, saw a 1% decline in revenue.
On the other hand, Manufacturing Life Sciences & Healthcare were standout performers, growing by 7.3% and 4.8%, respectively.
Digital and Key Contracts:
Growth in FY24 was driven in part by a $1.83 billion digital transformation contract with Bharat Sanchar Nigam Ltd (BSNL).
Brand Value and Global Standing:
TCS’s brand value has grown significantly over the past decade, with an impressive 476% growth from 2010 to 2020, according to Brand Finance.
Its year-on-year brand value increased from $12.8 billion to $13.5 billion, making it the fastest-growing among the top three IT services brands for the second consecutive year.
Despite slower revenue growth in some segments, TCS’s strong brand and digital transformation leadership position continues to drive growth. The company remains resilient with strong revenue performance in regions like the UK and India and a growing digital portfolio.
Tata Consultancy Services – Advertisements and Social Media Campaigns
The Official Virgin Money London Marathon App powered by Tata Consultancy Services
Tata Consultancy Services received three Gold Awards for the ThisRun and Virgin Money London Marathon Event App and two Bronze Awards for Excellence across Marketing and Customer Engagement. ThisRun received the gold award in both the People’s Choice Marketing Campaign and Technology Marketing Campaign categories, as well as a Bronze in the Grand Prix marketing campaign category. This run is part of TCS’s drive to deliver innovative solutions that promote better health and inclusion. Launched in 2020, it is a worldwide campaign that brings runners together for better health and empowers them with technological innovation. Through inspirational stories, tools, and tips, #ThisRun imaginatively captures the power of sport to unite people, help them grow, and push boundaries to challenge the status quo.
TCS developed the Virgin Money London Marathon Event App to allow participants and spectators to get the fullest London Marathon experience. In 2020, TCS updated the app to support participants in the first virtual London Marathon during the pandemic, which included a digital certificate and medal and the chance for runners to share an official finish line selfie. This year’s hybrid London Marathon event in October will see TCS further enhance and personalize the app experience. Over the last year, new technology innovations introduced by TCS have helped to reimagine many of the world’s top marathons as virtual events and enabled runners across the world to participate.
TCS’s Building on Belief messaging highlights the many ways that technology can deliver meaningful change for everyone. TCS, as a business, together with its clients, aims to deliver innovative futures that are more inclusive, and sustainable and inspire the next generation.
The job at Fifty-Five and Five was to deliver this uplifting and inspiring message to the target audience – in this case, the people participating in the marathon events, those supporting friends and family, and the wider public.
These are massive, cultural events that reach audiences not only in each host nation but across the world.
Delivering on-brand copy to enhance and complement this campaign, often in real-time, was an exciting challenge that expanded their relationship with one of their most inspiring and truly global clients. What’s more, the results of their campaign speak for themselves.
Tata Consultancy Services – Awards and Achievements
In addition to the following achievements, TCS was also featured in the Bloomberg Gender Equality Index for both 2022 and 2023, made it to Diversity Inc.’s Top 50 list, and won Brandon Hall Awards in areas such as diversity and learning & development.1.
Google Cloud Partner of the Year Awards (2023)
Global Talent Development Partner of the Year
Industry Solution Services Partner of the Year
Asia-Pacific Stevie Awards (2023)
Innovative Achievement in Finance
Most Exemplary Employer
Award for Innovative Use of Technology in Human Resources
CIO 100 Award (2023)
Workplace Resilience Solution for its IUX for Workplace Resilience software
IoT Breakthrough Award (2023)
For its IUX software
Brandon Hall Group Awards (2023)
15 awards recognizing TCS’s work in Human Capital Management (HCM).
Workplace Diversity Awards
TCS received multiple awards for its commitment to workplace diversity, including the 2023 Bloomberg Gender-Equality Index (GEI).
AWS GSI Partner of the Year – Global (2023)
Recognized by AWS for excellence in partnership
CII Regional Award
For its outstanding practices in safety, health, and environment
Tata Consultancy Services (TCS) is India’s largest software services company and a global leader in providing IT services, consulting, and business solutions. As of 2024, it is ranked seventh on the Fortune India 500 list, underscoring its significant influence and leadership in the technology sector both in India and globally. Its competitors are as follows:
Tata Consultancy Services (TCS) is set to revamp its organizational structure to better align with customer needs and achieve its ambitious revenue goal of $50 billion (approximately INR 3.89 lakh crore) by 2030. This follows a period of growth where TCS’s revenue increased from $17.3 billion in 2016 to $25 billion in 2021.
As part of its long-term strategy, TCS plans to introduce a new integrated organizational structure, focusing on “curated customer journeys.” This involves creating two new business groups that complement existing industry verticals and markets. The goal is to streamline operations around the entire customer journey—starting from acquisition and incubation to growth and transformation.
In response to challenges in North America, where TCS has seen slower profit growth and declining revenue, the company is also aiming to diversify its market focus. TCS is eyeing new growth opportunities in regions like Japan, Latin America, and Southern Europe, with Japan, in particular, offering significant potential as it currently contributes very little to India’s IT sector revenue.
FAQs
What does TCS do?
TCS (Tata Consultancy Services) provides IT services, software, and business solutions to help companies run better and grow.
When was TCS founded?
TCS was founded in 1968 by J.R.D. Tata.
Who are the main competitors of Tata Consultancy Services?
The main competitors of TCS include Wipro, Infosys, Tech Mahindra, Accenture, HCL Technologies, and many more.
What was the revenue of TCS for 2024?
TCS’s revenue for FY24 grew by 4.1%, reaching $29.08 billion.
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 Uniphore.
The power of AI cannot be underestimated in today’s times. We are living in a world where almost everything is automated through a wide range of AI and other automation tools and technologies.
The introduction of conversational automation is invented to automate customer services and other mundane tasks to deliver a quality service experience. The most special feature of conversational automation is that it automates both conversations and processes.
Uniphore is one of the leading conversational automation technology companies in India today. The company was founded in 2008 by Umesh Sachdev and Ravi Saraogi.
Uncover details on Uniphore’s industry, founders, business and revenue model, funding and investors, and more in this article.
Uniphore – Company Highlights
Startup Name
Uniphore
Headquarters
Chennai, Tamil Nadu, India and Palo Alto, California, USA
Uniphore is a conversational AI platform meant to deliver conversational analytics, conversational assistants, and conversational security to support enterprises in having transformational customer service experiences. Its solutions assist up to 75,000 customer support representatives during about 160 million monthly interactions. With the trinity of voice AI, computer vision, and tonal emotion, the company is transforming communications.
Uniphore is also engaged in offering AI solutions in the areas of Emotional Intelligence to help enterprises resolve disagreements with the help of Emotional AI technology. In addition, it provides Knowledge AI, which is a platform combined with advanced conversational AI technologies to offer all the updated information needed by customers, without them struggling to go through irrelevant information.
Uniphore also provides a Real-Time Coaching Agent. It is a new method to empower companies’ customer service agents to be successful, allowing them to be more productive and efficient, faster, reduce their stress and anxiety, and improving not just their own but also their customers’ experiences.
Uniphore has dual headquarters in Palo Alto, California, USA and Chennai, India with several other offices in countries like Singapore, Japan, Spain, and Israel.
Uniphore – Industry
There is no denying that the technology industry, especially AI and automation is increasing at a rapid rate. The worldwide conversational AI market is expected to develop at a compound annual growth rate (CAGR) of 22.4% from $12.24 billion in 2024 to $61.69 billion by 2032.
Umesh Sachdev and Ravi Saraogi are the founders of Uniphore.
Umesh Sachdev
Umesh Sachdev – Co-founder and CEO of Uniphore
A modern-day entrepreneur, Umesh Sachdev is the co-founder and CEO of Uniphore. As a young dynamic leader with a pedigree from IITM, Umesh’s unwavering commitment to new technologies has earned him global recognition as the only Indian to be named one of Time Magazine’s 10 “Next Generation Leaders” in 2016, in addition to being a winner of the India Edition of MIT Tech Review ‘Innovators Under 35’ and a Ted Talk speaker. He attended Jaypee Institute of Information Technology and RK Puram Delhi Public School. Umesh was recognised as a creative entrepreneur by the Ministry of Science and Technology’s Technopreneur Promotion Programme (TePP) in 2009.
Ravi Saraogi
Ravi Saraogi – Co-founder and President of Asia Pacific for Uniphore
Ravi Saraogiis the co-founder of Uniphore and is also the President of Asia Pacific for Uniphore Software Systems. His main responsibility revolves around cultivating recruits for deep technology and other automation solutions in the company. Ravi is presently a member of the Mobile Payment Forum of India (MPFI), where he finds and develops mobile payment business prospects. He holds a Bachelor’s degree in Information Technology from the Jaypee University of Information Technology.
Uniphore – Startup Story
Uniphore was founded in 2008 and incubated at the Indian Institute of Technology Madras. In the initial days, the company mainly focused on the development of AI solutions, especially on contact centres or call centres, the main medium used by big enterprises such as airlines and banks to manage customer service. During the process, the founders realised that the power of vernacular speech is not given much attention in human communication. In India, many people are more comfortable talking in their local language. This factor gave them the idea to introduce speech recognition in Indian languages.
After a few years, things changed in 2017 for Uniphore, when Umesh Sachdev pitched his firm and ideas at an MIT event in New Delhi. John Chambers, one of the most notable guests present, heard his pitch. Through Chambers’s guidance, Sachdev decided to move the base operations of Uniphore, the call centres-based AI startup to the USA.
The very renowned, John Thomas Chambers, the former CEO and chairman of Cisco Systems, acquired a 10% stake in Uniphore in 2017 at a $30 million valuation.
Uniphore’s logo is simple yet super elegant. Its logo shows a colour transition from orange to pink which makes for an attractive colour gradient.
Uniphore – Mission and Vision
The vision of Uniphore says, ” Be the defining conversational AI and automation platform to realize the value of every enterprise conversation.”
Our mission: Give each customer a voice. Why? Because #customerservice is broken.
Uniphore – Business Model
Uniphore operates on B2B software as a service-based subscription fee model. Previously, it had a license fee-based income model. The business of Uniphore mainly operates by offering four core services: U-Analyze, U-Self-Serve, U-Trust, and U-Assist. According to the company, its purpose is to augment, not replace the efforts of call centre employees. The company operates on two core technologies – speech recognition & voice biometrics.
Looking briefly at the main services provided by Uniphore:
U-Analyze
U-Analyze, previously known as auMina is Uniphore’s speech analytics software that assists enterprises in identifying customer problems by studying consumer dynamics and call centre interactions using natural language processing. It monitors agents’ in-call movements and optimises training programmes using artificial intelligence and data analysis.
U-Trust
U-Trust by Uniphore is a speech biometrics software that allows users to validate their identity when working remotely by using their voice. Clients can authenticate and monitor agents with the help of voice biometrics.
U-Self Serve
Uniphore also has voice response software known as U-Self Serve previously known as Akeira. It is a voice recognition software and virtual assistant that helps firms automate customer support.
U-Assist
U-Assist by Uniphore employs deep learning AI models to give real-time help, such as transcriptions and notifications during conversations. It also aids in the automation of dispositions and other post-call tasks.
Uniphore offers these conversation automation solutions to sectors like Banking, BPO, Telecom, and Healthcare.
There are reports that international banking groups in more than 60 countries have been said to have reduced the stress of compliance auditing by 50% by using Uniphore’s interaction analytics software.
The company typically generates revenue by offering automation software to various clients in Banking, BPO, Telecom, and Healthcare. Uniphore has made a revenue of Rs $88.1 million with over 150K customers in 2022.
Uniphore – Funding and Investors
Uniphore has received $620.9 million in investment through eight rounds. Their most recent fundraising came in the form of a Series E round on February 16, 2022, which made the company a unicorn startup in India, raising its valuation to $2.5 billion. Uniphore is backed by a group of 22 investors. The most recent investors are GoldenArc Capital and March Capital.
Uniphore, a global AI leader, has partnered with Konecta, a CX and digital services giant, to accelerate AI-powered solutions globally.
Uniphore – Growth
Financials
Uniphore Financials
FY22
FY23
Operating Revenue
INR 674.6 crore
INR 488.4 crore
Total Expenses
INR 694.1 crore
INR 492.7 crore
Profit/Loss
Profit of INR 33.4 crore
Profit of INR 142.7 crore
Uniphore Financials
Uniphore – Advertisements and Campaigns
Uniphore is quite active on its YouTube by posting various educational videos based on its products such as U-analyse, U-Self Serve, etc.
Their videos talk about how their product works and how it can benefit organisations.
Uniphore – Awards and Achievements
Uniphore has won the award in the Innovation in Data Science Category for their U-Analyse product at the 9th edition of the Aegis Graham Bell Award 2019.
Uniphore has been awarded the 2021 Frost & Sullivan Global Technology Innovation Leadership Award in Conversational Automation.
It was awarded the best product company in the Analytics Solutions category for 2018 at the 6th edition of Express IT Awards.
After reaching a valuation of $2.5 billion, Uniphore has plans to expand its horizon with customer needs through its Emotion AI platform and seeks to have more refined existing products. The company wants to rebuild its products to improve its customer’s expectations. It has a full-fledged plan to improve the inventions in its Emotion AI platform.
FAQs
How does Uniphore work?
Uniphore is a conversational AI platform meant to deliver conversational analytics, conversational assistants, and conversational security to support enterprises in having transformational customer service experiences.
What is conversational AI?
Conversational AI is a kind of artificial intelligence. It simply allows people to interact with computer applications in the same way as they would interact with humans.
Is Uniphore a unicorn?
Uniphore is a unicorn startup in India. The startup raised $400 million in a Series E round of funding, raising its valuation to $2.5 billion in February 2022.
Is Uniphore an Indian company?
Uniphore is an Indian company, founded by Umesh Sachdev and Ravi Saraogi with dual headquarters in Chennai, Tamil Nadu, India and Palo Alto, California, USA.
The global healthcare industry is valued at more than $10 trillion and is expanding rapidly. One of the key factors driving this increase is the growing demand for skilled professionals all around the world. One name that is standing out and is working to make a meaningful impact in this field is Academically Global.
Founded by Dr. Akram Ahmad, Academically Global is a healthcare EdTech platform that helps healthcare professionals pass licensing exams and secure high-paying jobs abroad. Dr. Akram, through his digital channels, has helped over 600,000 healthcare professionals with knowledge and guidance about licensure exams.
In this article, you’ll learn about Academically Global, its founder, how it started, challenges, growth, and more.
Academically Global – Company Highlights
Company Name
Academically Global
Headquarters
Sydney, Australia, Corporate Office – Dehradun, India (Other offices in Delhi and Hyderabad)
Academically Global is a pioneering Healthcare EdTech platform designed to empower healthcare professionals by providing a comprehensive solution for those seeking global career opportunities. The brand stands at the intersection of education, technology, and career advancement, offering end-to-end services that include training for foreign licensure exams, personalized learning modules, migration pathway guidance, document verification, and job placement assistance. It is dedicated to making the world a more connected and cohesive place for healthcare professionals, enabling them to move where their skills are most needed.
Academically Global – Industry
Academically Global operates in the healthcare EdTech industry, focusing on healthcare professionals looking to migrate abroad. With a global market comprising millions of professionals, the company aims to capture a significant share through its innovative AI-powered learning solutions and comprehensive career services. The healthcare migration and licensure industry is expected to grow as international healthcare systems demand skilled professionals. In five years, Academically Global sees itself as the global leader in this sector, providing 360-degree career solutions for healthcare professionals worldwide.
Dr. Akram Ahmad is the founder and CEO of Academically Global.
Dr. Akram Ahmad, Founder and CEO of Academically Global
Dr. Akram’s journey from a small village in Uttar Pradesh to becoming a global healthcare mentor is truly inspiring. He holds a Bachelor of Pharmacy (BPharm) from SHUATS and a Doctor of Pharmacy (PharmD) from Annamalai University. He also earned a PhD from the Faculty of Medicine and Health at the University of Sydney, Australia, where he was awarded a full scholarship.
In 2022, Dr. Akram founded Academically Global, an EdTech platform that has helped thousands of healthcare professionals with licensure exams, migration guidance, and job placements in countries like Australia, Canada, and the UK.
Academically Global – Startup Story
Born into a farming family in Sahaswan, Uttar Pradesh, Dr. Akram Ahmad’s journey is one of perseverance and ambition. His early dream of opening a medical store in his village evolved into a global mission. His parents’ sacrifices, including his mother selling ancestral land for his education, fueled his determination to succeed despite challenges like learning English at a Hindi-medium school.
A turning point came during his PharmD studies in Tamil Nadu, where a lecture by an American guest speaker inspired him to explore global healthcare opportunities. This ambition led him to a research role in Malaysia, catching international attention and earning a full PhD scholarship at the University of Sydney.
While working on his PhD thesis, Dr. Akram noticed a troubling trend: many skilled healthcare professionals from countries like India were unable to navigate the complex licensing exams and procedures needed to practice in their new countries. As a result, many of them were stuck in menial jobs, unable to utilize their skills and qualifications. This realization ignited a deep sense of responsibility in him to make a difference.
Dr. Akram began by sharing his knowledge through YouTube videos, offering advice on licensing exams, migration pathways, and career opportunities abroad. The response was overwhelming, revealing a vast, untapped need for this kind of guidance. In 2022, he turned this passion into action by founding Academically Global, a pioneering Healthcare EdTech platform dedicated to helping healthcare professionals pass their licensing exams and secure high-paying jobs in countries such as Australia, New Zealand, Canada, the UK, Ireland, and the Middle East.
Academically Global – Mission and Vision
Academically Global’s initial vision was to address the gaps in the global healthcare ecosystem, particularly regarding mobility across countries. They wanted to create a system where healthcare professionals could practice where they desired, based on their skills and enthusiasm, without being hindered by a lack of knowledge or resources.
This vision remains unchanged. It strives to be the go-to platform for healthcare professionals seeking to migrate and practice in their desired country. Academically Global’s goal is to assist them in completing their registration and setting up their practice, regardless of their origin. The team continues to work tirelessly towards this vision.
Academically Global – Products/Services
Why One Should Choose Academically Global
Academically Global, under the leadership of Dr. Akram Ahmad, CEO, and Founder, is transforming healthcare education as the first EdTech platform to provide 360-degree comprehensive services for healthcare professionals aspiring to build careers abroad. The platform offers tailored training for foreign licensure exams, migration pathway guidance, document verification, and job placements—all consolidated under one roof. It serves professionals such as doctors, dentists, pharmacists, optometrists, physiotherapists, and lab technicians, facilitating their smooth integration into international healthcare systems.
What truly sets Academically Global apart is its adaptive AI-driven learning. The organization has developed proprietary in-house technology that delivers personalized learning experiences based on individual performance. This AI system adapts to each user’s strengths and weaknesses, ensuring focused improvements for exams. Additionally, the platform uses AI to create customized mock tests, offering real-time feedback to optimize exam readiness. This innovative application of AI not only enhances learning outcomes but also streamlines the preparation process, providing a smarter and more efficient pathway to success in international healthcare careers.
The revenue generation model of Academically Global includes:
Individual Courses: Charging for access to individual courses designed to help healthcare professionals pass licensing exams.
Cross-Selling and Upselling: Offering additional resources and advanced courses to enhance students’ learning experience and career prospects.
Career Services: Providing career counseling, resume reviews, and job placement assistance to help professionals secure high-paying jobs in global healthcare markets.
Academically Global – Challenges Faced
Academically Global faced its fair share of challenges:
Pioneering a Groundbreaking Concept with a Bootstrapped Approach
When Academically Global was launched, there was no existing model to follow. The mission was to create a platform that not only provided licensure exam preparation but also offered migration advice, job placement support, and career counseling—all under one roof. Despite the challenges of being bootstrapped, remaining independent allowed for agility and swift adaptation to the needs of healthcare professionals worldwide.
Leaping into the Unknown and Gaining Global Trust
Stepping away from a stable position as a Government Medical Research Scientist in Australia to launch Academically Global was a bold move into uncharted territory, driven by the need to address the real challenges faced by healthcare professionals. Over time, this leap into the unknown resulted in a global platform that has earned the trust of students from over 75 countries. This widespread trust reflects the platform’s growing impact, as more professionals see firsthand how it transforms careers and lives across the healthcare sector.
Building a World-Class Faculty and Personalized Learning Experience
A critical factor in the success of Academically Global has been the recruitment of a world-class faculty. International instructors who have successfully qualified in the exams they teach were brought on board, ensuring that students receive expert guidance from professionals with firsthand experience. This approach has elevated the platform’s credibility and earned the confidence of healthcare professionals preparing for licensure exams.
Additionally, the development of a learning system tailored to the diverse needs of healthcare professionals was a major challenge. Recognizing that a one-size-fits-all solution wouldn’t be effective, an adaptive AI-driven personalized learning module was introduced. This system adapts to the individual needs of each student, whether a beginner or an experienced professional, ensuring that learning remains accessible and impactful for all.
Academically Global – Marketing Strategy
The most successful marketing strategy for Academically Global has been leveraging Dr. Akram’s personal brand and story, particularly through social media channels like YouTube and Instagram. The personal connection Dr. Akram establishes with his audience, combined with the success stories from the platform, has made this a highly effective approach for boosting sales and user engagement.
Academically Global is experiencing 25% quarter-on-quarter revenue growth and is on track to hit INR 200 crore in the next two years. It has over 600,000 users and has helped 3,000+ healthcare professionals settle abroad in countries like Australia, New Zealand, Canada, and the UK.
Academically Global – Funding
Academically Global is currently bootstrapped. The self-funded approach has provided the flexibility to develop a user-centric platform without external pressures.
Academically Global – Recognitions and Achievements
Dr. Akram Ahmad, Founder of Academically Global, was featured in Business World’s 40 Under 40 in Healthcare 2024, highlighting his exceptional contributions to the healthcare sector.
Academically Global – Future Plans
Academically Global aims to expand its reach and become the most trusted brand for licensing exam preparation. The focus will be on helping healthcare professionals across the globe succeed in their careers by offering comprehensive support.
FAQs
What is Academically Global?
Academically Global is a pioneering Healthcare EdTech platform designed to empower healthcare professionals by providing a comprehensive solution for those seeking global career opportunities.
Who is the founder of Academically Global?
Dr. Akram Ahmad is the founder and CEO of Academically Global.
What is Academically Global’s revenue generation model?
Academically Global’s revenue generation model includes:
Individual Courses: Charging for access to individual courses.
Cross-Selling and Upselling Strategies
Career Services: Offering career counseling, resume reviews, and job placement assistance.
Rishabh Rathi
Dev Gupta
